PGIM Investments LLC
PGIM Investments LLC
000 Xxxxx Xxxxxx – 00xx Xxxxx
Xxxxxx, Xxx Xxxxxx 00000
June 1, 2019
The Board of Trustees
PGIM ETF Trust
000 Xxxxx Xxxxxx—00xx Xxxxx
Xxxxxx, Xxx Xxxxxx 00000
Re: PGIM QMA Strategic Alpha International Equity ETF
PGIM QMA Strategic Alpha Large-Cap Core ETF
PGIM QMA Strategic Alpha Small-Cap Growth ETF
PGIM QMA Strategic Alpha Small-Cap Value ETF
(collectively, the Funds)
To the Board of Trustees:
PGIM Investments LLC (PGIM Investments) has contractually agreed, beginning from the inception of the Funds, to waive any management fees it receives from the Funds in an amount equal to the subadvisory fees paid by the Funds to the PGIM Institutional Money Market Fund due to the Fund’s investment of its excess overnight cash in the PGIM Institutional Money Market Fund. This waiver will remain in effect for as long as the Funds remain invested or intend to invest in the PGIM Institutional Money Market Fund.
Very truly yours,
PGIM INVESTMENTS LLC
By:/s/ Xxxxx X. Xxxxxxxx
Name:Xxxxx X. Xxxxxxxx
Title:Executive Vice President