Which has more room to gain, AJAN or PQX?

From their prices on Oct 1, 2026, AJAN can gain about 9.6% before its cap and PQX about 3.3%, so AJAN has more room left this period.

Which resets first, AJAN or PQX?

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

Which is cheaper, AJAN or PQX?

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

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AJAN vs PQX: which one stands where?

As of Oct 1, 2026 AJAN can fall 3.3% before its buffer engages and PQX 0.1%, and PQX resets 365 days sooner. Innovator Equity Defined Protection ETF - Jan 2028 and PGIM S&P 500 Quarterly Buffer 10 ETF.

3.3%

AJAN can fall this far before its buffer

0.1%

PQX can fall this far before its buffer

9.6%

AJAN can still gain

3.3%

PQX can still gain

AJANFull floor

AJAN: reference +11.8% since period start, fund +2.8%; buffer Floor; cap +13.3%; Full floor.

PQXBetween buffer and cap

PQX: reference 0.0% since period start, fund 0.0%; buffer 0 to −10; cap +3.5%; Between buffer and cap.

These are two different products. AJAN is a floor fund, which caps how far a holder can fall. PQX 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. PQX has 92 days of its period left and AJAN has 457, so the two are not the same bet on the same months.

Where each one stands today

PQX resets first, on Dec 31, 2026, 92 days from now; AJAN runs to Dec 31, 2027, 457 days. AJAN can still gain 9.6% before its cap, PQX 3.3%. A fall from here reaches AJAN’s buffer after 3.3% and PQX’s after 0.1%. Both track SPY, so what separates them is where each is in its own period.

Every figure is ETFIQ’s own, from the issuer’s published outcome-period terms. A buffer ETF holds FLEX options on its reference index rather than shares, so there is no holdings overlap between two of them to report.

Performance, window by window

	Total return		Gap to the reference
Window	AJAN	PQX	AJAN	PQX
3 months	+0.7%	+2.1%	−1.8 pts	−0.5 pts
6 months	+3.3%	not published	−13.7 pts	not published
1 year	+3.9%	not published	−11.8 pts	not published

AJAN and PQX over each window. Every figure is an ETFIQ calculation with distributions reinvested. 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

PQX

PGIM S&P 500 Quarterly Buffer 10 ETF · Absorbs the first 10% of loss on SPY and caps the gain at 3.5%, over a period ending Dec 31, 2026

Issuer Innovator PGIM

Reference index SPY SPY

Buffer 100% 10%

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

Days left 457 92

Starting cap +13.3% +3.5%

Can still gain 9.6% 3.3%

Fall before buffer 3.3% 0.1%

Protection left, index points 100.0% of 100.0% 10.0% of 10.0%

Index return this period +11.8% 0.0%

Fund return this period +2.8% 0.0%

State today Open Open

Expense ratio 0.79% 0.50%

Net assets $42m $5m

AJAN and PQX on the same fields, as of Oct 1, 2026. Source: ETFIQ.

AJAN in plain words

From its price on Oct 1, 2026, the fund can gain about 9.6% more before it reaches its cap. The fund's price can fall 3.3% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 10.6% 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. 457 days remained on Oct 1, 2026. On Dec 31, 2027 the period ends and a new cap is set.

PQX in plain words

From its price on Oct 1, 2026, the fund can gain about 3.3% more before it reaches its cap. The fund's price can fall 0.1% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 0.0% from today's level to the point where the buffer begins. Protection left, in index points: 10.0% of the 10.0% buffer still sits below today's SPY level. 92 days remained on Oct 1, 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 PQX?: From their prices on Oct 1, 2026, AJAN can gain about 9.6% before its cap and PQX about 3.3%, so AJAN has more room left this period.
Which resets first, AJAN or PQX?: AJAN ends its outcome period on Dec 31, 2027 and PQX on Dec 31, 2026. A new cap is set the day after each.
Which is cheaper, AJAN or PQX?: AJAN charges 0.79% a year and PQX charges 0.50%, so PQX is cheaper. Fees come from each fund's prospectus.

Other comparisons

AJAN vs PQV AJAN vs SQMX AJAN vs TJAN AJAN vs UJAN PQX vs DDFO PQX vs DDSQ PQX vs DDTJ PQX vs DDTO

SPY →AJAN on its own →PQX on its own →How every figure is computed →Standards and sources →

Where these figures came from

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

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, AJAN against PQX, data as of Oct 1, 2026. https://etfiq.com/compare/buffer/ajan-vs-pqx

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.