BJAN vs JANP: Grades, Fees and Holdings Compared

Innovator U.S. Equity Buffer ETF

BJANCCboe

PGIM S&P 500 Buffer 12 ETF - January

JANPBCboe

Overlap

0.0%by weight

Expense ratio

JANP −0.29pt a year

BJAN0.79%JANP0.50%

Avg volume · 30D

BJAN 1.9×the volume

BJAN17.9KJANP9.46K

BJAN vs JANP Performance

Nov 7, 2025 – Nov 9, 2026

+12.9%BJAN+11.9%JANP

Expense ratio: BJAN 0.79%; JANP 0.50%, better
Fund size: BJAN $338M; JANP $57M
1Y total return: BJAN +12.9%, better; JANP +11.9%
Yield (12M): BJAN 0.00%; JANP No data
Holdings: BJAN 3; JANP 4
Avg volume (30D): BJAN 17.9K sh, better; JANP 9.46K sh
NAV per share: BJAN $59.06; JANP $35.06
52W range

ETF.net Grade

Pillar letters and Scores for BJAN, JANP, with each pillar’s weight
Pillar	BJAN	JANP
Cost30% weight	C40	A91Higher
Mission25% weight	Not scored	Not scored
Risk15% weight	C51	B60Higher
Tradability15% weight	A82Higher	D28
Holdings10% weight	Not scored	Not scored
Durability5% weight	A82Higher	C46

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

How we build Categories ›

Same Category. BJAN 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 BJAN 26th 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 24BSIXFAllianzIM U.S. Equity 6 Month Buffer10 Feb/Aug ETFScore 56
Rank 26CBJANInnovator U.S. Equity Buffer ETFScore 55
Rank 26BBSEPInnovator U.S. Equity Buffer ETFScore 55

Our read on each fund

ETF.net Research

BJANCInnovator U.S. Equity Buffer ETF

JANPBPGIM S&P 500 Buffer 12 ETF - January

In short

BJAN A written-down deal instead of a forecast: BJAN absorbs the first 9% of SPDR S&P 500 ETF Trust losses over a one-year outcome period that resets every January, and gives up upside above a cap in exchange. It has run that same playbook since 2019.

JANP No data

Stated mandate

BJAN The Fund seeks to match the return of the SPDR S&P 500 ETF Trust up to a stated upside cap while protecting against the first 9% of losses during the applicable outcome period.

JANP No data

Why people hold it

BJAN The terms are spelled out in the prospectus, not implied: first 9% of reference losses absorbed, upside capped, one-year outcome period starting each January.innovatoretfs.com
Trading since January 2019, so the January series has rolled through real market cycles rather than arriving on the back of a model.
The 0.79% expense ratio sits right at the median for buffer funds built on the same reference, so you are paying the going rate for the structure.
Stands in the upper half of its buffer-fund peer group, with a long operating record doing the most to hold it there.

JANP No data

Worth knowing

BJAN The cap is reset each January and set by option pricing at the time. Buy mid-period and you get the buffer and upside that remain, not the headline terms.innovatoretfs.com
Trades lightly next to the busiest buffer funds, which can mean wider spreads. Limit orders do more work here than in a mega-cap index fund.
Cheaper routes to a similar trade exist in the same cohort: BUFB ladders buffers across months at 0.10%, ZALT runs a quarterly reset at 0.69%.

JANP No data

Full BJAN profile⁠

Full JANP profile⁠

BJAN vs JANP Holdings

How BJAN 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 BJAN and JANP, widest gap first
Sector	Gap	BJAN	JANP
Technology	BJAN +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	BJAN +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 BJAN and JANP, widest gap first
Country	Gap	BJAN	JANP
United States	Same weight	99.5%	99.5%
Switzerland	Same weight	0.3%	0.3%
China	Same weight	0.1%	0.1%
Mexico	JANP +0.1 points	0.0%	0.1%
Ireland	Same weight	0.0%	0.0%
United Kingdom	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

BJAN100.8%
JANP101.0%

Securities held

BJAN3
JANP3

Asset class

BJAN: Stocks
JANP: Alternatives

Holdings

Only in BJAN3
In both0
Only in JANP3

Only in BJAN

3 securities, 100% of BJAN by weight

Spy 12/31/2026 6.83 C99.30%
Spy 12/31/2026 681.93 P1.19%
Us Bank Mmda - Usbgfs 9 09/01/20370.31%

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

BJAN and JANP share no securities.

All 6 BJAN 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.

BJAN vs JANP Cost

Overpaying BJAN vs JANP

$5,195

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

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

Amount$10,000

Years30 years

Cost over time

BJAN 0.79%
JANP 0.50%
Overpaying

Year by year

Year	BJAN	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%BJAN
0.50%JANP, cheaper

JANP0.50%BJAN0.79%

0.25%0.85%

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

JANP 5th cheapest of 77 funds

BJAN 34th cheapest of 77 funds

BJAN vs JANP Dividends

Last 12 months to Nov 9, 2026

Yield (12M): BJAN 0.00%; JANP No data
Payout (12M): BJAN None; JANP None

Distribution history

Per share, 2019, same scale for both

BJAN1 paymentAll BJAN payments⁠

JANPAll JANP payments⁠

No distribution history available.

BJAN vs JANP Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: BJAN 8.6%JANP 6.3%since Feb 2024
Return per unit of riskSharpe ratio, 3 years: BJAN 1.55JANP 1.33since Feb 2024
Worst fallMax drawdown, 5 years: BJAN −17.4%JANP −12.2%since Jan 2024
Market sensitivityBeta, 5 years: BJAN 0.72JANP 0.50; Market = 1

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