At a glance
BUFP charges 0.5% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $226.3M in assets, the 8th largest of that group; it paid 0.01% of its price in distributions over the past 12 months, annual. Over the past year it returned +11.3% with distributions reinvested (S&P 500: +11.5%), 6th of those 8 funds. Its ten largest positions make up 83.3% of the fund, out of 12 in all.
The short version
PGIM Laddered S&P 500 Buffer 12 ETF (BUFP) holds 12 PGIM buffer ETFs, one named for each month. Each one uses options on the State Street SPDR S&P 500 ETF Trust (SPY) to absorb the first 12% of SPY's price losses over a year, in exchange for a cap on gains. Its 0.50% expense ratio is the lowest of the eight buffer funds compared here, where the average is 0.86%. It pays almost no income.
Price history
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BUFP +11.3% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| BUFP official prospectus, to Dec 31, 2025 | — | +12.77% | — | — | — | +12.67% |
| BUFP price data to Oct 27, 2026 | +9.9% | +11.3% | — | — | — | +12.4% |
- Over the year to Oct 27, 2026, BUFP returned +11.3%, 6th of 8 among similar funds.
- Its worst full calendar year was 2025 (+12.9%); its best was 2025 (+12.9%).
- The deepest fall in its price history was 12% (Jan 27, 2025 to Apr 8, 2025), recovered by Jun 12, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +9.9% | — |
| 2025 | +12.9% | +12.77% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.0024 |
What's inside
As of Jul 31, 2026, the fund held 12 securities; the ten largest made up 83.34% of assets.
| Fund held | Weight | |
|---|---|---|
| PGIM S&P 500 Buffer 12 ETF - December | 8.35% | |
| PGIM S&P 500 Buffer 12 ETF - November | 8.34% | |
| PGIM S&P 500 Buffer 12 ETF - June | 8.34% | |
| PGIM S&P 500 Buffer 12 ETF - July | 8.34% | |
| PGIM S&P 500 Buffer 12 ETF - September | 8.33% | |
| PGIM S&P 500 BUFFER 12 ETF - MARCH | 8.33% | |
| PGIM S&P 500 BUFFER 12 ETF - MAY | 8.33% | |
| PGIM S&P 500 BUFFER 12 ETF - FEBRUARY | 8.33% | |
| PGIM S&P 500 BUFFER 12 ETF - JANUARY | 8.33% | |
| PGIM S&P 500 Buffer 12 ETF - October | 8.33% | |
| PGIM S&P 500 Buffer 12 ETF - April | 8.32% | |
| PGIM S&P 500 Buffer 12 ETF - August | 8.28% |
By country
United States 99.95%By asset type
Stocks 99.95%What changed recently
- Over the three months to Jul 31, 2026, investors added a net $55.9M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.09%, +0.07%, +0.68%.
How it works
BUFP does not own stocks directly. PGIM Investments advises the fund, and PGIM Quantitative Solutions is the subadviser. The fund puts substantially all its assets into twelve PGIM S&P 500 Buffer 12 ETFs, generally in equal amounts. As of July 31, 2026, each made up about 8.3% of the fund, from the December fund (DECP) at 8.35% to the August fund (AUGP) at 8.28%.
Each underlying ETF holds FLEX options on SPY. These are exchange-traded options with terms that can be customized. Each fund's outcome period runs about one year and starts on the first day of the month it is named for. Over that period, the fund aims to match SPY's price return up to a cap, while absorbing the first 12% of losses before fees. Price return leaves out dividends. Losses beyond 12% pass through. A new cap is set each year based on market conditions, so it can rise or fall.
About every 30 days, one of the underlying ETFs resets, which spreads out the timing risk. BUFP itself has no stated buffer and no target outcome. It usually acquires shares partway through an outcome period, so it likely won't get the full buffer. If an underlying fund has already gained or lost a lot, there may be little upside or protection left. The fund may also handle creations and redemptions in cash, which can trigger taxable capital gains.
What it really costs
- BUFP charges 0.5% a year, versus an average of 0.86% for the similar funds below (1st of 8, cheapest first).
- Of that, 0% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $51 in the first year and $628 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| BUFP | $51 | $160 | $280 | $628 |
Structure and tax notes
- Organized as a unit investment trust: it cannot lend out its securities or reinvest dividends between payouts, which can create a small drag versus similar open-end ETFs.
- Uses options to limit losses within a range (the buffer) in exchange for a cap on gains over each outcome period; results depend on when you buy relative to the period start.
- Invests in other funds rather than directly in stocks or bonds, so its holdings are those funds.
In a retirement portfolio
It keeps exposure to the S&P 500 while using options to soften moderate losses, and it gives up some upside and nearly all dividend income in return.
BUFP launched in June 2024, so it has no record from the 2008, 2020 or 2022 downturns. Its only full calendar year was 2025, when it returned 12.77%, according to the prospectus. Its deepest drop was 12%, from January 27 to April 8, 2025. It recovered by June 12, 2025, about two months later. So even with the 12% buffers in place, the fund fell close to that amount. For someone who has to draw money during a slump, the cushion can be smaller than the fund's name suggests. Price swings were mild: over the year to October 27, 2026, volatility was 6.4% and beta, a measure of how closely it moves with the market, was 0.47. Its yield was 0.01% and it pays out once a year, so it offers almost no income. Its cost is 0.50% a year. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want S&P 500 exposure with some cushion against moderate losses, without having to time when they enter a single buffer fund.
- Cost-conscious investors comparing buffer funds: its 0.50% expense ratio is below the 0.86% average of similar funds.
- Investors who are willing to give up some upside in strong markets in exchange for smaller price swings, such as its 6.4% one-year volatility.
Look elsewhere if
- Retirees who need regular income: it yielded 0.01% and pays once a year, and its outcomes are based on SPY's price return, which leaves out dividends.
- Investors expecting a guaranteed floor: the fund has no buffer of its own and fell 12% in early 2025.
- Investors who want a long track record or a large fund: it launched in June 2024 and had about $226 million in assets.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| BUFP this fund | 0.5% | $226.3M | +11.3% | — |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
Questions investors ask
Does BUFP pay dividends?
Barely. As of October 27, 2026, BUFP's trailing yield was 0.01%, and it pays out once a year. Its underlying funds hold options on SPY and aim to match SPY's price return, which leaves out the dividends paid by S&P 500 companies. Investors who want income from large US stocks may want to compare it with funds that hold the stocks directly.
What's the difference between BUFP and BUFR?
Both are laddered buffer funds that spread money across monthly outcome periods. BUFP costs 0.50% a year, while FT Vest Laddered Buffer ETF (BUFR) costs 0.95%. BUFR is much larger, with about $10.5 billion in assets as of August 31, 2026, compared with about $226 million for BUFP as of July 31, 2026. Over the year to October 27, 2026, BUFR returned 11.6% and BUFP returned 11.3%.
Does BUFP protect against the first 12% of losses?
Not directly. Only the twelve underlying PGIM funds have 12% buffers, and each buffer applies only over that fund's own one-year period. BUFP usually acquires shares partway through those periods, so the prospectus says it likely won't get the full benefit. In fact, BUFP fell 12% between January 27 and April 8, 2025, before recovering by June 12, 2025.
What is BUFP's expense ratio?
BUFP's expense ratio is 0.50%, according to the prospectus filed February 20, 2026. That is the lowest among the eight buffer funds compared here, where the average is 0.86%. Under the SEC's standard example, which assumes $10,000 invested and a 5% annual return, costs would come to about $51 after one year, $280 after five years and $628 after ten years.
How has BUFP performed since it launched?
BUFP returned 12.77% in 2025, and its average annual return was 12.67% from its June 2024 launch through December 31, 2025, according to the prospectus. Based on price, it returned 11.3% over the year to October 27, 2026, and 9.9% year to date through that date. Its strongest quarter gained 7.11% (ended June 30, 2025) and its weakest lost 2.00% (ended March 31, 2025).