At a glance
JANU charges 0.74% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $81.7M in assets, the 8th largest of that group. Over the past year it returned +7.6% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds.
The short version
AllianzIM U.S. Equity Buffer15 Uncapped Jan ETF (JANU) holds options on the SPDR S&P 500 ETF Trust (SPY). The options are designed to cushion the first 15% of SPY price losses over each January-to-December period. It has no cap on gains. Instead, it gives up a "spread," the first 3.73% of SPY's price gain for 2026 before fees. Its 0.74% expense ratio was the lowest of eight buffer funds compared.
Price history
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JANU +7.6% 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 | |
|---|---|---|---|---|---|---|
| JANU official prospectus, to Dec 31, 2025 | — | +12.49% | — | — | — | — |
| JANU price data to Oct 27, 2026 | +8.8% | +7.6% | — | — | — | +11.9% |
- Over the year to Oct 27, 2026, JANU returned +7.6%, 8th of 8 among similar funds.
- The deepest fall in its price history was 11.8% (Feb 19, 2025 to Apr 8, 2025), recovered by Jun 27, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +8.8% | — |
| 2025 | +12.6% | +12.49% |
| 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 | Before this security existed |
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 $6.7M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +4.21%, -1.28%, -0.26%.
How it works
JANU does not own stocks directly. Allianz Investment Management puts substantially all of the fund's assets into FLEX Options, which are exchange-traded options whose strike prices and expiration dates can be customized. These options reference SPY, a fund that tracks the S&P 500 Index. As of July 31, 2026, JANU held three options, all expiring December 31, 2026. A call with a $30.55 strike made up about 98.5% of assets and moves much like SPY itself. A bought put at $707.36 made up about 2.2%, and a sold put at $579.63 made up about -0.6%. Portfolio turnover was 0%.
The fund's targets apply only to a full outcome period, which ran from January 1 to December 31, 2026. The buffer absorbs the first 15% of SPY's price loss, or 14.26% after the 0.74% fee. On the upside, SPY's price must rise by more than the spread before the fund gains anything. The spread was 3.73% before fees and 4.47% after. Gains above that are not capped. The spread resets each period based on interest rates and market volatility, so it will change. Returns follow SPY's price only, because the fund receives no SPY dividends.
Anyone who buys or sells partway through a period won't get these stated outcomes. Option prices also move with volatility before expiration. Even with the buffer, the fund fell 11.8% between February 19 and April 8, 2025. The fund is non-diversified, and it depends on the Options Clearing Corporation, which guarantees the options, to meet its obligations.
What it really costs
- JANU 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 |
|---|---|---|---|---|
| JANU | $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 S&P 500 price exposure but uses options to absorb the first 15% of losses over each calendar-year outcome period.
JANU could soften a moderate stock-market drop for a retiree who wants to stay in the S&P 500. Its record is short, though. It launched December 31, 2024, so it has no history in the 2008, 2020 or 2022 downturns. Its deepest drop was 11.8%, from February 19 to April 8, 2025. It recovered by June 27, 2025, about 2.6 months later. The buffer is measured only at the end of the period, so anyone who has to sell during a mid-year slump could lock in a loss. It also gives no protection beyond the first 15% of losses.
The fund has recorded no distributions and receives no SPY dividends. Any withdrawals therefore mean selling shares. Its 0.74% expense ratio is below the 0.86% average for similar buffer funds. On the SEC's standard $10,000 example, costs come to $918 over 10 years. Past results don't predict future ones, 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 15% loss buffer and uncapped gains above the spread, held from January through December.
- Cost-conscious buyers of buffer funds: its 0.74% expense ratio was the lowest of eight buffer funds compared, below their 0.86% average.
- Investors able to buy near January 1 and hold for the full outcome period, since the stated buffer and spread apply only then.
Look elsewhere if
- Investors who need income: the fund has recorded no distributions and does not receive SPY's dividends.
- Those who want a long record or a large fund: it launched December 31, 2024, with $81.7 million in net assets as of July 31, 2026.
- Investors focused on recent returns: its 7.6% one-year return through October 27, 2026, ranked last among eight buffer funds compared.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| JANU this fund | 0.74% | $81.7M | +7.6% | — |
| 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 JANU pay dividends?
No. The fund has recorded no distributions. It holds options on SPY rather than SPY shares, so it does not receive the dividends SPY pays. Its returns follow SPY's price only. Over a long holding period, those missed dividends lower its return compared with owning the S&P 500 directly. Retirees who want regular income would need to sell shares or rely on other holdings.
What does uncapped mean for JANU and how does the spread work?
Uncapped means there is no upper limit on gains. Instead, JANU gives up the first part of SPY's price gain, called the spread. For the January 1 to December 31, 2026 outcome period, the spread was 3.73% before fees and 4.47% after the 0.74% fee. SPY must rise more than that before the fund gains anything. The spread resets each January based on market conditions.
Can you lose money in JANU?
Yes. The buffer covers only the first 15% of SPY price losses over a full outcome period, or 14.26% after fees. Losses beyond that pass through, and the prospectus warns a shareholder could lose their entire investment. Values can also fall during the period. The fund dropped 11.8% between February 19 and April 8, 2025, before recovering by June 27, 2025.
What happens if I buy JANU in the middle of the year?
You won't get the stated buffer and spread. Those apply only to someone who holds from January 1 through December 31. If SPY has already risen, more of the buffer may lie ahead of you before it starts to help. If SPY has already fallen, part of the buffer may already be used up. Selling before December 31 also means the result depends on option prices that day.
What's the difference between JANU and FJAN?
Both are January buffer ETFs, but they differ in cost, size and recent results. JANU's expense ratio is 0.74% and FJAN's is 0.85%. FJAN, from FT Vest, had about $1.47 billion in net assets as of August 31, 2026, compared with JANU's $81.7 million as of July 31, 2026. FJAN returned 12.3% over one year through October 27, 2026, and JANU returned 7.6%. JANU limits its upside with a spread rather than a cap.