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JANW vs QBSV: which one stands where?

As of Oct 1, 2026 JANW can fall 7.2% before its buffer engages and QBSV 0.2%. AllianzIM U.S. Equity Buffer20 ETF - Jan and AllianzIM U.S. Equity Buffer5 ETF - Jan.

7.2%
JANW can fall this far before its buffer
0.2%
QBSV can fall this far before its buffer
2.6%
JANW can still gain
4.9%
QBSV can still gain
JANWAt its cap
At its capJANW: reference +11.8% since period start, fund +6.9%; buffer 0 to −20; cap +10.5%; At its cap.20 pts of buffer+10.5% gain captured−20.0% floor0% period start+10.5% capTODAY · SPY +11.8%At its capJANW: reference +11.8% since period start, fund +6.9%; buffer 0 to −20; cap +10.5%; At its cap.20 pts of buffer+10.5%−20.0% floor0% start+10.5% capTODAY · SPY +11.8%

JANW: reference +11.8% since period start, fund +6.9%; buffer 0 to −20; cap +10.5%; At its cap.

QBSVBetween buffer and cap
Between buffer and capQBSV: reference 0.0% since period start, fund 0.0%; buffer 0 to −5; cap +5.1%; Between buffer and cap.5 pts+5.1% to cap−5.0% floor0% period start+5.1% capTODAY · SPY 0.0%Between buffer and capQBSV: reference 0.0% since period start, fund 0.0%; buffer 0 to −5; cap +5.1%; Between buffer and cap.−5.0% floor0% start+5.1% capTODAY · SPY 0.0%

QBSV: reference 0.0% since period start, fund 0.0%; buffer 0 to −5; cap +5.1%; Between buffer and cap.

ETFIQ Downside Cover Score · JANW scores higherIf the market falls into a bear market from here, how much does the buffer absorb?
0.2, the lowest in this set99.8, the highest

A percentile among the 293 buffer ETFs with a live outcome period. It is a position in a set, not a rating, and neither end of it is a recommendation. All buffer ETFs ranked by it → How it is computed →

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

Both are AllianzIM funds, so the difference between them is the terms rather than the house.

Where each one stands today

JANW resets first, on Dec 31, 2026, 92 days from now; QBSV runs to Dec 31, 2026, 92 days. JANW can still gain 2.6% before its cap, QBSV 4.9%. A fall from here reaches JANW’s buffer after 7.2% and QBSV’s after 0.2%. Both track SPY, so what separates them is where each is in its own period.

Every figure is ETFIQ’s own, from the issuer’s published outcome-period terms. A buffer ETF holds FLEX options on its reference index rather than shares, so there is no holdings overlap between two of them to report.

Performance, window by window

Total returnGap to the reference
WindowJANWQBSVJANWQBSV
3 months+2.3%+2.2%−0.2 pts−0.3 pts
6 months+8.0%+8.2%−9.0 pts−8.8 pts
1 year+9.5%not published−6.3 ptsnot published
3 years+37.3%not published−47.7 ptsnot published

JANW and QBSV over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

JANW
AllianzIM U.S. Equity Buffer20 ETF - Jan · Absorbs the first 20% of loss on SPY and caps the gain at 10.5%, over a period ending Dec 31, 2026
QBSV
AllianzIM U.S. Equity Buffer5 ETF - Jan · Absorbs the first 5% of loss on SPY and caps the gain at 5.1%, over a period ending Dec 31, 2026
Issuer AllianzIM AllianzIM
Reference index SPY SPY
Buffer 20% 5%
Outcome period Jan 1, 2026 to Dec 31, 2026 Oct 1, 2026 to Dec 31, 2026
Days left 92 92
Starting cap +10.5% +5.1%
Can still gain 2.6% 4.9%
Fall before buffer 7.2% 0.2%
Protection left, index points 20.0% of 20.0% 5.0% of 5.0%
Index return this period +11.8% 0.0%
Fund return this period +6.9% 0.0%
State today At cap Open
Expense ratio 0.74% 0.64%
Net assets $356m $27m

JANW and QBSV on the same fields, as of Oct 1, 2026. Source: ETFIQ.

JANW in plain words

SPY had already risen past this fund's cap of +10.5% for the period on Oct 1, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 2.6% as the period runs out. The fund's price can fall 7.2% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 10.6% from today's level to the point where the buffer begins. Protection left, in index points: 20.0% of the 20.0% buffer still sits below today's SPY level. 92 days remained on Oct 1, 2026. On Dec 31, 2026 the period ends and a new cap is set.

QBSV in plain words

From its price on Oct 1, 2026, the fund can gain about 4.9% more before it reaches its cap. The fund's price can fall 0.2% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 0.0% from today's level to the point where the buffer begins. Protection left, in index points: 5.0% of the 5.0% buffer still sits below today's SPY level.

Questions people ask

Which has more room to gain, JANW or QBSV?
From their prices on Oct 1, 2026, JANW can gain about 2.6% before its cap and QBSV about 4.9%, so QBSV has more room left this period.
Which resets first, JANW or QBSV?
JANW ends its outcome period on Dec 31, 2026 and QBSV on Dec 31, 2026. A new cap is set the day after each.
Which is cheaper, JANW or QBSV?
JANW charges 0.74% a year and QBSV charges 0.64%, so QBSV is cheaper. Fees come from each fund's prospectus.
Other comparisons
JANW vs QBSFJANW vs SIXJJANW vs SQMXJANW vs TJANQBSV vs AIOOQBSV vs AOCTQBSV vs APOCQBSV vs BALT
SPDR® S&P 500® ETF Trust →JANW on its own →QBSV on its own →How every figure is computed →Standards and sources →
Where these figures came from
JANW and QBSV filings on SEC EDGAR ↗AllianzIM page for JANW ↗AllianzIM page for QBSV ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, JANW against QBSV, data as of Oct 1, 2026. https://etfiq.com/compare/buffer/janw-vs-qbsv

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.