So like the title says, my PPS will jam with any defensive ammo I've tried.  What happens is the lip of the hollow point is catching the bottom of the feed ramp on the barrel.  The round will still be about half in the magazine when this happens.

The defensive ammo I've tried is: Speer Gold Dot 124Gr, Hornady Critical Duty 135Gr +P, and Federal Tactical Bonded 135Gr +P.  All three of those loads failed to function.  I've had it happen on two different mags, one a 6 round, one a 7 round.  The problem does NOT happen with any FMJ ammo, of which I've shot Fiocchi, PMC, and WWB 115Gr, Blazer Brass 124Gr, and Speer Lawman 147Gr.

Any ideas what could be causing this?  I'm linking some photos of the issue.

Is it hit or miss, or does every round hang up? Does hand cycling make any difference?

polish feed ramp check for a burr.
Try Winchester Silvertips.
My PPS will fire Winchester Silvertips, Winchester PDX, Powerball and FMJ Flat Nose without issue.

Is this on the first or second round?
Is the underside of the slide lubed where it makes contact with the round in the magazine.

Have you stripped all oils from your firearm with brake cleaner or some other products, if so lube it back up with a toothbrush and wipe off excess.

It doesn't happen every time, and I have not had it happen if I manually cycle it.  It happens frequently though, perhaps at least once per magazine.  I would say it had a light coat of oil on the slide rails and trigger components.  I haven't stripped it down with brake cleaner, etc, usually I clean it with patches soaked in hoppes solvent, then relubricate after it's cleaned.  I feel like the feed ramp is pretty smooth not burred.  It seems like on this gun the upper part of the feed ramp is part of the barrel, but there's a lower part of the feed ramp that is part of the grip frame, and it seems like where the two parts of the ramp meet, is where it's getting caught up.

How many rounds do you have on the gun?  How used are the mags?  Are you seating all the rounds in the mag rearward before you insert?  Do you have an 8 round mag to try or does it do the same with an 8 round?
My PPS has eaten everything I have ever fed it the only malfunctions I have ever experienced was related to my thumbs touching the slide stop.  By chance are you thumbs pressing on the slide stop slowing the slide rearward motion causing it to not have enough force going forward to scoop up the round?  Try shooting the ammo left handed or another shooter to rule out you or thumb.

Maybe more rounds needed to be run through it. Mine would run fmj no problem, but like you hp's would jam it. The more rounds I shot the better it got, till it would work with Federal Hydra-Shok's and Speer Gold dots, no others. Now, I have around 1500 rounds through it, it will now cycle any hp ammo.

It probably has about 250 rounds through it, as a guess. Two mags came with the gun (6 & 7 rd), one was purchased later (8 rd).  I think the rounds are fully seated in the mag, but thanks for the suggestion, I will be sure to check that next time I try it.  I do have an 8 round mag, but have hardly used it, and haven't tried it with hollow points yet.

I will have to be mindful to make sure I'm not causing resistance on the slide stop or slide.  I would think that the problem would happen even with FMJ if I was riding the slide stop, but I don't really know.  Ironically, I was able to get the gun to function with some 115Gr PMC hollow points, but I doubt I'd want to carry them for self defense.  I'm thinking perhaps the 115Gr hollow points have a more "rounded" shape that is more forgiving in feeding.  I should get some 115Gr Gold Dot and see how those fare.  

Thanks for the help!

Edit to add photo comparing the ammo I've tried.  Note that the PMC which functions also has a shorter overall length.  I measured the PMC with digital caliber, it's 1.0825" vs Gold Dot 1.1205"
Left to right: Fiocchi 115gr fmj, Blazer Brass 124gr fmj, Speer Lawman 147gr fmj, PMC 115gr jhp, Hornady Critical Duty 135gr +P jhp, Speer Gold Dot 124gr jhp, Federal Tactical Bonded 135gr +P jhp.


2 by Silversierra, on Flickr

See if you can pick up a box of the Winchester Train it is a flat nose cartridge and see if it behaves the same way.  It is designed to be close in shape to the Winchester Defend\PDX1.

I have a PPS classic too.  I had a similar misfeed intermittently with Hornday critical defense.  Notice that the PPS barrel ramp interfaces at the frame. The ramp does not extend below the  the frame. The magazine follower needs to be positioned properly such that the cartridge points upward slightly. If the follower points too low the point of the round could hit the barrel ramp and frame thus hanging up.  What I did was: field strip the pistol cleaned and lubed with Breakfree CLP. Cleaned and lubed the recoil spring assembly with Breakfree CLP. Disassembled magazines. Cleaned all manufacturer shipping oil wiped dry did not lube. Also removed any plastic flashings from the magazine follower and base. Reassemble assuring all components are seated properly.  Make sure the backstrap is installed properly and securely so there is no wiggle room with the inserted magazine. Do not polish the ramp on the frame. Hold off until tested polishing the barrel ramp. I did hand polish the barrel ramp with flitz on a cleaning patch and did not use any tools. Only brighten the ramp do not change dimensions by over polishing.  These steps allowed for proper magazine function and slide cycling. If the problem does not clear after about 150 rounds then call Walther customer service. PPS are tight and should get better with break-in period, yet there could be an assembly problem that Walther may require Walther warranty work. Basically the PPS should handle defensive ammo right away and no real break-in period required. With use though operation should smooth out.

I prefer to run Speer gold dot because there is no polymer tip to hang up and I like gold dot quality.

The angle of the cartridge does not look right in your photo. On my PPS, the cartridge is at a higher angle pointing up toward the chamber, I have never had this issue or any malfunction with a PPS.

The top round in a PPS magazine has to make a change in angle from the ones lower in the stack, the nose pops up a little. Maybe make sure your spring tension is good, the cartridge tips aren't dragging on the front of the magazine, etc.

And, check your mag springs! Did you buy it used? There's a possibility that someone disassembled the mags and put the mag springs in backwards...

The only issues I've had with my PPS M1 is failure to extracts, and it turns out that's expected when you run non-brass ammo through it. It has a stepped chamber and it does not play well with steel or aluminum ammo, and I was running Fed/CCI Blaser Aluminum through it. Once I started shooting brass only, no more failures of any kind, for a few hundred rounds now. That includes Fed Hydra-Shok 124grs...

Mine will fail almost 100% with Al cased ammo but brass never hiccups.

I was considering moving from a G43 for carry to the PPS but maybe not.

Why, because of the OP's post?
This is not normal for the PPS, something is going on with his PPS, but it is not the norm.

Agreed ..... I have only had issues with 1 type of ammo in my PPS and that was Aluminium cased ammo.  Which honestly it not a true test of reliability if it cannot feed Al case.  I have fed it crap underpowered brass case ammo and NATO spec ammo and it runs like a top.  My neighbors G43 will hiccup on occasions when we shoot Al case ammo as well and same goes with my G34.

To base your opinion on a pistol from a sample size of 1 well that is just .  Every brand of pistol has some that get out with issues even Glocks.