Which has more room to gain, BAUG or JULM?

From their prices on Nov 4, 2026, BAUG can gain about 14.8% 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.

Data as of Nov 4, 2026.

Buffer ETFs

BAUG vs JULM: Cap, Buffer & Days Left

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As of Nov 4, 2026 BAUG can fall 2.6% before its buffer engages and JULM 2.2%, and JULM resets 15 days sooner.

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Net assets: $270m on Nov 4, 2026 for Innovator U.S. Equity Buffer ETF - Aug, and $36m on Nov 3, 2026 for FT Vest U.S. Equity Max Buffer ETF - July.

BAUG on its own →JULM on its own →

At a glance

2.6%

BAUG can fall this far before its buffer

2.2%

JULM can fall this far before its buffer

14.8%

BAUG can still gain

5.1%

JULM can still gain

BAUG Between buffer and cap

BAUG: reference +2.6% since period start, fund +2.4%; buffer 0 to −9; cap +17.8%; Between buffer and cap. Data to Nov 4, 2026.

JULM Full floor

JULM: reference +3.1% since period start, fund +1.4%; buffer Floor; cap +7.3%; Full floor. Data to Nov 4, 2026.

Data to Nov 4, 2026.

Pair scorecard

BAUG costs 0.06 points a year less; their one-year returns differ by 7.4 points; BAUG is 7.4 times larger.

Points (pts) are percentage points.

BAUG vs JULM: Cap, Buffer & Days Left
Measure	BAUG	JULM
Return
Measure	BAUG	JULM
Total return, 1 year	+12.9%	+5.5%
Drawdown
Measure	BAUG	JULM
Index fall to the buffer	2.5%	3.1%
Benchmark
Measure	BAUG	JULM
What it tracks	SPY	SPY
Cost and size
Measure	BAUG	JULM
Expense ratio	0.79%	0.85%
Net assets, as of Nov 3, 2026	$266m	$36m
Holdings
Measure	BAUG	JULM
Holdings in common	not published

Method

Window by window

Window by window: BAUG vs JULM: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	BAUG	JULM	BAUG	JULM
3 months	+0.5%	+0.6%	+0.9 pts	+1.0 pts
6 months	+5.7%	+2.4%	+1.2 pts	−2.1 pts
1 year	+12.9%	+5.5%	−0.7 pts	−8.1 pts
3 years	+66.1%	–	−10.4 pts	–
Since launchNot the same days: BAUG Aug 2019 · JULM Jul 2024	+122.4%	+15.8%	−37.7 pts	−26.7 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

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 269 254

Starting cap +17.8% +7.3%

Can still gain 14.8% 5.1%

Fall before buffer 2.6% 2.2%

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

Index return this period +2.6% +3.1%

Fund return this period +2.4% +1.4%

State today Open Open

Expense ratio 0.79% 0.85%

Net assets, BAUG as of Nov 4, 2026 and JULM as of Nov 3, 2026 $270m $36m

As of Nov 4, 2026. Source: ETFIQ.

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, 254 days from now; BAUG runs to Jul 31, 2027, 269 days. BAUG can still gain 14.8% before its cap, JULM 5.1%. A fall from here reaches BAUG’s buffer after 2.6% and JULM’s after 2.2%. Both track SPY, so what separates them is where each is in its own period.

Alert

About each fund

BAUG

From its price on Nov 4, 2026, the fund can gain about 14.8% more before it reaches its cap. The fund's price can fall 2.6% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 2.5% 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. 269 days remained on Nov 4, 2026. On Jul 31, 2027 the period ends and a new cap is set.

JULM

From its price on Nov 4, 2026, the fund can gain about 5.1% more before it reaches its cap. The fund's price can fall 2.2% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 3.1% 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. 254 days remained on Nov 4, 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 Nov 4, 2026, BAUG can gain about 14.8% 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 CAUG JULM vs CTAU JULM vs UAUG JULM vs GJUL

Where to next

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

Sources and dates

BAUG filings on SEC EDGAR ↗

Innovator page for BAUG ↗

JULM filings on SEC EDGAR ↗

First Trust page for JULM ↗

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, BAUG against JULM, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/baug-vs-julm

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