Innovator U.S. Equity Power Buffer ETF
PJUL
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- Innovator ETFs Trust - Innovator U.S. Equity Power Buffer ETF - July (PJUL) is an exchange-traded fund that seeks to track the price return of the SPDR S&P 500 ETF Trust (SPY), up to a predetermined cap, while providing a buffer against the first 15% of losses in SPY over a one-year outcome period ending annually in July; the fund holds FLEX Options on SPY, U.S. stocks (primarily large-cap blend), cash equivalents, and employs a defined outcome strategy as part of Innovator Capital Management, LLC's suite of Defined Outcome ETFs including buffer, income, growth, and protection strategies across equity, fixed income, and international markets. Launched on August 7, 2018, PJUL operates within the defined outcome asset class, targeting investors seeking risk-managed exposure to the U.S. large-cap equity market with approximately $1.21 billion in net assets, a 0.79% expense ratio, and daily pricing on the Cboe BZX Exchange. The fund, part of Innovator ETFs Trust headquartered at 200 W. Front Street in Wheaton, Illinois, primarily serves U.S. investors including financial advisors, institutions, and individuals focused on buffered equity strategies. Innovator Capital Management, the fund's sponsor founded in 2017 by ETF pioneers Bruce Bond and John Southard, manages over $28 billion in assets across more than 150 Defined Outcome ETFs, pioneering FLEX Options-based products distributed principally in the United States. In a pivotal strategic development announced December 1, 2025, Goldman Sachs agreed to acquire Innovator Capital Management for approximately $2 billion in cash and equity, expected to close in Q2 2026 pending regulatory approval; this transaction will integrate PJUL and Innovator's offerings into Goldman Sachs Asset Management, expanding its ETF lineup to over $75 billion across 215 strategies and elevating its position among top active ETF providers. Recent portfolio adjustments by institutional holders, such as Allworth Financial LP adding 1,300,310 shares and various Cetera entities initiating positions, reflect sustained inflows into PJUL amid market volatility.