PGIM AAA CLO ETF NCSR Certified annual shareholder report (management investment company)

PGIM AAA CLO ETF (PAAA) N-CSRCertified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT

COMPANIES


Investment Company Act file number:		811-23324

Exact name of registrant as specified in charter:		PGIM ETF Trust

Address of principal executive offices:		655 Broad Street, 6^th Floor
		Newark, New Jersey 07102

Name and address of agent for service:		Andrew R. French
		655 Broad Street, 6^th Floor
		Newark, New Jersey 07102

Registrant’s telephone number, including area code:		800-225-1852

Date of fiscal year end:		08/31/2022

Date of reporting period:		08/31/2022

Item 1 – Reports to Stockholders

LOGO

PGIM FIXED INCOME ETFs

PGIM Ultra Short Bond ETF (PULS)

PGIM Active High Yield Bond ETF (PHYL)

PGIM Active Aggregate Bond ETF (PAB)

PGIM Total Return Bond ETF (PTRB)

PGIM Floating Rate Income ETF (PFRL)

ANNUAL REPORT

AUGUST 31, 2022

LOGO

To enroll in e-delivery, go to pgim.com/investments/resource/edelivery

Table of Contents



Letter from the President			3

PGIM Ultra Short Bond ETF			4

Strategy and Performance Overview			8

PGIM Active High Yield Bond ETF			11

Strategy and Performance Overview			15

PGIM Active Aggregate Bond ETF			18

Strategy and Performance Overview			21

PGIM Total Return Bond ETF			24

Strategy and Performance Overview			28

PGIM Floating Rate Income ETF			31

Strategy and Performance Overview			34

Fees and Expenses			37

Holdings and Financial Statements			39

Approval of Advisory Agreements

This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus.

The views expressed in this report and information about the Funds’ portfolio holdings are for the period covered by this report and are subject to change thereafter.

Exchange-traded funds are distributed by Prudential Investment Management Services LLC (PIMS), member SIPC. PGIM Fixed Income is a unit of PGIM, Inc. (PGIM), a registered investment adviser. PIMS and PGIM are Prudential Financial companies. © 2022 Prudential Financial, Inc. and its related entities. PGIM and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

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Letter from the President

Dear Shareholder:

We hope you find the annual report for the PGIM Fixed Income ETFs informative and useful. The report covers performance for the 12-month period that ended August 31, 2022.

The attention of the global economy and financial markets pivoted during the period from the COVID-19 pandemic to the challenge of rapidly rising inflation. While job growth and corporate profits remained strong, prices for a wide range of goods and services rose in response to economic re-openings, supply-chain disruptions, governmental stimulus, and Russia’s invasion of Ukraine. With inflation surging to a 40-year high, the US Federal Reserve and other central banks

aggressively hiked interest rates, prompting recession concerns.

After rising to record levels at the end of 2021, stocks have fallen sharply in 2022 as investors worried about higher prices, slowing economic growth, geopolitical uncertainty, and new COVID-19 outbreaks. Equities rallied for a time during the summer but began falling again in late August on fears that the Fed would keep raising rates to tame inflation. For the entire 12-month period, equities suffered a broad-based global decline, although large-cap US stocks outperformed their small-cap counterparts by a significant margin. International developed and emerging markets trailed the US market during this time.

Rising rates and economic uncertainty drove fixed income prices broadly lower as well. US and global investment-grade bonds, along with US high yield corporate bonds and emerging market debt, all posted negative returns during the period.

Regarding your investments with PGIM, we believe it is important to maintain a diversified portfolio of funds consistent with your tolerance for risk, time horizon, and financial goals. Your financial advisor can help you create a diversified investment plan that may include funds covering all the basic asset classes and that reflects your personal investor profile and risk tolerance. However, diversification and asset allocation strategies do not assure a profit or protect against loss in declining markets.

At PGIM Investments, we provide access to active investment strategies across the global markets in the pursuit of consistent outperformance for investors. PGIM is the world’s 11th-largest investment manager with more than $1.5 trillion in assets under management. Our scale and investment expertise allow us to deliver a diversified suite of actively managed solutions across a broad spectrum of asset classes and investment styles.

Thank you for choosing our family of funds.

Sincerely,

LOGO

Stuart S. Parker, President

PGIM Fixed Income ETFs

October 14, 2022

PGIM Fixed Income ETFs 3

PGIM Ultra Short Bond ETF

Your Fund’s Performance (unaudited)

Performance data quoted represent past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the past performance data quoted. An investor may obtain performance data as of the most recent month-end by visiting our website at pgim.com/investments or by calling (800) 225-1852.



	Average Annual Total Returns as of 8/31/22

	One Year (%)	Since Inception (%)

Net Asset Value (NAV)	0.21	1.60 (04/05/2018)

Market Price*	0.23	1.60 (04/05/2018)

*The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated. The first day of secondary market trading is typically several days after the date on which the Fund commenced investment operations; therefore, the NAV of the Fund is used as a proxy for the period from inception of investment operations to the first day of secondary market trading to calculate the market price returns.

The ICE BofA US 3-Month Treasury Bill Index was adopted as the Fund’s primary benchmark in March 2022 due to the pending discontinuation of LIBOR.

The returns in the table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or following the redemption or sale of Fund shares.

Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. Market and NAV returns assume that dividends and capital gain distributions, if any, have been reinvested in the Fund at market price and NAV, respectively.

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Growth of a $10,000 Investment (unaudited)

LOGO

The graph compares a $10,000 investment in the ICE BofA 3-Month Treasury Bill Index and the ICE BofA USD 3-Month Deposit Offered Rate Constant Maturity Index by portraying the initial account values at the commencement of operations (April 5, 2018) and the account values at the end of the current fiscal year (August 31, 2022), as measured on a quarterly basis. The Fund assumes an initial investment on April 5, 2018, while the benchmark and the Index assume that the initial investment occurred on March 31, 2018. For purposes of the graph, and unless otherwise indicated, it has been assumed that (a) all recurring fees (including management fees) were deducted and (b) all dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have been lower.

Past performance does not predict future performance. Total returns and the ending account values in the graphs include changes in share price and reinvestment of dividends and capital gains distributions in a hypothetical investment for the periods shown. The Fund’s total returns do not reflect the deduction of income taxes on an individual’s investment. Taxes may reduce your actual investment returns on income or gains paid by the Fund or any gains you may realize if you sell your shares.

PGIM Fixed Income ETFs 5

PGIM Ultra Short Bond ETF

Your Fund’s Performance (continued)

Benchmark Definitions

ICE BofA US 3-Month Treasury Bill Index—The ICE BofA US 3-Month Treasury Bill Index is an unmanaged index which is comprised of a single issue purchased at the beginning of the month and held for a full month. At the end of the month that issue is sold and rolled into a newly selected issue. The issue selected at each month-end rebalancing is the outstanding Treasury Bill that matures closest to, but not beyond, three months from the rebalancing date. To qualify for selection, an issue must have settled on or before the month-end rebalancing date.

ICE BofA USD 3-Month Deposit Offered Rate Constant Maturity Index—The ICE BofA USD 3-Month Deposit Offered Rate Constant Maturity Index is an unmanaged index which tracks the performance of a synthetic asset paying LIBOR to a stated maturity. The Index is based on the assumed purchase at par of a synthetic instrument having exactly its stated maturity and with a coupon equal to that day’s fixing rate. That issue is assumed to be sold the following business day (priced at a yield equal to the current day fixing rate) and rolled into a new instrument.

ICE BOFA IS LICENSING THE BOFA INDICES “AS IS,” MAKES NO WARRANTIES REGARDING THE SAME, DOES NOT GUARANTEE THE SUITABILITY, QUALITY, ACCURACY, TIMELINESS, AND/OR COMPLETENESS OF THE ICE BOFA INDICES OR ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM, ASSUMES NO LIABILITY IN CONNECTION WITH THEIR USE, AND DOES NOT SPONSOR, ENDORSE, OR RECOMMEND THE FUND, OR ANY OF ITS PRODUCTS OR SERVICES.

Investors cannot invest directly in an index. The returns for the Indexes would be lower if they included the effects of operating expenses or taxes that may be paid by an investor.

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Credit Quality expressed as a percentage of total investments as of 8/31/22 (%)

AAA			32.2

AA			24.3

A			21.3

BBB			17.6

Not Rated			1.0

Cash/Cash Equivalents			3.6

Total			100.0

Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody’s Investors Service, Inc. (Moody’s), S&P Global Ratings (S&P), or Fitch, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, ratings are converted to the comparable S&P/Fitch rating tier nomenclature. These rating agencies are independent and are widely used. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change.

Distributions and Yields as of 8/31/22

SEC 30-Day

Total Dividends Paid

Subsidized

Unsubsidized

for One Year ($)

Yield* (%)

Yield** (%)

0.64

3.18

*SEC 30-Day Subsidized Yield (%)—A standardized yield calculation created by the Securities and Exchange Commission, it reflects the income earned during a 30-day period, after the deduction of the Fund’s net expenses (net of any expense waivers or reimbursements). The investor experience is represented by the SEC 30-Day Subsidized Yield.

**SEC 30-Day Unsubsidized Yield (%)—A standardized yield calculation created by the Securities and Exchange Commission, it reflects the income earned during a 30-day period, after the deduction of the Fund’s gross expenses. The investor experience is represented by the SEC 30-Day Subsidized Yield.

PGIM Fixed Income ETFs 7

Strategy and Performance Overview*

(unaudited)

How did the Fund perform?

The PGIM Ultra Short Bond ETF (the Fund) returned 0.21% based on net asset value in the 12-month reporting period that ended August 31, 2022, underperforming the 0.30% return of the ICE BofA USD 3-Month Deposit Offered Rate Constant Maturity Index (the Index).

What were the market conditions?

●

From a starting point of low yields and tight spreads, the shift in fundamentals—most notably, high inflation—drove a wholesale repricing of markets during the period. Concerns about central bank tightening, hard economic landings (i.e., a significant slowdown after a period of rapid growth), and the war in Ukraine led credit spreads notably wider, while rate volatility increased as markets first began pricing in more aggressive Federal Open Market Committee policy tightening and then later began to price in a hard economic landing.

●

Against the backdrop of historic lows in unemployment and generational highs in inflation, central banks signaled an increased willingness to accept more economic and market volatility than they had been over the prior decade of low inflation. A succession of rate hikes over the first half of 2022—including outsized hikes of 75 basis points (bps) by the Federal Reserve in both June and July—confirmed to markets that the Fed is fully focused on tackling inflation. (One basis point equals 0.01%.)

●

At the August 2022 Jackson Hole symposium, Fed Chairman Jerome Powell’s speech was successful in lifting investors’ expectations for rate hikes in 2022 and removing the prospects for rate cuts in 2023. While long-run inflation expectations remained relatively subdued through the end of the period, Powell expressed the need to exercise vigilance about the trajectory of expectations to avoid a self-fulfilling inflation spiral. Underpinning his escalation in rhetoric was the reality that Fed officials don’t know how high they will ultimately take the federal funds rate in order to tame inflation.

●

As a result, significant volatility continued to be priced into US Treasuries, with sharply higher front-end rates and lower long-dated yields forming a substantially flatter US Treasury yield curve before the curve finally inverted the last two months of the period. From 1.10% on August 31, 2021, the 10-year/2-year Treasury spread declined to -0.28% by the end of the period.

●

After rising to nearly 3.5% in June 2022, US 10-year Treasury yields ended the period at 3.20%. Meanwhile, the yield on the 2-year Treasury note ended the period at 3.48%, a rise of 327 bps over the period.

●

Just as longer-term Treasuries saw substantial volatility throughout the period, yields on short-term securities, which influence money market yields, also rose substantially.

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The 3-month Treasury bill rose from 0.05% to 2.93% during the period, while the 3-month London Interbank Offered Rate (LIBOR) rose from 0.12% to 3.10%. Meanwhile, the Secured Overnight Financing Rate (SOFR) rose from 0.05% to 2.29%.

●

In the short-term credit markets, investment-grade credit spreads widened during the period. The Bloomberg 1-3 Year Credit Index, a proxy for the short-term spread market, underperformed similar short-duration Treasuries by -0.31% during the period.

What worked?

The Fund emphasized spread assets—including short-term, investment-grade debt of financial, consumer cyclical and non-cyclical, and utility companies—ranging across the rating spectrum from AAA to BBB. Other spread sector assets included commercial mortgage-backed securities (CMBS) and collateralized loan obligations (CLOs). Overall positioning in CMBS contributed to performance during the period.

What didn’t work?

●

The duration of the Fund was tactically managed during the period. Overall, duration positioning detracted from performance. (Duration measures the sensitivity of the price—the value of principal—of a bond to a change in interest rates.)

●

Overall positioning in CLOs and investment-grade corporates detracted from performance during the period.

Did the Fund use derivatives?

During the period, the Fund used interest rate swaps and futures to help manage duration positioning and yield curve exposure. These instruments allowed the Fund to capture higher yields available farther out on the short-term portion of the yield curve and in spread-sector assets versus Treasuries, while mitigating interest rate risk. Overall, the positions added to performance during the period.

Current outlook

●

Against the backdrop of historic lows in unemployment and generational highs in inflation, the Fed is signaling an increased willingness to accept more economic and market pain than it had been over the last decade of low inflation. If the Fed can avoid a recession, it will; but more than anything else, Fed officials want to get inflation under control.

●

Tighter financial conditions are expected to continue working their way through the economy with lagged effects in coming quarters. For now, the Fed is focused on currently high monthly inflation readings, vowing to keep up the pressure until readings show convincing signs of softening toward the Fed’s target. At some point, though, PGIM Fixed Income expects the Fed will likely pivot back toward a focus on the projected lagged effects of its tightening and—should material signs of softening accumulate—adopt a more measured pace of policy normalization.

PGIM Fixed Income ETFs 9

Strategy and Performance Overview* (continued)

●

PGIM Fixed Income continues to emphasize well-researched, short-term credit sectors, with the expectation that these assets offer the most value from a total return perspective, and it continues to seek out investments with the best total return potential in light of the more challenging market environment.

●

PGIM Fixed Income continues to find value within investment-grade corporates and structured products (CLOs, CMBS), which represent attractive value in relation to Treasuries and agency mortgage-backed securities, and it will remain selective as the front end of the market continues to adjust to the new rate-and-spread environment.

*This strategy and performance overview, which discusses what strategies or holdings (including derivatives, if applicable) affected the Fund’s performance, is compiled based on how the Fund performed relative to the Fund’s benchmark index and is viewed for performance attribution purposes at the aggregate Fund level, which in most instances will not directly correlate to the amounts disclosed in the Statement of Operations which conform to U.S. generally accepted accounting principles.

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PGIM Active High Yield Bond ETF

Your Fund’s Performance (unaudited)



	Average Annual Total Returns as of 8/31/22

	One Year (%)	Since Inception (%)

Net Asset Value (NAV)	-11.01	3.03 (09/24/2018)

Market Price*	-11.14	2.96 (09/24/2018)

The returns in the table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or following the redemption or sale of Fund shares.

PGIM Fixed Income ETFs 11

PGIM Active High Yield Bond ETF

Your Fund’s Performance (continued)

Growth of a $10,000 Investment (unaudited)

LOGO

The graph compares a $10,000 investment in the Fund with a similar investment in the Bloomberg US High Yield Very Liquid Index by portraying the initial account values at the commencement of operations (September 24, 2018) and the account values at the end of the current fiscal year (August 31, 2022), as measured on a quarterly basis. The Fund assumes an initial investment on September 24, 2018, while the benchmark and the Index assume that the initial investment occurred on September 30, 2018. For purposes of the graph, and unless otherwise indicated, it has been assumed that (a) all recurring fees (including management fees) were deducted and (b) all dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have been lower.

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Benchmark Definition

Bloomberg US High Yield Very Liquid Index (VLI)—The Bloomberg US High Yield Very Liquid Index is a component of the US Corporate High Yield Index that is designed to track a more liquid component of the USD-denominated, high yield, fixed rate corporate bond market. The Index uses the same eligibility criteria as the US Corporate High Yield Index, but includes only the three largest bonds from each issuer that have a minimum amount outstanding of USD500mn and less than five years from issue date. The Index also limits the exposure of each issuer to 2% of the total market value and redistributes any excess market value index-wide on a pro rata basis.

Investors cannot invest directly in an index. The returns for the Index would be lower if they included the effects of operating expenses or taxes that may be paid by an investor.

PGIM Fixed Income ETFs 13

PGIM Active High Yield Bond ETF

Your Fund’s Performance (continued)



Credit Quality expressed as a percentage of total investments as of 8/31/22 (%)

AAA			12.0

BBB			2.8

BB			47.1

B			24.0

CCC			8.7

CC			0.2

C			0.1

Not Rated			2.7

Cash/Cash Equivalents			2.4

Total			100.0



Distributions and Yields as of 8/31/22

	Total Dividends	SEC 30-Day	SEC 30-Day
	Paid for	Subsidized	Unsubsidized

	One Year ($)	*Yield (%)**	Yield (%)**

	2.40	7.22	7.22

14 Visit our website at pgim.com/investments

Strategy and Performance Overview*

(unaudited)

How did the Fund perform?

The PGIM Active High Yield Bond ETF (the Fund) returned –11.01% based on net asset value (NAV) in the 12-month reporting period that ended August 31, 2022, outperforming the –11.28% return of the Bloomberg US High Yield Very Liquid Index (the Index).

What were the market conditions?

●

After posting gains during the latter part of 2021, US high yield bonds posted significant declines over the first eight months of 2022—including, in the second quarter, their worst quarterly performance since the first quarter of 2020—as rate hike concerns, high and persistent inflation, and recession fears overshadowed the strength of earnings and credit fundamentals.

●

Retail demand for high yield remained negative throughout much of the period as a combination of slowing global growth and higher-than-expected inflation leading to an increasingly hawkish Federal Reserve (Fed) drove outflows from high yield bond mutual funds. However, subdued primary market activity combined with a high volume of calls, tenders, and coupon payments provided for a relatively solid technical backdrop.

●

After posting outflows of $14 billion during 2021, high yield bond mutual funds saw nearly $41 billion of outflows during the first eight months of 2022. For the period, spreads on the Bloomberg US Corporate High Yield Bond Index widened 196 basis points (bps) to 484 bps as of August 31, 2022. (One basis point equals 0.01%). By quality, higher-quality (BB-rated and B-rated) credits outperformed their lower-quality (CCC-rated) peers during the period as investors sought out the relative safety of higher-rated credits.

●

After seeing record gross issuance in 2021, the high yield primary market slowed considerably during the first part of 2022 as issuers sat out the volatility, helping to offset some of the technical headwinds from negative fund flows. After issuing $484 billion in high yield bonds during 2021, companies issued a mere $81 billion through the first eight months of 2022.

●

The par-weighted US high yield default rate, including distressed exchanges, ended the period at 1.20%, up from 1.13% the year before, and below the long-term historical average of 3.20%, according to J.P. Morgan.

What worked?

●

Overall security selection and sector allocation both contributed to performance during the period. Within security selection, positions in the upstream energy, telecom, and technology industries contributed the most. Within sector allocation, relative to the Index, overweights to upstream energy and electric utilities—along with an underweight to media & entertainment—contributed.

●

In individual security selection, positions in Chesapeake Energy Corp. (upstream energy), Veon Ltd. (telecom), and Civitas Resources Inc. (upstream energy) were the largest contributors to performance.

PGIM Fixed Income ETFs 15

Strategy and Performance Overview* (continued)

●

Having slightly more beta, on average, in the Fund relative to the Index over the period had a negligible impact on returns. (Beta is a measure of the volatility or risk of a security or portfolio compared to the market or index.)

What didn’t work?

●

While overall security selection contributed to returns over the period, selection in media & entertainment, cable & satellite, and automotive detracted.

●

While overall sector allocation was positive, relative to the Index, underweights to the healthcare & pharmaceuticals and downstream energy industries—along with an overweight to building materials & home construction—detracted.

●

In individual security selection, overweights to Bausch Health Americas Inc. (healthcare & pharmaceuticals), Diamond Sports Group LLC (media & entertainment), and Intelsat SA (cable & satellite) relative to the Index, detracted from results.

Did the Fund use derivatives?

The Fund used credit index derivatives and interest rate futures to manage its overall risk profile during the reporting period—the aggregate impact of which was negative.

Current outlook

●

While strong credit fundamentals continue to sustain low US high yield default rates, PGIM Fixed Income has grown more cautious in light of increased geopolitical, inflation, and recession risks. In PGIM Fixed Income’s view, most US high yield issuers should be able to withstand the impacts of higher rates, slower growth, and inflation, aided in large part by a lack of near-term maturities. However, PGIM Fixed Income now anticipates higher default rates of 3% and 7% over the next two years, should the economy follow its base-case scenario of a shallow recession— induced by aggressive rate hikes and persistent inflation—occurring in that time.

●

Although PGIM Fixed Income remains defensive and is prepared for further spread widening, it does not expect defaults to be as severe as in previous downturns due to the favorable position most issuers find themselves in today, with strong debt serviceability, favorable maturity profiles, and strong cash flows. Notably, if inflation subsides sooner than expected, and/or the Fed engineers a soft landing, there is meaningful upside potential in the market given current wider-than-average spreads and significant price discounts. As such, PGIM Fixed Income believes the market is reasonably close to fair value, with only modest spread widening needed to balance the risks and rewards.

●

In terms of positioning, PGIM Fixed Income is reducing its allocation to lower-quality issuers in favor of higher-quality BB-rated bonds and maintaining an overweight to independent power producers and housing.

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performance attribution purposes at the aggregate Fund level, which in most instances will not directly correlate to the amounts disclosed in the Statement of Operations which conform to U.S. generally accepted accounting principles.

PGIM Fixed Income ETFs 17

PGIM Active Aggregate Bond ETF

Your Fund’s Performance (unaudited)



	Average Annual Total Returns as of 8/31/22

	One Year (%)	Since Inception (%)

Net Asset Value (NAV)	-12.62	-7.57 (04/12/2021)

Market Price*	-12.64	-7.55 (04/12/2021)

The returns in the table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or following the redemption or sale of Fund shares.

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Growth of a $10,000 Investment (unaudited)

LOGO

The graph compares a $10,000 investment in the Fund with a similar investment in the Bloomberg US Aggregate Bond Index by portraying the initial account values at the commencement of operations (April 12, 2021) and the account values at the end of the current fiscal year (August 31, 2022), as measured on a quarterly basis. The Fund assumes an initial investment on April 15, 2021, while the benchmark and the Index assume that the initial investment occurred on March 31, 2021. For purposes of the graph, and unless otherwise indicated, it has been assumed that (a) all recurring fees (including management fees) were deducted and (b) all dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have been lower.

PGIM Fixed Income ETFs 19

PGIM Active Aggregate Bond ETF

Your Fund’s Performance (continued)

Benchmark Definition

Bloomberg US Aggregate Bond Index—The Bloomberg US Aggregate Bond Index is unmanaged and represents securities that are taxable and US dollar denominated. It covers the US investment-grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities.

Investors cannot invest directly in an index. The returns for the Index would be lower if they included the effects of operating expenses or taxes that may be paid by an investor.



Credit Quality expressed as a percentage of total investments as of 8/31/22 (%)

AAA			68.6

AA			5.7

A			8.5

BBB			16.7

Cash/Cash Equivalents			0.5

Total			100.0

Distributions and Yields as of 8/31/22

SEC 30-Day

Total Dividends Paid

Subsidized

Unsubsidized

for One Year ($)

Yield* (%)

Yield** (%)

1.56

3.51

20 Visit our website at pgim.com/investments

Strategy and Performance Overview*

(unaudited)

How did the Fund perform?

The PGIM Active Aggregate Bond ETF (the Fund) returned –12.62% based on net asset value in the 12-month reporting period that ended August 31, 2022, underperforming the –11.52% return of the Bloomberg US Aggregate Bond Index (the Index).

What were the market conditions?

●

From a starting point of low yields, tight spreads, and high equity multiples, the shift in fundamentals—most notably, high inflation—drove a wholesale repricing of markets during the period. Concerns about central bank tightening, hard economic landings (i.e., a significant slowdown after a period of rapid growth), and the war in Ukraine led global credit spreads notably wider, while rate volatility increased as markets first began pricing in more aggressive Federal Open Market Committee policy tightening and then later began to price in a hard economic landing.

●

Against the backdrop of historic lows in unemployment and generational highs in inflation, central banks signaled an increased willingness to accept more economic and market volatility than they had been over the prior decade of low inflation. A succession of hikes during the second quarter of 2022— including outsized hikes of 75 basis points (bps) by the Federal Reserve in both June and July—confirmed to markets that the Fed is fully focused on tackling inflation. (One basis point equals 0.01%.)

●

At the August 2022 Jackson Hole symposium, Fed Chairman Jerome Powell’s speech was successful in lifting investors’ expectations for rate hikes in 2022 and removing the prospects for rate cuts in 2023. While long-run inflation expectations remained relatively subdued through the end of the period, Powell expressed the need to exercise vigilance about the trajectory of expectations to avoid a self-fulfilling inflation spiral. Underpinning this escalation in rhetoric was the reality that Fed officials don’t know how high they will ultimately take the federal funds rate in order to tame inflation.

●

As a result, significant volatility continued to be priced into US Treasuries, with sharply higher front-end rates and lower long-dated yields forming a substantially flatter US Treasury yield curve before the curve finally inverted during the last two months of the period. From 1.10% on August 31, 2021, the 10-year/2-year Treasury spread declined to –0.28% by the end of the period.

●

US investment-grade corporate spreads widened significantly as corporates were challenged by elevated inflationary pressures, a slower growth outlook, and increased event and geopolitical risk. US high yield bonds posted significant declines through much of 2022 as rate hike concerns, high and persistent inflation, and recession fears overshadowed the strength of earnings and credit fundamentals. Securitized credit spreads widened, with collateralized loan obligation (CLO) and commercial

PGIM Fixed Income ETFs 21

Strategy and Performance Overview* (continued)

mortgage-backed securities (CMBS) spreads trading well above their recent tights by the end of the period. The emerging-markets sector posted negative total returns, and spreads widened as markets were pressured by tightening financial conditions and slowing growth in China and Europe. Meanwhile, agency mortgage-backed securities (MBS) underperformed Treasuries on concerns that the Fed may begin selling MBS if officials need to step up their inflation fight.

What worked?

●

Security selections in CMBS, municipal bonds, emerging markets, and CLOs contributed to performance.

●

In terms of sector allocation, underweights, relative to the Index, to MBS and agencies contributed.

●

Within credit, positioning in upstream energy, telecom, and gaming/lodging/leisure contributed to results.

●

In individual security selection, the Fund benefited, relative to the Index, from an underweight to Oracle Corp. (technology), along with overweights to Cenovus Energy Inc. (upstream energy) and the Republic of Indonesia.

●

The Fund’s yield curve positioning was modestly positive over the period.

What didn’t work?

●

Overall security selection detracted, with selections in Treasuries, investment-grade corporates, and MBS detracting the most.

●

Overall sector allocation detracted, with overweights, relative to the Index, to CMBS, CLOs, and investment-grade corporates detracting the most.

●

Within credit, positioning in banking, healthcare & pharmaceuticals, and media & entertainment detracted during the period.

●

In individual security selection, the Fund’s overweight positioning, relative to the Index, in Viatris Inc. (healthcare & pharmaceuticals), Bank of America Corp. (banking), and Charter Communications Inc. (cable & satellite) detracted from performance.

●

The Fund’s duration positioning detracted from performance during the period.

Did the Fund use derivatives?

The Fund uses derivatives when they facilitate implementation of the overall investment approach. During the period, the Fund used interest rate futures to help manage duration positioning and yield curve exposure. In aggregate, these positions detracted from performance.

Current outlook

●

22 Visit our website at pgim.com/investments

though, PGIM Fixed Income expects the Fed will likely pivot back toward a focus on the projected lagged effects of its tightening and—should material signs of softening accumulate—adopt a more measured pace of policy normalization.

●

Even though fundamentals and issuer liquidity are arguably well braced for recession and spread widening has already generated value in a number of sectors, PGIM Fixed Income believes spreads may remain soft until most of the current bad news (e.g., the cutoff of Russian gas supplies, cooling of the housing market) has largely played out. However, over the intermediate and longer term, the sell-off in rates and spreads could turn out to be a positive as the overarching trends of aging demographics, high debt burdens, and other factors that conspired for decades to push equilibrium interest rates down are more likely hibernating than reversing. It is anticipated that once the reopening enthusiasm and supply-chain problems have passed, inflation will likely be back at, or below, targets, and bonds are expected to post solid returns for an extended period. In the meantime, PGIM Fixed Income believes the best course will be to focus on the micro-alpha opportunities within and across sectors.

●

PGIM Fixed Income maintains its positive view of the spread sectors over the medium to long term. Relative to the Index, the Fund is overweight structured products (CLOs, CMBS), with a more modest overweight to investment-grade corporates. The Fund is underweight MBS in favor of more attractive opportunities across spread sectors.

●

In terms of calling the cycle top in long-term rates, given the economic strength and level of inflation, PGIM Fixed income believes it’s too early to preclude the possibility of higher interest rates. Yet, from a long-term perspective, exposure to developed-market duration is becoming more compelling after the broad repricing and with the looming moderation in global growth. While acknowledging the immediate trajectory of inflation is going to dictate market volatility and the path of the US Treasury 10-year yield, PGIM Fixed Income’s base case is that implied volatility will ultimately decline, and the 10-year yield will stay below the federal funds terminal rate when it is eventually reached.

PGIM Fixed Income ETFs 23

PGIM Total Return Bond ETF

Your Fund’s Performance (unaudited)



		Total Returns as of 8/31/22

		Since Inception (%)

Net Asset Value (NAV)		-12.81 (12/02/2021)

Market Price*		-12.69 (12/02/2021)

The returns in the table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or following the redemption or sale of Fund shares.

24 Visit our website at pgim.com/investments

Growth of a $10,000 Investment (unaudited)

LOGO

The graph compares a $10,000 investment in the Bloomberg US Aggregate Bond Index by portraying the initial account values at the commencement of operations (December 2, 2021) and the account values at the end of the current fiscal year (August 31, 2022), as measured on a quarterly basis. The Fund assumes an initial investment on December 8, 2021, while the benchmark and the Index assume that the initial investment occurred on November 30, 2021. For purposes of the graph, and unless otherwise indicated, it has been assumed that (a) all recurring fees (including management fees) were deducted and (b) all dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have been lower.

PGIM Fixed Income ETFs 25

PGIM Total Return Bond ETF

Your Fund’s Performance (continued)

Benchmark Definition

Investors cannot invest directly in an index. The returns for the Index would be lower if they included the effects of operating expenses or taxes that may be paid by an investor.

26 Visit our website at pgim.com/investments



Credit Quality expressed as a percentage of total investments as of 8/31/22 (%)

AAA			55.2

AA			7.3

A			7.8

BBB			18.6

BB			8.1

B			2.3

CCC			0.4

Not Rated			0.1

Cash/Cash Equivalents			0.2

Total			100.0

Distributions and Yields as of 8/31/22

SEC 30-Day

Total Dividends Paid

Subsidized

Unsubsidized

for One Year ($)

Yield* (%)

Yield** (%)

0.69

3.83

PGIM Fixed Income ETFs 27

Strategy and Performance Overview*

(unaudited)

How did the Fund perform?

The PGIM Total Return Bond ETF (the Fund) returned –12.81% based on net asset value in the nine-month reporting period from the Fund’s inception on December 2, 2021, through August 31, 2022, underperforming the –10.98% return of the Bloomberg US Aggregate Bond Index (the Index) during that same time.

What were the market conditions?

●

Against the backdrop of historic lows in unemployment and generational highs in inflation, central banks signaled an increased willingness to accept more economic and market volatility than they had been over the prior decade of low inflation. A succession of hikes during the second quarter of 2022—including outsized hikes of 75 basis points (bps) by the Federal Reserve in both June and July—confirmed to markets that the Fed is fully focused on tackling inflation. (One basis point equals 0.01%.)

●

At the August 2022 Jackson Hole symposium, Fed Chairman Jerome Powell’s speech was successful in lifting investors’ expectations for rate hikes in 2022 and removing the prospects for rate cuts in 2023. While long-run inflation expectations remained relatively subdued through the end of the period, Powell expressed the need to exercise vigilance about the trajectory of expectations to avoid a self-fulfilling inflation spiral. Underpinning this escalation in rhetoric was the reality that Fed officials don’t know how high they will ultimately take the federal funds rate in order to tame inflation.

●

As a result, significant volatility continued to be priced into US Treasuries, with sharply higher front-end rates and lower long-dated yields forming a substantially flatter US Treasury yield curve before the curve finally inverted during the last two months of the period. From 0.81% on December 2, 2021, the 10-year/2-year Treasury spread declined to –0.28% by the end of the period.

●

After rising to nearly 3.5% in June 2022, US 10-year Treasury yields ended the period at 3.20%. Meanwhile, the yield on the 2-year Treasury note ended the period at 3.48%, a rise of 286 bps since the Fund’s inception.

●

28 Visit our website at pgim.com/investments

credit spreads widened, with collateralized loan obligation (CLO) and commercial mortgage-backed securities (CMBS) spreads trading well above their recent tights by the end of the period. The emerging-markets sector posted negative total returns, and spreads widened as markets were pressured by tightening financial conditions and slowing growth in China and Europe. Meanwhile, agency mortgage-backed securities (MBS) underperformed Treasuries on concerns that the Fed may begin selling MBS if officials need to step up their inflation fight.

What worked?

●

Security selections in CLOs, municipal bonds, and MBS contributed to returns.

●

In terms of sector allocation, underweights, relative to the Index, to MBS and municipal bonds contributed.

●

Within credit, positioning in upstream energy, telecom, and gaming/lodging/leisure contributed to results.

●

In individual security selection, the Fund benefited from overweights, relative to the Index, to Bellis Holdco Ltd. (consumer non-cyclical), Sasol Ltd. (chemicals), and Merck & Co. Inc. (healthcare & pharmaceuticals).

●

The Fund’s yield curve positioning, particularly in US rates, contributed to returns.

What didn’t work?

●

Overall security selection detracted, with selections in investment-grade corporates, emerging markets, and CMBS detracting the most.

●

Within sector allocation, overweights, relative to the Index, to high yield, CLOs, and CMBS detracted from performance.

●

Within credit, positioning in foreign non-corporates, banking, and healthcare & pharmaceuticals detracted from performance during the period.

●

In individual security selection, the Fund’s overweight positioning in the Republic of Ukraine, Bank of America Corp. (banking), and Viatris Inc. (healthcare & pharmaceuticals) detracted from performance.

●

The Fund’s duration positioning detracted from returns during the period. (Duration measures the sensitivity of the price—the value of principal—of a bond to a change in interest rates.)

Did the Fund use derivatives?

The Fund uses derivatives when they facilitate implementation of the overall investment approach. During the period, the Fund used interest rate futures and swaps to help manage duration positioning and yield curve exposure. In aggregate, these positions detracted from performance.

Current outlook

●

Tighter financial conditions are expected to continue working their way through the economy with lagged effects in coming quarters. For now, the Fed is focused on

PGIM Fixed Income ETFs 29

Strategy and Performance Overview* (continued)

currently high monthly inflation readings, vowing to keep up the pressure until readings show convincing signs of softening toward the Fed’s target. At some point, though, PGIM Fixed Income expects the Fed will likely pivot back toward a focus on the projected lagged effects of its tightening and—should material signs of softening accumulate—adopt a more measured pace of policy normalization.

●

Even though fundamentals and issuer liquidity are arguably well braced for recession, and spread widening has already generated value in a number of sectors, PGIM Fixed Income believes spreads may remain soft until most of the current bad news (e.g., the cutoff of Russian gas supplies, cooling of the housing market) has largely played out. However, over the intermediate and longer term, the sell-off in rates and spreads could turn out to be a positive as the overarching trends of aging demographics, high debt burdens, and other factors that conspired for decades to push equilibrium interest rates down are more likely hibernating than reversing. It is anticipated that once the reopening enthusiasm and supply-chain problems have passed, inflation will likely be back at, or below, targets, and bonds are expected to post solid returns for an extended period. In the meantime, PGIM Fixed Income believes the best course will be to focus on identifying alpha opportunities within and across sectors.

●

PGIM Fixed Income maintains its positive view of the spread sectors over the medium to long term. Relative to the Index, the Fund is overweight to structured products (CLOs, CMBS), with more modest overweights to investment-grade corporates, high yield, and emerging markets. The Fund is underweight to MBS in favor of more attractive opportunities across spread sectors.

●

30 Visit our website at pgim.com/investments

PGIM Floating Rate Income ETF

Your Fund’s Performance (unaudited)


		Total Returns as of 8/31/22 Since Inception (%)

Net Asset Value (NAV)		0.89 (05/17/2022)

Market Price*		0.87 (05/17/2022)

Credit Suisse Leveraged Loan Index
		1.30

The returns in the table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or following the redemption or sale of Fund shares.

PGIM Fixed Income ETFs 31

PGIM Floating Rate Income ETF

Your Fund’s Performance (continued)

Growth of a $10,000 Investment (unaudited)

LOGO

The graph compares a $10,000 investment in the Credit Suisse Leveraged Loan Index by portraying the initial account values at the commencement of operations (May 17, 2022) and the account values at the end of the current fiscal year (August 31, 2022), as measured on a quarterly basis. The Fund assumes an initial investment on May 17, 2022, while the benchmark and the Index assume that the initial investment occurred on May 31, 2022. For purposes of the graph, and unless otherwise indicated, it has been assumed that (a) all recurring fees (including management fees) were deducted and (b) all dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have been lower.

32 Visit our website at pgim.com/investments

Benchmark Definition

Credit Suisse Leveraged Loan Index—The Credit Suisse Leveraged Loan Index is an unmanaged index that represents the investable universe of the US dollar-denominated leveraged loan market.

Investors cannot invest directly in an index. The returns for the Index would be lower if they included the effects of operating expenses or taxes that may be paid by an investor.



Credit Quality expressed as a percentage of total investments as of 8/31/22 (%)

AAA			1.7

AA			0.7

BBB			8.6

BB			28.2

B			57.2

CCC			1.3

Cash/Cash Equivalents			2.3

Total			100.0



Distributions and Yields as of 8/31/22

	Total Dividends Paid for One Year ($)		SEC 30-Day Subsidized Yield* (%)		SEC 30-Day Unsubsidized Yield** (%)

		0.33		5.66		5.66

PGIM Fixed Income ETFs 33

Strategy and Performance Overview*

(unaudited)

How did the Fund perform?

The PGIM Floating Rate Income ETF (the Fund) returned 0.89% based on net asset value in the three-month reporting period from the Fund’s inception on May 17, 2022 through August 31, 2022, underperforming the 1.30% return of the Credit Suisse Leveraged Loan Index (the Index) during that same time.

What were the market conditions?

●

US leveraged loan performance was mixed during the period, declining in the second quarter of 2022, as economic growth concerns and broad market volatility weighed on risk sentiment before rebounding in July and August amid lighter new supply and more hawkish rhetoric from the Federal Reserve.

●

Shifting monetary policy expectations, combined with a broader risk-off tone, resulted in sizeable outflows from bank loan mutual funds over the period. Following 17 straight months of inflows totaling $71.8 billon, loan funds saw a fourth consecutive month of outflows in August. Though significant, August’s $1.4 billion outflow was a sharp deceleration from the combined $14.8 billion in outflows seen over the prior three months. Meanwhile, collateralized loan obligation (CLO) formation continued to slow from 2021’s record-setting pace, with new US CLO volume declining to a year-to-date low in August.

●

Loan issuance slowed throughout 2022 amid heightened volatility, with gross issuance through the first eight months of 2022 totaling $197 billion, down 67% from the same period in the prior year.

●

Heightened geopolitical-related volatility drove a decline in prices in June and July before recouping most of the declines in August. Beginning the period at approximately $95, the average price of all loans in the Index ended the period at $94.19. Meanwhile, average spreads ended the period at approximately 564 basis points (bps), relatively flat from where they stood at the Fund’s inception. (One basis point equals 0.01%.) By quality, BB-rated loans outperformed in May, June, and July before underperforming B-rated loans in August.

●

Despite broad market volatility, solid credit fundamentals and a lack of near-term maturities continued to keep default rates below the long-term average of 3.1%. The par-weighted loan default rate, including distressed exchanges, ended August 2022 at 1.36%, up 29 bps from August 2021.

What worked?

●

Overall security selection was the largest contributor to performance during the period, with selections in banking, capital goods, and transportation & environmental services contributing the most.

●

Relative to the Index, having less beta, on average, during the period was also a strong contributor to performance. (Beta is a measure of the volatility or risk of a security or portfolio compared to the market or index.)

34 Visit our website at pgim.com/investments

●

While overall sector allocation detracted, underweights, relative to the Index, to healthcare & pharmaceuticals, technology, and consumer non-cyclicals contributed to performance.

●

From a single-name credit perspective, positioning in Avaya Inc. (technology), Adtalem Global Education Inc. (other industrial), and Envision Healthcare Corp. (paper & packaging) added value.

What didn’t work?

●

Overall sector allocation detracted from performance during the period, with, relative to the Index, an overweight to the banking industry—along with underweights to chemicals and upstream energy—the largest detractors.

●

While overall security selection contributed, selections in media & entertainment, telecom, and cable & satellite detracted.

●

Diamond Sports Group LLC (media & entertainment), Allen Media Group LLC (media & entertainment), and ConvergeOne Holdings Corp. (technology) were the largest single-name detractors from performance.

Did the Fund use derivatives?

The Fund held interest rate futures and swaps to help manage its duration and yield curve exposure and to reduce its sensitivity to changes in the levels of interest rates. Overall, this strategy had a positive impact on performance during the period. (Duration measures the sensitivity of the price—the value of principal—of a bond to a change in interest rates.) The Fund also participated in credit default swaps to increase or reduce credit risk to specific issuers. This strategy also had a positive impact on performance.

Current outlook

●

Looking forward, PGIM Fixed Income expects loan performance to be largely driven by technicals over the next three to six months. While CLO formation has started to pick up again after evaporating in the last part of the second quarter of 2022, it is highly dependent on AAA-tranche buyers, which have yet to meaningfully return to the market. Meanwhile, PGIM Fixed Income expects flows into loan mutual funds to remain dependent on broader risk sentiment, as well as shifting monetary policy expectations.

●

While the short-term outlook is tempered by expected price volatility, PGIM Fixed Income’s long-term outlook is more constructive given the anticipated rise in base rates, which could make all-in loan coupons and yields increasingly attractive as 2022 progresses. Ultimately, actively managed credit selection is expected to be a differentiating factor between managers in volatile markets.

PGIM Fixed Income ETFs 35

Strategy and Performance Overview* (continued)

will not directly correlate to the amounts disclosed in the Statement of Operations which conform to U.S. generally accepted accounting principles.

36 Visit our website at pgim.com/investments

Fees and Expenses (unaudited)

As a shareholder of the Fund, you incur ongoing costs, including investment management fees. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other funds.

The example is based on an investment of $1,000 held through the six-month period ended August 31, 2022. The example is for illustrative purposes only.

Actual Expenses

The first line in the tables on the following page provides information about actual account values and actual expenses. You may use the information on this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value ÷ $1,000 = 8.6), then multiply the result by the number on the first line under the heading “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line in the tables on the following page provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional costs, brokerage commissions paid on purchases and sales of Fund shares. Therefore, the ending account values and expenses paid for the period are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

PGIM Fixed Income ETFs 37

Fees and Expenses (continued)



PGIM Ultra Short Bond ETF	Beginning Account Value March 1, 2022	Ending Account Value August 31, 2022	Annualized Expense Ratio Based on the Six-Month Period	Expenses Paid During the Six-Month Period*

Actual	$1,000.00	$1,003.90	0.15%	$0.76

Hypothetical	$1,000.00	$1,024.45	0.15%	$0.77



PGIM Active High Yield Bond ETF	Beginning Account Value March 1, 2022	Ending Account Value August 31, 2022	Annualized Expense Ratio Based on the Six-Month Period	Expenses Paid During the Six-Month Period*

Actual	$1,000.00	$ 916.70	0.53%	$2.56

Hypothetical	$1,000.00	$1,022.53	0.53%	$2.70



PGIM Active Aggregate Bond ETF	Beginning Account Value March 1, 2022	Ending Account Value August 31, 2022	Annualized Expense Ratio Based on the Six-Month Period	Expenses Paid During the Six-Month Period*

Actual	$1,000.00	$ 915.40	0.19%	$0.92

Hypothetical	$1,000.00	$1,024.25	0.19%	$0.97



PGIM Total Return Bond ETF	Beginning Account Value March 1, 2022	Ending Account Value August 31, 2022	Annualized Expense Ratio Based on the Six-Month Period	Expenses Paid During the Six-Month Period*

Actual	$1,000.00	$ 908.30	0.49%	$2.36

Hypothetical	$1,000.00	$1,022.74	0.49%	$2.50



PGIM Floating Rate Income ETF	Beginning Account Value March 1, 2022	Ending Account Value August 31, 2022	Annualized Expense Ratio Based on the Six-Month Period	Expenses Paid During the Six-Month Period*

Actual**	$1,000.00	$1,008.90	0.74%	$2.16

Hypothetical	$1,000.00	$1,021.48	0.74%	$3.77

*Fund expenses (net of fee waivers or subsidies, if any) are equal to the annualized expense ratio (provided in the table), multiplied by the average account value over the period, multiplied by the 184 days in the six-month period ended August 31, 2022, and divided by the 365 days in the Fund’s fiscal year ended August 31, 2022 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

**“Actual” expenses are calculated using 106-day period ended August 31, 2022 due to the Fund’s inception date on May 17, 2022.

38 Visit our website at pgim.com/investments

Glossary

The following abbreviations are used in the Funds’ descriptions:

EUR—Euro

GBP—British Pound

USD—US Dollar

144A—Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, pursuant to the requirements of Rule 144A, may not be resold except to qualified institutional buyers.

A—Annual payment frequency for swaps

BABs—Build America Bonds

BSBY—Bloomberg Short-Term Bank Yield Index

CDX—Credit Derivative Index

CLO—Collateralized Loan Obligation

CVR—Contingent Value Rights

DIP—Debtor-In-Possession

EMTN—Euro Medium Term Note

EURIBOR—Euro Interbank Offered Rate

FHLMC—Federal Home Loan Mortgage Corporation

GMTN—Global Medium Term Note

iBoxx—Bond Market Indices

IO—Interest Only (Principal amount represents notional)

LIBOR—London Interbank Offered Rate

LP—Limited Partnership

MTN—Medium Term Note

OTC—Over-the-counter

PIK—Payment-in-Kind

Q—Quarterly payment frequency for swaps

REITs—Real Estate Investment Trust

REMIC—Real Estate Mortgage Investment Conduit

S—Semiannual payment frequency for swaps

SOFR—Secured Overnight Financing Rate

SONIA—Sterling Overnight Index Average

STRIPs—Separate Trading of Registered Interest and Principal of Securities

T—Swap payment upon termination

TBA—To Be Announced

USOIS—United States Overnight Index Swap

PGIM Ultra Short Bond ETF

Schedule of Investments

as of August 31, 2022



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

LONG-TERM INVESTMENTS 74.6%

ASSET-BACKED SECURITIES 16.8%

Automobiles 1.5%
ARI Fleet Lease Trust, Series 2022-A, Class A2, 144A	3.120%	01/15/31		2,880	$	2,826,940
Donlen Fleet Lease Funding LLC, Series 2021-02, Class A2, 144A	0.560	12/11/34		4,080		3,950,374
Enterprise Fleet Financing LLC,
Series 2021-02, Class A2, 144A	0.480	05/20/27		5,168		4,942,162
Series 2022-01, Class A2, 144A	3.030	01/20/28		12,500		12,244,009
Series 2022-03, Class A2, 144A	4.380	07/20/29		800		799,736
GM Financial Consumer Automobile Receivables Trust, Series 2022-02, Class A2	2.520	05/16/25		5,000		4,958,797
Honda Auto Receivables Owner Trust, Series 2020-01, Class A3	1.610	04/22/24		2,267		2,249,578
World Omni Automobile Lease Securitization Trust, Series 2022-A, Class A2	2.630	10/15/24		4,481		4,440,303


						36,411,899

Collateralized Loan Obligations 14.8%
Allegro CLO Ltd. (Cayman Islands), Series 2016-01A, Class AR2, 144A, 3 Month LIBOR + 0.950% (Cap N/A, Floor 0.950%)	3.462(c)	01/15/30		7,642		7,559,506
Anchorage Capital CLO Ltd. (Cayman Islands), Series 2015-07A, Class AR2, 144A, 3 Month LIBOR + 1.090% (Cap N/A, Floor 1.090%)	3.883(c)	01/28/31		5,000		4,944,165
Atlas Senior Loan Fund Ltd. (Cayman Islands), Series 2013-01A, Class AR, 144A, 3 Month LIBOR + 0.830% (Cap N/A, Floor 0.000%)	3.772(c)	11/17/27		2,554		2,532,712
Bain Capital Credit CLO Ltd. (Cayman Islands), Series 2018-01A, Class A1, 144A, 3 Month LIBOR + 0.960% (Cap N/A, Floor 0.000%)	3.743(c)	04/23/31		4,000		3,938,556
Ballyrock CLO Ltd. (Cayman Islands), Series 2020-02A, Class A1R, 144A, 3 Month LIBOR + 1.010% (Cap N/A, Floor 1.010%)	3.720(c)	10/20/31		18,000		17,712,288
Benefit Street Partners CLO Ltd. (Cayman Islands), Series 2013-IIA, Class A1R2, 144A, 3 Month LIBOR + 0.870% (Cap N/A, Floor 0.870%)	3.382(c)	07/15/29		3,120		3,080,375
Series 2017-12A, Class A1R, 144A, 3 Month LIBOR + 0.950% (Cap N/A, Floor 0.950%)	3.462(c)	10/15/30		18,000		17,784,792

See Notes to Financial Statements.

PGIM Ultra Short Bond ETF

Schedule of Investments (continued)

as of August 31, 2022

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

ASSET-BACKED SECURITIES (Continued)

Collateralized Loan Obligations (cont’d.)

BlueMountain CLO Ltd. (Cayman Islands),
Series 2018-22A, Class A1, 144A, 3 Month LIBOR + 1.080% (Cap N/A, Floor 0.000%)

3.592%(c)

07/15/31

4,500

4,410,000

Brookside Mill CLO Ltd. (Cayman Islands),
Series 2013-01A, Class AR, 144A, 3 Month LIBOR + 0.820% (Cap N/A, Floor 0.000%)

3.560(c)

01/17/28

32,958

Canyon Capital CLO Ltd. (Cayman Islands),
Series 2017-01A, Class AR, 144A, 3 Month LIBOR + 1.000% (Cap N/A, Floor 1.000%) (original cost $15,000,000; purchased 08/03/21)(f)

3.512(c)

07/15/30

15,000

14,757,000

Carlyle Global Market Strategies CLO Ltd. (Cayman Islands),

Series 2014-01A, Class A1R2, 144A, 3 Month LIBOR + 0.970% (Cap N/A, Floor 0.970%)

3.710(c)

04/17/31

4,985

4,897,724

Series 2015-05A, Class A1RR, 144A, 3 Month LIBOR + 1.080% (Cap N/A, Floor 1.080%)

3.790(c)

01/20/32

18,000

17,622,000

Carlyle US CLO Ltd. (Cayman Islands),
Series 2017-01A, Class A1R, 144A, 3 Month LIBOR + 1.000% (Cap N/A, Floor 1.000%)

3.710(c)

04/20/31

13,000

12,814,412

CIFC Funding Ltd. (Cayman Islands),
Series 2013-03RA, Class A1, 144A, 3 Month LIBOR + 0.980% (Cap N/A, Floor 0.980%)

3.763(c)

04/24/31

2,000

1,969,542

Series 2017-01A, Class AR, 144A, 3 Month LIBOR + 1.010% (Cap N/A, Floor 1.010%)

3.742(c)

04/23/29

4,741

4,686,970

Elevation CLO Ltd. (Cayman Islands),
Series 2014-02A, Class A1R, 144A, 3 Month SOFR + 1.492% (Cap N/A, Floor 0.000%)

3.819(c)

10/15/29

1,329

1,318,220

Ellington CLO Ltd. (Cayman Islands),
Series 2019-04A, Class AR, 144A, 3 Month LIBOR + 1.580% (Cap N/A, Floor 1.580%)

4.092(c)

04/15/29

5,135

5,102,282

Generate CLO Ltd. (Cayman Islands),
Series 02A, Class AR, 144A, 3 Month LIBOR + 1.150% (Cap N/A, Floor 1.150%)

3.909(c)

01/22/31

10,340

10,196,491

ICG US CLO Ltd. (Cayman Islands),
Series 2014-03A, Class A1RR, 144A, 3 Month LIBOR + 1.030% (Cap N/A, Floor 0.000%)

3.813(c)

04/25/31

7,083

6,980,906

JMP Credit Advisors CLO Ltd. (Cayman Islands),
Series 2017-01A, Class AR, 144A, 3 Month LIBOR + 1.280% (Cap N/A, Floor 1.280%)

4.020(c)

07/17/29

9,147

9,066,171

See Notes to Financial Statements.

PGIM Fixed Income ETFs 41

PGIM Ultra Short Bond ETF

Schedule of Investments (continued)

as of August 31, 2022

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

ASSET-BACKED SECURITIES (Continued)

Collateralized Loan Obligations (cont’d.)

KKR CLO Ltd. (Cayman Islands),
Series 11, Class AR, 144A, 3 Month LIBOR + 1.180% (Cap N/A, Floor 1.180%)

3.692%(c)

01/15/31

1,000

988,706

Series 18, Class AR, 144A, 3 Month LIBOR + 0.940% (Cap N/A, Floor 0.940%)

3.680(c)

07/18/30

18,000

17,767,134

KKR CLO Ltd.,
Series 30A, Class A1R, 144A, 3 Month LIBOR + 1.020% (Cap N/A, Floor 1.020%)

3.760(c)

10/17/31

14,000

13,823,950

Madison Park Funding Ltd. (Cayman Islands),
Series 12A, Class AR, 144A, 3 Month LIBOR + 0.830% (Cap N/A, Floor 0.000%)

3.589(c)

04/22/27

6,965

6,883,940

Series 2015-18A, Class ARR, 144A, 3 Month LIBOR + 0.940% (Cap N/A, Floor 0.940%)

3.672(c)

10/21/30

3,000

2,958,750

Series 2021-38A, Class X, 144A, 3 Month LIBOR + 0.950% (Cap N/A, Floor 0.950%)

3.690(c)

07/17/34

3,500

3,448,788

Magnetite Ltd. (Cayman Islands),
Series 2015-16A, Class AR, 144A, 3 Month LIBOR + 0.800% (Cap N/A, Floor 0.000%)

3.540(c)

01/18/28

1,928

1,908,149

MidOcean Credit CLO (Cayman Islands),
Series 2016-05A, Class AR, 144A, 3 Month LIBOR + 1.120% (Cap N/A, Floor 0.000%)

3.858(c)

07/19/28

2,279

2,251,324

Series 2017-07A, Class A1R, 144A, 3 Month LIBOR + 1.040% (Cap N/A, Floor 0.000%)

3.552(c)

07/15/29

9,287

9,179,120

Series 2018-09A, Class A1, 144A, 3 Month LIBOR + 1.150% (Cap N/A, Floor 1.150%)

3.860(c)

07/20/31

5,250

5,184,947

Mountain View CLO Ltd. (Cayman Islands),
Series 2013-01A, Class ARR, 144A, 3 Month LIBOR + 1.000% (Cap N/A, Floor 1.000%)

3.423(c)

10/12/30

13,500

13,344,183

Ocean Trails CLO (Cayman Islands),
Series 2019-07A, Class AR, 144A, 3 Month LIBOR + 1.010% (Cap N/A, Floor 1.010%)

3.750(c)

04/17/30

4,938

4,881,468

OZLM Ltd. (Cayman Islands),

Series 2014-06A, Class A1S, 144A, 3 Month LIBOR + 1.080% (Cap N/A, Floor 0.000%)

3.820(c)

04/17/31

8,867

8,737,654

Series 2014-09A, Class A1A3, 144A, 3 Month LIBOR + 1.100% (Cap N/A, Floor 1.100%)

3.810(c)

10/20/31

18,000

17,720,118

Series 2015-12A, Class A1R, 144A, 3 Month LIBOR + 1.050% (Cap N/A, Floor 1.050%)

3.832(c)

04/30/27

—(r

)

See Notes to Financial Statements.

PGIM Ultra Short Bond ETF

Schedule of Investments (continued)

as of August 31, 2022

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

ASSET-BACKED SECURITIES (Continued)

Collateralized Loan Obligations (cont’d.)

Palmer Square CLO Ltd. (Cayman Islands),

Series 2014-01A, Class A1R2, 144A, 3 Month LIBOR + 1.130% (Cap N/A, Floor 1.130%)

3.870%(c)

01/17/31

1,250

1,237,445

Series 2015-02A, Class A1R2, 144A, 3 Month LIBOR + 1.100% (Cap N/A, Floor 0.000%)

3.810(c)

07/20/30

1,400

1,383,259

Park Avenue Institutional Advisers CLO Ltd. (Cayman Islands),

Series 2018-01A, Class A1AR, 144A, 3 Month LIBOR + 1.000% (Cap N/A, Floor 1.000%)

3.710(c)

10/20/31

10,000

9,807,160

Sound Point CLO Ltd. (Cayman Islands),

Series 2014-03RA, Class A1R, 144A, 3 Month LIBOR + 1.070% (Cap N/A, Floor 1.070%)

3.853(c)

10/23/31

10,000

9,843,170

Series 2017-03A, Class A1R, 144A, 3 Month LIBOR + 0.980% (Cap N/A, Floor 0.980%)

3.690(c)

10/20/30

10,000

9,865,700

Series 2019-01A, Class AR, 144A, 3 Month LIBOR + 1.080% (Cap N/A, Floor 1.080%)

3.790(c)

01/20/32

13,000

12,791,506

TICP CLO Ltd. (Cayman Islands),

Series 2018-03R, Class A, 144A, 3 Month LIBOR + 0.840% (Cap N/A, Floor 0.840%)

3.550(c)

04/20/28

895

887,454

Trinitas CLO Ltd. (Cayman Islands),

Series 2016-04A, Class A1L2, 144A, 3 Month LIBOR + 1.100% (Cap N/A, Floor 1.100%)

3.840(c)

10/18/31

12,000

11,760,000

Series 2016-05A, Class ARR, 144A, 3 Month LIBOR + 1.030% (Cap N/A, Floor 1.030%)

3.813(c)

10/25/28

2,424

2,409,394

Venture CLO Ltd. (Cayman Islands),

Series 2015-21A, Class AR, 144A, 3 Month LIBOR + 0.880% (Cap N/A, Floor 0.000%)

3.392(c)

07/15/27

109

108,263

Series 2016-24A, Class ARR, 144A, 3 Month LIBOR + 0.900% (Cap N/A, Floor 0.900%)

3.610(c)

10/20/28

8,465

8,338,464

Voya CLO Ltd. (Cayman Islands),

Series 2013-02A, Class A1R, 144A, 3 Month SOFR + 1.232% (Cap N/A, Floor 0.970%)

3.773(c)

04/25/31

4,000

3,944,536

Series 2014-01A, Class AAR2, 144A, 3 Month SOFR + 1.252% (Cap N/A, Floor 0.000%)

3.732(c)

04/18/31

1,864

1,834,844

Series 2014-02A, Class A1RR, 144A, 3 Month LIBOR + 1.020% (Cap N/A, Floor 1.020%)

3.760(c)

04/17/30

1,678

1,659,905

Wellfleet CLO Ltd. (Cayman Islands),

Series 2016-02A, Class A1R, 144A, 3 Month LIBOR + 1.140% (Cap N/A, Floor 1.140%)

3.850(c)

10/20/28

3,934

3,899,146

See Notes to Financial Statements.

PGIM Fixed Income ETFs 43

PGIM Ultra Short Bond ETF

Schedule of Investments (continued)

as of August 31, 2022



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

ASSET-BACKED SECURITIES (Continued)

Collateralized Loan Obligations (cont’d.)
Wellfleet CLO Ltd. (Cayman Islands), (cont’d.)
Series 2017-02A, Class A1R, 144A, 3 Month LIBOR + 1.060% (Cap N/A, Floor 0.000%)		3.770%(c)		10/20/29		1,392	$	1,371,680
Series 2019-01A, Class A1R, 144A, 3 Month LIBOR + 1.120% (Cap N/A, Floor 1.120%)		3.830(c)		07/20/32		20,000		19,618,400
Zais CLO Ltd. (Cayman Islands),
Series 2017-02A, Class A, 144A, 3 Month LIBOR + 1.290% (Cap N/A, Floor 0.000%)		3.802(c)		04/15/30		237		234,289
Series 2018-01A, Class A, 144A, 3 Month LIBOR + 0.950% (Cap N/A, Floor 0.000%)		3.462(c)		04/15/29		451		446,180


								361,926,126

Consumer Loans 0.1%
SoFi Consumer Loan Program Trust, Series 2021-01, Class A, 144A		0.490		09/25/30		1,321		1,279,504

Equipment 0.4%
MMAF Equipment Finance LLC, Series 2022-A, Class A2, 144A		2.770		02/13/25		11,000		10,829,847


TOTAL ASSET-BACKED SECURITIES (cost $416,325,634)								410,447,376


CERTIFICATE OF DEPOSIT 0.6%
Lloyds Bank Corporate Markets PLC, SOFR + 0.540% (cost $15,000,000)		2.830(c)		01/31/24		15,000		14,947,563


COMMERCIAL MORTGAGE-BACKED SECURITIES 13.4%
Benchmark Mortgage Trust,
Series 2018-B02, Class A2		3.662		02/15/51		721		717,103
Series 2018-B03, Class A2		3.848		04/10/51		421		419,043
Series 2018-B05, Class A2		4.077		07/15/51		800		791,753
Citigroup Commercial Mortgage Trust,
Series 2014-GC21, Class A4		3.575		05/10/47		6,453		6,358,098
Series 2014-GC21, Class AAB		3.477		05/10/47		167		165,760
Series 2014-GC23, Class A3		3.356		07/10/47		11,062		10,814,928
Series 2014-GC23, Class AAB		3.337		07/10/47		532		526,132
Series 2014-GC25, Class A3		3.372		10/10/47		6,519		6,347,612
Series 2016-P04, Class A2		2.450		07/10/49		3,635		3,458,976

See Notes to Financial Statements.

PGIM Ultra Short Bond ETF

Schedule of Investments (continued)

as of August 31, 2022



Description	Interest Rate		Maturity Date		Principal Amount (000)#			Value

COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
Citigroup Commercial Mortgage Trust, (cont’d.)
Series 2017-P08, Class A1		2.065%		09/15/50		—(r	)	$	172
Commercial Mortgage Trust,
Series 2012-CR04, Class A3		2.853		10/15/45		1,295			1,290,250
Series 2012-CR05, Class A4		2.771		12/10/45		3,733			3,721,723
Series 2013-CR07, Class ASB		2.739		03/10/46		41			41,163
Series 2013-CR08, Class A4		3.334		06/10/46		409			405,488
Series 2013-CR08, Class A5		3.612(cc)		06/10/46		5,081			5,051,925
Series 2013-CR11, Class ASB		3.660		08/10/50		244			242,792
Series 2014-CR16, Class A3		3.775		04/10/47		11,527			11,374,859
Series 2014-CR17, Class ASB		3.598		05/10/47		235			232,770
Series 2014-CR20, Class A3		3.326		11/10/47		4,545			4,429,726
Series 2014-UBS02, Class ASB		3.472		03/10/47		509			505,309
Series 2014-UBS04, Class A4		3.420		08/10/47		14,250			13,997,803
Series 2014-UBS05, Class A3		3.565		09/10/47		25,000			24,441,327
Series 2015-CR22, Class A3		3.207		03/10/48		820			818,925
Series 2015-CR23, Class ASB		3.257		05/10/48		1,120			1,102,520
Series 2015-CR24, Class ASB		3.445		08/10/48		2,066			2,039,924
Series 2015-LC19, Class A3		2.922		02/10/48		17,197			16,638,919
Series 2015-LC23, Class A2		3.221		10/10/48		184			183,592
CSAIL Commercial Mortgage Trust, Series 2016-C05, Class ASB		3.533		11/15/48		2,664			2,616,890
Deutsche Bank Commercial Mortgage Trust,
Series 2016-C03, Class A2		1.886		08/10/49		97			93,985
Series 2017-C06, Class A3		3.269		06/10/50		4,040			3,937,102
GS Mortgage Securities Corp. Trust, Series 2021-RENT, Class A, 144A, 1 Month LIBOR + 0.700% (Cap N/A, Floor 0.700%)		3.068(c)		11/21/35		5,369			5,254,436
GS Mortgage Securities Trust,
Series 2014-GC18, Class A3		3.801		01/10/47		2,531			2,498,662
Series 2014-GC22, Class A4		3.587		06/10/47		4,840			4,777,666
Series 2014-GC22, Class AAB		3.467		06/10/47		301			298,916
Series 2014-GC24, Class A4		3.666		09/10/47		19,488			19,164,790
JPMBB Commercial Mortgage Securities Trust,
Series 2013-C12, Class A4		3.363		07/15/45		2,332			2,306,973
Series 2013-C14, Class ASB		3.761(cc)		08/15/46		4,282			4,254,708
Series 2014-C18, Class A4A2, 144A		3.794		02/15/47		7,590			7,453,208
Series 2014-C21, Class A4		3.493		08/15/47		15,788			15,494,957
Series 2014-C25, Class ASB		3.407		11/15/47		2,630			2,591,712
Series 2014-C26, Class A3		3.231		01/15/48		19,817			19,263,384
Series 2015-C32, Class A4		3.329		11/15/48		3,500			3,434,769

See Notes to Financial Statements.

PGIM Fixed Income ETFs 45

PGIM Ultra Short Bond ETF

Schedule of Investments (continued)

as of August 31, 2022



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
JPMorgan Chase Commercial Mortgage Securities Trust,
Series 2013-LC11, Class A5	2.960%	04/15/46		7,287	$	7,203,516
Series 2016-JP02, Class ASB	2.713	08/15/49		6,543		6,325,503
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2012-C06, Class A4	2.858	11/15/45		94		94,194
Series 2013-C08, Class A4	3.134	12/15/48		3,878		3,865,902
Series 2013-C09, Class AAB	2.657	05/15/46		118		117,907
Series 2013-C12, Class ASB	3.824	10/15/46		1,842		1,837,228
Series 2014-C15, Class A3	3.773	04/15/47		2,550		2,521,296
Series 2014-C16, Class A4	3.600	06/15/47		23,408		23,088,828
Series 2014-C19, Class ASB	3.326	12/15/47		3,866		3,812,631
Series 2015-C23, Class ASB	3.398	07/15/50		1,397		1,376,462
Morgan Stanley Capital I Trust, Series 2018-H03, Class A2	3.997	07/15/51		516		513,039
One New York Plaza Trust, Series 2020-01NYP, Class A, 144A, 1 Month LIBOR + 0.950% (Cap N/A, Floor 0.950%)	3.341(c)	01/15/36		19,065		18,373,066
UBS-Barclays Commercial Mortgage Trust,
Series 2012-C04, Class A5	2.850	12/10/45		6,685		6,678,857
Series 2013-C05, Class A4	3.185	03/10/46		7,889		7,856,553
Wells Fargo Commercial Mortgage Trust,
Series 2013-LC12, Class A4	4.218(cc)	07/15/46		17,500		17,400,162
Series 2013-LC12, Class ASB	3.928(cc)	07/15/46		2,858		2,848,846
Series 2015-NXS02, Class A2	3.020	07/15/58		137		133,914
Series 2015-NXS02, Class A4	3.498	07/15/58		10,300		10,007,092
Series 2016-C34, Class ASB	2.911	06/15/49		3,717		3,607,300
Series 2017-C42, Class A1	2.338	12/15/50		191		190,255


TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
(cost $339,378,647)						327,413,301


CORPORATE BONDS 42.7%

Aerospace & Defense 0.4%
Boeing Co. (The), Sr. Unsec’d. Notes	1.167	02/04/23		10,000		9,875,184

Agriculture 0.5%
Cargill, Inc.,
Sr. Unsec’d. Notes, 144A	1.375	07/23/23		1,000		979,115
Sr. Unsec’d. Notes, 144A	3.500	04/22/25		6,750		6,653,227

See Notes to Financial Statements.

PGIM Ultra Short Bond ETF

Schedule of Investments (continued)

as of August 31, 2022



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Agriculture (cont’d.)
Philip Morris International, Inc., Sr. Unsec’d. Notes	1.125%	05/01/23		3,000	$	2,947,525


						10,579,867

Auto Manufacturers 3.8%
American Honda Finance Corp., Sr. Unsec’d. Notes, MTN	0.750	08/09/24		4,500		4,242,192
BMW US Capital LLC (Germany),
Gtd. Notes, 144A, SOFR Index + 0.530%	2.582(c)	04/01/24		4,000		3,982,082
Gtd. Notes, 144A	3.250	04/01/25		7,000		6,842,938
Gtd. Notes, 144A	3.800	04/06/23		4,000		4,004,566
Mercedes-Benz Finance North America LLC (Germany), Gtd. Notes, 144A	0.750	03/01/24		13,500		12,814,810
PACCAR Financial Corp., Sr. Unsec’d. Notes, MTN	3.550	08/11/25		25,000		24,771,419
Toyota Motor Credit Corp.,
Sr. Unsec’d. Notes, MTN	3.650	08/18/25		5,000		4,952,145
Sr. Unsec’d. Notes, MTN	3.950	06/30/25		18,750		18,730,544
Volkswagen Group of America Finance LLC (Germany), Gtd. Notes, 144A	3.950	06/06/25		13,250		13,046,878


						93,387,574

Banks 11.0%
Bank of America Corp., Sr. Unsec’d. Notes, MTN, 3 Month BSBY + 0.430%	3.342(c)	05/28/24		15,000		14,837,709
Bank of Nova Scotia (The) (Canada),
Sr. Unsec’d. Notes	1.625	05/01/23		6,000		5,917,756
Sr. Unsec’d. Notes, MTN, SOFR + 0.460%	2.577(c)	01/10/25		7,750		7,589,111
Banque Federative du Credit Mutuel SA (France),
Sr. Unsec’d. Notes, 144A	0.650	02/27/24		7,250		6,873,629
Sr. Unsec’d. Notes, 144A, SOFR Index + 0.410%	2.704(c)	02/04/25		20,000		19,595,090
Canadian Imperial Bank of Commerce (Canada),
Sr. Unsec’d. Notes, SOFR Index + 0.420%	2.597(c)	10/18/24		10,000		9,822,007
Sr. Unsec’d. Notes, SOFR + 0.800%	2.751(c)	03/17/23		6,000		5,998,585
Cooperatieve Rabobank UA (Netherlands), Sr. Unsec’d. Notes, SOFR Index + 0.300% (Cap N/A, Floor 0.000%)	2.426(c)	01/12/24		5,500		5,445,247

See Notes to Financial Statements.

PGIM Fixed Income ETFs 47

PGIM Ultra Short Bond ETF

Schedule of Investments (continued)

as of August 31, 2022



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Banks (cont’d.)
Credit Agricole Corporate & Investment Bank SA (France), Bank Gtd. Notes, MTN	0.400%	01/15/23		11,600	$	11,446,216
Credit Suisse AG (Switzerland), Sr. Unsec’d. Notes, SOFR Index + 0.390%	2.684(c)	02/02/24		2,500		2,466,366
Deutsche Bank AG (Germany), Sr. Unsec’d. Notes, Series E, SOFR + 0.500% (Cap N/A, Floor 0.000%)	2.794(c)	11/08/23		20,000		19,851,690
Federation des Caisses Desjardins du Quebec (Canada), Sr. Unsec’d. Notes, 144A	4.400	08/23/25		25,000		24,806,700
Fifth Third Bank NA, Sr. Unsec’d. Notes, MTN	1.800	01/30/23		5,000		4,957,088
Goldman Sachs Group, Inc. (The), Sr. Unsec’d. Notes	0.627(ff)	11/17/23		5,000		4,959,165
JPMorgan Chase & Co., Sr. Unsec’d. Notes	0.768(ff)	08/09/25		15,000		13,970,570
Morgan Stanley, Sr. Unsec’d. Notes, GMTN	3.750	02/25/23		10,000		10,006,711
Sr. Unsec’d. Notes, MTN, 3 Month LIBOR + 1.400%	4.183(c)	10/24/23		4,750		4,750,369
National Australia Bank Ltd. (Australia), Sr. Unsec’d. Notes	3.500	06/09/25		7,250		7,126,145
National Securities Clearing Corp., Sr. Unsec’d. Notes, 144A	0.400	12/07/23		3,750		3,590,486
Sr. Unsec’d. Notes, 144A	1.200	04/23/23		3,000		2,955,616
NatWest Markets PLC (United Kingdom), Sr. Unsec’d. Notes, 144A, SOFR + 1.450%	3.405(c)	03/22/25		9,000		9,005,659
Nordea Bank Abp (Finland), Sr. Unsec’d. Notes, 144A	0.625	05/24/24		9,500		8,917,029
Royal Bank of Canada (Canada), Sr. Unsec’d. Notes, GMTN, SOFR Index + 0.340%	2.443(c)	10/07/24		10,000		9,822,549
Skandinaviska Enskilda Banken AB (Sweden), Sr. Unsec’d. Notes, 144A	0.650	09/09/24		11,250		10,441,917
Sumitomo Mitsui Trust Bank Ltd. (Japan), Sr. Unsec’d. Notes, 144A, MTN, SOFR + 0.440%	2.282(c)	09/16/24		7,500		7,404,185
Toronto-Dominion Bank (The) (Canada), Sr. Unsec’d. Notes, MTN, SOFR + 0.350%	2.148(c)	09/10/24		8,000		7,863,918
Sr. Unsec’d. Notes, MTN, SOFR + 0.480%	2.748(c)	01/27/23		7,138		7,154,405
Truist Bank, Sr. Unsec’d. Notes, SOFR + 0.200%	2.377(c)	01/17/24		10,000		9,902,539

See Notes to Financial Statements.

PGIM Ultra Short Bond ETF

Schedule of Investments (continued)

as of August 31, 2022



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Banks (cont’d.)
Truist Bank, (cont’d.)
Sr. Unsec’d. Notes, SOFR + 0.730% (Cap N/A, Floor 0.000%)	2.512%(c)	03/09/23		2,000	$	1,998,557
UBS AG (Switzerland), Sr. Unsec’d. Notes, 144A, MTN	0.450	02/09/24		3,000		2,841,841
Sr. Unsec’d. Notes, 144A, MTN, SOFR + 0.360%	2.654(c)	02/09/24		4,500		4,476,555
UBS Group AG (Switzerland), Sr. Unsec’d. Notes, 144A	1.008(ff)	07/30/24		1,250		1,210,037


						268,005,447

Beverages 1.5%
Coca-Cola Europacific Partners PLC (United Kingdom), Sr. Unsec’d. Notes, 144A	0.500	05/05/23		5,600		5,460,733
Sr. Unsec’d. Notes, 144A	0.800	05/03/24		3,000		2,834,101
Keurig Dr. Pepper, Inc., Gtd. Notes	0.750	03/15/24		25,000		23,774,961
PepsiCo, Inc., Sr. Unsec’d. Notes	0.400	10/07/23		5,500		5,311,572


						37,381,367

Biotechnology 0.1%
Gilead Sciences, Inc., Sr. Unsec’d. Notes	0.750	09/29/23		2,250		2,176,661

Building Materials 0.1%
Martin Marietta Materials, Inc., Sr. Unsec’d. Notes	0.650	07/15/23		2,250		2,186,727

Chemicals 0.5%
Air Liquide Finance SA (France), Gtd. Notes, 144A	2.250	09/27/23		1,000		983,761
Nutrien Ltd. (Canada), Sr. Unsec’d. Notes	1.900	05/13/23		3,000		2,959,339

See Notes to Financial Statements.

PGIM Fixed Income ETFs 49

PGIM Ultra Short Bond ETF

Schedule of Investments (continued)

as of August 31, 2022



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Chemicals (cont’d.)
Sherwin-Williams Co. (The), Sr. Unsec’d. Notes	4.250%	08/08/25		5,500	$	5,495,105
Westlake Corp., Sr. Unsec’d. Notes	0.875	08/15/24		2,750		2,599,157


						12,037,362

Computers 0.2%
Apple, Inc., Sr. Unsec’d. Notes	1.700	09/11/22		5,000		4,998,667

Cosmetics/Personal Care 0.5%
Colgate-Palmolive Co., Sr. Unsec’d. Notes	3.100	08/15/25		6,750		6,637,141
GSK Consumer Healthcare Capital US LLC, Gtd. Notes, 144A, SOFR + 0.890%	2.879(c)	03/24/24		6,250		6,223,197


						12,860,338

Diversified Financial Services 2.3%
AIG Global Funding, Sr. Sec’d. Notes, 144A	0.650	06/17/24		12,750		11,985,883
Air Lease Corp., Sr. Unsec’d. Notes, MTN, 3 Month LIBOR + 0.350% (Cap N/A, Floor 0.000%)	2.179(c)	12/15/22		20,000		19,957,946
American Express Co., Sr. Unsec’d. Notes	3.400	02/27/23		10,000		9,998,095
Capital One Financial Corp., Sr. Unsec’d. Notes, 3 Month LIBOR + 0.720%	3.526(c)	01/30/23		1,660		1,654,553
Citigroup Global Markets Holdings, Inc., Gtd. Notes, MTN	0.750	06/07/24		13,250		12,488,905


						56,085,382

Electric 4.7%
American Electric Power Co., Inc., Sr. Unsec’d. Notes, Series A, 3 Month LIBOR + 0.480%	3.262(c)	11/01/23		3,000		2,992,952
CenterPoint Energy, Inc., Sr. Unsec’d. Notes, SOFR Index + 0.650%	2.944(c)	05/13/24		10,000		9,988,763

See Notes to Financial Statements.

PGIM Ultra Short Bond ETF

Schedule of Investments (continued)

as of August 31, 2022



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Electric (cont’d.)
DTE Energy Co.,
Sr. Unsec’d. Notes	2.250%	11/01/22		8,000	$	7,983,922
Sr. Unsec’d. Notes	4.220	11/01/24		8,250		8,218,846
Sr. Unsec’d. Notes, Series H	0.550	11/01/22		12,000		11,923,212
Entergy Louisiana LLC, First Mortgage	0.620	11/17/23		2,569		2,481,286
Florida Power & Light Co., Sr. Unsec’d. Notes, SOFR Index + 0.250%	2.544(c)	05/10/23		12,000		11,967,545
NextEra Energy Capital Holdings, Inc., Gtd. Notes	2.940	03/21/24		15,000		14,738,935
OGE Energy Corp., Sr. Unsec’d. Notes	0.703	05/26/23		3,500		3,416,521
PPL Electric Utilities Corp.,
First Mortgage, SOFR + 0.330%	2.323(c)	06/24/24		2,250		2,245,584
First Mortgage	2.500	09/01/22		4,800		4,800,000
Southern California Edison Co.,
First Mortgage, Series C	4.200	06/01/25		14,250		14,219,519
First Mortgage, Series D	3.400	06/01/23		13,475		13,415,907
WEC Energy Group, Inc., Sr. Unsec’d. Notes	0.800	03/15/24		7,250		6,908,505


						115,301,497

Entertainment 0.3%
Magallanes, Inc., Gtd. Notes, 144A, SOFR Index + 1.780%	3.662(c)	03/15/24		7,500		7,497,583

Foods 0.3%
Hormel Foods Corp., Sr. Unsec’d. Notes	0.650	06/03/24		3,500		3,324,615
Nestle Holdings, Inc., Gtd. Notes, 144A	0.375	01/15/24		5,000		4,774,477


						8,099,092

Forest Products & Paper 0.3%
Georgia-Pacific LLC, Sr. Unsec’d. Notes, 144A	3.734	07/15/23		7,000		6,984,599

See Notes to Financial Statements.

PGIM Fixed Income ETFs 51

PGIM Ultra Short Bond ETF

Schedule of Investments (continued)

as of August 31, 2022



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Gas 0.2%
Atmos Energy Corp., Sr. Unsec’d. Notes, 3 Month LIBOR + 0.380%	2.070%(c)	03/09/23		5,250	$	5,242,287

Healthcare-Products 1.5%
Baxter International, Inc.,
Sr. Unsec’d. Notes	0.868	12/01/23		10,000		9,617,980
Sr. Unsec’d. Notes, SOFR Index + 0.260%	2.556(c)	12/01/23		20,000		19,853,967
Stryker Corp., Sr. Unsec’d. Notes	0.600	12/01/23		1,250		1,200,564
Thermo Fisher Scientific, Inc., Sr. Unsec’d. Notes, SOFR Index + 0.530%	2.707(c)	10/18/24		6,750		6,708,340


						37,380,851

Healthcare-Services 0.3%
UnitedHealth Group, Inc., Sr. Unsec’d. Notes	0.550	05/15/24		7,250		6,885,793

Household Products/Wares 0.5%
Avery Dennison Corp., Sr. Unsec’d. Notes	0.850	08/15/24		12,350		11,566,841

Insurance 4.0%
Berkshire Hathaway, Inc., Sr. Unsec’d. Notes	2.750	03/15/23		4,853		4,842,360
Corebridge Financial, Inc., Sr. Unsec’d. Notes, 144A	3.500	04/04/25		8,000		7,709,730
Equitable Financial Life Global Funding,
Sec’d. Notes, 144A	0.800	08/12/24		3,000		2,794,980
Sec’d. Notes, 144A, SOFR + 0.390%	2.494(c)	04/06/23		10,000		9,964,602
Metropolitan Life Global Funding I, Sec’d. Notes, 144A, MTN	4.050	08/25/25		23,250		23,112,370
New York Life Global Funding,
Sec’d. Notes, 144A	2.900	01/17/24		4,190		4,128,893
Sec’d. Notes, 144A, MTN	3.600	08/05/25		19,750		19,399,966
Pacific Life Global Funding II, Sr. Sec’d. Notes, 144A	0.500	09/23/23		4,750		4,584,097
Principal Life Global Funding II, Sec’d. Notes, 144A	0.500	01/08/24		7,250		6,899,547

See Notes to Financial Statements.

PGIM Ultra Short Bond ETF

Schedule of Investments (continued)

as of August 31, 2022



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Insurance (cont’d.)
Principal Life Global Funding II, (cont’d.) Sec’d. Notes, 144A, SOFR + 0.450%	2.576%(c)	04/12/24		1,250	$	1,238,158
Protective Life Global Funding,
Sec’d. Notes, 144A	0.631	10/13/23		4,250		4,098,912
Sr. Sec’d. Notes, 144A	0.473	01/12/24		10,000		9,491,412


						98,265,027

Iron/Steel 0.3%
Nucor Corp., Sr. Unsec’d. Notes	3.950	05/23/25		8,000		7,941,778

Machinery-Construction & Mining 1.0%
Caterpillar Financial Services Corp.,
Sr. Unsec’d. Notes, MTN	0.450	09/14/23		10,000		9,680,569
Sr. Unsec’d. Notes, MTN, SOFR + 0.150%	2.445(c)	11/17/22		15,000		14,989,665


						24,670,234

Machinery-Diversified 0.5%
CNH Industrial Capital LLC, Gtd. Notes	3.950	05/23/25		12,500		12,286,872

Media 0.1%
Walt Disney Co. (The), Gtd. Notes, 3 Month LIBOR + 0.390%	1.970(c)	09/01/22		3,000		3,000,000

Miscellaneous Manufacturing 0.5%
Carlisle Cos., Inc., Sr. Unsec’d. Notes	0.550	09/01/23		3,000		2,898,448
General Electric Co., Sr. Unsec’d. Notes, GMTN	3.100	01/09/23		10,000		9,976,523


						12,874,971

Oil & Gas 0.4%
Exxon Mobil Corp., Sr. Unsec’d. Notes	1.571	04/15/23		4,000		3,953,825

See Notes to Financial Statements.

PGIM Fixed Income ETFs 53

PGIM Ultra Short Bond ETF

Schedule of Investments (continued)

as of August 31, 2022



Description		Interest Rate	Maturity Date	Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Oil & Gas (cont’d.)
Phillips 66, Gtd. Notes		0.900%	02/15/24		4,000	$	3,826,895
Pioneer Natural Resources Co., Sr. Unsec’d. Notes		0.550	05/15/23		2,500		2,440,049


							10,220,769

Pharmaceuticals 1.6%
AbbVie, Inc., Sr. Unsec’d. Notes, 3 Month LIBOR + 0.650%		3.634(c)	11/21/22		3,000		3,002,473
AmerisourceBergen Corp., Sr. Unsec’d. Notes		0.737	03/15/23		8,066		7,924,813
Astrazeneca Finance LLC (United Kingdom), Gtd. Notes		0.700	05/28/24		12,250		11,613,542
Bristol-Myers Squibb Co., Sr. Unsec’d. Notes		0.537	11/13/23		10,000		9,665,717
GlaxoSmithKline Capital PLC (United Kingdom), Gtd. Notes		0.534	10/01/23		6,500		6,317,230


							38,523,775

Pipelines 0.9%	��
Enbridge, Inc. (Canada), Gtd. Notes		0.550	10/04/23		8,000		7,696,743
Southern Natural Gas Co. LLC, Sr. Unsec’d. Notes, 144A		0.625	04/28/23		5,250		5,096,553
TransCanada PipeLines Ltd. (Canada), Sr. Unsec’d. Notes		1.000	10/12/24		9,750		9,087,853


							21,881,149

Real Estate Investment Trusts (REITs) 0.4%
Public Storage, Sr. Unsec’d. Notes, SOFR + 0.470%		2.705(c)	04/23/24		8,500		8,456,400

Retail 0.4%
7-Eleven, Inc.,
Sr. Unsec’d. Notes, 144A		0.625	02/10/23		1,750		1,724,426
Sr. Unsec’d. Notes, 144A		0.800	02/10/24		2,250		2,144,619

See Notes to Financial Statements.

PGIM Ultra Short Bond ETF

Schedule of Investments (continued)

as of August 31, 2022



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Retail (cont’d.)
Home Depot, Inc. (The), Sr. Unsec’d. Notes	2.700%	04/15/25		6,000	$	5,858,121


						9,727,166

Savings & Loans 0.4%
Nationwide Building Society (United Kingdom), Sr. Unsec’d. Notes, 144A	0.550	01/22/24		9,750		9,246,589

Semiconductors 1.2%
Analog Devices, Inc., Sr. Unsec’d. Notes, SOFR + 0.250%	2.302(c)	10/01/24		2,000		1,963,860
Microchip Technology, Inc., Sr. Sec’d. Notes	0.972	02/15/24		28,500		27,091,464


						29,055,324

Software 0.7%
Fidelity National Information Services, Inc., Sr. Unsec’d. Notes	0.600	03/01/24		5,750		5,451,036
Infor, Inc., Sr. Unsec’d. Notes, 144A	1.450	07/15/23		1,200		1,164,595
Oracle Corp., Sr. Unsec’d. Notes	2.500	10/15/22		9,000		8,987,752


						15,603,383

Telecommunications 1.3%
NTT Finance Corp. (Japan),
Gtd. Notes, 144A	0.583	03/01/24		6,500		6,181,628
Sr. Unsec’d. Notes, 144A	4.142	07/26/24		3,000		3,004,578
Verizon Communications, Inc.,
Sr. Unsec’d. Notes	0.750	03/22/24		8,000		7,635,489
Sr. Unsec’d. Notes, SOFR Index + 0.500%	2.455(c)	03/22/24		7,000		6,945,218

See Notes to Financial Statements.

PGIM Fixed Income ETFs 55

PGIM Ultra Short Bond ETF

Schedule of Investments (continued)

as of August 31, 2022



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Telecommunications (cont’d.)
Vodafone Group PLC (United Kingdom), Sr. Unsec’d. Notes		2.500%		09/26/22		8,000	$	7,993,950


								31,760,863


TOTAL CORPORATE BONDS (cost $1,062,724,999)								1,042,047,419


RESIDENTIAL MORTGAGE-BACKED SECURITIES 1.1%
Mortgage Repurchase Agreement Financing Trust, Series 2021-S01, Class A1, 144A, 1 Month LIBOR + 0.500% (Cap N/A, Floor 0.500%)		2.889(c)		09/10/22		17,000		16,999,978
Towd Point Mortgage Trust, Series 2021-SJ01, Class A1, 144A		2.250(cc)		07/25/68		11,375		10,796,235


TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES (cost $28,494,349)								27,796,213


TOTAL LONG-TERM INVESTMENTS (cost $1,861,923,629)								1,822,651,872


SHORT-TERM INVESTMENTS 23.5%

CERTIFICATES OF DEPOSIT 6.4%
BNP Paribas SA, SOFR + 0.510%		2.800(c)		09/21/22		7,000		7,001,338
Citibank NA		3.600		02/10/23		2,500		2,501,055
Credit Agricole Corporate & Investment Bank SA		2.380		09/22/22		30,000		30,000,099
MUFG Bank Ltd.		0.300		10/25/22		10,000		9,966,157
Nordea Bank Abp,
SOFR + 0.500%		2.790(c)		09/09/22		15,000		15,001,645
SOFR + 0.540%		2.830(c)		05/26/23		15,000		15,004,476
Skandinaviska Enskilda Banken AB, SOFR + 0.730%		3.020(c)		03/17/23		15,000		15,022,060
Standard Chartered Bank, SOFR + 0.420%		2.710(c)		07/28/23		13,000		12,988,105
Sumitomo Mitsui Trust Bank Ltd., SOFR + 0.340%		2.630(c)		10/13/22		25,000		25,002,627
Svenska Handelsbanken, SOFR + 0.700%		2.990(c)		03/15/23		25,000		25,031,675


TOTAL CERTIFICATES OF DEPOSIT (cost $157,496,466)								157,519,237

See Notes to Financial Statements.

PGIM Ultra Short Bond ETF

Schedule of Investments (continued)

as of August 31, 2022

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

COMMERCIAL PAPER 14.1%

Alimentation Couche-Tard, Inc.,
144A

2.725%(n)

09/13/22

5,000

4,995,172

Banco Santander SA,
144A

3.291(n)

12/01/22

13,000

12,899,835

Bell Canada,

144A

2.706(n)

09/08/22

6,000

5,996,779

144A

2.716(n)

09/16/22

10,000

9,989,044

BNP Paribas SA,
144A, SOFR + 0.420%

2.710(c)

12/07/22

20,000

20,012,125

Enbridge, Inc.,

144A

2.755(n)

09/08/22

3,000

2,998,165

144A

2.756(n)

09/16/22

14,000

13,982,721

Enel Finance America LLC,

144A

3.367(n)

09/23/22

15,000

14,974,336

144A

3.464(n)

09/28/22

10,000

9,978,883

Federation des Caisses Desjardins du Quebec,
144A

2.414(n)

10/03/22

25,000

24,943,740

Glencore Funding LLC,

144A

2.910(n)

09/22/22

11,000

10,981,124

144A

2.961(n)

09/26/22

14,000

13,971,497

144A

2.971(n)

09/27/22

2,000

1,995,767

HCP, Inc.,

144A

2.758(n)

09/21/22

5,000

4,992,145

144A

2.819(n)

09/27/22

10,000

9,979,465

Hewlett Packard Enterprise Co.,
144A

2.754(n)

09/16/22

5,000

4,994,164

HP Enterprise Corp.,
144A

2.849(n)

09/22/22

7,000

6,988,578

Mitsubishi Corp.,
144A

2.446(n)

09/12/22

10,000

9,992,130

National Australia Bank Ltd.,
144A, SOFR + 0.180%

2.450(c)

09/01/22

20,000

20,000,105

National Securities Clearing Corp.,
144A

2.354(n)

09/02/22

20,000

19,997,452

Nutrien Ltd.,
144A

2.868(n)

09/14/22

12,000

11,987,624

Ontario Teachers’ Finance Trust,
144A

3.151(n)

01/12/23

10,000

9,876,311

Raytheon Technologies Corp.,
144A

3.269(n)

10/14/22

12,000

11,957,775

ST Engineering North America, Inc.,
144A

2.871(n)

11/07/22

15,000

14,917,437

See Notes to Financial Statements.

PGIM Fixed Income ETFs 57

PGIM Ultra Short Bond ETF

Schedule of Investments (continued)

as of August 31, 2022

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

COMMERCIAL PAPER (Continued)

Swedbank AB, SOFR + 0.410%

2.700%(c)

11/14/22

20,000

20,004,333

TransCanada PipeLines Ltd.,
144A

2.755(n)

09/06/22

10,000

9,995,735

UDR, Inc.,
144A

2.726(n)

09/07/22

4,000

3,998,009

Virginia Electric & Power Co.,
144A

2.655(n)

09/12/22

10,000

9,991,863

Waste Management, Inc.,
144A

0.305(n)

09/09/22

6,500

6,495,822

Welltower, Inc.,

144A

2.736(n)

09/01/22

10,000

9,999,291

144A

2.856(n)

09/26/22

10,000

9,980,500

TOTAL COMMERCIAL PAPER
(cost $343,838,778)

343,867,927

Shares

UNAFFILIATED FUND 3.0%

Dreyfus Government Cash Management (Institutional Shares)
(cost $72,118,129)

72,118,129

TOTAL SHORT-TERM INVESTMENTS
(cost $573,453,373)

573,505,293

TOTAL INVESTMENTS 98.1%
(cost $2,435,377,002)

2,396,157,165

Other assets in excess of liabilities(z) 1.9%

46,168,289

NET ASSETS 100.0%

2,442,325,454

See the Glossary for a list of the abbreviation(s) used in the annual report.

#	Principal or notional amount is shown in U.S. dollars unless otherwise stated.

(c)	Variable rate instrument. The interest rate shown reflects the rate in effect at August 31, 2022.

(cc)

Variable rate instrument. The rate shown is based on the latest available information as of August 31, 2022. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

(f)

Indicates a restricted security that is acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer and is considered restricted as to disposition under federal securities law; the aggregate original cost of such securities is $15,000,000. The aggregate value of $14,757,000 is 0.6% of net assets.

See Notes to Financial Statements.

PGIM Ultra Short Bond ETF

Schedule of Investments (continued)

as of August 31, 2022

(ff)	Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.

(n)	Rate shown reflects yield to maturity at purchased date.

(r)	Principal or notional amount is less than $500 par.

(z)	Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:

Futures contracts outstanding at August 31, 2022:

Number
of
Contracts

Type

Expiration
Date

Current
Notional
Amount

Value /
Unrealized
Appreciation
(Depreciation)

Short Position:

20 2 Year U.S. Treasury Notes

Dec. 2022

$4,166,563

$11,093

Interest rate swap agreements outstanding at August 31, 2022:


Notional Amount (000)#	Termination Date		Fixed Rate	Floating Rate	Value at Trade Date			Value at August 31, 2022			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements:
19,000		09/03/22	1.919%(S)	3 Month LIBOR(1)(Q)	$	(617	)	$	(155,777	)	$	(155,160	)
2,000		12/10/22	0.362%(S)	1 Day USOIS(1)(A)		3			22,041			22,038
7,000		01/14/23	(0.006)%(S)	1 Day USOIS(1)(A)		25			127,708			127,683
25,000		01/30/23	1.467%(S)	3 Month LIBOR(1)(Q)		(3,459	)		202,464			205,923
5,000		04/13/23	(0.013)%(S)	1 Day USOIS(1)(A)		36			137,212			137,176
8,560		05/11/23	2.250%(S)	1 Day USOIS(1)(A)		(146,332	)		59,943			206,275
18,000		06/07/23	0.148%(S)	1 Day USOIS(1)(A)		73			540,358			540,285
75,000		07/26/23	0.192%(S)	1 Day USOIS(1)(A)		143			2,454,916			2,454,773
11,000		09/06/23	2.114%(S)	1 Day SOFR(1)(A)		125			128,369			128,244
4,000		09/11/23	1.423%(S)	1 Day SOFR(1)(A)		109			83,286			83,177
8,000		10/01/23	0.251%(S)	1 Day SOFR(1)(A)		91			313,843			313,752
10,000		12/01/23	2.634%(S)	1 Day SOFR(1)(A)		136			85,912			85,776
5,000		12/07/23	0.221%(S)	1 Day USOIS(1)(A)		81			234,966			234,885
8,750		02/04/24	0.133%(S)	1 Day USOIS(1)(A)		4,873			474,039			469,166
19,500		03/01/24	0.230%(S)	1 Day USOIS(1)(A)		12,083			1,062,774			1,050,691
28,500		03/01/24	2.478%(S)	1 Day SOFR(1)(A)		214			416,252			416,038
46,000		03/09/24	1.440%(S)	1 Day SOFR(1)(A)		24,506			1,416,784			1,392,278
8,000		03/15/24	0.276%(S)	1 Day USOIS(1)(A)		86			436,482			436,396
23,000		03/15/24	1.658%(S)	1 Day SOFR(1)(A)		154			620,248			620,094
7,000		03/18/24	0.278%(S)	1 Day USOIS(1)(A)		85			376,338			376,253
12,500		03/25/24	2.055%(S)	1 Day SOFR(1)(A)		139			250,530			250,391
68,000		03/31/24	2.305%(S)	1 Day SOFR(1)(A)		211,085			1,060,562			849,477
3,000		04/26/24	0.305%(S)	1 Day USOIS(1)(A)		86			171,998			171,912
11,250		05/11/24	0.300%(S)	1 Day SOFR(1)(A)		(984	)		652,991			653,975
15,000		05/11/24	2.603%(S)	1 Day SOFR(1)(A)		(11,883	)		197,061			208,944
16,750		05/20/24	0.296%(S)	1 Day USOIS(1)(A)		107			993,572			993,465

See Notes to Financial Statements.

PGIM Fixed Income ETFs 59

PGIM Ultra Short Bond ETF

Schedule of Investments (continued)

as of August 31, 2022

Interest rate swap agreements outstanding at August 31, 2022 (continued):


Notional Amount (000)#	Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at August 31, 2022		Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
10,900		06/07/24		0.318%(S)	1 Day USOIS(1)(A)	$	103		$	653,865	$	653,762
12,750		06/16/24		0.304%(S)	1 Day USOIS(1)(A)		107			775,964		775,857
15,000		08/05/24		0.261%(S)	1 Day SOFR(1)(A)		118			939,967		939,849
29,000		08/08/24		2.512%(S)	1 Day SOFR(1)(A)		166,045			557,070		391,025
3,000		08/13/24		0.368%(S)	1 Day SOFR(1)(A)		102			181,949		181,847
8,000		08/31/24		0.399%(S)	1 Day USOIS(1)(A)		107			487,841		487,734
12,500		09/01/24		2.500%(S)	1 Day SOFR(1)(A)		4,344			216,232		211,888
4,500		09/09/24		0.368%(S)	1 Day SOFR(1)(A)		(11	)		284,465		284,476
46,500		09/09/24		1.484%(S)	1 Day SOFR(1)(A)		60,524			1,753,954		1,693,430
9,750		10/12/24		0.511%(S)	1 Day SOFR(1)(A)		172			600,244		600,072
12,000		03/21/25		1.998%(S)	1 Day SOFR(1)(A)		150			370,594		370,444
83,500		03/30/25		2.418%(S)	1 Day SOFR(1)(A)		343,744			1,623,949		1,280,205
16,000		05/11/25		0.450%(S)	1 Day SOFR(1)(A)		13,855			1,260,404		1,246,549
18,750		06/29/25		3.083%(S)	1 Day SOFR(1)(A)		—			105,272		105,272
57,000		06/29/25		3.086%(S)	1 Day SOFR(1)(A)		(509,702	)		318,215		827,917
53,250		08/17/25		2.957%(S)	1 Day SOFR(1)(A)		115,302			555,765		440,463

						$	285,925		$	23,050,622	$	22,764,697

(1)	The Fund pays the fixed rate and receives the floating rate.

(2)	The Fund pays the floating rate and receives the fixed rate.

Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:

Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:


Broker	Cash and/or Foreign Currency			Securities Market Value

Citigroup Global Markets, Inc.		$	11,142,000		$	—

See Notes to Financial Statements.

PGIM Ultra Short Bond ETF

Schedule of Investments (continued)

as of August 31, 2022

Fair Value Measurements:

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of August 31, 2022 in valuing such portfolio securities:


	Level 1			Level 2				Level 3
Investments in Securities
Assets
Long-Term Investments
Asset-Backed Securities
Automobiles		$	—		$	36,411,899			$—
Collateralized Loan Obligations			—			361,926,126			—
Consumer Loans			—			1,279,504			—
Equipment			—			10,829,847			—
Certificate of Deposit			—			14,947,563			—
Commercial Mortgage-Backed Securities			—			327,413,301			—
Corporate Bonds			—			1,042,047,419			—
Residential Mortgage-Backed Securities			—			27,796,213			—
Short-Term Investments
Certificates of Deposit			—			157,519,237			—
Commercial Paper			—			343,867,927			—
Unaffiliated Fund			72,118,129			—			—

Total		$	72,118,129		$	2,324,039,036			$—


Other Financial Instruments*
Assets
Futures Contracts		$	11,093		$	—			$—
Centrally Cleared Interest Rate Swap Agreements			—			22,919,857			—

Total		$	11,093		$	22,919,857			$—


Liabilities
Centrally Cleared Interest Rate Swap Agreement		$	—		$	(155,160	)		$—

Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and centrally cleared swap contracts, which are recorded at the unrealized appreciation (depreciation) on the instrument, and OTC swap contracts which are recorded at fair value.

See Notes to Financial Statements.

PGIM Fixed Income ETFs 61

PGIM Ultra Short Bond ETF

Schedule of Investments (continued)

as of August 31, 2022

Industry Classification:

The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of August 31, 2022 were as follows:


Collateralized Loan Obligations	14.8	%
Commercial Paper	14.1
Commercial Mortgage-Backed Securities	13.4
Banks	11.0
Certificates of Deposit	7.0
Electric	4.7
Insurance	4.0
Auto Manufacturers	3.8
Unaffiliated Fund	3.0
Diversified Financial Services	2.3
Pharmaceuticals	1.6
Beverages	1.5
Healthcare-Products	1.5
Automobiles	1.5
Telecommunications	1.3
Semiconductors	1.2
Residential Mortgage-Backed Securities	1.1
Machinery-Construction & Mining	1.0
Pipelines	0.9
Software	0.7
Miscellaneous Manufacturing	0.5
Cosmetics/Personal Care	0.5
Machinery-Diversified	0.5
Chemicals	0.5
Household Products/Wares	0.5


Agriculture	0.5	%
Equipment	0.4
Oil & Gas	0.4
Aerospace & Defense	0.4
Retail	0.4
Savings & Loans	0.4
Real Estate Investment Trusts (REITs)	0.4
Foods	0.3
Iron/Steel	0.3
Entertainment	0.3
Forest Products & Paper	0.3
Healthcare-Services	0.3
Gas	0.2
Computers	0.2
Media	0.1
Building Materials	0.1
Biotechnology	0.1
Consumer Loans	0.1

	98.1
Other assets in excess of liabilities	1.9


	100.0	%

Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:

The Fund invested in derivative instruments during the reporting period. The primary type of risk associated with these derivative instruments is interest rate contracts risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Fund’s financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

See Notes to Financial Statements.

PGIM Ultra Short Bond ETF

Schedule of Investments (continued)

as of August 31, 2022

Fair values of derivative instruments as of August 31, 2022 as presented in the Statement of Assets and Liabilities:


	Asset Derivatives				Liability Derivatives

Derivatives not accounted for as hedging instruments, carried at fair value	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Interest rate contracts	Due from/to broker-variation margin futures	$	11,093*		—	$	—
Interest rate contracts	Due from/to broker-variation margin swaps		22,919,857	*	Due from/to broker-variation margin swaps		155,160	*

		$	22,930,950			$	155,160

*	Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

The effects of derivative instruments on the Statement of Operations for the year ended August 31, 2022 are as follows:


Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Futures		Swaps
Interest rate contracts	$	239,957	$	(873,996	)


Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Futures		Swaps
Interest rate contracts	$	15,808	$	25,059,273

For the year ended August 31, 2022, the Fund’s average volume of derivative activities is as follows:


Derivative Contract Type				Average Volume of Derivative Activities*
Futures Contracts - Short Positions (1)				$ 5,602,317
Interest Rate Swap Agreements (1)				572,897,000

*	Average volume is based on average quarter end balances as noted for the year ended August 31, 2022.

(1)	Notional Amount in USD.

See Notes to Financial Statements.

PGIM Fixed Income ETFs 63

PGIM Ultra Short Bond ETF

Statement of Assets & Liabilities

as of August 31, 2022


Assets

Unaffiliated investments (cost $2,435,377,002)	$	2,396,157,165
Receivable for Fund shares sold		38,103,760
Deposit with broker for centrally cleared/exchange-traded derivatives		11,142,000
Dividends and interest receivable		7,271,017
Due from former custodian		5,582,418
Tax reclaim receivable		4,097
Other assets		542,678


Total Assets		2,458,803,135


Liabilities

Payable for Fund shares purchased		15,979,376
Management fee payable		305,078
Due to broker—variation margin swaps		192,446
Due to broker—variation margin futures		781


Total Liabilities		16,477,681


Net Assets	$	2,442,325,454



Net assets were comprised of:
Common Stock, at par	$	49,675
Paid-in capital in excess of par		2,478,598,809
Total distributable earnings (loss)		(36,323,030	)


Net assets, August 31, 2022	$	2,442,325,454


Net asset value, offering price and redemption price per share, ($2,442,325,454 ÷ 49,675,000 shares of common stock issued and outstanding)	$	49.17

See Notes to Financial Statements.

PGIM Ultra Short Bond ETF

Statement of Operations

Year Ended August 31, 2022


Net Investment Income (Loss)

Income
Interest income (net of $4,230 foreign withholding tax)	$	31,219,401
Unaffiliated dividend income		598,617
Affiliated dividend income		30,823
Income from securities lending, net (including affiliated income of $426)		1,323


Total income		31,850,164


Expenses
Management fee		3,402,205


Net investment income (loss)		28,447,959


Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions

Net realized gain (loss) on:
Investment transactions (including affiliated of $(1,124))		(3,838,267	)
Futures transactions		239,957
Swap agreement transactions		(873,996	)
Foreign currency transactions		(3	)


		(4,472,309	)

Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $600)		(42,916,547	)
Futures		15,808
Swap agreements		25,059,273
Foreign currencies		4


		(17,841,462	)


Net gain (loss) on investment and foreign currency transactions		(22,313,771	)


Net Increase (Decrease) In Net Assets Resulting From Operations	$	6,134,188

See Notes to Financial Statements.

PGIM Fixed Income ETFs 65

PGIM Ultra Short Bond ETF

Statements of Changes in Net Assets



	Year Ended August 31,

	2022			2021
Increase (Decrease) in Net Assets

Operations
Net investment income (loss)	$	28,447,959		$	16,827,976
Net realized gain (loss) on investment and foreign currency transactions		(4,472,309	)		(4,807,851	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		(17,841,462	)		68,868


Net increase (decrease) in net assets resulting from operations		6,134,188			12,088,993


Dividends and Distributions
Distributions from distributable earnings		(29,966,721	)		(18,216,405	)


Fund share transactions
Net proceeds from shares sold (29,900,000 and 18,775,000 shares, respectively)		1,471,938,881			934,975,118
Cost of shares purchased (17,975,000 and 1,850,000 shares, respectively)		(882,319,618	)		(92,197,152	)

Net increase (decrease) in net assets from Fund share transactions		589,619,263			842,777,966


Total increase (decrease)		565,786,730			836,650,554

Net Assets:

Beginning of year		1,876,538,724			1,039,888,170


End of year	$	2,442,325,454		$	1,876,538,724

See Notes to Financial Statements.

PGIM Ultra Short Bond ETF

Financial Highlights



	Year Ended August 31,												April 05, 2018^(a) through August 31, 2018
	2022			2021			2020			2019			April 05, 2018^(a) through August 31, 2018

Per Share Operating Performance^(b):
Net Asset Value, Beginning of Period		$49.71			$49.93			$50.15			$50.12			$50.00
Income (loss) from investment operations:
Net investment income (loss)		0.62			0.64			1.06			1.40			0.53
Net realized and unrealized gain (loss) on investment transactions		(0.52	)		(0.15	)		(0.08	)		(0.02	)		0.01
Total from investment operations		0.10			0.49			0.98			1.38			0.54
Less Dividends and Distributions:
Dividends from net investment income		(0.64	)		(0.71	)		(1.20	)		(1.35	)		(0.42	)
Net asset value, end of period		$49.17			$49.71			$49.93			$50.15			$50.12
Total Return^(c):		0.21	%		0.98	%		1.99	%		2.80	%		1.08	%



Ratios/Supplemental Data:
Net assets, end of period (000)		$2,442,325			$1,876,539			$1,039,888			$562,990			$52,627
Average net assets (000)		$2,267,793			$1,320,282			$883,274			$246,678			$33,209
Ratios to average net assets^(d):
Expenses after waivers and/or expense reimbursement		0.15	%		0.15	%		0.15	%		0.15	%		0.15	%^(e)
Expenses before waivers and/or expense reimbursement		0.15	%		0.15	%		0.15	%		0.15	%		0.15	%^(e)
Net investment income (loss)		1.25	%		1.27	%		2.12	%		2.77	%		2.58	%^(e)
Portfolio turnover rate^(f)		9	%		10	%		47	%		7	%		145	%

(a)	Commencement of operations.

(b)	Calculated based on average shares outstanding during the period.

(c)

Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(d)	Does not include expenses of the underlying funds in which the Fund invests.

(e)	Annualized.

(f)	The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Fixed Income ETFs 67

PGIM Active High Yield Bond ETF

Schedule of Investments

as of August 31, 2022

Description

Interest
Rate

Maturity
Date

Principal
Amount

(000)#

Value

LONG-TERM INVESTMENTS 96.2%

ASSET-BACKED SECURITIES 3.3%

Collateralized Loan Obligations

Carlyle Global Market Strategies CLO Ltd. (Cayman Islands),

Series 2015-05A, Class A1RR, 144A, 3 Month LIBOR + 1.080% (Cap N/A, Floor 1.080%)

3.790%(c)

01/20/32

750

734,250

Madison Park Funding Ltd. (Cayman Islands),

Series 2019-33A, Class AR, 144A, 3 Month SOFR + 1.290% (Cap N/A, Floor 1.290%)

3.618(c)

10/15/32

1,000

987,029

Race Point CLO Ltd. (Cayman Islands),

Series 2013-08A, Class AR2, 144A, 3 Month LIBOR + 1.040% (Cap N/A, Floor 1.040%)

4.024(c)

02/20/30

712

702,734

Voya CLO Ltd. (Cayman Islands),

Series 2014-02A, Class A1RR, 144A, 3 Month LIBOR + 1.020% (Cap N/A, Floor 1.020%)

3.760(c)

04/17/30

740

732,311

TOTAL ASSET-BACKED SECURITIES
(cost $3,176,239)

3,156,324

BANK LOANS 1.9%

Airlines 0.1%

United Airlines, Inc.,

Class B Term Loan, 3 Month LIBOR + 3.750%

6.533(c)

04/21/28

153

147,870

Chemicals 0.0%

TPC Group, Inc.,

DIP Facility, 3 Month SOFR + 10.000%^

10.051(c)

03/01/23

15,527

Electric 0.1%

Heritage Power LLC,

Term Loan B, 3 Month LIBOR + 6.000%

8.806(c)

07/30/26

141

55,334

Insurance 0.2%

Asurion LLC,

New B-4 Term Loan, 1 Month LIBOR + 5.250%

7.622(c)

01/20/29

225

190,969

See Notes to Financial Statements.

PGIM Active High Yield Bond ETF

Schedule of Investments (continued)

as of August 31, 2022

Description

Interest
Rate

Maturity
Date

Principal
Amount

(000)#

Value

BANK LOANS (Continued)

Media 0.1%

Diamond Sports Group LLC,

First Lien Term Loan, 1 Month SOFR + 8.000%

10.387%(c)

05/25/26

140

131,857

Second Lien Term Loan, 1 Month SOFR + 3.350%

5.637(c)

08/24/26

7,134

138,991

Oil & Gas 0.2%

Ascent Resources Utica Holdings LLC,

Second Lien Term Loan, 3 Month LIBOR + 9.000%

11.455(c)

11/01/25

118

124,490

Citgo Petroleum Corp.,

2019 Incremental Term B Loan, 1 Month LIBOR + 6.250%

8.774(c)

03/28/24

66,078

190,568

Retail 0.1%

EG America LLC (United Kingdom),

Project Becker Additional Facility, 3 Month LIBOR + 4.250%

6.500(c)

03/31/26

28,980

Great Outdoors Group LLC,

Term B-2 Loan, 1 Month LIBOR + 3.750%

6.274(c)

03/06/28

47,566

76,546

Software 0.4%

Boxer Parent Co., Inc.,

Second Lien Incremental Term Loan, 1 Month LIBOR + 5.500%

8.024(c)

02/27/26

46,800

Finastra USA, Inc.,

First Lien Dollar Term Loan, 6 Month LIBOR + 3.500%

6.871(c)

06/13/24

123

115,018

Skillsoft Finance II, Inc.,

Initial Term Loan, 1 Month SOFR + 5.250%

7.652(c)

07/14/28

194

186,194

348,012

See Notes to Financial Statements.

PGIM Fixed Income ETFs 69

PGIM Active High Yield Bond ETF

Schedule of Investments (continued)

as of August 31, 2022



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

BANK LOANS (Continued)

Telecommunications 0.7%

West Corp.,
Initial Term B Loan, 1 Month LIBOR + 4.000%		6.524%(c)		10/10/24		520	$	422,733
Xplornet Communications, Inc. (Canada),
Refinancing Term Loan, 1 Month LIBOR + 4.000%		6.524(c)		10/02/28		223		205,448


								628,181


TOTAL BANK LOANS (cost $1,883,586)								1,791,998


CORPORATE BONDS 80.0%

Advertising 0.5%

CMG Media Corp.,
Gtd. Notes, 144A		8.875		12/15/27		515		450,184

Aerospace & Defense 2.9%

Boeing Co. (The),
Sr. Unsec’d. Notes		5.805		05/01/50		150		143,878
Sr. Unsec’d. Notes		5.930		05/01/60		350		334,194
Bombardier, Inc. (Canada),
Sr. Unsec’d. Notes, 144A		6.000		02/15/28		150		133,005
Sr. Unsec’d. Notes, 144A		7.125		06/15/26		300		284,925
Sr. Unsec’d. Notes, 144A		7.500		12/01/24		299		297,056
Sr. Unsec’d. Notes, 144A		7.500		03/15/25		304		297,355
Sr. Unsec’d. Notes, 144A		7.875		04/15/27		490		466,970
Spirit AeroSystems, Inc.,
Sec’d. Notes, 144A		7.500		04/15/25		225		220,278
TransDigm, Inc.,
Gtd. Notes		4.625		01/15/29		50		42,338
Gtd. Notes		5.500		11/15/27		450		404,931
Sr. Sec’d. Notes, 144A		6.250		03/15/26		100		98,208


								2,723,138

Agriculture 0.2%

Vector Group Ltd.,
Sr. Sec’d. Notes, 144A		5.750		02/01/29		175		151,728

See Notes to Financial Statements.

PGIM Active High Yield Bond ETF

Schedule of Investments (continued)

as of August 31, 2022



Description	Interest Rate		Maturity Date	Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Airlines 0.8%

American Airlines, Inc.,
Sr. Sec’d. Notes, 144A		11.750%	07/15/25		175	$	193,321
American Airlines, Inc./AAdvantage Loyalty IP Ltd.,
Sr. Sec’d. Notes, 144A		5.500	04/20/26		150		142,337
Sr. Sec’d. Notes, 144A		5.750	04/20/29		125		112,530
Hawaiian Brand Intellectual Property
Ltd./HawaiianMiles Loyalty Ltd.,
Sr. Sec’d. Notes, 144A		5.750	01/20/26		50		45,473
United Airlines, Inc.,
Sr. Sec’d. Notes, 144A		4.625	04/15/29		300		263,320


							756,981

Apparel 0.7%

Kontoor Brands, Inc.,
Gtd. Notes, 144A		4.125	11/15/29		50		42,785
William Carter Co. (The),
Gtd. Notes, 144A		5.625	03/15/27		325		315,181
Wolverine World Wide, Inc.,
Gtd. Notes, 144A		4.000	08/15/29		375		306,605


							664,571

Auto Manufacturers 2.6%

Allison Transmission, Inc.,
Gtd. Notes, 144A		3.750	01/30/31		350		282,794
Sr. Unsec’d. Notes, 144A		5.875	06/01/29		25		23,659
Ford Holdings LLC,
Gtd. Notes		9.300	03/01/30		100		115,645
Ford Motor Co.,
Sr. Unsec’d. Notes		4.750	01/15/43		685		514,239
Sr. Unsec’d. Notes		5.291	12/08/46		75		60,945
Sr. Unsec’d. Notes		7.400	11/01/46		275		285,939
Sr. Unsec’d. Notes		9.625	04/22/30		265		310,600
Ford Motor Credit Co. LLC,
Sr. Unsec’d. Notes		4.000	11/13/30		400		336,992
Sr. Unsec’d. Notes		5.113	05/03/29		388		358,724

See Notes to Financial Statements.

PGIM Fixed Income ETFs 71

PGIM Active High Yield Bond ETF

Schedule of Investments (continued)

as of August 31, 2022



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Auto Manufacturers (cont’d.)

PM General Purchaser LLC,
Sr. Sec’d. Notes, 144A	9.500%	10/01/28		175	$	154,812


						2,444,349

Auto Parts & Equipment 1.0%

Adient Global Holdings Ltd.,
Gtd. Notes, 144A	4.875	08/15/26		400		367,500
American Axle & Manufacturing, Inc.,
Gtd. Notes	6.250	03/15/26		45		43,679
Gtd. Notes	6.500	04/01/27		200		186,928
Cooper-Standard Automotive, Inc.,
Gtd. Notes, 144A	5.625	11/15/26		48		24,015
Dana, Inc.,
Sr. Unsec’d. Notes	4.250	09/01/30		125		101,484
Sr. Unsec’d. Notes	4.500	02/15/32		100		80,591
Sr. Unsec’d. Notes	5.625	06/15/28		35		31,485
Tenneco, Inc.,
Sr. Sec’d. Notes, 144A	7.875	01/15/29		25		25,137
Titan International, Inc.,
Sr. Sec’d. Notes	7.000	04/30/28		100		95,625


						956,444

Banks 0.1%

Citigroup, Inc.,
Jr. Sub. Notes	3.875(ff)	02/18/26(oo)		75		65,135
Freedom Mortgage Corp.,
Sr. Unsec’d. Notes, 144A	7.625	05/01/26		75		62,038


						127,173

Building Materials 2.0%

Camelot Return Merger Sub, Inc.,
Sr. Sec’d. Notes, 144A	8.750	08/01/28		100		90,628
Cornerstone Building Brands, Inc.,
Gtd. Notes, 144A	6.125	01/15/29		165		115,433
Eco Material Technologies, Inc.,
Sr. Sec’d. Notes, 144A	7.875	01/31/27		150		139,109

See Notes to Financial Statements.

PGIM Active High Yield Bond ETF

Schedule of Investments (continued)

as of August 31, 2022



Description	Interest Rate		Maturity Date	Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Building Materials (cont’d.)

Griffon Corp.,
Gtd. Notes		5.750%	03/01/28		175	$	161,904
JELD-WEN, Inc.,
Gtd. Notes, 144A		4.625	12/15/25		175		150,678
Masonite International Corp.,
Gtd. Notes, 144A		3.500	02/15/30		170		136,425
Gtd. Notes, 144A		5.375	02/01/28		25		23,250
MIWD Holdco II LLC/MIWD Finance Corp.,
Gtd. Notes, 144A		5.500	02/01/30		125		103,347
SRM Escrow Issuer LLC,
Sr. Sec’d. Notes, 144A		6.000	11/01/28		500		453,266
Standard Industries, Inc.,
Sr. Unsec’d. Notes, 144A		3.375	01/15/31		325		240,890
Sr. Unsec’d. Notes, 144A		4.375	07/15/30		150		119,156
Sr. Unsec’d. Notes, 144A		4.750	01/15/28		48		42,159
Sr. Unsec’d. Notes, 144A		5.000	02/15/27		120		110,526


							1,886,771

Chemicals 2.3%

Ashland LLC,
Gtd. Notes		6.875	05/15/43		75		77,215
ASP Unifrax Holdings, Inc.,
Sr. Sec’d. Notes, 144A		5.250	09/30/28		50		40,768
Sr. Unsec’d. Notes, 144A		7.500	09/30/29		25		18,590
Avient Corp.,
Sr. Unsec’d. Notes, 144A		5.750	05/15/25		100		98,593
Chemours Co. (The),
Gtd. Notes, 144A		4.625	11/15/29		185		153,545
Gtd. Notes, 144A		5.750	11/15/28		140		126,292
Cornerstone Chemical Co.,
Sr. Sec’d. Notes, 144A		6.750	08/15/24		75		64,860
Diamond BC BV,
Gtd. Notes, 144A		4.625	10/01/29		155		130,006
EverArc Escrow Sarl,
Sr. Sec’d. Notes, 144A		5.000	10/30/29		105		89,946
Iris Holding, Inc.,
Sr. Unsec’d. Notes, 144A		10.000	12/15/28		150		131,322
Rain CII Carbon LLC/CII Carbon Corp.,
Sec’d. Notes, 144A		7.250	04/01/25		100		93,756

See Notes to Financial Statements.

PGIM Fixed Income ETFs 73

PGIM Active High Yield Bond ETF

Schedule of Investments (continued)

as of August 31, 2022



Description	Interest Rate		Maturity Date	Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Chemicals (cont’d.)

SCIH Salt Holdings, Inc.,
Sr. Unsec’d. Notes, 144A		6.625%	05/01/29		25	$	20,577
SPCM SA (France),
Sr. Unsec’d. Notes, 144A		3.125	03/15/27		200		178,000
TPC Group, Inc.,
Sr. Sec’d. Notes, 144A		10.500	08/01/24(d)		185		102,097
Sr. Sec’d. Notes, 144A		10.875	08/01/24(d)		46		45,930
Tronox, Inc.,
Gtd. Notes, 144A		4.625	03/15/29		360		299,441
Valvoline, Inc.,
Gtd. Notes, 144A		4.250	02/15/30		25		24,400
Sr. Unsec’d. Notes, 144A		3.625	06/15/31		100		80,462
Venator Finance Sarl/Venator Materials LLC,
Gtd. Notes, 144A		5.750	07/15/25		250		182,812
Sr. Sec’d. Notes, 144A		9.500	07/01/25		125		120,625
WR Grace Holdings LLC,
Sr. Sec’d. Notes, 144A		4.875	06/15/27		50		46,464
Sr. Sec’d. Notes, 144A		5.625	10/01/24		25		24,612


							2,150,313

Coal 0.0%

Coronado Finance Pty Ltd. (Australia),
Sr. Sec’d. Notes, 144A		10.750	05/15/26		41		42,332

Commercial Services 4.3%

Adtalem Global Education, Inc.,
Sr. Sec’d. Notes, 144A		5.500	03/01/28		66		62,291
Allied Universal Holdco LLC/Allied Universal Finance Corp.,
Sr. Sec’d. Notes, 144A		6.625	07/15/26		210		196,593
Sr. Unsec’d. Notes, 144A		6.000	06/01/29		400		299,664
Sr. Unsec’d. Notes, 144A		9.750	07/15/27		275		251,303
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl,
Sr. Sec’d. Notes, 144A		4.625	06/01/28		600		501,507
Alta Equipment Group, Inc.,
Sec’d. Notes, 144A		5.625	04/15/26		50		43,448
AMN Healthcare, Inc.,
Gtd. Notes, 144A		4.000	04/15/29		150		129,450

See Notes to Financial Statements.

PGIM Active High Yield Bond ETF

Schedule of Investments (continued)

as of August 31, 2022



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Commercial Services (cont’d.)

AMN Healthcare, Inc., (cont’d.)
Gtd. Notes, 144A		4.625%		10/01/27		50	$	46,317
APi Group DE, Inc.,
Gtd. Notes, 144A		4.750		10/15/29		50		41,828
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.,
Gtd. Notes, 144A		4.750		04/01/28		100		87,338
Gtd. Notes, 144A		5.375		03/01/29		125		109,025
Brink’s Co. (The),
Gtd. Notes, 144A		4.625		10/15/27		25		22,503
Gartner, Inc.,
Gtd. Notes, 144A		3.625		06/15/29		50		43,221
Herc Holdings, Inc.,
Gtd. Notes, 144A		5.500		07/15/27		350		330,750
Hertz Corp. (The),
Gtd. Notes, 144A		4.625		12/01/26		25		21,443
Gtd. Notes, 144A		5.000		12/01/29		50		40,232
Metis Merger Sub LLC,
Sr. Unsec’d. Notes, 144A		6.500		05/15/29		350		306,263
MPH Acquisition Holdings LLC,
Sr. Sec’d. Notes, 144A		5.500		09/01/28		200		170,461
NESCO Holdings II, Inc.,
Sec’d. Notes, 144A		5.500		04/15/29		100		88,645
Service Corp. International,
Sr. Unsec’d. Notes		4.000		05/15/31		150		128,473
United Rentals North America, Inc.,
Gtd. Notes		3.750		01/15/32		175		146,628
Gtd. Notes		3.875		02/15/31		175		151,105
Gtd. Notes		4.875		01/15/28		75		70,160
Gtd. Notes		5.250		01/15/30		275		260,083
Verscend Escrow Corp.,
Sr. Unsec’d. Notes, 144A		9.750		08/15/26		515		520,394


								4,069,125

Computers 0.6%

Condor Merger Sub, Inc.,
Sr. Unsec’d. Notes, 144A		7.375		02/15/30		165		137,533
NCR Corp.,
Gtd. Notes, 144A		5.000		10/01/28		275		258,899

See Notes to Financial Statements.

PGIM Fixed Income ETFs 75

PGIM Active High Yield Bond ETF

Schedule of Investments (continued)

as of August 31, 2022



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Computers (cont’d.)

NCR Corp., (cont’d.)
Gtd. Notes, 144A		5.125%		04/15/29		150	$	140,053
Gtd. Notes, 144A		5.250		10/01/30		50		46,548


								583,033

Distribution/Wholesale 0.5%

H&E Equipment Services, Inc.,
Gtd. Notes, 144A		3.875		12/15/28		575		485,944

Diversified Financial Services 3.6%

Bread Financial Holdings, Inc.,
Gtd. Notes, 144A		4.750		12/15/24		100		88,397
goeasy Ltd. (Canada),
Gtd. Notes, 144A		4.375		05/01/26		150		134,250
Home Point Capital, Inc.,
Gtd. Notes, 144A		5.000		02/01/26		125		88,786
Jefferies Finance LLC/JFIN Co-Issuer Corp.,
Sr. Unsec’d. Notes, 144A		5.000		08/15/28		400		341,384
LD Holdings Group LLC,
Gtd. Notes, 144A		6.125		04/01/28		150		81,017
LFS Topco LLC,
Gtd. Notes, 144A		5.875		10/15/26		125		101,459
LPL Holdings, Inc.,
Gtd. Notes, 144A		4.000		03/15/29		350		312,506
Gtd. Notes, 144A		4.375		05/15/31		50		43,989
Nationstar Mortgage Holdings, Inc.,
Gtd. Notes, 144A		5.125		12/15/30		400		314,865
Gtd. Notes, 144A		5.500		08/15/28		100		84,262
Gtd. Notes, 144A		6.000		01/15/27		125		111,698
Navient Corp.,
Sr. Unsec’d. Notes		5.500		03/15/29		75		60,833
OneMain Finance Corp.,
Gtd. Notes		3.875		09/15/28		150		117,962
Gtd. Notes		4.000		09/15/30		150		112,003
Gtd. Notes		6.625		01/15/28		594		546,050
Gtd. Notes		6.875		03/15/25		125		121,756
Gtd. Notes		7.125		03/15/26		250		232,934
PennyMac Financial Services, Inc.,
Gtd. Notes, 144A		4.250		02/15/29		50		39,179

See Notes to Financial Statements.

PGIM Active High Yield Bond ETF

Schedule of Investments (continued)

as of August 31, 2022



Description		Interest Rate	Maturity Date	Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Diversified Financial Services (cont’d.)
PennyMac Financial Services, Inc., (cont’d.)
Gtd. Notes, 144A		5.375%	10/15/25		175	$	160,153
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.,
Gtd. Notes, 144A		3.625	03/01/29		75		60,693
Gtd. Notes, 144A		4.000	10/15/33		50		37,286
VistaJet Malta Finance PLC/XO Management Holding, Inc. (Switzerland),
Sr. Unsec’d. Notes, 144A		6.375	02/01/30		150		129,000
Sr. Unsec’d. Notes, 144A		7.875	05/01/27		75		69,187


							3,389,649

Electric 4.9%
Calpine Corp.,
Sr. Sec’d. Notes, 144A		3.750	03/01/31		375		308,208
Sr. Sec’d. Notes, 144A		4.500	02/15/28		186		170,188
Sr. Unsec’d. Notes, 144A		4.625	02/01/29		240		205,305
Sr. Unsec’d. Notes, 144A		5.000	02/01/31		350		295,169
Sr. Unsec’d. Notes, 144A		5.125	03/15/28		834		744,963
NRG Energy, Inc.,
Gtd. Notes		5.750	01/15/28		140		132,022
Gtd. Notes		6.625	01/15/27		30		29,897
Gtd. Notes, 144A		3.375	02/15/29		175		144,675
Gtd. Notes, 144A		3.625	02/15/31		225		178,690
Gtd. Notes, 144A		3.875	02/15/32		50		39,532
Gtd. Notes, 144A		5.250	06/15/29		350		313,022
PG&E Corp.,
Sr. Sec’d. Notes	��	5.000	07/01/28		175		155,476
Sr. Sec’d. Notes		5.250	07/01/30		443		383,259
Vistra Corp.,
Jr. Sub. Notes, 144A		7.000(ff)	12/15/26(oo)		233		216,690
Jr. Sub. Notes, 144A		8.000(ff)	10/15/26(oo)		125		119,687
Vistra Operations Co. LLC,
Gtd. Notes, 144A		4.375	05/01/29		200		174,285
Gtd. Notes, 144A		5.000	07/31/27		290		270,127
Gtd. Notes, 144A		5.500	09/01/26		50		48,260
Gtd. Notes, 144A		5.625	02/15/27		750		725,014


							4,654,469

See Notes to Financial Statements.

PGIM Fixed Income ETFs 77

PGIM Active High Yield Bond ETF

Schedule of Investments (continued)

as of August 31, 2022



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Electrical Components & Equipment 0.6%
Energizer Holdings, Inc.,
Gtd. Notes, 144A	4.375%	03/31/29		250	$	202,765
WESCO Distribution, Inc.,
Gtd. Notes, 144A	7.125	06/15/25		300		301,222
Gtd. Notes, 144A	7.250	06/15/28		100		100,963


						604,950

Electronics 0.2%
Likewize Corp.,
Sr. Sec’d. Notes, 144A	9.750	10/15/25		200		191,252
Sensata Technologies, Inc.,
Gtd. Notes, 144A	3.750	02/15/31		15		12,510


						203,762

Engineering & Construction 0.1%
AECOM,
Gtd. Notes	5.125	03/15/27		50		48,820
Artera Services LLC,
Sr. Sec’d. Notes, 144A	9.033	12/04/25		50		41,067
TopBuild Corp.,
Gtd. Notes, 144A	4.125	02/15/32		50		41,300


						131,187

Entertainment 2.6%
AMC Entertainment Holdings, Inc.,
Sec’d. Notes, 144A, Cash coupon 10.000% or PIK 12.000% or Cash coupon 5.000% and PIK 6.000%	10.000	06/15/26		82		65,143
Caesars Entertainment, Inc.,
Sr. Sec’d. Notes, 144A	6.250	07/01/25		490		478,412
Sr. Unsec’d. Notes, 144A	4.625	10/15/29		100		80,468
CCM Merger, Inc.,
Sr. Unsec’d. Notes, 144A	6.375	05/01/26		150		141,414
Everi Holdings, Inc.,
Gtd. Notes, 144A	5.000	07/15/29		25		22,059
Golden Entertainment, Inc.,
Sr. Unsec’d. Notes, 144A	7.625	04/15/26		225		230,052

See Notes to Financial Statements.

PGIM Active High Yield Bond ETF

Schedule of Investments (continued)

as of August 31, 2022



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Entertainment (cont’d.)
International Game Technology PLC,
Sr. Sec’d. Notes, 144A	4.125%	04/15/26		275	$	252,139
Jacobs Entertainment, Inc.,
Sr. Unsec’d. Notes, 144A	6.750	02/15/29		75		66,477
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp.,
Sr. Sec’d. Notes, 144A	4.875	05/01/29		225		197,822
Penn Entertainment, Inc.,
Sr. Unsec’d. Notes, 144A	4.125	07/01/29		75		60,751
Sr. Unsec’d. Notes, 144A	5.625	01/15/27		367		336,032
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.,
Gtd. Notes, 144A	5.875	09/01/31		200		139,843
Scientific Games Holdings LP/Scientific Games US FinCo, Inc.,
Sr. Unsec’d. Notes, 144A	6.625	03/01/30		225		200,648
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.,
Gtd. Notes, 144A	5.125	10/01/29		180		151,109
Sr. Unsec’d. Notes, 144A	7.750	04/15/25		25		24,929


						2,447,298

Environmental Control 0.1%
GFL Environmental, Inc. (Canada),
Gtd. Notes, 144A	4.000	08/01/28		25		21,256
Gtd. Notes, 144A	4.375	08/15/29		125		105,465


						126,721

Foods 3.0%
Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s LP/Albertson’s LLC,
Gtd. Notes, 144A	3.500	03/15/29		325		267,058
Gtd. Notes, 144A	5.875	02/15/28		25		23,828
B&G Foods, Inc.,
Gtd. Notes	5.250	09/15/27		375		312,790
C&S Group Enterprises LLC,
Gtd. Notes, 144A	5.000	12/15/28		75		55,903
Chobani LLC/Chobani Finance Corp., Inc.,
Gtd. Notes, 144A	7.500	04/15/25		150		143,120

See Notes to Financial Statements.

PGIM Fixed Income ETFs 79

PGIM Active High Yield Bond ETF

Schedule of Investments (continued)

as of August 31, 2022



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Foods (cont’d.)
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.,
Gtd. Notes, 144A	3.625%	01/15/32		340	$	294,367
Gtd. Notes, 144A	6.500	04/15/29		44		45,573
Sr. Unsec’d. Notes, 144A	5.500	01/15/30		25		24,993
Kraft Heinz Foods Co.,
Gtd. Notes	4.375	06/01/46		50		42,430
Gtd. Notes	5.200	07/15/45		25		23,496
Gtd. Notes	5.500	06/01/50		25		24,765
Gtd. Notes	6.500	02/09/40		25		26,752
Lamb Weston Holdings, Inc.,
Gtd. Notes, 144A	4.125	01/31/30		325		292,732
Gtd. Notes, 144A	4.375	01/31/32		75		66,624
Market Bidco Finco PLC (United Kingdom),
Sr. Sec’d. Notes, 144A	5.500	11/04/27	GBP	100		95,259
Pilgrim’s Pride Corp.,
Gtd. Notes, 144A	3.500	03/01/32		50		40,632
Gtd. Notes, 144A	4.250	04/15/31		675		581,866
Post Holdings, Inc.,
Gtd. Notes, 144A	4.625	04/15/30		200		173,746
Gtd. Notes, 144A	5.500	12/15/29		75		68,752
Sr. Unsec’d. Notes, 144A	4.500	09/15/31		250		212,564


						2,817,250

Gas 0.5%
AmeriGas Partners LP/AmeriGas Finance Corp.,
Sr. Unsec’d. Notes	5.500	05/20/25		75		71,213
Sr. Unsec’d. Notes	5.750	05/20/27		375		353,782
Sr. Unsec’d. Notes	5.875	08/20/26		78		74,647


						499,642

Healthcare-Products 0.9%
Medline Borrower LP,
Sr. Sec’d. Notes, 144A	3.875	04/01/29		450		381,031
Sr. Unsec’d. Notes, 144A	5.250	10/01/29		525		441,290


						822,321

See Notes to Financial Statements.

PGIM Active High Yield Bond ETF

Schedule of Investments (continued)

as of August 31, 2022



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Healthcare-Services 3.5%
DaVita, Inc.,
Gtd. Notes, 144A	3.750%	02/15/31		911	$	670,967
Gtd. Notes, 144A	4.625	06/01/30		100		80,185
HCA, Inc.,
Gtd. Notes	5.875	02/15/26		75		76,529
Gtd. Notes	7.500	11/06/33		75		82,334
Legacy LifePoint Health LLC,
Sr. Sec’d. Notes, 144A	4.375	02/15/27		50		43,466
Sr. Sec’d. Notes, 144A	6.750	04/15/25		50		49,087
LifePoint Health, Inc.,
Gtd. Notes, 144A	5.375	01/15/29		725		549,627
Prime Healthcare Services, Inc.,
Sr. Sec’d. Notes, 144A	7.250	11/01/25		150		137,180
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc.,
Gtd. Notes, 144A	9.750	12/01/26		100		95,572
Tenet Healthcare Corp.,
Gtd. Notes, 144A	6.125	10/01/28		175		160,449
Sr. Sec’d. Notes, 144A	4.250	06/01/29		875		755,191
Sr. Sec’d. Notes, 144A	4.375	01/15/30		350		306,249
Sr. Sec’d. Notes, 144A	6.125	06/15/30		75		72,021
Sr. Unsec’d. Notes	6.875	11/15/31		250		234,853


						3,313,710

Home Builders 4.1%
Ashton Woods USA LLC/Ashton Woods Finance Co.,
Sr. Unsec’d. Notes, 144A	4.625	08/01/29		100		78,527
Sr. Unsec’d. Notes, 144A	4.625	04/01/30		75		58,818
Beazer Homes USA, Inc.,
Gtd. Notes	5.875	10/15/27		250		206,523
Gtd. Notes	7.250	10/15/29		470		406,703
Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada),
Gtd. Notes, 144A	4.875	02/15/30		350		269,500
Gtd. Notes, 144A	6.250	09/15/27		145		128,383
Sr. Unsec’d. Notes, 144A	5.000	06/15/29		50		39,570
Century Communities, Inc.,
Gtd. Notes	6.750	06/01/27		25		24,511
Gtd. Notes, 144A	3.875	08/15/29		225		180,935

See Notes to Financial Statements.

PGIM Fixed Income ETFs 81

PGIM Active High Yield Bond ETF

Schedule of Investments (continued)

as of August 31, 2022



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Home Builders (cont’d.)
Forestar Group, Inc.,
Gtd. Notes, 144A	3.850%	05/15/26		200	$	170,134
Gtd. Notes, 144A	5.000	03/01/28		75		62,111
KB Home,
Gtd. Notes	4.000	06/15/31		375		295,877
Gtd. Notes	4.800	11/15/29		250		213,307
Gtd. Notes	7.250	07/15/30		25		24,100
M/I Homes, Inc.,
Gtd. Notes	3.950	02/15/30		150		120,294
Gtd. Notes	4.950	02/01/28		125		110,856
Mattamy Group Corp. (Canada),
Sr. Unsec’d. Notes, 144A	4.625	03/01/30		175		140,438
Sr. Unsec’d. Notes, 144A	5.250	12/15/27		250		221,250
Shea Homes LP/Shea Homes Funding Corp.,
Sr. Unsec’d. Notes, 144A	4.750	02/15/28		225		187,706
Sr. Unsec’d. Notes, 144A	4.750	04/01/29		50		40,345
STL Holding Co. LLC,
Sr. Unsec’d. Notes, 144A	7.500	02/15/26		200		178,931
Taylor Morrison Communities, Inc.,
Gtd. Notes, 144A	5.875	06/15/27		300		290,038
Sr. Unsec’d. Notes, 144A	5.125	08/01/30		435		373,342
Tri Pointe Homes, Inc.,
Gtd. Notes	5.250	06/01/27		75		68,560
Gtd. Notes	5.700	06/15/28		15		13,521


						3,904,280

Home Furnishings 0.2%
Tempur Sealy International, Inc.,
Gtd. Notes, 144A	4.000	04/15/29		200		164,653

Household Products/Wares 0.4%
ACCO Brands Corp.,
Gtd. Notes, 144A	4.250	03/15/29		250		208,882
Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc. (Canada),
Gtd. Notes, 144A	7.000	12/31/27		125		103,125
Sr. Sec’d. Notes, 144A	5.000	12/31/26		25		22,594


						334,601

See Notes to Financial Statements.

PGIM Active High Yield Bond ETF

Schedule of Investments (continued)

as of August 31, 2022



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Housewares 0.5%
Scotts Miracle-Gro Co. (The),
Gtd. Notes	4.000%	04/01/31		175	$	132,328
Gtd. Notes	4.375	02/01/32		50		37,743
SWF Escrow Issuer Corp.,
Sr. Unsec’d. Notes, 144A	6.500	10/01/29		375		272,241


						442,312

Insurance 0.1%
BroadStreet Partners, Inc.,
Sr. Unsec’d. Notes, 144A	5.875	04/15/29		75		62,209

Internet 0.4%
Go Daddy Operating Co. LLC/GD Finance Co., Inc.,
Gtd. Notes, 144A	3.500	03/01/29		245		207,639
NortonLifeLock, Inc.,
Sr. Unsec’d. Notes, 144A	5.000	04/15/25		140		138,093


						345,732

Iron/Steel 0.3%
Big River Steel LLC/BRS Finance Corp.,
Sr. Sec’d. Notes, 144A	6.625	01/31/29		116		116,259
Commercial Metals Co.,
Sr. Unsec’d. Notes	4.125	01/15/30		25		21,948
Sr. Unsec’d. Notes	4.375	03/15/32		100		85,271
TMS International Corp.,
Sr. Unsec’d. Notes, 144A	6.250	04/15/29		25		17,438
United States Steel Corp.,
Sr. Unsec’d. Notes	6.875	03/01/29		50		48,431


						289,347

Leisure Time 0.1%
Viking Cruises Ltd.,
Gtd. Notes, 144A	5.875	09/15/27		25		20,163

See Notes to Financial Statements.

PGIM Fixed Income ETFs 83

PGIM Active High Yield Bond ETF

Schedule of Investments (continued)

as of August 31, 2022



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Leisure Time (cont’d.)
Viking Ocean Cruises Ship VII Ltd.,
Sr. Sec’d. Notes, 144A	5.625%	02/15/29		25	$	20,375
Vista Outdoor, Inc.,
Gtd. Notes, 144A	4.500	03/15/29		50		37,373


						77,911

Lodging 1.5%
Boyd Gaming Corp.,
Gtd. Notes, 144A	4.750	06/15/31		50		43,558
Hilton Domestic Operating Co., Inc.,
Gtd. Notes, 144A	3.625	02/15/32		605		488,707
MGM Resorts International,
Gtd. Notes	4.625	09/01/26		75		68,362
Gtd. Notes	4.750	10/15/28		450		395,728
Gtd. Notes	5.500	04/15/27		300		276,477
Wynn Macau Ltd. (Macau),
Sr. Unsec’d. Notes, 144A	5.625	08/26/28		200		140,000


						1,412,832

Machinery-Construction & Mining 0.2%
Terex Corp.,
Gtd. Notes, 144A	5.000	05/15/29		250		223,864

Machinery-Diversified 0.8%
GrafTech Finance, Inc.,
Sr. Sec’d. Notes, 144A	4.625	12/15/28		190		162,191
Maxim Crane Works Holdings Capital LLC,
Sec’d. Notes, 144A	10.125	08/01/24		382		363,322
TK Elevator US Newco, Inc. (Germany),
Sr. Sec’d. Notes, 144A	5.250	07/15/27		250		227,500


						753,013

Media 7.8%
CCO Holdings LLC/CCO Holdings Capital Corp.,
Sr. Unsec’d. Notes	4.500	05/01/32		872		707,078
Sr. Unsec’d. Notes, 144A	4.250	02/01/31		650		530,786
Sr. Unsec’d. Notes, 144A	4.250	01/15/34		250		190,322

See Notes to Financial Statements.

PGIM Active High Yield Bond ETF

Schedule of Investments (continued)

as of August 31, 2022



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Media (cont’d.)
CCO Holdings LLC/CCO Holdings Capital Corp., (cont’d.)
Sr. Unsec’d. Notes, 144A	4.500%	06/01/33		575	$	454,808
Sr. Unsec’d. Notes, 144A	4.750	03/01/30		367		315,353
Sr. Unsec’d. Notes, 144A	4.750	02/01/32		100		82,821
Sr. Unsec’d. Notes, 144A	5.000	02/01/28		50		45,646
Sr. Unsec’d. Notes, 144A	5.375	06/01/29		100		91,399
Sr. Unsec’d. Notes, 144A	5.500	05/01/26		200		197,178
CSC Holdings LLC,
Gtd. Notes, 144A	3.375	02/15/31		200		150,021
Gtd. Notes, 144A	4.125	12/01/30		200		162,000
Gtd. Notes, 144A	4.500	11/15/31		200		161,238
Gtd. Notes, 144A	5.375	02/01/28		680		614,597
Sr. Unsec’d. Notes, 144A	4.625	12/01/30		325		232,263
Sr. Unsec’d. Notes, 144A	5.750	01/15/30		500		387,048
Diamond Sports Group LLC/Diamond Sports Finance Co.,
Gtd. Notes, 144A	6.625	08/15/27		1,251		112,941
Sec’d. Notes, 144A	5.375	08/15/26		1,235		234,799
DISH DBS Corp.,
Gtd. Notes	5.125	06/01/29		555		328,699
Gtd. Notes	7.375	07/01/28		280		183,460
Gtd. Notes	7.750	07/01/26		309		243,404
Gray Television, Inc.,
Gtd. Notes, 144A	5.875	07/15/26		100		96,545
Gtd. Notes, 144A	7.000	05/15/27		75		74,029
iHeartCommunications, Inc.,
Sr. Sec’d. Notes	6.375	05/01/26		40		37,819
Sr. Sec’d. Notes, 144A	5.250	08/15/27		100		90,039
News Corp.,
Sr. Unsec’d. Notes, 144A	3.875	05/15/29		25		21,982
Nexstar Media, Inc.,
Gtd. Notes, 144A	4.750	11/01/28		50		45,280
Gtd. Notes, 144A	5.625	07/15/27		150		142,934
Radiate Holdco LLC/Radiate Finance, Inc.,
Sr. Sec’d. Notes, 144A	4.500	09/15/26		225		194,056
Sr. Unsec’d. Notes, 144A	6.500	09/15/28		200		149,014
Univision Communications, Inc.,
Sr. Sec’d. Notes, 144A	4.500	05/01/29		175		153,008
Sr. Sec’d. Notes, 144A	5.125	02/15/25		100		96,589
Sr. Sec’d. Notes, 144A	6.625	06/01/27		325		314,703

See Notes to Financial Statements.

PGIM Fixed Income ETFs 85

PGIM Active High Yield Bond ETF

Schedule of Investments (continued)

as of August 31, 2022



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Media (cont’d.)
Videotron Ltd. (Canada),
Gtd. Notes, 144A	5.125%	04/15/27		150	$	140,625
VZ Secured Financing BV (Netherlands),
Sr. Sec’d. Notes, 144A	5.000	01/15/32		450		369,000


						7,351,484

Mining 1.1%
Eldorado Gold Corp. (Turkey),
Sr. Unsec’d. Notes, 144A	6.250	09/01/29		200		159,938
First Quantum Minerals Ltd. (Zambia),
Gtd. Notes, 144A	6.500	03/01/24		315		311,850
FMG Resources August 2006 Pty Ltd. (Australia),
Sr. Unsec’d. Notes, 144A	6.125	04/15/32		100		92,194
Hecla Mining Co.,
Gtd. Notes	7.250	02/15/28		75		71,466
Hudbay Minerals, Inc. (Canada),
Gtd. Notes, 144A	4.500	04/01/26		50		44,750
Gtd. Notes, 144A	6.125	04/01/29		110		96,250
New Gold, Inc. (Canada),
Gtd. Notes, 144A	7.500	07/15/27		170		134,300
Novelis Corp.,
Gtd. Notes, 144A	3.875	08/15/31		100		80,692
Gtd. Notes, 144A	4.750	01/30/30		75		65,548


						1,056,988

Miscellaneous Manufacturing 0.3%
Amsted Industries, Inc.,
Gtd. Notes, 144A	5.625	07/01/27		25		24,251
Sr. Unsec’d. Notes, 144A	4.625	05/15/30		235		209,652


						233,903

Office/Business Equipment 0.1%
CDW LLC/CDW Finance Corp.,
Gtd. Notes	3.250	02/15/29		75		65,226

See Notes to Financial Statements.

PGIM Active High Yield Bond ETF

Schedule of Investments (continued)

as of August 31, 2022



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Oil & Gas 6.0%
Aethon United BR LP/Aethon United Finance Corp.,
Sr. Unsec’d. Notes, 144A	8.250%	02/15/26		125	$	125,059
Alta Mesa Holdings LP/Alta Mesa Finance Services Corp.,
Sr. Unsec’d. Notes^	7.875	12/15/24(d)		310		2,108
Antero Resources Corp.,
Gtd. Notes, 144A	5.375	03/01/30		325		305,997
Gtd. Notes, 144A	7.625	02/01/29		103		104,773
Ascent Resources Utica Holdings LLC/ARU Finance Corp.,
Gtd. Notes, 144A	7.000	11/01/26		400		392,559
Gtd. Notes, 144A	9.000	11/01/27		112		136,060
Athabasca Oil Corp. (Canada),
Sec’d. Notes, 144A	9.750	11/01/26		212		221,540
Chesapeake Energy Corp.,
Gtd. Notes, 144A	5.500	02/01/26		25		24,109
Gtd. Notes, 144A	5.875	02/01/29		250		239,031
Gtd. Notes, 144A	6.750	04/15/29		100		98,270
CITGO Petroleum Corp.,
Sr. Sec’d. Notes, 144A	7.000	06/15/25		100		97,569
CNX Resources Corp.,
Gtd. Notes, 144A	7.250	03/14/27		275		273,334
Comstock Resources, Inc.,
Gtd. Notes, 144A	5.875	01/15/30		50		46,052
Gtd. Notes, 144A	6.750	03/01/29		125		119,446
CrownRock LP/CrownRock Finance, Inc.,
Sr. Unsec’d. Notes, 144A	5.000	05/01/29		25		23,138
Sr. Unsec’d. Notes, 144A	5.625	10/15/25		25		24,626
Endeavor Energy Resources LP/EER Finance, Inc.,
Sr. Unsec’d. Notes, 144A	5.750	01/30/28		325		321,182
Hilcorp Energy I LP/Hilcorp Finance Co.,
Sr. Unsec’d. Notes, 144A	5.750	02/01/29		175		160,799
Sr. Unsec’d. Notes, 144A	6.000	04/15/30		75		69,185
Sr. Unsec’d. Notes, 144A	6.000	02/01/31		225		203,854
Sr. Unsec’d. Notes, 144A	6.250	11/01/28		25		23,704
Sr. Unsec’d. Notes, 144A	6.250	04/15/32		100		89,934
MEG Energy Corp. (Canada),
Gtd. Notes, 144A	5.875	02/01/29		50		46,500
Gtd. Notes, 144A	7.125	02/01/27		350		352,145

See Notes to Financial Statements.

PGIM Fixed Income ETFs 87

PGIM Active High Yield Bond ETF

Schedule of Investments (continued)

as of August 31, 2022



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Oil & Gas (cont’d.)
Nabors Industries Ltd.,
Gtd. Notes, 144A	7.250%	01/15/26		125	$	113,250
Gtd. Notes, 144A	7.500	01/15/28		325		293,248
Nabors Industries, Inc.,
Gtd. Notes	5.750	02/01/25		275		253,443
Occidental Petroleum Corp.,
Sr. Unsec’d. Notes	7.150	05/15/28		50		53,369
Parkland Corp. (Canada),
Gtd. Notes, 144A	4.500	10/01/29		125		106,875
Gtd. Notes, 144A	4.625	05/01/30		150		128,250
Precision Drilling Corp. (Canada),
Gtd. Notes, 144A	6.875	01/15/29		25		22,813
Gtd. Notes, 144A	7.125	01/15/26		75		71,813
Range Resources Corp.,
Gtd. Notes	4.875	05/15/25		250		242,426
Gtd. Notes, 144A	4.750	02/15/30		145		134,428
Southwestern Energy Co.,
Gtd. Notes	4.750	02/01/32		300		267,163
Gtd. Notes	5.375	02/01/29		25		23,661
Gtd. Notes	5.375	03/15/30		125		117,010
Sunoco LP/Sunoco Finance Corp.,
Gtd. Notes	4.500	05/15/29		75		64,543
Gtd. Notes	4.500	04/30/30		75		64,023
Gtd. Notes	5.875	03/15/28		100		93,565
Transocean, Inc.,
Gtd. Notes, 144A	7.250	11/01/25		85		67,575


						5,618,429

Packaging & Containers 1.4%
ARD Finance SA (Luxembourg),
Sr. Sec’d. Notes, 144A, Cash coupon 6.500% or PIK 7.250%	6.500	06/30/27		200		155,112
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC,
Sr. Unsec’d. Notes, 144A	4.000	09/01/29		200		164,000
Graham Packaging Co., Inc.,
Gtd. Notes, 144A	7.125	08/15/28		85		73,022

See Notes to Financial Statements.

PGIM Active High Yield Bond ETF

Schedule of Investments (continued)

as of August 31, 2022



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Packaging & Containers (cont’d.)
Intelligent Packaging Holdco Issuer LP (Canada),
Sr. Unsec’d. Notes, 144A, Cash coupon 9.000% or PIK 9.750%	9.000%	01/15/26		75	$	61,594
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC (Canada),
Sr. Sec’d. Notes, 144A	6.000	09/15/28		275		235,125
LABL, Inc.,
Sr. Sec’d. Notes, 144A	5.875	11/01/28		175		157,512
Sr. Unsec’d. Notes, 144A	8.250	11/01/29		175		141,711
Sr. Unsec’d. Notes, 144A	10.500	07/15/27		75		71,345
OI European Group BV,
Gtd. Notes, 144A	4.750	02/15/30		50		40,485
Owens-Brockway Glass Container, Inc.,
Gtd. Notes, 144A	6.375	08/15/25		50		48,361
Gtd. Notes, 144A	6.625	05/13/27		25		23,261
Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer, Inc.,
Sr. Sec’d. Notes, 144A	4.375	10/15/28		50		44,056
Trident TPI Holdings, Inc.,
Gtd. Notes, 144A	9.250	08/01/24		50		46,725
TriMas Corp.,
Gtd. Notes, 144A	4.125	04/15/29		50		44,278


						1,306,587

Pharmaceuticals 2.2%
AdaptHealth LLC,
Gtd. Notes, 144A	4.625	08/01/29		175		143,453
Gtd. Notes, 144A	5.125	03/01/30		50		42,940
Gtd. Notes, 144A	6.125	08/01/28		145		136,321
Bausch Health Americas, Inc.,
Gtd. Notes, 144A	8.500	01/31/27		400		191,900
Bausch Health Cos., Inc.,
Gtd. Notes, 144A	5.000	02/15/29		50		19,375
Gtd. Notes, 144A	5.250	01/30/30		250		92,500
Gtd. Notes, 144A	5.250	02/15/31		150		57,375
Gtd. Notes, 144A	6.250	02/15/29		1,515		568,125
Sr. Sec’d. Notes, 144A	4.875	06/01/28		50		34,563
Embecta Corp.,
Sr. Sec’d. Notes, 144A	5.000	02/15/30		150		131,627

See Notes to Financial Statements.

PGIM Fixed Income ETFs 89

PGIM Active High Yield Bond ETF

Schedule of Investments (continued)

as of August 31, 2022



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Pharmaceuticals (cont’d.)
Embecta Corp., (cont’d.)
Sr. Sec’d. Notes, 144A	6.750%	02/15/30		25	$	23,995
Jazz Securities DAC,
Sr. Sec’d. Notes, 144A	4.375	01/15/29		200		179,700
Organon & Co./Organon Foreign Debt Co-Issuer BV,
Sr. Sec’d. Notes, 144A	4.125	04/30/28		200		179,290
Sr. Unsec’d. Notes, 144A	5.125	04/30/31		200		175,010
P&L Development LLC/PLD Finance Corp.,
Sr. Sec’d. Notes, 144A	7.750	11/15/25		125		88,916


						2,065,090

Pipelines 2.6%
Antero Midstream Partners LP/Antero Midstream Finance Corp.,
Gtd. Notes, 144A	5.375	06/15/29		75		68,907
Gtd. Notes, 144A	5.750	03/01/27		285		271,071
Gtd. Notes, 144A	5.750	01/15/28		125		118,774
Gtd. Notes, 144A	7.875	05/15/26		100		101,840
Cheniere Energy Partners LP,
Gtd. Notes	4.000	03/01/31		150		130,831
Gtd. Notes	4.500	10/01/29		100		92,129
Cheniere Energy, Inc.,
Sr. Unsec’d. Notes	4.625	10/15/28		300		288,901
CNX Midstream Partners LP,
Gtd. Notes, 144A	4.750	04/15/30		25		21,000
DCP Midstream Operating LP,
Gtd. Notes	5.625	07/15/27		20		20,255
Energy Transfer LP,
Jr. Sub. Notes, Series G	7.125(ff)	05/15/30(oo)		50		45,680
EQM Midstream Partners LP,
Sr. Unsec’d. Notes	5.500	07/15/28		25		22,901
Sr. Unsec’d. Notes, 144A	6.000	07/01/25		45		43,527
Sr. Unsec’d. Notes, 144A	6.500	07/01/27		70		67,702
Sr. Unsec’d. Notes, 144A	7.500	06/01/27		100		98,995
Sr. Unsec’d. Notes, 144A	7.500	06/01/30		25		24,827
Global Partners LP/GLP Finance Corp.,
Gtd. Notes	6.875	01/15/29		175		160,679
Rockies Express Pipeline LLC,
Sr. Unsec’d. Notes, 144A	3.600	05/15/25		200		184,173

See Notes to Financial Statements.

PGIM Active High Yield Bond ETF

Schedule of Investments (continued)

as of August 31, 2022



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Pipelines (cont’d.)
Rockies Express Pipeline LLC, (cont’d.)
Sr. Unsec’d. Notes, 144A	7.500%	07/15/38		125	$	109,344
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.,
Gtd. Notes, 144A	5.500	01/15/28		75		64,423
Gtd. Notes, 144A	6.000	03/01/27		134		122,812
Gtd. Notes, 144A	6.000	12/31/30		75		66,047
Gtd. Notes, 144A	6.000	09/01/31		50		43,990
Gtd. Notes, 144A	7.500	10/01/25		100		100,110
Venture Global Calcasieu Pass LLC,
Sr. Sec’d. Notes, 144A	3.875	08/15/29		190		166,818
Sr. Sec’d. Notes, 144A	4.125	08/15/31		40		34,873
Western Midstream Operating LP,
Sr. Unsec’d. Notes	3.950	06/01/25		25		23,922


						2,494,531

Real Estate 1.6%
Five Point Operating Co. LP/Five Point Capital Corp.,
Gtd. Notes, 144A	7.875	11/15/25		352		312,066
Greystar Real Estate Partners LLC,
Sr. Sec’d. Notes, 144A	5.750	12/01/25		225		222,918
Howard Hughes Corp. (The),
Gtd. Notes, 144A	4.125	02/01/29		250		211,551
Gtd. Notes, 144A	4.375	02/01/31		250		200,134
Gtd. Notes, 144A	5.375	08/01/28		80		71,185
Hunt Cos., Inc.,
Sr. Sec’d. Notes, 144A	5.250	04/15/29		325		276,315
Realogy Group LLC/Realogy Co-Issuer Corp.,
Gtd. Notes, 144A	5.250	04/15/30		175		131,890
Gtd. Notes, 144A	5.750	01/15/29		50		39,203


						1,465,262

Real Estate Investment Trusts (REITs) 2.2%
Diversified Healthcare Trust,
Gtd. Notes	4.375	03/01/31		225		154,354
Gtd. Notes	9.750	06/15/25		215		211,296
Sr. Unsec’d. Notes	4.750	05/01/24		200		182,495
Sr. Unsec’d. Notes	4.750	02/15/28		225		165,356

See Notes to Financial Statements.

PGIM Fixed Income ETFs 91

PGIM Active High Yield Bond ETF

Schedule of Investments (continued)

as of August 31, 2022


Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Real Estate Investment Trusts (REITs) (cont’d.)
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer,
Sr. Sec’d. Notes, 144A	7.500%	06/01/25		196	$	197,980
RHP Hotel Properties LP/RHP Finance Corp., Gtd. Notes	4.750	10/15/27		100		90,915
Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC,
Sr. Sec’d. Notes, 144A	7.875	02/15/25		980		970,908
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC,
Sr. Sec’d. Notes, 144A	4.750	04/15/28		150		126,173


						2,099,477

Retail 3.2%

1011778 BC ULC/New Red Finance, Inc. (Canada),
Sec’d. Notes, 144A	4.000	10/15/30		250		202,032
Sr. Sec’d. Notes, 144A	3.875	01/15/28		125		110,706
At Home Group, Inc.,
Gtd. Notes, 144A(a)	7.125	07/15/29		200		128,416
Sr. Sec’d. Notes, 144A	4.875	07/15/28		50		36,619

BCPE Ulysses Intermediate, Inc.,
Sr. Unsec’d. Notes, 144A, Cash coupon 7.750% or PIK 8.500%	7.750	04/01/27		25		18,760

Carrols Restaurant Group, Inc.,
Gtd. Notes, 144A	5.875	07/01/29		150		113,114
eG Global Finance PLC (United Kingdom),
Sr. Sec’d. Notes, 144A	6.750	02/07/25		400		377,920
Ferrellgas LP/Ferrellgas Finance Corp.,
Sr. Unsec’d. Notes, 144A	5.375	04/01/26		25		22,059
Sr. Unsec’d. Notes, 144A	5.875	04/01/29		75		61,341
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.,
Gtd. Notes, 144A	6.750	01/15/30		250		204,041
Sr. Sec’d. Notes, 144A	4.625	01/15/29		100		87,331
Foundation Building Materials, Inc.,
Gtd. Notes, 144A	6.000	03/01/29		150		122,692
Gap, Inc. (The),
Gtd. Notes, 144A	3.625	10/01/29		100		69,575
Gtd. Notes, 144A	3.875	10/01/31		275		190,908

See Notes to Financial Statements.

PGIM Active High Yield Bond ETF

Schedule of Investments (continued)

as of August 31, 2022


Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Retail (cont’d.)
LBM Acquisition LLC,
Gtd. Notes, 144A	6.250%	01/15/29		180	$	135,028
LCM Investments Holdings II LLC,
Sr. Unsec’d. Notes, 144A	4.875	05/01/29		75		63,413
Park River Holdings, Inc.,
Gtd. Notes, 144A	5.625	02/01/29		250		181,764
Patrick Industries, Inc.,
Gtd. Notes, 144A	4.750	05/01/29		75		61,388
Gtd. Notes, 144A	7.500	10/15/27		75		71,304	��
SRS Distribution, Inc.,
Gtd. Notes, 144A	6.000	12/01/29		75		61,091
Suburban Propane Partners LP/Suburban Energy Finance Corp.,
Sr. Unsec’d. Notes	5.875	03/01/27		125		122,095
Sr. Unsec’d. Notes, 144A	5.000	06/01/31		225		198,957

Superior Plus LP/Superior General Partner, Inc. (Canada),
Gtd. Notes, 144A	4.500	03/15/29		200		176,362

White Cap Buyer LLC,
Sr. Unsec’d. Notes, 144A	6.875	10/15/28		175		154,020


						2,970,936

Software 0.5%
Black Knight InfoServ LLC,
Gtd. Notes, 144A	3.625	09/01/28		250		219,222
Boxer Parent Co., Inc.,
Sr. Sec’d. Notes, 144A	7.125	10/02/25		50		49,786
Camelot Finance SA,
Sr. Sec’d. Notes, 144A	4.500	11/01/26		150		139,500
Dun & Bradstreet Corp. (The),
Gtd. Notes, 144A	5.000	12/15/29		25		22,183
Rackspace Technology Global, Inc.,
Sr. Sec’d. Notes, 144A	3.500	02/15/28		110		79,480


						510,171

Telecommunications 3.8%

Altice France SA (France),
Sr. Sec’d. Notes, 144A	8.125	02/01/27		600		569,250

See Notes to Financial Statements.

PGIM Fixed Income ETFs 93

PGIM Active High Yield Bond ETF

Schedule of Investments (continued)

as of August 31, 2022


Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Telecommunications (cont’d.)
CommScope, Inc.,
Sr. Sec’d. Notes, 144A	6.000%	03/01/26		170	$	160,768
Digicel Group Holdings Ltd. (Jamaica),
Sr. Unsec’d. Notes, 144A, Cash coupon 5.000% and PIK 3.000%	8.000	04/01/25		203		129,577
Digicel International Finance Ltd./Digicel International Holdings Ltd. (Jamaica),
Gtd. Notes, 144A	8.000	12/31/26		200		128,500
Sr. Sec’d. Notes, 144A	8.750	05/25/24		250		234,688
Digicel Ltd. (Jamaica),
Gtd. Notes, 144A	6.750	03/01/23		325		205,124
Iliad Holding SASU (France),
Sr. Sec’d. Notes, 144A	7.000	10/15/28		400		361,124
Intelsat Jackson Holdings SA (Luxembourg),
Gtd. Notes, 144A^	8.500	10/15/24(d)		25		—
Gtd. Notes, 144A^	9.750	07/15/25(d)		295		—
Sr. Sec’d. Notes, 144A	6.500	03/15/30		300		271,944
Sr. Unsec’d. Notes^	5.500	08/01/23(d)		490		1
Level 3 Financing, Inc.,
Gtd. Notes, 144A	4.250	07/01/28		600		499,149
Quebecor Media, Inc. (Canada),
Sr. Unsec’d. Notes	5.750	01/15/23		250		249,375
Sprint Capital Corp.,
Gtd. Notes	8.750	03/15/32		125		150,826
Sprint Corp.,
Gtd. Notes	7.625	03/01/26		75		79,468
Gtd. Notes	7.875	09/15/23		75		77,290
Switch Ltd.,
Gtd. Notes, 144A	4.125	06/15/29		25		24,998
Viasat, Inc.,
Sr. Unsec’d. Notes, 144A	5.625	09/15/25		235		209,382
Zayo Group Holdings, Inc.,
Sr. Sec’d. Notes, 144A	4.000	03/01/27		125		106,596
Sr. Unsec’d. Notes, 144A	6.125	03/01/28		205		157,063


						3,615,123

See Notes to Financial Statements.

PGIM Active High Yield Bond ETF

Schedule of Investments (continued)

as of August 31, 2022


Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Trucking & Leasing 0.1%
Fortress Transportation & Infrastructure Investors LLC,
Sr. Unsec’d. Notes, 144A		5.500%		05/01/28		125	$	106,996


TOTAL CORPORATE BONDS (cost $88,378,291)								75,474,002


U.S. TREASURY OBLIGATIONS 8.6%
U.S. Treasury Notes(k)		2.500		03/31/27		2,290		2,205,019
U.S. Treasury Notes		2.625		05/31/27		4,020		3,893,433
U.S. Treasury Notes		3.000		07/31/24		2,010		1,992,570


TOTAL U.S. TREASURY OBLIGATIONS (cost $8,200,991)								8,091,022


					Shares

COMMON STOCKS 1.8%

Gas Utilities 0.1%
Ferrellgas Partners LP (Class B Stock)						728		116,116

Oil, Gas & Consumable Fuels 1.5%
Chesapeake Energy Corp.						11,582		1,163,875
Chesapeake Energy Corp. Backstop Commitment						68		6,833
Civitas Resources, Inc.						2,951		198,278


								1,368,986

Wireless Telecommunication Services 0.2%
Intelsat Emergence SA (Luxembourg)*						7,625		219,856


TOTAL COMMON STOCKS (cost $835,126)								1,704,958


PREFERRED STOCK 0.6%

Electronic Equipment, Instruments & Components
Ferrellgas Escrow LLC, 8.956%, Maturing 03/30/31^ (cost $590,560)						600		600,000

See Notes to Financial Statements.

PGIM Fixed Income ETFs 95

PGIM Active High Yield Bond ETF

Schedule of Investments (continued)

as of August 31, 2022



Description	Units	Value

*RIGHTS 0.0%**

Wireless Telecommunication Services
Intelsat Jackson Holdings SA, Series A (Luxembourg), CVR, expiring 12/05/25^	797	$	7,596
Intelsat Jackson Holdings SA, Series B (Luxembourg), CVR, expiring 12/05/25^	797		1,578


TOTAL RIGHTS (cost $0)			9,174


*WARRANTS 0.0%**

Chemicals

TPC Group, Inc., expiring 08/01/24^ (cost $0)	129,605		13


TOTAL LONG-TERM INVESTMENTS (cost $103,064,793)			90,827,491


	Shares

SHORT-TERM INVESTMENTS 2.1%

AFFILIATED MUTUAL FUND 0.1%
PGIM Institutional Money Market Fund
(cost $121,461; includes $121,321 of cash collateral for securities on loan)(b)(wa)	121,558		121,485


UNAFFILIATED FUND 2.0%
Dreyfus Government Cash Management (Institutional Shares) (cost $1,876,924)	1,876,924		1,876,924


TOTAL SHORT-TERM INVESTMENTS (cost $1,998,385)			1,998,409


TOTAL INVESTMENTS 98.3% (cost $105,063,178)			92,825,900
Other assets in excess of liabilities(z) 1.7%			1,569,960


NET ASSETS 100.0%		$	94,395,860

See the Glossary for a list of the abbreviation(s) used in the annual report.

*	Non-income producing security.

#	Principal or notional amount is shown in U.S. dollars unless otherwise stated.

See Notes to Financial Statements.

PGIM Active High Yield Bond ETF

Schedule of Investments (continued)

as of August 31, 2022

^	Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $626,823 and 0.7% of net assets.

(a)

All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $116,839; cash collateral of $121,321 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Fund may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

(b)	Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment.

(c)	Variable rate instrument. The interest rate shown reflects the rate in effect at August 31, 2022.

(d)	Represents issuer in default on interest payments and/or principal repayment. Non-income producing security. Such securities may be post-maturity.

(ff)	Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.

(k)	Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives.

(oo)	Perpetual security. Maturity date represents next call date.

(wa)	PGIM Investments LLC, the manager of the Fund, also serves as manager of the PGIM Core Ultra Short Bond Fund and PGIM Institutional Money Market Fund, if applicable.

(z)	Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:

Unfunded loan commitment outstanding at August 31, 2022:


Borrower	Principal Amount (000)#	Current Value			Unrealized Appreciation			Unrealized Depreciation

TPC Group, Inc., Term Loan DIP Facility, 3 Month LIBOR + 5.000%, 5.000%(c), Maturity Date 03/01/23 (cost $7,628)^	8		$	7,628		$	—		$	—

Futures contracts outstanding at August 31, 2022:


Number of Contracts	Type	Expiration Date		Current Notional Amount			Value / Unrealized Appreciation (Depreciation)


Long Positions:
9	2 Year U.S. Treasury Notes		Dec. 2022		$	1,874,953		$	(4,101	)
14	5 Year U.S. Treasury Notes		Dec. 2022			1,551,484			(5,469	)
35	10 Year U.S. Treasury Notes		Dec. 2022			4,091,719			(20,616	)

									(30,186	)


Short Positions:
5	20 Year U.S. Treasury Bonds		Dec. 2022			679,219			3,965
3	30 Year U.S. Ultra Treasury Bonds		Dec. 2022			448,500			328

									4,293

								$	(25,893	)

See Notes to Financial Statements.

PGIM Fixed Income ETFs 97

PGIM Active High Yield Bond ETF

Schedule of Investments (continued)

as of August 31, 2022

Forward foreign currency exchange contracts outstanding at August 31, 2022:


Purchase Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date			Current Value			Unrealized Appreciation			Unrealized Depreciation

OTC Forward Foreign Currency Exchange Contracts:
British Pound,
Expiring 09/02/22	JPMorgan Chase Bank, N.A.		GBP	89		$	105,198		$	103,391		$	—		$	(1,807	)



Sale Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date			Current Value			Unrealized Appreciation			Unrealized Depreciation

OTC Forward Foreign Currency Exchange Contracts:
British Pound,
Expiring 09/02/22	Bank of America, N.A.		GBP	89		$	107,522		$	103,391		$	4,131		$	—
Expiring 10/04/22	JPMorgan Chase Bank, N.A.		GBP	89			105,262			103,461			1,801			—


						$	212,784		$	206,852			5,932			—


												$	5,932		$	(1,807	)

Credit default swap agreements outstanding at August 31, 2022:

Reference

Entity/

Obligation

Termination
Date

Fixed

Rate

Notional
Amount
(000)#(3)

Value at
Trade Date

Value at
August 31,
2022

Unrealized

Appreciation
(Depreciation)

Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):

CDX.NA.IG.38.V1

06/20/32

1.000%(Q)

1,695

23,091

33,550

10,459


Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at August 31, 2022(4)		Value at Trade Date				Value at August 31, 2022				Unrealized Appreciation (Depreciation)


Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):
CDX.NA.HY.38.V2		06/20/27		5.000%(Q)		6,029		5.325%		$	(110,648	)		$	(12,745	)		$	97,903

The Fund entered into credit default swaps (“CDS”) to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer’s default or the reference entity’s credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be short the credit as the value of the contract rises the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases.

(1)	If the Fund is a buyer of protection, it pays the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional

See Notes to Financial Statements.

PGIM Active High Yield Bond ETF

Schedule of Investments (continued)

as of August 31, 2022

amount of the swap and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(2)

If the Fund is a seller of protection, it receives the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(3)	Notional amount represents the maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(4)

Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements where the Fund is the seller of protection as of the reporting date serve as an indicator of the current status of the payment/ performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include up-front payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

Total return swap agreements outstanding at August 31, 2022:

Reference Entity

Financing
Rate

Counterparty

Termination
Date

Long (Short)
Notional
Amount
(000)#(1)

Fair
Value

Upfront
Premiums
Paid
(Received)

Unrealized
Appreciation
(Depreciation)(2)

OTC Total Return Swap Agreement:

iBoxx US Dollar Liquid High Yield Index(T)

1 Day SOFR(Q)

BNP Paribas S.A.

03/20/23

(70

)

319

—

319

(1)

On a long total return swap, the Fund receives payments for any positive return on the reference entity (makes payments for any negative return) and pays the financing rate. On a short total return swap, the Fund makes payments for any positive return on the reference entity (receives payments for any negative return) and receives the financing rate.

(2)	Upfront/recurring fees or commissions, as applicable, are included in the net unrealized appreciation (depreciation).

Balances Reported in the Statement of Assets and Liabilities for OTC Swap Agreements:


	Premiums Paid			Premiums Received			Unrealized Appreciation			Unrealized Depreciation

OTC Swap Agreements		$	—		$	—		$	319		$	—

See Notes to Financial Statements.

PGIM Fixed Income ETFs 99

PGIM Active High Yield Bond ETF

Schedule of Investments (continued)

as of August 31, 2022

Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:


Broker	Cash and/or Foreign Currency			Securities Market Value

Citigroup Global Markets, Inc.		$	150,000		$	636,471

Fair Value Measurements:

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of August 31, 2022 in valuing such portfolio securities:


	Level 1			Level 2			Level 3
Investments in Securities
Assets
Long-Term Investments
Asset-Backed Securities
Collateralized Loan Obligations		$	—		$	3,156,324		$	—
Bank Loans			—			1,776,471			15,527
Corporate Bonds			—			75,471,893			2,109
U.S. Treasury Obligations			—			8,091,022			—
Common Stocks			1,362,153			342,805			—
Preferred Stock.			—			—			600,000
Rights			—			—			9,174
Warrants			—			—			13
Short-Term Investments
Affiliated Mutual Fund			121,485			—			—
Unaffiliated Fund			1,876,924			—			—


Total		$	3,360,562		$	88,838,515		$	626,823


Other Financial Instruments*
Assets
Unfunded Loan Commitment		$	—		$	—		$	—
Futures Contracts			4,293			—			—
OTC Forward Foreign Currency Exchange Contracts			—			5,932			—

See Notes to Financial Statements.

100

PGIM Active High Yield Bond ETF

Schedule of Investments (continued)

as of August 31, 2022


	Level 1				Level 2				Level 3

*Other Financial Instruments (continued)**
Assets (continued)
Centrally Cleared Credit Default Swap Agreements		$	—			$	108,362			$	—
OTC Total Return Swap Agreement			—				319				—


Total		$	4,293			$	114,613			$	—


Liabilities
Futures Contracts		$	(30,186	)		$	—			$	—
OTC Forward Foreign Currency Exchange Contract			—				(1,807	)			—


Total		$	(30,186	)		$	(1,807	)		$	—

Other financial instruments are derivative instruments, with the exception of unfunded loan commitments, and are not reflected in the Schedule of Investments. Futures, forwards, centrally cleared swap contracts and unfunded loan commitments are recorded at net unrealized appreciation (depreciation) and OTC swap contracts are recorded at fair value.

Industry Classification:

The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of August 31, 2022 were as follows:


U.S. Treasury Obligations	8.6	%
Media	7.9
Oil & Gas	6.2
Electric	5.0
Telecommunications	4.5
Commercial Services	4.3
Home Builders	4.1
Diversified Financial Services	3.6
Healthcare-Services	3.5
Collateralized Loan Obligations	3.3
Retail	3.3
Foods	3.0
Aerospace & Defense	2.9
Pipelines	2.6
Entertainment	2.6
Auto Manufacturers	2.6
Chemicals	2.3
Real Estate Investment Trusts (REITs)	2.2
Pharmaceuticals	2.2
Building Materials	2.0
Unaffiliated Fund	2.0
Real Estate	1.6


Lodging	1.5	%
Oil, Gas & Consumable Fuels	1.5
Packaging & Containers	1.4
Mining	1.1
Auto Parts & Equipment	1.0
Airlines	0.9
Software	0.9
Healthcare-Products	0.9
Machinery-Diversified	0.8
Apparel	0.7
Electrical Components & Equipment	0.6
Electronic Equipment, Instruments & Components	0.6
Computers	0.6
Gas	0.5
Distribution/Wholesale	0.5
Advertising	0.5
Housewares	0.5
Internet	0.4
Household Products/Wares	0.4
Iron/Steel	0.3
Insurance	0.3
Miscellaneous Manufacturing	0.3

See Notes to Financial Statements.

PGIM Fixed Income ETFs 101

PGIM Active High Yield Bond ETF

Schedule of Investments (continued)

as of August 31, 2022

Industry Classification (continued):


Wireless Telecommunication Services	0.2	%
Machinery-Construction & Mining	0.2
Electronics	0.2
Home Furnishings	0.2
Agriculture	0.2
Engineering & Construction	0.1
Banks	0.1
Environmental Control	0.1
Affiliated Mutual Fund (0.1% represents investments purchased with collateral from securities on loan)	0.1
Gas Utilities	0.1


Trucking & Leasing	0.1	%
Leisure Time	0.1
Office/Business Equipment	0.1
Coal	0.0	*

	98.3
Other assets in excess of liabilities	1.7


	100.0	%

*	Less than +/- 0.05%

Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:

The Fund invested in derivative instruments during the reporting period. The primary types of risk associated with these derivative instruments are credit contracts risk, foreign exchange contracts risk and interest rate contracts risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Fund’s financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of August 31, 2022 as presented in the Statement of Assets and Liabilities:


	Asset Derivatives				Liability Derivatives
Derivatives not accounted for as hedging instruments, carried at fair value	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Credit contracts	Due from/to broker-variation margin swaps	$	108,362	*	—	$	—
Foreign exchange contracts	Unrealized appreciation on OTC forward foreign currency exchange contracts		5,932		Unrealized depreciation on OTC forward foreign currency exchange contracts		1,807
Interest rate contracts	Due from/to broker-variation margin futures		4,293	*	Due from/to broker-variation margin futures		30,186	*
Interest rate contracts	Unrealized appreciation on OTC swap agreements		319		—		—

		$	118,906			$	31,993

See Notes to Financial Statements.

102

PGIM Active High Yield Bond ETF

Schedule of Investments (continued)

as of August 31, 2022

*	Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

The effects of derivative instruments on the Statement of Operations for the year ended August 31, 2022 are as follows:


Amount of Realized Gain (Loss) on Derivatives Recognized in Income

Derivatives not accounted for as hedging instruments, carried at fair value	Futures				Forward Currency Exchange Contracts			Swaps

Credit contracts		$	—			$	—		$	(109,491	)
Foreign exchange contracts			—				1,874			—
Interest rate contracts			(453,810	)			—			(396,180	)


Total		$	(453,810	)		$	1,874		$	(505,671	)


Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income

Derivatives not accounted for as hedging instruments, carried at fair value	Futures				Forward Currency Exchange Contracts			Swaps

Credit contracts		$	—			$	—		$	108,362
Foreign exchange contracts			—				4,125			—
Interest rate contracts			(48,419	)			—			319


Total		$	(48,419	)		$	4,125		$	108,681

For the year ended August 31, 2022, the Fund’s average volume of derivative activities is as follows:


Derivative Contract Type	Average Volume of Derivative Activities*

Futures Contracts - Long Positions (1)		$8,824,061
Futures Contracts - Short Positions (1)		2,026,206
Forward Foreign Currency Exchange Contracts - Purchased (2)		43,288
Forward Foreign Currency Exchange Contracts - Sold (2)		87,420

Credit Default Swap Agreements - Buy Protection (1)		892,000
Credit Default Swap Agreements - Sell Protection (1)		1,713,820
Total Return Swap Agreements (1)		2,428,000

*	Average volume is based on average quarter end balances as noted for the year ended August 31, 2022.

(1)	Notional Amount in USD.

(2)	Value at Settlement Date.

See Notes to Financial Statements.

PGIM Fixed Income ETFs 103

PGIM Active High Yield Bond ETF

Schedule of Investments (continued)

as of August 31, 2022

Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:

The Fund invested in OTC derivatives and entered into financial instruments/transactions during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for OTC derivatives and financial instruments/transactions where the legal right to set-off exists is presented in the summary below.

Offsetting of financial instrument/transaction assets and liabilities:

Description

Gross Market

Value of

Recognized

Assets/(Liabilities)

Collateral

Pledged/(Received)(2)

Net

Amount

Securities on Loan

$116,839

$(116,839)

$—

Offsetting of OTC derivative assets and liabilities:


Counterparty	Gross Amounts of Recognized Assets(1)			Gross Amounts of Recognized Liabilities(1)				Net Amounts of Recognized Assets/(Liabilities)				Collateral Pledged/(Received)(2)			Net Amount
Bank of America, N.A.		$	4,131		$	—			$	4,131			$	—		$	4,131
BNP Paribas S.A.			319			—				319				—			319
JPMorgan Chase Bank, N.A.			1,801			(1,807	)			(6	)			—			(6	)

		$	6,251		$	(1,807	)		$	4,444			$	—		$	4,444

(1)	Includes unrealized appreciation/(depreciation) on swaps and forwards, premiums paid/(received) on swap agreements and market value of purchased and written options, as represented on the Statement of Assets and Liabilities.

(2)	Collateral amount disclosed by the Fund is limited to the market value of financial instruments/transactions and the Fund’s OTC derivative exposure by counterparty.

See Notes to Financial Statements.

104

PGIM Active High Yield Bond ETF

Statement of Assets & Liabilities

as of August 31, 2022


Assets

Investments at value, including securities on loan of $116,839:
Unaffiliated investments (cost $104,941,717)	$	92,704,415
Affiliated investments (cost $121,461)		121,485
Cash		22,503
Dividends and interest receivable		1,355,949
Receivable for investments sold		188,676
Due from former custodian		182,003
Deposit with broker for centrally cleared/exchange-traded derivatives		150,000
Unrealized appreciation on OTC forward foreign currency exchange contracts		5,932
Unrealized appreciation on OTC swap agreements		319
Other assets		11,052

Total Assets		94,742,334


Liabilities

Payable for investments purchased		170,165
Payable to broker for collateral for securities on loan		121,321
Management fee payable		45,504
Due to broker—variation margin swaps		6,857
Unrealized depreciation on OTC forward foreign currency exchange contracts		1,807
Due to broker—variation margin futures		820

Total Liabilities		346,474


Net Assets	$	94,395,860




Net assets were comprised of:
Common stock, at par	$	2,725
Paid-in capital in excess of par		108,591,823
Total distributable earnings (loss)		(14,198,688	)


Net assets, August 31, 2022	$	94,395,860


Net asset value, offering price and redemption price per share. ($94,395,860 ÷ 2,725,000 shares of common stock issued and outstanding)	$	34.64

See Notes to Financial Statements.

PGIM Fixed Income ETFs 105

PGIM Active High Yield Bond ETF

Statement of Operations

Year Ended August 31, 2022


Net Investment Income (Loss)

Income
Interest income (net of $202 foreign withholding tax)	$	4,515,107
Unaffiliated dividend income		112,125
Affiliated dividend income		1,355
Income from securities lending, net (including affiliated income of $351)		889

Total income		4,629,476


Expenses
Management fee		455,181
Miscellaneous		49

Total expenses		455,230

Net investment income (loss)		4,174,246

Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions

Net realized gain (loss) on:
Investment transactions (including affiliated of $(13))		(538,556	)
Futures transactions		(453,810	)
In-kind redemptions		443,931
Forward currency contract transactions		1,874
Swap agreement transactions		(505,671	)
Foreign currency transactions		2,976

		(1,049,256	)

Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $24)		(14,156,485	)
Futures		(48,419	)
Forward currency contracts		4,125
Swap agreements		108,681
Foreign currencies		(90	)

		(14,092,188	)

Net gain (loss) on investment and foreign currency transactions		(15,141,444	)


Net Increase (Decrease) In Net Assets Resulting From Operations	$	(10,967,198	)

See Notes to Financial Statements.

106

PGIM Active High Yield Bond ETF

Statements of Changes in Net Assets



	Year Ended August 31,


	2022			2021

Increase (Decrease) in Net Assets

Operations
Net investment income (loss)	$	4,174,246		$	2,775,060
Net realized gain (loss) on investment, in-kind redemptions and foreign currency transactions		(1,049,256	)		611,714
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		(14,092,188	)		2,435,162

Net increase (decrease) in net assets resulting from operations		(10,967,198	)		5,821,936


Dividends and Distributions
Distributions from distributable earnings		(5,220,879	)		(3,660,138	)


Fund share transactions
Net proceeds from shares sold (1,225,000 and 1,825,000 shares, respectively)		47,478,094			74,395,702
Shares redeemed in-kind (475,000 and 0 shares, respectively)		(19,479,038	)		—
Cost of shares purchased (125,000 and 600,000 shares, respectively)		(4,390,976	)		(24,576,005	)

Net increase (decrease) in net assets from Fund share transactions		23,608,080			49,819,697

Total increase (decrease)		7,420,003			51,981,495

Net Assets:

Beginning of year		86,975,857			34,994,362

End of year	$	94,395,860		$	86,975,857

See Notes to Financial Statements.

PGIM Fixed Income ETFs 107

PGIM Active High Yield Bond ETF

Financial Highlights




	Year Ended August 31,									September 24, 2018^(a)through August 31, 2019

	2022			2021			2020

Per Share Operating Performance^(b):

Net Asset Value, Beginning of Period		$41.42			$39.99			$40.96			$40.00

Income (loss) from investment operations:

Net investment income (loss)		1.85			1.95			2.49			2.30

Net realized and unrealized gain (loss) on investment and foreign currency transactions		(6.23	)		2.30			(0.49	)		0.85

Total from investment operations		(4.38	)		4.25			2.00			3.15

Less Dividends and Distributions:

Dividends from net investment income		(1.92	)		(2.24	)		(2.55	)		(2.19	)

Distributions from net realized gains		(0.48	)		(0.58	)		(0.42	)		-

Total dividends and distributions		(2.40	)		(2.82	)		(2.97	)		(2.19	)	��

Net asset value, end of period		$34.64			$41.42			$39.99			$40.96

Total Return^(c):		(11.01	)%		11.00	%		5.24	%		8.20	%



Ratios/Supplemental Data:

Net assets, end of period (000)		$94,396			$86,976			$34,994			$27,649

Average net assets (000)		$85,683			$58,270			$29,367			$26,467

Ratios to average net assets^(d):

Expenses after waivers and/or expense reimbursement		0.53	%		0.53	%		0.53	%		0.52	%^(e)

Expenses before waivers and/or expense reimbursement		0.53	%		0.53	%		0.53	%		0.53	%^(e)

Net investment income (loss)		4.87	%		4.76	%		6.37	%		6.15	%^(e)

Portfolio turnover rate^(f)		31	%		85	%		57	%		55	%

(a)	Commencement of operations.

(b)	Calculated based on average shares outstanding during the period.

(c)

(d)	Does not include expenses of the underlying funds in which the Fund invests.

(e)	Annualized.

(f)	The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

108

PGIM Active Aggregate Bond ETF

Schedule of Investments

as of August 31, 2022

Principal

Interest

Maturity

Amount

Description

Rate

Date

(000)#

Value

LONG-TERM INVESTMENTS 99.1%

ASSET-BACKED SECURITIES 11.2%

Automobiles 0.7%

Avis Budget Rental Car Funding AESOP LLC,

Series 2022-01A, Class A, 144A

3.830%

08/21/28

100

97,685

CarMax Auto Owner Trust,

Series 2022-01, Class D

2.470

07/17/28

100

92,423

Hertz Vehicle Financing LLC,

Series 2022-02A, Class A, 144A

2.330

06/26/28

100

89,676

279,784

Collateralized Loan Obligations 10.1%

AIG CLO LLC (Cayman Islands),

Series 2018-01A, Class A1R, 144A, 3 Month LIBOR +
1.120% (Cap N/A, Floor 1.120%)

3.830(c)

04/20/32

400

392,794

Anchorage Capital CLO Ltd. (Cayman Islands),

Series 2022-25A, Class A1, 144A, 3 Month SOFR +
1.390% (Cap N/A, Floor 1.390%)

3.867(c)

04/20/35

250

242,901

Atlas Senior Loan Fund Ltd. (Cayman Islands),

Series 2016-07A, Class A1R2, 144A, 3 Month LIBOR +
1.100% (Cap N/A, Floor 1.100%)

4.143(c)

11/27/31

250

246,116

Bain Capital Credit CLO Ltd. (Cayman Islands),

Series 2022-01A, Class A1, 144A, 3 Month SOFR +
1.320% (Cap N/A, Floor 1.320%)

2.219(c)

04/18/35

250

242,761

Balboa Bay Loan Funding Ltd. (Cayman Islands),

Series 2020-01A, Class AR, 144A, 3 Month LIBOR +
1.120% (Cap N/A, Floor 1.120%)

3.830(c)

01/20/32

250

245,942

Crown City CLO (Cayman Islands),

Series 2020-02A, Class A1AR, 144A, 3 Month SOFR +
1.340% (Cap N/A, Floor 1.340%)

3.817(c)

04/20/35

250

243,078

Elevation CLO Ltd. (Cayman Islands),

Series 2021-13A, Class A1, 144A, 3 Month LIBOR +
1.190% (Cap N/A, Floor 1.190%)

3.702(c)

07/15/34

250

242,072

HPS Loan Management Ltd. (Cayman Islands),

Series 10A-16, Class A1RR, 144A, 3 Month LIBOR +
1.140% (Cap N/A, Floor 1.140%)

3.850(c)

04/20/34

250

243,750

ICG US CLO Ltd. (Cayman Islands),

Series 2015-02RA, Class A1, 144A, 3 Month LIBOR +
1.370% (Cap N/A, Floor 1.370%)

4.110(c)

01/16/33

250

247,707

Madison Park Funding Ltd. (Cayman Islands),

Series 2019-33A, Class AR, 144A, 3 Month SOFR +
1.290% (Cap N/A, Floor 1.290%)

3.618(c)

10/15/32

250

246,757

See Notes to Financial Statements.

PGIM Fixed Income ETFs 109

PGIM Active Aggregate Bond ETF

Schedule of Investments (continued)

as of August 31, 2022


			Principal
	Interest	Maturity	Amount
Description	Rate	Date	(000)#		Value

ASSET-BACKED SECURITIES (Continued)

Collateralized Loan Obligations (cont’d.)
Madison Park Funding Ltd. (Cayman Islands), (cont’d.)
Series 2019-34A, Class AR, 144A, 3 Month LIBOR + 1.120% (Cap N/A, Floor 1.120%)	3.903%(c)	04/25/32		400	$	392,943
Northwoods Capital Ltd. (Cayman Islands),
Series 2017-15A, Class A1R, 144A, 3 Month LIBOR + 1.210% (Cap N/A, Floor 1.210%)	3.273(c)	06/20/34		250		243,914
Romark CLO Ltd. (Cayman Islands),
Series 2021-04A, Class A1, 144A, 3 Month LIBOR + 1.170% (Cap N/A, Floor 1.170%)	3.598(c)	07/10/34		400		389,951
TCW CLO Ltd. (Cayman Islands),
Series 2019-02A, Class A1R, 144A, 3 Month SOFR + 1.280% (Cap N/A, Floor 1.280%)	3.757(c)	10/20/32		250		245,724
Whitebox CLO Ltd. (Cayman Islands),
Series 2019-01A, Class ANAR, 144A, 3 Month LIBOR + 1.130% (Cap N/A, Floor 1.130%)	3.913(c)	07/24/32		500		491,320


						4,357,730


Consumer Loans 0.4%
OneMain Financial Issuance Trust,
Series 2020-02A, Class A, 144A	1.750	09/14/35		200		179,391


TOTAL ASSET-BACKED SECURITIES
(cost $4,945,842)						4,816,905


COMMERCIAL MORTGAGE-BACKED SECURITIES 11.0%
BANK,
Series 2019-BN22, Class A3	2.726	11/15/62		250		223,109
Series 2021-BN38, Class A4	2.275	12/15/64		100		83,854
Barclays Commercial Mortgage Securities Trust,
Series 2021-C12, Class A4	2.421	11/15/54		250		214,013
Benchmark Mortgage Trust,
Series 2021-B25, Class A3	1.906	04/15/54		500		435,622
Series 2021-B31, Class A4	2.420	12/15/54		100		84,881
CD Mortgage Trust,
Series 2019-CD08, Class A3	2.657	08/15/57		500		440,451
Commercial Mortgage Trust,
Series 2014-UBS04, Class A4	3.420	08/10/47		500		491,151
Series 2015-DC01, Class A4	3.078	02/10/48		500		487,009

See Notes to Financial Statements.

110

PGIM Active Aggregate Bond ETF

Schedule of Investments (continued)

as of August 31, 2022


				Principal
	Interest	Maturity		Amount
Description	Rate	Date		(000)#		Value

COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
GS Mortgage Securities Trust,
Series 2019-GC42, Class A3	2.749%		09/01/52		250	$	224,014
JPMCC Commercial Mortgage Securities Trust,
Series 2019-COR05, Class A3	3.123		06/13/52		500		458,596
Wells Fargo Commercial Mortgage Trust,
Series 2017-C39, Class A4	3.157		09/15/50		500		472,760
Series 2019-C52, Class A4	2.643		08/15/52		436		389,822
Series 2020-C56, Class A4	2.194		06/15/53		500		426,508
Series 2021-C59, Class A3	1.958		04/15/54		350		305,358


TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (cost $5,314,600)							4,737,148


CORPORATE BONDS 29.3%

Aerospace & Defense 0.8%

Boeing Co. (The),
Sr. Unsec’d. Notes	2.196		02/04/26		253		231,583
Sr. Unsec’d. Notes	3.750		02/01/50		34		24,363
Sr. Unsec’d. Notes	5.150		05/01/30		45		44,277
Raytheon Technologies Corp.,
Sr. Unsec’d. Notes	4.125		11/16/28		13		12,692
Sr. Unsec’d. Notes	6.125		07/15/38		15		16,689


							329,604

Agriculture 0.4%

Altria Group, Inc.,
Gtd. Notes	3.400		05/06/30		48		41,543
Gtd. Notes	3.400		02/04/41		50		33,746
BAT International Finance PLC (United Kingdom),
Gtd. Notes	1.668		03/25/26		124		110,391


							185,680

Airlines 0.1%

Southwest Airlines Co.,
Sr. Unsec’d. Notes	5.125		06/15/27		50		51,023
United Airlines 2013-1 Class A Pass-Through Trust,
Pass-Through Certificates	4.300		02/15/27		9		8,502


							59,525

See Notes to Financial Statements.

PGIM Fixed Income ETFs 111

PGIM Active Aggregate Bond ETF

Schedule of Investments (continued)

as of August 31, 2022


					Principal
	Interest		Maturity		Amount
Description	Rate		Date		(000)#		Value

CORPORATE BONDS (Continued)

Auto Manufacturers 0.8%


Daimler Trucks Finance North America LLC (Germany),
Gtd. Notes, 144A		1.625%		12/13/24		150	$	140,390
General Motors Co.,
Sr. Unsec’d. Notes		6.250		10/02/43		51		48,741
Sr. Unsec’d. Notes		6.600		04/01/36		17		17,199
General Motors Financial Co., Inc.,
Gtd. Notes		3.700		05/09/23		25		24,950
Sr. Unsec’d. Notes		2.900		02/26/25		113		108,134
Toyota Motor Credit Corp.,
Sr. Unsec’d. Notes, MTN		0.800		10/16/25		17		15,463


								354,877

Auto Parts & Equipment 0.0%


Aptiv PLC/Aptiv Corp.,
Gtd. Notes		3.250		03/01/32		15		12,627

Banks 7.6%


Bank of America Corp.,
Sr. Unsec’d. Notes		2.299(ff)		07/21/32		60		47,930
Sr. Unsec’d. Notes		2.687(ff)		04/22/32		115		95,534
Sr. Unsec’d. Notes, MTN		2.496(ff)		02/13/31		375		314,807
Sr. Unsec’d. Notes, MTN		3.970(ff)		03/05/29		175		165,101
Sr. Unsec’d. Notes, Series N		1.658(ff)		03/11/27		30		26,817
Sub. Notes, MTN		4.450		03/03/26		115		114,535
Bank of New York Mellon Corp. (The),
Sr. Unsec’d. Notes, MTN		2.950		01/29/23		20		19,946
BNP Paribas SA (France),
Gtd. Notes, MTN		3.250		03/03/23		119		118,668
Citigroup, Inc.,
Sr. Unsec’d. Notes		2.666(ff)		01/29/31		210		178,140
Sr. Unsec’d. Notes		2.976(ff)		11/05/30		120		104,508
Sr. Unsec’d. Notes		3.700		01/12/26		64		62,517
Sr. Unsec’d. Notes		4.075(ff)		04/23/29		80		76,111
Sub. Notes		4.400		06/10/25		55		54,784
Sub. Notes		4.450		09/29/27		21		20,486
Deutsche Bank AG (Germany),
Sr. Unsec’d. Notes, MTN		3.700		05/30/24		62		61,225
Goldman Sachs Group, Inc. (The),
Sr. Unsec’d. Notes		1.992(ff)		01/27/32		165		130,283

See Notes to Financial Statements.

112

PGIM Active Aggregate Bond ETF

Schedule of Investments (continued)

as of August 31, 2022


					Principal
	Interest		Maturity		Amount
Description	Rate		Date		(000)#		Value

CORPORATE BONDS (Continued)

Banks (cont’d.)


Goldman Sachs Group, Inc. (The), (cont’d.)
Sr. Unsec’d. Notes		2.615%(ff)		04/22/32		85	$	70,016
Sr. Unsec’d. Notes		3.750		02/25/26		25		24,486
Sr. Unsec’d. Notes		3.814(ff)		04/23/29		80		75,069

JPMorgan Chase & Co.,
Sr. Unsec’d. Notes		1.578(ff)		04/22/27		100		89,346
Sr. Unsec’d. Notes		2.522(ff)		04/22/31		370		313,012
Sr. Unsec’d. Notes		2.545(ff)		11/08/32		5		4,120
Sr. Unsec’d. Notes		2.580(ff)		04/22/32		42		34,745
Sr. Unsec’d. Notes		2.739(ff)		10/15/30		150		129,911
Sr. Unsec’d. Notes		3.509(ff)		01/23/29		150		138,972
Sub. Notes		2.956(ff)		05/13/31		21		18,102
Sub. Notes		4.250		10/01/27		21		20,782

Morgan Stanley,
Sr. Unsec’d. Notes, GMTN		2.239(ff)		07/21/32		40		32,259
Sr. Unsec’d. Notes, GMTN		2.699(ff)		01/22/31		255		220,782
Sr. Unsec’d. Notes, GMTN		3.750		02/25/23		34		34,023
Sr. Unsec’d. Notes, GMTN		3.772(ff)		01/24/29		110		103,566
Sr. Unsec’d. Notes, GMTN		3.875		01/27/26		76		74,978
Sr. Unsec’d. Notes, MTN		1.928(ff)		04/28/32		90		71,099

Wells Fargo & Co.,
Sr. Unsec’d. Notes, MTN		2.572(ff)		02/11/31		282		240,139


								3,286,799

Beverages 0.6%


Anheuser-Busch InBev Finance, Inc. (Belgium),
Gtd. Notes		4.000		01/17/43		115		96,503

Anheuser-Busch InBev Worldwide, Inc. (Belgium),
Gtd. Notes		4.750		01/23/29		75		76,477

Constellation Brands, Inc.,
Sr. Unsec’d. Notes		2.250		08/01/31		80		65,135

Keurig Dr. Pepper, Inc.,
Gtd. Notes		3.200		05/01/30		20		17,958


								256,073

See Notes to Financial Statements.

PGIM Fixed Income ETFs 113

PGIM Active Aggregate Bond ETF

Schedule of Investments (continued)

as of August 31, 2022


					Principal
	Interest		Maturity		Amount
Description	Rate		Date		(000)#		Value

CORPORATE BONDS (Continued)

Biotechnology 0.1%

Amgen, Inc.,
Sr. Unsec’d. Notes		2.800%		08/15/41		45	$	33,773
Sr. Unsec’d. Notes		4.663		06/15/51		13		12,191


								45,964

Building Materials 0.4%

Martin Marietta Materials, Inc.,
Sr. Unsec’d. Notes		2.400		07/15/31		11		9,053
Sr. Unsec’d. Notes		4.250		07/02/24		21		20,948
Owens Corning,
Sr. Unsec’d. Notes		3.400		08/15/26		25		23,814
Sr. Unsec’d. Notes		3.950		08/15/29		95		89,075
Vulcan Materials Co.,
Sr. Unsec’d. Notes		3.500		06/01/30		13		11,747


								154,637

Chemicals 0.3%

Dow Chemical Co. (The),
Sr. Unsec’d. Notes		3.600		11/15/50		17		13,004
FMC Corp.,
Sr. Unsec’d. Notes		3.450		10/01/29		90		80,613
Sr. Unsec’d. Notes		4.500		10/01/49		13		10,951
LYB International Finance III LLC,
Gtd. Notes		4.200		10/15/49		17		13,664
Nutrien Ltd. (Canada),
Sr. Unsec’d. Notes		4.900		06/01/43		21		20,256


								138,488

Commercial Services 1.1%

California Institute of Technology,
Sr. Unsec’d. Notes		3.650		09/01/2119		20		14,331
Equifax, Inc.,
Sr. Unsec’d. Notes		2.350		09/15/31		20		16,123
Sr. Unsec’d. Notes		2.600		12/01/24		121		116,929
ERAC USA Finance LLC,
Gtd. Notes, 144A		3.300		12/01/26		45		42,509

See Notes to Financial Statements.

114

PGIM Active Aggregate Bond ETF

Schedule of Investments (continued)

as of August 31, 2022


					Principal
	Interest		Maturity		Amount
Description	Rate		Date		(000)#		Value

CORPORATE BONDS (Continued)

Commercial Services (cont’d.)

Global Payments, Inc.,
Sr. Unsec’d. Notes		1.200%		03/01/26		21	$	18,527

Massachusetts Institute of Technology,
Sr. Unsec’d. Notes, Series F		2.989		07/01/50		10		8,029
Unsec’d. Notes		4.678		07/01/2114		30		29,248

President & Fellows of Harvard College,
Unsec’d. Notes		2.517		10/15/50		35		25,548
Unsec’d. Notes		3.150		07/15/46		35		29,494

Thomas Jefferson University,
Sec’d. Notes		3.847		11/01/57		45		36,916

Trustees of Boston University,
Sec’d. Notes, Series CC		4.061		10/01/48		20		18,553

Trustees of the University of Pennsylvania (The),
Sr. Unsec’d. Notes		3.610		02/15/2119		25		18,248

University of Southern California,
Unsec’d. Notes, Series 2017		3.841		10/01/47		10		9,100

Washington University (The),
Sr. Unsec’d. Notes, Series 2022		3.524		04/15/54		80		68,750

Yale University,
Unsec’d. Notes, Series 2020		2.402		04/15/50		20		14,316


								466,621

Computers 0.1%

Apple, Inc.,
Sr. Unsec’d. Notes		3.250		02/23/26		50		49,223

International Business Machines Corp.,
Sr. Unsec’d. Notes		5.875		11/29/32		8		8,756


								57,979

Diversified Financial Services 0.1%

Discover Financial Services,
Sr. Unsec’d. Notes		3.750		03/04/25		21		20,473

Jefferies Group LLC/Jefferies Group Capital Finance, Inc.,
Sr. Unsec’d. Notes		2.625		10/15/31		25		19,402


								39,875

See Notes to Financial Statements.

PGIM Fixed Income ETFs 115

PGIM Active Aggregate Bond ETF

Schedule of Investments (continued)

as of August 31, 2022


					Principal
	Interest		Maturity		Amount
Description	Rate		Date		(000)#		Value

CORPORATE BONDS (Continued)

Electric 2.2%

AEP Texas, Inc.,
Sr. Unsec’d. Notes		3.450%		05/15/51		13	$	10,037
Sr. Unsec’d. Notes, Series I		2.100		07/01/30		62		51,224
AEP Transmission Co. LLC,
Sr. Unsec’d. Notes		4.250		09/15/48		17		15,287
Ameren Corp.,
Sr. Unsec’d. Notes		2.500		09/15/24		21		20,247
Arizona Public Service Co.,
Sr. Unsec’d. Notes		2.600		08/15/29		8		6,908
Consolidated Edison Co. of New York, Inc.,
Sr. Unsec’d. Notes, Series C		4.300		12/01/56		4		3,480
Dominion Energy South Carolina, Inc.,
First Mortgage		4.600		06/15/43		32		30,378
DTE Electric Co.,
General Ref. Mortgage, Series A		4.050		05/15/48		21		19,100
Duke Energy Carolinas LLC,
Sr. Unsec’d. Notes		6.100		06/01/37		21		22,472
Duke Energy Florida LLC,
First Mortgage		2.400		12/15/31		95		80,885
Emera US Finance LP (Canada),
Gtd. Notes		2.639		06/15/31		13		10,780
Gtd. Notes		4.750		06/15/46		13		11,508
Entergy Louisiana LLC,
Collateral Trust		4.200		09/01/48		8		7,160
Eversource Energy,
Sr. Unsec’d. Notes, Series O		4.250		04/01/29		41		39,954
Florida Power & Light Co.,
First Mortgage		4.050		06/01/42		15		13,852
Jersey Central Power & Light Co.,
Sr. Unsec’d. Notes, 144A		4.700		04/01/24		17		16,901
MidAmerican Energy Co.,
First Mortgage		4.250		07/15/49		34		31,541
Mississippi Power Co.,
Sr. Unsec’d. Notes, Series 12-A		4.250		03/15/42		33		28,776
Monongahela Power Co.,
First Mortgage, 144A		3.550		05/15/27		96		90,783
Northern States Power Co.,
First Mortgage		3.400		08/15/42		34		28,672
NRG Energy, Inc.,
Sr. Sec’d. Notes, 144A		3.750		06/15/24		17		16,501

See Notes to Financial Statements.

116

PGIM Active Aggregate Bond ETF

Schedule of Investments (continued)

as of August 31, 2022


			Principal
	Interest	Maturity	Amount
Description	Rate	Date	(000)#		Value

CORPORATE BONDS (Continued)

Electric (cont’d.)

Pacific Gas & Electric Co.,
First Mortgage	3.500%	08/01/50		29	$	19,262
First Mortgage	4.550	07/01/30		20		17,802
First Mortgage	4.950	07/01/50		40		32,003
PECO Energy Co.,
First Mortgage	2.800	06/15/50		32		23,088
PPL Electric Utilities Corp.,
First Mortgage	3.000	10/01/49		13		9,713
Public Service Electric & Gas Co.,
First Mortgage, MTN	3.600	12/01/47		13		10,904
First Mortgage, MTN	3.700	05/01/28		38		37,127
Puget Energy, Inc.,
Sr. Sec’d. Notes	2.379	06/15/28		5		4,357
Sr. Sec’d. Notes	4.100	06/15/30		75		69,385
San Diego Gas & Electric Co.,
First Mortgage	4.150	05/15/48		15		13,621
Sempra Energy,
Sr. Unsec’d. Notes	3.300	04/01/25		35		34,053
Sr. Unsec’d. Notes	4.000	02/01/48		15		12,522
Southern California Edison Co.,
First Ref. Mortgage	4.000	04/01/47		55		44,342
Tucson Electric Power Co.,
Sr. Unsec’d. Notes	3.250	05/15/32		30		26,716
Vistra Operations Co. LLC,
Sr. Sec’d. Notes, 144A	3.550	07/15/24		47		45,309
Xcel Energy, Inc.,
Sr. Unsec’d. Notes	1.750	03/15/27		10		8,951


						965,601

Engineering & Construction 0.4%

Mexico City Airport Trust (Mexico),
Sr. Sec’d. Notes, 144A	4.250	10/31/26		200		188,000

Entertainment 0.2%

Magallanes, Inc.,
Gtd. Notes, 144A	4.279	03/15/32		20		17,373
Gtd. Notes, 144A	5.141	03/15/52		70		56,357


						73,730

See Notes to Financial Statements.

PGIM Fixed Income ETFs 117

PGIM Active Aggregate Bond ETF

Schedule of Investments (continued)

as of August 31, 2022


					Principal
	Interest		Maturity		Amount
Description	Rate		Date		(000)#		Value

CORPORATE BONDS (Continued)

Foods 0.4%

Campbell Soup Co.,
Sr. Unsec’d. Notes		3.300%		03/19/25		51	$	49,792

Hormel Foods Corp.,
Sr. Unsec’d. Notes		0.650		06/03/24		8		7,599

JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.,
Gtd. Notes, 144A		3.000		02/02/29		100		86,579

Mars, Inc.,
Gtd. Notes, 144A		3.600		04/01/34		10		9,174


								153,144

Gas 0.2%

CenterPoint Energy Resources Corp.,
Sr. Unsec’d. Notes		4.100		09/01/47		21		18,653

NiSource, Inc.,
Sr. Unsec’d. Notes		3.490		05/15/27		13		12,443

Piedmont Natural Gas Co., Inc.,
Sr. Unsec’d. Notes		3.500		06/01/29		21		19,557

Southern California Gas Co.,
First Mortgage		3.750		09/15/42		30		24,957


								75,610

Healthcare-Services 1.0%

Ascension Health,
Sr. Unsec’d. Notes, Series B		2.532		11/15/29		35		31,312

Elevance Health, Inc.,
Sr. Unsec’d. Notes		4.625		05/15/42		50		47,567

Kaiser Foundation Hospitals,
Unsec’d. Notes, Series 2021		2.810		06/01/41		70		53,445
Unsec’d. Notes, Series 2021		3.002		06/01/51		10		7,441

Memorial Sloan-Kettering Cancer Center,
Unsec’d. Notes, Series 2020		2.955		01/01/50		15		11,011

Methodist Hospital (The),
Unsec’d. Notes, Series 20A		2.705		12/01/50		10		6,929

New York & Presbyterian Hospital (The),
Unsec’d. Notes		4.024		08/01/45		20		18,302

Northwestern Memorial Healthcare Obligated Group,
Unsec’d. Notes, Series 2021		2.633		07/15/51		20		13,969

See Notes to Financial Statements.

118

PGIM Active Aggregate Bond ETF

Schedule of Investments (continued)

as of August 31, 2022


					Principal
	Interest		Maturity		Amount
Description	Rate		Date		(000)#		Value

CORPORATE BONDS (Continued)

Healthcare-Services (cont’d.)

OhioHealth Corp.,
Sec’d. Notes		2.297%		11/15/31		30	$	25,241

Piedmont Healthcare, Inc.,
Sec’d. Notes, Series 2042		2.719		01/01/42		15		11,004

Quest Diagnostics, Inc.,
Sr. Unsec’d. Notes		4.700		03/30/45		8		7,161

Sentara Healthcare,
Sr. Unsec’d. Notes, Series 2021		2.927		11/01/51		65		47,840

Stanford Health Care,
Unsec’d. Notes		3.027		08/15/51		35		25,793

UnitedHealth Group, Inc.,
Sr. Unsec’d. Notes		2.300		05/15/31		45		38,631
Sr. Unsec’d. Notes		3.950		10/15/42		60		53,794
Sr. Unsec’d. Notes		4.950		05/15/62		10		10,034


								409,474

Home Builders 0.5%

Toll Brothers Finance Corp.,
Gtd. Notes		4.875		03/15/27		220		211,709

Insurance 0.5%

Chubb INA Holdings, Inc.,
Gtd. Notes		2.700		03/13/23		48		47,746

Corebridge Financial, Inc.,
Sr. Unsec’d. Notes, 144A		3.900		04/05/32		45		40,448

Everest Reinsurance Holdings, Inc.,
Sr. Unsec’d. Notes		3.500		10/15/50		8		5,981
Sr. Unsec’d. Notes		4.868		06/01/44		30		27,499

Fairfax Financial Holdings Ltd. (Canada),
Sr. Unsec’d. Notes, 144A		5.625		08/16/32		15		14,711

Liberty Mutual Group, Inc.,
Gtd. Notes, 144A		3.951		10/15/50		38		29,167

Lincoln National Corp.,
Sr. Unsec’d. Notes		3.050		01/15/30		8		7,019

Markel Corp.,
Sr. Unsec’d. Notes		4.150		09/17/50		17		13,938

See Notes to Financial Statements.

PGIM Fixed Income ETFs 119

PGIM Active Aggregate Bond ETF

Schedule of Investments (continued)

as of August 31, 2022


					Principal
	Interest		Maturity		Amount
Description	Rate		Date		(000)#		Value

CORPORATE BONDS (Continued)

Insurance (cont’d.)

Principal Financial Group, Inc.,
Gtd. Notes		4.625%		09/15/42		32	$	29,410

W.R. Berkley Corp.,
Sr. Unsec’d. Notes		4.000		05/12/50		8		6,626


								222,545

Iron/Steel 0.3%

Nucor Corp.,
Sr. Unsec’d. Notes		4.300		05/23/27		25		24,865

Steel Dynamics, Inc.,
Sr. Unsec’d. Notes		3.450		04/15/30		80		71,298

Vale Overseas Ltd. (Brazil),
Gtd. Notes		6.250		08/10/26		10		10,472


								106,635

Lodging 0.2%

Marriott International, Inc.,
Sr. Unsec’d. Notes, Series R		3.125		06/15/26		83		78,746

Machinery-Construction & Mining 0.0%

Caterpillar, Inc.,
Sr. Unsec’d. Notes		2.600		09/19/29		13		11,855

Machinery-Diversified 0.2%

Flowserve Corp.,
Sr. Unsec’d. Notes		2.800		01/15/32		5		3,886

Westinghouse Air Brake Technologies Corp.,
Gtd. Notes		3.200		06/15/25		88		83,940


								87,826

Media 1.1%

Charter Communications Operating LLC/Charter Communications Operating Capital,
Sr. Sec’d. Notes		4.800		03/01/50		64		50,280
Sr. Sec’d. Notes		4.908		07/23/25		93		92,784
Sr. Sec’d. Notes		6.384		10/23/35		120		119,559

See Notes to Financial Statements.

120

PGIM Active Aggregate Bond ETF

Schedule of Investments (continued)

as of August 31, 2022


						Principal
	Interest		Maturity			Amount
Description	Rate		Date			(000)#		Value

CORPORATE BONDS (Continued)

Media (cont’d.)

Comcast Corp.,
Gtd. Notes		3.999%		11/01/49			42	$	35,997
Gtd. Notes		4.250		10/15/30			30		29,616

Cox Communications, Inc.,
Sr. Unsec’d. Notes, 144A		3.150		08/15/24			43		41,749

Discovery Communications LLC,
Gtd. Notes		2.950		03/20/23			25		24,872
Gtd. Notes		5.200		09/20/47			23		18,755

Paramount Global,
Sr. Unsec’d. Notes		4.375		03/15/43			78		58,460

Walt Disney Co. (The),
Gtd. Notes		3.600		01/13/51			12		10,054


									482,126

Mining 1.0%

Barrick North America Finance LLC (Canada),
Gtd. Notes		5.750		05/01/43			55		56,338

Freeport-McMoRan, Inc.,
Gtd. Notes		4.125		03/01/28			25		23,395
Gtd. Notes		4.375		08/01/28			50		47,139

Indonesia Asahan Aluminium Persero PT (Indonesia),
Sr. Unsec’d. Notes, 144A		6.530		11/15/28			200		207,287

Newmont Corp.,
Gtd. Notes		2.600		07/15/32	��		5		4,088
Gtd. Notes		2.800		10/01/29			122		106,502


									444,749

Miscellaneous Manufacturing 0.2%

Carlisle Cos., Inc.,
Sr. Unsec’d. Notes		2.200		03/01/32			30		23,597

Textron, Inc.,
Sr. Unsec’d. Notes		3.375		03/01/28			84		77,253


									100,850

Multi-National 0.2%

Corp. Andina de Fomento (Supranational Bank),
Sr. Unsec’d. Notes		3.750		11/23/23			100		99,456

See Notes to Financial Statements.

PGIM Fixed Income ETFs 121

PGIM Active Aggregate Bond ETF

Schedule of Investments (continued)

as of August 31, 2022


					Principal
	Interest		Maturity		Amount
Description	Rate		Date		(000)#		Value

CORPORATE BONDS (Continued)

Oil & Gas 1.1%

Canadian Natural Resources Ltd. (Canada),
Sr. Unsec’d. Notes		2.950%		01/15/23		42	$	41,777

Cenovus Energy, Inc. (Canada),
Sr. Unsec’d. Notes		3.750		02/15/52		5		3,849
Sr. Unsec’d. Notes		4.250		04/15/27		98		96,519
Sr. Unsec’d. Notes		5.400		06/15/47		57		55,618

Continental Resources, Inc.,
Gtd. Notes, 144A		2.268		11/15/26		15		13,259

Devon Energy Corp.,
Sr. Unsec’d. Notes		5.600		07/15/41		36		35,610

Ecopetrol SA (Colombia),
Sr. Unsec’d. Notes		5.375		06/26/26		40		37,485

Exxon Mobil Corp.,
Sr. Unsec’d. Notes		3.452		04/15/51		8		6,613

Helmerich & Payne, Inc.,
Sr. Unsec’d. Notes		2.900		09/29/31		30		25,367

Phillips 66,
Gtd. Notes		2.150		12/15/30		84		68,918

Phillips 66 Co.,
Gtd. Notes, 144A		3.550		10/01/26		17		16,338

Pioneer Natural Resources Co.,
Sr. Unsec’d. Notes		1.125		01/15/26		77		68,806


								470,159

Pharmaceuticals 1.5%

AbbVie, Inc.,
Sr. Unsec’d. Notes		3.200		11/21/29		100		91,414
Sr. Unsec’d. Notes		4.050		11/21/39		15		13,228
Sr. Unsec’d. Notes		4.550		03/15/35		60		57,548
Sr. Unsec’d. Notes		4.625		10/01/42		15		13,781

Astrazeneca Finance LLC (United Kingdom),
Gtd. Notes		2.250		05/28/31		3		2,604

Becton, Dickinson & Co.,
Sr. Unsec’d. Notes		3.734		12/15/24		53		52,326

Bristol-Myers Squibb Co.,
Sr. Unsec’d. Notes		3.400		07/26/29		5		4,774

Cigna Corp.,
Gtd. Notes		4.375		10/15/28		30		29,563
Sr. Unsec’d. Notes		2.400		03/15/30		40		34,282

See Notes to Financial Statements.

122

PGIM Active Aggregate Bond ETF

Schedule of Investments (continued)

as of August 31, 2022


					Principal
	Interest		Maturity		Amount
Description	Rate		Date		(000)#		Value

CORPORATE BONDS (Continued)

Pharmaceuticals (cont’d.)

CVS Health Corp.,
Sr. Unsec’d. Notes		5.125%		07/20/45		82	$	78,503
Johnson & Johnson,
Sr. Unsec’d. Notes		2.100		09/01/40		10		7,276
Merck & Co., Inc.,
Sr. Unsec’d. Notes		3.400		03/07/29		8		7,707
Mylan, Inc.,
Gtd. Notes		5.200		04/15/48		40		30,942
Pfizer, Inc.,
Sr. Unsec’d. Notes		2.550		05/28/40		13		9,988
Shire Acquisitions Investments Ireland DAC,
Gtd. Notes		2.875		09/23/23		26		25,662
Gtd. Notes		3.200		09/23/26		144		137,093
Viatris, Inc.,
Gtd. Notes		3.850		06/22/40		98		68,033


								664,724

Pipelines 1.8%

DCP Midstream Operating LP,
Gtd. Notes		5.125		05/15/29		65		63,431
Energy Transfer LP,
Sr. Unsec’d. Notes		4.950		06/15/28		133		130,841
Sr. Unsec’d. Notes		6.250		04/15/49		34		33,368
Sr. Unsec’d. Notes, Series 20Y		5.800		06/15/38		50		46,848
Enterprise Products Operating LLC,
Gtd. Notes		3.125		07/31/29		30		27,214
Gtd. Notes		4.850		03/15/44		15		13,968
Kinder Morgan, Inc.,
Gtd. Notes		2.000		02/15/31		34		27,037
Gtd. Notes		3.250		08/01/50		17		11,820
MPLX LP,
Sr. Unsec’d. Notes		2.650		08/15/30		75		62,594
Sr. Unsec’d. Notes		4.500		04/15/38		63		55,712
Sr. Unsec’d. Notes		4.875		06/01/25		55		55,276
Sr. Unsec’d. Notes		5.500		02/15/49		17		16,186
ONEOK Partners LP,
Gtd. Notes		6.125		02/01/41		25		24,153
ONEOK, Inc.,
Gtd. Notes		3.100		03/15/30		82		70,813

See Notes to Financial Statements.

PGIM Fixed Income ETFs 123

PGIM Active Aggregate Bond ETF

Schedule of Investments (continued)

as of August 31, 2022


					Principal
	Interest		Maturity		Amount
Description	Rate		Date		(000)#		Value

CORPORATE BONDS (Continued)

Pipelines (cont’d.)

ONEOK, Inc., (cont’d.)
Gtd. Notes		3.400%		09/01/29		15	$	13,277
Gtd. Notes		4.950		07/13/47		21		18,107
Plains All American Pipeline LP/PAA Finance Corp.,
Sr. Unsec’d. Notes		4.500		12/15/26		17		16,569
Targa Resources Corp.,
Gtd. Notes		4.200		02/01/33		10		8,990
Transcontinental Gas Pipe Line Co. LLC,
Sr. Unsec’d. Notes		3.250		05/15/30		66		58,936
Sr. Unsec’d. Notes		3.950		05/15/50		31		25,736


								780,876

Real Estate Investment Trusts (REITs) 1.6%

Brixmor Operating Partnership LP,
Sr. Unsec’d. Notes		3.650		06/15/24		130		126,996
CubeSmart LP,
Gtd. Notes		2.250		12/15/28		15		12,680
GLP Capital LP/GLP Financing II, Inc.,
Gtd. Notes		3.250		01/15/32		5		4,047
Host Hotels & Resorts LP,
Sr. Unsec’d. Notes, Series J		2.900		12/15/31		5		3,894
Kimco Realty Corp.,
Sr. Unsec’d. Notes		1.900		03/01/28		55		47,200
Sr. Unsec’d. Notes		3.200		04/01/32		25		21,643
Realty Income Corp.,
Sr. Unsec’d. Notes		2.200		06/15/28		80		70,227
Sr. Unsec’d. Notes		3.100		12/15/29		29		26,368
Sr. Unsec’d. Notes		3.250		01/15/31		25		22,445
Simon Property Group LP,
Sr. Unsec’d. Notes		2.450		09/13/29		70		60,361
Sr. Unsec’d. Notes		3.750		02/01/24		105		104,546
Spirit Realty LP,
Gtd. Notes		2.700		02/15/32		33		25,584
Ventas Realty LP,
Gtd. Notes		4.125		01/15/26		127		124,519
VICI Properties LP,
Sr. Unsec’d. Notes		4.750		02/15/28		20		19,219


								669,729

See Notes to Financial Statements.

124

PGIM Active Aggregate Bond ETF

Schedule of Investments (continued)

as of August 31, 2022


					Principal
	Interest		Maturity		Amount
Description	Rate		Date		(000)#		Value

CORPORATE BONDS (Continued)

Retail 0.3%

Alimentation Couche-Tard, Inc. (Canada),
Gtd. Notes, 144A		4.500%		07/26/47		27	$	22,340
AutoZone, Inc.,
Sr. Unsec’d. Notes		3.750		04/18/29		38		35,816
Home Depot, Inc. (The),
Sr. Unsec’d. Notes		5.875		12/16/36		8		8,989
McDonald’s Corp.,
Sr. Unsec’d. Notes, MTN		4.700		12/09/35		18		17,863
O’Reilly Automotive, Inc.,
Sr. Unsec’d. Notes		4.700		06/15/32		60		59,411


								144,419

Semiconductors 0.8%

Advanced Micro Devices, Inc.,
Sr. Unsec’d. Notes		3.924		06/01/32		160		154,726
Broadcom Corp./Broadcom Cayman Finance Ltd.,
Gtd. Notes		3.500		01/15/28		45		41,761
Broadcom, Inc.,
Sr. Unsec’d. Notes, 144A		3.137		11/15/35		42		31,841
Sr. Unsec’d. Notes, 144A		3.419		04/15/33		120		98,970
Sr. Unsec’d. Notes, 144A		4.000		04/15/29		25		23,176


								350,474

Software 0.2%

Microsoft Corp.,
Sr. Unsec’d. Notes		2.525		06/01/50		63		45,890
Oracle Corp.,
Sr. Unsec’d. Notes		3.850		04/01/60		8		5,311
Workday, Inc.,
Sr. Unsec’d. Notes		3.500		04/01/27		10		9,549
Sr. Unsec’d. Notes		3.700		04/01/29		20		18,759


								79,509

Telecommunications 0.9%

AT&T, Inc.,
Sr. Unsec’d. Notes		3.500		09/15/53		140		103,985
Sr. Unsec’d. Notes		4.300		02/15/30		70		67,319

See Notes to Financial Statements.

PGIM Fixed Income ETFs 125

PGIM Active Aggregate Bond ETF

Schedule of Investments (continued)

as of August 31, 2022


					Principal
	Interest		Maturity		Amount
Description	Rate		Date		(000)#		Value

CORPORATE BONDS (Continued)

Telecommunications (cont’d.)

AT&T, Inc., (cont’d.)
Sr. Unsec’d. Notes		4.500%		05/15/35		65	$	61,023
T-Mobile USA, Inc.,
Sr. Unsec’d. Notes		2.050		02/15/28		61		52,988
Sr. Unsec’d. Notes		3.000		02/15/41		40		29,002
Sr. Unsec’d. Notes		3.875		04/15/30		30		27,730
Verizon Communications, Inc.,
Sr. Unsec’d. Notes		4.016		12/03/29		37		35,495


								377,542

Transportation 0.1%

CSX Corp.,
Sr. Unsec’d. Notes		6.150		05/01/37		33		36,964


TOTAL CORPORATE BONDS (cost $14,736,731)								12,675,201


MUNICIPAL BONDS 0.3%

Michigan 0.1%

University of Michigan,
Taxable, Revenue Bonds, Series B		3.504		04/01/52		35		29,883

New Jersey 0.0%

New Jersey Turnpike Authority,
Taxable, Revenue Bonds, BABs, Series F		7.414		01/01/40		10		13,001

New York 0.1%

New York State Dormitory Authority,
Taxable, Revenue Bonds, Series C		2.202		03/15/34		15		12,100

Port Authority of New York & New Jersey,
Consolidated, Taxable, Revenue Bonds, Series 174		4.458		10/01/62		10		9,676


								21,776

Ohio 0.0%

Ohio State University (The),
Taxable, Revenue Bonds, Series A		4.800		06/01/2111		10		9,422

See Notes to Financial Statements.

126

PGIM Active Aggregate Bond ETF

Schedule of Investments (continued)

as of August 31, 2022

Principal

Interest

Maturity

Amount

Description

Rate

Date

(000)#

Value

MUNICIPAL BONDS (Continued)

Pennsylvania 0.0%

Pennsylvania Turnpike Commission,

Revenue Bonds, BABs, Series B

5.511%

12/01/45

10,950

Texas 0.1%

Dallas Fort Worth International Airport,

Taxable, Revenue Bonds, Series A

4.087

11/01/51

18,069

Virginia 0.0%

University of Virginia,

Taxable, Revenue Bonds, Series B

2.584

11/01/51

17,150

TOTAL MUNICIPAL BONDS
(cost $151,044)

120,251

RESIDENTIAL MORTGAGE-BACKED SECURITIES 0.6%

Bellemeade Re Ltd.,

Series 2021-02A, Class M1A, 144A, 30 Day Average

SOFR + 1.200% (Cap N/A, Floor 1.200%)

3.383(c)

06/25/31

122

120,524

FHLMC Structured Agency Credit Risk REMIC Trust,

Series 2021-DNA03, Class M2, 144A, 30 Day Average

SOFR + 2.100% (Cap N/A, Floor 0.000%)

4.283(c)

10/25/33

48,493

Series 2022-DNA03, Class M1B, 144A, 30 Day

Average SOFR + 2.900% (Cap N/A, Floor 0.000%)

5.083(c)

04/25/42

29,823

MFA Trust,

Series 2021-RPL01, Class A1, 144A

1.131(cc)

07/25/60

63,030

TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES
(cost $271,430)

261,870

SOVEREIGN BONDS 0.9%

Indonesia Government International Bond (Indonesia),

Sr. Unsec’d. Notes

3.500

01/11/28

200

194,350

Mexico Government International Bond (Mexico),

Sr. Unsec’d. Notes, MTN

6.050

01/11/40

50,056

Peruvian Government International Bond (Peru),

Sr. Unsec’d. Notes

4.125

08/25/27

48,963

Romanian Government International Bond (Romania),

Unsec’d. Notes, 144A, MTN

6.000

05/25/34

82,022

See Notes to Financial Statements.

PGIM Fixed Income ETFs 127

PGIM Active Aggregate Bond ETF

Schedule of Investments (continued)

as of August 31, 2022


					Principal
	Interest		Maturity		Amount
Description	Rate		Date		(000)#		Value

SOVEREIGN BONDS (Continued)
Uruguay Government International Bond (Uruguay),
Sr. Unsec’d. Notes		5.100%		06/18/50		15	$	15,228


TOTAL SOVEREIGN BONDS (cost $435,497)								390,619


U.S. GOVERNMENT AGENCY OBLIGATIONS 24.6%
Federal Home Loan Mortgage Corp.		1.500		04/01/51		447		366,303
Federal Home Loan Mortgage Corp.		2.000		02/01/51		939		809,031
Federal Home Loan Mortgage Corp.		2.000		07/01/51		503		433,719
Federal Home Loan Mortgage Corp.		2.000		05/01/52		494		425,999
Federal Home Loan Mortgage Corp.		2.500		04/01/51		731		654,329
Federal Home Loan Mortgage Corp.		3.000		04/01/52		246		227,665
Federal National Mortgage Assoc.		1.500		12/01/50		357		292,680
Federal National Mortgage Assoc.		2.000		TBA		250		230,449
Federal National Mortgage Assoc.		2.000		05/01/36		410		378,732
Federal National Mortgage Assoc.		2.000		05/01/51		238		205,220
Federal National Mortgage Assoc.		2.500		TBA		250		223,203
Federal National Mortgage Assoc.		2.500		TBA		250		236,484
Federal National Mortgage Assoc.(k)		2.500		04/01/51		1,400		1,253,475
Federal National Mortgage Assoc.		2.500		05/01/52		491		440,819
Federal National Mortgage Assoc.		3.000		02/01/52		482		446,665
Federal National Mortgage Assoc.		3.000		03/01/52		476		444,691
Federal National Mortgage Assoc.		3.000		05/01/52		487		456,398
Federal National Mortgage Assoc.		3.500		TBA		250		238,184
Federal National Mortgage Assoc.		3.500		06/01/47		373		360,272
Federal National Mortgage Assoc.		4.000		03/01/49		420		416,389
Federal National Mortgage Assoc.		4.000		05/01/52		252		246,249
Federal National Mortgage Assoc.		4.500		TBA		500		496,953
Federal National Mortgage Assoc.		4.500		05/01/52		327		324,994
Government National Mortgage Assoc.		2.000		03/20/51		442		392,662
Government National Mortgage Assoc.		3.000		01/20/51		641		603,819
Tennessee Valley Authority, Sr. Unsec’d. Notes		1.500		09/15/31		15		12,444


TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (cost $11,417,366)								10,617,828


U.S. TREASURY OBLIGATIONS 21.2%
U.S. Treasury Bonds		1.250		05/15/50		55		34,014
U.S. Treasury Bonds		1.750		08/15/41		21		15,609
U.S. Treasury Bonds		1.875		02/15/41		915		701,262
U.S. Treasury Bonds		2.000		11/15/41		895		695,303
U.S. Treasury Bonds		2.250		05/15/41		105		85,641

See Notes to Financial Statements.

128

PGIM Active Aggregate Bond ETF

Schedule of Investments (continued)

as of August 31, 2022


					Principal
	Interest		Maturity		Amount
Description	Rate		Date		(000)#		Value

U.S. TREASURY OBLIGATIONS(Continued)
U.S. Treasury Bonds		2.375%		02/15/42		1,170	$	970,369
U.S. Treasury Bonds		2.500		02/15/46		395		325,628
U.S. Treasury Bonds		2.500		05/15/46		690		568,495
U.S. Treasury Bonds		2.875		05/15/52		120		110,662
U.S. Treasury Bonds		3.000		05/15/47		340		308,922
U.S. Treasury Bonds		3.000		02/15/48		30		27,487
U.S. Treasury Bonds		3.250		05/15/42		45		43,059
U.S. Treasury Notes		0.250		05/15/24		215		203,561
U.S. Treasury Notes		0.375		01/31/26		50		45,012
U.S. Treasury Notes(k)		0.750		03/31/26		460		417,989
U.S. Treasury Notes		1.250		11/30/26		1,115		1,020,225
U.S. Treasury Notes		1.250		12/31/26		2,360		2,156,450
U.S. Treasury Notes		1.250		09/30/28		5		4,423
U.S. Treasury Notes		2.250		11/15/25		40		38,494
U.S. Treasury Notes		2.750		08/15/32		260		250,900
U.S. Treasury Notes		3.125		08/31/27		100		99,117
U.S. Treasury Strips Coupon		2.221(s)		02/15/42		1,395		675,867
U.S. Treasury Strips Coupon		2.527(s)		08/15/44		305		133,545
U.S. Treasury Strips Coupon		2.542(s)		02/15/46		450		187,330
U.S. Treasury Strips Coupon		2.561(s)		11/15/45		80		33,628


TOTAL U.S. TREASURY OBLIGATIONS (cost $10,608,735)								9,152,992


TOTAL LONG-TERM INVESTMENTS (cost $47,881,245)								42,772,814


					Shares

SHORT-TERM INVESTMENT 3.9%

UNAFFILIATED FUND
Dreyfus Government Cash Management (Institutional Shares) (cost $1,701,049)						1,701,049		1,701,049


TOTAL INVESTMENTS 103.0% (cost $49,582,294)								44,473,863
Liabilities in excess of other assets(z) (3.0)%								(1,288,265	)


NET ASSETS 100.0%							$	43,185,598

See the Glossary for a list of the abbreviation(s) used in the annual report.

#	Principal or notional amount is shown in U.S. dollars unless otherwise stated.

See Notes to Financial Statements.

PGIM Fixed Income ETFs 129

PGIM Active Aggregate Bond ETF

Schedule of Investments (continued)

as of August 31, 2022

(c)	Variable rate instrument. The interest rate shown reflects the rate in effect at August 31, 2022.

(cc)

(ff)	Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.

(k)	Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives.

(s)	Represents zero coupon bond or principal only security. Rate represents yield to maturity at purchase date.

(z)	Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:

Futures contracts outstanding at August 31, 2022:


Number of Contracts	Type	Expiration Date		Current Notional Amount			Value / Unrealized Appreciation (Depreciation)
Long Positions:
18	2 Year U.S. Treasury Notes		Dec. 2022		$	3,749,907		$	(8,627	)
4	5 Year U.S. Treasury Notes		Dec. 2022			443,281			(1,562	)
37	10 Year U.S. Treasury Notes		Dec. 2022			4,325,531			(20,831	)
6	30 Year U.S. Ultra Treasury Bonds		Dec. 2022			897,000			(860	)

									(31,880	)

Short Positions:
20	10 Year U.S. Ultra Treasury Notes		Dec. 2022			2,503,750			17,890
23	20 Year U.S. Treasury Bonds		Dec. 2022			3,124,406			17,296

									35,186

								$	3,306

Credit default swap agreements outstanding at August 31, 2022:


Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Value at Trade Date			Value at August 31, 2022			Unrealized Appreciation (Depreciation)

Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):
CDX.NA.IG.38.V1		06/20/27		1.000%(Q)		1,580		$	(13,810)	$	(8,440	)		$	5,370

(1)	If the Fund is a buyer of protection, it pays the fixed rate. When a credit event occurs, as defined under the terms of that

See Notes to Financial Statements.

130

PGIM Active Aggregate Bond ETF

Schedule of Investments (continued)

as of August 31, 2022

particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(2)

(3)	Notional amount represents the maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(4)

Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:


Broker	Cash and/or Foreign Currency			Securities Market Value

Citigroup Global Markets, Inc.		$	—		$	320,561

J.P. Morgan Securities LLC			—			190,821


Total		$	—		$	511,382

Fair Value Measurements:

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

See Notes to Financial Statements.

PGIM Fixed Income ETFs 131

PGIM Active Aggregate Bond ETF

Schedule of Investments (continued)

as of August 31, 2022

The following is a summary of the inputs used as of August 31, 2022 in valuing such portfolio securities:


	Level 1			Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Asset-Backed Securities
Automobiles	$	—		$	279,784		$—
Collateralized Loan Obligations		—			4,357,730		—
Consumer Loans		—			179,391		—
Commercial Mortgage-Backed Securities		—			4,737,148		—
Corporate Bonds		—			12,675,201		—
Municipal Bonds		—			120,251		—
Residential Mortgage-Backed Securities		—			261,870		—
Sovereign Bonds		—			390,619		—
U.S. Government Agency Obligations		—			10,617,828		—
U.S. Treasury Obligations		—			9,152,992		—
Short-Term Investment
Unaffiliated Fund		1,701,049			—		—

Total	$	1,701,049		$	42,772,814		$—

Other Financial Instruments*
Assets
Futures Contracts	$	35,186		$	—		$—
Centrally Cleared Credit Default Swap Agreement		—			5,370		—

Total	$	35,186		$	5,370		$—

Liabilities
Futures Contracts	$	(31,880	)	$	—		$—

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of August 31, 2022 were as follows:


U.S. Government Agency Obligations	24.6	%
U.S. Treasury Obligations	21.2
Commercial Mortgage-Backed Securities	11.0
Collateralized Loan Obligations	10.1
Banks	7.6
Unaffiliated Fund	3.9
Electric	2.2


Pipelines	1.8	%
Real Estate Investment Trusts (REITs)	1.6
Pharmaceuticals	1.5
Media	1.1
Oil & Gas	1.1
Commercial Services	1.1
Mining	1.0

See Notes to Financial Statements.

132

PGIM Active Aggregate Bond ETF

Schedule of Investments (continued)

as of August 31, 2022

Industry Classification (continued):


Healthcare-Services	1.0	%
Sovereign Bonds	0.9
Telecommunications	0.9
Auto Manufacturers	0.8
Semiconductors	0.8
Aerospace & Defense	0.8
Automobiles	0.7
Residential Mortgage-Backed Securities	0.6
Beverages	0.6
Insurance	0.5
Home Builders	0.5
Engineering & Construction	0.4
Agriculture	0.4
Consumer Loans	0.4
Building Materials	0.4
Foods	0.4
Retail	0.3
Chemicals	0.3
Municipal Bonds	0.3
Iron/Steel	0.3
Miscellaneous Manufacturing	0.2


Multi-National	0.2	%
Machinery-Diversified	0.2
Software	0.2
Lodging	0.2
Gas	0.2
Entertainment	0.2
Airlines	0.1
Computers	0.1
Biotechnology	0.1
Diversified Financial Services	0.1
Transportation	0.1
Auto Parts & Equipment	0.0	*
Machinery-Construction & Mining	0.0	*


	103.0
Liabilities in excess of other assets	(3.0	)


	100.0	%

*	Less than +/- 0.05%

Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:

The Fund invested in derivative instruments during the reporting period. The primary types of risk associated with these derivative instruments are credit contracts risk and interest rate contracts risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Fund’s financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of August 31, 2022 as presented in the Statement of Assets and Liabilities:

Asset Derivatives

Liability Derivatives

Derivatives not accounted for as

hedging instruments, carried at

fair value

Statement of
Assets and
Liabilities Location

Fair
Value

Statement of
Assets and
Liabilities Location

Fair
Value

Credit contracts

Due from/to

broker-variation margin

swaps

5,370*

—

See Notes to Financial Statements.

PGIM Fixed Income ETFs 133

PGIM Active Aggregate Bond ETF

Schedule of Investments (continued)

as of August 31, 2022

Asset Derivatives

Liability Derivatives

Derivatives not accounted for
as hedging instruments,
carried at fair value

Statement of
Assets and
Liabilities Location

Fair
Value

Statement of
Assets and
Liabilities Location

Fair
Value

Interest rate contracts

Due from/to

broker-variation margin

futures

35,186*

Due from/to

broker-variation margin

futures

31,880*

40,556

31,880

*	Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

The effects of derivative instruments on the Statement of Operations for the year ended August 31, 2022 are as follows:


Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Futures			Swaps
Credit contracts	$	—		$	(865	)
Interest rate contracts		(138,373	)		—


Total	$	(138,373	)	$	(865	)


Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Futures			Swaps
Credit contracts	$	—		$	5,370
Interest rate contracts		(13,780	)		—


Total	$	(13,780	)	$	5,370

For the year ended August 31, 2022, the Fund’s average volume of derivative activities is as follows:


Derivative Contract Type		Average Volume of Derivative Activities*
Futures Contracts - Long Positions (1)		$8,441,786
Futures Contracts - Short Positions (1)		5,122,550
Credit Default Swap Agreements - Buy Protection (1)		316,000

^*	Average volume is based on average quarter end balances as noted for the year ended August 31, 2022.

(1)	Notional Amount in USD.

See Notes to Financial Statements.

134

PGIM Active Aggregate Bond ETF

Statement of Assets & Liabilities

as of August 31, 2022


Assets

Unaffiliated investments (cost $49,582,294)	$	44,473,863
Cash		64,629
Receivable for investments sold		954,704
Dividends and interest receivable		229,784
Due from broker—variation margin futures		2,750
Due from broker—variation margin swaps		803
Other assets		1,720


Total Assets		45,728,253


Liabilities

Payable for investments purchased		2,535,564
Management fee payable		7,087
Due to broker		4


Total Liabilities		2,542,655


Net Assets	$	43,185,598




Net assets were comprised of:
Shares of beneficial interest, at par	$	1,000
Paid-in capital in excess of par		49,494,853
Total distributable earnings (loss)		(6,310,255	)


Net assets, August 31, 2022	$	43,185,598


Net asset value, offering price and redemption price per share. ($43,185,598 ÷ 1,000,000 shares of common stock issued and outstanding)	$	43.19

See Notes to Financial Statements.

PGIM Fixed Income ETFs 135

PGIM Active Aggregate Bond ETF

Statement of Operations

Year Ended August 31, 2022


Net Investment Income (Loss)

Income
Interest income	$	835,624
Unaffiliated dividend income		8,823
Affiliated dividend income		2,465


Total income		846,912


Expenses
Management fee		72,741
Miscellaneous		51


Total expenses		72,792


Net investment income (loss)		774,120


Realized And Unrealized Gain (Loss) On Investments

Net realized gain (loss) on:
Investment transactions		(846,248	)
Futures transactions		(138,373	)
Swap agreement transactions		(865	)


		(985,486	)

Net change in unrealized appreciation (depreciation) on:
Investments		(5,566,032	)
Futures		(13,780	)
Swap agreements		5,370


		(5,574,442	)


Net gain (loss) on investment transactions		(6,559,928	)


Net Increase (Decrease) In Net Assets Resulting From Operations	$	(5,785,808	)

See Notes to Financial Statements.

136

PGIM Active Aggregate Bond ETF

Statements of Changes in Net Assets



	Year Ended August 31, 2022			April 12, 2021* through August 31, 2021
Increase (Decrease) in Net Assets

Operations
Net investment income (loss)	$	774,120			$ 137,837
Net realized gain (loss) on investment transactions		(985,486	)		106,616
Net change in unrealized appreciation (depreciation) on investments		(5,574,442	)		474,687


Net increase (decrease) in net assets resulting from operations		(5,785,808	)		719,140


Dividends and Distributions
Distributions from distributable earnings		(1,113,234	)		(130,353	)


Fund share transactions
Net proceeds from shares sold (475,000 and 625,000 shares, respectively)		23,274,700			31,322,713
Cost of shares purchased (0 and 100,000 shares, respectively)		—			(5,101,560	)

Net increase (decrease) in net assets from Fund share transactions		23,274,700			26,221,153


Total increase (decrease)		16,375,658			26,809,940

Net Assets:

Beginning of period		26,809,940			—


End of period	$	43,185,598			$26,809,940

*	Commencement of operations.

See Notes to Financial Statements.

PGIM Fixed Income ETFs 137

PGIM Active Aggregate Bond ETF

Financial Highlights




	Year Ended August 31, 2022		April 12, 2021^(a)through August 31, 2021
Per Share Operating Performance^(b):
Net Asset Value, Beginning of Period		$51.07		$50.00
Income (loss) from investment operations:
Net investment income (loss)		0.95		0.25
Net realized and unrealized gain (loss) on investment		(7.27)		1.05
Total from investment operations		(6.32)		1.30
Less Dividends and Distributions:
Dividends from net investment income		(1.02)		(0.23	)
Distributions from net realized gains		(0.54)		-
Total dividends and distributions		(1.56)		(0.23	)
Net asset value, end of period		$43.19		$51.07
Total Return^(c):		(12.62)%		2.59	%


Ratios/Supplemental Data:
Net assets, end of period (000)		$43,186		$26,810
Average net assets (000)		$38,280		$27,915
Ratios to average net assets^(d):
Expenses after waivers and/or expense reimbursement		0.19%		0.19	%^(e)
Expenses before waivers and/or expense reimbursement		0.19%		0.19	%^(e)
Net investment income (loss)		2.02%		1.28	%^(e)
Portfolio turnover rate^(f)		409%		337	%

(a)	Commencement of operations.

(b)	Calculated based on average shares outstanding during the period.

(c)

(d)	Does not include expenses of the underlying funds in which the Fund invests.

(e)	Annualized.

(f)	The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

138

PGIM Total Return Bond ETF

Schedule of Investments

as of August 31, 2022

Description

Interest

Rate

Maturity

Date

Principal

Amount

(000)#

Value

LONG-TERM INVESTMENTS 99.1%

ASSET-BACKED SECURITIES 20.4%

Automobiles 0.1%

Hertz Vehicle Financing III LLC,

Series 2022-01A, Class C, 144A

2.630%

06/25/26

100

91,182

Collateralized Loan Obligations 19.8%

AlbaCore Euro CLO (Ireland),

Series 04A, Class B1, 144A, 3 Month EURIBOR + 2.600% (Cap N/A, Floor 2.600%)

2.600(c)

07/15/35

EUR

500

496,548

Anchorage Capital CLO Ltd. (Cayman Islands),

Series 2022-25A, Class A1, 144A, 3 Month SOFR + 1.390% (Cap N/A, Floor 1.390%)

3.867(c)

04/20/35

500

485,801

Atlas Senior Loan Fund (Cayman Islands),

Series 2019-14A, Class AR, 144A

0.000(cc)

07/20/32

500

486,857

Atlas Static Senior Loan Fund Ltd. (Cayman Islands),

Series 2022-01A, Class A, 144A, 3 Month SOFR + 2.600% (Cap N/A, Floor 2.600%)

5.100(c)

07/15/30

500

500,000

Bain Capital Credit CLO Ltd. (Cayman Islands),

Series 2019-03A, Class AR, 144A, 3 Month LIBOR + 1.160% (Cap N/A, Floor 1.160%)

3.892(c)

10/21/34

500

488,524

Series 2022-01A, Class A1, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%)

2.219(c)

04/18/35

250

242,761

Ballyrock CLO Ltd. (Cayman Islands),

Series 2020-02A, Class A1R, 144A, 3 Month LIBOR + 1.010% (Cap N/A, Floor 1.010%)

3.720(c)

10/20/31

250

246,004

Barings CLO Ltd. (Cayman Islands),

Series 2020-02A, Class AR, 144A, 3 Month LIBOR + 1.010% (Cap N/A, Floor 1.010%)

3.522(c)

10/15/33

250

245,851

Battalion CLO Ltd. (Cayman Islands),

Series 2016-10A, Class A1R2, 144A, 3 Month LIBOR + 1.170% (Cap N/A, Floor 1.170%)

3.953(c)

01/25/35

1,000

980,380

Series 2017-11A, Class AR, 144A, 3 Month LIBOR + 1.150% (Cap N/A, Floor 1.150%)

3.933(c)

04/24/34

1,000

981,257

Benefit Street Partners CLO Ltd. (Cayman Islands),

Series 2013-03A, Class A1R2, 144A, 3 Month LIBOR + 1.000% (Cap N/A, Floor 1.000%)

3.710(c)

07/20/29

153

151,838

Canyon Capital CLO Ltd. (Cayman Islands),

Series 2019-01A, Class A1R, 144A, 3 Month LIBOR + 1.100% (Cap N/A, Floor 1.100%) (original cost $990,500; purchased 03/18/22)(f)

3.612(c)

04/15/32

1,000

983,529

See Notes to Financial Statements.

PGIM Fixed Income ETFs 139

PGIM Total Return Bond ETF

Schedule of Investments (continued)

as of August 31, 2022

Description

Interest

Rate

Maturity

Date

Principal

Amount

(000)#

Value

ASSET-BACKED SECURITIES (Continued)

Collateralized Loan Obligations (cont’d.)

Carlyle CLO Ltd. (Cayman Islands),

Series C17A, Class A1AR, 144A, 3 Month LIBOR + 1.030% (Cap N/A, Floor 0.000%)

3.812%(c)

04/30/31

250

247,738

Carlyle Global Market Strategies CLO Ltd. (Cayman Islands),

Series 2014-01A, Class A1R2, 144A, 3 Month LIBOR + 0.970% (Cap N/A, Floor 0.970%)

3.710(c)

04/17/31

249

244,886

Carlyle US CLO Ltd. (Cayman Islands),

Series 2021-11A, Class A, 144A, 3 Month LIBOR + 1.095% (Cap N/A, Floor 1.095%)

3.878(c)

01/25/33

500

490,653

CIFC Funding Ltd. (Cayman Islands),

Series 2015-01A, Class ARR, 144A, 3 Month LIBOR + 1.110% (Cap N/A, Floor 1.110%)

3.869(c)

01/22/31

750

739,515

Cordatus CLO PLC (Ireland),

Series 23A, Class B1, 144A, 3 Month EURIBOR + 2.300% (Cap N/A, Floor 2.300%)

2.300(c)

04/25/36

EUR

250

241,855

Crown City CLO (Cayman Islands),

Series 2020-02A, Class A1AR, 144A, 3 Month SOFR + 1.340% (Cap N/A, Floor 1.340%)

3.817(c)

04/20/35

250

243,078

Crown Point CLO Ltd. (Cayman Islands),

Series 2021-11A, Class A, 144A, 3 Month LIBOR + 1.120% (Cap N/A, Floor 1.120%)

3.860(c)

01/17/34

500

488,243

Elevation CLO Ltd. (Cayman Islands),

Series 2018-03A, Class A1R, 144A, 3 Month LIBOR + 1.210% (Cap N/A, Floor 1.210%)

3.993(c)

01/25/35

500

486,302

Generate CLO Ltd. (Cayman Islands),

Series 4A, Class A1R, 144A, 3 Month LIBOR + 1.090% (Cap N/A, Floor 0.000%)

3.800(c)

04/20/32

250

246,694

Greenwood Park CLO Ltd. (Cayman Islands),

Series 2018-01A, Class A2, 144A, 3 Month LIBOR + 1.010% (Cap N/A, Floor 0.000%)

3.522(c)

04/15/31

250

247,348

HPS Loan Management Ltd. (Cayman Islands),

Series 10A-16, Class A1RR, 144A, 3 Month LIBOR + 1.140% (Cap N/A, Floor 1.140%)

3.850(c)

04/20/34

300

292,500

ICG US CLO Ltd. (Cayman Islands),

Series 2014-03A, Class A1RR, 144A, 3 Month LIBOR + 1.030% (Cap N/A, Floor 0.000%)

3.813(c)

04/25/31

249

245,807

Series 2015-02RA, Class A1, 144A, 3 Month LIBOR + 1.370% (Cap N/A, Floor 1.370%)

4.110(c)

01/16/33

250

247,707

See Notes to Financial Statements.

140

PGIM Total Return Bond ETF

Schedule of Investments (continued)

as of August 31, 2022

Description

Interest

Rate

Maturity

Date

Principal

Amount

(000)#

Value

ASSET-BACKED SECURITIES (Continued)

Collateralized Loan Obligations (cont’d.)

KKR CLO Ltd. (Cayman Islands),

Series 11, Class AR, 144A, 3 Month LIBOR + 1.180% (Cap N/A, Floor 1.180%)

3.692%(c)

01/15/31

250

247,177

Series 33A, Class A, 144A, 3 Month LIBOR + 1.170% (Cap N/A, Floor 1.170%)

3.880(c)

07/20/34

500

488,030

Madison Park Euro Funding (Ireland),

Series 14A, Class A1R, 144A, 3 Month EURIBOR + 0.800% (Cap N/A, Floor 0.800%)

0.800(c)

07/15/32

EUR

250

245,188

Northwoods Capital Ltd. (Cayman Islands),

Series 2020-22A, Class AR, 144A, 3 Month SOFR + 1.450% (Cap N/A, Floor 1.450%)

2.883(c)

09/01/31

750

742,952

OCP CLO Ltd. (Cayman Islands),

Series 2015-09A, Class A1R2, 144A, 3 Month SOFR + 1.250% (Cap N/A, Floor 1.250%)

2.096(c)

01/15/33

250

246,575

OFSI BSL Ltd. (Cayman Islands),

Series 2022-11A, Class A1, 144A, 3 Month SOFR + 2.100% (Cap N/A, Floor 2.100%)

3.618(c)

07/18/31

500

495,860

OZLM Ltd. (Cayman Islands),

Series 2018-18A, Class A, 144A, 3 Month LIBOR + 1.020% (Cap N/A, Floor 1.020%)

3.532(c)

04/15/31

250

245,934

Palmer Square CLO Ltd. (Cayman Islands),

Series 2015-01A, Class A2R4, 144A, 3 Month LIBOR + 1.700% (Cap N/A, Floor 1.700%)

4.684(c)

05/21/34

465

449,729

Series 2018-02A, Class A1A, 144A, 3 Month LIBOR + 1.100% (Cap N/A, Floor 0.000%)

3.840(c)

07/16/31

500

492,170

Park Avenue Institutional Advisers CLO Ltd. (Cayman Islands),

Series 2019-02A, Class A1R, 144A, 3 Month LIBOR + 1.180% (Cap N/A, Floor 1.180%)

3.692(c)

10/15/34

500

486,752

Regatta Funding Ltd. (Cayman Islands),

Series 2021-04A, Class A1, 144A, 3 Month LIBOR + 1.150% (Cap N/A, Floor 1.150%)

3.860(c)

01/20/35

750

733,954

Rockford Tower CLO Ltd.,

Series 2022-02A, Class A1, 144A, 3 Month SOFR + 2.000% (Cap N/A, Floor 2.000%)

4.328(c)

07/20/33

750

743,280

Sixth Street CLO Ltd. (Cayman Islands),

Series 2020-16A, Class A1A, 144A, 3 Month LIBOR + 1.320% (Cap N/A, Floor 1.320%)

4.030(c)

10/20/32

1,000

988,030

See Notes to Financial Statements.

PGIM Fixed Income ETFs 141

PGIM Total Return Bond ETF

Schedule of Investments (continued)

as of August 31, 2022

Description

Interest
Rate

Maturity
Date

Principal
Amount

(000)#

Value

ASSET-BACKED SECURITIES (Continued)

Collateralized Loan Obligations (cont’d.)

TCW CLO Ltd. (Cayman Islands),

Series 2019-02A, Class A1R, 144A, 3 Month SOFR + 1.280% (Cap N/A, Floor 1.280%)

3.757%(c)

10/20/32

250

245,724

Trinitas CLO Ltd. (Cayman Islands),

Series 2016-05A, Class ARR, 144A, 3 Month LIBOR + 1.030% (Cap N/A, Floor 1.030%)

3.813(c)

10/25/28

63,741

Trinitas Euro CLO (Ireland),

Series 02A, Class CR, 144A, 3 Month EURIBOR + 3.750% (Cap N/A, Floor 3.750%)

3.750(c)

04/15/35

EUR

500

496,912

TSTAT Ltd.,

Series 2022-01A, Class A1, 144A, 3 Month SOFR + 2.300% (Cap N/A, Floor 2.300%)

4.854(c)

07/20/31

500

495,354

Venture CLO Ltd. (Cayman Islands),

Series 2021-43A, Class A1, 144A, 3 Month LIBOR + 1.240% (Cap N/A, Floor 1.240%)

3.752(c)

04/15/34

250

243,795

18,902,833

Consumer Loans 0.5%

Mariner Finance Issuance Trust,

Series 2020-AA, Class A, 144A

2.190

08/21/34

150

145,397

Oportun Funding XIV LLC,

Series 2021-A, Class C, 144A

3.440

03/08/28

100

92,227

Oportun Issuance Trust,

Series 2022-02, Class A, 144A

5.940

10/09/29

200

199,505

Regional Management Issuance Trust,

Series 2022-01, Class A, 144A

3.070

03/15/32

100

92,424

529,553

TOTAL ASSET-BACKED SECURITIES
(cost $19,926,771)

19,523,568

COMMERCIAL MORTGAGE-BACKED SECURITIES 7.8%

BANK,

Series 2021-BN35, Class A4

2.031

06/15/64

500

414,449

Series 2021-BN38, Class A4

2.275

12/15/64

250

209,636

Bank of America Merrill Lynch Commercial Mortgage Trust,

Series 2017-BNK03, Class XB, IO

0.736(cc)

02/15/50

8,410

198,784

See Notes to Financial Statements.

142

PGIM Total Return Bond ETF

Schedule of Investments (continued)

as of August 31, 2022



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
Barclays Commercial Mortgage Securities Trust,
Series 2020-C07, Class XB	1.100%(cc)	04/15/53		1,019	$	63,360
Series 2022-C14, Class A4	2.692	02/15/55		200		173,648
Series 2022-C15, Class A5	3.662(cc)	04/15/55		250		234,347
Benchmark Mortgage Trust,
Series 2020-B19, Class A1	0.628	09/15/53		437		414,660
Series 2020-B21, Class A5	1.978	12/17/53		825		684,500
Series 2021-B31, Class A4	2.420	12/15/54		500		424,403
BMO Mortgage Trust,
Series 2022-C01, Class A5	3.374(cc)	02/15/55		200		182,692
BX Commercial Mortgage Trust,
Series 2019-XL, Class F, 144A, 1 Month LIBOR + 2.000% (Cap N/A, Floor 2.000%)	4.391(c)	10/15/36		255		246,873
Series 2019-XL, Class J, 144A, 1 Month LIBOR + 2.650% (Cap N/A, Floor 2.650%)	5.041(c)	10/15/36		340		325,182
Series 2021-CIP, Class E, 144A, 1 Month LIBOR + 2.820% (Cap N/A, Floor 2.820%)	5.211(c)	12/15/38		150		140,625
BXP Trust,
Series 2021-601L, Class A, 144A	2.618	01/15/44		250		202,007
Citigroup Commercial Mortgage Trust,
Series 2019-GC43, Class A3	2.782	11/10/52		500		449,124
Credit Suisse Mortgage Capital Certificates,
Series 2019-ICE04, Class F, 144A, 1 Month LIBOR + 2.650% (Cap N/A, Floor 2.650%)	5.041(c)	05/15/36		900		868,499
Credit Suisse Mortgage Trust,
Series 2014-USA, Class A2, 144A	3.953	09/15/37		250		234,036
GS Mortgage Securities Corp. Trust,
Series 2021-IP, Class E, 144A, 1 Month LIBOR + 3.550% (Cap N/A, Floor 3.550%)	5.941(c)	10/15/36		180		171,076
GS Mortgage Securities Trust,
Series 2021-GSA03, Class A4	2.369	12/15/54		200		167,435
Series 2021-GSA03, Class XB, IO	0.747(cc)	12/15/54		2,000		101,480
JPMorgan Chase Commercial Mortgage Securities Trust,
Series 2021-NYAH, Class H, 144A, 1 Month LIBOR + 3.390% (Cap N/A, Floor 3.390%)	5.781(c)	06/15/38		150		141,260
MHC Commercial Mortgage Trust,
Series 2021-MHC, Class F, 144A, 1 Month LIBOR + 2.601% (Cap N/A, Floor 2.601%)	4.992(c)	04/15/38		369		350,618
One New York Plaza Trust,
Series 2020-01NYP, Class A, 144A, 1 Month LIBOR + 0.950% (Cap N/A, Floor 0.950%)	3.341(c)	01/15/36		600		578,224

See Notes to Financial Statements.

PGIM Fixed Income ETFs 143

PGIM Total Return Bond ETF

Schedule of Investments (continued)

as of August 31, 2022



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)

One New York Plaza Trust, (cont’d.)
Series 2020-01NYP, Class AJ, 144A, 1 Month LIBOR + 1.250% (Cap N/A, Floor 1.250%)	3.641%(c)	01/15/36		310	$	300,035
Series 2020-01NYP, Class B, 144A, 1 Month LIBOR + 1.500% (Cap N/A, Floor 1.500%)	3.891(c)	01/15/36		175		165,852


TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (cost $8,033,115)						7,442,805


CORPORATE BONDS 37.5%

Aerospace & Defense 0.4%

Boeing Co. (The),
Sr. Unsec’d. Notes	3.900	05/01/49		275		199,000
Bombardier, Inc. (Canada),
Sr. Unsec’d. Notes, 144A	7.875	04/15/27		75		71,475
Teledyne Technologies, Inc.,
Gtd. Notes	2.750	04/01/31		175		145,594


						416,069

Agriculture 0.6%

Altria Group, Inc.,
Gtd. Notes	2.450	02/04/32		370		279,590
BAT International Finance PLC (United Kingdom),
Gtd. Notes	4.448	03/16/28		180		171,175
Gtd. Notes, 144A	3.950	06/15/25		160		156,560


						607,325

Airlines 0.2%

Southwest Airlines Co.,
Sr. Unsec’d. Notes	5.125	06/15/27		220		224,502

Apparel 0.0%

Kontoor Brands, Inc.,
Gtd. Notes, 144A	4.125	11/15/29		50		42,785

Auto Manufacturers 1.1%

Ford Motor Co.,
Sr. Unsec’d. Notes	4.750	01/15/43		50		37,536
Sr. Unsec’d. Notes	6.100	08/19/32		330		321,809

See Notes to Financial Statements.

144

PGIM Total Return Bond ETF

Schedule of Investments (continued)

as of August 31, 2022

Description

Interest
Rate

Maturity
Date

Principal
Amount

(000)#

Value

CORPORATE BONDS (Continued)

Auto Manufacturers (cont’d.)

Ford Motor Credit Co. LLC,

Sr. Unsec’d. Notes

4.271%

01/09/27

200

183,602

General Motors Co.,

Sr. Unsec’d. Notes

6.250

10/02/43

230

219,813

General Motors Financial Co., Inc.,

Sr. Unsec’d. Notes

5.000

04/09/27

275

271,125

1,033,885

Banks 11.1%

Bank of America Corp.,

Jr. Sub. Notes, Series MM

4.300(ff)

01/28/25(oo)

190

159,349

Sr. Unsec’d. Notes, Series N

2.651(ff)

03/11/32

1,970

1,635,586

BNP Paribas SA (France),

Sr. Unsec’d. Notes, 144A

1.323(ff)

01/13/27

630

552,540

Citigroup, Inc.,

Jr. Sub. Notes

3.875(ff)

02/18/26(oo)

34,739

Sr. Unsec’d. Notes

2.666(ff)

01/29/31

1,490

1,263,947

Credit Suisse Group AG (Switzerland),

Sr. Unsec’d. Notes, 144A

6.537(ff)

08/12/33

270

257,981

Danske Bank A/S (Denmark),

Sr. Unsec’d. Notes, 144A

3.773(ff)

03/28/25

220

214,197

Deutsche Bank AG (Germany),

Sr. Unsec’d. Notes

2.311(ff)

11/16/27

470

400,789

Goldman Sachs Group, Inc. (The),

Jr. Sub. Notes, Series V

4.125(ff)

11/10/26(oo)

47,178

Sr. Unsec’d. Notes

4.223(ff)

05/01/29

1,110

1,061,001

JPMorgan Chase & Co.,

Jr. Sub. Notes, Series HH

4.600(ff)

02/01/25(oo)

190

166,542

Sr. Unsec’d. Notes

2.739(ff)

10/15/30

1,840

1,593,572

Morgan Stanley,

Sr. Unsec’d. Notes, GMTN

2.699(ff)

01/22/31

785

679,662

Sr. Unsec’d. Notes, MTN

2.943(ff)

01/21/33

680

579,987

Sr. Unsec’d. Notes, MTN

4.889(ff)

07/20/33

39,828

Sub. Notes, GMTN

4.350

09/08/26

290

286,672

Societe Generale SA (France),

Sr. Unsec’d. Notes, 144A

2.797(ff)

01/19/28

400

352,454

State Street Corp.,

Sr. Unsec’d. Notes

4.164(ff)

08/04/33

290

280,241

See Notes to Financial Statements.

PGIM Fixed Income ETFs 145

PGIM Total Return Bond ETF

Schedule of Investments (continued)

as of August 31, 2022



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Banks (cont’d.)

UBS Group AG (Switzerland),
Sr. Unsec’d. Notes, 144A, SOFR + 1.580%	3.867%(c)	05/12/26		200	$	200,456
Wells Fargo & Co.,
Sr. Unsec’d. Notes, MTN	2.879(ff)	10/30/30		395		346,365
Sr. Unsec’d. Notes, MTN	4.808(ff)	07/25/28		450		447,618


						10,600,704

Beverages 0.2%

Anheuser-Busch InBev Finance, Inc. (Belgium),
Gtd. Notes	4.000	01/17/43		185		155,244
Gtd. Notes	4.625	02/01/44		60		54,777


						210,021

Biotechnology 0.1%

Amgen, Inc.,
Sr. Unsec’d. Notes	4.875	03/01/53		130		126,133

Building Materials 1.1%

Fortune Brands Home & Security, Inc.,
Sr. Unsec’d. Notes	3.250	09/15/29		270		235,677
Griffon Corp.,
Gtd. Notes	5.750	03/01/28		48		44,408
Masco Corp.,
Sr. Unsec’d. Notes	3.500	11/15/27		350		326,135
Owens Corning,
Sr. Unsec’d. Notes	3.875	06/01/30		270		245,868
SRM Escrow Issuer LLC,
Sr. Sec’d. Notes, 144A	6.000	11/01/28		100		90,653
Standard Industries, Inc.,
Sr. Unsec’d. Notes, 144A	4.375	07/15/30		75		59,578


						1,002,319

Chemicals 0.6%

CF Industries, Inc.,
Gtd. Notes	5.150	03/15/34		195		188,140
Chemours Co. (The),
Gtd. Notes	5.375	05/15/27		50		46,122

See Notes to Financial Statements.

146

PGIM Total Return Bond ETF

Schedule of Investments (continued)

as of August 31, 2022



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Chemicals (cont’d.)

LYB International Finance BV,
Gtd. Notes	5.250%	07/15/43		140	$	132,032
RPM International, Inc.,
Sr. Unsec’d. Notes	2.950	01/15/32		30		24,420
Sasol Financing USA LLC (South Africa),
Gtd. Notes	5.875	03/27/24		200		199,300


						590,014

Commercial Services 0.9%

Allied Universal Holdco LLC/Allied Universal Finance Corp.,
Sr. Sec’d. Notes, 144A	6.625	07/15/26		75		70,211
ERAC USA Finance LLC,
Gtd. Notes, 144A	3.300	12/01/26		250		236,161
Herc Holdings, Inc.,
Gtd. Notes, 144A	5.500	07/15/27		100		94,500
Metis Merger Sub LLC,
Sr. Unsec’d. Notes, 144A	6.500	05/15/29		75		65,628
Nexi SpA (Italy),
Sr. Unsec’d. Notes	2.125	04/30/29	EUR	252		195,581
RELX Capital, Inc. (United Kingdom),
Gtd. Notes	4.750	05/20/32		45		45,166
Thomas Jefferson University,
Sec’d. Notes	3.847	11/01/57		25		20,509
United Rentals North America, Inc.,
Gtd. Notes	3.750	01/15/32		50		41,894
Washington University (The),
Sr. Unsec’d. Notes	4.349	04/15/2122		80		67,576


						837,226

Distribution/Wholesale 0.2%

Ferguson Finance PLC,
Sr. Unsec’d. Notes, 144A	4.650	04/20/32		200		185,271
H&E Equipment Services, Inc.,
Gtd. Notes, 144A	3.875	12/15/28		50		42,256


						227,527

See Notes to Financial Statements.

PGIM Fixed Income ETFs 147

PGIM Total Return Bond ETF

Schedule of Investments (continued)

as of August 31, 2022



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Diversified Financial Services 0.7%

Cantor Fitzgerald LP,
Sr. Unsec’d. Notes, 144A	4.875%	05/01/24		250	$	248,872
Jefferies Group LLC/Jefferies Group Capital Finance, Inc.,
Sr. Unsec’d. Notes	2.625	10/15/31		180		139,697
LFS Topco LLC,
Gtd. Notes, 144A	5.875	10/15/26		25		20,292
OneMain Finance Corp.,
Gtd. Notes	6.875	03/15/25		50		48,702
Power Finance Corp. Ltd. (India),
Sr. Unsec’d. Notes, 144A, MTN	6.150	12/06/28		200		205,850


						663,413

Electric 1.3%

Calpine Corp.,
Sr. Sec’d. Notes, 144A	3.750	03/01/31		75		61,642
Sr. Unsec’d. Notes, 144A	5.000	02/01/31		50		42,167
Comision Federal de Electricidad (Mexico),
Gtd. Notes, 144A	4.688	05/15/29		200		179,600
Eskom Holdings SOC Ltd. (South Africa),
Sr. Unsec’d. Notes, 144A, MTN	6.750	08/06/23		200		193,912
NRG Energy, Inc.,
Gtd. Notes, 144A	3.375	02/15/29		50		41,336
Gtd. Notes, 144A	3.875	02/15/32		50		39,532
Pacific Gas & Electric Co.,
First Mortgage	3.500	08/01/50		150		99,632
Puget Energy, Inc.,
Sr. Sec’d. Notes	4.224	03/15/32		220		203,350
Sempra Energy,
Jr. Sub. Notes	4.125(ff)	04/01/52		180		152,298
Southern California Edison Co.,
First Mortgage	3.450	02/01/52		45		34,527
Southern Co. (The),
Jr. Sub. Notes	5.113	08/01/27		60		60,017
Vistra Corp.,
Jr. Sub. Notes, 144A	7.000(ff)	12/15/26(oo)		25		23,250

See Notes to Financial Statements.

148

PGIM Total Return Bond ETF

Schedule of Investments (continued)

as of August 31, 2022



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Electric (cont’d.)

Vistra Operations Co. LLC,
Gtd. Notes, 144A	4.375%	05/01/29		50	$	43,571
Xcel Energy, Inc.,
Sr. Unsec’d. Notes	4.600	06/01/32		50		49,594


						1,224,428

Electronics 0.1%

Likewize Corp.,
Sr. Sec’d. Notes, 144A	9.750	10/15/25		50		47,813

Engineering & Construction 0.2%

Mexico City Airport Trust (Mexico),
Sr. Sec’d. Notes, 144A	4.250	10/31/26		200		188,000

Entertainment 0.6%

Caesars Resort Collection LLC/CRC Finco, Inc.,
Sr. Sec’d. Notes, 144A	5.750	07/01/25		50		49,130
Magallanes, Inc.,
Gtd. Notes, 144A	5.050	03/15/42		145		118,495
Gtd. Notes, 144A	5.141	03/15/52		195		156,993
Gtd. Notes, 144A	5.391	03/15/62		25		20,104
Penn Entertainment, Inc.,
Sr. Unsec’d. Notes, 144A	4.125	07/01/29		50		40,500
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.,
Sr. Unsec’d. Notes, 144A	7.750	04/15/25		150		149,576


						534,798

Foods 0.8%

Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s LP/Albertson’s LLC,
Gtd. Notes, 144A	3.500	03/15/29		50		41,086
B&G Foods, Inc.,
Gtd. Notes	5.250	04/01/25		50		44,633
Bellis Finco PLC (United Kingdom),
Gtd. Notes	4.000	02/16/27	GBP	218		165,676
Chobani LLC/Chobani Finance Corp., Inc.,
Gtd. Notes, 144A	7.500	04/15/25		50		47,707

See Notes to Financial Statements.

PGIM Fixed Income ETFs 149

PGIM Total Return Bond ETF

Schedule of Investments (continued)

as of August 31, 2022



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Foods (cont’d.)

JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.,
Gtd. Notes, 144A	5.125%	02/01/28		70	$	69,691
Gtd. Notes, 144A	6.500	04/15/29		29		30,037
Lamb Weston Holdings, Inc.,
Gtd. Notes, 144A	4.125	01/31/30		75		67,554
Gtd. Notes, 144A	4.375	01/31/32		25		22,208
Market Bidco Finco PLC (United Kingdom),
Sr. Sec’d. Notes, 144A	5.500	11/04/27	GBP	200		190,518
Pilgrim’s Pride Corp.,
Gtd. Notes, 144A	3.500	03/01/32		50		40,632
Post Holdings, Inc.,
Sr. Unsec’d. Notes, 144A	4.500	09/15/31		75		63,769


						783,511

Gas 0.1%

Piedmont Natural Gas Co., Inc.,
Sr. Unsec’d. Notes	5.050	05/15/52		110		107,575

Healthcare-Products 0.2%

Avantor Funding, Inc.,
Gtd. Notes	3.875	07/15/28	EUR	192		176,066
Medline Borrower LP,
Sr. Sec’d. Notes, 144A	3.875	04/01/29		25		21,168
Sr. Unsec’d. Notes, 144A	5.250	10/01/29		25		21,014


						218,248

Healthcare-Services 1.1%

DaVita, Inc.,
Gtd. Notes, 144A	4.625	06/01/30		200		160,369
Inova Health System Foundation,
Unsec’d. Notes	4.068	05/15/52		250		227,015
Legacy LifePoint Health LLC,
Sr. Sec’d. Notes, 144A	4.375	02/15/27		75		65,199
Nationwide Children’s Hospital, Inc.,
Unsec’d. Notes	4.556	11/01/52		220		215,548
Presbyterian Healthcare Services,
Unsec’d. Notes	4.875	08/01/52		150		153,124

See Notes to Financial Statements.

150

PGIM Total Return Bond ETF

Schedule of Investments (continued)

as of August 31, 2022



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Healthcare-Services (cont’d.)

Queen’s Health Systems (The),
Sec’d. Notes	4.810%	07/01/52		90	$	90,852
Tenet Healthcare Corp.,
Gtd. Notes, 144A	6.125	10/01/28		50		45,843
Sr. Sec’d. Notes, 144A	6.125	06/15/30		75		72,022


						1,029,972

Home Builders 0.4%

Ashton Woods USA LLC/Ashton Woods Finance Co.,
Sr. Unsec’d. Notes, 144A	4.625	08/01/29		50		39,264
Beazer Homes USA, Inc.,
Gtd. Notes	7.250	10/15/29		75		64,899
Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada),
Gtd. Notes, 144A	4.875	02/15/30		125		96,250
Century Communities, Inc.,
Gtd. Notes	6.750	06/01/27		50		49,022
Empire Communities Corp. (Canada),
Sr. Unsec’d. Notes, 144A	7.000	12/15/25		50		43,125
Forestar Group, Inc.,
Gtd. Notes, 144A	3.850	05/15/26		50		42,533
Shea Homes LP/Shea Homes Funding Corp.,
Sr. Unsec’d. Notes, 144A	4.750	04/01/29		50		40,345


						375,438

Housewares 0.0%

Scotts Miracle-Gro Co. (The),
Gtd. Notes	4.000	04/01/31		50		37,808

Insurance 0.8%

Corebridge Financial, Inc.,
Sr. Unsec’d. Notes, 144A	4.400	04/05/52		150		123,337
Fairfax Financial Holdings Ltd. (Canada),
Sr. Unsec’d. Notes	3.375	03/03/31		175		152,015
Sr. Unsec’d. Notes, 144A	5.625	08/16/32		200		196,149

See Notes to Financial Statements.

PGIM Fixed Income ETFs 151

PGIM Total Return Bond ETF

Schedule of Investments (continued)

as of August 31, 2022



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Insurance (cont’d.)

Liberty Mutual Group, Inc.,
Gtd. Notes, 144A	4.569%	02/01/29		245	$	238,466
Gtd. Notes, 144A	5.500	06/15/52		75		73,113


						783,080

Internet 0.3%

NortonLifeLock, Inc.,
Sr. Unsec’d. Notes, 144A	5.000	04/15/25		250		246,594

Iron/Steel 0.2%

Steel Dynamics, Inc.,
Sr. Unsec’d. Notes	3.450	04/15/30		180		160,420

Lodging 0.1%

Hilton Domestic Operating Co., Inc.,
Gtd. Notes, 144A	5.750	05/01/28		50		48,904
MGM Resorts International,
Gtd. Notes	4.750	10/15/28		75		65,955


						114,859

Machinery-Diversified 0.2%

Westinghouse Air Brake Technologies Corp.,
Gtd. Notes	4.950	09/15/28		215		209,000

Media 1.6%

CCO Holdings LLC/CCO Holdings Capital Corp.,
Sr. Unsec’d. Notes	4.500	05/01/32		50		40,544
Sr. Unsec’d. Notes, 144A	4.000	03/01/23		175		174,813
Sr. Unsec’d. Notes, 144A	4.250	01/15/34		25		19,032
Sr. Unsec’d. Notes, 144A	4.500	06/01/33		100		79,097
Charter Communications Operating LLC/Charter Communications Operating Capital,
Sr. Sec’d. Notes	3.900	06/01/52		615		417,156
CSC Holdings LLC,
Gtd. Notes, 144A	6.500	02/01/29		400		368,045
Sr. Unsec’d. Notes	5.875	09/15/22		50		50,000

See Notes to Financial Statements.

152

PGIM Total Return Bond ETF

Schedule of Investments (continued)

as of August 31, 2022



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Media (cont’d.)

Diamond Sports Group LLC/Diamond Sports Finance Co.,
Sec’d. Notes, 144A	5.375%	08/15/26		200	$	38,024
DISH DBS Corp.,
Gtd. Notes	5.125	06/01/29		50		29,613
Paramount Global,
Sr. Unsec’d. Notes	4.375	03/15/43		140		104,928
Virgin Media Secured Finance PLC (United Kingdom),
Sr. Sec’d. Notes	4.250	01/15/30	GBP	206		199,999


						1,521,251

Mining 0.9%

Freeport-McMoRan, Inc.,
Gtd. Notes	5.400	11/14/34		210		198,751
Indonesia Asahan Aluminium Persero PT (Indonesia),
Sr. Unsec’d. Notes	4.750	05/15/25		200		200,730
Kinross Gold Corp. (Canada),
Gtd. Notes	4.500	07/15/27		230		222,985
Newmont Corp.,
Gtd. Notes	2.250	10/01/30		250		205,451
Gtd. Notes	2.600	07/15/32		40		32,701


						860,618

Office/Business Equipment 0.2%

CDW LLC/CDW Finance Corp.,
Gtd. Notes	2.670	12/01/26		220		197,599

Oil & Gas 2.3%

Aker BP ASA (Norway),
Gtd. Notes, 144A	2.000	07/15/26		200		178,042
Gtd. Notes, 144A	3.100	07/15/31		200		167,771
Cenovus Energy, Inc. (Canada),
Sr. Unsec’d. Notes	3.750	02/15/52		150		115,489
Chesapeake Energy Corp.,
Gtd. Notes, 144A	5.875	02/01/29		50		47,806

See Notes to Financial Statements.

PGIM Fixed Income ETFs 153

PGIM Total Return Bond ETF

Schedule of Investments (continued)

as of August 31, 2022



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Oil & Gas (cont’d.)

Continental Resources, Inc.,
Gtd. Notes	4.500%	04/15/23		250	$	249,975
Devon Energy Corp.,
Sr. Unsec’d. Notes	5.875	06/15/28		145		147,739
Ecopetrol SA (Colombia),
Sr. Unsec’d. Notes	6.875	04/29/30		30		27,806
Endeavor Energy Resources LP/EER Finance, Inc.,
Sr. Unsec’d. Notes, 144A	5.750	01/30/28		75		74,119
Energean Israel Finance Ltd. (Israel),
Sr. Sec’d. Notes, 144A	4.500	03/30/24		30		28,856
Sr. Sec’d. Notes, 144A	4.875	03/30/26		90		83,025
Sr. Sec’d. Notes, 144A	5.375	03/30/28		40		35,900
Helmerich & Payne, Inc.,
Sr. Unsec’d. Notes	2.900	09/29/31		100		84,557
Hilcorp Energy I LP/Hilcorp Finance Co.,
Sr. Unsec’d. Notes, 144A	6.000	04/15/30		25		23,062
Sr. Unsec’d. Notes, 144A	6.250	04/15/32		25		22,484
Petroleos Mexicanos (Mexico),
Gtd. Notes	4.750	02/26/29	EUR	100		79,391
Gtd. Notes	5.350	02/12/28		100		81,260
Gtd. Notes	6.500	03/13/27		200		176,160
Gtd. Notes	6.500	01/23/29		100		82,790
Gtd. Notes, EMTN	4.875	02/21/28	EUR	130		108,435
Pioneer Natural Resources Co.,
Sr. Unsec’d. Notes	2.150	01/15/31		190		156,407
Var Energi ASA (Norway),
Sr. Unsec’d. Notes, 144A	5.000	05/18/27		200		195,915


						2,166,989

Packaging & Containers 0.5%

AptarGroup, Inc.,
Sr. Unsec’d. Notes	3.600	03/15/32		215		187,232
Graphic Packaging International LLC,
Gtd. Notes	4.125	08/15/24		50		49,020

See Notes to Financial Statements.

154

PGIM Total Return Bond ETF

Schedule of Investments (continued)

as of August 31, 2022



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Packaging & Containers (cont’d.)

Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer, Inc.,
Sr. Sec’d. Notes, 144A	4.375%	10/15/28		50	$	44,056
Verallia SA (France),
Gtd. Notes	1.625	05/14/28	EUR	200		174,149


						454,457

Pharmaceuticals 1.5%

AbbVie, Inc.,
Sr. Unsec’d. Notes	4.050	11/21/39		405		357,162
Bausch Health Cos., Inc.,
Gtd. Notes, 144A	6.250	02/15/29		50		18,750
Cigna Corp.,
Sr. Unsec’d. Notes	3.200	03/15/40		360		283,372
CVS Health Corp.,
Sr. Unsec’d. Notes	2.700	08/21/40		195		139,946
Merck & Co., Inc.,
Sr. Unsec’d. Notes	2.900	12/10/61		190		132,046
Shire Acquisitions Investments Ireland DAC,
Gtd. Notes	3.200	09/23/26		340		323,691
Viatris, Inc.,
Gtd. Notes	3.850	06/22/40		190		131,900


						1,386,867

Pipelines 2.1%

Antero Midstream Partners LP/Antero Midstream Finance Corp.,
Gtd. Notes, 144A	7.875	05/15/26		150		152,760
Energy Transfer LP,
Jr. Sub. Notes, Series G	7.125(ff)	05/15/30(oo)		85		77,656
Sr. Unsec’d. Notes	5.400	10/01/47		430		382,692
EQM Midstream Partners LP,
Sr. Unsec’d. Notes, 144A	7.500	06/01/27		25		24,749
Sr. Unsec’d. Notes, 144A	7.500	06/01/30		25		24,827
Kinder Morgan, Inc.,
Gtd. Notes	5.450	08/01/52		210		204,011
MPLX LP,
Sr. Unsec’d. Notes	4.950	03/14/52		80		70,452

See Notes to Financial Statements.

PGIM Fixed Income ETFs 155

PGIM Total Return Bond ETF

Schedule of Investments (continued)

as of August 31, 2022



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Pipelines (cont’d.)

MPLX LP, (cont’d.)
Sr. Unsec’d. Notes	5.200%	03/01/47		155	$	140,657
ONEOK, Inc.,
Gtd. Notes	4.450	09/01/49		230		183,333
Gtd. Notes	5.200	07/15/48		100		89,832
Plains All American Pipeline LP/PAA Finance Corp.,
Sr. Unsec’d. Notes	5.150	06/01/42		90		75,285
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.,
Gtd. Notes, 144A	5.500	01/15/28		75		64,423
Targa Resources Corp.,
Gtd. Notes	4.200	02/01/33		60		53,940
Williams Cos., Inc. (The),
Sr. Unsec’d. Notes	2.600	03/15/31		325		271,422
Sr. Unsec’d. Notes	5.300	08/15/52		225		219,325


						2,035,364

Real Estate 0.1%

Greystar Real Estate Partners LLC,
Sr. Sec’d. Notes, 144A	5.750	12/01/25		30		29,722
Howard Hughes Corp. (The),
Gtd. Notes, 144A	4.375	02/01/31		50		40,027


						69,749

Real Estate Investment Trusts (REITs) 2.6%

Brixmor Operating Partnership LP,
Sr. Unsec’d. Notes	4.050	07/01/30		215		191,294
Corporate Office Properties LP,
Gtd. Notes	2.750	04/15/31		175		137,650
Diversified Healthcare Trust,
Gtd. Notes	4.375	03/01/31		75		51,452
Extra Space Storage LP,
Gtd. Notes	3.900	04/01/29		205		190,562
GLP Capital LP/GLP Financing II, Inc.,
Gtd. Notes	3.250	01/15/32		85		68,799
Kimco Realty Corp.,
Sr. Unsec’d. Notes	4.600	02/01/33		135		130,535

See Notes to Financial Statements.

156

PGIM Total Return Bond ETF

Schedule of Investments (continued)

as of August 31, 2022



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Real Estate Investment Trusts (REITs) (cont’d.)

MPT Operating Partnership LP/MPT Finance Corp.,
Gtd. Notes	5.000%	10/15/27		175	$	158,158
Spirit Realty LP,
Gtd. Notes	2.700	02/15/32		205		158,929
Sun Communities Operating LP,
Gtd. Notes	2.300	11/01/28		235		198,590
Gtd. Notes	4.200	04/15/32		120		107,216
Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC,
Sr. Sec’d. Notes, 144A	7.875	02/15/25		775		767,810
VICI Properties LP,
Sr. Unsec’d. Notes	4.750	02/15/28		90		86,485
Welltower, Inc.,
Sr. Unsec’d. Notes	4.250	04/15/28		260		252,929


						2,500,409

Retail 0.5%

1011778 BC ULC/New Red Finance, Inc. (Canada),
Sr. Sec’d. Notes, 144A	3.500	02/15/29		25		21,437
eG Global Finance PLC (United Kingdom),
Sr. Sec’d. Notes	6.250	10/30/25	EUR	231		216,322
Gap, Inc. (The),
Gtd. Notes, 144A	3.875	10/01/31		50		34,710
O’Reilly Automotive, Inc.,
Sr. Unsec’d. Notes	4.700	06/15/32		125		123,773
Sally Holdings LLC/Sally Capital, Inc.,
Gtd. Notes	5.625	12/01/25		75		72,898
Suburban Propane Partners LP/Suburban Energy Finance Corp.,
Sr. Unsec’d. Notes, 144A	5.000	06/01/31		50		44,213


						513,353

Semiconductors 0.3%

Broadcom, Inc.,
Sr. Unsec’d. Notes, 144A	3.137	11/15/35		315		238,809

See Notes to Financial Statements.

PGIM Fixed Income ETFs 157

PGIM Total Return Bond ETF

Schedule of Investments (continued)

as of August 31, 2022



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Telecommunications 1.3%

AT&T, Inc.,
Sr. Unsec’d. Notes		3.550%		09/15/55		415	$	303,215
T-Mobile USA, Inc.,
Sr. Unsec’d. Notes		2.550		02/15/31		685		570,688
Verizon Communications, Inc.,
Sr. Unsec’d. Notes		4.016		12/03/29		355		340,557


								1,214,460

Transportation 0.0%

Burlington Northern Santa Fe LLC,
Sr. Unsec’d. Notes		4.450		01/15/53		20		19,344


TOTAL CORPORATE BONDS (cost $40,048,143)								35,822,736


MUNICIPAL BONDS 0.2%

Michigan 0.1%

Michigan State University,
Taxable, Revenue Bonds, Series A		4.165		08/15/2122		45		36,729
University of Michigan,
Taxable, Revenue Bonds, Series A		4.454		04/01/2122		100		89,306

								126,035

Minnesota 0.1%

University of Minnesota,
Taxable, Revenue Bonds		4.048		04/01/52		95		89,767


TOTAL MUNICIPAL BONDS (cost $240,000)								215,802


RESIDENTIAL MORTGAGE-BACKED SECURITIES 0.5%

Bellemeade Re Ltd., Series 2019-02A, Class M2, 144A, 1 Month LIBOR + 3.100% (Cap N/A, Floor 3.100%)		5.544(c)		04/25/29		200		196,611
Citigroup Mortgage Loan Trust,
Series 2022-A, Class A1, 144A		6.170		09/25/62		100		99,823

See Notes to Financial Statements.

158

PGIM Total Return Bond ETF

Schedule of Investments (continued)

as of August 31, 2022



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)

Connecticut Avenue Securities Trust, Series 2022-R03, Class 1B1, 144A, 30 Day Average SOFR + 6.250% (Cap N/A, Floor 0.000%)		8.433%(c)		03/25/42		15	$	15,432
Series 2022-R04, Class 1B1, 144A, 30 Day Average SOFR + 5.250% (Cap N/A, Floor 0.000%)		7.433(c)		03/25/42		20		19,900
FHLMC Structured Agency Credit Risk REMIC Trust,
Series 2022-DNA03, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 0.000%)		5.083(c)		04/25/42		110		109,351


TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES (cost $446,556)								441,117


SOVEREIGN BONDS 0.9%

Brazil Minas SPE via State of Minas Gerais (Brazil), Gov’t. Gtd. Notes		5.333		02/15/28		120		117,135
Dominican Republic International Bond (Dominican Republic),
Sr. Unsec’d. Notes, 144A		5.500		02/22/29		150		136,481
Indonesia Government International Bond (Indonesia),
Sr. Unsec’d. Notes		0.900		02/14/27	EUR	150		135,886
Sr. Unsec’d. Notes		1.100		03/12/33	EUR	100		74,367
Romanian Government International Bond (Romania),
Sr. Unsec’d. Notes, EMTN		1.750		07/13/30	EUR	160		115,449
Serbia International Bond (Serbia),
Sr. Unsec’d. Notes		3.125		05/15/27	EUR	300		260,409
Ukraine Government International Bond (Ukraine),
Sr. Unsec’d. Notes		7.750		09/01/26(d)		100		20,250


TOTAL SOVEREIGN BONDS (cost $1,113,770)								859,977


U.S. GOVERNMENT AGENCY OBLIGATIONS 10.6%

Federal Home Loan Mortgage Corp.		2.500		03/01/51		624		559,153
Federal Home Loan Mortgage Corp.		3.000		01/01/52		494		457,741
Federal Home Loan Mortgage Corp.		3.000		02/01/52		487		451,286
Federal National Mortgage Assoc.		2.000		11/01/50		443		383,035
Federal National Mortgage Assoc.		2.000		08/01/51		250		214,887

See Notes to Financial Statements.

PGIM Fixed Income ETFs 159

PGIM Total Return Bond ETF

Schedule of Investments (continued)

as of August 31, 2022



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

U.S. GOVERNMENT AGENCY OBLIGATIONS(Continued)
Federal National Mortgage Assoc.		2.000%		11/01/51		275	$	237,014
Federal National Mortgage Assoc.		2.500		TBA		500		446,223
Federal National Mortgage Assoc.		3.000		12/01/51		490		453,953
Federal National Mortgage Assoc.		3.000		03/01/52		488		452,589
Federal National Mortgage Assoc.		3.500		02/01/52		971		926,412
Federal National Mortgage Assoc.		4.000		TBA		1,000		976,016
Federal National Mortgage Assoc.		4.000		05/01/52		1,229		1,201,254
Federal National Mortgage Assoc.		4.500		TBA		1,500		1,488,809
Federal National Mortgage Assoc.		4.500		06/01/52		491		489,079
Federal National Mortgage Assoc.		5.000		06/01/52		247		249,410
Federal National Mortgage Assoc.		5.000		07/01/52		501		506,031
Government National Mortgage Assoc.		3.000		08/20/51		720		679,067


TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (cost $10,308,296)								10,171,959


U.S. TREASURY OBLIGATIONS 21.2%
U.S. Treasury Bonds		1.250		05/15/50		280		173,163
U.S. Treasury Bonds		2.000		11/15/41		2,830		2,198,556
U.S. Treasury Bonds		2.375		02/15/42		4,335		3,595,341
U.S. Treasury Bonds		2.375		05/15/51		510		420,033
U.S. Treasury Bonds		2.500		05/15/46		1,540		1,268,816
U.S. Treasury Bonds		2.875		05/15/52		260		239,769
U.S. Treasury Notes		0.375		01/31/26		2,415		2,174,066
U.S. Treasury Notes		0.750		03/31/26		6,615		6,010,864
U.S. Treasury Notes(k)		1.250		11/30/26		160		146,400
U.S. Treasury Notes(k)		1.250		12/31/26		2,620		2,394,025
U.S. Treasury Notes		2.625		07/31/29		460		441,025
U.S. Treasury Notes		2.750		08/15/32		240		231,600
U.S. Treasury Strips Coupon(k)		2.438(s)		11/15/41		1,880		921,934


TOTAL U.S. TREASURY OBLIGATIONS (cost $22,107,139)								20,215,592


TOTAL LONG-TERM INVESTMENTS (cost $102,223,790)								94,693,556

See Notes to Financial Statements.

160

PGIM Total Return Bond ETF

Schedule of Investments (continued)

as of August 31, 2022



Description	Shares		Value

SHORT-TERM INVESTMENT 3.9%

UNAFFILIATED FUND
Dreyfus Government Cash Management (Institutional Shares) (cost $3,717,068)		3,717,068	$	3,717,068


TOTAL INVESTMENTS 103.0%
(cost $105,940,858)				98,410,624
Liabilities in excess of other assets(z) (3.0)%				(2,871,199	)


NET ASSETS 100.0%			$	95,539,425

See the Glossary for a list of the abbreviation(s) used in the annual report.

#	Principal or notional amount is shown in U.S. dollars unless otherwise stated.

(c)	Variable rate instrument. The interest rate shown reflects the rate in effect at August 31, 2022.

(cc)

(d)	Represents issuer in default on interest payments and/or principal repayment. Non-income producing security. Such securities may be post-maturity.

(f)

Indicates a restricted security that is acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer and is considered restricted as to disposition under federal securities law; the aggregate original cost of such securities is $990,500. The aggregate value of $983,529 is 1.0% of net assets.

(ff)	Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.

(k)	Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives.

(oo)	Perpetual security. Maturity date represents next call date.

(s)	Represents zero coupon bond or principal only security. Rate represents yield to maturity at purchase date.

(z)	Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:

Futures contracts outstanding at August 31, 2022:


Number of Contracts	Type	Expiration Date		Current Notional Amount			Value / Unrealized Appreciation (Depreciation)

Long Positions:
80	2 Year U.S. Treasury Notes		Dec. 2022		$	16,666,250		$	(35,090	)
26	5 Year U.S. Treasury Notes		Dec. 2022			2,881,328			(10,015	)
41	10 Year U.S. Treasury Notes		Dec. 2022			4,793,156			(26,414	)
19	30 Year U.S. Ultra Treasury Bonds		Dec. 2022			2,840,500			(17,258	)

									(88,777	)

See Notes to Financial Statements.

PGIM Fixed Income ETFs 161

PGIM Total Return Bond ETF

Schedule of Investments (continued)

as of August 31, 2022

Futures contracts outstanding at August 31, 2022 (continued):


Number of Contracts	Type	Expiration Date		Current Notional Amount			Value / Unrealized Appreciation (Depreciation)

Short Positions:
5	5 Year Euro-Bobl		Sep. 2022		$	615,400		$	11,705
4	10 Year Euro-Bund		Sep. 2022			591,880			16,284
4	20 Year U.S. Treasury Bonds		Dec. 2022			543,375			2,872
1	Euro Schatz Index		Sep. 2022			108,610			789

									31,650

								$	(57,127	)

Forward foreign currency exchange contracts outstanding at August 31, 2022:


Purchase Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date			Current Value			Unrealized Appreciation			Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts:
British Pound, Expiring 09/02/22	Morgan Stanley & Co. International PLC		GBP	535		$	632,541		$	621,847		$	—		$	(10,694	)
Euro, Expiring 09/02/22	BNP Paribas S.A.		EUR	3,014			3,006,004			3,029,337			23,333			—

						$	3,638,545		$	3,651,184			23,333			(10,694	)


Sale Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date			Current Value			Unrealized Appreciation			Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts:
British Pound, Expiring 09/02/22	The Toronto-Dominion Bank		GBP	535		$	646,611		$	621,847		$	24,764		$	—
Expiring 10/04/22	Morgan Stanley & Co. International PLC		GBP	535			632,918			622,268			10,650			—
Euro, Expiring 09/02/22	BNP Paribas S.A.		EUR	2,944			3,021,148			2,958,658			62,490			—
Expiring 09/02/22	The Toronto-Dominion Bank		EUR	70			71,542			70,678			864			—
Expiring 10/04/22	BNP Paribas S.A.		EUR	3,014			3,012,555			3,036,341			—			(23,786	)
Expiring 10/04/22	Morgan Stanley & Co. International PLC		EUR	132			133,133			133,086			47			—

						$	7,517,907		$	7,442,878			98,815			(23,786	)

												$	122,148		$	(34,480	)

See Notes to Financial Statements.

162

PGIM Total Return Bond ETF

Schedule of Investments (continued)

as of August 31, 2022

Credit default swap agreements outstanding at August 31, 2022:


Reference Entity/ Obligation	Termination Date		Fixed Rate			Notional Amount (000)#(3)		Implied Credit Spread at August 31, 2022(4)		Value at Trade Date				Value at August 31, 2022				Unrealized Appreciation (Depreciation)

Centrally Cleared Credit Default Swap Agreements on credit indices - Sell Protection(2):
CDX.NA.HY.37.V2		12/20/26		5.000	%(Q)		1,733		4.973%		$	89,331			$	19,196			$	(70,135	)
CDX.NA.HY.38.V2		06/20/27		5.000	%(Q)		1,238		5.325%			(32,148	)			(2,616	)			29,532

											$	57,183			$	16,580			$	(40,603	)

(1)

If the Fund is a buyer of protection, it pays the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(2)

(3)	Notional amount represents the maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(4)

See Notes to Financial Statements.

PGIM Fixed Income ETFs 163

PGIM Total Return Bond ETF

Schedule of Investments (continued)

as of August 31, 2022

Interest rate swap agreements outstanding at August 31, 2022:


Notional Amount (000)#	Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at August 31, 2022		Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements:
GBP 140		05/08/27		1.050%(A)	1 Day SONIA(1)(A)	$	(1,406	)	$	16,360	$	17,766
GBP 120		05/08/32		1.150%(A)	1 Day SONIA(1)(A)		7,557			21,185		13,628

						$	6,151		$	37,545	$	31,394

(1)	The Fund pays the fixed rate and receives the floating rate.

(2)	The Fund pays the floating rate and receives the fixed rate.

Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:


Broker	Cash and/or Foreign Currency			Securities Market Value
Citigroup Global Markets, Inc.		$	—		$	434,486
J.P. Morgan Securities LLC			—			611,499

Total		$	—		$	1,045,985

Fair Value Measurements:

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of August 31, 2022 in valuing such portfolio securities:


	Level 1			Level 2			Level 3
Investments in Securities
Assets
Long-Term Investments
Asset-Backed Securities
Automobiles		$	—		$	91,182		$	—
Collateralized Loan Obligations			—			18,902,833			—
Consumer Loans			—			529,553			—
Commercial Mortgage-Backed Securities			—			7,442,805			—
Corporate Bonds.			—			35,822,736			—
Municipal Bonds.			—			215,802			—

See Notes to Financial Statements.

164

PGIM Total Return Bond ETF

Schedule of Investments (continued)

as of August 31, 2022


	Level 1				Level 2				Level 3
Investments in Securities (continued)
Assets (continued)
Long-Term Investments (continued)
Residential Mortgage-Backed Securities		$	—			$	441,117			$	—
Sovereign Bonds			—				859,977				—
U.S. Government Agency Obligations			—				10,171,959				—
U.S. Treasury Obligations			—				20,215,592				—
Short-Term Investment
Unaffiliated Fund			3,717,068				—				—

Total		$	3,717,068			$	94,693,556			$	—


Other Financial Instruments*
Assets
Futures Contracts		$	31,650			$	—			$	—
OTC Forward Foreign Currency Exchange Contracts			—				122,148				—
Centrally Cleared Credit Default Swap Agreement			—				29,532				—
Centrally Cleared Interest Rate Swap Agreements			—				31,394				—

Total		$	31,650			$	183,074			$	—


Liabilities
Futures Contracts		$	(88,777	)		$	—			$	—
OTC Forward Foreign Currency Exchange Contracts			—				(34,480	)			—
Centrally Cleared Credit Default Swap Agreement			—				(70,135	)			—

Total		$	(88,777	)		$	(104,615	)		$	—

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of August 31, 2022 were as follows:


U.S. Treasury Obligations	21.2	%
Collateralized Loan Obligations	19.8
Banks	11.1
U.S. Government Agency Obligations	10.6
Commercial Mortgage-Backed Securities	7.8
Unaffiliated Fund	3.9
Real Estate Investment Trusts (REITs)	2.6
Oil & Gas	2.3


Pipelines	2.1	%
Media	1.6
Pharmaceuticals	1.5
Electric	1.3
Telecommunications	1.3
Auto Manufacturers	1.1
Healthcare-Services	1.1
Building Materials	1.1

See Notes to Financial Statements.

PGIM Fixed Income ETFs 165

PGIM Total Return Bond ETF

Schedule of Investments (continued)

as of August 31, 2022

Industry Classification (continued):


Mining	0.9	%
Sovereign Bonds	0.9
Commercial Services	0.9
Foods	0.8
Insurance	0.8
Diversified Financial Services	0.7
Agriculture	0.6
Chemicals	0.6
Entertainment	0.6
Consumer Loans	0.5
Retail	0.5
Packaging & Containers	0.5
Residential Mortgage-Backed Securities	0.5
Aerospace & Defense	0.4
Home Builders	0.4
Internet	0.3
Semiconductors	0.3
Distribution/Wholesale	0.2
Airlines	0.2
Healthcare-Products	0.2
Municipal Bonds	0.2
Beverages	0.2


Machinery-Diversified	0.2	%
Office/Business Equipment	0.2
Engineering & Construction	0.2
Iron/Steel	0.2
Biotechnology	0.1
Lodging	0.1
Gas	0.1
Automobiles	0.1
Real Estate	0.1
Electronics	0.1
Apparel	0.0	*
Housewares	0.0	*
Transportation	0.0	*

	103.0
Liabilities in excess of other assets	(3.0	)


	100.0	%

*	Less than +/- 0.05%

Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:

Fair values of derivative instruments as of August 31, 2022 as presented in the Statement of Assets and Liabilities:

Asset Derivatives

Liability Derivatives

Derivatives not accounted for as

hedging instruments, carried at

fair value

Statement of

Assets and

Liabilities Location

Fair
Value

Statement of

Assets and

Liabilities Location

Fair
Value

Credit contracts

Due from/to broker-variation margin swaps

29,532*

Due from/to broker-variation margin swaps

70,135*

See Notes to Financial Statements.

166

PGIM Total Return Bond ETF

Schedule of Investments (continued)

as of August 31, 2022


	Asset Derivatives				Liability Derivatives
Derivatives not accounted for as hedging instruments, carried at fair value	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Foreign exchange contracts	Unrealized appreciation on OTC forward foreign currency exchange contracts	$	122,148		Unrealized depreciation on OTC forward foreign currency exchange contracts	$	34,480
Interest rate contracts	Due from/to broker-variation margin futures		31,650	*	Due from/to broker-variation margin futures		88,777	*
Interest rate contracts	Due from/to broker-variation margin swaps		31,394	*	—		—

		$	214,724			$	193,392

*	Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

The effects of derivative instruments on the Statement of Operations for the period ended August 31, 2022 are as follows:


Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Futures				Forward Currency Exchange Contracts			Swaps
Credit contracts		$	—			$	—		$	(37,962	)
Foreign exchange contracts			—				179,292			—
Interest rate contracts			(1,400,050	)			—			(8,086	)

Total		$	(1,400,050	)		$	179,292		$	(46,048	)

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income


Derivatives not accounted for as hedging instruments, carried at fair value	Futures				Forward Currency Exchange Contracts			Swaps
Credit contracts		$	—			$	—		$	(40,603	)
Foreign exchange contracts			—				87,668			—
Interest rate contracts			(57,127	)			—			31,394

Total		$	(57,127	)		$	87,668		$	(9,209	)

See Notes to Financial Statements.

PGIM Fixed Income ETFs 167

PGIM Total Return Bond ETF

Schedule of Investments (continued)

as of August 31, 2022

For the period ended August 31, 2022, the Fund’s average volume of derivative activities is as follows:


Derivative Contract Type		Average Volume of Derivative Activities*
Futures Contracts - Long Positions (1)		$28,922,429
Futures Contracts - Short Positions (1)		8,218,084
Forward Foreign Currency Exchange Contracts - Purchased (2)		4,635,497
Forward Foreign Currency Exchange Contracts - Sold (2)		9,311,721
Interest Rate Swap Agreements (1)		408,739
Credit Default Swap Agreements - Sell Protection (1)		2,985,000

*	Average volume is based on average quarter end balances as noted for the period ended August 31, 2022.

(1)	Notional Amount in USD.

(2)	Value at Settlement Date.

Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:

The Fund invested in OTC derivatives during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for OTC derivatives where the legal right to set-off exists is presented in the summary below.

Offsetting of OTC derivative assets and liabilities:


Counterparty	Gross Amounts of Recognized Assets(1)			Gross Amounts of Recognized Liabilities(1)				Net Amounts of Recognized Assets/(Liabilities)			Collateral Pledged/(Received)(2)			Net Amount
BNP Paribas S.A.		$	85,823		$	(23,786	)		$	62,037		$	—		$	62,037
Morgan Stanley & Co. International PLC			10,697			(10,694	)			3			—			3
The Toronto-Dominion Bank			25,628			—				25,628			—			25,628

		$	122,148		$	(34,480	)		$	87,668		$	—		$	87,668

(1)	Includes unrealized appreciation/(depreciation) on swaps and forwards, premiums paid/(received) on swap agreements and market value of purchased and written options, as represented on the Statement of Assets and Liabilities.

(2)	Collateral amount disclosed by the Fund is limited to the market value of financial instruments/transactions and the Fund’s OTC derivative exposure by counterparty.

See Notes to Financial Statements.

168

PGIM Total Return Bond ETF

Statement of Assets & Liabilities

as of August 31, 2022


Assets
Unaffiliated investments (cost $105,940,858)	$	98,410,624
Foreign currency, at value (cost $23)		23
Receivable for investments sold		7,354,433
Dividends and interest receivable		671,335
Unrealized appreciation on OTC forward foreign currency exchange contracts		122,148
Tax reclaim receivable		2,608
Other assets		520

Total Assets		106,561,691


Liabilities
Payable for investments purchased		10,928,661
Management fee payable		40,163
Unrealized depreciation on OTC forward foreign currency exchange contracts		34,480
Due to broker—variation margin futures		13,483
Other liabilities		2,937
Due to broker—variation margin swaps		2,542

Total Liabilities		11,022,266


Net Assets	$	95,539,425


Net assets were comprised of:
Common stock, at par	$	2,225
Paid-in capital in excess of par		105,630,514
Total distributable earnings (loss)		(10,093,314	)

Net assets, August 31, 2022	$	95,539,425


Net asset value, offering price and redemption price per share
($95,539,425 ÷ 2,225,000 shares of common stock issued and outstanding)	$	42.94

See Notes to Financial Statements.

PGIM Fixed Income ETFs 169

PGIM Total Return Bond ETF

Statement of Operations

For the Period December 02, 2021* through August 31, 2022


Net Investment Income (Loss)
Income
Interest income (net of $667 foreign withholding tax)	$	1,492,078
Unaffiliated dividend income		30,861
Affiliated dividend income		444


Total income		1,523,383


Expenses
Management fee		246,470

Net investment income (loss)		1,276,913

Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions		(1,597,613	)
Futures transactions		(1,400,050	)
Forward currency contract transactions		179,292
Swap agreement transactions		(46,048	)
Foreign currency transactions		151,516

		(2,712,903	)

Net change in unrealized appreciation (depreciation) on:
Investments		(7,530,234	)
Futures		(57,127	)
Forward currency contracts		87,668
Swap agreements		(9,209	)
Foreign currencies		(1,639	)

		(7,510,541	)

Net gain (loss) on investment and foreign currency transactions		(10,223,444	)

Net Increase (Decrease) In Net Assets Resulting From Operations	$	(8,946,531	)

*	Commencement of operations.

See Notes to Financial Statements.

170

PGIM Total Return Bond ETF

Statement of Changes in Net Assets


	December 02, 2021* through August 31, 2022
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	1,276,913
Net realized gain (loss) on investment and foreign currency transactions			(2,712,903	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies			(7,510,541	)

Net increase (decrease) in net assets resulting from operations			(8,946,531	)

Dividends and Distributions
Distributions from distributable earnings			(1,146,783	)

Fund share transactions
Net proceeds from shares sold (2,225,000 shares)			105,632,739

Total increase (decrease)			95,539,425

Net Assets:
Beginning of period			—

End of period		$	95,539,425

*	Commencement of operations.

See Notes to Financial Statements.

PGIM Fixed Income ETFs 171

PGIM Total Return Bond ETF

Financial Highlights




		December 02, 2021^(a) through August 31, 2022
Per Share Operating Performance^(b):
Net Asset Value, beginning of period		$50.00
Income (loss) from investment operations:
Net investment income (loss)		0.86
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(7.23)
Total from investment operations		(6.37)
Less Dividends and Distributions:
Dividends from net investment income		(0.69)
Net asset value, end of period		$42.94
Total Return^(c):		(12.81)%


Ratios/Supplemental Data:
Net assets, end of period (000)		$95,539
Average net assets (000)		$67,327
Ratios to average net assets^(d):
Expenses after waivers and/or expense reimbursement		0.49%^(e)
Expenses before waivers and/or expense reimbursement		0.49%^(e)
Net investment income (loss)		2.54%^(e)
Portfolio turnover rate^(f)		150%

(a)	Commencement of operations.

(b)	Calculated based on average shares outstanding during the period.

(c)

(d)	Does not include expenses of the underlying funds in which the Fund invests.

(e)	Annualized.

(f)	The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

172

PGIM Floating Rate Income ETF

Schedule of Investments

as of August 31, 2022

Description

Interest
Rate

Maturity
Date

Principal
Amount

(000)#

Value

LONG-TERM INVESTMENTS 97.4%

ASSET-BACKED SECURITIES 2.4%

Collateralized Loan Obligations

Carlyle US CLO Ltd. (Cayman Islands),
Series 2021-11A, Class A, 144A, 3 Month LIBOR + 1.095% (Cap N/A, Floor 1.095%)

3.878%(c)

01/25/33

250

245,327

MidOcean Credit CLO (Cayman Islands),
Series 2017-07A, Class A1R, 144A, 3 Month LIBOR + 1.040% (Cap N/A, Floor 0.000%)

3.552(c)

07/15/29

325

321,269

Palmer Square CLO Ltd. (Cayman Islands),
Series 2015-01A, Class A2R4, 144A, 3 Month LIBOR + 1.700% (Cap N/A, Floor 1.700%)

4.684(c)

05/21/34

250

241,790

TOTAL ASSET-BACKED SECURITIES
(cost $805,567)

808,386

BANK LOANS 87.8%

Advertising 0.2%

Terrier Media Buyer, Inc.,
2021 Refinancing Term B Loans, 1 Month LIBOR + 3.500%

6.024(c)

12/17/26

82,100

Aerospace & Defense 2.0%

Cobham Ultra U.S. Co-Borrower LLC,
Facility B Loan, 3 Month LIBOR + 3.750%

7.063(c)

12/24/28

250

242,344

Dynasty Acquisition Co., Inc.,
2020 Specified Refinancing Term B-1 Facility, 1 Month LIBOR + 3.500%

6.024(c)

04/06/26

93,785

2020 Specified Refinancing Term B-2 Facility, 1 Month LIBOR + 3.500%

6.024(c)

04/06/26

50,422

Spirit AeroSystems, Inc.,
Term Loan B, 1 Month LIBOR + 3.750%

6.274(c)

01/15/25

200

198,063

TransDigm, Inc.,
Tranche F Refinancing Term Loan, 1 Month LIBOR + 2.250%

4.774(c)

12/09/25

100

97,140

681,754

Airlines 3.3%

Air Canada (Canada),
Term Loan, 3 Month LIBOR + 3.500%

6.421(c)

08/11/28

150

144,804

See Notes to Financial Statements.

PGIM Fixed Income ETFs 173

PGIM Floating Rate Income ETF

Schedule of Investments (continued)

as of August 31, 2022

Description

Interest
Rate

Maturity
Date

Principal
Amount

(000)#

Value

BANK LOANS (Continued)

Airlines (cont’d.)

American Airlines, Inc.,
2017 Replacement Class B Term Loan, 1 Month LIBOR + 2.000%

4.391%(c)

12/15/23

250

246,771

Initial Term Loan, 3 Month LIBOR + 4.750%

7.460(c)

04/20/28

300

295,125

Delta Air Lines, Inc.,
Initial Term Loan, 3 Month LIBOR + 3.750%

6.460(c)

10/20/27

125

126,484

Mileage Plus Holdings LLC,
Initial Term Loan, 3 Month LIBOR + 5.250%

7.313(c)

06/21/27

200

202,700

United Airlines, Inc.,
Class B Term Loan, 3 Month LIBOR + 3.750%

6.533(c)

04/21/28

100

96,629

1,112,513

Apparel 0.4%

Calceus Acquisition, Inc.,
Term Loan, 1 Month LIBOR + 5.500%

8.024(c)

02/12/25

66,844

Fanatics Commerce Intermediate Holdco LLC,
Initial Term Loan, 3 Month LIBOR + 3.250%^

6.056(c)

11/24/28

73,316

140,160

Auto Manufacturers 0.2%

American Trailer World Corp.,
First Lien Initial Term Loan, 1 Month SOFR + 3.850%

6.305(c)

03/03/28

69,630

Auto Parts & Equipment 1.3%

Autokiniton U.S. Holdings, Inc.,
Closing Date Term B Loan, 1 Month LIBOR + 4.500%

6.873(c)

04/06/28

100

96,535

Dexko Global, Inc.,
First Lien Closing Date Dollar Term Loan, 3 Month LIBOR + 3.750%

6.000(c)

10/04/28

150

142,798

First Brands Group LLC,
First Lien 2021 Term Loan, 6 Month SOFR + 5.000%

8.368(c)

03/30/27

48,081

Holley, Inc.,
Initial Term Loan, 3 Month LIBOR + 3.750%

6.711(c)

11/17/28

46,851

Truck Hero, Inc.,
Initial Term Loan, 1 Month LIBOR + 3.500%

6.024(c)

01/31/28

100

90,533

424,798

See Notes to Financial Statements.

174

PGIM Floating Rate Income ETF

Schedule of Investments (continued)

as of August 31, 2022

Description

Interest
Rate

Maturity
Date

Principal
Amount

(000)#

Value

BANK LOANS (Continued)

Beverages 1.2%

Arctic Glacier USA, Inc.,
Specified Refinancing Term Loan, 3 Month LIBOR + 3.500%

5.750%(c)

03/20/24

100

89,175

City Brewing Co. LLC,
First Lien Closing Date Term Loan, 1 Month LIBOR + 3.500%

5.873(c)

04/05/28

200

173,448

Pegasus Bidco BV (Netherlands),
Facility Term loan B2, 3 Month SOFR + 4.250%

6.962(c)

07/12/29

150

145,313

407,936

Building Materials 1.1%

Cornerstone Building Brands, Inc.,
Term Loan, 1 Month SOFR + 5.625%

7.882(c)

08/01/28

70,313

Hunter Douglas, Inc. (Netherlands),
Tranche B-1 Term Loan, 3 Month SOFR + 3.500%

6.340(c)

02/26/29

125

108,937

PHRG Intermediate LLC,
Initial Term Loans, 1 Month LIBOR + 6.000%^

8.368(c)

12/16/26

96,891

Smyrna Ready Mix Concrete LLC,
Initial Term Loan, 1 Month SOFR + 4.250%^

6.805(c)

04/02/29

100

97,250

373,391

Chemicals 3.9%

Albaugh LLC,
Term Loan B, 1 - 3 Month LIBOR + 3.750%

6.203(c)

04/06/29

125

123,337

Ascend Performance Materials Operations LLC,
2021 Refinancing Term Loan, 3 Month LIBOR + 4.750%

7.000(c)

08/27/26

200

198,937

DuBois Chemicals Group, Inc.,
First Lien Initial Term Loan, 1 Month LIBOR + 4.500%^

7.024(c)

09/30/26

200

193,378

Geon Performance Solutions LLC,
Initial Term Loans, 1 Month LIBOR + 4.500%

7.024(c)

08/18/28

73,502

Ineos U.S. Petrochem LLC,
2026 Tranche B Dollar Term Loan, 1 Month LIBOR + 2.750%

5.274(c)

01/29/26

48,586

Iris Holdings Ltd.,
Initial Term Loan, 1 - 3 Month SOFR + 4.750%

6.859(c)

06/28/28

71,031

See Notes to Financial Statements.

PGIM Fixed Income ETFs 175

PGIM Floating Rate Income ETF

Schedule of Investments (continued)

as of August 31, 2022

Description

Interest
Rate

Maturity
Date

Principal
Amount

(000)#

Value

BANK LOANS (Continued)

Chemicals (cont’d.)

LSF11 A5 HoldCo., LLC,
Term Loan, 1 Month SOFR + 3.500%

6.070%(c)

10/15/28

115

112,103

Olympus Water US Holding Corp.,
Initial Dollar Term Loan, 3 Month LIBOR + 3.750%

6.063(c)

11/09/28

100

96,047

Oxea Corp.,
Tranche B-2 Term Loan, 1 Month LIBOR + 3.250%

5.688(c)

10/14/24

47,802

Perstorp Holding AB (Sweden),
Facility B Loan, 3 Month LIBOR + 4.750%

6.250(c)

02/27/26

250

247,292

Starfruit Finco BV (Netherlands),
Initial Dollar Term Loan, 3 Month LIBOR + 2.825%

5.125(c)

10/01/25

48,499

Tronox Finance LLC,
First Lien 2022 Incremental Term Loan, 3 Month SOFR + 3.250%

5.304(c)

04/04/29

73,036

1,333,550

Commercial Services 5.3%

Adtalem Global Education, Inc.,
Term B Loan, 1 Month LIBOR + 4.500%

6.368(c)

08/12/28

150

148,500

AG Group Holdings, Inc.,
Term Loan, 3 Month SOFR + 4.000%

6.577(c)

12/29/28

73,223

Amentum Government Services Holdings LLC,
Tranche 3 Term Loan, 3 Month SOFR + 4.000%

5.187(c)

02/15/29

125

121,563

ArchKey Holdings, Inc.,
First Lien Initial Term Loan, 1 Month LIBOR + 5.250%^

7.774(c)

06/29/28

150

140,882

Avis Budget Car Rental LLC,
New Tranche B Term Loan, 1 Month LIBOR + 1.750%

4.280(c)

08/06/27

199

192,216

CoreLogic Inc,
First Lien Initial Term Loan, 1 Month LIBOR + 3.500%

6.063(c)

06/02/28

64,163

EAB Global, Inc.,
Term Loan, 1 - 3 Month LIBOR + 3.500%

6.212(c)

08/16/28

200

191,817

Inmar, Inc.,
Initial Term Loan (First Lien), 1 Month LIBOR + 4.000%

6.524(c)

05/01/24

57,729

Kingpin Intermediate Holdings LLC,
2018 Refinancing Term Loan, 1 Month LIBOR + 3.500%

6.030(c)

07/03/24

73,684

Latham Pool Products, Inc.,
Initial Term Loan, 3 Month SOFR + 3.750%

6.681(c)

02/23/29

48,129

See Notes to Financial Statements.

176

PGIM Floating Rate Income ETF

Schedule of Investments (continued)

as of August 31, 2022

Description

Interest
Rate

Maturity
Date

Principal
Amount

(000)#

Value

BANK LOANS (Continued)

Commercial Services (cont’d.)

Mavis Tire Express Services TopCo LP,
First Lien Initial Term Loan, 1 Month SOFR + 4.000%

6.375%(c)

05/04/28

72,847

MPH Acquisition Holdings LLC,
Initial Term Loan, 3 Month LIBOR + 4.250%

7.320(c)

09/01/28

125

117,672

NAB Holdings LLC,
Initial Term Loan, 3 Month SOFR + 3.000%

5.204(c)

11/23/28

��

48,142

RLG Holdings LLC,
First Lien Closing Date Initial Term Loan, 1 Month LIBOR + 4.000%

6.524(c)

07/07/28

72,100

Safe Fleet Holdings LLC,
Term Loan^

— (p)

02/23/29

49,000

Spectrum Group Buyer, Inc.,
Initial Term Loan, 3 Month SOFR + 6.500%

9.440(c)

05/19/28

150

145,462

University Support Services LLC (Canada),
Initial Term Loan, 1 Month LIBOR + 3.250%

5.774(c)

02/10/29

72,194

VT Topco, Inc.,
First Lien 2021 Delayed Draw Term Loan, 3 Month LIBOR + 3.750%

5.973(c)

08/01/25

4,581

First Lien 2021 Term Loan, 1 Month LIBOR + 3.750%

6.274(c)

08/01/25

68,776

WMB Holdings, Inc.,
Term Loan^

— (p)

12/31/29

45,425

1,808,105

Computers 3.1%

ConvergeOne Holdings Corp.,
First Lien Initial Term Loan, 1 Month LIBOR + 5.000%

7.372(c)

01/04/26

125

100,277

McAfee Corp.,
Tranche B-1 Term Loan, 1 - 3 Month SOFR + 3.750%

6.282(c)

03/01/29

150

142,200

Peraton Corp.,
First Lien Term B Loan, 1 Month LIBOR + 3.750%

6.274(c)

02/01/28

250

241,938

Procera Networks, Inc. (Canada),
Term Loan, 1 Month LIBOR + 4.500%

7.024(c)

10/31/25

72,812

Redstone Holdco LP,
First Lien Initial Term Loan, 3 Month LIBOR + 4.750%

7.533(c)

04/27/28

100

84,911

SonicWall U.S. Holdings, Inc.,
First Lien Term Loan, 3 Month LIBOR + 3.750%

6.730(c)

05/16/25

100

96,525

See Notes to Financial Statements.

PGIM Fixed Income ETFs 177

PGIM Floating Rate Income ETF

Schedule of Investments (continued)

as of August 31, 2022

Description

Interest
Rate

Maturity
Date

Principal
Amount

(000)#

Value

BANK LOANS (Continued)

Computers (cont’d.)

VeriFone Systems, Inc.,
First Lien Initial Term Loan, 3 Month LIBOR + 4.000%

6.997%(c)

08/20/25

200

183,787

Vision Solutions, Inc.,
Third Amendment Term Loan (First Lien), 3 Month LIBOR + 4.000%

6.783(c)

04/24/28

125

118,125

1,040,575

Cosmetics/Personal Care 0.4%

Conair Holdings LLC,
First Lien Initial Term Loan, 3 Month LIBOR + 3.750%

6.000(c)

05/17/28

150

127,590

Diversified Financial Services 3.2%

Castlelake Aviation One DAC,
Initial Term Loan, 3 Month LIBOR + 2.750%

4.579(c)

10/22/26

135

131,968

Cowen, Inc.,
Initial Term Loan, 3 Month LIBOR + 3.250%

4.635(c)

03/24/28

300

298,248

Hightower Holding LLC,
Initial Term Loan, 3 Month LIBOR + 4.000%

6.732(c)

04/21/28

72,442

Hudson River Trading LLC,
Term Loan, 3 Month SOFR + 3.000%

6.164(c)

03/20/28

275

254,770

LHS Borrower LLC,
Term Loan, 1 Month SOFR + 4.7500%

7.305(c)

02/18/29

67,144

Paysafe Holdings U.S. Corp.,
Facility B1, 1 Month LIBOR + 2.750%

5.274(c)

06/28/28

69,902

Setanta Aircraft Leasing DAC (Ireland),
Term Loan, 3 Month LIBOR + 2.000%

4.250(c)

11/05/28

100

98,021

VFH Parent LLC,
Initial Term Loan, 1 Month SOFR + 3.000%

5.397(c)

01/13/29

92,387

1,084,882

Electric 0.7%

Lightstone HoldCo LLC,
Extended Term Loan B, 3 Month SOFR + 5.750%

8.051(c)

02/01/27

84,236

Extended Term Loan C, 1 Month SOFR + 5.750%

8.051(c)

02/01/27

4,679

See Notes to Financial Statements.

178

PGIM Floating Rate Income ETF

Schedule of Investments (continued)

as of August 31, 2022

Description

Interest
Rate

Maturity
Date

Principal
Amount

(000)#

Value

BANK LOANS (Continued)

Electric (cont’d.)

Pike Corp.,
Term Loan B, 1 Month SOFR + 3.500%^

5.807%(c)

01/21/28

49,125

Vistra Operations Co. LLC,
Term Loan, 1 Month LIBOR + 1.7500%

4.274(c)

12/31/25

97,344

235,384

Electronics 0.3%

II-VI, Inc.,
Term Loan B, 3 Month LIBOR + 2.750%

5.123(c)

07/02/29

73,195

Token Buyer, Inc.,
Initial Term Loan, 1 Month SOFR + 6.000%^

8.555(c)

05/31/29

23,375

96,570

Energy-Alternate Sources 0.4%

WIN Waste Innovations Holdings, Inc.,
Initial Term Loan, 3 Month LIBOR + 2.750%

5.000(c)

03/24/28

125

121,880

Engineering & Construction 0.6%

Brand Industrial Services, Inc.,
Initial Term Loan, 3 Month LIBOR + 4.250%

6.944(c)

06/21/24

45,282

Brown Group Holding LLC,
Incremental Term B-2 Facility, 1 Month SOFR + 3.750%

6.205(c)

07/02/29

24,588

Osmose Utilities Services, Inc.,
First Lien Initial Term Loan, 3 Month LIBOR + 3.250%

5.774(c)

06/23/28

85,285

TMC Buyer, Inc.,
Term Loan, 1 Month SOFR + 6.000%^

8.054(c)

08/31/28

42,798

197,953

Entertainment 3.2%

Allen Media LLC,
Term B Loan, 3 Month SOFR + 5.500%

7.704(c)

02/10/27

165

143,321

AP Gaming I LLC,
Term Loan B, 3 Month SOFR + 4.000%^

6.204(c)

02/15/29

72,755

CBAC Borrower LLC,
Term B Loan, 1 Month LIBOR + 4.000%

6.372(c)

07/08/24

100

97,487

See Notes to Financial Statements.

PGIM Fixed Income ETFs 179

PGIM Floating Rate Income ETF

Schedule of Investments (continued)

as of August 31, 2022

Description

Interest
Rate

Maturity
Date

Principal
Amount

(000)#

Value

BANK LOANS (Continued)

Entertainment (cont’d.)

J&J Ventures Gaming LLC,
Initial Term Loan, 3 Month LIBOR + 4.000%^

6.250%(c)

04/26/28

150

142,321

Maverick Gaming LLC,
Term B Loan, 3 Month LIBOR + 7.500%

10.570(c)

09/03/26

67,330

Raptor Acquisition Corp.,
Term B Loan, 3 Month LIBOR + 4.000%

6.096(c)

11/01/26

73,406

Scientific Games Holdings LP,
Term Loan B-2, 3 Month SOFR + 3.500%

5.617(c)

04/04/29

250

240,625

Scientific Games International, Inc.,
Initial Term B Loan, 1 Month SOFR + 3.000%

5.407(c)

04/13/29

250

244,115

1,081,360

Environmental Control 1.6%

EWT Holdings III Corp.,
Term Loan, 1 Month LIBOR + 2.500%

5.063(c)

04/01/28

73,782

Filtration Group Corp.,
Initial Dollar Term Loan, 1 Month LIBOR + 3.000%

5.524(c)

03/31/25

150

146,714

GFL Environmental, Inc. (Canada),
2020 Term Loan, 3 Month LIBOR + 3.000%

5.806(c)

05/30/25

100

99,141

Harsco Corp.,
Term Loan, 1 Month LIBOR + 2.250%

4.750(c)

03/10/28

100

93,763

Madison IAQ LLC,
Initial Term Loan, 6 Month LIBOR + 3.250%

4.524(c)

06/21/28

52,446

Packers Holdings LLC,
Initial Term Loan, 1 Month LIBOR + 3.250%

5.630(c)

03/09/28

70,793

��

536,639

Foods 1.4%

American Seafoods Group LLC,
Incremental Tranche B Term Loan, 1 - 3 Month LIBOR + 2.750%^

4.953(c)

08/21/23

150

146,250

BCPE North Star U.S. Holdco, Inc.,
First Lien Initial Term Loan, 3 Month LIBOR + 4.000%

6.250(c)

06/09/28

65,027

Term Loan, 3 Month LIBOR + 4.000%

4.000(c)

06/10/28

5,747

Chefs Warehouse,
Term Loan, 1 Month SOFR + 4.750%^

7.163(c)

08/23/29

52,920

CHG PPC Parent LLC,
Term Loan, 1 Month LIBOR + 3.000%^

5.563(c)

12/08/28

48,504

See Notes to Financial Statements.

180

PGIM Floating Rate Income ETF

Schedule of Investments (continued)

as of August 31, 2022

Description

Interest
Rate

Maturity
Date

Principal
Amount

(000)#

Value

BANK LOANS (Continued)

Foods (cont’d.)

H-Food Holdings LLC,
Initial Term Loan, 1 Month LIBOR + 3.688%

6.211%(c)

05/23/25

69,328

Shearer’s Foods LLC,
Refinancing Term Loan (First Lien), 1 Month LIBOR + 3.500%

6.024(c)

09/23/27

72,416

460,192

Forest Products & Paper 0.5%

Asplundh Tree Expert LLC,
2021 Refinancing Term Loan, 1 Month LIBOR + 1.750%

4.274(c)

09/07/27

73,621

Domtar Corp.,
Initial Term Loan, 1 Month LIBOR + 5.500%^

8.256(c)

11/30/28

100

94,500

168,121

Hand/Machine Tools 0.2%

Alliance Laundry Systems LLC,
Initial Term B Loan, 3 Month LIBOR + 3.500%

5.955(c)

10/08/27

73,106

Healthcare-Products 0.2%

Bausch + Lomb Corp.,
Initial Term Loan, 1 Month SOFR + 3.350%

5.653(c)

05/10/27

56,275

Healthcare-Services 4.1%

Accelerated Health Systems LLC,
Initial Term B Loan, 3 Month SOFR + 4.500%

7.389(c)

02/15/29

200

188,750

Charlotte Buyer,
Term Loan B - 1st Lien, 3 Month SOFR + 5.250%

7.980(c)

02/11/28

150

143,812

Electron Bidco, Inc.,
Initial Term Loan, 1 Month LIBOR + 3.000%

5.524(c)

11/01/28

48,566

eResearch Technology, Inc.,
First Lien Initial Term Loan, 1 Month LIBOR + 4.500%

7.024(c)

02/04/27

150

142,392

Global Medical Response, Inc.,
2017-2 New Term Loan, 1 Month LIBOR + 4.250%

6.774(c)

03/14/25

100

90,765

2020 Term Loan, 1 Month LIBOR + 4.250%

6.623(c)

10/02/25

100

91,125

LifePoint Health, Inc.,
First Lien Term B Loan, 1 Month LIBOR + 3.750%

6.274(c)

11/16/25

150

145,000

See Notes to Financial Statements.

PGIM Fixed Income ETFs 181

PGIM Floating Rate Income ETF

Schedule of Investments (continued)

as of August 31, 2022

Description

Interest
Rate

Maturity
Date

Principal
Amount

(000)#

Value

BANK LOANS (Continued)

Healthcare-Services (cont’d.)

Mamba Purchaser, Inc.,
Initial Term Loan, 1 Month LIBOR + 3.500%

5.662%(c)

10/16/28

48,628

Phoenix Guarantor, Inc.,
Tranche B-1 Term Loan, 1 Month LIBOR + 3.250%

5.774(c)

03/05/26

125

120,521

Radnet Management, Inc.,
First Lien Initial Term Loan, 1 Month LIBOR + 3.000%

5.493(c)

04/23/28

87,080

Surgery Center Holdings, Inc.,
2021 New Term Loan, 1 Month LIBOR + 3.750%

6.140(c)

08/31/26

100

96,561

U.S. Anesthesia Partners, Inc.,
Initial Term Loan, 1 Month LIBOR + 4.250%

6.623(c)

10/02/28

47,796

Upstream Newco, Inc.,
August 2021 Incremental Term Loan, 1 Month SOFR + 4.250%

6.820(c)

11/20/26

71,008

WP CityMD Bidco LLC,
Second Amendment Refinancing Term Loan, 1 Month LIBOR + 3.250%

5.504(c)

12/22/28

72,849

1,394,853

Holding Companies-Diversified 0.3%

Belfor Holdings, Inc.,
First Lien Tranche B-2 Term Loan, 1 Month SOFR + 4.250%^

6.705(c)

04/06/26

100

98,500

Home Furnishings 0.6%

AI Aqua Merger Sub, Inc.,
Term Loan

— (p)

07/30/28

22,228

Culligan,
Term Loan

— (p)

07/30/28

102

97,803

Snap One Holdings Corp.,
Term Loan, 6 Month LIBOR + 4.500%

7.377(c)

12/08/28

68,188

188,219

Household Products/Wares 0.2%

Kronos Acquisition Holdings, Inc. (Canada),
Tranche B-1 Term Loan, 3 Month LIBOR + 3.750%

6.820(c)

12/22/26

71,818

See Notes to Financial Statements.

182

PGIM Floating Rate Income ETF

Schedule of Investments (continued)

as of August 31, 2022

Description

Interest
Rate

Maturity
Date

Principal
Amount

(000)#

Value

BANK LOANS (Continued)

Housewares 0.5%

Lifetime Brands, Inc.,
Tranche B Term Loan, 1 Month LIBOR + 3.500%^

6.024%(c)

02/28/25

72,375

SWF Holdings I Corp.,
Initial Term Loan, 1 Month LIBOR + 4.000%

6.368(c)

10/06/28

125

108,984

181,359

Insurance 1.8%

Acrisure LLC,
First Lien 2021-1 Additioanl Term Loan, 1 Month LIBOR + 3.750%

6.274(c)

02/15/27

200

192,125

AmWINS Group, Inc.,
Term Loan, 1 Month LIBOR + 2.250%

4.774(c)

02/19/28

87,791

Asurion LLC,
New B-10 Term Loan, 3 Month SOFR + 4.100%

6.401(c)

08/19/28

116

108,170

New B-9 Term Loan, 1 Month LIBOR + 3.250%

5.774(c)

07/31/27

199

182,289

Second Lien Term Loan B3, 1 Month LIBOR + 5.250%

7.774(c)

01/31/28

42,812

613,187

Internet 0.8%

CMI Marketing, Inc.,
Term Loan B, 1 Month LIBOR + 4.250%^

6.743(c)

03/23/28

100

92,267

MH Sub I LLC,
2020 June New Term Loan, 1 Month LIBOR + 3.750%

6.274(c)

09/13/24

100

97,484

Northwest Fiber LLC,
First Lien Term B-2 Loan, 1 Month LIBOR + 3.750%

6.127(c)

04/30/27

100

93,680

283,431

Investment Companies 0.4%

EIG Management Co. LLC,
Initial Term Loan, 1 Month LIBOR + 3.750%

6.274(c)

02/24/25

125

122,181

See Notes to Financial Statements.

PGIM Fixed Income ETFs 183

PGIM Floating Rate Income ETF

Schedule of Investments (continued)

as of August 31, 2022

Description

Interest
Rate

Maturity
Date

Principal
Amount

(000)#

Value

BANK LOANS (Continued)

Leisure Time 0.8%

Fender Musical Instruments Corp.,
Initial Term Loan, 1 Month SOFR + 4.000%^

6.393%(c)

12/01/28

71,456

Recess Holdings, Inc.,
Initial Term Loan (First Lien), 3 Month LIBOR + 3.750%

6.556(c)

09/30/24

200

194,995

266,451

Lodging 0.6%

Caesars Resort Collection LLC,
Term B Loan, 1 Month LIBOR + 2.750%

5.274(c)

12/23/24

73,738

Fertitta Entertainment LLC,
Initial B Term Loan, 1 Month SOFR + 4.000%

6.455(c)

01/27/29

47,800

Spectacle Gary Holdings LLC,
Term B Loan, 1 Month LIBOR + 4.250%^

6.743(c)

12/11/28

72,000

193,538

Machinery-Construction & Mining 0.3%

Vertiv Group Corp.,
Term B Loan, 1 Month LIBOR + 2.750%

5.112(c)

03/02/27

100

96,006

Machinery-Diversified 2.3%

ASP Blade Holdings, Inc.,
Initial Term Loan, 1 Month LIBOR + 4.000%

6.524(c)

10/13/28

135

125,217

Clark Equipment Co. (South Korea),
Term Loan, 3 Month SOFR + 2.500%

4.654(c)

04/20/29

150

148,578

Columbus McKinnon Corp.,
Initial Term Loan, 3 Month LIBOR + 2.750%

5.063(c)

05/15/28

72,405

CPM Holdings, Inc.,
First Lien Initial Term Loan, 1 Month LIBOR + 3.500%

5.873(c)

11/17/25

73,240

Gardner Denver, Inc.,
New Tranche B-1 Dollar Term Loan, 1 Month LIBOR + 1.850%

4.305(c)

03/01/27

73,515

Pro Mach Group, Inc.,
Initial Term Loan, 1 Month LIBOR + 4.000%

6.524(c)

08/31/28

63,342

Project Castle, Inc.,
Initial Term Loan, 3 Month SOFR + 5.500%^

6.900(c)

06/01/29

68,625

See Notes to Financial Statements.

184

PGIM Floating Rate Income ETF

Schedule of Investments (continued)

as of August 31, 2022

Description

Interest
Rate

Maturity
Date

Principal
Amount

(000)#

Value

BANK LOANS (Continued)

Machinery-Diversified (cont’d.)

Vantage Elevator Solutions,
First Lien Initial Term Loan, 3 Month LIBOR + 3.750%^

5.813%(c)

11/17/28

71,625

Vertical Midco Gmbh (Germany),
Term Loan B, 6 Month LIBOR + 3.500%

6.871(c)

07/30/27

100

96,653

793,200

Media 4.0%

Charter Communications Operating LLC,
Term Loan B-2, 1 Month LIBOR + 1.750%

4.280(c)

02/01/27

324

313,805

CSC Holdings LLC,
September 2019 Term Loan, 1 Month LIBOR + 2.500%

4.891(c)

04/15/27

125

120,235

Diamond Sports Group LLC,
Second Lien Term Loan, 1 Month SOFR + 3.350%

5.637(c)

08/24/26

399

71,891

Entercom Media Corp.,
Term Loan B-2, 1 Month LIBOR + 2.500%

4.993(c)

11/18/24

65,109

iHeartCommunications, Inc.,
New Term Loan, 1 Month LIBOR + 3.000%

5.524(c)

05/01/26

130

125,396

Radiate Holdco LLC,
Amendment No. 6 New Term Loan, 1 Month LIBOR + 3.250%

5.774(c)

09/25/26

125

118,653

Sinclair Television Group, Inc.,
Term B-3 Loan, 1 Month LIBOR + 3.000%

5.530(c)

04/01/28

200

189,250

Univision Communications, Inc.,
Initial First Lien Term Loan, 1 Month LIBOR + 3.250%

5.774(c)

01/31/29

100

96,695

Term Loan B, 3 Month SOFR + 4.250%

6.254(c)

06/24/29

49,000

WideOpenWest Finance LLC,
Term B Loan, 1 Month SOFR + 3.000%

5.300(c)

12/20/28

199

195,359

1,345,393

Metal Fabricate/Hardware 1.5%

AZZ, Inc.,
Initial Term Loan, 1 Month SOFR + 4.400%

6.893(c)

05/11/29

200

196,840

Crosby U.S. Acquisition Corp.,
First Lien Initial Term Loan, 1 Month LIBOR + 4.750%

7.194(c)

06/26/26

100

94,706

See Notes to Financial Statements.

PGIM Fixed Income ETFs 185

PGIM Floating Rate Income ETF

Schedule of Investments (continued)

as of August 31, 2022

Description

Interest
Rate

Maturity
Date

Principal
Amount

(000)#

Value

BANK LOANS (Continued)

Metal Fabricate/Hardware (cont’d.)

Grinding Media, Inc.,
First Lien Initial Term Loan, 3 Month LIBOR + 4.000%^

4.796%(c)

10/12/28

83,789

WireCo WorldGroup, Inc.,
Initial Term Loan, 3 Month LIBOR + 4.250%

7.188(c)

11/13/28

150

147,187

522,522

Oil & Gas 0.9%

Apro LLC,
Replacement Term Loan, 3 Month LIBOR + 3.750%

5.380(c)

11/14/26

72,473

Citgo Petroleum Corp.,
2019 Incremental Term B Loan, 1 Month LIBOR + 6.250%

8.774(c)

03/28/24

145

144,225

Delek U.S. Holdings, Inc.,
Term Loan, 1 Month LIBOR + 2.250%

4.774(c)

03/31/25

100

97,531

314,229

Packaging & Containers 4.2%

BWay Holding Co.,
Initial Term Loan, 1 Month LIBOR + 3.250%

5.623(c)

04/03/24

100

97,369

Charter Next Generation, Inc.,
Refinancing 2021 Term Loan, 3 Month LIBOR + 3.750%

6.556(c)

12/01/27

225

217,410

Clydesdale Acquisition Holdings, Inc.,
Term B Loan, 1 Month SOFR + 4.175%

6.730(c)

04/13/29

190

183,231

Graham Packaging Co., Inc.,
New Term Loan, 1 Month LIBOR + 3.000%

5.524(c)

08/04/27

100

97,325

Pactiv Evergreen Group Holdings, Inc.,
Tranche B-3 U.S. Term Loan, 1 Month LIBOR + 3.500%

6.024(c)

09/25/28

100

96,881

Pregis Topco LLC,
First Lien Initial Term Loan, 1 - 3 Month LIBOR + 4.000%

6.688(c)

07/31/26

48,345

Pretium PKG Holdings, Inc.,
First Lien Initial Term Loan, 1 - 3 Month LIBOR + 4.000%

6.314(c)

10/02/28

299

280,967

Proampac PG Borrower LLC,
2020-1 Term Loan, 1 - 3 Month LIBOR + 3.750%

6.035(c)

11/03/25

100

97,000

See Notes to Financial Statements.

186

PGIM Floating Rate Income ETF

Schedule of Investments (continued)

as of August 31, 2022

Description

Interest
Rate

Maturity
Date

Principal
Amount

(000)#

Value

BANK LOANS (Continued)

Packaging & Containers (cont’d.)

Reynolds Group Holdings, Inc.,
Tranche B-2 US Term Loan, 1 Month LIBOR + 3.250%

5.774%(c)

02/05/26

100

97,253

Trident TPI Holdings, Inc.,
Tranche B-1 Term Loan, 3 Month LIBOR + 3.250%

5.500(c)

10/17/24

100

98,318

Tranche B-3 DDTL Commitments, 3 Month LIBOR + 4.000%

6.250(c)

09/15/28

12,020

Tranche B-3 Initial Term Loans, 3 Month LIBOR + 4.000%

6.250(c)

09/15/28

84,456

1,410,575

Pharmaceuticals 2.3%

Amneal Pharmaceuticals LLC,
Initial Term Loan, 1 - 3 Month LIBOR + 3.500%

5.938(c)

05/04/25

200

190,426

Bausch Health Cos., Inc.,
Second Amendment Term Loan, 1 Month SOFR + 5.350%

7.662(c)

02/01/27

125

99,509

Change Healthcare Holdings LLC,
Closing Date Term Loan, 1 Month LIBOR + 2.500%

5.024(c)

03/01/24

225

223,347

Gainwell Acquisition Corp.,
Term B Loan, 3 Month LIBOR + 4.000%

6.250(c)

10/01/27

150

145,880

Milk Specialties Co.,
2021 Refinancing Term Loan, 3 Month LIBOR + 4.000%

6.250(c)

08/15/25

125

122,628

781,790

Pipelines 1.2%

AL GCX Holdings LLC,
Term Loan B, 1 Month SOFR + 3.900%

6.066(c)

05/17/29

73,969

BCP Renaissance Parent LLC,
Term Loan, 3 Month SOFR + 3.500%

5.554(c)

10/31/26

150

147,375

Prairie ECI Acquiror, LP,
Initial Term Loan, 1 Month LIBOR + 4.750%

7.274(c)

03/11/26

200

190,286

411,630

Real Estate 0.7%

Brookfield Property REIT, Inc.,
Initial Term B Loan, 1 Month SOFR + 2.500%

5.055(c)

08/27/25

247

243,095

See Notes to Financial Statements.

PGIM Fixed Income ETFs 187

PGIM Floating Rate Income ETF

Schedule of Investments (continued)

as of August 31, 2022

Description

Interest
Rate

Maturity
Date

Principal
Amount

(000)#

Value

BANK LOANS (Continued)

Real Estate Investment Trusts (REITs) 0.9%

Blackstone Mortgage Trust, Inc.,
Term Loan, 1 Month LIBOR + 2.750%

5.274%(c)

04/23/26

100

96,875

Term Loan, 1 Month SOFR + 3.500%^

5.955(c)

05/09/29

200

195,000

291,875

Retail 4.4%

Dave & Buster’s, Inc.,
Term Loan, 1 Month SOFR + 5.000%

7.427(c)

06/29/29

73,087

EG America LLC (United Kingdom),
Additional Facility Loan, 3 Month LIBOR + 4.000%

6.250(c)

02/07/25

100

97,015

Project Becker Additional Facility, 3 Month LIBOR + 4.250%

6.500(c)

03/31/26

100

97,406

Empire Today LLC,
Closing Date Term Loan, 1 Month LIBOR + 5.000%

7.373(c)

04/03/28

125

100,223

Fogo de Chao, Inc.,
2018 Refinancing Term Loan, 1 Month LIBOR + 4.250%

6.774(c)

04/07/25

125

118,646

Foundation Building Materials, Inc.,
Initial Term Loan (First Lien), 1 - 3 Month LIBOR + 3.250%

6.056(c)

01/31/28

100

94,939

Great Outdoors Group LLC,
Term B-2 Loan, 1 Month LIBOR + 3.750%

6.274(c)

03/06/28

150

144,620

LBM Acquisition LLC,
First Lien Initial Term Loan, 6 Month LIBOR + 3.750%

7.121(c)

12/17/27

150

136,209

Pacific Bells LLC,
Initial Term Loan, 3 Month SOFR + 4.500%

6.816(c)

11/10/28

100

95,500

Park River Holdings, Inc.,
Intial Term Loan, 3 Month LIBOR + 3.250%

5.527(c)

12/28/27

175

158,256

Petco Health & Wellness Co., Inc.,
First Lien Initial Term Loan, 3 Month LIBOR + 3.250%

5.500(c)

03/03/28

100

96,481

Pilot Travel Centers LLC,
Initial Tranche B Term Loan, 1 Month SOFR + 2.000%

4.555(c)

08/04/28

100

97,454

See Notes to Financial Statements.

188

PGIM Floating Rate Income ETF

Schedule of Investments (continued)

as of August 31, 2022

Description

Interest
Rate

Maturity
Date

Principal
Amount

(000)#

Value

BANK LOANS (Continued)

Retail (cont’d.)

SRS Distribution, Inc.,
2021 Refinancing Term Loan, 3 Month LIBOR + 3.500%

6.306%(c)

06/02/28

100

95,571

White Cap Buyer LLC,
Initial Closing Date Term Loan, 1 Month SOFR + 3.750%

6.205(c)

10/19/27

100

96,196

1,501,603

Semiconductors 0.4%

Altar Bidco, Inc.,
Initial Term Loan, 6 - 12 Month SOFR + 3.350%

5.750(c)

02/01/29

100

95,875

Natel Engineering Co., Inc.,
Initial Term Loan, 3 Month LIBOR + 6.250%^

7.743(c)

04/30/26

46,120

141,995

Software 10.3%

AppLovin Corp.,
Amendment No. 6 New Term Loans, 3 Month LIBOR + 3.000%

5.250(c)

10/25/28

200

194,100

athenahealth, Inc.,
Initial Term Loan, 1 Month SOFR + 3.500%

5.800(c)

02/15/29

171

162,748

Boxer Parent Co., Inc.,
2021 Replacement Dollar Term Loan, 1 Month LIBOR + 3.750%

6.274(c)

10/02/25

150

144,034

Second Lien Incremental Term Loan, 1 Month LIBOR + 5.500%

8.024(c)

02/27/26

125

117,000

CDK Global, Inc.,
Initial Term Loan, 3 Month SOFR + 4.500%

6.610(c)

07/06/29

225

218,625

Cloudera, Inc.,
Initial Term Loan, 1 Month LIBOR + 3.750%

6.274(c)

10/08/28

115

109,404

ConnectWise LLC,
Initial Term Loans, 3 Month LIBOR + 3.500%

5.750(c)

09/29/28

48,291

Cornerstone OnDemand, Inc.,
Initial Term Loans, 1 Month LIBOR + 3.750%

6.274(c)

10/16/28

200

186,750

CT Technologies Intermediate Holdings, Inc.,
Term Loan 2021 Reprice, 1 Month LIBOR + 4.250%

6.774(c)

12/16/25

71,070

See Notes to Financial Statements.

PGIM Fixed Income ETFs 189

PGIM Floating Rate Income ETF

Schedule of Investments (continued)

as of August 31, 2022

Description

Interest
Rate

Maturity
Date

Principal
Amount

(000)#

Value

BANK LOANS (Continued)

Software (cont’d.)

Dun & Bradstreet Corp.,
2022 Incremental Term B-2 Loan, 1 Month SOFR + 3.250%

5.709%(c)

01/18/29

250

243,646

EagleView Technology Corp.,
First Lien Term Loan, 3 Month LIBOR + 3.500%

5.750(c)

08/14/25

100

93,937

Finastra USA, Inc.,
Dollar Term Loan (Second Lien), 6 Month LIBOR + 7.250%

10.621(c)

06/13/25

100

88,312

First Lien Dollar Term Loan, 6 Month LIBOR + 3.500%

6.871(c)

06/13/24

249

232,337

Greeneden U.S. Holdings II LLC,
B-4 Dollar Term Loan, 1 Month LIBOR + 4.000%

6.524(c)

12/01/27

73,434

HS Purchaser LLC,
Term Loan, 3 Month SOFR + 4.000%

6.559(c)

11/19/26

72,222

MH Sub I LLC,
Amendment No. 2 Initial Term Loan (First Lien), 1 Month LIBOR + 3.750%

6.274(c)

09/13/24

72,747

Polaris Newco LLC,
First Lien Dollar Term Loan, 1 Month LIBOR + 4.000%

6.524(c)

06/02/28

100

95,622

Rackspace Technology Global, Inc.,
Term B Loan, 3 Month LIBOR + 2.750%

5.617(c)

02/15/28

100

80,646

Red Planet Borrower LLC,
First Lien Initial Term Loan, 1 Month LIBOR + 3.750%^

6.274(c)

10/02/28

100

81,295

Renaissance Holding Corp.,
Term Loan, 1 Month SOFR + 4.500%

7.095(c)

03/30/29

117

113,929

Skillsoft Finance II, Inc.,
Initial Term Loan, 1 Month SOFR + 5.250%

7.652(c)

07/14/28

190

182,130

Sovos Compliance LLC,
First Lien Initial Term Loan, 1 Month LIBOR + 4.500%

7.024(c)

08/11/28

100

97,092

TIBCO Software, Inc.,
Term Loan B-3, 1 Month LIBOR + 3.750%

6.280(c)

06/30/26

698

693,520

3,472,891

Telecommunications 7.8%

CCI Buyer, Inc.,
First Lien Initial Term Loan, 3 Month SOFR + 4.000%

6.054(c)

12/17/27

250

239,601

Cincinnati Bell, Inc.,
Term B-2 Loan, 1 Month SOFR + 3.350%

5.805(c)

11/22/28

100

97,455

See Notes to Financial Statements.

190

PGIM Floating Rate Income ETF

Schedule of Investments (continued)

as of August 31, 2022

Description

Interest
Rate

Maturity
Date

Principal
Amount

(000)#

Value

BANK LOANS (Continued)

Telecommunications (cont’d.)

CommScope, Inc.,
Initial Term Loan, 1 Month LIBOR + 3.250%

5.774%(c)

04/06/26

71,067

Connect Finco Sarl (United Kingdom),
Amendment No. 1 Refinancing Term Loan, 1 Month LIBOR + 3.500%

6.030(c)

12/11/26

105

101,459

Crown Subsea Communications Holding, Inc.,
Initial Term Loan, 1 Month LIBOR + 4.750%

7.123(c)

04/27/27

200

194,500

Digicel International Finance Ltd. (Saint Lucia),
First Lien Initial Term B Loan, 1 Month LIBOR + 3.250%

5.774(c)

05/27/24

130

119,179

Global Tel Link Corp.,
First Lien Term Loan, 3 Month LIBOR + 4.250%

7.056(c)

11/29/25

100

91,866

Gogo Intermediate Holdings LLC,
Initial Term Loan, 3 Month LIBOR + 3.750%

6.556(c)

04/30/28

200

195,361

Intelsat Jackson Holdings SA (Luxembourg),
Term B Loan, 3 Month SOFR + 4.250%

7.445(c)

02/01/29

310

293,384

Iridium Satellite LLC,
Term B-2 Loan, 1 Month LIBOR + 2.500%

5.024(c)

11/04/26

100

98,332

Maxar Technologies, Inc.,
Initial Term Loan, 1 Month SOFR + 4.250%

6.805(c)

06/14/29

250

240,521

MLN U.S. HoldCo., LLC,
Term B Loan (First Lien), 1 Month LIBOR + 4.500%

6.873(c)

11/30/25

26,500

ORBCOMM, Inc.,
Closing Date Term Loan, 1 - 3 Month LIBOR + 4.250%

6.956(c)

09/01/28

100

94,512

Patagonia Holdco LLC,
Term Loan, 3 Month SOFR + 5.750%

8.386(c)

08/01/29

140

118,300

Securus Technologies Holdings, Inc.,
Initial Term Loan (First Lien), 3 Month LIBOR + 4.500%

6.750(c)

11/01/24

100

89,516

Viasat, Inc.,
Initial Term Loan, 1 Month SOFR + 4.614%

7.070(c)

03/02/29

175

160,672

West Corp.,
Initial Term B Loan, 1 Month LIBOR + 4.000%

6.524(c)

10/10/24

250

203,125

Xplornet Communications, Inc. (Canada),
Refinancing Term Loan, 1 Month LIBOR + 4.000%

6.524(c)

10/02/28

100

91,769

Zacapa Sarl (Luxembourg),
Initial Term Loans 2022, 3 Month SOFR + 4.250%

6.304(c)

03/22/29

125

120,323

2,647,442

See Notes to Financial Statements.

PGIM Fixed Income ETFs 191

PGIM Floating Rate Income ETF

Schedule of Investments (continued)

as of August 31, 2022

Description

Interest
Rate

Maturity
Date

Principal
Amount

(000)#

Value

BANK LOANS (Continued)

Textiles 0.4%

ASP Unifrax Holdings, Inc.,
USD Term Loan (First Lien), 3 Month LIBOR + 3.750%

6.000%(c)

12/12/25

150

137,924

Transportation 1.4%

Daseke Cos., Inc.,
Term Loan, 1 Month LIBOR + 4.000%

6.370(c)

03/09/28

60,368

First Student Bidco, Inc.,
2022 Incremental Term B Loans, 3 Month SOFR + 4.100%

6.154(c)

07/21/28

164

157,705

Incremental Term C Loan, 3 Month SOFR + 4.100%

6.154(c)

07/21/28

10,952

LaserShip, Inc.,
First Lien Initial Term Loan, 3 Month LIBOR + 4.500%

7.377(c)

05/08/28

44,014

PODS LLC,
Term Loan, 1 Month LIBOR + 3.000%

5.524(c)

03/31/28

72,260

Savage Enterprises LLC,
Term Loan B, 1 Month LIBOR + 3.250%

5.700(c)

09/15/28

71,989

XPO Logistics, Inc.,
Refinancing Term Loan, 1 Month LIBOR + 1.750%

4.123(c)

02/24/25

48,992

466,280

TOTAL BANK LOANS
(cost $29,925,360)

29,706,451

CORPORATE BONDS 7.2%

Auto Manufacturers 0.3%

General Motors Co.,
Sr. Unsec’d. Notes

5.600

10/15/32

105

100,649

Banks 4.6%

Bank of America Corp.,
Jr. Sub. Notes, Series MM

4.300(ff)

01/28/25(oo)

150

125,801

Jr. Sub. Notes, Series RR

4.375(ff)

01/27/27(oo)

150

128,714

Citigroup, Inc.,
Jr. Sub. Notes, Series V

4.700(ff)

01/30/25(oo)

400

338,704

Goldman Sachs Group, Inc. (The),
Jr. Sub. Notes, Series U

3.650(ff)

08/10/26(oo)

100

81,396

Jr. Sub. Notes, Series V

4.125(ff)

11/10/26(oo)

200

171,554

See Notes to Financial Statements.

192

PGIM Floating Rate Income ETF

Schedule of Investments (continued)

as of August 31, 2022



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Banks (cont’d.)
JPMorgan Chase & Co., Jr. Sub. Notes, Series HH		4.600%(ff)		02/01/25(oo)		800	$	701,228


								1,547,397

Building Materials 0.1%
SRM Escrow Issuer LLC, Sr. Sec’d. Notes, 144A		6.000		11/01/28		50		45,327

Commercial Services 0.4%
Adtalem Global Education, Inc., Sr. Sec’d. Notes, 144A		5.500		03/01/28		150		141,569

Electric 0.5%
Calpine Corp., Sr. Unsec’d. Notes, 144A		4.625		02/01/29		100		85,544
Vistra Corp., Jr. Sub. Notes, 144A		7.000(ff)		12/15/26(oo)		100		93,000


								178,544

Healthcare-Products 0.2%
Medline Borrower LP, Sr. Sec’d. Notes, 144A		3.875		04/01/29		70		59,272

Media 0.2%
Charter Communications Operating LLC/Charter Communications Operating Capital, Sr. Sec’d. Notes		4.400		04/01/33		75		66,266

Oil & Gas 0.2%
MEG Energy Corp. (Canada), Gtd. Notes, 144A		7.125		02/01/27		80		80,490

Packaging & Containers 0.2%
Sealed Air Corp., Gtd. Notes, 144A		5.000		04/15/29		50		47,556

See Notes to Financial Statements.

PGIM Fixed Income ETFs 193

PGIM Floating Rate Income ETF

Schedule of Investments (continued)

as of August 31, 2022



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Pipelines 0.4%
Energy Transfer LP, Sr. Unsec’d. Notes		3.750%		05/15/30		75	$	67,590
Targa Resources Corp., Gtd. Notes		4.200		02/01/33		75		67,425


								135,015

Real Estate Investment Trusts (REITs) 0.1%
Diversified Healthcare Trust, Gtd. Notes		4.375		03/01/31		60		41,161


TOTAL CORPORATE BONDS (cost $2,494,910)								2,443,246


TOTAL LONG-TERM INVESTMENTS (cost $33,225,837)								32,958,083


					Shares

SHORT-TERM INVESTMENT 16.8%

UNAFFILIATED FUND
Dreyfus Government Cash Management (Institutional Shares) (cost $5,688,016)						5,688,016		5,688,016


TOTAL INVESTMENTS 114.2% (cost $38,913,853)								38,646,099
Liabilities in excess of other assets(z) (14.2)%								(4,818,519	)


NET ASSETS 100.0%							$	33,827,580

See the Glossary for a list of the abbreviation(s) used in the annual report.

#	Principal or notional amount is shown in U.S. dollars unless otherwise stated.

^	Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $2,321,759 and 6.9% of net assets.

(c)	Variable rate instrument. The interest rate shown reflects the rate in effect at August 31, 2022.

(ff)	Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.

(oo)	Perpetual security. Maturity date represents next call date.

(p)	Represents a security with a delayed settlement and therefore the interest rate is not available until settlement which is after the period end.

See Notes to Financial Statements.

194

PGIM Floating Rate Income ETF

Schedule of Investments (continued)

as of August 31, 2022

(z)	Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:

Unfunded loan commitments outstanding at August 31, 2022:


Borrower	Principal Amount (000)#		Current Value			Unrealized Appreciation			Unrealized Depreciation
athenaHealth, Inc., Initial Delayed Draw Term Loan, 1 Month SOFR + 3.500%, 3.500%(c), Maturity Date 02/15/29 (cost $27,882)		29		$	27,627		$	—		$	(255	)
TMC Buyer, Inc., Delayed Draw Term Loan, 1 Month LIBOR + 0.000%, 1.000%(c), Maturity Date 06/30/28 (cost $2,935)^		3			2,952			17			—
Trident TPI Holdings, Inc., Tranche B-3 DDTL Commitments, 3 Month LIBOR + 4.000%, 6.250%(c), Maturity Date 09/15/28 (cost $4,418)		5			4,490			72			—

				$	35,069		$	89		$	(255	)

Futures contracts outstanding at August 31, 2022:


Number of Contracts	Type	Expiration Date		Current Notional Amount			Value / Unrealized Appreciation (Depreciation)

Short Positions:
8	5 Year U.S. Treasury Notes		Dec. 2022		$	886,563		$	3,187
5	10 Year U.S. Treasury Notes		Dec. 2022			584,531			2,188

								$	5,375

Credit default swap agreements outstanding at August 31, 2022:


Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at August 31, 2022(4)		Value at Trade Date				Value at August 31, 2022				Unrealized Appreciation (Depreciation)

Centrally Cleared Credit Default Swap Agreement on corporate and/or sovereign issues - Sell Protection(2):
CDX.NA.HY.38.V2		06/20/27		5.000%		594		5.325%		$	(1,625	)		$	(1,256	)		$	369

(1)	If the Fund is a buyer of protection, it pays the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional

See Notes to Financial Statements.

PGIM Fixed Income ETFs 195

PGIM Floating Rate Income ETF

Schedule of Investments (continued)

as of August 31, 2022

(2)

(3)	Notional amount represents the maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(4)

Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:


Broker	Cash and/or Foreign Currency			Securities Market Value
Citigroup Global Markets, Inc.		$	130,000		$	—
J.P. Morgan Securities LLC			150,000			—

Total		$	280,000		$	—

Fair Value Measurements:

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

See Notes to Financial Statements.

196

PGIM Floating Rate Income ETF

Schedule of Investments (continued)

as of August 31, 2022

The following is a summary of the inputs used as of August 31, 2022 in valuing such portfolio securities:


	Level 1			Level 2				Level 3

Investments in Securities
Assets
Long-Term Investments
Asset-Backed Securities
Collateralized Loan Obligations		$	—		$	808,386			$	—
Bank Loans			—			27,384,709				2,321,742
Corporate Bonds			—			2,443,246				—
Short-Term Investment
Unaffiliated Fund			5,688,016			—				—

Total		$	5,688,016		$	30,636,341			$	2,321,742


Other Financial Instruments*
Assets
Unfunded Loan Commitments		$	—		$	72			$	17
Futures Contracts			5,375			—				—
Centrally Cleared Credit Default Swap Agreement			—			369				—

Total		$	5,375		$	441			$	17


Liabilities
Unfunded Loan Commitment		$	—		$	(255	)		$	—

The following is a reconciliation of assets in which unobservable inputs (Level 3) were used in determining fair value:


	Bank Loans				Unfunded loan commitments

Balance as of 08/31/21		$	—			$	—
Realized gain (loss)			374				—
Change in unrealized appreciation (depreciation)			(28,398	)			17
Purchases/Exchanges/Issuances			2,917,286				—
Sales/Paydowns			(568,865	)			—
Accrued discount/premium			1,345				—
Transfers into Level 3*			—				—
Transfers out of Level 3*			—				—

Balance as of 08/31/22		$	2,321,742			$	17

See Notes to Financial Statements.

PGIM Fixed Income ETFs 197

PGIM Floating Rate Income ETF

Schedule of Investments (continued)

as of August 31, 2022


	Bank Loans				Unfunded loan commitments
Change in unrealized appreciation (depreciation) relating to securities still held at reporting period end		$	(28,398	)		$	17

It is the Fund’s policy to recognize transfers in and transfers out at the securities’ fair values as of the beginning of period. Securities transferred between Level 2 and Level 3 are due to changes in the method utilized in valuing the investments. Transfers from Level 2 to Level 3 are typically a result of a change from the use of methods used by independent pricing services (Level 2) to the use of a single broker quote or valuation technique which utilizes significant unobservable inputs due to an absence of current or reliable market quotations (Level 3). Transfers from Level 3 to Level 2 are a result of the availability of current and reliable market data provided by independent pricing services or other valuation techniques which utilize observable inputs. In accordance with the requirements of ASC 820, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to the Schedule of Investments of the Fund.

As of August 31, 2022, the aggregate value of Level 3 securities and/or derivatives that are valued by independent pricing vendors or brokers was $2,321,759. The unobservable inputs for these investments were not developed by the Fund and are not readily available.

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of August 31, 2022 were as follows:


Unaffiliated Fund	16.8	%
Software	10.3
Telecommunications	7.8
Commercial Services	5.7
Banks	4.6
Retail	4.4
Packaging & Containers	4.4
Media	4.2
Healthcare-Services	4.1
Chemicals	3.9
Airlines	3.3
Diversified Financial Services	3.2
Entertainment	3.2
Computers	3.1
Collateralized Loan Obligations	2.4
Machinery-Diversified	2.3
Pharmaceuticals	2.3
Aerospace & Defense	2.0
Insurance	1.8
Pipelines	1.6
Environmental Control	1.6


Metal Fabricate/Hardware	1.5	%
Transportation	1.4
Foods	1.4
Auto Parts & Equipment	1.3
Building Materials	1.2
Electric	1.2
Beverages	1.2
Oil & Gas	1.1
Real Estate Investment Trusts (REITs)	1.0
Internet	0.8
Leisure Time	0.8
Real Estate	0.7
Engineering & Construction	0.6
Lodging	0.6
Home Furnishings	0.6
Housewares	0.5
Auto Manufacturers	0.5
Forest Products & Paper	0.5
Semiconductors	0.4
Apparel	0.4
Textiles	0.4

See Notes to Financial Statements.

198

PGIM Floating Rate Income ETF

Schedule of Investments (continued)

as of August 31, 2022

Industry Classification (continued):



Cosmetics/Personal Care	0.4	%
Investment Companies	0.4
Energy-Alternate Sources	0.4
Healthcare-Products	0.4
Holding Companies-Diversified	0.3
Electronics	0.3
Machinery-Construction & Mining	0.3
Advertising	0.2



Hand/Machine Tools	0.2	%
Household Products/Wares	0.2

	114.2
Liabilities in excess of other assets	(14.2	)


	100.0	%

Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:

The Fund invested in derivative instruments during the reporting period. The primary types of risk associated with these derivative instruments are credit contracts risks and interest rate contracts risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Fund’s financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of August 31, 2022 as presented in the Statement of Assets and Liabilities:


	Asset Derivatives				Liability Derivatives
Derivatives not accounted for as hedging instruments, carried at fair value	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Credit contracts	Due from/to broker-variation margin swaps	$	369	*	—	$	—
Interest rate contracts	Due from/to broker-variation margin futures		5,375	*	—		—

		$	5,744			$	—
								��

*	Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

See Notes to Financial Statements.

PGIM Fixed Income ETFs 199

PGIM Floating Rate Income ETF

Schedule of Investments (continued)

as of August 31, 2022

The effects of derivative instruments on the Statement of Operations for the period ended August 31, 2022 are as follows:


Amount of Realized Gain (Loss) on Derivatives Recognized in Income

Derivatives not accounted for as hedging instruments, carried at fair value	Futures			Swaps
Credit contracts		$	—		$	1,045
Interest rate contracts			15,734			—

Total		$	15,734		$	1,045


Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income

Derivatives not accounted for as hedging instruments, carried at fair value	Futures			Swaps
Credit contracts		$	—		$	369
Interest rate contracts			5,375			—

Total		$	5,375		$	369

For the period ended August 31, 2022, the Fund’s average volume of derivative activities is as follows:


Derivative Contract Type	Average Volume of Derivative Activities*
Futures Contracts - Short Positions (1)		$1,021,180
Credit Default Swap Agreements - Sell Protection (1)		547,000

*	Average volume is based on average quarter end balances as noted for the period ended August 31, 2022.

(1)	Notional Amount in USD.

See Notes to Financial Statements.

200

PGIM Floating Rate Income ETF

Statement of Assets & Liabilities

as of August 31, 2022


Assets
Unaffiliated investments (cost $38,913,853)	$	38,646,099
Receivable for investments sold		712,199
Deposit with broker for centrally cleared/exchange-traded derivatives		280,000
Dividends and interest receivable		100,973
Due from broker—variation margin futures		859
Unrealized appreciation on unfunded loan commitment		89
Due from broker		9

Total Assets		39,740,228


Liabilities
Payable for investments purchased		5,883,298
Management fee payable		18,724
Payable to custodian		9,293
Due to broker—variation margin swaps		812
Other liabilities		266
Unrealized depreciation on unfunded loan commitments		255

Total Liabilities		5,912,648


Net Assets	$	33,827,580


Net assets were comprised of:
Common stock, at par	$	6,750
Paid-in capital in excess of par		33,888,042
Total distributable earnings (loss)		(67,212	)


Net assets, August 31, 2022	$	33,827,580


Net asset value, offering price and redemption price per share. ($33,827,580 ÷ 675,000 shares of common stock issued and outstanding)	$	50.11

See Notes to Financial Statements.

PGIM Fixed Income ETFs 201

PGIM Floating Rate Income ETF

Statement of Operations

For the Period May 17, 2022* through August 31, 2022


Net Investment Income (Loss)
Income
Interest income	$	341,659
Unaffiliated dividend income		45,442

Total income		387,101


Expenses
Management fee		55,323

Net investment income (loss)		331,778


Realized And Unrealized Gain (Loss) On Investments
Net realized gain (loss) on:
Investment transactions		10,262
Futures transactions		15,734
Swap agreement transactions		1,045

		27,041

Net change in unrealized appreciation (depreciation) on:
Investments		(267,754	)
Futures		5,375
Swap agreements		369
Unfunded loan commitments		(166	)

		(262,176	)

Net gain (loss) on investment transactions		(235,135	)

Net Increase (Decrease) In Net Assets Resulting From Operations	$	96,643

*	Commencement of operations.

See Notes to Financial Statements.

202

PGIM Floating Rate Income ETF

Statement of Changes in Net Assets



		May 17, 2022* through August 31, 2022


Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	331,778
Net realized gain (loss) on investment transactions		27,041
Net change in unrealized appreciation (depreciation) on investments		(262,176	)

Net increase (decrease) in net assets resulting from operations		96,643


Dividends and Distributions
Distributions from distributable earnings		(163,855	)


Fund share transactions
Net proceeds from shares sold (675,000 shares)		33,894,792

Total increase (decrease)		33,827,580

Net Assets:
Beginning of period		—

End of period	$	33,827,580

*	Commencement of operations.

See Notes to Financial Statements.

PGIM Fixed Income ETFs 203

PGIM Floating Rate Income ETF

Financial Highlights



	May 17, 2022^(a)through August 31, 2022

Per Share Operating Performance^(b):
Net Asset Value, beginning of period		$50.00
Income (loss) from investment operations:
Net investment income (loss)		0.62
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.18	)
Total from investment operations		0.44
Less Dividends and Distributions:
Dividends from net investment income		(0.33	)
Net asset value, end of period		$50.11
Total Return^(c):		0.89	%


Ratios/Supplemental Data:
Net assets, end of period (000)		$33,828
Average net assets (000)		$26,460
Ratios to average net assets^(d):
Expenses after waivers and/or expense reimbursement		0.72	%^(e)
Expenses before waivers and/or expense reimbursement		0.72	%^(e)
Net investment income (loss)		4.32	%^(e)
Portfolio turnover rate^(f)		9	%

(a)	Commencement of operations.

(b)	Calculated based on average shares outstanding during the period.

(c)

(d)	Does not include expenses of the underlying funds in which the Fund invests.

(e)	Annualized.

(f)	The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

204

Notes to Financial Statements

1.	Organization

PGIM ETF Trust (the “Registered Investment Company” or “RIC”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The RIC is organized as a Delaware Statutory Trust. These financial statements relate only to the following series of the RIC: PGIM Ultra Short Bond ETF, PGIM Active High Yield Bond ETF, PGIM Active Aggregate Bond ETF, PGIM Total Return Bond ETF and PGIM Floating Rate Income ETF (each a “Fund” and collectively, the “Funds”). The Funds are classified as diversified funds for purposes of the 1940 Act. Each Fund operates as an exchange-traded fund.

The Funds have the following investment objectives:


Fund				Investment Objective(s)
PGIM Ultra Short Bond ETF				Seeks total return through a combination of current income and capital appreciation, consistent with preservation of capital.
PGIM Active High Yield Bond ETF				Seeks total return through a combination of current income and capital appreciation.
PGIM Active Aggregate Bond ETF				Seeks total return through a combination of current income and capital appreciation.
PGIM Total Return Bond ETF				Seeks total return through a combination of current income and capital appreciation.
PGIM Floating Rate Income ETF				Seeks to maximize current income with a secondary objective of capital appreciation.

2.	Accounting Policies

The Funds follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) Topic 946 Financial Services — Investment Companies. The following is a summary of significant accounting policies followed by the Funds in the preparation of its financial statements. The policies conform to U.S. generally accepted accounting principles (“GAAP”). The Funds consistently follow such policies in the preparation of their financial statements.

Securities Valuation: The Funds hold securities and other assets and liabilities that are fair valued as of the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. As described in further detail below, the Funds’

PGIM Fixed Income ETFs 205

Notes to Financial Statements (continued)

investments are valued daily based on a number of factors, including the type of investment and whether market quotations are readily available. The RIC’s Board of Trustees (the “Board”) has approved the Funds’ valuation policies and procedures for security valuation and designated to PGIM Investments LLC (“PGIM Investments” or the “Manager”) as the Valuation Designee pursuant to SEC Rule 2a-5(b) to perform the fair value determination relating to all Funds investments. Pursuant to the Board’s oversight, the Valuation Designee has established a Valuation Committee to perform the duties and responsibilities as valuation designee under SEC Rule 2a-5. The valuation procedures permit the Funds to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. A record of the Valuation Committee’s actions is provided to the Board at the first quarterly meeting following the quarter in which such actions take place.

For the fiscal reporting year-end, securities and other assets and liabilities were fair valued at the close of the last U.S. business day. Trading in certain foreign securities may occur when the NYSE is closed (including weekends and holidays). Because such foreign securities trade in markets that are open on weekends and U.S. holidays, the values of some of the Funds’ foreign investments may change on days when investors cannot purchase or redeem Fund shares.

Various inputs determine how the Funds’ investments are valued, all of which are categorized according to the three broad levels (Level 1, 2, or 3) detailed in the Schedule of Investments and referred to herein as the “fair value hierarchy” in accordance with FASB ASC Topic 820 - Fair Value Measurement.

Common or preferred stocks, exchange-traded funds and derivative instruments, if applicable, that are traded on a national securities exchange are valued at the last sale price as of the close of trading on the applicable exchange where the security principally trades. Securities traded via NASDAQ are valued at the NASDAQ official closing price. To the extent these securities are valued at the last sale price or NASDAQ official closing price, they are classified as Level 1 in the fair value hierarchy. In the event that no sale or official closing price on valuation date exists, these securities are generally valued at the mean between the last reported bid and ask prices, or at the last bid price in the absence of an ask price. These securities are classified as Level 2 in the fair value hierarchy.

Investments in open-end funds (other than exchange-traded funds) are valued at their net asset values as of the close of the NYSE on the date of valuation. These securities are classified as Level 1 in the fair value hierarchy since they may be purchased or sold at their net asset values on the date of valuation.

206

Fixed income securities traded in the OTC market are generally classified as Level 2 in the fair value hierarchy. Such fixed income securities are typically valued using the market approach which generally involves obtaining data from an approved independent third-party vendor source. The Funds utilize the market approach as the primary method to value securities when market prices of identical or comparable instruments are available. The third-party vendors’ valuation techniques used to derive the evaluated bid price are based on evaluating observable inputs, including but not limited to, yield curves, yield spreads, credit ratings, deal terms, tranche level attributes, default rates, cash flows, prepayment speeds, broker/dealer quotations and reported trades. Certain Level 3 securities are also valued using the market approach when obtaining a single broker quote or when utilizing transaction prices for identical securities that have been used in excess of five business days. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.

Floating rate and other loans are generally valued at prices provided by approved independent pricing vendors. The pricing vendors utilize broker/dealer quotations and provide prices based on the average of such quotations. Floating rate and other loans valued using such vendor prices are generally classified as Level 2 in the fair value hierarchy. Floating rate and other loans valued based on a single broker quote or at the original transaction price in excess of five business days are classified as Level 3 in the fair value hierarchy.

OTC and centrally cleared derivative instruments are generally classified as Level 2 in the fair value hierarchy. Such derivative instruments are typically valued using the market approach and/or income approach which generally involves obtaining data from an approved independent third-party vendor source. The Funds utilize the market approach when quoted prices in broker-dealer markets are available but also include consideration of alternative valuation approaches, including the income approach. In the absence of reliable market quotations, the income approach is typically utilized for purposes of valuing derivatives such as interest rate swaps based on a discounted cash flow analysis whereby the value of the instrument is equal to the present value of its future cash inflows or outflows. Such analysis includes projecting future cash flows and determining the discount rate (including the present value factors that affect the discount rate) used to discount the future cash flows. In addition, the third-party vendors’ valuation techniques used to derive the evaluated derivative price is based on evaluating observable inputs, including but not limited to, underlying asset prices, indices, spreads, interest rates and exchange rates. Certain derivatives may be classified as Level 3 when valued using the market approach by obtaining a single broker quote or when utilizing unobservable inputs in the income approach. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.

PGIM Fixed Income ETFs 207

Notes to Financial Statements (continued)

classified as Level 3 in the fair value hierarchy. Altering one or more unobservable inputs may result in a significant change to a Level 3 security’s fair value measurement.

When determining the fair value of securities, some of the factors influencing the valuation include: the nature of any restrictions on disposition of the securities; assessment of the general liquidity of the securities; the issuer’s financial condition and the markets in which it does business; the cost of the investment; the size of the holding and the capitalization of the issuer; the prices of any recent transactions or bids/offers for such securities or any comparable securities; any available analyst media or other reports or information deemed reliable by the Valuation Designee regarding the issuer or the markets or industry in which it operates. Using fair value to price securities may result in a value that is different from a security’s most recent closing price and from the price used by other unaffiliated mutual funds to calculate their net asset values.

Foreign Currency Translation: The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars on the following basis:

(i) market value of investment securities, other assets and liabilities — at the exchange rate as of the valuation date;

(ii) purchases and sales of investment securities, income and expenses — at the rates of exchange prevailing on the respective dates of such transactions.

Although the net assets of the Funds are presented at the foreign exchange rates and market values at the close of the period, the Funds do not generally isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities held at the end of the period. Similarly, the Funds do not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities sold during the period. Accordingly, holding period unrealized and realized foreign currency gains (losses) are included in the reported net change in unrealized appreciation (depreciation) on investments and net realized gains (losses) on investment transactions on the Statements of Operations.

Additionally, net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from the disposition of holdings of foreign currencies, currency gains (losses) realized between the trade and settlement dates on investment transactions, and the difference between the amounts of interest, dividends and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains (losses) arise from valuing foreign

208

currency denominated assets and liabilities (other than investments) at period end exchange rates.

Forward and Cross Currency Contracts: A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. Certain Funds enter into forward currency contracts, as defined in the prospectus, in order to hedge its exposure to changes in foreign currency exchange rates on its foreign portfolio holdings or on specific receivables and payables denominated in a foreign currency and to gain exposure to certain currencies. The contracts are valued daily at current forward exchange rates and any unrealized gain (loss) is included in net unrealized appreciation or depreciation on forward and cross currency contracts. Gain (loss) is realized on the settlement date of the contract equal to the difference between the settlement value of the original and negotiated forward contracts. This gain (loss), if any, is included in net realized gain (loss) on forward and cross currency contract transactions. Risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts. Forward currency contracts involve risks from currency exchange rate and credit risk in excess of the amounts reflected on the Statement of Assets and Liabilities. The Funds’ maximum risk of loss from counterparty credit risk is the net value of the cash flows to be received from the counterparty at the end of the contract’s life. A cross currency contract is a forward contract where a specified amount of one foreign currency will be exchanged for a specified amount of another foreign currency.

Financial Futures Contracts: A financial futures contract is an agreement to purchase (long) or sell (short) an agreed amount of securities at a set price for delivery on a future date. Upon entering into a financial futures contract, the Funds are required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount. This amount is known as the “initial margin.” Subsequent payments, known as “variation margin,” are made or received by the Funds each day, depending on the daily fluctuations in the value of the underlying security. Such variation margin is recorded for financial statement purposes on a daily basis as unrealized gain (loss). When the contract expires or is closed, the gain (loss) is realized and is presented in the Statement of Operations as net realized gain (loss) on futures transactions.

The Funds invested in financial futures contracts in order to hedge their existing portfolio securities, or securities the Funds intend to purchase, against fluctuations in value caused by changes in prevailing interest rates. Should interest rates move unexpectedly, the Funds may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. The use of futures transactions involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates and the underlying hedged assets. Since futures contracts are exchange-traded, there is minimal counterparty credit risk to the Funds since the exchanges’ clearinghouse acts as counterparty to all exchange-traded futures and guarantees the futures contracts against default.

Swap Agreements: Certain Funds entered into certain types of swap agreements detailed in the disclosures below. A swap agreement is an agreement to exchange the return generated

PGIM Fixed Income ETFs 209

Notes to Financial Statements (continued)

by one instrument for the return generated by another instrument. Swap agreements are negotiated in the OTC market and may be executed either directly with a counterparty (“OTC-traded”) or through a central clearing facility, such as a registered exchange. Swap agreements are valued daily at current market value and any change in value is included in the net unrealized appreciation or depreciation on swap agreements. Centrally cleared swaps pay or receive an amount known as “variation margin”, based on daily changes in the valuation of the swap contract. For OTC-traded, upfront premiums paid and received are shown as swap premiums paid and swap premiums received in the Statement of Assets and Liabilities. Risk of loss may exceed amounts recognized on the Statement of Assets and Liabilities. Swap agreements outstanding at period end, if any, are listed on the Schedule of Investments.

Interest Rate Swaps: Interest rate swaps represent an agreement between counterparties to exchange cash flows based on the difference between two interest rates, applied to a notional principal amount for a specified period. The Funds are subject to interest rate risk exposure in the normal course of pursuing their investment objective. The Funds used interest rate swaps to maintain their ability to generate steady cash flow by receiving a stream of fixed rate payments or to increase exposure to prevailing market rates by receiving floating rate payments. The Funds’ maximum risk of loss from counterparty credit risk is the discounted net present value of the cash flows to be received from the counterparty over the contract’s remaining life.

Credit Default Swaps (“CDS”): CDS involve one party (the protection buyer) making a stream of payments to another party (the protection seller) in exchange for the right to receive a specified payment in the event of a default or as a result of a default (collectively a “credit event”) for the referenced entity (typically corporate issues or sovereign issues of an emerging country) on its obligation; or in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising a credit index.

The Funds are subject to credit risk in the normal course of pursuing their investment objectives, and as such, have entered into CDS contracts to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer’s default or the reference entity’s credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be short the credit as the value of the contract rises the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases. A Fund’s maximum risk of loss from counterparty credit risk for purchased CDS is the inability of the counterparty to honor the contract up to the notional value due to a credit event.

210

As a seller of protection on credit default swap agreements, the Fund generally receives an agreed upon payment from the buyer of protection throughout the term of the swap, provided no credit event occurs. As the seller, the Fund effectively increases its investment risk because, in addition to its total net assets, the Fund may be subject to investment exposure on the notional amount of the swap.

The maximum amount of the payment that the Fund, as a seller of protection, could be required to make under a credit default swap agreement would be equal to the notional amount of the underlying security or index contract as a result of a credit event. This potential amount will be partially offset by any recovery values of the respective referenced obligations, or net amounts received from the settlement of buy protection credit default swap agreements which the Fund entered into for the same referenced entity or index. As a buyer of protection, the Fund generally receives an amount up to the notional value of the swap if a credit event occurs.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements where the Fund is the seller of protection as of period end are disclosed in the footnotes to the Schedule of Investments, if applicable. These spreads serve as indicators of the current status of the payment/performance risk and represent the likelihood of default risk for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to enter into the agreement. Wider credit spreads and increased market value in absolute terms, when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

Total Return Swaps: In a total return swap, one party receives payments based on the market value of the security or the commodity involved, or total return of a specific referenced asset, such as an equity, index or bond, and in return pays a defined amount. The Funds are subject to risk exposures associated with the referenced asset in the normal course of pursuing their investment objectives. The Funds entered into total return swaps to manage their exposure to a security or an index. The Funds’ maximum risk of loss from counterparty credit risk is the change in the value of the security, in the Fund’s favor, from the point of entering into the contract.

Floating Rate and other Loans (i.e. bank loans): Certain Funds invested in floating rate and other loans. Floating rate and other loans include loans that are privately negotiated between a corporate borrower and one or more financial institutions, including, but not limited to, term loans, revolvers, and other instruments issued in the floating rate and other loans market. The Funds acquire interests in loans directly (by way of assignment from the selling institution) and/or indirectly (by way of the purchase of a participation interest from the selling institution). Under a floating rate and other loans assignment, the Funds generally will succeed to all the rights and obligations of an assigning lending institution and become a lender under the loan agreement with the relevant borrower in connection with that loan.

PGIM Fixed Income ETFs 211

Notes to Financial Statements (continued)

Under a floating rate and other loans participation, the Funds generally will have a contractual relationship only with the lender, not with the relevant borrower. As a result, the Funds generally will have the right to receive payments of principal, interest, and any fees to which they are entitled only from the lender selling the participation and only upon receipt by the lender of the payments from the relevant borrower. The Funds may not directly benefit from the collateral supporting the debt obligation in which they have purchased the participation. As a result, the Funds will assume the credit risk of both the borrower and the institution selling the participation to the Funds.

Mortgage-Backed and Asset-Backed Securities: Mortgage-backed securities are pass-through securities, meaning that principal and interest payments made by the borrower on the underlying mortgages are passed through to the Fund. Asset-backed securities directly or indirectly represent a participation interest in, or are secured by and payable from, a stream of payments generated by particular assets such as motor vehicle or credit card receivables. Asset-backed securities may be classified as pass-through certificates or collateralized obligations, such as collateralized bond obligations, collateralized loan obligations and other similarly structured securities. The value of mortgage-backed and asset-backed securities varies with changes in interest rates and may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities.

Stripped mortgage-backed securities are usually structured with two classes that receive different proportions of the interest (“IO”) and principal (“PO”) distributions on a pool of mortgage assets. Payments received for IOs are included in interest income on the Statements of Operations. Because no principal will be received at the maturity of an IO, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income on the Statements of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

Master Netting Arrangements: The RIC, on behalf of the Funds, is subject to various Master Agreements, or netting arrangements, with select counterparties. These are agreements which a subadviser may have negotiated and entered into on behalf of all or a portion of a Fund. A master netting arrangement between the Fund and the counterparty permits the Fund to offset amounts payable by the Fund to the same counterparty against amounts to be received; and by the receipt of collateral from the counterparty by the Funds to cover the Funds’ exposure to the counterparty. However, there is no assurance that such mitigating factors are easily enforceable. In addition to master netting arrangements, the right to set-off exists when all the conditions are met such that each of the parties owes the other determinable amounts, the reporting party has the right to set-off the amount owed with the amount owed by the other party, the reporting party intends to set-off and the right of set-off is enforceable by law.

212

The RIC, on behalf of the Funds, is a party to International Swaps and Derivatives Association, Inc. (“ISDA”) Master Agreements with certain counterparties that govern OTC derivative and foreign exchange contracts entered into from time to time. The Master Agreements may contain provisions regarding, among other things, the parties’ general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the Master Agreements, collateral posted to the Fund is held in a segregated account by the Fund’s custodian and with respect to those amounts which can be sold or re-pledged, is presented in the Schedule of Investments. Collateral pledged by the Fund is segregated by the Fund’s custodian and identified in the Schedule of Investments. Collateral can be in the form of cash or debt securities issued by the U.S. Government or related agencies or other securities as agreed to by the Fund and the applicable counterparty. Collateral requirements are determined based on the Fund’s net position with each counterparty. Termination events applicable to the Fund may occur upon a decline in the Fund’s net assets below a specified threshold over a certain period of time. Termination events applicable to counterparties may occur upon a decline in the counterparty’s long-term and short-term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the Fund’s counterparties to elect early termination could impact the Fund’s future derivative activity.

In addition to each instrument’s primary underlying risk exposure (e.g. interest rate, credit, equity or foreign exchange, etc.), swap agreements involve, to varying degrees, elements of credit, market and documentation risk. Such risks involve the possibility that no liquid market for these agreements will exist, the counterparty to the agreement may default on its obligation to perform or disagree on the contractual terms of the agreement, and changes in net interest rates will be unfavorable. In connection with these agreements, securities in the portfolio may be identified or received as collateral from the counterparty in accordance with the terms of the respective swap agreements to provide or receive assets of value and to serve as recourse in the event of default or bankruptcy/insolvency of either party. Such OTC derivative agreements include conditions which, when materialized, give the counterparty the right to cause an early termination of the transactions under those agreements. Any election by the counterparty for early termination of the contract(s) may impact the amounts reported on financial statements.

Short sales and OTC contracts, including forward foreign currency exchange contracts, swaps, forward rate agreements and written options involve elements of both market and credit risk in excess of the amounts reflected on the Statement of Assets and Liabilities, if applicable. Such risks may be mitigated by engaging in master netting arrangements.

Warrants and Rights: The Funds held warrants and rights acquired either through a direct purchase or pursuant to corporate actions. Warrants and rights entitle the holder to buy a proportionate amount of common stock, or such other security that the issuer may specify, at a specific price and time through the expiration dates. Such warrants and rights are held

PGIM Fixed Income ETFs 213

Notes to Financial Statements (continued)

as long positions by the Funds until exercised, sold or expired. Warrants and rights are valued at fair value in accordance with the Board approved fair valuation procedures.

Payment-In-Kind: The Funds invested in the open market or received pursuant to debt restructuring, securities that pay-in-kind (PIK) the interest due on such debt instruments. The PIK interest, computed at the contractual rate specified, is added to the existing principal balance of the debt when issued bonds have same terms as the bond or recorded as a separate bond when terms are different from the existing debt, and is recorded as interest income.

Securities Lending: Certain Funds lend their portfolio securities to banks and broker-dealers. The loans are secured by collateral at least equal to the market value of the securities loaned. Collateral pledged by each borrower is invested in an affiliated money market fund and is marked to market daily, based on the previous day’s market value, such that the value of the collateral exceeds the value of the loaned securities. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the financial statements may reflect a collateral value that is less than the market value of the loaned securities. Such shortfall is remedied as described above. Loans are subject to termination at the option of the borrower or the Fund. Upon termination of the loan, the borrower will return to the Fund securities identical to the loaned securities. The remaining open loans of the securities lending transactions are considered overnight and continuous. Should the borrower of the securities fail financially, the Fund has the right to repurchase the securities in the open market using the collateral.

The Fund recognizes income, net of any rebate and securities lending agent fees, for lending its securities in the form of fees or interest on the investment of any cash received as collateral. The borrower receives all interest and dividends from the securities loaned and such payments are passed back to the lender in amounts equivalent thereto, which are reflected in interest income or unaffiliated dividend income based on the nature of the payment on the Statement of Operations. The Fund also continues to recognize any unrealized gain (loss) in the market price of the securities loaned and on the change in the value of the collateral invested that may occur during the term of the loan. In addition, realized gain (loss) is recognized on changes in the value of the collateral invested upon liquidation of the collateral. Net earnings from securities lending are disclosed in the Statement of Operations.

Equity and Mortgage Real Estate Investment Trusts (collectively REITs): The Funds invested in REITs, which report information on the source of their distributions annually. Based on current and historical information, a portion of distributions received from REITs during the period is estimated to be dividend income, capital gain or return of capital and recorded

214

accordingly. When material, these estimates are adjusted periodically when the actual source of distributions is disclosed by the REITs.

Securities Transactions and Net Investment Income: Securities transactions are recorded on the trade date. Realized gains (losses) from investment and currency transactions are calculated on the specific identification method. Dividend income is recorded on the ex-date, or for certain foreign securities, when the Funds become aware of such dividends. Interest income, including amortization of premium and accretion of discount on debt securities, as required, is recorded on the accrual basis. Expenses are recorded on an accrual basis, which may require the use of certain estimates by management that may differ from actual.

Taxes: It is each Fund’s policy to continue to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable net investment income and capital gains, if any, to its shareholders. Therefore, no federal income tax provision is required. Withholding taxes on foreign dividends, interest and capital gains, if any, are recorded, net of reclaimable amounts, at the time the related income is earned.

Dividends and Distributions: Dividends and distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from GAAP, are recorded on the ex-date. Permanent book/tax differences relating to income and gain (loss) are reclassified between total distributable earnings (loss) and paid-in capital in excess of par, as appropriate. The chart below sets forth the expected frequency of dividend and capital gains distributions to shareholders. Various factors may impact the frequency of dividend distributions to shareholders, including but not limited to adverse market conditions or portfolio holding-specific events.



Expected Distribution Schedule to Shareholders*	Frequency
Net Investment Income		Monthly

Short-Term Capital Gains		Annually

Long-Term Capital Gains		Annually

*	Under certain circumstances, each Fund may make more than one distribution of short-term and/or long-term capital gains during a fiscal year.

Estimates: The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

3.	Agreements

Pursuant to a management agreement with the RIC on behalf of the Funds (the Management Agreement), PGIM Investments manages each Fund’s investment operations and administers its business affairs. PGIM Investments is also responsible for supervising each Fund’s subadviser.

PGIM Fixed Income ETFs 215

Notes to Financial Statements (continued)

Pursuant to the management agreement relating to each Fund, there is a unitary fee structure for the funds whereby PGIM Investments is responsible for substantially all expenses of each Fund, except taxes, brokerage expenses, interest expenses, distribution fees or expenses, expenses incident to shareholder meetings and extraordinary expenses. Each Fund may also pay for any costs or expenses of investing in other funds. For more information on the unitary management fee structure please refer to the Funds’ Statement of Additional Information.

The unitary fee paid to the Manager is accrued daily and payable monthly, at an annual rate of each Fund’s average daily net assets specified below. The Manager has contractually agreed, beginning from each Fund’s inception date, 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 Funds’ investment of their 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.



Fund	Unitary Fee Rate
PGIM Ultra Short Bond ETF		0.15	%

PGIM Active High Yield Bond ETF		0.53	%

PGIM Active Aggregate Bond ETF		0.19	%

PGIM Total Return Bond ETF		0.49	%

PGIM Floating Rate Income ETF		0.72	%

The Manager has entered into a subadvisory agreement (Subadvisory Agreement) with PGIM, Inc., which provides subadvisory services to the Funds through its business unit PGIM Fixed Income (and, for the PGIM Ultra Short Bond ETF and PGIM Total Return Bond ETF, PGIM Limited) (the “subadviser”). The Manager pays for the services of the subadviser.

Effective June 6, 2022, the Bank of New York Mellon (“BNY”) serves as the Custodian, Transfer Agent and Administrative Agent for the Trust. BNY receives compensation from the Manager and is reimbursed for expenses, including custodian, transfer agency and administration fees and certain out-of-pocket expenses including, but not limited to, postage, stationery, printing, allocable communication expenses and other costs. The Manager is responsible for compensating BNY under the Custodian, Transfer Agency and Service and Administration and Accounting Agreements.

Prior to June 6, 2022, Brown Brothers Harriman & Co. (“BBH”) served as the Custodian, Transfer Agent, Administrative Agent and Securities Lending Agent for the Trust. The Manager was responsible for compensating BBH under the Custodian and Administrative and Transfer Agency Agreements. As securities lending agent, BBH was responsible for marketing to approved borrowers available securities from the Funds’ portfolios. BBH

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received as compensation for its services a portion of the amount earned by the Funds for lending securities.

Prudential Investment Management Services LLC (“PIMS” or the “Distributor”), acts as the distributor of each Fund, pursuant to the terms of a distribution agreement (“Distribution Agreement”) between the RIC and the Distributor. The Distributor is a subsidiary of Prudential. Shares are continuously offered for sale by the Distributor only. Although the Distributor does not receive any fees under the Distribution Agreement, the Manager or its affiliates may pay the Distributor for certain distribution related services.

PGIM Investments, PGIM, Inc., PGIM Limited and PIMS are indirect, wholly-owned subsidiaries of Prudential Financial, Inc. (“Prudential”).

4.	Other Transactions with Affiliates

The Funds may invest their overnight sweep cash in the PGIM Core Ultra Short Bond Fund (the “Core Fund”), and their securities lending cash collateral in the PGIM Institutional Money Market Fund (the “Money Market Fund”), each a fund of Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PGIM Investments. PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services to the Core Fund. In addition to the realized and unrealized gains on investments in the Core Fund and Money Market Fund, earnings from such investments are disclosed on the Statement of Operations as “Affiliated dividend income” and “Income from securities lending, net”, respectively. Effective January 2022, the Funds changed their overnight cash sweep vehicle from the Core Fund to an unaffiliated money market fund.

The Funds may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act, that subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors/trustees, and/or common officers. For the year ended August 31, 2022, no 17a-7 transactions were entered into by the Funds.

5.	Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the year ended August 31, 2022, were as follows:



Fund	Cost of Purchases		Proceeds from Sales
PGIM Ultra Short Bond ETF	$	1,063,831,395	$	149,000,433

PGIM Active High Yield Bond ETF		63,418,204		23,549,624

PGIM Active Aggregate Bond ETF		26,031,348		12,003,001

PGIM Total Return Bond ETF		106,948,300		31,181,733

PGIM Fixed Income ETFs 217

Notes to Financial Statements (continued)

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the year ended August 31, 2022, is presented as follows:

PGIM Ultra Short Bond ETF



Value, Beginning of Year	Cost of Purchases	Proceeds from Sales	Change in Unrealized Gain (Loss)	Realized Gain (Loss)	Value, End of Year	Shares, End of Year	Income

Short-Term Investments - Affiliated Mutual Funds:

PGIM Core Ultra Short Bond Fund^(1)(wa)
$145,724,638	$434,575,635	$580,300,273	$—	$—	$—	—		$30,823

PGIM Institutional Money Market Fund^(1)(b)(wa)
2,327,971	12,186,672	14,514,119	600	(1,124)	—	—		426	⁽²⁾
$148,052,609	$446,762,307	$594,814,392	$600	$(1,124)	$—			$31,249
PGIM Active High Yield Bond ETF

Value, Beginning of Year	Cost of Purchases	Proceeds from Sales	Change in Unrealized Gain (Loss)	Realized Gain (Loss)	Value, End of Year	Shares, End of Year	Income

Short-Term Investments - Affiliated Mutual Funds:

PGIM Core Ultra Short Bond Fund^(1)(wa)
$3,188,704	$7,920,241	$11,108,945	$—	$—	$—	—		$1,355

PGIM Institutional Money Market Fund^(1)(b)(wa)
408,020	1,333,136	1,619,682	24	(13)	121,485	121,558		351	⁽²⁾
$3,596,724	$9,253,377	$12,728,627	$ 24	$(13)	$121,485			$1,706

PGIM Active Aggregate Bond ETF



Value, Beginning of Year	Cost of Purchases	Proceeds from Sales	Change in Unrealized Gain (Loss)	Realized Gain (Loss)	Value, End of Year	Shares, End of Year	Income

Short-Term Investments - Affiliated Mutual Fund:

PGIM Core Ultra Short Bond Fund^(1)(wb)
$5,752,344	$3,923,197	$9,675,541	$—	$—	$—	—		$2,465

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PGIM Total Return Bond ETF
Value, Beginning of Period	Cost of Purchases	Proceeds from Sales	Change in Unrealized Gain (Loss)	Realized Gain (Loss)	Value, End of Period	Shares, End of Period	Income

Short-Term Investments - Affiliated Mutual Fund:

PGIM Core Ultra Short Bond Fund^(1)(wb)
$—	$30,950,414	$30,950,414	$—	$—	$—	—		$444

(1)	The Fund did not have any capital gain distributions during the reporting period.

(2)	The amount, or a portion thereof, represents the affiliated securities lending income shown on the Statement of Operations.

(b)	Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment.

(wa)	PGIM Investments LLC, the manager of the Fund, also serves as manager of the PGIM Core Ultra Short Bond Fund and PGIM Institutional Money Market Fund, if applicable.

(wb)	PGIM Investments LLC, the manager of the Fund, also serves as manager of the PGIM Core Ultra Short Bond Fund.

6.	Distributions and Tax Information

Distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from GAAP, are recorded on the ex-date. In order to present total distributable earnings (loss) and paid-in capital on the Statement of Assets and Liabilities that more closely represent their tax character, certain adjustments have been made to total distributable earnings (loss) and paid-in capital for the fund indicated below.

For the year ended August 31, 2022, the adjustments were as follows:


Fund	Total Distributable Earnings (Loss)	Paid-in Capital
PGIM Active High Yield Bond ETF (a)	$(443,931)		$443,931

(a)	Due to redemption in-kind adjustments.

For the year ended August 31, 2022, the tax character of dividends paid as reflected in the Statement of Changes in Net Assets were as follows:



Fund	Ordinary Income		Long-Term Capital Gains	Total Dividends and Distributions

PGIM Ultra Short Bond ETF		$29,966,721	$ —		$29,966,721

PGIM Active High Yield Bond ETF		5,040,362	180,517		5,220,879

PGIM Active Aggregate Bond ETF		1,113,234	—		1,113,234

PGIM Total Return Bond ETF		1,146,783	—		1,146,783

PGIM Floating Rate Income ETF		163,855	—		163,855
For the year ended August 31, 2021, the tax character of dividends paid as reflected in the Statement of Changes in Net Assets were as follows:

Fund	Ordinary Income		Long-Term Capital Gains	Total Dividends and Distributions

PGIM Ultra Short Bond ETF		$18,216,405	$—		$18,216,405

PGIM Fixed Income ETFs 219

Notes to Financial Statements (continued)



Fund	Ordinary Income		Long-Term Capital Gains		Total Dividends and Distributions
PGIM Active High Yield Bond ETF	$	3,547,447	$	112,691	$	3,660,138
PGIM Active Aggregate Bond ETF		130,353		—		130,353
PGIM Total Return Bond ETF		—		—		—
PGIM Floating Rate Income ETF		—		—		—

For the year ended August 31, 2022, the Funds had the following amounts of accumulated undistributed earnings on a tax basis:


Fund	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains
PGIM Ultra Short Bond ETF		$6,458,856		$ —
PGIM Active High Yield Bond ETF		646,002		—
PGIM Active Aggregate Bond ETF		96,057		—
PGIM Total Return Bond ETF		695,632		—
PGIM Floating Rate Income ETF		194,455		12,112

The United States federal income tax basis of the Funds’ investments and the net unrealized appreciation (depreciation) as of August 31, 2022 were as follows:


Fund	Tax Basis		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Depreciation
PGIM Ultra Short Bond ETF	$	2,436,772,647	$	24,011,486	$	(41,572,667	)	$	(17,561,181	)
PGIM Active High Yield Bond ETF		105,647,100		1,413,642		(14,190,676	)		(12,777,034	)
PGIM Active Aggregate Bond ETF		49,717,426		9,285		(5,244,858	)		(5,235,573	)
PGIM Total Return Bond ETF		106,181,684		107,305		(7,910,276	)		(7,802,971	)
PGIM Floating Rate Income ETF		38,913,985		182,291		(456,070	)		(273,779	)

The difference between GAAP and tax basis were primarily attributable to deferred losses on wash sales, swaps, straddle loss deferral, differences in the treatment of premium amortization for GAAP and tax purposes and other cost basis adjustments.

For federal income tax purposes, the following Funds had a capital loss carryforward as of August 31, 2022 which can be carried forward for an unlimited period. No capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such losses.


Fund	Capital Loss Carryforward
PGIM Ultra Short Bond ETF		$25,219,000

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Fund	Capital Loss Carryforward
PGIM Active High Yield Bond ETF	$	2,067,000
PGIM Active Aggregate Bond ETF		1,170,000
PGIM Total Return Bond ETF		2,976,000

The Manager has analyzed the Funds’ tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Funds’ financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Funds’ U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended August 31, 2022 are subject to such review.

7.	Capital and Ownership

Each Fund is an exchange-traded fund, commonly known as an “ETF”. Individual shares of the Funds may only be purchased and sold in secondary market transactions through brokers or other financial intermediaries. Shares of the Funds are listed for trading on the NYSE Arca, Inc. (the “Exchange”), and because the shares of the Funds trade at market prices rather than NAV, shares of the Funds may trade at a price greater than NAV (a premium) or less than NAV (a discount). Each Fund will issue and redeem its shares at NAV only in aggregations of a specified number of shares called a “Creation Unit”. An Authorized Participant is a member or participant of a clearing agency registered with the SEC, which has a written agreement with the Funds or one of their service providers that allows the Authorized Participant to place orders for the purchase and redemption of Creation Units.

A creation transaction, which is subject to acceptance by the Distributor and each Fund, generally takes place when an Authorized Participant deposits into each Fund a designated portfolio of securities, assets or other positions (a “creation basket”, and an amount of cash (including any cash representing the value of substituted securities, assets or other positions), if any, which together approximate the holdings of each Fund in exchange for a specified number of Creation Units. Similarly, shares can be redeemed only in Creation Units, generally for a designated portfolio of securities, assets or other propositions (the “redemption basket”) held by each Fund and an amount of cash (including any portion of such securities for which cash may be substituted). The Funds may, in certain circumstances, offer Creation Units partially or solely for cash. Except when aggregated in Creation Units, shares are not redeemable by the Funds. Creation and redemption baskets may differ and the Funds may accept “custom baskets”.

A Creation Unit consists of 25,000 shares of each Fund. Authorized Participants generally are required to pay a fixed creation transaction fee and/or a fixed redemption transaction fee, as applicable, for each transaction in a Creation Unit regardless of the number of Creation Units created or redeemed on that day. From time to time, the Funds may waive all or a portion of their applicable transaction fee(s). An additional charge or a variable charge may be applied to certain creation and redemption transactions, including non-standard orders and whole or partial cash purchases or redemptions when deemed appropriate. For

PGIM Fixed Income ETFs 221

Notes to Financial Statements (continued)

the reporting period ended August 31, 2022, the following fixed transaction fees were waived by the Funds through June 3, 2022 which PGIM Investments paid on behalf of the Authorized Participants. Effective June 6, 2022, such waiver will no longer be applicable.:



Fund	Amount
PGIM Ultra Short Bond ETF	$	14,500
PGIM Active High Yield Bond ETF		1,500
PGIM Active Aggregate Bond ETF		250
PGIM Total Return Bond ETF		750

The RIC is authorized to issue an unlimited number of shares of beneficial interest, $0.001 par value per share.

As of August 31, 2022, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Funds as follows:



Fund	Number of Shares	Percentage of Outstanding Shares
PGIM Ultra Short Bond ETF	3,525,179	7.1%
PGIM Active High Yield Bond ETF	1,526,600	56.0%
PGIM Active Aggregate Bond ETF	965,000	96.5%
PGIM Total Return Bond ETF	470,000	21.1%
PGIM Floating Rate Income ETF	498,500	73.9%

At the reporting period end, the number of shareholders holding greater than 5% of the Fund are as follows:



Fund	Number of Shareholders	Percentage of Outstanding Shares
Affiliated:
PGIM Ultra Short Bond ETF	1		7.0	%
PGIM Active High Yield Bond ETF	2		54.4
PGIM Active Aggregate Bond ETF	3		96.5
PGIM Total Return Bond ETF	1		18.9
PGIM Floating Rate Income ETF	2		73.9
Unaffiliated:
PGIM Ultra Short Bond ETF	5		60.8
PGIM Active High Yield Bond ETF	4		34.5
PGIM Active Aggregate Bond ETF	—		—
PGIM Total Return Bond ETF	2		72.0
PGIM Floating Rate Income ETF	2		25.0

The Fund may make payment for Fund shares redeemed and contributed wholly or in part by distributing portfolio securities to shareholders. For the year ended August 31, 2022, the Funds had no subscriptions in-kind and had redemptions in-kind with total proceeds in the amounts presented on the Statements of Changes.

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8.	Borrowings

The RIC, on behalf of the Funds, along with other affiliated registered investment companies (the “Participating Funds”), is a party to a Syndicated Credit Agreement (“SCA”) with a group of banks. The purpose of the SCA is to provide an alternative source of temporary funding for capital share redemptions. The table below provides details of the current SCA in effect at the reporting period-end as well as the prior SCA.



	Current SCA*	Prior SCA**
Term of Commitment	10/1/2021 – 9/29/2022	10/2/2020 – 9/30/2021
Total Commitment	$1,200,000,000	$1,200,000,000
Annualized Commitment Fee on the Unused Portion of the SCA	0.15%	0.15%
Annualized Interest Rate on Borrowings	1.20% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent	1.30% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent

*	The Current SCA did not include PGIM Total Return Bond ETF and PGIM Floating Rate Income ETF.

**	The Prior SCA did not include PGIM Active Aggregate Bond ETF and PGIM Floating Rate Income ETF.

Subsequent to the reporting period end, the SCA has been renewed and effective September 30, 2022 through September 28, 2023 will provide a commitment of $1,325,000,000 of which $1,200,000,000 (“Tranche A”) will be available for all Participating Funds (including the PGIM Floating Rate Income ETF and the PGIM Total Return Bond ETF), and of which $125,000,000 (“Tranche B”) will be solely available to the PGIM Floating Rate Income Fund and the PGIM Floating Rate Income ETF (the “Floating Rate Funds”). The commitment fee paid by the Participating Funds will continue to be 0.15% of the unused portion of the Tranche A SCA and the commitment fee paid by the Floating Rate Funds will be 0.15% of the unused portion of the Tranche B SCA. The interest on borrowings under the renewed SCA will be paid monthly and at a per annum interest rate of 1.00% plus the higher of (1) the effective federal funds rate, (2) the daily SOFR rate plus 0.10% or (3) zero percent.

Certain affiliated registered investment companies that are parties to the SCA include portfolios that are subject to a predetermined mathematical formula used to manage certain benefit guarantees offered under variable annuity contracts. The formula may result in large scale asset flows into and out of these portfolios. Consequently, these portfolios may be more likely to utilize the SCA for purposes of funding redemptions. It may be possible for those portfolios to fully exhaust the committed amount of the SCA, thereby requiring the Manager to allocate available funding per a Board-approved methodology designed to treat the Participating Funds in the SCA equitably.

The Funds did not utilize the SCA during the year ended August 31, 2022.

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Notes to Financial Statements (continued)

9.	Risks of Investing in the Funds

Each Fund’s risks include, but are not limited to, some or all of the risks discussed below. For further information on the risks applicable to any given Fund, please refer to the Prospectus and Statement of Additional Information of that Fund.

Risks

PGIM
Ultra Short
Bond ETF

PGIM
Active
High Yield
Bond ETF

PGIM
Active
Aggregate
Bond ETF

PGIM
Total Return
Bond ETF

PGIM
Floating
Rate
Income ETF

Active Trading

—

Adjustable and Floating Rate Securities

—

Authorized Participant Concentration

Cash Transactions

Collateralized Loan Obligations

—

Covenant-Lite

—

Credit

Currency

—

Debt Obligations

Derivatives

Distressed and Defaulted Securities

—

Economic and Market Events

Emerging Markets

—

ETF Shares Trading

Foreign Securities

Floating Rate and Other Loans

—

Interest Rate

Junk Bonds

—

Large Shareholder and Large Scale Redemption

Liquidity

—

Loan Liquidity and Settlement

—

Management

Market Disruption and Geopolitical

Market

Money Market Instruments

—

Mortgage-Backed and Asset-Backed Securities

—

New/Small Fund

—

Non-Money Market Fund

—

Prepayment

—

Reference Rate

—

Small Fund

—

Structured Products

—

U.S. Government and Agency Securities

—

Variable and Floating Rate Bonds

—

224

Active Trading Risk: The Fund actively and frequently trades its portfolio securities. High portfolio turnover results in higher transaction costs, which can affect the Fund’s performance and have adverse tax consequences. In addition, high portfolio turnover may also mean that a proportionately greater amount of distributions to shareholders will be taxed as ordinary income rather than long-term capital gains compared to investment companies with lower portfolio turnover.

Adjustable and Floating Rate Securities Risk: The value of adjustable and floating rate securities may lag behind the value of fixed rate securities when interest rates change. Such securities may be subject to extended settlement periods (longer than seven days) and in unusual market conditions, with a high volume of shareholder redemptions, may present a risk of loss to the Fund or may impair the Fund’s ability satisfy shareholder redemption requests.

Authorized Participant Concentration Risk: Only an Authorized Participant (as defined in “How to Buy and Sell Shares of the Fund” in the Fund’s Prospectus) may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of intermediaries that act as Authorized Participants and none of these Authorized Participants is or will be obligated to engage in creation or redemption transactions. To the extent that these Authorized Participants exit the business or are unable to or choose not to proceed with creation and/or redemption orders with respect to the Fund and no other Authorized Participant creates or redeems, shares of the Fund may trade at a substantial discount or premium to net asset value (“NAV”), may trade at larger spreads, and possibly face trading halts and/or delisting.

Cash Transactions Risk: Unlike certain ETFs, the Fund may effect creations and redemptions in cash or partially in cash. Therefore, it may be required to sell portfolio securities and subsequently recognize gains on such sales that the Fund might not have recognized if it were to distribute portfolio securities in-kind. As such, investments in shares of the Fund may be less tax-efficient than an investment in an ETF that distributes portfolio securities entirely in-kind.

Collateralized Loan Obligations (“CLOs”) Risk: CLOs are subject to credit, interest rate, valuation, and prepayment and extension risks. These securities also are subject to risk of default on the underlying asset, particularly during periods of economic downturn. The market value of CLOs may be affected by, among other things, changes in the market value of the underlying assets held by the CLO, changes in the distributions on the underlying assets, defaults and recoveries on the underlying assets, capital gains and losses on the underlying assets, prepayments on underlying assets and the availability, prices and interest rate of underlying assets.

“Covenant-Lite” Risk: Some of the loans or debt obligations in which the Fund may invest or get exposure to may be “covenant-lite”, which means the loans or obligations contain fewer financial maintenance covenants than other loans or obligations (in some cases, none) and do not include terms which allow the lender to monitor the borrower’s performance and

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Notes to Financial Statements (continued)

declare a default if certain criteria are breached. An investment by the Fund in a covenant-lite loan may potentially hinder the ability to reprice credit risk associated with the issuer and reduce the ability to restructure a problematic loan and mitigate potential loss. The Fund may also experience difficulty, expenses or delays in enforcing its rights on its holdings of covenant-lite loans or obligations. As a result of these risks, the Fund’s exposure to losses may be increased, which could result in an adverse impact on the Fund’s net income and NAV.

Credit Risk: This is the risk that the issuer, the guarantor or the insurer of a fixed income security, or the counterparty to a contract, may be unable or unwilling to make timely principal and interest payments, or to otherwise honor its obligations. Additionally, fixed income securities could lose value due to a loss of confidence in the ability of the issuer, guarantor, insurer or counterparty to pay back debt. The lower the credit quality of a bond, the more sensitive it is to credit risk.

Currency Risk: The Fund’s net asset value could decline as a result of changes in exchange rates, which could adversely affect the Fund’s investments in currencies, or in securities that trade in, and receive revenues related to, currencies, or in derivatives that provide exposure to currencies. Certain foreign countries may impose restrictions on the ability of issuers of foreign securities to make payment of principal and interest or dividends to investors located outside the country, due to blockage of foreign currency exchanges or otherwise.

Debt Obligations Risk: Debt obligations are subject to credit risk, market risk and interest rate risk. The Fund’s holdings, share price, yield and total return may also fluctuate in response to bond market movements. The value of bonds may decline for issuer-related reasons, including management performance, financial leverage and reduced demand for the issuer’s goods and services. Certain types of fixed income obligations also may be subject to “call and redemption risk,” which is the risk that the issuer may call a bond held by the Fund for redemption before it matures and the Fund may not be able to reinvest at the same rate of interest and therefore would earn less income.

Derivatives Risk: Derivatives involve special risks and costs and may result in losses to the Fund. The successful use of derivatives requires sophisticated management, and, to the extent that derivatives are used, the Fund will depend on the subadviser’s ability to analyze and manage derivatives transactions. The prices of derivatives may move in unexpected ways, especially in abnormal market conditions. Some derivatives are “leveraged” or may create economic leverage for the Fund. and therefore may magnify or otherwise increase investment losses to the Fund. The Fund’s use of derivatives may also increase the amount of taxes payable by shareholders.

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Other risks arise from the potential inability to terminate or sell derivatives positions. A liquid secondary market may not always exist for the Fund’s derivatives positions. In fact, many over-the-counter derivative instruments will not have liquidity beyond the counterparty to the instrument. Over-the-counter derivative instruments also involve the risk that the other party will not meet its obligations to the Fund. The use of derivatives also exposes the Fund to operational issues, such as documentation and settlement issues, systems failures, inadequate control and human error.

Derivatives may also involve legal risks, such as insufficient documentation, the lack of capacity or authority of a counterparty to execute or settle a transaction, and the legality and enforceability of derivatives contracts. The U.S. Government and foreign governments have adopted (and may adopt further) regulations governing derivatives markets, including mandatory clearing of certain derivatives, margin and reporting requirements and risk exposure limitations. Regulation of derivatives may make derivatives more costly, limit their availability or utility to the Fund, or otherwise adversely affect their performance or disrupt markets.

Distressed and Defaulted Securities Risk: Distressed and defaulted securities are subject to particularly high credit risk, market risk and illiquidity risk. These securities are at a high risk for default, especially during economic downturns, and they are subject to greater volatility than securities of more stable issuers. To the extent that the Fund invests in bankrupt issuers, the Fund may be subject to litigation risks and costs.

Economic and Market Events Risk: Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth or the functioning of the securities markets, may at times result in unusually high market volatility, which could negatively impact performance. Relatively reduced liquidity in credit and fixed income markets could adversely affect issuers worldwide.

Emerging Markets Risk: The risks of foreign investments are greater for investments in or exposed to emerging markets. Emerging market countries typically have economic and political systems that are less fully developed, and can be expected to be less stable, than those of more developed countries. For example, the economies of such countries can be subject to rapid and unpredictable rates of inflation or deflation. Low trading volumes may result in a lack of liquidity and price volatility. Emerging market countries may have policies that restrict investment by non-U.S. investors, or that prevent non-U.S. investors from withdrawing their money at will.

The Fund may invest in some emerging markets that subject it to risks such as those associated with illiquidity, custody of assets, different settlement and clearance procedures and asserting legal title under a developing legal and regulatory regime to a greater degree than in developed markets or even in other emerging markets.

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Notes to Financial Statements (continued)

ETF Shares Trading Risk: Fund shares are listed for trading on NYSE Arca, Inc. (the “Exchange”) and the shares are bought and sold in the secondary market at market prices. The market prices of the shares of the Fund are expected to fluctuate in response to changes in the Fund’s NAV, the intraday value of the Fund’s holdings and supply and demand for shares of the Fund. We cannot predict whether shares of the Fund will trade above, below or at their NAV. Trading on the Exchange, including trading of Fund shares, may be halted in certain circumstances and shareholders may not be able to sell Fund shares at the time or price desired. During periods of stressed market conditions, the market for the shares of the Fund may become less liquid in response to deteriorating liquidity in the markets for the Fund’s portfolio investments. This adverse effect on the liquidity of the Fund’s shares could lead to differences between the market price of the Fund’s shares and the NAV of those shares. There can be no assurance that the requirements of the Exchange to maintain the listing of shares of the Fund will continue to be met. At times, trading in the securities of ETFs has become volatile and unpredictable and the price of ETF shares has diverged from market driven fundamentals.

Disruptions to creations and redemptions, the existence of significant market volatility or potential lack of an active trading market for the shares of the Fund (including through a trading halt), as well as other factors, may result in the Fund’s shares trading on the Exchange significantly above (at a premium) or below (at a discount) to NAV or to the intraday value of the Fund’s holdings. Premiums and discounts relate to differences between the market price and NAV of the Fund’s shares.

During such periods, you may incur significant losses if you sell your shares of the Fund. The securities held by the Fund may be traded in markets that close at a different time than the Exchange and may trade outside of a collateralized settlement system. Liquidity in those securities may be reduced after the applicable closing times. Accordingly, during the time when the Exchange is open but after the applicable market closing, fixing or settlement times, bid-ask spreads for the Fund’s shares on the Exchange and the corresponding premium or discount between the market price for Fund shares and their NAV may widen. Additionally, during times when the Exchange is open but after the applicable market is closed, there may be changes between the last quote from the closed foreign market and the value of such security during the Fund’s trading day on the Exchange and this may lead to differences between the market price of the Fund’s shares and the underlying value of those shares.

Cost of Buying or Selling Shares: When you buy or sell shares of the Fund through a broker, you will likely incur a brokerage commission or other charges imposed by brokers. In addition, the market price of shares of the Fund, like the price of any exchange-traded security, includes a “bid-ask spread” charged by the market makers or other participants that trade the particular security. The spread of the Fund’s shares varies over time based

228

on the Fund’s trading volume, the spread of the Fund’s underlying securities, and market liquidity and may increase if the Fund’s trading volume, the spread of the Fund’s underlying securities, or market liquidity decreases. In times of severe market disruption, including when trading of the Fund’s holdings may be halted, the bid-ask spread may increase significantly. This means that the shares may trade at a discount to the Fund’s NAV, and the discount is likely to be greatest during significant market volatility.

No Guarantee of Active Trading Market Risk: While shares of the Fund are listed on the Exchange, there can be no assurance that active trading markets for the shares will develop or be maintained by market makers or by Authorized Participants. The distributor of the Fund’s shares does not maintain a secondary market in the shares.

Floating Rate and Other Loans Risk: The Fund’s ability to receive payments of principal and interest and other amounts in connection with loans (whether through participations, assignments or otherwise) will depend primarily on the financial condition of the borrower. The failure by the Fund to receive scheduled interest or principal payments on a loan because of a default, bankruptcy or any other reason would adversely affect the income of the Fund and would likely reduce the value of its assets. Even with loans secured by collateral, there is the risk that the value of the collateral may decline, may be insufficient to meet the obligations of the borrower, or be difficult to liquidate. In the event of a default, the Fund may have difficulty collecting on any collateral and would not have the ability to collect on any collateral for an uncollateralized loan. Further, the Fund’s access to collateral, if any, may be limited by bankruptcy laws. Due to the nature of the private syndication of senior loans, including, for example, lack of publicly-available information, some senior loans are not as easily purchased or sold as publicly-traded securities. In addition, loan participations generally are subject to restrictions on transfer, and only limited opportunities may exist to sell loan participations in secondary markets. As a result, it may be difficult for the Fund to value loans or sell loans at an acceptable price when it wants to sell them. Loans trade in an over-the-counter market, and confirmation and settlement, which are effected through standardized procedures and documentation, may take significantly longer than seven days to complete. Extended trade settlement periods may, in unusual market conditions with a high volume of shareholder redemptions, present a risk to shareholders regarding the Fund’s ability to pay redemption proceeds in a timely manner. In some instances, loans and loan participations are not rated by independent credit rating agencies; in such instances, a decision by the Fund to invest in a particular loan or loan participation could depend exclusively on the subadviser’s credit analysis of the borrower, or in the case of a loan participation, of the intermediary holding the portion of the loan that the Fund has purchased. To the extent the Fund invests in loans of non-U.S. issuers, the risks of investing in non-U.S. issuers are applicable. Loans may not be considered to be “securities” and as a result may not benefit from the protections of the federal securities laws, including anti-fraud protections and those with respect to the use of material non-public information, so that purchasers, such as the Fund, may not have the benefit of these protections. If the Fund is in possession of material non-public information about a borrower as a result of its investment in such borrower’s loan, the Fund may not be able to enter into a transaction

PGIM Fixed Income ETFs 229

Notes to Financial Statements (continued)

with respect to a publicly-traded security of the borrower when it would otherwise be advantageous to do so.

Foreign Securities Risk: Investments in securities of non-U.S. issuers (including those denominated in U.S. dollars) may involve more risk than investing in securities of U.S. issuers. Foreign political, economic and legal systems, especially those in developing and emerging market countries, may be less stable and more volatile than in the United States. Foreign legal systems generally have fewer regulatory requirements than the U.S. legal system, particularly those of emerging markets. In general, less information is publicly available with respect to non-U.S. companies than U.S. companies. Non-U.S. companies generally are not subject to the same accounting, auditing, and financial reporting standards as are U.S. companies. Additionally, the changing value of foreign currencies and changes in exchange rates could also affect the value of the assets the Fund holds and the Fund’s performance. Certain foreign countries may impose restrictions on the ability of issuers of foreign securities to make payment of principal and interest or dividends to investors located outside the country, due to blockage of foreign currency exchanges or otherwise.

Investments in emerging markets are subject to greater volatility and price declines.

In addition, the Fund’s investments in non-U.S. securities may be subject to the risks of nationalization or expropriation of assets, imposition of currency exchange controls or restrictions on the repatriation of non-U.S. currency, confiscatory taxation and adverse diplomatic developments. Special U.S. tax considerations may apply.

Interest Rate Risk: The value of your investment may go down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration debt securities. For example, a fixed income security with a duration of three years is expected to decrease in value by approximately 3% if interest rates increase by 1%. This is referred to as “duration risk.” When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and the Fund may be required to reinvest the proceeds at a lower interest rate. This is referred to as “prepayment risk.” For premium bonds (bonds acquired at prices that exceed their par or principal value) purchased by the Fund, prepayment risk may be enhanced. When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of the Fund’s holdings may fall sharply. This is referred to as “extension risk.” The Fund may lose money if short-term or long-term interest rates rise sharply or in a manner not anticipated by the subadviser.

Junk Bonds Risk: High-yield, high-risk bonds have predominantly speculative characteristics, including particularly high credit risk. Junk bonds tend to have lower market liquidity than higher-rated securities. The liquidity of particular issuers or industries within a particular investment category may shrink or disappear suddenly and without warning. The non-investment grade bond market can experience sudden and sharp price swings and

230

become illiquid due to a variety of factors, including changes in economic forecasts, stock market activity, large sustained sales by major investors, a high profile default or a change in the market’s psychology.

Large Shareholder and Large Scale Redemption Risk: Certain individuals, accounts, funds (including funds affiliated with the Manager) or institutions, including the Manager and its affiliates, may from time to time own or control a substantial amount of the Fund’s shares. There is no requirement that these entities maintain their investment in the Fund. There is a risk that such large shareholders or that the Fund’s shareholders generally may redeem all or a substantial portion of their investments in the Fund in a short period of time, which could have a significant negative impact on the Fund’s NAV, liquidity, and brokerage costs. Large redemptions could also result in tax consequences to shareholders and impact the Fund’s ability to implement its investment strategy. The Fund’s ability to pursue its investment objective after one or more large scale redemptions may be impaired and, as a result, the Fund may invest a larger portion of its assets in cash or cash equivalents.

Liquidity Risk: The Fund may invest in instruments that trade in lower volumes and are more illiquid than other investments. If the Fund is forced to sell these investments to pay redemption proceeds or for other reasons, the Fund may lose money. In addition, when there is no willing buyer and investments cannot be readily sold at the desired time or price, the Fund may have to accept a lower price or may not be able to sell the instrument at all. An inability to sell a portfolio position can adversely affect the Fund’s value or prevent the Fund from being able to take advantage of other investment opportunities.

Loan Liquidity and Settlement Risk: The Fund’s investments in loans may subject it to additional illiquidity risks. Loans generally are subject to legal or contractual restrictions on resale. The liquidity of loans, including the volume and frequency of secondary market trading in such loans, varies significantly over time and among individual loans. For example, if the credit quality of a loan unexpectedly declines significantly, secondary market trading in that loan can also decline for a period of time. During periods of infrequent trading, valuing a loan can be more difficult and buying and selling a loan at an acceptable price can be more difficult and delayed. Difficulty in selling a loan can result in a loss. Certain of the Fund’s assets may be invested in assets that are considerably less liquid than debt instruments traded on national exchanges. Market quotations for such assets may be volatile and/or subject to large spreads between bid and ask prices. Loans trade in an over-the-counter market, and confirmation and settlement may take significantly longer than seven days to complete. Extended trade settlement periods may, in unusual market conditions with a high volume of shareholder redemptions, present a risk to shareholders regarding the Fund’s ability to pay redemption proceeds within the allowable time periods stated in the Fund’s Prospectus. To the extent the extended loan settlement process gives rise to short-term liquidity needs, such as the need to satisfy redemption requests, the Fund may hold cash, sell investments or temporarily borrow from banks or other lenders.

PGIM Fixed Income ETFs 231

Notes to Financial Statements (continued)

Management Risk: The value of your investment may decrease if judgments by the subadviser about the attractiveness, value or market trends affecting a particular security, industry or sector or about market movements are incorrect.

Market Disruption and Geopolitical Risks: Market disruption can be caused by economic, financial or political events and factors, including but not limited to, international wars or conflicts (including Russia’s military invasion of Ukraine), geopolitical developments (including trading and tariff arrangements, sanctions and cybersecurity attacks), instability in regions such as Asia, Eastern Europe and the Middle East, terrorism, natural disasters and public health epidemics (including the outbreak of COVID-19 globally).

The extent and duration of such events and resulting market disruptions cannot be predicted, but could be substantial and could magnify the impact of other risks to the Fund. These and other similar events could adversely affect the U.S. and foreign financial markets and lead to increased market volatility, reduced liquidity in the securities markets, significant negative impacts on issuers and the markets for certain securities and commodities and/or government intervention. They may also cause short- or long-term economic uncertainties in the United States and worldwide. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund’s investments may be negatively impacted. Further, due to closures of certain markets and restrictions on trading certain securities, the value of certain securities held by the Fund could be significantly impacted, which could lead to such securities being valued at zero.

COVID-19 and the related governmental and public responses have had and may continue to have an impact on the Fund’s investments and net asset value and have led and may continue to lead to increased market volatility and the potential for illiquidity in certain classes of securities and sectors of the market. They have also had and may continue to result in periods of business disruption, business closures, inability to obtain raw materials, supplies and component parts, and reduced or disrupted operations for the issuers in which the Fund invests. The occurrence, reoccurrence and pendency of public health epidemics could adversely affect the economies and financial markets either in specific countries or worldwide.

Market Risk: Securities markets may be volatile and the market prices of the Fund’s securities may decline. Securities fluctuate in price based on changes in an issuer’s financial condition and overall market and economic conditions. If the market prices of the securities owned by the Fund fall, the value of your investment in the Fund will decline.

Money Market Instruments Risk: The value of money market instruments may be affected by changing interest rates and by changes in the credit ratings of those instruments. If a

232

significant amount of the Fund’s assets are invested in money market instruments, it will be more difficult for the Fund to achieve its investment objective.

Mortgage-Backed and Asset-Backed Securities Risk: Mortgage-backed and asset-backed securities tend to increase in value less than other debt securities when interest rates decline, but are subject to similar risk of decline in market value during periods of rising interest rates. The values of mortgage-backed and asset-backed securities become more volatile as interest rates rise. In a period of declining interest rates, the Fund may be required to reinvest more frequent prepayments on mortgage-backed and asset-backed securities in lower-yielding investments.

New/Small Fund Risk: The Fund recently commenced operations and has a limited operating history. As a new and relatively small fund, the Fund’s performance may not represent how the Fund is expected to or may perform in the long term if and when it becomes larger and has fully implemented its investment strategies. Investment positions may have a disproportionate impact (negative or positive) on performance in new and smaller funds. New and smaller funds may also require a period of time before they are invested in securities that meet their investment objectives and policies and achieve a representative portfolio composition. Since the Fund is new, an active secondary market for the shares of the Fund may not develop or may not continue once developed. Shareholders holding large blocks of shares of the Fund, including the Manager and its affiliates, may hold their shares for long periods of time, which may lead to reduced trading volumes, wider trading spreads and impede the development or maintenance of an active secondary trading market for Fund shares. These large shareholders may also loan or sell all or a portion of their Fund shares, which may result in increasing concentration of Fund shares in a small number of holders, and the potential for large redemptions, decreases in Fund assets and increased expenses for remaining shareholders.

Non-Money Market Fund Risk: The Fund is not a money market fund. The Fund does not seek to maintain a stable net asset value (NAV) of $1.00 per share. The Fund’s NAV and market value will fluctuate every day and these fluctuations may be significant on certain days. Also, the Fund is not subject to the liquidity requirements and investment and credit quality restrictions applicable to money market funds. There can be no guarantee that the Fund will generate higher returns than money market funds.

Prepayment Risk: The Fund may invest in mortgage-related securities and asset-backed securities, which are subject to prepayment risk. If these securities are prepaid, the Fund may have to replace them with lower-yielding securities. Stripped mortgage-backed securities are generally more sensitive to changes in prepayment and interest rates than other mortgage-related securities. Unlike mortgage-related securities, asset-backed securities are usually not collateralized. If the issuer of a non-collateralized debt security defaults on the obligation, there is no collateral that the security holder may sell to satisfy the debt.

PGIM Fixed Income ETFs 233

Notes to Financial Statements (continued)

Reference Rate Risk: The Fund may be exposed to financial instruments that are tied to the London Interbank Offered Rate (“LIBOR”) to determine payment obligations, financing terms, hedging strategies or investment value.

The United Kingdom’s Financial Conduct Authority announced a phase out of LIBOR such that after June 30, 2023, the overnight, 1-month, 3-month, 6-month and 12-month U.S. dollar LIBOR settings will cease to be published or will no longer be representative. All other LIBOR settings and certain other interbank offered rates, such as the Euro Overnight Index Average (“EONIA”), ceased to be published or representative after December 31, 2021. The Fund may have investments linked to other interbank offered rates that may also cease to be published in the future. Various financial industry groups have been planning for the transition away from LIBOR, but there remain challenges to converting certain securities and transactions to a new reference rate (e.g., the Secured Overnight Financing Rate (“SOFR”), which is intended to replace the U.S. dollar LIBOR).

Neither the effect of the LIBOR transition process nor its ultimate success can yet be known. The transition process might lead to increased volatility and illiquidity in markets for instruments whose terms currently include LIBOR as well as loan facilities used by the Fund. While some existing LIBOR-based instruments may contemplate a scenario where LIBOR is no longer available by providing for an alternative rate-setting methodology, there may be significant uncertainty regarding the effectiveness of any such alternative methodologies to replicate LIBOR. Not all existing LIBOR-based instruments may have alternative rate-setting provisions and there remains uncertainty regarding the willingness and ability of issuers to add alternative rate-setting provisions in certain existing instruments. Global regulators have advised market participants to cease entering into new contracts using LIBOR as a reference rate, and it is possible that investments in LIBOR-based instruments could invite regulatory scrutiny. In addition, a liquid market for newly-issued instruments that use a reference rate other than LIBOR still may be developing. There may also be challenges for the Fund to enter into hedging transactions against such newly-issued instruments until a market for such hedging transactions develops. All of the aforementioned may adversely affect the Fund’s performance or net asset value.

Small Fund Risk: When the Fund’s size is small, the Fund may experience low trading volume and wide bid/ask spreads. The Fund may face the risk of being delisted if it does not meet certain conditions of the listing exchange due to small size. Any resulting liquidation of the Fund could cause the Fund to incur elevated transaction costs for the Fund and negative tax consequences for its shareholders.

Structured Products Risk: Holders of structured product securities bear risks of the underlying investments, index or reference obligation. Certain structured products may be thinly traded or have a limited trading market, and as a result may be characterized as

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illiquid. The possible lack of a liquid secondary market for structured securities and the resulting inability of the Fund to sell a structured security could expose the Fund to losses and could make structured securities more difficult for the Fund to value accurately, which may also result in additional costs. Structured products are also subject to credit risk; the assets backing the structured product may be insufficient to pay interest or principal. In addition to the general risks associated with investments in fixed income, structured products carry additional risks, including, but not limited to: the possibility that distributions from collateral securities will not be adequate to make interest or other payments; the quality of the collateral may decline in value or default; and the possibility that the structured products are subordinate to other classes. Structured securities are generally privately negotiated debt obligations where the principal and/or interest or value of the structured security is determined by reference to the performance of a specific asset, benchmark asset, market or interest rate (“reference instrument”), and changes in the reference instrument or security may cause significant price fluctuations, or could cause the interest rate on the structured security to be reduced to zero. Holders of structured products indirectly bear risks associated with the reference instrument, are subject to counterparty risk and typically do not have direct rights against the reference instrument. Structured products may also entail structural complexity and documentation risk and there is no guarantee that the courts or administrators will interpret the priority of principal and interest payments as expected.

U.S. Government and Agency Securities Risk: U.S. Government and agency securities are subject to market risk, interest rate risk and credit risk. Not all U.S. Government securities are insured or guaranteed by the full faith and credit of the U.S. Government; some are only insured or guaranteed by the issuing agency, which must rely on its own resources to repay the debt. Some agency securities carry no guarantee whatsoever and the risk of default associated with these securities would be borne by the Fund. The maximum potential liability of the issuers of some U.S. Government securities held by the Fund may greatly exceed their current resources, including their legal right to support from the U.S. Treasury. No assurance can be given that the U.S. Government would provide financial support to any such issuers if it is not obligated to do so by law. It is possible that these issuers will not have the funds to meet their payment obligations in the future. In addition, the value of U.S. Government securities may be affected by changes in the credit rating of the U.S. Government.

Variable and Floating Rate Bonds Risk: Variable and floating rate bonds are subject to credit risk, market risk and interest rate risk. In addition, the absence of an active market for these securities could make it difficult for the Fund to dispose of them if the issuer defaults. The settlement period for such bonds can be longer than seven days.

10.

Recent Accounting Pronouncement and Regulatory Developments

In March 2020, the FASB issued Accounting Standard Update (“ASU”) No. 2020-04, which provides optional guidance for applying GAAP to contract modifications, hedging relationships and other transactions affected by the reference rate reform if certain criteria

PGIM Fixed Income ETFs 235

Notes to Financial Statements (continued)

are met. ASU 2020-04 is elective and is effective on March 12, 2020 through December 31, 2022. Management does not expect ASU 2020-04 to have a material impact on the financial statements.

236

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of PGIM ETF Trust and Shareholders of PGIM Ultra Short Bond ETF, PGIM Active High Yield Bond ETF, PGIM Active Aggregate Bond ETF, PGIM Total Return Bond ETF and PGIM Floating Rate Income ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of PGIM Ultra Short Bond ETF, PGIM Active High Yield Bond ETF, PGIM Active Aggregate Bond ETF, PGIM Total Return Bond ETF and PGIM Floating Rate Income ETF (five of the funds constituting PGIM ETF Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2022, the related statements of operations and changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein ended on or subsequent to August 31, 2021 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2022, the results of each of their operations and the changes in each of their net assets for each of the periods indicated in the table below and each of the financial highlights for each of the periods indicated therein ended on or subsequent to August 31, 2021 in conformity with accounting principles generally accepted in the United States of America.


Fund		Statements
PGIM Ultra Short Bond ETF PGIM Active High Yield Bond ETF		Statements of operations for the year ended August 31, 2022 and statements of changes in net assets for each of the two years in the period ended August 31, 2022

PGIM Active Aggregate Bond ETF		Statement of operations for the year ended August 31, 2022 and statement of changes in net assets for the year ended August 31, 2022 and for the period April 12, 2021 (commencement of operations) through August 31, 2021

PGIM Total Return Bond ETF		Statements of operations and changes in net assets for the period December 2, 2021 (commencement of operations) through August 31, 2022

PGIM Floating Rate Income ETF		Statements of operations and changes in net assets for the period May 17, 2022 (commencement of operations) through August 31, 2022

The financial statements of PGIM Ultra Short Bond ETF and PGIM Active High Yield Bond ETF as of and for the year ended August 31, 2020 and the financial highlights for each of the periods ended on or prior to August 31, 2020 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated October 15, 2020 expressed an unqualified opinion on those financial statements and financial highlights.

PGIM Fixed Income ETFs 237

Report of Independent Registered Public Accounting Firm (continued)

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2022 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

October 26, 2022

We have served as the auditor of one or more investment companies in the PGIM Retail Funds complex since 2020.

238

Tax Information (unaudited)

We are advising you that during the fiscal year ended August 31, 2022, the Fund reported the maximum amount allowed per share for Class Z share as a capital gain distribution in accordance with Section 852(b)(3)(C) of the Internal Revenue Code.



Fund		Capital Gain Distributions
PGIM Active High Yield Bond ETF		$0.11

For the year ended August 31, 2022, the following Funds reports the maximum amount allowable but not less than the following percentages as interest-related dividends in accordance with Section 871(k)(1) and 881(e)(1) of the Internal Revenue Code (IRD):



Fund	IRD
PGIM Ultra Short Bond ETF		81.01	%
PGIM Active High Yield Bond ETF		54.55	%
PGIM Active Aggregate Bond ETF		57.12	%
PGIM Total Return Bond ETF		61.13	%
PGIM Floating Rate Income ETF		92.87	%

In January 2023, you will be advised on IRS Form 1099-DIV or substitute 1099-DIV as to the federal tax status of the distributions received by you in calendar year 2022.

We are required by Massachusetts, Missouri and Oregon to inform you that dividends which have been derived from interest on federal obligations are not taxable to shareholders providing the Mutual Fund meets certain requirements mandated by the respective state’s taxing authorities. We are pleased to report that the two below funds qualifies for such deduction.



Fund		Federal Obligations Interest
PGIM Active Aggregate Bond ETF		12.07%
PGIM Total Return Bond ETF		14.89%

Please consult your tax adviser or state/local authorities to properly report this information on your tax return. If you have any questions concerning the amounts listed above, please call your financial adviser.

PGIM Fixed Income ETFs 239

Liquidity Risk Management Program

(unaudited)

Consistent with Rule 22e-4 under the 1940 Act (the “Liquidity Rule”), each Fund has adopted and implemented a liquidity risk management program (the “LRMP”). Each Fund’s LRMP seeks to assess and manage each Fund’s liquidity risk, which is defined as the risk that each Fund is unable to meet investor redemption requests without significantly diluting the remaining investors’ interests in each Fund. The Board has approved PGIM Investments LLC (“PGIM Investments”), each Fund’s investment manager, to serve as the administrator of each Fund’s LRMP. As part of its responsibilities as administrator, PGIM Investments has retained a third party to perform certain functions, including providing market data and liquidity classification model information.

Each Fund’s LRMP includes a number of processes designed to support the assessment and management of its liquidity risk. In particular, each Fund’s LRMP includes no less than annual assessments of factors that influence each Fund’s liquidity risk; no less than monthly classifications of each Fund’s investments into one of four liquidity classifications provided for in the Liquidity Rule; a 15% of net assets limit on the acquisition of “illiquid investments” (as defined under the Liquidity Rule); establishment of a minimum percentage of each Fund’s assets to be invested in investments classified as “highly liquid” (as defined under the Liquidity Rule) if each Fund does not invest primarily in highly liquid investments; and regular reporting to the Board.

At a meeting of the Board on March 1-3, 2022, PGIM Investments provided a written report (“LRMP Report”) to the Board addressing the operation, adequacy, and effectiveness of each Fund’s LRMP, including any material changes to the LRMP for the period from January 1, 2021 through December 31, 2021 (“Reporting Period”). The LRMP Report concluded that each Fund’s LRMP was reasonably designed to assess and manage each Fund’s liquidity risk and was adequately and effectively implemented during the Reporting Period. There were no material changes to the LRMP during the Reporting Period. The LRMP Report further concluded that each Fund’s investment strategies continue to be appropriate given each Fund’s status as an open-end fund.

The LRMP Report also noted that given the PGIM Floating Rate Income Fund’s portfolio of investments (that is, more than 50% of the Fund’s assets were classified as less than highly liquid), the Fund maintained a Highly Liquid Investment Minimum (“HLIM”) throughout the Reporting Period.

There can be no assurance that the LRMP will achieve its objectives in the future. Additional information regarding risks of investing in each Fund including liquidity risks presented by each Fund’s investment portfolio, is found in each Fund’s Prospectus and Statement of Additional Information.

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INFORMATION ABOUT BOARD MEMBERS AND OFFICERS (unaudited)

Information about Board Members and Officers of the Funds is set forth below. Board Members who are not deemed to be “interested persons” of the Funds, as defined in the 1940 Act, are referred to as “Independent Board Members.” Board Members who are deemed to be “interested persons” of the Funds are referred to as “Interested Board Members.” The Board Members are responsible for the overall supervision of the operations of the Funds and perform the various duties imposed on the directors of investment companies by the 1940 Act. The Board in turn elects the Officers, who are responsible for administering the day-to-day operations of the Funds.



Independent Board Members
Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service

Ellen S. Alberding 1958 Board Member Portfolios Overseen: 97	President and Board Member, The Joyce Foundation (charitable foundation) (since 2002); formerly Vice Chair, City Colleges of Chicago (community college system) (2011-2015); Trustee, National Park Foundation (charitable foundation for national park system) (2009-2018); Trustee, Economic Club of Chicago (2009-2016); Trustee, Loyola University (since 2018).	None.	Since September 2013

Kevin J. Bannon 1952 Board Member Portfolios Overseen: 97	Retired; formerly Managing Director (April 2008-May 2015) and Chief Investment Officer (October 2008-November 2013) of Highmount Capital LLC (registered investment adviser); formerly Executive Vice President and Chief Investment Officer (April 1993-August 2007) of Bank of New York Company; President (May 2003-May 2007) of BNY Hamilton Family of Mutual Funds.	Director of Urstadt Biddle Properties (equity real estate investment trust) (since September 2008).	Since July 2008

PGIM Fixed Income ETFs



Independent Board Members
Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service

Linda W. Bynoe 1952 Board Member Portfolios Overseen: 94	President and Chief Executive Officer (since March 1995) and formerly Chief Operating Officer (December 1989-February 1995) of Telemat Limited LLC (formerly Telemat Ltd) (management consulting); formerly Vice President (January 1985-June 1989) at Morgan Stanley & Co. (broker-dealer).	Trustee of Equity Residential (residential real estate) (since December 2009); Director of Northern Trust Corporation (financial services) (since April 2006); formerly Director of Anixter International, Inc. (communication products distributor) (January 2006-June 2020).	Since March 2005

Barry H. Evans 1960 Board Member Portfolios Overseen: 96	Retired; formerly President (2005-2016), Global Chief Operating Officer (2014-2016), Chief Investment Officer - Global Head of Fixed Income (1998-2014), and various portfolio manager roles (1986-2006), Manulife Asset Management (asset management).	Formerly Director, Manulife Trust Company (2011-2018); formerly Director, Manulife Asset Management Limited (2015-2017); formerly Chairman of the Board of Directors of Manulife Asset Management U.S. (2005-2016); formerly Chairman of the Board, Declaration Investment Management and Research (2008-2016).	Since September 2017

Keith F. Hartstein 1956 Board Member & Independent Chair Portfolios Overseen: 97	Retired; Member (November 2014- September 2022) of the Governing Council of the Independent Directors Council (IDC) (organization of independent mutual fund directors); formerly Executive Committee of the IDC Board of Governors (October 2019-December 2021); formerly President and Chief Executive Officer (2005-2012), Senior Vice President (2004-2005), Senior Vice President of Sales and Marketing (1997-2004), and various executive management positions (1990-1997), John Hancock Funds, LLC (asset management); Chairman, Investment Company Institute’s Sales Force Marketing Committee (2003-2008).	None.	Since September 2013

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Independent Board Members
Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service

Laurie Simon Hodrick 1962 Board Member Portfolios Overseen: 93	A. Barton Hepburn Professor Emerita of Economics in the Faculty of Business, Columbia Business School (since 2018); Visiting Fellow at the Hoover Institution, Stanford University (since 2015); Sole Member, ReidCourt LLC (since 2008) (a consulting firm); formerly Visiting Professor of Law, Stanford Law School (2015-2021); formerly A. Barton Hepburn Professor of Economics in the Faculty of Business, Columbia Business School (1996-2017); formerly Managing Director, Global Head of Alternative Investment Strategies, Deutsche Bank (2006-2008).	Independent Director, Andela (since January 2022) (global talent network); Independent Director, Roku (since December 2020) (communication services); formerly Independent Director, Synnex Corporation (2019-2021) (information technology); formerly Independent Director, Kabbage, Inc. (2018-2020) (financial services); formerly Independent Director, Corporate Capital Trust (2017-2018) (a business development company).	Since September 2017

Brian K. Reid 1961 Board Member Portfolios Overseen: 96	Retired; formerly Chief Economist for the Investment Company Institute (ICI) (2005-2017); formerly Senior Economist and Director of Industry and Financial Analysis at the ICI (1998-2004); formerly Senior Economist, Industry and Financial Analysis at the ICI (1996-1998); formerly Staff Economist at the Federal Reserve Board (1989-1996); Director, ICI Mutual Insurance Company (2012-2017).	None.	Since March 2018

PGIM Fixed Income ETFs

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Interested Board Members
Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service

Stuart S. Parker 1962 Board Member & President Portfolios Overseen: 96	President, Chief Executive Officer, Chief Operating Officer and Officer in Charge of PGIM Investments LLC (formerly known as Prudential Investments LLC) (since January 2012); President and PEO (since September 2022) of the PGIM Private Credit Fund, President and PEO (since March 2022) of the PGIM Private Real Estate Fund, Inc.; formerly Executive Vice President of Jennison Associates LLC and Head of Retail Distribution of PGIM Investments LLC (June 2005-December 2011); Investment Company Institute - Board of Governors (since May 2012).	None.	Since January 2012

Scott E. Benjamin 1973 Board Member & Vice President Portfolios Overseen: 97	Executive Vice President (since May 2009) of PGIM Investments LLC; Vice President (since June 2012) of Prudential Investment Management Services LLC; Executive Vice President (since September 2009) of AST Investment Services, Inc.; Senior Vice President of Product Development and Marketing, PGIM Investments (since February 2006); Vice President (since September 2022) of the PGIM Private Credit Fund, Vice President (since March 2022) of the PGIM Private Real Estate Fund, Inc.; formerly Vice President of Product Development and Product Management, PGIM Investments LLC (2003-2006).	None.	Since March 2010

PGIM Fixed Income ETFs



Fund Officers^(a)
Name Year of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer

Claudia DiGiacomo 1974 Chief Legal Officer	Chief Legal Officer, Executive Vice President and Secretary of PGIM Investments LLC (since August 2020); Chief Legal Officer of Prudential Mutual Fund Services LLC (since August 2020); Chief Legal Officer of PIFM Holdco, LLC (since August 2020); Chief Legal Officer (since September 2022) of the PGIM Private Credit Fund, Chief Legal Officer (since March 2022) of the PGIM Private Real Estate Fund, Inc.; Vice President and Corporate Counsel (since January 2005) of Prudential; and Corporate Counsel of AST Investment Services, Inc. (since August 2020); formerly Vice President and Assistant Secretary of PGIM Investments LLC (2005-2020); formerly Associate at Sidley Austin Brown & Wood LLP (1999-2004).	Since December 2005

Isabelle Sajous 1976 Chief Compliance Officer	Chief Compliance Officer (since April 2022) of PGIM Investments LLC, the PGIM Funds, Target Funds, PGIM ETF Trust, PGIM Global High Yield Fund, Inc., PGIM High Yield Bond Fund, Inc., PGIM Short Duration High Yield Opportunities Fund, Advanced Series Trust, The Prudential Series Fund and Prudential’s Gibraltar Fund, Inc.; Chief Compliance Officer (since March 2022) of the PGIM Private Real Estate Fund, Inc.; Chief Compliance Officer (since September 2022) of the PGIM Private Credit Fund; Vice President, Compliance of PGIM Investments LLC (since December 2020); formerly Director, Compliance (July 2018-December 2020) of Credit Suisse Asset Management LLC; and Vice President, Associate General Counsel & Deputy Chief Compliance Officer of Cramer Rosenthal McGlynn, LLC (August 2014-July 2018).	Since April 2022

Andrew R. French 1962 Secretary	Vice President (since December 2018) of PGIM Investments LLC; formerly Vice President and Corporate Counsel (2010-2018) of Prudential; Secretary (since September 2022) of the PGIM Private Credit Fund, Secretary (since March 2022) of the PGIM Private Real Estate Fund, Inc.; formerly Director and Corporate Counsel (2006-2010) of Prudential; Vice President and Assistant Secretary (since January 2007) of PGIM Investments LLC; Vice President and Assistant Secretary (since January 2007) of Prudential Mutual Fund Services LLC.	Since October 2006

Melissa Gonzalez 1980 Assistant Secretary	Vice President and Corporate Counsel (since September 2018) of Prudential; Vice President and Assistant Secretary (since August 2020) of PGIM Investments LLC; Assistant Secretary (since September 2022) of the PGIM Private Credit Fund, Assistant Secretary (since March 2022) of the PGIM Private Real Estate Fund, Inc.; formerly Director and Corporate Counsel (March 2014-September 2018) of Prudential.	Since March 2020

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Fund Officers^(a)
Name Year of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer

Patrick E. McGuinness 1986 Assistant Secretary	Vice President and Assistant Secretary (since August 2020) of PGIM Investments LLC; Director and Corporate Counsel (since February 2017) of Prudential; Assistant Secretary (since September 2022) of the PGIM Private Credit Fund, Assistant Secretary (since March 2022) of the PGIM Private Real Estate Fund, Inc.	Since June 2020

Debra Rubano 1975 Assistant Secretary	Vice President and Corporate Counsel (since November 2020) of Prudential; Assistant Secretary (since March 2022) of the PGIM Private Real Estate Fund, Inc; Assistant Secretary (since September 2022) of the PGIM Private Credit Fund; formerly Director and Senior Counsel of Allianz Global Investors U.S. Holdings LLC (2010-2020) and Assistant Secretary of numerous funds in the Allianz fund complex (2015-2020).	Since December 2020

Christian J. Kelly 1975 Treasurer and Principal Financial and Accounting Officer	Vice President, Head of Fund Administration of PGIM Investments LLC (since November 2018); Principal Financial Officer (since September 2022) of the PGIM Private Credit Fund; Principal Financial Officer (since March 2022) of the PGIM Private Real Estate Fund, Inc.; formerly, Treasurer and Principal Accounting Officer (March 2022- July 2022) of the PGIM Private Real Estate Fund, Inc.; formerly Director of Fund Administration of Lord Abbett & Co. LLC (2009-2018), Treasurer and Principal Accounting Officer of the Lord Abbett Family of Funds (2017-2018); Director of Accounting, Avenue Capital Group (2008-2009); Senior Manager, Investment Management Practice of Deloitte & Touche LLP (1998-2007).	Since January 2019

Lana Lomuti 1967 Assistant Treasurer	Vice President (since 2007) and Director (2005-2007), within PGIM Investments Fund Administration; formerly Assistant Treasurer (December 2007-February 2014) of The Greater China Fund, Inc.	Since April 2014

Russ Shupak 1973 Assistant Treasurer	Vice President (since 2017) and Director (2013-2017), within PGIM Investments Fund Administration; Assistant Treasurer (since September 2022) of the PGIM Private Credit Fund, Treasurer and Principal Accounting Officer (since July 2022) of the PGIM Private Real Estate Fund, Inc.; formerly Assistant Treasurer (March 2022 – July 2022) of the PGIM Private Real Estate Fund, Inc.	Since October 2019

Deborah Conway 1969 Assistant Treasurer	Vice President (since 2017) and Director (2007-2017), within PGIM Investments Fund Administration.	Since October 2019

Elyse M. McLaughlin 1974 Assistant Treasurer	Vice President (since 2017) and Director (2011-2017), within PGIM Investments Fund Administration; Treasurer and Principal Accounting Officer (since September 2022) of the PGIM Private Credit Fund, Assistant Treasurer (since March 2022) of the PGIM Private Real Estate Fund, Inc.	Since October 2019

PGIM Fixed Income ETFs



Fund Officers^(a)
Name Year of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer

Kelly Florio 1978 Anti-Money Laundering Compliance Officer	Vice President, Corporate Compliance, Global Compliance Programs and Compliance Risk Management (since December 2021) of Prudential; formerly, Head of Fraud Risk Management (October 2019 to December 2021) at New York Life Insurance Company; formerly, Head of Key Risk Area Operations (November 2018 to October 2019), Director of the US Anti-Money Laundering Compliance Unit (2009-2018) and Bank Loss Prevention Associate (2006 -2009) at MetLife.	Since June 2022

^(a) Excludes Mr. Parker and Mr. Benjamin, interested Board Members who also serve as President and Vice President, respectively.

Explanatory Notes to Tables:

∎

Board Members are deemed to be “Interested,” as defined in the 1940 Act, by reason of their affiliation with PGIM Investments LLC and/or an affiliate of PGIM Investments LLC.

∎

Unless otherwise noted, the address of all Board Members and Officers is c/o PGIM Investments LLC, 655 Broad Street, Newark, New Jersey 07102-4410.

∎

There is no set term of office for Board Members or Officers. The Board Members have adopted a retirement policy, which calls for the retirement of Board Members on December 31 of the year in which they reach the age of 75.

∎

“Other Directorships Held” includes all directorships of companies required to register or file reports with the SEC under the 1934 Act (that is, “public companies”) or other investment companies registered under the 1940 Act.

∎

“Portfolios Overseen” includes all investment companies managed by PGIM Investments LLC. The investment companies for which PGIM Investments LLC serves as manager include the PGIM Mutual Funds, Target Funds, The Prudential Variable Contract Accounts, PGIM ETF Trust, PGIM Private Real Estate Fund, Inc., PGIM Private Credit Fund, PGIM High Yield Bond Fund, Inc., PGIM Global High Yield Fund, Inc., PGIM Short Duration High Yield Opportunities Fund, The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc. and the Advanced Series Trust.

∎

As used in the Fund Officers table “Prudential” means The Prudential Insurance Company of America.

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Approval of Advisory Agreements (unaudited)

PGIM Ultra Short Bond ETF

The Fund’s Board of Trustees

The Board of Trustees (the “Board”) of PGIM Ultra Short Bond ETF¹ (the “Fund”) consists of ten individuals, eight of whom are not “interested persons” of the Fund, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Trustees”). The Board is responsible for the oversight of the Fund and its operations, and performs the various duties imposed on the Trustees of investment companies by the 1940 Act. The Independent Trustees have retained independent legal counsel to assist them in connection with their duties. The Chair of the Board is an Independent Director. The Board has established five standing committees: the Audit Committee, the Nominating and Governance Committee, the Compliance Committee and two Investment Committees. Each committee is chaired by, and composed of, Independent Trustees.

Annual Approval of the Fund’s Advisory Agreements

As required under the 1940 Act, the Board determines annually whether to renew the Fund’s management agreement with PGIM Investments LLC (“PGIM Investments”) and the Fund’s subadvisory agreement with PGIM Limited (“PGIML”) and PGIM, Inc. on behalf of its PGIM Fixed Income unit (“PGIM Fixed Income”). In considering the renewal of the agreements, the Board, including all of the Independent Trustees, met on May 26 and June 7-9, 2022 (the “Board Meeting”) and approved the renewal of the agreements through July 31, 2023, after concluding that the renewal of the agreements was in the best interests of the Fund and its shareholders.

In advance of the meetings, the Board requested and received materials relating to the agreements, and had the opportunity to ask questions and request further information in connection with its consideration. Among other things, the Board considered comparative fee information from PGIM Investments, PGIML and PGIM Fixed Income. Also, the Board considered comparisons with other mutual funds in relevant Peer Universes and Peer Groups, as is further discussed below.

In approving the agreements, the Board, including the Independent Trustees advised by independent legal counsel, considered the factors it deemed relevant, including the nature, quality and extent of services provided by PGIM Investments, the subadvisers and, as relevant, its affiliates, the performance of the Fund, the profitability of PGIM Investments and its affiliates, expenses and fees, and the potential for economies of scale that may be shared with the Fund and its shareholders as the Fund’s assets grow. In their deliberations, the Trustees did not identify any single factor which alone was responsible for the Board’s decision to approve the agreements with respect to the Fund. In connection with its deliberations, the Board considered information provided by PGIM Investments throughout the year at regular Board meetings, presentations from

¹PGIM Ultra Short Bond ETF is a series of PGIM ETF Trust.

PGIM Fixed Income ETFs

Approval of Advisory Agreements (continued)

portfolio managers and other information, as well as information furnished at or in advance of the Board Meeting.

The Trustees determined that the overall arrangements between the Fund and PGIM Investments, which serves as the Fund’s investment manager pursuant to a management agreement, and between PGIM Investments and each of PGIML and PGIM Fixed Income, which serve as the Fund’s subadvisers pursuant to the terms of a subadvisory agreement with PGIM Investments, are in the best interests of the Fund and its shareholders in light of the services performed, fees charged and such other matters as the Trustees considered relevant in the exercise of their business judgment.

The material factors and conclusions that formed the basis for the Trustees’ reaching their determinations to approve the continuance of the agreements are separately discussed below.

Nature, Quality and Extent of Services

The Board received and considered information regarding the nature, quality and extent of services provided to the Fund by PGIM Investments, PGIML and PGIM Fixed Income. The Board noted that PGIML and PGIM Fixed Income are affiliated with PGIM Investments. The Board considered the services provided by PGIM Investments, including but not limited to the oversight of the subadvisers for the Fund, as well as the provision of fund recordkeeping, compliance and other services to the Fund, and PGIM Investments’ role as administrator of the Fund’s liquidity risk management program. With respect to PGIM Investments’ oversight of the subadvisers, the Board noted that PGIM Investments’ Strategic Investment Research Group (“SIRG”), which is a business unit of PGIM Investments, is responsible for monitoring and reporting to PGIM

Investments’ senior management on the performance and operations of the subadvisers. The Board also considered that PGIM Investments pays the salaries of all of the officers and interested Trustees of the Fund who are part of Fund management. The Board also considered the investment subadvisory services provided by PGIML and PGIM Fixed Income, including investment research and security selection, as well as adherence to the Fund’s investment restrictions and compliance with applicable Fund policies and procedures. The Board considered PGIM Investments’ evaluation of the subadvisers, as well as PGIM Investments’ recommendation, based on its review of the subadvisers, to renew the subadvisory agreement.

The Board considered the qualifications, backgrounds and responsibilities of PGIM Investments’ senior management responsible for the oversight of the Fund, PGIML and PGIM Fixed Income, and also considered the qualifications, backgrounds and responsibilities of the PGIML and PGIM Fixed Income portfolio managers who are responsible for the day-to-day management of the Fund’s portfolio. The Board was provided with information pertaining to PGIML’s, PGIM Investments’ and PGIM Fixed Income’s organizational structure, senior management, investment operations, and other relevant information pertaining to PGIM Investments, PGIML and PGIM Fixed Income. The Board also noted that it received favorable compliance reports from the

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Fund’s Chief Compliance Officer (“CCO”) as to PGIM Investments, PGIML and PGIM Fixed Income.

The Board concluded that it was satisfied with the nature, extent and quality of the investment management services provided by PGIM Investments, and the subadvisory services provided to the Fund by PGIML and PGIM Fixed Income, and that there was a reasonable basis on which to conclude that the Fund benefits from the services provided by PGIM Investments, PGIML and PGIM Fixed Income under the management agreement and the subadvisory agreement.

Costs of Services and Profits Realized by PGIM Investments

The Board was provided with information on the profitability of PGIM Investments and its affiliates in serving as the Fund’s investment manager. The Board discussed with PGIM Investments the methodology utilized in assembling the information regarding profitability and considered its reasonableness. The Board recognized that it is difficult to make comparisons of profitability from fund management contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the adviser’s capital structure and cost of capital. However, the Board considered that the cost of services provided by PGIM Investments exceeded the management fees received by PGIM Investments, resulting in an operating loss to PGIM Investments for the year ended December 31, 2021. Taking these factors into account, the Board concluded that the profitability of PGIM Investments and its affiliates in relation to the services rendered was not unreasonable.

Economies of Scale

The Board received and discussed information concerning economies of scale that PGIM Investments may realize as the Fund’s assets grow beyond current levels. During the course of time, the Board has considered information regarding the launch date of the Fund, the management fees of the Fund compared to those of similarly managed funds and PGIM Investments’ investment in the Fund over time. The Board noted that economies of scale can be shared with the Fund in other ways, including low management fees from inception, additional technological and personnel investments to enhance shareholder services, and maintaining existing expense structures in the face of a rising cost environment. The Board also considered PGIM Investments’ assertion that it continually evaluates the management fee schedule of the Fund and the potential to share economies of scale through breakpoints or fee waivers as asset levels increase.

The Board recognized the inherent limitations of any analysis of economies of scale, stemming largely from the Board’s understanding that most of PGIM Investments’ costs are not specific to individual funds, but rather are incurred across a variety of products and services.

PGIM Fixed Income ETFs

Approval of Advisory Agreements (continued)

Other Benefits to PGIM Investments, PGIML and PGIM Fixed Income

The Board considered potential ancillary benefits that might be received by PGIM Investments, PGIML, PGIM Fixed Income and their affiliates as a result of their relationship with the Fund. The Board concluded that potential benefits to be derived by PGIM Investments included transfer agency fees received by the Fund’s transfer agent (which is affiliated with PGIM Investments), as well as benefits to its reputation or other intangible benefits resulting from PGIM Investments’ association with the Fund. The Board concluded that the potential benefits to be derived by PGIML and PGIM Fixed Income included the ability to use soft dollar credits, as well as the potential benefits consistent with those generally resulting from an increase in assets under management, specifically, potential access to additional research resources and benefits to its reputation. The Board concluded that the benefits derived by PGIM Investments, PGIML and PGIM Fixed Income were consistent with the types of benefits generally derived by investment managers and subadvisers to mutual funds.

Performance of the Fund / Fees and Expenses

The Board considered certain additional factors and made related conclusions relating to the historical performance of the Fund for the one-year period ended December 31, 2021. The Board considered that the Fund commenced operations on April 5, 2018 and that longer-term performance was not yet available.

The Board also considered the Fund’s actual management fee, as well as the Fund’s net total expense ratio, for the fiscal year ended August 31, 2021. The Board considered the management fee for the Fund as compared to the management fee charged by PGIM Investments to other funds and the fee charged by other advisers to comparable mutual funds in a Peer Group. The actual management fee represents the fee rate actually paid by Fund shareholders and includes any fee waivers or reimbursements. The net total expense ratio for the Fund represents the actual expense ratio incurred by Fund shareholders.

The mutual funds included in the Peer Universe, which was used to consider performance, and the Peer Group, which was used to consider expenses and fees, were objectively determined by Broadridge, an independent provider of mutual fund data. In certain circumstances, PGIM Investments also provided supplemental Peer Universe or Peer Group information for reasons addressed with the Board. The comparisons placed the Fund in various quartiles over various periods, with the first quartile being the best 25% of the mutual funds (for performance, the best performing mutual funds and, for expenses, the lowest cost mutual funds).

The section below summarizes key factors considered by the Board and the Board’s conclusions regarding the Fund’s performance, fees and overall expenses. The table sets forth net performance comparisons (which reflect the impact on performance of fund expenses, or any subsidies, expense caps or waivers that may be applicable) with the Peer Universe, actual management fees with the Peer Group (which reflect the

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impact of any subsidies or fee waivers), and net total expenses with the Peer Group, each of which were key factors considered by the Board.


Net Performance	1 Year	3 Years	5 Years	10 Years
	1st Quartile	1st Quartile	N/A	N/A
Actual Management Fees: 1st Quartile
Net Total Expenses: 1st Quartile

●

The Board noted that the Fund outperformed both of its benchmark indices over the one-year and three-year periods.

●

The Board noted that the Fund does not yet have a five-year performance record and that, therefore, the subadvisers should have more time to develop that record.

●

The Board and PGIM Investments agreed to retain the Fund’s existing contractual fee waiver, pursuant to which PGIM Investments waives any management fees it receives from the Fund in an amount equal to the subadvisory fees paid by the Fund to the PGIM Institutional Money Market Fund.

●

The Board concluded that, in light of the above, it would be in the best interests of the Fund and its shareholders to continue to allow the Fund to create a longer-term performance record, and to renew the agreements.

●

The Board concluded that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

* * *

After full consideration of these factors, the Board concluded that approval of the agreements was in the best interests of the Fund and its shareholders.

PGIM Active High Yield Bond ETF

The Fund’s Board of Trustees

The Board of Trustees (the “Board”) of PGIM Active High Yield Bond ETF² (the “Fund”) consists of ten individuals, eight of whom are not “interested persons” of the Fund, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Trustees”). The Board is responsible for the oversight of the Fund and its operations, and performs the various duties imposed on the Trustees of investment companies by the 1940 Act. The Independent Trustees have retained independent legal counsel to assist them in connection with their duties. The Chair of the Board is an Independent Director. The Board has established five standing committees: the Audit Committee, the Nominating and Governance Committee, the Compliance Committee and two Investment Committees. Each committee is chaired by, and composed of, Independent Trustees.

PGIM Fixed Income ETFs

Approval of Advisory Agreements (continued)

Annual Approval of the Fund’s Advisory Agreements

As required under the 1940 Act, the Board determines annually whether to renew the Fund’s management agreement with PGIM Investments LLC (“PGIM Investments”) and the Fund’s subadvisory agreement with PGIM, Inc. (“PGIM”) on behalf of its PGIM Fixed Income unit (“PGIM Fixed Income”). In considering the renewal of the agreements, the Board, including all of the Independent Trustees, met on May 26 and June 7-9, 2022 (the “Board Meeting”) and approved the renewal of the agreements through July 31, 2023, after concluding that the renewal of the agreements was in the best interests of the Fund and its shareholders.

In advance of the meetings, the Board requested and received materials relating to the agreements, and had the opportunity to ask questions and request further information in connection with its consideration. Among other things, the Board considered comparative fee information from PGIM Investments and PGIM. Also, the Board considered comparisons with other mutual funds in relevant Peer Universes and Peer Groups, as is further discussed below.

In approving the agreements, the Board, including the Independent Trustees advised by independent legal counsel, considered the factors it deemed relevant, including the nature, quality and extent of services provided by PGIM Investments, the subadviser and, as relevant, its affiliates, the performance of the Fund, the profitability of PGIM Investments and its affiliates, expenses and fees, and the potential for economies of scale that may be shared with the Fund and its shareholders as the Fund’s assets grow. In their deliberations, the Trustees did not identify any single factor which alone was responsible for the Board’s decision to approve the agreements with respect to the Fund. In connection with its deliberations, the Board considered information provided by PGIM Investments throughout the year at regular Board meetings, presentations from portfolio managers and other information, as well as information furnished at or in advance of the Board Meeting.

The Trustees determined that the overall arrangements between the Fund and PGIM Investments, which serves as the Fund’s investment manager pursuant to a management agreement, between PGIM Investments and PGIM, which, through its PGIM Fixed Income unit, serves as the Fund’s subadviser pursuant to the terms of a subadvisory agreement with PGIM Investments are in the best interests of the Fund and its shareholders in light of the services performed, fees charged and such other matters as the Trustees considered relevant in the exercise of their business judgment.

The material factors and conclusions that formed the basis for the Trustees’ reaching their determinations to approve the continuance of the agreements are separately discussed below.

²PGIM Active High Yield Bond ETF is a series of PGIM ETF Trust.

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Nature, Quality and Extent of Services

The Board received and considered information regarding the nature, quality and extent of services provided to the Fund by PGIM Investments and, PGIM Fixed Income. The Board noted that PGIM Fixed Income is affiliated with PGIM Investments. The Board considered the services provided by PGIM Investments, including but not limited to the oversight of the subadviser for the Fund, as well as the provision of fund recordkeeping, compliance and other services to the Fund, and PGIM Investments’ role as administrator of the Fund’s liquidity risk management program. With respect to PGIM Investments’ oversight of the subadviser, the Board noted that PGIM Investments’ Strategic Investment Research Group (“SIRG”), which is a business unit of PGIM Investments, is responsible for monitoring and reporting to PGIM Investments’ senior management on the performance and operations of the subadviser. The Board also considered that PGIM Investments pays the salaries of all of the officers and interested Trustees of the Fund who are part of Fund management. The Board also considered the investment subadvisory services provided by PGIM Fixed Income, including investment research and security selection, as well as adherence to the Fund’s investment restrictions and compliance with applicable Fund policies and procedures. The Board considered PGIM Investments’ evaluation of the subadviser, as well as PGIM Investments’ recommendation, based on its review of the subadviser, to renew the subadvisory agreement.

The Board considered the qualifications, backgrounds and responsibilities of PGIM Investments’ senior management responsible for the oversight of the Fund and PGIM Fixed Income, and also considered the qualifications, backgrounds and responsibilities of PGIM Fixed Income’s portfolio managers who are responsible for the day-to-day management of the Fund’s portfolio. The Board was provided with information pertaining to PGIM Investments’ and PGIM Fixed Income’s organizational structure, senior management, investment operations, and other relevant information pertaining to PGIM Investments and PGIM Fixed Income. The Board also noted that it received favorable compliance reports from the Fund’s Chief Compliance Officer (“CCO”) as to PGIM Investments and PGIM Fixed Income.

The Board concluded that it was satisfied with the nature, extent and quality of the investment management services provided by PGIM Investments, and the subadvisory services provided to the Fund by PGIM Fixed Income, and that there was a reasonable basis on which to conclude that the Fund benefits from the services provided by PGIM Investments and PGIM Fixed Income under the management, subadvisory agreement.

Costs of Services and Profits Realized by PGIM Investments

PGIM Fixed Income ETFs

Approval of Advisory Agreements (continued)

comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the adviser’s capital structure and cost of capital. Taking these factors into account, the Board concluded that the profitability of PGIM Investments and its affiliates in relation to the services rendered was not unreasonable.

Economies of Scale

Other Benefits to PGIM Investments, and PGIM Fixed Income

The Board considered potential ancillary benefits that might be received by PGIM Investments, PGIM Fixed Income and their affiliates as a result of their relationship with the Fund. The Board concluded that potential benefits to be derived by PGIM Investments included transfer agency fees received by the Fund’s transfer agent (which is affiliated with PGIM Investments), as well as benefits to its reputation or other intangible benefits resulting from PGIM Investments’ association with the Fund. The Board concluded that the potential benefits to be derived by PGIM Fixed Income included the ability to use soft dollar credits, as well as the potential benefits consistent with those generally resulting from an increase in assets under management, specifically, potential access to additional research resources and benefits to its reputation. The Board concluded that the benefits derived by PGIM Investments and PGIM Fixed Income were consistent with the types of benefits generally derived by investment managers and subadvisers to mutual funds.

Performance of the Fund / Fees and Expenses

The Board considered certain additional factors and made related conclusions relating to the historical performance of the Fund for the one-year period ended December 31, 2021. The Board considered that the Fund commenced operations on September 24, 2018 and that longer-term performance was not yet available.

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Net Performance	1 Year	3 Years	5 Years	10 Years
	1st Quartile	1st Quartile	N/A	N/A
Actual Management Fees: 3rd Quartile
Net Total Expenses: 2nd Quartile

●

The Board noted that the Fund outperformed its benchmark index over the one-and three-year periods.

●

The Board noted that the Fund does not yet have a five-year performance record and that, therefore, the subadviser should have more time to develop that record.

●

PGIM Fixed Income ETFs

Approval of Advisory Agreements (continued)

●

The Board concluded that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

* * *

After full consideration of these factors, the Board concluded that approval of the agreements was in the best interests of the Fund and its shareholders.

PGIM Active Aggregate Bond ETF

The Fund’s Board of Trustees

The Board of Trustees (the “Board”) of PGIM Active Aggregate Bond ETF³ (the “Fund”) consists of ten individuals, eight of whom are not “interested persons” of the Fund, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Trustees”). The Board is responsible for the oversight of the Fund and its operations, and performs the various duties imposed on the Trustees of investment companies by the 1940 Act. The Independent Trustees have retained independent legal counsel to assist them in connection with their duties. The Chair of the Board is an Independent Director. The Board has established five standing committees: the Audit Committee, the Nominating and Governance Committee, the Compliance Committee and two Investment Committees. Each committee is chaired by, and composed of, Independent Trustees.

Annual Approval of the Fund’s Advisory Agreements

As required under the 1940 Act, the Board determines annually whether to renew the Fund’s management agreement with PGIM Investments LLC (“PGIM Investments”) and the Fund’s subadvisory agreement with PGIM, Inc. (“PGIM”) on behalf of its PGIM Fixed Income unit (“PGIM Fixed Income”). In considering the renewal of the agreements, the Board, including all of the Independent Trustees, met on May 26 and June 7-9, 2022 (the “Board Meeting”) and approved the renewal of the agreements through July 31, 2023, after concluding that the renewal of the agreements was in the best interests of the Fund and its shareholders.

In advance of the meetings, the Board requested and received materials relating to the agreements, and had the opportunity to ask questions and request further information in connection with its consideration. Among other things, the Board considered comparative fee information from PGIM Investments and PGIM. Also, the Board considered comparisons with other mutual funds in relevant Peer Universes and Peer Groups, as is further discussed below.

³ PGIM Active Aggregate Bond ETF is a series of PGIM ETF Trust.

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and, as relevant, its affiliates, the performance of the Fund, the profitability of PGIM Investments and its affiliates, expenses and fees, and the potential for economies of scale that may be shared with the Fund and its shareholders as the Fund’s assets grow. In their deliberations, the Trustees did not identify any single factor which alone was responsible for the Board’s decision to approve the agreements with respect to the Fund. In connection with its deliberations, the Board considered information provided by PGIM Investments throughout the year at regular Board meetings, presentations from portfolio managers and other information, as well as information furnished at or in advance of the Board Meeting.

The Trustees determined that the overall arrangements between the Fund and PGIM Investments, which serves as the Fund’s investment manager pursuant to a management agreement, between PGIM Investments and PGIM, which, through its PGIM Fixed Income unit, serves as the Fund’s subadviser pursuant to the terms of a subadvisory agreement with PGIM Investments are in the best interests of the Fund and its shareholders in light of the services performed, fees charged and such other matters as the Trustees considered relevant in the exercise of their business judgment.

The material factors and conclusions that formed the basis for the Trustees’ reaching their determinations to approve the continuance of the agreements are separately discussed below.

Nature, Quality and Extent of Services

The Board considered the qualifications, backgrounds and responsibilities of PGIM Investments’ senior management responsible for the oversight of the Fund and PGIM

PGIM Fixed Income ETFs

Approval of Advisory Agreements (continued)

Fixed Income, and also considered the qualifications, backgrounds and responsibilities of PGIM Fixed Income’s portfolio managers who are responsible for the day-to-day management of the Fund’s portfolio. The Board was provided with information pertaining to PGIM Investments’ and PGIM Fixed Income’s organizational structure, senior management, investment operations, and other relevant information pertaining to PGIM Investments and PGIM Fixed Income. The Board also noted that it received favorable compliance reports from the Fund’s Chief Compliance Officer (“CCO”) as to PGIM Investments and PGIM Fixed Income.

The Board concluded that it was satisfied with the nature, extent and quality of the investment management services provided by PGIM Investments, and the subadvisory services provided to the Fund by PGIM Fixed Income, and that there was a reasonable basis on which to conclude that the Fund benefits from the services provided by PGIM Investments and PGIM Fixed Income under the management, subadvisory agreement.

Costs of Services and Profits Realized by PGIM Investments

The Board was provided with information on the profitability of PGIM Investments and its affiliates in serving as the Fund’s investment manager. The Board discussed with PGIM Investments the methodology utilized in assembling the information regarding profitability and considered its reasonableness. The Board recognized that it is difficult to make comparisons of profitability from fund management contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the adviser’s capital structure and cost of capital. Taking these factors into account, the Board concluded that the profitability of PGIM Investments and its affiliates in relation to the services rendered was not unreasonable.

Economies of Scale

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Other Benefits to PGIM Investments, and PGIM Fixed Income

Performance of the Fund / Fees and Expenses

The Board considered certain additional factors and made related conclusions relating to the historical performance of the Fund for the three-month period ended December 31, 2021. The Board considered that the Fund commenced operations on April 12, 2021 and that longer-term performance was not yet available.

The Board also considered the Fund’s actual management fee, as well as the Fund’s net total expense ratio, for the fiscal period ended August 31, 2021. The Board considered the management fee for the Fund as compared to the management fee charged by PGIM Investments to other funds and the fee charged by other advisers to comparable mutual funds in a Peer Group. The actual management fee represents the fee rate actually paid by Fund shareholders and includes any fee waivers or reimbursements. The net total expense ratio for the Fund represents the actual expense ratio incurred by Fund shareholders.

PGIM Fixed Income ETFs

Approval of Advisory Agreements (continued)

impact of any subsidies or fee waivers), and net total expenses with the Peer Group, each of which were key factors considered by the Board.


Net Performance	Latest Quarter	1 Year	3 Years	5 Years	10 Years
	2nd Quartile	N/A	N/A	N/A	N/A
	Actual Management Fees: 2nd Quartile
	Net Total Expenses: 1st Quartile

●

The Board noted that the Fund underperformed its benchmark index over the three-month period ended December 31, 2021.

●

The Board noted that the Fund does not yet have a one-year performance record and that, therefore, the subadviser should have more time to develop that record.

●

The Board and PGIM Investments agreed to a contractual fee waiver, pursuant to which PGIM Investments waives any management fees it receives from the Fund in an amount equal to the subadvisory fees paid by the Fund to the PGIM Institutional Money Market Fund.

●

The Board concluded that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

* * *

After full consideration of these factors, the Board concluded that approval of the agreements was in the best interests of the Fund and its shareholders.

PGIM Total Return Bond ETF

Initial Approval of the Fund’s Advisory Agreements

As required by the Investment Company Act of 1940 (the 1940 Act), the Board considered the proposed management agreement with PGIM Investments LLC (the Manager) and the proposed subadvisory agreement between the Manager and PGIM, Inc. (PGIM), through its PGIM Fixed Income division, together with PGIM Limited, an indirect wholly-owned subsidiary of PGIM, to serve as the subadviser (together, the Subadviser) with respect to the Fund. The Board, including all of the Independent Trustees, met on September 15, 2021 (the Meeting) and approved the agreements for an initial two-year period, after concluding that approval of the agreements was in the best interests of the Fund.

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In advance of the Meeting, the Board requested and received materials relating to the agreements, and had the opportunity to ask questions and request further information in connection with its considerations.

In approving the agreements, the Board, including the Independent Trustees advised by independent legal counsel, considered the factors it deemed relevant, including the nature, quality and extent of services to be provided to the Fund by the Manager and the Subadviser; any relevant comparable performance information and the Subadviser’s qualifications and track record in serving other affiliated funds; and the fees proposed to be paid by the Fund to the Manager and by the Manager to the Subadviser under the agreements. In connection with its deliberations, the Board considered information provided by the Manager and the Subadviser at or in advance of the Meeting. The Board also considered information that the Trustees received throughout the year regarding the Manager and the Subadviser in their capacity as directors or trustees of other funds in the Prudential organization. In their deliberations, the Trustees did not identify any single factor which alone was responsible for the Board’s decision to approve the agreements with respect to the Fund.

The Trustees determined that the overall arrangements between the Fund and the Manager, which will serve as the Fund’s investment manager pursuant to a management agreement, and between the Manager and the Subadviser, which will serve as the Fund’s subadviser pursuant to the terms of a subadvisory agreement, are appropriate in light of the services to be performed and the fees to be charged under the agreements and such other matters as the Trustees considered relevant in the exercise of their business judgment.

A summary of certain factors and conclusions that formed the basis for the Trustees’ reaching their determinations to approve the agreements are discussed below.

Nature, quality and extent of services

PGIM Fixed Income ETFs

Approval of Advisory Agreements (continued)

senior management responsible for the oversight of the Fund and the Subadviser, and was also provided with information pertaining to the Manager’s organizational structure, senior management, investment operations and other relevant information. The Board noted that the Manager had engaged personnel and consultants with experience in the management of exchanged-traded funds. The Board further noted that it received favorable compliance reports from the Fund’s Chief Compliance Officer as to the Manager for services provided to other PGIM Retail Funds. The Board noted that it had concluded that it was satisfied with the nature, quality and extent of the services provided by the Manager to the other PGIM Retail Funds and determined that it was reasonable to conclude that the nature, quality and extent of services to be provided by the Manager under the management agreement for the Fund would be similar in nature to those provided under the other management agreements.

With respect to the Subadviser, the Board noted that it had received and considered information about the Subadviser at the Meeting, including information relating to the approval and renewal, as applicable, of subadvisory agreements between the Manager and the Subadviser with respect to other PGIM Retail Funds, as well as at other regular meetings throughout the year, regarding the nature, quality and extent of services provided by the Subadviser. The Board considered, among other things, the qualifications, background and experience of the Subadviser’s portfolio managers who will be responsible for the day-to-day management of the Fund’s portfolio, as well as information on the Subadviser’s organizational structure, senior management, investment operations and other relevant information. The Board also considered the Subadviser’s experience managing other similar investment strategies. The Board further noted that it received favorable compliance reports from the Fund’s Chief Compliance Officer as to the Subadviser for services provided to other PGIM Retail Funds. The Board noted that the Subadviser is affiliated with the Manager. The Board noted that it was satisfied with the nature, quality and extent of services provided by the Subadviser with respect to the other PGIM Retail Funds served by the Subadviser and determined that it was reasonable to conclude that the nature, quality and extent of services to be provided by the Subadviser under the subadvisory agreement for the Fund would be similar in nature to those provided under the other subadvisory agreements.

Performance

Because the Fund had not yet commenced operations, no investment performance for the Fund existed for Board review. The Board reviewed the performance information of a mutual fund advised by the Manager and subadvised by the Subadviser that utilizes the same investment strategy. The Board considered the background and professional experience of the proposed portfolio management team for the Fund. The Board took note that the Manager will provide information relating to performance to the Board in connection with future annual reviews of the management agreement and subadvisory agreement.

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Fee Rates

The Board considered the proposed management fees to be paid by the Fund to the Manager and the compensation to be paid by the Manager to the Subadviser. The Board considered the nature of the management fee as a unitary fee and that the Manager would be responsible for the Fund’s expenses except for those expenses reflected in the management agreement as remaining the responsibility of the Fund.

The Board considered information provided by the Manager comparing the Fund’s proposed management fee rate and total expenses (including the effects of leverage) to the Lipper 15(c) Peer Group. The Board noted that the Fund’s management fee was in the third quartile and anticipated total expenses were in the fourth quartile of the Lipper Peer Group (first quartile being the lowest fee) based upon net assets assuming outstanding leverage.

The Board concluded that the proposed management fee and total expenses were reasonable in light of the services to be provided.

Profitability

Because the Fund had not yet commenced operations and the actual asset base of the Fund had not yet been determined, the Board noted that there was no historical profitability information with respect to the Fund to be reviewed. The Board noted that it would review profitability information in connection with future annual renewals of the management and subadvisory agreements.

Economies of Scale

Because the Fund had not yet commenced operations and the actual asset base of the Fund had not yet been determined, the Board noted that there was no historical information regarding economies of scale with respect to the Fund to be reviewed. The Board noted that it would review such information in connection with future annual renewals of the management and subadvisory agreements.

Other Benefits to the Manager and the Subadviser

The Board considered potential “fall-out” or ancillary benefits anticipated to be received by the Manager, the Subadviser and their affiliates as a result of their relationship with the Fund. The Board concluded that any potential benefits to be derived by the Manager were similar to benefits derived by the Manager in connection with its management of the other affiliated funds managed by the Manager, which are reviewed on an annual basis. The Board also concluded that any potential benefits to be derived by the Subadviser were consistent with those generally derived by subadvisers to the PGIM Retail Funds, and that those benefits are reviewed on an annual basis. The Board concluded that any potential benefits derived by the Manager and the Subadviser were consistent with the types of benefits generally derived by investment managers and subadvisers to funds.

PGIM Fixed Income ETFs

Approval of Advisory Agreements (continued)

* * *

After consideration of these and other factors, the Board concluded that the approval of the agreements was in the best interests of the Fund.

PGIM Floating Rate Income ETF

Initial Approval of the Fund’s Advisory Agreements

As required by the Investment Company Act of 1940 (the 1940 Act), the Board considered the proposed management agreement with PGIM Investments LLC (the Manager) and the proposed subadvisory agreement between the Manager and PGIM, Inc. (PGIM), through its PGIM Fixed Income division, together with PGIM Limited, an indirect wholly-owned subsidiary of PGIM, to serve as the subadviser (together, the Subadviser) with respect to the Fund. The Board, including all of the Independent Trustees, met on January 27, 2022 (the Meeting) and approved the agreements for an initial two-year period, after concluding that approval of the agreements was in the best interests of the Fund.

In approving the agreements, the Board, including the Independent Trustees advised by independent legal counsel, considered the factors it deemed relevant, including the nature, quality and extent of services to be provided to the Fund by the Manager and the Subadviser; any relevant comparable performance information and the Subadviser’s qualifications and track record in serving other affiliated funds; and the fees proposed to be paid by the Fund to the Manager and by the Manager to the Subadviser under the agreements. In connection with its deliberations, the Board considered information provided by the Manager and the Subadviser at or in advance of the Meeting. The Board also considered information that the Trustees received throughout the year regarding the Manager and the Subadviser in their capacity as directors or trustees of other funds in the Prudential organization (PGIM Retail Funds). In their deliberations, the Trustees did not identify any single factor which alone was responsible for the Board’s decision to approve the agreements with respect to the Fund.

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A summary of certain factors and conclusions that formed the basis for the Trustees’ reaching their determinations to approve the agreements are discussed below.

Nature, quality and extent of services

With respect to the Manager, the Board noted that it had received and considered information about the Manager at the Meeting, including information relating to the approval and renewal, as applicable, of the management agreements between the Manager and the other PGIM Retail Funds, as well as information received at other regular meetings throughout the year of the PGIM Retail Funds, regarding the nature, quality and extent of services provided by the Manager. The Board considered the services to be provided by the Manager, including but not limited to the oversight of the Subadviser, as well as the provision of fund recordkeeping, compliance and other services to the Fund. With respect to the Manager’s oversight of the Subadviser, the Board noted that the Manager’s Strategic Investment Research Group, which is a business unit of the Manager, is responsible for monitoring and reporting to the Manager’s senior management on the performance and operations of the Subadviser. The Board also noted that the Manager pays the salaries of the officers of the Trust and Trustees of the Trust who are affiliated persons of the Manager or Subadviser. The Board reviewed the qualifications, backgrounds and responsibilities of the Manager’s senior management responsible for the oversight of the Fund and the Subadviser, and was also provided with information pertaining to the Manager’s organizational structure, senior management, investment operations and other relevant information. The Board noted that the Manager had engaged personnel and consultants with experience in the management of exchanged-traded funds. The Board further noted that it received favorable compliance reports from the Fund’s Chief Compliance Officer as to the Manager for services provided to other PGIM Retail Funds. The Board noted that it had concluded that it was satisfied with the nature, quality and extent of the services provided by the Manager to the other PGIM Retail Funds and determined that it was reasonable to conclude that the nature, quality and extent of services to be provided by the Manager under the management agreement for the Fund would be similar in nature to those provided under the other management agreements.

PGIM Fixed Income ETFs

Approval of Advisory Agreements (continued)

Compliance Officer as to the Subadviser for services provided to other PGIM Retail Funds. The Board noted that the Subadviser is affiliated with the Manager. The Board noted that it was satisfied with the nature, quality and extent of services provided by the Subadviser with respect to the other PGIM Retail Funds served by the Subadviser and determined that it was reasonable to conclude that the nature, quality and extent of services to be provided by the Subadviser under the subadvisory agreement for the Fund would be similar in nature to those provided under the other subadvisory agreements.

Performance

Fee Rates

The Board considered information provided by the Manager comparing the Fund’s proposed management fee rate and total expenses (including the effects of leverage) to the Lipper 15(c) Peer Group. The Board noted that the Fund’s management fee was in the fourth quartile and anticipated total expenses were in the third quartile of the Lipper Peer Group (first quartile being the lowest fee) based upon net assets assuming outstanding leverage.

The Board concluded that the proposed management fee and total expenses were reasonable in light of the services to be provided.

Profitability

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Economies of Scale

Other Benefits to the Manager and the Subadviser

* * *

After consideration of these and other factors, the Board concluded that the approval of the agreements was in the best interests of the Fund.

PGIM Fixed Income ETFs

∎ MAIL

655 Broad Street

Newark, NJ 07102

∎ TELEPHONE

(800) 225-1852

∎ WEBSITE

pgim.com/investments

PROXY VOTING

The Board of Trustees delegated to the Funds’ subadvisers the responsibility for voting any proxies and maintaining proxy recordkeeping with respect to each Funds. A description of these proxy voting policies and procedures is available without charge, upon request, by calling (800) 225-1852 or by visiting the Securities and Exchange Commission’s website at sec.gov. Information regarding how each Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Funds’ website and on the Securities and Exchange Commission’s website.

TRUSTEES

Ellen S. Alberding ● Kevin J. Bannon ● Scott E. Benjamin ● Linda W. Bynoe ● Barry H. Evans ● Keith F. Hartstein ● Laurie Simon Hodrick ● Stuart S. Parker ● Brian K. Reid ● Grace C. Torres

OFFICERS

Stuart S. Parker, President ● Scott E. Benjamin, Vice President ● Christian J. Kelly, Treasurer and Principal Financial and Accounting Officer ● Claudia DiGiacomo, Chief Legal Officer ● Isabelle Sajous, Chief Compliance Officer ● Kelly Florio, Anti-Money Laundering Compliance Officer ● Andrew R. French, Secretary ● Melissa Gonzalez, Assistant Secretary ● Kelly A. Coyne, Assistant Secretary ● Patrick E. McGuinness, Assistant Secretary ● Debra Rubano, Assistant Secretary ● Lana Lomuti, Assistant Treasurer ● Russ Shupak, Assistant Treasurer ● Elyse M. McLaughlin, Assistant Treasurer ● Deborah Conway, Assistant Treasurer


MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102
SUBADVISERS	PGIM Fixed Income	655 Broad Street Newark, NJ 07102
	PGIM Limited	Grand Buildings, 1-3 Strand Trafalgar Square London, WC2N 5HR United Kingdom
DISTRIBUTOR	Prudential Investment Management Services LLC	655 Broad Street Newark, NJ 07102
CUSTODIAN/TRANSFER AGENT	The Bank of New York Mellon	240 Greenwich Street New York, NY 10286
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	PricewaterhouseCoopers LLP	300 Madison Avenue New York, NY 10017
FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue New York, NY 10019

An investor should consider the investment objectives, risks, charges, and expenses of each Funds carefully before investing. The prospectus and summary prospectus contain this and other information about the Fund. An investor may obtain the prospectus and summary prospectus by visiting our website at pgim.com/investments or by calling (800) 225-1852. The prospectus and summary prospectus should be read carefully before investing.

E-DELIVERY

To receive your fund documents online, go to pgim.com/investments/resource/edelivery and enroll. Instead of receiving printed documents by mail, you will receive notification via email when new materials are available. You can cancel your enrollment or change your email address at any time by visiting the website address above.

SHAREHOLDER COMMUNICATIONS WITH TRUSTEES

Shareholders can communicate directly with the Board of Trustees by writing to the Chair of the Board, PGIM Fixed Income ETFs, PGIM Investments, Attn: Board of Trustees, 655 Broad Street, Newark, NJ 07102. Shareholders can communicate directly with an individual Trustee by writing to that Trustee at the same address. Communications are not screened before being delivered to the addressee.

AVAILABILITY OF PORTFOLIO HOLDINGS

On each business day, before commencement of trading on the Exchange, the Fund will disclose on www.pgiminvestments.com the Fund’s portfolio holdings that will form the basis for the Fund’s calculation of NAV at the end of the business day. The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT filings are available on the Commission’s website at sec.gov.

The Fund’s Statement of Additional Information contains additional information about the Fund’s Trustees and is available without charge, upon request, by calling (800) 225-1852.

Funds:

ARE NOT INSURED BY THE FDIC OR ANY FEDERAL GOVERNMENT AGENCY

MAY LOSE VALUE

ARE NOT A DEPOSIT OF OR GUARANTEED BY ANY BANK OR ANY BANK AFFILIATE

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PGIM FIXED INCOME ETFS



Fund		Ticker Symbol

PGIM Ultra Short Bond ETF		PULS

PGIM Active High Yield Bond ETF		PHYL

PGIM Active Aggregate Bond ETF		PAB

PGIM Total Return Bond ETF		PTRB

PGIM Floating Rate Income ETF		PFRL

ETF1000E

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PGIM QUANT SOLUTIONS STRATEGIC ALPHA

INTERNATIONAL EQUITY ETF

ANNUAL REPORT

AUGUST 31, 2022

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Table of Contents



Letter from the President			3

Your Fund’s Performance			4

Growth of a $10,000 Investment			5

Strategy and Performance Overview			7

Fees and Expenses			9

Holdings and Financial Statements			11

Approval of Advisory Agreements

This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus.

The views expressed in this report and information about the Fund’s portfolio holdings are for the period covered by this report and are subject to change thereafter.

Exchange-traded funds are distributed by Prudential Investment Management Services LLC, a Prudential Financial company, member SIPC. PGIM Quantitative Solutions is the primary business name of PGIM Quantitative Solutions LLC (formerly known as QMA LLC), a wholly owned subsidiary of PGIM, Inc. (PGIM), a registered investment adviser and Prudential Financial company. ^© 2022 Prudential Financial, Inc. and its related entities. PGIM and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.


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Letter from the President

Dear Shareholder:

We hope you find the annual report for the PGIM Quant Solutions Strategic Alpha International Equity ETF informative and useful. The report covers performance for the 12-month period that ended August 31, 2022.

invasion of Ukraine. With inflation surging to a 40-year high, the US Federal Reserve and other central banks aggressively hiked interest rates, prompting recession concerns.

Thank you for choosing our family of funds.

Sincerely,

LOGO

Stuart S. Parker, President

PGIM Quant Solutions Strategic Alpha International Equity ETF

October 14, 2022


		PGIM Quant Solutions Strategic Alpha International Equity ETF 3

Your Fund’s Performance (unaudited)

Performance data quoted represent past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the past performance data quoted. An investor may obtain performance data as of the most recent month-end by visiting our website at pgim.com/investments or by calling (800) 225-1852.


	Average Annual Total Returns as of 8/31/22
	One Year (%)		Since Inception (%)

Net Asset Value (NAV)		-18.75		2.17 (12/04/2018)

Market Price*		-18.91		2.13 (12/04/2018)

MSCI EAFE Index
		-19.80		3.07

The returns in the table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or following the sale or redemption of Fund shares.


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Growth of a $10,000 Investment (unaudited)

LOGO

The graph compares a $10,000 investment in the Fund with a similar investment in the MSCI EAFE Index by portraying the initial account values at the commencement of operations (December 4, 2018) and the account values at the end of the current fiscal year (August 31, 2022), as measured on a quarterly basis. The Fund assumes an initial investment on December 4, 2018, while the benchmark and the Index assume that the initial investment occurred on November 30, 2018. For purposes of the graph, and unless otherwise indicated, it has been assumed that (a) all recurring fees (including management fees) were deducted and (b) all dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have been lower.

Benchmark Definition

MSCI EAFE Index—The MSCI EAFE Index is a free-float-adjusted market capitalization weighted index that is designed to measure the equity performance of developed markets, excluding the U.S. and Canada.


		PGIM Quant Solutions Strategic Alpha International Equity ETF 5

Your Fund’s Performance (continued)

Investors cannot invest directly in an index. The returns for the Index would be lower if they included the effects of operating expenses or taxes that may be paid by an investor.

Presentation of Fund Holdings as of 8/31/22



Ten Largest Holdings	Line of Business	Country	% of Net Assets
Electricite de France SA	Electric Utilities	France	0.4%
Norsk Hydro ASA	Metals & Mining	Norway	0.3%
Flutter Entertainment plc	Hotels, Restaurants & Leisure	Ireland	0.3%
STMicroelectronics NV	Semiconductors & Semiconductor Equipment	Singapore	0.3%
Seiko Epson Corp.	Technology Hardware, Storage & Peripherals	Japan	0.3%
Hermes International	Textiles, Apparel & Luxury Goods	France	0.3%
Hoya Corp.	Health Care Equipment & Supplies	Japan	0.3%
Suzuki Motor Corp.	Automobiles	Japan	0.3%
Prysmian SpA	Electrical Equipment	Italy	0.3%
Porsche Automobil Holding SE (PRFC)	Automobiles	Germany	0.3%

Holdings reflect only long term investments and are subject to change.


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Strategy and Performance Overview* (unaudited)

How did the Fund perform?

The PGIM Quant Solutions Strategic Alpha International Equity ETF (the Fund) returned –18.75%, based on net asset value, in the 12-month reporting period that ended on August 31, 2022, outperforming the –19.80% return of the MSCI EAFE Index (the Index).

What were the market conditions?

Developed international equity markets declined meaningfully during the reporting period as global growth gave way to higher inflation and higher interest rates. At the same time, Russia’s invasion of Ukraine negatively impacted economic activity across Europe and sent energy prices spiraling higher.

Large-cap stocks generally outperformed their small- and mid-cap counterparts during the period, while value stocks outperformed growth stocks across all market capitalizations.

What worked?

The Fund added value in six of the Index’s eleven sectors during the reporting period, driven by better relative returns from its value factor, as cheaper stocks within the Index outperformed their more expensive peers.

A meaningful underweight position relative to the Index in information technology stocks (the Index’s worst-performing sector), along with an emphasis on more profitable companies through the Fund’s quality factor, aided performance.

The Fund’s results were also helped by good selection among communications services stocks, mainly by avoiding high-valued issues in the entertainment industry, where stock prices were down nearly 40%.

Among individual stocks, the Fund’s top relative contributors to performance were semiconductor & semiconductor equipment company ASML Holding N.V., software company SAP SE, and communication services company Sea Group.

What didn’t work?

The Fund’s relative performance during the reporting period was hurt most by holdings in the healthcare and energy sectors.

In healthcare, which was among the better-performing Index sectors, the Fund performed well from a security selection standpoint. However, an underweight position in larger pharmaceutical companies stemming from the Fund’s equal-weighting approach more than offset the benefit from positive security selection.


		PGIM Quant Solutions Strategic Alpha International Equity ETF 7

Strategy and Performance Overview* (continued)

In energy, which was by far the Index’s best-performing sector, performance was hindered by the Fund’s underweight position relative to the Index—largely as a result of the Fund’s equal-weighting approach—which left it underexposed to the bigger-capitalization stocks in the sector.

Among individual stocks, the Fund’s largest detractors included energy companies BP plc and Shell plc, and food products company Nestle N.A.

Current outlook

The turning of the calendar to 2022 presented a number of new challenges for international equity markets, which were reflected in a meaningful pullback in global stock prices. COVID-19 vaccines continued to demonstrate significant effectiveness, allowing an expanded reopening of many international markets, but significant outbreaks continued to occur on the global level, adding to the well-advertised, lagging performance of global supply chains. The recovery of both consumer and corporate demand in many parts of the world continued to fuel a fairly robust economic bounce into 2022. However, this came at a cost of much higher inflation, leading to a sea change in monetary policy from very accommodative to increasingly restrictive, and depressing both equity and fixed income valuations. Russia’s invasion of Ukraine caused further economic disruption and sent global energy prices skyrocketing.

The challenges to equity performance across the EAFE (Europe, Australasia, Far East) landscape remain daunting, but PGIM Quantitative Solutions continues to see significant long-term opportunity across the space. The positive diversifying effects of maintaining a consistent commitment to EAFE exposure still stand, especially if the relative performance of US and international equities reverts to more typical proportions. EAFE stocks remain very cheap, both on an absolute and relative basis, with valuations at historically low levels, even when assuming very pessimistic future-earnings expectations. In addition, the market appears to be ignoring the opportunities that could spring from an improvement in, or cessation of, hostilities in the Ukrainian/Russian conflict.


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Fees and Expenses (unaudited)

As a shareholder of a Fund, you incur ongoing costs, including investment management fees. This example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

The example is based on an investment of $1,000 held through the six-month period ended August 31, 2022. The example is for illustrative purposes only.

Actual Expenses

The first line in the table below provides information about actual account values and actual expenses. You may use the information on this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value ÷ $1,000 = 8.6), then multiply the result by the number on the first line under the heading “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not a Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, brokerage commissions paid on purchases and sales of Fund shares. Therefore, the ending account values and expenses paid for the period are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.



PGIM Quant Solutions Strategic Alpha International Equity ETF	Beginning Account Value March 1, 2022	Ending Account Value August 31, 2022	Annualized Expense Ratio Based on the Six-Month Period	Expenses Paid During the Six-Month Period*

Actual	$1,000.00	$ 868.80	0.29%	$1.37

Hypothetical	$1,000.00	$1,023.74	0.29%	$1.48


		PGIM Quant Solutions Strategic Alpha International Equity ETF 9

Schedule of Investments

as of August 31, 2022



Description	Shares		Value

LONG-TERM INVESTMENTS 98.1%

COMMON STOCKS 97.0%

Australia 4.4%
Aristocrat Leisure Ltd.		3,382	$	82,615
Aurizon Holdings Ltd.		32,089		81,899
Australia & New Zealand Banking Group Ltd.		5,202		81,263
BHP Group Ltd.		2,887		80,203
BlueScope Steel Ltd.		7,385		84,490
Coles Group Ltd.		6,633		79,699
Dexus, REIT		11,619		69,406
Fortescue Metals Group Ltd.		6,668		84,043
Lottery Corp. Ltd. (The)*		25,109		75,939
Rio Tinto Ltd.		1,146		74,102
Rio Tinto PLC		1,415		78,426
Scentre Group, REIT		44,084		88,684
Sonic Healthcare Ltd.		3,358		78,122
Stockland, REIT		31,818		78,813
Transurban Group		8,105		77,420
Vicinity Centres, REIT		63,154		83,618
Westpac Banking Corp.		5,872		86,827
Woolworths Group Ltd.		3,314		81,838


				1,447,407

Austria 0.7%
Mondi PLC		4,688		79,839
OMV AG		1,833		74,199
voestalpine AG		3,820		77,239


				231,277

Belgium 0.5%
Solvay SA		1,021		82,741
UCB SA		925		65,164


				147,905

Brazil 0.2%
Yara International ASA		1,809		76,708

Chile 0.3%
Antofagasta PLC		6,442		82,395

China 0.7%
ESR Group Ltd., 144A*		29,242		82,152

See Notes to Financial Statements.

PGIM Quant Solutions Strategic Alpha International Equity ETF 11

Schedule of Investments (continued)

as of August 31, 2022



Description	Shares		Value

COMMON STOCKS (Continued)

China (cont’d.)
Wilmar International Ltd.		26,763	$	77,372
Xinyi Glass Holdings Ltd.		35,985		66,755


				226,279

Denmark 1.4%
AP Moller - Maersk A/S (Class A Stock)		33		77,408
AP Moller - Maersk A/S (Class B Stock)		36		86,367
Carlsberg A/S (Class B Stock)		624		81,432
Danske Bank A/S		5,879		78,787
Demant A/S*		1,948		60,145
Novo Nordisk A/S (Class B Stock)		715		76,565


				460,704

Finland 0.7%
Elisa OYJ		1,479		79,162
Nokia OYJ		15,951		80,342
Orion OYJ (Class B Stock)		1,747		79,303


				238,807

France 10.1%
Amundi SA, 144A		1,570		79,993
Arkema SA		887		75,216
BioMerieux		822		75,387
BNP Paribas SA		1,740		81,285
Bollore SE		16,950		81,354
Bouygues SA		2,760		81,269
Bureau Veritas SA		3,193		79,483
Capgemini SE		492		85,538
Carrefour SA		4,220		70,569
Cie de Saint-Gobain		1,932		78,342
Cie Generale des Etablissements Michelin SCA		3,056		74,644
Covivio, REIT		1,483		83,161
Credit Agricole SA		9,064		83,711
Danone SA		1,443		76,147
Dassault Aviation SA		557		76,687
Eiffage SA		872		76,994
Electricite de France SA		9,586		114,976
Engie SA		7,239		86,338
EssilorLuxottica SA		547		82,044
Eurazeo SE		1,314		78,768
Gecina SA, REIT		892		79,737
Hermes International		72		92,798

See Notes to Financial Statements.



Description	Shares		Value

COMMON STOCKS (Continued)

France (cont’d.)
Ipsen SA		846	$	81,236
Kering SA		160		80,879
Klepierre SA, REIT*		4,283		88,237
La Francaise des Jeux SAEM, 144A		2,262		73,584
Legrand SA		1,077		78,231
L’Oreal SA		219		75,544
LVMH Moet Hennessy Louis Vuitton SE		134		87,195
Orange SA		6,857		69,585
Pernod Ricard SA		433		79,871
Publicis Groupe SA		1,840		90,144
Sanofi		854		70,529
SEB SA		822		61,129
Thales SA		702		84,763
TotalEnergies SE		1,679		85,530
Unibail-Rodamco-Westfield, REIT*		1,656		85,540
Valeo		4,334		83,364
Veolia Environnement SA		3,438		76,978
Vinci SA		921		85,383
Vivendi SE		8,248		75,047


				3,307,210

Germany 6.7%
adidas AG		459		68,398
Aroundtown SA		27,250		79,636
BASF SE		1,943		82,147
Bayer AG		1,251		66,129
Bayerische Motoren Werke AG		1,020		75,311
Beiersdorf AG		773		78,149
Brenntag SE		1,273		83,692
Covestro AG, 144A		2,481		75,098
Daimler Truck Holding AG*		3,345		85,804
Deutsche Post AG		2,161		79,039
Deutsche Telekom AG		4,050		76,468
E.ON SE		9,652		82,545
Evonik Industries AG		4,025		75,216
Fresenius Medical Care AG & Co. KGaA		1,616		55,525
Fresenius SE & Co. KGaA		2,464		61,063
GEA Group AG		2,150		74,953
HeidelbergCement AG		1,747		79,180
Henkel AG & Co. KGaA		1,355		84,835
LEG Immobilien SE		978		74,028
Mercedes-Benz Group AG		1,497		84,428
Merck KGaA		433		74,584
Puma SE		1,252		76,775

See Notes to Financial Statements.

PGIM Quant Solutions Strategic Alpha International Equity ETF 13

Schedule of Investments (continued)

as of August 31, 2022



Description	Shares		Value

COMMON STOCKS (Continued)

Germany (cont’d.)
Rational AG		135	$	73,058
Rheinmetall AG		406		64,629
Siemens AG		815		82,788
Symrise AG		712		74,665
Telefonica Deutschland Holding AG		27,684		71,918
United Internet AG		2,611		59,170
Volkswagen AG		460		85,152


				2,184,383

Hong Kong 3.1%
CK Asset Holdings Ltd.		10,956		74,122
CK Infrastructure Holdings Ltd.		13,093		79,739
CLP Holdings Ltd.		8,441		72,809
HK Electric Investments & HK Electric Investments Ltd.		84,585		70,589
HKT Trust & HKT Ltd.		57,933		77,798
Hongkong Land Holdings Ltd.		15,435		74,705
Jardine Matheson Holdings Ltd.		1,566		83,155
New World Development Co. Ltd.		22,343		73,018
Power Assets Holdings Ltd.		13,613		81,518
Sino Land Co. Ltd.		52,757		77,300
Swire Pacific Ltd. (Class A Stock)		13,010		90,091
Swire Properties Ltd.		32,354		74,777
WH Group Ltd., 144A		101,502		69,317


				998,938

Ireland 1.1%
CRH PLC		2,223		82,200
Flutter Entertainment PLC*		803		101,074
Kerry Group PLC (Class A Stock)		797		82,378
Smurfit Kappa Group PLC		2,500		84,291


				349,943

Israel 1.2%
Check Point Software Technologies Ltd.*		634		76,232
ICL Group Ltd.		9,001		86,462
Nice Ltd.*		386		83,693
Tower Semiconductor Ltd.*		1,701		79,962
ZIM Integrated Shipping Services Ltd.		1,842		66,478


				392,827

See Notes to Financial Statements.



Description	Shares		Value

COMMON STOCKS (Continued)

Italy 2.4%
Assicurazioni Generali SpA		5,255	$	77,314
Atlantia SpA		3,423		78,534
Coca-Cola HBC AG*		3,560		81,472
Enel SpA		15,050		71,018
Ferrari NV		419		81,352
Mediobanca Banca di Credito Finanziario SpA		9,536		75,784
Moncler SpA		1,929		86,537
Prysmian SpA		2,985		91,824
Snam SpA		14,332		68,213
Terna - Rete Elettrica Nazionale		10,653		76,011


				788,059

Japan 35.2%
Advantest Corp.		1,499		86,320
AGC, Inc.		2,214		75,699
Ajinomoto Co., Inc.		3,132		87,044
Asahi Group Holdings Ltd.		2,390		80,392
Asahi Kasei Corp.		10,274		75,655
Astellas Pharma, Inc.		5,369		76,694
Bandai Namco Holdings, Inc.		1,062		80,152
Bridgestone Corp.		2,323		89,509
Brother Industries Ltd.		4,399		84,734
Canon, Inc.		3,423		82,172
Capcom Co. Ltd.		2,993		82,083
Chiba Bank Ltd. (The)		15,477		83,777
Chugai Pharmaceutical Co. Ltd.		2,980		77,415
CyberAgent, Inc.		7,913		77,977
Dai Nippon Printing Co. Ltd.		3,833		81,033
Daikin Industries Ltd.		482		84,951
Daito Trust Construction Co. Ltd.		837		82,781
Dentsu Group, Inc.		2,346		76,244
Disco Corp.		331		81,484
Eisai Co. Ltd.		1,889		77,464
Fuji Electric Co. Ltd.		1,826		79,783
FUJIFILM Holdings Corp.		1,461		74,783
Fujitsu Ltd.		584		69,634
GLP J-REIT, REIT		64		78,270
Hamamatsu Photonics KK		2,008		86,000
Hirose Electric Co. Ltd.		614		87,730
Hitachi Construction Machinery Co. Ltd.		3,468		71,869
Hitachi Ltd.		1,620		81,580
Honda Motor Co. Ltd.		3,182		85,296
Hoya Corp.		903		92,624
Hulic Co. Ltd.		9,860		75,232

See Notes to Financial Statements.

PGIM Quant Solutions Strategic Alpha International Equity ETF 15

Schedule of Investments (continued)

as of August 31, 2022



Description	Shares		Value

COMMON STOCKS (Continued)

Japan (cont’d.)
Ibiden Co. Ltd.		2,834	$	91,390
Idemitsu Kosan Co. Ltd.		3,364		88,383
Inpex Corp.		7,535		86,998
Isuzu Motors Ltd.		6,843		85,264
ITOCHU Corp.		2,807		77,648
Itochu Techno-Solutions Corp.		3,107		79,059
Japan Post Bank Co. Ltd.		9,919		72,398
Japan Post Holdings Co. Ltd.		11,645		80,578
Japan Post Insurance Co. Ltd.		5,082		77,990
Japan Real Estate Investment Corp., REIT		16		74,285
Japan Tobacco, Inc.		4,518		76,750
JFE Holdings, Inc.		7,365		79,521
Kajima Corp.		7,177		75,890
KDDI Corp.		2,688		82,754
Keyence Corp.		227		86,339
Kikkoman Corp.		1,350		83,182
Kintetsu Group Holdings Co. Ltd.		2,546		86,867
Kirin Holdings Co. Ltd.		5,440		89,848
Komatsu Ltd.		3,475		73,290
Konami Group Corp.		1,372		69,921
Kubota Corp.		4,820		75,479
Kurita Water Industries Ltd.		2,128		83,634
Kyocera Corp.		1,533		85,828
Kyowa Kirin Co. Ltd.		3,416		77,086
Lixil Corp.		4,073		71,507
Marubeni Corp.		7,830		81,837
Mazda Motor Corp.		10,127		89,734
MEIJI Holdings Co. Ltd.		1,545		73,733
MISUMI Group, Inc.		3,524		87,513
Mitsubishi Chemical Group Corp.		13,574		71,620
Mitsubishi Corp.		2,436		80,028
Mitsubishi Estate Co. Ltd.		5,469		74,009
Mitsubishi HC Capital, Inc.		17,111		83,261
Mitsubishi Heavy Industries Ltd.		2,174		84,096
Mitsubishi UFJ Financial Group, Inc.		14,307		74,261
Mitsui & Co. Ltd.		3,630		85,338
Mitsui Chemicals, Inc.		3,652		82,674
Mitsui Fudosan Co. Ltd.		3,718		75,564
Murata Manufacturing Co. Ltd.		1,363		74,113
NEC Corp.		2,005		73,604
NGK Insulators Ltd.		6,332		91,112
Nintendo Co. Ltd.		179		73,430
Nippon Building Fund, Inc., REIT		16		79,928
NIPPON EXPRESS HOLDINGS, Inc.		1,348		74,617

See Notes to Financial Statements.



Description	Shares		Value

COMMON STOCKS (Continued)

Japan (cont’d.)
Nippon Sanso Holdings Corp.		4,746	$	86,909
Nippon Shinyaku Co. Ltd.		1,221		67,235
Nippon Steel Corp.		5,307		84,366
Nippon Telegraph & Telephone Corp.		2,731		74,091
Nippon Yusen KK		1,132		87,105
Nissan Chemical Corp.		1,632		83,054
Nitto Denko Corp.		1,243		77,125
Nomura Real Estate Holdings, Inc.		3,244		79,976
Nomura Real Estate Master Fund, Inc., REIT		63		77,183
NTT Data Corp.		5,506		78,235
Obayashi Corp.		10,972		76,293
Oji Holdings Corp.		19,311		77,425
Olympus Corp.		3,930		85,149
Ono Pharmaceutical Co. Ltd.		3,068		73,495
ORIX Corp.		4,739		78,321
Osaka Gas Co. Ltd.		4,403		74,289
Otsuka Holdings Co. Ltd.		2,394		78,597
Pan Pacific International Holdings Corp.		5,068		91,383
Persol Holdings Co. Ltd.		4,002		81,235
Recruit Holdings Co. Ltd.		2,643		85,288
Renesas Electronics Corp.*		8,781		83,686
Ricoh Co. Ltd.		10,156		80,195
Rohm Co. Ltd.		1,152		87,234
SBI Holdings, Inc.		4,007		79,203
SCSK Corp.		4,568		74,969
Secom Co. Ltd.		1,218		78,222
Seiko Epson Corp.		6,027		95,269
Sekisui Chemical Co. Ltd.		5,698		78,174
Sekisui House Ltd.		4,631		79,136
Seven & i Holdings Co. Ltd.		2,002		79,734
SG Holdings Co. Ltd.		4,642		77,486
Shimadzu Corp.		2,559		75,338
Shin-Etsu Chemical Co. Ltd.		673		79,035
Shionogi & Co. Ltd.		1,523		74,591
SMC Corp.		176		84,374
SoftBank Corp.		7,494		82,505
Square Enix Holdings Co. Ltd.		1,747		76,331
Subaru Corp.		4,518		82,457
SUMCO Corp.		6,209		85,364
Sumitomo Chemical Co. Ltd.		18,492		73,209
Sumitomo Corp.		5,790		81,896
Sumitomo Metal Mining Co. Ltd.		2,582		81,869
Sumitomo Mitsui Financial Group, Inc.		2,791		84,257
Sumitomo Mitsui Trust Holdings, Inc.		2,544		79,401

See Notes to Financial Statements.

PGIM Quant Solutions Strategic Alpha International Equity ETF 17

Schedule of Investments (continued)

as of August 31, 2022



Description	Shares		Value

COMMON STOCKS (Continued)

Japan (cont’d.)
Sumitomo Realty & Development Co. Ltd.		3,251	$	80,032
Suntory Beverage & Food Ltd.		2,062		75,697
Suzuki Motor Corp.		2,625		92,189
Taisei Corp.		2,522		76,881
Takeda Pharmaceutical Co. Ltd.		3,059		84,773
TDK Corp.		2,498		88,376
Terumo Corp.		2,595		84,168
TIS, Inc.		2,981		85,616
Toho Co. Ltd.		2,111		80,687
Tokyo Electric Power Co. Holdings, Inc.*		16,299		63,823
Tokyo Electron Ltd.		250		79,467
Tokyo Gas Co. Ltd.		4,160		78,214
TOPPAN, Inc.		4,571		72,090
Toray Industries, Inc.		13,933		80,123
Toshiba Corp.		1,952		72,600
Tosoh Corp.		6,104		79,395
TOTO Ltd.		2,271		79,037
Toyota Tsusho Corp.		2,381		84,066
USS Co. Ltd.		4,457		79,050
Yakult Honsha Co. Ltd.		1,355		80,271
Yamaha Corp.		2,058		80,883
Yamaha Motor Co. Ltd.		4,027		84,033
Yaskawa Electric Corp.		2,349		77,440
Yokogawa Electric Corp.		4,851		85,375


				11,483,717

Jordan 0.2%
Hikma Pharmaceuticals PLC		4,010		61,165

Luxembourg 0.5%
ArcelorMittal SA		3,657		87,302
Eurofins Scientific SE		1,046		72,637


				159,939

Netherlands 2.6%
EXOR NV		1,321		79,998
Heineken Holding NV		1,163		82,748
Heineken NV		950		85,675
JDE Peet’s NV		2,813		86,844
Koninklijke Ahold Delhaize NV		2,799		77,073
Koninklijke KPN NV		22,499		71,675
Koninklijke Philips NV		3,808		63,710
NN Group NV		1,816		74,770

See Notes to Financial Statements.



Description	Shares		Value

COMMON STOCKS (Continued)

Netherlands (cont’d.)
Randstad NV		1,527	$	71,342
Shell PLC		3,227		85,847
Wolters Kluwer NV		840		82,255


				861,937

New Zealand 0.7%
Mercury NZ Ltd.		21,481		76,230
Meridian Energy Ltd.		26,562		81,341
Spark New Zealand Ltd.		26,180		86,819


				244,390

Norway 1.5%
Aker BP ASA		1,978		69,205
Equinor ASA		2,359		90,844
Mowi ASA		3,406		70,020
Norsk Hydro ASA		14,958		103,103
Orkla ASA		9,620		80,752
Telenor ASA		5,933		65,074


				478,998

Portugal 0.3%
Jeronimo Martins SGPS SA		3,810		84,618

Russia 0.0%
Evraz PLC^		10,559		1

Singapore 3.1%
Capitaland Investment Ltd.		30,158		79,633
City Developments Ltd.		15,211		88,494
DBS Group Holdings Ltd.		3,554		82,908
Keppel Corp. Ltd.		16,852		87,670
Mapletree Pan Asia Commercial Trust, REIT		61,137		80,498
Oversea-Chinese Banking Corp. Ltd.		9,687		83,807
Singapore Airlines Ltd.*		21,662		82,466
Singapore Technologies Engineering Ltd.		29,427		78,545
STMicroelectronics NV		2,732		95,394
United Overseas Bank Ltd.		3,826		74,825
UOL Group Ltd.		15,074		74,644
Venture Corp. Ltd.		6,893		90,216


				999,100

See Notes to Financial Statements.

PGIM Quant Solutions Strategic Alpha International Equity ETF 19

Schedule of Investments (continued)

as of August 31, 2022



Description	Shares		Value

COMMON STOCKS (Continued)

South Africa 0.2%
Anglo American PLC		2,521	$	81,504

Spain 2.5%
Acciona SA		438		85,877
ACS Actividades de Construccion y Servicios SA		3,344		74,638
Banco Santander SA		29,754		72,272
Enagas SA		3,679		67,252
Endesa SA		4,150		71,317
Iberdrola SA		8,185		85,422
Industria de Diseno Textil SA		3,509		75,994
Naturgy Energy Group SA		3,029		83,649
Red Electrica Corp. SA		4,029		73,833
Repsol SA		6,007		78,387
Telefonica SA		15,577		64,433


				833,074

Sweden 3.1%
Assa Abloy AB (Class B Stock)		3,778		76,801
Getinge AB (Class B Stock)		3,411		63,404
H & M Hennes & Mauritz AB (Class B Stock)		6,382		66,490
Holmen AB (Class B Stock)		2,060		88,623
Investor AB (Class B Stock)		4,847		76,706
Securitas AB (Class B Stock)		9,237		81,105
Skanska AB (Class B Stock)		5,317		78,882
SKF AB (Class B Stock)		5,468		82,354
Swedish Orphan Biovitrum AB*		3,704		81,863
Telefonaktiebolaget LM Ericsson (Class B Stock)		10,740		80,580
Telia Co. AB		20,779		73,253
Volvo AB (Class A Stock)		4,715		78,687
Volvo AB (Class B Stock)		4,861		77,192


				1,005,940

Switzerland 2.2%
ABB Ltd.		3,026		83,490
Adecco Group AG*		2,409		76,521
Baloise Holding AG		506		73,195
Chocoladefabriken Lindt & Spruengli AG		8		84,624
Geberit AG		163		75,522
Kuehne + Nagel International AG		321		74,216
Novartis AG		975		78,928

See Notes to Financial Statements.



Description		Shares		Value

COMMON STOCKS (Continued)

Switzerland (cont’d.)
Swatch Group AG (The)			344	$	83,862
Swiss Prime Site AG			920		79,341


					709,699

United Kingdom 9.6%
3i Group PLC			5,979		84,426
abrdn PLC			44,097		75,227
Associated British Foods PLC			4,098		72,600
Auto Trader Group PLC, 144A			11,662		88,304
Aviva PLC			17,181		83,569
BAE Systems PLC			8,163		73,606
Barclays PLC			44,537		85,110
Barratt Developments PLC			14,645		72,697
Berkeley Group Holdings PLC			1,775		75,367
British American Tobacco PLC			2,108		84,522
British Land Co. PLC (The), REIT			14,870		74,418
BT Group PLC			37,395		65,467
Bunzl PLC			2,205		73,286
Burberry Group PLC			4,157		84,414
CK Hutchison Holdings Ltd.			12,184		78,782
Coca-Cola Europacific Partners PLC			1,511		74,296
Compass Group PLC			3,891		84,030
Diageo PLC			1,872		81,856
Haleon PLC*			3,676		11,054
Imperial Brands PLC			3,694		81,385
Informa PLC			12,768		81,104
Intertek Group PLC			1,560		71,747
J Sainsbury PLC			31,188		73,694
JD Sports Fashion PLC			58,050		76,170
Kingfisher PLC			26,250		70,778
Land Securities Group PLC, REIT			10,205		77,129
Lloyds Banking Group PLC			158,828		80,963
National Grid PLC			5,911		74,024
NatWest Group PLC			29,471		84,375
Next PLC			1,108		74,810
Pearson PLC			9,090		91,110
Persimmon PLC			3,577		61,334
Reckitt Benckiser Group PLC			1,056		81,554
RELX PLC	��		3,031		79,647
Sage Group PLC (The)			10,298		85,560
Segro PLC, REIT			6,673		73,101
Smiths Group PLC			4,771		82,638
SSE PLC			3,934		75,521
Taylor Wimpey PLC			57,718		72,616

See Notes to Financial Statements.

PGIM Quant Solutions Strategic Alpha International Equity ETF 21

Schedule of Investments (continued)

as of August 31, 2022



Description	Shares		Value

COMMON STOCKS (Continued)

United Kingdom (cont’d.)
Tesco PLC		25,707	$	74,271
Vodafone Group PLC		56,839		76,383


				3,122,945

United States 1.8%
Ferguson PLC		670		77,725
GSK PLC		2,940		47,112
Nestle SA		612		71,737
QIAGEN NV*		1,742		79,216
Roche Holding AG (Bearer Shares)		190		72,734
Roche Holding AG (Genusschein)		238		76,793
Schneider Electric SE		681		81,290
Stellantis NV		6,798		91,230


				597,837


TOTAL COMMON STOCKS (cost $34,011,240)				31,657,706


PREFERRED STOCKS 1.1%

Germany
Bayerische Motoren Werke AG (PRFC)		1,155		80,380
Henkel AG & Co. KGaA (PRFC)		1,348		87,025
Porsche Automobil Holding SE (PRFC)		1,293		91,582
Volkswagen AG (PRFC)		632		90,278


TOTAL PREFERRED STOCKS (cost $429,637)				349,265


TOTAL LONG-TERM INVESTMENTS (cost $34,440,877)				32,006,971


SHORT-TERM INVESTMENT 0.9%

UNAFFILIATED FUND
Dreyfus Government Cash Management (Institutional Shares) (cost $299,811)		299,811		299,811


TOTAL INVESTMENTS 99.0% (cost $34,740,688)				32,306,782
Other assets in excess of liabilities 1.0%				339,760


NET ASSETS 100.0%			$	32,646,542

See Notes to Financial Statements.

Below is a list of the abbreviation(s) used in the annual report:

144A—Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, pursuant to the requirements of Rule 144A, may not be resold except to qualified institutional buyers.

LIBOR—London Interbank Offered Rate

PRFC—Preference Shares

*	Non-income producing security.

^	Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $1 and 0.0% of net assets.

Fair Value Measurements:

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of August 31, 2022 in valuing such portfolio securities:


	Level 1			Level 2			Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks
Australia		$	1,447,407		$	—		$	—
Austria			231,277			—			—
Belgium			147,905			—			—
Brazil			76,708			—			—
Chile			82,395			—			—
China			226,279			—			—
Denmark			460,704			—			—
Finland			238,807			—			—
France			3,307,210			—			—
Germany			2,184,383			—			—
Hong Kong			998,938			—			—
Ireland			349,943			—			—
Israel			392,827			—			—
Italy			788,059			—			—
Japan			11,483,717			—			—
Jordan			61,165			—			—
Luxembourg			159,939			—			—
Netherlands			861,937			—			—
New Zealand			244,390			—			—
Norway			478,998			—			—
Portugal			84,618			—			—
Russia			—			—			1
Singapore			999,100			—			—

See Notes to Financial Statements.

PGIM Quant Solutions Strategic Alpha International Equity ETF 23

Schedule of Investments (continued)

as of August 31, 2022


	Level 1			Level 2			Level 3
Investments in Securities (continued)
Assets (continued)
Long-Term Investments (continued)
Common Stocks (continued)
South Africa		$	81,504		$	—		$	—
Spain			833,074			—			—
Sweden			1,005,940			—			—
Switzerland			709,699			—			—
United Kingdom			3,122,945			—			—
United States			597,837			—			—
Preferred Stocks
Germany			349,265			—			—
Short-Term Investment
Unaffiliated Fund			299,811			—			—

Total		$	32,306,781		$	—		$	1

Industry Classification:

The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of August 31, 2022 were as follows:


Pharmaceuticals	4.7	%
Real Estate Management & Development	4.6
Banks	4.4
Chemicals	4.3
Equity Real Estate Investment Trusts (REITs)	3.9
Machinery	3.7
Automobiles	3.7
Electric Utilities	3.4
Food Products	3.4
Metals & Mining	3.3
Diversified Telecommunication Services	2.9
Electronic Equipment, Instruments & Components	2.6
Beverages	2.5
Textiles, Apparel & Luxury Goods	2.3
Trading Companies & Distributors	2.2
Semiconductors & Semiconductor Equipment	2.1
Oil, Gas & Consumable Fuels	2.0
Professional Services	1.9
Construction & Engineering	1.9
Food & Staples Retailing	1.9
Building Products	1.9
Industrial Conglomerates	1.7
IT Services	1.7
Health Care Equipment & Supplies	1.6
Household Durables	1.5


Media	1.5	%
Insurance	1.4
Entertainment	1.4
Hotels, Restaurants & Leisure	1.3
Technology Hardware, Storage & Peripherals	1.3
Electrical Equipment	1.3
Diversified Financial Services	1.2
Marine	1.2
Aerospace & Defense	1.2
Gas Utilities	1.1
Specialty Retail	1.1
Multi-Utilities	1.0
Capital Markets	1.0
Commercial Services & Supplies	1.0
Unaffiliated Fund	0.9
Household Products	0.8
Auto Components	0.8
Paper & Forest Products	0.8
Software	0.7
Tobacco	0.7
Wireless Telecommunication Services	0.7
Air Freight & Logistics	0.7
Health Care Providers & Services	0.6
Road & Rail	0.5
Multiline Retail	0.5

See Notes to Financial Statements.

Industry Classification (continued):


Personal Products	0.5	%
Construction Materials	0.5
Leisure Products	0.5
Communications Equipment	0.5
Transportation Infrastructure	0.5
Life Sciences Tools & Services	0.5
Interactive Media & Services	0.3
Containers & Packaging	0.3
Airlines	0.2


Biotechnology	0.2	%
Independent Power & Renewable Electricity Producers	0.2

	99.0
Other assets in excess of liabilities	1.0


	100.0	%

See Notes to Financial Statements.

PGIM Quant Solutions Strategic Alpha International Equity ETF 25

Statement of Assets and Liabilities

as of August 31, 2022



Assets

Unaffiliated investments (cost $34,740,688)	$	32,306,782
Foreign currency, at value (cost $177,895)		175,929
Dividends receivable		97,220
Tax reclaim receivable		74,992


Total Assets		32,654,923


Liabilities
Management fee payable		8,381


Net Assets	$	32,646,542




Net assets were comprised of:
Common stock, at par	$	700
Paid-in capital in excess of par		34,905,030
Total distributable earnings (loss)		(2,259,188	)


Net assets, August 31, 2022	$	32,646,542


Net asset value, offering price and redemption price per share, ($32,646,542 ÷ 700,000 shares of common stock issued and outstanding)	$	46.64

See Notes to Financial Statements.

Statement of Operations

Year Ended August 31, 2022


Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of $160,354 foreign withholding tax)	$	1,179,884
Income from securities lending, net (including affiliated income of $88)		8,356
Miscellaneous income		32

Total income		1,188,272


Expenses
Management fee		110,436

Net investment income (loss)		1,077,836


Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $(14))		(141,186	)
Foreign currency transactions		(41,145	)

		(182,331	)


Net change in unrealized appreciation (depreciation) on:
Investments		(8,477,386	)
Foreign currencies		7,219

		(8,470,167	)

Net gain (loss) on investment and foreign currency transactions		(8,652,498	)

Net Increase (Decrease) In Net Assets Resulting From Operations	$	(7,574,662	)

See Notes to Financial Statements.

PGIM Quant Solutions Strategic Alpha International Equity ETF 27

Statements of Changes in Net Assets



	Year Ended August 31,
	2022			2021

Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	1,077,836		$	1,005,336
Net realized gain (loss) on investment and foreign currency transactions		(182,331	)		4,315,646
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		(8,470,167	)		3,348,057

Net increase (decrease) in net assets resulting from operations		(7,574,662	)		8,669,039

Dividends and Distributions
Distributions from distributable earnings		(3,368,106	)		(940,968	)

Total increase (decrease)		(10,942,768	)		7,728,071

Net Assets:
Beginning of year		43,589,310			35,861,239

End of year	$	32,646,542		$	43,589,310

See Notes to Financial Statements.

Financial Highlights




										December 04, 2018^(a)
	Year Ended August 31,									through August 31,
	2022			2021			2020			2019

Per Share Operating Performance^(b):
Net Asset Value, Beginning of Period		$62.27			$51.23			$49.55			$50.00
Income (loss) from investment operations:
Net investment income (loss)		1.54			1.44			1.09			1.16
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(12.36	)		10.94			1.88			(0.63)
Total from investment operations		(10.82	)		12.38			2.97			0.53
Less Dividends and Distributions:
Dividends from net investment income		(1.49	)		(1.34	)		(1.29	)		(0.98)
Distributions from net realized gains		(3.32	)		-			-			-
Total dividends and distributions		(4.81	)		(1.34	)		(1.29	)		(0.98)
Net asset value, end of period		$46.64			$62.27			$51.23			$49.55
Total Return^(c):		(18.75	)%		24.43	%		6.05	%		1.09%

Ratios/Supplemental Data:
Net assets, end of period (000)		$32,647			$43,589			$35,861			$34,687
Average net assets (000)		$38,070			$40,415			$34,722			$27,908
Ratios to average net assets^(d):
Expenses after waivers and/or expense reimbursement		0.29	%		0.29	%		0.29	%		0.29%^(e)
Expenses before waivers and/or expense reimbursement		0.29	%		0.29	%		0.29	%		0.29%^(e)
Net investment income (loss)		2.83	%		2.49	%		2.20	%		3.12%^(e)
Portfolio turnover rate^(f)		90	%		79	%		92	%		63%

(a)	Commencement of operations.

(b)	Calculated based on average shares outstanding during the period.

(c)

(d)	Does not include expenses of the underlying funds in which the Fund invests.

(e)	Annualized.

(f)	The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Quant Solutions Strategic Alpha International Equity ETF 29

Notes to Financial Statements

1.	Organization

PGIM ETF Trust (the “Registered Investment Company” or “RIC”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The RIC is organized as a Delaware Statutory Trust. These financial statements relate only to the PGIM Quant Solutions Strategic Alpha International Equity ETF (the “Fund”), a series of the RIC. The Fund is classified as a diversified fund for purposes of the 1940 Act.

The investment objective of the Fund is to seek long-term growth of capital.

2.	Accounting Policies

The Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) Topic 946 Financial Services — Investment Companies. The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies conform to U.S. generally accepted accounting principles (“GAAP”). The Fund consistently follows such policies in the preparation of its financial statements.

Securities Valuation: The Fund holds securities and other assets and liabilities that are fair valued as of the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. As described in further detail below, the Fund’s investments are valued daily based on a number of factors, including the type of investment and whether market quotations are readily available. The RIC’s Board of Directors (the “Board”) has approved the Fund’s valuation policies and procedures for security valuation and designated to PGIM Investments LLC (“PGIM Investments” or the “Manager”) as the Valuation Designee pursuant to SEC Rule 2a-5(b) to perform the fair value determination relating to all Fund investments. Pursuant to the Board’s oversight, the Valuation Designee has established a Valuation Committee to perform the duties and responsibilities as valuation designee under SEC Rule 2a-5. The valuation procedures permit the Fund to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. A record of the Valuation Committee’s actions is provided to the Board at the first quarterly meeting following the quarter in which such actions take place.


30

trade in markets that are open on weekends and U.S. holidays, the values of some of the Fund’s foreign investments may change on days when investors cannot purchase or redeem Fund shares.

Various inputs determine how the Fund’s investments are valued, all of which are categorized according to the three broad levels (Level 1, 2, or 3) detailed in the Schedule of Investments and referred to herein as the “fair value hierarchy” in accordance with FASB ASC Topic 820 - Fair Value Measurement.

Securities and other assets that cannot be priced according to the methods described above are valued based on policies and procedures approved by the Board. In the event that unobservable inputs are used when determining such valuations, the securities will be classified as Level 3 in the fair value hierarchy. Altering one or more unobservable inputs may result in a significant change to a Level 3 security’s fair value measurement.

Foreign Currency Translation: The books and records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars on the following basis:


		PGIM Quant Solutions Strategic Alpha International Equity ETF 31

Notes to Financial Statements (continued)

(i) market value of investment securities, other assets and liabilities — at the exchange rate as of the valuation date;

(ii) purchases and sales of investment securities, income and expenses — at the rates of exchange prevailing on the respective dates of such transactions.

Although the net assets of the Fund are presented at the foreign exchange rates and market values at the close of the period, the Fund does not generally isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities held at the end of the period. Similarly, the Fund does not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities sold during the period. Accordingly, holding period unrealized and realized foreign currency gains (losses) are included in the reported net change in unrealized appreciation (depreciation) on investments and net realized gains (losses) on investment transactions on the Statements of Operations.

Net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from the disposition of holdings of foreign currencies, currency gains (losses) realized between the trade and settlement dates on investment transactions, and the difference between the amounts of interest, dividends and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains (losses) arise from valuing foreign currency denominated assets and liabilities (other than investments) at period end exchange rates.

Master Netting Arrangements: The RIC, on behalf of the Fund, is subject to various Master Agreements, or netting arrangements, with select counterparties. These are agreements which a subadviser may have negotiated and entered into on behalf of all or a portion of the Fund. A master netting arrangement between the Fund and the counterparty permits the Fund to offset amounts payable by the Fund to the same counterparty against amounts to be received; and by the receipt of collateral from the counterparty by the Fund to cover the Fund’s exposure to the counterparty. However, there is no assurance that such mitigating factors are easily enforceable. In addition to master netting arrangements, the right to set-off exists when all the conditions are met such that each of the parties owes the other determinable amounts, the reporting party has the right to set-off the amount owed with the amount owed by the other party, the reporting party intends to set-off and the right of set-off is enforceable by law.

Securities Lending: The Fund lends its portfolio securities to banks and broker-dealers. The loans are secured by collateral at least equal to the market value of the securities loaned. Collateral pledged by each borrower is invested in an affiliated money market fund and is


32

marked to market daily, based on the previous day’s market value, such that the value of the collateral exceeds the value of the loaned securities. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the financial statements may reflect a collateral value that is less than the market value of the loaned securities. Such shortfall is remedied as described above. Loans are subject to termination at the option of the borrower or the Fund. Upon termination of the loan, the borrower will return to the Fund securities identical to the loaned securities. The remaining open loans of the securities lending transactions are considered overnight and continuous. Should the borrower of the securities fail financially, the Fund has the right to repurchase the securities in the open market using the collateral.

Equity and Mortgage Real Estate Investment Trusts (collectively REITs): The Fund invested in REITs, which report information on the source of their distributions annually. Based on current and historical information, a portion of distributions received from REITs during the period is estimated to be dividend income, capital gain or return of capital and recorded accordingly. When material, these estimates are adjusted periodically when the actual source of distributions is disclosed by the REITs.

Securities Transactions and Net Investment Income: Securities transactions are recorded on the trade date. Realized gains (losses) from investment and currency transactions are calculated on the specific identification method. Dividend income is recorded on the ex-date, or for certain foreign securities, when the Fund becomes aware of such dividends. Expenses are recorded on an accrual basis, which may require the use of certain estimates by management that may differ from actual.

Taxes: It is the Fund’s policy to continue to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable net investment income and capital gains, if any, to its shareholders. Therefore, no federal income tax provision is required. Withholding taxes on foreign dividends, interest and capital gains, if any, are recorded, net of reclaimable amounts, at the time the related income is earned.


		PGIM Quant Solutions Strategic Alpha International Equity ETF 33

Notes to Financial Statements (continued)



Expected Distribution Schedule to Shareholders*		Frequency

Net Investment Income		Quarterly

Short-Term Capital Gains		Annually

Long-Term Capital Gains		Annually

*	Under certain circumstances, the Fund may make more than one distribution of short-term and/or long-term capital gains during a fiscal year.

3.	Agreements

Pursuant to a management agreement with the RIC on behalf of the Fund (the Management Agreement), PGIM Investments manages each Fund’s investment operations and administers its business affairs. PGIM Investments is also responsible for supervising each Fund’s subadviser.

Pursuant to the management agreement relating to the Fund, there is a unitary fee structure for the fund whereby PGIM Investments is responsible for substantially all expenses of the Fund, except taxes, brokerage expenses, interest expenses, distribution fees or expenses, expenses incident to shareholder meetings and extraordinary expenses. The Fund may also pay for any costs or expenses of investing in other funds. For more information on the unitary management fee structure please refer to the Fund’s Statement of Additional Information.

The unitary fee paid to the Manager is accrued daily and payable monthly, at an annual rate of the Fund’s average daily net assets specified below. The Manager has contractually agreed, beginning from the Fund’s inception date, to waive any management fees it receives from the Fund in an amount equal to the subadvisory fees paid by the Fund to the PGIM Institutional Money Market Fund due to the Fund’s investment of its excess overnight cash


34

in the PGIM Institutional Money Market Fund. This waiver will remain in effect for as long as the Fund remains invested or intends to invest in the PGIM Institutional Money Market Fund.



Fund		Unitary Fee Rate

PGIM Quant Solutions Strategic Alpha International Equity ETF		0.29%

The Manager has entered into a subadvisory agreement (Subadvisory Agreement) with PGIM Quantitative Solutions LLC (formerly known as QMA LLC), (“PGIM Quantitative Solutions”) (the “subadviser”). The Manager pays for the services of the subadviser.

Prudential Investment Management Services LLC (“PIMS” or the “Distributor”), acts as the distributor of the Fund, pursuant to the terms of a distribution agreement (“Distribution Agreement”) between the RIC and the Distributor. The Distributor is a subsidiary of Prudential. Shares are continuously offered for sale by the Distributor only. Although the Distributor does not receive any fees under the Distribution Agreement, the Manager or its affiliates may pay the Distributor for certain distribution related services.

PGIM Investments, PGIM, Inc., PIMS and PGIM Quantitative Solutions are indirect, wholly-owned subsidiaries of Prudential Financial, Inc. (“Prudential”).

4.	Other Transactions with Affiliates

The Fund may invest its securities lending cash collateral in the PGIM Institutional Money Market Fund (the “Money Market Fund”), a fund of Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PGIM Investments. PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services to the Money Market Fund. In addition to the realized and unrealized gains on investments in the Money


		PGIM Quant Solutions Strategic Alpha International Equity ETF 35

Notes to Financial Statements (continued)

Market Fund, earnings from such investments are disclosed on the Statement of Operations as “Income from securities lending, net”.

The Fund may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act, that subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors/trustees, and/or common officers. For the year ended August 31, 2022, no 17a-7 transactions were entered into by the Fund.

5.	Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the reporting period ended August 31, 2022, were as follows:



Cost of Purchases		Proceeds from Sales

$32,622,666		$34,543,790

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the year ended August 31, 2022, is presented as follows:

Value,
Beginning
of Year

Cost of
Purchases

Proceeds
from Sales

Change in
Unrealized
Gain
(Loss)

Realized
Gain
(Loss)

Value,
End of Year

Shares,
End
of Year

Income

Short-Term Investments - Affiliated Mutual Fund:

PGIM Institutional Money Market Fund^(1)(b)(we)

$95,793

$1,207,074

$1,302,853

$—

$(14)

$—

—

$88⁽²⁾

(1)	The Fund did not have any capital gain distributions during the reporting period.

(2)	The amount, or a portion thereof, represents the affiliated securities lending income shown on the Statement of Operations.

(b)	Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment.

(we)	PGIM Investments LLC, the manager of the Fund, also serves as manager of the PGIM Institutional Money Market Fund.

6.	Distributions and Tax Information

Distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from GAAP, are recorded on the ex-date.


36

For the year ended August 31, 2022, the tax character of dividends paid by the Fund were $3,263,764 of ordinary income and $104,342 of long-term capital gains. For the year ended August 31, 2021, the tax character of dividends paid by the Fund was $940,968 of ordinary income.

As of August 31, 2022, the accumulated undistributed earnings on a tax basis was $420,029 of ordinary income.

The United States federal income tax basis of the Fund’s investments and the net unrealized depreciation as of August 31, 2022 were as follows:

Tax Basis

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Depreciation

$34,788,264

$1,960,981

$(4,442,463)

$(2,481,482)

The difference between GAAP basis and tax basis was primarily attributable to investments in passive foreign investment companies.

For federal income tax purposes, the Fund had a capital loss carryforward as of August 31, 2022 of approximately $207,000 which can be carried forward for an unlimited period. No capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such losses.

The Manager has analyzed the Fund’s tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Fund’s financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Fund’s U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended August 31, 2022 are subject to such review.

7.	Capital and Ownership

The Fund is an exchange-traded fund, commonly known as an “ETF”. Individual shares of the Fund may only be purchased and sold in secondary market transactions through brokers or other financial intermediaries. Shares of the Fund are listed for trading on the NYSE Arca, Inc. (the “Exchange”), and because the shares of the Fund trade at market prices rather than NAV, shares of the Fund may trade at a price greater than NAV (a premium) or less than NAV (a discount). The Fund will issue and redeem its shares at NAV only in aggregations of a specified number of shares called a “Creation Unit”. An Authorized Participant is a member or participant of a clearing agency registered with the SEC, which has a written agreement with the Fund or one of their service providers that allows the Authorized Participant to place orders for the purchase and redemption of Creation Units.

A creation transaction, which is subject to acceptance by the Distributor and the Fund, generally takes place when an Authorized Participant deposits into the Fund a designated


		PGIM Quant Solutions Strategic Alpha International Equity ETF 37

Notes to Financial Statements (continued)

portfolio of securities, assets or other positions (a “creation basket”, and an amount of cash (including any cash representing the value of substituted securities, assets or other positions), if any, which together approximate the holdings of the Fund in exchange for a specified number of Creation Units. Similarly, shares can be redeemed only in Creation Units, generally for a designated portfolio of securities, assets or other propositions (the “redemption basket”) held by the Fund and an amount of cash (including any portion of such securities for which cash may be substituted). The Fund may, in certain circumstances, offer Creation Units partially or solely for cash. Except when aggregated in Creation Units, shares are not redeemable by the Fund. Creation and redemption baskets may differ and the Fund may accept “custom baskets”. A Creation Unit of PGIM Quant Solutions Strategic Alpha International Equity ETF consists of 100,000 shares of the Fund.

Authorized Participants generally are required to pay a fixed creation transaction fee and/or a fixed redemption transaction fee, as applicable, for each transaction in a Creation Unit regardless of the number of Creation Units created or redeemed on that day. From time to time, the Fund may waive all or a portion of their applicable transaction fee(s). An additional charge or a variable charge may be applied to certain creation and redemption transactions, including non-standard orders and whole or partial cash purchases or redemptions when deemed appropriate.

The RIC is authorized to issue an unlimited number of shares of beneficial interest, $0.001 par value per share.

As of August 31, 2022, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Fund as follows:


Fund	Number of Shares	Percentage of Outstanding Shares
PGIM Quant Solutions Strategic Alpha International Equity ETF	695,000	99.3%

At the reporting period end, the number of shareholders holding greater than 5% of the Fund are as follows:


	Number of Shareholders	Percentage of Outstanding Shares
Affiliated	2	91.5%
Unaffiliated	—	—

The Fund may make payment for Fund shares redeemed and contributed wholly or in part by distributing portfolio securities to shareholders. For the year ended August 31, 2022, the Fund had no subscriptions in-kind and no redemptions in-kind.

There were no transactions in shares of beneficial interest for the periods ended August 31, 2022 and August 31, 2021


38

8.	Borrowings

The RIC, on behalf of the Fund, along with other affiliated registered investment companies (the “Participating Funds”), is a party to a Syndicated Credit Agreement (“SCA”) with a group of banks. The purpose of the SCA is to provide an alternative source of temporary funding for capital share redemptions. The table below provides details of the current SCA in effect at the reporting period-end as well as the prior SCA.


	Current SCA	Prior SCA
Term of Commitment	10/1/2021 – 9/29/2022	10/2/2020 – 9/30/2021
Total Commitment	$ 1,200,000,000	$ 1,200,000,000
Annualized Commitment Fee on the Unused Portion of the SCA	0.15%	0.15%
Annualized Interest Rate on Borrowings	1.20% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent	1.30% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent

Subsequent to the reporting period end, the SCA has been renewed and effective September 30, 2022 will provide a commitment of $1,200,000,000 through September 28, 2023. The commitment fee paid by the Participating Funds will continue to be 0.15% of the unused portion of the SCA. The interest on borrowings under the renewed SCA will be paid monthly and at a per annum interest rate of 1.00% plus the higher of (1) the effective federal funds rate, (2) the daily SOFR rate plus 0.10% or (3) zero percent.

The Fund did not utilize the SCA during the year ended August 31, 2022.

9.	Risks of Investing in the Fund

The Fund’s risks include, but are not limited to, some or all of the risks discussed below. For further information on the Fund’s risks, please refer to the Fund’s Prospectus and Statement of Additional Information.

Authorized Participant Concentration Risk: Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of intermediaries that act as Authorized Participants and none of these Authorized Participants is or will be obligated to engage in creation or redemption transactions. To the extent that these Authorized Participants exit the business or are unable to or choose not to


		PGIM Quant Solutions Strategic Alpha International Equity ETF 39

Notes to Financial Statements (continued)

proceed with creation and/or redemption orders with respect to the Fund and no other Authorized Participant creates or redeems, shares of the Fund may trade at a substantial discount or premium to net asset value (“NAV”), may trade at larger spreads, and possibly face trading halts and/or delisting.

Equity and Equity-Related Securities Risks: Equity and equity-related securities may be subject to changes in value, and their values may be more volatile than those of other asset classes. In addition to an individual security losing value, the value of the equity markets or a sector in which the Fund invests could go down. Different parts of a market can react differently to adverse issuer, market, regulatory, political and economic developments.


40

shares of the Fund (including through a trading halt), as well as other factors, may result in the Fund’s shares trading on the Exchange significantly above (at a premium) or below (at a discount) to NAV or to the intraday value of the Fund’s holdings. Premiums and discounts relate to differences between the market price and NAV of the Fund’s shares. During such periods, you may incur significant losses if you sell your shares of the Fund.

The securities held by the Fund may be traded in markets that close at a different time than the Exchange and may trade outside of a collateralized settlement system. Liquidity in those securities may be reduced after the applicable closing times. Accordingly, during the time when the Exchange is open but after the applicable market closing, fixing or settlement times, bid-ask spreads for the Fund’s shares on the

Exchange and the corresponding premium or discount between the market price for Fund shares and their NAV may widen. Additionally, during times when the Exchange is open but after the applicable market is closed, there may be changes between the last quote from the closed foreign market and the value of such security during the Fund’s trading day on the Exchange and this may lead to differences between the market price of the Fund’s shares and the underlying value of those shares.

● Cost of Buying or Selling Shares: When you buy or sell shares of the Fund through a broker, you will likely incur a brokerage commission or other charges imposed by brokers. In addition, the market price of shares of the Fund, like the price of any exchange-traded security, includes a “bid-ask spread” charged by the market makers or other participants that trade the particular security. The spread of the Fund’s shares varies over time based on the Fund’s trading volume, the spread of the Fund’s underlying securities, and market liquidity and may increase if the Fund’s trading volume, the spread of the Fund’s underlying securities, or market liquidity decreases. In times of severe market disruption, including when trading of the Fund’s holdings may be halted, the bid-ask spread may increase significantly. This means that the shares may trade at a discount to the Fund’s NAV, and the discount is likely to be greatest during significant market volatility.

● No Guarantee of Active Trading Market Risk: While shares of the Fund are listed on the Exchange, there can be no assurance that active trading markets for the shares will develop or be maintained by market makers or by Authorized Participants. The distributor of the Fund’s shares does not maintain a secondary market in the shares.


		PGIM Quant Solutions Strategic Alpha International Equity ETF 41

Notes to Financial Statements (continued)

as are U.S. companies. Additionally, the changing value of foreign currencies and changes in exchange rates could also affect the value of the assets the Fund holds and the Fund’s performance. Certain foreign countries may impose restrictions on the ability of issuers of foreign securities to make payment of principal and interest or dividends to investors located outside the country, due to blockage of foreign currency exchanges or otherwise. Investments in emerging markets are subject to greater volatility and price declines.

Geographic Concentration Risk: The Fund’s performance may be closely tied to the market, economic, political, regulatory or other conditions in the countries or regions in which the Fund invests. This can result in more pronounced risks based upon conditions that impact one or more countries or regions more or less than other countries or regions.

Market Capitalization Risk: The Fund may invest in companies of any market capitalization. Generally, the stock prices of small- and mid-cap companies are less stable than the prices of large-cap stocks and may present greater risks. Large capitalization companies as a group could fall out of favor with the market, causing the Fund to underperform compared to investments that focus on smaller capitalized companies.

Market Disruption and Geopolitical Risks: Market disruption can be caused by economic, financial or political events and factors, including but not limited to, international wars or


42

conflicts (including Russia’s military invasion of Ukraine), geopolitical developments (including trading and tariff arrangements, sanctions and cybersecurity attacks), instability in regions such as Asia, Eastern Europe and the Middle East, terrorism, natural disasters and public health epidemics (including the outbreak of COVID-19 globally).

Model Design Risk: The subadviser uses certain quantitative models to help guide its investment decisions. The design of the underlying models may be flawed or incomplete. The investment models the subadviser uses are based on historical and theoretical underpinnings that it believes are sound. There can be no guarantee, however, that these underpinnings will correlate with security price behavior in the manner assumed by the subadviser’s models. Additionally, the quantitative techniques that underlie the subadviser’s portfolio construction processes may fail to fully anticipate important risks.

Model Implementation Risk: While the subadviser strives to mitigate the likelihood of material implementation errors, it is impossible to completely eliminate the risk of error in the implementation of the computer models that guide the subadviser’s quantitative


		PGIM Quant Solutions Strategic Alpha International Equity ETF 43

Notes to Financial Statements (continued)

investment processes. Additionally, it may be difficult to implement model recommendations in volatile and rapidly changing market conditions.

Small Fund Risk: When the Fund’s size is small, the Fund may experience low trading volume and wide bid/ask spreads. The Fund may face the risk of being delisted if it does not meet certain conditions of the listing exchange due to small size. Any resulting liquidation of the Fund could cause the Fund to incur elevated transaction costs for the Fund and negative tax consequences for its shareholders.

Value Style Risk: Since the Fund may invest significantly in value stocks or use a value investment style, there is the risk that value stocks or the value style may be out of favor for long periods of time, that the market will not recognize a security’s intrinsic value for a long time or at all, or that a stock judged to be undervalued may actually be appropriately priced or overvalued. Issuers of value stocks may have experienced adverse business developments or may be subject to special risks that have caused the stock to be out of favor. In addition, the Fund’s value investment style may go out of favor with investors, negatively affecting the Fund’s performance. If the Fund’s assessment of market conditions or a company’s value is inaccurate, the Fund could suffer losses or produce poor performance relative to other funds.


44

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of PGIM ETF Trust and Shareholders of PGIM Quant Solutions Strategic Alpha International Equity ETF

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of PGIM Quant Solutions Strategic Alpha International Equity ETF (the “Fund”) as of August 31, 2022, the related statement of operations for the year ended August 31, 2022, the statements of changes in net assets for each of the two years in the period ended August 31, 2022, including the related notes, and the financial highlights for each of the two years in the period ended August 31, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2022, the results of its operations for the year then ended, the changes in its net assets and the financial highlights for each of the two years in the period ended August 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

The financial statements of the Fund as of and for the year ended August 31, 2020 and the financial highlights for each of the periods ended on or prior to August 31, 2020 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated October 15, 2020 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2022 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

October 26, 2022

We have served as the auditor of one or more investment companies in the PGIM Retail Funds complex since 2020.


		PGIM Quant Solutions Strategic Alpha International Equity ETF 45

Tax Information (unaudited)

We are advising you that during the year ended August 31, 2022, the Fund reports the maximum amount allowed per share, but not less than $.20 for Class Z shares as a capital gain distribution in accordance with Section 852(b)(3)(C) of the Internal Revenue Code.

For the year ended August 31, 2022, the Fund reports, the maximum amount allowable under Section 854 of the Internal Revenue Code, but not less than, the following percentage of the ordinary income dividends paid as qualified dividend income (QDI):



Fund		QDI

PGIM Quant Solutions Strategic Alpha International Equity ETF		37.98%

For the year ended August 31, 2022, the Fund made an election to pass through the maximum amount of the portion of the ordinary income dividends paid derived from foreign source income as well as any foreign taxes paid by the Fund in accordance with Section 853 of the Internal Revenue Code of the following amounts: $110,138 foreign tax credit from recognized foreign source income of $1,136,411.

In January 2023, you will be advised on IRS Form 1099-DIV or substitute 1099-DIV as to the federal tax status of dividends received by you in calendar year 2021.


46

Liquidity Risk Management Program (unaudited)

Consistent with Rule 22e-4 under the 1940 Act (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program (the “LRMP”). The Fund’s LRMP seeks to assess and manage the Fund’s liquidity risk, which is defined as the risk that the Fund is unable to meet investor redemption requests without significantly diluting the remaining investors’ interests in the Fund. The Board has approved PGIM Investments LLC (“PGIM Investments”), the Fund’s investment manager, to serve as the administrator of the Fund’s LRMP. As part of its responsibilities as administrator, PGIM Investments has retained a third party to perform certain functions, including providing market data and liquidity classification model information.

The Fund’s LRMP includes a number of processes designed to support the assessment and management of its liquidity risk. In particular, the Fund’s LRMP includes no less than annual assessments of factors that influence the Fund’s liquidity risk; no less than monthly classifications of the Fund’s investments into one of four liquidity classifications provided for in the Liquidity Rule; a 15% of net assets limit on the acquisition of “illiquid investments” (as defined under the Liquidity Rule); establishment of a minimum percentage of the Fund’s assets to be invested in investments classified as “highly liquid” (as defined under the Liquidity Rule) if the Fund does not invest primarily in highly liquid investments; and regular reporting to the Board.

At a meeting of the Board on March 1-3, 2022, PGIM Investments provided a written report (“LRMP Report”) to the Board addressing the operation, adequacy, and effectiveness of the Fund’s LRMP, including any material changes to the LRMP for the period from January 1, 2021 through December 31, 2021 (“Reporting Period”). The LRMP Report concluded that the Fund’s LRMP was reasonably designed to assess and manage the Fund’s liquidity risk and was adequately and effectively implemented during the Reporting Period. There were no material changes to the LRMP during the Reporting Period. The LRMP Report further concluded that the Fund’s investment strategies continue to be appropriate given the Fund’s status as an open-end fund.

There can be no assurance that the LRMP will achieve its objectives in the future. Additional information regarding risks of investing in the Fund, including liquidity risks presented by the Fund’s investment portfolio, is found in the Fund’s Prospectus and Statement of Additional Information.


		PGIM Quant Solutions Strategic Alpha International Equity ETF

INFORMATION ABOUT BOARD MEMBERS AND OFFICERS (unaudited)



Independent Board Members

Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service

Ellen S. Alberding 1958 Board Member Portfolios Overseen: 97	President and Board Member, The Joyce Foundation (charitable foundation) (since 2002); formerly Vice Chair, City Colleges of Chicago (community college system) (2011-2015); Trustee, National Park Foundation (charitable foundation for national park system) (2009-2018); Trustee, Economic Club of Chicago (2009-2016); Trustee, Loyola University (since 2018).	None.	Since September 2013

Kevin J. Bannon 1952 Board Member Portfolios Overseen: 97	Retired; formerly Managing Director (April 2008-May 2015) and Chief Investment Officer (October 2008-November 2013) of Highmount Capital LLC (registered investment adviser); formerly Executive Vice President and Chief Investment Officer (April 1993-August 2007) of Bank of New York Company; President (May 2003-May 2007) of BNY Hamilton Family of Mutual Funds.	Director of Urstadt Biddle Properties (equity real estate investment trust) (since September 2008).	Since July 2008


		PGIM Quant Solutions Strategic Alpha International Equity ETF



Independent Board Members

Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service

Linda W. Bynoe 1952 Board Member Portfolios Overseen: 94	President and Chief Executive Officer (since March 1995) and formerly Chief Operating Officer (December 1989-February 1995) of Telemat Limited LLC (formerly Telemat Ltd) (management consulting); formerly Vice President (January 1985-June 1989) at Morgan Stanley & Co. (broker-dealer).	Trustee of Equity Residential (residential real estate) (since December 2009); Director of Northern Trust Corporation (financial services) (since April 2006); formerly Director of Anixter International, Inc. (communication products distributor) (January 2006-June 2020).	Since March 2005

Barry H. Evans 1960 Board Member Portfolios Overseen: 96	Retired; formerly President (2005-2016), Global Chief Operating Officer (2014-2016), Chief Investment Officer - Global Head of Fixed Income (1998-2014), and various portfolio manager roles (1986-2006), Manulife Asset Management (asset management).	Formerly Director, Manulife Trust Company (2011-2018); formerly Director, Manulife Asset Management Limited (2015-2017); formerly Chairman of the Board of Directors of Manulife Asset Management U.S. (2005-2016); formerly Chairman of the Board, Declaration Investment Management and Research (2008-2016).	Since September 2017

Keith F. Hartstein 1956 Board Member & Independent Chair Portfolios Overseen: 97	Retired; Member (November 2014- September 2022) of the Governing Council of the Independent Directors Council (IDC) (organization of independent mutual fund directors); formerly Executive Committee of the IDC Board of Governors (October 2019-December 2021); formerly President and Chief Executive Officer (2005-2012), Senior Vice President (2004-2005), Senior Vice President of Sales and Marketing (1997-2004), and various executive management positions (1990-1997), John Hancock Funds, LLC (asset management); Chairman, Investment Company Institute’s Sales Force Marketing Committee (2003-2008).	None.	Since September 2013


Visit our website at pgim.com/investments



Independent Board Members

Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service

Laurie Simon Hodrick 1962 Board Member Portfolios Overseen: 93	A. Barton Hepburn Professor Emerita of Economics in the Faculty of Business, Columbia Business School (since 2018); Visiting Fellow at the Hoover Institution, Stanford University (since 2015); Sole Member, ReidCourt LLC (since 2008) (a consulting firm); formerly Visiting Professor of Law, Stanford Law School (2015-2021); formerly A. Barton Hepburn Professor of Economics in the Faculty of Business, Columbia Business School (1996-2017); formerly Managing Director, Global Head of Alternative Investment Strategies, Deutsche Bank (2006-2008).	Independent Director, Andela (since January 2022) (global talent network); Independent Director, Roku (since December 2020) (communication services); formerly Independent Director, Synnex Corporation (2019-2021) (information technology); formerly Independent Director, Kabbage, Inc. (2018-2020) (financial services); formerly Independent Director, Corporate Capital Trust (2017-2018) (a business development company).	Since September 2017

Brian K. Reid 1961 Board Member Portfolios Overseen: 96	Retired; formerly Chief Economist for the Investment Company Institute (ICI) (2005-2017); formerly Senior Economist and Director of Industry and Financial Analysis at the ICI (1998-2004); formerly Senior Economist, Industry and Financial Analysis at the ICI (1996-1998); formerly Staff Economist at the Federal Reserve Board (1989-1996); Director, ICI Mutual Insurance Company (2012-2017).	None.	Since March 2018


		PGIM Quant Solutions Strategic Alpha International Equity ETF



Independent Board Members

Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service

Grace C. Torres 1959 Board Member Portfolios Overseen: 96	Retired; formerly Treasurer and Principal Financial and Accounting Officer of the PGIM Funds, Target Funds, Advanced Series Trust, Prudential Variable Contract Accounts and The Prudential Series Fund (1998-June 2014); Assistant Treasurer (March 1999-June 2014) and Senior Vice President (September 1999-June 2014) of PGIM Investments LLC; Assistant Treasurer (May 2003-June 2014) and Vice President (June 2005-June 2014) of AST Investment Services, Inc.; Senior Vice President and Assistant Treasurer (May 2003-June 2014) of Prudential Annuities Advisory Services, Inc.	Director (since January 2018) of OceanFirst Financial Corp. and OceanFirst Bank; formerly Director (July 2015-January 2018) of Sun Bancorp, Inc. N.A. and Sun National Bank.	Since November 2014


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Interested Board Members

Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service

Stuart S. Parker 1962 Board Member & President Portfolios Overseen: 96	President, Chief Executive Officer, Chief Operating Officer and Officer in Charge of PGIM Investments LLC (formerly known as Prudential Investments LLC) (since January 2012); President and PEO (since September 2022) of the PGIM Private Credit Fund, President and PEO (since March 2022) of the PGIM Private Real Estate Fund, Inc.; formerly Executive Vice President of Jennison Associates LLC and Head of Retail Distribution of PGIM Investments LLC (June 2005-December 2011); Investment Company Institute - Board of Governors (since May 2012).	None.	Since January 2012

Scott E. Benjamin 1973 Board Member & Vice President Portfolios Overseen: 97	Executive Vice President (since May 2009) of PGIM Investments LLC; Vice President (since June 2012) of Prudential Investment Management Services LLC; Executive Vice President (since September 2009) of AST Investment Services, Inc.; Senior Vice President of Product Development and Marketing, PGIM Investments (since February 2006); Vice President (since September 2022) of the PGIM Private Credit Fund, Vice President (since March 2022) of the PGIM Private Real Estate Fund, Inc.; formerly Vice President of Product Development and Product Management, PGIM Investments LLC (2003-2006).	None.	Since March 2010


		PGIM Quant Solutions Strategic Alpha International Equity ETF



Fund Officers^(a)

Name Year of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer

Claudia DiGiacomo 1974 Chief Legal Officer	Chief Legal Officer, Executive Vice President and Secretary of PGIM Investments LLC (since August 2020); Chief Legal Officer of Prudential Mutual Fund Services LLC (since August 2020); Chief Legal Officer of PIFM Holdco, LLC (since August 2020); Chief Legal Officer (since September 2022) of the PGIM Private Credit Fund, Chief Legal Officer (since March 2022) of the PGIM Private Real Estate Fund, Inc.; Vice President and Corporate Counsel (since January 2005) of Prudential; and Corporate Counsel of AST Investment Services, Inc. (since August 2020); formerly Vice President and Assistant Secretary of PGIM Investments LLC (2005-2020); formerly Associate at Sidley Austin Brown & Wood LLP (1999-2004).	Since December 2005

Isabelle Sajous 1976 Chief Compliance Officer	Chief Compliance Officer (since April 2022) of PGIM Investments LLC, the PGIM Funds, Target Funds, PGIM ETF Trust, PGIM Global High Yield Fund, Inc., PGIM High Yield Bond Fund, Inc., PGIM Short Duration High Yield Opportunities Fund, Advanced Series Trust, The Prudential Series Fund and Prudential’s Gibraltar Fund, Inc.; Chief Compliance Officer (since March 2022) of the PGIM Private Real Estate Fund, Inc.; Chief Compliance Officer (since September 2022) of the PGIM Private Credit Fund; Vice President, Compliance of PGIM Investments LLC (since December 2020); formerly Director, Compliance (July 2018-December 2020) of Credit Suisse Asset Management LLC; and Vice President, Associate General Counsel & Deputy Chief Compliance Officer of Cramer Rosenthal McGlynn, LLC (August 2014-July 2018).	Since April 2022

Andrew R. French 1962 Secretary	Vice President (since December 2018) of PGIM Investments LLC; formerly Vice President and Corporate Counsel (2010-2018) of Prudential; Secretary (since September 2022) of the PGIM Private Credit Fund, Secretary (since March 2022) of the PGIM Private Real Estate Fund, Inc.; formerly Director and Corporate Counsel (2006-2010) of Prudential; Vice President and Assistant Secretary (since January 2007) of PGIM Investments LLC; Vice President and Assistant Secretary (since January 2007) of Prudential Mutual Fund Services LLC.	Since October 2006

Melissa Gonzalez 1980 Assistant Secretary	Vice President and Corporate Counsel (since September 2018) of Prudential; Vice President and Assistant Secretary (since August 2020) of PGIM Investments LLC; Assistant Secretary (since September 2022) of the PGIM Private Credit Fund, Assistant Secretary (since March 2022) of the PGIM Private Real Estate Fund, Inc.; formerly Director and Corporate Counsel (March 2014-September 2018) of Prudential.	Since March 2020


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Fund Officers^(a)

Name Year of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer

Patrick E. McGuinness 1986 Assistant Secretary	Vice President and Assistant Secretary (since August 2020) of PGIM Investments LLC; Director and Corporate Counsel (since February 2017) of Prudential; Assistant Secretary (since September 2022) of the PGIM Private Credit Fund, Assistant Secretary (since March 2022) of the PGIM Private Real Estate Fund, Inc.	Since June 2020

Debra Rubano 1975 Assistant Secretary	Vice President and Corporate Counsel (since November 2020) of Prudential; Assistant Secretary (since March 2022) of the PGIM Private Real Estate Fund, Inc; Assistant Secretary (since September 2022) of the PGIM Private Credit Fund; formerly Director and Senior Counsel of Allianz Global Investors U.S. Holdings LLC (2010-2020) and Assistant Secretary of numerous funds in the Allianz fund complex (2015-2020).	Since December 2020

Christian J. Kelly 1975 Treasurer and Principal Financial and Accounting Officer	Vice President, Head of Fund Administration of PGIM Investments LLC (since November 2018); Principal Financial Officer (since September 2022) of the PGIM Private Credit Fund; Principal Financial Officer (since March 2022) of the PGIM Private Real Estate Fund, Inc.; formerly, Treasurer and Principal Accounting Officer (March 2022- July 2022) of the PGIM Private Real Estate Fund, Inc.; formerly Director of Fund Administration of Lord Abbett & Co. LLC (2009-2018), Treasurer and Principal Accounting Officer of the Lord Abbett Family of Funds (2017-2018); Director of Accounting, Avenue Capital Group (2008-2009); Senior Manager, Investment Management Practice of Deloitte & Touche LLP (1998-2007).	Since January 2019

Lana Lomuti 1967 Assistant Treasurer	Vice President (since 2007) and Director (2005-2007), within PGIM Investments Fund Administration; formerly Assistant Treasurer (December 2007-February 2014) of The Greater China Fund, Inc.	Since April 2014

Russ Shupak 1973 Assistant Treasurer	Vice President (since 2017) and Director (2013-2017), within PGIM Investments Fund Administration; Assistant Treasurer (since September 2022) of the PGIM Private Credit Fund, Treasurer and Principal Accounting Officer (since July 2022) of the PGIM Private Real Estate Fund, Inc.; formerly Assistant Treasurer (March 2022 – July 2022) of the PGIM Private Real Estate Fund, Inc.	Since October 2019

Deborah Conway 1969 Assistant Treasurer	Vice President (since 2017) and Director (2007-2017), within PGIM Investments Fund Administration.	Since October 2019

Elyse M. McLaughlin 1974 Assistant Treasurer	Vice President (since 2017) and Director (2011-2017), within PGIM Investments Fund Administration; Treasurer and Principal Accounting Officer (since September 2022) of the PGIM Private Credit Fund, Assistant Treasurer (since March 2022) of the PGIM Private Real Estate Fund, Inc.	Since October 2019


		PGIM Quant Solutions Strategic Alpha International Equity ETF



Fund Officers^(a)

Name Year of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer

Kelly Florio 1978 Anti-Money Laundering Compliance Officer	Vice President, Corporate Compliance, Global Compliance Programs and Compliance Risk Management (since December 2021) of Prudential; formerly, Head of Fraud Risk Management (October 2019 to December 2021) at New York Life Insurance Company; formerly, Head of Key Risk Area Operations (November 2018 to October 2019), Director of the US Anti-Money Laundering Compliance Unit (2009-2018) and Bank Loss Prevention Associate (2006 -2009) at MetLife.	Since June 2022

^(a) Excludes Mr. Parker and Mr. Benjamin, interested Board Members who also serve as President and Vice President, respectively.

Explanatory Notes to Tables:

∎

Board Members are deemed to be “Interested,” as defined in the 1940 Act, by reason of their affiliation with PGIM Investments LLC and/or an affiliate of PGIM Investments LLC.

∎

Unless otherwise noted, the address of all Board Members and Officers is c/o PGIM Investments LLC, 655 Broad Street, Newark, New Jersey 07102-4410.

∎

As used in the Fund Officers table “Prudential” means The Prudential Insurance Company of America.


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Approval of Advisory Agreements (unaudited)

The Fund’s Board of Trustees

The Board of Trustees (the “Board”) of PGIM Quant Solutions Strategic Alpha International Equity ETF (the “Fund”)¹ consists of ten individuals, eight of whom are not “interested persons” of the Fund, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Trustees”). The Board is responsible for the oversight of the Fund and its operations, and performs the various duties imposed on the Trustees of investment companies by the 1940 Act. The Independent Trustees have retained independent legal counsel to assist them in connection with their duties. The Chair of the Board is an Independent Director. The Board has established five standing committees: the Audit Committee, the Nominating and Governance Committee, the Compliance Committee and two Investment Committees. Each committee is chaired by, and composed of, Independent Trustees.

Annual Approval of the Fund’s Advisory Agreements

As required under the 1940 Act, the Board determines annually whether to renew the Fund’s management agreement with PGIM Investments LLC (“PGIM Investments”) and the Fund’s subadvisory agreement with PGIM Quantitative Solutions LLC (“PGIM Quantitative Solutions”). In considering the renewal of the agreements, the Board, including all of the Independent Trustees, met on May 26 and June 7-9, 2022 (the “Board Meeting”) and approved the renewal of the agreements through July 31, 2023, after concluding that the renewal of the agreements was in the best interests of the Fund and its shareholders.

In advance of the meetings, the Board requested and received materials relating to the agreements, and had the opportunity to ask questions and request further information in connection with its consideration. Among other things, the Board considered comparative fee information from PGIM Investments and PGIM Quantitative Solutions. Also, the Board considered comparisons with other mutual funds in relevant Peer Universes and Peer Groups, as is further discussed below.

In approving the agreements, the Board, including the Independent Trustees advised by independent legal counsel, considered the factors it deemed relevant, including the nature, quality and extent of services provided by PGIM Investments, the subadviser and, as relevant, its affiliates, the performance of the Fund, the profitability of PGIM Investments and its affiliates, expenses and fees, and the potential for economies of scale that may be shared with the Fund and its shareholders as the Fund’s assets grow. In their deliberations, the Trustees did not identify any single factor which alone was responsible for the Board’s decision to approve the agreements with respect to the Fund. In connection with its deliberations, the Board considered information provided by PGIM Investments throughout the year at regular Board meetings, presentations from portfolio managers and other information, as well as information furnished at or in advance of the Board Meeting.

¹	PGIM Quant Solutions Strategic Alpha International Equity ETF is a series of PGIM ETF Trust.


		PGIM Quant Solutions Strategic Alpha International Equity ETF

Approval of Advisory Agreements (continued)

The Trustees determined that the overall arrangements between the Fund and PGIM Investments, which serves as the Fund’s investment manager pursuant to a management agreement, and between PGIM Investments and PGIM Quantitative Solutions, which serves as the Fund’s subadviser pursuant to the terms of a subadvisory agreement with PGIM Investments, are in the best interests of the Fund and its shareholders in light of the services performed, fees charged and such other matters as the Trustees considered relevant in the exercise of their business judgment.

The material factors and conclusions that formed the basis for the Trustees’ reaching their determinations to approve the continuance of the agreements are separately discussed below.

Nature, Quality and Extent of Services

The Board received and considered information regarding the nature, quality and extent of services provided to the Fund by PGIM Investments and, PGIM Quantitative Solutions. The Board noted that PGIM Quantitative Solutions is affiliated with PGIM Investments. The Board considered the services provided by PGIM Investments, including but not limited to the oversight of the subadviser for the Fund, as well as the provision of fund recordkeeping, compliance and other services to the Fund, and PGIM Investments’ role as administrator of the Fund’s liquidity risk management program. With respect to PGIM Investments’ oversight of the subadviser, the Board noted that PGIM Investments’ Strategic Investment Research Group (“SIRG”), which is a business unit of PGIM Investments, is responsible for monitoring and reporting to PGIM Investments’ senior management on the performance and operations of the subadviser. The Board also considered that PGIM Investments pays the salaries of all of the officers and interested Trustees of the Fund who are part of Fund management. The Board also considered the investment subadvisory services provided by PGIM Quantitative Solutions, including investment research and security selection, as well as adherence to the Fund’s investment restrictions and compliance with applicable Fund policies and procedures. The Board considered PGIM Investments’ evaluation of the subadviser, as well as PGIM Investments’ recommendation, based on its review of the subadviser, to renew the subadvisory agreement.

The Board considered the qualifications, backgrounds and responsibilities of PGIM Investments’ senior management responsible for the oversight of the Fund and PGIM Quantitative Solutions, and also considered the qualifications, backgrounds and responsibilities of PGIM Quantitative Solutions’ portfolio managers who are responsible for the day-to-day management of the Fund’s portfolio. The Board was provided with information pertaining to PGIM Investments’ and PGIM Quantitative Solutions’ organizational structure, senior management, investment operations, and other relevant information pertaining to PGIM Investments and PGIM Quantitative Solutions. The Board also noted that it received favorable compliance reports from the Fund’s Chief Compliance Officer (“CCO”) as to PGIM Investments and PGIM Quantitative Solutions.


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The Board concluded that it was satisfied with the nature, extent and quality of the investment management services provided by PGIM Investments, and the subadvisory services provided to the Fund by PGIM Quantitative Solutions, and that there was a reasonable basis on which to conclude that the Fund benefits from the services provided by PGIM Investments and PGIM Quantitative Solutions under the management, subadvisory agreement.

Costs of Services and Profits Realized by PGIM Investments

The Board was provided with information on the profitability of PGIM Investments and its affiliates in serving as the Fund’s investment manager. The Board discussed with PGIM Investments the methodology utilized in assembling the information regarding profitability and considered its reasonableness. The Board recognized that it is difficult to make comparisons of profitability from fund management contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the adviser’s capital structure and cost of capital. Taking these factors into account, the Board concluded that the profitability of PGIM Investments and its affiliates in relation to the services rendered was not unreasonable.

Economies of Scale

Other Benefits to PGIM Investments, and PGIM Quantitative Solutions

The Board considered potential ancillary benefits that might be received by PGIM Investments, PGIM Quantitative Solutions and their affiliates as a result of their relationship with the Fund. The Board concluded that potential benefits to be derived by PGIM Investments included transfer agency fees received by the Fund’s transfer agent (which is affiliated with PGIM Investments), as well as benefits to its reputation or other intangible benefits resulting from PGIM Investments’ association with the Fund. The


		PGIM Quant Solutions Strategic Alpha International Equity ETF

Approval of Advisory Agreements (continued)

Board concluded that the potential benefits to be derived by PGIM Quantitative Solutions included the ability to use soft dollar credits, as well as the potential benefits consistent with those generally resulting from an increase in assets under management, specifically, potential access to additional research resources and benefits to its reputation. The Board concluded that the benefits derived by PGIM Investments and PGIM Quantitative Solutions were consistent with the types of benefits generally derived by investment managers and subadvisers to mutual funds.

Performance of the Fund / Fees and Expenses

The Board considered certain additional factors and made related conclusions relating to the historical performance of the Fund for the one-year period ended December 31, 2021. The Board considered that the Fund commenced operations in Q4 of 2018 and that longer-term performance was not yet available.


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Net Performance	1 Year	3 Years	5 Years	10 Years

	3rd Quartile	4th Quartile	N/A	N/A

Actual Management Fees: 1st Quartile

Net Total Expenses: 1st Quartile

The Board noted that the Fund underperformed its benchmark index over the one-and three-year periods.

The Board considered PGIM Investments assertions that the Fund’s bias towards small cap stocks detracted from relative results, but that PGIM Investments expects a recovery for small cap stocks to drive a performance improvement for the Fund.

The Board also considered that the Fund outperformed its peer group for the first quarter of 2022.

The Board noted PGIM Investments’ commitment to taking actions to address performance.

The Board concluded that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

* * *

After full consideration of these factors, the Board concluded that approval of the agreements was in the best interests of the Fund and its shareholders.


		PGIM Quant Solutions Strategic Alpha International Equity ETF

⬛ MAIL

��

655 Broad Street

Newark, NJ 07102

⬛ TELEPHONE

(800) 225-1852

⬛ WEBSITE

pgim.com/investments

PROXY VOTING

The Board of Trustees delegated to the Fund’s subadviser the responsibility for voting any proxies and maintaining proxy recordkeeping with respect to the Fund. A description of these proxy voting policies and procedures is available without charge, upon request, by calling (800) 225-1852 or by visiting the Securities and Exchange Commission’s website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website and on the Securities and Exchange Commission’s website.

TRUSTEES

Ellen S. Alberding · Kevin J. Bannon · Scott E. Benjamin · Linda W. Bynoe · Barry H. Evans · Keith F. Hartstein · Laurie Simon Hodrick · Stuart S. Parker · Brian K. Reid · Grace C. Torres

OFFICERS

Stuart S. Parker, President · Scott E. Benjamin, Vice President · Christian J. Kelly, Treasurer and Principal Financial and Accounting Officer ·
Claudia DiGiacomo, Chief Legal Officer · Isabelle Sajous, Chief Compliance Officer · Kelly Florio, Anti-Money Laundering Compliance Officer ·
Andrew R. French, Secretary · Melissa Gonzalez, Assistant Secretary · Kelly A. Coyne, Assistant Secretary · Patrick E. McGuinness, Assistant
Secretary · Debra Rubano, Assistant Secretary · Lana Lomuti, Assistant Treasurer · Russ Shupak, Assistant Treasurer · Elyse M. McLaughlin,
Assistant Treasurer · Deborah Conway, Assistant Treasurer


MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102

SUBADVISER	PGIM Quantitative Solutions LLC	Gateway Center Two 100 Mulberry Street Newark, NJ 07102

DISTRIBUTOR	Prudential Investment Management Services LLC	655 Broad Street Newark, NJ 07102

CUSTODIAN/TRANSFER AGENT	The Bank of New York Mellon	240 Greenwich Street New York, NY 10286

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	PricewaterhouseCoopers LLP	300 Madison Avenue New York, NY 10017

FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue New York, NY 10019

An investor should consider the investment objectives, risks, charges, and expenses of the Funds carefully before investing. The prospectus and summary prospectus contain this and other information about the Fund. An investor may obtain the prospectus and summary prospectus for the Fund by visiting our website at pgim.com/investments or by calling (800) 225-1852. The prospectus and summary prospectus for the Fund should be read carefully before investing.

E-DELIVERY

SHAREHOLDER COMMUNICATIONS WITH TRUSTEES

Shareholders can communicate directly with the Board of Trustees by writing to the Chair of the Board, PGIM Quant Solutions Strategic Alpha International Equity ETF, PGIM Investments, Attn: Board of Trustees, 655 Broad Street, Newark, NJ 07102. Shareholders can communicate directly with an individual Trustee by writing to that Trustee at the same address. Communications are not screened before being delivered to the addressee.

AVAILABILITY OF PORTFOLIO HOLDINGS

The Fund’s Statement of Additional Information contains additional information about the Fund’s Trustees and is available without charge, upon request, by calling (800) 225-1852.

Funds:

ARE NOT INSURED BY THE FDIC OR ANY

FEDERAL GOVERNMENT AGENCY

MAY LOSE VALUE

ARE NOT A DEPOSIT OF OR GUARANTEED

BY ANY BANK OR ANY BANK AFFILIATE

LOGO

PGIM QUANT SOLUTIONS STRATEGIC ALPHA INTERNATIONAL EQUITY ETF



Fund		Ticker Symbol

PGIM Quant Solutions Strategic Alpha International Equity ETF		PQIN

ETF1002E

Item 2 – Code of Ethics — See Exhibit (a)

As of the end of the period covered by this report, the registrant has adopted a code of ethics (the “Section 406 Standards for Investment Companies – Ethical Standards for Principal Executive and Financial Officers”) that applies to the registrant’s Principal Executive Officer and Principal Financial Officer; the registrant’s Principal Financial Officer also serves as the Principal Accounting Officer.

The registrant hereby undertakes to provide any person, without charge, upon request, a copy of the code of ethics. To request a copy of the code of ethics, contact the registrant 800-225-1852, and ask for a copy of the Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers.

Item 3 – Audit Committee Financial Expert –

The registrant’s Board has determined that Ms. Grace C. Torres, member of the Board’s Audit Committee is an “audit committee financial expert,” and that she is “independent,” for purposes of this item.

Item 4 – Principal Accountant Fees and Services –

(a) Audit Fees

For the fiscal years ended August 31, 2022 and August 31, 2021, PricewaterhouseCoopers LLP (“PwC”), the registrant’s principal accountant, billed the registrant $143,500 and $156,500, respectively, for professional services rendered for the audit of the registrant’s annual financial statements or services that are normally provided in connection with statutory and regulatory filings.

(b) Audit-Related Fees

For the fiscal years ended August 31, 2022 and August 31, 2021, fees of $50,000 and $0 were billed to the registrant for services rendered by PwC in connection with the custodian and accounting conversion.

For the fiscal years ended August 31, 2022 and August 31, 2021, fees of $0 and $796 were billed to the registrant for services rendered by KPMG LLP (the registrant’s prior principal accountant) in connection with the auditor transition.

For the fiscal years ended August 31, 2022 and August 31, 2021: none.

(d) All Other Fees

For the fiscal years ended August 31, 2022 and August 31, 2021: none.

(e) (1) Audit Committee Pre-Approval Policies and Procedures

THE PGIM MUTUAL FUNDS

AUDIT COMMITTEE POLICY

Pre-Approval of Services Provided by the Independent

Accountants

The Audit Committee of each PGIM Mutual Fund is charged with the responsibility to monitor the independence of the Fund’s independent accountants. As part of this responsibility, the Audit Committee must pre-approve the independent accounting firm’s engagement to render audit and/or permissible non-audit services, as required by law. In evaluating a proposed engagement of the independent accountants, the Audit Committee will assess the effect that the engagement might reasonably be expected to have on the accountant’s independence. The Committee’s evaluation will be based on:

•

a review of the nature of the professional services expected to be provided,

•

a review of the safeguards put into place by the accounting firm to safeguard independence, and

•

periodic meetings with the accounting firm.

Policy for Audit and Non-Audit Services Provided to the Funds

On an annual basis, the scope of audits for each Fund, audit fees and expenses, and audit-related and non-audit services (and fees proposed in respect thereof) proposed to be performed by the Fund’s independent accountants will be presented by the Treasurer and the independent accountants to the Audit Committee for review and, as appropriate, approval prior to the initiation of such services.

Such presentation shall be accompanied by confirmation by both the Treasurer and the independent accountants that the proposed non-audit services will not adversely affect the independence of the independent accountants. Such proposed non-audit services shall be described in sufficient detail to enable the Audit Committee to assess the appropriateness of such services and fees, and the compatibility of the provision of such services with the auditor’s independence. The Committee shall receive periodic reports on the progress of the audit and other services which are approved by the Committee or by the Committee Chair pursuant to authority delegated in this Policy.

The categories of services enumerated under “Audit Services”, “Audit-related Services”, and “Tax Services” are intended to provide guidance to the Treasurer and the independent accountants as to those categories of services which the Committee believes are generally consistent with the independence of the independent accountants and which the Committee (or the Committee Chair) would expect upon the presentation of specific proposals to pre-approve. The enumerated categories are not intended as an exclusive list of audit, audit-related or tax services, which the Committee (or the Committee Chair) would consider for pre-approval.

Audit Services

The following categories of audit services are considered to be consistent with the role of the Fund’s independent accountants:

•

Annual Fund financial statement audits

•

Seed audits (related to new product filings, as required)

•

SEC and regulatory filings and consents

Audit-related Services

The following categories of audit-related services are considered to be consistent with the role of the Fund’s independent accountants:

•

Accounting consultations

•

Fund merger support services

•

Agreed Upon Procedure Reports

•

Attestation Reports

•

Other Internal Control Reports

Individual audit-related services that fall within one of these categories (except for fund merger support services) and are not presented to the Audit Committee as part of the annual pre-approval process are subject to an authorized pre-approval by the Audit Committee so long as the estimated fee for those services does not exceed $30,000. Any services provided under such

pre-approval will be reported to the Audit Committee at its next regular meeting. Should the amount of such services exceed $30,000 any additional fees will be subject to pre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated). Fees related to fund merger support services are subject to a separate authorized pre-approval by the Audit Committee with fees determined on a per occurrence and merger complexity basis.

Tax Services

The following categories of tax services are considered to be consistent with the role of the Fund’s independent accountants:

•

Tax compliance services related to the filing or amendment of the following:

•

Federal, state and local income tax compliance; and,

•

Sales and use tax compliance

•

Timely RIC qualification reviews

•

Tax distribution analysis and planning

•

Tax authority examination services

•

Tax appeals support services

•

Accounting methods studies

•

Fund merger support services

•

Tax consulting services and related projects

Individual tax services that fall within one of these categories and are not presented to the Audit Committee as part of the annual pre-approval process are subject to an authorized pre-approval by the Audit Committee so long as the estimated fee for those services does not exceed $30,000. Any services provided under such pre-approval will be reported to the Audit Committee at its next regular meeting. Should the amount of such services exceed $30,000 any additional fees will be subject to pre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated).

Other Non-Audit Services

Certain non-audit services that the independent accountants are legally permitted to render will be subject to pre-approval by the Committee or by one or more Committee members to whom the Committee has delegated this authority and who will report to the full Committee any pre-approval decisions made pursuant to this Policy. Non-audit services presented for pre-approval pursuant to this paragraph will be accompanied by a confirmation from both the Treasurer and the independent accountants that the proposed services will not adversely affect the independence of the independent accountants.

Proscribed Services

The Fund’s independent accountants will not render services in the following categories of non-audit services:

•

Bookkeeping or other services related to the accounting records or financial statements of the Fund

•

Financial information systems design and implementation

•

Appraisal or valuation services, fairness opinions, or contribution-in-kind reports

•

Actuarial services

•

Internal audit outsourcing services

•

Management functions or human resources

•

Broker or dealer, investment adviser, or investment banking services

•

Legal services and expert services unrelated to the audit

•

Any other service that the Public Company Accounting Oversight Board determines, by regulation, is impermissible.

Pre-approval of Non-Audit Services Provided to Other Entities Within the PGIM Fund Complex

Certain non-audit services provided to PGIM Investments LLC or any of its affiliates that also provide ongoing services to the PGIM Mutual Funds will be subject to pre-approval by the Audit Committee. The only non-audit services provided to these entities that will require pre-approval are those related directly to the operations and financial reporting of the Funds. Individual projects that are not presented to the Audit Committee as part of the annual pre-approval process will be subject to pre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated) so long as the estimated fee for those services does not exceed $30,000. Services presented for pre-approval pursuant to this paragraph will be accompanied by a confirmation from both the Treasurer and the independent accountants that the proposed services will not adversely affect the independence of the independent accountants.

Although the Audit Committee will not pre-approve all services provided to PGIM Investments LLC and its affiliates, the Committee will receive an annual report from the Fund’s independent accounting firm showing the aggregate fees for all services provided to PGIM Investments and its affiliates.

(e) (2) Percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X –


	Fiscal Year Ended August 31, 2022	Fiscal Year Ended August 31, 2021
4(b)	0%	0%
4(c)	Not applicable.	Not applicable.
4(d)	Not applicable.	Not applicable.

(f) Percentage of hours expended attributable to work performed by other than full time employees of principal accountant if greater than 50%.

The percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees was 0%.

(g) Non-Audit Fees

The aggregate non-audit fees billed by the registrant’s principal accountant for services rendered to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant for the fiscal years ended August 31, 2022 and August 31, 2021 was $0 and $0, respectively.

(h) Principal Accountant’s Independence

Not applicable as the registrant’s principal accountant has not provided non-audit services to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X.

(i) Not applicable.

(j) Not applicable.

Item 5 – Audit Committee of Listed Registrants – The registrant has a separately designated standing audit committee (the “Audit Committee”) established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934. The members of the Audit Committee are Grace C. Torres (Chair), Laurie Simon Hodrick, Brian K. Reid and Keith F. Hartstein (ex-officio).

Item 6 – Schedule of Investments – The schedule is included as part of the report to shareholders filed under Item 1 of this Form.

Item 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not

applicable.

Item 8 – Portfolio Managers of Closed-End Management Investment Companies – Not applicable.

Item 9 –

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not applicable.

Item 10 – Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.

Item 11 – Controls and Procedures

(a)

It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b)

There has been no significant change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12 – Controls and Procedures - Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not applicable.

Item 13 – Exhibits

(a)

(1) Code of Ethics – Attached hereto as Exhibit EX-99.CODE-ETH.

(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act – Attached hereto as Exhibit EX-99.CERT.

(3) Any written solicitation to purchase securities under Rule 23c-1 – Not applicable.

(b)

Certifications pursuant to Section 906 of the Sarbanes-Oxley Act – Attached hereto as Exhibit EX-99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Registrant:				PGIM ETF Trust

By:				/s/ Andrew R. French
				Andrew R. French
				Secretary

Date:				October 26, 2022

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By:				/s/ Stuart S. Parker
				Stuart S. Parker
				President and Principal Executive Officer

Date:				October 26, 2022

By:				/s/ Christian J. Kelly
				Christian J. Kelly
				Treasurer and Principal Financial and Accounting Officer

Date:				October 26, 2022

Cost of
Purchases

Proceeds
from Sales

PGIM Floating Rate Income ETF

$ 32,204,243

$ 2,158,111