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The Innovator U.S. Equity Power Buffer ETF (PJUL) is engineered to replicate the performance of the SPDR S&P 500 ETF Trust (SPY). This fund offers a defined level of protection, shielding investors from the initial 15% of losses over a specific outcome period. Conversely, its potential for gains is subject to a predetermined upper limit within that same period. While the ETF can be held indefinitely, its cap and buffer characteristics are recalibrated at the conclusion of each outcome period, which typically occurs annually.
Is PJUL's expense ratio expensive, average, or a steal for its category?
Pro reveals the verdict on a 5-tier spectrum calibrated against ICI 2025 industry averages, with strategy-aware bands so the comparison is meaningful.
The defined outcome ETF market, commonly known as buffer ETFs, has grown rapidly in popularity over the last few years, as investors look for funds that explicitly protect against downside risks. In 2022, the stock and bond markets saw a major decline.
A 68-year-old retiree with $400,000 in equities heading into 2026 has a real problem: SPY ran up 27% in the past year, but the VIX still spiked to almost 31 in late March, and the University of Michigan consumer sentiment sits at 53.3, deep in pessimistic territory.
Kathmere Capital CIO Nick Ryder and Goldman Sachs Asset Management Third Party Wealth co-head Bryon Lake join CNBC's Dominic Chu on “ETF Edge” to break down Goldman's Innovator acquisition and how defined outcome ETFs can help investors seek income and downside protection.
Bryon Lake, Goldman Sachs Asset Management Third Party Wealth co-head, joins Dominic Chu on 'Halftime Report' to discuss what buying Innovator Capital Management means for the firm, the opportunity in defined-outcome ETFs and more.
Buffer ETFs offer downside protection up to 10-15% but cap gains at 10-15%, making them suitable for short-term, risk-averse investors. Long-term investors should avoid buffer funds, as they reduce wealth accumulation. PJUL, a buffer ETF, has shown reduced returns but significantly lower risk and quicker recovery from drawdowns compared to the S&P 500.