Which has more room to gain, AJUL or JULW?

From their prices on Oct 2, 2026, AJUL can gain about 17.1% before its cap and JULW about 9.0%, so AJUL has more room left this period.

Which resets first, AJUL or JULW?

AJUL ends its outcome period on Jun 30, 2028 and JULW on Jun 30, 2027. A new cap is set the day after each.

Which is cheaper, AJUL or JULW?

AJUL charges 0.79% a year and JULW charges 0.74%, so JULW is cheaper. Fees come from each fund's prospectus.

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AJUL vs JULW: which one stands where?

As of Oct 2, 2026 JULW can fall 2.9% before its buffer engages and AJUL 1.1%, and JULW resets 366 days sooner. Innovator Equity Defined Protection ETF - Jul 2028 and AllianzIM U.S. Equity Buffer20 ETF - Jul.

JULW costs 0.05 points a year less; their one-year returns differ by 2.5 points; JULW is 2.6 times larger.

	AJUL	JULW
Expense ratio	0.79%	0.74%
Net assets	$99m	$254m
Total return, 1 year	+5.8%	+8.3%
What it tracks	SPY	SPY
Holdings in common	not published

1.1%

AJUL can fall this far before its buffer

2.9%

JULW can fall this far before its buffer

17.1%

AJUL can still gain

9.0%

JULW can still gain

AJULFull floor

AJUL: reference +3.1% since period start, fund +0.9%; buffer Floor; cap +18.3%; Full floor.

JULWBetween buffer and cap

JULW: reference +3.1% since period start, fund +2.2%; buffer 0 to −20; cap +12.2%; Between buffer and cap.

These are two different products. AJUL is a floor fund, which caps how far a holder can fall. JULW is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.

They do not reset together. JULW has 271 days of its period left and AJUL has 637, so the two are not the same bet on the same months.

Where each one stands today

JULW resets first, on Jun 30, 2027, 271 days from now; AJUL runs to Jun 30, 2028, 637 days. AJUL can still gain 17.1% before its cap, JULW 9.0%. A fall from here reaches AJUL’s buffer after 1.1% and JULW’s after 2.9%. Both track SPY, so what separates them is where each is in its own period.

Every figure is ETFIQ’s own, from the issuer’s published outcome-period terms. A buffer ETF holds FLEX options on its reference index rather than shares, so there is no holdings overlap between two of them to report.

Performance, window by window

	Total return		Gap to the reference
Window	AJUL	JULW	AJUL	JULW
3 months	+0.9%	+2.3%	−2.7 pts	−1.3 pts
6 months	+4.1%	+6.8%	−13.8 pts	−11.2 pts
1 year	+5.8%	+8.3%	−10.5 pts	−7.9 pts
3 years	not published	+42.6%	not published	−46.7 pts

AJUL and JULW over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

AJUL

Innovator Equity Defined Protection ETF - Jul 2028 · Absorbs the whole loss on SPY and caps the gain at 18.3%, over a period ending Jun 30, 2028

JULW

AllianzIM U.S. Equity Buffer20 ETF - Jul · Absorbs the first 20% of loss on SPY and caps the gain at 12.2%, over a period ending Jun 30, 2027

Issuer Innovator AllianzIM

Reference index SPY SPY

Buffer 100% 20%

Outcome period Jun 30, 2026 to Jun 30, 2028 Jul 1, 2026 to Jun 30, 2027

Days left 637 271

Starting cap +18.3% +12.2%

Can still gain 17.1% 9.0%

Fall before buffer 1.1% 2.9%

Protection left, index points 100.0% of 100.0% 20.0% of 20.0%

Index return this period +3.1% +3.1%

Fund return this period +0.9% +2.2%

State today Open Open

Expense ratio 0.79% 0.74%

Net assets $99m $254m

AJUL and JULW on the same fields, as of Oct 2, 2026. Source: ETFIQ.

AJUL in plain words

From its price on Oct 2, 2026, the fund can gain about 17.1% more before it reaches its cap. The fund's price can fall 1.1% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 3.0% from today's level to the point where the buffer begins. Protection left, in index points: 100.0% of the 100.0% buffer still sits below today's SPY level. 637 days remained on Oct 2, 2026. On Jun 30, 2028 the period ends and a new cap is set.

JULW in plain words

From its price on Oct 2, 2026, the fund can gain about 9.0% more before it reaches its cap. The fund's price can fall 2.9% from here before the buffer starts absorbing losses, by the issuer's figure. Protection left, in index points: 20.0% of the 20.0% buffer still sits below today's SPY level. 271 days remained on Oct 2, 2026. On Jun 30, 2027 the period ends and a new cap is set.

Questions people ask

Which has more room to gain, AJUL or JULW?: From their prices on Oct 2, 2026, AJUL can gain about 17.1% before its cap and JULW about 9.0%, so AJUL has more room left this period.
Which resets first, AJUL or JULW?: AJUL ends its outcome period on Jun 30, 2028 and JULW on Jun 30, 2027. A new cap is set the day after each.
Which is cheaper, AJUL or JULW?: AJUL charges 0.79% a year and JULW charges 0.74%, so JULW is cheaper. Fees come from each fund's prospectus.

Other comparisons

AJUL vs JULU AJUL vs PJUL AJUL vs PMJL AJUL vs TJUL JULW vs BJUL JULW vs CJUL JULW vs CPSJ JULW vs CTJL

SPY →AJUL on its own →JULW on its own →How every figure is computed →Standards and sources →

Where these figures came from

Innovator page for AJUL ↗JULW filings on SEC EDGAR ↗AllianzIM page for JULW ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, AJUL against JULW, data as of Oct 2, 2026. https://etfiq.com/compare/buffer/ajul-vs-julw

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.