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PMDE vs PMSE

PGIM S&P 500 Max Buffer ETF - December

PMDEBCboe

PGIM S&P 500 Max Buffer ETF - September

PMSEBCboe

Overlap

Expense ratio

Same figure. Both funds show the same value, so neither comes out ahead.

PMDE0.50%PMSE0.50%

Avg volume · 30D

PMDE 1.6×the volume

PMDE4.31KPMSE2.61K

PMDE vs PMSE Performance

Dec 31, 2025 – Oct 30, 2026

+4.9%PMDE+4.4%PMSE

Dec 31, 2025 to Oct 30, 2026. PMDE +4.9%. PMSE +4.4%. Use the arrow keys to read each point.0%1%2%3%Dec 2025Jun 2026Oct 2026
Expense ratio
PMDE 0.50%
PMSE 0.50%
Fund size
PMDE $9M
PMSE $8M
1Y total return
PMDE No data
PMSE +5.2%
Holdings
PMDE 4
PMSE 4
Avg volume (30D)
PMDE 4.31K sh, better
PMSE 2.61K sh
NAV per share
PMDE $26.41
PMSE $26.80
52W range

ETF.net Grade

PMDE: Cost 76, Risk 50, Mission not scored, Tradability 58, Holdings not scored, Durability 40. PMSE: Cost 76, Risk 45, Mission not scored, Tradability 37, Holdings not scored, Durability 24.
Pillar letters and Scores for PMDE, PMSE, with each pillar’s weight
PillarPMDEPMSE
Cost30% weightA76A76
Mission25% weightNot scoredNot scored
Risk15% weightC50HigherC45
Tradability15% weightB58HigherD37
Holdings10% weightNot scoredNot scored
Durability5% weightC40HigherF24

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. PMDE 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 ›

PMDE ranks 1st and PMSE 2nd 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

Our read on each fund

ETF.net Research

PMDEBPGIM S&P 500 Max Buffer ETF - December

PMSEBPGIM S&P 500 Max Buffer ETF - September

In short

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.

PMSE No data

Stated mandate

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.

PMSE No data

Why people hold it

  • 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

PMSE No data

Worth knowing

  • 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.

PMSE No data

Full PMDE profile⁠

Full PMSE profile⁠

PMDE 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.

PMDE vs PMSE Cost

Same expense ratio

$9,979

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

  • PMDE 0.50%

    $9,979

  • PMSE 0.50%

    $9,979

$10,000
30 years

Cost over time

  • PMDE 0.50%
  • PMSE 0.50%
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$2K$4K$6K$8K$10K051015202530PMDE $9,979PMSE $9,979

Year by year

YearPMDEPMSE
10$900$900
20$3,460$3,460
30$9,979$9,979

Expense ratio

  • 0.50%PMDE
  • 0.50%PMSE
  • Middle half of S&P 500 Max Buffer funds
  • Median 0.52%

PMDE cheapest of 20 funds

PMSE cheapest of 20 funds

PMDE vs PMSE Dividends

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

Distribution history

PMDEAll PMDE payments⁠

No distribution history available.

PMSEAll PMSE payments⁠

No distribution history available.

PMDE vs PMSE Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
PMDE No dataPMSE 2.2%since Oct 2025
Return per unit of riskSharpe ratio, 3 years
PMDE No dataPMSE 0.55since Oct 2025
Worst fallMax drawdown, 5 years
PMDE No dataPMSE −1.4%since Sep 2025
Market sensitivityBeta, 5 years
PMDE 0.17PMSE 0.16

Popular comparisons

  • 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.

  • 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.

  • 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.

  • 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.

  • PMDEBvsPMMRC

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

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

  • PMSEBvsPMMRC

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

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