As we first reported in our latest Bond Fund Intelligence newsletter, a press release called "PGIM Investments enters the active ETF market with fixed income strategy" announces, "PGIM Investments has entered the exchange-traded fund space with the launch of the PGIM Ultra Short Bond ETF (NYSE ARCA:PULS). The fund is a diversified, fixed income, actively managed ETF that aims to deliver current income and capital appreciation with a focus on managing risk. PGIM Investments is the worldwide distributor of retail products for PGIM, Inc., the $1 trillion global investment management businesses of Prudential Financial, Inc. (NYSE:PRU) -- a top 10 asset manager globally." The release explains, "The first fund on the platform, the PGIM Ultra Short Bond ETF, is priced at 15 bps, making it among the most competitively priced active fixed income ETFs currently available, according to Morningstar data as of Feb. 28. Its risk-managed and short duration approach is designed to help investors hedge against rising rates and enhance or diversify a cash management strategy.... The fund will invest primarily in a portfolio of investment grade, U.S. dollar-denominated short-term fixed, variable and floating-rate debt instruments. PGIM Ultra Short Bond ETF is sub-advised by PGIM Fixed Income, one of the largest global fixed income managers in the world, with more than $700 billion in assets under management as of Dec. 31, 2017. The fund's senior portfolio managers, Joseph D’Angelo and Douglas G. Smith."

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