PGIM S&P 500 Buffer 12 ETF - January (JANP)

PGIM S&P 500 Buffer 12 ETF - January is a defined outcome fund from PGIM Investments that seeks to provide returns tied to the S&P 500 up to a cap, with a buffer against the first 12% of losses over a one-year outcome period beginning in January.

The fund uses FLEX options on the S&P 500 or an S&P 500 ETF to create its payoff. In return for the 12% buffer, investors give up gains above the cap set at the start of each period. The stated outcomes apply only to shares held from the beginning to the end of the outcome period, and the fund's returns are based on price changes, excluding dividends.