GJAN vs PSMR

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

PSMRBPacer Swan SOS Moderate (April) 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.

PSMR A 15-point cushion on SPY, reset every April, for 0.49% a year while the typical buffer fund charges more. Pacer and Swan's moderate tier trades away some upside (a cap set each period) for a floor you know going in.

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.

PSMR The Fund seeks to match 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.

• PSMR Charges 0.49% a year against a 0.79% median in its buffered-SPY cohort, and undercuts Pacer's own single-month siblings like PJUL and POCT at 0.79%.
• The contract is spelled out: a 15-point buffer against SPDR S&P 500 ETF Trust losses over roughly a one-year period, with upside capped at a level set when the period begins.paceretfs.com
• Terms reset on April 1 each year, so the new buffer and cap arrive on a known calendar date instead of whenever you happened to buy in.paceretfs.com
• Running since 2021, so this April series has cycled through several complete outcome periods rather than being a fresh launch with a paper track record.

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.

• PSMR Thinly traded next to the biggest names in buffer land, so spreads and order size are worth a look before you place a trade.
• The cap cuts both ways: big SPY years get trimmed, and the stated buffer and cap only line up in full for a holder who rides one April reset to the next.
• Not an income vehicle. It has not been paying a regular distribution, so whatever the strategy delivers shows up in the share price.

Full GJAN profile⁠

Full PSMR profile⁠