IJUL vs JANI

IJULBInnovator Intl Developed Power Buffer ETF

JANICAllianzIM International Equity Buffer15 Uncapped Jan ETF

In short

IJUL Most buffer ETFs babysit the S&P 500. IJUL points the same 15% downside cushion at developed markets outside the US, tracking an EAFE index fund up to a cap over a one-year outcome period that restarts each July.

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

IJUL The fund seeks to track the return of the iShares MSCI EAFE ETF (EFA) up to a predetermined cap while protecting against the first 15% of 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

• IJUL The mechanics are fixed by prospectus: absorb the first 15% of the reference ETF's losses over the outcome period, participate in gains up to a cap set when that period begins.innovatoretfs.com
• Foreign exposure, not another S&P 500 clone. The reference asset is the iShares MSCI EAFE ETF, so the buffer sits on developed-market equity.innovatoretfs.com
• At 0.85% a year, it charges exactly the median fee of its buffer peer group. No surcharge for pointing the structure overseas.
• Running since 2019 and one of the strongest implementations in its cohort, with sibling months (IMAR, IAPR, IMAY) available if you want staggered start dates.

• 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

• IJUL The cap is the price of the cushion: upside stops there for the period. Buying mid-period means your own buffer and cap differ from the stated terms.
• Return comes from share price, not income. The options-based structure has produced no distributions, so EAFE's dividend stream is not passed through.
• Volume is light next to plain index funds, so spreads and limit orders matter more at the moment you trade.

• 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 IJUL profile⁠

Full JANI profile⁠