PGIM AAA CLO ETF NCSRS Certified semi-annual shareholder report (management investment company)

PGIM AAA CLO ETF (PAAA) N-CSRSCertified semi-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:		8/31/2024

Date of reporting period:		2/29/2024

Item 1 – Reports to Stockholders –

LOGO

PGIM FIXED INCOME ETFS

SEMIANNUAL REPORT

FEBRUARY 29, 2024

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

PGIM Active High Yield Bond ETF			7

PGIM Active Aggregate Bond ETF			9

PGIM Total Return Bond ETF			11

PGIM Floating Rate Income ETF			13

PGIM AAA CLO ETF			15

PGIM Short Duration Multi-Sector Bond ETF			17

PGIM Short Duration High Yield ETF			19

Fees and Expenses			21

Holdings and Financial Statements			25

Approval of Advisory Agreements

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

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

The accompanying financial statements as of February 29, 2024 were not audited and, accordingly, no auditor’s opinion is expressed on them.

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. © 2024 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.

2 Visit our website at pgim.com/investments

Letter from the President

Dear Shareholder:

We hope you find the semiannual report for the PGIM Fixed Income ETFs informative and useful. The report covers performance for the six-month period ended February 29, 2024.

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 14th-largest investment manager with more than $1.3 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 and Principal Executive Officer

PGIM Fixed Income ETFs

April 15, 2024

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, 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.



	Total Returns as of 2/29/24	Average Annual Total Returns as of 2/29/24
	*Six Months (%)**	One Year (%)	Five Years (%)	Since Inception (%)

Net Asset Value (NAV)	3.32	6.16	2.65	2.65 (4/5/2018)

Market Price**	3.29	6.14	2.66	2.65 (4/5/2018)

ICE BofA US 3-Month Treasury Bill Index

	2.69	5.22	1.97	1.99

*Not annualized

**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.

Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Index are measured from the closest month-end to the Fund’s inception date.

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

4 Visit our website at pgim.com/investments

Benchmark Definition

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 IS LICENSING THE BOFA INDEX “AS IS,” MAKES NO WARRANTIES REGARDING THE SAME, DOES NOT GUARANTEE THE SUITABILITY, QUALITY, ACCURACY, TIMELINESS, AND/OR COMPLETENESS OF THE ICE BOFA INDEX OR ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM, ASSUMES NO LIABILITY IN CONNECTION WITH ITS 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 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 5

PGIM Ultra Short Bond ETF

Your Fund’s Performance (continued)



Credit Quality expressed as a percentage of total investments as of 2/29/24 (%)

AAA			32.0

AA			25.4

A			24.2

BBB			16.3

Cash/Cash Equivalents			1.3

Other			0.8

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 Ratings, 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 2/29/24

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

		1.44		5.15		5.15

*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.

6 Visit our website at pgim.com/investments

PGIM Active High Yield Bond ETF

Your Fund’s Performance (unaudited)



	Total Returns as of 2/29/24	Average Annual Total Returns as of 2/29/24
	*Six Months (%)**	One Year (%)	Five Years (%)	Since Inception (%)

Net Asset Value (NAV)	5.64	10.86	4.33	4.40 (9/24/2018)

Market Price**	5.68	11.11	4.30	4.44 (9/24/2018)

Bloomberg US High Yield Very Liquid Index

	6.15	11.07	3.65	3.73

*Not annualized

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

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 7

PGIM Active High Yield Bond ETF

Your Fund’s Performance (continued)



Credit Quality expressed as a percentage of total investments as of 2/29/24 (%)

AAA			7.6

A			0.4

BBB			3.9

BB			50.1

B			23.2

CCC			11.6

Not Rated			2.2

Cash/Cash Equivalents			1.0

Total			100.0



Distributions and Yields as of 2/29/24

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

	1.40	7.42	7.42

8 Visit our website at pgim.com/investments

PGIM Active Aggregate Bond ETF

Your Fund’s Performance (unaudited)



	Total Returns as of 2/29/24	Average Annual Total Returns as of 2/29/24
	*Six Months (%)**	One Year (%)	Since Inception (%)

Net Asset Value (NAV)	2.97	4.00	-3.05 (4/12/2021)

Market Price**	2.88	4.04	-3.02 (4/12/2021)

Bloomberg US Aggregate Bond Index

	2.35	3.33	-2.83

*Not annualized

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

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.

PGIM Fixed Income ETFs 9

PGIM Active Aggregate Bond ETF

Your Fund’s Performance (continued)



Credit Quality expressed as a percentage of total investments as of 2/29/24 (%)

AAA			68.0

AA			5.3

A			10.4

BBB			14.9

Not Rated			0.1

Cash/Cash Equivalents			1.3

Total			100.0



Distributions and Yields as of 2/29/24

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

		0.79		4.54		4.54

10 Visit our website at pgim.com/investments

PGIM Total Return Bond ETF

Your Fund’s Performance (unaudited)



	Total Returns as of 2/29/24	Average Annual Total Returns as of 2/29/24
	*Six Months (%)**	One Year (%)	Since Inception (%)

Net Asset Value (NAV)	3.58	5.25	-4.32 (12/2/2021)

Market Price**	3.59	5.32	-4.30 (12/2/2021)

Bloomberg US Aggregate Bond Index

	2.35	3.33	-4.56

*Not annualized

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

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.

PGIM Fixed Income ETFs 11

PGIM Total Return Bond ETF

Your Fund’s Performance (continued)



Credit Quality expressed as a percentage of total investments as of 2/29/24 (%)

AAA			52.8

AA			6.8

A			11.0

BBB			16.9

BB			6.2

B			2.6

CCC			1.0

Not Rated			3.2

Cash/Cash Equivalents			-0.5

Total			100.0



Distributions and Yields as of 2/29/24

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

		1.04		5.06		5.06

12 Visit our website at pgim.com/investments

PGIM Floating Rate Income ETF

Your Fund’s Performance (unaudited)



	Total Returns as of 2/29/24	Average Annual Total Returns as of 2/29/24
	*Six Months (%)**	One Year (%)	Since Inception (%)

Net Asset Value (NAV)	6.20	11.93	9.24 (5/17/2022)

Market Price**	6.07	11.92	9.35 (5/17/2022)

Credit Suisse Leveraged Loan Index

	5.50	11.37	9.16

*Not annualized

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

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.

PGIM Fixed Income ETFs 13

PGIM Floating Rate Income ETF

Your Fund’s Performance (continued)



Credit Quality expressed as a percentage of total investments as of 2/29/24 (%)

AAA			1.5

AA			7.6

A			2.3

BBB			14.0

BB			32.4

B			39.8

CCC			1.6

Not Rated			1.2

Cash/Cash Equivalents			-0.4

Total			100.0



Distributions and Yields as of 2/29/24

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

		2.85		8.82		8.82

14 Visit our website at pgim.com/investments

PGIM AAA CLO ETF

Your Fund’s Performance (unaudited)



	Total Returns as of 2/29/24 Six Months* (%)	Total Returns as of 2/29/24 Since Inception* (%)

Net Asset Value (NAV)	4.43	5.34 (7/19/2023)

Market Price**	4.42	5.38 (7/19/2023)

JP Morgan CLOIE AAA Index

	4.10	4.70

*Not annualized

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

Benchmark Definition

JP Morgan CLOIE AAA Index—The JP Morgan CLOIE AAA Index is a sub-component of the JP Morgan CLO Index (CLOIE) and covers securities in the US dollar-denominated CLO market. Index constituents consist of AAA rated floating-rate CLO securities from deals originated in post-crisis vintages, 2010 and later. The index utilizes a market-weighted methodology and is rebalanced monthly.

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 15

PGIM AAA CLO ETF

Your Fund’s Performance (continued)



Credit Quality expressed as a percentage of total investments as of 2/29/24 (%)

AAA			99.8

Cash/Cash Equivalents			0.2

Total			100.0



Distributions and Yields as of 2/29/24

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

		1.67		6.61		6.61

16 Visit our website at pgim.com/investments

PGIM Short Duration Multi-Sector Bond ETF

Your Fund’s Performance (unaudited)



	Total Returns as of 2/29/24 Six Months* (%)	Total Returns as of 2/29/24 Since Inception* (%)

Net Asset Value (NAV)	3.82	4.64 (7/19/2023)

Market Price**	3.84	4.75 (7/19/2023)

Bloomberg US Government/Credit 1-3 Year Index

	2.67	3.03

*Not annualized

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

Benchmark Definition

Bloomberg US Government/Credit 1–3 Year Index—The Bloomberg US Government/Credit 1–3 Year Index is an unmanaged index considered representative of the performance of short-term US corporate bonds and US government bonds with maturities from one to three years.

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.

PGIM Fixed Income ETFs 17

PGIM Short Duration Multi-Sector Bond ETF

Your Fund’s Performance (continued)



Credit Quality expressed as a percentage of total investments as of 2/29/24 (%)

AAA			64.5

AA			5.8

A			9.8

BBB			11.9

BB			4.2

B			2.4

CCC			0.4

Not Rated			1.3

Cash/Cash Equivalents			-0.3

Total			100.0



Distributions and Yields as of 2/29/24

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

		1.70		5.02		5.02

18 Visit our website at pgim.com/investments

PGIM Short Duration High Yield ETF

Your Fund’s Performance (unaudited)



		Total Returns as of 2/29/24 Since Inception* (%)

Net Asset Value (NAV)		1.53 (12/14/2023)

Market Price**		1.67 (12/14/2023)

Bloomberg 1-3 Year High Yield Corporate 1% Issuer Capped Index

		3.15

*Not annualized

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

Benchmark Definition

Bloomberg 1-3 Year High Yield Corporate 1% Issuer Capped Index—The Bloomberg 1-3 Year High Yield Corporate 1% Issuer Capped Index is an unmanaged index that covers the universe of fixed rate, non-investment grade debt. Issuers are capped at 1% of the Index.

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 19

PGIM Short Duration High Yield ETF

Your Fund’s Performance (continued)



Credit Quality expressed as a percentage of total investments as of 2/29/24 (%)

BBB			4.3

BB			51.5

B			30.0

CCC			8.6

Cash/Cash Equivalents			5.6

Total			100.0



Distributions and Yields as of 2/29/24

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

		0.33		6.81		6.81

20 Visit our website at pgim.com/investments

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 February 29, 2024. 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 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 tables are meant to highlight your ongoing costs only and do not reflect any transactional costs or 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 Ultra Short Bond ETF	Beginning Account Value September 1, 2023	Ending Account Value February 29, 2024	Annualized Expense Ratio Based on the Six-Month Period	Expenses Paid During the Six-Month Period*

Actual	$1,000.00	$1,033.20	0.15%	$0.76

Hypothetical	$1,000.00	$1,024.12	0.15%	$0.75

PGIM Fixed Income ETFs 21

Fees and Expenses (continued)



PGIM Active High Yield Bond ETF	Beginning Account Value September 1, 2023	Ending Account Value February 29, 2024	Annualized Expense Ratio Based on the Six-Month Period	Expenses Paid During the Six-Month Period*

Actual	$1,000.00	$1,056.40	0.53%	$2.71

Hypothetical	$1,000.00	$1,022.23	0.53%	$2.66


PGIM Active Aggregate Bond ETF	Beginning Account Value September 1, 2023	Ending Account Value February 29, 2024	Annualized Expense Ratio Based on the Six-Month Period	Expenses Paid During the Six-Month Period*

Actual	$1,000.00	$1,029.70	0.19%	$0.96

Hypothetical	$1,000.00	$1,023.92	0.19%	$0.96


PGIM Total Return Bond ETF	Beginning Account Value September 1, 2023	Ending Account Value February 29, 2024	Annualized Expense Ratio Based on the Six-Month Period	Expenses Paid During the Six-Month Period*

Actual	$1,000.00	$1,035.80	0.49%	$2.48

Hypothetical	$1,000.00	$1,022.43	0.49%	$2.46


PGIM Floating Rate Income ETF	Beginning Account Value September 1, 2023	Ending Account Value February 29, 2024	Annualized Expense Ratio Based on the Six-Month Period	Expenses Paid During the Six-Month Period*

Actual	$1,000.00	$1,062.00	0.72%	$3.69

Hypothetical	$1,000.00	$1,021.28	0.72%	$3.62


PGIM AAA CLO ETF	Beginning Account Value September 1, 2023	Ending Account Value February 29, 2024	Annualized Expense Ratio Based on the Six-Month Period	Expenses Paid During the Six-Month Period*

Actual	$1,000.00	$1,044.30	0.19%	$0.97

Hypothetical	$1,000.00	$1,023.92	0.19%	$0.96


PGIM Short Duration Multi-Sector Bond ETF	Beginning Account Value September 1, 2023	Ending Account Value February 29, 2024	Annualized Expense Ratio Based on the Six-Month Period	Expenses Paid During the Six-Month Period*

Actual	$1,000.00	$1,038.20	0.40%	$2.03

Hypothetical	$1,000.00	$1,022.87	0.40%	$2.01


PGIM Short Duration High Yield ETF	Beginning Account Value September 1, 2023	Ending Account Value February 29, 2024	Annualized Expense Ratio Based on the Six-Month Period	Expenses Paid During the Six-Month Period*

Actual**	$1,000.00	$1,015.30	0.46%	$0.98

Hypothetical	$1,000.00	$1,022.58	0.46%	$2.31

22 Visit our website at pgim.com/investments

*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 182 days in the six-month period ended February 29, 2024, and divided by the 366 days in the Fund’s fiscal year ending August 31, 2024 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which each Fund may invest.

**“Actual” expenses are calculated using 77-day period ended February 29, 2024 due to the Fund’s inception date of December 14, 2023.

PGIM Fixed Income ETFs 23

Glossary

The following abbreviations are used in the Funds’ descriptions:

BRL—Brazilian Real

CLP—Chilean Peso

CNH—Chinese Renminbi

COP—Colombian Peso

CZK—Czech Koruna

EUR—Euro

GBP—British Pound

HUF—Hungarian Forint

IDR—Indonesian Rupiah

ILS—Israeli Shekel

INR—Indian Rupee

JPY—Japanese Yen

KRW—South Korean Won

MXN—Mexican Peso

PEN—Peruvian Nuevo Sol

PHP—Philippine Peso

PLN—Polish Zloty

SGD—Singapore Dollar

THB—Thai Baht

TRY—Turkish Lira

TWD—New Taiwanese Dollar

USD—US Dollar

ZAR—South African Rand

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

BNP—BNP Paribas S.A.

BNYM—Bank of New York Mellon

BOA—Bank of America, N.A.

CDX—Credit Derivative Index

CGM—Citigroup Global Markets, Inc.

CITI—Citibank, N.A.

CLO—Collateralized Loan Obligation

CME—Chicago Mercantile Exchange

DAC—Designated Activity Company

DB—Deutsche Bank AG

Glossary (continued)

EMTN—Euro Medium Term Note

EURIBOR—Euro Interbank Offered Rate

FHLMC—Federal Home Loan Mortgage Corporation

GMTN—Global Medium Term Note

GSI—Goldman Sachs International

HSBC—HSBC Bank PLC

iBoxx—Bond Market Indices

IO—Interest Only (Principal amount represents notional)

JPM—JPMorgan Chase Bank N.A.

JPS—J.P. Morgan Securities LLC

LIBOR—London Interbank Offered Rate

LP—Limited Partnership

MSI—Morgan Stanley & Co International PLC

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

SSB—State Street Bank & Trust Company

STRIPs—Separate Trading of Registered Interest and Principal of Securities

T—Swap payment upon termination

TBA—To Be Announced

TD—The Toronto-Dominion Bank

USOIS—United States Overnight Index Swap

PGIM Ultra Short Bond ETF

Schedule of Investments (unaudited)

as of February 29, 2024



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

LONG-TERM INVESTMENTS 79.2%

ASSET-BACKED SECURITIES 18.5%

Automobiles 2.6%

AmeriCredit Automobile Receivables Trust,
Series 2023-01, Class A2A		5.840%		10/19/26		19,558	$	19,579,389
ARI Fleet Lease Trust,
Series 2022-A, Class A2, 144A		3.120		01/15/31		908		901,371
Series 2024-A, Class A2, 144A		5.300		11/15/32		7,000		6,992,665
Avis Budget Rental Car Funding AESOP LLC,
Series 2022-03A, Class A, 144A		4.620		02/20/27		35,000		34,459,652
Series 2023-07A, Class A, 144A		5.900		08/21/28		6,650		6,739,424
Donlen Fleet Lease Funding LLC,
Series 2021-02, Class A2, 144A		0.560		12/11/34		497		493,901
Enterprise Fleet Financing LLC,
Series 2021-02, Class A2, 144A		0.480		05/20/27		1,504		1,477,459
Series 2022-01, Class A2, 144A		3.030		01/20/28		5,545		5,465,591
Series 2022-03, Class A2, 144A		4.380		07/20/29		561		555,200
Series 2023-01, Class A2, 144A		5.510		01/22/29		5,483		5,483,767
Series 2023-02, Class A2, 144A		5.560		04/22/30		7,900		7,904,924
Series 2023-03, Class A2, 144A		6.400		03/20/30		13,400		13,606,213
Series 2024-01, Class A2, 144A		5.230		03/20/30		6,100		6,087,143
Ford Credit Floorplan Master Owner Trust,
Series 2023-01, Class A1, 144A		4.920		05/15/28		17,100		17,029,268
Hertz Vehicle Financing LLC,
Series 2023-03A, Class A, 144A		5.940		02/25/28		15,100		15,254,480
OneMain Direct Auto Receivables Trust,
Series 2023-01A, Class A, 144A		5.410		11/14/29		17,100		17,098,805


								159,129,252

Collateralized Loan Obligations 15.1%

Allegro CLO Ltd. (Cayman Islands),
Series 2016-01A, Class AR2, 144A, 3 Month SOFR + 1.212% (Cap N/A, Floor 0.950%)		6.526(c)		01/15/30		2,659		2,661,362
Anchorage Capital CLO Ltd. (Cayman Islands),
Series 2015-07A, Class AR2, 144A, 3 Month SOFR + 1.352% (Cap N/A, Floor 1.090%)		6.671(c)		01/28/31		4,183		4,185,050
Ares CLO Ltd. (Cayman Islands),
Series 2016-40A, Class A1RR, 144A, 3 Month SOFR + 1.132% (Cap N/A, Floor 0.870%)		6.446(c)		01/15/29		7,801		7,803,777
Series 2018-50A, Class AR, 144A, 3 Month SOFR + 1.312% (Cap N/A, Floor 1.050%)		6.626(c)		01/15/32		14,330		14,348,629

See Notes to Financial Statements.

PGIM Fixed Income ETFs 27

PGIM Ultra Short Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

Description

Interest

Rate

Maturity

Date

Principal

Amount

(000)#

Value

ASSET-BACKED SECURITIES (Continued)

Collateralized Loan Obligations (cont’d.)

Atlas Static Senior Loan Fund Ltd. (Cayman Islands),

Series 2022-01A, Class AR, 144A, 3 Month SOFR + 1.750% (Cap N/A, Floor 1.750%)

7.064%(c)

07/15/30

16,200

16,259,232

Bain Capital Credit CLO Ltd. (Cayman Islands),

Series 2018-01A, Class A1, 144A, 3 Month SOFR + 1.222% (Cap N/A, Floor 0.262%)

6.537(c)

04/23/31

14,549

14,563,382

Series 2019-02A, Class AR, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 1.100%)

6.678(c)

10/17/32

11,500

11,526,298

Series 2020-05A, Class A1, 144A, 3 Month SOFR + 1.482% (Cap N/A, Floor 1.482%)

6.799(c)

01/20/32

5,397

5,404,054

Ballyrock CLO Ltd. (Cayman Islands),

Series 2020-02A, Class A1R, 144A, 3 Month SOFR + 1.272% (Cap N/A, Floor 1.010%)

6.589(c)

10/20/31

23,388

23,387,106

Barings CLO Ltd. (Cayman Islands),

Series 2020-02A, Class AR, 144A, 3 Month SOFR + 1.272% (Cap N/A, Floor 1.010%)

6.586(c)

10/15/33

11,879

11,895,935

Battalion CLO Ltd. (Cayman Islands),

Series 2015-09A, Class AR, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 1.100%)

6.676(c)

07/15/31

20,445

20,434,534

Series 2018-12A, Class A1, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.070%)

6.651(c)

05/17/31

4,559

4,568,894

Series 2020-15A, Class A1R, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%)

6.619(c)

01/17/33

50,000

50,094,600

Benefit Street Partners CLO Ltd. (Cayman Islands),

Series 2017-12A, Class A1R, 144A, 3 Month SOFR + 1.212% (Cap N/A, Floor 0.950%)

6.526(c)

10/15/30

12,225

12,237,676

Series 2018-16A, Class A1R, 144A, 3 Month SOFR + 1.292% (Cap N/A, Floor 1.030%)

6.608(c)

01/17/32

5,000

5,009,362

BlueMountain CLO Ltd. (Cayman Islands),

Series 2018-22A, Class A1, 144A, 3 Month SOFR + 1.342% (Cap N/A, Floor 1.080%)

6.656(c)

07/15/31

13,629

13,649,713

Canyon Capital CLO Ltd. (Cayman Islands),

Series 2016-01A, Class AR, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 0.000%)

6.646(c)

07/15/31

19,516

19,517,099

Series 2017-01A, Class AR, 144A, 3 Month SOFR + 1.262% (Cap N/A, Floor 1.000%)

6.576(c)

07/15/30

13,280

13,269,314

Series 2019-01A, Class A1R, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 1.100%)

6.676(c)

04/15/32

8,000

8,000,926

See Notes to Financial Statements.

PGIM Ultra Short Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

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 SOFR + 1.292% (Cap N/A, Floor 0.000%)

6.609%(c)

04/30/31

16,807

16,829,107

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

Series 2014-01A, Class A1R2, 144A, 3 Month SOFR + 1.232% (Cap N/A, Floor 0.970%)

6.548(c)

04/17/31

4,203

4,209,376

Series 2015-05A, Class A1RR, 144A, 3 Month SOFR + 1.342% (Cap N/A, Floor 1.080%)

6.659(c)

01/20/32

23,231

23,259,277

Carlyle US CLO Ltd. (Cayman Islands),

Series 2017-01A, Class A1R, 144A, 3 Month SOFR + 1.262% (Cap N/A, Floor 1.000%)

6.579(c)

04/20/31

13,781

13,824,589

Series 2018-01A, Class A1, 144A, 3 Month SOFR + 1.282% (Cap N/A, Floor 0.000%)

6.599(c)

04/20/31

15,186

15,198,137

CarVal CLO Ltd. (Cayman Islands),

Series 2019-01A, Class ANR, 144A, 3 Month SOFR + 1.372% (Cap N/A, Floor 1.372%)

6.689(c)

04/20/32

16,868

16,881,494

CBAM Ltd. (Cayman Islands),

Series 2018-07A, Class A, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 1.100%)

6.679(c)

07/20/31

9,724

9,744,167

CIFC Funding Ltd. (Cayman Islands),

Series 2013-03RA, Class A1, 144A, 3 Month SOFR + 1.242% (Cap N/A, Floor 0.980%)

6.560(c)

04/24/31

18,239

18,297,638

Series 2017-04A, Class A1R, 144A, 3 Month SOFR + 1.212% (Cap N/A, Floor 0.950%)

6.530(c)

10/24/30

22,852

22,900,955

Crestline Denali CLO Ltd. (Cayman Islands),

Series 2018-01A, Class AR, 144A, 3 Month SOFR + 1.322% (Cap N/A, Floor 1.060%)

6.636(c)

10/15/31

14,501

14,520,918

Elevation CLO Ltd. (Cayman Islands),

Series 2014-02A, Class A1R, 144A, 3 Month SOFR + 1.492% (Cap N/A, Floor 0.000%)

6.808(c)

10/15/29

5,374

5,380,665

Generate CLO Ltd. (Cayman Islands),

Series 02A, Class AR, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%)

6.729(c)

01/22/31

8,911

8,917,222

Greywolf CLO Ltd. (Cayman Islands),

Series 2018-02A, Class A1, 144A, 3 Month SOFR + 1.440% (Cap N/A, Floor 1.440%)

6.758(c)

10/20/31

10,000

10,004,456

HPS Loan Management Ltd. (Cayman Islands),

Series 11A-17, Class AR, 144A, 3 Month SOFR + 1.282% (Cap N/A, Floor 1.020%)

6.572(c)

05/06/30

4,860

4,866,747

See Notes to Financial Statements.

PGIM Fixed Income ETFs 29

PGIM Ultra Short Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

Description

Interest

Rate

Maturity

Date

Principal

Amount

(000)#

Value

ASSET-BACKED SECURITIES (Continued)

Collateralized Loan Obligations (cont’d.)

ICG US CLO Ltd. (Cayman Islands),

Series 2014-03A, Class A1RR, 144A, 3 Month SOFR + 1.292% (Cap N/A, Floor 0.000%)

6.616%(c)

04/25/31

8,589

8,599,128

KKR CLO Ltd. (Cayman Islands),

Series 11, Class AR, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.442%)

6.756(c)

01/15/31

812

813,475

Series 18, Class AR, 144A, 3 Month SOFR + 1.202% (Cap N/A, Floor 0.940%)

6.500(c)

07/18/30

10,902

10,910,298

KKR CLO Ltd.,

Series 30A, Class A1R, 144A, 3 Month SOFR + 1.282% (Cap N/A, Floor 1.020%)

6.598(c)

10/17/31

14,000

14,024,514

Madison Park Funding Ltd. (Cayman Islands),

Series 2015-18A, Class ARR, 144A, 3 Month SOFR + 1.202% (Cap N/A, Floor 0.940%)

6.519(c)

10/21/30

22,820

22,842,516

Series 2019-34A, Class AR, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 1.120%)

6.706(c)

04/25/32

13,570

13,577,411

Series 2021-38A, Class X, 144A, 3 Month SOFR + 1.212% (Cap N/A, Floor 1.212%)

6.528(c)

07/17/34

2,423

2,411,182

MidOcean Credit CLO (Cayman Islands),

Series 2017-07A, Class A1R, 144A, 3 Month SOFR + 1.302% (Cap N/A, Floor 0.000%)

6.616(c)

07/15/29

3,756

3,756,109

Series 2018-09A, Class A1, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%)

6.729(c)

07/20/31

8,033

8,049,234

Mountain View CLO Ltd. (Cayman Islands),

Series 2013-01A, Class ARR, 144A, 3 Month SOFR + 1.262% (Cap N/A, Floor 1.000%)

6.588(c)

10/12/30

11,708

11,724,183

Nassau Ltd. (United Kingdom),

Series 2022-01A, Class A1, 144A, 3 Month SOFR + 2.130% (Cap N/A, Floor 2.130%)

7.444(c)

01/15/31

29,596

29,630,766

Neuberger Berman Loan Advisers CLO Ltd. (Cayman Islands),

Series 2021-40A, Class A, 144A, 3 Month SOFR + 1.322% (Cap N/A, Floor 1.060%)

6.636(c)

04/16/33

17,500

17,562,533

Oaktree CLO Ltd. (Cayman Islands),

Series 2019-01A, Class A1R, 144A, 3 Month SOFR + 1.372% (Cap N/A, Floor 1.110%)

6.689(c)

04/22/30

5,400

5,407,960

Ocean Trails CLO (Cayman Islands),

Series 2019-07A, Class AR, 144A, 3 Month SOFR + 1.272% (Cap N/A, Floor 1.010%)

6.588(c)

04/17/30

3,588

3,589,225

See Notes to Financial Statements.

PGIM Ultra Short Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

Description

Interest

Rate

Maturity

Date

Principal

Amount

(000)#

Value

ASSET-BACKED SECURITIES (Continued)

Collateralized Loan Obligations (cont’d.)

Octagon Investment Partners Ltd. (Cayman Islands),

Series 2017-01A, Class ARR, 144A

— %(p)

07/20/30

30,000

30,000,000

OZLM Ltd. (Cayman Islands),

Series 2014-06A, Class A1S, 144A, 3 Month SOFR + 1.342% (Cap N/A, Floor 0.000%)

6.658(c)

04/17/31

6,757

6,760,928

Series 2014-09A, Class A1A3, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 1.100%)

6.679(c)

10/20/31

16,818

16,817,908

Palmer Square CLO Ltd. (Cayman Islands),

Series 2014-01A, Class A1R2, 144A, 3 Month SOFR + 1.392% (Cap N/A, Floor 1.130%)

6.708(c)

01/17/31

648

648,412

Series 2015-02A, Class A1R2, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 1.100%)

6.679(c)

07/20/30

820

820,316

Palmer Square Loan Funding Ltd. (Cayman Islands),

Series 2021-03A, Class A1, 144A, 3 Month SOFR + 1.062% (Cap N/A, Floor 1.062%)

6.379(c)

07/20/29

10,401

10,402,486

Series 2021-04A, Class A1, 144A, 3 Month SOFR + 1.062% (Cap N/A, Floor 1.062%)

6.376(c)

10/15/29

11,862

11,864,199

Series 2022-03A, Class A1A, 144A, 3 Month SOFR + 1.820% (Cap N/A, Floor 1.820%)

7.134(c)

04/15/31

19,496

19,516,424

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

Series 2018-01A, Class A1AR, 144A, 3 Month SOFR + 1.262% (Cap N/A, Floor 1.000%)

6.579(c)

10/20/31

21,897

21,890,501

PPM CLO Ltd. (Cayman Islands),

Series 2018-01A, Class A, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%)

6.726(c)

07/15/31

9,098

9,100,585

Race Point CLO Ltd. (Cayman Islands),

Series 2013-08A, Class AR2, 144A, 3 Month SOFR + 1.302% (Cap N/A, Floor 1.040%)

6.621(c)

02/20/30

13,083

13,084,724

Rockford Tower CLO Ltd. (Cayman Islands),

Series 2017-03A, Class A, 144A, 3 Month SOFR + 1.452% (Cap N/A, Floor 0.000%)

6.769(c)

10/20/30

10,380

10,383,457

Rockford Tower CLO Ltd.,

Series 2017-02A, Class AR, 144A, 3 Month SOFR + 1.282% (Cap N/A, Floor 1.020%)

6.596(c)

10/15/29

9,550

9,556,497

Romark WM-R Ltd. (Cayman Islands),

Series 2018-01A, Class A1, 144A, 3 Month SOFR + 1.292% (Cap N/A, Floor 0.000%)

6.609(c)

04/20/31

11,696

11,719,239

See Notes to Financial Statements.

PGIM Fixed Income ETFs 31

PGIM Ultra Short Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

Description

Interest

Rate

Maturity

Date

Principal

Amount

(000)#

Value

ASSET-BACKED SECURITIES (Continued)

Collateralized Loan Obligations (cont’d.)

Shackleton CLO Ltd. (Cayman Islands),

Series 2014-05RA, Class A, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 0.262%)

6.678%(c)

05/07/31

17,564

17,600,377

Sound Point CLO Ltd. (Cayman Islands),

Series 2014-03RA, Class A1R, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.070%)

6.647(c)

10/23/31

10,000

9,999,935

Series 2017-03A, Class A1R, 144A, 3 Month SOFR + 1.242% (Cap N/A, Floor 0.980%)

6.559(c)

10/20/30

6,321

6,323,652

Series 2019-01A, Class AR, 144A, 3 Month SOFR + 1.342% (Cap N/A, Floor 1.080%)

6.659(c)

01/20/32

13,000

13,008,185

Trinitas CLO Ltd. (Cayman Islands),

Series 2016-04A, Class A1L2, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 1.100%)

6.660(c)

10/18/31

10,988

11,007,839

Venture CLO Ltd. (Cayman Islands),

Series 2016-24A, Class ARR, 144A, 3 Month SOFR + 1.162% (Cap N/A, Floor 0.900%)

6.479(c)

10/20/28

3,201

3,196,380

Voya CLO Ltd. (Cayman Islands),

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

6.556(c)

04/25/31

3,210

3,217,717

Series 2013-03A, Class A1RR, 144A, 3 Month SOFR + 1.411% (Cap N/A, Floor 1.150%)

6.709(c)

10/18/31

20,289

20,373,242

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

6.550(c)

04/18/31

1,401

1,402,929

Series 2014-02A, Class A1RR, 144A, 3 Month SOFR + 1.282% (Cap N/A, Floor 1.020%)

6.598(c)

04/17/30

896

897,011

Series 2016-01A, Class A1R, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.070%)

6.649(c)

01/20/31

18,765

18,789,708

Wellfleet CLO Ltd. (Cayman Islands),

Series 2016-02A, Class A1R, 144A, 3 Month SOFR + 1.402% (Cap N/A, Floor 1.140%)

6.719(c)

10/20/28

419

419,169

Series 2017-02A, Class A1R, 144A, 3 Month SOFR + 1.322% (Cap N/A, Floor 0.000%)

6.639(c)

10/20/29

391

391,119

Series 2018-02A, Class A1, 144A, 3 Month SOFR + 1.462% (Cap N/A, Floor 1.200%)

6.779(c)

10/20/31

12,003

12,005,297

Series 2019-01A, Class A1R, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 1.120%)

6.699(c)

07/20/32

20,000

19,995,180

See Notes to Financial Statements.

PGIM Ultra Short Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

ASSET-BACKED SECURITIES (Continued)

Collateralized Loan Obligations (cont’d.)

Zais CLO Ltd. (Cayman Islands),
Series 2017-02A, Class A, 144A, 3 Month SOFR + 1.552% (Cap N/A, Floor 0.000%)		6.866%(c)		04/15/30		114	$	114,559


								907,858,200

Consumer Loans 0.6%

OneMain Financial Issuance Trust,
Series 2023-02A, Class A1, 144A		5.840		09/15/36		34,900		35,428,965
SoFi Consumer Loan Program Trust,
Series 2023-01S, Class A, 144A		5.810		05/15/31		882		881,678


								36,310,643

Equipment 0.2%

Kubota Credit Owner Trust,
Series 2023-01A, Class A2, 144A		5.400		02/17/26		10,103		10,090,099
MMAF Equipment Finance LLC,
Series 2022-A, Class A2, 144A		2.770		02/13/25		158		157,493


								10,247,592


TOTAL ASSET-BACKED SECURITIES (cost $1,107,465,883)								1,113,545,687


CERTIFICATES OF DEPOSIT 3.0%
Banco Santander SA, SOFR + 0.510%		5.820(c)		01/31/25		15,000		15,018,825
BNP Paribas SA, SOFR + 0.650%		5.960(c)		07/08/24		39,000		39,073,138
Credit Agricole Corporate & Investment Bank, SOFR + 0.590%		5.900(c)		08/28/25		44,000		43,954,686
Natixis SA, SOFR + 0.420%		5.730(c)		01/06/25		20,000		20,028,826
Skandinaviska Enskilda Banken AB, SOFR + 0.290% (Cap N/A, Floor 0.000%)		5.600(c)		02/24/25		10,000		9,997,910
Toronto-Dominion Bank (The),
SOFR + 0.650%		5.960(c)		09/13/24		10,000		10,015,270
SOFR + 0.670%		5.980(c)		03/25/24		15,000		15,005,777
Wells Fargo Bank NA, SOFR + 0.600% (Cap N/A, Floor 0.000%)		5.910(c)		11/01/24		24,000		24,055,228


TOTAL CERTIFICATES OF DEPOSIT (cost $177,000,000)								177,149,660

See Notes to Financial Statements.

PGIM Fixed Income ETFs 33

PGIM Ultra Short Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

COMMERCIAL MORTGAGE-BACKED SECURITIES 12.2%
Bank of America Merrill Lynch Commercial Mortgage Trust,
Series 2016-UB10, Class A4		3.170%		07/15/49		21,000	$	19,818,093
Barclays Commercial Mortgage Securities Trust,
Series 2020-C07, Class A1		1.079		04/15/53		403		394,461
Benchmark Mortgage Trust,
Series 2018-B02, Class A2		3.662		02/15/51		186		180,032
Series 2018-B03, Class A2		3.848		04/10/51		162		158,265
Series 2018-B05, Class A2		4.077		07/15/51		589		572,367
CFCRE Commercial Mortgage Trust,
Series 2016-C04, Class A4		3.283		05/10/58		5,600		5,333,124
Citigroup Commercial Mortgage Trust,
Series 2014-GC23, Class A3		3.356		07/10/47		10,140		10,065,043
Series 2014-GC23, Class AAB		3.337		07/10/47		54		54,002
Series 2014-GC25, Class A3		3.372		10/10/47		6,519		6,447,639
Series 2014-GC25, Class A4		3.635		10/10/47		15,760		15,518,818
Series 2015-GC29, Class A4		3.192		04/10/48		9,325		9,029,050
Series 2015-GC31, Class A4		3.762		06/10/48		9,690		9,377,791
Series 2015-GC33, Class A4		3.778		09/10/58		2,250		2,166,728
Series 2015-P01, Class A4		3.462		09/15/48		13,173		12,865,537
Series 2016-P04, Class A2		2.450		07/10/49		3,635		3,548,745
Series 2016-P06, Class A4		3.458		12/10/49		7,094		6,775,301
Commercial Mortgage Trust,
Series 2012-CR04, Class A3		2.853		10/15/45		90		82,126
Series 2014-CR16, Class A4		4.051		04/10/47		10,790		10,769,418
Series 2014-CR20, Class A3		3.326		11/10/47		4,491		4,444,716
Series 2014-CR21, Class A3		3.528		12/10/47		10,173		9,943,144
Series 2014-UBS03, Class A3		3.546		06/10/47		407		405,462
Series 2014-UBS03, Class A4		3.819		06/10/47		5,012		4,984,443
Series 2014-UBS04, Class A4		3.420		08/10/47		31,434		31,179,531
Series 2014-UBS05, Class A3		3.565		09/10/47		18,550		18,418,207
Series 2014-UBS06, Class A4		3.378		12/10/47		18,679		18,399,270
Series 2014-UBS06, Class A5		3.644		12/10/47		33,978		33,286,635
Series 2015-CR22, Class A3		3.207		03/10/48		820		798,146
Series 2015-CR22, Class A4		3.048		03/10/48		21,900		21,440,812
Series 2015-CR23, Class ASB		3.257		05/10/48		458		452,572
Series 2015-CR24, Class A4		3.432		08/10/48		8,262		8,049,354
Series 2015-CR24, Class ASB		3.445		08/10/48		854		845,482
Series 2015-CR26, Class A4		3.630		10/10/48		12,465		12,003,416
Series 2015-LC19, Class A3		2.922		02/10/48		17,197		16,902,382
Series 2015-LC21, Class A4		3.708		07/10/48		11,000		10,687,691
Series 2015-PC01, Class A5		3.902		07/10/50		17,737		17,338,983

See Notes to Financial Statements.

PGIM Ultra Short Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
CSAIL Commercial Mortgage Trust,
Series 2015-C02, Class A4		3.504%		06/15/57		8,500	$	8,247,168
Series 2016-C05, Class ASB		3.533		11/15/48		1,388		1,364,073
Series 2016-C06, Class A5		3.090		01/15/49		14,500		13,695,729
Series 2016-C07, Class A4		3.210		11/15/49		6,372		6,093,586
Deutsche Bank Commercial Mortgage Trust,
Series 2017-C06, Class A3		3.269		06/10/50		3,828		3,778,595
GS Mortgage Securities Trust,
Series 2014-GC22, Class A4		3.587		06/10/47		7,373		7,351,998
Series 2014-GC24, Class A4		3.666		09/10/47		14,871		14,720,212
Series 2014-GC26, Class A4		3.364		11/10/47		7,852		7,755,336
Series 2015-GC28, Class A4		3.136		02/10/48		17,843		17,669,295
Series 2015-GC30, Class A4		3.382		05/10/50		22,540		21,822,481
Series 2016-GS02, Class A4		3.050		05/10/49		14,962		14,153,024
JPMBB Commercial Mortgage Securities Trust,
Series 2014-C21, Class A4		3.493		08/15/47		7,057		7,039,589
Series 2014-C23, Class A5		3.934		09/15/47		19,085		18,869,410
Series 2014-C24, Class A4A2, 144A		3.373		11/15/47		28,310		27,924,440
Series 2014-C24, Class A5		3.639		11/15/47		10,830		10,610,806
Series 2014-C25, Class A4A1		3.408		11/15/47		6,213		6,117,909
Series 2014-C25, Class ASB		3.407		11/15/47		768		761,591
Series 2014-C26, Class A3		3.231		01/15/48		17,500		17,196,065
Series 2014-C26, Class A4		3.494		01/15/48		13,000		12,723,387
Series 2015-C27, Class A3A1		2.920		02/15/48		4,986		4,864,962
Series 2015-C29, Class A4		3.611		05/15/48		30,892		30,016,647
Series 2015-C32, Class A4		3.329		11/15/48		19,126		18,463,033
JPMDB Commercial Mortgage Securities Trust,
Series 2020-COR07, Class A1		1.066		05/13/53		1,952		1,888,901
JPMorgan Chase Commercial Mortgage Securities Trust,
Series 2016-JP02, Class ASB		2.713		08/15/49		3,588		3,485,852
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2014-C17, Class A5		3.741		08/15/47		9,349		9,276,602
Series 2014-C19, Class A4		3.526		12/15/47		5,325		5,232,433
Series 2014-C19, Class ASB		3.326		12/15/47		887		882,424
Series 2015-C21, Class A3		3.077		03/15/48		12,354		12,079,030
Series 2015-C21, Class A4		3.338		03/15/48		5,679		5,505,356
Series 2015-C23, Class A3		3.451		07/15/50		8,777		8,552,357
Series 2015-C23, Class ASB		3.398		07/15/50		512		505,274
Series 2015-C26, Class A5		3.531		10/15/48		10,600		10,203,814
Series 2015-C27, Class A3		3.473		12/15/47		4,062		3,968,069
Morgan Stanley Capital I Trust,
Series 2015-MS01, Class A4		3.779(cc)		05/15/48		4,220		4,080,224

See Notes to Financial Statements.

PGIM Fixed Income ETFs 35

PGIM Ultra Short Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
Morgan Stanley Capital I Trust, (cont’d.)
Series 2020-HR08, Class A1		0.932%		07/15/53		1,124	$	1,083,654
One New York Plaza Trust,
Series 2020-01NYP, Class A, 144A, 1 Month SOFR + 1.064% (Cap N/A, Floor 0.950%)		6.382(c)		01/15/36		17,410		16,931,669
Wells Fargo Commercial Mortgage Trust,
Series 2015-LC22, Class A3		3.572		09/15/58		4,017		3,909,358
Series 2015-LC22, Class A4		3.839		09/15/58		8,000		7,738,826
Series 2015-NXS01, Class A5		3.148		05/15/48		12,831		12,424,375
Series 2015-NXS02, Class A2		3.020		07/15/58		48		47,211
Series 2015-NXS02, Class A4		3.498		07/15/58		10,300		10,031,438
Series 2016-C34, Class ASB		2.911		06/15/49		2,334		2,279,962
Series 2016-C36, Class A3		2.807		11/15/59		12,385		11,626,055
Series 2016-NXS05, Class A5		3.372		01/15/59		4,920		4,704,192


TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (cost $727,254,396)								730,413,198


CORPORATE BONDS 45.1%

Aerospace & Defense 0.8%

RTX Corp.,
Sr. Unsec’d. Notes(a)		5.000		02/27/26		8,000		7,979,566
Sr. Unsec’d. Notes		5.750		11/08/26		40,000		40,582,242


								48,561,808

Agriculture 0.5%

Cargill, Inc.,
Sr. Unsec’d. Notes, 144A		3.500		04/22/25		6,750		6,620,881
Sr. Unsec’d. Notes, 144A(a)		4.875		10/10/25		14,000		13,945,496
Philip Morris International, Inc.,
Sr. Unsec’d. Notes		4.750		02/12/27		10,000		9,874,197


								30,440,574

Auto Manufacturers 6.2%

American Honda Finance Corp.,
Sr. Unsec’d. Notes		4.750		01/12/26		9,750		9,686,164
Sr. Unsec’d. Notes, MTN		0.750		08/09/24		4,500		4,405,876
Sr. Unsec’d. Notes, MTN, SOFR + 0.600%		5.943(c)		08/14/25		10,000		10,018,599
Sr. Unsec’d. Notes, MTN, SOFR Index + 0.700%		6.044(c)		11/22/24		35,000		35,073,688

See Notes to Financial Statements.

PGIM Ultra Short Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

CORPORATE BONDS (Continued)

Auto Manufacturers (cont’d.)

BMW US Capital LLC (Germany),
Gtd. Notes, 144A(a)	3.250%	04/01/25		7,000	$	6,850,260
Gtd. Notes, 144A, SOFR Index + 0.530%	5.881(c)	04/01/24		4,000		4,001,132
Gtd. Notes, 144A, SOFR Index + 0.620%	5.964(c)	08/11/25		20,000		20,038,318
Gtd. Notes, 144A, SOFR Index + 0.840%	6.191(c)	04/01/25		11,390		11,433,830
Daimler Truck Finance North America LLC (Germany),
Gtd. Notes, 144A	5.000	01/15/27		9,070		9,029,336
Gtd. Notes, 144A	5.150	01/16/26		14,000		13,933,532
General Motors Financial Co., Inc.,
Gtd. Notes	3.500	11/07/24		9,700		9,550,789
Sr. Unsec’d. Notes	5.400	05/08/27		9,375		9,385,533
Mercedes-Benz Finance North America LLC (Germany),
Gtd. Notes, 144A	0.750	03/01/24		13,500		13,499,964
Gtd. Notes, 144A	4.800	03/30/26		35,000		34,757,824
Gtd. Notes, 144A	5.375	11/26/25		8,500		8,521,587
Gtd. Notes, 144A, SOFR + 0.670%	6.015(c)	01/09/26		13,000		13,013,164
PACCAR Financial Corp.,
Sr. Unsec’d. Notes, MTN	3.550	08/11/25		25,000		24,483,488
Sr. Unsec’d. Notes, MTN	4.450	03/30/26		15,000		14,868,035
Toyota Motor Credit Corp.,
Sr. Unsec’d. Notes	4.450	05/18/26		15,000		14,841,902
Sr. Unsec’d. Notes, MTN	3.650	08/18/25		5,000		4,899,041
Sr. Unsec’d. Notes, MTN	3.950	06/30/25		18,750		18,465,058
Sr. Unsec’d. Notes, MTN, SOFR + 0.600% (Cap N/A, Floor 0.000%)	5.910(c)	06/09/25		20,000		20,036,285
Volkswagen Group of America Finance LLC (Germany),
Gtd. Notes, 144A	3.950	06/06/25		13,250		12,967,701
Gtd. Notes, 144A(a)	6.000	11/16/26		50,000		50,730,850


						374,491,956

Banks 9.8%

Australia & New Zealand Banking Group Ltd. (Australia),
Sr. Unsec’d. Notes, 144A, SOFR + 0.810%	6.155(c)	01/18/27		33,600		33,750,958
Banco Santander SA (Spain),
Sr. Preferred Notes	2.706	06/27/24		11,600		11,486,344
Sr. Preferred Notes	3.892	05/24/24		4,600		4,582,373
Sr. Preferred Notes	5.742(ff)	06/30/24		29,000		28,956,941

See Notes to Financial Statements.

PGIM Fixed Income ETFs 37

PGIM Ultra Short Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

Description

Interest

Rate

Maturity

Date

Principal

Amount

(000)#

Value

CORPORATE BONDS (Continued)

Banks (cont’d.)

Bank of Montreal (Canada),

Sr. Unsec’d. Notes, MTN, SOFR Index + 0.710%

6.064%(c)

03/08/24

20,000

20,001,312

Bank of Nova Scotia (The) (Canada),

Sr. Unsec’d. Notes, MTN, SOFR + 0.460%

5.805(c)

01/10/25

7,750

7,756,285

Sr. Unsec’d. Notes, MTN, SOFR Index + 0.900%

6.245(c)

04/11/25

4,750

4,775,057

Banque Federative du Credit Mutuel SA (France),

Sr. Preferred Notes, 144A, SOFR Index + 0.410%

5.755(c)

02/04/25

20,000

19,994,328

Sr. Preferred Notes, 144A, SOFR + 1.130%

6.475(c)

01/23/27

10,890

10,979,642

Canadian Imperial Bank of Commerce (Canada),

Sr. Unsec’d. Notes, SOFR Index + 0.420%

5.765(c)

10/18/24

10,000

9,980,872

Citibank NA,

Sr. Unsec’d. Notes, SOFR + 0.805%

6.157(c)

09/29/25

52,000

52,248,591

Commonwealth Bank of Australia (Australia),

Sr. Unsec’d. Notes

5.316

03/13/26

25,000

25,083,750

Sr. Unsec’d. Notes, 144A, SOFR + 0.630%

5.975(c)

01/10/25

28,500

28,570,965

Cooperatieve Rabobank UA (Netherlands),

Sr. Preferred Notes, SOFR Index + 0.710%

6.055(c)

01/09/26

28,500

28,534,907

Sr. Unsec’d. Notes, SOFR Index + 0.710%

6.056(c)

03/05/27

15,000

15,015,578

DNB Bank ASA (Norway),

Sr. Non-Preferred Notes, 144A

5.896(ff)

10/09/26

25,000

25,107,330

Federation des Caisses Desjardins du Quebec (Canada),

Sr. Unsec’d. Notes, 144A

4.400

08/23/25

25,000

24,627,790

Morgan Stanley,

Sr. Unsec’d. Notes, MTN

2.720(ff)

07/22/25

37,000

36,552,499

National Australia Bank Ltd. (Australia),

Sr. Unsec’d. Notes

3.500

06/09/25

7,250

7,102,557

Sr. Unsec’d. Notes

4.966

01/12/26

32,000

31,910,525

Sr. Unsec’d. Notes, 144A, SOFR + 0.650%

5.983(c)

12/10/25

14,286

14,314,868

NatWest Markets PLC (United Kingdom),

Sr. Unsec’d. Notes, 144A, SOFR + 1.450%

6.803(c)

03/22/25

9,000

9,078,895

Nordea Bank Abp (Finland),

Sr. Preferred Notes, 144A

0.625

05/24/24

9,500

9,392,346

Sr. Preferred Notes, 144A

4.750

09/22/25

10,500

10,405,773

Royal Bank of Canada (Canada),

Sr. Unsec’d. Notes, GMTN, SOFR Index + 0.340%

5.685(c)

10/07/24

10,000

9,991,230

Sr. Unsec’d. Notes, GMTN, SOFR Index + 0.525%

5.870(c)

01/20/26

10,000

9,989,314

Sr. Unsec’d. Notes, GMTN, SOFR Index + 0.570%

5.915(c)

04/27/26

7,027

7,002,016

Sr. Unsec’d. Notes, GMTN, SOFR Index + 0.950%

6.295(c)

01/19/27

20,000

20,095,846

See Notes to Financial Statements.

PGIM Ultra Short Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

CORPORATE BONDS (Continued)

Banks (cont’d.)

Sumitomo Mitsui Trust Bank Ltd. (Japan),
Sr. Unsec’d. Notes, 144A, MTN, SOFR + 0.440%	5.794%(c)	09/16/24		7,500	$	7,491,473
Toronto-Dominion Bank (The) (Canada),
Sr. Unsec’d. Notes, MTN, SOFR + 0.350%	5.704(c)	09/10/24		8,000		8,000,750
UBS AG (Switzerland),
Sr. Unsec’d. Notes, 144A(a)	1.375	01/13/25		20,000		19,284,802
UBS Group AG (Switzerland),
Sr. Unsec’d. Notes	4.550	04/17/26		10,000		9,816,891
Sr. Unsec’d. Notes, 144A	5.711(ff)	01/12/27		15,000		14,990,157
Wells Fargo Bank NA,
Sr. Unsec’d. Notes, SOFR + 0.710%	6.052(c)	01/15/26		12,800		12,828,847


						589,701,812

Beverages 2.0%

Coca-Cola Europacific Partners PLC (United Kingdom),
Sr. Unsec’d. Notes, 144A	0.800	05/03/24		3,000		2,975,916
Diageo Capital PLC (United Kingdom),
Gtd. Notes(a)	5.200	10/24/25		17,000		17,011,699
Keurig Dr. Pepper, Inc.,
Gtd. Notes	0.750	03/15/24		25,000		24,959,718
PepsiCo, Inc.,
Sr. Unsec’d. Notes	5.125	11/10/26		26,000		26,169,773
Sr. Unsec’d. Notes	5.250	11/10/25		50,000		50,211,034


						121,328,140

Biotechnology 1.1%

Amgen, Inc.,
Sr. Unsec’d. Notes	1.900	02/21/25		23,000		22,219,712
Sr. Unsec’d. Notes	5.250	03/02/25		13,250		13,224,887
Gilead Sciences, Inc.,
Sr. Unsec’d. Notes	3.500	02/01/25		30,000		29,488,597


						64,933,196

Chemicals 1.0%

Linde, Inc.,
Gtd. Notes	4.700	12/05/25		28,500		28,369,576

See Notes to Financial Statements.

PGIM Fixed Income ETFs 39

PGIM Ultra Short Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

CORPORATE BONDS (Continued)

Chemicals (cont’d.)

Nutrien Ltd. (Canada),
Sr. Unsec’d. Notes	5.900%	11/07/24		13,270	$	13,295,306
Sr. Unsec’d. Notes	5.950	11/07/25		7,250		7,306,974
Sherwin-Williams Co. (The),
Sr. Unsec’d. Notes	4.250	08/08/25		5,500		5,414,855
Westlake Corp.,
Sr. Unsec’d. Notes	0.875	08/15/24		2,750		2,688,080


						57,074,791

Commercial Services 0.2%

Verisk Analytics, Inc.,
Sr. Unsec’d. Notes	4.000	06/15/25		10,000		9,823,518

Computers 1.4%

Apple, Inc.,
Sr. Unsec’d. Notes	3.200	05/13/25		16,000		15,659,786
Sr. Unsec’d. Notes	3.250	02/23/26		13,150		12,757,015
IBM International Capital Pte Ltd.,
Gtd. Notes	4.700	02/05/26		20,000		19,840,859
International Business Machines Corp.,
Sr. Unsec’d. Notes(a)	4.500	02/06/26		37,000		36,664,412


						84,922,072

Cosmetics/Personal Care 0.3%

Colgate-Palmolive Co.,
Sr. Unsec’d. Notes	3.100	08/15/25		6,750		6,581,083
Kenvue, Inc.,
Gtd. Notes	5.350	03/22/26		12,500		12,581,736


						19,162,819

Distribution/Wholesale 0.0%

W.W. Grainger, Inc.,
Sr. Unsec’d. Notes	1.850	02/15/25		2,000		1,934,663

Diversified Financial Services 0.2%

Citigroup Global Markets Holdings, Inc.,
Gtd. Notes, MTN	0.750	06/07/24		13,250		13,076,197

See Notes to Financial Statements.

PGIM Ultra Short Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

CORPORATE BONDS (Continued)

Electric 3.7%

CenterPoint Energy, Inc.,
Sr. Unsec’d. Notes, SOFR Index + 0.650%	5.994%(c)	05/13/24		5,000	$	5,001,036
DTE Electric Co.,
General Ref. Mortgage	4.850	12/01/26		42,750		42,671,092
DTE Energy Co.,
Sr. Unsec’d. Notes	4.220	11/01/24		8,250		8,162,679
Duke Energy Corp.,
Sr. Unsec’d. Notes	4.850	01/05/27		9,333		9,266,660
Sr. Unsec’d. Notes	5.000	12/08/25		13,250		13,198,616
Florida Power & Light Co.,
Sr. Unsec’d. Notes	4.450	05/15/26		20,000		19,794,564
Georgia Power Co.,
Sr. Unsec’d. Notes	5.004	02/23/27		10,680		10,658,796
NextEra Energy Capital Holdings, Inc.,
Gtd. Notes	2.940	03/21/24		15,000		14,979,281
Gtd. Notes	6.051	03/01/25		6,750		6,777,281
Gtd. Notes, SOFR Index + 0.760%	6.103(c)	01/29/26		30,000		29,994,072
Southern California Edison Co.,
First Mortgage	5.350	03/01/26		12,000		12,007,684
First Mortgage, Series C	4.200	06/01/25		14,250		14,047,104
WEC Energy Group, Inc.,
Sr. Unsec’d. Notes	0.800	03/15/24		7,250		7,233,995
Sr. Unsec’d. Notes	4.750	01/09/26		23,000		22,770,338
Sr. Unsec’d. Notes	5.000	09/27/25		6,000		5,971,517


						222,534,715

Electronics 0.5%

Amphenol Corp.,
Sr. Unsec’d. Notes	4.750	03/30/26		3,750		3,723,788
Tyco Electronics Group SA,
Gtd. Notes	4.500	02/13/26		23,250		22,983,136


						26,706,924

Foods 0.8%

Hormel Foods Corp.,
Sr. Unsec’d. Notes	0.650	06/03/24		3,500		3,457,690
Mondelez International Holdings Netherlands BV,
Gtd. Notes, 144A	4.250	09/15/25		13,750		13,511,185

See Notes to Financial Statements.

PGIM Fixed Income ETFs 41

PGIM Ultra Short Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

CORPORATE BONDS (Continued)

Foods (cont’d.)

Nestle Holdings, Inc.,
Gtd. Notes, 144A	4.000%	09/12/25		11,725	$	11,550,192
Gtd. Notes, 144A	5.250	03/13/26		20,000		20,101,182


						48,620,249

Healthcare-Services 1.2%

Roche Holdings, Inc.,
Gtd. Notes, 144A(a)	5.265	11/13/26		60,000		60,536,111
UnitedHealth Group, Inc.,
Sr. Unsec’d. Notes	0.550	05/15/24		7,250		7,178,338
Sr. Unsec’d. Notes	5.150	10/15/25		5,750		5,762,657


						73,477,106

Household Products/Wares 0.2%

Avery Dennison Corp.,
Sr. Unsec’d. Notes	0.850	08/15/24		12,350		12,074,810

Insurance 2.8%

Corebridge Financial, Inc.,
Sr. Unsec’d. Notes	3.500	04/04/25		8,000		7,812,267
Corebridge Global Funding,
Sr. Sec’d. Notes, 144A	0.650	06/17/24		12,750		12,558,964
Sr. Sec’d. Notes, 144A, SOFR + 1.300% (Cap N/A, Floor 0.000%)	6.653(c)	09/25/26		30,000		30,126,929
Equitable Financial Life Global Funding,
Sec’d. Notes, 144A	0.800	08/12/24		3,000		2,934,604
Metropolitan Life Global Funding I,
Sec’d. Notes, 144A, MTN	4.050	08/25/25		23,250		22,854,473
New York Life Global Funding,
Sec’d. Notes, 144A, MTN	3.600	08/05/25		19,750		19,337,576
Principal Life Global Funding II,
Sec’d. Notes, 144A	5.000	01/16/27		7,714		7,727,687
Sec’d. Notes, 144A, SOFR + 0.450%	5.795(c)	04/12/24		1,250		1,249,632
Sr. Sec’d. Notes, 144A, SOFR + 0.900% (Cap N/A, Floor 0.000%)	6.243(c)	08/28/25		27,000		26,993,980

See Notes to Financial Statements.

PGIM Ultra Short Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

CORPORATE BONDS (Continued)

Insurance (cont’d.)

Protective Life Global Funding,
Sec’d. Notes, 144A	4.992%	01/12/27		19,000	$	18,938,017
Sec’d. Notes, 144A, SOFR + 1.050% (Cap N/A, Floor 0.000%)	6.404(c)	12/11/24		20,000		20,072,634


						170,606,763

Internet 0.5%

Amazon.com, Inc.,
Sr. Unsec’d. Notes	4.600	12/01/25		32,000		31,852,378

Iron/Steel 0.1%

Nucor Corp.,
Sr. Unsec’d. Notes(a)	3.950	05/23/25		8,000		7,875,644

Machinery-Construction & Mining 0.4%

Caterpillar Financial Services Corp.,
Sr. Unsec’d. Notes	4.800	01/06/26		15,000		14,961,355
Sr. Unsec’d. Notes, MTN, SOFR + 0.245%	5.589(c)	05/17/24		6,000		6,000,383


						20,961,738

Machinery-Diversified 0.7%

CNH Industrial Capital LLC,
Gtd. Notes	3.950	05/23/25		12,500		12,264,008
John Deere Capital Corp.,
Sr. Unsec’d. Notes, MTN(a)	4.800	01/09/26		29,000		28,925,813


						41,189,821

Media 0.6%

Comcast Corp.,
Gtd. Notes	5.250	11/07/25		7,250		7,281,638
Walt Disney Co. (The),
Gtd. Notes	3.700	10/15/25		30,000		29,318,573


						36,600,211

See Notes to Financial Statements.

PGIM Fixed Income ETFs 43

PGIM Ultra Short Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

CORPORATE BONDS (Continued)

Mining 0.5%

BHP Billiton Finance USA Ltd. (Australia),
Gtd. Notes	4.875%		02/27/26		30,000	$	29,868,648

Miscellaneous Manufacturing 0.3%

3M Co.,
Sr. Unsec’d. Notes	2.000		02/14/25		20,699		19,999,045

Oil & Gas 0.2%

Pioneer Natural Resources Co.,
Sr. Unsec’d. Notes	5.100		03/29/26		14,250		14,240,705

Pharmaceuticals 1.0%

Astrazeneca Finance LLC (United Kingdom),
Gtd. Notes	0.700		05/28/24		12,250		12,110,277
Gtd. Notes	4.800		02/26/27		25,000		24,904,585
Bristol-Myers Squibb Co.,
Sr. Unsec’d. Notes	4.900		02/22/27		7,500		7,490,513
Sr. Unsec’d. Notes	4.950		02/20/26		9,250		9,236,399
Sr. Unsec’d. Notes, SOFR + 0.490%	5.833(c)		02/20/26		6,170		6,190,285


							59,932,059

Pipelines 1.9%

Enterprise Products Operating LLC,
Gtd. Notes	3.750		02/15/25		20,000		19,689,318
Gtd. Notes(a)	4.600		01/11/27		20,000		19,861,175
Gtd. Notes	5.050		01/10/26		14,750		14,744,347
ONEOK, Inc.,
Gtd. Notes	5.550		11/01/26		7,000		7,050,318
TransCanada PipeLines Ltd. (Canada),
Sr. Unsec’d. Notes	1.000		10/12/24		9,750		9,457,652
Williams Cos., Inc. (The),
Sr. Unsec’d. Notes	5.400		03/02/26		40,000		40,093,125


							110,895,935

Real Estate Investment Trusts (REITs) 0.9%

Kimco Realty Corp.,
Sr. Unsec’d. Notes	3.300		02/01/25		7,000		6,848,590

See Notes to Financial Statements.

PGIM Ultra Short Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

CORPORATE BONDS (Continued)

Real Estate Investment Trusts (REITs) (cont’d.)

Public Storage Operating Co.,
Gtd. Notes, SOFR + 0.470%	5.815%(c)		04/23/24		8,500	$	8,497,828
Weyerhaeuser Co.,
Sr. Unsec’d. Notes	4.750		05/15/26		40,000		39,522,848


							54,869,266

Retail 1.4%

Dollar General Corp.,
Sr. Unsec’d. Notes	4.250		09/20/24		6,750		6,690,867
Home Depot, Inc. (The),
Sr. Unsec’d. Notes	2.700		04/15/25		6,000		5,845,757
Lowe’s Cos., Inc.,
Sr. Unsec’d. Notes	4.400		09/08/25		10,000		9,878,259
Sr. Unsec’d. Notes	4.800		04/01/26		13,500		13,411,016
Starbucks Corp.,
Sr. Unsec’d. Notes	4.850		02/08/27		34,375		34,193,791
Walmart, Inc.,
Sr. Unsec’d. Notes	3.900		09/09/25		13,750		13,542,542


							83,562,232

Semiconductors 0.2%

Analog Devices, Inc.,
Sr. Unsec’d. Notes, SOFR Index + 0.250%	5.601(c)		10/01/24		2,000		1,999,385
Intel Corp.,
Sr. Unsec’d. Notes	2.600		05/19/26		10,181		9,683,568


							11,682,953

Software 1.2%

Fidelity National Information Services, Inc.,
Sr. Unsec’d. Notes	0.600		03/01/24		5,750		5,750,000
Fiserv, Inc.,
Sr. Unsec’d. Notes	5.150		03/15/27		17,187		17,180,956
Intuit, Inc.,
Sr. Unsec’d. Notes	5.250		09/15/26		50,000		50,436,047


							73,367,003

See Notes to Financial Statements.

PGIM Fixed Income ETFs 45

PGIM Ultra Short Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

CORPORATE BONDS (Continued)

Telecommunications 1.8%

Cisco Systems, Inc.,
Sr. Unsec’d. Notes	2.950%		02/28/26		19,573	$	18,866,212
Sr. Unsec’d. Notes	4.800		02/26/27		24,828		24,833,756
NTT Finance Corp. (Japan),
Gtd. Notes, 144A	0.583		03/01/24		6,500		6,499,983
Sr. Unsec’d. Notes, 144A	4.142		07/26/24		3,000		2,982,293
Verizon Communications, Inc.,
Sr. Unsec’d. Notes	0.750		03/22/24		8,000		7,980,043
Sr. Unsec’d. Notes	1.450		03/20/26		14,557		13,497,996
Sr. Unsec’d. Notes	3.376		02/15/25		30,739		30,146,422


							104,806,705

Transportation 0.4%

Ryder System, Inc.,
Sr. Unsec’d. Notes, MTN	5.300		03/15/27		9,483		9,495,377
Union Pacific Corp.,
Sr. Unsec’d. Notes	4.750		02/21/26		16,000		15,962,737


							25,458,114

Trucking & Leasing 0.3%

Penske Truck Leasing Co. LP/PTL Finance Corp.,
Sr. Unsec’d. Notes, 144A	5.750		05/24/26		17,500		17,593,387


TOTAL CORPORATE BONDS (cost $2,719,326,550)							2,714,227,957


RESIDENTIAL MORTGAGE-BACKED SECURITIES 0.4%
Towd Point Mortgage Trust,
Series 2015-06, Class M1, 144A	3.750(cc)		04/25/55		8,007		7,872,500
Series 2018-02, Class A1, 144A	3.250(cc)		03/25/58		5,250		5,080,607
Series 2018-05, Class A1A, 144A	3.250(cc)		07/25/58		5,671		5,491,421
Series 2021-SJ01, Class A1, 144A	2.250(cc)		07/25/68		7,366		6,901,708


TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES (cost $25,725,084)							25,346,236


TOTAL LONG-TERM INVESTMENTS (cost $4,756,771,913)							4,760,682,738

See Notes to Financial Statements.

PGIM Ultra Short Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



Description			Shares		Value

SHORT-TERM INVESTMENTS 21.0%

AFFILIATED MUTUAL FUNDS 2.9%
PGIM Core Government Money Market Fund (7-day effective yield 5.545%)(wb)				160,048,500	$	160,048,500
PGIM Institutional Money Market Fund (7-day effective yield 5.683%) (cost $14,877,237; includes $14,812,493 of cash collateral for securities on loan)(b)(wb)				14,884,370		14,878,416


TOTAL AFFILIATED MUTUAL FUNDS (cost $174,925,737)						174,926,916


	Interest Rate	Maturity Date	Principal Amount (000)#

CERTIFICATES OF DEPOSIT 4.9%
Bank of America NA	5.930%	04/08/24		15,000		15,004,787
Bank of Montreal	5.840	05/20/24		5,000		5,003,463
Canadian Imperial Bank of Commerce	6.000	10/18/24		30,000		30,092,888
Canadian Imperial Bank of Commerce, SOFR + 0.600%	5.910(c)	05/10/24		9,750		9,760,311
Nordea Bank Abp, SOFR + 0.580%	5.890(c)	08/05/24		30,000		30,056,050
State Street Bank & Trust Co.,
SOFR + 0.470%	5.780(c)	05/21/24		7,500		7,506,128
SOFR + 0.520%	5.830(c)	03/05/24		20,000		20,001,052
Svenska Handelsbanken,
SOFR + 0.290% (Cap N/A, Floor 0.000%)	5.600(c)	02/21/25		25,000		24,998,460
SOFR + 0.510% (Cap N/A, Floor 0.000%)	5.820(c)	03/25/24		40,000		40,011,680
Swedbank AB,
SOFR + 0.240%	5.550(c)	11/20/24		10,000		9,999,838
SOFR + 0.640%	5.950(c)	07/19/24		16,500		16,531,955
SOFR + 0.680%	5.990(c)	03/20/24		24,000		24,007,869
Toronto-Dominion Bank (The)	6.000	10/18/24		25,000		25,084,444
Westpac Banking Corp., SOFR + 0.550% (Cap N/A, Floor 0.000%)	5.860(c)	05/10/24		35,000		35,029,976


TOTAL CERTIFICATES OF DEPOSIT (cost $292,749,428)						293,088,901


COMMERCIAL PAPER 13.2%
Alexandria Real Estate Equities, Inc.,
144A	5.563(n)	03/01/24		45,000		44,993,161
Alimentation Couche-Tard, Inc.,
144A	5.584(n)	03/19/24		29,000		28,915,100
144A	5.596(n)	03/07/24		10,650		10,638,610
144A	5.616(n)	04/09/24		20,000		19,884,807
144A	5.677(n)	04/11/24		5,000		4,967,252

See Notes to Financial Statements.

PGIM Fixed Income ETFs 47

PGIM Ultra Short Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

Description

Interest

Rate

Maturity

Date

Principal

Amount

(000)#

Value

COMMERCIAL PAPER (Continued)

Bank of America Securities, Inc.,
144A, SOFR + 0.580%

5.890%(c)

10/11/24

14,500

14,527,027

Bank of Montreal,
144A, SOFR + 0.580%

5.890(c)

05/01/24

10,000

10,007,936

Bayer Corp.,
144A

6.376(n)

08/13/24

40,000

38,958,270

Bell Canada,
144A

5.782(n)

04/02/24

31,500

31,342,891

BPCE SA,
144A, SOFR + 0.590%

5.900(c)

08/05/24

40,000

40,079,904

CDP Financial, Inc.,
144A

5.794(n)

04/24/24

12,000

11,902,131

144A

5.845(n)

04/11/24

10,000

9,937,770

144A, SOFR + 0.550%

5.860(c)

08/15/24

8,000

8,014,336

Consolidated Edison Co. of New York, Inc.,
144A

5.763(n)

03/15/24

50,000

49,885,938

Dominion Resources,Inc.,
144A

5.578(n)

03/08/24

15,000

14,981,948

144A

5.598(n)

03/26/24

37,500

37,351,174

ERAC USA Finance LLC,
144A

5.783(n)

03/18/24

15,000

14,959,215

Glencore Funding LLC,
144A

5.817(n)

03/22/24

6,000

5,979,323

144A

5.831(n)

03/20/24

53,000

52,834,551

HCP, Inc.,
144A

5.575(n)

03/21/24

13,000

12,957,996

144A

5.578(n)

03/13/24

16,000

15,968,258

ING (U.S.) Funding LLC,
144A, SOFR + 0.550%

5.860(c)

05/07/24

35,000

35,028,170

Intercontinental Exchange, Inc.,
144A

5.587(n)

03/21/24

5,000

4,983,480

JPMorgan Securities LLC,
144A

5.913(n)

03/25/24

10,000

9,962,585

144A, SOFR + 0.610%

5.920(c)

10/25/24

25,000

25,028,101

144A, SOFR + 0.650%

5.960(c)

08/01/24

15,000

15,012,127

LVMH Moet Hennessy Louis Vuitton SE,
144A

5.797(n)

05/14/24

10,000

9,889,063

144A

5.824(n)

06/12/24

10,000

9,846,985

144A

5.893(n)

04/15/24

10,000

9,931,954

144A

5.901(n)

03/21/24

10,000

9,968,990

144A

5.939(n)

04/08/24

13,000

12,925,034

See Notes to Financial Statements.

PGIM Ultra Short Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

COMMERCIAL PAPER (Continued)

Microchip Technology, Inc., 144A		5.527%(n)		03/07/24		12,150	$	12,136,794
144A		5.626(n)		04/19/24		20,000		19,844,259
Nutrien Ltd., 144A		5.600(n)		04/02/24		5,000		4,974,498
144A		5.632(n)		03/01/24		13,000		12,998,028
144A		5.649(n)		03/28/24		24,000		23,896,358
O’Reilly Automotive, Inc., 144A		5.516(n)		03/05/24		20,000		19,984,925
Ontario Teachers’ Finance Trust, 144A		5.900(n)		06/03/24		10,000		9,860,552
144A		5.936(n)		05/24/24		22,000		21,725,214
Province of Alberta, 144A		5.789(n)		03/27/24		15,000		14,940,278
Skandinaviska Enskilda Banken AB, 144A, SOFR + 0.530%		5.840(c)		04/08/24		11,000		11,005,028
144A, SOFR + 0.630%		5.940(c)		07/19/24		5,000		5,010,091
144A, SOFR + 0.650%		5.960(c)		05/31/24		20,000		20,028,733


TOTAL COMMERCIAL PAPER (cost $797,671,490)								798,068,845


TOTAL SHORT-TERM INVESTMENTS (cost $1,265,346,655)								1,266,084,662


TOTAL INVESTMENTS 100.2% (cost $6,022,118,568)								6,026,767,400

Liabilities in excess of other assets(z) (0.2)%								(14,057,200	)


NET ASSETS 100.0%							$	6,012,710,200

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

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

(a)

All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $14,499,115; cash collateral of $14,812,493 (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 February 29, 2024.

See Notes to Financial Statements.

PGIM Fixed Income ETFs 49

PGIM Ultra Short Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

(cc)

Variable rate instrument. The rate shown is based on the latest available information as of February 29, 2024. 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.

(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.

(p)	Represents a security with a delayed settlement and therefore the interest rate is not available until settlement which is after the period end.

(wb)	Represents an investment in a Fund affiliated with the Manager.

(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 February 29, 2024:


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

Long Position:
1,175	3 Month SOFR		Mar. 2024	$	278,027,031		$	41,912


Short Positions:
24	3 Month SOFR		Jun. 2024		5,681,100			62,906
24	3 Month SOFR		Sep. 2024		5,693,400			65,718
24	3 Month SOFR		Dec. 2024		5,711,100			58,544
16	3 Month SOFR		Mar. 2025		3,820,000			34,171
16	3 Month SOFR		Jun. 2025		3,831,400			27,021
16	3 Month SOFR		Sep. 2025		3,840,800			20,583
16	3 Month SOFR		Dec. 2025		3,847,600			15,546

								284,489

							$	326,401

Interest rate swap agreements outstanding at February 29, 2024:


Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date		Value at February 29, 2024		Unrealized Appreciation (Depreciation)

	Centrally Cleared Interest Rate Swap Agreements:
	19,500		03/01/24		0.230%(S)	1 Day USOIS(1)(A)/5.330%	$	22	$	982,878		$	982,856
	28,500		03/01/24		2.478%(S)	1 Day SOFR(1)(A)/5.320%		—		788,899			788,899
	46,000		03/09/24		1.440%(S)	1 Day SOFR(1)(A)/5.320%		397		1,770,393			1,769,996
	8,000		03/15/24		0.276%(S)	1 Day USOIS(1)(A)/5.330%		2		400,510			400,508
	23,000		03/15/24		1.658%(S)	1 Day SOFR(1)(A)/5.320%		4		833,044			833,040

See Notes to Financial Statements.

PGIM Ultra Short Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

Interest rate swap agreements outstanding at February 29, 2024 (continued):


Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at February 29, 2024		Unrealized Appreciation (Depreciation)

	Centrally Cleared Interest Rate Swap Agreements (cont’d.):
	7,000		03/18/24		0.278%(S)	1 Day USOIS(1)(A)/5.330%	$	3		$	350,750		$	350,747
	12,500		03/25/24		2.055%(S)	1 Day SOFR(1)(A)/5.320%		6			405,715			405,709
	68,000		03/31/24		2.305%(S)	1 Day SOFR(1)(A)/5.320%		11,321			2,032,008			2,020,687
	3,000		04/26/24		0.305%(S)	1 Day USOIS(1)(A)/5.330%		8			151,209			151,201
	13,000		04/26/24		4.637%(A)	1 Day SOFR(1)(A)/5.320%		69			85,119			85,050
	11,250		05/11/24		0.300%(S)	1 Day SOFR(1)(A)/5.320%		(114	)		572,028			572,142
	15,000		05/11/24		2.603%(S)	1 Day SOFR(1)(A)/5.320%		(1,382	)		417,090			418,472
	16,750		05/20/24		0.296%(S)	1 Day USOIS(1)(A)/5.330%		14			851,133			851,119
	10,900		06/07/24		0.318%(S)	1 Day USOIS(1)(A)/5.330%		16			552,185			552,169
	12,750		06/16/24		0.304%(S)	1 Day USOIS(1)(A)/5.330%		18			649,474			649,456
	15,000		08/05/24		0.261%(S)	1 Day SOFR(1)(A)/5.320%		26			765,426			765,400
	29,000		08/08/24		2.512%(S)	1 Day SOFR(1)(A)/5.320%		37,759			835,011			797,252
	3,000		08/13/24		0.368%(S)	1 Day SOFR(1)(A)/5.320%		24			149,682			149,658
	5,000		08/17/24		4.498%(A)	1 Day SOFR(1)(A)/5.320%		—			43,873			43,873
	8,000		08/31/24		0.399%(S)	1 Day USOIS(1)(A)/5.330%		27			394,047			394,020
	12,500		09/01/24		2.500%(S)	1 Day SOFR(1)(A)/5.320%		968			359,480			358,512
	6,750		09/08/24		3.602%(A)	1 Day SOFR(1)(A)/5.320%		—			120,301			120,301
	4,500		09/09/24		0.368%(S)	1 Day SOFR(1)(A)/5.320%		(3	)		223,083			223,086
	46,500		09/09/24		1.484%(S)	1 Day SOFR(1)(A)/5.320%		15,785			1,794,700			1,778,915
	9,750		10/12/24		0.511%(S)	1 Day SOFR(1)(A)/5.320%		35			467,383			467,348

See Notes to Financial Statements.

PGIM Fixed Income ETFs 51

PGIM Ultra Short Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

Interest rate swap agreements outstanding at February 29, 2024 (continued):


Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at February 29, 2024		Unrealized Appreciation (Depreciation)

	Centrally Cleared Interest Rate Swap Agreements (cont’d.):
	18,250		10/24/24		4.688%(A)	1 Day SOFR(1)(A)/5.320%	$	48,950		$	115,099		$	66,149
	12,000		03/21/25		1.998%(S)	1 Day SOFR(1)(A)/5.320%		62			744,351			744,289
	83,500		03/30/25		2.418%(S)	1 Day SOFR(1)(A)/5.320%		144,139			4,485,283			4,341,144
	16,000		05/11/25		0.450%(S)	1 Day SOFR(1)(A)/5.320%		6,153			1,461,839			1,455,686
	8,000		05/25/25		4.241%(A)	1 Day SOFR(1)(A)/5.320%		—			131,538			131,538
	28,750		06/29/25		3.083%(S)	1 Day SOFR(1)(A)/5.320%		111,038			1,109,495			998,457
	57,000		06/29/25		3.086%(S)	1 Day SOFR(1)(A)/5.320%		(239,802	)		2,196,924			2,436,726
	53,250		08/17/25		2.957%(S)	1 Day SOFR(1)(A)/5.320%		57,012			2,095,511			2,038,499
	95,500		09/08/25		3.422%(A)	1 Day SOFR(1)(A)/5.320%		268,770			2,813,992			2,545,222
	188,500		10/07/25		3.955%(A)	1 Day SOFR(1)(A)/5.320%		(82,325	)		3,342,500			3,424,825
	22,750		10/21/25		4.378%(A)	1 Day SOFR(1)(A)/5.320%		(9,116	)		205,459			214,575
	57,500		11/09/25		4.492%(A)	1 Day SOFR(1)(A)/5.320%		180,958			348,747			167,789
	216,000		12/01/25		4.041%(A)	1 Day SOFR(1)(A)/5.320%		(9,931	)		3,001,778			3,011,709
	46,750		01/11/26		3.783%(A)	1 Day SOFR(1)(A)/5.320%		3,806			793,709			789,903
	45,000		02/01/26		3.850%(A)	1 Day SOFR(1)(A)/5.320%		51,799			661,636			609,837
	70,000		02/27/26		4.345%(A)	1 Day USOIS(1)(A)/5.330%		119,043			285,350			166,307
	105,100		02/28/26		4.453%(A)	1 Day SOFR(1)(A)/5.320%		166,317			207,596			41,279
	75,000		05/17/26		3.535%(A)	1 Day SOFR(1)(A)/5.320%		—			2,518,762			2,518,762
	35,000		08/18/26		4.442%(A)	1 Day SOFR(1)(A)/5.320%		—			140,731			140,731

See Notes to Financial Statements.

PGIM Ultra Short Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

Interest rate swap agreements outstanding at February 29, 2024 (continued):


Notional Amount (000)#		Termination Date		Fixed Rate	Floating Rate	Value at Trade Date			Value at February 29, 2024		Unrealized Appreciation (Depreciation)

	Centrally Cleared Interest Rate Swap Agreements (cont’d.):
	242,500		09/14/26	4.550%(A)	1 Day SOFR(1)(A)/5.320%	$	(179,354	)	$	18,746		$	198,100
	222,000		01/04/27	3.834%(A)	1 Day SOFR(1)(A)/5.320%		1,790,852			3,289,640			1,498,788

						$	2,493,376		$	45,964,107		$	43,470,731

(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

CGM		$	30,143,571		$	—

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 February 29, 2024 in valuing such portfolio securities:


	Level 1		Level 2		Level 3

Investments in Securities
Assets
Long-Term Investments
Asset-Backed Securities
Automobiles	$	—	$	159,129,252		$—
Collateralized Loan Obligations		—		907,858,200		—
Consumer Loans		—		36,310,643		—
Equipment		—		10,247,592		—
Certificates of Deposit		—		177,149,660		—

See Notes to Financial Statements.

PGIM Fixed Income ETFs 53

PGIM Ultra Short Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024


	Level 1		Level 2		Level 3

Investments in Securities (continued)
Assets (continued)
Long-Term Investments (continued)
Commercial Mortgage-Backed Securities	$	—	$	730,413,198		$—
Corporate Bonds		—		2,714,227,957		—
Residential Mortgage-Backed Securities		—		25,346,236		—
Short-Term Investments
Affiliated Mutual Funds		174,926,916		—		—
Certificates of Deposit		—		293,088,901		—
Commercial Paper		—		798,068,845		—


Total	$	174,926,916	$	5,851,840,484		$—


Other Financial Instruments*
Assets
Futures Contracts	$	326,401	$	—		$—
Centrally Cleared Interest Rate Swap Agreements		—		43,470,731		—


Total	$	326,401	$	43,470,731		$—

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 unrealized appreciation (depreciation) on the instrument, and OTC swap contracts which are recorded at fair value.

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of February 29, 2024 were as follows:


Collateralized Loan Obligations	15.1	%
Commercial Paper	13.2
Commercial Mortgage-Backed Securities	12.2
Banks	9.8
Certificates of Deposit	7.9
Auto Manufacturers	6.2
Electric	3.7
Affiliated Mutual Funds (0.2% represents investments purchased with collateral from securities on loan)	2.9
Insurance	2.8
Automobiles	2.6
Beverages	2.0
Pipelines	1.9
Telecommunications	1.8
Computers	1.4


Retail	1.4	%
Healthcare-Services	1.2
Software	1.2
Biotechnology	1.1
Pharmaceuticals	1.0
Chemicals	1.0
Real Estate Investment Trusts (REITs)	0.9
Foods	0.8
Aerospace & Defense	0.8
Machinery-Diversified	0.7
Media	0.6
Consumer Loans	0.6
Internet	0.5
Agriculture	0.5
Mining	0.5
Electronics	0.5

See Notes to Financial Statements.

PGIM Ultra Short Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

Industry Classification (continued):


Transportation	0.4	%
Residential Mortgage-Backed Securities	0.4
Machinery-Construction & Mining	0.4
Miscellaneous Manufacturing	0.3
Cosmetics/Personal Care	0.3
Trucking & Leasing	0.3
Oil & Gas	0.2
Diversified Financial Services	0.2
Household Products/Wares	0.2
Semiconductors	0.2
Equipment	0.2


Commercial Services	0.2	%
Iron/Steel	0.1
Distribution/Wholesale	0.0	*

	100.2
Liabilities in excess of other assets	(0.2	)


	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 type of risk associated with these derivative instruments is interest rate 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 February 29, 2024 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	$	326,401	*	—	$	—
Interest rate contracts	Due from/to broker-variation margin swaps		43,470,731	*	—		—

		$	43,797,132			$	—

*	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 55

PGIM Ultra Short Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

The effects of derivative instruments on the Statement of Operations for the six months ended February 29, 2024 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		$	44,890	$	10,509,884


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		$	70,008	$	(4,016,157	)

For the six months ended February 29, 2024, the Fund’s average volume of derivative activities is as follows:


Derivative Contract Type	Average Volume of Derivative Activities*
Futures Contracts - Long Positions (1)		$ 214,922,211
Futures Contracts - Short Positions (1)		46,046,638
Interest Rate Swap Agreements (1)		1,913,500,000

^*	Average volume is based on average quarter end balances for the six months ended February 29, 2024.

(1)	Notional Amount in USD.

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

The Fund 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 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)(1)

Net

Amount

Securities on Loan

$14,499,115

$(14,499,115)

$—

(1)	Collateral amount disclosed by the Fund is limited to the market value of financial instruments/transactions.

See Notes to Financial Statements.

PGIM Ultra Short Bond ETF

Statement of Assets & Liabilities (unaudited)

as of February 29, 2024


Assets

Investments at value, including securities on loan of $14,499,115:
Unaffiliated investments (cost $5,847,192,831)	$	5,851,840,484
Affiliated investments (cost $174,925,737)		174,926,916
Receivable for Fund shares sold		137,801,947
Dividends and interest receivable		38,629,162
Deposit with broker for centrally cleared/exchange-traded derivatives		30,143,571
Due from broker—variation margin futures		1,850
Other assets		16,726


Total Assets		6,233,360,656


Liabilities

Payable for investments purchased		204,735,779
Payable to broker for collateral for securities on loan		14,812,493
Management fee payable		692,082
Due to broker—variation margin swaps		348,160
Accrued expenses and other liabilities		61,942


Total Liabilities		220,650,456


Net Assets	$	6,012,710,200




Net assets were comprised of:
Common Stock, at par	$	121,075
Paid-in capital in excess of par		5,995,463,838
Total distributable earnings (loss)		17,125,287


Net assets, February 29, 2024	$	6,012,710,200


Net asset value, offering price and redemption price per share, ($6,012,710,200 ÷ 121,075,000 shares of common stock issued and outstanding)	$	49.66

See Notes to Financial Statements.

PGIM Fixed Income ETFs 57

PGIM Ultra Short Bond ETF

Statement of Operations (unaudited)

Six Months Ended February 29, 2024


Net Investment Income (Loss)

Income
Interest income	$	144,447,365
Affiliated dividend income		5,409,675
Affiliated income from securities lending, net		20,910

Total income		149,877,950


Expenses
Management fee		4,206,935

Net investment income (loss)		145,671,015


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

Net realized gain (loss) on:
Investment transactions (including affiliated of $2,693)		61,964
Futures transactions		44,890
Swap agreement transactions		10,509,884

		10,616,738

Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $(445))		32,558,928
Futures		70,008
Swap agreements		(4,016,157	)
Foreign currencies		1

		28,612,780

Net gain (loss) on investment and foreign currency transactions		39,229,518

Net Increase (Decrease) In Net Assets Resulting From Operations	$	184,900,533

See Notes to Financial Statements.

PGIM Ultra Short Bond ETF

Statements of Changes in Net Assets (unaudited)


	Six Months Ended February 29, 2024				Year Ended August 31, 2023
Increase (Decrease) in Net Assets

Operations
Net investment income (loss)		$	145,671,015			$	167,442,528
Net realized gain (loss) on investment and foreign currency transactions			10,616,738				8,739,193
Net change in unrealized appreciation (depreciation) on investments and foreign currencies			28,612,780				36,277,220


Net increase (decrease) in net assets resulting from operations			184,900,533				212,458,941


Dividends and Distributions
Distributions from distributable earnings			(163,498,264	)			(180,412,893	)


Fund share transactions
Net proceeds from shares sold (40,550,000 and 83,825,000 shares, respectively)			2,006,096,452				4,124,297,024
Cost of shares purchased (26,250,000 and 26,725,000 shares, respectively)			(1,298,590,382	)			(1,314,866,665	)


Net increase (decrease) in net assets from Fund share transactions			707,506,070				2,809,430,359

Total increase (decrease)			728,908,339				2,841,476,407

Net Assets:

Beginning of period			5,283,801,861				2,442,325,454


End of period		$	6,012,710,200			$	5,283,801,861

See Notes to Financial Statements.

PGIM Fixed Income ETFs 59

PGIM Ultra Short Bond ETF

Financial Highlights (unaudited)




	Six Months Ended February 29,			Year Ended August 31,
	2024			2023			2022			2021			2020			2019
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Period		$49.49			$49.17			$49.71			$49.93			$50.15			$50.12
Income (loss) from investment operations:
Net investment income (loss)		1.28			2.09			0.62			0.64			1.06			1.40
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.33			0.46			(0.52	)		(0.15	)		(0.08	)		(0.02	)
Total from investment operations		1.61			2.55			0.10			0.49			0.98			1.38
Less Dividends and Distributions:
Dividends from net investment income		(1.44	)		(2.23	)		(0.64	)		(0.71	)		(1.20	)		(1.35	)
Net asset value, end of period		$49.66			$49.49			$49.17			$49.71			$49.93			$50.15
Total Return^(b):		3.32	%		5.31	%		0.21	%		0.98	%		1.99	%		2.80	%


Ratios/Supplemental Data:
Net assets, end of period (000)		$6,012,710			$5,283,802			$2,442,325			$1,876,539			$1,039,888			$562,990
Average net assets (000)		$5,640,844			$3,951,487			$2,267,793			$1,320,282			$883,274			$246,678
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement		0.15	%^(d)		0.15	%		0.15	%		0.15	%		0.15	%		0.15	%
Expenses before waivers and/or expense reimbursement		0.15	%^(d)		0.15	%		0.15	%		0.15	%		0.15	%		0.15	%
Net investment income (loss)		5.19	%^(d)		4.24	%		1.25	%		1.27	%		2.12	%		2.77	%
Portfolio turnover rate^(e)		17	%		25	%		9	%		10	%		47	%		7	%

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

(b)

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.

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

(d)	Annualized.

(e)	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 Active High Yield Bond ETF

Schedule of Investments (unaudited)

as of February 29, 2024

Description

Interest
Rate

Maturity
Date

Principal

Amount

(000)#

Value

LONG-TERM INVESTMENTS 97.5%

ASSET-BACKED SECURITIES 4.6%

Collateralized Loan Obligations

Atlas Static Senior Loan Fund Ltd. (Cayman Islands),

Series 2022-01A, Class AR, 144A, 3 Month SOFR + 1.750% (Cap N/A, Floor 1.750%)

7.064%(c)

07/15/30

694

696,824

BlueMountain Fuji US CLO Ltd. (Cayman Islands),

Series 2017-02A, Class A1AR, 144A, 3 Month SOFR + 1.262% (Cap N/A, Floor 0.000%)

6.579(c)

10/20/30

635

635,952

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

Series 2015-05A, Class A1RR, 144A, 3 Month SOFR + 1.342% (Cap N/A, Floor 1.080%)

6.659(c)

01/20/32

747

748,208

Madison Park Funding Ltd. (Cayman Islands),

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

6.604(c)

10/15/32

1,000

1,000,500

Race Point CLO Ltd. (Cayman Islands),

Series 2013-08A, Class AR2, 144A, 3 Month SOFR + 1.302% (Cap N/A, Floor 1.040%)

6.621(c)

02/20/30

481

481,056

Rockford Tower CLO Ltd. (Cayman Islands),

Series 2020-01A, Class A1R, 144A, 3 Month SOFR + 1.520% (Cap N/A, Floor 1.520%)

6.839(c)

01/20/36

500

503,552

Trinitas CLO Ltd. (Cayman Islands),

Series 2023-26A, Class A1, 144A, 3 Month SOFR + 1.690% (Cap N/A, Floor 1.690%)

7.008(c)

01/20/35

1,000

1,002,535

Voya CLO Ltd. (Cayman Islands),

Series 2014-02A, Class A1RR, 144A, 3 Month SOFR + 1.282% (Cap N/A, Floor 1.020%)

6.598(c)

04/17/30

395

395,740

TOTAL ASSET-BACKED SECURITIES
(cost $5,422,932)

5,464,367

CORPORATE BONDS 86.7%

Advertising 0.3%

CMG Media Corp.,

Gtd. Notes, 144A

8.875

12/15/27

449

302,836

Aerospace & Defense 2.6%

AAR Escrow Issuer LLC,

Sr. Unsec’d. Notes, 144A

6.750

03/15/29

35,329

Boeing Co. (The),

Sr. Unsec’d. Notes

5.805

05/01/50

404

388,268

See Notes to Financial Statements.

PGIM Fixed Income ETFs 61

PGIM Active High Yield Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

CORPORATE BONDS (Continued)

Aerospace & Defense (cont’d.)

Boeing Co. (The), (cont’d.)
Sr. Unsec’d. Notes		5.930%		05/01/60		311	$	297,209
Bombardier, Inc. (Canada),
Sr. Unsec’d. Notes, 144A		6.000		02/15/28		110		106,833
Sr. Unsec’d. Notes, 144A		7.125		06/15/26		285		287,138
Sr. Unsec’d. Notes, 144A		7.500		02/01/29		263		266,745
Sr. Unsec’d. Notes, 144A		7.875		04/15/27		313		313,000
Sr. Unsec’d. Notes, 144A		8.750		11/15/30		148		154,660
TransDigm, Inc.,
Gtd. Notes		4.625		01/15/29		156		143,090
Gtd. Notes		5.500		11/15/27		456		440,532
Sr. Sec’d. Notes, 144A		6.250		03/15/26		248		247,925
Sr. Sec’d. Notes, 144A		6.375		03/01/29		225		226,123
Sr. Sec’d. Notes, 144A		6.625		03/01/32		165		166,019


								3,072,871

Agriculture 0.3%

Vector Group Ltd.,
Sr. Sec’d. Notes, 144A		5.750		02/01/29		335		307,665

Airlines 1.3%

American Airlines, Inc.,
Sr. Sec’d. Notes, 144A		7.250		02/15/28		62		62,521
American Airlines, Inc./AAdvantage Loyalty IP Ltd.,
Sr. Sec’d. Notes, 144A		5.500		04/20/26		276		273,511
Sr. Sec’d. Notes, 144A		5.750		04/20/29		105		102,382
Hawaiian Brand Intellectual Property
Ltd./HawaiianMiles Loyalty Ltd.,
Sr. Sec’d. Notes, 144A		5.750		01/20/26		35		33,031
United Airlines, Inc.,
Sr. Sec’d. Notes, 144A		4.625		04/15/29		622		573,641
VistaJet Malta Finance PLC/Vista Management Holding, Inc. (Switzerland),
Sr. Unsec’d. Notes, 144A		6.375		02/01/30		241		175,930
Sr. Unsec’d. Notes, 144A		7.875		05/01/27		165		139,013
Sr. Unsec’d. Notes, 144A		9.500		06/01/28		267		224,948


								1,584,977

See Notes to Financial Statements.

PGIM Active High Yield Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

CORPORATE BONDS (Continued)

Apparel 0.4%

Kontoor Brands, Inc.,
Gtd. Notes, 144A		4.125%		11/15/29		50	$	45,009
Wolverine World Wide, Inc.,
Gtd. Notes, 144A		4.000		08/15/29		545		436,828


								481,837

Auto Manufacturers 1.1%

Ford Holdings LLC,
Gtd. Notes		9.300		03/01/30		98		112,836
Ford Motor Co.,
Sr. Unsec’d. Notes		9.625		04/22/30		458		535,461
Ford Motor Credit Co. LLC,
Sr. Unsec’d. Notes		3.375		11/13/25		200		191,927
JB Poindexter & Co., Inc.,
Sr. Unsec’d. Notes, 144A		8.750		12/15/31		95		97,378
PM General Purchaser LLC,
Sr. Sec’d. Notes, 144A		9.500		10/01/28		320		324,044


								1,261,646

Auto Parts & Equipment 0.8%

Adient Global Holdings Ltd.,
Sr. Sec’d. Notes, 144A		7.000		04/15/28		101		102,899
American Axle & Manufacturing, Inc.,
Gtd. Notes		6.500		04/01/27		140		138,100
Dana, Inc.,
Sr. Unsec’d. Notes		4.500		02/15/32		58		48,662
Sr. Unsec’d. Notes		5.625		06/15/28		35		33,908
Tenneco, Inc.,
Sr. Sec’d. Notes, 144A		8.000		11/17/28		486		443,018
Titan International, Inc.,
Sr. Sec’d. Notes		7.000		04/30/28		148		146,439


								913,026

Banks 0.7%

Citigroup, Inc.,
Jr. Sub. Notes, Series X		3.875(ff)		02/18/26(oo)		311		292,336

See Notes to Financial Statements.

PGIM Fixed Income ETFs 63

PGIM Active High Yield Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

CORPORATE BONDS (Continued)

Banks (cont’d.)

Freedom Mortgage Corp.,
Sr. Unsec’d. Notes, 144A		6.625%		01/15/27		225	$	214,379
Sr. Unsec’d. Notes, 144A		7.625		05/01/26		177		175,664
Sr. Unsec’d. Notes, 144A		12.000		10/01/28		25		27,089
Sr. Unsec’d. Notes, 144A		12.250		10/01/30		75		82,454


								791,922

Building Materials 1.7%

Camelot Return Merger Sub, Inc.,
Sr. Sec’d. Notes, 144A		8.750		08/01/28		103		105,682
Cornerstone Building Brands, Inc.,
Gtd. Notes, 144A		6.125		01/15/29		135		121,639
Eco Material Technologies, Inc.,
Sr. Sec’d. Notes, 144A		7.875		01/31/27		170		170,249
Griffon Corp.,
Gtd. Notes		5.750		03/01/28		105		101,648
JELD-WEN, Inc.,
Gtd. Notes, 144A		4.625		12/15/25		87		85,119
Knife River Corp.,
Sr. Unsec’d. Notes, 144A		7.750		05/01/31		50		51,804
Masonite International Corp.,
Gtd. Notes, 144A		3.500		02/15/30		95		83,838
Gtd. Notes, 144A		5.375		02/01/28		25		24,970
MIWD Holdco II LLC/MIWD Finance Corp.,
Gtd. Notes, 144A (original cost $129,719; purchased 01/13/22 - 01/20/23)(f)		5.500		02/01/30		135		123,699
Smyrna Ready Mix Concrete LLC,
Sr. Sec’d. Notes, 144A		6.000		11/01/28		349		339,429
Sr. Sec’d. Notes, 144A		8.875		11/15/31		108		114,254
Standard Industries, Inc.,
Sr. Unsec’d. Notes, 144A		3.375		01/15/31		185		153,201
Sr. Unsec’d. Notes, 144A		4.375		07/15/30		100		89,203
Sr. Unsec’d. Notes, 144A		5.000		02/15/27		394		379,311
Summit Materials LLC/Summit Materials Finance Corp.,
Gtd. Notes, 144A		7.250		01/15/31		30		31,095


								1,975,141

See Notes to Financial Statements.

PGIM Active High Yield Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

CORPORATE BONDS (Continued)

Chemicals 1.3%

Ashland, Inc.,
Sr. Unsec’d. Notes		6.875%		05/15/43		91	$	91,529
ASP Unifrax Holdings, Inc.,
Sr. Sec’d. Notes, 144A		5.250		09/30/28		50		31,702
Sr. Unsec’d. Notes, 144A		7.500		09/30/29		132		72,251
Avient Corp.,
Sr. Unsec’d. Notes, 144A		5.750		05/15/25		50		49,737
Chemours Co. (The),
Gtd. Notes, 144A		4.625		11/15/29		141		115,963
Gtd. Notes, 144A		5.750		11/15/28		11		9,653
Consolidated Energy Finance SA (Switzerland),
Gtd. Notes, 144A		12.000		02/15/31		185		189,085
Cornerstone Chemical Co.,
Sr. Sec’d. Notes, 144A^		15.000		12/06/28		32		31,793
Olympus Water US Holding Corp.,
Sr. Sec’d. Notes, 144A		9.750		11/15/28		200		212,674
Rain Carbon, Inc.,
Sr. Sec’d. Notes, 144A		12.250		09/01/29		94		94,034
Rain CII Carbon LLC/CII Carbon Corp.,
Sec’d. Notes, 144A		7.250		04/01/25		3		2,928
SK Invictus Intermediate II Sarl,
Sr. Sec’d. Notes, 144A		5.000		10/30/29		275		233,473
SNF Group SACA (France),
Sr. Unsec’d. Notes, 144A		3.125		03/15/27		200		184,812
TPC Group, Inc.,
Sr. Sec’d. Notes, 144A		13.000		12/16/27		105		106,967
Tronox, Inc.,
Gtd. Notes, 144A		4.625		03/15/29		159		140,800
WR Grace Holdings LLC,
Sr. Sec’d. Notes, 144A		7.375		03/01/31		25		25,358


								1,592,759

Coal 0.1%

Conuma Resources Ltd. (Canada),
Sr. Sec’d. Notes, 144A		13.125		05/01/28		102		100,087
Coronado Finance Pty Ltd. (Australia),
Sr. Sec’d. Notes, 144A		10.750		05/15/26		35		36,313


								136,400

See Notes to Financial Statements.

PGIM Fixed Income ETFs 65

PGIM Active High Yield Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

CORPORATE BONDS (Continued)

Commercial Services 5.0%

Adtalem Global Education, Inc.,
Sr. Sec’d. Notes, 144A	5.500%	03/01/28		104	$	98,971
Allied Universal Holdco LLC/Allied Universal Finance Corp.,
Sr. Sec’d. Notes, 144A	6.625	07/15/26		228		227,291
Sr. Unsec’d. Notes, 144A	6.000	06/01/29		400		331,332
Sr. Unsec’d. Notes, 144A	9.750	07/15/27		542		540,027
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl,
Sr. Sec’d. Notes, 144A	4.625	06/01/28		600		529,500
Alta Equipment Group, Inc.,
Sec’d. Notes, 144A	5.625	04/15/26		50		48,502
AMN Healthcare, Inc.,
Gtd. Notes, 144A	4.000	04/15/29		252		221,267
Gtd. Notes, 144A	4.625	10/01/27		50		47,035
APi Group DE, Inc.,
Gtd. Notes, 144A	4.750	10/15/29		50		46,560
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.,
Gtd. Notes, 144A	4.750	04/01/28		177		160,248
Gtd. Notes, 144A	5.375	03/01/29		163		148,416
Brink’s Co. (The),
Gtd. Notes, 144A	4.625	10/15/27		25		23,611
Gartner, Inc.,
Gtd. Notes, 144A	3.625	06/15/29		50		44,830
Hertz Corp. (The),
Gtd. Notes, 144A	4.625	12/01/26		115		101,838
Gtd. Notes, 144A	5.000	12/01/29		50		38,340
Mavis Tire Express Services Topco Corp.,
Sr. Unsec’d. Notes, 144A	6.500	05/15/29		693		650,189
MPH Acquisition Holdings LLC,
Sr. Sec’d. Notes, 144A	5.500	09/01/28		496		432,783
NESCO Holdings II, Inc.,
Sec’d. Notes, 144A	5.500	04/15/29		322		300,351
Service Corp. International,
Sr. Unsec’d. Notes	3.375	08/15/30		180		154,573
Sr. Unsec’d. Notes	4.000	05/15/31		195		171,355
United Rentals North America, Inc.,
Gtd. Notes	3.750	01/15/32		328		283,963
Gtd. Notes	3.875	02/15/31		285		252,394
Gtd. Notes	4.875	01/15/28		102		98,424

See Notes to Financial Statements.

PGIM Active High Yield Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

CORPORATE BONDS (Continued)

Commercial Services (cont’d.)

United Rentals North America, Inc., (cont’d.)
Gtd. Notes		5.250%		01/15/30		128	$	123,934
Valvoline, Inc.,
Sr. Unsec’d. Notes, 144A		3.625		06/15/31		228		193,371
Verscend Escrow Corp.,
Sr. Unsec’d. Notes, 144A		9.750		08/15/26		681		682,455
VT Topco, Inc.,
Sr. Sec’d. Notes, 144A		8.500		08/15/30		75		78,191


								6,029,751

Computers 1.0%

McAfee Corp.,
Sr. Unsec’d. Notes, 144A		7.375		02/15/30		519		458,388
NCR Atleos Corp.,
Sr. Sec’d. Notes, 144A		9.500		04/01/29		267		283,614
NCR Voyix Corp.,
Gtd. Notes, 144A		5.000		10/01/28		273		253,359
Gtd. Notes, 144A		5.125		04/15/29		159		147,095
Gtd. Notes, 144A		5.250		10/01/30		50		45,204


								1,187,660

Distribution/Wholesale 0.7%

H&E Equipment Services, Inc.,
Gtd. Notes, 144A		3.875		12/15/28		678		611,406
Ritchie Bros Holdings, Inc. (Canada),
Gtd. Notes, 144A		7.750		03/15/31		75		78,656
Sr. Sec’d. Notes, 144A		6.750		03/15/28		25		25,493
Windsor Holdings III LLC,
Sr. Sec’d. Notes, 144A		8.500		06/15/30		165		170,939


								886,494

Diversified Financial Services 3.9%

Bread Financial Holdings, Inc.,
Gtd. Notes, 144A		9.750		03/15/29		358		366,294
Freedom Mortgage Holdings LLC,
Sr. Unsec’d. Notes, 144A		9.250		02/01/29		25		25,392

See Notes to Financial Statements.

PGIM Fixed Income ETFs 67

PGIM Active High Yield Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

CORPORATE BONDS (Continued)

Diversified Financial Services (cont’d.)

GGAM Finance Ltd. (Ireland),
Gtd. Notes, 144A		8.000%		02/15/27		100	$	102,500
goeasy Ltd. (Canada),
Gtd. Notes, 144A		4.375		05/01/26		110		104,775
Gtd. Notes, 144A		9.250		12/01/28		45		47,621
Jefferies Finance LLC/JFIN Co-Issuer Corp.,
Sr. Unsec’d. Notes, 144A		5.000		08/15/28		400		360,109
LD Holdings Group LLC,
Gtd. Notes, 144A		6.125		04/01/28		132		107,677
LFS Topco LLC,
Gtd. Notes, 144A		5.875		10/15/26		113		104,541
Macquarie Airfinance Holdings Ltd. (United Kingdom),
Sr. Unsec’d. Notes, 144A		8.125		03/30/29		173		180,136
Sr. Unsec’d. Notes, 144A		8.375		05/01/28		100		104,375
Nationstar Mortgage Holdings, Inc.,
Gtd. Notes, 144A		5.125		12/15/30		358		320,435
Gtd. Notes, 144A		5.750		11/15/31		90		82,483
Gtd. Notes, 144A		6.000		01/15/27		501		492,573
Navient Corp.,
Sr. Unsec’d. Notes		5.500		03/15/29		237		214,813
Sr. Unsec’d. Notes		6.750		06/25/25		93		93,681
Sr. Unsec’d. Notes		9.375		07/25/30		164		171,421
OneMain Finance Corp.,
Gtd. Notes		6.625		01/15/28		179		178,092
Gtd. Notes		7.125		03/15/26		492		499,808
Gtd. Notes		7.875		03/15/30		105		106,808
PennyMac Financial Services, Inc.,
Gtd. Notes, 144A		4.250		02/15/29		110		99,105
Gtd. Notes, 144A		5.375		10/15/25		417		410,687
Gtd. Notes, 144A		7.875		12/15/29		50		51,145
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.,
Gtd. Notes, 144A		3.625		03/01/29		224		198,904
Gtd. Notes, 144A		3.875		03/01/31		50		42,912
Gtd. Notes, 144A		4.000		10/15/33		162		134,568


								4,600,855

Electric 4.1%

Calpine Corp.,
Sr. Sec’d. Notes, 144A		3.750		03/01/31		315		270,187

See Notes to Financial Statements.

PGIM Active High Yield Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

CORPORATE BONDS (Continued)

Electric (cont’d.)

Calpine Corp., (cont’d.)
Sr. Sec’d. Notes, 144A		4.500%		02/15/28		200	$	188,708
Sr. Unsec’d. Notes, 144A		4.625		02/01/29		421		387,223
Sr. Unsec’d. Notes, 144A		5.000		02/01/31		265		237,637
Sr. Unsec’d. Notes, 144A		5.125		03/15/28		600		569,252
NRG Energy, Inc.,
Gtd. Notes		5.750		01/15/28		100		98,500
Gtd. Notes		6.625		01/15/27		30		29,978
Gtd. Notes, 144A		3.375		02/15/29		117		102,236
Gtd. Notes, 144A		3.625		02/15/31		160		134,586
Gtd. Notes, 144A		3.875		02/15/32		120		100,765
Jr. Sub. Notes, 144A		10.250(ff)		03/15/28(oo)		575		609,542
PG&E Corp.,
Sr. Sec’d. Notes		5.250		07/01/30		103		96,948
Vistra Corp.,
Jr. Sub. Notes, 144A		7.000(ff)		12/15/26(oo)		418		404,300
Jr. Sub. Notes, 144A		8.000(ff)		10/15/26(oo)		122		122,006
Vistra Operations Co. LLC,
Gtd. Notes, 144A		4.375		05/01/29		371		338,850
Gtd. Notes, 144A		5.000		07/31/27		399		382,627
Gtd. Notes, 144A		5.500		09/01/26		195		192,022
Gtd. Notes, 144A		5.625		02/15/27		616		600,811


								4,866,178

Electrical Components & Equipment 0.8%

Energizer Holdings, Inc.,
Gtd. Notes, 144A		4.375		03/31/29		321		283,879
EnerSys,
Gtd. Notes, 144A		6.625		01/15/32		35		35,123
WESCO Distribution, Inc.,
Gtd. Notes, 144A		6.375		03/15/29		80		80,101
Gtd. Notes, 144A		6.625		03/15/32		70		70,054
Gtd. Notes, 144A		7.250		06/15/28		442		452,016


								921,173

Electronics 0.2%

Likewize Corp.,
Sr. Sec’d. Notes, 144A		9.750		10/15/25		220		223,828

See Notes to Financial Statements.

PGIM Fixed Income ETFs 69

PGIM Active High Yield Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

CORPORATE BONDS (Continued)

Engineering & Construction 0.1%

Brand Industrial Services, Inc.,
Sr. Sec’d. Notes, 144A		10.375%		08/01/30		81	$	86,300
TopBuild Corp.,
Gtd. Notes, 144A		4.125		02/15/32		50		44,082


								130,382

Entertainment 2.8%

Caesars Entertainment, Inc.,
Gtd. Notes, 144A		4.625		10/15/29		408		372,492
Sr. Sec’d. Notes, 144A		6.500		02/15/32		220		221,677
Sr. Sec’d. Notes, 144A		7.000		02/15/30		359		367,884
CCM Merger, Inc.,
Sr. Unsec’d. Notes, 144A		6.375		05/01/26		150		148,299
Churchill Downs, Inc.,
Sr. Unsec’d. Notes, 144A		5.750		04/01/30		153		147,030
Golden Entertainment, Inc.,
Sr. Unsec’d. Notes, 144A		7.625		04/15/26		185		185,107
Jacobs Entertainment, Inc.,
Sr. Unsec’d. Notes, 144A		6.750		02/15/29		128		121,923
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp.,
Sr. Sec’d. Notes, 144A		4.875		05/01/29		330		302,672
Penn Entertainment, Inc.,
Sr. Unsec’d. Notes, 144A		4.125		07/01/29		75		63,027
Sr. Unsec’d. Notes, 144A		5.625		01/15/27		484		462,830
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.,
Gtd. Notes, 144A		5.875		09/01/31		135		95,589
Scientific Games Holdings LP/Scientific Games US FinCo, Inc.,
Sr. Unsec’d. Notes, 144A		6.625		03/01/30		390		368,456
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.,
Gtd. Notes, 144A		5.125		10/01/29		267		252,078
Gtd. Notes, 144A		7.125		02/15/31		171		176,553


								3,285,617

See Notes to Financial Statements.

PGIM Active High Yield Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

CORPORATE BONDS (Continued)

Environmental Control 0.7%

Covanta Holding Corp.,
Gtd. Notes		5.000%		09/01/30		50	$	43,389
Gtd. Notes, 144A		4.875		12/01/29		234		205,107
GFL Environmental, Inc. (Canada),
Gtd. Notes, 144A		4.000		08/01/28		116		105,995
Gtd. Notes, 144A		4.375		08/15/29		212		193,450
Gtd. Notes, 144A		4.750		06/15/29		204		190,485
Sr. Sec’d. Notes, 144A		6.750		01/15/31		108		110,295


								848,721

Foods 2.0%

Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s LP/Albertson’s LLC,
Gtd. Notes, 144A		3.500		03/15/29		135		120,218
B&G Foods, Inc.,
Gtd. Notes		5.250		09/15/27		457		425,126
Sr. Sec’d. Notes, 144A		8.000		09/15/28		272		283,124
C&S Group Enterprises LLC,
Gtd. Notes, 144A		5.000		12/15/28		59		46,724
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.,
Gtd. Notes		3.625		01/15/32		372		312,986
Gtd. Notes		5.500		01/15/30		195		189,990
Pilgrim’s Pride Corp.,
Gtd. Notes		3.500		03/01/32		114		95,271
Gtd. Notes		4.250		04/15/31		462		412,769
Post Holdings, Inc.,
Gtd. Notes, 144A		4.625		04/15/30		231		209,833
Gtd. Notes, 144A		5.500		12/15/29		100		95,491
Sr. Sec’d. Notes, 144A		6.250		02/15/32		65		65,326
Sr. Unsec’d. Notes, 144A		4.500		09/15/31		105		93,420


								2,350,278

See Notes to Financial Statements.

PGIM Fixed Income ETFs 71

PGIM Active High Yield Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

CORPORATE BONDS (Continued)

Gas 0.2%

AmeriGas Partners LP/AmeriGas Finance Corp.,
Sr. Unsec’d. Notes		5.750%		05/20/27		118	$	111,562
Sr. Unsec’d. Notes		5.875		08/20/26		103		99,830


								211,392

Healthcare-Products 1.1%

Embecta Corp.,
Sr. Sec’d. Notes, 144A		5.000		02/15/30		144		114,714
Sr. Sec’d. Notes, 144A		6.750		02/15/30		56		48,191
Medline Borrower LP,
Sr. Sec’d. Notes, 144A		3.875		04/01/29		1,159		1,038,935
Sr. Unsec’d. Notes, 144A		5.250		10/01/29		161		148,879


								1,350,719

Healthcare-Services 4.2%

DaVita, Inc.,
Gtd. Notes, 144A		3.750		02/15/31		1,506		1,235,509
Gtd. Notes, 144A		4.625		06/01/30		75		65,960
HCA, Inc.,
Gtd. Notes		7.500		11/06/33		75		83,334
Legacy LifePoint Health LLC,
Sr. Sec’d. Notes, 144A		4.375		02/15/27		125		116,407
LifePoint Health, Inc.,
Gtd. Notes, 144A		5.375		01/15/29		899		716,352
Prime Healthcare Services, Inc.,
Sr. Sec’d. Notes, 144A		7.250		11/01/25		423		421,985
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc.,
Gtd. Notes, 144A		9.750		12/01/26		189		189,116
Tenet Healthcare Corp.,
Gtd. Notes		6.125		10/01/28		249		246,131
Sr. Sec’d. Notes		4.250		06/01/29		1,131		1,039,790
Sr. Sec’d. Notes		4.375		01/15/30		714		653,683
Sr. Unsec’d. Notes		6.875		11/15/31		210		216,520


								4,984,787

See Notes to Financial Statements.

PGIM Active High Yield Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

CORPORATE BONDS (Continued)

Home Builders 3.5%

Ashton Woods USA LLC/Ashton Woods Finance Co.,
Sr. Unsec’d. Notes, 144A		4.625%		08/01/29		113	$	103,472
Sr. Unsec’d. Notes, 144A		4.625		04/01/30		150		135,102
Beazer Homes USA, Inc.,
Gtd. Notes		5.875		10/15/27		484		470,818
Gtd. Notes		7.250		10/15/29		313		313,259
Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada),
Gtd. Notes, 144A		4.875		02/15/30		210		185,697
Gtd. Notes, 144A		6.250		09/15/27		347		335,723
Century Communities, Inc.,
Gtd. Notes		6.750		06/01/27		25		25,043
Gtd. Notes, 144A		3.875		08/15/29		117		103,292
Forestar Group, Inc.,
Gtd. Notes, 144A		3.850		05/15/26		100		95,122
Gtd. Notes, 144A		5.000		03/01/28		75		70,781
KB Home,
Gtd. Notes		4.800		11/15/29		210		198,069
Gtd. Notes		7.250		07/15/30		162		167,385
M/I Homes, Inc.,
Gtd. Notes		3.950		02/15/30		110		98,086
Gtd. Notes		4.950		02/01/28		25		23,787
Mattamy Group Corp. (Canada),
Sr. Unsec’d. Notes, 144A		4.625		03/01/30		160		143,200
Sr. Unsec’d. Notes, 144A		5.250		12/15/27		500		481,250
Shea Homes LP/Shea Homes Funding Corp.,
Sr. Unsec’d. Notes		4.750		02/15/28		265		254,255
Sr. Unsec’d. Notes		4.750		04/01/29		98		92,082
STL Holding Co. LLC,
Sr. Unsec’d. Notes, 144A		8.750		02/15/29		105		107,568
Taylor Morrison Communities, Inc.,
Gtd. Notes, 144A		5.875		06/15/27		342		341,091
Sr. Unsec’d. Notes, 144A		5.125		08/01/30		244		230,430
Tri Pointe Homes, Inc.,
Gtd. Notes		5.250		06/01/27		75		73,532
Gtd. Notes		5.700		06/15/28		115		113,046


								4,162,090

See Notes to Financial Statements.

PGIM Fixed Income ETFs 73

PGIM Active High Yield Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

CORPORATE BONDS (Continued)

Home Furnishings 0.2%

Tempur Sealy International, Inc.,
Gtd. Notes, 144A		4.000%		04/15/29		299	$	268,204

Household Products/Wares 0.6%

ACCO Brands Corp.,
Gtd. Notes, 144A		4.250		03/15/29		443		392,715
Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc. (Canada),
Gtd. Notes, 144A		7.000		12/31/27		230		222,300
Sr. Sec’d. Notes, 144A		5.000		12/31/26		55		53,075


								668,090

Housewares 0.8%

Scotts Miracle-Gro Co. (The),
Gtd. Notes		4.000		04/01/31		354		300,042
Gtd. Notes		4.375		02/01/32		201		168,312
SWF Escrow Issuer Corp.,
Sr. Unsec’d. Notes, 144A		6.500		10/01/29		693		488,187


								956,541

Insurance 0.5%

Acrisure LLC/Acrisure Finance, Inc.,
Sr. Unsec’d. Notes, 144A		8.250		02/01/29		355		350,806
AssuredPartners, Inc.,
Sr. Unsec’d. Notes, 144A		5.625		01/15/29		75		69,053
Sr. Unsec’d. Notes, 144A		7.500		02/15/32		15		14,745
BroadStreet Partners, Inc.,
Sr. Unsec’d. Notes, 144A		5.875		04/15/29		196		181,925


								616,529

Internet 0.2%

Gen Digital, Inc.,
Sr. Unsec’d. Notes, 144A		5.000		04/15/25		100		99,006
Go Daddy Operating Co. LLC/GD Finance Co., Inc.,
Gtd. Notes, 144A		3.500		03/01/29		205		182,592


								281,598

See Notes to Financial Statements.

PGIM Active High Yield Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

CORPORATE BONDS (Continued)

Iron/Steel 0.5%

ATI, Inc.,
Sr. Unsec’d. Notes		7.250%			08/15/30		80	$	82,275
Big River Steel LLC/BRS Finance Corp.,
Sr. Sec’d. Notes, 144A		6.625			01/31/29		98		98,821
Cleveland-Cliffs, Inc.,
Gtd. Notes, 144A		6.750			04/15/30		219		217,408
Commercial Metals Co.,
Sr. Unsec’d. Notes		4.375			03/15/32		100		89,039
Mineral Resources Ltd. (Australia),
Sr. Unsec’d. Notes, 144A		9.250			10/01/28		100		104,875


									592,418

Leisure Time 4.4%

Amer Sports Co. (Finland),
Sr. Sec’d. Notes, 144A		6.750			02/16/31		100		99,520
Carnival Corp.,
Gtd. Notes, 144A		5.750			03/01/27		1,037		1,024,037
Gtd. Notes, 144A		6.000			05/01/29		204		198,390
Sr. Sec’d. Notes, 144A		4.000			08/01/28		406		374,657
Carnival Holdings Bermuda Ltd.,
Gtd. Notes, 144A		10.375			05/01/28		125		136,351
Lindblad Expeditions Holdings, Inc.,
Sr. Sec’d. Notes, 144A		9.000			05/15/28		128		134,614
NCL Corp. Ltd.,
Gtd. Notes, 144A		5.875			03/15/26		562		547,247
Sr. Sec’d. Notes, 144A		5.875			02/15/27		177		174,933
Sr. Sec’d. Notes, 144A		8.125			01/15/29		120		125,790
Sr. Sec’d. Notes, 144A		8.375			02/01/28		96		100,560
Sr. Unsec’d. Notes, 144A		7.750			02/15/29		195		199,144
NCL Finance Ltd.,
Gtd. Notes, 144A		6.125			03/15/28		221		215,475
Royal Caribbean Cruises Ltd.,
Gtd. Notes, 144A		7.250			01/15/30		95		98,800
Gtd. Notes, 144A		9.250	��		01/15/29		160		171,488
Sr. Sec’d. Notes, 144A		8.250			01/15/29		231		244,860
Sr. Unsec’d. Notes, 144A		5.375			07/15/27		172		168,240
Sr. Unsec’d. Notes, 144A		5.500			08/31/26		50		49,427
Sr. Unsec’d. Notes, 144A		5.500			04/01/28		419		412,451

See Notes to Financial Statements.

PGIM Fixed Income ETFs 75

PGIM Active High Yield Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

CORPORATE BONDS (Continued)

Leisure Time (cont’d.)

Viking Cruises Ltd.,
Gtd. Notes, 144A		5.875%		09/15/27		150	$	146,531
Sr. Unsec’d. Notes, 144A		9.125		07/15/31		204		220,511
Viking Ocean Cruises Ship VII Ltd.,
Sr. Sec’d. Notes, 144A		5.625		02/15/29		183		176,138
Vista Outdoor, Inc.,
Gtd. Notes, 144A		4.500		03/15/29		50		49,512
VOC Escrow Ltd.,
Sr. Sec’d. Notes, 144A		5.000		02/15/28		225		215,347


								5,284,023

Lodging 1.7%

Boyd Gaming Corp.,
Gtd. Notes, 144A		4.750		06/15/31		185		168,143
Hilton Domestic Operating Co., Inc.,
Gtd. Notes, 144A		3.625		02/15/32		231		197,339
MGM Resorts International,
Gtd. Notes		4.625		09/01/26		77		74,492
Gtd. Notes		4.750		10/15/28		399		374,460
Gtd. Notes		5.500		04/15/27		216		212,099
Wynn Macau Ltd. (Macau),
Sr. Unsec’d. Notes, 144A		5.500		01/15/26		225		218,259
Sr. Unsec’d. Notes, 144A		5.625		08/26/28		800		749,464


								1,994,256

Machinery-Construction & Mining 0.3%

Terex Corp.,
Gtd. Notes, 144A		5.000		05/15/29		443		414,897

Machinery-Diversified 0.8%

Chart Industries, Inc.,
Gtd. Notes, 144A		9.500		01/01/31		139		149,314
Sr. Sec’d. Notes, 144A		7.500		01/01/30		261		269,281
GrafTech Finance, Inc.,
Sr. Sec’d. Notes, 144A		4.625		12/15/28		167		109,807

See Notes to Financial Statements.

PGIM Active High Yield Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

CORPORATE BONDS (Continued)

Machinery-Diversified (cont’d.)

Maxim Crane Works Holdings Capital LLC,
Sec’d. Notes, 144A		11.500%		09/01/28		226	$	235,461
TK Elevator US Newco, Inc. (Germany),
Sr. Sec’d. Notes, 144A		5.250		07/15/27		250		238,750


								1,002,613

Media 7.4%

Altice Financing SA (Luxembourg),
Sr. Sec’d. Notes, 144A		5.750		08/15/29		600		516,000
CCO Holdings LLC/CCO Holdings Capital Corp.,
Sr. Unsec’d. Notes		4.500		05/01/32		871		688,252
Sr. Unsec’d. Notes, 144A		4.250		02/01/31		652		524,228
Sr. Unsec’d. Notes, 144A		4.250		01/15/34		575		430,023
Sr. Unsec’d. Notes, 144A		4.500		06/01/33		425		327,061
Sr. Unsec’d. Notes, 144A		4.750		02/01/32		349		281,744
Sr. Unsec’d. Notes, 144A		5.000		02/01/28		150		138,546
Sr. Unsec’d. Notes, 144A		5.125		05/01/27		50		47,257
Sr. Unsec’d. Notes, 144A		5.375		06/01/29		376		339,349
Sr. Unsec’d. Notes, 144A		5.500		05/01/26		110		108,076
CSC Holdings LLC,
Gtd. Notes, 144A		3.375		02/15/31		200		141,105
Gtd. Notes, 144A		4.125		12/01/30		200		148,980
Gtd. Notes, 144A		4.500		11/15/31		200		148,313
Gtd. Notes, 144A		5.375		02/01/28		680		592,874
Gtd. Notes, 144A		5.500		04/15/27		200		179,520
Sr. Unsec’d. Notes, 144A		5.750		01/15/30		500		293,919
Diamond Sports Group LLC/Diamond Sports Finance Co.,
Gtd. Notes, 144A (original cost $565,303; purchased 07/18/19 - 06/03/22)(f)		6.625		08/15/27(d)		1,251		73,117
Sec’d. Notes, 144A (original cost $507,220; purchased 07/18/19 - 08/30/22)(f)		5.375		08/15/26(d)		1,235		73,402
DISH DBS Corp.,
Gtd. Notes		5.125		06/01/29		681		286,704
Gtd. Notes		7.375		07/01/28		807		392,029
Gtd. Notes		7.750		07/01/26		263		165,407
DISH Network Corp.,
Sr. Sec’d. Notes, 144A		11.750		11/15/27		575		599,849

See Notes to Financial Statements.

PGIM Fixed Income ETFs 77

PGIM Active High Yield Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

CORPORATE BONDS (Continued)

Media (cont’d.)

Gray Television, Inc.,
Gtd. Notes, 144A		5.875%		07/15/26		485	$	460,346
News Corp.,
Sr. Unsec’d. Notes, 144A		3.875		05/15/29		25		22,682
Nexstar Media, Inc.,
Gtd. Notes, 144A		5.625		07/15/27		135		127,949
Radiate Holdco LLC/Radiate Finance, Inc.,
Sr. Sec’d. Notes, 144A		4.500		09/15/26		214		168,533
Sr. Unsec’d. Notes, 144A		6.500		09/15/28		778		374,346
Sinclair Television Group, Inc.,
Gtd. Notes, 144A		5.125		02/15/27		248		228,029
Univision Communications, Inc.,
Sr. Sec’d. Notes, 144A		4.500		05/01/29		202		176,909
Sr. Sec’d. Notes, 144A		6.625		06/01/27		373		361,605
Sr. Sec’d. Notes, 144A		8.000		08/15/28		262		263,345
VZ Secured Financing BV (Netherlands),
Sr. Sec’d. Notes, 144A		5.000		01/15/32		250		213,125


								8,892,624

Mining 1.7%

Arsenal AIC Parent LLC,
Sr. Sec’d. Notes, 144A		8.000		10/01/30		50		52,371
Unsec’d. Notes, 144A		11.500		10/01/31		100		110,002
Eldorado Gold Corp. (Turkey),
Sr. Unsec’d. Notes, 144A		6.250		09/01/29		352		329,820
First Quantum Minerals Ltd. (Zambia),
Gtd. Notes, 144A		6.875		10/15/27		200		190,530
Gtd. Notes, 144A		8.625		06/01/31		200		191,158
Hecla Mining Co.,
Gtd. Notes		7.250		02/15/28		125		124,743
Hudbay Minerals, Inc. (Canada),
Gtd. Notes, 144A		4.500		04/01/26		191		183,599
Gtd. Notes, 144A		6.125		04/01/29		358		350,170
New Gold, Inc. (Canada),
Gtd. Notes, 144A		7.500		07/15/27		331		326,565

See Notes to Financial Statements.

PGIM Active High Yield Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

CORPORATE BONDS (Continued)

Mining (cont’d.)

Novelis Corp.,
Gtd. Notes, 144A		3.875%		08/15/31		131	$	110,919
Gtd. Notes, 144A		4.750		01/30/30		123		112,607


								2,082,484

Miscellaneous Manufacturing 0.4%

Amsted Industries, Inc.,
Sr. Unsec’d. Notes, 144A		4.625		05/15/30		407		371,573
Trinity Industries, Inc.,
Gtd. Notes, 144A		7.750		07/15/28		100		103,527


								475,100

Oil & Gas 7.0%

Aethon United BR LP/Aethon United Finance Corp.,
Sr. Unsec’d. Notes, 144A		8.250		02/15/26		100		100,773
Alta Mesa Holdings LP/Alta Mesa Finance Services Corp.,
Gtd. Notes		7.875		12/15/24(d)		310		31
Antero Resources Corp.,
Gtd. Notes, 144A		5.375		03/01/30		483		460,700
Ascent Resources Utica Holdings LLC/ARU Finance Corp.,
Gtd. Notes, 144A		7.000		11/01/26		320		319,849
Gtd. Notes, 144A		9.000		11/01/27		94		119,179
Sr. Unsec’d. Notes, 144A		8.250		12/31/28		127		129,103
Athabasca Oil Corp. (Canada),
Sec’d. Notes, 144A		9.750		11/01/26		201		211,880
Chesapeake Energy Corp.,
Gtd. Notes, 144A		5.875		02/01/29		565		558,286
Gtd. Notes, 144A		6.750		04/15/29		68		68,289
CITGO Petroleum Corp.,
Sr. Sec’d. Notes, 144A		7.000		06/15/25		413		412,314
Civitas Resources, Inc.,
Gtd. Notes, 144A		8.375		07/01/28		178		186,271
Gtd. Notes, 144A		8.625		11/01/30		213		228,104
CNX Resources Corp.,
Gtd. Notes, 144A		7.250		03/01/32		85		84,764

See Notes to Financial Statements.

PGIM Fixed Income ETFs 79

PGIM Active High Yield Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

CORPORATE BONDS (Continued)

Oil & Gas (cont’d.)

Comstock Resources, Inc.,
Gtd. Notes, 144A	5.875%	01/15/30		120	$	104,931
Gtd. Notes, 144A	6.750	03/01/29		157		144,819
Crescent Energy Finance LLC,
Gtd. Notes, 144A	7.250	05/01/26		116		115,577
Gtd. Notes, 144A	9.250	02/15/28		260		272,208
CrownRock LP/CrownRock Finance, Inc.,
Sr. Unsec’d. Notes, 144A	5.000	05/01/29		16		15,755
Sr. Unsec’d. Notes, 144A	5.625	10/15/25		25		24,891
Diamond Foreign Asset Co./Diamond Finance LLC,
Sec’d. Notes, 144A	8.500	10/01/30		50		51,203
Hilcorp Energy I LP/Hilcorp Finance Co.,
Sr. Unsec’d. Notes, 144A	5.750	02/01/29		233		226,841
Sr. Unsec’d. Notes, 144A	6.000	04/15/30		372		361,693
Sr. Unsec’d. Notes, 144A	6.000	02/01/31		251		242,505
Sr. Unsec’d. Notes, 144A	6.250	11/01/28		153		152,038
Sr. Unsec’d. Notes, 144A	6.250	04/15/32		74		71,946
Sr. Unsec’d. Notes, 144A	8.375	11/01/33		67		71,963
MEG Energy Corp. (Canada),
Gtd. Notes, 144A	5.875	02/01/29		185		180,375
Nabors Industries Ltd.,
Gtd. Notes, 144A	7.250	01/15/26		197		193,552
Gtd. Notes, 144A	7.500	01/15/28		329		302,680
Nabors Industries, Inc.,
Gtd. Notes, 144A	9.125	01/31/30		410		420,126
Noble Finance II LLC,
Gtd. Notes, 144A	8.000	04/15/30		50		51,375
Parkland Corp. (Canada),
Gtd. Notes, 144A	4.500	10/01/29		271		247,626
Gtd. Notes, 144A	4.625	05/01/30		216		197,307
Permian Resources Operating LLC,
Gtd. Notes, 144A	7.000	01/15/32		184		189,069
Gtd. Notes, 144A	8.000	04/15/27		70		72,212
Precision Drilling Corp. (Canada),
Gtd. Notes, 144A	6.875	01/15/29		49		48,357
Gtd. Notes, 144A	7.125	01/15/26		46		45,770
Range Resources Corp.,
Gtd. Notes	4.875	05/15/25		110		108,714
Gtd. Notes, 144A	4.750	02/15/30		120		111,530

See Notes to Financial Statements.

PGIM Active High Yield Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

CORPORATE BONDS (Continued)

Oil & Gas (cont’d.)

Southwestern Energy Co.,
Gtd. Notes		4.750%		02/01/32		735	$	667,439
Gtd. Notes		5.375		02/01/29		25		24,181
Gtd. Notes		5.375		03/15/30		105		100,511
Sunoco LP/Sunoco Finance Corp.,
Gtd. Notes		4.500		05/15/29		196		181,051
Gtd. Notes		4.500		04/30/30		161		146,750
Gtd. Notes		5.875		03/15/28		204		201,841
Transocean, Inc.,
Gtd. Notes, 144A		7.250		11/01/25		60		59,325
Valaris Ltd.,
Sec’d. Notes, 144A		8.375		04/30/30		50		51,375
Vital Energy, Inc.,
Gtd. Notes		9.750		10/15/30		50		53,500
Gtd. Notes		10.125		01/15/28		25		26,163


								8,416,742

Packaging & Containers 2.0%

ARD Finance SA (Luxembourg),
Sr. Sec’d. Notes, 144A, Cash coupon 6.500% or PIK 7.250%		6.500		06/30/27		200		85,500
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC,
Sr. Unsec’d. Notes, 144A		4.000		09/01/29		200		162,500
Graham Packaging Co., Inc.,
Gtd. Notes, 144A		7.125		08/15/28		85		75,298
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		67,500
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC (Canada),
Sr. Sec’d. Notes, 144A		6.000		09/15/28		460		427,119
Iris Holding, Inc.,
Sr. Unsec’d. Notes, 144A		10.000		12/15/28		213		184,961
LABL, Inc.,
Sr. Sec’d. Notes, 144A		5.875		11/01/28		135		121,346
Sr. Sec’d. Notes, 144A		9.500		11/01/28		50		50,291
Sr. Unsec’d. Notes, 144A		8.250		11/01/29		168		141,847
Sr. Unsec’d. Notes, 144A		10.500		07/15/27		306		296,516

See Notes to Financial Statements.

PGIM Fixed Income ETFs 81

PGIM Active High Yield Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

CORPORATE BONDS (Continued)

Packaging & Containers (cont’d.)

Mauser Packaging Solutions Holding Co.,
Sr. Sec’d. Notes, 144A	7.875%	08/15/26		100	$	101,351
OI European Group BV,
Gtd. Notes, 144A	4.750	02/15/30		25		22,938
Owens-Brockway Glass Container, Inc.,
Gtd. Notes, 144A	6.375	08/15/25		60		60,023
Gtd. Notes, 144A	6.625	05/13/27		25		24,960
Gtd. Notes, 144A	7.250	05/15/31		80		80,945
Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen
Group Issuer, Inc.,
Sr. Sec’d. Notes, 144A	4.375	10/15/28		50		46,557
Sealed Air Corp./Sealed Air Corp. US,
Gtd. Notes, 144A	6.125	02/01/28		25		24,947
Trident TPI Holdings, Inc.,
Gtd. Notes, 144A	12.750	12/31/28		368		392,670
TriMas Corp.,
Gtd. Notes, 144A	4.125	04/15/29		50		45,567


						2,412,836

Pharmaceuticals 2.0%

AdaptHealth LLC,
Gtd. Notes, 144A	4.625	08/01/29		195		162,343
Gtd. Notes, 144A	5.125	03/01/30		255		213,293
Gtd. Notes, 144A	6.125	08/01/28		303		278,695
Bausch Health Americas, Inc.,
Gtd. Notes, 144A	8.500	01/31/27		276		156,710
Bausch Health Cos., Inc.,
Gtd. Notes, 144A	6.250	02/15/29		1,400		637,000
Sr. Sec’d. Notes, 144A	4.875	06/01/28		150		85,500
Organon & Co./Organon Foreign Debt Co-Issuer BV,
Sr. Unsec’d. Notes, 144A(a)	5.125	04/30/31		800		684,841
P&L Development LLC/PLD Finance Corp.,
Sr. Sec’d. Notes, 144A	7.750	11/15/25		258		209,272


						2,427,654

See Notes to Financial Statements.

PGIM Active High Yield Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

CORPORATE BONDS (Continued)

Pipelines 3.9%

Antero Midstream Partners LP/Antero Midstream Finance Corp.,
Gtd. Notes, 144A	5.375%		06/15/29			74	$	70,425
Gtd. Notes, 144A	5.750		03/01/27			231		225,970
Gtd. Notes, 144A	5.750		01/15/28			117		114,688
Gtd. Notes, 144A	6.625		02/01/32			60		59,790
Gtd. Notes, 144A	7.875		05/15/26			246		251,232
Cheniere Energy Partners LP,
Gtd. Notes	4.000		03/01/31			110		98,243
Gtd. Notes	4.500		10/01/29			25		23,434
Cheniere Energy, Inc.,
Sr. Unsec’d. Notes	4.625		10/15/28			196		188,249
CNX Midstream Partners LP,
Gtd. Notes, 144A	4.750		04/15/30			25		21,910
Energy Transfer LP,
Jr. Sub. Notes, Series G	7.125(ff)		05/15/30	(oo)		50		48,334
EQM Midstream Partners LP,
Sr. Unsec’d. Notes	5.500		07/15/28			25		24,511
Sr. Unsec’d. Notes, 144A	6.000		07/01/25			159		158,748
Sr. Unsec’d. Notes, 144A	6.500		07/01/27			45		45,443
Sr. Unsec’d. Notes, 144A	7.500		06/01/27			103		105,387
Sr. Unsec’d. Notes, 144A	7.500		06/01/30			65		69,228
Global Partners LP/GLP Finance Corp.,
Gtd. Notes	6.875		01/15/29			176		173,482
Gtd. Notes, 144A	8.250		01/15/32			83		85,141
Howard Midstream Energy Partners LLC,
Sr. Unsec’d. Notes, 144A	8.875		07/15/28			50		52,900
Rockies Express Pipeline LLC,
Sr. Unsec’d. Notes, 144A	6.875		04/15/40			123		121,170
Sr. Unsec’d. Notes, 144A	7.500		07/15/38			182		185,158
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.,
Gtd. Notes, 144A	5.500		01/15/28			207		196,619
Gtd. Notes, 144A	6.000		03/01/27			174		171,697
Gtd. Notes, 144A	6.000		12/31/30			105		97,733
Gtd. Notes, 144A	6.000		09/01/31			50		45,992
Sr. Unsec’d. Notes, 144A	7.375		02/15/29			80		79,787
Venture Global Calcasieu Pass LLC,
Sr. Sec’d. Notes, 144A	3.875		08/15/29			265		237,834
Sr. Sec’d. Notes, 144A	4.125		08/15/31			208		182,595

See Notes to Financial Statements.

PGIM Fixed Income ETFs 83

PGIM Active High Yield Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

CORPORATE BONDS (Continued)

Pipelines (cont’d.)

Venture Global Calcasieu Pass LLC, (cont’d.)
Sr. Sec’d. Notes, 144A	6.250%		01/15/30		88	$	87,983
Venture Global LNG, Inc.,
Sr. Sec’d. Notes, 144A	9.500		02/01/29		624		665,375
Sr. Sec’d. Notes, 144A	9.875		02/01/32		786		827,416


							4,716,474

Real Estate 1.2%

Five Point Operating Co. LP/Five Point Capital Corp.,
Gtd. Notes, 144A	10.500(cc)		01/15/28		303		309,292
Greystar Real Estate Partners LLC,
Sr. Sec’d. Notes, 144A	7.750		09/01/30		50		52,126
Howard Hughes Corp. (The),
Gtd. Notes, 144A	4.125		02/01/29		110		97,787
Gtd. Notes, 144A	4.375		02/01/31		210		179,448
Gtd. Notes, 144A	5.375		08/01/28		360		339,807
Hunt Cos., Inc.,
Sr. Sec’d. Notes, 144A	5.250		04/15/29		546		499,775


							1,478,235

Real Estate Investment Trusts (REITs) 0.8%

Diversified Healthcare Trust,
Gtd. Notes	4.375		03/01/31		206		156,350
Gtd. Notes	9.750		06/15/25		82		81,667
Sr. Unsec’d. Notes	4.750		02/15/28		97		77,280
MPT Operating Partnership LP/MPT Finance Corp.,
Gtd. Notes	3.500		03/15/31		204		136,678
Gtd. Notes	4.625		08/01/29		198		147,528
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer,
Sr. Sec’d. Notes, 144A	7.500		06/01/25		292		293,503
RHP Hotel Properties LP/RHP Finance Corp.,
Gtd. Notes, 144A	4.500		02/15/29		86		79,901


							972,907

See Notes to Financial Statements.

PGIM Active High Yield Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

CORPORATE BONDS (Continued)

Retail 4.9%

1011778 BC ULC/New Red Finance, Inc. (Canada),
Sec’d. Notes, 144A	4.000%		10/15/30		465	$	406,875
Sr. Sec’d. Notes, 144A	3.875		01/15/28		246		228,136
Arko Corp.,
Gtd. Notes, 144A	5.125		11/15/29		75		65,002
BCPE Ulysses Intermediate, Inc.,
Sr. Unsec’d. Notes, 144A, Cash coupon 7.750% or PIK 8.500%	7.750		04/01/27		56		53,728
Beacon Roofing Supply, Inc.,
Sr. Sec’d. Notes, 144A	6.500		08/01/30		25		25,140
Brinker International, Inc.,
Gtd. Notes, 144A	8.250		07/15/30		330		345,963
Carrols Restaurant Group, Inc.,
Gtd. Notes, 144A	5.875		07/01/29		62		63,293
eG Global Finance PLC (United Kingdom),
Sr. Sec’d. Notes, 144A	12.000		11/30/28		225		236,981
Ferrellgas LP/Ferrellgas Finance Corp.,
Sr. Unsec’d. Notes, 144A (original cost $23,188; purchased 08/04/22)(f)	5.375		04/01/26		25		24,747
Sr. Unsec’d. Notes, 144A (original cost $66,625; purchased 08/02/22 - 08/15/22)(f)	5.875		04/01/29		75		71,237
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.,
Gtd. Notes, 144A	6.750		01/15/30		536		473,246
Sr. Sec’d. Notes, 144A	4.625		01/15/29		259		235,149
Foundation Building Materials, Inc.,
Gtd. Notes, 144A	6.000		03/01/29		352		309,791
Gap, Inc. (The),
Gtd. Notes, 144A	3.625		10/01/29		177		149,604
Gtd. Notes, 144A	3.875		10/01/31		247		198,821
LBM Acquisition LLC,
Gtd. Notes, 144A	6.250		01/15/29		340		308,213
LCM Investments Holdings II LLC,
Sr. Unsec’d. Notes, 144A	4.875		05/01/29		460		413,415
Sr. Unsec’d. Notes, 144A	8.250		08/01/31		230		235,476
Park River Holdings, Inc.,
Gtd. Notes, 144A	5.625		02/01/29		149		125,376
Sr. Unsec’d. Notes, 144A	6.750		08/01/29		187		160,712
Patrick Industries, Inc.,
Gtd. Notes, 144A	4.750		05/01/29		75		68,684

See Notes to Financial Statements.

PGIM Fixed Income ETFs 85

PGIM Active High Yield Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

CORPORATE BONDS (Continued)

Retail (cont’d.)

Patrick Industries, Inc., (cont’d.)
Gtd. Notes, 144A	7.500%		10/15/27		50	$	50,280
Sally Holdings LLC/Sally Capital, Inc.,
Gtd. Notes	5.625		12/01/25		36		35,992
Gtd. Notes	6.750		03/01/32		140		139,467
SRS Distribution, Inc.,
Gtd. Notes, 144A	6.000		12/01/29		345		321,143
Suburban Propane Partners LP/Suburban Energy Finance Corp.,
Sr. Unsec’d. Notes	5.875		03/01/27		141		138,971
Sr. Unsec’d. Notes, 144A	5.000		06/01/31		386		347,720
Superior Plus LP/Superior General Partner, Inc. (Canada),
Gtd. Notes, 144A	4.500		03/15/29		380		342,958
White Cap Buyer LLC,
Sr. Unsec’d. Notes, 144A	6.875		10/15/28		334		326,451


							5,902,571

Software 0.9%

Black Knight InfoServ LLC,
Gtd. Notes, 144A (original cost $490,096; purchased 08/12/20 - 11/07/23)(f)	3.625		09/01/28		514		483,615
Boxer Parent Co., Inc.,
Sr. Sec’d. Notes, 144A	7.125		10/02/25		200		200,196
Camelot Finance SA,
Sr. Sec’d. Notes, 144A	4.500		11/01/26		110		104,775
Clarivate Science Holdings Corp.,
Gtd. Notes, 144A	4.875		07/01/29		289		262,007


							1,050,593

Telecommunications 3.1%

Altice France SA (France),
Sr. Sec’d. Notes, 144A	8.125		02/01/27		250		228,750
Connect Finco Sarl/Connect US Finco LLC (United Kingdom),
Sr. Sec’d. Notes, 144A	6.750		10/01/26		200		195,500

See Notes to Financial Statements.

PGIM Active High Yield Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

CORPORATE BONDS (Continued)

Telecommunications (cont’d.)

Digicel Group Holdings Ltd. (Jamaica),
Sr. Sec’d. Notes, Series 1A14, 144A (original cost $30,928; purchased 11/14/23)^(f)	0.000%		12/31/30		28		$	30,928
Sr. Sec’d. Notes, Series 1B14, 144A (original cost $12; purchased 11/14/23)^(f)	0.000		12/31/30		117			—
Sr. Sec’d. Notes, Series 3A14, 144A (original cost $115; purchased 11/14/23)^(f)	0.000		12/31/30		—	(r)		115
Sr. Sec’d. Notes, Series 3B14, 144A (original cost $0; purchased 11/14/23)^(f)	0.000		12/31/30		5			—
Digicel Intermediate Holdings Ltd./Digicel International Finance Ltd./DIFL US LLC (Jamaica),
Sr. Sec’d. Notes, Cash coupon 9.000% and PIK 1.500% (original cost $236,008; purchased 01/29/24)(f)	10.500		05/25/27		255			250,226
Digicel MidCo Ltd./DIFL US II LLC (Jamaica),
Sr. Unsec’d. Notes, PIK 10.500% (original cost $265,190; purchased 01/29/24)(f)	10.500		11/25/28		411			328,897
Frontier Communications Holdings LLC,
Sr. Sec’d. Notes, 144A	5.000		05/01/28		423			392,111
Iliad Holding SASU (France),
Sr. Sec’d. Notes, 144A	7.000		10/15/28		200			197,000
Intelsat Jackson Holdings SA (Luxembourg),
Sr. Sec’d. Notes, 144A	6.500		03/15/30		567			526,289
Level 3 Financing, Inc.,
Gtd. Notes, 144A	4.250		07/01/28		752			462,480
Gtd. Notes, 144A	4.625		09/15/27		25			16,125
Sr. Sec’d. Notes, 144A	3.400		03/01/27		25			25,500
Sr. Sec’d. Notes, 144A	10.500		05/15/30		50			51,452
Sprint Capital Corp.,
Gtd. Notes	8.750		03/15/32		142			171,595
Sprint LLC,
Gtd. Notes	7.625		03/01/26		224			231,480
Viasat, Inc.,
Sr. Unsec’d. Notes, 144A	5.625		09/15/25		616			597,947


								3,706,395

Transportation 0.5%

GN Bondco LLC,
Sr. Sec’d. Notes, 144A	9.500		10/15/31		369			365,279

See Notes to Financial Statements.

PGIM Fixed Income ETFs 87

PGIM Active High Yield Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

Description

Interest

Rate

Maturity

Date

Principal

Amount

(000)#

Value

CORPORATE BONDS (Continued)

Transportation (cont’d.)

RXO, Inc.,

Gtd. Notes, 144A

7.500%

11/15/27

51,809

XPO, Inc.,

Gtd. Notes, 144A

7.125

06/01/31

25,553

Gtd. Notes, 144A

7.125

02/01/32

96,508

539,149

TOTAL CORPORATE BONDS
(cost $110,078,986)

103,613,938

FLOATING RATE AND OTHER LOANS 1.6%

Auto Parts & Equipment 0.1%

Tenneco, Inc.,

Term A Loan, 3 Month SOFR + 4.850%

10.169(c)

11/17/28

170

158,307

Chemicals 0.4%

Consolidated Energy Finance SA (Switzerland),
2024 Incremental Term Loan, 1 Month SOFR + 4.500%

9.817(c)

11/15/30

175

169,531

Iris Holdings Ltd.,

Initial Term Loan, 3 Month SOFR + 4.850%

10.163(c)

06/28/28

147

138,754

Venator Finance Sarl,

Initial First-Out Term Loan, 3 Month SOFR + 10.000%^

15.314(c)

12/31/25

51,578

Term Loan, 3 Month SOFR + 10.000%^

15.326(c)

10/12/28

137

135,136

494,999

Electric 0.0%

Heritage Power LLC,
Term Loan, 3 Month SOFR + 5.500%

10.814(c)

07/20/26

14,667

See Notes to Financial Statements.

PGIM Active High Yield Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

Description

Interest

Rate

Maturity

Date

Principal

Amount

(000)#

Value

FLOATING RATE AND OTHER LOANS (Continued)

Insurance 0.2%

Acrisure LLC,
2021-1 Additional Term Loan, 1 Month LIBOR + 3.750%

9.191%(c)

02/15/27

99,015

Asurion LLC,
New B-4 Term Loan, 1 Month SOFR + 5.364%

10.691(c)

01/20/29

165

155,358

254,373

Media 0.1%

Diamond Sports Group LLC,

First Lien Term Loan, 1 Month SOFR + 8.100%

12.775(c)

05/25/26

59,505

Second Lien Term Loan

8.175

08/24/26

(d)

437

23,687

Radiate Holdco LLC,

Amendment No. 6 Term Loan, 1 Month SOFR + 3.364%

8.691(c)

09/25/26

72,343

155,535

Retail 0.1%

Great Outdoors Group LLC,

Term B-2 Loan, 1 Month SOFR + 3.864%

9.191(c)

03/06/28

48,491

Software 0.4%

Cotiviti, Inc.,

Term Loan, 1 Month SOFR + 3.500%

7.500(c)

03/31/31

275

275,000

Skillsoft Finance II, Inc.,

Initial Term Loan, 1 Month SOFR + 5.364%

10.684(c)

07/14/28

192

177,151

452,151

Telecommunications 0.3%

Digicel International Finance, Ltd. (Jamaica),

Initial Term Loan, 3 Month SOFR + 6.750%

12.063(c)

05/29/27

19,119

Level 3 Financing, Inc.,

Tranche B 2027 Term Loan, 1 Month SOFR + 1.864%

7.191(c)

03/01/27

29,250

Lumen Technologies, Inc.,

Term B Loan, 1 Month SOFR + 2.364%

7.691(c)

03/15/27

21,630

Term Loan

— (p)

06/01/28

15,164

See Notes to Financial Statements.

PGIM Fixed Income ETFs 89

PGIM Active High Yield Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

FLOATING RATE AND OTHER LOANS (Continued)

Telecommunications (cont’d.)

Xplornet Communications, Inc. (Canada),
First Lien Refinancing Term Loan, 3 Month SOFR + 4.262%	9.610%(c)		10/02/28		418	$	189,366
Initial Term Loan- Second Lien, 3 Month SOFR + 7.262%	12.610(c)		10/01/29		150		30,000


							304,529


TOTAL FLOATING RATE AND OTHER LOANS (cost $2,178,561)							1,883,052


U.S. TREASURY OBLIGATIONS 3.0%
U.S. Treasury Notes(k)	2.625		05/31/27		165		156,209
U.S. Treasury Notes(k)	4.250		12/31/25		1,600		1,587,625
U.S. Treasury Notes	4.750		07/31/25		300		299,625
U.S. Treasury Notes	5.000		10/31/25		1,500		1,505,859


TOTAL U.S. TREASURY OBLIGATIONS (cost $3,561,667)							3,549,318


				Shares

COMMON STOCKS 1.1%

Chemicals 0.5%

Cornerstone Chemical Co.*^					1,807		34,333
TPC Group, Inc.*^					6,118		171,304
Venator Materials PLC (original cost $612,979; purchased 09/26/18 - 10/17/23)*(f)					433		420,705


							626,342

Gas Utilities 0.1%

Ferrellgas Partners LP (Class B Stock) (original cost $102,501; purchased 09/24/18 - 09/26/19)(f)					728		120,599

Oil, Gas & Consumable Fuels 0.3%

Chesapeake Energy Corp.					3,212		265,889
Heritage Power LLC*^					2,134		26,974

See Notes to Financial Statements.

PGIM Active High Yield Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



Description	Shares		Value

COMMON STOCKS (Continued)

Oil, Gas & Consumable Fuels (cont’d.)

Heritage Power LLC*^		94	$	1,188
Heritage Power LLC*^		2,456		1,228


				295,279

Wireless Telecommunication Services 0.2%

Digicel International Finance Ltd. (Jamaica) (original cost $29,016; purchased 01/29/24)*^(f)		23,916		43,288
Intelsat Emergence SA (Luxembourg)*		7,641		209,413


				252,701


TOTAL COMMON STOCKS (cost $1,362,038)				1,294,921


PREFERRED STOCKS 0.5%

Electronic Equipment, Instruments & Components 0.5%

Ferrellgas Escrow LLC, 8.956%, Maturing 03/30/31 (original cost $590,708; purchased 05/15/21 - 02/09/22)^(f)		600		600,000

Wireless Telecommunication Services 0.0%

Digicel International Finance Ltd. (Jamaica) (original cost $67,030; purchased 01/26/24 - 01/29/24)*^(f)		7,711		77,110


TOTAL PREFERRED STOCKS (cost $659,019)				677,110


TOTAL LONG-TERM INVESTMENTS (cost $123,263,203)				116,482,706


SHORT-TERM INVESTMENTS 1.8%

AFFILIATED MUTUAL FUNDS
PGIM Core Government Money Market Fund (7-day effective yield 5.545%)(wb)		1,543,471		1,543,471

See Notes to Financial Statements.

PGIM Fixed Income ETFs 91

PGIM Active High Yield Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



Description	Shares		Value

AFFILIATED MUTUAL FUNDS (Continued)
PGIM Institutional Money Market Fund (7-day effective yield 5.683%) (cost $642,782; includes $642,240 of cash collateral for securities on loan)(b)(wb)		643,040	$	642,782


TOTAL SHORT-TERM INVESTMENTS (cost $2,186,253)				2,186,253


TOTAL INVESTMENTS 99.3% (cost $125,449,456)				118,668,959
Other assets in excess of liabilities(z) 0.7%				879,075


NET ASSETS 100.0%			$	119,548,034

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

*	Non-income producing security.

#	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 $1,204,975 and 1.0% 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 $629,529; cash collateral of $642,240 (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 February 29, 2024.

(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 $3,716,638. The aggregate value of $2,721,685 is 2.3% 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.

(p)	Represents a security with a delayed settlement and therefore the interest rate is not available until settlement which is after the period end.

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

(wb)	Represents an investment in a Fund affiliated with the Manager.

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

See Notes to Financial Statements.

PGIM Active High Yield Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

Futures contracts outstanding at February 29, 2024:


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

Long Positions:
2	2 Year U.S. Treasury Notes	Jun. 2024	$	409,500		$	68
82	5 Year U.S. Treasury Notes	Jun. 2024		8,766,313			1,773
24	10 Year U.S. Treasury Notes	Jun. 2024		2,650,500			3,288
3	20 Year U.S. Treasury Bonds	Jun. 2024		357,750			2,486
3	30 Year U.S. Ultra Treasury Bonds	Jun. 2024		383,625			3,797


						$	11,412

Credit default swap agreement outstanding at February 29, 2024:


Reference Entity/ Obligation	Termination Date	Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at February 29, 2024(4)	Value at Trade Date			Value at February 29, 2024			Unrealized Appreciation (Depreciation)

Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):
CDX.NA.HY.41.V2	12/20/28		5.000%(Q)		1,312	3.383%		$	16,575		$	96,355		$	79,780

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 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.

See Notes to Financial Statements.

PGIM Fixed Income ETFs 93

PGIM Active High Yield Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

(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 February 29, 2024:


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 Agreements:
iBoxx US Dollar Liquid Investment Grade Index(T)		1 Day SOFR(Q)/5.320%		MSI		09/20/24		(2,760	)	$	(17,550	)		$	(1,022	)		$	(16,528	)
iBoxx US Dollar Liquid Investment Grade Index(T)		1 Day SOFR(Q)/5.320%		BNP		09/20/24		(1,490	)		399				(551	)			950

										$	(17,151	)		$	(1,573	)		$	(15,578	)

(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	$—	$(1,573)	$950	$(16,528)

See Notes to Financial Statements.

PGIM Active High Yield Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

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


Broker	Cash and/or Foreign Currency			Securities Market Value

CGM		$	150,000		$	637,503

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 February 29, 2024 in valuing such portfolio securities:


	Level 1		Level 2			Level 3
Investments in Securities
Assets
Long-Term Investments
Asset-Backed Securities
Collateralized Loan Obligations	$	—	$	5,464,367		$	—
Corporate Bonds		—		103,551,102			62,836
Floating Rate and Other Loans		—		1,696,338			186,714
U.S. Treasury Obligations		—		3,549,318			—
Common Stocks		265,889		750,717			278,315
Preferred Stocks		—		—			677,110
Short-Term Investments
Affiliated Mutual Funds		2,186,253		—			—


Total	$	2,452,142	$	115,011,842		$	1,204,975


Other Financial Instruments*
Assets
Futures Contracts	$	11,412	$	—		$	—
Centrally Cleared Credit Default Swap Agreement		—		79,780			—
OTC Total Return Swap Agreement		—		399			—


Total	$	11,412	$	80,179		$	—


Liabilities
OTC Total Return Swap Agreement	$	—	$	(17,550	)	$	—

See Notes to Financial Statements.

PGIM Fixed Income ETFs 95

PGIM Active High Yield Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

The following is a reconciliation of assets in which unobservable inputs (Level 3) were used in determining fair value:


	Corporate Bonds				Floating Rate and Other Loans				Common Stocks			Preferred Stocks			Rights
Balance as of 08/31/23		$	—			$	199,702			$	152,950		$	600,000		$	8,179
Realized gain (loss)			(3,035	)			164				—			—			14,933
Change in unrealized appreciation (depreciation)			3,235				(13,928	)			38,680			9,696			(8,168	)
Purchases/Exchanges/Issuances			87,207				231,743				86,685			67,030			—
Sales/Paydowns			(24,454	)			(224,912	)			—			—			(14,944	)
Accrued discount/premium			(117	)			(6,055	)			—			384			—
Transfers into Level 3*			—				—				—			—			—
Transfers out of Level 3*			—				—				—			—			—

Balance as of 02/29/24		$	62,836			$	186,714			$	278,315		$	677,110		$	—

Change in unrealized appreciation (depreciation) relating to securities still held at reporting period end		$	3,235			$	2,109			$	38,680		$	9,696		$	—

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.

Level 3 securities as presented in the table above are being fair valued using pricing methodologies approved by the Board, which contain unobservable inputs as follows:


Level 3 Securities**	Fair Value as of February 29, 2024		Valuation Approach	Valuation Methodology	Unobservable Inputs
Corporate Bonds	$	31,043	Market	Recovery Value	Recovery Rate
Corporate Bonds		31,793	Market	Transaction Based	Unadjusted Purchase Price
Common Stocks		107,011	Market	Enterprise Value	Implied/Recovery Value

See Notes to Financial Statements.

PGIM Active High Yield Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024


Level 3 Securities**	Fair Value as of February 29, 2024		Valuation Approach	Valuation Methodology	Unobservable Inputs
Preferred Stocks	$	77,110	Market	Enterprise Value	Implied/Recovery Value
Preferred Stocks		600,000	Market	Transaction Based	Unadjusted Purchase Price

	$	846,957

The table does not include Level 3 securities and/or derivatives that are valued by independent pricing vendors or brokers. As of February 29, 2024, the aggregate value of these securities and/or derivatives was $358,018. The unobservable inputs for these investments were not developed by the Fund and are not readily available (e.g. single broker quotes).

Industry Classification:

The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of February 29, 2024 were as follows:


Media	7.5	%
Oil & Gas	7.0
Commercial Services	5.0
Retail	5.0
Collateralized Loan Obligations	4.6
Leisure Time	4.4
Healthcare-Services	4.2
Electric	4.1
Pipelines	3.9
Diversified Financial Services	3.9
Home Builders	3.5
Telecommunications	3.4
U.S. Treasury Obligations	3.0
Entertainment	2.8
Aerospace & Defense	2.6
Chemicals	2.2
Pharmaceuticals	2.0
Packaging & Containers	2.0
Foods	2.0
Affiliated Mutual Funds (0.5% represents investments purchased with collateral from securities on loan)	1.8
Mining	1.7
Lodging	1.7
Building Materials	1.7
Airlines	1.3
Software	1.3


Real Estate	1.2	%
Healthcare-Products	1.1
Auto Manufacturers	1.1
Computers	1.0
Auto Parts & Equipment	0.9
Machinery-Diversified	0.8
Real Estate Investment Trusts (REITs)	0.8
Housewares	0.8
Electrical Components & Equipment	0.8
Distribution/Wholesale	0.7
Insurance	0.7
Environmental Control	0.7
Banks	0.7
Household Products/Wares	0.6
Electronic Equipment, Instruments & Components	0.5
Iron/Steel	0.5
Transportation	0.5
Apparel	0.4
Miscellaneous Manufacturing	0.4
Machinery-Construction & Mining	0.3
Agriculture	0.3
Advertising	0.3
Oil, Gas & Consumable Fuels	0.3
Wireless Telecommunication Services	0.2
Internet	0.2
Home Furnishings	0.2
Electronics	0.2

See Notes to Financial Statements.

PGIM Fixed Income ETFs 97

PGIM Active High Yield Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

Industry Classification (continued):


Gas	0.2	%
Coal	0.1
Engineering & Construction	0.1
Gas Utilities	0.1


	99.3
Other assets in excess of liabilities	0.7


	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 risk, foreign exchange risk and interest rate 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 February 29, 2024 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	$	79,780	*	—	$	—

Interest rate contracts	Due from/to broker-variation margin futures		11,412	*	—		—

Interest rate contracts	—		—		Premiums received for OTC swap agreements		1,573
Interest rate contracts	Unrealized appreciation on OTC swap agreements		950		Unrealized depreciation on OTC swap agreements		16,528


		$	92,142			$	18,101

*	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 Active High Yield Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

The effects of derivative instruments on the Statement of Operations for the six months ended February 29, 2024 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	$	—		$	—	$	106,608
Foreign exchange contracts		—			4,335		—
Interest rate contracts		(60,364	)		—		15,231


Total	$	(60,364	)	$	4,335	$	121,839


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	$	—		$	—		$	(26,278	)
Foreign exchange contracts		—			(1,660	)		—
Interest rate contracts		(13,947	)		—			(54,067	)


Total	$	(13,947	)	$	(1,660	)	$	(80,345	)

For the six months ended February 29, 2024, the Fund’s average volume of derivative activities is as follows:



Derivative Contract Type	Average Volume of Derivative Activities*

Futures Contracts - Long Positions (1)		$9,164,362

Futures Contracts - Short Positions (1)		322,281

Forward Foreign Currency Exchange Contracts - Purchased (2)		37,443

Forward Foreign Currency Exchange Contracts - Sold (2)		75,583

Credit Default Swap Agreements - Buy Protection (1)		2,266,667

Credit Default Swap Agreements - Sell Protection (1)		2,891,917

Total Return Swap Agreements (1)		2,398,000

*	Average volume is based on average quarter end balances for the six months ended February 29, 2024.

(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 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

See Notes to Financial Statements.

PGIM Fixed Income ETFs 99

PGIM Active High Yield Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

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:

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		$	950		$	(551	)		$	399			$	—		$	399
MSI			—			(17,550	)			(17,550	)			—			(17,550	)


		$	950		$	(18,101	)		$	(17,151	)		$	—		$	(17,151	)

(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.

100

PGIM Active High Yield Bond ETF

Statement of Assets & Liabilities (unaudited)

as of February 29, 2024


Assets

Investments at value, including securities on loan of $629,529:
Unaffiliated investments (cost $123,263,203)	$	116,482,706
Affiliated investments (cost $2,186,253)		2,186,253
Cash		2,718
Dividends and interest receivable		1,821,773
Receivable for investments sold		810,795
Receivable from custodian		171,912
Deposit with broker for centrally cleared/exchange-traded derivatives		150,000
Due from broker—variation margin futures		7,359
Due from broker—variation margin swaps		2,233
Unrealized appreciation on OTC swap agreements		950


Total Assets		121,636,699


Liabilities

Payable for investments purchased		1,377,900

Payable to broker for collateral for securities on loan		642,240
Management fee payable		49,917
Unrealized depreciation on OTC swap agreements		16,528
Premiums received for OTC swap agreements		1,573
Accrued expenses and other liabilities		507


Total Liabilities		2,088,665


Net Assets	$	119,548,034




Net assets were comprised of:
Common stock, at par	$	3,450
Paid-in capital in excess of par		133,732,186
Total distributable earnings (loss)		(14,187,602	)


Net assets, February 29, 2024	$	119,548,034


Net asset value, offering price and redemption price per share. ($119,548,034 ÷ 3,450,000 shares of common stock issued and outstanding)	$	34.65

See Notes to Financial Statements.

PGIM Fixed Income ETFs 101

PGIM Active High Yield Bond ETF

Statement of Operations (unaudited)

Six Months Ended February 29, 2024


Net Investment Income (Loss)

Income
Interest income	$	4,088,923
Affiliated dividend income		40,478
Unaffiliated dividend income		29,878
Income from securities lending, net (including affiliated income of $222)		234


Total income		4,159,513


Expenses
Management fee		284,208


Net investment income (loss)		3,875,305

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

Net realized gain (loss) on:
Investment transactions		(2,012,400	)
Futures transactions		(60,364	)
In-kind redemptions		(379,565	)
Forward currency contract transactions		4,335
Swap agreement transactions		121,839
Foreign currency transactions		(1,433	)


		(2,327,588	)


Net change in unrealized appreciation (depreciation) on:
Investments		4,135,776
Futures		(13,947	)
Forward currency contracts		(1,660	)
Swap agreements		(80,345	)
Foreign currencies		(281	)


		4,039,543


Net gain (loss) on investment and foreign currency transactions		1,711,955


Net Increase (Decrease) In Net Assets Resulting From Operations	$	5,587,260

See Notes to Financial Statements.

102

PGIM Active High Yield Bond ETF

Statements of Changes in Net Assets (unaudited)



	Six Months Ended February 29, 2024				Year Ended August 31, 2023
Increase (Decrease) in Net Assets

Operations
Net investment income (loss)		$	3,875,305			$	6,440,038
Net realized gain (loss) on investment, in-kind redemptions and foreign currency transactions			(2,327,588	)			(2,263,367	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies			4,039,543				1,406,029


Net increase (decrease) in net assets resulting from operations			5,587,260				5,582,700


Dividends and Distributions
Distributions from distributable earnings			(4,420,224	)			(6,738,650	)


Fund share transactions
Net proceeds from shares sold (125,000 and 500,000 shares, respectively)			4,297,277				17,014,419
Shares sold in-kind (575,000 and 425,000 shares, respectively)			19,566,868				14,435,556
Shares redeemed in-kind (500,000 and 0 shares, respectively)			(16,682,364	)			—
Cost of shares purchased (75,000 and 325,000 shares, respectively)			(2,450,732	)			(11,039,936	)

Net increase (decrease) in net assets from Fund share transactions			4,731,049				20,410,039


Total increase (decrease)			5,898,085				19,254,089

Net Assets:

Beginning of period			113,649,949				94,395,860


End of period		$	119,548,034			$	113,649,949

See Notes to Financial Statements.

PGIM Fixed Income ETFs 103

PGIM Active High Yield Bond ETF

Financial Highlights (unaudited)




	Six Months Ended February 29,			Year Ended August 31,												September 24, 2018^(a)through August 31,
	2024			2023			2022			2021			2020			2019
Per Share Operating Performance^(b):
Net Asset Value, Beginning of Period		$34.18			$34.64			$41.42			$39.99			$40.96			$40.00
Income (loss) from investment operations:
Net investment income (loss)		1.22			2.39			1.85			1.95			2.49			2.30
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.65			(0.32	)		(6.23	)		2.30			(0.49	)		0.85
Total from investment operations		1.87			2.07			(4.38	)		4.25			2.00			3.15
Less Dividends and Distributions:
Dividends from net investment income		(1.40	)		(2.53	)		(1.92	)		(2.24	)		(2.55	)		(2.19	)
Distributions from net realized gains		-			-			(0.48	)		(0.58	)		(0.42	)		-
Total dividends and distributions		(1.40	)		(2.53	)		(2.40	)		(2.82	)		(2.97	)		(2.19	)
Net asset value, end of period		$34.65			$34.18			$34.64			$41.42			$39.99			$40.96
Total Return^(c):		5.64	%		6.32	%		(11.01	)%		11.00	%		5.24	%		8.20	%


Ratios/Supplemental Data:
Net assets, end of period (000)		$119,548			$113,650			$94,396			$86,976			$34,994			$27,649
Average net assets (000)		$107,842			$91,165			$85,683			$58,270			$29,367			$26,467
Ratios to average net assets^(d):
Expenses after waivers and/or expense reimbursement		0.53	%^(e)		0.53	%		0.53	%		0.53	%		0.53	%		0.52	%^(e)
Expenses before waivers and/or expense reimbursement		0.53	%^(e)		0.53	%		0.53	%		0.53	%		0.53	%		0.53	%^(e)
Net investment income (loss)		7.23	%^(e)		7.06	%		4.87	%		4.76	%		6.37	%		6.15	%^(e)
Portfolio turnover rate^(f)		26	%		35	%		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.

104

PGIM Active Aggregate Bond ETF

Schedule of Investments (unaudited)

as of February 29, 2024



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

LONG-TERM INVESTMENTS 99.0%

ASSET-BACKED SECURITIES 13.2%

Automobiles 4.1%
AmeriCredit Automobile Receivables Trust,
Series 2023-01, Class C	5.800%	12/18/28		100	$	100,695
Avis Budget Rental Car Funding AESOP LLC,
Series 2022-01A, Class A, 144A	3.830	08/21/28		100		95,335
Series 2023-03A, Class A, 144A	5.440	02/22/28		200		200,242
BOF VII AL Funding Trust I,
Series 2023-CAR03, Class A2, 144A	6.291	07/26/32		151		151,730
CarMax Auto Owner Trust,
Series 2022-01, Class D	2.470	07/17/28		100		93,020
Enterprise Fleet Financing LLC,
Series 2023-02, Class A2, 144A	5.560	04/22/30		100		100,062
Ford Credit Auto Owner Trust,
Series 2023-01, Class A, 144A	4.850	08/15/35		100		99,479
Series 2023-02, Class A, 144A	5.280	02/15/36		100		101,015
Ford Credit Floorplan Master Owner Trust,
Series 2023-01, Class A1, 144A	4.920	05/15/28		100		99,586
Hertz Vehicle Financing III LLC,
Series 2023-01A, Class A, 144A	5.490	06/25/27		100		99,810
Hertz Vehicle Financing LLC,
Series 2022-02A, Class A, 144A	2.330	06/26/28		100		90,918
Series 2023-03A, Class A, 144A	5.940	02/25/28		100		101,023
OneMain Direct Auto Receivables Trust,
Series 2023-01A, Class A, 144A	5.410	11/14/29		200		199,986
Santander Drive Auto Receivables Trust,
Series 2023-03, Class C	5.770	11/15/30		100		100,570
Series 2023-04, Class C	6.040	12/15/31		100		101,488
Wheels Fleet Lease Funding LLC,
Series 2023-01A, Class A, 144A	5.800	04/18/38		100		100,103


						1,835,062

Collateralized Loan Obligations 8.5%
Anchorage Capital CLO Ltd. (Cayman Islands),
Series 2022-25A, Class A1, 144A, 3 Month SOFR + 1.390% (Cap N/A, Floor 1.390%)	6.708(c)	04/20/35		250		250,256
Atlas Senior Loan Fund Ltd. (Cayman Islands),
Series 2016-07A, Class A1R2, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 1.100%)	6.692(c)	11/27/31		239		238,596

See Notes to Financial Statements.

PGIM Fixed Income ETFs 105

PGIM Active Aggregate Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

Description

Interest
Rate

Maturity
Date

Principal

Amount

(000)#

Value

ASSET-BACKED SECURITIES (Continued)

Collateralized Loan Obligations (cont’d.)

Bain Capital Credit CLO Ltd. (Cayman Islands),

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

6.618%(c)

04/18/35

250

250,075

Balboa Bay Loan Funding Ltd. (Cayman Islands),

Series 2020-01A, Class AR, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 1.120%)

6.699(c)

01/20/32

249

249,573

Clover CLO LLC,

Series 2018-01A, Class A1R, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 1.382%)

6.699(c)

04/20/32

400

400,500

Crown City CLO (Cayman Islands),

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

6.658(c)

04/20/35

250

249,488

Elevation CLO Ltd. (Cayman Islands),

Series 2021-13A, Class A1, 144A, 3 Month SOFR + 1.452% (Cap N/A, Floor 1.190%)

6.766(c)

07/15/34

250

249,495

HPS Loan Management Ltd. (Cayman Islands),

Series 2016-10A, Class A1RR, 144A, 3 Month SOFR + 1.402% (Cap N/A, Floor 1.140%)

6.719(c)

04/20/34

250

250,323

ICG US CLO Ltd. (Cayman Islands),

Series 2015-02RA, Class A1, 144A, 3 Month SOFR + 1.632% (Cap N/A, Floor 1.370%)

6.946(c)

01/16/33

248

248,638

Northwoods Capital Ltd. (Cayman Islands),

Series 2017-15A, Class A1R, 144A, 3 Month SOFR + 1.472% (Cap N/A, Floor 1.472%)

6.842(c)

06/20/34

250

250,299

Romark CLO Ltd. (Cayman Islands),

Series 2021-04A, Class A1, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%)

6.757(c)

07/10/34

400

400,989

TCW CLO Ltd. (Cayman Islands),

Series 2019-02A, Class A1R, 144A, 3 Month SOFR + 1.280% (Cap N/A, Floor 1.280%)

6.598(c)

10/20/32

250

250,313

Whitebox CLO Ltd. (Cayman Islands),

Series 2019-01A, Class ANAR, 144A, 3 Month SOFR + 1.392% (Cap N/A, Floor 1.130%)

6.710(c)

07/24/32

500

501,569

3,790,114

See Notes to Financial Statements.

106

PGIM Active Aggregate Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

ASSET-BACKED SECURITIES (Continued)

Consumer Loans 0.6%
OneMain Financial Issuance Trust,
Series 2020-02A, Class A, 144A	1.750%	09/14/35		200	$	185,385
Series 2023-02A, Class A1, 144A	5.840	09/15/36		100		101,516


						286,901


TOTAL ASSET-BACKED SECURITIES (cost $5,933,184)						5,912,077


COMMERCIAL MORTGAGE-BACKED SECURITIES 10.7%

BANK,
Series 2019-BN22, Class A3	2.726	11/15/62		250		220,637
Series 2021-BN38, Class A4	2.275	12/15/64		100		82,162
Barclays Commercial Mortgage Securities Trust,
Series 2021-C12, Class A4	2.421	11/15/54		250		211,300
Benchmark Mortgage Trust,
Series 2021-B25, Class A3	1.906	04/15/54		500		428,654
Series 2021-B31, Class A4	2.420	12/15/54		100		82,868
CD Mortgage Trust,
Series 2019-CD08, Class A3	2.657	08/15/57		500		441,095
Commercial Mortgage Trust,
Series 2014-UBS04, Class A4	3.420	08/10/47		471		467,039
Series 2015-DC01, Class A5	3.350	02/10/48		500		487,663
GS Mortgage Securities Trust,
Series 2019-GC42, Class A3	2.749	09/10/52		250		220,736
JPMCC Commercial Mortgage Securities Trust,
Series 2019-COR05, Class A3	3.123	06/13/52		500		448,099
Wells Fargo Commercial Mortgage Trust,
Series 2017-C39, Class A4	3.157	09/15/50		500		470,552
Series 2019-C52, Class A4	2.643	08/15/52		436		387,299
Series 2020-C56, Class A1	1.341	06/15/53		127		126,391
Series 2020-C56, Class A4	2.194	06/15/53		500		424,158
Series 2021-C59, Class A3	1.958	04/15/54		350		306,945


TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (cost $5,376,238)						4,805,598

See Notes to Financial Statements.

PGIM Fixed Income ETFs 107

PGIM Active Aggregate Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

CORPORATE BONDS 28.6%

Aerospace & Defense 0.8%
Boeing Co. (The),
Sr. Unsec’d. Notes	2.196%	02/04/26		253	$	237,564
Sr. Unsec’d. Notes	2.950	02/01/30		50		43,732
Sr. Unsec’d. Notes	3.625	03/01/48		35		24,317
Sr. Unsec’d. Notes	5.930	05/01/60		20		19,113
RTX Corp.,
Sr. Unsec’d. Notes	2.375	03/15/32		25		20,261
Sr. Unsec’d. Notes	4.125	11/16/28		13		12,485


						357,472

Agriculture 0.5%
Altria Group, Inc.,
Gtd. Notes	3.400	05/06/30		48		43,200
Gtd. Notes	3.400	02/04/41		50		35,932
BAT Capital Corp. (United Kingdom),
Gtd. Notes	3.557	08/15/27		23		21,715
Gtd. Notes	5.834	02/20/31		50		49,807
Philip Morris International, Inc.,
Sr. Unsec’d. Notes	5.125	02/15/30		35		34,830
Sr. Unsec’d. Notes	5.125	02/13/31		25		24,599
Sr. Unsec’d. Notes	5.250	09/07/28		20		20,145


						230,228

Airlines 0.1%
Southwest Airlines Co.,
Sr. Unsec’d. Notes	5.125	06/15/27		50		49,831
United Airlines 2013-1 Class A Pass-Through Trust,
Pass-Through Certificates	4.300	02/15/27		8		7,726


						57,557

Auto Manufacturers 0.5%
Cummins, Inc.,
Sr. Unsec’d. Notes	5.150	02/20/34		15		14,985
Daimler Truck Finance North America LLC (Germany),
Gtd. Notes, 144A	1.625	12/13/24		150		145,479
General Motors Co.,
Sr. Unsec’d. Notes	6.250	10/02/43		26		26,095

See Notes to Financial Statements.

108

PGIM Active Aggregate Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

Description

Interest
Rate

Maturity
Date

Principal

Amount

(000)#

Value

CORPORATE BONDS (Continued)

Auto Manufacturers (cont’d.)

General Motors Co., (cont’d.)

Sr. Unsec’d. Notes

6.600%

04/01/36

17,822

Toyota Motor Credit Corp.,

Sr. Unsec’d. Notes, MTN

0.800

10/16/25

15,889

220,270

Banks 6.8%

Bank of America Corp.,

Sr. Unsec’d. Notes

2.299(ff)

07/21/32

48,539

Sr. Unsec’d. Notes

2.687(ff)

04/22/32

165

138,102

Sr. Unsec’d. Notes, MTN

2.496(ff)

02/13/31

375

319,696

Sr. Unsec’d. Notes, Series N

1.658(ff)

03/11/27

27,853

Barclays PLC (United Kingdom),

Sr. Unsec’d. Notes

5.829(ff)

05/09/27

200

200,353

Citigroup, Inc.,

Sr. Unsec’d. Notes

2.666(ff)

01/29/31

110

94,316

Sr. Unsec’d. Notes

2.976(ff)

11/05/30

120

105,861

Comerica, Inc.,

Sr. Unsec’d. Notes

5.982(ff)

01/30/30

14,731

Fifth Third Bancorp,

Sr. Unsec’d. Notes

6.339(ff)

07/27/29

15,404

Goldman Sachs Group, Inc. (The),

Sr. Unsec’d. Notes

1.992(ff)

01/27/32

72,156

Sr. Unsec’d. Notes

2.615(ff)

04/22/32

70,648

Sr. Unsec’d. Notes

3.750

02/25/26

24,375

Sr. Unsec’d. Notes

3.814(ff)

04/23/29

75,572

Huntington Bancshares, Inc.,

Sr. Unsec’d. Notes

6.208(ff)

08/21/29

10,171

JPMorgan Chase & Co.,

Sr. Unsec’d. Notes

1.578(ff)

04/22/27

100

92,430

Sr. Unsec’d. Notes

1.953(ff)

02/04/32

130

104,543

Sr. Unsec’d. Notes

2.522(ff)

04/22/31

370

316,074

Sr. Unsec’d. Notes

2.545(ff)

11/08/32

4,118

Sr. Unsec’d. Notes

2.580(ff)

04/22/32

35,115

Sr. Unsec’d. Notes

2.739(ff)

10/15/30

150

131,593

Sub. Notes

2.956(ff)

05/13/31

18,231

KeyCorp,

Sr. Unsec’d. Notes

6.401(ff)

03/06/35

15,048

See Notes to Financial Statements.

PGIM Fixed Income ETFs 109

PGIM Active Aggregate Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

CORPORATE BONDS (Continued)

Banks (cont’d.)

Morgan Stanley,
Sr. Unsec’d. Notes, GMTN	1.512%(ff)	07/20/27		270	$	246,941
Sr. Unsec’d. Notes, GMTN	2.239(ff)	07/21/32		40		32,249
Sr. Unsec’d. Notes, GMTN	2.699(ff)	01/22/31		180		155,818
Sr. Unsec’d. Notes, GMTN	3.772(ff)	01/24/29		60		56,708
Sr. Unsec’d. Notes, GMTN	3.875	01/27/26		76		74,153
Sr. Unsec’d. Notes, MTN	1.928(ff)	04/28/32		165		130,976
PNC Financial Services Group, Inc. (The),
Sr. Unsec’d. Notes	5.812(ff)	06/12/26		105		105,135
Truist Financial Corp.,
Sr. Unsec’d. Notes, MTN	5.435(ff)	01/24/30		40		39,602
Sr. Unsec’d. Notes, MTN	5.867(ff)	06/08/34		15		14,998
U.S. Bancorp,
Sr. Unsec’d. Notes	5.836(ff)	06/12/34		20		20,155
Wells Fargo & Co.,
Sr. Unsec’d. Notes, MTN	2.572(ff)	02/11/31		282		240,545


						3,052,209

Beverages 0.4%
Bacardi Ltd. (Bermuda),
Gtd. Notes, 144A	4.450	05/15/25		110		108,344
Constellation Brands, Inc.,
Sr. Unsec’d. Notes	2.250	08/01/31		80		65,245


						173,589

Biotechnology 0.2%
Amgen, Inc.,
Sr. Unsec’d. Notes	5.250	03/02/30		80		80,598
Sr. Unsec’d. Notes	5.750	03/02/63		15		15,006


						95,604

Building Materials 0.1%
Martin Marietta Materials, Inc.,
Sr. Unsec’d. Notes	2.400	07/15/31		11		9,139

See Notes to Financial Statements.

110

PGIM Active Aggregate Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

CORPORATE BONDS (Continued)

Building Materials (cont’d.)
Owens Corning,
Sr. Unsec’d. Notes	3.400%	08/15/26		25	$	23,858
Vulcan Materials Co.,
Sr. Unsec’d. Notes	3.500	06/01/30		13		11,848


						44,845

Chemicals 0.1%
FMC Corp.,
Sr. Unsec’d. Notes	4.500	10/01/49		13		9,662
LYB International Finance III LLC,
Gtd. Notes	4.200	10/15/49		17		13,121
Nutrien Ltd. (Canada),
Sr. Unsec’d. Notes	4.900	03/27/28		15		14,861
Sr. Unsec’d. Notes	4.900	06/01/43		21		18,944


						56,588

Commercial Services 1.0%
California Institute of Technology,
Sr. Unsec’d. Notes	3.650	09/01/2119		20		13,920
Equifax, Inc.,
Sr. Unsec’d. Notes	2.350	09/15/31		20		16,332
Sr. Unsec’d. Notes	2.600	12/01/24		101		98,706
ERAC USA Finance LLC,
Gtd. Notes, 144A	3.300	12/01/26		45		42,838
Global Payments, Inc.,
Sr. Unsec’d. Notes	1.200	03/01/26		21		19,332
Johns Hopkins University,
Unsec’d. Notes, Series A	4.705	07/01/32		20		20,113
Massachusetts Institute of Technology,
Sr. Unsec’d. Notes, Series F	2.989	07/01/50		10		7,226
Unsec’d. Notes	4.678	07/01/2114		30		27,360
President & Fellows of Harvard College,
Unsec’d. Notes	2.517	10/15/50		35		22,899
Unsec’d. Notes	3.150	07/15/46		35		26,175
Trustees of Boston University,
Sec’d. Notes, Series CC	4.061	10/01/48		20		17,082
Trustees of the University of Pennsylvania (The),
Sr. Unsec’d. Notes	3.610	02/15/2119		25		17,277

See Notes to Financial Statements.

PGIM Fixed Income ETFs 111

PGIM Active Aggregate Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

CORPORATE BONDS (Continued)

Commercial Services (cont’d.)
University of Southern California,
Sr. Unsec’d. Notes	4.976%	10/01/53		32	$	32,124
Unsec’d. Notes, Series 2017	3.841	10/01/47		10		8,339
Washington University (The),
Sr. Unsec’d. Notes, Series 2022	3.524	04/15/54		80		62,031
Yale University,
Unsec’d. Notes, Series 2020	2.402	04/15/50		20		12,829


						444,583

Computers 0.1%
Apple, Inc.,
Sr. Unsec’d. Notes	3.250	02/23/26		40		38,804
International Business Machines Corp.,
Sr. Unsec’d. Notes	5.875	11/29/32		8		8,470


						47,274

Diversified Financial Services 0.2%
Discover Financial Services,
Sr. Unsec’d. Notes	3.750	03/04/25		21		20,611
Jefferies Financial Group, Inc.,
Sr. Unsec’d. Notes	2.625	10/15/31		25		20,447
Sr. Unsec’d. Notes	5.875	07/21/28		55		56,070


						97,128

Electric 3.1%
AEP Texas, Inc.,
Sr. Unsec’d. Notes	3.450	05/15/51		13		8,956
Sr. Unsec’d. Notes, Series I	2.100	07/01/30		62		51,318
AEP Transmission Co. LLC,
Sr. Unsec’d. Notes	4.250	09/15/48		17		14,014
Arizona Public Service Co.,
Sr. Unsec’d. Notes	2.600	08/15/29		8		7,045
Sr. Unsec’d. Notes	3.500	12/01/49		25		17,239
Sr. Unsec’d. Notes	6.350	12/15/32		20		21,179
Dominion Energy South Carolina, Inc.,
First Mortgage	4.600	06/15/43		32		28,251

See Notes to Financial Statements.

112

PGIM Active Aggregate Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

CORPORATE BONDS (Continued)

Electric (cont’d.)
DTE Electric Co.,
General Ref. Mortgage, Series A	4.050%	05/15/48		21	$	17,041
Duke Energy Carolinas LLC,
Sr. Unsec’d. Notes	6.100	06/01/37		21		21,995
Duke Energy Florida LLC,
First Mortgage	2.400	12/15/31		95		78,545
Eversource Energy,
Sr. Unsec’d. Notes, Series O	4.250	04/01/29		41		39,058
Florida Power & Light Co.,
First Mortgage	4.050	06/01/42		15		12,709
MidAmerican Energy Co.,
First Mortgage	4.250	07/15/49		34		28,565
Mississippi Power Co.,
Sr. Unsec’d. Notes, Series 12-A	4.250	03/15/42		33		27,508
Monongahela Power Co.,
First Mortgage, 144A	3.550	05/15/27		96		90,941
NextEra Energy Capital Holdings, Inc.,
Gtd. Notes	6.051	03/01/25		145		145,586
Northern States Power Co.,
First Mortgage	3.400	08/15/42		34		25,817
NRG Energy, Inc.,
Sr. Sec’d. Notes, 144A	3.750	06/15/24		17		16,855
Pacific Gas & Electric Co.,
First Mortgage	4.500	07/01/40		40		33,605
First Mortgage	4.750	02/15/44		45		37,515
PacifiCorp,
First Mortgage	5.350	12/01/53		40		36,736
PECO Energy Co.,
First Mortgage	2.800	06/15/50		32		20,616
First Mortgage	4.900	06/15/33		50		49,499
PPL Electric Utilities Corp.,
First Mortgage	3.000	10/01/49		13		8,868
First Mortgage	5.250	05/15/53		15		14,561
Public Service Co. of Colorado,
First Mortgage	5.250	04/01/53		25		23,668
Public Service Electric & Gas Co.,
First Mortgage, MTN	3.600	12/01/47		13		9,909
First Mortgage, MTN	3.700	05/01/28		38		36,323
Sec’d. Notes, MTN	4.650	03/15/33		75		72,531

See Notes to Financial Statements.

PGIM Fixed Income ETFs 113

PGIM Active Aggregate Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

CORPORATE BONDS (Continued)

Electric (cont’d.)
Puget Energy, Inc.,
Sr. Sec’d. Notes	4.100%	06/15/30		75	$	67,904
San Diego Gas & Electric Co.,
First Mortgage	4.150	05/15/48		15		12,346
First Mortgage	5.350	04/01/53		25		24,184
Sempra,
Sr. Unsec’d. Notes	3.300	04/01/25		35		34,179
Sr. Unsec’d. Notes	4.000	02/01/48		15		11,646
Southern California Edison Co.,
First Mortgage	4.900	06/01/26		90		89,382
First Ref. Mortgage	4.000	04/01/47		55		42,779
System Energy Resources, Inc.,
First Mortgage	6.000	04/15/28		10		10,098
Tucson Electric Power Co.,
Sr. Unsec’d. Notes	3.250	05/15/32		30		26,160
Vistra Operations Co. LLC,
Sr. Sec’d. Notes, 144A	3.550	07/15/24		47		46,467
Xcel Energy, Inc.,
Sr. Unsec’d. Notes	1.750	03/15/27		10		9,027


						1,370,625

Engineering & Construction 0.4%
Mexico City Airport Trust (Mexico),
Sr. Sec’d. Notes, 144A	4.250	10/31/26		200		192,308

Entertainment 0.2%
Warnermedia Holdings, Inc.,
Gtd. Notes	4.279	03/15/32		20		17,651
Gtd. Notes	5.141	03/15/52		70		56,840


						74,491

Foods 0.5%
Campbell Soup Co.,
Sr. Unsec’d. Notes	3.300	03/19/25		51		49,724
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.,
Gtd. Notes	3.000	02/02/29		100		87,682

See Notes to Financial Statements.

114

PGIM Active Aggregate Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

CORPORATE BONDS (Continued)

Foods (cont’d.)
Kraft Heinz Foods Co.,
Gtd. Notes	4.375%	06/01/46		30	$	24,885
Mars, Inc.,
Gtd. Notes, 144A	3.600	04/01/34		10		8,839
Tyson Foods, Inc.,
Sr. Unsec’d. Notes	5.700	03/15/34		35		34,988


						206,118

Gas 0.3%
CenterPoint Energy Resources Corp.,
Sr. Unsec’d. Notes	4.100	09/01/47		21		16,809
Sr. Unsec’d. Notes	5.250	03/01/28		65		65,468
NiSource, Inc.,
Sr. Unsec’d. Notes	3.490	05/15/27		13		12,360
Piedmont Natural Gas Co., Inc.,
Sr. Unsec’d. Notes	3.500	06/01/29		21		19,334
Southern California Gas Co.,
First Mortgage	3.750	09/15/42		30		23,651


						137,622

Healthcare-Services 1.0%
Ascension Health,
Sr. Unsec’d. Notes, Series B	2.532	11/15/29		35		31,179
Elevance Health, Inc.,
Sr. Unsec’d. Notes	4.625	05/15/42		50		44,988
Kaiser Foundation Hospitals,
Unsec’d. Notes, Series 2021	2.810	06/01/41		70		51,224
Unsec’d. Notes, Series 2021	3.002	06/01/51		10		6,853
Memorial Sloan-Kettering Cancer Center,
Unsec’d. Notes, Series 2020	2.955	01/01/50		15		10,201
Methodist Hospital (The),
Unsec’d. Notes, Series 20A	2.705	12/01/50		10		6,417
New York & Presbyterian Hospital (The),
Unsec’d. Notes	4.024	08/01/45		20		16,929
Northwestern Memorial Healthcare Obligated Group,
Unsec’d. Notes, Series 2021	2.633	07/15/51		20		12,939
OhioHealth Corp.,
Sec’d. Notes	2.297	11/15/31		30		24,793

See Notes to Financial Statements.

PGIM Fixed Income ETFs 115

PGIM Active Aggregate Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

CORPORATE BONDS (Continued)

Healthcare-Services (cont’d.)
Piedmont Healthcare, Inc.,
Sec’d. Notes, Series 2042	2.719%	01/01/42		15	$	10,552
Sentara Healthcare,
Sr. Unsec’d. Notes, Series 2021	2.927	11/01/51		65		43,900
Stanford Health Care,
Unsec’d. Notes	3.027	08/15/51		35		24,191
UnitedHealth Group, Inc.,
Sr. Unsec’d. Notes	2.300	05/15/31		45		37,689
Sr. Unsec’d. Notes	3.950	10/15/42		60		50,433
Sr. Unsec’d. Notes	4.500	04/15/33		25		24,009
Sr. Unsec’d. Notes	4.950	05/15/62		10		9,191
Sr. Unsec’d. Notes	5.050	04/15/53		22		20,932
UPMC,
Sec’d. Notes	5.035	05/15/33		25		24,679


						451,099

Home Builders 0.5%
Toll Brothers Finance Corp.,
Gtd. Notes	4.875	03/15/27		220		216,295

Insurance 0.5%
Corebridge Financial, Inc.,
Sr. Unsec’d. Notes	3.900	04/05/32		45		39,561
Everest Reinsurance Holdings, Inc.,
Sr. Unsec’d. Notes	3.500	10/15/50		8		5,618
Sr. Unsec’d. Notes	4.868	06/01/44		30		27,005
Fairfax Financial Holdings Ltd. (Canada),
Sr. Unsec’d. Notes	5.625	08/16/32		15		14,738
Sr. Unsec’d. Notes, 144A	6.000	12/07/33		70		70,043
Liberty Mutual Group, Inc.,
Gtd. Notes, 144A	3.951	10/15/50		38		28,518
Lincoln National Corp.,
Sr. Unsec’d. Notes	3.050	01/15/30		8		7,003
Markel Group, Inc.,
Sr. Unsec’d. Notes	4.150	09/17/50		17		13,421

See Notes to Financial Statements.

116

PGIM Active Aggregate Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

CORPORATE BONDS (Continued)

Insurance (cont’d.)
Principal Financial Group, Inc.,
Gtd. Notes	4.625%	09/15/42		32	$	28,683
W.R. Berkley Corp.,
Sr. Unsec’d. Notes	4.000	05/12/50		8		6,159


						240,749

Iron/Steel 0.2%
Nucor Corp.,
Sr. Unsec’d. Notes	4.300	05/23/27		25		24,428
Steel Dynamics, Inc.,
Sr. Unsec’d. Notes	3.450	04/15/30		60		54,526


						78,954

Lodging 0.1%
Marriott International, Inc.,
Sr. Unsec’d. Notes, Series R	3.125	06/15/26		33		31,499

Machinery-Construction & Mining 0.0%
Caterpillar, Inc.,
Sr. Unsec’d. Notes	2.600	09/19/29		13		11,703

Machinery-Diversified 0.2%
Flowserve Corp.,
Sr. Unsec’d. Notes	2.800	01/15/32		5		4,088
Westinghouse Air Brake Technologies Corp.,
Gtd. Notes	3.200	06/15/25		88		85,348
Gtd. Notes	5.611	03/11/34		10		10,041


						99,477

Media 1.0%
Charter Communications Operating LLC/Charter Communications Operating Capital,
Sr. Sec’d. Notes	4.800	03/01/50		24		17,340
Sr. Sec’d. Notes	4.908	07/23/25		93		91,702
Sr. Sec’d. Notes	6.384	10/23/35		120		115,939
Comcast Corp.,
Gtd. Notes	3.999	11/01/49		42		33,217

See Notes to Financial Statements.

PGIM Fixed Income ETFs 117

PGIM Active Aggregate Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

CORPORATE BONDS (Continued)

Media (cont’d.)
Comcast Corp., (cont’d.)
Gtd. Notes	4.250%	10/15/30		30	$	28,671
Gtd. Notes	5.500	05/15/64		30		29,464
Cox Communications, Inc.,
Gtd. Notes, 144A	5.450	09/15/28		110		110,845
Discovery Communications LLC,
Gtd. Notes	5.200	09/20/47		23		18,708


						445,886

Mining 1.2%
Barrick North America Finance LLC (Canada),
Gtd. Notes	5.750	05/01/43		55		56,042
Freeport-McMoRan, Inc.,
Gtd. Notes	4.125	03/01/28		25		23,726
Gtd. Notes	4.375	08/01/28		50		47,682
Indonesia Asahan Aluminium PT/Mineral Industri
Indonesia Persero PT (Indonesia),
Sr. Unsec’d. Notes, 144A	6.530	11/15/28		200		206,544
Kinross Gold Corp. (Canada),
Sr. Unsec’d. Notes, 144A	6.250	07/15/33		60		61,167
Newmont Corp.,
Gtd. Notes	2.250	10/01/30		5		4,181
Gtd. Notes	2.600	07/15/32		50		41,127
Gtd. Notes	2.800	10/01/29		122		108,325


						548,794

Miscellaneous Manufacturing 0.2%
Carlisle Cos., Inc.,
Sr. Unsec’d. Notes	2.200	03/01/32		30		23,728
Textron, Inc.,
Sr. Unsec’d. Notes	3.375	03/01/28		84		78,735


						102,463

Oil & Gas 1.2%
BP Capital Markets America, Inc.,
Gtd. Notes	4.893	09/11/33		40		39,236

See Notes to Financial Statements.

118

PGIM Active Aggregate Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

CORPORATE BONDS (Continued)

Oil & Gas (cont’d.)
Cenovus Energy, Inc. (Canada),
Sr. Unsec’d. Notes	3.750%	02/15/52		5	$	3,563
Sr. Unsec’d. Notes	5.400	06/15/47		34		31,188
Continental Resources, Inc.,
Gtd. Notes, 144A	2.268	11/15/26		15		13,756
Devon Energy Corp.,
Sr. Unsec’d. Notes	5.600	07/15/41		36		33,922
Ecopetrol SA (Colombia),
Sr. Unsec’d. Notes	5.375	06/26/26		40		39,364
Sr. Unsec’d. Notes	8.625	01/19/29		35		37,065
Sr. Unsec’d. Notes	8.875	01/13/33		40		42,040
Helmerich & Payne, Inc.,
Sr. Unsec’d. Notes	2.900	09/29/31		30		24,885
Ovintiv, Inc.,
Gtd. Notes	5.650	05/15/25		155		155,020
Phillips 66,
Gtd. Notes	2.150	12/15/30		84		69,799
Phillips 66 Co.,
Gtd. Notes	3.550	10/01/26		17		16,321
Pioneer Natural Resources Co.,
Sr. Unsec’d. Notes	1.125	01/15/26		50		46,385


						552,544

Pharmaceuticals 1.4%
AbbVie, Inc.,
Sr. Unsec’d. Notes	3.200	11/21/29		100		91,492
Sr. Unsec’d. Notes	4.050	11/21/39		15		13,166
Sr. Unsec’d. Notes	4.550	03/15/35		60		57,521
Sr. Unsec’d. Notes	4.625	10/01/42		15		13,725
Bristol-Myers Squibb Co.,
Sr. Unsec’d. Notes	3.400	07/26/29		5		4,660
Cigna Group (The),
Gtd. Notes	4.375	10/15/28		30		29,135
Sr. Unsec’d. Notes	2.400	03/15/30		35		30,005
CVS Health Corp.,
Sr. Unsec’d. Notes	5.125	02/21/30		15		14,910
Sr. Unsec’d. Notes	5.125	07/20/45		82		74,655
Eli Lilly & Co.,
Sr. Unsec’d. Notes	4.700	02/09/34		75		74,057

See Notes to Financial Statements.

PGIM Fixed Income ETFs 119

PGIM Active Aggregate Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

CORPORATE BONDS (Continued)

Pharmaceuticals (cont’d.)
Merck & Co., Inc.,
Sr. Unsec’d. Notes	3.400%	03/07/29		8	$	7,514
Mylan, Inc.,
Gtd. Notes	5.200	04/15/48		15		12,283
Shire Acquisitions Investments Ireland DAC,
Gtd. Notes	3.200	09/23/26		144		137,097
Viatris, Inc.,
Gtd. Notes	3.850	06/22/40		98		71,937


						632,157

Pipelines 2.3%
DCP Midstream Operating LP,
Gtd. Notes	5.125	05/15/29		65		64,195
Energy Transfer LP,
Sr. Unsec’d. Notes	4.950	06/15/28		133		130,952
Sr. Unsec’d. Notes	5.550	05/15/34		5		4,950
Sr. Unsec’d. Notes	6.250	04/15/49		34		34,305
Sr. Unsec’d. Notes, Series 20Y	5.800	06/15/38		50		49,347
Enterprise Products Operating LLC,
Gtd. Notes	3.125	07/31/29		20		18,298
Gtd. Notes	4.850	03/15/44		15		13,730
Kinder Morgan, Inc.,
Gtd. Notes	2.000	02/15/31		34		27,575
Gtd. Notes	3.250	08/01/50		17		10,994
MPLX LP,
Sr. Unsec’d. Notes	2.650	08/15/30		75		63,827
Sr. Unsec’d. Notes	4.500	04/15/38		63		54,896
Sr. Unsec’d. Notes	4.875	06/01/25		55		54,486
Sr. Unsec’d. Notes	5.500	02/15/49		17		15,918
ONEOK Partners LP,
Gtd. Notes	6.125	02/01/41		25		25,404
ONEOK, Inc.,
Gtd. Notes	3.100	03/15/30		57		50,498
Gtd. Notes	3.400	09/01/29		15		13,700
Gtd. Notes	6.050	09/01/33		105		108,190
Plains All American Pipeline LP/PAA Finance Corp.,
Sr. Unsec’d. Notes	4.500	12/15/26		17		16,676
Targa Resources Corp.,
Gtd. Notes	4.200	02/01/33		10		8,998

See Notes to Financial Statements.

120

PGIM Active Aggregate Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

CORPORATE BONDS (Continued)

Pipelines (cont’d.)
Targa Resources Corp., (cont’d.)
Gtd. Notes	5.200%	07/01/27		55	$	54,692
Gtd. Notes	6.125	03/15/33		80		82,433
Transcontinental Gas Pipe Line Co. LLC,
Sr. Unsec’d. Notes	3.250	05/15/30		66		59,383
Sr. Unsec’d. Notes	3.950	05/15/50		31		24,115
Williams Cos., Inc. (The),
Sr. Unsec’d. Notes	3.500	11/15/30		50		45,089


						1,032,651

Real Estate Investment Trusts (REITs) 1.1%
CubeSmart LP,
Gtd. Notes	2.250	12/15/28		15		13,048
GLP Capital LP/GLP Financing II, Inc.,
Gtd. Notes	3.250	01/15/32		5		4,148
Host Hotels & Resorts LP,
Sr. Unsec’d. Notes, Series J	2.900	12/15/31		5		4,129
Kimco Realty OP LLC,
Gtd. Notes	1.900	03/01/28		55		48,184
Gtd. Notes	3.200	04/01/32		25		21,235
Realty Income Corp.,
Sr. Unsec’d. Notes	2.200	06/15/28		80		71,005
Sr. Unsec’d. Notes	2.700	02/15/32		33		27,050
Sr. Unsec’d. Notes	3.100	12/15/29		29		26,042
Sr. Unsec’d. Notes	3.250	01/15/31		25		22,114
Simon Property Group LP,
Sr. Unsec’d. Notes	1.750	02/01/28		90		79,671
Sun Communities Operating LP,
Gtd. Notes	5.700	01/15/33		35		34,453
Ventas Realty LP,
Gtd. Notes	4.125	01/15/26		127		123,631
VICI Properties LP,
Sr. Unsec’d. Notes	4.750	02/15/28		20		19,376


						494,086

Retail 0.2%
Alimentation Couche-Tard, Inc. (Canada),
Gtd. Notes, 144A	4.500	07/26/47		27		22,697

See Notes to Financial Statements.

PGIM Fixed Income ETFs 121

PGIM Active Aggregate Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

CORPORATE BONDS (Continued)

Retail (cont’d.)

AutoZone, Inc.,
Sr. Unsec’d. Notes	3.750%	04/18/29		28	$	26,284
Home Depot, Inc. (The),
Sr. Unsec’d. Notes	5.875	12/16/36		8		8,522
McDonald’s Corp.,
Sr. Unsec’d. Notes, MTN	4.700	12/09/35		18		17,288


						74,791

Semiconductors 0.5%

Broadcom Corp./Broadcom Cayman Finance Ltd.,
Gtd. Notes	3.500	01/15/28		45		42,374
Broadcom, Inc.,
Sr. Unsec’d. Notes, 144A	3.137	11/15/35		42		33,288
Sr. Unsec’d. Notes, 144A	3.419	04/15/33		120		102,473
Sr. Unsec’d. Notes, 144A	4.000	04/15/29		25		23,656
Intel Corp.,
Sr. Unsec’d. Notes	5.600	02/21/54		15		14,998
Sr. Unsec’d. Notes	5.625	02/10/43		5		5,082
Sr. Unsec’d. Notes	5.900	02/10/63		20		20,834


						242,705

Software 0.3%

Microsoft Corp.,
Sr. Unsec’d. Notes	2.525	06/01/50		43		27,709
Oracle Corp.,
Sr. Unsec’d. Notes	3.600	04/01/50		15		10,557
Sr. Unsec’d. Notes	3.850	04/01/60		8		5,557
Sr. Unsec’d. Notes	5.550	02/06/53		20		19,143
Sr. Unsec’d. Notes	6.900	11/09/52		30		33,849
Workday, Inc.,
Sr. Unsec’d. Notes	3.700	04/01/29		20		18,693


						115,508

Telecommunications 1.0%

AT&T, Inc.,
Sr. Unsec’d. Notes	2.550	12/01/33		50		39,427
Sr. Unsec’d. Notes	3.500	09/15/53		50		34,398

See Notes to Financial Statements.

122

PGIM Active Aggregate Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

CORPORATE BONDS (Continued)

Telecommunications (cont’d.)

AT&T, Inc., (cont’d.)
Sr. Unsec’d. Notes	4.500%	05/15/35		65	$	59,810
Sr. Unsec’d. Notes	5.400	02/15/34		50		50,067
Rogers Communications, Inc. (Canada),
Gtd. Notes	5.300	02/15/34		65		63,697
Sprint LLC,
Gtd. Notes	7.625	03/01/26		110		113,673
T-Mobile USA, Inc.,
Gtd. Notes	3.000	02/15/41		40		28,867
Gtd. Notes	3.875	04/15/30		30		27,856
Verizon Communications, Inc.,
Sr. Unsec’d. Notes	2.355	03/15/32		26		21,059
Sr. Unsec’d. Notes	4.016	12/03/29		7		6,644


						445,498

Transportation 0.1%

CSX Corp.,
Sr. Unsec’d. Notes	6.150	05/01/37		33		35,750

Trucking & Leasing 0.3%

Penske Truck Leasing Co. LP/PTL Finance Corp.,
Sr. Unsec’d. Notes, 144A	5.750	05/24/26		110		110,587


TOTAL CORPORATE BONDS (cost $14,364,288)						12,821,707


MUNICIPAL BONDS 0.2%

Michigan 0.1%

University of Michigan,
Taxable, Revenue Bonds, Sustainability Bond, Series B	3.504	04/01/52		35		26,462

New Jersey 0.0%

New Jersey Turnpike Authority,
Taxable, Revenue Bonds, BABs, Series F	7.414	01/01/40		10		12,191

See Notes to Financial Statements.

PGIM Fixed Income ETFs 123

PGIM Active Aggregate Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount

(000)#

Value

MUNICIPAL BONDS (Continued)

New York 0.0%

Port Authority of New York & New Jersey,

Consolidated, Taxable, Revenue Bonds, Series 174

4.458%

10/01/62

8,914

Ohio 0.0%

Ohio State University (The),

Taxable, Revenue Bonds, Series A

4.800

06/01/2111

8,997

Pennsylvania 0.0%

Pennsylvania Turnpike Commission,

Revenue Bonds, BABs, Series B

5.511

12/01/45

10,330

Texas 0.1%

Dallas Fort Worth International Airport,

Taxable, Revenue Bonds, Series A

4.087

11/01/51

16,655

Virginia 0.0%

University of Virginia,

Taxable, Revenue Bonds, Series B

2.584

11/01/51

16,238

TOTAL MUNICIPAL BONDS
(cost $135,436)

99,787

RESIDENTIAL MORTGAGE-BACKED SECURITIES 0.3%

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%)

7.422(c)

10/25/33

50,624

Series 2022-DNA03, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 0.000%)

8.222(c)

04/25/42

31,047

MFA Trust,

Series 2021-RPL01, Class A1, 144A

1.131(cc)

07/25/60

48,774

TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES
(cost $135,295)

130,445

SOVEREIGN BONDS 0.8%

Indonesia Government International Bond (Indonesia),

Sr. Unsec’d. Notes

3.500

01/11/28

200

189,818

Mexico Government International Bond (Mexico),

Sr. Unsec’d. Notes, MTN

6.050

01/11/40

49,043

See Notes to Financial Statements.

124

PGIM Active Aggregate Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

SOVEREIGN BONDS (Continued)
Peruvian Government International Bond (Peru),
Sr. Unsec’d. Notes	4.125%	08/25/27		50	$	48,415
Romanian Government International Bond (Romania),
Sr. Unsec’d. Notes, 144A, MTN	6.000	05/25/34		86		83,902


TOTAL SOVEREIGN BONDS (cost $410,994)						371,178


U.S. GOVERNMENT AGENCY OBLIGATIONS 25.4%
Federal Home Loan Mortgage Corp.	1.500	04/01/51		411		308,021
Federal Home Loan Mortgage Corp.	2.000	02/01/51		854		674,917
Federal Home Loan Mortgage Corp.	2.000	07/01/51		462		364,058
Federal Home Loan Mortgage Corp.	2.500	04/01/51		898		742,196
Federal Home Loan Mortgage Corp.	3.500	01/01/52		225		201,040
Federal Home Loan Mortgage Corp.	4.000	11/01/39		155		145,935
Federal Home Loan Mortgage Corp.	4.000	12/01/40		103		96,906
Federal Home Loan Mortgage Corp.	5.000	12/01/52		332		321,814
Federal Home Loan Mortgage Corp.	6.000	11/01/52		197		198,445
Federal National Mortgage Assoc.	1.500	12/01/50		328		245,158
Federal National Mortgage Assoc.	2.000	05/01/36		347		307,797
Federal National Mortgage Assoc.	2.000	05/01/51		685		541,008
Federal National Mortgage Assoc.(k)	2.500	04/01/51		1,257		1,039,458
Federal National Mortgage Assoc.	2.500	05/01/52		438		363,931
Federal National Mortgage Assoc.	3.000	11/01/46		226		201,127
Federal National Mortgage Assoc.	3.000	02/01/52		431		369,239
Federal National Mortgage Assoc.	3.000	03/01/52		411		356,679
Federal National Mortgage Assoc.	3.000	05/01/52		402		350,877
Federal National Mortgage Assoc.	3.500	06/01/47		321		290,614
Federal National Mortgage Assoc.	3.500	02/01/52		220		196,447
Federal National Mortgage Assoc.	4.000	02/01/41		129		121,651
Federal National Mortgage Assoc.	4.000	02/01/45		111		104,579
Federal National Mortgage Assoc.	4.000	03/01/49		354		331,415
Federal National Mortgage Assoc.	4.000	05/01/52		227		208,839
Federal National Mortgage Assoc.	4.500	05/01/52		287		271,406
Federal National Mortgage Assoc.	4.500	06/01/52		218		206,819
Federal National Mortgage Assoc.	5.000	07/01/52		465		451,394
Federal National Mortgage Assoc.	5.500	10/01/52		228		225,888
Federal National Mortgage Assoc.	5.500	11/01/52		455		451,407
Government National Mortgage Assoc.	2.000	03/20/51		386		314,149
Government National Mortgage Assoc.	3.000	01/20/51		543		475,950

See Notes to Financial Statements.

PGIM Fixed Income ETFs 125

PGIM Active Aggregate Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)
Government National Mortgage Assoc.	4.500%	05/20/52		923	$	883,275
Tennessee Valley Authority, Sr. Unsec’d. Notes	1.500	09/15/31		15		12,033


TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (cost $12,682,230)						11,374,472


U.S. TREASURY OBLIGATIONS 19.8%
U.S. Treasury Bonds	1.250	05/15/50		210		106,673
U.S. Treasury Bonds	1.625	11/15/50		50		28,086
U.S. Treasury Bonds	1.750	08/15/41		21		13,988
U.S. Treasury Bonds	2.000	11/15/41		1,045		723,336
U.S. Treasury Bonds	2.250	05/15/41		345		251,904
U.S. Treasury Bonds	2.250	08/15/49		275		182,188
U.S. Treasury Bonds	2.250	02/15/52		30		19,636
U.S. Treasury Bonds(k)	2.375	02/15/42		1,170		860,133
U.S. Treasury Bonds	2.375	05/15/51		365		246,432
U.S. Treasury Bonds	2.750	08/15/47		695		516,689
U.S. Treasury Bonds	2.875	05/15/52		135		101,714
U.S. Treasury Bonds	3.000	02/15/49		330		255,750
U.S. Treasury Bonds	3.250	05/15/42		155		130,394
U.S. Treasury Bonds	3.375	08/15/42		10		8,552
U.S. Treasury Bonds	3.375	11/15/48		960		797,400
U.S. Treasury Bonds	3.625	02/15/53		265		231,792
U.S. Treasury Bonds	4.000	11/15/42		60		56,025
U.S. Treasury Bonds	4.125	08/15/53		1		958
U.S. Treasury Bonds	4.375	08/15/43		5		4,897
U.S. Treasury Bonds	4.750	11/15/43		35		36,028
U.S. Treasury Bonds	4.750	11/15/53		120		127,763
U.S. Treasury Notes	3.250	06/30/29		385		366,261
U.S. Treasury Notes	3.875	04/30/25		1,385		1,368,120
U.S. Treasury Notes	3.875	08/15/33		143		138,732
U.S. Treasury Notes	4.000	01/31/29		385		380,548
U.S. Treasury Notes	4.000	02/15/34		185		181,387
U.S. Treasury Notes	4.125	09/30/27		450		446,379
U.S. Treasury Notes	4.375	12/15/26		44		43,914
U.S. Treasury Notes	4.500	11/15/33		202		205,851
U.S. Treasury Notes	4.625	11/15/26		42		42,158
U.S. Treasury Notes	4.750	07/31/25		85		84,894
U.S. Treasury Notes	4.875	11/30/25		40		40,098
U.S. Treasury Strips Coupon	2.221(s)	02/15/42		1,395		600,286
U.S. Treasury Strips Coupon	2.527(s)	08/15/44		305		116,829
U.S. Treasury Strips Coupon	2.542(s)	02/15/46		450		161,613

See Notes to Financial Statements.

126

PGIM Active Aggregate Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount

(000)#

Value

U.S. TREASURY OBLIGATIONS (Continued)

U.S. Treasury Strips Coupon

2.561%(s)

11/15/45

29,072

TOTAL U.S. TREASURY OBLIGATIONS
(cost $10,100,237)

8,906,480

TOTAL LONG-TERM INVESTMENTS
(cost $49,137,902)

44,421,744

Shares

SHORT-TERM INVESTMENT 0.5%

AFFILIATED MUTUAL FUND

PGIM Core Government Money Market Fund (7-day effective yield 5.545%)
(cost $210,954)(wb)

210,954

TOTAL INVESTMENTS 99.5%
(cost $49,348,856)

44,632,698

Other assets in excess of liabilities(z) 0.5%

237,557

NET ASSETS 100.0%

44,870,255

See the Glossary for a list of the abbreviation(s) used in the semiannual 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 February 29, 2024.

(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.

(wb)	Represents an investment in a Fund affiliated with the Manager.

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

See Notes to Financial Statements.

PGIM Fixed Income ETFs 127

PGIM Active Aggregate Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

Forward Commitment Contract:


U.S. Government Agency Obligation	Interest Rate	Maturity Date	Settlement Date	Principal Amount (000)#			Value

Federal National Mortgage Assoc. (proceeds receivable $498,848)	5.500%	TBA	03/13/24		$(500	)	$	(494,586	)

Futures contracts outstanding at February 29, 2024:


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

Long Positions:
12	2 Year U.S. Treasury Notes		Jun. 2024	$	2,457,000		$	(1,146	)
10	5 Year U.S. Treasury Notes		Jun. 2024		1,069,063			555
32	10 Year U.S. Treasury Notes		Jun. 2024		3,534,000			4,284
1	30 Year U.S. Ultra Treasury Bonds		Jun. 2024		127,875			127


								3,820

Short Positions:
2	10 Year U.S. Ultra Treasury Notes		Jun. 2024		228,344			(1,347	)
15	20 Year U.S. Treasury Bonds		Jun. 2024		1,788,750			(18,671	)


								(20,018	)


							$	(16,198	)

Credit default swap agreement outstanding at February 29, 2024:


Reference Entity/ Obligation	Termination Date	Fixed Rate	Notional Amount (000)#(3)	Implied Credit Spread at February 29, 2024(4)	Value at Trade Date		Value at February 29, 2024			Unrealized Appreciation (Depreciation)

Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):
CDX.NA.IG.41.V1	12/20/28	1.000%(Q)	2,970	0.520%	$	42,827		$	67,224		$	24,397

(1)

See Notes to Financial Statements.

128

PGIM Active Aggregate Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

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)

Interest rate swap agreements outstanding at February 29, 2024:


Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at February 29, 2024				Unrealized Appreciation (Depreciation)

	Centrally Cleared Interest Rate Swap Agreements:
	1,865		08/31/24		5.384%(T)	1 Day SOFR(2)(T)/ 5.320%		$	—		$	(422	)		$	(422	)
	424		03/08/25		4.946%(A)	1 Day SOFR(2)(A)/ 5.320%			—			(1,423	)			(1,423	)
	424		03/09/25		5.110%(A)	1 Day SOFR(2)(A)/ 5.320%			—			(51	)			(51	)
	852		03/10/25		5.088%(A)	1 Day SOFR(2)(A)/ 5.320%			—			(486	)			(486	)
	965		08/31/25		4.805%(A)	1 Day SOFR(1)(A)/ 5.320%			—			2,999				2,999

								$	—		$	617			$	617

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

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

See Notes to Financial Statements.

PGIM Fixed Income ETFs 129

PGIM Active Aggregate Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

Total return swap agreement outstanding at February 29, 2024:


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:
Total Return Benchmark Bond Index(T)	1 Day USOIS-54bps(T)/4.790%	JPM	03/20/24		(233)	$	(9,891	)		$	—		$	(9,891	)

(1)

(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	$—	$—	$—	$(9,891)

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


Broker	Cash and/or Foreign Currency			Securities Market Value
CGM		$	—		$	159,869
JPS			—			186,730

Total		$	—		$	346,599

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.

130

PGIM Active Aggregate Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

The following is a summary of the inputs used as of February 29, 2024 in valuing such portfolio securities:


	Level 1			Level 2			Level 3
Investments in Securities
Assets
Long-Term Investments
Asset-Backed Securities
Automobiles	$	—		$	1,835,062				$—
Collateralized Loan Obligations		—			3,790,114				—
Consumer Loans		—			286,901				—
Commercial Mortgage-Backed Securities		—			4,805,598				—
Corporate Bonds		—			12,821,707				—
Municipal Bonds		—			99,787				—
Residential Mortgage-Backed Securities		—			130,445				—
Sovereign Bonds		—			371,178				—
U.S. Government Agency Obligations		—			11,374,472				—
U.S. Treasury Obligations		—			8,906,480				—
Short-Term Investment
Affiliated Mutual Fund		210,954			—				—


Total	$	210,954		$	44,421,744				$—


Other Financial Instruments*
Assets
Futures Contracts	$	4,966		$	—			$	—
Centrally Cleared Credit Default Swap Agreement		—			24,397				—
Centrally Cleared Interest Rate Swap Agreement		—			2,999				—


Total	$	4,966		$	27,396				$—


Liabilities
Forward Commitment Contract	$	—		$	(494,586	)			$—
Futures Contracts		(21,164	)		—				—
Centrally Cleared Interest Rate Swap Agreements		—			(2,382	)			—
OTC Total Return Swap Agreement		—			(9,891	)			—


Total	$	(21,164	)	$	(506,859	)			$—

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

Industry Classification:

The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of February 29, 2024 were as follows:

See Notes to Financial Statements.

PGIM Fixed Income ETFs 131

PGIM Active Aggregate Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

Industry Classification (continued):


U.S. Government Agency Obligations	25.4	%
U.S. Treasury Obligations	19.8
Commercial Mortgage-Backed Securities	10.7
Collateralized Loan Obligations	8.5
Banks	6.8
Automobiles	4.1
Electric	3.1
Pipelines	2.3
Pharmaceuticals	1.4
Oil & Gas	1.2
Mining	1.2
Real Estate Investment Trusts (REITs)	1.1
Healthcare-Services	1.0
Media	1.0
Telecommunications	1.0
Commercial Services	1.0
Sovereign Bonds	0.8
Aerospace & Defense	0.8
Consumer Loans	0.6
Semiconductors	0.5
Insurance	0.5
Agriculture	0.5
Auto Manufacturers	0.5
Home Builders	0.5
Affiliated Mutual Fund	0.5
Foods	0.5
Engineering & Construction	0.4
Beverages	0.4


Gas	0.3	%
Residential Mortgage-Backed Securities	0.3
Software	0.3
Trucking & Leasing	0.3
Miscellaneous Manufacturing	0.2
Municipal Bonds	0.2
Machinery-Diversified	0.2
Diversified Financial Services	0.2
Biotechnology	0.2
Iron/Steel	0.2
Retail	0.2
Entertainment	0.2
Airlines	0.1
Chemicals	0.1
Computers	0.1
Building Materials	0.1
Transportation	0.1
Lodging	0.1
Machinery-Construction & Mining	0.0	*

	99.5
Other assets in excess of liabilities	0.5


	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 risk and interest rate 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 February 29, 2024 as presented in the Statement of Assets and Liabilities:

See Notes to Financial Statements.

132

PGIM Active Aggregate Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024


	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	$	24,397	*	—	$	—
Interest rate contracts	Due from/to broker-variation margin futures		4,966	*	Due from/to broker-variation margin futures		21,164	*
Interest rate contracts	Due from/to broker-variation margin swaps		2,999	*	Due from/to broker-variation margin swaps		2,382	*
Interest rate contracts	—		—		Unrealized depreciation on OTC swap agreements		9,891


		$	32,362			$	33,437

*	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 six months ended February 29, 2024 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	$	—		$	3,230
Interest rate contracts		77,732			14,518


Total	$	77,732		$	17,748


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	$	—		$	21,681
Interest rate contracts		(10,110	)		(18,504	)


Total	$	(10,110	)	$	3,177

For the six months ended February 29, 2024, the Fund’s average volume of derivative activities is as follows:


Derivative Contract Type		Average Volume of Derivative Activities*
Futures Contracts - Long Positions (1)		$7,816,318

See Notes to Financial Statements.

PGIM Fixed Income ETFs 133

PGIM Active Aggregate Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024


Derivative Contract Type		Average Volume of Derivative Activities*

Futures Contracts - Short Positions (1)		$2,953,401

Interest Rate Swap Agreements (1)		4,530,000

Credit Default Swap Agreements - Sell Protection (1)		1,926,667

Total Return Swap Agreements (1)		238,653

*	Average volume is based on average quarter end balances for the six months ended February 29, 2024.

(1)	Notional Amount in USD.

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
JPM		$	—		$	(9,891	)		$	(9,891	)		$	—		$	(9,891	)

(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.

134

PGIM Active Aggregate Bond ETF

Statement of Assets & Liabilities (unaudited)

as of February 29, 2024



Assets

Investments at value:
Unaffiliated investments (cost $49,137,902)	$	44,421,744
Affiliated investments (cost $210,954)		210,954
Cash		1,375
Receivable for investments sold		618,964
Dividends and interest receivable		295,808
Due from broker—variation margin swaps		3,622


Total Assets		45,552,467


Liabilities

Forward commitment contracts, at value (proceeds receivable $498,848)		494,586
Payable for investments purchased		165,085
Unrealized depreciation on OTC swap agreements		9,891
Management fee payable		6,774
Due to broker—variation margin futures		4,062
Accrued expenses and other liabilities		1,814


Total Liabilities		682,212


Net Assets	$	44,870,255




Net assets were comprised of:
Shares of beneficial interest, at par	$	1,075
Paid-in capital in excess of par		52,623,383
Total distributable earnings (loss)		(7,754,203	)


Net assets, February 29, 2024	$	44,870,255


Net asset value, offering price and redemption price per share. ($44,870,255 ÷ 1,075,000 shares of common stock issued and outstanding)	$	41.74

See Notes to Financial Statements.

PGIM Fixed Income ETFs 135

PGIM Active Aggregate Bond ETF

Statement of Operations (unaudited)

Six Months Ended February 29, 2024


Net Investment Income (Loss)

Income
Interest income	$	919,770
Affiliated dividend income		8,042


Total income		927,812


Expenses
Management fee		41,638


Net investment income (loss)		886,174


Realized And Unrealized Gain (Loss) On Investments

Net realized gain (loss) on:
Investment transactions		(592,336	)
Futures transactions		77,732
Swap agreement transactions		17,748


		(496,856	)


Net change in unrealized appreciation (depreciation) on:
Investments		919,914
Futures		(10,110	)
Swap agreements		3,177


		912,981


Net gain (loss) on investment transactions		416,125


Net Increase (Decrease) In Net Assets Resulting From Operations	$	1,302,299

See Notes to Financial Statements.

136

PGIM Active Aggregate Bond ETF

Statements of Changes in Net Assets (unaudited)



	Six Months Ended February 29, 2024				Year Ended August 31, 2023
Increase (Decrease) in Net Assets

Operations
Net investment income (loss)		$	886,174			$	1,459,114
Net realized gain (loss) on investment transactions			(496,856	)			(1,340,282	)
Net change in unrealized appreciation (depreciation) on investments			912,981				(526,197	)


Net increase (decrease) in net assets resulting from operations			1,302,299				(407,365	)


Dividends and Distributions
Distributions from distributable earnings			(847,155	)			(1,491,727	)


Fund share transactions
Net proceeds from shares sold (25,000 and 50,000 shares, respectively)			1,020,925				2,107,680


Total increase (decrease)			1,476,069				208,588

Net Assets:

Beginning of period			43,394,186				43,185,598


End of period		$	44,870,255			$	43,394,186

See Notes to Financial Statements.

PGIM Fixed Income ETFs 137

PGIM Active Aggregate Bond ETF

Financial Highlights (unaudited)




	Six Months Ended February 29,			Year Ended August 31,						April 12, 2021^(a)through August 31,
	2024			2023			2022			2021
Per Share Operating Performance^(b):
Net Asset Value, Beginning of Period		$41.33			$43.19			$51.07			$50.00
Income (loss) from investment operations:
Net investment income (loss)		0.83			1.44			0.95			0.25
Net realized and unrealized gain (loss) on investment transactions		0.37			(1.83	)		(7.27	)		1.05
Total from investment operations		1.20			(0.39	)		(6.32	)		1.30
Less Dividends and Distributions:
Dividends from net investment income		(0.79	)		(1.47	)		(1.02	)		(0.23	)
Distributions from net realized gains		-			-			(0.54	)		-
Total dividends and distributions		(0.79	)		(1.47	)		(1.56	)		(0.23	)
Net asset value, end of period		$41.74			$41.33			$43.19			$51.07
Total Return^(c):		2.97	%		(0.92	)%		(12.62	)%		2.59	%

Ratios/Supplemental Data:
Net assets, end of period (000)		$44,870			$43,394			$43,186			$26,810
Average net assets (000)		$44,072			$42,451			$38,280			$27,915
Ratios to average net assets^(d):
Expenses after waivers and/or expense reimbursement		0.19	%^(e)		0.19	%		0.19	%		0.19	%^(e)
Expenses before waivers and/or expense reimbursement		0.19	%^(e)		0.19	%		0.19	%		0.19	%^(e)
Net investment income (loss)		4.04	%^(e)		3.44	%		2.02	%		1.28	%^(e)
Portfolio turnover rate^(f)(g)		23	%		142	%		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 accounts for mortgage dollar roll transactions, when applicable, as purchases and sales which, as a result, can increase its portfolio turnover rate.

(g)	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 (unaudited)

as of February 29, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount

(000)#

Value

LONG-TERM INVESTMENTS 98.8%

ASSET-BACKED SECURITIES 22.2%

Automobiles 0.6%

Avis Budget Rental Car Funding AESOP LLC,

Series 2024-01A, Class A, 144A

5.360%

06/20/30

200

200,147

Ford Credit Auto Owner Trust,

Series 2023-01, Class C, 144A

5.580

08/15/35

100

99,184

Hertz Vehicle Financing III LLC,

Series 2022-01A, Class C, 144A

2.630

06/25/26

100

95,755

Series 2023-01A, Class B, 144A

6.220

06/25/27

100

100,106

OneMain Direct Auto Receivables Trust,

Series 2023-01A, Class B, 144A

5.810

02/14/31

200

200,323

Series 2023-01A, Class C, 144A

6.140

02/14/31

100

99,554

795,069

Collateralized Loan Obligations 20.8%

AGL CLO Ltd. (Cayman Islands),

Series 2021-14A, Class A, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%)

6.729(c)

12/02/34

1,000

1,000,689

AlbaCore Euro CLO (Ireland),

Series 04A, Class B1, 144A, 3 Month EURIBOR + 2.600% (Cap N/A, Floor 2.600%)

6.542(c)

07/15/35

EUR

500

542,527

AlbaCore Euro CLO DAC (Ireland),

Series 02A, Class A1, 144A, 3 Month EURIBOR + 0.830% (Cap N/A, Floor 0.830%)

4.755(c)

06/15/34

EUR

750

797,941

Anchorage Capital CLO Ltd. (Cayman Islands),

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

6.708(c)

04/20/35

500

500,512

Apidos CLO Ltd. (United Kingdom),

Series 2023-44A, Class A1, 144A, 3 Month SOFR + 2.000% (Cap N/A, Floor 2.000%)

7.324(c)

04/26/35

750

752,828

Atlas Senior Loan Fund Ltd. (Cayman Islands),

Series 2019-14A, Class AR, 144A, 3 Month SOFR + 1.422% (Cap N/A, Floor 1.160%)

6.739(c)

07/20/32

498

497,741

Avoca Capital CLO Ltd. (Ireland),

Series 10A, Class B1, 144A, 3 Month EURIBOR + 1.350% (Cap N/A, Floor 1.350%)

5.292(c)

04/15/35

EUR

250

264,144

Bain Capital Credit CLO Ltd. (Cayman Islands),

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

6.618(c)

04/18/35

250

250,075

See Notes to Financial Statements.

PGIM Fixed Income ETFs 139

PGIM Total Return Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount

(000)#

Value

ASSET-BACKED SECURITIES (Continued)

Collateralized Loan Obligations (cont’d.)

Balboa Bay Loan Funding Ltd. (Cayman Islands),

Series 2021-02A, Class A1, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%)

6.749%(c)

01/20/35

500

500,610

Ballyrock CLO Ltd. (Cayman Islands),

Series 2020-02A, Class A1R, 144A, 3 Month SOFR + 1.272% (Cap N/A, Floor 1.010%)

6.589(c)

10/20/31

244

243,870

Barings CLO Ltd. (Cayman Islands),

Series 2020-02A, Class AR, 144A, 3 Month SOFR + 1.272% (Cap N/A, Floor 1.010%)

6.586(c)

10/15/33

247

247,832

Battalion CLO Ltd. (Cayman Islands),

Series 2016-10A, Class A1R2, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%)

6.750(c)

01/25/35

750

748,829

Series 2018-12A, Class A1, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.070%)

6.651(c)

05/17/31

451

452,320

Benefit Street Partners CLO Ltd. (Cayman Islands),

Series 2018-16A, Class A1R, 144A, 3 Month SOFR + 1.292% (Cap N/A, Floor 1.030%)

6.608(c)

01/17/32

500

500,936

BlueMountain CLO Ltd. (Cayman Islands),

Series 2019-24A, Class AR, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 1.100%)

6.679(c)

04/20/34

500

498,952

Canyon Capital CLO Ltd. (Cayman Islands),

Series 2022-01A, Class A, 144A, 3 Month SOFR + 1.330% (Cap N/A, Floor 1.330%)

6.647(c)

04/15/35

292

291,896

Carlyle CLO Ltd. (Cayman Islands),

Series C17A, Class A1AR, 144A, 3 Month SOFR + 1.292% (Cap N/A, Floor 0.000%)

6.609(c)

04/30/31

227

227,420

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

Series 2014-01A, Class A1R2, 144A, 3 Month SOFR + 1.232% (Cap N/A, Floor 0.970%)

6.548(c)

04/17/31

210

210,469

Carlyle US CLO Ltd. (Cayman Islands),

Series 2021-11A, Class A, 144A, 3 Month SOFR + 1.357% (Cap N/A, Floor 1.095%)

6.681(c)

01/25/33

500

502,020

CarVal CLO Ltd. (United Kingdom),

Series 2023-01A, Class A1, 144A, 3 Month SOFR + 2.200% (Cap N/A, Floor 2.200%)

7.518(c)

01/20/35

500

500,587

Clover CLO Ltd. (Cayman Islands),

Series 2019-02A, Class AR, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 1.362%)

6.686(c)

10/25/33

750

752,116

See Notes to Financial Statements.

140

PGIM Total Return Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount

(000)#

Value

ASSET-BACKED SECURITIES (Continued)

Collateralized Loan Obligations (cont’d.)

Cordatus CLO PLC (Ireland),

Series 23A, Class B1, 144A, 3 Month EURIBOR + 2.300% (Cap N/A, Floor 2.300%)

6.248%(c)

04/25/36

EUR

250

270,877

Crown City CLO (Cayman Islands),

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

6.658(c)

04/20/35

250

249,488

Crown Point CLO Ltd. (Cayman Islands),

Series 2021-11A, Class A, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 1.120%)

6.698(c)

01/17/34

500

500,062

CVC Cordatus Loan Fund XIV DAC (Ireland),

Series 14A, Class A1R, 144A, 3 Month EURIBOR + 0.850% (Cap N/A, Floor 0.850%)

4.793(c)

05/22/32

EUR

1,250

1,340,211

Elevation CLO Ltd. (Cayman Islands),

Series 2018-03A, Class A1R, 144A, 3 Month SOFR + 1.472% (Cap N/A, Floor 1.210%)

6.796(c)

01/25/35

500

499,995

Generate CLO Ltd. (Cayman Islands),

Series 4A, Class A1R, 144A, 3 Month SOFR + 1.352% (Cap N/A, Floor 1.090%)

6.669(c)

04/20/32

232

232,990

Greenwood Park CLO Ltd. (Cayman Islands),

Series 2018-01A, Class A2, 144A, 3 Month SOFR + 1.272% (Cap N/A, Floor 0.000%)

6.586(c)

04/15/31

203

203,068

Greywolf CLO Ltd. (Cayman Islands),

Series 2018-01A, Class A1, 144A, 3 Month SOFR + 1.290% (Cap N/A, Floor 0.000%)

6.614(c)

04/26/31

296

296,678

Grosvenor Place CLO DAC (Ireland),

Series 22-1A, Class A, 144A, 3 Month EURIBOR + 2.000% (Cap N/A, Floor 2.000%)

5.945(c)

11/24/35

EUR

750

811,915

HPS Loan Management Ltd. (Cayman Islands),

Series 2016-10A, Class A1RR, 144A, 3 Month SOFR + 1.402% (Cap N/A, Floor 1.140%)

6.719(c)

04/20/34

300

300,387

ICG US CLO Ltd. (Cayman Islands),

Series 2014-03A, Class A1RR, 144A, 3 Month SOFR + 1.292% (Cap N/A, Floor 0.000%)

6.616(c)

04/25/31

168

167,837

Series 2015-02RA, Class A1, 144A, 3 Month SOFR + 1.632% (Cap N/A, Floor 1.370%)

6.946(c)

01/16/33

248

248,638

KKR CLO Ltd. (Cayman Islands),

Series 11, Class AR, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.442%)

6.756(c)

01/15/31

203

203,369

Series 33A, Class A, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%)

6.749(c)

07/20/34

500

502,192

See Notes to Financial Statements.

PGIM Fixed Income ETFs 141

PGIM Total Return Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

Description

Interest

Rate

Maturity

Date

Principal

Amount

(000)#

Value

ASSET-BACKED SECURITIES (Continued)

Collateralized Loan Obligations (cont’d.)

Madison Park Euro Funding (Ireland),

Series 14A, Class A1R, 144A, 3 Month EURIBOR + 0.800% (Cap N/A, Floor 0.800%)

4.742%(c)

07/15/32

EUR

250

267,873

Madison Park Funding Ltd. (Cayman Islands),
Series 2015-19A, Class AR3, 144A, 3 Month SOFR + 1.600% (Cap N/A, Floor 1.600%)

6.918(c)

01/22/37

1,000

1,006,064

Series 2021-38A, Class A, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 1.382%)

6.698(c)

07/17/34

250

250,375

Oaktree CLO Ltd. (Cayman Islands),

Series 2020-01A, Class AR, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%)

6.726(c)

07/15/34

1,000

1,001,891

OCP CLO Ltd. (Cayman Islands),

Series 2015-09A, Class A1R2, 144A, 3 Month SOFR + 1.250% (Cap N/A, Floor 1.250%)

6.567(c)

01/15/33

250

250,069

OZLM Ltd. (Cayman Islands),

Series 2018-18A, Class A, 144A, 3 Month SOFR + 1.282% (Cap N/A, Floor 1.020%)

6.596(c)

04/15/31

194

193,805

Palmer Square CLO Ltd. (Cayman Islands),

Series 2015-01A, Class A2R4, 144A, 3 Month SOFR + 1.962% (Cap N/A, Floor 1.962%)

7.276(c)

05/21/34

465

466,350

Series 2018-02A, Class A1A, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 0.000%)

6.676(c)

07/16/31

417

417,263

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

Series 2018-01A, Class A1AR, 144A, 3 Month SOFR + 1.262% (Cap N/A, Floor 1.000%)

6.579(c)

10/20/31

249

248,756

Series 2019-02A, Class A1R, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%)

6.756(c)

10/15/34

500

502,022

Regatta Funding Ltd. (Cayman Islands),

Series 2021-04A, Class A1, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%)

6.729(c)

01/20/35

750

752,052

Rockford Tower CLO Ltd. (Cayman Islands),

Series 2023-01A, Class A, 144A, 3 Month SOFR + 1.900% (Cap N/A, Floor 1.900%)

7.251(c)

01/20/36

1,000

1,001,347

Shackleton CLO Ltd. (Cayman Islands),

Series 2014-05RA, Class B, 144A, 3 Month SOFR + 1.962% (Cap N/A, Floor 0.262%)

7.278(c)

05/07/31

600

600,035

Silver Rock CLO (Cayman Islands),

Series 2023-03A, Class A1, 144A, 3 Month SOFR + 1.880% (Cap N/A, Floor 1.880%)

7.217(c)

01/20/36

1,250

1,248,619

See Notes to Financial Statements.

142

PGIM Total Return Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

ASSET-BACKED SECURITIES (Continued)

Collateralized Loan Obligations (cont’d.)

Sixth Street CLO Ltd. (Cayman Islands),
Series 2020-16A, Class A1R, 144A, 3 Month SOFR + 1.790% (Cap N/A, Floor 1.790%)		7.123%(c)		01/20/37		1,250	$	1,260,543
TCW CLO Ltd. (Cayman Islands),
Series 2019-02A, Class A1R, 144A, 3 Month SOFR + 1.280% (Cap N/A, Floor 1.280%)		6.598(c)		10/20/32		250		250,313
THL Credit Wind River CLO Ltd. (Cayman Islands),
Series 2019-01A, Class AR, 144A, 3 Month SOFR + 1.422% (Cap N/A, Floor 1.160%)		6.739(c)		07/20/34		750		747,030
Tikehau US CLO Ltd. (Bermuda),
Series 2023-01A, Class A1, 144A, 3 Month SOFR + 2.200% (Cap N/A, Floor 2.200%)		7.514(c)		07/15/34		750		754,871
Trinitas CLO Ltd. (Cayman Islands),
Series 2023-26A, Class A1, 144A, 3 Month SOFR + 1.690% (Cap N/A, Floor 1.690%)		7.008(c)		01/20/35		1,000		1,002,535
Trinitas Euro CLO (Ireland),
Series 02A, Class CR, 144A, 3 Month EURIBOR + 3.750% (Cap N/A, Floor 3.750%)		7.692(c)		04/15/35	EUR	500		541,083
Trinitas Euro CLO DAC (Ireland),
Series 06A, Class A, 144A, 3 Month EURIBOR + 1.600% (Cap N/A, Floor 1.600%)		5.525(c)		04/15/37	EUR	1,250		1,353,426
Venture CLO Ltd. (Cayman Islands),
Series 2021-43A, Class A1, 144A, 3 Month SOFR + 1.502% (Cap N/A, Floor 1.240%)		6.816(c)		04/15/34		250		249,957


								30,478,300

Consumer Loans 0.5%

Mariner Finance Issuance Trust, Series 2020-AA, Class A, 144A		2.190		08/21/34		68		67,071
OneMain Financial Issuance Trust, Series 2023-01A, Class A, 144A		5.500		06/14/38		400		404,138
Series 2023-02A, Class C, 144A		6.740		09/15/36		100		101,200
Series 2023-02A, Class D, 144A		7.520		09/15/36		100		102,486
Oportun Issuance Trust, Series 2022-02, Class A, 144A		5.940		10/09/29		6		6,161
Regional Management Issuance Trust, Series 2022-01, Class A, 144A		3.070		03/15/32		100		95,602


								776,658

See Notes to Financial Statements.

PGIM Fixed Income ETFs 143

PGIM Total Return Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

ASSET-BACKED SECURITIES (Continued)

Home Equity Loans 0.2%

JPMorgan Mortgage Trust,
Series 2023-HE02, Class A1, 144A, 30 Day Average SOFR + 1.700% (Cap N/A, Floor 0.000%)		7.024%(c)		03/25/54		107	$	107,394
Towd Point Mortgage Trust,
Series 2023-CES02, Class A1A, 144A		7.294(cc)		10/25/63		96		98,225
Series 2024-CES01, Class A1A, 144A		5.848(cc)		01/25/64		99		99,246


								304,865

Other 0.1%

Goodleap Sustainable Home Solutions Trust, Series 2023-04C, Class A, 144A		6.480		03/20/57		196		199,956


TOTAL ASSET-BACKED SECURITIES (cost $32,264,023)								32,554,848


COMMERCIAL MORTGAGE-BACKED SECURITIES 11.4%
Arbor Multifamily Mortgage Securities Trust,
Series 2021-MF03, Class A1, 144A		1.075		10/15/54		299		279,200
BANK,
Series 2021-BN35, Class A4		2.031		06/15/64		500		410,098
Series 2021-BN38, Class A4		2.275		12/15/64		250		205,406
Bank of America Merrill Lynch Commercial Mortgage Trust,
Series 2017-BNK03, Class XB, IO		0.584(cc)		02/15/50		8,410		131,231
BANK5,
Series 2023-05YR04, Class A3		6.500		12/15/56		1,200		1,259,600
Barclays Commercial Mortgage Securities Trust,
Series 2020-BID, Class A, 144A, 1 Month SOFR + 2.254% (Cap N/A, Floor 2.140%)		7.572(c)		10/15/37		300		298,125
Series 2020-C07, Class XB, IO		0.985(cc)		04/15/53		1,019		53,476
Series 2023-05C23, Class A3		6.675(cc)		12/15/56		1,100		1,164,035
Benchmark Mortgage Trust,
Series 2020-B19, Class A1		0.628		09/15/53		190		184,488
Series 2021-B26, Class XB, IO, 144A		0.639(cc)		06/15/54		18,164		656,371
Series 2021-B28, Class A1		0.597		08/15/54		532		498,500
Series 2023-B40, Class A2		6.930		12/15/56		400		423,132
Series 2023-V02, Class A3		5.812(cc)		05/15/55		500		509,812
Series 2024-V05, Class A3		5.805		01/10/57		500		513,548

See Notes to Financial Statements.

144

PGIM Total Return Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
BMO Mortgage Trust,
Series 2023-C06, Class XB, IO	0.153%(cc)	09/15/56		25,500	$	395,281
BX Commercial Mortgage Trust,
Series 2019-XL, Class F, 144A, 1 Month SOFR + 2.114% (Cap N/A, Floor 2.000%)	7.432(c)	10/15/36		255		254,044
Series 2019-XL, Class J, 144A, 1 Month SOFR + 2.764% (Cap N/A, Floor 2.650%)	8.082(c)	10/15/36		340		331,713
Series 2021-CIP, Class E, 144A, 1 Month SOFR + 2.934% (Cap N/A, Floor 2.820%)	8.252(c)	12/15/38		150		147,563
BX Trust,
Series 2024-PAT, Class A, 144A, 1 Month SOFR + 2.090% (Cap N/A, Floor 2.090%)	7.340(c)	03/15/26		500		498,737
BXP Trust,
Series 2021-601L, Class A, 144A	2.618	01/15/44		250		198,323
CCUBS Commercial Mortgage Trust,
Series 2017-C01, Class A3	3.283(cc)	11/15/50		1,200		1,114,958
CENT Trust,
Series 2023-CITY, Class A, 144A, 1 Month SOFR + 2.620% (Cap N/A, Floor 2.620%)	7.938(c)	09/15/38		200		201,000
Citigroup Commercial Mortgage Trust,
Series 2019-GC43, Class A3	2.782	11/10/52		500		435,448
Commercial Mortgage Trust,
Series 2014-UBS04, Class A5	3.694	08/10/47		1,000		985,570
Credit Suisse Mortgage Trust,
Series 2014-USA, Class A2, 144A	3.953	09/15/37		250		220,000
CSAIL Commercial Mortgage Trust,
Series 2018-CX11, Class A4	3.766	04/15/51		250		239,002
Series 2019-C16, Class A2	3.067	06/15/52		232		208,678
GS Mortgage Securities Corp. Trust,
Series 2021-IP, Class E, 144A, 1 Month SOFR + 3.664% (Cap N/A, Floor 3.550%)	8.982(c)	10/15/36		180		176,958
GS Mortgage Securities Trust,
Series 2017-GS08, Class A3	3.205	11/10/50		150		139,654
Series 2021-GSA03, Class A4	2.369	12/15/54		200		163,937
Series 2021-GSA03, Class XB, IO	0.624(cc)	12/15/54		2,000		81,493
JPMDB Commercial Mortgage Securities Trust,
Series 2020-COR07, Class ASB	2.051	05/13/53		1,100		1,005,418
JPMorgan Chase Commercial Mortgage Securities Trust,
Series 2016-JP04, Class A3	3.393	12/15/49		205		195,493

See Notes to Financial Statements.

PGIM Fixed Income ETFs 145

PGIM Total Return Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
MHC Commercial Mortgage Trust,
Series 2021-MHC, Class F, 144A, 1 Month SOFR + 2.715% (Cap N/A, Floor 2.601%)	8.033%(c)	04/15/38		309	$	305,607
Morgan Stanley Capital I Trust,
Series 2016-BNK02, Class A3	2.791	11/15/49		1,000		934,583
Series 2019-L02, Class A3	3.806	03/15/52		325		304,301
Series 2020-HR08, Class A3	1.790	07/15/53		365		299,241
MSWF Commercial Mortgage Trust,
Series 2023-01, Class A2	6.451	05/15/56		500		514,875
NJ Trust,
Series 2023-GSP, Class A, 144A	6.481(cc)	01/06/29		200		206,407
ONE Mortgage Trust,
Series 2021-PARK, Class D, 144A, 1 Month SOFR + 1.614% (Cap N/A, Floor 1.500%)	6.932(c)	03/15/36		120		111,606
One New York Plaza Trust,
Series 2020-01NYP, Class A, 144A, 1 Month SOFR + 1.064% (Cap N/A, Floor 0.950%)	6.382(c)	01/15/36		220		213,956
Series 2020-01NYP, Class AJ, 144A, 1 Month SOFR + 1.364% (Cap N/A, Floor 1.250%)	6.682(c)	01/15/36		200		190,535
Wells Fargo Commercial Mortgage Trust,
Series 2017-C40, Class A3	3.317	10/15/50		105		98,837


TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (cost $16,874,912)						16,760,240


CORPORATE BONDS 36.6%

Aerospace & Defense 0.6%

Boeing Co. (The),
Sr. Unsec’d. Notes	3.300	03/01/35		190		149,425
Sr. Unsec’d. Notes	3.600	05/01/34		615		518,562
Sr. Unsec’d. Notes	3.900	05/01/49		180		132,006
Bombardier, Inc. (Canada),
Sr. Unsec’d. Notes, 144A	7.875	04/15/27		131		131,000


						930,993

Agriculture 1.3%

Altria Group, Inc.,
Gtd. Notes	6.875	11/01/33		330		355,383
BAT Capital Corp. (United Kingdom),
Gtd. Notes	6.343	08/02/30		75		77,560

See Notes to Financial Statements.

146

PGIM Total Return Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

CORPORATE BONDS (Continued)

Agriculture (cont’d.)

BAT International Finance PLC (United Kingdom),
Gtd. Notes	4.448%	03/16/28		120	$	115,623
Gtd. Notes	5.931	02/02/29		25		25,533
Bunge Ltd. Finance Corp.,
Gtd. Notes	2.750	05/14/31		600		510,478
Philip Morris International, Inc.,
Sr. Unsec’d. Notes	5.125	02/15/30		450		447,814
Reynolds American, Inc. (United Kingdom),
Gtd. Notes	5.700	08/15/35		425		404,734


						1,937,125

Airlines 0.5%

American Airlines, Inc./AAdvantage Loyalty IP Ltd.,
Sr. Sec’d. Notes, 144A	5.750	04/20/29		150		146,260
Delta Air Lines, Inc./SkyMiles IP Ltd.,
Sr. Sec’d. Notes, 144A	4.750	10/20/28		300		293,172
Southwest Airlines Co.,
Sr. Unsec’d. Notes	5.125	06/15/27		140		139,527
United Airlines, Inc.,
Sr. Sec’d. Notes, 144A	4.375	04/15/26		225		216,626


						795,585

Apparel 0.1%

Kontoor Brands, Inc.,
Gtd. Notes, 144A	4.125	11/15/29		50		45,009
Wolverine World Wide, Inc.,
Gtd. Notes, 144A	4.000	08/15/29		50		40,076


						85,085

Auto Manufacturers 1.6%

American Honda Finance Corp.,
Sr. Unsec’d. Notes, GMTN	4.900	01/10/34		520		507,205
Ford Motor Co.,
Sr. Unsec’d. Notes	4.750	01/15/43		50		40,531
Ford Motor Credit Co. LLC,
Sr. Unsec’d. Notes	4.271	01/09/27		200		191,574
Sr. Unsec’d. Notes	7.200	06/10/30		255		268,974

See Notes to Financial Statements.

PGIM Fixed Income ETFs 147

PGIM Total Return Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

Description

Interest

Rate

Maturity

Date

Principal

Amount

(000)#

Value

CORPORATE BONDS (Continued)

Auto Manufacturers (cont’d.)

General Motors Financial Co., Inc.,

Sr. Unsec’d. Notes

5.000%

04/09/27

180

178,095

Sr. Unsec’d. Notes

5.800

06/23/28

225

228,230

Hyundai Capital America,

Sr. Unsec’d. Notes, 144A

5.250

01/08/27

355

353,849

Mercedes-Benz Finance North America LLC (Germany),

Gtd. Notes, 144A

5.000

01/11/34

285

278,911

Toyota Motor Credit Corp.,

Sr. Unsec’d. Notes, MTN

4.800

01/05/34

245

238,808

2,286,177

Auto Parts & Equipment 0.1%

Tenneco, Inc.,

Sr. Sec’d. Notes, 144A

8.000

11/17/28

150

136,734

Banks 8.3%

Bank of America Corp.,

Sr. Unsec’d. Notes

5.288(ff)

04/25/34

235

231,611

Sr. Unsec’d. Notes, Series N

2.651(ff)

03/11/32

1,120

936,860

Barclays PLC (United Kingdom),

Sr. Unsec’d. Notes

5.829(ff)

05/09/27

340

340,600

Sub. Notes

7.119(ff)

06/27/34

310

321,500

BNP Paribas SA (France),

Sr. Non-Preferred Notes, 144A

1.323(ff)

01/13/27

415

383,773

BPCE SA (France),

Sr. Non-Preferred Notes, 144A

5.716(ff)

01/18/30

250

248,925

Citigroup, Inc.,

Jr. Sub. Notes, Series X

3.875(ff)

02/18/26(oo)

37,599

Sr. Unsec’d. Notes

2.666(ff)

01/29/31

990

848,841

Sr. Unsec’d. Notes

5.174(ff)

02/13/30

520

514,713

Sub. Notes

6.174(ff)

05/25/34

70,480

Citizens Financial Group, Inc.,

Sr. Unsec’d. Notes

5.841(ff)

01/23/30

190

187,717

Comerica, Inc.,

Sr. Unsec’d. Notes

5.982(ff)

01/30/30

295

289,716

Danske Bank A/S (Denmark),

Sr. Preferred Notes, 144A, MTN

6.259(ff)

09/22/26

200

201,993

See Notes to Financial Statements.

148

PGIM Total Return Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

Description

Interest

Rate

Maturity

Date

Principal

Amount

(000)#

Value

CORPORATE BONDS (Continued)

Banks (cont’d.)

Deutsche Bank AG (Germany),

Sr. Non-Preferred Notes

2.311%(ff)

11/16/27

310

281,967

Fifth Third Bancorp,

Sr. Unsec’d. Notes

4.337(ff)

04/25/33

296

268,087

Sr. Unsec’d. Notes

6.339(ff)

07/27/29

87,287

Goldman Sachs Group, Inc. (The),

Jr. Sub. Notes, Series V

4.125(ff)

11/10/26(oo)

50,341

Sr. Unsec’d. Notes

4.223(ff)

05/01/29

735

704,758

Huntington Bancshares, Inc.,

Sr. Unsec’d. Notes

5.709(ff)

02/02/35

175

172,716

Sr. Unsec’d. Notes

6.208(ff)

08/21/29

40,684

JPMorgan Chase & Co.,

Jr. Sub. Notes, Series HH

4.600(ff)

02/01/25(oo)

125

121,980

Sr. Unsec’d. Notes

1.953(ff)

02/04/32

500

402,090

Sr. Unsec’d. Notes

2.739(ff)

10/15/30

1,210

1,061,515

KeyCorp,

Sr. Unsec’d. Notes

6.401(ff)

03/06/35

75,238

Morgan Stanley,

Sr. Unsec’d. Notes

5.449(ff)

07/20/29

95,394

Sr. Unsec’d. Notes, GMTN

2.699(ff)

01/22/31

520

450,142

Sr. Unsec’d. Notes, MTN

1.928(ff)

04/28/32

27,783

Sr. Unsec’d. Notes, MTN

2.943(ff)

01/21/33

450

377,494

Sub. Notes, GMTN

4.350

09/08/26

195

190,612

Societe Generale SA (France),

Gtd. Notes, 144A

2.797(ff)

01/19/28

195

178,640

Sr. Unsec’d. Notes, 144A

6.066(ff)

01/19/35

400

393,594

Sumitomo Mitsui Financial Group, Inc. (Japan),

Sr. Unsec’d. Notes

5.716

09/14/28

510

520,814

Truist Financial Corp.,

Sr. Unsec’d. Notes, MTN

5.867(ff)

06/08/34

44,994

Sr. Unsec’d. Notes, MTN

7.161(ff)

10/30/29

89,982

U.S. Bancorp,

Sr. Unsec’d. Notes

5.384(ff)

01/23/30

330

328,139

Sr. Unsec’d. Notes

5.836(ff)

06/12/34

45,349

UBS Group AG (Switzerland),

Sr. Unsec’d. Notes, 144A

6.537(ff)

08/12/33

270

280,503

Sr. Unsec’d. Notes, 144A, SOFR + 1.580%

6.924(c)

05/12/26

200

201,719

Wells Fargo & Co.,

Sr. Unsec’d. Notes

5.389(ff)

04/24/34

125

122,970

Sr. Unsec’d. Notes

6.303(ff)

10/23/29

235

243,552

See Notes to Financial Statements.

PGIM Fixed Income ETFs 149

PGIM Total Return Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

CORPORATE BONDS (Continued)

Banks (cont’d.)

Wells Fargo & Co., (cont’d.)
Sr. Unsec’d. Notes, MTN		2.879%(ff)		10/30/30		260	$	227,825
Sr. Unsec’d. Notes, MTN		4.808(ff)		07/25/28		295		289,782
Sr. Unsec’d. Notes, MTN		5.574(ff)		07/25/29		160		161,114


								12,151,393

Beverages 0.0%

Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium),
Gtd. Notes		4.900		02/01/46		40		37,243

Biotechnology 0.2%

Amgen, Inc.,
Sr. Unsec’d. Notes		5.600		03/02/43		290		290,943

Building Materials 0.5%

CEMEX Materials LLC (Mexico),
Gtd. Notes		7.700		07/21/25		50		51,096
Fortune Brands Innovations, Inc.,
Sr. Unsec’d. Notes		3.250		09/15/29		175		158,099
Griffon Corp.,
Gtd. Notes		5.750		03/01/28		23		22,266
JELD-WEN, Inc.,
Gtd. Notes, 144A		4.625		12/15/25		25		24,459
Gtd. Notes, 144A		4.875		12/15/27		75		71,316
Masco Corp.,
Sr. Unsec’d. Notes		3.500		11/15/27		230		216,193
Smyrna Ready Mix Concrete LLC,
Sr. Sec’d. Notes, 144A		6.000		11/01/28		75		72,943
Standard Industries, Inc.,
Sr. Unsec’d. Notes, 144A		4.375		07/15/30		75		66,903
Summit Materials LLC/Summit Materials Finance Corp.,
Gtd. Notes, 144A		7.250		01/15/31		20		20,730


								704,005

See Notes to Financial Statements.

150

PGIM Total Return Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

CORPORATE BONDS (Continued)

Chemicals 0.5%

Ashland, Inc.,
Sr. Unsec’d. Notes, 144A		3.375%		09/01/31		75	$	62,889
CF Industries, Inc.,
Gtd. Notes		5.150		03/15/34		130		125,960
Chemours Co. (The),
Gtd. Notes		5.375		05/15/27		50		45,996
FMC Corp.,
Sr. Unsec’d. Notes		5.150		05/18/26		140		138,170
Nutrien Ltd. (Canada),
Sr. Unsec’d. Notes		4.900		03/27/28		55		54,490
Rain Carbon, Inc.,
Sr. Sec’d. Notes, 144A		12.250		09/01/29		50		50,018
RPM International, Inc.,
Sr. Unsec’d. Notes		2.950		01/15/32		20		16,876
Sasol Financing USA LLC (South Africa),
Gtd. Notes		5.875		03/27/24		200		199,700


								694,099

Commercial Services 0.8%

Allied Universal Holdco LLC/Allied Universal Finance Corp.,
Sr. Sec’d. Notes, 144A		6.625		07/15/26		52		51,838
AMN Healthcare, Inc.,
Gtd. Notes, 144A		4.625		10/01/27		150		141,104
ERAC USA Finance LLC,
Gtd. Notes, 144A		3.300		12/01/26		160		152,314
Gtd. Notes, 144A		4.900		05/01/33		355		345,942
Herc Holdings, Inc.,
Gtd. Notes, 144A		5.500		07/15/27		75		73,422
Mavis Tire Express Services Topco Corp.,
Sr. Unsec’d. Notes, 144A		6.500		05/15/29		75		70,367
RELX Capital, Inc. (United Kingdom),
Gtd. Notes		4.750		05/20/32		30		29,399
United Rentals North America, Inc.,
Gtd. Notes		3.750		01/15/32		50		43,287
University of Southern California,
Sr. Unsec’d. Notes		4.976		10/01/53		212		212,820

See Notes to Financial Statements.

PGIM Fixed Income ETFs 151

PGIM Total Return Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

CORPORATE BONDS (Continued)

Commercial Services (cont’d.)

Verscend Escrow Corp.,
Sr. Unsec’d. Notes, 144A		9.750%		08/15/26		50	$	50,107
Washington University (The),
Sr. Unsec’d. Notes		4.349		04/15/2122		80		66,640


								1,237,240

Computers 0.6%

Booz Allen Hamilton, Inc.,
Gtd. Notes		5.950		08/04/33		200		205,796
Leidos, Inc.,
Gtd. Notes		4.375		05/15/30		500		469,858
McAfee Corp.,
Sr. Unsec’d. Notes, 144A		7.375		02/15/30		150		132,482
NCR Atleos Corp.,
Sr. Sec’d. Notes, 144A		9.500		04/01/29		79		83,916


								892,052

Distribution/Wholesale 0.1%

H&E Equipment Services, Inc.,
Gtd. Notes, 144A		3.875		12/15/28		100		90,178

Diversified Financial Services 0.6%

Cantor Fitzgerald LP,
Sr. Unsec’d. Notes, 144A		4.875		05/01/24		165		164,549
Sr. Unsec’d. Notes, 144A		7.200		12/12/28		50		51,275
Capital One Financial Corp.,
Sr. Unsec’d. Notes		7.624(ff)		10/30/31		100		109,438
Jefferies Financial Group, Inc.,
Sr. Unsec’d. Notes		2.625		10/15/31		120		98,146
LFS Topco LLC,
Gtd. Notes, 144A		5.875		10/15/26		25		23,129
Nationstar Mortgage Holdings, Inc.,
Gtd. Notes, 144A		5.750		11/15/31		150		137,471
OneMain Finance Corp.,
Gtd. Notes		6.875		03/15/25		25		25,248

See Notes to Financial Statements.

152

PGIM Total Return Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

CORPORATE BONDS (Continued)

Diversified Financial Services (cont’d.)

PennyMac Financial Services, Inc.,
Gtd. Notes, 144A		7.875%		12/15/29		50	$	51,145
Power Finance Corp. Ltd. (India),
Sr. Unsec’d. Notes, 144A, MTN		6.150		12/06/28		200		205,460


								865,861

Electric 1.4%

AEP Texas, Inc.,
Sr. Unsec’d. Notes		5.400		06/01/33		225		224,549
Calpine Corp.,
Sr. Sec’d. Notes, 144A		3.750		03/01/31		225		192,991
Sr. Unsec’d. Notes, 144A		5.000		02/01/31		175		156,930
Comision Federal de Electricidad (Mexico),
Gtd. Notes, 144A		4.688		05/15/29		200		188,250
Edison International,
Sr. Unsec’d. Notes		5.250		11/15/28		130		129,317
Eskom Holdings SOC Ltd. (South Africa),
Sr. Unsec’d. Notes, MTN		8.450		08/10/28		200		198,700
NRG Energy, Inc.,
Gtd. Notes, 144A		3.375		02/15/29		50		43,691
Gtd. Notes, 144A		3.875		02/15/32		50		41,985
Pacific Gas & Electric Co.,
First Mortgage		4.500		07/01/40		110		92,414
First Mortgage		4.950		07/01/50		15		12,739
PPL Electric Utilities Corp.,
First Mortgage		4.850		02/15/34		185		180,165
Puget Energy, Inc.,
Sr. Sec’d. Notes		4.224		03/15/32		145		129,470
Sempra,
Jr. Sub. Notes		4.125(ff)		04/01/52		120		110,184
Southern California Edison Co.,
First Mortgage		3.450		02/01/52		30		20,894
First Mortgage		5.300		03/01/28		110		111,057
Vistra Corp.,
Jr. Sub. Notes, 144A		7.000(ff)		12/15/26(oo)		175		169,264
Vistra Operations Co. LLC,
Gtd. Notes, 144A		4.375		05/01/29		50		45,667


								2,048,267

See Notes to Financial Statements.

PGIM Fixed Income ETFs 153

PGIM Total Return Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

CORPORATE BONDS (Continued)

Electronics 0.0%

Likewize Corp.,
Sr. Sec’d. Notes, 144A		9.750%		10/15/25		50	$	50,870

Engineering & Construction 0.4%

Jacobs Engineering Group, Inc.,
Gtd. Notes		6.350		08/18/28		265		272,920
Mexico City Airport Trust (Mexico),
Sr. Sec’d. Notes		5.500		07/31/47		200		166,408
Sr. Sec’d. Notes, 144A		4.250		10/31/26		200		192,308


								631,636

Entertainment 0.7%

Caesars Entertainment, Inc.,
Gtd. Notes, 144A		4.625		10/15/29		75		68,473
Sr. Sec’d. Notes, 144A		6.500		02/15/32		65		65,495
Sr. Sec’d. Notes, 144A		7.000		02/15/30		75		76,856
CCM Merger, Inc.,
Sr. Unsec’d. Notes, 144A		6.375		05/01/26		50		49,433
Golden Entertainment, Inc.,
Sr. Unsec’d. Notes, 144A		7.625		04/15/26		50		50,029
International Game Technology PLC,
Sr. Sec’d. Notes, 144A		6.500		02/15/25		200		200,250
Jacobs Entertainment, Inc.,
Sr. Unsec’d. Notes, 144A		6.750		02/15/29		50		47,626
Penn Entertainment, Inc.,
Sr. Unsec’d. Notes, 144A		4.125		07/01/29		50		42,018
Warnermedia Holdings, Inc.,
Gtd. Notes		5.050		03/15/42		265		222,416
Gtd. Notes		5.141		03/15/52		155		125,859


								948,455

Environmental Control 0.0%

GFL Environmental, Inc. (Canada),
Sr. Sec’d. Notes, 144A		6.750		01/15/31		30		30,638

Foods 0.6%

B&G Foods, Inc.,
Gtd. Notes		5.250		04/01/25		18		17,922

See Notes to Financial Statements.

154

PGIM Total Return Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

CORPORATE BONDS (Continued)

Foods (cont’d.)

B&G Foods, Inc., (cont’d.)
Gtd. Notes	5.250%	09/15/27		50	$	46,513
Bellis Finco PLC (United Kingdom),
Gtd. Notes	4.000	02/16/27	GBP	218		248,423
Bimbo Bakeries USA, Inc. (Mexico),
Gtd. Notes, 144A	6.050	01/15/29		205		210,633
JBS USA LUX SA/JBS USA Food Co./JBS Luxembourg Sarl,
Gtd. Notes, 144A	6.750	03/15/34		220		225,865
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.,
Gtd. Notes	5.125	02/01/28		45		43,865
Lamb Weston Holdings, Inc.,
Gtd. Notes, 144A	4.125	01/31/30		25		22,617
Gtd. Notes, 144A	4.375	01/31/32		25		22,302
Pilgrim’s Pride Corp.,
Gtd. Notes	3.500	03/01/32		50		41,785
Post Holdings, Inc.,
Sr. Unsec’d. Notes, 144A	4.500	09/15/31		75		66,729


						946,654

Gas 0.0%

Piedmont Natural Gas Co., Inc.,
Sr. Unsec’d. Notes	5.050	05/15/52		75		67,582

Healthcare-Products 0.2%

Avantor Funding, Inc.,
Gtd. Notes	3.875	07/15/28	EUR	192		201,288
Medline Borrower LP,
Sr. Sec’d. Notes, 144A	3.875	04/01/29		25		22,410
Sr. Unsec’d. Notes, 144A	5.250	10/01/29		25		23,118


						246,816

Healthcare-Services 0.9%

DaVita, Inc.,
Gtd. Notes, 144A	4.625	06/01/30		150		131,920
Legacy LifePoint Health LLC,
Sr. Sec’d. Notes, 144A	4.375	02/15/27		75		69,844

See Notes to Financial Statements.

PGIM Fixed Income ETFs 155

PGIM Total Return Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

CORPORATE BONDS (Continued)

Healthcare-Services (cont’d.)

Nationwide Children’s Hospital, Inc.,
Unsec’d. Notes		4.556%		11/01/52		220	$	200,365
Presbyterian Healthcare Services,
Unsec’d. Notes		4.875		08/01/52		150		142,823
Queen’s Health Systems (The),
Sec’d. Notes		4.810		07/01/52		90		83,972
Tenet Healthcare Corp.,
Gtd. Notes		6.125		10/01/28		100		98,848
Sr. Sec’d. Notes, 144A		6.750		05/15/31		125		126,210
UnitedHealth Group, Inc.,
Sr. Unsec’d. Notes		5.200		04/15/63		455		433,747


								1,287,729

Home Builders 0.4%

Ashton Woods USA LLC/Ashton Woods Finance Co.,
Sr. Unsec’d. Notes, 144A		4.625		08/01/29		50		45,784
Beazer Homes USA, Inc.,
Gtd. Notes		7.250		10/15/29		75		75,062
Brookfield Residential Properties, Inc./Brookfield
Residential US LLC (Canada),
Gtd. Notes, 144A		4.875		02/15/30		75		66,320
Century Communities, Inc.,
Gtd. Notes		6.750		06/01/27		50		50,087
Empire Communities Corp. (Canada),
Sr. Unsec’d. Notes, 144A		7.000		12/15/25		50		49,500
Forestar Group, Inc.,
Gtd. Notes, 144A		3.850		05/15/26		50		47,561
M/I Homes, Inc.,
Gtd. Notes		4.950		02/01/28		150		142,722
Shea Homes LP/Shea Homes Funding Corp.,
Sr. Unsec’d. Notes		4.750		04/01/29		50		46,981


								524,017

See Notes to Financial Statements.

156

PGIM Total Return Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

CORPORATE BONDS (Continued)

Housewares 0.1%

Scotts Miracle-Gro Co. (The),
Gtd. Notes		4.000	%		04/01/31		50	$	42,379
Gtd. Notes		4.375			02/01/32		75		62,803


									105,182

Insurance 0.9%

Corebridge Financial, Inc.,
Sr. Unsec’d. Notes		4.400			04/05/52		100		80,383
Sr. Unsec’d. Notes		5.750			01/15/34		450		449,032
Fairfax Financial Holdings Ltd. (Canada),
Sr. Unsec’d. Notes		3.375			03/03/31		115		99,206
Sr. Unsec’d. Notes		5.625			08/16/32		135		132,640
Sr. Unsec’d. Notes, 144A		6.000			12/07/33		405		405,251
Liberty Mutual Group, Inc.,
Gtd. Notes, 144A		4.569			02/01/29		165		159,097


									1,325,609

Internet 0.1%

Gen Digital, Inc.,
Sr. Unsec’d. Notes, 144A		5.000			04/15/25		125		123,758

Iron/Steel 0.1%

Mineral Resources Ltd. (Australia),
Sr. Unsec’d. Notes, 144A		9.250			10/01/28		50		52,437
Steel Dynamics, Inc.,
Sr. Unsec’d. Notes		3.450			04/15/30		120		109,052


									161,489

Leisure Time 0.3%

Carnival Corp.,
Gtd. Notes, 144A		5.750			03/01/27		50		49,375
Sr. Sec’d. Notes, 144A		4.000			08/01/28		75		69,210
Carnival Holdings Bermuda Ltd.,
Gtd. Notes, 144A		10.375			05/01/28		25		27,270
NCL Corp. Ltd.,
Gtd. Notes, 144A		5.875			03/15/26		50		48,688

See Notes to Financial Statements.

PGIM Fixed Income ETFs 157

PGIM Total Return Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

CORPORATE BONDS (Continued)

Leisure Time (cont’d.)

Royal Caribbean Cruises Ltd.,
Gtd. Notes, 144A		7.250%		01/15/30		25	$	26,000
Sr. Unsec’d. Notes, 144A		5.500		08/31/26		100		98,853
Viking Cruises Ltd.,
Gtd. Notes, 144A		5.875		09/15/27		50		48,844
Viking Ocean Cruises Ship VII Ltd.,
Sr. Sec’d. Notes, 144A		5.625		02/15/29		50		48,125


								416,365

Lodging 0.6%

Marriott International, Inc.,
Sr. Unsec’d. Notes		4.900		04/15/29		30		29,634
Sr. Unsec’d. Notes		5.300		05/15/34		440		433,066
MGM Resorts International,
Gtd. Notes		4.750		10/15/28		225		211,162
Wynn Macau Ltd. (Macau),
Sr. Unsec’d. Notes, 144A		5.500		10/01/27		200		189,500


								863,362

Machinery-Diversified 0.3%

Chart Industries, Inc.,
Sr. Sec’d. Notes, 144A		7.500		01/01/30		50		51,586
Ingersoll Rand, Inc.,
Sr. Unsec’d. Notes		5.700		08/14/33		120		122,130
Maxim Crane Works Holdings Capital LLC,
Sec’d. Notes, 144A		11.500		09/01/28		75		78,140
Westinghouse Air Brake Technologies Corp.,
Gtd. Notes		4.700		09/15/28		140		136,567


								388,423

Media 1.3%

CCO Holdings LLC/CCO Holdings Capital Corp.,
Sr. Unsec’d. Notes		4.500		05/01/32		50		39,509
Sr. Unsec’d. Notes, 144A		4.250		01/15/34		25		18,697
Sr. Unsec’d. Notes, 144A		4.500		06/01/33		100		76,956

See Notes to Financial Statements.

158

PGIM Total Return Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

CORPORATE BONDS (Continued)

Media (cont’d.)

Charter Communications Operating LLC/Charter
Communications Operating Capital,
Sr. Sec’d. Notes		3.900%	06/01/52		400	$	251,008
Cox Communications, Inc.,
Gtd. Notes, 144A		5.450	09/15/28		525		529,035
CSC Holdings LLC,
Gtd. Notes, 144A		6.500	02/01/29		400		348,405
Diamond Sports Group LLC/Diamond Sports Finance Co.,
Gtd. Notes, 144A (original cost $1,688;purchased 01/31/2024)(f)		6.625	08/15/27(d)		25		1,461
Sec’d. Notes, 144A (original cost $39,000;purchased 08/30/2022)(f)		5.375	08/15/26(d)		200		11,887
DISH DBS Corp.,
Gtd. Notes		5.125	06/01/29		50		21,050
DISH Network Corp.,
Sr. Sec’d. Notes, 144A		11.750	11/15/27		250		260,804
Gray Television, Inc.,
Gtd. Notes, 144A		5.875	07/15/26		25		23,729
Univision Communications, Inc.,
Sr. Sec’d. Notes, 144A		8.000	08/15/28		80		80,411
Virgin Media Secured Finance PLC (United Kingdom),
Sr. Sec’d. Notes		4.250	01/15/30	GBP	206		222,522


							1,885,474

Mining 0.7%

Freeport-McMoRan, Inc.,
Gtd. Notes		5.400	11/14/34		135		131,094
Hecla Mining Co.,
Gtd. Notes		7.250	02/15/28		25		24,949
Indonesia Asahan Aluminium PT/Mineral Industri Indonesia Persero PT (Indonesia),
Sr. Unsec’d. Notes		4.750	05/15/25		200		197,274
Kinross Gold Corp. (Canada),
Gtd. Notes		4.500	07/15/27		150		145,472
Newmont Corp.,
Gtd. Notes		2.250	10/01/30		160		133,799
Gtd. Notes		2.600	07/15/32		265		217,972

See Notes to Financial Statements.

PGIM Fixed Income ETFs 159

PGIM Total Return Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

CORPORATE BONDS (Continued)

Mining (cont’d.)

Novelis Corp.,
Gtd. Notes, 144A		3.250%		11/15/26		200	$	186,013


								1,036,573

Miscellaneous Manufacturing 0.1%

Teledyne Technologies, Inc.,
Gtd. Notes		2.750		04/01/31		115		97,581

Office/Business Equipment 0.1%

CDW LLC/CDW Finance Corp.,
Gtd. Notes		2.670		12/01/26		140		129,939

Oil & Gas 3.1%

Aker BP ASA (Norway),
Gtd. Notes, 144A		3.100		07/15/31		200		168,292
Sr. Unsec’d. Notes, 144A		3.750		01/15/30		500		453,255
Sr. Unsec’d. Notes, 144A		4.000		01/15/31		240		216,695
Sr. Unsec’d. Notes, 144A		6.000		06/13/33		250		254,307
Antero Resources Corp.,
Gtd. Notes, 144A		5.375		03/01/30		50		47,691
BP Capital Markets America, Inc.,
Gtd. Notes		4.812		02/13/33		300		292,704
Canadian Natural Resources Ltd. (Canada),
Sr. Unsec’d. Notes		5.850		02/01/35		250		249,545
Cenovus Energy, Inc. (Canada),
Sr. Unsec’d. Notes		3.750		02/15/52		100		71,265
Chesapeake Energy Corp.,
Gtd. Notes, 144A		5.875		02/01/29		125		123,514
CITGO Petroleum Corp.,
Sr. Sec’d. Notes, 144A		7.000		06/15/25		75		74,875
Civitas Resources, Inc.,
Gtd. Notes, 144A		5.000		10/15/26		100		97,080
Gtd. Notes, 144A		8.375		07/01/28		25		26,162
Gtd. Notes, 144A		8.625		11/01/30		25		26,773
Crescent Energy Finance LLC,
Gtd. Notes, 144A		9.250		02/15/28		40		41,878
Devon Energy Corp.,
Sr. Unsec’d. Notes		5.875		06/15/28		95		95,556

See Notes to Financial Statements.

160

PGIM Total Return Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

CORPORATE BONDS (Continued)

Oil & Gas (cont’d.)

Diamondback Energy, Inc.,
Gtd. Notes		6.250%		03/15/33		275	$	289,008
Ecopetrol SA (Colombia),
Sr. Unsec’d. Notes		6.875		04/29/30		30		29,184
Sr. Unsec’d. Notes		8.625		01/19/29		130		137,670
Sr. Unsec’d. Notes		8.875		01/13/33		100		105,100
Endeavor Energy Resources LP/EER Finance, Inc.,
Sr. Unsec’d. Notes, 144A		5.750		01/30/28		75		75,593
Energean Israel Finance Ltd. (Israel),
Sr. Sec’d. Notes, 144A		4.875		03/30/26		90		84,530
Sr. Sec’d. Notes, 144A		5.375		03/30/28		44		39,442
Helmerich & Payne, Inc.,
Sr. Unsec’d. Notes		2.900		09/29/31		65		53,917
Hilcorp Energy I LP/Hilcorp Finance Co.,
Sr. Unsec’d. Notes, 144A		6.000		04/15/30		25		24,307
Sr. Unsec’d. Notes, 144A		6.250		04/15/32		75		72,918
Permian Resources Operating LLC,
Gtd. Notes, 144A		8.000		04/15/27		75		77,370
Petroleos Mexicanos (Mexico),
Gtd. Notes		4.750		02/26/29		EUR 100		90,929
Gtd. Notes		6.500		03/13/27		100		93,265
Gtd. Notes		6.500		01/23/29		100		87,598
Gtd. Notes, EMTN		2.750		04/21/27		EUR 100		92,060
Gtd. Notes, EMTN		4.875		02/21/28		EUR 230		219,114
Pioneer Natural Resources Co.,
Sr. Unsec’d. Notes		2.150		01/15/31		125		104,680
Santos Finance Ltd. (Australia),
Gtd. Notes, 144A		6.875		09/19/33		380		397,107
Southwestern Energy Co.,
Gtd. Notes		4.750		02/01/32		25		22,702
Gtd. Notes		5.375		02/01/29		50		48,362
Var Energi ASA (Norway),
Sr. Unsec’d. Notes, 144A		5.000		05/18/27		200		196,031


								4,580,479

Packaging & Containers 0.3%

AptarGroup, Inc.,
Sr. Unsec’d. Notes		3.600		03/15/32		140		122,936

See Notes to Financial Statements.

PGIM Fixed Income ETFs 161

PGIM Total Return Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

CORPORATE BONDS (Continued)

Packaging & Containers (cont’d.)
Ball Corp.,
Gtd. Notes	6.000%	06/15/29		50	$	50,269
Berry Global, Inc.,
Sr. Sec’d. Notes, 144A	5.500	04/15/28		240		238,654
Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer, Inc.,
Sr. Sec’d. Notes, 144A	4.375	10/15/28		100		93,115


						504,974

Pharmaceuticals 0.9%
AbbVie, Inc.,
Sr. Unsec’d. Notes	4.050	11/21/39		265		232,594
AdaptHealth LLC,
Gtd. Notes, 144A	6.125	08/01/28		125		114,973
Bausch Health Cos., Inc.,
Gtd. Notes, 144A	6.250	02/15/29		50		22,750
Cigna Group (The),
Sr. Unsec’d. Notes	3.200	03/15/40		235		175,506
CVS Health Corp.,
Sr. Unsec’d. Notes	2.700	08/21/40		130		88,501
Sr. Unsec’d. Notes	3.250	08/15/29		225		204,710
Merck & Co., Inc.,
Sr. Unsec’d. Notes	2.900	12/10/61		55		34,066
Organon & Co./Organon Foreign Debt Co-Issuer BV,
Sr. Unsec’d. Notes, 144A	5.125	04/30/31		200		171,210
Shire Acquisitions Investments Ireland DAC,
Gtd. Notes	3.200	09/23/26		225		214,215
Viatris, Inc.,
Gtd. Notes	3.850	06/22/40		125		91,756


						1,350,281

Pipelines 3.2%
Antero Midstream Partners LP/Antero Midstream Finance Corp.,
Gtd. Notes, 144A	6.625	02/01/32		70		69,754
Gtd. Notes, 144A	7.875	05/15/26		75		76,595
Columbia Pipelines Operating Co. LLC,
Sr. Unsec’d. Notes, 144A	6.036	11/15/33		370		380,052

See Notes to Financial Statements.

162

PGIM Total Return Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

CORPORATE BONDS (Continued)

Pipelines (cont’d.)
DCP Midstream Operating LP,
Gtd. Notes	5.625%	07/15/27		540	$	542,787
Energy Transfer LP,
Jr. Sub. Notes, Series G	7.125(ff)	05/15/30(oo)		315		304,502
Sr. Unsec’d. Notes	5.400	10/01/47		285		257,744
Sr. Unsec’d. Notes	5.550	05/15/34		55		54,454
Sr. Unsec’d. Notes	6.400	12/01/30		35		36,714
Sr. Unsec’d. Notes	6.550	12/01/33		20		21,201
EQM Midstream Partners LP,
Sr. Unsec’d. Notes, 144A	7.500	06/01/27		25		25,579
Sr. Unsec’d. Notes, 144A	7.500	06/01/30		25		26,626
MPLX LP,
Sr. Unsec’d. Notes	1.750	03/01/26		360		335,812
Sr. Unsec’d. Notes	4.950	03/14/52		55		47,366
Sr. Unsec’d. Notes	5.200	03/01/47		105		94,294
Sr. Unsec’d. Notes	5.500	02/15/49		55		51,499
ONEOK, Inc.,
Gtd. Notes	4.450	09/01/49		150		119,626
Gtd. Notes	5.200	07/15/48		65		58,683
Gtd. Notes	6.050	09/01/33		130		133,950
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.,
Gtd. Notes, 144A	5.500	01/15/28		75		71,239
Targa Resources Corp.,
Gtd. Notes	4.200	02/01/33		40		35,990
Gtd. Notes	6.500	03/30/34		275		291,975
Western Midstream Operating LP,
Sr. Unsec’d. Notes	4.500	03/01/28		248		237,506
Sr. Unsec’d. Notes	4.650	07/01/26		150		146,639
Sr. Unsec’d. Notes	6.150	04/01/33		50		50,835
Williams Cos., Inc. (The),
Sr. Unsec’d. Notes	2.600	03/15/31		465		391,727
Sr. Unsec’d. Notes	3.500	11/15/30		450		405,801
Sr. Unsec’d. Notes	5.150	03/15/34		255		249,226
Sr. Unsec’d. Notes	5.400	03/02/26		95		95,221


						4,613,397

See Notes to Financial Statements.

PGIM Fixed Income ETFs 163

PGIM Total Return Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

CORPORATE BONDS (Continued)

Real Estate 0.0%
Howard Hughes Corp. (The),
Gtd. Notes, 144A	4.375%	02/01/31		50	$	42,726

Real Estate Investment Trusts (REITs) 2.1%
Alexandria Real Estate Equities, Inc.,
Gtd. Notes	4.750	04/15/35		30		27,912
Brixmor Operating Partnership LP,
Sr. Unsec’d. Notes	4.050	07/01/30		145		133,153
Sr. Unsec’d. Notes	5.500	02/15/34		185		180,091
COPT Defense Properties LP,
Gtd. Notes	2.750	04/15/31		115		92,759
Crown Castle, Inc.,
Sr. Unsec’d. Notes	4.800	09/01/28		255		248,642
Sr. Unsec’d. Notes	5.600	06/01/29		140		140,929
Diversified Healthcare Trust,
Gtd. Notes	4.375	03/01/31		75		56,923
Gtd. Notes	9.750	06/15/25		25		24,898
Sr. Unsec’d. Notes	4.750	02/15/28		25		19,917
Extra Space Storage LP,
Gtd. Notes	3.900	04/01/29		135		126,014
GLP Capital LP/GLP Financing II, Inc.,
Gtd. Notes	3.250	01/15/32		55		45,632
Gtd. Notes	5.250	06/01/25		160		158,690
Invitation Homes Operating Partnership LP,
Gtd. Notes	5.450	08/15/30		280		278,809
Kimco Realty OP LLC,
Gtd. Notes	4.600	02/01/33		335		314,004
MPT Operating Partnership LP/MPT Finance Corp.,
Gtd. Notes	5.000	10/15/27		150		122,542
Realty Income Corp.,
Sr. Unsec’d. Notes	2.700	02/15/32		135		110,660
Sr. Unsec’d. Notes	4.700	12/15/28		270		265,459
Sun Communities Operating LP,
Gtd. Notes	2.300	11/01/28		155		134,510
Gtd. Notes	4.200	04/15/32		80		70,997
Gtd. Notes	5.500	01/15/29		265		262,478
Gtd. Notes	5.700	01/15/33		45		44,296

See Notes to Financial Statements.

164

PGIM Total Return Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

CORPORATE BONDS (Continued)

Real Estate Investment Trusts (REITs) (cont’d.)
VICI Properties LP,
Sr. Unsec’d. Notes	4.750%	02/15/28		60	$	58,129
Welltower OP LLC,
Gtd. Notes	4.250	04/15/28		175		169,266


						3,086,710

Retail 0.5%
1011778 BC ULC/New Red Finance, Inc. (Canada),
Sr. Sec’d. Notes, 144A	3.500	02/15/29		25		22,465
Brinker International, Inc.,
Gtd. Notes, 144A	8.250	07/15/30		75		78,628
eG Global Finance PLC (United Kingdom),
Sr. Sec’d. Notes, 144A	11.000	11/30/28	EUR	100		112,735
Sr. Sec’d. Notes, 144A	12.000	11/30/28		200		210,650
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.,
Sr. Sec’d. Notes, 144A	4.625	01/15/29		75		68,093
Gap, Inc. (The),
Gtd. Notes, 144A	3.875	10/01/31		50		40,247
Sally Holdings LLC/Sally Capital, Inc.,
Gtd. Notes	5.625	12/01/25		150		149,965
Gtd. Notes	6.750	03/01/32		40		39,848
Suburban Propane Partners LP/Suburban Energy Finance Corp.,
Sr. Unsec’d. Notes, 144A	5.000	06/01/31		50		45,041


						767,672

Semiconductors 0.1%
Broadcom, Inc.,
Sr. Unsec’d. Notes, 144A	3.137	11/15/35		205		162,479

Software 0.3%
Fiserv, Inc.,
Sr. Unsec’d. Notes	5.375	08/21/28		130		130,802
Sr. Unsec’d. Notes	5.450	03/02/28		140		141,143

See Notes to Financial Statements.

PGIM Fixed Income ETFs 165

PGIM Total Return Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

CORPORATE BONDS (Continued)

Software (cont’d.)
Oracle Corp.,
Sr. Unsec’d. Notes	3.600%	04/01/50		180	$	126,686
Sr. Unsec’d. Notes	5.550	02/06/53		50		47,858


						446,489

Telecommunications 0.7%
AT&T, Inc.,
Sr. Unsec’d. Notes	3.550	09/15/55		275		187,358
Sr. Unsec’d. Notes	5.400	02/15/34		260		260,347
T-Mobile USA, Inc.,
Gtd. Notes	2.550	02/15/31		450		379,193
Gtd. Notes	3.750	04/15/27		45		43,138
Verizon Communications, Inc.,
Sr. Unsec’d. Notes	4.016	12/03/29		235		223,056


						1,093,092

Transportation 0.2%
GN Bondco LLC,
Sr. Sec’d. Notes, 144A	9.500	10/15/31		175		173,235
XPO, Inc.,
Sr. Sec’d. Notes, 144A	6.250	06/01/28		100		100,276


						273,511

Trucking & Leasing 0.2%
Penske Truck Leasing Co. LP/PTL Finance Corp.,
Sr. Unsec’d. Notes, 144A	5.750	05/24/26		300		301,601


TOTAL CORPORATE BONDS (cost $55,544,796)						53,674,543


FLOATING RATE AND OTHER LOANS 0.0%

Media
Diamond Sports Group LLC,
First Lien Term Loan, 1 Month SOFR + 10.100%	13.423(c)	05/25/26		50		48,125

See Notes to Financial Statements.

166

PGIM Total Return Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

Description

Interest
Rate

Maturity
Date

Principal

Amount

(000)#

Value

FLOATING RATE AND OTHER LOANS (Continued)

Media (cont’d.)

Diamond Sports Group LLC, (cont’d.)

Second Lien Term Loan

8.175%

08/24/26(d)

1,354

TOTAL FLOATING RATE AND OTHER LOANS
(cost $49,500)

49,479

MUNICIPAL BONDS 0.1%

Michigan 0.1%

Michigan State University,

Taxable, Revenue Bonds, Series A

4.165

08/15/2122

35,081

University of Michigan,

Taxable, Revenue Bonds, Series A

4.454

04/01/2122

100

85,338

120,419

Minnesota 0.0%

University of Minnesota,

Taxable, Revenue Bonds

4.048

04/01/52

82,747

TOTAL MUNICIPAL BONDS
(cost $240,000)

203,166

RESIDENTIAL MORTGAGE-BACKED SECURITIES 2.7%

Citigroup Mortgage Loan Trust,

Series 2022-A, Class A1, 144A

6.170

09/25/62

89,238

Connecticut Avenue Securities Trust,
Series 2022-R03, Class 1B1, 144A, 30 Day Average SOFR + 6.250% (Cap N/A, Floor 0.000%)

11.572(c)

03/25/42

16,633

Series 2022-R04, Class 1B1, 144A, 30 Day Average SOFR + 5.250% (Cap N/A, Floor 0.000%)

10.572(c)

03/25/42

21,613

Series 2023-R05, Class 1M2, 144A, 30 Day Average SOFR + 3.100% (Cap N/A, Floor 3.100%)

8.421(c)

06/25/43

100

104,753

Series 2023-R06, Class 1M2, 144A, 30 Day Average SOFR + 2.700% (Cap N/A, Floor 0.000%)

8.022(c)

07/25/43

100

103,128

Credit Suisse Mortgage Trust,

Series 2022-RPL04, Class A1, 144A

3.904(cc)

04/25/62

80,228

See Notes to Financial Statements.

PGIM Fixed Income ETFs 167

PGIM Total Return Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

Description

Interest
Rate

Maturity
Date

Principal

Amount

(000)#

Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)

FHLMC Structured Agency Credit Risk REMIC Trust,

Series 2021-DNA01, Class B1, 144A, 30 Day Average SOFR + 2.650% (Cap N/A, Floor 0.000%)

7.972%(c)

01/25/51

500

520,800

Series 2021-DNA06, Class M2, 144A, 30 Day Average SOFR + 1.500% (Cap N/A, Floor 0.000%)

6.822(c)

10/25/41

200

199,500

Series 2022-DNA01, Class M1B, 144A, 30 Day Average SOFR + 1.850% (Cap N/A, Floor 0.000%)

7.172(c)

01/25/42

300

300,931

Series 2022-DNA02, Class M1B, 144A, 30 Day Average SOFR + 2.400% (Cap N/A, Floor 0.000%)

7.722(c)

02/25/42

100

102,084

Series 2022-DNA03, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 0.000%)

8.222(c)

04/25/42

310

320,820

Series 2022-DNA06, Class M1B, 144A, 30 Day Average SOFR + 3.700% (Cap N/A, Floor 0.000%)

9.022(c)

09/25/42

600

637,008

PMT Credit Risk Transfer Trust,

Series 2019-02R, Class A, 144A, 1 Month SOFR + 3.864% (Cap N/A, Floor 2.750%)

9.193(c)

05/30/25

249

248,800

Series 2023-01R, Class A, 144A, 30 Day Average SOFR + 4.400% (Cap N/A, Floor 0.000%)

9.721(c)

03/27/25

182

184,408

Series 2024-01R, Class A, 144A, 30 Day Average SOFR + 3.500% (Cap N/A, Floor 0.000%)

8.810(c)

05/25/33

800

800,000

Radnor Re Ltd.,

Series 2023-01, Class M1A, 144A, 30 Day Average SOFR + 2.700% (Cap N/A, Floor 2.700%)

8.022(c)

07/25/33

150

151,308

Towd Point Mortgage Trust,

Series 2024-CES02, Class A1A, 144A

6.125(cc)

02/25/64

100

100,151

TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES
(cost $3,832,964)

3,981,403

SOVEREIGN BONDS 0.9%

Brazil Minas SPE via State of Minas Gerais (Brazil),
Gov’t. Gtd. Notes

5.333

02/15/28

78,742

Dominican Republic International Bond (Dominican Republic),

Sr. Unsec’d. Notes, 144A

5.500

02/22/29

150

145,090

See Notes to Financial Statements.

168

PGIM Total Return Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

SOVEREIGN BONDS (Continued)
Dominican Republic International Bond (Dominican Republic), (cont’d.)
Sr. Unsec’d. Notes, 144A	6.875%	01/29/26		100	$	101,063
Indonesia Government International Bond (Indonesia),
Sr. Unsec’d. Notes	0.900	02/14/27	EUR	150		149,282
Sr. Unsec’d. Notes	1.100	03/12/33	EUR	100		85,490
Romanian Government International Bond (Romania),
Sr. Unsec’d. Notes, EMTN	1.750	07/13/30	EUR	160		140,326
Serbia International Bond (Serbia),
Sr. Unsec’d. Notes	3.125	05/15/27	EUR	300		311,076
Sr. Unsec’d. Notes, 144A	6.250	05/26/28		200		203,126
Ukraine Government International Bond (Ukraine),
Sr. Unsec’d. Notes	7.750	09/01/26(d)		100		29,995


TOTAL SOVEREIGN BONDS (cost $1,380,044)						1,244,190


U.S. GOVERNMENT AGENCY OBLIGATIONS 16.1%
Federal Home Loan Mortgage Corp.	2.000	11/01/50		510		403,650
Federal Home Loan Mortgage Corp.	2.000	03/01/51		511		402,866
Federal Home Loan Mortgage Corp.	2.000	05/01/51		500		394,672
Federal Home Loan Mortgage Corp.	2.500	03/01/51		556		460,310
Federal Home Loan Mortgage Corp.	2.500	04/01/51		463		383,009
Federal Home Loan Mortgage Corp.	3.000	01/01/52		441		380,390
Federal Home Loan Mortgage Corp.	3.000	02/01/52		436		372,932
Federal Home Loan Mortgage Corp.	3.000	03/01/52		202		175,104
Federal Home Loan Mortgage Corp.	3.500	08/01/43		449		410,709
Federal Home Loan Mortgage Corp.	5.000	09/01/52		274		265,845
Federal Home Loan Mortgage Corp.	6.000	08/01/52		112		112,213
Federal National Mortgage Assoc.	1.500	05/01/36		739		639,583
Federal National Mortgage Assoc.	1.500	02/01/51		738		553,282
Federal National Mortgage Assoc.	2.000	TBA		500		393,379
Federal National Mortgage Assoc.	2.000	11/01/50		892		704,060
Federal National Mortgage Assoc.	2.500	TBA		500		411,243
Federal National Mortgage Assoc.	2.500	12/01/49		350		290,494
Federal National Mortgage Assoc.	2.500	02/01/50		144		119,510
Federal National Mortgage Assoc.	2.500	07/01/51		744		614,032
Federal National Mortgage Assoc.(tt)	3.000	TBA		500		427,608
Federal National Mortgage Assoc.	3.000	12/01/51		426		366,156
Federal National Mortgage Assoc.	3.000	01/01/52		205		176,164
Federal National Mortgage Assoc.	3.000	02/01/52		988		846,657

See Notes to Financial Statements.

PGIM Fixed Income ETFs 169

PGIM Total Return Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)
Federal National Mortgage Assoc.	3.000%	03/01/52		963	$	825,366
Federal National Mortgage Assoc.	3.500	TBA		500		445,093
Federal National Mortgage Assoc.	3.500	02/01/52		834		745,783
Federal National Mortgage Assoc.	4.000	05/01/52		1,549		1,426,289
Federal National Mortgage Assoc.	4.500	TBA		500		473,459
Federal National Mortgage Assoc.	4.500	06/01/52		1,370		1,297,574
Federal National Mortgage Assoc.	4.500	09/01/52		960		908,784
Federal National Mortgage Assoc.	5.000	TBA		750		727,412
Federal National Mortgage Assoc.	5.000	06/01/52		215		208,392
Federal National Mortgage Assoc.	5.000	07/01/52		686		665,977
Federal National Mortgage Assoc.	5.000	09/01/52		142		137,546
Federal National Mortgage Assoc.(tt)	5.500	TBA		1,000		989,173
Federal National Mortgage Assoc.	5.500	11/01/52		1,395		1,384,504
Federal National Mortgage Assoc.	6.000	11/01/52		96		97,076
Federal National Mortgage Assoc.	6.000	12/01/52		398		401,079
Federal National Mortgage Assoc.	6.500	06/01/53		102		103,623
Government National Mortgage Assoc.	2.500	09/20/51		959		812,328
Government National Mortgage Assoc.	3.000	08/20/51		1,123		984,807
Government National Mortgage Assoc.	3.500	08/20/50		178		162,793
Government National Mortgage Assoc.	3.500	12/20/51		440		399,074
Government National Mortgage Assoc.	3.500	03/20/52		444		401,275
Government National Mortgage Assoc.	5.000	09/20/52		479		467,907
Government National Mortgage Assoc.	5.500	09/20/52		218		216,450


TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (cost $24,228,918)						23,585,632


U.S. TREASURY OBLIGATIONS 8.8%
U.S. Treasury Bonds(k)	2.000	11/15/41		3,460		2,394,969
U.S. Treasury Bonds	2.250	05/15/41		890		649,839
U.S. Treasury Bonds(h)	2.375	02/15/42		3,745		2,753,160
U.S. Treasury Bonds	2.375	05/15/51		525		354,457
U.S. Treasury Bonds	3.375	11/15/48		1,400		1,162,875
U.S. Treasury Bonds	4.000	11/15/52		1,110		1,039,758
U.S. Treasury Bonds	4.125	08/15/53		375		359,297
U.S. Treasury Bonds	4.750	11/15/53		390		415,228
U.S. Treasury Notes	3.875	12/31/29		1,145		1,121,474
U.S. Treasury Notes	4.625	09/30/30		420		428,269
U.S. Treasury Strips Coupon(k)	2.490(s)	11/15/41		1,925		839,180
U.S. Treasury Strips Coupon	4.686(s)	02/15/41		730		330,468
U.S. Treasury Strips Coupon	4.740(s)	08/15/40		75		34,854
U.S. Treasury Strips Coupon	4.871(s)	02/15/42		20		8,606

See Notes to Financial Statements.

170

PGIM Total Return Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

U.S. TREASURY OBLIGATIONS (Continued)
U.S. Treasury Strips Coupon(k)	5.349%(s)	05/15/40		2,080	$	980,931


TOTAL U.S. TREASURY OBLIGATIONS (cost $14,296,104)						12,873,365


TOTAL LONG-TERM INVESTMENTS (cost $148,711,261)						144,926,866


			Shares

SHORT-TERM INVESTMENT 4.3%

AFFILIATED MUTUAL FUND
PGIM Core Government Money Market Fund (7-day effective yield 5.545%) (cost $6,273,632)(wb)				6,273,632		6,273,632


TOTAL INVESTMENTS 103.1% (cost $154,984,893)						151,200,498
Liabilities in excess of other assets(z) (3.1)%						(4,563,895	)


NET ASSETS 100.0%					$	146,636,603

See the Glossary for a list of the abbreviation(s) used in the semiannual 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 February 29, 2024.

(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 $40,688. The aggregate value of $13,348 is 0.0% 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.

(h)	Represents security, or a portion thereof, segregated as collateral for OTC derivatives.

(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.

(tt)	All or partial principal amount represents “TBA” mortgage dollar rolls. The aggregate mortgage dollar roll principal amount of $1,500,000 is 1.0% of net assets.

(wb)	Represents an investment in a Fund affiliated with the Manager.

See Notes to Financial Statements.

PGIM Fixed Income ETFs 171

PGIM Total Return Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

(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 February 29, 2024:


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

Long Positions:
29	3 Month CME SOFR		Mar. 2024	$	6,861,944		$	5,819
18	3 Month CME SOFR		Jun. 2024		4,260,825			1,475
11	3 Month CME SOFR		Sep. 2024		2,609,475			2,251
102	2 Year U.S. Treasury Notes		Jun. 2024		20,884,500			(7,649	)
36	5 Year U.S. Treasury Notes		Jun. 2024		3,848,625			1,911
70	10 Year U.S. Treasury Notes		Jun. 2024		7,730,625			9,078
2	10 Year U.S. Ultra Treasury Notes		Jun. 2024		228,344			1,074
18	20 Year U.S. Treasury Bonds		Jun. 2024		2,146,500			16,389
37	30 Year U.S. Ultra Treasury Bonds		Jun. 2024		4,731,375			55,769

								86,117


Short Positions:
4	5 Year Euro-Bobl		Mar. 2024		502,442			4,739
3	10 Year Euro-Bund		Mar. 2024		430,105			2,581

								7,320

							$	93,437

Forward foreign currency exchange contracts outstanding at February 29, 2024:


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

OTC Forward Foreign Currency Exchange Contracts:
Brazilian Real,
Expiring 04/02/24	CITI	BRL	219	$	44,000	$	43,968		$	—		$	(32	)
Expiring 04/02/24	DB	BRL	1,406		284,025		281,922			—			(2,103	)
Expiring 04/02/24	TD	BRL	361		72,000		72,440			440			—
Chinese Renminbi,
Expiring 04/24/24	CITI	CNH	1,106		155,000		154,088			—			(912	)
Expiring 04/24/24	JPM	CNH	1,143		159,000		159,113			113			—
Colombian Peso,
Expiring 03/20/24	CITI	COP	117,606		29,172		29,859			687			—
Expiring 03/20/24	GSI	COP	154,002		37,736		39,098			1,362			—
Expiring 03/20/24	GSI	COP	152,779		37,692		38,788			1,096			—
Czech Koruna,
Expiring 04/19/24	MSI	CZK	689		30,205		29,363			—			(842	)

See Notes to Financial Statements.

172

PGIM Total Return Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

Forward foreign currency exchange contracts outstanding at February 29, 2024 (continued):


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

OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Euro,
Expiring 04/19/24	SSB	EUR	254	$	276,469	$	275,614		$	—		$	(855	)
Indian Rupee,
Expiring 03/20/24	CITI	INR	12,494		150,000		150,545			545			—
Expiring 03/20/24	CITI	INR	12,356		147,681		148,889			1,208			—
Expiring 03/20/24	CITI	INR	12,356		147,701		148,889			1,188			—
Expiring 03/20/24	MSI	INR	20,897		251,000		251,799			799			—
Indonesian Rupiah,
Expiring 03/20/24	BOA	IDR	1,719,455		110,523		109,377			—			(1,146	)
Expiring 03/20/24	BOA	IDR	1,686,082		107,730		107,253			—			(477	)
Expiring 03/20/24	CITI	IDR	2,107,150		134,000		134,038			38			—
Expiring 03/20/24	CITI	IDR	1,897,038		121,000		120,672			—			(328	)
Expiring 03/20/24	CITI	IDR	1,842,570		118,000		117,208			—			(792	)
Expiring 03/20/24	JPM	IDR	1,851,045		119,000		117,747			—			(1,253	)
Expiring 03/20/24	JPM	IDR	764,169		49,000		48,610			—			(390	)
Israeli Shekel,
Expiring 03/20/24	BOA	ILS	400		108,330		112,085			3,755			—
Expiring 03/20/24	CITI	ILS	359		97,000		100,586			3,586			—
Expiring 03/20/24	GSI	ILS	19		5,238		5,339			101			—
Japanese Yen,
Expiring 04/19/24	BOA	JPY	13,098		91,757		88,090			—			(3,667	)
Mexican Peso,
Expiring 03/20/24	BOA	MXN	1,783		104,000		104,280			280			—
Expiring 03/20/24	DB	MXN	682		38,980		39,871			891			—
Expiring 03/20/24	GSI	MXN	1,789		102,000		104,638			2,638			—
Expiring 03/20/24	JPM	MXN	1,553		90,000		90,794			794			—
Expiring 03/20/24	JPM	MXN	1,448		85,000		84,669			—			(331	)
Expiring 03/20/24	MSI	MXN	761		44,000		44,474			474			—
Expiring 03/20/24	TD	MXN	1,390		79,000		81,306			2,306			—
New Taiwanese Dollar,
Expiring 03/20/24	CITI	TWD	7,368		234,000		233,074			—			(926	)
Expiring 03/20/24	CITI	TWD	6,665		211,000		210,845			—			(155	)
Expiring 03/20/24	GSI	TWD	4,517		143,000		142,885			—			(115	)
Peruvian Nuevo Sol,
Expiring 03/20/24	BNP	PEN	278		73,435		73,472			37			—
Expiring 03/20/24	BNP	PEN	51		13,617		13,515			—			(102	)
Expiring 03/20/24	CITI	PEN	143		37,400		37,736			336			—
Expiring 03/20/24	MSI	PEN	177		46,893		46,748			—			(145	)
Philippine Peso,
Expiring 03/20/24	BOA	PHP	7,673		137,000		136,564			—			(436	)

See Notes to Financial Statements.

PGIM Fixed Income ETFs 173

PGIM Total Return Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

Forward foreign currency exchange contracts outstanding at February 29, 2024 (continued):


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

OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Philippine Peso (cont’d.),
Expiring 03/20/24	BOA	PHP	7,493	$	134,000	$	133,357		$	—		$	(643	)
Expiring 03/20/24	CITI	PHP	9,468		168,000		168,512			512			—
Expiring 03/20/24	CITI	PHP	8,385		149,000		149,234			234			—
Expiring 03/20/24	CITI	PHP	7,535		135,000		134,102			—			(898	)
Expiring 03/20/24	CITI	PHP	7,287		130,000		129,679			—			(321	)
Expiring 03/20/24	JPM	PHP	9,218		165,000		164,050			—			(950	)
Expiring 03/20/24	JPM	PHP	7,506		135,000		133,594			—			(1,406	)
Expiring 03/20/24	MSI	PHP	13,186		235,000		234,671			—			(329	)
Expiring 03/20/24	MSI	PHP	8,309		148,000		147,872			—			(128	)
Polish Zloty,
Expiring 04/19/24	GSI	PLN	238		58,795		59,648			853			—
Expiring 04/19/24	JPM	PLN	138		34,205		34,640			435			—
Singapore Dollar,
Expiring 03/20/24	CITI	SGD	114		86,000		84,649			—			(1,351	)
Expiring 03/20/24	CITI	SGD	107		81,000		79,935			—			(1,065	)
Expiring 03/20/24	CITI	SGD	54		40,000		39,849			—			(151	)
Expiring 03/20/24	JPM	SGD	364		271,000		270,495			—			(505	)
Expiring 03/20/24	MSI	SGD	91		69,000		68,056			—			(944	)
Expiring 03/20/24	SSB	SGD	222		165,000		164,812			—			(188	)
Expiring 03/20/24	SSB	SGD	48		36,000		36,002			2			—
South African Rand,
Expiring 03/20/24	CITI	ZAR	4,543		241,000		236,454			—			(4,546	)
Expiring 03/20/24	SSB	ZAR	1,256		67,000		65,390			—			(1,610	)
Expiring 03/20/24	TD	ZAR	5,177		276,707		269,441			—			(7,266	)
South Korean Won,
Expiring 03/20/24	BOA	KRW	158,258		119,000		118,771			—			(229	)
Expiring 03/20/24	CITI	KRW	136,630		103,000		102,539			—			(461	)
Expiring 03/20/24	SSB	KRW	110,343		84,000		82,811			—			(1,189	)
Thai Baht,
Expiring 03/20/24	CITI	THB	3,808		112,000		106,352			—			(5,648	)
Expiring 03/20/24	CITI	THB	3,501		101,000		97,766			—			(3,234	)
Expiring 03/20/24	GSI	THB	3,923		110,000		109,568			—			(432	)
Expiring 03/20/24	MSI	THB	3,628		105,000		101,319			—			(3,681	)
Turkish Lira,
Expiring 03/20/24	BNP	TRY	1,354		43,000		42,346			—			(654	)
Expiring 03/20/24	BNP	TRY	1,119		35,000		34,997			—			(3	)

				$	7,959,291	$	7,931,162			24,710			(52,839	)

See Notes to Financial Statements.

174

PGIM Total Return Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

Forward foreign currency exchange contracts outstanding at February 29, 2024 (continued):


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 04/19/24	DB	GBP	419	$	533,210	$	528,778		$	4,432		$	—
Expiring 04/19/24	JPM	GBP	11		14,000		13,950			50			—
Chilean Peso,
Expiring 03/20/24	CITI	CLP	109,441		113,000		113,166			—			(166	)
Expiring 03/20/24	CITI	CLP	95,157		97,000		98,396			—			(1,396	)
Expiring 03/20/24	DB	CLP	109,027		113,000		112,738			262			—
Chinese Renminbi,
Expiring 04/24/24	MSI	CNH	7,504		1,050,762		1,044,990			5,772			—
Colombian Peso,
Expiring 03/20/24	SSB	COP	405,756		102,000		103,015			—			(1,015	)
Czech Koruna,
Expiring 04/19/24	BNP	CZK	2,625		112,000		111,901			99			—
Expiring 04/19/24	BNP	CZK	2,191		94,000		93,408			592			—
Expiring 04/19/24	BOA	CZK	2,491		109,000		106,219			2,781			—
Expiring 04/19/24	BOA	CZK	2,275		96,000		96,984			—			(984	)
Expiring 04/19/24	CITI	CZK	2,226		97,000		94,915			2,085			—
Expiring 04/19/24	GSI	CZK	2,714		116,000		115,716			284			—
Expiring 04/19/24	GSI	CZK	1,413		59,568		60,229			—			(661	)
Expiring 04/19/24	JPM	CZK	1,004		42,432		42,790			—			(358	)
Expiring 04/19/24	MSI	CZK	2,679		114,000		114,230			—			(230	)
Euro,
Expiring 04/19/24	BOA	EUR	1,006		1,098,298		1,089,463			8,835			—
Expiring 04/19/24	CITI	EUR	80		85,836		86,649			—			(813	)
Expiring 04/19/24	CITI	EUR	41		44,589		44,407			182			—
Expiring 04/19/24	CITI	EUR	40		43,000		42,847			153			—
Expiring 04/19/24	CITI	EUR	39		43,000		42,646			354			—
Expiring 04/19/24	CITI	EUR	38		42,000		41,258			742			—
Expiring 04/19/24	DB	EUR	175		189,794		189,544			250			—
Expiring 04/19/24	MSI	EUR	1,118		1,215,357		1,211,349			4,008			—
Expiring 04/19/24	MSI	EUR	744		800,436		806,090			—			(5,654	)
Expiring 04/19/24	SSB	EUR	1,627		1,788,419		1,762,685			25,734			—
Expiring 04/19/24	SSB	EUR	1,155		1,257,311		1,251,509			5,802			—
Expiring 04/19/24	TD	EUR	1,509		1,647,648		1,634,196			13,452			—
Hungarian Forint,
Expiring 04/19/24	BOA	HUF	55,866		158,882		153,184			5,698			—
Expiring 04/19/24	CITI	HUF	29,037		81,000		79,618			1,382			—
Expiring 04/19/24	GSI	HUF	102,934		295,839		282,244			13,595			—
Expiring 04/19/24	JPM	HUF	30,660		85,000		84,070			930			—

See Notes to Financial Statements.

PGIM Fixed Income ETFs 175

PGIM Total Return Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

Forward foreign currency exchange contracts outstanding at February 29, 2024 (continued):


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

OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Indonesian Rupiah,
Expiring 03/20/24	GSI		IDR	439,180	$	28,000	$	27,937		$	63		$	—
Expiring 03/20/24	JPM		IDR	1,784,328		114,000		113,503			497			—
Israeli Shekel,
Expiring 03/20/24	CITI		ILS	489		134,000		137,000			—			(3,000	)
Expiring 03/20/24	CITI		ILS	289		78,389		81,010			—			(2,621	)
Mexican Peso,
Expiring 03/20/24	TD		MXN	744		43,000		43,513			—			(513	)
New Taiwanese Dollar,
Expiring 03/20/24	CITI		TWD	12,931		421,000		409,039			11,961			—
Expiring 03/20/24	JPM		TWD	31,709		1,034,944		1,003,019			31,925			—
Expiring 03/20/24	MSI		TWD	8,889		290,000		281,164			8,836			—
Peruvian Nuevo Sol,
Expiring 03/20/24	BOA		PEN	590		155,092		156,036			—			(944	)
Expiring 03/20/24	CITI		PEN	354		91,793		93,636			—			(1,843	)
Expiring 03/20/24	CITI		PEN	265		70,876		70,125			751			—
Expiring 03/20/24	MSI		PEN	782		206,873		206,611			262			—
Expiring 06/20/24	BNP		PEN	278		73,406		73,428			—			(22	)
Philippine Peso,
Expiring 03/20/24	CITI		PHP	9,433		168,000		167,884			116			—
Expiring 03/20/24	CITI		PHP	4,432		79,881		78,879			1,002			—
Expiring 03/20/24	SSB	��	PHP	9,639		172,300		171,544			756			—
Expiring 03/20/24	SSB		PHP	7,034		126,573		125,193			1,380			—
Polish Zloty,
Expiring 04/19/24	CITI		PLN	168		41,661		42,134			—			(473	)
Expiring 04/19/24	CITI		PLN	139		34,397		34,817			—			(420	)
Expiring 04/19/24	GSI		PLN	318		78,603		79,682			—			(1,079	)
Singapore Dollar,
Expiring 03/20/24	BOA		SGD	207		155,000		154,338			662			—
Expiring 03/20/24	CITI		SGD	276		206,572		205,304			1,268			—
Expiring 03/20/24	CITI		SGD	234		176,000		173,938			2,062			—
Expiring 03/20/24	CITI		SGD	218		162,000		161,877			123			—
Expiring 03/20/24	MSI		SGD	58		43,000		43,135			—			(135	)
Expiring 03/20/24	SSB		SGD	116		87,000		86,595			405			—
South African Rand,
Expiring 03/20/24	GSI		ZAR	822		43,000		42,780			220			—
South Korean Won,
Expiring 03/20/24	BNP		KRW	298,227		227,440		223,815			3,625			—
Expiring 03/20/24	BOA		KRW	126,124		96,000		94,654			1,346			—
Expiring 03/20/24	CITI		KRW	138,694		104,000		104,088			—			(88	)

See Notes to Financial Statements.

176

PGIM Total Return Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

Forward foreign currency exchange contracts outstanding at February 29, 2024 (continued):


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

OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Thai Baht,
Expiring 03/20/24	CITI	THB	3,426	$	98,000	$	95,675		$	2,325		$	—
Expiring 03/20/24	CITI	THB	3,131		88,000		87,448			552			—
Expiring 03/20/24	GSI	THB	2,938		84,000		82,049			1,951			—
Expiring 03/20/24	JPM	THB	4,833		137,000		134,973			2,027			—
Expiring 03/20/24	MSI	THB	3,110		86,000		86,856			—			(856	)
Expiring 03/20/24	MSI	THB	1,563		43,968		43,647			321			—

				$	17,019,149	$	16,870,510			171,910			(23,271	)


									$	196,620		$	(76,110	)

Cross currency exchange contracts outstanding at February 29, 2024:


Settlement	Type		Notional Amount (000)			In Exchange For (000)			Unrealized Appreciation			Unrealized Depreciation			Counterparty
OTC Cross Currency Exchange Contracts:
04/19/24		Buy		EUR	54		HUF	20,969		$	990		$	—		TD
04/19/24		Buy		PLN	178		EUR	41			113			—		BOA
04/19/24		Buy		PLN	410		EUR	94			842			—		BOA

										$	1,945		$	—

Credit default swap agreement outstanding at February 29, 2024:


Reference Entity/ Obligation	Termination Date	Fixed Rate	Notional Amount (000)#(3)		Implied Credit Spread at February 29, 2024(4)		Value at Trade Date			Value at February 29, 2024		Unrealized Appreciation (Depreciation)
Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):
CDX.NA.HY.41.V2	12/20/28	5.000%(Q)		4,811		3.383%		$	32,285	$	353,424	$	321,139

(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.

PGIM Fixed Income ETFs 177

PGIM Total Return Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

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)

Interest rate swap agreements outstanding at February 29, 2024:


Notional Amount (000)#		Termination Date	Fixed Rate	Floating Rate	Value at Trade Date				Value at February 29, 2024				Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements:
GBP	140	05/08/27	1.050%(A)	1 Day SONIA(1)(A)/ 5.189%		$	(997	)		$	22,471			$	23,468
GBP	120	05/08/32	1.150%(A)	1 Day SONIA(1)(A)/ 5.189%			6,474				33,036				26,562
	9,300	08/31/24	5.384%(T)	1 Day SOFR(2)(T)/ 5.320%			—				(2,106	)			(2,106	)
	1,272	03/08/25	4.946%(A)	1 Day SOFR(2)(A)/ 5.320%			—				(4,268	)			(4,268	)
	1,696	03/09/25	5.110%(A)	1 Day SOFR(2)(A)/ 5.320%			—				(203	)			(203	)

See Notes to Financial Statements.

178

PGIM Total Return Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024


Notional Amount (000)#			Termination Date	Fixed Rate	Floating Rate	Value at Trade Date			Value at February 29, 2024				Unrealized Appreciation (Depreciation)
	Centrally Cleared Interest Rate Swap Agreements (cont’d.):
		3,000	08/31/25	4.805%(A)	1 Day SOFR(1)(A)/ 5.320%		$	—		$	9,322			$	9,322
		730	09/25/26	4.699%(A)	1 Day SOFR(1)(A)/ 5.320%			115			(3,411	)			(3,526	)

							$	5,592		$	54,841			$	49,249

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

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

Total return swap agreements outstanding at February 29, 2024:


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 Agreements:
Total Return Benchmark Bond Index(T)††		1 Day USOIS -54bps(T)/ 4.790%		JPM		03/20/24		(1,657	)	$	(70,307	)		$	—			$	(70,307	)
U.S. Treasury Bond(T)		1 Day USOIS +20bps(T)/ 5.530%		JPM		08/05/24		1,120			(37,258	)			(13,581	)			(23,677	)
U.S. Treasury Bond(T)		1 Day USOIS +20bps(T)/ 5.530%		JPM		08/13/24		2,270			(2,452	)			(14,250	)			11,798

										$	(110,017	)		$	(27,831	)		$	(82,186	)

(1)

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

††	See the table below for the swap constituents. To the extent that any swap is composed of greater than 50 constituents, the Fund is only required to disclose the top 50.

The following table represents the top 50 individual positions and related values of underlying securities of Total Return Benchmark Bond Index total return swap with JPM, as of February 29, 2024, termination date 03/20/2024:

Corporate Bond:


Reference Entity	Shares		Market Value		% of Total Index Value

Sysco Corp.		4,000,000	$	4,625,268	1.57%

See Notes to Financial Statements.

PGIM Fixed Income ETFs 179

PGIM Total Return Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

Corporate Bond (continued):


Reference Entity	Shares		Market Value		% of Total Index Value

Morgan Stanley		4,000,000	$	4,235,039	1.43%
United Parcel Service, Inc.		4,000,000		4,098,045	1.39%
Dell International LLC/EMC Corp.		4,000,000		4,028,367	1.36%
Northrop Grumman Corp.		4,000,000		3,929,572	1.33%
Telefonica Emisiones, S.A.U.		4,000,000		3,840,617	1.30%
FedEx Corp.		4,000,000		3,835,161	1.30%
Keurig Dr Pepper, Inc.		4,000,000		3,801,626	1.29%
Wells Fargo & Co.		4,000,000		3,780,793	1.28%
Conagra Brands, Inc.		4,000,000		3,762,346	1.27%
TransCanada PipeLines Ltd.		4,000,000		3,756,795	1.27%
The Walt Disney Co.		4,000,000		3,740,877	1.27%
Fox Corp.		4,000,000		3,678,843	1.25%
Cigna Corp.		4,000,000		3,633,810	1.23%
Intel Corp.		4,000,000		3,633,598	1.23%
HCA, Inc.		4,000,000		3,626,468	1.23%
ExxonMobil Corp.		4,000,000		3,562,618	1.21%
T-Mobile USA, Inc.		4,000,000		3,448,252	1.17%
Bristol-Myers Squibb Co.		4,000,000		3,447,735	1.17%
Eli Lilly and Co.		4,000,000		3,426,053	1.16%
Fiserv, Inc.		4,000,000		3,373,709	1.14%
Mastercard, Inc.		4,000,000		3,367,966	1.14%
McDonald’s Corp.		4,000,000		3,364,547	1.14%
Johnson & Johnson		4,000,000		3,361,990	1.14%
Thermo Fisher Scientific, Inc.		4,000,000		3,354,901	1.14%
Deere & Co.		4,000,000		3,330,365	1.13%
Progressive Corp.		4,000,000		3,323,577	1.13%
Enterprise Products Operating LLC		4,000,000		3,315,927	1.12%
Bank of America Corp.		4,000,000		3,302,437	1.12%
Vodafone Group PLC		4,000,000		3,227,469	1.09%
NVIDIA Corp.		4,000,000		3,191,392	1.08%
Union Electric Co.		4,000,000		3,177,369	1.08%
Equinor ASA		4,000,000		3,174,572	1.08%
Humana, Inc.		4,000,000		3,132,574	1.06%
Becton, Dickinson & Co.		4,000,000		3,132,244	1.06%
Dollar General Corp.		4,000,000		3,122,932	1.06%
Nike, Inc.		4,000,000		3,089,750	1.05%
Global Payments, Inc.		4,000,000		3,056,911	1.04%
Oracle Corp.		4,000,000		3,048,916	1.03%
Caterpillar, Inc.		4,000,000		3,007,478	1.02%
Carrier Global Corp.		4,000,000		3,004,825	1.02%
Suncor Energy, Inc.		4,000,000		2,975,120	1.01%
Walgreens Boots Alliance, Inc.		4,000,000		2,971,616	1.01%

See Notes to Financial Statements.

180

PGIM Total Return Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

Corporate Bond (continued):


Reference Entity	Shares		Market Value		% of Total Index Value

Verizon Communications, Inc.		4,000,000	$	2,966,490	1.00%
Starbucks Corp.		4,000,000		2,961,061	1.00%
Dow Chemical Co.		4,000,000		2,951,453	1.00%
Southern California Edison Co.		4,000,000		2,937,387	0.99%
eBay, Inc.		4,000,000		2,936,868	0.99%
Paramount Global		4,000,000		2,920,287	0.99%
Rogers Communications, Inc.		4,000,000		2,916,623	0.99%


			$	169,890,639

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


	Premiums Paid	Premiums Received	Unrealized Appreciation	Unrealized Depreciation

OTC Swap Agreements	$—	$(27,831)	$11,798	$(93,984)

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


Broker	Cash and/or Foreign Currency			Securities Market Value
CGM		$	—		$	874,299
JPS			—			802,938


Total		$	—		$	1,677,237

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 181

PGIM Total Return Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

The following is a summary of the inputs used as of February 29, 2024 in valuing such portfolio securities:


	Level 1			Level 2			Level 3
Investments in Securities
Assets
Long-Term Investments
Asset-Backed Securities
Automobiles	$	—		$	795,069			$—
Collateralized Loan Obligations		—			30,478,300			—
Consumer Loans		—			776,658			—
Home Equity Loans		—			304,865			—
Other		—			199,956			—
Commercial Mortgage-Backed Securities		—			16,760,240			—
Corporate Bonds		—			53,674,543			—
Floating Rate and Other Loans		—			49,479			—
Municipal Bonds		—			203,166			—
Residential Mortgage-Backed Securities		—			3,981,403			—
Sovereign Bonds		—			1,244,190			—
U.S. Government Agency Obligations		—			23,585,632			—
U.S. Treasury Obligations		—			12,873,365			—
Short-Term Investment
Affiliated Mutual Fund		6,273,632			—			—


Total	$	6,273,632		$	144,926,866			$—


Other Financial Instruments*
Assets
Futures Contracts	$	101,086		$	—			$—
OTC Forward Foreign Currency Exchange Contracts		—			196,620			—
OTC Cross Currency Exchange Contracts		—			1,945			—
Centrally Cleared Credit Default Swap Agreement		—			321,139			—
Centrally Cleared Interest Rate Swap Agreements		—			59,352			—


Total	$	101,086		$	579,056			$—


Liabilities
Futures Contracts	$	(7,649	)	$	—			$—
OTC Forward Foreign Currency Exchange Contracts		—			(76,110	)		—
Centrally Cleared Interest Rate Swap Agreements		—			(10,103	)		—
OTC Total Return Swap Agreements		—			(110,017	)		—


Total	$	(7,649	)	$	(196,230	)		$—

See Notes to Financial Statements.

182

PGIM Total Return Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of February 29, 2024 were as follows:


Collateralized Loan Obligations	20.8	%
U.S. Government Agency Obligations	16.1
Commercial Mortgage-Backed Securities	11.4
U.S. Treasury Obligations	8.8
Banks	8.3
Affiliated Mutual Fund	4.3
Pipelines	3.2
Oil & Gas	3.1
Residential Mortgage-Backed Securities	2.7
Real Estate Investment Trusts (REITs)	2.1
Auto Manufacturers	1.6
Electric	1.4
Agriculture	1.3
Media	1.3
Pharmaceuticals	0.9
Insurance	0.9
Healthcare-Services	0.9
Sovereign Bonds	0.9
Commercial Services	0.8
Telecommunications	0.7
Mining	0.7
Entertainment	0.7
Foods	0.6
Aerospace & Defense	0.6
Computers	0.6
Diversified Financial Services	0.6
Lodging	0.6
Automobiles	0.6
Airlines	0.5
Consumer Loans	0.5
Retail	0.5
Building Materials	0.5
Chemicals	0.5
Engineering & Construction	0.4


Home Builders	0.4	%
Packaging & Containers	0.3
Software	0.3
Leisure Time	0.3
Machinery-Diversified	0.3
Home Equity Loans	0.2
Trucking & Leasing	0.2
Biotechnology	0.2
Transportation	0.2
Healthcare-Products	0.2
Municipal Bonds	0.1
Other	0.1
Semiconductors	0.1
Iron/Steel	0.1
Auto Parts & Equipment	0.1
Office/Business Equipment	0.1
Internet	0.1
Housewares	0.1
Miscellaneous Manufacturing	0.1
Distribution/Wholesale	0.1
Apparel	0.1
Gas	0.0	*
Electronics	0.0	*
Real Estate	0.0	*
Beverages	0.0	*
Environmental Control	0.0	*

	103.1
Liabilities in excess of other assets	(3.1	)


	100.0	%

*	Less than 0.05%

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

See Notes to Financial Statements.

PGIM Fixed Income ETFs 183

PGIM Total Return Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

Operations is presented in the summary below.

Fair values of derivative instruments as of February 29, 2024 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	$	321,139	*	—	$	—

Foreign exchange contracts	Unrealized appreciation on OTC cross currency exchange contracts		1,945		—		—
Foreign exchange contracts	Unrealized appreciation on OTC forward foreign currency exchange contracts		196,620		Unrealized depreciation on OTC forward foreign currency exchange contracts		76,110
Interest rate contracts	Due from/to broker-variation margin futures		101,086	*	Due from/to broker-variation margin futures		7,649	*
Interest rate contracts	Due from/to broker-variation margin swaps		59,352	*	Due from/to broker-variation margin swaps		10,103	*
Interest rate contracts	—		—		Premiums received for OTC swap agreements		27,831
Interest rate contracts	Unrealized appreciation on OTC swap agreements		11,798		Unrealized depreciation on OTC swap agreements		93,984

		$	691,940			$	215,677

*	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.

184

PGIM Total Return Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

The effects of derivative instruments on the Statement of Operations for the six months ended February 29, 2024 are as follows:

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


Derivatives not accounted for as hedging instruments, carried at fair value	Options Purchased(1)				Options Written			Futures				Forward & Cross Currency Exchange Contracts			Swaps

Credit contracts		$	—			$	—		$	—			$	—		$	79,937
Foreign exchange contracts			—				—			—				137,533			—
Interest rate contracts			(425	)			155			(336,223	)			—			31,538


Total		$	(425	)		$	155		$	(336,223	)		$	137,533		$	111,475

(1)	Included in net change in unrealized appreciation (depreciation) on investments in the Statement of Operations.


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

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

Credit contracts	$	—		$	—	$	282,781
Foreign exchange contracts		—			9,150		—
Interest rate contracts		(59,956	)		—		(144,903	)


Total	$	(59,956	)	$	9,150	$	137,878

For the six months ended February 29, 2024, the Fund’s average volume of derivative activities is as follows:



Derivative Contract Type	Average Volume of Derivative Activities*

Options Purchased (1)		$ 142

Options Written (2)		258,333

Futures Contracts - Long Positions (2)		46,349,248

Futures Contracts - Short Positions (2)		1,700,168

Forward Foreign Currency Exchange Contracts - Purchased (3)		6,430,162

Forward Foreign Currency Exchange Contracts - Sold (3)		14,625,463

Cross Currency Exchange Contracts (4)		174,382

Interest Rate Swap Agreements (2)		16,681,601

Credit Default Swap Agreements - Sell Protection (2)		6,069,733

See Notes to Financial Statements.

PGIM Fixed Income ETFs 185

PGIM Total Return Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



Derivative Contract Type	Average Volume of Derivative Activities*

Total Return Swap Agreements (2)		$ 5,166,366

*	Average volume is based on average quarter end balances for the six months ended February 29, 2024.

(1)

Cost.

(2)	Notional Amount in USD.

(3)	Value at Settlement Date.

(4)	Value at Trade Date.

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

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		$	4,353		$	(781	)		$	3,572			$	—		$	3,572
BOA			24,312			(8,526	)			15,786				—			15,786
CITI			33,392			(31,640	)			1,752				—			1,752
DB			5,835			(2,103	)			3,732				—			3,732
GSI			22,163			(2,287	)			19,876				—			19,876
JPM			48,569			(127,008	)			(78,439	)			78,439			—
MSI			20,472			(12,944	)			7,528				—			7,528
SSB			34,079			(4,857	)			29,222				—			29,222
TD			17,188			(7,779	)			9,409				—			9,409

		$	210,363		$	(197,925	)		$	12,438			$	78,439		$	90,877

(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.

186

PGIM Total Return Bond ETF

Statement of Assets & Liabilities (unaudited)

as of February 29, 2024


Assets

Investments at value:
Unaffiliated investments (cost $148,711,261)	$	144,926,866
Affiliated investments (cost $6,273,632)		6,273,632
Foreign currency, at value (cost $28,840)		29,209
Receivable for investments sold		4,862,284
Dividends and interest receivable		1,181,829
Unrealized appreciation on OTC forward foreign currency exchange contracts		196,620
Due from broker—variation margin futures		42,427
Due from broker—variation margin swaps		15,945
Receivable from custodian		14,680
Unrealized appreciation on OTC swap agreements		11,798
Tax reclaim receivable		5,080
Unrealized appreciation on OTC cross currency exchange contracts		1,945


Total Assets		157,562,315


Liabilities
Payable for investments purchased		10,672,140
Unrealized depreciation on OTC swap agreements		93,984
Unrealized depreciation on OTC forward foreign currency exchange contracts		76,110
Management fee payable		55,647
Premiums received for OTC swap agreements		27,831


Total Liabilities		10,925,712


Net Assets	$	146,636,603




Net assets were comprised of:
Common stock, at par	$	3,550
Paid-in capital in excess of par		160,449,481
Total distributable earnings (loss)		(13,816,428	)


Net assets, February 29, 2024	$	146,636,603


Net asset value, offering price and redemption price per share. ($146,636,603 ÷ 3,550,000 shares of common stock issued and outstanding)	$	41.31

See Notes to Financial Statements.

PGIM Fixed Income ETFs 187

PGIM Total Return Bond ETF

Statement of Operations (unaudited)

Six Months Ended February 29, 2024


Net Investment Income (Loss)

Income
Interest income (net of $259 foreign withholding tax)	$	3,216,151
Affiliated dividend income		122,126


Total income		3,338,277


Expenses
Management fee		295,266


Net investment income (loss)		3,043,011


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

Net realized gain (loss) on:
Investment transactions		(767,211	)
Futures transactions		(336,223	)
Forward and cross currency contract transactions		137,533
Options written transactions		155
Swap agreement transactions		111,475
Foreign currency transactions		(60,640	)


		(914,911	)


Net change in unrealized appreciation (depreciation) on:
Investments		2,317,095
Futures		(59,956	)
Forward and cross currency contracts		9,150
Swap agreements		137,878
Foreign currencies		(138	)


		2,404,029


Net gain (loss) on investment and foreign currency transactions		1,489,118


Net Increase (Decrease) In Net Assets Resulting From Operations	$	4,532,129

See Notes to Financial Statements.

188

PGIM Total Return Bond ETF

Statements of Changes in Net Assets (unaudited)



	Six Months Ended February 29, 2024				Year Ended August 31, 2023
Increase (Decrease) in Net Assets

Operations
Net investment income (loss)		$	3,043,011			$	3,846,738
Net realized gain (loss) on investment and foreign currency transactions			(914,911	)			(6,596,720	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies			2,404,029				1,827,314


Net increase (decrease) in net assets resulting from operations			4,532,129				(922,668	)


Dividends and Distributions
Distributions from distributable earnings			(2,997,270	)			(4,335,305	)


Fund share transactions
Net proceeds from shares sold (1,550,000 and 1,100,000 shares, respectively)			63,457,267				45,669,945
Cost of shares purchased (525,000 and 800,000 shares, respectively)			(21,650,218	)			(32,656,702	)

Net increase (decrease) in net assets from Fund share transactions			41,807,049				13,013,243


Total increase (decrease)			43,341,908				7,755,270

Net Assets:

Beginning of period			103,294,695				95,539,425


End of period		$	146,636,603			$	103,294,695

See Notes to Financial Statements.

PGIM Fixed Income ETFs 189

PGIM Total Return Bond ETF

Financial Highlights (unaudited)




	Six Months Ended February 29, 2024			Year Ended August 31, 2023			December 02, 2021^(a) through August 31, 2022
Per Share Operating Performance^(b):
Net Asset Value, Beginning of Period		$40.91			$42.94			$50.00
Income (loss) from investment operations:
Net investment income (loss)		1.02			1.81			0.86
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.42			(1.72	)^(c)		(7.23	)
Total from investment operations		1.44			0.09			(6.37	)
Less Dividends and Distributions:
Dividends from net investment income		(1.04	)		(2.12	)		(0.69	)
Net asset value, end of period		$41.31			$40.91			$42.94
Total Return^(d):		3.58	%		0.27	%		(12.81	)%

Ratios/Supplemental Data:
Net assets, end of period (000)		$146,637			$103,295			$95,539
Average net assets (000)		$121,194			$87,917			$67,327
Ratios to average net assets^(e):
Expenses after waivers and/or expense reimbursement		0.49	%^(f)		0.49	%		0.49	%^(f)
Expenses before waivers and/or expense reimbursement		0.49	%^(f)		0.49	%		0.49	%^(f)
Net investment income (loss)		5.05	%^(f)		4.38	%		2.54	%^(f)
Portfolio turnover rate^(g)(h)		40	%		194	%		150	%

(a)	Commencement of operations.

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

(c)	The per share amount of realized and unrealized gain (loss) on investments does not directly correlate to the amounts reported in the Statement of Operations due to the timing of portfolio share transactions in relation to fluctuating market values.

(d)

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

(f)	Annualized.

(g)	The Fund accounts for mortgage dollar roll transactions, when applicable, as purchases and sales which, as a result, can increase its portfolio turnover rate.

(h)	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.

190

PGIM Floating Rate Income ETF

Schedule of Investments (unaudited)

as of February 29, 2024

Description

Interest

Rate

Maturity

Date

Principal
Amount

(000)#

Value

LONG-TERM INVESTMENTS 99.2%

ASSET-BACKED SECURITIES 9.4%

Collateralized Loan Obligations

Atlas Senior Loan Fund Ltd. (United Kingdom),

Series 2023-21A, Class B, 144A, 3 Month SOFR + 3.000% (Cap N/A, Floor 3.000%)

8.318%(c)

07/20/35

275

278,640

Atlas Static Senior Loan Fund Ltd. (Cayman Islands),

Series 2022-01A, Class BR, 144A, 3 Month SOFR + 2.650% (Cap N/A, Floor 2.650%)

7.964(c)

07/15/30

250

250,022

Avoca Capital CLO Ltd. (Ireland),

Series 10A, Class B1, 144A, 3 Month EURIBOR + 1.350% (Cap N/A, Floor 1.350%)

5.292(c)

04/15/35

EUR

250

264,144

Carlyle US CLO Ltd. (Cayman Islands),

Series 2023-05A, Class B, 144A, 3 Month SOFR + 2.650% (Cap N/A, Floor 2.650%)

8.007(c)

01/27/36

500

502,728

Golub Capital Partners CLO Ltd. (United Kingdom),

Series 2023-68A, Class B, 144A, 3 Month SOFR + 2.800% (Cap N/A, Floor 2.800%)

8.125(c)

07/25/36

150

151,260

HPS Loan Management Ltd. (Cayman Islands),

Series 2023-18A, Class B, 144A, 3 Month SOFR + 2.950% (Cap N/A, Floor 2.950%)

8.268(c)

07/20/36

100

101,297

ICG US CLO Ltd. (United Kingdom),

Series 2023-01A, Class B, 144A, 3 Month SOFR + 3.000% (Cap N/A, Floor 3.000%)

8.298(c)

07/18/36

500

501,991

Mountain View CLO Ltd. (Cayman Islands),

Series 2023-01A, Class B, 144A, 3 Month SOFR + 3.000% (Cap N/A, Floor 3.000%)

8.430(c)

09/14/36

200

201,103

Nassau Ltd. (United Kingdom),

Series 2022-01A, Class B, 144A, 3 Month SOFR + 3.620% (Cap N/A, Floor 3.620%)

8.934(c)

01/15/31

250

250,095

OFSI BSL Ltd. (Cayman Islands),

Series 2023-12A, Class B, 144A, 3 Month SOFR + 3.150% (Cap N/A, Floor 3.150%)

8.468(c)

01/20/35

250

250,018

Silver Rock CLO Ltd. (Cayman Islands),

Series 2020-01A, Class BR, 144A, 3 Month SOFR + 2.900% (Cap N/A, Floor 2.900%)

2.953(c)

10/20/33

250

250,093

Sixth Street CLO Ltd. (Cayman Islands),

Series 2020-16A, Class BR, 144A, 3 Month SOFR + 2.450% (Cap N/A, Floor 2.450%)

7.783(c)

01/20/37

300

300,750

Sound Point CLO Ltd. (Cayman Islands),

Series 2020-02A, Class DR, 144A, 3 Month SOFR + 3.612% (Cap N/A, Floor 3.350%)

8.936(c)

10/25/34

250

241,175

See Notes to Financial Statements.

PGIM Fixed Income ETFs 191

PGIM Floating Rate Income ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

ASSET-BACKED SECURITIES (Continued)

Collateralized Loan Obligations (cont’d.)

Symphony CLO Ltd. (Bermuda),

Series 2023-40A, Class B, 144A, 3 Month SOFR + 2.550% (Cap N/A, Floor 2.550%)

7.894%(c)

01/14/34

500

501,356

Tikehau US CLO Ltd. (Bermuda),

Series 2023-02A, Class A1, 144A, 3 Month SOFR + 1.950% (Cap N/A, Floor 1.950%)

7.311(c)

01/15/36

500

500,582

Trinitas CLO Ltd. (Cayman Islands),

Series 2021-15A, Class B1, 144A, 3 Month SOFR + 1.962% (Cap N/A, Floor 1.700%)

7.279(c)

04/22/34

250

249,056

TOTAL ASSET-BACKED SECURITIES
(cost $4,742,972)

4,794,310

CORPORATE BONDS 14.5%

Aerospace & Defense 0.2%

Bombardier, Inc. (Canada),

Sr. Unsec’d. Notes, 144A

7.875

04/15/27

109

109,000

Airlines 0.1%

VistaJet Malta Finance PLC/Vista Management Holding, Inc. (Switzerland),

Sr. Unsec’d. Notes, 144A

7.875

05/01/27

63,187

Auto Manufacturers 0.2%

General Motors Co.,

Sr. Unsec’d. Notes

5.600

10/15/32

105

104,696

Banks 10.9%

Bank of America Corp.,

Jr. Sub. Notes, Series MM

4.300(ff)

01/28/25(oo)

1,425

1,372,447

Jr. Sub. Notes, Series RR

4.375(ff)

01/27/27(oo)

500

462,140

Citigroup, Inc.,

Jr. Sub. Notes, Series AA

7.625(ff)

11/15/28(oo)

400

412,075

Jr. Sub. Notes, Series X

3.875(ff)

02/18/26(oo)

400

375,994

Goldman Sachs Group, Inc. (The),

Jr. Sub. Notes, Series V

4.125(ff)

11/10/26(oo)

600

549,179

JPMorgan Chase & Co.,

Jr. Sub. Notes, Series HH

4.600(ff)

02/01/25(oo)

1,550

1,512,556

See Notes to Financial Statements.

192

PGIM Floating Rate Income ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

CORPORATE BONDS (Continued)

Banks (cont’d.)

State Street Corp.,

Jr. Sub. Notes, Series I

6.700%(ff)

03/15/29(oo)

79,907

Sumitomo Mitsui Financial Group, Inc. (Japan),

Jr. Sub. Notes

6.600(ff)

06/05/34(oo)

100

100,005

Wells Fargo & Co.,

Jr. Sub. Notes, Series BB

3.900(ff)

03/15/26(oo)

725

680,771

5,545,074

Building Materials 0.1%

Eco Material Technologies, Inc.,

Sr. Sec’d. Notes, 144A

7.875

01/31/27

45,066

Electric 0.6%

Calpine Corp.,

Sr. Unsec’d. Notes, 144A

4.625

02/01/29

100

91,977

Sr. Unsec’d. Notes, 144A

5.000

02/01/31

150

134,511

Vistra Corp.,

Jr. Sub. Notes, 144A

8.000(ff)

10/15/26(oo)

100

100,005

326,493

Environmental Control 0.1%

GFL Environmental, Inc. (Canada),

Sr. Sec’d. Notes, 144A

6.750

01/15/31

51,063

Home Builders 0.1%

Ashton Woods USA LLC/Ashton Woods Finance Co.,

Sr. Unsec’d. Notes, 144A

4.625

04/01/30

34,226

Machinery-Diversified 0.2%

Chart Industries, Inc.,

Sr. Sec’d. Notes, 144A

7.500

01/01/30

82,538

Media 0.1%

Charter Communications Operating LLC/Charter Communications Operating Capital,

Sr. Sec’d. Notes

4.400

04/01/33

65,500

See Notes to Financial Statements.

PGIM Fixed Income ETFs 193

PGIM Floating Rate Income ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

CORPORATE BONDS (Continued)

Media (cont’d.)

Diamond Sports Group LLC/Diamond Sports Finance Co.,
Gtd. Notes, 144A (original cost $1,688; purchased 01/31/24)(f)	6.625%	08/15/27(d)		25	$	1,461
Sec’d. Notes, 144A (original cost $5,156; purchased 01/31/24)(f)	5.375	08/15/26(d)		75		4,458


						71,419

Oil & Gas 0.3%

Hilcorp Energy I LP/Hilcorp Finance Co.,
Sr. Unsec’d. Notes, 144A	6.250	04/15/32		100		97,224
Nabors Industries, Inc.,
Gtd. Notes, 144A	7.375	05/15/27		75		74,704


						171,928

Packaging & Containers 0.2%

Sealed Air Corp.,
Gtd. Notes, 144A	5.000	04/15/29		50		47,589
Sealed Air Corp./Sealed Air Corp. US,
Gtd. Notes, 144A	6.125	02/01/28		25		24,948


						72,537

Pipelines 0.3%

Energy Transfer LP,
Sr. Unsec’d. Notes	3.750	05/15/30		75		68,429
Targa Resources Corp.,
Gtd. Notes	4.200	02/01/33		75		67,482


						135,911

Real Estate Investment Trusts (REITs) 0.1%

Diversified Healthcare Trust,
Gtd. Notes	4.375	03/01/31		60		45,539
Gtd. Notes	9.750	06/15/25		5		4,980
Sr. Unsec’d. Notes	4.750	02/15/28		5		3,983


						54,502

See Notes to Financial Statements.

194

PGIM Floating Rate Income ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

CORPORATE BONDS (Continued)

Retail 0.1%

Gap, Inc. (The),
Gtd. Notes, 144A	3.875%	10/01/31		75	$	60,371

Telecommunications 0.9%

Digicel Group Holdings Ltd. (Jamaica),
Sr. Sec’d. Notes, Series 1A14, 144A (original cost $1,501; purchased 11/14/23)^(f)	0.000	12/31/30		1		1,501
Sr. Sec’d. Notes, Series 1B14, 144A (original cost $1; purchased 11/14/23)^(f)	0.000	12/31/30		6		—
Sr. Sec’d. Notes, Series 3A14, 144A (original cost $115; purchased 11/14/23)^(f)	0.000	12/31/30		—(r)		115
Sr. Sec’d. Notes, Series 3B14, 144A (original cost $0; purchased 11/14/23)^(f)	0.000	12/31/30		5		—
Digicel Intermediate Holdings Ltd./Digicel International Finance Ltd./DIFL US LLC (Jamaica),
Sr. Sec’d. Notes, Cash coupon 9.000% and PIK 1.500% (original cost $188,807; purchased 01/29/24)(f)	10.500	05/25/27		204		200,182
Digicel MidCo Ltd./DIFL US II LLC (Jamaica),
Sr. Unsec’d. Notes, PIK 10.500% (original cost $71,206; purchased 01/29/24)(f)	10.500	11/25/28		110		88,312
Level 3 Financing, Inc.,
Gtd. Notes, 144A	4.250	07/01/28		75		46,125
Gtd. Notes, 144A	4.625	09/15/27		25		16,125
Sr. Sec’d. Notes, 144A	3.400	03/01/27		25		25,500
Sr. Sec’d. Notes, 144A	10.500	05/15/30		50		51,452


						429,312

TOTAL CORPORATE BONDS (cost $6,963,397)						7,357,323

See Notes to Financial Statements.

PGIM Fixed Income ETFs 195

PGIM Floating Rate Income ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

FLOATING RATE AND OTHER LOANS 74.9%

Advertising 0.4%

Summer BC Holdco B SARL (Luxembourg),
Term Loan, 1 Month SOFR + 5.000%^

5.000%(c)

02/05/29

49,625

Terrier Media Buyer, Inc.,

2021 Refinancing Term B Loan, 3 Month SOFR + 3.600%

8.948(c)

12/17/26

182

153,475

203,100

Aerospace & Defense 0.4%

TransDigm, Inc.,

Tranche J Term Loan, 3 Month SOFR + 3.250%

8.598(c)

02/28/31

200

200,650

Agriculture 0.3%

Alltech, Inc.,

Term A Loan, 1 Month SOFR + 3.600%^

8.926(c)

10/15/26

95,178

Term B Loan, 1 Month SOFR + 4.114%

9.441(c)

10/13/28

48,687

143,865

Airlines 2.2%

Air Canada (Canada),

Term Loan, 1 Month SOFR + 3.614%

8.935(c)

08/11/28

148

147,750

American Airlines, Inc.,

Initial Term Loan, 3 Month SOFR + 3.500%

8.869(c)

06/04/29

200

199,750

Initial Term Loan, 3 Month SOFR + 5.012%

10.329(c)

04/20/28

331

341,574

Mileage Plus Holdings LLC,

Initial Term Loan, 3 Month SOFR + 5.400%

10.770(c)

06/21/27

140

144,089

United Airlines, Inc.,

Class B Term Loan, 3 Month SOFR + 2.750%

8.076(c)

02/22/31

300

299,906

1,133,069

Auto Parts & Equipment 1.9%

Adient US LLC,

Term Loan B-2, 1 Month SOFR + 2.750%

8.076(c)

01/31/31

100

100,089

Clarios Global LP (Canada),

2024 Refinancing Term Loan Facility, 1 Month SOFR + 3.000%

8.326(c)

05/06/30

175

174,519

See Notes to Financial Statements.

196

PGIM Floating Rate Income ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

FLOATING RATE AND OTHER LOANS (Continued)

Auto Parts & Equipment (cont’d.)

Dexko Global, Inc.,

2023 Incremental Term Loan, 3 Month SOFR + 4.250%

9.598%(c)

10/04/28

75,000

First Lien Closing Date Dollar Term Loan, 3 Month SOFR + 4.012%

9.360(c)

10/04/28

73,400

First Brands Group LLC,

2022-Ii Incremental Term Loan, 3 Month SOFR + 5.000%

10.313(c)

03/30/27

173

172,941

RealTruck Group, Inc.,

Initial Term Loan, 1 Month SOFR + 3.614%

8.941(c)

01/31/28

71,833

Tenneco, Inc.,

Term A Loan, 3 Month SOFR + 4.850%

10.169(c)

11/17/28

51,217

Term B Loan, 3 Month SOFR + 5.100%

10.434(c)

11/17/28

275

258,758

977,757

Banks 0.1%

Walker & Dunlop, Inc.,

Incremental Term B Loan, 1 Month SOFR + 3.100%^

8.426(c)

12/16/28

49,501

Beverages 0.6%

City Brewing Co. LLC,

First Lien Closing Date Term Loan, 3 Month SOFR + 3.762%

9.078(c)

04/05/28

74,113

Pegasus Bidco BV (Netherlands),

2024-1 Term Dollar Loan, 3 Month SOFR + 3.750%

9.057(c)

07/12/29

248

248,144

322,257

Building Materials 2.3%

Cornerstone Building Brands, Inc.,

Term Loan, 1 Month SOFR + 5.625%

10.943(c)

08/01/28

197

199,036

CP Atlas Buyer, Inc.,

Term B Loan, 1 Month SOFR + 3.850%

9.176(c)

11/23/27

173

170,064

Emerald Borrower LP,

Initial Term B Loan, 3 Month SOFR + 3.000%

7.790(c)

05/31/30

217

216,386

Hunter Douglas, Inc. (Netherlands),

Tranche B-1 Term Loan, 3 Month SOFR + 3.500%

8.869(c)

02/26/29

122

120,646

See Notes to Financial Statements.

PGIM Fixed Income ETFs 197

PGIM Floating Rate Income ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

FLOATING RATE AND OTHER LOANS (Continued)

Building Materials (cont’d.)

Smyrna Ready Mix Concrete LLC,

New Term Loan B, 1 Month SOFR + 3.500%^

8.820%(c)

04/02/29

251

251,479

Vector WP HoldCo, Inc.,

Initial Term B Loan, 1 Month SOFR + 5.114%^

10.441(c)

10/12/28

149

148,985

Watlow Electric Manufacturing Co.,

Term Loan B, 3 Month SOFR + 4.012%

9.329(c)

03/02/28

47,114

1,153,710

Chemicals 3.4%

Ascend Performance Materials Operations LLC,

2021 Refinancing Term Loan, 6 Month SOFR + 4.850%

10.317(c)

08/27/26

236

228,513

Chemours Company (The),

Term Loan, 1 Month SOFR + 3.500%

8.826(c)

08/18/28

125

122,500

Consolidated Energy Finance SA (Switzerland),

2024 Incremental Term Loan, 1 Month SOFR + 4.500%

9.817(c)

11/15/30

125

121,094

Geon Performance Solutions LLC,

Initial Term Loan, 3 Month SOFR + 5.012%^

10.360(c)

08/18/28

172

168,966

INEOS US Finance LLC (Luxembourg),

2030 Dollar Term Loan, 1 Month SOFR + 3.600%

8.926(c)

02/18/30

73,894

Ineos US Petrochem LLC,

2030 Tranche B Dollar Term Loan, 1 Month SOFR + 3.850%

9.176(c)

03/14/30

74,485

Iris Holdings Ltd.,

Initial Term Loan, 3 Month SOFR + 4.850%

10.163(c)

06/28/28

129

121,402

LSF11 A5 HoldCo, LLC,

Incremental Term Loan, 1 Month SOFR + 4.350%

9.676(c)

10/15/28

189

188,483

Nouryon USA LLC,

2023 Term Loan, 1 Month SOFR + 4.100%

9.424(c)

04/03/28

100

99,406

Extended Dollar Term Loan, 3 Month SOFR + 4.100%

9.419(c)

04/03/28

249

248,374

Olympus Water US Holding Corp.,

Initial Dollar Term Loan, 3 Month SOFR + 4.012%

9.360(c)

11/09/28

98,319

Term B-4 Loan, 3 Month SOFR + 4.250%

9.566(c)

11/09/28

97,317

See Notes to Financial Statements.

198

PGIM Floating Rate Income ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

FLOATING RATE AND OTHER LOANS (Continued)

Chemicals (cont’d.)

Vantage Specialty Chemicals, Inc.,

First Lien 2023 Other Term Loan, 3 Month SOFR + 4.750%

10.068%(c)

10/26/26

96,896

1,739,649

Commercial Services 8.7%

Albion Financing Sarl,

2023 Incremental USD Term Loan, 3 Month SOFR + 5.500%

10.824(c)

08/17/26

74,624

Allied Universal Holdco LLC,

Amendment No.3 Term Loan, 1 Month SOFR + 4.750%

10.076(c)

05/12/28

140

139,650

Amentum Government Services Holdings LLC,

Tranche 3 Term Loan, 1 Month SOFR + 4.000%

9.320(c)

02/15/29

122

122,023

ArchKey Holdings, Inc.,

First Lien Initial Term Loan, 1 Month SOFR + 5.364%^

10.691(c)

06/29/28

148

147,618

Avis Budget Car Rental LLC,

New Tranche C Term Loan, 1 Month SOFR + 3.100%

8.426(c)

03/16/29

400

399,300

Boost Newco Borrower LLC,

Initial USD Term Loan, 1 Month SOFR + 3.000% Cimpress PLC,

8.326(c)

01/31/31

350

350,812

Tranche B-1 Term Loan, 1 Month SOFR + 3.614% CoreLogic, Inc.,

8.941(c)

05/17/28

148

147,415

First Lien Initial Term Loan, 1 Month SOFR + 3.614%

8.941(c)

06/02/28

250

242,799

DS Parent, Inc.,

Term B Loan, 2 Month SOFR + 5.500%^

10.813(c)

01/31/31

49,000

Fly Funding II Sarl (Luxembourg),

Term Loan B, 3 Month LIBOR + 1.750%

7.330(c)

08/11/25

303

291,530

Garda World Security Corp. (Canada),

Fourth Additional Term Loan, 3 Month SOFR + 4.250%

9.625(c)

02/01/29

49,928

Hertz Corp. (The),

2023 Incremental Term Loan, 1 Month SOFR + 3.750%

9.070(c)

06/30/28

325

312,677

See Notes to Financial Statements.

PGIM Fixed Income ETFs 199

PGIM Floating Rate Income ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

FLOATING RATE AND OTHER LOANS (Continued)

Commercial Services (cont’d.)

Indy US Holdco LLC,

Fifth Amendment Incremental Term Loan, 1 Month SOFR + 6.250%

11.576%(c)

03/06/28

253

249,428

Kingpin Intermediate Holdings LLC,

Amendment No. 8 Term Loan, 1 Month SOFR + 3.500%

8.826(c)

02/08/28

123

122,400

Kuehg Corp.,

Initial Term Loan, 3 Month SOFR + 5.000%

10.348(c)

06/12/30

175

174,781

Latham Pool Products, Inc.,

Initial Term Loan, 1 Month SOFR + 4.100%

9.421(c)

02/23/29

215

210,551

Learning Care Group (US) No. 2, Inc.,

Initial Term Loan, 3 Month SOFR + 4.750%

10.080(c)

08/11/28

150

149,224

MPH Acquisition Holdings LLC,

Initial Term Loan, 3 Month SOFR + 4.512%

9.855(c)

09/01/28

157

151,843

NAB Holdings LLC,

First Lien Term Loan, 3 Month SOFR + 2.750%

8.248(c)

11/23/28

148

147,340

Omnia Partners LLC,

Repriced Term Loan, 3 Month SOFR + 3.750%

9.074(c)

07/25/30

200

200,417

Ryan LLC,

Initial Term Loan, 1 Month SOFR + 4.500%

9.826(c)

11/14/30

127

126,983

Spectrum Group Buyer, Inc.,

Term Loan B, 3 Month SOFR + 6.500%

11.813(c)

05/19/28

56,664

TruGreen LP,

Second Refinancing Term Loan (First Lien), 1 Month SOFR + 4.100%

9.426(c)

11/02/27

149

144,132

URSA Minor US Bidco LLC,

Term Loan

— (p)

04/30/31

100

100,042

Vestis,

Term Loan

— (p)

03/31/31

50,000

VT Topco, Inc.,

Initial Term Loan, 1 Month SOFR + 4.250%

9.576(c)

08/09/30

75,180

Wand Newco 3, Inc.,

Term Loan, 1 Month SOFR + 3.750%

9.076(c)

01/30/31

150

150,141

4,436,502

Computers 2.7%

ConvergeOne Holdings Corp.,

First Lien Initial Term Loan, PRIME + 4.000%

12.500(c)

01/04/26

197

89,076

See Notes to Financial Statements.

200

PGIM Floating Rate Income ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

FLOATING RATE AND OTHER LOANS (Continued)

Computers (cont’d.)

McAfee Corp.,

Tranche B-1 Term Loan, 1 Month SOFR + 3.850%

9.178%(c)

03/01/29

295

292,989

NCR Atleos LLC,

Term B Loan, 1 Month SOFR + 4.850%

10.167(c)

03/27/29

225

225,000

Peraton Corp.,

First Lien Term B Loan, 1 Month SOFR + 3.850%

9.176(c)

02/01/28

294

294,324

Redstone Holdco 2 LP,

First Lien Initial Term Loan, 1 Month SOFR + 4.864%

10.191(c)

04/27/28

50,736

Sandvine Corp. (Canada),

Initial Term Loan (First Lien), 1 Month SOFR + 4.614%^

9.941(c)

10/31/25

123

97,418

SonicWall US Holdings, Inc.,

2023 Term Loan, 3 Month SOFR + 5.000%

10.360(c)

05/18/28

125

122,734

VeriFone Systems, Inc.,

First Lien Initial Term Loan, 3 Month SOFR + 4.262%

9.585(c)

08/20/25

221

194,795

1,367,072

Distribution/Wholesale 0.8%

AIP RD Buyer Corp.,

2023 Incremental Term Loan, 1 Month SOFR + 5.000%

10.326(c)

12/22/28

49,781

Fastlane Parent Co., Inc.,

Term Loan B, 1 Month SOFR + 4.500%

9.826(c)

09/29/28

49,844

Gloves Buyer, Inc.,

Amendment No. 5 First Lien Incremental Term

Loan, 1 Month SOFR + 5.114%

10.441(c)

12/29/27

44,327

Pearls Netherlands Bidco BV (Netherlands),

Term Loan, 3 Month SOFR + 3.750%

9.313(c)

02/26/29

100

98,875

Windsor Holdings III LLC,

Dollar Term B Loan, 1 Month SOFR + 4.500%

9.824(c)

08/01/30

165

164,742

407,569

Diversified Financial Services 2.1%

Blackhawk Network Holdings, Inc.,

Term Loan, 1 Month SOFR + 5.000%

10.321(c)

02/27/29

125

123,438

See Notes to Financial Statements.

PGIM Fixed Income ETFs 201

PGIM Floating Rate Income ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

FLOATING RATE AND OTHER LOANS (Continued)

Diversified Financial Services (cont’d.)

Castlelake Aviation One Designated Activity Co.,

Initial Term Loan

— %(p)

10/22/26

133

132,491

Hudson River Trading LLC,

Term Loan, 1 Month SOFR + 3.114%

8.441(c)

03/20/28

295

292,865

LHS Borrower LLC,

Initial Term Loan, 1 Month SOFR + 4.850%

10.176(c)

02/16/29

68,134

Nuvei Technologies Corp. (Canada),

Initial Term Loan, 1 Month SOFR + 3.000%

8.392(c)

12/19/30

200

199,900

VFH Parent LLC,

Initial Term Loan, 1 Month SOFR + 3.100%

8.426(c)

01/13/29

235

234,286

1,051,114

Electric 0.9%

Discovery Energy Holding Corp.,

Term Loan^

— (p)

02/28/31

125

121,563

Generation Bridge Northeast LLC,

Term B Loan, 1 Month SOFR + 4.250%

9.576(c)

08/22/29

121

121,367

Lightstone HoldCo LLC,

Extended Term B Loan, 3 Month SOFR + 5.750%

11.063(c)

01/29/27

210

201,669

Extended Term C Loan, 3 Month SOFR + 5.750%

11.063(c)

01/29/27

11,407

456,006

Electronics 1.0%

Coherent Corp.,

Term Loan B, 1 Month SOFR + 2.864%

8.191(c)

07/02/29

262

261,317

Ingram Micro, Inc.,

Term B Loan, 3 Month SOFR + 3.262%

8.610(c)

06/30/28

180

179,665

Roper Industrial Products Investment Co.,

Tranche B Dollar Term Loan, 3 Month SOFR + 4.000%

9.348(c)

11/22/29

49,775

490,757

Engineering & Construction 1.0%

Aegion Corp.,

New Initial Term Loan, 1 Month SOFR + 4.250%

9.576(c)

05/17/28

125

124,792

Brand Industrial Services, Inc.,

Tranche B Term Loan, 3 Month SOFR + 5.500%

10.806(c)

08/01/30

74,922

See Notes to Financial Statements.

202

PGIM Floating Rate Income ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

FLOATING RATE AND OTHER LOANS (Continued)

Engineering & Construction (cont’d.)

Brown Group Holding LLC,

Term Loan, 1 Month SOFR + 2.750%

8.176%(c)

06/07/28

100

99,583

Osmose Utilities Services, Inc.,

First Lien Initial Term Loan, 1 Month SOFR + 3.364%

8.691(c)

06/23/28

150

148,607

Rockwood Service Corp.,

Initial Term Loan, 1 Month SOFR + 4.364%

9.691(c)

01/23/27

74,674

522,578

Entertainment 3.5%

Allen Media LLC,

Term B Loan, 3 Month SOFR + 5.650%

10.998(c)

02/10/27

185

162,119

AP Gaming I LLC,

Term B Loan, 1 Month SOFR + 3.750%

9.076(c)

02/15/29

74,906

Caesars Entertainment, Inc.,

Incremental Term B-1 Loan, 3 Month SOFR + 2.750%

8.040(c)

02/06/31

100

99,771

Term B Loan, 3 Month SOFR + 3.350%

8.663(c)

02/06/30

198

197,939

Cinemark USA, Inc.,

Term Loan, 3 Month SOFR + 3.750%

9.082(c)

05/24/30

223

223,546

Entain Holdings Gibraltar Ltd.,

Facility B-2, 3 Month SOFR + 3.600%

8.948(c)

10/31/29

248

248,163

Flutter Financing BV (Ireland),

Term B Loan, 3 Month SOFR + 2.350%

7.698(c)

11/25/30

225

223,763

Golden Entertainment, Inc.,

Term B-1 Facility Term Loan, 1 Month SOFR + 2.850%

8.176(c)

05/28/30

133

132,390

Great Canadian Gaming Co.,

Term B Loan, 3 Month SOFR + 4.262%

9.633(c)

11/01/26

125

124,590

J&J Ventures Gaming LLC,

2023 Delayed Draw Term Loan (Montana), 1 Month SOFR + 4.364%

9.691(c)

04/26/28

150

146,438

Initial Term Loan, 3 Month SOFR + 4.262%

9.610(c)

04/26/28

96,010

Maverick Gaming LLC,

Term Loan B, 3 Month SOFR + 7.762%

13.105(c)

09/03/26

51,486

1,781,121

See Notes to Financial Statements.

PGIM Fixed Income ETFs 203

PGIM Floating Rate Income ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

FLOATING RATE AND OTHER LOANS (Continued)

Environmental Control 1.2%

Action Environmental Group, Inc. (The),

Initial Term Loan, 3 Month SOFR + 4.500%^

9.824%(c)

10/24/30

413

413,560

Covanta Holding Corp.,

2023 Incremental Term B Loan

— (p)

11/30/28

203

202,505

2023 Incremental Term C Loan

— (p)

11/30/28

11,065

627,130

Foods 0.5%

BCPE North Star U.S. Holdco, Inc.,

First Lien Initial Term Loan, 1 Month SOFR + 4.114%

9.441(c)

06/09/28

273

253,606

Hand/Machine Tools 0.1%

Alliance Laundry Systems LLC,

Initial Term B Loan, 1 Month SOFR + 3.600%

8.924(c)

10/08/27

68,484

Healthcare-Products 0.5%

Medline Borrower LP,

Initial Dollar Term Loan, 1 Month SOFR + 3.114%

8.441(c)

10/23/28

257

256,667

Healthcare-Services 2.3%

Accelerated Health Systems LLC,

Initial Term B Loan, 3 Month SOFR + 4.400%

9.748(c)

02/15/29

252

187,746

Charlotte Buyer,

Initial Term B Loan, 1 Month SOFR + 5.250%

10.568(c)

02/11/28

266

266,067

eResearch Technology, Inc.,

First Lien Initial Term Loan, 1 Month SOFR + 4.614%

9.941(c)

02/04/27

123

122,741

Lifepoint Health, Inc.,

Term Loan B, 3 Month SOFR + 5.762%

11.087(c)

11/16/28

117

117,255

Mamba Purchaser, Inc.,

Term Loan, 1 Month SOFR + 3.614%

8.941(c)

10/16/28

49,014

Pacific Dental Services LLC,

Term Loan, 1 Month SOFR + 3.614%

8.941(c)

05/05/28

174

174,072

See Notes to Financial Statements.

204

PGIM Floating Rate Income ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

FLOATING RATE AND OTHER LOANS (Continued)

Healthcare-Services (cont’d.)

Sound Inpatient Physicians, Inc.,

First Lien Initial Term Loan, 3 Month SOFR + 3.262%^

8.574%(c)

06/27/25

247

101,162

Surgery Center Holdings, Inc.,

New First Lien Term Loan, 1 Month SOFR + 3.500%

8.820(c)

12/19/30

150

150,221

1,168,278

Holding Companies-Diversified 1.0%

Belfor Holdings, Inc.,

Initial Tranche B-1 Term Loan, 1 Month SOFR + 3.750%^

9.076(c)

11/01/30

200

200,250

Clue OpCo LLC,

Term B Loan, 1 Month SOFR + 4.500%

9.826(c)

12/19/30

325

314,951

515,201

Home Furnishings 0.9%

Snap One Holdings Corp.,

Initial Term Loan, 3 Month SOFR + 4.650%

9.998(c)

12/08/28

198

195,513

TGP Holdings III LLC,

First Lien Closing Date Term Loan, 1 Month SOFR + 3.250%

8.676(c)

06/29/28

150

139,393

Weber-Stephen Products LLC,

Initial Term B Loan, 1 Month SOFR + 3.364%

8.691(c)

10/30/27

149

134,512

469,418

Housewares 0.3%

Lifetime Brands, Inc.,

Extended Term Loan, 1 Month SOFR + 5.614%

10.944(c)

08/26/27

46,502

SWF Holdings I Corp.,

Initial Term Loan, 1 Month SOFR + 4.114%

9.441(c)

10/06/28

122

110,335

156,837

Insurance 2.4%

Acrisure LLC,

2021-1 Additional Term Loan, 1 Month LIBOR + 3.750%

9.191(c)

02/15/27

345

344,307

See Notes to Financial Statements.

PGIM Fixed Income ETFs 205

PGIM Floating Rate Income ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

FLOATING RATE AND OTHER LOANS (Continued)

Insurance (cont’d.)

Acrisure LLC, (cont’d.)

First Lien 2021-2 Additional Term Loan, 1 Month LIBOR + 4.250%

9.691%(c)

02/15/27

49,636

AmWINS Group, Inc.,

February 2023 Incremental Term Loan, 1 Month SOFR + 2.864%

8.191(c)

02/19/28

79,101

Assured Partners, Inc.,

Term Loan

— (p)

03/31/31

56,203

Asurion LLC,

New B-04 Term Loan, 1 Month SOFR + 5.364%

10.691(c)

01/20/29

200

188,312

New B-09 Term Loan, 1 Month SOFR + 3.250%

8.691(c)

07/31/27

243

239,240

New B-10 Term Loan, 1 Month SOFR + 4.100%

9.426(c)

08/19/28

115

113,596

New B-11 Term Loan, 1 Month SOFR + 4.350%

9.676(c)

08/21/28

73,935

Second Lien Term Loan B3, 1 Month SOFR + 5.364%

10.691(c)

01/31/28

47,643

1,191,973

Internet 0.5%

MH Sub I LLC,

2023 May New Term Loan, 1 Month SOFR + 4.250%

9.576(c)

05/03/28

272

266,976

Investment Companies 1.3%

EIG Management Co. LLC,

Initial Term Loan, 1 Month SOFR + 3.850%^

9.176(c)

02/24/25

123

122,568

GIP Pilot Acquisition Partners LP,

Initial Term Loan, 3 Month SOFR + 3.000%

8.327(c)

10/04/30

275

274,771

Guardian US Holdco,

Initial Term Loan, 2 Month SOFR + 3.500%

8.830(c)

01/31/30

174

173,962

WEC US Holdings Ltd.,

Initial Term Loan, 1 Month SOFR + 2.750%

8.076(c)

01/27/31

100

99,625

670,926

Leisure Time 2.2%

Alterra Mountain Co.,

Series B-3 Term Loan, 1 Month SOFR + 3.850%

9.176(c)

05/31/30

124

124,453

Term Loan

— (p)

05/31/30

25,016

See Notes to Financial Statements.

206

PGIM Floating Rate Income ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

FLOATING RATE AND OTHER LOANS (Continued)

Leisure Time (cont’d.)

Amer Sports Co. (Finland),

Initial USD Term Loan, 3 Month SOFR + 3.250%^

8.576%(c)

02/17/31

150

150,000

Bombardier Recreational Products, Inc. (Canada),

2023 Replacement Term Loan, 1 Month SOFR + 2.750%

8.076(c)

12/13/29

320

320,300

Carnival Corp.,

Initial Advance, 1 Month SOFR + 3.000%

8.318(c)

08/09/27

100

99,475

Fender Musical Instruments Corp.,

Initial Term Loan, 1 Month SOFR + 4.100%

9.421(c)

12/01/28

70,936

Recess Holdings, Inc.,

Initial Term Loan, 3 Month SOFR + 4.500%^

9.843(c)

02/20/30

74,906

Topgolf Callaway Brands Corp.,

Initial Term Loan, 1 Month SOFR + 3.600%

8.926(c)

03/15/30

248

248,348

1,113,434

Lodging 0.2%

Travel Leisure Co.,

2023 Incremental Term Loan, 1 Month SOFR + 3.350%

8.670(c)

12/14/29

100

100,000

Machinery-Construction & Mining 0.5%

Vertiv Group Corp.,

Term Loan, 1 Month SOFR + 2.614%

7.944(c)

03/02/27

249

249,617

Machinery-Diversified 1.6%

Chart Industries, Inc.,

New Term Loan B, 1 Month SOFR + 3.350%

8.674(c)

03/15/30

159

159,437

CPM Holdings, Inc.,

Initial Term Loan, 1 Month SOFR + 4.500%

9.828(c)

09/28/28

149

149,000

Engineered Machinery Holdings, Inc.,

Incremental USD First Lien Term Loan, 3 Month SOFR + 4.012%

9.360(c)

05/19/28

48,894

Hyster-Yale Group, Inc.,

Term Loan B Facility, 1 Month SOFR + 3.614%

8.941(c)

05/26/28

149

147,433

LSF12 Badger Bidco LLC,

Initial Term Loan, 1 Month SOFR + 6.000%

11.326(c)

08/30/30

150

149,437

See Notes to Financial Statements.

PGIM Fixed Income ETFs 207

PGIM Floating Rate Income ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

FLOATING RATE AND OTHER LOANS (Continued)

Machinery-Diversified (cont’d.)

Pro Mach Group, Inc.,

Initial Term Loan, 1 Month SOFR + 3.750%

9.076%(c)

08/31/28

88,798

Star US Bidco LLC,

Initial Term Loan, 1 Month SOFR + 4.350%

9.676(c)

03/17/27

49,902

792,901

Media 2.9%

Altice Financing SA (Luxembourg),

2022 Dollar Loan, 3 Month SOFR + 5.000%

10.314(c)

10/29/27

124

123,957

Audacy Capital Corp.,

Term Loan, PRIME + 5.000%

12.470(c)

08/19/24

5,755

Charter Communications Operating LLC,

Term B-4 Loan, 3 Month SOFR + 2.000%

7.329(c)

12/07/30

175

171,889

CSC Holdings LLC,

2022 Refinancing Term Loan, 1 Month SOFR + 4.500%

9.818(c)

01/18/28

197

191,085

Diamond Sports Group LLC,

First Lien Term Loan, 1 Month SOFR + 8.000%

12.775(c)

05/25/26

10,700

Second Lien Term Loan

8.175

08/24/26(d)

397

21,504

Entercom Media Corp.,

Term Loan B-2, 3 Month SOFR + 2.500%

8.074(c)

11/18/24

41,203

iHeartCommunications, Inc.,

Incremental B Term Loan, 1 Month SOFR + 3.364%

8.691(c)

05/01/26

67,750

Nexstar Broadcasting, Inc.,

Term B-4 Loan, 1 Month SOFR + 2.614%

7.941(c)

09/18/26

200

199,250

Radiate Holdco LLC,

Amendment No. 6 Term Loan, 1 Month SOFR + 3.364%

8.691(c)

09/25/26

241

197,038

Sinclair Television Group, Inc.,

Term Loan B-4, 1 Month SOFR + 3.850%

9.176(c)

04/21/29

81,570

Univision Communications, Inc.,

2022 Incremental First-Lien Term Loan, 3 Month SOFR + 4.250%

9.598(c)

06/24/29

49,262

Initial First Lien Term Loan, 1 Month SOFR + 3.364%

8.691(c)

01/31/29

291

289,150

1,450,113

See Notes to Financial Statements.

208

PGIM Floating Rate Income ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

FLOATING RATE AND OTHER LOANS (Continued)

Metal Fabricate/Hardware 1.2%

Crosby US Acquisition Corp.,

Amendment No. 3 Replacement Term Loan, 1 Month SOFR + 4.000%

9.322%(c)

08/16/29

175

175,602

Grinding Media, Inc.,

First Lien Initial Term Loan, 3 Month SOFR + 4.262%^

9.591(c)

10/12/28

284

281,676

Tank Holding Corp.,

2023 Incremental Term Loan, 1 Month SOFR + 6.100%

11.426(c)

03/31/28

48,146

Delayed Draw Term Commitment

1.000

03/31/28

9,338

Trulite Glass & Aluminum Solutions LLC,

Term Loan^

— (p)

02/15/30

73,687

588,449

Mining 0.3%

Arsenal AIC Parent LLC,

2024 Refinancing Term B Loan, 1 Month SOFR + 3.750%

9.070(c)

08/18/30

175

174,672

Miscellaneous Manufacturing 0.5%

Gates Global LLC,

Initial B-4 Dollar Term Loan, 1 Month SOFR + 3.000%

8.326(c)

11/16/29

247

247,122

Packaging & Containers 1.2%

Clydesdale Acquisition Holdings, Inc.,

Term B Loan

— (p)

04/13/29

138

137,697

Pregis TopCo LLC,

Term Loan, 1 Month SOFR + 3.750%

9.076(c)

07/31/26

100

99,969

Pretium PKG Holdings, Inc.,

Initial Third Amendment Tranche A-1 Term Loan

(First Lien), 3 Month SOFR + 4.600%

9.906(c)

10/02/28

45,492

ProAmpac PG Borrower LLC,

Term Loan B, 3 Month SOFR + 4.500%

9.810(c)

09/15/28

98,741

Trident TPI Holdings, Inc.,

First Lien Tranche B-3 Initial Term Loan, 3 Month SOFR + 4.262%

9.610(c)

09/15/28

98,124

See Notes to Financial Statements.

PGIM Fixed Income ETFs 209

PGIM Floating Rate Income ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

FLOATING RATE AND OTHER LOANS (Continued)

Packaging & Containers (cont’d.)

Trident TPI Holdings, Inc., (cont’d.)

Tranche B-4 Initial Term Loan, 3 Month SOFR + 5.250%

10.598%(c)

09/15/28

49,936

Tranche B-5 Initial Term Loan, 3 Month SOFR + 4.500%

9.848(c)

09/15/28

98,399

628,358

Pharmaceuticals 1.0%

Gainwell Acquisition Corp.,

Term B Loan, 3 Month SOFR + 4.100%

9.448(c)

10/01/27

246

240,328

Perrigo Investments LLC,

Initial Term B Loan, 1 Month SOFR + 2.350%

7.676(c)

04/20/29

100

99,406

Sharp Midco LLC,

Tranche B Term Loan, 3 Month SOFR + 4.500%

9.848(c)

12/31/28

150

149,906

489,640

Pipelines 1.7%

AL GCX Holdings LLC,

Initial Term Loan, 1 Month SOFR + 3.250%

8.572(c)

05/17/29

189

188,555

AL NGPL Holdings LLC,

Term Loan, 3 Month SOFR + 3.500%

8.829(c)

04/14/28

48,622

BIP Pipeco Holdings LLC,

Term Loan, 3 Month SOFR + 3.250%

8.580(c)

12/05/30

225

224,531

GIP III Stetson I LP,

Initial Term Loan, 1 Month SOFR + 4.350%

9.676(c)

10/31/28

122

121,866

Northriver Midstream Finance LP (Canada),

Term Loan (First Lien), 3 Month SOFR + 3.000%

8.330(c)

08/16/30

100

99,475

Prairie ECI Acquiror LP,

Term Loan

— (p)

08/01/29

125

124,000

Whitewater DBR Holdco LLC,

Term Loan

— (p)

03/31/31

49,938

856,987

Private Equity 0.5%

Harbourvest Partners LP,

2024 Term Loan Facility, 3 Month SOFR + 2.500%

7.843(c)

04/19/30

249

248,752

See Notes to Financial Statements.

210

PGIM Floating Rate Income ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

FLOATING RATE AND OTHER LOANS (Continued)

Real Estate 0.7%

BRP Nimbus LLC,

Initial Term B Loan, 1 Month SOFR + 2.600%

7.926%(c)

08/27/25

221

220,006

Greystar Real Estate Partners LLC,

Term Loan B-1, 3 Month SOFR + 3.250%^

8.576(c)

08/21/30

150

149,438

369,444

Real Estate Investment Trusts (REITs) 1.3%

Blackstone Mortgage Trust, Inc.,

New Term Loan B, 1 Month SOFR + 2.864%^

8.191(c)

04/23/26

97,742

Term B-4 Loan, 1 Month SOFR + 3.500%

8.826(c)

05/09/29

300

291,245

Starwood Property Mortgage LLC,

Term Loan B, 1 Month SOFR + 3.250%

8.576(c)

11/18/27

100

99,416

StarWood Property Mortgage LLC,

Initial Term Loan, 1 Month SOFR + 2.600%

7.926(c)

07/26/26

146

145,646

634,049

Retail 2.1%

Dave & Buster’s, Inc.,

2024 Refinancing Term B Loan, 1 Month SOFR + 3.299%

8.625(c)

06/29/29

223

223,191

EG America LLC (United Kingdom),

Facility B Tranche C, SOFR + 5.928%

11.287(c)

02/07/28

197

194,087

Foundation Building Materials, Inc.,

Term Loan

— (p)

01/29/31

100

99,812

Great Outdoors Group LLC,

Term B-2 Loan, 1 Month SOFR + 3.864%

9.191(c)

03/06/28

245

245,127

LBM Acquisition LLC,

First Lien Initial Term Loan, 1 Month SOFR + 3.850%

9.176(c)

12/17/27

112

111,361

Petco Health & Wellness Co., Inc.,

First Lien Initial Term Loan, 3 Month SOFR + 3.512%

8.860(c)

03/03/28

225

214,795

1,088,373

Semiconductors 0.7%

Brooks Automation,

Initial Term Loan, 6 Month SOFR + 3.100%

7.716(c)

02/01/29

122

121,859

See Notes to Financial Statements.

PGIM Fixed Income ETFs 211

PGIM Floating Rate Income ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

FLOATING RATE AND OTHER LOANS (Continued)

Semiconductors (cont’d.)

Entegris, Inc.,

Tranche B Term Loan, 1 Month SOFR + 2.750%

7.856%(c)

07/06/29

47,805

MKS Instruments, Inc.,

2023-1 Dollar Term B Loan, 1 Month SOFR + 2.500%

7.824(c)

08/17/29

49,268

Natel Engineering Co., Inc.,

Initial Term Loan, 1 Month SOFR + 6.364%

11.686(c)

04/30/26

148

130,131

349,063

Shipbuilding 0.3%

LSF11 Trinity Bidco, Inc.,

2023-2 Rolled Term B Loan, 1 Month SOFR + 4.000%^

9.320(c)

06/14/30

147

144,539

Software 6.8%

Applovin Corp.,

Initial Term Loan, 1 Month SOFR + 3.100%

8.426(c)

08/16/30

149

149,343

athenahealth, Inc.,

Initial Term Loan, 1 Month SOFR + 3.250%

8.576(c)

02/15/29

276

273,604

Boxer Parent Co., Inc.,

2028 Extended Dollar Term Loan, 1 Month SOFR + 4.250%

9.576(c)

12/29/28

198

198,673

Camelot US Acquisition LLC,

Term Loan B-1, 1 Month SOFR + 2.750%

8.076(c)

01/31/31

175

174,388

Cloudera, Inc.,

Term Loan, 1 Month SOFR + 3.850%

9.176(c)

10/08/28

211

209,134

Cotiviti, Inc.,

Term Loan, 1 Month SOFR + 3.500%

7.500(c)

03/31/31

250

250,000

CT Technologies Intermediate Holdings, Inc.,

Term Loan 2021 Reprice, 1 Month SOFR + 4.364%

9.691(c)

12/16/25

148

145,138

Dun & Bradstreet Corp.,

Incremental Term B-2, 1 Month SOFR + 2.750%

8.074(c)

01/18/29

125

124,649

Evertec Group LLC (Puerto Rico),

Term Loan B, 1 Month SOFR + 3.500%

8.826(c)

10/30/30

135

134,831

Genesys Cloud Services Holdings II LLC,

2024 Incremental Dollar Term Loan, 1 Month SOFR + 3.864%

9.191(c)

12/01/27

125

125,195

See Notes to Financial Statements.

212

PGIM Floating Rate Income ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

FLOATING RATE AND OTHER LOANS (Continued)

Software (cont’d.)

Hireright Holdings Group,

2023 Extending Term, 1 Month SOFR + 4.000%

9.326%(c)

09/27/30

125

124,189

Instructure Holdings, Inc.,

Initial Term Loan, 3 Month SOFR + 3.012%

8.355(c)

10/30/28

225

223,875

Playtika Ltd.,

Term B-1 Loan, 1 Month SOFR + 2.864%

8.191(c)

03/13/28

150

149,241

Polaris Newco LLC,

First Lien Dollar Term Loan, 3 Month SOFR + 4.262%

9.574(c)

06/02/28

257

251,384

Red Planet Borrower LLC,

First Lien Initial Term Loan, 1 Month SOFR + 3.850%

9.176(c)

10/02/28

223

216,960

Renaissance Holding Corp.,

Covenant-Lite First-Lien Term Loan, 1 Month SOFR + 4.250%

9.576(c)

04/05/30

200

199,076

Skillsoft Finance II, Inc.,

Initial Term Loan, 1 Month SOFR + 5.364%

10.684(c)

07/14/28

147

135,805

Waystar Technologies, Inc.,

Initial Term Loan, 1 Month SOFR + 4.000%

9.326(c)

10/22/29

76,715

Weld North Education LLC,

2024 Term Loan, 1 Month SOFR + 3.614%

8.941(c)

12/21/29

125

124,492

Zelis Cost Management Buyer, Inc.,

Term B-2 Loan, 3 Month SOFR + 2.750%

8.067(c)

09/28/29

150

149,729

3,436,421

Telecommunications 4.7%

Altice France SA (France),

USD TLB-12 Term Loan, 3 Month LIBOR + 3.688%

9.263(c)

01/31/26

124

122,040

Aventiv Technologies LLC,

New Initial Term Loan (First Lien), 3 Month SOFR + 4.890%

10.500(c)

11/01/24

67,581

CCI Buyer, Inc.,

First Lien Initial Term Loan, 3 Month SOFR + 4.000%

9.348(c)

12/17/27

182

180,156

CommScope, Inc.,

Initial Term Loan, 1 Month SOFR + 3.364%

8.691(c)

04/06/26

198

177,482

See Notes to Financial Statements.

PGIM Fixed Income ETFs 213

PGIM Floating Rate Income ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

FLOATING RATE AND OTHER LOANS (Continued)

Telecommunications (cont’d.)

Connect Finco Sarl (United Kingdom),

Amendment No. 1 Refinancing Term Loan, 1 Month SOFR + 3.500%

8.826%(c)

12/11/26

177

176,642

Crown Subsea Communications Holding, Inc.,

Initial Term Loan, 3 Month SOFR + 4.750%

10.067(c)

01/26/31

150

150,422

Digicel International Finance, Ltd. (Jamaica),

Initial Term Loan, 3 Month SOFR + 6.750%

12.063(c)

05/29/27

132

124,553

Global Tel Link Corp.,

First Lien Term Loan, 1 Month SOFR + 4.250%

9.576(c)

11/29/25

51,063

Iridium Satellite LLC,

Cov-Lite Term Loan B, 1 Month SOFR + 2.500%

7.826(c)

09/20/30

92,405

Level 3 Financing, Inc.,

Tranche B 2027 Term Loan, 1 Month SOFR + 1.864%

7.191(c)

03/01/27

29,250

Lumen Technologies, Inc.,

Term B Loan, 1 Month SOFR + 2.364%

7.691(c)

03/15/27

142

102,690

Term Loan

— (p)

06/01/28

5,991

MLN US HoldCo LLC,

3L Term B Loan, 3 Month SOFR + 9.350%

14.660(c)

10/18/27

400

Initial Term Loan, 3 Month SOFR + 6.540%

11.850(c)

10/18/27

12,094

Initial Term Loan (Second Out (First Lien Roll-Up)), 3 Month SOFR + 6.800%

12.110(c)

10/18/27

7,449

Orbcomm, Inc.,

Closing Date Term Loan, 1 Month SOFR + 4.364%

9.773(c)

09/01/28

92,372

Patagonia Holdco LLC,

Initial Term Loan, 3 Month SOFR + 5.750%

11.064(c)

08/01/29

237

217,690

Viasat, Inc.,

Initial Term Loan, 1 Month SOFR + 4.500%

9.826(c)

03/02/29

320

314,143

Initial Term Loan, 1 Month SOFR + 4.614%

9.938(c)

05/30/30

100

97,817

Xplornet Communications, Inc. (Canada),

First Lien Refinancing Term Loan, 3 Month SOFR + 4.262%

9.610(c)

10/02/28

420

190,349

Zayo Group Holdings, Inc.,

Initial Dollar Term Loan, 1 Month SOFR + 3.114%

8.441(c)

03/09/27

210

188,475

2,401,064

See Notes to Financial Statements.

214

PGIM Floating Rate Income ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

FLOATING RATE AND OTHER LOANS (Continued)

Textiles 0.3%

ASP Unifrax Holdings, Inc.,

USD Term Loan (First Lien), 3 Month SOFR + 3.900%

9.248%(c)

12/12/25

172

166,136

Transportation 0.9%

Daseke Cos., Inc.,

Term Loan, 1 Month SOFR + 4.114%

9.441(c)

03/09/28

148

147,573

First Student Bidco, Inc.,

Incremental Term Loan B, 3 Month SOFR + 4.100%

9.448(c)

07/21/28

162

161,455

Kenan Advantage Group, Inc. (The),

Term Loan B-3, 1 Month SOFR + 3.750%

9.076(c)

01/25/29

24,888

Pods LLC,

Term Loan, 1 Month SOFR + 3.114%

8.441(c)

03/31/28

124

121,507

455,423

TOTAL FLOATING RATE AND OTHER LOANS

(cost $38,164,833)

38,066,330

RESIDENTIAL MORTGAGE-BACKED SECURITY 0.3%

PMT Credit Risk Transfer Trust,

Series 2024-01R, Class A, 144A, 30 Day Average SOFR + 3.500% (Cap N/A, Floor 0.000%) (cost $125,000)

8.810(c)

05/25/33

125

125,000

Shares

COMMON STOCK 0.0%

Wireless Telecommunication Services

Digicel International Finance Ltd. (Jamaica) (original cost $11,205; purchased 01/29/24)*^(f) (cost $11,205)

9,237

16,719

See Notes to Financial Statements.

PGIM Fixed Income ETFs 215

PGIM Floating Rate Income ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



Description	Shares		Value

PREFERRED STOCK 0.1%

Wireless Telecommunication Services

Digicel International Finance Ltd. (Jamaica) (original cost $25,890; purchased 01/26/24 - 01/29/24)*^(f) (cost $25,890)		2,978	$	29,780


TOTAL LONG-TERM INVESTMENTS (cost $50,033,297)				50,389,462


SHORT-TERM INVESTMENT 1.2%

AFFILIATED MUTUAL FUND

PGIM Core Government Money Market Fund (7-day effective yield 5.545%) (cost $618,185)(wb)		618,185		618,185


TOTAL INVESTMENTS 100.4% (cost $50,651,482)				51,007,647
Liabilities in excess of other assets(z) (0.4)%				(214,933	)


NET ASSETS 100.0%			$	50,792,714

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

*	Non-income producing security.

#	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 $3,036,511 and 6.0% of net assets.

(c)	Variable rate instrument. The interest rate shown reflects the rate in effect at February 29, 2024.

(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 $305,569. The aggregate value of $342,528 is 0.7% 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.

(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.

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

(wb)	Represents an investment in a Fund affiliated with the Manager.

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

See Notes to Financial Statements.

216

PGIM Floating Rate Income ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

Unfunded loan commitments outstanding at February 29, 2024:


Borrower	Principal Amount (000)#		Current Value			Unrealized Appreciation			Unrealized Depreciation
Action Environmental Group, Inc. (The), Delayed Draw Term Loan, 2.250%, Maturity Date 10/24/30 (cost $61,957)^		62		$	61,492		$	—		$	(465	)
Ryan, LLC, Delayed Draw Term Loan, —%(p), Maturity Date 11/14/30 (cost $13,333)		13			13,367			33			—
Tank Holding Corp., Delayed Draw Term Commitment, 1.000%, Maturity Date 03/31/28 (cost $11,550)		12			11,434			—			(115	)

				$	86,293		$	33		$	(580	)

Futures contracts outstanding at February 29, 2024:


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

Long Position:
1	20 Year U.S. Treasury Bonds		Jun. 2024	$	119,250		$	654

Short Positions:
11	2 Year U.S. Treasury Notes		Jun. 2024		2,252,250			(612	)
20	5 Year U.S. Treasury Notes		Jun. 2024		2,138,125			(466	)
10	10 Year U.S. Treasury Notes		Jun. 2024		1,104,375			(3,106	)


								(4,184	)


							$	(3,530	)

Forward foreign currency exchange contracts outstanding at February 29, 2024:


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

OTC Forward Foreign Currency Exchange Contracts:
Euro,
Expiring 03/04/24	BNYM	EUR	240		$	260,167	$	259,592		$	—		$	(575	)

See Notes to Financial Statements.

PGIM Fixed Income ETFs 217

PGIM Floating Rate Income ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

Forward foreign currency exchange contracts outstanding at February 29, 2024 (continued):


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

OTC Forward Foreign Currency Exchange Contracts:
Euro,
Expiring 03/04/24	BNYM	EUR	240		$	260,664	$	259,592		$	1,072		$	—
Expiring 04/02/24	BNYM	EUR	240			260,482		259,911			571			—


					$	521,146	$	519,503			1,643			—


										$	1,643		$	(575	)

Credit default swap agreements outstanding at February 29, 2024:


Reference Entity/ Obligation	Termination Date	Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at February 29, 2024(4)	Value at Trade Date			Value at February 29, 2024			Unrealized Appreciation (Depreciation)

Centrally Cleared Credit Default Swap Agreements on credit indices - Sell Protection(2):
CDX.NA.HY.41.V2	12/20/28		5.000%(Q)		4,158	3.383%		$	31,209		$	305,428		$	274,219
CDX.NA.IG.41.V1	12/20/28		1.000%(Q)		4,250	0.520%			58,672			96,196			37,524


								$	89,881		$	401,624		$	311,743

(1)

(2)

See Notes to Financial Statements.

218

PGIM Floating Rate Income ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

(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)

Total return swap agreement outstanding at February 29, 2024:


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:
Invesco Senior Loan ETF(T)		1 Day SOFR(T)/5.320%		BNP		05/07/24		110	$	(571	)		$	—		$	(571	)

(1)

(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	$—	$—	$—	$(571)

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


Broker	Cash and/or Foreign Currency			Securities Market Value

CGM		$	530,000		$	—
JPS			150,000			—

Total		$	680,000		$	—

See Notes to Financial Statements.

PGIM Fixed Income ETFs 219

PGIM Floating Rate Income ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

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 February 29, 2024 in valuing such portfolio securities:


	Level 1				Level 2				Level 3
Investments in Securities
Assets
Long-Term Investments
Asset-Backed Securities
Collateralized Loan Obligations		$	—			$	4,794,310			$	—
Corporate Bonds			—				7,355,707				1,616
Floating Rate and Other Loans			—				35,077,469				2,988,861
Residential Mortgage-Backed Security			—				125,000				—
Common Stock			—				—				16,719
Preferred Stock			—				—				29,780
Short-Term Investment
Affiliated Mutual Fund			618,185				—				—


Total		$	618,185			$	47,352,486			$	3,036,976


Other Financial Instruments*
Assets
Unfunded Loan Commitment		$	—			$	33			$	—
Futures Contracts			654				—				—
OTC Forward Foreign Currency Exchange Contracts			—				1,643				—
Centrally Cleared Credit Default Swap Agreements			—				311,743				—


Total		$	654			$	313,419			$	—


Liabilities
Unfunded Loan Commitments		$	—			$	(115	)			$(465)
Futures Contracts			(4,184	)			—				—
OTC Forward Foreign Currency Exchange Contract			—				(575	)			—
OTC Total Return Swap Agreement			—				(571	)			—


Total		$	(4,184	)		$	(1,261	)		$	(465	)

See Notes to Financial Statements.

220

PGIM Floating Rate Income ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

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 unrealized appreciation (depreciation) and OTC swap contracts are recorded at fair value.

The following is a reconciliation of assets in which unobservable inputs (Level 3) were used in determining fair value:


	Corporate Bonds				Floating Rate and Other Loans				Common Stock			Preferred Stock			Unfunded Loan Commitments
Balance as of 08/31/23		$	—			$	2,747,739			$	—		$	—		$	—
Realized gain (loss)			(216	)			1,286				—			—			—
Change in unrealized appreciation (depreciation)			10				(34,931	)			5,514			3,890			—
Purchases/Exchanges/Issuances			3,082				1,818,269				11,205			25,890			(465	)
Sales/Paydowns			(1,243	)			(526,486	)			—			—			—
Accrued discount/premium			(17	)			14,819				—			—			—
Transfers into Level 3*			—				1,572,029				—			—			—
Transfers out of Level 3*			—				(2,603,864	)			—			—			—


Balance as of 02/29/24		$	1,616			$	2,988,861			$	16,719		$	29,780		$	(465	)


Change in unrealized appreciation (depreciation) relating to securities still held at reporting period end		$	10			$	(34,931	)		$	5,514		$	3,890		$	—

Level 3 securities as presented in the table above are being fair valued using pricing methodologies approved by the Board, which contain unobservable inputs as follows:


					Rate
	Fair Value as of	Valuation	Valuation	Unobservable	(Weighted
Level 3 Securities**	February 29, 2024	Approach	Methodology	Inputs	Average)

Corporate Bonds	$ 1,616	Market	Recovery Value	Recovery Rate	$0.00-$228.22($13.46)

See Notes to Financial Statements.

PGIM Fixed Income ETFs 221

PGIM Floating Rate Income ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

Level 3 Securities**

Fair Value as of
February 29, 2024

Valuation
Approach

Valuation
Methodology

Unobservable
Inputs

Rate
(Weighted
Average)

Common Stock

16,719

Market

Enterprise
Value

Implied/
Recovery
Value

1.81

Preferred Stock

29,780

Market

Enterprise
Value

Implied/
Recovery
Value

10.00

48,115

**	The table does not include Level 3 securities and/or derivatives that are valued by independent pricing vendors or brokers. As of February 29, 2024, the aggregate value of these securities and/or derivatives was $2,988,396.

The unobservable inputs for these investments were not developed by the Fund and are not readily available (e.g. single broker quotes).

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of February 29, 2024 were as follows:


Banks	11.0	%
Collateralized Loan Obligations	9.4
Commercial Services	8.7
Software	6.8
Telecommunications	5.6
Entertainment	3.5
Chemicals	3.4
Media	3.0
Computers	2.7
Building Materials	2.4
Insurance	2.4
Airlines	2.3
Healthcare-Services	2.3
Retail	2.2
Leisure Time	2.2
Diversified Financial Services	2.1
Pipelines	2.0
Auto Parts & Equipment	1.9
Machinery-Diversified	1.8
Electric	1.5
Packaging & Containers	1.4
Real Estate Investment Trusts (REITs)	1.4
Environmental Control	1.3


Investment Companies	1.3	%
Affiliated Mutual Fund	1.2
Metal Fabricate/Hardware	1.2
Engineering & Construction	1.0
Holding Companies-Diversified	1.0
Electronics	1.0
Pharmaceuticals	1.0
Home Furnishings	0.9
Transportation	0.9
Distribution/Wholesale	0.8
Real Estate	0.7
Semiconductors	0.7
Beverages	0.6
Aerospace & Defense	0.6
Internet	0.5
Healthcare-Products	0.5
Foods	0.5
Machinery-Construction & Mining	0.5
Private Equity	0.5
Miscellaneous Manufacturing	0.5
Advertising	0.4
Mining	0.3
Oil & Gas	0.3

See Notes to Financial Statements.

222

PGIM Floating Rate Income ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

Industry Classification (continued):


Textiles	0.3	%
Housewares	0.3
Shipbuilding	0.3

Agriculture	0.3

Residential Mortgage-Backed Security	0.3

Auto Manufacturers	0.2
Lodging	0.2
Hand/Machine Tools	0.1


Wireless Telecommunication Services	0.1	%
Home Builders	0.1


	100.4
Liabilities in excess of other assets	(0.4	)


	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 risk, foreign exchange and interest rate 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 February 29, 2024 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	$	311,743*		—	$	—
Foreign exchange contracts	Unrealized appreciation on OTC forward foreign currency exchange contracts		1,643		Unrealized depreciation on OTC forward foreign currency exchange contracts		575
Interest rate contracts	Due from/to broker-variation margin futures		654	*	Due from/to broker-variation margin futures		4,184	*
Interest rate contracts	—		—		Unrealized depreciation on OTC swap agreements		571

		$	314,040			$	5,330

*	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 223

PGIM Floating Rate Income ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

The effects of derivative instruments on the Statement of Operations for the six months ended February 29, 2024 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	$	—		$	—		$	117,566
Foreign exchange contracts		—			(690	)		—
Interest rate contracts		34,153			—			16,294


Total	$	34,153		$	(690	)	$	133,860


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	$	—		$	—	$	143,536
Foreign exchange contracts		—			1,068		—
Interest rate contracts		24,361			—		(571	)


Total	$	24,361		$	1,068	$	142,965

For the six months ended February 29, 2024, the Fund’s average volume of derivative activities is as follows:


Derivative Contract Type		Average Volume of Derivative Activities*

Futures Contracts - Long Positions (1)		$ 405,625

Futures Contracts - Short Positions (1)		5,919,823

Forward Foreign Currency Exchange Contracts - Purchased (2)		174,218

Forward Foreign Currency Exchange Contracts - Sold (2)		346,125

Credit Default Swap Agreements - Sell Protection (1)		6,923,667

Total Return Swap Agreements (1)		36,792

^*	Average volume is based on average quarter end balances for the six months ended February 29, 2024.

(1)	Notional Amount in USD.

(2)	Value at Settlement Date.

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

See Notes to Financial Statements.

224

PGIM Floating Rate Income ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

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		$	—		$	(571	)		$	(571	)		$	—		$	(571	)
BNYM			1,643			(575	)			1,068				—			1,068


		$	1,643		$	(1,146	)		$	497			$	—		$	497

(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.

PGIM Fixed Income ETFs 225

PGIM Floating Rate Income ETF

Statement of Assets & Liabilities (unaudited)

as of February 29, 2024


Assets

Investments at value:
Unaffiliated investments (cost $50,033,297)	$	50,389,462
Affiliated investments (cost $618,185)		618,185
Cash		24,668
Foreign currency, at value (cost $6,986)		7,070
Receivable for investments sold		7,228,482
Deposit with broker for centrally cleared/exchange-traded derivatives		680,000
Dividends and interest receivable		341,951
Receivable from custodian		28,836
Due from broker—variation margin swaps		9,059
Unrealized appreciation on OTC forward foreign currency exchange contracts		1,643
Tax reclaim receivable		365
Unrealized appreciation on unfunded loan commitment		33


Total Assets		59,329,754

Liabilities

Payable for investments purchased		8,505,918
Management fee payable		28,732
Due to broker—variation margin futures		664
Unrealized depreciation on unfunded loan commitments		580
Unrealized depreciation on OTC forward foreign currency exchange contracts		575
Unrealized depreciation on OTC swap agreements		571


Total Liabilities		8,537,040


Net Assets	$	50,792,714




Net assets were comprised of:
Common stock, at par	$	1,000
Paid-in capital in excess of par		49,917,754
Total distributable earnings (loss)		873,960


Net assets, February 29, 2024	$	50,792,714


Net asset value, offering price and redemption price per share. ($50,792,714 ÷ 1,000,000 shares of common stock issued and outstanding)	$	50.79

See Notes to Financial Statements.

226

PGIM Floating Rate Income ETF

Statement of Operations (unaudited)

Six Months Ended February 29, 2024


Net Investment Income (Loss)
Income
Interest income	$	2,555,226
Affiliated dividend income		56,430


Total income		2,611,656


Expenses
Management fee		187,276


Net investment income (loss)		2,424,380

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

Net realized gain (loss) on:
Investment transactions		45,098
Futures transactions		34,153
Forward currency contract transactions		(690	)
Swap agreement transactions		133,860
Foreign currency transactions		(1,281	)


		211,140


Net change in unrealized appreciation (depreciation) on:
Investments		85,471
Futures		24,361
Forward currency contracts		1,068
Swap agreements		142,965
Foreign currencies		97
Unfunded loan commitments		(108	)


		253,854


Net gain (loss) on investment and foreign currency transactions		464,994


Net Increase (Decrease) In Net Assets Resulting From Operations	$	2,889,374

See Notes to Financial Statements.

PGIM Fixed Income ETFs 227

PGIM Floating Rate Income ETF

Statements of Changes in Net Assets (unaudited)



	Six Months Ended February 29, 2024				Year Ended August 31, 2023
Increase (Decrease) in Net Assets

Operations
Net investment income (loss)		$	2,424,380			$	4,523,751
Net realized gain (loss) on investment and foreign currency transactions			211,140				74,933
Net change in unrealized appreciation (depreciation) on investments and foreign currencies			253,854				672,747


Net increase (decrease) in net assets resulting from operations			2,889,374				5,271,431


Dividends and Distributions
Distributions from distributable earnings			(3,079,582	)			(4,140,051	)


Fund share transactions
Net proceeds from shares sold (150,000 and 675,000 shares, respectively)			7,560,600				33,359,380
Cost of shares purchased (500,000 and 0 shares, respectively)			(24,896,018	)			—


Net increase (decrease) in net assets from Fund share transactions			(17,335,418	)			33,359,380


Total increase (decrease)			(17,525,626	)			34,490,760

Net Assets:

Beginning of period			68,318,340				33,827,580


End of period		$	50,792,714			$	68,318,340

See Notes to Financial Statements.

228

PGIM Floating Rate Income ETF

Financial Highlights (unaudited)




	Six Months Ended February 29, 2024			Year Ended August 31, 2023			May 17, 2022^(a) through August 31, 2022
Per Share Operating Performance^(b):
Net Asset Value, Beginning of Period		$50.61			$50.11			$50.00
Income (loss) from investment operations:
Net investment income (loss)		2.33			4.27			0.62
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.70			0.16			(0.18	)
Total from investment operations		3.03			4.43			0.44
Less Dividends and Distributions:
Dividends from net investment income		(2.83	)		(3.88	)		(0.33	)
Distributions from net realized gains		(0.02	)		(0.05	)		-
Total dividends and distributions		(2.85	)		(3.93	)		(0.33	)
Net asset value, end of period		$50.79			$50.61			$50.11
Total Return^(c):		6.20	%		9.32	%		0.89	%

Ratios/Supplemental Data:
Net assets, end of period (000)		$50,793			$68,318			$33,828
Average net assets (000)		$52,310			$52,571			$26,460
Ratios to average net assets^(d):
Expenses after waivers and/or expense reimbursement		0.72	%^(e)		0.72	%		0.72	%^(e)
Expenses before waivers and/or expense reimbursement		0.72	%^(e)		0.72	%		0.72	%^(e)
Net investment income (loss)		9.32	%^(e)		8.61	%		4.32	%^(e)
Portfolio turnover rate^(f)		56	%		182	%		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.

PGIM Fixed Income ETFs 229

PGIM AAA CLO ETF

Schedule of Investments (unaudited)

as of February 29, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

LONG-TERM INVESTMENTS 99.1%

ASSET-BACKED SECURITIES

Collateralized Loan Obligations

AGL CLO Ltd. (Cayman Islands),

Series 2020-05A, Class A1R, 144A, 3 Month SOFR + 1.422% (Cap N/A, Floor 1.160%)

6.739%(c)

07/20/34

3,000

3,003,914

Series 2021-14A, Class A, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%)

6.729(c)

12/02/34

1,750

1,751,205

AGL Core CLO Ltd. (Cayman Islands),

Series 2019-02A, Class A1, 144A, 3 Month SOFR + 1.652% (Cap N/A, Floor 1.390%)

6.969(c)

04/20/32

570

570,682

Series 2021-15A, Class A1, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%)

6.729(c)

01/20/35

537

537,626

Anchorage Capital CLO Ltd. (Cayman Islands),

Series 2021-17A, Class A1, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%)

6.746(c)

07/15/34

1,000

1,001,329

Ares CLO Ltd. (Cayman Islands),

Series 2020-56A, Class AR, 144A, 3 Month SOFR + 1.422% (Cap N/A, Floor 1.422%)

6.746(c)

10/25/34

600

600,900

Series 2021-60A, Class A, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 1.120%)

6.680(c)

07/18/34

460

462,730

Series 2021-61A, Class A, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%)

6.729(c)

10/20/34

2,500

2,504,489

Atlas Static Senior Loan Fund Ltd. (Cayman Islands),

Series 2022-01A, Class AR, 144A, 3 Month SOFR + 1.750% (Cap N/A, Floor 1.750%)

7.064(c)

07/15/30

1,851

1,858,198

Bain Capital Credit CLO Ltd. (Cayman Islands),

Series 2019-02A, Class AR, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 1.100%)

6.678(c)

10/17/32

1,000

1,002,287

Series 2021-06A, Class A1, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.412%)

6.729(c)

10/21/34

1,000

1,001,750

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

6.618(c)

04/18/35

3,750

3,751,122

Balboa Bay Loan Funding Ltd. (Cayman Islands),

Series 2021-01A, Class A, 144A, 3 Month SOFR + 1.462% (Cap N/A, Floor 1.462%)

6.779(c)

07/20/34

1,000

1,001,033

Series 2021-02A, Class A1, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%)

6.749(c)

01/20/35

3,000

3,003,659

Barings CLO Ltd. (Cayman Islands),

Series LP-02A, Class A, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 1.100%)

6.679(c)

01/20/34

1,500

1,501,211

See Notes to Financial Statements.

230

PGIM AAA CLO ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

ASSET-BACKED SECURITIES (Continued)

Collateralized Loan Obligations (cont’d.)

Barrow Hanley CLO Ltd. (Cayman Islands),

Series 2023-01A, Class A1, 144A, 3 Month SOFR + 2.300% (Cap N/A, Floor 2.300%)

7.618%(c)

04/20/35

810

810,854

Series 2023-02A, Class A1, 144A, 3 Month SOFR + 2.050% (Cap N/A, Floor 2.050%)

7.389(c)

10/20/35

1,000

1,004,151

Series 2023-02A, Class A2, 144A, 3 Month SOFR + 2.550% (Cap N/A, Floor 2.550%)

7.889(c)

10/20/35

1,000

1,004,887

Battalion CLO Ltd. (Cayman Islands),

Series 2016-10A, Class A1R2, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%)

6.750(c)

01/25/35

455

454,289

Series 2018-12A, Class A1, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.070%)

6.651(c)

05/17/31

912

913,779

Series 2019-14A, Class AR, 144A, 3 Month SOFR + 1.452% (Cap N/A, Floor 1.190%)

6.769(c)

01/20/35

2,500

2,496,633

Series 2020-15A, Class A1R, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%)

6.619(c)

01/17/33

1,000

1,001,892

Benefit Street Partners CLO Ltd. (Cayman Islands),

Series 2015-06BR, Class A, 144A, 3 Month SOFR + 1.452% (Cap N/A, Floor 1.190%)

6.769(c)

07/20/34

1,000

1,001,066

Series 2021-23A, Class A1, 144A, 3 Month SOFR + 1.342% (Cap N/A, Floor 1.080%)

6.666(c)

04/25/34

2,500

2,504,727

BlueMountain CLO Ltd. (Cayman Islands),

Series 2019-24A, Class AR, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 1.100%)

6.679(c)

04/20/34

3,000

2,993,713

Series 2021-32A, Class A, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%)

6.746(c)

10/15/34

1,500

1,497,810

Broad River BSL Funding CLO Ltd. (Cayman Islands),

Series 2020-01A, Class AR, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%)

6.749(c)

07/20/34

1,250

1,250,403

Canyon Capital CLO Ltd. (Cayman Islands),

Series 2022-01A, Class A, 144A, 3 Month SOFR + 1.330% (Cap N/A, Floor 1.330%)

6.647(c)

04/15/35

2,041

2,040,272

CBAM Ltd. (Cayman Islands),

Series 2020-12A, Class AR, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.442%)

6.759(c)

07/20/34

3,500

3,506,878

CIFC Funding Ltd. (Cayman Islands),

Series 2015-04A, Class A1A2, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.332%)

6.649(c)

04/20/34

3,000

3,002,649

Series 2019-05A, Class A1R1, 144A, 3 Month SOFR + 1.402% (Cap N/A, Floor 1.140%)

6.716(c)

01/15/35

1,800

1,802,373

See Notes to Financial Statements.

PGIM Fixed Income ETFs 231

PGIM AAA CLO ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

ASSET-BACKED SECURITIES (Continued)

Collateralized Loan Obligations (cont’d.)

CIFC Funding Ltd. (Cayman Islands), (cont’d.)

Series 2021-05A, Class A, 144A, 3 Month SOFR + 1.402% (Cap N/A, Floor 1.402%)

6.716%(c)

07/15/34

2,000

2,000,414

Series 2022-05A, Class A1R, 144A, 3 Month SOFR + 1.520% (Cap N/A, Floor 1.520%)

6.837(c)

01/16/37

1,000

999,430

Columbia Cent CLO Ltd. (Cayman Islands),

Series 2021-31A, Class A1, 144A, 3 Month SOFR + 1.462% (Cap N/A, Floor 1.200%)

6.779(c)

04/20/34

2,750

2,741,936

CQS US CLO Ltd. (United Kingdom),

Series 2023-03A, Class A1, 144A, 3 Month SOFR + 1.890% (Cap N/A, Floor 1.890%)

7.209(c)

01/25/37

2,500

2,498,878

Crown City CLO (Cayman Islands),

Series 2020-01A, Class A1AR, 144A, 3 Month SOFR + 1.452% (Cap N/A, Floor 1.190%)

6.769(c)

07/20/34

250

249,872

Series 2021-01A, Class A1A, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%)

6.749(c)

07/20/34

1,500

1,497,804

Elevation CLO Ltd. (Cayman Islands),

Series 2021-13A, Class A1, 144A, 3 Month SOFR + 1.452% (Cap N/A, Floor 1.190%)

6.766(c)

07/15/34

2,000

1,995,958

Elmwood CLO Ltd. (Cayman Islands),

Series 2019-02A, Class AR, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.412%)

6.729(c)

04/20/34

2,000

2,004,000

Series 2020-02A, Class AR, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%)

6.729(c)

10/20/34

2,250

2,250,000

Series 2024-01A, Class A1, 144A

— (p)

04/17/37

2,000

2,000,682

Gallatin CLO Ltd. (Bermuda),

Series 2023-01A, Class A1, 144A, 3 Month SOFR + 2.100% (Cap N/A, Floor 2.100%)

7.414(c)

10/14/35

1,000

1,005,500

Series 2023-01A, Class AJ, 144A, 3 Month SOFR + 2.550% (Cap N/A, Floor 2.550%)

7.864(c)

10/14/35

1,000

1,001,096

Greywolf CLO Ltd. (Cayman Islands),

Series 2018-02A, Class A1, 144A, 3 Month SOFR + 1.440% (Cap N/A, Floor 1.440%)

6.758(c)

10/20/31

1,000

1,000,446

HPS Loan Management Ltd. (Cayman Islands),

Series 2016-10A, Class A1RR, 144A, 3 Month SOFR + 1.402% (Cap N/A, Floor 1.140%)

6.719(c)

04/20/34

4,000

4,005,166

Jamestown CLO Ltd. (Cayman Islands),

Series 2019-14A, Class A1AR, 144A, 3 Month SOFR + 1.462% (Cap N/A, Floor 1.200%)

6.779(c)

10/20/34

250

250,253

See Notes to Financial Statements.

232

PGIM AAA CLO ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

ASSET-BACKED SECURITIES (Continued)

Collateralized Loan Obligations (cont’d.)

KKR CLO Ltd. (Cayman Islands),

Series 2023-46A, Class A1A, 144A, 3 Month SOFR + 1.850% (Cap N/A, Floor 1.850%)

7.168%(c)

04/20/35

1,750

1,751,831

Madison Park Funding Ltd. (Cayman Islands),

Series 2019-34A, Class AR, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 1.120%)

6.706(c)

04/25/32

1,100

1,100,601

Series 2021-38A, Class A, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 1.382%)

6.698(c)

07/17/34

900

901,350

Marble Point CLO Ltd. (Cayman Islands),

Series 2021-03A, Class A1, 144A, 3 Month SOFR + 1.502% (Cap N/A, Floor 1.240%)

6.818(c)

10/17/34

1,500

1,500,750

Neuberger Berman CLO Ltd. (Cayman Islands),

Series 2017-16SA, Class AR, 144A, 3 Month SOFR + 1.302% (Cap N/A, Floor 1.040%)

6.616(c)

04/15/34

3,500

3,504,692

Northwoods Capital Ltd. (Cayman Islands),

Series 2020-22A, Class A2RR, 144A, 3 Month SOFR + 2.000% (Cap N/A, Floor 2.000%)

7.333(c)

03/16/37

1,500

1,500,522

Oaktree CLO Ltd. (Cayman Islands),

Series 2020-01A, Class AR, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%)

6.726(c)

07/15/34

2,210

2,214,179

Series 2021-01A, Class A1, 144A, 3 Month SOFR + 1.422% (Cap N/A, Floor 1.160%)

6.736(c)

07/15/34

1,875

1,873,603

Ocean Trails CLO Ltd. (United Kingdom),

Series 2024-15A, Class A, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%)

7.022(c)

01/15/37

3,000

2,999,571

Octagon Investment Partners 51 Ltd. (Cayman Islands),

Series 2021-01A, Class A, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%)

6.729(c)

07/20/34

3,000

3,010,061

Pikes Peak CLO (Cayman Islands),

Series 2020-06A, Class AR2, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%)

6.751(c)

05/18/34

3,750

3,751,354

PPM CLO Ltd. (Cayman Islands),

Series 2021-05A, Class A, 144A, 3 Month SOFR + 1.462% (Cap N/A, Floor 1.200%)

6.760(c)

10/18/34

3,500

3,503,571

Rad CLO Ltd. (Cayman Islands),

Series 2021-12A, Class A, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%)

6.749(c)

10/30/34

3,000

3,007,444

Series 2021-14A, Class A, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%)

6.746(c)

01/15/35

1,500

1,503,296

See Notes to Financial Statements.

PGIM Fixed Income ETFs 233

PGIM AAA CLO ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

ASSET-BACKED SECURITIES (Continued)

Collateralized Loan Obligations (cont’d.)

Rad CLO Ltd. (Cayman Islands), (cont’d.)

Series 2023-19A, Class A1, 144A, 3 Month SOFR + 2.000% (Cap N/A, Floor 2.000%)

7.318%(c)

04/20/35

600

600,629

Regatta Funding Ltd. (Cayman Islands),

Series 2021-04A, Class A1, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%)

6.729(c)

01/20/35

1,000

1,002,737

Regatta VII Funding Ltd. (Cayman Islands),

Series 2016-01A, Class A1R2, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%)

6.782(c)

06/20/34

2,000

2,006,399

Rockford Tower CLO Ltd. (Cayman Islands),

Series 2018-02A, Class A, 144A, 3 Month SOFR + 1.422% (Cap N/A, Floor 1.160%)

6.739(c)

10/20/31

535

536,171

Series 2021-01A, Class A1, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%)

6.749(c)

07/20/34

450

450,131

Shackleton CLO Ltd. (Cayman Islands),

Series 2017-11A, Class AR, 144A, 3 Month SOFR + 1.352% (Cap N/A, Floor 0.262%)

6.659(c)

08/15/30

293

293,870

Signal Peak CLO Ltd. (Cayman Islands),

Series 2020-08A, Class A, 144A, 3 Month SOFR + 1.532% (Cap N/A, Floor 1.270%)

6.849(c)

04/20/33

750

750,362

Silver Rock CLO (Cayman Islands),

Series 2023-03A, Class A1, 144A, 3 Month SOFR + 1.880% (Cap N/A, Floor 1.880%)

7.217(c)

01/20/36

2,000

1,997,790

Sixth Street CLO Ltd. (Cayman Islands),

Series 2021-19A, Class A, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 1.100%)

6.679(c)

07/20/34

3,750

3,761,430

Sound Point CLO Ltd. (Cayman Islands),

Series 2019-01A, Class AR, 144A, 3 Month SOFR + 1.342% (Cap N/A, Floor 1.080%)

6.659(c)

01/20/32

1,000

1,000,630

TCW CLO Ltd. (Cayman Islands),

Series 2021-01A, Class A, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%)

6.749(c)

03/18/34

3,000

3,003,576

TICP CLO Ltd. (Cayman Islands),

Series 2018-12A, Class AR, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%)

6.746(c)

07/15/34

2,500

2,501,507

Tikehau US CLO Ltd. (Bermuda),

Series 2022-02A, Class A1R, 144A, 3 Month SOFR + 1.870% (Cap N/A, Floor 1.870%)

7.188(c)

01/20/36

1,500

1,498,481

Series 2022-02A, Class AJR, 144A, 3 Month SOFR + 2.300% (Cap N/A, Floor 2.300%)

7.618(c)

01/20/36

1,000

1,009,763

See Notes to Financial Statements.

234

PGIM AAA CLO ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

ASSET-BACKED SECURITIES (Continued)

Collateralized Loan Obligations (cont’d.)

Tikehau US CLO Ltd. (Bermuda), (cont’d.)

Series 2023-02A, Class A1, 144A, 3 Month SOFR + 1.950% (Cap N/A, Floor 1.950%)

7.311%(c)

01/15/36

1,750

1,752,035

Tralee CLO Ltd. (Cayman Islands),

Series 2021-07A, Class A1, 144A, 3 Month SOFR + 1.582% (Cap N/A, Floor 1.320%)

6.906(c)

04/25/34

3,000

3,006,329

Trinitas CLO Ltd. (Cayman Islands),

Series 2022-20A, Class A1, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%)

6.848(c)

07/20/35

1,500

1,501,668

Series 2023-26A, Class A1, 144A, 3 Month SOFR + 1.690% (Cap N/A, Floor 1.690%)

7.008(c)

01/20/35

2,000

2,005,069

Trinitas CLO Ltd. (Bermuda),

Series 2023-22A, Class A1, 144A, 3 Month SOFR + 1.850% (Cap N/A, Floor 1.850%)

7.168(c)

07/20/36

2,000

2,005,218

Venture CLO Ltd. (Cayman Islands),

Series 2019-36A, Class A1AR, 144A, 3 Month SOFR + 1.392% (Cap N/A, Floor 1.130%)

6.709(c)

04/20/32

2,500

2,503,894

Voya CLO Ltd. (Cayman Islands),

Series 2020-02A, Class A1R, 144A, 3 Month SOFR + 1.422% (Cap N/A, Floor 1.160%)

6.731(c)

07/19/34

3,250

3,256,959

Warwick Capital CLO Ltd. (United Kingdom),

Series 2023-02A, Class A1, 144A, 3 Month SOFR + 1.950% (Cap N/A, Floor 1.950%)

7.327(c)

01/15/37

1,500

1,500,876

Wellfleet CLO Ltd. (Cayman Islands),

Series 2020-02A, Class AR, 144A, 3 Month SOFR + 1.482% (Cap N/A, Floor 1.220%)

6.796(c)

07/15/34

2,500

2,501,572

Whitebox CLO Ltd. (Cayman Islands),

Series 2020-02A, Class A1R, 144A, 3 Month SOFR + 1.482% (Cap N/A, Floor 1.220%)

6.800(c)

10/24/34

1,600

1,601,886

Wind River CLO Ltd. (Cayman Islands),

Series 2016-01KRA, Class A1R2, 144A, 3 Month SOFR + 1.472% (Cap N/A, Floor 1.210%)

6.786(c)

10/15/34

250

250,296

Series 2021-03A, Class A, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%)

6.729(c)

07/20/33

2,450

2,445,107

See Notes to Financial Statements.

PGIM Fixed Income ETFs 235

PGIM AAA CLO ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

ASSET-BACKED SECURITIES (Continued)

Collateralized Loan Obligations (cont’d.)

Z Capital Credit Partners CLO Ltd. (Cayman Islands),

Series 2024-01A, Class A, 144A, 3 Month SOFR + 1.950% (Cap N/A, Floor 1.950%)

7.281%(c)

04/16/36

3,250

3,251,128

TOTAL ASSET-BACKED SECURITIES
(cost $155,061,172)

156,458,284

TOTAL LONG-TERM INVESTMENTS
(cost $155,061,172)

156,458,284

Shares

SHORT-TERM INVESTMENT 3.0%

AFFILIATED MUTUAL FUND

PGIM Core Government Money Market Fund (7-day effective yield 5.545%)
(cost $4,790,897)(wb)

4,790,897

TOTAL INVESTMENTS 102.1%
(cost $159,852,069)

161,249,181

Liabilities in excess of other assets (2.1)%

(3,304,054

)

NET ASSETS 100.0%

157,945,127

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

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

(c)	Variable rate instrument. The interest rate shown reflects the rate in effect at February 29, 2024.

(p)	Represents a security with a delayed settlement and therefore the interest rate is not available until settlement which is after the period end.

(wb)	Represents an investment in a Fund affiliated with the Manager.

See Notes to Financial Statements.

236

PGIM AAA CLO ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

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 February 29, 2024 in valuing such portfolio securities:


	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Asset-Backed Securities
Collateralized Loan Obligations	$	—	$	156,458,284		$—
Short-Term Investment
Affiliated Mutual Fund		4,790,897		—		—


Total	$	4,790,897	$	156,458,284		$—

Sector Allocations:

The sector allocations of investments and liabilities in excess of other assets shown as a percentage of net assets as of February 29, 2024 were as follows:


Collateralized Loan Obligations	99.1	%


Affiliated Mutual Fund	3.0	%

	102.1
Liabilities in excess of other assets	(2.1	)


	100.0	%

See Notes to Financial Statements.

PGIM Fixed Income ETFs 237

PGIM AAA CLO ETF

Statement of Assets & Liabilities (unaudited)

as of February 29, 2024



Assets

Investments at value:
Unaffiliated investments (cost $155,061,172)	$	156,458,284
Affiliated investments (cost $4,790,897)		4,790,897
Dividends and interest receivable		1,228,447


Total Assets		162,477,628

Liabilities

Payable for investments purchased		4,508,994
Management fee payable		23,507


Total Liabilities		4,532,501


Net Assets	$	157,945,127




Net assets were comprised of:
Common stock, at par	$	3,100
Paid-in capital in excess of par		155,417,930
Total distributable earnings (loss)		2,524,097


Net assets, February 29, 2024	$	157,945,127


Net asset value, offering price and redemption price per share. ($157,945,127 ÷ 3,100,000 shares of common stock issued and outstanding)	$	50.95

See Notes to Financial Statements.

238

PGIM AAA CLO ETF

Statement of Operations (unaudited)

Six Months Ended February 29, 2024


Net Investment Income (Loss)

Income
Interest income	$	5,103,299
Affiliated dividend income		135,944


Total income		5,239,243


Expenses
Management fee		144,027


Net investment income (loss)		5,095,216

Realized And Unrealized Gain (Loss) On Investments

Net realized gain (loss) on investment transactions		320,103

Net change in unrealized appreciation (depreciation) on investments		1,218,846


Net gain (loss) on investment transactions		1,538,949


Net Increase (Decrease) In Net Assets Resulting From Operations	$	6,634,165

See Notes to Financial Statements.

PGIM Fixed Income ETFs 239

PGIM AAA CLO ETF

Statements of Changes in Net Assets (unaudited)



	Six Months Ended February 29, 2024			July 19, 2023* through August 31, 2023
Increase (Decrease) in Net Assets

Operations
Net investment income (loss)	$	5,095,216		$	759,026
Net realized gain (loss) on investment transactions		320,103			4,693
Net change in unrealized appreciation (depreciation) on investments		1,218,846			178,266


Net increase (decrease) in net assets resulting from operations		6,634,165			941,985


Dividends and Distributions
Distributions from distributable earnings		(5,052,053	)		—


Fund share transactions
Net proceeds from shares sold (800,000 and 2,500,000 shares, respectively)		40,401,172			125,142,342
Cost of shares purchased (200,000 and 0 shares, respectively)		(10,122,484	)		—


Net increase (decrease) in net assets from Fund share transactions		30,278,688			125,142,342


Total increase (decrease)		31,860,800			126,084,327

Net Assets:

Beginning of period		126,084,327			—


End of period	$	157,945,127		$	126,084,327

*	Commencement of operations.

See Notes to Financial Statements.

240

PGIM AAA CLO ETF

Financial Highlights (unaudited)



	Six Months Ended February 29, 2024			July 19, 2023^(a) through August 31, 2023
Per Share Operating Performance^(b):
Net Asset Value, Beginning of Period		$50.43			$50.00
Income (loss) from investment operations:
Net investment income (loss)		1.69			0.39
Net realized and unrealized gain (loss) on investment transactions		0.51			0.04
Total from investment operations		2.20			0.43
Less Dividends and Distributions:
Dividends from net investment income		(1.67	)		-
Distributions from net realized gains		(0.01	)		-
Total dividends and distributions		(1.68	)		-
Net asset value, end of period		$50.95			$50.43
Total Return^(c):		4.43	%		0.87	%



Ratios/Supplemental Data:
Net assets, end of period (000)		$157,945			$126,084
Average net assets (000)		$152,443			$99,359
Ratios to average net assets^(d):
Expenses after waivers and/or expense reimbursement		0.19	%^(e)		0.19	%^(e)
Expenses before waivers and/or expense reimbursement		0.19	%^(e)		0.19	%^(e)
Net investment income (loss)		6.72	%^(e)		6.48	%^(e)
Portfolio turnover rate^(f)		31	%		4	%

(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 Fixed Income ETFs 241

PGIM Short Duration Multi-Sector Bond ETF

Schedule of Investments (unaudited)

as of February 29, 2024

Description

Interest

Rate

Maturity
Date

Principal

Amount

(000)#

Value

LONG-TERM INVESTMENTS 99.5%

ASSET-BACKED SECURITIES 20.5%

Automobiles 0.3%

Avis Budget Rental Car Funding AESOP LLC,

Series 2024-01A, Class A, 144A

5.360%

06/20/30

100

100,073

Collateralized Loan Obligations 19.8%

AGL CLO Ltd. (Cayman Islands),

Series 2021-14A, Class A, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%)

6.729(c)

12/02/34

250

250,172

AlbaCore Euro CLO DAC (Ireland),

Series 02A, Class A1, 144A, 3 Month EURIBOR + 0.830% (Cap N/A, Floor 0.830%)

4.755(c)

06/15/34

EUR

250

265,980

Allegro CLO Ltd. (Cayman Islands),

Series 2019-01A, Class AR, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%)

6.729(c)

07/20/32

250

250,250

Anchorage Capital CLO Ltd. (Cayman Islands),

Series 2020-16A, Class A1R, 144A, 3 Month SOFR + 1.462% (Cap N/A, Floor 1.200%)

6.771(c)

01/19/35

250

250,284

Bain Capital Credit CLO Ltd. (Cayman Islands),

Series 2019-02A, Class AR, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 1.100%)

6.678(c)

10/17/32

250

250,572

Barings Euro CLO DAC (Ireland),

Series 2019-01A, Class AR, 144A, 3 Month EURIBOR + 0.960% (Cap N/A, Floor 0.960%)

4.902(c)

04/15/36

EUR

250

266,617

Barrow Hanley CLO Ltd. (Cayman Islands),

Series 2023-02A, Class A1, 144A, 3 Month SOFR + 2.050% (Cap N/A, Floor 2.050%)

7.389(c)

10/20/35

250

251,038

Benefit Street Partners CLO Ltd. (Cayman Islands),

Series 2015-06BR, Class A, 144A, 3 Month SOFR + 1.452% (Cap N/A, Floor 1.190%)

6.769(c)

07/20/34

250

250,267

BlueMountain Fuji Eur CLO DAC (Ireland),

Series 05A, Class B, 144A, 3 Month EURIBOR + 1.550% (Cap N/A, Floor 1.550%)

5.492(c)

01/15/33

EUR

250

265,879

Broad River BSL Funding CLO Ltd. (Cayman Islands),

Series 2020-01A, Class AR, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%)

6.749(c)

07/20/34

250

250,081

Carlyle US CLO Ltd. (Cayman Islands),

Series 2017-01A, Class A1R, 144A, 3 Month SOFR + 1.262% (Cap N/A, Floor 1.000%)

6.579(c)

04/20/31

200

200,939

See Notes to Financial Statements.

242

PGIM Short Duration Multi-Sector Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

Description

Interest

Rate

Maturity

Date

Principal
Amount

(000)#

Value

ASSET-BACKED SECURITIES (Continued)

Collateralized Loan Obligations (cont’d.)

Greywolf CLO Ltd. (Cayman Islands),

Series 2018-02A, Class A1, 144A, 3 Month SOFR + 1.440% (Cap N/A, Floor 1.440%)

6.758%(c)

10/20/31

250

250,111

HPS Loan Management Ltd. (Cayman Islands),

Series 2021-16A, Class A1, 144A, 3 Month SOFR + 1.402% (Cap N/A, Floor 1.140%)

6.717(c)

01/23/35

250

250,003

LCM Ltd. (Cayman Islands),

Series 34A, Class A1, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%)

6.749(c)

10/20/34

250

250,313

Madison Park Funding Ltd. (Cayman Islands),

Series 2021-38A, Class A, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 1.382%)

6.698(c)

07/17/34

290

290,435

Mountain View CLO Ltd. (Cayman Islands),

Series 2023-01A, Class B, 144A, 3 Month SOFR + 3.000% (Cap N/A, Floor 3.000%)

8.430(c)

09/14/36

250

251,379

Neuberger Berman CLO Ltd. (Cayman Islands),

Series 2017-16SA, Class AR, 144A, 3 Month SOFR + 1.302% (Cap N/A, Floor 1.040%)

6.616(c)

04/15/34

250

250,335

Northwoods Capital Ltd. (Cayman Islands),

Series 2020-22A, Class A1RR, 144A

0.000(c)

03/16/37

250

250,087

Oaktree CLO Ltd. (Cayman Islands),

Series 2020-01A, Class AR, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%)

6.726(c)

07/15/34

250

250,473

OZLM Ltd. (Cayman Islands),

Series 2014-09A, Class A1A3, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 1.100%)

6.679(c)

10/20/31

234

233,582

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

Series 2017-01A, Class A1R, 144A, 3 Month SOFR + 1.502% (Cap N/A, Floor 1.240%)

6.808(c)

02/14/34

250

250,216

PPM CLO Ltd. (Cayman Islands),

Series 2021-05A, Class A, 144A, 3 Month SOFR + 1.462% (Cap N/A, Floor 1.200%)

6.760(c)

10/18/34

250

250,255

Romark WM-R Ltd. (Cayman Islands),

Series 2018-01A, Class A1, 144A, 3 Month SOFR + 1.292% (Cap N/A, Floor 0.000%)

6.609(c)

04/20/31

213

213,077

Signal Peak CLO Ltd. (Cayman Islands),

Series 2020-08A, Class A, 144A, 3 Month SOFR + 1.532% (Cap N/A, Floor 1.270%)

6.849(c)

04/20/33

250

250,121

See Notes to Financial Statements.

PGIM Fixed Income ETFs 243

PGIM Short Duration Multi-Sector Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

Description

Interest

Rate

Maturity

Date

Principal
Amount

(000)#

Value

ASSET-BACKED SECURITIES (Continued)

Collateralized Loan Obligations (cont’d.)

Sound Point CLO Ltd. (Cayman Islands),

Series 2019-01A, Class AR, 144A, 3 Month SOFR + 1.342% (Cap N/A, Floor 1.080%)

6.659%(c)

01/20/32

250

250,157

Trinitas CLO Ltd. (Cayman Islands),

Series 2022-20A, Class A1, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%)

6.848(c)

07/20/35

250

250,278

Trinitas Euro CLO DAC (Ireland),

Series 06A, Class A, 144A, 3 Month EURIBOR + 1.600% (Cap N/A, Floor 1.600%)

5.525(c)

04/15/37

EUR

250

270,685

Venture CLO Ltd. (Cayman Islands),

Series 2019-36A, Class A1AR, 144A, 3 Month SOFR + 1.392% (Cap N/A, Floor 1.130%)

6.709(c)

04/20/32

250

250,389

7,013,975

Home Equity Loans 0.4%

JPMorgan Mortgage Trust,

Series 2023-HE02, Class A1, 144A, 30 Day Average SOFR + 1.700% (Cap N/A, Floor 0.000%)

7.024(c)

03/25/54

85,915

Series 2023-HE03, Class M1, 144A, 30 Day Average SOFR + 2.100% (Cap N/A, Floor 0.000%)

7.424(c)

05/25/54

65,482

151,397

TOTAL ASSET-BACKED SECURITIES
(cost $7,209,744)

7,265,445

COMMERCIAL MORTGAGE-BACKED SECURITIES 10.7%

BANK,

Series 2023-BNK46, Class A21

6.725(cc)

08/15/56

200

209,051

Barclays Commercial Mortgage Securities Trust,

Series 2023-05C23, Class A3

6.675(cc)

12/15/56

200

211,643

Benchmark Mortgage Trust,

Series 2019-B15, Class A4

2.673

12/15/72

300

258,725

Series 2022-B33, Class A1

2.306

03/15/55

358

341,085

Series 2024-V05, Class A3

5.805

01/10/57

100

102,710

BMO Mortgage Trust,

Series 2023-05C01, Class A3

6.534(cc)

08/15/56

150

156,998

Series 2023-C06, Class A2

6.643(cc)

09/15/56

200

210,965

See Notes to Financial Statements.

244

PGIM Short Duration Multi-Sector Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)

BMO Mortgage Trust, (cont’d.)
Series 2023-C06, Class XB, IO		0.153%(cc)		09/15/56		6,200	$	96,107
BX Trust,
Series 2024-PAT, Class A, 144A, 1 Month SOFR + 2.090% (Cap N/A, Floor 2.090%)		7.340(c)		03/15/26		100		99,747
CENT Trust,
Series 2023-CITY, Class A, 144A, 1 Month SOFR + 2.620% (Cap N/A, Floor 2.620%)		7.938(c)		09/15/38		50		50,250
CGMS Commercial Mortgage Trust,
Series 2017-B01, Class A3		3.197		08/15/50		242		225,537
Commercial Mortgage Trust,
Series 2015-DC01, Class A5		3.350		02/10/48		250		243,831
Series 2016-COR01, Class A4		3.091		10/10/49		250		232,475
GS Mortgage Securities Trust,
Series 2014-GC22, Class A4		3.587		06/10/47		165		164,369
Series 2019-GC40, Class A2		2.971		07/10/52		72		71,779
JPMCC Commercial Mortgage Securities Trust,
Series 2019-COR04, Class A5		4.029		03/10/52		250		225,030
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2015-C20, Class A4		3.249		02/15/48		300		293,023
Morgan Stanley Capital I Trust,
Series 2015-UBS08, Class A4		3.809		12/15/48		250		240,683
UBS Commercial Mortgage Trust,
Series 2017-C04, Class A3		3.301		10/15/50		273		255,521
Wells Fargo Commercial Mortgage Trust,
Series 2020-C56, Class A1		1.341		06/15/53		98		97,321


TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (cost $3,716,804)								3,786,850


CORPORATE BONDS 30.4%

Aerospace & Defense 0.7%

Boeing Co. (The),
Sr. Unsec’d. Notes		2.196		02/04/26		150		140,848
Bombardier, Inc. (Canada),
Sr. Unsec’d. Notes, 144A		7.875		04/15/27		109		109,000


								249,848

See Notes to Financial Statements.

PGIM Fixed Income ETFs 245

PGIM Short Duration Multi-Sector Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

CORPORATE BONDS (Continued)

Agriculture 0.7%

BAT Capital Corp. (United Kingdom),
Gtd. Notes		2.259%		03/25/28		115	$	101,663
Philip Morris International, Inc.,
Sr. Unsec’d. Notes		4.875		02/13/29		150		147,401


								249,064

Airlines 0.3%

Delta Air Lines, Inc./SkyMiles IP Ltd.,
Sr. Sec’d. Notes, 144A		4.750		10/20/28		75		73,293
United Airlines, Inc.,
Sr. Sec’d. Notes, 144A		4.375		04/15/26		25		24,070


								97,363

Apparel 0.1%

Hanesbrands, Inc.,
Gtd. Notes, 144A		4.875		05/15/26		25		24,138

Auto Manufacturers 1.3%

Ford Motor Credit Co. LLC,
Sr. Unsec’d. Notes		6.800		05/12/28		200		206,423
General Motors Financial Co., Inc.,
Sr. Unsec’d. Notes		1.250		01/08/26		180		166,801
Sr. Unsec’d. Notes		5.400		05/08/27		15		15,017
Hyundai Capital America,
Sr. Unsec’d. Notes, 144A		5.950		09/21/26		80		80,861


								469,102

Auto Parts & Equipment 0.1%

Dana, Inc.,
Sr. Unsec’d. Notes		5.625		06/15/28		25		24,220

Banks 9.3%

Bank of America Corp.,
Sr. Unsec’d. Notes		5.202(ff)		04/25/29		315		313,217
Barclays PLC (United Kingdom),
Sr. Unsec’d. Notes		5.829(ff)		05/09/27		200		200,353

See Notes to Financial Statements.

246

PGIM Short Duration Multi-Sector Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

CORPORATE BONDS (Continued)

Banks (cont’d.)

BNP Paribas SA (France),

Sr. Non-Preferred Notes, 144A

5.497%(ff)

05/20/30

200

198,986

Citigroup, Inc.,

Sr. Unsec’d. Notes

5.174(ff)

02/13/30

190

188,068

Sub. Notes

4.450

09/29/27

195

188,920

Citizens Financial Group, Inc.,

Sr. Unsec’d. Notes

5.841(ff)

01/23/30

49,399

Comerica, Inc.,

Sr. Unsec’d. Notes

5.982(ff)

01/30/30

78,567

Deutsche Bank AG (Germany),

Sr. Non-Preferred Notes

7.146(ff)

07/13/27

150

153,825

Fifth Third Bancorp,

Sr. Unsec’d. Notes

6.339(ff)

07/27/29

20,538

Goldman Sachs Group, Inc. (The),

Sr. Unsec’d. Notes

1.542(ff)

09/10/27

140

127,255

Sr. Unsec’d. Notes

5.798(ff)

08/10/26

180

180,982

Huntington Bancshares, Inc.,

Sr. Unsec’d. Notes

6.208(ff)

08/21/29

10,171

JPMorgan Chase & Co.,

Sr. Unsec’d. Notes

5.040(ff)

01/23/28

69,626

Sr. Unsec’d. Notes

5.299(ff)

07/24/29

500

501,354

KeyCorp,

Sr. Unsec’d. Notes, MTN

2.550

10/01/29

16,734

Morgan Stanley,

Sr. Unsec’d. Notes

5.449(ff)

07/20/29

300

301,243

PNC Financial Services Group, Inc. (The),

Sr. Unsec’d. Notes

5.812(ff)

06/12/26

85,110

Sr. Unsec’d. Notes

6.615(ff)

10/20/27

20,534

Truist Financial Corp.,

Sr. Unsec’d. Notes, MTN

6.047(ff)

06/08/27

125

126,212

U.S. Bancorp,

Sr. Unsec’d. Notes

5.384(ff)

01/23/30

110

109,380

Wells Fargo & Co.,

Sr. Unsec’d. Notes, MTN

5.198(ff)

01/23/30

89,224

Sr. Unsec’d. Notes, MTN

5.574(ff)

07/25/29

250

251,741

3,281,439

See Notes to Financial Statements.

PGIM Fixed Income ETFs 247

PGIM Short Duration Multi-Sector Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

CORPORATE BONDS (Continued)

Building Materials 0.1%

JELD-WEN, Inc.,
Gtd. Notes, 144A	4.875%	12/15/27		25	$	23,772
Standard Industries, Inc.,
Sr. Unsec’d. Notes, 144A	4.750	01/15/28		25		23,599


						47,371

Chemicals 0.3%

CF Industries, Inc.,
Gtd. Notes, 144A	4.500	12/01/26		110		107,269

Commercial Services 0.4%

Allied Universal Holdco LLC/Allied Universal Finance Corp.,
Sr. Sec’d. Notes, 144A	6.625	07/15/26		11		10,966
Sr. Unsec’d. Notes, 144A	9.750	07/15/27		50		49,818
Brink’s Co. (The),
Gtd. Notes, 144A	4.625	10/15/27		25		23,611
ERAC USA Finance LLC,
Gtd. Notes, 144A	5.000	02/15/29		40		39,766


						124,161

Computers 0.2%

Leidos, Inc.,
Gtd. Notes	3.625	05/15/25		80		78,116

Distribution/Wholesale 0.1%

H&E Equipment Services, Inc.,
Gtd. Notes, 144A	3.875	12/15/28		50		45,089

Diversified Financial Services 1.9%

American Express Co.,
Sr. Unsec’d. Notes	6.338(ff)	10/30/26		65		65,988
BOC Aviation USA Corp. (China),
Gtd. Notes, 144A, MTN	1.625	04/29/24		400		397,576
Cantor Fitzgerald LP,
Sr. Unsec’d. Notes, 144A	7.200	12/12/28		25		25,638
Capital One Financial Corp.,
Sr. Unsec’d. Notes	7.149(ff)	10/29/27		40		41,469

See Notes to Financial Statements.

248

PGIM Short Duration Multi-Sector Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

CORPORATE BONDS (Continued)

Diversified Financial Services (cont’d.)

Jefferies Financial Group, Inc.,
Sr. Unsec’d. Notes	5.875%	07/21/28		80	$	81,556
Nationstar Mortgage Holdings, Inc.,
Gtd. Notes, 144A	6.000	01/15/27		25		24,579
OneMain Finance Corp.,
Gtd. Notes	3.875	09/15/28		25		21,843


						658,649

Electric 2.0%

American Electric Power Co., Inc.,
Jr. Sub. Notes	5.699	08/15/25		75		75,135
Calpine Corp.,
Sr. Unsec’d. Notes, 144A	4.625	02/01/29		50		45,989
NextEra Energy Capital Holdings, Inc.,
Gtd. Notes	5.749	09/01/25		130		130,689
NRG Energy, Inc.,
Gtd. Notes	5.750	01/15/28		50		49,250
Pennsylvania Electric Co.,
Sr. Unsec’d. Notes, 144A	5.150	03/30/26		60		59,446
Southern California Edison Co.,
First Mortgage	4.875	02/01/27		100		99,484
First Mortgage	4.900	06/01/26		125		124,141
Vistra Corp.,
Jr. Sub. Notes, 144A	8.000(ff)	10/15/26(oo)		50		50,002
Vistra Operations Co. LLC,
Gtd. Notes, 144A	4.375	05/01/29		25		22,834
Gtd. Notes, 144A	5.000	07/31/27		50		47,948


						704,918

Engineering & Construction 0.7%

Jacobs Engineering Group, Inc.,
Gtd. Notes	6.350	08/18/28		65		66,943
Mexico City Airport Trust (Mexico),
Sr. Sec’d. Notes, 144A	4.250	10/31/26		200		192,308


						259,251

See Notes to Financial Statements.

PGIM Fixed Income ETFs 249

PGIM Short Duration Multi-Sector Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

CORPORATE BONDS (Continued)

Entertainment 0.7%

Caesars Entertainment, Inc.,
Gtd. Notes, 144A	4.625%	10/15/29		75	$	68,473
Penn Entertainment, Inc.,
Sr. Unsec’d. Notes, 144A	5.625	01/15/27		25		23,906
Warnermedia Holdings, Inc.,
Gtd. Notes	3.755	03/15/27		160		151,429


						243,808

Foods 0.5%

Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s LP/Albertson’s LLC,
Gtd. Notes, 144A	6.500	02/15/28		25		25,159
B&G Foods, Inc.,
Gtd. Notes	5.250	04/01/25		7		6,970
Gtd. Notes	5.250	09/15/27		25		23,256
Bellis Finco PLC (United Kingdom),
Gtd. Notes	4.000	02/16/27	GBP	100		113,955


						169,340

Gas 0.1%

AmeriGas Partners LP/AmeriGas Finance Corp.,
Sr. Unsec’d. Notes	5.875	08/20/26		25		24,231

Healthcare-Services 0.2%

Legacy LifePoint Health LLC,
Sr. Sec’d. Notes, 144A	4.375	02/15/27		50		46,563
Tenet Healthcare Corp.,
Gtd. Notes	6.125	10/01/28		25		24,712


						71,275

Home Builders 0.5%

Beazer Homes USA, Inc.,
Gtd. Notes	7.250	10/15/29		25		25,021
Empire Communities Corp. (Canada),
Sr. Unsec’d. Notes, 144A	7.000	12/15/25		50		49,500
M/I Homes, Inc.,
Gtd. Notes	4.950	02/01/28		25		23,787

See Notes to Financial Statements.

250

PGIM Short Duration Multi-Sector Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

CORPORATE BONDS (Continued)

Home Builders (cont’d.)

Mattamy Group Corp. (Canada),
Sr. Unsec’d. Notes, 144A	5.250%	12/15/27		25	$	24,062
Taylor Morrison Communities, Inc.,
Gtd. Notes, 144A	5.875	06/15/27		25		24,933
Tri Pointe Homes, Inc.,
Gtd. Notes	5.250	06/01/27		25		24,511


						171,814

Leisure Time 0.2%

NCL Corp. Ltd.,
Gtd. Notes, 144A	5.875	03/15/26		50		48,687
Viking Cruises Ltd.,
Gtd. Notes, 144A	5.875	09/15/27		25		24,422


						73,109

Lodging 0.5%

Hyatt Hotels Corp.,
Sr. Unsec’d. Notes	5.750	01/30/27		75		75,898
Marriott International, Inc.,
Sr. Unsec’d. Notes	5.450	09/15/26		30		30,126
MGM Resorts International,
Gtd. Notes	6.750	05/01/25		75		75,082


						181,106

Machinery-Diversified 0.1%

Nordson Corp.,
Sr. Unsec’d. Notes	5.600	09/15/28		10		10,160
Otis Worldwide Corp.,
Sr. Unsec’d. Notes	5.250	08/16/28		35		35,300


						45,460

Media 1.0%

CCO Holdings LLC/CCO Holdings Capital Corp.,
Sr. Unsec’d. Notes, 144A	5.125	05/01/27		50		47,257
Charter Communications Operating LLC/Charter Communications Operating Capital,
Sr. Sec’d. Notes	2.250	01/15/29		90		75,919

See Notes to Financial Statements.

PGIM Fixed Income ETFs 251

PGIM Short Duration Multi-Sector Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

CORPORATE BONDS (Continued)

Media (cont’d.)

Cox Communications, Inc.,
Gtd. Notes, 144A	5.450%	09/15/28		55	$	55,423
Sr. Unsec’d. Notes, 144A	3.350	09/15/26		80		76,111
DISH DBS Corp.,
Gtd. Notes	7.750	07/01/26		25		15,723
DISH Network Corp.,
Sr. Sec’d. Notes, 144A	11.750	11/15/27		25		26,080
Gray Television, Inc.,
Gtd. Notes, 144A	5.875	07/15/26		25		23,729
Univision Communications, Inc.,
Sr. Sec’d. Notes, 144A	6.625	06/01/27		50		48,473


						368,715

Mining 0.1%

Novelis Corp.,
Gtd. Notes, 144A	3.250	11/15/26		25		23,252

Oil & Gas 2.0%

Aker BP ASA (Norway),
Sr. Unsec’d. Notes, 144A	5.600	06/13/28		150		151,132
BP Capital Markets PLC (United Kingdom),
Gtd. Notes	4.375(ff)	06/22/25(oo)		75		73,925
Chesapeake Energy Corp.,
Gtd. Notes, 144A	5.500	02/01/26		25		24,779
Endeavor Energy Resources LP/EER Finance, Inc.,
Sr. Unsec’d. Notes, 144A	5.750	01/30/28		25		25,198
Energean Israel Finance Ltd. (Israel),
Sr. Sec’d. Notes, 144A	4.875	03/30/26		30		28,177
Sr. Sec’d. Notes, 144A	5.375	03/30/28		26		23,306
MEG Energy Corp. (Canada),
Gtd. Notes, 144A	5.875	02/01/29		25		24,375
Ovintiv, Inc.,
Gtd. Notes	5.650	05/15/28		90		90,791
Parkland Corp. (Canada),
Gtd. Notes, 144A	5.875	07/15/27		50		48,938
Petroleos Mexicanos (Mexico),
Gtd. Notes	3.625	11/24/25	EUR	100		103,186

See Notes to Financial Statements.

252

PGIM Short Duration Multi-Sector Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

CORPORATE BONDS (Continued)

Oil & Gas (cont’d.)

Petroleos Mexicanos (Mexico), (cont’d.)
Gtd. Notes	6.875%	10/16/25		30	$	29,562
Gtd. Notes, EMTN	4.875	02/21/28	EUR	100		95,267


						718,636

Packaging & Containers 0.3%

Berry Global, Inc.,
Sr. Sec’d. Notes, 144A	5.500	04/15/28		60		59,664
Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer, Inc.,
Sr. Sec’d. Notes, 144A	4.375	10/15/28		25		23,279
Sealed Air Corp./Sealed Air Corp. US,
Gtd. Notes, 144A	6.125	02/01/28		25		24,947


						107,890

Pipelines 2.2%

Antero Midstream Partners LP/Antero Midstream Finance Corp.,
Gtd. Notes, 144A	5.750	01/15/28		50		49,012
Columbia Pipelines Operating Co. LLC,
Sr. Unsec’d. Notes, 144A	5.927	08/15/30		15		15,278
Energy Transfer LP,
Jr. Sub. Notes, Series G	7.125(ff)	05/15/30(oo)		70		67,667
Sr. Unsec’d. Notes	6.100	12/01/28		40		41,381
MPLX LP,
Sr. Unsec’d. Notes	1.750	03/01/26		160		149,250
ONEOK, Inc.,
Gtd. Notes	4.550	07/15/28		100		97,700
Gtd. Notes	5.650	11/01/28		35		35,619
Targa Resources Corp.,
Gtd. Notes	5.200	07/01/27		125		124,301
Western Midstream Operating LP,
Sr. Unsec’d. Notes	4.650	07/01/26		130		127,087
Williams Cos., Inc. (The),
Sr. Unsec’d. Notes	5.400	03/02/26		70		70,163


						777,458

See Notes to Financial Statements.

PGIM Fixed Income ETFs 253

PGIM Short Duration Multi-Sector Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

CORPORATE BONDS (Continued)

Real Estate Investment Trusts (REITs) 1.9%

American Tower Corp.,
Sr. Unsec’d. Notes	3.600%	01/15/28		70	$	65,872
Brixmor Operating Partnership LP,
Sr. Unsec’d. Notes	3.900	03/15/27		95		90,505
Crown Castle, Inc.,
Sr. Unsec’d. Notes	4.800	09/01/28		90		87,756
Diversified Healthcare Trust,
Gtd. Notes	9.750	06/15/25		25		24,898
GLP Capital LP/GLP Financing II, Inc.,
Gtd. Notes	5.250	06/01/25		65		64,468
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer,
Sr. Sec’d. Notes, 144A	7.500	06/01/25		25		25,129
Realty Income Corp.,
Sr. Unsec’d. Notes	4.700	12/15/28		75		73,739
Sr. Unsec’d. Notes	4.750	02/15/29		160		156,591
Starwood Property Trust, Inc.,
Sr. Unsec’d. Notes, 144A	3.625	07/15/26		25		23,308
Sun Communities Operating LP,
Gtd. Notes	2.300	11/01/28		75		65,085


						677,351

Retail 0.5%

1011778 BC ULC/New Red Finance, Inc. (Canada),
Sr. Sec’d. Notes, 144A	3.875	01/15/28		25		23,185
eG Global Finance PLC (United Kingdom),
Sr. Sec’d. Notes, 144A	11.000	11/30/28	EUR	100		112,735
Sally Holdings LLC/Sally Capital, Inc.,
Gtd. Notes	5.625	12/01/25		25		24,994
Suburban Propane Partners LP/Suburban Energy Finance Corp.,
Sr. Unsec’d. Notes	5.875	03/01/27		25		24,640


						185,554

Software 0.2%

Fiserv, Inc.,
Sr. Unsec’d. Notes	5.375	08/21/28		60		60,370

See Notes to Financial Statements.

254

PGIM Short Duration Multi-Sector Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

CORPORATE BONDS (Continued)

Telecommunications 1.0%

Rogers Communications, Inc. (Canada),

Gtd. Notes

5.000%

02/15/29

130

128,834

T-Mobile USA, Inc.,

Gtd. Notes

3.750

04/15/27

115

110,243

Vmed O2 UK Financing I PLC (United Kingdom),

Sr. Sec’d. Notes

4.000

01/31/29

GBP

100

109,176

348,253

Trucking & Leasing 0.2%

Penske Truck Leasing Co. LP/PTL Finance Corp.,

Sr. Unsec’d. Notes, 144A

5.750

05/24/26

75,400

TOTAL CORPORATE BONDS
(cost $10,695,067)

10,743,020

RESIDENTIAL MORTGAGE-BACKED SECURITIES 2.7%

Connecticut Avenue Securities Trust,

Series 2022-R04, Class 1M2, 144A, 30 Day Average SOFR + 3.100% (Cap N/A,
Floor 0.000%)

8.422(c)

03/25/42

100

103,908

Series 2022-R07, Class 1B1, 144A, 30 Day Average SOFR + 6.800% (Cap N/A,
Floor 0.000%)

12.121(c)

06/25/42

100

112,741

Series 2023-R01, Class 1M1, 144A, 30 Day Average SOFR + 2.400% (Cap N/A,
Floor 0.000%)

7.721(c)

12/25/42

85,910

FHLMC Structured Agency Credit Risk REMIC Trust,

Series 2021-DNA02, Class M2, 144A, 30 Day Average SOFR + 2.300% (Cap N/A,
Floor 0.000%)

7.622(c)

08/25/33

87,606

Series 2022-DNA02, Class M1B, 144A, 30 Day Average SOFR + 2.400% (Cap N/A,
Floor 0.000%)

7.722(c)

02/25/42

100

102,083

PMT Credit Risk Transfer Trust,

Series 2019-02R, Class A, 144A, 1 Month SOFR + 3.864% (Cap N/A,
Floor 2.750%)

9.193(c)

05/30/25

49,760

See Notes to Financial Statements.

PGIM Fixed Income ETFs 255

PGIM Short Duration Multi-Sector Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)

PMT Credit Risk Transfer Trust, (cont’d.)
Series 2024-01R, Class A, 144A, 30 Day Average SOFR + 3.500% (Cap N/A, Floor 0.000%)	8.810%(c)	05/25/33		400	$	400,000


TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES (cost $933,107)						942,008


SOVEREIGN BONDS 0.6%

Romanian Government International Bond (Romania),
Sr. Unsec’d. Notes, 144A, MTN	5.000	09/27/26	EUR	100		110,393

Serbia International Bond (Serbia),
Sr. Unsec’d. Notes	3.125	05/15/27	EUR	100		103,692


TOTAL SOVEREIGN BONDS (cost $216,903)						214,085


U.S. GOVERNMENT AGENCY OBLIGATIONS 7.7%

Federal Home Loan Mortgage Corp.	3.000	07/01/46		85		75,240
Federal Home Loan Mortgage Corp.	3.000	02/01/52		108		92,096
Federal Home Loan Mortgage Corp.	3.500	10/01/45		219		199,990
Federal Home Loan Mortgage Corp.	3.500	09/01/46		480		439,137
Federal Home Loan Mortgage Corp.	5.500	08/01/52		82		81,686
Federal Home Loan Mortgage Corp.	5.500	10/01/52		142		140,443
Federal Home Loan Mortgage Corp.	5.500	11/01/52		248		246,391
Federal Home Loan Mortgage Corp.	5.500	12/01/52		73		72,276
Federal National Mortgage Assoc.	1.500	03/01/36		181		157,116
Federal National Mortgage Assoc.	2.000	11/01/50		187		147,441
Federal National Mortgage Assoc.	2.500	09/01/50		182		151,140
Federal National Mortgage Assoc.	2.500	06/01/51		199		164,222
Federal National Mortgage Assoc.	3.000	10/01/44		258		229,491
Federal National Mortgage Assoc.	4.000	TBA		250		230,111
Federal National Mortgage Assoc.	4.500	06/01/52		257		243,811
Federal National Mortgage Assoc.	5.500	10/01/52		68		67,595


TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (cost $2,710,908)						2,738,186


U.S. TREASURY OBLIGATIONS 26.9%

U.S. Treasury Notes	0.250	09/30/25		1,600		1,490,562
U.S. Treasury Notes	0.375	04/30/25		2,340		2,219,801
U.S. Treasury Notes	1.250	12/31/26		720		659,700
U.S. Treasury Notes	4.250	12/31/25		550		545,746

See Notes to Financial Statements.

256

PGIM Short Duration Multi-Sector Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

U.S. TREASURY OBLIGATIONS (Continued)
U.S. Treasury Notes(k)	4.625%	06/30/25		3,010	$	3,000,359
U.S. Treasury Notes	4.625	02/28/26		1,610		1,609,874


TOTAL U.S. TREASURY OBLIGATIONS (cost $9,547,864)						9,526,042


TOTAL LONG-TERM INVESTMENTS (cost $35,030,397)						35,215,636


			Shares

SHORT-TERM INVESTMENT 1.6%

AFFILIATED MUTUAL FUND
PGIM Core Government Money Market Fund (7-day effective yield 5.545%) (cost $582,427)(wb)				582,427		582,427


TOTAL INVESTMENTS 101.1% (cost $35,612,824)						35,798,063
Liabilities in excess of other assets(z) (1.1)%						(387,090	)


NET ASSETS 100.0%					$	35,410,973

See the Glossary for a list of the abbreviation(s) used in the semiannual 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 February 29, 2024.

(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.

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

(wb)	Represents an investment in a Fund affiliated with the Manager.

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

See Notes to Financial Statements.

PGIM Fixed Income ETFs 257

PGIM Short Duration Multi-Sector Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

Futures contracts outstanding at February 29, 2024:


Number of Contracts	Type	Expiration Date		Current Notional Amount		Value / Unrealized Appreciation (Depreciation)
Long Positions:
11	3 Month CME SOFR		Mar. 2024	$	2,602,806		$	959
2	3 Month CME SOFR		Jun. 2024		473,425			169
2	3 Month CME SOFR		Sep. 2024		474,450			275
77	2 Year U.S. Treasury Notes		Jun. 2024		15,765,750			(5,387	)
1	10 Year U.S. Treasury Notes		Jun. 2024		110,438			303

								(3,681	)

Short Positions:
3	5 Year Euro-Bobl		Mar. 2024		376,832			3,419
44	5 Year U.S. Treasury Notes		Jun. 2024		4,703,875			(2,913	)
1	10 Year U.K. Gilt		Jun. 2024		123,819			256
6	10 Year U.S. Ultra Treasury Notes		Jun. 2024		685,031			(3,399	)
3	20 Year U.S. Treasury Bonds		Jun. 2024		357,750			(3,871	)
2	30 Year U.S. Ultra Treasury Bonds		Jun. 2024		255,750			(3,738	)
1	Euro Schatz Index		Mar. 2024		113,646			761

								(9,485	)

							$	(13,166	)

Forward foreign currency exchange contracts outstanding at February 29, 2024:


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 03/04/24	HSBC		GBP	155		$	196,485		$	195,615		$—		$	(870	)
Euro,
Expiring 03/04/24	BNYM		EUR	1,184			1,283,252			1,280,413		—			(2,839	)


						$	1,479,737		$	1,476,028		—			(3,709	)



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 03/04/24	BNYM		GBP	155		$	196,885		$	195,615		$	1,270		$	—
Expiring 04/02/24	HSBC		GBP	155			196,521			195,650			871			—

See Notes to Financial Statements.

258

PGIM Short Duration Multi-Sector Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

Forward foreign currency exchange contracts outstanding at February 29, 2024 (continued):


Sale Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date			Current Value			Unrealized Appreciation			Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Euro,
Expiring 03/04/24	BNYM		EUR	936		$	1,016,432		$	1,012,252		$	4,180		$	—
Expiring 03/04/24	JPM		EUR	248			266,301			268,160			—			(1,859	)
Expiring 04/02/24	BNYM		EUR	1,184			1,284,799			1,281,981			2,818			—
Expiring 04/02/24	HSBC		EUR	245			266,339			265,444			895			—

						$	3,227,277		$	3,219,102			10,034			(1,859	)


												$	10,034		$	(5,568	)

Credit default swap agreement outstanding at February 29, 2024:


Reference Entity/ Obligation	Termination Date	Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at February 29, 2024(4)			Value at Trade Date			Value at February 29, 2024			Unrealized Appreciation (Depreciation)
Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):
CDX.NA.HY.41.V2	12/20/28		5.000%(Q)		921		3.383	%		$	53,341		$	67,630		$	14,289

(1)

(2)

See Notes to Financial Statements.

PGIM Fixed Income ETFs 259

PGIM Short Duration Multi-Sector Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

(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)

Interest rate swap agreements outstanding at February 29, 2024:


Notional Amount (000)#	Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at February 29, 2024				Unrealized Appreciation (Depreciation)

Centrally Cleared Interest Rate Swap Agreements:
4,305		08/31/24		5.384%(T)	1 Day SOFR(2)(T)/ 5.320%		$	—		$	(975	)		$	(975	)
2,220		08/31/25		4.805%(A)	1 Day SOFR(1)(A)/ 5.320%			—			6,899				6,899
180		09/25/26		4.699%(A)	1 Day SOFR(1)(A)/ 5.320%			28			(842	)			(870	)


							$	28		$	5,082			$	5,054

(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
CGM		$	—		$	202,350
JPS			220,000			—

Total		$	220,000		$	202,350

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.

See Notes to Financial Statements.

260

PGIM Short Duration Multi-Sector Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

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 February 29, 2024 in valuing such portfolio securities:


	Level 1				Level 2				Level 3
Investments in Securities
Assets
Long-Term Investments
Asset-Backed Securities
Automobiles		$	—			$	100,073			$	—
Collateralized Loan Obligations			—				7,013,975				—
Home Equity Loans			—				151,397				—
Commercial Mortgage-Backed Securities			—				3,786,850				—
Corporate Bonds			—				10,743,020				—
Residential Mortgage-Backed Securities			—				942,008				—
Sovereign Bonds			—				214,085				—
U.S. Government Agency Obligations			—				2,738,186				—
U.S. Treasury Obligations			—				9,526,042				—
Short-Term Investment
Affiliated Mutual Fund			582,427				—				—

Total		$	582,427			$	35,215,636			$	—


Other Financial Instruments*
Assets
Futures Contracts		$	6,142			$	—			$	—
OTC Forward Foreign Currency Exchange Contracts			—				10,034				—
Centrally Cleared Credit Default Swap Agreement			—				14,289				—
Centrally Cleared Interest Rate Swap Agreement			—				6,899				—

Total		$	6,142			$	31,222			$	—


Liabilities
Futures Contracts		$	(19,308	)		$	—			$	—
OTC Forward Foreign Currency Exchange Contracts			—				(5,568	)			—
Centrally Cleared Interest Rate Swap Agreements			—				(1,845	)			—

Total		$	(19,308	)		$	(7,413	)		$	—

See Notes to Financial Statements.

PGIM Fixed Income ETFs 261

PGIM Short Duration Multi-Sector Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

Industry Classification:

The industry classification of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of February 29, 2024 were as follows:


U.S. Treasury Obligations	26.9	%
Collateralized Loan Obligations	19.8
Commercial Mortgage-Backed Securities	10.7
Banks	9.3
U.S. Government Agency Obligations	7.7
Residential Mortgage-Backed Securities	2.7
Pipelines	2.2
Oil & Gas	2.0
Electric	2.0
Real Estate Investment Trusts (REITs)	1.9
Diversified Financial Services	1.9
Affiliated Mutual Fund	1.6
Auto Manufacturers	1.3
Media	1.0
Telecommunications	1.0
Engineering & Construction	0.7
Aerospace & Defense	0.7
Agriculture	0.7
Entertainment	0.7
Sovereign Bonds	0.6
Retail	0.5
Lodging	0.5
Home Builders	0.5
Foods	0.5


Home Equity Loans	0.4	%
Commercial Services	0.4
Packaging & Containers	0.3
Chemicals	0.3
Automobiles	0.3
Airlines	0.3
Computers	0.2
Trucking & Leasing	0.2
Leisure Time	0.2
Healthcare-Services	0.2
Software	0.2
Building Materials	0.1
Machinery-Diversified	0.1
Distribution/Wholesale	0.1
Gas	0.1
Auto Parts & Equipment	0.1
Apparel	0.1
Mining	0.1

	101.1
Liabilities in excess of other assets	(1.1	)


	100.0	%

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

Fair values of derivative instruments as of February 29, 2024 as presented in the Statement of Assets and Liabilities:

See Notes to Financial Statements.

262

PGIM Short Duration Multi-Sector Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

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

14,289*

—

Foreign exchange contracts

Unrealized appreciation on OTC forward foreign currency exchange contracts

10,034

Unrealized depreciation on OTC forward foreign currency exchange contracts

5,568

Interest rate contracts

Due from/to broker-variation margin futures

6,142

Due from/to broker-variation margin futures

19,308

Interest rate contracts

Due from/to broker-variation margin swaps

6,899

Due from/to broker-variation margin swaps

1,845

37,364

26,721

*	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 six months ended February 29, 2024 are as follows:


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



Derivatives not accounted for as hedging instruments, carried at fair value	Options Written			Futures				Forward Currency Exchange Contracts			Swaps
Credit contracts		$	—		$	—			$	—	$	13,003
Foreign exchange contracts			—			—				67,807		—
Interest rate contracts			39			(70,069	)			—		(1,855	)


Total		$	39		$	(70,069	)		$	67,807	$	11,148


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	$	—		$	—	$	12,407

See Notes to Financial Statements.

PGIM Fixed Income ETFs 263

PGIM Short Duration Multi-Sector Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024


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
Foreign exchange contracts	$	—		$	(27,773	)	$	—
Interest rate contracts		6,717			—			5,131


Total	$	6,717		$	(27,773	)	$	17,538

For the six months ended February 29, 2024, the Fund’s average volume of derivative activities is as follows:



Derivative Contract Type	Average Volume of Derivative Activities*
Options Written (1)		$ 65,000
Futures Contracts - Long Positions (1)		17,754,110
Futures Contracts - Short Positions (1)		6,892,290
Forward Foreign Currency Exchange Contracts - Purchased (2)		1,030,343
Forward Foreign Currency Exchange Contracts - Sold (2)		2,482,167
Interest Rate Swap Agreements (1)		6,645,000
Credit Default Swap Agreements - Sell Protection (1)		781,333

*	Average volume is based on average quarter end balances for the six months ended February 29, 2024.

(1)	Notional Amount in USD.

(2)	Value at Settlement Date.

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

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
BNYM		$	8,268		$	(2,839	)		$	5,429			$	—		$	5,429
HSBC			1,766			(870	)			896				—			896
JPM			—			(1,859	)			(1,859	)			—			(1,859	)


		$	10,034		$	(5,568	)		$	4,466			$	—		$	4,466

See Notes to Financial Statements.

264

PGIM Short Duration Multi-Sector Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

(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.

PGIM Fixed Income ETFs 265

PGIM Short Duration Multi-Sector Bond ETF

Statement of Assets & Liabilities (unaudited)

as of February 29, 2024


Assets

Investments at value:
Unaffiliated investments (cost $35,030,397)	$	35,215,636
Affiliated investments (cost $582,427)		582,427
Foreign currency, at value (cost $17)		17
Receivable for investments sold		3,363,545
Dividends and interest receivable		251,596
Deposit with broker for centrally cleared/exchange-traded derivatives		220,000
Unrealized appreciation on OTC forward foreign currency exchange contracts		10,034
Due from broker—variation margin swaps		1,954


Total Assets		39,645,209


Liabilities

Payable for investments purchased		4,210,812
Management fee payable		11,057
Due to broker—variation margin futures		6,799
Unrealized depreciation on OTC forward foreign currency exchange contracts		5,568


Total Liabilities		4,234,236


Net Assets	$	35,410,973




Net assets were comprised of:
Common stock, at par	$	700
Paid-in capital in excess of par		35,195,610
Total distributable earnings (loss)		214,663


Net assets, February 29, 2024	$	35,410,973


Net asset value, offering price and redemption price per share. ($35,410,973 ÷ 700,000 shares of common stock issued and outstanding)	$	50.59

See Notes to Financial Statements.

266

PGIM Short Duration Multi-Sector Bond ETF

Statement of Operations (unaudited)

Six Months Ended February 29, 2024


Net Investment Income (Loss)

Income
Interest income (net of $158 foreign withholding tax)	$	805,220
Affiliated dividend income		12,075

Total income		817,295


Expenses
Management fee		55,391

Net investment income (loss)		761,904


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

Net realized gain (loss) on:
Investment transactions		7,528
Futures transactions		(70,069	)
Forward currency contract transactions		67,807
Options written transactions		39
Swap agreement transactions		11,148
Foreign currency transactions		(27,542	)

		(11,089	)

Net change in unrealized appreciation (depreciation) on:
Investments		254,475
Futures		6,717
Forward currency contracts		(27,773	)
Swap agreements		17,538
Foreign currencies		396

		251,353

Net gain (loss) on investment and foreign currency transactions		240,264

Net Increase (Decrease) In Net Assets Resulting From Operations	$	1,002,168

See Notes to Financial Statements.

PGIM Fixed Income ETFs 267

PGIM Short Duration Multi-Sector Bond ETF

Statements of Changes in Net Assets (unaudited)



	Six Months Ended February 29, 2024				July 19, 2023* through August 31, 2023
Increase (Decrease) in Net Assets

Operations
Net investment income (loss)		$	761,904			$	162,369
Net realized gain (loss) on investment and foreign currency transactions			(11,089	)			3,367
Net change in unrealized appreciation (depreciation) on investments and foreign currencies			251,353				(55,496	)


Net increase (decrease) in net assets resulting from operations			1,002,168				110,240


Dividends and Distributions
Distributions from distributable earnings			(897,111	)			—


Fund share transactions
Net proceeds from shares sold (200,000 and 500,000 shares, respectively)			10,108,176				25,087,500


Total increase (decrease)			10,213,233				25,197,740

Net Assets:

Beginning of period			25,197,740				—


End of period		$	35,410,973			$	25,197,740

*	Commencement of operations.

See Notes to Financial Statements.

268

PGIM Short Duration Multi-Sector Bond ETF

Financial Highlights (unaudited)



	Six Months Ended February 29, 2024			July 19, 2023^(a) through August 31, 2023
Per Share Operating Performance^(b):
Net Asset Value, Beginning of Period		$50.40			$50.00
Income (loss) from investment operations:
Net investment income (loss)		1.38			0.32
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.51			0.08	^(c)
Total from investment operations		1.89			0.40
Less Dividends and Distributions:
Dividends from net investment income		(1.63	)		-
Distributions from net realized gains		(0.07	)		-
Total dividends and distributions		(1.70	)		-
Net asset value, end of period		$50.59			$50.40
Total Return^(d):		3.82	%		0.79	%



Ratios/Supplemental Data:
Net assets, end of period (000)		$35,411			$25,198
Average net assets (000)		$27,849			$25,087
Ratios to average net assets^(e):
Expenses after waivers and/or expense reimbursement		0.40	%^(f)		0.40	%^(f)
Expenses before waivers and/or expense reimbursement		0.40	%^(f)		0.40	%^(f)
Net investment income (loss)		5.50	%^(f)		5.49	%^(f)
Portfolio turnover rate^(g)(h)		47	%		78	%

(a)	Commencement of operations.

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

(c)	The per share amount of realized and unrealized gain (loss) on investments does not directly correlate to the amounts reported in the Statement of Operations due to the timing of portfolio share transactions in relation to fluctuating market values.

(d)

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

(f)	Annualized.

(g)	The Fund accounts for mortgage dollar roll transactions, when applicable, as purchases and sales which, as a result, can increase its portfolio turnover rate.

(h)	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 269

PGIM Short Duration High Yield ETF

Schedule of Investments (unaudited)

as of February 29, 2024



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

LONG-TERM INVESTMENTS 93.3%

CORPORATE BONDS 92.1%

Aerospace & Defense 2.1%

Bombardier, Inc. (Canada),
Sr. Unsec’d. Notes, 144A	7.125%	06/15/26		325	$	327,437
TransDigm, Inc.,
Sr. Sec’d. Notes, 144A	6.250	03/15/26		200		199,940


						527,377

Airlines 1.6%

American Airlines, Inc./AAdvantage Loyalty IP Ltd.,
Sr. Sec’d. Notes, 144A	5.500	04/20/26		169		167,228
United Airlines, Inc.,
Sr. Sec’d. Notes, 144A	4.375	04/15/26		150		144,417
VistaJet Malta Finance PLC/Vista Management Holding, Inc. (Switzerland),
Sr. Unsec’d. Notes, 144A	7.875	05/01/27		100		84,250


						395,895

Apparel 0.6%

Hanesbrands, Inc.,
Gtd. Notes, 144A	4.875	05/15/26		75		72,415
William Carter Co. (The),
Gtd. Notes, 144A	5.625	03/15/27		75		73,839


						146,254

Auto Manufacturers 0.7%

Allison Transmission, Inc.,
Sr. Unsec’d. Notes, 144A	4.750	10/01/27		50		47,956
Nissan Motor Acceptance Co. LLC,
Sr. Unsec’d. Notes, 144A, MTN	1.850	09/16/26		100		90,040
PM General Purchaser LLC,
Sr. Sec’d. Notes, 144A	9.500	10/01/28		50		50,632


						188,628

Auto Parts & Equipment 1.9%

American Axle & Manufacturing, Inc.,
Gtd. Notes	6.500	04/01/27		50		49,322

See Notes to Financial Statements.

270

PGIM Short Duration High Yield ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

CORPORATE BONDS (Continued)

Auto Parts & Equipment (cont’d.)

Clarios Global LP/Clarios US Finance Co.,
Gtd. Notes, 144A	8.500%	05/15/27		125	$	125,312
Sr. Sec’d. Notes, 144A	6.250	05/15/26		125		124,688
Dana, Inc.,
Sr. Unsec’d. Notes	5.375	11/15/27		75		72,760
Tenneco, Inc.,
Sr. Sec’d. Notes, 144A	8.000	11/17/28		75		68,367
Titan International, Inc.,
Sr. Sec’d. Notes	7.000	04/30/28		50		49,473


						489,922

Banks 0.9%

Freedom Mortgage Corp.,
Sr. Unsec’d. Notes, 144A	6.625	01/15/27		75		71,460
Sr. Unsec’d. Notes, 144A	7.625	05/01/26		75		74,434
Popular, Inc. (Puerto Rico),
Sr. Unsec’d. Notes	7.250	03/13/28		75		76,125


						222,019

Building Materials 1.8%

Eco Material Technologies, Inc.,
Sr. Sec’d. Notes, 144A	7.875	01/31/27		75		75,110
JELD-WEN, Inc.,
Gtd. Notes, 144A	4.875	12/15/27		100		95,088
Masonite International Corp.,
Gtd. Notes, 144A	5.375	02/01/28		50		49,940
Standard Industries, Inc.,
Sr. Unsec’d. Notes, 144A	5.000	02/15/27		250		240,680


						460,818

Chemicals 1.3%

Avient Corp.,
Sr. Unsec’d. Notes, 144A	5.750	05/15/25		175		174,078

See Notes to Financial Statements.

PGIM Fixed Income ETFs 271

PGIM Short Duration High Yield ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

CORPORATE BONDS (Continued)

Chemicals (cont’d.)

NOVA Chemicals Corp. (Canada),
Sr. Unsec’d. Notes, 144A	4.875%	06/01/24		100	$	99,375
WR Grace Holdings LLC,
Sr. Sec’d. Notes, 144A	4.875	06/15/27		50		47,590


						321,043

Coal 0.3%

Conuma Resources Ltd. (Canada),
Sr. Sec’d. Notes, 144A	13.125	05/01/28		75		73,594

Commercial Services 5.6%

Adtalem Global Education, Inc.,
Sr. Sec’d. Notes, 144A	5.500	03/01/28		25		23,791
Allied Universal Holdco LLC/Allied Universal Finance Corp.,
Sr. Sec’d. Notes, 144A	6.625	07/15/26		196		195,390
Alta Equipment Group, Inc.,
Sec’d. Notes, 144A	5.625	04/15/26		150		145,507
AMN Healthcare, Inc.,
Gtd. Notes, 144A	4.625	10/01/27		125		117,587
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.,
Gtd. Notes, 144A	5.750	07/15/27		150		142,902
Brink’s Co. (The),
Gtd. Notes, 144A	4.625	10/15/27		50		47,222
Herc Holdings, Inc.,
Gtd. Notes, 144A	5.500	07/15/27		125		122,370
Hertz Corp. (The),
Gtd. Notes, 144A	4.625	12/01/26		50		44,277
Mavis Tire Express Services Topco Corp.,
Sr. Unsec’d. Notes, 144A	6.500	05/15/29		75		70,367
MPH Acquisition Holdings LLC,
Sr. Sec’d. Notes, 144A	5.500	09/01/28		75		65,441
Service Corp. International,
Sr. Unsec’d. Notes	4.625	12/15/27		25		23,964

See Notes to Financial Statements.

272

PGIM Short Duration High Yield ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

CORPORATE BONDS (Continued)

Commercial Services (cont’d.)

United Rentals North America, Inc.,
Gtd. Notes	4.875%	01/15/28		50	$	48,247
Verscend Escrow Corp.,
Sr. Unsec’d. Notes, 144A	9.750	08/15/26		375		375,801


						1,422,866

Computers 1.2%

McAfee Corp.,
Sr. Unsec’d. Notes, 144A	7.375	02/15/30		75		66,241
NCR Atleos Corp.,
Sr. Sec’d. Notes, 144A	9.500	04/01/29		100		106,222
Tempo Acquisition LLC/Tempo Acquisition Finance Corp.,
Sr. Sec’d. Notes, 144A	5.750	06/01/25		125		124,346


						296,809

Distribution/Wholesale 0.6%

H&E Equipment Services, Inc.,
Gtd. Notes, 144A	3.875	12/15/28		125		112,722
Ritchie Bros Holdings, Inc. (Canada),
Sr. Sec’d. Notes, 144A	6.750	03/15/28		50		50,985


						163,707

Diversified Financial Services 4.8%

Bread Financial Holdings, Inc.,
Gtd. Notes, 144A	9.750	03/15/29		75		76,738
Freedom Mortgage Holdings LLC,
Sr. Unsec’d. Notes, 144A	9.250	02/01/29		5		5,079
GGAM Finance Ltd. (Ireland),
Gtd. Notes, 144A	8.000	02/15/27		25		25,625
goeasy Ltd. (Canada),
Gtd. Notes, 144A	4.375	05/01/26		75		71,438
LD Holdings Group LLC,
Gtd. Notes, 144A	6.125	04/01/28		75		61,180
LFS Topco LLC,
Gtd. Notes, 144A	5.875	10/15/26		75		69,385

See Notes to Financial Statements.

PGIM Fixed Income ETFs 273

PGIM Short Duration High Yield ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

CORPORATE BONDS (Continued)

Diversified Financial Services (cont’d.)

Macquarie Airfinance Holdings Ltd. (United Kingdom),
Sr. Unsec’d. Notes, 144A	8.375%	05/01/28		50	$	52,188
Nationstar Mortgage Holdings, Inc.,
Gtd. Notes, 144A	6.000	01/15/27		125		122,897
Navient Corp.,
Sr. Unsec’d. Notes	5.000	03/15/27		25		23,728
Sr. Unsec’d. Notes	6.750	06/25/25		100		100,732
OneMain Finance Corp.,
Gtd. Notes	6.875	03/15/25		125		126,241
Gtd. Notes	7.125	03/15/26		150		152,380
PennyMac Financial Services, Inc.,
Gtd. Notes, 144A	5.375	10/15/25		200		196,972
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.,
Gtd. Notes, 144A	2.875	10/15/26		125		114,875


						1,199,458

Electric 2.6%

Calpine Corp.,
Sr. Sec’d. Notes, 144A	5.250	06/01/26		150		148,034
Sr. Unsec’d. Notes, 144A	5.125	03/15/28		50		47,438
NRG Energy, Inc.,
Gtd. Notes	5.750	01/15/28		150		147,750
Gtd. Notes, 144A	5.250	06/15/29		50		47,407
Vistra Operations Co. LLC,
Gtd. Notes, 144A	5.000	07/31/27		100		95,896
Gtd. Notes, 144A	5.625	02/15/27		175		170,685


						657,210

Electrical Components & Equipment 1.2%

Energizer Holdings, Inc.,
Gtd. Notes, 144A	6.500	12/31/27		125		124,038
WESCO Distribution, Inc.,
Gtd. Notes, 144A	6.375	03/15/29		15		15,019
Gtd. Notes, 144A	7.125	06/15/25		175		175,469


						314,526

See Notes to Financial Statements.

274

PGIM Short Duration High Yield ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

CORPORATE BONDS (Continued)

Electronics 0.7%

Likewize Corp.,
Sr. Sec’d. Notes, 144A	9.750%	10/15/25		125	$	127,175
Sensata Technologies BV,
Gtd. Notes, 144A	5.000	10/01/25		50		49,375


						176,550

Engineering & Construction 0.2%

AECOM,
Gtd. Notes	5.125	03/15/27		50		48,967

Entertainment 3.2%

Caesars Entertainment, Inc.,
Sr. Sec’d. Notes, 144A	7.000	02/15/30		100		102,475
CCM Merger, Inc.,
Sr. Unsec’d. Notes, 144A	6.375	05/01/26		150		148,299
Golden Entertainment, Inc.,
Sr. Unsec’d. Notes, 144A	7.625	04/15/26		100		100,058
International Game Technology PLC,
Sr. Sec’d. Notes, 144A	6.250	01/15/27		200		200,350
Jacobs Entertainment, Inc.,
Sr. Unsec’d. Notes, 144A	6.750	02/15/29		100		95,252
Penn Entertainment, Inc.,
Sr. Unsec’d. Notes, 144A	5.625	01/15/27		175		167,345


						813,779

Environmental Control 0.2%

GFL Environmental, Inc. (Canada),
Gtd. Notes, 144A	4.000	08/01/28		50		45,688

Foods 1.1%

B&G Foods, Inc.,
Sr. Sec’d. Notes, 144A	8.000	09/15/28		225		234,202
Post Holdings, Inc.,
Gtd. Notes, 144A	5.625	01/15/28		50		49,068


						283,270

See Notes to Financial Statements.

PGIM Fixed Income ETFs 275

PGIM Short Duration High Yield ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

CORPORATE BONDS (Continued)

Gas 0.7%

AmeriGas Partners LP/AmeriGas Finance Corp.,
Sr. Unsec’d. Notes	5.500%	05/20/25		175	$	171,790

Healthcare-Products 0.3%

Medline Borrower LP,
Sr. Sec’d. Notes, 144A	3.875	04/01/29		75		67,230

Healthcare-Services 3.1%

HCA, Inc.,
Gtd. Notes	7.050	12/01/27		125		130,733
Legacy LifePoint Health LLC,
Sr. Sec’d. Notes, 144A	4.375	02/15/27		150		139,688
Prime Healthcare Services, Inc.,
Sr. Sec’d. Notes, 144A	7.250	11/01/25		250		249,400
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc.,
Gtd. Notes, 144A	9.750	12/01/26		175		175,108
Tenet Healthcare Corp.,
Sr. Sec’d. Notes	4.625	06/15/28		100		94,956


						789,885

Home Builders 6.0%

Ashton Woods USA LLC/Ashton Woods Finance Co.,
Sr. Unsec’d. Notes, 144A	6.625	01/15/28		50		50,015
Beazer Homes USA, Inc.,
Gtd. Notes	5.875	10/15/27		225		218,872
Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada),
Gtd. Notes, 144A	6.250	09/15/27		200		193,500
Empire Communities Corp. (Canada),
Sr. Unsec’d. Notes, 144A	7.000	12/15/25		200		198,000
Forestar Group, Inc.,
Gtd. Notes, 144A	3.850	05/15/26		175		166,464
M/I Homes, Inc.,
Gtd. Notes	4.950	02/01/28		75		71,361
Mattamy Group Corp. (Canada),
Sr. Unsec’d. Notes, 144A	5.250	12/15/27		225		216,563
Shea Homes LP/Shea Homes Funding Corp.,
Sr. Unsec’d. Notes	4.750	02/15/28		75		71,959

See Notes to Financial Statements.

276

PGIM Short Duration High Yield ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

CORPORATE BONDS (Continued)

Home Builders (cont’d.)

STL Holding Co. LLC,
Sr. Unsec’d. Notes, 144A	8.750%	02/15/29		25	$	25,611
Taylor Morrison Communities, Inc.,
Gtd. Notes, 144A	5.875	06/15/27		125		124,668
Tri Pointe Homes, Inc.,
Gtd. Notes	5.250	06/01/27		175		171,574


						1,508,587

Household Products/Wares 0.3%

Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc. (Canada),
Gtd. Notes, 144A	7.000	12/31/27		75		72,489

Housewares 0.3%

Scotts Miracle-Gro Co. (The),
Gtd. Notes	4.500	10/15/29		75		66,580

Insurance 0.1%

Acrisure LLC/Acrisure Finance, Inc.,
Sr. Unsec’d. Notes, 144A	8.250	02/01/29		25		24,705

Internet 2.3%

Cogent Communications Group, Inc.,
Sr. Sec’d. Notes, 144A	3.500	05/01/26		50		47,740
Gen Digital, Inc.,
Sr. Unsec’d. Notes, 144A	5.000	04/15/25		300		297,019
Go Daddy Operating Co. LLC/GD Finance Co., Inc.,
Gtd. Notes, 144A	5.250	12/01/27		125		121,336
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc.,
Sr. Sec’d. Notes, 144A	4.750	04/30/27		125		120,638


						586,733

Iron/Steel 1.1%

Big River Steel LLC/BRS Finance Corp.,
Sr. Sec’d. Notes, 144A	6.625	01/31/29		75		75,629

See Notes to Financial Statements.

PGIM Fixed Income ETFs 277

PGIM Short Duration High Yield ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

CORPORATE BONDS (Continued)

Iron/Steel (cont’d.)

Cleveland-Cliffs, Inc.,
Sr. Sec’d. Notes, 144A	6.750%	03/15/26		150	$	151,240
Mineral Resources Ltd. (Australia),
Sr. Unsec’d. Notes, 144A	9.250	10/01/28		50		52,438


						279,307

Leisure Time 4.3%

Carnival Corp.,
Gtd. Notes, 144A	5.750	03/01/27		75		74,063
Gtd. Notes, 144A	7.625	03/01/26		150		151,500
Lindblad Expeditions Holdings, Inc.,
Sr. Sec’d. Notes, 144A	9.000	05/15/28		50		52,583
Lindblad Expeditions LLC,
Sr. Sec’d. Notes, 144A	6.750	02/15/27		25		25,076
NCL Corp. Ltd.,
Gtd. Notes, 144A	5.875	03/15/26		125		121,719
Sr. Sec’d. Notes, 144A	5.875	02/15/27		200		197,664
Sr. Unsec’d. Notes, 144A	3.625	12/15/24		75		73,875
Royal Caribbean Cruises Ltd.,
Sr. Unsec’d. Notes, 144A	11.625	08/15/27		150		161,625
Viking Cruises Ltd.,
Gtd. Notes, 144A	5.875	09/15/27		175		170,953
Sr. Unsec’d. Notes, 144A	7.000	02/15/29		50		49,938


						1,078,996

Lodging 3.4%

Las Vegas Sands Corp.,
Sr. Unsec’d. Notes	3.500	08/18/26		50		47,011
MGM Resorts International,
Gtd. Notes	4.625	09/01/26		125		120,929
Gtd. Notes	6.750	05/01/25		200		200,219
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp.,
Sr. Sec’d. Notes, 144A	5.875	05/15/25		175		173,946

See Notes to Financial Statements.

278

PGIM Short Duration High Yield ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

CORPORATE BONDS (Continued)

Lodging (cont’d.)

Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.,
Gtd. Notes, 144A	5.250%	05/15/27		50	$	48,824
Wynn Macau Ltd. (Macau),
Sr. Unsec’d. Notes, 144A	5.625	08/26/28		275		257,628


						848,557

Machinery-Diversified 0.3%

Maxim Crane Works Holdings Capital LLC,
Sec’d. Notes, 144A	11.500	09/01/28		75		78,140

Media 8.4%

CCO Holdings LLC/CCO Holdings Capital Corp.,
Sr. Unsec’d. Notes, 144A	5.000	02/01/28		25		23,091
Sr. Unsec’d. Notes, 144A	5.125	05/01/27		300		283,544
Sr. Unsec’d. Notes, 144A	5.500	05/01/26		225		221,065
CSC Holdings LLC,
Gtd. Notes, 144A	5.500	04/15/27		250		224,400
DISH DBS Corp.,
Gtd. Notes	5.875	11/15/24		275		259,857
DISH Network Corp.,
Sr. Sec’d. Notes, 144A	11.750	11/15/27		125		130,402
Gray Television, Inc.,
Gtd. Notes, 144A	5.875	07/15/26		125		118,646
Midcontinent Communications/Midcontinent Finance Corp.,
Gtd. Notes, 144A	5.375	08/15/27		175		166,400
Nexstar Media, Inc.,
Gtd. Notes, 144A	5.625	07/15/27		225		213,248
Radiate Holdco LLC/Radiate Finance, Inc.,
Sr. Sec’d. Notes, 144A	4.500	09/15/26		275		216,572
Sinclair Television Group, Inc.,
Gtd. Notes, 144A	5.125	02/15/27		75		68,961
Univision Communications, Inc.,
Sr. Sec’d. Notes, 144A	6.625	06/01/27		200		193,890


						2,120,076

See Notes to Financial Statements.

PGIM Fixed Income ETFs 279

PGIM Short Duration High Yield ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

CORPORATE BONDS (Continued)

Mining 2.0%

Hecla Mining Co.,
Gtd. Notes	7.250%	02/15/28		50	$	49,897
Hudbay Minerals, Inc. (Canada),
Gtd. Notes, 144A	4.500	04/01/26		150		144,188
New Gold, Inc. (Canada),
Gtd. Notes, 144A	7.500	07/15/27		75		73,995
Novelis Corp.,
Gtd. Notes, 144A	3.250	11/15/26		250		232,516


						500,596

Miscellaneous Manufacturing 0.5%

Amsted Industries, Inc.,
Gtd. Notes, 144A	5.625	07/01/27		75		73,565
Trinity Industries, Inc.,
Gtd. Notes, 144A	7.750	07/15/28		50		51,763


						125,328

Oil & Gas 6.2%

Aethon United BR LP/Aethon United Finance Corp.,
Sr. Unsec’d. Notes, 144A	8.250	02/15/26		100		100,773
Ascent Resources Utica Holdings LLC/ARU Finance Corp.,
Gtd. Notes, 144A	7.000	11/01/26		100		99,953
Sr. Unsec’d. Notes, 144A	8.250	12/31/28		75		76,242
Athabasca Oil Corp. (Canada),
Sec’d. Notes, 144A	9.750	11/01/26		125		131,766
Chesapeake Energy Corp.,
Gtd. Notes, 144A	5.500	02/01/26		50		49,559
CITGO Petroleum Corp.,
Sr. Sec’d. Notes, 144A	7.000	06/15/25		150		149,751
Civitas Resources, Inc.,
Gtd. Notes, 144A	8.375	07/01/28		75		78,485
Crescent Energy Finance LLC,
Gtd. Notes, 144A	9.250	02/15/28		75		78,521
Endeavor Energy Resources LP/EER Finance, Inc.,
Sr. Unsec’d. Notes, 144A	5.750	01/30/28		100		100,790
Hilcorp Energy I LP/Hilcorp Finance Co.,
Sr. Unsec’d. Notes, 144A	5.750	02/01/29		50		48,678

See Notes to Financial Statements.

280

PGIM Short Duration High Yield ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

CORPORATE BONDS (Continued)

Oil & Gas (cont’d.)

Nabors Industries, Inc.,
Gtd. Notes, 144A	7.375%	05/15/27		175	$	174,310
Parkland Corp. (Canada),
Gtd. Notes, 144A	5.875	07/15/27		100		97,875
Southwestern Energy Co.,
Gtd. Notes	5.375	03/15/30		75		71,794
Sunoco LP/Sunoco Finance Corp.,
Gtd. Notes	6.000	04/15/27		75		74,781
Transocean, Inc.,
Gtd. Notes, 144A	11.500	01/30/27		125		130,313
Valaris Ltd.,
Sec’d. Notes, 144A	8.375	04/30/30		50		51,375
Vital Energy, Inc.,
Gtd. Notes	10.125	01/15/28		50		52,325


						1,567,291

Packaging & Containers 3.4%

Graham Packaging Co., Inc.,
Gtd. Notes, 144A	7.125	08/15/28		50		44,293
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC (Canada),
Sr. Sec’d. Notes, 144A	6.000	09/15/28		125		116,065
LABL, Inc.,
Sr. Sec’d. Notes, 144A	6.750	07/15/26		100		97,692
Sr. Unsec’d. Notes, 144A	10.500	07/15/27		75		72,675
Mauser Packaging Solutions Holding Co.,
Sr. Sec’d. Notes, 144A	7.875	08/15/26		200		202,701
Owens-Brockway Glass Container, Inc.,
Gtd. Notes, 144A	6.375	08/15/25		75		75,029
Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer LLC,
Sr. Sec’d. Notes, 144A	4.000	10/15/27		25		23,296
Sealed Air Corp./Sealed Air Corp. US,
Gtd. Notes, 144A	6.125	02/01/28		50		49,895
Trident TPI Holdings, Inc.,
Gtd. Notes, 144A	12.750	12/31/28		175		186,732


						868,378

See Notes to Financial Statements.

PGIM Fixed Income ETFs 281

PGIM Short Duration High Yield ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

CORPORATE BONDS (Continued)

Pharmaceuticals 2.0%

AdaptHealth LLC,
Gtd. Notes, 144A	6.125%	08/01/28		175	$	160,962
Bausch Health Americas, Inc.,
Gtd. Notes, 144A	8.500	01/31/27		450		255,506
P&L Development LLC/PLD Finance Corp.,
Sr. Sec’d. Notes, 144A	7.750	11/15/25		125		101,392


						517,860

Pipelines 3.0%

Antero Midstream Partners LP/Antero Midstream Finance Corp.,
Gtd. Notes, 144A	5.750	03/01/27		200		195,645
EQM Midstream Partners LP,
Sr. Unsec’d. Notes, 144A	6.500	07/01/27		125		126,231
Global Partners LP/GLP Finance Corp.,
Gtd. Notes	7.000	08/01/27		75		75,068
Howard Midstream Energy Partners LLC,
Sr. Unsec’d. Notes, 144A	8.875	07/15/28		50		52,900
Northriver Midstream Finance LP (Canada),
Sr. Sec’d. Notes, 144A	5.625	02/15/26		50		48,875
Rockies Express Pipeline LLC,
Sr. Unsec’d. Notes, 144A	3.600	05/15/25		75		72,751
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.,
Gtd. Notes, 144A	5.500	01/15/28		75		71,239
Sr. Unsec’d. Notes, 144A	7.375	02/15/29		15		14,960
Venture Global LNG, Inc.,
Sr. Sec’d. Notes, 144A	9.500	02/01/29		50		53,315
Western Midstream Operating LP,
Sr. Unsec’d. Notes	3.100	02/01/25		50		48,714


						759,698

Real Estate 0.7%

Howard Hughes Corp. (The),
Gtd. Notes, 144A	5.375	08/01/28		175		165,184

See Notes to Financial Statements.

282

PGIM Short Duration High Yield ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

CORPORATE BONDS (Continued)

Real Estate Investment Trusts (REITs) 2.6%

Diversified Healthcare Trust,
Gtd. Notes	9.750%	06/15/25		125	$	124,492
MPT Operating Partnership LP/MPT Finance Corp.,
Gtd. Notes	5.000	10/15/27		75		61,271
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer,
Sr. Sec’d. Notes, 144A	7.500	06/01/25		125		125,643
RHP Hotel Properties LP/RHP Finance Corp.,
Gtd. Notes	4.750	10/15/27		75		71,658
SBA Communications Corp.,
Sr. Unsec’d. Notes	3.875	02/15/27		150		141,638
VICI Properties LP/VICI Note Co., Inc.,
Gtd. Notes, 144A	4.250	12/01/26		125		119,717


						644,419

Retail 1.7%

Brinker International, Inc.,
Gtd. Notes, 144A	5.000	10/01/24		75		74,438
LCM Investments Holdings II LLC,
Sr. Unsec’d. Notes, 144A	4.875	05/01/29		100		89,873
Sally Holdings LLC/Sally Capital, Inc.,
Gtd. Notes	5.625	12/01/25		100		99,976
Gtd. Notes	6.750	03/01/32		25		24,905
Suburban Propane Partners LP/Suburban Energy Finance Corp.,
Sr. Unsec’d. Notes	5.875	03/01/27		50		49,280
White Cap Buyer LLC,
Sr. Unsec’d. Notes, 144A	6.875	10/15/28		100		97,740


						436,212

Software 2.9%

Boxer Parent Co., Inc.,
Sr. Sec’d. Notes, 144A	7.125	10/02/25		225		225,221
Camelot Finance SA,
Sr. Sec’d. Notes, 144A	4.500	11/01/26		400		381,000

See Notes to Financial Statements.

PGIM Fixed Income ETFs 283

PGIM Short Duration High Yield ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



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

CORPORATE BONDS (Continued)

Software (cont’d.)

Clarivate Science Holdings Corp.,
Sr. Sec’d. Notes, 144A	3.875%	07/01/28		50	$	45,651
SS&C Technologies, Inc.,
Gtd. Notes, 144A	5.500	09/30/27		75		73,044


						724,916

Telecommunications 3.5%

Connect Finco Sarl/Connect US Finco LLC (United Kingdom),
Sr. Sec’d. Notes, 144A	6.750	10/01/26		200		195,500
Frontier Communications Holdings LLC,
Sr. Sec’d. Notes, 144A	5.875	10/15/27		50		48,321
Iliad Holding SASU (France),
Sr. Sec’d. Notes, 144A	6.500	10/15/26		200		197,782
Sprint LLC,
Gtd. Notes	7.125	06/15/24		100		100,301
T-Mobile USA, Inc.,
Gtd. Notes	2.625	04/15/26		50		47,370
Viasat, Inc.,
Sr. Unsec’d. Notes, 144A	5.625	09/15/25		300		291,208


						880,482

Transportation 0.4%

RXO, Inc.,
Gtd. Notes, 144A	7.500	11/15/27		50		51,808
XPO, Inc.,
Sr. Sec’d. Notes, 144A	6.250	06/01/28		50		50,138


						101,946


TOTAL CORPORATE BONDS (cost $23,408,856)						23,233,765

See Notes to Financial Statements.

284

PGIM Short Duration High Yield ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

FLOATING RATE AND OTHER LOANS 1.2%

Commercial Services 0.4%

Fly Funding II Sarl (Luxembourg),

Term Loan B, 3 Month LIBOR + 1.750%

7.326%(c)

08/11/25

23,312

Kingpin Intermediate Holdings LLC,

Amendment No. 8 Term Loan, 1 Month SOFR + 3.500%

8.826(c)

02/08/28

69,716

93,028

Insurance 0.2%

Acrisure LLC,

2021-1 Additional Term Loan, 1 Month LIBOR + 3.750%

9.191(c)

02/15/27

49,888

Retail 0.3%

Petco Health & Wellness Co., Inc.,

First Lien Initial Term Loan, 3 Month SOFR + 3.250%

8.860(c)

03/03/28

71,598

Software 0.3%

Cotiviti, Inc.,

Term Loan, 1 Month SOFR + 3.500%

7.500(c)

03/31/31

75,000

TOTAL FLOATING RATE AND OTHER LOANS
(cost $287,667)

289,514

TOTAL LONG-TERM INVESTMENTS
(cost $23,696,523)

23,523,279

Shares

SHORT-TERM INVESTMENT 2.4%

AFFILIATED MUTUAL FUND

PGIM Core Government Money Market Fund (7-day effective yield 5.545%)
(cost $615,859)(wb)

615,859

TOTAL INVESTMENTS 95.7%
(cost $24,312,382)

24,139,138

Other assets in excess of liabilities(z) 4.3%

1,078,931

NET ASSETS 100.0%

25,218,069

See Notes to Financial Statements.

PGIM Fixed Income ETFs 285

PGIM Short Duration High Yield ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

See the Glossary for a list of the abbreviation(s) used in the semiannual 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 February 29, 2024.

(wb)	Represents an investment in a Fund affiliated with the Manager.

(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 February 29, 2024:


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

Long Position:
5	2 Year U.S. Treasury Notes		Jun. 2024		$	1,023,750		$	(66	)


Short Position:
31	5 Year U.S. Treasury Notes		Jun. 2024			3,314,094			(722	)


								$	(788	)

Credit default swap agreement outstanding at February 29, 2024:


Reference Entity/ Obligation	Termination Date	Fixed Rate	Notional Amount (000)#(3)	Value at Trade Date		Value at February 29, 2024				Unrealized Appreciation (Depreciation)

Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):
CDX.NA.HY.41.V2	12/20/28	5.000%(Q)	1,119		$(60,904)		$	(82,175	)		$	(21,271	)

(1)

(2)

See Notes to Financial Statements.

286

PGIM Short Duration High Yield ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

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)

Interest rate swap agreements outstanding at February 29, 2024:


Notional Amount (000)#	Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at February 29, 2024				Unrealized Appreciation (Depreciation)

Centrally Cleared Interest Rate Swap Agreements:
1,965		02/06/26		4.263%(A)	1 Day SOFR(2)(A)/5.320%		$	—		$	(12,911	)		$	(12,911	)
1,330		02/06/27		3.977%(A)	1 Day SOFR(1)(A)/5.320%			—			12,230				12,230


							$	—		$	(681	)		$	(681	)

(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
CGM		$	248,000		$	—
JPS			603,640			—

Total		$	851,640		$	—

See Notes to Financial Statements.

PGIM Fixed Income ETFs 287

PGIM Short Duration High Yield ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

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 February 29, 2024 in valuing such portfolio securities:


	Level 1			Level 2			Level 3
Investments in Securities
Assets
Long-Term Investments
Corporate Bonds	$	—		$	23,233,765			$	—
Floating Rate and Other Loans		—			289,514				—
Short-Term Investment
Affiliated Mutual Fund		615,859			—				—

Total	$	615,859		$	23,523,279			$	—


Other Financial Instruments*
Assets
Centrally Cleared Interest Rate Swap Agreement	$	—		$	12,230			$	—


Liabilities
Futures Contracts	$	(788	)	$	—			$	—
Centrally Cleared Credit Default Swap Agreement		—			(21,271	)			—
Centrally Cleared Interest Rate Swap Agreement		—			(12,911	)			—

Total	$	(788	)	$	(34,182	)		$	—

Industry Classification:

The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of February 29, 2024 were as follows:


Media	8.4	%
Oil & Gas	6.2
Commercial Services	6.0


Home Builders	6.0	%
Diversified Financial Services	4.8
Leisure Time	4.3

See Notes to Financial Statements.

288

PGIM Short Duration High Yield ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

Industry Classification (continued):


Telecommunications	3.5	%
Packaging & Containers	3.4
Lodging	3.4
Entertainment	3.2
Software	3.2
Healthcare-Services	3.1
Pipelines	3.0
Electric	2.6
Real Estate Investment Trusts (REITs)	2.6
Affiliated Mutual Fund	2.4
Internet	2.3
Aerospace & Defense	2.1
Pharmaceuticals	2.0
Retail	2.0
Mining	2.0
Auto Parts & Equipment	1.9
Building Materials	1.8
Airlines	1.6
Chemicals	1.3
Electrical Components & Equipment	1.2
Computers	1.2
Foods	1.1
Iron/Steel	1.1


Banks	0.9	%
Auto Manufacturers	0.7
Electronics	0.7
Gas	0.7
Real Estate	0.7
Distribution/Wholesale	0.6
Apparel	0.6
Miscellaneous Manufacturing	0.5
Transportation	0.4
Machinery-Diversified	0.3
Insurance	0.3
Coal	0.3
Household Products/Wares	0.3
Healthcare-Products	0.3
Housewares	0.3
Engineering & Construction	0.2
Environmental Control	0.2


	95.7
Other assets in excess of liabilities	4.3


	100.0	%

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

Fair values of derivative instruments as of February 29, 2024 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

21,271

See Notes to Financial Statements.

PGIM Fixed Income ETFs 289

PGIM Short Duration High Yield ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024


	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	$	788	*
Interest rate contracts	Due from/to broker-variation margin swaps		12,230	*	Due from/to broker-variation margin swaps		12,911	*

		$	12,230			$	34,970

*	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 February 29, 2024 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	$	—		$	(126	)
Interest rate contracts		69,176			—


Total	$	69,176		$	(126	)


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	$	—		$	(21,271	)
Interest rate contracts		(788	)		(681	)


Total	$	(788	)	$	(21,952	)

The derivative instruments outstanding as of period-end serve as indicators of the volume of derivative activities for the Fund.

See Notes to Financial Statements.

290

PGIM Short Duration High Yield ETF

Statement of Assets & Liabilities (unaudited)

as of February 29, 2024



Assets

Investments at value:
Unaffiliated investments (cost $23,696,523)	$	23,523,279
Affiliated investments (cost $615,859)		615,859
Cash		92
Deposit with broker for centrally cleared/exchange-traded derivatives		851,640
Dividends and interest receivable		378,571
Receivable for investments sold		115,287


Total Assets		25,484,728


Liabilities

Payable for investments purchased		249,072
Management fee payable		8,971
Due to broker—variation margin swaps		4,518
Accrued expenses and other liabilities		3,575
Due to broker—variation margin futures		523


Total Liabilities		266,659


Net Assets	$	25,218,069




Net assets were comprised of:
Common stock, at par	$	500
Paid-in capital in excess of par		25,112,000
Total distributable earnings (loss)		105,569


Net assets, February 29, 2024	$	25,218,069


Net asset value, offering price and redemption price per share. ($25,218,069 ÷ 500,000 shares of common stock issued and outstanding)	$	50.44

See Notes to Financial Statements.

PGIM Fixed Income ETFs 291

PGIM Short Duration High Yield ETF

Statement of Operations (unaudited)

For the Period December 14, 2023* through February 29, 2024


Net Investment Income (Loss)

Income
Interest income	$	414,256
Affiliated dividend income		21,990


Total income		436,246


Expenses
Management fee		23,800
Miscellaneous		3,380


Total expenses		27,180


Net investment income (loss)		409,066


Realized And Unrealized Gain (Loss) On Investments

Net realized gain (loss) on:
Investment transactions		(13,618	)
Futures transactions		69,176
Swap agreement transactions		(126	)


		55,432


Net change in unrealized appreciation (depreciation) on:
Investments		(173,244	)
Futures		(788	)
Swap agreements		(21,952	)


		(195,984	)


Net gain (loss) on investment transactions		(140,552	)


Net Increase (Decrease) In Net Assets Resulting From Operations	$	268,514

*	Commencement of operations.

See Notes to Financial Statements.

292

PGIM Short Duration High Yield ETF

Statement of Changes in Net Assets (unaudited)


	December 14, 2023* through February 29, 2024
Increase (Decrease) in Net Assets

Operations
Net investment income (loss)		$	409,066
Net realized gain (loss) on investment transactions			55,432
Net change in unrealized appreciation (depreciation) on investments			(195,984	)


Net increase (decrease) in net assets resulting from operations			268,514


Dividends and Distributions
Distributions from distributable earnings			(162,945	)


Fund share transactions
Net proceeds from shares sold (500,000 shares)			25,112,500

Total increase (decrease)			25,218,069

Net Assets:

Beginning of period			—


End of period		$	25,218,069

*	Commencement of operations.

See Notes to Financial Statements.

PGIM Fixed Income ETFs 293

PGIM Short Duration High Yield ETF

Financial Highlights (unaudited)




	December 14, 2023^(a)through February 29, 2024
Per Share Operating Performance^(b):
Net Asset Value, Beginning of Period		$50.00
Income (loss) from investment operations:
Net investment income (loss)		0.82
Net realized and unrealized gain (loss) on investment		(0.05	)
Total from investment operations		0.77
Less Dividends and Distributions:
Dividends from net investment income		(0.33	)
Net asset value, end of period		$50.44
Total Return^(c):		1.53	%


Ratios/Supplemental Data:
Net assets, end of period (000)		$25,218
Average net assets (000)		$25,138
Ratios to average net assets^(d):
Expenses after waivers and/or expense reimbursement		0.46	%^(e)
Expenses before waivers and/or expense reimbursement		0.46	%^(e)
Net investment income (loss)		7.79	%^(e)
Portfolio turnover rate^(f)		19	%

(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, with the exception of certain non-recurring expenses.

(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.

294

Notes to Financial Statements (unaudited)

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, PGIM Floating Rate Income ETF, PGIM AAA CLO ETF, PGIM Short Duration Multi-Sector Bond ETF and PGIM Short Duration High Yield ETF (each a “Fund” and collectively, the “Funds”). All the Funds are classified as diversified funds with the exception of PGIM AAA CLO ETF which is classified as non-diversified 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.
PGIM Floating Rate Income ETF		Seeks to maximize current income with a secondary objective of capital appreciation.
PGIM AAA CLO ETF		Seeks to maximize total return, through a combination of current income and capital appreciation.
PGIM Short Duration Multi-Sector Bond ETF		Seeks to provide total return.
PGIM Short Duration High Yield ETF		Seeks total return through a combination of current income and capital appreciation.

PGIM Fixed Income ETFs 295

Notes to Financial Statements (unaudited) (continued)

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’ 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 PGIM Investments LLC (“PGIM Investments” or the “Manager”) as the “Valuation Designee,” as defined by Rule 2a-5(b) under the 1940 Act, 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 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 estimated 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.

For the fiscal reporting period-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.

296

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 a 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 ETFs) 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.

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

PGIM Fixed Income ETFs 297

Notes to Financial Statements (unaudited) (continued)

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.

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.

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; and 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

298

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 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

PGIM Fixed Income ETFs 299

Notes to Financial Statements (unaudited) (continued)

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 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

300

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” because the higher the contract value 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.

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.

PGIM Fixed Income ETFs 301

Notes to Financial Statements (unaudited) (continued)

Floating Rate and Other 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. 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

302

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.

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.

PGIM Fixed Income ETFs 303

Notes to Financial Statements (unaudited) (continued)

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.

Rights: The Funds held rights acquired either through a direct purchase or pursuant to corporate actions. 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 rights are held as long positions by the Funds until exercised, sold or expired. 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 the 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.

Delayed-Delivery Transactions: The Fund purchased or sold securities on a when-issued or delayed-delivery and forward commitment basis, including TBA securities. These transactions involve a commitment by the Funds to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery purchases are outstanding, the Funds will set aside and maintain an amount of liquid assets sufficient to meet the purchase price in a segregated account until the settlement date. When purchasing a security on a delayed-delivery basis, the Funds assume the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its net asset value. The Funds may dispose of or renegotiate a delayed-delivery transaction subsequent to establishment, and may sell when-issued securities before they are delivered, which may result in a realized gain (loss). When selling a security on a delayed-delivery basis, the Funds forfeit their eligibility to realize future gains (losses) with respect to the security.

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 the 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

304

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 accordingly. When material, these estimates are adjusted periodically when the actual source of distributions is disclosed by the REITs.

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.

PGIM Fixed Income ETFs 305

Notes to Financial Statements (unaudited) (continued)

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.

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 (with the exception of PGIM Floating Rate Income ETF, PGIM AAA CLO ETF and PGIM Short Duration Multi-Sector Bond ETF) 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

306

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%
PGIM AAA CLO ETF		0.19%
PGIM Short Duration Multi-Sector Bond ETF		0.40%
PGIM Short Duration High Yield ETF		0.45%

*	Effective March 8, 2024, the unitary fee was set to an annual rate of 0.39% of the Fund’s average daily net assets.

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, PGIM Total Return Bond ETF, PGIM Floating Rate Income ETF, PGIM AAA CLO ETF, PGIM Short Duration Multi-Sector Bond ETF, and PGIM Short Duration High Yield ETF, PGIM Limited) (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 each Fund, pursuant to the terms of a distribution agreement (“Distribution Agreement”) between the RIC and the Distributor. 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 Government Money Market Fund (the “Core Government Fund”), a series of the Prudential Government Money Market Fund, Inc., and their securities lending cash collateral in the PGIM Institutional Money Market Fund (the “Money Market Fund”), a series of Prudential Investment Portfolios 2, each 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 Government Fund and the Money Market Fund. In addition to the realized and unrealized gains on investments in the Core Government Fund and the 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.

PGIM Fixed Income ETFs 307

Notes to Financial Statements (unaudited) (continued)

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 reporting period ended February 29, 2024, no Rule 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, in-kind transactions and U.S. Government securities) for the reporting period ended February 29, 2024, were as follows:



Fund	Cost of Purchases		Proceeds from Sales
PGIM Ultra Short Bond ETF		$1,509,085,139		$734,552,446
PGIM Active High Yield Bond ETF		24,688,595		19,757,714
PGIM Active Aggregate Bond ETF		5,512,567		7,766,688
PGIM Total Return Bond ETF		77,925,433		42,456,738
PGIM Floating Rate Income ETF		29,951,483		47,609,455
PGIM AAA CLO ETF		77,034,699		45,632,767
PGIM Short Duration Multi-Sector Bond ETF		14,540,687		7,575,874
PGIM Short Duration High Yield ETF		27,416,993		4,420,511

The aggregate cost of purchases and proceeds from sales of in-kind creation and redemption transactions for the reporting period ended February 29, 2024, were as follows:



Fund	Cost of Purchases		Proceeds from Sales
PGIM Ultra Short Bond ETF	$	—	$	—
PGIM Active High Yield Bond ETF		19,183,924		13,933,669
PGIM Active Aggregate Bond ETF		—		—
PGIM Total Return Bond ETF		—		—
PGIM Floating Rate Income ETF		—		—
PGIM AAA CLO ETF		—		—
PGIM Short Duration Multi-Sector Bond ETF		—		—
PGIM Short Duration High Yield ETF		—		—

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the reporting period ended February 29, 2024, is presented as follows:

308

PGIM Ultra Short 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 Funds:

PGIM Core Government Money Market Fund (7-day effective yield 5.545%)^(1)(wb)
$40,386,021	$2,187,978,943	$2,068,316,464	$ —	$ —	$160,048,500	160,048,500		$5,409,675

PGIM Institutional Money Market Fund (7-day effective yield 5.683%)^(1)(b)(wb)
8,252,968	121,725,181	115,101,981	(445)	2,693	14,878,416	14,884,370		20,910	⁽²⁾
$48,638,989	$2,309,704,124	$2,183,418,445	$(445)	$2,693	$174,926,916			$5,430,585

PGIM Active High Yield 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 Funds:

PGIM Core Government Money Market Fund (7-day effective yield 5.545%)^(1)(wb)
$2,094,768	$19,754,197	$20,305,494	$—	$—	$1,543,471	1,543,471		$40,478

PGIM Institutional Money Market Fund (7-day effective yield 5.683%)^(1)(b)(wb)
—	1,124,982	482,200	—	—	642,782	643,040		222	⁽²⁾
$2,094,768	$20,879,179	$20,787,694	$—	$—	$2,186,253			$40,700

PGIM Active Aggregate 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 Government Money Market Fund (7-day effective yield 5.545%)^(1)(wb)
$556,512	$3,518,998	$3,864,556	$—	$—	$210,954	210,954		$8,042

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 Government Money Market Fund (7-day effective yield 5.545%)^(1)(wb)
$370,989	$61,298,701	$55,396,058	$—	$—	$6,273,632	6,273,632	$122,126

PGIM Fixed Income ETFs 309

Notes to Financial Statements (unaudited) (continued)

PGIM Floating Rate Income 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 Government Money Market Fund (7-day effective yield 5.545%)^(1)(wb)
$3,882,660	$16,272,029	$19,536,504	$—	$—	$618,185	618,185		$56,430

PGIM AAA CLO 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 Government Money Market Fund (7-day effective yield 5.545%)^(1)(wb)
$5,633,877	$59,637,982	$60,480,962	$—	$—	$4,790,897	4,790,897		$135,944

PGIM Short Duration Multi-Sector 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 Government Money Market Fund (7-day effective yield 5.545%)^(1)(wb)
$348,680	$7,358,430	$7,124,683	$—	$—	$582,427	582,427		$12,075

PGIM Short Duration High Yield 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 Government Money Market Fund (7-day effective yield 5.545%)^(1)(wb)
$—	$27,148,805	$26,532,946	$—	$—	$615,859	615,859		$21,990

(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.

(wb)	Represents an investment in a Fund affiliated with the Manager.

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6. Tax Information

The United States federal income tax basis of the Funds’ investments and the net unrealized appreciation (depreciation) as of February 29, 2024 were as follows:



Fund	Tax Basis		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
PGIM Ultra Short Bond ETF		$6,022,135,289		$63,675,627		$(15,246,384)		$48,429,243
PGIM Active High Yield Bond ETF		125,687,715		1,600,665		(8,545,380)		(6,944,715	)
PGIM Active Aggregate Bond ETF		48,863,390		120,955		(4,847,308)		(4,726,353	)
PGIM Total Return Bond ETF		155,099,344		1,970,869		(5,393,452)		(3,422,583	)
PGIM Floating Rate Income ETF		50,697,354		1,489,223		(870,767)		618,456
PGIM AAA CLO ETF		159,852,069		1,406,259		(9,147)		1,397,112
PGIM Short Duration Multi-Sector Bond ETF		35,612,849		292,431		(96,574)		195,857
PGIM Short Duration High Yield ETF		24,312,382		77,648		(273,632)		(195,984	)

The GAAP basis may differ from tax basis due to certain tax-related adjustments.

For federal income tax purposes, the following Funds had an approximated capital loss carryforward as of August 31, 2023 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			Capital Loss Carryforward Utilized
PGIM Ultra Short Bond ETF		$	33,810,000		$	—
PGIM Active High Yield Bond ETF			4,635,000			—
PGIM Active Aggregate Bond ETF			2,556,000			—
PGIM Total Return Bond ETF			9,295,000			—
PGIM Short Duration Multi-Sector Bond ETF			14,000			—

The Funds indicated below elected to treat the below approximated losses as having been incurred in the following fiscal year (August 31, 2024).



Fund	Qualified Late-Year Losses			Post-October Capital Losses
PGIM Floating Rate Income ETF		$	—		$	79,000

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,

PGIM Fixed Income ETFs 311

Notes to Financial Statements (unaudited) (continued)

2023 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. except for the PGIM Short Duration Multi-Sector Bond ETF and PGIM Short Duration High Yield ETF, which list its shares on the Cboe BZX Exchange, Inc. (together with NYSE Arca, Inc., the “Exchanges”), and since 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 may be 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. These fees, if charged, are paid to the Custodian to offset costs associated with processing creation and redemption transactions. Authorized Participants transacting in creation units for cash may pay an additional variable fee to compensate the Funds for transaction costs and market impact expenses relating to purchases or sales of portfolio securities. Such variable fees, if any, are included in “Net proceeds from shares sold” and/or “Cost of shares purchased”, as applicable, in the Statements of Changes in Net Assets.

312

The RIC is authorized to issue an unlimited number of shares of beneficial interest, $0.001 par value per share.

As of February 29, 2024, 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		2,599,931		2.1	%
PGIM Active High Yield Bond ETF		1,376,600		39.9
PGIM Active Aggregate Bond ETF		1,012,500		94.2
PGIM Total Return Bond ETF		470,000		13.2
PGIM Floating Rate Income ETF		483,500		48.4
PGIM AAA CLO ETF		500,140		16.1
PGIM Short Duration Multi-Sector Bond ETF		450,000		64.3
PGIM Short Duration High Yield ETF		430,000		86.0

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		—		—	%
PGIM Active High Yield Bond ETF		1		39.9
PGIM Active Aggregate Bond ETF		1		94.2
PGIM Total Return Bond ETF		1		13.2
PGIM Floating Rate Income ETF		1		48.4
PGIM AAA CLO ETF		1		16.1
PGIM Short Duration Multi-Sector Bond ETF		1		64.3
PGIM Short Duration High Yield ETF		1		86.0
Unaffiliated:
PGIM Ultra Short Bond ETF		7		71.4
PGIM Active High Yield Bond ETF		4		48.3
PGIM Active Aggregate Bond ETF		—		—
PGIM Total Return Bond ETF		3		73.6
PGIM Floating Rate Income ETF		4		41.5
PGIM AAA CLO ETF		4		63.9
PGIM Short Duration Multi-Sector Bond ETF		2		32.4
PGIM Short Duration High Yield ETF		1		9.5

The Funds may make payment for Fund shares redeemed and contributed wholly or in part by distributing portfolio securities to shareholders. For the reporting period ended February 29, 2024, the PGIM Active High Yield Bond ETF had subscriptions in-kind and redemptions in-kind with total proceeds in the amounts presented on the Statements of Changes in Net Assets.

PGIM Fixed Income ETFs 313

Notes to Financial Statements (unaudited) (continued)

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	9/29/2023 – 9/26/2024	9/30/2022 – 9/28/2023
Total Commitment	Tranche A: $1,200,000,000 Tranche B: $125,000,000***	Tranche A: $1,200,000,000 Tranche B: $125,000,000***
Annualized Commitment Fee on the Unused Portion of the SCA	0.15%	0.15%
Annualized Interest Rate on Borrowings	1.00% plus the higher of (1) the effective federal funds rate, (2) the daily SOFR rate plus 0.10% or (3) zero percent	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 Current SCA did not include PGIM Short Duration High Yield ETF.

**	The Prior SCA did not include PGIM AAA CLO ETF and PGIM Short Duration Multi-Sector Bond ETF.

***	Only PGIM Floating Rate Income ETF and one other fund are party to, and are allocated commitment fees related to, Tranche B of the SCA, in addition to Tranche A. The other Participating Funds are only party to Tranche A of the SCA.

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 reporting period ended February 29, 2024.

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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	–	–	X	X	X
Adjustable and Floating Rate Securities	–	–	–	–	X
Authorized Participant Concentration	X	X	X	X	X
Cash Transactions	X	X	X	X	X
CLO Manager	–	–	–	–	–
Collateralized Loan Obligations	X	–	–	X	–
Covenant-Lite	–	X	–	X	X
Credit	X	X	X	X	X
Currency	–	–	–	X	–
Debt Obligations	X	X	X	X	X
Derivatives	X	X	X	X	X
Distressed and Defaulted Securities	–	X	–	–	–
Economic and Market Events	X	X	X	X	X
Emerging Markets	–	X	X	X	X
ETF Shares Trading	X	X	X	X	X
Foreign Securities	X	X	X	X	X
Floating Rate and Other Loans	–	X	–	X	X
Interest Rate	X	X	X	X	X
Junk Bonds	–	X	–	X	X
Large Shareholder and Large Scale Redemption	X	X	X	X	X
Liquidity	–	X	X	X	X
Loan Liquidity and Settlement	–	–	–	–	X
Management	X	X	X	X	X
Market Disruption and Geopolitical	X	X	X	X	X
Market	X	X	X	X	X
Money Market Instruments	X	–	–	–	–
Mortgage-Backed and Asset-Backed Securities	X	X	X	X	–
New/Small Fund	–	–	X	X	X
Non-Diversified Investment Company Risk	–	–	–	–	–
Non-Money Market Fund	X	–	–	–	–
Prepayment	X	–	–	–	–
Small Fund	–	X	–	–	–
Structured Products	–	–	X	–	–
U.S. Government and Agency Securities	X	–	X	X	–

PGIM Fixed Income ETFs 315

Notes to Financial Statements (unaudited) (continued)



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
Variable and Floating Rate Bonds	X	–	–	–	–



Risks	PGIM AAA CLO ETF	PGIM Short Duration Multi-Sector Bond ETF	PGIM Short Duration High Yield Bond ETF
Active Trading	X	X	–
Adjustable and Floating Rate Securities	–	–	–
Authorized Participant Concentration	X	X	X
Cash Transactions	X	X	X
CLO Manager	X	–	–
Collateralized Loan Obligations	X	–	–
Covenant-Lite	X	X	X
Credit	X	X	X
Currency	–	X	–
Debt Obligations	X	X	X
Derivatives	X	X	X
Distressed and Defaulted Securities	–	–	X
Economic and Market Events	X	X	X
Emerging Markets	X	–	X
ETF Shares Trading	X	X	X
Foreign Securities	X	X	X
Floating Rate and Other Loans	–	X	X
Interest Rate	X	X	X
Junk Bonds	–	X	X
Large Shareholder and Large Scale Redemption	X	X	X
Liquidity	X	X	X
Loan Liquidity and Settlement	–	–	–
Management	X	X	X
Market Disruption and Geopolitical	X	X	X
Market	X	X	X
Money Market Instruments	–	–	–
Mortgage-Backed and Asset-Backed Securities	–	X	–
New/Small Fund	X	X	X
Non-Diversified Investment Company Risk	X	–	–
Non-Money Market Fund	–	–	–
Prepayment	–	–	–
Small Fund	–	–	–
Structured Products	–	–	–
U.S. Government and Agency Securities	–	X	–
Variable and Floating Rate Bonds	–	–	–

316

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 that engage almost exclusively in creations and redemptions in exchange for a basket of portfolio securities (an“in-kind” transaction), 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.

CLO Manager Risk: CLO managers may have limited operating histories and may be subject to conflicts of interest, including managing the assets of other clients and other investment vehicles or holding a significant amount of the equity tranches of a CLO or otherwise receiving fees that may incentivize maximizing the yield, and indirectly the risk, of a CLO. Adverse developments with respect to a CLO manager, such as personnel and resource constraints, regulatory issues or other developments that may impact the ability and/or performance of the CLO manager, may adversely impact the performance of the CLOs in which the Fund invests.

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

PGIM Fixed Income ETFs 317

Notes to Financial Statements (unaudited) (continued)

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 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.

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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.

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, or otherwise reduce inflation, may at times result in unusually high market volatility, which could negatively impact performance. Governmental efforts to curb inflation often have negative effects on the level of economic activity. Relatively reduced liquidity in credit and fixed income markets could adversely affect issuers worldwide.

PGIM Fixed Income ETFs 319

Notes to Financial Statements (unaudited) (continued)

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.

ETF Shares Trading Risk: Fund shares are listed for trading on an exchange (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. 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.

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 or market liquidity decreases, or if the spread on the Fund’s underlying securities increases.

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.

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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 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

PGIM Fixed Income ETFs 321

Notes to Financial Statements (unaudited) (continued)

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. Similarly, a rise in interest rates may also have a greater negative impact on the value of equity securities whose issuers expect earnings further out in the future. 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 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

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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.

Leverage Risk: Certain transactions in which the Fund may engage may give rise to leverage. The use of leverage exaggerates the effect of any increase or decrease in the value of the Fund’s holdings, and makes any change in the Fund’s net asset value (“NAV”) greater than it would be without the use of leverage. This could result in increased volatility of investment return.

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 borrow from banks.

The Fund may borrow to meet redemptions and may choose to keep such borrowings outstanding until loans or other portfolio transactions settle or for other extended periods. During the period when borrowings are outstanding, the Fund will incur interest expense. The Fund’s portfolio may also be subject to greater volatility during periods of borrowing, which can have an adverse impact on the Fund’s net asset value. The Fund will be required to maintain specified asset coverage by applicable federal securities laws and the terms of its credit facility with the lender with respect to its borrowings. The Fund may be required to dispose of portfolio investments on unfavorable terms if market fluctuations or other factors cause the Fund to fail to meet its asset coverage requirements.

PGIM Fixed Income ETFs 323

Notes to Financial Statements (unaudited) (continued)

Management Risk: Actively managed funds are subject to management risk. The subadviser will apply investment techniques and risk analyses in making investment decisions for the Fund, but the subadviser’s judgments about the attractiveness, value or market trends affecting a particular security, industry or sector or about market movements may be incorrect. Additionally, the investments selected for the Fund may underperform the markets in general, the Fund’s benchmark and other funds with similar investment objectives.

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 and the Israel-Hamas war), 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.

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 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

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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-Diversified Investment Company Risk: The Fund is non-diversified for purposes of the 1940 Act. This means that the Fund may invest a greater percentage of its assets in the securities of a single company or other issuer than a diversified fund. Investing in a non-diversified fund involves greater risk than investing in a diversified fund because a loss resulting from the decline in value of any one security may represent a greater portion of the total assets of a non-diversified fund.

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 325

Notes to Financial Statements (unaudited) (continued)

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 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. Treasury obligations are backed by the “full faith and credit” of the U.S. Government. Securities issued or guaranteed by federal agencies or authorities and U.S. Government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. Government. For example, securities issued by the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association and the Federal Home Loan Banks are neither insured nor guaranteed by the U.S. Government. These securities may be supported by the ability to borrow from the U.S. Treasury or only by the credit of the issuing agency, authority, instrumentality or enterprise and, as a result, are subject to greater credit risk than securities issued or guaranteed by the U.S. Treasury. Further, the U.S. Government and its agencies, authorities, instrumentalities and enterprises do not guarantee the market value of their

326

securities; consequently, the value of such securities will fluctuate. This may be the case especially when there is any controversy or ongoing uncertainty regarding the status of negotiations in the U.S. Congress to increase the statutory debt ceiling. Such controversy or uncertainty could, among other things, result in the credit quality rating of the U.S. Government being downgraded and reduced prices of U.S. Treasury securities. If the U.S. Congress is unable to negotiate an adjustment to the statutory debt ceiling, there is also the risk that the U.S. Government may default on payments on certain U.S. Government securities, including those held by the Fund, which could have a negative impact on the Fund. An increase in demand for U.S. Government securities resulting from an increase in demand for government money market funds may lead to lower yields on such securities.

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 Regulatory Developments

Effective January 24, 2023, the Securities and Exchange Commission adopted rule and form amendments to require mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information deemed important for retail investors to assess and monitor their fund investments (the “Rule”). Other information, including financial statements, will no longer appear in the funds’ streamlined shareholder reports but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The Rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the Rule and its impact to the Funds.

PGIM Fixed Income ETFs 327

Approval of Advisory Agreements (unaudited)

PGIM Short Duration High Yield 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 PGIM Short Duration High Yield ETF (the Fund). The Board, including all of the Independent Trustees, met on September 13, 2023 (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 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 (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.

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.

PGIM Fixed Income ETFs

Approval of Advisory Agreements (continued)

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 personnel 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

Visit our website at pgim.com/investments

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 a similar 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.

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 unitary management fee rate (i.e., total expense ratio) to the Lipper 15(c) Peer Group. The Board noted that the Fund’s management fee was in the second quartile. The Board also considered the Manager’s assertion that it expected to incur a subsidy cost to support the unitary fee.

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

PGIM Fixed Income ETFs

Approval of Advisory Agreements (continued)

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.

***

After consideration of these and other factors, the Board concluded that the approval of the agreements was in the best interests of the Fund.

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∎ MAIL	∎ TELEPHONE	∎ WEBSITE
655 Broad Street	(888) 247-8090	pgim.com/investments
Newark, NJ 07102	(973) 802-2093 (outside the US)

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 Fund. A description of these proxy voting policies and procedures is available without charge, upon request, by calling (888) 247-8090 or by visiting the Securities and Exchange Commission’s website at sec.gov. Information regarding how each Fund 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 and Principal Executive Officer ● Scott E. Benjamin, Vice President ● Christian J. Kelly, Chief Financial Officer ● Claudia DiGiacomo, Chief Legal Officer ● Andrew Donohue, Chief Compliance Officer ● Russ Shupak, Treasurer and Principal Accounting 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 ● George Hoyt, Assistant Secretary ● Devan Goolsby, Assistant Secretary ● Lana Lomuti, Assistant Treasurer ● Elyse M. McLaughlin, Assistant Treasurer ● Deborah Conway, Assistant Treasurer ● Robert W. McCormack, Assistant Treasurer


MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102

SUBADVISERS	PGIM Fixed Income	655 Broad Street Newark, NJ 07102

	PGIM Limited (PGIM Ultra Short Bond ETF, PGIM Total Return Bond ETF, PGIM Floating Rate Income ETF, PGIM AAA CLO ETF, PGIM Short Duration Multi-Sector Bond ETF, and PGIM Short Duration High Yield ETF only)	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 Fund 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 (888) 247-8090. 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.


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

PGIM AAA CLO ETF		PAAA

PGIM Short Duration Multi-Sector Bond ETF		PSDM

PGIM Short Duration High Yield ETF		PSH

ETF1000E2

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PGIM JENNISON ETFS

PGIM Jennison Focused Growth ETF (PJFG)

PGIM Jennison Focused Value ETF (PJFV)

PGIM Jennison Focused Mid-Cap ETF (PJFM)

PGIM Jennison International Opportunities ETF (PJIO)

PGIM Jennison Better Future ETF (PJBF)

SEMIANNUAL REPORT

FEBRUARY 29, 2024

LOGO

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

Table of Contents



Letter from the President			3

PGIM Jennison Focused Growth ETF			4

PGIM Jennison Focused Value ETF			6

PGIM Jennison Focused Mid-Cap ETF			8

PGIM Jennison International Opportunities ETF			10

PGIM Jennison Better Future ETF			12

Fees and Expenses			14

Holdings and Financial Statements			17

Approval of Advisory Agreements

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

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

The accompanying financial statements as of February 29, 2024 were not audited and, accordingly, no auditor’s opinion is expressed on them.

Exchange-traded funds are distributed by Prudential Investment Management Services LLC, member SIPC. Jennison Associates LLC is a registered investment adviser. Both are Prudential Financial companies. © 2024 Prudential Financial, Inc. and its related entities. Jennison Associates, Jennison, PGIM, and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.


2 Visit our website at pgim.com/investments

Letter from the President

Dear Shareholder:

We hope you find the semiannual report for the PGIM Jennison ETFs informative and useful. The report covers performance for the six-month period ended February 29, 2024.

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.

Thank you for choosing our family of funds.

Sincerely,

LOGO

Stuart S. Parker, President and Principal Executive Officer

PGIM Jennison ETFs

April 15, 2024


		PGIM Jennison ETFs 3

PGIM Jennison Focused Growth ETF

Your Fund’s Performance



	Total Returns as of 2/29/24 *Six Months (%)**	Average Annual One Year (%)	Total Returns as of 2/29/24 Since Inception (%)

Net Asset Value (NAV)	24.37	57.62	49.72 (12/12/2022)

Market Price**	24.63	57.86	50.00 (12/12/2022)

Russell 1000^® Growth Index
	18.20	45.93	34.06

*Not annualized

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

Benchmark Definition

Russell 1000 Growth Index—The Russell 1000 Growth Index is an unmanaged index which contains those securities in the Russell 1000 Index with an above-average growth orientation. Companies in this Index tend to exhibit higher price-to-book and price-to-earnings ratios, lower dividend yields, and higher forecasted growth rates.

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.


4 Visit our website at pgim.com/investments

Presentation of Fund Holdings as of 2/29/24



Ten Largest Holdings	Line of Business	% of Net Assets

Microsoft Corp.	Software	9.5%

Amazon.com, Inc.	Broadline Retail	8.6%

NVIDIA Corp.	Semiconductors & Semiconductor Equipment	8.5%

Meta Platforms, Inc. (Class A Stock)	Interactive Media & Services	5.6%

Advanced Micro Devices, Inc.	Semiconductors & Semiconductor Equipment	5.3%

Eli Lilly & Co.	Pharmaceuticals	4.8%

Mastercard, Inc. (Class A Stock)	Financial Services	4.1%

Broadcom, Inc.	Semiconductors & Semiconductor Equipment	3.8%

Apple, Inc.	Technology Hardware, Storage & Peripherals	3.7%

MercadoLibre, Inc. (Brazil)	Broadline Retail	3.5%

Holdings reflect only long-term investments and are subject to change.


		PGIM Jennison ETFs 5

PGIM Jennison Focused Value ETF

Your Fund’s Performance



	Total Returns as of 2/29/24 *Six Months (%)**	Average Annual One Year (%)	Total Returns as of 2/29/24 Since Inception (%)

Net Asset Value (NAV)	16.58	28.51	20.52 (12/12/2022)

Market Price**	16.54	28.46	20.49 (12/12/2022)

Russell 1000 Value Index
	9.27	14.01	8.73

*Not annualized

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

Benchmark Definition

Russell 1000 Value Index—The Russell 1000 Value Index is an unmanaged index comprising those securities in the Russell 1000 Index with a less-than-average growth orientation. Companies in this index generally have low price-to-book and price-to-earnings ratios, higher dividend yields, and lower forecasted growth values.

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.


6 Visit our website at pgim.com/investments

Presentation of Fund Holdings as of 2/29/24



Ten Largest Holdings	Line of Business	% of Net Assets

Walmart, Inc.	Consumer Staples Distribution & Retail	5.7%

Microsoft Corp.	Software	4.4%

JPMorgan Chase & Co.	Banks	4.4%

Linde plc	Chemicals	4.3%

Exxon Mobil Corp.	Oil, Gas & Consumable Fuels	4.1%

Meta Platforms, Inc. (Class A Stock)	Interactive Media & Services	3.9%

MetLife, Inc.	Insurance	3.8%

Dell Technologies, Inc. (Class C Stock)	Technology Hardware, Storage & Peripherals	3.8%

Chubb Ltd.	Insurance	3.8%

Union Pacific Corp.	Ground Transportation	3.7%

Holdings reflect only long-term investments and are subject to change.


		PGIM Jennison ETFs 7

PGIM Jennison Focused Mid-Cap ETF

Your Fund’s Performance



		Total Returns as of 2/29/24 Since Inception* (%)

Net Asset Value (NAV)		5.81 (12/14/2023)

Market Price**		5.76 (12/14/2023)

Russell Midcap Index
		12.13

*Not annualized

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

Benchmark Definition

Russell Midcap Index—The Russell Midcap Index is an unmanaged index that measures the performance of the 800 smallest companies in the Russell 1000 Index, which represent approximately 27% of the total market capitalization of the Russell 1000 Index.

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.


8 Visit our website at pgim.com/investments

Presentation of Fund Holdings as of 2/29/24



Ten Largest Holdings	Line of Business	% of Net Assets

Shift4 Payments, Inc. (Class A Stock)	Financial Services	4.3%

L3Harris Technologies, Inc.	Aerospace & Defense	3.4%

Universal Display Corp.	Semiconductors & Semiconductor Equipment	3.4%

Markel Group, Inc.	Insurance	3.4%

Acadia Healthcare Co., Inc.	Health Care Providers & Services	3.3%

Performance Food Group Co.	Consumer Staples Distribution & Retail	3.3%

Saia, Inc.	Ground Transportation	3.1%

East West Bancorp, Inc.	Banks	2.9%

Targa Resources Corp.	Oil, Gas & Consumable Fuels	2.8%

NiSource, Inc.	Multi-Utilities	2.8%

Holdings reflect only long-term investments and are subject to change.


		PGIM Jennison ETFs 9

PGIM Jennison International Opportunities ETF

Your Fund’s Performance



		Total Returns as of 2/29/24 *Since Inception (%)**

Net Asset Value (NAV)		8.58 (12/14/2023)

Market Price**		8.96 (12/14/2023)

MSCI All Country World ex-US Index
		6.61

*Not annualized

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

Benchmark Definition

MSCI All Country World ex-US Index—The Morgan Stanley Capital International All Country World ex-US Index (MSCI ACWI ex-US Index) is an unmanaged, free float-adjusted, market capitalization-weighted index that is designed to provide a broad measure of stock performance throughout the world, with the exception of US-based companies. The Index includes both developed and emerging markets.

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.


10 Visit our website at pgim.com/investments

Presentation of Fund Holdings as of 2/29/24



Ten Largest Holdings	Line of Business	Country	% of Net Assets

Ferrari NV	Automobiles	Italy	7.7%

Novo Nordisk A/S, ADR	Pharmaceuticals	Denmark	6.9%

Taiwan Semiconductor Manufacturing Co. Ltd., ADR	Semiconductors & Semiconductor Equipment	Taiwan	6.5%

MercadoLibre, Inc.	Broadline Retail	Brazil	5.9%

Hermes International SCA	Textiles, Apparel & Luxury Goods	France	5.8%

ASML Holding NV	Semiconductors & Semiconductor Equipment	Netherlands	5.2%

L’Oreal SA	Personal Care Products	France	4.9%

ASM International NV	Semiconductors & Semiconductor Equipment	Netherlands	4.2%

LVMH Moet Hennessy Louis Vuitton SE	Textiles, Apparel & Luxury Goods	France	4.2%

Industria de Diseno Textil SA	Specialty Retail	Spain	4.0%

Holdings reflect only long-term investments and are subject to change.


		PGIM Jennison ETFs 11

PGIM Jennison Better Future ETF

Your Fund’s Performance



		Total Returns as of 2/29/24 Since Inception* (%)

Net Asset Value (NAV)		13.86 (12/14/2023)

Market Price**		14.10 (12/14/2023)

MSCI All Country World ND Index

		9.94

*Not annualized

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

Benchmark Definition

MSCI All Country World ND Index—The Morgan Stanley Capital International All Country World Net Dividends Index (MSCI ACWI ND Index) is an unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets. The MSCI ACWI ND Index consists of 47 country indexes comprising 23 developed and 24 emerging market country indexes. The ND version of the MSCI ACWI Index reflects the impact of the maximum withholding taxes on reinvested dividends. The MSCI ACWI ND Index is unmanaged and the total return includes the reinvestment of all dividends.

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.


12 Visit our website at pgim.com/investments

Presentation of Fund Holdings as of 2/29/24



Ten Largest Holdings	Line of Business	% of Net Assets

Microsoft Corp.	Software	6.8%

Amazon.com, Inc.	Broadline Retail	6.6%

MercadoLibre, Inc. (Brazil)	Broadline Retail	5.7%

NVIDIA Corp.	Semiconductors & Semiconductor Equipment	5.7%

Ferrari NV (Italy)	Automobiles	5.5%

Hermes International SCA (France)	Textiles, Apparel & Luxury Goods	5.2%

Novo Nordisk A/S (Denmark), ADR	Pharmaceuticals	4.5%

Eli Lilly & Co.	Pharmaceuticals	4.4%

L’Oreal SA (France)	Personal Care Products	4.2%

Broadcom, Inc.	Semiconductors & Semiconductor Equipment	4.0%

Holdings reflect only long-term investments and are subject to change.


		PGIM Jennison ETFs 13

Fees and Expenses

The example is based on an investment of $1,000 held through the six-month period ended February 29, 2024. The example is for illustrative purposes only.

Actual Expenses

Hypothetical Example for Comparison Purposes


14 Visit our website at pgim.com/investments



PGIM Jennison Focused Growth ETF	Beginning Account Value September 1, 2023	Ending Account Value February 29, 2024		Annualized Expense Ratio Based on the Six-Month Period		Expenses Paid During the Six-Month Period*

Actual	$1,000.00		$1,243.70		0.75%		$4.18

Hypothetical	$1,000.00		$1,021.13		0.75%		$3.77


PGIM Jennison Focused Value ETF	Beginning Account Value September 1, 2023	Ending Account Value February 29, 2024		Annualized Expense Ratio Based on the Six-Month Period		Expenses Paid During the Six-Month Period*

Actual	$1,000.00		$1,165.80		0.75%		$4.04

Hypothetical	$1,000.00		$1,021.13		0.75%		$3.77


PGIM Jennison Focused Mid-Cap ETF	Beginning Account Value September 1, 2023	Ending Account Value February 29, 2024		Annualized Expense Ratio Based on the Six-Month Period		Expenses Paid During the Six-Month Period*

Actual**	$1,000.00		$1,058.10		0.49%		$1.06

Hypothetical	$1,000.00		$1,022.43		0.49%		$2.46


PGIM Jennison International Opportunities ETF	Beginning Account Value September 1, 2023	Ending Account Value February 29, 2024		Annualized Expense Ratio Based on the Six-Month Period		Expenses Paid During the Six-Month Period*

Actual**	$1,000.00		$1,085.80		0.90%		$1.97

Hypothetical	$1,000.00		$1,020.39		0.90%		$4.52


PGIM Jennison Better Future ETF	Beginning Account Value September 1, 2023	Ending Account Value February 29, 2024		Annualized Expense Ratio Based on the Six-Month Period		Expenses Paid During the Six-Month Period*

Actual**	$1,000.00		$1,138.60		0.59%		$1.33

Hypothetical	$1,000.00		$1,021.93		0.59%		$2.97

**“Actual” expenses are calculated using 77-day period ended February 29, 2024 due to the Fund’s inception date of December 14, 2023.


		PGIM Jennison ETFs 15

Glossary

The following abbreviations are used in the Funds’ descriptions:

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.

ADR—American Depositary Receipt

CDI—Chess Depository Interest

PRFC—Preference Shares

REITs—Real Estate Investment Trust

SOFR—Secured Overnight Financing Rate

PGIM Jennison Focused Growth ETF

Schedule of Investments (unaudited)

as of February 29, 2024



Description	Shares		Value

LONG-TERM INVESTMENTS 99.9%

COMMON STOCKS

Automobiles 1.6%
Tesla, Inc.*		5,953	$	1,201,792

Banks 1.0%
NU Holdings Ltd. (Brazil) (Class A Stock)*		67,812		751,357

Biotechnology 1.7%
Vertex Pharmaceuticals, Inc.*		3,072		1,292,513

Broadline Retail 12.1%
Amazon.com, Inc.*		36,459		6,444,493
MercadoLibre, Inc. (Brazil)*		1,654		2,638,626


				9,083,119

Consumer Staples Distribution & Retail 3.0%
Costco Wholesale Corp.		2,987		2,221,999

Entertainment 3.3%
Netflix, Inc.*		4,107		2,476,192

Financial Services 4.1%
Mastercard, Inc. (Class A Stock)		6,468		3,070,748

Health Care Equipment & Supplies 1.3%
Intuitive Surgical, Inc.*		2,568		990,221

Health Care Providers & Services 1.6%
UnitedHealth Group, Inc.		2,382		1,175,755

Hotels, Restaurants & Leisure 1.4%
Airbnb, Inc. (Class A Stock)*		6,897		1,086,071

Interactive Media & Services 8.4%
Alphabet, Inc. (Class A Stock)*		15,564		2,154,991
Meta Platforms, Inc. (Class A Stock)		8,516		4,173,947


				6,328,938

See Notes to Financial Statements.

PGIM Jennison Focused Growth ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



Description	Shares		Value

COMMON STOCKS (Continued)

IT Services 2.6%
MongoDB, Inc.*		2,306	$	1,032,120
Snowflake, Inc. (Class A Stock)*		5,001		941,588


				1,973,708

Personal Care Products 1.8%
L’Oreal SA (France), ADR		14,312		1,369,945

Pharmaceuticals 8.4%
AstraZeneca PLC (United Kingdom), ADR		12,087		775,502
Eli Lilly & Co.		4,782		3,604,098
Novo Nordisk A/S (Denmark), ADR		16,341		1,957,161


				6,336,761

Semiconductors & Semiconductor Equipment 19.8%
Advanced Micro Devices, Inc.*		20,863		4,016,754
ASML Holding NV (Netherlands)		1,665		1,584,547
Broadcom, Inc.		2,194		2,853,275
NVIDIA Corp.		8,093		6,402,534


				14,857,110

Software 17.1%
Cadence Design Systems, Inc.*		6,692		2,036,911
Crowdstrike Holdings, Inc. (Class A Stock)*		3,153		1,022,045
Microsoft Corp.		17,306		7,158,454
Palo Alto Networks, Inc.*		3,584		1,113,011
ServiceNow, Inc.*		1,941		1,497,171


				12,827,592

Specialized REITs 1.0%
American Tower Corp.		3,676		731,009

Specialty Retail 1.4%
Home Depot, Inc. (The)		2,842		1,081,694

Technology Hardware, Storage & Peripherals 3.7%
Apple, Inc.		15,275		2,760,956

See Notes to Financial Statements.

PGIM Jennison ETFs 19

PGIM Jennison Focused Growth ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



Description	Shares		Value

COMMON STOCKS (Continued)

Textiles, Apparel & Luxury Goods 4.6%
Lululemon Athletica, Inc.*		2,578	$	1,204,158
LVMH Moet Hennessy Louis Vuitton SE (France), ADR		8,448		1,545,815
NIKE, Inc. (Class B Stock)		6,786		705,269


				3,455,242


TOTAL LONG-TERM INVESTMENTS (cost $52,576,033)				75,072,722


SHORT-TERM INVESTMENT 0.1%

AFFILIATED MUTUAL FUND
PGIM Core Government Money Market Fund (7-day effective yield 5.545%) (cost $86,588)(wb)		86,588		86,588


TOTAL INVESTMENTS 100.0% (cost $52,662,621)				75,159,310
Other assets in excess of liabilities 0.0%				665


NET ASSETS 100.0%			$	75,159,975

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

*	Non-income producing security.

(wb)	Represents an investment in a Fund affiliated with the Manager.

See Notes to Financial Statements.

PGIM Jennison Focused Growth ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

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 February 29, 2024 in valuing such portfolio securities:


	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks
Automobiles	$	1,201,792		$—		$—
Banks		751,357		—		—
Biotechnology		1,292,513		—		—
Broadline Retail		9,083,119		—		—
Consumer Staples Distribution & Retail		2,221,999		—		—
Entertainment		2,476,192		—		—
Financial Services		3,070,748		—		—
Health Care Equipment & Supplies		990,221		—		—
Health Care Providers & Services		1,175,755		—		—
Hotels, Restaurants & Leisure		1,086,071		—		—
Interactive Media & Services		6,328,938		—		—
IT Services		1,973,708		—		—
Personal Care Products		1,369,945		—		—
Pharmaceuticals		6,336,761		—		—
Semiconductors & Semiconductor Equipment		14,857,110		—		—
Software		12,827,592		—		—
Specialized REITs		731,009		—		—
Specialty Retail		1,081,694		—		—
Technology Hardware, Storage & Peripherals		2,760,956		—		—
Textiles, Apparel & Luxury Goods		3,455,242		—		—
Short-Term Investment
Affiliated Mutual Fund		86,588		—		—

Total	$	75,159,310		$—		$—

See Notes to Financial Statements.

PGIM Jennison ETFs 21

PGIM Jennison Focused Growth ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

Industry Classification:

The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of February 29, 2024 were as follows:


Semiconductors & Semiconductor Equipment	19.8	%
Software	17.1
Broadline Retail	12.1
Pharmaceuticals	8.4
Interactive Media & Services	8.4
Textiles, Apparel & Luxury Goods	4.6
Financial Services	4.1
Technology Hardware, Storage & Peripherals	3.7
Entertainment	3.3
Consumer Staples Distribution & Retail	3.0
IT Services	2.6
Personal Care Products	1.8
Biotechnology	1.7
Automobiles	1.6


Health Care Providers & Services	1.6	%
Hotels, Restaurants & Leisure	1.4
Specialty Retail	1.4
Health Care Equipment & Supplies	1.3
Banks	1.0
Specialized REITs	1.0
Affiliated Mutual Fund	0.1

	100.0
Other assets in excess of liabilities	0.0	*


	100.0	%

* Less than 0.05%

See Notes to Financial Statements.

PGIM Jennison Focused Growth ETF

Statement of Assets & Liabilities (unaudited)

as of February 29, 2024


Assets
Investments at value:
Unaffiliated investments (cost $52,576,033)	$	75,072,722
Affiliated investments (cost $86,588)		86,588
Dividends receivable		36,652
Tax reclaim receivable		7,675


Total Assets		75,203,637

Liabilities
Management fee payable		43,662


Net Assets	$	75,159,975



Net assets were comprised of:
Common stock, at par	$	920
Paid-in capital in excess of par		47,881,118
Total distributable earnings (loss)		27,277,937


Net assets, February 29, 2024	$	75,159,975


Net asset value, offering price and redemption price per share. ($75,159,975 ÷ 920,000 shares of common stock issued and outstanding)	$	81.70

See Notes to Financial Statements.

PGIM Jennison ETFs 23

PGIM Jennison Focused Growth ETF

Statement of Operations (unaudited)

Six Months Ended February 29, 2024


Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of $2,487 foreign withholding tax)	$	163,482
Affiliated dividend income		20,165
Affiliated income from securities lending, net		556

Total income		184,203


Expenses
Management fee		233,572

Net investment income (loss)		(49,369	)

Realized And Unrealized Gain (Loss) On Investments
Net realized gain (loss) on:
Investment transactions (including affiliated of $179)		(377,032	)
In-kind redemptions		5,814,113

		5,437,081

Net change in unrealized appreciation (depreciation) on investments (including affiliated of $(6))		9,156,960

Net gain (loss) on investment transactions		14,594,041

Net Increase (Decrease) In Net Assets Resulting From Operations	$	14,544,672

See Notes to Financial Statements.

PGIM Jennison Focused Growth ETF

Statements of Changes in Net Assets (unaudited)



	Six Months Ended February 29, 2024				December 12, 2022* through August 31, 2023
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	(49,369	)		$	(47,497	)
Net realized gain (loss) on investment and in-kind redemptions transactions			5,437,081				202,396
Net change in unrealized appreciation (depreciation) on investments			9,156,960				13,339,729

Net increase (decrease) in net assets resulting from operations			14,544,672				13,494,628


Fund share transactions
Net proceeds from shares sold (0 and 200,000 shares, respectively)			—				10,005,000
Shares sold in-kind (260,000 and 750,000 shares, respectively)			19,257,562				38,676,326
Shares redeemed in-kind (210,000 and 80,000 shares, respectively)			(15,791,895	)			(5,026,318	)

Net increase (decrease) in net assets from Fund share transactions			3,465,667				43,655,008

Total increase (decrease)			18,010,339				57,149,636

Net Assets:
Beginning of period			57,149,636				—

End of period		$	75,159,975			$	57,149,636

*	Commencement of operations.

See Notes to Financial Statements.

PGIM Jennison ETFs 25

PGIM Jennison Focused Growth ETF

Financial Highlights (unaudited)




	Six Months Ended February 29, 2024			December 12, 2022^(a) through August 31, 2023

Per Share Operating Performance^(b):
Net Asset Value, Beginning of Period		$65.69			$50.00
Income (loss) from investment operations:
Net investment income (loss)		(0.06	)		(0.06	)
Net realized and unrealized gain (loss) on investment transactions		16.07			15.75
Total from investment operations		16.01			15.69
Net asset value, end of period		$81.70			$65.69
Total Return^(c):		24.37	%		31.38	%

Ratios/Supplemental Data:
Net assets, end of period (000)		$75,160			$57,150
Average net assets (000)		$62,625			$44,323
Ratios to average net assets^(d):
Expenses after waivers and/or expense reimbursement		0.75	%^(e)		0.75	%^(e)
Expenses before waivers and/or expense reimbursement		0.75	%^(e)		0.75	%^(e)
Net investment income (loss)		(0.16	)%^(e)		(0.15	)%^(e)
Portfolio turnover rate^(f)		19	%		32	%

(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 Jennison Focused Value ETF

Schedule of Investments (unaudited)

as of February 29, 2024



Description	Shares		Value

LONG-TERM INVESTMENTS 98.9%

COMMON STOCKS

Aerospace & Defense 2.0%
Airbus SE (France), ADR		6,396	$	264,347

Automobile Components 0.9%
Aptiv PLC*		1,545		122,812

Automobiles 1.8%
General Motors Co.		5,762		236,127

Banks 11.8%
Bank of America Corp.		12,207		421,386
JPMorgan Chase & Co.		3,048		567,111
PNC Financial Services Group, Inc. (The)		1,867		274,822
Truist Financial Corp.		7,577		265,043


				1,528,362

Biotechnology 3.7%
AbbVie, Inc.		2,716		478,152

Building Products 2.2%
Johnson Controls International PLC		4,911		291,075

Capital Markets 5.0%
Blackstone, Inc.		2,131		272,385
Goldman Sachs Group, Inc. (The)		986		383,603


				655,988

Chemicals 4.3%
Linde PLC		1,232		552,946

Consumer Staples Distribution & Retail 5.7%
Walmart, Inc.		12,704		744,581

Electric Utilities 2.6%
PG&E Corp.		19,948		332,932

Ground Transportation 3.7%
Union Pacific Corp.		1,893		480,235

See Notes to Financial Statements.

PGIM Jennison ETFs 27

PGIM Jennison Focused Value ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



Description	Shares		Value

COMMON STOCKS (Continued)

Health Care Providers & Services 1.6%
Cigna Group (The)		619	$	208,071

Hotels, Restaurants & Leisure 2.5%
McDonald’s Corp.		1,103		322,385

Industrial Conglomerates 1.8%
General Electric Co.		1,500		235,335

Insurance 7.6%
Chubb Ltd.		1,951		491,008
MetLife, Inc.		7,143		498,153


				989,161

Interactive Media & Services 3.9%
Meta Platforms, Inc. (Class A Stock)		1,042		510,716

Multi-Utilities 1.7%
CenterPoint Energy, Inc.		7,920		217,800

Office REITs 1.9%
Alexandria Real Estate Equities, Inc.		2,020		251,955

Oil, Gas & Consumable Fuels 7.4%
ConocoPhillips		3,770		424,276
Exxon Mobil Corp.		5,107		533,783


				958,059

Pharmaceuticals 8.7%
AstraZeneca PLC (United Kingdom), ADR		6,756		433,465
Bristol-Myers Squibb Co.		6,057		307,393
Eli Lilly & Co.		518		390,406


				1,131,264

Semiconductors & Semiconductor Equipment 7.5%
Advanced Micro Devices, Inc.*		1,691		325,568
Broadcom, Inc.		301		391,447
Lam Research Corp.		278		260,834


				977,849

See Notes to Financial Statements.

PGIM Jennison Focused Value ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



Description	Shares		Value

COMMON STOCKS (Continued)

Software 6.8%
Microsoft Corp.		1,396	$	577,441
Salesforce, Inc.*		984		303,879


				881,320

Technology Hardware, Storage & Peripherals 3.8%
Dell Technologies, Inc. (Class C Stock)		5,220		494,125


TOTAL LONG-TERM INVESTMENTS (cost $10,596,622)				12,865,597


SHORT-TERM INVESTMENT 0.9%

AFFILIATED MUTUAL FUND
PGIM Core Government Money Market Fund (7-day effective yield 5.545%) (cost $109,554)(wb)		109,554		109,554


TOTAL INVESTMENTS 99.8% (cost $10,706,176)				12,975,151
Other assets in excess of liabilities 0.2%				29,383


NET ASSETS 100.0%			$	13,004,534

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

*	Non-income producing security.

(wb)	Represents an investment in a Fund affiliated with the Manager.

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 Jennison ETFs 29

PGIM Jennison Focused Value ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

The following is a summary of the inputs used as of February 29, 2024 in valuing such portfolio securities:


	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks
Aerospace & Defense	$	264,347		$—		$—
Automobile Components		122,812		—		—
Automobiles		236,127		—		—
Banks		1,528,362		—		—
Biotechnology		478,152		—		—
Building Products		291,075		—		—
Capital Markets		655,988		—		—
Chemicals		552,946		—		—
Consumer Staples Distribution & Retail		744,581		—		—
Electric Utilities		332,932		—		—
Ground Transportation		480,235		—		—
Health Care Providers & Services		208,071		—		—
Hotels, Restaurants & Leisure		322,385		—		—
Industrial Conglomerates		235,335		—		—
Insurance		989,161		—		—
Interactive Media & Services		510,716		—		—
Multi-Utilities		217,800		—		—
Office REITs		251,955		—		—
Oil, Gas & Consumable Fuels		958,059		—		—
Pharmaceuticals		1,131,264		—		—
Semiconductors & Semiconductor Equipment		977,849		—		—
Software		881,320		—		—
Technology Hardware, Storage & Peripherals		494,125		—		—
Short-Term Investment
Affiliated Mutual Fund		109,554		—		—

Total	$	12,975,151		$—		$—

Industry Classification:

The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of February 29, 2024 were as follows:


Banks	11.8	%
Pharmaceuticals	8.7
Insurance	7.6
Semiconductors & Semiconductor Equipment	7.5
Oil, Gas & Consumable Fuels	7.4
Software	6.8
Consumer Staples Distribution & Retail	5.7


Capital Markets	5.0	%
Chemicals	4.3
Interactive Media & Services	3.9
Technology Hardware, Storage & Peripherals	3.8
Ground Transportation	3.7
Biotechnology	3.7
Electric Utilities	2.6

See Notes to Financial Statements.

PGIM Jennison Focused Value ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

Industry Classification (continued):


Hotels, Restaurants & Leisure	2.5	%
Building Products	2.2
Aerospace & Defense	2.0
Office REITs	1.9
Automobiles	1.8
Industrial Conglomerates	1.8
Multi-Utilities	1.7
Health Care Providers & Services	1.6


Automobile Components	0.9	%
Affiliated Mutual Fund	0.9

	99.8
Other assets in excess of liabilities	0.2


	100.0	%

See Notes to Financial Statements.

PGIM Jennison ETFs 31

PGIM Jennison Focused Value ETF

Statement of Assets & Liabilities (unaudited)

as of February 29, 2024


Assets

Investments at value:
Unaffiliated investments (cost $10,596,622)	$	12,865,597
Affiliated investments (cost $109,554)		109,554
Dividends receivable		36,933


Total Assets		13,012,084


Liabilities
Management fee payable		7,550


Net Assets	$	13,004,534




Net assets were comprised of:
Common stock, at par	$	210
Paid-in capital in excess of par		10,567,989
Total distributable earnings (loss)		2,436,335


Net assets, February 29, 2024	$	13,004,534


Net asset value, offering price and redemption price per share, ($13,004,534 ÷ 210,000 shares of common stock issued and outstanding)	$	61.93

See Notes to Financial Statements.

PGIM Jennison Focused Value ETF

Statement of Operations (unaudited)

Six Months Ended February 29, 2024


Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of $ 152 foreign withholding tax)	$	119,977
Affiliated dividend income		4,687

Total income		124,664


Expenses
Management fee		43,590

Net investment income (loss)		81,074


Realized And Unrealized Gain (Loss) On Investments
Net realized gain (loss) on:
Investment transactions		27,284
In-kind redemptions		221,026

		248,310

Net change in unrealized appreciation (depreciation) on investments		1,541,052

Net gain (loss) on investment transactions		1,789,362

Net Increase (Decrease) In Net Assets Resulting From Operations	$	1,870,436

See Notes to Financial Statements.

PGIM Jennison ETFs 33

PGIM Jennison Focused Value ETF

Statements of Changes in Net Assets (unaudited)



	Six Months Ended February 29, 2024				December 12, 2022* through August 31, 2023

Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	81,074			$	118,487
Net realized gain (loss) on investment and in-kind redemptions transactions			248,310				(30,590	)
Net change in unrealized appreciation (depreciation) on investments			1,541,052				727,923

Net increase (decrease) in net assets resulting from operations			1,870,436				815,820


Dividends and Distributions
Distributions from distributable earnings			(144,291	)			(12,409	)


Fund share transactions
Net proceeds from shares sold (0 and 200,000 shares, respectively)			—				10,005,000
Shares sold in-kind (20,000 and 20,000 shares, respectively)			1,129,638				995,683
Shares redeemed in-kind (20,000 and 10,000 shares, respectively)			(1,140,013	)			(515,330	)


Net increase (decrease) in net assets from Fund share transactions			(10,375	)			10,485,353

Total increase (decrease)			1,715,770				11,288,764

Net Assets:
Beginning of period			11,288,764				—

End of period		$	13,004,534			$	11,288,764

*	Commencement of operations.

See Notes to Financial Statements.

PGIM Jennison Focused Value ETF

Financial Highlights (unaudited)




	Six Months		December 12, 2022^(a)
	Ended February 29,		through August 31,
	2024		2023

Per Share Operating Performance^(b):
Net Asset Value, Beginning of Period		$53.76		$50.00
Income (loss) from investment operations:
Net investment income (loss)		0.39		0.56
Net realized and unrealized gain (loss) on investment transactions		8.47		3.26
Total from investment operations		8.86		3.82
Less Dividends and Distributions:
Dividends from net investment income		(0.69)		(0.06)
Net asset value, end of period		$61.93		$53.76
Total Return^(c):		16.58%		7.64%

Ratios/Supplemental Data:
Net assets, end of period (000)		$13,005		$11,289
Average net assets (000)		$11,687		$10,586
Ratios to average net assets^(d):
Expenses after waivers and/or expense reimbursement		0.75%^(e)		0.75%^(e)
Expenses before waivers and/or expense reimbursement		0.75%^(e)		0.75%^(e)
Net investment income (loss)		1.40%^(e)		1.56%^(e)
Portfolio turnover rate^(f)		21%		38%

(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 Jennison ETFs 35

PGIM Jennison Focused Mid-Cap ETF

Schedule of Investments (unaudited)

as of February 29, 2024



Description	Shares		Value

LONG-TERM INVESTMENTS 96.1%

COMMON STOCKS

Aerospace & Defense 5.5%
HEICO Corp.		1,206	$	233,240
L3Harris Technologies, Inc.		1,783		377,390


				610,630

Banks 6.1%
East West Bancorp, Inc.		4,509		328,526
Pinnacle Financial Partners, Inc.		2,672		221,028
Wintrust Financial Corp.		1,370		131,999


				681,553

Biotechnology 5.0%
Apellis Pharmaceuticals, Inc.*		2,437		151,021
Argenx SE (Netherlands), ADR*		513		194,945
Neurocrine Biosciences, Inc.*		1,644		214,378


				560,344

Communications Equipment 1.0%
Arista Networks, Inc.*		394		109,351

Construction & Engineering 1.6%
WillScot Mobile Mini Holdings Corp.*		3,636		173,619

Construction Materials 1.3%
Martin Marietta Materials, Inc.		255		147,316

Consumer Staples Distribution & Retail 3.3%
Performance Food Group Co.*		4,816		369,724

Containers & Packaging 2.0%
Crown Holdings, Inc.		2,898		222,045

Electrical Equipment 2.1%
AMETEK, Inc.		1,294		233,153

See Notes to Financial Statements.

PGIM Jennison Focused Mid-Cap ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



Description	Shares		Value

COMMON STOCKS (Continued)

Financial Services 6.2%
Essent Group Ltd.		3,916	$	209,780
Shift4 Payments, Inc. (Class A Stock)*		5,863		482,056


				691,836

Food Products 2.5%
Darling Ingredients, Inc.*		3,165		133,911
Lamb Weston Holdings, Inc.		1,363		139,312


				273,223

Ground Transportation 3.1%
Saia, Inc.*		605		348,117

Health Care Providers & Services 5.8%
Acadia Healthcare Co., Inc.*		4,474		373,355
Molina Healthcare, Inc.*		697		274,555


				647,910

Hotels, Restaurants & Leisure 5.4%
Churchill Downs, Inc.		2,402		292,732
Hilton Worldwide Holdings, Inc.		1,512		308,932


				601,664

Insurance 6.7%
Axis Capital Holdings Ltd.		2,318		145,037
Markel Group, Inc.*		250		373,120
RenaissanceRe Holdings Ltd. (Bermuda)		992		223,022


				741,179

Interactive Media & Services 2.4%
Pinterest, Inc. (Class A Stock)*		7,199		264,203

IT Services 1.5%
Globant SA*		739		164,923

Marine Transportation 2.6%
Kirby Corp.*		3,236		283,862

See Notes to Financial Statements.

PGIM Jennison ETFs 37

PGIM Jennison Focused Mid-Cap ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



Description	Shares		Value

COMMON STOCKS (Continued)

Multi-Utilities 2.8%
NiSource, Inc.		11,964	$	311,782

Oil, Gas & Consumable Fuels 4.5%
Permian Resources Corp.		11,976		186,346
Targa Resources Corp.		3,190		313,386


				499,732

Professional Services 2.0%
KBR, Inc.		3,743		224,692

Real Estate Management & Development 1.5%
CBRE Group, Inc. (Class A Stock)*		1,824		167,607

Semiconductors & Semiconductor Equipment 5.1%
Microchip Technology, Inc.		2,314		194,700
Universal Display Corp.		2,140		373,259


				567,959

Software 6.2%
Appfolio, Inc. (Class A Stock)*		475		114,993
CyberArk Software Ltd.*		672		177,247
Procore Technologies, Inc.*		3,811		297,372
PTC, Inc.*		528		96,629


				686,241

Specialized REITs 2.6%
Gaming & Leisure Properties, Inc.		6,420		291,982

Specialty Retail 5.2%
Burlington Stores, Inc.*		1,392		285,499
Five Below, Inc.*		858		172,184
O’Reilly Automotive, Inc.*		105		114,179


				571,862

See Notes to Financial Statements.

PGIM Jennison Focused Mid-Cap ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



Description	Shares		Value

COMMON STOCKS (Continued)

Textiles, Apparel & Luxury Goods 2.1%
Ralph Lauren Corp.		1,239	$	230,355


TOTAL LONG-TERM INVESTMENTS (cost $10,163,282)				10,676,864


SHORT-TERM INVESTMENT 3.9%

AFFILIATED MUTUAL FUND
PGIM Core Government Money Market Fund (7-day effective yield 5.545%) (cost $433,688)(wb) 433,688				433,688


TOTAL INVESTMENTS 100.0% (cost $10,596,970)				11,110,552
Liabilities in excess of other assets (0.0)%				(618	)


NET ASSETS 100.0%			$	11,109,934

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

*	Non-income producing security.

(wb) Represents an investment in a Fund affiliated with the Manager.

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 February 29, 2024 in valuing such portfolio securities:


	Level 1		Level 2			Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks
Aerospace & Defense	$	610,630		$	—		$	—
Banks		681,553			—			—
Biotechnology		560,344			—			—

See Notes to Financial Statements.

PGIM Jennison ETFs 39

PGIM Jennison Focused Mid-Cap ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024


	Level 1		Level 2			Level 3
Investments in Securities (continued)
Assets (continued)
Long-Term Investments (continued)
Common Stocks (continued)
Communications Equipment	$	109,351		$	—		$	—
Construction & Engineering		173,619			—			—
Construction Materials		147,316			—			—
Consumer Staples Distribution & Retail		369,724			—			—
Containers & Packaging		222,045			—			—
Electrical Equipment		233,153			—			—
Financial Services		691,836			—			—
Food Products		273,223			—			—
Ground Transportation		348,117			—			—
Health Care Providers & Services		647,910			—			—
Hotels, Restaurants & Leisure		601,664			—			—
Insurance		741,179			—			—
Interactive Media & Services		264,203			—			—
IT Services		164,923			—			—
Marine Transportation		283,862			—			—
Multi-Utilities		311,782			—			—
Oil, Gas & Consumable Fuels		499,732			—			—
Professional Services		224,692			—			—
Real Estate Management & Development		167,607			—			—
Semiconductors & Semiconductor Equipment		567,959			—			—
Software		686,241			—			—
Specialized REITs		291,982			—			—
Specialty Retail		571,862			—			—
Textiles, Apparel & Luxury Goods		230,355			—			—
Short-Term Investment
Affiliated Mutual Fund		433,688			—			—

Total	$	11,110,552		$	—		$	—

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of February 29, 2024 were as follows:


Insurance	6.7	%
Financial Services	6.2
Software	6.2
Banks	6.1
Health Care Providers & Services	5.8
Aerospace & Defense	5.5
Hotels, Restaurants & Leisure	5.4
Specialty Retail	5.2


Semiconductors & Semiconductor Equipment	5.1	%
Biotechnology	5.0
Oil, Gas & Consumable Fuels	4.5
Affiliated Mutual Fund	3.9
Consumer Staples Distribution & Retail	3.3
Ground Transportation	3.1
Multi-Utilities	2.8
Specialized REITs	2.6

See Notes to Financial Statements.

PGIM Jennison Focused Mid-Cap ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

Industry Classification (continued):


Marine Transportation	2.6	%
Food Products	2.5
Interactive Media & Services	2.4
Electrical Equipment	2.1
Textiles, Apparel & Luxury Goods	2.1
Professional Services	2.0
Containers & Packaging	2.0
Construction & Engineering	1.6
Real Estate Management & Development	1.5
IT Services	1.5


Construction Materials	1.3	%
Communications Equipment	1.0

	100.0
Liabilities in excess of other assets	(0.0	)*


	100.0	%

* Less than 0.05%

See Notes to Financial Statements.

PGIM Jennison ETFs 41

PGIM Jennison Focused Mid-Cap ETF

Statement of Assets & Liabilities (unaudited)

as of February 29, 2024


Assets
Investments at value:
Unaffiliated investments (cost $10,163,282)	$	10,676,864
Affiliated investments (cost $433,688)		433,688
Dividends receivable		3,710

Total Assets		11,114,262


Liabilities
Management fee payable		4,283
Accrued expenses and other liabilities		45

Total Liabilities		4,328


Net Assets	$	11,109,934


Net assets were comprised of:
Common stock, at par	$	210
Paid-in capital in excess of par		10,506,018
Total distributable earnings (loss)		603,706


Net assets, February 29, 2024	$	11,109,934


Net asset value, offering price and redemption price per share. ($11,109,934 ÷ 210,000 shares of common stock issued and outstanding)	$	52.90

See Notes to Financial Statements.

PGIM Jennison Focused Mid-Cap ETF

Statement of Operations (unaudited)

For the Period December 14, 2023* through February 29, 2024


Net Investment Income (Loss)
Income
Unaffiliated dividend income	$	13,297
Affiliated dividend income		8,665

Total income		21,962


Expenses
Management fee		10,983
Miscellaneous		45

Total expenses		11,028

Net investment income (loss)		10,934

Realized And Unrealized Gain (Loss) On Investments
Net realized gain (loss) on:
Investment transactions		(68,547	)
In-kind redemptions		147,737

		79,190

Net change in unrealized appreciation (depreciation) on investments		513,582

Net gain (loss) on investment transactions		592,772

Net Increase (Decrease) In Net Assets Resulting From Operations	$	603,706

*	Commencement of operations.

See Notes to Financial Statements.

PGIM Jennison ETFs 43

PGIM Jennison Focused Mid-Cap ETF

Statement of Changes in Net Assets (unaudited)



	December 14, 2023* through February 29, 2024

Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	10,934
Net realized gain (loss) on investment and in-kind redemptions transactions			79,190
Net change in unrealized appreciation (depreciation) on investments			513,582

Net increase (decrease) in net assets resulting from operations			603,706

Fund share transactions
Net proceeds from shares sold (200,000 shares)			10,000,223
Shares sold in-kind (50,000 shares)			2,558,752
Shares redeemed in-kind (40,000 shares)			(2,052,747	)

Net increase (decrease) in net assets from Fund share transactions			10,506,228

Total increase (decrease)			11,109,934

Net Assets:
Beginning of period			—

End of period		$	11,109,934

*	Commencement of operations.

See Notes to Financial Statements.

PGIM Jennison Focused Mid-Cap ETF

Financial Highlights (unaudited)




	December 14, 2023^(a) through February 29, 2024

Per Share Operating Performance^(b):
Net Asset Value, Beginning of Period		$50.00
Income (loss) from investment operations:
Net investment income (loss)		0.05
Net realized and unrealized gain (loss) on investment transactions		2.85
Total from investment operations		2.90
Net asset value, end of period		$52.90
Total Return^(c):		5.81	%

Ratios/Supplemental Data:
Net assets, end of period (000)		$11,110
Average net assets (000)		$10,653
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)		0.49	%^(e)
Portfolio turnover rate^(f)		41	%

(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, with the exception of certain non-recurring expenses.

(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 Jennison ETFs 45

PGIM Jennison International Opportunities ETF

Schedule of Investments (unaudited)

as of February 29, 2024



Description	Shares		Value

LONG-TERM INVESTMENTS 99.1%

COMMON STOCKS 98.5%

Brazil 9.4%
MercadoLibre, Inc.*		401	$	639,716
NU Holdings Ltd. (Class A Stock)*		34,152		378,404


				1,018,120

Denmark 6.9%
Novo Nordisk A/S, ADR		6,257		749,401

France 21.4%
Dassault Systemes SE		7,612		355,285
Hermes International SCA		251		627,473
L’Oreal SA		1,119		534,199
LVMH Moet Hennessy Louis Vuitton SE		495		450,895
Safran SA		1,726		361,340


				2,329,192

Hong Kong 1.9%
Hong Kong Exchanges & Clearing Ltd.		3,548		110,027
Techtronic Industries Co. Ltd.		9,072		98,199


				208,226

Indonesia 1.9%
Bank Central Asia Tbk PT		335,254		210,667

Italy 7.7%
Ferrari NV		1,972		837,647

Japan 7.5%
Advantest Corp.		6,253		288,208
Disco Corp.		657		211,492
Keyence Corp.		675		315,348


				815,048

Netherlands 9.5%
ASM International NV		757		461,200
ASML Holding NV		595		566,250


				1,027,450

See Notes to Financial Statements.

PGIM Jennison International Opportunities ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



Description	Shares		Value

COMMON STOCKS (Continued)

Spain 4.0%
Industria de Diseno Textil SA		9,722	$	430,914

Sweden 3.1%
Atlas Copco AB (Class A Stock)		19,199		332,904

Taiwan 6.5%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		5,487		706,012

United Kingdom 5.2%
Ashtead Group PLC		2,089		149,779
AstraZeneca PLC, ADR		2,042		131,015
Compass Group PLC		10,508		287,834


				568,628

United States 13.5%
Ferguson PLC		935		197,706
James Hardie Industries PLC, CDI*		4,535		179,076
Lululemon Athletica, Inc.*		715		333,969
Monday.com Ltd.*		1,578		351,910
Schneider Electric SE		1,778		403,165


				1,465,826


TOTAL COMMON STOCKS (cost $9,680,518)				10,700,035


PREFERRED STOCK 0.6%

Germany
Dr. Ing. h.c. F. Porsche AG (PRFC), 144A (cost $64,125)		720		67,188


TOTAL LONG-TERM INVESTMENTS (cost $9,744,643)				10,767,223

See Notes to Financial Statements.

PGIM Jennison ETFs 47

PGIM Jennison International Opportunities ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



Description	Shares		Value

SHORT-TERM INVESTMENT 0.2%

AFFILIATED MUTUAL FUND
PGIM Core Government Money Market Fund (7-day effective yield 5.545%) (cost $18,716)(wb)		18,716	$	18,716


TOTAL INVESTMENTS 99.3% (cost $9,763,359)				10,785,939
Other assets in excess of liabilities 0.7%				72,040


NET ASSETS 100.0%			$	10,857,979

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

*	Non-income producing security.

(wb)	Represents an investment in a Fund affiliated with the Manager.

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 February 29, 2024 in valuing such portfolio securities:


	Level 1			Level 2			Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks
Brazil		$	1,018,119		$	—		$	—
Denmark			749,401			—			—
France			2,329,192			—			—
Hong Kong			208,226			—			—
Indonesia			210,667			—			—
Italy			837,647			—			—
Japan			815,048			—			—
Netherlands			1,027,450			—			—
Spain			430,915			—			—
Sweden			332,905			—			—
Taiwan			706,012			—			—

See Notes to Financial Statements.

PGIM Jennison International Opportunities ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024


	Level 1			Level 2			Level 3
Investments in Securities (continued)
Assets (continued)
Long-Term Investments (continued)
Common Stocks (continued)
United Kingdom		$	568,627		$	—		$	—
United States			1,465,826			—			—
Preferred Stock
Germany			67,188			—			—
Short-Term Investment
Affiliated Mutual Fund			18,716			—			—

Total		$	10,785,939		$	—		$	—

Industry Classification:

The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of February 29, 2024 were as follows:


Semiconductors & Semiconductor Equipment	20.6	%
Textiles, Apparel & Luxury Goods	13.0
Automobiles	8.3
Pharmaceuticals	8.1
Software	6.5
Broadline Retail	5.9
Banks	5.4
Personal Care Products	4.9
Machinery	4.0
Specialty Retail	4.0
Electrical Equipment	3.7
Aerospace & Defense	3.3


Trading Companies & Distributors	3.2	%
Electronic Equipment, Instruments & Components	2.9
Hotels, Restaurants & Leisure	2.7
Construction Materials	1.6
Capital Markets	1.0
Affiliated Mutual Fund	0.2

	99.3
Other assets in excess of liabilities	0.7


	100.0	%

See Notes to Financial Statements.

PGIM Jennison ETFs 49

PGIM Jennison International Opportunities ETF

Statement of Assets & Liabilities (unaudited)

as of February 29, 2024



Assets

Investments at value:
Unaffiliated investments (cost $9,744,643)	$	10,767,223
Affiliated investments (cost $18,716)		18,716

Foreign currency, at value (cost $3,773)		3,773
Receivable for investments sold		133,001
Dividends receivable		2,635


Total Assets		10,925,348


Liabilities
Payable for investments purchased		59,608
Management fee payable		7,536
Accrued expenses and other liabilities		225


Total Liabilities		67,369


Net Assets	$	10,857,979




Net assets were comprised of:
Common stock, at par	$	200
Paid-in capital in excess of par		10,014,800
Total distributable earnings (loss)		842,979


Net assets, February 29, 2024	$	10,857,979


Net asset value, offering price and redemption price per share. ($10,857,979 ÷ 200,000 shares of common stock issued and outstanding)	$	54.29

See Notes to Financial Statements.

PGIM Jennison International Opportunities ETF

Statement of Operations (unaudited)

For the Period December 14, 2023* through February 29, 2024


Net Investment Income (Loss)
Income
Affiliated dividend income	$	8,171
Unaffiliated dividend income (net of $393 foreign withholding tax)		7,926

Total income		16,097


Expenses
Management fee		19,187
Miscellaneous		225

Total expenses		19,412

Net investment income (loss)		(3,315	)


Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions		(172,248	)
Foreign currency transactions		(3,562	)

		(175,810	)

Net change in unrealized appreciation (depreciation) on:
Investments		1,022,580
Foreign currencies		(476	)

		1,022,104

Net gain (loss) on investment and foreign currency transactions		846,294

Net Increase (Decrease) In Net Assets Resulting From Operations	$	842,979

*	Commencement of operations.

See Notes to Financial Statements.

PGIM Jennison ETFs 51

PGIM Jennison International Opportunities ETF

Statement of Changes in Net Assets (unaudited)



	December 14, 2023* through February 29, 2024

Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	(3,315)
Net realized gain (loss) on investment transactions and foreign currencies			(175,810	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies			1,022,104

Net increase (decrease) in net assets resulting from operations			842,979


Fund share transactions
Net proceeds from shares sold (200,000 shares)			10,015,000

Total increase (decrease)			10,857,979

Net Assets:
Beginning of period			—

End of period		$	10,857,979

*	Commencement of operations.

See Notes to Financial Statements.

PGIM Jennison International Opportunities ETF

Financial Highlights (unaudited)




	December 14, 2023^(a)
	through February 29,
	2024

Per Share Operating Performance^(b):
Net Asset Value, Beginning of Period		$50.00
Income (loss) from investment operations:
Net investment income (loss)		(0.02)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		4.31
Total from investment operations		4.29
Net asset value, end of period		$54.29
Total Return^(c):		8.58%

Ratios/Supplemental Data:
Net assets, end of period (000)		$10,858
Average net assets (000)		$10,132
Ratios to average net assets^(d):
Expenses after waivers and/or expense reimbursement		0.90%^(e)
Expenses before waivers and/or expense reimbursement		0.90%^(e)
Net investment income (loss)		(0.15)%^(e)
Portfolio turnover rate^(f)		16%

(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, with the exception of certain non-recurring expenses.

(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 Jennison ETFs 53

PGIM Jennison Better Future ETF

Schedule of Investments (unaudited)

as of February 29, 2024



Description	Shares		Value

LONG-TERM INVESTMENTS 99.2%

COMMON STOCKS

Automobiles 5.5%
Ferrari NV (Italy)		1,538	$	653,296

Banks 3.1%
NU Holdings Ltd. (Brazil) (Class A Stock)*		33,945		376,111

Biotechnology 2.4%
Vertex Pharmaceuticals, Inc.*		689		289,890

Broadline Retail 12.3%
Amazon.com, Inc.*		4,428		782,693
MercadoLibre, Inc. (Brazil)*		430		685,979


				1,468,672

Communications Equipment 2.0%
Arista Networks, Inc.*		866		240,350

Electrical Equipment 3.3%
Schneider Electric SE		1,764		399,990

Electronic Equipment, Instruments & Components 1.5%
Keyence Corp. (Japan)		371		173,325

Health Care Equipment & Supplies 1.0%
Intuitive Surgical, Inc.*		306		117,994

Hotels, Restaurants & Leisure 1.2%
Airbnb, Inc. (Class A Stock)*		913		143,770

IT Services 3.8%
MongoDB, Inc.*		552		247,064
Snowflake, Inc. (Class A Stock)*		1,086		204,472


				451,536

Personal Care Products 4.2%
L’Oreal SA (France)		1,044		498,395

See Notes to Financial Statements.

PGIM Jennison Better Future ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



Description	Shares		Value

COMMON STOCKS (Continued)

Pharmaceuticals 8.9%
Eli Lilly & Co.		690	$	520,039
Novo Nordisk A/S (Denmark), ADR		4,516		540,881

				1,060,920

Semiconductors & Semiconductor Equipment 18.3%
Advanced Micro Devices, Inc.*		1,337		257,413
ASML Holding NV (Netherlands)		469		446,338
Broadcom, Inc.		364		473,378
Lam Research Corp.		351		329,326
NVIDIA Corp.		867		685,901

				2,192,356

Software 21.0%
Cadence Design Systems, Inc.*		1,286		391,433
Crowdstrike Holdings, Inc. (Class A Stock)*		1,122		363,696
HubSpot, Inc.*		345		213,490
Microsoft Corp.		1,977		817,766
Palo Alto Networks, Inc.*		930		288,812
ServiceNow, Inc.*		557		429,636

				2,504,833

Technology Hardware, Storage & Peripherals 1.7%
Apple, Inc.		1,139		205,874
Textiles, Apparel & Luxury Goods 9.0%
Hermes International SCA (France)		248		619,973
LVMH Moet Hennessy Louis Vuitton SE (France)		503		458,182

				1,078,155


TOTAL LONG-TERM INVESTMENTS (cost $10,399,628)				11,855,467

See Notes to Financial Statements.

PGIM Jennison ETFs 55

PGIM Jennison Better Future ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024



Description	Shares		Value

SHORT-TERM INVESTMENT 0.6%

AFFILIATED MUTUAL FUND
PGIM Core Government Money Market Fund (7-day effective yield 5.545%) (cost $71,201)(wb)		71,201	$	71,201


TOTAL INVESTMENTS 99.8% (cost $10,470,829)				11,926,668
Other assets in excess of liabilities 0.2%				29,021


NET ASSETS 100.0%			$	11,955,689

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

*	Non-income producing security.

(wb)	Represents an investment in a Fund affiliated with the Manager.

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 February 29, 2024 in valuing such portfolio securities:


	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks
Automobiles	$	653,296		$—		$—
Banks		376,111		—		—
Biotechnology		289,890		—		—
Broadline Retail		1,468,672		—		—
Communications Equipment		240,350		—		—
Electrical Equipment		399,990		—		—
Electronic Equipment, Instruments & Components		173,325		—		—
Health Care Equipment & Supplies		117,994		—		—
Hotels, Restaurants & Leisure		143,770		—		—
IT Services		451,536		—		—
Personal Care Products		498,395		—		—

See Notes to Financial Statements.

PGIM Jennison Better Future ETF

Schedule of Investments (unaudited) (continued)

as of February 29, 2024


	Level 1		Level 2		Level 3
Investments in Securities (continued)
Assets (continued)
Long-Term Investments (continued)
Common Stocks (continued)
Pharmaceuticals	$	1,060,920		$—		$—
Semiconductors & Semiconductor Equipment		2,192,356		—		—
Software		2,504,833		—		—
Technology Hardware, Storage & Peripherals		205,874		—		—
Textiles, Apparel & Luxury Goods		1,078,155		—		—
Short-Term Investment
Affiliated Mutual Fund		71,201		—		—

Total	$	11,926,668		$—		$—

Industry Classification:

The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of February 29, 2024 were as follows:


Software	21.0	%
Semiconductors & Semiconductor Equipment	18.3
Broadline Retail	12.3
Textiles, Apparel & Luxury Goods	9.0
Pharmaceuticals	8.9
Automobiles	5.5
Personal Care Products	4.2
IT Services	3.8
Electrical Equipment	3.3
Banks	3.1
Biotechnology	2.4


Communications Equipment	2.0	%
Technology Hardware, Storage & Peripherals	1.7
Electronic Equipment, Instruments & Components	1.5
Hotels, Restaurants & Leisure	1.2
Health Care Equipment & Supplies	1.0
Affiliated Mutual Fund	0.6

	99.8
Other assets in excess of liabilities	0.2


	100.0	%

See Notes to Financial Statements.

PGIM Jennison ETFs 57

PGIM Jennison Better Future ETF

Statement of Assets & Liabilities (unaudited)

as of February 29, 2024


Assets
Investments at value:
Unaffiliated investments (cost $10,399,628)	$	11,855,467
Affiliated investments (cost $71,201)		71,201
Foreign currency, at value (cost $4)		4
Receivable for Fund shares sold		22,501
Receivable for investments sold		8,069
Dividends receivable		4,123

Total Assets		11,961,365


Liabilities
Management fee payable		5,494
Accrued expenses and other liabilities		130
Payable for investments purchased		52

Total Liabilities		5,676

Net Assets	$	11,955,689


Net assets were comprised of:
Common stock, at par	$	210
Paid-in capital in excess of par		10,506,197
Total distributable earnings (loss)		1,449,282


Net assets, February 29, 2024	$	11,955,689


Net asset value, offering price and redemption price per share, ($11,955,689 ÷ 210,000 shares of common stock issued and outstanding)	$	56.93

See Notes to Financial Statements.

PGIM Jennison Better Future ETF

Statement of Operations (unaudited)

For the Period December 14, 2023* through February 29, 2024


Net Investment Income (Loss)
Income
Affiliated dividend income	$	10,048
Unaffiliated dividend income (net of $303 foreign withholding tax)		5,591

Total income		15,639

Expenses
Management fee		13,609
Miscellaneous		130

Total expenses		13,739

Net investment income (loss)		1,900

Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions		(142,508	)
In-kind redemptions		134,724
Foreign currency transactions		(663	)

		(8,447	)

Net change in unrealized appreciation (depreciation) on:
Investments		1,455,839
Foreign currencies		(10	)

		1,455,829

Net gain (loss) on investment and foreign currency transactions		1,447,382

Net Increase (Decrease) In Net Assets Resulting From Operations	$	1,449,282

*	Commencement of operations.

See Notes to Financial Statements.

PGIM Jennison ETFs 59

PGIM Jennison Better Future ETF

Statement of Changes in Net Assets (unaudited)



	December 14, 2023* through February 29, 2024

Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	1,900
Net realized gain (loss) on investment and in-kind redemptions transactions			(8,447	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies			1,455,829

Net increase (decrease) in net assets resulting from operations			1,449,282

Fund share transactions
Net proceeds from shares sold (200,000 shares)			10,005,236
Shares sold in-kind (20,000 shares)			1,071,362
Shares redeemed in-kind (10,000 shares)			(570,191	)

Net increase (decrease) in net assets from Fund share transactions			10,506,407

Total increase (decrease)			11,955,689

Net Assets:
Beginning of period			—

End of period		$	11,955,689

*	Commencement of operations.

See Notes to Financial Statements.

PGIM Jennison Better Future ETF

Financial Highlights (unaudited)




	December 14, 2023^(a) through February 29, 2024

Per Share Operating Performance^(b):
Net Asset Value, Beginning of Period		$50.00
Income (loss) from investment operations:
Net investment income (loss)		0.01
Net realized and unrealized gain (loss) on investment and foreign currency transactions		6.92
Total from investment operations		6.93
Net asset value, end of period		$56.93
Total Return^(c):		13.86	%

Ratios/Supplemental Data:
Net assets, end of period (000)		$11,956
Average net assets (000)		$10,963
Ratios to average net assets^(d):
Expenses after waivers and/or expense reimbursement		0.59	%^(e)
Expenses before waivers and/or expense reimbursement		0.59	%^(e)
Net investment income (loss)		0.09	%^(e)
Portfolio turnover rate^(f)		13	%

(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, with the exception of certain non-recurring expenses.

(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 Jennison ETFs 61

Notes to Financial Statements (unaudited)

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 Jennison Focused Growth ETF, PGIM Jennison Focused Value ETF, PGIM Jennison Focused Mid-Cap ETF, PGIM Jennison International Opportunities ETF and PGIM Jennison Better Future ETF (each a “Fund” and collectively, the “Funds”). PGIM Jennison Focused Value ETF and PGIM Jennison Focused Mid-Cap ETF are diversified funds for purposes of the 1940 Act, and PGIM Jennison Focused Growth ETF, PGIM Jennison International Opportunities ETF and PGIM Jennison Better Future ETF are non-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 Jennison Focused Growth ETF		Long-term growth of capital.

PGIM Jennison Focused Value ETF		Long-term growth of capital.

PGIM Jennison Focused Mid-Cap ETF		Long-term growth of capital.

PGIM Jennison International Opportunities ETF		Long-term growth of capital.

PGIM Jennison Better Future ETF		Long-term growth of capital.

2.	Accounting Policies

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’ investments are valued daily based on a number of factors, including the type of investment


62

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 PGIM Investments LLC (“PGIM Investments” or the “Manager”) as the “Valuation Designee,” as defined by Rule 2a-5(b) under the 1940 Act, 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 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 estimated 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.

Common or preferred stocks, exchange-traded funds (“ETFs”) 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 a 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.

Foreign equities traded on foreign securities exchanges are generally valued using pricing vendor services that provide model prices derived using adjustment factors based on information such as local closing price, relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable. Securities valued using such model prices are classified as Level 2 in the fair value hierarchy. The models generate an evaluated adjustment factor for each security, which is applied to the local closing price to adjust it for post closing market movements up to the time the Funds is valued. Utilizing that evaluated adjustment factor, the vendor provides an evaluated price for each security. If the vendor does not provide an evaluated price, securities are valued in accordance with exchange-traded common and preferred stock valuation policies discussed above.


		PGIM Jennison ETFs 63

Notes to Financial Statements (unaudited) (continued)

Master Netting Arrangements: The Funds are 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.

Securities Lending: The 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 the securities on loan on the last business day of the reporting


64

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.

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		Annually


		PGIM Jennison ETFs 65

Notes to Financial Statements (unaudited) (continued)



Expected Distribution Schedule to Shareholders*	Frequency

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.

3.	Agreements

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.



Fund		Unitary Fee Rate

PGIM Jennison Focused Growth ETF		0.75%

PGIM Jennison Focused Value ETF		0.75%

PGIM Jennison Focused Mid-Cap ETF		0.49%

PGIM Jennison International Opportunities ETF		0.90%

PGIM Jennison Better Future ETF		0.59%

The Manager has entered into a subadvisory agreement (Subadvisory Agreement) with Jennison Associates LLC (“Jennison” or the “subadviser”). The Manager pays for the services of the subadviser.


66

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, PIMS and Jennison 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 Government Money Market Fund (the “Core Government Fund”), a series of the Prudential Government Money Market Fund, Inc., and their securities lending cash collateral in the PGIM Institutional Money Market Fund (the “Money Market Fund”), a series of Prudential Investment Portfolios 2, each 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 Government Fund and the Money Market Fund. In addition to the realized and unrealized gains on investments in the Core Government Fund and the Money Market Fund, earnings from such investments are disclosed on the Statement of Operations as “Affiliated dividend income” and “Affiliated income from securities lending, net”, respectively.

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 reporting period ended February 29, 2024, no Rule 17a-7 transactions were entered into by the Funds.

5.	Portfolio Securities


Fund	Cost of Purchases		Proceeds from Sales
PGIM Jennison Focused Growth ETF	$	11,969,581	$	11,456,096
PGIM Jennison Focused Value ETF		2,432,199		2,666,480
PGIM Jennison Focused Mid-Cap ETF		13,573,960		4,163,939
PGIM Jennison International Opportunities ETF		11,534,664		1,617,773
PGIM Jennison Better Future ETF		11,291,091		1,369,457

The aggregate cost of purchases and proceeds from sales of in-kind creation and


		PGIM Jennison ETFs 67

Notes to Financial Statements (unaudited) (continued)

redemption transactions for the reporting period ended February 29, 2024, were as follows:


Fund	Cost of Purchases		Proceeds from Sales
PGIM Jennison Focused Growth ETF	$	19,082,399	$	15,026,959
PGIM Jennison Focused Value ETF		1,107,260		837,947
PGIM Jennison Focused Mid-Cap ETF		2,490,690		1,816,619
PGIM Jennison International Opportunities ETF		—		—
PGIM Jennison Better Future ETF		1,043,621		557,843

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the reporting period ended February 29, 2024, is presented as follows:

PGIM Jennison Focused Growth 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 Funds:

PGIM Core Government Money Market Fund (7-day effective yield 5.545%)^(1)(wb)
$1,218,101	$1,049,040	$2,180,553	$—	$ —	$86,588		86,588	$20,165

PGIM Institutional Money Market Fund (7-day effective yield 5.683%)^(1)(b)(wb)

343,559	686,063	1,029,795	(6)	179	—		—	556⁽²⁾
$1,561,660	$1,735,103	$3,210,348	$ (6)	$179	$86,588			$20,721

PGIM Jennison Focused Value 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 Government Money Market Fund (7-day effective yield 5.545%)^(1)(wb)
$229,067	$356,836	$476,349	$—	$—	$109,554		109,554	$4,687

PGIM Jennison Focused Mid-Cap 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 Government Money Market Fund (7-day effective yield 5.545%)^(1)(wb)
$—	$10,441,506	$10,007,818	$—	$—	$433,688		433,688	$8,665


68

PGIM Jennison International Opportunities 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 Government Money Market Fund (7-day effective yield 5.545%)^(1)(wb)
$—	$10,722,877	$10,704,161	$—	$—	$18,716		18,716	$8,171

PGIM Jennison Better Future 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 Government Money Market Fund (7-day effective yield 5.545%)^(1)(wb)
$—	$10,283,801	$10,212,600	$—	$—	$71,201		71,201	$10,048

(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.

(wb)	Represents an investment in a Fund affiliated with the Manager.

6.	Tax Information

The United States federal income tax basis of the investments and the net unrealized appreciation as of February 29, 2024 were as follows:


Fund	Tax Basis			Gross Unrealized Appreciation			Gross Unrealized Depreciation				Net Unrealized Appreciation
PGIM Jennison Focused Growth ETF		$	52,687,787		$	22,644,754		$	(173,231	)		$	22,471,523
PGIM Jennison Focused Value ETF			10,713,912			2,519,926			(258,687	)			2,261,239
PGIM Jennison Focused Mid-Cap ETF			10,596,970			711,879			(198,297	)			513,582
PGIM Jennison International Opportunities ETF			9,763,835			1,088,832			(66,728	)			1,022,104
PGIM Jennison Better Future ETF			10,470,839			1,527,005			(71,176	)			1,455,829

The GAAP basis may differ from tax basis due to certain tax-related adjustments.

For federal income tax purposes, the following Funds had an approximated capital loss carryforward as of August 31, 2023 which can be carried forward for an unlimited period.


		PGIM Jennison ETFs 69

Notes to Financial Statements (unaudited) (continued)

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			Capital Loss Carryforward Utilized

PGIM Jennison Focused Growth ETF		$	536,000		$	—

PGIM Jennison Focused Value ETF			116,000			—

The Fund indicated below elected to treat the below approximated losses as having been incurred in the following fiscal year (August 31, 2024).



Fund	Qualified Late-Year Losses			Post-October Capital Losses

PGIM Jennison Focused Growth ETF		$	45,000		$	—

The Manager has analyzed the Funds’ tax positions and has concluded that no provision for income tax is required in the Funds’ financial statements for the current reporting period.

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. except for the PGIM Jennison Better Future ETF and PGIM Jennison Focused Mid-Cap ETF, which list its shares on the Cboe BZX Exchange, Inc. (together with NYSE Arca, Inc., the “Exchanges”), 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.


70

may differ and the Funds may accept “custom baskets”. A Creation Unit consists of 10,000 shares of each Fund.

The RIC is authorized to issue an unlimited number of shares of beneficial interest, $0.001 par value per share.

As of February 29, 2024, 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 Jennison Focused Growth ETF		185,007		20.1	%
PGIM Jennison Focused Value ETF		200,000		95.2
PGIM Jennison Focused Mid-Cap ETF		200,000		95.2
PGIM Jennison International Opportunities ETF		198,000		99.0
PGIM Jennison Better Future ETF		200,000		95.2

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 Jennison Focused Growth ETF		1		17.9	%
PGIM Jennison Focused Value ETF		1		95.2
PGIM Jennison Focused Mid-Cap ETF		1		95.2
PGIM Jennison International Opportunities ETF		1		99.0
PGIM Jennison Better Future ETF		1		95.2
Unaffiliated:
PGIM Jennison Focused Growth ETF		1		74.2
PGIM Jennison Focused Value ETF		—		—
PGIM Jennison Focused Mid-Cap ETF		—		—
PGIM Jennison International Opportunities ETF		—		—
PGIM Jennison Better Future ETF		—		—

The Funds may make payment for Fund shares redeemed and contributed wholly or in part by distributing portfolio securities to shareholders. For the reporting period ended February 29, 2024, the Funds, excluding PGIM Jennison International Opportunities ETF, had subscriptions in-kind and redemptions in-kind with total proceeds in the amounts


		PGIM Jennison ETFs 71

Notes to Financial Statements (unaudited) (continued)

presented on the Statements of Changes in Net Assets.

8.	Borrowings



		SCA*

Term of Commitment		9/29/2023 - 9/26/2024
Total Commitment		$1,200,000,000
Annualized Commitment Fee on the Unused Portion of the SCA		0.15%
Annualized Interest Rate on Borrowings		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 SCA does not include PGIM Jennison Focused Mid-Cap ETF, PGIM Jennison International Opportunities ETF and PGIM Jennison Better Future ETF.

The Funds did not utilize the SCA during the reporting period ended February 29, 2024.


72

9.	Risks of Investing in the Funds



Risks	PGIM Jennison Focused Growth ETF	PGIM Jennison Focused Value ETF	PGIM Jennison Focused Mid-Cap ETF	PGIM Jennison International Opportunities ETF	PGIM Jennison Better Future ETF
Authorized Participant Concentration	X	X	X	X	X
Blend Style	–	–	X	–	–
Cash Transactions	X	X	X	X	X
Country	–	–	–	X	X
Currency	–	–	–	X	X
Convertible Securities	X	–	–	–	–
Economic and Market Events	X	X	X	X	X
Emerging Markets	–	–	–	X	X
Equity and Equity-Related Securities	X	X	X	X	X
ETF Shares Trading	X	X	X	X	X
Foreign Securities	X	X	X	X	X
Geographic Concentration	–	–	–	X	X
Growth Style	X	–	–	X	X
Initial Public Offerings	X	–	X	–	–
Investment in China	–	–	–	X	–
Large Capitalization Company	X	X	–	–	–
Large Shareholder and Large Scale Redemption	X	X	X	X	X
Management	X	X	X	X	X
Market Capitalization	–	–	–	X	X
Medium Capitalization (Mid-Cap) Company	–	–	X	–	–
Market Disruption and Geopolitical	X	X	X	X	X
Market	X	X	X	X	X
Methodology	–	–	–	–	X
New/Small Fund	X	X	X	X	X
Non-Diversified Investment Company	X	–	–	X	X
Preferred Securities	X	–	–	–	–
Real Estate Investment Trust	–	–	–	–	X
Value Style	–	X	–	–	–


		PGIM Jennison ETFs 73

Notes to Financial Statements (unaudited) (continued)

premium to net asset value (“NAV”), may trade at larger spreads, and possibly face trading halts and/or delisting.

Blend Style Risk: The Fund’s blend investment style may subject the Fund to risks of both value and growth investing. The portion of the Fund’s portfolio that makes investments pursuant to a growth strategy may be subject to above-average fluctuations as a result of seeking higher than average capital growth. The portion of the Fund’s portfolio that makes investments pursuant to a value strategy may be subject to the risk that the market may not recognize a security’s intrinsic value for long periods of 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. 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. Historically, growth stocks have performed best during later stages of economic expansion and value stocks have performed best during periods of economic recovery. Therefore, both styles may over time go in and out of favor with the markets. At times when a style is out of favor, that portion of the portfolio may lag the other portion of the portfolio, which may cause the Fund to underperform the market in general, its benchmark and other mutual funds. Growth and value stocks have historically produced similar long-term results, though each category has periods when it outperforms the other.

Cash Transactions Risk: Unlike ETFs that engage almost exclusively in creations and redemptions in exchange for a basket of portfolio securities (an “in-kind” transaction), 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. Investments in shares of the Fund may be less tax-efficient than an investment in an ETF that distributes portfolio securities entirely in-kind.

Country Risk: Changes in the business environment may adversely affect operating profits or the value of assets in a specific country. For example, financial factors such as currency controls, devaluation or regulatory changes or stability factors such as mass riots, civil war and other potential events may contribute to companies’ operational risks.


74

Convertible Securities Risk: The market value of a convertible security performs like that of a regular debt security; that is, if market interest rates rise, the value of a convertible security usually falls. In addition, convertible securities are subject to the risk that the issuer will not be able to pay interest or dividends when due, and their market value may change based on changes in the issuer’s credit rating or the market’s perception of the issuer’s creditworthiness. Since it derives a portion of its value from the common stock into which it may be converted, a convertible security is also subject to the same types of market and issuer risks that apply to the underlying common stock.

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.

Equity and Equity-Related Securities Risk: 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.


		PGIM Jennison ETFs 75

Notes to Financial Statements (unaudited) (continued)


76

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.

Growth Style Risk: The Fund’s growth style may subject the Fund to above-average fluctuations as a result of seeking higher than average capital growth. Historically, growth stocks have performed best during later stages of economic expansion and value stocks have performed best during periods of economic recovery. Since the Fund follows a growth investment style, there is the risk that the growth investment style may be out of favor for a period of time. At times when the style is out of favor, the Fund may underperform the market in general, its benchmark and other ETFs.

Initial Public Offerings Risk: The volume of IPOs and the levels at which the newly issued stocks trade in the secondary market are affected by the performance of the stock market overall. If IPOs are brought to the market, availability may be limited and if the Fund desires to acquire shares in such an offering, it may not be able to buy any shares at the offering price, or if it is able to buy shares, it may not be able to buy as many shares at the offering price as it would like. The prices of securities involved in IPOs are often subject to greater and more unpredictable price changes than more established stocks. Such unpredictability can have a dramatic impact on the Fund’s performance (higher or lower) and any assumptions by investors based on the affected performance may be unwarranted. In addition, as Fund assets grow, the impact of IPO investments on performance will decline, which could reduce total returns.

Investments in China Risk: Investments in China subject the Fund to risks specific to China and may make it more volatile than other funds. Over the last few decades, the Chinese government has undertaken reform of economic and market practices and has expanded the sphere of private ownership of property in China. However, Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability. Internal social unrest or confrontations with other neighboring countries, including military conflicts in response to such events, may also disrupt economic development in China and result in a greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher rates of inflation.

China has experienced security concerns, such as terrorism and strained international relations. Incidents involving China’s or the region’s security may cause uncertainty in Chinese markets and may adversely affect the Chinese economy and the Fund’s investments. Export growth continues to be a major driver of China’s rapid economic growth. Reduction in spending on Chinese products and services, institution of additional tariffs or other trade barriers, including as a result of heightened trade tensions between China and the U.S., or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy or the Fund. For example, a series of executive orders issued between November 2020 and June 2021 prohibit the Fund from investing in


		PGIM Jennison ETFs 77

Notes to Financial Statements (unaudited) (continued)

certain companies identified by the U.S. government as “Chinese Military Industrial Complex Companies.” The restrictions in these executive orders may force the subadviser to sell certain positions and may restrict the Fund from future investments the subadviser deems otherwise attractive.

Chinese companies, including Chinese companies that are listed on U.S. exchanges, are not subject to the same degree of regulatory requirements, accounting standards or auditor oversight as companies in more developed countries, and as a result, information about the Chinese securities in which the Fund invests may be less reliable or complete. There may be significant obstacles to obtaining information necessary for investigations into or litigation against Chinese companies and shareholders may have limited legal remedies.

Large Capitalization Company Risk: Companies with large market capitalizations go in and out of favor based on market and economic conditions. Larger companies tend to be less volatile than companies with smaller market capitalizations. In exchange for this potentially lower risk, the Fund’s value may not rise or fall as much as the value of funds that emphasize companies with smaller market capitalizations.

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


78

group could fall out of favor with the market, causing the Fund to underperform compared to investments that focus on smaller capitalized companies.

Medium Capitalization (Mid-Cap) Company Risk: The Fund’s investments in mid-cap companies carry more risk than investments in larger capitalized companies. Investments in mid-cap companies carry additional risks because earnings of these companies tend to be less predictable; they often have limited product lines, markets, distribution channels or financial resources; and the management of such companies may be dependent on one or a few key people. The market movements of these companies’ securities may be more abrupt or erratic than the market movements of securities of larger, more established companies or the stock market in general. Historically, mid-cap companies have sometimes gone through extended periods when they did not perform as well as larger companies. Mid-cap companies generally are comparatively less liquid than larger companies, which may make such investments more difficult to sell at the time and price that the Fund would like. Also, the stocks of mid-cap companies may fall out of favor relative to those of small- or large-capitalization companies, causing the Fund to underperform other equity funds that focus on small- or large-capitalization companies.


		PGIM Jennison ETFs 79

Notes to Financial Statements (unaudited) (continued)

Methodology Risk: Because the subadviser utilizes exclusionary tools in its methodology, this may result in the Fund forgoing opportunities to make certain investments when it might otherwise be advantageous to do so, or sell investments based on its methodology criteria when it might be otherwise disadvantageous for it to do so. Due to the exclusionary tools, the subadviser may be less inclined or unable to invest in issuers that provide positive financial returns. There is no guarantee that the subadviser’s exclusionary tools will enhance the quality of asset allocation or portfolio construction. In evaluating an issuer, the subadviser is dependent upon information and data, including from third party data providers, that may be incomplete, inaccurate, or unavailable, or that may present conflicting information and data with respect to an issuer, which in each case could cause the subadviser to incorrectly assess an issuer’s business practices. The subadviser’s analysis is also based on a company’s disclosures or forward-looking statements of intent that are not necessarily fact-based or objectively measurable.

Preferred Stock Risk: Preferred stock can experience sharp declines in value over short or extended periods of time, regardless of the success or failure of a company’s operations. A redemption by the issuer may negatively impact the return of the stock held by the Fund.


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Preferred stockholders’ liquidation rights are subordinate to the company’s debt holders and creditors. If interest rates rise, the fixed dividend on preferred stocks may be less attractive and the price of preferred stocks may decline. Preferred stock usually does not require the issuer to pay dividends and may permit the issuer to defer dividend payments. Deferred dividend payments could have adverse tax consequences for the Fund and may cause the preferred stock to lose substantial value. Preferred stock also may have substantially lower trading volumes and less market depth than many other securities, such as common stock or U.S. Government securities.

Real Estate Investment Trust (“REIT”) Risk: Investing in REITs involves certain unique risks in addition to those risks associated with investing in the real estate industry in general. REITs may be affected by changes in the value of the underlying property owned by the REITs, while mortgage REITs may be affected by the quality of any credit extended. REITs are dependent upon management skills, may not be diversified geographically or by property/mortgage asset type, and are subject to heavy cash flow dependency, default by borrowers and self-liquidation. REITs may be more volatile and/or more illiquid than other types of equity securities. REITs (especially mortgage REITs) are subject to interest rate risks. REITs may incur significant amounts of leverage. The Fund will indirectly bear a portion of the expenses, including management fees, paid by each REIT in which it invests, in addition to the expenses of the Fund.

REITs must also meet certain requirements under the Internal Revenue Code of 1986, as amended (the “Code”) to avoid entity level tax and be eligible to pass-through certain tax attributes of their income to shareholders. REITs are consequently subject to the risk of failing to meet these requirements for favorable tax treatment and of failing to maintain their exemptions from registration under the Investment Company Act of 1940. REITs are subject to the risks of changes in the Code affecting their tax status.

Value Style Risk: Since the Fund follows a value investment style, there is the risk that 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.

10.

Recent Regulatory Developments


		PGIM Jennison ETFs 81

Notes to Financial Statements (unaudited) (continued)

appear in the funds’ streamlined shareholder reports but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The Rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the Rule and its impact to the Funds.


82

Approval of Advisory Agreements

PGIM Jennison Focused Mid-Cap 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 Jennison Associates LLC (Jennison or the Subadviser) with respect to the PGIM Jennison Focused Mid-Cap ETF (the Fund). The Board, including all of the Independent Trustees, met on September 13, 2023 (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.

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 Jennison ETFs

Approval of Advisory Agreements (continued)

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.


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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 noted that a separately managed account is managed by the Subadviser that utilizes a substantially similar 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.

Fee Rates

The Board considered information provided by the Manager comparing the Fund’s proposed unitary management fee rate (i.e., total expense ratio) to the Lipper 15(c) Peer Group. The Board noted that the Fund’s management fee was in the first quartile. The Board also considered the Manager’s assertion that it expected to incur a subsidy cost to support the unitary fee.

The Board concluded that the proposed management fee and total expenses were reasonable in light of the services to be provided.

Profitability

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.

PGIM Jennison ETFs

Approval of Advisory Agreements (continued)

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 Jennison International Opportunities 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 Jennison Associates LLC (Jennison or the Subadviser) with respect to the PGIM Jennison International Opportunities ETF (the Fund). The Board, including all of the Independent Trustees, met on September 13, 2023 (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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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.

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 Jennison ETFs

Approval of Advisory Agreements (continued)

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 a substantially similar 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.

Fee Rates

The Board considered information provided by the Manager comparing the Fund’s proposed unitary management fee rate (i.e., total expense ratio) to the Lipper 15(c) Peer Group. The Board noted that the Fund’s management fee was in the fourth quartile. The Board also considered the Manager’s assertion that it expected to incur a subsidy cost to support the unitary fee.


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The Board concluded that the proposed management fee and total expenses were reasonable in light of the services to be provided.

Profitability

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 Better Future 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 Jennison Associates LLC (Jennison or the Subadviser) with respect to the PGIM Better Future ETF (the Fund). The Board, including all of the Independent Trustees, met on

PGIM Jennison ETFs

Approval of Advisory Agreements (continued)

September 13, 2023 (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.

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


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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.

Performance

PGIM Jennison ETFs

Approval of Advisory Agreements (continued)

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.

Fee Rates

The Board considered information provided by the Manager comparing the Fund’s proposed unitary management fee rate (i.e., total expense ratio) to the Lipper 15(c) Peer Group. The Board noted that the Fund’s management fee was in the first quartile. The Board also considered the Manager’s assertion that it expected to incur a subsidy cost to support the unitary fee.

The Board concluded that the proposed management fee and total expenses were reasonable in light of the services to be provided.

Profitability

Economies of Scale

Other Benefits to the Manager and the Subadviser


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consistent with the types of benefits generally derived by investment managers and subadvisers to funds.

***

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 Jennison ETFs

⬛ MAIL

655 Broad Street

Newark, NJ 07102

⬛ TELEPHONE

(888) 247-8090

(973) 802-2093 (outside the US)

⬛ WEBSITE

pgim.com/investments

PROXY VOTING

The Board of Trustees delegated to the Funds’ subadviser the responsibility for voting any proxies and maintaining proxy recordkeeping with respect to each Fund. A description of these proxy voting policies and procedures is available without charge, upon request, by calling (888) 247-8090 or by visiting the Securities and Exchange Commission’s website at sec.gov. Information regarding how each Fund 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 and Principal Executive Officer • Scott E. Benjamin, Vice President · Christian J. Kelly, Chief Financial Officer · Claudia
DiGiacomo, Chief Legal Officer · Andrew Donohue, Chief Compliance Officer · Russ Shupak, Treasurer and Principal Accounting 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 · George Hoyt, Assistant Secretary · Devan Goolsby,
Assistant Secretary · Lana Lomuti, Assistant Treasurer · Elyse M. McLaughlin, Assistant Treasurer · Deborah Conway, Assistant Treasurer · Robert W.
McCormack, Assistant Treasurer


MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102

SUBADVISER	Jennison Associates LLC	466 Lexington Avenue New York, NY 10017

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

E-DELIVERY

SHAREHOLDER COMMUNICATIONS WITH TRUSTEES

Shareholders can communicate directly with the Board of Trustees by writing to the Chair of the Board, PGIM Jennison 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

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 JENNISON ETFS



Fund		Ticker Symbol

PGIM Jennison Focused Growth ETF		PJFG

PGIM Jennison Focused Value ETF		PJFV

PGIM Jennison Focused Mid-Cap ETF		PJFM

PGIM Jennison International Opportunities ETF		PJIO

PGIM Jennison Better Future ETF		PJBF

ETF1009E2

LOGO

PGIM PORTFOLIO BALLAST ETF

(PBL)

SEMIANNUAL REPORT

FEBRUARY 29, 2024

LOGO

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

Table of Contents


Letter from the President			3

Your Fund’s Performance			4

Fees and Expenses			6

Holdings and Financial Statements			7

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

The information about the Fund’s portfolio holdings is for the period covered by this report and is subject to change thereafter.

The accompanying financial statements as of February 29, 2024 were not audited and, accordingly, no auditor’s opinion is expressed on them.

Exchange-traded funds are distributed by Prudential Investment Management Services LLC, a Prudential Financial company and member SIPC. PGIM Quantitative Solutions LLC, a wholly owned subsidiary of PGIM, Inc. (PGIM), is a registered investment adviser. © 2024 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 semiannual report for the PGIM Portfolio Ballast ETF informative and useful. The report covers performance for the six-month period ended February 29, 2024. 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.

Thank you for choosing our family of funds.

Sincerely,

LOGO

Stuart S. Parker, President and Principal Executive Officer

PGIM Portfolio Ballast ETF

April 15, 2024

PGIM Portfolio Ballast ETF 3

Your Fund’s Performance



	Total Returns as of 2/29/24	Average Annual Total Returns as of 2/29/24

	*Six Months (%)**	One Year (%)	Since Inception (%)

Net Asset Value (NAV)	8.08	17.50	12.71 (12/12/2022)

Market Price**	8.58	17.73	12.88 (12/12/2022)

S&P 500 Index

	13.93	30.45	21.43

*Not annualized

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

Benchmark Definition

S&P 500 Index*—The S&P 500 Index is an unmanaged index of over 500 stocks of large US public companies. It gives a broad look at how large company stocks in the United States have performed.

*The S&P 500 Index is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by PGIM, Inc. and/or its affiliates. Copyright © 2024 S&P Dow Jones Indices LLC, a division of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visit www.spdji.com. S&P^® is a registered trademark of S&P Global and Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC.

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.

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Presentation of Fund Holdings as of 2/29/24



Top Future and Option Holdings		% of Net Assets

5 Year U.S. Treasury Notes		43.0%

2 Year U.S. Treasury Notes		19.5%

20 Year U.S. Treasury Bonds		4.6%

S&P 500 E-Mini Index		4.5%

10 Year U.S. Treasury Notes		3.5%

SPDR S&P 500 ETF Trust		0.2%

PGIM Portfolio Ballast ETF 5

Fees and Expenses

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 February 29, 2024. 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 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 table are meant to highlight your ongoing costs only and do not reflect any transactional costs or 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 Portfolio Ballast ETF	Beginning Account Value September 1, 2023	Ending Account Value February 29, 2024	Annualized Expense Ratio Based on the Six-Month Period	Expenses Paid During the Six-Month Period*

Actual	$1,000.00	$1,080.80	0.45%	$2.33

Hypothetical	$1,000.00	$1,022.63	0.45%	$2.26

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Schedule of Investments (unaudited)

as of February 29, 2024



Description					Shares		Value

SHORT-TERM INVESTMENTS 99.8%

AFFILIATED MUTUAL FUND 13.8%
PGIM Core Government Money Market Fund (7-day effective yield 5.545%) (cost $3,910,888)(wb)						3,910,888	$	3,910,888


	Interest Rate		Maturity Date		Principal Amount (000)#

U.S. TREASURY OBLIGATIONS(n) 63.1%
U.S. Treasury Bills		5.397%		03/21/24		9,000		8,973,550
U.S. Treasury Bills(k)		5.378		05/02/24		9,000		8,918,321


TOTAL U.S. TREASURY OBLIGATIONS
(cost $17,892,279)								17,891,871


*OPTION PURCHASED~ 22.9%**
(cost $6,249,387)								6,513,305


TOTAL INVESTMENTS 99.8%
(cost $28,052,554)								28,316,064
Other assets in excess of liabilities(z) 0.2%								52,567


NET ASSETS 100.0%							$	28,368,631

Below is a list of the abbreviation(s) used in the semiannual report:

USD—US Dollar

ETF—Exchange-Traded Fund

OTC—Over-the-counter

S&P—Standard & Poor’s

SG—Societe Generale

SOFR—Secured Overnight Financing Rate

SPDR—Standard & Poor’s Depositary Receipts

Non-income producing security.

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

See tables subsequent to the Schedule of Investments for options detail. Options with maturity dates greater than one year from date of acquisition would be considered long-term investments.

(k)

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

(n)

Rate shown reflects yield to maturity at purchased date.

(wb)

Represents an investment in a Fund affiliated with the Manager.

(z)

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

See Notes to Financial Statements.

PGIM Portfolio Ballast ETF 7

Schedule of Investments (unaudited) (continued)

as of February 29, 2024

Option Purchased:

Exchange Traded

Description

Call/
Put

Expiration
Date

Strike

Contracts

Notional
Amount
(000)#

Value

SPDR S&P 500 ETF Trust

Call

02/08/29

500.00

530

6,513,305

(cost $6,249,387)

Futures contracts outstanding at February 29, 2024:


Number of Contracts	Type	Expiration Date		Current Notional Amount		Value / Unrealized Appreciation (Depreciation)
Long Positions:
27	2 Year U.S. Treasury Notes		Jun. 2024	$	5,528,250		$ 2,363
114	5 Year U.S. Treasury Notes		Jun. 2024		12,187,313		6,138
9	10 Year U.S. Treasury Notes		Jun. 2024		993,938		320
11	20 Year U.S. Treasury Bonds		Jun. 2024		1,311,750		4,670
5	S&P 500 E-Mini Index		Mar. 2024		1,275,937		11,965
							$25,456

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


Broker	Cash and/or Foreign Currency	Securities Market Value
SG	$—	$416,188

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 February 29, 2024 in valuing such portfolio securities:

Level 1

Level 2

Level 3

Short-Term Investments

Affiliated Mutual Fund

$3,910,888

$ —

$—

See Notes to Financial Statements.


	Level 1		Level 2		Level 3
Short-Term Investments (continued)
U.S. Treasury Obligations	$	—	$	17,891,871		$—
Option Purchased		—		6,513,305		—

Total	$	3,910,888	$	24,405,176		$—


Other Financial Instruments*
Assets
Futures Contracts	$	25,456	$	—		$—

Industry Classification:

The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of February 29, 2024 were as follows:


U.S. Treasury Obligations	63.1	%
Option Purchased	22.9
Affiliated Mutual Fund	13.8

	99.8
Other assets in excess of liabilities	0.2


	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 equity risk and interest rate 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 February 29, 2024 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
Equity contracts	Due from/to broker-variation margin futures	$	11,965	*	—	$—
Equity contracts	Unaffiliated investments		6,513,305		—	—

See Notes to Financial Statements.

PGIM Portfolio Ballast ETF 9

Schedule of Investments (unaudited) (continued)

as of February 29, 2024


	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		$ 13,491	*	—	$—
			$6,538,761			$—

*	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 six months ended February 29, 2024 are as follows:


Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Options Purchased(1)		Futures
Equity contracts		$3,219,421		$ (68,981	)
Interest rate contracts		—		(62,532	)
Total		$3,219,421		$(131,513	)

(1)	Included in net realized gain (loss) on investment transactions in the Statement of Operations.



Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Options Purchased(2)			Futures
Equity contracts		$(1,332,287	)		$ (4,492	)
Interest rate contracts		—			(86,525	)
Total		$(1,332,287	)		$(91,017	)

(2)	Included in net change in unrealized appreciation (depreciation) on investments in the Statement of Operations.

For the six months ended February 29, 2024, the Fund’s average volume of derivative activities is as follows:


Derivative Contract Type		Average Volume of Derivative Activities*
Options Purchased (1)		$ 5,395,805
Futures Contracts - Long Positions (2)		18,671,358

*	Average volume is based on average quarter end balances for the six months ended February 29, 2024.

(1)

Cost.

(2)	Notional Amount in USD.

See Notes to Financial Statements.

Statement of Assets and Liabilities (unaudited)

as of February 29, 2024



Assets
Investments at value:

Unaffiliated investments (cost $24,141,666)	$	24,405,176

Affiliated investments (cost $3,910,888)		3,910,888

Due from broker—variation margin futures		50,313

Dividends receivable		12,125


Total Assets		28,378,502


Liabilities
Management fee payable		9,871


Net Assets	$	28,368,631



Net assets were comprised of:
Common stock, at par	$	1,060
Paid-in capital in excess of par		26,543,055
Total distributable earnings (loss)		1,824,516


Net assets, February 29, 2024	$	28,368,631


Net asset value, offering price and redemption price per share, ($28,368,631 ÷ 1,060,000 shares of common stock issued and outstanding)	$	26.76

See Notes to Financial Statements.

PGIM Portfolio Ballast ETF 11

Statement of Operations (unaudited)

Six Months Ended February 29, 2024


Net Investment Income (Loss)
Income
Interest income	$	518,430
Affiliated dividend income		46,306

Total income		564,736


Expenses
Management fee		61,833

Net investment income (loss)		502,903


Realized And Unrealized Gain (Loss) On Investments
Net realized gain (loss) on:
Investment transactions		3,219,612
Futures transactions		(131,513	)

		3,088,099


Net change in unrealized appreciation (depreciation) on:
Investments		(1,326,428	)
Futures		(91,017	)

		(1,417,445	)

Net gain (loss) on investment transactions		1,670,654

Net Increase (Decrease) In Net Assets Resulting From Operations	$	2,173,557

See Notes to Financial Statements.

Statements of Changes in Net Assets (unaudited)



	Six Months Ended February 29, 2024			December 12, 2022* through August 31, 2023

Increase (Decrease) in Net Assets

Operations
Net investment income (loss)		$ 502,903			$ 634,121
Net realized gain (loss) on investment transactions		3,088,099			(533,716	)
Net change in unrealized appreciation (depreciation) on investments		(1,417,445	)		1,706,411


Net increase (decrease) in net assets resulting from operations		2,173,557			1,806,816


Dividends and Distributions
Distributions from distributable earnings		(2,117,128	)		(38,729	)


Fund share transactions
Net proceeds from shares sold (20,000 and 1,060,000 shares, respectively)		532,871			26,547,838
Cost of shares purchased (20,000 and 0 shares, respectively)		(536,594	)		—

Net increase (decrease) in net assets from Fund share transactions		(3,723	)		26,547,838

Total increase (decrease)		52,706			28,315,925

Net Assets:

Beginning of period		28,315,925			—


End of period		$28,368,631			$28,315,925

*	Commencement of operations.

See Notes to Financial Statements.

PGIM Portfolio Ballast ETF 13

Financial Highlights (unaudited)




	Six Months Ended February 29, 2024			December 12, 2022^(a) through August 31, 2023
Per Share Operating Performance^(b):
Net Asset Value, Beginning of Period		$26.71			$25.00
Income (loss) from investment operations:
Net investment income (loss)		0.48			0.61
Net realized and unrealized gain (loss) on investment transactions		1.61			1.14
Total from investment operations		2.09			1.75
Less Dividends and Distributions:
Dividends from net investment income		(0.90	)		(0.04	)
Distributions from net realized gains		(1.14	)		-
Total dividends and distributions		(2.04	)		(0.04	)
Net asset value, end of period		$26.76			$26.71
Total Return^(c):		8.08	%		7.02	%


Ratios/Supplemental Data:
Net assets, end of period (000)		$28,369			$28,316
Average net assets (000)		$27,631			$26,311
Ratios to average net assets^(d):
Expenses after waivers and/or expense reimbursement		0.45	%^(e)		0.45	%^(e)
Expenses before waivers and/or expense reimbursement		0.45	%^(e)		0.45	%^(e)
Net investment income (loss)		3.66	%^(e)		3.36	%^(e)
Portfolio turnover rate^(f)		97	%		0	%

(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.

Notes to Financial Statements (unaudited)

1.	Organization

The investment objective of the Fund is to seek to provide long-term capital growth with reduced volatility compared to the equity market.

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 Trustees (the “Board”) has approved the Fund’s valuation policies and procedures for security valuation and designated PGIM Investments LLC (“PGIM Investments” or the “Manager”) as the “Valuation Designee,” as defined by Rule 2a-5(b) under the 1940 Act, 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 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 estimated 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.

PGIM Portfolio Ballast ETF 15

Notes to Financial Statements (unaudited) (continued)

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.

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 Fund utilizes 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.

when quoted prices in broker-dealer markets are available but also includes 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.

Options: The Fund purchased and/or wrote options in order to hedge against adverse market movements or fluctuations in value caused by changes in prevailing interest rates, value of equities or foreign currency exchange rates with respect to securities or financial instruments which the Fund currently owns or intends to purchase. The Fund may also use options to gain additional market exposure. The Fund’s principal reason for writing options is to realize, through receipt of premiums, a greater current return than would be realized on the underlying security alone. When the Fund purchases an option, it pays a premium and an amount equal to that premium is recorded as an asset. When the Fund writes an option, it receives a premium and an amount equal to that premium is recorded as a liability. The asset or liability is adjusted daily to reflect the current market value of the option. If an option expires unexercised, the Fund realizes a gain (loss) to the extent of the premium received or paid. If an option is exercised, the premium received or paid is recorded as an adjustment to the proceeds from the sale or the cost of the purchase in determining whether the Fund has

PGIM Portfolio Ballast ETF 17

Notes to Financial Statements (unaudited) (continued)

realized a gain (loss). The difference between the premium and the amount received or paid at the closing of a purchase or sale transaction is also treated as a realized gain (loss). Gain (loss) on purchased options is included in net realized gain (loss) on investment transactions. Gain (loss) on written options is presented separately as net realized gain (loss) on options written transactions.

The Fund, as writer of an option, may have no control over whether the underlying securities or financial instruments may be sold (called) or purchased (put). As a result, the Fund bears the market risk of an unfavorable change in the price of the security or financial instrument underlying the written option. The Fund, as purchaser of an OTC option, bears the risk of the potential inability of the counterparties to meet the terms of their contracts. With exchange-traded options contracts, there is minimal counterparty credit risk to the Fund since the exchanges’ clearinghouse acts as counterparty to all exchange-traded options and guarantees the options contracts against default.

When the Fund writes an option on a swap, an amount equal to any premium received by the Fund is recorded as a liability and is subsequently adjusted to the current market value of the written option on the swap. If a call option on a swap is exercised, the Fund becomes obligated to pay a fixed interest rate (noted as the strike price) and receive a variable interest rate on a notional amount. If a put option on a swap is exercised, the Fund becomes obligated to pay a variable interest rate and receive a fixed interest rate (noted as the strike price) on a notional amount. Premiums received from writing options on swaps that expire or are exercised are treated as realized gains upon the expiration or exercise of such options on swaps. The risk associated with writing put and call options on swaps is that the Fund will be obligated to be party to a swap agreement if an option on a swap is exercised.

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 Fund is 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 Fund 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 Fund invested in financial futures contracts in order to gain exposure to equities and fixed income. 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 Fund since the exchanges’ clearinghouse acts as counterparty to all exchange-traded futures and guarantees the futures contracts against default.

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 expense amounts. Net investment income or loss (other than class specific expenses and waivers, which are allocated as noted below) and unrealized and realized gains (losses) are allocated daily to each class of shares based upon the relative proportion of adjusted net assets of each class at the beginning of the day. Class specific expenses and waivers, where applicable, are charged to the respective share classes. Such class specific expenses and waivers include distribution fees and distribution fee waivers, shareholder servicing fees, transfer agent’s fees and expenses, registration fees and fee waivers and/or expense reimbursements, as applicable.

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.



Expected Distribution Schedule to Shareholders*	Frequency
Net Investment Income		Annually
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.

PGIM Portfolio Ballast ETF 19

Notes to Financial Statements (unaudited) (continued)

3.	Agreements

Pursuant to a management agreement with the RIC on behalf of the Fund (the Management Agreement), PGIM Investments manages the Fund’s investment operations and administers its business affairs. PGIM Investments is also responsible for supervising the 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.


Fund	Unitary Fee Rate
PGIM Portfolio Ballast ETF		0.45%

The Manager has entered into a subadvisory agreement (Subadvisory Agreement) with PGIM Quantitative Solutions LLC (“PGIM Quantitative Solutions” or the “subadviser”). The Manager pays for the services of the subadviser.

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.

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, 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 overnight sweep cash in the PGIM Core Government Money Market Fund (the “Core Government Fund”), a series of the Prudential Government Money Market Fund, Inc., 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 Government Fund. In addition to the realized and unrealized gains on investments in the Core Government Fund, earnings from such investments are disclosed on the Statement of Operations as “Affiliated dividend income”.

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 reporting period ended February 29, 2024, no Rule 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 February 29, 2024, were as follows:



Cost of Purchases		Proceeds from Sales

$6,249,387		$8,188,435

There were no aggregate cost of purchases and proceeds from sales of in-kind creation and redemption transactions for the reporting period ended February 29, 2024.

A summary of the cost of purchases and proceeds from sales of shares of an affiliated mutual fund for the reporting period ended February 29, 2024, is presented as follows:


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 Government Money Market Fund (7-day effective yield 5.545%)^(1)(wb)

$1,615,814	$7,162,863	$4,867,789	$—		$—		$3,910,888		3,910,888		$46,306

(1)	The Fund did not have any capital gain distributions during the reporting period.

(wb)	Represents an investment in a Fund affiliated with the Manager.

PGIM Portfolio Ballast ETF 21

Notes to Financial Statements (unaudited) (continued)

6.	Tax Information

The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation as of February 29, 2024 were as follows:

The GAAP basis may differ from tax basis due to certain tax-related adjustments.

The Manager has analyzed the Fund’s tax positions and has concluded that no provision for income tax is required in the Fund’s financial statements for the current reporting period.

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 Cboe BZX Exchange, 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 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 Portfolio Ballast ETF consists of 20,000 shares of the Fund.

The RIC is authorized to issue an unlimited number of shares of beneficial interest, $0.001 par value per share.

As of February 29, 2024, 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 Portfolio Ballast ETF	997,500	94.1%

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	1	94.1%
Unaffiliated	—	—

The Fund may make payment for Fund shares redeemed and contributed wholly or in part by distributing portfolio securities to shareholders. For the reporting period ended February 29, 2024, the Fund had no subscriptions in-kind and no redemptions in-kind.

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 SCA in effect at the reporting period-end.


		SCA
Term of Commitment		9/29/2023 - 9/26/2024
Total Commitment		$ 1,200,000,000
Annualized Commitment Fee on the Unused Portion of the SCA		0.15%

PGIM Portfolio Ballast ETF 23

Notes to Financial Statements (unaudited) (continued)

SCA

Annualized Interest Rate on Borrowings

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 reporting period ended February 29, 2024.

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.

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.

Equity and Equity-Related Securities Risk: Equity and equity-related securities may be subject to changes in value, and their values may be more volatile than those of other asset

PGIM Portfolio Ballast ETF 25

Notes to Financial Statements (unaudited) (continued)

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.

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. Actively managed ETFs that use derivatives or other instruments as part of their investment strategy, such as the Fund, may experience wider premiums or discounts between the market price for their shares and their NAVs than other types of ETFs, including index-tracking ETFs, that invest directly in securities or other more liquid instruments. As such, an investment in the Fund may be more volatile than a typical ETF.

Futures and Forward Contracts Risk: The primary risks associated with the use of futures or forward contracts are (a) the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the futures or forward contract; (b)

possible lack of a liquid secondary market for a futures or forward contract and the resulting inability to close a futures or forward contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) the failure to predict correctly the direction of securities or commodities prices, interest rates, currency exchange rates and other economic factors; and (e) the possibility that the counterparty to the futures or forward contract will default in the performance of its obligations. Additionally, not all forward contracts require a counterparty to post collateral, which may expose the Fund to greater losses in the event of a default by a counterparty.

Investment Program Risk: In pursuing its investment program, the Fund seeks to reduce volatility over a full market cycle, including by limiting Fund losses relative to the broader market. The subadviser may not be successful in limiting volatility and there is a risk that the Fund will experience losses consistent with, or greater than, the equity market during a market downturn. In addition, the Fund’s strategy of using options to capture market upside will limit the returns of the Fund during periods in which the market is rising, particularly during periods of rapid appreciation, and the Fund may not experience investment gains comparable to the broader market. The Fund may not be able to enter into, or close out, options transactions at times or in quantities the subadviser believes necessary to accomplish the Fund’s investment strategy. Because the Fund’s strategy to limit volatility involves buying and selling options on one or more broad market indexes or financial instruments that seek to replicate or approximate the return of such an index, the Fund will incur additional costs in the form of options premiums that an investor would not incur investing directly in the securities of an index or in a fund that tracks the index directly, which costs will reduce the Fund’s returns. In addition, the Fund will forgo the opportunity to benefit fully from potential increases in value if the value of the instrument underlying an option rises above its strike price. Moreover, if the strike price of a purchased option is higher than the value of the underlying instrument at expiration, the option will expire worthless and the Fund will lose the premium paid for the option without a corresponding benefit.

PGIM Portfolio Ballast ETF 27

Notes to Financial Statements (unaudited) (continued)

affecting a particular security, industry or sector or about market movements may be incorrect. Additionally, the investments selected for the Fund may underperform the markets in general, the Fund’s benchmark and other funds with similar investment objectives.

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 investment processes. Additionally, it may be difficult to implement model recommendations in volatile and rapidly changing market conditions.

10.

Recent Regulatory Developments

PGIM Portfolio Ballast ETF 29



∎ MAIL	∎ TELEPHONE	∎ WEBSITE

655 Broad Street Newark, NJ 07102	(888) 247-8090 (973) 802-2093 (outside the US)	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 (888) 247-8090 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 and Principal Executive Officer • Scott E. Benjamin, Vice President • Christian J. Kelly, Chief Financial Officer • Claudia DiGiacomo, Chief Legal Officer • Andrew Donohue, Chief Compliance Officer • Russ Shupak, Treasurer and Principal Accounting 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 • George Hoyt, Assistant Secretary • Devan Goolsby, Assistant Secretary • Lana Lomuti, Assistant Treasurer • Elyse M. McLaughlin, Assistant Treasurer • Deborah Conway, Assistant Treasurer • Robert W. McCormack, Assistant Treasurer


MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102

SUBADVISER	PGIM Quantitative Solutions LLC	655 Broad Street 16th Floor 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 Fund 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 (888) 247-8090. The prospectus and summary prospectus 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 Portfolio Ballast 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

On each business day, before commencement of trading on the Exchange, the Fund discloses on www.pgiminvestments.com its 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 the fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT filings is available on the Commission’s website at sec.gov.


Funds:
ARE NOT INSURED BY THE FDIC OR ANY	MAY LOSE VALUE	ARE NOT A DEPOSIT OF OR GUARANTEED
FEDERAL GOVERNMENT AGENCY	MAY LOSE VALUE	BY ANY BANK OR ANY BANK AFFILIATE


PGIM PORTFOLIO BALLAST ETF

Fund		Ticker Symbol

PGIM Portfolio Ballast ETF		PBL

ETF1011E2

Item 2 –

Code of Ethics – Not required, as this is not an annual filing.

Item 3 –

Audit Committee Financial Expert – Not required, as this is not an annual filing.

Item 4 –

Principal Accountant Fees and Services – Not required, as this is not an annual filing.

Item 5 –

Audit Committee of Listed Registrants – Not required, as this is not an annual filing.

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 – Not required, as this is not an annual filing.

(a)(2)

Certifications pursuant to Section 302 of the Sarbanes-Oxley Act – Attached hereto as Exhibit EX-99.CERT.

(a)(2)(1) Any written solicitation to purchase securities under Rule 23c-1 – Not applicable.

(a)(2)(2) Change in the registrant’s independent public accountant – 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:		April 16, 2024

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:		April 16, 2024

By:		/s/ Christian J. Kelly
		Christian J. Kelly
		Chief Financial Officer (Principal Financial Officer)

Date:		April 16, 2024

Description

Gross Market
Value of
Recognized
Assets/(Liabilities)

Collateral
Pledged/(Received)(2)

Net
Amount

Securities on Loan

$(629,529)