Data as of Nov 4, 2026.
PBAP vs XMAR: Cap, Buffer & Days Left
As of Nov 4, 2026 XMAR can fall 8.7% before its buffer engages and PBAP 8.2%, and XMAR resets 12 days sooner.
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Net assets: $38m on Nov 4, 2026 for PGIM S&P 500 Buffer 20 ETF - April , and $160m on Nov 3, 2026 for FT Vest U.S. Equity Enhance & Moderate Buffer ETF - March.
PBAP: reference +17.9% since period start, fund +8.4%; buffer 0 to −20; cap +12.6%; At its cap. Data to Nov 4, 2026.
PBAP: reference +17.9% since period start, fund +8.4%; buffer 0 to −20; cap +12.6%; At its cap. Data to Nov 4, 2026.XMAR: reference +18.2% since period start, fund +8.6%; buffer 0 to −15; cap +12.2%; At its cap. Data to Nov 4, 2026.
XMAR: reference +18.2% since period start, fund +8.6%; buffer 0 to −15; cap +12.2%; At its cap. Data to Nov 4, 2026.Pair scorecard
PBAP costs 0.35 points a year less; their one-year returns differ by 0.4 points; XMAR is 4.2 times larger.
Points (pts) are percentage points.
| Measure | PBAP | XMAR |
|---|---|---|
| Return | ||
| Total return, 1 year | +11.7% | +11.3% |
| Drawdown | ||
| Index fall to the buffer | 15.2% | 15.4% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.50% | 0.85% |
| Net assets, as of Nov 3, 2026 | $38m | $160m |
| Holdings | ||
| Holdings in common | not published | |
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | PBAP | XMAR | PBAP | XMAR |
| 3 months | +1.6% | +1.5% | +2.0 pts | +1.9 pts |
| 6 months | +3.8% | +3.8% | −0.7 pts | −0.7 pts |
| 1 year | +11.7% | +11.3% | −1.8 pts | −2.3 pts |
| 3 years | – | +36.9% | – | −39.5 pts |
| Since launchNot the same days: PBAP Apr 2024 · XMAR Mar 2023 | +27.4% | +47.1% | −19.5 pts | −47.6 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
As of Nov 4, 2026. Source: ETFIQ.
These are two different products. XMAR is a floor fund, which caps how far a holder can fall. PBAP is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.
Both are already at their cap, so neither gains from more rise in the index before the period ends.
Where each one stands today
XMAR resets first, on Mar 19, 2027, 135 days from now; PBAP runs to Mar 31, 2027, 147 days. PBAP can still gain 3.4% before its cap, XMAR 2.6%. A fall from here reaches PBAP’s buffer after 8.2% and XMAR’s after 8.7%. Both track SPY, so what separates them is where each is in its own period.
PBAP
SPY had already risen past this fund's cap of +12.6% for the period on Nov 4, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 3.4% as the period runs out. The fund's price can fall 8.2% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 15.2% 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. 147 days remained on Nov 4, 2026. On Mar 31, 2027 the period ends and a new cap is set.
XMAR
SPY had already risen past this fund's cap of +12.2% for the period on Nov 4, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 2.6% as the period runs out. The fund's price can fall 8.7% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 15.4% 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. 135 days remained on Nov 4, 2026. On Mar 19, 2027 the period ends and a new cap is set.
Questions people ask
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How this is computed
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, PBAP against XMAR, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/pbap-vs-xmar
ETFIQ. (Nov 4, 2026). PBAP against XMAR. Retrieved from https://etfiq.com/compare/buffer/pbap-vs-xmar
[PBAP against XMAR (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/pbap-vs-xmar)
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