Data as of Nov 4, 2026.

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Buffer ETFs

JANP vs XDEC: Cap, Buffer & Days Left

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As of Nov 4, 2026 JANP can fall 9.6% before its buffer engages and XDEC 8.4%, and XDEC resets 13 days sooner.

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Net assets: $58m on Nov 4, 2026 for PGIM S&P 500 Buffer 12 ETF - January, and $208m on Nov 3, 2026 for FT Vest U.S. Equity Enhance & Moderate Buffer ETF - December.

At a glance
9.6%
JANP can fall this far before its buffer
8.4%
XDEC can fall this far before its buffer
3.1%
JANP can still gain
0.9%
XDEC can still gain
JANP Between buffer and cap
Between buffer and capJANP: reference +12.4% since period start, fund +10.0%; buffer 0 to −12; cap +13.9%; Between buffer and cap. Data to Nov 4, 2026.12 pts of buffer+12.4% gain captured−12.0% floor0% period start+13.9% cap+1.5% more to the capTODAY · SPY +12.4%Between buffer and capJANP: reference +12.4% since period start, fund +10.0%; buffer 0 to −12; cap +13.9%; Between buffer and cap. Data to Nov 4, 2026.12 pts+12.4%−12.0% floor0% start+13.9% cap+1.5% more to the capTODAY · SPY +12.4%

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.

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.
XDEC At its cap
At its capXDEC: reference +12.7% since period start, fund +8.2%; buffer 0 to −15; cap +10.1%; At its cap. Data to Nov 4, 2026.15 pts of buffer+10.1% gain captured−15.0% floor0% period start+10.1% capTODAY · SPY +12.7%At its capXDEC: reference +12.7% since period start, fund +8.2%; buffer 0 to −15; cap +10.1%; At its cap. Data to Nov 4, 2026.15 pts+10.1%−15.0% floor0% start+10.1% capTODAY · SPY +12.7%

XDEC: reference +12.7% since period start, fund +8.2%; buffer 0 to −15; cap +10.1%; At its cap. Data to Nov 4, 2026.

XDEC: reference +12.7% since period start, fund +8.2%; buffer 0 to −15; cap +10.1%; At its cap. Data to Nov 4, 2026.

Pair scorecard

JANP costs 0.35 points a year less; their one-year returns differ by 3.2 points; XDEC is 3.6 times larger.

Points (pts) are percentage points.

JANP vs XDEC: Cap, Buffer & Days Left
MeasureJANPXDEC
Return
Total return, 1 year+12.6%+9.4%
Drawdown
Index fall to the buffer11.1%11.2%
Benchmark
What it tracksSPYSPY
Cost and size
Expense ratio0.50%0.85%
Net assets, as of Nov 3, 2026$58m$208m
Holdings
Holdings in commonnot published

Method

Window by window

Window by window: JANP vs XDEC: Cap, Buffer & Days Left
Total returnGap to the reference's price return
WindowJANPXDECJANPXDEC
3 months+1.6%+1.7%+2.0 pts+2.1 pts
6 months+5.0%+4.3%+0.6 pts−0.1 pts
1 year+12.6%+9.4%−0.9 pts−4.1 pts
3 years–+31.9%–−44.5 pts
Since launchNot the same days: JANP Jan 2024 · XDEC Dec 2021+44.3%+46.1%−18.0 pts−22.4 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. – means no data for this window. 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 XDEC FT Vest U.S. Equity Enhance & Moderate Buffer ETF - December · Absorbs the first 15% of loss on SPY and caps the gain at 10.1%, over a period ending Dec 18, 2026
Reference index SPY SPY
Buffer 12% 15%
Outcome period Jan 1, 2026 to Dec 31, 2026 Dec 22, 2025 to Dec 18, 2026
Days left 57 44
Starting cap +13.9% +10.1%
Can still gain 3.1% 0.9%
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% +12.7%
Fund return this period +10.0% +8.2%
State today Open At cap
Expense ratio 0.50% 0.85%
Net assets, JANP as of Nov 4, 2026 and XDEC as of Nov 3, 2026 $58m $208m

As of Nov 4, 2026. Source: ETFIQ.

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

XDEC is already at its cap, so more rise in the index adds nothing to it before the period ends.

Where each one stands today

XDEC resets first, on Dec 18, 2026, 44 days from now; JANP runs to Dec 31, 2026, 57 days. JANP can still gain 3.1% before its cap, XDEC 0.9%. A fall from here reaches JANP’s buffer after 9.6% and XDEC’s after 8.4%. Both track SPY, so what separates them is where each is in its own period.

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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.

XDEC

SPY had already risen past this fund's cap of +10.1% 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 0.9% as the period runs out. The fund's price can fall 8.4% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 11.2% from today's level to the point where the buffer begins. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's SPY level. 44 days remained on Nov 4, 2026. On Dec 18, 2026 the period ends and a new cap is set.

Questions people ask

Which has more room to gain, JANP or XDEC?
From their prices on Nov 4, 2026, JANP can gain about 3.1% before its cap and XDEC about 0.9%, so JANP has more room left this period.
Which resets first, JANP or XDEC?
JANP ends its outcome period on Dec 31, 2026 and XDEC on Dec 18, 2026. A new cap is set the day after each.
Which is cheaper, JANP or XDEC?
JANP charges 0.50% a year and XDEC charges 0.85%, so JANP is cheaper. Fees come from each fund's prospectus.
Other comparisons
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Sources and dates

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

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