PGIM S&P 500 Buffer 12 ETF - June (JUNP)

The PGIM S&P 500 Buffer 12 ETF - June (JUNP) 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 starts in June.

The fund holds FLexible EXchange options referencing the S&P 500 to create this payoff rather than owning the index constituents. The cap on gains is set at the beginning of each outcome period according to option prices at that time.

The buffer and cap apply over the full outcome period, so investors entering or exiting partway through may experience different results. Each June, the fund rolls into a new options package for the next period.