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BJUL

GradeCChicago Board Options Exchange

Innovator U.S. Equity Buffer ETF

Buffered · Innovator · Inception 2018-08-29

$55.62−0.29 (−0.52%)

As of Sep 23, 2026, 3:14 PM EDT

Intraday session: down, 70 prints from 55.91 to 55.62. Range 55.57 to 55.86. Use the arrow keys to read each point.$55.70$55.8010 AM12 PM2 PM4 PM
Expense ratio
0.79%
Fund size
$357M
1Y return
+12.5%
Yield · Last 12 months
—
Holdings
6
Volume · 30D
0M sh
NAV per share
$55.32
52W range
low $48.45high $55.95

The ETF.net BJUL Grade

C

53/ 100

Rank 28 of 77 in S&P 500 Buffer 9-12%⁠

Confidence Medium

Six-pillar profile for BJUL. Scores out of 100: Cost 40, Risk 46, Mission not scored, Tradability 76, Holdings not scored, Durability 84. Strongest: Durability (84). Weakest: Cost (40). Based on 4 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 53 of 100 sits in the C band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    CScore 40
    Category rank41/77 · mid-pack

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    CScore 46
    Category rank51/73 · mid-pack

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    AScore 76
    Category rank11/77 · top 14%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    Not scored
    —

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    AScore 84
    Category rank9/77 · top 12%

Graded as of Sep 22, 2026 · Based on 4 of 6 pillars

Our read on BJUL

ETF.net Research

CRunning since 2018, BJUL keeps a July clock: it absorbs the first 9% of the reference S&P 500 ETF's losses over each 12-month outcome period, in exchange for a cap on the upside.

Stated mandate

BJUL seeks to match the return of the SPDR S&P 500 ETF Trust, subject to an upside cap, while protecting against the first 9% of losses during the annual outcome period.

Why people hold it

  1. 01The deal in one line: the first 9% of the reference S&P 500 ETF's decline is absorbed over the outcome period, and gains above a cap set at each July reset are given up.
  2. 02Live since 2018, so it carries many completed annual resets rather than a single-cycle history, which is rare in a category mostly built after it.
  3. 03Among dozens of shallow-buffer funds wrapped around the same S&P 500 ETF, this one lands in the upper half of the group on our review.

Worth knowing

  1. 01The 9% cushion and the cap belong to the full outcome period. Step in mid-period and you get whatever protection and upside room remain, not the headline terms.
  2. 02At 0.79% a year it sits right at the buffer-fund median, and relatives like ZALT (0.69%) and the laddered BUFB (0.10%) run cheaper.
  3. 03Volume is light, so spreads deserve a look before trading, and regular distributions are not part of the package; the payoff shows up in the share price.

BJUL Holdings

As of Sep 22, 2026, 10:01 PM
Asset class
Stocks
Holdings
6
Top-10 weight
104%
Largest holding
SPY 06/30/2027 7.48 C99.6%

Sectors

The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—SPY 06/30/2027 7.48 C99.59%4,752$362M1
002—SPY 06/30/2027 746.78 P3.45%4,752$13M1
003—US BANK MMDA - USBGFS 9 09/01/20371.04%3,761,477$4M161

Showing 1–3 of 3 holdings

BJUL Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

BJUL$11,251
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. BJUL $11,251. SPY $11,723. Use the arrow keys to read each point.$9,353$10,646$11,940Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for BJUL. Periods over one year show the average yearly return.
PeriodBJUL
Year to date+10.0%
1 month+0.8%
3 months+3.2%
1 year+12.5%
3 years+17.2%per year
5 years+11.8%per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for BJUL
YearReturn barBJUL
2026 YTD+10.0%
2025+13.9%
2024+18.4%
2023+21.7%
2022−7.4%
2021+10.8%
2020+9.0%

BJUL in the news

ETF.net Research hasn’t filed on BJUL yet — coverage lands here as it’s written.

BJUL Dividends

This fund pays no distributions.
—Last 12 months
Payout per share
—Last 12 months

No distributions in the last 12 months.

BJUL Risk

How much the fund’s monthly returns vary, scaled to a year.
8.8%
Annualised · 36 months to Aug 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
1.20
vs 3-month T-bills · to Aug 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−14.1%
Trough Apr 2025
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.66
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

BJUL Cost

Expense ratio0.79%
  • The middle half of S&P 500 Buffer 9-12% funds
  • Median 0.79%

33 of the 77 S&P 500 Buffer 9-12% funds charge less.

BJUL costs $79.00 a year on $10,000. The median S&P 500 Buffer 9-12% fund costs $79.00.