IVVM vs PBFR: Grades, Fees and Holdings Compared

iShares Large Cap Moderate Quarterly Laddered ETF

IVVMBCboe

PGIM Laddered S&P 500 Buffer 20 ETF

PBFRBCboe

Overlap

0.0%by weight

Expense ratio

IVVM0.50%PBFR0.50%

Avg volume · 30D

PBFR 1.7×the volume

IVVM29.2KPBFR48.7K

IVVM vs PBFR Performance

Oct 31, 2025 – Oct 30, 2026

+9.3%IVVM+8.4%PBFR

Expense ratio: IVVM 0.50%; PBFR 0.50%
Fund size: IVVM $198M; PBFR $244M
1Y total return: IVVM +9.3%, better; PBFR +8.4%
Yield (12M): IVVM 0.63%, better; PBFR 0.01%
Holdings: IVVM 6; PBFR 14
Avg volume (30D): IVVM 29.2K sh; PBFR 48.7K sh, better
NAV per share: IVVM $37.59; PBFR $31.47
52W range

ETF.net Grade

Pillar letters and Scores for IVVM, PBFR, with each pillar’s weight
Pillar	IVVM	PBFR
Cost30% weight	A85	A85
Mission25% weight	Not scored	Not scored
Risk15% weight	D34	B69Higher
Tradability15% weight	A71Higher	C41
Holdings10% weight	D36	A71Higher
Durability5% weight	B69Higher	C53

Rank among S&P 500 Laddered Buffer funds

How we build Categories ›

Same Category. IVVM 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 IVVM 4th 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 4BIVVMiShares Large Cap Moderate Quarterly Laddered ETFScore 64
Rank 5BBUFFInnovator Laddered Allocation Power Buffer ETFScore 58

Our read on each fund

ETF.net Research

IVVMBiShares Large Cap Moderate Quarterly Laddered ETF

PBFRBPGIM Laddered S&P 500 Buffer 20 ETF

In short

IVVM Most buffer funds make you pick a start date. IVVM runs overlapping three-month tranches on IVV, each cushioning roughly the first 5% of losses in exchange for a cap, so no single reset date decides everything.

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

IVVM The fund seeks exposure to large-cap U.S. equities while using staggered-maturity buffers to protect approximately the first 5% of losses. It accepts limited upside and uses the laddered structure to reduce timing risk.

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

IVVM 0.50% net of a waiver through June 30, 2028 (0.53% gross), below the category median and well under Innovator's laddered Power Buffer fund BUFF at 0.89%.ishares.com
Staggered tranches of roughly three-month FLEX options, rolling on a rhythm, spread out the entry-point risk that single-period buffer funds carry.ishares.com
Born in 2023 as a plain quarterly buffer fund, rebuilt as a ladder in October 2025, and one of the stronger builds in its laddered-buffer peer group.sec.gov
The reference asset is BlackRock's own S&P 500 workhorse, IVV, inside a standard 1940 Act ETF wrapper that trades all day on an exchange.sec.gov

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

IVVM Each tranche caps the upside, and caps are reset at every roll, so a hot S&P 500 stretch leaves the fund behind plain index exposure.ishares.com
The cushion is thin by design: approximately the first 5% of losses per tranche, with declines past that borne in full, and fund fees come off the top.sec.gov
Exposure follows IVV's share price, not its dividends, and the fund trades thinly on a modest asset base, so spreads can run wider than on index giants.sec.gov

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 IVVM profile⁠

Full PBFR profile⁠

IVVM vs PBFR Holdings

How IVVM and PBFR differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of IVVM 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 IVVM and PBFR, widest gap first
Sector	More in IVVMMore in PBFR	IVVM	PBFR
Technology	IVVM +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 IVVM and PBFR, widest gap first
Country	More in IVVMMore in PBFR	IVVM	PBFR
United States	PBFR +0.4 points	99.5%	100.0%
Switzerland	IVVM +0.3 points	0.3%	0.0%
China	IVVM +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

IVVM101.7%
PBFR83.3%

Securities held

IVVM4
PBFR13

Asset class

IVVM: Equity
PBFR: Alternatives

Holdings

Only in IVVM4
In both0
Only in PBFR13

Only in IVVM

4 securities, 100% of IVVM by weight

Ishares Core S&P Etf Trust98.72%
FEB27 Ivv Us P @ 759.180.99%
JAN27 Ivv Us P @ 765.850.92%
DEC26 Ivv Us P @ 770.740.77%

Only in PBFR

13 securities, 100% of PBFR by weight

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

Weight gaps

IVVM and PBFR share no securities.

All 8 IVVM 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.

IVVM vs PBFR Cost

Same expense ratio

$9,979

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

IVVM 0.50%
$9,979
PBFR 0.50%
$9,979

Amount$10,000

Years30 years

Cost over time

IVVM 0.50%
PBFR 0.50%

Year by year

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

Expense ratio

0.50%IVVM
0.50%PBFR

IVVM0.50%PBFR0.50%

0.30%1.21%

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

IVVM 2nd cheapest of 18 funds

PBFR 2nd cheapest of 18 funds

IVVM vs PBFR Dividends

Last 12 months to Oct 30, 2026

Yield (12M): IVVM 0.63%, better; PBFR 0.01%
Payout (12M): IVVM $0.24; PBFR $0.0025
Last payment: IVVM $0.24; PBFR $0.0025
Ex-dividend: IVVM Dec 23, 2025; PBFR Dec 30, 2025
Paid on: IVVM Dec 29, 2025; PBFR Jan 2, 2026
Frequency: IVVM Annual; PBFR Irregular

Distribution history

Per share, 2024 to 2026, same scale for both

IVVMAnnual · 2 paymentsAll IVVM payments⁠

PBFRIrregular · 2 paymentsAll PBFR payments⁠

IVVM vs PBFR Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: IVVM 6.5%PBFR 4.2%since Jul 2024
Return per unit of riskSharpe ratio, 3 years: IVVM 1.56PBFR 1.22since Jul 2024
Worst fallMax drawdown, 5 years: IVVM −11.6%since Jun 2023PBFR −8.5%since Jun 2024
Market sensitivityBeta, 5 years: IVVM 0.52PBFR 0.34; Market = 1

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