Which has more room to gain, AJUL or TJUL?

From their prices on Nov 4, 2026, AJUL can gain about 16.4% before its cap and TJUL about 4.5%, so AJUL has more room left this period.

Which resets first, AJUL or TJUL?

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

Which is cheaper, AJUL or TJUL?

AJUL and TJUL both charge 0.79% a year, so neither is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Buffer ETFs

AJUL vs TJUL: Cap, Buffer & Days Left

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As of Nov 4, 2026 TJUL can fall 8.2% before its buffer engages and AJUL 1.6%, and TJUL resets 366 days sooner.

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Net assets on Nov 4, 2026: $99m for Innovator Equity Defined Protection ETF - Jul 2028 and $114m for Innovator Equity Defined Protection ETF - Jul 2027.

AJUL on its own →TJUL on its own →

At a glance

1.6%

AJUL can fall this far before its buffer

8.2%

TJUL can fall this far before its buffer

16.4%

AJUL can still gain

4.5%

TJUL can still gain

AJUL Full floor

AJUL: reference +2.6% since period start, fund +1.4%; buffer Floor; cap +18.3%; Full floor. Data to Nov 4, 2026.

Data to Nov 4, 2026.

TJUL At its cap

TJUL: reference +24.1% since period start, fund +7.6%; buffer Floor; cap +13.6%; At its cap. Data to Nov 4, 2026.

Data to Nov 4, 2026.

Pair scorecard

Both cost 0.79% a year; their one-year returns differ by 1.0 point; TJUL is 1.2 times larger.

Points (pts) are percentage points.

AJUL vs TJUL: Cap, Buffer & Days Left
Measure	AJUL	TJUL
Return
Measure	AJUL	TJUL
Total return, 1 year	+6.0%	+5.0%
Drawdown
Measure	AJUL	TJUL
Index fall to the buffer	2.6%	19.4%
Benchmark
Measure	AJUL	TJUL
What it tracks	SPY	SPY
Cost and size
Measure	AJUL	TJUL
Expense ratio	0.79%	0.79%
Net assets	$99m	$114m
Holdings
Measure	AJUL	TJUL
Holdings in common	not published

Method

Window by window

Window by window: AJUL vs TJUL: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	AJUL	TJUL	AJUL	TJUL
3 months	+0.2%	+1.2%	+0.6 pts	+1.6 pts
6 months	+2.0%	+2.4%	−2.4 pts	−2.1 pts
1 year	+6.0%	+5.0%	−7.5 pts	−8.6 pts
3 years	–	+25.0%	–	−51.4 pts
Since launchNot the same days: AJUL Jul 2024 · TJUL Jul 2023	+17.7%	+23.8%	−22.9 pts	−45.0 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. – means no data for this window. Open this comparison in the app →

Side by side

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 TJUL Innovator Equity Defined Protection ETF - Jul 2027 · Absorbs the whole loss on SPY and caps the gain at 13.6%, over a period ending Jun 30, 2027

Issuer Innovator Innovator

Reference index SPY SPY

Buffer 100% 100%

Outcome period Jun 30, 2026 to Jun 30, 2028 Jun 30, 2025 to Jun 30, 2027

Days left 604 238

Starting cap +18.3% +13.6%

Can still gain 16.4% 4.5%

Fall before buffer 1.6% 8.2%

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

Index return this period +2.6% +24.1%

Fund return this period +1.4% +7.6%

State today Open At cap

Expense ratio 0.79% 0.79%

Net assets $99m $114m

As of Nov 4, 2026. Source: ETFIQ.

TJUL is already at its cap, so more rise in the index adds nothing to it before the period ends.

They do not reset together. TJUL has 238 days of its period left and AJUL has 604, so the two are not the same bet on the same months.

Both are Innovator funds, so the difference between them is the terms rather than the house.

Where each one stands today

TJUL resets first, on Jun 30, 2027, 238 days from now; AJUL runs to Jun 30, 2028, 604 days. AJUL can still gain 16.4% before its cap, TJUL 4.5%. A fall from here reaches AJUL’s buffer after 1.6% and TJUL’s after 8.2%. Both track SPY, so what separates them is where each is in its own period.

Alert

About each fund

AJUL

From its price on Nov 4, 2026, the fund can gain about 16.4% 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 number. In index terms, SPY can fall 2.6% 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. 604 days remained on Nov 4, 2026. On Jun 30, 2028 the period ends and a new cap is set.

TJUL

SPY had already risen past this fund's cap of +13.6% for the period on Nov 4, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 4.5% as the period runs out. The fund's price can fall 8.2% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 19.4% from today's level to the point where the buffer begins. 238 days remained on Nov 4, 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 TJUL?: From their prices on Nov 4, 2026, AJUL can gain about 16.4% before its cap and TJUL about 4.5%, so AJUL has more room left this period.
Which resets first, AJUL or TJUL?: AJUL ends its outcome period on Jun 30, 2028 and TJUL on Jun 30, 2027. A new cap is set the day after each.
Which is cheaper, AJUL or TJUL?: AJUL and TJUL both charge 0.79% a year, so neither is cheaper. Fees come from each fund's prospectus.

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Where to next

SPY →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →AJUL on its own →TJUL on its own →Method →Standards and sources →

Sources and dates

Innovator page for AJUL ↗

Innovator page for TJUL ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

ETFIQ calculates every number 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 number is an ETFIQ calculation with distributions reinvested.

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ETFIQ, AJUL against TJUL, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/ajul-vs-tjul

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