ETFIQ
RankingsCompareHoldingsResearch
My portfolioWeekly note
A
vs
B
Share on XDownload as PDFOpen live

QBSV vs UJAN: which one stands where?

As of Oct 1, 2026 UJAN can fall 12.1% before its buffer engages and QBSV 0.2%. AllianzIM U.S. Equity Buffer5 ETF - Jan and Innovator U.S. Equity Ultra Buffer ETF - Jan.

0.2%
QBSV can fall this far before its buffer
12.1%
UJAN can fall this far before its buffer
4.9%
QBSV can still gain
3.2%
UJAN can still gain
QBSVBetween buffer and cap
Between buffer and capQBSV: reference 0.0% since period start, fund 0.0%; buffer 0 to −5; cap +5.1%; Between buffer and cap.5 pts−5.0% floor0% period start+5.1% capTODAY · SPY 0.0%Between buffer and capQBSV: reference 0.0% since period start, fund 0.0%; buffer 0 to −5; cap +5.1%; Between buffer and cap.−5.0% floor0% start+5.1% capTODAY · SPY 0.0%

QBSV: reference 0.0% since period start, fund 0.0%; buffer 0 to −5; cap +5.1%; Between buffer and cap.

UJANAt its cap
At its capUJAN: reference +11.8% since period start, fund +7.3%; buffer −5 to −35; cap +11.4%; At its cap.30 pts of buffer+11.4% gain captured−35.0% floor−5.0% buffer start0% period start+11.4% capTODAY · SPY +11.8%At its capUJAN: reference +11.8% since period start, fund +7.3%; buffer −5 to −35; cap +11.4%; At its cap.30 pts of buffer+11.4%−35.0% floor−5.0% buffer start0% start+11.4% capTODAY · SPY +11.8%

UJAN: reference +11.8% since period start, fund +7.3%; buffer −5 to −35; cap +11.4%; At its cap.

ETFIQ Downside Cover Score · UJAN scores higherIf the market falls into a bear market from here, how much does the buffer absorb?
0.2, the lowest in this set99.8, the highest

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 →

UJAN is already at its cap, so more rise in the index adds nothing to it before the period ends.

Where each one stands today

QBSV resets first, on Dec 31, 2026, 92 days from now; UJAN runs to Dec 31, 2026, 92 days. QBSV can still gain 4.9% before its cap, UJAN 3.2%. A fall from here reaches QBSV’s buffer after 0.2% and UJAN’s after 12.1%. 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

Total returnGap to the reference
WindowQBSVUJANQBSVUJAN
3 months+2.2%+2.4%−0.3 pts−0.1 pts
6 months+8.2%+8.7%−8.8 pts−8.3 pts
1 yearnot published+10.2%not published−5.6 pts
3 yearsnot published+42.5%not published−42.5 pts

QBSV and UJAN over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

QBSV
AllianzIM U.S. Equity Buffer5 ETF - Jan · Absorbs the first 5% of loss on SPY and caps the gain at 5.1%, 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 AllianzIM Innovator
Reference index SPY SPY
Buffer 5% 5% to 35%
Outcome period Oct 1, 2026 to Dec 31, 2026 Dec 31, 2025 to Dec 31, 2026
Days left 92 92
Starting cap +5.1% +11.4%
Can still gain 4.9% 3.2%
Fall before buffer 0.2% 12.1%
Protection left, index points 5.0% of 5.0% 30.0% of 30.0%
Index return this period 0.0% +11.8%
Fund return this period 0.0% +7.3%
State today Open At cap
Expense ratio 0.64% 0.79%
Net assets $27m $254m

QBSV and UJAN on the same fields, as of Oct 1, 2026. Source: ETFIQ.

QBSV in plain words

From its price on Oct 1, 2026, the fund can gain about 4.9% more before it reaches its cap. The fund's price can fall 0.2% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 0.0% from today's level to the point where the buffer begins. Protection left, in index points: 5.0% of the 5.0% buffer still sits below today's SPY level. 92 days remained on Oct 1, 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 Oct 1, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 3.2% as the period runs out. The fund's price can fall 12.1% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 15.1% 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, QBSV or UJAN?
From their prices on Oct 1, 2026, QBSV can gain about 4.9% before its cap and UJAN about 3.2%, so QBSV has more room left this period.
Which resets first, QBSV or UJAN?
QBSV 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, QBSV or UJAN?
QBSV charges 0.64% a year and UJAN charges 0.79%, so QBSV is cheaper. Fees come from each fund's prospectus.
Other comparisons
QBSV vs APOCQBSV vs BALTQBSV vs BJANQBSV vs BOCTUJAN vs CPSDUJAN vs CPSYUJAN vs DAPRUJAN vs DDEC
SPDR® S&P 500® ETF Trust →QBSV on its own →UJAN on its own →How every figure is computed →Standards and sources →
Where these figures came from
QBSV filings on SEC EDGAR ↗AllianzIM page for QBSV ↗UJAN filings on SEC EDGAR ↗Innovator page for UJAN ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, QBSV against UJAN, data as of Oct 1, 2026. https://etfiq.com/compare/buffer/qbsv-vs-ujan

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.