PGIM Rock ETF Trust - PGIM S&P 500 Buffer 12 ETF - April is an actively managed, non-diversified exchange-traded fund that seeks to provide exposure to the price return of the SPDR S&P 500 ETF Trust, up to a predetermined upside cap, while buffering the first 12% of losses of the reference asset over an approximately one-year target outcome period beginning each April. The fund employs a defined-outcome investment strategy through a portfolio of FLEX Options on SPY and related collateral investments, including cash and money-market instruments; it is designed for investors seeking large-cap U.S. equity market participation with a specified level of downside protection in exchange for limited upside participation. The buffer and upside cap apply only for shareholders that purchase shares at the beginning and hold them through the applicable target outcome period, before fees and expenses; the fund’s cap and buffer reset at the start of each annual April outcome period based on prevailing options-market conditions.
The fund is one of the monthly series within PGIM’s S&P 500 Buffer 12 ETF platform, which offers 12% buffer strategies with annual target outcome periods commencing in each calendar month. It trades under the ticker APRP and is organized as a series of PGIM Rock ETF Trust, a Delaware statutory trust. The fund was launched in March 2024 and is headquartered through the trust’s principal office at 655 Broad Street, Newark, New Jersey. PGIM Investments serves as investment manager, with PGIM Quantitative Solutions acting as subadviser; both are affiliates of PGIM, the global asset-management business of Prudential Financial, Inc. The fund’s shares are distributed by Prudential Investment Management Services LLC.
Recent developments include the February 21, 2025 renaming of the fund to PGIM S&P 500 Buffer 12 ETF - April from its prior PGIM U.S. Large-Cap Buffer 12 ETF - April designation, aligning the product more directly with its S&P 500/SPY reference-asset strategy. In 2026, PGIM continued expanding its defined-outcome ETF franchise, launching four S&P 500 quarterly buffer ETFs with 5%, 10%, 15%, and 20% downside buffer alternatives and approximately three-month outcome periods. This expansion complements the existing annual S&P 500 Buffer 12 series, including APRP, and broadens PGIM’s buffer ETF suite across reference indices, buffer levels, target outcome periods, and laddered ETF structures.