ETF Evaluator:
PGIM Laddered S&P 500 Buffer 20 ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Defined Outcome Over the Last Year
| 23.7% | Innovator U.S. Small Cp Pwr Buf ETF -Nov (KNOV) |
| 23.2% | Innovator U.S. Small Cp Pwr Buf ETF -Feb (KFEB) |
| 21.9% | Innovator U.S. Small Cp Pwr Buf ETF -Mar (KMAR) |
| 21.9% | Innovator US Small Cap Pwr Buff ETF™ Oct (KOCT) |
| 21.1% | FT Vest U.S. Small Cap Mod Buf ETF-Feb (SFEB) |
Risk
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Risk
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ETF Details
PGIM Laddered S&P 500 Buffer 20 ETF Overview
PGIM Laddered S&P 500 Buffer 20 ETF (PBFR) is an actively managed Nontraditional Equity Defined Outcome exchange-traded fund (ETF). PGIM launched the ETF in 2024.
The investment seeks to provide investors with capital appreciation.
The fund seeks to achieve its investment objective by providing investors with U.S. large-cap equity market exposure through a “laddered portfolio” of twelve PGIM S&P 500 Buffer 20 ETFs (the “Underlying ETFs”). Under normal market conditions, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in ETFs.
About PGIM Laddered S&P 500 Buffer 20 ETF (PBFR)
There are 3 members of the management team with an average tenure of 2.14 years: Marco Aiolfi (2024), Lorne Johnson (2024) and John Hall (2024). Management tenure is more important for actively managed ETFs than passive index ETFs.
PGIM Laddered S&P 500 Buffer 20 ETF has 15 securities in its portfolio. The top 10 holdings constitute 83.3% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
PGIM Laddered S&P 500 Buffer 20 ETF is part of the Equity global asset class and is within the Nontraditional Equity ETF group. PGIM Laddered S&P 500 Buffer 20 ETF has 0.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 98.5% There is 0.5% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). PGIM Laddered S&P 500 Buffer 20 ETF has 1.0% of the portfolio in cash.
Assets Under Management
The fund has $203 million in total assets, which is above the $183 million average for the Defined Outcome category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
PBFR Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The PGIM Laddered S&P 500 Buffer 20 ETF expense ratio is average compared to funds in the Defined Outcome category. PGIM Laddered S&P 500 Buffer 20 ETF has an expense ratio of 0.50%, which is 30% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. PGIM Laddered S&P 500 Buffer 20 ETF has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 3% for the Defined Outcome category.
Recently, in the month of July 2026, PGIM Laddered S&P 500 Buffer 20 ETF returned 0.4%, which earned it a grade of D, as the Defined Outcome category had an average return of 0.2%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
PGIM Laddered S&P 500 Buffer 20 ETF has a trailing yield of 0.01%, which is below the 0.48% category average.
The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
PGIM Laddered S&P 500 Buffer 20 ETF Grades
Year to date, the ETF has returned 5.2%, 0.6 percentage points worse than the category, which translates into a grade of D. The fund has returned 10.0% over the past year (grade of D).
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PBFR Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| PBFR Return (NAV) | 0.4% | 2.0% | 10.0% | na | na | na |
| PBFR Return (Price) | 0.5% | 2.2% | 10.3% | na | na | na |
| NAV +/- Price Return | -0.112% | -0.244% | -0.328% | na | na | na |
| Defined Outcome Avg | 0.2% | 2.2% | 11.3% | 11.8% | 8.6% | na |
| PBFR Grade (NAV) | D | D | D | na | na | na |
| +/- Category (NAV) | 0.2% | -0.2% | -1.3% | na | na | na |
| PBFR Tax-Cost Ratio | na | na | 0.0% | na | na | na |
PBFR Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PBFR Return (NAV) | 5.2% | 10.4% | na | na | na | na | na | na | na | na | na |
| PBFR Return (Price) | 5.4% | 10.4% | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.028% | 0.004% | na | na | na | na | na | na | na | na | na |
| Defined Outcome Avg | 5.8% | 11.3% | 12.4% | 18.5% | -8.8% | 9.7% | 7.7% | 16.4% | -6.7% | 15.8% | na |
| PBFR Grade (NAV) | D | D | na | na | na | na | na | na | na | na | na |
| +/- Category | -0.6% | -0.9% | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | 0.0% |
| Total Assets: | $ 204 Mil |
| Share Class Assets: | $ 204 Mil |
| Turnover: | 0.0% |
| Expense Ratio: | 0.50% |
| Index Fund: | No |
| Index Tracked: | N/A |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 2.1 years | |||
| Average Tenure: 2.1 years | |||
| Managers (Year): Aiolfi Marco (2024), Johnson Lorne (2024), Hall John (2024) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 15 |
| % in Top 10 Holdings: | 83.3% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.5% |
Portfolio Allocation |
|
| Domestic Stock: | 98.5% |
| Foreign Stock: | 0.5% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.0% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | PGIM |
| Phone Number: | 888-247-8090 |
| Website: | |
| Inception Date: | June 11, 2024 |
Expenses and Fees
| Expense Ratio (%): | 0.50% (Rating: Avg) |
| Category Average Expense Ratio (%): | 0.72% |
