Category Review
Municipal bond funds are down for the year after a third-quarter selloff erased the first-half gain
PGIM Active Aggregate Bond ETF
$40.41+0.06 (+0.14%)
- 0.19%
- $98M
- −1.9%
- 4.72%
- 0M sh
- $40.35
- low $40.05high $43.55
The ETF.net PAB Grade
B
Score 65 out of 100
- 45 of 117
Score 65 of 100 falls in the B band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
Cost
The fund’s net expense ratio, ranked against its category.A71 out of 100Rank 33 of 117Mission
Whether the fund did what it promised, tested against its stated mandate.A100 out of 100Rank 1 of 101Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.C45 out of 100Rank 73 of 116Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.D37 out of 100Rank 86 of 117Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.C51 out of 100Rank 68 of 116Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.C40 out of 100Rank 84 of 117
Our read on PAB
BPGIM's fixed income desk running an active core bond portfolio at 0.19% a year, closer to index-fund pricing than to the usual active bond fee. Launched in 2021, it pays monthly across roughly 300 investment-grade positions.
The fund seeks total return from current income and capital appreciation.
Why people hold it
- 0.19% a year sits well under the typical fee in its aggregate-bond cohort, and the money buys an active manager rather than a fixed rulebook.
- Monthly distributions from roughly 300 US-dollar investment-grade bonds, so income lands on a monthly rhythm instead of quarterly.pgim.comfinance.yahoo.com
- The portfolio matches its stated job closely: total return from current income and capital appreciation in investment-grade debt. No style drift to decode.pgim.com
- Backed by PGIM, the asset management arm of Prudential Financial and a deep fixed income shop with a broad bond ETF lineup.pgim.com
Worth knowing
- Thinly traded, so bid-ask spreads can run wider than at the category's giants. That shows up most on larger orders.
- Index rivals BND, SPAB and SCHZ charge 0.03%. The step up in fee buys manager decisions, and those decisions can trail the broad bond market as easily as top it.
- Small asset base and a 2021 start, so a shorter operating record than the core-bond staples it sits next to.
PAB Holdings
- Bonds
- 450
- 25%
- United States Treasury Note/Bond
Sectors
- Financials100.0%
Geography
- United States100.00%
PAB Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Not enough history yet.
PAB$9,811
Returns run to the Oct 12, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.
| Period | PAB |
|---|---|
| Year to date | −2.4% |
| 1 month | −1.1% |
| 3 months | −2.7% |
| 1 year | −1.9% |
| 3 years | +4.8% |
| 5 years | −0.5% |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | PAB |
|---|---|---|
| 2026 YTD | −2.4% | |
| 2025 | +7.5% | |
| 2024 | +1.9% | |
| 2023 | +6.4% | |
| 2022 | −14.3% | |
| 2021 | +0.9% |
PAB in the news
PAB Dividends
- 4.72%
- $1.90
- $0.15 per share
- Monthly
Distribution history
PAB Risk
- 5.7%
How it’s calculated: standard deviation
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
- −0.003
How it’s calculated: Sharpe ratio
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
- −18.8%
How it’s calculated: maximum drawdown
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
- 1.05
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
PAB Cost
0.19%
PAB0.19%
- The middle half of US Aggregate Bond funds
- Median 0.34%
30 of the 113 US Aggregate Bond funds charge less.
Other funds in US Aggregate Bond
- BFLIAFranklin International Aggregate Bond ETFExpense ratio 0.25%1 year return +0.5%
- BGBNDGoldman Sachs Core Bond ETFExpense ratio 0.26%1 year return −2.0%
- BBDBTBluemonte Core Bond ETFExpense ratio 0.28%1 year return −1.9%
- BHCRBHartford Core Bond ETFExpense ratio 0.29%1 year return −2.3%
- BJCPBJPMorgan Core Plus Bond ETFExpense ratio 0.40%1 year return −1.2%