At a glance
BJUN charges 0.79% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $314.4M in assets, the 8th largest of that group. Over the past year it returned +8.1% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds; over three years it returned +16.2% a year. At its worst it fell 22.7% in the 2020 crash (S&P 500: 33.7%) and 16.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 4 months and 14 months after the lows.
The short version
Innovator U.S. Equity Buffer ETF - June (BJUN) holds FLEX options on the SPDR S&P 500 ETF Trust. Over each June-to-May outcome period, it aims to absorb the first 9% of losses in exchange for a cap on gains. Its 0.79% expense ratio ties for the lowest among similar buffer funds, where the average is 0.86%. It is also the smallest of that group, with about $314 million in net assets as of July 31, 2026.
Price history
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BJUN +8.1% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| BJUN official prospectus, to Dec 31, 2024 | — | +12.51% | — | +8.45% | — | +9.77% |
| BJUN price data to Oct 27, 2026 | +7.0% | +8.1% | +16.2% | +8.2% | — | +9.6% |
- Over the year to Oct 27, 2026, BJUN returned +8.1%, 8th of 8 among similar funds.
- Its 5-year annualized return was +8.2%.
- In the 2020 COVID crash it fell 22.7% and regained its old high 3.9 months after the low.
- Its worst full calendar year was 2022 (-11.5%); its best was 2023 (+16.8%).
- The deepest fall in its price history was 22.7% (Feb 19, 2020 to Mar 23, 2020), recovered by Jul 20, 2020.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +7.0% | — |
| 2025 | +12.6% | +12.51% |
| 2024 | +16.3% | +16.48% |
| 2023 | +16.8% | +16.87% |
| 2022 | -11.5% | -11.46% |
| 2021 | +10.7% | +10.62% |
| 2020 | +10.1% | +9.94% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 22.7% over that stretch · deepest drop along the way 22.7%, back to its old high 3.9 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 16.6% over that stretch · deepest drop along the way 16.7%, back to its old high 13.6 months after the low |
What's inside
As of Jul 31, 2026, the fund held 0 securities; the ten largest made up 0% of assets.
| Holding | Weight |
|---|
By country
By asset type
What changed recently
- Over the three months to Jul 31, 2026, investors added a net $174.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.72%, -0.52%, +0.22%.
How it works
BJUN does not own stocks directly. It puts at least 80% of its net assets into investments tied to the SPDR S&P 500 ETF Trust, which tracks the S&P 500. It mainly uses FLEX options. These are exchange-traded options whose strike prices and expiration dates can be customized. Innovator is the adviser, and Milliman Financial Risk Management is the sub-adviser. As of July 31, 2026, four FLEX option positions on that ETF made up about 99.7% of assets, with 0.33% in cash.
Each outcome period runs from June 1 to May 31. For June 1, 2025 to May 31, 2026, the cap was 16.26% before fees, or 15.47% after the 0.79% fee. The buffer was 9% before fees and 8.21% after. In the prospectus examples, a 20% drop in the underlying ETF means about an 11% fund loss before fees, and a 50% gain means a 16.26% fund gain. Losses beyond 9% pass through one-for-one. At the end of each period the options settle in cash. The fund then buys new one-year options, and a new cap is set.
These outcomes apply only to shares held for the whole period, and they are measured on net asset value (NAV), not market price. Investors who start or exit mid-period can get very different results. Innovator posts updated figures daily at innovatoretfs.com/bjun. The fund is non-diversified, and through the S&P 500 it has heavy exposure to technology stocks.
What it really costs
- BJUN charges 0.79% a year, versus an average of 0.86% for the similar funds below (1st of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $81 in the first year and $978 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| BJUN | $81 | $252 | $439 | $978 |
Structure and tax notes
- Uses options to limit losses within a range (the buffer) in exchange for a cap on gains over each outcome period; results depend on when you buy relative to the period start.
In a retirement portfolio
It keeps stock-market exposure but trades some upside for a partial cushion against moderate losses, which has made its swings smaller than the market's.
BJUN may add S&P 500-linked exposure with smaller swings. As of October 27, 2026, its one-year volatility was 7.4% and its beta was 0.55. The buffer is not a floor, though. In the 2020 COVID crash, BJUN fell 22.7% between February 19 and March 23, its deepest drop, and took about 3.9 months to recover. In the 2022 bear market it fell 16.7% and needed about 13.6 months, until December 1, 2023, to regain its peak. Its worst calendar year was 2022, at -11.46%. The fund started in 2019, so it has no 2008 record.
No distributions have been recorded, so any cash would come from redeeming shares, which could lock in losses in a bad year. Under the SEC's standard example, costs on $10,000 come to $81 in year one and $978 over 10 years. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want S&P 500 exposure with a cushion against the first 9% of losses each June-to-May period and accept capped gains.
- People who can invest near June 1 and hold through May 31, the only window in which the intended outcomes apply.
- Buffer-fund shoppers watching cost: BJUN's 0.79% expense ratio is below the 0.86% average for similar buffer funds.
Look elsewhere if
- Investors who need regular income: no distributions have been recorded for this fund.
- Those who want full market gains: the cap was 16.26% before fees for June 2025–May 2026, and its one-year return ranked last among peers.
- Anyone expecting crash protection: losses beyond 9% pass through one-for-one, and the fund fell 22.7% in early 2020.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| BJUN this fund | 0.79% | $314.4M | +8.1% | +16.2% |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
Questions investors ask
How does the BJUN buffer work?
BJUN aims to absorb the first 9% of losses in the SPDR S&P 500 ETF Trust over a one-year outcome period from June 1 to May 31. In exchange, gains are capped. For June 1, 2025 to May 31, 2026, the cap was 16.26% before fees, or 15.47% after the 0.79% fee. The after-fee buffer was 8.21%. Losses beyond 9% pass through one-for-one, and these outcomes apply only to shares held for the full period.
Does BJUN pay dividends?
No. No distributions have been recorded for BJUN. Nearly all of its assets are FLEX options on the SPDR S&P 500 ETF Trust, and its returns come from changes in their value. An investor who wants cash from it would need to redeem shares. In a down year, that can mean locking in losses. Investors focused on steady income may want to compare funds that pay regular distributions.
What happens if you invest in BJUN after June 1?
Your results can differ a lot from the stated cap and buffer. Those outcomes assume shares are held from June 1 through May 31 and are measured on net asset value. If the S&P 500 ETF has already risen, less upside may be left before the cap. If it has fallen, part of the buffer may already be used up. Innovator posts the remaining cap and buffer daily at innovatoretfs.com/bjun.
BJUN vs FJAN: what's the difference?
Both are U.S. equity buffer ETFs, but they come from different issuers and their outcome periods start in different months. FJAN is from FT Vest and charges 0.85%, compared with BJUN's 0.79%. As of October 27, 2026, FJAN returned 12.3% over one year and 17.4% a year over three years. BJUN returned 8.1% and 16.2%. FJAN is also much larger, at about $1.47 billion in net assets versus BJUN's roughly $314 million.
How did BJUN do in 2022?
BJUN lost 11.46% in calendar 2022, according to its prospectus. That was its worst calendar year. From its peak on March 29, 2022 to the October 12, 2022 low, it fell 16.7%. It didn't regain that peak until December 1, 2023, about 13.6 months later. It rebounded with gains of 16.87% in 2023 and 16.48% in 2024, but the cap limits how much it can capture in strong markets.