Which has more room to gain, BJUL or PMAY?

From their prices on Oct 9, 2026, BJUL can gain about 13.8% before its cap and PMAY about 6.9%, so BJUL has more room left this period.

Which resets first, BJUL or PMAY?

BJUL ends its outcome period on Jun 30, 2027 and PMAY on Apr 30, 2027. A new cap is set the day after each.

Which is cheaper, BJUL or PMAY?

BJUL and PMAY both charge 0.79% a year, so neither is cheaper. Fees come from each fund's prospectus.

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BJUL vs PMAY: Cap, Buffer & Days Left

As of Oct 9, 2026 PMAY can fall 5.5% before its buffer engages and BJUL 3.7%, and PMAY resets 61 days sooner. Net assets on Oct 9, 2026: $363m for Innovator U.S. Equity Buffer ETF - Jul and $819m for Innovator U.S. Equity Power Buffer ETF - May.

Both cost 0.79% a year; their one-year returns differ by 3.3 points; PMAY is 2.3 times larger.

	BJUL	PMAY
Expense ratio	0.79%	0.79%
Net assets	$363m	$819m
Total return, 1 year	+12.9%	+9.6%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	4.1%	7.7%

3.7%

BJUL can fall this far before its buffer

5.5%

PMAY can fall this far before its buffer

13.8%

BJUL can still gain

6.9%

PMAY can still gain

BJULBetween buffer and cap

BJUL: reference +4.3% since period start, fund +3.6%; buffer 0 to −9; cap +18.1%; Between buffer and cap. Figures to Oct 9, 2026.

PMAYBetween buffer and cap

PMAY: reference +8.3% since period start, fund +5.4%; buffer 0 to −15; cap +13.0%; Between buffer and cap. Figures to Oct 9, 2026.

ETFIQ Downside Cover Score · PMAY scores higherIf the market falls into a bear market from here, how much does the buffer absorb?

BJUL 19.2

PMAY 77.1

0.2, the lowest in this set99.8, the highest

A percentile among the 292 buffer ETFs on stocks with a live outcome period. Today's position against one 20% fall; it ignores smaller falls, and stock buffers are never ranked against bond or commodity ones. All buffer ETFs ranked by it → How it is computed →

They do not reset together. PMAY has 203 days of its period left and BJUL has 264, 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

PMAY resets first, on Apr 30, 2027, 203 days from now; BJUL runs to Jun 30, 2027, 264 days. BJUL can still gain 13.8% before its cap, PMAY 6.9%. A fall from here reaches BJUL’s buffer after 3.7% and PMAY’s after 5.5%. 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	BJUL	PMAY	BJUL	PMAY
3 months	+2.8%	+2.5%	−0.4 pts	−0.7 pts
6 months	+9.6%	+5.7%	−5.0 pts	−8.9 pts
1 year	+12.9%	+9.6%	−3.1 pts	−6.5 pts
3 years	+61.2%	+43.3%	−17.9 pts	−35.9 pts

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

BJUL

Innovator U.S. Equity Buffer ETF - Jul · Absorbs the first 9% of loss on SPY and caps the gain at 18.1%, over a period ending Jun 30, 2027

PMAY

Innovator U.S. Equity Power Buffer ETF - May · Absorbs the first 15% of loss on SPY and caps the gain at 13.0%, over a period ending Apr 30, 2027

Issuer Innovator Innovator

Reference index SPY SPY

Buffer 9% 15%

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

Days left 264 203

Starting cap +18.1% +13.0%

Can still gain 13.8% 6.9%

Fall before buffer 3.7% 5.5%

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

Index return this period +4.3% +8.3%

Fund return this period +3.6% +5.4%

State today Open Open

Expense ratio 0.79% 0.79%

Net assets $363m $819m

As of Oct 9, 2026. Source: ETFIQ.

BJUL in plain words

From its price on Oct 9, 2026, the fund can gain about 13.8% more before it reaches its cap. The fund's price can fall 3.7% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 4.1% 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. 264 days remained on Oct 9, 2026. On Jun 30, 2027 the period ends and a new cap is set.

PMAY in plain words

From its price on Oct 9, 2026, the fund can gain about 6.9% more before it reaches its cap. The fund's price can fall 5.5% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 7.7% 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. 203 days remained on Oct 9, 2026. On Apr 30, 2027 the period ends and a new cap is set.

Questions people ask

Which has more room to gain, BJUL or PMAY?: From their prices on Oct 9, 2026, BJUL can gain about 13.8% before its cap and PMAY about 6.9%, so BJUL has more room left this period.
Which resets first, BJUL or PMAY?: BJUL ends its outcome period on Jun 30, 2027 and PMAY on Apr 30, 2027. A new cap is set the day after each.
Which is cheaper, BJUL or PMAY?: BJUL and PMAY both charge 0.79% a year, so neither is cheaper. Fees come from each fund's prospectus.

Other comparisons

BJUL vs PMAR BJUL vs PAPR BJUL vs PDEC BJUL vs PAUG PMAY vs CMAY PMAY vs CTMA PMAY vs DAPR PMAY vs DOCT

SPY →BJUL on its own →PMAY on its own →How every figure is computed →Standards and sources →

Where these figures came from

BJUL and PMAY filings on SEC EDGAR ↗Innovator page for BJUL ↗Innovator page for PMAY ↗

ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.

How this is computed

It is a place in a set, not a rating or a recommendation.

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, BJUL against PMAY, data as of Oct 9, 2026. https://etfiq.com/compare/buffer/bjul-vs-pmay

Open data

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