At a glance
JNEU charges 0.74% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $38.8M in assets, the 8th largest of that group. Over the past year it returned +9.7% with distributions reinvested (S&P 500: +11.5%), 7th of those 8 funds.
The short version
AllianzIM U.S. Equity Buffer15 Uncapped June ETF (JNEU) holds options on the SPDR S&P 500 ETF Trust, seeking to absorb the first 15% (before fees) of that fund's price losses over each June-to-May outcome period. Unlike most buffer funds, it puts no cap on gains; instead, it gives up the first slice of gains, called the spread, and forgoes dividends. Its 0.74% expense ratio is below the 0.86% average of similar buffer funds.
Price history
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JNEU +9.7% 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 | |
|---|---|---|---|---|---|---|
| JNEU official prospectus, to Dec 31, 2025 | — | +11.34% | — | — | — | +13.03% |
| JNEU price data to Oct 27, 2026 | +11.0% | +9.7% | — | — | — | +13.2% |
- Over the year to Oct 27, 2026, JNEU returned +9.7%, 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 13.5% (Feb 19, 2025 to Apr 8, 2025), recovered by Jul 3, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +11.0% | — |
| 2025 | +11.3% | +11.34% |
| 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 added a net $7.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +5.32%, -1.13%, -0.19%.
How it works
JNEU doesn't pick stocks. Nearly all its money goes into FLEX options, which are customized options that trade on an exchange, all tied to SPY. SPY holds the S&P 500 stocks, weighted by company size. As of July 31, 2026, the fund held three options, all expiring May 28, 2027. The first was a call on SPY with a very low $38.13 strike price (95% of assets), which moves almost dollar for dollar with SPY. The second was a put JNEU bought at $788.93 (6.9%). The third was a put it sold at $643.01 (−2.1%). The two puts create the buffer.
Each outcome period runs from June 1 to May 31. SPY's share price must rise more than the spread before the fund takes part in any gain. For June 1, 2025 to May 31, 2026, the spread was 3.95%, or 4.69% after the 0.74% fee. The buffer was 15%, or 14.26% after fees. Losses beyond the buffer pass through. The spread is reset each period and may change significantly. The fund tracks SPY's price only and receives none of SPY's dividends.
These results apply only to someone who holds for a full period. Buying or selling partway through gives different results, and the options' value can lag SPY before they expire. Turnover was 0%. The fund is non-diversified, and it depends on the Options Clearing Corporation to honor the options.
What it really costs
- JNEU 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 |
|---|---|---|---|---|
| JNEU | $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
JNEU keeps stock-market exposure but buffers the first 15% of SPY price losses each outcome period, and over the year to October 27, 2026 it moved about 81% as much as the market.
JNEU launched May 31, 2024, so it has no record from the 2008, 2020 or 2022 downturns. Its only full calendar year, 2025, returned 11.34%. Its deepest drop was 13.5%, from February 19 to April 8, 2025, and it was back to its earlier high by July 3, 2025, about 2.8 months later. The buffer works as designed only for someone who holds from June 1 to May 31. A retiree forced to sell partway through a bad period may get less protection. The fund pays no income and gives up SPY's dividends, so any cash would have to come from selling shares. In the SEC's standard $10,000 example, costs come to $76 after one year and $918 after 10 years. Past results don't predict future results, 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 a 15% buffer on SPY losses each June-to-May period and no hard cap on gains.
- Holders able to buy near June 1 and hold through May 31, when the buffer and spread apply as designed.
- Cost-conscious buffer-fund shoppers: its 0.74% fee was the lowest of eight buffer funds compared, against a 0.86% average.
Look elsewhere if
- Investors who need income: JNEU paid no distributions and gives up the dividends SPY pays.
- Those who want a long track record: it launched in May 2024 and missed the 2020 and 2022 downturns.
- Investors who prefer bigger funds: it had $38.8 million in net assets as of July 31, 2026, the smallest of eight compared.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| JNEU this fund | 0.74% | $38.8M | +9.7% | — |
| 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 JNEU have a cap on gains?
No. JNEU has no cap. Instead it uses a "spread," a hurdle SPY's share price must clear before the fund gains anything over an outcome period. For June 1, 2025 to May 31, 2026, the spread was 3.95% before fees, or 4.69% after the 0.74% fee. Above that level, the fund aims to track SPY's price gains. The spread is reset each June and may change significantly from one period to the next.
Does JNEU pay dividends?
No. The fund had recorded no distributions. Its options track only SPY's share price, and the prospectus says the fund doesn't receive or benefit from the dividends SPY pays. So over time, JNEU's results can trail SPY's total return in rising markets, apart from the spread and fee. Investors who need regular cash from this holding would have to sell shares to get it.
What happens if I buy JNEU in the middle of the outcome period?
Your results won't match the fund's stated buffer and spread. Those apply only from June 1 to May 31. If SPY has already risen, you may face more loss before the buffer starts working. If SPY has already fallen, some of the buffer may be used up. The prospectus warns that investors buying partway through may get less, or none, of the intended buffer.
JNEU vs BUFR: what's the difference?
Both are buffer funds, but JNEU is tied to a single June-to-May outcome period, while BUFR, as its name says, is laddered. JNEU charges 0.74%, against 0.95% for BUFR. BUFR is far larger, at $10.5 billion in net assets as of August 31, 2026, against $38.8 million for JNEU as of July 31, 2026. Over the year to October 27, 2026, BUFR returned 11.6% and JNEU 9.7%.
Is JNEU good for retirement?
It may suit retirees who want stock exposure with a cushion against the first 15% of SPY price losses each period, but the record is short. In 2025, its only full calendar year, it returned 11.34%. Its deepest drop was 13.5%, and it recovered in about 2.8 months by July 3, 2025. It pays no income, and the buffer works fully only if held for a whole June-to-May period.