Data as of Nov 4, 2026.
JANU vs PMJA: Cap, Buffer & Days Left
As of Nov 4, 2026 JANU can fall 8.4% before its buffer engages and PMJA 4.9%.
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Net assets: $77m on Nov 3, 2026 for AllianzIM U.S. Equity Buffer15 Uncapped ETF - Jan, and $5.6m on Nov 4, 2026 for PGIM S&P 500 Max Buffer ETF - January.
JANU: reference +12.4% since period start, fund +8.3%; buffer 0 to −15; no cap; No cap. Data to Nov 4, 2026.
JANU: reference +12.4% since period start, fund +8.3%; buffer 0 to −15; no cap; No cap. Data to Nov 4, 2026.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
PMJA costs 0.24 points a year less; their one-year returns differ by 3.3 points; JANU is 13.8 times larger.
Points (pts) are percentage points.
| Measure | JANU | PMJA |
|---|---|---|
| Return | ||
| Total return, 1 year | +9.2% | +5.9% |
| Drawdown | ||
| Index fall to the buffer | 11.1% | |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.74% | 0.50% |
| Net assets, as of Nov 3, 2026 | $77m | $5.6m |
| Holdings | ||
| Holdings in common | not published | |
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | JANU | PMJA | JANU | PMJA |
| 3 months | −1.3% | +1.2% | −0.9 pts | +1.6 pts |
| 6 months | +2.3% | +2.7% | −2.2 pts | −1.8 pts |
| 1 year | +9.2% | +5.9% | −4.4 pts | −7.7 pts |
| Since launchJANU Jan 2025 · PMJA Jan 2025 | +21.9% | +11.9% | −9.3 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
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. JANU 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.
Where each one stands today
JANU resets first, on Dec 31, 2026, 57 days from now; PMJA runs to Dec 31, 2026, 57 days. A fall from here reaches JANU’s buffer after 8.4% and PMJA’s after 4.9%. Both track SPY, so what separates them is where each is in its own period.
JANU
This fund has no cap. It takes a share of any further rise in SPY. The fund's price can fall 8.4% 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: 15.0% of the 15.0% buffer still sits below today's SPY level. 57 days remained on Nov 4, 2026. On Dec 31, 2026 the period ends and new terms are 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. On Dec 31, 2026 the period ends and a new cap is set.
Questions people ask
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.
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ETFIQ, JANU against PMJA, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/janu-vs-pmja
ETFIQ. (Nov 4, 2026). JANU against PMJA. Retrieved from https://etfiq.com/compare/buffer/janu-vs-pmja
[JANU against PMJA (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/janu-vs-pmja)
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