Data as of Nov 4, 2026.
TJAN vs ZJAN: Cap, Buffer & Days Left
As of Nov 4, 2026 TJAN can fall 13.3% before its buffer engages and ZJAN 5.0%.
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Net assets on Nov 4, 2026: $32m for Innovator Equity Defined Protection ETF - Jan 2027 and $106m for Innovator Equity Defined Protection ETF - 1 Yr January.
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.ZJAN: reference +12.4% since period start, fund +4.6%; buffer Floor; cap +6.5%; At its cap. Data to Nov 4, 2026.
Data to Nov 4, 2026.Pair scorecard
Both cost 0.79% a year; their one-year returns differ by 0.5 points; ZJAN is 3.3 times larger.
Points (pts) are percentage points.
| Measure | TJAN | ZJAN |
|---|---|---|
| Return | ||
| Total return, 1 year | +6.3% | +5.8% |
| Drawdown | ||
| Index fall to the buffer | 23.5% | 11.0% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.79% | 0.79% |
| Net assets | $32m | $106m |
| Holdings | ||
| Holdings in common | not published | |
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | TJAN | ZJAN | TJAN | ZJAN |
| 3 months | +1.2% | +1.2% | +1.6 pts | +1.6 pts |
| 6 months | +3.0% | +2.6% | −1.5 pts | −1.9 pts |
| 1 year | +6.3% | +5.8% | −7.3 pts | −7.8 pts |
| Since launchTJAN Jan 2025 · ZJAN Jan 2025 | +13.1% | +11.6% | −18.1 pts | −19.6 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.
Both are already at their cap, so neither gains from more rise in the index before the period ends.
Both are Innovator funds, so the difference between them is the terms rather than the house.
Where each one stands today
TJAN resets first, on Dec 31, 2026, 57 days from now; ZJAN runs to Dec 31, 2026, 57 days. TJAN can still gain 0.8% before its cap, ZJAN 1.2%. A fall from here reaches TJAN’s buffer after 13.3% and ZJAN’s after 5.0%. Both track SPY, so what separates them is where each is in its own period.
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.
ZJAN
SPY had already risen past this fund's cap of +6.5% 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 1.2% as the period runs out. The fund's price can fall 5.0% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 11.0% from today's level to the point where the buffer begins.
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, TJAN against ZJAN, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/tjan-vs-zjan
ETFIQ. (Nov 4, 2026). TJAN against ZJAN. Retrieved from https://etfiq.com/compare/buffer/tjan-vs-zjan
[TJAN against ZJAN (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/tjan-vs-zjan)
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