Data as of .
JANP vs PJAN: which one stands where?
As of Sep 21, 2026 JANP can fall 9.1% before its buffer engages and PJAN 8.2%.
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
JANP resets first, on Dec 31, 2026, 101 days from now; PJAN runs to Dec 31, 2026, 101 days. JANP can still gain 3.6% before its cap, PJAN 3.1%. A fall from here reaches JANP’s buffer after 9.1% and PJAN’s after 8.2%. 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 | ||
|---|---|---|---|---|
| JANP | PJAN | JANP | PJAN | |
| 3 months | +2.5% | +2.4% | +0.2 pts | +0.1 pts |
| 6 months | +11.9% | +10.4% | −6.1 pts | −7.7 pts |
| 1 year | +12.8% | +11.1% | −3.7 pts | −5.5 pts |
| 3 years | not published | +42.4% | not published | −36.0 pts |
| JANP PGIM S&P 500 Buffer 12 ETF - January Absorbs the first 12% of loss on SPY and caps the gain at 13.9%, over a period ending Dec 31, 2026 | 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 | PGIM | Innovator |
| Reference index | SPY | SPY |
| Buffer | 12% | 15% |
| Outcome period | Jan 1, 2026 to Dec 31, 2026 | Dec 31, 2025 to Dec 31, 2026 |
| Days left | 101 | 101 |
| Starting cap | +13.9% | +12.3% |
| Can still gain | 3.6% | 3.1% |
| Fall before buffer | 9.1% | 8.2% |
| Protection left, index points | 12.0% of 12.0% | 15.0% of 15.0% |
| Index return this period | +13.5% | +13.5% |
| Fund return this period | +9.5% | +8.3% |
| State today | Open | At cap |
| Expense ratio | 0.50% | 0.79% |
| Net assets | $51m | $1.4bn |
JANP in plain words
From its price on Sep 21, 2026, the fund can gain about 3.6% more before it reaches its cap. The fund's price can fall 9.1% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 11.9% from today's level to the point where the buffer begins. Protection left, in index points: 12.0% of the 12.0% buffer still sits below today's SPY level. 101 days remained on Sep 21, 2026. On Dec 31, 2026 the period ends and a new cap is set.
PJAN in plain words
SPY had already risen past this fund's cap of +12.3% for the period on Sep 21, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 3.1% as the period runs out. The fund's price can fall 8.2% from here before the buffer starts absorbing losses, by the issuer's figure. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's SPY level.
Questions people ask
- Which has more room to gain, JANP or PJAN?
- From their prices on Sep 21, 2026, JANP can gain about 3.6% before its cap and PJAN about 3.1%, so JANP has more room left this period.
- Which resets first, JANP or PJAN?
- JANP ends its outcome period on Dec 31, 2026 and PJAN on Dec 31, 2026. A new cap is set the day after each.
- Which is cheaper, JANP or PJAN?
- JANP charges 0.50% a year and PJAN charges 0.79%, so JANP 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, JANP against PJAN, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/janp-vs-pjan Free to use with attribution; the underlying files are at Open data.