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Beacon

NOVPPGIM S&P 500 Buffer 12 ETF - Nov

Stay safeGrow my money2y track recordRanked #196 of 364 in this goal

Seeks to provide returns that match the price return of the SPDR S&P 500 ETF Trust with a 12% downside buffer over the one-year Target Outcome Period.

By PGIM · Launched 2024

Annual Cost

0.50%

#2,668 of 5,861 · average

Fund Size

$31M

#4,138 of 5,861 · small

Dividend YieldGoal

0.00%

Track Record

2 years

#3,493 of 5,861 · seasoned

Performance

Total-return NAV · USD
Growth of $10,000
$11,315+13.2%

Total-return NAV, USD. Net of fund fees, before tax.

What's inside

How Beacon categorizes this fund

Asset class

Alternative

Region

North america

Strategy

Structured outcome

Index tracked

S&P 500 Index

What it actually holds

By weight

Concentration

Top 9 holdings = 100.0% of fundconcentrated

CBOE GLOBAL MARKETS, INC.SPY 10 C6.82
78.6%
CBOE GLOBAL MARKETS, INC.SPY 10 C6.82
20.5%
CBOE GLOBAL MARKETS, INC.SPY 10 P682.06
2.2%
(PIPA070) PGIM Core Government Money Market Fund
0.6%
CBOE GLOBAL MARKETS, INC.SPY 10 P682.06
0.6%
CBOE GLOBAL MARKETS, INC.SPY 10 P600.21
-0.2%
CBOE GLOBAL MARKETS, INC.SPY 10 C786.62
-0.3%
CBOE GLOBAL MARKETS, INC.SPY 10 P600.21
-0.9%
CBOE GLOBAL MARKETS, INC.SPY 10 C786.62
-1.0%

Asset allocation

Stocks
99.2%
Cash
0.8%

Risk profile

Last 12 months · Sharpe & Sortino need 3+ years
Volatility (1Y)
8.0%Low

Year-on-year price swings

Max drawdown
-10.8%Mild

Worst peak-to-trough loss

Sharpe (3Y)
Unavailable

Needs 3+ years of history

Sortino (3Y)
Not yet

Needs 3+ years of history

Listing

Exchange
Cboe BZX

Full fund details

Objective
Seeks to provide returns that match the price return of the SPDR S&P 500 ETF Trust with a 12% downside buffer over the one-year Target Outcome Period.
Strategy
Actively managed ETF that provides a downside buffer against the first 12% of losses of the SPDR S&P 500 ETF Trust while matching its price return up to a cap of 15.33%. Invests primarily in FLEX Options referencing the Underlying ETF to achieve these outcomes.
Inception date
May 21, 2024
Fund family
PGIM

Our take

Structural notes on how this fund behaves. Read our guide on the 6 warning signs.

Buffer
Warning

You can build this cheaper yourself

Defined-outcome funds cap your gains (often 8% to 20%) in exchange for cushioning losses by 9% to 30%, priced with options. The fee runs about 0.70% or more, against 0.03% to 0.10% for a plain index fund. For most investors, a simple stock-and-bond mix gives similar protection for far less.

Sources: Morningstar, 'Buffer Funds Are on the Rise, but They May Not Make Sense for Most Investors' (2025)

Educational analysis of structural product characteristics. Not investment advice. Always read the fund prospectus and consult a qualified advisor before investing. More

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Data updated on 2026-08-04