As the actively managed ETF market continues to see steady growth, PGIM Investments has entered the space with the launch of its first ETF.

The PGIM Ultra Short Bond ETF (NYSE ARCA: PULS) launched on Tuesday with an expense ratio of 0.15%, 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.

Scott Benjamin, Executive Vice President Head of Product and Marketing, PGIM Investments, told ETF Trends that entering the ETF space was a natural next step to expand its product range.

“Given the clients we have at PGIM Investments, there’s been a number of requests given to this part of the market whether it’s enhanced cash or in this case in an ultra-short duration,” Benjamin told ETF Trends.

Related: How Treasury Inflation Protection Works

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