Data as of Nov 4, 2026.
FNOV vs PMDE: Cap, Buffer & Days Left
As of Nov 4, 2026 FNOV can fall 13.3% before its buffer engages and PMDE 5.9%, and FNOV resets 10 days sooner.
askIQ about this page
askIQ about FNOV and PMDE
Net assets: $1.3bn on Nov 3, 2026 for FT Vest U.S. Equity Buffer ETF - November, and $9.2m on Nov 4, 2026 for PGIM S&P 500 Max Buffer ETF - December.
FNOV: reference +16.3% since period start, fund +14.4%; buffer 0 to −10; cap +16.6%; Between buffer and cap. Data to Nov 4, 2026.
FNOV: reference +16.3% since period start, fund +14.4%; buffer 0 to −10; cap +16.6%; Between buffer and cap. Data to Nov 4, 2026.PMDE: reference +12.2% since period start, fund +5.7%; buffer Floor; cap +7.0%; At its cap. Data to Nov 4, 2026.
Data to Nov 4, 2026.Pair scorecard
PMDE costs 0.35 points a year less; FNOV is far larger, $1.3bn against $9.2m.
Points (pts) are percentage points.
| Measure | FNOV | PMDE |
|---|---|---|
| Return | ||
| Total return, 1 year | +13.6% | not published |
| Drawdown | ||
| Index fall to the buffer | 14.0% | 10.9% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.85% | 0.50% |
| Net assets, as of Nov 3, 2026 | $1.3bn | $9.2m |
| Holdings | ||
| Holdings in common | not published | |
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | FNOV | PMDE | FNOV | PMDE |
| 3 months | +2.2% | +1.4% | +2.6 pts | +1.8 pts |
| 6 months | +5.8% | +3.1% | +1.3 pts | −1.4 pts |
| 1 year | +13.6% | – | +0.1 pts | – |
| 3 years | +54.4% | – | −22.0 pts | – |
| Since launchNot the same days: FNOV Nov 2019 · PMDE Dec 2025 | +98.7% | +5.8% | −47.1 pts | −7.0 pts |
Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. – means no data for this window. Open this comparison in the app →
Side by side
As of Nov 4, 2026. Source: ETFIQ.
These are two different products. PMDE is a floor fund, which caps how far a holder can fall. FNOV is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.
PMDE is already at its cap, so more rise in the index adds nothing to it before the period ends.
Where each one stands today
FNOV resets first, on Nov 20, 2026, 16 days from now; PMDE runs to Nov 30, 2026, 26 days. FNOV can still gain 1.2% before its cap, PMDE 0.7%. A fall from here reaches FNOV’s buffer after 13.3% and PMDE’s after 5.9%. Both track SPY, so what separates them is where each is in its own period.
FNOV
From its price on Nov 4, 2026, the fund can gain about 1.2% more before it reaches its cap. The fund's price can fall 13.3% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 14.0% from today's level to the point where the buffer begins. Protection left, in index points: 10.0% of the 10.0% buffer still sits below today's SPY level. 16 days remained on Nov 4, 2026. On Nov 20, 2026 the period ends and a new cap is set.
PMDE
SPY had already risen past this fund's cap of +7.0% for the period on Nov 4, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 0.7% as the period runs out. The fund's price can fall 5.9% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 10.9% from today's level to the point where the buffer begins. Protection left, in index points: 100.0% of the 100.0% buffer still sits below today's SPY level. 26 days remained on Nov 4, 2026. On Nov 30, 2026 the period ends and a new cap is set.
Questions people ask
Links are sources, not endorsements. A comparison is not a recommendation.
How this is computed
ETFIQ calculates every number from each issuer’s published outcome-period terms. Buffer ETFs hold options on an index, not shares, so there is no holdings overlap to report.
Every number is an ETFIQ calculation with distributions reinvested.
Cite this pageCitation, APA and Markdown
ETFIQ, FNOV against PMDE, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/fnov-vs-pmde
ETFIQ. (Nov 4, 2026). FNOV against PMDE. Retrieved from https://etfiq.com/compare/buffer/fnov-vs-pmde
[FNOV against PMDE (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/fnov-vs-pmde)
Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.