PGIM AAA CLO ETF (PAAA)PGIMAAACLOETF(PAAA)

ETF shares are not individually redeemable from the Fund. Shares may only be redeemed directly from the Fund by Authorized Participants in creation units only.

As an actively managed exchange traded fund (ETF), the Fund is subject to risks involved with: actively and frequently trading; ETF shares trading risk (including the risk of the shares trading at a premium or discount to net asset value or the lack an active trading market); authorized participant concentration risk; the risk of transacting in cash versus in-kind; as well as the risk of increased expenses and the cost of buying or selling shares through a broker. As a new and relatively small fund with limited operating history, the Fund is subject to the risk that its performance might not represent how it may perform long term and investments may have disproportionate impact on performance. The Fund invests primarily in collateralized loan obligations (“CLOs”) which are subject to credit, interest rate, valuation, and prepayment and extension risks. These securities also are subject to risk of default on the underlying asset, particularly during periods of economic downturn. CLO managers may have limited operating histories and may be subject to conflicts of interest. The Fund is subject to covenant-lite risk, which means the loans or obligations contain fewer financial maintenance covenants than other loans or obligations (in some cases, none) and do not include terms which allow the lender to monitor the borrower’s performance and declare a default if certain criteria are breached; call and redemption risk, where the issuer may call a bond held by the Fund for redemption before it matures and the Fund may lose income; market risks, including economic risks, as well as market disruption and geopolitical risks (the value of investments may decrease, and international conflicts and geopolitical developments may adversely affect the U.S. and foreign financial markets, including increased volatility); liquidity risk, which exists when particular investments are difficult to sell (loans are subject to legal or contractual restrictions on resale); reference rate risk, in which the Fund may be exposed to financial instruments that recently transitioned from using or continue to use the London Interbank Offered Rate (“LIBOR”) to determine payment obligations, financing terms, hedging strategies or investment value; management risk in which the subadviser will apply investment techniques and risk analyses in making investment decisions for the Fund, but the subadviser’s judgments about the attractiveness, value or market trends affecting a particular security, industry or sector or about market movements may be incorrect; and interest rate risk in which the value of your investment may go down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration debt securities. The Fund may lose money if short-term or long-term interest rates rise sharply or in a manner not anticipated by the subadviser. The Fund may invest in derivative securities, which may carry market, credit, and liquidity risks; emerging markets, which typically have economic and political systems that are less fully developed, and can be expected to be less stable, than those of more developed countries; and foreign or non-U.S. securities, which are subject to the risks of currency fluctuation and political uncertainty. The Fund is non-diversified for purposes of the 1940 Act.. Investing in a non-diversified fund involves greater risk than investing in a diversified fund because a loss resulting from the decline in value of any one security may represent a greater portion of the total assets of a non-diversified fund. Large shareholders could subject the Fund to large scale redemption risk. The risks associated with the Fund are more fully explained in the prospectus and summary prospectus. These risks may increase the Fund's share price volatility. There is no guarantee the Fund’s objective will be achieved.

Bid/Ask Spread is the amount by which the ask price exceeds the bid price for an asset in the market. The Bid/Ask Spread is essentially the difference between the highest price that a buyer is willing to pay for an asset and the lowest price that a seller is willing to accept to sell it. 30 Day Median Bid/Ask Spread (%) is computed by first identifying the Fund's national best bid and national best offer as of the end of each 10 second interval during each trading day of the last 30 calendar days. Next, the difference is divided between each such bid and offer by the midpoint of the national best bid and national best offer. Finally, the median of those values is identified and expressed as a percentage rounded to the nearest hundredth. Market Price and NAV Price Daily YTD Returns are reported as Inception To Date return for funds before they pass the first calendar year end of operation. Market returns are based upon the midpoint of the bid/ask spread at 4:00 p.m. Eastern time (when NAV is normally determined for most Funds), and do not represent the returns you would receive if you traded shares at other times. Market Price and Market Price Change are reported as midpoint of the bid/ask spread reported to the consolidated tape. In the event this is not available, the midpoint of the bid/ask spread on the listing exchange is used. Premium/Discount is the percent difference between the Market price and the NAV price. Effective Duration measures investment risk that takes into account both a bond's interest payments and its value to maturity. Credit Quality is calculated using the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody’s, S&P, or Fitch. The Not Rated category consists of securities that have not been rated by an NRSRO. Due to data availability, statistics may not be as of the current reporting period. See the Fund's Annual Report (when available) for full information on expenses. NAV Distribution Yield measures the amount of net income that has been distributed over the previous 30 days divided by the fund's average net asset value for the period. The calculation excludes the effect of any non-recurring or special income distributions. All data is unaudited and subject to change.

Source: NYSE Arca, Bank of New York Mellon, Lipper, Inc., Morningstar, Inc. and PGIM, Inc. (PGIM). PGIM is a Prudential Financial company. Total return describes the return to the investor after net operating expenses but before any sales charges or brokerage commission are imposed. Lipper average is unmanaged, is based on the average return of all funds in this category, and does not take into consideration applicable sales charges. Unless noted otherwise, Lipper averages and index returns reflect performance beginning the closest month-end date to the Fund's inception. All returns assume share price changes as well as the compounding effect of reinvested dividends and capital gains. Returns may reflect fee waivers and/or expense reimbursements. Without such, returns would be lower. All returns 1-year or less are cumulative.

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Although Prudential may obtain data included above from sources that it considers reliable, all data contained herein is provided “as is” and Prudential makes no representation or warranty of any kind, either express or implied, with respect to such data, the timeliness thereof, the results to be obtained by the use thereof or any other matter. Prudential expressly disclaims any and all implied warranties, including without limitation, warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose.

Morningstar Core Bond Index: The index measures the performance of fixed-rate, investment-grade USD-denominated securities with maturities greater than one year. It is market-capitalization weighted.

The J.P. Morgan CLOIE AAA Index is a sub-component of the JP Morgan CLO Index (CLOIE) and covers securities in the U.S. dollar-denominated CLO market. Index constituents consist of AAA rated floating-rate CLO securities The index utilizes a market-weighted methodology and is rebalanced monthly. Returns do not include the effect of sales charges or taxes. All indexes are unmanaged. An investment cannot be made directly in an index. An investment cannot be made directly in an index or average. All indexes and averages are unmanaged.

Consider a fund's investment objectives, risks, charges and expenses carefully before investing. The prospectus and summary prospectus contain this and other information about the fund. For more information about a fund, click on the prospectus or summary prospectus link above. Read them carefully before investing.

This material is being provided for informational or educational purposes only and does not take into account the investment objectives or financial situation of any client or prospective clients. The information is not intended as investment advice and is not a recommendation. Clients seeking information regarding their particular investment needs should contact their financial professional.

INVESTMENT PRODUCTS | Are not insured by the FDIC or any federal government agency | May lose value | Are not a deposit of or guaranteed by any bank or any bank affiliate.

For Compliance Use Only4349538    Ed. 03/2025