Which has more room to gain, AJUL or PBJL?

From their prices on Oct 13, 2026, AJUL can gain about 16.5% before its cap and PBJL about 8.7%, so AJUL has more room left this period.

Which resets first, AJUL or PBJL?

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

Which is cheaper, AJUL or PBJL?

AJUL charges 0.79% a year and PBJL charges 0.50%, so PBJL is cheaper. Fees come from each fund's prospectus.

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AJUL vs PBJL: Cap, Buffer & Days Left

As of Oct 13, 2026 PBJL can fall 3.3% before its buffer engages and AJUL 1.6%, and PBJL resets 366 days sooner. Net assets on Oct 13, 2026: $98m for Innovator Equity Defined Protection ETF - Jul 2028 and $75m for PGIM S&P 500 Buffer 20 ETF - July .

PBJL costs 0.29 points a year less; their one-year returns differ by 3.0 points; AJUL is 1.3 times larger.

Points (pts) are percentage points.

AJUL vs PBJL: Cap, Buffer & Days Left
	AJUL	PBJL
Expense ratio	0.79%	0.50%
Net assets	$98m	$75m
Total return, 1 year	+6.4%	+9.4%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	4.0%

1.6%

AJUL can fall this far before its buffer

3.3%

PBJL can fall this far before its buffer

16.5%

AJUL can still gain

8.7%

PBJL can still gain

AJULFull floor

AJUL: reference +4.2% since period start, fund +1.4%; buffer Floor; cap +18.3%; Full floor. Figures to Oct 13, 2026.

Figures to Oct 13, 2026.

PBJLBetween buffer and cap

PBJL: reference +4.2% since period start, fund +2.8%; buffer 0 to −20; cap +12.3%; Between buffer and cap. Figures to Oct 13, 2026.

These are two different products. AJUL is a floor fund, which caps how far a holder can fall. PBJL 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. PBJL has 260 days of its period left and AJUL has 626, so the two are not the same bet on the same months.

Where each one stands today

PBJL resets first, on Jun 30, 2027, 260 days from now; AJUL runs to Jun 30, 2028, 626 days. AJUL can still gain 16.5% before its cap, PBJL 8.7%. A fall from here reaches AJUL’s buffer after 1.6% and PBJL’s after 3.3%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

Performance, window by window: AJUL vs PBJL: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	AJUL	PBJL	AJUL	PBJL
3 months	+1.1%	+2.3%	−2.4 pts	−1.2 pts
6 months	+2.9%	+5.3%	−9.1 pts	−6.8 pts
1 year	+6.4%	+9.4%	−11.0 pts	−7.9 pts
Since launch Not the same days: AJUL Jul 2024 · PBJL May 2024	+17.8%	+28.4%	−24.9 pts	−22.0 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Source: ETFIQ. Open this comparison in the app →

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

PBJL

PGIM S&P 500 Buffer 20 ETF - July · Absorbs the first 20% of loss on SPY and caps the gain at 12.3%, over a period ending Jun 30, 2027

Issuer Innovator PGIM

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 626 260

Starting cap +18.3% +12.3%

Can still gain 16.5% 8.7%

Fall before buffer 1.6% 3.3%

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

Index return this period +4.2% +4.2%

Fund return this period +1.4% +2.8%

State today Open Open

Expense ratio 0.79% 0.50%

Net assets $98m $75m

As of Oct 13, 2026. Source: ETFIQ.

About AJUL

From its price on Oct 13, 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 4.0% 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. 626 days remained on Oct 13, 2026. On Jun 30, 2028 the period ends and a new cap is set.

About PBJL

From its price on Oct 13, 2026, the fund can gain about 8.7% more before it reaches its cap. The fund's price can fall 3.3% 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. 260 days remained on Oct 13, 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 PBJL?: From their prices on Oct 13, 2026, AJUL can gain about 16.5% before its cap and PBJL about 8.7%, so AJUL has more room left this period.
Which resets first, AJUL or PBJL?: AJUL ends its outcome period on Jun 30, 2028 and PBJL on Jun 30, 2027. A new cap is set the day after each.
Which is cheaper, AJUL or PBJL?: AJUL charges 0.79% a year and PBJL charges 0.50%, so PBJL is cheaper. Fees come from each fund's prospectus.

Other comparisons

AJUL vs JUNM AJUL vs XJUN AJUL vs DDFL AJUL vs ZJUL PBJL vs TJUL PBJL vs XBJL PBJL vs XJUN PBJL vs ZJUL

SPY →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →AJUL on its own →PBJL on its own →How every figure is computed →Standards and sources →

Where these figures came from

Innovator page for AJUL ↗PBJL filings on SEC EDGAR ↗PGIM website ↗

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 pageCitation, APA and Markdown

ETFIQ, AJUL against PBJL, data as of Oct 13, 2026. https://etfiq.com/compare/buffer/ajul-vs-pbjl

Open data

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