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AJAN vs SIXJ: Cap, Buffer & Days Left

As of Oct 9, 2026 AJAN can fall 3.9% before its buffer engages and SIXJ 3.7%, and SIXJ resets 365 days sooner. Net assets: $42m on Oct 9, 2026 for Innovator Equity Defined Protection ETF - Jan 2028, and $153m on Oct 8, 2026 for AllianzIM U.S. Equity Buffer10 ETF - Jan.

SIXJ costs 0.05 points a year less; their one-year returns differ by 8.5 points; SIXJ is 3.6 times larger.

AJANSIXJ
Expense ratio0.79%0.74%
Net assets, as of Oct 8, 2026$42m$153m
Total return, 1 year+4.4%+12.9%
What it tracksSPYSPY
Holdings in commonnot published
Index fall to the buffer12.4%4.1%
3.9%
AJAN can fall this far before its buffer
3.7%
SIXJ can fall this far before its buffer
9.0%
AJAN can still gain
4.3%
SIXJ can still gain
AJANAt its cap
At its capAJAN: reference +14.2% since period start, fund +3.4%; buffer Floor; cap +13.3%; At its cap. Figures to Oct 9, 2026.full floor beneath+13.3% gain capturedfull floor0% period start+13.3% capTODAY · SPY +14.2%At its capAJAN: reference +14.2% since period start, fund +3.4%; buffer Floor; cap +13.3%; At its cap. Figures to Oct 9, 2026.full floor beneath+13.3%full floor0% start+13.3% capTODAY · SPY +14.2%

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.

SIXJBetween buffer and cap
Between buffer and capSIXJ: reference +4.3% since period start, fund +3.4%; buffer 0 to −10; cap +8.2%; Between buffer and cap. Figures to Oct 9, 2026.10 pts of buffer+4.3%−10.0% floor0% period start+8.2% cap+3.9% more to the capTODAY · SPY +4.3%Between buffer and capSIXJ: reference +4.3% since period start, fund +3.4%; buffer 0 to −10; cap +8.2%; Between buffer and cap. Figures to Oct 9, 2026.−10.0% floor0% start+8.2% cap10 pts of buffer+4.3% gain captured+3.9% more to the capTODAY · SPY +4.3%

SIXJ: reference +4.3% since period start, fund +3.4%; buffer 0 to −10; cap +8.2%; Between buffer and cap. Figures to Oct 9, 2026.

SIXJ: reference +4.3% since period start, fund +3.4%; buffer 0 to −10; cap +8.2%; Between buffer and cap. Figures to Oct 9, 2026.

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

SIXJ 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, SIXJ 4.3%. A fall from here reaches AJAN’s buffer after 3.9% and SIXJ’s after 3.7%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

Total returnGap to the reference's price return
WindowAJANSIXJAJANSIXJ
3 months+1.1%+2.8%−2.1 pts−0.3 pts
6 months+3.0%+9.3%−11.6 pts−5.3 pts
1 year+4.4%+12.9%−11.6 pts−3.1 pts
3 yearsnot published+52.3%not published−26.9 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Source: ETFIQ. Open 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
SIXJ
AllianzIM U.S. Equity Buffer10 ETF - Jan · Absorbs the first 10% of loss on SPY and caps the gain at 8.2%, over a period ending Dec 31, 2026
Issuer Innovator AllianzIM
Reference index SPY SPY
Buffer 100% 10%
Outcome period Dec 31, 2025 to Dec 31, 2027 Jul 1, 2026 to Dec 31, 2026
Days left 448 83
Starting cap +13.3% +8.2%
Can still gain 9.0% 4.3%
Fall before buffer 3.9% 3.7%
Protection left, index points 100.0% of 100.0% 10.0% of 10.0%
Index return this period +14.2% +4.3%
Fund return this period +3.4% +3.4%
State today At cap Open
Expense ratio 0.79% 0.74%
Net assets, AJAN as of Oct 9, 2026 and SIXJ as of Oct 8, 2026 $42m $153m

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.

SIXJ in plain words

From its price on Oct 9, 2026, the fund can gain about 4.3% more before it reaches its cap. The fund's price can fall 3.7% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 4.1% 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. 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 SIXJ?
From their prices on Oct 9, 2026, AJAN can gain about 9.0% before its cap and SIXJ about 4.3%, so AJAN has more room left this period.
Which resets first, AJAN or SIXJ?
AJAN ends its outcome period on Dec 31, 2027 and SIXJ on Dec 31, 2026. A new cap is set the day after each.
Which is cheaper, AJAN or SIXJ?
AJAN charges 0.79% a year and SIXJ charges 0.74%, so SIXJ is cheaper. Fees come from each fund's prospectus.
Other comparisons
AJAN vs EALTAJAN vs XDECAJAN vs ZJANAJAN vs DDSQSIXJ vs TJANSIXJ vs CPSYSIXJ vs QBSVSIXJ vs DDSQ
SPY →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →AJAN on its own →SIXJ on its own →How every figure is computed →Standards and sources →
Where these figures came from
Innovator page for AJAN ↗SIXJ filings on SEC EDGAR ↗AllianzIM page for SIXJ ↗

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 SIXJ, data as of Oct 9, 2026. https://etfiq.com/compare/buffer/ajan-vs-sixj

Open data

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