FT Vest U.S. Equity Enhance & Moderate Buffer ETF - July (XJUL)

The FT Vest U.S. Equity Enhance & Moderate Buffer ETF - July is a defined-outcome exchange-traded fund offered by First Trust and sub-advised by Vest Financial. It trades on Cboe BZX under the ticker XJUL.

Its holdings consist mainly of FLEX options referencing the SPDR S&P 500 ETF Trust. Together, these options seek enhanced participation in S&P 500 gains up to a cap and a moderate buffer against part of the downside, measured over an annual outcome period that starts in July.

The options are reset each year, establishing a new cap for the following period. Purchasing shares after an outcome period has begun can result in a different level of buffer and upside than the fund targets for the full period.