Skip to content
Beacon

NOVPPGIM S&P 500 Buffer 12 ETF - Nov

Stay safeGrow my money2y track recordRanked #191 of 340 in this goal

Seeks to match the price return of the SPDR S&P 500 ETF Trust up to a 15.33% cap while providing a 12% downside buffer.

By PGIM · Launched 2024

Annual Cost

0.50%

#2,576 of 5,562 · average

Fund Size

$29M

#4,091 of 5,562 · small

Dividend YieldGoal

0.00%

Track Record

2 years

#3,582 of 5,562 · seasoned

Performance

Total-return NAV · USD
Growth of $10,000
$11,676+16.8%

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

Classification

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 5 holdings = 100.0% of fundconcentrated

CBOE GLOBAL MARKETS, INC.SPY 10 C6.82
98.1%
CBOE GLOBAL MARKETS, INC.SPY 10 P682.06
4.5%
(PIPA070) PGIM Core Government Money Market Fund
0.8%
CBOE GLOBAL MARKETS, INC.SPY 10 C786.62
-1.1%
CBOE GLOBAL MARKETS, INC.SPY 10 P600.21
-2.2%

Asset allocation

Stocks
99.2%
Cash
0.8%

Risk profile

Last 12 months · Sharpe & Sortino need 3+ years
Volatility (1Y)
7.4%Low

Year-on-year price swings

Max drawdown
-5.7%Mild

Worst peak-to-trough loss

Sharpe (3Y)
Unavailable

Needs 3+ years of history

Sortino (3Y)
Not yet

Needs 3+ years of history

Where to buy

Listing

Exchange
Cboe BZX

Full fund details

Objective
Seeks to match the price return of the SPDR S&P 500 ETF Trust up to a 15.33% cap while providing a 12% downside buffer.
Strategy
Invests primarily in FLEX Options on the SPDR S&P 500 ETF Trust to achieve a target outcome over a one-year period. Provides a limited buffer against the first 12% of losses and caps upside participation at 15.33%.
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

Buffer ETF — downside protection at a cost

Defined-outcome funds cap upside (typically 8–20%) in exchange for partial downside protection (9–30%), priced via options. Fees are materially higher than the underlying index (often 0.70%+ vs 0.03–0.10%). For most pre-retirees, a simple stock/bond mix achieves similar downside behaviour at a fraction of the cost.

Source: Morningstar, 'Defined-Outcome ETFs: Useful or Uneconomic?' (2023)

Why we flagged this: strategy=structured_outcome + structured_outcome_strategy

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

What's next?

You've reviewed NOVP. Save it to your watchlist to track it alongside the other funds you're weighing.

Data updated on 2026-06-20