Which has more room to gain, AJAN or BJAN?

From their prices on Oct 9, 2026, AJAN can gain about 9.0% before its cap and BJAN about 3.9%, so AJAN has more room left this period.

Which resets first, AJAN or BJAN?

AJAN ends its outcome period on Dec 31, 2027 and BJAN on Dec 31, 2026. A new cap is set the day after each.

Which is cheaper, AJAN or BJAN?

AJAN and BJAN both charge 0.79% a year, so neither is cheaper. Fees come from each fund's prospectus.

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AJAN vs BJAN: Cap, Buffer & Days Left

As of Oct 9, 2026 BJAN can fall 10.9% before its buffer engages and AJAN 3.9%, and BJAN resets 365 days sooner. Net assets on Oct 9, 2026: $42m for Innovator Equity Defined Protection ETF - Jan 2028 and $351m for Innovator U.S. Equity Buffer ETF - Jan.

Both cost 0.79% a year; their one-year returns differ by 10.9 points; BJAN is 8.3 times larger.

	AJAN	BJAN
Expense ratio	0.79%	0.79%
Net assets	$42m	$351m
Total return, 1 year	+4.4%	+15.3%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	12.4%

3.9%

AJAN can fall this far before its buffer

10.9%

BJAN can fall this far before its buffer

9.0%

AJAN can still gain

3.9%

BJAN can still gain

AJANAt its cap

AJAN: reference +14.2% since period start, fund +3.4%; buffer Floor; cap +13.3%; At its cap. Figures to Oct 9, 2026.

Figures to Oct 9, 2026.

BJANBetween buffer and cap

BJAN: reference +14.2% since period start, fund +11.4%; buffer 0 to −9; cap +16.5%; Between buffer and cap. Figures to Oct 9, 2026.

These are two different products. AJAN is a floor fund, which caps how far a holder can fall. BJAN is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.

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

They do not reset together. BJAN has 83 days of its period left and AJAN has 448, so the two are not the same bet on the same months.

Both are Innovator funds, so the difference between them is the terms rather than the house.

Where each one stands today

BJAN resets first, on Dec 31, 2026, 83 days from now; AJAN runs to Dec 31, 2027, 448 days. AJAN can still gain 9.0% before its cap, BJAN 3.9%. A fall from here reaches AJAN’s buffer after 3.9% and BJAN’s after 10.9%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

	Total return		Gap to the reference's price return
Window	AJAN	BJAN	AJAN	BJAN
3 months	+1.1%	+3.4%	−2.1 pts	+0.2 pts
6 months	+3.0%	+11.0%	−11.6 pts	−3.5 pts
1 year	+4.4%	+15.3%	−11.6 pts	−0.7 pts
3 years	not published	+64.4%	not published	−14.8 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

AJAN

Innovator Equity Defined Protection ETF - Jan 2028 · Absorbs the whole loss on SPY and caps the gain at 13.3%, over a period ending Dec 31, 2027

BJAN

Innovator U.S. Equity Buffer ETF - Jan · Absorbs the first 9% of loss on SPY and caps the gain at 16.5%, over a period ending Dec 31, 2026

Issuer Innovator Innovator

Reference index SPY SPY

Buffer 100% 9%

Outcome period Dec 31, 2025 to Dec 31, 2027 Dec 31, 2025 to Dec 31, 2026

Days left 448 83

Starting cap +13.3% +16.5%

Can still gain 9.0% 3.9%

Fall before buffer 3.9% 10.9%

Protection left, index points 100.0% of 100.0% 9.0% of 9.0%

Index return this period +14.2% +14.2%

Fund return this period +3.4% +11.4%

State today At cap Open

Expense ratio 0.79% 0.79%

Net assets $42m $351m

As of Oct 9, 2026. Source: ETFIQ.

AJAN in plain words

SPY had already risen past this fund's cap of +13.3% for the period on Oct 9, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 9.0% as the period runs out. The fund's price can fall 3.9% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 12.4% 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. 448 days remained on Oct 9, 2026. On Dec 31, 2027 the period ends and a new cap is set.

BJAN in plain words

From its price on Oct 9, 2026, the fund can gain about 3.9% more before it reaches its cap. The fund's price can fall 10.9% from here before the buffer starts absorbing losses, by the issuer's figure. Protection left, in index points: 9.0% of the 9.0% buffer still sits below today's SPY level. 83 days remained on Oct 9, 2026. On Dec 31, 2026 the period ends and a new cap is set.

Questions people ask

Which has more room to gain, AJAN or BJAN?: From their prices on Oct 9, 2026, AJAN can gain about 9.0% before its cap and BJAN about 3.9%, so AJAN has more room left this period.
Which resets first, AJAN or BJAN?: AJAN ends its outcome period on Dec 31, 2027 and BJAN on Dec 31, 2026. A new cap is set the day after each.
Which is cheaper, AJAN or BJAN?: AJAN and BJAN both charge 0.79% a year, so neither is cheaper. Fees come from each fund's prospectus.

Other comparisons

AJAN vs EALT AJAN vs DDSQ AJAN vs BALT AJAN vs DECM BJAN vs DECM BJAN vs TJAN BJAN vs CPSY BJAN vs QBSV

SPY →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →AJAN on its own →BJAN on its own →How every figure is computed →Standards and sources →

Where these figures came from

Innovator page for AJAN ↗BJAN filings on SEC EDGAR ↗Innovator page for BJAN ↗

ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.

How this is computed

ETFIQ calculates every figure 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 figure is an ETFIQ calculation with distributions reinvested.

Cite this page

ETFIQ, AJAN against BJAN, data as of Oct 9, 2026. https://etfiq.com/compare/buffer/ajan-vs-bjan

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms.