At a glance
NJUN charges 0.79% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $171.3M in assets, the 8th largest of that group. Over the past year it returned +5.8% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds.
The short version
Innovator Growth-100 Power Buffer ETF - June (NJUN) uses FLEX options on the Invesco QQQ Trust, which tracks the Nasdaq-100 Index. It aims to deliver QQQ's returns up to a cap while absorbing the first 15% of losses over a one-year outcome period that starts each June. Its 0.79% expense ratio is the lowest among the similar buffer funds compared here, but it is also the smallest of them and pays no distributions.
Price history
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NJUN +5.8% 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 | |
|---|---|---|---|---|---|---|
| NJUN official prospectus, to Dec 31, 2024 | — | +15.54% | — | — | — | +15.57% |
| NJUN price data to Oct 27, 2026 | +4.8% | +5.8% | — | — | — | +12.1% |
- Over the year to Oct 27, 2026, NJUN returned +5.8%, 8th of 8 among similar funds.
- Its worst full calendar year was 2025 (+15.8%); its best was 2025 (+15.8%).
- The deepest fall in its price history was 12.6% (Feb 19, 2025 to Apr 8, 2025), recovered by May 13, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +4.8% | — |
| 2025 | +15.8% | +15.54% |
| 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 $119.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.51%, -0.20%, -2.86%.
How it works
NJUN puts at least 80% of its net assets into investments tied to the Invesco QQQ Trust, Series 1. That ETF tracks the Nasdaq-100 Index: the largest domestic and international nonfinancial companies listed on the Nasdaq Stock Market. The fund doesn't buy the stocks. Instead it holds FLEX options, which are exchange-traded options with customized strike prices and expiration dates. As of July 31, 2026, four QQQ options made up 99.71% of assets and cash made up 1.27%. A deep in-the-money call (95.4%) tracks QQQ's price. A bought put (10.3%) and a sold put (-4.4%) form the buffer. A sold call (-1.6%) sets the cap. Innovator is the adviser and Milliman is the sub-adviser.
For the June 1, 2025 to May 31, 2026 period, the cap was 15.38% before fees, or 14.59% after the 0.79% fee. The buffer covered the first 15% of QQQ losses, or 14.21% after fees. Holders bear any losses beyond that one-for-one. If QQQ fell 20%, the fund would fall about 5% before fees. When a period ends, the options settle in cash and the fund buys a new set. That sets a new cap for the next year.
These outcomes apply only to investors who hold for the whole period, measured on net asset value. Buying or selling partway through can give very different results.
What it really costs
- NJUN 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 |
|---|---|---|---|---|
| NJUN | $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
Its options aim to soften the first 15% of yearly Nasdaq-100 losses, though it is still a concentrated stock fund with capped gains.
NJUN offers a way to hold Nasdaq-100 growth stocks with a cushion against moderate losses. It launched in June 2024, so it has no record through the 2008, 2020 or 2022 downturns. In 2025, its only full calendar year, it returned 15.54%, according to its prospectus. Its deepest drop was 12.6%, from February 19 to April 8, 2025, and it recovered by May 13, 2025. That drop shows the buffer is not a floor partway through a period. Someone forced to sell during a slump could lose money even when QQQ is down less than 15%.
The fund has paid no distributions, so any withdrawals would come from selling shares. Under the SEC's standard example, $10,000 invested would cost about $81 in the first year and $978 over 10 years. 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 Nasdaq-100 exposure through QQQ and will give up gains above a yearly cap in exchange for a cushion against the first 15% of losses.
- Holders who can buy near the June 1 start of an outcome period and hold through May 31 to get the stated buffer and cap.
- Cost-conscious buffer investors: its 0.79% expense ratio is below the 0.86% average of the similar buffer funds compared.
Look elsewhere if
- Anyone who needs regular income: the fund has recorded no distributions and holds options rather than dividend-paying shares.
- Investors who want broad diversification: it is non-diversified and tied to one ETF focused on large Nasdaq-listed nonfinancial companies.
- Those who want full upside or a long track record: gains are capped, history spans about 2.4 years, and its 1-year return ranked last of eight.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| NJUN this fund | 0.79% | $171.3M | +5.8% | — |
| 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 NJUN pay dividends?
No. NJUN has recorded no distributions. The fund holds FLEX options on the Invesco QQQ Trust rather than the stocks themselves, so its return comes from changes in the value of those options, not from dividend payments. Investors who need cash flow would have to sell shares to raise it, and selling partway through an outcome period can give results that differ from the fund's stated buffer and cap.
What is NJUN's cap and buffer?
For the outcome period from June 1, 2025 to May 31, 2026, the cap was 15.38% before fees, or 14.59% after the 0.79% management fee. The buffer covered the first 15% of QQQ losses, or 14.21% after fees. Holders bear any losses beyond 15% in full. Each June the fund buys new options and sets a new cap. Innovator publishes updated figures daily at innovatoretfs.com/njun.
What happens if I buy NJUN in the middle of the outcome period?
The returns can be very different from the stated outcomes. The cap and buffer apply only to investors who hold from the first day of the period to the last, measured on net asset value. Someone who buys after gains may have little room left before the cap. Someone who buys after losses may have less buffer left. Gaps between market price and net asset value can also change results.
What's the difference between NJUN and PJAN?
Both are Innovator Power Buffer ETFs that charge 0.79%. NJUN uses options on the Invesco QQQ Trust, which tracks the Nasdaq-100, and resets each June. PJAN, as its name shows, applies the same approach to U.S. equities and resets in January. PJAN is much larger, with about $1.44 billion in net assets versus $171.3 million for NJUN as of July 31, 2026. As of October 27, 2026, PJAN's 1-year return was 10.5% and NJUN's was 5.8%.
Is NJUN less risky than QQQ?
It is designed to be, within limits. As of October 27, 2026, its beta was 0.6, meaning it moved about 60% as much as the market. Its 1-year volatility was 9.3%. But the buffer covers only the first 15% of QQQ losses over a full outcome period, and holders bear larger losses one-for-one. Between February 19 and April 8, 2025, the fund fell 12.6%, which shows prices can drop partway through a period.