Which has more room to gain, BJUL or TJUL?

From their prices on Oct 9, 2026, BJUL can gain about 13.8% before its cap and TJUL about 4.8%, so BJUL has more room left this period.

Which resets first, BJUL or TJUL?

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

Which is cheaper, BJUL or TJUL?

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

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BJUL vs TJUL: Cap, Buffer & Days Left

As of Oct 9, 2026 TJUL can fall 7.9% before its buffer engages and BJUL 3.7%. Net assets on Oct 9, 2026: $363m for Innovator U.S. Equity Buffer ETF - Jul and $115m for Innovator Equity Defined Protection ETF - Jul 2027.

Both cost 0.79% a year; their one-year returns differ by 8.1 points; BJUL is 3.2 times larger.

	BJUL	TJUL
Expense ratio	0.79%	0.79%
Net assets	$363m	$115m
Total return, 1 year	+12.9%	+4.8%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	4.1%	20.6%

3.7%

BJUL can fall this far before its buffer

7.9%

TJUL can fall this far before its buffer

13.8%

BJUL can still gain

4.8%

TJUL 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.

TJULAt its cap

TJUL: reference +26.0% since period start, fund +7.4%; buffer Floor; cap +13.6%; At its cap. Figures to Oct 9, 2026.

Figures to Oct 9, 2026.

These are two different products. TJUL is a floor fund, which caps how far a holder can fall. BJUL is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.

TJUL is already at its cap, so more rise in the index adds nothing to it before the period ends.

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; TJUL runs to Jun 30, 2027, 264 days. BJUL can still gain 13.8% before its cap, TJUL 4.8%. A fall from here reaches BJUL’s buffer after 3.7% and TJUL’s after 7.9%. 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	TJUL	BJUL	TJUL
3 months	+2.8%	+1.6%	−0.4 pts	−1.6 pts
6 months	+9.6%	+3.5%	−5.0 pts	−11.0 pts
1 year	+12.9%	+4.8%	−3.1 pts	−11.2 pts
3 years	+61.2%	+25.1%	−17.9 pts	−54.1 pts

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

TJUL

Innovator Equity Defined Protection ETF - Jul 2027 · Absorbs the whole loss on SPY and caps the gain at 13.6%, over a period ending Jun 30, 2027

Issuer Innovator Innovator

Reference index SPY SPY

Buffer 9% 100%

Outcome period Jun 30, 2026 to Jun 30, 2027 Jun 30, 2025 to Jun 30, 2027

Days left 264 264

Starting cap +18.1% +13.6%

Can still gain 13.8% 4.8%

Fall before buffer 3.7% 7.9%

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

Index return this period +4.3% +26.0%

Fund return this period +3.6% +7.4%

State today Open At cap

Expense ratio 0.79% 0.79%

Net assets $363m $115m

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.

TJUL in plain words

SPY had already risen past this fund's cap of +13.6% for the period on Oct 9, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 4.8% as the period runs out. The fund's price can fall 7.9% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 20.6% 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.

Questions people ask

Which has more room to gain, BJUL or TJUL?: From their prices on Oct 9, 2026, BJUL can gain about 13.8% before its cap and TJUL about 4.8%, so BJUL has more room left this period.
Which resets first, BJUL or TJUL?: BJUL ends its outcome period on Jun 30, 2027 and TJUL on Jun 30, 2027. A new cap is set the day after each.
Which is cheaper, BJUL or TJUL?: BJUL and TJUL both charge 0.79% a year, so neither is cheaper. Fees come from each fund's prospectus.

Other comparisons

BJUL vs JULU BJUL vs XBJL BJUL vs PBJL BJUL vs PMJL TJUL vs DJUN TJUL vs UJUL TJUL vs GJUN TJUL vs ZJUL

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

Where these figures came from

BJUL filings on SEC EDGAR ↗Innovator page for BJUL ↗Innovator page for TJUL ↗

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

Open data

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