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BJUL vs FJAN: Cap, Buffer & Days Left

As of Oct 9, 2026 FJAN can fall 9.4% before its buffer engages and BJUL 3.7%, and FJAN resets 166 days sooner. Net assets on Oct 9, 2026: $363m for Innovator U.S. Equity Buffer ETF - Jul and $1.5bn for FT Vest U.S. Equity Buffer ETF - January.

BJUL costs 0.06 points a year less; their one-year returns differ by 0.9 points; FJAN is 4.1 times larger.

Points (pts) are percentage points.

BJUL vs FJAN: Cap, Buffer & Days Left
BJULFJAN
Expense ratio0.79%0.85%
Net assets$363m$1.5bn
Total return, 1 year+12.9%+13.8%
What it tracksSPYSPY
Holdings in commonnot published
Index fall to the buffer4.1%11.2%
3.7%
BJUL can fall this far before its buffer
9.4%
FJAN can fall this far before its buffer
13.8%
BJUL can still gain
3.8%
FJAN can still gain
BJULBetween buffer and cap
Between buffer and capBJUL: reference +4.3% since period start, fund +3.6%; buffer 0 to −9; cap +18.1%; Between buffer and cap. Figures to Oct 9, 2026.9 pts of buffer+4.3%+13.9% more to the cap−9.0% floor0% period start+18.1% capTODAY · SPY +4.3%Between buffer and capBJUL: reference +4.3% since period start, fund +3.6%; buffer 0 to −9; cap +18.1%; Between buffer and cap. Figures to Oct 9, 2026.9 pts+13.9% to cap−9.0% floor0% start+18.1% cap+4.3% gain capturedTODAY · SPY +4.3%

BJUL: reference +4.3% since period start, fund +3.6%; buffer 0 to −9; cap +18.1%; Between buffer and cap. Figures to Oct 9, 2026.

BJUL: reference +4.3% since period start, fund +3.6%; buffer 0 to −9; cap +18.1%; Between buffer and cap. Figures to Oct 9, 2026.

FJANBetween buffer and cap
Between buffer and capFJAN: reference +12.6% since period start, fund +9.5%; buffer 0 to −10; cap +14.5%; Between buffer and cap. Figures to Oct 9, 2026.10 pts of buffer+12.6% gain captured−10.0% floor0% period start+14.5% cap+2% more to the capTODAY · SPY +12.6%Between buffer and capFJAN: reference +12.6% since period start, fund +9.5%; buffer 0 to −10; cap +14.5%; Between buffer and cap. Figures to Oct 9, 2026.10 pts+12.6%−10.0% floor0% start+14.5% cap+2% more to the capTODAY · SPY +12.6%

FJAN: reference +12.6% since period start, fund +9.5%; buffer 0 to −10; cap +14.5%; Between buffer and cap. Figures to Oct 9, 2026.

FJAN: reference +12.6% since period start, fund +9.5%; buffer 0 to −10; cap +14.5%; Between buffer and cap. Figures to Oct 9, 2026.

ETFIQ Downside Cover Score · FJAN 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. FJAN has 98 days of its period left and BJUL has 264, so the two are not the same bet on the same months.

Where each one stands today

FJAN resets first, on Jan 15, 2027, 98 days from now; BJUL runs to Jun 30, 2027, 264 days. BJUL can still gain 13.8% before its cap, FJAN 3.8%. A fall from here reaches BJUL’s buffer after 3.7% and FJAN’s after 9.4%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

Performance, window by window: BJUL vs FJAN: Cap, Buffer & Days Left
Total returnGap to the reference's price return
WindowBJULFJANBJULFJAN
3 months+2.8%+3.1%−0.4 pts−0.1 pts
6 months+9.6%+10.3%−5.0 pts−4.3 pts
1 year+12.9%+13.8%−3.1 pts−2.1 pts
3 years+61.2%+54.9%−17.9 pts−24.3 pts
Since launch
Not the same days: BJUL Aug 2018 · FJAN Jan 2021
+119.3%+89.0%−47.8 pts−16.6 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

BJUL
Innovator U.S. Equity Buffer ETF - Jul · Absorbs the first 9% of loss on SPY and caps the gain at 18.1%, over a period ending Jun 30, 2027
FJAN
FT Vest U.S. Equity Buffer ETF - January · Absorbs the first 10% of loss on SPY and caps the gain at 14.5%, over a period ending Jan 15, 2027
Issuer Innovator First Trust
Reference index SPY SPY
Buffer 9% 10%
Outcome period Jun 30, 2026 to Jun 30, 2027 Jan 20, 2026 to Jan 15, 2027
Days left 264 98
Starting cap +18.1% +14.5%
Can still gain 13.8% 3.8%
Fall before buffer 3.7% 9.4%
Protection left, index points 9.0% of 9.0% 10.0% of 10.0%
Index return this period +4.3% +12.6%
Fund return this period +3.6% +9.5%
State today Open Open
Expense ratio 0.79% 0.85%
Net assets $363m $1.5bn

As of Oct 9, 2026. Source: ETFIQ.

About BJUL

From its price on Oct 9, 2026, the fund can gain about 13.8% more before it reaches its cap. The fund's price can fall 3.7% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 4.1% 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. 264 days remained on Oct 9, 2026. On Jun 30, 2027 the period ends and a new cap is set.

About FJAN

From its price on Oct 9, 2026, the fund can gain about 3.8% 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 11.2% from today's level to the point where the buffer begins. Protection left, in index points: 10.0% of the 10.0% buffer still sits below today's SPY level. 98 days remained on Oct 9, 2026. On Jan 15, 2027 the period ends and a new cap is set.

Questions people ask

Which has more room to gain, BJUL or FJAN?
From their prices on Oct 9, 2026, BJUL can gain about 13.8% before its cap and FJAN about 3.8%, so BJUL has more room left this period.
Which resets first, BJUL or FJAN?
BJUL ends its outcome period on Jun 30, 2027 and FJAN on Jan 15, 2027. A new cap is set the day after each.
Which is cheaper, BJUL or FJAN?
BJUL charges 0.79% a year and FJAN charges 0.85%, so BJUL is cheaper. Fees come from each fund's prospectus.
Other comparisons
BJUL vs FAPRBJUL vs PAUGBJUL vs PDECBJUL vs PAPRFJAN vs FEBUFJAN vs PBFBFJAN vs JANMFJAN vs CPSF
SPY →BJUL on its own →FJAN on its own →How every figure is computed →Standards and sources →
Where these figures came from
BJUL filings on SEC EDGAR ↗Innovator page for BJUL ↗FJAN filings on SEC EDGAR ↗First Trust page for FJAN ↗

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, BJUL against FJAN, data as of Oct 9, 2026. https://etfiq.com/compare/buffer/bjul-vs-fjan

Open data

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