At a glance
QTJL charges 0.79% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $19.1M in assets, the 8th largest of that group. Over the past year it returned +9.8% with distributions reinvested (S&P 500: +11.5%), 7th of those 8 funds; over three years it returned +21.4% a year. At its worst it fell 32.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 15 months after the low.
The short version
Innovator Growth Accelerated Plus ETF - July (QTJL) uses options on the Invesco QQQ Trust, which tracks the Nasdaq-100 Index, to seek three times QQQ's gains up to a cap over each one-year period starting in July, while taking roughly the same losses. Unlike most option-based “defined-outcome” funds, it has no buffer to cushion declines. Its 0.79% annual fee is below the 0.86% average of the buffer funds it is compared with.
Price history
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QTJL +9.8% 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 | |
|---|---|---|---|---|---|---|
| QTJL official prospectus, to Dec 31, 2024 | — | +20.95% | — | — | — | +10.07% |
| QTJL price data to Oct 27, 2026 | +8.7% | +9.8% | +21.4% | +9.4% | — | +10.0% |
- Over the year to Oct 27, 2026, QTJL returned +9.8%, 7th of 8 among similar funds.
- Its 5-year annualized return was +9.4%.
- Its worst full calendar year was 2022 (-30.2%); its best was 2023 (+42.4%).
- The deepest fall in its price history was 33.4% (Dec 27, 2021 to Oct 14, 2022), recovered by Jan 19, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +8.7% | — |
| 2025 | +21.1% | +20.95% |
| 2024 | +16.5% | +16.46% |
| 2023 | +42.4% | +42.34% |
| 2022 | -30.2% | -30.26% |
| 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 32.7% over that stretch · deepest drop along the way 32.8%, back to its old high 15.3 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 withdrew a net $7.2M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.33%, +0.38%, -4.85%.
How it works
QTJL puts at least 80% of net assets into investments tied to the Invesco QQQ Trust, an ETF tracking the Nasdaq-100 Index of the largest US and international nonfinancial companies on the Nasdaq Stock Market. It uses FLEX options, exchange-traded options with customized terms. As of July 31, 2026, three FLEX call options on QQQ (rights to buy at set prices) made up 99.8% of assets. A call with a very low strike price (97.5%) tracks QQQ almost one-for-one, while bought calls (15.5%) and sold higher-strike calls (-13.2%) add extra upside and set the cap.
Results are set over one-year “outcome periods.” For July 1, 2025, through June 30, 2026, the fund sought three times QQQ's gain, capped at 18.99% before fees, or 18.20% after its 0.79% management fee. Before fees, a 5% QQQ rise would yield 15%; a 10% rise already hits the cap. There is no buffer to cushion losses: a 20% QQQ drop means roughly a 20% fund drop.
When a period ends, the fund cashes out its expiring options, buys new ones expiring about a year later, and sets a new cap. Outcomes apply only to shareholders holding the whole period; buying partway through, or at a market price above or below the value of the fund's holdings, can give very different results.
What it really costs
- QTJL 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 |
|---|---|---|---|---|
| QTJL | $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 takes roughly the full losses of a concentrated Nasdaq-100 fund, caps gains, pays no income and is small, so it fits better as a modest add-on than a foundation.
QTJL offers extra upside when the Nasdaq-100 rises modestly but no cushion when it falls. Launched in June 2021, it missed the 2008 and 2020 crashes. It fell 32.8% in the 2022 bear market and lost 30.26% in calendar 2022, its worst year. Its deepest drop, 33.4% from December 27, 2021, to October 14, 2022, wasn't recovered until January 19, 2024, about 15 months after the low. Anyone selling shares to cover spending during that stretch would have locked in steep losses.
The fund has no record of paying distributions, so any spending cash would have to come from selling shares. Its 0.79% expense ratio is below the 0.86% peer average; under the SEC's standard example, $10,000 would incur $81 in costs over one year and $978 over 10 years. Past results don't predict future returns, and a plan should weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors expecting modest Nasdaq-100 gains who want triple QQQ's rise up to a cap, which was 18.99% before fees for July 2025–June 2026.
- Investors who can enter near the start of a July outcome period and hold to its end, as the stated outcomes require.
- Cost-conscious defined-outcome investors: its 0.79% expense ratio ties for lowest among the eight funds compared, below the 0.86% peer average.
Look elsewhere if
- Anyone wanting downside protection: unlike buffer funds such as PJAN or BUFR, it absorbs roughly QQQ's full losses, as its 30.26% drop in 2022 showed.
- Retirees who need income: the fund has no record of paying distributions, so spending cash would have to come from selling shares.
- Those wanting broad diversification or a large fund: it is non-diversified, tied to the Nasdaq-100, and held $19.1 million as of July 31, 2026.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| QTJL this fund | 0.79% | $19.1M | +9.8% | +21.4% |
| 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 QTJL protect against losses?
No. Although it uses a defined-outcome strategy, QTJL has no buffer. Its prospectus says that if the Invesco QQQ Trust falls over an outcome period, the fund aims to fall by about the same amount, so a 20% QQQ drop means roughly a 20% fund drop before fees. That showed in 2022, when the fund lost 30.26%. Its trade-off is extra upside, not downside protection.
How does QTJL's 3x upside and cap work?
QTJL aims to triple QQQ's gain over a one-year outcome period, up to a cap. For July 1, 2025, through June 30, 2026, the cap was 18.99% before fees, or 18.20% after the 0.79% management fee. Before fees, a 5% QQQ gain would produce 15%, and a 10% gain already reaches the cap. A new cap is set on the first day of each period. It is not a daily-reset leveraged ETF; the tripling applies only over the full period.
What happens if I invest in QTJL after the outcome period starts?
Results can differ sharply from the stated outcomes. The tripled upside and the cap apply only to shareholders who hold from the first day of an outcome period to its last. Someone investing partway through starts at a different price, so the upside left before the cap can be very different. Shares also trade at market prices that can drift from the fund's net asset value. Innovator posts updated outcome figures daily at innovatoretfs.com/qtjl.
Does QTJL pay dividends?
No. The fund has no record of paying distributions. It holds call options on QQQ rather than the Nasdaq-100 stocks themselves, so its return comes from changes in the options' value, not from income. Retirees who need regular cash would have to sell shares, which can hurt after a drop like the fund's 33.4% decline that ended in October 2022. Investors focused on income may find funds built to pay distributions a closer fit.
QTJL vs PJAN: what's the difference?
Both are Innovator defined-outcome ETFs with a 0.79% expense ratio, but they make different trade-offs, so PJAN is not a like-for-like alternative. PJAN, the U.S. Equity Power Buffer ETF - January, uses a buffer to cushion part of a decline. QTJL is tied to the Nasdaq-100 through QQQ, has no buffer, and instead triples gains up to a cap. As of October 27, 2026, QTJL returned 21.4% a year over three years versus 14.8% for PJAN, but 9.8% over one year versus 10.5%.