PJAN vs PSMR

PJANCInnovator U.S. Equity Power Buffer ETF

PSMRBPacer Swan SOS Moderate (April) ETF

In short

PJAN The January edition of Innovator's 15% Power Buffer series: it absorbs the first 15% of an S&P 500 price drop over the year in exchange for a capped upside, then resets every January 1. One of the originals, running since 2019.

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

PJAN The fund uses a defined-outcome strategy tied to SPY, seeking to track its return up to a cap while protecting the first 15% of losses during the annual 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

• PJAN Launched January 2019, one of the first calendar-year buffer ETFs, and now among the larger funds in the buffer space with many reset cycles behind it.innovatoretfs.com
• The mechanic is simple: the first 15% of SPY's price decline over the outcome period is absorbed, upside runs to a cap set at the start of each January, then it all resets.sec.gov
• The 0.79% fee sits right at the median for buffer funds, and this is one of the stronger implementations in a crowded 15%-buffer peer group.
• Moderately traded with a full twelve-month sibling lineup behind it, so the January vintage is a deliberate pick rather than the only door in.

• 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

• PJAN The buffer and cap are designed for investors who hold from the start of the outcome period to its end. Buy mid-period and your effective cushion and remaining upside differ.sec.gov
• It follows SPY's price return only. The fund does not receive the underlying ETF's dividends, and it is not built as an income vehicle.sec.gov
• One start date, one calendar. Siblings like PAPR, PJUL and POCT run the same 15% buffer off other months, and BUFF ladders across the year.

• 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 PJAN profile⁠

Full PSMR profile⁠