At a glance
PBJL charges 0.5% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $67.5M in assets, the 8th largest of that group. Over the past year it returned +8.0% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds.
The short version
PGIM S&P 500 Buffer 20 ETF - July (PBJL) holds FLEX options on the State Street SPDR S&P 500 ETF Trust (SPY), not stocks. Over each one-year period starting July 1, it aims to absorb the first 20% of SPY's price loss in exchange for a cap on gains. The cap was 10.69% before fees for July 2025 to June 2026. Its 0.50% expense ratio was the lowest of eight buffer funds compared.
Price history
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PBJL +8.0% 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 | |
|---|---|---|---|---|---|---|
| PBJL official prospectus, to Dec 31, 2025 | — | +11.61% | — | — | — | +11.53% |
| PBJL price data to Oct 27, 2026 | +6.8% | +8.0% | — | — | — | +10.5% |
- Over the year to Oct 27, 2026, PBJL returned +8.0%, 8th of 8 among similar funds.
- Its worst full calendar year was 2025 (+11.8%); its best was 2025 (+11.8%).
- The deepest fall in its price history was 9.1% (Feb 18, 2025 to Apr 8, 2025), recovered by May 19, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +6.8% | — |
| 2025 | +11.8% | +11.61% |
| 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 $28.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.02%, +0.41%, +0.34%.
How it works
PBJL, from Prudential's PGIM, is an actively managed ETF that owns no stocks directly. Nearly all its assets sit in FLEX Options, exchange-traded options with custom strike prices and expiration dates, on the State Street SPDR S&P 500 ETF Trust (SPY), an S&P 500 Index fund. As of July 31, 2026, eight SPY option positions made up about 99% of assets.
The options run for a one-year outcome period, July 1 to June 30, and are exercisable only on its last day. They aim to match SPY's price gain up to a cap while shielding holders from the first 20% of SPY's price loss. Deeper losses pass through one for one: a 25% SPY fall would mean roughly a 5% fund loss, before fees. For July 1, 2025 through June 30, 2026, the cap was 10.69%, or 10.19% after the 0.50% management fee, which also trims the buffer to 19.5%.
Each July 1, the fund rolls into new options. The 20% buffer stays, but the cap is set by market conditions and is unlikely to repeat. The full buffer and cap apply only to holders who own shares for a whole period; entering or leaving midway can bring different results. Returns follow SPY's price only, so S&P 500 dividends are left out.
What it really costs
- PBJL 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 |
|---|---|---|---|---|
| PBJL | $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 keeps S&P 500 price exposure but aims to absorb the first 20% of a yearly decline, giving up upside above a cap.
PBJL could add stock exposure with less volatility than the market. Its one-year volatility was 4.5% and its beta (sensitivity to the market) was 0.31. The fund launched May 7, 2024, so it has no record from the 2008, 2020 or 2022 downturns. In 2025, its only full calendar year, it returned 11.61%. Its deepest drop was 9.1%, from February 18 to April 8, 2025. It recovered by May 19, 2025, about 1.3 months later. That drop shows the buffer is measured over the full July-to-June period, and prices can fall partway through. This matters for anyone who may have to sell in a bad stretch. The fund has made no distributions, so it provides no income. Its cost is 0.50%, or $51 over one year on $10,000 in the SEC example. Similar funds averaged 0.86%. 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 near or in retirement wanting a cushion against the first 20% of SPY's price losses each July-to-June period, in exchange for capped gains.
- Fee-conscious investors: its 0.50% expense ratio ($51 in year one on $10,000, per the SEC example) undercuts the 0.86% average of similar buffer ETFs.
- Investors seeking a calmer ride: as of October 27, 2026, one-year volatility was 4.5% and beta 0.31, roughly a third of the market's moves.
Look elsewhere if
- Retirees needing income: PBJL has no distributions on record, and its returns exclude the dividends paid by S&P 500 companies held in SPY.
- Investors wanting full stock-market gains: upside is capped, and its 8% one-year return through October 27, 2026 trailed seven similar buffer funds.
- Investors who may need money mid-period: interim values swing, and the fund fell 9.1% from February 18 to April 8, 2025, despite its buffer.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| PBJL this fund | 0.5% | $67.5M | +8.0% | — |
| 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
How does the PBJL 20% buffer work?
PBJL aims to absorb the first 20% of SPY's price decline over each July-to-June outcome period, before fees, for investors who hold for the whole period. If SPY falls further, the fund takes the extra loss one for one: a 25% SPY drop would mean roughly a 5% fund loss. After the 0.50% management fee, the buffer is 19.5%. It is not principal protection, and investors who enter or leave mid-period can see very different results.
What is PBJL's upside cap?
PBJL's cap was 10.69% before fees, or 10.19% after its management fee, for the outcome period from July 1, 2025 through June 30, 2026. That was roughly the most a holder for that full period could gain from SPY's price rise. The cap resets each July 1 based on market conditions, so the cap for the period that began July 1, 2026 is likely different. The 20% buffer level stays the same from one period to the next.
Does PBJL pay dividends?
No. PBJL has no distributions on record, and its results track SPY's share price only, so the dividends paid by S&P 500 companies are left out. Because the fund owns options on SPY rather than stocks, it collects no dividends to pass on. Retirees who depend on regular cash payouts would need to draw them from other holdings or by trimming their PBJL position.
What's the difference between PBJL and BUFR?
PBJL costs less, is far smaller and resets on a single date. Its expense ratio is 0.50%, versus 0.95% for the FT Vest Laddered Buffer ETF (BUFR). PBJL held about $67.5 million as of July 31, 2026; BUFR held roughly $10.5 billion as of August 31, 2026. PBJL resets every July 1, while BUFR's laddered approach spreads money across buffer positions that start in different months. In the year to October 27, 2026, BUFR returned 11.6% and PBJL 8%.
Is PBJL good for retirement?
It can suit retirees who value smaller swings over full growth, but it is not risk-free. It returned 11.61% in 2025 and 11.53% a year from its May 2024 launch through December 31, 2025. As of October 27, 2026, one-year volatility was 4.5%, and its deepest drop was 9.1%, from February 18 to April 8, 2025. Drawbacks include no income, capped gains, no principal protection and no track record through a crash like 2008 or 2020.