PGIM Adds Two Jennison Active Equity ETFs to Core Lineup

PGIM announced Friday that it has added two actively managed Jennison equity ETFs to its core lineup, extending its exchange-traded fund range into U.S. small- and mid-cap stocks and international equities. The PGIM Jennison Small-Mid Cap Core Equity ETF trades under the ticker PJSM, while the PGIM Jennison International Core Equity ETF trades as PJIN. Both are listed on NYSE Arca.

The September 4 announcement sets PJSM’s net expense ratio at 0.29% and PJIN’s at 0.23%. Both funds are subadvised by Jennison, an investment group within PGIM that uses fundamental research across active equity and fixed-income strategies, and both have a long-term capital-appreciation objective.

The timing carries an important distinction. PGIM announced the two ETFs on September 4, but their official inception date is September 1. A PGIM ETF Trust filing with the Securities and Exchange Commission became effective September 1 and lists PJSM and PJIN as series of the trust. The Friday news is therefore PGIM’s public launch announcement for funds that had already become effective earlier in the week.

PJSM targets small- and mid-cap stocks at a 0.29% net fee

PJSM is designed as an active core allocation for smaller U.S. companies. Under normal market conditions, the fund invests at least 80% of its investable assets in equity and equity-related securities of small- and medium-capitalization companies. Jennison defines that universe as companies with market capitalizations below the largest market capitalization found in the Russell 2500 Index.

That definition gives the manager room to select stocks across the small- and mid-cap range rather than bind the portfolio to a mechanical replication of an index. PGIM says Jennison combines bottom-up fundamental research with a risk-managed portfolio-construction framework intended to balance security selection against broader portfolio exposures. The approach is active, but PGIM is positioning the ETF as a diversified core holding rather than a concentrated thematic or style bet.

The distinction matters because smaller-company equities can behave differently from large-cap stocks. PGIM’s own risk disclosure notes that small- and mid-cap investments may experience more erratic market movements than large-cap shares, and the fund’s blend style exposes it to periods when either growth or value approaches are out of favor. PJSM can also hold foreign securities, adding currency and political risks to the normal volatility of equity investing.

The 0.29% net expense ratio places the fee below several of PGIM’s more concentrated Jennison equity ETFs, although the strategies are not interchangeable simply because they share the same subadviser. PJSM is intended to provide broad small- and mid-cap exposure while leaving Jennison discretion over stock selection and portfolio risk.

PJIN extends the core lineup beyond U.S. equities

PJIN takes a similarly broad active approach outside the United States. The fund invests primarily in non-U.S. companies located in countries outside the United States or businesses whose primary economic exposure is outside the country. Its mandate can include issuers in emerging markets, so the portfolio is not limited to developed international markets.

PGIM is offering PJIN at a 0.23% net expense ratio. Jennison again supplies the fundamental research and active stock selection, while the portfolio framework is intended to keep the fund usable as a diversified core allocation. International investing adds its own set of variables, including currency movements, political conditions and differences in market structure, which PGIM lists among the fund’s principal risks.

The new ETF also gives PGIM a different international option from the PGIM Jennison Focused International Equity ETF, PJIO. In June, PGIM said it was repositioning PJIO as part of a broader effort to separate its equity ETF range into core and focused strategies. PJIO’s current annual expense ratio is 0.54%, while PJIN enters the lineup at 0.23%. The intended portfolio roles are different: PGIM describes core strategies as diversified market exposures and focused strategies as higher-conviction complements.

That separation is more useful than treating every active ETF as a substitute for every other one. A core international fund is built to occupy a broader portfolio role, while a focused strategy can accept more concentration in pursuit of differentiated returns. Both still carry active-manager risk, and neither is guaranteed to outperform its benchmark or a lower-cost passive alternative.

The launches continue PGIM’s equity ETF reorganization

PJSM and PJIN extend a restructuring that PGIM began earlier in 2026. In May, the firm launched the PGIM Jennison U.S. Core Equity ETF, PJUS, a roughly 100-stock active portfolio with a 0.19% net expense ratio. A month later, PGIM announced changes intended to organize its Jennison equity ETFs around two categories: diversified core strategies and more concentrated focused strategies.

Those June changes included plans to merge the PGIM Jennison Focused Value mutual fund into its ETF counterpart, reduce the ETF’s expense ratio, reposition the international opportunities ETF as PJIO, and close the PGIM Jennison Better Future ETF. The new small-mid and international funds fill out the core side of that structure, giving PGIM active equity products aimed at broad U.S., smaller-company and overseas allocations rather than relying only on focused strategies.

The expansion is taking place inside a much larger active ETF business. PGIM said, citing Morningstar Direct data through June 30, that it was the 12th-largest active ETF provider with $33 billion in assets under management. The parent asset-management business reported $1.5 trillion of assets under management at the same date, while Jennison managed $213 billion in client assets across equity and fixed-income strategies.

The two new funds remain very small at the outset, which is typical for newly seeded ETFs. PGIM’s product pages showed net assets of about $5.03 million for PJSM and $5.01 million for PJIN as of September 2, with each fund reporting 100,000 shares outstanding. Those early figures establish a starting point for the launches; investor adoption, trading activity and asset growth will determine how large a role the funds ultimately play in PGIM’s redesigned equity ETF lineup.