PGIM Floating Rate Income ETF
Schedule of Investments (unaudited)
as of May 31, 2024
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Long-Term Investments 98.5% | |||||
Asset-Backed Securities 9.8% | |||||
Collateralized Loan Obligations | |||||
Ares CLO Ltd. (Cayman Islands), Series 2021-61A, Class BR, 144A, 3 Month SOFR + 2.100% (Cap N/A, Floor 2.100%) | 7.427 %(c) | 04/20/37 | 550 | $550,933 | |
Atlas Senior Loan Fund Ltd. (United Kingdom), Series 2023-21A, Class B, 144A, 3 Month SOFR + 3.000% (Cap N/A, Floor 3.000%) | 8.325(c) | 07/20/35 | 275 | 280,036 | |
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%) | 7.979(c) | 07/15/30 | 250 | 250,185 | |
Avoca Capital CLO Ltd. (Ireland), Series 10A, Class B1, 144A, 3 Month EURIBOR + 1.350% (Cap N/A, Floor 1.350%) | 5.256(c) | 04/15/35 | EUR | 250 | 266,347 |
Carlyle US CLO Ltd. (Cayman Islands), Series 2023-05A, Class B, 144A, 3 Month SOFR + 2.650% (Cap N/A, Floor 2.650%) | 7.973(c) | 01/27/36 | 500 | 502,853 | |
CBAM LLC, Series 2021-15A, Class B1, 144A, 3 Month SOFR + 2.062% (Cap N/A, Floor 1.800%) | 7.390(c) | 01/15/36 | 250 | 250,825 | |
Golub Capital Partners CLO Ltd. (United Kingdom), Series 2023-68A, Class B, 144A, 3 Month SOFR + 2.800% (Cap N/A, Floor 2.800%) | 8.124(c) | 07/25/36 | 150 | 151,341 | |
Hayfin US Ltd. (Cayman Islands), Series 2024-15A, Class B, 144A, 3 Month SOFR + 2.200% (Cap N/A, Floor 2.200%) | 7.537(c) | 04/28/37 | 500 | 500,525 | |
HPS Loan Management Ltd. (Cayman Islands), Series 2023-18A, Class B, 144A, 3 Month SOFR + 2.950% (Cap N/A, Floor 2.950%) | 8.275(c) | 07/20/36 | 100 | 101,549 | |
ICG US CLO Ltd. (United Kingdom), Series 2023-01A, Class B, 144A, 3 Month SOFR + 3.000% (Cap N/A, Floor 3.000%) | 8.327(c) | 07/18/36 | 500 | 503,980 | |
Mountain View CLO Ltd. (Cayman Islands), Series 2023-01A, Class B, 144A, 3 Month SOFR + 3.000% (Cap N/A, Floor 3.000%) | 8.329(c) | 09/14/36 | 200 | 201,359 | |
NGC Ltd. (United Kingdom), Series 2024-01A, Class B, 144A, 3 Month SOFR + 2.100% (Cap N/A, Floor 2.100%) | 7.432(c) | 07/20/37 | 350 | 350,310 | |
OFSI BSL Ltd. (Cayman Islands), Series 2023-12A, Class B, 144A, 3 Month SOFR + 3.150% (Cap N/A, Floor 3.150%) | 8.475(c) | 01/20/35 | 250 | 250,016 |
1
PGIM Floating Rate Income 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.) | |||||
PPM CLO Ltd. (Cayman Islands), Series 2019-02A, Class BR2, 144A, 3 Month SOFR + 2.250% (Cap N/A, Floor 2.250%) | 7.576 %(c) | 04/16/37 | 500 | $503,705 | |
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 | 251,751 | |
Sixth Street CLO Ltd. (Cayman Islands), Series 2020-16A, Class BR, 144A, 3 Month SOFR + 2.450% (Cap N/A, Floor 2.450%) | 7.775(c) | 01/20/37 | 300 | 304,305 | |
Sound Point CLO Ltd. (Cayman Islands), Series 2020-02A, Class DR, 144A, 3 Month SOFR + 3.612% (Cap N/A, Floor 3.350%) | 8.935(c) | 10/25/34 | 250 | 245,293 | |
Symphony CLO Ltd. (Bermuda), Series 2023-40A, Class B, 144A, 3 Month SOFR + 2.550% (Cap N/A, Floor 2.550%) | 7.879(c) | 01/14/34 | 500 | 501,947 | |
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 | 506,258 | |
Total Asset-Backed Securities (cost $6,403,477) | 6,473,518 | ||||
Corporate Bonds 18.5% | |||||
Aerospace & Defense 0.1% | |||||
Bombardier, Inc. (Canada), Sr. Unsec’d. Notes, 144A | 7.875 | 04/15/27 | 91 | 91,091 | |
Airlines 0.1% | |||||
VistaJet Malta Finance PLC/Vista Management Holding, Inc. (Switzerland), Sr. Unsec’d. Notes, 144A | 7.875 | 05/01/27 | 75 | 67,582 | |
Auto Manufacturers 0.2% | |||||
General Motors Co., Sr. Unsec’d. Notes | 5.600 | 10/15/32 | 105 | 104,468 | |
Banks 15.1% | |||||
Bank of America Corp., | |||||
Jr. Sub. Notes, Series MM | 4.300(ff) | 01/28/25(oo) | 1,725 | 1,683,729 |
2
PGIM Floating Rate Income 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.) | |||||
Bank of America Corp., (cont’d.) | |||||
Jr. Sub. Notes, Series RR | 4.375 %(ff) | 01/27/27(oo) | 500 | $468,810 | |
Citigroup, Inc., | |||||
Jr. Sub. Notes, Series CC | 7.125(ff) | 08/15/29(oo) | 340 | 339,762 | |
Jr. Sub. Notes, Series X | 3.875(ff) | 02/18/26(oo) | 2,050 | 1,933,115 | |
Goldman Sachs Group, Inc. (The), | |||||
Jr. Sub. Notes | 7.500(ff) | 05/10/29(oo) | 175 | 179,486 | |
Jr. Sub. Notes, Series V | 4.125(ff) | 11/10/26(oo) | 600 | 557,649 | |
JPMorgan Chase & Co., | |||||
Jr. Sub. Notes, Series HH | 4.600(ff) | 02/01/25(oo) | 1,200 | 1,178,944 | |
Jr. Sub. Notes, Series II | 4.000(ff) | 04/01/25(oo) | 1,000 | 969,062 | |
Royal Bank of Canada (Canada), Jr. Sub. Notes | 7.500(ff) | 05/02/84 | 1,750 | 1,782,513 | |
Sumitomo Mitsui Financial Group, Inc. (Japan), Jr. Sub. Notes | 6.600(ff) | 06/05/34(oo) | 100 | 98,500 | |
U.S. Bancorp, Jr. Sub. Notes | 3.700(ff) | 01/15/27(oo) | 100 | 89,063 | |
Wells Fargo & Co., Jr. Sub. Notes, Series BB | 3.900(ff) | 03/15/26(oo) | 725 | 689,025 | |
9,969,658 | |||||
Building Materials 0.1% | |||||
Eco Material Technologies, Inc., Sr. Sec’d. Notes, 144A | 7.875 | 01/31/27 | 45 | 44,999 | |
Electric 0.9% | |||||
Calpine Corp., | |||||
Sr. Unsec’d. Notes, 144A | 4.625 | 02/01/29 | 100 | 92,935 | |
Sr. Unsec’d. Notes, 144A | 5.000 | 02/01/31 | 150 | 138,485 | |
Vistra Corp., | |||||
Jr. Sub. Notes, 144A | 8.000(ff) | 10/15/26(oo) | 100 | 101,522 | |
Jr. Sub. Notes, Series C, 144A | 8.875(ff) | 01/15/29(oo) | 250 | 259,052 | |
591,994 | |||||
Environmental Control 0.1% | |||||
GFL Environmental, Inc., Sr. Sec’d. Notes, 144A | 6.750 | 01/15/31 | 50 | 51,031 |
3
PGIM Floating Rate Income ETF
Schedule of Investments (unaudited) (continued)
as of May 31, 2024
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Home Builders 0.1% | |||||
Ashton Woods USA LLC/Ashton Woods Finance Co., Sr. Unsec’d. Notes, 144A | 4.625 % | 04/01/30 | 38 | $33,743 | |
Housewares 0.1% | |||||
SWF Escrow Issuer Corp., Sr. Unsec’d. Notes, 144A | 6.500 | 10/01/29 | 75 | 42,546 | |
Machinery-Diversified 0.1% | |||||
Chart Industries, Inc., Sr. Sec’d. Notes, 144A | 7.500 | 01/01/30 | 80 | 82,413 | |
Media 0.1% | |||||
Charter Communications Operating LLC/Charter Communications Operating Capital, Sr. Sec’d. Notes | 4.400 | 04/01/33 | 75 | 65,847 | |
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 | 466 | |
Sec’d. Notes, 144A (original cost $5,156; purchased 01/31/24)(f) | 5.375 | 08/15/26(d) | 75 | 1,361 | |
Radiate Holdco LLC/Radiate Finance, Inc., | |||||
Sr. Sec’d. Notes, 144A | 4.500 | 09/15/26 | 25 | 18,537 | |
Sr. Unsec’d. Notes, 144A | 6.500 | 09/15/28 | 25 | 11,492 | |
97,703 | |||||
Oil & Gas 0.4% | |||||
Hilcorp Energy I LP/Hilcorp Finance Co., Sr. Unsec’d. Notes, 144A | 6.250 | 04/15/32 | 100 | 95,987 | |
Nabors Industries, Inc., Gtd. Notes, 144A | 7.375 | 05/15/27 | 75 | 74,857 | |
SilverBow Resources, Inc., Sec’d. Notes, 144A, 3 Month SOFR + 7.750% | 13.079(c) | 12/15/28 | 65 | 65,009 | |
235,853 |
4
PGIM Floating Rate Income ETF
Schedule of Investments (unaudited) (continued)
as of May 31, 2024
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Packaging & Containers 0.1% | |||||
Sealed Air Corp., Gtd. Notes, 144A | 5.000 % | 04/15/29 | 50 | $47,434 | |
Sealed Air Corp./Sealed Air Corp. US, Gtd. Notes, 144A | 6.125 | 02/01/28 | 25 | 24,812 | |
72,246 | |||||
Pipelines 0.2% | |||||
Energy Transfer LP, Sr. Unsec’d. Notes | 3.750 | 05/15/30 | 75 | 68,601 | |
Targa Resources Corp., Gtd. Notes | 4.200 | 02/01/33 | 75 | 67,332 | |
135,933 | |||||
Real Estate Investment Trusts (REITs) 0.1% | |||||
Diversified Healthcare Trust, | |||||
Gtd. Notes | 4.375 | 03/01/31 | 60 | 43,356 | |
Gtd. Notes | 9.750 | 06/15/25 | 5 | 5,003 | |
Sr. Unsec’d. Notes | 4.750 | 02/15/28 | 5 | 4,114 | |
52,473 | |||||
Retail 0.1% | |||||
Gap, Inc. (The), Gtd. Notes, 144A | 3.875 | 10/01/31 | 75 | 62,264 | |
Telecommunications 0.6% | |||||
Digicel Group Holdings Ltd. (Jamaica), | |||||
Sr. Sec’d. Notes, Series 1A14, 144A (original cost $537; purchased 11/14/23)^(f) | 0.000 | 12/31/30 | —(r) | 567 | |
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 $100; purchased 11/14/23)^(f) | 0.000 | 12/31/30 | —(r) | 20 | |
Sr. Sec’d. Notes, Series 3B14, 144A (original cost $0; purchased 11/14/23)^(f) | 0.000 | 12/31/30 | 5 | — | |
5
PGIM Floating Rate Income ETF
Schedule of Investments (unaudited) (continued)
as of May 31, 2024
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Corporate Bonds (Continued) | |||||
Telecommunications (cont’d.) | |||||
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 $189,709; purchased 01/29/24 - 05/15/24)(f) | 10.500 % | 05/25/27 | 205 | $200,357 | |
Digicel MidCo Ltd./DIFL US II LLC (Jamaica), Sr. Unsec’d. Notes, PIK 10.500% (original cost $74,616; purchased 01/29/24 - 05/15/24)(f) | 10.500 | 11/25/28 | 114 | 90,879 | |
Level 3 Financing, Inc., | |||||
Sec’d. Notes, 144A | 4.500 | 04/01/30 | 75 | 42,944 | |
Sec’d. Notes, 144A | 4.875 | 06/15/29 | 25 | 14,999 | |
Sr. Sec’d. Notes, 144A | 10.500 | 04/15/29 | 25 | 24,943 | |
Sr. Sec’d. Notes, 144A | 10.500 | 05/15/30 | 50 | 49,859 | |
424,568 | |||||
Total Corporate Bonds (cost $11,948,253) | 12,160,565 | ||||
Floating Rate and Other Loans 69.6% | |||||
Advertising 0.3% | |||||
Summer BC Holdco B Sarl (Luxembourg), Extended Facility B, 3 Month SOFR + 5.260% | 10.569(c) | 02/15/29 | 50 | 49,969 | |
Terrier Media Buyer, Inc., 2021 Refinancing Term B Loan, 3 Month SOFR + 3.600% | 8.909(c) | 12/17/26 | 181 | 142,898 | |
192,867 | |||||
Aerospace & Defense 0.6% | |||||
Propulsion BC FI (Spain), Term Loan, 1 Month SOFR + 4.000% | 8.898(c) | 09/14/29 | 50 | 50,413 | |
Transdigm, Inc., | |||||
Term I Loan, 3 Month SOFR + 2.750% | 8.059(c) | 08/24/28 | 50 | 50,216 | |
Tranche K Term Loan, 3 Month SOFR + 2.750% | 8.059(c) | 03/22/30 | 100 | 100,409 | |
TransDigm, Inc., Tranche J Term Loan, 3 Month SOFR + 3.250% | 7.843(c) | 02/28/31 | 200 | 200,290 | |
401,328 |
6
PGIM Floating Rate Income ETF
Schedule of Investments (unaudited) (continued)
as of May 31, 2024
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Floating Rate and Other Loans (Continued) | |||||
Agriculture 0.2% | |||||
Alltech, Inc., | |||||
Term A Loan, 1 Month SOFR + 3.350%^ | 8.679 %(c) | 10/15/26 | 96 | $93,892 | |
Term B Loan, 1 Month SOFR + 4.114% | 9.444(c) | 10/13/28 | 49 | 48,624 | |
142,516 | |||||
Airlines 1.3% | |||||
American Airlines, Inc., | |||||
Initial Term Loan, 6 Month SOFR + 3.500% | 8.775(c) | 06/04/29 | 200 | 199,550 | |
Initial Term Loan, 3 Month SOFR + 5.012% | 10.336(c) | 04/20/28 | 236 | 244,965 | |
Mileage Plus Holdings LLC, Initial Term Loan, 3 Month SOFR + 5.400% | 10.733(c) | 06/21/27 | 130 | 132,974 | |
United Airlines, Inc., Class B Term Loan, 1 Month SOFR + 2.750% | 8.071(c) | 02/22/31 | 300 | 300,589 | |
878,078 | |||||
Auto Parts & Equipment 1.9% | |||||
Adient US LLC, Term B-2 Loan, 1 Month SOFR + 2.750% | 8.079(c) | 01/31/31 | 100 | 100,703 | |
Clarios Global LP (Canada), 2024 Refinancing Term Loan Facility, 1 Month SOFR + 3.000% | 8.329(c) | 05/06/30 | 175 | 175,435 | |
Dexko Global, Inc., 2023 Incremental Term Loan, 3 Month SOFR + 4.250% | 9.559(c) | 10/04/28 | 75 | 74,906 | |
First Brands Group LLC, | |||||
2022-Ii Incremental Term Loan, 3 Month SOFR + 5.262% | 10.591(c) | 03/30/27 | 348 | 343,721 | |
Second Lien 2021 Term Loan, 3 Month SOFR + 8.812% | 14.141(c) | 03/30/28 | 225 | 218,250 | |
RealTruck Group, Inc., Initial Term Loan, 1 Month SOFR + 3.614% | 8.944(c) | 01/31/28 | 73 | 72,953 | |
Tenneco, Inc., | |||||
Term A Loan, 3 Month SOFR + 4.850% | 10.173(c) | 11/17/28 | 105 | 101,311 | |
Term B Loan, 3 Month SOFR + 5.100% | 10.407(c) | 11/17/28 | 150 | 146,250 | |
1,233,529 |
7
PGIM Floating Rate Income ETF
Schedule of Investments (unaudited) (continued)
as of May 31, 2024
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Floating Rate and Other Loans (Continued) | |||||
Banks 0.1% | |||||
Walker & Dunlop, Inc., Incremental Term B Loan, 1 Month SOFR + 3.000%^ | 7.679 %(c) | 12/16/28 | 50 | $49,562 | |
Beverages 1.1% | |||||
Brewco Borrower LLC, First-Out New Money Term Loan, 3 Month SOFR + 6.250% | 11.579(c) | 04/05/28 | 273 | 273,933 | |
City Brewing Co. LLC, Second Out Term Loan, 3 Month SOFR + 5.262% | 10.590(c) | 04/05/28 | 94 | 70,376 | |
Pegasus Bidco BV (Netherlands), 2024-1 Term Dollar Loan, 3 Month SOFR + 3.750% | 9.072(c) | 07/12/29 | 397 | 399,239 | |
743,548 | |||||
Building Materials 2.3% | |||||
Cornerstone Building Brands, Inc., | |||||
Term Loan, 1 Month SOFR + 5.625% | 10.942(c) | 08/01/28 | 197 | 199,024 | |
Tranche C Term Loan, 1 Month SOFR + 4.500% | 9.817(c) | 05/15/31 | 50 | 50,083 | |
CP Atlas Buyer, Inc., Term B Loan, 1 Month SOFR + 3.850% | 9.179(c) | 11/23/27 | 147 | 145,989 | |
Emerald Borrower LP, Initial Term B Loan, 1 Month SOFR + 2.500% | 7.829(c) | 05/31/30 | 217 | 217,778 | |
MIWD HoldCo II LLC, 2024 Incremental Term Loan, 1 Month SOFR + 3.500% | 8.829(c) | 03/28/31 | 100 | 100,675 | |
Quikrete Holdings, Inc., 2031 Term B Loan, 1 Month SOFR + 2.500% | 7.829(c) | 04/14/31 | 425 | 426,461 | |
Smyrna Ready Mix Concrete LLC, New Term B Loan, 1 Month SOFR + 3.500%^ | 8.821(c) | 04/02/29 | 251 | 252,103 | |
Vector WP HoldCo, Inc., Initial Term B Loan, 1 Month SOFR + 5.114%^ | 10.442(c) | 10/12/28 | 149 | 148,420 | |
1,540,533 | |||||
Chemicals 3.2% | |||||
Ascend Performance Materials Operations LLC, 2021 Refinancing Term Loan, 6 Month SOFR + 4.850% | 10.074(c) | 08/27/26 | 235 | 234,059 |
8
PGIM Floating Rate Income ETF
Schedule of Investments (unaudited) (continued)
as of May 31, 2024
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Floating Rate and Other Loans (Continued) | |||||
Chemicals (cont’d.) | |||||
Chemours Co. (The), Tranche B-3 USD Term Loan, 1 Month SOFR + 3.500% | 8.829 %(c) | 08/18/28 | 65 | $64,950 | |
Consolidated Energy Finance SA (Switzerland), 2024 Incremental Term Loan, 1 Month SOFR + 4.500% | 9.829(c) | 11/15/30 | 125 | 124,101 | |
Geon Performance Solutions LLC, 2024 Refinancing Term Loan, 1 Month SOFR + 4.250% | 9.571(c) | 08/18/28 | 172 | 172,188 | |
INEOS US Finance LLC (Luxembourg), 2030 Dollar Term Loan, 1 Month SOFR + 3.600% | 8.929(c) | 02/18/30 | 74 | 74,484 | |
Ineos US Petrochem LLC, | |||||
2030 Tranche B Dollar Term Loan, 1 Month SOFR + 3.850% | 9.179(c) | 03/14/30 | 74 | 74,406 | |
New Term B Loan, 1 Month SOFR + 4.350% | 9.679(c) | 04/02/29 | 100 | 99,938 | |
Iris Holdings Ltd., Initial Term Loan, 3 Month SOFR + 4.850% | 10.180(c) | 06/28/28 | 128 | 122,830 | |
LSF11 A5 HoldCo, LLC, | |||||
Incremental Term Loan, 1 Month SOFR + 4.350% | 9.679(c) | 10/15/28 | 189 | 188,764 | |
Term Loan, 1 Month SOFR + 3.614% | 8.944(c) | 10/15/28 | 300 | 300,300 | |
Olympus Water US Holding Corp., | |||||
Initial Dollar Term Loan, 3 Month SOFR + 4.012% | 9.321(c) | 11/09/28 | 98 | 98,610 | |
Term B-4 Loan, 3 Month SOFR + 4.250% | 9.576(c) | 11/09/28 | 97 | 97,580 | |
Starfruit Finco BV, | |||||
Incremental Term B Loan, 1 Month SOFR + 3.500% | 8.820(c) | 04/03/28 | 99 | 99,839 | |
Term B Loan, 3 Month SOFR + 3.500% | 8.826(c) | 04/03/28 | 248 | 249,609 | |
Vantage Specialty Chemicals, Inc., First Lien 2023 Other Term Loan, 3 Month SOFR + 4.750% | 10.077(c) | 10/26/26 | 99 | 98,596 | |
2,100,254 | |||||
Commercial Services 7.6% | |||||
Albion Financing Sarl, 2023 Incremental USD Term Loan, 3 Month SOFR + 5.500% | 10.831(c) | 08/17/26 | 74 | 74,668 | |
Allied Universal Holdco LLC, Term Loan USD, 1 Month SOFR + 3.850% | 9.179(c) | 05/12/28 | 250 | 249,938 |
9
PGIM Floating Rate Income ETF
Schedule of Investments (unaudited) (continued)
as of May 31, 2024
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Floating Rate and Other Loans (Continued) | |||||
Commercial Services (cont’d.) | |||||
Amentum Government Services Holdings LLC, Tranche 3 Term Loan, 1 Month SOFR + 4.000% | 9.321 %(c) | 02/15/29 | 122 | $122,500 | |
API Group DE, Inc., 2021 Repriced Term B Loan, 1 Month SOFR + 2.000% | 7.329(c) | 01/03/29 | 250 | 250,833 | |
ArchKey Holdings, Inc., First Lien Initial Term Loan, 1 Month SOFR + 5.364% | 10.694(c) | 06/29/28 | 272 | 273,566 | |
Avis Budget Car Rental LLC, New Tranche Term C Loan, 1 Month SOFR + 3.100% | 8.429(c) | 03/16/29 | 399 | 398,801 | |
Cimpress PLC, 2024 Refinancing Tranche B-1 Term Loan, 1 Month SOFR + 3.000% | 8.329(c) | 05/17/28 | 148 | 147,682 | |
CoreLogic, Inc., First Lien Initial Term Loan, 1 Month SOFR + 3.614% | 8.944(c) | 06/02/28 | 249 | 245,303 | |
Crisis Prevention Institute, Inc., Initial Term Loan, 3 Month SOFR + 4.750% | 10.043(c) | 04/09/31 | 100 | 100,500 | |
DS Parent, Inc., Term B Loan, 3 Month SOFR + 5.500% | 10.802(c) | 01/31/31 | 50 | 50,000 | |
Fly Funding II Sarl (Luxembourg), Term B Loan, 3 Month LIBOR + 1.750% | 7.330(c) | 08/11/25 | 303 | 294,780 | |
Garda World Security Corp. (Canada), Fourth Additional Term Loan, 3 Month SOFR + 4.250% | 9.583(c) | 02/01/29 | 50 | 50,285 | |
Grant Thornton LLP, Term Loan | —(p) | 06/02/31 | 100 | 100,250 | |
GTCR W Merger Sub LLC, Initial USD Term Loan, 3 Month SOFR + 3.000% | 8.309(c) | 01/31/31 | 350 | 351,096 | |
Indy US Holdco LLC, Fifth Amendment Incremental Term Loan, 1 Month SOFR + 6.250% | 11.579(c) | 03/06/28 | 253 | 251,748 | |
Kingpin Intermediate Holdings LLC, Amendment No. 8 Term Loan, 1 Month SOFR + 3.500% | 8.829(c) | 02/08/28 | 78 | 77,421 | |
Kuehg Corp., Term B Loan, 3 Month SOFR + 4.500% | 9.823(c) | 06/12/30 | 199 | 199,958 | |
Latham Pool Products, Inc., Initial Term Loan, 1 Month SOFR + 3.850% | 9.425(c) | 02/23/29 | 302 | 295,978 |
10
PGIM Floating Rate Income ETF
Schedule of Investments (unaudited) (continued)
as of May 31, 2024
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Floating Rate and Other Loans (Continued) | |||||
Commercial Services (cont’d.) | |||||
Learning Care Group (US) No. 2, Inc., 2024 Refinancing Term Loan, 3 Month SOFR + 4.000% | 9.336 %(c) | 08/11/28 | 149 | $149,847 | |
Mavis Tire Express Services Topco Corp., Term Loan, 1 Month SOFR + 3.750% | 9.079(c) | 05/04/28 | 250 | 251,344 | |
MPH Acquisition Holdings LLC, Initial Term Loan, 3 Month SOFR + 4.512% | 9.859(c) | 09/01/28 | 132 | 109,952 | |
NAB Holdings LLC, First Lien Term Loan, 3 Month SOFR + 2.900% | 8.209(c) | 11/23/28 | 247 | 247,584 | |
Omnia Partners LLC, Repriced Term Loan, 2 Month SOFR + 3.250% | 8.574(c) | 07/25/30 | 200 | 200,217 | |
PG Polaris Bidco Sarl (Luxembourg), Initial Term Loan, 3 Month SOFR + 3.500% | 8.812(c) | 03/26/31 | 100 | 100,656 | |
Ryan LLC, Initial Term Loan, 1 Month SOFR + 3.500% | 8.828(c) | 11/14/30 | 127 | 127,300 | |
TruGreen LP, Second Refinancing Term Loan (First Lien), 1 Month SOFR + 4.100% | 9.429(c) | 11/02/27 | 149 | 140,846 | |
Vestis, Term B-1 Loan, 3 Month SOFR + 2.250% | 7.577(c) | 02/24/31 | 50 | 49,781 | |
VT Topco, Inc., Term B Loan, 1 Month SOFR + 3.500% | 8.829(c) | 08/09/30 | 75 | 75,077 | |
4,987,911 | |||||
Computers 2.4% | |||||
ConvergeOne Holdings Corp., First Lien Initial Term Loan, 6 Month LIBOR + 4.000% | 12.500(c) | 01/04/26(d) | 197 | 36,368 | |
Convergeone Holdings, Inc., Dip Loan, 1 Month SOFR + 8.000%^ | 13.323(c) | 09/30/24 | 57 | 56,773 | |
Fortress Intermediate, Term Loan^ | —(p) | 06/30/31 | 240 | 240,600 | |
McAfee Corp., | |||||
Tranche B-1 Term Loan, 1 Month SOFR + 3.250% | 8.579(c) | 03/01/29 | 125 | 125,156 | |
Tranche B-1 Term Loan, 1 Month SOFR + 3.750% | 9.163(c) | 03/01/29 | 294 | 294,104 | |
NCR Atleos LLC, Term B Loan, 3 Month SOFR + 4.850% | 10.179(c) | 03/27/29 | 224 | 226,174 | |
Peraton Corp., First Lien Term B Loan, 1 Month SOFR + 3.850% | 9.179(c) | 02/01/28 | 294 | 293,645 |
11
PGIM Floating Rate Income ETF
Schedule of Investments (unaudited) (continued)
as of May 31, 2024
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Floating Rate and Other Loans (Continued) | |||||
Computers (cont’d.) | |||||
Redstone Holdco 2 LP, First Lien Initial Term Loan, 1 Month SOFR + 4.864% | 10.194 %(c) | 04/27/28 | 61 | $52,641 | |
Sandvine Corp. (Canada), Initial Term Loan (First Lien), 6 Month SOFR + 4.928% | 10.153(c) | 10/31/25 | 123 | 28,362 | |
SonicWall US Holdings, Inc., 2023 Term Loan, 3 Month SOFR + 5.000% | 10.312(c) | 05/18/28 | 75 | 74,828 | |
VeriFone Systems, Inc., First Lien Initial Term Loan, 3 Month SOFR + 4.262% | 9.598(c) | 08/20/25 | 221 | 190,507 | |
1,619,158 | |||||
Distribution/Wholesale 0.7% | |||||
AIP RD Buyer Corp., 2024 Term Loan, 1 Month SOFR + 4.500% | 9.829(c) | 12/23/28 | 100 | 100,436 | |
Closure Systems International Group, Inc., Amendment No. 4 Term Loan, 1 Month SOFR + 4.000% | 9.329(c) | 03/22/29 | 50 | 50,166 | |
Fastlane Parent Co., Inc., Term B Loan, 1 Month SOFR + 4.500% | 9.829(c) | 09/29/28 | 50 | 49,584 | |
Gloves Buyer, Inc., First Lien Initial Term Loan, 1 Month SOFR + 4.000% | 9.444(c) | 12/29/27 | 25 | 24,969 | |
Resideo Funding, Inc., Term Loan, 1 Month SOFR + 2.000%^ | 7.310(c) | 06/13/31 | 100 | 100,250 | |
Windsor Holdings III LLC, 2024 Term B Loan, 1 Month SOFR + 4.000% | 9.320(c) | 08/01/30 | 164 | 165,804 | |
491,209 | |||||
Diversified Financial Services 1.5% | |||||
Blackhawk Network Holdings, Inc., Term B Loan, 1 Month SOFR + 5.000% | 10.329(c) | 03/12/29 | 125 | 125,417 | |
Castlelake Aviation One, Initial Term Loan, 3 Month SOFR + 2.500% | 7.829(c) | 10/22/26 | 132 | 132,479 | |
Hudson River Trading LLC, Term Loan, 1 Month SOFR + 3.114% | 8.442(c) | 03/20/28 | 294 | 294,319 |
12
PGIM Floating Rate Income ETF
Schedule of Investments (unaudited) (continued)
as of May 31, 2024
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Floating Rate and Other Loans (Continued) | |||||
Diversified Financial Services (cont’d.) | |||||
Nuvei Technologies Corp. (Canada), Initial Term Loan, 1 Month SOFR + 3.100% | 8.429 %(c) | 12/19/30 | 200 | $200,124 | |
VFH Parent LLC, Initial Term Loan, 1 Month SOFR + 3.100% | 8.429(c) | 01/13/29 | 235 | 234,799 | |
987,138 | |||||
Electric 0.7% | |||||
Discovery Energy Holding Corp., Initial Dollar Term Loan, 1 Month SOFR + 4.750% | 10.063(c) | 05/01/31 | 125 | 125,573 | |
Generation Bridge Northeast LLC, Term B Loan, 1 Month SOFR + 3.500% | 8.829(c) | 08/22/29 | 121 | 122,151 | |
Lightstone HoldCo LLC, | |||||
Extended Term B Loan, 3 Month SOFR + 5.750% | 11.080(c) | 01/29/27 | 185 | 181,211 | |
Extended Term C Loan, 3 Month SOFR + 5.750% | 11.080(c) | 01/29/27 | 10 | 10,249 | |
439,184 | |||||
Electronics 0.9% | |||||
Celestica, Inc. (Canada), Term Loan^ | —(p) | 06/20/31 | 100 | 99,875 | |
Coherent Corp., Term B-1 Loan, 1 Month SOFR + 2.500% | 7.829(c) | 07/02/29 | 256 | 256,619 | |
Ingram Micro, Inc., Term B Loan, 3 Month SOFR + 3.262% | 8.571(c) | 06/30/28 | 180 | 180,790 | |
Roper Industrial Product, Tranche B Dollar Term Loan, 3 Month SOFR + 4.000% | 9.302(c) | 11/22/29 | 50 | 49,841 | |
587,125 | |||||
Engineering & Construction 0.8% | |||||
Aegion Corp., New Initial Term Loan, 1 Month SOFR + 4.250% | 9.579(c) | 05/17/28 | 175 | 175,779 | |
Brown Group Holding LLC, Initial Term Loan, 1 Month SOFR + 2.850% | 8.179(c) | 06/07/28 | 100 | 99,993 | |
Michael Baker International LLC, Term Loan^ | —(p) | 12/01/28 | 25 | 25,062 |
13
PGIM Floating Rate Income ETF
Schedule of Investments (unaudited) (continued)
as of May 31, 2024
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Floating Rate and Other Loans (Continued) | |||||
Engineering & Construction (cont’d.) | |||||
Osmose Utilities Services, Inc., First Lien Initial Term Loan, 1 Month SOFR + 3.364% | 8.694 %(c) | 06/23/28 | 149 | $148,489 | |
Rockwood Service Corp., Initial Term Loan, 1 Month SOFR + 4.114% | 9.444(c) | 01/23/27 | 74 | 74,825 | |
524,148 | |||||
Entertainment 3.1% | |||||
Allen Media LLC, Term B Loan, 3 Month SOFR + 5.650% | 10.959(c) | 02/10/27 | 185 | 153,624 | |
Allwyn Entertainment Financing US LLC, Term Loan^ | —(p) | 06/30/31 | 75 | 75,094 | |
AP Gaming I LLC, Term B Loan, 3 Month SOFR + 3.750% | 9.052(c) | 02/15/29 | 75 | 75,295 | |
Caesars Entertainment, Inc., | |||||
Incremental Term B-1 Loan, 3 Month SOFR + 2.750% | 8.097(c) | 02/06/31 | 200 | 200,393 | |
Term B Loan, 3 Month SOFR + 2.750% | 8.097(c) | 02/06/30 | 198 | 197,780 | |
Cinemark USA, Inc., Term Loan, 1 Month SOFR + 3.750% | 9.052(c) | 05/24/30 | 223 | 224,329 | |
ECL Entertainment LLC, Term B Loan, 1 Month SOFR + 4.000% | 9.329(c) | 08/31/30 | 50 | 50,271 | |
Entain PLC (United Kingdom), Facility B-3, 1 Month SOFR + 2.750% | 8.070(c) | 10/31/29 | 247 | 247,537 | |
Flutter Financing BV (Ireland), Term B Loan, 3 Month SOFR + 2.250% | 7.559(c) | 11/25/30 | 224 | 225,055 | |
Golden Entertainment, Inc., Term B-1 Facility Term Loan, 1 Month SOFR + 2.750% | 8.175(c) | 05/28/30 | 132 | 132,581 | |
Great Canadian Gaming Co., Term B Loan, 3 Month SOFR + 4.262% | 9.590(c) | 11/01/26 | 124 | 125,033 | |
J&J Ventures Gaming LLC, | |||||
2023 Delayed Draw Term Loan (Montana), 1 Month SOFR + 4.364% | 9.694(c) | 04/26/28 | 150 | 149,531 | |
Initial Term Loan, 1 Month SOFR + 4.114% | 9.444(c) | 04/26/28 | 98 | 97,535 |
14
PGIM Floating Rate Income ETF
Schedule of Investments (unaudited) (continued)
as of May 31, 2024
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Floating Rate and Other Loans (Continued) | |||||
Entertainment (cont’d.) | |||||
Maverick Gaming LLC, | |||||
First Out Term Loan, 3 Month SOFR + 7.762% | 13.064 %(c) | 06/03/28 | 34 | $32,723 | |
Second Out Term Loan, 3 Month SOFR + 7.762%^ | 13.064(c) | 06/03/28 | 66 | 31,528 | |
2,018,309 | |||||
Environmental Control 1.3% | |||||
Action Environmental Group, Inc. (The), Second Amendment Term B Loan, 2 Month SOFR + 4.000%^ | 9.324(c) | 10/24/30 | 413 | 415,625 | |
Covanta Holding Corp., | |||||
2024 Incremental Term B Loan, 1 Month SOFR + 2.750% | 8.071(c) | 11/30/28 | 203 | 204,234 | |
2024 Incremental Term C Loan, 1 Month SOFR + 2.750% | 8.071(c) | 11/30/28 | 11 | 11,145 | |
JFL-Tiger Acquisition Co., Inc., Initial Term Loan, 3 Month SOFR + 4.500% | 9.829(c) | 10/17/30 | 200 | 200,000 | |
831,004 | |||||
Foods 0.4% | |||||
BCPE North Star U.S. Holdco, Inc., First Lien Initial Term Loan, 1 Month SOFR + 4.114% | 9.444(c) | 06/09/28 | 272 | 261,628 | |
Hand/Machine Tools 0.1% | |||||
Alliance Laundry Systems LLC, Initial Term B Loan, 1 Month SOFR + 3.600% | 8.908(c) | 10/08/27 | 65 | 65,153 | |
Healthcare 0.2% | |||||
Lifepoint Health, Inc., 2024 Repricing Term B Loan, 2 Month SOFR + 4.750% | 10.056(c) | 11/16/28 | 117 | 117,704 |
15
PGIM Floating Rate Income ETF
Schedule of Investments (unaudited) (continued)
as of May 31, 2024
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Floating Rate and Other Loans (Continued) | |||||
Healthcare-Products 0.4% | |||||
Auris Luxembourg III Sarl (Denmark), Facility B-4, 6 Month SOFR + 4.678% | 9.564 %(c) | 02/27/29 | 50 | $50,062 | |
Medline Borrower LP, Term B Loan, 1 Month SOFR + 2.750% | 8.079(c) | 10/23/28 | 233 | 234,582 | |
284,644 | |||||
Healthcare-Services 2.5% | |||||
Accelerated Health Systems LLC, Initial Term B Loan, 3 Month SOFR + 4.400% | 9.702(c) | 02/15/29 | 251 | 208,914 | |
Charlotte Buyer, Initial Term B Loan, 1 Month SOFR + 5.250% | 10.571(c) | 02/11/28 | 265 | 266,355 | |
eResearch Technology, Inc., First Lien Initial Term Loan, 1 Month SOFR + 4.500% | 9.930(c) | 02/04/27 | 119 | 119,426 | |
Mamba Purchaser, Inc., Term Loan, 1 Month SOFR + 3.614% | 8.944(c) | 10/16/28 | 49 | 49,168 | |
Pacific Dental Services LLC, Refinancing Term Loan, 1 Month SOFR + 3.250% | 8.567(c) | 03/15/31 | 174 | 175,561 | |
Phoenix Guarantor, Inc., Tranche B-4 Term Loan, 1 Month SOFR + 3.250% | 8.579(c) | 02/21/31 | 400 | 400,056 | |
Radnet Management, Inc., Term B Loan, 3 Month SOFR + 2.500% | 7.827(c) | 04/18/31 | 100 | 100,094 | |
Sound Inpatient Physicians, Inc., Second Lien Initial Loan, 3 Month SOFR + 6.750% | 12.341(c) | 06/26/26 | 214 | 158,006 | |
Surgery Center Holdings, Inc., New First Lien Term Loan, 1 Month SOFR + 3.500% | 8.821(c) | 12/19/30 | 150 | 150,665 | |
1,628,245 | |||||
Holding Companies-Diversified 0.7% | |||||
Belfor Holdings, Inc., Initial Tranche B-1 Term Loan, 1 Month SOFR + 3.750% | 9.079(c) | 11/01/30 | 188 | 188,559 | |
Clue OpCo LLC, Term B Loan, 3 Month SOFR + 4.500%^ | 9.830(c) | 12/19/30 | 325 | 294,225 | |
482,784 |
16
PGIM Floating Rate Income ETF
Schedule of Investments (unaudited) (continued)
as of May 31, 2024
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Floating Rate and Other Loans (Continued) | |||||
Home Furnishings 0.9% | |||||
Snap One Holdings Corp., Initial Term Loan, 3 Month SOFR + 4.650% | 9.952 %(c) | 12/08/28 | 198 | $197,982 | |
TGP Holdings III LLC, First Lien Closing Date Term Loan, 1 Month SOFR + 3.350% | 8.679(c) | 06/29/28 | 326 | 311,358 | |
Weber-Stephen Products LLC, Initial Term B Loan, 1 Month SOFR + 3.364% | 8.694(c) | 10/30/27 | 73 | 67,301 | |
576,641 | |||||
Housewares 0.3% | |||||
Lifetime Brands, Inc., Extended Term Loan, 1 Month SOFR + 5.614% | 10.937(c) | 08/26/27 | 48 | 46,638 | |
SWF Holdings I Corp., Initial Term Loan, 1 Month SOFR + 4.114% | 9.444(c) | 10/06/28 | 207 | 172,425 | |
219,063 | |||||
Insurance 2.5% | |||||
Acrisure LLC, | |||||
2020 Term B Loan, 1 Month LIBOR + 3.500% | 8.944(c) | 02/15/27 | 100 | 99,906 | |
2021-1 Additional Term Loan, 1 Month LIBOR + 3.750% | 9.194(c) | 02/15/27 | 344 | 344,115 | |
First Lien 2021-2 Additional Term Loan, 1 Month LIBOR + 4.250% | 9.694(c) | 02/15/27 | 49 | 49,617 | |
AmWINS Group, Inc., Term Loan, 1 Month SOFR + 2.364% | 7.694(c) | 02/19/28 | 63 | 63,245 | |
Assured Partners, Inc., 2024 Term Loan, 1 Month SOFR + 3.500% | 8.829(c) | 02/14/31 | 231 | 232,984 | |
Asurion LLC, | |||||
New B-04 Term Loan, 1 Month SOFR + 5.364% | 10.694(c) | 01/20/29 | 200 | 185,861 | |
New B-09 Term Loan, 1 Month SOFR + 3.364% | 8.694(c) | 07/31/27 | 243 | 238,241 | |
New B-10 Term Loan, 1 Month SOFR + 4.100% | 9.429(c) | 08/19/28 | 114 | 112,848 | |
New B-11 Term Loan, 1 Month SOFR + 4.350% | 9.679(c) | 08/21/28 | 74 | 73,638 | |
Second Lien Term B-3 Loan, 1 Month SOFR + 5.364% | 10.694(c) | 01/31/28 | 50 | 46,922 | |
Broadstreet Partners, Inc., Term Loan | —(p) | 06/13/31 | 225 | 225,884 | |
1,673,261 |
17
PGIM Floating Rate Income ETF
Schedule of Investments (unaudited) (continued)
as of May 31, 2024
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Floating Rate and Other Loans (Continued) | |||||
Internet 0.6% | |||||
Cablevision Lightpath LLC, Initial Term Loan, 1 Month SOFR + 3.364% | 8.681 %(c) | 11/30/27 | 157 | $151,374 | |
MH Sub I LLC, 2023 May New Term Loan, 1 Month SOFR + 4.250% | 9.579(c) | 05/03/28 | 271 | 271,112 | |
422,486 | |||||
Investment Companies 0.8% | |||||
GIP Pilot Acquisition Partners LP, Initial Term Loan, 3 Month SOFR + 3.000% | 7.827(c) | 10/04/30 | 274 | 275,427 | |
Guardian US Holdco, Initial Term Loan, 3 Month SOFR + 3.500% | 8.809(c) | 01/31/30 | 174 | 173,342 | |
WEC US Holdings Ltd., Initial Term Loan, 1 Month SOFR + 2.750% | 8.079(c) | 01/27/31 | 100 | 100,450 | |
549,219 | |||||
Leisure Time 2.1% | |||||
Alterra Mountain Co., Term B-5 Loan, 1 Month SOFR + 3.500% | 8.829(c) | 05/31/30 | 124 | 124,993 | |
Amer Sports Co. (Finland), Initial USD Term Loan, 3 Month SOFR + 3.250% | 8.577(c) | 02/17/31 | 150 | 150,938 | |
Bombardier Recreational Products, Inc. (Canada), 2023 Replacement Term Loan, 1 Month SOFR + 2.750% | 8.079(c) | 12/13/29 | 319 | 320,408 | |
Carnival Corp., 2027 Term Loan, 1 Month SOFR + 2.750% | 8.075(c) | 08/08/27 | 76 | 76,733 | |
Fender Musical Instruments Corp., Initial Term Loan, 1 Month SOFR + 4.100% | 9.425(c) | 12/01/28 | 70 | 69,197 | |
LC Ahab US Bidco LLC, Initial Term Loan, 1 Month SOFR + 3.500% | 8.829(c) | 05/01/31 | 200 | 200,875 | |
Recess Holdings, Inc., Initial Term Loan, 1 Month SOFR + 4.500% | 9.829(c) | 02/21/30 | 200 | 201,000 | |
Topgolf Callaway Brands Corp., Initial Term Loan, 1 Month SOFR + 3.000% | 8.329(c) | 03/15/30 | 238 | 238,799 | |
1,382,943 |
18
PGIM Floating Rate Income ETF
Schedule of Investments (unaudited) (continued)
as of May 31, 2024
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Floating Rate and Other Loans (Continued) | |||||
Lodging 0.6% | |||||
Station Casinos LLC, Term B Facility Loan, 1 Month SOFR + 2.250% | 7.579 %(c) | 03/14/31 | 175 | $175,356 | |
Travel Leisure Co., 2023 Incremental Term Loan, 1 Month SOFR + 3.350% | 8.671(c) | 12/14/29 | 100 | 100,311 | |
Wyndham Hotels & Resorts, Inc., Term Loan, 1 Month SOFR + 1.750% | 7.172(c) | 05/24/30 | 125 | 125,117 | |
400,784 | |||||
Machinery-Construction & Mining 0.2% | |||||
Vertiv Group Corp., Term Loan, 1 Month SOFR + 2.614% | 7.930(c) | 03/02/27 | 149 | 149,184 | |
Machinery-Diversified 2.0% | |||||
Chart Industries, Inc., New Term B Loan, 1 Month SOFR + 3.350% | 8.673(c) | 03/15/30 | 159 | 159,985 | |
CPM Holdings, Inc., Initial Term Loan, 1 Month SOFR + 4.500% | 9.813(c) | 09/28/28 | 149 | 148,596 | |
Engineered Machinery Holdings, Inc., Incremental USD First Lien Term Loan, 3 Month SOFR + 4.012% | 9.321(c) | 05/19/28 | 49 | 49,651 | |
Hyster-Yale Group, Inc., Term B Loan Facility, 1 Month SOFR + 3.614% | 8.944(c) | 05/26/28 | 316 | 314,062 | |
LSF12 Badger Bidco LLC, Initial Term Loan, 1 Month SOFR + 6.000% | 11.329(c) | 08/30/30 | 75 | 74,159 | |
Pro Mach Group, Inc., Initial Term Loan, 1 Month SOFR + 3.500% | 8.829(c) | 08/31/28 | 89 | 89,205 | |
Star US Bidco LLC, Initial Term Loan, 1 Month SOFR + 4.350% | 9.679(c) | 03/17/27 | 50 | 50,093 | |
STS Operating, Inc., First Refinancing Term Loan, 3 Month SOFR + 4.100% | 9.420(c) | 03/25/31 | 100 | 100,656 | |
TK Elevator US Newco, Inc. (Germany), Facility B-2 (USD), 1 Month SOFR + 3.500% | 8.791(c) | 04/30/30 | 224 | 225,880 | |
Zekelman Industries, Inc., 2024 Term Loan, 1 Month SOFR + 2.250% | 7.572(c) | 01/24/31 | 100 | 100,100 | |
1,312,387 |
19
PGIM Floating Rate Income ETF
Schedule of Investments (unaudited) (continued)
as of May 31, 2024
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Floating Rate and Other Loans (Continued) | |||||
Media 2.4% | |||||
Altice Financing SA (Luxembourg), 2022 Dollar Loan, 3 Month SOFR + 5.000% | 10.329 %(c) | 10/31/27 | 124 | $108,240 | |
Audacy Capital Corp., | |||||
Term B-2 Loan | 8.074 | 11/18/24 | 75 | 39,938 | |
Term Loan, 1 Month SOFR + 6.000% | 11.444(c) | 08/19/24 | 6 | 5,920 | |
Charter Communications Operating LLC, Term B-4 Loan, 3 Month SOFR + 2.000% | 7.302(c) | 12/07/30 | 175 | 173,423 | |
CSC Holdings LLC, 2022 Refinancing Term Loan, 1 Month SOFR + 4.500% | 9.817(c) | 01/18/28 | 196 | 188,586 | |
Diamond Sports Group LLC, | |||||
Dip Term Loan | 5.000 | 12/02/24 | 29 | 42,317 | |
First Lien Term Loan, 1 Month SOFR + 10.100% | 15.413(c) | 05/25/26 | 11 | 10,449 | |
Second Lien Term Loan | 8.175 | 08/24/26(d) | 397 | 7,444 | |
Radiate Holdco LLC, Amendment No. 6 Term Loan, 1 Month SOFR + 3.364% | 8.694(c) | 09/25/26 | 240 | 188,329 | |
Sinclair Television Group, Inc., Term B-4 Loan, 1 Month SOFR + 3.850% | 9.179(c) | 04/21/29 | 98 | 65,781 | |
Univision Communications, Inc., | |||||
2022 Incremental First-Lien Term Loan, 3 Month SOFR + 4.250% | 9.559(c) | 06/24/29 | 49 | 49,094 | |
Initial First Lien Term Loan, 1 Month SOFR + 3.364% | 8.694(c) | 01/31/29 | 291 | 288,656 | |
Term Loan^ | —(p) | 01/31/29 | 100 | 98,500 | |
Virgin Media Bristol LLC, Facility Y, 6 Month SOFR + 3.350% | 8.656(c) | 03/31/31 | 300 | 288,825 | |
1,555,502 | |||||
Metal Fabricate/Hardware 1.2% | |||||
Crosby US Acquisition Corp., Amendment No. 3 Replacement Term Loan, 1 Month SOFR + 4.000% | 9.329(c) | 08/16/29 | 175 | 175,981 | |
Doncasters US Finance LLC, Initial Term Loan, 3 Month SOFR + 6.500% | 11.826(c) | 04/23/30 | 225 | 223,312 | |
Grinding Media, Inc., First Lien Initial Term Loan, 3 Month SOFR + 4.262%^ | 9.555(c) | 10/12/28 | 158 | 154,522 |
20
PGIM Floating Rate Income ETF
Schedule of Investments (unaudited) (continued)
as of May 31, 2024
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Floating Rate and Other Loans (Continued) | |||||
Metal Fabricate/Hardware (cont’d.) | |||||
Tank Holding Corp., | |||||
2023 Incremental Term Loan, 1 Month SOFR + 6.100% | 11.429 %(c) | 03/31/28 | 49 | $47,904 | |
Delayed Draw Term Commitment, 1 Month SOFR + 6.100% | 1.000(c) | 03/31/28 | 9 | 9,291 | |
Trulite Glass & Aluminum Solutions LLC, Initial Term Loan, 1 Month SOFR + 6.000%^ | 11.313(c) | 03/01/30 | 175 | 171,937 | |
782,947 | |||||
Mining 0.3% | |||||
Arsenal AIC Parent LLC, 2024 Refinancing Term B Loan, 1 Month SOFR + 3.750% | 9.079(c) | 08/19/30 | 174 | 175,519 | |
Miscellaneous Manufacturing 0.9% | |||||
AMG Advanced Metallurgical Group NV (Netherlands), 2021 Term Loan, 1 Month SOFR + 3.614%^ | 8.937(c) | 11/30/28 | 275 | 273,625 | |
Gates Global LLC, | |||||
Initial B-4 Dollar Term Loan, 1 Month SOFR + 3.000% | 8.329(c) | 11/16/29 | 246 | 246,629 | |
Term Loan, 1 Month SOFR + 2.250% | 7.560(c) | 06/04/31 | 75 | 75,140 | |
595,394 | |||||
Packaging & Containers 1.1% | |||||
Clydesdale Acquisition Holdings, Inc., Term B Loan, 1 Month SOFR + 3.775% | 9.104(c) | 04/13/29 | 138 | 138,238 | |
Pregis TopCo LLC, First Lien Initial Term Loan, 1 Month SOFR + 3.750% | 9.079(c) | 07/31/26 | 100 | 100,043 | |
Pretium PKG Holdings, Inc., Initial Third Amendment Tranche A-1 Term Loan (First Lien), PRIME + 4.600% | 9.927(c) | 10/02/28 | 52 | 45,100 | |
Proampac PG Borrower LLC, 2024 Term B Loan, PRIME + 8.500% | 9.329(c) | 09/15/28 | 98 | 99,150 | |
Supplyone, Inc., Term B Loan, 1 Month SOFR + 4.250% | 9.579(c) | 04/19/31 | 125 | 126,094 |
21
PGIM Floating Rate Income ETF
Schedule of Investments (unaudited) (continued)
as of May 31, 2024
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Floating Rate and Other Loans (Continued) | |||||
Packaging & Containers (cont’d.) | |||||
Trident TPI Holdings, Inc., | |||||
First Lien Tranche B-3 Initial Term Loan, 3 Month SOFR + 4.262% | 9.571 %(c) | 09/15/28 | 98 | $98,225 | |
Tranche B-4 Initial Term Loan, 3 Month SOFR + 5.250% | 10.559(c) | 09/15/28 | 50 | 49,855 | |
Tranche B-6 Term Loan, 3 Month SOFR + 4.000% | 9.302(c) | 09/15/28 | 98 | 98,520 | |
755,225 | |||||
Pharmaceuticals 0.6% | |||||
Gainwell Acquisition Corp., Term B Loan, 3 Month SOFR + 4.100% | 9.409(c) | 10/01/27 | 245 | 238,134 | |
Sharp Services LLC, Tranche C Term Loan, 3 Month SOFR + 3.750%^ | 9.052(c) | 12/31/28 | 150 | 151,312 | |
389,446 | |||||
Pipelines 1.4% | |||||
AL GCX Holdings LLC, Initial Term Loan, 1 Month SOFR + 3.250% | 8.572(c) | 05/17/29 | 189 | 189,184 | |
Al Ngpl Holdings LLC, Term Loan, 3 Month SOFR + 3.250% | 8.556(c) | 04/13/28 | 299 | 299,308 | |
BIP Pipeco Holdings LLC, Term Loan, 3 Month SOFR + 3.250% | 8.556(c) | 12/05/30 | 225 | 225,633 | |
GIP III Stetson I LP, Initial Term Loan, 1 Month SOFR + 3.500% | 8.829(c) | 10/31/28 | 114 | 114,888 | |
Prairie ECI Acquiror LP, Initial Term B-2 Loan, 1 Month SOFR + 4.750% | 10.079(c) | 08/01/29 | 75 | 75,176 | |
904,189 | |||||
Private Equity 0.4% | |||||
Harbourvest Partners LP, 2024 Term Loan Facility, 1 Month SOFR + 2.500%^ | 7.829(c) | 04/19/30 | 239 | 238,835 |
22
PGIM Floating Rate Income ETF
Schedule of Investments (unaudited) (continued)
as of May 31, 2024
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Floating Rate and Other Loans (Continued) | |||||
Real Estate 0.6% | |||||
BRP Nimbus LLC, Initial Term B Loan, 1 Month SOFR + 2.600% | 7.929 %(c) | 08/27/25 | 220 | $219,194 | |
Greystar Real Estate Partners LLC, Term B-1 Loan, 3 Month SOFR + 3.250%^ | 8.577(c) | 08/21/30 | 149 | 149,997 | |
369,191 | |||||
Real Estate Investment Trusts (REITs) 1.2% | |||||
Blackstone Mortgage Trust, Inc., | |||||
New Term B Loan, 1 Month SOFR + 2.864% | 8.194(c) | 04/23/26 | 98 | 96,509 | |
Term B-4 Loan, 1 Month SOFR + 3.500% | 8.829(c) | 05/09/29 | 449 | 430,018 | |
Starwood Property Mortgage LLC, Term B Loan, 1 Month SOFR + 3.250% | 8.579(c) | 11/18/27 | 99 | 99,745 | |
StarWood Property Mortgage LLC, Initial Term Loan, 1 Month SOFR + 2.600% | 7.929(c) | 07/26/26 | 146 | 145,629 | |
771,901 | |||||
Retail 3.0% | |||||
Dave & Buster’s, Inc., 2024 Refinancing Term B Loan, 1 Month SOFR + 3.250% | 8.625(c) | 06/29/29 | 223 | 223,623 | |
EG America LLC (United Kingdom), Facility B Tranche C, SOFR + 5.928% | 11.269(c) | 02/07/28 | 197 | 192,126 | |
Great Outdoors Group LLC, Term B-2 Loan, 1 Month SOFR + 3.864% | 9.194(c) | 03/06/28 | 180 | 179,677 | |
Harbor Freight Tools USA, Inc., 2021 Refinancing Loan, 1 Month SOFR + 2.864% | 8.194(c) | 10/19/27 | 350 | 350,000 | |
Johnstone Supply LLC, Term Loan | —(p) | 05/16/31 | 75 | 75,156 | |
Kodiak BP LLC, 2024-1 Term Loan, 3 Month SOFR + 3.750% | 9.059(c) | 03/12/28 | 75 | 75,469 | |
LBM Acquisition LLC, First Lien Initial Term Loan, 1 Month SOFR + 3.850% | 9.179(c) | 12/17/27 | 111 | 110,930 | |
Petco Health & Wellness Co., Inc., First Lien Initial Term Loan, 3 Month SOFR + 3.512% | 8.821(c) | 03/03/28 | 225 | 203,719 |
23
PGIM Floating Rate Income ETF
Schedule of Investments (unaudited) (continued)
as of May 31, 2024
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Floating Rate and Other Loans (Continued) | |||||
Retail (cont’d.) | |||||
Prime Source, Intial Term Loan, 3 Month SOFR + 5.564% | 8.814 %(c) | 12/28/27 | 200 | $197,775 | |
Whatabrands LLC, Term B Loan, 1 Month SOFR + 2.750% | 8.079(c) | 08/03/28 | 349 | 349,544 | |
1,958,019 | |||||
Semiconductors 0.3% | |||||
Natel Engineering Co., Inc., Initial Term Loan, 1 Month SOFR + 6.364% | 11.694(c) | 04/30/26 | 148 | 128,525 | |
Ultra Clean Holdings, Inc., Term Loan First Lien, 1 Month SOFR + 3.500% | 8.829(c) | 02/27/28 | 75 | 75,469 | |
203,994 | |||||
Shipbuilding 0.2% | |||||
LSF11 Trinity Bidco, Inc., 2023-2 Rolled Term B Loan, 1 Month SOFR + 4.000% | 9.321(c) | 06/14/30 | 147 | 147,112 | |
Software 6.1% | |||||
Applovin Corp., 2030 Initial Term Loan, 1 Month SOFR + 2.500% | 7.829(c) | 08/16/30 | 199 | 199,810 | |
athenahealth, Inc., Initial Term Loan, 1 Month SOFR + 3.250% | 8.579(c) | 02/15/29 | 425 | 423,974 | |
BEP Intermediate Holdco LLC, Initial Term Loan, 1 Month SOFR + 3.750%^ | 9.075(c) | 04/25/31 | 125 | 125,781 | |
Boxer Parent Co., Inc., 2028 Extended Dollar Term Loan, 1 Month SOFR + 4.000% | 9.329(c) | 12/29/28 | 198 | 198,997 | |
Camelot US Acquisition LLC, Term B-1 Loan, 1 Month SOFR + 2.750% | 8.079(c) | 01/31/31 | 175 | 175,044 | |
Cloudera, Inc., Term Loan, 1 Month SOFR + 3.850% | 9.179(c) | 10/08/28 | 210 | 209,587 | |
Cotiviti, Inc., Initial Floating Rate Term Loan, 3 Month SOFR + 3.250% | 8.563(c) | 05/01/31 | 250 | 250,078 | |
CT Technologies Intermediate Holdings, Inc., 2021 Reprice Term Loan, 1 Month SOFR + 4.364% | 9.694(c) | 12/16/25 | 148 | 147,300 |
24
PGIM Floating Rate Income ETF
Schedule of Investments (unaudited) (continued)
as of May 31, 2024
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Floating Rate and Other Loans (Continued) | |||||
Software (cont’d.) | |||||
Dun & Bradstreet Corp., Incremental B-2 Term, 1 Month SOFR + 2.750% | 8.075 %(c) | 01/18/29 | 125 | $125,332 | |
Evertec Group LLC (Puerto Rico), Term B Loan, 1 Month SOFR + 3.250%^ | 8.579(c) | 10/30/30 | 135 | 136,013 | |
Genesys Cloud Services, | |||||
2024 Incremental Dollar Term Loan, 1 Month SOFR + 3.864% | 9.194(c) | 12/01/27 | 125 | 125,747 | |
2024 Incremental No. 2 Dollar Term Loan, 1 Month SOFR + 3.500% | 8.829(c) | 12/01/27 | 25 | 25,092 | |
Hireright Holdings Group, 2023 Extending Term, 1 Month SOFR + 4.000% | 9.329(c) | 09/27/30 | 199 | 199,313 | |
Instructure Holdings, Inc., Initial Term Loan, 3 Month SOFR + 3.012% | 8.354(c) | 10/30/28 | 224 | 224,568 | |
Playtika Ltd., Term B-1 Loan, 1 Month SOFR + 2.864% | 8.194(c) | 03/13/28 | 149 | 149,324 | |
Polaris Newco LLC, First Lien Dollar Term Loan, 3 Month SOFR + 4.262% | 9.591(c) | 06/02/28 | 132 | 131,567 | |
Red Planet Borrower LLC, First Lien Initial Term Loan, 1 Month SOFR + 3.600% | 8.929(c) | 10/02/28 | 222 | 218,366 | |
Renaissance Holding Corp., Covenant-Lite First-Lien Term Loan, 3 Month SOFR + 4.250% | 9.597(c) | 04/05/30 | 199 | 199,064 | |
Skillsoft Finance II, Inc., Initial Term Loan, 1 Month SOFR + 5.364% | 10.685(c) | 07/14/28 | 121 | 97,190 | |
SS&C Technologies Holdings, Inc., Term B-8 Loan, 1 Month SOFR + 2.000% | 7.320(c) | 05/09/31 | 170 | 170,655 | |
VS Buyer LLC, 2024 Refinancing Initial Term Loan, 1 Month SOFR + 3.250% | 8.571(c) | 04/12/31 | 125 | 125,781 | |
Waystar Technologies, Inc., Initial Term Loan, 1 Month SOFR + 4.000% | 9.329(c) | 10/22/29 | 77 | 76,820 | |
Webpros Investments Sarl (Luxembourg), 2024 Term Loan, 1 Month SOFR + 4.000%^ | 9.328(c) | 03/28/31 | 50 | 50,250 |
25
PGIM Floating Rate Income ETF
Schedule of Investments (unaudited) (continued)
as of May 31, 2024
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Floating Rate and Other Loans (Continued) | |||||
Software (cont’d.) | |||||
Weld North Education LLC, 2024 Term Loan, 1 Month SOFR + 3.500% | 8.829 %(c) | 12/21/29 | 125 | $124,922 | |
Zelis Cost Management Buyer, Inc., Term B-2 Loan, 1 Month SOFR + 2.750% | 8.079(c) | 09/28/29 | 150 | 150,583 | |
4,061,158 | |||||
Telecommunications 3.9% | |||||
Altice France SA (France), USD TLB-12 Term Loan, 3 Month LIBOR + 3.688% | 9.278(c) | 01/31/26 | 124 | 102,968 | |
Aventiv Technologies, | |||||
Second Lien Term Loan, 3 Month SOFR + 9.312% | 14.621(c) | 11/01/25 | 10 | 1,755 | |
Second Out Term Loan, 3 Month SOFR + 7.762% | 13.071(c) | 07/31/25 | 5 | 4,824 | |
Super Priority First Lien Third Out Term Loan, 1 Month SOFR + 5.352% | 10.661(c) | 07/31/25 | 100 | 81,340 | |
CCI Buyer, Inc., First Lien Initial Term Loan, 3 Month SOFR + 4.000% | 9.302(c) | 12/17/27 | 181 | 181,873 | |
CommScope, Inc., Initial Term Loan, 1 Month SOFR + 3.364% | 8.694(c) | 04/06/26 | 197 | 176,135 | |
Connect Finco SARL (United Kingdom), Amendment No. 4 Term Loan, 1 Month SOFR + 4.500% | 9.829(c) | 09/27/29 | 227 | 215,909 | |
Crown Subsea Communications Holding, Inc., Initial Term Loan, 3 Month SOFR + 4.750% | 10.080(c) | 01/30/31 | 150 | 151,162 | |
Digicel International Finance, Ltd. (Jamaica), Initial Term Loan, 3 Month SOFR + 6.750% | 12.075(c) | 05/29/27 | 132 | 126,597 | |
Global Tel Link Corp., First Lien Term Loan, 1 Month SOFR + 4.350% | 9.679(c) | 11/29/25 | 52 | 51,106 | |
Iridium Satellite LLC, Covenant-Lite Term B Loan, 1 Month SOFR + 2.500% | 7.829(c) | 09/20/30 | 142 | 141,868 | |
Level 3 Financing, Inc., | |||||
Term B-1, 1 Month SOFR + 6.560% | 11.881(c) | 04/15/29 | 165 | 159,792 | |
Term B-2, 1 Month SOFR + 6.560% | 11.881(c) | 04/15/30 | 165 | 159,106 | |
Lorca Co., Term Loan | —(p) | 04/30/31 | 125 | 125,625 | |
Lumen Technologies, Inc., | |||||
Term B-1 Loan, 1 Month SOFR + 2.464% | 7.785(c) | 04/15/29 | 60 | 41,316 |
26
PGIM Floating Rate Income ETF
Schedule of Investments (unaudited) (continued)
as of May 31, 2024
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Floating Rate and Other Loans (Continued) | |||||
Telecommunications (cont’d.) | |||||
Lumen Technologies, Inc., (cont’d.) | |||||
Term B-2 Loan, 1 Month SOFR + 2.464%^ | 7.785 %(c) | 04/15/30 | 61 | $41,836 | |
Term Loan^ | —(p) | 06/01/28 | 6 | 5,071 | |
MLN US HoldCo LLC, | |||||
3L Term B Loan, 3 Month SOFR + 9.350% | 14.677(c) | 10/18/27 | 4 | 400 | |
Initial Term Loan, 3 Month SOFR + 6.540% | 11.867(c) | 10/18/27 | 22 | 12,094 | |
Initial Term Loan (Second Out (First Lien Roll-Up)), 3 Month SOFR + 6.800% | 12.127(c) | 10/18/27 | 50 | 7,449 | |
Orbcomm, Inc., Closing Date Term Loan, 3 Month SOFR + 4.512% | 9.776(c) | 09/01/28 | 97 | 82,195 | |
Patagonia Holdco LLC, Initial Term Loan, 3 Month SOFR + 5.750% | 11.073(c) | 08/01/29 | 236 | 220,357 | |
Viasat, Inc., Initial Term Loan, 1 Month SOFR + 4.500% | 9.829(c) | 03/02/29 | 389 | 357,804 | |
Xplornet Communications, Inc. (Canada), First Lien Refinancing Term Loan, 1 Month SOFR + 4.000% | 9.571(c) | 10/02/28(d) | 419 | 61,279 | |
Zayo Group Holdings, Inc., Initial Dollar Term Loan, 1 Month SOFR + 3.114% | 8.444(c) | 03/09/27 | 105 | 90,789 | |
2,600,650 | |||||
Textiles 0.9% | |||||
ASP Unifrax Holdings, Inc., USD Term Loan (First Lien), 3 Month SOFR + 3.900% | 9.202(c) | 12/12/25 | 646 | 628,664 | |
Transportation 0.8% | |||||
First Student Bidco, Inc., Incremental Term B Loan, 3 Month SOFR + 4.100% | 9.402(c) | 07/21/28 | 162 | 161,789 | |
Genesee & Wyoming, Inc., Initial Term B Loan, 2 Month SOFR + 2.000% | 7.301(c) | 04/10/31 | 100 | 100,199 | |
Kenan Advantage Group, Inc. (The), Term B-3 Loan, 1 Month SOFR + 3.750% | 9.079(c) | 01/25/29 | 25 | 24,938 |
27
PGIM Floating Rate Income ETF
Schedule of Investments (unaudited) (continued)
as of May 31, 2024
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | |
Floating Rate and Other Loans (Continued) | |||||
Transportation (cont’d.) | |||||
Pods LLC, Term Loan, 3 Month SOFR + 3.262% | 8.591 %(c) | 03/31/28 | 123 | $116,288 | |
Savage Enterprises LLC, Term B Loan, 1 Month SOFR + 3.000% | 8.329(c) | 09/15/28 | 100 | 100,208 | |
503,422 | |||||
Total Floating Rate and Other Loans (cost $46,360,026) | 45,934,695 | ||||
Residential Mortgage-Backed Securities 0.6% | |||||
PMT Credit Risk Transfer Trust, | |||||
Series 2024-01R, Class A, 144A, 30 Day Average SOFR + 3.500% (Cap N/A, Floor 0.000%) | 8.824(c) | 05/25/33 | 122 | 123,068 | |
Series 2024-02R, Class A, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 0.000%) | 8.674(c) | 03/29/27 | 270 | 271,467 | |
Total Residential Mortgage-Backed Securities (cost $392,396) | 394,535 |
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 | 19,860 | |||
Preferred Stock 0.0% | |||||
Wireless Telecommunication Services | |||||
Digicel International Finance Ltd. (Jamaica) (original cost $13,030; purchased 01/26/24 - 01/29/24)*^(f) (cost $13,030) | 1,692 | 17,602 | |||
Total Long-Term Investments (cost $65,128,387) | 65,000,775 |
28
PGIM Floating Rate Income ETF
Schedule of Investments (unaudited) (continued)
as of May 31, 2024
Description | Shares | Value | |||
Short-Term Investment 1.9% | |||||
Affiliated Mutual Fund | |||||
PGIM Core Government Money Market Fund (7-day effective yield 5.550%) (cost $1,263,012)(wb) | 1,263,012 | $1,263,012 | |||
TOTAL INVESTMENTS 100.4% (cost $66,391,399) | 66,263,787 | ||||
Liabilities in excess of other assets(z) (0.4)% | (287,685) | ||||
Net Assets 100.0% | $65,976,102 |
Below is a list of the abbreviation(s) used in the quarterly schedule of portfolio holdings: |
EUR—Euro | |
USD—US Dollar |
144A—Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, pursuant to the requirements of Rule 144A, may not be resold except to qualified institutional buyers. | |
BNP—BNP Paribas S.A. | |
BOA—Bank of America, N.A. | |
CDX—Credit Derivative Index | |
CLO—Collateralized Loan Obligation | |
EURIBOR—Euro Interbank Offered Rate | |
LIBOR—London Interbank Offered Rate | |
LP—Limited Partnership | |
OTC—Over-the-counter | |
PIK—Payment-in-Kind | |
Q—Quarterly payment frequency for swaps | |
REITs—Real Estate Investment Trust | |
SOFR—Secured Overnight Financing Rate | |
SSB—State Street Bank & Trust Company | |
T—Swap payment upon termination |
* | 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 $3,519,124 and 5.3% of net assets. |
(c) | Variable rate instrument. The interest rate shown reflects the rate in effect at May 31, 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 $296,042. The aggregate value of $331,112 is 0.5% 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. |
29
PGIM Floating Rate Income ETF
Schedule of Investments (unaudited) (continued)
as of May 31, 2024
(z) | Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments: |
Unfunded loan commitments outstanding at May 31, 2024:
Borrower | Principal Amount (000)# | Current Value | Unrealized Appreciation | Unrealized Depreciation | ||||
Action Environmental Group, Inc. (The), Delayed Draw Term Loan, 4.500%, Maturity Date 10/24/30 (cost $61,957)^ | 62 | $62,344 | $387 | $— | ||||
Doncasters US Finance LLC, Delayed Draw Term Loan, 1.500%, Maturity Date 04/23/30 (cost $22,500) | 23 | 22,331 | — | (169) | ||||
Ryan LLC, Delayed Draw Term Loan, 3.500%, Maturity Date 11/14/30 (cost $13,333) | 13 | 13,400 | 67 | — | ||||
Tank Holding Corp., Delayed Draw Term Commitment, 1.000%, Maturity Date 03/31/28 (cost $11,550) | 12 | 11,406 | — | (144) | ||||
$109,481 | $454 | $(313) |
Futures contracts outstanding at May 31, 2024: | ||||||||
Number of Contracts | Type | Expiration Date | Current Notional Amount | Value / Unrealized Appreciation (Depreciation) | ||||
Short Positions: | ||||||||
21 | 2 Year U.S. Treasury Notes | Sep. 2024 | $4,277,766 | $756 | ||||
31 | 5 Year U.S. Treasury Notes | Sep. 2024 | 3,279,703 | 6,149 | ||||
7 | 10 Year U.S. Treasury Notes | Sep. 2024 | 761,578 | 2,834 | ||||
1 | 30 Year U.S. Ultra Treasury Bonds | Sep. 2024 | 122,438 | 1,530 | ||||
$11,269 |
Forward foreign currency exchange contracts outstanding at May 31, 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 06/04/24 | BOA | EUR | 240 | $260,412 | $260,616 | $204 | $— |
30
PGIM Floating Rate Income ETF
Schedule of Investments (unaudited) (continued)
as of May 31, 2024
Forward foreign currency exchange contracts outstanding at May 31, 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 06/04/24 | SSB | EUR | 240 | $257,089 | $260,617 | $— | $(3,528) | ||||||
Expiring 07/02/24 | BOA | EUR | 240 | 260,736 | 260,950 | — | (214) | ||||||
$517,825 | $521,567 | — | (3,742) | ||||||||||
$204 | $(3,742) |
Credit default swap agreements outstanding at May 31, 2024:
Reference Entity/ Obligation | Termination Date | Fixed Rate | Notional Amount (000)#(3) | Implied Credit Spread at May 31, 2024(4) | Value at Trade Date | Value at May 31, 2024 | Unrealized Appreciation (Depreciation) | ||||||||
Centrally Cleared Credit Default Swap Agreements on credit indices - Sell Protection(2): | |||||||||||||||
CDX.NA.HY.42.V1 | 06/20/29 | 5.000%(Q) | 5,200 | 3.335% | $334,036 | $405,049 | $71,013 | ||||||||
CDX.NA.IG.42.V1 | 06/20/29 | 1.000%(Q) | 5,425 | 0.499% | 114,940 | 132,661 | 17,721 | ||||||||
$448,976 | $537,710 | $88,734 |
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. |
31
PGIM Floating Rate Income ETF
Schedule of Investments (unaudited) (continued)
as of May 31, 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 agreement outstanding at May 31, 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 +40bps(T)/ 5.740% | BNP | 06/07/24 | 111 | $(826) | $— | $(826) |
(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). |
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).
32