At a glance
QCJL charges 0.9% a year, above the 0.86% average of the 7 funds most like it (the 6th cheapest of 8). It has $100.2M in assets, the 8th largest of that group. Over the past year it returned +9.9% with distributions reinvested (S&P 500: +11.5%), 7th of those 8 funds.
The short version
FT Vest Nasdaq-100 Conservative Buffer ETF - July (QCJL), from First Trust, holds FLEX options on the Invesco QQQ Trust, which tracks the Nasdaq-100 Index. Over each roughly one-year period that starts in July, it aims to absorb the first 20% of QQQ's price losses. In return, gains are capped: the cap was 12.06% before fees for the period ending July 17, 2026. It charges 0.90% a year and pays no dividends.
Price history
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QCJL +9.9% 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 | |
|---|---|---|---|---|---|---|
| QCJL price data to Oct 27, 2026 | +9.2% | +9.9% | — | — | — | +11.8% |
- Over the year to Oct 27, 2026, QCJL returned +9.9%, 7th of 8 among similar funds.
- Its worst full calendar year was 2025 (+13.1%); its best was 2025 (+13.1%).
- The deepest fall in its price history was 11.2% (Feb 19, 2025 to Apr 8, 2025), recovered by May 27, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +9.2% |
| 2025 | +13.1% |
| 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 $31.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.40%, +0.12%, +2.43%.
How it works
The fund does not own stocks directly. Instead, it puts nearly all of its assets in FLEX Options. These are exchange-traded option contracts whose strike prices and expiration dates can be customized. They reference the Invesco QQQ Trust, Series 1, a unit investment trust that holds all 100 stocks in the Nasdaq-100 Index. That index covers 100 of the largest non-financial companies listed on Nasdaq. As of August 31, 2026, options made up about 99% of assets and cash about 1%. Vest Financial, the sub-advisor, runs the options strategy.
The options are set for a "target outcome period" of about one year. For the period from July 21, 2025 through July 17, 2026, the cap was 12.06%. The buffer covered the first 20% of QQQ's price losses. After the fund's fees, those levels became 11.16% and 19.10%. Losses beyond 20% pass through one for one. For example, if QQQ fell 30%, the fund would aim to lose about 10% before fees. The fund tracks QQQ's price only, so it does not capture QQQ's dividends.
Each July the fund buys a new set of options. The buffer stays at 20%, but the cap is reset based on market conditions and can go up or down. The stated outcomes apply only to shares held for the full period. Someone who buys partway through may face a very different cap and buffer. The fund's value can also differ widely from QQQ's price along the way.
What it really costs
- QCJL 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 aims to cushion the first 20% of Nasdaq-100 price losses in each yearly period, in exchange for capped gains.
QCJL could add a cushion to the growth-stock part of a portfolio, but its record is short. It launched July 19, 2024, so it did not exist during the 2008, 2020 or 2022 declines. Its deepest drop was 11.2%, from February 19 to April 8, 2025. It recovered by May 27, 2025, about 1.6 months later. Its only full calendar year, 2025, returned 13.1%. That buffer may help someone who has to sell shares in a bad year. But the buffer resets each July, so a drop that comes partway through a period may be only partly covered. The fund pays no income, and its 0.90% fee is a bit 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 who want Nasdaq-100 exposure through QQQ with the first 20% of yearly price losses buffered, and who accept a cap on gains.
- People who can buy near the July reset and hold for the full outcome period, when the cap and buffer apply as designed.
- Holders who want a calmer ride: as of October 27, 2026, one-year volatility was 6.5% and the fund's deepest drop was 11.2%.
Look elsewhere if
- Retirees who need regular income: the fund has recorded no distributions, and its returns leave out QQQ's dividends.
- Investors who expect full Nasdaq-100 gains in strong years, since anything above the cap (12.06% before fees for the period ending July 2026) is given up.
- Cost-focused buyers: its 0.90% fee ranks 6th of 8 similar buffer funds, and at $100.2 million in assets it is the smallest.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| QCJL this fund | 0.9% | $100.2M | +9.9% | — |
| 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 QCJL pay dividends?
No. The fund has recorded no distributions. It holds FLEX options on the Invesco QQQ Trust, not the stocks themselves. Its target outcomes are based only on QQQ's price, so the dividends QQQ pays are not passed through. Investors who want income from the Nasdaq-100 would need a different fund. The 0.90% annual fee applies whether or not the fund pays anything out.
How does the QCJL buffer work?
Over each roughly one-year outcome period, QCJL's options aim to absorb the first 20% of QQQ's price losses before fees. In return, gains are capped at a level set at the start of each period. For July 21, 2025 through July 17, 2026, the cap was 12.06% before fees, and the buffer was 20%. After fees, those became 11.16% and 19.10%. Losses beyond 20% pass through one for one, so a 30% QQQ drop means about a 10% fund loss before fees.
What happens if you buy QCJL in the middle of the outcome period?
You may get a very different result from the stated cap and buffer. Those levels are fixed relative to QQQ's price and the fund's value on the first day of each period. If QQQ has already risen, less room may be left under the cap. If it has fallen, part of the buffer may already be used up. The fund's value can also differ widely from QQQ's price during a period. The outcomes apply as designed only to shares held for the full period.
What's the difference between QCJL and BUFD?
Both are First Trust buffer ETFs subadvised by Vest, but they differ in focus and size. QCJL uses options on QQQ, which tracks the Nasdaq-100, and resets once a year each July. BUFD's name indicates a laddered deep-buffer approach. BUFD charges 0.95% versus QCJL's 0.90%. It had $2.04 billion in net assets versus QCJL's $100.2 million as of August 31, 2026. As of October 27, 2026, one-year returns were 9.5% for BUFD and 9.9% for QCJL.
Is QCJL good for retirement?
It may suit retirees who want some Nasdaq-100 growth with a cushion against the first 20% of yearly price losses. The trade-offs are real: gains are capped, there is no income, and the fee is 0.90%. Its history is short. It launched in July 2024, returned 13.1% in 2025, and its deepest drop was 11.2%, which it recovered in about 1.6 months. It has not been tested by a long bear market. Past results don't predict future returns.