PBFB ETF — PGIM US Large-Cap Buffer 20 ETF - February

PGIM US Large-Cap Buffer 20 ETF - February (PBFB)

Updated October 16, 2026.

PBFB is an ETF. its expense ratio is 0.50%. Total return is 29.9% over the past 2.7 years, 31.2 points behind SPY at 61.1%.

PGIM US Large-Cap Buffer 20 ETF – February is an actively managed ETF that seeks to track the S&P 500 Index by investing substantially all of its assets in customized FLEX Options contracts on the SPDR S&P 500 ETF, designed to provide downside protection while maintaining large-cap equity exposure. The fund does not currently distribute income to shareholders and carries an expense ratio of 0.50%. It appeals to equity investors seeking S&P 500 exposure with built-in downside hedging rather than traditional income generation.

PBFB performance versus SPY

Price and return data through 2026-10-16.

Total return is 29.9% over the past 2.7 years, 31.2 points behind SPY at 61.1%. Over the past year its total return — price change plus distributions reinvested — is 10.6%. Its deepest 1-year drawdown was 3.8%.

PBFB key facts

Issuer

PGIM Investments

Asset type

ETF

Asset class

Equity

Inception date

01/31/2024

Expense ratio

0.50%

Distribution frequency

None

Last close

$32.71 (as of 2026-10-16)

AUM

$41,734,867

Average volume

14085.0

Beta

0.3636

How Dividend Vision calculates yield and returns

Distribution rate (the posted rate) uses calculation basis unavailable. Issuer rates can use a different denominator and date, including ex-date NAV. Trailing-12-month yield is the sum of split-adjusted cash distributions with ex-dates in the last 12 months, divided by the published price. It lags a recent raise or cut. Total return uses split-adjusted close with distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date) from the first stored bar on or after inception through the latest bar, compared with the same window on the benchmark. That is the security's total return, not your personal gain/loss.

Yield and safety methodology · Distribution rate methodology · Distribution Safety Score methodology

Sources and review

Primary sources: PGIM Investments; prices and distributions from Dividend Vision, derived from vendor EOD data.

Reviewed by Bert Sweet, CEO and Co-owner of Dividend Vision. Methodology: Distribution Safety Score.

PBFB risks and drawbacks

Total return has trailed SPY over the available window. The deepest 1-year drawdown on record here is 3.8%.

Who may consider PBFB — and who may not

It is a weaker fit for investors who need monthly cash flow (PBFB does not currently distribute); investors whose main goal is matching SPY total return. This is educational context, not a recommendation to buy or sell.

More on PBFB

• All tickers starting with P

Tagged: Downside Protection, Options, Target, Large Cap.

Frequently asked questions

More securities from PGIM Investments.