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PMDE

GradeBChicago Board Options Exchange

PGIM S&P 500 Max Buffer ETF - December

Buffered · PGIM · Inception 2025-11-28

$26.22−0.05 (−0.19%)

As of Sep 23, 2026, 1:37 PM EDT

History starts Dec 2, 2025.History starts Dec 2, 2025.
Intraday session: down, 5 prints from 26.27 to 26.22. Range 25.92 to 26.30. Use the arrow keys to read each point.$25.90$26.00$26.10$26.3010 AM12 PM2 PM4 PM
Expense ratio
0.50%
Fund size
$9M
1Y return
—
Yield · Last 12 months
—
Volume · 30D
0M sh
NAV per share
$26.26
52W range
low $24.89high $26.25

The ETF.net PMDE Grade

B

63/ 100

Rank 1 of 20 in S&P 500 Max Buffer⁠

Confidence Medium

Six-pillar profile for PMDE. Scores out of 100: Cost 76, Risk 43, Mission not scored, Tradability 64, Holdings not scored, Durability 40. Strongest: Cost (76). Weakest: Durability (40). Based on 4 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 63 of 100 sits in the B band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    AScore 76
    Category rank3/20 · top 15%

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    CScore 43
    Category rank15/20 · bottom quartile

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    BScore 64
    Category rank6/20 · top 30%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    Not scored
    —

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    CScore 40
    Category rank11/20 · mid-pack

Graded as of Sep 22, 2026 · Based on 4 of 6 pillars

Our read on PMDE

ETF.net Research

BPGIM's December-dated buffer fund aims to offset the entire one-year drop in SPY's price, not just the first slice, and gives up the upside above a cap reset each period. Heavy armor, low ceiling, 0.50% a year.

Stated mandate

The Fund seeks to track SPY’s price return up to a predetermined cap while seeking to maximize protection from SPY losses over a one-year Target Outcome Period.

Why people hold it

  1. 01Full-armor design: it seeks to offset SPY's whole price decline across a one-year outcome period, where most buffer funds absorb only an initial slice of the fall.pgim.com
  2. 02Costs 0.50% a year against a 0.79% median for S&P 500 buffer funds, undercutting December-dated rivals like PDEC (0.79%).
  3. 03The reference is SPY itself, so the payoff keys off a price you can watch all day, and the outcome period resets on a set annual schedule with nothing for you to roll.pgim.com

Worth knowing

  1. 01Maximum protection is paid for with a low ceiling: gains stop at a cap set when each period starts, and buying mid-period leaves you with a different cap and buffer than the headline terms.
  2. 02It tracks SPY's price return, so S&P 500 dividends don't flow through and the fund isn't built as an income payer.
  3. 03Launched in late 2025 and still a small, lightly traded fund, which can mean wider bid-ask spreads than the veterans of the buffer aisle.

PMDE Holdings

As of Sep 20, 2026, 6:49 AM
Asset class
Other
Holdings
—
Top-10 weight
106%
Largest holding
4SPY US 11/30/26 C13.67104.3%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—4SPY US 11/30/26 C13.67104.31%128$10M1
002—(PIPA070) PGIM Core Government Money Market Fund1.46%134,234$134K60
003—4SPY US 11/30/26 P683.390.54%128$49K2
004—Net Current Assets<0.01%273$273132

Showing 1–4 of 4 holdings

PMDE Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

PMDE$10,462
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,430
Dec 31, 2025 to Sep 22, 2026. PMDE $10,462. SPY $11,430. Use the arrow keys to read each point.$9,119$10,381$11,642Dec 2025May 2026Sep 2026

Dec 31, 2025 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for PMDE. Periods over one year show the average yearly return.
PeriodPMDE
Year to date+4.6%
1 month+0.6%
3 months+1.9%
1 yearFund is under 1 year old—
3 yearsFund is under 3 years old—per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for PMDE
YearReturn barPMDE
2026 YTD+4.6%
2025+0.3%

History from Dec 2, 2025

PMDE in the news

ETF.net Research hasn’t filed on PMDE yet — coverage lands here as it’s written.

PMDE Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
—Last 12 months
Payout per share
—Last 12 months

Listed Nov 2025. No distributions yet.

PMDE Risk

How much the fund’s monthly returns vary, scaled to a year.
—
Launched Nov 2025; fills in after 12 months
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
—
Launched Nov 2025; fills in after 12 months
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
—
Launched Nov 2025; fills in after 12 months
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.18
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

PMDE Cost

Expense ratio0.50%
  • The middle half of S&P 500 Max Buffer funds
  • Median 0.52%

No S&P 500 Max Buffer fund charges less.

PMDE costs $50.00 a year on $10,000. The median S&P 500 Max Buffer fund costs $51.50.