BAPR vs PJAN: Cap, Buffer & Days Left
As of Oct 9, 2026 BAPR can fall 11.5% before its buffer engages and PJAN 8.8%, and PJAN resets 90 days sooner. Net assets on Oct 9, 2026: $417m for Innovator U.S. Equity Buffer ETF - Apr and $1.4bn for Innovator U.S. Equity Power Buffer ETF - Jan.
Both cost 0.79% a year; their one-year returns differ by 5.7 points; PJAN is 3.4 times larger.
| BAPR | PJAN | |
|---|---|---|
| Expense ratio | 0.79% | 0.79% |
| Net assets | $417m | $1.4bn |
| Total return, 1 year | +17.3% | +11.6% |
| What it tracks | SPY | SPY |
| Holdings in common | not published | |
| Index fall to the buffer | 16.5% | 12.4% |
BAPR: reference +19.7% since period start, fund +12.4%; buffer 0 to −9; cap +18.5%; At its cap. Figures to Oct 9, 2026.
BAPR: reference +19.7% since period start, fund +12.4%; buffer 0 to −9; cap +18.5%; At its cap. Figures to Oct 9, 2026.
PJAN: reference +14.2% since period start, fund +8.9%; buffer 0 to −15; cap +12.3%; At its cap. Figures to Oct 9, 2026.
PJAN: reference +14.2% since period start, fund +8.9%; buffer 0 to −15; cap +12.3%; At its cap. Figures to Oct 9, 2026.
A percentile among the 292 buffer ETFs on stocks with a live outcome period. Today's position against one 20% fall; it ignores smaller falls, and stock buffers are never ranked against bond or commodity ones. All buffer ETFs ranked by it → How it is computed →
Both are already at their cap, so neither gains from more rise in the index before the period ends.
They do not reset together. PJAN has 83 days of its period left and BAPR has 173, 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
PJAN resets first, on Dec 31, 2026, 83 days from now; BAPR runs to Mar 31, 2027, 173 days. BAPR can still gain 5.0% before its cap, PJAN 2.5%. A fall from here reaches BAPR’s buffer after 11.5% and PJAN’s after 8.8%. Both track SPY, so what separates them is where each is in its own period.
Performance, window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | BAPR | PJAN | BAPR | PJAN |
| 3 months | +2.9% | +2.7% | −0.3 pts | −0.5 pts |
| 6 months | +9.0% | +8.2% | −5.6 pts | −6.4 pts |
| 1 year | +17.3% | +11.6% | +1.3 pts | −4.4 pts |
| 3 years | +55.5% | +45.4% | −23.7 pts | −33.8 pts |
Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Source: ETFIQ. Open the live comparison on ETFIQ →
On the same fields
As of Oct 9, 2026. Source: ETFIQ.
BAPR in plain words
SPY had already risen past this fund's cap of +18.5% for the period on Oct 9, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 5.0% as the period runs out. The fund's price can fall 11.5% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 16.5% from today's level to the point where the buffer begins. Protection left, in index points: 9.0% of the 9.0% buffer still sits below today's SPY level. 173 days remained on Oct 9, 2026. On Mar 31, 2027 the period ends and a new cap is set.
PJAN in plain words
SPY had already risen past this fund's cap of +12.3% for the period on Oct 9, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 2.5% as the period runs out. The fund's price can fall 8.8% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 12.4% from today's level to the point where the buffer begins. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's SPY level. 83 days remained on Oct 9, 2026. On Dec 31, 2026 the period ends and a new cap is set.
Questions people ask
ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.
How this is computed
It is a place in a set, not a rating or a recommendation.
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.
ETFIQ, BAPR against PJAN, data as of Oct 9, 2026. https://etfiq.com/compare/buffer/bapr-vs-pjan
ETFIQ. (Oct 9, 2026). BAPR against PJAN. Retrieved from https://etfiq.com/compare/buffer/bapr-vs-pjan
[BAPR against PJAN (ETFIQ, Oct 9, 2026)](https://etfiq.com/compare/buffer/bapr-vs-pjan)
Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms.