At a glance
EJUL charges 0.89% a year, above the 0.86% average of the 7 funds most like it (the 6th cheapest of 8). It has $183.3M in assets, the 8th largest of that group. Over the past year it returned +2.1% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds; over three years it returned +10.8% a year. At its worst it fell 19.4% in the 2020 crash (S&P 500: 33.7%) and 18.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 31 months after the lows.
The short version
Innovator Emerging Markets Power Buffer ETF - July (EJUL) uses FLEX options on the iShares MSCI Emerging Markets ETF to match that fund's returns up to a cap. In exchange, it seeks to absorb the first 15% of losses over each one-year outcome period starting July 1. The buffer funds it is usually grouped with mostly hold U.S. stocks, while EJUL is tied to emerging markets. Its 0.89% expense ratio is above the 0.86% peer average.
Price history
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EJUL +2.1% 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 | |
|---|---|---|---|---|---|---|
| EJUL official prospectus, to Dec 31, 2024 | — | +20.33% | — | +2.35% | — | +2.54% |
| EJUL price data to Oct 27, 2026 | +1.3% | +2.1% | +10.8% | +2.9% | — | +2.4% |
- Over the year to Oct 27, 2026, EJUL returned +2.1%, 8th of 8 among similar funds.
- Its 5-year annualized return was +2.9%.
- In the 2020 COVID crash it fell 19.4% and regained its old high 7.7 months after the low.
- Its worst full calendar year was 2022 (-10.9%); its best was 2025 (+20.2%).
- The deepest fall in its price history was 21.6% (Jun 23, 2021 to Oct 24, 2022), recovered by Jun 10, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +1.3% | — |
| 2025 | +20.2% | +20.33% |
| 2024 | +4.4% | +4.61% |
| 2023 | +3.5% | +2.52% |
| 2022 | -10.9% | -11.05% |
| 2021 | -2.4% | -2.16% |
| 2020 | +1.1% | +1.26% |
| 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 19% over that stretch · deepest drop along the way 19.4%, back to its old high 7.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 17.2% over that stretch · deepest drop along the way 18.5%, back to its old high 31 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 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 $46.2M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.61%, +0.57%, -3.29%.
How it works
EJUL does not buy stocks directly. Under normal conditions, at least 80% of its net assets go into investments linked to the iShares MSCI Emerging Markets ETF (the "Underlying ETF"). That fund tracks the MSCI Emerging Markets Index, which covers mid-size and large companies in emerging countries and is reviewed every quarter. It leans heavily toward Asia, including China, and toward financial and technology companies. EJUL gets this exposure through FLEX Options, which are exchange-traded options whose strike prices and expiration dates can be customized. As of July 31, 2026, four option positions made up 99.81% of assets and cash about 1.07%.
The four options work as a package. One call option moves almost in step with the Underlying ETF. A purchased put and a lower sold put create the buffer, and a sold call sets the cap. For the July 1, 2025 to June 30, 2026 outcome period, the cap was 13.86% before fees, or 12.97% after the 0.89% fee. The buffer was 15%, or 14.11% after fees. If the Underlying ETF fell 20%, the fund aimed to lose 5%. Losses beyond 15% fall on shareholders in full.
Each July, the options expire. The fund then buys new one-year options, and a new cap is set on the first day. Investors who buy after the period starts or sell before it ends may get very different results. Those results are measured on net asset value, not market price. Innovator advises the fund, Milliman is the sub-adviser, and the fund is non-diversified.
What it really costs
- EJUL charges 0.89% a year, versus an average of 0.86% for the similar funds below (6th of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $91 in the first year and $1,096 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| EJUL | $91 | $284 | $493 | $1,096 |
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
It adds emerging-markets stock exposure with options-limited swings, but its gains are capped and it pays no income, so it fits beside core holdings rather than in place of them.
EJUL could give a portfolio emerging-markets exposure with swings smaller than the stocks themselves. Its volatility was 10% over the three years to October 27, 2026. The buffer only applies over a full outcome period, so it does not stop losses in between. The fund fell 19.4% in the 2020 COVID crash and recovered in nearly eight months. In the 2022 bear market it fell 18.5% and took 31 months to recover. Its worst calendar year was 2022, at -11.05%. The fund launched in 2019, so it has no 2008 record. Someone who had to sell in those stretches would have locked in losses. It paid no distributions in the year to October 27, 2026, so it adds no income. The SEC's standard example puts costs on $10,000 at $91 for one year and $1,096 over ten. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors seeking emerging-markets stocks through the iShares MSCI Emerging Markets ETF with a 15% buffer against losses over each July-to-June period.
- Holders who can buy near July 1 and hold the full outcome period, since the stated cap and buffer apply only then.
- Investors who accept capped gains (13.86% before fees for the period ending June 30, 2026) in exchange for smaller swings.
Look elsewhere if
- Retirees who need income: EJUL paid no distributions in the 12 months through October 27, 2026.
- Cost-focused investors: its 0.89% expense ratio is above the 0.86% buffer-fund average and the 0.79% charged by Innovator's U.S. Power Buffer funds.
- Investors who want full emerging-markets gains or a long track record of strong returns: EJUL's 2.1% one-year return ranked last of eight buffer funds.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| EJUL this fund | 0.89% | $183.3M | +2.1% | +10.8% |
| 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 EJUL pay dividends?
No. EJUL made no distributions in the 12 months through October 27, 2026, and its yield was 0%. The fund holds FLEX options on the iShares MSCI Emerging Markets ETF, not the stocks themselves. Its return comes from changes in the value of those options. Investors who need regular income from a retirement portfolio would have to get it from other holdings.
How does the EJUL buffer work?
EJUL aims to absorb the first 15% of losses in the iShares MSCI Emerging Markets ETF over a one-year outcome period running from July 1 to June 30. Shareholders bear any losses beyond 15% in full. For the period ending June 30, 2026, the prospectus example showed a 20% drop in the Underlying ETF producing a 5% fund loss, before fees. In return, gains were capped at 13.86% before fees, or 12.97% after the 0.89% fee.
What happens if I buy EJUL in the middle of the outcome period?
Your results may differ a lot from the stated cap and buffer. Those outcomes apply only to shares held from the first day of the outcome period to the last. Someone who buys after a rally may have little room left before the cap. Someone who buys after a drop may have less buffer left. Innovator posts updated figures daily at innovatoretfs.com/ejul. The outcomes are also based on net asset value, so gaps between market price and net asset value can change results.
What's the difference between EJUL and PJAN?
Both are Innovator Power Buffer ETFs, but PJAN is tied to U.S. stocks and resets each January. EJUL is tied to emerging markets and resets each July. PJAN charges 0.79% compared with EJUL's 0.89%. PJAN is also much larger, with about $1.44 billion in net assets versus EJUL's $183 million as of July 31, 2026. Over the year to October 27, 2026, PJAN returned 10.5% and EJUL 2.1%. Because the two funds hold different markets, they aren't direct substitutes.
Can EJUL lose money?
Yes. The buffer covers only the first 15% of the Underlying ETF's losses over a full outcome period, and it isn't guaranteed. EJUL fell 21.6% from June 23, 2021 to October 24, 2022, and didn't recover until June 10, 2025. It lost 19.4% during the 2020 COVID crash. Its worst calendar year was 2022, at -11.05%. The fund is also non-diversified and leans toward Asian markets, including China.