Enhancements organize equity ETF lineup around core and focused strategies

PGIM, the $1.4 trillion¹ global investment management business of Prudential Financial, Inc. ((PRU), today announced a series of enhancements to its Jennison equity exchange-traded fund (ETF) lineup.

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"Investors and advisors are increasingly looking for actively managed ETFs that are low cost, clearly defined, and easy to implement across portfolios." --Stuart Parker, Head of Global Wealth, PGIM

These initiatives are intended to create a more streamlined and consistent equity ETF platform, enhancing access to Jennison's fundamental, research-driven investment capabilities across market segments and further aligning the lineup with evolving investor demand.

The platform enhancements include:

The merger of the PGIM Jennison Focused Value Fund (PJGZX) into the PGIM Jennison Focused Value ETF (PJFV). In conjunction with the merger, PJFV will undergo an expense ratio reduction from 0.75% to 0.33% on or about July 1, 2026. The merger is expected to become effective on or about Nov. 13, 2026, at which time PJGZX will be reorganized into PJFV, after which PJGZX will be liquidated and its remaining assets distributed to shareholders.
The renaming and repositioning of the PGIM Jennison International Opportunities ETF (PJIO) as the PGIM Jennison Focused International Equity ETF (PJIO), together with an expense ratio reduction from 0.90% to 0.54%. The changes will go into effect on or about Aug. 1, 2026.
The closure and liquidation of the PGIM Jennison Better Future ETF (PJBF). The final day for creations or redemptions by authorized participants will be on or about July 13, 2026, and the last day of trading will be on or about July 14, 2026. PJBF is expected to cease operations on or about July 17, 2026, at which time the fund will be liquidated and its remaining assets distributed to shareholders.

"Investors and advisors are increasingly looking for actively managed ETFs that are low-cost, clearly defined, and easy to implement across portfolios," said Stuart Parker, head of Global Wealth, PGIM. "These enhancements reflect our commitment to meeting that demand by delivering a competitively priced and comprehensive ETF platform."

These efforts come after the recent launch of the PGIM Jennison U.S. Core Equity ETF (PJUS). The ~100-stock core portfolio is informed by Jennison's fundamental, bottom-up investment approach, which emphasizes in-depth research and security selection while maintaining disciplined control of factor and risk exposures.

Overall, the platform enhancements will result in a streamlined equity ETF lineup that's organized around two distinct investment styles: core and focused. Core strategies are designed to provide diversified core equity market exposure, while focused strategies will offer complementary higher-conviction portfolios in each market segment.

"For more than five decades, Jennison has been built on the conviction that rigorous, bottom-up fundamental research is the foundation of long-term outperformance," said Ken Moore, head of Jennison. "By streamlining and expanding our ETF lineup, we are making Jennison's research-driven investment capabilities more accessible to a broader set of investors."

PGIM's ETF platform offers over 60 actively managed ETFs across equity and fixed income asset classes. PGIM is the 11th-largest active ETF provider² with $27 billion in assets under management.¹

Founded in 1969, Jennison manages $190 billion in client assets across a range of equity and fixed income investment strategies.¹ Original fundamental research, specialized investment teams, strong client focus, and highly experienced investment professionals are among the firm's competitive distinctions.

Learn more about PGIM's growing lineup of actively managed ETFs at pgim.com.

ABOUT PGIM

PGIM is the global asset management business of Prudential Financial, Inc. ((PRU), with $1.4 trillion in assets under management.¹ PGIM offers clients deep expertise across public and private asset classes, delivering a diverse range of investment strategies and tailored solutions — including fixed income, equities, real estate and alternatives. With 1,500+ investment professionals across 40 offices in 20 countries, we serve retail and institutional clients worldwide. For more information visit pgim.com.

Prudential Financial, Inc. (PFI) of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom, or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. For more information please visit news.prudential.com.

¹As of March 31, 2026.

²Source: Morningstar Direct as of March 31, 2026.

Jennison Associates is a registered investment advisor under the U.S. Investment Advisers Act of 1940, as amended, and a Prudential Financial company. Registration as a registered investment adviser does not imply a certain level or skill or training.

Jennison Associates LLC has not been licensed or registered to provide investment services in any jurisdiction outside the United States. Certain investment vehicles are distributed or offered through Prudential Investment Management Services LLC (also a Prudential Financial Company) or other affiliated entities. Additionally, vehicles may not be registered or available for investment in all jurisdictions. Please visit jennison.com/important-disclosures for important information, including information on non-U.S. jurisdictions.

Jennison Focused Value ETF Risk Disclosure

Jennison International Opportunities ETF Risk Disclosure

As an actively managed exchange-traded fund (ETF), risks of investing in the Fund include, but are not limited to the following: The Fund is subject to authorized participant concentration risk and the risks of transacting in cash versus in-kind. ETFs may trade at a premium or discount to net asset value and may lack an active trading market. Additional costs may be incurred when transacting through a broker. Growth-style investing may subject the Fund to above-average fluctuations as a result of seeking higher than average capital growth. Equity and equity-related securities may be subject to changes in value, and their values may be more volatile than those of other asset classes. Foreign securities are subject to currency fluctuations and political uncertainty. Emerging market investments are subject to greater volatility and price declines. Geographic concentration may cause the Fund's performance to be closely tied to the market, economic, political, regulatory or other conditions in the countries or regions in which the Fund invests. At times, the Fund may have a significant portion of its assets invested in the same economic sector, making the Fund more vulnerable to developments in that sector. As a non-diversified fund, investments in the Fund involve greater risk than investing in a diversified fund because a loss resulting from the decline in value of any one security may represent a greater portion of the total assets of a non-diversified fund. Investments in currency may result in a decline in the Fund's net asset value due to changes in exchange rates. There is no guarantee the Fund's objective will be achieved. Risks are more fully explained in the Fund's prospectus.

PGIM Jennison U.S. Core Equity ETF Risk Disclosure

As an actively managed exchange-traded fund (ETF), risks of investing in the Fund include, but are not limited to the following: The Fund is subject to authorized participant concentration risk and the risks of transacting in cash versus in-kind. ETFs may trade at a premium or discount to net asset value and may lack an active trading market. Additional costs may be incurred when transacting through a broker. Equity and equity-related securities may be subject to changes in value, and their values may be more volatile than those of other asset classes. The Fund's blend investment style may subject the Fund to the risks of both value and growth investing. Large-capitalization companies go in and out of favor based on market and economic conditions; the Fund's value may not rise or fall as much as the value of funds that emphasize companies with smaller market capitalizations. As a non-diversified fund, investments in the Fund involve greater risk than investing in a diversified fund because a loss resulting from the decline in value of any one security may represent a greater portion of the total assets of a non-diversified fund. The Fund's concentration in certain securities may cause the Fund to be adversely affected by the performance of those securities. Foreign securities are subject to currency fluctuations and political uncertainty. The Fund has a limited operating history and investment positions may have a disproportionate impact on performance. Derivatives may carry market, credit and liquidity risks. The Fund uses quantitative models. Securities or other investments selected using quantitative models may perform differently from the market or from expected performance. There is no assurance that these methodologies will produce the desired results or enable the Fund to meet its objective. There is no guarantee the Fund's objective will be achieved. Risks are more fully explained in the Fund's prospectus.

Consider a fund's investment objectives, risks, charges and expenses carefully before investing. The prospectus and summary prospectus contain this and other information about the fund. Contact your financial professional for a prospectus and summary prospectus. Read them carefully before investing.

Investment products are distributed by Prudential Investment Management Services LLC, member FINRA and SIPC. PGIM Investments is a registered investment advisor and investment manager to PGIM registered investment companies. Jennison Associates (Jennison) is a registered investment advisor. All are Prudential Financial affiliates. PGIM is the principal asset management business of Prudential Financial, Inc. (PFI), and a trading name of PGIM, Inc. and its global subsidiaries and affiliates. © 2026 Prudential Financial, Inc. and its related entities. PGIM, PGIM Investments, Jennison Associates, Jennison, and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

This material is being provided for informational or educational purposes only and does not take into account the investment objectives or financial situation of any client or prospective clients. The information is not intended as investment advice and is not a recommendation. Clients seeking information regarding their particular investment needs should contact their financial professional.

INVESTMENT PRODUCTS | Are not insured by the FDIC or any federal government agency | May lose value | Are not a deposit of or guaranteed by any bank or any bank affiliate

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Travis Fishstein

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travis.fishstein@pgim.com

PGIM Announces Strategic Enhancements to Equity ETF Platform