Data as of .
PJAN vs UAPR: which one stands where?
As of Sep 13, 2026 UAPR can fall 11.9% before its buffer engages and PJAN 7.7%, and PJAN resets 90 days sooner.
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
PJAN resets first, on Dec 31, 2026, 111 days from now; UAPR runs to Mar 31, 2027, 201 days. PJAN can still gain 3.7% before its cap, UAPR 4.9%. A fall from here reaches PJAN’s buffer after 7.7% and UAPR’s after 11.9%. 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 | UAPR | PJAN | UAPR | |
| 3 months | +2.6% | +2.4% | −0.7 pts | −0.9 pts |
| 6 months | +9.1% | +8.3% | −6.9 pts | −7.8 pts |
| 1 year | +11.2% | +11.7% | −6.3 pts | −5.8 pts |
| 3 years | +42.2% | +36.2% | −35.6 pts | −41.7 pts |
| 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 | UAPR Innovator U.S. Equity Ultra Buffer ETF - Apr Absorbs losses from 5.0% to 35.0% on SPY and caps the gain at 13.0%, over a period ending Mar 31, 2027 | |
|---|---|---|
| Issuer | Innovator | Innovator |
| Reference index | SPY | SPY |
| Buffer | 15% | 5% to 35% |
| Outcome period | Dec 31, 2025 to Dec 31, 2026 | Mar 31, 2026 to Mar 31, 2027 |
| Days left | 111 | 201 |
| Starting cap | +12.3% | +13.0% |
| Can still gain | 3.7% | 4.9% |
| Fall before buffer | 7.7% | 11.9% |
| Protection left, index points | 15.0% of 15.0% | 30.0% of 30.0% |
| Index return this period | +12.1% | +17.5% |
| Fund return this period | +7.7% | +7.4% |
| State today | Open | At cap |
| Expense ratio | 0.79% | 0.79% |
PJAN in plain words
From its price on Sep 13, 2026, the fund can gain about 3.7% more before it reaches its cap. The fund's price can fall 7.7% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 10.8% 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. 111 days remained on Sep 13, 2026. On Dec 31, 2026 the period ends and a new cap is set.
UAPR in plain words
SPY had already risen past this fund's cap of +13.0% for the period on Sep 13, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 4.9% as the period runs out. The fund's price can fall 11.9% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 19.2% 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. 201 days remained on Sep 13, 2026. On Mar 31, 2027 the period ends and a new cap is set.
Questions people ask
- Which has more room to gain, PJAN or UAPR?
- From their prices on Sep 13, 2026, PJAN can gain about 3.7% before its cap and UAPR about 4.9%, so UAPR has more room left this period.
- Which resets first, PJAN or UAPR?
- PJAN ends its outcome period on Dec 31, 2026 and UAPR on Mar 31, 2027. A new cap is set the day after each.
- Which is cheaper, PJAN or UAPR?
- PJAN charges 0.79% a year and UAPR 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 UAPR, data as of Sep 13, 2026. https://etfiq.com/compare/buffer/pjan-vs-uapr Free to use with attribution; the underlying files are at Open data.