ETF Evaluator:
Innovator Eq Dfnd Prot ETF - 2Yr toJul28 (AJUL)
Follow This ETF
(as of Jul 31)
Best Performing in Defined Outcome Over the Last Year
| 25.4% | Innovator U.S. Small Cp Pwr Buf ETF -Feb (KFEB) |
| 24.6% | Innovator U.S. Small Cp Pwr Buf ETF -Nov (KNOV) |
| 23.6% | Innovator Russell 2000 Pwr Bffr ETF Apr (KAPR) |
| 23.5% | Innovator U.S. Small Cp Pwr Buf ETF -Mar (KMAR) |
| 23.4% | FT Vest Emerging Mkts Buffr ETF - Mar (TMAR) |
Risk
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Risk
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ETF Details
Innovator Eq Dfnd Prot ETF - 2Yr toJul28 Overview
Innovator Eq Dfnd Prot ETF - 2Yr toJul28 (AJUL) is an actively managed Nontraditional Equity Defined Outcome exchange-traded fund (ETF). Innovator ETFs launched the ETF in 2024.
The investment seeks to provide investors with returns that match the upside price return of the SPDR® S&P 500® ETF Trust, up to the upside cap of 18.20% (prior to taking into account management fees and other fees) while providing a buffer against 100% of SPDR® S&P 500® ETF Trust losses (prior to taking into account management fees and other fees), over the period from July 1, 2024 through June 30, 2026.
under normal circumstances, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in investments that provide exposure to the SPDR ® S&P 500 ® ETF Trust. The fund is non-diversified.
About Innovator Eq Dfnd Prot ETF - 2Yr toJul28 (AJUL)
There are 4 members of the management team with an average tenure of 1.22 years: Jeff Greco (2025), Maria Schiopu (2025), Robert Cummings (2024) and Rebekah Lipp (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and S&P 500 PR index with a weighting of 100%. Innovator Eq Dfnd Prot ETF - 2Yr toJul28 has 5 securities in its portfolio. The top 10 holdings constitute 111.6% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Innovator Eq Dfnd Prot ETF - 2Yr toJul28 is part of the Equity global asset class and is within the Nontraditional Equity ETF group. Innovator Eq Dfnd Prot ETF - 2Yr toJul28 has 0.4% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 99.2% There is 0.4% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Innovator Eq Dfnd Prot ETF - 2Yr toJul28 has 0.2% of the portfolio in cash.
Assets Under Management
The fund has $57 million in total assets, which is below the $185 million average for the Defined Outcome category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
AJUL Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Innovator Eq Dfnd Prot ETF - 2Yr toJul28 expense ratio is above average compared to funds in the Defined Outcome category. Innovator Eq Dfnd Prot ETF - 2Yr toJul28 has an expense ratio of 0.79%, which is 9% higher than its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Innovator Eq Dfnd Prot ETF - 2Yr toJul28 has a portfolio turnover rate of 11%, which indicates that it holds its assets around / 0.1 years. By way of comparison, the average portfolio turnover is 3% for the Defined Outcome category.
Recently, in the month of June 2026, Innovator Eq Dfnd Prot ETF - 2Yr toJul28 returned 0.3%, which earned it a grade of B, as the Defined Outcome category had an average return of 0.1%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Innovator Eq Dfnd Prot ETF - 2Yr toJul28 has a trailing yield of 0.00%, which is below the 0.48% category average.
The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Innovator Eq Dfnd Prot ETF - 2Yr toJul28 Grades
Year to date, the ETF has returned 3.3%, 2.2 percentage points worse than the category, which translates into a grade of D. The fund has returned 7.6% over the past year (grade of F).
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AJUL Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| AJUL Return (NAV) | 0.3% | 3.6% | 7.6% | na | na | na |
| AJUL Return (Price) | 0.4% | 3.7% | 7.8% | na | na | na |
| NAV +/- Price Return | -0.134% | -0.103% | -0.161% | na | na | na |
| Defined Outcome Avg | 0.1% | 6.6% | 12.2% | 12.4% | 8.7% | na |
| AJUL Grade (NAV) | B | D | F | na | na | na |
| +/- Category (NAV) | 0.2% | -3.0% | -4.6% | na | na | na |
| AJUL Tax-Cost Ratio | na | na | 0.0% | na | na | na |
AJUL Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| AJUL Return (NAV) | 3.3% | 7.7% | na | na | na | na | na | na | na | na | na |
| AJUL Return (Price) | 3.5% | 7.6% | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.044% | -0.005% | na | na | na | na | na | na | na | na | na |
| Defined Outcome Avg | 5.6% | 11.3% | 12.4% | 18.5% | -8.8% | 9.7% | 7.7% | 16.4% | -6.7% | 15.8% | na |
| AJUL Grade (NAV) | D | D | na | na | na | na | na | na | na | na | na |
| +/- Category | -2.2% | -3.7% | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | 0.0% |
| Total Assets: | $ 57 Mil |
| Share Class Assets: | $ 57 Mil |
| Turnover: | 11.0% |
| Expense Ratio: | 0.79% |
| Index Fund: | No |
| Index Tracked: | S&P 500 (TR) (1970) |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 2.0 years | |||
| Average Tenure: 1.2 years | |||
| Managers (Year): Cummings Robert (2024), Lipp Rebekah (2025), Greco Jeff (2025), Schiopu Maria (2025) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 5 |
| % in Top 10 Holdings: | 111.6% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.4% |
Portfolio Allocation |
|
| Domestic Stock: | 99.2% |
| Foreign Stock: | 0.4% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.2% |
| Cash: | 0.2% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Innovator ETFs |
| Phone Number: | 800-208-5212 |
| Website: | www.innovatorfunds.com |
| Inception Date: | June 28, 2024 |
Expenses and Fees
| Expense Ratio (%): | 0.79% (Rating: Above Avg) |
| Category Average Expense Ratio (%): | 0.72% |
