PGIM Laddered S&P 500 Buffer 12 ETF (BUFP)

The PGIM Laddered S&P 500 Buffer 12 ETF (BUFP) is a fund of funds that holds a ladder of PGIM S&P 500 Buffer 12 ETFs, each with a different starting month. Every underlying series uses FLEX options to buffer the first 12% of S&P 500 losses over a one-year outcome period, in exchange for a cap on gains.

Because the series reset at different points in the year, the laddered fund blends many caps and buffer starting levels, smoothing out the effect of entering any single outcome period at an unfavorable time. The strategy targets large-cap U.S. equity exposure with a defined-outcome overlay.

BUFP is sponsored by PGIM Investments, the asset management arm of Prudential Financial, and trades on Cboe BZX.