At a glance
DJUN charges 0.85% a year, below the 0.86% average of the 7 funds most like it (the 3rd cheapest of 8). It has $355.5M in assets, the 8th largest of that group. Over the past year it returned +7.6% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds; over three years it returned +13.5% a year. At its worst it fell 10.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 7 months after the low.
The short version
FT Vest U.S. Equity Deep Buffer ETF – June (DJUN) holds FLEX options on the SPDR S&P 500 ETF Trust. It aims to match that fund's price gains up to a cap, while absorbing losses between 5% and 30% over each one-year period that starts in June. That deep buffer limits the upside: for the June 2025–June 2026 period the cap was 12.08% before fees. The fund pays no dividends, and its 0.85% expense ratio sits near the 0.86% peer average.
Price history
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DJUN +7.6% 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 | |
|---|---|---|---|---|---|---|
| DJUN official prospectus, to Dec 31, 2024 | — | +13.85% | — | — | — | +8.25% |
| DJUN price data to Oct 27, 2026 | +6.5% | +7.6% | +13.5% | +8.1% | — | +8.0% |
- Over the year to Oct 27, 2026, DJUN returned +7.6%, 8th of 8 among similar funds.
- Its 5-year annualized return was +8.1%.
- Its worst full calendar year was 2022 (-6.3%); its best was 2023 (+17.6%).
- The deepest fall in its price history was 12% (Feb 19, 2025 to Apr 8, 2025), recovered by Jun 10, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +6.5% | — |
| 2025 | +9.4% | — |
| 2024 | +13.9% | +13.85% |
| 2023 | +17.6% | +17.54% |
| 2022 | -6.3% | -6.33% |
| 2021 | — | +6.43% |
| 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 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 10.5% over that stretch · deepest drop along the way 10.6%, back to its old high 6.5 months after the low |
What's inside
As of Aug 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 Aug 31, 2026, investors added a net $28.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.22%, +0.28%, +1.44%.
How it works
DJUN does not own stocks directly. It puts substantially all of its assets in FLEX options, which are exchange-traded option contracts with custom strike prices and expiration dates. These options are tied to the SPDR S&P 500 ETF Trust (SPY), which tracks the S&P 500 Index. As of August 31, 2026, about 99.8% of net assets sat in eight option positions on SPY, with about 1% in cash. First Trust's sub-advisor, Vest Financial LLC, runs the strategy. The fund follows SPY's price only, so SPY's dividends are not passed through.
The prospectus describes the outcomes for an investor who holds shares for a full period. For June 23, 2025 through June 18, 2026, the fund sought to match SPY's gains up to a 12.08% cap. The investor bears the first 5% of any loss. Losses from 5% to 30% are buffered. If SPY falls more than 30%, the fund's loss is 25 percentage points smaller, with a maximum loss of about 75%. After fees, the cap was 11.23% and the buffer ran from -5.85% to -30.85%.
Each June the fund resets into new options. The buffer stays the same, but the new cap depends on market conditions at the reset. The fund's website posts the expected cap range about a week before. Investors who purchase after the start of a period, or exit before it ends, may get very different results. Creations and redemptions may be done in cash, which can make the fund less tax-efficient.
What it really costs
- DJUN charges 0.85% a year, versus an average of 0.86% for the similar funds below (3rd of 8, cheapest first).
Structure and tax notes
- Organized as a unit investment trust: it cannot lend out its securities or reinvest dividends between payouts, which can create a small drag versus similar open-end ETFs.
- 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 trades capped gains and no dividends for a sizable cushion against moderate yearly stock-market losses.
DJUN could offer a cushioned way to hold U.S. large-company stocks. Price data starts in February 2021, so it does not cover 2008 or the 2020 crash. In the 2022 bear market it fell 10.6% between March 29 and October 12, 2022, and recovered by April 28, 2023, about 6.5 months later. Its worst calendar year was 2022, at -6.3%. Its deepest drop, 12%, ran from February 19 to April 8, 2025, and was recovered in 2.1 months. In the middle of a period, losses can go well past the 5% the fund absorbs first. That matters for anyone who needs cash during a slump.
The fund makes no distributions, so it provides no income, and its 0.85% fee applies in every year. 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 price exposure and would give up gains above a yearly cap for a buffer against losses between 5% and 30%.
- Holders who can enter near the June reset and keep shares through the full one-year period, when the stated cap and buffer apply.
- Investors who value smaller swings: one-year volatility was 5.1% and beta was 0.36 as of October 27, 2026.
Look elsewhere if
- Investors who need income: the fund has no recorded distributions, and its returns leave out SPY's dividends.
- Investors seeking full stock-market gains: DJUN's 7.6% one-year return ranked last among eight buffer funds as of October 27, 2026.
- Investors who would rather not depend on one June reset date, who may want to compare a laddered fund like BUFD, though it costs 0.95%.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| DJUN this fund | 0.85% | $355.5M | +7.6% | +13.5% |
| 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
Does DJUN pay dividends?
No. The fund has no recorded distributions. It holds FLEX options on the SPDR S&P 500 ETF Trust rather than the stocks themselves, and its target outcomes track SPY's price return only. The dividends that S&P 500 companies pay don't reach DJUN shareholders. Investors who want regular cash payouts would need to raise the money some other way, such as by selling shares.
How does the DJUN deep buffer work?
Over a full one-year period, an investor bears SPY's first 5% of losses. The fund then aims to absorb further losses down to -30%, so a 30% SPY drop means about a 5% fund loss before fees. Past -30%, the fund's loss is 25 points smaller than SPY's, with a maximum loss of about 75%. After fees, the June 2025–June 2026 buffer ran from -5.85% to -30.85%.
What is DJUN's upside cap?
For the period from June 23, 2025 to June 18, 2026, the cap was 12.08% before fees and 11.23% after fees. A new cap is set every June when the fund buys new options, and it depends on market conditions at that moment. It can rise or fall from one year to the next. The fund's website posts the expected range about a week before each reset.
DJUN vs BUFD: what's the difference?
Both are First Trust deep buffer funds. DJUN resets once a year in June, while BUFD is a laddered fund. DJUN charges 0.85% compared with 0.95% for BUFD. It is also much smaller, with $355.5 million in net assets against $2.04 billion as of August 31, 2026. As of October 27, 2026, BUFD had returned 9.5% over one year and 13.9% a year over three years. DJUN's figures were 7.6% and 13.5%.
Can you lose money in DJUN?
Yes. Holders bear the first 5% of SPY losses each period, and losses beyond 30% are only partly buffered. Investors who enter mid-period may get little protection. The fund's deepest drop was 12%, between February 19 and April 8, 2025, which shows that losses in the middle of a period can exceed the buffer's starting point. In 2022 the fund lost 6.3%, its worst calendar year on record.