PGIM S&P 500 Buffer 20 ETF - April
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- PGIM S&P 500 Buffer 20 ETF - April is a U.S.-domiciled, actively managed exchange-traded fund launched in 2024 and based in Newark, New Jersey, that seeks to provide returns linked to the price return of the SPDR® S&P 500® ETF Trust up to a predetermined upside cap while offering a downside buffer against the first 20% of losses over a one-year outcome period. The fund is sponsored by PGIM Investments LLC and managed by PGIM Quantitative Solutions, which applies a rules-based options strategy using FLEX Options to deliver the defined outcome profile; its core offering includes ETF shares, periodic target-outcome resets, and exposure to the S&P 500 through a buffered equity-linked structure. As of March 31, 2026, the fund reports net assets of $20.9 million, an expense ratio of 0.50%, shares outstanding of 710,001, and trading on Cboe BZX under ticker PBAP. In February 2025, the fund underwent a strategic rebranding and name change from PGIM US Large-Cap Buffer 20 ETF - April to PGIM S&P 500 Buffer 20 ETF - April, aligning the product more directly with its S&P 500 reference asset and broader PGIM buffer ETF lineup. The fund’s latest publicly disclosed operational details also show continued focus on outcome-period performance, premium/discount management, and investor access through its daily holdings, fact sheet, and prospectus materials.