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Data as of Nov 4, 2026.

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Buffer ETFs

JULP vs UJUL: Cap, Buffer & Days Left

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As of Nov 4, 2026 UJUL can fall 7.3% 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 $307m for Innovator U.S. Equity Ultra Buffer ETF - Jul.

JULP on its own →UJUL on its own →
At a glance
3.1%
JULP can fall this far before its buffer
7.3%
UJUL can fall this far before its buffer
12.6%
JULP can still gain
11.4%
UJUL can still gain
JULP Between buffer and cap
Between buffer and capJULP: reference +2.7% since period start, fund +2.7%; buffer 0 to −12; cap +16.2%; Between buffer and cap. Data to Nov 4, 2026.12 pts of buffer+13.5% more to the cap−12.0% floor0% period start+16.2% cap+2.7% gain capturedTODAY · SPY +2.7%Between buffer and capJULP: reference +2.7% since period start, fund +2.7%; buffer 0 to −12; cap +16.2%; Between buffer and cap. Data to Nov 4, 2026.12 pts−12.0% floor0% start+16.2% cap+2.7% gain captured+13.5% more to the capTODAY · SPY +2.7%

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.

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.
UJUL Between buffer and cap
Between buffer and capUJUL: reference +2.6% since period start, fund +2.2%; buffer −5 to −35; cap +14.2%; Between buffer and cap. Data to Nov 4, 2026.30 pts of buffer+11.6% to cap−35.0% floor−5.0% buffer start0% period start+14.2% capfirst 5 pts are yours to lose+2.6% gain capturedTODAY · SPY +2.6%Between buffer and capUJUL: reference +2.6% since period start, fund +2.2%; buffer −5 to −35; cap +14.2%; Between buffer and cap. Data to Nov 4, 2026.30 pts of buffer−35.0% floor−5.0% buffer start0% start+14.2% capfirst 5 pts are yours to lose+2.6% gain captured+11.6% more to the capTODAY · SPY +2.6%

UJUL: reference +2.6% since period start, fund +2.2%; buffer −5 to −35; cap +14.2%; Between buffer and cap. Data to Nov 4, 2026.

UJUL: reference +2.6% since period start, fund +2.2%; buffer −5 to −35; cap +14.2%; Between buffer and cap. Data to Nov 4, 2026.

Pair scorecard

JULP costs 0.29 points a year less; their one-year returns differ by 1.9 points; UJUL is 7.1 times larger.

Points (pts) are percentage points.

JULP vs UJUL: Cap, Buffer & Days Left
MeasureJULPUJUL
Return
Total return, 1 year+10.5%+8.6%
Drawdown
Index fall to the buffer2.6%7.4%
Benchmark
What it tracksSPYSPY
Cost and size
Expense ratio0.50%0.79%
Net assets$43m$307m
Holdings
Holdings in commonnot published
ETFIQ Downside Cover Score · UJUL scores higher If the market falls into a bear market from here, how much does the buffer absorb?
IQ Buffer Score57.5JULP64.9UJUL

How much of a bear-market fall the buffer would absorb from today's level, ranked against 292 buffer ETFs on stocks with a live outcome period. 100 is best. How it is computed

0.3, the lowest in this set 99.7, the highest

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 →

Method

Window by window

Window by window: JULP vs UJUL: Cap, Buffer & Days Left
Total returnGap to the reference's price return
WindowJULPUJULJULPUJUL
3 months+0.6%+0.4%+1.0 pts+0.8 pts
6 months+4.2%+3.5%−0.3 pts−1.0 pts
1 year+10.5%+8.6%−3.0 pts−4.9 pts
3 years–+45.6%–−30.8 pts
Since launchNot the same days: JULP May 2024 · UJUL Aug 2018+33.9%+75.8%−14.3 pts−92.9 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

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 UJUL Innovator U.S. Equity Ultra Buffer ETF - Jul · Absorbs losses from 5.0% to 35.0% on SPY and caps the gain at 14.2%, over a period ending Jun 30, 2027
Issuer PGIM Innovator
Reference index SPY SPY
Buffer 12% 5% to 35%
Outcome period Jul 1, 2026 to Jun 30, 2027 Jun 30, 2026 to Jun 30, 2027
Days left 238 238
Starting cap +16.2% +14.2%
Can still gain 12.6% 11.4%
Fall before buffer 3.1% 7.3%
Protection left, index points 12.0% of 12.0% 30.0% of 30.0%
Index return this period +2.7% +2.6%
Fund return this period +2.7% +2.2%
State today Open Open
Expense ratio 0.50% 0.79%
Net assets $43m $307m

As of Nov 4, 2026. Source: ETFIQ.

Where each one stands today

JULP resets first, on Jun 30, 2027, 238 days from now; UJUL runs to Jun 30, 2027, 238 days. JULP can still gain 12.6% before its cap, UJUL 11.4%. A fall from here reaches JULP’s buffer after 3.1% and UJUL’s after 7.3%. 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.

UJUL

From its price on Nov 4, 2026, the fund can gain about 11.4% more before it reaches its cap. The fund's price can fall 7.3% 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.

Questions people ask

Which has more room to gain, JULP or UJUL?
From their prices on Nov 4, 2026, JULP can gain about 12.6% before its cap and UJUL about 11.4%, so JULP has more room left this period.
Which resets first, JULP or UJUL?
JULP ends its outcome period on Jun 30, 2027 and UJUL on Jun 30, 2027. A new cap is set the day after each.
Which is cheaper, JULP or UJUL?
JULP charges 0.50% a year and UJUL charges 0.79%, so JULP is cheaper. Fees come from each fund's prospectus.
Other comparisons
JULP vs TJULJULP vs BJULJULP vs DJUNJULP vs JULWUJUL vs XBJLUJUL vs JULUUJUL vs AJULUJUL vs XJUN
Where to next
SPDR S&P 500 ETF Trust →JULP on its own →UJUL on its own →Method →Standards and sources →
Sources and dates
JULP filings on SEC EDGAR ↗
PGIM website ↗
UJUL filings on SEC EDGAR ↗
Innovator page for UJUL ↗

Links are sources, not endorsements. 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 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 UJUL, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/julp-vs-ujul

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