PGIM S&P 500 Buffer 12 ETF - July (JULP)

The PGIM S&P 500 Buffer 12 ETF - July (JULP) is a defined-outcome fund from PGIM Investments. It seeks to match 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 that begins in July.

To produce this payoff, the fund holds a combination of FLexible EXchange options referencing the S&P 500 rather than owning the index's stocks directly. The upside cap is set at the start of each outcome period based on prevailing option prices.

The buffer and cap are measured over the full outcome period, so shareholders who buy or sell mid-period may see different results. At the end of each period, the options are rolled into a new series for the following year.