Which has more room to gain, FJAN or XJAN?

From their prices on Nov 4, 2026, FJAN can gain about 4.3% before its cap and XJAN about 1.7%, so FJAN has more room left this period.

Which resets first, FJAN or XJAN?

FJAN ends its outcome period on Jan 15, 2027 and XJAN on Jan 15, 2027. A new cap is set the day after each.

Which is cheaper, FJAN or XJAN?

FJAN and XJAN both charge 0.85% a year, so neither is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Buffer ETFs

FJAN vs XJAN: Cap, Buffer & Days Left

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As of Nov 4, 2026 FJAN can fall 9.1% before its buffer engages and XJAN 7.6%.

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Net assets on Nov 3, 2026: $1.5bn for FT Vest U.S. Equity Buffer ETF - January and $72m for FT Vest U.S. Equity Enhance & Moderate Buffer ETF - January.

FJAN on its own →XJAN on its own →

At a glance

9.1%

FJAN can fall this far before its buffer

7.6%

XJAN can fall this far before its buffer

4.3%

FJAN can still gain

1.7%

XJAN can still gain

FJAN Between buffer and cap

FJAN: reference +10.8% since period start, fund +9.1%; buffer 0 to −10; cap +14.5%; Between buffer and cap. Data to Nov 4, 2026.

XJAN At its cap

XJAN: reference +10.8% since period start, fund +7.3%; buffer 0 to −15; cap +9.9%; At its cap. Data to Nov 4, 2026.

Pair scorecard

Both cost 0.85% a year; their one-year returns differ by 3.7 points; FJAN is far larger, $1.5bn against $72m.

Points (pts) are percentage points.

FJAN vs XJAN: Cap, Buffer & Days Left
Measure	FJAN	XJAN
Return
Measure	FJAN	XJAN
Total return, 1 year	+12.9%	+9.2%
Drawdown
Measure	FJAN	XJAN
Index fall to the buffer	9.8%
Benchmark
Measure	FJAN	XJAN
What it tracks	SPY	SPY
Cost and size
Measure	FJAN	XJAN
Expense ratio	0.85%	0.85%
Net assets, as of Nov 3, 2026	$1.5bn	$72m
Holdings
Measure	FJAN	XJAN
Holdings in common	not published

Method

Window by window

Window by window: FJAN vs XJAN: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	FJAN	XJAN	FJAN	XJAN
3 months	+1.3%	+1.7%	+1.7 pts	+2.0 pts
6 months	+4.9%	+4.3%	+0.4 pts	−0.2 pts
1 year	+12.9%	+9.2%	−0.7 pts	−4.3 pts
3 years	+54.1%	–	−22.3 pts	–
Since launchNot the same days: FJAN Jan 2021 · XJAN Jan 2024	+88.2%	+27.9%	−14.3 pts	−30.7 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

FJAN FT Vest U.S. Equity Buffer ETF - January · Absorbs the first 10% of loss on SPY and caps the gain at 14.5%, over a period ending Jan 15, 2027 XJAN FT Vest U.S. Equity Enhance & Moderate Buffer ETF - January · Absorbs the first 15% of loss on SPY and caps the gain at 9.9%, over a period ending Jan 15, 2027

Issuer First Trust First Trust

Reference index SPY SPY

Buffer 10% 15%

Outcome period Jan 20, 2026 to Jan 15, 2027 Jan 20, 2026 to Jan 15, 2027

Days left 72 72

Starting cap +14.5% +9.9%

Can still gain 4.3% 1.7%

Fall before buffer 9.1% 7.6%

Protection left, index points 10.0% of 10.0% 15.0% of 15.0%

Index return this period +10.8% +10.8%

Fund return this period +9.1% +7.3%

State today Open At cap

Expense ratio 0.85% 0.85%

Net assets, as of Nov 3, 2026 $1.5bn $72m

As of Nov 4, 2026. Source: ETFIQ.

These are two different products. XJAN is a floor fund, which caps how far a holder can fall. FJAN is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.

XJAN is already at its cap, so more rise in the index adds nothing to it before the period ends.

Both are First Trust funds, so the difference between them is the terms rather than the house.

Where each one stands today

FJAN resets first, on Jan 15, 2027, 72 days from now; XJAN runs to Jan 15, 2027, 72 days. FJAN can still gain 4.3% before its cap, XJAN 1.7%. A fall from here reaches FJAN’s buffer after 9.1% and XJAN’s after 7.6%. Both track SPY, so what separates them is where each is in its own period.

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About each fund

FJAN

From its price on Nov 4, 2026, the fund can gain about 4.3% more before it reaches its cap. The fund's price can fall 9.1% 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: 10.0% of the 10.0% buffer still sits below today's SPY level. 72 days remained on Nov 4, 2026. On Jan 15, 2027 the period ends and a new cap is set.

XJAN

SPY had already risen past this fund's cap of +9.9% for the period on Nov 4, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 1.7% as the period runs out. The fund's price can fall 7.6% from here before the buffer starts absorbing losses, by the issuer's number. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's SPY level.

Questions people ask

Which has more room to gain, FJAN or XJAN?: From their prices on Nov 4, 2026, FJAN can gain about 4.3% before its cap and XJAN about 1.7%, so FJAN has more room left this period.
Which resets first, FJAN or XJAN?: FJAN ends its outcome period on Jan 15, 2027 and XJAN on Jan 15, 2027. A new cap is set the day after each.
Which is cheaper, FJAN or XJAN?: FJAN and XJAN both charge 0.85% a year, so neither is cheaper. Fees come from each fund's prospectus.

Other comparisons

FJAN vs DHDG FJAN vs DDFF FJAN vs SIXF FJAN vs FEBT XJAN vs PFEB XJAN vs DHDG XJAN vs DDFF XJAN vs CPSF

Where to next

State Street® SPDR® S&P 500® ETF Trust →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →FJAN on its own →XJAN on its own →Method →Standards and sources →

Sources and dates

FJAN and XJAN filings on SEC EDGAR ↗

First Trust page for FJAN ↗

First Trust page for XJAN ↗

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

How this is computed

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, FJAN against XJAN, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/fjan-vs-xjan

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