Data as of .
PAPR vs PJUL: which one stands where?
As of Sep 13, 2026 PAPR can fall 7.9% before its buffer engages and PJUL 1.9%, and PAPR resets 91 days sooner.
ETFIQ Downside Cover Score: PJUL scores higher
If the market falls into a bear market from here, how much does the buffer absorb?
A percentile among the 293 buffer ETFs with a live outcome period. It is a position in a set, not a rating, and neither end of it is a recommendation. All buffer ETFs ranked by it · How it is computed
Where each one stands today
PAPR resets first, on Mar 31, 2027, 201 days from now; PJUL runs to Jun 30, 2027, 292 days. PAPR can still gain 5.0% before its cap, PJUL 11.8%. A fall from here reaches PAPR’s buffer after 7.9% and PJUL’s after 1.9%. Both track SPY, so what separates them is where each is in its own period.
Every figure is ETFIQ’s own, from the issuer’s published outcome-period terms. A buffer ETF holds FLEX options on its reference index rather than shares, so there is no holdings overlap between two of them to report.
Performance, window by window
| Window | Total return | Gap to the reference | ||
|---|---|---|---|---|
| PAPR | PJUL | PAPR | PJUL | |
| 3 months | +2.4% | +2.1% | −0.9 pts | −1.2 pts |
| 6 months | +9.0% | +7.6% | −7.0 pts | −8.4 pts |
| 1 year | +12.4% | +9.6% | −5.1 pts | −7.9 pts |
| 3 years | +37.8% | +44.0% | −40.1 pts | −33.9 pts |
| PAPR Innovator U.S. Equity Power Buffer ETF - Apr Absorbs the first 15% of loss on SPY and caps the gain at 14.0%, over a period ending Mar 31, 2027 | PJUL Innovator U.S. Equity Power Buffer ETF - Jul Absorbs the first 15% of loss on SPY and caps the gain at 14.0%, over a period ending Jun 30, 2027 | |
|---|---|---|
| Issuer | Innovator | Innovator |
| Reference index | SPY | SPY |
| Buffer | 15% | 15% |
| Outcome period | Mar 31, 2026 to Mar 31, 2027 | Jun 30, 2026 to Jun 30, 2027 |
| Days left | 201 | 292 |
| Starting cap | +14.0% | +14.0% |
| Can still gain | 5.0% | 11.8% |
| Fall before buffer | 7.9% | 1.9% |
| Protection left, index points | 15.0% of 15.0% | 15.0% of 15.0% |
| Index return this period | +17.5% | +2.4% |
| Fund return this period | +8.2% | +1.8% |
| State today | At cap | Open |
| Expense ratio | 0.79% | 0.79% |
PAPR in plain words
SPY had already risen past this fund's cap of +14.0% for the period on Sep 13, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 5.0% as the period runs out. The fund's price can fall 7.9% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 14.9% 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. 201 days remained on Sep 13, 2026. On Mar 31, 2027 the period ends and a new cap is set.
PJUL in plain words
From its price on Sep 13, 2026, the fund can gain about 11.8% more before it reaches its cap. The fund's price can fall 1.9% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 2.3% from today's level to the point where the buffer begins. 292 days remained on Sep 13, 2026. On Jun 30, 2027 the period ends and a new cap is set.
Questions people ask
- Which has more room to gain, PAPR or PJUL?
- From their prices on Sep 13, 2026, PAPR can gain about 5.0% before its cap and PJUL about 11.8%, so PJUL has more room left this period.
- Which resets first, PAPR or PJUL?
- PAPR ends its outcome period on Mar 31, 2027 and PJUL on Jun 30, 2027. A new cap is set the day after each.
- Which is cheaper, PAPR or PJUL?
- PAPR charges 0.79% a year and PJUL charges 0.79%, so PAPR is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, PAPR against PJUL, data as of Sep 13, 2026. https://etfiq.com/compare/buffer/papr-vs-pjul Free to use with attribution; the underlying files are at Open data.