Which has more room to gain, BSEP or GJAN?

From their prices on Oct 2, 2026, BSEP can gain about 19.1% before its cap and GJAN about 3.3%, so BSEP has more room left this period.

Which resets first, BSEP or GJAN?

BSEP ends its outcome period on Aug 31, 2027 and GJAN on Jan 15, 2027. A new cap is set the day after each.

Which is cheaper, BSEP or GJAN?

BSEP charges 0.79% a year and GJAN charges 0.85%, so BSEP is cheaper. Fees come from each fund's prospectus.

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BSEP vs GJAN: which one stands where?

As of Oct 2, 2026 GJAN can fall 7.7% before its buffer engages and BSEP 0.6%, and GJAN resets 228 days sooner. Innovator U.S. Equity Buffer ETF - Sep and FT Vest U.S. Equity Moderate Buffer ETF - January.

BSEP costs 0.06 points a year less; their one-year returns differ by 1.5 points.

	BSEP	GJAN
Expense ratio	0.79%	0.85%
Net assets	$466m	$444m
Total return, 1 year	+12.4%	+10.9%
What it tracks	SPY	SPY
Holdings in common	not published

0.6%

BSEP can fall this far before its buffer

7.7%

GJAN can fall this far before its buffer

19.1%

BSEP can still gain

3.3%

GJAN can still gain

BSEPBetween buffer and cap

BSEP: reference +0.3% since period start, fund +0.5%; buffer 0 to −9; cap +19.8%; Between buffer and cap.

GJANBetween buffer and cap

GJAN: reference +11.3% since period start, fund +7.4%; buffer 0 to −15; cap +11.8%; Between buffer and cap.

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

BSEP 16.5

GJAN 59.4

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 →

They do not reset together. GJAN has 105 days of its period left and BSEP has 333, so the two are not the same bet on the same months.

Where each one stands today

GJAN resets first, on Jan 15, 2027, 105 days from now; BSEP runs to Aug 31, 2027, 333 days. BSEP can still gain 19.1% before its cap, GJAN 3.3%. A fall from here reaches BSEP’s buffer after 0.6% and GJAN’s after 7.7%. 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	BSEP	GJAN	BSEP	GJAN
3 months	+3.1%	+2.8%	−0.5 pts	−0.8 pts
6 months	+12.4%	+9.9%	−5.5 pts	−8.1 pts
1 year	+12.4%	+10.9%	−3.9 pts	−5.3 pts
3 years	+63.4%	+44.9%	−25.9 pts	−44.4 pts

BSEP and GJAN over each window. Every figure is an ETFIQ calculation with distributions reinvested. 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

GJAN

FT Vest U.S. Equity Moderate Buffer ETF - January · Absorbs the first 15% of loss on SPY and caps the gain at 11.8%, over a period ending Jan 15, 2027

Issuer Innovator First Trust

Reference index SPY SPY

Buffer 9% 15%

Outcome period Aug 31, 2026 to Aug 31, 2027 Jan 20, 2026 to Jan 15, 2027

Days left 333 105

Starting cap +19.8% +11.8%

Can still gain 19.1% 3.3%

Fall before buffer 0.6% 7.7%

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

Index return this period +0.3% +11.3%

Fund return this period +0.5% +7.4%

State today Open Open

Expense ratio 0.79% 0.85%

Net assets $466m $444m

BSEP and GJAN on the same fields, as of Oct 2, 2026. Source: ETFIQ.

BSEP in plain words

From its price on Oct 2, 2026, the fund can gain about 19.1% more before it reaches its cap. The fund's price can fall 0.6% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 0.3% 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. 333 days remained on Oct 2, 2026. On Aug 31, 2027 the period ends and a new cap is set.

GJAN in plain words

From its price on Oct 2, 2026, the fund can gain about 3.3% more before it reaches its cap. The fund's price can fall 7.7% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 10.1% 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. 105 days remained on Oct 2, 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 GJAN?: From their prices on Oct 2, 2026, BSEP can gain about 19.1% before its cap and GJAN about 3.3%, so BSEP has more room left this period.
Which resets first, BSEP or GJAN?: BSEP ends its outcome period on Aug 31, 2027 and GJAN on Jan 15, 2027. A new cap is set the day after each.
Which is cheaper, BSEP or GJAN?: BSEP charges 0.79% a year and GJAN charges 0.85%, so BSEP is cheaper. Fees come from each fund's prospectus.

Other comparisons

BSEP vs ZSEP BSEP vs CPSA BSEP vs CPST BSEP vs DAPR GJAN vs PMFB GJAN vs POCT GJAN vs PSEP GJAN vs SIXF

SPY →BSEP on its own →GJAN 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 ↗GJAN filings on SEC EDGAR ↗First Trust page for GJAN ↗

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, BSEP against GJAN, data as of Oct 2, 2026. https://etfiq.com/compare/buffer/bsep-vs-gjan

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.