# PGIM S&P 500 Buffer 20 ETF - May (PBMY): ETF Facts & Distributions > Markdown mirror of https://www.dividenddata.com/funds/pbmy for AI agents. Same live data as the HTML page, regenerated on the same refresh cycle. Not investment advice. - Issuer: PGIM · Asset class: Alternatives - Strategy: Options Income · Inception: 2024-04-30 PBMY uses FLEX options in an effort to moderate losses on shares of SPDR S&P 500 ETF Trust (SPY) over a one-year period, starting each May. The fund foregoes upside participation above a certain threshold, which resets annually in exchange for preventing the realization of the first 20% of SPYs losses, as well as the dividend component of SPY because the options are written on the price and not on the total return version of the shares. Should the value of SPY decline by more than 20%, the fund will experience subsequent losses on a one-to-one basis. The fund must be held to the end of the... ## Key Facts | Metric | Value | |---|---| | Price | $31.82 | | Expense Ratio | 0.50% | | Assets Under Management | $39.6M | | NAV | $31.93 | | Holdings Count | 8 | | Distribution Yield (TTM) | 0.07% | | Annual Distribution (TTM) | $0.02 /share | | Distribution Frequency | Irregular | | 52-Week Range | $29.27 – $32.07 | | Beta | 0.19 | ## Latest Distribution - Amount: $0.0230 /share - Ex-date: 2025-12-30 - Pay date: 2026-01-02 ## Frequently Asked Questions ### What does PBMY invest in? PBMY uses FLEX options in an effort to moderate losses on shares of SPDR S&P 500 ETF Trust (SPY) over a one-year period, starting each May. The fund foregoes upside participation above a certain threshold, which resets annually in exchange for preventing the realization of the first 20% of SPYs losses, as well as the dividend component of SPY because the options are written on the price and not on the total return version of the shares. Should the value of SPY decline by more than 20%, the fund will experience subsequent losses on a one-to-one basis. The fund must be held to the end of the outcome period to achieve the intended results. Investors who buy at any time other than the annual reset day may have a different protection and buffer zone. Once established, the issuer publishes the interim levels for the cap on its website. Investors should note that the targeted cap and buffer do not include the funds expense ratio. On February 21, 2025, the fund name changed to PGIM S&P 500 Buffer 20 ETF - May. ### What is the expense ratio of PBMY? PGIM S&P 500 Buffer 20 ETF - May (PBMY) charges an expense ratio of 0.50%. This is the annual fee deducted from fund assets to cover management and operations. ### What is PBMY's distribution yield? PBMY's trailing-twelve-month yield is 0.07%, calculated from the sum of distributions over the past year divided by the current price. ### How does PBMY's covered-call strategy work? PBMY sells call options against the stocks (or index) it holds, collecting premium income that gets passed through to shareholders as distributions. The strategy generates above-market income in flat or rising markets but caps upside. When the underlying rallies past the strike, the gains above the strike go to the option buyer, not the fund. ### How big is PBMY? PGIM S&P 500 Buffer 20 ETF - May (PBMY) manages $39.6M in total assets. AUM determines bid-ask liquidity and the fund's vulnerability to closure. Funds below ~$50M are at higher risk of liquidation. ### Is PBMY actively managed or an index fund? PBMY's management style is described in the fund's prospectus. See the description on the Summary tab for the published strategy. ### Does PBMY pay a distribution? Yes, PGIM S&P 500 Buffer 20 ETF - May (PBMY) distributes distributions to shareholders. The trailing-twelve-month yield is 0.07%. Full distribution history is on this page. ### How often does PBMY pay distributions? PGIM S&P 500 Buffer 20 ETF - May pays distributions Irregular. Each ex-dividend date, record date, and payment date is listed in the distribution history table on this page. ### When is PBMY's next ex-distribution date? The most recently announced ex-distribution date for PBMY was 2025-12-30. The next ex-date typically follows Irregular; once announced it appears at the top of the distribution history table on this page. ### Is PBMY's distribution sustainable? Covered-call ETFs like PBMY fund their distributions from option premium income. Sustainability depends on (1) whether option premiums stay high enough to cover the announced rate, and (2) whether NAV holds up over time. The NAV Erosion section on this page contrasts total return with price change since inception. If distributions consistently exceed total return, the fund is paying out capital rather than income. ### How much will PBMY's expense ratio cost me over 30 years? On a $10,000 investment compounding at 7% gross return, a 0.50% expense ratio quietly compounds against your balance every year. The Fee Compounding Forecast card above projects the dollar drag for any holding period and assumption you pick. The typical result for a 1.0% expense ratio on a 30-year hold is roughly 25% of the final balance lost to fees. ### How does PBMY charge its expense ratio? The expense ratio is deducted in tiny daily slices from PBMY's net asset value (NAV). You never see a bill. The price quoted on every exchange is already net of fees. There's no "fee day" to avoid; the cost is continuous and built into the trading price. ### Why does PBMY cost more than a fund like VOO? PBMY is an options-income fund (current expense ratio 0.50%). Covered-call and 0DTE strategies require active option-writing, daily rebalancing, and dedicated risk management. They cost more than passive equity funds. The Cost Verdict card compares PBMY against the options-income cohort, not VOO. ### Are PBMY's distributions taxed at ordinary income or qualified-dividend rates? PBMY's option-premium distributions are typically classified as ordinary income (NOT the qualified-dividend rate), so they're taxed at your marginal federal rate plus state. For a 24% bracket investor that's roughly 2x the 15% long-term capital gains rate most dividend investors are used to. The Fee Compounding Forecast card above lets you layer in this tax drag alongside the fund fee. Consult a tax advisor. This is not tax advice. ### Are there cheaper alternatives to PBMY? The Lower-Fee Alternatives card above lists ETFs following the same investment strategy as PBMY (0.50%) but at a lower expense ratio. Each row shows the fee gap, the peer's AUM as a liquidity sanity-check, and a direct link to that fund's analysis page. Cheaper price doesn't automatically mean better. Verify the peer holds what you actually want. ## More on Dividend Data - Overview (HTML): https://www.dividenddata.com/funds/pbmy - Distribution history: https://www.dividenddata.com/funds/pbmy/dividend - Holdings & diversification: https://www.dividenddata.com/funds/pbmy/diversification - Fees & cheaper alternatives: https://www.dividenddata.com/funds/pbmy/expenses - Peer comparison: https://www.dividenddata.com/funds/pbmy/peers Data sourced from primary filings and market data providers; see https://www.dividenddata.com/methodology.