Data as of Nov 4, 2026.
JANU vs SQMX: Cap, Buffer & Days Left
As of Nov 4, 2026 JANU can fall 8.4% before its buffer engages and SQMX 1.0%, and SQMX resets 13 days sooner.
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Net assets on Nov 3, 2026: $77m for AllianzIM U.S. Equity Buffer15 Uncapped ETF - Jan and $55m for FT Vest U.S. Equity Quarterly Max Buffer ETF.
JANU: reference +12.4% since period start, fund +8.3%; buffer 0 to −15; no cap; No cap. Data to Nov 4, 2026.
JANU: reference +12.4% since period start, fund +8.3%; buffer 0 to −15; no cap; No cap. Data to Nov 4, 2026.SQMX: reference +0.7% since period start, fund +0.8%; buffer 0 to −12; cap +3.0%; Between buffer and cap. Data to Nov 4, 2026.
SQMX: reference +0.7% since period start, fund +0.8%; buffer 0 to −12; cap +3.0%; Between buffer and cap. Data to Nov 4, 2026.Pair scorecard
JANU costs 0.11 points a year less; their one-year returns differ by 2.4 points; JANU is 1.4 times larger.
Points (pts) are percentage points.
| Measure | JANU | SQMX |
|---|---|---|
| Return | ||
| Total return, 1 year | +9.2% | +6.8% |
| Drawdown | ||
| Index fall to the buffer | 11.1% | 0.7% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.74% | 0.85% |
| Net assets, as of Nov 3, 2026 | $77m | $55m |
| Holdings | ||
| Holdings in common | not published | |
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
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 →
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | JANU | SQMX | JANU | SQMX |
| 3 months | −1.3% | +1.2% | −0.9 pts | +1.6 pts |
| 6 months | +2.3% | +3.3% | −2.2 pts | −1.2 pts |
| 1 year | +9.2% | +6.8% | −4.4 pts | −6.8 pts |
| Since launchNot the same days: JANU Jan 2025 · SQMX Dec 2024 | +21.9% | +13.7% | −9.3 pts | −15.2 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.
Where each one stands today
SQMX resets first, on Dec 18, 2026, 44 days from now; JANU runs to Dec 31, 2026, 57 days. A fall from here reaches JANU’s buffer after 8.4% and SQMX’s after 1.0%. Both track SPY, so what separates them is where each is in its own period.
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. In index terms, SPY can fall 11.1% 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. 57 days remained on Nov 4, 2026. On Dec 31, 2026 the period ends and new terms are set.
SQMX
From its price on Nov 4, 2026, the fund can gain about 2.0% more before it reaches its cap. The fund's price can fall 1.0% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 0.7% from today's level to the point where the buffer begins. Protection left, in index points: 12.5% of the 12.5% 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
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, JANU against SQMX, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/janu-vs-sqmx
ETFIQ. (Nov 4, 2026). JANU against SQMX. Retrieved from https://etfiq.com/compare/buffer/janu-vs-sqmx
[JANU against SQMX (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/janu-vs-sqmx)
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