PGIM S&P 500 Buffer 12 ETF - April (APRP)

The PGIM S&P 500 Buffer 12 ETF - April (APRP) is a defined outcome fund from PGIM Investments. It seeks to provide returns that match the price return of the SPDR S&P 500 ETF Trust up to a cap, while buffering against the first 12% of losses over a one-year outcome period that starts in April.

The fund uses FLEX options on the S&P 500 ETF to construct this payoff. The upside cap is reset at the beginning of each annual outcome period, and the fund does not participate in dividends paid by the underlying ETF.

These outcomes are intended for investors who hold through the full period; those buying or selling mid-period may experience different results.