At a glance
JULM charges 0.85% a year, below the 0.86% average of the 7 funds most like it (the 3rd cheapest of 8). It has $30.6M in assets, the 8th largest of that group. Over the past year it returned +5.2% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds.
The short version
FT Vest U.S. Equity Max Buffer ETF - July (JULM), from First Trust, holds customized FLEX options on the State Street SPDR S&P 500 ETF Trust (SPY) rather than stocks. From July 20, 2026, to July 16, 2027, it seeks, before fees, to absorb 100% of SPY's price losses while capping gains at 7.32%. The price of that near-total buffer is a low cap, no dividends and a 0.85% expense ratio, near the peer average.
Price history
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JULM +5.2% 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 | |
|---|---|---|---|---|---|---|
| JULM official prospectus, to Dec 31, 2025 | — | +6.94% | — | — | — | +7.43% |
| JULM price data to Oct 27, 2026 | +4.5% | +5.2% | — | — | — | +6.7% |
- Over the year to Oct 27, 2026, JULM returned +5.2%, 8th of 8 among similar funds.
- Its worst full calendar year was 2025 (+6.9%); its best was 2025 (+6.9%).
- The deepest fall in its price history was 4.4% (Feb 18, 2025 to Apr 8, 2025), recovered by May 13, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +4.5% | — |
| 2025 | +6.9% | +6.94% |
| 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 $5.2M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.38%, +0.29%, +0.66%.
How it works
JULM owns no stocks. The fund, sub-advised by Vest Financial, puts substantially all of its assets into FLEX Options: exchange-listed option contracts with customized strike prices and expiration dates. They reference the State Street SPDR S&P 500 ETF Trust (SPY), a unit investment trust that tracks the S&P 500 Index. As of August 31, 2026, nine option positions made up 98.98% of assets. Because the options follow SPY's price, the fund misses SPY's dividends.
Each "target outcome period" lasts about one year. From July 20, 2026, to July 16, 2027, the fund seeks to buffer (absorb) 100% of SPY's price losses and cap gains at 7.32%. After the 0.85% expense ratio, that is a 6.47% cap and a 99.15% buffer. At the end of each period, the fund invests in new options and resets. It targets the largest buffer available with a cap of at least 7%. The prospectus expects future buffers of 20% to 100%, and the cap may go below 7% to keep the buffer at 20% or more.
These targets apply only to shares purchased on a period's first day and held to its end. In between, the share price moves with the market value of the options, so entering or exiting midway can give a different result. If a future buffer is below 100%, losses beyond it pass through one for one.
What it really costs
- JULM 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
With a 100% buffer before fees for the July 2026 to July 2027 outcome period and one-year price swings (volatility) of 2.1% as of October 27, 2026, it is built to limit losses rather than to grow or pay income.
JULM could stand in for part of a stock allocation when limiting losses matters more than growth. It launched on July 24, 2024, so it has no record from the 2008, 2020 or 2022 declines. Its only full calendar year, 2025, returned 6.94%. Its deepest drop was 4.4%, from February 18 to April 8, 2025, and it recovered by May 13, 2025. The buffer is measured over a full outcome period, so a retiree who sells mid-period in a falling market could still take a loss. Future buffers could be as low as 20%.
It has recorded no distributions, and its returns exclude S&P 500 dividends. Its 0.85% expense ratio is near the 0.86% peer average, but it still lowers the cap for the period ending July 16, 2027, from 7.32% to 6.47%. 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 or near-retirees seeking returns tied to SPY's price with a 100% buffer before fees through July 16, 2027, accepting a 7.32% cap.
- Investors able to invest at an outcome period's start (the next begins July 16, 2027) and hold a full year to get the stated terms.
- Holders who prioritize steady prices: one-year volatility was 2.1% as of October 27, 2026, and the deepest drop since launch was 4.4%.
Look elsewhere if
- Anyone needing portfolio income: JULM has recorded no distributions, and its option-based returns leave out the S&P 500's dividends.
- Investors seeking stock-market growth: its 5.2% one-year return to October 27, 2026, ranked 8th of 8 comparable buffer funds.
- Those wary of thin trading in small funds: JULM had $30.6 million in net assets as of August 31, 2026, the smallest of eight comparable funds.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| JULM this fund | 0.85% | $30.6M | +5.2% | — |
| 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
What are JULM's cap and buffer?
For the outcome period from July 20, 2026, to July 16, 2027, JULM seeks to buffer 100% of SPY's price losses and cap gains at 7.32%, before fees. After its 0.85% expense ratio, the cap is 6.47% and the buffer is 99.15%. Both reset each year based on market conditions. The fund aims for the largest buffer it can get with a cap of at least 7%, and the prospectus expects future buffers between 20% and 100%.
Can you lose money in JULM?
Yes. For the period ending July 16, 2027, the buffer is 100% before fees but 99.15% after them, and the prospectus warns that a shareholder could lose their entire investment. The buffer and cap apply only to shares held for a full outcome period, so entering late or exiting early can produce losses. The fund fell 4.4% from February 18 to April 8, 2025. Its FLEX options also carry valuation and counterparty risks.
Does JULM pay dividends?
No. The fund has recorded no distributions. It holds FLEX options on the State Street SPDR S&P 500 ETF Trust (SPY) rather than the stocks themselves, and its returns follow SPY's price only, so dividends paid by S&P 500 companies are left out. Over many years that gap can add up, and it is part of the price of the buffer. For regular income, dividend-paying stock or bond funds are worth comparing.
What happens if I invest in JULM partway through the outcome period?
Your results will likely differ from the stated cap and buffer. The 7.32% cap and 100% buffer, before fees, apply only to shares purchased on July 20, 2026, and held to July 16, 2027. If SPY has risen since the start, a later investor has less upside left and could lose value before the buffer takes effect. If SPY has fallen, more upside may remain. The prospectus ties the stated outcomes to holding for the entire period.
What's the difference between JULM and FJAN?
Both are First Trust FT Vest buffer ETFs charging 0.85%, but JULM goes for maximum protection. For July 20, 2026, to July 16, 2027, it seeks a 100% buffer with a 7.32% cap, before fees. FJAN (FT Vest US Equity Buffer ETF - January) runs a January outcome period with its own terms. In the year to October 27, 2026, FJAN returned 12.3% versus 5.2% for JULM, reflecting JULM's tighter cap. FJAN is far larger: $1.47 billion versus $30.6 million in net assets as of August 31, 2026.