PGIM Active High Yield Bond ETF (PHYL)

The Fund is an actively managed exchange traded fund (ETF) and, thus, does not seek to replicate the performance of a specified index. As an ETF, the Fund’s shares trade on an exchange and are subject to ETF shares trading risk, including that the Fund’s shares may trade at a premium or discount to net asset value; during periods may become less liquid; potentially may lack an active trading market, which may result in significant losses if you sell your shares of the Fund during these periods; and may be subject to authorized participant concentration risk, since the Fund has a limited number of intermediaries that act as authorized participants and none of these authorized participants are or will be obligated to engage in creation or redemption transactions. To the extent that these intermediaries exit the business or are unable to or choose not to proceed with creation and/or redemption orders with respect to the Fund and no other authorized participant creates or redeems, shares of the Fund may trade at a discount to NAV and possibly face trading halts and/or delisting. The Fund may be subject to the risk of increased expenses, meaning that your actual cost of investing in the Fund may be higher than the expense shown in the expense table, as well as the cost of buying or selling shares, since when you buy or sell shares of the Fund through a broker, you will likely incur brokerage commission or other charges; and cash transaction risk, which is the risk that the Fund (which may effect creation and redemptions in cash or partially in cash) may be less tax-efficient than an investment in an ETF that distributes portfolio securities in-kind. Small fund risk, which may cause low trading volume and wide bid/ask spreads as well as risk if being delisted if it does not meet certain conditions of the listing exchange.The Fund may invest in high yield (“junk”) bonds, which have greater credit and market risks; distressed and defaulted securities, which are subject to particularly high credit risk, market risk and illiquidity risk; leveraging, which may magnify losses; and derivative securities, which may carry market, credit, and liquidity risks. Fixed income investments are subject to credit, market, and interest rate risks, and their value will decline as interest rates rise; call and redemption risk, where the issuer may call a bond held by the Fund for redemption before it matures and the Fund may lose income; and extension risk, where the issuer may repay a fixed income security more slowly than expected, extending the effective duration of these securities; liquidity risk, which exists when particular investments are difficult to sell; emerging markets risk, which exposes the Fund to greater volatility and price declines. The Fund’s fixed income investments include variable and floating rate bonds, which are subject to credit, market, and interest rate risk, and bank loans, which could adversely affect the income of the Fund and would likely reduce the value of its assets if the Fund fails to receive scheduled interest or principal payments on a loan because of a default, bankruptcy or any other reason. The Fund may invest in foreign securities, which generally involve more risk than investing in U.S. issuers, including political, legal, and economic uncertainty; derivatives, which may carry market, credit, and liquidity risks; and mortgage-backed and asset-backed securities, which are subject to prepayment, extension, and interest rate risks. The Fund may be subject to management risk, where the value of your investment may decrease if judgments by the subadviser are incorrect, and market risk, where the value of investments may decrease and securities markets are volatile. The risks associated with the Fund are more fully explained in the prospectus and summary prospectus. Diversification does not assure a profit or protect against loss in declining markets. These risks may increase the Fund’s share price volatility. There is no guarantee the Fund’s objective will be achieved.