PGIM S&P 500 Buffer 12 ETF - November

PGIM S&P 500 Buffer 12 ETF - November is an actively managed exchange-traded fund designed to provide exposure to the large-cap U.S. equity market through the SPDR S&P 500 ETF Trust reference asset. The fund uses FLEX options to seek returns that track the S&P 500’s price performance up to a predetermined upside cap while aiming to buffer the first 12% of losses over a one-year target outcome period. It is part of PGIM’s defined-outcome buffer ETF lineup, which is built for investors looking for structured equity exposure with built-in downside protection features and capped upside participation. The portfolio primarily relies on customized option strategies rather than direct stock selection, and it is classified as an alternative ETF focused on U.S. large-cap equities. PGIM S&P 500 Buffer 12 ETF - November plays a niche role in the market by offering a rules-based approach to equity participation with predefined risk and return parameters.