At a glance
PMFB charges 0.5% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $6.0M in assets, the 8th largest of that group. Over the past year it returned +5.9% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds.
The short version
PGIM S&P 500 Max Buffer ETF - February (PMFB), from Prudential, uses options on the State Street SPDR S&P 500 ETF Trust (SPY) to shape returns over yearly periods starting each February 1. From February 2026 through January 2027, it aims to absorb about 100% of SPY's price losses but caps gains at 6.81%, before fees, for shares held the full period. Its 0.50% expense ratio is the lowest of eight buffer funds compared.
Price history
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PMFB +5.9% 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 | |
|---|---|---|---|---|---|---|
| PMFB price data to Oct 27, 2026 | +4.7% | +5.9% | — | — | — | +6.4% |
- Over the year to Oct 27, 2026, PMFB returned +5.9%, 8th of 8 among similar funds.
- The deepest fall in its price history was 2.9% (Feb 19, 2025 to Apr 4, 2025), recovered by May 19, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +4.7% |
| 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 $0.00 (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.81%, +0.06%, +0.50%.
How it works
PMFB is an actively managed ETF that holds no stocks. It invests substantially all its assets in FLEX Options, exchange-traded option contracts with customized terms, on the State Street SPDR S&P 500 ETF Trust (SPY), a unit investment trust that holds S&P 500 stocks. The fund tracks SPY's price only, not its dividends.
As of July 31, 2026, it held three options plus 1.48% cash. A call option rises in value as SPY climbs above its strike price. One with a $13.84 strike made up about 103% of net assets and moves almost in step with SPY. A put with a $691.97 strike gains value if SPY falls below that price; this creates the buffer, the share of losses the fund aims to absorb. A sold call at $739.09, 6.81% above the put strike, caps gains.
The options can be exercised only on the last day of each one-year Target Outcome Period, so the cap and buffer apply only to shares held from start to finish; entering mid-period or exiting early can change results. Before each new period, the fund rolls into fresh options and sets a new cap based on market conditions. If needed, it will shrink the buffer below 100% to keep a cap of at least 3% before fees.
What it really costs
- PMFB 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 |
|---|---|---|---|---|
| PMFB | $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 aims to absorb nearly all of SPY's price losses over each one-year period, accepting a low 6.81% cap before fees for February 2026 through January 2027.
PMFB aims to absorb about 100% of SPY's price losses over each February-to-January period, before fees, while capping gains at 6.81% (6.31% after its 0.50% fee) for the period ending January 31, 2027. It launched January 31, 2025, so it has no record from the 2008, 2020 or 2022 downturns. Its deepest decline, 2.9% from February 19 to April 4, 2025, was recovered by May 19, about 1.5 months later. That dip shows the price can fall within a period; shares sold before a period ends may not get the full buffer. It has paid no distributions, so spending money would come from share sales, making timing matter.
It costs 0.50% a year, or $51 on $10,000 in year one under the SEC's standard example, versus a 0.86% average for similar buffer funds. Past results don't predict the future; a plan should consider the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want S&P 500 exposure but put avoiding losses ahead of growth, accepting a 6.81% cap before fees for February 2026–January 2027.
- Those wanting stock exposure with small swings: over the year to October 27, 2026, volatility was 2% and beta (market sensitivity) just 0.13.
- Cost-focused investors comparing buffer funds: its 0.50% expense ratio was the lowest of eight compared, against a 0.86% average for the others.
Look elsewhere if
- Anyone needing regular income: the fund has paid no distributions, and its returns exclude the dividends paid by SPY's stocks.
- Those seeking more growth: its 5.9% one-year return to October 27, 2026, ranked last of eight buffer funds; FFEB returned 12.9%.
- Investors who may need cash mid-period: early exits may miss the full buffer, and the price fell 2.9% in early 2025.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| PMFB this fund | 0.5% | $6.0M | +5.9% | — |
| 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
Can PMFB lose money?
Yes. PMFB aims to absorb about 100% of SPY's price losses over each one-year period, but that buffer is measured before its 0.50% fee, and the prospectus states the fund does not provide principal protection; investors could lose some or all of their money. The buffer applies only to shares held for the full period, and the price can drop within a period: it fell 2.9% from February 19 to April 4, 2025, before recovering by May 19.
What is PMFB's upside cap?
For the outcome period from February 1, 2026 through January 31, 2027, the cap is about 6.81% before fees and expenses, or 6.31% after the fund's management fee. That is roughly the most a full-period holder can gain, however much SPY rises. A new cap is set at the start of each period based on market conditions, and the fund will trim the buffer below 100% if needed to keep a cap of at least 3% before fees.
What happens if I invest in PMFB after February 1?
The results can differ sharply from the stated cap and buffer. Both are measured from the start of each outcome period, such as February 1, 2026 to January 31, 2027, because the fund's options can be exercised only on the final day. Someone who invests after SPY has risen may have less room before the cap and little protection until SPY falls back near its starting level. The stated outcome applies only to shares held for the entire period.
Does PMFB pay dividends?
No. The fund has recorded no distributions. It holds options on SPY rather than stocks, and its returns follow SPY's price only, so the dividends S&P 500 companies pay are not passed through. Anyone using it for spending money would rely on share sales, and sales before a period ends on January 31 may not receive the full buffer.
What's the difference between PMFB and FFEB?
They differ in cost, size and upside. PMFB aims to absorb about 100% of SPY's price losses, with a 6.81% cap before fees through January 31, 2027. FFEB, from FT Vest, costs 0.85% a year versus PMFB's 0.50%, and held about $1.4 billion in net assets as of August 31, 2026, against roughly $6 million for PMFB as of July 31, 2026. Over the year to October 27, 2026, FFEB returned 12.9% and PMFB 5.9%. Each prospectus states that fund's own buffer and cap.