PGIM Jennison International Opportunities ETF

PGIM Jennison International Opportunities ETF (PJIO) is an actively managed fund from Prudential's PGIM. It holds a concentrated portfolio of about 25 growth stocks based outside the United States, including some in emerging markets. As of August 31, 2026, its largest holdings were Taiwan Semiconductor and ASML. Its 0.54% expense ratio is far above the 0.10% average of similar international funds, and its price has swung much more than the overall market.

• Over the year to Oct 27, 2026, PJIO returned -9.5%, 7th of 7 among similar funds.
• Its worst full calendar year was 2024 (+4.6%); its best was 2025 (+17.8%).
• The deepest fall in its price history was 19.4% (Jun 22, 2026 to Jul 29, 2026), not yet recovered.

As of Aug 31, 2026, the fund held 26 securities; the ten largest made up 52.6% of assets, and 2.67% sat in cash and money-market holdings.

• Over the three months to Aug 31, 2026, investors added a net $34.1M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +3.80%, -11.11%, +2.84%.

PJIO does not track an index. A subadviser picks the stocks, with the goal of long-term growth of capital. At least 80% of the fund's investable assets go into stocks and stock-related securities. These are mainly companies based outside the US or doing most of their business abroad, including emerging markets such as China, and companies of any size. The fund can buy shares on foreign exchanges or through American Depositary Receipts (ADRs), which are US-traded certificates that represent foreign shares.

The manager looks for companies in the early stages of accelerating growth. It wants lasting competitive advantages, a business strategy the company can carry out, and a sensible price. Research drives the stock picks. A systematic process then sizes each position to manage overall risk and liquidity. The fund usually holds 15 to 35 stocks, typically about 25. It is "non-diversified," which means it can put more of its money into fewer companies than a diversified fund can. As of August 31, 2026, it held 26 stocks, and the top 10 made up 52.6% of assets.

There is no fixed rebalancing schedule. The manager trims or sells a stock when its business weakens, its management changes, or a more attractive candidate comes along. The prospectus shows 130% portfolio turnover, which means heavy trading. The fund may also create and redeem shares for cash. That can force it to sell holdings and realize taxable gains that many other ETFs avoid.

• PJIO charges 0.54% a year, versus an average of 0.1% for the similar funds below (7th of 7, cheapest first).
• Using the prospectus's standard example, $10,000 invested would cost about $55 in the first year and $677 over 10 years (assuming a 5% annual return).

PJIO is a concentrated, actively traded growth fund with a one-year beta of 1.69, so it fits better as a small add-on than as a portfolio's foundation.

PJIO could add a focused mix of foreign growth companies. It shares only 5% to 8% of its holdings with broad international funds such as SCHF and VEA. The tradeoff is risk. The fund launched in December 2023, so it has no record in the 2008, 2020 or 2022 sell-offs. Its weakest calendar year was 2024, which was still a 5.07% gain. Its deepest drop was 19.4%, from June 22 to July 29, 2026, and it had not recovered as of October 27, 2026. Anyone forced to sell during a slump like that would lock in losses. Income is small: a 0.2% trailing yield, paid once a year. In the SEC's standard example, $10,000 invested costs $55 in the first year and $677 over 10 years. Past results don't predict future returns, and a plan should 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).