Data as of .
BJAN vs PAPR: which one stands where?
As of Sep 13, 2026 BJAN can fall 9.4% before its buffer engages and PAPR 7.9%, and BJAN resets 90 days sooner.
ETFIQ Downside Cover Score: PAPR 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
BJAN resets first, on Dec 31, 2026, 111 days from now; PAPR runs to Mar 31, 2027, 201 days. BJAN can still gain 5.7% before its cap, PAPR 5.0%. A fall from here reaches BJAN’s buffer after 9.4% and PAPR’s after 7.9%. 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 | PAPR | BJAN | PAPR | |
| 3 months | +3.3% | +2.4% | 0.0 pts | −0.9 pts |
| 6 months | +11.8% | +9.0% | −4.2 pts | −7.0 pts |
| 1 year | +14.9% | +12.4% | −2.6 pts | −5.1 pts |
| 3 years | +58.8% | +37.8% | −19.1 pts | −40.1 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 | PAPR Innovator U.S. Equity Power Buffer ETF - Apr Absorbs the first 15% of loss on SPY and caps the gain at 14.0%, over a period ending Mar 31, 2027 | |
|---|---|---|
| Issuer | Innovator | Innovator |
| Reference index | SPY | SPY |
| Buffer | 9% | 15% |
| Outcome period | Dec 31, 2025 to Dec 31, 2026 | Mar 31, 2026 to Mar 31, 2027 |
| Days left | 111 | 201 |
| Starting cap | +16.5% | +14.0% |
| Can still gain | 5.7% | 5.0% |
| Fall before buffer | 9.4% | 7.9% |
| Protection left, index points | 9.0% of 9.0% | 15.0% of 15.0% |
| Index return this period | +12.1% | +17.5% |
| Fund return this period | +9.7% | +8.2% |
| State today | Open | At cap |
| Expense ratio | 0.79% | 0.79% |
BJAN in plain words
From its price on Sep 13, 2026, the fund can gain about 5.7% more before it reaches its cap. The fund's price can fall 9.4% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 10.8% 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. 111 days remained on Sep 13, 2026. On Dec 31, 2026 the period ends and a new cap is set.
PAPR in plain words
SPY had already risen past this fund's cap of +14.0% for the period on Sep 13, 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 7.9% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 14.9% 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. 201 days remained on Sep 13, 2026. On Mar 31, 2027 the period ends and a new cap is set.
Questions people ask
- Which has more room to gain, BJAN or PAPR?
- From their prices on Sep 13, 2026, BJAN can gain about 5.7% before its cap and PAPR about 5.0%, so BJAN has more room left this period.
- Which resets first, BJAN or PAPR?
- BJAN ends its outcome period on Dec 31, 2026 and PAPR on Mar 31, 2027. A new cap is set the day after each.
- Which is cheaper, BJAN or PAPR?
- BJAN charges 0.79% a year and PAPR charges 0.79%, 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 PAPR, data as of Sep 13, 2026. https://etfiq.com/compare/buffer/bjan-vs-papr Free to use with attribution; the underlying files are at Open data.