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BJAN vs PSEP: Cap, Buffer & Days Left

As of Oct 13, 2026 BJAN can fall 10.9% before its buffer engages and PSEP 1.3%, and BJAN resets 243 days sooner. Net assets on Oct 12, 2026: $351m for Innovator U.S. Equity Buffer ETF - Jan and $1.2bn for Innovator U.S. Equity Power Buffer ETF - Sep.

Both cost 0.79% a year; their one-year returns differ by 5.4 points; PSEP is 3.5 times larger.

Points (pts) are percentage points.

BJAN vs PSEP: Cap, Buffer & Days Left
BJANPSEP
Expense ratio0.79%0.79%
Net assets, as of Oct 12, 2026$351m$1.2bn
Total return, 1 year+17.0%+11.6%
What it tracksSPYSPY
Holdings in commonnot published
Index fall to the buffer12.3%1.3%
10.9%
BJAN can fall this far before its buffer
1.3%
PSEP can fall this far before its buffer
3.9%
BJAN can still gain
13.6%
PSEP can still gain
BJANBetween buffer and cap
Between buffer and capBJAN: reference +14.0% since period start, fund +11.4%; buffer 0 to −9; cap +16.5%; Between buffer and cap. Figures to Oct 13, 2026.9 pts of buffer+14% gain captured−9.0% floor0% period start+16.5% cap+2.5% more to the capTODAY · SPY +14.0%Between buffer and capBJAN: reference +14.0% since period start, fund +11.4%; buffer 0 to −9; cap +16.5%; Between buffer and cap. Figures to Oct 13, 2026.9 pts+14% gained−9.0% floor0% start+16.5% cap+2.5% more to the capTODAY · SPY +14.0%

BJAN: reference +14.0% since period start, fund +11.4%; buffer 0 to −9; cap +16.5%; Between buffer and cap. Figures to Oct 13, 2026.

BJAN: reference +14.0% since period start, fund +11.4%; buffer 0 to −9; cap +16.5%; Between buffer and cap. Figures to Oct 13, 2026.

PSEPBetween buffer and cap
Between buffer and capPSEP: reference +1.3% since period start, fund +1.2%; buffer 0 to −15; cap +15.0%; Between buffer and cap. Figures to Oct 13, 2026.15 pts of buffer+13.7% more to the cap−15.0% floor0% period start+15.0% cap+1.3% gain capturedTODAY · SPY +1.3%Between buffer and capPSEP: reference +1.3% since period start, fund +1.2%; buffer 0 to −15; cap +15.0%; Between buffer and cap. Figures to Oct 13, 2026.15 pts+13.7% to cap−15.0% floor0% start+15.0% cap+1.3% gain capturedTODAY · SPY +1.3%

PSEP: reference +1.3% since period start, fund +1.2%; buffer 0 to −15; cap +15.0%; Between buffer and cap. Figures to Oct 13, 2026.

PSEP: reference +1.3% since period start, fund +1.2%; buffer 0 to −15; cap +15.0%; Between buffer and cap. Figures to Oct 13, 2026.

ETFIQ Downside Cover Score · PSEP 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 →

They do not reset together. BJAN has 79 days of its period left and PSEP has 322, 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

BJAN resets first, on Dec 31, 2026, 79 days from now; PSEP runs to Aug 31, 2027, 322 days. BJAN can still gain 3.9% before its cap, PSEP 13.6%. A fall from here reaches BJAN’s buffer after 10.9% and PSEP’s after 1.3%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

Performance, window by window: BJAN vs PSEP: Cap, Buffer & Days Left
Total returnGap to the reference's price return
WindowBJANPSEPBJANPSEP
3 months+3.7%+2.5%−0.1 pts−1.3 pts
6 months+10.2%+6.9%−3.2 pts−6.5 pts
1 year+17.0%+11.6%−2.1 pts−7.6 pts
3 years+65.2%+45.3%−15.1 pts−35.1 pts
Since launch
Not the same days: BJAN Jan 2019 · PSEP Sep 2019
+154.2%+92.6%−56.8 pts−75.0 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Source: ETFIQ. Open this comparison in the app →

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
PSEP
Innovator U.S. Equity Power Buffer ETF - Sep · Absorbs the first 15% of loss on SPY and caps the gain at 15.0%, over a period ending Aug 31, 2027
Issuer Innovator Innovator
Reference index SPY SPY
Buffer 9% 15%
Outcome period Dec 31, 2025 to Dec 31, 2026 Aug 31, 2026 to Aug 31, 2027
Days left 79 322
Starting cap +16.5% +15.0%
Can still gain 3.9% 13.6%
Fall before buffer 10.9% 1.3%
Protection left, index points 9.0% of 9.0% 15.0% of 15.0%
Index return this period +14.0% +1.3%
Fund return this period +11.4% +1.2%
State today Open Open
Expense ratio 0.79% 0.79%
Net assets, as of Oct 12, 2026 $351m $1.2bn

As of Oct 13, 2026. Source: ETFIQ.

About BJAN

From its price on Oct 13, 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 12.3% 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. 79 days remained on Oct 13, 2026. On Dec 31, 2026 the period ends and a new cap is set.

About PSEP

From its price on Oct 13, 2026, the fund can gain about 13.6% more before it reaches its cap. The fund's price can fall 1.3% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 1.3% 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. 322 days remained on Oct 13, 2026. On Aug 31, 2027 the period ends and a new cap is set.

Questions people ask

Which has more room to gain, BJAN or PSEP?
From their prices on Oct 13, 2026, BJAN can gain about 3.9% before its cap and PSEP about 13.6%, so PSEP has more room left this period.
Which resets first, BJAN or PSEP?
BJAN ends its outcome period on Dec 31, 2026 and PSEP on Aug 31, 2027. A new cap is set the day after each.
Which is cheaper, BJAN or PSEP?
BJAN and PSEP both charge 0.79% a year, so neither is cheaper. Fees come from each fund's prospectus.
Other comparisons
BJAN vs FOCTBJAN vs PJULBJAN vs FDECBJAN vs FAPRPSEP vs UJULPSEP vs USEPPSEP vs ZSEPPSEP vs UOCT
SPY →BJAN on its own →PSEP on its own →How every figure is computed →Standards and sources →
Where these figures came from
BJAN and PSEP filings on SEC EDGAR ↗Innovator page for BJAN ↗Innovator page for PSEP ↗

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 pageCitation, APA and Markdown

ETFIQ, BJAN against PSEP, data as of Oct 13, 2026. https://etfiq.com/compare/buffer/bjan-vs-psep

Open data

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