PGIM S&P 500 Buffer 20 ETF - September
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- PGIM S&P 500 Buffer 20 ETF - September (PBSE) is an actively managed exchange-traded fund launched by PGIM Investments LLC in May 2024 and headquartered in Newark, New Jersey, that seeks to provide exposure to U.S. large-cap equities through a defined-outcome strategy tied to the SPDR S&P 500 ETF Trust. The fund invests primarily in customized FLEX options on SPY and related cash instruments; it is designed to deliver upside participation up to a predetermined cap while providing a 20% downside buffer, before fees and expenses, over a one-year target outcome period that resets each September. The ETF is part of PGIM’s buffer ETF platform and is managed by John Hall, CFA; Devang Gambhirwala; and Marco Aiolfi, PhD of PGIM Quantitative Solutions. Its core objective, reference asset, and outcome-period structure are the defining features of the product, with the fund emphasizing disciplined option-based risk management rather than traditional index replication. Recent company changes include the fund’s continued operation under a September target-outcome cycle in 2026, with updated fund data showing net assets of $43.5 million, 1.4 million shares outstanding, and exchange trading on Cboe BZX as of mid-September 2026. In September 2026, PGIM also expanded its outcome-oriented ETF lineup by launching four quarterly S&P 500 buffer ETFs, underscoring a broader strategic push in defined-outcome products alongside PBSE.