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. Contact your financial professional for a prospectus and summary prospectus. Read them carefully before investing.

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PGIM Buffer ETF Fund Risks

The Funds are subject to underlying ETF risks in which the value of an investment in the Funds will be related to the investment performance of the underlying ETF. Therefore, the principal risks of investing in the Funds are closely related to the principal risks associated with the underlying ETFs. Such as buffered loss risks, in which there can be no guarantee that the Funds will be successful in their strategy to provide downside protection against underlying ETF losses; cap change risks in which the caps may rise or fall from one target outcome period to the next and are unlikely to remain the same for consecutive target outcome periods; and capped upside risks where the Funds will not participate in gains in the underlying ETFs beyond the caps. As ETFs, the Funds are subject to risks involved with: ETF shares trading risks (including the risks of the shares trading at a premium or discount to net asset value or the lack an active trading market); authorized participant concentration risks; and the risks of transacting in cash versus in-kind. The underlying ETFs invest in FLEX Options, which subjects the underlying ETFs 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 Funds’ losses 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 Funds are designed to deliver returns that approximate the underlying ETFs.

As new and relatively small funds with limited operating history, the Funds are subject to the risk that their performance might not represent how they may perform long term and investments may have disproportionate impact on performance. The Funds 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 Funds are subject to management risk in which the subadviser will apply investment techniques and risk analyses in making investment decisions for the Funds, 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 Funds may invest in instruments that trade in lower volumes and are more illiquid than other investments. Certain transactions in which the Funds may engage may give rise to leverage which could result in increased volatility of investment return.

The Funds intend 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 Funds are not clear, including the tax aspects of the Funds’ options strategy (including the distribution of options as part of the Funds’ in-kind redemptions), the possible application of the “straddle” rules, and various loss limitation provisions of the Code.

The Funds are 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 Funds are nondiversified for purposes of the 1940 Act. Investing in nondiversified funds involves greater risk than investing in diversified funds 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 Funds to large scale redemption risk. These risks may increase the Funds’ share price volatility. The risks associated with the Funds are more fully explained in the Funds’ prospectus and summary the Funds’ prospectus and summary prospectus. There is no guarantee the Funds’ objective will be achieved.

Investment products are distributed by Prudential Investment Management Services LLC, member FINRA and SIPC. PIMS and PGIM are Prudential Financial companies. PGIM Quantitative Solutions is the primary business name of PGIM Quantitative Solutions LLC, a wholly owned subsidiary of PGIM.