Which has more room to gain, PBFB or PMFB?

From their prices on Nov 4, 2026, PBFB can gain about 2.9% before its cap and PMFB about 2.1%, so PBFB has more room left this period.

Which resets first, PBFB or PMFB?

PBFB ends its outcome period on Jan 31, 2027 and PMFB on Jan 31, 2027. A new cap is set the day after each.

Which is cheaper, PBFB or PMFB?

PBFB and PMFB 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

PBFB vs PMFB: Cap, Buffer & Days Left

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As of Nov 4, 2026 PBFB can fall 7.1% before its buffer engages and PMFB 4.5%.

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Net assets on Nov 4, 2026: $42m for PGIM S&P 500 Buffer 20 ETF - February and $6.1m for PGIM S&P 500 Max Buffer ETF - February.

PBFB on its own →PMFB on its own →

At a glance

7.1%

PBFB can fall this far before its buffer

4.5%

PMFB can fall this far before its buffer

2.9%

PBFB can still gain

2.1%

PMFB can still gain

PBFB At its cap

PBFB: reference +10.8% since period start, fund +7.1%; buffer 0 to −20; cap +10.7%; At its cap. Data to Nov 4, 2026.

PMFB At its cap

PMFB: reference +10.8% since period start, fund +4.1%; buffer Floor; cap +6.8%; At its cap. Data to Nov 4, 2026.

Data to Nov 4, 2026.

Pair scorecard

Both cost 0.50% a year; their one-year returns differ by 3.8 points; PBFB is 6.9 times larger.

Points (pts) are percentage points.

PBFB vs PMFB: Cap, Buffer & Days Left
Measure	PBFB	PMFB
Return
Measure	PBFB	PMFB
Total return, 1 year	+10.0%	+6.2%
Drawdown
Measure	PBFB	PMFB
Index fall to the buffer	9.8%
Benchmark
Measure	PBFB	PMFB
What it tracks	SPY	SPY
Cost and size
Measure	PBFB	PMFB
Expense ratio	0.50%	0.50%
Net assets	$42m	$6.1m
Holdings
Measure	PBFB	PMFB
Holdings in common	not published

Method

Window by window

Window by window: PBFB vs PMFB: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	PBFB	PMFB	PBFB	PMFB
3 months	+1.5%	+1.2%	+1.9 pts	+1.6 pts
6 months	+4.1%	+2.6%	−0.4 pts	−1.9 pts
1 year	+10.0%	+6.2%	−3.5 pts	−7.4 pts
Since launchNot the same days: PBFB Feb 2024 · PMFB Feb 2025	+30.4%	+11.4%	−26.3 pts	−16.9 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

PBFB PGIM S&P 500 Buffer 20 ETF - February · Absorbs the first 20% of loss on SPY and caps the gain at 10.7%, over a period ending Jan 31, 2027 PMFB PGIM S&P 500 Max Buffer ETF - February · Absorbs the whole loss on SPY and caps the gain at 6.8%, over a period ending Jan 31, 2027

Issuer PGIM PGIM

Reference index SPY SPY

Buffer 20% 100%

Outcome period Feb 1, 2026 to Jan 31, 2027 Feb 1, 2026 to Jan 31, 2027

Days left 88 88

Starting cap +10.7% +6.8%

Can still gain 2.9% 2.1%

Fall before buffer 7.1% 4.5%

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

Index return this period +10.8% +10.8%

Fund return this period +7.1% +4.1%

State today At cap At cap

Expense ratio 0.50% 0.50%

Net assets $42m $6.1m

As of Nov 4, 2026. Source: ETFIQ.

These are two different products. PMFB is a floor fund, which caps how far a holder can fall. PBFB 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.

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

Where each one stands today

PBFB resets first, on Jan 31, 2027, 88 days from now; PMFB runs to Jan 31, 2027, 88 days. PBFB can still gain 2.9% before its cap, PMFB 2.1%. A fall from here reaches PBFB’s buffer after 7.1% and PMFB’s after 4.5%. Both track SPY, so what separates them is where each is in its own period.

Alert

About each fund

PBFB

SPY had already risen past this fund's cap of +10.7% 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 2.9% as the period runs out. The fund's price can fall 7.1% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 9.8% 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. 88 days remained on Nov 4, 2026. On Jan 31, 2027 the period ends and a new cap is set.

PMFB

SPY had already risen past this fund's cap of +6.8% 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 2.1% as the period runs out. The fund's price can fall 4.5% 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, PBFB or PMFB?: From their prices on Nov 4, 2026, PBFB can gain about 2.9% before its cap and PMFB about 2.1%, so PBFB has more room left this period.
Which resets first, PBFB or PMFB?: PBFB ends its outcome period on Jan 31, 2027 and PMFB on Jan 31, 2027. A new cap is set the day after each.
Which is cheaper, PBFB or PMFB?: PBFB and PMFB both charge 0.50% a year, so neither is cheaper. Fees come from each fund's prospectus.

Other comparisons

PBFB vs PFEB PBFB vs DDTF PBFB vs CPSY PBFB vs FEBP PMFB vs BFEB PMFB vs CPSF PMFB vs FEBP PMFB vs SIXF

Where to next

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

Sources and dates

PBFB and PMFB 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, PBFB against PMFB, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/pbfb-vs-pmfb

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