At a glance
JUNT charges 0.74% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $115.4M in assets, the 8th largest of that group. Over the past year it returned +7.9% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds; over three years it returned +15.9% a year.
The short version
AllianzIM U.S. Large Cap Buffer10 Jun ETF (JUNT) holds options on the SPDR S&P 500 ETF Trust (SPY). Over each June-to-May outcome period, the options aim to absorb the first 10% of SPY's price losses, and in exchange the fund's gains are capped. Its 0.74% annual fee was the lowest of eight buffer funds compared. It is also the smallest of them and has paid no distributions.
Price history
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JUNT +7.9% 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 | |
|---|---|---|---|---|---|---|
| JUNT official prospectus, to Dec 31, 2025 | — | +12.34% | — | — | — | +15.58% |
| JUNT price data to Oct 27, 2026 | +6.7% | +7.9% | +15.9% | — | — | +13.5% |
- Over the year to Oct 27, 2026, JUNT returned +7.9%, 8th of 8 among similar funds.
- Its worst full calendar year was 2025 (+12.4%); its best was 2024 (+16.0%).
- The deepest fall in its price history was 12.8% (Feb 19, 2025 to Apr 8, 2025), recovered by May 16, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +6.8% | — |
| 2025 | +12.4% | +12.34% |
| 2024 | +16.0% | +16.18% |
| 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 $95.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.68%, -0.46%, +0.23%.
How it works
JUNT does not own stocks. It puts substantially all of its assets into FLEX Options on SPY, the SPDR S&P 500 ETF Trust. FLEX Options are exchange-traded options whose strike prices and expiration dates can be customized. SPY is a unit investment trust that holds the stocks of the S&P 500, a market-weighted index of large U.S. companies. JUNT aims to match SPY's share price return only. It receives none of SPY's dividends.
The options are set for an outcome period that runs from June 1 to May 31. A pair of put options aims to absorb the first 10% of SPY's loss. A sold call option sets the cap, which is the most the fund can gain. For the period from June 1, 2025 to May 31, 2026, the cap was 15.72% before fees and 14.98% after the 0.74% fee. The buffer was 9.26% after fees. Each new cap depends on market conditions such as volatility and interest rates, and it can change significantly from one period to the next.
As of July 31, 2026, the fund held four SPY options expiring May 28, 2027. A call with a 5.60 strike made up about 98% of assets and moves almost one for one with SPY. The other three were a bought put, a sold put and a sold call. The buffer and cap apply in full only to shares held for the whole period. Buying partway through, after SPY has moved, changes both.
What it really costs
- JUNT 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 |
|---|---|---|---|---|
| JUNT | $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 aim to absorb the first 10% of SPY price losses each June-to-May period, and its one-year beta (how much it moves with the market) was 0.53 as of October 27, 2026, in exchange for capped gains.
JUNT launched in May 2023, so it has no record in the 2008, 2020 or 2022 market declines. Its worst calendar year so far was 2025, a gain of 12.34%. Its deepest drop was 12.8%, from February 19 to April 8, 2025. It recovered by May 16, 2025, about 1.2 months later. That drop shows the buffer works in full only at the end of an outcome period. Someone selling shares partway through a bad stretch may get less protection than expected. The fund has paid no distributions and does not receive SPY's dividends, so cash for spending would have to come from selling shares. Its 0.74% fee was below the 0.86% average of similar buffer funds. 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
- Investors who want S&P 500 price exposure with a buffer against the first 10% of SPY losses and can hold through each full June-to-May period.
- People comparing buffer ETFs on cost: JUNT's 0.74% fee was the lowest of eight similar funds, whose average was 0.86%.
- Retirees who value a smoother ride: one-year volatility was 7.1% and beta was 0.53 as of October 27, 2026.
Look elsewhere if
- Investors who need income: JUNT has paid no distributions, and it gives up the dividends SPY pays.
- Anyone expecting full market gains: the cap for June 2025 to May 2026 was 14.98% after fees, and its one-year return ranked last of eight similar funds.
- Buyers who plan to trade in and out: entering partway through a period, after SPY has moved, can shrink the buffer or the remaining upside.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| JUNT this fund | 0.74% | $115.4M | +7.9% | +15.9% |
| 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 JUNT pay dividends?
No. JUNT has paid no distributions. It holds options on SPY rather than SPY shares, so it does not receive the dividends SPY pays from its S&P 500 stocks. The fund aims to match only SPY's share price return, up to the cap and after the buffer. That means it gives up the dividend part of the S&P 500's return, and an investor who needs regular cash would have to sell shares.
How does the JUNT buffer work?
JUNT aims to absorb the first 10% of SPY's price decline over each outcome period, which runs from June 1 to May 31. If SPY's loss over the full period is smaller than the buffer, the fund aims to lose little or nothing before fees. Losses beyond 10% pass through to the investor. After the 0.74% fee, the buffer for June 2025 to May 2026 was 9.26%. The buffer applies in full only to shares held for the entire period.
What is the JUNT upside cap?
For the outcome period from June 1, 2025 to May 31, 2026, JUNT's cap was 15.72% before fees and 14.98% after its 0.74% management fee. The fund did not share in any SPY price gain above the cap for that period. A new cap is set each June based on market conditions such as volatility and interest rates. The prospectus says the cap is unlikely to stay the same from one period to the next and may change significantly.
JUNT vs FJAN: what's the difference?
Both are U.S. equity buffer ETFs. JUNT's outcome period starts each June, while FJAN, from FT Vest, is its January series. JUNT costs 0.74% a year and FJAN costs 0.85%. As of October 27, 2026, FJAN returned 12.3% over one year and 17.4% a year over three years, compared with 7.9% and 15.9% for JUNT. FJAN is much larger, with about $1.47 billion in net assets as of August 31, 2026. JUNT had $115 million as of July 31, 2026.
Is JUNT good for retirement?
It may suit retirees who want S&P 500 exposure with less downside, but it has trade-offs. Its options aim to buffer the first 10% of SPY price losses each June-to-May period, and its one-year volatility was 7.1% as of October 27, 2026. In exchange, gains are capped, it pays no income, and the buffer works fully only for shares held through the whole period. Its deepest drop was 12.8% in early 2025, and it recovered in about 1.2 months.