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XBJA vs ZALT: which one stands where?

As of Oct 1, 2026 XBJA can fall 8.4% before its buffer engages and ZALT 0.0%. Innovator U.S. Equity Accelerated 9 Buffer ETF - Jan and Innovator U.S. Equity 10 Buffer ETF - Quarterly.

8.4%
XBJA can fall this far before its buffer
0.0%
ZALT can fall this far before its buffer
2.6%
XBJA can still gain
3.6%
ZALT can still gain
XBJABetween buffer and cap
Between buffer and capXBJA: reference +11.8% since period start, fund +8.5%; buffer 0 to −9; cap +11.9%; Between buffer and cap.9 pts of buffer+11.8% gain captured−9.0% floor0% period start+11.9% capTODAY · SPY +11.8%Between buffer and capXBJA: reference +11.8% since period start, fund +8.5%; buffer 0 to −9; cap +11.9%; Between buffer and cap.9 pts+11.8% gained−9.0% floor0% start+11.9% capTODAY · SPY +11.8%

XBJA: reference +11.8% since period start, fund +8.5%; buffer 0 to −9; cap +11.9%; Between buffer and 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+3.6% to cap−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.

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

Both are Innovator funds, so the difference between them is the terms rather than the house.

Where each one stands today

XBJA resets first, on Dec 31, 2026, 92 days from now; ZALT runs to Dec 31, 2026, 92 days. XBJA can still gain 2.6% before its cap, ZALT 3.6%. A fall from here reaches XBJA’s buffer after 8.4% 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 returnGap to the reference
WindowXBJAZALTXBJAZALT
3 months+2.7%+2.0%+0.2 pts−0.5 pts
6 months+10.2%+5.9%−6.8 pts−11.1 pts
1 year+10.9%+8.3%−4.8 pts−7.4 pts
3 years+40.1%not published−44.9 ptsnot published

XBJA 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

XBJA
Innovator U.S. Equity Accelerated 9 Buffer ETF - Jan · Absorbs the first 9% of loss on SPY and caps the gain at 11.9%, 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 Innovator Innovator
Reference index SPY SPY
Buffer 9% 10%
Outcome period Dec 31, 2025 to Dec 31, 2026 Sep 30, 2026 to Dec 31, 2026
Days left 92 92
Starting cap +11.9% +3.6%
Can still gain 2.6% 3.6%
Fall before buffer 8.4% 0.0%
Protection left, index points 9.0% of 9.0% 10.0% of 10.0%
Index return this period +11.8% 0.0%
Fund return this period +8.5% 0.0%
State today Open Open
Expense ratio 0.79% 0.69%
Net assets $94m $795m

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

XBJA in plain words

From its price on Oct 1, 2026, the fund can gain about 2.6% more before it reaches its cap. The fund's price can fall 8.4% 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: 9.0% of the 9.0% 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, XBJA or ZALT?
From their prices on Oct 1, 2026, XBJA can gain about 2.6% before its cap and ZALT about 3.6%, so ZALT has more room left this period.
Which resets first, XBJA or ZALT?
XBJA 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, XBJA or ZALT?
XBJA charges 0.79% a year and ZALT charges 0.69%, so ZALT is cheaper. Fees come from each fund's prospectus.
Other comparisons
XBJA vs JANPXBJA vs JANTXBJA vs JANUXBJA vs JANWZALT vs DDTOZALT vs DECMZALT vs DSEPZALT vs EALT
SPY →XBJA on its own →ZALT on its own →How every figure is computed →Standards and sources →
Where these figures came from
XBJA and ZALT filings on SEC EDGAR ↗Innovator page for XBJA ↗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, XBJA against ZALT, data as of Oct 1, 2026. https://etfiq.com/compare/buffer/xbja-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.