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
As of Sep 11, 2026, PBMR has reached its cap.
Key facts
ETFIQ Downside Cover Score
73.279th of 293
PBMR absorbs 70% of the next 20% fall in what it tracks. Its reference has already passed the cap, so there is no upside left to take.
If the market falls into a bear market from here, how much does the buffer absorb?
That is the share of the 293 buffer ETFs with a live outcome period sitting at or below PBMR. A position in this set, not a rating: it moves when the set moves, and it is not a figure to average against another desk's.
In plain words
The fund's own price can still drift up to about 4.3% as the period runs out. The fund's price can fall 6.0% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 10.2% 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. 170 days remained on Sep 11, 2026. On Feb 28, 2027 the period ends and a new cap is set.
| Reference index | SPY |
|---|---|
| Buffer | 20% |
| Outcome period | Mar 1, 2026 to Feb 28, 2027 |
| Starting cap | +10.9% |
| SPY return since period start | +11.4% |
| Fund return since period start | +5.8% |
| Net assets (issuer page, as of Sep 11, 2026) | $36m |
| Band state today (ETFIQ) | At cap |
| Can still gain (issuer, fund price) | 4.3% |
| Fall before buffer (issuer, fund price) | 6.0% |
| Fall to the buffer in index terms (ETFIQ) | 10.2% |
| Protection left in index points (ETFIQ) | 20.0% of 20.0% |
| Days left in period | 170 |
| Expense ratio (issuer data, Sep 11, 2026) | 0.50% |
Issuer-published figures as of the date shown; ETFIQ calculations marked. Definitions on the learn page. How these figures are computed
Questions people ask
- How much can PBMR still gain?
- Nothing more in index terms on Sep 11, 2026. SPY has already passed the cap of +10.9% for this period, which runs from Mar 1, 2026 to Feb 28, 2027.
- How far can PBMR fall before the buffer helps?
- 6.0% in fund-price terms on Sep 11, 2026, by the issuer's figure. In index terms SPY can fall 10.2% from that level before the buffer begins. Losses until that point are the holder's.
- How much of the PBMR buffer is left?
- 20.0% of the 20.0% buffer sat below the SPY level on Sep 11, 2026. That is an ETFIQ calculation in index points, on one definition for every issuer.
- When does PBMR reset?
- The outcome period ends on Feb 28, 2027, 170 days from the data on Sep 11, 2026. A new cap is set the next day and the buffer starts again.
- What does PBMR cost?
- The prospectus expense ratio is 0.50% a year.
The words on this page
- Buffer
- The first slice of loss the fund absorbs for you over its outcome period, stated on the reference index. A 15% buffer means the index can fall 15% before you take any of it.
- Cap
- The most the fund can return over the period, however far the index rises. It is the price paid for the buffer.
- Outcome period
- The window the buffer and cap apply over, usually a year. Both are set at the start and only hold if you are there for the whole of it.
- Reset
- The day one outcome period ends and the next begins, with a fresh buffer and a fresh cap struck at that day’s level.
- Protection left
- The part of the buffer still below today’s index level. A buffer bought mid-period is not the full buffer; this is what is left of it.
Every term used here, defined in full on the buffer ETFs vocabulary page.
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
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Cite this page. ETFIQ, PBMR, buffer ETFs, data as of Sep 11, 2026. https://etfiq.com/funds/PBMR Free to use with attribution; the underlying files are at Open data.