PGIM Jennison Focused Growth ETF (PJFG US) – Portfolio Construction Methodology

The investment process guiding the actively managed PGIM Jennison Focused Growth ETF targets long-term capital growth through a concentrated selection of approximately 20–50 equities, primarily U.S. mid- and large-cap issuers, with up to 35% in non-U.S. securities. Research emphasizes businesses with durable competitive advantages, visible catalysts, superior earnings and cash-flow trajectories, and valuations that reflect acceleration or duration of growth not fully priced. Portfolio construction combines bottom-up fundamental convictions with a systematic optimization that manages aggregate factor exposures, liquidity, and risk consistency versus the mandate; the fund is non-diversified and may have significant sector concentrations when conviction clusters. Eligible instruments include common and convertible stocks, non-convertible preferreds, ADRs, warrants, rights, REITs, and IPOs to enhance investability. Sell and trim discipline reflects fundamental disappointments, achievement of intermediate price objectives with diminished outlook, or the emergence of more attractive opportunities; adverse price moves alone are not dispositive.

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