PGIM S&P 500 MAX BUFFER ETF - JANUARY

The Fund’s investment objective is to provide investors with returns that match the price return of the SPDR® S&P 500® ETF Trust up to a predetermined upside cap while seeking to maximize the downside protection against the SPDR® S&P 500® ETF Trust’s losses over the one-year Target Outcome Period. In seeking to achieve this investment objective, the Fund’s approximate upside cap over the period January 1, 2025 through December 31, 2025 is 7.54% (before fees and expenses). The downside buffer for the period is 100% (before fees and expenses).