Which has more room to gain, AJAN or DDSQ?

From their prices on Oct 1, 2026, AJAN can gain about 9.6% before its cap and DDSQ about 3.5%, so AJAN has more room left this period.

Which resets first, AJAN or DDSQ?

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

Which is cheaper, AJAN or DDSQ?

AJAN charges 0.79% a year and DDSQ charges 0.79%, so AJAN is cheaper. Fees come from each fund's prospectus.

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AJAN vs DDSQ: which one stands where?

As of Oct 1, 2026 AJAN can fall 3.3% before its buffer engages and DDSQ 0.0%, and DDSQ resets 365 days sooner. Innovator Equity Defined Protection ETF - Jan 2028 and Innovator Equity Dual Directional 5 Buffer ETF - Quarterly.

3.3%

AJAN can fall this far before its buffer

0.0%

DDSQ can fall this far before its buffer

9.6%

AJAN can still gain

3.5%

DDSQ can still gain

AJANFull floor

AJAN: reference +11.8% since period start, fund +2.8%; buffer Floor; cap +13.3%; Full floor.

DDSQBetween buffer and cap

DDSQ: reference 0.0% since period start, fund 0.0%; buffer 0 to −5; cap +3.5%; Between buffer and cap.

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

They do not reset together. DDSQ has 92 days of its period left and AJAN has 457, 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

DDSQ resets first, on Dec 31, 2026, 92 days from now; AJAN runs to Dec 31, 2027, 457 days. AJAN can still gain 9.6% before its cap, DDSQ 3.5%. A fall from here reaches AJAN’s buffer after 3.3% and DDSQ’s after 0.0%. 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

	Total return		Gap to the reference
Window	AJAN	DDSQ	AJAN	DDSQ
3 months	+0.7%	+2.0%	−1.8 pts	−0.5 pts
6 months	+3.3%	+7.0%	−13.7 pts	−9.9 pts
1 year	+3.9%	not published	−11.8 pts	not published

AJAN and DDSQ over each window. Every figure is an ETFIQ calculation with distributions reinvested. 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

DDSQ

Innovator Equity Dual Directional 5 Buffer ETF - Quarterly · Absorbs the first 5% of loss on SPY and caps the gain at 3.5%, over a period ending Dec 31, 2026

Issuer Innovator Innovator

Reference index SPY SPY

Buffer 100% 5%

Outcome period Dec 31, 2025 to Dec 31, 2027 Sep 30, 2026 to Dec 31, 2026

Days left 457 92

Starting cap +13.3% +3.5%

Can still gain 9.6% 3.5%

Fall before buffer 3.3% 0.0%

Protection left, index points 100.0% of 100.0% 5.0% of 5.0%

Index return this period +11.8% 0.0%

Fund return this period +2.8% 0.0%

State today Open Open

Expense ratio 0.79% 0.79%

Net assets $42m $92m

AJAN and DDSQ on the same fields, as of Oct 1, 2026. Source: ETFIQ.

AJAN in plain words

From its price on Oct 1, 2026, the fund can gain about 9.6% more before it reaches its cap. The fund's price can fall 3.3% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 10.6% 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. 457 days remained on Oct 1, 2026. On Dec 31, 2027 the period ends and a new cap is set.

DDSQ in plain words

From its price on Oct 1, 2026, the fund can gain about 3.5% more before it reaches its cap. Protection left, in index points: 5.0% of the 5.0% buffer still sits below today's SPY level. 92 days remained on Oct 1, 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 DDSQ?: From their prices on Oct 1, 2026, AJAN can gain about 9.6% before its cap and DDSQ about 3.5%, so AJAN has more room left this period.
Which resets first, AJAN or DDSQ?: AJAN ends its outcome period on Dec 31, 2027 and DDSQ on Dec 31, 2026. A new cap is set the day after each.
Which is cheaper, AJAN or DDSQ?: AJAN charges 0.79% a year and DDSQ charges 0.79%, so AJAN is cheaper. Fees come from each fund's prospectus.

Other comparisons

AJAN vs DDFJ AJAN vs DDTJ AJAN vs DECM AJAN vs EALT DDSQ vs DDTO DDSQ vs DSEP DDSQ vs EALT DDSQ vs FLAO

SPY →AJAN on its own →DDSQ on its own →How every figure is computed →Standards and sources →

Where these figures came from

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

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, AJAN against DDSQ, data as of Oct 1, 2026. https://etfiq.com/compare/buffer/ajan-vs-ddsq

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.