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BSEP vs PJUN: Cap, Buffer & Days Left

As of Oct 13, 2026 PJUN can fall 3.0% before its buffer engages and BSEP 1.4%, and PJUN resets 92 days sooner. Net assets on Oct 13, 2026: $470m for Innovator U.S. Equity Buffer ETF - Sep and $888m for Innovator U.S. Equity Power Buffer ETF - Jun.

Both cost 0.79% a year; their one-year returns differ by 5.6 points; PJUN is 1.9 times larger.

Points (pts) are percentage points.

BSEP vs PJUN: Cap, Buffer & Days Left
BSEPPJUN
Expense ratio0.79%0.79%
Net assets$470m$888m
Total return, 1 year+14.0%+8.4%
What it tracksSPYSPY
Holdings in commonnot published
Index fall to the buffer1.4%2.8%
1.4%
BSEP can fall this far before its buffer
3.0%
PJUN can fall this far before its buffer
18.1%
BSEP can still gain
10.4%
PJUN can still gain
BSEPBetween buffer and cap
Between buffer and capBSEP: reference +1.4% since period start, fund +1.3%; buffer 0 to −9; cap +19.8%; Between buffer and cap. Figures to Oct 13, 2026.9 pts of buffer+18.3% more to the cap−9.0% floor0% period start+19.8% cap+1.4% gain capturedTODAY · SPY +1.4%Between buffer and capBSEP: reference +1.4% since period start, fund +1.3%; buffer 0 to −9; cap +19.8%; Between buffer and cap. Figures to Oct 13, 2026.9 pts+18.3% to cap−9.0% floor0% start+19.8% cap+1.4% gain capturedTODAY · SPY +1.4%

BSEP: reference +1.4% since period start, fund +1.3%; buffer 0 to −9; cap +19.8%; Between buffer and cap. Figures to Oct 13, 2026.

BSEP: reference +1.4% since period start, fund +1.3%; buffer 0 to −9; cap +19.8%; Between buffer and cap. Figures to Oct 13, 2026.

PJUNBetween buffer and cap
Between buffer and capPJUN: reference +2.9% since period start, fund +2.8%; buffer 0 to −15; cap +13.8%; Between buffer and cap. Figures to Oct 13, 2026.15 pts of buffer+2.9%+10.9% more to the cap−15.0% floor0% period start+13.8% capTODAY · SPY +2.9%Between buffer and capPJUN: reference +2.9% since period start, fund +2.8%; buffer 0 to −15; cap +13.8%; Between buffer and cap. Figures to Oct 13, 2026.15 pts−15.0% floor0% start+13.8% cap+2.9% gain captured+10.9% more to the capTODAY · SPY +2.9%

PJUN: reference +2.9% since period start, fund +2.8%; buffer 0 to −15; cap +13.8%; Between buffer and cap. Figures to Oct 13, 2026.

PJUN: reference +2.9% since period start, fund +2.8%; buffer 0 to −15; cap +13.8%; Between buffer and cap. Figures to Oct 13, 2026.

ETFIQ Downside Cover Score · PJUN 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. PJUN has 230 days of its period left and BSEP has 322, 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

PJUN resets first, on May 31, 2027, 230 days from now; BSEP runs to Aug 31, 2027, 322 days. BSEP can still gain 18.1% before its cap, PJUN 10.4%. A fall from here reaches BSEP’s buffer after 1.4% and PJUN’s after 3.0%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

Performance, window by window: BSEP vs PJUN: Cap, Buffer & Days Left
Total returnGap to the reference's price return
WindowBSEPPJUNBSEPPJUN
3 months+3.3%+2.5%−0.2 pts−1.0 pts
6 months+8.9%+4.0%−3.1 pts−8.0 pts
1 year+14.0%+8.4%−3.3 pts−8.9 pts
3 years+61.8%+41.1%−18.5 pts−39.1 pts
Since launch
Not the same days: BSEP Sep 2019 · PJUN Jun 2019
+126.8%+75.2%−40.8 pts−108.2 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

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
PJUN
Innovator U.S. Equity Power Buffer ETF - Jun · Absorbs the first 15% of loss on SPY and caps the gain at 13.8%, over a period ending May 31, 2027
Issuer Innovator Innovator
Reference index SPY SPY
Buffer 9% 15%
Outcome period Aug 31, 2026 to Aug 31, 2027 May 31, 2026 to May 31, 2027
Days left 322 230
Starting cap +19.8% +13.8%
Can still gain 18.1% 10.4%
Fall before buffer 1.4% 3.0%
Protection left, index points 9.0% of 9.0% 15.0% of 15.0%
Index return this period +1.4% +2.9%
Fund return this period +1.3% +2.8%
State today Open Open
Expense ratio 0.79% 0.79%
Net assets $470m $888m

As of Oct 13, 2026. Source: ETFIQ.

About BSEP

From its price on Oct 13, 2026, the fund can gain about 18.1% 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 1.4% 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. 322 days remained on Oct 13, 2026. On Aug 31, 2027 the period ends and a new cap is set.

About PJUN

From its price on Oct 13, 2026, the fund can gain about 10.4% more before it reaches its cap. The fund's price can fall 3.0% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 2.8% 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. 230 days remained on Oct 13, 2026. On May 31, 2027 the period ends and a new cap is set.

Questions people ask

Which has more room to gain, BSEP or PJUN?
From their prices on Oct 13, 2026, BSEP can gain about 18.1% before its cap and PJUN about 10.4%, so BSEP has more room left this period.
Which resets first, BSEP or PJUN?
BSEP ends its outcome period on Aug 31, 2027 and PJUN on May 31, 2027. A new cap is set the day after each.
Which is cheaper, BSEP or PJUN?
BSEP and PJUN both charge 0.79% a year, so neither is cheaper. Fees come from each fund's prospectus.
Other comparisons
BSEP vs PNOVBSEP vs PMAYBSEP vs PMARBSEP vs DJULPJUN vs POCTPJUN vs PSEPPJUN vs FMAYPJUN vs JUNT
SPY →BSEP on its own →PJUN on its own →How every figure is computed →Standards and sources →
Where these figures came from
BSEP and PJUN filings on SEC EDGAR ↗Innovator page for BSEP ↗Innovator page for PJUN ↗

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, BSEP against PJUN, data as of Oct 13, 2026. https://etfiq.com/compare/buffer/bsep-vs-pjun

Open data

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