Which has more room to gain, PMJA or ZALT?

From their prices on Oct 1, 2026, PMJA can gain about 1.9% before its cap and ZALT about 3.6%, so ZALT has more room left this period.

Which resets first, PMJA or ZALT?

PMJA 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, PMJA or ZALT?

PMJA charges 0.50% a year and ZALT charges 0.69%, so PMJA is cheaper. Fees come from each fund's prospectus.

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PMJA vs ZALT: which one stands where?

As of Oct 1, 2026 PMJA can fall 4.4% before its buffer engages and ZALT 0.0%. PGIM S&P 500 Max Buffer ETF - January and Innovator U.S. Equity 10 Buffer ETF - Quarterly.

4.4%

PMJA can fall this far before its buffer

0.0%

ZALT can fall this far before its buffer

1.9%

PMJA can still gain

3.6%

ZALT can still gain

PMJAAt its cap

PMJA: reference +11.8% since period start, fund +4.1%; buffer Floor; cap +6.6%; At its cap.

ZALTBetween buffer and cap

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

These are two different products. PMJA is a floor fund, which caps how far a holder can fall. ZALT is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.

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

Where each one stands today

PMJA resets first, on Dec 31, 2026, 92 days from now; ZALT runs to Dec 31, 2026, 92 days. PMJA can still gain 1.9% before its cap, ZALT 3.6%. A fall from here reaches PMJA’s buffer after 4.4% 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 return		Gap to the reference
Window	PMJA	ZALT	PMJA	ZALT
3 months	+1.7%	+2.0%	−0.8 pts	−0.5 pts
6 months	+4.3%	+5.9%	−12.7 pts	−11.1 pts
1 year	+6.0%	+8.3%	−9.7 pts	−7.4 pts

PMJA 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

PMJA

PGIM S&P 500 Max Buffer ETF - January · Absorbs the whole loss on SPY and caps the gain at 6.6%, 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 PGIM Innovator

Reference index SPY SPY

Buffer 100% 10%

Outcome period Jan 1, 2026 to Dec 31, 2026 Sep 30, 2026 to Dec 31, 2026

Days left 92 92

Starting cap +6.6% +3.6%

Can still gain 1.9% 3.6%

Fall before buffer 4.4% 0.0%

Protection left, index points 100.0% of 100.0% 10.0% of 10.0%

Index return this period +11.8% 0.0%

Fund return this period +4.1% 0.0%

State today At cap Open

Expense ratio 0.50% 0.69%

Net assets $6m $795m

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

PMJA in plain words

SPY had already risen past this fund's cap of +6.6% 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 1.9% as the period runs out. The fund's price can fall 4.4% 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: 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.

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, PMJA or ZALT?: From their prices on Oct 1, 2026, PMJA can gain about 1.9% before its cap and ZALT about 3.6%, so ZALT has more room left this period.
Which resets first, PMJA or ZALT?: PMJA 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, PMJA or ZALT?: PMJA charges 0.50% a year and ZALT charges 0.69%, so PMJA is cheaper. Fees come from each fund's prospectus.

Other comparisons

PMJA vs XDEC PMJA vs AIOO PMJA vs AJAN PMJA vs BALT ZALT vs CPST ZALT vs DDFO ZALT vs DDSQ ZALT vs DDTO

SPDR S&P 500 ETF Trust →PMJA on its own →ZALT on its own →How every figure is computed →Standards and sources →

Where these figures came from

PMJA filings on SEC EDGAR ↗PGIM website ↗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, PMJA against ZALT, data as of Oct 1, 2026. https://etfiq.com/compare/buffer/pmja-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.