At a glance
XDJL charges 0.79% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $4.2M in assets, the 8th largest of that group. Over the past year it returned +0.0% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds; over three years it returned +12.8% a year. At its worst it fell 23.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 9 months after the low.
The short version
Innovator U.S. Equity Accelerated ETF - July (XDJL) holds options on the SPDR S&P 500 ETF Trust (SPY) rather than stocks. Over a full July-to-June period, it aims to double SPY's price gains up to a cap (16.40% before fees for July 2024–June 2025) while taking SPY's losses about one for one, with no buffer. It pays no dividends, costs 0.79% a year and held only $4.2 million as of April 30, 2025.
Price history
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XDJL 0.0% 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 | |
|---|---|---|---|---|---|---|
| XDJL price data to Oct 27, 2026 | 0.0% | 0.0% | +12.8% | +6.6% | — | +7.0% |
- Over the year to Oct 27, 2026, XDJL returned 0.0%, 8th of 8 among similar funds.
- Its 5-year annualized return was +6.6%.
- Its worst full calendar year was 2022 (-16.4%); its best was 2023 (+28.6%).
- The deepest fall in its price history was 23.7% (Mar 29, 2022 to Oct 12, 2022), recovered by Jul 13, 2023.
Show as a table
| Year | Price data |
|---|---|
| 2025 | +7.3% |
| 2024 | +15.7% |
| 2023 | +28.6% |
| 2022 | -16.4% |
| 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 23.6% over that stretch · deepest drop along the way 23.7%, back to its old high 9 months after the low |
What's inside
As of Apr 30, 2025, 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 Apr 30, 2025, investors withdrew a net $6.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -0.34%, -4.07%, -0.83%.
How it works
XDJL puts at least 80% of net assets into FLEX options, which are exchange-traded options with custom terms. All of them reference the SPDR S&P 500 ETF Trust (SPY), which tracks the market-weighted S&P 500 Index. That gives the fund significant information technology exposure. Each July 1 it invests in new options expiring the next June 30. That span is the "outcome period."
As of April 30, 2025, it held three option positions expiring June 30, 2025. A call (the right to purchase SPY at a set "strike" price) at $5.47 made up 96.3% of net assets. With so low a strike, it tracks SPY almost dollar for dollar. A second call at $544.22 (4.8%) adds extra gains above that price. Calls the fund wrote at $588.85 (a 1.6% liability) give away gains above that level, creating the cap. The aim is to double SPY's price gains, excluding dividends, up to the cap (16.40% before fees for July 2024–June 2025). Losses pass through about one for one, with no buffer.
These outcomes apply only to shares held for the entire period. Anyone entering or leaving midway may see very different results. Unlike leveraged ETFs, it doesn't reset daily. The Options Clearing Corporation guarantees settlement of FLEX options, but counterparty risk remains, and they can trade less easily than standard options.
What it really costs
- XDJL 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 |
|---|---|---|---|---|
| XDJL | $81 | $252 | $439 | $978 |
Structure and tax notes
- Generates much of its income from selling options (directly or through notes). That income is usually taxed as ordinary income rather than as qualified dividends, and the strategy gives up some upside in strong markets.
- 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 SPY's price losses in full while capping gains, pays no income and is very small, so it may fit only as a minor add-on to core holdings.
XDJL could add extra growth in modestly rising markets but offers no cushion in a slump. In the 2022 bear market it fell 23.7% from its March 29, 2022 high to its October 12 low. It took 9 months to recover, by July 13, 2023. Its worst calendar year was 2022, a 16.4% loss. It launched in June 2021, so it has no record from the 2008 or 2020 crashes. Because it pays no dividends, anyone drawing cash from it in a bad year would have to cash out shares at depressed prices. Costs run 0.79% a year, or $978 over 10 years on $10,000 in the SEC's standard example.
Size is another watch point: net assets were about $4.2 million as of April 30, 2025, and small funds can close. Past results don't predict future ones, and a sound plan looks at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors expecting modest S&P 500 price gains who would like them doubled, up to a cap (16.40% before fees for July 2024–June 2025).
- Holders able to enter at a July 1 start and stay through June 30, the only way to get the fund's stated outcomes.
- Cost-aware investors in defined-outcome ETFs: XDJL's 0.79% annual fee ties PJAN and PDEC for lowest among similar funds, which average 0.86%.
Look elsewhere if
- Retirees seeking income: XDJL has recorded no distributions and doesn't receive SPY's dividends; its prospectus says it isn't for income seekers.
- Those wanting downside protection: unlike buffer funds such as PJAN, XDJL takes SPY's losses one for one; it fell 23.7% peak to trough in 2022.
- Investors expecting strong S&P 500 rallies: gains stop at the cap, so in a big up period the fund can trail SPY itself.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| XDJL this fund | 0.79% | $4.2M | 0.0% | +12.8% |
| 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 XDJL protect against losses like a buffer ETF?
No. Unlike many defined-outcome ETFs, XDJL has no buffer. If SPY's share price falls over the July-to-June outcome period, holders who stay the full period take about the same loss. Instead, the fund offers twice SPY's price gains, up to a cap. In the 2022 bear market, XDJL dropped 23.7% from its March 29 high to its October 12 low. It then took 9 months to recover, by July 13, 2023.
What is XDJL's upside cap?
For the outcome period from July 1, 2024 through June 30, 2025, the cap was 16.40%, before management fees and other fees. Because the fund aims to double SPY's price gains, it reaches the cap once SPY has risen about half that much. Any further rise is given up. A new cap is set when the fund invests in fresh options at the start of each July-to-June period, so caps can differ from one period to the next.
Does XDJL pay dividends?
No. The fund has no recorded distributions. It holds options on SPY rather than SPY shares, so it doesn't collect SPY's dividends, and its targets are based only on SPY's share price. Its prospectus states that it is not an appropriate investment for income-seeking investors. Anyone needing cash from it would have to cash out shares, possibly after a decline.
What happens if I invest in XDJL partway through the outcome period?
Results can differ sharply from the stated targets. The doubled gains and the cap apply only to shares held from July 1 through June 30. Coming in later means starting from a different point: if SPY has already risen, much of the room below the cap may already be used up. Leaving before June 30 changes the outcome too.
What's the difference between XDJL and PJAN?
PJAN aims to soften losses, while XDJL aims to amplify gains. PJAN, a Power Buffer fund, uses options to limit losses within a set range in exchange for a cap on gains. XDJL has no buffer: it seeks twice SPY's price gains up to a cap and takes losses in full. Both are Innovator ETFs charging 0.79% a year, below the 0.86% average of similar defined-outcome funds. PJAN is far larger: $1.4 billion as of July 31, 2026, versus XDJL's $4.2 million as of April 30, 2025.