At a glance
PJFG charges 0.75% a year, above the 0.41% average of the 8 funds most like it (the most expensive of 9). It has $140.3M in assets, the 9th largest of that group. Over the past year it returned +3.6% with distributions reinvested (S&P 500: +11.5%), 4th of those 9 funds; over three years it returned +25.2% a year. Its ten largest positions make up 60.6% of the fund, out of 37 in all.
The short version
PGIM Jennison Focused Growth ETF (PJFG) is an actively managed fund from Prudential. It holds a concentrated portfolio of mostly US growth stocks, led by NVIDIA, Alphabet and Apple. It owns far fewer stocks than most growth funds: 37 companies as of August 31, 2026, with the top 10 making up about 61% of assets. Its 0.75% expense ratio is the highest among nine similar growth funds.
Price history
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PJFG +3.6% 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 | |
|---|---|---|---|---|---|---|
| PJFG official prospectus, to Dec 31, 2025 | — | +16.78% | — | — | — | +29.87% |
| PJFG price data to Oct 27, 2026 | +6.5% | +3.6% | +25.2% | — | — | +24.8% |
- Over the year to Oct 27, 2026, PJFG returned +3.6%, 4th of 9 among similar funds.
- Its worst full calendar year was 2025 (+16.9%); its best was 2023 (+54.2%).
- The deepest fall in its price history was 24.2% (Feb 14, 2025 to Apr 8, 2025), recovered by Jun 24, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +6.5% | — |
| 2025 | +16.9% | +16.78% |
| 2024 | +31.6% | +31.38% |
| 2023 | +54.2% | +54.52% |
| 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 |
What's inside
As of Aug 31, 2026, the fund held 37 securities; the ten largest made up 60.62% of assets.
| Holding | Weight | |
|---|---|---|
| NVIDIA CORP | 11.94% | |
| ALPHABET INC | 9.27% | |
| APPLE INC | 7.23% | |
| MICROSOFT CORP | 6.03% | |
| AMAZON.COM INC | 5.82% | |
| BROADCOM INC | 4.97% | |
| ELI LILLY & COMPANY | 4.46% | |
| MASTERCARD INC | 3.90% | |
| GE AEROSPACE | 3.51% | |
| ADVANCED MICRO DEVICES INC | 3.48% | |
| META PLATFORMS INC | 3.12% | |
| TESLA INC | 2.64% | |
| CROWDSTRIKE HOLDINGS INC | 2.04% | |
| TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LTD | 1.94% | |
| NETFLIX INC | 1.93% |
By country
United States 93.69%Taiwan 1.94%Luxembourg 1.65%Canada 1.07%Cayman Islands 0.96%By asset type
Stocks 99.31%By sector
Sectors of the companies held, for the 88.3% of the fund in companies that have a stock page here; other holdings and cash aren't classified. 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 $11.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -3.65%, -1.75%, +3.48%.
How it works
PJFG does not track an index. Its subadviser picks stocks by combining in-depth company research with a computer-based system for building the portfolio. The fund must keep at least 80% of its investable assets in companies with growth characteristics. That means a stock listed on any growth index, or one the subadviser expects to grow sales or earnings quickly. It typically holds 20 to 50 companies. The managers look for unusual business models with lasting competitive advantages, growth well above the market's, strong finances and reasonable long-term valuations.
A stock may be cut or sold after an earnings disappointment, when it hits the managers' price target, when a better idea comes along, or after a sharp price drop. A risk-control process manages the fund's overall exposures. Holdings are mostly medium and large companies. Up to 35% can be foreign, and the fund can buy shares in initial public offerings (IPOs). Turnover was 44%, meaning trades equal to roughly that share of the portfolio were made over a year.
The fund is "non-diversified," so it can put more money into fewer companies than a typical fund. As of August 31, 2026, technology made up 45% of the stocks with sector data, and the fund held no derivatives. Because it may create and redeem shares for cash, it may have to sell holdings and pass taxable gains on to shareholders.
What it really costs
- PJFG charges 0.75% a year, versus an average of 0.41% for the similar funds below (9th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $77 in the first year and $930 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| PJFG | $77 | $240 | $417 | $930 |
In a retirement portfolio
A concentrated, tech-heavy portfolio of about 37 growth stocks with a 1.38 beta fits better as a small add-on than as a foundation.
PJFG could add a concentrated slice of large growth companies alongside a broader core holding. Its history is short. It launched on December 12, 2022, so it missed the 2008 crisis, the 2020 COVID crash and the 2022 bear market. Its weakest calendar year was 2025, and even that was a gain of 16.78%. Its deepest drop was 24.2%, from February 14 to April 8, 2025. It recovered by June 24, 2025, about 2.5 months later. A retiree who had to sell near that low would have locked in losses, and a longer bear market could cut deeper. As of October 27, 2026, its one-year beta was 1.38, meaning it has swung about 38% more than the overall market. The fund has made no distributions, so any spending money would have to come from selling shares. It costs 0.75% a year, against a 0.41% average for similar funds. Past results don't predict the future, 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 an active stock picker's concentrated growth portfolio of about 37 companies, rather than the hundreds held by index funds like Vanguard Growth ETF.
- People comfortable with heavy tech exposure: technology was 45% of the stocks with sector data, and NVIDIA nearly 12% of assets, as of August 31, 2026.
- Long-term investors who want a small, higher-risk satellite holding and don't need income, since the fund has made no distributions.
Look elsewhere if
- Cost-conscious investors: the 0.75% expense ratio ranks 9th of 9 similar funds, and Vanguard Growth ETF (VUG) charges 0.04%.
- Retirees who need regular income from their holdings, since PJFG has paid no distributions since it launched in December 2022.
- Anyone who wants a fund that has been through a long bear market; PJFG launched after the 2022 downturn.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| PJFG this fund | — | 0.75% | $140.3M | +3.6% | +25.2% |
| WINN Harbor Long-Term Growers ETF | 78% | 0.57% | $1.13B | +5.5% | +25.4% |
| PGRO Putnam Focused Large Cap Growth ETF | 69% | 0.56% | $212.1M | +3.1% | +24.6% |
| TGRW T. Rowe Price Growth Stock ETF | 65% | 0.52% | $1.03B | -0.6% | +21.4% |
| NUGO Nuveen Growth Opportunities ETF | 65% | 0.56% | $2.44B | +4.6% | +25.6% |
| MGK Vanguard Mega Cap Growth ETF | 65% | 0.07% | $33.30B | +2.5% | +23.2% |
| HFGO Hartford Large Cap Growth ETF | 64% | 0.59% | $200.9M | +2.5% | +27.0% |
| TGRT T. Rowe Price Growth ETF | 63% | 0.38% | $1.48B | +1.0% | +23.5% |
Questions investors ask
Does PJFG pay dividends?
No. PGIM Jennison Focused Growth ETF has made no distributions since it launched on December 12, 2022. It aims for long-term capital growth, and its largest holdings, such as NVIDIA, Alphabet and Apple, are growth companies that pay small dividends or none. Investors who own it for retirement spending would need to sell shares to raise cash. A dividend-focused fund may suit someone who wants a regular income stream.
What is PJFG's expense ratio?
PJFG's expense ratio is 0.75%, according to its prospectus filed October 30, 2026. In the SEC's standard example, $10,000 invested with a 5% yearly return costs about $77 in the first year, $417 over five years and $930 over ten years. That is the most expensive of nine similar growth funds, which average 0.41%. Index funds such as Vanguard Growth ETF (VUG) charge 0.04%.
PJFG vs WINN: what's the difference?
Both are actively managed growth ETFs, and their holdings overlap by about 78%. Harbor Long-Term Growers ETF (WINN) costs 0.57% a year, compared with PJFG's 0.75%. WINN is also much bigger, with about $1.13 billion in net assets as of July 31, 2026, against PJFG's $140 million as of August 31, 2026. As of October 27, 2026, WINN returned 5.5% over one year versus PJFG's 3.6%, and 25.4% a year over three years versus 25.2%.
What are PJFG's top holdings?
As of August 31, 2026, PJFG's largest holdings were NVIDIA (11.9%), Alphabet (9.3%), Apple (7.2%), Microsoft (6.0%) and Amazon (5.8%). Broadcom, Eli Lilly, Mastercard, GE Aerospace and AMD completed the top 10, which together made up about 61% of assets. The fund held 37 companies in all, and about 94% of assets were in US companies. Its biggest sectors were technology (45%) and communication services (15.3%).
How has PJFG performed since it launched?
PJFG has posted strong results over its short history. Its prospectus shows returns of 54.52% in 2023, 31.38% in 2024 and 16.78% in 2025. Its average annual return from launch through December 31, 2025 was 29.87%. Based on share prices, it gained 6.5% in 2026 through October 27. Its worst quarter was a 10.71% loss in early 2025. It launched in December 2022, so it has never been through a long bear market.