FT Vest U.S. Equity Moderate Buffer ETF - July
GJUL
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- FT Vest U.S. Equity Moderate Buffer ETF - July (GJUL) is an actively managed exchange-traded fund that seeks to provide investors with returns, before fees and expenses, that match those of the SPDR S&P 500 ETF Trust (SPY) up to a cap while offering a buffer against the first 15% of SPY losses over a one-year Target Outcome Period beginning in July; the fund employs FLEX options on SPY, collateralized primarily by U.S. Treasuries and cash equivalents. GJUL targets large-cap U.S. equity exposure through this defined outcome strategy, with holdings concentrated in SPY-linked FLEX call and put options (typically comprising over 98% of assets), appealing to investors seeking moderated downside risk and capped upside participation in the S&P 500 Index. Launched on July 21, 2023, the fund is issued by First Trust Exchange-Traded Fund VIII, advised by First Trust Advisors L.P. (founded 1991, headquartered in Wheaton, Illinois), and sub-advised by Vest Financial LLC (founded 2012, headquartered in McLean, Virginia); First Trust Portfolios L.P. serves as distributor. The ETF operates with a net expense ratio of 0.85% and total net assets exceeding $600 million as of late 2025, trading on U.S. exchanges including NYSE Arca. It resets its cap and buffer at the start of each annual Target Outcome Period based on market conditions, with recent periods showing caps around 14-15%; investors holding through the full period from inception date receive the targeted outcomes, though interim trading may alter results. Geographically, GJUL focuses on U.S. markets, domiciled in the United States as an open-ended investment company in the defined outcome ETF category. Recent developments include ongoing expansion of the First Trust/Vest Target Outcome suite, with launches such as the U.S. Equity Buffer UCITS ETF - July (FJUL) in July 2025 on the London Stock Exchange, marking the third in their 10% buffer series for European investors and bringing firmwide Target Outcome assets over $28 billion. First Trust announced trustee elections and new board/audit committee appointments in May 2025 and March 2024, respectively, alongside growing institutional interest evidenced by new positions from firms like Anfield Capital Management ($229,000 in Q2 2025) and Triumph Capital Management. Vest Financial continues international growth with UCITS ETFs and surpassed $10 billion in ETF flows, reinforcing GJUL's position within a maturing buffer strategy platform.