IVVB vs PBFR: Grades, Fees and Holdings Compared

iShares Large Cap Deep Quarterly Laddered ETF

IVVBBCboe

PGIM Laddered S&P 500 Buffer 20 ETF

PBFRBCboe

Overlap

0.0%by weight

Expense ratio

IVVB0.50%PBFR0.50%

Avg volume · 30D

PBFR 2.3×the volume

IVVB21.6KPBFR48.7K

IVVB vs PBFR Performance

Oct 31, 2025 – Nov 2, 2026

+6.4%IVVB+8.4%PBFR

Expense ratio: IVVB 0.50%; PBFR 0.50%
Fund size: IVVB $143M; PBFR $243M
1Y total return: IVVB +6.4%; PBFR +8.4%, better
Yield (12M): IVVB 1.16%, better; PBFR 0.01%
Holdings: IVVB 6; PBFR 14
Avg volume (30D): IVVB 21.6K sh; PBFR 48.7K sh, better
NAV per share: IVVB $35.12; PBFR $31.26
52W range

ETF.net Grade

Pillar letters and Scores for IVVB, PBFR, with each pillar’s weight
Pillar	IVVB	PBFR
Cost30% weight	A85	A85
Mission25% weight	Not scored	Not scored
Risk15% weight	F21	B69Higher
Tradability15% weight	C44Higher	C41
Holdings10% weight	D36	A71Higher
Durability5% weight	B56Higher	C53

Rank among S&P 500 Laddered Buffer funds

How we build Categories ›

Same Category. IVVB and PBFR are both graded against the same 18 S&P 500 Laddered Buffer funds, so their Grades compare head to head.

S&P 500 Laddered Buffer⁠

Category · 18 funds

See all 18 ›

PBFR ranks 2nd and IVVB 6th of 18 funds in the S&P 500 Laddered Buffer Category.

Rank 1BBUFPPGIM Laddered S&P 500 Buffer 12 ETFScore 69
Rank 2BPBFRPGIM Laddered S&P 500 Buffer 20 ETFScore 68
Rank 3BALDBAptus Laddered Deep Buffer ETFScore 65
Rank 5BBUFFInnovator Laddered Allocation Power Buffer ETFScore 58
Rank 6BIVVBiShares Large Cap Deep Quarterly Laddered ETFScore 55
Rank 7CSPBWAllianzIM Buffer20 Allocation ETFScore 53

Our read on each fund

ETF.net Research

IVVBBiShares Large Cap Deep Quarterly Laddered ETF

PBFRBPGIM Laddered S&P 500 Buffer 20 ETF

In short

IVVB A deep-buffer ladder on BlackRock's own S&P 500 ETF: overlapping quarterly option layers target roughly the 5% to 20% slice of a drawdown, so no single start date defines the outcome. 0.50% net of a waiver through June 30, 2028.

PBFR Most buffer ETFs make you pick a start month. PBFR skips that: one ticker holding twelve monthly vintages of PGIM's 20% S&P 500 buffer funds, so caps and buffers are staggered across the calendar.

Stated mandate

IVVB The Fund seeks to track the share-price return of the iShares Core S&P 500 ETF up to an approximate upside limit while seeking downside protection. It uses staggered, overlapping roughly three-month options to ladder protection against underlying losses of approximately 5% to 20%.

PBFR The Fund seeks capital appreciation through U.S. large-cap equity exposure obtained through a laddered portfolio of twelve PGIM S&P 500 Buffer 20 ETFs, each intended to limit downside risk.

Why people hold it

IVVB The ladder is the point: staggered, overlapping roughly three-month option layers, so you are not pinned to one outcome period's cap and buffer.ishares.com
0.50% net of a waiver through June 30, 2028 (0.53% gross), below the typical fee in the laddered buffer group.
Deep, not shallow: the protection zone starts after about a 5% decline and runs to about 20%, aimed at the ugly part of a selloff rather than the first wobble.
One of the stronger implementations in a crowded laddered buffer group, run by the same shop as the S&P 500 ETF it references.

PBFR At 0.50%, it prices below the typical 20%-buffer fund in its group, and ranks among the stronger implementations in that group.
One ticker does the ladder work: twelve underlying PGIM Buffer 20 ETFs, rebalanced back to equal weight (8 1/3% each) quarterly as caps reset.pgim.com
Each underlying fund aims to absorb the first 20% of SPY's price decline over a one-year outcome period, in exchange for an upside cap.pgim.com
Launched in 2024 and stocked entirely with PGIM's own monthly Buffer 20 funds, so one manager runs the whole chain.pgim.com

Worth knowing

IVVB Not insurance: roughly the first 5% of a decline stays with you, as does anything past about 20%, and the cushion comes from options over each layer's term.
Upside runs into an approximate limit, and because the exposure follows share-price return, the reference ETF's dividends do not come along.
Trading is light next to the biggest buffer funds, and a cheaper laddered deep-buffer rival exists (Aptus ALDB at 0.30%).

PBFR You hold a blend, not one vintage, so no single stated buffer or cap applies to your position at any given moment.pgim.com
The 20% buffer is measured before fees and expenses and covers only the first 20% of SPY's drop; deeper declines come through.pgim.com
A fund of funds in a niche corner: the underlying ETFs' fees flow through pro rata, and it trades less actively than the category's biggest names.pgim.com

Full IVVB profile⁠

Full PBFR profile⁠

IVVB vs PBFR Holdings

How IVVB and PBFR differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of IVVB and 0.0% of PBFR.

Level by level

Asset classEquity, Alternatives0.0%
Holdings0 in both0.0%
Countryby domicile99.5%
Sector11 Sectors99.6%

Sector

Sector weights in IVVB and PBFR, widest gap first
Sector	More in IVVBMore in PBFR	IVVB	PBFR
Technology	IVVB +0.3 points	40.4%	40.1%
Financials	PBFR +0.1 points	11.2%	11.3%
Health Care	PBFR +0.1 points	9.3%	9.4%
Industrials	PBFR +0.1 points	7.5%	7.6%
Consumer Staples	PBFR +0.1 points	4.3%	4.4%
Consumer Discretionary	Same weight	8.7%	8.7%
Communication	Same weight	9.9%	9.9%
Energy	Same weight	3.4%	3.4%
Utilities	Same weight	1.9%	1.9%
Real Estate	Same weight	1.7%	1.7%
Materials	Same weight	1.6%	1.6%

Country, concentration and asset class

Country by domicile

Country weights in IVVB and PBFR, widest gap first
Country	More in IVVBMore in PBFR	IVVB	PBFR
United States	PBFR +0.4 points	99.5%	100.0%
Switzerland	IVVB +0.3 points	0.3%	0.0%
China	IVVB +0.1 points	0.1%	0.0%
Mexico	Same weight	0.0%	0.0%
Ireland	Same weight	0.0%	0.0%
United Kingdom	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

IVVB100.7%
PBFR83.4%

Securities held

IVVB4
PBFR13

Asset class

IVVB: Equity
PBFR: Alternatives

Holdings

Only in IVVB4
In both0
Only in PBFR13

Only in IVVB

4 securities, 100% of IVVB by weight

Ishares Core S&P Etf Trust99.06%
FEB27 Ivv Us P @ 721.220.60%
JAN27 Ivv Us P @ 727.560.46%
DEC26 Ivv Us P @ 732.20.27%

Only in PBFR

13 securities, 100% of PBFR by weight

Pgim S&P 500 Buffer 20 Etf - October8.35%
Pgim S&P 500 Buffer 20 Etf - September8.34%
Pgim S&P 500 Buffer 20 Etf - June8.34%
Pgim S&P 500 Buffer 20 Etf - July8.34%
Pgim S&P 500 Buffer 20 Etf - August8.34%
Pgim S&P 500 Buffer 20 Etf - May8.34%
Pgim S&P 500 Buffer 20 Etf - March8.33%
Pgim S&P 500 Buffer 20 Etf - February8.33%
Pgim S&P 500 Buffer 20 Etf - April8.33%
Pgim S&P 500 Buffer 20 Etf - January8.32%
Pgim S&P 500 Buffer 20 Etf - December8.32%
Pgim S&P 500 Buffer 20 Etf - November8.29%
Net Current Assets0.00%

Weight gaps

IVVB and PBFR share no securities.

All 9 IVVB holdings⁠All PBFR 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.

IVVB vs PBFR Cost

Same expense ratio

$9,979

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

IVVB 0.50%
$9,979
PBFR 0.50%
$9,979

Amount$10,000

Years30 years

Cost over time

IVVB 0.50%
PBFR 0.50%

Year by year

Year	IVVB	PBFR
10	$900	$900
20	$3,460	$3,460
30	$9,979	$9,979

Expense ratio

0.50%IVVB
0.50%PBFR

IVVB0.50%PBFR0.50%

0.30%1.21%

Middle half of S&P 500 Laddered Buffer funds
Median 0.89%

IVVB 2nd cheapest of 18 funds

PBFR 2nd cheapest of 18 funds

IVVB vs PBFR Dividends

Last 12 months to Nov 2, 2026

Yield (12M): IVVB 1.16%, better; PBFR 0.01%
Payout (12M): IVVB $0.40; PBFR $0.0025
Last payment: IVVB $0.40; PBFR $0.0025
Ex-dividend: IVVB Dec 23, 2025; PBFR Dec 30, 2025
Paid on: IVVB Dec 29, 2025; PBFR Jan 2, 2026
Frequency: IVVB Annual; PBFR Irregular

Distribution history

Per share, 2024 to 2026, same scale for both

IVVBAnnual · 2 paymentsAll IVVB payments⁠

PBFRIrregular · 2 paymentsAll PBFR payments⁠

IVVB vs PBFR Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: IVVB 8.3%PBFR 4.2%since Jul 2024
Return per unit of riskSharpe ratio, 3 years: IVVB 1.12PBFR 1.22since Jul 2024
Worst fallMax drawdown, 5 years: IVVB −13.1%since Jun 2023PBFR −8.5%since Jun 2024
Market sensitivityBeta, 5 years: IVVB 0.62PBFR 0.34; Market = 1

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