PGIM Ultra Short Bond ETF
Actively managed U.S. bond ETF
As of its 2026 Q2 report, PGIM Ultra Short Bond ETF held 682 positions with $16.28B in net assets. Its ten largest holdings made up 7.3% of the fund. The PULS share class costs 0.15% a year. Over the 12 months to May 2026, PULS returned 4.7%, with dividends reinvested. In 2026 Q2 it added 236 new positions and exited 155.
The investment objective of the Fund is to seek total return through a combination of current income and capital appreciation, consistent with preservation of capital.
The fund is actively managed by a subadviser using top-down economic analysis and bottom-up research to select investment-grade U.S. dollar-denominated short-term debt instruments, including government securities, corporate bonds, commercial paper, asset-backed securities, and municipal bonds. The subadviser develops internal ratings of issuers and applies proprietary quantitative models to construct a portfolio normally maintained at a weighted average duration of one year or less and maturity of three years or less, though these may extend based on market conditions. Because the fund's returns depend on the subadviser's security selection and credit assessments, including judgments on unrated securities, performance will diverge from any benchmark. The fund may use derivatives to manage duration and hedge losses.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
PGIM ETF Trust | 1.81% | $295.03M | 5.8M | $51.31 |
Phillips 66 | 0.83% | $134.64M | — | — |
GLENCORE FUNDING LLC 0.00% · due 2026-06-17 | 0.74% | $120.75M | — | — |
Alexandria Real Estate Equities, Inc. 0.00% · due 2026-06-01 | 0.66% | $107.39M | — | — |
INTESA SANPAOLO SPA NEW YORK BRANCH | 0.63% | $102.53M | — | — |
ABN AMRO BANK NV 4.72% · due 2027-01-22 | 0.57% | $93.26M | — | — |
Healthpeak Properties Inc | 0.52% | $84.75M | — | — |
BX TRUST 2022-LBA6 4.63% floating · due 2039-01-18 | 0.51% | $83.49M | — | — |
FEDERATION DES CAISSES DESJARDINS DU QUEBEC 4.26% floating · due 2027-01-27 | 0.51% | $83.17M | — | — |
Servicenow Inc | 0.50% | $80.85M | — | — |
Reported price is the fund's own reported value divided by its own reported shares at 2026-05-29 — not a live quote, and not what the fund paid.
The 200 largest of 682 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Bonds | 64.39% |
| Securitized | 33.61% |
| Cash & short-term | 1.47% |
| Derivatives | -0.13% |
Look-through blends 1 underlying fund; 0.0% of NAV was not looked through and stays direct-classified. The blend is as of 2025Q4, one or more quarters before the direct holdings (2026Q2).
The outer band is exposure held short — written against the portfolio rather than part of it, which is why it sits outside the ring and why the two are never netted into one figure.
By sector
- Securitized
- 33.1%
- Cash
- 24.2%
- Other
- 14.0%
- Financials
- 8.1%
- 12 other sectors
- 20.7%
- Securitized
- 33.1%
- Cash
- 24.2%
- Other
- 14.0%
- Financials
- 8.1%
- International
- 6.4%
- Information Technology
- 2.4%
- Health Care
- 2.0%
- Utilities
- 1.9%
- Consumer Staples
- 1.6%
- Consumer Discretionary
- 1.3%
- Industrials
- 1.3%
- Real Estate
- 1.3%
- Communication Services
- 1.2%
- Energy
- 0.7%
- Materials
- 0.3%
- Government
- 0.2%
How it has done
PULS share class · total returns with dividends reinvested
Volatility over the last 12 months: 0.30%. Past returns are a record, not a forecast.
Fees & fund details
PGIM Ultra Short Bond ETF is an actively managed U.S. bond ETF.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- ETF
- Credit quality
- Investment grade
- Rate sensitivity
- Short duration
- Expense ratio, by class
- 0.15%· PULS 0.15%
- Portfolio turnover
- 39.00% a year · as of 2025 Q4
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
236 new· the largest 8
155 exited· the largest 8
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-05-29
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 55.0% |
| Floating rate | 41.7% |
| Zero-coupon or unclassified | 3.3% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 21.2% |
| 1-3y | 36.2% |
| 3-5y | 1.4% |
| 5-10y | 19.3% |
| 10y+ | 22.0% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Credit spreads | 67% |
| Interest rates | 33% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +1.42 yr |
| High yield | +0.01 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.07 yr | 11% |
| 1 yr | 0.41 yr | 59% |
| 5 yr | 0.17 yr | 24% |
| 10 yr | 0.04 yr | 6% |
| 30 yr | 0.01 yr | 1% |
| 3 mo | 0.07 yr | 5% |
| 1 yr | 0.72 yr | 51% |
| 5 yr | 0.59 yr | 42% |
| 10 yr | 0.04 yr | 3% |
| 30 yr | 0.00 yr | 0% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.07 | +0.07 | +0.00 | $107.9k | $0 |
| 1 yr | +0.41 | +0.72 | +0.00 | $1.17m | $3.3k |
| 5 yr | +0.17 | +0.59 | +0.01 | $957.2k | $8.2k |
| 10 yr | +0.04 | +0.04 | +0.00 | $66.9k | $0 |
| 30 yr | +0.01 | +0.00 | +0.00 | $2.4k | $0 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
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