Data as of .
PMJA vs UJAN: which one stands where?
As of Sep 21, 2026 UJAN can fall 12.3% before its buffer engages and PMJA 4.4%.
These are two different products. PMJA is a floor fund, which caps how far a holder can fall. UJAN is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.
Where each one stands today
PMJA resets first, on Dec 31, 2026, 101 days from now; UJAN runs to Dec 31, 2026, 101 days. PMJA can still gain 1.9% before its cap, UJAN 2.9%. A fall from here reaches PMJA’s buffer after 4.4% and UJAN’s after 12.3%. 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 | ||
|---|---|---|---|---|
| PMJA | UJAN | PMJA | UJAN | |
| 3 months | +1.5% | +2.2% | −0.8 pts | 0.0 pts |
| 6 months | +4.4% | +9.4% | −13.6 pts | −8.7 pts |
| 1 year | +5.9% | +10.4% | −10.7 pts | −6.2 pts |
| 3 years | not published | +39.6% | not published | −38.8 pts |
| PMJA PGIM S&P 500 Max Buffer ETF - January Absorbs the whole loss on SPY and caps the gain at 6.6%, over a period ending Dec 31, 2026 | 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 | PGIM | Innovator |
| Reference index | SPY | SPY |
| Buffer | 100% | 5% to 35% |
| Outcome period | Jan 1, 2026 to Dec 31, 2026 | Dec 31, 2025 to Dec 31, 2026 |
| Days left | 101 | 101 |
| Starting cap | +6.6% | +11.4% |
| Can still gain | 1.9% | 2.9% |
| Fall before buffer | 4.4% | 12.3% |
| Protection left, index points | 100.0% of 100.0% | 30.0% of 30.0% |
| Index return this period | +13.5% | +13.5% |
| Fund return this period | +4.1% | +7.6% |
| State today | At cap | At cap |
| Expense ratio | 0.50% | 0.79% |
| Net assets | $6m | $254m |
PMJA in plain words
SPY had already risen past this fund's cap of +6.6% 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. In index terms, SPY can fall 11.9% 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. 101 days remained on Sep 21, 2026. On Dec 31, 2026 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 21, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 2.9% as the period runs out. The fund's price can fall 12.3% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 16.3% 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.
Questions people ask
- Which has more room to gain, PMJA or UJAN?
- From their prices on Sep 21, 2026, PMJA can gain about 1.9% before its cap and UJAN about 2.9%, so UJAN has more room left this period.
- Which resets first, PMJA or UJAN?
- PMJA ends its outcome period on Dec 31, 2026 and UJAN on Dec 31, 2026. A new cap is set the day after each.
- Which is cheaper, PMJA or UJAN?
- PMJA charges 0.50% a year and UJAN charges 0.79%, so PMJA 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, PMJA against UJAN, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/pmja-vs-ujan Free to use with attribution; the underlying files are at Open data.