At a glance
JUNW charges 0.74% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $368.2M in assets, the 8th largest of that group. Over the past year it returned +6.2% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds; over three years it returned +11.9% a year.
The short version
AllianzIM U.S. Large Cap Buffer20 Jun ETF (JUNW) holds FLEX options on the SPDR S&P 500 ETF Trust (SPY). Over each June-to-May year, it aims to absorb the first 20% of SPY's price losses in exchange for a cap on gains. At 0.74% a year, it costs the least of eight buffer ETFs compared here. But it pays no dividends, and its one- and three-year returns trailed theirs.
Price history
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JUNW +6.2% 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 | |
|---|---|---|---|---|---|---|
| JUNW official prospectus, to Dec 31, 2025 | — | +11.02% | — | — | — | +11.83% |
| JUNW price data to Oct 27, 2026 | +5.1% | +6.2% | +11.9% | — | — | +10.2% |
- Over the year to Oct 27, 2026, JUNW returned +6.2%, 8th of 8 among similar funds.
- Its worst full calendar year was 2024 (+11.1%); its best was 2025 (+11.2%).
- The deepest fall in its price history was 8.6% (Feb 19, 2025 to Apr 8, 2025), recovered by May 12, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +5.1% | — |
| 2025 | +11.2% | +11.02% |
| 2024 | +11.1% | +11.28% |
| 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 $307.3M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.42%, -0.26%, +0.31%.
How it works
JUNW owns no stocks. As of July 31, 2026, its whole portfolio was four FLEX options on SPY, all expiring May 28, 2027. FLEX options are exchange-listed options with custom strike prices and expiration dates. The Options Clearing Corporation (OCC) guarantees that they settle. SPY tracks the S&P 500, a market-weighted index of about 500 large U.S. companies. A call option with a very low strike price makes up about 98% of assets and follows SPY's price. A bought put and a sold put create the 20% buffer, and a sold call sets the cap.
Each outcome period runs from June 1 to May 31. The cap is set on the business day before a period starts. It depends on option prices, market volatility and interest rates, so it changes each year. For June 1, 2025 to May 31, 2026, the cap was 11.02% before fees and 10.28% after the 0.74% fee. The buffer was 20% before fees and 19.26% after. If SPY falls more than 20%, the fund takes the losses beyond that point.
These outcomes apply only to shares held from the first day of a period to the last. If you buy after SPY has risen, you may have little room left before the cap. If you buy after a drop, you may have less buffer left. The fund follows SPY's price only, so it gives up SPY's dividends. It is non-diversified and reported 0% portfolio turnover.
What it really costs
- JUNW 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 |
|---|---|---|---|---|
| JUNW | $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
It trades some of the stock market's upside for a cushion against the first 20% of S&P 500 price losses over each June-to-May period.
JUNW launched on May 31, 2023, so it has no record from the 2008, 2020 or 2022 sell-offs. Its buffer has never been tested in a full bear market. Its deepest drop was 8.6%, from February 19 to April 8, 2025. It recovered by May 12, 2025, about a month later. Its weakest calendar year, 2024, still gained about 11%. For retirees drawing on savings, that steadiness could mean fewer sales at low prices. But the buffer resets each June, and shares sold partway through a period may not get full protection. The fund pays no income, so taking money out means selling shares. It costs 0.74% a year, or $76 in the first year on $10,000 under the SEC's standard example. 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 cushion against the first 20% of losses each June-to-May year, and who accept capped gains.
- Cost-conscious buffer buyers: its 0.74% expense ratio was the lowest of eight buffer ETFs compared, against a 0.86% average.
- Patient holders who can buy near June 1 and hold through May 31, when the stated buffer and cap fully apply.
Look elsewhere if
- Anyone who needs income: the fund doesn't receive SPY's dividends and has recorded no distributions.
- Investors who want more of the market's gains: its 6.2% one-year return through October 27, 2026 trailed all seven peer buffer funds.
- Those who want protection against drops deeper than 20%, or a fund tested in a real bear market. JUNW launched in May 2023.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| JUNW this fund | 0.74% | $368.2M | +6.2% | +11.9% |
| 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 JUNW pay dividends?
No. JUNW has recorded no distributions. It holds options on the SPDR S&P 500 ETF Trust (SPY), not the stocks themselves. The prospectus says it does not receive or benefit from SPY's dividends. Its returns are based only on SPY's share price, so investors give up the dividend part of S&P 500 returns. Anyone who wants regular income from this holding would have to sell shares.
What is the JUNW cap and buffer?
The buffer covers the first 20% of SPY price losses over each June 1 to May 31 outcome period. That falls to 19.26% after the 0.74% fee. The cap resets every year. For June 1, 2025 to May 31, 2026, it was 11.02% before fees and 10.28% after. It is set the day before each period starts, based on option prices, volatility and interest rates, and it can change a lot from year to year.
What happens if I buy JUNW in the middle of the outcome period?
Your results will differ from the stated cap and buffer. Those terms apply only to shares held for the full June 1 to May 31 period. If you buy after SPY has risen, you may have little room left before the cap. If you buy after SPY has fallen, part of the buffer may already be used up. The prospectus warns that a shareholder could lose their entire investment despite the buffer.
How has JUNW performed?
Returns have been steady but limited. Under the SEC-standard figures in its prospectus, JUNW returned 11.28% in 2024 and 11.02% in 2025. It averaged 11.83% a year from launch through December 31, 2025. Based on price, it was up 5.1% for 2026 through October 27, 2026. Its deepest drop was 8.6%, in early 2025, and it recovered in about a month.
JUNW vs PJAN: what's the difference?
Both use options to buffer U.S. stock losses. JUNW is cheaper, at 0.74% a year against 0.79% for Innovator's PJAN. Over the year to October 27, 2026, PJAN returned 10.5% against JUNW's 6.2%. Over three years, PJAN averaged 14.8% a year and JUNW 11.9%. PJAN is much larger, with about $1.4 billion in net assets against JUNW's $368 million as of July 31, 2026. Their reset months and buffer terms are worth comparing as well.