PBFR

The Fund seeks to achieve its investment objective by providing investors with U.S. large-cap equity market exposure through a "laddered portfolio" of twelve PGIM US Large-Cap Buffer 20 ETFs (the "Underlying ETFs"), each of which attempt to limit downside risk. The Underlying ETFs seek to provide investors with limited protection against a decline in the U.S. large-cap equity market, with an upside cap on capital appreciation in that market, over a specific period. The term "laddered portfolio" refers to the Fund's investment in a series of Underlying ETFs that have target outcome period expiration dates which occur on a rolling, or periodic, basis. The rolling or "laddered" nature of the investments in the Underlying ETFs is intended to create diversification in respect of the investment time period over which an Underlying ETF