PGIM Laddered S&P 500 Buffer 20 ETF
PBFR
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- PGIM Laddered S&P 500 Buffer 20 ETF (PBFR) is an actively managed exchange-traded fund that provides U.S. large-cap equity market exposure through a laddered portfolio of twelve PGIM S&P 500 Buffer 20 ETFs; these underlying ETFs utilize FLEX options strategies to offer limited downside protection of up to 20% against declines in the S&P 500 Price Return Index over specific one-year outcome periods, while imposing an upside cap on capital appreciation; the fund rebalances quarterly to maintain equal weighting across the underlying ETFs with staggered expiration dates for diversified timing exposure. Launched on June 11, 2024, and listed on Cboe BZX, PBFR targets retail and institutional investors seeking outcome-oriented solutions for volatility management, with a net expense ratio of 0.50%, net assets exceeding $96 million, and subadvisory from PGIM Quantitative Solutions. PGIM Laddered S&P 500 Buffer 20 ETF operates primarily in the U.S. market as part of PGIM Investments' expanding ETF suite, which includes companion products like the PGIM Laddered S&P 500 Buffer 12 ETF (BUFP) launched concurrently in June 2024 to broaden buffered equity offerings. The issuer, PGIM Investments, is the retail arm of PGIM, Inc., the global investment management business of Prudential Financial, Inc., founded in 1875 and headquartered in Newark, New Jersey, with operations across public and private asset classes worldwide. Recent developments for PGIM include a September 2025 strategic partnership with Partners Group to deliver multi-asset solutions blending public and private markets, enhancing distribution of innovative products like buffer ETFs to diverse client segments; additionally, PGIM integrated its fixed income and private credit teams in mid-2025 to form a nearly $1 trillion credit platform, supporting broader asset management capabilities that underpin ETF strategies.