Which has more room to gain, AJAN or UJAN?

From their prices on Oct 13, 2026, AJAN can gain about 9.0% before its cap and UJAN about 2.3%, so AJAN has more room left this period.

Which resets first, AJAN or UJAN?

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

Which is cheaper, AJAN or UJAN?

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

Share on X Download as PDF

Open in the app Compare their flows Ask IQ about these two funds

AJAN vs UJAN: Cap, Buffer & Days Left

As of Oct 13, 2026 UJAN can fall 12.8% before its buffer engages and AJAN 3.8%, and UJAN resets 365 days sooner. Net assets on Oct 12, 2026: $42m for Innovator Equity Defined Protection ETF - Jan 2028 and $254m for Innovator U.S. Equity Ultra Buffer ETF - Jan.

Both cost 0.79% a year; their one-year returns differ by 7.5 points; UJAN is 6.0 times larger.

Points (pts) are percentage points.

AJAN vs UJAN: Cap, Buffer & Days Left
	AJAN	UJAN
Expense ratio	0.79%	0.79%
Net assets, as of Oct 12, 2026	$42m	$254m
Total return, 1 year	+4.5%	+12.0%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	12.3%	16.7%

3.8%

AJAN can fall this far before its buffer

12.8%

UJAN can fall this far before its buffer

9.0%

AJAN can still gain

2.3%

UJAN 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.

UJANAt its cap

UJAN: reference +14.0% since period start, fund +8.2%; buffer −5 to −35; cap +11.4%; At its cap. Figures to Oct 13, 2026.

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.

Both are already at their cap, so neither gains from more rise in the index before the period ends.

They do not reset together. UJAN has 79 days of its period left and AJAN has 444, 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, 79 days from now; AJAN runs to Dec 31, 2027, 444 days. AJAN can still gain 9.0% before its cap, UJAN 2.3%. A fall from here reaches AJAN’s buffer after 3.8% and UJAN’s after 12.8%. 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 UJAN: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	AJAN	UJAN	AJAN	UJAN
3 months	+1.1%	+2.8%	−2.7 pts	−1.1 pts
6 months	+2.7%	+7.2%	−10.7 pts	−6.3 pts
1 year	+4.5%	+12.0%	−14.6 pts	−7.2 pts
3 years	not published	+42.6%	not published	−37.7 pts
Since launch Not the same days: AJAN Jan 2024 · UJAN Jan 2019	+18.1%	+85.4%	−46.5 pts	−125.6 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

UJAN

Innovator U.S. Equity Ultra Buffer ETF - Jan · Absorbs losses from 5.0% to 35.0% on SPY and caps the gain at 11.4%, over a period ending Dec 31, 2026

Issuer Innovator Innovator

Reference index SPY SPY

Buffer 100% 5% to 35%

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

Days left 444 79

Starting cap +13.3% +11.4%

Can still gain 9.0% 2.3%

Fall before buffer 3.8% 12.8%

Protection left, index points 100.0% of 100.0% 30.0% of 30.0%

Index return this period +14.0% +14.0%

Fund return this period +3.3% +8.2%

State today At cap At cap

Expense ratio 0.79% 0.79%

Net assets, as of Oct 12, 2026 $42m $254m

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 UJAN

SPY had already risen past this fund's cap of +11.4% 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 2.3% as the period runs out. The fund's price can fall 12.8% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 16.7% 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. 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 UJAN?: From their prices on Oct 13, 2026, AJAN can gain about 9.0% before its cap and UJAN about 2.3%, so AJAN has more room left this period.
Which resets first, AJAN or UJAN?: AJAN ends its outcome period on Dec 31, 2027 and UJAN on Dec 31, 2026. A new cap is set the day after each.
Which is cheaper, AJAN or UJAN?: AJAN and UJAN both charge 0.79% a year, so neither is cheaper. Fees come from each fund's prospectus.

Other comparisons

AJAN vs PJAN AJAN vs BALT AJAN vs JAJL AJAN vs XDEC UJAN vs CPSY UJAN vs QBSV UJAN vs XBJA UJAN vs DDSQ

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

Where these figures came from

Innovator page for AJAN ↗UJAN filings on SEC EDGAR ↗Innovator page for UJAN ↗

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 UJAN, data as of Oct 13, 2026. https://etfiq.com/compare/buffer/ajan-vs-ujan

Open data

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