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NOVM vs PMDE

FT Vest U.S. Equity Max Buffer ETF - November

NOVMDCboe

PGIM S&P 500 Max Buffer ETF - December

PMDEBCboe

Overlap

Expense ratio

PMDE −0.35pt a year

NOVM0.85%PMDE0.50%

Avg volume · 30D

PMDE 3.8×the volume

NOVM1.12KPMDE4.31K

NOVM vs PMDE Performance

Dec 31, 2025 – Oct 30, 2026

+4.7%NOVM+4.9%PMDE

Dec 31, 2025 to Oct 30, 2026. NOVM +4.7%. PMDE +4.9%. Use the arrow keys to read each point.0%1%2%3%Dec 2025Jun 2026Oct 2026
Expense ratio
NOVM 0.85%
PMDE 0.50%, better
Fund size
NOVM $27M
PMDE $9M
1Y total return
NOVM +6.1%
PMDE No data
Holdings
NOVM 3
PMDE 4
Avg volume (30D)
NOVM 1.12K sh
PMDE 4.31K sh, better
NAV per share
NOVM $34.39
PMDE $26.41
52W range

ETF.net Grade

NOVM: Cost 21, Risk 56, Mission not scored, Tradability 26, Holdings not scored, Durability 71. PMDE: Cost 76, Risk 50, Mission not scored, Tradability 58, Holdings not scored, Durability 40.
Pillar letters and Scores for NOVM, PMDE, with each pillar’s weight
PillarNOVMPMDE
Cost30% weightF21A76Higher
Mission25% weightNot scoredNot scored
Risk15% weightB56HigherC50
Tradability15% weightD26B58Higher
Holdings10% weightNot scoredNot scored
Durability5% weightA71HigherC40

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. NOVM 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 NOVM 20th 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 19DJANMFT Vest U.S. Equity Max Buffer ETF - JanuaryScore 36
  4. Rank 20DNOVMFT Vest U.S. Equity Max Buffer ETF - NovemberScore 34

Our read on each fund

ETF.net Research

NOVMDFT Vest U.S. Equity Max Buffer ETF - November

PMDEBPGIM S&P 500 Max Buffer ETF - December

In short

NOVM No data

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

NOVM No data

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

NOVM No data

  • 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

NOVM No data

  • 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 NOVM profile⁠

Full PMDE profile⁠

NOVM vs 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.

NOVM vs PMDE Cost

Overpaying NOVM vs PMDE

$6,220

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

  • NOVM 0.85%

    $16,199

  • PMDE 0.50%

    $9,979

$10,000
30 years

Cost over time

  • NOVM 0.85%
  • PMDE 0.50%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530NOVM $16,199PMDE $9,979

Year by year

YearNOVMPMDEOverpaying
10$1,508$900$608
20$5,706$3,460$2,246
30$16,199$9,979$6,220

Expense ratio

  • 0.85%NOVM
  • 0.50%PMDE, cheaper
  • Middle half of S&P 500 Max Buffer funds
  • Median 0.52%

PMDE cheapest of 20 funds

NOVM 12th cheapest of 20 funds

NOVM vs PMDE Dividends

Last 12 months to Oct 30, 2026
Payout (12M)
NOVM None
PMDE None

Distribution history

NOVMAll NOVM payments⁠

No distribution history available.

PMDEAll PMDE payments⁠

No distribution history available.

NOVM vs PMDE Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
NOVM 2.6%since Dec 2024PMDE No data
Return per unit of riskSharpe ratio, 3 years
NOVM 0.77since Dec 2024PMDE No data
Worst fallMax drawdown, 5 years
NOVM −3.3%since Nov 2024PMDE No data
Market sensitivityBeta, 5 years
NOVM 0.20PMDE 0.17

Popular comparisons

  • NOVMDvsPMJLB

    FT Vest U.S. Equity Max Buffer ETF - November · PGIM S&P 500 Max Buffer ETF - July

    Expense ratio
    0.85% · 0.50%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • PMDEBvsPMJLB

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

  • NOVMDvsPMSEB

    FT Vest U.S. Equity Max Buffer ETF - November · PGIM S&P 500 Max Buffer ETF - September

    Expense ratio
    0.85% · 0.50%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • PMDEBvsPMSEB

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

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

  • NOVMDvsPMJNB

    FT Vest U.S. Equity Max Buffer ETF - November · PGIM S&P 500 Max Buffer ETF - June

    Expense ratio
    0.85% · 0.50%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • PMDEBvsPMJNB

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