Which resets first, JANP or JANU?

JANP ends its outcome period on Dec 31, 2026 and JANU on Dec 31, 2026. New terms are set the day after each.

Which is cheaper, JANP or JANU?

JANP charges 0.50% a year and JANU charges 0.74%, so JANP is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Buffer ETFs

JANP vs JANU: Cap, Buffer & Days Left

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As of Nov 4, 2026 JANP can fall 9.6% before its buffer engages and JANU 8.4%.

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Net assets: $58m on Nov 4, 2026 for PGIM S&P 500 Buffer 12 ETF - January, and $77m on Nov 3, 2026 for AllianzIM U.S. Equity Buffer15 Uncapped ETF - Jan.

JANP on its own →JANU on its own →

At a glance

9.6%

JANP can fall this far before its buffer

8.4%

JANU can fall this far before its buffer

3.1%

JANP can still gain

uncapped

JANU can still gain

JANP Between buffer and cap

JANP: reference +12.4% since period start, fund +10.0%; buffer 0 to −12; cap +13.9%; Between buffer and cap. Data to Nov 4, 2026.

JANU No cap

JANU: reference +12.4% since period start, fund +8.3%; buffer 0 to −15; no cap; No cap. Data to Nov 4, 2026.

Pair scorecard

JANP costs 0.24 points a year less; their one-year returns differ by 3.4 points; JANU is 1.3 times larger.

Points (pts) are percentage points.

JANP vs JANU: Cap, Buffer & Days Left
Measure	JANP	JANU
Return
Measure	JANP	JANU
Total return, 1 year	+12.6%	+9.2%
Drawdown
Measure	JANP	JANU
Index fall to the buffer	11.1%
Benchmark
Measure	JANP	JANU
What it tracks	SPY	SPY
Cost and size
Measure	JANP	JANU
Expense ratio	0.50%	0.74%
Net assets, as of Nov 3, 2026	$58m	$77m
Holdings
Measure	JANP	JANU
Holdings in common	not published

ETFIQ Downside Cover Score · JANU scores higher If the market falls into a bear market from here, how much does the buffer absorb?

IQ Buffer Score47.1JANP52.9JANU

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

JANP 47.1

JANU 52.9

0.3, the lowest in this set 99.7, the highest

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 →

Method

Window by window

Window by window: JANP vs JANU: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	JANP	JANU	JANP	JANU
3 months	+1.6%	−1.3%	+2.0 pts	−0.9 pts
6 months	+5.0%	+2.3%	+0.6 pts	−2.2 pts
1 year	+12.6%	+9.2%	−0.9 pts	−4.4 pts
Since launchNot the same days: JANP Jan 2024 · JANU Jan 2025	+44.3%	+21.9%	−18.0 pts	−9.3 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

JANP PGIM S&P 500 Buffer 12 ETF - January · Absorbs the first 12% of loss on SPY and caps the gain at 13.9%, over a period ending Dec 31, 2026 JANU AllianzIM U.S. Equity Buffer15 Uncapped ETF - Jan · Absorbs the first 15% of loss on SPY and does not cap the gain, over a period ending Dec 31, 2026

Issuer PGIM AllianzIM

Reference index SPY SPY

Buffer 12% 15%

Outcome period Jan 1, 2026 to Dec 31, 2026 Jan 1, 2026 to Dec 31, 2026

Days left 57 57

Starting cap +13.9% uncapped

Can still gain 3.1% uncapped

Fall before buffer 9.6% 8.4%

Protection left, index points 12.0% of 12.0% 15.0% of 15.0%

Index return this period +12.4% +12.4%

Fund return this period +10.0% +8.3%

State today Open Uncapped

Expense ratio 0.50% 0.74%

Net assets, JANP as of Nov 4, 2026 and JANU as of Nov 3, 2026 $58m $77m

As of Nov 4, 2026. Source: ETFIQ.

Where each one stands today

JANP resets first, on Dec 31, 2026, 57 days from now; JANU runs to Dec 31, 2026, 57 days. A fall from here reaches JANP’s buffer after 9.6% and JANU’s after 8.4%. Both track SPY, so what separates them is where each is in its own period.

Alert

About each fund

JANP

From its price on Nov 4, 2026, the fund can gain about 3.1% more before it reaches its cap. The fund's price can fall 9.6% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 11.1% from today's level to the point where the buffer begins. Protection left, in index points: 12.0% of the 12.0% buffer still sits below today's SPY level. 57 days remained on Nov 4, 2026. On Dec 31, 2026 the period ends and a new cap is set.

JANU

This fund has no cap. It takes a share of any further rise in SPY. The fund's price can fall 8.4% 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. On Dec 31, 2026 the period ends and new terms are set.

Questions people ask

Which resets first, JANP or JANU?: JANP ends its outcome period on Dec 31, 2026 and JANU on Dec 31, 2026. New terms are set the day after each.
Which is cheaper, JANP or JANU?: JANP charges 0.50% a year and JANU charges 0.74%, so JANP is cheaper. Fees come from each fund's prospectus.

Other comparisons

JANP vs QBSF JANP vs PBJA JANP vs AIOO JANP vs XBJA JANU vs PQXV JANU vs PQXX JANU vs PQV JANU vs JANT

Where to next

SPDR S&P 500 ETF Trust →JANP on its own →JANU on its own →Method →Standards and sources →

Sources and dates

JANP filings on SEC EDGAR ↗

PGIM website ↗

JANU filings on SEC EDGAR ↗

AllianzIM page for JANU ↗

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, JANP against JANU, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/janp-vs-janu

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