Which resets first, JANU or XBJA?

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

Which is cheaper, JANU or XBJA?

JANU charges 0.74% a year and XBJA charges 0.79%, so JANU is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Buffer ETFs

JANU vs XBJA: Cap, Buffer & Days Left

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As of Nov 4, 2026 XBJA can fall 9.3% before its buffer engages and JANU 8.4%.

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Net assets: $77m on Nov 3, 2026 for AllianzIM U.S. Equity Buffer15 Uncapped ETF - Jan, and $95m on Nov 4, 2026 for Innovator U.S. Equity Accelerated 9 Buffer ETF - Jan.

JANU on its own →XBJA on its own →

At a glance

8.4%

JANU can fall this far before its buffer

9.3%

XBJA can fall this far before its buffer

uncapped

JANU can still gain

1.6%

XBJA can still gain

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.

XBJA At its cap

XBJA: reference +12.4% since period start, fund +9.4%; buffer 0 to −9; cap +11.9%; At its cap. Data to Nov 4, 2026.

Pair scorecard

JANU costs 0.05 points a year less; their one-year returns differ by 1.9 points; XBJA is 1.2 times larger.

Points (pts) are percentage points.

JANU vs XBJA: Cap, Buffer & Days Left
Measure	JANU	XBJA
Return
Measure	JANU	XBJA
Total return, 1 year	+9.2%	+11.1%
Drawdown
Measure	JANU	XBJA
Index fall to the buffer	11.1%	11.0%
Benchmark
Measure	JANU	XBJA
What it tracks	SPY	SPY
Cost and size
Measure	JANU	XBJA
Expense ratio	0.74%	0.79%
Net assets, as of Nov 3, 2026	$77m	$94m
Holdings
Measure	JANU	XBJA
Holdings in common	not published

Method

Window by window

Window by window: JANU vs XBJA: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	JANU	XBJA	JANU	XBJA
3 months	−1.3%	+1.9%	−0.9 pts	+2.3 pts
6 months	+2.3%	+5.1%	−2.2 pts	+0.6 pts
1 year	+9.2%	+11.1%	−4.4 pts	−2.4 pts
3 years	–	+39.1%	–	−37.3 pts
Since launchNot the same days: JANU Jan 2025 · XBJA Jan 2022	+21.9%	+41.1%	−9.3 pts	−19.4 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

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 XBJA Innovator U.S. Equity Accelerated 9 Buffer ETF - Jan · Absorbs the first 9% of loss on SPY and caps the gain at 11.9%, over a period ending Dec 31, 2026

Issuer AllianzIM Innovator

Reference index SPY SPY

Buffer 15% 9%

Outcome period Jan 1, 2026 to Dec 31, 2026 Dec 31, 2025 to Dec 31, 2026

Days left 57 57

Starting cap uncapped +11.9%

Can still gain uncapped 1.6%

Fall before buffer 8.4% 9.3%

Protection left, index points 15.0% of 15.0% 9.0% of 9.0%

Index return this period +12.4% +12.4%

Fund return this period +8.3% +9.4%

State today Uncapped At cap

Expense ratio 0.74% 0.79%

Net assets, JANU as of Nov 3, 2026 and XBJA as of Nov 4, 2026 $77m $95m

As of Nov 4, 2026. Source: ETFIQ.

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

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

Where each one stands today

JANU resets first, on Dec 31, 2026, 57 days from now; XBJA runs to Dec 31, 2026, 57 days. A fall from here reaches JANU’s buffer after 8.4% and XBJA’s after 9.3%. Both track SPY, so what separates them is where each is in its own period.

Alert

About each fund

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.

XBJA

SPY had already risen past this fund's cap of +11.9% 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 1.6% as the period runs out. The fund's price can fall 9.3% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 11.0% from today's level to the point where the buffer begins. Protection left, in index points: 9.0% of the 9.0% buffer still sits below today's SPY level. On Dec 31, 2026 the period ends and a new cap is set.

Questions people ask

Which resets first, JANU or XBJA?: JANU ends its outcome period on Dec 31, 2026 and XBJA on Dec 31, 2026. New terms are set the day after each.
Which is cheaper, JANU or XBJA?: JANU charges 0.74% a year and XBJA charges 0.79%, so JANU is cheaper. Fees come from each fund's prospectus.

Other comparisons

JANU vs ZJAN JANU vs DDSQ JANU vs DDFJ JANU vs QBSF XBJA vs QBSF XBJA vs AIOO XBJA vs ZJAN XBJA vs DDSQ

Where to next

SPDR® S&P 500® ETF Trust →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →JANU on its own →XBJA on its own →Method →Standards and sources →

Sources and dates

JANU filings on SEC EDGAR ↗

AllianzIM page for JANU ↗

XBJA filings on SEC EDGAR ↗

Innovator page for XBJA ↗

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

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