Data as of Nov 4, 2026.
PBDE vs PMDE: Cap, Buffer & Days Left
As of Nov 4, 2026 PBDE can fall 9.0% before its buffer engages and PMDE 5.9%.
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Net assets on Nov 4, 2026: $39m for PGIM S&P 500 Buffer 20 ETF - December and $9.2m for PGIM S&P 500 Max Buffer ETF - December.
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.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
Both cost 0.50% a year; PBDE is 4.2 times larger.
Points (pts) are percentage points.
| Measure | PBDE | PMDE |
|---|---|---|
| Return | ||
| Total return, 1 year | +10.7% | not published |
| Drawdown | ||
| Index fall to the buffer | 10.9% | |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.50% | 0.50% |
| Net assets | $39m | $9.2m |
| Holdings | ||
| Holdings in common | not published | |
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | PBDE | PMDE | PBDE | PMDE |
| 3 months | +1.9% | +1.4% | +2.2 pts | +1.8 pts |
| 6 months | +4.7% | +3.1% | +0.2 pts | −1.4 pts |
| 1 year | +10.7% | – | −2.9 pts | – |
| Since launchNot the same days: PBDE May 2024 · PMDE Dec 2025 | +27.6% | +5.8% | −17.2 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. PBDE is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.
Both are already at their cap, so neither gains from more rise in the index before the period ends.
Both are PGIM funds, so the difference between them is the terms rather than the house.
Where each one stands today
PBDE resets first, on Nov 30, 2026, 26 days from now; PMDE runs to Nov 30, 2026, 26 days. PBDE can still gain 1.2% before its cap, PMDE 0.7%. A fall from here reaches PBDE’s buffer after 9.0% and PMDE’s after 5.9%. Both track SPY, so what separates them is where each is in its own period.
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.
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. Protection left, in index points: 100.0% of the 100.0% buffer still sits below today's SPY level.
Questions people ask
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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, PBDE against PMDE, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/pbde-vs-pmde
ETFIQ. (Nov 4, 2026). PBDE against PMDE. Retrieved from https://etfiq.com/compare/buffer/pbde-vs-pmde
[PBDE against PMDE (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/pbde-vs-pmde)
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