PGIM Jennison Focused Mid-Cap ETF

PGIM Jennison Focused Mid-Cap ETF (PJFM), from Prudential, is an actively managed fund that picks roughly 30 to 50 mid-sized companies, mostly in the US, instead of tracking an index. Its managers blend value and growth stocks, and the closest mid-cap index funds share only about 10% of its holdings. The trade-off is cost: a 0.49% expense ratio versus a 0.13% average for those funds.

• Over the year to Oct 27, 2026, PJFM returned +7.9%, 6th of 7 among similar funds.
• Its worst full calendar year was 2025 (+7.5%); its best was 2024 (+15.6%).
• The deepest fall in its price history was 22.8% (Nov 29, 2024 to Apr 8, 2025), recovered by Dec 4, 2025.

As of Aug 31, 2026, the fund held 50 securities; the ten largest made up 32.49% of assets.

• Over the three months to Aug 31, 2026, investors added a net $3.4M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +4.77%, -5.48%, +0.09%.

PJFM is actively managed, so it does not try to match an index. It normally keeps at least 80% of its net assets, plus any money borrowed to invest, in stocks of mid-sized companies. These are companies within the market-value range of the Russell Midcap Index at the time the fund buys them. As of September 30, 2026, that index's median company was worth $12.5 billion and its largest $86 billion. The fund can also own bigger or smaller firms.

The subadviser (the firm that picks the stocks) blends value and growth styles to choose about 30 to 50 companies across industries. It looks for stocks it sees as attractively priced and, based on its own forecasts, able to grow earnings faster than others over periods longer than a year. A systematic portfolio-building process then manages overall risk and liquidity, meaning how easily holdings can be traded. As of August 31, 2026, the fund held 50 companies. NiSource was the largest at 4.4%, and the top 10 made up 32.5%.

There are no set rebalancing dates. The prospectus reports 126% portfolio turnover, meaning the fund traded more than its entire value in a year. Up to 35% can be in foreign stocks. About 21% was outside the US as of August 31, 2026, mostly in Bermuda and Canada. Because the fund may pay out large redemptions in cash rather than stock, it may have to sell holdings and realize taxable gains.

• PJFM charges 0.49% a year, versus an average of 0.13% for the similar funds below (7th of 7, cheapest first).
• Using the prospectus's standard example, $10,000 invested would cost about $50 in the first year and $616 over 10 years (assuming a 5% annual return).

A concentrated, actively managed portfolio of about 50 mid-sized stocks, with under three years of history and a fee well above index peers, fits more naturally as a smaller add-on to core holdings.

PJFM could act as a small satellite position, adding a hand-picked mix of mid-sized companies beside broad core funds. Its record is short. It launched in December 2023, so it has no history through the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. Its weakest full calendar year, 2025, was still a gain of 7.41%. But from November 29, 2024 to April 8, 2025 it fell 22.8%, and it took until December 4, 2025, about eight months, to recover. Anyone forced to sell shares near that low would have locked in losses.

It pays little income. The yield over the prior 12 months was 0.6% as of October 27, 2026, paid once a year. Its 0.49% expense ratio compares with a 0.13% average for similar mid-cap index funds. Past results don't predict future ones, and a retirement plan needs to look at the whole portfolio, not one fund.

Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).