PGIM S&P 500 Buffer 12 ETF - November (NOVP)

The PGIM S&P 500 Buffer 12 ETF - November (NOVP) is a defined outcome fund from PGIM Investments. It seeks to provide the price return of the SPDR S&P 500 ETF Trust up to a cap, with a buffer against the first 12% of losses over a one-year outcome period that starts each November.

The fund achieves this payoff through a portfolio of FLEX options on the S&P 500 ETF. The cap is set at the start of each outcome period based on prevailing option prices, and losses beyond 12% are borne by shareholders.

The stated buffer and cap apply to investors who hold shares for the full period, and the fund does not pass through dividends from the index constituents.