Which has more room to gain, AJAN or JANP?

From their prices on Nov 4, 2026, AJAN can gain about 8.8% before its cap and JANP about 3.1%, so AJAN has more room left this period.

Which resets first, AJAN or JANP?

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

Which is cheaper, AJAN or JANP?

AJAN charges 0.79% a year and JANP charges 0.50%, so JANP is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Buffer ETFs

AJAN vs JANP: Cap, Buffer & Days Left

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As of Nov 4, 2026 JANP can fall 9.6% before its buffer engages and AJAN 4.0%, and JANP resets 365 days sooner.

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Net assets on Nov 4, 2026: $43m for Innovator Equity Defined Protection ETF - Jan 2028 and $58m for PGIM S&P 500 Buffer 12 ETF - January.

AJAN on its own →JANP on its own →

At a glance

4.0%

AJAN can fall this far before its buffer

9.6%

JANP can fall this far before its buffer

8.8%

AJAN can still gain

3.1%

JANP can still gain

AJAN Full floor

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.

JANP Between buffer and cap

JANP: reference +12.4% since period start, fund +10.0%; buffer 0 to −12; cap +13.9%; Between buffer and cap. Data to Nov 4, 2026.

Pair scorecard

JANP costs 0.29 points a year less; their one-year returns differ by 8.3 points; JANP is 1.3 times larger.

Points (pts) are percentage points.

AJAN vs JANP: Cap, Buffer & Days Left
Measure	AJAN	JANP
Return
Measure	AJAN	JANP
Total return, 1 year	+4.3%	+12.6%
Drawdown
Measure	AJAN	JANP
Index fall to the buffer	11.0%	11.1%
Benchmark
Measure	AJAN	JANP
What it tracks	SPY	SPY
Cost and size
Measure	AJAN	JANP
Expense ratio	0.79%	0.50%
Net assets	$43m	$58m
Holdings
Measure	AJAN	JANP
Holdings in common	not published

Method

Window by window

Window by window: AJAN vs JANP: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	AJAN	JANP	AJAN	JANP
3 months	+0.8%	+1.6%	+1.2 pts	+2.0 pts
6 months	+1.6%	+5.0%	−2.9 pts	+0.6 pts
1 year	+4.3%	+12.6%	−9.3 pts	−0.9 pts
Since launchAJAN Jan 2024 · JANP Jan 2024	+18.3%	+44.3%	−44.0 pts	−18.0 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 JANP PGIM S&P 500 Buffer 12 ETF - January · Absorbs the first 12% of loss on SPY and caps the gain at 13.9%, over a period ending Dec 31, 2026

Issuer Innovator PGIM

Reference index SPY SPY

Buffer 100% 12%

Outcome period Dec 31, 2025 to Dec 31, 2027 Jan 1, 2026 to Dec 31, 2026

Days left 422 57

Starting cap +13.3% +13.9%

Can still gain 8.8% 3.1%

Fall before buffer 4.0% 9.6%

Protection left, index points 100.0% of 100.0% 12.0% of 12.0%

Index return this period +12.4% +12.4%

Fund return this period +3.5% +10.0%

State today Open Open

Expense ratio 0.79% 0.50%

Net assets $43m $58m

As of Nov 4, 2026. Source: ETFIQ.

These are two different products. AJAN is a floor fund, which caps how far a holder can fall. JANP 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. JANP 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

JANP 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, JANP 3.1%. A fall from here reaches AJAN’s buffer after 4.0% and JANP’s after 9.6%. Both track SPY, so what separates them is where each is in its own period.

Alert

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.

JANP

From its price on Nov 4, 2026, the fund can gain about 3.1% more before it reaches its cap. The fund's price can fall 9.6% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 11.1% from today's level to the point where the buffer begins. Protection left, in index points: 12.0% of the 12.0% 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 JANP?: From their prices on Nov 4, 2026, AJAN can gain about 8.8% before its cap and JANP about 3.1%, so AJAN has more room left this period.
Which resets first, AJAN or JANP?: AJAN ends its outcome period on Dec 31, 2027 and JANP on Dec 31, 2026. A new cap is set the day after each.
Which is cheaper, AJAN or JANP?: AJAN charges 0.79% a year and JANP charges 0.50%, so JANP is cheaper. Fees come from each fund's prospectus.

Other comparisons

AJAN vs JANT AJAN vs SQMX AJAN vs PBJA AJAN vs QBSF JANP vs CPSD JANP vs DECM JANP vs SQMX JANP vs JANT

Where to next

SPY →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →AJAN on its own →JANP on its own →Method →Standards and sources →

Sources and dates

Innovator page for AJAN ↗

JANP filings on SEC EDGAR ↗

PGIM website ↗

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 JANP, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/ajan-vs-janp

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