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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 Jennison Better Future ETF Lipper total return ranking for the 1-, 3-, 5-, and 10-year periods as of 12/31/2024 for the Global Multi-Cap Growth Funds category were: 70/216, 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: 197/201, N/A, N/A and N/A, respectively. Past Performance is no guarantee of future results.*

MorningStar Rankings

AS OF 06/30/2025
1-Year
41%
109/256
3-Year
16%
28/211
5-Year
10%
17/187
si
14%
19/153

Source: Morningstar. All rights reserved. Used with permission. Fund inception: 04/05/2018. Morningstar rankings are based on total return, do not include the effects of sales charges, and are calculated against all funds in the Morningstar Ultrashort Bond category.

Past performance does not guarantee future results.

Prices as of 08/11/2025
MARKET PRICE
$49.66
N/C 
$0.00
(0.00%)
52 WK: $49.38 / $49.79
NAV PRICE
$49.67
$0.01
(0.02%)
52 WK: $49.38 / $49.81
YTD as of 08/11/2025
YTD RETURN (MARKET PRICE)
3.02%
YTD RETURN (NAV PRICE)
3.05%
NET ASSETS
$12,109,472,545
TOTAL ANNUAL EXPENSE RATIO
0.15%
Objective

The investment objective of PGIM Ultra Short Bond ETF is to seek total return through a combination of current income and capital appreciation, consistent with preservation of capital. 

DAILY PERFORMANCE
AS OF 08/11/2025
Daily Performance of Daily Performance Value
Bid/Ask Spread 49.66 / 49.67
30 Day Median Bid/Ask Spread (%)
Bid/Ask (%) 0.02
Market Price ($) 49.66
Market Price Change ($) N/C  0.00
Market Price Change (%) 0.00
NAV Price ($) 49.67
NAV Price Change ($)
0.01
NAV Price Change (%) 0.02
Premium / Discount (%) -0.02
AS OF 08/11/2025
YTD Return-Market Price (%) 3.02
YTD Return-NAV Price (%) 3.05
Fund Information
AS OF 08/11/2025
Fund Information Fund Information Value
Ticker PULS
Net Assets 12,109,472,545
Asset Class Taxable Fixed Income
Benchmark Lipper Ultra Short Obligations Funds Average
CUSIP 69344A107
Shares Outstanding 243,800,000
Trading Volume 1,768,995
Fiscal Year End 08/31
Exchange NYSE Arca
Options Available No
Inception Date 04/05/2018
Management Style Active
CHARACTERISTICS & FEES
AS OF 06/30/2025
Name
Weight
Average Maturity (years) 1.3
Duration (yrs) 0.3
Average Coupon 4.5
Total Annual Expense Ratio (%) 0.15

 

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.

With the pending transition away from London Interbank Offered Rate (“LIBOR”), for marketing purposes, we replaced the fund’s benchmark from ICE BofA U.S. Dollar 3-Month Deposit Offered Rate Constant Maturity Index with the ICE BofA US 3-Month Treasury Bill as the primary performance benchmark for the Fund in March 2022.

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
08/11/2025 -0.02
08/08/2025 0.00
08/07/2025 -0.02
08/06/2025 -0.01
08/05/2025 -0.01
08/04/2025 0.00
08/01/2025 0.00
07/31/2025 -0.02
07/30/2025 -0.02
07/29/2025 -0.02
07/28/2025 -0.01
07/25/2025 0.00
07/24/2025 -0.02
07/23/2025 0.01
07/22/2025 -0.01
07/21/2025 -0.01
07/18/2025 0.00
07/17/2025 -0.02
07/16/2025 0.00
07/15/2025 -0.01
07/14/2025 0.00
07/11/2025 -0.01
07/10/2025 0.00
07/09/2025 -0.01
07/08/2025 0.00
07/07/2025 -0.01
07/03/2025 0.00
07/02/2025 -0.01
07/01/2025 -0.01
06/30/2025 -0.01
06/27/2025 0.00
06/26/2025 0.01
06/25/2025 0.00
06/24/2025 -0.01
06/23/2025 0.02
06/20/2025 0.00
06/18/2025 -0.01
06/17/2025 0.00
06/16/2025 0.00
06/13/2025 0.00
06/12/2025 0.00
06/11/2025 0.00
06/10/2025 -0.01
06/09/2025 -0.01
06/06/2025 -0.01
06/05/2025 -0.01
06/04/2025 -0.01
06/03/2025 0.00
06/02/2025 0.00
05/30/2025 -0.03
05/29/2025 -0.01
05/28/2025 -0.03
05/27/2025 -0.02
05/23/2025 0.02
05/22/2025 0.00
05/21/2025 -0.05
05/20/2025 0.01
05/19/2025 -0.02
05/16/2025 0.00
05/15/2025 0.00
05/14/2025 -0.03
05/13/2025 -0.04
05/12/2025 -0.04
05/09/2025 0.00
05/08/2025 -0.02
05/07/2025 0.00
05/06/2025 0.01
05/05/2025 0.00
05/02/2025 0.01
05/01/2025 -0.05
04/30/2025 -0.02
04/29/2025 0.04
04/28/2025 -0.01
04/25/2025 0.02
04/24/2025 0.05
04/23/2025 -0.09
04/22/2025 0.02
04/21/2025 0.04
04/17/2025 0.00
04/16/2025 -0.02
04/15/2025 -0.03
04/14/2025 -0.05
04/11/2025 -0.08
04/10/2025 0.01
04/09/2025 0.05
04/08/2025 0.03
04/07/2025 -0.02
04/04/2025 0.10
04/03/2025 0.07
04/02/2025 -0.01
04/01/2025 0.03
03/31/2025 -0.01
03/28/2025 0.02
03/27/2025 -0.01
03/26/2025 0.00
03/25/2025 -0.04
03/24/2025 -0.03
03/21/2025 0.00
03/20/2025 0.02
03/19/2025 0.03
03/18/2025 0.01
03/17/2025 -0.01
03/14/2025 0.00
03/13/2025 0.00
03/12/2025 -0.01
03/11/2025 -0.01
03/10/2025 0.02
03/07/2025 -0.01
03/06/2025 0.01
03/05/2025 0.00
03/04/2025 0.00
03/03/2025 0.03
02/28/2025 0.03
02/27/2025 0.00
02/26/2025 0.00
02/25/2025 0.01
02/24/2025 0.00
02/21/2025 0.02
02/20/2025 0.02
02/19/2025 -0.01
02/18/2025 -0.01
02/14/2025 0.01
02/13/2025 0.02
02/12/2025 -0.03
02/11/2025 -0.01
02/10/2025 -0.01
02/07/2025 -0.01
02/06/2025 0.02
02/05/2025 0.00
02/04/2025 0.00
02/03/2025 -0.01
01/31/2025 -0.02
01/30/2025 0.00
01/29/2025 0.00
01/28/2025 -0.02
01/27/2025 0.00
01/24/2025 0.00
01/23/2025 0.01
01/22/2025 0.00
01/21/2025 -0.01
01/17/2025 -0.01
01/16/2025 0.00
01/15/2025 0.01
01/14/2025 0.00
01/13/2025 0.00
01/10/2025 -0.01
01/08/2025 0.00
01/07/2025 -0.01
01/06/2025 0.00
01/03/2025 0.00
01/02/2025 0.00
12/31/2024 0.01
12/30/2024 0.00
12/27/2024 -0.04
12/26/2024 -0.02
12/24/2024 0.00
12/23/2024 -0.01
12/20/2024 0.00
12/19/2024 0.00
12/18/2024 -0.04
12/17/2024 0.02
12/16/2024 -0.01
12/13/2024 0.02
12/12/2024 0.01
12/11/2024 0.00
12/10/2024 0.00
12/09/2024 -0.01
12/06/2024 0.00
12/05/2024 -0.02
12/04/2024 0.00
12/03/2024 0.02
12/02/2024 -0.02
11/29/2024 -0.03
11/27/2024 0.02
11/26/2024 -0.02
11/25/2024 0.00
11/22/2024 0.00
11/21/2024 -0.01
11/20/2024 0.01
11/19/2024 0.01
11/18/2024 -0.02
11/15/2024 -0.01
11/14/2024 0.03
11/13/2024 -0.01
11/12/2024 -0.03
11/11/2024 -0.02
11/08/2024 0.02
11/07/2024 -0.03
11/06/2024 -0.03
11/05/2024 -0.01
11/04/2024 0.01
11/01/2024 -0.02
10/31/2024 -0.02
10/30/2024 -0.01
10/29/2024 -0.01
10/28/2024 -0.02
10/25/2024 0.00
10/24/2024 0.02
10/23/2024 -0.01
10/22/2024 -0.01
10/21/2024 0.00
10/18/2024 0.00
10/17/2024 -0.01
10/16/2024 -0.01
10/15/2024 -0.01
10/14/2024 -0.04
10/11/2024 0.02
10/10/2024 -0.03
10/09/2024 -0.03
10/08/2024 -0.02
10/07/2024 -0.02
10/04/2024 -0.03
10/03/2024 -0.02
10/01/2024 -0.01
09/30/2024 -0.05
09/27/2024 -0.01
09/26/2024 -0.02
09/25/2024 -0.01
09/24/2024 0.00
09/23/2024 -0.01
09/20/2024 0.01
09/19/2024 -0.01
09/18/2024 0.01
09/17/2024 -0.02
09/16/2024 0.01
09/13/2024 0.01
09/12/2024 -0.01
09/11/2024 -0.01
09/10/2024 0.00
09/09/2024 -0.01
09/06/2024 0.03
09/05/2024 -0.01
09/04/2024 0.02
09/03/2024 0.00
08/30/2024 0.00
08/29/2024 0.00
08/28/2024 -0.01
08/27/2024 -0.01
08/26/2024 -0.01
08/23/2024 -0.02
08/22/2024 -0.04
08/21/2024 0.02
08/20/2024 0.01
08/19/2024 0.00
08/16/2024 -0.01
08/15/2024 -0.04
08/14/2024 0.01
08/13/2024 0.00
08/12/2024 0.00
08/09/2024 -0.02
08/08/2024 -0.04
08/07/2024 -0.02
08/06/2024 -0.03
08/05/2024 -0.03
08/02/2024 0.00
08/01/2024 0.02
07/31/2024 -0.06
07/30/2024 0.00
07/29/2024 -0.03
07/26/2024 0.00
07/25/2024 -0.03
07/24/2024 0.01
07/23/2024 -0.02
07/22/2024 -0.02
07/19/2024 -0.02
07/18/2024 0.00
07/17/2024 -0.01
07/16/2024 -0.03
07/15/2024 -0.03
07/12/2024 -0.02
07/11/2024 0.01
07/10/2024 -0.01
07/09/2024 -0.01
07/08/2024 -0.01
07/05/2024 -0.02
07/03/2024 0.00
07/02/2024 0.00
07/01/2024 -0.03
06/28/2024 -0.02
06/27/2024 -0.02
06/26/2024 0.00
06/25/2024 -0.01
06/24/2024 0.00
06/21/2024 -0.01
06/20/2024 -0.01
06/18/2024 0.00
06/17/2024 -0.02
06/14/2024 0.01
06/13/2024 0.00
06/12/2024 0.00
06/11/2024 0.01
06/10/2024 -0.01
06/07/2024 -0.01
06/06/2024 0.02
06/05/2024 0.00
06/04/2024 0.00
06/03/2024 0.00
05/31/2024 -0.03
05/30/2024 0.00
05/29/2024 0.00
05/28/2024 0.00
05/24/2024 -0.02
05/23/2024 0.02
05/22/2024 -0.02
05/21/2024 0.00
05/20/2024 -0.01
05/17/2024 -0.01
05/16/2024 -0.01
05/15/2024 0.00
05/14/2024 -0.03
05/13/2024 0.00
05/10/2024 -0.05
05/09/2024 0.00
05/08/2024 -0.03
05/07/2024 -0.01
05/06/2024 -0.01
05/03/2024 0.01
05/02/2024 0.00
05/01/2024 0.02
04/30/2024 -0.01
04/29/2024 0.01
04/26/2024 -0.01
04/25/2024 0.00
04/24/2024 0.00
04/23/2024 0.01
04/22/2024 0.00
04/19/2024 0.01
04/18/2024 0.01
04/17/2024 0.02
04/16/2024 0.00
04/15/2024 -0.03
04/12/2024 0.01
04/11/2024 0.01
04/10/2024 -0.07
04/09/2024 0.00
04/08/2024 -0.01
04/05/2024 -0.02
04/04/2024 -0.02
04/03/2024 -0.01
04/02/2024 0.01
04/01/2024 -0.03
03/28/2024 -0.02
03/27/2024 0.01
03/26/2024 -0.01
03/25/2024 -0.01
03/22/2024 0.00
03/21/2024 -0.01
03/20/2024 0.01
03/19/2024 0.00
03/18/2024 -0.02
03/15/2024 -0.01
03/14/2024 -0.02
03/13/2024 -0.02
03/12/2024 -0.02
03/11/2024 0.00
03/08/2024 -0.02
03/07/2024 0.00
03/06/2024 0.01
03/05/2024 0.01
03/04/2024 -0.02
03/01/2024 0.01
02/29/2024 0.00
02/28/2024 0.02
02/27/2024 -0.01
02/26/2024 -0.01
02/23/2024 -0.01
02/22/2024 -0.02
02/21/2024 0.00
02/20/2024 -0.03
02/16/2024 -0.03
02/15/2024 0.00
02/14/2024 -0.01
02/13/2024 -0.03
02/12/2024 0.01
02/09/2024 -0.03
02/08/2024 0.00
02/07/2024 0.02
02/06/2024 0.00
02/05/2024 0.00
02/02/2024 -0.04
02/01/2024 0.00
01/31/2024 0.04
01/30/2024 -0.03
01/29/2024 -0.01
01/26/2024 -0.03
01/25/2024 0.00
01/24/2024 0.00
01/23/2024 -0.02
01/22/2024 0.01
01/19/2024 -0.03
01/18/2024 -0.02
01/17/2024 -0.03
01/16/2024 -0.04
01/12/2024 0.00
01/11/2024 0.00
01/10/2024 -0.03
01/09/2024 -0.03
01/08/2024 0.00
01/05/2024 -0.03
01/04/2024 -0.02
01/03/2024 0.00
01/02/2024 -0.04
Historical Premium Discount
Previous Calendar Year (2024)
1st Quarter
2nd Quarter
3rd Quarter (QTD)
4th Quarter
Number of Days at Premium
49
16
17
1
Number of Days at Discount
137
21
28
18
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 (04/05/2018), for the period from inception to the first day of secondary trading (04/10/2018), 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
4.53
SEC 30-Day Unsubsidized Yield 07/31/2025
4.52
NAV Distribution Yield 08/01/2025
4.81

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 Issuers (% of Assets)
AS OF 06/30/2025
Largest Issuers
% of Assets
NEW YORK LIFE INSURANCE COMPANY 1.0%
General Motors 1.0%
Federation Des Caisses Desjardins Du Quebec 0.9%
HONDA MOTOR CO LTD 0.9%
PGIM AAA CLO ETF 0.9%
LCM CLO 0.9%
Avis Rental Cars 0.8%
Stichting Administratiekantoor Continuiteit Abn Amro Bank 0.8%
Nextera Energy 0.8%
Citigroup 0.8%
Sector Breakdown (% of Assets)
AS OF 06/30/2025
Sector Breakdown
% of Assets
Corporate Fixed 35.6%
Asset-Backed Securities 19.0%
Corporate Float 16.2%
Domestic Commercial Paper 8.5%
Commercial MBS 7.2%
Foreign Commercial Paper 5.6%
Foreign Certificate of Deposit Float 2.3%
Foreign Certificate of Deposit Fixed 2.0%
Domestic Certificate of Deposit Float 0.6%
Treasury Obligations 0.3%
Other 1.0%
Cash/Equiv 1.7%
Credit Quality (% of Assets)
AS OF 06/30/2025
Credit Quality
% of Assets
AAA 28.0%
AA 22.8%
A 15.4%
BBB 22.4%
Not Rated 0.8%
Cash/Equiv 1.7%
Bond Maturities (% of Assets)
AS OF 06/30/2025
Bond Maturities
% of Assets
Under 1 year 45.3%
1-3 years 51.0%
3-5 years 3.7%

Most Recent Distributions

AS OF 08/11/2025
Historical Distributions
Ex Date Record Date Payable Date Distribution Type Distribution
2025 Total 1.4174
07/01/2025 07/01/2025 07/03/2025 Dividend 0.1923
06/02/2025 06/02/2025 06/04/2025 Dividend 0.1993
05/01/2025 05/01/2025 05/05/2025 Dividend 0.1950
04/01/2025 04/01/2025 04/03/2025 Dividend 0.1988
03/03/2025 03/03/2025 03/05/2025 Dividend 0.1816
02/03/2025 02/03/2025 02/05/2025 Dividend 0.2000
12/27/2024 12/27/2024 01/03/2025 Dividend 0.2504
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 2.7954
12/02/2024 12/02/2024 12/06/2024 Dividend 0.2070
11/01/2024 11/01/2024 11/07/2024 Dividend 0.2146
10/01/2024 10/01/2024 10/07/2024 Dividend 0.2287
09/03/2024 09/03/2024 09/09/2024 Dividend 0.2338
08/01/2024 08/01/2024 08/07/2024 Dividend 0.2370
07/01/2024 07/01/2024 07/08/2024 Dividend 0.2397
06/03/2024 06/03/2024 06/07/2024 Dividend 0.2360
05/01/2024 05/02/2024 05/07/2024 Dividend 0.2226
04/01/2024 04/02/2024 04/05/2024 Dividend 0.2443
03/01/2024 03/04/2024 03/07/2024 Dividend 0.2208
02/01/2024 02/02/2024 02/07/2024 Dividend 0.2516
12/27/2023 12/28/2023 01/03/2024 Dividend 0.2594
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 2.5896
12/01/2023 12/04/2023 12/07/2023 Dividend 0.2397
11/01/2023 11/02/2023 11/07/2023 Dividend 0.2375
10/02/2023 10/03/2023 10/06/2023 Dividend 0.2239
09/01/2023 09/05/2023 09/08/2023 Dividend 0.2284
08/01/2023 08/02/2023 08/07/2023 Dividend 0.2341
07/03/2023 07/05/2023 07/10/2023 Dividend 0.2310
06/01/2023 06/02/2023 06/07/2023 Dividend 0.2251
05/01/2023 05/02/2023 05/05/2023 Dividend 0.2197
04/03/2023 04/04/2023 04/10/2023 Dividend 0.2139
03/01/2023 03/02/2023 03/07/2023 Dividend 0.1798
02/01/2023 02/02/2023 02/07/2023 Dividend 0.2126
12/28/2022 12/29/2022 01/04/2023 Dividend 0.1439
2022 Total 1.0491
12/01/2022 12/02/2022 12/07/2022 Dividend 0.1651
11/01/2022 11/02/2022 11/07/2022 Dividend 0.1569
10/03/2022 10/04/2022 10/07/2022 Dividend 0.1203
09/01/2022 09/02/2022 09/08/2022 Dividend 0.1267
08/01/2022 08/02/2022 08/05/2022 Dividend 0.1043
07/01/2022 07/05/2022 07/08/2022 Dividend 0.0823
06/01/2022 06/02/2022 06/03/2022 Dividend 0.0613
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 0.0483
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 0.0419
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 0.0373
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 0.0411
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 0.0635
12/29/2021 12/30/2021 01/05/2022 Long-Term Capital Gain 0.0000
12/29/2021 12/30/2021 01/05/2022 Short-Tem Capital Gain 0.0000
2021 Total 0.6561
12/01/2021 12/02/2021 12/07/2021 Dividend 0.0404
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 0.0399
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 0.0405
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 0.0417
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 0.0488
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 0.0494
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 0.0502
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 0.0630
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 0.0512
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 0.0457
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 0.0554
12/29/2020 12/30/2020 01/05/2021 Dividend 0.1299
2020 Total 0.9454
12/01/2020 12/02/2020 12/07/2020 Dividend 0.0533
11/02/2020 11/03/2020 11/06/2020 Dividend 0.0606
10/01/2020 10/02/2020 10/07/2020 Dividend 0.0518
09/01/2020 09/02/2020 09/08/2020 Dividend 0.0528
08/03/2020 08/04/2020 08/07/2020 Dividend 0.0577
07/01/2020 07/02/2020 07/08/2020 Dividend 0.0639
06/01/2020 06/02/2020 06/05/2020 Dividend 0.0749
05/01/2020 05/04/2020 05/07/2020 Dividend 0.0913
04/01/2020 04/02/2020 04/07/2020 Dividend 0.1068
03/02/2020 03/03/2020 03/06/2020 Dividend 0.0822
02/03/2020 02/04/2020 02/07/2020 Dividend 0.0966
12/27/2019 12/30/2019 01/03/2020 Dividend 0.1535
2019 Total 1.4143
12/02/2019 12/03/2019 12/06/2019 Dividend 0.0992
11/01/2019 11/04/2019 11/07/2019 Dividend 0.0993
10/01/2019 10/02/2019 10/07/2019 Dividend 0.1730
09/03/2019 09/04/2019 09/09/2019 Dividend 0.1054
08/01/2019 08/02/2019 08/07/2019 Dividend 0.1246
07/01/2019 07/02/2019 07/08/2019 Dividend 0.1168
06/03/2019 06/04/2019 06/07/2019 Dividend 0.1088
05/01/2019 05/02/2019 05/07/2019 Dividend 0.1173
04/01/2019 04/02/2019 04/05/2019 Dividend 0.1248
03/01/2019 03/04/2019 03/07/2019 Dividend 0.1064
02/01/2019 02/04/2019 02/07/2019 Dividend 0.1315
12/27/2018 12/28/2018 01/03/2019 Dividend 0.1072
2018 Total 0.8278
12/03/2018 12/04/2018 12/07/2018 Dividend 0.1081
11/01/2018 11/02/2018 11/07/2018 Dividend 0.0959
10/01/2018 10/02/2018 10/05/2018 Dividend 0.1055
09/04/2018 09/05/2018 09/10/2018 Dividend 0.0997
08/01/2018 08/02/2018 08/07/2018 Dividend 0.1115
07/02/2018 07/03/2018 07/09/2018 Dividend 0.1154
06/01/2018 06/04/2018 06/07/2018 Dividend 0.1104
05/01/2018 05/02/2018 05/07/2018 Dividend 0.0812

ABOUT

PGIM Fixed Income, with $862 billion in assets under management as of March 31, 2025, is a global asset manager offering active solutions across all fixed income markets. The company has offices in Newark, N.J., London, Tokyo and Singapore. At PGIM Fixed Income we believe that research-driven security selection is the most consistent strategy for adding value to client portfolios. The firm complements that base strategy with active sector rotation, duration management, and superior trade execution. Risk budgeting is central to this approach. 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.

Joseph D'Angelo
Joseph D'Angelo

Managing Director and the Head of PGIM Fixed Income’s Money Markets Team

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PGIM Fixed Income

Managing Director and the Head of PGIM Fixed Income’s Money Markets team

Jeffrey M. Venezia
Jeffrey M. Venezia

Vice President on the Money Markets Team for PGIM Fixed Income

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PGIM Fixed Income

Jeffrey M. Venezia, is a Vice President on the Money Markets Team for PGIM Fixed Income

Robert T. Browne
Robert T. Browne

Vice President and Portfolio Manager

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PGIM Fixed Income

Robert T. Browne is a Vice President and money markets Portfolio Manager for PGIM Fixed Income's Money Markets Team, responsible for taxable money markets portf

Adam J. Kusen
Adam J. Kusen

Vice President and portfolio manager on the Money Markets Team for PGIM Fixed Income

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PGIM Fixed Income

Adam J. Kusen, CFA, is a Vice President and portfolio manager on the Money Markets Team for PGIM Fixed Income

Fund Literature

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Source: Morningstar. The Fund’s Overall, 3-, 5-, and 10-year ratings, if applicable, are 4 stars out of 209 funds, 4 stars out 209 funds, 4 stars out of 183 and N/A funds, respectively. The Morningstar Rating may be calculated based on its share class adjusted historical returns. If so, this investment's independent Morningstar Rating metric uses the fund's oldest share class to determine its hypothetical rating for certain time periods. The Morningstar Rating for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. 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 Ultrashort Bond Category Average: Ultrashort-bond portfolios invest primarily in investment-grade U.S. fixed-income issues and have durations typically of less than one year. This category can include corporate or government ultrashort bond portfolios, but it excludes international, convertible, multisector, and high-yield bond portfolios. Because of their focus on bonds with very short durations, these portfolios offer minimal interest-rate sensitivity and therefore low risk and total return potential. Morningstar calculates monthly breakpoints using the effective duration of the Morningstar Core Bond Index in determining duration assignment. Ultrashort is defined as 25% of the three-year average effective duration of the MCBI.

ICE (Intercontinental Exchange) Bank of America 3 Month T Bill Index is comprised of a single U.S. Treasury issue with approximately three months to final maturity, purchased at the beginning of each month and held for one full month.

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

Source ICE Data Indices, LLC (“ICE DATA”), is used with permission. Source ICE Data Indices, LLC (“ICE DATA”), is used with permission. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN “AS IS” BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND PRUDENTIAL, OR ANY OF ITS PRODUCTS OR SERVICES.

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.

4349485    Ed. 03/2025