Innovator S&P 500 Power Buffer ETF (PJUL): A Part of the Defined Outcome ETF Suite
S&P 500 Power Buffer ETF PJUL
 
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S&P 500 ETFS THAT PROTECT AGAINST LOSSES OF 9%, 15%, OR 30%
Learn about Defined Outcome ETF investing, and how Innovator ETFs is setting the sights on the multitrillion dollar structured products and insurance industries providing simple, transparent, low cost access to defined outcomes.
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ETF SUMMARY
The Innovator S&P 500 Power Buffer ETF is designed to track the return of the S&P 500 Price Return Index, up to a predetermined cap, while buffering investors against the first 15% of losses over the outcome period. The ETF can be held indefinitely, resetting at the end of each outcome period, approximately annually.
Innovator Defined Outcome ETFs are the first ETFs that allow investors to take advantage of market growth while maintaining a defined level of downside protection.
OUTCOME PERIOD PERFORMANCE
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Data from 8/7/2018 to 8/17/2018 16:10:00 PM
CURRENT OUTCOME PERIOD VALUES AS OF 8/17/2018 16:10:00 PM
Current
Price / Return
Remaining
Cap
Remaining
Buffer
Downside
Before Buffer
Remaining
Outcome Period
$25.24 / 0.28% 7.83% 15.00% -0.28% 315 days
OUTCOME PERIOD VALUES AS OF 8/7/2018
Starting
Price / Return
Cap Buffer Downside
Before Buffer
Outcome Period
$25.17 / 0.00% 8.11% 15.00% 0.00% 325 days
See the Glossary of Terms for important definitions.
ETF PERFORMANCE & INDEX HISTORY (%) Quarterly | Monthly
  YTD 1 Year 3 Year 5 Year Inception
ETF NAV - - - - -
ETF Closing Price - - - - -
S&P 500 Price Return Index - - - - -
Cboe S&P 500 15% Buffer Protect Index, July - - - - -
Data as of 8/8/2018. Performance quoted represents past performance, which is no guarantee of future results. Investment returns and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Returns less than one year are cumulative. One cannot invest directly in an index.
ETF DETAILS
Ticker
PJUL
Inception Date
8/8/2018
Number of Holdings
14
Expense Ratio
0.79%
Intraday NAV
PJUL.IV
CUSIP
45782C813
Exchange
Cboe BZX Exchange
OUTCOME DETAILS
Series
July, 2018
Outcome Period
8/7/2018 - 6/28/2019
Reset Frequency
Annual
Cap
8.11%
Buffer
15.00%
Exposure
S&P 500 Price Return Index
TRADING DETAILS
NAV
$25.23
Closing Price
$25.18
Premium/Discount
-$0.05 / -0.19%
Volume
20,844
Shares Outstanding
100,000
Market Value
$2,522,842
As of 8/16/2018
Need Help Trading PJUL?
See our 3 Rules for ETF Trading
ETF STRATEGY
S&P 500 EXPOSURE
REBALANCED ANNUALLY
CHOOSE PROTECTION LEVEL
HOLDINGS
Holdings are subject to change.
NEED HELP TRADING PJUL?
If you have questions around PJUL execution, we can help you find the best price available on the market. Feel free to email or call us directly at 800.208.5212, or contact your trade desk to walk you through how to achieve best execution.
3 RULES FOR ETF TRADING
• Avoid trading on the open or the close
• Use limit orders
• Leverage resources that can help
 
Glossary of Terms
Current Price / Return: The current bid/ask midpoint of the Fund and the return of the Fund, before fees and expenses*, since the start of the Outcome Period.
Cap: The starting maximum potential return, before fees and expenses*, if held to the end of the current Outcome Period.
Remaining Cap: The current maximum potential return available at the ETF's current price, before fees and expenses*, if held to the end of the current Outcome Period.
Buffer: The starting amount of downside protection, before fees and expenses, if held to the end of the Outcome Period.
Remaining Buffer: The current amount of downside protection remaining at the ETF's current price, before fees and expenses*, if held to the end of the Outcome Period.
Downside Before Buffer: The amount of Fund loss incurred before the buffer begins.
Outcome Period: The intended length of time over which the defined outcomes are sought.
Remaining Outcome Period: The amount of days remaining until the last day of the Outcome Period.
*Fees and Expenses: The Fund's management fee of 0.79%, any shareholder transaction fees and any extraordinary expenses.
The Fund has characteristics unlike many other traditional investment products and may not be suitable for all investors. For more information regarding whether an investment in the Fund is right for you, please see "Investor Suitability" in the prospectus.
There is no assurance that the fund will achieve its investment objectives.
The initial Outcome Period for the Innovator Defined Outcome July Series ETFs is less than 12 months to allow the period to conclude on June 30, 2019, at which point the Funds will resume their respective anticipated 12-month Outcome Periods, each beginning on July 1st.
Investing involves risks. The Funds face numerous market trading risks, including active markets risk, authorized participation concentration risk, buffered loss risk, cap change risk, capped upside return risk, correlation risk, FLEX Option counterparty risk, cyber security risk, fluctuation of net asset value risk, investment objective risk, limitations of intraday indicative value risk, liquidity risk, management risk, market maker risk, market risk, non-diversification risk, operation risk, options risk, Outcome Period risk, tax risk, trading issues risk, upside participation risk and valuation risk. Unlike mutual funds, the Funds may trade at a premium or discount to their net asset value. ETFs are bought and sold at market price and not individually redeemed from the fund. Brokerage commissions will reduce returns.
The outcomes that a Fund seeks to provide may only be realized if you are holding shares on the first day of the Outcome Period and continue to hold them on the last day of the Outcome Period, approximately one year. If you purchase shares after the Outcome Period has begun or sell shares prior to the Outcome Period’s conclusion, you may experience investment returns very different from those that a Fund seeks to provide.
These Funds are designed to provide point-to-point exposure to the price return of the S&P 500 via a basket of Flex Options. As a result, the ETFs are not expected to move directly in line with the S&P 500 during the interim period.
Investors are subject to an upside return Cap that represents the maximum percentage return an investor can achieve from an investment in the Fund for the Outcome Period. Therefore, even though a Fund’s returns are based upon the S&P 500, if the Fund experiences returns for the Outcome Period in excess of the Cap, you will not experience those excess gains but will remain vulnerable to significant downside risks. Regardless of the performance of the S&P 500, the Cap is the maximum return an investor can achieve from an investment in the Fund for the Outcome Period. The Cap will change from year-to-year based upon prevailing market conditions at the beginning of the Outcome Period. The Cap, and the Fund’s position relative to it, should be considered before investing in the Fund.
Similarly, the buffer that the Funds seek to provide is only operative against the percentage (i.e. 10%, 15% and 30%) of S&P 500 losses for the applicable Fund’s Outcome Period. If an investor is considering purchasing shares during the Outcome Period, and the Fund has already decreased in value by an amount equal to or greater than its buffer, an investor purchasing shares at that price will have increased gains available prior to reaching the Cap but may not benefit from the buffer that the Fund seeks to offer for the remainder of the Outcome Period. Conversely, if an investor is considering purchasing Shares during the Outcome Period, and the Fund has already increased in value, then a shareholder may experience losses prior to gaining the protection offered by the buffer. After the S&P 500 has decreased in value by more than a Fund’s buffer during an Outcome Period, the Fund will experience any subsequent losses on a one-to-one basis. There is no guarantee that a Fund will be successful in its attempt to provides buffered returns. The Funds shares will be listed for trading on the CBOE BZX Exchange. The Funds will not terminate after the conclusion of an Outcome Period. After the conclusion of an Outcome Period, another will begin.
Nothing on this website should be considered a solicitation to buy or an offer to sell shares of any Fund in any jurisdiction where the offer or solicitation would be unlawful under the securities laws of such jurisdiction.
The Fund's investment objectives, risks, charges and expenses should be considered before investing. The prospectus contains this and other important information, and it may be obtained at innovatoretfs.com. Read it carefully before investing.
Innovator ETFs are distributed by Foreside Fund Services, LLC.
Copyright © 2018 Innovator Capital Management, LLC  |  800.208.5212