At a glance
FLJJ charges 0.74% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $8.5M in assets, the 8th largest of that group. Over the past year it returned +9.8% with distributions reinvested (S&P 500: +11.5%), 7th of those 8 funds.
The short version
AllianzIM U.S. Equity 6 Month Floor5 Jan/Jul ETF (FLJJ) uses options on the SPDR S&P 500 ETF Trust (SPY), aiming to match SPY's share price return over each six-month period while limiting losses to 5% before fees and capping gains. Its 0.74% annual fee was the lowest among eight defined-outcome funds compared. It forgoes SPY's dividends, and at about $8.5 million in assets as of July 31, 2026, it was the group's smallest.
Price history
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FLJJ +9.8% 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 | |
|---|---|---|---|---|---|---|
| FLJJ official prospectus, to Dec 31, 2025 | — | +11.20% | — | — | — | +13.79% |
| FLJJ price data to Oct 27, 2026 | +8.2% | +9.8% | — | — | — | +12.4% |
- Over the year to Oct 27, 2026, FLJJ returned +9.8%, 7th of 8 among similar funds.
- Its worst full calendar year was 2025 (+11.3%); its best was 2025 (+11.3%).
- The deepest fall in its price history was 6.9% (Feb 19, 2025 to Apr 8, 2025), recovered by Jun 10, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +8.2% | — |
| 2025 | +11.3% | +11.20% |
| 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 | Before this security existed |
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 withdrew a net $14.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.87%, +0.63%, +0.20%.
How it works
FLJJ aims to match the share price return of the SPDR S&P 500 ETF Trust (SPY), which tracks the market-weighted S&P 500 index, over six-month outcome periods: January 1 to June 30 and July 1 to December 31. Gains are capped, and losses are meant to stop at 5% (the floor), before fees. Instead of SPY itself, it holds FLEX options, exchange-traded options with customizable terms, guaranteed by the Options Clearing Corporation.
Call options gain value as SPY rises, and put options as it falls, each relative to a set “strike” price. As of July 31, 2026, the fund held three SPY options expiring December 31, 2026. A $5.68-strike call, 99.2% of assets, moves almost in step with SPY. A purchased put at $709.43 (2.2%) supplies the floor. A written (sold) call at $798.89, a 1.3% liability, gives up gains above that price, creating the cap.
The cap resets each period, based on market conditions. For January 1 to June 30, 2026, it was 6.02% before fees and 5.65% after the 0.74% fee; the floor was 5.00% before fees and 5.37% after. Holders bear the first 5% of SPY's decline; the options aim to absorb deeper losses, without a guarantee. These targets assume shares are held for a whole period, and the fund collects none of SPY's dividends.
What it really costs
- FLJJ charges 0.74% 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 $76 in the first year and $918 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| FLJJ | $76 | $237 | $411 | $918 |
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
Its options on the SPDR S&P 500 ETF Trust (SPY) aim to limit losses to 5% per six-month period before fees, in exchange for capped gains and no dividends.
FLJJ could soften a portfolio's stock exposure. It launched in January 2024, so it has no record in the 2008, 2020 or 2022 downturns. Its only full calendar year, 2025, returned 11.2%. Its deepest drop, 6.9%, ran from February 19 to April 8, 2025; it recovered by June 10, about two months later. That exceeded the 5% loss floor because it covers only a full six-month period, measured from its start. Cashing out mid-period in a downturn could mean a loss beyond 5%.
It pays no income: no distributions are on record, and it does not collect SPY's dividends. Its 0.74% expense ratio comes to $76 in year one on $10,000 in the SEC's standard example. Its small size, about $8.5 million as of July 31, 2026, raises the risk it closes. Past results don't predict future returns, and plans need to weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors willing to give up upside for a 5% loss floor per six-month period, before fees; the cap for January–June 2026 was 6.02%.
- Investors who can get in at a January 1 or July 1 reset and stay the full six months, when the stated outcomes apply.
- Cost-conscious users of defined-outcome funds: its 0.74% expense ratio was the lowest of eight similar funds, against a 0.86% peer average.
Look elsewhere if
- Retirees seeking income: FLJJ has no distributions on record and, by design, gives up the dividends SPY pays.
- Investors wanting uncapped stock gains: FLJJ's 9.8% one-year return ranked 7th of 8 similar funds as of October 27, 2026.
- Anyone wary of tiny funds: net assets were about $8.5 million on July 31, 2026, after roughly $14 million of outflows in three months.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| FLJJ this fund | 0.74% | $8.5M | +9.8% | — |
| 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 FLJJ pay dividends?
No. FLJJ has no distributions on record. It holds options on the SPDR S&P 500 ETF Trust (SPY) rather than SPY shares, and its prospectus says it will not receive or benefit from SPY's dividends. Its targeted return is based on SPY's share price alone. As a result, FLJJ can trail SPY's total return even when SPY's price gain stays below the cap, and it provides no regular income.
Can you lose more than 5% in FLJJ?
Yes. The 5% floor is measured before fees and applies only to shares held for a full six-month outcome period from its start. After the 0.74% fee, the floor for January to June 2026 was 5.37%. Investors who get in or out mid-period can lose more; the fund's deepest drop was 6.9%, from February 19 to April 8, 2025. The prospectus also states that the fund offers no principal protection and that a shareholder could lose their entire investment.
What is the cap on FLJJ?
The cap is the most a full-period holder can gain in a six-month outcome period, and a new one applies every January 1 and July 1. For January 1 to June 30, 2026, it was 6.02% before fees and 5.65% after the 0.74% management fee. It is set near the market close on the business day before each period starts, based on the cost of the fund's options, which reflects volatility and interest rates. The prospectus warns it may change significantly between periods.
What's the difference between FLJJ and PJAN?
The main difference is how they limit losses. FLJJ's floor aims to limit losses to 5% before fees over six-month periods. Innovator U.S. Equity Power Buffer ETF - January (PJAN) is a buffer fund; a buffer shields investors from a first slice of losses but leaves them exposed beyond it. FLJJ charges 0.74% versus PJAN's 0.79%. One-year returns as of October 27, 2026, were 9.8% for FLJJ and 10.5% for PJAN. PJAN is far larger: about $1.4 billion versus $8.5 million as of July 31, 2026.
Is FLJJ good for retirement?
It may suit retirees who value limited losses over full stock gains, but it has trade-offs. It aims to limit losses to 5% before fees per six-month period, yet it also caps gains, pays no distributions and has a short record since its January 2024 launch; 2025, its only full calendar year, returned 11.2%. Its 0.74% fee was the lowest among eight similar funds. At about $8.5 million in assets as of July 31, 2026, it was also very small.