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BSEP vs FJAN: Cap, Buffer & Days Left

As of Oct 9, 2026 FJAN can fall 9.4% before its buffer engages and BSEP 1.4%, and FJAN resets 228 days sooner. Net assets on Oct 9, 2026: $470m for Innovator U.S. Equity Buffer ETF - Sep and $1.5bn for FT Vest U.S. Equity Buffer ETF - January.

BSEP costs 0.06 points a year less; their one-year returns differ by 0.6 points; FJAN is 3.2 times larger.

BSEPFJAN
Expense ratio0.79%0.85%
Net assets$470m$1.5bn
Total return, 1 year+13.2%+13.8%
What it tracksSPYSPY
Holdings in commonnot published
Index fall to the buffer1.5%11.2%
1.4%
BSEP can fall this far before its buffer
9.4%
FJAN can fall this far before its buffer
18.0%
BSEP can still gain
3.8%
FJAN can still gain
BSEPBetween buffer and cap
Between buffer and capBSEP: reference +1.5% since period start, fund +1.4%; buffer 0 to −9; cap +19.8%; Between buffer and cap. Figures to Oct 9, 2026.9 pts of buffer+18.3% more to the cap−9.0% floor0% period start+19.8% cap+1.5% gain capturedTODAY · SPY +1.5%Between buffer and capBSEP: reference +1.5% since period start, fund +1.4%; buffer 0 to −9; cap +19.8%; Between buffer and cap. Figures to Oct 9, 2026.9 pts+18.3% to cap−9.0% floor0% start+19.8% cap+1.5% gain capturedTODAY · SPY +1.5%

BSEP: reference +1.5% since period start, fund +1.4%; buffer 0 to −9; cap +19.8%; Between buffer and cap. Figures to Oct 9, 2026.

BSEP: reference +1.5% since period start, fund +1.4%; buffer 0 to −9; cap +19.8%; 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 BSEP has 326, 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; BSEP runs to Aug 31, 2027, 326 days. BSEP can still gain 18.0% before its cap, FJAN 3.8%. A fall from here reaches BSEP’s buffer after 1.4% 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

Total returnGap to the reference's price return
WindowBSEPFJANBSEPFJAN
3 months+3.2%+3.1%+0.1 pts−0.1 pts
6 months+10.5%+10.3%−4.1 pts−4.3 pts
1 year+13.2%+13.8%−2.8 pts−2.1 pts
3 years+60.8%+54.9%−18.4 pts−24.3 pts

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

On the same fields

BSEP
Innovator U.S. Equity Buffer ETF - Sep · Absorbs the first 9% of loss on SPY and caps the gain at 19.8%, over a period ending Aug 31, 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 Aug 31, 2026 to Aug 31, 2027 Jan 20, 2026 to Jan 15, 2027
Days left 326 98
Starting cap +19.8% +14.5%
Can still gain 18.0% 3.8%
Fall before buffer 1.4% 9.4%
Protection left, index points 9.0% of 9.0% 10.0% of 10.0%
Index return this period +1.5% +12.6%
Fund return this period +1.4% +9.5%
State today Open Open
Expense ratio 0.79% 0.85%
Net assets $470m $1.5bn

As of Oct 9, 2026. Source: ETFIQ.

BSEP in plain words

From its price on Oct 9, 2026, the fund can gain about 18.0% more before it reaches its cap. The fund's price can fall 1.4% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 1.5% 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. 326 days remained on Oct 9, 2026. On Aug 31, 2027 the period ends and a new cap is set.

FJAN in plain words

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, BSEP or FJAN?
From their prices on Oct 9, 2026, BSEP can gain about 18.0% before its cap and FJAN about 3.8%, so BSEP has more room left this period.
Which resets first, BSEP or FJAN?
BSEP ends its outcome period on Aug 31, 2027 and FJAN on Jan 15, 2027. A new cap is set the day after each.
Which is cheaper, BSEP or FJAN?
BSEP charges 0.79% a year and FJAN charges 0.85%, so BSEP is cheaper. Fees come from each fund's prospectus.
Other comparisons
BSEP vs FAUGBSEP vs FJULBSEP vs FAPRBSEP vs PJULFJAN vs PMARFJAN vs PNOVFJAN vs PJUNFJAN vs PFEB
SPY →BSEP on its own →FJAN on its own →How every figure is computed →Standards and sources →
Where these figures came from
BSEP filings on SEC EDGAR ↗Innovator page for BSEP ↗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 page

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

Open data

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