Data as of .
JANU vs UJAN: which one stands where?
As of Sep 21, 2026 UJAN can fall 12.3% before its buffer engages and JANU 9.6%, and UJAN resets 1 days sooner.
ETFIQ Downside Cover Score: JANU 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
UJAN resets first, on Dec 31, 2026, 101 days from now; JANU runs to Dec 31, 2026, 102 days. A fall from here reaches JANU’s buffer after 9.6% and UJAN’s after 12.3%. 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 | ||
|---|---|---|---|---|
| JANU | UJAN | JANU | UJAN | |
| 3 months | +0.7% | +2.2% | −1.6 pts | 0.0 pts |
| 6 months | +11.6% | +9.4% | −6.5 pts | −8.7 pts |
| 1 year | +10.8% | +10.4% | −5.8 pts | −6.2 pts |
| 3 years | not published | +39.6% | not published | −38.8 pts |
| JANU AllianzIM U.S. Equity Buffer15 Uncapped ETF - Jan Absorbs the first 15% of loss on SPY and does not cap the gain, over a period ending Dec 31, 2026 | UJAN Innovator U.S. Equity Ultra Buffer ETF - Jan Absorbs losses from 5.0% to 35.0% on SPY and caps the gain at 11.4%, over a period ending Dec 31, 2026 | |
|---|---|---|
| Issuer | AllianzIM | Innovator |
| Reference index | SPY | SPY |
| Buffer | 15% | 5% to 35% |
| Outcome period | Jan 1, 2026 to Dec 31, 2026 | Dec 31, 2025 to Dec 31, 2026 |
| Days left | 102 | 101 |
| Starting cap | uncapped | +11.4% |
| Can still gain | uncapped | 2.9% |
| Fall before buffer | 9.6% | 12.3% |
| Protection left, index points | 15.0% of 15.0% | 30.0% of 30.0% |
| Index return this period | +13.5% | +13.5% |
| Fund return this period | +9.7% | +7.6% |
| State today | Uncapped | At cap |
| Expense ratio | 0.74% | 0.79% |
| Net assets | $78m | $254m |
JANU in plain words
This fund has no cap. It takes a share of any further rise in SPY. The fund's price can fall 9.6% 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: 15.0% of the 15.0% buffer still sits below today's SPY level. 102 days remained on Sep 21, 2026. On Dec 31, 2026 the period ends and a new cap is set.
UJAN in plain words
SPY had already risen past this fund's cap of +11.4% 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 2.9% as the period runs out. The fund's price can fall 12.3% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 16.3% 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. 101 days remained on Sep 21, 2026.
Questions people ask
- Which resets first, JANU or UJAN?
- JANU ends its outcome period on Dec 31, 2026 and UJAN on Dec 31, 2026. A new cap is set the day after each.
- Which is cheaper, JANU or UJAN?
- JANU charges 0.74% a year and UJAN charges 0.79%, so JANU 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, JANU against UJAN, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/janu-vs-ujan Free to use with attribution; the underlying files are at Open data.