At a glance
PMJA charges 0.5% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $5.5M in assets, the 8th largest of that group. Over the past year it returned +5.7% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds.
The short version
PGIM S&P 500 Max Buffer ETF - January (PMJA) is an actively managed ETF. It uses customized options on the SPDR S&P 500 ETF Trust (SPY) to seek protection against about 100% of SPY's price losses over each one-year outcome period. In exchange, gains are capped at 6.58% before fees for the period ending December 31, 2026. Its 0.50% annual fee is lower than all seven similar buffer funds, but it is also the smallest by assets.
Price history
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PMJA +5.7% 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 | |
|---|---|---|---|---|---|---|
| PMJA official prospectus, to Dec 31, 2025 | — | +6.99% | — | — | — | — |
| PMJA price data to Oct 27, 2026 | +4.6% | +5.7% | — | — | — | +6.3% |
- Over the year to Oct 27, 2026, PMJA returned +5.7%, 8th of 8 among similar funds.
- The deepest fall in its price history was 3% (Feb 19, 2025 to Apr 8, 2025), recovered by May 16, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +4.6% | — |
| 2025 | +6.9% | +7.01% |
| 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, and 2.13% sat in cash and money-market holdings.
| Holding | Weight |
|---|
By country
By asset type
What changed recently
- Over the three months to Jul 31, 2026, investors added a net $545K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.77%, +0.11%, +0.51%.
How it works
PMJA is an actively managed ETF that owns options instead of stocks. Nearly all its assets are in FLEX Options, which are exchange-traded options with customized terms. They are written on the SPDR S&P 500 ETF Trust (SPY), a unit investment trust that holds the S&P 500 stocks. As of July 31, 2026, six option positions made up about 98% of assets. One call option moves in step with SPY. A put at $681.92 gains value when SPY falls below that price. A sold call at $726.79, about 6.58% higher, sets the cap.
The cap is the most the fund can gain over a period. For the outcome period of January 1 to December 31, 2026, the cap was set at 6.58% before fees, or 6.08% after the management fee. In exchange, the fund seeks to shield holders from about 100% of SPY's price losses. This is called the buffer. The fund can cut the buffer below 100% to keep the cap at 3% or more. Each year it resets with new options, and the cap changes with market conditions.
The targets apply only to shares held for a whole period, because the options can be exercised only on its last day. Getting in or out partway through can bring very different results. Returns follow SPY's price only, so holders give up SPY's dividends. Trading costs, taxes and extraordinary expenses can shrink the buffer and cap further.
What it really costs
- PMJA charges 0.5% 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 $51 in the first year and $628 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| PMJA | $51 | $160 | $280 | $628 |
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 gives up S&P 500 gains above a low cap in exchange for seeking protection against about 100% of SPY's price losses over each full one-year period.
PMJA could steady the stock portion of a portfolio. Beta measures how much a fund moves with the market. Over the year to October 27, 2026, PMJA's beta was 0.13. The fund launched December 31, 2024, so it has no record in the 2008, 2020 or 2022 downturns. Its only full calendar year, 2025, returned 7.01%. Its deepest drop was 3%, from February 19 to April 8, 2025. It recovered by May 16, 2025, 1.2 months after the low. Someone who must cash out in a bad stretch before a period ends may not get the full buffer.
It has no recorded distributions and gives up SPY's dividends. At 0.50% a year, it costs less than seven similar buffer funds, which averaged 0.86%. In the SEC's standard $10,000 example, costs are $51 for one year. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting protection against about 100% of SPY's price losses over a full period who accept a 6.58% pre-fee cap for the 2026 period.
- Long-term holders able to stay invested for each full January-to-December period, since the cap and buffer apply only to shares held throughout.
- Cost-conscious investors comparing buffer ETFs: its 0.50% expense ratio is lower than all seven similar funds, which averaged 0.86%.
Look elsewhere if
- Income seekers: it has no recorded distributions, and its returns leave out the dividends SPY pays to its own shareholders.
- Those wanting more S&P 500 upside: over the year to October 27, 2026, it returned 5.7%, last among eight buffer funds compared.
- Investors who may exit mid-period, when results can differ from the targets, or who want a larger fund: net assets were $5.5 million on July 31, 2026.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| PMJA this fund | 0.5% | $5.5M | +5.7% | — |
| 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
Can you lose money with PMJA?
Yes. PMJA seeks to shield shareholders from about 100% of SPY's price losses over each full one-year outcome period. But it offers no principal protection, and its prospectus warns that investors can lose part or all of their money. The buffer is measured before fees, so the 0.50% expense ratio still applies in a down year. The share price can also fall partway through a period. From launch through October 27, 2026, the deepest drop was 3%, between February 19 and April 8, 2025.
What is PMJA's upside cap and buffer?
PMJA's cap was 6.58% before fees and expenses for the January 1 to December 31, 2026 outcome period, or 6.08% after its management fee. Its buffer aims to cover about 100% of SPY's price losses over the period. Both reset each year. The cap changes with market conditions, and the fund can lower the buffer below 100% if needed to keep the cap at 3% or higher. The final buffer is disclosed at the start of each period.
What happens if you invest in PMJA partway through the year?
Results can differ sharply from the stated cap and buffer. Those targets apply only to shares held from the first day of an outcome period to the last, because the fund's options can be exercised only on the final day. Someone investing mid-period pays a price that already reflects SPY's moves so far. The upside and protection left may be larger or smaller than the stated figures. The same applies to anyone who exits before the period ends.
Does PMJA pay dividends?
No. PMJA has no recorded distributions, and its design leaves out dividends. The fund holds options on SPY, not SPY shares. Its returns follow SPY's price only and miss the dividends SPY pays its own shareholders. That makes it a poor match for investors who rely on portfolio income. Giving up those dividends is a less visible cost of the buffer, along with the 0.50% expense ratio and the cap on gains.
What's the difference between PMJA and PJAN?
Both are January-series buffer ETFs, but PMJA is cheaper and much smaller. PMJA charges 0.50% a year versus 0.79% for PJAN (Innovator U.S. Equity Power Buffer ETF - January). PMJA trades a low cap, 6.58% before fees for the 2026 period, for a buffer against about 100% of SPY's price losses. Over the year to October 27, 2026, PMJA returned 5.7% and PJAN 10.5%. As of July 31, 2026, PJAN had about $1.4 billion in net assets and PMJA about $5.5 million.