At a glance
JULQ charges 0.79% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $7.5M 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; over three years it returned +3.2% a year.
The short version
Innovator Premium Income 40 Barrier ETF - July (JULQ) is an actively managed fund holding U.S. Treasury bills and options on the S&P 500, built to pay a set quarterly income instead of stock-market gains. For July 1, 2024 to June 30, 2025, the target was 5.76% a year before fees, with no losses unless the S&P 500 ended that period down more than 40%. Past that line, losses quickly match the index's.
Price history
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JULQ 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 | |
|---|---|---|---|---|---|---|
| JULQ price data to Oct 27, 2026 | 0.0% | 0.0% | +3.2% | — | — | +3.2% |
- Over the year to Oct 27, 2026, JULQ returned 0.0%, 8th of 8 among similar funds.
- Its worst full calendar year was 2025 (+2.2%); its best was 2024 (+5.4%).
- The deepest fall in its price history was 2.1% (Apr 2, 2025 to Apr 8, 2025), recovered by Apr 23, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2025 | +2.2% |
| 2024 | +5.4% |
| 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 | $0.6200 | -53.0% |
| 2024 | $1.3200 |
What's inside
As of Apr 30, 2025, the fund held 1 securities; the ten largest made up 100.24% of assets.
| Holding | Weight | |
|---|---|---|
| TREASURY BILL Bonds and notes | 100.24% |
By country
United States 100.24%By issuer
US Treasury 100.24%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 withdrew a net $626K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.30%, +0.29%, +0.42%.
How it works
Innovator actively manages JULQ, which owns U.S. Treasury bills and FLEX Options: exchange-listed options with customized strike prices and expiration dates. The options reference the S&P 500 Price Return Index, which excludes dividends. As of April 30, 2025, one Treasury bill made up about 100.2% of assets, alongside three S&P 500 put options (contracts that gain value when the index falls below a set level) expiring June 30, 2025.
Each outcome period runs July 1 to June 30. At the start, the fund sets a Defined Distribution Rate from its net asset value (NAV, the per-share value of its holdings): 5.76% a year before fees for July 1, 2024 to June 30, 2025. The cash comes from Treasury bill interest and premiums the fund collects on its options. The rate can change each period. Payments arrive on the first business day of January, April, July and October.
The 40% barrier is checked only on the period's final day. If the S&P 500 is then down 40% or less, the fund aims for no loss. Between 40% and 41%, fund losses jump from 0% to 41%; beyond 41%, they match the index one-for-one, and an investor could lose everything before counting distributions. It does not share in index gains, and investing mid-period can change results.
What it really costs
- JULQ 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 |
|---|---|---|---|---|
| JULQ | $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.
- 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
JULQ is built around a set quarterly distribution from Treasury bill interest and option premiums, giving up S&P 500 gains to pay it.
JULQ launched in July 2023, so it has no record through the 2008, 2020 or 2022 downturns. Price-based returns were 5.4% in 2024 and 2.2% in 2025, its weakest year. Its deepest drop, 2.1% from April 2 to 8, 2025, recovered by April 23. For anyone drawing on savings in a bad year, the bigger risk is a severe crash: if the S&P 500 ends a July-to-June outcome period down more than 40%, losses quickly match the index's.
It targeted 5.76% a year before fees for July 2024 to June 2025, paid quarterly. Yet no distributions were recorded in the year to October 27, 2026, so the fund's status is worth confirming with Innovator. Its 0.79% expense ratio comes to $81 on $10,000 in the SEC's one-year example. Past results don't predict the future, and any plan needs to look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Income seekers who prefer a set quarterly payout (5.76% a year before fees for July 2024–June 2025) over any share in S&P 500 gains.
- Investors able to invest near July 1 and hold to June 30, since the barrier and payout are set for a full outcome period.
- Cost-conscious investors weighing defined-outcome funds: its 0.79% expense ratio tied for lowest of eight compared; the other seven averaged 0.86%.
Look elsewhere if
- Growth seekers: the fund forgoes S&P 500 gains, and its three-year return ranked last of eight defined-outcome funds as of October 27, 2026.
- Anyone needing crash protection: past a 40% S&P 500 drop at period end, losses quickly match the index's and could wipe out the investment.
- Those wary of tiny funds: net assets were $7.5 million on April 30, 2025, with no distributions recorded in the year to October 27, 2026.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| JULQ this fund | 0.79% | $7.5M | 0.0% | +3.2% |
| 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
Is JULQ good for retirement income?
It can play an income role, with caveats. JULQ targeted 5.76% a year before fees for July 1, 2024 to June 30, 2025, paid quarterly, and aims for no loss unless the S&P 500 ends a July-to-June period down more than 40%. But it launched in July 2023, so it has no record through the 2008, 2020 or 2022 downturns. It is also tiny, with about $7.5 million in net assets as of April 30, 2025, and recorded no distributions in the year to October 27, 2026.
How does JULQ's 40% barrier work?
It aims to shield holders from S&P 500 losses of up to 40%, measured only on the last day of each July-to-June outcome period. Between 40% and 41%, fund losses jump from 0% to 41%. Beyond 41%, losses match the index one-for-one, and an investor could lose the entire investment before counting distributions. Shares can still dip mid-period: the deepest drop was 2.1%, from April 2 to April 8, 2025. Unlike a buffer, which absorbs the first slice of losses, a barrier is closer to all-or-nothing.
Does JULQ pay monthly dividends?
No. JULQ is designed to pay quarterly, not monthly. Shareholders of record on the last business day of March, June, September and December are paid on the first business day of the next month. For July 1, 2024 to June 30, 2025, the Defined Distribution Rate was 5.76% a year before fees, and it can change each outcome period. No distributions were recorded in the 12 months to October 27, 2026, so the fund's status is worth confirming with Innovator.
What is JULQ's expense ratio?
JULQ's expense ratio is 0.79% a year, all of it management fee, per the prospectus filed February 28, 2025. In the SEC's standard example, which assumes $10,000 invested, a 5% annual return and shares sold at the end of each period, costs would total $81 after one year, $252 after three, $439 after five and $978 after ten. That tied for the lowest among eight defined-outcome funds compared; the other seven averaged 0.86%.
What's the difference between JULQ and PJAN?
PJAN keeps some S&P 500 upside; JULQ trades it away for income. Both are Innovator defined-outcome ETFs charging 0.79%. PJAN is a buffer fund, using options to limit losses within a set range while capping gains. JULQ aims for a set quarterly payout and shields only against declines of up to 40% at period end. As of October 27, 2026, PJAN's three-year annualized return was 14.8% versus 3.2% for JULQ. PJAN is also far larger, with $1.4 billion in net assets on July 31, 2026.