Which has more room to gain, PMFB or XJAN?

From their prices on Nov 4, 2026, PMFB can gain about 2.1% before its cap and XJAN about 1.7%, so PMFB has more room left this period.

Which resets first, PMFB or XJAN?

PMFB 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, PMFB or XJAN?

PMFB charges 0.50% a year and XJAN charges 0.85%, so PMFB is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Buffer ETFs

PMFB vs XJAN: Cap, Buffer & Days Left

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As of Nov 4, 2026 XJAN can fall 7.6% before its buffer engages and PMFB 4.5%, and XJAN resets 16 days sooner.

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Net assets: $6.1m on Nov 4, 2026 for PGIM S&P 500 Max Buffer ETF - February, and $72m on Nov 3, 2026 for FT Vest U.S. Equity Enhance & Moderate Buffer ETF - January.

PMFB on its own →XJAN on its own →

At a glance

4.5%

PMFB can fall this far before its buffer

7.6%

XJAN can fall this far before its buffer

2.1%

PMFB can still gain

1.7%

XJAN can still gain

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.

XJAN At its cap

XJAN: reference +10.8% since period start, fund +7.3%; buffer 0 to −15; cap +9.9%; At its cap. Data to Nov 4, 2026.

Pair scorecard

PMFB costs 0.35 points a year less; their one-year returns differ by 3.0 points; XJAN is 11.8 times larger.

Points (pts) are percentage points.

PMFB vs XJAN: Cap, Buffer & Days Left
Measure	PMFB	XJAN
Return
Measure	PMFB	XJAN
Total return, 1 year	+6.2%	+9.2%
Drawdown
Measure	PMFB	XJAN
Index fall to the buffer	9.8%
Benchmark
Measure	PMFB	XJAN
What it tracks	SPY	SPY
Cost and size
Measure	PMFB	XJAN
Expense ratio	0.50%	0.85%
Net assets, as of Nov 3, 2026	$6.1m	$72m
Holdings
Measure	PMFB	XJAN
Holdings in common	not published

Method

Window by window

Window by window: PMFB vs XJAN: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	PMFB	XJAN	PMFB	XJAN
3 months	+1.2%	+1.7%	+1.6 pts	+2.0 pts
6 months	+2.6%	+4.3%	−1.9 pts	−0.2 pts
1 year	+6.2%	+9.2%	−7.4 pts	−4.3 pts
Since launchNot the same days: PMFB Feb 2025 · XJAN Jan 2024	+11.4%	+27.9%	−16.9 pts	−30.7 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

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 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 100% 15%

Outcome period Feb 1, 2026 to Jan 31, 2027 Jan 20, 2026 to Jan 15, 2027

Days left 88 72

Starting cap +6.8% +9.9%

Can still gain 2.1% 1.7%

Fall before buffer 4.5% 7.6%

Protection left, index points 100.0% of 100.0% 15.0% of 15.0%

Index return this period +10.8% +10.8%

Fund return this period +4.1% +7.3%

State today At cap At cap

Expense ratio 0.50% 0.85%

Net assets, PMFB as of Nov 4, 2026 and XJAN as of Nov 3, 2026 $6.1m $72m

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. XJAN 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.

Where each one stands today

XJAN resets first, on Jan 15, 2027, 72 days from now; PMFB runs to Jan 31, 2027, 88 days. PMFB can still gain 2.1% before its cap, XJAN 1.7%. A fall from here reaches PMFB’s buffer after 4.5% and XJAN’s after 7.6%. Both track SPY, so what separates them is where each is in its own period.

Alert

About each fund

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. In index terms, SPY can fall 9.8% from today's level to the point where the buffer begins. Protection left, in index points: 100.0% of the 100.0% 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.

XJAN

SPY had already risen past this fund's cap of +9.9% 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 1.7% as the period runs out. The fund's price can fall 7.6% from here before the buffer starts absorbing losses, by the issuer's number. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's SPY level. 72 days remained on Nov 4, 2026. On Jan 15, 2027 the period ends and a new cap is set.

Questions people ask

Which has more room to gain, PMFB or XJAN?: From their prices on Nov 4, 2026, PMFB can gain about 2.1% before its cap and XJAN about 1.7%, so PMFB has more room left this period.
Which resets first, PMFB or XJAN?: PMFB 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, PMFB or XJAN?: PMFB charges 0.50% a year and XJAN charges 0.85%, so PMFB is cheaper. Fees come from each fund's prospectus.

Other comparisons

PMFB vs UFEB PMFB vs DDFF PMFB vs SIXF PMFB vs FEBU XJAN vs DDTF XJAN vs CPSY XJAN vs FEBP XJAN vs CPSF

Where to next

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

Sources and dates

PMFB filings on SEC EDGAR ↗

PGIM website ↗

XJAN filings on SEC EDGAR ↗

First Trust page for XJAN ↗

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

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