PGIM Jennison Focused Mid-Cap ETF (PJFM US) – Portfolio Construction Methodology

The investment strategy underpinning the actively managed PGIM Jennison Focused Mid-Cap ETF seeks long-term capital growth by investing at least 80% of investable assets in equity and equity-related securities of medium-sized companies, defined at purchase within the Russell Midcap capitalization range, with flexibility to own names above or below that band and up to 35% in non-U.S. securities. Security selection blends value and growth disciplines, using proprietary intermediate-term earnings forecasts to identify issuers with attractive valuations and prospects for superior earnings expansion across industries. A systematic portfolio construction framework complements bottom-up research to manage liquidity and overall risk characteristics while maintaining a focused roster of roughly 30–50 issuers. Eligible instruments include common and convertible stocks, non-convertible preferreds, ADRs, REITs, warrants, rights, and IPOs to support investability. Rebalancing and sells are driven by changes in fundamentals, relative opportunity, or risk/liquidity considerations; sector weights may become meaningfully tilted when opportunities concentrate.

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