PGIM S&P 500 Max Buffer ETF – January (PMJA) Hits a New 52-Week High Amid 26.78% AUM Surge From Inflows Ahead of Annual Reset

ETF Overview and Capital Flows

The PGIM S&P 500 Max Buffer ETF – January (PMJA.B) is an actively managed equity ETF designed to deliver a predetermined investment outcome over a one-year period. It uses FLEX options to structure exposure, which resets annually in January. The fund’s 0.5% expense ratio and 1.0x leverage ratio highlight its cost structure and risk profile. Recent inflows have boosted its AUM by 26.78%, reflecting renewed investor interest ahead of its annual reset.

Technical Signals and Market Setup

The ETF’s technical setup shows conflicting signals. Its RSI is in overbought territory as of December 31, 2025, suggesting short-term momentum may be exhausted. Meanwhile, a KDJ dead cross—a bearish divergence between stochastic lines—indicates potential near-term weakness. These signals underscore a market stretched by rapid gains, and technical indicators pointing to caution despite the 52-week high.

Peer ETF Snapshot

• BNDP.O charges 0.05% in expenses and holds $101M in assets with 1.0x leverage.
• AGGH.P has a 0.3% expense ratio, $336M AUM, and matches PMJA.B’s leverage.
• AGG.P, the largest peer with $136B AUM, offers a 0.03% expense ratio but identical leverage.
• CCRP.P and CRXP.P, both with 1.0x leverage, report no AUM figures.

Opportunities and Structural Constraints

PMJA.B’s structure offers clarity for risk-seeking investors targeting a defined one-year outcome, but its leveraged design amplifies downside risk if held beyond the reset period. The overbought RSI and dead cross signal suggest caution for new entries. While the fund’s active approach may capitalize on S&P 500 volatility, its narrow focus and annual reset limit flexibility in shifting market conditions.