A
vs
B
Share
Open in the appCompare their flowsAsk IQ about these two funds

AJAN vs FDEC: Cap, Buffer & Days Left

As of Oct 13, 2026 FDEC can fall 10.7% before its buffer engages and AJAN 3.9%, and FDEC resets 378 days sooner. Net assets on Oct 13, 2026: $42m for Innovator Equity Defined Protection ETF - Jan 2028 and $1.3bn for FT Vest U.S. Equity Buffer ETF - December.

AJAN costs 0.06 points a year less; their one-year returns differ by 10.7 points; FDEC is far larger, $1.3bn against $42m.

Points (pts) are percentage points.

AJAN vs FDEC: Cap, Buffer & Days Left
AJANFDEC
Expense ratio0.79%0.85%
Net assets$42m$1.3bn
Total return, 1 year+4.5%+15.2%
What it tracksSPYSPY
Holdings in commonnot published
Index fall to the buffer12.3%12.5%
3.9%
AJAN can fall this far before its buffer
10.7%
FDEC can fall this far before its buffer
9.0%
AJAN can still gain
2.6%
FDEC can still gain
AJANAt its cap
At its capAJAN: reference +14.1% since period start, fund +3.4%; buffer Floor; cap +13.3%; At its cap. Figures to Oct 13, 2026.full floor beneath+13.3% gain capturedfull floor0% period start+13.3% capTODAY · SPY +14.1%At its capAJAN: reference +14.1% since period start, fund +3.4%; buffer Floor; cap +13.3%; At its cap. Figures to Oct 13, 2026.full floor beneath+13.3%full floor0% start+13.3% capTODAY · SPY +14.1%

AJAN: reference +14.1% since period start, fund +3.4%; buffer Floor; cap +13.3%; At its cap. Figures to Oct 13, 2026.

Figures to Oct 13, 2026.

FDECBetween buffer and cap
Between buffer and capFDEC: reference +14.3% since period start, fund +11.0%; buffer 0 to −10; cap +14.8%; Between buffer and cap. Figures to Oct 13, 2026.10 pts of buffer+14.3% gain captured−10.0% floor0% period start+14.8% cap+0.4% more to the capTODAY · SPY +14.3%Between buffer and capFDEC: reference +14.3% since period start, fund +11.0%; buffer 0 to −10; cap +14.8%; Between buffer and cap. Figures to Oct 13, 2026.+14.3%−10.0% floor0% start+14.8% cap10 pts of buffer+0.4% more to the capTODAY · SPY +14.3%

FDEC: reference +14.3% since period start, fund +11.0%; buffer 0 to −10; cap +14.8%; Between buffer and cap. Figures to Oct 13, 2026.

FDEC: reference +14.3% since period start, fund +11.0%; buffer 0 to −10; cap +14.8%; 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. FDEC 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. FDEC has 66 days of its period left and AJAN has 444, so the two are not the same bet on the same months.

Where each one stands today

FDEC resets first, on Dec 18, 2026, 66 days from now; AJAN runs to Dec 31, 2027, 444 days. AJAN can still gain 9.0% before its cap, FDEC 2.6%. A fall from here reaches AJAN’s buffer after 3.9% and FDEC’s after 10.7%. 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 FDEC: Cap, Buffer & Days Left
Total returnGap to the reference's price return
WindowAJANFDECAJANFDEC
3 months+0.9%+3.3%−2.5 pts−0.1 pts
6 months+2.5%+8.8%−9.6 pts−3.2 pts
1 year+4.5%+15.2%−12.9 pts−2.1 pts
3 yearsnot published+59.6%not published−20.7 pts
Since launch
Not the same days: AJAN Jan 2024 · FDEC Dec 2020
+18.1%+87.2%−46.5 pts−24.3 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
FDEC
FT Vest U.S. Equity Buffer ETF - December · Absorbs the first 10% of loss on SPY and caps the gain at 14.8%, over a period ending Dec 18, 2026
Issuer Innovator First Trust
Reference index SPY SPY
Buffer 100% 10%
Outcome period Dec 31, 2025 to Dec 31, 2027 Dec 22, 2025 to Dec 18, 2026
Days left 444 66
Starting cap +13.3% +14.8%
Can still gain 9.0% 2.6%
Fall before buffer 3.9% 10.7%
Protection left, index points 100.0% of 100.0% 10.0% of 10.0%
Index return this period +14.1% +14.3%
Fund return this period +3.4% +11.0%
State today At cap Open
Expense ratio 0.79% 0.85%
Net assets $42m $1.3bn

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 3.9% 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 FDEC

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 10.7% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 12.5% from today's level to the point where the buffer begins. Protection left, in index points: 10.0% of the 10.0% buffer still sits below today's SPY level. 66 days remained on Oct 13, 2026. On Dec 18, 2026 the period ends and a new cap is set.

Questions people ask

Which has more room to gain, AJAN or FDEC?
From their prices on Oct 13, 2026, AJAN can gain about 9.0% before its cap and FDEC about 2.6%, so AJAN has more room left this period.
Which resets first, AJAN or FDEC?
AJAN ends its outcome period on Dec 31, 2027 and FDEC on Dec 18, 2026. A new cap is set the day after each.
Which is cheaper, AJAN or FDEC?
AJAN charges 0.79% a year and FDEC charges 0.85%, so AJAN is cheaper. Fees come from each fund's prospectus.
Other comparisons
AJAN vs PJANAJAN vs ZALTAJAN vs BALTAJAN vs DDECFDEC vs DECMFDEC vs TJANFDEC vs CPSYFDEC vs QBSV
SPY →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →AJAN on its own →FDEC on its own →How every figure is computed →Standards and sources →
Where these figures came from
Innovator page for AJAN ↗FDEC filings on SEC EDGAR ↗First Trust page for FDEC ↗

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 FDEC, data as of Oct 13, 2026. https://etfiq.com/compare/buffer/ajan-vs-fdec

Open data

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