PGIM S&P 500 Buffer 12 ETF - December

PGIM S&P 500 Buffer 12 ETF - December is an actively managed exchange-traded fund designed to provide exposure to large-cap U.S. equities through the S&P 500, while using options-based strategies to target a defined outcome over a one-year period. The fund seeks to participate in the price return of the SPDR S&P 500 ETF Trust up to a preset upside cap and to buffer the first 12% of losses, before fees and expenses, if held for the full outcome period. It primarily uses FLEX Options and collateral to implement this structure, making it a rules-based solution for investors looking for a balanced equity exposure with built-in downside limitation features. PGIM S&P 500 Buffer 12 ETF - December is part of PGIM’s buffer ETF lineup and is used in portfolio construction for defined-outcome equity allocation.