Data as of .
SQMX vs UJAN: which one stands where?
As of Sep 21, 2026 UJAN can fall 12.3% before its buffer engages and SQMX 0.6%, and SQMX resets 13 days sooner.
ETFIQ Downside Cover Score: SQMX 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
SQMX resets first, on Dec 18, 2026, 88 days from now; UJAN runs to Dec 31, 2026, 101 days. SQMX can still gain 2.4% before its cap, UJAN 2.9%. A fall from here reaches SQMX’s buffer after 0.6% 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 | ||
|---|---|---|---|---|
| SQMX | UJAN | SQMX | UJAN | |
| 3 months | +1.7% | +2.2% | −0.5 pts | 0.0 pts |
| 6 months | +4.6% | +9.4% | −13.4 pts | −8.7 pts |
| 1 year | +7.1% | +10.4% | −9.4 pts | −6.2 pts |
| 3 years | not published | +39.6% | not published | −38.8 pts |
| SQMX FT Vest U.S. Equity Quarterly Max Buffer ETF Absorbs the first 12% of loss on SPY and caps the gain at 3.0%, over a period ending Dec 18, 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 | First Trust | Innovator |
| Reference index | SPY | SPY |
| Buffer | 12% | 5% to 35% |
| Outcome period | Sep 21, 2026 to Dec 18, 2026 | Dec 31, 2025 to Dec 31, 2026 |
| Days left | 88 | 101 |
| Starting cap | +3.0% | +11.4% |
| Can still gain | 2.4% | 2.9% |
| Fall before buffer | 0.6% | 12.3% |
| Protection left, index points | 12.5% of 12.5% | 30.0% of 30.0% |
| Index return this period | +1.6% | +13.5% |
| Fund return this period | +0.4% | +7.6% |
| State today | Open | At cap |
| Expense ratio | 0.85% | 0.79% |
| Net assets | $80m | $254m |
SQMX in plain words
From its price on Sep 21, 2026, the fund can gain about 2.4% more before it reaches its cap. The fund's price can fall 0.6% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 1.6% 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. 88 days remained on Sep 21, 2026. On Dec 18, 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. 101 days remained on Sep 21, 2026. On Dec 31, 2026 the period ends and a new cap is set.
Questions people ask
- Which has more room to gain, SQMX or UJAN?
- From their prices on Sep 21, 2026, SQMX can gain about 2.4% before its cap and UJAN about 2.9%, so UJAN has more room left this period.
- Which resets first, SQMX or UJAN?
- SQMX ends its outcome period on Dec 18, 2026 and UJAN on Dec 31, 2026. A new cap is set the day after each.
- Which is cheaper, SQMX or UJAN?
- SQMX charges 0.85% a year and UJAN charges 0.79%, so UJAN 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, SQMX against UJAN, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/sqmx-vs-ujan Free to use with attribution; the underlying files are at Open data.