ETF Evaluator:
PGIM Ultra Short Bond ETF (PULS)
Follow This ETF
(as of Sep 02)
Best Performing in Ultrashort Bond Over the Last Year
| 6.2% | iShares Interest Rate Hdg L/T Corp BdETF (IGBH) |
| 5.8% | Simplify Treasury Option Income ETF (BUCK) |
| 5.7% | iShares Interest Rate Hedged Corp Bd ETF (LQDH) |
| 5.3% | iShares Interest Rt Hdg U.S. Aggt Bd ETF (AGRH) |
| 5.3% | NEOS Enhanced Inc 1-3 Month T-Bill ETF (CSHI) |
Risk
Index
Risk
Index
ETF Details
PGIM Ultra Short Bond ETF Overview
PGIM Ultra Short Bond ETF (PULS) is an actively managed Taxable Bond Ultrashort Bond exchange-traded fund (ETF). PGIM launched the ETF in 2018.
The investment seeks total return through a combination of current income and capital appreciation, consistent with preservation of capital.
The fund invests primarily in a portfolio of investment grade, U.S. dollar denominated short-term fixed, variable and floating rate debt instruments. Under normal market conditions, it invests at least 80% of its investable assets in bonds with varying maturities. Although the fund may invest in instruments of any duration or maturity, it 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.
About PGIM Ultra Short Bond ETF (PULS)
There are 4 members of the management team with an average tenure of 5.19 years: Joseph D'Angelo (2018), Jeffrey Venezia (2020), Adam Kusen (2024) and Robert Browne (2021). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and ICE BofA US 3M Trsy Bill TR USD index with a weighting of 100%. PGIM Ultra Short Bond ETF has 945 securities in its portfolio. The top 10 holdings constitute 5.6% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
PGIM Ultra Short Bond ETF is part of the Fixed Income global asset class and is within the Taxable Bond ETF group. PGIM Ultra Short Bond ETF has 17.6% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 69.4% (51.8% domestic bond, 17.6% foreign bond and 0.0% convertible bond). PGIM Ultra Short Bond ETF has 30.6% of the portfolio in cash.
Assets Under Management
The fund has $18 billion in total assets, which is above the $5 billion average for the Ultrashort Bond category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
PULS Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The PGIM Ultra Short Bond ETF expense ratio is low compared to funds in the Ultrashort Bond category. PGIM Ultra Short Bond ETF has an expense ratio of 0.15%, which is 32% lower than its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. PGIM Ultra Short Bond ETF has a portfolio turnover rate of 39%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 57% for the Ultrashort Bond category.
Recently, in the month of July 2026, PGIM Ultra Short Bond ETF returned 0.4%, which earned it a grade of A, as the Ultrashort Bond category had an average return of 0.3%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
PGIM Ultra Short Bond ETF has a trailing yield of 4.87%, which is above the 4.07% category average.
The fund normally distributes its income monthly.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
PGIM Ultra Short Bond ETF Grades
Year to date, the ETF has returned 2.4%, 0.2 percentage points better than the category, which translates into a grade of A. The fund has returned 4.5% over the past year (grade of B), 5.4% over the past three years (grade of B) and 4.2% per year over the past five years (grade of B).
For more ETF grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.
Otherwise, for more information about PGIM Ultra Short Bond ETF, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
PULS Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| PULS Return (NAV) | 0.4% | 1.0% | 4.5% | 5.4% | 4.2% | na |
| PULS Return (Price) | 0.3% | 1.0% | 4.5% | 5.4% | 4.2% | na |
| NAV +/- Price Return | 0.035% | 0.028% | -0.022% | 0.006% | 0.001% | na |
| Ultrashort Bond Avg | 0.3% | 0.9% | 4.2% | 5.2% | 3.9% | 3.0% |
| PULS Grade (NAV) | A | B | B | B | B | na |
| +/- Category (NAV) | 0.1% | 0.1% | 0.2% | 0.2% | 0.4% | na |
| PULS Tax-Cost Ratio | na | na | 2.0% | 2.1% | 1.7% | na |
PULS Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PULS Return (NAV) | 2.4% | 5.0% | 6.1% | 6.3% | 1.5% | 0.4% | 1.5% | 3.2% | na | na | na |
| PULS Return (Price) | 2.4% | 5.0% | 6.1% | 6.3% | 1.5% | 0.5% | 1.5% | 3.2% | na | na | na |
| NAV +/- Price Ret | -0.002% | -0.002% | 0.003% | -0.006% | 0.009% | 0.078% | -0.044% | 0.1% | na | na | na |
| Ultrashort Bond Avg | 2.2% | 4.8% | 5.8% | 6.1% | 0.4% | 0.3% | 1.4% | 3.6% | 1.4% | 2.3% | 1.9% |
| PULS Grade (NAV) | A | B | B | B | A | A | C | C | na | na | na |
| +/- Category | 0.2% | 0.1% | 0.3% | 0.2% | 1.1% | 0.1% | 0.1% | -0.4% | na | na | na |
| Risk Measures | |
| Beta: | 0.03 |
| R-Squared: | 27% |
| Standard Deviation: | 0.4% |
| Category Risk Index: | 0.64 |
| Category Risk Rating: | Average |
| Total Risk Index: | 0.03 |
| Total Risk Rating: | Low |
| Portfolio Characteristics | |
| Yield: | 4.9% |
| Total Assets: | $ 18,267 Mil |
| Share Class Assets: | $ 18,267 Mil |
| Turnover: | 39.0% |
| Expense Ratio: | 0.15% |
| Index Fund: | No |
| Index Tracked: | Bloomberg US Agg Bond TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 8.3 years | |||
| Average Tenure: 5.2 years | |||
| Managers (Year): D'Angelo Joseph (2018), Venezia Jeffrey (2020), Browne Robert (2021), Kusen Adam (2024) | |||
Portfolio Composition (as of 7/30/26)
| # of Holdings: | 945 |
| % in Top 10 Holdings: | 5.6% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 17.6% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 51.8% |
| Foreign Bond: | 17.6% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 30.6% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | PGIM |
| Phone Number: | 888-247-8090 |
| Website: | www.pgim.com/investments |
| Inception Date: | April 5, 2018 |
Expenses and Fees
| Expense Ratio (%): | 0.15% (Rating: Low) |
| Category Average Expense Ratio (%): | 0.22% |
