PGIM S&P 500 Max Buffer ETF – August

PGIM S&P 500 Max Buffer ETF – August is an exchange-traded fund designed to deliver defined outcomes linked to the price return of a leading large-cap U.S. equity benchmark via exposure to an underlying S&P 500 ETF. It seeks to match upside performance up to a predetermined cap over a set target outcome period while providing significant downside protection through a built-in buffer, implemented using FLEX Options on the reference asset. The fund is part of a monthly series structure, offering investors the ability to select specific outcome periods and maintain ongoing exposure by laddering across vintages. Managed by PGIM Quantitative Solutions, it applies rules-based options strategies within an actively managed framework, targeting transparent caps, buffers, and outcome metrics published during each period. Positioned within the defined outcome category, it serves investors seeking to shape equity risk-return profiles, temper drawdowns, and align upside participation with known caps, with a stated total annual expense ratio of 0.50%.