BDEC vs JANP: Grades, Fees and Holdings Compared

Innovator U.S. Equity Buffer ETF

BDECCCboe

PGIM S&P 500 Buffer 12 ETF - January

JANPBCboe

Overlap

0.0%by weight

Expense ratio

JANP −0.29pt a year

BDEC0.79%JANP0.50%

Avg volume · 30D

JANP 1.4×the volume

BDEC6.53KJANP9.46K

BDEC vs JANP Performance

Nov 7, 2025 – Nov 9, 2026

+11.8%BDEC+11.9%JANP

Expense ratio: BDEC 0.79%; JANP 0.50%, better
Fund size: BDEC $206M; JANP $57M
1Y total return: BDEC +11.8%; JANP +11.9%, better
Holdings: BDEC 3; JANP 4
Avg volume (30D): BDEC 6.53K sh; JANP 9.46K sh, better
NAV per share: BDEC $52.91; JANP $35.06
52W range

ETF.net Grade

Pillar letters and Scores for BDEC, JANP, with each pillar’s weight
Pillar	BDEC	JANP
Cost30% weight	C40	A91Higher
Mission25% weight	Not scored	Not scored
Risk15% weight	D37	B60Higher
Tradability15% weight	B59Higher	D28
Holdings10% weight	Not scored	Not scored
Durability5% weight	B69Higher	C46

Rank among S&P 500 Buffer 9-12% funds

How we build Categories ›

Same Category. BDEC and JANP are both graded against the same 77 S&P 500 Buffer 9-12% funds, so their Grades compare head to head.

S&P 500 Buffer 9-12%⁠

Category · 77 funds

See all 77 ›

JANP ranks 4th and BDEC 47th of 77 funds in the S&P 500 Buffer 9-12% Category.

Rank 1AZALTInnovator U.S. Equity 10 Buffer ETF - QuarterlyScore 76
Rank 2BAUGPPGIM S&P 500 Buffer 12 ETF - AugustScore 66
Rank 2BSIXJAllianzIM U.S. Equity 6 Month Buffer10 Jan/Jul ETFScore 66
Rank 4BJANPPGIM S&P 500 Buffer 12 ETF - JanuaryScore 65
Rank 4BOCTTAllianzIM U.S. Equity Buffer10 Oct ETFScore 65
Rank 43CFSEPFT Vest U.S. Equity Buffer ETF - SeptemberScore 46
Rank 47CBDECInnovator U.S. Equity Buffer ETFScore 45
Rank 47CFMAYFT Vest U.S. Equity Buffer ETF - MayScore 45

Our read on each fund

ETF.net Research

BDECCInnovator U.S. Equity Buffer ETF

JANPBPGIM S&P 500 Buffer 12 ETF - January

In short

BDEC Innovator invented the buffer ETF, and BDEC is the December door into that lineup: SPY's price moves with the first 9% of losses absorbed, the upside capped, and the whole deal reset every December 1.

JANP No data

Stated mandate

BDEC The Fund uses a defined-outcome strategy intended to replicate its underlying ETF over an approximately one-year period, subject to a capped upside and protection against the first 9% of losses.

JANP No data

Why people hold it

BDEC The terms are written down before you commit: 9% of the reference ETF's price losses absorbed (before the 0.79% fee) over a roughly one-year period, with the new cap published each December 1.sec.gov
At 0.79% the fee sits at the category median, and it undercuts the dated buffer funds built on the same reference (FDEC, FJUL, FMAR and siblings at 0.85%).
One rung in a twelve-month series from the shop that listed the first defined-outcome ETFs in 2018. BDEC has been running its December reset since 2019.globenewswire.com

JANP No data

Worth knowing

BDEC Timing is the whole game. The buffer and cap are built for holders from the first day of the outcome period to the last; buy mid-period and your actual terms differ from the headline ones.sec.gov
You get SPY's price return, not its dividends: the fund's options don't collect them, so income isn't part of the design.sec.gov
Trading is thin for a fund of this size, so limit orders and a look at the spread earn their keep.

JANP No data

Full BDEC profile⁠

Full JANP profile⁠

BDEC vs JANP Holdings

How BDEC and JANP differ

Overlap by weight

0.0%

Level by level

Asset classStocks, Alternatives0.0%
Holdings0 in both0.0%
Sector11 Sectors98.1%
Countryby domicile99.98%

Sector

Sector weights in BDEC and JANP, widest gap first
Sector	Gap	BDEC	JANP
Technology	BDEC +1.5 points	38.2%	36.7%
Consumer Discretionary	JANP +0.5 points	9.2%	9.7%
Financials	JANP +0.5 points	12.0%	12.5%
Communication	JANP +0.4 points	8.4%	8.8%
Energy	BDEC +0.4 points	3.9%	3.5%
Health Care	JANP +0.2 points	10.3%	10.5%
Consumer Staples	JANP +0.2 points	4.9%	5.1%
Real Estate	JANP +0.1 points	1.8%	1.9%
Industrials	Same weight	7.6%	7.6%
Utilities	Same weight	2.1%	2.1%
Materials	Same weight	1.6%	1.6%

Country, concentration and asset class

Country by domicile

Country weights in BDEC and JANP, widest gap first
Country	Gap	BDEC	JANP
United States	Same weight	99.5%	99.5%
Switzerland	Same weight	0.3%	0.3%
China	Same weight	0.1%	0.1%
Mexico	Same weight	0.1%	0.1%
Ireland	Same weight	0.0%	0.0%
United Kingdom	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

BDEC100.3%
JANP101.0%

Securities held

BDEC3
JANP3

Asset class

BDEC: Stocks
JANP: Alternatives

Holdings

Only in BDEC3
In both0
Only in JANP3

Only in BDEC

3 securities, 100% of BDEC by weight

Spy 11/30/2026 6.85 C99.43%
Spy 11/30/2026 683.4 P0.54%
Us Bank Mmda - Usbgfs 9 09/01/20370.32%

Only in JANP

3 securities, 100% of JANP by weight

4SPY Us 12/31/26 C6.8299.22%
4SPY Us 12/31/26 P681.921.19%
Net Current Assets<0.01%

Weight gaps

BDEC and JANP share no securities.

All 6 BDEC holdings⁠All JANP holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

BDEC vs JANP Cost

Overpaying BDEC vs JANP

$5,195

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

BDEC 0.79%
$15,174
JANP 0.50%
$9,979

Amount$10,000

Years30 years

Cost over time

BDEC 0.79%
JANP 0.50%
Overpaying

Year by year

Year	BDEC	JANP	Overpaying
10	$1,405	$900	$505
20	$5,331	$3,460	$1,871
30	$15,174	$9,979	$5,195

Expense ratio

0.79%BDEC
0.50%JANP, cheaper

JANP0.50%BDEC0.79%

0.25%0.85%

Middle half of S&P 500 Buffer 9-12% funds
Median 0.79%

JANP 5th cheapest of 77 funds

BDEC 34th cheapest of 77 funds

BDEC vs JANP Dividends

Last 12 months to Nov 9, 2026

Payout (12M): BDEC None; JANP None

Distribution history

BDECAll BDEC payments⁠

No distribution history available.

JANPAll JANP payments⁠

No distribution history available.

BDEC vs JANP Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: BDEC 8.6%JANP 6.3%since Feb 2024
Return per unit of riskSharpe ratio, 3 years: BDEC 1.33JANP 1.33since Feb 2024
Worst fallMax drawdown, 5 years: BDEC −16.4%JANP −12.2%since Jan 2024
Market sensitivityBeta, 5 years: BDEC 0.72JANP 0.50; Market = 1

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