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PBFR

GradeCChicago Board Options Exchange

PGIM Laddered S&P 500 Buffer 20 ETF

Buffered · PGIM · Inception 2024-06-11

$31.27−0.06 (−0.19%)

As of Sep 23, 2026, 1:52 PM EDT

History starts Jun 14, 2024.
Intraday session: down, 17 prints from 31.33 to 31.27. Range 31.27 to 31.39. Use the arrow keys to read each point.$31.25$31.30$31.35$31.4010 AM12 PM2 PM4 PM
Expense ratio
0.50%
Fund size
$224M
1Y return
+9.7%
Yield · Last 12 months
0.01%
Volume · 30D
0M sh
NAV per share
$31.31
52W range
low $28.44high $33.45

The ETF.net PBFR Grade

C

46/ 100

Rank 9 of 18 in S&P 500 Laddered Buffer⁠

Confidence Medium

Six-pillar profile for PBFR. Scores out of 100: Cost 32, Risk 75, Mission not scored, Tradability 47, Holdings not scored, Durability 45. Strongest: Risk (75). Weakest: Cost (32). Based on 4 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 46 of 100 sits in the C band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    DScore 32
    Category rank13/18 · mid-pack

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    AScore 75
    Category rank4/18 · top 22%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    CScore 47
    Category rank13/18 · mid-pack

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    Not scored
    —

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    CScore 45
    Category rank11/18 · mid-pack

Graded as of Sep 22, 2026 · Based on 4 of 6 pillars

Our read on PBFR

ETF.net Research

CMost buffer ETFs make you pick a start month. PBFR skips that: one ticker holding twelve monthly vintages of PGIM's 20% S&P 500 buffer funds, so caps and buffers are staggered across the calendar.

Stated mandate

The Fund seeks capital appreciation through U.S. large-cap equity exposure obtained through a laddered portfolio of twelve PGIM S&P 500 Buffer 20 ETFs, each intended to limit downside risk.

Why people hold it

  1. 01At 0.50%, it prices below the typical 20%-buffer fund in its group, and ranks among the stronger implementations in that group.
  2. 02One ticker does the ladder work: twelve underlying PGIM Buffer 20 ETFs, rebalanced back to equal weight (8 1/3% each) quarterly as caps reset.pgim.com
  3. 03Each underlying fund aims to absorb the first 20% of SPY's price decline over a one-year outcome period, in exchange for an upside cap.pgim.com
  4. 04Launched in 2024 and stocked entirely with PGIM's own monthly Buffer 20 funds, so one manager runs the whole chain.pgim.com

Worth knowing

  1. 01You hold a blend, not one vintage, so no single stated buffer or cap applies to your position at any given moment.pgim.com
  2. 02The 20% buffer is measured before fees and expenses and covers only the first 20% of SPY's drop; deeper declines come through.pgim.com
  3. 03A fund of funds in a niche corner: the underlying ETFs' fees flow through pro rata, and it trades less actively than the category's biggest names.pgim.com

PBFR Holdings

As of Sep 20, 2026, 6:49 AM
Asset class
Other
Holdings
—
Top-10 weight
83%
Largest holding
PBOC8.3%

Sectors

Geography

The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001PBOCPGIM S&P 500 BUFFER 20 ETF - OCTOBER8.34%591,498$19M1
002PBJAPGIM S&P 500 BUFFER 20 ETF - JANUARY8.34%563,220$19M1
003—PGIM S&P 500 BUFFER 20 ETF - NOVEMBER8.33%584,720$19M1
004PBJLPGIM S&P 500 BUFFER 20 ETF - JULY8.33%583,186$19M1
005—PGIM S&P 500 BUFFER 20 ETF - MARCH8.33%566,729$19M1
006—PGIM S&P 500 BUFFER 20 ETF - DECEMBER8.33%586,139$19M1
007—PGIM S&P 500 BUFFER 20 ETF - FEBRUARY8.33%569,525$19M1
008PBAUPGIM S&P 500 BUFFER 20 ETF - AUGUST8.33%578,601$19M1
009—PGIM S&P 500 BUFFER 20 ETF - MAY8.33%584,035$19M1
010PBSEPGIM S&P 500 BUFFER 20 ETF - SEPTEMBER8.33%592,606$19M1
011PBJNPGIM S&P 500 BUFFER 20 ETF - JUNE8.33%591,555$18M1
012PBAPPGIM S&P 500 BUFFER 20 ETF - APRIL8.32%586,724$18M1
013—(PIPA070) PGIM Core Government Money Market Fund0.29%640,742$641K60
014—Net Current Assets<0.01%1,214$1K132

Showing 1–14 of 14 holdings

PBFR Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

PBFR$10,967
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. PBFR $10,967. SPY $11,723. Use the arrow keys to read each point.$9,353$10,646$11,940Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for PBFR. Periods over one year show the average yearly return.
PeriodPBFR
Year to date+7.2%
1 month+0.7%
3 months+2.7%
1 year+9.7%
3 yearsFund is under 3 years old—per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for PBFR
YearReturn barPBFR
2026 YTD+7.2%
2025+10.4%
2024+5.4%

History from Jun 14, 2024

PBFR in the news

ETF.net Research hasn’t filed on PBFR yet — coverage lands here as it’s written.

PBFR Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
0.01%Last 12 months
Payout per share
$0.0025Last 12 months
Last payment
$0.0025 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Irregular

Distribution history

2024–2026

One bar per payment. 2 payments from 2024 to 2026 YTD. Dec 27, 2024 $0.0036; Dec 30, 2025 $0.0025. Use the arrow keys to read each point.202420252026YTD
Ex-datePay dateAmount per share
Dec 30, 2025Jan 2, 2026$0.0025
Dec 27, 2024Jan 3, 2025$0.0036

PBFR Risk

How much the fund’s monthly returns vary, scaled to a year.
4.3%
Annualised · 26 months to Aug 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
1.33
vs 3-month T-bills · 26 months to Aug 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−8.5%
27 months · trough Apr 2025
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.34
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

PBFR Cost

Expense ratio0.50%
  • The middle half of S&P 500 Laddered Buffer funds
  • Median 0.20%

11 of the 18 S&P 500 Laddered Buffer funds charge less.

PBFR costs $50.00 a year on $10,000. The median S&P 500 Laddered Buffer fund costs $20.00.