- What does PBJA invest in?
- PBJA uses FLEX options in an effort to moderate losses on shares of SPDR S&P 500 ETF Trust (SPY) over a one-year period, starting each January. The fund foregoes upside participation above a certain threshold, which resets annually in exchange for preventing the realization of the first 20% of SPYs losses, as well as the dividend component of SPY because the options are written on the price and not on the total return version of the shares. Should the value of SPY decline by more than 20%, the fund will experience subsequent losses on a one-to-one basis. The fund must be held to the end of the outcome period to achieve the intended results. Investors who buy at any time other than the annual reset day may have a different protection and buffer zone. Once established, the issuer publishes the interim levels for the cap on its website. Investors should note that the targeted cap and buffer do not include the funds expense ratio. On February 21, 2025, the fund name changed to PGIM S&P 500 Buffer 20 ETF - January.
- What is the expense ratio of PBJA?
- PGIM Rock ETF Trust - PGIM S&P 500 Buffer 20 ETF - January (PBJA) charges an expense ratio of 0.50%. This is the annual fee deducted from fund assets to cover management and operations.
- How big is PBJA?
- PGIM Rock ETF Trust - PGIM S&P 500 Buffer 20 ETF - January (PBJA) manages $65.4M in total assets. AUM determines bid-ask liquidity and the fund's vulnerability to closure — funds below ~$50M are at higher risk of liquidation.
- Is PBJA actively managed or an index fund?
- PBJA's management style is described in the fund's prospectus. See the description on the Summary tab for the published strategy.
- When was PBJA launched?
- PGIM Rock ETF Trust - PGIM S&P 500 Buffer 20 ETF - January (PBJA) launched in December 2023 and is managed by PGIM.
- How has PBJA performed?
- PBJA's total return — price change plus reinvested distributions — is charted at the top of this page. Switch the price chart to Total Return and pick a 1-year, 3-year, 5-year, or 10-year window to read the compound annual growth rate (CAGR) over each horizon.
