Data as of Nov 4, 2026.
JANM vs PFEB: Cap, Buffer & Days Left
As of Nov 4, 2026 PFEB can fall 7.9% before its buffer engages and JANM 5.2%, and JANM resets 16 days sooner.
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Net assets: $37m on Nov 3, 2026 for FT Vest U.S. Equity Max Buffer ETF - January, and $884m on Nov 4, 2026 for Innovator U.S. Equity Power Buffer ETF - Feb.
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.
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.PFEB: reference +10.8% since period start, fund +7.9%; buffer 0 to −15; cap +12.4%; Between buffer and cap. Data to Nov 4, 2026.
PFEB: reference +10.8% since period start, fund +7.9%; buffer 0 to −15; cap +12.4%; Between buffer and cap. Data to Nov 4, 2026.Pair scorecard
PFEB costs 0.06 points a year less; their one-year returns differ by 5.0 points; PFEB is far larger, $883m against $37m.
Points (pts) are percentage points.
| Measure | JANM | PFEB |
|---|---|---|
| Return | ||
| Total return, 1 year | +6.3% | +11.3% |
| Drawdown | ||
| Index fall to the buffer | 9.8% | 9.7% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.85% | 0.79% |
| Net assets, as of Nov 3, 2026 | $37m | $883m |
| Holdings | ||
| Holdings in common | not published | |
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
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 →
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | JANM | PFEB | JANM | PFEB |
| 3 months | +1.3% | +1.4% | +1.6 pts | +1.8 pts |
| 6 months | +2.9% | +4.4% | −1.6 pts | −0.1 pts |
| 1 year | +6.3% | +11.3% | −7.2 pts | −2.3 pts |
| 3 years | – | +44.0% | – | −32.4 pts |
| Since launchNot the same days: JANM Jan 2025 · PFEB Feb 2020 | +10.8% | +80.0% | −16.3 pts | −56.6 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
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.
Where each one stands today
JANM resets first, on Jan 15, 2027, 72 days from now; PFEB runs to Jan 31, 2027, 88 days. JANM can still gain 1.5% before its cap, PFEB 3.6%. A fall from here reaches JANM’s buffer after 5.2% and PFEB’s after 7.9%. Both track SPY, so what separates them is where each is in its own period.
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. In index terms, SPY can fall 9.8% from today's level to the point where the buffer begins. Protection left, in index points: 45.8% of the 45.8% 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.
PFEB
From its price on Nov 4, 2026, the fund can gain about 3.6% more before it reaches its cap. The fund's price can fall 7.9% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 9.7% 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 a new cap is set.
Questions people ask
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, JANM against PFEB, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/janm-vs-pfeb
ETFIQ. (Nov 4, 2026). JANM against PFEB. Retrieved from https://etfiq.com/compare/buffer/janm-vs-pfeb
[JANM against PFEB (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/janm-vs-pfeb)
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