At a glance
GJUN charges 0.85% a year, below the 0.86% average of the 7 funds most like it (the 3rd cheapest of 8). It has $534.7M in assets, the 8th largest of that group. Over the past year it returned +7.7% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds; over three years it returned +13.3% a year.
The short version
FT Vest U.S. Equity Moderate Buffer ETF - June (GJUN), run by First Trust with sub-advisor Vest Financial, holds FLEX options on the SPDR S&P 500 ETF Trust (SPY) rather than stocks. Over each one-year period starting in June, it aims to absorb the first 15% of SPY's price losses. In exchange, gains are capped: the cap was 12.37% before fees for June 2025 to June 2026. It costs 0.85% a year and pays no dividends.
Price history
The interactive chart needs JavaScript.
GJUN +7.7% 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 | |
|---|---|---|---|---|---|---|
| GJUN official prospectus, to Dec 31, 2024 | — | +13.30% | — | — | — | +12.92% |
| GJUN price data to Oct 27, 2026 | +6.5% | +7.7% | +13.3% | — | — | +10.8% |
- Over the year to Oct 27, 2026, GJUN returned +7.7%, 8th of 8 among similar funds.
- Its worst full calendar year was 2025 (+10.0%); its best was 2024 (+13.2%).
- The deepest fall in its price history was 11% (Feb 19, 2025 to Apr 8, 2025), recovered by Jun 6, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +6.5% | — |
| 2025 | +10.0% | — |
| 2024 | +13.2% | +13.30% |
| 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 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 $153.7M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.19%, +0.34%, +1.60%.
How it works
GJUN puts substantially all of its assets into FLEX Options. These are exchange-traded option contracts with custom strike prices and expiration dates. They are tied to the price of SPY, which holds the stocks in the S&P 500 Index. As of August 31, 2026, the fund held 12 option positions making up about 99% of assets, plus about 1% in cash. It does not own stocks directly, and its returns do not include SPY's dividends.
The options are set at the start of each Target Outcome Period, which lasts about one year. For June 23, 2025 through June 18, 2026, the cap on gains was 12.37% and the buffer covered the first 15% of SPY's losses, both before fees. After fees, they were 11.53% and 14.15%. Losses beyond 15% pass through one-for-one: if SPY fell 20%, the fund would aim to lose about 5% before fees.
When each period ends, the fund rolls into new options. The buffer stays at 15%, but the cap resets to reflect market conditions at the time, so it is unlikely to repeat. About a week before a period ends, the fund's website posts an expected cap range. The stated outcomes apply only to shares bought on the first day of a period and held to the last. Someone who buys mid-period, after SPY has moved, may face a very different cap and buffer.
What it really costs
- GJUN 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 part of the stock market's upside for a buffer against the first 15% of S&P 500 price losses each outcome period.
GJUN launched on June 16, 2023, so it has no record through the 2008, 2020 or 2022 sell-offs. Its weakest calendar year so far was 2025, and even that was a 10% gain. Its deepest drop was 11%, from February 19 to April 8, 2025. It was back to its old high by June 6, 2025, about two months later. Three-year volatility was 7.7% as of October 27, 2026. A smoother path like this may help someone who has to sell shares in a weak year. But the full buffer applies only to shares held for an entire outcome period.
GJUN pays no distributions, so it provides no income. Partly because of the cap, its 7.7% one-year return as of October 27, 2026 trailed all seven similar buffer funds. Its 0.85% expense ratio is close to the 0.86% peer average. 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
- Retirees wanting S&P 500 exposure through SPY options with a buffer against the first 15% of losses, accepting an upside cap reset each June.
- Investors comfortable paying 0.85% a year, near the 0.86% similar-fund average, who can enter near the June reset and hold the full outcome period.
- Investors seeking a smoother ride: price swings (volatility) measured 5% over the year to October 27, 2026; the deepest drop since launch was 11%.
Look elsewhere if
- Retirees who need portfolio income: GJUN had made no distributions as of October 27, 2026, and its returns exclude the dividends SPY pays.
- Investors wanting full stock-market gains: upside is capped, and GJUN ranked 8th of 8 buffer funds on one- and three-year returns to October 27, 2026.
- Those worried about severe crashes: losses beyond the 15% buffer pass through one-for-one, and the fund launched in June 2023, after the 2022 bear market.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| GJUN this fund | 0.85% | $534.7M | +7.7% | +13.3% |
| 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 GJUN buffer ETF work?
GJUN trades upside for downside protection using FLEX options, customizable exchange-traded options, on the SPDR S&P 500 ETF Trust (SPY). For the outcome period from June 23, 2025, through June 18, 2026, it sought to match SPY's price gain up to a 12.37% cap and absorb the first 15% of SPY losses, before fees. Net of fees and expenses, those were 11.53% and 14.15%. A 20% SPY drop would mean a 5% fund loss before fees. The cap resets each June; the buffer stays 15%.
Does GJUN pay dividends?
No. GJUN had made no distributions as of October 27, 2026. As of August 31, 2026, about 99% of its $535 million in net assets sat in 12 FLEX option positions referencing SPY rather than SPY shares, and the prospectus says the fund's returns will not reflect SPY's dividends. Investors give up the S&P 500's dividend yield in exchange for the buffer. The fund may also create and redeem shares for cash, which can make it less tax-efficient than many ETFs.
Is GJUN good for retirement?
It may suit retirees who value a steadier ride over income or maximum growth. GJUN returned 13.3% in 2024, per its prospectus, and 10% in 2025 on a price basis. Its one-year volatility, a gauge of price swings, was 5% as of October 27, 2026. Its deepest drop, 11%, came between February and April 2025, and it recovered by June 2025. Drawbacks: no dividends, capped gains, and no history through a major bear market such as 2022.
What's the difference between GJUN and FJAN?
Both are FT Vest ETFs from First Trust charging 0.85%, but GJUN is a "Moderate Buffer" fund that resets each June, while FJAN is a "Buffer" fund that resets each January. To October 27, 2026, FJAN returned 12.3% over one year and 17.4% a year over three years, versus 7.7% and 13.3% for GJUN. More downside protection generally comes with a lower cap, so comparing each fund's stated buffer and cap is worthwhile. The similar-fund average fee was 0.86%; Innovator's PJAN and PDEC charge 0.79%.
Can you invest in GJUN after the outcome period starts?
Yes, but results will likely differ from the stated targets. The cap and buffer are fixed against SPY's price and the fund's per-share value on the first day of each outcome period. Someone entering later starts from a different point, so they may have more or less room to the cap, and more or less buffer left. Leaving early has the same effect. A new period began June 18, 2026. About a week before each period ends, the fund's website posts an anticipated cap range for the next one.