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BJAN vs UAPR: Cap, Buffer & Days Left

As of Oct 13, 2026 UAPR can fall 12.8% before its buffer engages and BJAN 10.9%, and BJAN resets 90 days sooner. Net assets on Oct 12, 2026: $351m for Innovator U.S. Equity Buffer ETF - Jan and $160m for Innovator U.S. Equity Ultra Buffer ETF - Apr.

Both cost 0.79% a year; their one-year returns differ by 4.2 points; BJAN is 2.2 times larger.

Points (pts) are percentage points.

BJAN vs UAPR: Cap, Buffer & Days Left
BJANUAPR
Expense ratio0.79%0.79%
Net assets, as of Oct 12, 2026$351m$160m
Total return, 1 year+17.0%+12.8%
What it tracksSPYSPY
Holdings in commonnot published
Index fall to the buffer12.3%20.5%
10.9%
BJAN can fall this far before its buffer
12.8%
UAPR can fall this far before its buffer
3.9%
BJAN can still gain
3.9%
UAPR 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+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.+14%−9.0% floor0% start+16.5% cap9 pts of buffer+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.

UAPRAt its cap
At its capUAPR: reference +19.5% since period start, fund +8.4%; buffer −5 to −35; cap +13.0%; At its cap. Figures to Oct 13, 2026.30 pts of buffer+13% gain captured−35.0% floor−5.0% buffer start0% period start+13.0% capfirst 5 pts are yours to loseTODAY · SPY +19.5%At its capUAPR: reference +19.5% since period start, fund +8.4%; buffer −5 to −35; cap +13.0%; At its cap. Figures to Oct 13, 2026.30 pts of buffer+13%−35.0% floor−5.0% buffer start0% start+13.0% capfirst 5 pts are yours to loseTODAY · SPY +19.5%

UAPR: reference +19.5% since period start, fund +8.4%; buffer −5 to −35; cap +13.0%; At its cap. Figures to Oct 13, 2026.

UAPR: reference +19.5% since period start, fund +8.4%; buffer −5 to −35; cap +13.0%; At its cap. Figures to Oct 13, 2026.

ETFIQ Downside Cover Score · BJAN 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 →

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

They do not reset together. BJAN has 79 days of its period left and UAPR has 169, 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; UAPR runs to Mar 31, 2027, 169 days. BJAN can still gain 3.9% before its cap, UAPR 3.9%. A fall from here reaches BJAN’s buffer after 10.9% and UAPR’s after 12.8%. 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 UAPR: Cap, Buffer & Days Left
Total returnGap to the reference's price return
WindowBJANUAPRBJANUAPR
3 months+3.7%+2.6%−0.1 pts−1.2 pts
6 months+10.2%+5.8%−3.2 pts−7.6 pts
1 year+17.0%+12.8%−2.1 pts−6.3 pts
3 years+65.2%+39.2%−15.1 pts−41.1 pts
Since launch
Not the same days: BJAN Jan 2019 · UAPR Apr 2019
+154.2%+46.6%−56.8 pts−125.7 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
UAPR
Innovator U.S. Equity Ultra Buffer ETF - Apr · Absorbs losses from 5.0% to 35.0% on SPY and caps the gain at 13.0%, over a period ending Mar 31, 2027
Issuer Innovator Innovator
Reference index SPY SPY
Buffer 9% 5% to 35%
Outcome period Dec 31, 2025 to Dec 31, 2026 Mar 31, 2026 to Mar 31, 2027
Days left 79 169
Starting cap +16.5% +13.0%
Can still gain 3.9% 3.9%
Fall before buffer 10.9% 12.8%
Protection left, index points 9.0% of 9.0% 30.0% of 30.0%
Index return this period +14.0% +19.5%
Fund return this period +11.4% +8.4%
State today Open At cap
Expense ratio 0.79% 0.79%
Net assets, as of Oct 12, 2026 $351m $160m

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 UAPR

SPY had already risen past this fund's cap of +13.0% for the period on Oct 13, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 3.9% as the period runs out. The fund's price can fall 12.8% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 20.5% from today's level to the point where the buffer begins. Protection left, in index points: 30.0% of the 30.0% buffer still sits below today's SPY level. 169 days remained on Oct 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 UAPR?
From their prices on Oct 13, 2026, BJAN can gain about 3.9% before its cap and UAPR about 3.9%, so the two have the same room left this period.
Which resets first, BJAN or UAPR?
BJAN ends its outcome period on Dec 31, 2026 and UAPR on Mar 31, 2027. A new cap is set the day after each.
Which is cheaper, BJAN or UAPR?
BJAN and UAPR both charge 0.79% a year, so neither is cheaper. Fees come from each fund's prospectus.
Other comparisons
BJAN vs PMAYBJAN vs ZALTBJAN vs PNOVBJAN vs PJUNUAPR vs PJANUAPR vs FJANUAPR vs BJULUAPR vs DAPR
SPY →BJAN on its own →UAPR on its own →How every figure is computed →Standards and sources →
Where these figures came from
BJAN and UAPR filings on SEC EDGAR ↗Innovator page for BJAN ↗Innovator page for UAPR ↗

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 UAPR, data as of Oct 13, 2026. https://etfiq.com/compare/buffer/bjan-vs-uapr

Open data

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