PGIM S&P 500 QUARTERLY BUFFER 20 ETF (USD) PQXX.US

The PGIM S&P 500 Quarterly Buffer 20 ETF is an actively managed product designed to deliver exposure to the S&P 500 through a defined outcome strategy. It seeks to provide returns that match the price return of the SPDR S&P 500 ETF Trust (SPY) up to a set upside cap, while providing a buffer against the first 20% of SPY's losses (before fees) over a Target Outcome Period of approximately three months.

To implement this strategy the fund employs options (including FLEX options) and other derivatives, and under normal conditions invests at least 80% of its net assets (plus any borrowings for investment purposes) in instruments that provide exposure to securities included in the S&P 500 Index.

The upside cap is established at the start of each new Target Outcome Period and varies depending on market conditions. The asset class of the fund is equity, rooted in large-capitalization U.S. stocks via S&P 500 exposure, with a mandate focused on managing downside risk via buffers while limiting upside participation (via caps).

It is structured as an exchange-traded fund (ETF) offered by PGIM (through PGIM Quantitative Solutions), under a U.S. registered ETF vehicle, listing on the Cboe BZX Exchange.