JANT vs XTR

JANTBAllianzIM U.S. Equity Buffer10 Jan ETF

XTRCGlobal X S&P 500 Tail Risk ETF

In short

JANT A buffer fund that runs on the calendar: the 12-month outcome period opens January 1 and closes December 31, absorbing the first 10% of S&P 500 price losses in exchange for a cap reset each New Year.

XTR Most downside-protection ETFs sell away your upside to pay for it. XTR pays cash instead: it owns the S&P 500 stocks and buys 10% out-of-the-money puts every quarter, leaving the upside uncapped.

Stated mandate

JANT The Fund seeks to match the stated underlying reference's returns at the end of the current Outcome Period up to an upside Cap, while providing a downside buffer against the first 10% of losses before fees and expenses.

XTR The Fund seeks to track the performance of the Cboe S&P 500 Tail Risk Index before fees and expenses.

Why people hold it

• JANT Fee is 0.74%, below the typical shallow-buffer fund, and the overall build stands among the stronger ones in its peer group.
• The outcome period runs January 1 to December 31, so the reset lands with the calendar year rather than mid-quarter.allianzim.com
• Exchange-traded FLEX options held inside a 1940 Act fund and cleared by the OCC, so the payoff does not ride on one bank's credit the way a structured note does.allianzim.comsec.gov
• One of twelve monthly AllianzIM Buffer10 funds, so a January start can be laddered alongside other reset months.allianzim.com

• XTR No cap on the gains. The hedge is bought with cash rather than funded by selling calls, so index rallies come through less the put premium and fees.sec.gov
• Costs 0.25%, well under half of what the defined-outcome funds it competes with typically charge for downside protection.
• Owns the roughly 500 S&P 500 stocks themselves, with the put position layered on top, rather than wrapping the index in a stack of options.sec.gov
• Rules-based and mechanical: puts are bought at 10% below the prevailing index level each quarter and held to expiration, with no manager guessing at timing.sec.gov

Worth knowing

• JANT The buffer covers the first 10% of losses before fees and expenses; deeper declines pass through, and the upside stops at the period's cap.
• The reference is the S&P 500 price index, so dividends sit outside the payoff math.
• Thinly traded, so limit orders earn their keep, and buying mid-period leaves you with a different cap and buffer than the ones set on January 1.allianzim.com

• XTR Protection starts about 10% down and resets quarterly, so garden-variety dips are absorbed in full and the gap widens if the market rallies mid-quarter.sec.gov
• Insurance is not free. The quarterly premium is a steady cost against plain index exposure, and in calm markets the puts expire worthless.sec.gov
• A small fund that trades thinly, so limit orders matter and subscale products carry more risk of being closed than the category's giants.

Full JANT profile⁠

Full XTR profile⁠