Which has more room to gain, PBMR or PMMR?

From their prices on Nov 4, 2026, PBMR can gain about 3.3% before its cap and PMMR about 2.1%, so PBMR has more room left this period.

Which resets first, PBMR or PMMR?

PBMR ends its outcome period on Feb 28, 2027 and PMMR on Feb 28, 2027. A new cap is set the day after each.

Which is cheaper, PBMR or PMMR?

PBMR and PMMR both charge 0.50% a year, so neither is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Buffer ETFs

PBMR vs PMMR: Cap, Buffer & Days Left

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As of Nov 4, 2026 PBMR can fall 6.9% before its buffer engages and PMMR 4.0%.

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Net assets on Nov 4, 2026: $38m for PGIM S&P 500 Buffer 20 ETF - March and $5.5m for PGIM S&P 500 Max Buffer ETF - March.

PBMR on its own →PMMR on its own →

At a glance

6.9%

PBMR can fall this far before its buffer

4.0%

PMMR can fall this far before its buffer

3.3%

PBMR can still gain

2.1%

PMMR can still gain

PBMR At its cap

PBMR: reference +11.8% since period start, fund +6.9%; buffer 0 to −20; cap +10.9%; At its cap. Data to Nov 4, 2026.

PMMR At its cap

PMMR: reference +11.8% since period start, fund +3.6%; buffer Floor; cap +6.3%; At its cap. Data to Nov 4, 2026.

Data to Nov 4, 2026.

Pair scorecard

Both cost 0.50% a year; their one-year returns differ by 4.4 points; PBMR is 6.9 times larger.

Points (pts) are percentage points.

PBMR vs PMMR: Cap, Buffer & Days Left
Measure	PBMR	PMMR
Return
Measure	PBMR	PMMR
Total return, 1 year	+10.2%	+5.8%
Drawdown
Measure	PBMR	PMMR
Index fall to the buffer	10.5%
Benchmark
Measure	PBMR	PMMR
What it tracks	SPY	SPY
Cost and size
Measure	PBMR	PMMR
Expense ratio	0.50%	0.50%
Net assets	$38m	$5.5m
Holdings
Measure	PBMR	PMMR
Holdings in common	not published

Method

Window by window

Window by window: PBMR vs PMMR: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	PBMR	PMMR	PBMR	PMMR
3 months	+1.5%	+1.1%	+1.9 pts	+1.5 pts
6 months	+4.0%	+2.4%	−0.5 pts	−2.1 pts
1 year	+10.2%	+5.8%	−3.3 pts	−7.8 pts
Since launchNot the same days: PBMR Mar 2024 · PMMR Mar 2025	+31.3%	+10.8%	−18.2 pts	−20.6 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

PBMR PGIM S&P 500 Buffer 20 ETF - March · Absorbs the first 20% of loss on SPY and caps the gain at 10.9%, over a period ending Feb 28, 2027 PMMR PGIM S&P 500 Max Buffer ETF - March · Absorbs the whole loss on SPY and caps the gain at 6.3%, over a period ending Feb 28, 2027

Issuer PGIM PGIM

Reference index SPY SPY

Buffer 20% 100%

Outcome period Mar 1, 2026 to Feb 28, 2027 Mar 1, 2026 to Feb 28, 2027

Days left 116 116

Starting cap +10.9% +6.3%

Can still gain 3.3% 2.1%

Fall before buffer 6.9% 4.0%

Protection left, index points 20.0% of 20.0% 100.0% of 100.0%

Index return this period +11.8% +11.8%

Fund return this period +6.9% +3.6%

State today At cap At cap

Expense ratio 0.50% 0.50%

Net assets $38m $5.5m

As of Nov 4, 2026. Source: ETFIQ.

These are two different products. PMMR is a floor fund, which caps how far a holder can fall. PBMR 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

PBMR resets first, on Feb 28, 2027, 116 days from now; PMMR runs to Feb 28, 2027, 116 days. PBMR can still gain 3.3% before its cap, PMMR 2.1%. A fall from here reaches PBMR’s buffer after 6.9% and PMMR’s after 4.0%. Both track SPY, so what separates them is where each is in its own period.

Alert

About each fund

PBMR

SPY had already risen past this fund's cap of +10.9% 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 3.3% as the period runs out. The fund's price can fall 6.9% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 10.5% 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. 116 days remained on Nov 4, 2026. On Feb 28, 2027 the period ends and a new cap is set.

PMMR

SPY had already risen past this fund's cap of +6.3% 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 2.1% as the period runs out. The fund's price can fall 4.0% 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

Which has more room to gain, PBMR or PMMR?: From their prices on Nov 4, 2026, PBMR can gain about 3.3% before its cap and PMMR about 2.1%, so PBMR has more room left this period.
Which resets first, PBMR or PMMR?: PBMR ends its outcome period on Feb 28, 2027 and PMMR on Feb 28, 2027. A new cap is set the day after each.
Which is cheaper, PBMR or PMMR?: PBMR and PMMR both charge 0.50% a year, so neither is cheaper. Fees come from each fund's prospectus.

Other comparisons

PBMR vs PMAR PBMR vs DDTM PBMR vs CPSR PBMR vs DDFM PMMR vs DDFM PMMR vs FEBM PMMR vs DLFE PMMR vs DDTM

Where to next

SPDR S&P 500 ETF Trust →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →PBMR on its own →PMMR on its own →Method →Standards and sources →

Sources and dates

PBMR and PMMR filings on SEC EDGAR ↗

PGIM website ↗

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, PBMR against PMMR, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/pbmr-vs-pmmr

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