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PGIM Active High Yield Bond ETF
Active ETF
PHYL
Payout Change
Pending
Price as of:
$34.98
-0.25
-0.71%
primary theme
High Yield Bond
PHYL (ETF)
PGIM Active High Yield Bond ETF
Payout Change
Pending
Price as of:
$34.98
-0.25
-0.71%
primary theme
High Yield Bond
PHYL (ETF)
PGIM Active High Yield Bond ETF
Payout Change
Pending
Price as of:
$34.98
-0.25
-0.71%
primary theme
High Yield Bond
Name
As of 11/01/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
Vitals
YTD Return
7.6%
1 yr return
14.7%
3 Yr Avg Return
2.4%
5 Yr Avg Return
4.5%
Net Assets
$124 M
Holdings in Top 10
9.8%
52 WEEK LOW AND HIGH
$35.2
$33.07
$35.80
Expenses
OPERATING FEES
Expense Ratio 0.39%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 85.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
N/A
IRA
N/A
Fund Classification
Fund Type
Exchange Traded Fund
Name
As of 11/01/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
PHYL - Profile
Distributions
- YTD Total Return 7.6%
- 3 Yr Annualized Total Return 2.4%
- 5 Yr Annualized Total Return 4.5%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 4.76%
- Dividend Yield 7.4%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NamePGIM Active High Yield Bond ETF
-
Fund Family NamePrudential
-
Inception DateSep 24, 2018
-
Shares Outstanding2525000
-
Share ClassN/A
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerBrian Clapp
Fund Description
The Fund seeks to achieve its investment objective by investing primarily in a portfolio of high yield bonds (commonly referred to as junk bonds) of companies or governments. Under normal market conditions, the Fund invests at least 80% of its investable assets in a diversified portfolio of high yield bonds that are below investment grade and other investments (including derivatives) with similar economic characteristics. The term “below investment grade” refers to instruments either rated Ba1 or lower by Moody’s Investors Service, Inc. (“Moody’s”), BB+ or lower by S&P Global Ratings (“S&P”) or Fitch, Inc. (“Fitch”), or comparably rated by another nationally recognized statistical rating organization (“NRSRO”), or, if unrated, considered by the subadviser to be of comparable quality. The term “investable assets” refers to the Fund's net assets plus any borrowings for investment purposes. The Fund's investable assets will be less than its total assets to the extent that it has borrowed money for non-investment purposes, such as to meet anticipated redemptions. The Fund is an actively managed exchange-traded fund (“ETF”) and therefore does not seek to replicate the performance of any specific index.The term “bonds” includes fixed income instruments issued by the U.S. Government, its agencies and instrumentalities, commercial paper, asset-backed securities, mortgage-backed securities, variable and floating rate instruments, bills, notes and other obligations issued by banks, corporations and other companies (including trust structures), convertible and non-convertible securities (including preferred stocks), loan participations and assignments, obligations issued by non-U.S. banks, companies or non-U.S. Governments, and municipal bonds and notes.The Fund may invest in securities which are the subject of bankruptcy proceedings or otherwise in default as to the repayment of principal and/or interest at the time of acquisition by the Fund or are rated in the lower rating categories or, if unrated, are in the judgment of the subadviser of equivalent quality (“distressed securities”).The Fund's investments in derivatives will be included under the 80% investment policy noted above so long as the underlying assets of such derivatives are based on one or more high yield fixed income instruments that are rated below investment grade. Such derivative investments are subject to the Fund's limit of investing up to 25% of its net assets in derivatives and are valued at notional value for purposes of the 80% investment policy noted above.The Fund may invest up to 20% of its investable assets in foreign currency-denominated fixed income securities issued by foreign or domestic issuers, including emerging markets. Foreign government fixed income securities include securities issued by quasi-governmental entities, governmental agencies, supranational entities and other governmental entities. The Fund intends to hedge the currency risk of its foreign currency denominated fixed income securities into U.S. dollars through the use of derivatives.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 are 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. The Fund may invest in a security based upon the expected total return rather than the yield of such security.
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PHYL - Performance
Return Ranking - Trailing
| Period | PHYL Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 7.6% | -7.0% | 14.6% | 25.32% |
| 1 Yr | 14.7% | 0.6% | 19.7% | 43.51% |
| 3 Yr | 2.4%* | -14.5% | 20.8% | 49.50% |
| 5 Yr | 4.5%* | -12.1% | 37.0% | 23.90% |
| 10 Yr | N/A* | -5.2% | 19.9% | 11.31% |
* Annualized
Return Ranking - Calendar
| Period | PHYL Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 3.5% | -4.7% | 14.3% | 85.34% |
| 2022 | -17.1% | -33.4% | 3.6% | 75.66% |
| 2021 | -0.1% | -8.4% | 8.2% | 53.75% |
| 2020 | -1.6% | -13.2% | 302.7% | 78.21% |
| 2019 | 8.5% | -4.4% | 13.3% | 42.68% |
Total Return Ranking - Trailing
| Period | PHYL Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 7.6% | -7.0% | 14.6% | 25.32% |
| 1 Yr | 14.7% | 0.6% | 19.7% | 43.51% |
| 3 Yr | 2.4%* | -14.5% | 20.8% | 49.50% |
| 5 Yr | 4.5%* | -12.1% | 37.0% | 23.90% |
| 10 Yr | N/A* | -5.2% | 19.9% | N/A |
* Annualized
Total Return Ranking - Calendar
| Period | PHYL Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 11.9% | -4.7% | 18.7% | 59.12% |
| 2022 | -11.8% | -33.4% | 47.8% | 74.51% |
| 2021 | 6.2% | -8.4% | 12.4% | 25.60% |
| 2020 | 6.3% | -9.6% | 325.6% | 31.99% |
| 2019 | 16.8% | -3.8% | 19.4% | 5.61% |
PHYL - Holdings
Concentration Analysis
| PHYL | Category Low | Category High | PHYL % Rank | |
|---|---|---|---|---|
| Net Assets | 124 M | 3.13 M | 23.6 B | 82.47% |
| Number of Holdings | 622 | 2 | 3879 | 23.49% |
| Net Assets in Top 10 | 13 M | -492 M | 5.25 B | 87.93% |
| Weighting of Top 10 | 9.84% | 4.2% | 146.0% | 78.47% |
Top 10 Holdings
- (PIPA070) PGIM Core Government Money Market Fund 2.36%
- DaVita Inc 1.11%
- Medline Borrower LP 1.09%
- Organon Co / Organon Foreign Debt Co-Issuer BV 0.85%
- Carnival Corp 0.81%
- Venture Global LNG Inc 0.78%
- Trinitas CLO XXVI Ltd 0.76%
- Madison Park Funding XXXIII Ltd 0.76%
- LifePoint Health Inc 0.67%
- Calpine Corp 0.66%
Asset Allocation
| Weighting | Return Low | Return High | PHYL % Rank | |
|---|---|---|---|---|
| Bonds | 94.49% | 0.00% | 145.36% | 57.31% |
| Cash | 3.63% | -52.00% | 48.02% | 49.92% |
| Stocks | 1.26% | 0.00% | 99.64% | 29.38% |
| Convertible Bonds | 0.50% | 0.00% | 17.89% | 80.26% |
| Preferred Stocks | 0.45% | 0.00% | 4.97% | 17.78% |
| Other | 0.17% | -39.08% | 99.96% | 29.85% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | PHYL % Rank | |
|---|---|---|---|---|
| Energy | 100.00% | 0.00% | 100.00% | 6.16% |
| Utilities | 0.00% | 0.00% | 100.00% | 62.17% |
| Technology | 0.00% | 0.00% | 33.17% | 65.40% |
| Real Estate | 0.00% | 0.00% | 86.71% | 59.53% |
| Industrials | 0.00% | 0.00% | 93.12% | 66.86% |
| Healthcare | 0.00% | 0.00% | 22.17% | 57.48% |
| Financial Services | 0.00% | 0.00% | 100.00% | 65.40% |
| Communication Services | 0.00% | 0.00% | 99.99% | 78.59% |
| Consumer Defense | 0.00% | 0.00% | 100.00% | 60.12% |
| Consumer Cyclical | 0.00% | 0.00% | 100.00% | 69.79% |
| Basic Materials | 0.00% | 0.00% | 100.00% | 62.46% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | PHYL % Rank | |
|---|---|---|---|---|
| US | 1.26% | 0.00% | 99.64% | 29.36% |
| Non US | 0.00% | -0.01% | 0.83% | 60.03% |
Bond Sector Breakdown
| Weighting | Return Low | Return High | PHYL % Rank | |
|---|---|---|---|---|
| Corporate | 73.94% | 0.00% | 100.00% | 94.28% |
| Government | 13.65% | 0.00% | 99.07% | 2.12% |
| Cash & Equivalents | 2.36% | 0.00% | 48.02% | 59.87% |
| Securitized | 1.62% | 0.00% | 97.24% | 19.61% |
| Derivative | 0.17% | -14.19% | 42.26% | 16.15% |
| Municipal | 0.00% | 0.00% | 1.17% | 53.43% |
Bond Geographic Breakdown
| Weighting | Return Low | Return High | PHYL % Rank | |
|---|---|---|---|---|
| US | 94.03% | 0.00% | 126.57% | 47.96% |
| Non US | 0.46% | 0.00% | 96.91% | 37.36% |
PHYL - Expenses
Operational Fees
| PHYL Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 0.39% | 0.02% | 38.33% | 94.95% |
| Management Fee | 0.39% | 0.00% | 1.75% | 12.20% |
| 12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
| Administrative Fee | N/A | 0.00% | 0.50% | N/A |
Sales Fees
| PHYL Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 2.25% | 5.75% | N/A |
| Deferred Load | N/A | 1.00% | 5.00% | N/A |
Trading Fees
| PHYL Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | 1.00% | 2.00% | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
| PHYL Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 85.00% | 1.00% | 255.00% | 79.86% |
PHYL - Distributions
Dividend Yield Analysis
| PHYL | Category Low | Category High | PHYL % Rank | |
|---|---|---|---|---|
| Dividend Yield | 7.40% | 0.00% | 11.76% | 4.70% |
Dividend Distribution Analysis
| PHYL | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Monthly | Annual | Monthly | Monthly |
Net Income Ratio Analysis
| PHYL | Category Low | Category High | PHYL % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 4.76% | -2.39% | 9.30% | 30.90% |
Capital Gain Distribution Analysis
| PHYL | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Oct 01, 2024 | $0.217 | OrdinaryDividend |
| Sep 03, 2024 | $0.250 | OrdinaryDividend |
| Aug 01, 2024 | $0.253 | OrdinaryDividend |
| Jul 01, 2024 | $0.235 | OrdinaryDividend |
| Jun 03, 2024 | $0.248 | OrdinaryDividend |
| May 01, 2024 | $0.239 | OrdinaryDividend |
| Apr 01, 2024 | $0.248 | OrdinaryDividend |
| Mar 01, 2024 | $0.223 | OrdinaryDividend |
| Feb 01, 2024 | $0.234 | OrdinaryDividend |
| Dec 27, 2023 | $0.296 | OrdinaryDividend |
| Dec 01, 2023 | $0.216 | OrdinaryDividend |
| Nov 01, 2023 | $0.194 | OrdinaryDividend |
| Oct 02, 2023 | $0.242 | OrdinaryDividend |
| Sep 01, 2023 | $0.219 | OrdinaryDividend |
| Aug 01, 2023 | $0.213 | OrdinaryDividend |
| Jul 03, 2023 | $0.187 | OrdinaryDividend |
| Jun 01, 2023 | $0.228 | OrdinaryDividend |
| May 01, 2023 | $0.228 | OrdinaryDividend |
| Apr 03, 2023 | $0.179 | OrdinaryDividend |
| Mar 01, 2023 | $0.225 | OrdinaryDividend |
| Feb 01, 2023 | $0.224 | OrdinaryDividend |
| Dec 28, 2022 | $0.233 | OrdinaryDividend |
| Dec 01, 2022 | $0.216 | OrdinaryDividend |
| Nov 01, 2022 | $0.202 | OrdinaryDividend |
| Oct 03, 2022 | $0.188 | OrdinaryDividend |
| Sep 01, 2022 | $0.207 | OrdinaryDividend |
| Aug 01, 2022 | $0.181 | OrdinaryDividend |
| Jul 01, 2022 | $0.191 | OrdinaryDividend |
| Jun 01, 2022 | $0.170 | OrdinaryDividend |
| May 02, 2022 | $0.157 | OrdinaryDividend |
| Apr 01, 2022 | $0.161 | OrdinaryDividend |
| Mar 01, 2022 | $0.157 | OrdinaryDividend |
| Feb 01, 2022 | $0.139 | OrdinaryDividend |
| Dec 29, 2021 | $0.062 | OrdinaryDividend |
| Dec 29, 2021 | $0.372 | CapitalGainShortTerm |
| Dec 29, 2021 | $0.112 | CapitalGainLongTerm |
| Dec 01, 2021 | $0.170 | OrdinaryDividend |
| Nov 01, 2021 | $0.185 | OrdinaryDividend |
| Oct 01, 2021 | $0.172 | OrdinaryDividend |
| Sep 01, 2021 | $0.177 | OrdinaryDividend |
| Aug 02, 2021 | $0.162 | OrdinaryDividend |
| Jul 01, 2021 | $0.165 | OrdinaryDividend |
| Jun 01, 2021 | $0.176 | OrdinaryDividend |
| May 03, 2021 | $0.190 | OrdinaryDividend |
| Apr 01, 2021 | $0.193 | OrdinaryDividend |
| Mar 01, 2021 | $0.156 | OrdinaryDividend |
| Feb 01, 2021 | $0.194 | OrdinaryDividend |
| Dec 29, 2020 | $0.256 | OrdinaryDividend |
| Dec 29, 2020 | $0.524 | CapitalGainShortTerm |
| Dec 29, 2020 | $0.058 | CapitalGainLongTerm |
| Dec 01, 2020 | $0.179 | OrdinaryDividend |
| Nov 02, 2020 | $0.193 | OrdinaryDividend |
| Oct 01, 2020 | $0.185 | OrdinaryDividend |
| Sep 01, 2020 | $0.186 | OrdinaryDividend |
| Aug 03, 2020 | $0.200 | OrdinaryDividend |
| Jul 01, 2020 | $0.199 | OrdinaryDividend |
| Jun 01, 2020 | $0.207 | OrdinaryDividend |
| May 01, 2020 | $0.211 | OrdinaryDividend |
| Apr 01, 2020 | $0.220 | OrdinaryDividend |
| Mar 02, 2020 | $0.199 | OrdinaryDividend |
| Feb 03, 2020 | $0.230 | OrdinaryDividend |
| Dec 27, 2019 | $0.207 | OrdinaryDividend |
| Dec 27, 2019 | $0.312 | CapitalGainShortTerm |
| Dec 27, 2019 | $0.104 | CapitalGainLongTerm |
| Dec 02, 2019 | $0.203 | OrdinaryDividend |
| Nov 01, 2019 | $0.215 | OrdinaryDividend |
| Oct 01, 2019 | $0.241 | OrdinaryDividend |
| Sep 03, 2019 | $0.220 | OrdinaryDividend |
| Aug 01, 2019 | $0.223 | OrdinaryDividend |
| Jul 01, 2019 | $0.219 | OrdinaryDividend |
| Jun 03, 2019 | $0.221 | OrdinaryDividend |
| May 01, 2019 | $0.217 | OrdinaryDividend |
| Apr 01, 2019 | $0.222 | OrdinaryDividend |
| Mar 01, 2019 | $0.191 | OrdinaryDividend |
| Feb 01, 2019 | $0.217 | OrdinaryDividend |
| Dec 27, 2018 | $0.003 | CapitalGainShortTerm |
| Dec 27, 2018 | $0.214 | OrdinaryDividend |
| Dec 03, 2018 | $0.218 | OrdinaryDividend |
| Nov 01, 2018 | $0.211 | OrdinaryDividend |
| Oct 01, 2018 | $0.035 | OrdinaryDividend |
PHYL - Fund Manager Analysis
Managers
Brian Clapp
Start Date
Tenure
Tenure Rank
Sep 24, 2018
3.68
3.7%
Brian Clapp, CFA, is Principal and high yield portfolio manager for PGIM Fixed Income's High Yield Team. Previously, Mr. Clapp was a senior high yield credit analyst on PGIM Fixed Income’s Credit Research team. He joined Prudential Financial in 2006 from Muzinich & Co. While there, Mr. Clapp held several positions, including portfolio manager for a high yield bond based hedge fund, hedge fund credit analyst, and credit analyst covering the chemical, industrial, and transportation sectors. Earlier at Triton Partners, an institutional high yield fund manager, Mr. Clapp was a credit analyst covering the metals and mining, healthcare, homebuilding, building products and transportation sectors. He received a BS in Finance from Bryant College, and an MS in Computational Finance, and an MBA from Carnegie Mellon. Mr. Clapp holds the Chartered Financial Analyst (CFA) designation.
Ryan Kelly
Start Date
Tenure
Tenure Rank
Sep 24, 2018
3.68
3.7%
Ryan Kelly, CFA, is Principal and high yield portfolio manager for Prudential Fixed Income's High Yield Team. Prior to assuming his current position in 2012, Mr. Kelly was a high yield credit analyst for nearly 10 years in Prudential Fixed Income's Credit Research Group, covering the automotive, energy, and finance sectors. Previously, Mr. Kelly was a senior high yield bond analyst at Muzinich & Company. Earlier, he was a senior associate at PNC Capital Markets/PNC Bank where he worked in the high yield bond, mergers and acquisition (M&A) and loan syndication groups. Mr. Kelly began his career as an investment banker at Chase Manhattan Bank, working on project finance transactions and M&A advisory mandates for the electric power sector. He earned a BA in Economics from Michigan State University and holds the Chartered Financial Analyst (CFA) designation.
Robert Cignarella
Start Date
Tenure
Tenure Rank
Sep 24, 2018
3.68
3.7%
Robert Cignarella, CFA, is a Managing Director and Head of PGIM Fixed Income's Leveraged Finance Team, which includes the US and European High Yield Bond and Bank Loan sector teams. Mr. Cignarella is also the co-Head of the Global High Yield Strategy. Prior to joining the firm in 2014, Mr. Cignarella was a managing director and co-head of high yield and bank loans at Goldman Sachs Asset Management. He also held positions as a high yield portfolio manager and a high yield and investment grade credit analyst. Earlier, he was a financial analyst in the investment banking division of Salomon Brothers. Mr. Cignarella received an MBA from the University of Chicago, and a bachelor’s degree in operations research and industrial engineering from Cornell University. He holds the Chartered Financial Analyst (CFA) designation.
Robert Spano
Start Date
Tenure
Tenure Rank
Sep 24, 2018
3.68
3.7%
Robert Spano, CFA, CPA, is Principal and high yield portfolio manager for Prudential Fixed Income's High Yield Team. Prior to assuming his current position in 2007, Mr. Spano was a high yield credit analyst for 10 years in Prudential Fixed Income's Credit Research Group, covering the health, lodging, consumer, gaming, restaurants, and chemical industries. Earlier, he worked as an investment analyst in the Project Finance Unit of Prudential Financial’s private placement group. Mr. Spano also held positions in the internal audit and risk management units of Prudential Securities. He received a BS in Accounting from the University of Delaware and an MBA from New York University. Mr. Spano holds the Chartered Financial Analyst (CFA) and Certified Public Accountant (CPA) designations.
Michael Gormally
Start Date
Tenure
Tenure Rank
Apr 01, 2022
0.16
0.2%
Michael Gormally is a Vice President, and portfolio manager and trader for PGIM Fixed Income’s U.S. High Yield Bond Team. Previously, he was an Analyst in the Portfolio Analysis Group, where he managed a team of portfolio analysts dedicated to High Yield. He was responsible for the monitoring of daily risk and positioning, along with the implementation of portfolio management trading tools and performance attribution models. Before joining the Firm in 2014, Mr. Gormally was a credit analyst at BNY Mellon. Mr. Gormally received a BA in Economics from Johns Hopkins University and an MBA from the University of Notre Dame.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.13 | 37.79 | 7.31 | 8.17 |
