PGIM Adds Two Jennison-Managed Core Equity ETFs

PGIM has expanded its active exchange-traded fund lineup with two core equity strategies managed by Jennison Associates, targeting market segments that can help investors diversify beyond large U.S. companies.

The PGIM Jennison Small-Mid Cap Core Equity ETF trades on NYSE Arca under the ticker PJSM. Under normal market conditions, the fund invests at least 80% of its investable assets in equity and equity-related securities issued by small- and midcap companies.

Jennison defines those companies as having market capitalizations below the largest constituent of the Russell 2500 Index. PJSM carries a net expense ratio of 0.29%.

The PGIM Jennison International Core Equity ETF, trading under the ticker PJIN, invests primarily in companies based outside the United States or deriving their principal economic exposure from foreign markets. The portfolio may include companies in emerging markets. Its net expense ratio is 0.23%.

“The ETFs are designed to serve as diversified portfolio building blocks,” said Stuart Parker, head of global wealth at PGIM. He cited the accessibility, transparency and competitive pricing of the ETF structure.

The launches come as actively managed ETFs capture a growing share of industry flows. U.S.-domiciled ETFs attracted more than $435 billion through early April, while Citigroup projects active strategies could double their share of total ETF assets over the next decade.

Ken Moore, head of Jennison, said core investing does not require choosing between active conviction and benchmark discipline.

Founded in 1969, Jennison manages approximately $213 billion across equity and fixed-income strategies. PGIM ranks as the 12th-largest active ETF provider, with about $33 billion in ETF assets under management.