At a glance
PBJN charges 0.5% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $55.7M in assets, the 8th largest of that group. Over the past year it returned +6.7% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds.
The short version
PGIM S&P 500 Buffer 20 ETF - June (PBJN), from Prudential, is an actively managed ETF. Instead of stocks, it holds FLEX options on the State Street SPDR S&P 500 ETF Trust (SPY). Over each one-year period starting June 1, it aims to absorb the first 20% of SPY's price loss, and in exchange it caps gains. At 0.50% a year, it was the cheapest of eight buffer funds compared, but also the smallest.
Price history
The interactive chart needs JavaScript.
PBJN +6.7% 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 | |
|---|---|---|---|---|---|---|
| PBJN official prospectus, to Dec 31, 2025 | — | +11.58% | — | — | — | +11.95% |
| PBJN price data to Oct 27, 2026 | +5.5% | +6.7% | — | — | — | +10.2% |
- Over the year to Oct 27, 2026, PBJN returned +6.7%, 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 8.7% (Feb 19, 2025 to Apr 8, 2025), recovered by May 13, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +5.5% | — |
| 2025 | +11.8% | +11.58% |
| 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 $31.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.49%, -0.27%, +0.33%.
How it works
PBJN does not pick stocks. It puts substantially all its assets into FLEX Options on the State Street SPDR S&P 500 ETF Trust (SPY). FLEX Options are exchange-traded options whose strike prices and expiration dates can be customized. SPY is a unit investment trust that holds the stocks of the S&P 500 Index at their index weights. As of July 31, 2026, options made up 99.11% of PBJN's assets across nine positions, mostly call options, and cash was 0.93%. The Options Clearing Corporation acts as the counterparty on the contracts.
The fund buys its options at the start of each one-year Target Outcome Period, and they can be exercised only on the period's last day. For June 1, 2025 through May 31, 2026, the cap was 11.75% before fees, or 11.25% after the 0.50% management fee. The buffer was 20% before fees, or 19.5% after. If SPY falls more than 20%, the fund takes further losses one for one. A 25% drop in SPY means about a 5% fund loss before fees.
Each June 1 the fund resets with a new set of options. The buffer stays at 20%, but the cap changes with market conditions. Returns follow SPY's price only, not its dividends. Investors who buy or sell partway through a period may get results very different from the targets.
What it really costs
- PBJN 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 |
|---|---|---|---|---|
| PBJN | $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 gains above a yearly cap in exchange for a buffer against the first 20% of S&P 500 price losses over each June-to-May period.
PBJN launched on May 31, 2024, so it has no record from the 2008, 2020 or 2022 sell-offs. Its only full calendar year, 2025, returned 11.58%. Its deepest drop was 8.7%, from February 19 to April 8, 2025, and it recovered by May 13, 2025, about a month later. That dip shows the buffer does not set a floor under day-to-day prices. Someone who sells partway through a period gets the market price, not the target outcome. The fund paid no distributions, so any income would have to come from selling shares. Its 0.50% expense ratio compares with a 0.86% average for similar buffer funds. 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 exposure with a buffer against the first 20% of price losses each June-to-May period, and who accept a cap on gains.
- Cost-conscious buyers of buffer funds: its 0.50% expense ratio was the lowest of eight funds compared, against a 0.86% average.
- People who can buy near June 1 and hold for the full year, when the cap and buffer work as designed.
Look elsewhere if
- Income seekers: the fund recorded no distributions, and its returns leave out SPY's dividends.
- Investors who want full upside in rallies: the cap was 11.75% before fees, and the one-year return ranked last of eight as of October 27, 2026.
- Those who prefer a large, established fund: net assets were about $55.7 million as of July 31, 2026, the smallest of eight funds compared.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| PBJN this fund | 0.5% | $55.7M | +6.7% | — |
| 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 PBJN pay dividends?
No. The fund recorded no distributions. It holds options on the State Street SPDR S&P 500 ETF Trust (SPY), not the stocks themselves, and its returns follow SPY's price only. SPY's dividends are neither passed through nor counted. An investor who wants cash from this holding would need to sell shares. Selling before a period ends can produce results quite different from the fund's targets.
What is the PBJN cap?
For the outcome period from June 1, 2025 through May 31, 2026, PBJN's cap was 11.75% before fees, or 11.25% after its management fee. A new cap is set every June 1 based on market conditions, so it is unlikely to stay the same from year to year. The 20% buffer stays fixed. The issuer publishes the cap for each new period, and it is worth checking before buying.
Can you lose money in PBJN?
Yes. The buffer covers only the first 20% of SPY's price drop over a full one-year period, or 19.5% after the management fee. Past that point, losses pass through one for one: if SPY falls 25%, the fund is expected to lose about 5% before fees. The buffer applies only to investors who hold from the first day of a period to the last. In between, shares can still fall. The fund's deepest drop was 8.7%, in early 2025.
PBJN vs PJAN: what's the difference?
Both use options to buffer losses and cap gains on US stocks over a one-year period, but they reset in different months: PBJN in June and Innovator's PJAN in January. PBJN costs 0.50% a year, compared with 0.79% for PJAN. PJAN is much larger, with about $1.44 billion in net assets as of July 31, 2026, against about $55.7 million for PBJN. For the year to October 27, 2026, PJAN returned 10.5% and PBJN 6.7%.
How much does PBJN cost?
PBJN's expense ratio is 0.50%, all of it management fee, according to its prospectus filed February 20, 2026. The SEC's standard example assumes $10,000 invested, a 5% yearly return and shares sold at the end of each period. On that basis, costs come to about $51 after one year, $160 after three, $280 after five and $628 after ten. The seven similar buffer funds compared charged 0.79% to 0.95%, an average of 0.86%.