Data as of Nov 4, 2026.

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Buffer ETFs

AJAN vs FLJJ: Cap, Buffer & Days Left

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As of Nov 4, 2026 FLJJ can fall 7.4% before its buffer engages and AJAN 4.0%, and FLJJ resets 365 days sooner.

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Net assets: $43m on Nov 4, 2026 for Innovator Equity Defined Protection ETF - Jan 2028, and $8.5m on Nov 3, 2026 for AllianzIM U.S. Equity 6 Month Floor5 Jan/Jul ETF - Jan.

At a glance
4.0%
AJAN can fall this far before its buffer
7.4%
FLJJ can fall this far before its buffer
8.8%
AJAN can still gain
4.4%
FLJJ can still gain
AJAN Full floor
Full floorAJAN: reference +12.4% since period start, fund +3.5%; buffer Floor; cap +13.3%; Full floor. Data to Nov 4, 2026.full floor beneath+12.4% gainedfull floor0% period start+13.3% cap+0.9% more to the capTODAY · SPY +12.4%Full floorAJAN: reference +12.4% since period start, fund +3.5%; buffer Floor; cap +13.3%; Full floor. Data to Nov 4, 2026.full floor beneath+12.4%full floor0% start+13.3% cap+0.9% more to the capTODAY · SPY +12.4%

AJAN: reference +12.4% since period start, fund +3.5%; buffer Floor; cap +13.3%; Full floor. Data to Nov 4, 2026.

Data to Nov 4, 2026.
FLJJ Full floor
Full floorFLJJ: reference +2.7% since period start, fund +2.1%; buffer −5 to floor; cap +7.0%; Full floor. Data to Nov 4, 2026.full floor beneathfull floor−5.0% buffer start0% period start+7.0% capfirst 5 pts are yours to lose+2.7% gain captured+4.3% more to the capTODAY · SPY +2.7%Full floorFLJJ: reference +2.7% since period start, fund +2.1%; buffer −5 to floor; cap +7.0%; Full floor. Data to Nov 4, 2026.full floor beneathfull floor−5.0% buffer start0% start+7.0% capfirst 5 pts are yours to lose+2.7% gain captured+4.3% more to the capTODAY · SPY +2.7%

FLJJ: reference +2.7% since period start, fund +2.1%; buffer −5 to floor; cap +7.0%; Full floor. Data to Nov 4, 2026.

FLJJ: reference +2.7% since period start, fund +2.1%; buffer −5 to floor; cap +7.0%; Full floor. Data to Nov 4, 2026.

Pair scorecard

FLJJ costs 0.05 points a year less; their one-year returns differ by 5.6 points; AJAN is 4.9 times larger.

Points (pts) are percentage points.

AJAN vs FLJJ: Cap, Buffer & Days Left
MeasureAJANFLJJ
Return
Total return, 1 year+4.3%+9.9%
Drawdown
Index fall to the buffer11.0%7.5%
Benchmark
What it tracksSPYSPY
Cost and size
Expense ratio0.79%0.74%
Net assets, as of Nov 3, 2026$42m$8.5m
Holdings
Holdings in commonnot published

Method

Window by window

Window by window: AJAN vs FLJJ: Cap, Buffer & Days Left
Total returnGap to the reference's price return
WindowAJANFLJJAJANFLJJ
3 months+0.8%+0.5%+1.2 pts+0.9 pts
6 months+1.6%+4.0%−2.9 pts−0.5 pts
1 year+4.3%+9.9%−9.3 pts−3.6 pts
Since launchNot the same days: AJAN Jan 2024 · FLJJ Feb 2024+18.3%+37.2%−44.0 pts−19.6 pts

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

Side by side

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 FLJJ AllianzIM U.S. Equity 6 Month Floor5 Jan/Jul ETF - Jan · Absorbs losses from 5.0% to 100.0% on SPY and caps the gain at 7.0%, over a period ending Dec 31, 2026
Reference index SPY SPY
Buffer 100% 5% to 100%
Outcome period Dec 31, 2025 to Dec 31, 2027 Jul 1, 2026 to Dec 31, 2026
Days left 422 57
Starting cap +13.3% +7.0%
Can still gain 8.8% 4.4%
Fall before buffer 4.0% 7.4%
Protection left, index points 100.0% of 100.0% 95.0% of 95.0%
Index return this period +12.4% +2.7%
Fund return this period +3.5% +2.1%
State today Open Open
Expense ratio 0.79% 0.74%
Net assets, AJAN as of Nov 4, 2026 and FLJJ as of Nov 3, 2026 $43m $8.5m

As of Nov 4, 2026. Source: ETFIQ.

They do not reset together. FLJJ has 57 days of its period left and AJAN has 422, so the two are not the same bet on the same months.

Where each one stands today

FLJJ resets first, on Dec 31, 2026, 57 days from now; AJAN runs to Dec 31, 2027, 422 days. AJAN can still gain 8.8% before its cap, FLJJ 4.4%. A fall from here reaches AJAN’s buffer after 4.0% and FLJJ’s after 7.4%. Both track SPY, so what separates them is where each is in its own period.

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About each fund
AJAN

From its price on Nov 4, 2026, the fund can gain about 8.8% more before it reaches its cap. The fund's price can fall 4.0% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 11.0% 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. 422 days remained on Nov 4, 2026. On Dec 31, 2027 the period ends and a new cap is set.

FLJJ

From its price on Nov 4, 2026, the fund can gain about 4.4% more before it reaches its cap. The fund's price can fall 7.4% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 7.5% from today's level to the point where the buffer begins. Protection left, in index points: 95.0% of the 95.0% buffer still sits below today's SPY level. 57 days remained on Nov 4, 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 FLJJ?
From their prices on Nov 4, 2026, AJAN can gain about 8.8% before its cap and FLJJ about 4.4%, so AJAN has more room left this period.
Which resets first, AJAN or FLJJ?
AJAN ends its outcome period on Dec 31, 2027 and FLJJ on Dec 31, 2026. A new cap is set the day after each.
Which is cheaper, AJAN or FLJJ?
AJAN charges 0.79% a year and FLJJ charges 0.74%, so FLJJ is cheaper. Fees come from each fund's prospectus.
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Sources and dates

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

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

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ETFIQ, AJAN against FLJJ, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/ajan-vs-fljj

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