Which has more room to gain, AJAN or JANP?

From their prices on Oct 9, 2026, AJAN can gain about 9.0% before its cap and JANP about 2.9%, 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.

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AJAN vs JANP: Cap, Buffer & Days Left

As of Oct 9, 2026 JANP can fall 9.7% before its buffer engages and AJAN 3.9%, and JANP resets 365 days sooner. Net assets on Oct 9, 2026: $42m for Innovator Equity Defined Protection ETF - Jan 2028 and $53m for PGIM S&P 500 Buffer 12 ETF - January.

JANP costs 0.29 points a year less; their one-year returns differ by 9.1 points; JANP is 1.2 times larger.

	AJAN	JANP
Expense ratio	0.79%	0.50%
Net assets	$42m	$53m
Total return, 1 year	+4.4%	+13.5%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	12.4%

3.9%

AJAN can fall this far before its buffer

9.7%

JANP can fall this far before its buffer

9.0%

AJAN can still gain

2.9%

JANP can still gain

AJANAt its cap

AJAN: reference +14.2% since period start, fund +3.4%; buffer Floor; cap +13.3%; At its cap. Figures to Oct 9, 2026.

Figures to Oct 9, 2026.

JANPAt its cap

JANP: reference +14.2% since period start, fund +10.2%; buffer 0 to −12; cap +13.9%; At its cap. Figures to Oct 9, 2026.

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.

Both are already at their cap, so neither gains from more rise in the index before the period ends.

They do not reset together. JANP has 83 days of its period left and AJAN has 448, so the two are not the same bet on the same months.

Where each one stands today

JANP resets first, on Dec 31, 2026, 83 days from now; AJAN runs to Dec 31, 2027, 448 days. AJAN can still gain 9.0% before its cap, JANP 2.9%. A fall from here reaches AJAN’s buffer after 3.9% and JANP’s after 9.7%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

	Total return		Gap to the reference's price return
Window	AJAN	JANP	AJAN	JANP
3 months	+1.1%	+3.2%	−2.1 pts	0.0 pts
6 months	+3.0%	+9.7%	−11.6 pts	−4.9 pts
1 year	+4.4%	+13.5%	−11.6 pts	−2.5 pts

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

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

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 448 83

Starting cap +13.3% +13.9%

Can still gain 9.0% 2.9%

Fall before buffer 3.9% 9.7%

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

Index return this period +14.2% +14.2%

Fund return this period +3.4% +10.2%

State today At cap At cap

Expense ratio 0.79% 0.50%

Net assets $42m $53m

As of Oct 9, 2026. Source: ETFIQ.

AJAN in plain words

SPY had already risen past this fund's cap of +13.3% for the period on Oct 9, 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 12.4% 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. 448 days remained on Oct 9, 2026. On Dec 31, 2027 the period ends and a new cap is set.

JANP in plain words

SPY had already risen past this fund's cap of +13.9% for the period on Oct 9, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 2.9% as the period runs out. The fund's price can fall 9.7% from here before the buffer starts absorbing losses, by the issuer's figure. Protection left, in index points: 12.0% of the 12.0% buffer still sits below today's SPY level. 83 days remained on Oct 9, 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 Oct 9, 2026, AJAN can gain about 9.0% before its cap and JANP about 2.9%, 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 SQMX AJAN vs CPSD AJAN vs JANT AJAN vs QBSF JANP vs QBSV JANP vs PQX JANP vs PQXV JANP vs PQXX

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

Where these figures came from

Innovator page for AJAN ↗JANP filings on SEC EDGAR ↗PGIM website ↗

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 page

ETFIQ, AJAN against JANP, data as of Oct 9, 2026. https://etfiq.com/compare/buffer/ajan-vs-janp

Open data

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