At a glance
PMAP charges 0.5% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $4.9M in assets, the 8th largest of that group.
The short version
PGIM S&P 500 Max Buffer ETF – April (PMAP), from Prudential, holds FLEX options on the SPDR S&P 500 ETF Trust (SPY) instead of stocks. Over each April-to-March period, it aims to absorb about 100% of SPY's price losses but caps gains tightly (7.30% for April 2025–March 2026), both before fees. Its 0.50% expense ratio undercuts the 0.86% average of seven similar buffer funds, but it held just $4.9 million as of July 31, 2026.
Price history
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PMAP — 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 | |
|---|---|---|---|---|---|---|
| PMAP price data to Oct 27, 2026 | +2.0% | — | — | — | — | — |
- The deepest fall in its price history was 0.2% (Jun 15, 2026 to Jun 25, 2026), recovered by Jul 1, 2026.
| 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 $272K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.59%, +0.10%, +0.46%.
How it works
PMAP, an actively managed ETF, holds options, not stocks. Nearly all its assets go into FLEX Options, customizable exchange-traded contracts, on the SPDR S&P 500 ETF Trust (SPY), a unit investment trust holding S&P 500 stocks at index weights. As of July 31, 2026, it held three: a call, or right to buy at a set price, with a strike of $13.01 that moves with SPY; a bought put, or right to sell, at $650.34 that provides the buffer; and a sold call at $696.71 that sets the cap.
Each outcome period runs roughly from April 1 to March 31. For April 2025 through March 2026, the fund aimed to match SPY's price gains up to a cap of 7.30% before fees (6.80% after its 0.50% management fee) and to absorb about 100% of SPY's price losses before fees (the buffer). If needed, it will shrink the buffer below 100% to keep a cap of at least 3%. Each reset brings new options, so the cap changes with market conditions.
The options are exercisable only on the period's last day, so the target outcomes assume shares are held for the full period; buying or selling midway can produce very different results. Returns follow SPY's price only, so its dividends are not captured, and there is no principal protection.
What it really costs
- PMAP 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 |
|---|---|---|---|---|
| PMAP | $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
Its options aim to absorb about 100% of SPY's price losses over each April-to-March period, before fees, in exchange for a low cap on gains, so it is built to limit losses rather than capture the market's full growth.
PMAP launched April 1, 2025, so it has no record in the 2008, 2020 or 2022 downturns and no full calendar year. In price history starting June 9, 2026, its deepest drop was 0.2% (June 15–25, 2026), recovered by July 1. The buffer applies only to shares held through a whole April-to-March period; someone who must sell midway after a fall may see results far from the target. No distributions are on record, and SPY's dividends aren't passed through, so it isn't an income source.
The 0.50% expense ratio is the lowest among eight buffer funds compared; in the SEC's standard $10,000 example, costs total $51 after one year and $628 after 10 years. But net assets were $4.9 million as of July 31, 2026, and tiny funds can be closed. 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 wanting S&P 500 exposure with roughly 100% of SPY's price losses buffered, before fees, over each April-to-March period, accepting a tight cap on gains.
- Cost-focused users of buffer funds: its 0.50% expense ratio is the lowest of eight compared, versus a 0.86% average for the other seven.
- Investors able to invest near the April 1 reset and stay through March 31, since the target outcomes require holding the full period.
Look elsewhere if
- Income seekers: no distributions are on record, and returns follow SPY's price only, leaving out its dividends.
- Investors seeking the S&P 500's full growth: gains above the cap, 7.30% before fees for April 2025–March 2026, are given up.
- Those wanting a long record or a large fund: launched April 1, 2025, it held $4.9 million as of July 31, 2026.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| PMAP this fund | 0.5% | $4.9M | — | — |
| 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
Can you lose money in PMAP?
Yes. PMAP aims to absorb about 100% of SPY's price losses over each April-to-March period, but that buffer is measured before fees and expenses, and the prospectus states the fund does not provide principal protection. The 0.50% management fee alone means a holder could end a period slightly down even if the buffer works. The fund may also cut the buffer below 100% to keep a cap of at least 3%, and anyone selling mid-period may see very different results.
What is PMAP's upside cap?
The prospectus filed February 20, 2026 lists a cap of 7.30% before fees, or 6.80% after the 0.50% management fee, for the period from April 1, 2025 to March 31, 2026. If SPY's price rose more than that, holders would not share in the extra gain. A new cap is set at each annual reset based on market conditions, so it is unlikely to stay the same from one period to the next, and the final buffer is disclosed when each period begins.
Does PMAP pay dividends?
PMAP has no distributions on record. The fund owns options on SPY rather than the stocks themselves, and the prospectus states its performance will not reflect dividends paid by SPY or by S&P 500 companies. That is a real trade-off: dividends make up part of the stock market's long-run total return, and a fund tracking price alone gives them up in exchange for the buffer. Regular income would need to come from other holdings.
PMAP vs BUFR: what's the difference?
PMAP is much cheaper and far smaller than FT Vest Laddered Buffer ETF (BUFR), the largest buffer fund compared. PMAP's expense ratio is 0.50% against BUFR's 0.95%, but PMAP held $4.9 million as of July 31, 2026, while BUFR held $10.5 billion as of August 31, 2026. PMAP runs one April-to-March period aiming for a roughly 100% buffer. BUFR's name points to a laddered design, which typically spreads money across outcome periods that start in different months rather than one fixed period.
What happens if you buy PMAP partway through the year?
A mid-period buyer generally won't get the stated cap and buffer. PMAP's options can be exercised only on the last day of each April-to-March period, and the target outcomes assume shares are held from the first day to the last. Someone buying after the start pays a price that already reflects market moves, so the remaining upside and protection can be larger or smaller than stated. Selling before the period ends can also produce very different results, which matters for anyone who may need cash unexpectedly.