PGIM S&P 500 Buffer 12 ETF - Jul JULP Strategy

The investment seeks to provide investors with returns that match the price return of the State Street® SPDR® S&P 500® ETF Trust up to a predetermined upside cap while providing a downside buffer against the first 12% of the State Street® SPDR® S&P 500® ETF Trust’s losses over the one-year Target Outcome Period. Under normal market conditions, at least 80% of its net assets in investments that provide exposure to securities included in the S&P 500 Index. The fund will invest substantially all of its assets in customized equity or index option contracts known as FLexible EXchange® Options on the SPDR® S&P 500® ETF Trust. It is non-diversified.