ETF Evaluator:
PGIM Portfolio Ballast ETF ()
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(as of Aug 26)
Best Performing in Moderate Allocation Over the Last Year
| 29.1% | Adaptive Core ETF (RULE) |
| 21.3% | Monarch Volume Factor Dividend Tree ETF (MVFD) |
| 19.5% | Avantis Moderate Allocation ETF (AVMA) |
| 19.4% | Ned Davis Research 360 Dyn Allc ETF (NDAA) |
| 16.0% | SMI 3Fourteen REAL Asset Allocation ETF (RAA) |
Risk
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Risk
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ETF Details
PGIM Portfolio Ballast ETF Overview
PGIM Portfolio Ballast ETF (PBL) is an actively managed Allocation Moderate Allocation exchange-traded fund (ETF). PGIM launched the ETF in 2022.
The investment seeks to provide long-term capital growth with reduced volatility compared to the equity market.
The fund seeks to participate in the upside returns of the stock market while limiting volatility and downside losses. The fund will generally not invest directly in equity securities. Instead, the fund will seek to gain exposure to the stock market through listed options on the S&P 500® Index (SPX) or SPDR® S&P 500 ETF (SPY), and through S&P 500® Index futures contracts, while simultaneously holding investments in U.S. Treasuries, U.S. Treasury futures contracts, and cash and cash equivalents to provide fixed income exposure. It is non-diversified.
About PGIM Portfolio Ballast ETF (PBL)
There are 3 members of the management team with an average tenure of 2.95 years: Devang Gambhirwala (2022), Edward Tostanoski (2022) and Lorne Johnson (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 3 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100%, Bloomberg US Govt Interm TR USD index with a weighting of 40% and S&P 500 (TR) (1970) index with a weighting of 60%. PGIM Portfolio Ballast ETF has 12 securities in its portfolio. The top 10 holdings constitute 99.4% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
PGIM Portfolio Ballast ETF is part of the Allocation global asset class and is within the Allocation ETF group. PGIM Portfolio Ballast ETF has 0.2% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 28.7% There is 0.2% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 56.7% (56.7% domestic bond, 0.0% foreign bond and 0.0% convertible bond). PGIM Portfolio Ballast ETF has 14.5% of the portfolio in cash.
Assets Under Management
The fund has $77 million in total assets, which is below the $411 million average for the Moderate Allocation 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.
PBL 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 Portfolio Ballast ETF expense ratio is average compared to funds in the Moderate Allocation category. PGIM Portfolio Ballast ETF has an expense ratio of 0.45%, which is 53% 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 Portfolio Ballast ETF has a portfolio turnover rate of 20%, which indicates that it holds its assets around / 0.1 years. By way of comparison, the average portfolio turnover is 162% for the Moderate Allocation category.
Recently, in the month of July 2026, PGIM Portfolio Ballast ETF returned -0.1%, which earned it a grade of C, as the Moderate Allocation category had an average return of -1.0%. 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 Portfolio Ballast ETF has a trailing yield of 2.07%, which is below the 2.36% 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 Portfolio Ballast ETF Grades
Year to date, the ETF has returned 6.7%, 0.7 percentage points worse than the category, which translates into a grade of C. The fund has returned 13.1% over the past year (grade of C) and 12.6% over the past three years (grade of B).
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PBL 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 |
|
| PBL Return (NAV) | -0.1% | 2.6% | 13.1% | 12.6% | na | na |
| PBL Return (Price) | -0.2% | 3.3% | 13.4% | 12.9% | na | na |
| NAV +/- Price Return | 0.051% | -0.686% | -0.354% | -0.255% | na | na |
| Moderate Allocation Avg | -1.0% | 1.5% | 13.8% | 10.7% | 4.9% | na |
| PBL Grade (NAV) | C | B | C | B | na | na |
| +/- Category (NAV) | 0.9% | 1.1% | -0.7% | 2.0% | na | na |
| PBL Tax-Cost Ratio | na | na | 0.9% | 1.9% | na | na |
PBL Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PBL Return (NAV) | 6.7% | 11.9% | 16.9% | 14.2% | na | na | na | na | na | na | na |
| PBL Return (Price) | 7.1% | 12.3% | 16.8% | 14.3% | na | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.070% | 0.036% | -0.007% | 0.003% | na | na | na | na | na | na | na |
| Moderate Allocation Avg | 7.4% | 10.4% | 12.0% | 10.2% | -14.7% | 13.8% | 11.5% | 18.3% | -7.5% | na | na |
| PBL Grade (NAV) | C | C | A | A | na | na | na | na | na | na | na |
| +/- Category | -0.7% | 1.5% | 4.9% | 4.0% | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | 0.88 |
| R-Squared: | 78% |
| Standard Deviation: | 9.4% |
| Category Risk Index: | 0.96 |
| Category Risk Rating: | Average |
| Total Risk Index: | 0.77 |
| Total Risk Rating: | Below Average |
| Portfolio Characteristics | |
| Yield: | 2.1% |
| Total Assets: | $ 78 Mil |
| Share Class Assets: | $ 78 Mil |
| Turnover: | 20.0% |
| Expense Ratio: | 0.45% |
| Index Fund: | No |
| Index Tracked: | S&P 500 (TR) (1970) |
| 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: 3.6 years | |||
| Average Tenure: 2.9 years | |||
| Managers (Year): Gambhirwala Devang (2022), Tostanoski Edward (2022), Johnson Lorne (2025) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 12 |
| % in Top 10 Holdings: | 99.4% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.2% |
Portfolio Allocation |
|
| Domestic Stock: | 28.7% |
| Foreign Stock: | 0.2% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 56.7% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 14.5% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | PGIM |
| Phone Number: | 888-247-8090 |
| Website: | www.pgim.com/investments |
| Inception Date: | December 12, 2022 |
Expenses and Fees
| Expense Ratio (%): | 0.45% (Rating: Avg) |
| Category Average Expense Ratio (%): | 0.95% |
