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JANW vs ZALT: which one stands where?

As of Oct 1, 2026 JANW can fall 7.2% before its buffer engages and ZALT 0.0%. AllianzIM U.S. Equity Buffer20 ETF - Jan and Innovator U.S. Equity 10 Buffer ETF - Quarterly.

7.2%
JANW can fall this far before its buffer
0.0%
ZALT can fall this far before its buffer
2.6%
JANW can still gain
3.6%
ZALT can still gain
JANWAt its cap
At its capJANW: reference +11.8% since period start, fund +6.9%; buffer 0 to −20; cap +10.5%; At its cap.20 pts of buffer+10.5% gain captured−20.0% floor0% period start+10.5% capTODAY · SPY +11.8%At its capJANW: reference +11.8% since period start, fund +6.9%; buffer 0 to −20; cap +10.5%; At its cap.20 pts of buffer+10.5%−20.0% floor0% start+10.5% capTODAY · SPY +11.8%

JANW: reference +11.8% since period start, fund +6.9%; buffer 0 to −20; cap +10.5%; At its cap.

ZALTBetween buffer and cap
Between buffer and capZALT: reference 0.0% since period start, fund 0.0%; buffer 0 to −10; cap +3.6%; Between buffer and cap.10 pts of buffer−10.0% floor0% period start+3.6% capTODAY · SPY 0.0%Between buffer and capZALT: reference 0.0% since period start, fund 0.0%; buffer 0 to −10; cap +3.6%; Between buffer and cap.10 pts−10.0% floor0% start+3.6% capTODAY · SPY 0.0%

ZALT: reference 0.0% since period start, fund 0.0%; buffer 0 to −10; cap +3.6%; Between buffer and cap.

ETFIQ Downside Cover Score · JANW scores higherIf the market falls into a bear market from here, how much does the buffer absorb?
0.2, the lowest in this set99.8, the highest

A percentile among the 293 buffer ETFs with a live outcome period. It is a position in a set, not a rating, and neither end of it is a recommendation. All buffer ETFs ranked by it → How it is computed →

JANW is already at its cap, so more rise in the index adds nothing to it before the period ends.

Where each one stands today

JANW resets first, on Dec 31, 2026, 92 days from now; ZALT runs to Dec 31, 2026, 92 days. JANW can still gain 2.6% before its cap, ZALT 3.6%. A fall from here reaches JANW’s buffer after 7.2% and ZALT’s after 0.0%. 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 returnGap to the reference
WindowJANWZALTJANWZALT
3 months+2.3%+2.0%−0.2 pts−0.5 pts
6 months+8.0%+5.9%−9.0 pts−11.1 pts
1 year+9.5%+8.3%−6.3 pts−7.4 pts
3 years+37.3%not published−47.7 ptsnot published

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

On the same fields

JANW
AllianzIM U.S. Equity Buffer20 ETF - Jan · Absorbs the first 20% of loss on SPY and caps the gain at 10.5%, over a period ending Dec 31, 2026
ZALT
Innovator U.S. Equity 10 Buffer ETF - Quarterly · Absorbs the first 10% of loss on SPY and caps the gain at 3.6%, over a period ending Dec 31, 2026
Issuer AllianzIM Innovator
Reference index SPY SPY
Buffer 20% 10%
Outcome period Jan 1, 2026 to Dec 31, 2026 Sep 30, 2026 to Dec 31, 2026
Days left 92 92
Starting cap +10.5% +3.6%
Can still gain 2.6% 3.6%
Fall before buffer 7.2% 0.0%
Protection left, index points 20.0% of 20.0% 10.0% of 10.0%
Index return this period +11.8% 0.0%
Fund return this period +6.9% 0.0%
State today At cap Open
Expense ratio 0.74% 0.69%
Net assets $356m $795m

JANW and ZALT on the same fields, as of Oct 1, 2026. Source: ETFIQ.

JANW in plain words

SPY had already risen past this fund's cap of +10.5% for the period on Oct 1, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 2.6% as the period runs out. The fund's price can fall 7.2% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 10.6% 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. 92 days remained on Oct 1, 2026. On Dec 31, 2026 the period ends and a new cap is set.

ZALT in plain words

From its price on Oct 1, 2026, the fund can gain about 3.6% more before it reaches its cap. Protection left, in index points: 10.0% of the 10.0% buffer still sits below today's SPY level.

Questions people ask

Which has more room to gain, JANW or ZALT?
From their prices on Oct 1, 2026, JANW can gain about 2.6% before its cap and ZALT about 3.6%, so ZALT has more room left this period.
Which resets first, JANW or ZALT?
JANW ends its outcome period on Dec 31, 2026 and ZALT on Dec 31, 2026. A new cap is set the day after each.
Which is cheaper, JANW or ZALT?
JANW charges 0.74% a year and ZALT charges 0.69%, so ZALT is cheaper. Fees come from each fund's prospectus.
Other comparisons
JANW vs PJANJANW vs PMJAJANW vs PQVJANW vs PQXZALT vs TOCTZALT vs UOCTZALT vs XBOCZALT vs XSEP
SPDR® S&P 500® ETF Trust →JANW on its own →ZALT on its own →How every figure is computed →Standards and sources →
Where these figures came from
JANW filings on SEC EDGAR ↗AllianzIM page for JANW ↗ZALT filings on SEC EDGAR ↗Innovator page for ZALT ↗

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, JANW against ZALT, data as of Oct 1, 2026. https://etfiq.com/compare/buffer/janw-vs-zalt

Open data

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