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

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

Rebalance frequency: The frequency the ETF resets to a new Target Outcome Period, wherein the Buffer is refreshed based on the current Reference Asset level and a new Cap is set. To determine when the next rebalance will occur, refer to the Outcome Period dates provided.

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) is an exchange-traded unit investment trust that invests in as many of the stocks in the S&P 500® Index as is practicable. PDR Services, LLC (“PDR”) serves as the Underlying ETF’s sponsor. The Funds are not affiliated with sponsored, endorsed, sold or promoted by SPDR® S&P 500® ETF Trust, PDR, Standard & Poor’s® or their affiliates. As of its most recent prospectus, the investment objective of the Underlying ETF is to seek to provide investment results that, before expenses, correspond generally to the price and yield performance of the S&P 500® Index.

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 Invesco QQQ Trust, Series 1 (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, Series 1 (QQQ), Nasdaq® or their affiliates. As of its most recent prospectus, the investment objective of the Underlying ETF is to seek to provide investment results that, before expenses, correspond generally to the price and yield performance of the Nasdaq-100® Index.

PGIM BUFFER ETF RISKS

As an actively managed exchange-traded fund (ETF), risks of investing in the Fund include, but are not limited to the following: The Fund is subject to authorized participant concentration risk and the risks of transacting in cash versus in-kind. ETFs may trade at a premium or discount to net asset value and may lack an active trading market. Additional costs may be incurred when transacting through a broker.

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 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 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 as there is no guarantee that it will be successful in its strategy to provide downside protection against Underlying ETF losses. The Fund is subject to cap change risk, in that 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. The Fund's upside is capped and it 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.

Equity and equity-related securities may be subject to changes in value, and their values may be more volatile than those of other asset classes. Large-capitalization companies may go in and out of favor based on market and economic conditions. Derivatives 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. 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.

As a non-diversified fund, investments in the Fund involve 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. There is no guarantee the Fund's objective will be achieved. Risks are more fully explained in the fund's prospectus.

PGIM LADDERED BUFFER ETF RISKS

As an exchange-traded fund (ETF), risks of investing in the Fund include, but are not limited to the following: The Fund is subject to authorized participant concentration risk and the risks of transacting in cash versus in-kind. ETFs may trade at a premium or discount to net asset value and may lack an active trading market. Additional costs may be incurred when transacting through a broker.

The Fund is a “fund of funds” and is subject to Underlying ETF and SPY 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, SPY. 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., 81⁄3% 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 is subject 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 SPY and may not participate in a gain in the value of SPY for the Fund’s investment period. The Fund is subject to buffered loss risk as there can be no guarantee that the Underlying ETFs will be successful in its strategy to provide downside protection against losses. The Fund is subject to cap change risk, in that 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. The Fund's upside is capped, in that 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. There is no guarantee the Fund's objective will be achieved. Risks are more fully explained in the fund's prospectus.

The Funds have characteristics unlike many other traditional investment products and may not be suitable for all investors. The Funds are designed to deliver returns that approximate the underlying asset 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.

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 a Fund. Shares may only be redeemed directly from the Funds by Authorized Participants in creation units only. 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. Fixed income investments will change in value based on changes in interest rates, and their value generally will decline as interest rates rise; Diversification does not assure a profit or protect against loss in declining markets. These risks may increase a Fund’s share price volatility. There is no guarantee a Fund’s objective will be achieved. The risks associated with the Funds are more fully explained in each Fund’s prospectus and summary prospectus.

NAV prices are used to calculate market price performance prior to the date when the fund first traded on its listing exchange. Market price performance is determined using the close at 4:00 P.M. Eastern time, when the NAV is typically calculated. Since shares of each Fund did not trade in the secondary market until after the Fund inception, for the period from inception to the first day of secondary trading, the NAV of the Fund is used as a proxy for the market price to calculate market returns. Closing 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 the Fund 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 (Net Asset Value) is total assets less total liabilities divided by the number of shares outstanding. 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. 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. Each Fund is subject to management fees and other expenses. The trading prices of a 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. Information regarding the indicative intraday value of shares of the Fund, also known as “iNAV,” is disseminated every 15 seconds throughout the trading day by the national securities exchange on NYSE Arca or by market data vendors or other information providers. The iNAV is based on the sum of the current value of the Fund’s portfolio holdings that were publicly disclosed prior to the commencement of trading that day and may not reflect Fund expenses or other components used to determine the Fund’s current NAV. Therefore, the iNAV should not be viewed as a “real-time” update of the Fund’s NAV, which is computed only once a day. The Fund is not responsible for the calculation or dissemination of the iNAV and makes no representation or warranty as to the accuracy of the iNAV.

Source: NYSE, Bank of New York Mellon, Lipper, Inc., and PGIM, Inc (PGIM). PGIM is a Prudential Financial company. 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.

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.

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. 

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. PGIM is the principal asset management business of Prudential Financial, Inc. (PFI), and a trading name of PGIM, Inc. and its global subsidiaries and affiliates © 2026 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. 

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.