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PJAN is an actively managed “structured outcome” ETF designed to shape S&P 500 returns over a one-year window that starts each January.
It uses customizable exchange-traded FLEX options tied to the S&P 500 Price Index (price return, not dividends) plus collateral to target a defined loss buffer and a capped upside.
The intended buffer/cap profile is most relevant if held for the full outcome period; mid-cycle buyers can face very different effective levels.
You don’t own the S&P 500 stocks directly—you own a package of options and cash-like collateral built to track the S&P 500’s price moves in a controlled way. The trade is simple: you give up some upside (and dividends) to try to reduce the first chunk of losses during the January-to-January period.
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Provides downside buffer protection with capped upside over a defined outcome period.
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Breakdown of PJAN by sector weightings (%)
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