At a glance
PBL charges 0.45% a year. It has $79.7M in assets; it paid 2.03% of its price in distributions over the past 12 months, annual. Over the past year it returned +7.9% with distributions reinvested (S&P 500: +11.5%); over three years it returned +16.6% a year.
The short version
PGIM Portfolio Ballast ETF (PBL) is an actively managed fund that pairs long-dated call options on the S&P 500 with a large stake in US Treasury notes. It aims to capture about 60% of the S&P 500's gains when stocks rise and about 30% of its losses when they fall, averaged over a full market cycle. It charges 0.45% a year and has a short record, starting in December 2022.
Price history
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PBL +7.9% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| PBL official prospectus, to Dec 31, 2025 | — | +11.87% | — | — | — | +13.14% |
| PBL price data to Oct 27, 2026 | +8.6% | +7.9% | +16.6% | — | — | +12.4% |
- Over the year to Oct 27, 2026, PBL returned +7.9%.
- Its worst full calendar year was 2025 (+12.3%); its best was 2024 (+16.8%).
- The deepest fall in its price history was 11.6% (Dec 6, 2024 to Apr 8, 2025), recovered by Jun 26, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +8.6% | — |
| 2025 | +12.3% | +11.87% |
| 2024 | +16.8% | +16.92% |
| 2023 | +14.3% | +14.23% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.6800 | -64.9% |
| 2024 | $1.9400 | -4.9% |
| 2023 | $2.0400 |
What's inside
As of Aug 31, 2026, the fund held 7 securities; the ten largest made up 60.88% of assets, and 11.09% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 19.24% | |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 18.16% | |
| VANGUARD SCOTTSDALE FUNDS INTER TERM TREAS | 8.33% | |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 7.04% | |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 4.85% | |
| ISHARES TRUST CORE S&P500 ETF | 1.74% | |
| VANGUARD INDEX FUNDS S&P 500 ETF SHS | 1.53% |
By country
United States 60.88%By issuer
US Treasury 49.28%Other registered funds 11.6%The bonds mature in 3.9 years on average (weighted by size), with an average coupon of 3.92%.
Source: N-PORT holdings report as of Aug 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $2.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -0.81%, -0.10%, +2.49%.
How it works
PBL does not track an index. Its subadviser builds a portfolio meant to keep part of the stock market's gains while limiting losses, measured against the S&P 500. Most of its stock exposure comes from call options on the S&P 500 or the SPDR S&P 500 ETF (SPY), along with S&P 500 futures. A call option is a contract that gains value when the market rises above a set price. If the market falls, the most the fund can lose on that contract is the price it paid. The fund uses customizable long-dated "FLEX" options. As of August 31, 2026, two SPY call positions made up about 27% of the portfolio, and small stakes in IVV and VOO added about 3%.
The rest is mostly US Treasuries. Treasury notes were about 49% of assets, led by the 4.125% note due October 2029 (19.2%) and the 3.625% note due September 2031 (18.2%). Another 8.3% sat in the Vanguard Intermediate-Term Treasury ETF (VGIT) and about 11% in cash. The Treasuries averaged 3.9 years to maturity.
Under normal conditions, up to 35% of assets go to stock exposure and up to 90% to bonds. The subadviser rebalances from time to time based on interest rates, the level of the index, option prices and how sensitive the options are to market moves. Portfolio turnover was 40%. The 60/30 figures are targets, not promises. Unlike buffer ETFs, the fund has no set cap or loss limit.
What it really costs
- PBL charges 0.45% a year.
- Using the prospectus's standard example, $10,000 invested would cost about $46 in the first year and $567 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| PBL | $46 | $144 | $252 | $567 |
Structure and tax notes
- Generates much of its income from selling options (directly or through notes). That income is usually taxed as ordinary income rather than as qualified dividends, and the strategy gives up some upside in strong markets.
In a retirement portfolio
PBL is built to give up some stock market gains in exchange for smaller losses, with about half its assets in US Treasuries.
PBL may give a portfolio a smoother ride than an all-stock fund. Its one-year beta was 0.7 as of October 27, 2026, meaning it moved about 70% as much as the market. It launched in December 2022, so it missed the 2008, 2020 and 2022 sell-offs entirely. Its deepest drop was 11.6%, from December 6, 2024 to April 8, 2025, and it was back to its old high by June 26, 2025. Every full calendar year has been positive, with 2025's 11.87% the weakest. That record comes from a short stretch of mostly rising markets. Someone forced to sell in a deep bear market would be relying on a design that hasn't been tested in one. Income is small: a 2.03% trailing yield, paid once a year. Fees cost $46 in the first year on $10,000 under the SEC example. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want some S&P 500 upside with smaller swings, and who accept a target of roughly 60% of gains and 30% of losses.
- People who want one fund holding both S&P 500 call options and about half its assets in Treasury notes averaging 3.9 years to maturity.
- Long-term savers who don't depend on fund income for spending, since the 2.03% trailing yield is paid once a year.
Look elsewhere if
- Retirees who need monthly or quarterly income: PBL pays once a year and yielded 2.03% over the year to October 27, 2026.
- Investors who want a defined loss limit: PBL's 30% downside capture is only a target, and the fund has never been through a bear market.
- Cost-focused investors and anyone who prefers larger funds: PBL charges 0.45% and had about $80 million in net assets as of August 31, 2026.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
Is PBL good for retirement?
It may suit retirees who want some stock market growth with smaller drops, but its record is short. PBL launched in December 2022 and has never been through a major bear market. Its deepest decline was 11.6%, and it recovered in about 2.6 months by June 2025. Under the SEC's standard example, its 0.45% expense ratio costs $46 in year one and $567 over 10 years on a $10,000 investment.
Does PBL sell covered calls?
No. PBL buys call options instead of selling them. Covered-call funds sell options for income and give up gains when markets rally. PBL owns long-dated S&P 500 and SPY call options, which rise in value when stocks rise. If stocks fall, its loss on each option is limited to the price it paid. Most of its income comes from the US Treasuries that make up about half the portfolio.
Does PBL pay a dividend?
Yes, but only once a year. Over the 12 months to October 27, 2026, PBL paid about $0.68 per share, a trailing yield of 2.03%. That income comes mostly from Treasury notes, which were about 49% of assets as of August 31, 2026, with an average coupon of 3.92%. Investors who need regular monthly or quarterly income would have to sell shares or rely on other holdings between payments.
How has PBL performed since it launched?
It has gained every full calendar year so far. According to its prospectus, PBL returned 14.23% in 2023, 16.92% in 2024 and 11.87% in 2025. Its average annual return from inception through December 31, 2025 was 13.14%. Its weakest quarter was a 2.86% loss in early 2025. Based on market prices, it was up 8.6% for 2026 through October 27. All of this came in a mostly rising stock market.
Is PBL a buffer ETF?
No. Buffer ETFs promise a set level of downside protection and a cap on gains over a fixed period. PBL has neither. Its aim to capture about 60% of the S&P 500's gains and 30% of its losses is a target, averaged over a full market cycle. The manager adjusts options and Treasury holdings as conditions change, and the prospectus warns that losses could match or exceed the market's in a downturn.