PGIM S&P 500 Quarterly Buffer 10 ETF (PQX)

The PGIM S&P 500 Quarterly Buffer 10 ETF is a defined-outcome exchange-traded fund from PGIM, the investment management business of Prudential Financial. It offers exposure to the price return of the S&P 500 within a quarterly options-based structure.

The fund holds FLEX options referencing an S&P 500 index fund and aims to absorb the first 10% of losses over each three-month outcome period. In return, gains are subject to a cap that is determined at the beginning of every quarter based on market conditions at that time.

Because the options are rolled every quarter, the buffer and cap are refreshed four times a year. The fund sits in the middle of PGIM's quarterly buffer range, which also includes 5%, 15% and 20% versions, and does not receive the dividends paid by index constituents.