PGIM S&P 500 BUFFER 20 ETF - MAY

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 May 1, 2024 through April 30, 2025 is 13.24%.