At a glance
JUNM charges 0.85% a year, below the 0.86% average of the 7 funds most like it (the 3rd cheapest of 8). It has $67.2M in assets, the 8th largest of that group. Over the past year it returned +4.7% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds.
The short version
First Trust's FT Vest U.S. Equity Max Buffer ETF - June (JUNM) holds FLEX options on the State Street SPDR S&P 500 ETF Trust (SPY). It aims to match SPY's price gains up to a cap while guarding against losses over a yearly period. From June 22, 2026 to June 17, 2027, it seeks to buffer 100% of SPY losses with a 7.33% cap, before fees. Its 0.85% expense ratio is close to the 0.86% peer average.
Price history
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JUNM +4.7% 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 | |
|---|---|---|---|---|---|---|
| JUNM official prospectus, to Dec 31, 2025 | — | +7.74% | — | — | — | +7.88% |
| JUNM price data to Oct 27, 2026 | +3.9% | +4.7% | — | — | — | +6.8% |
- Over the year to Oct 27, 2026, JUNM returned +4.7%, 8th of 8 among similar funds.
- Its worst full calendar year was 2025 (+7.8%); its best was 2025 (+7.8%).
- The deepest fall in its price history was 5.4% (Feb 19, 2025 to Apr 8, 2025), recovered by May 13, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +3.9% | — |
| 2025 | +7.8% | +7.74% |
| 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 $3.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.11%, +0.31%, +0.68%.
How it works
JUNM does not own stocks directly. First Trust and its sub-adviser, Vest Financial, put substantially all of the fund's assets in FLEX Options. These are option contracts that trade on an exchange but let the fund pick its own strike prices and expiration dates. Every option references the State Street SPDR S&P 500 ETF Trust (SPY), a unit investment trust that holds the stocks in the S&P 500 Index. As of August 31, 2026, options made up 99.05% of assets and cash 1.01%, across seven positions. These included a put with a strike price near $746.72 and a sold call near $801.48.
Each Target Outcome Period lasts about one year. When a new period starts, the fund replaces its options to set a new cap and buffer. It looks for the largest buffer it can get while keeping a cap of at least 7%. Depending on market conditions, the buffer can range from 20% to 100%. For June 22, 2026 to June 17, 2027, the buffer is 100% and the cap is 7.33%. After fees, they are 99.15% and 6.48%.
These terms apply only to shares held for the entire period. Someone who invests partway through gets a different cap and buffer, depending on the share price at that point. Returns follow SPY's price only, so holders give up the dividends paid by S&P 500 companies.
What it really costs
- JUNM 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
JUNM trades almost all of the stock market's upside for a buffer that aims to absorb nearly all of SPY's losses over each one-year period.
JUNM has moved much less than a stock fund. As of October 27, 2026, its one-year volatility was 1.9% and its beta was 0.12, meaning it moved only a small fraction as much as the market. It launched on June 21, 2024, so it has no record from the 2008, 2020 or 2022 downturns. Its only full calendar year, 2025, returned 7.74%. Its deepest drop was 5.4%, from February 19 to April 8, 2025, and it recovered by May 13, 2025. That drop shows the share price can fall before a period ends, even with a 100% buffer. This matters for anyone who has to raise cash in the middle of a period. The fund recorded no distributions, so it does not provide income. Its one-year return was 4.7%, last among eight similar buffer funds, and it charges 0.85% a year. Past results don't predict future returns, 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 100% buffer from June 22, 2026 to June 17, 2027, and who accept a 7.33% cap before fees.
- Holders able to invest near the start of each June period and hold for the full year, which is when the stated cap and buffer apply.
- Those wanting a low-swing stock holding: one-year volatility was 1.9% as of October 27, 2026, and the deepest drop since launch was 5.4%.
Look elsewhere if
- Investors seeking income: JUNM recorded no distributions, and it misses SPY's dividends because it tracks price return only.
- Those wanting more upside: JUNM's 4.7% one-year return through October 27, 2026 ranked last among eight similar buffer funds.
- Investors who prefer larger funds: net assets were $67.2 million as of August 31, 2026, the smallest in its comparison group.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| JUNM this fund | 0.85% | $67.2M | +4.7% | — |
| 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
What does JUNM invest in?
JUNM puts substantially all of its assets in FLEX Options on the State Street SPDR S&P 500 ETF Trust (SPY), not in stocks. As of August 31, 2026, options made up 99.05% of its $67.2 million in net assets, and cash made up 1.01%. Together, the options aim to match SPY's price gains up to a cap while buffering losses. Each period lasts about a year and resets every June.
Can you lose money in JUNM?
Yes. The prospectus says a shareholder could lose money, even with a 100% buffer for June 22, 2026 to June 17, 2027. After the 0.85% fee, the buffer is 99.15%, so a full-period holder could still see small losses if SPY falls. Shares purchased after a period begins, or exited before it ends, can lose more. Future buffers could be as low as 20%. The fund's deepest drop was 5.4%, in early 2025.
Does JUNM pay dividends?
No distributions are recorded for JUNM. The fund holds options rather than stocks, and its returns follow SPY's price only. So it does not capture the dividends that S&P 500 companies pay, which makes it a poor fit as an income source. Over time, those missed dividends are a real cost, alongside the 0.85% expense ratio and the cap on gains.
JUNM vs FJAN: what's the difference?
Both are FT Vest buffer funds from First Trust, and both charge 0.85% a year. JUNM resets each June and seeks the largest buffer it can get with a cap of at least 7%. FJAN resets in January and sets its own cap and buffer, so its prospectus gives its terms. As of October 27, 2026, FJAN returned 12.3% over one year, versus 4.7% for JUNM. FJAN is also much larger, with $1.47 billion in net assets.
What happens if I purchase JUNM partway through the outcome period?
The cap and buffer will differ from the stated 7.33% and 100%. Those figures apply only to shares held from June 22, 2026 through June 17, 2027. If the share price has risen since the period began, less room remains before the cap, and the investor bears losses back down to the starting level before the buffer applies. If the price has fallen, more upside may remain. Each new period starts with new terms.