The PGIM Nasdaq-100 Buffer 12 ETF - January is designed to provide investors with returns that match the price return of the Invesco QQQ Trust℠, Series 1 up to a predetermined upside cap, while providing a downside buffer against the first 12% of the Invesco QQQ Trust℠, Series 1 losses over the one-year Target Outcome Period. The fund invests substantially all of its assets in customized equity or index option contracts known as FLEX Options on the Invesco QQQ Trust℠, Series 1.