Which has more room to gain, PBAU or PMAU?

From their prices on Nov 4, 2026, PBAU can gain about 9.4% before its cap and PMAU about 6.0%, so PBAU has more room left this period.

Which resets first, PBAU or PMAU?

PBAU ends its outcome period on Jul 31, 2027 and PMAU on Jul 31, 2027. A new cap is set the day after each.

Which is cheaper, PBAU or PMAU?

PBAU and PMAU both charge 0.50% a year, so neither is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Buffer ETFs

PBAU vs PMAU: Cap, Buffer & Days Left

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As of Nov 4, 2026 PBAU can fall 2.5% before its buffer engages and PMAU 1.8%.

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Net assets on Nov 4, 2026: $40m for PGIM S&P 500 Buffer 20 ETF - August and $6.5m for PGIM S&P 500 Max Buffer ETF - August.

PBAU on its own →PMAU on its own →

At a glance

2.5%

PBAU can fall this far before its buffer

1.8%

PMAU can fall this far before its buffer

9.4%

PBAU can still gain

6.0%

PMAU can still gain

PBAU Between buffer and cap

PBAU: reference +2.6% since period start, fund +2.1%; buffer 0 to −20; cap +12.2%; Between buffer and cap. Data to Nov 4, 2026.

PMAU Full floor

PMAU: reference +2.6% since period start, fund +1.3%; buffer Floor; cap +7.9%; Full floor. Data to Nov 4, 2026.

Data to Nov 4, 2026.

Pair scorecard

Both cost 0.50% a year; their one-year returns differ by 3.2 points; PBAU is 6.2 times larger.

Points (pts) are percentage points.

PBAU vs PMAU: Cap, Buffer & Days Left
Measure	PBAU	PMAU
Return
Measure	PBAU	PMAU
Total return, 1 year	+9.4%	+6.2%
Drawdown
Measure	PBAU	PMAU
Index fall to the buffer	2.6%
Benchmark
Measure	PBAU	PMAU
What it tracks	SPY	SPY
Cost and size
Measure	PBAU	PMAU
Expense ratio	0.50%	0.50%
Net assets	$40m	$6.5m
Holdings
Measure	PBAU	PMAU
Holdings in common	not published

Method

Window by window

Window by window: PBAU vs PMAU: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	PBAU	PMAU	PBAU	PMAU
3 months	+0.9%	+0.7%	+1.3 pts	+1.1 pts
6 months	+4.3%	+2.8%	−0.2 pts	−1.7 pts
1 year	+9.4%	+6.2%	−4.1 pts	−7.4 pts
Since launchNot the same days: PBAU May 2024 · PMAU Aug 2025	+28.9%	+8.3%	−18.3 pts	−15.0 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Open this comparison in the app →

Side by side

PBAU PGIM S&P 500 Buffer 20 ETF - August · Absorbs the first 20% of loss on SPY and caps the gain at 12.2%, over a period ending Jul 31, 2027 PMAU PGIM S&P 500 Max Buffer ETF - August · Absorbs the whole loss on SPY and caps the gain at 7.9%, over a period ending Jul 31, 2027

Issuer PGIM PGIM

Reference index SPY SPY

Buffer 20% 100%

Outcome period Aug 1, 2026 to Jul 31, 2027 Aug 1, 2026 to Jul 31, 2027

Days left 269 269

Starting cap +12.2% +7.9%

Can still gain 9.4% 6.0%

Fall before buffer 2.5% 1.8%

Protection left, index points 20.0% of 20.0% 100.0% of 100.0%

Index return this period +2.6% +2.6%

Fund return this period +2.1% +1.3%

State today Open Open

Expense ratio 0.50% 0.50%

Net assets $40m $6.5m

As of Nov 4, 2026. Source: ETFIQ.

These are two different products. PMAU is a floor fund, which caps how far a holder can fall. PBAU is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.

Both are PGIM funds, so the difference between them is the terms rather than the house.

Where each one stands today

PBAU resets first, on Jul 31, 2027, 269 days from now; PMAU runs to Jul 31, 2027, 269 days. PBAU can still gain 9.4% before its cap, PMAU 6.0%. A fall from here reaches PBAU’s buffer after 2.5% and PMAU’s after 1.8%. Both track SPY, so what separates them is where each is in its own period.

Alert

About each fund

PBAU

From its price on Nov 4, 2026, the fund can gain about 9.4% 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 2.6% 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. 269 days remained on Nov 4, 2026. On Jul 31, 2027 the period ends and a new cap is set.

PMAU

From its price on Nov 4, 2026, the fund can gain about 6.0% more before it reaches its cap. The fund's price can fall 1.8% from here before the buffer starts absorbing losses, by the issuer's number. Protection left, in index points: 100.0% of the 100.0% buffer still sits below today's SPY level.

Questions people ask

Which has more room to gain, PBAU or PMAU?: From their prices on Nov 4, 2026, PBAU can gain about 9.4% before its cap and PMAU about 6.0%, so PBAU has more room left this period.
Which resets first, PBAU or PMAU?: PBAU ends its outcome period on Jul 31, 2027 and PMAU on Jul 31, 2027. A new cap is set the day after each.
Which is cheaper, PBAU or PMAU?: PBAU and PMAU both charge 0.50% a year, so neither is cheaper. Fees come from each fund's prospectus.

Other comparisons

PBAU vs DDTG PBAU vs AUGT PBAU vs AUGU PBAU vs CAUG PMAU vs DDTG PMAU vs CAUG PMAU vs CTAU PMAU vs AUGC

Where to next

SPDR S&P 500 ETF Trust →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →PBAU on its own →PMAU on its own →Method →Standards and sources →

Sources and dates

PBAU and PMAU filings on SEC EDGAR ↗

PGIM website ↗

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

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.

Cite this pageCitation, APA and Markdown

ETFIQ, PBAU against PMAU, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/pbau-vs-pmau

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Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.