ETF Evaluator:
PGIM Active Aggregate Bond ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Intermediate Core Bond Over the Last Year
| 7.3% | Aptus Enhanced Yield ETF (JUCY) |
| 6.6% | SGI Enhanced Core ETF (USDX) |
| 5.9% | Hartford Schroders Tax-Aware Bond ETF (HTAB) |
| 5.1% | Overlay Shares Core Bond ETF (OVB) |
| 4.8% | NEOS Enhanced Income Aggregate Bond ETF (BNDI) |
Risk
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Risk
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ETF Details
PGIM Active Aggregate Bond ETF Overview
PGIM Active Aggregate Bond ETF (PAB) is an actively managed Taxable Bond Intermediate Core Bond exchange-traded fund (ETF). PGIM launched the ETF in 2021.
The investment seeks total return, through a combination of current income and capital appreciation.
The fund invests, under normal circumstances, at least 80% of the fund's investable assets in bonds. It invests only in securities that are denominated in U.S. dollars. The fund may invest up to 25% of its investable assets in U.S. dollar-denominated fixed income securities issued by foreign issuers, including emerging markets. It invests in securities that are rated investment grade at the time of purchase.
About PGIM Active Aggregate Bond ETF (PAB)
There are 4 members of the management team with an average tenure of 3.77 years: Stewart Wong (2021), Tom McCartan (2023), Koushiki Bose (2024) and Richard Piccirillo (2021). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: Bloomberg US Agg Bond TR USD index with a weighting of 100%. PGIM Active Aggregate Bond ETF has 441 securities in its portfolio. The top 10 holdings constitute 18.9% 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 Active Aggregate Bond ETF is part of the Fixed Income global asset class and is within the Taxable Bond ETF group. PGIM Active Aggregate Bond ETF has 8.2% 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 96.5% (88.3% domestic bond, 8.2% foreign bond and 0.0% convertible bond). PGIM Active Aggregate Bond ETF has 3.5% of the portfolio in cash.
Assets Under Management
The fund has $70 million in total assets, which is below the $6 billion average for the Intermediate Core 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.
PAB 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 Active Aggregate Bond ETF expense ratio is low compared to funds in the Intermediate Core Bond category. PGIM Active Aggregate Bond ETF has an expense ratio of 0.19%, which is 41% 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 Active Aggregate Bond ETF has a portfolio turnover rate of 134%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 95% for the Intermediate Core Bond category.
Recently, in the month of July 2026, PGIM Active Aggregate Bond ETF returned -1.3%, which earned it a grade of C, as the Intermediate Core Bond category had an average return of -1.2%. 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 Active Aggregate Bond ETF has a trailing yield of 5.04%, which is above the 4.44% 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 Active Aggregate Bond ETF Grades
Year to date, the ETF has returned -0.5%, 0.2 percentage points worse than the category, which translates into a grade of C. The fund has returned 3.0% over the past year (grade of B), 4.2% over the past three years (grade of B) and -0.3% per year over the past five years (grade of B).
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PAB 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 |
|
| PAB Return (NAV) | -1.3% | -0.7% | 3.0% | 4.2% | -0.3% | na |
| PAB Return (Price) | -1.2% | -0.6% | 3.0% | 4.2% | -0.3% | na |
| NAV +/- Price Return | -0.081% | -0.129% | -0.055% | -0.040% | -0.023% | na |
| Intermediate Core Bond Avg | -1.2% | -0.7% | 3.0% | 4.0% | -0.3% | 1.5% |
| PAB Grade (NAV) | C | B | B | B | B | na |
| +/- Category (NAV) | -0.1% | -0.0% | -0.0% | 0.2% | -0.0% | na |
| PAB Tax-Cost Ratio | na | na | 2.0% | 1.8% | 1.6% | na |
PAB Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PAB Return (NAV) | -0.5% | 7.5% | 1.9% | 6.2% | -14.1% | na | na | na | na | na | na |
| PAB Return (Price) | -0.4% | 7.6% | 1.9% | 6.4% | -14.2% | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.188% | 0.004% | -0.024% | 0.022% | 0.011% | na | na | na | na | na | na |
| Intermediate Core Bond Avg | -0.4% | 7.1% | 1.9% | 6.0% | -13.2% | -1.5% | 7.6% | 9.1% | -0.5% | 3.7% | 3.0% |
| PAB Grade (NAV) | C | B | B | B | D | na | na | na | na | na | na |
| +/- Category | -0.2% | 0.4% | 0.1% | 0.2% | -0.9% | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | 1.02 |
| R-Squared: | 100% |
| Standard Deviation: | 5.8% |
| Category Risk Index: | 1.04 |
| Category Risk Rating: | High |
| Total Risk Index: | 0.47 |
| Total Risk Rating: | Low |
| Portfolio Characteristics | |
| Yield: | 5.0% |
| Total Assets: | $ 70 Mil |
| Share Class Assets: | $ 70 Mil |
| Turnover: | 134.0% |
| Expense Ratio: | 0.19% |
| 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: 5.3 years | |||
| Average Tenure: 3.8 years | |||
| Managers (Year): Wong Stewart (2021), Piccirillo Richard (2021), McCartan Tom (2023), Bose Koushiki (2024) | |||
Portfolio Composition (as of 7/30/26)
| # of Holdings: | 441 |
| % in Top 10 Holdings: | 18.9% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 8.2% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 88.3% |
| Foreign Bond: | 8.2% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 3.5% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | PGIM |
| Phone Number: | 888-247-8090 |
| Website: | www.pgim.com/investments |
| Inception Date: | April 12, 2021 |
Expenses and Fees
| Expense Ratio (%): | 0.19% (Rating: Low) |
| Category Average Expense Ratio (%): | 0.32% |
