FT Vest U.S. Equity Buffer ETF - July
FJUL
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- FT Vest U.S. Equity Buffer ETF - July (FJUL) is an exchange-traded fund that seeks to provide investors with returns 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 10% of losses in SPY over a one-year target outcome period ending in July each year; the fund employs a defined outcome strategy primarily through FLEX options on SPY, including long positions approximating 100% exposure, short calls for capping upside, and short puts to create the downside buffer. FT Cboe Vest U.S. Equity Buffer ETF - July operates as part of First Trust Exchange-Traded Fund VIII, with First Trust Advisors L.P. serving as investment adviser, First Trust Portfolios L.P. as sponsor and distributor, and Vest Financial LLC as sub-adviser and creator of the Target Outcome framework. The fund, launched on July 17, 2020, and headquartered in Wheaton, Illinois, holds total net assets of approximately $1.03 billion, with a net expense ratio of 0.85%; it primarily invests in U.S. large-cap equities via SPY exposure, concentrating in sectors such as technology (36.11%), financial services (13.86%), and consumer cyclical (11.07%). In July 2025, First Trust launched a UCITS version of the FT Vest U.S. Equity Buffer ETF - July (also ticker FJUL) on the London Stock Exchange, expanding access for European investors with the same S&P 500 target outcome strategy featuring a 10% buffer and capped upside in a perpetual structure; this UCITS ETF, domiciled in Ireland with EUR 2 million in assets, is actively managed by First Trust Advisors L.P. and sub-advised by Vest Financial LLC. Recent monthly distributions have been announced for related FT Vest buffer strategies, with First Trust's overall Target Outcome ETF lineup growing to 125 funds and over $33 billion in assets as of October 2025; Trevor Lack joined as co-manager effective January 2, 2025. The fund targets retail and institutional investors seeking equity market participation with reduced volatility, available primarily in the United States and now Europe, with holdings reset annually via new FLEX options at the start of each July-to-July outcome period.