Which has more room to gain, BJUL or PJAN?

From their prices on Oct 2, 2026, BJUL can gain about 14.8% before its cap and PJAN about 3.0%, so BJUL has more room left this period.

Which resets first, BJUL or PJAN?

BJUL ends its outcome period on Jun 30, 2027 and PJAN on Dec 31, 2026. A new cap is set the day after each.

Which is cheaper, BJUL or PJAN?

BJUL charges 0.79% a year and PJAN charges 0.79%, so BJUL is cheaper. Fees come from each fund's prospectus.

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BJUL vs PJAN: which one stands where?

As of Oct 2, 2026 PJAN can fall 8.4% before its buffer engages and BJUL 2.9%, and PJAN resets 181 days sooner. Innovator U.S. Equity Buffer ETF - Jul and Innovator U.S. Equity Power Buffer ETF - Jan.

their one-year returns differ by 1.1 points; PJAN is 4.0 times larger.

	BJUL	PJAN
Expense ratio	0.79%	0.79%
Net assets	$360m	$1.4bn
Total return, 1 year	+12.2%	+11.1%
What it tracks	SPY	SPY
Holdings in common	not published

2.9%

BJUL can fall this far before its buffer

8.4%

PJAN can fall this far before its buffer

14.8%

BJUL can still gain

3.0%

PJAN can still gain

BJULBetween buffer and cap

BJUL: reference +3.1% since period start, fund +2.8%; buffer 0 to −9; cap +18.1%; Between buffer and cap.

PJANAt its cap

PJAN: reference +12.9% since period start, fund +8.4%; buffer 0 to −15; cap +12.3%; At its cap.

ETFIQ Downside Cover Score · PJAN scores higherIf the market falls into a bear market from here, how much does the buffer absorb?

BJUL 16.5

PJAN 52.9

0.2, the lowest in this set99.8, the highest

A percentile among the 294 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 →

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

They do not reset together. PJAN has 90 days of its period left and BJUL has 271, 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

PJAN resets first, on Dec 31, 2026, 90 days from now; BJUL runs to Jun 30, 2027, 271 days. BJUL can still gain 14.8% before its cap, PJAN 3.0%. A fall from here reaches BJUL’s buffer after 2.9% and PJAN’s after 8.4%. 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 return		Gap to the reference
Window	BJUL	PJAN	BJUL	PJAN
3 months	+3.1%	+2.7%	−0.5 pts	−0.9 pts
6 months	+11.6%	+9.9%	−6.3 pts	−8.1 pts
1 year	+12.2%	+11.1%	−4.0 pts	−5.1 pts
3 years	+63.6%	+47.6%	−25.7 pts	−41.6 pts

BJUL and PJAN over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

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

PJAN

Innovator U.S. Equity Power Buffer ETF - Jan · Absorbs the first 15% of loss on SPY and caps the gain at 12.3%, over a period ending Dec 31, 2026

Issuer Innovator Innovator

Reference index SPY SPY

Buffer 9% 15%

Outcome period Jun 30, 2026 to Jun 30, 2027 Dec 31, 2025 to Dec 31, 2026

Days left 271 90

Starting cap +18.1% +12.3%

Can still gain 14.8% 3.0%

Fall before buffer 2.9% 8.4%

Protection left, index points 9.0% of 9.0% 15.0% of 15.0%

Index return this period +3.1% +12.9%

Fund return this period +2.8% +8.4%

State today Open At cap

Expense ratio 0.79% 0.79%

Net assets $360m $1.4bn

BJUL and PJAN on the same fields, as of Oct 2, 2026. Source: ETFIQ.

BJUL in plain words

From its price on Oct 2, 2026, the fund can gain about 14.8% more before it reaches its cap. The fund's price can fall 2.9% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 3.0% 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. 271 days remained on Oct 2, 2026. On Jun 30, 2027 the period ends and a new cap is set.

PJAN in plain words

SPY had already risen past this fund's cap of +12.3% for the period on Oct 2, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 3.0% as the period runs out. The fund's price can fall 8.4% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 11.4% 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. 90 days remained on Oct 2, 2026. On Dec 31, 2026 the period ends and a new cap is set.

Questions people ask

Which has more room to gain, BJUL or PJAN?: From their prices on Oct 2, 2026, BJUL can gain about 14.8% before its cap and PJAN about 3.0%, so BJUL has more room left this period.
Which resets first, BJUL or PJAN?: BJUL ends its outcome period on Jun 30, 2027 and PJAN on Dec 31, 2026. A new cap is set the day after each.
Which is cheaper, BJUL or PJAN?: BJUL charges 0.79% a year and PJAN charges 0.79%, so BJUL is cheaper. Fees come from each fund's prospectus.

Other comparisons

BJUL vs PFEB BJUL vs PJUN BJUL vs PMAR BJUL vs PMAY PJAN vs DDSQ PJAN vs DJAN PJAN vs DOCT PJAN vs EALT

SPY →BJUL on its own →PJAN on its own →How every figure is computed →Standards and sources →

Where these figures came from

BJUL and PJAN filings on SEC EDGAR ↗Innovator page for BJUL ↗Innovator page for PJAN ↗

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, BJUL against PJAN, data as of Oct 2, 2026. https://etfiq.com/compare/buffer/bjul-vs-pjan

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.