Fund Description: PGIM Ultra Short Bond ETF is an actively managed exchange-traded fund or Actively Managed ETF which is a separate investment portfolio of the PGIM ETF Trust, an open-end investment management company. INVESTMENT OBJECTIVE: The PGIM Ultra Short Bond ETF seeks total return through a combination of current income and capital appreciation, consistent with preservation of capital. The Fund is an actively managed ETF and thus does not seek to replicate the performance of a specific index. Rather, the Sub-Adviser has discretion on a daily basis to actively manage the Fund’s portfolio in accordance with the Fund’s investment objective. FUND STRATEGY: 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. Bonds include fixed income instruments issued by the US Government, its agencies and instrumentalities, as well as commercial paper, money market instruments, asset-backed securities, 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-US governments, and municipal bonds and notes. 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. 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 is 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. FUND MANAGEMENT: PGIM Investments LLC serves as the Investment Manager for the Fund. PGIM Fixed Income is the subadviser.