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BJAN vs QBSF: which one stands where?

As of Oct 1, 2026 BJAN can fall 9.6% before its buffer engages and QBSF 0.2%. Innovator U.S. Equity Buffer ETF - Jan and AllianzIM U.S. Equity Buffer15 ETF - Jan.

9.6%
BJAN can fall this far before its buffer
0.2%
QBSF can fall this far before its buffer
5.3%
BJAN can still gain
2.7%
QBSF can still gain
BJANBetween buffer and cap
Between buffer and capBJAN: reference +11.8% since period start, fund +9.9%; buffer 0 to −9; cap +16.5%; Between buffer and cap.9 pts of buffer+11.8% gain captured+4.6% to cap−9.0% floor0% period start+16.5% capTODAY · SPY +11.8%Between buffer and capBJAN: reference +11.8% since period start, fund +9.9%; buffer 0 to −9; cap +16.5%; Between buffer and cap.9 pts+11.8%−9.0% floor0% start+16.5% capTODAY · SPY +11.8%

BJAN: reference +11.8% since period start, fund +9.9%; buffer 0 to −9; cap +16.5%; Between buffer and cap.

QBSFBetween buffer and cap
Between buffer and capQBSF: reference 0.0% since period start, fund 0.0%; buffer 0 to −15; cap +2.9%; Between buffer and cap.15 pts of buffer−15.0% floor0% period start+2.9% capTODAY · SPY 0.0%Between buffer and capQBSF: reference 0.0% since period start, fund 0.0%; buffer 0 to −15; cap +2.9%; Between buffer and cap.15 pts−15.0% floor0% start+2.9% capTODAY · SPY 0.0%

QBSF: reference 0.0% since period start, fund 0.0%; buffer 0 to −15; cap +2.9%; Between buffer and cap.

ETFIQ Downside Cover Score · QBSF 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 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, 92 days from now; QBSF runs to Dec 31, 2026, 92 days. BJAN can still gain 5.3% before its cap, QBSF 2.7%. A fall from here reaches BJAN’s buffer after 9.6% and QBSF’s after 0.2%. 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

Total returnGap to the reference
WindowBJANQBSFBJANQBSF
3 months+2.9%+1.9%+0.4 pts−0.6 pts
6 months+12.6%+4.8%−4.4 pts−12.2 pts
1 year+14.2%+7.2%−1.5 pts−8.5 pts
3 years+64.7%not published−20.2 ptsnot published

BJAN and QBSF over each window. Every figure is an ETFIQ calculation with distributions reinvested. 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
QBSF
AllianzIM U.S. Equity Buffer15 ETF - Jan · Absorbs the first 15% of loss on SPY and caps the gain at 2.9%, over a period ending Dec 31, 2026
Issuer Innovator AllianzIM
Reference index SPY SPY
Buffer 9% 15%
Outcome period Dec 31, 2025 to Dec 31, 2026 Oct 1, 2026 to Dec 31, 2026
Days left 92 92
Starting cap +16.5% +2.9%
Can still gain 5.3% 2.7%
Fall before buffer 9.6% 0.2%
Protection left, index points 9.0% of 9.0% 15.0% of 15.0%
Index return this period +11.8% 0.0%
Fund return this period +9.9% 0.0%
State today Open Open
Expense ratio 0.79% 0.64%
Net assets $349m $62m

BJAN and QBSF on the same fields, as of Oct 1, 2026. Source: ETFIQ.

BJAN in plain words

From its price on Oct 1, 2026, the fund can gain about 5.3% more before it reaches its cap. The fund's price can fall 9.6% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 10.6% 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. 92 days remained on Oct 1, 2026. On Dec 31, 2026 the period ends and a new cap is set.

QBSF in plain words

From its price on Oct 1, 2026, the fund can gain about 2.7% more before it reaches its cap. The fund's price can fall 0.2% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 0.0% 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.

Questions people ask

Which has more room to gain, BJAN or QBSF?
From their prices on Oct 1, 2026, BJAN can gain about 5.3% before its cap and QBSF about 2.7%, so BJAN has more room left this period.
Which resets first, BJAN or QBSF?
BJAN ends its outcome period on Dec 31, 2026 and QBSF on Dec 31, 2026. A new cap is set the day after each.
Which is cheaper, BJAN or QBSF?
BJAN charges 0.79% a year and QBSF charges 0.64%, so QBSF is cheaper. Fees come from each fund's prospectus.
Other comparisons
BJAN vs PAUGBJAN vs PBJABJAN vs PDECBJAN vs PFEBQBSF vs PMOCQBSF vs POCTQBSF vs QBSVQBSF vs SEPM
SPY →BJAN on its own →QBSF 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 ↗QBSF filings on SEC EDGAR ↗AllianzIM page for QBSF ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, BJAN against QBSF, data as of Oct 1, 2026. https://etfiq.com/compare/buffer/bjan-vs-qbsf

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.