Which has more room to gain, JULP or TJUL?

From their prices on Nov 4, 2026, JULP can gain about 12.6% before its cap and TJUL about 4.5%, so JULP has more room left this period.

Which resets first, JULP or TJUL?

JULP 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, JULP or TJUL?

JULP charges 0.50% a year and TJUL charges 0.79%, so JULP is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Buffer ETFs

JULP vs TJUL: Cap, Buffer & Days Left

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As of Nov 4, 2026 TJUL can fall 8.2% before its buffer engages and JULP 3.1%.

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Net assets on Nov 4, 2026: $43m for PGIM S&P 500 Buffer 12 ETF - July and $114m for Innovator Equity Defined Protection ETF - Jul 2027.

JULP on its own →TJUL on its own →

At a glance

3.1%

JULP can fall this far before its buffer

8.2%

TJUL can fall this far before its buffer

12.6%

JULP can still gain

4.5%

TJUL can still gain

JULP Between buffer and cap

JULP: reference +2.7% since period start, fund +2.7%; buffer 0 to −12; cap +16.2%; Between buffer and cap. Data to Nov 4, 2026.

TJUL At its cap

TJUL: reference +24.1% since period start, fund +7.6%; buffer Floor; cap +13.6%; At its cap. Data to Nov 4, 2026.

Data to Nov 4, 2026.

Pair scorecard

JULP costs 0.29 points a year less; their one-year returns differ by 5.5 points; TJUL is 2.7 times larger.

Points (pts) are percentage points.

JULP vs TJUL: Cap, Buffer & Days Left
Measure	JULP	TJUL
Return
Measure	JULP	TJUL
Total return, 1 year	+10.5%	+5.0%
Drawdown
Measure	JULP	TJUL
Index fall to the buffer	2.6%	19.4%
Benchmark
Measure	JULP	TJUL
What it tracks	SPY	SPY
Cost and size
Measure	JULP	TJUL
Expense ratio	0.50%	0.79%
Net assets	$43m	$114m
Holdings
Measure	JULP	TJUL
Holdings in common	not published

Method

Window by window

Window by window: JULP vs TJUL: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	JULP	TJUL	JULP	TJUL
3 months	+0.6%	+1.2%	+1.0 pts	+1.6 pts
6 months	+4.2%	+2.4%	−0.3 pts	−2.1 pts
1 year	+10.5%	+5.0%	−3.0 pts	−8.6 pts
3 years	–	+25.0%	–	−51.4 pts
Since launchNot the same days: JULP May 2024 · TJUL Jul 2023	+33.9%	+23.8%	−14.3 pts	−45.0 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

JULP PGIM S&P 500 Buffer 12 ETF - July · Absorbs the first 12% of loss on SPY and caps the gain at 16.2%, 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 PGIM Innovator

Reference index SPY SPY

Buffer 12% 100%

Outcome period Jul 1, 2026 to Jun 30, 2027 Jun 30, 2025 to Jun 30, 2027

Days left 238 238

Starting cap +16.2% +13.6%

Can still gain 12.6% 4.5%

Fall before buffer 3.1% 8.2%

Protection left, index points 12.0% of 12.0% 100.0% of 100.0%

Index return this period +2.7% +24.1%

Fund return this period +2.7% +7.6%

State today Open At cap

Expense ratio 0.50% 0.79%

Net assets $43m $114m

As of Nov 4, 2026. Source: ETFIQ.

These are two different products. TJUL is a floor fund, which caps how far a holder can fall. JULP 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.

Where each one stands today

JULP resets first, on Jun 30, 2027, 238 days from now; TJUL runs to Jun 30, 2027, 238 days. JULP can still gain 12.6% before its cap, TJUL 4.5%. A fall from here reaches JULP’s buffer after 3.1% and TJUL’s after 8.2%. Both track SPY, so what separates them is where each is in its own period.

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About each fund

JULP

From its price on Nov 4, 2026, the fund can gain about 12.6% more before it reaches its cap. The fund's price can fall 3.1% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 2.6% from today's level to the point where the buffer begins. Protection left, in index points: 12.0% of the 12.0% buffer still sits below today's SPY level. 238 days remained on Nov 4, 2026. On Jun 30, 2027 the period ends and a new cap is set.

TJUL

SPY had already risen past this fund's cap of +13.6% for the period on Nov 4, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 4.5% as the period runs out. The fund's price can fall 8.2% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 19.4% 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, JULP or TJUL?: From their prices on Nov 4, 2026, JULP can gain about 12.6% before its cap and TJUL about 4.5%, so JULP has more room left this period.
Which resets first, JULP or TJUL?: JULP 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, JULP or TJUL?: JULP charges 0.50% a year and TJUL charges 0.79%, so JULP is cheaper. Fees come from each fund's prospectus.

Other comparisons

JULP vs AJUL JULP vs XJUN JULP vs DDTL JULP vs DDFL TJUL vs XBJL TJUL vs AJUL TJUL vs XJUN TJUL vs ZJUL

Where to next

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

Sources and dates

JULP filings on SEC EDGAR ↗

PGIM website ↗

Innovator page for TJUL ↗

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.

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ETFIQ, JULP against TJUL, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/julp-vs-tjul

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