Data as of Nov 4, 2026.
PBJA vs SQMX: Cap, Buffer & Days Left
As of Nov 4, 2026 PBJA can fall 7.8% before its buffer engages and SQMX 1.0%, and SQMX resets 13 days sooner.
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Net assets: $68m on Nov 4, 2026 for PGIM S&P 500 Buffer 20 ETF - January, and $55m on Nov 3, 2026 for FT Vest U.S. Equity Quarterly Max Buffer ETF.
PBJA: reference +12.4% since period start, fund +7.9%; buffer 0 to −20; cap +10.4%; At its cap. Data to Nov 4, 2026.
PBJA: reference +12.4% since period start, fund +7.9%; buffer 0 to −20; cap +10.4%; At its cap. Data to Nov 4, 2026.SQMX: reference +0.7% since period start, fund +0.8%; buffer 0 to −12; cap +3.0%; Between buffer and cap. Data to Nov 4, 2026.
SQMX: reference +0.7% since period start, fund +0.8%; buffer 0 to −12; cap +3.0%; Between buffer and cap. Data to Nov 4, 2026.Pair scorecard
PBJA costs 0.35 points a year less; their one-year returns differ by 3.0 points; PBJA is 1.2 times larger.
Points (pts) are percentage points.
| Measure | PBJA | SQMX |
|---|---|---|
| Return | ||
| Total return, 1 year | +9.8% | +6.8% |
| Drawdown | ||
| Index fall to the buffer | 11.1% | 0.7% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.50% | 0.85% |
| Net assets, as of Nov 3, 2026 | $67m | $55m |
| Holdings | ||
| Holdings in common | not published | |
How much of a bear-market fall the buffer would absorb from today's level, ranked against 292 buffer ETFs on stocks with a live outcome period. 100 is best. How it is computed
Today's position against one 20% fall; it ignores smaller falls, and stock buffers are never ranked against bond or commodity ones. All buffer ETFs ranked by it →
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | PBJA | SQMX | PBJA | SQMX |
| 3 months | +1.7% | +1.2% | +2.1 pts | +1.6 pts |
| 6 months | +4.3% | +3.3% | −0.2 pts | −1.2 pts |
| 1 year | +9.8% | +6.8% | −3.8 pts | −6.8 pts |
| Since launchNot the same days: PBJA Jan 2024 · SQMX Dec 2024 | +33.4% | +13.7% | −28.8 pts | −15.2 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
As of Nov 4, 2026. Source: ETFIQ.
PBJA is already at its cap, so more rise in the index adds nothing to it before the period ends.
Where each one stands today
SQMX resets first, on Dec 18, 2026, 44 days from now; PBJA runs to Dec 31, 2026, 57 days. PBJA can still gain 1.9% before its cap, SQMX 2.0%. A fall from here reaches PBJA’s buffer after 7.8% and SQMX’s after 1.0%. Both track SPY, so what separates them is where each is in its own period.
PBJA
SPY had already risen past this fund's cap of +10.4% 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 1.9% as the period runs out. The fund's price can fall 7.8% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 11.1% 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. 57 days remained on Nov 4, 2026. On Dec 31, 2026 the period ends and a new cap is set.
SQMX
From its price on Nov 4, 2026, the fund can gain about 2.0% more before it reaches its cap. The fund's price can fall 1.0% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 0.7% from today's level to the point where the buffer begins. Protection left, in index points: 12.5% of the 12.5% buffer still sits below today's SPY level. 44 days remained on Nov 4, 2026. On Dec 18, 2026 the period ends and a new cap is set.
Questions people ask
Links are sources, not endorsements. A comparison is not a recommendation.
How this is computed
It is a place in a set, not a rating or a recommendation.
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, PBJA against SQMX, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/pbja-vs-sqmx
ETFIQ. (Nov 4, 2026). PBJA against SQMX. Retrieved from https://etfiq.com/compare/buffer/pbja-vs-sqmx
[PBJA against SQMX (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/pbja-vs-sqmx)
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