Data as of .
PJAN vs TJAN: which one stands where?
As of Sep 21, 2026 TJAN can fall 12.6% before its buffer engages and PJAN 8.2%.
These are two different products. TJAN is a floor fund, which caps how far a holder can fall. PJAN is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.
Both are Innovator funds, so the difference between them is the terms rather than the house.
Where each one stands today
PJAN resets first, on Dec 31, 2026, 101 days from now; TJAN runs to Dec 31, 2026, 101 days. PJAN can still gain 3.1% before its cap, TJAN 1.5%. A fall from here reaches PJAN’s buffer after 8.2% and TJAN’s after 12.6%. 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 | ||
|---|---|---|---|---|
| PJAN | TJAN | PJAN | TJAN | |
| 3 months | +2.4% | +1.7% | +0.1 pts | −0.6 pts |
| 6 months | +10.4% | +5.7% | −7.7 pts | −12.3 pts |
| 1 year | +11.1% | +6.0% | −5.5 pts | −10.6 pts |
| 3 years | +42.4% | not published | −36.0 pts | not published |
| 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 | TJAN Innovator Equity Defined Protection ETF - Jan 2027 Absorbs the whole loss on SPY and caps the gain at 15.9%, over a period ending Dec 31, 2026 | |
|---|---|---|
| Issuer | Innovator | Innovator |
| Reference index | SPY | SPY |
| Buffer | 15% | 100% |
| Outcome period | Dec 31, 2025 to Dec 31, 2026 | Dec 31, 2024 to Dec 31, 2026 |
| Days left | 101 | 101 |
| Starting cap | +12.3% | +15.9% |
| Can still gain | 3.1% | 1.5% |
| Fall before buffer | 8.2% | 12.6% |
| Protection left, index points | 15.0% of 15.0% | 100.0% of 100.0% |
| Index return this period | +13.5% | +32.0% |
| Fund return this period | +8.3% | +12.7% |
| State today | At cap | At cap |
| Expense ratio | 0.79% | 0.79% |
| Net assets | $1.4bn | $32m |
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. 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. 101 days remained on Sep 21, 2026. On Dec 31, 2026 the period ends and a new cap is set.
TJAN in plain words
SPY had already risen past this fund's cap of +15.9% 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 1.5% as the period runs out. The fund's price can fall 12.6% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 24.3% 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
- Which has more room to gain, PJAN or TJAN?
- From their prices on Sep 21, 2026, PJAN can gain about 3.1% before its cap and TJAN about 1.5%, so PJAN has more room left this period.
- Which resets first, PJAN or TJAN?
- PJAN ends its outcome period on Dec 31, 2026 and TJAN on Dec 31, 2026. A new cap is set the day after each.
- Which is cheaper, PJAN or TJAN?
- PJAN charges 0.79% a year and TJAN 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, PJAN against TJAN, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/pjan-vs-tjan Free to use with attribution; the underlying files are at Open data.