# JANM (FT Vest U.S. Equity Max Buffer ETF - January)

First Trust · Buffer ETFs · data as of Sep 11, 2026

As of Sep 11, 2026, JANM has reached its cap.

## Key facts

- JANM, past the cap, price drift left: 2.3%, as of Sep 11, 2026.
- JANM, fall before the buffer: 4.4%, as of Sep 11, 2026.
- JANM, protection left, index points: 45.8%, as of Sep 11, 2026.
- JANM, days to reset: 126, as of Sep 11, 2026.
- JANM, net assets: $37m (issuer page, as of Sep 11, 2026).
- JANM, expense ratio: 0.85% (issuer page, Sep 11, 2026).

## JANM over each window to Sep 11, 2026

| Window | Total return | SPY | Gap to SPY |
| --- | --- | --- | --- |
| 3 months | +1.7% | +3.3% | −1.6 pts |
| 6 months | +4.4% | +16.0% | −11.6 pts |
| 1 year | +6.2% | +17.5% | −11.3 pts |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Reference index | SPY | ETFIQ |
| Buffer | 46% | ETFIQ |
| Outcome period | Jan 20, 2026 to Jan 15, 2027 | ETFIQ |
| Starting cap | +7.0% | ETFIQ |
| SPY return since period start | +10.5% | ETFIQ |
| Fund return since period start | +3.7% | ETFIQ |
| Net assets | $37m | issuer page, as of Sep 11, 2026 |
| Band state today | At cap | ETFIQ |
| Can still gain | 2.3% | issuer, fund price |
| Fall before buffer | 4.4% | issuer, fund price |
| Fall to the buffer in index terms | 9.5% | ETFIQ |
| Protection left in index points | 45.8% of 45.8% | ETFIQ |
| Days left in period | 126 | ETFIQ |
| Expense ratio | 0.85% | issuer page, Sep 11, 2026 |

## Questions

### How much can JANM still gain?

Nothing more in index terms on Sep 11, 2026. SPY has already passed the cap of +7.0% for this period, which runs from Jan 20, 2026 to Jan 15, 2027.

### How far can JANM fall before the buffer helps?

4.4% in fund-price terms on Sep 11, 2026, by the issuer's figure. In index terms SPY can fall 9.5% from that level before the buffer begins. Losses until that point are the holder's.

### How much of the JANM buffer is left?

45.8% of the 45.8% buffer sat below the SPY level on Sep 11, 2026. That is an ETFIQ calculation in index points, on one definition for every issuer.

### When does JANM reset?

The outcome period ends on Jan 15, 2027, 126 days from the data on Sep 11, 2026. A new cap is set the next day and the buffer starts again.

### What does JANM cost?

The prospectus expense ratio is 0.85% a year.


## Cite this page

ETFIQ, JANM, data as of Sep 11, 2026. https://etfiq.com/funds/janm
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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