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PJUN vs XTR

Innovator U.S. Equity Power Buffer ETF - June

PJUNBCboe

Global X S&P 500 Tail Risk ETF

XTRCNYSE Arca

Overlap

Expense ratio

XTR −0.54pt a year

PJUN0.79%XTR0.25%

Avg volume · 30D

PJUN 32.5×the volume

PJUN53.4KXTR1.64K

5Y return · a year

XTR +2.3pt

PJUN+6.6%XTR+8.9%

PJUN vs XTR Performance

Oct 29, 2021 – Oct 30, 2026

+37.6%PJUN+53.3%XTR

Oct 29, 2021 to Oct 30, 2026. PJUN +37.6%. XTR +53.3%. Use the arrow keys to read each point.−20%0%20%Oct 2021Apr 2024Oct 2026
Expense ratio
PJUN 0.79%
XTR 0.25%, better
Fund size
PJUN $871M
XTR $5M
1Y total return
PJUN +5.9%
XTR +7.9%, better
Yield (12M)
PJUN No data
XTR 16.45%
Holdings
PJUN 3
XTR 506
Avg volume (30D)
PJUN 53.4K sh, better
XTR 1.64K sh
NAV per share
PJUN $43.89
XTR $28.54
52W range

ETF.net Grade

PJUN: Cost 40, Risk 72, Mission not scored, Tradability 65, Holdings not scored, Durability 84. XTR: Cost 100, Risk 18, Mission not scored, Tradability 13, Holdings 85, Durability 46.
Pillar letters and Scores for PJUN, XTR, with each pillar’s weight
PillarPJUNXTR
Cost30% weightC40A100Higher
Mission25% weightNot scoredNot scored
Risk15% weightA72HigherF18
Tradability15% weightB65HigherF13
Holdings10% weightNot scoredA85
Durability5% weightA84HigherC46

Rank among S&P 500 Buffer 9-12% funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. PJUN and XTR are both graded against the same 77 S&P 500 Buffer 9-12% funds, so their Grades compare head to head.

S&P 500 Buffer 9-12%⁠

Category · 77 funds
See all 77 ›

PJUN ranks 23rd and XTR 57th of 77 funds in the S&P 500 Buffer 9-12% Category.

  1. Rank 23BBOCTInnovator U.S. Equity Buffer ETFScore 56
  2. Rank 23BPJUNInnovator U.S. Equity Power Buffer ETF - JuneScore 56
  3. Rank 23BSEPTAllianzIM U.S. Equity Buffer10 Sep ETFScore 56
  4. Rank 57CXIDEFT Vest U.S. Equity Buffer & Premium Income ETF - DecemberScore 40
  5. Rank 57CXTRGlobal X S&P 500 Tail Risk ETFScore 40
  6. Rank 64DJULZTrueshares Structured Outcome (July) ETFScore 39

Our read on each fund

ETF.net Research

PJUNBInnovator U.S. Equity Power Buffer ETF - June

XTRCGlobal X S&P 500 Tail Risk ETF

In short

PJUN The June rung on Innovator's buffer ladder. PJUN pairs SPY-linked equity exposure with a built-in downside cushion and, as the price of that cushion, a ceiling on the upside. Every June it resets and the terms start over.

XTR Most downside-protection ETFs sell away your upside to pay for it. XTR pays cash instead: it owns the S&P 500 stocks and buys 10% out-of-the-money puts every quarter, leaving the upside uncapped.

Stated mandate

PJUN The fund seeks to match the performance of SPY up to a predetermined upside cap while buffering the first 9% of losses over the applicable outcome period.

XTR The Fund seeks to track the performance of the Cboe S&P 500 Tail Risk Index before fees and expenses.

Why people hold it

  • PJUN Fee of 0.79% lands right at the median for its buffer-ETF cohort. You pay the going rate for the structure, not a premium.
  • Among the easiest funds in its peer group to get in and out of, which matters when your entry date sets your terms.
  • Live since 2019 and through many annual resets, with assets in the hundreds of millions. A seasoned version of a young idea.
  • Sits in the top quartile of a crowded shallow-buffer cohort, one of the stronger implementations of the format.
  • XTR No cap on the gains. The hedge is bought with cash rather than funded by selling calls, so index rallies come through less the put premium and fees.sec.gov
  • Costs 0.25%, well under half of what the defined-outcome funds it competes with typically charge for downside protection.
  • Owns the roughly 500 S&P 500 stocks themselves, with the put position layered on top, rather than wrapping the index in a stack of options.sec.gov
  • Rules-based and mechanical: puts are bought at 10% below the prevailing index level each quarter and held to expiration, with no manager guessing at timing.sec.gov

Worth knowing

  • PJUN The cushion is paid for with a cap. The ceiling is fixed at each June reset, and a roaring year in SPY gets clipped there.
  • Buffer and cap are designed to land over a full outcome period. Buy mid-period and your actual cushion and ceiling differ from the headline terms.
  • Cheaper buffered exposure exists in the same cohort, including laddered BUFB at 0.10% and ZALT at 0.69%. No cash distributions here either.
  • XTR Protection starts about 10% down and resets quarterly, so garden-variety dips are absorbed in full and the gap widens if the market rallies mid-quarter.sec.gov
  • Insurance is not free. The quarterly premium is a steady cost against plain index exposure, and in calm markets the puts expire worthless.sec.gov
  • A small fund that trades thinly, so limit orders matter and subscale products carry more risk of being closed than the category's giants.

Full PJUN profile⁠

Full XTR profile⁠

PJUN vs XTR Holdings

As of
How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

PJUN vs XTR Cost

Overpaying PJUN vs XTR

$10,015

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • PJUN 0.79%

    $15,174

  • XTR 0.25%

    $5,159

$10,000
30 years

Cost over time

  • PJUN 0.79%
  • XTR 0.25%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530PJUN $15,174XTR $5,159

Year by year

YearPJUNXTROverpaying
10$1,405$455$950
20$5,331$1,769$3,562
30$15,174$5,159$10,015

Expense ratio

  • 0.79%PJUN
  • 0.25%XTR, cheaper
  • Middle half of S&P 500 Buffer 9-12% funds
  • Median 0.79%

XTR cheapest of 77 funds

PJUN 34th cheapest of 77 funds

PJUN vs XTR Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
PJUN No data
XTR 16.45%
Payout (12M)
PJUN None
XTR $4.69
Last payment
PJUN No data
XTR $0.08
Ex-dividend
PJUN No data
XTR Jun 29, 2026
Paid on
PJUN No data
XTR Jul 2, 2026
Frequency
PJUN No data
XTR Twice a year

Distribution history

Per share, 2021 to 2026, same scale for both

PJUNAll PJUN payments⁠

No distribution history available.

XTRTwice a year · 10 paymentsAll XTR payments⁠
One bar per payment. 10 payments from 2021 to 2026 YTD. Dec 30, 2021 $0.64; Jun 29, 2022 $0.10; Dec 29, 2022 $0.15; Jun 29, 2023 $0.10; Dec 28, 2023 $0.19; Jun 27, 2024 $0.17; Dec 30, 2024 $5.55; Jun 27, 2025 $0.11; Dec 30, 2025 $4.61; Jun 29, 2026 $0.08. Use the arrow keys to read each point.$0$520232026YTD

PJUN vs XTR Risk

Fall from peak · 5 years

  • PJUN
  • XTR
Oct 29, 2021 to Oct 30, 2026. Worst fall: XTR −20.8% · Oct 2022. Use the arrow keys to read each point.−20%−15%−10%−5%0%Oct 2021Apr 2024Oct 2026

Risk facts

VolatilityStd dev, 3 years
PJUN 5.5%, betterXTR 11.7%
Return per unit of riskSharpe ratio, 3 years
PJUN 1.34, betterXTR 1.19
Worst fallMax drawdown, 5 years
PJUN −12.5%, betterXTR −20.8%
Market sensitivityBeta, 5 years
PJUN 0.39XTR 0.94

Popular comparisons

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