First Trust Launches DGJL Buffer ETF with Fixed 9.37% Digital Return

First Trust has launched the FT Vest U.S. Equity Buffer & Digital Return ETF – July (DGJL), a new actively managed buffer ETF that uses SPY options to deliver a fixed 9.37% digital return if the S&P 500 does not fall more than 10% over its one-year outcome period ending July 2027. The fund, sub-advised by Vest Financial LLC, charges 0.85% in annual expenses. Unlike traditional buffer ETFs, DGJL caps upside at 9.37% even if the market surges, making it most attractive in flat or mildly declining markets. Losses beyond the 10% buffer are borne by shareholders. The defined outcomes only apply to investors who buy on the first day and hold through the full period. The fund competes with Innovator and BlackRock buffer ETFs, with the digital return feature as its key differentiator.