At a glance
PBAP charges 0.5% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $35.3M in assets, the 8th largest of that group. Over the past year it returned +11.3% with distributions reinvested (S&P 500: +11.5%), 6th of those 8 funds.
The short version
PGIM S&P 500 Buffer 20 ETF - April (PBAP) is an actively managed ETF that holds FLEX options on the SPDR S&P 500 ETF Trust (SPY). The options are set up to absorb the first 20% of SPY's losses over each April-to-March period, and in exchange the fund caps its gains. Its 0.50% expense ratio is the lowest of the eight buffer ETFs we compared. It pays no dividends and held just $35.3 million as of July 31, 2026.
Price history
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PBAP +11.3% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| PBAP official prospectus, to Dec 31, 2025 | — | +6.31% | — | — | — | +8.70% |
| PBAP price data to Oct 27, 2026 | +9.9% | +11.3% | — | — | — | +9.8% |
- Over the year to Oct 27, 2026, PBAP returned +11.3%, 6th of 8 among similar funds.
- Its worst full calendar year was 2025 (+6.3%); its best was 2025 (+6.3%).
- The deepest fall in its price history was 9.7% (Feb 19, 2025 to Apr 8, 2025), recovered by Jul 23, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +9.8% | — |
| 2025 | +6.3% | +6.31% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
What's inside
As of Jul 31, 2026, the fund held 0 securities; the ten largest made up 0% of assets.
| Holding | Weight |
|---|
By country
By asset type
What changed recently
- Over the three months to Jul 31, 2026, investors added a net $5.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.35%, +0.14%, +0.60%.
How it works
PBAP doesn't own stocks directly. As of July 31, 2026, 99.27% of its assets were in eight FLEX options contracts on the SPDR S&P 500 ETF Trust (SPY), and 0.77% was in cash. FLEX options trade on an exchange, but buyers can set their own terms, such as the strike price and the expiration date. The Options Clearing Corporation guarantees them. SPY is a unit investment trust that holds the stocks in the S&P 500 Index. PBAP follows only SPY's share price, so it doesn't get the dividends those stocks pay.
The options cover a one-year 'target outcome period' from April 1 to March 31. For the period that ended March 31, 2026, the fund aimed to match SPY's gains up to a cap of 11.01%, or 10.51% after its fee. It also aimed to absorb the first 20% of SPY's losses, or 19.5% after the fee. Losses beyond 20% pass through one-for-one. If SPY fell 25%, the fund would lose about 5% before fees.
Each April the fund buys a new set of options. The 20% buffer stays the same, but the cap changes with market conditions. The options can be exercised only on the period's last day. So the stated cap and buffer apply only to shares held for the whole period. Buying or selling partway through can produce very different results.
What it really costs
- PBAP charges 0.5% a year, versus an average of 0.86% for the similar funds below (1st of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $51 in the first year and $628 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| PBAP | $51 | $160 | $280 | $628 |
Structure and tax notes
- Organized as a unit investment trust: it cannot lend out its securities or reinvest dividends between payouts, which can create a small drag versus similar open-end ETFs.
- Uses options to limit losses within a range (the buffer) in exchange for a cap on gains over each outcome period; results depend on when you buy relative to the period start.
In a retirement portfolio
It gives up much of the S&P 500's upside in exchange for a 20% cushion against losses over each April-to-March period, aiming for a steadier ride than owning stocks outright.
PBAP launched March 28, 2024, so it has no record from the 2008, 2020 or 2022 market crashes. Its only full calendar year, 2025, returned 6.31%. Its deepest drop was 9.7%, from Feb. 19 to April 8, 2025. It recovered by July 23, 2025, about 3.5 months later. The buffer applies only over a full outcome period, so a retiree who has to sell shares in the middle of a bad market can still take a loss. The fund pays no income, so drawing cash means selling shares, and its returns leave out S&P 500 dividends. Costs are low for a buffer fund at 0.50% a year. In the SEC's standard example, that's about $51 in the first year and $628 over 10 years on a $10,000 investment. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want S&P 500 exposure with a 20% cushion each April-to-March period and accept capped gains, like the 11.01% cap for the period ended March 2026.
- Cost-conscious buyers of buffer funds: its 0.50% expense ratio compares with a 0.86% average across the similar buffer ETFs we compared.
- Patient holders who can buy near April 1 and hold through March 31, the only window when the stated buffer and cap fully apply.
Look elsewhere if
- Retirees who need cash payouts: PBAP has recorded no distributions, and its returns leave out the dividends S&P 500 stocks pay.
- Investors who want the stock market's full upside: in the period ended March 31, 2026, PBAP gave up any SPY gains above 11.01% before fees.
- Those who prefer large, heavily traded funds: PBAP held $35.3 million as of July 31, 2026, the smallest of the eight buffer ETFs we compared.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| PBAP this fund | 0.5% | $35.3M | +11.3% | — |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
Questions investors ask
Does PBAP pay dividends?
No. PBAP has recorded no distributions. It holds FLEX options on SPY rather than stocks, and its target returns follow only SPY's share price. That means the dividends S&P 500 companies pay are not part of what the fund delivers. Over long periods, missing dividends can noticeably lower total return compared with owning an S&P 500 fund directly. An investor who needs regular cash would have to sell shares to get it.
How does the PBAP 20% buffer work?
PBAP aims to absorb the first 20% of SPY's price losses over a one-year period from April 1 to March 31, before fees. After its 0.50% fee, the buffer is 19.5%. Any loss beyond 20% passes through one-for-one. In exchange, gains are capped. For the period ended March 31, 2026, the cap was 11.01% before fees and 10.51% after. The buffer stays the same each year, but the cap resets every April with market conditions.
What happens if I buy PBAP in the middle of the outcome period?
Your results may look very different from the stated buffer and cap. Those terms apply only to shares held from April 1 through March 31, because the fund's options can be exercised only on the period's last day. If you buy after a rally, there may be little room left before the cap. If you buy after a drop, part of the buffer may already be used up. The prospectus says to check where the fund stands against its cap and buffer before investing.
What's the difference between PBAP and FJAN?
The main differences are cost and size. Both are buffer ETFs that use options to limit losses and cap gains on US stocks. PBAP charges 0.50% a year, and FT Vest US Equity Buffer ETF - January (FJAN) charges 0.85%. FJAN is far larger: it held $1.47 billion as of Aug. 31, 2026, while PBAP held $35.3 million as of July 31, 2026. Over the year ended Oct. 27, 2026, FJAN returned 12.3% and PBAP returned 11.3%.
Is PBAP good for retirement?
PBAP may suit retirees who want some stock exposure with smaller swings. As of Oct. 27, 2026, its one-year volatility was 3.4% and its beta was 0.18, meaning it moved much less than the market. It returned 6.31% in 2025 and 8.7% a year from launch through Dec. 31, 2025. The drawbacks: it pays no income, its gains are capped, and its short history misses the 2008, 2020 and 2022 bear markets.