Data as of .
UJAN vs XBJA: which one stands where?
As of Sep 21, 2026 UJAN can fall 12.3% before its buffer engages and XBJA 8.5%.
These are two different products. XBJA 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 Innovator funds, so the difference between them is the terms rather than the house.
Where each one stands today
UJAN resets first, on Dec 31, 2026, 101 days from now; XBJA runs to Dec 31, 2026, 101 days. UJAN can still gain 2.9% before its cap, XBJA 2.5%. A fall from here reaches UJAN’s buffer after 12.3% and XBJA’s after 8.5%. 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 | ||
|---|---|---|---|---|
| UJAN | XBJA | UJAN | XBJA | |
| 3 months | +2.2% | +2.6% | 0.0 pts | +0.4 pts |
| 6 months | +9.4% | +11.1% | −8.7 pts | −7.0 pts |
| 1 year | +10.4% | +11.1% | −6.2 pts | −5.5 pts |
| 3 years | +39.6% | +38.3% | −38.8 pts | −40.1 pts |
| 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 | XBJA Innovator U.S. Equity Accelerated 9 Buffer ETF - Jan Absorbs the first 9% of loss on SPY and caps the gain at 11.9%, over a period ending Dec 31, 2026 | |
|---|---|---|
| Issuer | Innovator | Innovator |
| Reference index | SPY | SPY |
| Buffer | 5% to 35% | 9% |
| Outcome period | Dec 31, 2025 to Dec 31, 2026 | Dec 31, 2025 to Dec 31, 2026 |
| Days left | 101 | 101 |
| Starting cap | +11.4% | +11.9% |
| Can still gain | 2.9% | 2.5% |
| Fall before buffer | 12.3% | 8.5% |
| Protection left, index points | 30.0% of 30.0% | 9.0% of 9.0% |
| Index return this period | +13.5% | +13.5% |
| Fund return this period | +7.6% | +8.7% |
| State today | At cap | At cap |
| Expense ratio | 0.79% | 0.79% |
| Net assets | $254m | $93m |
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.
XBJA in plain words
SPY had already risen past this fund's cap of +11.9% 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 2.5% as the period runs out. The fund's price can fall 8.5% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 11.9% from today's level to the point where the buffer begins. Protection left, in index points: 9.0% of the 9.0% buffer still sits below today's SPY level.
Questions people ask
- Which has more room to gain, UJAN or XBJA?
- From their prices on Sep 21, 2026, UJAN can gain about 2.9% before its cap and XBJA about 2.5%, so UJAN has more room left this period.
- Which resets first, UJAN or XBJA?
- UJAN ends its outcome period on Dec 31, 2026 and XBJA on Dec 31, 2026. A new cap is set the day after each.
- Which is cheaper, UJAN or XBJA?
- UJAN charges 0.79% a year and XBJA 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, UJAN against XBJA, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/ujan-vs-xbja Free to use with attribution; the underlying files are at Open data.