Data as of .
BJAN vs JAJL: which one stands where?
As of Sep 21, 2026 BJAN can fall 10.2% before its buffer engages and JAJL 1.6%.
These are two different products. JAJL is a floor fund, which caps how far a holder can fall. BJAN 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
BJAN resets first, on Dec 31, 2026, 101 days from now; JAJL runs to Dec 31, 2026, 101 days. BJAN can still gain 4.7% before its cap, JAJL 2.5%. A fall from here reaches BJAN’s buffer after 10.2% and JAJL’s after 1.6%. 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 | ||
|---|---|---|---|---|
| BJAN | JAJL | BJAN | JAJL | |
| 3 months | +2.6% | +1.2% | +0.3 pts | −1.0 pts |
| 6 months | +13.5% | +4.0% | −4.5 pts | −14.0 pts |
| 1 year | +14.5% | +5.7% | −2.1 pts | −10.8 pts |
| 3 years | +59.3% | not published | −19.1 pts | not published |
| BJAN Innovator U.S. Equity Buffer ETF - Jan Absorbs the first 9% of loss on SPY and caps the gain at 16.5%, 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 | 9% | 100% |
| Outcome period | Dec 31, 2025 to Dec 31, 2026 | Jun 30, 2026 to Dec 31, 2026 |
| Days left | 101 | 101 |
| Starting cap | +16.5% | +4.1% |
| Can still gain | 4.7% | 2.5% |
| Fall before buffer | 10.2% | 1.6% |
| Protection left, index points | 9.0% of 9.0% | 100.0% of 100.0% |
| Index return this period | +13.5% | +3.6% |
| Fund return this period | +10.6% | +1.4% |
| State today | Open | Open |
| Expense ratio | 0.79% | 0.79% |
| Net assets | $349m | $298m |
BJAN in plain words
From its price on Sep 21, 2026, the fund can gain about 4.7% more before it reaches its cap. The fund's price can fall 10.2% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 11.9% 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. 101 days remained on Sep 21, 2026. On Dec 31, 2026 the period ends and a new cap is set.
JAJL in plain words
From its price on Sep 21, 2026, the fund can gain about 2.5% more before it reaches its cap. The fund's price can fall 1.6% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 3.5% 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, BJAN or JAJL?
- From their prices on Sep 21, 2026, BJAN can gain about 4.7% before its cap and JAJL about 2.5%, so BJAN has more room left this period.
- Which resets first, BJAN or JAJL?
- BJAN 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, BJAN or JAJL?
- BJAN charges 0.79% a year and JAJL charges 0.79%, so BJAN 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, BJAN against JAJL, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/bjan-vs-jajl Free to use with attribution; the underlying files are at Open data.