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PMNV

GradeCChicago Board Options Exchange

PGIM S&P 500 Max Buffer ETF - November

Buffered · PGIM · Inception 2025-10-31

$26.45+0.00 (+0.00%)

As of Sep 23, 2026, 9:46 AM EDT

Market opens at 9:30 AM ET.History starts Nov 3, 2025.History starts Nov 3, 2025.
Intraday session: up, 9 prints from 26.30 to 26.45. Range 26.30 to 26.45. Use the arrow keys to read each point.$26.30$26.35$26.40Sep 17Sep 18Sep 21Sep 22Sep 23
Expense ratio
0.50%
Fund size
$5M
1Y return
—
Yield · Last 12 months
Data unavailable
Volume · 30D
0M sh
NAV per share
$26.44
52W range
low $24.83high $26.43

The ETF.net PMNV Grade

C

40/ 100

Rank 15 of 20 in S&P 500 Max Buffer⁠

Confidence Medium

Six-pillar profile for PMNV. Scores out of 100: Cost 76, Risk 45, Mission not scored, Tradability 24, Holdings not scored, Durability 29. Strongest: Cost (76). Weakest: Tradability (24). Based on 4 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 40 of 100 sits in the C band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E. A structural cap ceilings this fund at 40, so B and A are out of reach.

Ceiling 40 · B and A out of reach

The pillars earned53This cap took−13Published score40 Grade C

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    AScore 76
    Category rank8/20 · top 40%

  • 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 45
    Category rank13/20 · mid-pack

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    FScore 24
    Category rank16/20 · bottom quartile

  • 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.
    DScore 29
    Category rank13/20 · mid-pack

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

Our read on PMNV

ETF.net Research

CMost buffer funds shield a slice of the downside. PMNV goes for the whole slice: a 100-point buffer on its S&P 500 reference ETF over each November-to-November year, paid for with a hard cap on the upside.

Stated mandate

The Fund seeks to match SPY’s price return up to a predetermined upside cap while maximizing protection against SPY losses over the one-year Target Outcome Period.

Why people hold it

  1. 01The buffer is the full 100 percentage points, so the fund is built to absorb the reference ETF's price decline over its one-year period, before fees. Dividends sit outside the outcome.
  2. 020.50% a year, well under the 0.79% median for its buffer peer group and cheaper than Innovator's PMAY and PDEC at 0.79%.
  3. 03Terms run on a calendar, not a manager's hunch: the outcome period starts November 1, ends the following October 31, and resets.
  4. 04Sits in the upper half of a two-dozen-fund buffer cohort, with price doing much of the work.

Worth knowing

  1. 01The cap is what pays for full protection. Upside above it doesn't come through, and a fresh cap is set each November when the period resets.
  2. 02Buffer and cap are measured from the November 1 start, so buying mid-period leaves you with different terms than the headline ones.
  3. 03Launched in 2025, small and thinly traded, so spreads can be wider than at the largest buffer franchises.

PMNV Holdings

As of Sep 20, 2026, 6:49 AM
Asset class
Other
Holdings
—
Top-10 weight
106%
Largest holding
4SPY US 10/30/26 C13.64104.4%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—4SPY US 10/30/26 C13.64104.38%70$5M1
002—(PIPA070) PGIM Core Government Money Market Fund0.89%44,788$45K60
003—4SPY US 10/30/26 P682.060.25%70$13K2
004—Net Current Assets<0.01%91$91132

Showing 1–4 of 4 holdings

PMNV Performance

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

PMNV$10,513
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. PMNV $10,513. 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 PMNV. Periods over one year show the average yearly return.
PeriodPMNV
Year to date+5.1%
1 month+0.7%
3 months+2.2%
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 PMNV
YearReturn barPMNV
2026 YTD+5.1%
2025+0.6%

History from Nov 3, 2025

PMNV in the news

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

PMNV 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.
Data unavailableLast 12 months
Payout per share
Data unavailableLast 12 months
Last payment
$0.00087 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Irregular

Distribution data unavailable.

Distribution history

2025–2026

One bar per payment. 1 payment from 2025 to 2026 YTD. Dec 30, 2025 $0.00087. Use the arrow keys to read each point.20252026YTD
Ex-datePay dateAmount per share
Dec 30, 2025Jan 2, 2026$0.00087

PMNV Risk

How much the fund’s monthly returns vary, scaled to a year.
—
Launched Oct 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 Oct 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 Oct 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.
0.19
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.

PMNV 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.

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