FT Vest U.S. Equity Moderate Buffer ETF - June
GJUN
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- FT Vest U.S. Equity Moderate Buffer ETF - June (GJUN) is an exchange-traded fund that seeks to deliver investment outcomes tied to the price return of the SPDR S&P 500 ETF Trust (SPY) up to a predefined cap while offering a downside buffer against the first 15% of SPY losses over a specified target outcome period; it invests substantially all assets in FLEX Options referencing SPY under normal market conditions. The fund provides targeted exposure to large-cap U.S. equities through its options-based strategy, which resets periodically to establish new caps and buffers based on prevailing market conditions, with holdings including SPY call and put FLEX Options alongside cash equivalents. Launched on June 16, 2023, GJUN is managed by First Trust Advisors L.P., an affiliate of Vest Financial LLC, and lists on the Cboe BZX Exchange. The ETF's investment objective applies specifically over each target outcome period, such as the initial period from June 20, 2023, through June 21, 2024, featuring an upside cap of 14.65% and a 15% buffer; subsequent periods, including the current one commencing June 23, 2025, and ending June 18, 2026, reset these parameters to reflect market volatility and option pricing. It targets investors seeking defined outcome strategies in the large-cap equity segment, with net expense ratio of 0.85%, approximately 9.4 million shares outstanding, and total net assets around $354 million as of recent data. Primarily U.S.-focused with 98.47% allocation to U.S. stocks via derivatives, the fund operates domestically and belongs to the Morningstar Defined Outcome category. Recent developments include the conclusion of the prior target outcome period on June 20, 2025, and the launch of a new period on June 23, 2025, through June 18, 2026, with updated cap rates announced via prospectus supplement; this periodic reset represents a key operational feature enabling ongoing availability of buffered S&P 500 exposure. First Trust Advisors L.P., founded in 1991 and headquartered in Wheaton, Illinois, serves as adviser, while Vest Financial LLC contributes the Target Outcome strategy framework; no major acquisitions, funding rounds, or strategic alliances specific to GJUN were reported in the last 1-2 years. The fund maintains non-diversified status, emphasizing its concentrated FLEX Options holdings for outcome delivery.