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Name

As of 11/20/2024

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 Ultra Short Bond ETF

PULS | Active ETF

$49.70

$6.29 B

5.18%

$2.58

0.15%

Vitals

YTD Return

5.5%

1 yr return

6.4%

3 Yr Avg Return

4.4%

5 Yr Avg Return

3.1%

Net Assets

$6.29 B

Holdings in Top 10

14.2%

52 WEEK LOW AND HIGH

$49.7
$49.35
$49.80

Expenses

OPERATING FEES

Expense Ratio 0.15%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 10.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

N/A

IRA

N/A

Fund Classification

Fund Type

Exchange Traded Fund

Name

As of 11/20/2024

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 Ultra Short Bond ETF

PULS | Active ETF

$49.70

$6.29 B

5.18%

$2.58

0.15%

PULS - Profile

Distributions

  • YTD Total Return 5.5%
  • 3 Yr Annualized Total Return 4.4%
  • 5 Yr Annualized Total Return 3.1%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 1.27%
DIVIDENDS
  • Dividend Yield 5.2%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    PGIM Ultra Short Bond ETF
  • Fund Family Name
    Prudential
  • Inception Date
    Apr 05, 2018
  • Shares Outstanding
    56125000
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Joseph D'Angelo

Fund Description

The Fund seeks to achieve its investment objective by investing primarily in a portfolio of investment grade, U.S. dollar denominated short-term fixed, variable and floating rate debt instruments. Under normal market conditions, the Fund invests at least 80% of its investable assets in bonds with varying maturities. For purposes of this policy, bonds include fixed income instruments issued by the U.S. Government, its agencies and instrumentalities, as well as commercial paper, money market instruments, asset-backed securities, collateralized loan obligations, funding agreements, variable rate demand notes, bills, notes and other obligations issued by banks, corporations and other companies (including trust structures), obligations issued by non-U.S. banks, companies or non-U.S. Governments, and municipal bonds and notes. The term “investable assets” refers to the Fund's net assets plus any borrowings for investment purposes. The Fund's investable assets will be less than its total assets to the extent that it has borrowed money for non-investment purposes, such as to meet anticipated redemptions. The Fund is an actively managed exchange-traded fund (“ETF”) and therefore does not seek to replicate the performance of any specific index.Although the Fund may invest in instruments of any duration or maturity, the Fund normally will seek to maintain a weighted average portfolio duration of one year or less and a weighted average maturity of three years or less. The Fund’s weighted average portfolio duration and maturity, however, may be longer at any time or from time to time based on market conditions. Duration should not be confused with maturity. Duration is the magnitude of the change in the price of a bond relative to a given change in the market interest rate. Duration incorporates a bond’s yield, coupon interest payments, final maturity, call and put features and prepayment exposure into one measure. Duration provides an indication of the potential volatility of the price of a portfolio of bonds prior to maturity and a greater sensitivity to changes in interest rates typically corresponds to higher volatility and higher risk. For example, if a portfolio has a duration of three years and interest rates increase by 1%, then the portfolio would be expected to decline in value by approximately 3%.The Fund may only invest in fixed income investments that have a minimum short term rating (i.e., ratings assigned to securities generally having an original maturity not exceeding one year) of at least A2 by S&P Global Ratings (“S&P”) or P2 by Moody’s Investors Service, Inc. (“Moody’s”) or a minimum long-term rating (i.e., ratings assigned to securities generally having an original maturity exceeding one year) of BBB- by Moody’s or Baa3 by S&P, or the equivalent by another nationally recognized statistical rating organization (“NRSRO”). The Fund may also invest in unrated fixed income investments that the Fund’s subadviser determines to be of comparable quality to the rated fixed income investments. In the event that a security receives different ratings from different NRSROs, the Fund will treat the security as being rated in the highest rating category received from an NRSRO. A rating is an assessment of the likelihood of the timely payment of interest and repayment of principal and can be useful when comparing different debt obligations. These ratings are not a guarantee of quality. The opinions of the rating agencies do not reflect market risk and they may, at times, lag behind the current financial condition of a company.Some (but not all) of the U.S. Government securities and mortgage-related securities in which the Fund will invest are backed by the full faith and credit of the U.S. Government, which means that payment of interest and principal is guaranteed, but yield and market value are not. These include obligations of the Government National Mortgage Association (“GNMA” or “Ginnie Mae”) and the Farmers Home Administration and the Export-Import Bank. Securities issued by other government entities, like obligations of the Federal National Mortgage Association (“FNMA” or “Fannie Mae”), the Student Loan Marketing Association (“SLMA” or “Sallie Mae”), the Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”), the Federal Home Loan Bank, the Tennessee Valley Authority and the United States Postal Service are not backed by the full faith and credit of the U.S. Government. However, these issuers have the right to borrow from the U.S. Treasury to meet their obligations. In contrast, the debt securities of other issuers, like the Farm Credit System, depend entirely upon their own resources to repay their debt obligations.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 use derivatives to manage its duration, to hedge against losses, and to try to improve returns.
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PULS - Performance

Return Ranking - Trailing

Period PULS Return Category Return Low Category Return High Rank in Category (%)
YTD 5.5% -0.6% 7.6% 32.39%
1 Yr 6.4% 1.8% 9.2% 29.11%
3 Yr 4.4%* -1.3% 6.9% 8.29%
5 Yr 3.1%* -0.9% 4.7% 5.79%
10 Yr N/A* -4.2% 27.9% 24.39%

* Annualized

Return Ranking - Calendar

Period PULS Return Category Return Low Category Return High Rank in Category (%)
2023 0.6% -2.3% 4.3% 80.28%
2022 -0.8% -6.5% 0.5% 23.30%
2021 -0.7% -2.1% 0.3% 80.00%
2020 -0.4% -3.1% 1.8% 83.85%
2019 0.2% -1.2% 6.1% 73.63%

Total Return Ranking - Trailing

Period PULS Return Category Return Low Category Return High Rank in Category (%)
YTD 5.5% -0.6% 7.6% 32.39%
1 Yr 6.4% 1.8% 9.2% 29.11%
3 Yr 4.4%* -1.3% 6.9% 8.29%
5 Yr 3.1%* -0.9% 4.7% 5.79%
10 Yr N/A* -4.2% 27.9% N/A

* Annualized

Total Return Ranking - Calendar

Period PULS Return Category Return Low Category Return High Rank in Category (%)
2023 6.3% 0.8% 12.1% 28.17%
2022 1.5% -5.1% 2.5% 3.40%
2021 0.5% -2.1% 14.5% 18.00%
2020 1.5% -1.0% 3.6% 59.38%
2019 3.2% 0.3% 9.6% 39.56%

PULS - Holdings

Concentration Analysis

PULS Category Low Category High PULS % Rank
Net Assets 6.29 B 26.6 K 22.6 B 19.72%
Number of Holdings 483 2 1258 17.37%
Net Assets in Top 10 1.07 B 27.7 K 22.7 B 19.72%
Weighting of Top 10 14.24% 6.3% 159.6% 72.77%

Top 10 Holdings

  1. (PIPA070) PGIM Core Government Money Market Fund 7.42%
  2. PPG INDUSTRIES INC. 0.97%
  3. ALEXANDRIA REAL ESTATE EQ 0.94%
  4. Roche Holdings Inc 0.82%
  5. HPS Loan Management 13-2018 Ltd 0.70%
  6. Citibank NA 0.70%
  7. Volkswagen Group of America Finance LLC 0.68%
  8. Intuit Inc 0.68%
  9. PepsiCo Inc 0.67%
  10. Battalion Clo XV Ltd 0.67%

Asset Allocation

Weighting Return Low Return High PULS % Rank
Bonds 		89.17% 0.00% 129.63% 29.58%
Cash 		8.00% 0.00% 112.72% 33.80%
Convertible Bonds 		3.13% 0.00% 15.25% 48.11%
Other 		2.83% -13.48% 99.96% 62.44%
Stocks 		0.00% 0.00% 97.16% 23.94%
Preferred Stocks 		0.00% 0.00% 0.00% 7.98%

Bond Sector Breakdown

Weighting Return Low Return High PULS % Rank
Corporate 		27.44% 0.00% 99.91% 70.28%
Securitized 		26.48% 0.00% 100.00% 50.47%
Government 		21.09% 0.00% 100.00% 14.15%
Cash & Equivalents 		7.42% 0.00% 112.72% 32.39%
Derivative 		0.19% -13.48% 16.56% 5.16%
Municipal 		0.00% 0.00% 70.39% 47.64%

Bond Geographic Breakdown

Weighting Return Low Return High PULS % Rank
US 		89.17% 0.00% 129.63% 29.11%
Non US 		0.00% 0.00% 20.18% 20.66%

PULS - Expenses

Operational Fees

PULS Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.15% 0.08% 29.63% 94.29%
Management Fee 0.15% 0.00% 1.19% 8.45%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.40% N/A

Sales Fees

PULS Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 1.50% 5.75% N/A
Deferred Load N/A 0.25% 1.00% N/A

Trading Fees

PULS Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.00% 1.00% 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.

PULS Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 10.00% 0.00% 336.00% 2.79%

PULS - Distributions

Dividend Yield Analysis

PULS Category Low Category High PULS % Rank
Dividend Yield 5.18% 0.00% 8.76% 9.39%

Dividend Distribution Analysis

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

Net Income Ratio Analysis

PULS Category Low Category High PULS % Rank
Net Income Ratio 1.27% -1.30% 14.86% 5.85%

Capital Gain Distribution Analysis

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

Distributions History

View More +

PULS - Fund Manager Analysis

Managers

Joseph D'Angelo

Start Date

Tenure

Tenure Rank

Apr 05, 2018

4.16

4.2%

Joseph D'Angelo is a Managing Director and the Head of PGIM Fixed Income’s Money Markets Team, overseeing portfolio management of all taxable money markets portfolios. Mr. D’Angelo joined Prudential Financial in 1988, working first in the Management Accounting Group and then the Treasurer's Group. He moved to the Securities Lending Group in 1994 and assumed investment management responsibilities in 1998. Mr. D’Angelo received a BA in Economics from Swarthmore College and an MBA in Finance from New York University.

Jeffrey Venezia

Start Date

Tenure

Tenure Rank

Aug 27, 2020

1.76

1.8%

Jeffrey M. Venezia, MBA, is a Senior Associate and portfolio manager on the Money Markets Team for PGIM Fixed Income, where he actively manages client portfolios trading cash and other short term fixed income products such as Commercial Paper, Certificates of Deposits, Governments, Agencies and short Investment Grade Corporates. Previously, Mr. Venezia was an Associate for PGIM Fixed Income's Portfolio Analysis Group, responsible for managing analysts supporting the U.S. Rates and Multi-Sector portfolios. He was responsible for performing daily risk and portfolio management analysis, along with performance attribution for the team, with a focus on multi-sector strategies. Mr. Venezia also supported Prudential Financials General Account portfolios. He joined the Firm in 2000. Mr. Venezia received a BA in Clinical Psychology from the University of Connecticut and a Masters in Business Administration (MBA) with a concentration in Finance from Montclair State University.

Robert Browne

Start Date

Tenure

Tenure Rank

Sep 30, 2021

0.67

0.7%

Robert T. Browne is a Vice President and a money markets portfolio manager for PGIM Fixed Income's Money Markets Team, responsible for taxable money markets portfolios. Prior to assuming his current position in 1995, Mr. Browne spent two years analyzing and trading currency and global bonds as well as handling operations, marketing, compliance and business planning functions. Mr. Browne joined the Prudential Investment Management, Inc., in 1989. He received a BA in Economics with an emphasis in Accounting from Ursinus College.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 32.44 6.52 7.92

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