At a glance
PJFV charges 0.33% a year, below the 0.35% average of the 8 funds most like it (the 4th cheapest of 9). It has $148.2M in assets, the 9th largest of that group; it paid 0.56% of its price in distributions over the past 12 months, annual. Over the past year it returned +25.4% with distributions reinvested (S&P 500: +11.5%), 3rd of those 9 funds; over three years it returned +27.9% a year. Its ten largest positions make up 41.3% of the fund, out of 35 in all.
The short version
PGIM Jennison Focused Value ETF (PJFV) is an actively managed fund. Its subadviser, Jennison, picks roughly 25 to 40 mostly large companies that it judges to be undervalued. As of August 31, 2026, it held 35 stocks, and the top 10 made up about 41% of assets. Its 0.33% expense ratio is close to the 0.35% average of similar funds, but index funds such as Vanguard Mega Cap ETF charge 0.07%.
Price history
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PJFV +25.4% 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 | |
|---|---|---|---|---|---|---|
| PJFV official prospectus, to Dec 31, 2025 | — | +18.41% | — | — | — | +19.16% |
| PJFV price data to Oct 27, 2026 | +23.2% | +25.4% | +27.9% | — | — | +21.2% |
- Over the year to Oct 27, 2026, PJFV returned +25.4%, 3rd of 9 among similar funds.
- Its worst full calendar year was 2023 (+18.5%); its best was 2024 (+24.1%).
- The deepest fall in its price history was 18.2% (Feb 18, 2025 to Apr 8, 2025), recovered by Jul 1, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +23.1% | — |
| 2025 | +18.7% | +18.41% |
| 2024 | +24.1% | +24.30% |
| 2023 | +18.5% | +18.47% |
| 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 | $0.5700 | -38.0% |
| 2024 | $0.9200 | +33.3% |
| 2023 | $0.6900 |
What's inside
As of Aug 31, 2026, the fund held 35 securities; the ten largest made up 41.28% of assets, and 2.63% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| MICROSOFT CORP | 6.22% | |
| APPLE INC | 5.42% | |
| AMAZON.COM INC | 4.86% | |
| JP MORGAN CHASE & COMPANY | 4.61% | |
| EXXONMOBIL HOLDINGS CORP | 3.96% | |
| WALMART INC | 3.46% | |
| SHELL PLC | 3.40% | |
| TOLL BROTHERS INC | 3.38% | |
| ALPHABET INC | 3.01% | |
| PNC FINANCIAL SERVICES GROUP INC (THE) | 2.96% | |
| NISOURCE INC | 2.91% | |
| WELLS FARGO & COMPANY | 2.91% | |
| ABBVIE INC | 2.88% | |
| ELI LILLY & COMPANY | 2.86% | |
| AIRBUS SE | 2.76% |
By country
United States 82.96%United Kingdom 5.18%Netherlands 2.76%Germany 2.48%Ireland 2.2%By asset type
Stocks 97.24%By sector
Sectors of the companies held, for the 72.7% 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 added a net $57.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +3.92%, +1.23%, -0.25%.
How it works
PJFV does not track an index. At least 80% of its assets go into companies with "value characteristics." A company qualifies if it appears on any value index, or if the subadviser thinks it is undervalued based on measures such as price to earnings (share price compared with profits), price to book or price to free cash flow. The subadviser studies companies one by one, then uses a systematic optimization process to manage overall risk and liquidity. It puts more money into its highest-conviction picks and shifts money among them over time.
It looks for durable businesses, good business models the market has mispriced, high returns on assets or equity, high free cash flow yields, management willing to make changes, or problems that are temporary or fixable. The fund mostly holds large companies but can own any size. Up to 35% can be foreign, and it may lean heavily on certain sectors. Because value is defined so broadly, its largest holdings as of August 31, 2026 were Microsoft (6.2%), Apple (5.4%) and Amazon (4.9%), ahead of JPMorgan Chase and ExxonMobil. Portfolio turnover was 62%.
The fund held no derivatives as of August 31, 2026. Unlike many ETFs, it may create and redeem shares for cash. That can force it to sell holdings and realize gains, which can lead to taxable distributions in a regular brokerage account.
What it really costs
- PJFV charges 0.33% a year, versus an average of 0.35% for the similar funds below (4th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $34 in the first year and $418 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| PJFV | $34 | $106 | $185 | $418 |
In a retirement portfolio
It is a concentrated, actively managed portfolio of about 35 stocks with a track record of under four years, so it fits better beside a broad core holding than in place of one.
PJFV could add a focused, manager-picked group of large companies with a value lean alongside a broad index fund. It launched on December 12, 2022, so it has no record through the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. Its weakest calendar year so far was still a gain of 18.5%, in 2023. Its deepest drop was 18.2%, from February 18 to April 8, 2025. It recovered by July 1, 2025, about 2.8 months later, but anyone who had to sell during that stretch would have locked in a loss. Income is small. The yield was 0.56% as of October 27, 2026, paid once a year. On cost, the SEC's standard $10,000 example puts total expenses at $418 over 10 years. 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 a concentrated portfolio of about 35 large companies picked by a manager, rather than hundreds of stocks held by an index.
- People willing to pay an active fee of 0.33% a year, close to the 0.35% average among similar funds.
- Long-term holders focused on growth who don't need income from it, since the yield was 0.56% and it pays only once a year.
Look elsewhere if
- Cost-focused investors: Vanguard Mega Cap ETF charges 0.07% and Principal U.S. Mega-Cap ETF 0.12%, compared with PJFV's 0.33%.
- Anyone who wants a long record; it launched in December 2022 and has no history through the 2008, 2020 or 2022 downturns.
- Investors expecting a traditional value fund, since Microsoft, Apple and Amazon were its top holdings and technology was its largest sector.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| PJFV this fund | — | 0.33% | $148.2M | +25.4% | +27.9% |
| DYNF iShares U.S. Equity Factor Rotation Active … | 40% | 0.27% | $38.61B | +10.7% | +24.9% |
| USMC Principal U.S. Mega-Cap ETF | 35% | 0.12% | $3.49B | +11.3% | +24.5% |
| MGC Vanguard Mega Cap ETF | 35% | 0.07% | $10.90B | +13.5% | +26.0% |
| PVAL Putnam Focused Large Cap Value ETF | 32% | 0.56% | $14.09B | +27.8% | +24.9% |
| CGCV Capital Group Conservative Equity ETF | 30% | 0.33% | $2.04B | +10.3% | — |
| CGDV Capital Group Dividend Value ETF | 28% | 0.33% | $38.69B | +15.6% | +23.9% |
| FBCV Fidelity Blue Chip Value ETF | 28% | 0.59% | $177.0M | +27.6% | +20.5% |
Questions investors ask
Is PJFV a good fund for retirement?
It depends on the role it plays. PJFV is an actively managed, concentrated value fund with 35 holdings as of August 31, 2026. That may make it better suited to a smaller slice next to broader funds than to a whole stock allocation. Its record is short. It launched in December 2022 and has no history through 2008, 2020 or 2022. Its deepest drop was 18.2%, in early 2025. Income is modest: the yield was 0.56% as of October 27, 2026, paid once a year.
What's the difference between PJFV and PVAL?
Both are actively managed, concentrated large-company value ETFs, and about 32% of their holdings overlap. PJFV is cheaper, at 0.33% a year versus 0.56% for Putnam Focused Large Cap Value ETF (PVAL). PVAL is much larger, with about $14.1 billion in net assets as of August 31, 2026, against about $148 million for PJFV. Over three years, PJFV returned 27.9% a year as of October 27, 2026. PVAL returned 26.5% a year as of October 30, 2026.
Does PJFV pay monthly dividends?
No. PJFV pays distributions once a year. In the 12 months to October 27, 2026, it paid about $0.57 per share, a yield of 0.56%. The yield is low because the fund's goal is long-term growth of capital, not income. It trades actively, with 62% portfolio turnover, and it can create and redeem shares for cash. Both can lead to capital gains distributions, which are taxable in a regular brokerage account.
How has PJFV performed since it launched?
It has gained in every full calendar year so far. According to its prospectus, it returned 18.47% in 2023, 24.3% in 2024 and 18.41% in 2025. From its December 2022 launch through December 31, 2025, it averaged 19.16% a year. Based on market price, it was up 23.2% in 2026 through October 27. That history covers less than four years and no full bear market, so it says little about how the fund would hold up in a long downturn.
Why does PJFV own Microsoft and Apple if it's a value fund?
Because its prospectus defines value broadly. A company counts if it appears on any value index, or if the subadviser judges it undervalued using measures such as price to earnings or price to free cash flow. As of August 31, 2026, its three largest holdings were Microsoft (6.2%), Apple (5.4%) and Amazon (4.9%). Technology was its biggest sector among classified holdings, at about 21%. Investors who want a traditional value tilt may find it worth comparing its holdings with other value funds.