At a glance
UJUN charges 0.79% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $185.1M in assets, the 8th largest of that group. Over the past year it returned +6.3% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds; over three years it returned +12.5% a year. At its worst it fell 12.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 14 months after the low.
The short version
Innovator U.S. Equity Ultra Buffer ETF - June (UJUN) uses FLEX options on an S&P 500 ETF to cushion losses of between 5% and 35% over a one-year outcome period that starts each June. In exchange, its gains are capped. Its 0.79% expense ratio is below the 0.86% average of similar buffer funds. But as of October 27, 2026, its returns trailed all seven of those funds over one and three years.
Price history
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UJUN +6.3% 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 | |
|---|---|---|---|---|---|---|
| UJUN official prospectus, to Dec 31, 2024 | — | +10.47% | — | +5.93% | — | +6.72% |
| UJUN price data to Oct 27, 2026 | +5.2% | +6.3% | +12.5% | +6.2% | — | +6.2% |
- Over the year to Oct 27, 2026, UJUN returned +6.3%, 8th of 8 among similar funds.
- Its 5-year annualized return was +6.2%.
- Its worst full calendar year was 2022 (-8.9%); its best was 2024 (+12.5%).
- The deepest fall in its price history was 12% (Mar 29, 2022 to Oct 11, 2022), recovered by Dec 1, 2023.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +5.2% | — |
| 2025 | +10.6% | +10.47% |
| 2024 | +12.5% | +12.61% |
| 2023 | +12.2% | +12.27% |
| 2022 | -8.9% | -8.80% |
| 2021 | +5.1% | +4.74% |
| 2020 | — | +7.12% |
| 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 | Not in the price data, which starts Jun 2, 2020 |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 11.8% over that stretch · deepest drop along the way 12%, back to its old high 13.7 months after the low |
Dividends and income
No distribution history is available for this fund.
Distributions through Oct 27, 2026.What's inside
As of Jul 31, 2026, the fund held 1 securities; the ten largest made up 97.53% of assets.
| Fund held | Weight | |
|---|---|---|
| Vanguard S&P 500 ETF | 97.53% |
By country
United States 97.53%By asset type
Stocks 97.53%What changed recently
- Over the three months to Jul 31, 2026, investors added a net $106.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.46%, -0.26%, +0.09%.
How it works
UJUN is a defined-outcome fund. Innovator Capital Management runs it, with Milliman Financial Risk Management as sub-adviser. The fund puts at least 80% of net assets into exposure to an S&P 500 ETF. It does this mainly through FLEX options, which are exchange-traded options with customized terms that reference that ETF, and it may also hold the ETF itself. The prospectus filed February 27, 2026 names the SPDR S&P 500 ETF Trust as the Underlying ETF. The holdings report as of July 31, 2026 showed 97.5% in the Vanguard S&P 500 ETF (VOO), plus five option positions. Both ETFs track the S&P 500.
The options are set up to deliver set outcomes over a period of about one year. For June 1, 2025 to May 31, 2026, gains were capped at 11.77% before fees, or 10.98% after the 0.79% fee. The buffer aimed to absorb Underlying ETF losses between 5% and 35%. Holders bear the first 5% of losses and any losses beyond 35%. In the prospectus example, a 50% drop leaves the fund down 20%.
When a period ends, the fund cashes out its options, buys new ones and sets a new cap. The outcomes apply only to shares held for the whole period, measured on net asset value. Buying or selling partway through can produce very different results. Innovator posts updated figures daily at innovatoretfs.com/ujun. The fund is non-diversified.
What it really costs
- UJUN 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 |
|---|---|---|---|---|
| UJUN | $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.
- Invests in other funds rather than directly in stocks or bonds, so its holdings are those funds.
In a retirement portfolio
It keeps S&P 500 exposure but gives up much of the upside for a buffer against moderate losses; as of October 27, 2026, its one-year volatility was 5.2% and its beta was 0.37.
UJUN could soften the stock part of a portfolio. Its record doesn't cover the 2008 crisis or the 2020 crash, because price data starts June 2, 2020. In the 2022 bear market it fell 12% from March 29 to October 11, 2022. That was its deepest drop, and it took about 13.7 months to recover, by December 1, 2023. Its worst calendar year was 2022, at -8.8%. Anyone who had to sell in a bad year would still lock in a loss. The full buffer applies only to shares held from June through May.
UJUN made no distributions in the year to October 27, 2026, so any cash from it would have to come from selling shares. It costs 0.79% a year, or $978 over 10 years in the SEC's standard $10,000 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 wanting S&P 500 exposure with a cushion against losses of 5% to 35%, who can hold from each June start to May end.
- People who value a steadier ride: one-year volatility was 5.2% and the deepest drop was 12%, as of October 27, 2026.
- Cost-conscious buffer-fund buyers: its 0.79% expense ratio matches the lowest among similar buffer funds, which average 0.86%.
Look elsewhere if
- Investors needing income: UJUN made no distributions in the year to October 27, 2026.
- Those wanting full stock-market gains: the cap limited gains to 11.77% before fees for June 2025 to May 2026.
- Anyone likely to buy partway through a period or sell often: the stated outcomes apply only to shares held for the full June-to-May period.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| UJUN this fund | 0.79% | $185.1M | +6.3% | +12.5% |
| 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 UJUN pay dividends?
No. UJUN made no distributions in the 12 months to October 27, 2026, and its trailing yield was 0%. Its returns come from the value of its S&P 500 ETF holding and its FLEX options, within the cap and buffer. A retiree who needs regular cash from this holding would have to sell shares, which could mean selling at a loss in a weak year.
What is the UJUN cap and buffer?
For the outcome period from June 1, 2025 to May 31, 2026, the cap was 11.77% before fees, or 10.98% after the 0.79% management fee. The buffer covered Underlying ETF losses between 5% and 35%, or 4.21% to 34.21% after fees. Holders bear the first 5% of losses and anything beyond 35%. A new cap is set when each June period starts, and Innovator posts updated figures at innovatoretfs.com/ujun.
What happens if I buy UJUN in the middle of the outcome period?
Your results may be very different from the stated cap and buffer. Those outcomes apply only to shares held from the first day of the period to the last, measured on net asset value. Someone who buys after a rally may have little room left before hitting the cap. Someone who buys after a drop may have less buffer left. Innovator's website shows the remaining cap and buffer each day.
UJUN vs PJAN: what's the difference?
Both are Innovator U.S. equity buffer ETFs with a 0.79% expense ratio. UJUN is an Ultra Buffer fund that resets each June and buffers losses between 5% and 35%. PJAN is a Power Buffer series that resets each January, with different buffer terms. PJAN is much larger: about $1.4 billion in net assets versus about $185 million for UJUN as of July 31, 2026. PJAN also returned 10.5% over one year versus 6.3% for UJUN as of October 27, 2026.
Is UJUN a good investment for retirees?
It depends on what the retiree needs. UJUN may suit people who want stock exposure with less volatility: its one-year volatility was 5.2%, and its worst calendar year, 2022, was -8.8%. The trade-off is lower returns. As of October 27, 2026, it returned 6.2% a year over five years and ranked last of eight buffer funds over one and three years. It pays no income, and it doesn't buffer losses beyond 35%.