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BJUL vs PSEP: Cap, Buffer & Days Left

As of Oct 9, 2026 BJUL can fall 3.7% before its buffer engages and PSEP 1.2%, and BJUL resets 62 days sooner. Net assets on Oct 9, 2026: $363m for Innovator U.S. Equity Buffer ETF - Jul and $1.2bn for Innovator U.S. Equity Power Buffer ETF - Sep.

Both cost 0.79% a year; their one-year returns differ by 2.8 points; PSEP is 3.4 times larger.

Points (pts) are percentage points.

BJUL vs PSEP: Cap, Buffer & Days Left
BJULPSEP
Expense ratio0.79%0.79%
Net assets$363m$1.2bn
Total return, 1 year+12.9%+10.1%
What it tracksSPYSPY
Holdings in commonnot published
Index fall to the buffer4.1%1.5%
3.7%
BJUL can fall this far before its buffer
1.2%
PSEP can fall this far before its buffer
13.8%
BJUL can still gain
13.6%
PSEP can still gain
BJULBetween buffer and cap
Between buffer and capBJUL: reference +4.3% since period start, fund +3.6%; buffer 0 to −9; cap +18.1%; Between buffer and cap. Figures to Oct 9, 2026.9 pts of buffer+4.3%+13.9% more to the cap−9.0% floor0% period start+18.1% capTODAY · SPY +4.3%Between buffer and capBJUL: reference +4.3% since period start, fund +3.6%; buffer 0 to −9; cap +18.1%; Between buffer and cap. Figures to Oct 9, 2026.9 pts−9.0% floor0% start+18.1% cap+4.3% gain captured+13.9% more to the capTODAY · SPY +4.3%

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.

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.

PSEPBetween buffer and cap
Between buffer and capPSEP: reference +1.5% since period start, fund +1.2%; buffer 0 to −15; cap +15.0%; Between buffer and cap. Figures to Oct 9, 2026.15 pts of buffer+13.5% more to the cap−15.0% floor0% period start+15.0% cap+1.5% gain capturedTODAY · SPY +1.5%Between buffer and capPSEP: reference +1.5% since period start, fund +1.2%; buffer 0 to −15; cap +15.0%; Between buffer and cap. Figures to Oct 9, 2026.15 pts−15.0% floor0% start+15.0% cap+1.5% gain captured+13.5% more to the capTODAY · SPY +1.5%

PSEP: reference +1.5% since period start, fund +1.2%; buffer 0 to −15; cap +15.0%; Between buffer and cap. Figures to Oct 9, 2026.

PSEP: reference +1.5% since period start, fund +1.2%; buffer 0 to −15; cap +15.0%; Between buffer and cap. Figures to Oct 9, 2026.

ETFIQ Downside Cover Score · PSEP scores higherIf the market falls into a bear market from here, how much does the buffer absorb?
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. BJUL has 264 days of its period left and PSEP has 326, 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

BJUL resets first, on Jun 30, 2027, 264 days from now; PSEP runs to Aug 31, 2027, 326 days. BJUL can still gain 13.8% before its cap, PSEP 13.6%. A fall from here reaches BJUL’s buffer after 3.7% and PSEP’s after 1.2%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

Performance, window by window: BJUL vs PSEP: Cap, Buffer & Days Left
Total returnGap to the reference's price return
WindowBJULPSEPBJULPSEP
3 months+2.8%+2.4%−0.4 pts−0.7 pts
6 months+9.6%+7.4%−5.0 pts−7.2 pts
1 year+12.9%+10.1%−3.1 pts−5.9 pts
3 years+61.2%+44.7%−17.9 pts−34.4 pts
Since launch
Not the same days: BJUL Aug 2018 · PSEP Sep 2019
+119.3%+92.6%−47.8 pts−75.2 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

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
PSEP
Innovator U.S. Equity Power Buffer ETF - Sep · Absorbs the first 15% of loss on SPY and caps the gain at 15.0%, over a period ending Aug 31, 2027
Issuer Innovator Innovator
Reference index SPY SPY
Buffer 9% 15%
Outcome period Jun 30, 2026 to Jun 30, 2027 Aug 31, 2026 to Aug 31, 2027
Days left 264 326
Starting cap +18.1% +15.0%
Can still gain 13.8% 13.6%
Fall before buffer 3.7% 1.2%
Protection left, index points 9.0% of 9.0% 15.0% of 15.0%
Index return this period +4.3% +1.5%
Fund return this period +3.6% +1.2%
State today Open Open
Expense ratio 0.79% 0.79%
Net assets $363m $1.2bn

As of Oct 9, 2026. Source: ETFIQ.

About BJUL

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.

About PSEP

From its price on Oct 9, 2026, the fund can gain about 13.6% more before it reaches its cap. The fund's price can fall 1.2% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 1.5% 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. 326 days remained on Oct 9, 2026. On Aug 31, 2027 the period ends and a new cap is set.

Questions people ask

Which has more room to gain, BJUL or PSEP?
From their prices on Oct 9, 2026, BJUL can gain about 13.8% before its cap and PSEP about 13.6%, so BJUL has more room left this period.
Which resets first, BJUL or PSEP?
BJUL ends its outcome period on Jun 30, 2027 and PSEP on Aug 31, 2027. A new cap is set the day after each.
Which is cheaper, BJUL or PSEP?
BJUL and PSEP both charge 0.79% a year, so neither is cheaper. Fees come from each fund's prospectus.
Other comparisons
BJUL vs UJANBJUL vs UOCTBJUL vs ZJULBJUL vs UAPRPSEP vs FAUGPSEP vs DLAGPSEP vs PMSEPSEP vs DAPR
SPY →BJUL on its own →PSEP on its own →How every figure is computed →Standards and sources →
Where these figures came from
BJUL and PSEP filings on SEC EDGAR ↗Innovator page for BJUL ↗Innovator page for PSEP ↗

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 pageCitation, APA and Markdown

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

Open data

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