PGIM Ultra Short Bond ETF
Schedule of Investments (unaudited)
as of May 31, 2024
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Long-Term Investments 77.0% | |||||
| Asset-Backed Securities 20.9% | |||||
| Automobiles 2.5% | |||||
| AmeriCredit Automobile Receivables Trust, Series 2023-01, Class A2A | 5.840 % | 10/19/26 | 14,579 | $14,585,036 | |
| ARI Fleet Lease Trust, | |||||
| Series 2022-A, Class A2, 144A | 3.120 | 01/15/31 | 528 | 525,075 | |
| Series 2024-A, Class A2, 144A | 5.300 | 11/15/32 | 7,000 | 6,963,810 | |
| Avis Budget Rental Car Funding AESOP LLC, | |||||
| Series 2022-03A, Class A, 144A | 4.620 | 02/20/27 | 35,000 | 34,410,204 | |
| Series 2023-03A, Class A, 144A | 5.440 | 02/22/28 | 20,000 | 19,931,964 | |
| Series 2023-07A, Class A, 144A | 5.900 | 08/21/28 | 6,650 | 6,701,433 | |
| Enterprise Fleet Financing LLC, | |||||
| Series 2021-02, Class A2, 144A | 0.480 | 05/20/27 | 816 | 804,144 | |
| Series 2022-01, Class A2, 144A | 3.030 | 01/20/28 | 4,303 | 4,254,291 | |
| Series 2022-03, Class A2, 144A | 4.380 | 07/20/29 | 483 | 477,742 | |
| Series 2023-01, Class A2, 144A | 5.510 | 01/22/29 | 4,811 | 4,799,744 | |
| Series 2023-02, Class A2, 144A | 5.560 | 04/22/30 | 6,994 | 6,981,103 | |
| Series 2023-03, Class A2, 144A | 6.400 | 03/20/30 | 13,400 | 13,532,600 | |
| Series 2024-01, Class A2, 144A | 5.230 | 03/20/30 | 6,100 | 6,064,490 | |
| Ford Credit Floorplan Master Owner Trust, Series 2023-01, Class A1, 144A | 4.920 | 05/15/28 | 17,100 | 16,937,854 | |
| Hertz Vehicle Financing LLC, Series 2023-03A, Class A, 144A | 5.940 | 02/25/28 | 15,100 | 15,121,004 | |
| OneMain Direct Auto Receivables Trust, Series 2023-01A, Class A, 144A | 5.410 | 11/14/29 | 17,100 | 17,033,147 | |
| 169,123,641 | |||||
| Collateralized Loan Obligations 17.8% | |||||
| Anchorage Capital CLO Ltd. (Cayman Islands), Series 2015-07A, Class AR2, 144A, 3 Month SOFR + 1.352% (Cap N/A, Floor 1.090%) | 6.676(c) | 01/28/31 | 3,688 | 3,695,334 | |
| Ares CLO Ltd. (Cayman Islands), | |||||
| Series 2016-40A, Class A1RR, 144A, 3 Month SOFR + 1.132% (Cap N/A, Floor 0.870%) | 6.460(c) | 01/15/29 | 4,912 | 4,926,406 | |
| Series 2018-28RA, Class A1R, 144A, 3 Month SOFR + 1.150% (Cap N/A, Floor 1.150%) | 6.479(c) | 10/17/30 | 50,000 | 50,050,130 | |
| Series 2018-50A, Class AR, 144A, 3 Month SOFR + 1.312% (Cap N/A, Floor 1.050%) | 6.640(c) | 01/15/32 | 13,517 | 13,542,855 | |
| 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%) | 7.079(c) | 07/15/30 | 13,344 | 13,409,424 | |
1
PGIM Ultra Short Bond ETF
Schedule of Investments (unaudited) (continued)
as of May 31, 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 2018-01A, Class A1, 144A, 3 Month SOFR + 1.222% (Cap N/A, Floor 0.262%) | 6.548 %(c) | 04/23/31 | 12,423 | $12,440,967 | |
| Series 2019-02A, Class AR, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 1.100%) | 6.679(c) | 10/17/32 | 11,500 | 11,517,250 | |
| Ballyrock CLO Ltd. (Cayman Islands), Series 2020-02A, Class A1R, 144A, 3 Month SOFR + 1.272% (Cap N/A, Floor 1.010%) | 6.596(c) | 10/20/31 | 22,867 | 22,903,911 | |
| Barings CLO Ltd. (Cayman Islands), Series 2020-02A, Class AR, 144A, 3 Month SOFR + 1.272% (Cap N/A, Floor 1.010%) | 6.600(c) | 10/15/33 | 11,430 | 11,447,112 | |
| Battalion CLO Ltd. (Cayman Islands), | |||||
| Series 2015-09A, Class AR, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 1.100%) | 6.690(c) | 07/15/31 | 19,422 | 19,450,660 | |
| Series 2018-12A, Class A1, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.070%) | 6.661(c) | 05/17/31 | 4,337 | 4,339,396 | |
| Series 2020-15A, Class A1R, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) | 6.617(c) | 01/17/33 | 50,000 | 50,034,370 | |
| Benefit Street Partners CLO Ltd. (Cayman Islands), | |||||
| Series 2017-12A, Class A1R, 144A, 3 Month SOFR + 1.212% (Cap N/A, Floor 0.950%) | 6.540(c) | 10/15/30 | 9,979 | 10,020,389 | |
| Series 2018-16A, Class A1R, 144A, 3 Month SOFR + 1.292% (Cap N/A, Floor 1.030%) | 6.609(c) | 01/17/32 | 4,848 | 4,857,146 | |
| BlueMountain CLO Ltd. (Cayman Islands), Series 2018-22A, Class A1, 144A, 3 Month SOFR + 1.342% (Cap N/A, Floor 1.080%) | 6.670(c) | 07/15/31 | 12,130 | 12,144,049 | |
| Canyon Capital CLO Ltd. (Cayman Islands), | |||||
| Series 2016-01A, Class AR, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 0.000%) | 6.660(c) | 07/15/31 | 19,443 | 19,462,411 | |
| Series 2017-01A, Class AR, 144A, 3 Month SOFR + 1.262% (Cap N/A, Floor 1.000%) | 6.590(c) | 07/15/30 | 13,220 | 13,239,065 | |
| Series 2019-01A, Class A1R, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 1.100%) | 6.690(c) | 04/15/32 | 8,000 | 8,017,326 | |
| Carlyle CLO Ltd. (Cayman Islands), Series C17A, Class A1AR, 144A, 3 Month SOFR + 1.292% (Cap N/A, Floor 0.000%) | 6.621(c) | 04/30/31 | 14,700 | 14,743,481 | |
| 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%) | 6.549(c) | 04/17/31 | 3,515 | 3,519,829 | |
2
PGIM Ultra Short Bond ETF
Schedule of Investments (unaudited) (continued)
as of May 31, 2024
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Asset-Backed Securities (Continued) | |||||
| Collateralized Loan Obligations (cont’d.) | |||||
| Carlyle Global Market Strategies CLO Ltd. (Cayman Islands), (cont’d.) | |||||
| Series 2015-05A, Class A1RR, 144A, 3 Month SOFR + 1.342% (Cap N/A, Floor 1.080%) | 6.666 %(c) | 01/20/32 | 22,109 | $22,167,642 | |
| Carlyle US CLO Ltd. (Cayman Islands), Series 2017-01A, Class A1R, 144A, 3 Month SOFR + 1.262% (Cap N/A, Floor 1.000%) | 6.586(c) | 04/20/31 | 10,903 | 10,907,385 | |
| CarVal CLO Ltd. (Cayman Islands), Series 2019-01A, Class ANR, 144A, 3 Month SOFR + 1.372% (Cap N/A, Floor 1.372%) | 6.696(c) | 04/20/32 | 16,868 | 16,923,470 | |
| CBAM Ltd. (Cayman Islands), Series 2018-07A, Class A, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 1.100%) | 6.686(c) | 07/20/31 | 9,055 | 9,081,222 | |
| CIFC Funding Ltd. (Cayman Islands), | |||||
| Series 2013-03RA, Class A1, 144A, 3 Month SOFR + 1.242% (Cap N/A, Floor 0.980%) | 6.565(c) | 04/24/31 | 15,968 | 15,988,299 | |
| Series 2017-04A, Class A1R, 144A, 3 Month SOFR + 1.212% (Cap N/A, Floor 0.950%) | 6.535(c) | 10/24/30 | 19,013 | 19,048,992 | |
| Crestline Denali CLO Ltd. (Cayman Islands), Series 2018-01A, Class AR, 144A, 3 Month SOFR + 1.322% (Cap N/A, Floor 1.060%) | 6.650(c) | 10/15/31 | 13,100 | 13,106,728 | |
| Elevation CLO Ltd. (Cayman Islands), Series 2014-02A, Class A1R, 144A, 3 Month SOFR + 1.492% (Cap N/A, Floor 0.000%) | 6.820(c) | 10/15/29 | 601 | 601,473 | |
| Generate CLO Ltd. (Cayman Islands), Series 02A, Class AR, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%) | 6.736(c) | 01/22/31 | 7,278 | 7,290,534 | |
| Golub Capital Partners Static Ltd. (Cayman Islands), Series 2024-01A, Class A1, 144A, 3 Month SOFR + 1.230% (Cap N/A, Floor 1.230%) | 6.557(c) | 04/20/33 | 40,000 | 40,009,496 | |
| Greywolf CLO Ltd. (Cayman Islands), Series 2018-02A, Class A1, 144A, 3 Month SOFR + 1.440% (Cap N/A, Floor 1.440%) | 6.765(c) | 10/20/31 | 8,586 | 8,596,080 | |
| HPS Loan Management Ltd. (Cayman Islands), | |||||
| Series 11A-17, Class AR, 144A, 3 Month SOFR + 1.282% (Cap N/A, Floor 1.020%) | 6.618(c) | 05/06/30 | 3,444 | 3,447,070 | |
| Series 13A-18, Class A1R, 144A, 3 Month SOFR + 1.130% (Cap N/A, Floor 1.130%) | 6.460(c) | 10/15/30 | 60,000 | 60,000,000 | |
| ICG US CLO Ltd. (Cayman Islands), Series 2014-03A, Class A1RR, 144A, 3 Month SOFR + 1.292% (Cap N/A, Floor 0.000%) | 6.615(c) | 04/25/31 | 6,567 | 6,570,216 | |
3
PGIM Ultra Short Bond ETF
Schedule of Investments (unaudited) (continued)
as of May 31, 2024
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Asset-Backed Securities (Continued) | |||||
| Collateralized Loan Obligations (cont’d.) | |||||
| Jamestown CLO Ltd. (Cayman Islands), Series 2019-01A, Class A1R, 144A, 3 Month SOFR + 1.200% (Cap N/A, Floor 1.200%) | 6.525 %(c) | 04/20/32 | 10,000 | $10,001,951 | |
| Jefferson Mill CLO Ltd. (Cayman Islands), Series 2015-01A, Class ARR, 144A, 3 Month SOFR + 1.230% (Cap N/A, Floor 0.000%) | 6.555(c) | 10/20/31 | 23,451 | 23,473,041 | |
| KKR CLO Ltd. (Cayman Islands), | |||||
| Series 11, Class AR, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.442%) | 6.770(c) | 01/15/31 | 707 | 707,797 | |
| Series 18, Class AR, 144A, 3 Month SOFR + 1.202% (Cap N/A, Floor 0.940%) | 6.529(c) | 07/18/30 | 9,579 | 9,590,348 | |
| KKR CLO Ltd., Series 30A, Class A1R, 144A, 3 Month SOFR + 1.282% (Cap N/A, Floor 1.020%) | 6.599(c) | 10/17/31 | 13,022 | 13,030,593 | |
| Madison Park Funding Ltd. (Cayman Islands), | |||||
| Series 2015-18A, Class ARR, 144A, 3 Month SOFR + 1.202% (Cap N/A, Floor 0.940%) | 6.526(c) | 10/21/30 | 22,459 | 22,486,502 | |
| Series 2019-34A, Class AR, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 1.120%) | 6.705(c) | 04/25/32 | 13,570 | 13,597,140 | |
| Series 2021-38A, Class X, 144A, 3 Month SOFR + 1.212% (Cap N/A, Floor 1.212%) | 6.529(c) | 07/17/34 | 2,154 | 2,144,738 | |
| MidOcean Credit CLO (Cayman Islands), | |||||
| Series 2017-07A, Class A1R, 144A, 3 Month SOFR + 1.302% (Cap N/A, Floor 0.000%) | 6.630(c) | 07/15/29 | 2,378 | 2,379,226 | |
| Series 2018-09A, Class A1, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%) | 6.736(c) | 07/20/31 | 6,650 | 6,654,181 | |
| Mountain View CLO Ltd. (Cayman Islands), Series 2013-01A, Class ARR, 144A, 3 Month SOFR + 1.262% (Cap N/A, Floor 1.000%) | 6.561(c) | 10/12/30 | 10,905 | 10,916,191 | |
| Nassau Ltd. (United Kingdom), Series 2022-01A, Class A1R, 144A, 3 Month SOFR + 1.170% (Cap N/A, Floor 1.170%) | 6.499(c) | 01/15/31 | 38,535 | 38,568,540 | |
| 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%) | 6.649(c) | 04/16/33 | 17,500 | 17,535,000 | |
| Oaktree CLO Ltd. (Cayman Islands), Series 2019-01A, Class A1R, 144A, 3 Month SOFR + 1.372% (Cap N/A, Floor 1.110%) | 6.696(c) | 04/22/30 | 5,400 | 5,402,700 | |
4
PGIM Ultra Short Bond ETF
Schedule of Investments (unaudited) (continued)
as of May 31, 2024
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Asset-Backed Securities (Continued) | |||||
| Collateralized Loan Obligations (cont’d.) | |||||
| Ocean Trails CLO (Cayman Islands), Series 2019-07A, Class AR, 144A, 3 Month SOFR + 1.272% (Cap N/A, Floor 1.010%) | 6.589 %(c) | 04/17/30 | 2,820 | $2,822,847 | |
| Octagon Investment Partners Ltd. (Cayman Islands), Series 2017-01A, Class ARR, 144A, 3 Month SOFR + 1.150% (Cap N/A, Floor 1.150%) | 6.475(c) | 07/20/30 | 26,868 | 26,936,989 | |
| OZLM Ltd. (Cayman Islands), | |||||
| Series 2014-06A, Class A1S, 144A, 3 Month SOFR + 1.342% (Cap N/A, Floor 0.000%) | 6.659(c) | 04/17/31 | 5,938 | 5,941,286 | |
| Series 2014-09A, Class A1A4, 144A, 3 Month SOFR + 1.200% (Cap N/A, Floor 1.200%) | 6.525(c) | 10/20/31 | 26,901 | 26,928,111 | |
| Series 2016-15A, Class A1RR, 144A, 3 Month SOFR + 1.220% (Cap N/A, Floor 1.220%) | 6.284(c) | 04/20/33 | 10,905 | 10,912,601 | |
| Palmer Square CLO Ltd. (Cayman Islands), | |||||
| Series 2014-01A, Class A1R2, 144A, 3 Month SOFR + 1.392% (Cap N/A, Floor 1.130%) | 6.709(c) | 01/17/31 | 445 | 445,709 | |
| Series 2015-02A, Class A1R2, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 1.100%) | 6.686(c) | 07/20/30 | 601 | 602,349 | |
| Palmer Square Loan Funding Ltd. (Cayman Islands), | |||||
| Series 2021-03A, Class A1, 144A, 3 Month SOFR + 1.062% (Cap N/A, Floor 1.062%) | 6.386(c) | 07/20/29 | 7,451 | 7,454,541 | |
| Series 2021-04A, Class A1, 144A, 3 Month SOFR + 1.062% (Cap N/A, Floor 1.062%) | 6.390(c) | 10/15/29 | 9,421 | 9,425,615 | |
| Series 2022-03A, Class A1AR, 144A, 3 Month SOFR + 1.100% (Cap N/A, Floor 1.100%) | 6.429(c) | 04/15/31 | 32,846 | 32,876,249 | |
| 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%) | 6.586(c) | 10/20/31 | 18,335 | 18,344,457 | |
| PPM CLO Ltd. (Cayman Islands), Series 2018-01A, Class A, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%) | 6.740(c) | 07/15/31 | 7,344 | 7,357,434 | |
| Race Point CLO Ltd. (Cayman Islands), Series 2013-08A, Class AR2, 144A, 3 Month SOFR + 1.302% (Cap N/A, Floor 1.040%) | 6.627(c) | 02/20/30 | 9,619 | 9,629,388 | |
| Rockford Tower CLO Ltd. (Cayman Islands), Series 2017-03A, Class A, 144A, 3 Month SOFR + 1.452% (Cap N/A, Floor 0.000%) | 6.776(c) | 10/20/30 | 8,532 | 8,541,066 | |
5
PGIM Ultra Short Bond ETF
Schedule of Investments (unaudited) (continued)
as of May 31, 2024
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Asset-Backed Securities (Continued) | |||||
| Collateralized Loan Obligations (cont’d.) | |||||
| Rockford Tower CLO Ltd., Series 2017-02A, Class AR, 144A, 3 Month SOFR + 1.282% (Cap N/A, Floor 1.020%) | 6.610 %(c) | 10/15/29 | 7,711 | $7,714,342 | |
| Romark CLO Ltd. (Cayman Islands), Series 2018-02A, Class A1R, 144A, 3 Month SOFR + 1.140% (Cap N/A, Floor 1.140%) | 6.464(c) | 07/25/31 | 45,000 | 45,024,255 | |
| Romark WM-R Ltd. (Cayman Islands), Series 2018-01A, Class A1, 144A, 3 Month SOFR + 1.292% (Cap N/A, Floor 0.000%) | 6.616(c) | 04/20/31 | 11,176 | 11,203,576 | |
| Saratoga Investment Corp. CLO Ltd. (Cayman Islands), Series 2013-01A, Class A1R4, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) | 6.628(c) | 04/20/33 | 20,000 | 20,010,620 | |
| Shackleton CLO Ltd. (Cayman Islands), Series 2014-05RA, Class A, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 0.262%) | 6.689(c) | 05/07/31 | 15,129 | 15,153,881 | |
| Sound Point CLO Ltd. (Cayman Islands), | |||||
| Series 2014-03RA, Class A1R, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.070%) | 6.658(c) | 10/23/31 | 10,000 | 10,013,392 | |
| Series 2017-03A, Class A1R, 144A, 3 Month SOFR + 1.242% (Cap N/A, Floor 0.980%) | 6.566(c) | 10/20/30 | 5,046 | 5,051,176 | |
| Series 2018-03A, Class A1AR, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) | 6.624(c) | 10/26/31 | 25,000 | 24,998,300 | |
| Series 2019-01A, Class AR, 144A, 3 Month SOFR + 1.342% (Cap N/A, Floor 1.080%) | 6.666(c) | 01/20/32 | 13,000 | 13,009,641 | |
| TICP CLO Ltd. (Cayman Islands), Series 2017-07A, Class ASR2, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) | 6.629(c) | 04/15/33 | 20,000 | 20,013,886 | |
| Trinitas CLO Ltd. (Cayman Islands), Series 2016-04A, Class A1L2, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 1.100%) | 6.689(c) | 10/18/31 | 8,662 | 8,684,652 | |
| Venture CLO Ltd. (Cayman Islands), | |||||
| Series 2016-24A, Class ARR, 144A, 3 Month SOFR + 1.162% (Cap N/A, Floor 0.900%) | 6.486(c) | 10/20/28 | 2,109 | 2,110,788 | |
| Series 2019-37A, Class A1RR, 144A, 3 Month SOFR + 1.250% (Cap N/A, Floor 1.250%) | 6.590(c) | 07/15/32 | 35,000 | 35,018,865 | |
| Voya CLO Ltd. (Cayman Islands), | |||||
| Series 2013-02A, Class A1R, 144A, 3 Month SOFR + 1.232% (Cap N/A, Floor 0.970%) | 6.555(c) | 04/25/31 | 2,570 | 2,573,167 | |
| Series 2013-03A, Class A1RR, 144A, 3 Month SOFR + 1.411% (Cap N/A, Floor 1.150%) | 6.738(c) | 10/18/31 | 16,701 | 16,730,966 | |
6
PGIM Ultra Short Bond ETF
Schedule of Investments (unaudited) (continued)
as of May 31, 2024
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Asset-Backed Securities (Continued) | |||||
| Collateralized Loan Obligations (cont’d.) | |||||
| Voya CLO Ltd. (Cayman Islands), (cont’d.) | |||||
| Series 2014-01A, Class AAR2, 144A, 3 Month SOFR + 1.252% (Cap N/A, Floor 0.000%) | 6.579 %(c) | 04/18/31 | 1,099 | $1,102,162 | |
| Series 2014-02A, Class A1RR, 144A, 3 Month SOFR + 1.282% (Cap N/A, Floor 1.020%) | 6.599(c) | 04/17/30 | 660 | 660,958 | |
| Series 2015-03A, Class A1R3, 144A, 3 Month SOFR + 1.150% (Cap N/A, Floor 1.150%) | 6.475(c) | 10/20/31 | 50,000 | 50,043,650 | |
| Series 2016-01A, Class A1R, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.070%) | 6.656(c) | 01/20/31 | 15,225 | 15,247,658 | |
| Wellfleet CLO Ltd. (Cayman Islands), | |||||
| Series 2017-02A, Class A1R, 144A, 3 Month SOFR + 1.322% (Cap N/A, Floor 0.000%) | 6.646(c) | 10/20/29 | 121 | 121,398 | |
| Series 2018-02A, Class A1, 144A, 3 Month SOFR + 1.462% (Cap N/A, Floor 1.200%) | 6.786(c) | 10/20/31 | 9,769 | 9,775,641 | |
| Series 2019-01A, Class A1R, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 1.120%) | 6.706(c) | 07/20/32 | 20,000 | 20,043,510 | |
| Zais CLO Ltd. (Cayman Islands), Series 2017-02A, Class A, 144A, 3 Month SOFR + 1.552% (Cap N/A, Floor 0.000%) | 6.880(c) | 04/15/30 | 80 | 80,008 | |
| 1,216,593,200 | |||||
| Consumer Loans 0.5% | |||||
| OneMain Financial Issuance Trust, Series 2023-02A, Class A1, 144A | 5.840 | 09/15/36 | 34,900 | 35,231,724 | |
| SoFi Consumer Loan Program Trust, Series 2023-01S, Class A, 144A | 5.810 | 05/15/31 | 474 | 473,525 | |
| 35,705,249 | |||||
| Equipment 0.1% | |||||
| Kubota Credit Owner Trust, Series 2023-01A, Class A2, 144A | 5.400 | 02/17/26 | 7,671 | 7,660,213 | |
| Total Asset-Backed Securities (cost $1,424,272,621) | 1,429,082,303 | ||||
| Certificates of Deposit 2.6% | |||||
| Banco Santander SA, SOFR + 0.510% | 5.840(c) | 01/31/25 | 15,000 | 15,022,007 | |
| BNP Paribas SA, SOFR + 0.650% | 5.980(c) | 07/08/24 | 39,000 | 39,022,997 | |
7
PGIM Ultra Short Bond ETF
Schedule of Investments (unaudited) (continued)
as of May 31, 2024
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Certificates of Deposit (Continued) | |||||
| Credit Agricole Corporate & Investment Bank, SOFR + 0.590% | 5.920 %(c) | 08/28/25 | 44,000 | $44,102,270 | |
| Credit Industriel et Commercial | 5.550 | 04/14/25 | 15,000 | 15,003,004 | |
| Natixis SA, SOFR + 0.420% | 5.750(c) | 01/06/25 | 20,000 | 20,023,010 | |
| Skandinaviska Enskilda Banken AB, SOFR + 0.290% (Cap N/A, Floor 0.000%) | 5.620(c) | 02/24/25 | 10,000 | 10,001,304 | |
| Toronto-Dominion Bank (The), SOFR + 0.650% | 5.980(c) | 09/13/24 | 10,000 | 10,001,931 | |
| Wells Fargo Bank NA, SOFR + 0.600% (Cap N/A, Floor 0.000%) | 5.930(c) | 11/01/24 | 24,000 | 24,041,756 | |
| Total Certificates of Deposit (cost $177,000,000) | 177,218,279 | ||||
| Commercial Mortgage-Backed Securities 10.5% | |||||
| 3650R Commercial Mortgage Trust, Series 2021-PF01, Class A1 | 1.122 | 11/15/54 | 4,373 | 4,121,813 | |
| BANK, Series 2017-BNK04, Class A3 | 3.362 | 05/15/50 | 23,271 | 22,081,659 | |
| Bank of America Merrill Lynch Commercial Mortgage Trust, | |||||
| Series 2016-UB10, Class A3 | 2.903 | 07/15/49 | 1,491 | 1,431,904 | |
| Series 2016-UB10, Class A4 | 3.170 | 07/15/49 | 21,000 | 19,953,975 | |
| Barclays Commercial Mortgage Securities Trust, Series 2020-C07, Class A1 | 1.079 | 04/15/53 | 269 | 265,620 | |
| Benchmark Mortgage Trust, | |||||
| Series 2018-B02, Class A2 | 3.662 | 02/15/51 | 186 | 181,862 | |
| Series 2018-B03, Class A2 | 3.848 | 04/10/51 | 87 | 85,220 | |
| Series 2018-B05, Class A2 | 4.077 | 07/15/51 | 589 | 571,306 | |
| CFCRE Commercial Mortgage Trust, Series 2016-C04, Class A4 | 3.283 | 05/10/58 | 5,600 | 5,369,446 | |
| Citigroup Commercial Mortgage Trust, | |||||
| Series 2014-GC25, Class A3 | 3.372 | 10/10/47 | 6,113 | 6,095,153 | |
| Series 2014-GC25, Class A4 | 3.635 | 10/10/47 | 15,760 | 15,657,193 | |
| Series 2015-GC29, Class A4 | 3.192 | 04/10/48 | 9,325 | 9,101,024 | |
| Series 2015-GC31, Class A4 | 3.762 | 06/10/48 | 9,690 | 9,394,879 | |
| Series 2015-GC33, Class A4 | 3.778 | 09/10/58 | 2,250 | 2,174,037 | |
| Series 2015-P01, Class A4 | 3.462 | 09/15/48 | 13,173 | 12,916,966 | |
| Series 2016-C03, Class A4 | 3.154 | 11/15/49 | 5,447 | 5,110,231 | |
| Series 2016-P04, Class A2 | 2.450 | 07/10/49 | 3,635 | 3,576,063 | |
| Series 2016-P06, Class A4 | 3.458 | 12/10/49 | 7,094 | 6,762,540 | |
| Commercial Mortgage Trust, | |||||
| Series 2012-CR04, Class A3 | 2.853 | 10/15/45 | 90 | 82,250 | |
8
PGIM Ultra Short Bond ETF
Schedule of Investments (unaudited) (continued)
as of May 31, 2024
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Commercial Mortgage-Backed Securities (Continued) | |||||
| Commercial Mortgage Trust, (cont’d.) | |||||
| Series 2014-CR16, Class A4 | 4.051 % | 04/10/47 | 636 | $632,908 | |
| Series 2014-CR20, Class A3 | 3.326 | 11/10/47 | 4,464 | 4,451,050 | |
| Series 2014-CR21, Class A3 | 3.528 | 12/10/47 | 10,173 | 9,979,232 | |
| Series 2014-UBS03, Class A4 | 3.819 | 06/10/47 | 2,166 | 2,160,544 | |
| Series 2014-UBS04, Class A4 | 3.420 | 08/10/47 | 9,053 | 9,038,495 | |
| Series 2014-UBS05, Class A3 | 3.565 | 09/10/47 | 7,491 | 7,475,092 | |
| Series 2014-UBS06, Class A4 | 3.378 | 12/10/47 | 17,785 | 17,632,614 | |
| Series 2014-UBS06, Class A5 | 3.644 | 12/10/47 | 33,978 | 33,518,925 | |
| Series 2015-CR22, Class A3 | 3.207 | 03/10/48 | 820 | 803,534 | |
| Series 2015-CR22, Class A4 | 3.048 | 03/10/48 | 21,900 | 21,538,768 | |
| Series 2015-CR23, Class A4 | 3.497 | 05/10/48 | 2,575 | 2,524,082 | |
| Series 2015-CR23, Class ASB | 3.257 | 05/10/48 | 288 | 285,516 | |
| Series 2015-CR24, Class A4 | 3.432 | 08/10/48 | 8,096 | 7,940,828 | |
| Series 2015-CR24, Class ASB | 3.445 | 08/10/48 | 539 | 534,864 | |
| Series 2015-CR26, Class A4 | 3.630 | 10/10/48 | 12,465 | 12,064,386 | |
| Series 2015-LC19, Class A3 | 2.922 | 02/10/48 | 17,197 | 17,022,580 | |
| Series 2015-LC19, Class A4 | 3.183 | 02/10/48 | 2,277 | 2,241,353 | |
| Series 2015-LC21, Class A4 | 3.708 | 07/10/48 | 11,000 | 10,755,914 | |
| Series 2015-PC01, Class A5 | 3.902 | 07/10/50 | 26,237 | 25,782,118 | |
| Credit Suisse Mortgage Trust, Series 2016-NXSR, Class A3 | 3.501 | 12/15/49 | 3,804 | 3,665,900 | |
| CSAIL Commercial Mortgage Trust, | |||||
| Series 2015-C02, Class A4 | 3.504 | 06/15/57 | 8,500 | 8,319,338 | |
| Series 2016-C05, Class ASB | 3.533 | 11/15/48 | 1,081 | 1,064,565 | |
| Series 2016-C06, Class A5 | 3.090 | 01/15/49 | 14,500 | 13,772,458 | |
| Series 2016-C07, Class A4 | 3.210 | 11/15/49 | 6,372 | 6,110,116 | |
| Deutsche Bank Commercial Mortgage Trust, Series 2017-C06, Class A3 | 3.269 | 06/10/50 | 3,464 | 3,444,328 | |
| GS Mortgage Securities Trust, | |||||
| Series 2014-GC24, Class A4 | 3.666 | 09/10/47 | 3,990 | 3,978,100 | |
| Series 2014-GC26, Class A4 | 3.364 | 11/10/47 | 6,671 | 6,626,155 | |
| Series 2015-GC28, Class A4 | 3.136 | 02/10/48 | 17,843 | 17,767,814 | |
| Series 2015-GC30, Class A4 | 3.382 | 05/10/50 | 22,540 | 21,995,840 | |
| Series 2016-GS02, Class A4 | 3.050 | 05/10/49 | 14,962 | 14,231,973 | |
| Series 2016-GS04, Class A4 | 3.442(cc) | 11/10/49 | 4,419 | 4,181,369 | |
| JPMBB Commercial Mortgage Securities Trust, | |||||
| Series 2014-C23, Class A5 | 3.934 | 09/15/47 | 25,085 | 24,942,532 | |
| Series 2014-C24, Class A4A2, 144A | 3.373 | 11/15/47 | 28,179 | 27,956,236 | |
| Series 2014-C24, Class A5 | 3.639 | 11/15/47 | 10,830 | 10,708,668 | |
| Series 2014-C25, Class A4A1 | 3.408 | 11/15/47 | 6,150 | 6,097,314 | |
| Series 2014-C25, Class ASB | 3.407 | 11/15/47 | 338 | 336,321 | |
9
PGIM Ultra Short Bond ETF
Schedule of Investments (unaudited) (continued)
as of May 31, 2024
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Commercial Mortgage-Backed Securities (Continued) | |||||
| JPMBB Commercial Mortgage Securities Trust, (cont’d.) | |||||
| Series 2014-C26, Class A3 | 3.231 % | 01/15/48 | 13,888 | $13,741,201 | |
| Series 2014-C26, Class A4 | 3.494 | 01/15/48 | 15,500 | 15,302,254 | |
| Series 2015-C27, Class A3A1 | 2.920 | 02/15/48 | 4,986 | 4,889,853 | |
| Series 2015-C29, Class A4 | 3.611 | 05/15/48 | 30,892 | 30,209,200 | |
| Series 2015-C31, Class A3 | 3.801 | 08/15/48 | 3,546 | 3,455,383 | |
| Series 2015-C32, Class A4 | 3.329 | 11/15/48 | 19,126 | 18,665,033 | |
| JPMorgan Chase Commercial Mortgage Securities Trust, Series 2016-JP02, Class ASB | 2.713 | 08/15/49 | 3,130 | 3,046,084 | |
| Morgan Stanley Bank of America Merrill Lynch Trust, | |||||
| Series 2014-C17, Class A5 | 3.741 | 08/15/47 | 442 | 441,133 | |
| Series 2014-C19, Class A4 | 3.526 | 12/15/47 | 5,325 | 5,266,005 | |
| Series 2014-C19, Class ASB | 3.326 | 12/15/47 | 169 | 169,006 | |
| Series 2015-C21, Class A3 | 3.077 | 03/15/48 | 12,354 | 12,153,544 | |
| Series 2015-C21, Class A4 | 3.338 | 03/15/48 | 5,679 | 5,551,096 | |
| Series 2015-C23, Class A3 | 3.451 | 07/15/50 | 17,190 | 16,833,777 | |
| Series 2015-C23, Class ASB | 3.398 | 07/15/50 | 360 | 356,131 | |
| Series 2015-C24, Class A4 | 3.732 | 05/15/48 | 10,212 | 9,962,069 | |
| Series 2015-C26, Class A5 | 3.531 | 10/15/48 | 10,600 | 10,270,126 | |
| Series 2015-C27, Class A3 | 3.473 | 12/15/47 | 4,062 | 3,980,983 | |
| Morgan Stanley Capital I Trust, | |||||
| Series 2015-MS01, Class A4 | 3.779(cc) | 05/15/48 | 10,220 | 9,968,605 | |
| Series 2020-HR08, Class A1 | 0.932 | 07/15/53 | 922 | 894,082 | |
| One New York Plaza Trust, Series 2020-01NYP, Class A, 144A, 1 Month SOFR + 1.064% (Cap N/A, Floor 0.950%) | 6.381(c) | 01/15/36 | 17,410 | 16,933,405 | |
| Wells Fargo Commercial Mortgage Trust, | |||||
| Series 2015-LC22, Class A3 | 3.572 | 09/15/58 | 4,017 | 3,925,394 | |
| Series 2015-LC22, Class A4 | 3.839 | 09/15/58 | 8,000 | 7,796,954 | |
| Series 2015-NXS01, Class A5 | 3.148 | 05/15/48 | 12,831 | 12,512,002 | |
| Series 2015-NXS02, Class A2 | 3.020 | 07/15/58 | 48 | 47,472 | |
| Series 2015-NXS02, Class A4 | 3.498 | 07/15/58 | 10,300 | 10,063,168 | |
| Series 2016-C34, Class ASB | 2.911 | 06/15/49 | 1,837 | 1,795,033 | |
| Series 2016-C36, Class A3 | 2.807 | 11/15/59 | 12,385 | 11,680,089 | |
| Series 2016-NXS05, Class A5 | 3.372 | 01/15/59 | 4,920 | 4,734,192 | |
| Total Commercial Mortgage-Backed Securities (cost $714,234,315) | 721,158,245 | ||||
10
PGIM Ultra Short Bond ETF
Schedule of Investments (unaudited) (continued)
as of May 31, 2024
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Corporate Bonds 42.4% | |||||
| Aerospace & Defense 1.2% | |||||
| BAE Systems PLC (United Kingdom), Sr. Unsec’d. Notes, 144A | 5.000 % | 03/26/27 | 10,290 | $10,183,062 | |
| GE Capital Funding LLC, Gtd. Notes | 3.450 | 05/15/25 | 27,342 | 26,798,988 | |
| RTX Corp., | |||||
| Sr. Unsec’d. Notes | 5.000 | 02/27/26 | 8,000 | 7,965,368 | |
| Sr. Unsec’d. Notes | 5.750 | 11/08/26 | 40,000 | 40,395,947 | |
| 85,343,365 | |||||
| Agriculture 0.4% | |||||
| Cargill, Inc., | |||||
| Sr. Unsec’d. Notes, 144A | 3.500 | 04/22/25 | 6,750 | 6,640,809 | |
| Sr. Unsec’d. Notes, 144A | 4.875 | 10/10/25 | 14,000 | 13,940,408 | |
| Philip Morris International, Inc., Sr. Unsec’d. Notes | 4.750 | 02/12/27 | 10,000 | 9,904,845 | |
| 30,486,062 | |||||
| Auto Manufacturers 5.7% | |||||
| American Honda Finance Corp., | |||||
| Sr. Unsec’d. Notes | 4.750 | 01/12/26 | 9,750 | 9,677,602 | |
| Sr. Unsec’d. Notes, MTN | 0.750 | 08/09/24 | 4,500 | 4,459,778 | |
| Sr. Unsec’d. Notes, MTN, SOFR + 0.600% | 5.963(c) | 08/14/25 | 10,000 | 10,022,086 | |
| Sr. Unsec’d. Notes, MTN, SOFR Index + 0.700% | 6.064(c) | 11/22/24 | 35,000 | 35,054,500 | |
| BMW US Capital LLC (Germany), | |||||
| Gtd. Notes, 144A(a) | 3.250 | 04/01/25 | 7,000 | 6,874,251 | |
| Gtd. Notes, 144A, SOFR Index + 0.550% | 5.906(c) | 04/02/26 | 20,000 | 20,053,248 | |
| Gtd. Notes, 144A, SOFR Index + 0.620% | 5.981(c) | 08/11/25 | 20,000 | 20,058,554 | |
| Gtd. Notes, 144A, SOFR Index + 0.840% | 6.196(c) | 04/01/25 | 11,390 | 11,405,946 | |
| Daimler Truck Finance North America LLC (Germany), | |||||
| Gtd. Notes, 144A | 5.000 | 01/15/27 | 9,070 | 8,997,011 | |
| Gtd. Notes, 144A | 5.150 | 01/16/26 | 14,000 | 13,921,186 | |
| General Motors Financial Co., Inc., | |||||
| Gtd. Notes | 3.500 | 11/07/24 | 9,700 | 9,603,421 | |
| Sr. Unsec’d. Notes | 5.400 | 05/08/27 | 9,375 | 9,361,899 | |
| Hyundai Capital America, Sr. Unsec’d. Notes, 144A, SOFR + 1.040% | 6.395(c) | 03/19/27 | 16,670 | 16,718,800 | |
| Mercedes-Benz Finance North America LLC (Germany), | |||||
| Gtd. Notes, 144A | 4.800 | 03/30/26 | 35,000 | 34,713,630 | |
11
PGIM Ultra Short Bond ETF
Schedule of Investments (unaudited) (continued)
as of May 31, 2024
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Corporate Bonds (Continued) | |||||
| Auto Manufacturers (cont’d.) | |||||
| Mercedes-Benz Finance North America LLC (Germany), (cont’d.) | |||||
| Gtd. Notes, 144A(a) | 5.375 % | 11/26/25 | 8,500 | $8,500,894 | |
| Gtd. Notes, 144A, SOFR + 0.670% | 6.024(c) | 01/09/26 | 13,000 | 13,047,759 | |
| PACCAR Financial Corp., | |||||
| Sr. Unsec’d. Notes, MTN(a) | 3.550 | 08/11/25 | 25,000 | 24,532,764 | |
| Sr. Unsec’d. Notes, MTN | 4.450 | 03/30/26 | 15,000 | 14,842,467 | |
| Toyota Motor Credit Corp., | |||||
| Sr. Unsec’d. Notes | 4.450 | 05/18/26 | 15,000 | 14,794,632 | |
| Sr. Unsec’d. Notes, MTN | 3.650 | 08/18/25 | 5,000 | 4,903,139 | |
| Sr. Unsec’d. Notes, MTN | 3.950 | 06/30/25 | 18,750 | 18,490,273 | |
| Sr. Unsec’d. Notes, MTN, SOFR + 0.600% (Cap N/A, Floor 0.000%)(a) | 5.930(c) | 06/09/25 | 20,000 | 20,069,280 | |
| Volkswagen Group of America Finance LLC (Germany), | |||||
| Gtd. Notes, 144A | 3.950 | 06/06/25 | 13,250 | 13,021,742 | |
| Gtd. Notes, 144A | 6.000 | 11/16/26 | 50,000 | 50,539,585 | |
| 393,664,447 | |||||
| Banks 9.4% | |||||
| Australia & New Zealand Banking Group Ltd. (Australia), | |||||
| Sr. Unsec’d. Notes, 144A, SOFR + 0.560% | 5.913(c) | 03/18/26 | 13,500 | 13,522,900 | |
| Sr. Unsec’d. Notes, 144A, SOFR + 0.810% | 6.167(c) | 01/18/27 | 33,600 | 33,788,637 | |
| Banco Santander SA (Spain), | |||||
| Sr. Preferred Notes | 2.706 | 06/27/24 | 11,600 | 11,576,012 | |
| Sr. Preferred Notes | 5.742(ff) | 06/30/24 | 29,000 | 28,979,120 | |
| Bank of New York Mellon (The), Sr. Unsec’d. Notes, MTN, SOFR + 0.450% | 5.802(c) | 03/13/26 | 12,625 | 12,629,907 | |
| Bank of Nova Scotia (The) (Canada), | |||||
| Sr. Unsec’d. Notes, SOFR + 0.780% | 6.145(c) | 06/04/27 | 30,000 | 30,006,213 | |
| Sr. Unsec’d. Notes, MTN, SOFR + 0.460% | 5.815(c) | 01/10/25 | 7,750 | 7,755,850 | |
| Sr. Unsec’d. Notes, MTN, SOFR Index + 0.900% | 6.256(c) | 04/11/25 | 4,750 | 4,770,980 | |
| Banque Federative du Credit Mutuel SA (France), | |||||
| Sr. Preferred Notes, 144A, SOFR Index + 0.410% | 5.770(c) | 02/04/25 | 20,000 | 20,011,456 | |
| Sr. Preferred Notes, 144A, SOFR + 1.130% | 6.488(c) | 01/23/27 | 10,890 | 11,012,949 | |
| Canadian Imperial Bank of Commerce (Canada), Sr. Unsec’d. Notes, SOFR Index + 0.420% | 5.777(c) | 10/18/24 | 10,000 | 9,993,212 | |
| Citibank NA, Sr. Unsec’d. Notes, SOFR + 0.805% | 6.161(c) | 09/29/25 | 52,000 | 52,237,069 | |
12
PGIM Ultra Short Bond ETF
Schedule of Investments (unaudited) (continued)
as of May 31, 2024
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Corporate Bonds (Continued) | |||||
| Banks (cont’d.) | |||||
| Commonwealth Bank of Australia (Australia), | |||||
| Sr. Unsec’d. Notes(a) | 5.316 % | 03/13/26 | 25,000 | $25,065,362 | |
| Sr. Unsec’d. Notes, 144A, SOFR + 0.630% | 5.985(c) | 01/10/25 | 28,500 | 28,562,979 | |
| Cooperatieve Rabobank UA (Netherlands), | |||||
| Sr. Preferred Notes, SOFR Index + 0.710% | 6.062(c) | 03/05/27 | 15,000 | 15,022,787 | |
| Sr. Preferred Notes, SOFR Index + 0.710% | 6.065(c) | 01/09/26 | 28,500 | 28,604,623 | |
| DNB Bank ASA (Norway), Sr. Non-Preferred Notes, 144A | 5.896(ff) | 10/09/26 | 25,000 | 25,056,775 | |
| Federation des Caisses Desjardins du Quebec (Canada), Sr. Unsec’d. Notes, 144A | 4.400 | 08/23/25 | 25,000 | 24,664,208 | |
| Morgan Stanley, Sr. Unsec’d. Notes, MTN | 2.720(ff) | 07/22/25 | 37,000 | 36,835,028 | |
| National Australia Bank Ltd. (Australia), | |||||
| Sr. Unsec’d. Notes | 3.500 | 06/09/25 | 7,250 | 7,113,086 | |
| Sr. Unsec’d. Notes | 4.966 | 01/12/26 | 32,000 | 31,840,282 | |
| Sr. Unsec’d. Notes, 144A, SOFR + 0.650% | 6.001(c) | 12/10/25 | 14,286 | 14,331,874 | |
| NatWest Markets PLC (United Kingdom), Sr. Unsec’d. Notes, 144A, SOFR + 1.450% | 6.805(c) | 03/22/25 | 9,000 | 9,054,090 | |
| Nordea Bank Abp (Finland), | |||||
| Sr. Preferred Notes, 144A | 4.750 | 09/22/25 | 10,500 | 10,394,148 | |
| Sr. Preferred Notes, 144A, SOFR + 0.740% | 6.095(c) | 03/19/27 | 5,556 | 5,570,723 | |
| Royal Bank of Canada (Canada), | |||||
| Sr. Unsec’d. Notes, GMTN, SOFR Index + 0.340% | 5.694(c) | 10/07/24 | 10,000 | 9,997,000 | |
| Sr. Unsec’d. Notes, GMTN, SOFR Index + 0.525% | 5.882(c) | 01/20/26 | 10,000 | 10,003,023 | |
| Sr. Unsec’d. Notes, GMTN, SOFR Index + 0.570% | 5.929(c) | 04/27/26 | 7,027 | 7,029,973 | |
| Sr. Unsec’d. Notes, GMTN, SOFR Index + 0.950% | 6.307(c) | 01/19/27 | 20,000 | 20,108,000 | |
| State Street Corp., Sr. Unsec’d. Notes(a) | 4.993 | 03/18/27 | 22,500 | 22,462,010 | |
| Sumitomo Mitsui Trust Bank Ltd. (Japan), Sr. Unsec’d. Notes, 144A, MTN, SOFR + 0.440% | 5.792(c) | 09/16/24 | 7,500 | 7,507,151 | |
| Toronto-Dominion Bank (The) (Canada), Sr. Unsec’d. Notes, MTN, SOFR + 0.350% | 5.701(c) | 09/10/24 | 8,000 | 8,000,558 | |
| UBS AG (Switzerland), Sr. Unsec’d. Notes, 144A(a) | 1.375 | 01/13/25 | 20,000 | 19,488,416 | |
| UBS Group AG (Switzerland), | |||||
| Sr. Unsec’d. Notes | 4.550 | 04/17/26 | 10,000 | 9,803,225 | |
| Sr. Unsec’d. Notes, 144A | 5.711(ff) | 01/12/27 | 15,000 | 14,972,210 | |
13
PGIM Ultra Short Bond ETF
Schedule of Investments (unaudited) (continued)
as of May 31, 2024
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Corporate Bonds (Continued) | |||||
| Banks (cont’d.) | |||||
| Wells Fargo Bank NA, Sr. Unsec’d. Notes, SOFR + 0.710% | 6.066 %(c) | 01/15/26 | 12,800 | $12,843,678 | |
| 640,615,514 | |||||
| Beverages 1.7% | |||||
| Diageo Capital PLC (United Kingdom), Gtd. Notes | 5.200 | 10/24/25 | 17,000 | 16,967,049 | |
| Keurig Dr. Pepper, Inc., Gtd. Notes, SOFR Index + 0.880%(a) | 6.236(c) | 03/15/27 | 26,000 | 26,123,139 | |
| PepsiCo, Inc., | |||||
| Sr. Unsec’d. Notes(a) | 5.125 | 11/10/26 | 26,000 | 26,108,624 | |
| Sr. Unsec’d. Notes(a) | 5.250 | 11/10/25 | 50,000 | 50,146,740 | |
| 119,345,552 | |||||
| Biotechnology 1.0% | |||||
| Amgen, Inc., | |||||
| Sr. Unsec’d. Notes | 1.900 | 02/21/25 | 23,000 | 22,383,414 | |
| Sr. Unsec’d. Notes | 5.250 | 03/02/25 | 13,250 | 13,223,275 | |
| Gilead Sciences, Inc., Sr. Unsec’d. Notes | 3.500 | 02/01/25 | 30,000 | 29,587,397 | |
| 65,194,086 | |||||
| Building Materials 0.1% | |||||
| Owens Corning, Sr. Unsec’d. Notes | 5.500 | 06/15/27 | 7,976 | 8,018,897 | |
| Chemicals 0.8% | |||||
| Linde, Inc., Gtd. Notes | 4.700 | 12/05/25 | 28,500 | 28,327,985 | |
| Nutrien Ltd. (Canada), | |||||
| Sr. Unsec’d. Notes | 5.900 | 11/07/24 | 13,270 | 13,278,684 | |
| Sr. Unsec’d. Notes | 5.950 | 11/07/25 | 7,250 | 7,287,742 | |
14
PGIM Ultra Short Bond ETF
Schedule of Investments (unaudited) (continued)
as of May 31, 2024
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Corporate Bonds (Continued) | |||||
| Chemicals (cont’d.) | |||||
| Sherwin-Williams Co. (The), Sr. Unsec’d. Notes | 4.250 % | 08/08/25 | 5,500 | $5,423,085 | |
| Westlake Corp., Sr. Unsec’d. Notes | 0.875 | 08/15/24 | 2,750 | 2,722,569 | |
| 57,040,065 | |||||
| Commercial Services 0.1% | |||||
| Verisk Analytics, Inc., Sr. Unsec’d. Notes | 4.000 | 06/15/25 | 10,000 | 9,822,792 | |
| Computers 1.2% | |||||
| Apple, Inc., | |||||
| Sr. Unsec’d. Notes | 3.200 | 05/13/25 | 16,000 | 15,697,230 | |
| Sr. Unsec’d. Notes(a) | 3.250 | 02/23/26 | 13,150 | 12,765,912 | |
| IBM International Capital Pte Ltd., Gtd. Notes | 4.700 | 02/05/26 | 20,000 | 19,818,157 | |
| International Business Machines Corp., Sr. Unsec’d. Notes(a) | 4.500 | 02/06/26 | 37,000 | 36,622,691 | |
| 84,903,990 | |||||
| Cosmetics/Personal Care 0.3% | |||||
| Colgate-Palmolive Co., Sr. Unsec’d. Notes | 3.100 | 08/15/25 | 6,750 | 6,602,482 | |
| Kenvue, Inc., Gtd. Notes | 5.350 | 03/22/26 | 12,500 | 12,537,899 | |
| 19,140,381 | |||||
| Distribution/Wholesale 0.0% | |||||
| W.W. Grainger, Inc., Sr. Unsec’d. Notes | 1.850 | 02/15/25 | 2,000 | 1,948,661 | |
15
PGIM Ultra Short Bond ETF
Schedule of Investments (unaudited) (continued)
as of May 31, 2024
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Corporate Bonds (Continued) | |||||
| Diversified Financial Services 0.3% | |||||
| Citigroup Global Markets Holdings, Inc., Gtd. Notes, MTN | 0.750 % | 06/07/24 | 13,250 | $13,241,177 | |
| LSEG US Fin Corp. (United Kingdom), Gtd. Notes, 144A | 4.875 | 03/28/27 | 7,140 | 7,062,616 | |
| 20,303,793 | |||||
| Electric 2.9% | |||||
| DTE Electric Co., General Ref. Mortgage | 4.850 | 12/01/26 | 42,750 | 42,643,388 | |
| DTE Energy Co., Sr. Unsec’d. Notes | 4.220 | 11/01/24 | 8,250 | 8,192,025 | |
| Duke Energy Corp., | |||||
| Sr. Unsec’d. Notes | 4.850 | 01/05/27 | 9,333 | 9,244,817 | |
| Sr. Unsec’d. Notes | 5.000 | 12/08/25 | 13,250 | 13,171,887 | |
| Florida Power & Light Co., Sr. Unsec’d. Notes | 4.450 | 05/15/26 | 20,000 | 19,743,620 | |
| Georgia Power Co., Sr. Unsec’d. Notes | 5.004 | 02/23/27 | 10,680 | 10,657,457 | |
| NextEra Energy Capital Holdings, Inc., | |||||
| Gtd. Notes | 6.051 | 03/01/25 | 6,750 | 6,765,566 | |
| Gtd. Notes, SOFR Index + 0.760%(a) | 6.119(c) | 01/29/26 | 30,000 | 30,070,894 | |
| Southern California Edison Co., | |||||
| First Mortgage | 5.350 | 03/01/26 | 12,000 | 11,999,904 | |
| First Mortgage, Series C | 4.200 | 06/01/25 | 14,250 | 14,082,648 | |
| WEC Energy Group, Inc., | |||||
| Sr. Unsec’d. Notes | 4.750 | 01/09/26 | 23,000 | 22,745,593 | |
| Sr. Unsec’d. Notes | 5.000 | 09/27/25 | 6,000 | 5,960,185 | |
| 195,277,984 | |||||
| Electronics 0.5% | |||||
| Amphenol Corp., | |||||
| Sr. Unsec’d. Notes | 4.750 | 03/30/26 | 3,750 | 3,713,432 | |
| Sr. Unsec’d. Notes | 5.050 | 04/05/27 | 10,000 | 9,977,505 | |
| Tyco Electronics Group SA, Gtd. Notes | 4.500 | 02/13/26 | 23,250 | 22,964,722 | |
| 36,655,659 | |||||
16
PGIM Ultra Short Bond ETF
Schedule of Investments (unaudited) (continued)
as of May 31, 2024
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Corporate Bonds (Continued) | |||||
| Foods 0.9% | |||||
| Hormel Foods Corp., Sr. Unsec’d. Notes | 0.650 % | 06/03/24 | 3,500 | $3,500,000 | |
| Mondelez International Holdings Netherlands BV, Gtd. Notes, 144A | 4.250 | 09/15/25 | 13,750 | 13,500,282 | |
| Mondelez International, Inc., Sr. Unsec’d. Notes | 1.500 | 05/04/25 | 15,305 | 14,752,123 | |
| Nestle Holdings, Inc., | |||||
| Gtd. Notes, 144A(a) | 4.000 | 09/12/25 | 11,725 | 11,555,682 | |
| Gtd. Notes, 144A(a) | 5.250 | 03/13/26 | 20,000 | 20,068,542 | |
| 63,376,629 | |||||
| Healthcare-Products 0.1% | |||||
| Smith & Nephew PLC (United Kingdom), Sr. Unsec’d. Notes | 5.150 | 03/20/27 | 6,133 | 6,100,862 | |
| Healthcare-Services 1.0% | |||||
| Roche Holdings, Inc., Gtd. Notes, 144A | 5.265 | 11/13/26 | 60,000 | 60,247,174 | |
| UnitedHealth Group, Inc., Sr. Unsec’d. Notes | 5.150 | 10/15/25 | 5,750 | 5,741,329 | |
| 65,988,503 | |||||
| Household Products/Wares 0.2% | |||||
| Avery Dennison Corp., Sr. Unsec’d. Notes | 0.850 | 08/15/24 | 12,350 | 12,236,496 | |
| Insurance 3.3% | |||||
| Corebridge Financial, Inc., Sr. Unsec’d. Notes | 3.500 | 04/04/25 | 8,000 | 7,854,489 | |
| Corebridge Global Funding, | |||||
| Sr. Sec’d. Notes, 144A | 0.650 | 06/17/24 | 12,750 | 12,724,126 | |
| Sr. Sec’d. Notes, 144A, SOFR + 1.300% (Cap N/A, Floor 0.000%) | 6.655(c) | 09/25/26 | 30,000 | 30,356,256 | |
| Equitable Financial Life Global Funding, Sec’d. Notes, 144A | 0.800 | 08/12/24 | 3,000 | 2,970,662 | |
| Metropolitan Life Global Funding I, | |||||
| Sec’d. Notes, 144A, MTN | 4.050 | 08/25/25 | 23,250 | 22,888,026 | |
| Sr. Sec’d. Notes, 144A, SOFR Index + 0.570% | 5.923(c) | 04/09/26 | 14,000 | 14,015,128 | |
17
PGIM Ultra Short Bond ETF
Schedule of Investments (unaudited) (continued)
as of May 31, 2024
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Corporate Bonds (Continued) | |||||
| Insurance (cont’d.) | |||||
| New York Life Global Funding, | |||||
| Sec’d. Notes, 144A, MTN | 3.600 % | 08/05/25 | 19,750 | $19,367,498 | |
| Sr. Sec’d. Notes, 144A, MTN, SOFR + 0.670%(a) | 6.023(c) | 04/02/27 | 30,000 | 30,065,402 | |
| Principal Life Global Funding II, | |||||
| Sr. Sec’d. Notes, 144A | 5.000 | 01/16/27 | 7,714 | 7,670,508 | |
| Sr. Sec’d. Notes, 144A, SOFR + 0.900% (Cap N/A, Floor 0.000%)(a) | 6.266(c) | 08/28/25 | 27,000 | 27,123,227 | |
| Protective Life Global Funding, | |||||
| Sec’d. Notes, 144A | 4.992 | 01/12/27 | 19,000 | 18,896,795 | |
| Sec’d. Notes, 144A, SOFR + 1.050% (Cap N/A, Floor 0.000%) | 6.403(c) | 12/11/24 | 20,000 | 20,063,373 | |
| Sec’d. Notes, 144A, MTN, SOFR + 0.700% (Cap N/A, Floor 0.000%) | 6.055(c) | 04/10/26 | 10,000 | 10,016,332 | |
| 224,011,822 | |||||
| Internet 0.5% | |||||
| Amazon.com, Inc., Sr. Unsec’d. Notes | 4.600 | 12/01/25 | 32,000 | 31,793,028 | |
| Iron/Steel 0.1% | |||||
| Nucor Corp., Sr. Unsec’d. Notes | 3.950 | 05/23/25 | 8,000 | 7,885,803 | |
| Machinery-Construction & Mining 0.2% | |||||
| Caterpillar Financial Services Corp., Sr. Unsec’d. Notes | 4.800 | 01/06/26 | 15,000 | 14,919,496 | |
| Machinery-Diversified 0.6% | |||||
| CNH Industrial Capital LLC, Gtd. Notes | 3.950 | 05/23/25 | 12,500 | 12,297,936 | |
| John Deere Capital Corp., Sr. Unsec’d. Notes, MTN(a) | 4.800 | 01/09/26 | 29,000 | 28,850,379 | |
| 41,148,315 | |||||
18
PGIM Ultra Short Bond ETF
Schedule of Investments (unaudited) (continued)
as of May 31, 2024
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Corporate Bonds (Continued) | |||||
| Media 0.5% | |||||
| Comcast Corp., Gtd. Notes | 5.250 % | 11/07/25 | 7,250 | $7,248,039 | |
| Walt Disney Co. (The), Gtd. Notes | 3.700 | 10/15/25 | 30,000 | 29,400,300 | |
| 36,648,339 | |||||
| Mining 0.6% | |||||
| BHP Billiton Finance USA Ltd. (Australia), Gtd. Notes | 4.875 | 02/27/26 | 30,000 | 29,788,110 | |
| Newmont Corp./Newcrest Finance Pty Ltd., Gtd. Notes, 144A | 5.300 | 03/15/26 | 10,000 | 9,979,368 | |
| 39,767,478 | |||||
| Miscellaneous Manufacturing 0.3% | |||||
| 3M Co., Sr. Unsec’d. Notes | 2.000 | 02/14/25 | 20,699 | 20,174,540 | |
| Oil & Gas 0.2% | |||||
| Pioneer Natural Resources Co., Sr. Unsec’d. Notes | 5.100 | 03/29/26 | 14,250 | 14,202,964 | |
| Oil & Gas Services 0.3% | |||||
| Schlumberger Holdings Corp., Sr. Unsec’d. Notes, 144A | 5.000 | 05/29/27 | 23,750 | 23,602,050 | |
| Pharmaceuticals 0.7% | |||||
| Astrazeneca Finance LLC (United Kingdom), Gtd. Notes | 4.800 | 02/26/27 | 25,000 | 24,796,645 | |
| Bristol-Myers Squibb Co., | |||||
| Sr. Unsec’d. Notes | 4.900 | 02/22/27 | 7,500 | 7,474,371 | |
| Sr. Unsec’d. Notes | 4.950 | 02/20/26 | 9,250 | 9,214,053 | |
| Sr. Unsec’d. Notes, SOFR + 0.490% | 5.853(c) | 02/20/26 | 6,170 | 6,192,538 | |
| 47,677,607 | |||||
| Pipelines 1.9% | |||||
| Enbridge, Inc. (Canada), Gtd. Notes | 5.250 | 04/05/27 | 19,000 | 18,959,182 | |
19
PGIM Ultra Short Bond ETF
Schedule of Investments (unaudited) (continued)
as of May 31, 2024
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Corporate Bonds (Continued) | |||||
| Pipelines (cont’d.) | |||||
| Enterprise Products Operating LLC, | |||||
| Gtd. Notes | 3.750 % | 02/15/25 | 20,000 | $19,736,017 | |
| Gtd. Notes | 4.600 | 01/11/27 | 20,000 | 19,786,253 | |
| Gtd. Notes | 5.050 | 01/10/26 | 14,750 | 14,711,396 | |
| ONEOK, Inc., Gtd. Notes | 5.550 | 11/01/26 | 7,000 | 7,016,403 | |
| TransCanada PipeLines Ltd. (Canada), Sr. Unsec’d. Notes | 1.000 | 10/12/24 | 9,750 | 9,582,081 | |
| Williams Cos., Inc. (The), Sr. Unsec’d. Notes | 5.400 | 03/02/26 | 40,000 | 39,949,993 | |
| 129,741,325 | |||||
| Real Estate Investment Trusts (REITs) 1.0% | |||||
| Kimco Realty OP LLC, Gtd. Notes | 3.300 | 02/01/25 | 7,000 | 6,894,518 | |
| Public Storage Operating Co., Gtd. Notes, SOFR Index + 0.700% | 6.056(c) | 04/16/27 | 19,773 | 19,891,856 | |
| Weyerhaeuser Co., Sr. Unsec’d. Notes | 4.750 | 05/15/26 | 40,000 | 39,497,312 | |
| 66,283,686 | |||||
| Retail 1.2% | |||||
| Dollar General Corp., Sr. Unsec’d. Notes | 4.250 | 09/20/24 | 6,750 | 6,716,886 | |
| Home Depot, Inc. (The), Sr. Unsec’d. Notes | 2.700 | 04/15/25 | 6,000 | 5,865,731 | |
| Lowe’s Cos., Inc., | |||||
| Sr. Unsec’d. Notes | 4.400 | 09/08/25 | 10,000 | 9,875,266 | |
| Sr. Unsec’d. Notes | 4.800 | 04/01/26 | 13,500 | 13,385,134 | |
| Starbucks Corp., Sr. Unsec’d. Notes | 4.850 | 02/08/27 | 34,375 | 34,148,275 | |
| Walmart, Inc., Sr. Unsec’d. Notes | 3.900 | 09/09/25 | 13,750 | 13,551,275 | |
| 83,542,567 | |||||
20
PGIM Ultra Short Bond ETF
Schedule of Investments (unaudited) (continued)
as of May 31, 2024
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Corporate Bonds (Continued) | |||||
| Semiconductors 0.2% | |||||
| Analog Devices, Inc., Sr. Unsec’d. Notes, SOFR Index + 0.250% | 5.606 %(c) | 10/01/24 | 2,000 | $1,999,647 | |
| Intel Corp., Sr. Unsec’d. Notes | 2.600 | 05/19/26 | 10,181 | 9,692,324 | |
| 11,691,971 | |||||
| Software 1.0% | |||||
| Fiserv, Inc., Sr. Unsec’d. Notes | 5.150 | 03/15/27 | 17,187 | 17,149,291 | |
| Intuit, Inc., Sr. Unsec’d. Notes | 5.250 | 09/15/26 | 50,000 | 50,224,889 | |
| 67,374,180 | |||||
| Telecommunications 1.3% | |||||
| Cisco Systems, Inc., | |||||
| Sr. Unsec’d. Notes | 2.950 | 02/28/26 | 19,573 | 18,867,397 | |
| Sr. Unsec’d. Notes | 4.800 | 02/26/27 | 24,828 | 24,756,740 | |
| NTT Finance Corp. (Japan), Sr. Unsec’d. Notes, 144A(a) | 4.142 | 07/26/24 | 3,000 | 2,992,917 | |
| Verizon Communications, Inc., | |||||
| Sr. Unsec’d. Notes | 1.450 | 03/20/26 | 14,557 | 13,604,494 | |
| Sr. Unsec’d. Notes | 3.376 | 02/15/25 | 30,739 | 30,248,256 | |
| 90,469,804 | |||||
| Transportation 0.4% | |||||
| Ryder System, Inc., Sr. Unsec’d. Notes, MTN | 5.300 | 03/15/27 | 9,483 | 9,493,140 | |
| Union Pacific Corp., Sr. Unsec’d. Notes | 4.750 | 02/21/26 | 16,000 | 15,894,942 | |
| 25,388,082 | |||||
| Trucking & Leasing 0.3% | |||||
| Penske Truck Leasing Co. LP/PTL Finance Corp., Sr. Unsec’d. Notes, 144A | 5.750 | 05/24/26 | 17,500 | 17,562,360 | |
| Total Corporate Bonds (cost $2,915,379,048) | 2,909,349,155 | ||||
21
PGIM Ultra Short Bond ETF
Schedule of Investments (unaudited) (continued)
as of May 31, 2024
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Residential Mortgage-Backed Securities 0.6% | |||||
| JPMorgan Mortgage Trust, Series 2024-HE02, Class A1, 144A, 30 Day Average SOFR + 1.200% (Cap N/A, Floor 0.000%) | 6.524 %(c) | 10/25/54 | 11,000 | $11,000,000 | |
| RCKT Mortgage Trust, Series 2024-CES03, Class A1A, 144A | 6.591(cc) | 05/25/44 | 9,917 | 10,045,369 | |
| Towd Point Mortgage Trust, | |||||
| Series 2015-06, Class M1, 144A | 3.750(cc) | 04/25/55 | 6,149 | 6,059,649 | |
| Series 2018-02, Class A1, 144A | 3.250(cc) | 03/25/58 | 4,744 | 4,590,246 | |
| Series 2018-05, Class A1A, 144A | 3.250(cc) | 07/25/58 | 5,159 | 5,001,789 | |
| Series 2021-SJ01, Class A1, 144A | 2.250(cc) | 07/25/68 | 6,895 | 6,432,438 | |
| Total Residential Mortgage-Backed Securities (cost $43,384,176) | 43,129,491 | ||||
| Total Long-Term Investments (cost $5,274,270,160) | 5,279,937,473 | ||||
| Shares | |||||
| Short-Term Investments 25.8% | |||||
| Affiliated Mutual Funds 8.3% | |||||
| PGIM Core Government Money Market Fund (7-day effective yield 5.550%)(wb) | 515,488,470 | 515,488,470 | |||
| PGIM Institutional Money Market Fund (7-day effective yield 5.632%) (cost $53,138,045; includes $52,885,684 of cash collateral for securities on loan)(b)(wb) | 53,167,516 | 53,135,615 | |||
| Total Affiliated Mutual Funds (cost $568,626,515) | 568,624,085 | ||||
| Interest Rate | Maturity Date | Principal Amount (000)# | |||||
| Certificates of Deposit 3.6% | |||||||
| Bank of America NA, SOFR + 0.330% | 5.660 %(c) | 04/03/25 | 15,000 | 15,001,212 | |||
| Bank of Montreal | 5.450 | 02/14/25 | 10,000 | 9,997,857 | |||
| BNP Paribas SA | 5.460 | 02/14/25 | 2,000 | 1,999,279 | |||
| BNP Paribas SA | 5.550 | 04/04/25 | 15,000 | 14,999,801 | |||
| Canadian Imperial Bank of Commerce | 6.000 | 10/18/24 | 30,000 | 30,035,822 | |||
| Credit Industriel et Commercial | 5.370 | 12/05/24 | 23,000 | 22,980,891 | |||
22
PGIM Ultra Short Bond ETF
Schedule of Investments (unaudited) (continued)
as of May 31, 2024
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Certificates of Deposit (Continued) | |||||
| Mizuho Bank Ltd., SOFR + 0.200% | 5.530 %(c) | 11/21/24 | 20,000 | $19,999,333 | |
| Nordea Bank Abp, SOFR + 0.580% | 5.910(c) | 08/05/24 | 30,000 | 30,025,522 | |
| Sumitomo Mitsui Trust Bank Ltd. | 5.450 | 09/03/24 | 25,000 | 24,998,625 | |
| Svenska Handelsbanken, SOFR + 0.290% (Cap N/A, Floor 0.000%) | 5.620(c) | 02/21/25 | 25,000 | 25,004,183 | |
| Swedbank AB, | |||||
| SOFR + 0.240% | 5.570(c) | 11/20/24 | 10,000 | 10,002,272 | |
| SOFR + 0.640% | 5.970(c) | 07/19/24 | 16,500 | 16,511,910 | |
| Toronto-Dominion Bank (The) | 6.000 | 10/18/24 | 25,000 | 25,031,500 | |
| Total Certificates of Deposit (cost $246,499,916) | 246,588,207 | ||||
| Commercial Paper 13.5% | |||||
| Alexandria Real Estate Equities, Inc., | |||||
| 144A | 5.502(n) | 06/14/24 | 19,000 | 18,958,504 | |
| 144A | 5.538(n) | 06/07/24 | 40,000 | 39,957,300 | |
| Alimentation Couche-Tard, Inc., | |||||
| 144A | 5.508(n) | 06/07/24 | 15,000 | 14,983,958 | |
| 144A | 5.540(n) | 06/13/24 | 30,000 | 29,940,132 | |
| 144A | 5.554(n) | 06/10/24 | 7,000 | 6,989,280 | |
| 144A | 5.612(n) | 07/09/24 | 10,000 | 9,939,203 | |
| Bank of America Securities, Inc., | |||||
| 144A | 5.522(n) | 05/28/25 | 35,000 | 33,141,070 | |
| 144A, SOFR + 0.580% | 5.893(c) | 10/11/24 | 14,500 | 14,519,788 | |
| Bank of Montreal, 144A, SOFR + 0.340% | 5.670(c) | 04/03/25 | 35,000 | 35,007,944 | |
| Bank of New York Mellon (The), SOFR + 0.350% | 5.680(c) | 05/09/25 | 15,000 | 15,002,550 | |
| Bayer Corp., 144A | 6.376(n) | 08/13/24 | 40,000 | 39,533,416 | |
| BPCE SA, 144A, SOFR + 0.590% | 5.920(c) | 08/05/24 | 40,000 | 40,039,266 | |
| CDP Financial, Inc., 144A, SOFR + 0.550% | 5.880(c) | 08/15/24 | 8,000 | 8,006,497 | |
| Dominion Resources, Inc., 144A | 5.610(n) | 06/21/24 | 15,000 | 14,951,971 | |
| Fortive Corp., | |||||
| 144A | 5.545(n) | 06/05/24 | 18,000 | 17,986,432 | |
| 144A | 5.547(n) | 06/10/24 | 5,000 | 4,992,435 | |
23
PGIM Ultra Short Bond ETF
Schedule of Investments (unaudited) (continued)
as of May 31, 2024
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Commercial Paper (Continued) | |||||
| Glencore Funding LLC, | |||||
| 144A | 5.654 %(n) | 06/13/24 | 31,000 | $30,937,865 | |
| 144A | 5.735(n) | 06/26/24 | 41,000 | 40,832,118 | |
| 144A | 5.771(n) | 06/25/24 | 9,500 | 9,462,631 | |
| HCP, Inc., | |||||
| 144A | 5.522(n) | 06/13/24 | 32,000 | 31,936,517 | |
| 144A | 5.549(n) | 06/06/24 | 12,000 | 11,989,086 | |
| Hyundai Capital America, | |||||
| 144A | 5.573(n) | 06/26/24 | 25,000 | 24,900,020 | |
| 144A | 5.576(n) | 06/17/24 | 12,300 | 12,268,134 | |
| 144A | 5.586(n) | 06/24/24 | 24,000 | 23,911,584 | |
| ING (U.S.) Funding LLC, | |||||
| 144A | 5.435(n) | 11/27/24 | 15,000 | 14,596,500 | |
| 144A, SOFR + 0.210% | 5.540(c) | 12/23/24 | 20,000 | 19,995,708 | |
| JPMorgan Securities LLC, | |||||
| 144A | 5.630 | 04/29/25 | 17,000 | 16,980,045 | |
| 144A, SOFR + 0.360% | 5.690(c) | 03/25/25 | 5,000 | 5,001,708 | |
| 144A, SOFR + 0.610% | 5.940(c) | 10/25/24 | 25,000 | 25,009,428 | |
| Keurig Dr. Pepper, Inc., | |||||
| 144A | 5.519(n) | 06/14/24 | 15,000 | 14,968,146 | |
| 144A | 5.527(n) | 06/21/24 | 6,000 | 5,980,782 | |
| LVMH Moet Hennessy Louis Vuitton SE, 144A | 5.824(n) | 06/12/24 | 10,000 | 9,982,294 | |
| Microchip Technology, Inc., 144A | 5.530(n) | 06/21/24 | 6,000 | 5,980,414 | |
| NextEra Energy Capital Holdings, Inc., | |||||
| 144A | 5.620(n) | 06/20/24 | 7,750 | 7,726,305 | |
| 144A | 5.624(n) | 06/25/24 | 12,250 | 12,202,942 | |
| Nutrien Ltd., | |||||
| 144A | 5.549(n) | 06/26/24 | 5,000 | 4,979,949 | |
| 144A | 5.584(n) | 06/04/24 | 14,000 | 13,991,498 | |
| 144A | 5.625(n) | 06/28/24 | 15,000 | 14,935,118 | |
| 144A | 5.629(n) | 06/10/24 | 5,000 | 4,992,385 | |
| Ontario Teachers’ Finance Trust, 144A | 5.900(n) | 06/03/24 | 10,000 | 9,995,576 | |
| PPG Industries, Inc. | 5.610(n) | 06/26/24 | 66,000 | 65,737,230 | |
| PPG Industries, Inc. | 5.619(n) | 06/27/24 | 13,000 | 12,946,209 | |
| Protective Life Corp., 144A | 5.568(n) | 06/12/24 | 11,000 | 10,979,524 | |
| Ryder System, Inc. | 5.528(n) | 06/12/24 | 17,000 | 16,969,071 | |
| Ryder System, Inc. | 5.552(n) | 06/06/24 | 21,000 | 20,981,000 | |
24
PGIM Ultra Short Bond ETF
Schedule of Investments (unaudited) (continued)
as of May 31, 2024
| Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
| Commercial Paper (Continued) | |||||
| Sempra, 144A | 5.513 %(n) | 06/04/24 | 15,000 | $14,990,957 | |
| Skandinaviska Enskilda Banken AB, 144A, SOFR + 0.630% | 5.960(c) | 07/19/24 | 5,000 | 5,003,590 | |
| Swedbank AB, 144A | 5.435(n) | 10/01/24 | 24,000 | 23,565,195 | |
| Toronto-Dominion Bank (The), 144A, SOFR + 0.310% | 5.640(c) | 03/19/25 | 15,000 | 15,002,505 | |
| UDR, Inc., 144A | 5.519(n) | 06/21/24 | 5,000 | 4,983,932 | |
| Verizon Communications, Inc., 144A | 5.560(n) | 06/04/24 | 15,250 | 15,240,806 | |
| Total Commercial Paper (cost $923,839,249) | 923,906,518 | ||||
| Corporate Bond 0.4% | |||||
| Diversified Financial Services | |||||
| Jefferies Financial Group, Inc., Sr. Unsec’d. Notes, MTN (cost $27,090,000) | 6.050% | 03/12/25 | 27,090 | 27,093,670 | |
| Total Short-Term Investments (cost $1,766,055,680) | 1,766,212,480 | ||||
| TOTAL INVESTMENTS 102.8% (cost $7,040,325,840) | 7,046,149,953 | ||||
| Liabilities in excess of other assets(z) (2.8)% | (192,711,942) | ||||
| Net Assets 100.0% | $6,853,438,011 | ||||
| Below is a list of the abbreviation(s) used in the quarterly schedule of portfolio holdings: |
| 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 | |
| CLO—Collateralized Loan Obligation | |
| GMTN—Global Medium Term Note | |
| MTN—Medium Term Note | |
| REITs—Real Estate Investment Trust | |
| S—Semiannual payment frequency for swaps | |
| SOFR—Secured Overnight Financing Rate |
25
PGIM Ultra Short Bond ETF
Schedule of Investments (unaudited) (continued)
as of May 31, 2024
| USOIS—United States Overnight Index Swap |
| # | 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 $51,871,066; cash collateral of $52,885,684 (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 May 31, 2024. |
| (cc) | Variable rate instrument. The rate shown is based on the latest available information as of May 31, 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. |
| (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 May 31, 2024: | ||||||||
| Number of Contracts | Type | Expiration Date | Current Notional Amount | Value / Unrealized Appreciation (Depreciation) | ||||
| Long Position: | ||||||||
| 1,980 | 3 Month SOFR | Jun. 2024 | $468,517,500 | $(139,748) | ||||
| Short Positions: | ||||||||
| 24 | 3 Month SOFR | Sep. 2024 | 5,679,900 | 79,218 | ||||
| 24 | 3 Month SOFR | Dec. 2024 | 5,689,200 | 80,443 | ||||
| 16 | 3 Month SOFR | Mar. 2025 | 3,801,200 | 52,971 | ||||
| 16 | 3 Month SOFR | Jun. 2025 | 3,809,800 | 48,621 | ||||
| 16 | 3 Month SOFR | Sep. 2025 | 3,818,000 | 43,383 | ||||
| 16 | 3 Month SOFR | Dec. 2025 | 3,825,400 | 37,746 | ||||
| 342,382 | ||||||||
| $202,634 | ||||||||
Interest rate swap agreements outstanding at May 31, 2024:
| Notional Amount (000)# | Termination Date | Fixed Rate | Floating Rate | Value at Trade Date | Value at May 31, 2024 | Unrealized Appreciation (Depreciation) | ||||||||
| Centrally Cleared Interest Rate Swap Agreements: | ||||||||||||||
| 10,900 | 06/07/24 | 0.318%(S) | 1 Day USOIS(1)(A)/ 5.330% | $1 | $553,769 | $553,768 | ||||||||
26
PGIM Ultra Short Bond ETF
Schedule of Investments (unaudited) (continued)
as of May 31, 2024
Interest rate swap agreements outstanding at May 31, 2024 (continued):
| Notional Amount (000)# | Termination Date | Fixed Rate | Floating Rate | Value at Trade Date | Value at May 31, 2024 | Unrealized Appreciation (Depreciation) | ||||||||
| Centrally Cleared Interest Rate Swap Agreements (cont’d.): | ||||||||||||||
| 12,750 | 06/16/24 | 0.304%(S) | 1 Day USOIS(1)(A)/ 5.330% | $3 | $652,080 | $652,077 | ||||||||
| 15,000 | 08/05/24 | 0.261%(S) | 1 Day SOFR(1)(A)/ 5.340% | 11 | 773,121 | 773,110 | ||||||||
| 29,000 | 08/08/24 | 2.512%(S) | 1 Day SOFR(1)(A)/ 5.340% | 16,182 | 844,691 | 828,509 | ||||||||
| 3,000 | 08/13/24 | 0.368%(S) | 1 Day SOFR(1)(A)/ 5.340% | 11 | 151,397 | 151,386 | ||||||||
| 5,000 | 08/17/24 | 4.498%(A) | 1 Day SOFR(1)(A)/ 5.340% | — | 44,198 | 44,198 | ||||||||
| 8,000 | 08/31/24 | 0.399%(S) | 1 Day USOIS(1)(A)/ 5.330% | 13 | 400,086 | 400,073 | ||||||||
| 12,500 | 09/01/24 | 2.500%(S) | 1 Day SOFR(1)(A)/ 5.340% | 487 | 366,597 | 366,110 | ||||||||
| 6,750 | 09/08/24 | 3.602%(A) | 1 Day SOFR(1)(A)/ 5.340% | — | 123,935 | 123,935 | ||||||||
| 4,500 | 09/09/24 | 0.368%(S) | 1 Day SOFR(1)(A)/ 5.340% | (1) | 226,787 | 226,788 | ||||||||
| 46,500 | 09/09/24 | 1.484%(S) | 1 Day SOFR(1)(A)/ 5.340% | 8,261 | 1,828,457 | 1,820,196 | ||||||||
| 9,750 | 10/12/24 | 0.511%(S) | 1 Day SOFR(1)(A)/ 5.340% | 21 | 478,617 | 478,596 | ||||||||
| 18,250 | 10/24/24 | 4.688%(A) | 1 Day SOFR(1)(A)/ 5.340% | 30,028 | 128,443 | 98,415 | ||||||||
| 12,000 | 03/21/25 | 1.998%(S) | 1 Day SOFR(1)(A)/ 5.340% | 47 | 388,124 | 388,077 | ||||||||
| 83,500 | 03/30/25 | 2.418%(S) | 1 Day SOFR(1)(A)/ 5.340% | 110,567 | 2,351,886 | 2,241,319 | ||||||||
| 16,000 | 05/11/25 | 0.450%(S) | 1 Day SOFR(1)(A)/ 5.340% | 4,858 | 742,508 | 737,650 | ||||||||
| 8,000 | 05/25/25 | 4.241%(A) | 1 Day SOFR(1)(A)/ 5.340% | — | 74,603 | 74,603 | ||||||||
| 28,750 | 06/29/25 | 3.083%(S) | 1 Day SOFR(1)(A)/ 5.340% | 90,018 | 1,257,664 | 1,167,646 | ||||||||
| 57,000 | 06/29/25 | 3.086%(S) | 1 Day SOFR(1)(A)/ 5.340% | (194,407) | 2,490,662 | 2,685,069 | ||||||||
| 53,250 | 08/17/25 | 2.957%(S) | 1 Day SOFR(1)(A)/ 5.340% | 47,208 | 2,369,314 | 2,322,106 | ||||||||
| 95,500 | 09/08/25 | 3.422%(A) | 1 Day SOFR(1)(A)/ 5.340% | 224,377 | 3,330,844 | 3,106,467 | ||||||||
27
PGIM Ultra Short Bond ETF
Schedule of Investments (unaudited) (continued)
as of May 31, 2024
Interest rate swap agreements outstanding at May 31, 2024 (continued):
| Notional Amount (000)# | Termination Date | Fixed Rate | Floating Rate | Value at Trade Date | Value at May 31, 2024 | Unrealized Appreciation (Depreciation) | ||||||||
| Centrally Cleared Interest Rate Swap Agreements (cont’d.): | ||||||||||||||
| 188,500 | 10/07/25 | 3.955%(A) | 1 Day SOFR(1)(A)/ 5.340% | $(69,400) | $4,486,270 | $4,555,670 | ||||||||
| 22,750 | 10/21/25 | 4.378%(A) | 1 Day SOFR(1)(A)/ 5.340% | (7,718) | 337,122 | 344,840 | ||||||||
| 57,500 | 11/09/25 | 4.492%(A) | 1 Day SOFR(1)(A)/ 5.340% | 154,063 | 717,036 | 562,973 | ||||||||
| 216,000 | 12/01/25 | 4.041%(A) | 1 Day SOFR(1)(A)/ 5.340% | (8,505) | 4,442,742 | 4,451,247 | ||||||||
| 46,750 | 01/11/26 | 3.783%(A) | 1 Day SOFR(1)(A)/ 5.340% | 3,293 | 1,137,725 | 1,134,432 | ||||||||
| 45,000 | 02/01/26 | 3.850%(A) | 1 Day SOFR(1)(A)/ 5.340% | 45,020 | 1,006,450 | 961,430 | ||||||||
| 70,000 | 02/27/26 | 4.345%(A) | 1 Day SOFR(1)(A)/ 5.340% | 4,772 | 834,603 | 829,831 | ||||||||
| 120,100 | 02/28/26 | 4.453%(A) | 1 Day SOFR(1)(A)/ 5.340% | 164,925 | 1,169,428 | 1,004,503 | ||||||||
| 75,000 | 05/17/26 | 3.535%(A) | 1 Day SOFR(1)(A)/ 5.340% | — | 1,838,535 | 1,838,535 | ||||||||
| 35,000 | 08/18/26 | 4.442%(A) | 1 Day SOFR(1)(A)/ 5.340% | — | 499,175 | 499,175 | ||||||||
| 242,500 | 09/14/26 | 4.550%(A) | 1 Day SOFR(1)(A)/ 5.340% | (161,573) | 2,455,530 | 2,617,103 | ||||||||
| 257,000 | 01/04/27 | 3.834%(A) | 1 Day SOFR(1)(A)/ 5.340% | 2,007,035 | 6,616,964 | 4,609,929 | ||||||||
| 22,000 | 02/13/27 | 4.527%(A) | 1 Day SOFR(1)(A)/ 5.340% | — | 50,413 | 50,413 | ||||||||
| 39,000 | 03/18/27 | 4.304%(A) | 1 Day SOFR(1)(A)/ 5.340% | 43,266 | 376,583 | 333,317 | ||||||||
| 31,750 | 05/23/27 | 4.463%(A) | 1 Day SOFR(1)(A)/ 5.340% | 41,762 | 83,404 | 41,642 | ||||||||
| $2,554,625 | $45,629,763 | $43,075,138 | ||||||||||||
| (1) | The Fund pays the fixed rate and receives the floating rate. |
| (2) | The Fund pays the floating rate and receives the fixed rate. |
Other information regarding the Fund is available in the Fund’s most recent Report to Shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).
28