PGIM S&P 500 Buffer 12 ETF - August (AUGP)

The PGIM S&P 500 Buffer 12 ETF - August is a defined-outcome fund managed by PGIM Investments, the asset management arm of Prudential Financial. It seeks to deliver the price return of the S&P 500, up to a cap, while buffering against the first 12% of losses over a one-year outcome period beginning in August.

The fund implements this strategy with FLEX options referencing the S&P 500, typically through an ETF that tracks the index. Because returns are tied to price changes, the fund does not capture the index's dividends. The upside cap is reset at the start of each new outcome period.

The 12% buffer and the cap are measured over the full outcome period. Shareholders who buy after the period starts or sell before it ends may experience different outcomes, and losses beyond the buffer are passed through to the fund.