Data as of Nov 4, 2026.
JANM vs ZFEB: Cap, Buffer & Days Left
As of Nov 4, 2026 JANM can fall 5.2% before its buffer engages and ZFEB 4.3%, 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 $146m on Nov 4, 2026 for Innovator Equity Defined Protection ETF - 1 Yr February.
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.ZFEB: reference +10.8% since period start, fund +3.9%; buffer Floor; cap +6.4%; At its cap. Data to Nov 4, 2026.
Data to Nov 4, 2026.Pair scorecard
ZFEB costs 0.06 points a year less; their one-year returns differ by 0.5 points; ZFEB is 3.9 times larger.
Points (pts) are percentage points.
| Measure | JANM | ZFEB |
|---|---|---|
| Return | ||
| Total return, 1 year | +6.3% | +5.8% |
| 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 | $145m |
| Holdings | ||
| Holdings in common | not published | |
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | JANM | ZFEB | JANM | ZFEB |
| 3 months | +1.3% | +1.1% | +1.6 pts | +1.5 pts |
| 6 months | +2.9% | +2.4% | −1.6 pts | −2.1 pts |
| 1 year | +6.3% | +5.8% | −7.2 pts | −7.7 pts |
| Since launchNot the same days: JANM Jan 2025 · ZFEB Feb 2025 | +10.8% | +10.7% | −16.3 pts | −17.5 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
As of Nov 4, 2026. Source: ETFIQ.
These are two different products. ZFEB 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; ZFEB runs to Jan 31, 2027, 88 days. JANM can still gain 1.5% before its cap, ZFEB 1.8%. A fall from here reaches JANM’s buffer after 5.2% and ZFEB’s after 4.3%. 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.
ZFEB
SPY had already risen past this fund's cap of +6.4% 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 1.8% as the period runs out. The fund's price can fall 4.3% 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: 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
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.
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ETFIQ, JANM against ZFEB, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/janm-vs-zfeb
ETFIQ. (Nov 4, 2026). JANM against ZFEB. Retrieved from https://etfiq.com/compare/buffer/janm-vs-zfeb
[JANM against ZFEB (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/janm-vs-zfeb)
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