Which has more room to gain, JANM or PMFB?

From their prices on Nov 4, 2026, JANM can gain about 1.5% before its cap and PMFB about 2.1%, so PMFB has more room left this period.

Which resets first, JANM or PMFB?

JANM ends its outcome period on Jan 15, 2027 and PMFB on Jan 31, 2027. A new cap is set the day after each.

Which is cheaper, JANM or PMFB?

JANM charges 0.85% a year and PMFB charges 0.50%, so PMFB is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Buffer ETFs

JANM vs PMFB: Cap, Buffer & Days Left

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As of Nov 4, 2026 JANM can fall 5.2% before its buffer engages and PMFB 4.5%, 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 $6.1m on Nov 4, 2026 for PGIM S&P 500 Max Buffer ETF - February.

JANM on its own →PMFB on its own →

At a glance

5.2%

JANM can fall this far before its buffer

4.5%

PMFB can fall this far before its buffer

1.5%

JANM can still gain

2.1%

PMFB can still gain

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.

PMFB At its cap

PMFB: reference +10.8% since period start, fund +4.1%; buffer Floor; cap +6.8%; At its cap. Data to Nov 4, 2026.

Data to Nov 4, 2026.

Pair scorecard

PMFB costs 0.35 points a year less; their one-year returns differ by 0.1 points; JANM is 6.1 times larger.

Points (pts) are percentage points.

JANM vs PMFB: Cap, Buffer & Days Left
Measure	JANM	PMFB
Return
Measure	JANM	PMFB
Total return, 1 year	+6.3%	+6.2%
Drawdown
Measure	JANM	PMFB
Index fall to the buffer	9.8%
Benchmark
Measure	JANM	PMFB
What it tracks	SPY	SPY
Cost and size
Measure	JANM	PMFB
Expense ratio	0.85%	0.50%
Net assets, as of Nov 3, 2026	$37m	$6.1m
Holdings
Measure	JANM	PMFB
Holdings in common	not published

Method

Window by window

Window by window: JANM vs PMFB: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	JANM	PMFB	JANM	PMFB
3 months	+1.3%	+1.2%	+1.6 pts	+1.6 pts
6 months	+2.9%	+2.6%	−1.6 pts	−1.9 pts
1 year	+6.3%	+6.2%	−7.2 pts	−7.4 pts
Since launchNot the same days: JANM Jan 2025 · PMFB Feb 2025	+10.8%	+11.4%	−16.3 pts	−16.9 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Open this comparison in the app →

Side by side

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 PMFB PGIM S&P 500 Max Buffer ETF - February · Absorbs the whole loss on SPY and caps the gain at 6.8%, over a period ending Jan 31, 2027

Issuer First Trust PGIM

Reference index SPY SPY

Buffer 46% 100%

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

Days left 72 88

Starting cap +7.0% +6.8%

Can still gain 1.5% 2.1%

Fall before buffer 5.2% 4.5%

Protection left, index points 45.8% of 45.8% 100.0% of 100.0%

Index return this period +10.8% +10.8%

Fund return this period +4.6% +4.1%

State today At cap At cap

Expense ratio 0.85% 0.50%

Net assets, JANM as of Nov 3, 2026 and PMFB as of Nov 4, 2026 $37m $6.1m

As of Nov 4, 2026. Source: ETFIQ.

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

Both are already at their cap, so neither gains from more rise in the index before the period ends.

Where each one stands today

JANM resets first, on Jan 15, 2027, 72 days from now; PMFB runs to Jan 31, 2027, 88 days. JANM can still gain 1.5% before its cap, PMFB 2.1%. A fall from here reaches JANM’s buffer after 5.2% and PMFB’s after 4.5%. Both track SPY, so what separates them is where each is in its own period.

Alert

About each fund

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.

PMFB

SPY had already risen past this fund's cap of +6.8% 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 2.1% as the period runs out. The fund's price can fall 4.5% from here before the buffer starts absorbing losses, by the issuer's number. Protection left, in index points: 100.0% of the 100.0% 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

Which has more room to gain, JANM or PMFB?: From their prices on Nov 4, 2026, JANM can gain about 1.5% before its cap and PMFB about 2.1%, so PMFB has more room left this period.
Which resets first, JANM or PMFB?: JANM ends its outcome period on Jan 15, 2027 and PMFB on Jan 31, 2027. A new cap is set the day after each.
Which is cheaper, JANM or PMFB?: JANM charges 0.85% a year and PMFB charges 0.50%, so PMFB is cheaper. Fees come from each fund's prospectus.

Other comparisons

JANM vs DDTF JANM vs CPSY JANM vs FEBP JANM vs PBFB PMFB vs CPSF PMFB vs CPSY PMFB vs SIXF PMFB 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 →JANM on its own →PMFB on its own →Method →Standards and sources →

Sources and dates

JANM filings on SEC EDGAR ↗

First Trust page for JANM ↗

PMFB filings on SEC EDGAR ↗

PGIM website ↗

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

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