Data as of Nov 4, 2026.
NOVM vs PBDE: Cap, Buffer & Days Left
As of Nov 4, 2026 PBDE can fall 9.0% before its buffer engages and NOVM 6.5%, and NOVM resets 10 days sooner.
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Net assets: $28m on Nov 3, 2026 for FT Vest U.S. Equity Max Buffer ETF - November, and $39m on Nov 4, 2026 for PGIM S&P 500 Buffer 20 ETF - December.
NOVM: reference +16.3% since period start, fund +6.0%; buffer 0 to −58; cap +7.0%; At its cap. Data to Nov 4, 2026.
NOVM: reference +16.3% since period start, fund +6.0%; buffer 0 to −58; cap +7.0%; At its cap. Data to Nov 4, 2026.PBDE: reference +12.2% since period start, fund +9.3%; buffer 0 to −20; cap +11.1%; At its cap. Data to Nov 4, 2026.
PBDE: reference +12.2% since period start, fund +9.3%; buffer 0 to −20; cap +11.1%; At its cap. Data to Nov 4, 2026.Pair scorecard
PBDE costs 0.35 points a year less; their one-year returns differ by 4.2 points; PBDE is 1.4 times larger.
Points (pts) are percentage points.
| Measure | NOVM | PBDE |
|---|---|---|
| Return | ||
| Total return, 1 year | +6.5% | +10.7% |
| 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 | $28m | $39m |
| Holdings | ||
| Holdings in common | not published | |
How much of a bear-market fall the buffer would absorb from today's level, ranked against 292 buffer ETFs on stocks with a live outcome period. 100 is best. How it is computed
Today's position against one 20% fall; it ignores smaller falls, and stock buffers are never ranked against bond or commodity ones. All buffer ETFs ranked by it →
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | NOVM | PBDE | NOVM | PBDE |
| 3 months | +1.3% | +1.9% | +1.7 pts | +2.2 pts |
| 6 months | +2.9% | +4.7% | −1.6 pts | +0.2 pts |
| 1 year | +6.5% | +10.7% | −7.1 pts | −2.9 pts |
| Since launchNot the same days: NOVM Nov 2024 · PBDE May 2024 | +13.1% | +27.6% | −17.3 pts | −17.2 pts |
Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Open this comparison in the app →
Side by side
As of Nov 4, 2026. Source: ETFIQ.
Both are already at their cap, so neither gains from more rise in the index before the period ends.
Where each one stands today
NOVM resets first, on Nov 20, 2026, 16 days from now; PBDE runs to Nov 30, 2026, 26 days. NOVM can still gain 0.1% before its cap, PBDE 1.2%. A fall from here reaches NOVM’s buffer after 6.5% and PBDE’s after 9.0%. Both track SPY, so what separates them is where each is in its own period.
NOVM
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 0.1% as the period runs out. The fund's price can fall 6.5% 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: 58.0% of the 58.0% 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.
PBDE
SPY had already risen past this fund's cap of +11.1% 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 1.2% as the period runs out. The fund's price can fall 9.0% 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: 20.0% of the 20.0% 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
It is a place in a set, not a rating or a recommendation.
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, NOVM against PBDE, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/novm-vs-pbde
ETFIQ. (Nov 4, 2026). NOVM against PBDE. Retrieved from https://etfiq.com/compare/buffer/novm-vs-pbde
[NOVM against PBDE (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/novm-vs-pbde)
Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.