FT Vest U.S. Equity Deep Buffer ETF - July (DJUL) is an exchange-traded fund that seeks to provide investors with returns, before fees and expenses, that match the price return of the SPDR S&P 500 ETF Trust (SPY) up to a predetermined upside cap while offering a buffer against the first 25% of SPY losses over a target outcome period of approximately one year ending in July; the fund primarily invests in customized FLEX options referencing SPY to achieve these target outcomes, with holdings concentrated in call and put options on SPY and minimal cash positions. FT Vest U.S. Equity Deep Buffer ETF - July operates within the defined outcome ETF segment of the investment management industry, targeting retail and institutional investors seeking equity exposure with downside protection and capped upside potential; it trades on the Cboe BZX Exchange and is part of the broader suite of Target Outcome ETFs managed under the FT Vest and Cboe Vest branding. Launched on July 17, 2020, the ETF is advised by First Trust Advisors L.P., based in Wheaton, Illinois, with Vest Financial LLC serving as sub-advisor; First Trust Capital Partners, LLC, an affiliate of First Trust Advisors, holds a majority equity interest in Vest's parent company.
In October 2025, First Trust Advisors announced proposed reorganizations of four Vest-advised mutual funds into corresponding First Trust-advised mutual funds, reflecting ongoing strategic integration between First Trust and Vest Financial amid their affiliate relationship, though this does not directly impact the DJUL ETF; the ETF continues to feature annual resets of its outcome cap and buffer parameters based on market conditions at the start of each July target outcome period, with recent prospectuses confirming persistent use of FLEX options for precise exposure. The fund maintains its core strategy without reported name changes, new product launches specific to DJUL, or major operational shifts in the last 1-2 years, while benefiting from First Trust's expanded Target Outcome lineup including recent additions like dual directional buffer ETFs.