Average Daily Volume
2.9M
Fund Overview
The PGIM Ultra Short Bond ETF (PULS) is an actively managed exchange-traded fund that seeks to provide current income while maintaining liquidity and capital preservation. The fund invests primarily in a diversified portfolio of ultra-short duration fixed income securities, including corporate bonds, U.S. government and agency securities, and asset-backed securities. PULS aims to offer investors a higher yield potential than traditional money market funds while maintaining a low duration profile, typically less than one year. The fund's active management approach allows it to adapt to changing market conditions, potentially enhancing returns and managing risk more effectively than passive strategies.
- Asset Class
-
Bond
- Industry
-
Corporate Bonds
- Annual Dividend Rate
-
- Smart Beta
-
No
- Leveraged / Inverse
-
N/A / No
- Dividend Quality - Yield
-
- 4.59 %
- Currency Hedged
-
No
- Portfolio Turnover
-
40 %
- Dividend Date
-
Why Invest in the PULS ETF?
Potential Benefits
- Higher yield potential compared to traditional money market funds while maintaining low interest rate risk.
- Actively managed portfolio allows for flexibility in navigating changing market conditions.
- Diversified exposure to ultra-short duration fixed income securities across multiple sectors.
- Liquidity profile suitable for investors seeking capital preservation with modest income generation.
- Lower volatility than longer-duration bond funds, making it potentially more stable in rising rate environments.
Potential Risks
- Credit risk associated with corporate bonds and other non-government securities in the portfolio.
- Active management risk - poor security selection could lead to underperformance.
- Interest rate sensitivity - while minimal, ultra-short bonds still have some price volatility when rates rise.
- Liquidity risk during periods of market stress, particularly for less liquid asset-backed securities.
- Yield potential is limited compared to longer-duration bond funds.
RSI data unavailable or insufficient history.
Monthly Returns (%)
| Year |
Jan |
Feb |
Mar |
Apr |
May |
Jun |
Jul |
Aug |
Sep |
Oct |
Nov |
Dec |
| 2026 |
+0.4%
|
+0.4%
|
+0.1%
|
+0.5%
|
+0.4%
|
+0.3%
|
+0.3%
|
+0.4%
|
+0.2%
|
0.0%
|
-
|
-
|
| 2025 |
+0.4%
|
+0.4%
|
+0.3%
|
+0.2%
|
+0.6%
|
+0.5%
|
+0.4%
|
+0.5%
|
+0.4%
|
+0.4%
|
+0.4%
|
+0.4%
|
| 2024 |
+0.6%
|
+0.4%
|
+0.5%
|
+0.5%
|
+0.6%
|
+0.4%
|
+0.5%
|
+0.6%
|
+0.5%
|
+0.4%
|
+0.5%
|
+0.4%
|
| 2023 |
+0.6%
|
+0.6%
|
0.0%
|
+0.6%
|
+0.4%
|
+0.5%
|
+0.6%
|
+0.5%
|
+0.4%
|
+0.4%
|
+0.7%
|
+0.7%
|
| 2022 |
-0.1%
|
-0.2%
|
-0.1%
|
0.0%
|
0.0%
|
0.0%
|
+0.1%
|
+0.4%
|
+0.1%
|
+0.1%
|
+0.6%
|
+0.5%
|
| 2021 |
+0.1%
|
0.0%
|
+0.1%
|
+0.1%
|
+0.1%
|
0.0%
|
+0.1%
|
0.0%
|
0.0%
|
0.0%
|
0.0%
|
0.0%
|
| 2020 |
+0.2%
|
+0.2%
|
-2.8%
|
+1.5%
|
+0.9%
|
+0.5%
|
+0.3%
|
+0.2%
|
+0.1%
|
+0.1%
|
+0.2%
|
+0.1%
|
| 2019 |
+0.4%
|
+0.3%
|
+0.3%
|
+0.3%
|
+0.3%
|
+0.2%
|
+0.3%
|
+0.2%
|
+0.3%
|
+0.2%
|
+0.2%
|
+0.3%
|
| 2018 |
-
|
-
|
-
|
-
|
+0.2%
|
+0.2%
|
+0.3%
|
+0.3%
|
+0.2%
|
+0.2%
|
+0.2%
|
+0.1%
|
< -5%
-5% to -2%
-2% to 0%
0%
0% to +2%
+2% to +5%
> +5%
Top Holdings (by weight)
| Symbol |
Company Name |
Weight |
No holdings data available.
Related ETFs: PULS vs Peers
Comparison highlights key differences on cost, coverage, and focus within sector ETFs.
Investment Strategy
PULS employs an active investment strategy focused on ultra-short duration fixed income securities. The portfolio managers construct a diversified portfolio targeting securities with maturities generally less than one year, including investment-grade corporate bonds, U.S. Treasury and agency securities, and select asset-backed securities. The fund does not track a benchmark but rather seeks to optimize risk-adjusted returns through active sector rotation and security selection. Portfolio duration is actively managed but typically maintained below one year. The fund may use derivatives for hedging or efficient portfolio management. PGIM's credit research team conducts rigorous fundamental analysis on potential holdings.
Frequently Asked Questions
What is the average duration of PULS?
PULS typically maintains an average portfolio duration of less than one year, giving it minimal sensitivity to interest rate movements compared to longer-duration bond funds.
How often does PULS pay dividends?
PULS pays monthly dividends, reflecting the income generated from its portfolio of ultra-short bonds and other fixed income securities.
Is PULS a good alternative to money market funds?
PULS may offer higher yield potential than money market funds while maintaining relatively low risk, though it does carry slightly more credit and interest rate risk than pure money market instruments.
What percentage of PULS is invested in corporate bonds?
As of recent holdings, corporate bonds typically make up 40-60% of PULS's portfolio, with the remainder in government securities, asset-backed securities, and other short-term instruments.
How does PULS manage credit risk?
PULS's managers employ rigorous credit analysis and typically invest in investment-grade securities, while maintaining diversification across sectors and issuers to mitigate credit risk.
Industry Overview
The ultra-short bond ETF category has grown significantly as investors seek yield alternatives to money market funds while maintaining capital preservation. PULS operates in this space, competing with both passive and active ultra-short duration strategies. These funds typically invest in securities with maturities under one year, offering minimal interest rate risk while providing slightly higher yields than cash equivalents. The category has become particularly relevant in rising rate environments, where investors want to minimize duration risk while still earning income. PULS distinguishes itself through active management by PGIM Fixed Income, allowing for dynamic sector allocation and credit selection.
Alternative Comparison
Compared to passive ultra-short ETFs like BIL (1-3 Month T-Bill ETF) or SHV (Short Treasury Bond ETF), PULS offers the potential for higher yields through its active credit selection and broader mandate. Among active peers like ICSH (BlackRock Ultra Short-Term Bond ETF) or JPST (JPMorgan Ultra-Short Income ETF), PULS distinguishes itself with PGIM's research capabilities and slightly more flexible mandate. While expense ratios are competitive across the category (PULS at 0.15%), the active management approach may justify the slightly higher cost versus passive options for investors seeking enhanced yield potential.
Issuer Overview
PULS is managed by PGIM, the global investment management business of Prudential Financial. PGIM Fixed Income is one of the largest fixed income managers globally, with over $900 billion in assets under management as of 2025. The firm brings extensive credit research capabilities and market expertise to the management of PULS. PGIM's active management approach combines top-down macroeconomic views with bottom-up security selection, aiming to add value across market cycles.
Conclusion
PULS offers investors an actively managed solution for the ultra-short bond space, combining PGIM's credit expertise with a disciplined approach to duration management. The fund may appeal to investors seeking modest yield enhancement over money market funds while maintaining strong capital preservation characteristics. While not without risks, particularly around credit selection, PULS provides a compelling option for the short-term fixed income portion of a diversified portfolio.
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