Data as of .
JAJL vs JANP: which one stands where?
As of Sep 21, 2026 JANP can fall 9.1% 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. JANP is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.
Where each one stands today
JAJL resets first, on Dec 31, 2026, 101 days from now; JANP runs to Dec 31, 2026, 101 days. JAJL can still gain 2.5% before its cap, JANP 3.6%. A fall from here reaches JAJL’s buffer after 1.6% and JANP’s after 9.1%. 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 | ||
|---|---|---|---|---|
| JAJL | JANP | JAJL | JANP | |
| 3 months | +1.2% | +2.5% | −1.0 pts | +0.2 pts |
| 6 months | +4.0% | +11.9% | −14.0 pts | −6.1 pts |
| 1 year | +5.7% | +12.8% | −10.8 pts | −3.7 pts |
| 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 | JANP PGIM S&P 500 Buffer 12 ETF - January Absorbs the first 12% of loss on SPY and caps the gain at 13.9%, over a period ending Dec 31, 2026 | |
|---|---|---|
| Issuer | Innovator | PGIM |
| Reference index | SPY | SPY |
| Buffer | 100% | 12% |
| Outcome period | Jun 30, 2026 to Dec 31, 2026 | Jan 1, 2026 to Dec 31, 2026 |
| Days left | 101 | 101 |
| Starting cap | +4.1% | +13.9% |
| Can still gain | 2.5% | 3.6% |
| Fall before buffer | 1.6% | 9.1% |
| Protection left, index points | 100.0% of 100.0% | 12.0% of 12.0% |
| Index return this period | +3.6% | +13.5% |
| Fund return this period | +1.4% | +9.5% |
| State today | Open | Open |
| Expense ratio | 0.79% | 0.50% |
| Net assets | $298m | $51m |
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. 101 days remained on Sep 21, 2026. On Dec 31, 2026 the period ends and a new cap is set.
JANP in plain words
From its price on Sep 21, 2026, the fund can gain about 3.6% more before it reaches its cap. The fund's price can fall 9.1% 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: 12.0% of the 12.0% buffer still sits below today's SPY level.
Questions people ask
- Which has more room to gain, JAJL or JANP?
- From their prices on Sep 21, 2026, JAJL can gain about 2.5% before its cap and JANP about 3.6%, so JANP has more room left this period.
- Which resets first, JAJL or JANP?
- JAJL ends its outcome period on Dec 31, 2026 and JANP on Dec 31, 2026. A new cap is set the day after each.
- Which is cheaper, JAJL or JANP?
- JAJL charges 0.79% a year and JANP charges 0.50%, so JANP 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, JAJL against JANP, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/jajl-vs-janp Free to use with attribution; the underlying files are at Open data.