PGIM S&P 500 Max Buffer ETF – November

PGIM S&P 500 Max Buffer ETF – November is an actively managed exchange-traded fund designed to provide investors with returns that match the price performance of the SPDR® S&P 500® ETF Trust (SPY) up to a predetermined upside cap, while offering maximum downside protection against SPY losses over a one-year target outcome period. The fund achieves this by investing primarily in customized equity or index option contracts, known as FLEX Options, on the S&P 500. This structure allows investors to participate in market gains up to the cap, while benefiting from a buffer that seeks to limit losses if the underlying index declines. The cap and buffer levels are reset at the beginning of each new target outcome period, providing a transparent and defined risk-return profile. PGIM S&P 500 Max Buffer ETF – November is managed by PGIM Quantitative Solutions, leveraging a research-driven approach to options-based strategies. The fund is suitable for investors seeking to manage equity market volatility with a structured outcome over a defined period.