PMIO Fees and Costs — PGIM Municipal Income Opportunities ETF
Data updated: 2026-07-27
The net expense ratio is 0.25%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $530 in broker commissions, 0.0020% of average net assets, and portfolio turnover was 49%.
PMIO Fees and Expenses
Annual operating expenses and sales charges of PMIO. Prospectus, as of August 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.25% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.00% |
| Gross expense ratio | 0.25% |
| Fee waiver | — |
| Net expense ratio | 0.25% |
| 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 |
PMIO Costs Over Time
On $10,000 invested in PMIO, assuming 5% a year before costs, total costs come to $160 over 5 years, cutting the return by 0.26% 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 0.25%) | $26 | $83 | $144 |
| Trading costs (broker commissions) | $0 | $1 | $1 |
| Lost growth on money paid in costs | $0 | $4 | $15 |
| Total costs | $26 | $87 | $160 |
| Value after costs | $10,474 | $11,489 | $12,603 |
| Impact on return, per year | 0.26% | 0.26% | 0.26% |
PMIO 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): 0.0020%
- Total broker commissions: $530
- Bought from dealers (principal trades, not a cost): $20.3M
- Portfolio turnover (prospectus): 49%
- Securities lending: none during the year
PMIO Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| SUSQUEHANNA FINANCIAL GROUP, LLLP | $258 | 48.68% |
| J.P. Morgan Securities LLC | $200 | 37.74% |
| GOLDMAN SACHS & CO. LLC | $66 | 12.45% |
| BOFA SECURITIES, INC. | $6 | 1.13% |
PMIO Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| MORGAN STANLEY & CO. LLC | $4.2M | 21.80% |
| BARCLAYS CAPITAL, INC. | $3.5M | 18.34% |
| BOFA SECURITIES, INC. | $3.2M | 16.89% |
| J.P. Morgan Securities LLC | $2.9M | 15.20% |
| WELLS FARGO SECURITIES, LLC | $2.7M | 14.02% |
| THE BANK OF NEW YORK MELLON | $720K | 3.77% |
| Herbert J Sims & Co., Inc. | $658K | 3.45% |
| TD SECURITIES (USA) LLC | $444K | 2.33% |
| D.A. DAVIDSON & CO. | $413K | 2.16% |
| B. C. ZIEGLER AND COMPANY | $388K | 2.04% |
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.