At a glance
ZJUL charges 0.79% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $183.9M in assets, the 8th largest of that group. Over the past year it returned +5.1% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds.
The short version
Innovator Equity Defined Protection ETF - 1 Yr July (ZJUL) uses an S&P 500 ETF plus FLEX options to protect against 100% of that ETF's losses over each one-year period starting July 1, in exchange for a capped gain. As of July 31, 2026, it held the Vanguard S&P 500 ETF. For the period ending June 30, 2026, the cap was 7.00% before fees. Its 0.79% expense ratio is below the 0.86% average of similar buffer funds.
Price history
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ZJUL +5.1% 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 | |
|---|---|---|---|---|---|---|
| ZJUL official prospectus, to Dec 31, 2024 | — | +7.47% | — | — | — | +7.97% |
| ZJUL price data to Oct 27, 2026 | +4.6% | +5.1% | — | — | — | +7.0% |
- Over the year to Oct 27, 2026, ZJUL returned +5.1%, 8th of 8 among similar funds.
- Its worst full calendar year was 2025 (+7.5%); its best was 2025 (+7.5%).
- The deepest fall in its price history was 5.5% (Feb 19, 2025 to Apr 8, 2025), recovered by May 13, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +4.6% | — |
| 2025 | +7.5% | +7.47% |
| 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 |
What's inside
As of Jul 31, 2026, the fund held 1 securities; the ten largest made up 98.25% of assets.
| Fund held | Weight | |
|---|---|---|
| Vanguard S&P 500 ETF | 98.25% |
By country
United States 98.25%By asset type
Stocks 98.25%What changed recently
- Over the three months to Jul 31, 2026, investors added a net $51.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.61%, +0.31%, +0.33%.
How it works
ZJUL is a "defined outcome" fund, not an index fund. Over a one-year "outcome period" that starts each July 1, it aims to match the return of an S&P 500 ETF up to a cap, while shielding holders from 100% of that ETF's losses. Both figures are before fees. The prospectus filed February 27, 2026 covers July 1, 2025 to June 30, 2026, with the SPDR S&P 500 ETF Trust as the underlying fund. It set a 7.00% cap, which works out to 6.21% after the 0.79% fee, and a net buffer of 99.21%. By July 31, 2026, the fund held the Vanguard S&P 500 ETF (VOO) at 98.25% of assets, plus four option positions on VOO.
FLEX options are exchange-traded options whose strike prices and expiration dates can be customized. The fund combines bought and sold options so that the gains it gives up above the cap pay for the loss protection. When a period ends, the options settle in cash. The fund then buys a new set expiring about a year later, and a new cap is set on the first day of the period. Innovator is the adviser and Milliman is the sub-adviser.
These outcomes apply only to shareholders who hold for the full period. If you invest after July 1 or exit early, your results may be very different. The share price also moves during the period: it fell 5.5% in early 2025. There is no guarantee.
What it really costs
- ZJUL 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 |
|---|---|---|---|---|
| ZJUL | $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 is designed to give up most stock-market gains in exchange for protection against S&P 500 losses over each one-year period.
ZJUL launched in July 2024, so it has no record from the 2008, 2020 or 2022 downturns. Its only full calendar year, 2025, returned 7.47%. Its deepest drop was 5.5%, from February 19 to April 8, 2025, and it recovered by May 13, 2025, about a month later. The point for retirees: the 100% buffer applies at the end of the outcome period. Someone who needs to cash out shares in the middle of a bad stretch could get less than the buffer suggests. The fund recorded no distributions, so it does not provide income. Costs come to $81 in the first year and $978 over ten years on a $10,000 investment, under the SEC's standard example. Past results don't predict future returns, and a retirement plan works best when it looks at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want S&P 500 exposure with protection against 100% of losses over each July-to-June period, and who accept a low cap on gains.
- Holders who can invest near July 1 and stay in for the full one-year outcome period, when the buffer and cap fully apply.
- Cost-conscious buffer-fund shoppers: its 0.79% expense ratio ties for lowest among eight similar defined-outcome funds.
Look elsewhere if
- People seeking regular income: the fund recorded no distributions.
- Investors who want more of the stock market's upside: its 5.1% one-year return ranked last of eight similar buffer funds as of October 27, 2026.
- Anyone needing a long track record: it launched in July 2024 and was the smallest of its peer group, with $184 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 |
|---|---|---|---|---|
| ZJUL this fund | 0.79% | $183.9M | +5.1% | — |
| 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
Can you lose money in ZJUL?
Yes. The fund aims to buffer 100% of its underlying S&P 500 ETF's losses, but only for shareholders who hold for the full one-year outcome period, and only before fees. After the 0.79% fee, the net buffer was 99.21%. The share price also moves during the period: it fell 5.5% between February and April 2025. The fund is not a bank deposit, is not FDIC-insured, and the prospectus says there's no guarantee the strategy will work.
What is the upside cap on ZJUL?
For the outcome period from July 1, 2025 to June 30, 2026, the cap was 7.00% before fees, or 6.21% after the 0.79% management fee. That is the most a shareholder could earn over the full period, however much the S&P 500 rose. A new cap is set on the first day of each period starting July 1, and Innovator posts the updated figures daily at innovatoretfs.com/zjul.
Does ZJUL pay dividends?
No distributions are on record for ZJUL. The fund holds an S&P 500 ETF, but its return comes from the combined value of that ETF and its FLEX options over each outcome period, not from regular income payments. Investors looking for cash flow from their holdings may want to compare it with funds built for income. ZJUL is designed to protect principal against losses while offering a limited share of stock-market gains.
ZJUL vs PJAN: what's the difference?
Both are Innovator defined-outcome funds that charge 0.79%, but their buffer and cap terms differ, and PJAN's outcome period resets in January rather than July. ZJUL aims to buffer 100% of losses in exchange for a low cap. PJAN returned 10.5% over one year, compared with 5.1% for ZJUL, as of October 27, 2026. PJAN is also much larger, with $1.4 billion in net assets versus ZJUL's $184 million as of July 31, 2026.
What happens if you invest in ZJUL after July 1?
You may get very different results from the stated cap and buffer. Those outcomes apply only to shareholders who hold from the first day of the outcome period to the last. If you come in mid-period, the remaining upside and protection depend on how the S&P 500 and the fund's options have moved since July 1. Innovator publishes the remaining figures daily on the fund's website. Gaps between the market price and net asset value can also affect your results.