Data as of .
PMAY vs UJUL: which one stands where?
As of Sep 13, 2026 UJUL can fall 6.6% before its buffer engages and PMAY 4.2%, and PMAY resets 61 days sooner.
ETFIQ Downside Cover Score: PMAY 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
PMAY resets first, on Apr 30, 2027, 231 days from now; UJUL runs to Jun 30, 2027, 292 days. PMAY can still gain 8.3% before its cap, UJUL 12.3%. A fall from here reaches PMAY’s buffer after 4.2% and UJUL’s after 6.6%. 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 | ||
|---|---|---|---|---|
| PMAY | UJUL | PMAY | UJUL | |
| 3 months | +2.5% | +1.9% | −0.8 pts | −1.4 pts |
| 6 months | +6.0% | +7.3% | −10.0 pts | −8.7 pts |
| 1 year | +8.9% | +9.0% | −8.6 pts | −8.5 pts |
| 3 years | +40.3% | +43.0% | −37.6 pts | −34.9 pts |
| PMAY Innovator U.S. Equity Power Buffer ETF - May Absorbs the first 15% of loss on SPY and caps the gain at 13.0%, over a period ending Apr 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 | Innovator | Innovator |
| Reference index | SPY | SPY |
| Buffer | 15% | 5% to 35% |
| Outcome period | Apr 30, 2026 to Apr 30, 2027 | Jun 30, 2026 to Jun 30, 2027 |
| Days left | 231 | 292 |
| Starting cap | +13.0% | +14.2% |
| Can still gain | 8.3% | 12.3% |
| Fall before buffer | 4.2% | 6.6% |
| Protection left, index points | 15.0% of 15.0% | 30.0% of 30.0% |
| Index return this period | +6.3% | +2.4% |
| Fund return this period | +4.1% | +1.5% |
| State today | Open | Open |
| Expense ratio | 0.79% | 0.79% |
PMAY in plain words
From its price on Sep 13, 2026, the fund can gain about 8.3% more before it reaches its cap. The fund's price can fall 4.2% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 6.0% 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. 231 days remained on Sep 13, 2026. On Apr 30, 2027 the period ends and a new cap is set.
UJUL in plain words
From its price on Sep 13, 2026, the fund can gain about 12.3% more before it reaches its cap. The fund's price can fall 6.6% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 7.2% 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. 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, PMAY or UJUL?
- From their prices on Sep 13, 2026, PMAY can gain about 8.3% before its cap and UJUL about 12.3%, so UJUL has more room left this period.
- Which resets first, PMAY or UJUL?
- PMAY ends its outcome period on Apr 30, 2027 and UJUL on Jun 30, 2027. A new cap is set the day after each.
- Which is cheaper, PMAY or UJUL?
- PMAY charges 0.79% a year and UJUL charges 0.79%, so PMAY 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, PMAY against UJUL, data as of Sep 13, 2026. https://etfiq.com/compare/buffer/pmay-vs-ujul Free to use with attribution; the underlying files are at Open data.