Which has more room to gain, AJAN or FLJJ?

From their prices on Oct 13, 2026, AJAN can gain about 9.0% before its cap and FLJJ about 3.7%, 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.

Share on X Download as PDF

Open in the app Compare their flows Ask IQ about these two funds

AJAN vs FLJJ: Cap, Buffer & Days Left

As of Oct 13, 2026 FLJJ can fall 8.0% before its buffer engages and AJAN 3.8%, and FLJJ resets 365 days sooner. Net assets on Oct 12, 2026: $42m for Innovator Equity Defined Protection ETF - Jan 2028 and $9m for AllianzIM U.S. Equity 6 Month Floor5 Jan/Jul ETF - Jan.

FLJJ costs 0.05 points a year less; their one-year returns differ by 7.5 points; AJAN is 4.9 times larger.

Points (pts) are percentage points.

AJAN vs FLJJ: Cap, Buffer & Days Left
	AJAN	FLJJ
Expense ratio	0.79%	0.74%
Net assets, as of Oct 12, 2026	$42m	$9m
Total return, 1 year	+4.5%	+12.0%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	12.3%	8.7%

3.8%

AJAN can fall this far before its buffer

8.0%

FLJJ can fall this far before its buffer

9.0%

AJAN can still gain

3.7%

FLJJ 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.

FLJJFull floor

FLJJ: reference +4.1% since period start, fund +2.8%; buffer −5 to floor; cap +7.0%; Full floor. Figures to Oct 13, 2026.

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. FLJJ has 79 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

FLJJ 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, FLJJ 3.7%. A fall from here reaches AJAN’s buffer after 3.8% and FLJJ’s after 8.0%. 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 FLJJ: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	AJAN	FLJJ	AJAN	FLJJ
3 months	+1.1%	+2.6%	−2.7 pts	−1.2 pts
6 months	+2.7%	+7.9%	−10.7 pts	−5.5 pts
1 year	+4.5%	+12.0%	−14.6 pts	−7.2 pts
Since launch Not the same days: AJAN Jan 2024 · FLJJ Feb 2024	+18.1%	+38.2%	−46.5 pts	−20.9 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

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

Issuer Innovator AllianzIM

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 444 79

Starting cap +13.3% +7.0%

Can still gain 9.0% 3.7%

Fall before buffer 3.8% 8.0%

Protection left, index points 100.0% of 100.0% 95.0% of 95.0%

Index return this period +14.0% +4.1%

Fund return this period +3.3% +2.8%

State today At cap Open

Expense ratio 0.79% 0.74%

Net assets, as of Oct 12, 2026 $42m $9m

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 FLJJ

From its price on Oct 13, 2026, the fund can gain about 3.7% more before it reaches its cap. The fund's price can fall 8.0% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 8.7% 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. 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 FLJJ?: From their prices on Oct 13, 2026, AJAN can gain about 9.0% before its cap and FLJJ about 3.7%, 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.

Other comparisons

AJAN vs PQX AJAN vs PMJA AJAN vs DDTJ AJAN vs PQXV FLJJ vs TJAN FLJJ vs CPSY FLJJ vs QBSV FLJJ vs XBJA

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

Where these figures came from

Innovator page for AJAN ↗FLJJ filings on SEC EDGAR ↗AllianzIM page for FLJJ ↗

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

Open data

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