PGIM Investments has forayed into the active ETF market by launching a fixed income fund that aims to manage risk while offering income and capital appreciation.

The vehicle, called PGIM Ultra Short Bond ETF, will offer exposure to US dollar-denominated short-term fixed, variable and floating-rate debt instruments.

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It takes a risk-managed and short duration approach to protect investors against increasing rates and help them diversify cash management strategy.

PGIM Investments president and CEO Stuart Parker said: “Investors are using a variety of investment vehicles to meet their needs. The actively managed ETF market, while small, has seen steady growth. Entering this market is a natural next step to expand our product range.”

The fund is sub-advised by PGIM Fixed Income and will be managed by PGIM Fixed Income senior portfolio managers Joseph D’Angelo and Douglas Smith.

PGIM Fixed Income head and CIO Michael Lillard said: “We are very excited to launch our first active ETF fund and firmly believe that actively managed funds will be an important part of the ETF market going forward.”