Which has more room to gain, AJUL or XBJL?

From their prices on Nov 4, 2026, AJUL can gain about 16.4% before its cap and XBJL about 9.9%, so AJUL has more room left this period.

Which resets first, AJUL or XBJL?

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

Which is cheaper, AJUL or XBJL?

AJUL and XBJL 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 XBJL: Cap, Buffer & Days Left

Share on X Download as PDF

As of Nov 4, 2026 XBJL can fall 3.5% before its buffer engages and AJUL 1.6%, and XBJL resets 366 days sooner.

askIQ about this page

askIQ about AJUL and XBJL

Net assets on Nov 4, 2026: $99m for Innovator Equity Defined Protection ETF - Jul 2028 and $77m for Innovator U.S. Equity Accelerated 9 Buffer ETF - Jul.

AJUL on its own →XBJL on its own →

At a glance

1.6%

AJUL can fall this far before its buffer

3.5%

XBJL can fall this far before its buffer

16.4%

AJUL can still gain

9.9%

XBJL 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.

XBJL Between buffer and cap

XBJL: reference +2.6% since period start, fund +3.3%; buffer 0 to −9; cap +13.8%; Between buffer and cap. Data to Nov 4, 2026.

Pair scorecard

Both cost 0.79% a year; their one-year returns differ by 3.9 points; AJUL is 1.3 times larger.

Points (pts) are percentage points.

AJUL vs XBJL: Cap, Buffer & Days Left
Measure	AJUL	XBJL
Return
Measure	AJUL	XBJL
Total return, 1 year	+6.0%	+9.9%
Drawdown
Measure	AJUL	XBJL
Index fall to the buffer	2.6%
Benchmark
Measure	AJUL	XBJL
What it tracks	SPY	SPY
Cost and size
Measure	AJUL	XBJL
Expense ratio	0.79%	0.79%
Net assets	$99m	$77m
Holdings
Measure	AJUL	XBJL
Holdings in common	not published

Method

Window by window

Window by window: AJUL vs XBJL: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	AJUL	XBJL	AJUL	XBJL
3 months	+0.2%	+1.4%	+0.6 pts	+1.8 pts
6 months	+2.0%	+4.3%	−2.4 pts	−0.2 pts
1 year	+6.0%	+9.9%	−7.5 pts	−3.6 pts
3 years	–	+42.8%	–	−33.6 pts
Since launchNot the same days: AJUL Jul 2024 · XBJL Jul 2021	+17.7%	+60.3%	−22.9 pts	−17.8 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 XBJL Innovator U.S. Equity Accelerated 9 Buffer ETF - Jul · Absorbs the first 9% of loss on SPY and caps the gain at 13.8%, over a period ending Jun 30, 2027

Issuer Innovator Innovator

Reference index SPY SPY

Buffer 100% 9%

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

Days left 604 238

Starting cap +18.3% +13.8%

Can still gain 16.4% 9.9%

Fall before buffer 1.6% 3.5%

Protection left, index points 100.0% of 100.0% 9.0% of 9.0%

Index return this period +2.6% +2.6%

Fund return this period +1.4% +3.3%

State today Open Open

Expense ratio 0.79% 0.79%

Net assets $99m $77m

As of Nov 4, 2026. Source: ETFIQ.

These are two different products. AJUL is a floor fund, which caps how far a holder can fall. XBJL 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. XBJL 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

XBJL 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, XBJL 9.9%. A fall from here reaches AJUL’s buffer after 1.6% and XBJL’s after 3.5%. 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.

XBJL

From its price on Nov 4, 2026, the fund can gain about 9.9% more before it reaches its cap. The fund's price can fall 3.5% from here before the buffer starts absorbing losses, by the issuer's number. Protection left, in index points: 9.0% of the 9.0% buffer still sits below today's SPY level. 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 XBJL?: From their prices on Nov 4, 2026, AJUL can gain about 16.4% before its cap and XBJL about 9.9%, so AJUL has more room left this period.
Which resets first, AJUL or XBJL?: AJUL ends its outcome period on Jun 30, 2028 and XBJL on Jun 30, 2027. A new cap is set the day after each.
Which is cheaper, AJUL or XBJL?: AJUL and XBJL both charge 0.79% a year, so neither is cheaper. Fees come from each fund's prospectus.

Other comparisons

AJUL vs UJUL AJUL vs JULU AJUL vs PBJL AJUL vs DDTL XBJL vs XJUN XBJL vs ZJUL XBJL vs DDTL XBJL vs JULU

Where to next

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

Sources and dates

Innovator page for AJUL ↗

XBJL filings on SEC EDGAR ↗

Innovator page for XBJL ↗

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.

Cite this pageCitation, APA and Markdown

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

Open data →

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