At a glance
PMMR charges 0.5% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $5.4M in assets, the 8th largest of that group. Over the past year it returned +5.5% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds.
The short version
PGIM S&P 500 Max Buffer ETF March (PMMR) uses options on the SPDR S&P 500 ETF Trust (SPY) to try to absorb about 100% of SPY's price losses, before fees, over each one-year period from March 1. In return, gains are capped: 7.10% before fees in its first period. Its 0.50% expense ratio undercuts seven similar buffer funds (average 0.86%), but it is far smaller, at about $5.4 million as of July 31, 2026.
Price history
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PMMR +5.5% 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 | |
|---|---|---|---|---|---|---|
| PMMR price data to Oct 27, 2026 | +4.5% | +5.5% | — | — | — | +6.3% |
- Over the year to Oct 27, 2026, PMMR returned +5.5%, 8th of 8 among similar funds.
- The deepest fall in its price history was 2.3% (Mar 5, 2025 to Apr 7, 2025), recovered by May 2, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +4.5% |
| 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: +0.68%, +0.07%, +0.47%.
How it works
PMMR is an actively managed ETF that owns no stocks directly. It holds FLEX Options, exchange-traded options with customizable terms, on the SPDR S&P 500 ETF Trust (SPY), a unit investment trust holding S&P 500 stocks. As of July 31, 2026, it had three option positions and 1.35% cash. The first is a call (a right to purchase) with an exercise price far below SPY's, so it tracks SPY. The second is a put that pays off if SPY finishes below its starting level. The third is a call the fund sold, which gives up gains above the cap.
Each outcome period runs one year from March 1. The buffer aims to absorb about 100% of SPY's price losses before fees. The cap, the most the fund can gain, resets each period based on market conditions. It was 7.10% before fees (6.60% after the fee) through February 28, 2026. The prospectus anticipated 4.6% to 7.6% before fees for the period ending February 28, 2027, but the actual cap can differ. The fund will trim the buffer below 100% if needed to keep the cap at least 3% before fees. Results exclude SPY's dividends.
The options can be exercised only on the period's last day. That means getting in after March 1 or out early can produce very different results. The fund does not protect principal.
What it really costs
- PMMR 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 |
|---|---|---|---|---|
| PMMR | $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 about 100% of SPY's price losses over each one-year period from March 1, giving up gains above a small cap.
PMMR launched in March 2025, so it has no record from the 2008, 2020 or 2022 downturns and no full calendar year of returns. Its deepest drop was about 2.3%, from March 5 to April 7, 2025, and it regained that ground by May 2, 2025. That dip is a reminder that the buffer fully applies only at each period's end. A retiree who must cash out mid-period in a slump could still take a loss. It has recorded no distributions, and its returns exclude SPY's dividends, so it provides no income.
In return, upside is limited: its 5.5% one-year return to October 27, 2026, trailed all seven similar buffer funds. It costs 0.50% a year, or $51 on $10,000 in year one and $628 over 10 years in the SEC's standard example. Past results don't predict future ones, 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 price exposure with a buffer aimed at about 100% of SPY's losses, who accept a small cap on gains.
- Investors able to invest when a period starts on March 1 and hold until it ends in late February, when the options are exercised.
- Those comparing buffer funds on cost: its 0.50% expense ratio is below all seven similar funds, which average 0.86%.
Look elsewhere if
- Anyone who needs income: the fund has recorded no distributions, and its returns leave out the dividends SPY pays.
- Investors wanting more upside: its 5.5% one-year return to October 27, 2026, trailed all seven similar buffer funds, which returned 9.5% to 12.9%.
- Those wary of tiny funds: about $5.4 million as of July 31, 2026, versus roughly $10.5 billion for BUFR as of August 31, 2026.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| PMMR this fund | 0.5% | $5.4M | +5.5% | — |
| 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
Is PMMR good for retirees?
It may suit retirees who want stock-market exposure with very limited downside and can accept small gains. PMMR aims to absorb about 100% of SPY's price losses, before fees, over each one-year period starting March 1, while capping gains. The trade-offs: it has recorded no distributions, its returns exclude SPY's dividends, and the full buffer applies only to holders who stay for an entire period. It launched in March 2025, so its record is short.
Does PMMR pay dividends?
No. PMMR has recorded no distributions. It holds FLEX options on the SPDR S&P 500 ETF Trust (SPY) rather than stocks. The prospectus says its performance will not reflect dividends paid by SPY or the stocks in the S&P 500. SPY itself seeks to track the index's price and yield, so PMMR holders give up that dividend stream. Investors who rely on regular income would have to look to other holdings.
What is PMMR's upside cap?
It depends on the period. For March 1, 2025 through February 28, 2026, the cap was 7.10% before fees, or 6.60% after the fee. For March 1, 2026 through February 28, 2027, the prospectus anticipated 4.6% to 7.6% before fees (4.1% to 7.1% after the fee), though the actual cap could land outside that range. The cap resets each March 1 based on market conditions, and PGIM posts it on its website when a period begins.
Can you lose money with PMMR?
Yes. PMMR aims to absorb about 100% of SPY's price losses, but only before fees and only for investors who hold for an entire one-year period. It does not protect principal, and the prospectus warns that investors could suffer significant losses, including their entire investment. It may also cut the buffer below 100% to keep the cap at least 3%. Its price moves within a period, too: it fell about 2.3% from March 5 to April 7, 2025.
What's the difference between PMMR and BUFR?
Both are buffer, or defined-outcome, ETFs, but they differ on cost, size and design. PMMR charges 0.50% a year, versus 0.95% for FT Vest Laddered Buffer ETF (BUFR). BUFR had about $10.5 billion in net assets as of August 31, 2026, and PMMR had about $5.4 million as of July 31, 2026. BUFR returned 11.6% over the year to October 27, 2026, versus 5.5% for PMMR. BUFR's name signals a laddered approach, which generally spreads exposure across several start dates. PMMR resets once a year, on March 1.