Which has more room to gain, GJAN or JANM?

From their prices on Nov 4, 2026, GJAN can gain about 2.8% before its cap and JANM about 1.5%, so GJAN has more room left this period.

Which resets first, GJAN or JANM?

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

Which is cheaper, GJAN or JANM?

GJAN and JANM 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

GJAN vs JANM: Cap, Buffer & Days Left

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As of Nov 4, 2026 GJAN can fall 8.1% before its buffer engages and JANM 5.2%.

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Net assets on Nov 3, 2026: $433m for FT Vest U.S. Equity Moderate Buffer ETF - January and $37m for FT Vest U.S. Equity Max Buffer ETF - January.

GJAN on its own →JANM on its own →

At a glance

8.1%

GJAN can fall this far before its buffer

5.2%

JANM can fall this far before its buffer

2.8%

GJAN can still gain

1.5%

JANM can still gain

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.

JANM At its cap

JANM: reference +10.8% since period start, fund +4.6%; buffer 0 to −46; cap +7.0%; At its cap. Data to Nov 4, 2026.

Pair scorecard

Both cost 0.85% a year; their one-year returns differ by 4.4 points; GJAN is 11.7 times larger.

Points (pts) are percentage points.

GJAN vs JANM: Cap, Buffer & Days Left
Measure	GJAN	JANM
Return
Measure	GJAN	JANM
Total return, 1 year	+10.7%	+6.3%
Drawdown
Measure	GJAN	JANM
Index fall to the buffer	9.8%
Benchmark
Measure	GJAN	JANM
What it tracks	SPY	SPY
Cost and size
Measure	GJAN	JANM
Expense ratio	0.85%	0.85%
Net assets, as of Nov 3, 2026	$433m	$37m
Holdings
Measure	GJAN	JANM
Holdings in common	not published

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

IQ Buffer Score55.7GJAN73.8JANM

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

GJAN 55.7

JANM 73.8

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: GJAN vs JANM: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	GJAN	JANM	GJAN	JANM
3 months	+1.6%	+1.3%	+2.0 pts	+1.6 pts
6 months	+4.4%	+2.9%	−0.1 pts	−1.6 pts
1 year	+10.7%	+6.3%	−2.8 pts	−7.2 pts
3 years	+41.9%	–	−34.5 pts	–
Since launchNot the same days: GJAN Jan 2023 · JANM Jan 2025	+52.7%	+10.8%	−38.7 pts	−16.3 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

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 JANM FT Vest U.S. Equity Max Buffer ETF - January · Absorbs the first 46% of loss on SPY and caps the gain at 7.0%, over a period ending Jan 15, 2027

Issuer First Trust First Trust

Reference index SPY SPY

Buffer 15% 46%

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

Days left 72 72

Starting cap +11.8% +7.0%

Can still gain 2.8% 1.5%

Fall before buffer 8.1% 5.2%

Protection left, index points 15.0% of 15.0% 45.8% of 45.8%

Index return this period +10.8% +10.8%

Fund return this period +7.9% +4.6%

State today Open At cap

Expense ratio 0.85% 0.85%

Net assets, as of Nov 3, 2026 $433m $37m

As of Nov 4, 2026. Source: ETFIQ.

JANM 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

GJAN resets first, on Jan 15, 2027, 72 days from now; JANM runs to Jan 15, 2027, 72 days. GJAN can still gain 2.8% before its cap, JANM 1.5%. A fall from here reaches GJAN’s buffer after 8.1% and JANM’s after 5.2%. Both track SPY, so what separates them is where each is in its own period.

Alert

About each fund

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. 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. 72 days remained on Nov 4, 2026. On Jan 15, 2027 the period ends and a new cap is set.

JANM

SPY had already risen past this fund's cap of +7.0% 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 1.5% as the period runs out. The fund's price can fall 5.2% from here before the buffer starts absorbing losses, by the issuer's number. Protection left, in index points: 45.8% of the 45.8% buffer still sits below today's SPY level.

Questions people ask

Which has more room to gain, GJAN or JANM?: From their prices on Nov 4, 2026, GJAN can gain about 2.8% before its cap and JANM about 1.5%, so GJAN has more room left this period.
Which resets first, GJAN or JANM?: GJAN ends its outcome period on Jan 15, 2027 and JANM on Jan 15, 2027. A new cap is set the day after each.
Which is cheaper, GJAN or JANM?: GJAN and JANM both charge 0.85% a year, so neither is cheaper. Fees come from each fund's prospectus.

Other comparisons

GJAN vs CPSF GJAN vs CPSY GJAN vs DHDG GJAN vs UAPR JANM vs DDFF JANM vs PBFB JANM vs CPSF JANM vs CPSY

Where to next

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

Sources and dates

GJAN and JANM filings on SEC EDGAR ↗

First Trust page for GJAN ↗

First Trust page for JANM ↗

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.

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

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