At a glance
PJUN charges 0.79% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $958.7M in assets, the 8th largest of that group. Over the past year it returned +6.9% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds; over three years it returned +13.0% a year. At its worst it fell 16.3% in the 2020 crash (S&P 500: 33.7%) and 12.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 2 months and 13 months after the lows.
The short version
Innovator U.S. Equity Power Buffer ETF - June (PJUN) uses FLEX options (customizable exchange-traded options) on the State Street SPDR S&P 500 ETF Trust. It aims to match that fund's gains up to a cap and absorb the first 15% of its losses over each June-to-May outcome period. Its 0.79% expense ratio is the lowest of the eight buffer funds compared, but its one- and three-year returns ranked last as of October 27, 2026.
Price history
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PJUN +6.9% 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 | |
|---|---|---|---|---|---|---|
| PJUN official prospectus, to Dec 31, 2024 | — | +11.54% | — | +6.81% | — | +7.95% |
| PJUN price data to Oct 27, 2026 | +5.7% | +6.9% | +13.0% | +6.9% | — | +7.8% |
- Over the year to Oct 27, 2026, PJUN returned +6.9%, 8th of 8 among similar funds.
- Its 5-year annualized return was +6.9%.
- In the 2020 COVID crash it fell 16.3% and regained its old high 2.2 months after the low.
- Its worst full calendar year was 2022 (-7.8%); its best was 2024 (+12.4%).
- The deepest fall in its price history was 16.3% (Feb 18, 2020 to Mar 20, 2020), recovered by May 27, 2020.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +5.7% | — |
| 2025 | +11.6% | +11.54% |
| 2024 | +12.4% | +12.54% |
| 2023 | +12.3% | +12.32% |
| 2022 | -7.8% | -7.57% |
| 2021 | +7.1% | +6.68% |
| 2020 | +10.4% | +10.41% |
| 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 | Lost 14.9% over that stretch · deepest drop along the way 16.3%, back to its old high 2.2 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 12.1% over that stretch · deepest drop along the way 12.5%, back to its old high 13.1 months after the low |
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 $310.7M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.46%, -0.34%, +0.31%.
How it works
PJUN does not pick stocks. It puts at least 80% of net assets into investments tied to the State Street SPDR S&P 500 ETF Trust, which tracks the S&P 500 and carries heavy exposure to technology companies. It builds that exposure with FLEX Options, exchange-traded options whose strike prices and expiration dates can be customized. As of July 31, 2026, four option positions made up about 99.7% of net assets. The largest was a call with a strike price far below the ETF's price, so it moves almost one-for-one with the ETF. The other three were a purchased put, a sold put and a sold call.
Together, those options set a cap and a buffer for an outcome period of about one year, running June 1 to May 31. For June 1, 2025 to May 31, 2026, the cap was 12.58% before fees, or 11.79% after the 0.79% fee. The buffer covered the first 15% of losses (14.21% after fees), and holders bear any losses beyond that one-for-one. A 20% drop in the ETF, for example, was meant to produce a 5% loss.
When a period ends, the fund collects the cash value of the expiring options and invests in a new set, which resets the cap and buffer. The outcomes apply only to holders who own shares for the whole period. They are measured on net asset value, not market price. Getting in or out mid-period can produce very different results.
What it really costs
- PJUN 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 |
|---|---|---|---|---|
| PJUN | $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
PJUN keeps some S&P 500 exposure but swings far less than the market, in exchange for a cap on gains.
PJUN could offer a cushioned way to stay in stocks. Its one-year beta was 0.39 as of October 27, 2026. That means it moved, on average, about 39% as much as the market. The buffer only applies at the end of each period, not to swings along the way. In the 2020 COVID crash, PJUN fell 16.3% by March 20, 2020, but recovered by May 27, 2020. In the 2022 bear market it fell 12.5% and took about 13 months, until November 2023, to recover. Its worst calendar year was 2022, at -7.57%. It launched in 2019, so it has no 2008 record. Anyone needing cash during a drop could still lock in a loss. It pays no distributions. Under the SEC example, it costs $81 on $10,000 in the first year. 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
- Retirees wanting S&P 500 exposure, via options on the SPDR S&P 500 ETF Trust, buffering the first 15% of losses per period, before fees
- Investors able to buy near June 1 and hold until May 31, since the buffer and cap reset yearly and apply only to full-period holders
- Those wanting a calmer ride: one-year volatility was 5.4% as of October 27, 2026, and the 0.79% expense ratio undercuts the 0.86% peer average
Look elsewhere if
- Retirees who need income: the fund recorded no distributions, so any cash for spending would come from selling shares
- Growth seekers: the cap was 12.58% before fees through May 31, 2026; 3-year returns ranked last among similar buffer funds as of October 27, 2026
- Anyone needing deep crash protection: losses beyond the 15% buffer pass through fully, and the fund fell 16.3% in the 2020 COVID crash
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| PJUN this fund | 0.79% | $958.7M | +6.9% | +13.0% |
| 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 PJUN pay a dividend?
No. PJUN has paid no distributions, so it does not suit someone who wants regular payouts. Its return comes from changes in the value of its FLEX options on the State Street SPDR S&P 500 ETF Trust. Those options made up about 99.7% of net assets as of July 31, 2026. Investors who need cash from PJUN would have to redeem shares. Results come closest to the stated outcome at the end of an outcome period on May 31.
What happens if I invest in PJUN after June 1?
Your results may differ a lot from the stated cap and buffer. The prospectus says the outcomes apply only to people who hold shares from the start of the June 1 to May 31 period until it ends. If the S&P 500 ETF has already risen, less upside may be left before the cap. If it has already fallen, part of the buffer may be used up. Innovator posts updated figures daily at innovatoretfs.com/pjun.
PJUN vs BUFR: what's the difference?
PJUN costs less: 0.79% a year, against 0.95% for the FT Vest Laddered Buffer ETF (BUFR). BUFR is much larger, with about $10.5 billion in net assets as of August 31, 2026. PJUN had about $959 million as of July 31, 2026. BUFR also returned more as of October 27, 2026: 11.6% over one year and 16.8% a year over three years, against 6.9% and 13% for PJUN. Innovator's PJAN and PDEC charge the same 0.79% as PJUN.
Can you lose money in PJUN?
Yes. Over a full outcome period, the buffer covers only the first 15% of the S&P 500 ETF's losses, before fees. Losses beyond that pass through one-for-one. Prices also swing during a period: PJUN fell 16.3% in the 2020 COVID crash and 12.5% in the 2022 bear market. Its worst calendar year was 2022, at -7.57%. It is not a bank deposit and is not FDIC insured. Its FLEX options also carry counterparty and valuation risks.
What is PJUN's expense ratio?
PJUN's expense ratio is 0.79% a year, all of it management fee, according to its prospectus filed February 27, 2026. The SEC's standard example assumes $10,000 invested with a 5% annual return. On that basis, total costs come to about $81 after one year, $439 after five years and $978 after ten. That is the lowest fee among the eight buffer funds compared, which averaged 0.86%. FT Vest's BUFR and BUFD each charge 0.95%.