Data as of .
BJAN vs FDEC: which one stands where?
As of Sep 21, 2026 BJAN can fall 10.2% before its buffer engages and FDEC 10.0%, and FDEC resets 13 days sooner.
ETFIQ Downside Cover Score: FDEC scores higher
If the market falls into a bear market from here, how much does the buffer absorb?
A percentile among the 293 buffer ETFs with a live outcome period. It is a position in a set, not a rating, and neither end of it is a recommendation. All buffer ETFs ranked by it · How it is computed
Where each one stands today
FDEC resets first, on Dec 18, 2026, 88 days from now; BJAN runs to Dec 31, 2026, 101 days. BJAN can still gain 4.7% before its cap, FDEC 3.4%. A fall from here reaches BJAN’s buffer after 10.2% and FDEC’s after 10.0%. 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 | ||
|---|---|---|---|---|
| BJAN | FDEC | BJAN | FDEC | |
| 3 months | +2.6% | +2.5% | +0.3 pts | +0.3 pts |
| 6 months | +13.5% | +12.7% | −4.5 pts | −5.4 pts |
| 1 year | +14.5% | +13.9% | −2.1 pts | −2.7 pts |
| 3 years | +59.3% | +53.8% | −19.1 pts | −24.6 pts |
| BJAN Innovator U.S. Equity Buffer ETF - Jan Absorbs the first 9% of loss on SPY and caps the gain at 16.5%, over a period ending Dec 31, 2026 | FDEC FT Vest U.S. Equity Buffer ETF - December Absorbs the first 10% of loss on SPY and caps the gain at 14.8%, over a period ending Dec 18, 2026 | |
|---|---|---|
| Issuer | Innovator | First Trust |
| Reference index | SPY | SPY |
| Buffer | 9% | 10% |
| Outcome period | Dec 31, 2025 to Dec 31, 2026 | Dec 22, 2025 to Dec 18, 2026 |
| Days left | 101 | 88 |
| Starting cap | +16.5% | +14.8% |
| Can still gain | 4.7% | 3.4% |
| Fall before buffer | 10.2% | 10.0% |
| Protection left, index points | 9.0% of 9.0% | 10.0% of 10.0% |
| Index return this period | +13.5% | +13.7% |
| Fund return this period | +10.6% | +10.1% |
| State today | Open | Open |
| Expense ratio | 0.79% | 0.85% |
| Net assets | $349m | $1.3bn |
BJAN in plain words
From its price on Sep 21, 2026, the fund can gain about 4.7% more before it reaches its cap. The fund's price can fall 10.2% 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: 9.0% of the 9.0% 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.
FDEC in plain words
From its price on Sep 21, 2026, the fund can gain about 3.4% more before it reaches its cap. The fund's price can fall 10.0% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 12.0% from today's level to the point where the buffer begins. Protection left, in index points: 10.0% of the 10.0% buffer still sits below today's SPY level. 88 days remained on Sep 21, 2026. On Dec 18, 2026 the period ends and a new cap is set.
Questions people ask
- Which has more room to gain, BJAN or FDEC?
- From their prices on Sep 21, 2026, BJAN can gain about 4.7% before its cap and FDEC about 3.4%, so BJAN has more room left this period.
- Which resets first, BJAN or FDEC?
- BJAN ends its outcome period on Dec 31, 2026 and FDEC on Dec 18, 2026. A new cap is set the day after each.
- Which is cheaper, BJAN or FDEC?
- BJAN charges 0.79% a year and FDEC charges 0.85%, so BJAN 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, BJAN against FDEC, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/bjan-vs-fdec Free to use with attribution; the underlying files are at Open data.