GJAN vs PSMJ

GJANCFT Vest U.S. Equity Moderate Buffer ETF - January

PSMJBPacer Swan SOS Moderate (July) ETF

In short

GJAN A 15% shock absorber on the S&P 500, running on a January clock. GJAN is built to absorb the reference ETF's first 15% of price losses over each one-year outcome period, and to trade away gains above a cap set when that period begins.

PSMJ Pacer's July-dated stop on the Swan SOS ladder: FLEX options on SPY that buffer the first 15% of a fall over a roughly one-year period, with upside capped in return. At 0.49%, it undercuts most of the buffer aisle.

Stated mandate

GJAN The Fund seeks to provide returns matching the price return of the stated S&P 500 ETF, before fees and expenses, subject to an upside cap. It also protects against the first 15% of losses during the specified outcome period.

PSMJ The Fund seeks to track the returns of the SPDR S&P 500 ETF Trust up to a predetermined cap while providing a downside buffer over an approximately one-year period.

Why people hold it

• GJAN The deal is written down before you commit: the first 15% of the reference S&P 500 ETF's price decline is absorbed over the outcome period, with an upside cap fixed at the start.
• Resets every January, and it is one month in a full calendar of identical siblings (GAPR, GJUL, GOCT and the rest), so laddering across start dates stays inside one lineup.
• The thing being buffered is the SPDR S&P 500 ETF Trust itself, not a bespoke index, and this January cycle has been turning since the 2023 launch.

• PSMJ Charges 0.49% a year against a 0.79% median for its buffered-SPY cohort, the same 0.79% Innovator's Power Buffer funds (PJUL, PJAN, POCT) charge for a similar job.
• The deal is legible: FLEX options on SPY absorb the first 15% of a decline over the outcome period, and match the ETF's gains up to a cap struck each July.paceretfs.compaceretfs.com 2
• Those FLEX options are customizable exchange-traded contracts settled through the Options Clearing Corporation, and Durango-based Swan Global Management sub-advises the strategy.paceretfs.com
• One of four Moderate-series funds with staggered start months (PSMD, PSMR, PSMJ, PSMO), so a July reset can be stacked against other entry points rather than standing alone.paceretfs.com

Worth knowing

• GJAN 0.85% a year sits above cohort rivals PJAN and PJUL at 0.79%, and well above the laddered BUFF at 0.10%.
• Buffer and cap are stated before fees and expenses, so the 0.85% comes out of your slice, and the cap means strong rallies get left on the table.
• Bought mid-period, your own cushion and cap differ from the headline terms. Daily volume is on the lighter side, so the spread is worth a look.

• PSMJ The 15% buffer and the cap belong to the full outcome period. Step in mid-period and you inherit whatever cap and buffer remain, not the starting terms.paceretfs.com
• Thinly traded next to the largest buffer funds, so spreads and limit orders deserve more of your attention at the point of entry.
• No regular income stream here: the options structure delivers its result through share price rather than distributions.paceretfs.com

Full GJAN profile⁠

Full PSMJ profile⁠