At a glance
PBMR charges 0.5% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $34.5M in assets, the 8th largest of that group. Over the past year it returned +9.8% with distributions reinvested (S&P 500: +11.5%), 7th of those 8 funds.
The short version
PGIM S&P 500 Buffer 20 ETF - March (PBMR) is an actively managed ETF. Instead of stocks, it holds options on the State Street SPDR S&P 500 ETF Trust (SPY). Each one-year period starts March 1. Over that period, it aims to absorb the first 20% of SPY's price losses in exchange for capping gains. Its 0.50% expense ratio is the lowest of the eight buffer funds compared here, and the average for the others is 0.86%.
Price history
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PBMR +9.8% 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 | |
|---|---|---|---|---|---|---|
| PBMR official prospectus, to Dec 31, 2025 | — | +10.59% | — | — | — | +11.34% |
| PBMR price data to Oct 27, 2026 | +8.2% | +9.8% | — | — | — | +10.8% |
- Over the year to Oct 27, 2026, PBMR returned +9.8%, 7th of 8 among similar funds.
- Its worst full calendar year was 2025 (+10.9%); its best was 2025 (+10.9%).
- The deepest fall in its price history was 7.6% (Feb 28, 2025 to Apr 8, 2025), recovered by May 13, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +8.2% | — |
| 2025 | +10.9% | +10.59% |
| 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 withdrew a net $307K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.57%, +0.08%, +0.61%.
How it works
PBMR is actively managed by PGIM. It invests nearly all its assets in FLEX Options, which are exchange-traded options whose strike price and expiration date can be customized. The options are on the State Street SPDR S&P 500 ETF Trust, a unit investment trust that holds S&P 500 stocks at their index weights. As of July 31, 2026, the fund held six option positions making up 99.31% of net assets, plus 0.73% in cash. The Options Clearing Corporation guarantees the contracts.
Together, the options are built to follow SPY's price return up to a cap. They absorb the first 20% of SPY's losses. Losses beyond 20% pass through one for one, so a 25% drop in SPY means a loss of about 5% before fees. For March 1, 2025 through February 28, 2026, the cap was 10.73% before fees. After the 0.50% fee, the cap was 10.23% and the buffer was 19.5%. For the period starting March 1, 2026, the prospectus expected a cap between 9.4% and 12.4% before fees. The actual cap is set on the first day and posted on PGIM's website.
Two details matter. First, the stated outcomes only apply to shares held for the whole period, because the options can only be exercised on its last day. If you buy mid-period, you get a different cap and buffer. Second, returns track SPY's price only, so SPY's dividends are not included.
What it really costs
- PBMR 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 |
|---|---|---|---|---|
| PBMR | $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 trades part of the stock market's upside for a buffer against the first 20% of S&P 500 price losses over each March-to-February period.
PBMR may help limit stock losses in a portfolio that needs to sell shares in a bad year. The protection only works fully for shares held from March 1 to the end of February. The fund launched on February 29, 2024, so it was not around for the 2008, 2020 or 2022 downturns. Its deepest drop was 7.6%, from February 28, 2025 to April 8, 2025, and it recovered by May 13, 2025. Its only full calendar year, 2025, returned 10.59%. The fund has paid no distributions and does not pass along SPY's dividends, so it offers no income. It costs $51 in the first year and $628 over 10 years per $10,000 in the SEC's standard example. Past results don't predict the future, 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 the first 20% of yearly price losses buffered, and who accept gains capped near 10%.
- People who can buy near March 1 and hold until the end of February to get the full stated buffer and cap.
- Cost-conscious buffer-fund buyers: at 0.50%, it is cheaper than the 0.79% to 0.95% charged by the larger peers compared here.
Look elsewhere if
- Investors who need regular income: PBMR has paid no distributions and its returns exclude SPY's dividends.
- Long-term investors who want full S&P 500 gains: the cap for the March 2025 period was 10.73% before fees.
- Anyone who prefers larger, more heavily traded funds: PBMR had about $34.5 million in assets as of July 31, 2026, the smallest of its peers.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| PBMR this fund | 0.5% | $34.5M | +9.8% | — |
| 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 PBMR pay dividends?
No. The fund has paid no distributions. It holds options on the State Street SPDR S&P 500 ETF Trust (SPY), not the stocks themselves, and its returns are based only on SPY's share price. The dividends that SPY and S&P 500 companies pay are not passed through. Investors looking for income from S&P 500 stocks would get it only by owning the stocks or a fund that holds them directly.
What happens to PBMR if the S&P 500 drops more than 20%?
You take the losses beyond the first 20% one for one. The fund is designed to absorb the first 20% of SPY's price drop over a full March-to-February period, before fees. If SPY falls 25% over that period, the fund is expected to lose about 5% before fees. After the 0.50% management fee, the buffer for the March 2025 period was 19.5%. The prospectus says the fund does not protect principal.
What's the difference between PBMR and FFEB?
Both are one-year buffer ETFs on U.S. stocks, but they cost different amounts and reset in different months. PBMR charges 0.50% and resets each March 1. FT Vest U.S. Equity Buffer Fund - February (FFEB) charges 0.85%. As of October 27, 2026, FFEB's one-year return was 12.9%, compared with 9.8% for PBMR. FFEB is also much larger, with about $1.4 billion in assets compared with PBMR's $34.5 million.
Can I buy PBMR in the middle of the year?
Yes, but you won't get the stated cap and buffer. Those outcomes apply only to shares bought at the start of a Target Outcome Period, which begins March 1, and held until it ends in late February. The options can be exercised only on the period's last day. If you buy mid-period, your remaining upside and downside protection depend on how SPY has moved since March 1, and the results can be very different.
How has PBMR performed since launch?
Its returns have been steady but limited. According to the prospectus, the fund returned 10.59% in 2025 and averaged 11.34% a year from its February 2024 launch through December 31, 2025. Its one-year price return was 9.8% as of October 27, 2026, which ranked seventh of eight buffer funds compared. Its deepest drop was 7.6%, in early 2025. It recovered in about a month.