Which has more room to gain, TJUL or XBJL?

From their prices on Nov 4, 2026, TJUL can gain about 4.5% before its cap and XBJL about 9.9%, so XBJL has more room left this period.

Which resets first, TJUL or XBJL?

TJUL ends its outcome period on Jun 30, 2027 and XBJL on Jun 30, 2027. A new cap is set the day after each.

Which is cheaper, TJUL or XBJL?

TJUL and XBJL both charge 0.79% a year, so neither is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Buffer ETFs

TJUL vs XBJL: Cap, Buffer & Days Left

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As of Nov 4, 2026 TJUL can fall 8.2% before its buffer engages and XBJL 3.5%.

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Net assets on Nov 4, 2026: $114m for Innovator Equity Defined Protection ETF - Jul 2027 and $77m for Innovator U.S. Equity Accelerated 9 Buffer ETF - Jul.

TJUL on its own →XBJL on its own →

At a glance

8.2%

TJUL can fall this far before its buffer

3.5%

XBJL can fall this far before its buffer

4.5%

TJUL can still gain

9.9%

XBJL can still gain

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.

XBJL Between buffer and cap

XBJL: reference +2.6% since period start, fund +3.3%; buffer 0 to −9; cap +13.8%; Between buffer and cap. Data to Nov 4, 2026.

Pair scorecard

Both cost 0.79% a year; their one-year returns differ by 4.9 points; TJUL is 1.5 times larger.

Points (pts) are percentage points.

TJUL vs XBJL: Cap, Buffer & Days Left
Measure	TJUL	XBJL
Return
Measure	TJUL	XBJL
Total return, 1 year	+5.0%	+9.9%
Drawdown
Measure	TJUL	XBJL
Index fall to the buffer	19.4%	2.6%
Benchmark
Measure	TJUL	XBJL
What it tracks	SPY	SPY
Cost and size
Measure	TJUL	XBJL
Expense ratio	0.79%	0.79%
Net assets	$114m	$77m
Holdings
Measure	TJUL	XBJL
Holdings in common	not published

Method

Window by window

Window by window: TJUL vs XBJL: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	TJUL	XBJL	TJUL	XBJL
3 months	+1.2%	+1.4%	+1.6 pts	+1.8 pts
6 months	+2.4%	+4.3%	−2.1 pts	−0.2 pts
1 year	+5.0%	+9.9%	−8.6 pts	−3.6 pts
3 years	+25.0%	+42.8%	−51.4 pts	−33.6 pts
Since launchNot the same days: TJUL Jul 2023 · XBJL Jul 2021	+23.8%	+60.3%	−45.0 pts	−17.8 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Open this comparison in the app →

Side by side

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 XBJL Innovator U.S. Equity Accelerated 9 Buffer ETF - Jul · Absorbs the first 9% of loss on SPY and caps the gain at 13.8%, over a period ending Jun 30, 2027

Issuer Innovator Innovator

Reference index SPY SPY

Buffer 100% 9%

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

Days left 238 238

Starting cap +13.6% +13.8%

Can still gain 4.5% 9.9%

Fall before buffer 8.2% 3.5%

Protection left, index points 100.0% of 100.0% 9.0% of 9.0%

Index return this period +24.1% +2.6%

Fund return this period +7.6% +3.3%

State today At cap Open

Expense ratio 0.79% 0.79%

Net assets $114m $77m

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. XBJL 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.

Both are Innovator funds, so the difference between them is the terms rather than the house.

Where each one stands today

TJUL resets first, on Jun 30, 2027, 238 days from now; XBJL runs to Jun 30, 2027, 238 days. TJUL can still gain 4.5% before its cap, XBJL 9.9%. A fall from here reaches TJUL’s buffer after 8.2% and XBJL’s after 3.5%. Both track SPY, so what separates them is where each is in its own period.

Alert

About each fund

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. 238 days remained on Nov 4, 2026. On Jun 30, 2027 the period ends and a new cap is set.

XBJL

From its price on Nov 4, 2026, the fund can gain about 9.9% more before it reaches its cap. The fund's price can fall 3.5% 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: 9.0% of the 9.0% buffer still sits below today's SPY level.

Questions people ask

Which has more room to gain, TJUL or XBJL?: From their prices on Nov 4, 2026, TJUL can gain about 4.5% before its cap and XBJL about 9.9%, so XBJL has more room left this period.
Which resets first, TJUL or XBJL?: TJUL ends its outcome period on Jun 30, 2027 and XBJL on Jun 30, 2027. A new cap is set the day after each.
Which is cheaper, TJUL or XBJL?: TJUL and XBJL both charge 0.79% a year, so neither is cheaper. Fees come from each fund's prospectus.

Other comparisons

TJUL vs UJUL TJUL vs FJUN TJUL vs JULU TJUL vs DDTL XBJL vs AJUL XBJL vs DDFL XBJL vs BJUL XBJL vs DJUN

Where to next

SPY →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →TJUL on its own →XBJL on its own →Method →Standards and sources →

Sources and dates

Innovator page for TJUL ↗

XBJL filings on SEC EDGAR ↗

Innovator page for XBJL ↗

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.

Cite this pageCitation, APA and Markdown

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

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