NASDAQS:MIC.ST 1 June 2025

May 23, 2026, 12:27 PM EDT. The Innovator U.S. Equity Power Buffer ETF - July (PJUL) offers retirees a strategy to limit S&P 500 gains at 11.3% net, while shielding against the first 15% of losses over a 12-month period ending June 30, 2026. PJUL uses FLEX options on SPDR S&P 500 ETF (SPY) to provide a downside buffer and an upside cap, protecting investors during volatile markets. Although SPY surged 21.2% since last July, PJUL shareholders captured only capped gains, trading higher return potential for loss protection. The approach suits risk-averse investors seeking to avoid catastrophic drawdowns, as it limits losses during major corrections but demands holding through the full July-to-July cycle. Expenses include a 0.79% fee, with an 11.3% net return cap for the current period.