With an estimated $7.7 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.
ACTIVE MANAGEMENT WITH COMPETITIVE EXPENSES
YIELD ADVANTAGE VS. ULTRA SHORT CATEGORY (30 Day Distribution Yield)
HIGH-QUALITY APPROACH: 100% INVESTMENT GRADE
Expenses represented by prospectus net expense ratio. *Represents institutional share class mutual funds. Prospectus gross expense ratios: Passive ETF Avg, 0.15%; PULS, 0.15%; Money Market Category – Taxable, 0.64%; Active ETF Avg, 0.29%; Prime Money Market Category, 0.26%;Mutual Fund Avg, 0.44%. PULS: Inception date: 4/5/18. 30-day Distribution Yield shown for PULS and Morningstar Ultrashort Bond Categories. 30-day SEC yields: PULS, 4.23%;Passive ETF Avg, 3.80%; Mutual Fund Avg, 3.99%; Active ETF Avg, 3.58%. 7-Day yield shown for Morningstar Money Market Taxable and Prime Money Market Taxable categories. This comparison was done to show some of the key attributes of each product. It is not an all-inclusive comparison of all the risks involved with investing in each product. To better understand the similarities and differences between investments, including investment objectives, risks, fees, and expenses, please read each of the products’ prospectuses. Credit quality is calculated using highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody’s, S&P, or Fitch. Fund’s credit quality breakdown: AAA: 34.0%,AA: 20.4%, A: 23.0%, BBB: 21.8%, BB and below: 0.0%; Not Rated: 0.0%; Cash and Cash Equivalents: -0.8%; Other: 1.6%. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change. AAA includes cash/cash equivalents. Values may not sum to 100% due to rounding.
Average Annual Total Returns, %
3-Month | YTD | 1-Year | 3-Year | 5-Year | Since Inc. | Inception Date | |
|---|---|---|---|---|---|---|---|
Market Price | 0.89 | 0.89 | 4.73 | 5.66 | 3.98 | 3.31 | 4/10/2018 |
NAV Price | 0.90 | 0.90 | 4.73 | 5.65 | 3.99 | 3.32 | 4/05/2018 |
ICE BofA US 3 Month T-Bill Index | 0.85 | 0.85 | 4.00 | 4.74 | 3.34 | 2.64 | 3/31/2018 |
Source: PGIM and Morningstar as of 3/31/26, unless otherwise noted.
30-Day Sec Yield, %
30-Day | |
|---|---|
PULS | 4.23 |
Ultra Short Category | 3.58 |
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. For the most recent month-end performance, visit pgim.com. View the fund’s prospectus.
1 Source: ICI as of 12/31/2025.
Source: 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: 4/208.0, 4/208.0, 4/181.0 and 0/0.0, 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 period
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 advisor and investment manager to PGIM registered investment companies. PGIM Fixed Income is a unit of PGIM, Inc., 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. PGIM is the principal asset management business of Prudential Financial, Inc. (PFI), and a trading name of PGIM, Inc. and its global subsidiaries and affiliates.
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 professionial.
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.
