Data as of . Every figure is the buffer desk's own, on published data.
DJAN vs PMAY
Where each one stands today
DJAN resets first, on Jan 15, 2027, 133 days from now; PMAY runs to Apr 30, 2027, 238 days. DJAN can still gain 3.9% before its cap, PMAY 7.9%. A fall from here reaches DJAN’s buffer after 11.7% and PMAY’s after 4.6%. Both track SPY, so what separates them is where each is in its own period.
Every figure is the buffer desk’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
| Window | Total return | Gap to the reference | ||
|---|---|---|---|---|
| DJAN | PMAY | DJAN | PMAY | |
| 3 months | +3.1% | +3.2% | −1.6 pts | −1.5 pts |
| 6 months | +8.1% | +6.3% | −7.1 pts | −8.8 pts |
| 1 year | +12.1% | +9.5% | −7.8 pts | −10.4 pts |
| 3 years | +40.7% | +40.4% | −37.3 pts | −37.6 pts |
| DJAN FT Vest U.S. Equity Deep Buffer ETF - January | PMAY Innovator U.S. Equity Power Buffer ETF - May | |
|---|---|---|
| Issuer | First Trust | Innovator |
| Reference index | SPY | SPY |
| Buffer | ||
| Outcome period | Jan 20, 2026 to Jan 15, 2027 | Apr 30, 2026 to Apr 30, 2027 |
| Days left | 133 | 238 |
| Starting cap | +11.6% | +13.0% |
| Can still gain | 3.9% | 7.9% |
| Fall before buffer | 11.7% | 4.6% |
| Protection left, index points | 25.0% of 25.0% | 15.0% of 15.0% |
| Index return this period | +11.3% | +7.2% |
| Fund return this period | +6.7% | +4.5% |
| State today | Open | Open |
| Expense ratio | 0.85% | 0.79% |
DJAN in plain words
From its price on Sep 4, 2026, the fund can gain about 3.9% more before it reaches its cap. The fund's price can fall 11.7% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 14.7% from today's level to the point where the buffer begins. Protection left, in index points: 25.0% of the 25.0% buffer still sits below today's SPY level. 133 days remained on Sep 4, 2026. On Jan 15, 2027 the period ends and a new cap is set.
PMAY in plain words
From its price on Sep 4, 2026, the fund can gain about 7.9% more before it reaches its cap. The fund's price can fall 4.6% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 6.7% 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. 238 days remained on Sep 4, 2026. On Apr 30, 2027 the period ends and a new cap is set.
Questions people ask
- Which has more room to gain, DJAN or PMAY?
- From their prices on Sep 4, 2026, DJAN can gain about 3.9% before its cap and PMAY about 7.9%, so PMAY has more room left this period.
- Which resets first, DJAN or PMAY?
- DJAN ends its outcome period on Jan 15, 2027 and PMAY on Apr 30, 2027. A new cap is set the day after each.
- Which is cheaper, DJAN or PMAY?
- DJAN charges 0.85% a year and PMAY charges 0.79%, so PMAY is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, DJAN against PMAY, data as of Sep 4, 2026. https://etfiq.com/compare/buffer/DJAN-PMAY.html Free to use with attribution; the underlying files are at Open data.