Which has more room to gain, JANM or XJAN?

From their prices on Nov 4, 2026, JANM can gain about 1.5% before its cap and XJAN about 1.7%, so XJAN has more room left this period.

Which resets first, JANM or XJAN?

JANM 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, JANM or XJAN?

JANM 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

JANM vs XJAN: Cap, Buffer & Days Left

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As of Nov 4, 2026 XJAN can fall 7.6% before its buffer engages and JANM 5.2%.

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Net assets on Nov 3, 2026: $37m for FT Vest U.S. Equity Max Buffer ETF - January and $72m for FT Vest U.S. Equity Enhance & Moderate Buffer ETF - January.

JANM on its own →XJAN on its own →

At a glance

5.2%

JANM can fall this far before its buffer

7.6%

XJAN can fall this far before its buffer

1.5%

JANM can still gain

1.7%

XJAN 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.

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 2.9 points; XJAN is 1.9 times larger.

Points (pts) are percentage points.

JANM vs XJAN: Cap, Buffer & Days Left
Measure	JANM	XJAN
Return
Measure	JANM	XJAN
Total return, 1 year	+6.3%	+9.2%
Drawdown
Measure	JANM	XJAN
Index fall to the buffer	9.8%
Benchmark
Measure	JANM	XJAN
What it tracks	SPY	SPY
Cost and size
Measure	JANM	XJAN
Expense ratio	0.85%	0.85%
Net assets, as of Nov 3, 2026	$37m	$72m
Holdings
Measure	JANM	XJAN
Holdings in common	not published

Method

Window by window

Window by window: JANM vs XJAN: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	JANM	XJAN	JANM	XJAN
3 months	+1.3%	+1.7%	+1.6 pts	+2.0 pts
6 months	+2.9%	+4.3%	−1.6 pts	−0.2 pts
1 year	+6.3%	+9.2%	−7.2 pts	−4.3 pts
Since launchNot the same days: JANM Jan 2025 · XJAN Jan 2024	+10.8%	+27.9%	−16.3 pts	−30.7 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. 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 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 46% 15%

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

Days left 72 72

Starting cap +7.0% +9.9%

Can still gain 1.5% 1.7%

Fall before buffer 5.2% 7.6%

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

Index return this period +10.8% +10.8%

Fund return this period +4.6% +7.3%

State today At cap At cap

Expense ratio 0.85% 0.85%

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

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

Where each one stands today

JANM resets first, on Jan 15, 2027, 72 days from now; XJAN runs to Jan 15, 2027, 72 days. JANM can still gain 1.5% before its cap, XJAN 1.7%. A fall from here reaches JANM’s buffer after 5.2% 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

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.

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, JANM or XJAN?: From their prices on Nov 4, 2026, JANM can gain about 1.5% before its cap and XJAN about 1.7%, so XJAN has more room left this period.
Which resets first, JANM or XJAN?: JANM 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, JANM or XJAN?: JANM and XJAN both charge 0.85% a year, so neither is cheaper. Fees come from each fund's prospectus.

Other comparisons

JANM vs UFEB JANM vs DHDG JANM vs DDFF JANM vs SIXF XJAN vs CPSY XJAN vs DDTF XJAN vs CPSF XJAN vs FEBP

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

Sources and dates

JANM and XJAN filings on SEC EDGAR ↗

First Trust page for JANM ↗

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

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