Data as of .
PBFB vs XJAN: which one stands where?
As of Sep 19, 2026 XJAN can fall 6.7% before its buffer engages and PBFB 6.2%, and XJAN resets 16 days sooner.
These are two different products. XJAN 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.
Where each one stands today
XJAN resets first, on Jan 15, 2027, 119 days from now; PBFB runs to Jan 31, 2027, 135 days. PBFB can still gain 3.9% before its cap, XJAN 2.7%. A fall from here reaches PBFB’s buffer after 6.2% and XJAN’s after 6.7%. Both track SPY, so what separates them is where each is in its own period.
Every figure is ETFIQ’s own, from the issuer’s published outcome-period terms. A buffer ETF holds FLEX options on its reference index rather than shares, so there is no holdings overlap between two of them to report.
Performance, window by window
| Window | Total return | Gap to the reference | ||
|---|---|---|---|---|
| PBFB | XJAN | PBFB | XJAN | |
| 3 months | +2.1% | +2.2% | −0.1 pts | −0.1 pts |
| 6 months | +8.8% | +9.0% | −9.3 pts | −9.1 pts |
| 1 year | +10.0% | +9.0% | −6.6 pts | −7.5 pts |
| 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 | XJAN FT Vest U.S. Equity Enhance & Moderate Buffer ETF - January Absorbs the first 15% of loss on SPY and caps the gain at 9.9%, over a period ending Jan 15, 2027 | |
|---|---|---|
| Issuer | PGIM | First Trust |
| Reference index | SPY | SPY |
| Buffer | 20% | 15% |
| Outcome period | Feb 1, 2026 to Jan 31, 2027 | Jan 20, 2026 to Jan 15, 2027 |
| Days left | 135 | 119 |
| Starting cap | +10.7% | +9.9% |
| Can still gain | 3.9% | 2.7% |
| Fall before buffer | 6.2% | 6.7% |
| Protection left, index points | 20.0% of 20.0% | 15.0% of 15.0% |
| Index return this period | +10.1% | +10.1% |
| Fund return this period | +6.0% | +6.2% |
| State today | Open | At cap |
| Expense ratio | 0.50% | 0.85% |
| Net assets | $41m | $40m |
PBFB in plain words
From its price on Sep 19, 2026, the fund can gain about 3.9% more before it reaches its cap. The fund's price can fall 6.2% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 9.2% 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. 135 days remained on Sep 19, 2026. On Jan 31, 2027 the period ends and a new cap is set.
XJAN in plain words
SPY had already risen past this fund's cap of +9.9% for the period on Sep 19, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 2.7% as the period runs out. The fund's price can fall 6.7% from here before the buffer starts absorbing losses, by the issuer's figure. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's SPY level. 119 days remained on Sep 19, 2026. On Jan 15, 2027 the period ends and a new cap is set.
Questions people ask
- Which has more room to gain, PBFB or XJAN?
- From their prices on Sep 19, 2026, PBFB can gain about 3.9% before its cap and XJAN about 2.7%, so PBFB has more room left this period.
- Which resets first, PBFB or XJAN?
- PBFB ends its outcome period on Jan 31, 2027 and XJAN on Jan 15, 2027. A new cap is set the day after each.
- Which is cheaper, PBFB or XJAN?
- PBFB charges 0.50% a year and XJAN charges 0.85%, so PBFB is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, PBFB against XJAN, data as of Sep 19, 2026. https://etfiq.com/compare/buffer/pbfb-vs-xjan Free to use with attribution; the underlying files are at Open data.