PGIM S&P 500 Quarterly Buffer 20 ETF PQXX Strategy

The investment seeks to provide investors with returns that match the price return of the State Street® SPDR® S&P 500® ETF Trust up to a predetermined upside cap while providing a downside buffer against the first 20% (before fees and expenses) of the State Street® SPDR® S&P 500® ETF Trust’s losses over an approximate three-month Target Outcome Period. Under normal market conditions, the fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in investments, including derivatives, that provide exposure to securities included in the S&P 500® Index. It is non-diversified.