Which has more room to gain, BFEB or JANM?

From their prices on Oct 9, 2026, BFEB can gain about 5.3% before its cap and JANM about 1.6%, so BFEB has more room left this period.

Which resets first, BFEB or JANM?

BFEB ends its outcome period on Jan 31, 2027 and JANM on Jan 15, 2027. A new cap is set the day after each.

Which is cheaper, BFEB or JANM?

BFEB charges 0.79% a year and JANM charges 0.85%, so BFEB is cheaper. Fees come from each fund's prospectus.

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BFEB vs JANM: Cap, Buffer & Days Left

As of Oct 9, 2026 BFEB can fall 9.8% before its buffer engages and JANM 5.1%, and JANM resets 16 days sooner. Net assets on Oct 9, 2026: $208m for Innovator U.S. Equity Buffer ETF - Feb and $37m for FT Vest U.S. Equity Max Buffer ETF - January.

BFEB costs 0.06 points a year less; their one-year returns differ by 9.0 points; BFEB is 5.6 times larger.

	BFEB	JANM
Expense ratio	0.79%	0.85%
Net assets	$208m	$37m
Total return, 1 year	+15.4%	+6.4%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	11.1%	11.2%

9.8%

BFEB can fall this far before its buffer

5.1%

JANM can fall this far before its buffer

5.3%

BFEB can still gain

1.6%

JANM can still gain

BFEBBetween buffer and cap

BFEB: reference +12.5% since period start, fund +10.2%; buffer 0 to −9; cap +16.6%; Between buffer and cap. Figures to Oct 9, 2026.

JANMAt its cap

JANM: reference +12.6% since period start, fund +4.5%; buffer 0 to −46; cap +7.0%; At its cap. Figures to Oct 9, 2026.

ETFIQ Downside Cover Score · JANM scores higherIf the market falls into a bear market from here, how much does the buffer absorb?

BFEB 19.2

JANM 78.3

0.2, the lowest in this set99.8, the highest

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 →

JANM is already at its cap, so more rise in the index adds nothing to it before the period ends.

Where each one stands today

JANM resets first, on Jan 15, 2027, 98 days from now; BFEB runs to Jan 31, 2027, 114 days. BFEB can still gain 5.3% before its cap, JANM 1.6%. A fall from here reaches BFEB’s buffer after 9.8% and JANM’s after 5.1%. 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	BFEB	JANM	BFEB	JANM
3 months	+3.2%	+1.6%	0.0 pts	−1.5 pts
6 months	+11.0%	+4.2%	−3.5 pts	−10.4 pts
1 year	+15.4%	+6.4%	−0.6 pts	−9.6 pts
3 years	+61.8%	not published	−17.4 pts	not published

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

BFEB

Innovator U.S. Equity Buffer ETF - Feb · Absorbs the first 9% of loss on SPY and caps the gain at 16.6%, over a period ending Jan 31, 2027

JANM

FT Vest U.S. Equity Max Buffer ETF - January · Absorbs the first 46% of loss on SPY and caps the gain at 7.0%, over a period ending Jan 15, 2027

Issuer Innovator First Trust

Reference index SPY SPY

Buffer 9% 46%

Outcome period Jan 31, 2026 to Jan 31, 2027 Jan 20, 2026 to Jan 15, 2027

Days left 114 98

Starting cap +16.6% +7.0%

Can still gain 5.3% 1.6%

Fall before buffer 9.8% 5.1%

Protection left, index points 9.0% of 9.0% 45.8% of 45.8%

Index return this period +12.5% +12.6%

Fund return this period +10.2% +4.5%

State today Open At cap

Expense ratio 0.79% 0.85%

Net assets $208m $37m

As of Oct 9, 2026. Source: ETFIQ.

BFEB in plain words

From its price on Oct 9, 2026, the fund can gain about 5.3% more before it reaches its cap. The fund's price can fall 9.8% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 11.1% 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. 114 days remained on Oct 9, 2026. On Jan 31, 2027 the period ends and a new cap is set.

JANM in plain words

SPY had already risen past this fund's cap of +7.0% 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 1.6% as the period runs out. The fund's price can fall 5.1% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 11.2% from today's level to the point where the buffer begins. Protection left, in index points: 45.8% of the 45.8% buffer still sits below today's SPY level. 98 days remained on Oct 9, 2026. On Jan 15, 2027 the period ends and a new cap is set.

Questions people ask

Which has more room to gain, BFEB or JANM?: From their prices on Oct 9, 2026, BFEB can gain about 5.3% before its cap and JANM about 1.6%, so BFEB has more room left this period.
Which resets first, BFEB or JANM?: BFEB ends its outcome period on Jan 31, 2027 and JANM on Jan 15, 2027. A new cap is set the day after each.
Which is cheaper, BFEB or JANM?: BFEB charges 0.79% a year and JANM charges 0.85%, so BFEB is cheaper. Fees come from each fund's prospectus.

Other comparisons

BFEB vs CPSF BFEB vs PBFB BFEB vs FEBP BFEB vs CPSY JANM vs UFEB JANM vs FEBT JANM vs ZFEB JANM vs DJAN

SPY →BFEB on its own →JANM on its own →How every figure is computed →Standards and sources →

Where these figures came from

BFEB filings on SEC EDGAR ↗Innovator page for BFEB ↗JANM filings on SEC EDGAR ↗First Trust page for JANM ↗

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.

Cite this page

ETFIQ, BFEB against JANM, data as of Oct 9, 2026. https://etfiq.com/compare/buffer/bfeb-vs-janm

Open data

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