ETF Evaluator:
Innovator US Eq Acclrtd 9 Bffr ETF Jul ()
Follow This ETF
(as of Aug 26)
Best Performing in Defined Outcome Over the Last Year
| 23.7% | Innovator U.S. Small Cp Pwr Buf ETF -Nov (KNOV) |
| 23.2% | Innovator U.S. Small Cp Pwr Buf ETF -Feb (KFEB) |
| 21.9% | Innovator U.S. Small Cp Pwr Buf ETF -Mar (KMAR) |
| 21.9% | Innovator US Small Cap Pwr Buff ETF™ Oct (KOCT) |
| 21.1% | FT Vest U.S. Small Cap Mod Buf ETF-Feb (SFEB) |
Risk
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Risk
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ETF Details
Innovator US Eq Acclrtd 9 Bffr ETF Jul Overview
Innovator US Eq Acclrtd 9 Bffr ETF Jul (XBJL) is an actively managed Nontraditional Equity Defined Outcome exchange-traded fund (ETF). Innovator ETFs launched the ETF in 2021.
The investment seeks to provide investors with returns that are twice those of the SPDR® S&P 500® ETF Trust, up to the upside cap of 12.32% while providing a buffer against the first 9% of SPDR® S&P 500® ETF Trust losses, over the period from July 1, 2024 through June 30, 2025.
under normal circumstances, 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 “Underlying ETF”). It is non-diversified.
About Innovator US Eq Acclrtd 9 Bffr ETF Jul (XBJL)
There are 4 members of the management team with an average tenure of 2.05 years: Jeff Greco (2025), Maria Schiopu (2025), Robert Cummings (2021) 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) index with a weighting of 100% and S&P 500 PR index with a weighting of 100%. Innovator US Eq Acclrtd 9 Bffr ETF Jul has 7 securities in its portfolio. The top 10 holdings constitute 124.2% 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 US Eq Acclrtd 9 Bffr ETF Jul is part of the Equity global asset class and is within the Nontraditional Equity ETF group. Innovator US Eq Acclrtd 9 Bffr ETF Jul has 0.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 99.1% There is 0.5% 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 US Eq Acclrtd 9 Bffr ETF Jul has 0.2% of the portfolio in cash.
Assets Under Management
The fund has $74 million in total assets, which is below the $183 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.
XBJL 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 US Eq Acclrtd 9 Bffr ETF Jul expense ratio is above average compared to funds in the Defined Outcome category. Innovator US Eq Acclrtd 9 Bffr ETF Jul has an expense ratio of 0.79%, which is 10% 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 US Eq Acclrtd 9 Bffr ETF Jul has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 3% for the Defined Outcome category.
Recently, in the month of July 2026, Innovator US Eq Acclrtd 9 Bffr ETF Jul returned 0.4%, which earned it a grade of C, as the Defined Outcome category had an average return of 0.2%. 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 US Eq Acclrtd 9 Bffr ETF Jul has a trailing yield of 0.00%, which is below the 0.48% category average.
The fund normally distributes its income 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 US Eq Acclrtd 9 Bffr ETF Jul Grades
Year to date, the ETF has returned 4.9%, 0.9 percentage points worse than the category, which translates into a grade of D. The fund has returned 10.1% over the past year (grade of D), 11.1% over the past three years (grade of D) and 9.2% per year over the past five years (grade of C).
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XBJL Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| XBJL Return (NAV) | 0.4% | 1.7% | 10.1% | 11.1% | 9.2% | na |
| XBJL Return (Price) | 0.4% | 1.5% | 10.1% | 11.1% | 9.1% | na |
| NAV +/- Price Return | 0.044% | 0.129% | -0.044% | -0.002% | 0.057% | na |
| Defined Outcome Avg | 0.2% | 2.2% | 11.3% | 11.8% | 8.6% | na |
| XBJL Grade (NAV) | C | D | D | D | C | na |
| +/- Category (NAV) | 0.2% | -0.5% | -1.2% | -0.7% | 0.6% | na |
| XBJL Tax-Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | na |
XBJL Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| XBJL Return (NAV) | 4.9% | 12.0% | 11.8% | 19.4% | -4.7% | na | na | na | na | na | na |
| XBJL Return (Price) | 4.9% | 12.0% | 11.5% | 19.5% | -5.0% | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.007% | 0.007% | -0.022% | 0.006% | 0.050% | na | na | na | na | na | na |
| Defined Outcome Avg | 5.8% | 11.3% | 12.4% | 18.5% | -8.8% | 9.7% | 7.7% | 16.4% | -6.7% | 15.8% | na |
| XBJL Grade (NAV) | D | C | D | B | A | na | na | na | na | na | na |
| +/- Category | -0.9% | 0.6% | -0.6% | 0.9% | 4.0% | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | 0.40 |
| R-Squared: | 79% |
| Standard Deviation: | 5.9% |
| Category Risk Index: | 0.80 |
| Category Risk Rating: | Low |
| Total Risk Index: | 0.48 |
| Total Risk Rating: | Low |
| Portfolio Characteristics | |
| Yield: | 0.0% |
| Total Assets: | $ 74 Mil |
| Share Class Assets: | $ 74 Mil |
| Turnover: | 0.0% |
| Expense Ratio: | 0.79% |
| Index Fund: | No |
| Index Tracked: | S&P 500 (TR) |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 5.1 years | |||
| Average Tenure: 2.1 years | |||
| Managers (Year): Cummings Robert (2021), Lipp Rebekah (2025), Greco Jeff (2025), Schiopu Maria (2025) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 7 |
| % in Top 10 Holdings: | 124.2% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.5% |
Portfolio Allocation |
|
| Domestic Stock: | 99.1% |
| Foreign Stock: | 0.5% |
| 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 30, 2021 |
Expenses and Fees
| Expense Ratio (%): | 0.79% (Rating: Above Avg) |
| Category Average Expense Ratio (%): | 0.72% |
