TJULInnovator Equity Defined Protection ETF - 2 Yr to July 2027
Seeks to provide returns that match the upside return of the Underlying ETF, up to a cap of 13.61%, while providing a buffer against 100% of losses over the Outcome Period.
By Innovator ETFs · Launched 2023
0.79%
#4,208 of 5,854 · expensive
$130M
#2,755 of 5,854 · mid-size
+5.4%
3 years
#3,005 of 5,854 · seasoned
Performance
Total-return NAV · USDTotal-return NAV, USD. Net of fund fees, before tax.
What's inside
How Beacon categorizes this fundWhat it actually holds
By weightConcentration
Top 4 holdings = 100.1% of fundconcentrated
Asset allocation
Risk profile
Last 12 months · Sharpe & Sortino need 3+ yearsYear-on-year price swings
Worst peak-to-trough loss
Listing
- Exchange
- Cboe BZX
Full fund details
- Objective
- Seeks to provide returns that match the upside return of the Underlying ETF, up to a cap of 13.61%, while providing a buffer against 100% of losses over the Outcome Period.
- Strategy
- Actively managed ETF that invests at least 80% of net assets in FLEX Options referencing the Underlying ETF, aiming to provide a buffer against 100% of losses and a cap of 13.61% on returns. The strategy is designed for U.S. equity securities, specifically targeting the S&P 500 Index.
- Inception date
- July 17, 2023
- Fund family
- Innovator ETFs
Similar funds
Same asset class, closest by strategy & exposureOur take
Structural notes on how this fund behaves. Read our guide on the 6 warning signs.
You can build this cheaper yourself
Defined-outcome funds cap your gains (often 8% to 20%) in exchange for cushioning losses by 9% to 30%, priced with options. The fee runs about 0.70% or more, against 0.03% to 0.10% for a plain index fund. For most investors, a simple stock-and-bond mix gives similar protection for far less.
Sources: Morningstar, 'Buffer Funds Are on the Rise, but They May Not Make Sense for Most Investors' (2025)
Educational analysis of structural product characteristics. Not investment advice. Always read the fund prospectus and consult a qualified advisor before investing. More
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Data updated on 2026-08-03