PGIM Laddered Nasdaq-100 Buffer 12 ETF
PBQQ
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- PGIM Laddered Nasdaq-100 Buffer 12 ETF (PBQQ) is an actively managed exchange-traded fund that invests in a laddered portfolio of four PGIM Nasdaq-100 Buffer 12 ETFs; seeks to provide investors with returns that match the price return of the Nasdaq-100 Index up to a predetermined upside cap while offering a 12% downside buffer over defined outcome periods; and employs quantitative strategies managed by PGIM Quantitative Solutions, a division targeting superior risk-adjusted returns through research-driven processes combining economic, behavioral foundations, and experienced practitioner judgment. The ETF, with a net expense ratio of 0.50%, trades on the Nasdaq exchange under ticker PBQQ (CUSIP 69420N510) and holds net assets of approximately $18.9 million as of December 2025. PGIM Investments LLC serves as the adviser, with subadvisory from PGIM Quantitative Solutions LLC, and the fund targets individual and intermediary investors seeking defined outcome exposure to large-cap Nasdaq-100 equities. Launched on December 27, 2024, and headquartered at 655 Broad Street, 6th Floor, Newark, New Jersey, PBQQ operates as part of PGIM's broader ETF platform, which includes over 50 equity, multi-asset, buffer, and fixed income ETFs with $17.1 billion in assets under management; PGIM itself traces roots to Prudential Financial, founded in 1875, and manages assets globally from 31 offices across 16 countries. The laddered structure enables quarterly resetting of outcome periods, providing continuous buffer protection against Nasdaq-100 declines of up to 12% while capturing capped upside, with holdings concentrated in underlying PGIM buffer ETFs linked to the index. In recent developments, PGIM launched PBQQ in late 2024 as an extension of its buffer ETF suite, followed by expansions including three new actively managed fixed income ETFs (PCS, PCI, PCL) in 2025 offering exposure to short-, intermediate-, and long-term investment-grade corporate bonds; additionally, PGIM entered a strategic partnership with Partners Group in September 2025 to enhance multi-asset solutions and private market access for clients. These initiatives reflect PGIM's push into active ETFs, positioning it as the 11th-largest active ETF issuer, alongside ongoing growth in quantitative and alternative strategies through PGIM Quantitative Solutions, founded in 1975.