At a glance
HJUL charges 0.79% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $1.2M in assets, the 8th largest of that group. Over the past year it returned +0.0% with distributions reinvested, the weakest of those 8 funds.
The short version
Innovator Premium Income 9 Buffer ETF - July (HJUL) is an actively managed ETF holding U.S. Treasury bills plus options on the SPDR S&P 500 ETF Trust (SPY), built to pay monthly income. For July 2024 through June 2025, it targeted a 7.15% annual payout before fees plus a buffer against the first 9% of SPY losses, giving up all SPY gains. It is also tiny: about $1.2 million in assets on April 30, 2025.
Price history
The interactive chart needs JavaScript.
HJUL 0.0% 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 | |
|---|---|---|---|---|---|---|
| HJUL price data to Oct 27, 2026 | 0.0% | 0.0% | — | — | — | +2.8% |
- Over the year to Oct 27, 2026, HJUL returned 0.0%, 8th of 8 among similar funds.
- Its worst full calendar year was 2025 (+2.7%); its best was 2025 (+2.7%).
- The deepest fall in its price history was 5% (Mar 25, 2025 to Apr 8, 2025), recovered by Apr 29, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2025 | +2.7% |
| 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 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.7800 |
What's inside
As of Apr 30, 2025, the fund held 2 securities; the ten largest made up 100.94% of assets.
| Holding | Weight | |
|---|---|---|
| TREASURY BILL Bonds and notes | 100.42% | |
| TREASURY BILL Bonds and notes | 0.52% |
By country
United States 100.94%By issuer
US Treasury 100.94%The bonds mature in 0.1 years on average (weighted by size), with an average coupon of 0%.
Source: N-PORT holdings report as of Apr 30, 2025. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Apr 30, 2025, investors added a net $0.00 (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.27%, +0.05%, +0.26%.
How it works
HJUL is an actively managed ETF, so it tracks no index. Innovator sets up the portfolio for a yearly “outcome period” running July 1 to June 30. It buys U.S. Treasury bills, most maturing near the period's end, and holds FLEX options on the SPDR S&P 500 ETF Trust (SPY), exchange-traded options with customized terms. T-bill interest plus option premiums fund “defined distributions” paid monthly. For July 1, 2024 to June 30, 2025, the rate was 7.15% a year before fees; it resets each period and can rise or fall.
The buffer aims to absorb the first 9% of SPY's price drop over the period; losses beyond 9% pass through one for one. In exchange, the fund gets none of SPY's gains, so the distribution rate is the most a full-period holder can earn. The buffer is measured only at the period's end, so buying after the start or selling early can mean less protection or none.
On April 30, 2025, the fund held about 101% of net assets in T-bills plus one SPY put option with a $495.26 strike price, expiring June 30, 2025, worth minus 0.9% of assets, the way a sold option appears. A sold put pays a premium up front but costs the fund if SPY ends below the strike price.
What it really costs
- HJUL 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 $— over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| HJUL | $81 | $252 | $— | $— |
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.
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
It is built to pay a set monthly income from Treasury bill interest and option premiums, giving up all stock-market gains in exchange for a partial buffer against losses.
HJUL aims for set monthly income: 7.15% a year before fees for July 2024–June 2025, with a buffer on the first 9% of SPY losses but none of SPY's gains. It launched after the 2008, 2020 and 2022 sell-offs. Its deepest drop, 5% from March 25 to April 8, 2025, was erased by April 29. Its only full calendar year, 2025, returned 2.7% based on share prices. The buffer applies only at period end, so selling in a slump can lock in losses.
In the year to October 27, 2026, it paid no distributions and its price was flat; with assets of only about $1.2 million on April 30, 2025, its status is worth checking with Innovator. Its fee is 0.79%, or about $81 in year one on $10,000 under the SEC example. Past results don't predict future ones; a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Income-focused investors willing to forgo all stock gains for a set monthly payout, targeted at 7.15% a year before fees for July 2024–June 2025.
- Investors able to buy near July 1 and hold to June 30, when the buffer against the first 9% of SPY losses is measured.
- Cost-conscious buyers of buffer ETFs: its 0.79% expense ratio is below the 0.86% average of seven similar buffer funds.
Look elsewhere if
- Anyone seeking stock-market growth: HJUL keeps none of SPY's gains, while Innovator's PJAN returned 10.5% in the year to October 27, 2026.
- Investors who prefer large, established funds: HJUL had about $1.2 million in assets on April 30, 2025, smallest of eight comparable buffer funds.
- Retirees who need dependable monthly checks: no distributions were recorded in the 12 months to October 27, 2026, despite the fund's monthly design.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| HJUL this fund | 0.79% | $1.2M | 0.0% | — |
| 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 HJUL pay monthly distributions?
Yes, by design. Under the prospectus, shareholders of record on the last business day of each month are paid on the first business day of the next. The money comes from Treasury bill interest and option premiums, not stock dividends. For July 1, 2024 to June 30, 2025, the target rate was 7.15% a year before fees. However, the fund's record shows no distributions in the 12 months to October 27, 2026, so it is worth confirming with Innovator whether payments continue.
How does the HJUL 9% buffer work?
HJUL aims to absorb the first 9% of price losses in the SPDR S&P 500 ETF Trust (SPY) over each outcome period, which runs July 1 to June 30. If SPY falls further, the fund takes the extra loss one for one, and it gets none of SPY's gains. The buffer is measured only at the period's end, so investors who buy after July 1 or sell before June 30 may get less protection, or none. Innovator says there is no guarantee the buffer will work.
What's the difference between HJUL and PJAN?
The key difference is stock gains. Both are Innovator buffer ETFs with a 0.79% expense ratio, but HJUL trades away all stock gains for monthly income, targeted at 7.15% a year before fees for July 2024–June 2025, with a 9% buffer against SPY losses. PJAN takes part in stock gains: it returned 10.5% over the year to October 27, 2026, while HJUL's return was 0%. PJAN is also far larger, with about $1.4 billion in net assets as of July 31, 2026.
What is HJUL's expense ratio?
HJUL's expense ratio is 0.79%, made up entirely of its management fee, per the prospectus filed February 28, 2025. In the SEC's standard example, a $10,000 investment earning 5% a year would cost about $81 over one year and $252 over three years. That ties HJUL for the lowest cost among eight buffer ETFs compared, below the 0.86% average of the other seven; FT Vest's BUFR and BUFD each charge 0.95%.
Is HJUL safe for retirees?
It is not risk-free: HJUL's prospectus states plainly that investors could lose money. The buffer covers only the first 9% of SPY losses over a full July-to-June period; deeper losses pass through one for one. Its deepest price drop was 5%, from March 25 to April 8, 2025, erased by April 29. It also keeps none of SPY's gains, and its small size, about $1.2 million in assets on April 30, 2025, matters because very small funds are more likely to close.