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PGIM Laddered Fund of Buffer 20 ETF
Active ETF
PBFR
Payout Change
None
Price as of:
$26.4266
+0.06
+0.24%
primary theme
N/A
PBFR (ETF)
PGIM Laddered Fund of Buffer 20 ETF
Payout Change
None
Price as of:
$26.4266
+0.06
+0.24%
primary theme
N/A
PBFR (ETF)
PGIM Laddered Fund of Buffer 20 ETF
Payout Change
None
Price as of:
$26.4266
+0.06
+0.24%
primary theme
N/A
Name
As of 12/20/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
Vitals
YTD Return
N/A
1 yr return
N/A
3 Yr Avg Return
N/A
5 Yr Avg Return
N/A
Net Assets
$30.9 M
Holdings in Top 10
83.0%
52 WEEK LOW AND HIGH
$26.4
$24.76
$26.69
Expenses
OPERATING FEES
Expense Ratio 0.50%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover N/A
Redemption Fee N/A
Min Investment
Standard (Taxable)
N/A
IRA
N/A
Fund Classification
Fund Type
Exchange Traded Fund
Name
As of 12/20/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
PBFR - Profile
Distributions
- YTD Total Return N/A
- 3 Yr Annualized Total Return N/A
- 5 Yr Annualized Total Return N/A
- Capital Gain Distribution Frequency N/A
- Net Income Ratio N/A
- Dividend Yield 0.0%
- Dividend Distribution Frequency N/A
Fund Details
-
Legal NamePGIM Laddered Fund of Buffer 20 ETF
-
Fund Family NameN/A
-
Inception DateJun 13, 2024
-
Shares OutstandingN/A
-
Share ClassN/A
-
CurrencyUSD
-
Domiciled CountryN/A
Fund Description
The Fund seeks to achieve its investment objective by providing investors with U.S. large-cap equity market exposure through a “laddered portfolio” of twelve PGIM US Large-Cap Buffer 20 ETFs (the “Underlying ETFs”), each of which attempt to limit downside risk. The Underlying ETFs seek to provide investors with limited protection against a decline in the U.S. large-cap equity market, with an upside cap on capital appreciation in that market, over a specific period. The term “laddered portfolio” refers to the Fund’s investment in a series of Underlying ETFs that have target outcome period expiration dates which occur on a rolling, or periodic, basis.The rolling or “laddered” nature of the investments in the Underlying ETFs is intended to create diversification in respect of the investment time period over which an Underlying ETF must be held to achieve its target outcome compared to the risk of acquiring or disposing of any one Underlying ETF at any one time.Unlike the Underlying ETFs, the Fund itself does not pursue a target outcome strategy.Underlying ETFsStrategyUnder normal market conditions, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in exchange-traded funds. Under normal market conditions, the Fund invests substantially all of its assets in the Underlying ETFs, generally in equal weights. The Underlying ETFs seek to provide investors with returns that match the price return of the SPDR® S&P 500® ETF Trust (“SPY”), up to a predetermined upside cap, while providing a downside buffer (before fees and expenses) against the first 20% of SPY losses, generally over a one-year Target Outcome Period (defined below). The Fund and each Underlying ETF are advised by PGIM Investments LLC and subadvised by PGIM Quantitative Solutions LLC. SPY is an exchange-traded unit investment trust that invests in as many of the stocks in the S&P 500® Index as is practicable. PDR Services, LLC (“PDR”) serves as SPY’s sponsor. As of its most recent prospectus, the investment objective of SPY is to seek to provide investment results that, before expenses, correspond generally to the price and yield performance of the S&P 500® Index. See “SPY” below for more information.In order to understand the Fund’s strategy and risks, it is important to understand the strategies and risks of the Underlying ETFs. See “More About the Funds’ Principal and Non-Principal Strategies, Investments and Risks” for a discussion of the principal investment strategies of the Underlying ETFs.The Underlying ETFs invest substantially all of their assets in customized equity or index option contracts known as FLexible EXchange® Options (“FLEX Options”) on the SPY. FLEX Options trade on an exchange, but provide investors with the ability to customize key contract terms like expiration date, option type (put or call), exercise style, strike price, premium, trading hours and exercise settlement, among others. Each Underlying ETF uses FLEX Options to employ a “target outcome strategy.” Target outcome strategies seek to produce a targeted range of potential returns based upon the performance of an underlying security or index (in this case, SPY). The target outcomes sought by the Underlying ETFs, which include a buffer against the first 20% (before fees and expenses) of SPY losses and a cap on upside potential, are based on the price return of SPY over an approximate one-year period beginning on the first day of the month for which each Underlying ETF is named and ending on the day before the one-year anniversary (the “Target Outcome Period”), although certain Underlying ETFs may have a shorter Target Outcome Period during their first year of operations. Each Underlying ETF establishes a new cap annually at the beginning of each Target Outcome Period. See “Limited Buffer and Cap” below under “More About the Funds’ Principal and Non-Principal Strategies, Investments and Risks.” At their initial launch, certain Underlying ETFs may have a Target Outcome Period of less than one year.At the end of each Target Outcome Period, an Underlying ETF’s FLEX Options are generally allowed to expire or are sold at or near their expiration, and the proceeds are used to purchase (or roll into) a new set of FLEX Options expiring in approximately one year. This means that approximately every 30 days, one of the Underlying ETFs will undergo a “reset” of its cap and a refresh of its buffer. At any given time, the Fund will generally hold one Underlying ETF with FLEX Options expiring within one month, a second Underlying ETF with FLEX Options expiring within two months, a third Underlying ETF with FLEX Options expiring within three months, continuing this series up to and including twelve months.The rolling or “laddered” nature of the investments in the Underlying ETFs creates diversification of the investment time period and market level (meaning the price of SPY at any given time) compared to the risk of holding only a single Underlying ETF for its Target Outcome Period and bearing the risks associated with a specific time period. Depending on when the Fund acquires shares of an Underlying ETF, even with a laddered approach, the cap and/or buffer of an Underlying ETF may be exhausted unless the Fund acquires shares at the beginning of a Target Outcome Period.Because the Fund typically will not acquire shares of the Underlying ETFs on the first day of a Target Outcome Period and may dispose of shares of the Underlying ETFs before the end of the Target Outcome Period, the Fund may experience investment returns that are very different from those that the Underlying ETFs seek to provide. If an Underlying ETF has experienced certain levels of either gains or losses since the beginning of its current Target Outcome Period, there may be little to no ability for the Fund to achieve gains or benefit from the buffer for the remainder of the Target Outcome Period of an UnderlyingETF.The buffer is only provided by the Underlying ETFs and the Fund itself does not provide any stated buffer against losses. The Fund likely will not receive the full benefit of the Underlying ETF buffers and could have limited upside potential. The Fund's returns are limited by the caps of the Underlying ETFs.When an investor purchases shares of a single Underlying ETF, such investor’s potential outcomes are limited by the Underlying ETF’s stated cap and buffer over a defined time period (depending on when the shares were purchased). Alternatively, the Fund’s laddered approach provides a diversified exposure to a series of the Underlying ETFs in a single investment. By owning a laddered portfolio of Underlying ETFs, the Fund expects to continue to benefit from any increases in the value of SPY (as caps are reset) and to benefit from any downside protection offered by the Underlying ETF buffers as they are periodically refreshed based on the price of SPY at the time of the reset. This approach reduces the risk inherent in the Underlying ETFs of having the upside potential for an entire Target Outcome Period capped out in cases of rapid appreciation of SPY. It also mitigates the risk of failing to benefit from an individual Underlying ETF buffer in cases where SPY has depreciated below that specific buffer level. Approximately every 30 days, one of the Underlying ETFs will undergo a reset of its cap and a refresh of its buffer, meaning that investors will have the ability to benefit from any appreciation in SPY for future periods up to the respective caps of the Underlying ETFs and will have the benefit of the buffer for future periods. A laddered buffer portfolio can diversify timing risk, similar to how laddered bond portfolios seek to manage duration risks for investors.The Fund intends only to acquire shares of Underlying ETFs in the secondary market and will not engage in any principal transactions with the Underlying ETFs. The Fund intends to generally rebalance its portfolio to equal weight (i.e., 8 1∕3% per Underlying ETF) quarterly. The Fund also will acquire and dispose of shares of Underlying ETFs in connection with cash flows related to creation and redemption activity of the Fund between quarterly rebalances. In between such rebalances, market movements in the prices of the Underlying ETFs may result in the Fund having temporary larger exposures to certain Underlying ETFs compared to others. Under such circumstances, the Fund’s returns would be more greatly influenced by the returns of the Underlying ETFs with the larger exposures. If an over-weighted Underlying ETF underperforms the other Underlying ETFs, the Fund will experience returns that are inferior to those that would have been achieved if the Underlying ETFs were equally weighted. See Underlying ETFs and SPY Risk below.The current list of Underlying ETFs in the Fund’s portfolio can be found at https://www.pgim.com/investments/etf-buffer-fund. This reference to the website does not incorporate its contents into this prospectus. The Fund’s website provides, on a daily basis, the proportion of the Fund's assets invested in each Underlying ETF at any given time. Each Underlying ETF’s website provides important information (including Target Outcome Period start and end dates and the cap (both gross and net of fees) and buffer both at the start of the Underlying ETF's Target Outcome Period and on any particular day relative to the end of the Target Outcome Period). Although this website information may be useful in understanding the investment strategies of the Underlying ETFs, it does not provide an investor in the Fund with all of the risks and potential outcomes associated with an investment in the Underlying ETFs. For example, it does not provide a direct example of your potential investment return in the Fund because of the Fund’s laddered exposure to the Underlying ETFs in which each one of the Underlying ETFs will reset its cap and refresh its buffer annually based on prevailing market conditions.
Read More
PBFR - Performance
Return Ranking - Trailing
| Period | PBFR Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | N/A | N/A | N/A | N/A |
| 1 Yr | N/A | N/A | N/A | N/A |
| 3 Yr | N/A* | N/A | N/A | N/A |
| 5 Yr | N/A* | N/A | N/A | N/A |
| 10 Yr | N/A* | N/A | N/A | N/A |
* Annualized
Return Ranking - Calendar
| Period | PBFR Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | N/A | N/A | N/A | N/A |
| 2022 | N/A | N/A | N/A | N/A |
| 2021 | N/A | N/A | N/A | N/A |
| 2020 | N/A | N/A | N/A | N/A |
| 2019 | N/A | N/A | N/A | N/A |
Total Return Ranking - Trailing
| Period | PBFR Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | N/A | N/A | N/A | N/A |
| 1 Yr | N/A | N/A | N/A | N/A |
| 3 Yr | N/A* | N/A | N/A | N/A |
| 5 Yr | N/A* | N/A | N/A | N/A |
| 10 Yr | N/A* | N/A | N/A | N/A |
* Annualized
Total Return Ranking - Calendar
| Period | PBFR Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | N/A | N/A | N/A | N/A |
| 2022 | N/A | N/A | N/A | N/A |
| 2021 | N/A | N/A | N/A | N/A |
| 2020 | N/A | N/A | N/A | N/A |
| 2019 | N/A | N/A | N/A | N/A |
PBFR - Holdings
Concentration Analysis
| PBFR | Category Low | Category High | PBFR % Rank | |
|---|---|---|---|---|
| Net Assets | 30.9 M | N/A | N/A | N/A |
| Number of Holdings | 13 | N/A | N/A | N/A |
| Net Assets in Top 10 | 12.4 M | N/A | N/A | N/A |
| Weighting of Top 10 | 82.97% | N/A | N/A | N/A |
Top 10 Holdings
- PGIM US Large-Cap Buffer 20 ETF - Apr 8.32%
- PGIM US Large-Cap Buffer 20 ETF - June 8.32%
- PGIM US Large-Cap Buffer 20 ETF - March 8.31%
- PGIM US Large-Cap Buffer 20 ETF - May 8.30%
- PGIM US Large-Cap Buffer 20 ETF - November 8.29%
- PGIM US Large-Cap Buffer 20 ETF - December 8.29%
- PGIM US Large-Cap Buffer 20 ETF - October 8.29%
- PGIM US Large-Cap Buffer 20 ETF - August 8.28%
- PGIM US Large-Cap Buffer 20 ETF - February 8.28%
- PGIM US Large-Cap Buffer 20 ETF - January 8.28%
Asset Allocation
| Weighting | Return Low | Return High | PBFR % Rank | |
|---|---|---|---|---|
| Cash | 100.00% | N/A | N/A | N/A |
| Stocks | 0.00% | N/A | N/A | N/A |
| Preferred Stocks | 0.00% | N/A | N/A | N/A |
| Other | 0.00% | N/A | N/A | N/A |
| Convertible Bonds | 0.00% | N/A | N/A | N/A |
| Bonds | 0.00% | N/A | N/A | N/A |
PBFR - Expenses
Operational Fees
| PBFR Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 0.50% | N/A | N/A | N/A |
| Management Fee | 0.00% | N/A | N/A | N/A |
| 12b-1 Fee | N/A | N/A | N/A | N/A |
| Administrative Fee | N/A | N/A | N/A | N/A |
Sales Fees
| PBFR Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | N/A | N/A | N/A |
| Deferred Load | N/A | N/A | N/A | N/A |
Trading Fees
| PBFR Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | N/A | N/A | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
| PBFR Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | N/A | N/A | N/A | N/A |
PBFR - Distributions
Dividend Yield Analysis
| PBFR | Category Low | Category High | PBFR % Rank | |
|---|---|---|---|---|
| Dividend Yield | 0.00% | N/A | N/A | N/A |
Dividend Distribution Analysis
| PBFR | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency |
Net Income Ratio Analysis
| PBFR | Category Low | Category High | PBFR % Rank | |
|---|---|---|---|---|
| Net Income Ratio | N/A | N/A | N/A | N/A |
Capital Gain Distribution Analysis
| PBFR | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency |
