At a glance
TJUL charges 0.79% a year. It has $168.7M in assets. Over the past year it returned +4.1% with distributions reinvested (S&P 500: +11.5%); over three years it returned +8.4% a year.
The short version
Innovator Equity Defined Protection ETF - 2 Yr to July 2025 (TJUL) is an options-based fund from Innovator. As its name says, it aims to protect against stock-market losses over a two-year period ending July 2025, and in return it limits how much of the market's gains it captures. It charges a 0.79% expense ratio and has moved far less than stocks: its one-year beta was 0.18 as of October 27, 2026.
Price history
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TJUL +4.1% 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 | |
|---|---|---|---|---|---|---|
| TJUL price data to Oct 27, 2026 | +4.0% | +4.1% | +8.4% | — | — | +6.6% |
- Over the year to Oct 27, 2026, TJUL returned +4.1%.
- Its worst full calendar year was 2025 (+6.5%); its best was 2024 (+8.2%).
- The deepest fall in its price history was 4.6% (Feb 19, 2025 to Apr 8, 2025), recovered by May 8, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +4.0% |
| 2025 | +6.5% |
| 2024 | +8.2% |
| 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 |
How it works
The fund's prospectus was not available for this review. TJUL also did not appear in SEC ticker files, which can mean a fund was renamed, closed or is not SEC-registered. So this section describes how defined protection ETFs generally work, based on the fund's name, and not this fund's exact terms.
A fund like this usually does not hold a basket of stocks. It holds a set of options tied to a stock index or an index ETF. An option is a contract that gives the right to buy or sell an asset at a set price by a set date. Together, the options aim to pass along the index's gains up to a ceiling, called a cap, and to protect against the index's losses over a fixed outcome period. For TJUL, the name gives that period as two years ending July 2025. The protection and the cap usually apply before fees, and only to investors who buy on the first day of the period and hold to the last.
Investors who buy partway through may get more or less protection and room for gains than the stated terms. Because the fund holds options rather than shares, it generally does not collect the stocks' dividends. When a period ends, funds like this typically either start a new period with new options and a new cap, or close. Innovator's own documents show what happened with TJUL.
What it really costs
- TJUL charges 0.79% a year.
In a retirement portfolio
The fund trades away some stock-market gains for limits on losses, and it has moved only a small fraction as much as stocks.
TJUL launched July 18, 2023, so it did not exist during the 2008, 2020 or 2022 downturns. Its deepest drop was 4.6%, from February 19 to April 8, 2025. It had recovered by May 8, 2025, about a month later. Even its weakest calendar year, 2025, was a gain of 6.55%. Its one-year volatility was 2.7% as of October 27, 2026. So far, a retiree who sold shares in a rough stretch would not have locked in large losses. However, the fund's protection is tied to its outcome period, and it has never faced a long bear market.
No distributions are recorded, so it is not an income source. Its 0.79% expense ratio is higher than many plain stock index funds charge. Past results don't predict future ones, and a retirement plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want some stock exposure with limited losses and accept capped gains; the fund's deepest drop was 4.6% through October 27, 2026.
- People who value small price swings: one-year volatility was 2.7% and beta was 0.18 as of October 27, 2026.
- Investors willing to check Innovator's current outcome period, cap and protection terms, because the period named in the fund's title ended July 2025.
Look elsewhere if
- Investors who need regular income, since no distributions are recorded for this fund.
- Cost-conscious investors: the 0.79% expense ratio is higher than many plain stock index funds charge.
- Investors who want the stock market's full gains, because caps limit upside; the three-year annualized return was 8.4% as of October 27, 2026.
Close alternatives
Matched by legacy category (no holdings report for this fund).
No close alternatives found.
Questions investors ask
Does TJUL pay dividends?
No. No distributions are recorded for TJUL. That is common for defined protection funds. They usually hold options on an index rather than the stocks themselves, so they generally don't collect or pass along the stocks' dividends. Any gain shows up in the share price instead. Investors who rely on regular cash payouts may find that a fund like this does little for their income needs.
What happened to TJUL after July 2025?
The available information doesn't say. The fund's name ties it to a two-year outcome period ending July 2025. Funds like this typically either start a new period with new terms or close. The TJUL ticker also did not appear in SEC ticker files, which can point to a renaming, a closure or a lack of SEC registration. Price data runs through October 27, 2026. Innovator's documents show the fund's status and terms.
Is TJUL safe for retirement savings?
No fund is risk-free, but TJUL has been very steady. Its deepest drop was 4.6%, from February 19 to April 8, 2025, and it recovered in about a month. Its weakest calendar year, 2025, was still a 6.55% gain. However, the fund launched in July 2023 and has never been through a long bear market. Its protection also applies fully only to those who hold for a whole outcome period.
What is TJUL's expense ratio?
TJUL's expense ratio is 0.79%. That is the share of assets taken each year to run the fund, and it comes out of returns. The figure is higher than many plain stock index funds charge, which reflects the cost of building the options package behind its protection and cap. The fund reported net assets of about $168.7 million.
How does TJUL compare with a regular stock index fund?
TJUL is far calmer but gives up some upside. Its one-year beta was 0.18 as of October 27, 2026, so it moved only a small fraction as much as the stock market. It returned 8.4% a year over three years and 4.1% over one year. Caps limit its gains in strong markets, it pays no recorded distributions, and its 0.79% expense ratio is higher than many plain index funds charge.