At a glance
MAYP charges 0.5% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $26.7M in assets, the 8th largest of that group. Over the past year it returned +9.7% with distributions reinvested (S&P 500: +11.5%), 7th of those 8 funds.
The short version
PGIM S&P 500 Buffer 12 ETF - May (MAYP) is an actively managed ETF that holds options on the SPDR S&P 500 ETF Trust (SPY) instead of stocks. Over each one-year period starting in May, it aims to shield investors from the first 12% of SPY's price losses, before fees, in exchange for a cap on gains. Its 0.50% expense ratio was the lowest of eight buffer funds compared, but it was also the smallest.
Price history
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MAYP +9.7% 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 | |
|---|---|---|---|---|---|---|
| MAYP official prospectus, to Dec 31, 2025 | — | +10.67% | — | — | — | +13.47% |
| MAYP price data to Oct 27, 2026 | +8.2% | +9.7% | — | — | — | +12.5% |
- Over the year to Oct 27, 2026, MAYP returned +9.7%, 7th of 8 among similar funds.
- Its worst full calendar year was 2025 (+11.0%); its best was 2025 (+11.0%).
- The deepest fall in its price history was 11.1% (Feb 19, 2025 to Apr 8, 2025), recovered by May 16, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +8.2% | — |
| 2025 | +11.0% | +10.67% |
| 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 |
What's inside
As of Jul 31, 2026, the fund held 0 securities; the ten largest made up 0% of assets.
| Holding | Weight |
|---|
By country
By asset type
What changed recently
- Over the three months to Jul 31, 2026, investors added a net $9.3M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.62%, -0.20%, +0.47%.
How it works
MAYP is an actively managed ETF from Prudential's PGIM, and it does not own stocks. Almost all of its money goes into FLEX options on the State Street SPDR S&P 500 ETF Trust (SPY). FLEX options are exchange-traded contracts with custom strike prices and expiration dates. SPY is a unit investment trust that holds S&P 500 stocks at roughly their index weights. As of July 31, 2026, options made up 99.31% of MAYP's assets and cash 0.73%. The largest position, a call option on SPY, was about 95% of the fund.
The fund buys its options at the start of each one-year outcome period, which begins around May 1. The options can be exercised only on the period's last day. For holders who stay the full period, the fund aims to match SPY's price gains up to a cap and avoid the first 12% of SPY's losses. Losses beyond that pass through one-for-one, so a 25% drop in SPY would mean about a 13% loss before fees. For May 1, 2025 to April 30, 2026, the cap was 15.90% before fees. After the 0.50% fee, the cap was 15.40% and the buffer 11.5%. The cap resets each May; the buffer does not.
Returns follow SPY's price only, so holders give up its dividends. Getting in or out partway through a period can give very different results, because the cap and buffer are measured from the period's start.
What it really costs
- MAYP charges 0.5% a year, versus an average of 0.86% for the similar funds below (1st of 8, cheapest first).
- 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 |
|---|---|---|---|---|
| MAYP | $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.
In a retirement portfolio
It keeps exposure to S&P 500 prices while aiming to shield holders from the first 12% of SPY's losses each May-to-April period, giving up gains above a cap and SPY's dividends.
MAYP may cushion stock losses for holders who stay a full May-to-April period. It launched April 30, 2024, so it has no record from the 2008, 2020 or 2022 downturns. Its only full calendar year, 2025, returned 10.67%. Its deepest drop was 11.1%, from February 19 to April 8, 2025, and it recovered by May 16, 2025, about 1.2 months later. The buffer does not protect at every moment, so selling near that low would have locked in the loss. SPY losses beyond 12% in a period also pass through in full. MAYP has made no distributions, so spending money has to come from selling shares. In the SEC's standard example, its 0.50% expense ratio costs $51 on $10,000 in the first year.
Past results don't predict future ones, and 2.5 years is a short record. A retirement plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting S&P 500 exposure who accept capped gains (15.90% before fees for May 2025–April 2026) in return for a 12% buffer.
- Cost-conscious buffer fund investors: its 0.50% expense ratio sits well below the 0.86% average of seven similar buffer ETFs.
- Patient holders who can invest near May 1 and stay the full year, since the buffer and cap apply only over the whole period.
Look elsewhere if
- Retirees who need regular income: MAYP has made no distributions, and its returns exclude the dividends SPY pays.
- Investors worried about deep crashes: once SPY falls more than 12% in a period, further losses pass through one-for-one.
- Investors who prefer larger funds: with $26.7 million in net assets as of July 31, 2026, MAYP was the smallest of eight buffer funds compared.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| MAYP this fund | 0.5% | $26.7M | +9.7% | — |
| 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 MAYP pay dividends?
No. MAYP had made no distributions as of October 27, 2026. The fund owns options on the SPDR S&P 500 ETF Trust (SPY) rather than stocks. Its returns follow SPY's price only, so the dividends paid by S&P 500 companies never reach MAYP holders. Anyone who needs portfolio income would have to raise cash by selling shares or draw on other holdings.
Can you lose money in MAYP?
Yes. The prospectus says the fund does not protect your principal. The 12% buffer, measured before fees, applies only to investors who hold for a full one-year outcome period starting around May 1. If SPY falls more than 12% over a period, holders take further losses one-for-one: a 25% drop in SPY would mean about a 13% fund loss before fees. Prices can also fall partway through a period. MAYP dropped 11.1% between February 19 and April 8, 2025, then recovered by May 16, 2025.
What is MAYP's upside cap?
For the outcome period from May 1, 2025 through April 30, 2026, MAYP's cap was 15.90% before fees, or 15.40% after its 0.50% management fee. These figures come from the prospectus filed February 20, 2026. The cap is reset at the start of each period, around May 1, based on market conditions at the time, so it can rise or fall from one year to the next. The 12% buffer stays the same each period.
MAYP vs BUFR: what's the difference?
MAYP costs less, while BUFR is much larger and laddered. MAYP's expense ratio is 0.50%, against 0.95% for FT Vest Laddered Buffer ETF (BUFR), and MAYP resets once a year in May. A laddered fund generally spreads money across several outcome periods with different start dates, so the timing of a purchase matters less. BUFR had about $10.5 billion in net assets as of August 31, 2026, versus $26.7 million for MAYP as of July 31, 2026. Over the year to October 27, 2026, BUFR returned 11.6% and MAYP 9.7%.
Is MAYP good for retirement?
It can play a defensive role, with clear trade-offs. Over each May-to-April period, MAYP aims to shield holders from the first 12% of SPY's price losses, and its expense ratio is 0.50%. Its one-year volatility, a measure of how much returns swing, was 5.6% as of October 27, 2026. In return, gains are capped, SPY's dividends are given up, and the fund has made no distributions. It launched April 30, 2024, so it has no record from the 2008, 2020 or 2022 downturns.