FJUN vs ZALT

FJUNCFT Vest U.S. Equity Buffer ETF - June

ZALTAInnovator U.S. Equity 10 Buffer ETF - Quarterly

In short

FJUN First Trust's June-dated buffer fund. It follows the price return of the SPDR S&P 500 ETF Trust, absorbs the first 10% of a decline over each one-year period, and trades that cushion for an upside cap reset every June.

ZALT The defined-outcome trade on a three-month clock: ZALT follows SPY up to a cap and buffers the first 10% of a decline, then resets both every quarter. Four fresh caps a year, at a fee under the shallow-buffer median.

Stated mandate

FJUN The Fund seeks to match the price return of the State Street SPDR S&P 500 ETF Trust before fees and expenses, subject to a 16.45% upside cap and protection against the first 10% of losses during the June 22, 2026–June 17, 2027 outcome period.

ZALT The fund seeks to follow SPY's return up to a predetermined cap while providing a 10% downside buffer over each three-month outcome period. It may be held indefinitely, with the defined outcomes resetting at the end of each period.

Why people hold it

• FJUN The contract is plain English: the fund takes the first 10% of a drop over the outcome period, and the ceiling on gains is set fresh at each June reset.ftportfolios.com
• One of twelve monthly-dated siblings on the same reference fund, so entry dates can be laddered across the calendar instead of hinging on one June-to-June window.
• Running since 2020 and among the larger funds in the buffer aisle, it has rolled through multiple full reset cycles in live markets.
• A standard 1940 Act ETF: ordinary brokerage account, no options approval, no margin agreement, no K-1 at tax time.

• ZALT Resets on a quarterly clock: a new cap is set the first day of each calendar quarter and the 10% buffer starts over. Can be held indefinitely, no rolling into a new ticker.sec.govcboe.com
• At 0.69% it undercuts the going rate for 10% buffer funds on the S&P 500, where peers like SIXZ, JULT and BJUN charge 0.74% to 0.79%.
• The cushion is built from FLEX options on SPY itself, so the thing you are hedged against is the same fund most investors already watch.sec.gov
• Sits among the stronger implementations in its shallow-buffer peer group on cost and ease of trading.

Worth knowing

• FJUN At 0.85% a year it sits toward the pricier end of the buffer shelf. Laddered and quarterly-reset rivals charge less (BUFB 0.10%, ZALT 0.69%).
• Buffer and cap are period math, not daily math. Buy mid-period and your real cushion and remaining headroom differ from the stated terms.
• It tracks price only, so S&P 500 dividends sit outside the return, distributions have not been part of the package, and losses past the first 10% are yours.

• ZALT Three months of upside buys a lower ceiling. Each quarter's cap is priced off three-month options, so it lands well below what a 12-month buffer fund can offer.sec.gov
• Buy mid-quarter and you inherit whatever cap and buffer are left, not the full 10%. The prospectus says so plainly.sec.gov
• The fee comes out of the cushion: with the 0.69% fee counted, the prospectus puts the net buffer at 9.82% per period. No distributions so far, so return shows up in price.sec.gov

Full FJUN profile⁠

Full ZALT profile⁠