Which resets first, JULU or TJUL?

JULU ends its outcome period on Jun 30, 2027 and TJUL on Jun 30, 2027. New terms are set the day after each.

Which is cheaper, JULU or TJUL?

JULU charges 0.74% a year and TJUL charges 0.79%, so JULU is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Buffer ETFs

JULU 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 JULU 1.9%.

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Net assets: $79m on Nov 3, 2026 for AllianzIM U.S. Equity Buffer15 Uncapped ETF - Jul, and $114m on Nov 4, 2026 for Innovator Equity Defined Protection ETF - Jul 2027.

JULU on its own →TJUL on its own →

At a glance

1.9%

JULU can fall this far before its buffer

8.2%

TJUL can fall this far before its buffer

uncapped

JULU can still gain

4.5%

TJUL can still gain

JULU No cap

JULU: reference +2.7% since period start, fund +1.2%; buffer 0 to −15; no cap; No 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

JULU costs 0.05 points a year less; their one-year returns differ by 4.9 points; TJUL is 1.4 times larger.

Points (pts) are percentage points.

JULU vs TJUL: Cap, Buffer & Days Left
Measure	JULU	TJUL
Return
Measure	JULU	TJUL
Total return, 1 year	+9.9%	+5.0%
Drawdown
Measure	JULU	TJUL
Index fall to the buffer	2.6%	19.4%
Benchmark
Measure	JULU	TJUL
What it tracks	SPY	SPY
Cost and size
Measure	JULU	TJUL
Expense ratio	0.74%	0.79%
Net assets, as of Nov 3, 2026	$79m	$114m
Holdings
Measure	JULU	TJUL
Holdings in common	not published

Method

Window by window

Window by window: JULU vs TJUL: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	JULU	TJUL	JULU	TJUL
3 months	+0.1%	+1.2%	+0.5 pts	+1.6 pts
6 months	+2.9%	+2.4%	−1.6 pts	−2.1 pts
1 year	+9.9%	+5.0%	−3.7 pts	−8.6 pts
3 years	–	+25.0%	–	−51.4 pts
Since launchNot the same days: JULU Jul 2024 · TJUL Jul 2023	+29.3%	+23.8%	−11.3 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

JULU AllianzIM U.S. Equity Buffer15 Uncapped ETF - Jul · Absorbs the first 15% of loss on SPY and does not cap the gain, 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 AllianzIM Innovator

Reference index SPY SPY

Buffer 15% 100%

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

Days left 238 238

Starting cap uncapped +13.6%

Can still gain uncapped 4.5%

Fall before buffer 1.9% 8.2%

Protection left, index points 15.0% of 15.0% 100.0% of 100.0%

Index return this period +2.7% +24.1%

Fund return this period +1.2% +7.6%

State today Uncapped At cap

Expense ratio 0.74% 0.79%

Net assets, JULU as of Nov 3, 2026 and TJUL as of Nov 4, 2026 $79m $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. JULU 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

JULU resets first, on Jun 30, 2027, 238 days from now; TJUL runs to Jun 30, 2027, 238 days. A fall from here reaches JULU’s buffer after 1.9% and TJUL’s after 8.2%. Both track SPY, so what separates them is where each is in its own period.

Alert

About each fund

JULU

This fund has no cap. It takes a share of any further rise in SPY. The fund's price can fall 1.9% 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: 15.0% of the 15.0% buffer still sits below today's SPY level. 238 days remained on Nov 4, 2026. On Jun 30, 2027 the period ends and new terms are 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. On Jun 30, 2027 the period ends and a new cap is set.

Questions people ask

Which resets first, JULU or TJUL?: JULU ends its outcome period on Jun 30, 2027 and TJUL on Jun 30, 2027. New terms are set the day after each.
Which is cheaper, JULU or TJUL?: JULU charges 0.74% a year and TJUL charges 0.79%, so JULU is cheaper. Fees come from each fund's prospectus.

Other comparisons

JULU vs PJUL JULU vs PMJL JULU vs AJUL JULU vs XJUN TJUL vs PJUL TJUL vs CTJL TJUL vs CJUL TJUL vs XBJL

Where to next

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

Sources and dates

JULU filings on SEC EDGAR ↗

AllianzIM page for JULU ↗

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

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