PGIM S&P 500 Buffer 12 ETF - September (SEPP)

The PGIM S&P 500 Buffer 12 ETF - September is a defined-outcome exchange-traded fund from PGIM, the global asset management business of Prudential Financial. The fund seeks to match the price return of the S&P 500 up to a cap while buffering the first 12% of losses over a one-year outcome period that begins each September.

The fund builds its payoff using options on an S&P 500 reference asset. The cap on gains is set at the start of each outcome period, and the buffer only applies fully to investors who hold for the entire period. Shareholders who buy in the middle of a period may experience a different level of protection and upside than the stated targets.