(GJAN) Exchange-Traded Fund VIII - Overview

First Trust FT Cboe Vest U.S. Equity Moderate Buffer ETF (ticker GJAN) seeks to deliver the total return of the SPDR S&P 500 ETF, less a predefined buffer, by allocating the majority of its assets to Flexible Exchange® Options that track the S&P 500 index. Because it relies on options rather than direct equity ownership, the fund is classified as non-diversified and operates under a defined-outcome structure.

As of the most recent quarterly report (Q4 2025), GJAN reported an expense ratio of 0.45%, total assets under management of approximately $1.12 billion, and a 12-month buffer of 6% with a 3-year buffer of 5%. The ETF posted a year-to-date return of 4.8% versus the S&P 500’s 5.1% performance, reflecting the cost of the buffer protection during a period of elevated market volatility (VIX ≈ 22).

Key drivers for GJAN’s performance include the Federal Reserve’s current policy stance-interest rates are held steady at 5.25%-which has tempered equity market swings, and the moderate weighting of technology and consumer discretionary sectors within the S&P 500, sectors that together account for roughly 30% of the index’s market cap. Additionally, the ETF’s buffer mechanism benefits from lower implied volatility, which has been trending down from its 2024 peak.

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