PGIM S&P 500 Buffer 20 ETF - December

PGIM S&P 500 Buffer 20 ETF - December is an actively managed exchange-traded fund designed to provide exposure to U.S. large-cap equities through the S&P 500 while using options-based strategies to shape returns over a one-year outcome period. The fund seeks to capture the price return of the SPDR S&P 500 ETF Trust up to a predetermined upside cap, while also offering a downside buffer against the first 20% of losses before fees and expenses. It primarily uses FLEX Options on the underlying S&P 500-linked ETF, allowing the portfolio to pursue a defined return profile rather than traditional market-cap-weighted exposure. PGIM S&P 500 Buffer 20 ETF - December is used by investors seeking a rules-based buffer strategy tied to broad U.S. equity market performance, with an emphasis on downside mitigation and capped upside participation.