At a glance
PBMY charges 0.5% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $36.3M in assets, the 8th largest of that group; it paid 0.06% of its price in distributions over the past 12 months, annual. Over the past year it returned +7.9% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds.
The short version
PGIM S&P 500 Buffer 20 ETF - May (PBMY) is an actively managed ETF that holds FLEX options on the State Street SPDR S&P 500 ETF Trust (SPY). The options aim to absorb the first 20% of SPY's price losses over each one-year period starting in May, and in return gains are capped. Its 0.50% expense ratio is the lowest of the eight buffer funds compared here. Its 7.9% one-year return through October 27, 2026, was also the lowest.
Price history
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PBMY +7.9% 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 | |
|---|---|---|---|---|---|---|
| PBMY official prospectus, to Dec 31, 2025 | — | +9.67% | — | — | — | +11.55% |
| PBMY price data to Oct 27, 2026 | +6.6% | +7.9% | — | — | — | +10.5% |
- Over the year to Oct 27, 2026, PBMY returned +7.9%, 8th of 8 among similar funds.
- Its worst full calendar year was 2025 (+9.9%); its best was 2025 (+9.9%).
- The deepest fall in its price history was 8.1% (Feb 19, 2025 to Apr 8, 2025), recovered by May 12, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +6.6% | — |
| 2025 | +9.9% | +9.67% |
| 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 |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.0200 |
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 $17.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.82%, -0.07%, +0.49%.
How it works
PBMY doesn't own stocks directly. It puts substantially all its assets into FLEX options on SPY, which holds the stocks in the S&P 500 Index. FLEX options trade on an exchange but let the fund set its own strike prices and expiration dates. The options are built around a one-year "target outcome period" that runs from May 1 to April 30. Results track only SPY's share price, so the fund gives up SPY's dividends.
Over a full period, the fund matches SPY's gains up to a cap. For May 1, 2025, through April 30, 2026, the cap was 12.00% before fees, or 11.50% after the 0.50% fee. If SPY falls, the fund aims to absorb the first 20% of the loss (19.5% after fees). Losses beyond that pass through one for one: if SPY drops 25%, the fund is expected to lose about 5% before fees. Each May the fund rolls into new options. The buffer stays at 20%, but the cap changes with market conditions.
As of July 31, 2026, options made up about 99% of assets and cash about 1%. The options were low-strike calls that track SPY, bought puts (contracts that gain value when SPY falls) at $718.66, and sold puts at $574.93, which is 20% lower. Because the options can only be exercised on the last day of the period, anyone who buys or sells partway through may get very different results.
What it really costs
- PBMY 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 |
|---|---|---|---|---|
| PBMY | $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 gives up S&P 500 gains above a cap in return for protection against the first 20% of price losses over each May-to-April period.
PBMY launched on April 30, 2024. It has no record through the 2008, 2020 or 2022 crashes, and no deep bear market has tested its buffer yet. Its only full calendar year, 2025, returned 9.67%. Its deepest drop was 8.1%, from February 19 to April 8, 2025, and it had recovered by May 12, 2025. That dip shows the buffer fully applies only at the end of each period. Someone who has to sell partway through a bad year can still take a loss.
The fund adds almost no income. Its trailing yield was 0.06% as of October 27, 2026, paid once a year, because the fund gives up SPY's dividends. Under the SEC's standard $10,000 example, the 0.50% expense ratio costs $51 in the first year and $628 over ten years. Past results don't predict future ones, and a plan needs to 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 a 20% buffer against price losses over each May-to-April period and can accept capped gains.
- Cost-conscious buyers of buffer ETFs: its 0.50% expense ratio is below the 0.86% average of the seven similar buffer funds compared.
- Holders who can buy near May 1 and hold through April 30, when the full stated cap and buffer apply.
Look elsewhere if
- Investors seeking income: the trailing yield was 0.06% as of October 27, 2026, because the fund doesn't collect SPY's dividends.
- Those who want full stock-market upside: gains were capped at 12.00% before fees for the May 2025 to April 2026 period.
- Investors who prefer long track records or large funds: it launched in April 2024 and had $36.3 million in net assets as of July 31, 2026.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| PBMY this fund | 0.5% | $36.3M | +7.9% | — |
| 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 PBMY protect against all losses?
No. The buffer covers only the first 20% of SPY's price decline over a full May-to-April period, or 19.5% after the fund's fee. Losses beyond that pass through one for one, so a 25% drop in SPY would mean about a 5% loss before fees. The protection applies only to shares held from the start to the end of the period. The fund still fell 8.1% between February 19 and April 8, 2025.
What is the PBMY upside cap?
For the period from May 1, 2025, through April 30, 2026, the cap was 12.00% before fees, or 11.50% after the 0.50% management fee. A new cap is set each May based on market conditions, so it can rise or fall from one period to the next. The 20% buffer stays the same every period. It is worth checking the cap for the period in progress before buying.
Does PBMY pay dividends?
Barely. The trailing yield was 0.06%, or $0.02 per share, as of October 27, 2026, and payouts come once a year. The fund holds options on SPY rather than the stocks themselves, and its returns are based only on SPY's share price. That means it gives up the dividends SPY pays, which is a quiet cost compared with owning an S&P 500 index fund directly.
What happens if I buy PBMY in the middle of the year?
Your results may differ a lot from the stated 20% buffer and cap. The fund's price already reflects how SPY has moved since May 1. If SPY has risen, less room is left before the cap, and you may face losses before the buffer starts. If SPY has fallen, part of the buffer may already be used up. Selling before April 30 can also give results different from the targets, because the options settle only on the final day.
What's the difference between PBMY and BUFR?
Cost, size and design. BUFR, the FT Vest Laddered Buffer ETF, charges 0.95% against PBMY's 0.50% and had about $10.5 billion in net assets as of August 31, 2026. As its name says, BUFR uses a laddered approach, which spreads money across buffer positions that reset at different times. PBMY has a single May reset. As of October 27, 2026, BUFR's one-year return was 11.6%, compared with PBMY's 7.9%. Their buffer and cap terms are worth comparing in each prospectus.