Raymond James Financial Acquires $18.7M Stake in PJUL ETF Raymond James Financial Inc. acquired 455,105 shares of the Innovator U.S. Equity Power Buffer ETF – July (BATS:PJUL), valued at $18.7 million. The ETF seeks to limit losses while capping gains tied to the S&P 500, reflecting an increasing demand for buffered investment strategies among institutional players.2