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DMAX vs PMSE

iShares Large Cap Max Buffer Dec ETF

DMAXCCboe

PGIM S&P 500 Max Buffer ETF - September

PMSEBCboe

Overlap

Expense ratio

PMSE −0.03pt a year

DMAX0.53%PMSE0.50%

Avg volume · 30D

DMAX 4.6×the volume

DMAX12.1KPMSE2.61K

DMAX vs PMSE Performance

Oct 31, 2025 – Oct 30, 2026

+6.1%DMAX+5.2%PMSE

Oct 31, 2025 to Oct 30, 2026. DMAX +6.1%. PMSE +5.2%. Use the arrow keys to read each point.0%1%2%3%4%Oct 2025Apr 2026Oct 2026
Expense ratio
DMAX 0.53%
PMSE 0.50%, better
Fund size
DMAX $128M
PMSE $8M
1Y total return
DMAX +6.1%, better
PMSE +5.2%
Holdings
DMAX 4
PMSE 4
Avg volume (30D)
DMAX 12.1K sh, better
PMSE 2.61K sh
NAV per share
DMAX $27.90
PMSE $26.80
52W range

ETF.net Grade

DMAX: Cost 47, Risk 51, Mission not scored, Tradability 61, Holdings 45, Durability 92. PMSE: Cost 76, Risk 45, Mission not scored, Tradability 37, Holdings not scored, Durability 24.
Pillar letters and Scores for DMAX, PMSE, with each pillar’s weight
PillarDMAXPMSE
Cost30% weightC47A76Higher
Mission25% weightNot scoredNot scored
Risk15% weightC51HigherC45
Tradability15% weightB61HigherD37
Holdings10% weightC45Not scored
Durability5% weightA92HigherF24

Rank among S&P 500 Max Buffer funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. DMAX and PMSE 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 ›

PMSE ranks 2nd and DMAX 8th of 20 funds in the S&P 500 Max Buffer Category.

  1. Rank 1BPMDEPGIM S&P 500 Max Buffer ETF - DecemberScore 63
  2. Rank 2BPMJLPGIM S&P 500 Max Buffer ETF - JulyScore 56
  3. Rank 2BPMSEPGIM S&P 500 Max Buffer ETF - SeptemberScore 56
  4. Rank 4BPMJNPGIM S&P 500 Max Buffer ETF - JuneScore 55
  5. Rank 4CPMOCPGIM S&P 500 Max Buffer ETF - OctoberScore 55
  6. Rank 8CDMAXiShares Large Cap Max Buffer Dec ETFScore 54
  7. 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

PMSEBPGIM S&P 500 Max Buffer ETF - September

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.

PMSE No data

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.

PMSE No data

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

PMSE No data

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.

PMSE No data

Full DMAX profile⁠

Full PMSE profile⁠

DMAX vs PMSE 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 PMSE Cost

Overpaying DMAX vs PMSE

$557

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

  • DMAX 0.53%

    $10,536

  • PMSE 0.50%

    $9,979

$10,000
30 years

Cost over time

  • DMAX 0.53%
  • PMSE 0.50%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$2.5K$5K$7.5K$10K$12.5K051015202530DMAX $10,536PMSE $9,979

Year by year

YearDMAXPMSEOverpaying
10$953$900$53
20$3,658$3,460$198
30$10,536$9,979$557

Expense ratio

  • 0.53%DMAX
  • 0.50%PMSE, cheaper
  • Middle half of S&P 500 Max Buffer funds
  • Median 0.52%

PMSE cheapest of 20 funds

DMAX 11th cheapest of 20 funds

DMAX vs PMSE Dividends

Last 12 months to Oct 30, 2026
Payout (12M)
DMAX No data
PMSE None
Last payment
DMAX $0.32
PMSE No data
Ex-dividend
DMAX Dec 23, 2025
PMSE No data
Paid on
DMAX Dec 29, 2025
PMSE No data
Frequency
DMAX Irregular
PMSE No data

Distribution history

Per share, 2025 to 2026, same scale for both

DMAXIrregular · 1 paymentAll DMAX payments⁠
One bar per payment. 1 payment from 2025 to 2026 YTD. Dec 23, 2025 $0.32. Use the arrow keys to read each point.$0$0.252026YTD
PMSEAll PMSE payments⁠

No distribution history available.

DMAX vs PMSE 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 2025PMSE 2.2%since Oct 2025
Return per unit of riskSharpe ratio, 3 years
DMAX 0.98since Feb 2025PMSE 0.55since Oct 2025
Worst fallMax drawdown, 5 years
DMAX −3.4%since Jan 2025PMSE −1.4%since Sep 2025
Market sensitivityBeta, 5 years
DMAX 0.19PMSE 0.16

Popular comparisons

  • DMAXCvsPMDEB

    iShares Large Cap Max Buffer Dec ETF · PGIM S&P 500 Max Buffer ETF - December

    Expense ratio
    0.53% · 0.50%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • PMSEBvsPMDEB

    PGIM S&P 500 Max Buffer ETF - September · PGIM S&P 500 Max Buffer ETF - December

    Expense ratio
    0.50% · 0.50%
    Category
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  • DMAXCvsPMJLB

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    Expense ratio
    0.53% · 0.50%
    Category
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  • PMSEBvsPMJLB

    PGIM S&P 500 Max Buffer ETF - September · PGIM S&P 500 Max Buffer ETF - July

    Expense ratio
    0.50% · 0.50%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • DMAXCvsPMJNB

    iShares Large Cap Max Buffer Dec ETF · PGIM S&P 500 Max Buffer ETF - June

    Expense ratio
    0.53% · 0.50%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • PMSEBvsPMJNB

    PGIM S&P 500 Max Buffer ETF - September · PGIM S&P 500 Max Buffer ETF - June

    Expense ratio
    0.50% · 0.50%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.