PGIM S&P 500 Buffer 20 ETF - May

PGIM S&P 500 Buffer 20 ETF - May is an actively managed exchange-traded fund designed to provide exposure to the price return of the SPDR S&P 500 ETF Trust through a defined options-based strategy. The fund seeks to participate in U.S. large-cap equity market gains up to a preset cap while aiming to buffer the first 20% of losses over a one-year target outcome period. To pursue this outcome, it primarily uses FLEX Options on the underlying S&P 500-linked ETF and holds collateral to support the strategy. PGIM S&P 500 Buffer 20 ETF - May is part of PGIM’s buffer ETF lineup, offering a rules-based structure for investors seeking a capped-return, downside-buffered approach to broad U.S. equity exposure.