Prices as of 08/07/2025
MARKET PRICE
$27.31
$0.02
(0.07%)
52 WK: $22.45 / $27.31
NAV PRICE
$27.30
$0.01
(0.05%)
52 WK: $22.43 / $27.30
YTD as of 08/07/2025
YTD RETURN (MARKET PRICE)
9.20%
YTD RETURN (NAV PRICE)
9.15%
NET ASSETS
$10,918,594
TOTAL ANNUAL EXPENSE RATIO
0.50%
Objective

The Fund's investment objective is to seek to provide investors with capital appreciation. The Fund seeks to achieve its investment objective by providing investors with exposure to the stocks included in the Nasdaq-100 Index while attempting to limit downside risk by investing in a "laddered portfolio" of four PGIM Nasdaq-100 Buffer 12 ETFs (the "Underlying ETFs").
Due to the Fund's strategy, the returns an investor will receive from an investment in the Fund have characteristics that are distinct from many other investment vehicles, including the Underlying ETF. It is important an investor understands the Fund characteristics before making an investment in the Fund. The Laddered Buffer ETFs do not provide any stated buffer against losses and likely will not receive the full benefits of the Buffer ETFs buffers and could have limited upside potential. The Laddered Buffer ETFs returns are limited by the caps of the Buffer ETFs in which it invests.

Key Facts
Ticker:
Net Expense Ratio (%):
Net Assets as of () ($):
Number of Holdings:
Rebalance Frequency:
Inception Date:

Underlying ETFs and Target Outcome Values

AS OF

Underlying ETFs and Target Outcome Values

as of
Target Outcome Period
Remaining Outcome Period (Days)
Period Start Date
Period End Date
Current Outcome Period Performance ETF Return (Market Price) (%)
Reference Asset Return (%)
Starting Cap Gross (%)
Net (%)
Starting Buffer Gross (%)
Net (%)
Remaining Cap Gross (%)
Net (%)
Remaining Buffer Gross (%)
Net (%)
DAILY PERFORMANCE
AS OF 08/07/2025
Daily Performance of Daily Performance Value
Bid/Ask Spread 27.23 / 27.39
30 Day Median Bid/Ask Spread (%)
Bid/Ask (%) 0.59
Market Price ($) 27.31
Market Price Change ($)
0.02
Market Price Change (%) 0.07
NAV Price ($) 27.30
NAV Price Change ($)
0.01
NAV Price Change (%) 0.05
Premium / Discount (%) 0.05
AS OF 08/07/2025
YTD Return-Market Price (%) 9.20
YTD Return-NAV Price (%) 9.15
Characteristics & Fees
AS OF 06/30/2025
Name
Weight
Total Annual Expense Ratio (%) 0.50
FUND INFORMATION
AS OF 08/07/2025
Fund Information Fund Information Value
Ticker PBQQ
Net Assets 10,918,594
Asset Class Alternative
Benchmark NASDAQ 100 Index
CUSIP 69420N510
Shares Outstanding 400,000
Trading Volume 304
Fiscal Year End 10/31
Exchange Nasdaq
Options Available No
Inception Date 12/27/2024
Management Style Active

Change shows the change in $U.S. value over the previous day:Gain= Gain, Loss= Loss,  No Change = No Change.

Source of all data: PGIM, unless noted otherwise. Source of Outcome Period Data: ETF Global.

Performance quoted represents past performance, which is no guarantee of future results. Investment returns and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Returns less than one year are cumulative. One cannot invest directly in an index.

Starting Cap (%): the cumulative maximum potential return available at the ETFs current price if held to the end of the current Outcome Period as of the latest timestamp.

Starting Buffer (%): the current amount of downside protection the ETF seeks to provide if held to the end of the outcome period as of the latest timestamp. Net value is calculated pro rata.

ETF Return (Market Price) (%): the ETF performance since the start of the outcome period as of the latest timestamp.

Ref. Asset Return (%): the reference asset price return performance since the start of the outcome period as of the latest timestamp.

Remaining Outcome Period (Days): the amount of days remaining until the last day of the Outcome Period.

Period Start Date: begining date of the Outcome Peroiod.

Period End Date: end date of the Outcome Period.

Remaining Cap (%): level of cap that remains.

Remaining Buffer (%): level of the buffer that remains.

Total Returns (%)

as of
View:
TOTAL RETURNS (%)
Cumulative Average Annual
YTD 1-Mo 3-Mo 1-Yr 3-Yr 5-Yr 10-Yr Since Inception

Past performance does not guarantee future results and current performance may be lower or higher than the past performance data quoted. The investment return and principal value will fluctuate, and shares, when sold, may be worth more or less than the original cost.

Unlike mutual funds, ETF shares are bought and sold at market price, which may be higher or lower than their net asset value (NAV), and are not individually redeemed from the Fund. You may incur brokerage commissions when buying and selling shares on an exchange or through your financial intermediary, which may reduce returns. Market returns are based upon the closing price or the midpoint of the bid/ask spread, as applicable, at the time when the Fund’s NAV is determined (normally 4:00 p.m. Eastern time), and do not represent the returns you would receive if you traded shares at other times. There can be no guarantee that an active trading market for ETF shares will develop or be maintained, or that their listing will continue or remain unchanged. While the shares of ETFs are tradable on secondary markets, they may not readily trade in all market conditions and may trade at significant discounts in periods of market stress. All returns 1-year or less are cumulative.

Premium / Discount

Date Historical Premium Discount
Premium / Discount (%) Number of Days at Premium
08/07/2025 0.05
08/06/2025 0.02
08/05/2025 0.11
08/04/2025 0.00
08/01/2025 0.00
07/31/2025 0.02
07/30/2025 0.03
07/29/2025 0.04
07/28/2025 0.00
07/25/2025 -0.01
07/24/2025 0.03
07/23/2025 0.03
07/22/2025 0.00
07/21/2025 0.11
07/18/2025 0.03
07/17/2025 0.02
07/16/2025 0.06
07/15/2025 0.07
07/14/2025 0.02
07/11/2025 0.00
07/10/2025 0.07
07/09/2025 0.02
07/08/2025 0.09
07/07/2025 0.18
07/03/2025 -0.53
07/02/2025 0.14
07/01/2025 0.26
06/30/2025 0.05
06/27/2025 -0.01
06/26/2025 0.03
06/25/2025 0.03
06/24/2025 0.02
06/23/2025 0.00
06/20/2025 0.07
06/18/2025 0.10
06/17/2025 0.05
06/16/2025 0.07
06/13/2025 0.07
06/12/2025 0.03
06/11/2025 0.04
06/10/2025 0.02
06/09/2025 -0.01
06/06/2025 -0.02
06/05/2025 0.04
06/04/2025 0.01
06/03/2025 0.00
06/02/2025 0.03
05/30/2025 -0.08
05/29/2025 0.01
05/28/2025 -0.01
05/27/2025 0.03
05/23/2025 0.01
05/22/2025 -0.01
05/21/2025 -0.03
05/20/2025 0.04
05/19/2025 0.03
05/16/2025 0.05
05/15/2025 0.08
05/14/2025 0.01
05/13/2025 0.05
05/12/2025 0.05
05/09/2025 0.06
05/08/2025 0.23
05/07/2025 0.02
05/06/2025 0.06
05/05/2025 0.15
05/02/2025 0.13
05/01/2025 -0.04
04/30/2025 -0.01
04/29/2025 0.04
04/28/2025 0.03
04/25/2025 -0.02
04/24/2025 4.30
04/23/2025 0.00
04/22/2025 0.02
04/21/2025 0.02
04/17/2025 0.12
04/16/2025 0.00
04/15/2025 0.02
04/14/2025 0.02
04/11/2025 -0.01
04/10/2025 -0.06
04/09/2025 -0.42
04/08/2025 0.08
04/07/2025 0.34
04/04/2025 -0.03
04/03/2025 0.29
04/02/2025 -0.05
04/01/2025 0.02
03/31/2025 -0.04
03/28/2025 -0.01
03/27/2025 -0.03
03/26/2025 0.01
03/25/2025 0.02
03/24/2025 -0.01
03/21/2025 0.03
03/20/2025 0.01
03/19/2025 0.24
03/18/2025 0.08
03/17/2025 -0.01
03/14/2025 -0.01
03/13/2025 -0.03
03/12/2025 0.00
03/11/2025 -0.02
03/10/2025 0.02
03/07/2025 -0.01
03/06/2025 0.02
03/05/2025 0.01
03/04/2025 -0.01
03/03/2025 0.06
02/28/2025 0.01
02/27/2025 0.02
02/26/2025 0.06
02/25/2025 0.11
02/24/2025 0.25
02/21/2025 0.01
02/20/2025 0.00
02/19/2025 0.03
02/18/2025 0.04
02/14/2025 0.00
02/13/2025 0.02
02/12/2025 0.01
02/11/2025 0.07
02/10/2025 0.04
02/07/2025 0.11
02/06/2025 0.02
02/05/2025 0.03
02/04/2025 0.01
02/03/2025 0.01
01/31/2025 -0.01
01/30/2025 -0.01
01/29/2025 0.00
01/28/2025 -0.01
01/27/2025 0.06
01/24/2025 0.03
01/23/2025 0.01
01/22/2025 0.01
01/21/2025 -0.01
01/17/2025 0.03
01/16/2025 -0.04
01/15/2025 0.02
01/14/2025 0.06
01/13/2025 0.01
01/10/2025 0.00
01/08/2025 -0.01
01/07/2025 0.02
01/06/2025 0.03
01/03/2025 0.01
01/02/2025 0.03
12/31/2024 0.00
12/30/2024 0.00
12/27/2024 0.00
Historical Premium Discount
Previous Calendar Year (2024)
1st Quarter
2nd Quarter
3rd Quarter (QTD)
4th Quarter
Number of Days at Premium
39
43
20
Number of Days at Discount
16
15
2
Number of Days above or below 2%
1

NAV (Net Asset Value) prices are used to calculate market price performance prior to the date when the fund first traded on the NYSE Arca, Inc. (NYSE Arca). Market price performance is determined using the close at 4:00 p.m. Eastern time, when the NAV is typically calculated. Since shares of the Fund did not trade in the secondary market until after the Fund inception (12/27/2024), for the period from inception to the first day of secondary trading (01/02/2025), the NAV of the Fund is used as a proxy for the market price to calculate market returns.  Market Price is determined using the midpoint between the highest bid and the lowest offer reported to the consolidated tape, as of the time that each Funds NAV is calculated. In the event this is not available, the midpoint between the highest bid and the lowest offer on the listing exchange is used. NAV Price is total assets less total liabilities divided by the number of shares outstanding. Premium/Discount is the percent difference between the Market price and the NAV price. There is no guarantee you will receive the stated Premium/Discount and additional fees may result from individual broker fees and transaction costs in the secondary market. The Fund is subject to management fees and other expenses. The trading prices of the Fund’s shares in the secondary market generally differ from the Fund’s daily NAV and are affected by market forces such as supply and demand, economic conditions and other factors. 

Holdings Subject to Change.

Copyright © 2025, American Bankers Association. CUSIP Database provided by FactSet Research Systems Inc. All rights reserved.

All data is unaudited and subject to change. Holdings/allocations may vary. This is not a recommendation to buy or sell any security listed. Totals may not sum due to rounding. Negative holdings reflect outstanding trades at period end. Total number of holdings based on issuers. Largest holdings excludes cash, cash equivalents, money market funds and enhanced cash strategies. This is not a recommendation to buy or sell any security listed.

Most Recent Distributions

AS OF 08/07/2025
Historical Distributions
Ex Date Record Date Payable Date Distribution Type Distribution
No Data to Display

ABOUT

The PGIM Laddered Nasdaq-100 Buffer 12 ETF is managed by John Hall, CFA, Lorne Johnson, PHD, and Marco Aiolfi, PHD who are members of PGIM Quantitative Solutions. Since 1975, PGIM Quantitative Solutions targets superior risk-adjusted returns by combining research-driven quantitative processes built on economic and behavioral foundations with judgment from experienced market practitioners.

John Hall, CFA
John Hall, CFA

Vice President for PGIM Quantitative Solutions within the Multi-Asset Team

|

PGIM Quantitative Solutions

John Hall, CFA, is a Vice President for PGIM Quantitative Solutions working within the Multi-Asset team.

Lorne Johnson, PhD
Lorne Johnson, PhD

Managing Director and Portfolio Manager within the Multi-Asset Team

|

PGIM Quantitative Solutions

Lorne Johnson, PhD, is a Managing Director and Portfolio Manager working within the Multi-Asset team.

Marco Aiolfi, PhD
Marco Aiolfi, PhD

Managing Director and Head of PGIM Quantitative Solutions’ Multi-Asset team

|

PGIM Quantitative Solutions

Marco Aiolfi, PhD, is a Managing Director and Head of PGIM Quantitative Solutions’ Multi-Asset team.

Fund Literature

Displaying - of
document name audience updated order code

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 Laddered Nasdaq-100 Buffer 12 ETF Risks

 

The Fund is a “fund of funds” and is subject to Underlying ETF and QQQ risks, in that the value of an investment in the Fund will be related to the investment performance of the Underlying ETFs and, in turn, QQQ. Therefore, the principal risks of investing in the Fund are closely related to the principal risks associated with the Underlying ETFs and its investments. Exposure to the Underlying ETFs will also expose the Fund to a pro rata portion of the Underlying ETFs’ fees and expenses. The fluctuating value of the FLEX Options will affect the Underlying ETFs’ value and, in turn, the Fund’s value. The Fund intends to generally rebalance its portfolio to equal weight (i.e., 25% per Underlying ETF) quarterly, in connection with the reset of the cap of each Underlying ETF. In between such rebalances, market movements in the prices of the Underlying ETFs may result in the Fund having temporary larger exposures to certain Underlying ETFs compared to others. Exposure to the Underlying ETFs will also expose the Fund to a pro rata portion of the Underlying ETFs’ fees and expenses.

The Underlying ETFs invest in FLEX Options and to the extent that the Underlying ETF writes or sells an option, if the decline or increase in the underlying asset is significantly below or above the exercise price of the written option, the Underlying ETF and, in turn, the Fund could experience a substantial or unlimited loss. FLEX Options are also subject to the risk that they may be less liquid than other securities, including standardized options, as well as trading risks as they are required to be centrally cleared and valuation risks.

The Fund’s risk include, but are not limited to, target outcome period risk, where in the event the Fund acquires shares of an Underlying ETF after the first day of a Target Outcome Period or disposes of shares prior to the expiration of the Target Outcome Period, the value of the Fund’s investment in Underlying ETF shares may not be buffered against a decline in the value of QQQ and may not participate in a gain in the value of QQQ for the Fund’s investment period; buffered loss risk, in which there can be no guarantee that the Underlying ETFs will be successful in its strategy to provide downside protection against losses; cap change risk in which a new cap for an Underlying ETF is established at the beginning of each Target Outcome Period and is dependent on prevailing market conditions and is unlikely to remain the same for consecutive Target Outcome Periods; and capped upside risk in that since the Fund will acquire shares of the Underlying ETFs in connection with creations of new shares of the Fund and during each quarterly rebalance, the Fund typically will not acquire Underlying ETF shares on the first day of a Target Outcome Period. In the event that the Fund acquires Underlying ETF shares after the first day of a Target Outcome Period and the Underlying ETF has risen in value to a level near or at the cap there may be little or no ability for the Fund to experience an investment gain on those Underlying ETF shares; however, the Fund will remain vulnerable to downside risks. The Fund is subject to Technology Sector Risk in that the Underlying ETF's assets may be concentrated in the technology sector and may be more affected by the performance of the technology sector than a fund that is less concentrated.

As an actively managed exchange traded fund (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. 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); and portfolio turnover risk, in that the Fund’s turnover rate may be higher than that of other ETFs which may involve expenses and lead to the realization of capital gains.

As a new and relatively small fund, the Fund's performance may not represent how the Fund is expected to or may perform in the long-term. Large shareholders could subject the Fund to large scale redemption risk. Your actual cost of investing in the Fund may be higher than the expenses shown in the expense table for a variety of reasons. There is no guarantee the Fund's objective will be achieved. The risks associated with the Fund are more fully explained in the Fund's prospectus and summary prospectus.

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. Average Maturity is the average number of years to maturity of the Fund’s bonds. 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 Nasdaq-100® is a stock market index tracking the stock performance of 100 of the largest domestic and international non-financial companies listed on The Nasdaq Stock. The Nasdaq-100® Price Return Index (“QQQ”) is an exchange-traded unit investment trust that invests in as many of the stocks in the Nasdaq-100® Index as is practicable. The Fund is not affiliated with sponsored, endorsed, sold or promoted by Invesco QQQ Trust (QQQ), Nasdaq® or their affiliates. An investment cannot be made directly in an index or average. All indexes and averages are unmanaged. The CUSIP information contained in pgimfunds.com and/or prudential.com consists of security identifiers and related descriptive information (“the CUSIP Database”) and is protected under the copyright laws and is licensed with permission from CUSIP Global Services (“CGS”), on behalf of the American Bankers Association (“ABA”).

The CUSIP information contained in pgimfunds.com and/or prudential.com consists of security identifiers and related descriptive information (“the CUSIP Database”) and is protected under the copyright laws and is licensed with permission from CUSIP Global Services (“CGS”), on behalf of the American Bankers Association (“ABA”).

VISITOR agrees and acknowledges that the CUSIP Database and the information contained therein is and shall remain valuable intellectual property owned by, or licensed to, CGS and ABA, and that no proprietary rights are being transferred to VISITOR in such materials or in any of the information contained therein by virtue of VISITOR’s use of Subscriber’s Web Site. Any use of the CUSIP Database by VISITOR outside of the clearing and settlement of transactions may require a license from CGS, along with an associated fee based on usage.

VISITOR agrees that misappropriation or misuse of such materials will cause serious damage to CGS and ABA, and that in such event, money damages may not constitute sufficient compensation to CGS and ABA; consequently, VISITOR agrees that in the event of any misappropriation or misuse, CGS and ABA shall have the right to obtain injunctive relief in addition to any other legal or financial remedies to which CGS and ABA may be entitled.

VISITOR agrees that VISITOR shall not publish or distribute in any medium the CUSIP Database or any substantial portion of the information contained therein or summaries or subsets thereof to any person or entity unless permitted by a direct agreement with CGS. VISITOR may not create or maintain a master file or database of CUSIP identifiers or descriptions for itself or any third party recipient that is intended to serve as a substitute for any CUSIP service.

VISITOR agrees not to:

(a) Violate the restrictions in any robot inclusion headers on the Subscriber Web Site or in any way bypass or circumvent any other measure employed to limit or prevent access to the CUSIP Database on the Subscriber Web Site;

(b) Violate the security of the Subscriber Web Site or attempt to gain unauthorized access to the Web Site, CUSIP Database, materials, information, computer systems or networks connected to Subscriber server, through hacking, password mining or any other means; or

(c) Interfere or attempt to interfere with the proper working of the Subscriber Web Site or any activities conducted on or through the Subscriber Web Site, including accessing any CUSIP Database, content or other information prior to the time that is intended to be available to the public on the Subscriber Web Site;

NEITHER CGS, ABA NOR ANY OF THEIR AFFILIATES MAKE ANY WARRANTIES, EXPRESS OR IMPLIED, AS TO THE ACCURACY, ADEQUACY OR COMPLETENESS OF ANY OF THE INFORMATION CONTAINED IN THE CUSIP DATABASE. ALL SUCH MATERIALS ARE PROVIDED TO VISITOR ON AN “AS IS” BASIS, WITHOUT ANY WARRANTIES AS TO MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE NOR WITH RESPECT TO THE RESULTS WHICH MAY BE OBTAINED FROM THE USE OF SUCH MATERIALS. NEITHER CGS, ABA NOR THEIR AFFILIATES SHALL HAVE ANY RESPONSIBILITY OR LIABILITY FOR ANY ERRORS OR OMISSIONS NOR SHALL THEY BE LIABLE FOR ANY DAMAGES, WHETHER DIRECT OR INDIRECT, SPECIAL OR CONSEQUENTIAL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. IN NO EVENT SHALL THE LIABILITY OF CGS, ABA OR ANY OF THEIR AFFILIATES PURSUANT TO ANY CAUSE OF ACTION, WHETHER IN CONTRACT, TORT, OR OTHERWISE, EXCEED THE FEE PAID BY VISITOR FOR ACCESS TO SUCH MATERIALS IN THE MONTH IN WHICH SUCH CAUSE OF ACTION IS ALLEGED TO HAVE ARISEN. FURTHERMORE, CGS AND ABA SHALL HAVE NO RESPONSIBILITY OR LIABILITY FOR DELAYS OR FAILURES DUE TO CIRCUMSTANCES BEYOND THEIR CONTROL.

VISITOR agrees that the foregoing terms and conditions shall survive any termination of its right of access to the materials identified above.

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. Jennison Associates is a registered investment advisor. PGIM Quantitative Solutions is the primary business name of PGIM Quantitative Solutions LLC, a registered investment advisor. PGIM Fixed Income and PGIM Real Estate are units of PGIM, a registered investment advisor. PGIM DC Solutions is a registered investment advisor. PGIM Limited acts as a subadvisor to all fixed income funds. PGIM Limited is an indirect, wholly owned subsidiary of PGIM, Inc. (PGIM), the principal asset management business of Prudential Financial, Inc. (PFI), a company incorporated and with its principal place of business in the United States. All are Prudential Financial affiliates. © 2025 Prudential Financial, Inc. and its related entities. PGIM, PGIM Investments, Jennison Associates, Jennison, PGIM Fixed Income, PGIM Limited, PGIM Quantitative Solutions, PGIM Real Estate, PGIM DC 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. 

Prudential Financial, Inc. of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom.

4364297    Ed. 03/2025