Data as of Nov 4, 2026.
JAJL vs PBJA: Cap, Buffer & Days Left
As of Nov 4, 2026 PBJA can fall 7.8% before its buffer engages and JAJL 1.9%.
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Net assets on Nov 4, 2026: $305m for Innovator Equity Defined Protection ETF - 6 Mo Jan/Jul and $68m for PGIM S&P 500 Buffer 20 ETF - January.
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.PBJA: reference +12.4% since period start, fund +7.9%; buffer 0 to −20; cap +10.4%; At its cap. Data to Nov 4, 2026.
PBJA: reference +12.4% since period start, fund +7.9%; buffer 0 to −20; cap +10.4%; At its cap. Data to Nov 4, 2026.Pair scorecard
PBJA costs 0.29 points a year less; their one-year returns differ by 4.1 points; JAJL is 4.5 times larger.
Points (pts) are percentage points.
| Measure | JAJL | PBJA |
|---|---|---|
| Return | ||
| Total return, 1 year | +5.7% | +9.8% |
| Drawdown | ||
| Index fall to the buffer | 2.6% | 11.1% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.79% | 0.50% |
| Net assets | $305m | $68m |
| Holdings | ||
| Holdings in common | not published | |
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | JAJL | PBJA | JAJL | PBJA |
| 3 months | +0.8% | +1.7% | +1.2 pts | +2.1 pts |
| 6 months | +2.6% | +4.3% | −1.9 pts | −0.2 pts |
| 1 year | +5.7% | +9.8% | −7.9 pts | −3.8 pts |
| Since launchNot the same days: JAJL Jul 2024 · PBJA Jan 2024 | +16.5% | +33.4% | −24.1 pts | −28.8 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. PBJA is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.
PBJA is already at its cap, so more rise in the index adds nothing to it before the period ends.
Where each one stands today
JAJL resets first, on Dec 31, 2026, 57 days from now; PBJA runs to Dec 31, 2026, 57 days. JAJL can still gain 2.1% before its cap, PBJA 1.9%. A fall from here reaches JAJL’s buffer after 1.9% and PBJA’s after 7.8%. 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.
PBJA
SPY had already risen past this fund's cap of +10.4% for the period on Nov 4, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 1.9% as the period runs out. The fund's price can fall 7.8% 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: 20.0% of the 20.0% buffer still sits below today's SPY level.
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 PBJA, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/jajl-vs-pbja
ETFIQ. (Nov 4, 2026). JAJL against PBJA. Retrieved from https://etfiq.com/compare/buffer/jajl-vs-pbja
[JAJL against PBJA (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/jajl-vs-pbja)
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