Data as of .
BAUG vs JULM: which one stands where?
As of Sep 21, 2026 BAUG can fall 2.7% before its buffer engages and JULM 1.7%, and JULM resets 15 days sooner.
These are two different products. JULM is a floor fund, which caps how far a holder can fall. BAUG is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.
Where each one stands today
JULM resets first, on Jul 16, 2027, 298 days from now; BAUG runs to Jul 31, 2027, 313 days. BAUG can still gain 14.6% before its cap, JULM 5.5%. A fall from here reaches BAUG’s buffer after 2.7% and JULM’s after 1.7%. 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
| Window | Total return | Gap to the reference | ||
|---|---|---|---|---|
| BAUG | JULM | BAUG | JULM | |
| 3 months | +3.2% | +1.0% | +0.9 pts | −1.3 pts |
| 6 months | +13.4% | +4.2% | −4.6 pts | −13.9 pts |
| 1 year | +13.1% | +5.3% | −3.5 pts | −11.3 pts |
| 3 years | +62.8% | not published | −15.6 pts | not published |
| BAUG Innovator U.S. Equity Buffer ETF - Aug Absorbs the first 9% of loss on SPY and caps the gain at 17.8%, over a period ending Jul 31, 2027 | JULM FT Vest U.S. Equity Max Buffer ETF - July Absorbs the whole loss on SPY and caps the gain at 7.3%, over a period ending Jul 16, 2027 | |
|---|---|---|
| Issuer | Innovator | First Trust |
| Reference index | SPY | SPY |
| Buffer | 9% | 100% |
| Outcome period | Jul 31, 2026 to Jul 31, 2027 | Jul 20, 2026 to Jul 16, 2027 |
| Days left | 313 | 298 |
| Starting cap | +17.8% | +7.3% |
| Can still gain | 14.6% | 5.5% |
| Fall before buffer | 2.7% | 1.7% |
| Protection left, index points | 9.0% of 9.0% | 100.0% of 100.0% |
| Index return this period | +3.6% | +4.1% |
| Fund return this period | +2.7% | +0.9% |
| State today | Open | Open |
| Expense ratio | 0.79% | 0.85% |
| Net assets | $270m | $34m |
BAUG in plain words
From its price on Sep 21, 2026, the fund can gain about 14.6% more before it reaches its cap. The fund's price can fall 2.7% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 3.5% from today's level to the point where the buffer begins. Protection left, in index points: 9.0% of the 9.0% buffer still sits below today's SPY level. 313 days remained on Sep 21, 2026. On Jul 31, 2027 the period ends and a new cap is set.
JULM in plain words
From its price on Sep 21, 2026, the fund can gain about 5.5% more before it reaches its cap. The fund's price can fall 1.7% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 3.9% 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. 298 days remained on Sep 21, 2026. On Jul 16, 2027 the period ends and a new cap is set.
Questions people ask
- Which has more room to gain, BAUG or JULM?
- From their prices on Sep 21, 2026, BAUG can gain about 14.6% before its cap and JULM about 5.5%, so BAUG has more room left this period.
- Which resets first, BAUG or JULM?
- BAUG ends its outcome period on Jul 31, 2027 and JULM on Jul 16, 2027. A new cap is set the day after each.
- Which is cheaper, BAUG or JULM?
- BAUG charges 0.79% a year and JULM charges 0.85%, so BAUG is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, BAUG against JULM, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/baug-vs-julm Free to use with attribution; the underlying files are at Open data.