Awards
Barron’s Best Fund Families 2024

Barron’s Best Fund Families: Ranked #4 for best fund family over the 1-year period ended 12/31/2024, among 48 qualifying fund families based on asset- weighted returns.

PGIM Investments ranked 4 out of 48, 8 out of 47, 12 out of 46 firms for the 1-, 5-, and 10-year periods ended 12/31/2024, respectively. PGIM Active High Yield Bond ETF Lipper total return ranking for the 1-, 3-, 5-, and 10-year periods as of 12/31/2024 for the High Yield Funds category were: 138/494, 237/447, 138/419, and N/A, respectively. Lipper Funds category rankings are based on total return, do not take sales charges into account, and are calculated against all funds in each fund’s respective Lipper category.

Lipper total return ranking for the 1-, 3-, 5-, and 10-year periods as of 6/30/2025: 17/484, 112/458, 130/418, and N/A, respectively. Past Performance is no guarantee of future results.*

Prices as of 08/14/2025
MARKET PRICE
$35.50
$-0.04
(-0.11%)
52 WK: $33.44 / $35.77
NAV PRICE
$35.38
$-0.04
(-0.12%)
52 WK: $33.56 / $35.72
YTD as of 08/14/2025
YTD RETURN (MARKET PRICE)
6.67%
YTD RETURN (NAV PRICE)
6.52%
NET ASSETS
$403,287,238
TOTAL ANNUAL EXPENSE RATIO
0.39%
Objective

The investment objective of PGIM Active High Yield Bond ETF is to seek total return through a combination of current income and capital appreciation.

DAILY PERFORMANCE
AS OF 08/14/2025
Daily Performance of Daily Performance Value
Bid/Ask Spread 35.50 / 35.51
30 Day Median Bid/Ask Spread (%) 0.03
Bid/Ask (%) 0.03
Market Price ($) 35.50
Market Price Change ($)
-0.04
Market Price Change (%) -0.11
NAV Price ($) 35.38
NAV Price Change ($)
-0.04
NAV Price Change (%) -0.12
Premium / Discount (%) 0.35
AS OF 08/14/2025
YTD Return-Market Price (%) 6.67
YTD Return-NAV Price (%) 6.52
Fund Information
AS OF 08/14/2025
Fund Information Fund Information Value
Ticker PHYL
Net Assets 403,287,238
Asset Class Taxable Fixed Income
Benchmark Bloomberg US High Yield Very Liquid Index
CUSIP 69344A206
Shares Outstanding 11,400,000
Trading Volume 135,879
Fiscal Year End 08/31
Exchange NYSE Arca
Options Available No
Inception Date 09/24/2018
Management Style Active
CHARACTERISTICS & FEES
AS OF 07/31/2025
Name
Weight
Average Maturity (years) 5.7
Duration (years) 3.1
Average Price 98.2
Total Annual Expense Ratio (%) 0.39

 

Change shows the change in $U.S. value over the previous day:Gain= Gain, Loss= Loss,  No Change = No Change.

See Prices of other PGIM ETFs.

*Used with permission. © 2025 Dow Jones & Company, Inc. Source: Barron’s, Feb. 27, 2025. Barron’s rankings are based on asset-weighted returns in funds in five categories: U.S. Equity; World Equity; Mixed Asset; Taxable Bond; and Tax-Exempt (each a “Barron’s ranking category”). Rankings also take into account an individual fund’s performance within its Lipper peer universe. Lipper calculated each fund’s net total return for the year ended Dec. 31, 2024, minus the effects of 12b-1 fees and sales charges. Each fund in the survey was given a percentile ranking, with 100 the highest and 1 the lowest in its category. That ranking measured how a fund compared with its peer “universe,” as tracked by Lipper, not just the funds in the survey. Individual fund scores were then multiplied by the 2024 weighting of their Barron’s ranking category as determined by the entire Lipper universe of funds. Those fund scores were then totaled, creating an overall score and ranking for each fund family in the survey in each Barron’s ranking category. To qualify for the ranking, firms must offer at least three active mutual funds or actively run ETFs in Lipper’s general U.S. Stock category; one in World Equity; and one Mixed Asset. They also need to offer at least two taxable bond funds and one national tax-exempt bond fund. All funds must have a track record of at least one year.

Total Returns(%)

as of
View:
TOTAL RETURNS (%)
Cumulative Average Annual
YTD 1-Mo 3-Mo 1-Yr 3-Yr 5-Yr 10-Yr Since Inception

See Performance of other PGIM ETFs.

Past performance does not guarantee future results and current performance may be lower or higher than the past performance data quoted. The investment return and principal value will fluctuate, and shares, when sold, may be worth more or less than the original cost.

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.

PREMIUM / DISCOUNT

Date Historical Premium Discount
Premium / Discount (%) Number of Days at Premium
08/14/2025 0.35
08/13/2025 0.35
08/12/2025 0.24
08/11/2025 0.26
08/08/2025 0.22
08/07/2025 0.24
08/06/2025 0.28
08/05/2025 0.29
08/04/2025 0.28
08/01/2025 0.26
07/31/2025 0.16
07/30/2025 0.17
07/29/2025 0.15
07/28/2025 0.20
07/25/2025 0.19
07/24/2025 0.19
07/23/2025 0.22
07/22/2025 0.22
07/21/2025 0.22
07/18/2025 0.23
07/17/2025 0.21
07/16/2025 0.24
07/15/2025 0.08
07/14/2025 0.23
07/11/2025 0.20
07/10/2025 0.24
07/09/2025 0.27
07/08/2025 0.17
07/07/2025 0.16
07/03/2025 0.26
07/02/2025 0.28
07/01/2025 0.28
06/30/2025 0.24
06/27/2025 0.22
06/26/2025 0.32
06/25/2025 0.31
06/24/2025 0.35
06/23/2025 0.30
06/20/2025 0.00
06/18/2025 0.22
06/17/2025 0.26
06/16/2025 0.25
06/13/2025 0.16
06/12/2025 0.32
06/11/2025 0.26
06/10/2025 0.36
06/09/2025 0.28
06/06/2025 0.17
06/05/2025 0.17
06/04/2025 0.27
06/03/2025 0.34
06/02/2025 0.22
05/30/2025 0.12
05/29/2025 0.17
05/28/2025 0.24
05/27/2025 0.25
05/23/2025 0.20
05/22/2025 0.20
05/21/2025 0.04
05/20/2025 0.06
05/19/2025 0.32
05/16/2025 0.36
05/15/2025 0.36
05/14/2025 0.27
05/13/2025 0.27
05/12/2025 0.28
05/09/2025 0.17
05/08/2025 0.15
05/07/2025 0.29
05/06/2025 0.19
05/05/2025 0.25
05/02/2025 0.25
05/01/2025 0.11
04/30/2025 0.37
04/29/2025 0.48
04/28/2025 0.25
04/25/2025 0.46
04/24/2025 0.30
04/23/2025 -0.03
04/22/2025 0.07
04/21/2025 0.25
04/17/2025 0.11
04/16/2025 0.15
04/15/2025 0.18
04/14/2025 0.01
04/11/2025 0.11
04/10/2025 0.02
04/09/2025 0.73
04/08/2025 -0.35
04/07/2025 0.31
04/04/2025 -0.41
04/03/2025 0.25
04/02/2025 0.31
04/01/2025 0.33
03/31/2025 0.31
03/28/2025 0.21
03/27/2025 0.15
03/26/2025 0.06
03/25/2025 0.19
03/24/2025 0.16
03/21/2025 0.18
03/20/2025 0.18
03/19/2025 0.35
03/18/2025 0.15
03/17/2025 0.22
03/14/2025 0.10
03/13/2025 0.20
03/12/2025 0.06
03/11/2025 0.04
03/10/2025 0.18
03/07/2025 0.20
03/06/2025 0.15
03/05/2025 0.19
03/04/2025 0.25
03/03/2025 0.20
02/28/2025 0.28
02/27/2025 0.18
02/26/2025 0.18
02/25/2025 0.28
02/24/2025 0.23
02/21/2025 0.21
02/20/2025 0.31
02/19/2025 0.27
02/18/2025 0.16
02/14/2025 0.22
02/13/2025 0.33
02/12/2025 0.16
02/11/2025 0.16
02/10/2025 0.15
02/07/2025 0.11
02/06/2025 0.19
02/05/2025 0.27
02/04/2025 0.22
02/03/2025 0.18
01/31/2025 0.07
01/30/2025 0.21
01/29/2025 0.26
01/28/2025 0.31
01/27/2025 0.32
01/24/2025 0.27
01/23/2025 0.26
01/22/2025 0.23
01/21/2025 0.20
01/17/2025 0.23
01/16/2025 0.30
01/15/2025 0.16
01/14/2025 0.13
01/13/2025 0.19
01/10/2025 -0.09
01/08/2025 0.28
01/07/2025 0.08
01/06/2025 0.19
01/03/2025 0.21
01/02/2025 0.00
12/31/2024 0.21
12/30/2024 0.27
12/27/2024 0.20
12/26/2024 0.28
12/24/2024 0.14
12/23/2024 -0.01
12/20/2024 0.10
12/19/2024 -0.09
12/18/2024 -0.52
12/17/2024 0.10
12/16/2024 0.17
12/13/2024 -0.02
12/12/2024 0.00
12/11/2024 0.12
12/10/2024 0.14
12/09/2024 0.15
12/06/2024 0.22
12/05/2024 0.20
12/04/2024 0.26
12/03/2024 0.16
12/02/2024 0.32
11/29/2024 0.37
11/27/2024 0.33
11/26/2024 0.28
11/25/2024 0.32
11/22/2024 0.21
11/21/2024 0.30
11/20/2024 0.24
11/19/2024 0.26
11/18/2024 0.27
11/15/2024 0.12
11/14/2024 0.07
11/13/2024 0.21
11/12/2024 0.07
11/11/2024 0.34
11/08/2024 0.36
11/07/2024 0.35
11/06/2024 0.28
11/05/2024 0.26
11/04/2024 0.10
11/01/2024 -0.02
10/31/2024 0.08
10/30/2024 0.13
10/29/2024 0.30
10/28/2024 0.26
10/25/2024 0.00
10/24/2024 0.15
10/23/2024 0.08
10/22/2024 0.18
10/21/2024 0.11
10/18/2024 0.22
10/17/2024 0.15
10/16/2024 0.21
10/15/2024 0.23
10/14/2024 0.39
10/11/2024 0.30
10/10/2024 0.31
10/09/2024 0.21
10/08/2024 0.19
10/07/2024 0.05
10/04/2024 0.16
10/03/2024 0.21
10/01/2024 0.29
09/30/2024 0.27
09/27/2024 0.11
09/26/2024 0.21
09/25/2024 0.06
09/24/2024 0.17
09/23/2024 0.04
09/20/2024 0.11
09/19/2024 0.07
09/18/2024 0.20
09/17/2024 0.20
09/16/2024 0.35
09/13/2024 0.26
09/12/2024 0.26
09/11/2024 0.14
09/10/2024 0.19
09/09/2024 0.32
09/06/2024 0.18
09/05/2024 0.29
09/04/2024 0.21
09/03/2024 0.07
08/30/2024 0.08
08/29/2024 0.15
08/28/2024 0.07
08/27/2024 0.11
08/26/2024 0.13
08/23/2024 0.24
08/22/2024 0.32
08/21/2024 0.27
08/20/2024 0.22
08/19/2024 0.32
08/16/2024 0.42
08/15/2024 0.29
08/14/2024 0.28
08/13/2024 0.26
08/12/2024 0.14
08/09/2024 0.16
08/08/2024 0.19
08/07/2024 0.00
08/06/2024 0.02
08/05/2024 0.14
08/02/2024 0.00
08/01/2024 0.04
07/31/2024 0.18
07/30/2024 0.06
07/29/2024 0.05
07/26/2024 0.18
07/25/2024 0.11
07/24/2024 0.02
07/23/2024 0.21
07/22/2024 0.23
07/19/2024 0.02
07/18/2024 0.11
07/17/2024 0.26
07/16/2024 0.25
07/15/2024 0.20
07/12/2024 0.32
07/11/2024 0.28
07/10/2024 0.30
07/09/2024 0.27
07/08/2024 0.35
07/05/2024 0.37
07/03/2024 0.31
07/02/2024 0.28
07/01/2024 0.08
06/28/2024 0.02
06/27/2024 0.29
06/26/2024 0.07
06/25/2024 0.16
06/24/2024 0.10
06/21/2024 0.31
06/20/2024 0.30
06/18/2024 0.24
06/17/2024 0.32
06/14/2024 0.16
06/13/2024 0.24
06/12/2024 0.14
06/11/2024 0.17
06/10/2024 0.08
06/07/2024 -0.04
06/06/2024 0.10
06/05/2024 0.19
06/04/2024 0.13
06/03/2024 0.19
05/31/2024 0.23
05/30/2024 0.10
05/29/2024 -0.08
05/28/2024 -0.19
05/24/2024 0.09
05/23/2024 -0.18
05/22/2024 0.01
05/21/2024 0.08
05/20/2024 0.07
05/17/2024 0.05
05/16/2024 0.10
05/15/2024 0.22
05/14/2024 0.07
05/13/2024 -0.04
05/10/2024 0.03
05/09/2024 0.17
05/08/2024 0.16
05/07/2024 0.21
05/06/2024 0.22
05/03/2024 0.22
05/02/2024 0.37
05/01/2024 0.19
04/30/2024 -0.07
04/29/2024 0.28
04/26/2024 0.36
04/25/2024 0.33
04/24/2024 0.28
04/23/2024 0.34
04/22/2024 0.34
04/19/2024 0.23
04/18/2024 0.24
04/17/2024 0.19
04/16/2024 0.08
04/15/2024 -0.11
04/12/2024 0.25
04/11/2024 0.13
04/10/2024 0.01
04/09/2024 0.28
04/08/2024 0.33
04/05/2024 0.09
04/04/2024 0.15
04/03/2024 0.37
04/02/2024 0.26
04/01/2024 0.16
03/28/2024 0.38
03/27/2024 0.54
03/26/2024 0.18
03/25/2024 0.23
03/22/2024 0.30
03/21/2024 0.44
03/20/2024 0.63
03/19/2024 0.44
03/18/2024 0.29
03/15/2024 0.07
03/14/2024 0.08
03/13/2024 0.30
03/12/2024 0.23
03/11/2024 0.25
03/08/2024 0.21
03/07/2024 0.44
03/06/2024 0.26
03/05/2024 0.32
03/04/2024 0.33
03/01/2024 0.42
02/29/2024 0.32
02/28/2024 0.25
02/27/2024 0.15
02/26/2024 0.10
02/23/2024 0.37
02/22/2024 0.38
02/21/2024 0.22
02/20/2024 0.35
02/16/2024 0.22
02/15/2024 0.36
02/14/2024 0.28
02/13/2024 0.08
02/12/2024 0.15
02/09/2024 0.32
02/08/2024 0.34
02/07/2024 0.34
02/06/2024 0.32
02/05/2024 0.16
02/02/2024 0.34
02/01/2024 0.00
01/31/2024 0.15
01/30/2024 0.35
01/29/2024 0.38
01/26/2024 0.43
01/25/2024 0.57
01/24/2024 0.04
01/23/2024 0.21
01/22/2024 0.20
01/19/2024 0.36
01/18/2024 0.30
01/17/2024 0.22
01/16/2024 0.30
01/12/2024 0.33
01/11/2024 0.43
01/10/2024 0.48
01/09/2024 0.50
01/08/2024 0.00
01/05/2024 0.16
01/04/2024 0.09
01/03/2024 0.26
01/02/2024 0.10
Historical Premium Discount
Previous Calendar Year (2024)
1st Quarter
2nd Quarter
3rd Quarter (QTD)
4th Quarter
Number of Days at Premium
233
58
58
32
Number of Days at Discount
12
1
3
Number of Days above or below 2%

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 (09/24/2018), for the period from inception to the first day of secondary trading (09/27/2018), 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 Funds 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. Premium/Discount is the percent difference between the Market price and the NAV price. There is no guarantee you will receive the stated Premium/Discount and additional fees may result from individual broker fees and transaction costs in the secondary market. The Fund is subject to management fees and other expenses. The trading prices of the Fund’s shares in the secondary market generally differ from the Fund’s daily NAV and are affected by market forces such as supply and demand, economic conditions and other factors. 

Yields (%)

Yields Yields Value
SEC 30-Day Subsidized Yield 07/31/2025
6.55
SEC 30-Day Unsubsidized Yield 07/31/2025
6.53
NAV Distribution Yield 08/01/2025
7.40

See Yields of other PGIM ETFs.

PORTFOLIO

© 2025, American Bankers Association. CUSIP Database provided by FactSet Research Systems Inc. All rights reserved.

All data is unaudited and subject to change. Holdings/allocations may vary. This is not a recommendation to buy or sell any security listed. Totals may not sum due to rounding. Negative holdings reflect outstanding trades at period end. Total number of holdings based on issuers. Largest holdings excludes cash, cash equivalents, money market funds and enhanced cash strategies. This is not a recommendation to buy or sell any security listed.

Largest Industries (vs Benchmark)
AS OF 07/31/2025
Industry
Fund (% of Assets)
Overweight Underweight
Health Care & Pharmaceutical 6.9% -0.9%
Gaming & Lodging & Leisure 6.9% 0.9%
Telecom 6.8% 1.8%
Building Materials & Home Construction 6.4% 3.6%
Cable & Satellite 5.5% 0.7%
Energy - Midstream 5.1% -1.0%
Energy - Upstream 5.1% -0.6%
Retailers & Restaurants 4.5% -0.6%
Consumer Non-Cyclical 4.3% -2.3%
Metals 3.5% 1.2%
Credit Quality (% of Assets)
AS OF 07/31/2025
Credit Quality
% of Assets
AAA 3.0%
A 0.1%
BBB 6.0%
BB 49.4%
B 26.2%
CCC 10.8%
Not Rated 4.7%
Cash/Equiv -0.3%
Top 10 Corporate ISSUERS (% of Assets)
AS OF 07/31/2025
Top 10 Corporate Holdings
% of Assets
Next Alt Sarl 2.2%
Venture Global 2.0%
Lumen Technologies 1.6%
Vistra 1.4%
EchoStar 1.3%
Charter Communications 1.3%
Davita 1.3%
Carvana 1.2%
Frontier 1.2%
Rock Holdings 1.1%
Geographic Concentration (% of Assets)
AS OF 07/31/2025
Geographic Concentration
% of Assets
United States 89.2%
Canada 5.2%
France 1.2%
Jamaica 1.0%
United Kingdom 0.7%
Switzerland 0.6%
Japan 0.6%
Australia 0.5%
Other 1.5%
Cash/Equiv -0.3%

Most Recent Distributions

AS OF 08/14/2025
Historical Distributions
Ex Date Record Date Payable Date Distribution Type Distribution
2025 Total 1.8039
08/01/2025 08/01/2025 08/05/2025 Dividend 0.2167
07/01/2025 07/01/2025 07/03/2025 Dividend 0.2235
06/02/2025 06/02/2025 06/04/2025 Dividend 0.2289
05/01/2025 05/01/2025 05/05/2025 Dividend 0.2348
04/01/2025 04/01/2025 04/03/2025 Dividend 0.2358
03/03/2025 03/03/2025 03/05/2025 Dividend 0.2079
02/03/2025 02/03/2025 02/05/2025 Dividend 0.1754
12/27/2024 12/27/2024 01/03/2025 Dividend 0.2809
12/27/2024 12/27/2024 01/03/2025 Long-Term Capital Gain 0.0000
12/27/2024 12/27/2024 01/03/2025 Short-Tem Capital Gain 0.0000
2024 Total 2.8919
12/02/2024 12/02/2024 12/06/2024 Dividend 0.2216
11/01/2024 11/01/2024 11/07/2024 Dividend 0.2258
10/01/2024 10/01/2024 10/07/2024 Dividend 0.2174
09/03/2024 09/03/2024 09/09/2024 Dividend 0.2503
08/01/2024 08/01/2024 08/07/2024 Dividend 0.2525
07/01/2024 07/01/2024 07/08/2024 Dividend 0.2352
06/03/2024 06/03/2024 06/07/2024 Dividend 0.2484
05/01/2024 05/02/2024 05/07/2024 Dividend 0.2392
04/01/2024 04/02/2024 04/05/2024 Dividend 0.2483
03/01/2024 03/04/2024 03/07/2024 Dividend 0.2230
02/01/2024 02/02/2024 02/07/2024 Dividend 0.2343
12/27/2023 12/28/2023 01/03/2024 Dividend 0.2961
12/27/2023 12/28/2023 01/03/2024 Long-Term Capital Gain 0.0000
12/27/2023 12/28/2023 01/03/2024 Short-Tem Capital Gain 0.0000
2023 Total 2.5875
12/01/2023 12/04/2023 12/07/2023 Dividend 0.2155
11/01/2023 11/02/2023 11/07/2023 Dividend 0.1943
10/02/2023 10/03/2023 10/06/2023 Dividend 0.2422
09/01/2023 09/05/2023 09/08/2023 Dividend 0.2187
08/01/2023 08/02/2023 08/07/2023 Dividend 0.2125
07/03/2023 07/05/2023 07/10/2023 Dividend 0.1866
06/01/2023 06/02/2023 06/07/2023 Dividend 0.2284
05/01/2023 05/02/2023 05/05/2023 Dividend 0.2280
04/03/2023 04/04/2023 04/10/2023 Dividend 0.1792
03/01/2023 03/02/2023 03/07/2023 Dividend 0.2250
02/01/2023 02/02/2023 02/07/2023 Dividend 0.2237
12/28/2022 12/29/2022 01/04/2023 Dividend 0.2333
2022 Total 2.5126
12/01/2022 12/02/2022 12/07/2022 Dividend 0.2155
11/01/2022 11/02/2022 11/07/2022 Dividend 0.2017
10/03/2022 10/04/2022 10/07/2022 Dividend 0.1883
09/01/2022 09/02/2022 09/08/2022 Dividend 0.2069
08/01/2022 08/02/2022 08/05/2022 Dividend 0.1808
07/01/2022 07/05/2022 07/08/2022 Dividend 0.1907
06/01/2022 06/02/2022 06/03/2022 Dividend 0.1698
06/01/2022 06/02/2022 06/03/2022 Long-Term Capital Gain 0.0000
06/01/2022 06/02/2022 06/03/2022 Short-Tem Capital Gain 0.0000
05/02/2022 05/03/2022 05/06/2022 Dividend 0.1571
05/02/2022 05/03/2022 05/06/2022 Long-Term Capital Gain 0.0000
05/02/2022 05/03/2022 05/06/2022 Short-Tem Capital Gain 0.0000
04/01/2022 04/04/2022 04/07/2022 Dividend 0.1608
04/01/2022 04/04/2022 04/07/2022 Long-Term Capital Gain 0.0000
04/01/2022 04/04/2022 04/07/2022 Short-Tem Capital Gain 0.0000
03/01/2022 03/02/2022 03/07/2022 Dividend 0.1565
03/01/2022 03/02/2022 03/07/2022 Long-Term Capital Gain 0.0000
03/01/2022 03/02/2022 03/07/2022 Short-Tem Capital Gain 0.0000
02/01/2022 02/02/2022 02/07/2022 Dividend 0.1392
02/01/2022 02/02/2022 02/07/2022 Long-Term Capital Gain 0.0000
02/01/2022 02/02/2022 02/07/2022 Short-Tem Capital Gain 0.0000
12/29/2021 12/30/2021 01/05/2022 Dividend 0.0617
12/29/2021 12/30/2021 01/05/2022 Long-Term Capital Gain 0.1117
12/29/2021 12/30/2021 01/05/2022 Short-Tem Capital Gain 0.3718
2021 Total 2.7782
12/01/2021 12/02/2021 12/07/2021 Dividend 0.1697
12/01/2021 12/02/2021 12/07/2021 Long-Term Capital Gain 0.0000
12/01/2021 12/02/2021 12/07/2021 Short-Tem Capital Gain 0.0000
11/01/2021 11/02/2021 11/05/2021 Dividend 0.1851
11/01/2021 11/02/2021 11/05/2021 Long-Term Capital Gain 0.0000
11/01/2021 11/02/2021 11/05/2021 Short-Tem Capital Gain 0.0000
10/01/2021 10/04/2021 10/07/2021 Dividend 0.1721
10/01/2021 10/04/2021 10/07/2021 Long-Term Capital Gain 0.0000
10/01/2021 10/04/2021 10/07/2021 Short-Tem Capital Gain 0.0000
09/01/2021 09/02/2021 09/08/2021 Dividend 0.1774
09/01/2021 09/02/2021 09/08/2021 Long-Term Capital Gain 0.0000
09/01/2021 09/02/2021 09/08/2021 Short-Tem Capital Gain 0.0000
08/02/2021 08/03/2021 08/06/2021 Dividend 0.1622
08/02/2021 08/03/2021 08/06/2021 Long-Term Capital Gain 0.0000
08/02/2021 08/03/2021 08/06/2021 Short-Tem Capital Gain 0.0000
07/01/2021 07/02/2021 07/08/2021 Dividend 0.1649
07/01/2021 07/02/2021 07/08/2021 Long-Term Capital Gain 0.0000
07/01/2021 07/02/2021 07/08/2021 Short-Tem Capital Gain 0.0000
06/01/2021 06/02/2021 06/07/2021 Dividend 0.1760
06/01/2021 06/02/2021 06/07/2021 Long-Term Capital Gain 0.0000
06/01/2021 06/02/2021 06/07/2021 Short-Tem Capital Gain 0.0000
05/03/2021 05/04/2021 05/07/2021 Dividend 0.1900
05/03/2021 05/04/2021 05/07/2021 Long-Term Capital Gain 0.0000
05/03/2021 05/04/2021 05/07/2021 Short-Tem Capital Gain 0.0000
04/01/2021 04/05/2021 04/08/2021 Dividend 0.1931
04/01/2021 04/05/2021 04/08/2021 Long-Term Capital Gain 0.0000
04/01/2021 04/05/2021 04/08/2021 Short-Tem Capital Gain 0.0000
03/01/2021 03/02/2021 03/05/2021 Dividend 0.1560
03/01/2021 03/02/2021 03/05/2021 Long-Term Capital Gain 0.0000
03/01/2021 03/02/2021 03/05/2021 Short-Tem Capital Gain 0.0000
02/01/2021 02/02/2021 02/05/2021 Dividend 0.1938
12/29/2020 12/30/2020 01/05/2021 Dividend 0.2561
12/29/2020 12/30/2020 01/05/2021 Long-Term Capital Gain 0.0579
12/29/2020 12/30/2020 01/05/2021 Short-Tem Capital Gain 0.5239
2020 Total 2.8315
12/01/2020 12/02/2020 12/07/2020 Dividend 0.1785
11/02/2020 11/03/2020 11/06/2020 Dividend 0.1934
10/01/2020 10/02/2020 10/07/2020 Dividend 0.1851
09/01/2020 09/02/2020 09/08/2020 Dividend 0.1864
08/03/2020 08/04/2020 08/07/2020 Dividend 0.2001
07/01/2020 07/02/2020 07/08/2020 Dividend 0.1986
06/01/2020 06/02/2020 06/05/2020 Dividend 0.2068
05/01/2020 05/04/2020 05/07/2020 Dividend 0.2107
04/01/2020 04/02/2020 04/07/2020 Dividend 0.2203
03/02/2020 03/03/2020 03/06/2020 Dividend 0.1986
02/03/2020 02/04/2020 02/07/2020 Dividend 0.2302
12/27/2019 12/30/2019 01/03/2020 Dividend 0.2069
12/27/2019 12/30/2019 01/03/2020 Long-Term Capital Gain 0.1041
12/27/2019 12/30/2019 01/03/2020 Short-Tem Capital Gain 0.3118
2019 Total 2.6083
12/02/2019 12/03/2019 12/06/2019 Dividend 0.2025
11/01/2019 11/04/2019 11/07/2019 Dividend 0.2153
10/01/2019 10/02/2019 10/07/2019 Dividend 0.2406
09/03/2019 09/04/2019 09/09/2019 Dividend 0.2203
08/01/2019 08/02/2019 08/07/2019 Dividend 0.2226
07/01/2019 07/02/2019 07/08/2019 Dividend 0.2192
06/03/2019 06/04/2019 06/07/2019 Dividend 0.2215
05/01/2019 05/02/2019 05/07/2019 Dividend 0.2196
04/01/2019 04/02/2019 04/05/2019 Dividend 0.2218
03/01/2019 03/04/2019 03/07/2019 Dividend 0.1908
02/01/2019 02/04/2019 02/07/2019 Dividend 0.2169
12/27/2018 12/28/2018 01/03/2019 Dividend 0.2139
12/27/2018 12/28/2018 01/03/2019 Short-Tem Capital Gain 0.0033
2018 Total 0.4649
12/03/2018 12/04/2018 12/07/2018 Dividend 0.2183
11/01/2018 11/02/2018 11/07/2018 Dividend 0.2114
10/01/2018 10/02/2018 10/05/2018 Dividend 0.0352

ABOUT

PGIM Fixed Income is the largest public fixed income asset management unit of PGIM, Inc. (PGIM), a registered investment adviser, and serves as the Fund's subadviser. It is one of the most experienced fixed income managers in the United States, with $862 billion in assets under management as of March 31, 2025. PGIM Fixed Income offers a disciplined investment and risk management process, in-depth sector expertise, and one of the most sophisticated research organizations in the industry. PGIM Fixed Income or one of its predecessors has been managing proprietary fixed income portfolios since 1875 and accounts for institutional clients since 1928. Robert Cignarella, Robert Spano, Brian Clapp, Michael Gormally, and Brian Lalli of PGIM Fixed Income are primarily responsible for management of the PGIM Active High Yield Bond ETF. 

Robert Cignarella, CFA
Robert Cignarella, CFA

Managing Director and Head of U.S. High Yield for PGIM Fixed Income

Robert Cignarella, CFA, is a Managing Director and Head of U.S. High Yield for PGIM Fixed Income.

Robert Spano, CFA
Robert Spano, CFA

Principal and Portfolio Manager for PGIM Fixed Income's U.S. High Yield Bond Team

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PGIM Fixed Income

Robert Spano, CFA, CPA, is a Principal and a high yield portfolio manager for PGIM Fixed Income's U.S. High Yield Bond Team.

Brian Clapp
Brian Clapp

Principal and a high yield portfolio manager for PGIM Fixed Income's U.S. High Yield Team

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PGIM Fixed Income

Brian Clapp, CFA, is a Principal and a high yield portfolio manager for PGIM Fixed Income's U.S. High Yield Team.

Michael Gormally
Michael Gormally

Vice President, Portfolio Manager, and a Trader for PGIM Fixed Income's U.S. High Yield Bond Team

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PGIM Fixed Income

Michael Gormally is a Vice President, portfolio manager, and trader for PGIM Fixed Income's U.S. High Yield Bond Team

Brian Lalli
Brian Lalli

Principal and portfolio manager for PGIM Fixed Income's U.S. High Yield Bond Team

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PGIM Fixed Income

Brian Lalli is a Principal and portfolio manager for PGIM Fixed Income's U.S. High Yield Bond Team.

Fund Literature

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Source: Morningstar. Morningstar Ratings may be calculated based on share class adjusted historical returns. If so, the fund’s independent Morningstar Rating metric uses the fund’s oldest class to determine its hypothetical rating for certain periods. Morningstar Ratings are calculated for managed products with a 3-year minimum history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. Rating is calculated based on a Morningstar Risk-Adjusted Return measure accounting for variation in a managed product's monthly excess performance that emphasizes downward variations more and rewards consistent performance, with no sales load adjustment. In each category, the top 10% receive 5 stars, with 4 stars for the next 22.5%, 3 stars for the next 35%, 2 stars for the next 22.5%, and 1 star for the bottom 10%. Overall Morningstar Rating is derived from a weighted average of the performance associated with its 3-, 5-, and 10-year (if applicable) Morningstar Rating metrics: for 36-59 months of total returns, 100% 3-year rating, for 60-119 months of total returns, 60% 5-year rating/40% 3-year rating, and for 120 or more months of total returns, 50% 10-year rating/30% 5-year rating/20% 3-year rating.

ETF shares are not individually redeemable from the Fund. Shares may only be redeemed directly from the Fund by Authorized Participants in creation units only.

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.

Bid/Ask Spread is the amount by which the ask price exceeds the bid price for an asset in the market. The Bid/Ask Spread is essentially the difference between the highest price that a buyer is willing to pay for an asset and the lowest price that a seller is willing to accept to sell it. 30 Day Median Bid/Ask Spread (%) is computed by first identifying the Fund's national best bid and national best offer as of the end of each 10 second interval during each trading day of the last 30 calendar days. Next, the difference is divided between each such bid and offer by the midpoint of the national best bid and national best offer. Finally, the median of those values is identified and expressed as a percentage rounded to the nearest hundredth. 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 p.m. 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 midpoint of the bid/ask spread reported to the consolidated tape. In the event this is not available, the midpoint of the bid/ask spread on the listing exchange is used. Premium/Discount is the percent difference between the Market price and the NAV price. Average Maturity is the average number of years to maturity of the Fund’s bonds. Effective Duration measures investment risk that takes into account both a bond's interest payments and its value to maturity. Credit Quality is calculated using the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody’s, S&P, or Fitch. The Not Rated category consists of securities that have not been rated by an NRSRO. Due to data availability, statistics may not be as of the current reporting period. See the Fund's Annual Report (when available) for full information on expenses. NAV 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. The calculation excludes the effect of any non-recurring or special income distributions. All data is unaudited and subject to change.

Source: NYSE Arca, Bank of New York Mellon, Lipper, Inc., Morningstar, Inc. and PGIM, Inc. (PGIM). PGIM is a Prudential Financial company. 

Total return describes the return to the investor after net operating expenses but before any sales charges or brokerage commission are imposed. Morningstar Category Average is unmanaged, is based on the average return of all funds in this category, and does not take into consideration applicable sales charges. Unless noted otherwise, Morningstar Category Average and index returns reflect performance beginning the closest month-end date to the Fund's inception. 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.

© 2025 Morningstar, Inc. All rights reserved. The information contained herein (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance does not guarantee future results.

Although Prudential may obtain data included above from sources that it considers reliable, all data contained herein is provided “as is” and Prudential makes no representation or warranty of any kind, either express or implied, with respect to such data, the timeliness thereof, the results to be obtained by the use thereof or any other matter. Prudential expressly disclaims any and all implied warranties, including without limitation, warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose.

Morningstar High-Yield Bond Category Average: High-yield bond portfolios concentrate on lower-quality bonds, which are riskier than those of higher- quality companies. These portfolios generally offer higher yields than other types of portfolios, but they are also more vulnerable to economic and credit risk. These portfolios primarily invest in U.S. high- income debt securities where at least 65% or more of bond assets are not rated or are rated by a major agency such as Standard & Poor's or Moody's at the level of BB (considered speculative for taxable bonds) and below.

Bloomberg US High Yield Very Liquid Index (VLI) is a component of the US Corporate High Yield Index that is designed to track a more liquid component of the USD-denominated, high yield, fixed-rate corporate bond market. The US High Yield VLI uses the same eligibility criteria as the US Corporate High Yield Index, but includes only the three largest bonds from each issuer that have a minimum amount outstanding of USD500mn and less than five years from issue date. The index also limits the exposure of each issuer to 2% of the total market value and redistributes any excess market value index-wide on a pro rata basis.

An investment cannot be made directly in an index or average. All indexes and averages are unmanaged.

BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Bloomberg neither approves nor endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results obtained therefrom and, to the maximum extend allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

The CUSIP information contained in pgimfunds.com and/or prudential.com consists of security identifiers and related descriptive information (“the CUSIP Database”) and is protected under the copyright laws and is licensed with permission from CUSIP Global Services (“CGS”), on behalf of the American Bankers Association (“ABA”).

VISITOR agrees and acknowledges that the CUSIP Database and the information contained therein is and shall remain valuable intellectual property owned by, or licensed to, CGS and ABA, and that no proprietary rights are being transferred to VISITOR in such materials or in any of the information contained therein by virtue of VISITOR’s use of Subscriber’s Web Site. Any use of the CUSIP Database by VISITOR outside of the clearing and settlement of transactions may require a license from CGS, along with an associated fee based on usage.

VISITOR agrees that misappropriation or misuse of such materials will cause serious damage to CGS and ABA, and that in such event, money damages may not constitute sufficient compensation to CGS and ABA; consequently, VISITOR agrees that in the event of any misappropriation or misuse, CGS and ABA shall have the right to obtain injunctive relief in addition to any other legal or financial remedies to which CGS and ABA may be entitled.

VISITOR agrees that VISITOR shall not publish or distribute in any medium the CUSIP Database or any substantial portion of the information contained therein or summaries or subsets thereof to any person or entity unless permitted by a direct agreement with CGS. VISITOR may not create or maintain a master file or database of CUSIP identifiers or descriptions for itself or any third party recipient that is intended to serve as a substitute for any CUSIP service.

VISITOR agrees not to:

(a) Violate the restrictions in any robot inclusion headers on the Subscriber Web Site or in any way bypass or circumvent any other measure employed to limit or prevent access to the CUSIP Database on the Subscriber Web Site;

(b) Violate the security of the Subscriber Web Site or attempt to gain unauthorized access to the Web Site, CUSIP Database, materials, information, computer systems or networks connected to Subscriber server, through hacking, password mining or any other means; or

(c) Interfere or attempt to interfere with the proper working of the Subscriber Web Site or any activities conducted on or through the Subscriber Web Site, including accessing any CUSIP Database, content or other information prior to the time that is intended to be available to the public on the Subscriber Web Site;

NEITHER CGS, ABA NOR ANY OF THEIR AFFILIATES MAKE ANY WARRANTIES, EXPRESS OR IMPLIED, AS TO THE ACCURACY, ADEQUACY OR COMPLETENESS OF ANY OF THE INFORMATION CONTAINED IN THE CUSIP DATABASE. ALL SUCH MATERIALS ARE PROVIDED TO VISITOR ON AN “AS IS” BASIS, WITHOUT ANY WARRANTIES AS TO MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE NOR WITH RESPECT TO THE RESULTS WHICH MAY BE OBTAINED FROM THE USE OF SUCH MATERIALS. NEITHER CGS, ABA NOR THEIR AFFILIATES SHALL HAVE ANY RESPONSIBILITY OR LIABILITY FOR ANY ERRORS OR OMISSIONS NOR SHALL THEY BE LIABLE FOR ANY DAMAGES, WHETHER DIRECT OR INDIRECT, SPECIAL OR CONSEQUENTIAL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. IN NO EVENT SHALL THE LIABILITY OF CGS, ABA OR ANY OF THEIR AFFILIATES PURSUANT TO ANY CAUSE OF ACTION, WHETHER IN CONTRACT, TORT, OR OTHERWISE, EXCEED THE FEE PAID BY VISITOR FOR ACCESS TO SUCH MATERIALS IN THE MONTH IN WHICH SUCH CAUSE OF ACTION IS ALLEGED TO HAVE ARISEN. FURTHERMORE, CGS AND ABA SHALL HAVE NO RESPONSIBILITY OR LIABILITY FOR DELAYS OR FAILURES DUE TO CIRCUMSTANCES BEYOND THEIR CONTROL.

VISITOR agrees that the foregoing terms and conditions shall survive any termination of its right of access to the materials identified above.

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. For more information about a fund, click on the prospectus or summary prospectus link above. Read them carefully before investing.

Investment products are distributed by Prudential Investment Management Services LLC, member FINRA and SIPC. PGIM Investments is a registered investment advisor and investment manager to PGIM registered investment companies. PGIM Fixed Income is a unit of 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, Inc. (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.

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. Clients seeking information regarding their particular investment needs should contact their financial professional.

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. 

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.

4577142    Ed. 06/2025