Cboe BZX Files Form 25 to Remove Four Innovator ETFs from Listing

Rhea-AI Filing Summary

Cboe BZX Exchange, Inc. has filed Form 25 to remove four Innovator ETFs from listing and registration under Section 12(b) of the Exchange Act. The affected funds are: Innovator U.S. Equity Accelerated ETF – July (XDJL), Innovator Premium Income 9 Buffer ETF – July (HJUL), Innovator Premium Income 10 Barrier ETF – July (JULD) and Innovator Premium Income 40 Barrier ETF – July (JULQ). The exchange certifies that it has satisfied Rule 12d2-2(b) requirements; the issuer certifies compliance with Rule 12d2-2(c) for voluntary withdrawal. The notice is signed by Assistant General Counsel Sarah Tadtman on 14 July 2025. No financial data, cash considerations or replacement listings are disclosed. Once effective, the securities will no longer be listed or registered on Cboe BZX, limiting on-exchange liquidity and subjecting investors to off-exchange trading mechanisms or forced redemption processes depending on the issuer’s subsequent actions.

Positive

• None.

Negative

• Delisting of four Innovator ETFs from Cboe BZX eliminates on-exchange liquidity and may lead to wider spreads or fund closures.

Insights

Exchange-Traded Fund Analyst

TL;DR: Four Innovator ETFs are being delisted from Cboe BZX; liquidity and trading convenience will decline.

The Form 25 filing is a formal step toward delisting and deregistration for XDJL, HJUL, JULD and JULQ. Although the trust may continue to operate the funds OTC or seek another venue, the immediate implication is reduced on-exchange liquidity and wider bid-ask spreads. Investors will likely face higher trading costs or be forced to liquidate positions if the funds subsequently close. Because no replacement exchange or restructuring details accompany the notice, the action carries negative sentiment and could trigger asset outflows from the affected ETFs.

UNITED STATES

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SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 25

NOTIFICATION OF REMOVAL FROM LISTING AND/OR REGISTRATION
UNDER SECTION 12(b) OF THE SECURITIES EXCHANGE ACT OF 1934.

Commission File Number

333-146827

Issuer:	Innovator ETFs Trust
Exchange:	Cboe BZX Exchange, Inc.

(Exact name of Issuer as specified in its charter, and name of Exchange where security is listed and/or registered)

Address:	200 W Front Street
	Wheaton	ILLINOIS	60187
Telephone number:					800-621-1675

(Address, including zip code, and telephone number, including area code, of Issuer's principal executive offices)

Innovator U.S. Equity Accelerated ETF - July (XDJL), Innovator Premium Income 9 Buffer ETF - July (HJUL), Innovator Premium Income 10 Barrier ETF - July (JULD), Innovator Premium Income 40 Barrier ETF - July (JULQ)

(Description of class of securities)

Please place an X in the box to designate the rule provision relied upon to strike the class of securities from listing and registration:

17 CFR 240.12d2-2(a)(1)

17 CFR 240.12d2-2(a)(2)

17 CFR 240.12d2-2(a)(3)

17 CFR 240.12d2-2(a)(4)

Pursuant to 17 CFR 240.12d2-2(b), the Exchange has complied with its rules to strike the class of securities from listing and/or withdraw registration on the Exchange. ¹

Pursuant to 17 CFR 240.12d2-2(c), the Issuer has complied with its rules of the Exchange and the requirements of 17 CFR 240.12d-2(c) governing the voluntary withdrawal of the class of securities from listing and registration on the Exchange.

Pursuant to the requirements fo the Securities Exchange Act of 1934, Cboe BZX Exchange, Inc. certifies that it has reasonable grounds to believe that it meets all of the requirements for filing the Form 25 and has caused this notification to be signed on its behalf by the undersigned duly authorized person.

2025-07-14	By	Sarah Tadtman		Assistant General Counsel
Date		Name		Title

¹ Form 25 and attached Notice will be considered compliance with the provisions of 17 CFR 240.19d-1 as applicable. See General Instructions.

Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

Which Innovator ETFs are being delisted from Cboe BZX?

XDJL, HJUL, JULD and JULQ are named in the Form 25 filing.

What is Form 25 and why is it important for SFLR investors?

Form 25 is the SEC document used to remove a security from listing; it signals potential liquidity changes relevant to any Innovator ETF holder.

When was the delisting notice for the Innovator ETFs signed?

Cboe BZX signed the notice on 14 July 2025.

Does the filing mention a successor exchange for the Innovator ETFs?

No, the document provides no information about relisting on another exchange.

Will trading of the Innovator ETFs stop immediately after Form 25?

The filing does not specify the effective date, but delisting typically occurs 10 days after Form 25 is filed.

What rules govern voluntary withdrawal of listing mentioned in the filing?

The issuer cites compliance with 17 CFR 240.12d2-2(c) for voluntary withdrawal from listing and registration.