At a glance
QCJA charges 0.9% a year, above the 0.86% average of the 7 funds most like it (the 6th cheapest of 8). It has $83.0M in assets, the 8th largest of that group. Over the past year it returned +10.5% with distributions reinvested (S&P 500: +11.5%), 6th of those 8 funds.
The short version
FT Vest Nasdaq-100 Conservative Buffer ETF - January (QCJA) is a First Trust fund that holds FLEX options on the Invesco QQQ Trust, which tracks the Nasdaq-100 Index. Over each one-year period starting in January, it seeks to absorb the first 20% of QQQ's losses (before fees) in exchange for a cap on gains. That cap was 12.53% for the period ended January 16, 2026. It has made no distributions and charges 0.90% a year.
Price history
The interactive chart needs JavaScript.
QCJA +10.5% 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 | |
|---|---|---|---|---|---|---|
| QCJA price data to Oct 27, 2026 | +8.7% | +10.5% | — | — | — | +11.1% |
- Over the year to Oct 27, 2026, QCJA returned +10.5%, 6th of 8 among similar funds.
- The deepest fall in its price history was 10.7% (Feb 18, 2025 to Apr 8, 2025), recovered by Jun 3, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +8.7% |
| 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 $3.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -0.04%, -0.56%, +2.07%.
How it works
QCJA does not own stocks. It puts almost all its assets into FLEX options. These are exchange-traded option contracts whose strike prices and expiration dates can be customized. The options reference the Invesco QQQ Trust, Series 1. That is an exchange-traded unit investment trust that holds all 100 stocks in the Nasdaq-100 Index, which is made up of large non-financial companies listed on Nasdaq. As of August 31, 2026, the fund held 16 option positions worth 99.49% of assets, plus 0.59% in cash. Vest Financial LLC is the sub-advisor.
The options are set at the start of each roughly one-year 'target outcome period.' For holders who stay the whole period, the fund aims to match QQQ's price gain up to a cap and absorb the first 20% of losses. Losses beyond 20% pass through one-for-one, so a 30% QQQ drop means about a 10% fund loss before fees. For January 21, 2025 to January 16, 2026, the cap was 12.53%. After fees, the cap was 11.63% and the buffer 19.10%. The fund tracks QQQ's price only, so QQQ's dividends are left out.
Each January the fund resets into new options. The 20% buffer stays the same, but the cap changes with market conditions. Investors who enter or leave partway through a period may get very different results.
What it really costs
- QCJA charges 0.9% a year, versus an average of 0.86% for the similar funds below (6th 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 away gains above a yearly cap for a cushion against the first 20% of Nasdaq-100 losses over each full outcome period.
QCJA could give a portfolio Nasdaq-100 exposure with a smoother ride. Its one-year volatility was 6.2% as of October 27, 2026. It launched in January 2025, so it has no record from the 2008, 2020 or 2022 downturns. Its deepest drop was 10.7%, from February 18 to April 8, 2025. It recovered by June 3, 2025, about 1.8 months later. That drop shows the buffer is only fully in force at the end of each period. Anyone who has to cash out shares partway through a bad year could still take a loss. The fund has made no distributions, so it pays no income, and its 0.90% expense ratio is above the 0.86% average for similar buffer funds. 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 wanting Nasdaq-100 exposure through QQQ with a 20% buffer on losses, who can hold from one January reset to the next.
- People willing to give up gains above a yearly cap, which was 12.53% before fees for the period ended January 16, 2026.
- Holders who value a calmer ride: one-year volatility was 6.2% and beta 0.43 as of October 27, 2026.
Look elsewhere if
- Income seekers: the fund has made no distributions, and its returns leave out the dividends QQQ pays.
- Cost-focused investors: the 0.90% expense ratio is above the 0.86% peer average and PJAN's 0.79%.
- Those wanting a larger fund: with about $83 million in net assets as of August 31, 2026, it is the smallest of eight peers.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| QCJA this fund | 0.9% | $83.0M | +10.5% | — |
| 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
How does the QCJA buffer work?
QCJA uses FLEX options on the Invesco QQQ Trust to absorb the first 20% of QQQ's price losses over each one-year period, before fees. Losses beyond that pass through one-for-one, so a 30% QQQ drop means about a 10% fund loss. In exchange, gains are capped. The cap was 12.53% before fees, or 11.63% after fees, for January 21, 2025 to January 16, 2026. The buffer is designed only for holders who stay for the entire period.
Does QCJA pay dividends?
No. The fund has made no distributions. It holds options rather than the stocks themselves, and the prospectus says its performance will not reflect dividends paid by the Invesco QQQ Trust. So holders give up QQQ's dividend income as well as any gains above the cap. Investors who need regular cash from a holding would have to look at other types of funds or redeem shares to raise cash.
QCJA vs FJAN: what's the difference?
Both are First Trust buffer ETFs with January outcome periods, but they track different markets. QCJA uses options on the Invesco QQQ Trust, which tracks the Nasdaq-100. FJAN is a U.S. equity buffer fund. FJAN costs less, at 0.85% versus 0.90%. It is also much larger, with about $1.47 billion in net assets against QCJA's $83 million as of August 31, 2026. Over the year to October 27, 2026, FJAN returned 12.3% and QCJA returned 10.5%.
What happens if you invest in QCJA after the outcome period starts?
Results can differ sharply from the stated cap and buffer. Both are set relative to QQQ's price and the fund's net asset value on the first day of each period. If the fund has already gained, there may be less room left before the cap. If it has fallen, part of the buffer may already be used up. The prospectus says to consider the fund's value relative to the cap and buffer before investing.
Can you lose money in QCJA?
Yes. The buffer covers only the first 20% of QQQ's losses over a full period, and any losses beyond that pass through. Partway through a period, the fund's price can fall even when QQQ's loss is within the buffer. Its deepest drop was 10.7%, from February 18 to April 8, 2025, and it recovered by June 3, 2025. The prospectus also flags counterparty risk, FLEX option valuation risk and the chance of losing the entire investment.