The Innovator U.S. Equity Buffer ETF (BJUL) is engineered to replicate the returns of the SPDR S&P 500 ETF Trust (SPY). However, it incorporates a predefined upper limit on potential gains. A key feature is its ability to shield investors from the initial 9% of market downturns during its specific investment cycle. This ETF can be held continuously, with its protective buffer and upside cap mechanisms resetting approximately annually, at the close of each outcome period.