PGIM S&P 500 Buffer 12 ETF - February (FEBP)

The PGIM S&P 500 Buffer 12 ETF - February (FEBP) is a defined-outcome fund from PGIM Investments, the asset management arm of Prudential Financial. Its outcome period resets each February.

The fund seeks to match the price return of the SPDR S&P 500 ETF up to a cap, while buffering against the first 12% of losses over a one-year outcome period, before fees and expenses. Losses beyond 12% are borne by the investor, and gains above the cap are forgone. The cap is reset at the start of each period based on market conditions.

The fund achieves its payoff profile with FLEX options. Investors buying partway through an outcome period may receive a buffer and cap different from those set at the start.