At a glance
UXJA charges 0.85% a year, below the 0.86% average of the 7 funds most like it (the 3rd cheapest of 8). It has $11.7M in assets, the 8th largest of that group. Over the past year it returned +12.5% with distributions reinvested (S&P 500: +11.5%), 3rd of those 8 funds.
The short version
FT Vest U.S. Equity Uncapped Accelerator ETF - January (UXJA) holds FLEX options on the State Street SPDR S&P 500 ETF Trust (SPY) rather than stocks, resetting each January. It forgoes SPY's dividends and first 2% of price gains, then aims to deliver 124% of further gains, uncapped, for the period ending January 15, 2027, while taking SPY's losses in full. Its 0.85% expense ratio is near the 0.86% average for similar funds.
Price history
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UXJA +12.5% 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 | |
|---|---|---|---|---|---|---|
| UXJA price data to Oct 27, 2026 | +13.5% | +12.5% | — | — | — | +15.7% |
- Over the year to Oct 27, 2026, UXJA returned +12.5%, 3rd of 8 among similar funds.
- The deepest fall in its price history was 20% (Feb 19, 2025 to Apr 8, 2025), recovered by Jul 28, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +13.5% |
| 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 $1.9M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -1.53%, -0.24%, +2.85%.
How it works
First Trust's UXJA is actively managed, not an index fund. Its sub-advisor, Vest Financial, runs a “target outcome” strategy using FLEX options—exchange-listed options with customizable strike prices and expiration dates—on the State Street SPDR S&P 500 ETF Trust (SPY), a unit investment trust holding S&P 500 stocks. As of August 31, 2026, 98.6% of assets sat in seven SPY option positions and 1.4% in cash; it held no stocks directly.
Payoffs depend on SPY's price, excluding dividends, at the end of each roughly one-year outcome period. For January 20, 2026, to January 15, 2027: if SPY falls, the fund takes the same loss before fees—there is no buffer. If SPY gains but finishes no higher than 102% of its starting price (the “target upside deductible”), the fund aims to end flat, less fees. Above that, the options seek 124% of SPY's further price gains (the “upside rate of return”), with no cap.
Because the first 2% is forgone, the fund can trail SPY's price return even above that threshold. The outcomes assume shares are held for the whole period; investors who enter later can see different results. Each January the options roll into a new period; the 102% threshold is expected to stay, but the upside rate resets with market conditions such as volatility.
What it really costs
- UXJA 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
UXJA takes SPY's price losses in full and pays no income, trading stability for amplified upside, so it fits a small, higher-risk slice of a portfolio rather than the core.
UXJA could add extra upside to a stock allocation but offers no cushion. It launched on January 17, 2025, so it missed the 2008, 2020 and 2022 downturns, and it has no complete calendar year of results through October 27, 2026. Its deepest drop, 20% from February 19 to April 8, 2025, took about 3.6 months to recover. Its one-year beta, a measure of market sensitivity, was 1.14 as of October 27, 2026. It pays no distributions and forgoes SPY's dividends, so drawing income means cashing in shares; in a bad year those shares fall as far as SPY's price, and the target outcomes apply only to shares held to the period's end. Its 0.85% expense ratio is close to the 0.86% average for similar defined-outcome funds.
Past results don't predict future returns, 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 expect SPY's price to finish the period ending January 15, 2027, well above 102% of its start, and want amplified, uncapped gains.
- Holders who can enter near the January reset and keep shares for the full period, which the stated outcomes assume.
- Investors comfortable taking SPY's full price losses and forgoing dividends in exchange for extra upside on a small slice of a stock allocation.
Look elsewhere if
- Retirees who need income: UXJA has paid no distributions, and its returns exclude the dividends SPY pays.
- Anyone wanting downside protection: unlike buffer funds such as FJAN, UXJA takes SPY's price losses one-for-one; it fell 20% between February and April 2025.
- Investors wary of very small funds: net assets were $11.7 million as of August 31, 2026, smallest among eight similar defined-outcome funds.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| UXJA this fund | 0.85% | $11.7M | +12.5% | — |
| 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
Does UXJA have a downside buffer?
No. Although it is a defined-outcome fund like FT Vest's buffer ETFs, UXJA offers no protection against losses. If SPY's price falls over an outcome period, the fund takes the same percentage loss before fees: a 10% SPY drop means about a 10% fund drop. Its deepest decline was 20%, from February 19 to April 8, 2025, and it took about 3.6 months to recover. What it offers instead is accelerated, uncapped upside once SPY ends above 102% of its starting price.
Is UXJA good for retirement income?
It isn't built for income. UXJA has made no distributions, and its prospectus says the fund's performance does not reflect the dividends SPY pays, so holders give up that part of the S&P 500's return. Drawing cash from it means cashing in shares, and in a falling market those shares absorb SPY's full price loss. With a one-year beta (market sensitivity) of 1.14 as of October 27, 2026, it behaves more like a higher-risk satellite holding than an income fund.
What's the difference between UXJA and FJAN?
FJAN cushions part of a market decline and caps gains; UXJA does neither. Both are January-series FT Vest funds charging 0.85%, but UXJA takes SPY's price losses in full in return for accelerated, uncapped upside above 102% of SPY's starting price. As of October 27, 2026, one-year returns were 12.5% for UXJA and 12.3% for FJAN, a buffer fund. FJAN is far larger: $1.47 billion in net assets versus $11.7 million, as of August 31, 2026.
Can you invest in UXJA in the middle of the year?
Yes, its shares trade on an exchange daily, but the stated outcomes may not apply. The 102% threshold and 124% upside rate are set for shares held from January 20, 2026, to January 15, 2027. Someone entering partway through pays a price that already reflects SPY's moves since the start, so their effective threshold, upside and losses can differ. Only SPY's price on the final day decides the outcome; a mid-period rally that fades adds nothing.
What is UXJA's expense ratio?
UXJA's expense ratio is 0.85%, all of it management fee, per its prospectus filed September 28, 2026. That is close to the 0.86% average for similar defined-outcome funds, which range from 0.79% for Innovator's PJAN and PDEC to 0.95% for FT Vest's laddered BUFR and BUFD, and well above what many plain S&P 500 index funds charge. Brokerage commissions, trading fees and taxes come on top. Over the year to October 27, 2026, UXJA's share price rose 12.5%.