Data as of Nov 4, 2026.
JAJL vs JANU: Cap, Buffer & Days Left
As of Nov 4, 2026 JANU can fall 8.4% before its buffer engages and JAJL 1.9%.
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Net assets: $305m on Nov 4, 2026 for Innovator Equity Defined Protection ETF - 6 Mo Jan/Jul, and $77m on Nov 3, 2026 for AllianzIM U.S. Equity Buffer15 Uncapped ETF - Jan.
JAJL: reference +2.6% since period start, fund +1.7%; buffer Floor; cap +4.1%; Full floor. Data to Nov 4, 2026.
Data to Nov 4, 2026.JANU: reference +12.4% since period start, fund +8.3%; buffer 0 to −15; no cap; No cap. Data to Nov 4, 2026.
JANU: reference +12.4% since period start, fund +8.3%; buffer 0 to −15; no cap; No cap. Data to Nov 4, 2026.Pair scorecard
JANU costs 0.05 points a year less; their one-year returns differ by 3.5 points; JAJL is 3.9 times larger.
Points (pts) are percentage points.
| Measure | JAJL | JANU |
|---|---|---|
| Return | ||
| Total return, 1 year | +5.7% | +9.2% |
| Drawdown | ||
| Index fall to the buffer | 2.6% | 11.1% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.79% | 0.74% |
| Net assets, as of Nov 3, 2026 | $304m | $77m |
| Holdings | ||
| Holdings in common | not published | |
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | JAJL | JANU | JAJL | JANU |
| 3 months | +0.8% | −1.3% | +1.2 pts | −0.9 pts |
| 6 months | +2.6% | +2.3% | −1.9 pts | −2.2 pts |
| 1 year | +5.7% | +9.2% | −7.9 pts | −4.4 pts |
| Since launchNot the same days: JAJL Jul 2024 · JANU Jan 2025 | +16.5% | +21.9% | −24.1 pts | −9.3 pts |
Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Open this comparison in the app →
Side by side
As of Nov 4, 2026. Source: ETFIQ.
These are two different products. JAJL is a floor fund, which caps how far a holder can fall. JANU 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, 57 days from now; JANU runs to Dec 31, 2026, 57 days. A fall from here reaches JAJL’s buffer after 1.9% and JANU’s after 8.4%. Both track SPY, so what separates them is where each is in its own period.
JAJL
From its price on Nov 4, 2026, the fund can gain about 2.1% more before it reaches its cap. The fund's price can fall 1.9% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 2.6% 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. 57 days remained on Nov 4, 2026. On Dec 31, 2026 the period ends and a new cap is set.
JANU
This fund has no cap. It takes a share of any further rise in SPY. The fund's price can fall 8.4% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 11.1% from today's level to the point where the buffer begins. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's SPY level. On Dec 31, 2026 the period ends and new terms are set.
Questions people ask
Links are sources, not endorsements. A comparison is not a recommendation.
How this is computed
ETFIQ calculates every number from each issuer’s published outcome-period terms. Buffer ETFs hold options on an index, not shares, so there is no holdings overlap to report.
Every number is an ETFIQ calculation with distributions reinvested.
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ETFIQ, JAJL against JANU, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/jajl-vs-janu
ETFIQ. (Nov 4, 2026). JAJL against JANU. Retrieved from https://etfiq.com/compare/buffer/jajl-vs-janu
[JAJL against JANU (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/jajl-vs-janu)
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