Which has more room to gain, AJAN or TJAN?

From their prices on Nov 4, 2026, AJAN can gain about 8.8% before its cap and TJAN about 0.8%, so AJAN has more room left this period.

Which resets first, AJAN or TJAN?

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

Which is cheaper, AJAN or TJAN?

AJAN and TJAN both charge 0.79% a year, so neither is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Buffer ETFs

AJAN vs TJAN: Cap, Buffer & Days Left

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As of Nov 4, 2026 TJAN can fall 13.3% before its buffer engages and AJAN 4.0%, and TJAN resets 365 days sooner.

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Net assets on Nov 4, 2026: $43m for Innovator Equity Defined Protection ETF - Jan 2028 and $32m for Innovator Equity Defined Protection ETF - Jan 2027.

AJAN on its own →TJAN on its own →

At a glance

4.0%

AJAN can fall this far before its buffer

13.3%

TJAN can fall this far before its buffer

8.8%

AJAN can still gain

0.8%

TJAN 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.

TJAN At its cap

TJAN: reference +30.8% since period start, fund +13.4%; buffer Floor; cap +15.9%; At its cap. Data to Nov 4, 2026.

Data to Nov 4, 2026.

Pair scorecard

Both cost 0.79% a year; their one-year returns differ by 2.0 points; AJAN is 1.3 times larger.

Points (pts) are percentage points.

AJAN vs TJAN: Cap, Buffer & Days Left
Measure	AJAN	TJAN
Return
Measure	AJAN	TJAN
Total return, 1 year	+4.3%	+6.3%
Drawdown
Measure	AJAN	TJAN
Index fall to the buffer	11.0%	23.5%
Benchmark
Measure	AJAN	TJAN
What it tracks	SPY	SPY
Cost and size
Measure	AJAN	TJAN
Expense ratio	0.79%	0.79%
Net assets	$43m	$32m
Holdings
Measure	AJAN	TJAN
Holdings in common	not published

Method

Window by window

Window by window: AJAN vs TJAN: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	AJAN	TJAN	AJAN	TJAN
3 months	+0.8%	+1.2%	+1.2 pts	+1.6 pts
6 months	+1.6%	+3.0%	−2.9 pts	−1.5 pts
1 year	+4.3%	+6.3%	−9.3 pts	−7.3 pts
Since launchNot the same days: AJAN Jan 2024 · TJAN Jan 2025	+18.3%	+13.1%	−44.0 pts	−18.1 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 TJAN Innovator Equity Defined Protection ETF - Jan 2027 · Absorbs the whole loss on SPY and caps the gain at 15.9%, over a period ending Dec 31, 2026

Issuer Innovator Innovator

Reference index SPY SPY

Buffer 100% 100%

Outcome period Dec 31, 2025 to Dec 31, 2027 Dec 31, 2024 to Dec 31, 2026

Days left 422 57

Starting cap +13.3% +15.9%

Can still gain 8.8% 0.8%

Fall before buffer 4.0% 13.3%

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

Index return this period +12.4% +30.8%

Fund return this period +3.5% +13.4%

State today Open At cap

Expense ratio 0.79% 0.79%

Net assets $43m $32m

As of Nov 4, 2026. Source: ETFIQ.

TJAN is already at its cap, so more rise in the index adds nothing to it before the period ends.

They do not reset together. TJAN has 57 days of its period left and AJAN has 422, so the two are not the same bet on the same months.

Both are Innovator funds, so the difference between them is the terms rather than the house.

Where each one stands today

TJAN 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, TJAN 0.8%. A fall from here reaches AJAN’s buffer after 4.0% and TJAN’s after 13.3%. 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.

TJAN

SPY had already risen past this fund's cap of +15.9% for the period on Nov 4, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 0.8% as the period runs out. The fund's price can fall 13.3% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 23.5% from today's level to the point where the buffer begins. 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 TJAN?: From their prices on Nov 4, 2026, AJAN can gain about 8.8% before its cap and TJAN about 0.8%, so AJAN has more room left this period.
Which resets first, AJAN or TJAN?: AJAN ends its outcome period on Dec 31, 2027 and TJAN on Dec 31, 2026. A new cap is set the day after each.
Which is cheaper, AJAN or TJAN?: AJAN and TJAN both charge 0.79% a year, so neither is cheaper. Fees come from each fund's prospectus.

Other comparisons

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Where to next

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

Sources and dates

Innovator page for AJAN ↗

Innovator page for TJAN ↗

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

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