At a glance
GJUL charges 0.85% a year, below the 0.86% average of the 7 funds most like it (the 3rd cheapest of 8). It has $409.6M in assets, the 8th largest of that group. Over the past year it returned +9.4% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds; over three years it returned +15.2% a year.
The short version
FT Vest U.S. Equity Moderate Buffer ETF – July (GJUL) holds FLEX options on the SPDR S&P 500 ETF Trust (SPY), not stocks. Over each one-year period starting in July, it aims to absorb the first 15% of SPY's price losses. In exchange, it caps gains. Its 0.85% expense ratio is close to the 0.86% average for similar buffer funds. However, it pays no dividends, and its returns leave out SPY's dividends.
Price history
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GJUL +9.4% 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 | |
|---|---|---|---|---|---|---|
| GJUL official prospectus, to Dec 31, 2024 | — | +14.43% | — | — | — | +13.00% |
| GJUL price data to Oct 27, 2026 | +8.4% | +9.4% | +15.2% | — | — | +12.1% |
- Over the year to Oct 27, 2026, GJUL returned +9.4%, 8th of 8 among similar funds.
- Its worst full calendar year was 2025 (+12.7%); its best was 2024 (+14.3%).
- The deepest fall in its price history was 10.7% (Feb 19, 2025 to Apr 8, 2025), recovered by Jun 6, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +8.4% | — |
| 2025 | +12.7% | — |
| 2024 | +14.3% | +14.43% |
| 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 added a net $13.2M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.53%, +0.74%, +1.57%.
How it works
GJUL does not own S&P 500 stocks directly. Its sub-advisor, Vest Financial, buys FLEX options that track the price of the SPDR S&P 500 ETF Trust (SPY). FLEX options are exchange-traded options whose strike prices and expiration dates can be customized. As of August 31, 2026, 12 option positions made up about 99% of the fund's $409.6 million in net assets, with about 1% in cash. The largest position, a SPY call option, was about 92% of assets.
The options are set once a year for a "target outcome period." From July 21, 2025 to July 17, 2026, the fund sought to match SPY's price return up to a 12.04% cap and to absorb the first 15% of losses, before fees. After the 0.85% fee, those figures were 11.20% and 14.15%. If SPY falls more than 15%, the fund takes the extra losses one-for-one. For example, a 20% SPY drop means about a 5% fund loss before fees. Returns track price only, so SPY's dividends are excluded.
At the end of each period, the fund buys new options. The buffer stays at 15%, but the cap resets to reflect market conditions. About a week before each reset, the fund's website posts an expected cap range. Buyers who enter after a period starts, or sell before it ends, may get results very different from the stated cap and buffer.
What it really costs
- GJUL 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
It trades some stock-market upside for a buffer against the first 15% of S&P 500 ETF price losses in each one-year period.
GJUL could stand in for part of a stock allocation with smaller swings. It launched in July 2023, so it has no record through the 2008, 2020 or 2022 bear markets. Its deepest drop was 10.7%, from February 19 to April 8, 2025. It recovered by June 6, 2025, about two months later. It has had no losing calendar year: its weakest, 2025, returned 12.7% on price. Three-year volatility was 7.7% as of October 27, 2026.
For someone who may need to sell in a bad year, the buffer could soften losses. But it covers only the first 15% of SPY's decline in each period, and when you buy matters. The fund pays no income, so cash needs must 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
- Retirees who invest near the July reset and hold a full year, wanting S&P 500 exposure with the first 15% of losses buffered (before fees).
- Those prioritizing a smoother ride: one-year volatility (price swings) was 5.5% as of October 27, 2026, and the deepest drop, in early 2025, was 10.7%.
- Cost-aware buffer buyers: the 0.85% annual expense ratio sits near the 0.86% peer average and below FT Vest's laddered BUFR and BUFD (0.95%).
Look elsewhere if
- Income seekers: no distributions are on record, and returns exclude the dividends paid by the SPDR S&P 500 ETF Trust whose price it tracks.
- Growth seekers: gains above the cap, 12.04% before fees for July 21, 2025, to July 17, 2026, are given up; caps reset each July.
- Those fearing deep crashes: losses beyond 15% pass through one-for-one, and the fund launched in July 2023, after the 2022 bear market.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| GJUL this fund | 0.85% | $409.6M | +9.4% | +15.2% |
| 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 GJUL pay dividends?
No. GJUL has recorded no distributions. It holds FLEX options on the SPDR S&P 500 ETF Trust (SPY), not the stocks themselves, and the prospectus says its performance does not reflect SPY's dividends. Its target return is based only on SPY's price. Investors who need cash flow would have to sell shares or rely on other holdings.
How does the GJUL buffer work?
GJUL aims to absorb the first 15% of SPY's price losses over a one-year period that starts in July, before fees. In return, gains are capped. From July 21, 2025 to July 17, 2026, the cap was 12.04% before fees. After fees, the cap was 11.20% and the buffer 14.15%. If SPY falls more than 15%, the fund takes the extra losses one-for-one. The buffer is not a guarantee.
What happens if I buy GJUL in the middle of the outcome period?
Your results may differ a lot from the stated cap and buffer. Both are fixed at the start of each one-year period, based on SPY's price and the fund's value on that day. If you buy later, after SPY has risen, you may have less upside left and less buffer protection. If SPY has fallen, the opposite may be true. The fund's website shows where the fund stands within the period.
What's the difference between GJUL and BUFR?
Both are FT Vest buffer funds, but they differ in setup and cost. GJUL resets once a year in July. As its name says, BUFR (FT Vest Laddered Buffer ETF) uses a laddered approach. BUFR charges 0.95% versus GJUL's 0.85%, and it is much larger, at about $10.5 billion versus $409.6 million as of August 31, 2026. As of October 27, 2026, BUFR returned 11.6% over one year and 16.8% a year over three years. GJUL returned 9.4% and 15.2%.
How has GJUL performed since launch?
Steadily, with smaller swings than the stock market. In SEC-standard figures, GJUL returned 14.43% in 2024 and 13% a year from its July 2023 launch through December 31, 2024. On price, it gained 12.72% in 2025 and 8.37% in 2026 through October 27. Its deepest drop was 10.7%, in early 2025, and it recovered in about two months. Over one year, its return trailed all seven similar buffer funds.