Which has more room to gain, JULM or ZAUG?

From their prices on Nov 4, 2026, JULM can gain about 5.1% before its cap and ZAUG about 6.7%, so ZAUG has more room left this period.

Which resets first, JULM or ZAUG?

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

Which is cheaper, JULM or ZAUG?

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

Data as of Nov 4, 2026.

Buffer ETFs

JULM vs ZAUG: Cap, Buffer & Days Left

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As of Nov 4, 2026 JULM can fall 2.2% before its buffer engages and ZAUG 1.5%, 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 $160m on Nov 4, 2026 for Innovator Equity Defined Protection ETF - 1 Yr August.

JULM on its own →ZAUG on its own →

At a glance

2.2%

JULM can fall this far before its buffer

1.5%

ZAUG can fall this far before its buffer

5.1%

JULM can still gain

6.7%

ZAUG 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.

ZAUG Full floor

ZAUG: reference +2.6% since period start, fund +1.3%; buffer Floor; cap +8.4%; Full floor. Data to Nov 4, 2026.

Data to Nov 4, 2026.

Pair scorecard

ZAUG costs 0.06 points a year less; their one-year returns differ by 0.2 points; ZAUG is 4.4 times larger.

Points (pts) are percentage points.

JULM vs ZAUG: Cap, Buffer & Days Left
Measure	JULM	ZAUG
Return
Measure	JULM	ZAUG
Total return, 1 year	+5.5%	+5.7%
Drawdown
Measure	JULM	ZAUG
Index fall to the buffer	3.1%	2.5%
Benchmark
Measure	JULM	ZAUG
What it tracks	SPY	SPY
Cost and size
Measure	JULM	ZAUG
Expense ratio	0.85%	0.79%
Net assets, as of Nov 3, 2026	$36m	$159m
Holdings
Measure	JULM	ZAUG
Holdings in common	not published

Method

Window by window

Window by window: JULM vs ZAUG: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	JULM	ZAUG	JULM	ZAUG
3 months	+0.6%	+0.5%	+1.0 pts	+0.9 pts
6 months	+2.4%	+2.6%	−2.1 pts	−1.9 pts
1 year	+5.5%	+5.7%	−8.1 pts	−7.9 pts
Since launchNot the same days: JULM Jul 2024 · ZAUG Aug 2024	+15.8%	+16.6%	−26.7 pts	−24.6 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. 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 ZAUG Innovator Equity Defined Protection ETF - 1 Yr August · Absorbs the whole loss on SPY and caps the gain at 8.4%, over a period ending Jul 31, 2027

Issuer First Trust Innovator

Reference index SPY SPY

Buffer 100% 100%

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

Days left 254 269

Starting cap +7.3% +8.4%

Can still gain 5.1% 6.7%

Fall before buffer 2.2% 1.5%

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

Index return this period +3.1% +2.6%

Fund return this period +1.4% +1.3%

State today Open Open

Expense ratio 0.85% 0.79%

Net assets, JULM as of Nov 3, 2026 and ZAUG as of Nov 4, 2026 $36m $160m

As of Nov 4, 2026. Source: ETFIQ.

Where each one stands today

JULM resets first, on Jul 16, 2027, 254 days from now; ZAUG runs to Jul 31, 2027, 269 days. JULM can still gain 5.1% before its cap, ZAUG 6.7%. A fall from here reaches JULM’s buffer after 2.2% and ZAUG’s after 1.5%. 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.

ZAUG

From its price on Nov 4, 2026, the fund can gain about 6.7% more before it reaches its cap. The fund's price can fall 1.5% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 2.5% from today's level to the point where the buffer begins. 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 ZAUG?: From their prices on Nov 4, 2026, JULM can gain about 5.1% before its cap and ZAUG about 6.7%, so ZAUG has more room left this period.
Which resets first, JULM or ZAUG?: JULM ends its outcome period on Jul 16, 2027 and ZAUG on Jul 31, 2027. A new cap is set the day after each.
Which is cheaper, JULM or ZAUG?: JULM charges 0.85% a year and ZAUG charges 0.79%, so ZAUG is cheaper. Fees come from each fund's prospectus.

Other comparisons

JULM vs XJUL JULM vs AUGW JULM vs UAUG JULM vs BAUG ZAUG vs AUGU ZAUG vs AUGT ZAUG vs AUGP ZAUG 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 →ZAUG on its own →Method →Standards and sources →

Sources and dates

JULM filings on SEC EDGAR ↗

First Trust page for JULM ↗

ZAUG filings on SEC EDGAR ↗

Innovator page for ZAUG ↗

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 ZAUG, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/julm-vs-zaug

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