Which has more room to gain, BAUG or XJUL?

From their prices on Oct 9, 2026, BAUG can gain about 13.9% before its cap and XJUL about 7.3%, so BAUG has more room left this period.

Which resets first, BAUG or XJUL?

BAUG ends its outcome period on Jul 31, 2027 and XJUL on Jul 16, 2027. A new cap is set the day after each.

Which is cheaper, BAUG or XJUL?

BAUG charges 0.79% a year and XJUL charges 0.85%, so BAUG is cheaper. Fees come from each fund's prospectus.

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BAUG vs XJUL: Cap, Buffer & Days Left

As of Oct 9, 2026 XJUL can fall 3.8% before its buffer engages and BAUG 3.3%, and XJUL resets 15 days sooner. Net assets on Oct 9, 2026: $275m for Innovator U.S. Equity Buffer ETF - Aug and $42m for FT Vest U.S. Equity Enhance & Moderate Buffer ETF - July.

BAUG costs 0.06 points a year less; their one-year returns differ by 4.7 points; BAUG is 6.5 times larger.

Points (pts) are percentage points.

BAUG vs XJUL: Cap, Buffer & Days Left
	BAUG	XJUL
Expense ratio	0.79%	0.85%
Net assets	$275m	$42m
Total return, 1 year	+14.0%	+9.3%
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

3.8%

XJUL can fall this far before its buffer

13.9%

BAUG can still gain

7.3%

XJUL 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.

XJULBetween buffer and cap

XJUL: reference +4.8% since period start, fund +3.0%; buffer 0 to −15; cap +11.4%; Between buffer and cap. Figures to Oct 9, 2026.

These are two different products. XJUL 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

XJUL 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, XJUL 7.3%. A fall from here reaches BAUG’s buffer after 3.3% and XJUL’s after 3.8%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

Performance, window by window: BAUG vs XJUL: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	BAUG	XJUL	BAUG	XJUL
3 months	+3.8%	+3.1%	+0.6 pts	−0.1 pts
6 months	+11.0%	+6.0%	−3.6 pts	−8.6 pts
1 year	+14.0%	+9.3%	−2.0 pts	−6.7 pts
3 years	+67.4%	+38.0%	−11.8 pts	−41.2 pts
Since launch Not the same days: BAUG Aug 2019 · XJUL Jul 2023	+124.1%	+36.3%	−40.0 pts	−35.1 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Source: ETFIQ. Open this comparison in the app →

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

XJUL

FT Vest U.S. Equity Enhance & Moderate Buffer ETF - July · Absorbs the first 15% of loss on SPY and caps the gain at 11.4%, over a period ending Jul 16, 2027

Issuer Innovator First Trust

Reference index SPY SPY

Buffer 9% 15%

Outcome period Jul 31, 2026 to Jul 31, 2027 Jul 20, 2026 to Jul 16, 2027

Days left 295 280

Starting cap +17.8% +11.4%

Can still gain 13.9% 7.3%

Fall before buffer 3.3% 3.8%

Protection left, index points 9.0% of 9.0% 15.0% of 15.0%

Index return this period +4.2% +4.8%

Fund return this period +3.3% +3.0%

State today Open Open

Expense ratio 0.79% 0.85%

Net assets $275m $42m

As of Oct 9, 2026. Source: ETFIQ.

About BAUG

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.

About XJUL

From its price on Oct 9, 2026, the fund can gain about 7.3% more before it reaches its cap. The fund's price can fall 3.8% 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: 15.0% of the 15.0% 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 XJUL?: From their prices on Oct 9, 2026, BAUG can gain about 13.9% before its cap and XJUL about 7.3%, so BAUG has more room left this period.
Which resets first, BAUG or XJUL?: BAUG ends its outcome period on Jul 31, 2027 and XJUL on Jul 16, 2027. A new cap is set the day after each.
Which is cheaper, BAUG or XJUL?: BAUG charges 0.79% a year and XJUL charges 0.85%, so BAUG is cheaper. Fees come from each fund's prospectus.

Other comparisons

BAUG vs UAUG BAUG vs AUGU BAUG vs PBAU BAUG vs JULM XJUL vs CAUG XJUL vs CTAU XJUL vs UAUG XJUL vs GJUL

SPY →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →BAUG on its own →XJUL 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 ↗XJUL filings on SEC EDGAR ↗First Trust page for XJUL ↗

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 pageCitation, APA and Markdown

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

Open data

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