PGIM S&P 500 Buffer 12 ETF - May (MAYP)

The PGIM S&P 500 Buffer 12 ETF - May is a defined-outcome fund from PGIM Investments, the investment management business of Prudential Financial. It seeks to deliver the price return of the S&P 500 up to a predetermined cap while buffering the first 12% of index losses over a one-year outcome period that begins each May.

To build this payoff, the fund holds a package of FLexible EXchange (FLEX) options referencing the S&P 500 or an ETF that tracks it. The cap is reset at the start of each new outcome period based on prevailing option prices, and the buffer applies only to shareholders who hold for the full period. Losses beyond the first 12% are borne by shareholders, and dividends paid by index constituents are not part of the return the strategy targets.