Innovator U.S. Small Cap Power Buffer ETF - July

KJULInnovatorEquityBuffer
Expense ratio0.79%
Net assets$212.1M
Holdings0
Yield (TTM)—
1 week+0.9%
1 month-0.3%
3 months-1.7%
6 months-0.8%
YTD+4.3%
1 year+5.4%
3 years*+11.5%
5 years*+4.6%

Total returns with distributions reinvested; * a year. Prices as of Oct 27, 2026 · filings through Jul 31, 2026 · page updated Nov 3, 2026

At a glance

KJUL charges 0.79% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $212.1M in assets, the 8th largest of that group. Over the past year it returned +5.4% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds; over three years it returned +11.5% a year. At its worst it fell 14.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 18 months after the low.

The short version

Innovator U.S. Small Cap Power Buffer ETF - July (KJUL) holds FLEX options on the iShares Russell 2000 ETF. These options track small-company U.S. stocks within limits that reset every July. For the period from July 1, 2025 to June 30, 2026, it aimed to absorb the first 15% of losses and capped gains at 17.14% before fees. Its 0.79% fee is below the 0.86% average for similar buffer funds, but it has paid no distributions.

Price history

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KJUL +5.4% over the year to Oct 27, 2026, total return with distributions reinvested.

Prices through Oct 27, 2026. Total return: the price with distributions reinvested.

How it has behaved

Volatility (1 year)7.2%annualized; the S&P 500 is usually 15–20%
Worst drop (1 year)-5.8%3 years: -14.4% · all history: -16.7%
Beta vs S&P 5000.46moves less than the market
Sharpe ratio (1 year)0.19return above cash per unit of risk
Since price data starts+4.1%a year over 5.7 years
Total over 5 years+25%
52-week range$30.32 – $34.43
Last price $33.06 on Oct 27, 2026, 4.0% below the 52-week high · below its 200-day average ($33.14).
YTD1 yr3 yr5 yr10 yrSince start
KJUL official prospectus, to Dec 31, 2024—+8.24%—+4.17%—+6.02%
KJUL price data to Oct 27, 2026+4.3%+5.4%+11.5%+4.6%—+4.1%
Multi-year figures are annualized total returns with distributions reinvested. "Official" figures are the SEC-standard returns from the fund's prospectus; the price-data row is computed from daily prices. Price data starts 2021-02-22, after the fund's launch on 2020-07-01; figures "since start" cover the available history only.
  • Over the year to Oct 27, 2026, KJUL returned +5.4%, 8th of 8 among similar funds.
  • Its 5-year annualized return was +4.6%.
  • Its worst full calendar year was 2022 (-8.4%); its best was 2023 (+11.8%).
  • The deepest fall in its price history was 16.7% (Nov 5, 2021 to Jun 16, 2022), recovered by Dec 26, 2023.
-8%202212%20239%20248%20254%2026*
-8%202212%20239%20248%20254%2026*
Calendar-year total returns from price data, distributions reinvested. * 2026 is year to date. From the prospectus: best quarter +8.30% (Dec 31, 2023), worst -9.11% (Jun 30, 2022).
Show as a table
YearPrice dataProspectus (official)
2026 (to date)+4.3%—
2025+7.7%+8.24%
2024+8.7%+8.55%
2023+11.8%+11.72%
2022-8.4%-8.47%
2021—+2.11%
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
Lost 12.5% over that stretch · deepest drop along the way 14.6%, back to its old high 17.9 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.

HoldingWeight

By country

By asset type

Source: N-PORT holdings report as of Jul 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.

What changed recently

  • Over the three months to Jul 31, 2026, investors added a net $77.7M (creations minus redemptions, per the N-PORT report).
  • Monthly total returns reported for that quarter: +1.00%, +0.38%, -1.12%.

How it works

KJUL does not hold stocks directly. At least 80% of its net assets give exposure to the iShares Russell 2000 ETF. That ETF tracks about 2,000 of the smallest companies in the Russell 3000 Index, weighted by the market value of their freely traded shares. KJUL gets this exposure through FLEX options, which are exchange-traded options with custom strike prices and expiration dates. As of July 31, 2026, four option positions made up 99.72% of net assets, and cash was 0.32%. A deep in-the-money call (96.5%) tracks the ETF's price. A bought put (8.1%) provides the buffer. A sold call and a sold put pay for the protection and set the cap.

Each outcome period lasts one year. For July 1, 2025 to June 30, 2026, the cap was 17.14% (16.35% after the 0.79% fee). The buffer covered the first 15% of losses (14.21% after the fee). Losses beyond 15% pass through one for one. So if the ETF fell 20%, the fund would lose about 5%. If it fell 50%, the fund would lose about 35%. When the options expire each July, the fund buys a new set, and a new cap is set.

These outcomes apply only to holders who own shares for the whole period. Buying or selling partway through can give very different results. So can gaps between the market price and net asset value. Innovator is the adviser and Milliman is the sub-adviser. The fund is non-diversified, and the buffer is not guaranteed.

What it really costs

  • KJUL 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 yr3 yrs5 yrs10 yrs
KJUL$81$252$439$978
SEC standard example: $10,000 invested, 5% annual return, shares sold at the end of each period.

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

RoleDefensive

It holds small-company U.S. stocks through options that absorb part of the losses each year, in exchange for a cap on gains.

KJUL can soften losses on small-cap stocks, but it does not remove them. In the 2022 bear market it fell 14.6% between January 3 and June 16, 2022. It took about 18 months to recover, on December 14, 2023. Its deepest drop was 16.7%, starting in November 2021, and recovery also took about 18 months. Its worst calendar year was 2022, at -8.47%. The fund launched in July 2020, after the COVID crash, so it was not tested in 2008 or 2020. Anyone who had to sell in mid-2022 would have locked in a loss. The fund has made no distributions, so cash for spending would have to come from selling shares. In the SEC's standard $10,000 example, the 0.79% fee costs $81 in the first year. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.

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Who it may suit — and who should look elsewhere

May suit

  • Investors who want exposure to the Russell 2000 small-cap ETF with protection against the first 15% of losses in each one-year outcome period.
  • Holders who can buy near the July 1 start of an outcome period and hold the full year to get the stated buffer and cap.
  • Cost-conscious buffer-fund shoppers: at 0.79%, it ties for the lowest fee among eight similar funds, where the average is 0.86%.

Look elsewhere if

  • Anyone who needs regular income. The fund has made no distributions.
  • Investors who want all of the gains in small-cap rallies. Gains were capped at 17.14% before fees for July 2025 to June 2026.
  • Those who want the stronger recent record of large-company buffer funds. KJUL's 5.4% one-year return to October 27, 2026 ranked last of eight.

Close alternatives

Matched by other buffer (defined-outcome) funds, largest first.

FundCostNet assets1 yr3 yr
KJUL this fund0.79%$212.1M+5.4%+11.5%
BUFR FT Vest Laddered Buffer ETF0.95%$10.49B+11.6%+16.8%
BUFD FT Vest Laddered Deep Buffer ETF0.95%$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 - December0.85%$1.31B+12.9%+18.5%
FJAN FT Vest US Equity Buffer ETF - January0.85%$1.47B+12.3%+17.4%
FFEB FT Vest U.S. Equity Buffer Fund - February0.85%$1.42B+12.9%+18.6%
Net assets from each fund's latest N-PORT or annual report where available. Returns through Oct 27, 2026.

Questions investors ask

What is the KJUL cap and buffer?

For the outcome period from July 1, 2025 to June 30, 2026, KJUL's cap was 17.14% before fees, or 16.35% after its 0.79% fee. Its buffer covered the first 15% of losses in the iShares Russell 2000 ETF, or 14.21% after the fee. Losses beyond that pass through one for one. A new cap is set every July. Investors who buy partway through a period can get very different results, and Innovator's site shows the updated numbers each day.

Does KJUL pay dividends?

No. The fund has made no distributions. KJUL holds FLEX options on the iShares Russell 2000 ETF rather than the stocks themselves, so its returns come only from changes in its share price. Retirees who need cash flow would have to sell shares to raise it. That matters most after a drop: in 2022, the fund lost 8.47% over the calendar year.

What's the difference between KJUL and PJAN?

Both are Innovator Power Buffer ETFs that charge 0.79%. KJUL tracks small-company stocks through the iShares Russell 2000 ETF, and its outcome period resets each July. PJAN is a U.S. equity buffer fund, and its period resets in January. As of October 27, 2026, PJAN returned 10.5% over one year and 14.8% a year over three years. KJUL returned 5.4% and 11.5%. PJAN is also much larger, at about $1.4 billion in net assets compared with KJUL's $212 million.

How did KJUL do in the 2022 bear market?

KJUL lost money in 2022, but less than the full market drop. It fell 14.6% between January 3 and June 16, 2022, and finished the calendar year down 8.47%. Its worst quarter was the one ending June 30, 2022, at -9.11%. Its deepest overall drop was 16.7%, starting in November 2021. It took about 18 months to recover, on December 26, 2023. The buffer reduced losses, but it did not prevent them.

What does KJUL actually hold?

KJUL holds four FLEX options on the iShares Russell 2000 ETF, plus a small amount of cash. As of July 31, 2026, the options made up 99.72% of net assets and cash was 0.32%. A deep in-the-money call (96.5%) tracks the ETF. A bought put (8.1%) provides the buffer. A sold call and a sold put fund the buffer and set the cap. Portfolio turnover was 0%.

Sources

  • 485BPOS prospectus (risk/return XBRL), filed Feb 27, 2026 — SEC EDGAR
  • N-PORT holdings report, filed Sep 28, 2026 — SEC EDGAR
  • Prices: daily prices and distributions through Oct 27, 2026

For education only, not investment advice. Past performance does not predict future results.