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BJAN vs GDEC: Cap, Buffer & Days Left

As of Oct 9, 2026 BJAN can fall 10.9% before its buffer engages and GDEC 9.1%, and GDEC resets 13 days sooner. Net assets on Oct 9, 2026: $351m for Innovator U.S. Equity Buffer ETF - Jan and $394m for FT Vest U.S. Equity Moderate Buffer ETF - December.

BJAN costs 0.06 points a year less; their one-year returns differ by 3.5 points; GDEC is 1.1 times larger.

BJANGDEC
Expense ratio0.79%0.85%
Net assets$351m$394m
Total return, 1 year+15.3%+11.8%
What it tracksSPYSPY
Holdings in commonnot published
Index fall to the buffer12.4%12.6%
10.9%
BJAN can fall this far before its buffer
9.1%
GDEC can fall this far before its buffer
3.9%
BJAN can still gain
1.9%
GDEC can still gain
BJANBetween buffer and cap
Between buffer and capBJAN: reference +14.2% since period start, fund +11.4%; buffer 0 to −9; cap +16.5%; Between buffer and cap. Figures to Oct 9, 2026.9 pts of buffer+14.2% gain captured−9.0% floor0% period start+16.5% cap+2.3% more to the capTODAY · SPY +14.2%Between buffer and capBJAN: reference +14.2% since period start, fund +11.4%; buffer 0 to −9; cap +16.5%; Between buffer and cap. Figures to Oct 9, 2026.9 pts+14.2% gained−9.0% floor0% start+16.5% cap+2.3% more to the capTODAY · SPY +14.2%

BJAN: reference +14.2% since period start, fund +11.4%; buffer 0 to −9; cap +16.5%; Between buffer and cap. Figures to Oct 9, 2026.

BJAN: reference +14.2% since period start, fund +11.4%; buffer 0 to −9; cap +16.5%; Between buffer and cap. Figures to Oct 9, 2026.

GDECAt its cap
At its capGDEC: reference +14.4% since period start, fund +9.1%; buffer 0 to −15; cap +12.1%; At its cap. Figures to Oct 9, 2026.15 pts of buffer+12.1% gain captured−15.0% floor0% period start+12.1% capTODAY · SPY +14.4%At its capGDEC: reference +14.4% since period start, fund +9.1%; buffer 0 to −15; cap +12.1%; At its cap. Figures to Oct 9, 2026.15 pts+12.1%−15.0% floor0% start+12.1% capTODAY · SPY +14.4%

GDEC: reference +14.4% since period start, fund +9.1%; buffer 0 to −15; cap +12.1%; At its cap. Figures to Oct 9, 2026.

GDEC: reference +14.4% since period start, fund +9.1%; buffer 0 to −15; cap +12.1%; At its cap. Figures to Oct 9, 2026.

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

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

Where each one stands today

GDEC resets first, on Dec 18, 2026, 70 days from now; BJAN runs to Dec 31, 2026, 83 days. BJAN can still gain 3.9% before its cap, GDEC 1.9%. A fall from here reaches BJAN’s buffer after 10.9% and GDEC’s after 9.1%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

Total returnGap to the reference's price return
WindowBJANGDECBJANGDEC
3 months+3.4%+2.7%+0.2 pts−0.4 pts
6 months+11.0%+8.3%−3.5 pts−6.3 pts
1 year+15.3%+11.8%−0.7 pts−4.2 pts
3 years+64.4%not published−14.8 ptsnot 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

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
GDEC
FT Vest U.S. Equity Moderate Buffer ETF - December · Absorbs the first 15% of loss on SPY and caps the gain at 12.1%, over a period ending Dec 18, 2026
Issuer Innovator First Trust
Reference index SPY SPY
Buffer 9% 15%
Outcome period Dec 31, 2025 to Dec 31, 2026 Dec 22, 2025 to Dec 18, 2026
Days left 83 70
Starting cap +16.5% +12.1%
Can still gain 3.9% 1.9%
Fall before buffer 10.9% 9.1%
Protection left, index points 9.0% of 9.0% 15.0% of 15.0%
Index return this period +14.2% +14.4%
Fund return this period +11.4% +9.1%
State today Open At cap
Expense ratio 0.79% 0.85%
Net assets $351m $394m

As of Oct 9, 2026. Source: ETFIQ.

BJAN in plain words

From its price on Oct 9, 2026, the fund can gain about 3.9% more before it reaches its cap. The fund's price can fall 10.9% 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: 9.0% of the 9.0% 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.

GDEC in plain words

SPY had already risen past this fund's cap of +12.1% 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 1.9% as the period runs out. The fund's price can fall 9.1% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 12.6% 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. 70 days remained on Oct 9, 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 GDEC?
From their prices on Oct 9, 2026, BJAN can gain about 3.9% before its cap and GDEC about 1.9%, so BJAN has more room left this period.
Which resets first, BJAN or GDEC?
BJAN ends its outcome period on Dec 31, 2026 and GDEC on Dec 18, 2026. A new cap is set the day after each.
Which is cheaper, BJAN or GDEC?
BJAN charges 0.79% a year and GDEC charges 0.85%, so BJAN is cheaper. Fees come from each fund's prospectus.
Other comparisons
BJAN vs QBSFBJAN vs JANTBJAN vs SQMXBJAN vs JANPGDEC vs JANWGDEC vs JAJLGDEC vs UJANGDEC vs XDEC
SPY →BJAN on its own →GDEC on its own →How every figure is computed →Standards and sources →
Where these figures came from
BJAN filings on SEC EDGAR ↗Innovator page for BJAN ↗GDEC filings on SEC EDGAR ↗First Trust page for GDEC ↗

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, BJAN against GDEC, data as of Oct 9, 2026. https://etfiq.com/compare/buffer/bjan-vs-gdec

Open data

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