Data as of .
FJUL vs PJAN: which one stands where?
As of Sep 13, 2026 PJAN can fall 7.7% before its buffer engages and FJUL 2.9%, and PJAN resets 197 days sooner.
ETFIQ Downside Cover Score: PJAN scores higher
If the market falls into a bear market from here, how much does the buffer absorb?
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
Where each one stands today
PJAN resets first, on Dec 31, 2026, 111 days from now; FJUL runs to Jul 16, 2027, 308 days. FJUL can still gain 13.5% before its cap, PJAN 3.7%. A fall from here reaches FJUL’s buffer after 2.9% and PJAN’s after 7.7%. 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
| Window | Total return | Gap to the reference | ||
|---|---|---|---|---|
| FJUL | PJAN | FJUL | PJAN | |
| 3 months | +3.4% | +2.6% | +0.1 pts | −0.7 pts |
| 6 months | +10.9% | +9.1% | −5.1 pts | −6.9 pts |
| 1 year | +12.6% | +11.2% | −4.9 pts | −6.3 pts |
| 3 years | +55.2% | +42.2% | −22.7 pts | −35.6 pts |
| FJUL FT Vest U.S. Equity Buffer ETF - July Absorbs the first 10% of loss on SPY and caps the gain at 16.8%, over a period ending Jul 16, 2027 | PJAN Innovator U.S. Equity Power Buffer ETF - Jan Absorbs the first 15% of loss on SPY and caps the gain at 12.3%, over a period ending Dec 31, 2026 | |
|---|---|---|
| Issuer | First Trust | Innovator |
| Reference index | SPY | SPY |
| Buffer | 10% | 15% |
| Outcome period | Jul 20, 2026 to Jul 16, 2027 | Dec 31, 2025 to Dec 31, 2026 |
| Days left | 308 | 111 |
| Starting cap | +16.8% | +12.3% |
| Can still gain | 13.5% | 3.7% |
| Fall before buffer | 2.9% | 7.7% |
| Protection left, index points | 10.0% of 10.0% | 15.0% of 15.0% |
| Index return this period | +2.8% | +12.1% |
| Fund return this period | +2.1% | +7.7% |
| State today | Open | Open |
| Expense ratio | 0.85% | 0.79% |
FJUL in plain words
From its price on Sep 13, 2026, the fund can gain about 13.5% more before it reaches its cap. The fund's price can fall 2.9% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 2.8% from today's level to the point where the buffer begins. Protection left, in index points: 10.0% of the 10.0% buffer still sits below today's SPY level. 308 days remained on Sep 13, 2026. On Jul 16, 2027 the period ends and a new cap is set.
PJAN in plain words
From its price on Sep 13, 2026, the fund can gain about 3.7% more before it reaches its cap. The fund's price can fall 7.7% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 10.8% 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. 111 days remained on Sep 13, 2026. On Dec 31, 2026 the period ends and a new cap is set.
Questions people ask
- Which has more room to gain, FJUL or PJAN?
- From their prices on Sep 13, 2026, FJUL can gain about 13.5% before its cap and PJAN about 3.7%, so FJUL has more room left this period.
- Which resets first, FJUL or PJAN?
- FJUL ends its outcome period on Jul 16, 2027 and PJAN on Dec 31, 2026. A new cap is set the day after each.
- Which is cheaper, FJUL or PJAN?
- FJUL charges 0.85% a year and PJAN charges 0.79%, so PJAN 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, FJUL against PJAN, data as of Sep 13, 2026. https://etfiq.com/compare/buffer/fjul-vs-pjan Free to use with attribution; the underlying files are at Open data.