star star star star star Morningstar Tooltip Icon
Overall Morningstar Rating TM
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 Floating Rate Income ETF Lipper total return ranking for the 1-, 3-, 5-, and 10-year periods as of 12/31/2024 for the Loan Participation Funds category were: 13/235, N/A, N/A, 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: 27/238, 13/220, N/A, and N/A, respectively. Past Performance is no guarantee of future results.*

Also available as a Mutual Fund.

Prices as of 08/14/2025
MARKET PRICE
$50.13
$0.02
(0.04%)
52 WK: $46.71 / $50.99
NAV PRICE
$50.15
$0.01
(0.03%)
52 WK: $48.38 / $50.94
YTD as of 08/14/2025
YTD RETURN (MARKET PRICE)
3.91%
YTD RETURN (NAV PRICE)
3.86%
NET ASSETS
$77,726,056
TOTAL ANNUAL EXPENSE RATIO
0.72%
Objective

Seeks to maximize current income with a secondary objective of capital appreciation. The Fund seeks to achieve its objectives by investing primarily in senior floating rate loans. The Fund may be appropriate for investors seeking to enhance diversification away from traditional fixed income asset classes.
 

DAILY PERFORMANCE
AS OF 08/14/2025
Daily Performance of Daily Performance Value
Bid/Ask Spread 50.12 / 50.15
30 Day Median Bid/Ask Spread (%) 0.10
Bid/Ask (%) 0.06
Market Price ($) 50.13
Market Price Change ($)
0.02
Market Price Change (%) 0.04
NAV Price ($) 50.15
NAV Price Change ($)
0.01
NAV Price Change (%) 0.03
Premium / Discount (%) -0.03
AS OF 08/14/2025
YTD Return-Market Price (%) 3.91
YTD Return-NAV Price (%) 3.86
Fund Information
AS OF 08/14/2025
Fund Information Fund Information Value
Ticker PFRL
Net Assets 77,726,056
Asset Class Taxable Fixed Income
Benchmark S&P UBS Leveraged Loan Index
CUSIP 69344A883
Shares Outstanding 1,550,000
Trading Volume 3,135
Fiscal Year End 08/31
Exchange NYSE Arca
Options Available No
Inception Date 05/17/2022
Management Style Active
CHARACTERISTICS & FEES
AS OF 07/31/2025
Name
Weight
Average Maturity (years) 10.7
Duration (yrs) 0.1
Total Annual Expense Ratio (%) 0.72
Standard Deviation (since inception)

 

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 -0.03
08/13/2025 -0.04
08/12/2025 -0.03
08/11/2025 -0.11
08/08/2025 -0.18
08/07/2025 -0.23
08/06/2025 -0.09
08/05/2025 -0.12
08/04/2025 -0.08
08/01/2025 -0.18
07/31/2025 -0.18
07/30/2025 -0.26
07/29/2025 -0.23
07/28/2025 -0.27
07/25/2025 -0.15
07/24/2025 -0.25
07/23/2025 -0.25
07/22/2025 -0.18
07/21/2025 -0.15
07/18/2025 -0.22
07/17/2025 -0.27
07/16/2025 -0.15
07/15/2025 -0.25
07/14/2025 -0.18
07/11/2025 -0.22
07/10/2025 -0.20
07/09/2025 -0.16
07/08/2025 -0.18
07/07/2025 -0.27
07/03/2025 -0.18
07/02/2025 -0.22
07/01/2025 -0.24
06/30/2025 -0.17
06/27/2025 -0.27
06/26/2025 -0.23
06/25/2025 -0.24
06/24/2025 -0.29
06/23/2025 -0.14
06/20/2025 0.00
06/18/2025 -0.20
06/17/2025 -0.37
06/16/2025 -0.19
06/13/2025 -0.22
06/12/2025 -0.12
06/11/2025 -0.24
06/10/2025 -0.17
06/09/2025 -0.11
06/06/2025 -0.02
06/05/2025 -0.24
06/04/2025 -0.11
06/03/2025 -0.20
06/02/2025 -0.15
05/30/2025 -0.23
05/29/2025 -0.15
05/28/2025 -0.31
05/27/2025 -0.17
05/23/2025 -0.09
05/22/2025 -0.21
05/21/2025 -0.19
05/20/2025 -0.24
05/19/2025 -0.25
05/16/2025 -0.19
05/15/2025 -0.16
05/14/2025 -0.20
05/13/2025 -0.44
05/12/2025 -0.33
05/09/2025 -0.19
05/08/2025 -0.26
05/07/2025 -0.15
05/06/2025 -0.11
05/05/2025 -0.24
05/02/2025 -0.24
05/01/2025 -0.33
04/30/2025 -0.24
04/29/2025 -0.14
04/28/2025 -0.24
04/25/2025 -0.32
04/24/2025 -0.32
04/23/2025 -0.36
04/22/2025 -0.29
04/21/2025 -0.25
04/17/2025 -0.61
04/16/2025 -0.36
04/15/2025 -0.26
04/14/2025 -0.28
04/11/2025 -0.58
04/10/2025 -0.63
04/09/2025 -0.49
04/08/2025 -0.59
04/07/2025 -1.07
04/04/2025 -4.29
04/03/2025 0.08
04/02/2025 -0.02
04/01/2025 0.06
03/31/2025 -0.03
03/28/2025 -0.09
03/27/2025 -0.08
03/26/2025 -0.18
03/25/2025 -0.08
03/24/2025 -0.18
03/21/2025 -0.09
03/20/2025 -0.16
03/19/2025 -0.03
03/18/2025 -0.06
03/17/2025 -0.10
03/14/2025 -0.01
03/13/2025 -0.10
03/12/2025 -0.06
03/11/2025 -0.02
03/10/2025 0.05
03/07/2025 -0.06
03/06/2025 -0.12
03/05/2025 0.15
03/04/2025 0.00
03/03/2025 0.10
02/28/2025 0.20
02/27/2025 0.02
02/26/2025 0.09
02/25/2025 0.06
02/24/2025 -0.01
02/21/2025 0.03
02/20/2025 0.06
02/19/2025 0.01
02/18/2025 -0.03
02/14/2025 0.10
02/13/2025 0.13
02/12/2025 -0.08
02/11/2025 0.00
02/10/2025 -0.01
02/07/2025 -0.08
02/06/2025 0.03
02/05/2025 0.07
02/04/2025 0.06
02/03/2025 0.05
01/31/2025 -0.02
01/30/2025 0.07
01/29/2025 0.05
01/28/2025 0.03
01/27/2025 0.05
01/24/2025 0.02
01/23/2025 -0.03
01/22/2025 0.01
01/21/2025 0.00
01/17/2025 0.00
01/16/2025 0.17
01/15/2025 0.06
01/14/2025 0.05
01/13/2025 -0.02
01/10/2025 -0.07
01/08/2025 -0.03
01/07/2025 -0.16
01/06/2025 0.32
01/03/2025 0.03
01/02/2025 0.00
12/31/2024 -0.07
12/30/2024 0.00
12/27/2024 -0.10
12/26/2024 -0.04
12/24/2024 0.16
12/23/2024 0.01
12/20/2024 0.04
12/19/2024 0.00
12/18/2024 -0.18
12/17/2024 -0.01
12/16/2024 0.03
12/13/2024 -0.06
12/12/2024 0.01
12/11/2024 -0.04
12/10/2024 -0.07
12/09/2024 -0.07
12/06/2024 0.04
12/05/2024 0.03
12/04/2024 0.00
12/03/2024 -0.01
12/02/2024 -0.02
11/29/2024 0.10
11/27/2024 0.12
11/26/2024 0.00
11/25/2024 0.09
11/22/2024 0.06
11/21/2024 0.08
11/20/2024 0.04
11/19/2024 -0.01
11/18/2024 0.19
11/15/2024 -0.06
11/14/2024 0.20
11/13/2024 -0.03
11/12/2024 -0.06
11/11/2024 -0.04
11/08/2024 0.01
11/07/2024 0.18
11/06/2024 -0.01
11/05/2024 0.13
11/04/2024 0.12
11/01/2024 0.14
10/31/2024 -0.12
10/30/2024 -0.07
10/29/2024 0.01
10/28/2024 0.05
10/25/2024 -0.02
10/24/2024 0.09
10/23/2024 -0.05
10/22/2024 0.03
10/21/2024 -0.06
10/18/2024 0.01
10/17/2024 0.03
10/16/2024 0.02
10/15/2024 -0.03
10/14/2024 0.04
10/11/2024 0.05
10/10/2024 0.05
10/09/2024 -0.04
10/08/2024 0.01
10/07/2024 -0.06
10/04/2024 0.00
10/03/2024 0.00
10/01/2024 0.00
09/30/2024 0.00
09/27/2024 0.01
09/26/2024 0.06
09/25/2024 0.02
09/24/2024 0.07
09/23/2024 0.09
09/20/2024 0.00
09/19/2024 0.04
09/18/2024 -0.09
09/17/2024 0.05
09/16/2024 -0.04
09/13/2024 0.05
09/12/2024 0.06
09/11/2024 0.04
09/10/2024 0.11
09/09/2024 0.09
09/06/2024 -0.04
09/05/2024 0.04
09/04/2024 0.07
09/03/2024 0.04
08/30/2024 0.11
08/29/2024 0.02
08/28/2024 -0.01
08/27/2024 0.08
08/26/2024 0.01
08/23/2024 0.11
08/22/2024 -0.15
08/21/2024 0.07
08/20/2024 0.02
08/19/2024 0.05
08/16/2024 -0.03
08/15/2024 -0.03
08/14/2024 -0.01
08/13/2024 0.04
08/12/2024 0.15
08/09/2024 0.19
08/08/2024 0.07
08/07/2024 -0.14
08/06/2024 0.10
08/05/2024 0.11
08/02/2024 0.00
08/01/2024 0.16
07/31/2024 0.10
07/30/2024 0.05
07/29/2024 0.03
07/26/2024 0.23
07/25/2024 0.04
07/24/2024 -0.05
07/23/2024 0.04
07/22/2024 0.11
07/19/2024 -0.05
07/18/2024 -0.04
07/17/2024 -0.07
07/16/2024 0.06
07/15/2024 0.03
07/12/2024 0.11
07/11/2024 -0.03
07/10/2024 0.03
07/09/2024 -0.06
07/08/2024 -0.05
07/05/2024 0.17
07/03/2024 0.04
07/02/2024 0.14
07/01/2024 0.03
06/28/2024 -0.10
06/27/2024 0.08
06/26/2024 0.00
06/25/2024 0.07
06/24/2024 0.05
06/21/2024 -0.04
06/20/2024 0.12
06/18/2024 0.16
06/17/2024 0.26
06/14/2024 0.00
06/13/2024 0.16
06/12/2024 0.06
06/11/2024 0.12
06/10/2024 0.10
06/07/2024 0.00
06/06/2024 0.11
06/05/2024 0.15
06/04/2024 0.13
06/03/2024 0.14
05/31/2024 0.13
05/30/2024 0.14
05/29/2024 0.06
05/28/2024 0.16
05/24/2024 0.06
05/23/2024 0.04
05/22/2024 -0.03
05/21/2024 0.15
05/20/2024 0.13
05/17/2024 0.16
05/16/2024 0.10
05/15/2024 0.09
05/14/2024 0.14
05/13/2024 0.04
05/10/2024 0.03
05/09/2024 0.21
05/08/2024 -0.01
05/07/2024 0.00
05/06/2024 0.06
05/03/2024 0.16
05/02/2024 0.28
05/01/2024 0.14
04/30/2024 0.03
04/29/2024 0.13
04/26/2024 0.16
04/25/2024 0.02
04/24/2024 0.03
04/23/2024 0.12
04/22/2024 0.09
04/19/2024 0.00
04/18/2024 0.33
04/17/2024 0.12
04/16/2024 0.16
04/15/2024 -0.16
04/12/2024 0.26
04/11/2024 -0.02
04/10/2024 0.00
04/09/2024 0.18
04/08/2024 0.16
04/05/2024 0.07
04/04/2024 0.02
04/03/2024 0.18
04/02/2024 0.06
04/01/2024 -0.02
03/28/2024 0.16
03/27/2024 0.15
03/26/2024 0.04
03/25/2024 0.12
03/22/2024 0.09
03/21/2024 0.16
03/20/2024 0.17
03/19/2024 0.13
03/18/2024 0.13
03/15/2024 0.01
03/14/2024 0.07
03/13/2024 0.10
03/12/2024 0.18
03/11/2024 0.21
03/08/2024 0.05
03/07/2024 0.19
03/06/2024 0.08
03/05/2024 0.05
03/04/2024 0.07
03/01/2024 0.12
02/29/2024 0.18
02/28/2024 0.10
02/27/2024 0.06
02/26/2024 0.17
02/23/2024 0.12
02/22/2024 0.18
02/21/2024 0.05
02/20/2024 0.13
02/16/2024 -0.01
02/15/2024 0.19
02/14/2024 0.18
02/13/2024 0.02
02/12/2024 0.07
02/09/2024 0.11
02/08/2024 0.11
02/07/2024 0.23
02/06/2024 0.32
02/05/2024 0.04
02/02/2024 0.13
02/01/2024 0.00
01/31/2024 0.04
01/30/2024 0.09
01/29/2024 0.11
01/26/2024 -0.06
01/25/2024 0.05
01/24/2024 -0.06
01/23/2024 0.00
01/22/2024 0.21
01/19/2024 0.06
01/18/2024 0.11
01/17/2024 -0.20
01/16/2024 -0.05
01/12/2024 0.04
01/11/2024 -0.05
01/10/2024 0.16
01/09/2024 0.01
01/08/2024 0.00
01/05/2024 0.13
01/04/2024 0.16
01/03/2024 -0.03
01/02/2024 -0.07
Historical Premium Discount
Previous Calendar Year (2024)
1st Quarter
2nd Quarter
3rd Quarter (QTD)
4th Quarter
Number of Days at Premium
176
27
2
Number of Days at Discount
56
28
59
32
Number of Days above or below 2%
1

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 (05/17/2022), for the period from inception to the first day of secondary trading (05/24/2022), 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
7.43
SEC 30-Day Unsubsidized Yield 07/31/2025
7.39
NAV Distribution Yield 08/01/2025
7.93

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.

Sector Breakdown (% of Assets)
AS OF 07/31/2025
Sector
Fund (% of Assets)
Bank Loans 77.1%
Corporates 14.0%
ABS 6.7%
Non Agency MBS 0.8%
Commercial MBS 0.8%
U.S. Govt Related 0.6%
Emerging Markets 0.4%
Other 0.1%
Cash/Equiv -0.4%
Credit Quality (% of Assets)
AS OF 07/31/2025
Credit Quality
% of Assets
AAA 1.6%
AA 5.6%
A 1.9%
BBB 13.2%
BB 24.6%
B 48.9%
CCC 1.7%
Not Rated 3.2%
Cash/Equiv -0.6%
Largest Industries (% OF ASSETS)
AS OF 07/31/2025
Industry
Fund (% of Assets)
Consumer Non-Cyclical 8.8%
Technology 7.9%
Health Care & Pharmaceutical 6.5%
Capital Goods 4.8%
Transportation & Environmental Services 4.7%
Chemicals 4.4%
Gaming & Lodging & Leisure 4.0%
Retailers & Restaurants 3.5%
Building Materials & Home Construction 3.4%
Other Industry 3.4%

Most Recent Distributions

AS OF 08/14/2025
Historical Distributions
Ex Date Record Date Payable Date Distribution Type Distribution
2025 Total 2.6544
08/01/2025 08/01/2025 08/05/2025 Dividend 0.3307
07/01/2025 07/01/2025 07/03/2025 Dividend 0.3055
06/02/2025 06/02/2025 06/04/2025 Dividend 0.2935
05/01/2025 05/01/2025 05/05/2025 Dividend 0.3069
04/01/2025 04/01/2025 04/03/2025 Dividend 0.3129
03/03/2025 03/03/2025 03/05/2025 Dividend 0.2589
02/03/2025 02/03/2025 02/05/2025 Dividend 0.2940
12/27/2024 12/27/2024 01/03/2025 Dividend 0.5060
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 0.0460
2024 Total 4.6656
12/02/2024 12/02/2024 12/06/2024 Dividend 0.3029
11/01/2024 11/01/2024 11/07/2024 Dividend 0.3444
10/01/2024 10/01/2024 10/07/2024 Dividend 0.3398
09/03/2024 09/03/2024 09/09/2024 Dividend 0.3676
08/01/2024 08/01/2024 08/07/2024 Dividend 0.3497
07/01/2024 07/01/2024 07/08/2024 Dividend 0.3313
06/03/2024 06/03/2024 06/07/2024 Dividend 0.3737
05/01/2024 05/02/2024 05/07/2024 Dividend 0.3647
04/01/2024 04/02/2024 04/05/2024 Dividend 0.3518
03/01/2024 03/04/2024 03/07/2024 Dividend 0.4077
02/01/2024 02/02/2024 02/07/2024 Dividend 0.4215
12/27/2023 12/28/2023 01/03/2024 Dividend 0.6916
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 0.0189
2023 Total 4.5897
12/01/2023 12/04/2023 12/07/2023 Dividend 0.3576
11/01/2023 11/02/2023 11/07/2023 Dividend 0.5013
10/02/2023 10/03/2023 10/06/2023 Dividend 0.4270
09/01/2023 09/05/2023 09/08/2023 Dividend 0.4283
08/01/2023 08/02/2023 08/07/2023 Dividend 0.3411
07/03/2023 07/05/2023 07/10/2023 Dividend 0.4044
06/01/2023 06/02/2023 06/07/2023 Dividend 0.3692
05/01/2023 05/02/2023 05/05/2023 Dividend 0.3578
04/03/2023 04/04/2023 04/10/2023 Dividend 0.3385
03/01/2023 03/02/2023 03/07/2023 Dividend 0.3603
02/01/2023 02/02/2023 02/07/2023 Dividend 0.3507
12/28/2022 12/29/2022 01/04/2023 Dividend 0.3084
12/28/2022 12/29/2022 01/04/2023 Long-Term Capital Gain 0.0148
12/28/2022 12/29/2022 01/04/2023 Short-Tem Capital Gain 0.0303
2022 Total 1.3788
12/01/2022 12/02/2022 12/07/2022 Dividend 0.2986
11/01/2022 11/02/2022 11/07/2022 Dividend 0.2591
10/03/2022 10/04/2022 10/07/2022 Dividend 0.2571
09/01/2022 09/02/2022 08/31/2022 Dividend 0.2364
08/01/2022 08/02/2022 08/05/2022 Dividend 0.2171
07/01/2022 07/05/2022 07/08/2022 Dividend 0.1106

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. Brian Juliano, Robert Cignarella, Parag Pandya, Michael Haigh, and Robert W. Meyer of PGIM Fixed Income are primarily responsible for management of the PGIM Floating Rate Income ETF. PGIM Limited is also a subadvisor on this fund. 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.

Brian Juliano
Brian Juliano

Managing Director and Head of the U.S. Leveraged Loan Team

|

PGIM Fixed Income

Brian Juliano is a Managing Director and Head of the U.S. Leveraged Loan Team for PGIM Fixed Income.

Robert Cignarella, CFA
Robert Cignarella, CFA

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

|

PGIM Fixed Income

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

Parag Pandya, CFA
Parag Pandya, CFA

Principal and Portfolio Manager for PGIM Fixed Income's U.S. Leveraged Loan Team

|

PGIM Fixed Income

Parag Pandya, CFA, is a Principal and portfolio manager for PGIM Fixed Income's U.S. Leveraged Loan Team.

Robert Meyer, CFA
Robert Meyer, CFA

Principal for PGIM Fixed Income's U.S. Leveraged Loan Team

|

PGIM Fixed Income

Robert Meyer, CFA, is a Principal for the PGIM Fixed Income's U.S. Leveraged Loan Team.

Michael Haigh, CFA
Michael Haigh, CFA

Principal and Portfolio Manager for PGIM Fixed Income's U.S. Leveraged Loan Team

|

PGIM Fixed Income

Michael Haigh, CFA, is a Principal and Portfolio Manager for PGIM Fixed Income's U.S. Leveraged Loan Team.

Fund Literature

Displaying - of
document name audience updated order code

Source: Morningstar. Morningstar. The Morningstar Rating may be calculated based on its share class adjusted historical returns. If so, the fund’s independent Morningstar Rating metric uses its oldest class to determine its hypothetical rating for certain periods. The Fund’s Overall, 3-, 5-, and 10-year Star Ratings/Fund are, if applicable: 4/213, 4/213, N/A and N/A, respectively. Morningstar Ratings are calculated for managed products with a 3-year minimum history. Comparatively, exchange-traded funds and open-ended mutual funds are considered a single population. 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 consistency, 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. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

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.

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. Principal risks include: investing primarily in senior loans that are rated below investment grade; risk of investment in loans, where 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; fixed income instruments, which are subject to credit, market, and interest rate risk (where the 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; derivative securities, which may carry market, credit, and liquidity risks; high yield ("junk") bonds, which are subject to greater credit and market risks; foreign or non-U.S. securities, which are subject to the risks of currency fluctuation and political uncertainty; liquidity risk, which exists when particular investments are difficult to sell (loans are subject to legal or contractual restrictions on resale). As a new and relatively small fund, the Fund's performance may not represent how the Fund is expected to or may perform in the long-term. Large shareholders could subject the Fund to large scale redemption risk. 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). The transition away from LIBOR to other reference rates may lead to increased volatility and illiquidity in markets that are tied to LIBOR, fluctuations in values of LIBOR-related investments or investments in issuers that utilize LIBOR, increased difficulty in borrowing or refinancing and diminished effectiveness of hedging strategies, adversely affecting the Fund’s performance. 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. The risks associated with the Fund are more fully explained in the prospectus and summary prospectus. 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 Coupon represents the weighted average coupon of the underlying securities within a fund. Effective Duration measures investment risk that takes into account both a bond's interest payments and its value to maturity. Average Maturity is the average number of years to maturity of the Fund’s bonds. 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 Bank Loan Category Average: Bank-loan portfolios primarily invest in floating-rate bank loans and floating-rate below investment- grade securities instead of bonds. In exchange for their credit risk, these loans offer high interest payments that typically float above a common short-term benchmarks such as Libor or SOFR.

S&P UBS Leveraged Loan Index represents the investable universe of the dollar-denominated leveraged loan market.

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

The S&P Indices are products of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by PGIM Investments. Copyright ©2025 S&P Dow Jones Indices LLC, a division of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visit www.spdji.com. S&P® is a registered trademark of S&P Global and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC.

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.

4577143    Ed. 06/2025