At a glance
GJAN charges 0.85% a year, below the 0.86% average of the 7 funds most like it (the 3rd cheapest of 8). It has $438.6M in assets, the 8th largest of that group. Over the past year it returned +10.3% with distributions reinvested (S&P 500: +11.5%), 7th of those 8 funds; over three years it returned +14.0% a year.
The short version
FT Vest U.S. Equity Moderate Buffer ETF – January (GJAN) holds FLEX options on the SPDR S&P 500 ETF Trust (SPY), not stocks. It aims to match SPY's price return up to a cap and to absorb the first 15% of SPY's losses over each one-year period that starts in January. Its 0.85% expense ratio is close to the 0.86% average for similar buffer funds. It pays no dividends, and it gives up any gains above the cap.
Price history
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GJAN +10.3% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| GJAN official prospectus, to Dec 31, 2024 | — | +12.34% | — | — | — | +13.80% |
| GJAN price data to Oct 27, 2026 | +8.5% | +10.3% | +14.0% | — | — | +11.9% |
- Over the year to Oct 27, 2026, GJAN returned +10.3%, 7th of 8 among similar funds.
- Its worst full calendar year was 2025 (+10.7%); its best was 2024 (+12.1%).
- The deepest fall in its price history was 10.6% (Feb 19, 2025 to Apr 8, 2025), recovered by Jun 24, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +8.5% | — |
| 2025 | +10.7% | — |
| 2024 | +12.1% | +12.34% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
What's inside
As of Aug 31, 2026, the fund held 0 securities; the ten largest made up 0% of assets.
| Holding | Weight |
|---|
By country
By asset type
What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $45.9M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: 0.00%, +0.60%, +1.46%.
How it works
GJAN does not pick stocks. Its sub-advisor, Vest Financial, puts nearly all of the fund's money into FLEX Options. These are exchange-traded option contracts with custom strike prices and expiration dates. They reference SPY, a fund that owns as many S&P 500 stocks as is practical. As of August 31, 2026, 12 option positions made up about 99.4% of the fund and cash about 0.6%. The largest was a SPY call option with a very low strike price, about 97% of assets, that moves almost one-for-one with SPY.
The options are set on the first day of each "target outcome period," which runs about a year from mid-January. For January 21, 2025 to January 16, 2026, the cap was 11.72% and the buffer covered the first 15% of SPY's price decline, before fees. After fees, those figures were 10.88% and 14.15%. If SPY fell further, the fund took the extra losses one-for-one. At each reset the buffer stays at 15%, but the cap changes with market conditions.
These outcomes apply only to shares held from the first day of a period to the last. Investors who buy partway through get different upside and protection. The fund tracks SPY's price only, so it misses SPY's dividends. It may also create and redeem shares for cash, which can make it less tax-efficient.
What it really costs
- GJAN charges 0.85% a year, versus an average of 0.86% for the similar funds below (3rd of 8, cheapest first).
Structure and tax notes
- Organized as a unit investment trust: it cannot lend out its securities or reinvest dividends between payouts, which can create a small drag versus similar open-end ETFs.
- Uses options to limit losses within a range (the buffer) in exchange for a cap on gains over each outcome period; results depend on when you buy relative to the period start.
In a retirement portfolio
GJAN gives up gains above a yearly cap in exchange for a buffer against the first 15% of S&P 500 price losses, which made its ride far smoother than the market's.
GJAN may offer a gentler way to hold large U.S. stocks. As of October 27, 2026, its one-year volatility was 5.7% and its beta was 0.42, meaning it moved less than half as much as the market. It launched in January 2023, so it has not been through a crash like 2008, 2020 or 2022. Its worst calendar year was still a 10.7% gain, in 2025. Its deepest drop, 10.6% from February 19 to April 8, 2025, recovered in about 2.5 months. A retiree who sells during a slump partway through a period may not get the full buffer. The fund has paid no distributions, so cash has to come from selling shares. It costs 0.85% a year. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who buy at the January reset, hold a full year, and want the first 15% of SPDR S&P 500 ETF losses cushioned, before fees.
- Investors wanting milder swings: its worst drop, 10.6% from February to April 2025, recovered within about 2.5 months.
- Investors comfortable paying 0.85% a year, near the 0.86% peer average, for a downside cushion built from exchange-traded options on the SPDR S&P 500 ETF.
Look elsewhere if
- Retirees needing income: no distributions were recorded, and returns exclude the SPDR S&P 500 ETF's dividends.
- Investors wanting full market gains: the cap was 10.88% after fees for the period ending January 16, 2026, and changes each year.
- Return-focused investors: its 14% average yearly return over three years ranked 7th of 8 buffer funds, behind FJAN's 17.4%, as of October 27, 2026.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| GJAN this fund | 0.85% | $438.6M | +10.3% | +14.0% |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
Questions investors ask
Does GJAN pay dividends?
No. The fund has recorded no distributions. GJAN holds FLEX options on the SPDR S&P 500 ETF Trust (SPY), not SPY shares or stocks. Its prospectus says its returns follow SPY's price return and will not include the dividends SPY pays. Investors who want regular income from GJAN would have to sell shares. That matters for retirees who want cash payouts. A plain S&P 500 index fund would pass along dividends.
How do GJAN's cap and buffer work?
Each one-year period starting in mid-January, GJAN aims to match SPY's price gain up to a cap and to absorb the first 15% of SPY's losses. For January 21, 2025 to January 16, 2026, the cap was 11.72% before fees, or 10.88% after. The buffer was 14.15% after fees. Losses beyond 15% pass through one-for-one. The buffer stays the same each year, but the cap is reset based on market conditions.
What happens if I buy GJAN in the middle of the outcome period?
Your results will likely differ from the stated cap and buffer. Those figures apply only to shares held from the first to the last day of a period. If SPY has already risen, less room may remain before the cap. If SPY has already fallen, part of the buffer may be used up. The fund's website shows where things stand, and it posts the expected cap range about a week before each reset.
What's the difference between GJAN and FJAN?
Both are First Trust and Vest buffer ETFs that reset in January and charge 0.85%. GJAN's "moderate" buffer covers the first 15% of losses. Compare FJAN's prospectus for its buffer and cap terms. FJAN is larger, with $1.47 billion in assets versus GJAN's $439 million as of August 31, 2026. FJAN also returned more: 12.3% over one year and 17.4% a year over three years, versus GJAN's 10.3% and 14.0%, as of October 27, 2026.
Is GJAN good for retirement?
It may suit retirees who want stock exposure with less volatility, but there are trade-offs. Its one-year volatility was 5.7% as of October 27, 2026. Its deepest drop, 10.6% in early 2025, recovered in about 2.5 months. But it launched in 2023 and has not been tested in a severe bear market. It pays no income, caps gains each year and costs 0.85%. Innovator's PJAN, a similar January buffer fund, charges 0.79%.