Data as of .
AJAN vs UJAN: which one stands where?
As of Sep 21, 2026 UJAN can fall 12.3% before its buffer engages and AJAN 3.2%, and UJAN resets 365 days sooner.
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.
They do not reset together. UJAN has 101 days of its period left and AJAN has 466, 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, 101 days from now; AJAN runs to Dec 31, 2027, 466 days. AJAN can still gain 9.7% before its cap, UJAN 2.9%. A fall from here reaches AJAN’s buffer after 3.2% and UJAN’s after 12.3%. 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
| Window | Total return | Gap to the reference | ||
|---|---|---|---|---|
| AJAN | UJAN | AJAN | UJAN | |
| 3 months | +0.7% | +2.2% | −1.6 pts | 0.0 pts |
| 6 months | +3.6% | +9.4% | −14.4 pts | −8.7 pts |
| 1 year | +4.0% | +10.4% | −12.6 pts | −6.2 pts |
| 3 years | not published | +39.6% | not published | −38.8 pts |
| 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 | 466 | 101 |
| Starting cap | +13.3% | +11.4% |
| Can still gain | 9.7% | 2.9% |
| Fall before buffer | 3.2% | 12.3% |
| Protection left, index points | 100.0% of 100.0% | 30.0% of 30.0% |
| Index return this period | +13.5% | +13.5% |
| Fund return this period | +2.7% | +7.6% |
| State today | At cap | At cap |
| Expense ratio | 0.79% | 0.79% |
| Net assets | $42m | $254m |
AJAN in plain words
SPY had already risen past this fund's cap of +13.3% for the period on Sep 21, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 9.7% as the period runs out. The fund's price can fall 3.2% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 11.9% 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. 466 days remained on Sep 21, 2026. On Dec 31, 2027 the period ends and a new cap is set.
UJAN in plain words
SPY had already risen past this fund's cap of +11.4% for the period on Sep 21, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 2.9% as the period runs out. The fund's price can fall 12.3% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 16.3% 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. 101 days remained on Sep 21, 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 Sep 21, 2026, AJAN can gain about 9.7% before its cap and UJAN about 2.9%, 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 charges 0.79% a year and UJAN charges 0.79%, so AJAN is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, AJAN against UJAN, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/ajan-vs-ujan Free to use with attribution; the underlying files are at Open data.