PGIM Portfolio Ballast ETF (PBL)

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. The Fund invests primarily in collateralized loan obligations (“CLOs”) which are subject to credit, interest rate, valuation, and prepayment and extension risks. These securities also are subject to risk of default on the underlying asset, particularly during periods of economic downturn. CLO managers may have limited operating histories and may be subject to conflicts of interest. The Fund is subject to covenant-lite risk, which means the loans or obligations contain fewer financial maintenance covenants than other loans or obligations (in some cases, none) and do not include terms which allow the lender to monitor the borrower’s performance and declare a default if certain criteria are breached; 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; 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); liquidity risk, which exists when particular investments are difficult to sell (loans are subject to legal or contractual restrictions on resale); reference rate risk, in which the Fund may be exposed to financial instruments that recently transitioned from using or continue to use the London Interbank Offered Rate (“LIBOR”) to determine payment obligations, financing terms, hedging strategies or investment value; management risk in which the subadviser will apply investment techniques and risk analyses in making investment decisions for the Fund, but the subadviser’s judgments about the attractiveness, value or market trends affecting a particular security, industry or sector or about market movements may be incorrect; and interest rate risk in which the value of your investment may go down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration debt securities. The Fund may lose money if short-term or long-term interest rates rise sharply or in a manner not anticipated by the subadviser. The Fund may invest in derivative securities, which may carry market, credit, and liquidity risks; emerging markets, which typically have economic and political systems that are less fully developed, and can be expected to be less stable, than those of more developed countries; and foreign or non-U.S. securities, which are subject to the risks of currency fluctuation and political uncertainty. The Fund is non-diversified for purposes of the 1940 Act.. Investing in a non-diversified fund involves greater risk than investing in a diversified fund because a loss resulting from the decline in value of any one security may represent a greater portion of the total assets of a non-diversified fund. Large shareholders could subject the Fund to large scale redemption risk. The risks associated with the Fund are more fully explained in the prospectus and summary prospectus. These risks may increase the Fund's share price volatility. There is no guarantee the Fund’s objective will be achieved.