Data as of .
JANM vs XJAN: which one stands where?
As of Sep 21, 2026 XJAN can fall 6.8% before its buffer engages and JANM 4.7%.
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 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, 116 days from now; XJAN runs to Jan 15, 2027, 116 days. JANM can still gain 2.1% before its cap, XJAN 2.5%. A fall from here reaches JANM’s buffer after 4.7% and XJAN’s after 6.8%. Both track SPY, so what separates them is where each is in its own period.
Every figure is ETFIQ’s own, from the issuer’s published outcome-period terms. A buffer ETF holds FLEX options on its reference index rather than shares, so there is no holdings overlap between two of them to report.
Performance, window by window
| Window | Total return | Gap to the reference | ||
|---|---|---|---|---|
| JANM | XJAN | JANM | XJAN | |
| 3 months | +1.5% | +2.2% | −0.8 pts | −0.1 pts |
| 6 months | +4.9% | +9.0% | −13.1 pts | −9.1 pts |
| 1 year | +6.1% | +9.0% | −10.5 pts | −7.5 pts |
| 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 | 116 | 116 |
| Starting cap | +7.0% | +9.9% |
| Can still gain | 2.1% | 2.5% |
| Fall before buffer | 4.7% | 6.8% |
| Protection left, index points | 45.8% of 45.8% | 15.0% of 15.0% |
| Index return this period | +11.9% | +11.9% |
| Fund return this period | +4.0% | +6.4% |
| State today | At cap | At cap |
| Expense ratio | 0.85% | 0.85% |
| Net assets | $37m | $40m |
JANM in plain words
SPY had already risen past this fund's cap of +7.0% for the period on Sep 21, 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 4.7% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 10.6% 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. 116 days remained on Sep 21, 2026. On Jan 15, 2027 the period ends and a new cap is set.
XJAN in plain words
SPY had already risen past this fund's cap of +9.9% for the period on Sep 21, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 2.5% as the period runs out. The fund's price can fall 6.8% from here before the buffer starts absorbing losses, by the issuer's figure. 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 Sep 21, 2026, JANM can gain about 2.1% before its cap and XJAN about 2.5%, 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 charges 0.85% a year and XJAN charges 0.85%, so JANM is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, JANM against XJAN, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/janm-vs-xjan Free to use with attribution; the underlying files are at Open data.