At a glance
JANT charges 0.74% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $60.9M in assets, the 8th largest of that group. Over the past year it returned +13.1% with distributions reinvested (S&P 500: +11.5%), the best of those 8 funds; over three years it returned +19.0% a year.
The short version
AllianzIM U.S. Large Cap Buffer10 Jan ETF (JANT) uses FLEX options on the SPDR S&P 500 ETF Trust (SPY) to track SPY's share price over each calendar year. It aims to absorb the first 10% of losses in exchange for a cap on gains, which was 14.86% after fees for 2026. Its 0.74% fee was the lowest of eight buffer funds compared. It was also the smallest, with about $61 million in assets as of July 31, 2026.
Price history
The interactive chart needs JavaScript.
JANT +13.1% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| JANT official prospectus, to Dec 31, 2025 | — | +14.30% | — | +10.51% | — | — |
| JANT price data to Oct 27, 2026 | +10.6% | +13.1% | +19.0% | — | — | +15.8% |
- Over the year to Oct 27, 2026, JANT returned +13.1%, 1st of 8 among similar funds.
- Its worst full calendar year was 2025 (+14.3%); its best was 2023 (+22.9%).
- The deepest fall in its price history was 13.3% (Feb 19, 2025 to Apr 8, 2025), recovered by Jun 24, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +10.6% | — |
| 2025 | +14.3% | +14.30% |
| 2024 | +16.0% | +16.08% |
| 2023 | +22.9% | +22.61% |
| 2022 | — | -10.13% |
| 2021 | — | +12.76% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Not in the price data, which starts Oct 31, 2022 |
What's inside
As of Jul 31, 2026, the fund held 0 securities; the ten largest made up 0% of assets.
| Holding | Weight |
|---|
By country
By asset type
What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $6.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.73%, -0.11%, +0.63%.
How it works
JANT doesn't buy stocks. It puts substantially all its assets into FLEX options on the SPDR S&P 500 ETF Trust (SPY). FLEX options are exchange-traded option contracts with custom strike prices and expiration dates. SPY tracks the S&P 500. As of January 31, 2026, that index held 503 securities from 500 companies, with heavy exposure to information technology.
As of July 31, 2026, the fund held four SPY options, all expiring December 31, 2026. A deep in-the-money call with a $5.05 strike made up about 101% of net assets and moves almost dollar for dollar with SPY. A purchased put at $681.85 and a sold put at $613.73 create the 10% buffer. A sold call at $788.30 sets the cap, and the premium from selling it helps pay for the protection. The cap and buffer reset every January 1. For 2026, the cap was 15.60% before fees and 14.86% after the 0.74% fee. The buffer was 9.26% after fees.
These targets apply only to someone who holds from January 1 to December 31. They track SPY's share price only, because the fund does not receive SPY's dividends. If you buy partway through the year, you may get less upside and less buffer, or none at all. Before the options expire, they are priced at market value. That means the fund can fall more than 10% partway through the period.
What it really costs
- JANT charges 0.74% a year, versus an average of 0.86% for the similar funds below (1st of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $76 in the first year and $918 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| JANT | $76 | $237 | $411 | $918 |
Structure and tax notes
- Organized as a unit investment trust: it cannot lend out its securities or reinvest dividends between payouts, which can create a small drag versus similar open-end ETFs.
- Uses options to limit losses within a range (the buffer) in exchange for a cap on gains over each outcome period; results depend on when you buy relative to the period start.
In a retirement portfolio
It keeps most of the S&P 500's price movement but aims to absorb the first 10% of a calendar-year loss, in exchange for capped gains and no dividends.
JANT launched on December 31, 2020, so it has no record from the 2008 crisis or the 2020 COVID crash. In the 2022 bear market it lost 10.13% for the calendar year, its worst year, even with the buffer. Its deepest price drop was 13.3%, from February 19 to April 8, 2025. That is more than the 10% buffer, because the protection applies only at the end of the period. It recovered by June 24, 2025, about 2.5 months later. A retiree forced to sell partway through a year could lock in a bigger loss than the buffer suggests. The fund paid no distributions, so any spending money has to come from selling shares. Its 0.74% expense ratio was below the 0.86% average for similar buffer funds. That is about $76 in the first year on $10,000 under the SEC's standard example. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want S&P 500 price exposure with a cushion against the first 10% of a calendar-year drop, and who accept capped gains.
- Cost-conscious buyers of buffer funds: its 0.74% expense ratio was the lowest of eight buffer ETFs compared, against a 0.86% average.
- Investors who can buy near January 1 and hold through December 31, the window in which the stated cap and buffer apply.
Look elsewhere if
- People who need cash flow: JANT made no distributions and does not receive SPY's dividends.
- Investors who want full stock-market gains: anything above the cap, which was 14.86% after fees for 2026, is given up.
- Those wary of small funds: it held about $61 million as of July 31, 2026, the smallest of eight peers, after $6.6 million of three-month outflows.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| JANT this fund | 0.74% | $60.9M | +13.1% | +19.0% |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
Questions investors ask
Does JANT pay dividends?
No. JANT recorded no distributions, so it provides no income. It holds options on the SPDR S&P 500 ETF Trust (SPY), not SPY shares. Its prospectus says it will not receive or benefit from SPY's dividend payments. Its returns follow only SPY's share price. That means holders give up the dividend part of S&P 500 returns, as well as any gains above the cap.
How does the JANT buffer work?
JANT aims to absorb the first 10% of SPY's share-price loss over each January 1 to December 31 outcome period. After its 0.74% fee, the buffer is 9.26%. Any losses beyond the buffer pass through to the fund. The buffer comes from a pair of SPY put options, one bought and one sold. It applies only at the end of the period. Investors who buy or sell partway through the year may get more protection, less, or none.
What is JANT's cap for 2026?
For the January 1 to December 31, 2026 outcome period, the cap was 15.60% before fees and 14.86% after the 0.74% management fee. It was set at the market close on the business day before the period began. Market volatility and interest rates both affect it. The cap resets each January, and the prospectus says it is unlikely to stay the same. Through October 27, 2026, the fund was up 10.6% year to date.
JANT vs FJAN: what's the difference?
Both are January-reset buffer ETFs built with FLEX options. JANT, from Allianz Investment Management, charges 0.74% a year. FT Vest US Equity Buffer ETF - January (FJAN) charges 0.85%. As of October 27, 2026, JANT returned 13.1% over one year and 19% a year over three years. FJAN returned 12.3% and 17.4%. FJAN is much larger, with about $1.47 billion in net assets as of August 31, 2026, against about $61 million for JANT. Each fund's cap and buffer terms are worth comparing.
Can you lose money in JANT?
Yes. The buffer is not a guarantee, and the prospectus warns that a shareholder could lose their entire investment. JANT lost 10.13% in 2022. Its worst quarter was a 10.31% drop in the quarter ending June 30, 2022. From February 19 to April 8, 2025, its price fell 13.3%, more than the buffer, because the options' value before expiration moves with the market. It recovered by June 24, 2025.