# AJAN (Innovator Equity Defined Protection ETF - Jan 2028)

Innovator · Buffer ETFs · data as of Sep 11, 2026

As of Sep 11, 2026, AJAN sits between its buffer and its cap, with SPY up 12.1% since the period began.

## Key facts

- AJAN, can still gain: 9.7%, as of Sep 11, 2026.
- AJAN, fall before the buffer: 3.2%, as of Sep 11, 2026.
- AJAN, protection left, index points: 100.0%, as of Sep 11, 2026.
- AJAN, days to reset: 476, as of Sep 11, 2026.
- AJAN, net assets: $43m (issuer page, as of Sep 11, 2026).
- AJAN, expense ratio: 0.79% (issuer page, Sep 11, 2026).

## AJAN over each window to Sep 11, 2026

| Window | Total return | SPY | Gap to SPY |
| --- | --- | --- | --- |
| 3 months | +0.8% | +3.3% | −2.5 pts |
| 6 months | +3.0% | +16.0% | −13.0 pts |
| 1 year | +4.1% | +17.5% | −13.4 pts |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Reference index | SPY | ETFIQ |
| Buffer | 100% | ETFIQ |
| Outcome period | Dec 31, 2025 to Dec 31, 2027 | ETFIQ |
| Starting cap | +13.3% | ETFIQ |
| SPY return since period start | +12.1% | ETFIQ |
| Fund return since period start | +2.8% | ETFIQ |
| Net assets | $43m | issuer page, as of Sep 11, 2026 |
| Band state today | Open | ETFIQ |
| Can still gain | 9.7% | issuer, fund price |
| Fall before buffer | 3.2% | issuer, fund price |
| Fall to the buffer in index terms | 10.8% | ETFIQ |
| Protection left in index points | 100.0% of 100.0% | ETFIQ |
| Days left in period | 476 | ETFIQ |
| Expense ratio | 0.79% | issuer page, Sep 11, 2026 |

## Questions

### How much can AJAN still gain?

About 9.7% from its price on Sep 11, 2026, before it reaches its cap, by the issuer's published figure. The cap for the period was set at +13.3%.

### How far can AJAN fall before the buffer helps?

3.2% in fund-price terms on Sep 11, 2026, by the issuer's figure. In index terms SPY can fall 10.8% from that level before the buffer begins. Losses until that point are the holder's.

### How much of the AJAN buffer is left?

100.0% of the 100.0% buffer sat below the SPY level on Sep 11, 2026. That is an ETFIQ calculation in index points, on one definition for every issuer.

### When does AJAN reset?

The outcome period ends on Dec 31, 2027, 476 days from the data on Sep 11, 2026. A new cap is set the next day and the buffer starts again.

### What does AJAN cost?

The prospectus expense ratio is 0.79% a year.


## Cite this page

ETFIQ, AJAN, data as of Sep 11, 2026. https://etfiq.com/funds/ajan
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

HTML: https://etfiq.com/funds/ajan  ·  JSON: https://etfiq.com/funds/ajan.json