At a glance
FJUN charges 0.85% a year, below the 0.86% average of the 7 funds most like it (the 3rd cheapest of 8). It has $1.42B in assets, the 6th largest of that group. Over the past year it returned +9.0% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds; over three years it returned +16.0% a year. At its worst it fell 10.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 4 months after the low.
The short version
FT Vest U.S. Equity Buffer ETF – June (FJUN) holds FLEX options on the SPDR S&P 500 ETF Trust (SPY). Over each one-year period starting in June, it aims to absorb the first 10% of SPY's price losses (before fees) in exchange for a cap on gains. The cap was 15.14% before fees for June 23, 2025 to June 18, 2026. It pays no dividends and costs 0.85% a year, close to the 0.86% average for similar buffer funds.
Price history
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FJUN +9.0% 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 | |
|---|---|---|---|---|---|---|
| FJUN official prospectus, to Dec 31, 2024 | — | +16.70% | — | — | — | +12.45% |
| FJUN price data to Oct 27, 2026 | +7.9% | +9.0% | +16.0% | +10.6% | — | +10.8% |
- Over the year to Oct 27, 2026, FJUN returned +9.0%, 8th of 8 among similar funds.
- Its 5-year annualized return was +10.6%.
- Its worst full calendar year was 2022 (-5.0%); its best was 2023 (+22.3%).
- The deepest fall in its price history was 13.3% (Feb 19, 2025 to Apr 8, 2025), recovered by Jun 26, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +7.9% | — |
| 2025 | +11.1% | — |
| 2024 | +16.4% | +16.70% |
| 2023 | +22.3% | +22.11% |
| 2022 | -5.0% | -4.99% |
| 2021 | — | +11.69% |
| 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 10.9%, back to its old high 4.1 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 $211.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.25%, +0.28%, +1.90%.
How it works
FJUN does not own stocks directly. Under normal conditions it puts substantially all of its assets into FLEX options, which are exchange-traded options whose strike prices and expiration dates can be customized. These options reference SPY, a unit investment trust that tracks the S&P 500. Sub-advisor Vest Financial combines them to aim for a preset "target outcome" over about one year. As of August 31, 2026, 16 option positions made up about 99% of assets, and the rest was cash. The largest position, a call option on SPY, was about 86.5% of assets.
For an investor who holds through a full period, the targets are as follows. If SPY rises, the fund seeks to match SPY's price gain up to the cap. If SPY falls, the fund seeks to absorb the first 10% of the loss. Losses beyond 10% pass through one-for-one: if SPY falls 20%, the fund loses about 10% before fees. After fees, the June 23, 2025 to June 18, 2026 period had a cap of 14.29% and a buffer of 9.15%. Returns track SPY's price only, so SPY's dividends are not included.
Each June the fund resets into new options. The buffer stays at 10%, but the cap is set again based on market conditions. About a week before each reset, the fund's website posts an expected cap range. Buying after a period starts or selling before it ends can produce results very different from the stated cap and buffer.
What it really costs
- FJUN 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 gives up gains above a yearly cap in exchange for a cushion against the first 10% of S&P 500 price losses.
FJUN could smooth out the stock part of a portfolio. As of October 27, 2026, its one-year volatility was 6.5% and its beta was 0.47 (beta measures sensitivity to market moves; 1 means moving with the market). It launched in June 2020, after the COVID crash, so neither 2008 nor 2020 is in its record. In the 2022 bear market it fell 10.9% from March to September 2022 and was back to its previous high by February 2023, about four months later. Its worst calendar year was 2022, at -4.99%. Its deepest drop was 13.3%, between February 19 and April 8, 2025, and it recovered in about 2.6 months.
Selling during a slump would still lock in losses, and any drop beyond the 10% buffer passes through in full. FJUN pays no income, so withdrawals mean selling shares. It costs 0.85% a year. Past results don't predict future ones, 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 with the first 10% of yearly losses buffered, and who accept giving up gains above a yearly cap.
- Holders who can buy near the June reset and hold for the full year, which is when the cap and buffer apply as designed.
- Investors who don't need cash payouts, since the fund recorded no distributions and its returns come only from share-price changes.
Look elsewhere if
- Income seekers: FJUN pays nothing, and SPY's dividends are not included in its returns.
- Cost-sensitive investors: FJUN's 0.85% fee is higher than the 0.79% charged by Innovator's PJAN and PDEC, though lower than BUFR's 0.95%.
- Investors wanting full upside: FJUN's 9% one-year return ranked 8th of 8 similar buffer funds as of October 27, 2026.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| FJUN this fund | 0.85% | $1.42B | +9.0% | +16.0% |
| 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 FJUN pay dividends?
No. The fund has recorded no distributions. Its prospectus says its performance does not reflect the dividends paid by the SPDR S&P 500 ETF Trust (SPY), whose price it tracks through options. All of FJUN's return comes from changes in its share price. An investor who needs regular cash from it would have to sell shares, and FJUN holders give up the dividend income that SPY's own shareholders receive.
How does the FJUN buffer work?
Over a full one-year outcome period, FJUN aims to absorb the first 10% of SPY's price decline, before fees. If SPY falls 20%, the fund is designed to lose about 10%. After fees, the buffer for the June 23, 2025 to June 18, 2026 period was 9.15%. The buffer works as designed only for shares bought on the first day of a period and held to its end. Buying or selling partway through can give very different results.
What is the FJUN upside cap?
For the outcome period from June 23, 2025 to June 18, 2026, the cap was 15.14% before fees and 14.29% after fees. Holders did not share in any SPY gain above that. The cap is reset every June based on market conditions, so it changes from one period to the next, while the 10% buffer stays the same. About a week before each reset, the fund's website posts an expected cap range, though the final cap may fall outside it.
What's the difference between FJUN and BUFR?
Both are FT Vest buffer funds, but FJUN resets once a year in June, so its results depend heavily on when an investor buys relative to that date. BUFR is a laddered fund: it spreads its money across buffer periods that start at different times, which reduces that timing effect. BUFR costs 0.95% a year versus 0.85% for FJUN. As of October 27, 2026, BUFR returned 11.6% over one year and 16.8% a year over three years. FJUN returned 9% and 16%.
Is FJUN good for retirement?
It may suit retirees who want stock-market exposure with a cushion against moderate losses, but it comes with trade-offs. Its worst calendar year was 2022, at -4.99%. Its deepest drop was 13.3% in early 2025, and it recovered in about 2.6 months. It pays no income, caps gains each year, costs 0.85% a year, and passes through in full any SPY losses beyond the first 10%. It launched in 2020, so it has never been through a crisis like 2008.