What Is the NJUL ETF? A Complete Guide to Returns, Expense Ratio, Holdings, and Alternative ETFs
The Innovator Growth-100 Power Buffer ETF – July (NJUL) is a defined-outcome buffer ETF that tracks the Nasdaq 100 while cushioning losses up to a set level during the outcome period. The upside cap, buffer range, and outcome period start date, together with the outlook, are the key selection criteria.
SubscribeWhat Is the Innovator Growth-100 Power Buffer ETF – July?
It is a defined-outcome buffer ETF designed to track the price return of the Nasdaq 100 Index while cushioning initial losses up to a set level during a predetermined outcome period. Upside participation is capped at a predefined ceiling.
It is well suited for investors who want Nasdaq 100 exposure but want to reduce some of the downside volatility.
The ETF is managed by Innovator using a passive (index-tracking) approach.
How to Invest in the Innovator Growth-100 Power Buffer ETF – July
| Item | Details |
|---|---|
| Underlying Asset Tracked | Nasdaq 100 (referenced via QQQ) |
| Management Approach | FLEX options-based buffer strategy |
| Issuer | Innovator |
| Rebalancing Cycle | Reset at the end of each outcome period (July) |
| Dividend Schedule | Not applicable |
| Total Expense Ratio | 0.79% |
The fund invests the bulk of net assets in FLEX options referencing the Nasdaq 100, creating a structure that allows upside participation up to a predetermined cap during the outcome period while cushioning initial losses within a set range. When the outcome period ends, the cap and buffer range reset.
- Options-based defined-outcome structure
- Cap and buffer range reset at the end of each outcome period
Size and Cost of the Innovator Growth-100 Power Buffer ETF – July (AUM and Expense Ratio)
Assets under management (AUM) stand at $267.2M, and the total expense ratio is 0.79% annually.
Due to its options-based structure, an upside cap and a buffer range coexist, unlike a typical index ETF.
Performance and Flows of the Innovator Growth-100 Power Buffer ETF – July
1-Year Price Performance
Dividend & Yield
52-Week Price RangePerformance tracks the underlying Nasdaq 100, but the options structure adjusts the return range so that upside is capped and downside is buffered within the buffer range. The actual realized gains or losses can vary depending on the entry point within the outcome period.
Defined-outcome ETFs tend to draw increased interest from investors seeking downside protection during volatile periods. However, given the characteristics of the options structure, fund flows can shift depending on market conditions and entry timing.
Strengths and Weaknesses of the Innovator Growth-100 Power Buffer ETF – July
Downside cushioning and a predetermined outcome structure are strengths, while the upside cap and the complexity of the options structure are weaknesses.
💪 Key Strengths
⚠️ Points to Watch
Alternative ETFs and Related Products to the Innovator Growth-100 Power Buffer ETF – July
The same defined-outcome and buffer category includes ETFs such as BUFR, BUFD, BUFQ, and SFLR shown in the table, each with different buffer widths and underlying assets. Within the Innovator lineup, other monthly series using the same Nasdaq 100 underlying or Power Buffer ETFs based on U.S. large caps such as PJAN can also be compared. Selection should be based primarily on buffer width, underlying index, and outcome period start month.
Peer Comparison ETFs| Ticker | Name | Price | Change | AUM | Total Expense Ratio | Dividend Yield | 1Y |
|---|---|---|---|---|---|---|---|
 BUFR | FT Vest Laddered Buffer ETF | $37.58 | +0.9% | $11.0B | 0.95% | - | +11.1% |
 BUFD | FT Vest Laddered Deep Buffer ETF | $30.44 | +0.6% | $2.2B | 0.95% | - | +9.0% |
 SFLR | Innovator Equity Managed Floor ETF | $38.93 | +0.9% | $2.2B | 0.89% | 0.25% | +5.5% |
 BUFQ | FT Vest Laddered Nasdaq Buffer ETF | $39.27 | +1.6% | $1.7B | 1.00% | - | +11.2% |
 FJAN | FT Vest U.S. Equity Buffer ETF - January | $56.73 | +0.9% | $1.5B | 0.85% | - | +11.7% |
Top Holdings| Ticker | Name | Weight | Price | Change | Market Cap | P/E | Dividend Yield |
|---|---|---|---|---|---|---|---|
 USLM | United States Lime & Minerals Inc | 0.73% | $116.43 | -1.6% | $3.3B | 25.1 | 0.21% |
 VRNS | Varonis Systems Inc | 0.00% | $49.03 | -0.1% | $5.7B | - | - |
 SM | SM Energy Co | 0.00% | $31.16 | +5.6% | $7.3B | 7.6 | 3.05% |
 RHI | Robert Half Inc | 0.00% | $42.22 | -1.9% | $4.3B | 34.8 | 5.04% |
 PBF | PBF Energy Inc | 0.00% | $69.73 | +5.8% | $8.5B | 3.1 | 1.63% |
 CVLT | Commvault Systems Inc | 0.00% | $166.74 | -0.9% | $6.8B | 86.3 | - |
 TENB | Tenable Holdings Inc | 0.00% | $42.93 | +2.3% | $4.5B | 314.1 | - |
 PARR | Par Pacific Holdings Inc | 0.00% | $71.18 | +6.2% | $3.6B | 3.7 | - |
 FBP | First Bancorp PR | 0.00% | $26.21 | -0.2% | $3.9B | 11.0 | 3.2% |
 TGTX | TG Therapeutics Inc | 0.00% | $65.76 | +2.3% | $9.9B | 97.7 | - |
Investor Checklist for the Innovator Growth-100 Power Buffer ETF – July
These are key checkpoints to review before investing in NJUL. Unlike a standard index ETF, buffer ETFs require investors to first understand structural elements such as the upside cap, buffer range, and outcome period, and to recognize that realized gains or losses can vary depending on the entry point.
| Checkpoint | What to Verify | Current Status |
|---|---|---|
| 🛡️ Buffer Range | Confirm the downside protection range for the outcome period | Defined at the start of the outcome period |
| 🎯 Upside Cap | Confirm the upside participation limit | Varies by outcome period |
| 📅 Outcome Period | Check the entry point and remaining period | Resets on a July cycle |
| 💵 Expense Ratio | Consider the cumulative impact of long-term holding | Annual fee applies |
Upside is capped, and entering mid-period can cause the buffer and cap effects to differ from expectations. Risks associated with the options structure and non-diversified characteristics should also be factored in.
It is a defined-outcome ETF well suited for investors who want to maintain Nasdaq 100 exposure while reducing downside volatility. Verifying the cap, buffer range, and outcome period start date in advance is recommended.
SubscribeDisclaimer: This content is for informational purposes only and does not constitute investment advice. All investment responsibility lies with the investor.
This article reflects information as of June 18, 2026.
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