At a glance
XJUL charges 0.85% a year, below the 0.86% average of the 7 funds most like it (the 3rd cheapest of 8). It has $42.7M in assets, the 8th largest of that group. Over the past year it returned +8.2% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds; over three years it returned +12.4% a year.
The short version
FT Vest U.S. Equity Enhance & Moderate Buffer ETF - July (XJUL) is a First Trust fund that holds FLEX options on the SPDR S&P 500 ETF Trust, not stocks. Over each one-year outcome period starting in July, it aims for about twice that ETF's price gain up to a cap, while cushioning the first 15% of losses. It charges 0.85% a year and has made no distributions.
Price history
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XJUL +8.2% 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 | |
|---|---|---|---|---|---|---|
| XJUL official prospectus, to Dec 31, 2024 | — | +10.78% | — | — | — | +10.55% |
| XJUL price data to Oct 27, 2026 | +7.2% | +8.2% | +12.4% | — | — | +9.9% |
- Over the year to Oct 27, 2026, XJUL returned +8.2%, 8th of 8 among similar funds.
- Its worst full calendar year was 2025 (+10.2%); its best was 2024 (+10.6%).
- The deepest fall in its price history was 9.1% (Feb 19, 2025 to Apr 8, 2025), recovered by May 12, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +7.2% | — |
| 2025 | +10.2% | — |
| 2024 | +10.6% | +10.78% |
| 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 $29.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.39%, +0.76%, +1.44%.
How it works
The fund doesn't own stocks. As of August 31, 2026, about 99% of its assets were in a handful of FLEX options on the SPDR S&P 500 ETF Trust, which holds the stocks in the S&P 500 Index. FLEX options trade on an exchange, but their strike prices and expiration dates can be customized. Sub-advisor Vest Financial combines them into a "target outcome strategy" built around one-year periods. The options track price only, so the fund gives up the dividends that S&P 500 companies pay.
For someone who enters on the first day of a period and holds to the end, the fund has three goals. It aims for roughly twice any price gain in the S&P 500 ETF, up to a cap. It aims to absorb the first 15% of any loss. Losses beyond 15% pass through one for one, so a 20% drop in the ETF means about a 5% loss before fees. For July 21, 2025 through July 17, 2026, the cap was 10.10%. After fees, the cap was 9.25% and the buffer was 14.15%.
Each July the fund rolls into new options. The buffer stays at 15%, but the cap changes with market conditions. The 2x feature works over the whole period, not daily. Investors who enter or exit mid-period may see very different results.
What it really costs
- XJUL 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
Its options aim to absorb the first 15% of an S&P 500 ETF decline each outcome period, and its price swings have been small, though gains are capped.
XJUL launched in July 2023, so it has no record in the 2008, 2020 or 2022 sell-offs. Its deepest drop was 9.1%, from February 19 to April 8, 2025. It recovered by May 12, 2025, about a month later. Both full calendar years have been positive: 10.58% in 2024 and 10.2% in 2025, its weakest, based on price. That steadier path could matter for someone who has to sell shares in a bad year. Still, losses beyond 15% pass straight through, and the buffer applies fully only over a whole outcome period. The fund has made no distributions, so cash for spending would have to 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
- Investors who want S&P 500 exposure with the first 15% of losses cushioned each year and who accept a capped upside, 10.10% for July 2025–July 2026.
- People who can enter near the July start of an outcome period and hold all year, since that is when the cap and buffer work as designed.
- Retirees who value a smoother ride: volatility was 6.7% over three years, and the deepest drop, 9.1%, recovered in about a month.
Look elsewhere if
- Income seekers: the fund has made no distributions and gives up the dividends paid by the S&P 500 stocks behind its options.
- Cost-focused investors: the 0.85% expense ratio pays for the options package, and plain S&P 500 index funds usually cost much less.
- Those wanting full gains in strong markets or deep trading: returns stop at the cap, and net assets were only $42.7 million on August 31, 2026.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| XJUL this fund | 0.85% | $42.7M | +8.2% | +12.4% |
| 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 XJUL pay dividends?
No. The fund has made no distributions. It holds options on the SPDR S&P 500 ETF Trust, not the stocks themselves, and its returns follow price changes only. That means it gives up the dividends that S&P 500 companies pay. Retirees who need cash from this holding would have to sell shares. Funds that own the stocks directly pass those dividends on to shareholders.
Is XJUL a leveraged ETF?
Not in the usual sense. Many leveraged ETFs reset their exposure every day. XJUL aims for about twice the S&P 500 ETF's price gain over a full one-year outcome period, and only up to a cap: 10.10% before fees for July 2025–July 2026. Because the doubling stops at the cap, the most it can gain is limited. During the period, its share price rarely moves at twice the market's daily pace.
What happens when XJUL's outcome period ends in July?
The fund rolls into a new set of FLEX options, and a new one-year period begins. The 15% buffer stays the same, but the cap resets to market conditions, so it could be higher or lower than the 10.10% set for July 21, 2025 through July 17, 2026. About a week before each period ends, First Trust posts an expected cap range on the fund's website. The final cap may still fall outside that range.
What's the difference between XJUL and SPY?
SPY, the SPDR S&P 500 ETF Trust, holds the stocks of the S&P 500 Index and passes along their dividends. XJUL holds options on SPY and aims for about twice SPY's price gain, up to a cap, while cushioning the first 15% of losses over each one-year period. XJUL pays no dividends and charges 0.85% a year. It has also been much calmer, with a one-year beta of 0.3 as of October 27, 2026.
How has XJUL performed since launch?
Steadily, though it has a short history. In its prospectus, the fund reported a one-year return of 10.78% and 10.55% a year since its July 2023 launch, both as of December 31, 2024. Based on price, it returned 10.2% in 2025 and 7.17% in 2026 through October 27. It has not yet been tested by a long bear market, and past results don't predict future ones.