PMJA

PGIM S&P 500 Max Buffer ETF - January seeks to provide investors with returns that match the price return of the SPDR S&P 500 ETF Trust up to a predetermined upside cap while seeking to maximize the downside protection against the SPDR S&P 500 ETF Trust's losses over the one-year Target Outcome Period. In seeking to achieve this investment objective, the fund's approximate upside cap over the period January 1, 2025 through December 31, 2025 is [ ]%. The fund pursues its investment objective primarily by investing in customized equity or index option contracts known as FLexible EXchange Options on the SPDR S&P 500 ETF Trust. The fund is non-diversified.