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Data as of Nov 4, 2026.

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Buffer ETFs

PBAU vs XJUL: Cap, Buffer & Days Left

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As of Nov 4, 2026 XJUL can fall 3.6% before its buffer engages and PBAU 2.5%, and XJUL resets 15 days sooner.

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Net assets: $40m on Nov 4, 2026 for PGIM S&P 500 Buffer 20 ETF - August , and $42m on Nov 3, 2026 for FT Vest U.S. Equity Enhance & Moderate Buffer ETF - July.

PBAU on its own →XJUL on its own →
At a glance
2.5%
PBAU can fall this far before its buffer
3.6%
XJUL can fall this far before its buffer
9.4%
PBAU can still gain
7.5%
XJUL can still gain
PBAU Between buffer and cap
Between buffer and capPBAU: reference +2.6% since period start, fund +2.1%; buffer 0 to −20; cap +12.2%; Between buffer and cap. Data to Nov 4, 2026.20 pts of buffer+2.6%+9.5% more to the cap−20.0% floor0% period start+12.2% capTODAY · SPY +2.6%Between buffer and capPBAU: reference +2.6% since period start, fund +2.1%; buffer 0 to −20; cap +12.2%; Between buffer and cap. Data to Nov 4, 2026.20 pts of buffer−20.0% floor0% start+12.2% cap+2.6% gain captured+9.5% more to the capTODAY · SPY +2.6%

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.

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.
XJUL Between buffer and cap
Between buffer and capXJUL: reference +3.1% since period start, fund +2.9%; buffer 0 to −15; cap +11.4%; Between buffer and cap. Data to Nov 4, 2026.15 pts of buffer+3.1%+8.3% more to the cap−15.0% floor0% period start+11.4% capTODAY · SPY +3.1%Between buffer and capXJUL: reference +3.1% since period start, fund +2.9%; buffer 0 to −15; cap +11.4%; Between buffer and cap. Data to Nov 4, 2026.15 pts−15.0% floor0% start+11.4% cap+3.1% gain captured+8.3% more to the capTODAY · SPY +3.1%

XJUL: reference +3.1% since period start, fund +2.9%; buffer 0 to −15; cap +11.4%; Between buffer and cap. Data to Nov 4, 2026.

XJUL: reference +3.1% since period start, fund +2.9%; buffer 0 to −15; cap +11.4%; Between buffer and cap. Data to Nov 4, 2026.

Pair scorecard

PBAU costs 0.35 points a year less; their one-year returns differ by 0.3 points; XJUL is 1.1 times larger.

Points (pts) are percentage points.

PBAU vs XJUL: Cap, Buffer & Days Left
MeasurePBAUXJUL
Return
Total return, 1 year+9.4%+9.1%
Drawdown
Index fall to the buffer2.6%3.1%
Benchmark
What it tracksSPYSPY
Cost and size
Expense ratio0.50%0.85%
Net assets, as of Nov 3, 2026$40m$42m
Holdings
Holdings in commonnot published

Method

Window by window

Window by window: PBAU vs XJUL: Cap, Buffer & Days Left
Total returnGap to the reference's price return
WindowPBAUXJULPBAUXJUL
3 months+0.9%+1.3%+1.3 pts+1.7 pts
6 months+4.3%+4.3%−0.2 pts−0.2 pts
1 year+9.4%+9.1%−4.1 pts−4.5 pts
3 years–+37.3%–−39.1 pts
Since launchNot the same days: PBAU May 2024 · XJUL Jul 2023+28.9%+36.2%−18.3 pts−32.7 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

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 XJUL FT Vest U.S. Equity Enhance & Moderate Buffer ETF - July · Absorbs the first 15% of loss on SPY and caps the gain at 11.4%, over a period ending Jul 16, 2027
Issuer PGIM First Trust
Reference index SPY SPY
Buffer 20% 15%
Outcome period Aug 1, 2026 to Jul 31, 2027 Jul 20, 2026 to Jul 16, 2027
Days left 269 254
Starting cap +12.2% +11.4%
Can still gain 9.4% 7.5%
Fall before buffer 2.5% 3.6%
Protection left, index points 20.0% of 20.0% 15.0% of 15.0%
Index return this period +2.6% +3.1%
Fund return this period +2.1% +2.9%
State today Open Open
Expense ratio 0.50% 0.85%
Net assets, PBAU as of Nov 4, 2026 and XJUL as of Nov 3, 2026 $40m $42m

As of Nov 4, 2026. Source: ETFIQ.

These are two different products. XJUL 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.

Where each one stands today

XJUL resets first, on Jul 16, 2027, 254 days from now; PBAU runs to Jul 31, 2027, 269 days. PBAU can still gain 9.4% before its cap, XJUL 7.5%. A fall from here reaches PBAU’s buffer after 2.5% and XJUL’s after 3.6%. Both track SPY, so what separates them is where each is in its own period.

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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.

XJUL

From its price on Nov 4, 2026, the fund can gain about 7.5% more before it reaches its cap. The fund's price can fall 3.6% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 3.1% 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. 254 days remained on Nov 4, 2026. On Jul 16, 2027 the period ends and a new cap is set.

Questions people ask

Which has more room to gain, PBAU or XJUL?
From their prices on Nov 4, 2026, PBAU can gain about 9.4% before its cap and XJUL about 7.5%, so PBAU has more room left this period.
Which resets first, PBAU or XJUL?
PBAU ends its outcome period on Jul 31, 2027 and XJUL on Jul 16, 2027. A new cap is set the day after each.
Which is cheaper, PBAU or XJUL?
PBAU charges 0.50% a year and XJUL charges 0.85%, so PBAU is cheaper. Fees come from each fund's prospectus.
Other comparisons
PBAU vs UAUGPBAU vs AUGPPBAU vs AUGUPBAU vs AUGTXJUL vs AUGPXJUL vs AUGUXJUL vs AUGTXJUL vs CPSA
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 →XJUL on its own →Method →Standards and sources →
Sources and dates
PBAU filings on SEC EDGAR ↗
PGIM website ↗
XJUL filings on SEC EDGAR ↗
First Trust page for XJUL ↗

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.

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

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