At a glance
PBJA charges 0.5% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $63.0M in assets, the 8th largest of that group. Over the past year it returned +9.4% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds.
The short version
PGIM S&P 500 Buffer 20 ETF - January (PBJA) is an actively managed ETF. It uses FLEX options on the State Street SPDR S&P 500 ETF Trust (SPY) to aim for a one-year outcome: protection against the first 20% of SPY's price losses, with gains capped at 10.43% before fees for 2026. Its 0.50% expense ratio is the lowest of eight buffer ETFs compared, which average 0.86%. It is also the smallest, with $63 million as of July 31, 2026.
Price history
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PBJA +9.4% 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 | |
|---|---|---|---|---|---|---|
| PBJA official prospectus, to Dec 31, 2025 | — | +10.35% | — | — | — | +11.03% |
| PBJA price data to Oct 27, 2026 | +7.6% | +9.4% | — | — | — | +10.7% |
- Over the year to Oct 27, 2026, PBJA returned +9.4%, 8th of 8 among similar funds.
- Its worst full calendar year was 2025 (+10.3%); its best was 2025 (+10.3%).
- The deepest fall in its price history was 8.5% (Feb 19, 2025 to Apr 8, 2025), recovered by Jun 3, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +7.6% | — |
| 2025 | +10.3% | +10.35% |
| 2024 | +12.2% | +11.82% |
| 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 $4.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.62%, +0.11%, +0.65%.
How it works
PBJA does not own stocks directly. The fund puts nearly all its money into FLEX Options, which are exchange-traded options with custom terms such as strike price and expiration date. The options are on SPY, a unit investment trust that holds S&P 500 stocks in index weights. As of July 31, 2026, eight option positions made up about 99.4% of net assets and cash about 0.6%. The largest positions are call options with a very low strike price, so they move almost one-for-one with SPY's price. A pair of put options creates the buffer.
The outcome period runs from January 1 to December 31, 2026. If SPY's price rises, the fund aims to match the gain up to a cap of 10.43% before fees, or 9.93% after the management fee. If SPY falls, the fund aims to absorb the first 20% of the loss, or 19.5% after the fee. Any loss beyond that passes through one-for-one, so a 25% SPY drop means about a 5% fund loss before fees. The fund tracks price return only, so it does not capture SPY's dividends.
Each January 1 the fund rolls into new 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. That means anyone who gets in or out partway through the year may see results very different from the stated outcome.
What it really costs
- PBJA 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 |
|---|---|---|---|---|
| PBJA | $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 trades S&P 500 gains above a yearly cap for protection against the first 20% of SPY price losses over each January–December period.
PBJA launched on December 29, 2023, so it did not exist during the 2008, 2020 or 2022 sell-offs. Its buffer has not yet faced a deep bear market. Its deepest drop so far was 8.5%, from February 19 to April 8, 2025. It recovered by June 3, 2025, about 1.8 months later. Its weakest calendar year, 2025, still gained about 10%, and one-year volatility was 4.7% as of October 27, 2026.
For someone drawing on savings, timing is the main catch. The buffer covers a full calendar-year period, so shares sold mid-year after a drop may not get the full protection. The fund pays no distributions and gives up SPY's dividends, so it adds nothing to income. In the SEC's standard example, costs on $10,000 come to $51 after one year and $628 after 10 years. Past results don't predict the future, 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 price exposure with a 20% one-year buffer and can hold from January 1 through December 31.
- Cost-conscious investors comparing buffer ETFs: its 0.50% expense ratio is below PJAN (0.79%), FJAN (0.85%) and BUFR (0.95%).
- Retirees willing to give up gains above a cap (10.43% before fees for 2026) for smaller swings; one-year volatility was 4.7%.
Look elsewhere if
- Income seekers: the fund has paid no distributions, and its returns exclude the dividends SPY pays.
- Investors hoping to keep big rallies: gains are capped, and its 9.4% one-year return trailed all seven compared buffer funds as of October 27, 2026.
- Those who want a large fund with a long record: it held $63 million as of July 31, 2026, and has no bear-market history.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| PBJA this fund | 0.5% | $63.0M | +9.4% | — |
| 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
What is the PBJA cap for 2026?
The cap for the January 1 to December 31, 2026 outcome period is 10.43% before fees and expenses. After the 0.50% management fee, it works out to 9.93%. The cap is the most a holder can earn from SPY's price rise over the full period. A new cap is set each January based on market conditions, so it will likely change. The 20% buffer stays the same from period to period.
Does PBJA pay dividends?
No. The fund has recorded no distributions. Its returns are based only on the price return of the State Street SPDR S&P 500 ETF Trust (SPY), so the dividends paid by SPY and the S&P 500 stocks are not passed through. Investors who need regular income from their portfolio would have to get it from other holdings.
Do you get the full PBJA buffer if you invest mid-year?
Not necessarily. The 20% buffer and the cap apply only to shares held from the first day of the outcome period, January 1, to the last day, December 31. The fund's options can be exercised only on that final day. If you get in after SPY has already moved, or get out early, your results may differ sharply from the stated outcome. You could have less protection, less upside, or both.
PBJA vs PJAN: what's the difference?
Both are buffer ETFs with outcome periods that start in January. PBJA, from PGIM, charges 0.50% a year, compared with 0.79% for Innovator's PJAN. PJAN is much larger, at about $1.44 billion versus PBJA's $63 million as of July 31, 2026. Over the year to October 27, 2026, PJAN returned 10.5% and PBJA 9.4%. Their buffer levels and caps may differ, so each prospectus is worth comparing.
Can you lose money in PBJA?
Yes. The buffer covers only the first 20% of SPY's price decline over a full outcome period before fees, or 19.5% after the management fee. Losses beyond that pass through one-for-one, so a 25% SPY drop means about a 5% fund loss. The fund does not protect your principal, and investors who are in for only part of the year may lose more. Its deepest drop so far was 8.5% in 2025.