PGIM Rock ETF Trust - PGIM S&P 500 Max Buffer ETF - April
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- PGIM Rock ETF Trust - PGIM S&P 500 Max Buffer ETF - April is an actively managed, non-diversified exchange-traded fund that seeks to provide investment returns corresponding to the price return of the SPDR S&P 500 ETF Trust, up to a predetermined annual upside cap, while seeking to provide an approximate downside buffer against losses of the reference ETF over a one-year target outcome period beginning in April. The Fund primarily offers buffered equity-market exposure to investors seeking a defined-outcome investment strategy; it invests substantially all of its assets in customized FLexible EXchange Options, or FLEX Options, referencing SPDR S&P 500 ETF Trust shares and, under normal market conditions, invests at least 80% of net assets, plus borrowings for investment purposes, in investments providing exposure to securities included in the S&P 500 Index. Its option portfolio generally combines purchased and written put and call FLEX Options with matched terms to establish the period’s upside cap and targeted downside protection; the strategy references S&P 500 price return and does not provide exposure to dividends paid by the underlying ETF or its constituent securities. The Fund’s target outcomes apply only to shareholders holding shares from the beginning through the end of the applicable target outcome period; shareholders purchasing or selling during a period can realize materially different outcomes, including reduced remaining upside potential and different effective downside exposure. The Fund resets its FLEX Option portfolio at the end of each annual April-to-March target outcome period, establishing a new cap and buffer based on prevailing option-market conditions; it generally seeks a 100% gross buffer, but may reduce the buffer to maintain a gross cap of at least 3%. The Fund charges a 0.50% management fee and trades on Cboe BZX under the ticker PMAP. PGIM Investments LLC serves as investment manager, and PGIM Quantitative Solutions LLC serves as subadviser; portfolio management is conducted by John Hall, Devang Gambhirwala, and Marco Aiolfi. The Fund was formed on March 31, 2025, is domiciled in the United States, and is part of PGIM Rock ETF Trust, with PGIM Investments operating from Newark, New Jersey. Its primary market includes U.S. retail and institutional investors, financial advisers, and intermediaries seeking capped-upside, buffered exposure to U.S. large-cap equities through an exchange-traded vehicle. The principal recent development is the Fund’s launch and Cboe BZX listing in late March/early April 2025, expanding PGIM’s defined-outcome buffer ETF lineup; as of September 4, 2026, the Fund reported approximately $5.0 million in net assets and 180,001 shares outstanding, following the reset into its subsequent annual target outcome period.