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BSEP vs TENJ

Innovator U.S. Equity Buffer ETF

BSEPBCboe

iShares Large Cap 10% Target Buffer Jun ETF

TENJBCboe

Overlap

0.0%by weight

Expense ratio

TENJ −0.26pt a year

BSEP0.79%TENJ0.53%

Avg volume · 30D

BSEP 2.3×the volume

BSEP56.1KTENJ24.6K

BSEP vs TENJ Performance

Oct 31, 2025 – Oct 30, 2026

+10.2%BSEP+11.7%TENJ

Oct 31, 2025 to Oct 30, 2026. BSEP +10.2%. TENJ +11.7%. Use the arrow keys to read each point.0%5%15%Oct 2025Apr 2026Oct 2026
Expense ratio
BSEP 0.79%
TENJ 0.53%, better
Fund size
BSEP $459M
TENJ $47M
1Y total return
BSEP +10.2%
TENJ +11.7%, better
Yield (12M)
BSEP 0.00%
TENJ No data
Holdings
BSEP 503
TENJ 4
Avg volume (30D)
BSEP 56.1K sh, better
TENJ 24.6K sh
NAV per share
BSEP $53.71
TENJ $28.09
52W range

ETF.net Grade

BSEP: Cost 40, Risk 40, Mission 97, Tradability 66, Holdings 90, Durability 76. TENJ: Cost 86, Risk 49, Mission not scored, Tradability 66, Holdings 51, Durability 41.
Pillar letters and Scores for BSEP, TENJ, with each pillar’s weight
PillarBSEPTENJ
Cost30% weightC40A86Higher
Mission25% weightA97Not scored
Risk15% weightC40C49Higher
Tradability15% weightB66B66
Holdings10% weightA90HigherC51
Durability5% weightA76HigherC41

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

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. BSEP and TENJ 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 ›

TENJ ranks 3rd and BSEP 30th of 77 funds in the S&P 500 Buffer 9-12% Category.

  1. Rank 1AZALTInnovator U.S. Equity 10 Buffer ETF - QuarterlyScore 77
  2. Rank 2BAUGPPGIM S&P 500 Buffer 12 ETF - AugustScore 67
  3. Rank 3BTENJiShares Large Cap 10% Target Buffer Jun ETFScore 66
  4. Rank 4BSIXJAllianzIM U.S. Equity 6 Month Buffer10 Jan/Jul ETFScore 65
  5. Rank 30CBFEBInnovator U.S. Equity Buffer ETF - FebruaryScore 54
  6. Rank 30BBSEPInnovator U.S. Equity Buffer ETFScore 54
  7. Rank 32CAUGTAllianzIM U.S. Equity Buffer10 Aug ETFScore 53

Our read on each fund

ETF.net Research

BSEPBInnovator U.S. Equity Buffer ETF

TENJBiShares Large Cap 10% Target Buffer Jun ETF

In short

BSEP Innovator's September-reset buffer fund: it tracks SPY, absorbs the first 9% of a decline, and trades that cushion for a cap reset every fall. Downside padding with a ceiling, on a schedule you can mark on a calendar.

TENJ No data

Stated mandate

BSEP The fund seeks to track the return of SPDR S&P 500 ETF Trust, subject to a predetermined cap, while protecting investors against the first 9% of losses during the outcome period. It resets approximately annually.

TENJ No data

Why people hold it

  • BSEP Absorbs the first 9% of an SPY decline over each roughly one-year outcome period, a cushion written into the fund's documents rather than left to a manager's call.
  • The terms are mechanical and public: SPY as the reference, a 9% buffer, a cap set at each September reset, the period running through the end of August.
  • The 0.79% fee lands right at the median for buffer funds, so the defined-outcome wrapper isn't costing a premium versus the pack.
  • Running since 2019, with years of completed reset cycles behind it across both rising and falling markets.

TENJ No data

Worth knowing

  • BSEP Cheaper buffered exposure exists. Innovator's own laddered BUFB charges 0.10% and spreads money across staggered outcome periods instead of one annual window.
  • Trading is thin next to the category's larger funds, so spreads can widen. Limit orders are the usual defense.
  • No distributions: the payoff is built around price movement inside the cap and buffer. Buying mid-period also means a different cap and remaining cushion than a fresh start.

TENJ No data

Full BSEP profile⁠

Full TENJ profile⁠

BSEP vs TENJ Holdings

How BSEP and TENJ differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of BSEP and 0.0% of TENJ.

Level by level

  • Holdings0 in both0.0%
  • Asset classEquity100%
  • Countryby domicile100%

Sector

No Sector split for TENJ.

Country, concentration and asset class

Country by domicile

Country weights in BSEP and TENJ, widest gap first
CountryMore in BSEPMore in TENJ
United StatesTENJ +0.1 points
SwitzerlandSame weight
ChinaSame weight
MexicoBSEP +0.1 points
IrelandSame weight
United KingdomSame weight

Concentration

Weight in the 10 largest Holdings

  • BSEP40.2%
  • TENJ102.6%

Securities held

  • BSEP503
  • TENJ2

Asset class

BSEP
Equity
TENJ
Equity

Holdings

  • Only in BSEP503
  • In both0
  • Only in TENJ2

Only in BSEP

503 securities, 100% of BSEP by weight

  • Apple Inc7.53%
  • NVIDIA Corp7.42%
  • Microsoft Corp5.81%

Only in TENJ

2 securities, 100% of TENJ by weight

  • Ishares Core S&P Etf Trust97.64%
  • JUL27 Ivv Us P @ 748.894.03%

Weight gaps

BSEP and TENJ share no securities.

All BSEP holdings⁠All TENJ 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.

BSEP vs TENJ Cost

Overpaying BSEP vs TENJ

$4,638

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

  • BSEP 0.79%

    $15,174

  • TENJ 0.53%

    $10,536

$10,000
30 years

Cost over time

  • BSEP 0.79%
  • TENJ 0.53%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530BSEP $15,174TENJ $10,536

Year by year

YearBSEPTENJOverpaying
10$1,405$953$452
20$5,331$3,658$1,673
30$15,174$10,536$4,638

Expense ratio

  • 0.79%BSEP
  • 0.53%TENJ, cheaper
  • Middle half of S&P 500 Buffer 9-12% funds
  • Median 0.79%

TENJ 11th cheapest of 77 funds

BSEP 34th cheapest of 77 funds

BSEP vs TENJ Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
BSEP 0.00%
TENJ No data
Payout (12M)
BSEP None
TENJ No data
Last payment
BSEP No data
TENJ $0.07
Ex-dividend
BSEP No data
TENJ Dec 23, 2025
Paid on
BSEP No data
TENJ Dec 29, 2025
Frequency
BSEP No data
TENJ Irregular

Distribution history

Per share, 2019 to 2026, same scale for both

BSEP1 paymentAll BSEP payments⁠
One bar per payment. 1 payment from 2019 to 2026 YTD. Nov 19, 2019 $0.36. Use the arrow keys to read each point.$0$0.25202020232026YTD
TENJIrregular · 1 paymentAll TENJ payments⁠
One bar per payment. 1 payment from 2019 to 2026 YTD. Dec 23, 2025 $0.07. Use the arrow keys to read each point.$0$0.25202020232026YTD

BSEP vs TENJ Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
BSEP 8.1%TENJ 8.6%since Nov 2025
Return per unit of riskSharpe ratio, 3 years
BSEP 1.50TENJ 0.90since Nov 2025
Worst fallMax drawdown, 5 years
BSEP −15.0%TENJ −5.5%since Oct 2025
Market sensitivityBeta, 5 years
BSEP 0.65TENJ 0.63

BSEP and TENJ in the news

All news⁠

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