Data as of Nov 4, 2026.
AJAN vs ZJAN: Cap, Buffer & Days Left
As of Nov 4, 2026 ZJAN can fall 5.0% before its buffer engages and AJAN 4.0%, and ZJAN resets 365 days sooner.
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Net assets on Nov 4, 2026: $43m for Innovator Equity Defined Protection ETF - Jan 2028 and $106m for Innovator Equity Defined Protection ETF - 1 Yr January.
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.ZJAN: reference +12.4% since period start, fund +4.6%; buffer Floor; cap +6.5%; 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 1.5 points; ZJAN is 2.5 times larger.
Points (pts) are percentage points.
| Measure | AJAN | ZJAN |
|---|---|---|
| Return | ||
| Total return, 1 year | +4.3% | +5.8% |
| Drawdown | ||
| Index fall to the buffer | 11.0% | |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.79% | 0.79% |
| Net assets | $43m | $106m |
| Holdings | ||
| Holdings in common | not published | |
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | AJAN | ZJAN | AJAN | ZJAN |
| 3 months | +0.8% | +1.2% | +1.2 pts | +1.6 pts |
| 6 months | +1.6% | +2.6% | −2.9 pts | −1.9 pts |
| 1 year | +4.3% | +5.8% | −9.3 pts | −7.8 pts |
| Since launchNot the same days: AJAN Jan 2024 · ZJAN Jan 2025 | +18.3% | +11.6% | −44.0 pts | −19.6 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
As of Nov 4, 2026. Source: ETFIQ.
ZJAN is already at its cap, so more rise in the index adds nothing to it before the period ends.
They do not reset together. ZJAN 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
ZJAN 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, ZJAN 1.2%. A fall from here reaches AJAN’s buffer after 4.0% and ZJAN’s after 5.0%. 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.
ZJAN
SPY had already risen past this fund's cap of +6.5% 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 1.2% as the period runs out. The fund's price can fall 5.0% from here before the buffer starts absorbing losses, by the issuer's number. 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 ZJAN, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/ajan-vs-zjan
ETFIQ. (Nov 4, 2026). AJAN against ZJAN. Retrieved from https://etfiq.com/compare/buffer/ajan-vs-zjan
[AJAN against ZJAN (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/ajan-vs-zjan)
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