Data as of Nov 4, 2026.
JANU vs UJAN: Cap, Buffer & Days Left
As of Nov 4, 2026 UJAN can fall 12.9% before its buffer engages and JANU 8.4%.
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Net assets: $77m on Nov 3, 2026 for AllianzIM U.S. Equity Buffer15 Uncapped ETF - Jan, and $252m on Nov 4, 2026 for Innovator U.S. Equity Ultra Buffer ETF - Jan.
JANU: reference +12.4% since period start, fund +8.3%; buffer 0 to −15; no cap; No cap. Data to Nov 4, 2026.
JANU: reference +12.4% since period start, fund +8.3%; buffer 0 to −15; no cap; No cap. Data to Nov 4, 2026.UJAN: reference +12.4% since period start, fund +8.3%; buffer −5 to −35; cap +11.4%; At its cap. Data to Nov 4, 2026.
UJAN: reference +12.4% since period start, fund +8.3%; buffer −5 to −35; cap +11.4%; At its cap. Data to Nov 4, 2026.Pair scorecard
JANU costs 0.05 points a year less; their one-year returns differ by 1.2 points; UJAN is 3.2 times larger.
Points (pts) are percentage points.
| Measure | JANU | UJAN |
|---|---|---|
| Return | ||
| Total return, 1 year | +9.2% | +10.4% |
| Drawdown | ||
| Index fall to the buffer | 11.1% | 15.5% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.74% | 0.79% |
| Net assets, as of Nov 3, 2026 | $77m | $250m |
| Holdings | ||
| Holdings in common | not published | |
How much of a bear-market fall the buffer would absorb from today's level, ranked against 292 buffer ETFs on stocks with a live outcome period. 100 is best. How it is computed
Today's position against one 20% fall; it ignores smaller falls, and stock buffers are never ranked against bond or commodity ones. All buffer ETFs ranked by it →
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | JANU | UJAN | JANU | UJAN |
| 3 months | −1.3% | +1.9% | −0.9 pts | +2.2 pts |
| 6 months | +2.3% | +4.4% | −2.2 pts | −0.1 pts |
| 1 year | +9.2% | +10.4% | −4.4 pts | −3.2 pts |
| 3 years | – | +41.1% | – | −35.3 pts |
| Since launchNot the same days: JANU Jan 2025 · UJAN Jan 2019 | +21.9% | +85.5% | −9.3 pts | −121.0 pts |
Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. – means no data for this window. Open this comparison in the app →
Side by side
As of Nov 4, 2026. Source: ETFIQ.
UJAN is already at its cap, so more rise in the index adds nothing to it before the period ends.
Where each one stands today
JANU resets first, on Dec 31, 2026, 57 days from now; UJAN runs to Dec 31, 2026, 57 days. A fall from here reaches JANU’s buffer after 8.4% and UJAN’s after 12.9%. Both track SPY, so what separates them is where each is in its own period.
JANU
This fund has no cap. It takes a share of any further rise in SPY. The fund's price can fall 8.4% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 11.1% 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. 57 days remained on Nov 4, 2026. On Dec 31, 2026 the period ends and new terms are set.
UJAN
SPY had already risen past this fund's cap of +11.4% for the period on Nov 4, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 2.2% as the period runs out. The fund's price can fall 12.9% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 15.5% from today's level to the point where the buffer begins. Protection left, in index points: 30.0% of the 30.0% buffer still sits below today's SPY level. On Dec 31, 2026 the period ends and a new cap is set.
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How this is computed
It is a place in a set, not a rating or a recommendation.
ETFIQ calculates every number from each issuer’s published outcome-period terms. Buffer ETFs hold options on an index, not shares, so there is no holdings overlap to report.
Every number is an ETFIQ calculation with distributions reinvested.
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ETFIQ, JANU against UJAN, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/janu-vs-ujan
ETFIQ. (Nov 4, 2026). JANU against UJAN. Retrieved from https://etfiq.com/compare/buffer/janu-vs-ujan
[JANU against UJAN (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/janu-vs-ujan)
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