PGIM S&P 500 Max Buffer ETF - JanuaryPGIMS&P500MaxBufferETF-January

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.

PGIM S&P 500 Max Buffer ETFs Fund Risks

The Fund invests in FLEX Options, which subjects the Fund to the risks of losing its premium paid for the option or that the price of the underlying reference asset drops significantly below the exercise prices and the Fund’s loses are substantial. FLEX Options are also subject to the risk that they may be less liquid than other securities, including standardized options. FLEX Options are subject to trading risks and valuation risks because they are market traded and centrally cleared by the OCC. The Fund is designed to deliver returns that approximate the Underlying ETF if Fund shares are bought on the first day of a Target Outcome Period and held until the end of the Target Outcome Period, subject to the buffer and the cap. If an investor purchases Fund shares after the first day of a Target Outcome Period or sells shares prior to the expiration of the Target Outcome Period, the returns realized by the investor will not match those that the Fund seeks to provide.

The Fund is subject to buffered loss risk in which there can be no guarantee that the Fund will be successful in its strategy to provide downside protection against Underlying ETF losses; buffer and cap change risk in which the cap may rise or fall from one Target Outcome Period to the next and is unlikely to remain the same for consecutive Target Outcome Periods, and the Fund may have a buffer significantly below 100% in certain Target Outcome Periods; and capped upside risk where the Fund will not participate in gains in the Underlying ETF beyond the cap. The Fund is subject to Underlying ETF risk in which the value of an investment in the Fund will be related to the investment performance of the Underlying ETF. Therefore, the principal risks of investing in the Fund are closely related to the principal risks associated with the Underlying ETF. As an ETF, the Fund is subject to risks involved with: 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; and the risk of transacting in cash versus in-kind.

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 will be indirectly exposed to equity and equity-related securities, where the value of a particular security could go down resulting in a loss of money; large capitalization companies which may go in and out of favor based on market and economic conditions; and derivative securities, which may carry market, credit, and liquidity risks. Derivatives are subject to counterparty risk, which is the risk that the other party in the transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated exposure to such a counterparty.

The Fund is subject to 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 liquidity risk in which the Fund may invest in instruments that trade in lower volumes and are more illiquid than other investments. Certain transactions in which the Fund may engage may give rise to leverage which could result in increased volatility of investment return.

The Fund intends to qualify as a regulated investment company (“RIC”) under Subchapter M of the U.S. Internal Revenue Code of 1986, as amended (the “Code”); however, the federal income tax treatment of certain aspects of the proposed operations of the Fund are not clear, including the tax aspects of the Fund’s options strategy (including the distribution of options as part of the Fund’s in-kind redemptions), the possible application of the “straddle” rules, and various loss limitation provisions of the Code.

The Fund is subject to 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). The Fund is nondiversified for purposes of the 1940 Act. Investing in a nondiversified 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 nondiversified fund. Large shareholders could subject the Fund to large scale redemption risk. These risks may increase the Fund’s share price volatility. The risks associated with the Fund are more fully explained in the Fund's prospectus and summary the Fund's prospectus and summary prospectus. 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: Nasdaq, Bank of New York Mellon, Lipper, Inc., Morningstar, Inc. and PGIM, Inc. (PGIM). PGIM is a Prudential Financial company. The performance data featured represents past performance for a period of less than one year. While past performance is never an indication of future results, short periods of performance may be particularly unrepresentative of long-term performance for certain types of funds. 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.

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.

The S&P 500 Index is a stock market index tracking the stock performance of 500 of the largest companies listed on stock exchanges in the United States.
The SPDR® S&P 500® ETF Trust (SPY) gives investors cost-efficient, highly liquid exposure to the S&P 500® Index — providing access to 500 of the largest publicly traded US firms. 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.

Investment products are distributed by Prudential Investment Management Services LLC, member FINRA and SIPC. PGIM Investments is a registered investment advisor and investment manager to PGIM registered investment companies. PGIM Quantitative Solutions is the primary business name of PGIM Quantitative Solutions LLC, a registered investment advisor. All are Prudential Financial affiliates. ©2025 Prudential Financial, Inc. and its related entities. PGIM, PGIM Investments, PGIM Quantitative Solutions, and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

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 Only4364141    Ed. 03/2025