PGIM Short Duration Multi-Sector Bond ETF (PSDM)

As an actively managed exchange traded fund (ETF), the Fund is subject to risks involved with: actively and frequently trading; ETF shares trading risk (including the risk of the shares trading at a premium or discount to net asset value or the lack an active trading market); authorized participant concentration risk; the risk of transacting in cash versus in-kind; as well as the risk of increased expenses and the cost of buying or selling shares through a broker. As a new and relatively small fund with limited operating history, the Fund is subject to the risk that its performance might not represent how it may perform long term and investments may have disproportionate impact on performance. The Fund is subject to currency risk, in which the Fund’s net asset value could decline as a result of changes in exchange rates, which could adversely affect the Fund’s investments in currencies, or in securities that trade in, and receive revenues related to, currencies, or in derivatives that provide exposure to currencies; debt obligation risk, in which the Fund’s holdings, share price, yield and total return may also fluctuate in response to bond market movements; 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 liquidity risk, which exists when particular investments are difficult to sell; management risk in which the subadviser will apply investment techniques and risk analyses in making investment decisions for the Fund, but the subadviser’s judgments about the attractiveness, value or market trends affecting a particular security, industry or sector or about market movements may be incorrect; reference rate risk, in which the Fund may be exposed to financial instruments that recently transitioned from using or continue to use the London Interbank Offered Rate (“LIBOR”) to determine payment obligations, financing terms, hedging strategies or investment value; and interest rate risk in which the value of your investment may go down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration debt securities. The Fund may invest in high yield ("junk") bonds, which are subject to greater credit and market risks; foreign securities, which are subject to currency fluctuation and political uncertainty; mortgage-backed and asset-backed securities, which are subject to prepayment, extension, and interest rate risks; floating rate loans, which subjects the Fund to the risk that the Fund’s ability to receive payments in connection with loans depends on the financial condition of the borrower (failure to receive such payments may reduce the value of the Fund’s assets); the value of adjustable and floating rate securities may lag behind the value of fixed rate securities when interest rates change; certain loans or obligations in which the fund may invest may be “covenant-lite” meaning they contain fewer financial maintenance covenants than other loans or obligations; and derivative securities, which may carry market, credit, and liquidity risks. To the extent the Fund invests in U.S. government and agency securities, its potential for capital appreciation may be limited. The Fund is subject to market risks, including economic risks, as well as market disruption and geopolitical risks (the value of investments may decrease, and international conflicts and geopolitical developments may adversely affect the U.S. and foreign financial markets, including increased volatility). Large shareholders could subject the Fund to large scale redemption risk. These risks may increase the Fund’s share price volatility. The Fund may not be invested in all sectors at a given time. Diversification does not assure a profit or protect against loss in declining markets. There is no guarantee the Fund’s objective will be achieved. The risks associated with the Fund are more fully explained in the Fund's prospectus and summary prospectus. There is no guarantee the Fund’s objective will be achieved.