Which has more room to gain, PBJL or PMJL?

From their prices on Nov 4, 2026, PBJL can gain about 9.2% before its cap and PMJL about 5.7%, so PBJL has more room left this period.

Which resets first, PBJL or PMJL?

PBJL ends its outcome period on Jun 30, 2027 and PMJL on Jun 30, 2027. A new cap is set the day after each.

Which is cheaper, PBJL or PMJL?

PBJL and PMJL 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

PBJL vs PMJL: Cap, Buffer & Days Left

Share on X Download as PDF

As of Nov 4, 2026 PBJL can fall 2.9% before its buffer engages and PMJL 2.1%.

askIQ about this page

askIQ about PBJL and PMJL

Net assets on Nov 4, 2026: $74m for PGIM S&P 500 Buffer 20 ETF - July and $7.0m for PGIM S&P 500 Max Buffer ETF - July.

PBJL on its own →PMJL on its own →

At a glance

2.9%

PBJL can fall this far before its buffer

2.1%

PMJL can fall this far before its buffer

9.2%

PBJL can still gain

5.7%

PMJL can still gain

PBJL Between buffer and cap

PBJL: reference +2.7% since period start, fund +2.4%; buffer 0 to −20; cap +12.3%; Between buffer and cap. Data to Nov 4, 2026.

PMJL Full floor

PMJL: reference +2.7% since period start, fund +1.7%; buffer Floor; cap +8.0%; 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 2.8 points; PBJL is 10.6 times larger.

Points (pts) are percentage points.

PBJL vs PMJL: Cap, Buffer & Days Left
Measure	PBJL	PMJL
Return
Measure	PBJL	PMJL
Total return, 1 year	+8.5%	+5.7%
Drawdown
Measure	PBJL	PMJL
Index fall to the buffer	2.6%
Benchmark
Measure	PBJL	PMJL
What it tracks	SPY	SPY
Cost and size
Measure	PBJL	PMJL
Expense ratio	0.50%	0.50%
Net assets	$74m	$7.0m
Holdings
Measure	PBJL	PMJL
Holdings in common	not published

Method

Window by window

Window by window: PBJL vs PMJL: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	PBJL	PMJL	PBJL	PMJL
3 months	+0.8%	+0.7%	+1.2 pts	+1.1 pts
6 months	+3.5%	+2.5%	−0.9 pts	−2.0 pts
1 year	+8.5%	+5.7%	−5.0 pts	−7.8 pts
Since launchNot the same days: PBJL May 2024 · PMJL Jul 2025	+28.0%	+8.3%	−20.2 pts	−15.9 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

PBJL PGIM S&P 500 Buffer 20 ETF - July · Absorbs the first 20% of loss on SPY and caps the gain at 12.3%, over a period ending Jun 30, 2027 PMJL PGIM S&P 500 Max Buffer ETF - July · Absorbs the whole loss on SPY and caps the gain at 8.0%, over a period ending Jun 30, 2027

Issuer PGIM PGIM

Reference index SPY SPY

Buffer 20% 100%

Outcome period Jul 1, 2026 to Jun 30, 2027 Jul 1, 2026 to Jun 30, 2027

Days left 238 238

Starting cap +12.3% +8.0%

Can still gain 9.2% 5.7%

Fall before buffer 2.9% 2.1%

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

Index return this period +2.7% +2.7%

Fund return this period +2.4% +1.7%

State today Open Open

Expense ratio 0.50% 0.50%

Net assets $74m $7.0m

As of Nov 4, 2026. Source: ETFIQ.

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

PBJL resets first, on Jun 30, 2027, 238 days from now; PMJL runs to Jun 30, 2027, 238 days. PBJL can still gain 9.2% before its cap, PMJL 5.7%. A fall from here reaches PBJL’s buffer after 2.9% and PMJL’s after 2.1%. Both track SPY, so what separates them is where each is in its own period.

Alert

About each fund

PBJL

From its price on Nov 4, 2026, the fund can gain about 9.2% more before it reaches its cap. The fund's price can fall 2.9% 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. 238 days remained on Nov 4, 2026. On Jun 30, 2027 the period ends and a new cap is set.

PMJL

From its price on Nov 4, 2026, the fund can gain about 5.7% more before it reaches its cap. The fund's price can fall 2.1% 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, PBJL or PMJL?: From their prices on Nov 4, 2026, PBJL can gain about 9.2% before its cap and PMJL about 5.7%, so PBJL has more room left this period.
Which resets first, PBJL or PMJL?: PBJL ends its outcome period on Jun 30, 2027 and PMJL on Jun 30, 2027. A new cap is set the day after each.
Which is cheaper, PBJL or PMJL?: PBJL and PMJL both charge 0.50% a year, so neither is cheaper. Fees come from each fund's prospectus.

Other comparisons

PBJL vs PJUL PBJL vs CTJL PBJL vs CJUL PBJL vs CPSJ PMJL vs TJUL PMJL vs DDFL PMJL vs UJUL PMJL vs BJUL

Where to next

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

Sources and dates

PBJL and PMJL 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, PBJL against PMJL, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/pbjl-vs-pmjl

Open data →

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