Which has more room to gain, JAJL or QBSF?

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

Which resets first, JAJL or QBSF?

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

Which is cheaper, JAJL or QBSF?

JAJL charges 0.79% a year and QBSF charges 0.64%, so QBSF is cheaper. Fees come from each fund's prospectus.

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JAJL vs QBSF: which one stands where?

As of Oct 1, 2026 JAJL can fall 1.4% before its buffer engages and QBSF 0.2%. Innovator Equity Defined Protection ETF - 6 Mo Jan/Jul and AllianzIM U.S. Equity Buffer15 ETF - Jan.

1.4%

JAJL can fall this far before its buffer

0.2%

QBSF can fall this far before its buffer

2.7%

JAJL can still gain

2.7%

QBSF can still gain

JAJLFull floor

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

QBSFBetween buffer and cap

QBSF: reference 0.0% since period start, fund 0.0%; buffer 0 to −15; cap +2.9%; Between buffer and cap.

These are two different products. JAJL is a floor fund, which caps how far a holder can fall. QBSF 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, 92 days from now; QBSF runs to Dec 31, 2026, 92 days. JAJL can still gain 2.7% before its cap, QBSF 2.7%. A fall from here reaches JAJL’s buffer after 1.4% and QBSF’s after 0.2%. 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	JAJL	QBSF	JAJL	QBSF
3 months	+1.1%	+1.9%	−1.4 pts	−0.6 pts
6 months	+4.0%	+4.8%	−13.0 pts	−12.2 pts
1 year	+5.6%	+7.2%	−10.1 pts	−8.5 pts

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

On the same fields

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

QBSF

AllianzIM U.S. Equity Buffer15 ETF - Jan · Absorbs the first 15% of loss on SPY and caps the gain at 2.9%, over a period ending Dec 31, 2026

Issuer Innovator AllianzIM

Reference index SPY SPY

Buffer 100% 15%

Outcome period Jun 30, 2026 to Dec 31, 2026 Oct 1, 2026 to Dec 31, 2026

Days left 92 92

Starting cap +4.1% +2.9%

Can still gain 2.7% 2.7%

Fall before buffer 1.4% 0.2%

Protection left, index points 100.0% of 100.0% 15.0% of 15.0%

Index return this period +2.1% 0.0%

Fund return this period +1.2% 0.0%

State today Open Open

Expense ratio 0.79% 0.64%

Net assets $301m $62m

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

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. 92 days remained on Oct 1, 2026. On Dec 31, 2026 the period ends and a new cap is set.

QBSF in plain words

The fund's price can fall 0.2% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 0.0% 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.

Questions people ask

Which has more room to gain, JAJL or QBSF?: From their prices on Oct 1, 2026, JAJL can gain about 2.7% before its cap and QBSF about 2.7%, so QBSF has more room left this period.
Which resets first, JAJL or QBSF?: JAJL ends its outcome period on Dec 31, 2026 and QBSF on Dec 31, 2026. A new cap is set the day after each.
Which is cheaper, JAJL or QBSF?: JAJL charges 0.79% a year and QBSF charges 0.64%, so QBSF is cheaper. Fees come from each fund's prospectus.

Other comparisons

JAJL vs PQXX JAJL vs SQMX JAJL vs TJAN JAJL vs UJAN QBSF vs OCTW QBSF vs PBOC QBSF vs QBSV QBSF vs SEPM

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

Where these figures came from

JAJL filings on SEC EDGAR ↗Innovator page for JAJL ↗QBSF filings on SEC EDGAR ↗AllianzIM page for QBSF ↗

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

Open data

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