Which has more room to gain, BAUG or JULM?

From their prices on Oct 9, 2026, BAUG can gain about 13.9% before its cap and JULM about 5.1%, 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.

Share on X Download as PDF Open live Compare their flows Ask IQ about these two funds

BAUG vs JULM: Cap, Buffer & Days Left

As of Oct 9, 2026 BAUG can fall 3.3% before its buffer engages and JULM 2.1%, and JULM resets 15 days sooner. Net assets on Oct 9, 2026: $275m for Innovator U.S. Equity Buffer ETF - Aug and $36m for FT Vest U.S. Equity Max Buffer ETF - July.

BAUG costs 0.06 points a year less; their one-year returns differ by 8.3 points; BAUG is 7.6 times larger.

	BAUG	JULM
Expense ratio	0.79%	0.85%
Net assets	$275m	$36m
Total return, 1 year	+14.0%	+5.7%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	4.0%	4.5%

3.3%

BAUG can fall this far before its buffer

2.1%

JULM can fall this far before its buffer

13.9%

BAUG can still gain

5.1%

JULM can still gain

BAUGBetween buffer and cap

BAUG: reference +4.2% since period start, fund +3.3%; buffer 0 to −9; cap +17.8%; Between buffer and cap. Figures to Oct 9, 2026.

JULMFull floor

JULM: reference +4.8% since period start, fund +1.3%; buffer Floor; cap +7.3%; Full floor. Figures to Oct 9, 2026.

Figures to Oct 9, 2026.

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, 280 days from now; BAUG runs to Jul 31, 2027, 295 days. BAUG can still gain 13.9% before its cap, JULM 5.1%. A fall from here reaches BAUG’s buffer after 3.3% and JULM’s after 2.1%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

	Total return		Gap to the reference's price return
Window	BAUG	JULM	BAUG	JULM
3 months	+3.8%	+1.3%	+0.6 pts	−1.8 pts
6 months	+11.0%	+3.5%	−3.6 pts	−11.0 pts
1 year	+14.0%	+5.7%	−2.0 pts	−10.3 pts
3 years	+67.4%	not published	−11.8 pts	not published

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

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 295 280

Starting cap +17.8% +7.3%

Can still gain 13.9% 5.1%

Fall before buffer 3.3% 2.1%

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

Index return this period +4.2% +4.8%

Fund return this period +3.3% +1.3%

State today Open Open

Expense ratio 0.79% 0.85%

Net assets $275m $36m

As of Oct 9, 2026. Source: ETFIQ.

BAUG in plain words

From its price on Oct 9, 2026, the fund can gain about 13.9% 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. In index terms, SPY can fall 4.0% 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. 295 days remained on Oct 9, 2026. On Jul 31, 2027 the period ends and a new cap is set.

JULM in plain words

From its price on Oct 9, 2026, the fund can gain about 5.1% more before it reaches its cap. The fund's price can fall 2.1% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 4.5% 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. 280 days remained on Oct 9, 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 Oct 9, 2026, BAUG can gain about 13.9% before its cap and JULM about 5.1%, 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

BAUG vs CPSJ BAUG vs DDFG BAUG vs GJUL BAUG vs HAUG JULM vs PMAU JULM vs CAUG JULM vs CTAU JULM vs UAUG

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

Where these figures came from

BAUG filings on SEC EDGAR ↗Innovator page for BAUG ↗JULM filings on SEC EDGAR ↗First Trust page for JULM ↗

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, BAUG against JULM, data as of Oct 9, 2026. https://etfiq.com/compare/buffer/baug-vs-julm

Open data

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