Data as of Nov 4, 2026.
PBJA vs TJAN: Cap, Buffer & Days Left
As of Nov 4, 2026 TJAN can fall 13.3% before its buffer engages and PBJA 7.8%.
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Net assets on Nov 4, 2026: $68m for PGIM S&P 500 Buffer 20 ETF - January and $32m for Innovator Equity Defined Protection ETF - Jan 2027.
PBJA: reference +12.4% since period start, fund +7.9%; buffer 0 to −20; cap +10.4%; At its cap. Data to Nov 4, 2026.
PBJA: reference +12.4% since period start, fund +7.9%; buffer 0 to −20; cap +10.4%; At its cap. Data to Nov 4, 2026.TJAN: reference +30.8% since period start, fund +13.4%; buffer Floor; cap +15.9%; At its cap. Data to Nov 4, 2026.
Data to Nov 4, 2026.Pair scorecard
PBJA costs 0.29 points a year less; their one-year returns differ by 3.5 points; PBJA is 2.1 times larger.
Points (pts) are percentage points.
| Measure | PBJA | TJAN |
|---|---|---|
| Return | ||
| Total return, 1 year | +9.8% | +6.3% |
| Drawdown | ||
| Index fall to the buffer | 11.1% | 23.5% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.50% | 0.79% |
| Net assets | $68m | $32m |
| Holdings | ||
| Holdings in common | not published | |
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | PBJA | TJAN | PBJA | TJAN |
| 3 months | +1.7% | +1.2% | +2.1 pts | +1.6 pts |
| 6 months | +4.3% | +3.0% | −0.2 pts | −1.5 pts |
| 1 year | +9.8% | +6.3% | −3.8 pts | −7.3 pts |
| Since launchNot the same days: PBJA Jan 2024 · TJAN Jan 2025 | +33.4% | +13.1% | −28.8 pts | −18.1 pts |
Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Open this comparison in the app →
Side by side
As of Nov 4, 2026. Source: ETFIQ.
These are two different products. TJAN is a floor fund, which caps how far a holder can fall. PBJA is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.
Both are already at their cap, so neither gains from more rise in the index before the period ends.
Where each one stands today
PBJA resets first, on Dec 31, 2026, 57 days from now; TJAN runs to Dec 31, 2026, 57 days. PBJA can still gain 1.9% before its cap, TJAN 0.8%. A fall from here reaches PBJA’s buffer after 7.8% and TJAN’s after 13.3%. Both track SPY, so what separates them is where each is in its own period.
PBJA
SPY had already risen past this fund's cap of +10.4% 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 1.9% as the period runs out. The fund's price can fall 7.8% 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: 20.0% of the 20.0% buffer still sits below today's SPY level. 57 days remained on Nov 4, 2026. On Dec 31, 2026 the period ends and a new cap is set.
TJAN
SPY had already risen past this fund's cap of +15.9% 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 0.8% as the period runs out. The fund's price can fall 13.3% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 23.5% from today's level to the point where the buffer begins. Protection left, in index points: 100.0% of the 100.0% buffer still sits below today's SPY level.
Questions people ask
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How this is computed
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, PBJA against TJAN, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/pbja-vs-tjan
ETFIQ. (Nov 4, 2026). PBJA against TJAN. Retrieved from https://etfiq.com/compare/buffer/pbja-vs-tjan
[PBJA against TJAN (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/pbja-vs-tjan)
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