PHYL Fees and Costs — PGIM Active High Yield Bond ETF
Data updated: 2026-07-27
The net expense ratio is 0.39% (0.40% before fee waivers). There are no sales loads or redemption fees. In fiscal 2025 the fund paid $6K in broker commissions, 0.0025% of average net assets, and portfolio turnover was 56%.
PHYL Fees and Expenses
Annual operating expenses and sales charges of PHYL. Prospectus, as of August 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.39% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.00% |
| Gross expense ratio | 0.40% |
| Fee waiver | −0.01% |
| Net expense ratio | 0.39% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
PHYL Costs Over Time
On $10,000 invested in PHYL, assuming 5% a year before costs, total costs come to $249 over 5 years, cutting the return by 0.41% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.39%) | $41 | $129 | $224 |
| Trading costs (broker commissions) | $0 | $1 | $1 |
| Lost growth on money paid in costs | $0 | $6 | $23 |
| Total costs | $41 | $136 | $249 |
| Value after costs | $10,459 | $11,440 | $12,514 |
| Impact on return, per year | 0.41% | 0.41% | 0.41% |
PHYL Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending August 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0025%
- Total broker commissions: $6K
- Bought from dealers (principal trades, not a cost): $554.6M
- Portfolio turnover (prospectus): 56%
- Securities lending: none during the year
PHYL Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $4K | 58.69% |
| RBC CAPITAL MARKETS, LLC | $1K | 21.54% |
| CITIGROUP GLOBAL MARKETS INC. | $517 | 8.58% |
| GOLDMAN SACHS & CO. LLC | $292 | 4.85% |
| BOFA SECURITIES, INC. | $218 | 3.62% |
| JEFFERIES LLC | $164 | 2.72% |
PHYL Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Jane Street Execution Services, LLC | $154.6M | 31.25% |
| J.P. Morgan Securities LLC | $120.5M | 24.35% |
| BOFA SECURITIES, INC. | $49.2M | 9.94% |
| MORGAN STANLEY & CO. LLC | $39.5M | 7.98% |
| BARCLAYS CAPITAL, INC. | $37.6M | 7.61% |
| GOLDMAN SACHS & CO. LLC | $28.0M | 5.65% |
| MARKETAXESS CORPORATION | $21.0M | 4.25% |
| JEFFERIES LLC | $18.0M | 3.64% |
| CitiGroup Global Markets Inc. | $16.3M | 3.29% |
| DEUTSCHE BANK SECURITIES, INC. | $10.0M | 2.02% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.