PGIM S&P 500 Buffer 12 ETF - December (DECP)

The PGIM S&P 500 Buffer 12 ETF - December (DECP) is a defined outcome fund managed by PGIM, the investment management business of Prudential Financial. Over a one-year outcome period that starts each December, it seeks to match the price return of the SPDR S&P 500 ETF Trust up to a cap.

On the downside, the fund is designed to buffer the first 12% of declines in the reference ETF over the period, with losses beyond that level passed through to investors. Upside above the cap is given up in exchange for this protection.

PGIM implements the strategy with FLexible EXchange (FLEX) options on the S&P 500 ETF. The cap is reset when each new outcome period begins, and investors buying in mid-period may see outcomes different from those targeted.