PGIM S&P 500 Buffer 20 ETF - November

PGIM S&P 500 Buffer 20 ETF - November is an actively managed exchange-traded fund designed to provide exposure to large-cap U.S. equities through a buffer outcome strategy tied to the SPDR S&P 500 ETF Trust. The fund seeks to deliver the price return of the reference ETF up to a predetermined upside cap while offering downside protection against the first 20% of losses over a one-year target outcome period, before fees and expenses. It primarily uses FLEX Options and related investments to construct this defined-risk profile, making it part of PGIM’s broader buffer ETF lineup. The fund is intended for investors seeking a structured approach to participating in S&P 500-style market performance with limited loss exposure during the outcome period. PGIM S&P 500 Buffer 20 ETF - November is used in portfolios that aim to combine equity market participation with risk-managed features focused on U.S. large-cap stocks.