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Name

As of 11/21/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

PGIM Floating Rate Income ETF

PFRL | Active ETF

$50.85

$50.8 M

8.13%

$4.13

0.72%

Vitals

YTD Return

8.7%

1 yr return

11.1%

3 Yr Avg Return

N/A

5 Yr Avg Return

N/A

Net Assets

$50.8 M

Holdings in Top 10

17.3%

52 WEEK LOW AND HIGH

$50.8
$49.83
$51.01

Expenses

OPERATING FEES

Expense Ratio 0.72%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A

Min Investment

Standard (Taxable)

N/A

IRA

N/A

Fund Classification

Fund Type

Exchange Traded Fund

Name

As of 11/21/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

PGIM Floating Rate Income ETF

PFRL | Active ETF

$50.85

$50.8 M

8.13%

$4.13

0.72%

PFRL - Profile

Distributions

  • YTD Total Return 8.7%
  • 3 Yr Annualized Total Return N/A
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio N/A
DIVIDENDS
  • Dividend Yield 8.1%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    PGIM Floating Rate Income ETF
  • Fund Family Name
    Prudential
  • Inception Date
    May 17, 2022
  • Shares Outstanding
    N/A
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Brian Juliano

Fund Description

Under normal market conditions, the Fund invests at least 80% of its investable assets (net assets plus borrowings for investment purposes, if any) in floating rate loans and other floating rate debt securities. Such floating rate loans and other floating rate debt securities have interest rates which adjust or “float” periodically (normally on a monthly or quarterly basis) based on a generally recognized base lending rate plus a premium.Floating rate loans (often referred to as “bank loans”) are arranged through private negotiations between a corporation or other institution that is the borrower and one or more financial institutions that are the lenders. The Fund is an actively managed exchange-traded fund (“ETF”) and therefore does not seek to replicate the performance of any specific index.In managing the Fund’s assets, the subadviser uses a combination of top-down economic analysis and bottom-up research in conjunction with proprietary quantitative models and risk management systems. In the top-down economic analysis, the subadviser develops views on economic, policy and market trends. In its bottom-up research, the subadviser develops an internal rating and outlook on issuers. The rating and outlook are determined based on a thorough review of the financial health and trends of the issuer. The subadviser may also consider investment factors such as expected total return, yield, spread and potential for price appreciation as well as credit quality, maturity and risk. The Fund may invest in a security based upon the expected total return rather than the yield of such security.Most floating rate loans are senior in rank (“senior loans”) in the event of bankruptcy to most other securities of the issuer, such as common stock or publicly-issued bonds. Floating rate loans are often secured by specific collateral of the issuer so that holders of the loans will have a priority claim on those assets in the event of default or bankruptcy of the issuer. Floating rate loans are often structured and administered by a financial institution that acts as agent for the holders of the loan. Loans can be acquired directly through the agent, by assignment from another holder of the loan, or as a participation interest in another holder's portion of the loan.The Fund has no requirements as to the maturity or quality of the debt instruments it may buy, or as to the market capitalization of the issuers of those instruments. The Fund may invest primarily in senior loans that are rated below investment grade or unrated senior loans of comparable quality at the time of purchase as determined by the subadviser. Instruments rated below investment grade are sometimes referred to as “junk bonds.” A description of security ratings is provided in an appendix to the Fund’s SAI.The Fund may invest up to 20% of its total assets in senior loans that are not secured by any specific collateral. The Fund may invest up to 25% of its total assets in senior loans made to foreign-domiciled borrowers and other foreign securities, including securities of issuers located in emerging market countries, which may be denominated in U.S. dollars or non-U.S. currencies. CLOs and other structured products that are issued in the United States or sponsored by U.S. companies but organized as Cayman or Bermuda companies are not considered non-U.S. fixed income instruments for purposes of this 25% limitation.The Fund may invest in derivative instruments, including futures, to try to enhance return or to try to reduce (“hedge”) investment risks. In selecting investments for the Fund, the Fund’s subadviser will evaluate overall investment opportunities and risks among the types of investments the Fund may hold.The Fund engages in active trading—that is, frequent trading of its securities—in order to take advantage of new investment opportunities. The Fund expects to be more heavily involved in active trading during periods of market volatility seeking to preserve gains or limit losses.
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PFRL - Performance

Return Ranking - Trailing

Period PFRL Return Category Return Low Category Return High Rank in Category (%)
YTD 8.7% -6.9% 6.5% N/A
1 Yr 11.1% -14.7% 23.8% N/A
3 Yr N/A* -8.2% 56.8% N/A
5 Yr N/A* -8.1% 29.5% N/A
10 Yr N/A* -5.2% 13.8% N/A

* Annualized

Return Ranking - Calendar

Period PFRL Return Category Return Low Category Return High Rank in Category (%)
2023 3.0% -22.9% 5.5% N/A
2022 N/A -6.3% 5.5% N/A
2021 N/A -7.9% 57.4% N/A
2020 N/A -2.1% 5.5% N/A
2019 N/A -4.2% 12.9% N/A

Total Return Ranking - Trailing

Period PFRL Return Category Return Low Category Return High Rank in Category (%)
YTD 8.7% -6.9% 6.5% N/A
1 Yr 11.1% -14.7% 24.7% N/A
3 Yr N/A* -8.2% 56.8% N/A
5 Yr N/A* -8.1% 29.5% N/A
10 Yr N/A* -5.2% 13.8% N/A

* Annualized

Total Return Ranking - Calendar

Period PFRL Return Category Return Low Category Return High Rank in Category (%)
2023 13.7% -22.9% 5.5% N/A
2022 N/A -6.3% 5.5% N/A
2021 N/A -7.9% 57.4% N/A
2020 N/A -2.1% 5.5% N/A
2019 N/A -4.2% 12.9% N/A

PFRL - Holdings

Concentration Analysis

PFRL Category Low Category High PFRL % Rank
Net Assets 50.8 M 25 M 13.1 B 100.00%
Number of Holdings 453 12 1447 87.87%
Net Assets in Top 10 13 M -191 M 2.54 B 82.95%
Weighting of Top 10 17.34% 4.6% 91.9% 2.99%

Top 10 Holdings

  1. (PIPA070) PGIM Core Government Money Market Fund 3.19%
  2. Bank of America Corp 3.17%
  3. Citigroup Inc 2.63%
  4. Royal Bank of Canada 2.42%
  5. Toronto-Dominion Bank/The 1.33%
  6. JPMorgan Chase Co 1.32%
  7. Wells Fargo Co 0.94%
  8. ASP UNIFRAX HOLD 12/12/25 0.85%
  9. Goldman Sachs Group Inc/The 0.76%
  10. Ares LXI CLO Ltd 0.74%

Asset Allocation

Weighting Return Low Return High PFRL % Rank
Bonds 		99.18% 28.71% 161.82% 99.67%
Cash 		3.19% -61.90% 58.61% 0.33%
Other 		0.56% -54.21% 26.58% 75.41%
Stocks 		0.14% 0.00% 51.23% 92.79%
Preferred Stocks 		0.00% -3.99% 1.54% 72.79%
Convertible Bonds 		0.00% 0.00% 5.51% 75.08%

Stock Sector Breakdown

Weighting Return Low Return High PFRL % Rank
Utilities 		0.00% 0.00% 100.00% N/A
Technology 		0.00% 0.00% 100.00% N/A
Real Estate 		0.00% 0.00% 48.61% N/A
Industrials 		0.00% 0.00% 100.00% N/A
Healthcare 		0.00% 0.00% 100.00% N/A
Financial Services 		0.00% 0.00% 91.98% N/A
Energy 		0.00% 0.00% 100.00% N/A
Communication Services 		0.00% 0.00% 100.00% N/A
Consumer Defense 		0.00% 0.00% 100.00% N/A
Consumer Cyclical 		0.00% 0.00% 97.66% N/A
Basic Materials 		0.00% 0.00% 6.25% N/A

Stock Geographic Breakdown

Weighting Return Low Return High PFRL % Rank
US 		0.14% -0.01% 45.12% 90.49%
Non US 		0.00% 0.00% 6.11% 73.44%

Bond Sector Breakdown

Weighting Return Low Return High PFRL % Rank
Cash & Equivalents 		3.19% 0.00% 58.41% 0.33%
Derivative 		0.56% 0.00% 7.03% 68.42%
Securitized 		0.00% 0.00% 96.93% 36.18%
Corporate 		0.00% 0.00% 99.80% 99.01%
Municipal 		0.00% 0.00% 0.47% 63.49%
Government 		0.00% 0.00% 5.93% 69.41%

Bond Geographic Breakdown

Weighting Return Low Return High PFRL % Rank
US 		98.82% 14.05% 128.54% 94.10%
Non US 		0.36% 0.00% 84.20% 90.82%

PFRL - Expenses

Operational Fees

PFRL Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.72% 0.03% 7.31% 84.44%
Management Fee 0.72% 0.00% 1.89% 79.34%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.02% 0.27% N/A

Sales Fees

PFRL Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.00% 5.75% N/A
Deferred Load N/A 1.00% 3.00% N/A

Trading Fees

PFRL Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

PFRL Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 3.00% 215.00% N/A

PFRL - Distributions

Dividend Yield Analysis

PFRL Category Low Category High PFRL % Rank
Dividend Yield 8.13% 0.00% 9.41% 87.70%

Dividend Distribution Analysis

PFRL Category Low Category High Category Mod
Dividend Distribution Frequency None Monthly Monthly Monthly

Net Income Ratio Analysis

PFRL Category Low Category High PFRL % Rank
Net Income Ratio N/A 1.56% 10.22% N/A

Capital Gain Distribution Analysis

PFRL Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

View More +

PFRL - Fund Manager Analysis

Managers

Brian Juliano

Start Date

Tenure

Tenure Rank

May 17, 2022

0.04

0.0%

Brian Juliano is a Managing Director and co-Head of the U.S. Bank Loan Team for PGIM Fixed Income. He is also the co-Head of PGIM Fixed Income’s US CLO business and is a portfolio manager for the Firm's investments in CLO tranches. Before joining the Bank Loan Team in 2003, Mr. Juliano was a CDO analyst and member of the CDO Business Team for PGIM Fixed Income, as well as a manager in financial analysis in PGIM Fixed Income’s Finance Group, where he was responsible for the finance function of various investment subsidiaries. Mr. Juliano joined the Firm in 2000. Previously, he was a consultant at Deloitte & Touche, where he worked on investment strategy and tax compliance of high net worth individuals. Mr. Juliano received a BS in Finance and an MBA in Finance and Accounting from New York University.

Ian Johnston

Start Date

Tenure

Tenure Rank

May 17, 2022

0.04

0.0%

Ian F. Johnston is a Principal and portfolio manager for PGIM Fixed Income's U.S. Bank Loan Team. Previously, Mr. Johnston was a credit analyst in the U.S. Bank Loan Credit Research Team where he covered the cable, telecom, financial services, media, and education sectors. Mr. Johnston joined the Firm in 2010 from Seven Bridges Management, an affiliate of Ulysses Management, where he was head trader and principal for the Special Situations hedge fund. Earlier, Mr. Johnston worked as senior analyst for Murray Capital Management's Distressed Debt hedge fund. Mr. Johnston began his career in 1991, first as an analyst and then a Senior Associate in the Firm's Financial Restructuring Team. Later he was Vice President and portfolio manager on the Emerging Markets Debt Team. Mr. Johnston received a BS in Applied Math-Economics from Brown University and an MBA from the University of Pennsylvania's Wharton School of Business.

Parag Pandya

Start Date

Tenure

Tenure Rank

May 17, 2022

0.04

0.0%

Parag Pandya, CFA, is a Principal and portfolio manager for PGIM Fixed Income's Leveraged Finance Team. Prior to joining the Bank Loan team in October 2015, he was a high-yield credit analyst for 17 years covering home builders/building materials, gaming, and lodging industries for the high-yield and bank loan portfolios. Previously, Mr. Pandya was an internal auditor at Prudential Securities. He joined the Firm in 1992 in the Financial Accounting Department. Mr. Pandya received a BS in Accounting from Montclair State University and holds the Chartered Financial Analyst (CFA) designation.

Robert Meyer

Start Date

Tenure

Tenure Rank

May 17, 2022

0.04

0.0%

Robert W. Meyer, CFA, is a Vice President for the PGIM Fixed Income's U.S. Bank Loan Team. Previously, Mr. Meyer was a member of the Quantitative Research Rotational Program, spending time on the CLO Analyst team, Structured Products Research Team, and Liquidity team. He joined the Firm in 2012. Mr. Meyer received a BS in Economics with concentrations in Finance and Management along with a minor in Classical Studies from the Wharton School at the University of Pennsylvania. He holds the Chartered Financial Analyst (CFA) designation.

Robert Cignarella

Start Date

Tenure

Tenure Rank

May 17, 2022

0.04

0.0%

Robert Cignarella, CFA, is a Managing Director and Head of PGIM Fixed Income's Leveraged Finance Team, which includes the US and European High Yield Bond and Bank Loan sector teams. Mr. Cignarella is also the co-Head of the Global High Yield Strategy. Prior to joining the firm in 2014, Mr. Cignarella was a managing director and co-head of high yield and bank loans at Goldman Sachs Asset Management. He also held positions as a high yield portfolio manager and a high yield and investment grade credit analyst. Earlier, he was a financial analyst in the investment banking division of Salomon Brothers. Mr. Cignarella received an MBA from the University of Chicago, and a bachelor’s degree in operations research and industrial engineering from Cornell University. He holds the Chartered Financial Analyst (CFA) designation.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.09 23.43 6.03 3.25

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