At a glance
IJUL charges 0.85% a year, below the 0.86% average of the 7 funds most like it (the 3rd cheapest of 8). It has $252.1M in assets, the 8th largest of that group. Over the past year it returned +9.0% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds; over three years it returned +13.1% a year. At its worst it fell 20.3% in the 2020 crash (S&P 500: 33.7%) and 14.1% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 4 months after the lows.
The short version
Innovator International Developed Power Buffer ETF - July (IJUL) uses FLEX options on the iShares MSCI EAFE ETF to track developed-market stocks outside the US and Canada. It aims to cushion the first 15% of losses and caps gains over each one-year period that starts July 1. Its 0.85% fee is close to the 0.86% peer average. It ranked last of eight buffer ETFs on one- and three-year returns as of Oct. 27, 2026.
Price history
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IJUL +9.0% 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 | |
|---|---|---|---|---|---|---|
| IJUL official prospectus, to Dec 31, 2024 | — | +21.18% | — | +6.87% | — | +6.08% |
| IJUL price data to Oct 27, 2026 | +7.5% | +9.0% | +13.1% | +7.9% | — | +6.3% |
- Over the year to Oct 27, 2026, IJUL returned +9.0%, 8th of 8 among similar funds.
- Its 5-year annualized return was +7.9%.
- In the 2020 COVID crash it fell 20.3% and regained its old high 7.9 months after the low.
- Its worst full calendar year was 2022 (-2.8%); its best was 2025 (+21.0%).
- The deepest fall in its price history was 21.1% (Jan 17, 2020 to Mar 18, 2020), recovered by Dec 8, 2020.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +7.5% | — |
| 2025 | +21.0% | +21.18% |
| 2024 | +2.1% | +1.73% |
| 2023 | +13.8% | +14.42% |
| 2022 | -2.8% | -2.92% |
| 2021 | +2.8% | +1.83% |
| 2020 | +0.4% | +1.02% |
| 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 19.9% over that stretch · deepest drop along the way 20.3%, back to its old high 7.9 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 13.5% over that stretch · deepest drop along the way 14.1%, back to its old high 3.5 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 $49.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.80%, +1.23%, +1.36%.
How it works
IJUL does not pick stocks. At least 80% of its net assets go into investments tied to the iShares MSCI EAFE ETF. That ETF tracks the MSCI EAFE Index, which holds large and mid-sized companies in developed markets outside the US and Canada, weighted by market value. Innovator Capital Management advises the fund, and Milliman Financial Risk Management is the sub-adviser.
The fund doesn't own the ETF's shares. It uses FLEX options instead, which are exchange-traded options with custom strike prices and expiration dates. As of July 31, 2026, four options made up nearly all its exposure. A deep in-the-money call moves with the ETF. A bought put and a sold put together form the buffer. A sold call sets the cap. Each July 1, the options expire and the fund buys a new one-year set with a new cap.
For July 1, 2025 to June 30, 2026, the cap was 13.60% and the buffer covered the first 15% of losses. After the 0.85% fee, those figures were 12.75% and 14.15%. In the prospectus table, a 20% drop in the ETF means a 5% loss for the fund. These outcomes apply only to shares held for the whole period and are measured at net asset value (NAV). Buying mid-period, selling early, or trading at a price away from NAV can change results.
What it really costs
- IJUL charges 0.85% a year, versus an average of 0.86% for the similar funds below (3rd of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $87 in the first year and $1,049 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| IJUL | $87 | $271 | $471 | $1,049 |
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 keeps exposure to international developed-market stocks while options absorb the first 15% of losses over each one-year period, in exchange for a cap on gains.
IJUL's worst calendar year was 2022, a 2.92% loss, though shares fell as much as 14.1% that year before recovering by January 2023. The buffer only counts at the end of each outcome period, so prices can drop sharply partway through. In the 2020 crash the fund fell 20.3% between Feb. 19 and March 18, 2020, and took about eight months to recover. A retiree forced to sell during a slump like that could lock in a real loss. The fund paid no distributions in the year through Oct. 27, 2026, so it adds no income. Its 0.85% fee is near the 0.86% peer average, and the cap limits gains in strong markets. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want MSCI EAFE stock exposure and value a 15% loss buffer over each July-to-June period more than full upside.
- Holders able to buy near July 1 and keep shares all year, since the stated cap and buffer apply only then.
- Those comfortable paying 0.85% a year, close to the 0.86% average of similar buffer ETFs, for options-based downside protection.
Look elsewhere if
- Anyone needing income: IJUL paid no distributions in the year through Oct. 27, 2026, and holds options rather than dividend-paying shares.
- Investors wanting full gains from international stocks; the cap limited returns to 13.60% before fees from July 2025 to June 2026.
- Those who may need to sell mid-period; IJUL fell 20.3% in early 2020 and took about eight months to recover.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| IJUL this fund | 0.85% | $252.1M | +9.0% | +13.1% |
| 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 IJUL pay dividends?
No. IJUL made no distributions in the year through Oct. 27, 2026, so its trailing yield was 0%. The fund holds FLEX options on the iShares MSCI EAFE ETF rather than the ETF's shares. That means it does not collect the dividends the underlying international companies pay. For investors who want regular income from developed-market stocks, funds that own the stocks directly are worth comparing.
Can you lose money in IJUL?
Yes. Before fees, the buffer covers only the first 15% of the iShares MSCI EAFE ETF's losses, and only over a full July-to-June outcome period. Losses beyond that pass through one for one. In the prospectus example, a 50% drop in the ETF means a 35% fund loss. Prices can also fall sharply partway through a period: IJUL dropped 20.3% between Feb. 19 and March 18, 2020, and took about eight months to recover.
What's the difference between IJUL and PJAN?
Both are Innovator Power Buffer ETFs that use FLEX options to trade capped gains for a loss buffer, but they cover different markets. IJUL tracks international developed stocks through the iShares MSCI EAFE ETF and resets each July. PJAN is a US equity fund that resets each January. PJAN charges 0.79% versus IJUL's 0.85%. As of Oct. 27, 2026, PJAN returned 10.5% over one year and 14.8% a year over three years. IJUL returned 9% and 13.1%.
What happens if you buy IJUL in the middle of the outcome period?
Your results may differ a lot from the stated cap and buffer. Those apply only to shares held from July 1 until the period ends about a year later. If the fund has already risen, less room is left before the cap. If it has fallen, part of the buffer may already be used up. Market prices that differ from NAV also shift results. Innovator posts updated outcome figures daily at innovatoretfs.com/ijul.
What is IJUL's expense ratio?
IJUL charges 0.85% a year, all of it a management fee, according to its prospectus filed Feb. 27, 2026. That is close to the 0.86% average of similar buffer ETFs and third-lowest of eight. In the SEC's standard example, a $10,000 investment earning 5% a year costs about $87 after one year, $471 after five and $1,049 after ten. The fee also shrinks the cap and buffer. For July 2025 to June 2026, they were 12.75% and 14.15% after fees.