Innovator U.S. Equity Ultra Buffer ETF - July

Frequently Asked Questions About UJUL

What does UJUL invest in?

UJUL uses options in an effort to moderate losses on the S&P 500 over a one-year period starting each July. The fund foregoes some upside return as well as the S&P 500s dividend component, because the options are written on the price (not total) return version of the index. In exchange for buffering losses between -5% and -30% of the S&P 500, investors forego upside participation above a certain threshold, which is reset annually. Investors who buy at any other time than the annual reset day may have a very different protection and buffer zone. The issuer publishes effective interim levels daily on its website. The fund must be held to the end of the period to achieve the intended results. The targeted buffers and caps do not include the funds expense ratio. The fund is actively managed, resets annually and uses FLEX options exclusively.

What is the expense ratio of UJUL?

Innovator U.S. Equity Ultra Buffer ETF - July (UJUL) charges an expense ratio of 0.79%. This is the annual fee deducted from fund assets to cover management and operations.

Is UJUL a good long-term hold?

UJUL is a leveraged fund designed to deliver a daily multiple of its underlying index. Daily reset compounding means returns over multi-day periods can diverge significantly from the headline multiple — typically negative drift in choppy markets. These funds are designed for short-term tactical use, not buy-and-hold. Review the fund's prospectus before holding more than a few days.

How does UJUL's daily reset work?

UJUL rebalances exposure each trading day to maintain its target leverage ratio against the next day's move. The daily reset means returns compound at the daily level — so a +1%, −1% sequence on the underlying doesn't return the underlying to flat after the leverage multiplier. Over time this path-dependence erodes returns in volatile markets and amplifies them in trending markets.

How big is UJUL?

Innovator U.S. Equity Ultra Buffer ETF - July (UJUL) manages $285.0M in total assets. AUM determines bid-ask liquidity and the fund's vulnerability to closure — funds below ~$50M are at higher risk of liquidation.

Is UJUL actively managed or an index fund?

UJUL's management style is described in the fund's prospectus. See the description on the Summary tab for the published strategy.