Winner of the 2019 New Active ETF of the Year Award 1

PULS is a diversified, actively managed ETF that aims to deliver current income and capital appreciation, consistent with preservation of capital.

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Actively managed and designed with cost in mind

The Fund is actively managed and competitively priced at 15 basis points, among the lowest-cost actively managed ETFs in its category 2

Diversified sources of alpha through a high-quality approach

High-quality positioning through consistent and sustainable sources across investment-grade sectors helps maintain stability of principal.

Low interest rate sensitivity with yield potential

Ultra-short duration, risk-managed approach can help to hedge against rising rates and enhance or diversify a cash management strategy.

An Ultra-Short Bond ETF to Get a Little Bit More Out of Your Cash Position




For the most current yield information on PULS, please visit the fund profile page.

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 (NAV). For more
information, please see the additional disclosures below.

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A Deep and Experienced Team

The PGIM Ultra Short Bond ETF (PULS) is managed by PGIM Fixed Income, a unit of PGIM, Inc., one of the largest global fixed income managers in the world, with over $700 billion in assets under management.3

The Fund’s senior portfolio managers average 32 years of investment experience and 30 years with the firm, and currently manage $45 billion in short-term strategies.4 The team is supported by the deep resources and capabilities of PGIM Fixed Income, including 127 portfolio managers, 103 fundamental analysts, and 50 quantitative and risk managers.

Meet Your Managers

Joseph D'Angelo

As managing director and the head of PGIM Fixed Income’s Money Markets team, Joseph D’Angelo oversees the portfolio management of all taxable money markets portfolios. Joseph joined the firm in 1988 and assumed investment management responsibilities in 1998. He received a BA in economics from Swarthmore College and an MBA in finance from New York University.

Douglas G. Smith

As a vice president and money markets portfolio manager for PGIM Fixed Income’s Money Markets team, Douglas Smith has been responsible for investing the short-term cash of the firm and its subsidiaries, including the reinvestment of securities lending proceeds, since 1991. Douglas joined the firm in 1984. He received a BA in economics from Bucknell University and an MBA from Rutgers University.


  • 1 Source: The PGIM Ultra Short Bond ETF was the recipient of the Fund Intelligence 2019 Mutual Fund and ETF Award for New Active ETF of the Year. ETF awards are given to the most successful ETF in each category. New Active ETF of the Year is given to the most successful active ETF as determined by a combination of several factors, including flows, performance and innovation. The ETF must be considered active by the Securities and Exchange Commission to qualify. ETFs launched on or after Jan. 1, 2018 are eligible for entry.

  • 2 Source: Morningstar. Data as of  December 31, 2018.

  • 3 Sources of data as of December 31, 2018.

  • 4 AUM as of December 31, 2018.


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 (NAV). 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 cost of buying or selling shares: 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: Unlike other ETFs, the Fund may effect creation and redemptions in cash or partially in cash so that the Fund may be less tax-efficient than an investment in an ETF that distributes portfolio securities in-kind. The Fund is subject to new/small fund risk given the fund’s recently commenced operations and limited operating history. 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. 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.

Market Price and NAV Price Daily YTD Returns are reported as Inception To Date return for funds before they pass the first calendar year end of operation. Market returns are based upon the midpoint of the bid/ask spread at 4:00 pm Eastern time (when NAV is normally determined for most Funds), and do not represent the returns you would receive if you traded shares at other times. Market Price and Market Price Change are reported as consolidated midpoint of bid/ask spread. Due to data availability, statistics may not be as of the current reporting period. Expenses based on the most recent publicly available reports. See the Fund's Annual Report for full information on expenses. This fund is actively managed. All data is unaudited and subject to change.

Alpha is a measure of an investment’s value-added based on its beta or market-related risk profile. A high value for alpha implies that the investment has performed better than would have been expected, given its beta profile. In contrast, a negative alpha indicates the manager has underperformed, given the expectations established by beta.

Source: NYSE, Brown Brothers Harriman & Co, Lipper, Inc., and PGIM, Inc (PGIM). PGIM is a Prudential Financial company. All returns assume share price changes as well as the compounding effect of reinvested dividends and capital gains. Returns may reflect fee waivers and/or expense reimbursements. Without such, returns would be lower. All returns 1-year or less are cumulative.

Consider a fund's investment objectives, risks, charges, and expenses carefully before investing. The prospectus and summary prospectus contain this and other information about the fund. Contact your financial professional for a prospectus and summary prospectus. Read them carefully before investing.

This material is being provided for informational or educational purposes only and does not take into account the investment objectives or financial situation of any client or prospective clients. The information is not intended as investment advice and is not a recommendation about managing or investing your retirement savings. Clients seeking information regarding their particular investment needs should contact a financial professional.

Investment products are distributed by Prudential Investment Management Services LLC, a Prudential Financial company, member SIPC. Jennison Associates and PGIM, Inc. (PGIM) are registered investment advisors and Prudential Financial companies. QMA is the primary business name of QMA LLC, a wholly owned subsidiary of PGIM. PGIM Fixed Income and PGIM Real Estate are units of PGIM. © 2020 Prudential Financial, Inc. and its related entities. Jennison Associates, Jennison, PGIM Real Estate, PGIM, and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

Prudential Financial, Inc. of the United States is not affiliated with Prudential plc, which is headquartered in the United Kingdom.

Investment Products: Are not insured by the FDIC or any other federal government agency, may lose value, and are not a deposit of or guaranteed by any bank or any bank affiliate.


For compliance use only 1009052-00004-00 Ed. 7/2019