PGIM S&P 500 BUFFER 20 ETF - JUNE

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 providing a downside buffer against the first 20% (before fees and expenses) of 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 upside cap over the period June 1, 2024 through May 31, 2025 is 12.31%. The cap is established at the beginning of each Target Outcome Period.