Which has more room to gain, AJAN or PQV?

From their prices on Oct 13, 2026, AJAN can gain about 9.0% before its cap and PQV about 3.8%, so AJAN has more room left this period.

Which resets first, AJAN or PQV?

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

Which is cheaper, AJAN or PQV?

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

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AJAN vs PQV: Cap, Buffer & Days Left

As of Oct 13, 2026 AJAN can fall 3.8% before its buffer engages and PQV 1.3%, and PQV resets 365 days sooner. Net assets: $42m on Oct 12, 2026 for Innovator Equity Defined Protection ETF - Jan 2028, and $2m on Oct 13, 2026 for PGIM S&P 500 Quarterly Buffer 5 ETF.

PQV costs 0.29 points a year less; AJAN is 18.3 times larger.

Points (pts) are percentage points.

AJAN vs PQV: Cap, Buffer & Days Left
	AJAN	PQV
Expense ratio	0.79%	0.50%
Net assets, as of Oct 12, 2026	$42m	$2m
Total return, 1 year	+4.5%	not published
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	12.3%	1.9%

3.8%

AJAN can fall this far before its buffer

1.3%

PQV can fall this far before its buffer

9.0%

AJAN can still gain

3.8%

PQV 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.

PQVBetween buffer and cap

PQV: reference +1.9% since period start, fund +1.1%; buffer 0 to −5; cap +5.1%; 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. PQV 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. PQV 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

PQV 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, PQV 3.8%. A fall from here reaches AJAN’s buffer after 3.8% and PQV’s after 1.3%. 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 PQV: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	AJAN	PQV	AJAN	PQV
3 months	+1.1%	+2.8%	−2.7 pts	−1.1 pts
6 months	+2.7%	not published	−10.7 pts	not published
1 year	+4.5%	not published	−14.6 pts	not published
Since launch Not the same days: AJAN Jan 2024 · PQV Jul 2026	+18.1%	+3.2%	−46.5 pts	−1.1 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

PQV

PGIM S&P 500 Quarterly Buffer 5 ETF · Absorbs the first 5% of loss on SPY and caps the gain at 5.1%, over a period ending Dec 31, 2026

Issuer Innovator PGIM

Reference index SPY SPY

Buffer 100% 5%

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

Days left 444 79

Starting cap +13.3% +5.1%

Can still gain 9.0% 3.8%

Fall before buffer 3.8% 1.3%

Protection left, index points 100.0% of 100.0% 5.0% of 5.0%

Index return this period +14.0% +1.9%

Fund return this period +3.3% +1.1%

State today At cap Open

Expense ratio 0.79% 0.50%

Net assets, AJAN as of Oct 12, 2026 and PQV as of Oct 13, 2026 $42m $2m

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 PQV

From its price on Oct 13, 2026, the fund can gain about 3.8% more before it reaches its cap. The fund's price can fall 1.3% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 1.9% from today's level to the point where the buffer begins. Protection left, in index points: 5.0% of the 5.0% 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 PQV?: From their prices on Oct 13, 2026, AJAN can gain about 9.0% before its cap and PQV about 3.8%, so AJAN has more room left this period.
Which resets first, AJAN or PQV?: AJAN ends its outcome period on Dec 31, 2027 and PQV on Dec 31, 2026. A new cap is set the day after each.
Which is cheaper, AJAN or PQV?: AJAN charges 0.79% a year and PQV charges 0.50%, so PQV is cheaper. Fees come from each fund's prospectus.

Other comparisons

AJAN vs PMJA AJAN vs PJAN AJAN vs PQXX AJAN vs PQXV PQV vs CPST PQV vs OCTP PQV vs CPSD PQV vs SEPM

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

Where these figures came from

Innovator page for AJAN ↗PQV 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 pageCitation, APA and Markdown

ETFIQ, AJAN against PQV, data as of Oct 13, 2026. https://etfiq.com/compare/buffer/ajan-vs-pqv

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