Which has more room to gain, BALT or JAJL?

From their prices on Oct 1, 2026, BALT can gain about 2.4% before its cap and JAJL about 2.7%, so JAJL has more room left this period.

Which resets first, BALT or JAJL?

BALT ends its outcome period on Dec 31, 2026 and JAJL on Dec 31, 2026. A new cap is set the day after each.

Which is cheaper, BALT or JAJL?

BALT charges 0.69% a year and JAJL charges 0.79%, so BALT is cheaper. Fees come from each fund's prospectus.

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BALT vs JAJL: which one stands where?

As of Oct 1, 2026 JAJL can fall 1.4% before its buffer engages and BALT 0.0%. Innovator Defined Wealth Shield ETF - Quarterly and Innovator Equity Defined Protection ETF - 6 Mo Jan/Jul.

0.0%

BALT can fall this far before its buffer

1.4%

JAJL can fall this far before its buffer

2.4%

BALT can still gain

2.7%

JAJL can still gain

BALTBetween buffer and cap

BALT: reference 0.0% since period start, fund 0.0%; buffer 0 to −20; cap +2.4%; Between buffer and cap.

JAJLFull floor

JAJL: reference +2.1% since period start, fund +1.2%; buffer Floor; cap +4.1%; Full floor.

These are two different products. JAJL is a floor fund, which caps how far a holder can fall. BALT is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.

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

Where each one stands today

BALT resets first, on Dec 31, 2026, 92 days from now; JAJL runs to Dec 31, 2026, 92 days. BALT can still gain 2.4% before its cap, JAJL 2.7%. A fall from here reaches BALT’s buffer after 0.0% and JAJL’s after 1.4%. 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

	Total return		Gap to the reference
Window	BALT	JAJL	BALT	JAJL
3 months	+2.0%	+1.1%	−0.6 pts	−1.4 pts
6 months	+4.3%	+4.0%	−12.7 pts	−13.0 pts
1 year	+6.5%	+5.6%	−9.2 pts	−10.1 pts
3 years	+25.7%	not published	−59.3 pts	not published

BALT and JAJL over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

BALT

Innovator Defined Wealth Shield ETF - Quarterly · Absorbs the first 20% of loss on SPY and caps the gain at 2.4%, over a period ending Dec 31, 2026

JAJL

Innovator Equity Defined Protection ETF - 6 Mo Jan/Jul · Absorbs the whole loss on SPY and caps the gain at 4.1%, over a period ending Dec 31, 2026

Issuer Innovator Innovator

Reference index SPY SPY

Buffer 20% 100%

Outcome period Sep 30, 2026 to Dec 31, 2026 Jun 30, 2026 to Dec 31, 2026

Days left 92 92

Starting cap +2.4% +4.1%

Can still gain 2.4% 2.7%

Fall before buffer 0.0% 1.4%

Protection left, index points 20.0% of 20.0% 100.0% of 100.0%

Index return this period 0.0% +2.1%

Fund return this period 0.0% +1.2%

State today Open Open

Expense ratio 0.69% 0.79%

Net assets $3.0bn $301m

BALT and JAJL on the same fields, as of Oct 1, 2026. Source: ETFIQ.

BALT in plain words

From its price on Oct 1, 2026, the fund can gain about 2.4% more before it reaches its cap. Protection left, in index points: 20.0% of the 20.0% buffer still sits below today's SPY level. 92 days remained on Oct 1, 2026. On Dec 31, 2026 the period ends and a new cap is set.

JAJL in plain words

From its price on Oct 1, 2026, the fund can gain about 2.7% more before it reaches its cap. The fund's price can fall 1.4% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 2.1% 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.

Questions people ask

Which has more room to gain, BALT or JAJL?: From their prices on Oct 1, 2026, BALT can gain about 2.4% before its cap and JAJL about 2.7%, so JAJL has more room left this period.
Which resets first, BALT or JAJL?: BALT ends its outcome period on Dec 31, 2026 and JAJL on Dec 31, 2026. A new cap is set the day after each.
Which is cheaper, BALT or JAJL?: BALT charges 0.69% a year and JAJL charges 0.79%, so BALT is cheaper. Fees come from each fund's prospectus.

Other comparisons

BALT vs PQX BALT vs PQXV BALT vs PQXX BALT vs QBSF JAJL vs PQX JAJL vs PQXV JAJL vs PQXX JAJL vs QBSF

SPY →BALT on its own →JAJL on its own →How every figure is computed →Standards and sources →

Where these figures came from

Innovator page for BALT ↗JAJL filings on SEC EDGAR ↗Innovator page for JAJL ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, BALT against JAJL, data as of Oct 1, 2026. https://etfiq.com/compare/buffer/balt-vs-jajl

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.