At a glance
PJUL charges 0.79% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $1.25B in assets, the 7th largest of that group. Over the past year it returned +8.6% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds; over three years it returned +14.9% a year. At its worst it fell 18.2% in the 2020 crash (S&P 500: 33.7%) and 8.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 2 months and 4 months after the lows.
The short version
Innovator U.S. Equity Power Buffer ETF - July (PJUL) uses FLEX Options, which are customizable exchange-listed options, on the SPDR S&P 500 ETF Trust (SPY). Over each July-to-June outcome period, it aims to match SPY's return up to a cap while absorbing the first 15% of losses. At 0.79% a year, it was the cheapest of eight buffer funds compared. However, its 8.6% one-year return to October 27, 2026 ranked last of the eight.
Price history
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PJUL +8.6% 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 | |
|---|---|---|---|---|---|---|
| PJUL official prospectus, to Dec 31, 2024 | — | +12.83% | — | +10.02% | — | +8.76% |
| PJUL price data to Oct 27, 2026 | +7.7% | +8.6% | +14.9% | +10.5% | — | +8.9% |
- Over the year to Oct 27, 2026, PJUL returned +8.6%, 8th of 8 among similar funds.
- Its 5-year annualized return was +10.5%.
- In the 2020 COVID crash it fell 18.2% and regained its old high 2.4 months after the low.
- Its worst full calendar year was 2022 (-2.1%); its best was 2023 (+19.9%).
- The deepest fall in its price history was 18.2% (Feb 19, 2020 to Mar 23, 2020), recovered by Jun 5, 2020.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +7.7% | — |
| 2025 | +12.8% | +12.83% |
| 2024 | +13.8% | +13.88% |
| 2023 | +19.9% | +20.04% |
| 2022 | -2.1% | -2.07% |
| 2021 | +7.2% | +6.70% |
| 2020 | +7.5% | +7.51% |
| 2019 | +12.5% | +12.88% |
| 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 18.2% over that stretch · deepest drop along the way 18.2%, back to its old high 2.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 7.3% over that stretch · deepest drop along the way 8.3%, back to its old high 3.9 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2019 | $0.2200 |
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 $227.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.20%, +0.38%, +0.33%.
How it works
PJUL does not pick stocks. It puts at least 80% of its net assets into investments that track the SPDR S&P 500 ETF Trust (SPY), which follows the S&P 500. In practice, that means FLEX Options on SPY. As of July 31, 2026, four option positions made up 99.76% of assets, with 0.59% in cash. Innovator Capital Management is the adviser and Milliman Financial Risk Management is the sub-adviser. Portfolio turnover was 0%.
Each outcome period runs from July 1 to June 30. The cap is set on the first day of each period. For the July 1, 2025 to June 30, 2026 period, the cap was 12.09% before fees, or 11.30% after the 0.79% fee. The buffer covers the first 15% of SPY losses (14.21% after fees). Holders absorb any further losses one-for-one. In the prospectus examples, a 20% SPY drop means about a 5% fund loss, and a 50% drop means about 35%.
At the end of each period, the options settle in cash. The fund then buys new options that expire about a year later, with a new cap. These results apply only to shares held for the whole period. Buying after July 1 or selling before June 30 can produce very different returns. The issuer's website (innovatoretfs.com/pjul) updates the remaining cap and buffer daily. The fund is non-diversified and, through the S&P 500, heavily exposed to technology stocks.
What it really costs
- PJUL 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 |
|---|---|---|---|---|
| PJUL | $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 trades some of the S&P 500's upside for a 15% buffer against losses over each July-to-June period, which has made for a smoother ride than owning stocks outright.
PJUL may soften swings in a portfolio's stock holdings. As of October 27, 2026, its one-year volatility was 5.5% and its beta was 0.4, meaning it moved less than half as much as the market. Its worst calendar year was 2022, a 2.07% loss. The buffer only applies over a full period, though. In the 2020 COVID crash, shares fell 18.2% between February 19 and March 23 before recovering by June 5. In the 2022 bear market, the deepest drop was 8.3%, recovered in 3.9 months. Anyone selling mid-drop could still lock in losses. It paid no distributions in the last year, so cash for spending would have to come from selling shares. The SEC example puts costs at $81 for the first year on $10,000. The fund launched in 2018, so it has no record from 2008. Past results don't predict the future. A plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Retirees who want S&P 500 exposure with a 15% buffer against losses over each July-to-June period, and who accept capped gains.
- Investors who can buy near July 1 and hold until June 30, when the cap and buffer work as designed.
- Cost-conscious buffer buyers: its 0.79% expense ratio was the lowest of eight buffer funds compared, against a 0.86% average.
Look elsewhere if
- Anyone who needs regular income: PJUL paid no distributions in the year to October 27, 2026.
- Investors who want the S&P 500's full upside. The 2025–26 cap was 12.09% before fees, and any gains above it are lost.
- People who would rather not time their purchase. A laddered fund such as BUFR spreads across start dates, though it costs 0.95%.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| PJUL this fund | 0.79% | $1.25B | +8.6% | +14.9% |
| 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 PJUL pay dividends?
No. PJUL paid no distributions in the year to October 27, 2026, and its trailing yield was 0%. Its return comes from changes in the value of its FLEX Options on the SPDR S&P 500 ETF Trust, not from passing on income. Investors who want regular cash from this fund would need to sell shares. That may matter for retirees who rely on portfolio income.
What is PJUL's upside cap?
The cap resets every July 1. For the July 1, 2025 to June 30, 2026 outcome period, it was 12.09% before fees, or 11.30% after the 0.79% management fee. That was the most a holder could earn over the full period. A new cap is set when each period starts. The issuer's website, innovatoretfs.com/pjul, shows the remaining cap and buffer daily. Mid-period buyers face a different effective cap.
What's the difference between PJUL and PJAN?
Both are Innovator U.S. Equity Power Buffer ETFs that use options on SPY, and both charge 0.79%. The main difference is the start date. PJUL's outcome period begins in July and PJAN's in January, so their caps and results differ. As of October 27, 2026, PJUL returned 8.6% over one year against PJAN's 10.5%. Over three years, they were close: 14.9% versus 14.8% a year.
Can you lose money in PJUL?
Yes. The buffer covers only the first 15% of SPY losses over a full July-to-June period. Holders bear any losses beyond that one-for-one. The buffer is also not guaranteed. Shares bought or sold mid-period can fall further: in the 2020 COVID crash, PJUL dropped 18.2% from February 19 to March 23, 2020. It recovered by June 5. Its worst calendar year was 2022, a 2.07% loss.
Is PJUL good for retirement?
It may suit retirees who want stock exposure with a cushion against moderate losses and who accept capped gains. Its 2022 loss was just 2.07%, and its one-year volatility was 5.5% as of October 27, 2026. Drawbacks include no income, upside limited by a cap that resets yearly, and results that depend on when shares are bought. Under the SEC example, costs total $978 over ten years on $10,000.