Which has more room to gain, GJAN or XJAN?

From their prices on Nov 4, 2026, GJAN can gain about 2.8% before its cap and XJAN about 1.7%, so GJAN has more room left this period.

Which resets first, GJAN or XJAN?

GJAN 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, GJAN or XJAN?

GJAN 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

GJAN vs XJAN: Cap, Buffer & Days Left

Share on X Download as PDF

As of Nov 4, 2026 GJAN can fall 8.1% before its buffer engages and XJAN 7.6%.

askIQ about this page

askIQ about GJAN and XJAN

Net assets on Nov 3, 2026: $433m for FT Vest U.S. Equity Moderate Buffer ETF - January and $72m for FT Vest U.S. Equity Enhance & Moderate Buffer ETF - January.

GJAN on its own →XJAN on its own →

At a glance

8.1%

GJAN can fall this far before its buffer

7.6%

XJAN can fall this far before its buffer

2.8%

GJAN can still gain

1.7%

XJAN 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.

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.

Data to Nov 4, 2026.

Pair scorecard

Both cost 0.85% a year; their one-year returns differ by 1.5 points; GJAN is 6.0 times larger.

Points (pts) are percentage points.

GJAN vs XJAN: Cap, Buffer & Days Left
Measure	GJAN	XJAN
Return
Measure	GJAN	XJAN
Total return, 1 year	+10.7%	+9.2%
Drawdown
Measure	GJAN	XJAN
Index fall to the buffer	9.8%
Benchmark
Measure	GJAN	XJAN
What it tracks	SPY	SPY
Cost and size
Measure	GJAN	XJAN
Expense ratio	0.85%	0.85%
Net assets, as of Nov 3, 2026	$433m	$72m
Holdings
Measure	GJAN	XJAN
Holdings in common	not published

Method

Window by window

Window by window: GJAN vs XJAN: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	GJAN	XJAN	GJAN	XJAN
3 months	+1.6%	+1.7%	+2.0 pts	+2.0 pts
6 months	+4.4%	+4.3%	−0.1 pts	−0.2 pts
1 year	+10.7%	+9.2%	−2.8 pts	−4.3 pts
3 years	+41.9%	–	−34.5 pts	–
Since launchNot the same days: GJAN Jan 2023 · XJAN Jan 2024	+52.7%	+27.9%	−38.7 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

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 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 15% 15%

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

Days left 72 72

Starting cap +11.8% +9.9%

Can still gain 2.8% 1.7%

Fall before buffer 8.1% 7.6%

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 +7.9% +7.3%

State today Open At cap

Expense ratio 0.85% 0.85%

Net assets, as of Nov 3, 2026 $433m $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. GJAN 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

GJAN resets first, on Jan 15, 2027, 72 days from now; XJAN runs to Jan 15, 2027, 72 days. GJAN can still gain 2.8% before its cap, XJAN 1.7%. A fall from here reaches GJAN’s buffer after 8.1% and XJAN’s after 7.6%. 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.

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.

Questions people ask

Which has more room to gain, GJAN or XJAN?: From their prices on Nov 4, 2026, GJAN can gain about 2.8% before its cap and XJAN about 1.7%, so GJAN has more room left this period.
Which resets first, GJAN or XJAN?: GJAN 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, GJAN or XJAN?: GJAN and XJAN both charge 0.85% a year, so neither is cheaper. Fees come from each fund's prospectus.

Other comparisons

GJAN vs DHDG GJAN vs DDFF GJAN vs SIXF GJAN vs FEBT XJAN vs BFEB XJAN vs ZFEB XJAN vs DHDG XJAN vs DDFF

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 →GJAN on its own →XJAN on its own →Method →Standards and sources →

Sources and dates

GJAN and XJAN filings on SEC EDGAR ↗

First Trust page for GJAN ↗

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

Open data →

Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.