PGIM Ultra Short Bond ETF
PULS
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- PGIM Ultra Short Bond ETF (PULS) is an actively managed exchange-traded fund that seeks total return through a combination of current income and capital appreciation, consistent with preservation of capital, by investing primarily in short-term, high-credit-quality, investment-grade debt securities denominated in U.S. dollars. The fund's portfolio includes corporate bonds, asset-backed securities, commercial mortgage-backed securities, U.S. government and agency securities, mortgage-backed securities, foreign securities, commercial paper, certificates of deposit, funding agreements, variable rate demand notes, bills, notes, and money market instruments, with final maturities generally of three years or less; it maintains a low duration of approximately 0.3 years and an average maturity of 1.4 years, featuring 100% investment-grade holdings across sectors such as corporate fixed income (32.4%), asset-backed securities (20.7%), and commercial MBS (9.7%). Launched on April 5, 2018, and listed on NYSE Arca, PULS is issued by PGIM ETF Trust, with PGIM Investments LLC as the adviser, PGIM Fixed Income as the sub-adviser, and PGIM Limited as an additional sub-adviser; PGIM Fixed Income, managing $862 billion in assets as of March 31, 2025, operates from headquarters in Newark, New Jersey, with additional offices in London, Tokyo, and Singapore, serving institutional and retail investors seeking ultra-short duration fixed income exposure as an alternative to cash equivalents. The fund, with net assets exceeding $13 billion as of December 2025, targets U.S. and select global markets through its diversified, research-driven portfolio managed by a team including Joseph D'Angelo (since inception), Jeffrey Venezia (since 2020), Robert Browne (since 2021), and Adam Kusen (since 2024). In June 2024, PGIM leveraged PULS's established success—then at approximately $7 billion in assets—to launch two new actively managed municipal bond ETFs, PGIM Ultra Short Municipal Bond ETF (PUSH) and PGIM Municipal Income Opportunities ETF (PMIO), expanding its ultra-short fixed income offerings amid strong demand for active ETF strategies.