Which has more room to gain, JANP or PMJA?

From their prices on Nov 4, 2026, JANP can gain about 3.1% before its cap and PMJA about 1.4%, so JANP has more room left this period.

Which resets first, JANP or PMJA?

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

Which is cheaper, JANP or PMJA?

JANP and PMJA 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 PMJA: Cap, Buffer & Days Left

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As of Nov 4, 2026 JANP can fall 9.6% before its buffer engages and PMJA 4.9%.

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Net assets on Nov 4, 2026: $58m for PGIM S&P 500 Buffer 12 ETF - January and $5.6m for PGIM S&P 500 Max Buffer ETF - January.

JANP on its own →PMJA on its own →

At a glance

9.6%

JANP can fall this far before its buffer

4.9%

PMJA can fall this far before its buffer

3.1%

JANP can still gain

1.4%

PMJA 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.

PMJA At its cap

PMJA: reference +12.4% since period start, fund +4.7%; buffer Floor; cap +6.6%; At its cap. Data to Nov 4, 2026.

Data to Nov 4, 2026.

Pair scorecard

Both cost 0.50% a year; their one-year returns differ by 6.7 points; JANP is 10.4 times larger.

Points (pts) are percentage points.

JANP vs PMJA: Cap, Buffer & Days Left
Measure	JANP	PMJA
Return
Measure	JANP	PMJA
Total return, 1 year	+12.6%	+5.9%
Drawdown
Measure	JANP	PMJA
Index fall to the buffer	11.1%
Benchmark
Measure	JANP	PMJA
What it tracks	SPY	SPY
Cost and size
Measure	JANP	PMJA
Expense ratio	0.50%	0.50%
Net assets	$58m	$5.6m
Holdings
Measure	JANP	PMJA
Holdings in common	not published

Method

Window by window

Window by window: JANP vs PMJA: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	JANP	PMJA	JANP	PMJA
3 months	+1.6%	+1.2%	+2.0 pts	+1.6 pts
6 months	+5.0%	+2.7%	+0.6 pts	−1.8 pts
1 year	+12.6%	+5.9%	−0.9 pts	−7.7 pts
Since launchNot the same days: JANP Jan 2024 · PMJA Jan 2025	+44.3%	+11.9%	−18.0 pts	−19.3 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 PMJA PGIM S&P 500 Max Buffer ETF - January · Absorbs the whole loss on SPY and caps the gain at 6.6%, over a period ending Dec 31, 2026

Issuer PGIM PGIM

Reference index SPY SPY

Buffer 12% 100%

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

Days left 57 57

Starting cap +13.9% +6.6%

Can still gain 3.1% 1.4%

Fall before buffer 9.6% 4.9%

Protection left, index points 12.0% of 12.0% 100.0% of 100.0%

Index return this period +12.4% +12.4%

Fund return this period +10.0% +4.7%

State today Open At cap

Expense ratio 0.50% 0.50%

Net assets $58m $5.6m

As of Nov 4, 2026. Source: ETFIQ.

These are two different products. PMJA is a floor fund, which caps how far a holder can fall. JANP is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.

PMJA 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; PMJA runs to Dec 31, 2026, 57 days. JANP can still gain 3.1% before its cap, PMJA 1.4%. A fall from here reaches JANP’s buffer after 9.6% and PMJA’s after 4.9%. 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.

PMJA

SPY had already risen past this fund's cap of +6.6% 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 1.4% as the period runs out. The fund's price can fall 4.9% from here before the buffer starts absorbing losses, by the issuer's number. Protection left, in index points: 100.0% of the 100.0% buffer still sits below today's SPY level.

Questions people ask

Which has more room to gain, JANP or PMJA?: From their prices on Nov 4, 2026, JANP can gain about 3.1% before its cap and PMJA about 1.4%, so JANP has more room left this period.
Which resets first, JANP or PMJA?: JANP ends its outcome period on Dec 31, 2026 and PMJA on Dec 31, 2026. A new cap is set the day after each.
Which is cheaper, JANP or PMJA?: JANP and PMJA both charge 0.50% a year, so neither is cheaper. Fees come from each fund's prospectus.

Other comparisons

JANP vs PQXV JANP vs PQX JANP vs PQXX JANP vs PQV PMJA vs PQX PMJA vs PQXV PMJA vs PQXX PMJA vs PQV

Where to next

SPDR S&P 500 ETF Trust →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →JANP on its own →PMJA on its own →Method →Standards and sources →

Sources and dates

JANP and PMJA filings on SEC EDGAR ↗

PGIM website ↗

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

How this is computed

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.

Cite this pageCitation, APA and Markdown

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

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