At a glance
XJUN charges 0.85% a year, below the 0.86% average of the 7 funds most like it (the 3rd cheapest of 8). It has $139.2M in assets, the 8th largest of that group. Over the past year it returned +7.3% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds; over three years it returned +11.9% a year. At its worst it fell 6.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 2 months after the low.
The short version
FT Vest U.S. Equity Enhance & Moderate Buffer ETF - June (XJUN) is a First Trust fund. Instead of stocks, it holds FLEX options on the SPDR S&P 500 ETF Trust (SPY). Over each roughly one-year period starting in June, it aims for about twice SPY's price gain, up to a cap, and to absorb the first 15% of SPY losses (before fees). The trade-offs are capped gains, no dividends and a 0.85% expense ratio.
Price history
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XJUN +7.3% 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 | |
|---|---|---|---|---|---|---|
| XJUN official prospectus, to Dec 31, 2024 | — | +10.09% | — | — | — | +7.92% |
| XJUN price data to Oct 27, 2026 | +6.2% | +7.3% | +11.9% | +8.6% | — | +8.5% |
- Over the year to Oct 27, 2026, XJUN returned +7.3%, 8th of 8 among similar funds.
- Its 5-year annualized return was +8.6%.
- Its worst full calendar year was 2022 (+0.1%); its best was 2023 (+14.6%).
- The deepest fall in its price history was 9.1% (Feb 19, 2025 to Apr 8, 2025), recovered by May 12, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +6.2% | — |
| 2025 | +11.2% | — |
| 2024 | +10.0% | +10.09% |
| 2023 | +14.6% | +14.93% |
| 2022 | +0.1% | -0.23% |
| 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 | Lost 5.5% over that stretch · deepest drop along the way 6.5%, back to its old high 1.6 months after the low |
What's inside
As of Aug 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 Aug 31, 2026, investors withdrew a net $38.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.25%, +0.50%, +1.46%.
How it works
XJUN does not pick or weight stocks. Under normal conditions it puts substantially all of its assets into FLEX options. These are exchange-traded option contracts whose strike prices and expiration dates can be customized. The options reference SPY, which tracks the S&P 500. As of August 31, 2026, 99.06% of the fund was in ten option positions and 1.01% was in cash. Vest Financial is the sub-advisor. The fund tracks only SPY's price, so it does not capture SPY's dividends.
For the outcome period from June 23, 2025 through June 18, 2026, the fund aimed for about twice any SPY price gain, up to a cap of 10.58%. After fees, that cap was 9.74%. It also aimed to absorb the first 15% of SPY losses, or 14.15% after fees. Beyond that, losses pass through one for one: if SPY falls 20%, the fund loses about 5% before fees. Each June the fund rolls into new options. The cap changes with market conditions, but the buffer stays at 15%.
These outcomes apply only to shares held for an entire period. Shares bought or sold partway through can get very different results. Day to day, the fund will not move at twice SPY's rate. It also does not borrow or reset daily like a leveraged ETF. The doubling comes from options measured over the full year.
What it really costs
- XJUN charges 0.85% a year, versus an average of 0.86% for the similar funds below (3rd of 8, cheapest first).
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 offers S&P 500 exposure with a 15% loss buffer and has been much less volatile than the stock market, at the cost of capped gains and no income.
XJUN launched in July 2021, so it has no record from the 2008 or 2020 crashes. In the 2022 bear market it fell 6.5% from August 15 to October 12. It was back to its peak by November 30, 2022, about 1.6 months later. Its worst calendar year was 2022, a 0.23% loss according to the prospectus. Its deepest drop was 9.1%, from February 19 to April 8, 2025, and it recovered in about a month. Shallow drops like these can matter to someone who has to cash out shares in a bad year. Keep in mind that the buffer fully applies only over a complete outcome period and stops after 15%. The fund makes no distributions, so any cash has to come from redeeming shares. It costs 0.85% a 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 a buffer on the first 15% of SPDR S&P 500 ETF Trust losses each period, at 0.85% a year (peer average 0.86%).
- Investors who value a smoother ride: one-year volatility was 3.8% and the deepest drop since launch was 9.1%, as of October 27, 2026.
- Investors entering at each June reset who want roughly doubled gains up to a cap: 9.74% after fees for the period ended June 18, 2026.
Look elsewhere if
- Income seekers: no distributions were recorded, and returns exclude the dividends paid by the SPDR S&P 500 ETF Trust.
- Growth seekers: it ranked 8th of 8 similar buffer funds on one- and three-year returns, with 7.3% over one year to October 27, 2026.
- Investors who may enter after the June reset or exit early: results can differ sharply from the stated cap and buffer.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| XJUN this fund | 0.85% | $139.2M | +7.3% | +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
How does the XJUN buffer ETF work?
This First Trust fund, sub-advised by Vest Financial, holds FLEX options (customized exchange-traded options) on the SPDR S&P 500 ETF Trust. Over each roughly one-year outcome period, it seeks about twice that ETF's price gain up to a cap, while buffering the first 15% of its losses; losses beyond 15% pass through one-to-one. For June 23, 2025 through June 18, 2026, the cap was 10.58% before fees and 9.74% after, with a 14.15% buffer after fees. A new cap is set each June; the buffer stays the same.
What happens if I invest in XJUN partway through the outcome period?
Results can differ sharply from the stated cap and buffer. The prospectus says they apply only to shares purchased on a period's first day and held to its end. Entering after a rally can leave little upside before the cap; entering after a drop can leave less buffer. Day to day, the fund is unlikely to rise twice as fast as the SPDR S&P 500 ETF Trust. About a week before each period ends, the fund's website posts the next period's expected cap range.
Does XJUN pay dividends?
No. No distributions were recorded for XJUN, and its results exclude the dividends paid by the SPDR S&P 500 ETF Trust. The fund owns options on that ETF rather than its shares, and option holders do not receive dividends. Its returns come only from price changes, limited by the cap and buffer. Giving up those dividends is part of the price of the buffer. Retirees who depend on regular cash payouts would have to trim their holdings to raise money.
How did XJUN hold up in the 2022 bear market?
It fell modestly. From the market's January 3, 2022, peak to its October 12, 2022, low, XJUN's price fell 5.5%, its deepest drop was 6.5%, and it recovered by November 30, 2022. The prospectus shows a 2022 return of -0.23%. Its biggest drop since launch, 9.1%, ran from February 19 to April 8, 2025, and was recovered by May 12, 2025. The trade-off is upside: its 7.3% one-year return as of October 27, 2026, ranked 8th of 8 similar buffer funds.
What's the difference between XJUN and BUFR?
They differ in design, cost and size. XJUN runs a single outcome period that resets each June and seeks twice the SPDR S&P 500 ETF Trust's price gain up to a cap. BUFR, the largest similar buffer fund, is laddered, meaning it spreads money across outcome periods with staggered start dates. BUFR charges 0.95% versus 0.85% and held about $10.5 billion versus $139.2 million as of August 31, 2026. Over one year to October 27, 2026, BUFR returned 11.6% versus 7.3%.