PGIM S&P 500 Quarterly Buffer 15 ETF (PQXV)

The PGIM S&P 500 Quarterly Buffer 15 ETF is a defined-outcome fund managed by PGIM, the asset management arm of Prudential Financial. It seeks returns tied to the S&P 500 price index over consecutive three-month outcome periods.

The strategy is built with FLEX options on an S&P 500 index fund and is designed to cushion the first 15% of losses in each quarter. In exchange for that protection, upside is limited by a cap set at the start of every outcome period, which is generally lower than on funds with smaller buffers.

The options are reset each quarter, creating a new buffer and cap. Returns will differ from the S&P 500 because dividends are excluded and because outcomes depend on the price at which an investor buys relative to the start of the period.