PGIM
FLOATING RATE INCOME ETF | ||||||||
Ticker
Symbol: PFRL |
Listing
Exchange: NYSE Arca, Inc. |
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The
Securities and Exchange Commission
(“SEC”)
has not approved or disapproved the
Fund's
shares, nor has the SEC determined
that
this prospectus is complete or accurate.
It is
a criminal offense to state otherwise. Exchange-traded
funds are distributed by
Prudential
Investment Management Services
LLC
(“PIMS”), member SIPC. PGIM Fixed
Income
is a unit of PGIM, Inc. (“PGIM”), a
registered
investment adviser. PIMS and
PGIM
are Prudential Financial companies.
©
2022 Prudential Financial, Inc. and its
related
entities. The Prudential logo and the
Rock
symbol are service marks of Prudential
Financial,
Inc. and its related entities,
registered
in many jurisdictions worldwide. |
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|
Management
fee |
|
Distribution
and service (12b-1) fees |
|
Other
expenses |
|
Total
annual Fund operating expenses |
|
Number
of Years You Own Shares |
1
Year |
3
Years |
5
Years |
10
Years |
|
$ |
$ |
$ |
$ |
Investment
Manager |
Subadviser |
Portfolio
Managers |
Title |
Service
Date |
PGIM
Investments LLC |
PGIM Fixed
Income
PGIM
Limited |
Brian
Juliano |
Managing
Director
and Head of
the U.S.
Leveraged
Loan Team |
May
2022 |
|
|
Robert
Cignarella, CFA |
Managing
Director
and Head of
U.S. High
Yield |
May
2022 |
|
|
Parag
Pandya, CFA |
Principal
and Portfolio
Manager |
May
2022 |
|
|
Ian F.
Johnston |
Principal
and Portfolio
Manager |
May
2022 |
|
|
Robert W.
Meyer, CFA |
Principal |
May
2022 |
Principal
Strategies: Investment Limits |
◾Floating
rate loans and other floating rate debt securities: at least 80% of
investable assets under normal market conditions ◾Senior
loans rated below investment grade: the Fund may invest primarily in such
loans |
Certain
Non-Principal Strategies: Investment Limits |
◾Senior
loans not secured by specific collateral: Up to 20% of total
assets ◾Foreign
securities, including senior loans to foreign-domiciled borrowers and
securities of issuers located in emerging
market
countries, which may be denominated in U.S. dollars or non-U.S.
currencies: Up to 25% of total assets ◾Derivatives:
Up to 25% of total assets (subject to the Fund’s operation under the
requirements of Rule 18f-4 under the
Investment
Company Act of 1940) ◾Illiquid
investments: Up to 15% of net assets ◾Money
market instruments: Up to 100% of total assets on a temporary
basis ◾Other
types of debt securities, equity and equity related securities
(principally preferred stocks and convertible securities),
and money
market instruments: Up to 20% of investable
assets |
|
Composite |
Bank
Loan Fund |
Credit
Suisse
Leveraged
Loan
Index* |
Morningstar
Bank
Loan
Fund
Category
Average | ||
Annualized
Returns as of June 30,
2022 |
Gross |
Net |
Gross |
Net | ||
1
Year |
-4.64% |
-6.25% |
-3.99% |
-4.56% |
-2.68% |
-2.68% |
3
Year |
2.38% |
0.65% |
2.28% |
1.68% |
2.03% |
2.03% |
5
Year |
3.27% |
1.52% |
3.14% |
2.54% |
2.97% |
2.97% |
10
Year |
4.27% |
2.51% |
4.20% |
3.59% |
3.90% |
3.90% |
Since
Inception (5/1/2007) |
4.44% |
2.68% |
4.67% |
4.05% |
4.12% |
4.11% |
|
Composite |
Bank
Loan Fund |
Credit
Suisse
Leveraged
Loan
Index* |
Morningstar
Bank
Loan
Fund
Category
Average | ||
Calendar
Year Returns |
Gross |
Net |
Gross |
Net | ||
2022
(1/1/2022 – 6/30/2022) |
-6.44% |
-7.23% |
-6.12% |
-6.39% |
-4.45% |
-4.45% |
2021 |
6.64% |
4.85% |
7.12% |
6.49% |
5.40% |
5.40% |
2020 |
4.76% |
2.99% |
3.79% |
3.18% |
2.78% |
1.16% |
2019 |
8.57% |
6.74% |
8.15% |
7.51% |
8.17% |
7.45% |
2018 |
0.75% |
-0.94% |
0.83% |
0.23% |
1.14% |
-0.26% |
2017 |
5.34% |
3.56% |
5.35% |
4.73% |
4.25% |
3.48% |
2016 |
9.96% |
8.11% |
10.75% |
10.10% |
9.88% |
9.25% |
2015 |
1.29% |
-0.42% |
0.98% |
0.38% |
-0.38% |
-1.25% |
2014 |
2.01% |
0.29% |
1.81% |
1.21% |
2.06% |
0.60% |
2013 |
6.00% |
4.21% |
5.82% |
5.20% |
6.15% |
5.48% |
2012 |
9.58% |
7.73% |
9.25% |
8.61% |
9.43% |
9.12% |
2011 |
3.73% |
1.98% |
3.59% |
2.98% |
1.82% |
1.74% |
2010 |
9.76% |
7.91% |
9.76% |
9.11% |
9.71% |
9.44% |
2009 |
38.72% |
36.38% |
38.78% |
37.96% |
53.84% |
41.81% |
2008 |
-22.99% |
-24.29% |
-19.92% |
-20.39% |
-29.48% |
-29.72% |
2007(5/1/2007
- 12/31/2007) |
0.00% |
-1.13% |
0.14% |
-0.25% |
-0.62% |
-1.50% |
Expected
Distribution Schedule* |
|
Net
Investment Income |
Monthly |
Short-Term
Capital Gains |
Annually |
Long-Term
Capital Gains |
Annually |
| |
|
May 17,
2022(a)
through
August 31, 2022 |
| |
Per
Share Operating Performance(b): | |
Net
Asset Value, beginning of period |
$50.00 |
Income
(loss) from investment operations: | |
Net
investment income (loss) |
0.62 |
Net
realized and unrealized gain (loss) on investment and foreign currency
transactions |
(0.18) |
Total from
investment operations |
0.44 |
Less
Dividends and Distributions: | |
Dividends
from net investment income |
(0.33) |
Net asset
value, end of period |
$50.11 |
Total
Return(c): |
0.89% |
| |
Ratios/Supplemental
Data: | |
Net
assets, end of period (000) |
$33,828 |
Average
net assets (000) |
$26,460 |
Ratios to
average net assets(d): |
|
Expenses
after waivers and/or expense reimbursement |
0.72%(e) |
Expenses
before waivers and/or expense reimbursement |
0.72%(e) |
Net
investment income (loss) |
4.32%(e) |
Portfolio
turnover rate(f) |
9% |
(a) |
Commencement
of operations. |
(b) |
Calculated
based on average shares outstanding during the
period. |
(c) |
Total
return is calculated assuming a purchase of a share on the first day and a
sale on the last day of each period reported and includes reinvestment of
dividends and
distributions,
if any. Total returns may reflect adjustments to conform to GAAP. Total
returns for periods less than one full year are not
annualized. |
(d) |
Does not
include expenses of the underlying funds in which the Fund
invests. |
(e) |
Annualized. |
(f) |
The Fund's
portfolio turnover rate is calculated in accordance with regulatory
requirements, without regard to transactions involving short-term
investments, certain derivatives
and
in-kind transactions (if any). If such transactions were included, the
Fund's portfolio turnover rate may be
higher. |
FOR
MORE INFORMATION
Please
read this Prospectus before you invest in the Fund and keep it for future
reference. Information on the Fund's
net
asset value, market price, premiums and discounts, and bid-ask spreads can
be found at pgim.com/investments.
For
information or shareholder questions contact: | |
◾MAIL
PGIM
Investments LLC
655
Broad Street, 17th Floor
Newark
NJ 07102 ◾WEBSITE
pgim.com/investments |
◾TELEPHONE
(888)
247-8090
(973)
802-2093
(from
outside the U.S.) |
◾E-DELIVERY
You
may request e-delivery of Fund documents by contacting your financial
intermediary directly or by going to
www.icsdelivery.com.
Instead of receiving printed documents by mail, you will receive
notification via email when
new
materials are available. You can cancel your enrollment or change your
email address at any time by visiting
the
website address above. |
The
Annual and Semi-Annual Reports and the SAI contain additional information
about the Fund. Shareholders may
obtain
free copies of the SAI, Annual Report and Semi-Annual Report as well as
other information about the Fund
and
may make other shareholder inquiries through the telephone number, address
and website listed above. | |
◾STATEMENT
OF ADDITIONAL INFORMATION (SAI)
(incorporated
by reference into this Prospectus) ◾SEMI-ANNUAL
REPORT |
◾ANNUAL
REPORT
(contains
a discussion of the market conditions and
investment
strategies that significantly affected the
Fund's
performance during the last fiscal
year) |
You
can also obtain copies of Fund documents, including the SAI, from the
Securities and Exchange Commission as
follows
(the SEC charges a fee to copy documents): | |
◾ELECTRONIC
REQUEST
publicinfo@sec.gov |
◾VIA
THE INTERNET
on
the EDGAR Database at
www.sec.gov |
PGIM
Floating Rate Income ETF | |
Ticker
Symbol |
PFRL |
Listing
Exchange |
NYSE
Arca, Inc. |