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Data as of Oct 28, 2026.

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JANZ vs SPY: Differences, Returns & Fees

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Over the year to Oct 28, 2026, JANZ returned +9.1% to SPY's +13.6%, and SPY charges 0.09% to JANZ's 0.80%.

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Net assets on Oct 27, 2026: $41m for TrueShares Structured Outcome (January) ETF and $814.8bn for SPDR S&P 500 ETF Trust.

JANZ on its own →SPY on its own →
At a glance
+9.1%
JANZ total return, 1 year
+13.6%
SPY total return, 1 year
0.80%
JANZ expense ratio
0.09%
SPY expense ratio

Pair scorecard

SPY costs 0.71 points a year less; their one-year returns differ by 4.5 points; SPY is far larger, $814.8bn against $41m.

JANZ vs SPY: Differences, Returns & Fees
MeasureJANZSPY
Return
Total return, 1 year+9.1%+13.6%
Drawdown
Index fall to the buffer11.0%
Fund price fall to the buffer8.4%
Benchmark
What it tracksSPXS&P 500 Index
The outcome period
Buffer left, in index points10.0% of 10.0%
Days left in the period66
Period endsDec 31, 2026
Cost and size
Expense ratio0.80%0.09%
Net assets, as of Oct 27, 2026$41m$814.8bn
Holdings
Holdings in commonnot published
In the S&P 500, by weight100%
Top ten holdings, share of the fund38.1%

Method

Side by side

JANZ TrueShares Structured Outcome (January) ETF SPY SPDR S&P 500 ETF Trust
Where it sits Buffer ETF Stock ETF
Issuer TrueShares State Street
What it is Defined outcome, 10% on SPX Tracks the S&P 500
Total return, 1 year +9.1% +13.6%
Its benchmark over the same days +12.4% (SPX) +13.7% (VOO)
Gap to its benchmark −3.3 pts vs SPX −0.1 pts vs VOO
Expense ratio 0.80% 0.09%
Holdings not read by ETFIQ 504
Net assets, as of Oct 27, 2026 $41m $814.8bn

JANZ and SPY on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.

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About each fund
JANZ

66 days remained on Oct 26, 2026.

This fund has no cap. It takes a share of any further rise in SPX. The fund's price can fall 8.4% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPX can fall 11.0% from today's level to the point where the buffer begins. Protection left, in index points: 10.0% of the 10.0% buffer still sits below today's SPX level. On Dec 31, 2026 the period ends and new terms are set.

SPY

SPY tracks the S&P 500. Over the year to Oct 28, 2026 it returned +13.6% with distributions reinvested, against +13.7% for its benchmark, the S&P 500 Index. The prospectus expense ratio is 0.09% a year. By its holdings published by its issuer for Oct 27, 2026, 100% of the fund by weight is stocks the S&P 500 also holds, across 504 positions, with the top ten at 38.1%.

Questions people ask

Are JANZ and SPY in the same category?
JANZ is a buffer ETF and SPY is a stock ETF, so they do different jobs. The table compares what both publish: return, cost and holdings.
Which returned more over the last year, JANZ or SPY?
In the year to Oct 28, 2026, with distributions reinvested, JANZ returned +9.1% and SPY +13.6%.
Which is cheaper, JANZ or SPY?
SPY is cheaper, by 0.71 percentage points a year. That is about $71 on $10,000 held for a year. Fees come from each fund's prospectus.
Other comparisons
JANZ vs VOOJANZ vs SPYMIVV vs JANZOCTZ vs SPYJULZ vs SPYAUGZ vs SPYNOVZ vs SPYAPRZ vs SPY
Where to next
JANZ on its own →SPY on its own →Hold both: look the portfolio through →Rankings →JANZ dividend history →SPY dividend history →SPY holdings →Standards and sources →
Sources and dates
JANZ filings on SEC EDGAR ↗
TrueShares website ↗
SPY filings on SEC EDGAR ↗
State Street website ↗

Links are sources, not endorsements. A comparison is not a recommendation.

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ETFIQ, JANZ against SPY, data as of Oct 28, 2026. https://etfiq.com/compare/any/janz-vs-spy

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