PGIM Nasdaq-100 Buffer 12 ETF - January (PQJA) Research

The PGIM Nasdaq-100 Buffer 12 ETF - January (PQJA) employs an options-based strategy to help moderate potential declines in the Invesco QQQ Trust (QQQ) over a distinct one-year period, which resets every January. This approach is designed to absorb the first 12% of QQQ's losses. However, this benefit comes at the cost of capping any potential upside participation beyond a specific, annually reset threshold. It's important to understand that the fund's protection does not cover QQQ's dividend component, as the underlying options are based on price performance, not total return. Should QQQ's value drop by more than 12%, PQJA will then experience corresponding losses on a one-to-one basis for the amount exceeding that buffer. For investors to realize the fund's intended benefits, shares must be held until the end of its defined outcome period. Those who invest at times other than the annual reset day might encounter different levels of protection and upside potential. The issuer actively publishes interim cap levels on its official website. Please note that the specified cap and buffer targets do not account for the fund's own expense ratio. This is an actively managed fund that exclusively utilizes FLEX options in its strategy.

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