Overview
S&P 500 exposure with the first 15% of losses absorbed over each January-to-January outcome year, in exchange for a capped upside.
Top Holdings
| Ticker | Holding | Weight |
|---|---|---|
| FLEX | S&P 500 FLEX options (long) | 98.9% |
| CASH | Cash & collateral | 1.1% |
Fund Details
Investment Thesis
PJAN is a defined-outcome contract in fund form: buy at the January reset and the first 15% of S&P losses that year are absorbed, with upside capped in the mid-teens. The +11% year likely rode toward its cap. The fine print matters — buffers and caps apply to the outcome period, not whenever you happen to buy — but for sequence-of-returns-scared money it's a genuinely engineered middle path.
Who It's For
Near-retirees protecting sequence risk who'd otherwise flee to cash, ideally buying at the January reset. BUFR's laddered cousin smooths the timing question; PJAN is the single-vintage version.
10-Year History
| Year | Close | % Chg |
|---|---|---|
| 2016 | -- | -- |
| 2017 | -- | -- |
| 2018 | -- | -- |
| 2019 | $26.31 | -- |
| 2020 | $29.99 | +14.0% |
| 2021 | $34.79 | +16.0% |
| 2022 | $32.01 | -8.0% |
| 2023 | $36.81 | +15.0% |
| 2024 | $41.96 | +14.0% |
| 2025 | $47.00 | +12.0% |
| Year | Yield |
|---|---|
| 2016 | -- |
| 2017 | -- |
| 2018 | -- |
| 2019 | 0.00% |
| 2020 | 0.00% |
| 2021 | 0.00% |
| 2022 | 0.00% |
| 2023 | 0.00% |
| 2024 | 0.00% |
| 2025 | 0.00% |
| Year | AUM | % Chg |
|---|---|---|
| 2016 | -- | -- |
| 2017 | -- | -- |
| 2018 | -- | -- |
| 2019 | $0.1B | -- |
| 2020 | $0.3B | +200.0% |
| 2021 | $0.5B | +66.7% |
| 2022 | $0.8B | +60.0% |
| 2023 | $1B | +25.0% |
| 2024 | $1.2B | +20.0% |
| 2025 | $1.3B | +8.3% |
Historical figures are ETFHub estimates modelled from asset-class return patterns and may differ from official fund records. Data as of August 2026.
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