At a glance
PBNV charges 0.5% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $34.3M in assets, the 8th largest of that group. Over the past year it returned +10.7% with distributions reinvested (S&P 500: +11.5%), 6th of those 8 funds.
The short version
PGIM S&P 500 Buffer 20 ETF - November (PBNV) is an actively managed Prudential fund. Instead of stocks, it holds FLEX options (customized, exchange-traded options) on the SPDR S&P 500 ETF Trust (SPY). Over each one-year period starting November 1, it aims to absorb the first 20% of SPY's price losses in exchange for a cap on gains. Its 0.50% fee was the lowest of eight buffer funds compared, but it was also the smallest.
Price history
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PBNV +10.7% 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 | |
|---|---|---|---|---|---|---|
| PBNV official prospectus, to Dec 31, 2025 | — | +9.38% | — | — | — | +10.48% |
| PBNV price data to Oct 27, 2026 | +9.6% | +10.7% | — | — | — | +11.0% |
- Over the year to Oct 27, 2026, PBNV returned +10.7%, 6th of 8 among similar funds.
- Its worst full calendar year was 2025 (+9.6%); its best was 2025 (+9.6%).
- The deepest fall in its price history was 8.5% (Feb 18, 2025 to Apr 8, 2025), recovered by Jun 6, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +9.6% | — |
| 2025 | +9.6% | +9.38% |
| 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 $4.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.03%, +0.09%, +0.61%.
How it works
PBNV puts nearly all its money into FLEX options on SPY, a fund that holds the stocks of the S&P 500 Index at their index weights. As of July 31, 2026, options made up about 99.4% of net assets and cash about 0.65%. The fund buys some options and sells others. Together they are built to track SPY's price over a one-year "target outcome period," with a floor of protection below and a ceiling above.
For the period from November 1, 2025 through October 31, 2026, the cap was 11.47% before fees, or 10.97% after the management fee. The buffer covers the first 20% of SPY losses, or 19.5% after the fee. If SPY falls more than 20%, the fund takes the rest of the loss one-for-one. For example, a 25% drop in SPY means a loss of about 5% before fees. On the first day of each new period, the fund buys a new set of options. The new cap depends on market conditions at that point, but the 20% buffer stays the same.
These results apply only to investors who hold for the entire period, because the options can be exercised only on its final day. Someone who buys or sells partway through may get a very different result. The fund tracks SPY's price only, so investors give up SPY's dividends. The Options Clearing Corporation guarantees the options.
What it really costs
- PBNV 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 |
|---|---|---|---|---|
| PBNV | $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 away some of the S&P 500's upside to cushion the first 20% of a one-year price decline, which aims to make stock exposure less bumpy.
PBNV launched on May 22, 2024, so it has no record from the 2008, 2020 or 2022 market declines. Its only full calendar year so far, 2025, returned 9.38%. Its deepest drop was 8.5%, from February 18 to April 8, 2025, and it was back to its prior high by June 6, 2025, about two months later. Over the year to October 27, 2026, its volatility was 5.5% and its beta was 0.4. That means it tended to move less than half as much as the broad market. The fund recorded no distributions, so it can't supply income. Raising cash means selling shares, and a sale made partway through a period may not get the full buffer. The 0.50% expense ratio comes to $51 in the first year on $10,000, compared with a 0.86% average among similar buffer funds. Past results don't predict future ones, and any plan should be judged across 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 a one-year SPY price decline buffered, and who accept a capped upside in return.
- Cost-conscious buyers of buffer funds: the 0.50% expense ratio was lowest among eight peers, whose average was 0.86%.
- People who can buy near November 1 and hold through the full one-year outcome period to get the intended cap and buffer.
Look elsewhere if
- Investors seeking income: PBNV recorded no distributions and tracks SPY's price only, giving up the dividends S&P 500 stocks pay.
- Those who want full stock-market gains: the November 2025–October 2026 cap was 11.47% before fees, limiting returns in strong years.
- Buyers who prefer large, long-established funds: PBNV had about $34.3 million in net assets as of July 31, 2026, and only began trading in May 2024.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| PBNV this fund | 0.5% | $34.3M | +10.7% | — |
| 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 PBNV pay dividends?
No. PBNV recorded no distributions. The fund holds options on the SPDR S&P 500 ETF Trust (SPY), not the stocks themselves, and its returns are based on SPY's price only. That means holders give up the dividends that S&P 500 companies pay. Over long periods, those dividends make up a meaningful part of stock-market returns. That is one of the hidden costs of the buffer, along with the cap on gains.
How does the PBNV 20% buffer work?
For an investor who holds through a full one-year outcome period, PBNV aims to absorb the first 20% of any drop in SPY's price, or 19.5% after its management fee. If SPY falls more than 20%, the fund loses the rest one-for-one. For example, a 25% SPY decline means about a 5% loss before fees. In exchange, gains are capped. For November 1, 2025 through October 31, 2026, the cap was 11.47% before fees.
What happens if I buy PBNV in the middle of the outcome period?
You may get a very different result from the stated cap and buffer. Those figures assume shares are bought on the first day of the period and held until its last day, when the options are exercised. If the fund has already risen, less upside may remain before the cap. If SPY has moved, more or less of the buffer may be left. Each new period starts on November 1 with a fresh cap.
PBNV vs PDEC: what's the difference?
Both funds use options on U.S. stocks to cap gains and limit losses over set periods, but they differ in cost and size. PBNV charges 0.50% a year and Innovator U.S. Equity Power Buffer ETF - December (PDEC) charges 0.79%. PDEC is much larger, with about $984 million in net assets compared with about $34.3 million for PBNV, as of July 31, 2026. Over the year to October 27, 2026, PDEC returned 11.6% and PBNV 10.7%.
Is PBNV good for retirement?
It depends on what the investor needs. PBNV aims to soften stock-market declines, and its deepest drop was 8.5% in early 2025, recovered in about two months. It returned 9.38% in 2025, with a 0.50% expense ratio. However, it pays no income, it caps gains, and the buffer only fully applies over a complete one-year period. It also has a short record dating from May 2024, which doesn't include a major bear market.