At a glance
UJUL charges 0.79% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $292.4M in assets, the 8th largest of that group. Over the past year it returned +8.3% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds; over three years it returned +14.7% a year. At its worst it fell 10.7% 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 U.S. Equity Ultra Buffer ETF - July (UJUL) is a buffered, or "defined outcome," fund. It holds an S&P 500 ETF plus FLEX options that reshape returns over a one-year period starting each July 1. For the period ending June 30, 2026, it aimed to absorb S&P 500 ETF losses between 5% and 35%, with gains capped at 11.50% before fees. Its 0.79% expense ratio was the lowest of eight buffer funds compared.
Price history
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UJUL +8.3% 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 | |
|---|---|---|---|---|---|---|
| UJUL official prospectus, to Dec 31, 2024 | — | +12.29% | — | +7.98% | — | +6.93% |
| UJUL price data to Oct 27, 2026 | +7.5% | +8.3% | +14.7% | +8.8% | — | +8.3% |
- Over the year to Oct 27, 2026, UJUL returned +8.3%, 8th of 8 among similar funds.
- Its 5-year annualized return was +8.8%.
- Its worst full calendar year was 2022 (-7.0%); its best was 2023 (+17.6%).
- The deepest fall in its price history was 11.4% (Feb 19, 2025 to Apr 8, 2025), recovered by Jun 6, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +7.5% | — |
| 2025 | +12.3% | +12.29% |
| 2024 | +13.8% | +13.97% |
| 2023 | +17.6% | +17.78% |
| 2022 | -7.0% | -6.74% |
| 2021 | +4.6% | +4.43% |
| 2020 | — | +4.68% |
| 2019 | — | +12.74% |
| 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 | Not in the price data, which starts Jun 2, 2020 |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 10.7% over that stretch · deepest drop along the way 10.7%, back to its old high 7.2 months after the low |
Dividends and income
No distribution history is available for this fund.
Distributions through Oct 27, 2026.What's inside
As of Jul 31, 2026, the fund held 1 securities; the ten largest made up 98.4% of assets.
| Fund held | Weight | |
|---|---|---|
| Vanguard S&P 500 ETF | 98.40% |
By country
United States 98.4%By asset type
Stocks 98.4%What changed recently
- Over the three months to Jul 31, 2026, investors added a net $145.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.17%, +0.39%, +0.19%.
How it works
UJUL does not pick stocks. Under normal conditions it puts at least 80% of net assets into investments tied to an S&P 500 ETF. Its prospectus, filed February 27, 2026, names the SPDR S&P 500 ETF Trust as that underlying fund. Its July 31, 2026 holdings report showed 98.4% in the Vanguard S&P 500 ETF (VOO) plus five FLEX options on VOO. FLEX options are exchange-listed options whose strike prices and expiration dates can be customized. Innovator Capital Management is the adviser, and Milliman Financial Risk Management is the sub-adviser.
The options create preset outcomes over a one-year "outcome period." For July 1, 2025 to June 30, 2026, gains were capped at 11.50% before fees, or 10.71% after the 0.79% fee. Shareholders bear the first 5% of losses. The fund seeks to absorb losses from 5% to 35%, and anything beyond 35% passes through one-for-one. In the prospectus example, a 20% drop in the underlying ETF means a 5% fund loss, and a 50% drop means a 20% loss, before fees.
At the end of each period the options expire, the fund reinvests in new options that run about a year, and a new cap is set. The stated outcomes apply only to holders who stay for the full period, measured at net asset value. They are not guaranteed.
What it really costs
- UJUL 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 |
|---|---|---|---|---|
| UJUL | $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.
- Invests in other funds rather than directly in stocks or bonds, so its holdings are those funds.
In a retirement portfolio
It trades away part of the S&P 500's upside for a buffer that, in its history, has kept its declines much smaller than a plain stock fund's.
UJUL offers S&P 500 exposure with smaller swings. In the 2022 bear market it fell 10.7% from its March 29 peak to the October 12 low. It recovered by May 18, 2023, about seven months later. Its worst calendar year was 2022, at -6.74%. Its deepest drop, 11.4% in early 2025, recovered in about two months. It launched in 2018, so it has no 2008 record.
For someone who may need to draw cash in a bad year, milder declines may help. But the full buffer applies only to shares held through an entire July-to-June period. The fund paid no distributions in the year to October 27, 2026. It costs 0.79%, about $81 in the first year on $10,000 in the SEC's standard example. 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
- People in or near retirement wanting S&P 500 exposure, held mainly through Vanguard S&P 500 ETF, with a buffer against losses between 5% and 35%.
- Investors seeking calmer returns: volatility (how much returns swing) was 5.4% over the year to October 27, 2026; the fund lost 6.74% in 2022.
- Buffer-fund shoppers watching fees: the 0.79% expense ratio ties Innovator's PJAN and PDEC for lowest among similar funds, below the 0.86% peer average.
Look elsewhere if
- Retirees needing regular income: the fund paid no distributions in the year to October 27, 2026, so withdrawals would mean selling shares.
- Investors wanting full stock gains: the cap limits upside, and the 8.3% one-year return to October 27, 2026, ranked last among eight buffer funds.
- Investors who may buy or sell mid-year: the buffer and cap apply only to shares held from July 1 through June 30.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| UJUL this fund | 0.79% | $292.4M | +8.3% | +14.7% |
| 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
Is UJUL good for retirement?
UJUL may suit retirees who would rather have smaller swings than full stock-market gains. Its worst calendar year was 2022, at -6.74%. Its deepest drop was 11.4% in early 2025, and it recovered in about two months. The trade-off is a cap on gains: for July 2025 to June 2026 it was 11.50% before fees. It paid no distributions in the year to October 27, 2026, and losses beyond 35% are not buffered.
How does the UJUL ultra buffer work?
Over each one-year outcome period, UJUL uses FLEX options to try to absorb S&P 500 ETF losses between 5% and 35%. Shareholders take the first 5% of losses and any losses beyond 35%. In exchange, gains are capped. For July 1, 2025 to June 30, 2026, the cap was 11.50% before fees, or 10.71% after the 0.79% fee. In the prospectus example, a 20% drop in the underlying ETF means a 5% fund loss before fees.
What happens if you invest in UJUL after July 1?
Your results may differ a lot from the stated cap and buffer. Those outcomes apply only to shareholders who hold from the first day of the outcome period to its last, measured at net asset value. Someone who invests mid-period starts from a different price, so their remaining buffer and upside may be larger or smaller. Innovator posts updated figures daily at innovatoretfs.com/ujul. When each period ends, the fund rolls into new options with a fresh cap.
Does UJUL pay dividends?
No. UJUL made no distributions in the year to October 27, 2026, and its trailing yield was 0%. Its return comes from changes in its share price, which are driven by its S&P 500 ETF holding and its options. That makes it a poor fit for anyone counting on regular cash payments. Investors who need income from it would have to raise cash by parting with shares.
UJUL vs PJAN: what's the difference?
Both are Innovator U.S. equity buffer ETFs with the same 0.79% expense ratio. UJUL is an "ultra" buffer fund that resets each July and targets losses between 5% and 35%. PJAN is a "Power Buffer" fund on a January schedule, with its own cap and buffer terms. PJAN is far larger: about $1.4 billion versus about $292 million as of July 31, 2026. It returned 10.5% over one year versus UJUL's 8.3% as of October 27, 2026.