Data as of Nov 4, 2026.
PMDE vs XNOV: Cap, Buffer & Days Left
As of Nov 4, 2026 XNOV can fall 9.9% before its buffer engages and PMDE 5.9%, and XNOV resets 10 days sooner.
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Net assets: $9.2m on Nov 4, 2026 for PGIM S&P 500 Max Buffer ETF - December, and $25m on Nov 3, 2026 for FT Vest U.S. Equity Enhance & Moderate Buffer ETF - November.
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.XNOV: reference +16.3% since period start, fund +10.0%; buffer 0 to −15; cap +11.1%; At its cap. Data to Nov 4, 2026.
XNOV: reference +16.3% since period start, fund +10.0%; buffer 0 to −15; cap +11.1%; At its cap. Data to Nov 4, 2026.Pair scorecard
PMDE costs 0.35 points a year less; XNOV is 2.7 times larger.
Points (pts) are percentage points.
| Measure | PMDE | XNOV |
|---|---|---|
| Return | ||
| Total return, 1 year | not published | +10.3% |
| Drawdown | ||
| Index fall to the buffer | 10.9% | 14.0% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.50% | 0.85% |
| Net assets, as of Nov 3, 2026 | $9.2m | $25m |
| Holdings | ||
| Holdings in common | not published | |
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | PMDE | XNOV | PMDE | XNOV |
| 3 months | +1.4% | +1.7% | +1.8 pts | +2.1 pts |
| 6 months | +3.1% | +4.2% | −1.4 pts | −0.3 pts |
| 1 year | – | +10.3% | – | −3.3 pts |
| Since launchNot the same days: PMDE Dec 2025 · XNOV Nov 2023 | +5.8% | +32.5% | −7.0 pts | −36.4 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. XNOV 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.
Where each one stands today
XNOV resets first, on Nov 20, 2026, 16 days from now; PMDE runs to Nov 30, 2026, 26 days. PMDE can still gain 0.7% before its cap, XNOV 0.2%. A fall from here reaches PMDE’s buffer after 5.9% and XNOV’s after 9.9%. Both track SPY, so what separates them is where each is in its own period.
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.
XNOV
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 0.2% as the period runs out. The fund's price can fall 9.9% 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: 15.0% of the 15.0% 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.
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.
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ETFIQ, PMDE against XNOV, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/pmde-vs-xnov
ETFIQ. (Nov 4, 2026). PMDE against XNOV. Retrieved from https://etfiq.com/compare/buffer/pmde-vs-xnov
[PMDE against XNOV (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/pmde-vs-xnov)
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