Which resets first, JANU or XDEC?

JANU ends its outcome period on Dec 31, 2026 and XDEC on Dec 18, 2026. New terms are set the day after each.

Which is cheaper, JANU or XDEC?

JANU charges 0.74% a year and XDEC charges 0.85%, so JANU is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Buffer ETFs

JANU vs XDEC: Cap, Buffer & Days Left

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As of Nov 4, 2026 JANU can fall 8.4% before its buffer engages and XDEC 8.4%, and XDEC 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 $208m for FT Vest U.S. Equity Enhance & Moderate Buffer ETF - December.

JANU on its own →XDEC on its own →

At a glance

8.4%

JANU can fall this far before its buffer

8.4%

XDEC can fall this far before its buffer

uncapped

JANU can still gain

0.9%

XDEC 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.

XDEC At its cap

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.

Data to Nov 4, 2026.

Pair scorecard

JANU costs 0.11 points a year less; their one-year returns differ by 0.2 points; XDEC is 2.7 times larger.

Points (pts) are percentage points.

JANU vs XDEC: Cap, Buffer & Days Left
Measure	JANU	XDEC
Return
Measure	JANU	XDEC
Total return, 1 year	+9.2%	+9.4%
Drawdown
Measure	JANU	XDEC
Index fall to the buffer	11.1%	11.2%
Benchmark
Measure	JANU	XDEC
What it tracks	SPY	SPY
Cost and size
Measure	JANU	XDEC
Expense ratio	0.74%	0.85%
Net assets, as of Nov 3, 2026	$77m	$208m
Holdings
Measure	JANU	XDEC
Holdings in common	not published

Method

Window by window

Window by window: JANU vs XDEC: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	JANU	XDEC	JANU	XDEC
3 months	−1.3%	+1.7%	−0.9 pts	+2.1 pts
6 months	+2.3%	+4.3%	−2.2 pts	−0.1 pts
1 year	+9.2%	+9.4%	−4.4 pts	−4.1 pts
3 years	–	+31.9%	–	−44.5 pts
Since launchNot the same days: JANU Jan 2025 · XDEC Dec 2021	+21.9%	+46.1%	−9.3 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

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 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

Issuer AllianzIM First Trust

Reference index SPY SPY

Buffer 15% 15%

Outcome period Jan 1, 2026 to Dec 31, 2026 Dec 22, 2025 to Dec 18, 2026

Days left 57 44

Starting cap uncapped +10.1%

Can still gain uncapped 0.9%

Fall before buffer 8.4% 8.4%

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

Index return this period +12.4% +12.7%

Fund return this period +8.3% +8.2%

State today Uncapped At cap

Expense ratio 0.74% 0.85%

Net assets, as of Nov 3, 2026 $77m $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. JANU 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; JANU runs to Dec 31, 2026, 57 days. A fall from here reaches JANU’s buffer after 8.4% and XDEC’s after 8.4%. 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.

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. In index terms, SPY can fall 11.2% from today's level to the point where the buffer begins. 44 days remained on Nov 4, 2026. On Dec 18, 2026 the period ends and a new cap is set.

Questions people ask

Which resets first, JANU or XDEC?: JANU ends its outcome period on Dec 31, 2026 and XDEC on Dec 18, 2026. New terms are set the day after each.
Which is cheaper, JANU or XDEC?: JANU charges 0.74% a year and XDEC charges 0.85%, so JANU is cheaper. Fees come from each fund's prospectus.

Other comparisons

JANU vs UJAN JANU vs GDEC JANU vs DDEC JANU vs XBJA XDEC vs QBSF XDEC vs ZJAN XDEC vs DDSQ XDEC vs AJAN

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 →XDEC on its own →Method →Standards and sources →

Sources and dates

JANU filings on SEC EDGAR ↗

AllianzIM page for JANU ↗

XDEC filings on SEC EDGAR ↗

First Trust page for XDEC ↗

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.

Cite this pageCitation, APA and Markdown

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

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