Which resets first, FEBU or GJAN?

FEBU ends its outcome period on Jan 31, 2027 and GJAN on Jan 15, 2027. New terms are set the day after each.

Which is cheaper, FEBU or GJAN?

FEBU charges 0.74% a year and GJAN charges 0.85%, so FEBU is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Buffer ETFs

FEBU vs GJAN: Cap, Buffer & Days Left

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As of Nov 4, 2026 GJAN can fall 8.1% before its buffer engages and FEBU 7.4%, and GJAN resets 16 days sooner.

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Net assets on Nov 3, 2026: $47m for AllianzIM U.S. Equity Buffer15 Uncapped ETF - Feb and $433m for FT Vest U.S. Equity Moderate Buffer ETF - January.

FEBU on its own →GJAN on its own →

At a glance

7.4%

FEBU can fall this far before its buffer

8.1%

GJAN can fall this far before its buffer

uncapped

FEBU can still gain

2.8%

GJAN can still gain

FEBU No cap

FEBU: reference +10.8% since period start, fund +7.1%; buffer 0 to −15; no cap; No cap. Data to Nov 4, 2026.

GJAN Between buffer and cap

GJAN: reference +10.8% since period start, fund +7.9%; buffer 0 to −15; cap +11.8%; Between buffer and cap. Data to Nov 4, 2026.

Data to Nov 4, 2026.

Pair scorecard

FEBU costs 0.11 points a year less; their one-year returns differ by 1.7 points; GJAN is 9.2 times larger.

Points (pts) are percentage points.

FEBU vs GJAN: Cap, Buffer & Days Left
Measure	FEBU	GJAN
Return
Measure	FEBU	GJAN
Total return, 1 year	+9.0%	+10.7%
Drawdown
Measure	FEBU	GJAN
Index fall to the buffer	9.8%
Benchmark
Measure	FEBU	GJAN
What it tracks	SPY	SPY
Cost and size
Measure	FEBU	GJAN
Expense ratio	0.74%	0.85%
Net assets, as of Nov 3, 2026	$47m	$433m
Holdings
Measure	FEBU	GJAN
Holdings in common	not published

ETFIQ Downside Cover Score · FEBU scores higher If the market falls into a bear market from here, how much does the buffer absorb?

IQ Buffer Score64.6FEBU55.7GJAN

How much of a bear-market fall the buffer would absorb from today's level, ranked against 292 buffer ETFs on stocks with a live outcome period. 100 is best. How it is computed

FEBU 64.6

GJAN 55.7

0.3, the lowest in this set 99.7, the highest

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 →

Method

Window by window

Window by window: FEBU vs GJAN: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	FEBU	GJAN	FEBU	GJAN
3 months	−1.3%	+1.6%	−0.9 pts	+2.0 pts
6 months	+2.3%	+4.4%	−2.2 pts	−0.1 pts
1 year	+9.0%	+10.7%	−4.6 pts	−2.8 pts
3 years	–	+41.9%	–	−34.5 pts
Since launchNot the same days: FEBU Feb 2025 · GJAN Jan 2023	+19.7%	+52.7%	−8.6 pts	−38.7 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. – means no data for this window. Open this comparison in the app →

Side by side

FEBU AllianzIM U.S. Equity Buffer15 Uncapped ETF - Feb · Absorbs the first 15% of loss on SPY and does not cap the gain, over a period ending Jan 31, 2027 GJAN FT Vest U.S. Equity Moderate Buffer ETF - January · Absorbs the first 15% of loss on SPY and caps the gain at 11.8%, over a period ending Jan 15, 2027

Issuer AllianzIM First Trust

Reference index SPY SPY

Buffer 15% 15%

Outcome period Feb 1, 2026 to Jan 31, 2027 Jan 20, 2026 to Jan 15, 2027

Days left 88 72

Starting cap uncapped +11.8%

Can still gain uncapped 2.8%

Fall before buffer 7.4% 8.1%

Protection left, index points 15.0% of 15.0% 15.0% of 15.0%

Index return this period +10.8% +10.8%

Fund return this period +7.1% +7.9%

State today Uncapped Open

Expense ratio 0.74% 0.85%

Net assets, as of Nov 3, 2026 $47m $433m

As of Nov 4, 2026. Source: ETFIQ.

Where each one stands today

GJAN resets first, on Jan 15, 2027, 72 days from now; FEBU runs to Jan 31, 2027, 88 days. A fall from here reaches FEBU’s buffer after 7.4% and GJAN’s after 8.1%. Both track SPY, so what separates them is where each is in its own period.

Alert

About each fund

FEBU

This fund has no cap. It takes a share of any further rise in SPY. The fund's price can fall 7.4% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 9.8% 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. 88 days remained on Nov 4, 2026. On Jan 31, 2027 the period ends and new terms are set.

GJAN

From its price on Nov 4, 2026, the fund can gain about 2.8% more before it reaches its cap. The fund's price can fall 8.1% from here before the buffer starts absorbing losses, by the issuer's number. 72 days remained on Nov 4, 2026. On Jan 15, 2027 the period ends and a new cap is set.

Questions people ask

Which resets first, FEBU or GJAN?: FEBU ends its outcome period on Jan 31, 2027 and GJAN on Jan 15, 2027. New terms are set the day after each.
Which is cheaper, FEBU or GJAN?: FEBU charges 0.74% a year and GJAN charges 0.85%, so FEBU is cheaper. Fees come from each fund's prospectus.

Other comparisons

FEBU vs FJAN FEBU vs DHDG FEBU vs XJAN FEBU vs SIXF GJAN vs PMAY GJAN vs PNOV GJAN vs PJUN GJAN vs PFEB

Where to next

SPDR® S&P 500® ETF Trust →FEBU on its own →GJAN on its own →Method →Standards and sources →

Sources and dates

FEBU filings on SEC EDGAR ↗

AllianzIM page for FEBU ↗

GJAN filings on SEC EDGAR ↗

First Trust page for GJAN ↗

Links are sources, not endorsements. 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 number 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 number is an ETFIQ calculation with distributions reinvested.

Cite this pageCitation, APA and Markdown

ETFIQ, FEBU against GJAN, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/febu-vs-gjan

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