IAUG vs JANI

IAUGBInnovator Intl Developed Power Buffer ETF

JANICAllianzIM International Equity Buffer15 Uncapped Jan ETF

In short

IAUG Downside padding for foreign stocks instead of the usual S&P 500 target. IAUG shadows the iShares MSCI EAFE ETF, absorbs the first 15% of a year's losses, and trades away upside above a cap reset every August 1.

JANI Most buffer ETFs cap your upside. JANI swaps the cap for a spread: it buffers the first 15% of losses on developed-market stocks, then participates in whatever the reference ETF returns above a set hurdle, with no ceiling on top.

Stated mandate

IAUG The Fund seeks to match the return of its underlying ETF up to a predetermined upside cap while protecting against the first 15% of underlying ETF losses during the outcome period.

JANI At the end of the current Outcome Period, the Fund seeks returns above the Spread when the iShares MSCI EAFE ETF has positive returns exceeding the Spread, while buffering its first 15% of losses.

Why people hold it

• IAUG The deal is written down in advance: match the reference ETF's return up to a preset cap, with the first 15% of its losses absorbed over an outcome period running August 1 to July 31.innovatoretfs.com
• One rung in a 12-month ladder on the same EAFE exposure (IJUL, ISEP, IOCT and the rest), so entry points can be staggered rather than pinned to a single reset date.innovatoretfs.com
• At 0.85% a year, it charges the same as the median fund in its buffered-international peer group. No premium for the international twist.

• JANI No cap. Once the reference ETF clears the spread, JANI is designed to keep participating, unlike buffer funds that stop at a stated ceiling.
• 0.79% expense ratio, below the 0.85% charged by the Innovator international buffer funds (IJUL, IMAR, IAPR) it competes with.
• Points the buffer at developed international equities, keyed to the iShares MSCI EAFE ETF, rather than the crowded S&P 500 version of this trade.
• Standard 1940 Act fund structure holding an options basket on the reference ETF, not a note backed by a bank's credit.

Worth knowing

• IAUG Thinly traded with a small asset base, which usually means wider bid-ask spreads than the big buffer funds carry.
• The 15% buffer and the cap are engineered for investors who hold the full outcome period. Buy mid-period and your actual cushion and ceiling differ from the headline terms.innovatoretfs.com
• An options-built structure aimed at price outcomes, not cash flow. Distributions have not been part of the picture.

• JANI The spread is the price of no cap: gains below that hurdle don't reach you, so a mildly positive year for EAFE can land close to flat.
• The 15% buffer is measured across the full outcome period. Buy in mid-period and your actual cushion and upside differ from the headline terms.
• Launched in 2026, small and thinly traded so far, which can widen bid-ask spreads. It hasn't paid distributions.

Full IAUG profile⁠

Full JANI profile⁠