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AJUL vs JUNM: Cap, Buffer & Days Left

As of Oct 9, 2026 JUNM can fall 2.3% before its buffer engages and AJUL 1.6%, and JUNM resets 379 days sooner. Net assets on Oct 9, 2026: $98m for Innovator Equity Defined Protection ETF - Jul 2028 and $68m for FT Vest U.S. Equity Max Buffer ETF - June.

AJUL costs 0.06 points a year less; their one-year returns differ by 1.2 points; AJUL is 1.5 times larger.

AJULJUNM
Expense ratio0.79%0.85%
Net assets$98m$68m
Total return, 1 year+6.2%+5.0%
What it tracksSPYSPY
Holdings in commonnot published
Index fall to the buffer4.1%
1.6%
AJUL can fall this far before its buffer
2.3%
JUNM can fall this far before its buffer
16.5%
AJUL can still gain
4.9%
JUNM can still gain
AJULFull floor
Full floorAJUL: reference +4.3% since period start, fund +1.4%; buffer Floor; cap +18.3%; Full floor. Figures to Oct 9, 2026.full floor beneath+4.3%+14.1% more to the capfull floor0% period start+18.3% capTODAY · SPY +4.3%Full floorAJUL: reference +4.3% since period start, fund +1.4%; buffer Floor; cap +18.3%; Full floor. Figures to Oct 9, 2026.full floor beneathfull floor0% start+18.3% cap+4.3% gain captured+14.1% more to the capTODAY · SPY +4.3%

AJUL: reference +4.3% since period start, fund +1.4%; buffer Floor; cap +18.3%; Full floor. Figures to Oct 9, 2026.

Figures to Oct 9, 2026.

JUNMFull floor
Full floorJUNM: reference +4.3% since period start, fund +1.5%; buffer Floor; cap +7.3%; Full floor. Figures to Oct 9, 2026.full floor beneath+4.3%full floor0% period start+7.3% cap+3.1% more to the capTODAY · SPY +4.3%Full floorJUNM: reference +4.3% since period start, fund +1.5%; buffer Floor; cap +7.3%; Full floor. Figures to Oct 9, 2026.full floor beneathfull floor0% start+7.3% cap+4.3% gain captured+3.1% more to the capTODAY · SPY +4.3%

JUNM: reference +4.3% since period start, fund +1.5%; buffer Floor; cap +7.3%; Full floor. Figures to Oct 9, 2026.

Figures to Oct 9, 2026.

They do not reset together. JUNM has 251 days of its period left and AJUL has 630, so the two are not the same bet on the same months.

Where each one stands today

JUNM resets first, on Jun 17, 2027, 251 days from now; AJUL runs to Jun 30, 2028, 630 days. AJUL can still gain 16.5% before its cap, JUNM 4.9%. A fall from here reaches AJUL’s buffer after 1.6% and JUNM’s after 2.3%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

Total returnGap to the reference's price return
WindowAJULJUNMAJULJUNM
3 months+1.1%+1.3%−2.0 pts−1.9 pts
6 months+3.4%+2.7%−11.2 pts−11.9 pts
1 year+6.2%+5.0%−9.8 pts−11.0 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. 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
JUNM
FT Vest U.S. Equity Max Buffer ETF - June · Absorbs the whole loss on SPY and caps the gain at 7.3%, over a period ending Jun 17, 2027
Issuer Innovator First Trust
Reference index SPY SPY
Buffer 100% 100%
Outcome period Jun 30, 2026 to Jun 30, 2028 Jun 22, 2026 to Jun 17, 2027
Days left 630 251
Starting cap +18.3% +7.3%
Can still gain 16.5% 4.9%
Fall before buffer 1.6% 2.3%
Protection left, index points 100.0% of 100.0% 100.0% of 100.0%
Index return this period +4.3% +4.3%
Fund return this period +1.4% +1.5%
State today Open Open
Expense ratio 0.79% 0.85%
Net assets $98m $68m

As of Oct 9, 2026. Source: ETFIQ.

AJUL in plain words

From its price on Oct 9, 2026, the fund can gain about 16.5% more before it reaches its cap. The fund's price can fall 1.6% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 4.1% 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. 630 days remained on Oct 9, 2026. On Jun 30, 2028 the period ends and a new cap is set.

JUNM in plain words

From its price on Oct 9, 2026, the fund can gain about 4.9% more before it reaches its cap. The fund's price can fall 2.3% from here before the buffer starts absorbing losses, by the issuer's figure. 251 days remained on Oct 9, 2026. On Jun 17, 2027 the period ends and a new cap is set.

Questions people ask

Which has more room to gain, AJUL or JUNM?
From their prices on Oct 9, 2026, AJUL can gain about 16.5% before its cap and JUNM about 4.9%, so AJUL has more room left this period.
Which resets first, AJUL or JUNM?
AJUL ends its outcome period on Jun 30, 2028 and JUNM on Jun 17, 2027. A new cap is set the day after each.
Which is cheaper, AJUL or JUNM?
AJUL charges 0.79% a year and JUNM charges 0.85%, so AJUL is cheaper. Fees come from each fund's prospectus.
Other comparisons
AJUL vs PBJLAJUL vs XBJLAJUL vs JULTAJUL vs JULUJUNM vs TJULJUNM vs XBJLJUNM vs PBJLJUNM vs XJUN
SPY →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →AJUL on its own →JUNM on its own →How every figure is computed →Standards and sources →
Where these figures came from
Innovator page for AJUL ↗JUNM filings on SEC EDGAR ↗First Trust page for JUNM ↗

ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.

How this is computed

ETFIQ calculates every figure from each issuer’s published outcome-period terms. Buffer ETFs hold options on an index, not shares, so there is no holdings overlap to report.

Every figure is an ETFIQ calculation with distributions reinvested.

Cite this page

ETFIQ, AJUL against JUNM, data as of Oct 9, 2026. https://etfiq.com/compare/buffer/ajul-vs-junm

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms.