Data as of Nov 4, 2026.
AJAN vs UJAN: Cap, Buffer & Days Left
As of Nov 4, 2026 UJAN can fall 12.9% before its buffer engages and AJAN 4.0%, and UJAN resets 365 days sooner.
askIQ about this page
askIQ about AJAN and UJAN
Net assets on Nov 4, 2026: $43m for Innovator Equity Defined Protection ETF - Jan 2028 and $252m for Innovator U.S. Equity Ultra Buffer ETF - Jan.
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.UJAN: reference +12.4% since period start, fund +8.3%; buffer −5 to −35; cap +11.4%; At its cap. Data to Nov 4, 2026.
UJAN: reference +12.4% since period start, fund +8.3%; buffer −5 to −35; cap +11.4%; At its cap. Data to Nov 4, 2026.Pair scorecard
Both cost 0.79% a year; their one-year returns differ by 6.1 points; UJAN is 5.9 times larger.
Points (pts) are percentage points.
| Measure | AJAN | UJAN |
|---|---|---|
| Return | ||
| Total return, 1 year | +4.3% | +10.4% |
| Drawdown | ||
| Index fall to the buffer | 11.0% | 15.5% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.79% | 0.79% |
| Net assets | $43m | $252m |
| Holdings | ||
| Holdings in common | not published | |
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | AJAN | UJAN | AJAN | UJAN |
| 3 months | +0.8% | +1.9% | +1.2 pts | +2.2 pts |
| 6 months | +1.6% | +4.4% | −2.9 pts | −0.1 pts |
| 1 year | +4.3% | +10.4% | −9.3 pts | −3.2 pts |
| 3 years | – | +41.1% | – | −35.3 pts |
| Since launchNot the same days: AJAN Jan 2024 · UJAN Jan 2019 | +18.3% | +85.5% | −44.0 pts | −121.0 pts |
Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. – means no data for this window. Open this comparison in the app →
Side by side
As of Nov 4, 2026. Source: ETFIQ.
These are two different products. AJAN is a floor fund, which caps how far a holder can fall. UJAN is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.
UJAN is already at its cap, so more rise in the index adds nothing to it before the period ends.
They do not reset together. UJAN 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
UJAN 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, UJAN 2.2%. A fall from here reaches AJAN’s buffer after 4.0% and UJAN’s after 12.9%. Both track SPY, so what separates them is where each is in its own period.
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.
UJAN
SPY had already risen past this fund's cap of +11.4% 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 2.2% as the period runs out. The fund's price can fall 12.9% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 15.5% from today's level to the point where the buffer begins. Protection left, in index points: 30.0% of the 30.0% buffer still sits below today's SPY level. 57 days remained on Nov 4, 2026. On Dec 31, 2026 the period ends and a new cap is set.
Questions people ask
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.
Cite this pageCitation, APA and Markdown
ETFIQ, AJAN against UJAN, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/ajan-vs-ujan
ETFIQ. (Nov 4, 2026). AJAN against UJAN. Retrieved from https://etfiq.com/compare/buffer/ajan-vs-ujan
[AJAN against UJAN (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/ajan-vs-ujan)
Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.