PGIM Jennison Focused Value ETF (PJFV US) – Portfolio Construction Methodology

The investment philosophy governing the actively managed PGIM Jennison Focused Value ETF pursues long-term capital growth via a concentrated portfolio of approximately 25–40 equities, investing across capitalizations but typically focused on U.S. large caps, with capacity to allocate up to 35% to foreign issuers. Selection applies bottom-up research and a value discipline to identify high-conviction companies that are undervalued relative to perceived worth, emphasizing durable business models, mispriced quality, high returns on assets or equity, robust free-cash-flow yields, and managements positioned to effect change; valuation tools may include ratios such as price to earnings, price to free cash flow, price to book, and related measures. A systematic optimization process shapes position sizes and aggregate exposures to manage liquidity and mandate consistency; sector tilts can become significant when opportunities cluster. Eligible instruments span common and convertible stocks, non-convertible preferreds, ADRs, REITs, warrants, rights, and similar securities. Sells reflect fundamental deterioration or superior replacements.

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