At a glance
KJUN charges 0.79% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $57.7M in assets, the 8th largest of that group. Over the past year it returned +5.4% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds.
The short version
Innovator U.S. Small Cap Power Buffer ETF - June (KJUN) is a buffered fund. It uses FLEX options on the iShares Russell 2000 ETF to deliver small-company stock returns up to a cap, while seeking to absorb the first 15% of losses over each one-year period that starts in June. At 0.79% a year, it was the cheapest of eight buffer funds compared. It was also the smallest and had the weakest one-year return as of October 27, 2026.
Price history
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KJUN +5.4% 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 | |
|---|---|---|---|---|---|---|
| KJUN official prospectus, to Dec 31, 2024 | — | +4.23% | — | — | — | +6.65% |
| KJUN price data to Oct 27, 2026 | +4.3% | +5.4% | — | — | — | +6.1% |
- Over the year to Oct 27, 2026, KJUN returned +5.4%, 8th of 8 among similar funds.
- Its worst full calendar year was 2025 (+3.8%); its best was 2025 (+3.8%).
- The deepest fall in its price history was 14.4% (Nov 25, 2024 to Apr 8, 2025), recovered by Dec 4, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +4.3% | — |
| 2025 | +3.8% | +4.23% |
| 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 $40.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.37%, +2.51%, -1.09%.
How it works
KJUN does not pick stocks. At least 80% of its net assets go into investments tied to the iShares Russell 2000 ETF. That ETF tracks a float-adjusted, capitalization-weighted index of roughly the 2,000 smallest companies in the Russell 3000 Index. Larger companies in the index get more weight. Innovator Capital Management is the adviser, and Milliman Financial Risk Management is the sub-adviser. As of July 31, 2026, four FLEX options on that ETF made up about 99.7% of net assets, and cash was 0.34%. FLEX options are exchange-traded options with custom strike prices and expiration dates.
Together, the options set a cap and a buffer. For June 1, 2025 to May 31, 2026, the cap was 16.96% before fees, or 16.17% after the 0.79% fee. The buffer covered the first 15% of losses, or 14.21% after fees. Holders take any losses beyond that one for one. For example, a 20% drop in the Russell 2000 ETF would mean about a 5% loss for the fund, and a 50% drop would mean 35%. Gains above the cap are given up.
When each period ends, the options settle in cash. The fund then buys a new one-year set, and a new cap is set on the first day of the new period. These outcomes apply only to shares held for the whole period and are based on net asset value. Buying partway through, selling early, or trading away from net asset value can produce very different results. Innovator posts daily updates at innovatoretfs.com/kjun.
What it really costs
- KJUN charges 0.79% 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 $81 in the first year and $978 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| KJUN | $81 | $252 | $439 | $978 |
Structure and tax notes
- 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 holds small-company stocks through options that soften the first 15% of losses each year, at the cost of a cap on gains.
KJUN offers a way to hold small-company stocks, which can swing sharply, with smaller moves. In the year to October 27, 2026, its volatility was 6.9% and its beta, a measure of how much it moves with the market, was 0.41. It launched in June 2024, so it has no record from the 2008, 2020 or 2022 downturns. In its only full calendar year, 2025, it returned 4.23%. Its deepest drop was 14.4%, from November 25, 2024 to April 8, 2025. It took about 7.9 months to recover, by December 4, 2025. Anyone selling in the middle of a slump may not get the full buffer, because the buffer is measured over the whole outcome period. The fund has made no distributions, so it provides no income. It costs 0.79% a year, which is $81 in the first year on $10,000 in 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 Russell 2000 small-company exposure with a 15% loss buffer and can hold for the full June 1 to May 31 outcome period.
- Cost-conscious buffer-fund buyers: its 0.79% expense ratio was below the 0.86% average of the similar buffer funds compared.
- Holders willing to give up gains above the cap (16.96% before fees for the period ending May 31, 2026) in exchange for smaller swings.
Look elsewhere if
- Anyone who needs income: no distributions have been recorded for this fund.
- Investors who would buy partway through an outcome period or sell early, because the stated buffer and cap apply only to full-period holders.
- Those who want a long track record or a large fund: it launched in June 2024 and had $57.7 million in net assets as of July 31, 2026.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| KJUN this fund | 0.79% | $57.7M | +5.4% | — |
| 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 KJUN pay dividends?
No. The fund has no recorded distributions, so it does not pay a regular income. It holds FLEX options on the iShares Russell 2000 ETF rather than the stocks themselves, and any return comes through changes in its share price. Investors who need regular cash payments in retirement would have to sell shares or rely on other holdings.
How does the KJUN buffer work?
KJUN seeks to absorb the first 15% of losses in the iShares Russell 2000 ETF over a one-year outcome period, before fees. After the 0.79% fee, the buffer was 14.21% for the period from June 1, 2025 to May 31, 2026. Losses beyond 15% pass through one for one, so a 50% drop would mean about a 35% loss. The buffer applies only to shares held for the entire period.
What is KJUN's upside cap?
For the outcome period from June 1, 2025 to May 31, 2026, the cap was 16.96% before fees, or 16.17% after the 0.79% management fee. Gains in the Russell 2000 ETF above that level were given up. The cap resets every June, when the fund buys a new set of options, so it can change from year to year. Innovator publishes updated figures daily at innovatoretfs.com/kjun.
KJUN vs PJAN: what's the difference?
Both are Innovator Power Buffer ETFs with the same 0.79% expense ratio, but they hold different stocks. KJUN references the iShares Russell 2000 ETF, which tracks small companies. PJAN references U.S. equities and resets each January instead of June. PJAN is much larger, with $1.4 billion in net assets versus $57.7 million for KJUN as of July 31, 2026. PJAN returned 10.5% over the year to October 27, 2026, compared with 5.4% for KJUN.
How has KJUN performed since launch?
Its returns have been modest. The prospectus filed February 27, 2026 shows a 4.23% return for 2025 and a 6.65% average annual return since its June 2024 launch. Its worst quarter was a 5.44% loss in the quarter ended March 31, 2025. Based on price, it returned 5.4% over the year to October 27, 2026. That was the lowest of the eight buffer funds compared, whose one-year returns ranged from 9.5% to 12.9%.