PGIM ULTRA SHORT BOND ETF (PULS)

PGIM ULTRA SHORT BOND ETF (PULS)

With an estimated $6.9 trillion¹ in cash on the sidelines, now may be an opportune time to revisit investors’ portfolio allocations and longer-term investing goals. Ultra short bonds may be a compelling option for investors seeking to enhance their traditional cash management strategies or put excess cash to work. These bonds offer attractive yield potential with lower volatility and less interest rate risk than other fixed income investments.

PGIM ULTRA SHORT BOND ETF: ACTIVELY MANAGED, LOWER COST

PULS is an actively managed, highly rated, ultra short bond ETF that offers investors a competitive yield, strong historical returns, and a portfolio that is 100% investment grade. At 15 basis points, PULS is among the lowest-cost actively managed ETFs in its category.

PGIM FIXED INCOME: DEEP EXPERIENCE IN ULTRA SHORT INVESTING

A STRONG, STABLE, WELL-RESOURCED INVESTMENT TEAM

¹ Investment Company Institute as of 12/31/2024.

This site is intended for U.S. investors only. All investments involve risk, including loss of principal.

Unlike mutual funds, ETF shares are bought and sold at market price, which may be higher or lower than their net asset value (NAV), and are not individually redeemed from the Fund. You may incur brokerage commissions when buying and selling shares on an exchange or through your financial intermediary, which may reduce returns. Market returns are based upon the closing price or the midpoint of the bid/ask spread, as applicable, at the time when the Fund’s NAV is determined (normally 4:00 p.m. Eastern time), and do not represent the returns you would receive if you traded shares at other times. There can be no guarantee that an active trading market for ETF shares will develop or be maintained, or that their listing will continue or remain unchanged. While the shares of ETFs are tradable on secondary markets, they may not readily trade in all market conditions and may trade at significant discounts in periods of market stress. All returns 1-year or less are cumulative.

Risk Information—The Fund is an actively managed exchange traded fund (ETF) and thus does not seek to replicate the performance of a specified index. The Fund is not a money market fund and does not seek to maintain a stable net asset value. 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, and may lack an active trading market, which may result in significant losses if you sell your shares of the Fund during these periods; and 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 is subject to the cost of buying or selling shares, and 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, in that, unlike other ETFs, the Fund may affect creation and redemptions in cash or partially cash so that the Fund may be less tax-efficient than an investment in an ETF that distributes portfolio securities in-kind. 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. The Fund’s fixed income investments include variable and floating rate bonds, which are subject to credit, market, and interest rate risk. The Fund may invest in foreign securities, which generally involve more risk than investing in U.S. issuers, including political, legal, and economic uncertainty; mortgage-backed and asset-backed securities, which are subject to prepayment, extension, and interest rate risks; and U.S. government and agency securities, which may carry market, interest rate, and credit risks, may not be insured or guaranteed by the full faith and credit of the U.S. government, and may limit the Fund’s potential for capital appreciation. 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. These risks may increase the Fund’s share price volatility. There is no guarantee the Fund’s objective will be achieved.

Definitions—30-day SEC yield is a standardized yield calculation created by the SEC. It reflects the income earned during a 30-day period. 30-day distribution yield measures the amount of net income that has been distributed over the previous 30 days divided by the fund’s average net asset value for the period.

NAV (Net Asset Value) prices are used to calculate market price performance prior to the date when the fund first traded on the NYSE Arca, Inc. (NYSE Arca). Market price performance is determined using the close at 4:00 p.m. Eastern time, when the NAV is typically calculated. Since shares of the Fund did not trade in the secondary market until after the Fund inception (4/5/18), for the period from inception to the first day of secondary trading (4/10/18), the NAV of the Fund is used as a proxy for the market price to calculate market returns. Market Price is determined using the midpoint between the highest bid and the lowest offer reported to the consolidated tape, as of the time that each Fund's NAV is calculated. In the event this is not available, the midpoint between the highest bid and the lowest offer on the listing exchange is used. NAV Price is total assets less total liabilities divided by the number of shares outstanding.

Consider a fund’s investment objectives, risks, charges, and expenses carefully before investing. This information must be preceded or accompanied by the current prospectus or summary prospectus for the fund. The prospectus and summary prospectus contain information on the investment objectives, risks, charges, and expenses of the fund and should be read carefully.

Investment products are distributed by Prudential Investment Management Services LLC, member FINRA and SIPC. PGIM Investments is a registered investment adviser and investment manager to all PGIM US open-end investment companies. PGIM Fixed Income is a unit of PGIM, Inc. (PGIM), a registered investment advisor. PGIM Limited acts as a subadvisor to all fixed income funds. PGIM Limited is an indirect, wholly owned subsidiary of PGIM, the principal asset management business of Prudential Financial, Inc. (PFI), a company incorporated and with its principal place of business in the United States. All are Prudential Financial affiliates. © 2025 Prudential Financial, Inc. and its related entities. PGIM, PGIM Investments, PGIM Fixed Income, PGIM Limited, and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

The information contained is being provided as general investment education only and does not take into account the investment objectives or financial situation of any existing or prospective investors. The information should not be construed as investment advice or a recommendation. Investors seeking information regarding their particular investment needs should contact their financial professional.

Prudential Financial, Inc. of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom.

INVESTMENT PRODUCTS | Are not insured by the FDIC or any federal government agency | May lose value | Are not a deposit of or guaranteed by any bank or any bank affiliate.