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Launched · SEC filings

Innovator Equity Defined Protection ETF

TJULCboeInnovatorC

$30.70−0.06 (−0.20%)

At close: Nov 2, 2026, 4:00 PM ET

C44/ 100

Rank 23 of 39 in S&P 500 Full Protection

C44/100Rank 23 of 39inS&P 500 Full Protection
Intraday session: down, 75 prints from 30.76 to 30.70. Range 30.70 to 30.77. Use the arrow keys to read each point.30.7230.7410 AM12 PM2 PM4 PM
Expense ratio
0.79%
Fund size
$114M
1Y total return
+4.6%
Yield · Last 12 months
No data
Holdings
3
Avg volume · 30D
12.4K sh
52W range
low $29.16high $30.88
Launched
Filings
SEC EDGAR

The ETF.net TJUL Grade

Based on 4 of 6 pillars

C

Score 44 out of 100

Category
S&P 500 Full Protection⁠
Rank
23 of 39
Six-pillar profile for TJUL. Scores out of 100: Cost 21, Risk 52, Mission not scored, Tradability 68, Holdings not scored, Durability 91. Strongest: Durability (91). Weakest: Cost (21). Based on 4 of 6 pillars.

Score 44 of 100 falls in the C band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    F21 out of 100
    Rank 23 of 39

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    C52 out of 100
    Rank 13 of 39

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    B68 out of 100
    Rank 11 of 39

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    Not scored

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    A91 out of 100
    Rank 1 of 39

Our read on TJUL

ETF.net Research

In short

CTJUL is the S&P 500 with a full airbag: a 100% downside buffer across a two-year outcome period, paid for with a hard ceiling on the upside. Total protection, not the usual thin slice, is the entire pitch.

Stated mandate

The Fund seeks to track the return of SPDR S&P 500 ETF Trust over the outcome period, subject to a maximum return cap and a 100% downside buffer before fees and expenses.

Why people hold it

  • The buffer goes all the way: the fund aims to absorb 100% of a decline in its S&P 500 reference over the outcome period, before fees and expenses.
  • Upside stays equity shaped. It tracks the SPDR S&P 500 ETF Trust (SPY) over the period up to a cap, so gains follow stocks rather than a fixed rate.
  • Long runway, clear terms: outcome periods run two years, with a new cap set at each reset, so the trade-off is spelled out in the fund's documents before the clock starts.
  • A registered 1940 Act fund holding an options-based defined outcome strategy, so the protection arrives inside a standard ETF wrapper rather than a note or annuity.

Worth knowing

  • Costs 0.79% a year, above the 0.69% charged by the Calamos protection series (CPSJ, CPSM), and the 100% buffer is measured before fees and expenses.
  • The cap is the price of the floor: strong S&P 500 stretches get trimmed at the ceiling, and buying mid-period leaves you with different terms than the stated cap and buffer.
  • Smaller and thinly traded next to plain index ETFs, so bid-ask spreads can widen in fast markets.

TJUL Performance

Launched Jul 18, 2023

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

Not enough history yet.Not enough history yet.
TJUL$10,459
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. TJUL $10,459. SPY $11,199. Use the arrow keys to read each point.$10,000$11,000Oct 2025Apr 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 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 TJUL. Periods over one year show the average yearly return.
PeriodTJUL
Year to date+4.0%
1 month+0.3%
3 months+1.4%
1 year+4.6%
3 yearsper year+8.2%
5 yearsFund is under 5 years oldper yearNo data
10 yearsFund is under 10 years oldper yearNo data

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 TJUL
YearReturn barTJUL
2026 YTD+4.0%
2025+6.6%
2024+8.2%
2023+3.1%

Since listing, Jul 18, 2023

TJUL in the news

TJUL Dividends

This fund pays no distributions.
No dataLast 12 months
Payout per share
No dataLast 12 months

No distributions in the last 12 months.

TJUL Risk

Risk pillarC52 out of 100Rank 13 of 39 in S&P 500 Full Protection
How much the fund’s monthly returns vary, scaled to a year.
3.1%
Annualised · 36 months to Oct 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.
1.17
vs 3-month T-bills · to Oct 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.
−4.6%
39 months · 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.
0.24
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.

FMP measures it over up to five years of monthly returns.

TJUL Cost

Compare TJUL and CPSL

Overpaying vs CPSL, cheapest in S&P 500 Full Protection

$13,068

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • TJUL 0.79%

    $15,174

  • CPSL 0.10% Cheapest

    $2,106

$10,000
30 years

Cost over time

  • TJUL 0.79%
  • CPSL 0.10%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530TJUL $15,174CPSL $2,106

Year by year

YearTJULCPSLOverpaying
10$1,405$183$1,222
20$5,331$717$4,614
30$15,174$2,106$13,068

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