Data as of Nov 4, 2026.
PMJA vs UJAN: Cap, Buffer & Days Left
As of Nov 4, 2026 UJAN can fall 12.9% before its buffer engages and PMJA 4.9%.
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Net assets on Nov 4, 2026: $5.6m for PGIM S&P 500 Max Buffer ETF - January and $252m for Innovator U.S. Equity Ultra Buffer ETF - Jan.
PMJA: reference +12.4% since period start, fund +4.7%; buffer Floor; cap +6.6%; At its cap. Data to Nov 4, 2026.
Data to Nov 4, 2026.UJAN: reference +12.4% since period start, fund +8.3%; buffer −5 to −35; cap +11.4%; At its cap. Data to Nov 4, 2026.
UJAN: reference +12.4% since period start, fund +8.3%; buffer −5 to −35; cap +11.4%; At its cap. Data to Nov 4, 2026.Pair scorecard
PMJA costs 0.29 points a year less; their one-year returns differ by 4.5 points; UJAN is far larger, $252m against $5.6m.
Points (pts) are percentage points.
| Measure | PMJA | UJAN |
|---|---|---|
| Return | ||
| Total return, 1 year | +5.9% | +10.4% |
| Drawdown | ||
| Index fall to the buffer | 11.1% | 15.5% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.50% | 0.79% |
| Net assets | $5.6m | $252m |
| Holdings | ||
| Holdings in common | not published | |
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | PMJA | UJAN | PMJA | UJAN |
| 3 months | +1.2% | +1.9% | +1.6 pts | +2.2 pts |
| 6 months | +2.7% | +4.4% | −1.8 pts | −0.1 pts |
| 1 year | +5.9% | +10.4% | −7.7 pts | −3.2 pts |
| 3 years | – | +41.1% | – | −35.3 pts |
| Since launchNot the same days: PMJA Jan 2025 · UJAN Jan 2019 | +11.9% | +85.5% | −19.3 pts | −121.0 pts |
Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. – means no data for this window. Open this comparison in the app →
Side by side
As of Nov 4, 2026. Source: ETFIQ.
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.
Both are already at their cap, so neither gains from more rise in the index before the period ends.
Where each one stands today
PMJA resets first, on Dec 31, 2026, 57 days from now; UJAN runs to Dec 31, 2026, 57 days. PMJA can still gain 1.4% before its cap, UJAN 2.2%. A fall from here reaches PMJA’s buffer after 4.9% and UJAN’s after 12.9%. Both track SPY, so what separates them is where each is in its own period.
PMJA
SPY had already risen past this fund's cap of +6.6% for the period on Nov 4, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 1.4% as the period runs out. The fund's price can fall 4.9% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 11.1% 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. 57 days remained on Nov 4, 2026. On Dec 31, 2026 the period ends and a new cap is set.
UJAN
SPY had already risen past this fund's cap of +11.4% for the period on Nov 4, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 2.2% as the period runs out. The fund's price can fall 12.9% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 15.5% 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
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How this is computed
ETFIQ calculates every number from each issuer’s published outcome-period terms. Buffer ETFs hold options on an index, not shares, so there is no holdings overlap to report.
Every number is an ETFIQ calculation with distributions reinvested.
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ETFIQ, PMJA against UJAN, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/pmja-vs-ujan
ETFIQ. (Nov 4, 2026). PMJA against UJAN. Retrieved from https://etfiq.com/compare/buffer/pmja-vs-ujan
[PMJA against UJAN (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/pmja-vs-ujan)
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