At a glance
BJUL charges 0.79% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $345.5M in assets, the 8th largest of that group. Over the past year it returned +10.8% with distributions reinvested (S&P 500: +11.5%), 6th of those 8 funds; over three years it returned +18.6% a year. At its worst it fell 24.0% in the 2020 crash (S&P 500: 33.7%) and 13.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 5 months and 8 months after the lows.
The short version
Innovator U.S. Equity Buffer ETF - July (BJUL) uses FLEX options on the SPDR S&P 500 ETF Trust to match S&P 500 gains up to a cap, while cushioning the first 9% of losses over a one-year period that starts each July 1. For July 1, 2025 to June 30, 2026, the cap was 16% before fees. Its 0.79% fee is below the 0.86% average of similar buffer funds, but it pays no distributions.
Price history
The interactive chart needs JavaScript.
BJUL +10.8% 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 | |
|---|---|---|---|---|---|---|
| BJUL official prospectus, to Dec 31, 2024 | — | +13.76% | — | +11.04% | — | +9.83% |
| BJUL price data to Oct 27, 2026 | +10.0% | +10.8% | +18.6% | +11.3% | — | +10.0% |
- Over the year to Oct 27, 2026, BJUL returned +10.8%, 6th of 8 among similar funds.
- Its 5-year annualized return was +11.3%.
- In the 2020 COVID crash it fell 24% and regained its old high 4.7 months after the low.
- Its worst full calendar year was 2022 (-7.4%); its best was 2023 (+21.7%).
- The deepest fall in its price history was 24% (Feb 13, 2020 to Mar 23, 2020), recovered by Aug 12, 2020.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +10.0% | — |
| 2025 | +13.9% | +13.76% |
| 2024 | +18.4% | +18.87% |
| 2023 | +21.7% | +21.54% |
| 2022 | -7.4% | -7.25% |
| 2021 | +10.8% | +10.72% |
| 2020 | +9.1% | +8.62% |
| 2019 | +17.8% | +18.07% |
| 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 24% over that stretch · deepest drop along the way 24%, back to its old high 4.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 13% over that stretch · deepest drop along the way 13%, back to its old high 7.7 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 $53.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.94%, +0.58%, +0.25%.
How it works
BJUL doesn't pick stocks. Innovator Capital Management runs the fund, and Milliman Financial Risk Management is the sub-adviser. The fund holds FLEX options, which are exchange-traded options with terms the buyer and seller can customize. All of them are on the SPDR S&P 500 ETF Trust, which tracks the S&P 500. As of July 31, 2026, four option positions made up 99.76% of the fund, with 0.3% in cash. One option rises and falls almost one-for-one with the S&P 500 ETF. A bought put and a sold put create the buffer, and a sold call sets the cap.
Each outcome period runs about one year, from July 1 to June 30. For the period from July 1, 2025 to June 30, 2026, the cap was 16% (15.21% after the 0.79% fee) and the buffer was 9% (8.21% after the fee). Losses beyond 9% pass through one-for-one. In the prospectus table, a 20% drop in the S&P 500 ETF meant an 11% loss for the fund before fees. At the end of each period, the options pay out in cash and the fund buys a new set, with a new cap.
These outcomes apply only to shares held from the first day of a period to the last. Buying or selling in mid-period, or at a market price away from the fund's net asset value, can produce very different results.
What it really costs
- BJUL 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 |
|---|---|---|---|---|
| BJUL | $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
The fund trades some S&P 500 upside for a cushion against moderate losses, and its one-year beta was 0.56 as of October 27, 2026.
BJUL may soften the swings of a stock allocation, but the buffer doesn't stop every drop. In the 2020 COVID crash, it fell 24% from its February 2020 peak to March 23, 2020, then recovered by August 12, 2020, about 4.7 months later. In the 2022 bear market, it fell 13% and took 7.7 months to recover, by June 2, 2023. Its worst calendar year was 2022, at -7.25%. It launched in 2018, so it has no 2008 record. The buffer is measured from each July 1. A retiree who sells shares in mid-period gets the market price, not the stated outcome.
The fund has recorded no distributions, so getting cash from it means selling shares. In the SEC's $10,000 example, costs come to $81 for the first year and $978 over 10 years. 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 with a buffer against the first 9% of losses, who can hold each full July 1–June 30 period.
- Investors wanting smaller swings: the fund lost 7.25% in 2022 and had one-year price volatility of 7.5% as of October 27, 2026.
- Cost-conscious buffer buyers: the 0.79% annual expense ratio tied for lowest among 8 buffer funds compared, versus 0.95% for FT Vest's BUFR and BUFD.
Look elsewhere if
- Retirees needing cash payouts: no distributions were recorded; returns come from FLEX options (customized listed options) on the SPDR S&P 500 ETF Trust.
- Investors wanting full S&P 500 upside: gains were capped at 16% before fees (15.21% after) for the July 2025–June 2026 outcome period.
- Those wanting crash protection: losses beyond the first 9% pass through one-for-one, and the fund fell 24% during the 2020 COVID crash.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| BJUL this fund | 0.79% | $345.5M | +10.8% | +18.6% |
| 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 BJUL pay dividends?
No. BJUL has recorded no distributions. As of July 31, 2026, it held FLEX options on the SPDR S&P 500 ETF Trust plus 0.3% in cash, not the S&P 500 stocks themselves. Retirees who want regular cash payouts should know that the only way to take money out of BJUL is to sell shares. The price they get depends on where the fund stands in its July-to-June outcome period.
How does the BJUL buffer work?
For the period from July 1, 2025 to June 30, 2026, BJUL aimed to absorb the first 9% of losses in the SPDR S&P 500 ETF Trust. After its 0.79% fee, that buffer was 8.21%. Losses beyond 9% pass through one-for-one, so in the prospectus table a 20% drop meant an 11% loss before fees. In exchange, gains were capped at 16% before fees, or 15.21% after. The cap and buffer reset each July 1.
What happens if I buy BJUL in the middle of the outcome period?
Your results may differ a lot from the stated cap and buffer, which apply only to shares held from July 1 through June 30. If the S&P 500 ETF has already risen, there is less room left before the cap, and a bigger loss can come before the buffer starts to protect you. If it has fallen, part of the buffer may already be used up. Innovator posts updated outcome figures every day at www.innovatoretfs.com/bjul.
BJUL vs BUFR: what's the difference?
Both are buffer ETFs. BJUL resets its cap and buffer once a year on July 1. BUFR, from FT Vest, uses a laddered approach, as its name says. BJUL charges 0.79% a year, and BUFR charges 0.95%. BUFR is much larger, with about $10.5 billion in net assets as of August 31, 2026, compared with about $345 million for BJUL as of July 31, 2026. As of October 27, 2026, BJUL returned 18.6% a year over three years, versus 16.8% for BUFR. Over one year, BUFR led, 11.6% to 10.8%.
Can you lose money in BJUL?
Yes. The buffer covers only the first 9% of losses over a full outcome period, and only for shareholders who hold for the whole period. BJUL fell 24% from its February 2020 peak to March 23, 2020, though it recovered in about 4.7 months. It lost 7.25% in calendar 2022, according to the prospectus. The prospectus also lists other risks: the fund is non-diversified and relies on FLEX options, which are derivatives with their own risks.