Data as of .
PJAN vs ZJAN: which one stands where?
As of Sep 21, 2026 PJAN can fall 8.2% before its buffer engages and ZJAN 4.4%.
These are two different products. ZJAN 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; ZJAN runs to Dec 31, 2026, 101 days. PJAN can still gain 3.1% before its cap, ZJAN 1.9%. A fall from here reaches PJAN’s buffer after 8.2% and ZJAN’s after 4.4%. 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 | ZJAN | PJAN | ZJAN | |
| 3 months | +2.4% | +1.4% | +0.1 pts | −0.9 pts |
| 6 months | +10.4% | +4.2% | −7.7 pts | −13.8 pts |
| 1 year | +11.1% | +5.7% | −5.5 pts | −10.8 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 | ZJAN Innovator Equity Defined Protection ETF - 1 Yr January Absorbs the whole loss on SPY and caps the gain at 6.5%, 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, 2025 to Dec 31, 2026 |
| Days left | 101 | 101 |
| Starting cap | +12.3% | +6.5% |
| Can still gain | 3.1% | 1.9% |
| Fall before buffer | 8.2% | 4.4% |
| Protection left, index points | 15.0% of 15.0% | 100.0% of 100.0% |
| Index return this period | +13.5% | +13.5% |
| Fund return this period | +8.3% | +4.0% |
| State today | At cap | At cap |
| Expense ratio | 0.79% | 0.79% |
| Net assets | $1.4bn | $109m |
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.
ZJAN in plain words
SPY had already risen past this fund's cap of +6.5% 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 1.9% as the period runs out. The fund's price can fall 4.4% from here before the buffer starts absorbing losses, by the issuer's figure. 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 ZJAN?
- From their prices on Sep 21, 2026, PJAN can gain about 3.1% before its cap and ZJAN about 1.9%, so PJAN has more room left this period.
- Which resets first, PJAN or ZJAN?
- PJAN ends its outcome period on Dec 31, 2026 and ZJAN on Dec 31, 2026. A new cap is set the day after each.
- Which is cheaper, PJAN or ZJAN?
- PJAN charges 0.79% a year and ZJAN 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 ZJAN, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/pjan-vs-zjan Free to use with attribution; the underlying files are at Open data.