At a glance
NJUL charges 0.79% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $253.0M in assets, the 8th largest of that group. Over the past year it returned +7.6% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds; over three years it returned +15.9% a year. At its worst it fell 14.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 7 months after the low.
The short version
Innovator Growth-100 Power Buffer ETF - July (NJUL) holds FLEX options (exchange-traded options with custom terms) on the Invesco QQQ Trust, which tracks the Nasdaq-100 Index. It aims to absorb the first 15% of losses over each one-year period starting July 1, and in return it caps gains. Its 0.79% expense ratio ties for lowest among similar buffer funds, which average 0.86%, but it pays no distributions.
Price history
The interactive chart needs JavaScript.
NJUL +7.6% 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 | |
|---|---|---|---|---|---|---|
| NJUL official prospectus, to Dec 31, 2024 | — | +15.80% | — | +10.21% | — | +11.15% |
| NJUL price data to Oct 27, 2026 | +6.9% | +7.6% | +15.9% | +10.3% | — | +10.1% |
- Over the year to Oct 27, 2026, NJUL returned +7.6%, 8th of 8 among similar funds.
- Its 5-year annualized return was +10.3%.
- Its worst full calendar year was 2022 (-11.7%); its best was 2023 (+29.5%).
- The deepest fall in its price history was 14.4% (Jan 3, 2022 to Oct 14, 2022), recovered by Apr 27, 2023.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +6.9% | — |
| 2025 | +15.7% | +15.80% |
| 2024 | +13.9% | +13.89% |
| 2023 | +29.5% | +29.56% |
| 2022 | -11.7% | -11.41% |
| 2021 | — | +7.42% |
| 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 14% over that stretch · deepest drop along the way 14%, back to its old high 6.5 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.
| Holding | Weight |
|---|
By country
By asset type
What changed recently
- Over the three months to Jul 31, 2026, investors added a net $43.9M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.43%, +0.37%, -3.10%.
How it works
NJUL does not own the Nasdaq-100 stocks directly. It puts at least 80% of its assets into investments tied to the Invesco QQQ Trust, an ETF that tracks the largest domestic and international nonfinancial companies listed on Nasdaq. As of July 31, 2026, four FLEX options on QQQ made up 99.76% of net assets and cash made up 1.79%. Innovator is the adviser, and Milliman Financial Risk Management is the sub-adviser.
The options are set for a one-year "outcome period." For July 1, 2025 to June 30, 2026, the cap on gains was 14.60% before fees, or 13.81% after the 0.79% fee. The buffer covered the first 15% of QQQ losses (14.21% after fees). Holders take any loss beyond that one for one. A 20% QQQ drop would mean about a 5% fund loss before fees. When a period ends, the options settle in cash, the fund buys new ones, and a new cap is set on the first day.
The stated cap and buffer apply only to investors who hold from the first day of the period to the last. Investors who purchase or sell partway through may see very different results. They are also based on net asset value, and the market price can differ from it. There is no guarantee the fund will deliver these outcomes.
What it really costs
- NJUL 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 |
|---|---|---|---|---|
| NJUL | $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.
In a retirement portfolio
It offers Nasdaq-100 exposure with an options-based cushion against moderate losses, giving up some upside in return.
NJUL may smooth the ride on growth stocks. Its one-year volatility, a measure of how widely returns swing, was 8.7% as of October 27, 2026. Its price history starts in February 2021, so it has no record for the 2008 crisis or the 2020 crash. In the 2022 bear market it fell about 14%. Its deepest drop, 14.4%, ran from January to October 2022, and it regained its prior high on April 27, 2023, about six and a half months after the low. Its worst calendar year was 2022, at -11.41%. Anyone forced to sell in late 2022 would have locked in that loss. The fund pays no distributions, so any income would have to come from selling shares. On the SEC's standard $10,000 example, costs come to $81 after one year and $978 after 10. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting Nasdaq-100 exposure through the Invesco QQQ Trust, with a buffer against the first 15% of losses each July-to-June period.
- Holders able to invest near July 1 and hold the full year, since the stated cap and buffer apply only to full-period holders.
- Cost-conscious buffer-fund investors: its 0.79% expense ratio ties for lowest among eight similar funds compared, against a 0.86% average.
Look elsewhere if
- Investors who need regular cash income, since the fund recorded no distributions.
- Those wanting full growth-stock upside; gains were capped at 14.60% before fees for the period ending June 30, 2026.
- Anyone seeking broad diversification: the fund is non-diversified and concentrated in whatever industries dominate the Nasdaq-100.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| NJUL this fund | 0.79% | $253.0M | +7.6% | +15.9% |
| 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 NJUL pay dividends?
No. The fund recorded no distributions, so it has no yield to report. NJUL holds FLEX options on the Invesco QQQ Trust rather than the Nasdaq-100 stocks themselves, and its return comes from changes in the value of those options. Investors who want cash flow from it would need to sell shares, and in a falling market that could mean selling at a loss.
How does the NJUL buffer work?
NJUL aims to absorb the first 15% of losses in the Invesco QQQ Trust over a one-year outcome period, before fees. In return, gains are capped. For July 1, 2025 to June 30, 2026, the cap was 14.60% before fees, or 13.81% after the 0.79% management fee. If QQQ fell 20% over the period, the fund would aim to lose about 5% before fees. A 50% drop would mean a loss of about 35%.
What happens if you invest in NJUL after July 1?
Results may differ a lot from the stated cap and buffer. Those outcomes apply only to investors who hold from the first day of the outcome period to the last. A later investor may get less buffer, less room before the cap, or both, depending on how QQQ has moved. Innovator posts updated figures daily at innovatoretfs.com/njul. Each new period starts with a fresh cap set on its first day.
NJUL vs PJAN: what's the difference?
Both are Innovator Power Buffer ETFs with a 0.79% expense ratio, but they cover different markets and reset at different times. NJUL references the Invesco QQQ Trust (Nasdaq-100) and resets each July. PJAN is Innovator's U.S. Equity version and resets in January. PJAN is larger, with about $1.4 billion in net assets versus about $253 million for NJUL as of July 31, 2026. As of October 27, 2026, PJAN returned 10.5% over one year and 14.8% a year over three, versus 7.6% and 15.9% for NJUL.
How did NJUL do in 2022?
NJUL fell 11.41% in calendar 2022, according to its prospectus, its weakest year since launch. Its deepest decline was 14.4%, running from January 3 to October 14, 2022. It regained its prior high on April 27, 2023, about six and a half months after the low. Its worst quarter was a 9.01% loss in the three months ended June 30, 2022. The buffer can soften losses, but it does not prevent them.