Which has more room to gain, GMAY or PBJN?

From their prices on Nov 4, 2026, GMAY can gain about 9.1% before its cap and PBJN about 9.3%, so PBJN has more room left this period.

Which resets first, GMAY or PBJN?

GMAY ends its outcome period on May 21, 2027 and PBJN on May 31, 2027. A new cap is set the day after each.

Which is cheaper, GMAY or PBJN?

GMAY charges 0.85% a year and PBJN charges 0.50%, so PBJN is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Buffer ETFs

GMAY vs PBJN: Cap, Buffer & Days Left

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As of Nov 4, 2026 GMAY can fall 4.3% before its buffer engages and PBJN 2.5%, and GMAY resets 10 days sooner.

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Net assets: $366m on Nov 3, 2026 for FT Vest U.S. Equity Moderate Buffer ETF - May, and $59m on Nov 4, 2026 for PGIM S&P 500 Buffer 20 ETF - June .

GMAY on its own →PBJN on its own →

At a glance

4.3%

GMAY can fall this far before its buffer

2.5%

PBJN can fall this far before its buffer

9.1%

GMAY can still gain

9.3%

PBJN can still gain

GMAY Between buffer and cap

GMAY: reference +3.7% since period start, fund +3.6%; buffer 0 to −15; cap +13.8%; Between buffer and cap. Data to Nov 4, 2026.

PBJN Between buffer and cap

PBJN: reference +1.4% since period start, fund +2.0%; buffer 0 to −20; cap +12.1%; Between buffer and cap. Data to Nov 4, 2026.

Pair scorecard

PBJN costs 0.35 points a year less; their one-year returns differ by 1.8 points; GMAY is 6.2 times larger.

Points (pts) are percentage points.

GMAY vs PBJN: Cap, Buffer & Days Left
Measure	GMAY	PBJN
Return
Measure	GMAY	PBJN
Total return, 1 year	+8.8%	+7.0%
Drawdown
Measure	GMAY	PBJN
Index fall to the buffer	3.6%	1.4%
Benchmark
Measure	GMAY	PBJN
What it tracks	SPY	SPY
Cost and size
Measure	GMAY	PBJN
Expense ratio	0.85%	0.50%
Net assets, as of Nov 3, 2026	$366m	$59m
Holdings
Measure	GMAY	PBJN
Holdings in common	not published

ETFIQ Downside Cover Score · PBJN scores higher If the market falls into a bear market from here, how much does the buffer absorb?

IQ Buffer Score83.2GMAY95.7PBJN

How much of a bear-market fall the buffer would absorb from today's level, ranked against 292 buffer ETFs on stocks with a live outcome period. 100 is best. How it is computed

GMAY 83.2

PBJN 95.7

0.3, the lowest in this set 99.7, the highest

Today's position against one 20% fall; it ignores smaller falls, and stock buffers are never ranked against bond or commodity ones. All buffer ETFs ranked by it →

Method

Window by window

Window by window: GMAY vs PBJN: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	GMAY	PBJN	GMAY	PBJN
3 months	+0.7%	+0.6%	+1.1 pts	+1.0 pts
6 months	+3.6%	+2.4%	−0.9 pts	−2.1 pts
1 year	+8.8%	+7.0%	−4.8 pts	−6.6 pts
3 years	+41.2%	–	−35.2 pts	–
Since launchNot the same days: GMAY May 2023 · PBJN Jun 2024	+46.1%	+25.9%	−37.0 pts	−19.3 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. – means no data for this window. Open this comparison in the app →

Side by side

GMAY FT Vest U.S. Equity Moderate Buffer ETF - May · Absorbs the first 15% of loss on SPY and caps the gain at 13.8%, over a period ending May 21, 2027 PBJN PGIM S&P 500 Buffer 20 ETF - June · Absorbs the first 20% of loss on SPY and caps the gain at 12.1%, over a period ending May 31, 2027

Issuer First Trust PGIM

Reference index SPY SPY

Buffer 15% 20%

Outcome period May 18, 2026 to May 21, 2027 Jun 1, 2026 to May 31, 2027

Days left 198 208

Starting cap +13.8% +12.1%

Can still gain 9.1% 9.3%

Fall before buffer 4.3% 2.5%

Protection left, index points 15.0% of 15.0% 20.0% of 20.0%

Index return this period +3.7% +1.4%

Fund return this period +3.6% +2.0%

State today Open Open

Expense ratio 0.85% 0.50%

Net assets, GMAY as of Nov 3, 2026 and PBJN as of Nov 4, 2026 $366m $59m

As of Nov 4, 2026. Source: ETFIQ.

Where each one stands today

GMAY resets first, on May 21, 2027, 198 days from now; PBJN runs to May 31, 2027, 208 days. GMAY can still gain 9.1% before its cap, PBJN 9.3%. A fall from here reaches GMAY’s buffer after 4.3% and PBJN’s after 2.5%. Both track SPY, so what separates them is where each is in its own period.

Alert

About each fund

GMAY

From its price on Nov 4, 2026, the fund can gain about 9.1% more before it reaches its cap. The fund's price can fall 4.3% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 3.6% from today's level to the point where the buffer begins. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's SPY level. 198 days remained on Nov 4, 2026. On May 21, 2027 the period ends and a new cap is set.

PBJN

From its price on Nov 4, 2026, the fund can gain about 9.3% more before it reaches its cap. The fund's price can fall 2.5% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 1.4% from today's level to the point where the buffer begins. Protection left, in index points: 20.0% of the 20.0% buffer still sits below today's SPY level. 208 days remained on Nov 4, 2026. On May 31, 2027 the period ends and a new cap is set.

Questions people ask

Which has more room to gain, GMAY or PBJN?: From their prices on Nov 4, 2026, GMAY can gain about 9.1% before its cap and PBJN about 9.3%, so PBJN has more room left this period.
Which resets first, GMAY or PBJN?: GMAY ends its outcome period on May 21, 2027 and PBJN on May 31, 2027. A new cap is set the day after each.
Which is cheaper, GMAY or PBJN?: GMAY charges 0.85% a year and PBJN charges 0.50%, so PBJN is cheaper. Fees come from each fund's prospectus.

Other comparisons

GMAY vs MAYM GMAY vs HJUN GMAY vs CTJN GMAY vs JUNC PBJN vs BJUN PBJN vs CPSM PBJN vs XMAY PBJN vs PMJN

Where to next

State Street® SPDR® S&P 500® ETF Trust →GMAY on its own →PBJN on its own →Method →Standards and sources →

Sources and dates

GMAY filings on SEC EDGAR ↗

First Trust page for GMAY ↗

PBJN filings on SEC EDGAR ↗

PGIM website ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

It is a place in a set, not a rating or a recommendation.

ETFIQ calculates every number from each issuer’s published outcome-period terms. Buffer ETFs hold options on an index, not shares, so there is no holdings overlap to report.

Every number is an ETFIQ calculation with distributions reinvested.

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ETFIQ, GMAY against PBJN, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/gmay-vs-pbjn

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