Data as of .
PMAY vs UJAN: which one stands where?
As of Sep 13, 2026 UJAN can fall 11.8% before its buffer engages and PMAY 4.2%, and UJAN resets 120 days sooner.
ETFIQ Downside Cover Score: PMAY 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, 111 days from now; PMAY runs to Apr 30, 2027, 231 days. PMAY can still gain 8.3% before its cap, UJAN 3.5%. A fall from here reaches PMAY’s buffer after 4.2% and UJAN’s after 11.8%. 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 | ||
|---|---|---|---|---|
| PMAY | UJAN | PMAY | UJAN | |
| 3 months | +2.5% | +2.7% | −0.8 pts | −0.6 pts |
| 6 months | +6.0% | +8.2% | −10.0 pts | −7.8 pts |
| 1 year | +8.9% | +10.7% | −8.6 pts | −6.8 pts |
| 3 years | +40.3% | +39.7% | −37.6 pts | −38.2 pts |
| PMAY Innovator U.S. Equity Power Buffer ETF - May Absorbs the first 15% of loss on SPY and caps the gain at 13.0%, over a period ending Apr 30, 2027 | 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 | Innovator | Innovator |
| Reference index | SPY | SPY |
| Buffer | 15% | 5% to 35% |
| Outcome period | Apr 30, 2026 to Apr 30, 2027 | Dec 31, 2025 to Dec 31, 2026 |
| Days left | 231 | 111 |
| Starting cap | +13.0% | +11.4% |
| Can still gain | 8.3% | 3.5% |
| Fall before buffer | 4.2% | 11.8% |
| Protection left, index points | 15.0% of 15.0% | 30.0% of 30.0% |
| Index return this period | +6.3% | +12.1% |
| Fund return this period | +4.1% | +7.0% |
| State today | Open | At cap |
| Expense ratio | 0.79% | 0.79% |
PMAY in plain words
From its price on Sep 13, 2026, the fund can gain about 8.3% more before it reaches its cap. The fund's price can fall 4.2% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 6.0% 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. 231 days remained on Sep 13, 2026. On Apr 30, 2027 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 13, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 3.5% as the period runs out. The fund's price can fall 11.8% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 15.2% 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. 111 days remained on Sep 13, 2026. On Dec 31, 2026 the period ends and a new cap is set.
Questions people ask
- Which has more room to gain, PMAY or UJAN?
- From their prices on Sep 13, 2026, PMAY can gain about 8.3% before its cap and UJAN about 3.5%, so PMAY has more room left this period.
- Which resets first, PMAY or UJAN?
- PMAY ends its outcome period on Apr 30, 2027 and UJAN on Dec 31, 2026. A new cap is set the day after each.
- Which is cheaper, PMAY or UJAN?
- PMAY charges 0.79% a year and UJAN charges 0.79%, so PMAY 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, PMAY against UJAN, data as of Sep 13, 2026. https://etfiq.com/compare/buffer/pmay-vs-ujan Free to use with attribution; the underlying files are at Open data.