Innovator Emerging Markets Power Buffer ETF - July (EJUL) is an exchange-traded fund that seeks to track the price return of the iShares MSCI Emerging Markets ETF (EEM), which provides exposure to the MSCI Emerging Markets Index, up to a predetermined cap while buffering investors against the first 15% of losses over a one-year outcome period before fees and expenses; the fund employs a defined outcome strategy utilizing FLEX Options, customizable exchange-traded option contracts guaranteed by the Options Clearing Corporation, including purchased and sold call and put options on EEM; it rebalances annually, can be held indefinitely with resetting outcome periods, and lists on NYSE Arca with an expense ratio of 0.89% and net assets of approximately $150.62 million as of September 30, 2025.
Launched on June 28, 2019, EJUL operates as a series of Innovator ETFs Trust, managed by Innovator Capital Management, LLC, an investment advisory firm founded in 2017 and headquartered in Wheaton, Illinois, which pioneered defined outcome ETFs and oversees a broad suite of buffer, income, and growth strategies across more than 150 ETFs with $28 billion in assets under supervision as of September 30, 2025.
The ETF targets investors seeking emerging markets equity exposure with downside protection, drawing on large-cap blend style across global emerging markets including countries represented in the MSCI Emerging Markets Index; it appeals to financial advisors, institutions, and retail investors prioritizing risk-managed outcomes amid market volatility.
In a major strategic development announced on December 1, 2025, Innovator Capital Management entered into a definitive agreement to be acquired by The Goldman Sachs Group, Inc. for approximately $2 billion in a cash-and-stock transaction expected to close in the second quarter of 2026, significantly expanding Goldman Sachs Asset & Wealth Management's active ETF offerings to over 215 strategies and more than $75 billion in assets while bolstering its position in the rapidly growing defined outcome ETF category.