Which has more room to gain, AJAN or DDSQ?

From their prices on Oct 13, 2026, AJAN can gain about 9.0% before its cap and DDSQ about 2.6%, 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 and DDSQ both charge 0.79% a year, so neither is cheaper. Fees come from each fund's prospectus.

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AJAN vs DDSQ: Cap, Buffer & Days Left

As of Oct 13, 2026 AJAN can fall 3.8% before its buffer engages and DDSQ 0.8%, and DDSQ resets 365 days sooner. Net assets on Oct 12, 2026: $42m for Innovator Equity Defined Protection ETF - Jan 2028 and $99m for Innovator Equity Dual Directional 5 Buffer ETF - Quarterly.

Both cost 0.79% a year; DDSQ is 2.3 times larger.

Points (pts) are percentage points.

AJAN vs DDSQ: Cap, Buffer & Days Left
	AJAN	DDSQ
Expense ratio	0.79%	0.79%
Net assets, as of Oct 12, 2026	$42m	$99m
Total return, 1 year	+4.5%	not published
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	12.3%	1.9%

3.8%

AJAN can fall this far before its buffer

0.8%

DDSQ can fall this far before its buffer

9.0%

AJAN can still gain

2.6%

DDSQ can still gain

AJANAt its cap

AJAN: reference +14.0% since period start, fund +3.3%; buffer Floor; cap +13.3%; At its cap. Figures to Oct 13, 2026.

Figures to Oct 13, 2026.

DDSQBetween buffer and cap

DDSQ: reference +1.9% since period start, fund +0.8%; buffer 0 to −5; cap +3.5%; Between buffer and cap. Figures to Oct 13, 2026.

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.

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. DDSQ has 79 days of its period left and AJAN has 444, 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, 79 days from now; AJAN runs to Dec 31, 2027, 444 days. AJAN can still gain 9.0% before its cap, DDSQ 2.6%. A fall from here reaches AJAN’s buffer after 3.8% and DDSQ’s after 0.8%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

Performance, window by window: AJAN vs DDSQ: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	AJAN	DDSQ	AJAN	DDSQ
3 months	+1.1%	+2.4%	−2.7 pts	−1.5 pts
6 months	+2.7%	+5.4%	−10.7 pts	−8.0 pts
1 year	+4.5%	not published	−14.6 pts	not published
Since launch Not the same days: AJAN Jan 2024 · DDSQ Jan 2026	+18.1%	+12.9%	−46.5 pts	−1.0 pts

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

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 444 79

Starting cap +13.3% +3.5%

Can still gain 9.0% 2.6%

Fall before buffer 3.8% 0.8%

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

Index return this period +14.0% +1.9%

Fund return this period +3.3% +0.8%

State today At cap Open

Expense ratio 0.79% 0.79%

Net assets, as of Oct 12, 2026 $42m $99m

As of Oct 13, 2026. Source: ETFIQ.

About AJAN

SPY had already risen past this fund's cap of +13.3% for the period on Oct 13, 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 3.8% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 12.3% 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. 444 days remained on Oct 13, 2026. On Dec 31, 2027 the period ends and a new cap is set.

About DDSQ

From its price on Oct 13, 2026, the fund can gain about 2.6% more before it reaches its cap. The fund's price can fall 0.8% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 1.9% from today's level to the point where the buffer begins. Protection left, in index points: 5.0% of the 5.0% buffer still sits below today's SPY level. 79 days remained on Oct 13, 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 13, 2026, AJAN can gain about 9.0% before its cap and DDSQ about 2.6%, 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 and DDSQ both charge 0.79% a year, so neither is cheaper. Fees come from each fund's prospectus.

Other comparisons

AJAN vs DDFJ AJAN vs SIXJ AJAN vs JANP AJAN vs CPSD DDSQ vs CPST DDSQ vs OCTP DDSQ vs CPSD DDSQ vs SEPM

SPY →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →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; 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 pageCitation, APA and Markdown

ETFIQ, AJAN against DDSQ, data as of Oct 13, 2026. https://etfiq.com/compare/buffer/ajan-vs-ddsq

Open data

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