PGIM S&P 500 Quarterly Buffer 5 ETF (PQV)

The PGIM S&P 500 Quarterly Buffer 5 ETF is a defined-outcome exchange-traded fund managed by PGIM, the asset management arm of Prudential Financial. It seeks to provide returns linked to the S&P 500 over successive three-month outcome periods.

Using FLEX options on an S&P 500 index fund, the strategy aims to protect against the first 5% of losses in each quarterly period, while upside participation is limited by a cap that is set at the start of every quarter. Because the buffer is relatively small, the cap tends to be higher than on PGIM's deeper-buffer quarterly funds.

The options package is reset every quarter, so investors entering at any time are never far from a new outcome period. The fund does not capture S&P 500 dividends.