Which has more room to gain, JULM or UAUG?

From their prices on Nov 4, 2026, JULM can gain about 5.1% before its cap and UAUG about 11.5%, so UAUG has more room left this period.

Which resets first, JULM or UAUG?

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

Which is cheaper, JULM or UAUG?

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

Data as of Nov 4, 2026.

Buffer ETFs

JULM vs UAUG: Cap, Buffer & Days Left

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As of Nov 4, 2026 UAUG can fall 7.1% before its buffer engages and JULM 2.2%, and JULM resets 15 days sooner.

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Net assets: $36m on Nov 3, 2026 for FT Vest U.S. Equity Max Buffer ETF - July, and $247m on Nov 4, 2026 for Innovator U.S. Equity Ultra Buffer ETF - Aug.

JULM on its own →UAUG on its own →

At a glance

2.2%

JULM can fall this far before its buffer

7.1%

UAUG can fall this far before its buffer

5.1%

JULM can still gain

11.5%

UAUG can still gain

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.

UAUG Between buffer and cap

UAUG: reference +2.6% since period start, fund +2.0%; buffer −5 to −35; cap +14.0%; Between buffer and cap. Data to Nov 4, 2026.

Pair scorecard

UAUG costs 0.06 points a year less; their one-year returns differ by 4.2 points; UAUG is 6.8 times larger.

Points (pts) are percentage points.

JULM vs UAUG: Cap, Buffer & Days Left
Measure	JULM	UAUG
Return
Measure	JULM	UAUG
Total return, 1 year	+5.5%	+9.7%
Drawdown
Measure	JULM	UAUG
Index fall to the buffer	3.1%	7.4%
Benchmark
Measure	JULM	UAUG
What it tracks	SPY	SPY
Cost and size
Measure	JULM	UAUG
Expense ratio	0.85%	0.79%
Net assets, as of Nov 3, 2026	$36m	$245m
Holdings
Measure	JULM	UAUG
Holdings in common	not published

Method

Window by window

Window by window: JULM vs UAUG: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	JULM	UAUG	JULM	UAUG
3 months	+0.6%	+0.7%	+1.0 pts	+1.1 pts
6 months	+2.4%	+4.4%	−2.1 pts	−0.1 pts
1 year	+5.5%	+9.7%	−8.1 pts	−3.9 pts
3 years	–	+49.6%	–	−26.8 pts
Since launchNot the same days: JULM Jul 2024 · UAUG Aug 2019	+15.8%	+74.2%	−26.7 pts	−85.9 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

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 UAUG Innovator U.S. Equity Ultra Buffer ETF - Aug · Absorbs losses from 5.0% to 35.0% on SPY and caps the gain at 14.0%, over a period ending Jul 31, 2027

Issuer First Trust Innovator

Reference index SPY SPY

Buffer 100% 5% to 35%

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

Days left 254 269

Starting cap +7.3% +14.0%

Can still gain 5.1% 11.5%

Fall before buffer 2.2% 7.1%

Protection left, index points 100.0% of 100.0% 30.0% of 30.0%

Index return this period +3.1% +2.6%

Fund return this period +1.4% +2.0%

State today Open Open

Expense ratio 0.85% 0.79%

Net assets, JULM as of Nov 3, 2026 and UAUG as of Nov 4, 2026 $36m $247m

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. UAUG 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; UAUG runs to Jul 31, 2027, 269 days. JULM can still gain 5.1% before its cap, UAUG 11.5%. A fall from here reaches JULM’s buffer after 2.2% and UAUG’s after 7.1%. Both track SPY, so what separates them is where each is in its own period.

Alert

About each fund

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.

UAUG

From its price on Nov 4, 2026, the fund can gain about 11.5% more before it reaches its cap. The fund's price can fall 7.1% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 7.4% from today's level to the point where the buffer begins. Protection left, in index points: 30.0% of the 30.0% 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.

Questions people ask

Which has more room to gain, JULM or UAUG?: From their prices on Nov 4, 2026, JULM can gain about 5.1% before its cap and UAUG about 11.5%, so UAUG has more room left this period.
Which resets first, JULM or UAUG?: JULM ends its outcome period on Jul 16, 2027 and UAUG on Jul 31, 2027. A new cap is set the day after each.
Which is cheaper, JULM or UAUG?: JULM charges 0.85% a year and UAUG charges 0.79%, so UAUG is cheaper. Fees come from each fund's prospectus.

Other comparisons

JULM vs BAUG JULM vs ZAUG JULM vs AUGW JULM vs DJUL UAUG vs AUGU UAUG vs AUGT UAUG vs AUGP UAUG vs PBAU

Where to next

State Street® SPDR® S&P 500® ETF Trust →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →JULM on its own →UAUG on its own →Method →Standards and sources →

Sources and dates

JULM filings on SEC EDGAR ↗

First Trust page for JULM ↗

UAUG filings on SEC EDGAR ↗

Innovator page for UAUG ↗

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.

Cite this pageCitation, APA and Markdown

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

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