DMAX vs PMDE: Grades, Fees and Holdings Compared

iShares Large Cap Max Buffer Dec ETF

DMAXCCboe

PGIM S&P 500 Max Buffer ETF - December

PMDEBCboe

Overlap

0.0%by weight

Expense ratio

PMDE −0.03pt a year

DMAX0.53%PMDE0.50%

Avg volume · 30D

DMAX 2.8×the volume

DMAX12.1KPMDE4.31K

DMAX vs PMDE Performance

Dec 31, 2025 – Oct 30, 2026

+4.5%DMAX+4.9%PMDE

Expense ratio: DMAX 0.53%; PMDE 0.50%, better
Fund size: DMAX $128M; PMDE $9M
1Y total return: DMAX +6.1%; PMDE No data
Holdings: DMAX 4; PMDE 4
Avg volume (30D): DMAX 12.1K sh, better; PMDE 4.31K sh
NAV per share: DMAX $27.90; PMDE $26.41
52W range

ETF.net Grade

Pillar letters and Scores for DMAX, PMDE, with each pillar’s weight
Pillar	DMAX	PMDE
Cost30% weight	C47	A76Higher
Mission25% weight	Not scored	Not scored
Risk15% weight	C51Higher	C50
Tradability15% weight	B61Higher	B58
Holdings10% weight	C45	Not scored
Durability5% weight	A92Higher	C40

Rank among S&P 500 Max Buffer funds

How we build Categories ›

Same Category. DMAX and PMDE are both graded against the same 20 S&P 500 Max Buffer funds, so their Grades compare head to head.

S&P 500 Max Buffer⁠

Category · 20 funds

See all 20 ›

PMDE ranks 1st and DMAX 8th of 20 funds in the S&P 500 Max Buffer Category.

Rank 1BPMDEPGIM S&P 500 Max Buffer ETF - DecemberScore 63
Rank 2BPMJLPGIM S&P 500 Max Buffer ETF - JulyScore 56
Rank 4CPMOCPGIM S&P 500 Max Buffer ETF - OctoberScore 55
Rank 8CDMAXiShares Large Cap Max Buffer Dec ETFScore 54
Rank 8BPMMYPGIM S&P 500 Max Buffer ETF - MayScore 54

Our read on each fund

ETF.net Research

DMAXCiShares Large Cap Max Buffer Dec ETF

PMDEBPGIM S&P 500 Max Buffer ETF - December

In short

DMAX Most buffer ETFs swap a slice of your downside for a slice of your upside. DMAX takes it to the limit: it aims to absorb nearly the entire annual decline in the S&P 500, and accepts a very small cap as the price of that protection.

PMDE PGIM'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

DMAX The fund uses an options strategy tied to the iShares Core S&P 500 ETF, seeking to provide substantial downside protection in exchange for capped upside during the annual hedge period.

PMDE 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

DMAX The buffer is the whole story: it aims to absorb nearly all of a one-year decline in IVV, far deeper than the single-digit buffers common in this category.ishares.com
0.53% a year undercuts most of the buffer shelf, where BUFR charges 0.95% and BAPR 0.79%.
The thing being hedged is plain vanilla: IVV, BlackRock's S&P 500 ETF. No bespoke index, no custom basket to decode.ishares.com
Self-renewing by design: the December outcome period resets each year, so there is no rollover chore on your calendar.ishares.com

PMDE Full-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
Costs 0.50% a year against a 0.79% median for S&P 500 buffer funds, undercutting December-dated rivals like PDEC (0.79%).
The 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

DMAX Deep protection buys a thin ceiling. The cap is set fresh each period and sits low by construction, so a roaring market largely goes on without you.ishares.com
Terms apply across the full December-to-December period. Buy in the middle and you inherit whatever buffer and upside remain, not the stated headline numbers.ishares.com
Thinly traded with a track record only since its December 2024 launch. Limit orders are the friendly move here.

PMDE Maximum 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.
It tracks SPY's price return, so S&P 500 dividends don't flow through and the fund isn't built as an income payer.
Launched in late 2025 and still a small, lightly traded fund, which can mean wider bid-ask spreads than the veterans of the buffer aisle.

Full DMAX profile⁠

Full PMDE profile⁠

DMAX vs PMDE Holdings

How DMAX and PMDE differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of DMAX and 0.0% of PMDE.

Level by level

Asset classEquity, Alternatives0.0%
Holdings0 in both0.0%
Countryby domicile100%

Sector

No Sector split for DMAX and PMDE.

Country, concentration and asset class

Country by domicile

Country weights in DMAX and PMDE, widest gap first
Country	More in DMAXMore in PMDE	DMAX	PMDE
United States	DMAX +0.1 points	99.5%	99.5%
Switzerland	Same weight	0.3%	0.3%
China	Same weight	0.1%	0.1%
Mexico	PMDE +0.1 points	0.0%	0.1%
Ireland	Same weight	0.0%	0.0%
United Kingdom	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

DMAX105.9%
PMDE106.2%

Securities held

DMAX2
PMDE3

Asset class

DMAX: Equity
PMDE: Alternatives

Holdings

Only in DMAX2
In both0
Only in PMDE3

Only in DMAX

2 securities, 100% of DMAX by weight

Ishares Core S&P Etf Trust103.82%
JAN27 Ivv Us P @ 684.940.74%

Only in PMDE

3 securities, 100% of PMDE by weight

4SPY Us 11/30/26 C13.67104.62%
4SPY Us 11/30/26 P683.390.15%
Net Current Assets<0.01%

Weight gaps

DMAX and PMDE share no securities.

All DMAX holdings⁠All PMDE holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

DMAX vs PMDE Cost

Overpaying DMAX vs PMDE

$557

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

DMAX 0.53%
$10,536
PMDE 0.50%
$9,979

Amount$10,000

Years30 years

Cost over time

DMAX 0.53%
PMDE 0.50%
Overpaying

Year by year

Year	DMAX	PMDE	Overpaying
10	$953	$900	$53
20	$3,658	$3,460	$198
30	$10,536	$9,979	$557

Expense ratio

0.53%DMAX
0.50%PMDE, cheaper

PMDE0.50%DMAX0.53%

0.50%0.85%

Middle half of S&P 500 Max Buffer funds
Median 0.52%

PMDE cheapest of 20 funds

DMAX 11th cheapest of 20 funds

DMAX vs PMDE Dividends

Last 12 months to Oct 30, 2026

Payout (12M): DMAX No data; PMDE None
Last payment: DMAX $0.32; PMDE No data
Ex-dividend: DMAX Dec 23, 2025; PMDE No data
Paid on: DMAX Dec 29, 2025; PMDE No data
Frequency: DMAX Irregular; PMDE No data

Distribution history

Per share, 2025 to 2026, same scale for both

DMAXIrregular · 1 paymentAll DMAX payments⁠

PMDEAll PMDE payments⁠

No distribution history available.

DMAX vs PMDE Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: DMAX 2.5%since Feb 2025PMDE No data
Return per unit of riskSharpe ratio, 3 years: DMAX 0.98since Feb 2025PMDE No data
Worst fallMax drawdown, 5 years: DMAX −3.4%since Jan 2025PMDE No data
Market sensitivityBeta, 5 years: DMAX 0.19PMDE 0.17; Market = 1

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