PGIM Laddered S&P 500 Buffer 20 ETF (PBFR)

PGIM Laddered S&P 500 Buffer 20 ETF (PBFR) is an exchange-traded fund from PGIM Investments that holds a laddered portfolio of the firm's monthly S&P 500 Buffer 20 ETFs. Each underlying fund seeks to match the S&P 500's price return up to a cap while buffering the first 20% of losses over a one-year outcome period that starts in a different calendar month.

By holding the twelve monthly series in roughly equal weights and rebalancing periodically, the fund spreads its exposure across many staggered outcome periods. This reduces dependence on the market level at any single reset date and lets investors buy into a buffered S&P 500 strategy at any time without having to choose a particular month.

Because each underlying fund is at a different point in its outcome period, the ladder as a whole does not offer a single defined buffer or cap. The strategy relies on FLEX options and does not capture S&P 500 dividends.