Data as of Nov 4, 2026.
SQMX vs TJAN: Cap, Buffer & Days Left
As of Nov 4, 2026 TJAN can fall 13.3% before its buffer engages and SQMX 1.0%, and SQMX resets 13 days sooner.
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Net assets: $55m on Nov 3, 2026 for FT Vest U.S. Equity Quarterly Max Buffer ETF, and $32m on Nov 4, 2026 for Innovator Equity Defined Protection ETF - Jan 2027.
SQMX: reference +0.7% since period start, fund +0.8%; buffer 0 to −12; cap +3.0%; Between buffer and cap. Data to Nov 4, 2026.
SQMX: reference +0.7% since period start, fund +0.8%; buffer 0 to −12; cap +3.0%; Between buffer and cap. Data to Nov 4, 2026.TJAN: reference +30.8% since period start, fund +13.4%; buffer Floor; cap +15.9%; At its cap. Data to Nov 4, 2026.
Data to Nov 4, 2026.Pair scorecard
TJAN costs 0.06 points a year less; their one-year returns differ by 0.5 points; SQMX is 1.7 times larger.
Points (pts) are percentage points.
| Measure | SQMX | TJAN |
|---|---|---|
| Return | ||
| Total return, 1 year | +6.8% | +6.3% |
| Drawdown | ||
| Index fall to the buffer | 0.7% | 23.5% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.85% | 0.79% |
| Net assets, as of Nov 3, 2026 | $55m | $32m |
| Holdings | ||
| Holdings in common | not published | |
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | SQMX | TJAN | SQMX | TJAN |
| 3 months | +1.2% | +1.2% | +1.6 pts | +1.6 pts |
| 6 months | +3.3% | +3.0% | −1.2 pts | −1.5 pts |
| 1 year | +6.8% | +6.3% | −6.8 pts | −7.3 pts |
| Since launchNot the same days: SQMX Dec 2024 · TJAN Jan 2025 | +13.7% | +13.1% | −15.2 pts | −18.1 pts |
Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Open this comparison in the app →
Side by side
As of Nov 4, 2026. Source: ETFIQ.
These are two different products. TJAN is a floor fund, which caps how far a holder can fall. SQMX is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.
TJAN is already at its cap, so more rise in the index adds nothing to it before the period ends.
Where each one stands today
SQMX resets first, on Dec 18, 2026, 44 days from now; TJAN runs to Dec 31, 2026, 57 days. SQMX can still gain 2.0% before its cap, TJAN 0.8%. A fall from here reaches SQMX’s buffer after 1.0% and TJAN’s after 13.3%. Both track SPY, so what separates them is where each is in its own period.
SQMX
From its price on Nov 4, 2026, the fund can gain about 2.0% more before it reaches its cap. The fund's price can fall 1.0% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 0.7% from today's level to the point where the buffer begins. Protection left, in index points: 12.5% of the 12.5% buffer still sits below today's SPY level. 44 days remained on Nov 4, 2026. On Dec 18, 2026 the period ends and a new cap is set.
TJAN
SPY had already risen past this fund's cap of +15.9% 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 0.8% as the period runs out. The fund's price can fall 13.3% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 23.5% 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.
Questions people ask
Links are sources, not endorsements. A comparison is not a recommendation.
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, SQMX against TJAN, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/sqmx-vs-tjan
ETFIQ. (Nov 4, 2026). SQMX against TJAN. Retrieved from https://etfiq.com/compare/buffer/sqmx-vs-tjan
[SQMX against TJAN (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/sqmx-vs-tjan)
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