PGIM Laddered Nasdaq-100 Buffer 12 ETF (PBQQ)

PGIM Laddered Nasdaq-100 Buffer 12 ETF (PBQQ) is an exchange-traded fund from PGIM Investments that holds a laddered portfolio of PGIM's Nasdaq-100 Buffer 12 ETFs. Each underlying fund seeks to match the price return of the Nasdaq-100 Index up to a cap while buffering against the first 12% of losses over a one-year outcome period.

The underlying funds start their outcome periods in different months, and by holding them together in roughly equal weights the ladder spreads exposure across staggered reset dates. This reduces the impact of market timing at any one reset and allows investors to enter a buffered Nasdaq-100 strategy at any point.

The ladder as a whole does not provide a single defined buffer or cap, because each component is at a different stage of its outcome period. The underlying strategies use FLEX options and do not capture dividends paid by Nasdaq-100 companies.