Which has more room to gain, JANP or PBJA?

From their prices on Nov 4, 2026, JANP can gain about 3.1% before its cap and PBJA about 1.9%, so JANP has more room left this period.

Which resets first, JANP or PBJA?

JANP ends its outcome period on Dec 31, 2026 and PBJA on Dec 31, 2026. A new cap is set the day after each.

Which is cheaper, JANP or PBJA?

JANP and PBJA both charge 0.50% a year, so neither is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Buffer ETFs

JANP vs PBJA: Cap, Buffer & Days Left

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As of Nov 4, 2026 JANP can fall 9.6% before its buffer engages and PBJA 7.8%.

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Net assets on Nov 4, 2026: $58m for PGIM S&P 500 Buffer 12 ETF - January and $68m for PGIM S&P 500 Buffer 20 ETF - January.

JANP on its own →PBJA on its own →

At a glance

9.6%

JANP can fall this far before its buffer

7.8%

PBJA can fall this far before its buffer

3.1%

JANP can still gain

1.9%

PBJA can still gain

JANP Between buffer and cap

JANP: reference +12.4% since period start, fund +10.0%; buffer 0 to −12; cap +13.9%; Between buffer and cap. Data to Nov 4, 2026.

PBJA At its cap

PBJA: reference +12.4% since period start, fund +7.9%; buffer 0 to −20; cap +10.4%; At its cap. Data to Nov 4, 2026.

Pair scorecard

Both cost 0.50% a year; their one-year returns differ by 2.8 points; PBJA is 1.2 times larger.

Points (pts) are percentage points.

JANP vs PBJA: Cap, Buffer & Days Left
Measure	JANP	PBJA
Return
Measure	JANP	PBJA
Total return, 1 year	+12.6%	+9.8%
Drawdown
Measure	JANP	PBJA
Index fall to the buffer	11.1%
Benchmark
Measure	JANP	PBJA
What it tracks	SPY	SPY
Cost and size
Measure	JANP	PBJA
Expense ratio	0.50%	0.50%
Net assets	$58m	$68m
Holdings
Measure	JANP	PBJA
Holdings in common	not published

ETFIQ Downside Cover Score · PBJA scores higher If the market falls into a bear market from here, how much does the buffer absorb?

IQ Buffer Score47.1JANP61.1PBJA

How much of a bear-market fall the buffer would absorb from today's level, ranked against 292 buffer ETFs on stocks with a live outcome period. 100 is best. How it is computed

JANP 47.1

PBJA 61.1

0.3, the lowest in this set 99.7, the highest

Today's position against one 20% fall; it ignores smaller falls, and stock buffers are never ranked against bond or commodity ones. All buffer ETFs ranked by it →

Method

Window by window

Window by window: JANP vs PBJA: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	JANP	PBJA	JANP	PBJA
3 months	+1.6%	+1.7%	+2.0 pts	+2.1 pts
6 months	+5.0%	+4.3%	+0.6 pts	−0.2 pts
1 year	+12.6%	+9.8%	−0.9 pts	−3.8 pts
Since launchJANP Jan 2024 · PBJA Jan 2024	+44.3%	+33.4%	−18.0 pts	−28.8 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Open this comparison in the app →

Side by side

JANP PGIM S&P 500 Buffer 12 ETF - January · Absorbs the first 12% of loss on SPY and caps the gain at 13.9%, over a period ending Dec 31, 2026 PBJA PGIM S&P 500 Buffer 20 ETF - January · Absorbs the first 20% of loss on SPY and caps the gain at 10.4%, over a period ending Dec 31, 2026

Issuer PGIM PGIM

Reference index SPY SPY

Buffer 12% 20%

Outcome period Jan 1, 2026 to Dec 31, 2026 Jan 1, 2026 to Dec 31, 2026

Days left 57 57

Starting cap +13.9% +10.4%

Can still gain 3.1% 1.9%

Fall before buffer 9.6% 7.8%

Protection left, index points 12.0% of 12.0% 20.0% of 20.0%

Index return this period +12.4% +12.4%

Fund return this period +10.0% +7.9%

State today Open At cap

Expense ratio 0.50% 0.50%

Net assets $58m $68m

As of Nov 4, 2026. Source: ETFIQ.

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

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

Where each one stands today

JANP resets first, on Dec 31, 2026, 57 days from now; PBJA runs to Dec 31, 2026, 57 days. JANP can still gain 3.1% before its cap, PBJA 1.9%. A fall from here reaches JANP’s buffer after 9.6% and PBJA’s after 7.8%. Both track SPY, so what separates them is where each is in its own period.

Alert

About each fund

JANP

From its price on Nov 4, 2026, the fund can gain about 3.1% more before it reaches its cap. The fund's price can fall 9.6% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 11.1% from today's level to the point where the buffer begins. Protection left, in index points: 12.0% of the 12.0% buffer still sits below today's SPY level. 57 days remained on Nov 4, 2026. On Dec 31, 2026 the period ends and a new cap is set.

PBJA

SPY had already risen past this fund's cap of +10.4% for the period on Nov 4, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 1.9% as the period runs out. The fund's price can fall 7.8% from here before the buffer starts absorbing losses, by the issuer's number. Protection left, in index points: 20.0% of the 20.0% buffer still sits below today's SPY level.

Questions people ask

Which has more room to gain, JANP or PBJA?: From their prices on Nov 4, 2026, JANP can gain about 3.1% before its cap and PBJA about 1.9%, so JANP has more room left this period.
Which resets first, JANP or PBJA?: JANP ends its outcome period on Dec 31, 2026 and PBJA on Dec 31, 2026. A new cap is set the day after each.
Which is cheaper, JANP or PBJA?: JANP and PBJA both charge 0.50% a year, so neither is cheaper. Fees come from each fund's prospectus.

Other comparisons

JANP vs JANW JANP vs PQXV JANP vs PQXX JANP vs PQV PBJA vs PQXV PBJA vs PQXX PBJA vs PQV PBJA vs JANT

Where to next

SPDR S&P 500 ETF Trust →JANP on its own →PBJA on its own →Method →Standards and sources →

Sources and dates

JANP and PBJA filings on SEC EDGAR ↗

PGIM website ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

It is a place in a set, not a rating or a recommendation.

ETFIQ calculates every number from each issuer’s published outcome-period terms. Buffer ETFs hold options on an index, not shares, so there is no holdings overlap to report.

Every number is an ETFIQ calculation with distributions reinvested.

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ETFIQ, JANP against PBJA, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/janp-vs-pbja

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Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.