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

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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM

N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES


Investment Company Act file number:		811-23324

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

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

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

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

Date of fiscal year end:		8/31/2024

Date of reporting period:		8/31/2024

Item 1 – Reports to Stockholders

(a)

Report transmitted to stockholders pursuant to Rule

30e-1

under the Act (17 CFR

270.30e-1).

PGIM Jennison Better Future ETF

TICKER SYMBOL:

PJBF

Listing Exchange:

Cboe BZX

ANNUAL SHAREHOLDER REPORT – August 31, 2024

This annual shareholder report contains important information about the PGIM Jennison Better Future ETF (the “Fund”) for the period of

December 14, 2023 to August 31, 2024.

You can find additional information about the Fund at

pgim.com/investments/etfs/prospectuses-fact-sheets

. You can also request this information by contacting us at (888) 247-8090 or (973) 802-2093 from outside the US.

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Jennison Better Future ETF	$42	0.53%

This report covers a period less than full fiscal year. Expenses for a full fiscal year would be higher than the figures shown.

WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, equities generally posted solid results driven by enthusiasm regarding generative artificial intelligence, demand for

GLP1 weight loss and diabetes drugs, the end to US Federal Reserve interest rate hikes, and continued growth in the US economy.

■

Positions in information technology (driven by semiconductors & semiconductor equipment) and healthcare (led by pharmaceuticals) sectors,

which capitalized on important secular trends, contributed the most to the Fund’s performance relative to the Index. Security selection within

consumer discretionary, (especially automobiles), also added to performance.

■

Stock selection within consumer staples (especially personal care products) and the Fund’s overweight in consumer discretionary sector

detracted the most from returns relative to the Index.

ETF1014E

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

The Fund’s past performance is not a good predictor of the Fund’s future performance.

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/etfs/prospectuses-fact-sheets

or call (888) 247-8090 or (973) 802-2093 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in the Fund and assumes that all recurring fees (including management fees) were

deducted and dividend and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have

been lower.

Cumulative Performance: December 14, 2023 to August 31, 2024

Initial Investment of $10,000

Average Annual Total Returns as of 8/31/2024
	Since Inception (%)
Net Asset Value (NAV)	24.13% (12/14/2023)
Market Price*	24.40% (12/14/2023)
Broad-Based Securities Market Index: MSCI All Country World ND Index	21.54%

*The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated. The first day

of secondary market trading is typically several days after the date on which the Fund commenced investment operations; therefore, the NAV of the Fund is used as a proxy for the

period from inception of investment operations to the first day of secondary market trading to calculate the market price returns.

Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage

commissions

were included, market returns would be lower.

Market and NAV returns assume that dividends and capital gain distributions, if any, have been reinvested in the Fund at market price and NAV, respectively.

Since Inception returns are provided for the Fund since it has

less

than 10 fiscal years of returns. Since Inception returns for the Index are measured from the closest month-end to

the class’s inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 8/31/2024?

Fund’s net assets	$ 16,757,924
Number of fund holdings	29
Total advisory fees paid for the year	$ 48,292
Portfolio turnover rate for the year	57%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 8/31/2024?

Industry Classification	% of Net Assets
Software	17.0%
Semiconductors & Semiconductor Equipment	15.7%
Pharmaceuticals	13.6%
Broadline Retail	10.4%
Textiles, Apparel & Luxury Goods	7.8%
Technology Hardware, Storage & Peripherals	7.7%
Automobiles	6.2%
Banks	4.5%
Electrical Equipment	3.8%
Biotechnology	3.2%
Personal Care Products	3.0%

Industry Classification	% of Net Assets
Communications Equipment	2.4%
Machinery	2.1%
Affiliated Mutual Fund - Short-Term Investment	1.0%
Electronic Equipment, Instruments & Components	0.8%
Hotels, Restaurants & Leisure	0.8%
	100.0%
Other assets in excess of liabilities	0.0%*
	100.0%

* Less than 0.05%

WERE THERE ANY CHANGES TO THE FUND THIS YEAR?

The following is a summary of certain changes to the Fund since December 14, 2023:

■

The Fund's principal risk disclosure was revised to include Sector Exposure Risk as a principal risk of the Fund due to changes in the Fund's

portfolio which may result in greater exposure to certain economic sectors.

For more complete information, you should review the Fund’s next prospectus, which we expect to be available by October 30, 2024

pgim.com/investments/etfs/prospectuses-fact-sheets

or by request at (888) 247-8090 or (973) 802-2093 from outside the US.

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/etfs/prospectuses-fact-sheets

or by scanning the QR code below, including the

Fund’s prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at

(888) 247-8090 or (973) 802-2093 from outside the US.

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Jennison Better Future ETF

TICKER SYMBOL	PJBF
CUSIP	69344A826

ETF1014E

PGIM Jennison Focused Growth ETF

TICKER SYMBOL:

PJFG

Listing Exchange:

NYSE Arca, Inc.

ANNUAL SHAREHOLDER REPORT – August 31, 2024

This annual shareholder report contains important information about the PGIM Jennison Focused Growth ETF (the “Fund”) for the period of

September 1, 2023 to August 31, 2024.

You can find additional information about the Fund at

pgim.com/investments/etfs/prospectuses-fact-sheets

. You can also request this information by contacting us at (888) 247-8090 or (973) 802-2093 from outside the US.

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Jennison Focused Growth ETF	$87	0.74%

WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, equities posted solid results driven by better-than-expected earnings across a broad swath of the market. Market

influences included the end of US Federal Reserve (Fed) interest rate hikes and positioning in favor of lower rates. Further, continued progress

on inflation toward the Fed’s sub-2.0% target and positive resiliency in the US economy resulted in strong GDP growth.

■

The Fund outperformed the Index due to strong stock selection, led by semiconductors & equipment companies in the technology sector. The

Fund also saw gains in healthcare sector due to advances in several pharmaceutical holdings. Consumer staples holdings further bolstered

relative returns.

■

Conversely, stock selection in consumer discretionary (primarily among apparel & luxury goods companies), along with the Fund’s overweight

position in that sector, detracted the most from results relative to the Index.

ETF1010E

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

The Fund’s past performance is not a good predictor of the Fund’s future performance.

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/etfs/prospectuses-fact-sheets

or call (888) 247-8090 or (973) 802-2093 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in the Fund and assumes that all recurring fees (including management fees) were

deducted and dividend and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have

been lower.

Cumulative Performance: December 12, 2022 to August 31, 2024

Initial Investment of $10,000

Average Annual Total Returns as of 8/31/2024
	One Year (%)	Since Inception (%)
Net Asset Value (NAV)	35.07%	39.56% (12/12/2022)
Market Price**	35.08%	39.58% (12/12/2022)
Russell 1000 Growth Index	30.75%	30.61%
Broad-Based Securities Market Index: S&P 500 Index*	27.14%	22.31%

*The Fund has added this broad-based index in response to new regulatory requirements.

**The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated. The first

day of secondary market trading is typically several days after the date on which the Fund commenced investment operations; therefore, the NAV of the Fund is used as a proxy for

the period from inception of investment operations to the first day of secondary market trading to calculate the market price returns.

Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Market and NAV returns assume that dividends and capital gain distributions, if any, have been reinvested in the Fund at market price and NAV, respectively.

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

the class’s inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 8/31/2024?

Fund’s net assets	$ 94,939,800
Number of fund holdings	32
Total advisory fees paid for the year	$ 557,316
Portfolio turnover rate for the year	36%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 8/31/2024?

Industry Classification	% of Net Assets
Semiconductors & Semiconductor Equipment	16.5%
Software	16.2%
Broadline Retail	11.7%
Interactive Media & Services	11.1%
Technology Hardware, Storage & Peripherals	9.8%
Pharmaceuticals	9.2%
Entertainment	5.1%
Financial Services	3.8%
Consumer Staples Distribution & Retail	3.0%
Automobiles	2.1%
Biotechnology	2.1%
Banks	1.5%
Media	1.5%

Industry Classification	% of Net Assets
Health Care Equipment & Supplies	1.3%
Electrical Equipment	1.0%
Personal Care Products	1.0%
Hotels, Restaurants & Leisure	1.0%
Affiliated Mutual Fund - Short-Term Investment	0.9%
IT Services	0.6%
Textiles, Apparel & Luxury Goods	0.6%
	100.0%
Liabilities in excess of other assets	(0.0 )%*
	100.0%

* Less than 0.05%

WERE THERE ANY CHANGES TO THE FUND THIS YEAR?

The following is a summary of certain changes to the Fund since September 1, 2023:

■

The Fund's principal risk disclosure was revised to include Sector Exposure Risk as a principal risk of the Fund due to changes in the Fund's

portfolio which may result in greater exposure to certain economic sectors.

For more complete information, you should review the Fund’s next prospectus, which we expect to be available by October 30, 2024

pgim.com/investments/etfs/prospectuses-fact-sheets

or by request at (888) 247-8090 or (973) 802-2093 from outside the US.

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/etfs/prospectuses-fact-sheets

or by scanning the QR code below, including the

Fund’s prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at

(888) 247-8090 or (973) 802-2093 from outside the US.

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Jennison Focused Growth ETF

TICKER SYMBOL	PJFG
CUSIP	69344A875

ETF1010E

PGIM Jennison Focused Mid-Cap ETF

TICKER SYMBOL:

PJFM

Listing Exchange:

Cboe BZX

ANNUAL SHAREHOLDER REPORT – August 31, 2024

This annual shareholder report contains important information about the PGIM Jennison Focused Mid-Cap ETF (the “Fund”) for the period of

December 14, 2023 to August 31, 2024.

You can find additional information about the Fund at

pgim.com/investments/etfs/prospectuses-fact-sheets

. You can also request this information by contacting us at (888) 247-8090 or (973) 802-2093 from outside the US.

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Jennison Focused Mid-Cap ETF	$32	0.42%

This report covers a period less than full fiscal year. Expenses for a full fiscal year would be higher than the figures shown.

WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, equities generally posted solid results driven by enthusiasm regarding generative artificial intelligence, the end to

US Federal Reserve interest rate hikes, and continued growth in the US economy. Mid-cap stocks, as represented by the Russell Midcap Index,

performed well in aggregate but trailed the large-cap S&P 500 Index.

■

Holdings in consumer discretionary (especially specialty retail), materials (primarily metals & mining), and energy (driven by oil, gas &

consumable fuels) sectors added the most to the Fund’s performance relative to the Index.

■

Stock selection within healthcare (especially biotechnology), information technology (primarily due to semiconductors & semiconductor

equipment), and consumer staples (weighted down by food products) sectors were the primary sources of relative weakness as compared to

the Index.

ETF1015E

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

The Fund’s past performance is not a good predictor of the Fund’s future performance.

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/etfs/prospectuses-fact-sheets

or call (888) 247-8090 or (973) 802-2093 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in the Fund and assumes that all recurring fees (including management fees) were

deducted and dividend and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have

been lower.

Cumulative Performance: December 14, 2023 to August 31, 2024

Initial Investment of $10,000

Average Annual Total Returns as of 8/31/2024
	Since Inception (%)
Net Asset Value (NAV)	11.18% (12/14/2023)
Market Price**	11.18% (12/14/2023)
Russell Midcap Index	20.80%
Broad-Based Securities Market Index: S&P 500 Index*	24.96%

*The Fund has added this broad-based index in response to new regulatory requirements.

**The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated. The first

day of secondary market trading is typically several days after the date on which the Fund commenced investment operations; therefore, the NAV of the Fund is used as a proxy for

the period from inception of investment operations to the first day of secondary market trading to calculate the market price returns.

Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Market and NAV returns assume that dividends and capital gain distributions, if any, have been reinvested in the Fund at market price and NAV, respectively.

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

the class’s inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 8/31/2024?

Fund’s net assets	$ 11,673,889
Number of fund holdings	44
Total advisory fees paid for the year	$ 32,778
Portfolio turnover rate for the year	101%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 8/31/2024?

Industry Classification	% of Net Assets
Insurance	10.3%
Oil, Gas & Consumable Fuels	7.5%
Banks	6.8%
Hotels, Restaurants & Leisure	6.3%
Financial Services	5.6%
Multi-Utilities	5.6%
Aerospace & Defense	4.2%
Semiconductors & Semiconductor Equipment	3.7%
Machinery	3.6%
Containers & Packaging	3.6%
Specialized REITs	3.5%
Specialty Retail	3.4%
Biotechnology	3.4%
Affiliated Mutual Fund - Short-Term Investment	3.2%
Software	3.2%
Metals & Mining	2.9%
Textiles, Apparel & Luxury Goods	2.8%

Industry Classification	% of Net Assets
Health Care Providers & Services	2.6%
Real Estate Management & Development	2.6%
Professional Services	2.5%
Interactive Media & Services	2.0%
Life Sciences Tools & Services	1.9%
Electronic Equipment, Instruments & Components	1.8%
Marine Transportation	1.6%
Consumer Staples Distribution & Retail	1.5%
Health Care Equipment & Supplies	1.5%
Ground Transportation	1.3%
Capital Markets	1.1%
	100.0%
Other assets in excess of liabilities	0.0 %*
	100.0%

* Less than 0.05%

WERE THERE ANY CHANGES TO THE FUND THIS YEAR?

The following is a summary of certain changes to the Fund since December 14, 2023:

■

The Fund's principal risk disclosure was revised to include Sector Exposure Risk as a principal risk of the Fund due to changes in the Fund's

portfolio which may result in greater exposure to certain economic sectors.

For more complete information, you should review the Fund’s next prospectus, which we expect to be available by October 30, 2024

pgim.com/investments/etfs/prospectuses-fact-sheets

or by request at (888) 247-8090 or (973) 802-2093 from outside the US.

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/etfs/prospectuses-fact-sheets

or by scanning the QR code below, including the

Fund’s prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at

(888) 247-8090 or (973) 802-2093 from outside the US.

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Jennison Focused Mid-Cap ETF

TICKER SYMBOL	PJFM
CUSIP	69344A792

ETF1015E

PGIM Jennison Focused Value ETF

TICKER SYMBOL:

PJFV

Listing Exchange:

NYSE Arca, Inc.

ANNUAL SHAREHOLDER REPORT – August 31, 2024

This annual shareholder report contains important information about the PGIM Jennison Focused Value ETF (the “Fund”) for the period of

September 1, 2023 to August 31, 2024.

You can find additional information about the Fund at

pgim.com/investments/etfs/prospectuses-fact-sheets

. You can also request this information by contacting us at (888) 247-8090 or (973) 802-2093 from outside the US.

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Jennison Focused Value ETF	$82	0.71%

WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, equities posted solid results driven by better-than-expected earnings across a broad swath of the market, along

with enthusiasm regarding artificial intelligence, the end of US Federal Reserve (Fed) interest rate hikes and the Fed’s shift to an easing stance,

continued progress on inflation moving toward the Fed’s sub-2.0% target, and positive growth and resiliency in the US economy.

■

Positions within information technology (driven by technology hardware, storage & peripherals, and semiconductors), healthcare (led by

pharmaceuticals and biotechnology), and financials (boosted by banks and capital markets) sectors added the most to the Fund’s very strong

performance relative to its Index.

■

Conversely, positions within utilities (led by multi-utilities and electric utilities) and consumer discretionary (driven by automobile components,

hotels, and restaurants & leisure) sectors detracted the most from performance relative to the Index.

ETF1009E

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

The Fund’s past performance is not a good predictor of the Fund’s future performance.

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/etfs/prospectuses-fact-sheets

or call (888) 247-8090 or (973) 802-2093 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in the Fund and assumes that all recurring fees (including management fees) were

deducted and dividend and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have

been lower.

Cumulative Performance: December 12, 2022 to August 31, 2024

Initial Investment of $10,000

Average Annual Total Returns as of 8/31/2024
	One Year (%)	Since Inception (%)
Net Asset Value (NAV)	31.43%	22.34% (12/12/2022)
Market Price**	31.48%	22.38% (12/12/2022)
Russell 1000 Value Index	21.15%	12.61%
Broad-Based Securities Market Index: S&P 500 Index*	27.14%	22.31%

*The Fund has added this broad-based index in response to new regulatory requirements.

**The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated. The first

day of secondary market trading is typically several days after the date on which the Fund commenced investment operations; therefore, the NAV of the Fund is used as a proxy for

the period from inception of investment operations to the first day of secondary market trading to calculate the market price returns.

Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Market and NAV returns assume that dividends and capital gain distributions, if any, have been reinvested in the Fund at market price and NAV, respectively.

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

the class’s inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 8/31/2024?

Fund’s net assets	$ 14,662,306
Number of fund holdings	36
Total advisory fees paid for the year	$ 90,480
Portfolio turnover rate for the year	36%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 8/31/2024?

Industry Classification	% of Net Assets
Banks	14.0%
Pharmaceuticals	7.9%
Oil, Gas & Consumable Fuels	7.2%
Insurance	7.0%
Consumer Staples Distribution & Retail	6.3%
Capital Markets	5.7%
Software	5.7%
Semiconductors & Semiconductor Equipment	5.0%
Biotechnology	4.6%
Electric Utilities	4.3%
Aerospace & Defense	4.3%
Health Care Providers & Services	3.5%
Ground Transportation	3.5%
Chemicals	3.2%

Industry Classification	% of Net Assets
Affiliated Mutual Fund - Short-Term Investment	3.2%
Building Products	2.7%
Automobiles	2.6%
Interactive Media & Services	2.3%
Technology Hardware, Storage & Peripherals	1.9%
Passenger Airlines	1.5%
Multi-Utilities	1.5%
Household Durables	1.0%
Health Care REITs	0.9%
	99.8%
Other assets in excess of liabilities	0.2%
	100.0%

WERE THERE ANY CHANGES TO THE FUND THIS YEAR?

The following is a summary of certain changes to the Fund since September 1, 2023:

■

The Fund's principal risk disclosure was revised to include Sector Exposure Risk as a principal risk of the Fund due to changes in the Fund's

portfolio which may result in greater exposure to certain economic sectors.

For more complete information, you should review the Fund’s next prospectus, which we expect to be available by October 30, 2024

pgim.com/investments/etfs/prospectuses-fact-sheets

or by request at (888) 247-8090 or (973) 802-2093 from outside the US.

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/etfs/prospectuses-fact-sheets

or by scanning the QR code below, including the

Fund’s prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at

(888) 247-8090 or (973) 802-2093 from outside the US.

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Jennison Focused Value ETF

TICKER SYMBOL	PJFV
CUSIP	69344A867

ETF1009E

PGIM Jennison International Opportunities ETF

TICKER SYMBOL:

PJIO

Listing Exchange:

NYSE Arca, Inc.

ANNUAL SHAREHOLDER REPORT – August 31, 2024

This annual shareholder report contains important information about the PGIM Jennison International Opportunities ETF (the “Fund”) for the

period of December 14, 2023 to August 31, 2024.

You can find additional information about the Fund at

pgim.com/investments/etfs/prospectuses-fact-sheets.

You can also request this information by contacting us at (888) 247-8090 or (973) 802-2093 from outside the US.

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Jennison International Opportunities ETF	$64	0.83%

This report covers a period less than full fiscal year. Expenses for a full fiscal year would be higher than the figures shown.

WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?

■

International equities, as represented by the MSCI ACWI ex USA Index, advanced during the reporting period, with all regions posting positive

results. However, international stocks generally lagged US equities, as represented by the S&P 500 Index. Demand for artificial intelligence

infrastructure and GLP1 weight loss and diabetes drugs were important secular trends during the period.

■

Security selection within consumer discretionary (driven by automobiles) and healthcare (led by pharmaceuticals) sectors, along with a large

overweight in information technology sector, added the most to the Fund’s performance relative to the Index.

■

Conversely, stock selection within consumer staples (especially personal care products) sector, along with the Fund’s significant overweight in

consumer discretionary sector and its underweight in financials sector, detracted the most from results relative to the Index.

ETF1016E

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

The Fund’s past performance is not a good predictor of the Fund’s future performance.

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/etfs/prospectuses-fact-sheets

or call (888) 247-8090 or (973) 802-2093 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in the Fund and assumes that all recurring fees (including management fees) were

deducted and dividend and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have

been lower.

Cumulative Performance: December 14, 2023 to August 31, 2024

Initial Investment of $10,000

Average Annual Total Returns as of 8/31/2024
	Since Inception (%)
Net Asset Value (NAV)	16.08% (12/14/2023)
Market Price*	16.50% (12/14/2023)
Broad-Based Securities Market Index: MSCI All Country World ex-US ND Index	16.81%

*The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated. The first day

of secondary market trading is typically several days after the date on which the Fund commenced investment operations; therefore, the NAV of the Fund is used as a proxy for the

period from inception of investment operations to the first day of secondary market trading to calculate the market price returns.

Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Market and NAV returns assume that dividends and capital gain distributions, if any, have been reinvested in the Fund at market price and NAV, respectively.

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

the class’s inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 8/31/2024?

Fund’s net assets	$ 13,349,557
Number of fund holdings	29
Total advisory fees paid for the year	$ 68,505
Portfolio turnover rate for the year	36%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 8/31/2024?

Industry Classification	% of Net Assets
Semiconductors & Semiconductor Equipment	19.6%
Textiles, Apparel & Luxury Goods	11.9%
Pharmaceuticals	10.0%
Automobiles	7.9%
Broadline Retail	6.2%
Hotels, Restaurants & Leisure	5.8%
Software	4.7%
Specialty Retail	4.5%
Machinery	4.4%
Banks	4.4%
Aerospace & Defense	3.5%
Electrical Equipment	3.3%

Industry Classification	% of Net Assets
Personal Care Products	3.2%
Electronic Equipment, Instruments & Components	2.8%
Beverages	2.2%
Trading Companies & Distributors	2.0%
Financial Services	1.9%
Affiliated Mutual Fund - Short-Term Investment	1.7%
	100.0%
Other assets in excess of liabilities	0.0 %*
	100.0%

* Less than 0.05%

WERE THERE ANY CHANGES TO THE FUND THIS YEAR?

The following is a summary of certain changes to the Fund since December 14, 2023:

■

The Fund's principal risk disclosure was revised to include Sector Exposure Risk as a principal risk of the Fund due to changes in the Fund's

portfolio which may result in greater exposure to certain economic sectors.

For more complete information, you should review the Fund’s next prospectus, which we expect to be available by October 30, 2024

pgim.com/investments/etfs/prospectuses-fact-sheets

or by request at (888) 247-8090 or (973) 802-2093 from outside the US.

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/etfs/prospectuses-fact-sheets

or by scanning the QR code below, including the

Fund’s prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at

(888) 247-8090 or (973) 802-2093 from outside the US.

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Jennison International Opportunities ETF

TICKER SYMBOL	PJIO
CUSIP	69344A818

ETF1016E

PGIM Portfolio Ballast ETF

TICKER SYMBOL:

PBL

Listing Exchange:

Cboe BZX

ANNUAL SHAREHOLDER REPORT – August 31, 2024

This annual shareholder report contains important information about the PGIM Portfolio Ballast ETF (the “Fund”) for the period of September 1,

2023 to August 31, 2024.

You can find additional information about the Fund at

pgim.com/investments/etfs/prospectuses-fact-sheets

. You can

also request this information by contacting us at (888) 247-8090 or (973) 802-2093 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Portfolio Ballast ETF	$47	0.43%

WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?

■

US equities performed strongly during the reporting period, with the S&P 500 Index up over 27%. US bonds also gained, with the Bloomberg

Intermediate Treasury Index up over 6%. Implied volatility increased slightly during the reporting period, with the CBOE Volatility Index

increasing from 13.6 to 15.0.

■

The Fund benefited from equity market appreciation as average equity exposure during the reporting period was 68%, slightly higher than the

baseline 60%. Increases in implied volatility (which increase option prices) also contributed to the Fund’s performance during the

reporting period.

■

Fixed income exposure also added value during the reporting period, as bonds appreciated over the past year.

■

As expected, option time decay was a drag on performance. Overall, the Fund performed as expected during the reporting period, providing

67% participation in the S&P 500 return during the reporting period.

■

The Fund invests primarily in S&P 500 FLEX long-term call options and SPX futures to generate equity exposure and provide market

participation. Additionally, the Fund invests in US Treasury futures (in addition to US Treasuries and cash) to manage targeted duration to help

reduce equity downside. These derivatives had a positive impact on the Fund’s performance during the reporting period.

ETF1011E

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

The Fund’s past performance is not a good predictor of the Fund’s future performance.

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/etfs/prospectuses-fact-sheets

or call (888) 247-8090 or (973) 802-2093 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in the Fund and assumes that all recurring fees (including management fees) were

deducted and dividend and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have

been lower.

Cumulative Performance: December 12, 2022 to August 31, 2024

Initial Investment of $10,000

Average Annual Total Returns as of 8/31/2024
	One Year (%)	Since Inception (%)
Net Asset Value (NAV)	17.67%	14.34% (12/12/2022)
Market Price*	17.93%	14.31% (12/12/2022)
Broad-Based Securities Market Index: S&P 500 Index	27.14%	22.31%

*The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated. The first day

of secondary market trading is typically several days after the date on which the Fund commenced investment operations; therefore, the NAV of the Fund is used as a proxy for the

period from inception of investment operations to the first day of secondary market trading to calculate the market price returns.

Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Market and NAV returns assume that dividends and capital gain distributions, if any, have been reinvested in the Fund at market price and NAV, respectively.

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

the class’s inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 8/31/2024?

Fund’s net assets	$ 46,620,418
Number of fund holdings	11
Total advisory fees paid for the year	$ 136,130
Portfolio turnover rate for the year	127%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 8/31/2024?

Investment Allocation	% of Net Assets
U.S. Treasury Obligations	71.7%
Options Purchased	21.8%
Affiliated Mutual Fund - Short-Term Investment	6.6%
	100.1%
Liabilities in excess of other assets*	(0.1 )%
	100.0%

* Includes unsettled variation margin receivable (payable) for futures contracts outstanding, as reported in the Fund's statutory financial statements.

Futures Contracts outstanding at August 31, 2024

(1)

Futures Contracts: Long Positions	% of Net Assets
5 Year U.S. Treasury Notes	29.6%
2 Year U.S. Treasury Notes	12.0%
10 Year U.S. Treasury Notes	7.6%
S&P 500 E-Mini Index	5.5%
20 Year U.S. Treasury Bonds	2.6%
30 Year U.S. Ultra Treasury Bonds	2.5%
	59.8%

(1) Represents the current notional amount of the future contracts (USD) as a percentage of net assets as of August 31, 2024.

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/etfs/prospectuses-fact-sheets

or by scanning the QR code below, including the

Fund’s prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at

(888) 247-8090 or (973) 802-2093 from outside the US.

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Portfolio Ballast ETF

TICKER SYMBOL	PBL
CUSIP	69344A859

ETF1011E

PGIM AAA CLO ETF

TICKER SYMBOL:

PAAA

Listing Exchange:

NYSE Arca, Inc.

ANNUAL SHAREHOLDER REPORT – August 31, 2024

This annual shareholder report contains important information about the PGIM AAA CLO ETF (the “Fund”) for the period of September 1, 2023 to

August 31, 2024.

You can find additional information about the Fund at

pgim.com/investments/etfs/prospectuses-fact-sheets

. You can also

request this information by contacting us at (888) 247-8090 or (973) 802-2093 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM AAA CLO ETF	$20	0.19%

WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?

■

Collateralized loan obligation (CLO) AAA spreads rallied approximately 35 basis points during the reporting period. (One basis point equals

0.01%.) The spread-tightening environment was driven by robust demand for the asset class despite elevated supply throughout the

reporting period.

■

The following contributed most to the Fund’s performance relative to the Index during the reporting period: The portfolio was positioned

marginally longer in spread duration relative to the Index. (Spread duration measures the sensitivity of the price—the value of principal—of a

bond to a change in credit spreads.) As such, the portfolio benefited from additional price appreciation, as longer spread-duration assets

outperformed the shorter end of the term curve. The portfolio’s rating composition largely matched the Index throughout the reporting period.

■

No security or sector factors materially detracted from the Fund’s performance relative to the Index during the reporting period.

ETF1012E

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

The Fund’s past performance is not a good predictor of the Fund’s future performance.

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/etfs/prospectuses-fact-sheets

or call (888) 247-8090 or (973) 802-2093 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in the Fund and assumes that all recurring fees (including management fees) were

deducted and dividend and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have

been lower.

Cumulative Performance: July 19, 2023 to August 31, 2024

Initial Investment of $10,000

Average Annual Total Returns as of 8/31/2024
	One Year (%)	Since Inception (%)
Net Asset Value (NAV)	8.18%	8.10% (7/19/2023)
Market Price**	8.12%	8.10% (7/19/2023)
JP Morgan CLOIE AAA Index	7.65%	7.61%
Broad-Based Securities Market Index: Bloomberg US Aggregate Bond Index*	7.30%	6.09%

*The Fund has added this broad-based index in response to new regulatory requirements.

**The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated. The first

day of secondary market trading is typically several days after the date on which the Fund commenced investment operations; therefore, the NAV of the Fund is used as a proxy for

the period from inception of investment operations to the first day of secondary market trading to calculate the market price returns.

Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Market and NAV returns assume that dividends and capital gain distributions, if any, have been reinvested in the Fund at market price and NAV, respectively.

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

the class’s inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 8/31/2024?

Fund’s net assets	$ 432,168,234
Number of fund holdings	181
Total advisory fees paid for the year	$ 348,561
Portfolio turnover rate for the year	65%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 8/31/2024?

Credit Quality expressed as a percentage of total investments as of 8/31/2024 (%)
AAA	97.9
Cash/Cash Equivalents	2.1
Total	100.0

Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody’s Investors Service, Inc. (Moody’s), S&P Global

Ratings (S&P), or Fitch Ratings, Inc. (Fitch).

Credit

ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, ratings are converted to the comparable

S&P/Fitch rating tier nomenclature. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change.

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/etfs/prospectuses-fact-sheets

or by scanning the QR code below, including the

Fund’s prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at

(888) 247-8090 or (973) 802-2093 from outside the US.

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM AAA CLO ETF

TICKER SYMBOL	PAAA
CUSIP	69344A834

ETF1012E

PGIM Active Aggregate Bond ETF

TICKER SYMBOL:

PAB

Listing Exchange:

NYSE Arca, Inc.

ANNUAL SHAREHOLDER REPORT – August 31, 2024

This annual shareholder report contains important information about the PGIM Active Aggregate Bond ETF (the “Fund”) for the period of

September 1, 2023 to August 31, 2024.

You can find additional information about the Fund at

pgim.com/investments/etfs/prospectuses-fact-sheets

. You can also request this information by contacting us at (888) 247-8090 or (973) 802-2093 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Active Aggregate Bond ETF	$19	0.18%

WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?

■

Although the US Federal Reserve (the Fed) held policy rates steady for eight consecutive Federal Open Market Committee meetings,

moderating economic data provided markets with greater confidence that the Fed’s first rate cut of the current cycle would come in the second

half of 2024. Against the backdrop of a steepening US Treasury yield curve, credit spreads across a broad spectrum of fixed income asset

classes generally tightened. (A yield curve is a line graph that illustrates the relationship between the yields and maturities of fixed income

securities. It is created by plotting the yields of different maturities for the same type of bonds.)

■

The following contributed most to the Fund’s performance relative to the Index during the reporting period: positioning in AAA collateralized loan

obligations, AAA non-agency commercial mortgage-backed securities (CMBS), and asset-backed securities; an overweight to the US

investment-grade corporate sector; security selection in mortgage-backed securities and US Treasuries; duration positioning; and credit

positioning in midstream energy, banking, electric utilities, and metals & mining. (Duration measures the sensitivity of the price—the value of

principal—of a bond to a change in interest rates.)

■

The following detracted most from the Fund’s performance relative to the Index during the reporting period: yield curve positioning; security

selection in emerging-markets investment-grade bonds; and credit positioning in telecom, finance companies, and agency CMBS.

■

The Fund uses derivatives to facilitate the implementation of the overall investment approach. During the reporting period, the Fund used

swaps and futures to help manage duration positioning and yield curve exposure. In aggregate, the Fund’s positions in swaps and futures

detracted from performance during the reporting period.

ETF1006E

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

The Fund’s past performance is not a good predictor of the Fund’s future performance.

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/etfs/prospectuses-fact-sheets

or call (888) 247-8090 or (973) 802-2093 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in the Fund and assumes that all recurring fees (including management fees) were

deducted and dividend and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have

been lower.

Cumulative Performance: April 12, 2021 to August 31, 2024

Initial Investment of $10,000

Average Annual Total Returns as of 8/31/2024
	One Year (%)	Since Inception (%)
Net Asset Value (NAV)	8.13%	-1.18% (4/12/2021)
Market Price*	8.00%	-1.17% (4/12/2021)
Broad-Based Securities Market Index: Bloomberg US Aggregate Bond Index	7.30%	-1.06%

*The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated. The first day

of secondary market trading is typically several days after the date on which the Fund commenced investment operations; therefore, the NAV of the Fund is used as a proxy for the

period from inception of investment operations to the first day of secondary market trading to calculate the market price returns.

Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Market and NAV returns assume that dividends and capital gain distributions, if any, have been reinvested in the Fund at market price and NAV, respectively.

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

the class’s inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 8/31/2024?

Fund’s net assets	$ 45,039,804
Number of fund holdings	419
Total advisory fees paid for the year	$ 77,962
Portfolio turnover rate for the year	67%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 8/31/2024?

Credit Quality expressed as a percentage of total investments as of 8/31/2024 (%)
AAA	67.0
AA	5.2
A	9.9
BBB	15.6
BB	0.3
Not Rated	0.1
Cash/Cash Equivalents	1.9
Total	100.0

Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody’s Investors Service, Inc. (Moody’s), S&P Global

Ratings (S&P), or Fitch Ratings, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, ratings are converted to the comparable

S&P/Fitch rating tier nomenclature. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change.

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/etfs/prospectuses-fact-sheets

or by scanning the QR code below, including the

Fund’s prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at

(888) 247-8090 or (973) 802-2093 from outside the US.

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Active Aggregate Bond ETF

TICKER SYMBOL	PAB
CUSIP	69344A701

ETF1006E

PGIM Active High Yield Bond ETF

TICKER SYMBOL:

PHYL

Listing Exchange:

NYSE Arca, Inc.

ANNUAL SHAREHOLDER REPORT – August 31, 2024

This annual shareholder report contains important information about the PGIM Active High Yield Bond ETF (the “Fund”) for the period of

September 1, 2023 to August 31, 2024.

You can find additional information about the Fund at

pgim.com/investments/etfs/prospectuses-fact-sheets

. You can also request this information by contacting us at (888) 247-8090 or (973) 802-2093 from outside the US.

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Active High Yield Bond ETF	$48	0.45%

WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?

■

US high yield bonds posted strong total returns over the reporting period amid resilient economic growth, stable corporate earnings, and light

net new supply against inflows into high yield bond mutual funds and exchange-traded funds of approximately $14 billion. Lower-quality bonds

outperformed, with CCC-rated bonds outperforming both BB-rated and B-rated bonds during the reporting period.

■

The following contributed most to the Fund’s performance relative to the Index during the reporting period: security selection in automotives,

technology, airlines, electric utilities, and other financials; overweights to the US investment-grade corporate, emerging-markets high yield, and

AAA collateralized loan obligation sectors; and an industry underweight to media & entertainment, along with industry overweights to building

materials & home construction, electric utilities, and airlines.

■

The following detracted most from the Fund’s performance relative to the Index during the reporting period: security selection in telecom,

chemicals, cable & satellite, and media & entertainment; an overweight to the US bank loan sector and an underweight to the US high yield

corporate sector; and industry overweights to metals & mining and cable & satellite, along with industry underweights to technology and

consumer non-cyclicals.

■

The Fund uses derivatives to facilitate the implementation of the overall investment approach. During the reporting period, the Fund used

swaps, forwards, and futures to help manage duration positioning and yield curve exposure. (Duration measures the sensitivity of the price—

the value of principal—of a bond to a change in interest rates. A yield curve is a line graph that illustrates the relationship between the yields

and maturities of fixed income securities. It is created by plotting the yields of different maturities for the same type of bonds.) In aggregate,

these positions modestly detracted from performance during the reporting period.

ETF1001E

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

The Fund’s past performance is not a good predictor of the Fund’s future performance.

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/etfs/prospectuses-fact-sheets

or call (888) 247-8090 or (973) 802-2093 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in the Fund and assumes that all recurring fees (including management fees) were

deducted and dividend and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have

been lower.

Cumulative Performance: September 24, 2018 to August 31, 2024

Initial Investment of $10,000

Average Annual Total Returns as of 8/31/2024
	One Year (%)	Five Years (%)	Since Inception (%)
Net Asset Value (NAV)	12.15%	4.39%	5.07% (9/24/2018)
Market Price**	11.92%	4.31%	5.06% (9/24/2018)
Bloomberg US High Yield Very Liquid Index	12.54%	3.92%	4.43%
Broad-Based Securities Market Index: Bloomberg US Aggregate Bond Index*	7.30%	-0.04%	1.73%

*The Fund has added this broad-based index in response to new regulatory requirements.

**The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated. The first

day of secondary market trading is typically several days after the date on which the Fund commenced investment operations; therefore, the NAV of the Fund is used as a proxy for

the period from inception of investment operations to the first day of secondary market trading to calculate the market price returns.

Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Market and NAV returns assume that dividends and capital gain distributions, if any, have been reinvested in the Fund at market price and NAV, respectively.

Since Inception returns are provided for the Fund since it has less than 10 fiscal years of returns.

Since

Inception returns for the Index are measured from the closest month-end to

the class’s inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 8/31/2024?

Fund’s net assets	$ 132,195,847
Number of fund holdings	618
Total advisory fees paid for the year	$ 525,648
Portfolio turnover rate for the year	47%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 8/31/2024?

Credit Quality expressed as a percentage of total investments as of 8/31/2024 (%)
AAA	3.2
A	0.3
BBB	4.7
BB	51.4
B	24.3
CCC	11.3
Not Rated	2.7
Cash/Cash Equivalents	2.1
Total	100.0

Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody’s Investors Service, Inc. (Moody’s), S&P Global

Ratings (S&P), or Fitch Ratings, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, ratings are converted to the comparable

S&P/Fitch rating tier nomenclature. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change.

WERE THERE ANY CHANGES TO THE FUND THIS YEAR?

The following is a summary of certain changes to the Fund since September 1, 2023:

■

Effective March 8, 2024, the Fund's unitary fee was lowered from 0.53% to 0.39% of the Fund’s average daily net assets.

■

Effective March 8, 2024, the Fund’s sub-advisory fee was lowered from 0.265% to 0.195% (sub-advisory fees are not paid directly by the

Fund).

For more complete information, you should review the Fund’s next prospectus, which we expect to be available by October 30, 2024

pgim.com/investments/etfs/prospectuses-fact-sheets

or by request at (888) 247-8090 or (973) 802-2093 from outside the US.

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/etfs/prospectuses-fact-sheets

or by scanning the QR code below, including the

Fund’s prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at

(888) 247-8090 or (973) 802-2093 from outside the US.

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Active High Yield Bond ETF

TICKER SYMBOL	PHYL
CUSIP	69344A206

ETF1001E

PGIM Floating Rate Income ETF

TICKER SYMBOL:

PFRL

Listing Exchange:

NYSE Arca, Inc.

ANNUAL SHAREHOLDER REPORT – August 31, 2024

This annual shareholder report contains important information about the PGIM Floating Rate Income ETF (the “Fund”) for the period of

September 1, 2023 to August 31, 2024.

You can find additional information about the Fund at

pgim.com/investments/etfs/prospectuses-fact-sheets

. You can also request this information by contacting us at (888) 247-8090 or (973) 802-2093 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Floating Rate Income ETF	$74	0.70%

WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?

■

US leveraged loans posted positive total returns during the reporting period, continuing to benefit from increased evidence of a soft landing,

even as the market experienced a historic repricing and refinancing wave. (When central banks raise interest rates just enough to slow the

economy and lower inflation without causing a recession, it is known as a soft landing. When they raise rates enough to cause a significant

economic slowdown or a recession, it is known as a hard landing.) During the reporting period, loan mutual funds reported inflows of

approximately $14 billion. Meanwhile, collateralized loan obligation (CLO) formation remained robust, with a record gross supply of $279 billion

through the first eight months of 2024.

■

The following contributed most to the Fund’s performance relative to the Index during the period: overweights in AA CLOs, emerging-markets

high yield, and US investment-grade corporate sectors; an underweight to US bank loans; an overweight to, and security selection in, banking;

security selection in automotive; and an underweight to, and security selection in, consumer non-cyclicals.

■

The following detracted most from the Fund’s performance relative to the Index during the reporting period: an overweight to, and security

selection in, telecom; security selection in technology; and security selection in media & entertainment.

■

During the reporting period, the Fund held interest rate futures and swaps to help manage its duration and yield curve exposure and to reduce

its sensitivity to changes in the levels of interest rates. (A yield curve is a line graph that illustrates the relationship between the yields and

maturities of fixed income securities. It is created by plotting the yields of different maturities for the same type of bonds.) Overall, the Fund’s

positions in interest rate futures and swaps had a positive impact on performance during the reporting period. The Fund also participated in

credit default swaps to increase or reduce credit risk. The Fund’s positions in credit default swaps also had a positive impact on performance. In

addition, the Fund also participated in FX forwards, which had no impact on performance.

ETF1008E

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

The Fund’s past performance is not a good predictor of the Fund’s future performance.

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/etfs/prospectuses-fact-sheets

or call (888) 247-8090 or (973) 802-2093 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in the Fund and assumes that all recurring fees (including management fees) were

deducted and dividend and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have

been lower.

Cumulative Performance: May 17, 2022 to August 31, 2024

Initial Investment of $10,000

Average Annual Total Returns as of 8/31/2024
	One Year (%)	Since Inception (%)
Net Asset Value (NAV)	10.62%	9.06% (5/17/2022)
Market Price**	10.39%	9.10% (5/17/2022)
Credit Suisse Leveraged Loan Index	9.81%	8.98%
Broad-Based Securities Market Index: Bloomberg US Aggregate Bond Index*	7.30%	1.71%

*The Fund has added this broad-based index in response to new regulatory requirements.

**The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated. The first

day of secondary market trading is typically several days after the date on which the Fund commenced investment operations; therefore, the NAV of the Fund is used as a proxy for

the period from inception of investment operations to the first day of secondary market trading to calculate the market price returns.

Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Market and NAV returns assume that dividends and capital gain distributions, if any, have been reinvested in the Fund at market price and NAV, respectively.

Since Inception returns are provided for the Fund since it has less than 10 fiscal years of returns. Since

Inception

returns for the Index are measured from the closest month-end to

the class’s inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 8/31/2024?

Fund’s net assets	$ 74,702,530
Number of fund holdings	401
Total advisory fees paid for the year	$ 413,968
Portfolio turnover rate for the year	131%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 8/31/2024?

Credit Quality expressed as a percentage of total investments as of 8/31/2024 (%)
AAA	1.0
AA	8.4
A	5.5
BBB	13.6
BB	29.3
B	37.0
CCC	2.1
CC	0.1
Not Rated	2.9
Cash/Cash Equivalents	0.1
Total	100.0

Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody’s Investors Service, Inc. (Moody’s), S&P Global

Ratings (S&P), or Fitch Ratings, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, ratings are converted to the comparable

S&P/Fitch rating tier nomenclature. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change.

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/etfs/prospectuses-fact-sheets

or by scanning the QR code below, including the

Fund’s prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at

(888) 247-8090 or (973) 802-2093 from outside the US.

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Floating Rate Income ETF

TICKER SYMBOL	PFRL
CUSIP	69344A883

ETF1008E

PGIM Municipal Income Opportunities ETF

TICKER SYMBOL:

PMIO

Listing Exchange:

NYSE Arca, Inc.

ANNUAL SHAREHOLDER REPORT – August 31, 2024

This

annual shareholder report

contains important information about the PGIM Municipal Income Opportunities ETF (the “Fund”) for the period of

June 14, 2024 to August 31, 2024.

You can find additional information about the Fund at

pgim.com/investments/etfs/prospectuses-fact-sheets

. You can also request this information by contacting us at (888) 247-8090 or (973) 802-2093 from outside the US.

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Municipal Income Opportunities ETF	$5	0.25%

This report covers a period less than full fiscal year. Expenses for a full fiscal year would be higher than the figures shown.

WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, the US Federal Reserve held policy rates steady. Meanwhile, municipal bond issuance picked up in the first half of

2024 due to deferred maintenance and stabilizing project costs amid slowing inflation, moderating economic data, and upcoming elections.

Despite downgraded outlooks for California and Maryland, strong fundamentals (e.g., healthy tax collections, robust rainy-day funds, and

upgrades that outpaced downgrades) provided a positive backdrop for demand, and spreads tightened.

■

The following contributed most to the Fund’s performance relative to the Index during the reporting period: an overweight to healthcare credits

and security selection in pre-pay gas.

■

The following detracted most from the Fund’s performance relative to the Index during the reporting period: duration positioning as municipal

bond rates rallied and an overweight to transportation and tobacco bonds. (Duration measures the sensitivity of the price—the value of

principal—of a bond to a change in interest rates.)

■

The Fund uses derivatives when they facilitate implementation of the overall investment approach. During the reporting period, the Fund used

futures to help manage duration positioning and yield curve exposure. (A yield curve is a line graph that illustrates the relationship between the

yields and maturities of fixed income securities. It is created by plotting the yields of different maturities for the same type of bonds.) The

Fund’s positions in futures contributed modestly to performance during the reporting period.

ETF1020E

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

The Fund’s past performance is not a good predictor of the Fund’s future performance.

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/etfs/prospectuses-fact-sheets

or call (888) 247-8090 or (973) 802-2093 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in the Fund and assumes that all recurring fees (including management fees) were

deducted and dividend and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have

been lower.

Cumulative Performance: June 14, 2024 to August 31, 2024

Initial Investment of $10,000

Average Annual Total Returns as of 8/31/2024
	Since Inception (%)
Net Asset Value (NAV)	2.77% (6/14/2024)
Market Price**	2.68% (6/14/2024)
Bloomberg 1-15 Year Municipal Index	3.10%
Broad-Based Securities Market Index: Bloomberg Municipal Bond Index*	3.27%

*The Fund has added this broad-based index in response to new regulatory requirements.

**The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated. The first

day of secondary market trading is typically several days after the date on which the Fund commenced investment operations; therefore, the NAV of the Fund is used as a proxy for

the period from inception of investment operations to the first day of secondary market trading to calculate the market price returns.

Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Market and NAV returns assume that dividends and capital gain distributions, if any, have been reinvested in the Fund at market price and NAV, respectively.

Since Inception returns are provided for the Fund since it has less than 10 fiscal years of returns. Since

Inception

returns for the Index are measured from the closest month-end to

the class’s inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 8/31/2024?

Fund’s net assets	$ 25,576,237
Number of fund holdings	34
Total advisory fees paid for the year	$ 13,485
Portfolio turnover rate for the year	28%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 8/31/2024?

Credit Quality expressed as a percentage of total investments as of 8/31/2024 (%)
AAA	3.9
AA	35.9
A	17.9
BBB	4.7
B	2.0
Not Rated	34.1
Cash/Cash Equivalents	1.5
Total	100.0

Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody’s Investors Service, Inc. (Moody’s), S&P Global

Ratings (S&P), or Fitch Ratings, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, ratings are converted to the comparable

S&P/Fitch rating tier nomenclature. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change.

WERE THERE ANY CHANGES TO THE FUND THIS YEAR?

The following is a summary of certain changes to the Fund since June 14, 2024:

■

Effective on or about October 30, 2024, the Fund’s investment objective will change from “to seek total return through a combination of current

income and capital appreciation“ to “seek total return through a combination of current income that is exempt from federal income taxes and

capital appreciation.” The Fund's investment strategies remain the same.

For more complete information, you should review the Fund’s next prospectus, which we expect to be available by October 30, 2024

pgim.com/investments/etfs/prospectuses-fact-sheets

or by request at (888) 247-8090 or (973) 802-2093 from outside the US.

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/etfs/prospectuses-fact-sheets

or by scanning the QR code below, including the

Fund’s prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at

(888) 247-8090 or (973) 802-2093 from outside the US.

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Municipal Income Opportunities ETF

TICKER SYMBOL	PMIO
CUSIP	69344A776

ETF1020E

PGIM Short Duration High Yield ETF

TICKER SYMBOL:

PSH

Listing Exchange:

Cboe BZX

ANNUAL SHAREHOLDER REPORT – August 31, 2024

This annual shareholder report contains important information about the PGIM Short Duration High Yield ETF (the “Fund”) for the period of

December 14, 2023 to August 31, 2024.

You can find additional information about the Fund at

pgim.com/investments/etfs/prospectuses-fact-sheets

. You can also request this information by contacting us at (888) 247-8090 or (973) 802-2093 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Short Duration High Yield ETF	$32	0.44%

This report covers a period less than full fiscal year. Expenses for a full fiscal year would be higher than the figures shown.

WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?

■

US high yield bonds posted strong total returns over the reporting period amid resilient economic growth, stable corporate earnings, and light

net new supply against inflows into high yield bond mutual funds and exchange-traded funds of approximately $14 billion. Lower-quality bonds

outperformed, with CCC-rated bonds outperforming both BB-rated and B-rated bonds during the reporting period.

■

The following contributed most to the Fund’s performance relative to the Index during the reporting period: security selection in healthcare &

pharmaceuticals, cable & satellite, paper & packaging, upstream energy, telecom, airlines, and consumer non-cyclicals; an overweight to the

US investment-grade corporate sector; and industry underweights to telecom and airlines, along with overweights to building materials & home

construction and paper & packaging.

■

The following detracted most from the Fund’s performance relative to the Index during the reporting period: security selection in technology,

gaming/lodging/leisure, and building materials & home construction; an underweight to the US high yield corporate sector and an overweight to

the US bank loan sector; and industry underweights to technology, consumer non-cyclicals, and other financials, along with an industry

overweight to cable & satellite.

■

The Fund uses derivatives to facilitate the implementation of the overall investment approach. During the reporting period, the Fund used

swaps, forwards, and futures to help manage duration positioning and yield curve exposure. (Duration measures the sensitivity of the price—

the value of principal—of a bond to a change in interest rates. A yield curve is a line graph that illustrates the relationship between the yields

and maturities of fixed income securities. It is created by plotting the yields of different maturities for the same type of bonds.) In aggregate,

these positions had a positive impact on performance during the reporting period.

ETF1017E

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

The Fund’s past performance is not a good predictor of the Fund’s future performance.

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/etfs/prospectuses-fact-sheets

or call (888) 247-8090 or (973) 802-2093 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in the Fund and assumes that all recurring fees (including management fees) were

deducted and dividend and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have

been lower.

Cumulative Performance: December 14, 2023 to August 31, 2024

Initial Investment of $10,000

Average Annual Total Returns as of 8/31/2024
	Since Inception (%)
Net Asset Value (NAV)	6.61% (12/14/2023)
Market Price**	6.74% (12/14/2023)
Bloomberg 1-3 Year High Yield Corporate 1% Capped Index	8.65%
Broad-Based Securities Market Index: Bloomberg US Aggregate Bond Index*	7.01%

*The Fund has added this broad-based index in response to new regulatory requirements.

**The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated. The first

day of secondary market trading is typically several days after the date on which the Fund commenced investment operations; therefore, the NAV of the Fund is used as a proxy for

the period from inception of investment operations to the first day of secondary market trading to calculate the market price returns.

Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage

commissions

were included, market returns would be lower.

Market and NAV returns assume that dividends and capital gain distributions, if any, have been reinvested in the Fund at market price and NAV, respectively.

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

the class’s inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 8/31/2024?

Fund’s net assets	$ 26,586,625
Number of fund holdings	253
Total advisory fees paid for the year	$ 75,825
Portfolio turnover rate for the year	52%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 8/31/2024?

Credit Quality expressed as a percentage of total investments as of 8/31/2024 (%)
AAA	7.5
BBB	5.0
BB	49.3
B	25.2
CCC	6.0
Not Rated	0.7
Cash/Cash Equivalents	6.3
Total	100.0

Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody’s Investors Service, Inc. (Moody’s), S&P Global

Ratings (S&P), or Fitch Ratings, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, ratings are converted to the comparable

S&P/Fitch rating tier nomenclature. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change.

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/etfs/prospectuses-fact-sheets

or by scanning the QR code below, including the

Fund’s prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at

(888) 247-8090 or (973) 802-2093 from outside the US.

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Short Duration High Yield ETF

TICKER SYMBOL	PSH
CUSIP	69344A784

ETF1017E

PGIM Short Duration Multi-Sector Bond ETF

TICKER SYMBOL:

PSDM

Listing Exchange:

Cboe BZX

ANNUAL SHAREHOLDER REPORT – August 31, 2024

This annual shareholder report contains important information about the PGIM Short Duration Multi-Sector Bond ETF (the “Fund”) for the period

of September 1, 2023 to August 31, 2024.

You can find additional information about the Fund at

pgim.com/investments/etfs/prospectuses-fact-sheets

. You can also request this information by contacting us at (888) 247-8090 or (973) 802-2093 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Short Duration Multi-Sector Bond ETF	$40	0.38%

WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?

■

Although the US Federal Reserve (the Fed) held policy rates steady for eight consecutive Federal Open Market Committee meetings,

moderating economic data provided markets with greater confidence that the Fed’s first rate cut of the current cycle would come in the second

half of 2024. Against the backdrop of a steepening US Treasury yield curve, credit spreads across a broad spectrum of fixed income asset

classes generally tightened. (A yield curve is a line graph that illustrates the relationship between the yields and maturities of fixed income

securities. It is created by plotting the yields of different maturities for the same type of bonds.)

■

The following contributed most to the Fund’s performance relative to the Index during the reporting period: positioning in AAA collateralized loan

obligations and AAA non-agency commercial mortgage-backed securities (CMBS); security selection in US high yield corporates, non-agency

mortgage-backed securities (MBS), and US Treasuries; duration positioning; overweights to the MBS and emerging-markets high yield sectors;

and credit positioning in banking, consumer non-cyclicals, midstream energy, and retailers & restaurants. (Duration measures the sensitivity of

the price—the value of principal—of a bond to a change in interest rates.)

■

The following detracted most from the Fund’s performance relative to the Index during the reporting period: security selection in AA-and-below

non-agency CMBS and US investment-grade corporates; yield curve positioning; an overweight to the US high yield corporate sector; and

credit positioning in technology.

■

The Fund uses derivatives when they facilitate implementation of the overall investment approach. During the reporting period, the Fund used

swaps, options, and futures to help manage duration positioning and yield curve exposure. In aggregate, the Fund’s positions in swaps, options,

and futures detracted from performance during the reporting period.

ETF1013E

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

The Fund’s past performance is not a good predictor of the Fund’s future performance.

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/etfs/prospectuses-fact-sheets

or call (888) 247-8090 or (973) 802-2093 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in the Fund and assumes that all recurring fees (including management fees) were

deducted and dividend and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have

been lower.

Cumulative Performance: July 19, 2023 to August 31, 2024

Initial Investment of $10,000

Average Annual Total Returns as of 8/31/2024
	One Year (%)	Since Inception (%)
Net Asset Value (NAV)	7.97%	7.84% (7/19/2023)
Market Price**	7.91%	7.87% (7/19/2023)
Bloomberg US Government/Credit 1-3 Year Index	6.25%	6.10%
Broad-Based Securities Market Index: Bloomberg US Aggregate Bond Index*	7.30%	6.09%

*The Fund has added this broad-based index in response to new regulatory requirements.

**The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated. The first

day of secondary market trading is typically several days after the date on which the Fund commenced investment operations; therefore, the NAV of the Fund is used as a proxy for

the period from inception of investment operations to the first day of secondary market trading to calculate the market price returns.

Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Market and NAV returns assume that dividends and capital gain distributions, if any, have been reinvested in the Fund at market price and NAV, respectively.

Since Inception returns are provided for the Fund since it has less

than

10 fiscal years of returns. Since Inception returns for the Index are measured from the closest month-end to

the class’s inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 8/31/2024?

Fund’s net assets	$ 34,558,775
Number of fund holdings	265
Total advisory fees paid for the year	$ 119,588
Portfolio turnover rate for the year	71%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 8/31/2024?

Credit Quality expressed as a percentage of total investments as of 8/31/2024 (%)
AAA	61.2
AA	6.9
A	8.7
BBB	13.6
BB	4.8
B	2.0
CCC	0.4
Not Rated	1.2
Cash/Cash Equivalents	1.2
Total	100.0

Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody’s Investors Service, Inc. (Moody’s), S&P Global

Ratings (S&P), or Fitch Ratings, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, ratings are converted to the comparable

S&P/Fitch rating tier nomenclature. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change.

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/etfs/prospectuses-fact-sheets

or by scanning the QR code below, including the

Fund’s prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at

(888) 247-8090 or (973) 802-2093 from outside the US.

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Short Duration Multi-Sector Bond ETF

TICKER SYMBOL	PSDM
CUSIP	69344A842

ETF1013E

PGIM Total Return Bond ETF

TICKER SYMBOL:

PTRB

Listing Exchange:

NYSE Arca, Inc.

ANNUAL SHAREHOLDER REPORT – August 31, 2024

This annual shareholder report contains important information about the PGIM Total Return Bond ETF (the “Fund”) for the period of September 1,

2023 to August 31, 2024.

You can find additional information about the Fund at

pgim.com/investments/etfs/prospectuses-fact-sheets

. You can

also request this information by contacting us at (888) 247-8090 or (973) 802-2093 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Total Return Bond ETF	$50	0.48%

WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?

■

Although the US Federal Reserve (the Fed) held policy rates steady for eight consecutive Federal Open Market Committee meetings,

moderating economic data provided markets with greater confidence that the Fed’s first rate cut of the current cycle would come in the second

half of 2024. Against the backdrop of a steepening US Treasury yield curve, credit spreads across a broad spectrum of fixed income asset

classes generally tightened. (A yield curve is a line graph that illustrates the relationship between the yields and maturities of fixed income

securities. It is created by plotting the yields of different maturities for the same type of bonds.)

■

The following contributed most to the Fund’s performance relative to the Index during the reporting period: positioning in AAA collateralized loan

obligations and AAA non-agency commercial mortgage-backed securities (CMBS); security selection in US high yield corporates, US

investment-grade corporates, mortgage-backed securities (MBS) and non-agency MBS; overweights to the US investment-grade corporate and

emerging-markets high yield sectors, along with an underweight to the MBS sector; and credit positioning in banking, midstream energy,

upstream energy, and healthcare & pharmaceuticals.

■

The following detracted most from the Fund’s performance relative to the Index during the reporting period: yield curve positioning; security

selection in AA-and-below non-agency CMBS and British pound-denominated high yield corporates; and an overweight to the US high yield

corporate sector.

■

The Fund uses derivatives when they facilitate implementation of the overall investment approach. During the reporting period, the Fund used

swaps, options, and futures to help manage duration positioning and yield curve exposure. (Duration measures the sensitivity of the price—the

value of principal—of a bond to a change in interest rates.) In aggregate, the Fund’s positions in swaps, options, and futures contributed to

performance during the reporting period. In addition, the Fund participated in FX forwards, which had a negative impact on performance.

ETF1007E

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

The Fund’s past performance is not a good predictor of the Fund’s future performance.

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/etfs/prospectuses-fact-sheets

or call (888) 247-8090 or (973) 802-2093 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in the Fund and assumes that all recurring fees (including management fees) were

deducted and dividend and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have

been lower.

Cumulative Performance: December 2, 2021 to August 31, 2024

Initial Investment of $10,000

Average Annual Total Returns as of 8/31/2024
	One Year (%)	Since Inception (%)
Net Asset Value (NAV)	8.97%	-1.75% (12/2/2021)
Market Price*	8.98%	-1.73% (12/2/2021)
Broad-Based Securities Market Index: Bloomberg US Aggregate Bond Index	7.30%	-2.08%

*The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated. The first day

of secondary market trading is typically several days after the date on which the Fund commenced investment operations; therefore, the NAV of the Fund is used as a proxy for the

period from inception of investment operations to the first day of secondary market trading to calculate the market price returns.

Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Market and NAV returns assume that dividends and capital gain distributions, if any, have been reinvested in the Fund at market price and NAV, respectively.

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

the class’s inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 8/31/2024?

Fund’s net assets	$ 279,758,363
Number of fund holdings	860
Total advisory fees paid for the year	$ 862,152
Portfolio turnover rate for the year	114%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 8/31/2024?

Credit Quality expressed as a percentage of total investments as of 8/31/2024 (%)
AAA	61.4
AA	5.0
A	7.9
BBB	18.5
BB	5.2
B	2.1
CCC	0.5
Not Rated	1.1
Cash/Cash Equivalents	(1.7)
Total	100.0

Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody’s Investors Service, Inc. (Moody’s), S&P Global

Ratings (S&P), or Fitch Ratings, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, ratings are converted to the comparable

S&P/Fitch rating tier nomenclature. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change.

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/etfs/prospectuses-fact-sheets

or by scanning the QR code below, including the

Fund’s prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at

(888) 247-8090 or (973) 802-2093 from outside the US.

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Total Return Bond ETF

TICKER SYMBOL	PTRB
CUSIP	69344A800

ETF1007E

PGIM Ultra Short Bond ETF

TICKER SYMBOL:

PULS

Listing Exchange:

NYSE Arca, Inc.

ANNUAL SHAREHOLDER REPORT – August 31, 2024

This annual shareholder report contains important information about the PGIM Ultra Short Bond ETF (the “Fund”) for the period of September 1,

2023 to August 31, 2024.

You can find additional information about the Fund at

pgim.com/investments/etfs/prospectuses-fact-sheets

. You can

also request this information by contacting us at (888) 247-8090 or (973) 802-2093 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Ultra Short Bond ETF	$15	0.15%

WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?

■

Although the US Federal Reserve (the Fed) held policy rates steady for eight consecutive Federal Open Market Committee meetings,

moderating economic data provided markets with greater confidence that the Fed’s first rate cut of the current cycle would come in the second

half of 2024. As a result, US Treasury yields declined across the yield curve, with the 3-month Treasury bill declining from 5.56% to 5.21%

during the reporting period. (A yield curve is a line graph that illustrates the relationship between the yields and maturities of fixed income

securities. It is created by plotting the yields of different maturities for the same type of bonds.) Meanwhile, the Secured Overnight Financing

Rate remained relatively steady around 5.32%.

■

The following contributed most to the Fund’s performance relative to the Index during the reporting period: allocations to short-term

investment-grade corporates as well as high-quality collateralized loan obligations, non-agency commercial mortgage-backed securities, and

asset-backed securities. Within credit, the Fund’s positions in banking and electric utilities contributed the most. Duration and yield curve

positioning also contributed. (Duration measures the sensitivity of the price—the value of principal—of a bond to a change in interest rates.)

■

No security or sector factors materially detracted from the Fund’s performance relative to the Index during the reporting period.

■

During the reporting period, the Fund used interest rate swaps and futures to help manage duration positioning and yield curve exposure.

These instruments allowed the Fund to capture higher yields available farther out on the short-term portion of the yield curve and in

spread-sector assets versus Treasuries, while mitigating interest rate risk. Overall, the Fund’s positions in interest rate swaps and futures added

to performance during the reporting period.

ETF1000E

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

The Fund’s past performance is not a good predictor of the Fund’s future performance.

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/etfs/prospectuses-fact-sheets

or call (888) 247-8090 or (973) 802-2093 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in the Fund and assumes that all recurring fees (including management fees) were

deducted and dividend and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have

been lower.

Cumulative Performance: April 5, 2018 to August 31, 2024

Initial Investment of $10,000

Average Annual Total Returns as of 8/31/2024
	One Year (%)	Five Years (%)	Since Inception (%)
Net Asset Value (NAV)	6.51%	2.97%	2.93% (4/5/2018)
Market Price**	6.48%	2.97%	2.93% (4/5/2018)
ICE BofA US 3-Month Treasury Bill Index	5.48%	2.27%	2.26%
Broad-Based Securities Market Index : Bloomberg US Aggregate Bond Index*	7.30%	-0.04%	1.57%

*The Fund has added this broad-based index in response to new regulatory requirements.

**The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated. The first

day of secondary market trading is typically several days after the date on which the Fund commenced investment operations; therefore, the NAV of the Fund is used as a proxy for

the period from inception of investment operations to the first day of secondary

marke

t trading to calculate the market price returns.

Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Market and NAV returns assume that dividends and capital gain distributions, if any, have been reinvested in the Fund at market price and NAV, respectively.

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

the class’s inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 8/31/2024?

Fund’s net assets	$ 7,507,091,860
Number of fund holdings	484
Total advisory fees paid for the year	$ 9,252,966
Portfolio turnover rate for the year	40%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 8/31/2024?

Credit Quality expressed as a percentage of total investments as of 8/31/2024 (%)
AAA	27.9
AA	21.9
A	22.4
BBB	20.1
Cash/Cash Equivalents	7.5
Other	0.2
Total	100.0

Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody’s Investors Service, Inc. (Moody’s), S&P Global

Ratings (S&P), or Fitch Ratings, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, ratings are converted to the comparable

S&P/Fitch rating tier nomenclature. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change.

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/etfs/prospectuses-fact-sheets

or by scanning the QR code below, including the

Fund’s prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at

(888) 247-8090 or (973) 802-2093 from outside the US.

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Ultra Short Bond ETF

TICKER SYMBOL	PULS
CUSIP	69344A107

ETF1000E

PGIM Ultra Short Municipal Bond ETF

TICKER SYMBOL:

PUSH

Listing Exchange:

NYSE Arca, Inc.

ANNUAL SHAREHOLDER REPORT – August 31, 2024

This annual shareholder report contains important information about the PGIM Ultra Short Municipal Bond ETF (the “Fund”) for the period of

June 24, 2024 to August 31, 2024.

You can find additional information about the Fund at

pgim.com/investments/etfs/prospectuses-fact-sheets

. You can also request this information by contacting us at (888) 247-8090 or (973) 802-2093 from outside the US.

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Ultra Short Municipal Bond ETF	$3	0.15%

This report covers a period less than full fiscal year. Expenses for a full fiscal year would be higher than the figures shown.

WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, the US Federal Reserve held policy rates steady. Meanwhile, issuance picked up in the first half of 2024 due to

deferred maintenance and stabilizing project costs amid slowing inflation, moderating economic data, and upcoming elections. Despite

downgraded outlooks for California and Maryland, strong fundamentals (e.g., healthy tax collections, robust rainy-day funds, and upgrades that

outpaced downgrades) provided a positive backdrop for demand, and spreads tightened.

■

The following contributed most to the Fund’s performance relative to the Index during the reporting period: security selection in housing—driven

by an overweight to multifamily housing credits such as Arizona Industrial Development Authority—and underweight positioning in sanitation as

spreads widened. The Fund also benefited from +100 basis points of higher yield than the Index, allowing for higher carry return. (One basis

point equals 0.01%.)

■

The following detracted most from relative performance during the reporting period: the Fund’s modest yield curve flattener (as the curve

steepened); an overweight within healthcare to Westminster Village; and an overweight to dedicated tax, driven by an overweight to New York

Convention Center. (A yield curve is a line graph that illustrates the relationship between the yields and maturities of fixed income securities. It

is created by plotting the yields of different maturities for the same type of bonds. A yield curve flattener is an interest rate environment in

which long-term rates are decreasing more quickly than short-term rates.)

ETF1021E

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

The Fund’s past performance is not a good predictor of the Fund’s future performance.

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/etfs/prospectuses-fact-sheets

or call (888) 247-8090 or (973) 802-2093 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in the Fund and assumes that all recurring fees (including management fees) were

deducted and dividend and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have

been lower.

Cumulative Performance: June 24, 2024 to August 31, 2024

Initial Investment of $10,000

Average Annual Total Returns as of 8/31/2024
	Since Inception (%)
Net Asset Value (NAV)	1.22% (6/24/2024)
Market Price**	1.24% (6/24/2024)
Bloomberg 1 Year Municipal Bond Index	1.32%
Broad-Based Securities Market Index: Bloomberg Municipal Bond Index*	1.71%

*The Fund has added this broad-based index in response to new regulatory requirements.

**The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated. The first

day of secondary market trading is typically several days after the date on which the Fund commenced investment operations; therefore, the NAV of the Fund is used as a proxy for

the period from inception of investment operations to the first day of secondary market trading to calculate the market price returns.

Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Market and NAV returns assume that dividends and capital gain distributions, if any, have been reinvested in the Fund at market price and NAV, respectively.

Since Inception returns are provided for the Fund since it has less than 10 fiscal years of returns. Since Inception

returns

for the Index are measured from the closest month-end to

the class’s inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 8/31/2024?

Fund’s net assets	$ 25,199,827
Number of fund holdings	36
Total advisory fees paid for the year	$ 6,999
Portfolio turnover rate for the year	24%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 8/31/2024?

Credit Quality expressed as a percentage of total investments as of 8/31/2024 (%)
AAA	14.2
AA	22.5
A	32.9
BBB	14.9
Not Rated	4.0
Cash/Cash Equivalents	11.5
Total	100.0

Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody’s Investors Service, Inc. (Moody’s), S&P Global

Ratings (S&P), or Fitch Ratings, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, ratings are converted to the comparable

S&P/Fitch rating tier nomenclature. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change.

WERE THERE ANY CHANGES TO THE FUND THIS YEAR?

The following is a summary of certain changes to the Fund since June 24, 2024:

■

Effective on or about October 30, 2024, the Fund’s investment objective will change from “to seek total return through a combination of current

income and capital appreciation” to “seek total return through a combination of current income that is exempt from federal income taxes and

capital appreciation.” The Fund's investment strategies remain the same.

For more complete information, you should review the Fund’s next prospectus, which we expect to be available by October 30, 2024

pgim.com/investments/etfs/prospectuses-fact-sheets

or by request at (888) 247-8090 or (973) 802-2093 from outside the US.

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/etfs/prospectuses-fact-sheets

or by scanning the QR code below, including the

Fund’s prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at

(888) 247-8090 or (973) 802-2093 from outside the US.

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Ultra Short Municipal Bond ETF

TICKER SYMBOL	PUSH
CUSIP	69344A768

ETF1021E

(b)

Copy of each notice transmitted to stockholders in reliance on Rule 30e-3 under the Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule – Not applicable.

Item 2 –

Code of Ethics – See Exhibit (a)

As of the end of the period covered by this report, the registrant has adopted a code of ethics (the “Section 406 Standards for Investment Companies – Ethical Standards for Principal Executive and Financial Officers”) that applies to the registrant’s Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer.

The registrant hereby undertakes to provide any person, without charge, upon request, a copy of the code of ethics. To request a copy of the code of ethics, contact the registrant 800-225-1852, and ask for a copy of the Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers.

Item 3 –

Audit Committee Financial Expert –

The registrant’s Board has determined that Ms. Grace C. Torres, member of the Board’s Audit Committee is an “audit committee financial expert,” and that she is “independent,” for purposes of this item.

Item 4 –

Principal Accountant Fees and Services –

(a)

Audit Fees

For the fiscal years ended August 31, 2024 and August 31, 2023, PricewaterhouseCoopers LLP (“PwC”), the Registrant’s principal accountant, billed the Registrant $473,320 and $240,300, respectively, for professional services rendered for the audit of the Registrant’s annual financial statements or services that are normally provided in connection with statutory and regulatory filings.

(b)

Audit-Related Fees

For the fiscal years ended August 31, 2024 and August 31, 2023: none.

(c)

Tax Fees

For the fiscal years ended August 31, 2024 and August 31, 2023: none.

(d)

All Other Fees

For the fiscal years ended August 31, 2024 and August 31, 2023: none.

(e) (1) Audit Committee Pre-Approval Policies and Procedures

THE PGIM MUTUAL FUNDS

AUDIT COMMITTEE POLICY

Pre-Approval of Services Provided by the Independent

Accountants

The Audit Committee of each PGIM Mutual Fund is charged with the responsibility to monitor the independence of the Fund’s independent accountants. As part of this responsibility, the Audit Committee must pre-approve the independent accounting firm’s engagement to render audit and/or permissible non-audit services, as required by law. In evaluating a proposed engagement of the independent accountants, the Audit Committee will assess the effect that the engagement might reasonably be expected to have on the accountant’s independence. The Committee’s evaluation will be based on:

•

a review of the nature of the professional services expected to be provided,

•

a review of the safeguards put into place by the accounting firm to safeguard independence, and

•

periodic meetings with the accounting firm.

Policy for Audit and Non-Audit Services Provided to the Funds

On an annual basis, the scope of audits for each Fund, audit fees and expenses, and audit-related and non-audit services (and fees proposed in respect thereof) proposed to be performed by the Fund’s independent accountants will be presented by the Treasurer and the independent accountants to the Audit Committee for review and, as appropriate, approval prior to the initiation of such services.

Such presentation shall be accompanied by confirmation by both the Treasurer and the independent accountants that the proposed non-audit services will not adversely affect the independence of the independent accountants. Such proposed non-audit services shall be described in sufficient detail to enable the Audit Committee to assess the appropriateness of such services and fees, and the compatibility of the provision of such services with the auditor’s independence. The Committee shall receive periodic reports on the progress of the audit and other services which are approved by the Committee or by the Committee Chair pursuant to authority delegated in this Policy.

The categories of services enumerated under “Audit Services”, “Audit-related Services”, and “Tax Services” are intended to provide guidance to the Treasurer and the independent accountants as to those categories of services which the Committee believes are generally consistent with the independence of the independent accountants and which the Committee (or the Committee Chair) would expect upon the presentation of specific proposals to pre-approve. The enumerated categories are not intended as an exclusive list of audit, audit-related or tax services, which the Committee (or the Committee Chair) would consider for pre-approval.

Audit Services

The following categories of audit services are considered to be consistent with the role of the Fund’s independent accountants:

•

Annual Fund financial statement audits

•

Seed audits (related to new product filings, as required)

•

SEC and regulatory filings and consents

Audit-related Services

The following categories of audit-related services are considered to be consistent with the role of the Fund’s independent accountants:

•

Accounting consultations

•

Fund merger support services

•

Agreed Upon Procedure Reports

•

Attestation Reports

•

Other Internal Control Reports


Individual audit-related services that fall within one of these categories (except for fund merger support services) and are not presented to the Audit Committee as part of the annual pre-approval process are subject to an authorized pre-approval by the Audit Committee so long as the estimated fee for those services does not exceed $30,000. Any services provided under such pre-approval will be reported to the Audit Committee at its next regular meeting. Should the amount of such services exceed $30,000 any additional fees will be subject to pre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated). Fees related to fund merger support services are subject to a separate authorized pre-approval by the Audit Committee with fees determined on a per occurrence and merger complexity basis.

Tax Services

The following categories of tax services are considered to be consistent with the role of the Fund’s independent accountants:

•

Tax compliance services related to the filing or amendment of the following:

•

Federal, state and local income tax compliance; and,

•

Sales and use tax compliance

•

Timely RIC qualification reviews

•

Tax distribution analysis and planning

•

Tax authority examination services

•

Tax appeals support services

•

Accounting methods studies

•

Fund merger support services

•

Tax consulting services and related projects

Individual tax services that fall within one of these categories and are not presented to the Audit Committee as part of the annual pre-approval process are subject to an authorized pre-approval by the Audit Committee so long as the estimated fee for those services does not exceed $30,000. Any services provided under such pre-approval will be reported to the Audit Committee at its next regular meeting. Should the amount of such services exceed $30,000 any additional fees will be subject to pre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated).

Other Non-Audit Services

Certain non-audit services that the independent accountants are legally permitted to render will be subject to pre-approval by the Committee or by one or more Committee members to whom the Committee has delegated this authority and who will report to the full Committee any pre-approval decisions made pursuant to this Policy. Non-audit services presented for pre-approval pursuant to this paragraph will be accompanied by a confirmation from both the Treasurer and the independent accountants that the proposed services will not adversely affect the independence of the independent accountants.

Proscribed Services

The Fund’s independent accountants will not render services in the following categories of non-audit services:

•

Bookkeeping or other services related to the accounting records or financial statements of the Fund

•

Financial information systems design and implementation

•

Appraisal or valuation services, fairness opinions, or contribution-in-kind reports

•

Actuarial services

•

Internal audit outsourcing services

•

Management functions or human resources

•

Broker or dealer, investment adviser, or investment banking services

•

Legal services and expert services unrelated to the audit

•

Any other service that the Public Company Accounting Oversight Board determines, by regulation, is impermissible.

Pre-approval of Non-Audit Services Provided to Other Entities Within the PGIM Fund Complex

Certain non-audit services provided to PGIM Investments LLC or any of its affiliates that also provide ongoing services to the PGIM Mutual Funds will be subject to pre-approval by the Audit Committee. The only non-audit services provided to these entities that will require pre-approval are those related directly to the operations and financial reporting of the Funds. Individual projects that are not presented to the Audit Committee as part of the annual pre-approval process will be subject to pre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated) so long as the estimated fee for those services does not exceed $30,000. Services presented for pre-approval pursuant to this paragraph will be accompanied by a confirmation from both the Treasurer and the independent accountants that the proposed services will not adversely affect the independence of the independent accountants.

Although the Audit Committee will not pre-approve all services provided to PGIM Investments LLC and its affiliates, the Committee will receive an annual report from the Fund’s independent accounting firm showing the aggregate fees for all services provided to PGIM Investments and its affiliates.

(e) (2) Percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X –


	Fiscal Year Ended August 31, 2024	Fiscal Year Ended August 31, 2023
4(b)	Not applicable.	Not applicable.
4(c)	Not applicable.	Not applicable.
4(d)	Not applicable.	Not applicable.

(f) Percentage of hours expended attributable to work performed by other than full time employees of principal accountant if greater than 50%.

The percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees was 0%.

(g) Non-Audit Fees

The aggregate non-audit fees billed by the Registrant’s principal accountant for services rendered to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant for the fiscal years ended August 31, 2024 and August 31, 2023 was $0 and $0, respectively.

(h) Principal Accountant’s Independence

Not applicable as the Registrant’s principal accountant has not provided non-audit services to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X.

(i) Not applicable.

(j) Not applicable.

Item 5 –

Audit Committee of Listed Registrants – The registrant has a separately designated standing audit committee (the “Audit Committee”) established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934. The members of the Audit Committee are Grace Torres (chair), Linda Bynoe, Barry Evens, Keith Hartstein (ex-officio) and Brian Reid.

Item 6 –

Investments – The registrant’s Schedule of Investments is included in the financial statements filed under Item 7 of this Form.

Items 7 –

11 (Refer to Report below)

LOGO

PGIM ETF TRUST

PGIM Jennison Better Future ETF

PGIM Jennison Focused Growth ETF

PGIM Jennison Focused Mid-Cap ETF

PGIM Jennison Focused Value ETF

PGIM Jennison International Opportunities ETF

PGIM Portfolio Ballast ETF

FINANCIAL STATEMENTS AND OTHER INFORMATION

AUGUST 31, 2024

LOGO


Table of Contents		Financial Statements and Other Information		August 31, 2024

Form N-CSR Item 7 - Financial Statements and Financial Highlights for Open-End Management Investment Companies.


Glossary		1

PGIM Jennison Better Future ETF		2

PGIM Jennison Focused Growth ETF		10

PGIM Jennison Focused Mid-Cap ETF		18

PGIM Jennison Focused Value ETF		28

PGIM Jennison International Opportunities ETF		37

PGIM Portfolio Ballast ETF		45

Notes to Financial Statements		53

Other Information - Form N-CSR Items 8-11

Glossary

The following abbreviations are used in the Funds’ descriptions:

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.

ADR—American Depositary Receipt

ETF—Exchange-Traded Fund

OTC—Over-the-counter

REITs—Real Estate Investment Trust

S&P—Standard & Poor’s

SG—Societe Generale

SOFR—Secured Overnight Financing Rate

SPDR—Standard & Poor’s Depositary Receipts

PGIM Jennison Better Future ETF

Schedule of Investments

as of August 31, 2024



Description	Shares		Value

LONG-TERM INVESTMENTS 99.0%

COMMON STOCKS

Automobiles 6.2%

Ferrari NV (Italy)		2,095	$	1,040,775

Banks 4.5%

NU Holdings Ltd. (Brazil) (Class A Stock)*		50,680		758,680

Biotechnology 3.2%

Vertex Pharmaceuticals, Inc.*		1,074		532,586

Broadline Retail 10.4%

Amazon.com, Inc.*		3,814		680,799
MercadoLibre, Inc. (Brazil)*		517		1,065,878


				1,746,677

Communications Equipment 2.4%

Arista Networks, Inc.*		1,155		408,154

Electrical Equipment 3.8%

Eaton Corp. PLC		1,086		333,326
Schneider Electric SE		1,205		305,962


				639,288

Electronic Equipment, Instruments & Components 0.9%

Keyence Corp. (Japan)		298		141,896

Hotels, Restaurants & Leisure 0.8%

Airbnb, Inc. (Class A Stock)*		1,192		139,834

Machinery 2.1%

Atlas Copco AB (Sweden) (Class A Stock)		19,261		349,179

Personal Care Products 3.0%

L’Oreal SA (France)		1,156		506,793

Pharmaceuticals 13.6%

AstraZeneca PLC (United Kingdom), ADR		5,051		442,568
Eli Lilly & Co.		945		907,219
Novo Nordisk A/S (Denmark), ADR		6,656		926,249


				2,276,036

See Notes to Financial Statements.

PGIM Jennison Better Future ETF

Schedule of Investments (continued)

as of August 31, 2024



Description	Shares		Value

COMMON STOCKS (Continued)

Semiconductors & Semiconductor Equipment 15.7%

ASML Holding NV (Netherlands)		374	$	338,047
Broadcom, Inc.		2,927		476,574
NVIDIA Corp.		9,273		1,106,918
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan), ADR		4,118		707,061


				2,628,600

Software 16.9%

Cadence Design Systems, Inc.*		1,926		517,959
Datadog, Inc. (Class A Stock)*		1,024		119,050
Fair Isaac Corp.*		221		382,390
Microsoft Corp.		2,699		1,125,861
Palo Alto Networks, Inc.*		717		260,070
ServiceNow, Inc.*		504		430,920


				2,836,250

Technology Hardware, Storage & Peripherals 7.7%

Apple, Inc.		5,649		1,293,621

Textiles, Apparel & Luxury Goods 7.8%

Hermes International SCA (France)		325		779,224
LVMH Moet Hennessy Louis Vuitton SE (France)		697		519,524


				1,298,748


TOTAL LONG-TERM INVESTMENTS (cost $14,227,409)				16,597,117


SHORT-TERM INVESTMENT 1.0%

AFFILIATED MUTUAL FUND
PGIM Core Government Money Market Fund (7-day effective yield 5.562%) (cost $159,358)(wb)		159,358		159,358


TOTAL INVESTMENTS 100.0% (cost $14,386,767)				16,756,475
Other assets in excess of liabilities 0.0%				1,449


NET ASSETS 100.0%			$	16,757,924

See Notes to Financial Statements.

PGIM Jennison Better Future ETF 3

PGIM Jennison Better Future ETF

Schedule of Investments (continued)

as of August 31, 2024

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

*	Non-income producing security.

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

Fair Value Measurements:

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

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

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

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

The following is a summary of the inputs used as of August 31, 2024 in valuing such portfolio securities:


	Level 1			Level 2			Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks
Automobiles		$	1,040,775		$	—		$	—
Banks			758,680			—			—
Biotechnology			532,586			—			—
Broadline Retail			1,746,677			—			—
Communications Equipment			408,154			—			—
Electrical Equipment			639,288			—			—
Electronic Equipment, Instruments & Components			141,896			—			—
Hotels, Restaurants & Leisure			139,834			—			—
Machinery			349,179			—			—
Personal Care Products			506,793			—			—
Pharmaceuticals			2,276,036			—			—
Semiconductors & Semiconductor Equipment			2,628,600			—			—
Software			2,836,250			—			—
Technology Hardware, Storage & Peripherals			1,293,621			—			—
Textiles, Apparel & Luxury Goods			1,298,748			—			—
Short-Term Investment
Affiliated Mutual Fund			159,358			—			—

Total		$	16,756,475		$	—		$	—

Industry Classification:

The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of August 31, 2024 were as follows:

See Notes to Financial Statements.

PGIM Jennison Better Future ETF

Schedule of Investments (continued)

as of August 31, 2024

Industry Classification (continued):


Software	16.9	%
Semiconductors & Semiconductor Equipment	15.7
Pharmaceuticals	13.6
Broadline Retail	10.4
Textiles, Apparel & Luxury Goods	7.8
Technology Hardware, Storage & Peripherals	7.7
Automobiles	6.2
Banks	4.5
Electrical Equipment	3.8
Biotechnology	3.2
Personal Care Products	3.0
Communications Equipment	2.4


Machinery	2.1	%
Affiliated Mutual Fund	1.0
Electronic Equipment, Instruments & Components	0.9
Hotels, Restaurants & Leisure	0.8


	100.0
Other assets in excess of liabilities	0.0	*


	100.0	%

*	Less than 0.05%

See Notes to Financial Statements.

PGIM Jennison Better Future ETF 5

PGIM Jennison Better Future ETF

Statement of Assets & Liabilities

as of August 31, 2024


Assets

Investments at value:
Unaffiliated investments (cost $14,227,409)	$	16,597,117
Affiliated investments (cost $159,358)		159,358
Foreign currency, at value (cost $5)		5
Dividends receivable		5,148
Tax reclaim receivable		3,490


Total Assets		16,765,118

Liabilities

Management fee payable		7,194


Net Assets	$	16,757,924




Net assets were comprised of:
Common stock, at par	$	270
Paid-in capital in excess of par		14,595,994
Total distributable earnings (loss)		2,161,660


Net assets, August 31, 2024	$	16,757,924


Net asset value, offering price and redemption price per share, ($16,757,924 ÷ 270,000 shares of common stock issued and outstanding)	$	62.07

See Notes to Financial Statements.

PGIM Jennison Better Future ETF

Statement of Operations

For the Period December 14, 2023* through August 31, 2024



Net Investment Income (Loss)

Income
Unaffiliated dividend income (net of $6,820 foreign withholding tax)	$	53,202
Affiliated dividend income		20,441


Total income		73,643


Expenses
Management fee		53,477
Miscellaneous		14


Total expenses		53,491
Less: Fee waiver and/or expense reimbursement		(5,185	)


Net expenses		48,306

Net investment income (loss)		25,337


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

Net realized gain (loss) on:
Investment transactions		(232,751	)
In-kind redemptions		566,022
Foreign currency transactions		(720	)

		332,551

Net change in unrealized appreciation (depreciation) on:
Investments		2,369,708
Foreign currencies		71

		2,369,779

Net gain (loss) on investment and foreign currency transactions		2,702,330

Net Increase (Decrease) In Net Assets Resulting From Operations	$	2,727,667

*	Commencement of operations.

See Notes to Financial Statements.

PGIM Jennison Better Future ETF 7

PGIM Jennison Better Future ETF

Statement of Changes in Net Assets


	December 14, 2023* through August 31, 2024
Increase (Decrease) in Net Assets

Operations
Net investment income (loss)		$	25,337
Net realized gain (loss) on investment and in-kind redemptions transactions			332,551
Net change in unrealized appreciation (depreciation) on investments and foreign currencies			2,369,779


Net increase (decrease) in net assets resulting from operations			2,727,667


Fund share transactions
Net proceeds from shares sold (200,000 shares)			10,005,236
Shares sold in-kind (100,000 shares)			5,816,453
Shares redeemed in-kind (30,000 shares)			(1,791,432	)


Net increase (decrease) in net assets from Fund share transactions			14,030,257

Total increase (decrease)			16,757,924

Net Assets:

Beginning of period			—


End of period		$	16,757,924

*	Commencement of operations.

See Notes to Financial Statements.

PGIM Jennison Better Future ETF

Financial Highlights




	December 14, 2023^(a) through August 31, 2024
Per Share Operating Performance^(b):
Net Asset Value, Beginning of Period		$50.00
Income (loss) from investment operations:
Net investment income (loss)		0.11
Net realized and unrealized gain (loss) on investment and foreign currency transactions		11.96
Total from investment operations		12.07
Net asset value, end of period		$62.07
Total Return^(c):		24.13	%


Ratios/Supplemental Data:
Net assets, end of period (000)		$16,758
Average net assets (000)		$12,710
Ratios to average net assets^(d):
Expenses after waivers and/or expense reimbursement		0.53	%^(e)
Expenses before waivers and/or expense reimbursement		0.59	%^(e)
Net investment income (loss)		0.28	%^(e)
Portfolio turnover rate^(f)		57	%

(a)	Commencement of operations.

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

(c)

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

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

(e)	Annualized, with the exception of certain non-recurring expenses.

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

See Notes to Financial Statements.

PGIM Jennison Better Future ETF 9

PGIM Jennison Focused Growth ETF

Schedule of Investments

as of August 31, 2024



Description	Shares		Value

LONG-TERM INVESTMENTS 99.1%

COMMON STOCKS

Automobiles 2.1%

Tesla, Inc.*		9,354	$	2,002,785

Banks 1.5%

NU Holdings Ltd. (Brazil) (Class A Stock)*		96,803		1,449,141

Biotechnology 2.1%

Vertex Pharmaceuticals, Inc.*		4,007		1,987,031

Broadline Retail 11.7%

Amazon.com, Inc.*		42,400		7,568,400
MercadoLibre, Inc. (Brazil)*		1,721		3,548,117


				11,116,517

Consumer Staples Distribution & Retail 3.0%

Costco Wholesale Corp.		3,140		2,802,073

Electrical Equipment 1.0%

Eaton Corp. PLC		3,237		993,532

Entertainment 5.1%

Netflix, Inc.*		5,480		3,843,398
Walt Disney Co. (The)		11,484		1,037,924


				4,881,322

Financial Services 3.8%

Mastercard, Inc. (Class A Stock)		7,518		3,633,750

Health Care Equipment & Supplies 1.4%

Intuitive Surgical, Inc.*		2,601		1,281,331

Hotels, Restaurants & Leisure 1.0%

Airbnb, Inc. (Class A Stock)*		7,786		913,376

Interactive Media & Services 11.1%

Alphabet, Inc. (Class A Stock)		26,162		4,274,348
Meta Platforms, Inc. (Class A Stock)		11,965		6,237,474


				10,511,822

See Notes to Financial Statements.

PGIM Jennison Focused Growth ETF

Schedule of Investments (continued)

as of August 31, 2024



Description	Shares		Value

COMMON STOCKS (Continued)

IT Services 0.6%

MongoDB, Inc.*		2,107	$	612,694

Media 1.5%

Trade Desk, Inc. (The) (Class A Stock)*		13,191		1,378,855

Personal Care Products 1.0%

L’Oreal SA (France), ADR		11,235		983,961

Pharmaceuticals 9.2%

AstraZeneca PLC (United Kingdom), ADR		15,321		1,342,426
Eli Lilly & Co.		4,761		4,570,655
Novo Nordisk A/S (Denmark), ADR		20,260		2,819,382


				8,732,463

Semiconductors & Semiconductor Equipment 16.4%

ASML Holding NV (Netherlands)		1,675		1,513,982
Broadcom, Inc.		27,456		4,470,386
NVIDIA Corp.		80,550		9,615,254


				15,599,622

Software 16.2%

Cadence Design Systems, Inc.*		6,936		1,865,299
Crowdstrike Holdings, Inc. (Class A Stock)*		2,742		760,302
Datadog, Inc. (Class A Stock)*		6,247		726,276
Microsoft Corp.		20,815		8,682,769
Palo Alto Networks, Inc.*		3,907		1,417,147
ServiceNow, Inc.*		2,256		1,928,880


				15,380,673

Technology Hardware, Storage & Peripherals 9.8%

Apple, Inc.		40,600		9,297,400

Textiles, Apparel & Luxury Goods 0.6%

LVMH Moet Hennessy Louis Vuitton SE (France), ADR		3,837		571,981


TOTAL LONG-TERM INVESTMENTS (cost $67,143,038)				94,130,329

See Notes to Financial Statements.

PGIM Jennison Focused Growth ETF 11

PGIM Jennison Focused Growth ETF

Schedule of Investments (continued)

as of August 31, 2024



Description	Shares		Value

SHORT-TERM INVESTMENT 0.9%

AFFILIATED MUTUAL FUND
PGIM Core Government Money Market Fund (7-day effective yield 5.562%) (cost $818,889)(wb)		818,889	$	818,889


TOTAL INVESTMENTS 100.0% (cost $67,961,927)				94,949,218
Liabilities in excess of other assets (0.0)%				(9,418	)


NET ASSETS 100.0%			$	94,939,800

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

*	Non-income producing security.

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

Fair Value Measurements:

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

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

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

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

The following is a summary of the inputs used as of August 31, 2024 in valuing such portfolio securities:


	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks
Automobiles		$ 2,002,785		$—		$—
Banks		1,449,141		—		—
Biotechnology		1,987,031		—		—
Broadline Retail		11,116,517		—		—
Consumer Staples Distribution & Retail		2,802,073		—		—
Electrical Equipment		993,532		—		—
Entertainment		4,881,322		—		—
Financial Services		3,633,750		—		—
Health Care Equipment & Supplies		1,281,331		—		—
Hotels, Restaurants & Leisure		913,376		—		—
Interactive Media & Services		10,511,822		—		—

See Notes to Financial Statements.

PGIM Jennison Focused Growth ETF

Schedule of Investments (continued)

as of August 31, 2024


	Level 1			Level 2		Level 3
Investments in Securities (continued)
Assets (continued)
Long-Term Investments (continued)
Common Stocks (continued)
IT Services		$	612,694		$—		$—
Media			1,378,855		—		—
Personal Care Products			983,961		—		—
Pharmaceuticals			8,732,463		—		—
Semiconductors & Semiconductor Equipment			15,599,622		—		—
Software			15,380,673		—		—
Technology Hardware, Storage & Peripherals			9,297,400		—		—
Textiles, Apparel & Luxury Goods			571,981		—		—
Short-Term Investment
Affiliated Mutual Fund			818,889		—		—


Total		$	94,949,218		$—		$—

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of August 31, 2024 were as follows:


Semiconductors & Semiconductor Equipment	16.4	%
Software	16.2
Broadline Retail	11.7
Interactive Media & Services	11.1
Technology Hardware, Storage & Peripherals	9.8
Pharmaceuticals	9.2
Entertainment	5.1
Financial Services	3.8
Consumer Staples Distribution & Retail	3.0
Automobiles	2.1
Biotechnology	2.1
Banks	1.5
Media	1.5
Health Care Equipment & Supplies	1.4


Electrical Equipment	1.0	%
Personal Care Products	1.0
Hotels, Restaurants & Leisure	1.0
Affiliated Mutual Fund	0.9
IT Services	0.6
Textiles, Apparel & Luxury Goods	0.6


	100.0
Liabilities in excess of other assets	(0.0	)*


	100.0	%

*	Less than 0.05%

See Notes to Financial Statements.

PGIM Jennison Focused Growth ETF 13

PGIM Jennison Focused Growth ETF

Statement of Assets & Liabilities

as of August 31, 2024


Assets

Investments at value:
Unaffiliated investments (cost $67,143,038)	$	94,130,329
Affiliated investments (cost $818,889)		818,889
Dividends receivable		35,572
Tax reclaim receivable		14,115


Total Assets		94,998,905


Liabilities

Management fee payable		59,105


Net Assets	$	94,939,800




Net assets were comprised of:
Common stock, at par	$	1,070
Paid-in capital in excess of par		69,774,723
Total distributable earnings (loss)		25,164,007


Net assets, August 31, 2024	$	94,939,800


Net asset value, offering price and redemption price per share. ($94,939,800 ÷ 1,070,000 shares of common stock issued and outstanding)	$	88.73

See Notes to Financial Statements.

PGIM Jennison Focused Growth ETF

Statement of Operations

Year Ended August 31, 2024



Net Investment Income (Loss)

Income
Unaffiliated dividend income (net of $12,926 foreign withholding tax)	$	376,927
Affiliated dividend income		37,882
Affiliated income from securities lending, net		556


Total income		415,365


Expenses
Management fee		563,901
Less: Fee waiver and/or expense reimbursement		(6,585	)


Net expenses		557,316


Net investment income (loss)		(141,951	)


Realized And Unrealized Gain (Loss) On Investments

Net realized gain (loss) on:
Investment transactions (including affiliated of $179)		(1,137,910	)
In-kind redemptions		9,279,091


		8,141,181


Net change in unrealized appreciation (depreciation) on investments (including affiliated of $(6))		13,647,562


Net gain (loss) on investment transactions		21,788,743


Net Increase (Decrease) In Net Assets Resulting From Operations	$	21,646,792

See Notes to Financial Statements.

PGIM Jennison Focused Growth ETF 15

PGIM Jennison Focused Growth ETF

Statements of Changes in Net Assets



	Year Ended August 31, 2024				December 12, 2022* through August 31, 2023
Increase (Decrease) in Net Assets

Operations
Net investment income (loss)		$	(141,951	)		$	(47,497	)
Net realized gain (loss) on investment and in-kind redemptions transactions			8,141,181				202,396
Net change in unrealized appreciation (depreciation) on investments			13,647,562				13,339,729

Net increase (decrease) in net assets resulting from operations			21,646,792				13,494,628


Fund share transactions
Net proceeds from shares sold (0 and 200,000 shares, respectively)			—				10,005,000
Shares sold in-kind (510,000 and 750,000 shares, respectively)			40,220,978				38,676,326
Shares redeemed in-kind (310,000 and 80,000 shares, respectively)			(24,077,606	)			(5,026,318	)

Net increase (decrease) in net assets from Fund share transactions			16,143,372				43,655,008

Total increase (decrease)			37,790,164				57,149,636

Net Assets:

Beginning of period			57,149,636				—

End of period		$	94,939,800			$	57,149,636

*	Commencement of operations.

See Notes to Financial Statements.

PGIM Jennison Focused Growth ETF

Financial Highlights




	Year Ended August 31, 2024			December 12, 2022^(a) through August 31, 2023
Per Share Operating Performance^(b):
Net Asset Value, Beginning of Period		$65.69			$50.00
Income (loss) from investment operations:
Net investment income (loss)		(0.15	)		(0.06	)
Net realized and unrealized gain (loss) on investment transactions		23.19			15.75
Total from investment operations		23.04			15.69
Net asset value, end of period		$88.73			$65.69
Total Return^(c):		35.07	%		31.38	%


Ratios/Supplemental Data:
Net assets, end of period (000)		$94,940			$57,150
Average net assets (000)		$75,185			$44,323
Ratios to average net assets^(d):
Expenses after waivers and/or expense reimbursement		0.74	%		0.75	%^(e)
Expenses before waivers and/or expense reimbursement		0.75	%		0.75	%^(e)
Net investment income (loss)		(0.19	)%		(0.15	)%^(e)
Portfolio turnover rate^(f)		36	%		32	%

(a)	Commencement of operations.

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

(c)

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

(e)	Annualized.

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

See Notes to Financial Statements.

PGIM Jennison Focused Growth ETF 17

PGIM Jennison Focused Mid-Cap ETF

Schedule of Investments

as of August 31, 2024



Description	Shares		Value

LONG-TERM INVESTMENTS 96.8%

COMMON STOCKS

Aerospace & Defense 4.2%

HEICO Corp.		752	$	192,933
L3Harris Technologies, Inc.		1,259		297,968


				490,901

Banks 6.8%

East West Bancorp, Inc.		2,354		197,901
Western Alliance Bancorp		4,664		380,955
Wintrust Financial Corp.		2,014		219,123


				797,979

Biotechnology 3.4%

Natera, Inc.*		1,562		184,722
Neurocrine Biosciences, Inc.*		1,645		209,014


				393,736

Capital Markets 1.1%

LPL Financial Holdings, Inc.		574		128,771

Consumer Staples Distribution & Retail 1.5%

Performance Food Group Co.*		2,403		179,360

Containers & Packaging 3.6%

Crown Holdings, Inc.		4,653		420,678

Electronic Equipment, Instruments & Components 1.8%

Littelfuse, Inc.		763		207,688

Financial Services 5.6%

Essent Group Ltd.		2,006		128,966
Shift4 Payments, Inc. (Class A Stock)*		6,324		525,524


				654,490

Ground Transportation 1.3%

Saia, Inc.*		414		155,594

Health Care Equipment & Supplies 1.5%

Dexcom, Inc.*		2,556		177,233

See Notes to Financial Statements.

PGIM Jennison Focused Mid-Cap ETF

Schedule of Investments (continued)

as of August 31, 2024



Description	Shares		Value

COMMON STOCKS (Continued)

Health Care Providers & Services 2.6%

Molina Healthcare, Inc.*		871	$	304,667

Hotels, Restaurants & Leisure 6.3%

Churchill Downs, Inc.		2,922		406,071
Hilton Worldwide Holdings, Inc.		1,513		332,315


				738,386

Insurance 10.3%

Axis Capital Holdings Ltd.		3,590		286,769
Markel Group, Inc.*		284		454,593
RenaissanceRe Holdings Ltd. (Bermuda)		1,270		323,583
Ryan Specialty Holdings, Inc.		2,017		130,359


				1,195,304

Interactive Media & Services 2.0%

Pinterest, Inc. (Class A Stock)*		7,317		234,437

Life Sciences Tools & Services 1.9%

ICON PLC*		695		223,832

Machinery 3.7%

Allison Transmission Holdings, Inc.		2,330		216,107
Gates Industrial Corp. PLC*		11,537		209,512


				425,619

Marine Transportation 1.6%

Kirby Corp.*		1,562		187,315

Metals & Mining 2.9%

Agnico Eagle Mines Ltd. (Canada)		4,085		332,805

Multi-Utilities 5.6%

CMS Energy Corp.		2,637		178,947
NiSource, Inc.		14,285		472,262


				651,209

Oil, Gas & Consumable Fuels 7.4%

Diamondback Energy, Inc.		1,066		207,987

See Notes to Financial Statements.

PGIM Jennison Focused Mid-Cap ETF 19

PGIM Jennison Focused Mid-Cap ETF

Schedule of Investments (continued)

as of August 31, 2024



Description	Shares		Value

COMMON STOCKS (Continued)

Oil, Gas & Consumable Fuels (cont’d.)

Permian Resources Corp.		19,789	$	281,795
Targa Resources Corp.		2,574		378,121


				867,903

Professional Services 2.5%

KBR, Inc.		4,201		291,381

Real Estate Management & Development 2.6%

CBRE Group, Inc. (Class A Stock)*		2,599		299,249

Semiconductors & Semiconductor Equipment 3.7%

Entegris, Inc.		1,577		182,727
Microchip Technology, Inc.		1,471		120,857
Universal Display Corp.		662		128,243


				431,827

Software 3.2%

CyberArk Software Ltd.*		866		248,317
Datadog, Inc. (Class A Stock)*		1,094		127,188


				375,505

Specialized REITs 3.5%

Gaming & Leisure Properties, Inc.		7,833		407,473

Specialty Retail 3.4%

Burlington Stores, Inc.*		1,492		400,214

Textiles, Apparel & Luxury Goods 2.8%

Ralph Lauren Corp.		1,887		323,168


TOTAL LONG-TERM INVESTMENTS (cost $10,041,508)				11,296,724

See Notes to Financial Statements.

PGIM Jennison Focused Mid-Cap ETF

Schedule of Investments (continued)

as of August 31, 2024



Description	Shares		Value

SHORT-TERM INVESTMENT 3.2%

AFFILIATED MUTUAL FUND
PGIM Core Government Money Market Fund (7-day effective yield 5.562%) (cost $376,818)(wb)		376,818	$	376,818


TOTAL INVESTMENTS 100.0% (cost $10,418,326)				11,673,542
Other assets in excess of liabilities 0.0%				347


NET ASSETS 100.0%			$	11,673,889

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

*	Non-income producing security.

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

Fair Value Measurements:

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

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

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

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

The following is a summary of the inputs used as of August 31, 2024 in valuing such portfolio securities:


	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks
Aerospace & Defense	$	490,901		$—		$—
Banks		797,979		—		—
Biotechnology		393,736		—		—
Capital Markets		128,771		—		—
Consumer Staples Distribution & Retail		179,360		—		—
Containers & Packaging		420,678		—		—
Electronic Equipment, Instruments & Components		207,688		—		—
Financial Services		654,490		—		—
Ground Transportation		155,594		—		—
Health Care Equipment & Supplies		177,233		—		—
Health Care Providers & Services		304,667		—		—

See Notes to Financial Statements.

PGIM Jennison Focused Mid-Cap ETF 21

PGIM Jennison Focused Mid-Cap ETF

Schedule of Investments (continued)

as of August 31, 2024


	Level 1		Level 2		Level 3
Investments in Securities (continued)
Assets (continued)
Long-Term Investments (continued)
Common Stocks (continued)
Hotels, Restaurants & Leisure	$	738,386		$—		$—
Insurance		1,195,304		—		—
Interactive Media & Services		234,437		—		—
Life Sciences Tools & Services		223,832		—		—
Machinery		425,619		—		—
Marine Transportation		187,315		—		—
Metals & Mining		332,805		—		—
Multi-Utilities		651,209		—		—
Oil, Gas & Consumable Fuels		867,903		—		—
Professional Services		291,381		—		—
Real Estate Management & Development		299,249		—		—
Semiconductors & Semiconductor Equipment		431,827		—		—
Software		375,505		—		—
Specialized REITs		407,473		—		—
Specialty Retail		400,214		—		—
Textiles, Apparel & Luxury Goods		323,168		—		—
Short-Term Investment
Affiliated Mutual Fund		376,818		—		—

Total	$	11,673,542		$—		$—

Industry Classification:

The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of August 31, 2024 were as follows:


Insurance	10.3	%
Oil, Gas & Consumable Fuels	7.4
Banks	6.8
Hotels, Restaurants & Leisure	6.3
Financial Services	5.6
Multi-Utilities	5.6
Aerospace & Defense	4.2
Semiconductors & Semiconductor Equipment	3.7
Machinery	3.7
Containers & Packaging	3.6
Specialized REITs	3.5
Specialty Retail	3.4
Biotechnology	3.4
Affiliated Mutual Fund	3.2
Software	3.2


Metals & Mining	2.9	%
Textiles, Apparel & Luxury Goods	2.8
Health Care Providers & Services	2.6
Real Estate Management & Development	2.6
Professional Services	2.5
Interactive Media & Services	2.0
Life Sciences Tools & Services	1.9
Electronic Equipment, Instruments & Components	1.8
Marine Transportation	1.6
Consumer Staples Distribution & Retail	1.5
Health Care Equipment & Supplies	1.5
Ground Transportation	1.3

See Notes to Financial Statements.

PGIM Jennison Focused Mid-Cap ETF

Schedule of Investments (continued)

as of August 31, 2024

Industry Classification (continued):


Capital Markets	1.1	%


	100.0
Other assets in excess of liabilities	0.0	*


	100.0	%

*	Less than 0.05%

See Notes to Financial Statements.

PGIM Jennison Focused Mid-Cap ETF 23

PGIM Jennison Focused Mid-Cap ETF

Statement of Assets & Liabilities

as of August 31, 2024


Assets

Investments at value:
Unaffiliated investments (cost $10,041,508)	$	11,296,724
Affiliated investments (cost $376,818)		376,818
Dividends receivable		5,046


Total Assets		11,678,588


Liabilities

Management fee payable		4,699


Net Assets	$	11,673,889




Net assets were comprised of:
Common stock, at par	$	210
Paid-in capital in excess of par		10,781,529
Total distributable earnings (loss)		892,150


Net assets, August 31, 2024	$	11,673,889


Net asset value, offering price and redemption price per share. ($11,673,889 ÷ 210,000 shares of common stock issued and outstanding)	$	55.59

See Notes to Financial Statements.

PGIM Jennison Focused Mid-Cap ETF

Statement of Operations

For the Period December 14, 2023* through August 31, 2024


Net Investment Income (Loss)

Income
Unaffiliated dividend income (net of $ 624 foreign withholding tax)	$	83,091
Affiliated dividend income		18,690


Total income		101,781


Expenses
Management fee		38,296
Miscellaneous		47


Total expenses		38,343

Less: Fee waiver and/or expense reimbursement		(5,518	)


Net expenses		32,825


Net investment income (loss)		68,956


Realized And Unrealized Gain (Loss) On Investments

Net realized gain (loss) on:
Investment transactions		(434,840	)
In-kind redemptions		270,373


		(164,467	)


Net change in unrealized appreciation (depreciation) on investments		1,255,216


Net gain (loss) on investment transactions		1,090,749


Net Increase (Decrease) In Net Assets Resulting From Operations	$	1,159,705

*	Commencement of operations.

See Notes to Financial Statements.

PGIM Jennison Focused Mid-Cap ETF 25

PGIM Jennison Focused Mid-Cap ETF

Statement of Changes in Net Assets



	December 14, 2023* through August 31, 2024
Increase (Decrease) in Net Assets

Operations
Net investment income (loss)		$	68,956
Net realized gain (loss) on investment and in-kind redemptions transactions			(164,467	)
Net change in unrealized appreciation (depreciation) on investments			1,255,216

Net increase (decrease) in net assets resulting from operations			1,159,705


Fund share transactions
Net proceeds from shares sold (200,000 shares)			10,000,223
Shares sold in-kind (70,000 shares)			3,656,771
Shares redeemed in-kind (60,000 shares)			(3,142,810	)

Net increase (decrease) in net assets from Fund share transactions			10,514,184

Total increase (decrease)			11,673,889

Net Assets:

Beginning of period			—


End of period		$	11,673,889

*	Commencement of operations.

See Notes to Financial Statements.

PGIM Jennison Focused Mid-Cap ETF

Financial Highlights




	December 14, 2023^(a) through August 31, 2024
Per Share Operating Performance^(b):
Net Asset Value, Beginning of Period		$50.00
Income (loss) from investment operations:
Net investment income (loss)		0.33
Net realized and unrealized gain (loss) on investment transactions		5.26
Total from investment operations		5.59
Net asset value, end of period		$55.59
Total Return^(c):		11.18	%


Ratios/Supplemental Data:
Net assets, end of period (000)		$11,674
Average net assets (000)		$10,960
Ratios to average net assets^(d):
Expenses after waivers and/or expense reimbursement		0.42	%^(e)
Expenses before waivers and/or expense reimbursement		0.49	%^(e)
Net investment income (loss)		0.88	%^(e)
Portfolio turnover rate^(f)		101	%

(a)	Commencement of operations.

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

(c)

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

(e)	Annualized, with the exception of certain non-recurring expenses.

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

See Notes to Financial Statements.

PGIM Jennison Focused Mid-Cap ETF 27

PGIM Jennison Focused Value ETF

Schedule of Investments

as of August 31, 2024



Description	Shares		Value

LONG-TERM INVESTMENTS 96.6%

COMMON STOCKS

Aerospace & Defense 4.3%

Airbus SE (France), ADR		7,714	$	296,140
General Electric Co.		1,908		333,175


				629,315

Automobiles 2.6%

General Motors Co.		7,743		385,447

Banks 14.0%

Bank of America Corp.		10,664		434,558
JPMorgan Chase & Co.		3,132		704,074
PNC Financial Services Group, Inc. (The)		2,480		459,023
Truist Financial Corp.		10,398		462,295


				2,059,950

Biotechnology 4.6%

AbbVie, Inc.		3,405		668,436

Building Products 2.7%

Johnson Controls International PLC		5,418		394,701

Capital Markets 5.7%

Blackstone, Inc.		2,132		303,511
Goldman Sachs Group, Inc. (The)		1,040		530,660


				834,171

Chemicals 3.2%

Linde PLC		988		472,511

Consumer Staples Distribution & Retail 6.3%

Walmart, Inc.		11,959		923,594

Electric Utilities 4.3%

PG&E Corp.		31,998		630,361

Ground Transportation 3.5%

Union Pacific Corp.		1,987		508,851

See Notes to Financial Statements.

PGIM Jennison Focused Value ETF

Schedule of Investments (continued)

as of August 31, 2024



Description	Shares		Value

COMMON STOCKS (Continued)

Health Care Providers & Services 3.5%

Cigna Group (The)		1,422	$	514,494

Health Care REITs 0.9%

Alexandria Real Estate Equities, Inc.		1,118		133,679

Household Durables 1.0%

Toll Brothers, Inc.		1,047		150,841

Insurance 7.0%

Chubb Ltd.		1,902		540,511
MetLife, Inc.		6,357		492,540


				1,033,051

Interactive Media & Services 2.3%

Meta Platforms, Inc. (Class A Stock)		644		335,724

Multi-Utilities 1.5%

CenterPoint Energy, Inc.		7,919		216,189

Oil, Gas & Consumable Fuels 7.2%

ConocoPhillips		3,769		428,875
Exxon Mobil Corp.		5,296		624,610


				1,053,485

Passenger Airlines 1.5%

Delta Air Lines, Inc.		5,348		227,236

Pharmaceuticals 7.9%

AstraZeneca PLC (United Kingdom), ADR		6,097		534,219
Bristol-Myers Squibb Co.		5,561		277,772
Eli Lilly & Co.		361		346,567


				1,158,558

Semiconductors & Semiconductor Equipment 5.0%

Advanced Micro Devices, Inc.*		1,394		207,093
Broadcom, Inc.		1,798		292,750
Lam Research Corp.		279		229,062


				728,905

See Notes to Financial Statements.

PGIM Jennison Focused Value ETF 29

PGIM Jennison Focused Value ETF

Schedule of Investments (continued)

as of August 31, 2024



Description	Shares		Value

COMMON STOCKS (Continued)

Software 5.7%

Microsoft Corp.		727	$	303,261
Oracle Corp.		2,297		324,543
Salesforce, Inc.		816		206,366


				834,170

Technology Hardware, Storage & Peripherals 1.9%

Dell Technologies, Inc. (Class C Stock)		2,356		272,212


TOTAL LONG-TERM INVESTMENTS (cost $10,926,755)				14,165,881


SHORT-TERM INVESTMENT 3.2%

AFFILIATED MUTUAL FUND
PGIM Core Government Money Market Fund (7-day effective yield 5.562%) (cost $471,884)(wb)		471,884		471,884


TOTAL INVESTMENTS 99.8% (cost $11,398,639)				14,637,765
Other assets in excess of liabilities 0.2%				24,541


NET ASSETS 100.0%			$	14,662,306

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

*	Non-income producing security.

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

Fair Value Measurements:

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

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

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

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

See Notes to Financial Statements.

PGIM Jennison Focused Value ETF

Schedule of Investments (continued)

as of August 31, 2024

The following is a summary of the inputs used as of August 31, 2024 in valuing such portfolio securities:


	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks
Aerospace & Defense	$	629,315		$—		$—
Automobiles		385,447		—		—
Banks		2,059,950		—		—
Biotechnology		668,436		—		—
Building Products		394,701		—		—
Capital Markets		834,171		—		—
Chemicals		472,511		—		—
Consumer Staples Distribution & Retail		923,594		—		—
Electric Utilities		630,361		—		—
Ground Transportation		508,851		—		—
Health Care Providers & Services		514,494		—		—
Health Care REITs		133,679		—		—
Household Durables		150,841		—		—
Insurance		1,033,051		—		—
Interactive Media & Services		335,724		—		—
Multi-Utilities		216,189		—		—
Oil, Gas & Consumable Fuels		1,053,485		—		—
Passenger Airlines		227,236		—		—
Pharmaceuticals		1,158,558		—		—
Semiconductors & Semiconductor Equipment		728,905		—		—
Software		834,170		—		—
Technology Hardware, Storage & Peripherals		272,212		—		—
Short-Term Investment
Affiliated Mutual Fund		471,884		—		—


Total	$	14,637,765		$—		$—

Industry Classification:

The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of August 31, 2024 were as follows:


Banks	14.0	%
Pharmaceuticals	7.9
Oil, Gas & Consumable Fuels	7.2
Insurance	7.0
Consumer Staples Distribution & Retail	6.3
Capital Markets	5.7
Software	5.7
Semiconductors & Semiconductor Equipment	5.0


Biotechnology	4.6	%
Electric Utilities	4.3
Aerospace & Defense	4.3
Health Care Providers & Services	3.5
Ground Transportation	3.5
Chemicals	3.2
Affiliated Mutual Fund	3.2
Building Products	2.7

See Notes to Financial Statements.

PGIM Jennison Focused Value ETF 31

PGIM Jennison Focused Value ETF

Schedule of Investments (continued)

as of August 31, 2024

Industry Classification (continued):


Automobiles	2.6	%
Interactive Media & Services	2.3
Technology Hardware, Storage & Peripherals	1.9
Passenger Airlines	1.5
Multi-Utilities	1.5
Household Durables	1.0


Health Care REITs	0.9	%


	99.8
Other assets in excess of liabilities	0.2


	100.0	%

See Notes to Financial Statements.

PGIM Jennison Focused Value ETF

Statement of Assets & Liabilities

as of August 31, 2024


Assets

Investments at value:
Unaffiliated investments (cost $10,926,755)	$	14,165,881
Affiliated investments (cost $471,884)		471,884
Dividends receivable		33,458


Total Assets		14,671,223


Liabilities

Management fee payable		8,917


Net Assets	$	14,662,306




Net assets were comprised of:
Common stock, at par	$	210
Paid-in capital in excess of par		11,477,297
Total distributable earnings (loss)		3,184,799


Net assets, August 31, 2024	$	14,662,306


Net asset value, offering price and redemption price per share,
($14,662,306 ÷ 210,000 shares of common stock issued and outstanding)	$	69.82

See Notes to Financial Statements.

PGIM Jennison Focused Value ETF 33

PGIM Jennison Focused Value ETF

Statement of Operations

Year Ended August 31, 2024



Net Investment Income (Loss)

Income
Unaffiliated dividend income (net of $ 866 foreign withholding tax)	$	253,229
Affiliated dividend income		14,464


Total income		267,693


Expenses
Management fee		95,414
Less: Fee waiver and/or expense reimbursement		(4,934	)


Net expenses		90,480


Net investment income (loss)		177,213


Realized And Unrealized Gain (Loss) On Investments

Net realized gain (loss) on:
Investment transactions		(69,674	)
In-kind redemptions		909,748


		840,074


Net change in unrealized appreciation (depreciation) on investments		2,511,203


Net gain (loss) on investment transactions		3,351,277


Net Increase (Decrease) In Net Assets Resulting From Operations	$	3,528,490

See Notes to Financial Statements.

PGIM Jennison Focused Value ETF

Statements of Changes in Net Assets


	Year Ended August 31, 2024				December 12, 2022* through August 31, 2023
Increase (Decrease) in Net Assets

Operations
Net investment income (loss)		$	177,213			$	118,487
Net realized gain (loss) on investment and in-kind redemptions transactions			840,074				(30,590	)
Net change in unrealized appreciation (depreciation) on investments			2,511,203				727,923


Net increase (decrease) in net assets resulting from operations			3,528,490				815,820

Dividends and Distributions
Distributions from distributable earnings			(144,291	)			(12,409	)


Fund share transactions
Net proceeds from shares sold (0 and 200,000 shares, respectively)			—				10,005,000
Shares sold in-kind (60,000 and 20,000 shares, respectively)			3,753,253				995,683
Shares redeemed in-kind (60,000 and 10,000 shares, respectively)			(3,763,910	)			(515,330	)


Net increase (decrease) in net assets from Fund share transactions			(10,657	)			10,485,353


Total increase (decrease)			3,373,542				11,288,764

Net Assets:

Beginning of period			11,288,764				—


End of period		$	14,662,306			$	11,288,764

*	Commencement of operations.

See Notes to Financial Statements.

PGIM Jennison Focused Value ETF 35

PGIM Jennison Focused Value ETF

Financial Highlights




	Year Ended August 31, 2024			December 12, 2022^(a) through August 31, 2023
Per Share Operating Performance^(b):
Net Asset Value, Beginning of Period		$53.76			$50.00
Income (loss) from investment operations:
Net investment income (loss)		0.84			0.56
Net realized and unrealized gain (loss) on investment transactions		15.91			3.26
Total from investment operations		16.75			3.82
Less Dividends and Distributions:
Dividends from net investment income		(0.69	)		(0.06	)
Net asset value, end of period		$69.82			$53.76
Total Return^(c):		31.43	%		7.64	%


Ratios/Supplemental Data:
Net assets, end of period (000)		$14,662			$11,289
Average net assets (000)		$12,721			$10,586
Ratios to average net assets^(d):
Expenses after waivers and/or expense reimbursement		0.71	%		0.75	%^(e)
Expenses before waivers and/or expense reimbursement		0.75	%		0.75	%^(e)
Net investment income (loss)		1.39	%		1.56	%^(e)
Portfolio turnover rate^(f)		36	%		38	%

(a)	Commencement of operations.

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

(c)

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

(e)	Annualized.

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

See Notes to Financial Statements.

PGIM Jennison International Opportunities ETF

Schedule of Investments

as of August 31, 2024



Description	Shares		Value

LONG-TERM INVESTMENTS 98.3%

COMMON STOCKS

Brazil 10.6%

MercadoLibre, Inc.*		402	$	828,787
NU Holdings Ltd. (Class A Stock)*		39,153		586,121


				1,414,908

Denmark 7.5%

Novo Nordisk A/S, ADR		7,172		998,056

France 16.9%

Dassault Systemes SE		7,045		274,745
Hermes International SCA		287		688,115
L’Oreal SA		989		433,579
LVMH Moet Hennessy Louis Vuitton SE		529		394,302
Safran SA		2,109		461,479


				2,252,220

Germany 2.0%

adidas AG		1,053		270,045

Hong Kong 1.0%

Techtronic Industries Co. Ltd.		10,401		140,186

India 4.7%

Varun Beverages Ltd.		16,714		299,102
Zomato Ltd.*		108,375		323,724


				622,826

Italy 9.7%

Ferrari NV		2,112		1,049,220
Moncler SpA		3,948		241,860


				1,291,080

Japan 7.3%

Advantest Corp.		6,915		314,129
Disco Corp.		995		290,353
Keyence Corp.		774		368,549


				973,031

See Notes to Financial Statements.

PGIM Jennison International Opportunities ETF 37

PGIM Jennison International Opportunities ETF

Schedule of Investments (continued)

as of August 31, 2024



Description	Shares		Value

COMMON STOCKS (Continued)

Netherlands 9.7%

Adyen NV, 144A*		177	$	260,027
ASM International NV		804		543,021
ASML Holding NV		547		494,417


				1,297,465

Spain 4.4%

Industria de Diseno Textil SA		10,997		595,405

Sweden 3.4%

Atlas Copco AB (Class A Stock)		24,750		448,687

Taiwan 7.3%

Taiwan Semiconductor Manufacturing Co. Ltd., ADR		5,699		978,518

United Kingdom 5.9%

AstraZeneca PLC, ADR		3,790		332,080
Compass Group PLC		14,464		455,704


				787,784

United States 7.9%

Ferguson Enterprises, Inc.		1,279		263,103
Monday.com Ltd.*		1,312		348,848
Schneider Electric SE		1,750		444,343


				1,056,294


TOTAL LONG-TERM INVESTMENTS (cost $11,100,024)				13,126,505


SHORT-TERM INVESTMENT 1.7%

AFFILIATED MUTUAL FUND
PGIM Core Government Money Market Fund (7-day effective yield 5.562%) (cost $222,940)(wb)		222,940		222,940


TOTAL INVESTMENTS 100.0% (cost $11,322,964)				13,349,445
Other assets in excess of liabilities 0.0%				112


NET ASSETS 100.0%			$	13,349,557

See Notes to Financial Statements.

PGIM Jennison International Opportunities ETF

Schedule of Investments (continued)

as of August 31, 2024

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

*	Non-income producing security.

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

Fair Value Measurements:

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

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

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

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

The following is a summary of the inputs used as of August 31, 2024 in valuing such portfolio securities:


	Level 1		Level 2			Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks
Brazil	$	1,414,908		$	—		$	—
Denmark		998,056			—			—
France		2,252,220			—			—
Germany		270,045			—			—
Hong Kong		140,186			—			—
India		622,826			—			—
Italy		1,291,080			—			—
Japan		973,031			—			—
Netherlands		1,297,465			—			—
Spain		595,405			—			—
Sweden		448,687			—			—
Taiwan		978,518			—			—
United Kingdom		787,784			—			—
United States		1,056,294			—			—
Short-Term Investment
Affiliated Mutual Fund		222,940			—			—

Total	$	13,349,445		$	—		$	—

Industry Classification:

The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of August 31, 2024 were as follows:

See Notes to Financial Statements.

PGIM Jennison International Opportunities ETF 39

PGIM Jennison International Opportunities ETF

Schedule of Investments (continued)

as of August 31, 2024

Industry Classification (continued):


Semiconductors & Semiconductor Equipment	19.6	%
Textiles, Apparel & Luxury Goods	11.9
Pharmaceuticals	10.0
Automobiles	7.9
Broadline Retail	6.2
Hotels, Restaurants & Leisure	5.8
Software	4.7
Specialty Retail	4.4
Machinery	4.4
Banks	4.4
Aerospace & Defense	3.5
Electrical Equipment	3.3
Personal Care Products	3.2


Electronic Equipment, Instruments & Components	2.8	%
Beverages	2.3
Trading Companies & Distributors	2.0
Financial Services	1.9
Affiliated Mutual Fund	1.7


	100.0
Other assets in excess of liabilities	0.0	*


	100.0	%

*	Less than 0.05%

See Notes to Financial Statements.

PGIM Jennison International Opportunities ETF

Statement of Assets & Liabilities

as of August 31, 2024


Assets

Investments at value:
Unaffiliated investments (cost $11,100,024)	$	13,126,505
Affiliated investments (cost $222,940)		222,940
Foreign currency, at value (cost $14)		14
Tax reclaim receivable		5,104
Dividends and interest receivable		4,693

Total Assets		13,359,256

Liabilities

Management fee payable		9,699


Net Assets	$	13,349,557



Net assets were comprised of:
Common stock, at par	$	230
Paid-in capital in excess of par		11,624,366
Total distributable earnings (loss)		1,724,961


Net assets, August 31, 2024	$	13,349,557


Net asset value, offering price and redemption price per share. ($13,349,557 ÷ 230,000 shares of common stock issued and outstanding)	$	58.04

See Notes to Financial Statements.

PGIM Jennison International Opportunities ETF 41

PGIM Jennison International Opportunities ETF

Statement of Operations

For the Period December 14, 2023* through August 31, 2024



Net Investment Income (Loss)

Income
Unaffiliated dividend income (net of $13,702 foreign withholding tax)	$	86,665
Affiliated dividend income		12,664


Total income		99,329


Expenses
Management fee		74,101
Less: Fee waiver and/or expense reimbursement		(5,596	)


Net expenses		68,505


Net investment income (loss)		30,824


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

Net realized gain (loss) on:
Investment transactions		(326,414	)
Foreign currency transactions		(6,035	)


		(332,449	)

Net change in unrealized appreciation (depreciation) on:
Investments		2,026,481
Foreign currencies		105


		2,026,586


Net gain (loss) on investment and foreign currency transactions		1,694,137


Net Increase (Decrease) In Net Assets Resulting From Operations	$	1,724,961

*	Commencement of operations.

See Notes to Financial Statements.

PGIM Jennison International Opportunities ETF

Statement of Changes in Net Assets



	December 14, 2023* through August 31, 2024

Increase (Decrease) in Net Assets

Operations
Net investment income (loss)		$	30,824
Net realized gain (loss) on investment transactions and foreign currencies			(332,449	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies			2,026,586


Net increase (decrease) in net assets resulting from operations			1,724,961


Fund share transactions
Net proceeds from shares sold (200,000 shares)			10,015,000
Shares sold in-kind (30,000 shares)			1,609,596


Net increase (decrease) in net assets from Fund share transactions			11,624,596

Total increase (decrease)			13,349,557

Net Assets:

Beginning of period			—


End of period		$	13,349,557

*	Commencement of operations.

See Notes to Financial Statements.

PGIM Jennison International Opportunities ETF 43

PGIM Jennison International Opportunities ETF

Financial Highlights




	December 14, 2023^(a) through August 31, 2024
Per Share Operating Performance^(b):
Net Asset Value, Beginning of Period		$50.00
Income (loss) from investment operations:
Net investment income (loss)		0.14
Net realized and unrealized gain (loss) on investment and foreign currency transactions		7.90
Total from investment operations		8.04
Net asset value, end of period		$58.04
Total Return^(c):		16.08	%

Ratios/Supplemental Data:

Net assets, end of period (000)		$13,350
Average net assets (000)		$11,545
Ratios to average net assets^(d):
Expenses after waivers and/or expense reimbursement		0.83	%^(e)
Expenses before waivers and/or expense reimbursement		0.90	%^(e)
Net investment income (loss)		0.37	%^(e)
Portfolio turnover rate^(f)		36	%

(a)	Commencement of operations.

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

(c)

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

(e)	Annualized.

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

See Notes to Financial Statements.

PGIM Portfolio Ballast ETF

Schedule of Investments

as of August 31, 2024



Description	Shares		Value

SHORT-TERM INVESTMENTS 100.1%

AFFILIATED MUTUAL FUND 6.6%
PGIM Core Government Money Market Fund (7-day effective yield 5.562%) (cost $3,069,452)(wb)		3,069,452	$	3,069,452


	Interest Rate		Maturity Date		Principal Amount (000)#

U.S. TREASURY OBLIGATIONS(n) 71.7%
U.S. Treasury Bills		5.391%		10/15/24		22,000		21,868,864
U.S. Treasury Bills(k)		4.848		07/10/25		12,000		11,557,847


TOTAL U.S. TREASURY OBLIGATIONS (cost $33,380,818)								33,426,711


OPTIONS PURCHASED*~ 21.8% (cost $8,416,423)								10,162,695


TOTAL INVESTMENTS 100.1% (cost $44,866,693)								46,658,858
Liabilities in excess of other assets(z) (0.1)%								(38,440	)


NET ASSETS 100.0%							$	46,620,418

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

*	Non-income producing security.

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

~	See tables subsequent to the Schedule of Investments for options detail. Options with maturity dates greater than one year from date of acquisition would be considered long-term investments.

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

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

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

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

Options Purchased:

Exchange Traded


Description	Call/ Put		Expiration Date		Strike		Contracts	Notional Amount (000)#		Value
SPDR S&P 500 ETF Trust		Call		02/08/29		$500.00	450		45	$	7,013,355
SPDR S&P 500 ETF Trust		Call		06/18/29		$545.00	235		24		3,149,340


Total Options Purchased (cost $8,416,423)										$	10,162,695

See Notes to Financial Statements.

PGIM Portfolio Ballast ETF 45

PGIM Portfolio Ballast ETF

Schedule of Investments (continued)

as of August 31, 2024

Futures contracts outstanding at August 31, 2024:


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

Long Positions:
27	2 Year U.S. Treasury Notes		Dec. 2024	$	5,603,766		$	(5,949	)
126	5 Year U.S. Treasury Notes		Dec. 2024		13,784,203			(50,336	)
31	10 Year U.S. Treasury Notes		Dec. 2024		3,520,438			(18,571	)
10	20 Year U.S. Treasury Bonds		Dec. 2024		1,231,250			(16,340	)
9	30 Year U.S. Ultra Treasury Bonds		Dec. 2024		1,187,438			(18,435	)
9	S&P 500 E-Mini Index		Sep. 2024		2,547,450			58,730


							$	(50,901	)

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

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


Broker	Cash and/or Foreign Currency			Securities Market Value

SG		$	—		$626,050

Fair Value Measurements:

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

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

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

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

The following is a summary of the inputs used as of August 31, 2024 in valuing such portfolio securities:


	Level 1		Level 2		Level 3

Short-Term Investments
Affiliated Mutual Fund	$	3,069,452	$	—		$	—
U.S. Treasury Obligations		—		33,426,711			—
Options Purchased		—		10,162,695			—


Total	$	3,069,452	$	43,589,406		$	—

See Notes to Financial Statements.

PGIM Portfolio Ballast ETF

Schedule of Investments (continued)

as of August 31, 2024


	Level 1			Level 2		Level 3
Other Financial Instruments*
Assets
Futures Contracts	$	58,730		$	—		$	—


Liabilities
Futures Contracts	$	(109,631	)	$	—		$	—

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

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of August 31, 2024 were as follows:


U.S. Treasury Obligations	71.7	%
Options Purchased	21.8
Affiliated Mutual Fund	6.6


	100.1
Liabilities in excess of other assets	(0.1	)


	100.0	%

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

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

Fair values of derivative instruments as of August 31, 2024 as presented in the Statement of Assets and Liabilities:


	Asset Derivatives				Liability Derivatives

Derivatives not accounted for as hedging instruments, carried at fair value	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Equity contracts	Due from/to broker-variation margin futures	$	58,730	*	—	$	—
Equity contracts	Unaffiliated investments		10,162,695		—		—

See Notes to Financial Statements.

PGIM Portfolio Ballast ETF 47

PGIM Portfolio Ballast ETF

Schedule of Investments (continued)

as of August 31, 2024


	Asset Derivatives			Liability Derivatives

Derivatives not accounted for as hedging instruments, carried at fair value	Statement of Assets and Liabilities Location	Fair Value		Statement of Assets and Liabilities Location	Fair Value
Interest rate contracts	—	$	—	Due from/to broker-variation margin futures	$	109,631	*

		$	10,221,425		$	109,631

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

The effects of derivative instruments on the Statement of Operations for the year ended August 31, 2024 are as follows:


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

Derivatives not accounted for as hedging instruments, carried at fair value	Options Purchased(1)			Futures
Equity contracts		$	3,476,093		$	11,085
Interest rate contracts			—			413,584

Total		$	3,476,093		$	424,669

(1)	Included in net realized gain (loss) on investment transactions in the Statement of Operations.


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

Derivatives not accounted for as hedging instruments, carried at fair value	Options Purchased(2)			Futures
Equity contracts		$	150,067		$	42,273
Interest rate contracts			—			(209,647	)

Total		$	150,067		$	(167,374	)

(2)	Included in net change in unrealized appreciation (depreciation) on investments in the Statement of Operations.

For the year ended August 31, 2024, the Fund’s average volume of derivative activities is as follows:


Derivative Contract Type		Average Volume of Derivative Activities*

Options Purchased (1)		$ 6,170,645
Futures Contracts - Long Positions (2)		21,005,836

*	Average volume is based on average quarter end balances for the year ended August 31, 2024.

(1)

Cost.

(2)	Notional Amount in USD.

See Notes to Financial Statements.

PGIM Portfolio Ballast ETF

Statement of Assets & Liabilities

as of August 31, 2024


Assets
Investments at value:
Unaffiliated investments (cost $41,797,241)	$	43,589,406
Affiliated investments (cost $3,069,452)		3,069,452
Dividends receivable		11,630


Total Assets		46,670,488

Liabilities
Due to broker—variation margin futures		32,816
Management fee payable		17,254

Total Liabilities		50,070


Net Assets	$	46,620,418


Net assets were comprised of:
Common stock, at par	$	1,600
Paid-in capital in excess of par		41,885,396
Total distributable earnings (loss)		4,733,422


Net assets, August 31, 2024	$	46,620,418


Net asset value, offering price and redemption price per share, ($46,620,418 ÷ 1,600,000 shares of common stock issued and outstanding)	$	29.14

See Notes to Financial Statements.

PGIM Portfolio Ballast ETF 49

PGIM Portfolio Ballast ETF

Statement of Operations

Year Ended August 31, 2024



Net Investment Income (Loss)

Income
Interest income	$	1,170,229
Affiliated dividend income		112,559

Total income		1,282,788


Expenses
Management fee		140,849
Less: Fee waiver and/or expense reimbursement		(4,719	)

Net expenses		136,130

Net investment income (loss)		1,146,658


Realized And Unrealized Gain (Loss) On Investments

Net realized gain (loss) on:
Investment transactions		3,476,283
Futures transactions		424,669

		3,900,952

Net change in unrealized appreciation (depreciation) on:
Investments		202,227
Futures		(167,374	)

		34,853

Net gain (loss) on investment transactions		3,935,805

Net Increase (Decrease) In Net Assets Resulting From Operations	$	5,082,463

See Notes to Financial Statements.

PGIM Portfolio Ballast ETF

Statements of Changes in Net Assets



	Year Ended August 31, 2024				December 12, 2022* through August 31, 2023
Increase (Decrease) in Net Assets

Operations
Net investment income (loss)		$	1,146,658			$	634,121
Net realized gain (loss) on investment transactions			3,900,952				(533,716	)
Net change in unrealized appreciation (depreciation) on investments			34,853				1,706,411

Net increase (decrease) in net assets resulting from operations			5,082,463				1,806,816


Dividends and Distributions
Distributions from distributable earnings			(2,117,128	)			(38,729	)


Fund share transactions
Net proceeds from shares sold (580,000 and 1,060,000 shares, respectively)			16,446,772				26,547,838
Cost of shares purchased (40,000 and 0 shares, respectively)			(1,107,614	)			—

Net increase (decrease) in net assets from Fund share transactions			15,339,158				26,547,838

Total increase (decrease)			18,304,493				28,315,925

Net Assets:
Beginning of period			28,315,925				—

End of period		$	46,620,418			$	28,315,925

*	Commencement of operations.

See Notes to Financial Statements.

PGIM Portfolio Ballast ETF 51

PGIM Portfolio Ballast ETF

Financial Highlights




	Year Ended August 31, 2024			December 12, 2022^(a) through August 31, 2023
Per Share Operating Performance^(b):
Net Asset Value, Beginning of Period		$26.71			$25.00
Income (loss) from investment operations:
Net investment income (loss)		1.00			0.61
Net realized and unrealized gain (loss) on investment transactions		3.47			1.14
Total from investment operations		4.47			1.75
Less Dividends and Distributions:
Dividends from net investment income		(0.90	)		(0.04	)
Distributions from net realized gains		(1.14	)		-
Total dividends and distributions		(2.04	)		(0.04	)
Net asset value, end of period		$29.14			$26.71
Total Return^(c):		17.67	%		7.02	%


Ratios/Supplemental Data:
Net assets, end of period (000)		$46,620			$28,316
Average net assets (000)		$31,298			$26,311
Ratios to average net assets^(d):
Expenses after waivers and/or expense reimbursement		0.43	%		0.45	%^(e)
Expenses before waivers and/or expense reimbursement		0.45	%		0.45	%^(e)
Net investment income (loss)		3.66	%		3.36	%^(e)
Portfolio turnover rate^(f)		127	%		0	%

(a)	Commencement of operations.

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

(c)

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

(e)	Annualized.

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

See Notes to Financial Statements.

Notes to Financial Statements

1.	Organization

PGIM ETF Trust (the “Registered Investment Company” or “RIC”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The RIC is organized as a Delaware Statutory Trust. These financial statements relate only to the following series of the RIC: PGIM Jennison Better Future ETF, PGIM Jennison Focused Growth ETF, PGIM Jennison Focused Mid-Cap ETF, PGIM Jennison Focused Value ETF, PGIM Jennison International Opportunities ETF and PGIM Portfolio Ballast ETF (each a “Fund” and collectively, the “Funds”). PGIM Jennison Focused Value ETF and PGIM Jennison Focused Mid-Cap ETF are diversified funds for purposes of the 1940 Act, and PGIM Jennison Better Future ETF, PGIM Jennison Focused Growth ETF, PGIM Jennison International Opportunities ETF and PGIM Portfolio Ballast ETF are non-diversified funds for purposes of the 1940 Act. Each Fund operates as an exchange-traded fund.

The Funds have the following investment objectives:


Fund		Investment Objective(s)
PGIM Jennison Better Future ETF (“Jennison Better Future”)		Long-term growth of capital.
PGIM Jennison Focused Growth ETF (“Jennison Focused Growth”)		Long-term growth of capital.
PGIM Jennison Focused Mid-Cap ETF (“Jennison Focused Mid-Cap”)		Long-term growth of capital.
PGIM Jennison Focused Value ETF (“Jennison Focused Value”)		Long-term growth of capital.
PGIM Jennison International Opportunities ETF (“Jennison International Opportunities”)		Long-term growth of capital.
PGIM Portfolio Ballast ETF (“Portfolio Ballast”)		Seek to provide long-term capital growth with reduced volatility compared to the equity market.

2.	Accounting Policies

Notes to Financial Statements (continued)

statements. The policies conform to U.S. generally accepted accounting principles (“GAAP”). The Funds consistently follow such policies in the preparation of their financial statements.

Securities Valuation: The Funds hold securities and other assets and liabilities that are fair valued as of the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. As described in further detail below, the Funds’ investments are valued daily based on a number of factors, including the type of investment and whether market quotations are readily available. The RIC’s Board of Trustees (the “Board”) has approved the Funds’ valuation policies and procedures for security valuation and designated PGIM Investments LLC (“PGIM Investments” or the “Manager”) as the “Valuation Designee,” as defined by Rule 2a-5(b) under the 1940 Act, to perform the fair value determination relating to all Funds investments. Pursuant to the Board’s oversight, the Valuation Designee has established a Valuation Committee to perform the duties and responsibilities of the Valuation Designee under Rule 2a-5. The valuation procedures permit the Funds to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. Fair value is the estimated price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date.

For the fiscal reporting year-end, securities and other assets and liabilities were fair valued at the close of the last U.S. business day. Trading in certain foreign securities may occur when the NYSE is closed (including weekends and holidays). Because such foreign securities trade in markets that are open on weekends and U.S. holidays, the values of some of the Funds’ foreign investments may change on days when investors cannot purchase or redeem Fund shares.

Various inputs determine how the Funds’ investments are valued, all of which are categorized according to the three broad levels (Level 1, 2, or 3) detailed in the Schedule of Investments and referred to herein as the “fair value hierarchy” in accordance with FASB ASC Topic 820 Fair Value Measurement.

Common or preferred stocks, exchange-traded funds (“ETFs”) and derivative instruments, if applicable, that are traded on a national securities exchange are valued at the last sale price as of the close of trading on the applicable exchange where the security principally trades. Securities traded via NASDAQ are valued at the NASDAQ official closing price. To the extent these securities are valued at the last sale price or NASDAQ official closing price, they are classified as Level 1 in the fair value hierarchy. In the event that no sale or official closing price on a valuation date exists, these securities are generally valued at the mean between

the last reported bid and ask prices, or at the last bid price in the absence of an ask price. These securities are classified as Level 2 in the fair value hierarchy.

Investments in open-end funds (other than ETFs) are valued at their net asset values as of the close of the NYSE on the date of valuation. These securities are classified as Level 1 in the fair value hierarchy since they may be purchased or sold at their net asset values on the date of valuation.

Fixed income securities traded in the OTC market are generally classified as Level 2 in the fair value hierarchy. Such fixed income securities are typically valued using the market approach which generally involves obtaining data from an approved independent third-party vendor source. The Funds utilize the market approach as the primary method to value securities when market prices of identical or comparable instruments are available. The third-party vendors’ valuation techniques used to derive the evaluated bid price are based on evaluating observable inputs, including but not limited to, yield curves, yield spreads, credit ratings, deal terms, tranche level attributes, default rates, cash flows, prepayment speeds, broker/dealer quotations and reported trades. Certain Level 3 securities are also valued using the market approach when obtaining a single broker quote or when utilizing transaction prices for identical securities that have been used in excess of five business days. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.

OTC and centrally cleared derivative instruments are generally classified as Level 2 in the fair value hierarchy. Such derivative instruments are typically valued using the market approach and/or income approach which generally involves obtaining data from an approved independent third-party vendor source. The Funds utilize the market approach when quoted prices in broker-dealer markets are available but also include consideration of alternative valuation approaches, including the income approach. In the absence of reliable market quotations, the income approach is typically utilized for purposes of valuing derivatives such as interest rate swaps based on a discounted cash flow analysis whereby the value of the instrument is equal to the present value of its future cash inflows or outflows. Such analysis includes projecting future cash flows and determining the discount rate (including the present value factors that affect the discount rate) used to discount the future cash flows. In addition, the third-party vendors’ valuation techniques used to derive the evaluated derivative price is based on evaluating observable inputs, including but not limited to, underlying asset prices, indices, spreads, interest rates and exchange rates. Certain derivatives may be classified as Level 3 when valued using the market approach by obtaining a single broker quote or when utilizing unobservable inputs in the income approach. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.

Notes to Financial Statements (continued)

classified as Level 3 in the fair value hierarchy. Altering one or more unobservable inputs may result in a significant change to a Level 3 security’s fair value measurement.

When determining the fair value of securities, some of the factors influencing the valuation include: the nature of any restrictions on disposition of the securities; assessment of the general liquidity of the securities; the issuer’s financial condition and the markets in which it does business; the cost of the investment; the size of the holding and the capitalization of the issuer; the prices of any recent transactions or bids/offers for such securities or any comparable securities; and any available analyst media or other reports or information deemed reliable by the Valuation Designee regarding the issuer or the markets or industry in which it operates. Using fair value to price securities may result in a value that is different from a security’s most recent closing price and from the price used by other unaffiliated mutual funds to calculate their net asset values.

Options: Certain Funds purchased and/or wrote options in order to hedge against adverse market movements or fluctuations in value caused by changes in prevailing interest rates, value of equities or foreign currency exchange rates with respect to securities or financial instruments which the Fund currently owns or intends to purchase. The Funds may also use options to gain additional market exposure. The Funds’ principal reason for writing options is to realize, through receipt of premiums, a greater current return than would be realized on the underlying security alone. When the Fund purchases an option, it pays a premium and an amount equal to that premium is recorded as an asset. When the Fund writes an option, it receives a premium and an amount equal to that premium is recorded as a liability. The asset or liability is adjusted daily to reflect the current market value of the option. If an option expires unexercised, the Fund realizes a gain (loss) to the extent of the premium received or paid. If an option is exercised, the premium received or paid is recorded as an adjustment to the proceeds from the sale or the cost of the purchase in determining whether the Fund has realized a gain (loss). The difference between the premium and the amount received or paid at the closing of a purchase or sale transaction is also treated as a realized gain (loss). Gain (loss) on purchased options is included in net realized gain (loss) on investment transactions. Gain (loss) on written options is presented separately as net realized gain (loss) on options written transactions.

The Fund, as writer of an option, may have no control over whether the underlying securities or financial instruments may be sold (called) or purchased (put). As a result, the Fund bears the market risk of an unfavorable change in the price of the security or financial instrument underlying the written option. The Fund, as purchaser of an OTC option, bears the risk of the potential inability of the counterparties to meet the terms of their contracts. With exchange-traded options contracts, there is minimal counterparty credit risk to the Fund since the exchanges’ clearinghouse acts as counterparty to all exchange-traded options and guarantees the options contracts against default.

When each Fund writes an option on a swap, an amount equal to any premium received by the Fund is recorded as a liability and is subsequently adjusted to the current market value of the written option on the swap. If a call option on a swap is exercised, the Fund becomes obligated to pay a fixed interest rate (noted as the strike price) and receive a variable interest rate on a notional amount. If a put option on a swap is exercised, the Fund becomes obligated to pay a variable interest rate and receive a fixed interest rate (noted as the strike price) on a notional amount. Premiums received from writing options on swaps that expire or are exercised are treated as realized gains upon the expiration or exercise of such options on swaps. The risk associated with writing put and call options on swaps is that the Fund will be obligated to be party to a swap agreement if an option on a swap is exercised.

Financial Futures Contracts: A financial futures contract is an agreement to purchase (long) or sell (short) an agreed amount of securities at a set price for delivery on a future date. Upon entering into a financial futures contract, the Portfolios are required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount. This amount is known as the “initial margin.” Subsequent payments, known as “variation margin,” are made or received by the Portfolios each day, depending on the daily fluctuations in the value of the underlying security. Such variation margin is recorded for financial statement purposes on a daily basis as unrealized gain (loss). When the contract expires or is closed, the gain (loss) is realized and is presented in the Statement of Operations as net realized gain (loss) on futures transactions.

Certain Portfolios invested in financial futures contracts in order to gain exposure to equities and fixed income. The use of futures transactions involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates and the underlying hedged assets. Since futures contracts are exchange-traded, there is minimal counterparty credit risk to the Portfolios since the exchanges’ clearinghouse acts as counterparty to all exchange-traded futures and guarantees the futures contracts against default.

Master Netting Arrangements: The RIC, on behalf of the Funds, is subject to various Master Agreements, or netting arrangements, with select counterparties. These are agreements which a subadviser may have negotiated and entered into on behalf of all or a portion of each Fund. A master netting arrangement between each Fund and the counterparty permits each Fund to offset amounts payable by each Fund to the same counterparty against amounts to be received and by the receipt of collateral from the counterparty by each Funds to cover each Fund’s exposure to the counterparty. However, there is no assurance that such mitigating factors are easily enforceable. In addition to master netting arrangements, the right to set-off exists when all the conditions are met such that each of the parties owes the other determinable amounts, the reporting party has the right to set-off the amount owed with the amount owed by the other party, the reporting party intends to set-off and the right of set-off is enforceable by law.

Securities Lending: The Funds lend their portfolio securities to banks and broker-dealers. The loans are secured by collateral at least equal to the market value of the securities loaned. Collateral pledged by each borrower is invested in an affiliated money market fund

Notes to Financial Statements (continued)

and is marked to market daily, based on the previous day’s market value, such that the value of the collateral exceeds the value of the loaned securities. In the event of significant appreciation in value of the securities on loan on the last business day of the reporting period, the financial statements may reflect a collateral value that is less than the market value of the loaned securities. Such shortfall is remedied as described above. Loans are subject to termination at the option of the borrower or the Funds. Upon termination of the loan, the borrower will return to the Funds securities identical to the loaned securities. The remaining open loans of the securities lending transactions are considered overnight and continuous. Should the borrower of the securities fail financially, the Funds has the right to repurchase the securities in the open market using the collateral.

The Funds recognize income, net of any rebate and securities lending agent fees, for lending their securities in the form of fees or interest on the investment of any cash received as collateral. The borrower receives all interest and dividends from the securities loaned and such payments are passed back to the lender in amounts equivalent thereto, which are reflected in interest income or unaffiliated dividend income based on the nature of the payment on the Statement of Operations. The Funds also continue to recognize any unrealized gain (loss) in the market price of the securities loaned and on the change in the value of the collateral invested that may occur during the term of the loan. In addition, realized gain (loss) is recognized on changes in the value of the collateral invested upon liquidation of the collateral. Net earnings from securities lending are disclosed in the Statement of Operations.

Securities Transactions and Net Investment Income: Securities transactions are recorded on the trade date. Realized gains (losses) from investment and currency transactions are calculated on the specific identification method. Dividend income is recorded on the ex-date, or for certain foreign securities, when the Funds become aware of such dividends. Expenses are recorded on an accrual basis, which may require the use of certain estimates by management that may differ from actual expense amounts.

Taxes: It is each Fund’s policy to continue to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable net investment income and capital gains, if any, to its shareholders. Therefore, no federal income tax provision is required. Withholding taxes on foreign dividends, interest and capital gains, if any, are recorded, net of reclaimable amounts, at the time the related income is earned.

excess of par, as appropriate. The chart below sets forth the expected frequency of dividend and capital gains distributions to shareholders. Various factors may impact the frequency of dividend distributions to shareholders, including but not limited to adverse market conditions or portfolio holding-specific events.



Expected Distribution Schedule to Shareholders*		Frequency

Net Investment Income		Annually

Short-Term Capital Gains		Annually

Long-Term Capital Gains		Annually

*	Under certain circumstances, each Fund may make more than one distribution of short-term and/or long-term capital gains during a fiscal year.

Estimates: The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

3.	Agreements

Pursuant to management agreements with the RIC on behalf of the Funds (the Management Agreements), PGIM Investments manages each Fund’s investment operations and administers its business affairs. PGIM Investments is also responsible for supervising each Fund’s subadviser. The Manager has engaged the firms referenced in the below table as subadvisers for their respective Funds. The Manager pays for the services of the subadviser.



Fund		Subadviser(s)

Jennison Better Future		Jennison Associates LLC (“Jennison”) (a wholly-owned subsidiary of PGIM, Inc.)

Jennison Focused Growth		Jennison

Jennison Focused Mid-Cap		Jennison

Jennison Focused Value		Jennison

Jennison International Opportunities		Jennison

Portfolio Ballast		PGIM Quantitative Solutions LLC (“PGIM Quantitative Solutions”)(a wholly-owned subsidiary of PGIM, Inc.)

Pursuant to the Management Agreement relating to each Fund, there is a unitary fee structure for each fund whereby PGIM Investments is responsible for substantially all expenses of each Fund, except taxes, brokerage expenses, interest expenses, distribution fees or expenses, expenses incident to shareholder meetings and extraordinary expenses. Each Fund may also pay for any costs or expenses of investing in other funds. For more information on the unitary management fee structure please refer to each Fund Statement of Additional Information.

The unitary fee paid to the Manager is accrued daily and payable monthly, at an annual rate of each Fund’s average daily net assets specified below. The Manager has voluntarily agreed to reduce a portion of the Funds’ respective unitary management fees through

Notes to Financial Statements (continued)

December 31, 2024, which are disclosed on the Statement of Operations. Any such management fee reduction will not be subject to recoupment by the Manager.



Fund	Unitary Fee Rate

Jennison Better Future		0.59%

Jennison Focused Growth		0.75%

Jennison Focused Mid-Cap		0.49%

Jennison Focused Value		0.75%

Jennison International Opportunities		0.90%

Portfolio Ballast		0.45%

Prudential Investment Management Services LLC (“PIMS” or the “Distributor”), acts as the distributor of each Fund, pursuant to the terms of a distribution agreement (“Distribution Agreement”) between the RIC and the Distributor. Shares are continuously offered for sale by the Distributor only. Although the Distributor does not receive any fees under the Distribution Agreement, the Manager or its affiliates may pay the Distributor for certain distribution related services.

PGIM Investments, PIMS, Jennison, and PGIM Quantitative Solutions are indirect, wholly-owned subsidiaries of Prudential Financial, Inc. (“Prudential”).

4.	Other Transactions with Affiliates

The Funds may invest their overnight sweep cash in the PGIM Core Government Money Market Fund (the “Core Government Fund”), a series of the Prudential Government Money Market Fund, Inc., and their securities lending cash collateral in the PGIM Institutional Money Market Fund (the “Money Market Fund”), a series of Prudential Investment Portfolios 2, each registered under the 1940 Act and managed by PGIM Investments. PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services to the Core Government Fund and the Money Market Fund. In addition to the realized and unrealized gains on investments in the Core Government Fund and the Money Market Fund, earnings from such investments are disclosed on the Statement of Operations as “Affiliated dividend income” and “Affiliated income from securities lending, net”, respectively.

The Funds may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act that, subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors/trustees, and/or common officers. For the year ended August 31, 2024, no Rule 17a-7 transactions were entered into by the Funds.

5.	Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments, in-kind transactions and U.S. Government securities) for the year ended August 31, 2024, were as follows:



Fund	Cost of Purchases		Proceeds from Sales

Jennison Better Future	$	16,832,709	$	6,974,150

Jennison Focused Growth		26,320,345		26,644,446

Jennison Focused Mid-Cap		20,144,387		10,706,808

Jennison Focused Value		4,450,902		5,710,180

Jennison International Opportunities		13,881,274		4,015,525

Portfolio Ballast		9,359,727		9,388,410

The aggregate cost of purchases and proceeds from sales of in-kind creation and redemption transactions for the year ended August 31, 2024, were as follows:



Fund	Cost of Purchases		Proceeds from Sales

Jennison Better Future	$	5,719,990	$	1,684,412

Jennison Focused Growth		39,926,187		23,170,256

Jennison Focused Mid-Cap		3,558,323		2,789,927

Jennison Focused Value		3,660,167		2,627,422

Jennison International Opportunities		1,560,689		—

Portfolio Ballast		—		—

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the year ended August 31, 2024, is presented as follows:

Jennison Better Future



Value, Beginning of Period	Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)	Realized Gain (Loss)	Value, End of Period	Shares, End of Period	Income

Short-Term Investments - Affiliated Mutual Fund:

PGIM Core Government Money Market Fund (7-day effective yield 5.562%)^(1)(wb)

$—		$11,686,254		$11,526,896	$—	$—	$159,358	159,358		$20,441

Notes to Financial Statements (continued)

Jennison Focused Growth



Value, Beginning of Year	Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)			Realized Gain (Loss)		Value, End of Year		Shares, End of Year		Income

Short-Term Investments - Affiliated Mutual Funds:

PGIM Core Government Money Market Fund (7-day effective yield 5.562%)^(1)(wb)
$1,218,101	$	2,987,632	$	3,386,844		$—			$ —		$818,889		818,889		$37,882

PGIM Institutional Money Market Fund (7-day effective yield 5.595%)^(1)(b)(wb)
343,559		686,063		1,029,795		(6	)		179		—		—		556	⁽²⁾
$1,561,660	$	3,673,695	$	4,416,639		$ (6	)		$179		$818,889				$38,438

Jennison Focused Mid-Cap



Value, Beginning of Period	Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)		Realized Gain (Loss)		Value, End of Period		Shares, End of Period		Income

Short-Term Investments - Affiliated Mutual Fund:

PGIM Core Government Money Market Fund (7-day effective yield 5.562%)^(1)(wb)
$—		$10,730,866		$10,354,048		$—		$—		$376,818		376,818		$18,690

Jennison Focused Value



Value, Beginning of Year	Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)		Realized Gain (Loss)		Value, End of Year		Shares, End of Year		Income

Short-Term Investments - Affiliated Mutual Fund:

PGIM Core Government Money Market Fund (7-day effective yield 5.562%)^(1)(wb)
$229,067		$1,128,449		$885,632		$—		$—		$471,884		471,884		$14,464

Jennison International Opportunities



Value, Beginning of Period	Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)		Realized Gain (Loss)		Value, End of Period	Shares, End of Period	Income

Short-Term Investments - Affiliated Mutual Fund:

PGIM Core Government Money Market Fund (7-day effective yield 5.562%)^(1)(wb)
$—		$11,753,978		$11,531,038		$—		$—	$222,940	222,940		$12,664

Portfolio Ballast



Value, Beginning of Year	Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)	Realized Gain (Loss)	Value, End of Year	Shares, End of Year	Income

Short-Term Investments - Affiliated Mutual Fund:

PGIM Core Government Money Market Fund (7-day effective yield 5.562%)^(1)(wb)
$1,615,814		$26,532,554		$25,078,916	$—	$—	$3,069,452	3,069,452	$112,559

(1)	The Fund did not have any capital gain distributions during the reporting period.

(2)	The amount, or a portion thereof, represents the affiliated securities lending income shown on the Statement of Operations.

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

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

6.	Distributions and Tax Information

Distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from GAAP, are recorded on the ex-date. In order to present total distributable earnings (loss) and paid-in capital in excess of par on the Statement of Assets and Liabilities that more closely represent their tax character, certain adjustments have been made to total distributable earnings (loss) and paid-in capital in excess of par for the Funds indicated below.

For the period ended August 31, 2024, the adjustments were as follows:



Fund	Total Distributable Earnings (Loss)			Paid-in Capital in Excess of Par

Jennison Better Future (a)		$	(566,007)		$	566,007

Jennison Focused Growth (a)(b)			(9,216,050)			9,216,050

Jennison Focused Mid-Cap (a)			(267,555)			267,555

Jennison Focused Value			(909,590)			909,590

Jennison International Opportunities			—			—

Portfolio Ballast			—			—

(a)	Redemptions In Kind Adjustments.

(b)	Net Operating Loss.

For the period ended August 31, 2024, the tax character of dividends paid as reflected in the Statement of Changes in Net Assets were as follows:



Fund	Ordinary Income		Long-Term Capital Gains		Tax Return of Capital		Total Dividends and Distributions

Jennison Better Future		$ —		$ —		$—		$ —

Jennison Focused Growth		—		—		—		—

Jennison Focused Mid-Cap		—		—		—		—

Jennison Focused Value		144,291		—		—		144,291

Jennison International Opportunities		—		—		—		—

Portfolio Ballast		1,409,741		707,387		—		2,117,128

Notes to Financial Statements (continued)

For the period ended August 31, 2023, the tax character of dividends paid as reflected in the Statement of Changes in Net Assets were as follows:



Fund	Ordinary Income		Long-Term Capital Gains		Tax Return of Capital		Total Dividends and Distributions

Jennison Better Future	$	—		$—		$—		$ —

Jennison Focused Growth		—		—		—		—

Jennison Focused Mid-Cap		—		—		—		—

Jennison Focused Value		12,409		—		—		12,409

Jennison International Opportunities		—		—		—		—

Portfolio Ballast		38,729		—		—		38,729

For the period ended August 31, 2024, the Funds indicated below had the following amounts of accumulated undistributed earnings on a tax basis:



Fund	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains

Jennison Better Future		$ 24,632		$ —

Jennison Focused Growth		—		—

Jennison Focused Mid-Cap		69,003		—

Jennison Focused Value		139,000		—

Jennison International Opportunities		24,789		—

Portfolio Ballast		1,812,960		1,128,297

The United States federal income tax basis of the investments and the net unrealized appreciation as of August 31, 2024 were as follows:



Fund	Tax Basis			Gross Unrealized Appreciation			Gross Unrealized Depreciation				Net Unrealized Appreciation

Jennison Better Future		$	14,399,615		$	2,541,113		$	(184,253	)		$	2,356,860

Jennison Focused Growth			67,990,291			28,096,468			(1,137,541	)			26,958,927

Jennison Focused Mid-Cap			10,431,502			1,398,393			(156,353	)			1,242,040

Jennison Focused Value			11,424,194			3,333,112			(119,541	)			3,213,571

Jennison International Opportunities			11,329,148			2,258,029			(237,732	)			2,020,297

Portfolio Ballast			44,815,792			1,850,895			(58,730	)			1,792,165

The difference between GAAP and tax basis was primarily attributable to deferred losses on wash sales.

For federal income tax purposes, the following Funds had an approximated capital loss carryforward as of August 31, 2024 which can be carried forward for an unlimited period. No capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such losses.



Fund	Capital Loss Carryforward		Capital Loss Carryforward Utilized
Jennison Better Future	$	220,000	$—
Jennison Focused Growth		1,670,000	—
Jennison Focused Mid-Cap		419,000	—
Jennison Focused Value		168,000	—
Jennison International Opportunities		320,000	—
Portfolio Ballast		—	—

The Fund indicated below elected to treat the below approximated losses as having been incurred in the following fiscal year (August 31, 2025).



Fund	Qualified Late-Year Losses	Post-October Capital Losses
Jennison Focused Growth	$125,000	$—

The Manager has analyzed the Funds’ tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Funds’ financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Funds’ U.S. federal and state tax returns for each of the three fiscal years up to the most recent fiscal year ended August 31, 2024 are subject to such review.

7.	Capital and Ownership

Each Fund is an exchange-traded fund, commonly known as an “ETF”. Individual shares of the Funds may only be purchased and sold in secondary market transactions through brokers or other financial intermediaries. Shares of the Funds are listed for trading on the NYSE Arca, Inc. except for the Jennison Better Future, Jennison Focused Mid-Cap and Portfolio Ballast which list their shares on the Cboe BZX Exchange, Inc. (together with NYSE Arca, Inc., the “Exchanges”), and because the shares of the Funds trade at market prices rather than NAV, shares of the Funds may trade at a price greater than NAV (a premium) or less than NAV (a discount). Each Fund will issue and redeem its shares at NAV only in aggregations of a specified number of shares called a “Creation Unit”. An Authorized Participant is a member or participant of a clearing agency registered with the SEC, which has a written agreement with the Funds or one of their service providers that allows the Authorized Participant to place orders for the purchase and redemption of Creation Units.

A creation transaction, which is subject to acceptance by the Distributor and each Fund, generally takes place when an Authorized Participant deposits into each Fund a designated portfolio of securities, assets or other positions (a “creation basket”), and an amount of cash (including any cash representing the value of substituted securities, assets or other positions), if any, which together approximate the holdings of each Fund in exchange for a

Notes to Financial Statements (continued)

specified number of Creation Units. Similarly, shares can be redeemed only in Creation Units, generally for a designated portfolio of securities, assets or other propositions (the “redemption basket”) held by each Fund and an amount of cash (including any portion of such securities for which cash may be substituted). The Funds may, in certain circumstances, offer Creation Units partially or solely for cash. Except when aggregated in Creation Units, shares are not redeemable by the Funds. Creation and redemption baskets may differ and the Funds may accept “custom baskets”. A Creation Unit consists of 10,000 shares of each Fund except for the Portfolio Ballast, which consists of 20,000 shares.

Authorized Participants may be required to pay a fixed creation transaction fee and/or a fixed redemption transaction fee, as applicable, for each transaction in a Creation Unit regardless of the number of Creation Units created or redeemed on that day. These fees, if charged, are paid to the Custodian to offset costs associated with processing creation and redemption transactions. Authorized Participants transacting in creation units for cash may pay an additional variable fee to compensate the Funds for transaction costs and market impact expenses relating to purchases or sales of portfolio securities. Such variable fees, if any, are included in “Net proceeds from shares sold” and/or “Cost of shares purchased”, as applicable, in the Statements of Changes in Net Assets.

The RIC is authorized to issue an unlimited number of shares of beneficial interest, $0.001 par value per share.

As of August 31, 2024, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of each Fund as follows:



Fund	Number of Shares		Percentage of Outstanding Shares

Jennison Better Future		125,000		46.3	%

Jennison Focused Growth		185,007		17.3

Jennison Focused Mid-Cap		200,000		95.2

Jennison Focused Value		200,000		95.2

Jennison International Opportunities		186,000		80.9

Portfolio Ballast		997,500		62.3

At the reporting period end, the number of shareholders holding greater than 5% of the Funds are as follows



Fund	Number of Shareholders		Percentage of Outstanding Shares

Affiliated:

Jennison Better Future		1		46.3	%

Jennison Focused Growth		1		17.3

Jennison Focused Mid-Cap		1		95.2

Jennison Focused Value		1		95.2



Fund	Number of Shareholders		Percentage of Outstanding Shares

Affiliated:

Jennison International Opportunities		1		80.9	%

Portfolio Ballast		1		62.3

Unaffiliated:

Jennison Better Future		2		49.0

Jennison Focused Growth		1		75.7

Jennison Focused Mid-Cap		—		—

Jennison Focused Value		—		—

Jennison International Opportunities		2		16.8

Portfolio Ballast		1		33.0

The Funds may make payment for Fund shares redeemed and contributed wholly or in part by distributing portfolio securities to shareholders. For the year ended August 31, 2024, the Funds had subscriptions in-kind and /or redemptions in-kind, excluding Portfolio Ballast, with total proceeds in the amounts presented on the Statements of Changes in Net Assets.

8.	Borrowings

The RIC, on behalf of the Funds, along with other affiliated registered investment companies (the “Participating Funds”), is a party to a Syndicated Credit Agreement (“SCA”) with a group of banks. The purpose of the SCA is to provide an alternative source of temporary funding for capital share redemptions. The table below provides details of the SCA in effect at the reporting period-end.



		SCA*
Term of Commitment		9/29/2023 - 9/26/2024
Total Commitment		$ 1,200,000,000
Annualized Commitment Fee on the Unused Portion of the SCA		0.15%
Annualized Interest Rate on Borrowings		1.00% plus the higher of (1) the effective federal funds rate, (2) the daily SOFR rate plus 0.10% or (3) zero percent

*	The SCA does not include Jennison Better Future, Jennison Focused Mid-Cap and Jennison International Opportunities.

Subsequent to the reporting period end, the SCA has been renewed and effective September 27, 2024 will provide a commitment of $1,200,000,000 through September 25, 2025. The commitment fee allocated to the Participating Funds will continue to be 0.15% of the unused portion of the SCA. The interest on borrowings under the renewed SCA will be paid monthly and at a per annum interest rate of 1.00% plus the higher of (1) the effective federal funds rate, (2) the daily SOFR rate plus 0.10% or (3) zero percent.

Notes to Financial Statements (continued)

scale asset flows into and out of these portfolios. Consequently, these portfolios may be more likely to utilize the SCA for purposes of funding redemptions. It may be possible for those portfolios to fully exhaust the committed amount of the SCA, thereby requiring the Manager to allocate available funding per a Board-approved methodology designed to treat the Participating Funds in the SCA equitably.

The Funds did not utilize the SCA during the year ended August 31, 2024.

9.	Risks of Investing in the Funds

Each Fund’s principal risks include, but are not limited to, some or all of the risks discussed below. For further information on the risks applicable to any given Fund, please refer to the Prospectus and Statement of Additional Information of that Fund.

Risks

Jennison

Better

Future

Jennison

Focused

Growth

Jennison

Focused

Mid-Cap

Jennison

Focused

Value

Jennison

International

Opportunities

Portfolio

Ballast

Active Trading

–

Authorized Participant Concentration

Blend Style

–

Cash Transactions

–

Country

–

Currency

–

Convertible Securities

–

Debt Obligations

–

Derivatives

–

Economic and Market Events

Emerging Markets

–

Equity and Equity-Related Securities

ETF Shares Trading

Foreign Securities

–

Futures and Forward Contracts

–

Geographic Concentration

–

Growth Style

–

Initial Public Offerings

–

Investment in China

–

Investment Program

–

Large Capitalization Company

–

Large Shareholder and Large Scale Redemption

Liquidity

–

Management

Market Capitalization

–

Market Disruption and Geopolitical

Market

Risks

Jennison

Better

Future

Jennison

Focused

Growth

Jennison

Focused

Mid-Cap

Jennison

Focused

Value

Jennison

International

Opportunities

Portfolio

Ballast

Medium Capitalization (Mid-Cap) Company

–

Methodology

–

Model Design

–

Model Implementation

–

New/Small Fund

Non-Diversified Investment Company

–

Preferred Securities

–

Real Estate Investment Trust

–

Sector Exposure

–

Value Style

–

Active Trading Risk: The Fund actively and frequently trades its portfolio securities. High portfolio turnover results in higher transaction costs, which can affect the Fund’s performance and have adverse tax consequences. In addition, high portfolio turnover may also mean that a proportionately greater amount of distributions to shareholders will be taxed as ordinary income rather than long-term capital gains compared to investment companies with lower portfolio turnover.

Authorized Participant Concentration Risk: Only an Authorized Participant (as defined in “How to Buy and Sell Shares of the Fund” in the Fund’s Prospectus) may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of intermediaries that act as Authorized Participants and none of these Authorized Participants is or will be obligated to engage in creation or redemption transactions. To the extent that these Authorized Participants exit the business or are unable to or choose not to proceed with creation and/or redemption orders with respect to the Fund and no other Authorized Participant creates or redeems, shares of the Fund may trade at a substantial discount or premium to net asset value (“NAV”), may trade at larger spreads, and possibly face trading halts and/or delisting.

Blend Style Risk: The Fund’s blend investment style may subject the Fund to risks of both value and growth investing. The portion of the Fund’s portfolio that makes investments pursuant to a growth strategy may be subject to above-average fluctuations as a result of seeking higher than average capital growth. The portion of the Fund’s portfolio that makes investments pursuant to a value strategy may be subject to the risk that the market may not recognize a security’s intrinsic value for long periods of time or at all, or that a stock judged to be undervalued may actually be appropriately priced or overvalued. Issuers of value stocks may have experienced adverse business developments or may be subject to special risks that have caused the stock to be out of favor. If the Fund’s assessment of market conditions or a company’s value is inaccurate, the Fund could suffer losses or produce poor performance relative to other funds. Historically, growth stocks have performed best during later stages of economic expansion and value stocks have performed best during periods of economic recovery. Therefore, both styles may over time go in and out of favor with the markets. At times when a style is out of favor, that portion of the portfolio may lag the other

Notes to Financial Statements (continued)

portion of the portfolio, which may cause the Fund to underperform the market in general, its benchmark and other mutual funds. Growth and value stocks have historically produced similar long-term results, though each category has periods when it outperforms the other.

Cash Transactions Risk: Unlike ETFs that engage almost exclusively in creations and redemptions in exchange for a basket of portfolio securities (an “in-kind” transaction), the Fund may effect creations and redemptions in cash or partially in cash. Therefore, it may be required to sell portfolio securities and subsequently recognize gains on such sales that the Fund might not have recognized if it were to distribute portfolio securities in-kind. Investments in shares of the Fund may be less tax-efficient than an investment in an ETF that distributes portfolio securities entirely in-kind.

Country Risk: Changes in the business environment may adversely affect operating profits or the value of assets in a specific country. For example, financial factors such as currency controls, devaluation or regulatory changes or stability factors such as mass riots, civil war and other potential events may contribute to companies’ operational risks.

Currency Risk: The Fund’s net asset value could decline as a result of changes in exchange rates, which could adversely affect the Fund’s investments in currencies, or in securities that trade in, and receive revenues related to, currencies. Certain foreign countries may impose restrictions on the ability of issuers of foreign securities to make payment of principal and interest or dividends to investors located outside the country, due to blockage of foreign currency exchanges or otherwise.

Convertible Securities Risk: The market value of a convertible security performs like that of a regular debt security; that is, if market interest rates rise, the value of a convertible security usually falls. In addition, convertible securities are subject to the risk that the issuer will not be able to pay interest or dividends when due, and their market value may change based on changes in the issuer’s credit rating or the market’s perception of the issuer’s creditworthiness. Since it derives a portion of its value from the common stock into which it may be converted, a convertible security is also subject to the same types of market and issuer risks that apply to the underlying common stock.

Debt Obligations Risk: Debt obligations are fixed income investments that are subject to credit risk, market risk and interest rate risk. The Fund’s holdings, share price, yield and total return may also fluctuate in response to bond market movements. The value of bonds may decline for issuer-related reasons, including management performance, financial leverage and reduced demand for the issuer’s goods and services. Certain types of fixed income obligations also may be subject to “call and redemption risk,” which is the risk that

the issuer may call a bond held by the Fund for redemption before it matures and the Fund may not be able to reinvest at the same rate of interest and therefore would earn less income.

Derivatives Risk: Derivatives involve special risks and costs and may result in losses to the Fund. The successful use of derivatives requires sophisticated management, and, to the extent that derivatives are used, the Fund will depend on the subadviser’s ability to analyze and manage derivatives transactions. The prices of derivatives may move in unexpected ways, especially in abnormal market conditions. Some derivatives are “leveraged” or may create economic leverage for the Fund and therefore may magnify or otherwise increase investment losses to the Fund. The Fund’s use of derivatives may also increase the amount of taxes payable by shareholders.

Other risks arise from the potential inability to terminate or sell derivatives positions. A liquid secondary market may not always exist for the Fund’s derivatives positions. In fact, many over-the-counter derivative instruments will not have liquidity beyond the counterparty to the instrument. Over-the-counter derivative instruments also involve the risk that the other party will not meet its obligations to the Fund. The use of derivatives also exposes the Fund to operational issues, such as documentation and settlement issues, systems failures, inadequate control and human error.

Derivatives may also involve legal risks, such as insufficient documentation, the lack of capacity or authority of a counterparty to execute or settle a transaction, and the legality and enforceability of derivatives contracts. The U.S. Government and foreign governments have adopted (and may adopt further) regulations governing derivatives markets, including mandatory clearing of certain derivatives, margin and reporting requirements and risk exposure limitations. Regulation of derivatives may make derivatives more costly, limit their availability or utility to the Fund, or otherwise adversely affect their performance or disrupt markets.

Economic and Market Events Risk: Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth or the functioning of the securities markets, or otherwise reduce inflation, may at times result in unusually high market volatility, which could negatively impact performance. Governmental efforts to curb inflation often have negative effects on the level of economic activity. Relatively reduced liquidity in credit and fixed income markets could adversely affect issuers worldwide.

Emerging Markets Risk: The risks of foreign investments are greater for investments in or exposed to emerging markets. Emerging market countries typically have economic and political systems that are less fully developed, and can be expected to be less stable, than those of more developed countries. For example, the economies of such countries can be subject to rapid and unpredictable rates of inflation or deflation. Low trading volumes may result in a lack of liquidity and price volatility. Emerging market countries may have policies

Notes to Financial Statements (continued)

that restrict investment by non-U.S. investors, or that prevent non-U.S. investors from withdrawing their money at will.

The Fund may invest in some emerging markets that subject it to risks such as those associated with illiquidity, custody of assets, different settlement and clearance procedures and asserting legal title under a developing legal and regulatory regime to a greater degree than in developed markets or even in other emerging markets.

Equity and Equity-Related Securities Risk: Equity and equity-related securities may be subject to changes in value, and their values may be more volatile than those of other asset classes. In addition to an individual security losing value, the value of the equity markets or a sector in which the Fund invests could go down. Different parts of a market can react differently to adverse issuer, market, regulatory, political and economic developments.

ETF Shares Trading Risk: Fund shares are listed for trading on an exchange (the “Exchange”) and the shares are bought and sold in the secondary market at market prices. The market prices of the shares of the Fund are expected to fluctuate in response to changes in the Fund’s NAV, the intraday value of the Fund’s holdings and supply and demand for shares of the Fund. During periods of stressed market conditions, the market for the shares of the Fund may become less liquid in response to deteriorating liquidity in the markets for the Fund’s portfolio investments.

Disruptions to creations and redemptions, the existence of significant market volatility or potential lack of an active trading market for the shares of the Fund (including through a trading halt), as well as other factors, may result in the Fund’s shares trading on the Exchange significantly above (at a premium) or below (at a discount) to NAV or to the intraday value of the Fund’s holdings.

Cost of Buying or Selling Shares. When you buy or sell shares of the Fund through a broker, you will likely incur a brokerage commission or other charges imposed by brokers. In addition, the market price of shares of the Fund, like the price of any exchange-traded security, includes a “bid-ask spread” charged by the market makers or other participants that trade the particular security. The spread of the Fund’s shares varies over time based on the Fund’s trading volume, the spread of the Fund’s underlying securities, and market liquidity and may increase if the Fund’s trading volume or market liquidity decreases, or if the spread on the Fund’s underlying securities increases.

No Guarantee of Active Trading Market Risk. While shares of the Fund are listed on the Exchange, there can be no assurance that active trading markets for the shares will develop or be maintained by market makers or by Authorized Participants. The

distributor of the Fund’s shares does not maintain a secondary market in the shares. Further, secondary markets may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods in times of market stress because market makers and Authorized Participants may step away from making a market in the shares and in executing creation and redemption orders, which could cause a material deviation in the Fund’s market price from its net asset value.

Foreign Securities Risk: Investments in securities of non-U.S. issuers (including those denominated in U.S. dollars) may involve more risk than investing in securities of U.S. issuers. Foreign political, economic and legal systems, especially those in developing and emerging market countries, may be less stable and more volatile than in the United States. Foreign legal systems generally have fewer regulatory requirements than the U.S. legal system, particularly those of emerging markets. In general, less information is publicly available with respect to non-U.S. companies than U.S. companies. Non-U.S. companies generally are not subject to the same accounting, auditing, and financial reporting standards as are U.S. companies. Additionally, the changing value of foreign currencies and changes in exchange rates could also affect the value of the assets the Fund holds and the Fund’s performance. Certain foreign countries may impose restrictions on the ability of issuers of foreign securities to make payment of principal and interest or dividends to investors located outside the country, due to blockage of foreign currency exchanges or otherwise. Investments in emerging markets are subject to greater volatility and price declines.

In addition, the Fund’s investments in non-U.S. securities may be subject to the risks of nationalization or expropriation of assets, imposition of currency exchange controls or restrictions on the repatriation of non-U.S. currency, confiscatory taxation and adverse diplomatic developments. Special U.S. tax considerations may apply.

Futures and Forward Contracts Risk: The primary risks associated with the use of futures or forward contracts are (a) the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the futures or forward contract; (b) possible lack of a liquid secondary market for a futures or forward contract and the resulting inability to close a futures or forward contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) the failure to predict correctly the direction of securities or commodities prices, interest rates, currency exchange rates and other economic factors; and (e) the possibility that the counterparty to the futures or forward contract will default in the performance of its obligations. Additionally, not all forward contracts require a counterparty to post collateral, which may expose the Fund to greater losses in the event of a default by a counterparty.

Geographic Concentration Risk: The Fund’s performance may be closely tied to the market, economic, political, regulatory or other conditions in the countries or regions in which the Fund invests. This can result in more pronounced risks based upon conditions that impact one or more countries or regions more or less than other countries or regions.

Notes to Financial Statements (continued)

Growth Style Risk: The Fund’s growth style may subject the Fund to above-average fluctuations as a result of seeking higher than average capital growth. Historically, growth stocks have performed best during later stages of economic expansion and value stocks have performed best during periods of economic recovery. Since the Fund follows a growth investment style, there is the risk that the growth investment style may be out of favor for a period of time. At times when the style is out of favor, the Fund may underperform the market in general, its benchmark and other ETFs.

Initial Public Offerings Risk: The volume of IPOs and the levels at which the newly issued stocks trade in the secondary market are affected by the performance of the stock market overall. If IPOs are brought to the market, availability may be limited and if the Fund desires to acquire shares in such an offering, it may not be able to buy any shares at the offering price, or if it is able to buy shares, it may not be able to buy as many shares at the offering price as it would like. The prices of securities involved in IPOs are often subject to greater and more unpredictable price changes than more established stocks. Such unpredictability can have a dramatic impact on the Fund’s performance (higher or lower) and any assumptions by investors based on the affected performance may be unwarranted. In addition, as Fund assets grow, the impact of IPO investments on performance will decline, which could reduce total returns.

Investments in China Risk: Investments in China subject the Fund to risks specific to China and may make it more volatile than other funds. Over the last few decades, the Chinese government has undertaken reform of economic and market practices and has expanded the sphere of private ownership of property in China. However, Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability. Internal social unrest or confrontations with other neighboring countries, including military conflicts in response to such events, may also disrupt economic development in China and result in a greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher rates of inflation.

China has experienced security concerns, such as terrorism and strained international relations. Incidents involving China’s or the region’s security may cause uncertainty in Chinese markets and may adversely affect the Chinese economy and the Fund’s investments. Export growth continues to be a major driver of China’s rapid economic growth. Reduction in spending on Chinese products and services, institution of additional tariffs or other trade barriers, including as a result of heightened trade tensions between China and the U.S., or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy or the Fund. For example, a series of executive orders issued in recent years prohibit the Fund from investing in certain companies and/or certain sectors.” The restrictions in these executive orders may force the subadviser to sell

certain positions and may restrict the Fund from future investments the subadviser deems otherwise attractive.

Chinese companies, including Chinese companies that are listed on U.S. exchanges, are not subject to the same degree of regulatory requirements, accounting standards or auditor oversight as companies in more developed countries, and as a result, information about the Chinese securities in which the Fund invests may be less reliable or complete. There may be significant obstacles to obtaining information necessary for investigations into or litigation against Chinese companies and shareholders may have limited legal remedies.

Investment Program Risk: In pursuing its investment program, the Fund seeks to reduce volatility over a full market cycle, including by limiting Fund losses relative to the broader market. The subadviser may not be successful in limiting volatility and there is a risk that the Fund will experience losses consistent with, or greater than, the equity market during a market downturn. In addition, the Fund’s strategy of using options to capture market upside will limit the returns of the Fund during periods in which the market is rising, particularly during periods of rapid appreciation, and the Fund may not experience investment gains comparable to the broader market. The Fund may not be able to enter into, or close out, options transactions at times or in quantities the subadviser believes necessary to accomplish the Fund’s investment strategy. Because the Fund’s strategy to limit volatility involves buying and selling options on one or more broad market indexes or financial instruments that seek to replicate or approximate the return of such an index, the Fund will incur additional costs in the form of options premiums that an investor would not incur investing directly in the securities of an index or in a fund that tracks the index directly, which costs will reduce the Fund’s returns. In addition, the Fund will forgo the opportunity to benefit fully from potential increases in value if the value of the instrument underlying an option rises above its strike price. Moreover, if the strike price of a purchased option is higher than the value of the underlying instrument at expiration, the option will expire worthless and the Fund will lose the premium paid for the option without a corresponding benefit.

Large Capitalization Company Risk: Companies with large market capitalizations go in and out of favor based on market and economic conditions. Larger companies tend to be less volatile than companies with smaller market capitalizations. In exchange for this potentially lower risk, the Fund’s value may not rise or fall as much as the value of funds that emphasize companies with smaller market capitalizations.

Large Shareholder and Large Scale Redemption Risk: Certain individuals, accounts, funds (including funds affiliated with the Manager) or institutions, including the Manager and its affiliates, may from time to time own or control a substantial amount of the Fund’s shares. There is no requirement that these entities maintain their investment in the Fund. There is a risk that such large shareholders or that the Fund’s shareholders generally may redeem all or a substantial portion of their investments in the Fund in a short period of time, which could have a significant negative impact on the Fund’s NAV, liquidity, and brokerage costs. Large redemptions could also result in tax consequences to shareholders and impact the

Notes to Financial Statements (continued)

Fund’s ability to implement its investment strategy. The Fund’s ability to pursue its investment objective after one or more large scale redemptions may be impaired and, as a result, the Fund may invest a larger portion of its assets in cash or cash equivalents.

Liquidity Risk: Liquidity risk is the risk that the Fund could not meet requests to redeem shares issued by the Fund without significant dilution of remaining investors’ interests in the Fund. The Fund may invest in instruments that trade in lower volumes and are more illiquid than other investments. If the Fund is forced to sell these investments to pay redemption proceeds or for other reasons, the Fund may lose money. In addition, when there is no willing buyer and investments cannot be readily sold at the desired time or price, the Fund may have to accept a lower price or may not be able to sell the instrument at all. An inability to sell a portfolio position can adversely affect the Fund’s value or prevent the Fund from being able to take advantage of other investment opportunities.

Management Risk: Actively managed funds are subject to management risk. The subadviser will apply investment techniques and risk analyses in making investment decisions for the Fund, but the subadviser’s judgments about the attractiveness, value or market trends affecting a particular security, industry or sector or about market movements may be incorrect. Additionally, the investments selected for the Fund may underperform the markets in general, the Fund’s benchmark and other funds with similar investment objectives.

Market Capitalization Risk: The Fund may invest in companies of any market capitalization. Generally, the stock prices of small- and mid-cap companies are less stable than the prices of large-cap stocks and may present greater risks. Large capitalization companies as a group could fall out of favor with the market, causing the Fund to underperform compared to investments that focus on smaller capitalized companies.

Market Disruption and Geopolitical Risks: Market disruption can be caused by economic, financial or political events and factors, including but not limited to, international wars or conflicts (including Russia’s military invasion of Ukraine and the Israel-Hamas war), geopolitical developments (including trading and tariff arrangements, sanctions and cybersecurity attacks), instability in regions such as Asia, Eastern Europe and the Middle East, terrorism, natural disasters and public health epidemics (including the outbreak of COVID-19 globally).

The extent and duration of such events and resulting market disruptions cannot be predicted, but could be substantial and could magnify the impact of other risks to the Fund. These and other similar events could adversely affect the U.S. and foreign financial markets and lead to increased market volatility, reduced liquidity in the securities markets, significant negative impacts on issuers and the markets for certain securities and commodities and/or

government intervention. They may also cause short- or long-term economic uncertainties in the United States and worldwide. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund’s investments may be negatively impacted. Further, due to closures of certain markets and restrictions on trading certain securities, the value of certain securities held by the Fund could be significantly impacted, which could lead to such securities being valued at zero.

Market Risk: Securities markets may be volatile and the market prices of the Fund’s securities may decline. Securities fluctuate in price based on changes in an issuer’s financial condition and overall market and economic conditions. If the market prices of the securities owned by the Fund fall, the value of your investment in the Fund will decline.

Medium Capitalization (Mid-Cap) Company Risk: The Fund’s investments in mid-cap companies carry more risk than investments in larger capitalized companies. Investments in mid-cap companies carry additional risks because earnings of these companies tend to be less predictable; they often have limited product lines, markets, distribution channels or financial resources; and the management of such companies may be dependent on one or a few key people. The market movements of these companies’ securities may be more abrupt or erratic than the market movements of securities of larger, more established companies or the stock market in general. Historically, mid-cap companies have sometimes gone through extended periods when they did not perform as well as larger companies. Mid-cap companies generally are comparatively less liquid than larger companies, which may make such investments more difficult to sell at the time and price that the Fund would like. Also, the stocks of mid-cap companies may fall out of favor relative to those of small- or large-capitalization companies, causing the Fund to underperform other equity funds that focus on small- or large-capitalization companies.

Methodology Risk: Because the subadviser utilizes exclusionary tools in its methodology, this may result in the Fund forgoing opportunities to make certain investments when it might otherwise be advantageous to do so, or sell investments based on its methodology criteria when it might be otherwise disadvantageous for it to do so. Due to the exclusionary tools, the subadviser may be less inclined or unable to invest in issuers that provide positive financial returns. There is no guarantee that the subadviser’s exclusionary tools will enhance the quality of asset allocation or portfolio construction. In evaluating an issuer, the subadviser is dependent upon information and data, including from third party data providers, that may be incomplete, inaccurate, or unavailable, or that may present conflicting information and data with respect to an issuer, which in each case could cause the subadviser to incorrectly assess an issuer’s business practices. The subadviser’s analysis is also based on a company’s disclosures or forward-looking statements of intent that are not necessarily fact-based or objectively measurable.

Model Design Risk: The subadviser uses certain quantitative models to help guide its investment decisions. The design of the underlying models may be flawed or incomplete. The investment models the subadviser uses are based on historical and theoretical

Notes to Financial Statements (continued)

underpinnings that it believes are sound. There can be no guarantee, however, that these underpinnings will correlate with security price behavior in the manner assumed by the subadviser’s models. Additionally, the quantitative techniques that underlie the subadviser’s portfolio construction processes may fail to fully anticipate important risks.

Model Implementation Risk: While the subadviser strives to mitigate the likelihood of material implementation errors, it is impossible to completely eliminate the risk of error in the implementation of the computer models that guide the subadviser’s quantitative investment processes. Additionally, it may be difficult to implement model recommendations in volatile and rapidly changing market conditions.

New/Small Fund Risk: The Fund recently commenced operations and has a limited operating history. As a new and relatively small fund, the Fund’s performance may not represent how the Fund is expected to or may perform in the long term if and when it becomes larger and has fully implemented its investment strategies. Investment positions may have a disproportionate impact (negative or positive) on performance in new and smaller funds. New and smaller funds may also require a period of time before they are invested in securities that meet their investment objectives and policies and achieve a representative portfolio composition. Since the Fund is new, an active secondary market for the shares of the Fund may not develop or may not continue once developed. Shareholders holding large blocks of shares of the Fund, including the Manager and its affiliates, may hold their shares for long periods of time, which may lead to reduced trading volumes, wider trading spreads and impede the development or maintenance of an active secondary trading market for Fund shares. These large shareholders may also loan or sell all or a portion of their Fund shares, which may result in increasing concentration of Fund shares in a small number of holders, and the potential for large redemptions, decreases in Fund assets and increased expenses for remaining shareholders.

Non-Diversified Investment Company Risk: The Fund is non-diversified for purposes of the 1940 Act. This means that the Fund may invest a greater percentage of its assets in the securities of a single company or other issuer than a diversified fund. Investing in a non-diversified fund involves greater risk than investing in a diversified fund because a loss resulting from the decline in value of any one security may represent a greater portion of the total assets of a non-diversified fund.

Preferred Securities Risk: Preferred securities can experience sharp declines in value over short or extended periods of time, regardless of the success or failure of a company’s operations. A redemption by the issuer may negatively impact the return of the stock held by the Fund. Preferred security holders’ liquidation rights are subordinate to the company’s debt holders and creditors. If interest rates rise, the fixed dividend on preferred securities may be less attractive and the price of preferred securities may decline. Preferred securities

usually do not require the issuer to pay dividends and may permit the issuer to defer dividend payments. Deferred dividend payments could have adverse tax consequences for the Fund and may cause the preferred securities to lose substantial value. Preferred securities also may have substantially lower trading volumes and less market depth than many other securities, such as common stock or U.S. Government securities.

Real Estate Investment Trust (“REIT”) Risk: Investing in REITs involves certain unique risks in addition to those risks associated with investing in the real estate industry in general. REITs may be affected by changes in the value of the underlying property owned by the REITs, while mortgage REITs may be affected by the quality of any credit extended. REITs are dependent upon management skills, may not be diversified geographically or by property/mortgage asset type, and are subject to heavy cash flow dependency, default by borrowers and self-liquidation. REITs may be more volatile and/or more illiquid than other types of equity securities. REITs (especially mortgage REITs) are subject to interest rate risks. REITs may incur significant amounts of leverage. The Fund will indirectly bear a portion of the expenses, including management fees, paid by each REIT in which it invests, in addition to the expenses of the Fund.

REITs must also meet certain requirements under the Internal Revenue Code of 1986, as amended (the “Code”) to avoid entity level tax and be eligible to pass-through certain tax attributes of their income to shareholders. REITs are consequently subject to the risk of failing to meet these requirements for favorable tax treatment and of failing to maintain their exemptions from registration under the Investment Company Act of 1940. REITs are subject to the risks of changes in the Code affecting their tax status.

Sector Exposure Risk: At times, the Fund may have a significant portion of its assets invested in the same economic sector. Issuers in the same economic sector may be similarly affected by economic or market events, making the Fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly.

Value Style Risk: Since the Fund follows a value investment style, there is the risk that the value style may be out of favor for long periods of time, that the market will not recognize a security’s intrinsic value for a long time or at all, or that a stock judged to be undervalued may actually be appropriately priced or overvalued. Issuers of value stocks may have experienced adverse business developments or may be subject to special risks that have caused the stock to be out of favor. In addition, the Fund’s value investment style may go out of favor with investors, negatively affecting the Fund’s performance. If the Fund’s assessment of market conditions or a company’s value is inaccurate, the Fund could suffer losses or produce poor performance relative to other funds.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of PGIM ETF Trust and Shareholders of PGIM Jennison Better Future ETF, PGIM Jennison Focused Growth ETF, PGIM Jennison Focused Mid-Cap ETF, PGIM Jennison Focused Value ETF, PGIM Jennison International Opportunities ETF and PGIM Portfolio Ballast ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (six of the funds constituting PGIM ETF Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2024, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of August 31, 2024, the results of each of their operations and the changes in each of their net assets for each of the periods indicated in the table below and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.



Fund		Statements

PGIM Jennison Focused Growth ETF PGIM Jennison Focused Value ETF PGIM Portfolio Ballast ETF PGIM Jennison Better Future ETF PGIM Jennison Focused Mid-Cap ETF PGIM Jennison International Opportunities ETF		Statements of operations for the year ended August 31, 2024, and statements of changes in net assets for the year ended August 31, 2024 and the period December 12, 2022 (commencement of operations) through August 31, 2023 Statements of operations and statements of changes in net assets for the period December 14, 2023 (commencement of operations) through August 31, 2024

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2024 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

New York, New York

October 22, 2024

We have served as the auditor of one or more investment companies in the PGIM Retail Funds complex since 2020.

Other Information

Form N-CSR Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment Companies - None.

Form N-CSR Item 9 - Proxy Disclosures for Open-End Management Investment Companies- None.

Form N-CSR Item 10 - Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies are compensated through the unitary management fee paid by the Fund to the Manager and not directly by the Fund. Included as part of the financial statements filed under Item 7 of this Form.

Form N-CSR Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract.

Approval of Advisory Agreements

The Funds’ Board of Trustees

The Board of Trustees (the “Board”) of PGIM Jennison Focused Growth ETF, PGIM Jennison Focused Value ETF and PGIM Portfolio Ballast ETF (each, a “Fund, and collectively, the “Funds”)1 consists of ten individuals, eight of whom are not “interested persons” of the Funds, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Trustees”). The Board is responsible for the oversight of each Fund and its operations, and performs the various duties imposed on the Trustees of investment companies by the 1940 Act. The Independent Trustees have retained independent legal counsel to assist them in connection with their duties. The Chair of the Board is an Independent Director. The Board has established five standing committees: the Audit Committee, the Nominating and Governance Committee, the Compliance Committee and two Investment Committees. Each committee is chaired by, and composed of, Independent Trustees.

Annual Approval of the Funds’ Advisory Agreements

As required under the 1940 Act, the Board determines annually whether to renew each Fund’s management agreement with PGIM Investments LLC (“PGIM Investments”) and each Fund’s subadvisory agreement with PGIM Quantitative Solutions LLC (“PGIM Quantitative Solutions”) and Jennison Associates LLC (“Jennison”), as applicable. In considering the renewal of the agreements, the Board, including all of the Independent Trustees, met on May 28 and June 4-6, 2024 (the “Board Meeting”) and approved the renewal of the agreements through July 31, 2025, after concluding that the renewal of the agreements was in the best interests of each Fund and its shareholders.

In advance of the meetings, the Board requested and received materials relating to the agreements, and had the opportunity to ask questions and request further information in connection with its consideration. Among other things, the Board considered comparative fee information from PGIM Investments, PGIM Quantitative Solutions and Jennison. Also, the Board considered comparisons with other mutual funds in relevant peer universes and peer groups, as is further discussed below.

In approving the agreements, the Board, including the Independent Trustees advised by independent legal counsel, considered the factors it deemed relevant, including the nature, quality and extent of services provided by PGIM Investments, the subadvisers and, as applicable, its affiliates, the performance of each Fund, the profitability of PGIM Investments and its affiliates, expenses and fees, and the potential for economies of scale

1	Each of the Funds is a series of PGIM ETF Trust.

Approval of Advisory Agreements (continued)

that may be shared with each Fund and its shareholders as each Fund’s assets grow. In their deliberations, the Trustees did not identify any single factor which alone was responsible for the Board’s decision to approve an agreement with respect to each Fund. In connection with its deliberations, the Board considered information provided by PGIM Investments throughout the year at regular and special Board meetings, presentations from portfolio managers and other information, as well as information furnished at or in advance of the Board Meeting.

The Trustees determined that the overall arrangements between each Fund and PGIM Investments, which serves as each Fund’s investment manager pursuant to management agreements with each Fund, and between PGIM Investments and each of PGIM Quantitative Solutions and Jennison, as applicable, which serve as the Funds’ subadvisers pursuant to the terms of their respective subadvisory agreements with PGIM Investments, are in the best interests of each Fund and its shareholders in light of the services performed, fees charged and such other matters as the Trustees considered relevant in the exercise of their business judgment. The Board considered the approval of the agreements for the Fund as part of its consideration of agreements for multiple funds, but its approvals were made on a fund-by-fund basis.

The material factors and conclusions that formed the basis for the Trustees’ reaching their determinations to approve the continuance of the agreements are separately discussed below.

Nature, Quality and Extent of Services

The Board received and considered information regarding the nature, quality and extent of services provided to each Fund by PGIM Investments, PGIM Quantitative Solutions and Jennison. The Board noted that PGIM Quantitative Solutions and Jennison are affiliated with PGIM Investments. The Board considered the services provided by PGIM Investments, including but not limited to the oversight of the subadviser(s) for each Fund, as well as the provision of accounting oversight, fund recordkeeping, compliance and other services to each Fund, such as PGIM Investments’ role as administrator of each Fund’s liquidity risk management program and as valuation designee. With respect to PGIM Investments’ oversight of the subadvisers, the Board noted that PGIM Investments’ Strategic Investment Research Group (“SIRG”), which is a business unit of PGIM Investments, is responsible for monitoring and reporting to PGIM Investments’ senior management on the performance and operations of the subadvisers. The Board also considered that PGIM Investments pays the salaries of all of the officers and interested Trustees of the Funds who are part of Fund management. The Board also considered the investment subadvisory services provided by PGIM Quantitative Solutions and Jennison, including investment research and security selection, as well as adherence to each Fund’s investment restrictions and compliance with

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applicable Fund policies and procedures. The Board considered PGIM Investments’ evaluation of the subadvisers, as well as PGIM Investments’ recommendation, based on its review of the subadvisers, to renew the subadvisory agreements.

The Board considered the qualifications, backgrounds and responsibilities of PGIM Investments’ senior management responsible for the oversight of each Fund, PGIM Quantitative Solutions and Jennison, and also considered the qualifications, backgrounds and responsibilities of the PGIM Quantitative Solutions and Jennison portfolio managers who are responsible for the day-to-day management of the portfolio for their respective Fund(s). The Board was provided with information pertaining to the organizational structure, senior management, investment operations, and other relevant information pertaining to PGIM Investments, PGIM Quantitative Solutions and Jennison. The Board also noted that it received favorable compliance reports from each Fund’s Chief Compliance Officer (“CCO”) as to PGIM Investments, PGIM Quantitative Solutions and Jennison.

The Board concluded that it was satisfied with the nature, extent and quality of the investment management services provided by PGIM Investments, and the subadvisory services provided to each Fund by PGIM Quantitative Solutions and Jennison, as applicable, and that there was a reasonable basis on which to conclude that each Fund benefits from the services provided by PGIM Investments, PGIM Quantitative Solutions and Jennison under the management agreements and the subadvisory agreements.

Costs of Services and Profits Realized by PGIM Investments

The Board was provided with information on the profitability of PGIM Investments and its affiliates in serving as each Fund’s investment manager. The Board discussed with PGIM Investments the methodology utilized in assembling the information regarding profitability and considered its reasonableness. The Board recognized that it is difficult to make comparisons of profitability from fund management contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations of direct and indirect costs, and the adviser’s capital structure and cost of capital. Taking these factors into account, the Board concluded that the profitability of PGIM Investments and its affiliates in relation to the services rendered was not unreasonable.

Economies of Scale

The Board received and discussed information concerning economies of scale that PGIM Investments may realize as each Fund’s assets grow beyond current levels. During the course of time, the Board has considered information regarding the launch date of each

Approval of Advisory Agreements (continued)

Fund, the management fees of each Fund compared to those of similarly managed funds and PGIM Investments’ investment in each Fund over time. The Board noted that economies of scale can be shared with each Fund in other ways, including low management fees from inception, additional technological and personnel investments to enhance shareholder services, and maintaining existing expense structures in the face of a rising cost environment. The Board also considered PGIM Investments’ assertion that it continually evaluates the management fee schedule of each Fund and the potential to share economies of scale through breakpoints or fee waivers as asset levels increase.

The Board recognized the inherent limitations of any analysis of economies of scale, stemming largely from the Board’s understanding that most of PGIM Investments’ costs are not specific to individual funds, but rather are incurred across a variety of products and services.

Other Benefits to PGIM Investments, PGIM Quantitative Solutions and Jennison

The Board considered potential ancillary benefits that might be received by PGIM Investments, PGIM Quantitative Solutions, Jennison and their affiliates as a result of their relationship with each Fund. The Board concluded that potential benefits to be derived by PGIM Investments included transfer agency fees received by each Fund’s transfer agent (which is affiliated with PGIM Investments), as well as benefits to its reputation or other intangible benefits resulting from PGIM Investments’ association with each Fund. The Board concluded that the potential benefits to be derived by PGIM Quantitative Solutions and Jennison included the ability to use soft dollar credits, as well as the potential benefits consistent with those generally resulting from an increase in assets under management, specifically, potential access to additional research resources and benefits to their reputation. The Board concluded that the benefits derived by PGIM Investments, PGIM Quantitative Solutions and Jennison were consistent with the types of benefits generally derived by investment managers and subadvisers to mutual funds.

Performance of each Fund / Fees and Expenses

The Board considered certain additional factors and made related conclusions relating to the historical performance of each Fund for the one-, three-, five- and ten-year periods, as applicable, ended December 31, 2023.

The Board also considered each Fund’s actual management fee, as well as each Fund’s net total expense ratio, for the fiscal period ended August 31, 2023. The Board considered the management fee for each Fund as compared to the management fee charged by PGIM Investments to other funds and the fee charged by other advisers to comparable mutual

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funds in a peer group. The actual management fee represents the fee rate actually paid by Fund shareholders and includes any fee waivers or reimbursements. The net total expense ratio for each Fund represents the actual expense ratio incurred by Fund shareholders.

The mutual funds included in the peer universe, which was used to consider performance, and the peer group, which was used to consider expenses and fees, were objectively determined by Broadridge, an independent provider of mutual fund data. In certain circumstances, PGIM Investments also provided supplemental peer universe or peer group information for reasons addressed with the Board. The comparisons placed each Fund in various quartiles over various periods, with the first quartile being the best 25% of the mutual funds (for performance, the best performing mutual funds and, for expenses, the lowest cost mutual funds).

The section below summarizes key factors considered by the Board and the Board’s conclusions regarding each Fund’s performance, fees and overall expenses. The tables set forth net performance comparisons for each Fund (which reflect the impact on performance of fund expenses, or any subsidies, expense caps or waivers that may be applicable) with the peer universe, actual management fees with the peer group (which reflect the impact of any subsidies or fee waivers), and net total expenses with the peer group, each of which were key factors considered by the Board.

PGIM Jennison Focused Growth ETF



Net Performance	1 Year	3 Years	5 Years	10 Years

	1^stQuartile	N/A	N/A	N/A

Actual Management Fees: 4^thQuartile

Net Total Expenses: 3^rdQuartile

The Board noted that the Fund outperformed its benchmark index over the one-year period.

The Board noted that the Fund commenced operations on December 12, 2022 and that longer term performance was not available.

The Board concluded that, in light of the above, it would be in the best interests of the Fund and its shareholders to continue to allow the Fund to create a longer-term performance record, and to renew the agreements.

The Board concluded that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

Approval of Advisory Agreements (continued)

PGIM Jennison Focused Value ETF



Net Performance	1 Year	3 Years	5 Years	10 Years

	1^stQuartile	N/A	N/A	N/A

Actual Management Fees: 4^thQuartile

Net Total Expenses: 4^thQuartile

The Board noted that the Fund outperformed its benchmark index over the one-year period.

The Board noted that the Fund commenced operations on December 12, 2022 and that longer term performance was not available.

The Board concluded that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

PGIM Portfolio Ballast ETF



Net Performance	1 Year	3 Years	5 Years	10 Years

	3^rdQuartile	N/A	N/A	N/A

Actual Management Fees: 1^stQuartile

Net Total Expenses: 1^stQuartile

The Board noted that the Fund underperformed its benchmark index over the one-year period.

The Board noted that the Fund commenced operations on December 12, 2022 and that longer term performance was not available.

The Board concluded that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

* * *

After full consideration of these factors, the Board concluded that approval of the agreements was in the best interests of each Fund and its shareholders.

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Approval of Advisory Agreements

PGIM Better Future ETF

Initial Approval of the Fund’s Advisory Agreements

As required by the Investment Company Act of 1940 (the 1940 Act), the Board considered the proposed management agreement with PGIM Investments LLC (the Manager) and the proposed subadvisory agreement between the Manager and Jennison Associates LLC (Jennison or the Subadviser) with respect to the PGIM Better Future ETF (the Fund). The Board, including all of the Independent Trustees, met on September 13, 2023 (the Meeting) and approved the agreements for an initial two-year period, after concluding that approval of the agreements was in the best interests of the Fund.

In advance of the Meeting, the Board requested and received materials relating to the agreements and had the opportunity to ask questions and request further information in connection with its considerations.

In approving the agreements, the Board, including the Independent Trustees advised by independent legal counsel, considered the factors it deemed relevant, including the nature, quality and extent of services to be provided to the Fund by the Manager and the Subadviser; any relevant comparable performance information and the Subadviser’s qualifications and track record in serving other affiliated funds; and the fees proposed to be paid by the Fund to the Manager and by the Manager to the Subadviser under the agreements. In connection with its deliberations, the Board considered information provided by the Manager and the Subadviser at or in advance of the Meeting. The Board also considered information that the Trustees received throughout the year regarding the Manager and the Subadviser in their capacity as directors or trustees of other funds in the Prudential organization (PGIM Retail Funds). In their deliberations, the Trustees did not identify any single factor which alone was responsible for the Board’s decision to approve the agreements with respect to the Fund.

The Trustees determined that the overall arrangements between the Fund and the Manager, which will serve as the Fund’s investment manager pursuant to a management agreement, and between the Manager and the Subadviser, which will serve as the Fund’s subadviser pursuant to the terms of a subadvisory agreement, are appropriate in light of the services to be performed and the fees to be charged under the agreements and such other matters as the Trustees considered relevant in the exercise of their business judgment.

A summary of certain factors and conclusions that formed the basis for the Trustees’ reaching their determinations to approve the agreements are discussed below.

Nature, quality and extent of services

Approval of Advisory Agreements (continued)

and the other PGIM Retail Funds, as well as information received at other regular meetings throughout the year of the PGIM Retail Funds, regarding the nature, quality and extent of services provided by the Manager. The Board considered the services to be provided by the Manager, including but not limited to the oversight of the Subadviser, as well as the provision of fund recordkeeping, compliance and other services to the Fund. With respect to the Manager’s oversight of the Subadviser, the Board noted that the Manager’s Strategic Investment Research Group, which is a business unit of the Manager, is responsible for monitoring and reporting to the Manager’s senior management on the performance and operations of the Subadviser. The Board also noted that the Manager pays the salaries of the officers of the Trust and Trustees of the Trust who are affiliated persons of the Manager or Subadviser.

The Board reviewed the qualifications, backgrounds and responsibilities of the Manager’s senior management responsible for the oversight of the Fund and the Subadviser and was also provided with information pertaining to the Manager’s organizational structure, senior management, investment operations and other relevant information. The Board noted that the Manager had personnel with experience in the management of exchanged-traded funds. The Board further noted that it received favorable compliance reports from the Fund’s Chief Compliance Officer as to the Manager for services provided to other PGIM Retail Funds. The Board noted that it had concluded that it was satisfied with the nature, quality and extent of the services provided by the Manager to the other PGIM Retail Funds and determined that it was reasonable to conclude that the nature, quality and extent of services to be provided by the Manager under the management agreement for the Fund would be similar in nature to those provided under the other management agreements.

With respect to the Subadviser, the Board noted that it had received and considered information about the Subadviser at the Meeting, including information relating to the approval and renewal, as applicable, of subadvisory agreements between the Manager and the Subadviser with respect to other PGIM Retail Funds, as well as at other regular meetings throughout the year, regarding the nature, quality and extent of services provided by the Subadviser. The Board considered, among other things, the qualifications, background and experience of the Subadviser’s portfolio managers who will be responsible for the day-to-day management of the Fund’s portfolio, as well as information on the Subadviser’s organizational structure, senior management, investment operations and other relevant information. The Board also considered the Subadviser’s experience managing other similar investment strategies. The Board further noted that it received favorable compliance reports from the Fund’s Chief Compliance Officer as to the Subadviser for services provided to other PGIM Retail Funds. The Board noted that the Subadviser is affiliated with the Manager. The Board noted that it was satisfied with the nature, quality and extent of services provided by the Subadviser with respect to the other PGIM Retail Funds served by the Subadviser and determined that it was reasonable to conclude that the nature, quality and extent of services to be provided by the Subadviser under the

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subadvisory agreement for the Fund would be similar in nature to those provided under the other subadvisory agreements.

Performance

Because the Fund had not yet commenced operations, no investment performance for the Fund existed for Board review. The Board noted that a separately managed account is managed by the Subadviser that utilizes a substantially similar investment strategy. The Board considered the background and professional experience of the proposed portfolio management team for the Fund. The Board took note that the Manager will provide information relating to performance to the Board in connection with future annual reviews of the management agreement and subadvisory agreement.

Fee Rates

The Board considered the proposed management fees to be paid by the Fund to the Manager and the compensation to be paid by the Manager to the Subadviser. The Board considered the nature of the management fee as a unitary fee and that the Manager would be responsible for the Fund’s expenses except for those expenses reflected in the management agreement as remaining the responsibility of the Fund.

The Board considered information provided by the Manager comparing the Fund’s proposed unitary management fee rate (i.e., total expense ratio) to the Lipper 15(c) Peer Group. The Board noted that the Fund’s management fee was in the first quartile. The Board also considered the Manager’s assertion that it expected to incur a subsidy cost to support the unitary fee.

The Board concluded that the proposed management fee and total expenses were reasonable in light of the services to be provided.

Profitability

Because the Fund had not yet commenced operations and the actual asset base of the Fund had not yet been determined, the Board noted that there was no historical profitability information with respect to the Fund to be reviewed. The Board noted that it would review profitability information in connection with future annual renewals of the management and subadvisory agreements.

Economies of Scale

Because the Fund had not yet commenced operations and the actual asset base of the Fund had not yet been determined, the Board noted that there was no historical

Approval of Advisory Agreements (continued)

information regarding economies of scale with respect to the Fund to be reviewed. The Board noted that it would review such information in connection with future annual renewals of the management and subadvisory agreements.

Other Benefits to the Manager and the Subadviser

The Board considered potential “fall-out” or ancillary benefits anticipated to be received by the Manager, the Subadviser and their affiliates as a result of their relationship with the Fund. The Board concluded that any potential benefits to be derived by the Manager were similar to benefits derived by the Manager in connection with its management of the other affiliated funds managed by the Manager, which are reviewed on an annual basis. The Board also concluded that any potential benefits to be derived by the Subadviser were consistent with those generally derived by subadvisers to the PGIM Retail Funds, and that those benefits are reviewed on an annual basis. The Board concluded that any potential benefits derived by the Manager and the Subadviser were consistent with the types of benefits generally derived by investment managers and subadvisers to funds.

* * *

After consideration of these and other factors, the Board concluded that the approval of the agreements was in the best interests of the Fund.

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Approval of Advisory Agreements

PGIM Jennison Focused Mid-Cap ETF

Initial Approval of the Fund’s Advisory Agreements

As required by the Investment Company Act of 1940 (the 1940 Act), the Board considered the proposed management agreement with PGIM Investments LLC (the Manager) and the proposed subadvisory agreement between the Manager and Jennison Associates LLC (Jennison or the Subadviser) with respect to the PGIM Jennison Focused Mid-Cap ETF (the Fund). The Board, including all of the Independent Trustees, met on September 13, 2023 (the Meeting) and approved the agreements for an initial two-year period, after concluding that approval of the agreements was in the best interests of the Fund.

In approving the agreements, the Board, including the Independent Trustees advised by independent legal counsel, considered the factors it deemed relevant, including the nature, quality and extent of services to be provided to the Fund by the Manager and the Subadviser; any relevant comparable performance information and the Subadviser’s qualifications and track record in serving other affiliated funds; and the fees proposed to be paid by the Fund to the Manager and by the Manager to the Subadviser under the agreements. In connection with its deliberations, the Board considered information provided by the Manager and the Subadviser at or in advance of the Meeting. The Board also considered information that the Trustees received throughout the year regarding the Manager and the Subadviser in their capacity as directors or trustees of other funds in the Prudential organization (PGIM Retail Funds). In their deliberations, the Trustees did not identify any single factor which alone was responsible for the Board’s decision to approve the agreements with respect to the Fund.

A summary of certain factors and conclusions that formed the basis for the Trustees’ reaching their determinations to approve the agreements are discussed below.

Nature, quality and extent of services

Approval of Advisory Agreements (continued)

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subadvisory agreement for the Fund would be similar in nature to those provided under the other subadvisory agreements.

Performance

Fee Rates

The Board concluded that the proposed management fee and total expenses were reasonable in light of the services to be provided.

Profitability

Economies of Scale

Because the Fund had not yet commenced operations and the actual asset base of the Fund had not yet been determined, the Board noted that there was no historical information regarding economies of scale with respect to the Fund to be reviewed. The Board noted that it would review such information in connection with future annual renewals of the management and subadvisory agreements.

Approval of Advisory Agreements (continued)

Other Benefits to the Manager and the Subadviser

* * *

After consideration of these and other factors, the Board concluded that the approval of the agreements was in the best interests of the Fund.

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Approval of Advisory Agreements

PGIM Jennison International Opportunities ETF

Initial Approval of the Fund’s Advisory Agreements

As required by the Investment Company Act of 1940 (the 1940 Act), the Board considered the proposed management agreement with PGIM Investments LLC (the Manager) and the proposed subadvisory agreement between the Manager and Jennison Associates LLC (Jennison or the Subadviser) with respect to the PGIM Jennison International Opportunities ETF (the Fund). The Board, including all of the Independent Trustees, met on September 13, 2023 (the Meeting) and approved the agreements for an initial two-year period, after concluding that approval of the agreements was in the best interests of the Fund.

In approving the agreements, the Board, including the Independent Trustees advised by independent legal counsel, considered the factors it deemed relevant, including the nature, quality and extent of services to be provided to the Fund by the Manager and the Subadviser; any relevant comparable performance information and the Subadviser’s qualifications and track record in serving other affiliated funds; and the fees proposed to be paid by the Fund to the Manager and by the Manager to the Subadviser under the agreements. In connection with its deliberations, the Board considered information provided by the Manager and the Subadviser at or in advance of the Meeting. The Board also considered information that the Trustees received throughout the year regarding the Manager and the Subadviser in their capacity as directors or trustees of other funds in the Prudential organization (PGIM Retail Funds). In their deliberations, the Trustees did not identify any single factor which alone was responsible for the Board’s decision to approve the agreements with respect to the Fund.

A summary of certain factors and conclusions that formed the basis for the Trustees’ reaching their determinations to approve the agreements are discussed below.

Nature, quality and extent of services

Approval of Advisory Agreements (continued)

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the nature, quality and extent of services to be provided by the Subadviser under the subadvisory agreement for the Fund would be similar in nature to those provided under the other subadvisory agreements.

Performance

Because the Fund had not yet commenced operations, no investment performance for the Fund existed for Board review. The Board reviewed the performance information of a mutual fund advised by the Manager and subadvised by the Subadviser that utilizes a substantially similar investment strategy. The Board considered the background and professional experience of the proposed portfolio management team for the Fund. The Board took note that the Manager will provide information relating to performance to the Board in connection with future annual reviews of the management agreement and subadvisory agreement.

Fee Rates

The Board considered information provided by the Manager comparing the Fund’s proposed unitary management fee rate (i.e., total expense ratio) to the Lipper 15(c) Peer Group. The Board noted that the Fund’s management fee was in the fourth quartile. The Board also considered the Manager’s assertion that it expected to incur a subsidy cost to support the unitary fee.

The Board concluded that the proposed management fee and total expenses were reasonable in light of the services to be provided.

Profitability

Economies of Scale

Because the Fund had not yet commenced operations and the actual asset base of the Fund had not yet been determined, the Board noted that there was no historical

Approval of Advisory Agreements (continued)

Other Benefits to the Manager and the Subadviser

* * *

After consideration of these and other factors, the Board concluded that the approval of the agreements was in the best interests of the Fund.

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LOGO

PGIM ETF TRUST

PGIM AAA CLO ETF

PGIM Active Aggregate Bond ETF

PGIM Active High Yield Bond ETF

PGIM Floating Rate Income ETF

PGIM Municipal Income Opportunities ETF

PGIM Short Duration High Yield ETF

PGIM Short Duration Multi-Sector Bond ETF

PGIM Total Return Bond ETF

PGIM Ultra Short Bond ETF

PGIM Ultra Short Municipal Bond ETF

FINANCIAL STATEMENTS AND OTHER INFORMATION

AUGUST 31, 2024

LOGO


Table of Contents	Financial Statements and Other Information	August 31, 2024

Form N-CSR Item 7 - Financial Statements and Financial Highlights for Open-End Management Investment Companies.


Glossary		1
PGIM AAA CLO ETF		3
PGIM Active Aggregate Bond ETF		21
PGIM Active High Yield Bond ETF		55
PGIM Floating Rate Income ETF		102

PGIM Municipal Income Opportunities ETF		145
PGIM Short Duration High Yield ETF		156
PGIM Short Duration Multi-Sector Bond ETF		186
PGIM Total Return Bond ETF		215
PGIM Ultra Short Bond ETF		273
PGIM Ultra Short Municipal Bond ETF		308

Notes to Financial Statements		317

Other Information - Form N-CSR Items 8-11

Glossary

The following abbreviations are used in the Funds’ descriptions:

BRL—Brazilian Real

CLP—Chilean Peso

CNH—Chinese Renminbi

COP—Colombian Peso

CZK—Czech Koruna

EUR—Euro

GBP—British Pound

HUF—Hungarian Forint

IDR—Indonesian Rupiah

INR—Indian Rupee

KRW—South Korean Won

MXN—Mexican Peso

PEN—Peruvian Nuevo Sol

PHP—Philippine Peso

PLN—Polish Zloty

SGD—Singapore Dollar

THB—Thai Baht

TRY—Turkish Lira

TWD—New Taiwanese Dollar

USD—US Dollar

ZAR—South African Rand

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

A—Annual payment frequency for swaps

AMT—Alternative Minimum Tax

BABs—Build America Bonds

BARC—Barclays Bank PLC

BNP—BNP Paribas S.A.

BOA—Bank of America, N.A.

CABS—Capital Appreciation Bonds

CDD—Community Development District

CDX—Credit Derivative Index

CGM—Citigroup Global Markets, Inc.

CITI—Citibank, N.A.

CLO—Collateralized Loan Obligation

CME—Chicago Mercantile Exchange

CPI—Consumer Price Index

Glossary (continued)

DAC—Designated Activity Company

DB—Deutsche Bank AG

EMTN—Euro Medium Term Note

ETF—Exchange-Traded Fund

EURIBOR—Euro Interbank Offered Rate

FHLMC—Federal Home Loan Mortgage Corporation

GMTN—Global Medium Term Note

GO—General Obligation

GSI—Goldman Sachs International

iBoxx—Bond Market Indices

IDB—Industrial Development Bond

IO—Interest Only (Principal amount represents notional)

JPM—JPMorgan Chase Bank N.A.

JPS—J.P. Morgan Securities LLC

LIBOR—London Interbank Offered Rate

LP—Limited Partnership

MSI—Morgan Stanley & Co International PLC

MTN—Medium Term Note

NAB—National Australia Bank Ltd.

OTC—Over-the-counter

PCR—Pollution Control Revenue

PIK—Payment-in-Kind

PSFG—Permanent School Fund Guarantee

Q—Quarterly payment frequency for swaps

REITs—Real Estate Investment Trust

REMIC—Real Estate Mortgage Investment Conduit

Rfdg—Refunding

S—Semiannual payment frequency for swaps

SOFR—Secured Overnight Financing Rate

SONIA—Sterling Overnight Index Average

SSB—State Street Bank & Trust Company

STRIPs—Separate Trading of Registered Interest and Principal of Securities

T—Swap payment upon termination

TBA—To Be Announced

TD—The Toronto-Dominion Bank

UMBS—Uniform Mortgage-Backed Securities

USOIS—United States Overnight Index Swap

PGIM AAA CLO ETF

Schedule of Investments

as of August 31, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

LONG-TERM INVESTMENTS 97.6%

ASSET-BACKED SECURITIES

Collateralized Loan Obligations

AGL CLO Ltd. (Cayman Islands),

Series 2020-05A, Class A1R, 144A, 3 Month SOFR + 1.422% (Cap N/A, Floor 1.160%)

6.704%(c)

07/20/34

3,000

3,001,877

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

6.694(c)

12/02/34

500

501,306

Series 2024-32A, Class A1, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%)

6.645(c)

07/21/37

6,000

6,002,929

Series 2024-33A, Class A1, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%)

6.559(c)

07/21/37

5,000

5,002,188

AGL Core CLO Ltd. (Cayman Islands),

Series 2021-15A, Class A1, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%)

6.694(c)

01/20/35

537

537,592

Allegany Park CLO Ltd. (Cayman Islands),

Series 2019-01A, Class AR, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%)

6.582(c)

01/20/35

1,750

1,750,858

Anchorage Capital CLO Ltd. (Cayman Islands),

Series 2015-07A, Class AR3, 144A, 3 Month SOFR + 1.560% (Cap N/A, Floor 1.560%)

6.891(c)

04/28/37

2,500

2,511,250

Series 2020-16A, Class A1R, 144A, 3 Month SOFR + 1.462% (Cap N/A, Floor 1.200%)

6.741(c)

01/19/35

2,000

2,000,000

Series 2021-17A, Class A1, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%)

6.733(c)

07/15/34

4,000

4,002,800

Ares CLO Ltd. (Cayman Islands),

Series 2016-40A, Class A1RR, 144A, 3 Month SOFR + 1.132% (Cap N/A, Floor 0.870%)

6.433(c)

01/15/29

266

266,051

Series 2020-56A, Class AR, 144A, 3 Month SOFR + 1.422% (Cap N/A, Floor 1.422%)

6.706(c)

10/25/34

850

850,246

Series 2021-60A, Class A, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 1.120%)

6.661(c)

07/18/34

460

460,386

Atlas Senior Loan Fund Ltd. (Cayman Islands),

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

6.704(c)

07/20/32

494

494,377

Series 2019-15A, Class A2R, 144A, 3 Month SOFR + 1.750% (Cap N/A, Floor 1.750%)

7.033(c)

10/23/32

2,000

1,999,886

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%)

7.051(c)

07/15/30

1,157

1,162,281

See Notes to Financial Statements.

PGIM Fixed Income ETFs 3

PGIM AAA CLO ETF

Schedule of Investments (continued)

as of August 31, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

ASSET-BACKED SECURITIES (Continued)

Collateralized Loan Obligations (cont’d.)

Bain Capital Credit CLO (Cayman Islands),

Series 2019-01A, Class AR2, 144A, 3 Month SOFR + 1.230% (Cap N/A, Floor 1.230%)

6.348%(c)

04/19/34

5,000

4,999,999

Bain Capital Credit CLO Ltd. (Cayman Islands),

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

6.714(c)

10/20/34

4,002

3,998,862

Series 2021-06A, Class A1, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.412%)

6.694(c)

10/21/34

1,000

1,000,679

Series 2024-03A, Class A1, 144A, 3 Month SOFR + 1.480% (Cap N/A, Floor 1.480%)

6.723(c)

07/16/37

5,000

5,013,884

Balboa Bay Loan Funding Ltd. (Cayman Islands),

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

6.664(c)

01/20/32

1,485

1,486,174

Series 2021-01A, Class A, 144A, 3 Month SOFR + 1.462% (Cap N/A, Floor 1.462%)

6.744(c)

07/20/34

2,999

3,010,118

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

6.714(c)

01/20/35

3,000

3,006,411

Series 2022-01A, Class A, 144A, 3 Month SOFR + 1.430% (Cap N/A, Floor 1.430%)

6.712(c)

04/20/34

3,000

2,999,790

Barings CLO Ltd. (Cayman Islands),

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

6.644(c)

01/20/34

1,500

1,497,842

Barrow Hanley CLO Ltd. (Cayman Islands),

Series 2023-01A, Class A1, 144A, 3 Month SOFR + 2.300% (Cap N/A, Floor 2.300%)

7.582(c)

04/20/35

810

814,817

Series 2023-02A, Class A1, 144A, 3 Month SOFR + 2.050% (Cap N/A, Floor 2.050%)

7.332(c)

10/20/35

1,000

1,005,687

Series 2024-03A, Class A1, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%)

6.944(c)

04/20/37

1,000

1,006,867

Battalion CLO Ltd. (Cayman Islands),

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

6.715(c)

01/25/35

4,955

4,952,008

Series 2017-11A, Class AR, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%)

6.695(c)

04/24/34

2,750

2,752,769

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

6.433(c)

05/17/31

772

772,053

Series 2019-14A, Class AR, 144A, 3 Month SOFR + 1.452% (Cap N/A, Floor 1.190%)

6.734(c)

01/20/35

2,500

2,498,895

See Notes to Financial Statements.

PGIM AAA CLO ETF

Schedule of Investments (continued)

as of August 31, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

ASSET-BACKED SECURITIES (Continued)

Collateralized Loan Obligations (cont’d.)

Battalion CLO Ltd. (Cayman Islands), (cont’d.)

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

6.586%(c)

01/17/33

1,000

1,000,900

Series 2021-17A, Class A1R, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%)

6.582(c)

03/09/34

2,000

2,001,732

Series 2022-23A, Class A, 144A, 3 Month SOFR + 1.440% (Cap N/A, Floor 1.440%)

6.741(c)

05/19/36

2,500

2,499,617

Benefit Street Partners CLO Ltd. (Cayman Islands),

Series 2015-06BR, Class A, 144A, 3 Month SOFR + 1.452% (Cap N/A, Floor 1.190%)

6.734(c)

07/20/34

1,000

1,003,250

Series 2021-23A, Class A1, 144A, 3 Month SOFR + 1.342% (Cap N/A, Floor 1.080%)

6.626(c)

04/25/34

2,500

2,498,542

BlueMountain CLO Ltd. (Cayman Islands),

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

6.644(c)

04/20/34

1,250

1,250,875

Series 2020-30A, Class AR, 144A, 3 Month SOFR + 1.370% (Cap N/A, Floor 1.370%)

6.671(c)

04/15/35

600

600,515

Series 2021-32A, Class A, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%)

6.733(c)

10/15/34

1,500

1,501,619

Broad River BSL Funding CLO Ltd. (Cayman Islands),

Series 2020-01A, Class AR, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%)

6.714(c)

07/20/34

4,250

4,255,422

Canyon Capital CLO Ltd. (Cayman Islands),

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

6.633(c)

07/15/31

3,196

3,196,972

Series 2019-01A, Class ARR, 144A, 3 Month SOFR + 1.430% (Cap N/A, Floor 1.430%)

6.731(c)

07/15/37

5,000

5,007,494

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

6.616(c)

04/15/35

2,000

1,998,478

Capital Four US CLO Ltd. (Cayman Islands),

Series 2021-01A, Class A, 144A, 3 Month SOFR + 1.472% (Cap N/A, Floor 1.210%)

6.751(c)

01/18/35

1,753

1,750,235

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%)

6.517(c)

04/17/31

130

130,221

Series 2014-03RA, Class A1A, 144A, 3 Month SOFR + 1.312% (Cap N/A, Floor 0.000%)

6.575(c)

07/27/31

138

138,370

Series 2015-05A, Class A1R3, 144A, 3 Month SOFR + 1.100% (Cap N/A, Floor 1.100%)

6.382(c)

01/20/32

2,995

2,995,806

See Notes to Financial Statements.

PGIM Fixed Income ETFs 5

PGIM AAA CLO ETF

Schedule of Investments (continued)

as of August 31, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

ASSET-BACKED SECURITIES (Continued)

Collateralized Loan Obligations (cont’d.)

Carlyle US CLO Ltd. (Cayman Islands),

Series 2017-03A, Class A1R2, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.400%)

0.000%(c)

10/21/37

2,000

2,000,000

Series 2019-01A, Class A1AR, 144A, 3 Month SOFR + 1.342% (Cap N/A, Floor 1.080%)

6.624(c)

04/20/31

231

231,453

CarVal CLO Ltd. (United Kingdom),

Series 2023-01A, Class A1R, 144A, 3 Month SOFR + 1.440% (Cap N/A, Floor 1.440%)

6.722(c)

07/20/37

4,000

4,019,328

CarVal CLO Ltd. (Cayman Islands),

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

6.654(c)

04/20/32

4,876

4,879,845

Cathedral Lake Ltd. (Cayman Islands),

Series 2021-07RA, Class AR, 144A, 3 Month SOFR + 1.180% (Cap N/A, Floor 1.180%)

6.481(c)

01/15/32

875

875,309

CBAM Ltd. (Cayman Islands),

Series 2018-08A, Class A1R, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.550%)

6.883(c)

07/15/37

2,250

2,257,335

Series 2020-12A, Class AR, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.442%)

6.724(c)

07/20/34

3,500

3,490,726

CIFC Falcon Ltd. (Cayman Islands),

Series 2019-FAL, Class A, 144A, 3 Month SOFR + 1.262% (Cap N/A, Floor 1.000%)

6.544(c)

01/20/33

800

800,777

CIFC Funding Ltd. (Cayman Islands),

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

6.525(c)

04/24/31

704

704,894

Series 2015-04A, Class A1A2, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.332%)

6.614(c)

04/20/34

3,750

3,754,125

Series 2018-01A, Class A, 144A, 3 Month SOFR + 1.262% (Cap N/A, Floor 0.000%)

6.541(c)

04/18/31

3,403

3,406,742

Series 2019-05A, Class A1R1, 144A, 3 Month SOFR + 1.402% (Cap N/A, Floor 1.140%)

6.703(c)

01/15/35

800

799,146

Series 2022-05A, Class A1R, 144A, 3 Month SOFR + 1.520% (Cap N/A, Floor 1.520%)

6.806(c)

01/16/37

1,000

1,002,435

CIFC Funding Ltd.,

Series 2017-05A, Class AR, 144A, 3 Month SOFR + 1.410% (Cap N/A, Floor 1.410%)

6.742(c)

07/17/37

5,000

5,005,514

Clover CLO LLC,

Series 2018-01A, Class A1RR, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%)

6.854(c)

04/20/37

3,000

3,007,800

See Notes to Financial Statements.

PGIM AAA CLO ETF

Schedule of Investments (continued)

as of August 31, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

ASSET-BACKED SECURITIES (Continued)

Collateralized Loan Obligations (cont’d.)

Columbia Cent CLO Ltd. (Cayman Islands),

Series 2020-30A, Class A1R, 144A, 3 Month SOFR + 1.280% (Cap N/A, Floor 1.280%)

6.396%(c)

01/20/34

5,000

4,999,781

Series 2021-31A, Class A1, 144A, 3 Month SOFR + 1.462% (Cap N/A, Floor 1.200%)

6.744(c)

04/20/34

2,750

2,750,329

CQS US CLO Ltd. (United Kingdom),

Series 2023-03A, Class A1, 144A, 3 Month SOFR + 1.890% (Cap N/A, Floor 1.890%)

7.175(c)

01/25/37

2,500

2,509,880

CQS US CLO Ltd. (Cayman Islands),

Series 2021-01A, Class A, 144A, 3 Month SOFR + 1.482% (Cap N/A, Floor 1.220%)

6.764(c)

01/20/35

4,000

4,001,149

Crown City CLO (Cayman Islands),

Series 2020-01A, Class A1AR, 144A, 3 Month SOFR + 1.452% (Cap N/A, Floor 1.190%)

6.734(c)

07/20/34

250

249,959

Series 2021-01A, Class A1A, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%)

6.714(c)

07/20/34

3,000

2,996,430

Series 2022-04A, Class A1R, 144A, 3 Month SOFR + 1.610% (Cap N/A, Floor 1.610%)

6.892(c)

04/20/37

1,500

1,508,162

Series 2024-06A, Class A1, 144A, 3 Month SOFR + 1.500% (Cap N/A, Floor 1.500%)

6.823(c)

07/15/37

1,000

1,000,170

Diameter Capital CLO Ltd. (Cayman Islands),

Series 2024-07A, Class A1A, 144A, 3 Month SOFR + 1.480% (Cap N/A, Floor 1.480%)

6.806(c)

07/20/37

5,000

5,012,297

Elevation CLO Ltd. (Cayman Islands),

Series 2020-11A, Class A1R, 144A, 3 Month SOFR + 1.470% (Cap N/A, Floor 1.470%)

0.000(c)

10/15/37

4,000

4,000,000

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

6.753(c)

07/15/34

2,000

1,995,039

Elmwood CLO Ltd. (Cayman Islands),

Series 2019-02A, Class AR, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.412%)

6.694(c)

04/20/34

500

500,335

Series 2019-03A, Class A1RR, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%)

6.701(c)

07/18/37

4,000

4,004,477

Series 2020-02A, Class AR, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%)

6.694(c)

10/20/34

2,250

2,256,822

Series 2021-03A, Class A1R, 144A, 3 Month SOFR + 1.270% (Cap N/A, Floor 1.270%)

6.552(c)

04/20/34

4,000

4,006,109

Series 2024-01A, Class A1, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%)

6.819(c)

04/17/37

2,000

2,010,200

See Notes to Financial Statements.

PGIM Fixed Income ETFs 7

PGIM AAA CLO ETF

Schedule of Investments (continued)

as of August 31, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

ASSET-BACKED SECURITIES (Continued)

Collateralized Loan Obligations (cont’d.)

Elmwood CLO Ltd. (Cayman Islands), (cont’d.)

Series 2024-05A, Class AR1, 144A, 3 Month SOFR + 1.520% (Cap N/A, Floor 1.520%)

6.841%(c)

04/20/37

1,500

1,507,503

Galaxy CLO Ltd. (Cayman Islands),

Series 2018-25A, Class A1R, 144A, 3 Month SOFR + 1.420% (Cap N/A, Floor 1.420%)

6.705(c)

04/25/36

3,600

3,603,342

Gallatin CLO Ltd. (Bermuda),

Series 2023-01A, Class A1, 144A, 3 Month SOFR + 2.100% (Cap N/A, Floor 2.100%)

7.401(c)

10/14/35

1,000

1,008,650

Series 2023-01A, Class AJ, 144A, 3 Month SOFR + 2.550% (Cap N/A, Floor 2.550%)

7.851(c)

10/14/35

1,000

1,002,177

Generate CLO Ltd. (Cayman Islands),

Series 02A, Class AR2, 144A, 3 Month SOFR + 1.410% (Cap N/A, Floor 1.410%)

6.606(c)

10/22/37

3,000

3,000,522

Series 04A, Class ARR, 144A, 3 Month SOFR + 1.430% (Cap N/A, Floor 1.430%)

6.712(c)

07/20/37

6,000

6,002,966

Series 07A, Class A1R, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%)

6.902(c)

04/22/37

1,500

1,507,807

Series 07A, Class A2R, 144A, 3 Month SOFR + 2.000% (Cap N/A, Floor 2.000%)

7.282(c)

04/22/37

1,500

1,506,102

Greywolf CLO Ltd. (Cayman Islands),

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

6.569(c)

04/26/31

669

669,786

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

6.722(c)

10/20/31

792

792,800

Hayfin US Ltd. (Cayman Islands),

Series 2024-15A, Class A1, 144A, 3 Month SOFR + 1.640% (Cap N/A, Floor 1.640%)

6.977(c)

04/28/37

2,250

2,251,337

HPS Loan Management Ltd. (Cayman Islands),

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

6.684(c)

04/20/34

6,000

6,009,953

Series 2021-16A, Class A1, 144A, 3 Month SOFR + 1.402% (Cap N/A, Floor 1.140%)

6.685(c)

01/23/35

3,000

3,006,382

ICG Rhinebeck CLO Ltd. (Cayman Islands),

Series 2021-04A, Class A1, 144A, 3 Month SOFR + 1.472% (Cap N/A, Floor 1.210%)

6.751(c)

10/26/34

500

499,272

ICG US CLO Ltd. (Cayman Islands),

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

6.576(c)

04/25/31

1,019

1,019,862

See Notes to Financial Statements.

PGIM AAA CLO ETF

Schedule of Investments (continued)

as of August 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 2019-14A, Class A1AR, 144A, 3 Month SOFR + 1.462% (Cap N/A, Floor 1.200%)

6.744%(c)

10/20/34

250

250,382

Katayma CLO Ltd. (United Kingdom),

Series 2023-01A, Class A1, 144A, 3 Month SOFR + 2.000% (Cap N/A, Floor 2.000%)

7.282(c)

10/20/36

4,000

4,029,010

KKR CLO Ltd. (Cayman Islands),

Series 17, Class AR, 144A, 3 Month SOFR + 1.342% (Cap N/A, Floor 1.080%)

6.643(c)

04/15/34

2,000

1,998,983

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

6.481(c)

07/18/30

1,474

1,473,405

LCM Ltd. (Cayman Islands),

Series 32A, Class A1, 144A, 3 Month SOFR + 1.372% (Cap N/A, Floor 1.110%)

6.654(c)

07/20/34

1,600

1,599,190

Madison Park Funding Ltd. (Cayman Islands),

Series 2015-19A, Class AR3, 144A, 3 Month SOFR + 1.600% (Cap N/A, Floor 1.600%)

6.882(c)

01/22/37

2,090

2,101,976

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

6.591(c)

10/15/32

3,565

3,566,739

Series 2019-34A, Class A1R, 144A, 3 Month SOFR + 1.370% (Cap N/A, Floor 1.370%)

6.478(c)

10/16/37

5,000

5,000,000

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

6.666(c)

04/25/32

349

349,057

Series 2019-37A, Class AR2, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%)

6.831(c)

04/15/37

3,000

3,014,209

Series 2021-48A, Class A, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.412%)

6.691(c)

04/19/33

2,515

2,512,372

Series 2021-59A, Class A1R, 144A, 3 Month SOFR + 1.500% (Cap N/A, Floor 1.500%)

6.779(c)

04/18/37

1,500

1,505,349

Series 2022-57A, Class A1R, 144A, 3 Month SOFR + 1.280% (Cap N/A, Floor 1.280%)

6.379(c)

07/27/34

3,000

2,999,880

Marble Point CLO Ltd. (Cayman Islands),

Series 2020-02A, Class A1R, 144A, 3 Month SOFR + 1.472% (Cap N/A, Floor 1.210%)

6.773(c)

10/15/34

750

751,534

Series 2021-03A, Class A1, 144A, 3 Month SOFR + 1.502% (Cap N/A, Floor 1.240%)

6.787(c)

10/17/34

1,500

1,502,880

MidOcean Credit CLO (Cayman Islands),

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

6.694(c)

07/20/31

2,326

2,328,297

See Notes to Financial Statements.

PGIM Fixed Income ETFs 9

PGIM AAA CLO ETF

Schedule of Investments (continued)

as of August 31, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

ASSET-BACKED SECURITIES (Continued)

Collateralized Loan Obligations (cont’d.)

MidOcean Credit CLO (Cayman Islands), (cont’d.)

Series 2019-10A, Class A1RR, 144A, 3 Month SOFR + 1.310% (Cap N/A, Floor 1.310%)

6.593%(c)

10/23/34

4,000

4,003,364

Mountain View CLO LLC (Cayman Islands),

Series 2017-02A, Class AR, 144A, 3 Month SOFR + 1.302% (Cap N/A, Floor 0.000%)

6.588(c)

01/16/31

1,394

1,394,278

Mountain View CLO Ltd. (Cayman Islands),

Series 2022-01A, Class A1R, 144A, 3 Month SOFR + 1.460% (Cap N/A, Floor 1.460%)

6.761(c)

04/15/34

870

870,770

MP CLO Ltd. (Cayman Islands),

Series 2015-02A, Class ARR, 144A, 3 Month SOFR + 1.462% (Cap N/A, Floor 1.200%)

6.725(c)

04/28/34

750

752,219

Nassau Ltd. (United Kingdom),

Series 2022-01A, Class A1R, 144A, 3 Month SOFR + 1.170% (Cap N/A, Floor 1.170%)

6.471(c)

01/15/31

998

997,849

Neuberger Berman CLO Ltd. (Cayman Islands),

Series 2017-16SA, Class AR, 144A, 3 Month SOFR + 1.302% (Cap N/A, Floor 1.040%)

6.603(c)

04/15/34

5,000

5,004,033

Neuberger Berman Loan Advisers CLO Ltd. (United Kingdom),

Series 2022-51A, Class AR, 144A, 3 Month SOFR + 1.280% (Cap N/A, Floor 1.280%)

6.567(c)

10/23/36

4,000

4,009,475

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

Series 2019-33A, Class AR, 144A, 3 Month SOFR + 1.342% (Cap N/A, Floor 1.080%)

6.628(c)

10/16/33

1,000

1,000,491

Northwoods Capital Ltd. (Cayman Islands),

Series 2020-22A, Class A2RR, 144A, 3 Month SOFR + 2.000% (Cap N/A, Floor 2.000%)

7.339(c)

09/16/31

1,500

1,504,293

Oaktree CLO Ltd. (Cayman Islands),

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

6.713(c)

07/15/34

2,210

2,202,700

Series 2021-01A, Class A1, 144A, 3 Month SOFR + 1.422% (Cap N/A, Floor 1.160%)

6.723(c)

07/15/34

1,875

1,875,681

Ocean Trails CLO Ltd. (United Kingdom),

Series 2022-12A, Class A1, 144A, 3 Month SOFR + 1.590% (Cap N/A, Floor 1.590%)

6.872(c)

07/20/35

2,000

2,001,651

Series 2024-15A, Class A, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%)

7.001(c)

01/15/37

3,000

3,002,637

See Notes to Financial Statements.

PGIM AAA CLO ETF

Schedule of Investments (continued)

as of August 31, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

ASSET-BACKED SECURITIES (Continued)

Collateralized Loan Obligations (cont’d.)

OCP CLO Ltd. (Cayman Islands),

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

6.551%(c)

01/15/33

5,750

5,757,704

Octagon Investment Partners 51 Ltd. (Cayman Islands),

Series 2021-01A, Class A, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%)

6.694(c)

07/20/34

3,000

3,000,305

OFSI BSL Ltd. (Cayman Islands),

Series 2018-01A, Class AR, 144A, 3 Month SOFR + 1.190% (Cap N/A, Floor 1.190%)

6.491(c)

07/15/31

2,916

2,920,679

OZLM Ltd. (Cayman Islands),

Series 2014-06A, Class A1T, 144A, 3 Month SOFR + 0.868% (Cap N/A, Floor 0.868%)

6.154(c)

04/17/31

2,188

2,189,837

Series 2016-15A, Class A1RR, 144A, 3 Month SOFR + 1.220% (Cap N/A, Floor 1.220%)

6.502(c)

04/20/33

4,000

3,996,211

Palmer Square Loan Funding Ltd. (Cayman Islands),

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

6.344(c)

07/20/29

101

101,384

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%)

6.544(c)

10/20/31

1,404

1,404,993

Pikes Peak CLO (Cayman Islands),

Series 2019-04A, Class AR, 144A, 3 Month SOFR + 1.462% (Cap N/A, Floor 1.200%)

6.763(c)

07/15/34

1,000

999,993

Series 2020-06A, Class AR2, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%)

6.533(c)

05/18/34

3,500

3,498,340

PPM CLO Ltd. (Cayman Islands),

Series 2019-02A, Class AR, 144A, 3 Month SOFR + 1.500% (Cap N/A, Floor 1.500%)

6.786(c)

04/16/37

1,000

1,000,921

Series 2021-05A, Class A, 144A, 3 Month SOFR + 1.462% (Cap N/A, Floor 1.200%)

6.741(c)

10/18/34

3,500

3,493,667

Rad CLO Ltd. (Cayman Islands),

Series 2021-12A, Class A, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%)

6.687(c)

10/30/34

3,000

2,993,714

Series 2021-14A, Class A, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%)

6.733(c)

01/15/35

1,500

1,500,300

Series 2023-19A, Class A1, 144A, 3 Month SOFR + 2.000% (Cap N/A, Floor 2.000%)

7.282(c)

04/20/35

600

604,519

See Notes to Financial Statements.

PGIM Fixed Income ETFs 11

PGIM AAA CLO ETF

Schedule of Investments (continued)

as of August 31, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

ASSET-BACKED SECURITIES (Continued)

Collateralized Loan Obligations (cont’d.)

Regatta Funding Ltd. (Cayman Islands),

Series 2016-01A, Class A1R2, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%)

6.755%(c)

06/20/34

2,000

2,003,433

Series 2019-02A, Class A1R, 144A, 3 Month SOFR + 1.200% (Cap N/A, Floor 1.200%)

0.000(c)

01/15/33

4,000

4,000,000

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

6.694(c)

01/20/35

1,000

1,001,653

Regatta XVIII Funding Ltd. (Cayman Islands),

Series 2021-01A, Class A1, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 1.100%)

6.663(c)

01/15/34

2,200

2,203,025

Rockford Tower CLO Ltd. (Cayman Islands),

Series 2018-02A, Class A, 144A, 3 Month SOFR + 1.422% (Cap N/A, Floor 1.160%)

6.704(c)

10/20/31

404

403,828

Series 2021-01A, Class A1, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%)

6.714(c)

07/20/34

2,450

2,456,114

Series 2022-03A, Class AR, 144A, 3 Month SOFR + 1.440% (Cap N/A, Floor 1.440%)

6.722(c)

07/20/37

3,250

3,249,061

Rockford Tower CLO Ltd.,

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

6.583(c)

10/15/29

89,494

Romark CLO Ltd. (Cayman Islands),

Series 2018-02A, Class A1R, 144A, 3 Month SOFR + 1.140% (Cap N/A, Floor 1.140%)

6.425(c)

07/25/31

2,270

2,265,108

Shackleton CLO Ltd. (Cayman Islands),

Series 2017-11A, Class AR, 144A, 3 Month SOFR + 1.352% (Cap N/A, Floor 0.262%)

6.470(c)

08/15/30

101

101,597

Series 2021-16A, Class A, 144A, 3 Month SOFR + 1.472% (Cap N/A, Floor 1.210%)

6.754(c)

10/20/34

3,000

2,999,868

Signal Peak CLO Ltd.,

Series 2018-05A, Class A1R, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.550%)

6.835(c)

04/25/37

1,500

1,507,141

Signal Peak CLO Ltd. (Cayman Islands),

Series 2020-08A, Class A, 144A, 3 Month SOFR + 1.532% (Cap N/A, Floor 1.270%)

6.814(c)

04/20/33

750

750,137

Signal Peak CLO Ltd. (United Kingdom),

Series 2022-12A, Class A1R, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.400%)

6.671(c)

07/18/37

6,000

5,999,700

Silver Rock CLO (Cayman Islands),

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

7.162(c)

01/20/36

2,000

2,000,073

See Notes to Financial Statements.

PGIM AAA CLO ETF

Schedule of Investments (continued)

as of August 31, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

ASSET-BACKED SECURITIES (Continued)

Collateralized Loan Obligations (cont’d.)

Sound Point CLO Ltd. (Cayman Islands),

Series 2013-01A, Class A1R, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.332%)

6.611%(c)

01/26/31

273

272,344

Series 2018-03A, Class A1AR, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%)

6.579(c)

10/26/31

6,768

6,764,263

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

6.624(c)

01/20/32

872

874,317

Series 2019-02A, Class AR, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%)

6.733(c)

07/15/34

2,250

2,250,750

Series 2020-03A, Class A1R, 144A, 3 Month SOFR + 1.280% (Cap N/A, Floor 1.280%)

6.565(c)

01/25/32

7,000

6,999,943

Strata CLO Ltd. (Cayman Islands),

Series 2021-01A, Class AR, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%)

6.662(c)

10/20/33

3,500

3,503,169

Symphony CLO Ltd. (Cayman Islands),

Series 2018-19A, Class A, 144A, 3 Month SOFR + 1.222% (Cap N/A, Floor 0.960%)

6.508(c)

04/16/31

385

385,456

TCW CLO Ltd. (Cayman Islands),

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

6.562(c)

10/20/32

4,800

4,801,920

Series 2021-01A, Class A, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%)

6.714(c)

03/18/34

3,250

3,256,252

THL Credit Wind River CLO Ltd. (Cayman Islands),

Series 2019-01A, Class AR, 144A, 3 Month SOFR + 1.422% (Cap N/A, Floor 1.160%)

6.704(c)

07/20/34

1,000

999,580

TICP CLO Ltd. (Cayman Islands),

Series 2017-07A, Class ASR2, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%)

6.601(c)

04/15/33

2,250

2,250,257

Series 2018-12A, Class AR, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%)

6.733(c)

07/15/34

2,500

2,502,325

Tikehau US CLO Ltd. (Bermuda),

Series 2022-02A, Class A1R, 144A, 3 Month SOFR + 1.870% (Cap N/A, Floor 1.870%)

7.152(c)

01/20/36

1,500

1,501,269

Series 2023-02A, Class A1, 144A, 3 Month SOFR + 1.950% (Cap N/A, Floor 1.950%)

7.251(c)

01/15/36

1,750

1,759,493

Series 2024-01A, Class A1, 144A, 3 Month SOFR + 1.450% (Cap N/A, Floor 1.450%)

6.732(c)

07/18/37

3,000

3,004,699

Tralee CLO Ltd. (Cayman Islands),

Series 2021-07A, Class A1, 144A, 3 Month SOFR + 1.582% (Cap N/A, Floor 1.320%)

6.866(c)

04/25/34

3,000

3,005,161

See Notes to Financial Statements.

PGIM Fixed Income ETFs 13

PGIM AAA CLO ETF

Schedule of Investments (continued)

as of August 31, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

ASSET-BACKED SECURITIES (Continued)

Collateralized Loan Obligations (cont’d.)

Trinitas CLO Ltd. (Bermuda),

Series 2023-22A, Class A1, 144A, 3 Month SOFR + 1.850% (Cap N/A, Floor 1.850%)

7.132%(c)

07/20/36

2,000

2,010,090

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

6.972(c)

01/20/35

2,000

2,004,467

Trinitas CLO Ltd. (Cayman Islands),

Series 2022-20A, Class A1, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%)

6.812(c)

07/20/35

1,500

1,504,633

Venture CLO Ltd. (Cayman Islands),

Series 2019-37A, Class A1RR, 144A, 3 Month SOFR + 1.250% (Cap N/A, Floor 1.250%)

6.551(c)

07/15/32

2,500

2,499,932

Series 2021-42A, Class A1A, 144A, 3 Month SOFR + 1.392% (Cap N/A, Floor 1.130%)

6.693(c)

04/15/34

4,000

3,995,244

Voya CLO Ltd. (Cayman Islands),

Series 2018-02A, Class A1, 144A, 3 Month SOFR + 1.262% (Cap N/A, Floor 1.000%)

6.563(c)

07/15/31

5,558

5,552,782

Series 2020-02A, Class A1R, 144A, 3 Month SOFR + 1.422% (Cap N/A, Floor 1.160%)

6.701(c)

07/19/34

3,250

3,253,199

Warwick Capital CLO Ltd. (United Kingdom),

Series 2023-02A, Class A1, 144A, 3 Month SOFR + 1.950% (Cap N/A, Floor 1.950%)

7.251(c)

01/15/37

1,500

1,508,204

Wellfleet CLO Ltd. (Cayman Islands),

Series 2020-02A, Class AR, 144A, 3 Month SOFR + 1.482% (Cap N/A, Floor 1.220%)

6.783(c)

07/15/34

2,500

2,502,824

Whitebox CLO Ltd. (Cayman Islands),

Series 2020-02A, Class A1R, 144A, 3 Month SOFR + 1.482% (Cap N/A, Floor 1.220%)

6.765(c)

10/24/34

2,000

1,993,395

Wind River CLO Ltd. (Cayman Islands),

Series 2016-01KRA, Class A1R2, 144A, 3 Month SOFR + 1.472% (Cap N/A, Floor 1.210%)

6.773(c)

10/15/34

250

249,963

Series 2021-03A, Class A, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%)

6.694(c)

07/20/33

2,704

2,710,404

See Notes to Financial Statements.

PGIM AAA CLO ETF

Schedule of Investments (continued)

as of August 31, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

ASSET-BACKED SECURITIES (Continued)

Collateralized Loan Obligations (cont’d.)

Z Capital Credit Partners BSL CLO Ltd. (Cayman Islands),

Series 2024-01A, Class A, 144A, 3 Month SOFR + 1.950% (Cap N/A, Floor 1.950%)

7.236%(c)

04/16/36

3,250

3,268,759

TOTAL ASSET-BACKED SECURITIES

(cost $420,817,434)

421,896,556

TOTAL LONG-TERM INVESTMENTS

(cost $420,817,434)

421,896,556

SHORT-TERM INVESTMENT 4.5%

AFFILIATED MUTUAL FUND

PGIM Core Government Money Market Fund (7-day effective yield 5.562%)

(cost $19,334,270)(wb)

19,334,270

TOTAL INVESTMENTS 102.1%

(cost $440,151,704)

441,230,826

Liabilities in excess of other assets (2.1)%

(9,062,592

)

NET ASSETS 100.0%

432,168,234

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

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

(c)	Variable rate instrument. The interest rate shown reflects the rate in effect at August 31, 2024.

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

See Notes to Financial Statements.

PGIM Fixed Income ETFs 15

PGIM AAA CLO ETF

Schedule of Investments (continued)

as of August 31, 2024

Fair Value Measurements:

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

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

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

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

The following is a summary of the inputs used as of August 31, 2024 in valuing such portfolio securities:


	Level 1			Level 2			Level 3
Investments in Securities
Assets
Long-Term Investments
Asset-Backed Securities
Collateralized Loan Obligations		$	—		$	421,896,556		$	—
Short-Term Investment
Affiliated Mutual Fund			19,334,270			—			—

Total		$	19,334,270		$	421,896,556		$	—

Security Allocations:

The security allocations of investments and liabilities in excess of other assets shown as a percentage of net assets as of August 31, 2024 were as follows:


Collateralized Loan Obligations				97.6	%


Affiliated Mutual Fund	4.5	%

	102.1
Liabilities in excess of other assets	(2.1	)


	100.0	%

See Notes to Financial Statements.

PGIM AAA CLO ETF

Statement of Assets & Liabilities

as of August 31, 2024


Assets

Investments at value:
Unaffiliated investments (cost $420,817,434)	$	421,896,556
Affiliated investments (cost $19,334,270)		19,334,270
Dividends and interest receivable		3,551,110
Receivable for Fund shares sold		2,558,091

Total Assets		447,340,027


Liabilities

Payable for investments purchased		15,098,277
Management fee payable		60,342
Payable to custodian		13,174


Total Liabilities		15,171,793


Net Assets	$	432,168,234




Net assets were comprised of:
Common stock, at par	$	8,450
Paid-in capital in excess of par		428,194,522
Total distributable earnings (loss)		3,965,262


Net assets, August 31, 2024	$	432,168,234


Net asset value, offering price and redemption price per share.
($432,168,234 ÷ 8,450,000 shares of common stock issued and outstanding)	$	51.14

See Notes to Financial Statements.

PGIM Fixed Income ETFs 17

PGIM AAA CLO ETF

Statement of Operations

Year Ended August 31, 2024


Net Investment Income (Loss)

Income
Interest income	$	12,404,032
Affiliated dividend income		374,826

Total income		12,778,858


Expenses
Management fee		354,552
Less: Fee waiver and/or expense reimbursement		(5,991	)

Net expenses		348,561

Net investment income (loss)		12,430,297

Realized And Unrealized Gain (Loss) On Investments

Net realized gain (loss) on investment transactions		780,933
Net change in unrealized appreciation (depreciation) on investments		900,856

Net gain (loss) on investment transactions		1,681,789

Net Increase (Decrease) In Net Assets Resulting From Operations	$	14,112,086

See Notes to Financial Statements.

PGIM AAA CLO ETF

Statements of Changes in Net Assets



	Year Ended August 31, 2024				July 19, 2023* through August 31, 2023
Increase (Decrease) in Net Assets

Operations

Net investment income (loss)		$	12,430,297			$	759,026

Net realized gain (loss) on investment transactions			780,933				4,693

Net change in unrealized appreciation (depreciation) on investments			900,856				178,266


Net increase (decrease) in net assets resulting from operations			14,112,086				941,985


Dividends and Distributions

Distributions from distributable earnings			(11,088,809	)			—


Fund share transactions

Net proceeds from shares sold (6,750,000 and 2,500,000 shares, respectively)			343,728,259				125,142,342

Shares sold in-kind (50,000 and 0 shares, respectively)			2,539,818				—

Cost of shares purchased (850,000 and 0 shares, respectively)			(43,207,447	)			—

Net increase (decrease) in net assets from Fund share transactions			303,060,630				125,142,342

Total increase (decrease)			306,083,907				126,084,327

Net Assets:

Beginning of period			126,084,327				—


End of period		$	432,168,234			$	126,084,327

*	Commencement of operations.

See Notes to Financial Statements.

PGIM Fixed Income ETFs 19

PGIM AAA CLO ETF

Financial Highlights




	Year Ended August 31, 2024			July 19, 2023^(a)through August 31, 2023
Per Share Operating Performance^(b):
Net Asset Value, Beginning of Period		$50.43			$50.00
Income (loss) from investment operations:
Net investment income (loss)		3.38			0.39
Net realized and unrealized gain (loss) on investment transactions		0.59			0.04
Total from investment operations		3.97			0.43
Less Dividends and Distributions:
Dividends from net investment income		(3.25	)		-
Distributions from net realized gains		(0.01	)		-
Total dividends and distributions		(3.26	)		-
Net asset value, end of period		$51.14			$50.43
Total Return^(c):		8.18	%		0.87	%


Ratios/Supplemental Data:
Net assets, end of period (000)		$432,168			$126,084
Average net assets (000)		$186,594			$99,359
Ratios to average net assets^(d):
Expenses after waivers and/or expense reimbursement		0.19	%		0.19	%^(e)
Expenses before waivers and/or expense reimbursement		0.19	%		0.19	%^(e)
Net investment income (loss)		6.66	%		6.48	%^(e)
Portfolio turnover rate^(f)		65	%		4	%

(a)	Commencement of operations.

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

(c)

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

(e)	Annualized.

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

See Notes to Financial Statements.

PGIM Active Aggregate Bond ETF

Schedule of Investments

as of August 31, 2024



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

LONG-TERM INVESTMENTS 99.4%

ASSET-BACKED SECURITIES 10.4%

Automobiles 3.5%

AmeriCredit Automobile Receivables Trust,
Series 2023-01, Class C		5.800%		12/18/28		100	$	102,318
Avis Budget Rental Car Funding AESOP LLC,
Series 2022-01A, Class A, 144A		3.830		08/21/28		100		97,559
Series 2023-03A, Class A, 144A		5.440		02/22/28		100		101,271
BOF VII AL Funding Trust I,
Series 2023-CAR03, Class A2, 144A		6.291		07/26/32		119		120,565
CarMax Auto Owner Trust,
Series 2022-01, Class D		2.470		07/17/28		100		95,532
Enterprise Fleet Financing LLC,
Series 2023-02, Class A2, 144A		5.560		04/22/30		79		79,921
Ford Credit Auto Owner Trust,
Series 2023-01, Class A, 144A		4.850		08/15/35		100		101,222
Series 2023-02, Class A, 144A		5.280		02/15/36		100		102,954
Ford Credit Floorplan Master Owner Trust,
Series 2023-01, Class A1, 144A		4.920		05/15/28		100		100,543
Hertz Vehicle Financing III LLC,
Series 2023-01A, Class A, 144A		5.490		06/25/27		100		100,821
Hertz Vehicle Financing LLC,
Series 2022-02A, Class A, 144A		2.330		06/26/28		100		93,511
OneMain Direct Auto Receivables Trust,
Series 2023-01A, Class A, 144A		5.410		11/14/29		200		202,590
Santander Drive Auto Receivables Trust,
Series 2023-03, Class C		5.770		11/15/30		100		102,360
Series 2023-04, Class C		6.040		12/15/31		100		102,678
Wheels Fleet Lease Funding LLC,
Series 2023-01A, Class A, 144A		5.800		04/18/38		86		86,202


								1,590,047

Collateralized Loan Obligations 6.3%

Anchorage Capital CLO Ltd. (Cayman Islands),
Series 2022-25A, Class A1, 144A, 3 Month SOFR + 1.390% (Cap N/A, Floor 1.390%)		6.672(c)		04/20/35		250		249,650
Atlas Senior Loan Fund Ltd. (Cayman Islands),
Series 2016-07A, Class A1R2, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 1.100%)		6.442(c)		11/27/31		177		177,449

See Notes to Financial Statements.

PGIM Fixed Income ETFs 21

PGIM Active Aggregate Bond ETF

Schedule of Investments (continued)

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

6.599%(c)

04/18/35

250

250,250

Balboa Bay Loan Funding Ltd. (Cayman Islands),

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

6.664(c)

01/20/32

248

247,696

Crown City CLO (Cayman Islands),

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

6.622(c)

04/20/35

250

249,732

Elevation CLO Ltd. (Cayman Islands),

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

6.753(c)

07/15/34

250

249,380

HPS Loan Management Ltd. (Cayman Islands),

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

6.684(c)

04/20/34

250

250,415

ICG US CLO Ltd. (Cayman Islands),

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

6.918(c)

01/16/33

246

245,661

Northwoods Capital Ltd. (Cayman Islands),

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

6.815(c)

06/20/34

250

249,759

Romark CLO Ltd. (Cayman Islands),

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

6.736(c)

07/10/34

400

400,341

TCW CLO Ltd. (Cayman Islands),

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

6.562(c)

10/20/32

250

250,100

2,820,433

Consumer Loans 0.6%

OneMain Financial Issuance Trust,

Series 2020-02A, Class A, 144A

1.750

09/14/35

200

190,304

Series 2023-02A, Class A1, 144A

5.840

09/15/36

100

102,757

293,061

TOTAL ASSET-BACKED SECURITIES
(cost $4,701,292)

4,703,541

See Notes to Financial Statements.

PGIM Active Aggregate Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

COMMERCIAL MORTGAGE-BACKED SECURITIES 7.4%
BANK,
Series 2019-BN22, Class A3		2.726%	11/15/62		250	$	226,826
Series 2021-BN38, Class A4		2.275	12/15/64		100		84,760
Barclays Commercial Mortgage Securities Trust,
Series 2021-C12, Class A4		2.421	11/15/54		250		216,880
Benchmark Mortgage Trust,
Series 2021-B25, Class A3		1.906	04/15/54		500		434,954
Series 2021-B31, Class A4		2.420	12/15/54		100		85,670
CD Mortgage Trust,
Series 2019-CD08, Class A3		2.657	08/15/57		500		454,669
GS Mortgage Securities Trust,
Series 2019-GC42, Class A3		2.749	09/10/52		250		228,739
JPMCC Commercial Mortgage Securities Trust,
Series 2019-COR05, Class A3		3.123	06/13/52		500		461,123
Wells Fargo Commercial Mortgage Trust,
Series 2019-C52, Class A4		2.643	08/15/52		436		399,715
Series 2020-C56, Class A4		2.194	06/15/53		500		442,078
Series 2021-C59, Class A3		1.958	04/15/54		350		301,583


TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (cost $3,769,409)							3,336,997


CORPORATE BONDS 29.3%

Aerospace & Defense 1.0%

Boeing Co. (The),
Sr. Unsec’d. Notes		2.196	02/04/26		253		242,523
Sr. Unsec’d. Notes		2.950	02/01/30		50		44,428
Sr. Unsec’d. Notes		3.625	03/01/48		35		23,857
Sr. Unsec’d. Notes		5.150	05/01/30		75		74,803
Sr. Unsec’d. Notes		5.930	05/01/60		20		18,886
RTX Corp.,
Sr. Unsec’d. Notes		2.375	03/15/32		25		21,341
Sr. Unsec’d. Notes		4.125	11/16/28		13		12,835


							438,673

Agriculture 0.5%

Altria Group, Inc.,
Gtd. Notes		3.400	05/06/30		48		44,915
BAT Capital Corp. (United Kingdom),
Gtd. Notes		3.557	08/15/27		23		22,450

See Notes to Financial Statements.

PGIM Fixed Income ETFs 23

PGIM Active Aggregate Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CORPORATE BONDS (Continued)

Agriculture (cont’d.)

BAT Capital Corp. (United Kingdom), (cont’d.)
Gtd. Notes		5.834%	02/20/31		50	$	52,353
Philip Morris International, Inc.,
Sr. Unsec’d. Notes		5.125	02/15/30		35		35,980
Sr. Unsec’d. Notes		5.125	02/13/31		25		25,649
Sr. Unsec’d. Notes		5.250	09/07/28		20		20,580


							201,927

Airlines 0.1%

Southwest Airlines Co.,
Sr. Unsec’d. Notes		5.125	06/15/27		50		50,444
United Airlines 2013-1 Class A Pass-Through Trust, Pass-Through Certificates		4.300	02/15/27		8		7,444


							57,888

Auto Manufacturers 0.5%

Daimler Truck Finance North America LLC (Germany),
Gtd. Notes, 144A		1.625	12/13/24		150		148,303
General Motors Co.,
Sr. Unsec’d. Notes		6.250	10/02/43		26		27,047
Sr. Unsec’d. Notes		6.600	04/01/36		17		18,400
Toyota Motor Credit Corp.,
Sr. Unsec’d. Notes, MTN		0.800	10/16/25		17		16,324


							210,074

Auto Parts & Equipment 0.0%

BorgWarner, Inc.,
Sr. Unsec’d. Notes
		4.950	08/15/29		5		5,047

Banks 6.6%

Bank of America Corp.,
Sr. Unsec’d. Notes		2.299(ff)	07/21/32		60		51,057
Sr. Unsec’d. Notes		2.687(ff)	04/22/32		165		144,723
Sr. Unsec’d. Notes, MTN		2.496(ff)	02/13/31		375		335,536
Sr. Unsec’d. Notes, Series N		1.658(ff)	03/11/27		30		28,652

See Notes to Financial Statements.

PGIM Active Aggregate Bond ETF

Schedule of Investments (continued)

as of August 31, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

CORPORATE BONDS (Continued)

Banks (cont’d.)

Barclays PLC (United Kingdom),

Sr. Unsec’d. Notes

5.829%(ff)

05/09/27

200

202,941

Citigroup, Inc.,

Sr. Unsec’d. Notes

2.666(ff)

01/29/31

110

99,081

Sr. Unsec’d. Notes

2.976(ff)

11/05/30

120

110,442

Comerica, Inc.,

Sr. Unsec’d. Notes

5.982(ff)

01/30/30

15,269

Fifth Third Bancorp,

Sr. Unsec’d. Notes

6.339(ff)

07/27/29

15,785

Goldman Sachs Group, Inc. (The),

Sr. Unsec’d. Notes

1.992(ff)

01/27/32

75,567

Sr. Unsec’d. Notes

2.615(ff)

04/22/32

73,885

Sr. Unsec’d. Notes

3.750

02/25/26

24,714

Sr. Unsec’d. Notes

3.814(ff)

04/23/29

77,732

Sr. Unsec’d. Notes

5.851(ff)

04/25/35

15,846

Huntington Bancshares, Inc.,

Sr. Unsec’d. Notes

6.208(ff)

08/21/29

10,498

JPMorgan Chase & Co.,

Sr. Unsec’d. Notes

1.953(ff)

02/04/32

130

109,869

Sr. Unsec’d. Notes

2.522(ff)

04/22/31

370

332,124

Sr. Unsec’d. Notes

2.545(ff)

11/08/32

4,321

Sr. Unsec’d. Notes

2.580(ff)

04/22/32

36,758

Sr. Unsec’d. Notes

2.739(ff)

10/15/30

150

137,299

Sub. Notes

2.956(ff)

05/13/31

19,112

KeyCorp,

Sr. Unsec’d. Notes

6.401(ff)

03/06/35

16,062

Morgan Stanley,

Sr. Unsec’d. Notes, GMTN

1.512(ff)

07/20/27

100

94,317

Sr. Unsec’d. Notes, GMTN

2.239(ff)

07/21/32

33,855

Sr. Unsec’d. Notes, GMTN

2.699(ff)

01/22/31

180

162,939

Sr. Unsec’d. Notes, GMTN

3.875

01/27/26

75,182

Sr. Unsec’d. Notes, MTN

1.928(ff)

04/28/32

200

167,018

PNC Financial Services Group, Inc. (The),

Sr. Unsec’d. Notes

5.812(ff)

06/12/26

105

105,513

Truist Financial Corp.,

Sr. Unsec’d. Notes, MTN

5.435(ff)

01/24/30

41,009

Sr. Unsec’d. Notes, MTN

5.867(ff)

06/08/34

15,660

U.S. Bancorp,

Sr. Unsec’d. Notes

5.836(ff)

06/12/34

21,010

See Notes to Financial Statements.

PGIM Fixed Income ETFs 25

PGIM Active Aggregate Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CORPORATE BONDS (Continued)

Banks (cont’d.)

Wells Fargo & Co.,
Sr. Unsec’d. Notes, MTN		2.572%(ff)		02/11/31		282	$	252,999
Sr. Unsec’d. Notes, MTN		5.707(ff)		04/22/28		70		71,883


								2,978,658

Beverages 0.4%

Bacardi Ltd. (Bermuda),
Gtd. Notes, 144A		4.450		05/15/25		110		109,318
Constellation Brands, Inc.,
Sr. Unsec’d. Notes		2.250		08/01/31		80		68,199


								177,517

Biotechnology 0.2%

Amgen, Inc.,
Sr. Unsec’d. Notes		5.250		03/02/30		80		82,805
Sr. Unsec’d. Notes		5.750		03/02/63		15		15,385


								98,190

Building Materials 0.1%

Owens Corning,
Sr. Unsec’d. Notes		3.400		08/15/26		25		24,444
Vulcan Materials Co.,
Sr. Unsec’d. Notes		3.500		06/01/30		13		12,310


								36,754

Chemicals 0.4%

DuPont de Nemours, Inc.,
Sr. Unsec’d. Notes		5.319		11/15/38		3		3,224
Sr. Unsec’d. Notes		5.419		11/15/48		5		5,424
FMC Corp.,
Sr. Unsec’d. Notes		4.500		10/01/49		13		10,420
LYB International Finance III LLC,
Gtd. Notes		4.200		10/15/49		17		13,583
Nutrien Ltd. (Canada),
Sr. Unsec’d. Notes		4.900		03/27/28		65		65,840

See Notes to Financial Statements.

PGIM Active Aggregate Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CORPORATE BONDS (Continued)

Chemicals (cont’d.)

Nutrien Ltd. (Canada), (cont’d.)
Sr. Unsec’d. Notes		4.900%		06/01/43		21	$	19,317
Sr. Unsec’d. Notes		5.200		06/21/27		55		55,950


								173,758

Commercial Services 1.0%

California Institute of Technology,
Sr. Unsec’d. Notes		3.650		09/01/2119		20		14,135
Equifax, Inc.,
Sr. Unsec’d. Notes		2.600		12/01/24		101		100,266
ERAC USA Finance LLC,
Gtd. Notes, 144A		3.300		12/01/26		45		43,904
Global Payments, Inc.,
Sr. Unsec’d. Notes		1.200		03/01/26		21		19,918
Johns Hopkins University,
Unsec’d. Notes, Series A		4.705		07/01/32		20		20,364
Massachusetts Institute of Technology,
Sr. Unsec’d. Notes, Series F		2.989		07/01/50		10		7,420
Unsec’d. Notes		4.678		07/01/2114		30		28,095
President & Fellows of Harvard College,
Unsec’d. Notes		2.517		10/15/50		35		23,419
Unsec’d. Notes		3.150		07/15/46		35		27,154
Quanta Services, Inc.,
Sr. Unsec’d. Notes		4.750		08/09/27		15		15,071
Trustees of Boston University,
Sec’d. Notes, Series CC		4.061		10/01/48		20		17,449
Trustees of the University of Pennsylvania (The),
Sr. Unsec’d. Notes		3.610		02/15/2119		25		18,144
University of Southern California,
Sr. Unsec’d. Notes		4.976		10/01/53		32		32,653
Unsec’d. Notes, Series 2017		3.841		10/01/47		10		8,545
Washington University (The),
Sr. Unsec’d. Notes, Series 2022		3.524		04/15/54		80		64,367
Yale University,
Unsec’d. Notes, Series 2020		2.402		04/15/50		20		13,128


								454,032

See Notes to Financial Statements.

PGIM Fixed Income ETFs 27

PGIM Active Aggregate Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CORPORATE BONDS (Continued)

Computers 0.1%

Apple, Inc.,
Sr. Unsec’d. Notes		3.250%		02/23/26		40	$	39,454
International Business Machines Corp.,
Sr. Unsec’d. Notes		5.875		11/29/32		8		8,688


								48,142

Diversified Financial Services 0.2%

Discover Financial Services,
Sr. Unsec’d. Notes		3.750		03/04/25		21		20,812
Jefferies Financial Group, Inc.,
Sr. Unsec’d. Notes		5.875		07/21/28		55		56,968


								77,780

Electric 3.2%

AEP Texas, Inc.,
Sr. Unsec’d. Notes		3.450		05/15/51		13		9,046
Sr. Unsec’d. Notes, Series I		2.100		07/01/30		47		40,855
AEP Transmission Co. LLC,
Sr. Unsec’d. Notes		4.250		09/15/48		17		14,334
Algonquin Power & Utilities Corp. (Canada),
Sr. Unsec’d. Notes		5.365		06/15/26		20		20,150
Arizona Public Service Co.,
Sr. Unsec’d. Notes		2.600		08/15/29		8		7,337
Sr. Unsec’d. Notes		3.500		12/01/49		25		17,944
Sr. Unsec’d. Notes		6.350		12/15/32		20		21,715
Dominion Energy South Carolina, Inc.,
First Mortgage		4.600		06/15/43		32		29,096
DTE Energy Co.,
Sr. Unsec’d. Notes		4.950		07/01/27		35		35,383
Duke Energy Carolinas LLC,
Sr. Unsec’d. Notes		6.100		06/01/37		21		22,771
Duke Energy Florida LLC,
First Mortgage		2.400		12/15/31		95		81,802
First Mortgage		5.875		11/15/33		60		64,665
Edison International,
Sr. Unsec’d. Notes		5.450		06/15/29		25		25,706
Eversource Energy,
Sr. Unsec’d. Notes, Series O		4.250		04/01/29		41		40,240

See Notes to Financial Statements.

PGIM Active Aggregate Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CORPORATE BONDS (Continued)

Electric (cont’d.)

Florida Power & Light Co.,
First Mortgage		4.050%		06/01/42		15	$	13,030
MidAmerican Energy Co.,
First Mortgage		4.250		07/15/49		34		29,354
Mississippi Power Co.,
Sr. Unsec’d. Notes, Series 12-A		4.250		03/15/42		33		28,588
Monongahela Power Co.,
First Mortgage, 144A		3.550		05/15/27		96		93,586
NextEra Energy Capital Holdings, Inc.,
Gtd. Notes		6.051		03/01/25		145		145,562
Northern States Power Co.,
First Mortgage		3.400		08/15/42		34		26,913
Pacific Gas & Electric Co.,
First Mortgage		4.500		07/01/40		40		34,692
First Mortgage		4.750		02/15/44		45		38,662
PacifiCorp,
First Mortgage		5.350		12/01/53		40		38,405
PECO Energy Co.,
First Mortgage		2.800		06/15/50		32		20,956
PPL Electric Utilities Corp.,
First Mortgage		3.000		10/01/49		13		9,093
First Mortgage		5.250		05/15/53		15		15,055
Public Service Co. of Colorado,
First Mortgage		5.250		04/01/53		25		24,240
Public Service Co. of New Hampshire,
First Mortgage		5.350		10/01/33		25		26,089
Public Service Electric & Gas Co.,
First Mortgage, MTN		3.600		12/01/47		13		10,154
First Mortgage, MTN		3.700		05/01/28		38		37,147
Sec’d. Notes, MTN		4.650		03/15/33		75		74,814
Puget Energy, Inc.,
Sr. Sec’d. Notes		4.100		06/15/30		75		71,477
San Diego Gas & Electric Co.,
First Mortgage		4.150		05/15/48		15		12,561
First Mortgage		5.350		04/01/53		25		24,971
Sempra,
Sr. Unsec’d. Notes		3.300		04/01/25		35		34,566
Sr. Unsec’d. Notes		4.000		02/01/48		15		11,905
Southern California Edison Co.,
First Mortgage		4.900		06/01/26		90		90,437

See Notes to Financial Statements.

PGIM Fixed Income ETFs 29

PGIM Active Aggregate Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CORPORATE BONDS (Continued)

Electric (cont’d.)

Southern California Edison Co., (cont’d.)
First Ref. Mortgage		4.000%		04/01/47		55	$	44,503
System Energy Resources, Inc.,
First Mortgage		6.000		04/15/28		5		5,220
Tucson Electric Power Co.,
Sr. Unsec’d. Notes		3.250		05/15/32		30		27,054
Virginia Electric & Power Co.,
Sr. Unsec’d. Notes		5.050		08/15/34		10		10,071
Xcel Energy, Inc.,
Sr. Unsec’d. Notes		1.750		03/15/27		10		9,332


								1,439,481

Engineering & Construction 0.4%

Mexico City Airport Trust (Mexico),
Sr. Sec’d. Notes, 144A		4.250		10/31/26		200		195,000

Entertainment 0.1%

Warnermedia Holdings, Inc.,
Gtd. Notes		5.141		03/15/52		70		53,143

Foods 0.5%

Campbell Soup Co.,
Sr. Unsec’d. Notes		3.300		03/19/25		51		50,462
JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl,
Gtd. Notes		3.000		02/02/29		100		91,735
Kraft Heinz Foods Co.,
Gtd. Notes		4.375		06/01/46		30		25,627
Mars, Inc.,
Gtd. Notes, 144A		3.600		04/01/34		10		9,105
Tyson Foods, Inc.,
Sr. Unsec’d. Notes		5.700		03/15/34		35		36,381


								213,310

See Notes to Financial Statements.

PGIM Active Aggregate Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CORPORATE BONDS (Continued)

Gas 0.3%

CenterPoint Energy Resources Corp.,
Sr. Unsec’d. Notes		4.100%		09/01/47		21	$	17,048
Sr. Unsec’d. Notes		5.250		03/01/28		65		66,454
NiSource, Inc.,
Sr. Unsec’d. Notes		3.490		05/15/27		13		12,663
Piedmont Natural Gas Co., Inc.,
Sr. Unsec’d. Notes		3.500		06/01/29		21		20,078
Southern California Gas Co.,
First Mortgage		3.750		09/15/42		30		24,281


								140,524

Healthcare-Services 1.2%

Ascension Health,
Sr. Unsec’d. Notes, Series B		2.532		11/15/29		35		32,208
CommonSpirit Health,
Sr. Sec’d. Notes		5.205		12/01/31		35		35,672
Elevance Health, Inc.,
Sr. Unsec’d. Notes		4.625		05/15/42		50		45,910
Kaiser Foundation Hospitals,
Unsec’d. Notes, Series 2021		2.810		06/01/41		70		53,119
Unsec’d. Notes, Series 2021		3.002		06/01/51		10		7,070
Memorial Sloan-Kettering Cancer Center,
Unsec’d. Notes, Series 2020		2.955		01/01/50		15		10,775
Methodist Hospital (The),
Unsec’d. Notes, Series 20A		2.705		12/01/50		10		6,747
New York & Presbyterian Hospital (The),
Unsec’d. Notes		4.024		08/01/45		20		17,558
Northwestern Memorial Healthcare Obligated Group,
Unsec’d. Notes, Series 2021		2.633		07/15/51		20		13,315
OhioHealth Corp.,
Sec’d. Notes		2.297		11/15/31		30		25,639
Piedmont Healthcare, Inc.,
Sec’d. Notes, Series 2042		2.719		01/01/42		15		10,907
Sentara Healthcare,
Sr. Unsec’d. Notes, Series 2021		2.927		11/01/51		65		45,328
Stanford Health Care,
Unsec’d. Notes		3.027		08/15/51		35		24,996
UnitedHealth Group, Inc.,
Sr. Unsec’d. Notes		2.300		05/15/31		45		39,272

See Notes to Financial Statements.

PGIM Fixed Income ETFs 31

PGIM Active Aggregate Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CORPORATE BONDS (Continued)

Healthcare-Services (cont’d.)

UnitedHealth Group, Inc., (cont’d.)
Sr. Unsec’d. Notes		3.950%		10/15/42		60	$	51,542
Sr. Unsec’d. Notes		4.250		01/15/29		40		40,009
Sr. Unsec’d. Notes		4.500		04/15/33		25		24,715
Sr. Unsec’d. Notes		5.050		04/15/53		22		21,299
Sr. Unsec’d. Notes		5.750		07/15/64		10		10,493
UPMC,
Sec’d. Notes		5.035		05/15/33		25		25,303


								541,877

Home Builders 0.5%

Toll Brothers Finance Corp.,
Gtd. Notes		4.875		03/15/27		220		220,299

Insurance 0.5%

Corebridge Financial, Inc.,
Sr. Unsec’d. Notes		3.900		04/05/32		45		41,664
Everest Reinsurance Holdings, Inc.,
Sr. Unsec’d. Notes		3.500		10/15/50		8		5,622
Sr. Unsec’d. Notes		4.868		06/01/44		30		27,060
Fairfax Financial Holdings Ltd. (Canada),
Sr. Unsec’d. Notes		5.625		08/16/32		15		15,281
Sr. Unsec’d. Notes, 144A		6.000		12/07/33		70		73,141
Liberty Mutual Group, Inc.,
Gtd. Notes, 144A		3.951		10/15/50		38		28,710
Lincoln National Corp.,
Sr. Unsec’d. Notes		3.050		01/15/30		8		7,367
Principal Financial Group, Inc.,
Gtd. Notes		4.625		09/15/42		32		29,481
W.R. Berkley Corp.,
Sr. Unsec’d. Notes		4.000		05/12/50		8		6,445


								234,771

Iron/Steel 0.1%

Nucor Corp.,
Sr. Unsec’d. Notes		4.300		05/23/27		25		25,005

See Notes to Financial Statements.

PGIM Active Aggregate Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CORPORATE BONDS (Continued)

Lodging 0.1%

Marriott International, Inc.,
Sr. Unsec’d. Notes		5.350%		03/15/35		25	$	25,297
Sr. Unsec’d. Notes, Series R		3.125		06/15/26		33		32,147


								57,444

Machinery-Construction & Mining 0.0%

Caterpillar, Inc.,
Sr. Unsec’d. Notes		2.600		09/19/29		13		12,052

Machinery-Diversified 0.4%

Flowserve Corp.,
Sr. Unsec’d. Notes		2.800		01/15/32		5		4,267
IDEX Corp.,
Sr. Unsec’d. Notes		4.950		09/01/29		50		50,635
Westinghouse Air Brake Technologies Corp.,
Gtd. Notes		3.200		06/15/25		88		86,524
Gtd. Notes		5.611		03/11/34		10		10,418


								151,844

Media 0.8%

Charter Communications Operating LLC/Charter Communications Operating Capital,
Sr. Sec’d. Notes		4.800		03/01/50		24		18,241
Sr. Sec’d. Notes		4.908		07/23/25		22		21,928
Sr. Sec’d. Notes		6.384		10/23/35		120		121,499
Comcast Corp.,
Gtd. Notes		3.999		11/01/49		42		34,257
Gtd. Notes		4.250		10/15/30		30		29,669
Gtd. Notes		5.500		05/15/64		30		30,236
Cox Communications, Inc.,
Gtd. Notes, 144A		5.450		09/15/28		110		113,114


								368,944

Mining 1.2%

Barrick North America Finance LLC (Canada),
Gtd. Notes		5.750		05/01/43		55		56,554

See Notes to Financial Statements.

PGIM Fixed Income ETFs 33

PGIM Active Aggregate Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CORPORATE BONDS (Continued)

Mining (cont’d.)

Freeport-McMoRan, Inc.,
Gtd. Notes		4.125%		03/01/28		25	$	24,537
Gtd. Notes		4.375		08/01/28		50		49,297
Indonesia Asahan Aluminium PT/Mineral Industri
Indonesia Persero PT (Indonesia),
Sr. Unsec’d. Notes, 144A		6.530		11/15/28		200		210,625
Kinross Gold Corp. (Canada),
Sr. Unsec’d. Notes		6.250		07/15/33		60		64,205
Newmont Corp.,
Gtd. Notes		2.800		10/01/29		122		113,288
Newmont Corp./Newcrest Finance Pty Ltd.,
Gtd. Notes, 144A		5.350		03/15/34		15		15,497


								534,003

Miscellaneous Manufacturing 0.2%

Carlisle Cos., Inc.,
Sr. Unsec’d. Notes		2.200		03/01/32		30		25,103
Textron, Inc.,
Sr. Unsec’d. Notes		3.375		03/01/28		84		80,710


								105,813

Oil & Gas 1.3%

Cenovus Energy, Inc. (Canada),
Sr. Unsec’d. Notes		3.750		02/15/52		5		3,625
Sr. Unsec’d. Notes		5.400		06/15/47		34		32,517
Continental Resources, Inc.,
Gtd. Notes, 144A		2.268		11/15/26		15		14,175
Devon Energy Corp.,
Sr. Unsec’d. Notes		5.600		07/15/41		31		30,252
Diamondback Energy, Inc.,
Gtd. Notes		5.400		04/18/34		65		66,197
Ecopetrol SA (Colombia),
Sr. Unsec’d. Notes		5.375		06/26/26		40		39,888
Sr. Unsec’d. Notes		8.625		01/19/29		35		37,461
Sr. Unsec’d. Notes		8.875		01/13/33		40		42,440
Helmerich & Payne, Inc.,
Sr. Unsec’d. Notes		2.900		09/29/31		30		25,789

See Notes to Financial Statements.

PGIM Active Aggregate Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CORPORATE BONDS (Continued)

Oil & Gas (cont’d.)

Occidental Petroleum Corp.,
Sr. Unsec’d. Notes		5.200%		08/01/29		5	$	5,073
Sr. Unsec’d. Notes		5.550		10/01/34		5		5,067
Ovintiv, Inc.,
Gtd. Notes		5.650		05/15/25		155		155,162
Phillips 66,
Gtd. Notes		2.150		12/15/30		84		73,050
Phillips 66 Co.,
Gtd. Notes		3.550		10/01/26		17		16,657
Pioneer Natural Resources Co.,
Sr. Unsec’d. Notes		1.125		01/15/26		50		47,788


								595,141

Pharmaceuticals 1.2%

AbbVie, Inc.,
Sr. Unsec’d. Notes		3.200		11/21/29		100		94,771
Sr. Unsec’d. Notes		4.050		11/21/39		15		13,578
Sr. Unsec’d. Notes		4.550		03/15/35		60		59,179
Sr. Unsec’d. Notes		4.625		10/01/42		15		14,105
Bristol-Myers Squibb Co.,
Sr. Unsec’d. Notes		3.400		07/26/29		5		4,804
Cigna Group (The),
Gtd. Notes		4.375		10/15/28		30		29,822
Sr. Unsec’d. Notes		2.400		03/15/30		35		31,357
CVS Health Corp.,
Sr. Unsec’d. Notes		1.750		08/21/30		15		12,623
Sr. Unsec’d. Notes		5.125		07/20/45		82		73,971
Eli Lilly & Co.,
Sr. Unsec’d. Notes		4.600		08/14/34		72		72,195
Merck & Co., Inc.,
Sr. Unsec’d. Notes		3.400		03/07/29		8		7,739
Mylan, Inc.,
Gtd. Notes		5.200		04/15/48		15		12,837
Shire Acquisitions Investments Ireland DAC,
Gtd. Notes		3.200		09/23/26		4		3,910

See Notes to Financial Statements.

PGIM Fixed Income ETFs 35

PGIM Active Aggregate Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CORPORATE BONDS (Continued)

Pharmaceuticals (cont’d.)

Utah Acquisition Sub, Inc.,
Gtd. Notes	3.950%	06/15/26		50	$	49,309
Viatris, Inc.,
Gtd. Notes	3.850	06/22/40		98		74,819


						555,019

Pipelines 2.3%

DCP Midstream Operating LP,
Gtd. Notes	5.125	05/15/29		65		66,064
Energy Transfer LP,
Sr. Unsec’d. Notes	4.900	03/15/35		5		4,876
Sr. Unsec’d. Notes	4.950	06/15/28		133		134,367
Sr. Unsec’d. Notes	6.250	04/15/49		34		35,364
Sr. Unsec’d. Notes, Series 20Y	5.800	06/15/38		50		51,255
Enterprise Products Operating LLC,
Gtd. Notes	4.850	03/15/44		15		14,015
Kinder Morgan, Inc.,
Gtd. Notes	3.250	08/01/50		17		11,397
MPLX LP,
Sr. Unsec’d. Notes	2.650	08/15/30		75		67,064
Sr. Unsec’d. Notes	4.500	04/15/38		63		57,486
Sr. Unsec’d. Notes	4.875	06/01/25		55		54,888
Sr. Unsec’d. Notes	5.500	02/15/49		17		16,320
ONEOK Partners LP,
Gtd. Notes	6.125	02/01/41		25		25,799
ONEOK, Inc.,
Gtd. Notes	3.100	03/15/30		57		52,610
Gtd. Notes	3.400	09/01/29		15		14,155
Gtd. Notes	6.050	09/01/33		105		110,920
Plains All American Pipeline LP/PAA Finance Corp.,
Sr. Unsec’d. Notes	4.500	12/15/26		17		16,906
Targa Resources Corp.,
Gtd. Notes	4.200	02/01/33		30		27,951
Gtd. Notes	5.200	07/01/27		55		55,866
Gtd. Notes	6.125	03/15/33		60		63,752
Transcontinental Gas Pipe Line Co. LLC,
Sr. Unsec’d. Notes	3.250	05/15/30		61		56,646
Sr. Unsec’d. Notes	3.950	05/15/50		31		24,412

See Notes to Financial Statements.

PGIM Active Aggregate Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CORPORATE BONDS (Continued)

Pipelines (cont’d.)

Williams Cos., Inc. (The),
Sr. Unsec’d. Notes		3.500%	11/15/30		50	$	46,870
Sr. Unsec’d. Notes		4.800	11/15/29		35		35,258


							1,044,241

Real Estate Investment Trusts (REITs) 1.4%

Brixmor Operating Partnership LP,
Sr. Unsec’d. Notes		2.250	04/01/28		40		36,615
Sr. Unsec’d. Notes		5.750	02/15/35		15		15,513
CubeSmart LP,
Gtd. Notes		2.250	12/15/28		15		13,617
GLP Capital LP/GLP Financing II, Inc.,
Gtd. Notes		3.250	01/15/32		5		4,367
Gtd. Notes		5.750	06/01/28		50		51,054
Host Hotels & Resorts LP,
Sr. Unsec’d. Notes		5.700	07/01/34		20		20,264
Sr. Unsec’d. Notes, Series J		2.900	12/15/31		5		4,307
Kimco Realty OP LLC,
Gtd. Notes		1.900	03/01/28		55		50,117
Gtd. Notes		3.200	04/01/32		25		22,259
Realty Income Corp.,
Sr. Unsec’d. Notes		2.200	06/15/28		80		73,653
Sr. Unsec’d. Notes		2.700	02/15/32		33		28,451
Sr. Unsec’d. Notes		3.100	12/15/29		29		27,114
Sr. Unsec’d. Notes		3.250	01/15/31		25		22,962
Simon Property Group LP,
Sr. Unsec’d. Notes		1.750	02/01/28		90		82,516
Sun Communities Operating LP,
Gtd. Notes		5.700	01/15/33		35		35,623
Ventas Realty LP,
Gtd. Notes		4.125	01/15/26		127		125,734
VICI Properties LP,
Sr. Unsec’d. Notes		4.750	02/15/28		20		19,944


							634,110

Retail 0.3%

Alimentation Couche-Tard, Inc. (Canada),
Gtd. Notes, 144A		4.500	07/26/47		27		23,365

See Notes to Financial Statements.

PGIM Fixed Income ETFs 37

PGIM Active Aggregate Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CORPORATE BONDS (Continued)

Retail (cont’d.)

AutoNation, Inc.,
Gtd. Notes		3.800%	11/15/27		50	$	48,269
AutoZone, Inc.,
Sr. Unsec’d. Notes		3.750	04/18/29		28		27,053
Home Depot, Inc. (The),
Sr. Unsec’d. Notes		5.875	12/16/36		8		8,805
McDonald’s Corp.,
Sr. Unsec’d. Notes, MTN		4.700	12/09/35		18		17,880


							125,372

Semiconductors 0.5%

Broadcom Corp./Broadcom Cayman Finance Ltd.,
Gtd. Notes		3.500	01/15/28		45		43,545
Broadcom, Inc.,
Sr. Unsec’d. Notes, 144A		3.137	11/15/35		42		35,108
Sr. Unsec’d. Notes, 144A		3.419	04/15/33		120		106,849
Sr. Unsec’d. Notes, 144A		4.000	04/15/29		25		24,388
Intel Corp.,
Sr. Unsec’d. Notes		5.600	02/21/54		15		14,217
Sr. Unsec’d. Notes		5.900	02/10/63		15		14,501


							238,608

Software 0.2%

Oracle Corp.,
Sr. Unsec’d. Notes		3.600	04/01/50		15		10,952
Sr. Unsec’d. Notes		3.850	04/01/60		8		5,759
Sr. Unsec’d. Notes		5.550	02/06/53		20		19,815
Sr. Unsec’d. Notes		6.900	11/09/52		30		34,924
Workday, Inc.,
Sr. Unsec’d. Notes		3.700	04/01/29		20		19,339


							90,789

Telecommunications 1.1%

AT&T, Inc.,
Sr. Unsec’d. Notes		2.550	12/01/33		50		41,362
Sr. Unsec’d. Notes		3.500	09/15/53		50		35,555
Sr. Unsec’d. Notes		4.500	05/15/35		65		61,995

See Notes to Financial Statements.

PGIM Active Aggregate Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CORPORATE BONDS (Continued)

Telecommunications (cont’d.)

AT&T, Inc., (cont’d.)
Sr. Unsec’d. Notes		5.400%	02/15/34		50	$	51,627
Motorola Solutions, Inc.,
Sr. Unsec’d. Notes		5.400	04/15/34		45		46,368
Rogers Communications, Inc. (Canada),
Gtd. Notes		5.300	02/15/34		65		65,477
Sprint LLC,
Gtd. Notes		7.625	03/01/26		110		113,453
T-Mobile USA, Inc.,
Gtd. Notes		3.000	02/15/41		40		29,864
Gtd. Notes		3.875	04/15/30		30		28,860
Verizon Communications, Inc.,
Sr. Unsec’d. Notes		2.355	03/15/32		26		22,074
Sr. Unsec’d. Notes		3.150	03/22/30		7		6,527


							503,162

Transportation 0.1%

CSX Corp.,
Sr. Unsec’d. Notes
		6.150	05/01/37		33		36,744

Trucking & Leasing 0.3%

Penske Truck Leasing Co. LP/PTL Finance Corp.,
Sr. Unsec’d. Notes, 144A
		5.750	05/24/26		110		111,561


TOTAL CORPORATE BONDS
(cost $14,239,798)							13,186,697


MUNICIPAL BONDS 0.3%

California 0.0%

Regents of the University of California Medical Center
Pooled Revenue,
Taxable, Revenue Bonds, Series Q		4.563	05/15/53		10		9,279

See Notes to Financial Statements.

PGIM Fixed Income ETFs 39

PGIM Active Aggregate Bond ETF

Schedule of Investments (continued)

as of August 31, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

MUNICIPAL BONDS (Continued)

Michigan 0.1%

University of Michigan,

Taxable, Revenue Bonds, Sustainability Bond, Series B

3.504%

04/01/52

28,054

New Jersey 0.0%

New Jersey Turnpike Authority,

Taxable, Revenue Bonds, BABs, Series F

7.414

01/01/40

12,080

New York 0.0%

Port Authority of New York & New Jersey,

Consolidated, Taxable, Revenue Bonds, Series 174

4.458

10/01/62

9,034

Ohio 0.0%

Ohio State University (The),

Taxable, Revenue Bonds, Series A

4.800

06/01/2111

9,350

Pennsylvania 0.0%

Pennsylvania Turnpike Commission,

Revenue Bonds, BABs, Series B

5.511

12/01/45

10,257

Texas 0.1%

Dallas Fort Worth International Airport,

Taxable, Revenue Bonds, Series A

4.087

11/01/51

17,673

Virginia 0.1%

University of Virginia,

Taxable, Revenue Bonds, Series B

2.584

11/01/51

16,668

TOTAL MUNICIPAL BONDS
(cost $144,133)

112,395

RESIDENTIAL MORTGAGE-BACKED SECURITIES 0.2%

FHLMC Structured Agency Credit Risk REMIC Trust,

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

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

8.249(c)

04/25/42

31,065

MFA Trust,

Series 2021-RPL01, Class A1, 144A

1.131(cc)

07/25/60

45,339

TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES
(cost $80,322)

76,404

See Notes to Financial Statements.

PGIM Active Aggregate Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

SOVEREIGN BONDS 0.8%

Indonesia Government International Bond (Indonesia),
Sr. Unsec’d. Notes		3.500%		01/11/28		200	$	194,562
Mexico Government International Bond (Mexico),
Sr. Unsec’d. Notes, MTN		6.050		01/11/40		50		50,063
Peruvian Government International Bond (Peru),
Sr. Unsec’d. Notes		4.125		08/25/27		50		49,327
Romanian Government International Bond (Romania),
Sr. Unsec’d. Notes, 144A, MTN		6.000		05/25/34		86		86,544


TOTAL SOVEREIGN BONDS
(cost $409,008)								380,496


U.S. GOVERNMENT AGENCY OBLIGATIONS 25.4%

Federal Home Loan Mortgage Corp.		1.500		04/01/51		399		312,725
Federal Home Loan Mortgage Corp.		2.000		02/01/51		826		678,963
Federal Home Loan Mortgage Corp.		2.000		07/01/51		447		367,685
Federal Home Loan Mortgage Corp.		2.500		04/01/51		868		744,092
Federal Home Loan Mortgage Corp.		3.500		01/01/52		214		197,641
Federal Home Loan Mortgage Corp.		4.000		11/01/39		146		142,261
Federal Home Loan Mortgage Corp.		4.000		12/01/40		98		95,570
Federal Home Loan Mortgage Corp.		6.000		11/01/52		186		189,835
Federal National Mortgage Assoc.		1.500		12/01/50		319		250,370
Federal National Mortgage Assoc.		2.000		05/01/36		327		296,247
Federal National Mortgage Assoc.		2.000		05/01/51		663		546,185
Federal National Mortgage Assoc.(k)		2.500		04/01/51		1,215		1,042,526
Federal National Mortgage Assoc.		2.500		05/01/52		419		362,080
Federal National Mortgage Assoc.		3.000		11/01/46		212		193,926
Federal National Mortgage Assoc.		3.000		02/01/52		411		365,257
Federal National Mortgage Assoc.		3.000		03/01/52		394		355,024
Federal National Mortgage Assoc.		3.000		05/01/52		377		340,428
Federal National Mortgage Assoc.		3.500		06/01/47		309		288,230
Federal National Mortgage Assoc.		3.500		02/01/52		206		190,536
Federal National Mortgage Assoc.		4.000		02/01/41		120		117,511
Federal National Mortgage Assoc.		4.000		02/01/45		106		103,866
Federal National Mortgage Assoc.		4.000		03/01/49		337		322,827
Federal National Mortgage Assoc.		4.000		05/01/52		216		205,648
Federal National Mortgage Assoc.		4.500		05/01/52		276		268,541
Federal National Mortgage Assoc.		4.500		06/01/52		208		202,378
Federal National Mortgage Assoc.		5.000		07/01/52		443		440,232
Federal National Mortgage Assoc.		5.500		10/01/52		216		217,370
Federal National Mortgage Assoc.		5.500		11/01/52		434		438,399
Government National Mortgage Assoc.		2.000		03/20/51		369		310,458

See Notes to Financial Statements.

PGIM Fixed Income ETFs 41

PGIM Active Aggregate Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)

Government National Mortgage Assoc.		3.000%		01/20/51		517	$	469,734
Government National Mortgage Assoc.		3.500		TBA		500		465,641
Government National Mortgage Assoc.		4.500		05/20/52		880		863,675
Tennessee Valley Authority, Sr. Unsec’d. Notes		1.500		09/15/31		15		12,636
Tennessee Valley Authority, Sr. Unsec’d. Notes		4.375		08/01/34		45		45,317


TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (cost $12,336,033)								11,443,814


U.S. TREASURY OBLIGATIONS 25.6%

U.S. Treasury Bonds		1.250		05/15/50		210		110,316
U.S. Treasury Bonds		1.625		11/15/50		660		381,562
U.S. Treasury Bonds		2.000		11/15/41		1,045		753,870
U.S. Treasury Bonds		2.250		08/15/49		275		187,172
U.S. Treasury Bonds(k)		2.375		02/15/42		1,170		893,587
U.S. Treasury Bonds		2.375		11/15/49		525		366,680
U.S. Treasury Bonds		2.375		05/15/51		365		253,219
U.S. Treasury Bonds		3.000		02/15/49		740		588,762
U.S. Treasury Bonds		3.375		11/15/48		960		818,100
U.S. Treasury Bonds		3.625		02/15/53		265		237,672
U.S. Treasury Bonds		4.750		11/15/53		117		127,384
U.S. Treasury Notes		2.750		08/15/32		2,275		2,103,664
U.S. Treasury Notes		3.250		06/30/29		2,545		2,488,135
U.S. Treasury Notes		3.875		08/15/33		400		399,187
U.S. Treasury Notes		4.125		09/30/27		660		666,703
U.S. Treasury Notes		4.375		07/31/26		115		115,867
U.S. Treasury Notes		4.625		05/15/54		80		85,463
U.S. Treasury Strips Coupon		2.221(s)		02/15/42		1,395		636,033
U.S. Treasury Strips Coupon		2.527(s)		08/15/44		305		122,786
U.S. Treasury Strips Coupon		2.542(s)		02/15/46		450		169,963
U.S. Treasury Strips Coupon		2.561(s)		11/15/45		80		30,528


TOTAL U.S. TREASURY OBLIGATIONS (cost $12,311,771)								11,536,653


TOTAL LONG-TERM INVESTMENTS (cost $47,991,766)								44,776,997

See Notes to Financial Statements.

PGIM Active Aggregate Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



Description	Shares		Value

SHORT-TERM INVESTMENT 1.0%

AFFILIATED MUTUAL FUND
PGIM Core Government Money Market Fund (7-day effective yield 5.562%) (cost $434,051)(wb)		434,051	$	434,051


TOTAL INVESTMENTS 100.4% (cost $48,425,817)				45,211,048
Liabilities in excess of other assets(z) (0.4)%				(171,244	)


NET ASSETS 100.0%			$	45,039,804

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

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

(c)	Variable rate instrument. The interest rate shown reflects the rate in effect at August 31, 2024.

(cc)

Variable rate instrument. The rate shown is based on the latest available information as of August 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.

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

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

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

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

Forward Commitment Contracts:


U.S. Government Agency Obligations	Interest Rate	Maturity Date	Settlement Date	Principal Amount (000)#			Value
Federal National Mortgage Assoc.	4.500%	TBA	09/16/24	$	(250	)	$	(243,185	)
Government National Mortgage Assoc.	4.500%	TBA	09/23/24		(750	)		(734,678	)


TOTAL FORWARD COMMITMENT CONTRACTS
(proceeds receivable $960,723)							$	(977,863	)

Futures contracts outstanding at August 31, 2024:

Number
of
Contracts

Type

Expiration

Date

Current
Notional
Amount

Value /
Unrealized
Appreciation
(Depreciation)

Long Positions:

2 Year U.S. Treasury Notes

Dec. 2024

3,528,297

$ (1,521)

See Notes to Financial Statements.

PGIM Fixed Income ETFs 43

PGIM Active Aggregate Bond ETF

Schedule of Investments (continued)

as of August 31, 2024

Futures contracts outstanding at August 31, 2024 (continued):


Number of Contracts	Type	Expiration Date	Current Notional Amount			Value / Unrealized Appreciation (Depreciation)
Long Positions (cont’d):
5	10 Year U.S. Ultra Treasury Notes	Dec. 2024		$	587,188		$	(4,381	)
5	30 Year UMBS TBA – 5.5% Coupon	Oct. 2024			503,750			(874	)

								(6,776	)

Short Positions:
3	5 Year U.S. Treasury Notes	Dec. 2024			328,195			957
11	20 Year U.S. Treasury Bonds	Dec. 2024			1,354,375			18,421
2	30 Year U.S. Ultra Treasury Bonds	Dec. 2024			263,875			5,661

								25,039

							$	18,263

Credit default swap agreement outstanding at August 31, 2024:


Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at August 31, 2024(4)			Value at Trade Date			Value at August 31, 2024			Unrealized Appreciation (Depreciation)

Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):
CDX.NA.IG.42.V1		06/20/29		1.000%(Q)		3,650		0.493	%		$	71,992		$	88,331		$	16,339

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

(1)

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

(2)

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

See Notes to Financial Statements.

PGIM Active Aggregate Bond ETF

Schedule of Investments (continued)

as of August 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.

Interest rate swap agreements outstanding at August 31, 2024:


Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at August 31, 2024			Unrealized Appreciation (Depreciation)

	Centrally Cleared Interest Rate Swap Agreements:
	424		03/08/25		4.946%(A)	1 Day SOFR(2)(A)/ 5.320%	$	—		$	(528	)	$	(528	)
	424		03/09/25		5.110%(A)	1 Day SOFR(2)(A)/ 5.320%		—			29			29
	852		03/10/25		5.088%(A)	1 Day SOFR(2)(A)/ 5.320%		—			166			166
	965		08/31/25		4.805%(A)	1 Day SOFR(1)(A)/ 5.320%		—			(5,054	)		(5,054	)
	2,005		05/13/27		4.497%(A)	1 Day SOFR(2)(A)/ 5.320%		673			40,725			40,052
	1,250		05/13/29		4.253%(A)	1 Day SOFR(1)(A)/ 5.320%		(1,250	)		(39,949	)		(38,699	)
	70		05/11/54		1.350%(A)	1 Day SOFR(1)(A)/ 5.320%		31,566			27,283			(4,283	)

							$	30,989		$	22,672		$	(8,317	)

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

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

Total return swap agreement outstanding at August 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:

Total Return Benchmark Bond Index(T)

1 Day USOIS

-54bps(T)/

4.790%

JPM

09/20/24

(244)

$(5,808)

—

(5,808

)

(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).

See Notes to Financial Statements.

PGIM Fixed Income ETFs 45

PGIM Active Aggregate Bond ETF

Schedule of Investments (continued)

as of August 31, 2024

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


	Premiums Paid	Premiums Received	Unrealized Appreciation	Unrealized Depreciation

OTC Swap Agreements	$—	$—	$—	$(5,808)

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


Broker	Cash and/or Foreign Currency		Securities Market Value
CGM		$—		$	160,342
JPS		—			193,992

Total		$—		$	354,334

Fair Value Measurements:

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

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

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

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

The following is a summary of the inputs used as of August 31, 2024 in valuing such portfolio securities:


	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Asset-Backed Securities
Automobiles.	$	—	$	1,590,047		$—
Collateralized Loan Obligations		—		2,820,433		—
Consumer Loans		—		293,061		—
Commercial Mortgage-Backed Securities		—		3,336,997		—
Corporate Bonds		—		13,186,697		—
Municipal Bonds		—		112,395		—
Residential Mortgage-Backed Securities.		—		76,404		—
Sovereign Bonds		—		380,496		—
U.S. Government Agency Obligations		—		11,443,814		—
U.S. Treasury Obligations.		—		11,536,653		—

See Notes to Financial Statements.

PGIM Active Aggregate Bond ETF

Schedule of Investments (continued)

as of August 31, 2024


	Level 1			Level 2			Level 3
Investments in Securities (continued)
Assets (continued)
Short-Term Investment
Affiliated Mutual Fund	$	434,051		$	—			$—

Total	$	434,051		$	44,776,997			$—


Other Financial Instruments*
Assets
Futures Contracts	$	25,039		$	—			$—
Centrally Cleared Credit Default Swap Agreement		—			16,339			—
Centrally Cleared Interest Rate Swap Agreements		—			40,247			—

Total	$	25,039		$	56,586			$—


Liabilities
Forward Commitment Contracts	$	—		$	(977,863	)		$—
Futures Contracts		(6,776	)		—			—
Centrally Cleared Interest Rate Swap Agreements		—			(48,564	)		—
OTC Total Return Swap Agreement		—			(5,808	)		—

Total	$	(6,776	)	$	(1,032,235	)		$—

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

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of August 31, 2024 were as follows:


U.S. Treasury Obligations	25.6	%
U.S. Government Agency Obligations	25.4
Commercial Mortgage-Backed Securities	7.4
Banks	6.6
Collateralized Loan Obligations	6.3
Automobiles	3.5
Electric	3.2
Pipelines	2.3
Real Estate Investment Trusts (REITs)	1.4
Oil & Gas	1.3
Pharmaceuticals	1.2
Healthcare-Services	1.2


Mining	1.2	%
Telecommunications	1.1
Commercial Services	1.0
Aerospace & Defense	1.0
Affiliated Mutual Fund	1.0
Sovereign Bonds	0.8
Media	0.8
Consumer Loans	0.6
Semiconductors	0.5
Insurance	0.5
Home Builders	0.5
Foods	0.5

See Notes to Financial Statements.

PGIM Fixed Income ETFs 47

PGIM Active Aggregate Bond ETF

Schedule of Investments (continued)

as of August 31, 2024

Industry Classification (continued):


Auto Manufacturers	0.5	%
Agriculture	0.5
Engineering & Construction	0.4
Beverages	0.4
Chemicals	0.4
Machinery-Diversified	0.4
Gas	0.3
Retail	0.3
Municipal Bonds	0.3
Trucking & Leasing	0.3
Miscellaneous Manufacturing	0.2
Biotechnology	0.2
Software	0.2
Diversified Financial Services	0.2
Residential Mortgage-Backed Securities	0.2
Airlines	0.1


Lodging	0.1	%
Entertainment	0.1
Computers	0.1
Building Materials	0.1
Transportation	0.1
Iron/Steel	0.1
Machinery-Construction & Mining	0.0	*
Auto Parts & Equipment	0.0	*

	100.4
Liabilities in excess of other assets	(0.4	)


	100.0	%

*	Less than 0.05%

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

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

Fair values of derivative instruments as of August 31, 2024 as presented in the Statement of Assets and Liabilities:

Asset Derivatives

Liability Derivatives

Derivatives not accounted for as

hedging instruments, carried at

fair value

Statement of

Assets and

Liabilities Location

Fair
Value

Statement of

Assets and

Liabilities Location

Fair
Value

Credit contracts

Due from/to broker-variation margin swaps

16,339

—

Interest rate contracts

Due from/to broker-variation margin futures

25,039

Due from/to broker-variation margin futures

6,776

Interest rate contracts

Due from/to broker-variation margin swaps

40,247

Due from/to broker-variation margin swaps

48,564

See Notes to Financial Statements.

PGIM Active Aggregate Bond ETF

Schedule of Investments (continued)

as of August 31, 2024


	Asset Derivatives			Liability Derivatives
Derivatives not accounted for as hedging instruments, carried at fair value	Statement of Assets and Liabilities Location	Fair Value		Statement of Assets and Liabilities Location	Fair Value

Interest rate contracts	—	$	—	Unrealized depreciation on OTC swap agreements	$	5,808


		$	81,625		$	61,148

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

The effects of derivative instruments on the Statement of Operations for the year ended August 31, 2024 are as follows:


Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Futures		Swaps
Credit contracts	$	—	$	35,964
Interest rate contracts		35,057		(366	)


Total	$	35,057	$	35,598


Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Futures		Swaps
Credit contracts	$	—	$	13,623
Interest rate contracts		24,351		(23,355	)


Total	$	24,351	$	(9,732	)

For the year ended August 31, 2024, the Fund’s average volume of derivative activities is as follows:


Derivative Contract Type	Average Volume of Derivative Activities*
Futures Contracts - Long Positions (1)		$6,797,146
Futures Contracts - Short Positions (1)		2,370,242
Interest Rate Swap Agreements (1)		5,487,000
Credit Default Swap Agreements - Sell Protection (1)		2,456,000
Total Return Swap Agreements (1)		240,766

*	Average volume is based on average quarter end balances for the year ended August 31, 2024.

(1)	Notional Amount in USD.

See Notes to Financial Statements.

PGIM Fixed Income ETFs 49

PGIM Active Aggregate Bond ETF

Schedule of Investments (continued)

as of August 31, 2024

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

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

Offsetting of OTC derivative assets and liabilities:


Counterparty	Gross Amounts of Recognized Assets(1)			Gross Amounts of Recognized Liabilities(1)				Net Amounts of Recognized Assets/(Liabilities)				Collateral Pledged/(Received)(2)			Net Amount
JPM		$	—		$	(5,808	)		$	(5,808	)		$	—		$	(5,808	)

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

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

See Notes to Financial Statements.

PGIM Active Aggregate Bond ETF

Statement of Assets & Liabilities

as of August 31, 2024


Assets

Investments at value:
Unaffiliated investments (cost $47,991,766)	$	44,776,997
Affiliated investments (cost $434,051)		434,051
Receivable for investments sold		1,022,065
Dividends and interest receivable		285,204
Due from broker—variation margin futures		3,917
Due from broker—variation margin swaps		1,887


Total Assets		46,524,121


Liabilities

Forward commitment contracts, at value (proceeds receivable $960,723)		977,863
Payable for investments purchased		493,410
Management fee payable		7,236
Unrealized depreciation on OTC swap agreements		5,808


Total Liabilities		1,484,317


Net Assets	$	45,039,804



Net assets were comprised of:
Shares of beneficial interest, at par	$	1,050
Paid-in capital in excess of par		51,571,195
Total distributable earnings (loss)		(6,532,441	)


Net assets, August 31, 2024	$	45,039,804

Net asset value, offering price and redemption price per share.
($45,039,804 ÷ 1,050,000 shares of common stock issued and outstanding)	$	42.90

See Notes to Financial Statements.

PGIM Fixed Income ETFs 51

PGIM Active Aggregate Bond ETF

Statement of Operations

Year Ended August 31, 2024


Net Investment Income (Loss)

Income
Interest income	$	1,826,155
Affiliated dividend income		15,646

Total income		1,841,801


Expenses
Management fee		83,584
Less: Fee waiver and/or expense reimbursement		(5,622	)

Net expenses		77,962

Net investment income (loss)		1,763,839


Realized And Unrealized Gain (Loss) On Investments

Net realized gain (loss) on:
Investment transactions		(786,806	)
Futures transactions		35,057
Swap agreement transactions		35,598

		(716,151	)

Net change in unrealized appreciation (depreciation) on:
Investments		2,399,901
Futures		24,351
Swap agreements		(9,732	)

		2,414,520

Net gain (loss) on investment transactions		1,698,369

Net Increase (Decrease) In Net Assets Resulting From Operations	$	3,462,208

See Notes to Financial Statements.

PGIM Active Aggregate Bond ETF

Statements of Changes in Net Assets



	Year Ended August 31,

	2024			2023

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)	$	1,763,839		$	1,459,114

Net realized gain (loss) on investment transactions		(716,151	)		(1,340,282	)

Net change in unrealized appreciation (depreciation) on investments		2,414,520			(526,197	)


Net increase (decrease) in net assets resulting from operations		3,462,208			(407,365	)


Dividends and Distributions

Distributions from distributable earnings		(1,785,302	)		(1,491,727	)


Fund share transactions

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

Cost of shares purchased (25,000 and 0 shares, respectively)		(1,052,213	)		—


Net increase (decrease) in net assets from Fund share transactions		(31,288	)		2,107,680


Total increase (decrease)		1,645,618			208,588

Net Assets:

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


End of year	$	45,039,804		$	43,394,186

See Notes to Financial Statements.

PGIM Fixed Income ETFs 53

PGIM Active Aggregate Bond ETF

Financial Highlights




	Year Ended August 31,									April 12, 2021^(a)through
	2024			2023			2022			August 31, 2021
Per Share Operating Performance^(b):
Net Asset Value, Beginning of Period		$41.33			$43.19			$51.07			$50.00
Income (loss) from investment operations:
Net investment income (loss)		1.66			1.44			0.95			0.25
Net realized and unrealized gain (loss) on investment transactions		1.59			(1.83	)		(7.27	)		1.05
Total from investment operations		3.25			(0.39	)		(6.32	)		1.30
Less Dividends and Distributions:
Dividends from net investment income		(1.68	)		(1.47	)		(1.02	)		(0.23	)
Distributions from net realized gains		-			-			(0.54	)		-
Total dividends and distributions		(1.68	)		(1.47	)		(1.56	)		(0.23	)
Net asset value, end of period		$42.90			$41.33			$43.19			$51.07
Total Return^(c):		8.13	%		(0.92	)%		(12.62	)%		2.59	%


Ratios/Supplemental Data:
Net assets, end of period (000)		$45,040			$43,394			$43,186			$26,810
Average net assets (000)		$43,993			$42,451			$38,280			$27,915
Ratios to average net assets^(d):
Expenses after waivers and/or expense reimbursement		0.18	%		0.19	%		0.19	%		0.19	%^(e)
Expenses before waivers and/or expense reimbursement		0.19	%		0.19	%		0.19	%		0.19	%^(e)
Net investment income (loss)		4.01	%		3.44	%		2.02	%		1.28	%^(e)
Portfolio turnover rate^(f)(g)		67	%		142	%		409	%		337	%

(a)	Commencement of operations.

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

(c)

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

(e)	Annualized.

(f)	The Fund accounts for mortgage dollar roll transactions, when applicable, as purchases and sales which, as a result, can increase its portfolio turnover rate.

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

See Notes to Financial Statements.

PGIM Active High Yield Bond ETF

Schedule of Investments

as of August 31, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount

(000)#

Value

LONG-TERM INVESTMENTS 96.2%

ASSET-BACKED SECURITIES 2.7%

Collateralized Loan Obligations

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

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

7.051%(c)

07/15/30

434

435,856

BlueMountain Fuji US CLO Ltd. (Cayman Islands),

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

6.544(c)

10/20/30

447

447,321

Madison Park Funding Ltd. (Cayman Islands),

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

6.591(c)

10/15/32

1,000

1,000,488

Rockford Tower CLO Ltd. (Cayman Islands),

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

6.802(c)

01/20/36

500

500,448

Trinitas CLO Ltd. (Bermuda),

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

6.972(c)

01/20/35

1,000

1,002,233

Voya CLO Ltd. (Cayman Islands),

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

6.567(c)

04/17/30

155

155,082

TOTAL ASSET-BACKED SECURITIES
(cost $3,527,398)

3,541,428

CORPORATE BONDS 88.9%

Advertising 0.5%

Clear Channel Outdoor Holdings, Inc.,

Sr. Sec’d. Notes, 144A

5.125

08/15/27

350

341,968

CMG Media Corp.,

Gtd. Notes, 144A (original cost $393,474; purchased 07/13/22 - 06/17/24)(f)

8.875

12/15/27

523

278,025

619,993

Aerospace & Defense 2.3%

Boeing Co. (The),

Sr. Unsec’d. Notes

5.805

05/01/50

307

289,525

Sr. Unsec’d. Notes

5.930

05/01/60

323

305,011

Bombardier, Inc. (Canada),

Sr. Unsec’d. Notes, 144A

6.000

02/15/28

510

508,725

Sr. Unsec’d. Notes, 144A

7.000

06/01/32

100

104,125

See Notes to Financial Statements.

PGIM Fixed Income ETFs 55

PGIM Active High Yield Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CORPORATE BONDS (Continued)

Aerospace & Defense (cont’d.)

Bombardier, Inc. (Canada), (cont’d.)
Sr. Unsec’d. Notes, 144A		7.125%		06/15/26		101	$	102,768
Sr. Unsec’d. Notes, 144A		7.250		07/01/31		95		99,869
Sr. Unsec’d. Notes, 144A		7.500		02/01/29		234		246,285
Sr. Unsec’d. Notes, 144A		7.875		04/15/27		109		109,545
Sr. Unsec’d. Notes, 144A		8.750		11/15/30		148		160,950
TransDigm, Inc.,
Gtd. Notes		4.625		01/15/29		174		167,412
Gtd. Notes		5.500		11/15/27		515		511,792
Sr. Sec’d. Notes, 144A		6.375		03/01/29		251		258,538
Sr. Sec’d. Notes, 144A		6.625		03/01/32		165		171,883


								3,036,428

Agriculture 0.3%

Vector Group Ltd.,
Sr. Sec’d. Notes, 144A		5.750		02/01/29		339		343,879

Airlines 1.2%

American Airlines, Inc.,
Sr. Sec’d. Notes, 144A		7.250		02/15/28		62		62,393
American Airlines, Inc./AAdvantage Loyalty IP Ltd.,
Sr. Sec’d. Notes, 144A		5.500		04/20/26		249		247,228
Sr. Sec’d. Notes, 144A		5.750		04/20/29		105		102,703
United Airlines, Inc.,
Sr. Sec’d. Notes, 144A		4.625		04/15/29		517		492,310
VistaJet Malta Finance PLC/Vista Management Holding, Inc. (Switzerland),
Sr. Unsec’d. Notes, 144A		6.375		02/01/30		253		207,460
Sr. Unsec’d. Notes, 144A		7.875		05/01/27		189		177,187
Sr. Unsec’d. Notes, 144A		9.500		06/01/28		293		273,955


								1,563,236

See Notes to Financial Statements.

PGIM Active High Yield Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CORPORATE BONDS (Continued)

Apparel 0.4%

Kontoor Brands, Inc.,
Gtd. Notes, 144A		4.125%		11/15/29		50	$	47,132
Wolverine World Wide, Inc.,
Gtd. Notes, 144A		4.000		08/15/29		581		495,943


								543,075

Auto Manufacturers 0.9%

Ford Motor Co.,
Sr. Unsec’d. Notes		9.625		04/22/30		458		544,123
Ford Motor Credit Co. LLC,
Sr. Unsec’d. Notes		3.375		11/13/25		200		195,482
JB Poindexter & Co., Inc.,
Sr. Unsec’d. Notes, 144A		8.750		12/15/31		154		162,460
PM General Purchaser LLC,
Sr. Sec’d. Notes, 144A		9.500		10/01/28		332		340,411


								1,242,476

Auto Parts & Equipment 1.2%

Adient Global Holdings Ltd.,
Sr. Sec’d. Notes, 144A		7.000		04/15/28		101		103,525
American Axle & Manufacturing, Inc.,
Gtd. Notes		6.500		04/01/27		65		65,365
Dana, Inc.,
Sr. Unsec’d. Notes		4.500		02/15/32		58		51,432
Sr. Unsec’d. Notes		5.625		06/15/28		35		34,529
Garrett Motion Holdings, Inc./Garrett LX I Sarl,
Gtd. Notes, 144A		7.750		05/31/32		215		222,815
Phinia, Inc.,
Sr. Sec’d. Notes, 144A		6.750		04/15/29		75		77,000
Tenneco, Inc.,
Sr. Sec’d. Notes, 144A		8.000		11/17/28		849		792,468
Titan International, Inc.,
Sr. Sec’d. Notes		7.000		04/30/28		223		217,986


								1,565,120

See Notes to Financial Statements.

PGIM Fixed Income ETFs 57

PGIM Active High Yield Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CORPORATE BONDS (Continued)

Banks 0.9%

Citigroup, Inc.,
Jr. Sub. Notes, Series X		3.875%(ff)		02/18/26(oo)		288	$	276,158
Freedom Mortgage Corp.,
Sr. Unsec’d. Notes, 144A		6.625		01/15/27		257		253,724
Sr. Unsec’d. Notes, 144A		7.625		05/01/26		298		299,731
Sr. Unsec’d. Notes, 144A		12.000		10/01/28		93		101,288
Sr. Unsec’d. Notes, 144A		12.250		10/01/30		75		83,259
Intesa Sanpaolo SpA (Italy),
Sub. Notes, 144A		4.198(ff)		06/01/32		200		175,215
Wells Fargo & Co.,
Jr. Sub. Notes		6.850(ff)		09/15/29(oo)		50		51,400


								1,240,775

Building Materials 1.8%

Builders FirstSource, Inc.,
Gtd. Notes, 144A		5.000		03/01/30		40		38,836
Camelot Return Merger Sub, Inc.,
Sr. Sec’d. Notes, 144A		8.750		08/01/28		103		102,307
Cornerstone Building Brands, Inc.,
Gtd. Notes, 144A		6.125		01/15/29		135		112,723
Eco Material Technologies, Inc.,
Sr. Sec’d. Notes, 144A		7.875		01/31/27		195		197,093
EMRLD Borrower LP/Emerald Co-Issuer, Inc.,
Sr. Sec’d. Notes, 144A		6.750		07/15/31		75		77,312
Griffon Corp.,
Gtd. Notes		5.750		03/01/28		105		103,017
JELD-WEN, Inc.,
Gtd. Notes, 144A		4.625		12/15/25		87		86,963
Knife River Corp.,
Sr. Unsec’d. Notes, 144A		7.750		05/01/31		50		52,995
Masterbrand, Inc.,
Gtd. Notes, 144A		7.000		07/15/32		60		61,873
Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC,
Sr. Sec’d. Notes, 144A		6.750		04/01/32		69		70,952
MIWD Holdco II LLC/MIWD Finance Corp.,
Gtd. Notes, 144A		5.500		02/01/30		210		199,784
Owens Corning,
Sr. Unsec’d. Notes		3.500		02/15/30		95		89,357

See Notes to Financial Statements.

PGIM Active High Yield Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CORPORATE BONDS (Continued)

Building Materials (cont’d.)

Smyrna Ready Mix Concrete LLC,
Sr. Sec’d. Notes, 144A		6.000%		11/01/28		332	$	331,049
Sr. Sec’d. Notes, 144A		8.875		11/15/31		108		116,143
Standard Building Solutions, Inc.,
Sr. Unsec’d. Notes, 144A		6.500		08/15/32		65		66,972
Standard Industries, Inc.,
Sr. Unsec’d. Notes, 144A		3.375		01/15/31		135		118,222
Sr. Unsec’d. Notes, 144A		4.375		07/15/30		100		93,595
Sr. Unsec’d. Notes, 144A		5.000		02/15/27		466		459,668


								2,378,861

Chemicals 1.0%

Ashland, Inc.,
Sr. Unsec’d. Notes		6.875		05/15/43		91		96,160
ASP Unifrax Holdings, Inc.,
Sr. Sec’d. Notes, 144A (original cost $50,000; purchased 09/15/21)(f)		5.250		09/30/28		50		25,881
Sr. Unsec’d. Notes, 144A (original cost $109,915; purchased 09/15/21 - 06/17/24)(f)		7.500		09/30/29		187		94,050
Avient Corp.,
Sr. Unsec’d. Notes, 144A		5.750		05/15/25		50		49,967
Cornerstone Chemical Co. LLC,
Sr. Sec’d. Notes, 144A, Cash coupon 5.000% and PIK 10.000%^		15.000		12/06/28		34		33,594
Olympus Water US Holding Corp.,
Sr. Sec’d. Notes, 144A		7.250		06/15/31		200		205,788
Sr. Sec’d. Notes, 144A		9.750		11/15/28		200		213,371
Rain CII Carbon LLC/CII Carbon Corp.,
Sec’d. Notes, 144A		7.250		04/01/25		3		2,964
SK Invictus Intermediate II Sarl,
Sr. Sec’d. Notes, 144A		5.000		10/30/29		185		173,900
SNF Group SACA (France),
Sr. Unsec’d. Notes, 144A		3.125		03/15/27		200		187,000
TPC Group, Inc.,
Sr. Sec’d. Notes, 144A		13.000		12/16/27		90		91,144

See Notes to Financial Statements.

PGIM Fixed Income ETFs 59

PGIM Active High Yield Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CORPORATE BONDS (Continued)

Chemicals (cont’d.)

Tronox, Inc.,
Gtd. Notes, 144A		4.625%		03/15/29		94	$	85,700
WR Grace Holdings LLC,
Sr. Sec’d. Notes, 144A		7.375		03/01/31		25		25,993


								1,285,512

Coal 0.1%

Conuma Resources Ltd. (Canada),
Sr. Sec’d. Notes, 144A		13.125		05/01/28		136		139,060
Coronado Finance Pty Ltd. (Australia),
Sr. Sec’d. Notes, 144A		10.750		05/15/26		35		36,269


								175,329

Commercial Services 4.5%

Adtalem Global Education, Inc.,
Sr. Sec’d. Notes, 144A		5.500		03/01/28		79		77,663
Allied Universal Holdco LLC,
Sr. Sec’d. Notes, 144A		7.875		02/15/31		285		289,287
Allied Universal Holdco LLC/Allied Universal Finance Corp.,
Sr. Unsec’d. Notes, 144A		6.000		06/01/29		400		356,000
Sr. Unsec’d. Notes, 144A		9.750		07/15/27		686		686,798
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl,
Sr. Sec’d. Notes, 144A		4.625		06/01/28		600		553,500
Alta Equipment Group, Inc.,
Sec’d. Notes, 144A		9.000		06/01/29		170		154,301
AMN Healthcare, Inc.,
Gtd. Notes, 144A		4.000		04/15/29		356		332,426
Gtd. Notes, 144A		4.625		10/01/27		50		48,936
APi Group DE, Inc.,
Gtd. Notes, 144A		4.750		10/15/29		50		47,819
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.,
Gtd. Notes, 144A		4.750		04/01/28		231		214,490
Gtd. Notes, 144A		5.375		03/01/29		163		149,779
Brink’s Co. (The),
Gtd. Notes, 144A		4.625		10/15/27		25		24,415
Gtd. Notes, 144A		6.500		06/15/29		25		25,909

See Notes to Financial Statements.

PGIM Active High Yield Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CORPORATE BONDS (Continued)

Commercial Services (cont’d.)

Herc Holdings, Inc.,
Gtd. Notes, 144A		6.625%		06/15/29		85	$	87,443
Hertz Corp. (The),
Gtd. Notes, 144A		4.625		12/01/26		115		90,255
Gtd. Notes, 144A		5.000		12/01/29		50		33,555
Mavis Tire Express Services Topco Corp.,
Sr. Unsec’d. Notes, 144A		6.500		05/15/29		769		741,032
NESCO Holdings II, Inc.,
Sec’d. Notes, 144A		5.500		04/15/29		375		346,582
Service Corp. International,
Sr. Unsec’d. Notes		3.375		08/15/30		208		186,809
Sr. Unsec’d. Notes		4.000		05/15/31		225		206,485
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc.,
Gtd. Notes, 144A		6.750		08/15/32		80		82,551
United Rentals North America, Inc.,
Gtd. Notes		3.750		01/15/32		382		344,884
Gtd. Notes		3.875		02/15/31		285		263,268
Gtd. Notes		4.875		01/15/28		138		136,042
Gtd. Notes		5.250		01/15/30		103		102,298
Valvoline, Inc.,
Sr. Unsec’d. Notes, 144A		3.625		06/15/31		248		220,821
VT Topco, Inc.,
Sr. Sec’d. Notes, 144A		8.500		08/15/30		75		78,778
Williams Scotsman, Inc.,
Sr. Sec’d. Notes, 144A		6.625		06/15/29		55		56,738


								5,938,864

Computers 1.3%

Amentum Escrow Corp.,
Sr. Unsec’d. Notes, 144A		7.250		08/01/32		80		83,591
Fortress Intermediate 3, Inc.,
Sr. Sec’d. Notes, 144A		7.500		06/01/31		150		155,784
Gartner, Inc.,
Gtd. Notes, 144A		3.625		06/15/29		50		47,228
McAfee Corp.,
Sr. Unsec’d. Notes, 144A		7.375		02/15/30		573		549,555
NCR Atleos Corp.,
Sr. Sec’d. Notes, 144A		9.500		04/01/29		312		344,000

See Notes to Financial Statements.

PGIM Fixed Income ETFs 61

PGIM Active High Yield Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CORPORATE BONDS (Continued)

Computers (cont’d.)

NCR Voyix Corp.,
Gtd. Notes, 144A		5.000%		10/01/28		336	$	331,492
Gtd. Notes, 144A		5.125		04/15/29		159		156,083
Gtd. Notes, 144A		5.250		10/01/30		50		48,677


								1,716,410

Distribution/Wholesale 0.8%

H&E Equipment Services, Inc.,
Gtd. Notes, 144A		3.875		12/15/28		759		703,050
Ritchie Bros Holdings, Inc. (Canada),
Gtd. Notes, 144A		7.750		03/15/31		75		79,500
Sr. Sec’d. Notes, 144A		6.750		03/15/28		25		25,688
Velocity Vehicle Group LLC,
Sr. Unsec’d. Notes, 144A		8.000		06/01/29		40		41,584
Windsor Holdings III LLC,
Sr. Sec’d. Notes, 144A		8.500		06/15/30		185		198,589


								1,048,411

Diversified Financial Services 4.8%

Bread Financial Holdings, Inc.,
Gtd. Notes, 144A		9.750		03/15/29		258		278,542
Encore Capital Group, Inc.,
Sr. Sec’d. Notes, 144A		8.500		05/15/30		200		209,387
Freedom Mortgage Holdings LLC,
Sr. Unsec’d. Notes, 144A		9.125		05/15/31		120		121,012
Sr. Unsec’d. Notes, 144A		9.250		02/01/29		65		66,548
GGAM Finance Ltd. (Ireland),
Gtd. Notes, 144A		6.875		04/15/29		40		41,300
Gtd. Notes, 144A		8.000		02/15/27		200		208,000
goeasy Ltd. (Canada),
Gtd. Notes, 144A		4.375		05/01/26		110		107,113
Gtd. Notes, 144A		9.250		12/01/28		20		21,450
Sr. Unsec’d. Notes, 144A		7.625		07/01/29		60		61,620
Intercontinental Exchange, Inc.,
Sr. Unsec’d. Notes, 144A		3.625		09/01/28		364		352,549
Jefferies Finance LLC/JFIN Co-Issuer Corp.,
Sr. Unsec’d. Notes, 144A		5.000		08/15/28		200		190,015

See Notes to Financial Statements.

PGIM Active High Yield Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CORPORATE BONDS (Continued)

Diversified Financial Services (cont’d.)

LD Holdings Group LLC,
Gtd. Notes, 144A	6.125%		04/01/28		139	$	117,747
LFS Topco LLC,
Gtd. Notes, 144A	5.875		10/15/26		88		81,831
Macquarie Airfinance Holdings Ltd. (United Kingdom),
Sr. Unsec’d. Notes, 144A	6.400		03/26/29		58		59,921
Sr. Unsec’d. Notes, 144A	6.500		03/26/31		105		109,573
Sr. Unsec’d. Notes, 144A	8.125		03/30/29		179		190,409
Sr. Unsec’d. Notes, 144A	8.375		05/01/28		103		108,855
Nationstar Mortgage Holdings, Inc.,
Gtd. Notes, 144A	5.125		12/15/30		358		340,029
Gtd. Notes, 144A	5.750		11/15/31		90		87,625
Gtd. Notes, 144A	6.000		01/15/27		587		586,140
Gtd. Notes, 144A	6.500		08/01/29		75		75,575
Navient Corp.,
Sr. Unsec’d. Notes	5.500		03/15/29		254		241,578
Sr. Unsec’d. Notes	6.750		06/25/25		114		114,380
Sr. Unsec’d. Notes	9.375		07/25/30		164		177,910
OneMain Finance Corp.,
Gtd. Notes	3.875		09/15/28		275		253,292
Gtd. Notes	4.000		09/15/30		75		66,387
Gtd. Notes	6.625		01/15/28		48		48,864
Gtd. Notes	7.125		03/15/26		555		565,435
Gtd. Notes	7.125		11/15/31		80		80,796
Gtd. Notes	7.500		05/15/31		55		56,765
PennyMac Financial Services, Inc.,
Gtd. Notes, 144A	4.250		02/15/29		135		127,568
Gtd. Notes, 144A	5.375		10/15/25		491		489,027
Gtd. Notes, 144A	5.750		09/15/31		75		72,366
Gtd. Notes, 144A	7.125		11/15/30		80		81,260
Gtd. Notes, 144A	7.875		12/15/29		25		26,535
PRA Group, Inc.,
Gtd. Notes, 144A	8.875		01/31/30		65		67,239
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.,
Gtd. Notes, 144A	3.625		03/01/29		224		208,194
Gtd. Notes, 144A	3.875		03/01/31		75		68,492
Gtd. Notes, 144A	4.000		10/15/33		208		183,714


							6,345,043

See Notes to Financial Statements.

PGIM Fixed Income ETFs 63

PGIM Active High Yield Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CORPORATE BONDS (Continued)

Electric 4.4%

Calpine Corp.,
Sr. Sec’d. Notes, 144A	3.750%		03/01/31		240	$	220,075
Sr. Sec’d. Notes, 144A	4.500		02/15/28		200		193,940
Sr. Unsec’d. Notes, 144A	4.625		02/01/29		421		402,186
Sr. Unsec’d. Notes, 144A	5.000		02/01/31		915		878,393
Sr. Unsec’d. Notes, 144A	5.125		03/15/28		600		586,115
NRG Energy, Inc.,
Gtd. Notes	5.750		01/15/28		100		100,081
Gtd. Notes	6.625		01/15/27		30		30,013
Gtd. Notes, 144A	3.375		02/15/29		117		107,471
Gtd. Notes, 144A	3.625		02/15/31		160		143,559
Gtd. Notes, 144A	3.875		02/15/32		120		107,672
Jr. Sub. Notes, 144A	10.250(ff)		03/15/28(oo)		674		749,745
PG&E Corp.,
Sr. Sec’d. Notes	5.250		07/01/30		103		100,871
Vistra Corp.,
Jr. Sub. Notes, 144A	7.000(ff)		12/15/26(oo)		418		421,773
Jr. Sub. Notes, 144A	8.000(ff)		10/15/26(oo)		122		126,117
Vistra Operations Co. LLC,
Gtd. Notes, 144A	4.375		05/01/29		371		355,401
Gtd. Notes, 144A	5.000		07/31/27		399		394,937
Gtd. Notes, 144A	5.500		09/01/26		195		194,840
Gtd. Notes, 144A	5.625		02/15/27		616		615,162
Gtd. Notes, 144A	6.875		04/15/32		95		98,811


							5,827,162

Electrical Components & Equipment 0.7%

Energizer Holdings, Inc.,
Gtd. Notes, 144A	4.375		03/31/29		296		278,744
EnerSys,
Gtd. Notes, 144A	6.625		01/15/32		35		36,684
WESCO Distribution, Inc.,
Gtd. Notes, 144A	6.375		03/15/29		136		139,766
Gtd. Notes, 144A	6.625		03/15/32		70		72,233
Gtd. Notes, 144A	7.250		06/15/28		333		341,678


							869,105

See Notes to Financial Statements.

PGIM Active High Yield Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CORPORATE BONDS (Continued)

Engineering & Construction 0.1%

Brand Industrial Services, Inc.,
Sr. Sec’d. Notes, 144A	10.375%		08/01/30		84	$	91,559
TopBuild Corp.,
Gtd. Notes, 144A	4.125		02/15/32		50		45,577


							137,136

Entertainment 3.0%

Caesars Entertainment, Inc.,
Gtd. Notes, 144A	4.625		10/15/29		749		708,228
Sr. Sec’d. Notes, 144A	6.500		02/15/32		220		226,244
Sr. Sec’d. Notes, 144A	7.000		02/15/30		409		424,061
CCM Merger, Inc.,
Sr. Unsec’d. Notes, 144A	6.375		05/01/26		170		169,885
Churchill Downs, Inc.,
Sr. Unsec’d. Notes, 144A	5.750		04/01/30		106		105,289
Cinemark USA, Inc.,
Gtd. Notes, 144A	7.000		08/01/32		55		57,092
Jacobs Entertainment, Inc.,
Sr. Unsec’d. Notes, 144A	6.750		02/15/29		415		395,502
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp.,
Sr. Sec’d. Notes, 144A	4.875		05/01/29		384		367,035
Penn Entertainment, Inc.,
Sr. Unsec’d. Notes, 144A	4.125		07/01/29		25		22,388
Sr. Unsec’d. Notes, 144A	5.625		01/15/27		484		475,081
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.,
Gtd. Notes, 144A	5.875		09/01/31		135		93,634
Scientific Games Holdings LP/Scientific Games US FinCo, Inc.,
Sr. Unsec’d. Notes, 144A	6.625		03/01/30		444		439,735
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.,
Gtd. Notes, 144A	5.125		10/01/29		295		288,550
Gtd. Notes, 144A	7.125		02/15/31		226		239,912


							4,012,636

See Notes to Financial Statements.

PGIM Fixed Income ETFs 65

PGIM Active High Yield Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CORPORATE BONDS (Continued)

Environmental Control 0.8%

GFL Environmental, Inc.,
Gtd. Notes, 144A	4.000%		08/01/28		179	$	170,050
Gtd. Notes, 144A	4.375		08/15/29		229		217,337
Gtd. Notes, 144A	4.750		06/15/29		204		196,860
Sr. Sec’d. Notes, 144A	6.750		01/15/31		108		112,320
Reworld Holding Corp.,
Gtd. Notes	5.000		09/01/30		100		91,910
Gtd. Notes, 144A	4.875		12/01/29		261		242,322
Wrangler Holdco Corp. (Canada),
Gtd. Notes, 144A	6.625		04/01/32		40		41,400


							1,072,199

Foods 2.5%

Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s LP/Albertson’s LLC,
Gtd. Notes, 144A	3.500		03/15/29		135		125,090
Gtd. Notes, 144A	5.875		02/15/28		125		124,757
B&G Foods, Inc.,
Gtd. Notes	5.250		09/15/27		574		543,664
Sr. Sec’d. Notes, 144A	8.000		09/15/28		343		356,506
Bellis Acquisition Co. PLC (United Kingdom),
Sr. Sec’d. Notes, 144A	8.125		05/14/30		GBP 175		222,970
JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl,
Gtd. Notes	3.625		01/15/32		388		346,380
Lamb Weston Holdings, Inc.,
Gtd. Notes, 144A	4.375		01/31/32		200		183,920
Pilgrim’s Pride Corp.,
Gtd. Notes	3.500		03/01/32		114		100,766
Gtd. Notes	4.250		04/15/31		534		501,855
Post Holdings, Inc.,
Gtd. Notes, 144A	4.625		04/15/30		231		219,596
Gtd. Notes, 144A	5.500		12/15/29		350		343,788
Gtd. Notes, 144A	6.375		03/01/33		95		95,717
Sr. Sec’d. Notes, 144A	6.250		02/15/32		65		66,708
Sr. Unsec’d. Notes, 144A	4.500		09/15/31		105		97,668


							3,329,385

See Notes to Financial Statements.

PGIM Active High Yield Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CORPORATE BONDS (Continued)

Gas 0.1%

AmeriGas Partners LP/AmeriGas Finance Corp.,
Sr. Unsec’d. Notes	5.750%		05/20/27		68	$	66,549
Sr. Unsec’d. Notes	5.875		08/20/26		103		101,903


							168,452

Healthcare-Products 1.1%

Medline Borrower LP,
Sr. Sec’d. Notes, 144A
	3.875		04/01/29		1,523		1,440,347

Healthcare-Services 4.0%

DaVita, Inc.,
Gtd. Notes, 144A	3.750		02/15/31		1,654		1,472,846
Gtd. Notes, 144A	4.625		06/01/30		75		70,585
Gtd. Notes, 144A	6.875		09/01/32		145		148,362
HCA, Inc.,
Gtd. Notes	7.500		11/06/33		75		85,661
Legacy LifePoint Health LLC,
Sr. Sec’d. Notes, 144A	4.375		02/15/27		158		154,267
LifePoint Health, Inc.,
Gtd. Notes, 144A	5.375		01/15/29		943		881,269
MPH Acquisition Holdings LLC,
Sr. Sec’d. Notes, 144A	5.500		09/01/28		564		411,477
Prime Healthcare Services, Inc.,
Sr. Sec’d. Notes, 144A	9.375		09/01/29		120		120,906
Tenet Healthcare Corp.,
Sr. Sec’d. Notes	4.250		06/01/29		906		869,962
Sr. Sec’d. Notes	4.375		01/15/30		888		849,681
Sr. Unsec’d. Notes	6.875		11/15/31		210		228,458


							5,293,474

Home Builders 3.6%

Ashton Woods USA LLC/Ashton Woods Finance Co.,
Sr. Unsec’d. Notes, 144A	4.625		08/01/29		113		107,214
Sr. Unsec’d. Notes, 144A	4.625		04/01/30		200		188,350
Beazer Homes USA, Inc.,
Gtd. Notes	5.875		10/15/27		427		424,478
Gtd. Notes	7.250		10/15/29		313		319,906

See Notes to Financial Statements.

PGIM Fixed Income ETFs 67

PGIM Active High Yield Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CORPORATE BONDS (Continued)

Home Builders (cont’d.)

Beazer Homes USA, Inc., (cont’d.)
Sr. Unsec’d. Notes, 144A	7.500%		03/15/31		105	$	107,174
Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada),
Gtd. Notes, 144A	4.875		02/15/30		210		194,250
Gtd. Notes, 144A	6.250		09/15/27		410		407,950
Empire Communities Corp. (Canada),
Sr. Unsec’d. Notes, 144A	9.750		05/01/29		150		158,437
Forestar Group, Inc.,
Gtd. Notes, 144A	5.000		03/01/28		75		72,775
KB Home,
Gtd. Notes	4.800		11/15/29		210		204,993
Gtd. Notes	7.250		07/15/30		210		218,665
Landsea Homes Corp.,
Sr. Unsec’d. Notes, 144A	8.875		04/01/29		195		201,667
M/I Homes, Inc.,
Gtd. Notes	3.950		02/15/30		110		101,044
Gtd. Notes	4.950		02/01/28		25		24,520
Mattamy Group Corp. (Canada),
Sr. Unsec’d. Notes, 144A	4.625		03/01/30		160		151,400
Sr. Unsec’d. Notes, 144A	5.250		12/15/27		572		564,135
New Home Co., Inc. (The),
Sr. Unsec’d. Notes, 144A	9.250		10/01/29		80		83,368
Shea Homes LP/Shea Homes Funding Corp.,
Sr. Unsec’d. Notes	4.750		02/15/28		307		299,642
Sr. Unsec’d. Notes	4.750		04/01/29		98		94,177
STL Holding Co. LLC,
Sr. Unsec’d. Notes, 144A	8.750		02/15/29		105		110,360
Taylor Morrison Communities, Inc.,
Gtd. Notes, 144A	5.875		06/15/27		412		417,334
Sr. Unsec’d. Notes, 144A	5.125		08/01/30		144		142,570
Tri Pointe Homes, Inc.,
Gtd. Notes	5.250		06/01/27		75		74,674
Gtd. Notes	5.700		06/15/28		115		115,602


							4,784,685

Household Products/Wares 0.6%

ACCO Brands Corp.,
Gtd. Notes, 144A	4.250		03/15/29		506		470,654

See Notes to Financial Statements.

PGIM Active High Yield Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CORPORATE BONDS (Continued)

Household Products/Wares (cont’d.)

Kronos Acquisition Holdings, Inc. (Canada),
Sr. Sec’d. Notes, 144A	8.250%		06/30/31		190	$	195,462
Sr. Unsec’d. Notes, 144A	10.750		06/30/32		90		89,796


							755,912

Housewares 0.7%

Scotts Miracle-Gro Co. (The),
Gtd. Notes	4.000		04/01/31		426		381,696
Gtd. Notes	4.375		02/01/32		201		181,224
SWF Holdings I Corp.,
Sr. Unsec’d. Notes, 144A (original cost $610,288; purchased 09/17/21 - 06/17/24)(f)	6.500		10/01/29		757		401,203


							964,123

Insurance 0.9%

Acrisure LLC/Acrisure Finance, Inc.,
Sr. Sec’d. Notes, 144A	7.500		11/06/30		150		154,200
Sr. Unsec’d. Notes, 144A	8.250		02/01/29		447		459,638
Sr. Unsec’d. Notes, 144A	8.500		06/15/29		85		88,419
AmWINS Group, Inc.,
Sr. Unsec’d. Notes, 144A	4.875		06/30/29		175		166,855
AssuredPartners, Inc.,
Sr. Unsec’d. Notes, 144A	5.625		01/15/29		140		133,780
BroadStreet Partners, Inc.,
Sr. Unsec’d. Notes, 144A	5.875		04/15/29		180		171,313


							1,174,205

Internet 0.4%

Gen Digital, Inc.,
Sr. Unsec’d. Notes, 144A	5.000		04/15/25		392		390,305
Go Daddy Operating Co. LLC/GD Finance Co., Inc.,
Gtd. Notes, 144A	3.500		03/01/29		205		190,706


							581,011

See Notes to Financial Statements.

PGIM Fixed Income ETFs 69

PGIM Active High Yield Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CORPORATE BONDS (Continued)

Iron/Steel 0.5%

ATI, Inc.,
Sr. Unsec’d. Notes		7.250%		08/15/30		60	$	63,659
Big River Steel LLC/BRS Finance Corp.,
Sr. Sec’d. Notes, 144A		6.625		01/31/29		98		99,076
Cleveland-Cliffs, Inc.,
Gtd. Notes, 144A		6.750		04/15/30		231		234,550
Gtd. Notes, 144A		7.000		03/15/32		105		105,482
Mineral Resources Ltd. (Australia),
Sr. Unsec’d. Notes, 144A		9.250		10/01/28		175		185,281


								688,048

Leisure Time 4.4%

Amer Sports Co. (Finland),
Sr. Sec’d. Notes, 144A		6.750		02/16/31		300		303,000
Carnival Corp.,
Gtd. Notes, 144A		5.750		03/01/27		1,071		1,071,000
Sr. Sec’d. Notes, 144A		4.000		08/01/28		737		701,992
Lindblad Expeditions Holdings, Inc.,
Sr. Sec’d. Notes, 144A		9.000		05/15/28		225		233,472
Lindblad Expeditions LLC,
Sr. Sec’d. Notes, 144A		6.750		02/15/27		50		49,674
NCL Corp. Ltd.,
Gtd. Notes, 144A		5.875		03/15/26		587		584,615
Sr. Sec’d. Notes, 144A		5.875		02/15/27		177		176,779
Sr. Sec’d. Notes, 144A		8.125		01/15/29		195		208,705
Sr. Sec’d. Notes, 144A		8.375		02/01/28		46		48,473
Sr. Unsec’d. Notes, 144A		7.750		02/15/29		320		341,200
NCL Finance Ltd.,
Gtd. Notes, 144A		6.125		03/15/28		221		223,210
Royal Caribbean Cruises Ltd.,
Gtd. Notes, 144A		7.250		01/15/30		95		99,988
Sr. Unsec’d. Notes, 144A		5.375		07/15/27		206		206,599
Sr. Unsec’d. Notes, 144A		5.500		08/31/26		50		49,938
Sr. Unsec’d. Notes, 144A		5.500		04/01/28		366		367,493
Sr. Unsec’d. Notes, 144A		6.000		02/01/33		230		235,674
Viking Cruises Ltd.,
Gtd. Notes, 144A		5.875		09/15/27		225		224,692
Sr. Unsec’d. Notes, 144A		9.125		07/15/31		154		168,822

See Notes to Financial Statements.

PGIM Active High Yield Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CORPORATE BONDS (Continued)

Leisure Time (cont’d.)

Viking Ocean Cruises Ship VII Ltd.,
Sr. Sec’d. Notes, 144A		5.625%	02/15/29		283	$	279,462
VOC Escrow Ltd.,
Sr. Sec’d. Notes, 144A		5.000	02/15/28		225		220,250


							5,795,038

Lodging 1.6%

Boyd Gaming Corp.,
Gtd. Notes, 144A		4.750	06/15/31		360		338,554
Hilton Domestic Operating Co., Inc.,
Gtd. Notes, 144A		3.625	02/15/32		206		184,792
Gtd. Notes, 144A		5.875	04/01/29		120		122,218
MGM Resorts International,
Gtd. Notes		4.625	09/01/26		27		26,621
Gtd. Notes		4.750	10/15/28		470		457,778
Gtd. Notes		5.500	04/15/27		216		216,027
Gtd. Notes		6.500	04/15/32		440		443,433
Wynn Macau Ltd. (Macau),
Sr. Unsec’d. Notes, 144A		5.625	08/26/28		400		381,200


							2,170,623

Machinery-Construction & Mining 0.4%

Terex Corp.,
Gtd. Notes, 144A
		5.000	05/15/29		506		491,628

Machinery-Diversified 0.8%

Chart Industries, Inc.,
Gtd. Notes, 144A		9.500	01/01/31		179		194,379
Sr. Sec’d. Notes, 144A		7.500	01/01/30		198		208,189
GrafTech Finance, Inc.,
Sr. Sec’d. Notes, 144A (original cost $225,481; purchased 07/29/21 - 06/24/24)(f)		4.625	12/15/28		264		176,778

See Notes to Financial Statements.

PGIM Fixed Income ETFs 71

PGIM Active High Yield Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CORPORATE BONDS (Continued)

Machinery-Diversified (cont’d.)

Maxim Crane Works Holdings Capital LLC,
Sec’d. Notes, 144A	11.500%	09/01/28		253	$	263,270
TK Elevator US Newco, Inc. (Germany),
Sr. Sec’d. Notes, 144A	5.250	07/15/27		250		245,313


						1,087,929

Media 5.0%

CCO Holdings LLC/CCO Holdings Capital Corp.,
Sr. Unsec’d. Notes	4.500	05/01/32		771		658,549
Sr. Unsec’d. Notes, 144A	4.250	02/01/31		502		435,782
Sr. Unsec’d. Notes, 144A	5.000	02/01/28		150		144,295
Sr. Unsec’d. Notes, 144A	5.125	05/01/27		50		49,062
Sr. Unsec’d. Notes, 144A	5.375	06/01/29		376		356,381
Sr. Unsec’d. Notes, 144A	5.500	05/01/26		110		109,707
CSC Holdings LLC,
Gtd. Notes, 144A	3.375	02/15/31		200		129,115
Gtd. Notes, 144A	4.125	12/01/30		200		131,442
Gtd. Notes, 144A	5.375	02/01/28		680		521,475
Gtd. Notes, 144A	5.500	04/15/27		200		163,659
Sr. Unsec’d. Notes, 144A	4.625	12/01/30		200		78,140
Sr. Unsec’d. Notes, 144A	5.750	01/15/30		200		78,987
Diamond Sports Group LLC/Diamond Sports Finance Co.,
Gtd. Notes, 144A (original cost $565,303; purchased 07/18/19 - 06/03/22)(f)	6.625	08/15/27(d)		1,251		22,905
Sec’d. Notes, 144A (original cost $507,220; purchased 07/18/19 - 08/30/22)(f)	5.375	08/15/26(d)		1,235		15,860
DISH DBS Corp.,
Gtd. Notes	5.125	06/01/29		681		310,734
Gtd. Notes	7.375	07/01/28		807		414,499
Gtd. Notes	7.750	07/01/26		263		177,799
DISH Network Corp.,
Sr. Sec’d. Notes, 144A	11.750	11/15/27		575		584,362
News Corp.,
Sr. Unsec’d. Notes, 144A	3.875	05/15/29		25		23,473
Nexstar Media, Inc.,
Gtd. Notes, 144A	5.625	07/15/27		85		83,065
Radiate Holdco LLC/Radiate Finance, Inc.,
Sr. Sec’d. Notes, 144A	4.500	09/15/26		214		169,497

See Notes to Financial Statements.

PGIM Active High Yield Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CORPORATE BONDS (Continued)

Media (cont’d.)

Radiate Holdco LLC/Radiate Finance, Inc., (cont’d.)
Sr. Unsec’d. Notes, 144A		6.500%		09/15/28		703	$	386,730
Sinclair Television Group, Inc.,
Gtd. Notes, 144A		5.125		02/15/27		273		232,560
Univision Communications, Inc.,
Sr. Sec’d. Notes, 144A		4.500		05/01/29		202		177,284
Sr. Sec’d. Notes, 144A		6.625		06/01/27		457		452,374
Sr. Sec’d. Notes, 144A		8.000		08/15/28		347		350,860
Virgin Media Secured Finance PLC (United Kingdom),
Sr. Sec’d. Notes, 144A		4.500		08/15/30		200		176,000
VZ Secured Financing BV (Netherlands),
Sr. Sec’d. Notes, 144A		5.000		01/15/32		250		225,859


								6,660,455

Mining 1.8%

Arsenal AIC Parent LLC,
Sr. Sec’d. Notes, 144A		8.000		10/01/30		50		53,832
Unsec’d. Notes, 144A		11.500		10/01/31		110		124,523
Eldorado Gold Corp. (Turkey),
Sr. Unsec’d. Notes, 144A		6.250		09/01/29		259		255,822
First Quantum Minerals Ltd. (Zambia),
Gtd. Notes, 144A		6.875		10/15/27		200		197,812
Gtd. Notes, 144A		8.625		06/01/31		200		200,063
Hecla Mining Co.,
Gtd. Notes		7.250		02/15/28		160		162,706
Hudbay Minerals, Inc. (Canada),
Gtd. Notes, 144A		4.500		04/01/26		237		233,445
Gtd. Notes, 144A		6.125		04/01/29		254		255,519
New Gold, Inc. (Canada),
Gtd. Notes, 144A		7.500		07/15/27		385		388,369
Novelis Corp.,
Gtd. Notes, 144A		3.875		08/15/31		225		201,927
Gtd. Notes, 144A		4.750		01/30/30		240		229,788
Taseko Mines Ltd. (Canada),
Sr. Sec’d. Notes, 144A		8.250		05/01/30		80		83,000


								2,386,806

See Notes to Financial Statements.

PGIM Fixed Income ETFs 73

PGIM Active High Yield Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CORPORATE BONDS (Continued)

Miscellaneous Manufacturing 0.5%

Amsted Industries, Inc.,
Sr. Unsec’d. Notes, 144A		4.625%		05/15/30		467	$	440,024
Trinity Industries, Inc.,
Gtd. Notes, 144A		7.750		07/15/28		150		157,157


								597,181

Office/Business Equipment 0.0%

Zebra Technologies Corp.,
Gtd. Notes, 144A
		6.500		06/01/32		55		56,899

Oil & Gas 6.5%

Aethon United BR LP/Aethon United Finance Corp.,
Sr. Unsec’d. Notes, 144A		8.250		02/15/26		100		101,338
Alta Mesa Holdings LP/Alta Mesa Finance Services Corp.,
Gtd. Notes		7.875		12/15/24(d)		310		31
Ascent Resources Utica Holdings LLC/ARU Finance Corp.,
Gtd. Notes, 144A		7.000		11/01/26		320		321,219
Gtd. Notes, 144A		9.000		11/01/27		119		145,375
Sr. Unsec’d. Notes, 144A		8.250		12/31/28		127		130,807
Chesapeake Energy Corp.,
Gtd. Notes, 144A (original cost $ 282,840; purchased 01/06/23 - 06/17/24)(f)		5.875		02/01/29		296		296,856
Gtd. Notes, 144A (original cost $ 44,715; purchased 08/02/21 - 06/14/24)(f)		6.750		04/15/29		44		44,692
CITGO Petroleum Corp.,
Sr. Sec’d. Notes, 144A		7.000		06/15/25		378		378,597
Civitas Resources, Inc.,
Gtd. Notes, 144A		8.375		07/01/28		220		232,369
Gtd. Notes, 144A		8.625		11/01/30		225		245,041
CNX Resources Corp.,
Gtd. Notes, 144A		7.250		03/01/32		85		89,156
Comstock Resources, Inc.,
Gtd. Notes, 144A		5.875		01/15/30		120		113,529
Gtd. Notes, 144A		6.750		03/01/29		192		188,816
Crescent Energy Finance LLC,
Gtd. Notes, 144A		7.375		01/15/33		85		87,275

See Notes to Financial Statements.

PGIM Active High Yield Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CORPORATE BONDS (Continued)

Oil & Gas (cont’d.)

Crescent Energy Finance LLC, (cont’d.)
Gtd. Notes, 144A		7.625%		04/01/32		89	$	91,812
Gtd. Notes, 144A		9.250		02/15/28		215		227,518
CrownRock LP/CrownRock Finance, Inc.,
Sr. Unsec’d. Notes, 144A		5.000		05/01/29		16		16,233
Diamond Foreign Asset Co./Diamond Finance LLC,
Sec’d. Notes, 144A		8.500		10/01/30		50		52,570
Hilcorp Energy I LP/Hilcorp Finance Co.,
Sr. Unsec’d. Notes, 144A		5.750		02/01/29		333		330,884
Sr. Unsec’d. Notes, 144A		6.000		04/15/30		362		360,916
Sr. Unsec’d. Notes, 144A		6.000		02/01/31		251		249,819
Sr. Unsec’d. Notes, 144A		6.250		11/01/28		165		165,984
Sr. Unsec’d. Notes, 144A		6.250		04/15/32		74		73,892
Sr. Unsec’d. Notes, 144A		8.375		11/01/33		57		62,417
Kraken Oil & Gas Partners LLC,
Sr. Unsec’d. Notes, 144A		7.625		08/15/29		60		61,845
Matador Resources Co.,
Gtd. Notes, 144A		6.500		04/15/32		135		137,101
MEG Energy Corp. (Canada),
Gtd. Notes, 144A		5.875		02/01/29		118		116,967
Nabors Industries Ltd.,
Gtd. Notes, 144A		7.500		01/15/28		211		206,780
Nabors Industries, Inc.,
Gtd. Notes, 144A		8.875		08/15/31		75		75,198
Gtd. Notes, 144A		9.125		01/31/30		430		461,434
Noble Finance II LLC,
Gtd. Notes, 144A		8.000		04/15/30		145		150,548
Parkland Corp. (Canada),
Gtd. Notes, 144A		4.500		10/01/29		334		314,508
Gtd. Notes, 144A		4.625		05/01/30		216		202,230
Sr. Unsec’d. Notes, 144A		6.625		08/15/32		55		55,426
Permian Resources Operating LLC,
Gtd. Notes, 144A		6.250		02/01/33		80		82,029
Gtd. Notes, 144A		7.000		01/15/32		154		161,395
Gtd. Notes, 144A		8.000		04/15/27		105		108,576
Precision Drilling Corp. (Canada),
Gtd. Notes, 144A		6.875		01/15/29		49		49,623
Gtd. Notes, 144A		7.125		01/15/26		36		35,955
Range Resources Corp.,
Gtd. Notes		4.875		05/15/25		130		129,413

See Notes to Financial Statements.

PGIM Fixed Income ETFs 75

PGIM Active High Yield Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CORPORATE BONDS (Continued)

Oil & Gas (cont’d.)

Range Resources Corp., (cont’d.)
Gtd. Notes, 144A		4.750%		02/15/30		35	$	33,612
SM Energy Co.,
Sr. Unsec’d. Notes, 144A		6.750		08/01/29		70		71,160
Sr. Unsec’d. Notes, 144A		7.000		08/01/32		45		46,163
Southwestern Energy Co.,
Gtd. Notes		4.750		02/01/32		806		764,184
Gtd. Notes		5.375		02/01/29		25		24,684
Gtd. Notes		5.375		03/15/30		100		99,177
Sunoco LP,
Gtd. Notes, 144A		7.000		05/01/29		103		107,350
Sunoco LP/Sunoco Finance Corp.,
Gtd. Notes		4.500		05/15/29		196		188,291
Gtd. Notes		4.500		04/30/30		161		153,252
Gtd. Notes		5.875		03/15/28		286		286,462
Transocean, Inc.,
Gtd. Notes, 144A		8.250		05/15/29		193		194,930
Gtd. Notes, 144A		8.500		05/15/31		15		15,227
Valaris Ltd.,
Sec’d. Notes, 144A		8.375		04/30/30		125		130,386
Vital Energy, Inc.,
Gtd. Notes		9.750		10/15/30		50		54,887


								8,525,939

Packaging & Containers 1.8%

ARD Finance SA (Luxembourg),
Sr. Sec’d. Notes, 144A, Cash coupon 6.500% or PIK 7.250%		6.500		06/30/27		200		46,000
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC,
Sr. Unsec’d. Notes, 144A		4.000		09/01/29		200		171,750
Graham Packaging Co., Inc.,
Gtd. Notes, 144A		7.125		08/15/28		85		83,954
Intelligent Packaging Holdco Issuer LP (Canada),
Sr. Unsec’d. Notes, 144A, Cash coupon 9.000% or PIK 9.750%		9.000		01/15/26		75		72,711
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC (Canada),
Sr. Sec’d. Notes, 144A		6.000		09/15/28		422		414,087

See Notes to Financial Statements.

PGIM Active High Yield Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CORPORATE BONDS (Continued)

Packaging & Containers (cont’d.)

Iris Holding, Inc.,
Sr. Unsec’d. Notes, 144A		10.000%		12/15/28		243	$	207,953
LABL, Inc.,
Sr. Sec’d. Notes, 144A		5.875		11/01/28		135		125,106
Sr. Sec’d. Notes, 144A		9.500		11/01/28		50		51,236
Sr. Unsec’d. Notes, 144A		8.250		11/01/29		145		129,660
Sr. Unsec’d. Notes, 144A		10.500		07/15/27		261		257,776
Mauser Packaging Solutions Holding Co.,
Sr. Sec’d. Notes, 144A		7.875		04/15/27		175		180,981
OI European Group BV,
Gtd. Notes, 144A		4.750		02/15/30		25		23,487
Owens-Brockway Glass Container, Inc.,
Gtd. Notes, 144A		6.625		05/13/27		25		25,064
Gtd. Notes, 144A		7.250		05/15/31		80		81,018
Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer, Inc.,
Sr. Sec’d. Notes, 144A		4.375		10/15/28		50		47,596
Trident TPI Holdings, Inc.,
Gtd. Notes, 144A		12.750		12/31/28		420		460,796
TriMas Corp.,
Gtd. Notes, 144A		4.125		04/15/29		50		46,529


								2,425,704

Pharmaceuticals 2.4%

AdaptHealth LLC,
Gtd. Notes, 144A		4.625		08/01/29		270		246,464
Gtd. Notes, 144A		5.125		03/01/30		300		274,218
Gtd. Notes, 144A		6.125		08/01/28		321		318,289
Bausch Health Americas, Inc.,
Gtd. Notes, 144A (original cost $ 293,940; purchased 10/22/21)(f)		8.500		01/31/27		276		204,407
Bausch Health Cos., Inc.,
Gtd. Notes, 144A (original cost $ 12,000; purchased 06/05/24)(f)		5.000		02/15/29		25		12,750
Gtd. Notes, 144A (original cost $ 12,750; purchased 05/23/24)(f)		5.250		01/30/30		25		12,000
Gtd. Notes, 144A (original cost $ 12,625; purchased 05/17/24)(f)		5.250		02/15/31		25		12,000

See Notes to Financial Statements.

PGIM Fixed Income ETFs 77

PGIM Active High Yield Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CORPORATE BONDS (Continued)

Pharmaceuticals (cont’d.)

Bausch Health Cos., Inc., (cont’d.)
Gtd. Notes, 144A (original cost $1,191,744; purchased 05/11/20 - 10/04/22)(f)		6.250%		02/15/29		1,400	$	707,000
Gtd. Notes, 144A (original cost $14,250; purchased 05/17/24)(f)		7.000		01/15/28		25		14,375
Gtd. Notes, 144A (original cost $23,250; purchased 08/02/24)(f)		9.000		12/15/25		25		22,563
Sr. Sec’d. Notes, 144A (original cost $100,703; purchased 05/24/21 - 11/16/23)(f)		4.875		06/01/28		150		112,822
Organon & Co./Organon Foreign Debt Co-Issuer BV,
Sr. Unsec’d. Notes, 144A		5.125		04/30/31		1,200		1,122,742
P&L Development LLC/PLD Finance Corp.,
Sr. Sec’d. Notes, 144A		7.750		11/15/25		86		81,053


								3,140,683

Pipelines 4.0%

Antero Midstream Partners LP/Antero Midstream Finance Corp.,
Gtd. Notes, 144A		5.375		06/15/29		74		73,139
Gtd. Notes, 144A		5.750		03/01/27		225		224,780
Gtd. Notes, 144A		5.750		01/15/28		117		117,156
Gtd. Notes, 144A		6.625		02/01/32		50		51,571
Blue Racer Midstream LLC/Blue Racer Finance Corp.,
Sr. Unsec’d. Notes, 144A		7.000		07/15/29		30		31,214
Sr. Unsec’d. Notes, 144A		7.250		07/15/32		55		57,790
Cheniere Energy Partners LP,
Gtd. Notes		4.000		03/01/31		110		103,805
Gtd. Notes		4.500		10/01/29		25		24,457
Cheniere Energy, Inc.,
Sr. Unsec’d. Notes		4.625		10/15/28		196		193,963
Energy Transfer LP,
Jr. Sub. Notes, Series G		7.125(ff)		05/15/30(oo)		50		50,202
EQM Midstream Partners LP,
Sr. Unsec’d. Notes		5.500		07/15/28		25		25,201
Sr. Unsec’d. Notes, 144A		6.000		07/01/25		213		213,337
Sr. Unsec’d. Notes, 144A		6.500		07/01/27		45		46,161
Sr. Unsec’d. Notes, 144A		7.500		06/01/27		103		106,256
Sr. Unsec’d. Notes, 144A		7.500		06/01/30		85		92,790

See Notes to Financial Statements.

PGIM Active High Yield Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CORPORATE BONDS (Continued)

Pipelines (cont’d.)

Global Partners LP/GLP Finance Corp.,
Gtd. Notes		6.875%		01/15/29		191	$	192,417
Gtd. Notes, 144A		8.250		01/15/32		83		86,372
Howard Midstream Energy Partners LLC,
Sr. Unsec’d. Notes, 144A		7.375		07/15/32		50		51,735
Sr. Unsec’d. Notes, 144A		8.875		07/15/28		50		53,346
Northriver Midstream Finance LP (Canada),
Sr. Sec’d. Notes, 144A		6.750		07/15/32		55		56,673
Rockies Express Pipeline LLC,
Sr. Unsec’d. Notes, 144A		4.800		05/15/30		115		106,786
Sr. Unsec’d. Notes, 144A		6.875		04/15/40		123		119,434
Sr. Unsec’d. Notes, 144A		7.500		07/15/38		120		125,332
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.,
Gtd. Notes, 144A		5.500		01/15/28		230		221,985
Gtd. Notes, 144A		6.000		03/01/27		96		95,806
Gtd. Notes, 144A		6.000		12/31/30		105		100,192
Gtd. Notes, 144A		6.000		09/01/31		50		47,402
Sr. Unsec’d. Notes, 144A		7.375		02/15/29		80		81,668
Venture Global Calcasieu Pass LLC,
Sr. Sec’d. Notes, 144A		3.875		08/15/29		297		280,815
Sr. Sec’d. Notes, 144A		4.125		08/15/31		248		230,025
Sr. Sec’d. Notes, 144A		6.250		01/15/30		88		91,557
Venture Global LNG, Inc.,
Sr. Sec’d. Notes, 144A		7.000		01/15/30		135		138,179
Sr. Sec’d. Notes, 144A		9.500		02/01/29		638		718,976
Sr. Sec’d. Notes, 144A		9.875		02/01/32		923		1,027,249


								5,237,771

Real Estate 1.3%

Five Point Operating Co. LP/Five Point Capital Corp.,
Gtd. Notes, 144A		10.500(cc)		01/15/28		338		346,770
Greystar Real Estate Partners LLC,
Sr. Sec’d. Notes, 144A		7.750		09/01/30		50		53,334
Howard Hughes Corp. (The),
Gtd. Notes, 144A		4.125		02/01/29		187		172,200
Gtd. Notes, 144A		4.375		02/01/31		210		188,990
Gtd. Notes, 144A		5.375		08/01/28		484		471,095

See Notes to Financial Statements.

PGIM Fixed Income ETFs 79

PGIM Active High Yield Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CORPORATE BONDS (Continued)

Real Estate (cont’d.)

Hunt Cos., Inc.,
Sr. Sec’d. Notes, 144A		5.250%		04/15/29		543	$	512,103


								1,744,492

Real Estate Investment Trusts (REITs) 1.1%

Diversified Healthcare Trust,
Gtd. Notes		4.375		03/01/31		206		157,490
Gtd. Notes		9.750		06/15/25		103		103,142
Sr. Unsec’d. Notes		4.750		02/15/28		106		93,162
MPT Operating Partnership LP/MPT Finance Corp.,
Gtd. Notes		3.500		03/15/31		204		139,272
Gtd. Notes		4.625		08/01/29		242		185,749
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer,
Gtd. Notes, 144A		7.000		02/01/30		80		82,094
RHP Hotel Properties LP/RHP Finance Corp.,
Gtd. Notes, 144A		4.500		02/15/29		96		92,268
Gtd. Notes, 144A		6.500		04/01/32		215		221,308
SBA Communications Corp.,
Sr. Unsec’d. Notes		3.125		02/01/29		108		99,395
Starwood Property Trust, Inc.,
Sr. Unsec’d. Notes, 144A		7.250		04/01/29		125		130,214
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC,
Sr. Sec’d. Notes, 144A		10.500		02/15/28		125		128,427


								1,432,521

Retail 5.7%

1011778 BC ULC/New Red Finance, Inc. (Canada),
Sec’d. Notes, 144A		4.000		10/15/30		598		547,918
Sr. Sec’d. Notes, 144A		3.875		01/15/28		246		234,930
Arko Corp.,
Gtd. Notes, 144A		5.125		11/15/29		200		177,864
BCPE Ulysses Intermediate, Inc.,
Sr. Unsec’d. Notes, 144A, Cash coupon 7.750% or PIK 8.500%		7.750		04/01/27		56		54,285
Beacon Roofing Supply, Inc.,
Sr. Sec’d. Notes, 144A		6.500		08/01/30		25		25,674

See Notes to Financial Statements.

PGIM Active High Yield Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CORPORATE BONDS (Continued)

Retail (cont’d.)

Brinker International, Inc.,
Gtd. Notes, 144A		8.250%		07/15/30		340	$	361,242
Carvana Co.,
Sr. Sec’d. Notes, 144A, Cash coupon 9.000% or PIK 12.000%		12.000		12/01/28		475		492,879
Sr. Sec’d. Notes, 144A, Cash coupon 11.000% or PIK 13.000%		13.000		06/01/30		266		283,980
Sr. Sec’d. Notes, 144A, PIK 14.000%		14.000		06/01/31		107		122,034
Cougar JV Subsidiary LLC,
Sr. Unsec’d. Notes, 144A		8.000		05/15/32		85		89,683
eG Global Finance PLC (United Kingdom),
Sr. Sec’d. Notes, 144A		12.000		11/30/28		225		245,250
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.,
Gtd. Notes, 144A		6.750		01/15/30		667		597,248
Sr. Sec’d. Notes, 144A		4.625		01/15/29		284		265,900
Foundation Building Materials, Inc.,
Gtd. Notes, 144A		6.000		03/01/29		271		243,608
Gap, Inc. (The),
Gtd. Notes, 144A		3.625		10/01/29		240		215,002
Gtd. Notes, 144A		3.875		10/01/31		247		213,340
LBM Acquisition LLC,
Gtd. Notes, 144A		6.250		01/15/29		395		357,415
LCM Investments Holdings II LLC,
Sr. Unsec’d. Notes, 144A		4.875		05/01/29		380		362,036
Sr. Unsec’d. Notes, 144A		8.250		08/01/31		262		278,519
Lithia Motors, Inc.,
Sr. Unsec’d. Notes, 144A		3.875		06/01/29		175		162,447
Park River Holdings, Inc.,
Gtd. Notes, 144A		5.625		02/01/29		201		165,657
Sr. Unsec’d. Notes, 144A		6.750		08/01/29		187		157,449
Patrick Industries, Inc.,
Gtd. Notes, 144A		4.750		05/01/29		75		70,438
Gtd. Notes, 144A		7.500		10/15/27		50		50,151
Sally Holdings LLC/Sally Capital, Inc.,
Gtd. Notes		6.750		03/01/32		384		391,829
Suburban Propane Partners LP/Suburban Energy Finance Corp.,
Sr. Unsec’d. Notes		5.875		03/01/27		160		159,243

See Notes to Financial Statements.

PGIM Fixed Income ETFs 81

PGIM Active High Yield Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CORPORATE BONDS (Continued)

Retail (cont’d.)

Suburban Propane Partners LP/Suburban Energy Finance Corp., (cont’d.)
Sr. Unsec’d. Notes, 144A		5.000%		06/01/31		406		$	372,878
Superior Plus LP/Superior General Partner, Inc. (Canada),
Gtd. Notes, 144A		4.500		03/15/29		359			335,180
White Cap Buyer LLC,
Sr. Unsec’d. Notes, 144A		6.875		10/15/28		388			384,271
White Cap Parent LLC,
Sr. Unsec’d. Notes, 144A, Cash coupon 8.250% or PIK 9.000%		8.250		03/15/26		50			49,899


									7,468,249

Software 0.5%

Camelot Finance SA,
Sr. Sec’d. Notes, 144A		4.500		11/01/26		110			107,481
Clarivate Science Holdings Corp.,
Gtd. Notes, 144A		4.875		07/01/29		343			330,306
SS&C Technologies, Inc.,
Gtd. Notes, 144A		5.500		09/30/27		250			249,865


									687,652

Telecommunications 5.2%
Altice Financing SA (Luxembourg),
Sr. Sec’d. Notes, 144A		2.250		01/15/25	EUR	350			379,539
Sr. Sec’d. Notes, 144A		5.000		01/15/28		400			321,000
Sr. Sec’d. Notes, 144A		5.750		08/15/29		600			460,500
Connect Finco Sarl/Connect US Finco LLC (United Kingdom),
Sr. Sec’d. Notes, 144A		6.750		10/01/26		200			197,662
Digicel Group Holdings Ltd. (Jamaica),
Sr. Sec’d. Notes, Series 1B14, 144A (original cost $11; purchased 11/14/23)^(f)		0.000		12/31/30		112			—
Sr. Sec’d. Notes, Series 3A14, 144A (original cost $92; purchased 11/14/23)^(f)		0.000		12/31/30		—	(r)		19
Sr. Sec’d. Notes, Series 3B14, 144A (original cost $0; purchased 11/14/23)^(f)		0.000		12/31/30		5			—

See Notes to Financial Statements.

PGIM Active High Yield Bond ETF

Schedule of Investments (continued)

as of August 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 $237,136; purchased 01/29/24 - 05/15/24)(f)		10.500%		05/25/27		257	$	255,172
Digicel MidCo Ltd./DIFL US II LLC (Jamaica),
Sr. Unsec’d. Notes, PIK 10.500% (original cost $277,892; purchased 01/29/24 - 05/15/24)(f)		10.500		11/25/28		424		344,786
Frontier Communications Holdings LLC,
Sr. Sec’d. Notes, 144A		5.000		05/01/28		640		621,921
Sr. Sec’d. Notes, 144A		5.875		10/15/27		175		174,335
Iliad Holding SASU (France),
Sr. Sec’d. Notes, 144A		6.500		10/15/26		225		225,855
Sr. Sec’d. Notes, 144A		7.000		10/15/28		200		202,750
Sr. Sec’d. Notes, 144A		8.500		04/15/31		200		211,500
Intelsat Jackson Holdings SA (Luxembourg),
Sr. Sec’d. Notes, 144A		6.500		03/15/30		487		467,091
Level 3 Financing, Inc.,
Gtd. Notes, 144A		3.625		01/15/29		100		62,199
Gtd. Notes, 144A		3.750		07/15/29		75		45,154
Sec’d. Notes, 144A		3.875		10/15/30		175		119,534
Sec’d. Notes, 144A		4.000		04/15/31		75		50,751
Sec’d. Notes, 144A		4.500		04/01/30		835		618,504
Sec’d. Notes, 144A		4.875		06/15/29		51		40,491
Sr. Sec’d. Notes, 144A		10.500		04/15/29		25		26,904
Sr. Sec’d. Notes, 144A		11.000		11/15/29		658		722,507
Sprint Capital Corp.,
Gtd. Notes		8.750		03/15/32		177		218,055
Sprint LLC,
Gtd. Notes		7.625		03/01/26		224		231,032
Viasat, Inc.,
Sr. Unsec’d. Notes, 144A		5.625		09/15/25		416		412,433
Zegona Finance PLC (United Kingdom),
Sr. Sec’d. Notes, 144A		8.625		07/15/29		440		459,153


								6,868,847

Transportation 0.5%
GN Bondco LLC,
Sr. Sec’d. Notes, 144A		9.500		10/15/31		439		447,155

See Notes to Financial Statements.

PGIM Fixed Income ETFs 83

PGIM Active High Yield Bond ETF

Schedule of Investments (continued)

as of August 31, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

CORPORATE BONDS (Continued)

Transportation (cont’d.)

RXO, Inc.,

Gtd. Notes, 144A

7.500%

11/15/27

100

103,561

XPO, Inc.,

Gtd. Notes, 144A

7.125

06/01/31

26,102

Gtd. Notes, 144A

7.125

02/01/32

99,659

676,477

TOTAL CORPORATE BONDS

(cost $120,845,693)

117,596,186

FLOATING RATE AND OTHER LOANS 2.4%

Advertising 0.0%

CMG Media Corp.,

2021 Refinancing Term B Loan, 3 Month SOFR + 3.600%

8.935(c)

12/17/26

21,516

Auto Parts & Equipment 0.3%

First Brands Group LLC,

Second Lien 2021 Term Loan, 3 Month SOFR + 8.762%^

14.014(c)

03/30/28

230

217,350

Tenneco, Inc.,

Term A Loan, 1 Month SOFR + 4.850%

10.082(c)

11/17/28

169

160,822

378,172

Chemicals 0.4%

Consolidated Energy Finance SA (Switzerland),

2024 Incremental Term Loan, 3 Month SOFR + 4.500%

9.557(c)

11/15/30

175

161,907

Iris Holdings Ltd.,

Initial Term Loan, 3 Month SOFR + 4.850%

10.102(c)

06/28/28

146

137,584

Venator Finance Sarl,

Initial First-Out Term Loan, 3 Month SOFR + 2.000%^

15.286(c)

12/31/25

100

99,725

Term Loan, 3 Month SOFR + 10.000%^

15.299(c)

10/12/28

142

134,973

534,189

See Notes to Financial Statements.

PGIM Active High Yield Bond ETF

Schedule of Investments (continued)

as of August 31, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

FLOATING RATE AND OTHER LOANS (Continued)

Electric 0.0%

Heritage Power LLC,

Term Loan, 3 Month SOFR + 5.500%^

10.835%(c)

07/20/28

14,976

Household Products/Wares 0.0%

Kronos Acquisition Holdings, Inc. (Canada),

Initial Loan 2024, 3 Month SOFR + 4.000%

9.314(c)

07/08/31

24,656

Housewares 0.0%

SWF Holdings I Corp.,

Initial Term Loan, 1 Month SOFR + 4.114%

9.361(c)

10/06/28

18,766

Insurance 0.4%

Acrisure LLC,

2024 Refinancing Term Loan, 3 Month SOFR + 3.250%

8.594(c)

11/06/30

150

148,687

Asurion LLC,

New B-04 Term Loan, 1 Month SOFR + 5.364%

10.611(c)

01/20/29

165

152,161

New B-08 Term Loan, 1 Month SOFR + 3.364%

8.611(c)

12/23/26

175

173,675

474,523

Media 0.6%

CSC Holdings LLC,

2022 Refinancing Term Loan, 1 Month SOFR + 4.500%

9.837(c)

01/18/28

399

380,767

Diamond Sports Group LLC,

Dip Term Loan

10.000

12/02/24

176

215,942

First Lien Term Loan, 1 Month SOFR + 10.100%

15.442(c)

05/25/26

20,100

Second Lien Term Loan, 1 Month SOFR + 3.400%

8.175(c)

08/24/26(d)

437

7,015

Gray Television, Inc.,

Term F Loan, 1 Month SOFR + 5.250%

10.592(c)

06/04/29

91,577

Radiate Holdco LLC,

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

8.611(c)

09/25/26

70,299

785,700

Retail 0.0%

Great Outdoors Group LLC,

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

9.111(c)

03/06/28

38,256

See Notes to Financial Statements.

PGIM Fixed Income ETFs 85

PGIM Active High Yield Bond ETF

Schedule of Investments (continued)

as of August 31, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

FLOATING RATE AND OTHER LOANS (Continued)

Software 0.3%

Cotiviti, Inc.,

Initial Floating Rate Term Loan, 1 Month SOFR + 3.250%

8.592%(c)

05/01/31

274

274,055

Skillsoft Finance II, Inc.,

Initial Term Loan, 1 Month SOFR + 5.364%

10.642(c)

07/14/28

190

149,767

423,822

Telecommunications 0.4%

Connect Finco Sarl (United Kingdom),

Amendment No. 4 Term Loan, 1 Month SOFR + 4.500%

9.747(c)

09/27/29

324

314,867

Digicel International Finance Ltd. (Jamaica),

Initial Term Loan, 3 Month SOFR + 6.750%

12.002(c)

05/25/27

19,996

Level 3 Financing, Inc.,

Term B-1, 1 Month SOFR + 6.560%

11.838(c)

04/15/29

15,023

Term B-2, 1 Month SOFR + 6.560%

11.838(c)

04/15/30

15,115

Xplornet Communications, Inc. (Canada),

First Lien Refinancing Term Loan, 1 Month SOFR + 4.000%

9.571(c)

10/02/28(d)

417

73,208

Initial Term Loan - Second Lien, 1 Month SOFR + 7.000%

12.564(c)

10/01/29(d)

150

2,625

440,834

Textiles 0.0%

ASP Unifrax Holdings, Inc.,

USD Term Loan (First Lien), 3 Month SOFR + 3.900%

9.235(c)

12/12/25

30,300

TOTAL FLOATING RATE AND OTHER LOANS

(cost $3,664,069)

3,185,710

U.S. TREASURY OBLIGATIONS(k) 0.5%

U.S. Treasury Notes

2.625

05/31/27

165

159,908

U.S. Treasury Notes

4.250

12/31/25

500

500,273

TOTAL U.S. TREASURY OBLIGATIONS

(cost $662,890)

660,181

See Notes to Financial Statements.

PGIM Active High Yield Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



Description	Shares		Value

COMMON STOCKS 1.2%

Chemicals 0.4%
Cornerstone Chemical Co.*^		1,807	$	34,333
TPC Group, Inc.*^		6,118		232,484
Venator Materials PLC (original cost $612,979; purchased 09/26/18 - 10/17/23)*^(f)		433		259,800


				526,617

Gas Utilities 0.4%
Ferrellgas Partners LP (Class B Stock)^		2,652		543,423

Oil, Gas & Consumable Fuels 0.2%
Chesapeake Energy Corp. (original cost $6,657; purchased 02/04/21 - 02/09/21)(f)		1,673		124,622
Heritage Power LLC*^		2,134		89,628
Heritage Power LLC*^		94		3,948
Heritage Power LLC*^		2,456		1,228


				219,426

Wireless Telecommunication Services 0.2%
Digicel International Finance Ltd. (Jamaica) (original cost $29,016; purchased 01/29/24)*^(f)		23,916		59,551
Intelsat Emergence SA (Luxembourg)*		7,641		285,899


				345,450


TOTAL COMMON STOCKS
(cost $1,693,582)				1,634,916


PREFERRED STOCKS 0.5%

Electronic Equipment, Instruments & Components 0.5%
Ferrellgas Escrow LLC, 8.956%, Maturing 03/30/31^		600		600,000

See Notes to Financial Statements.

PGIM Fixed Income ETFs 87

PGIM Active High Yield Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



Description	Shares		Value

PREFERRED STOCKS (Continued)

Wireless Telecommunication Services 0.0%
Digicel International Finance Ltd. (Jamaica) (original cost $15,320; purchased 01/26/24 - 01/29/24)*^(f)		2,540	$	27,182


TOTAL PREFERRED STOCKS (cost $607,720)				627,182


TOTAL LONG-TERM INVESTMENTS (cost $131,001,352)				127,245,603


SHORT-TERM INVESTMENT 2.4%

AFFILIATED MUTUAL FUND
PGIM Core Government Money Market Fund (7-day effective yield 5.562%) (cost $3,115,355)(wb)		3,115,355		3,115,355


TOTAL INVESTMENTS 98.6% (cost $134,116,707)				130,360,958
Other assets in excess of liabilities(z) 1.4%				1,834,889


NET ASSETS 100.0%			$	132,195,847

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

*	Non-income producing security.

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

^	Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $2,352,214 and 1.8% of net assets.

(c)	Variable rate instrument. The interest rate shown reflects the rate in effect at August 31, 2024.

(cc)

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

(f)

Indicates a restricted security that is acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer and is considered restricted as to disposition under federal securities law; the aggregate original cost of such securities is $5,629,601. The aggregate value of $3,525,299 is 2.7% of net assets.

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

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

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

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

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

See Notes to Financial Statements.

PGIM Active High Yield Bond ETF

Schedule of Investments (continued)

as of August 31, 2024

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

Futures contracts outstanding at August 31, 2024:


Number of Contracts	Type	Expiration Date		Current Notional Amount			Value / Unrealized Appreciation (Depreciation)
Long Positions:
21	2 Year U.S. Treasury Notes		Dec. 2024		$	4,358,484		$	(2,367	)
79	5 Year U.S. Treasury Notes		Dec. 2024			8,642,477			(15,143	)
44	10 Year U.S. Treasury Notes		Dec. 2024			4,996,750			(27,341	)
4	20 Year U.S. Treasury Bonds		Dec. 2024			492,500			(5,701	)
3	30 Year U.S. Ultra Treasury Bonds		Dec. 2024			395,813			(4,911	)

								$	(55,463	)

Forward foreign currency exchange contracts outstanding at August 31, 2024:


Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date			Current Value			Unrealized Appreciation			Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts:
British Pound,
Expiring 09/03/24	BOA		GBP 174		$	230,119		$	228,998		$	—		$	(1,121	)
Euro,
Expiring 09/03/24	BOA		EUR 339			378,635			374,882			—			(3,753	)

					$	608,754		$	603,880			—			(4,874	)


Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date			Current Value			Unrealized Appreciation			Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts:
British Pound,
Expiring 09/03/24	BNP		GBP 174		$	224,509		$	228,997		$	—		$	(4,488	)
Expiring 10/02/24	BOA		GBP 174			230,182			229,058			1,124			—
Euro,
Expiring 09/03/24	BOA		EUR 339			368,465			374,882			—			(6,417	)
Expiring 10/02/24	BOA		EUR 339			379,142			375,382			3,760			—

					$	1,202,298		$	1,208,319			4,884			(10,905	)

											$	4,884		$	(15,779	)

See Notes to Financial Statements.

PGIM Fixed Income ETFs 89

PGIM Active High Yield Bond ETF

Schedule of Investments (continued)

as of August 31, 2024

Credit default swap agreement outstanding at August 31, 2024:


Reference Entity/ Obligation	Termination Date		Fixed Rate			Notional Amount (000)#(3)		Implied Credit Spread at August 31, 2024(4)			Value at Trade Date			Value at August 31, 2024			Unrealized Appreciation (Depreciation)

Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):
CDX.NA.HY.42.V1		06/20/29		5.000	%(Q)		4,560		3.215	%		$	286,385		$	372,394		$	86,009

(1)

(2)

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

(4)

See Notes to Financial Statements.

PGIM Active High Yield Bond ETF

Schedule of Investments (continued)

as of August 31, 2024

Total return swap agreements outstanding at August 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 Agreements:
iBoxx US Dollar Liquid High Yield Index(T)	1 Day SOFR(Q)/ 5.320%	MSI	12/20/24		(4,220	)	$	(24,026	)	$	117		$	(24,143	)
iBoxx US Dollar Liquid High Yield Index(T)	1 Day SOFR(Q)/ 5.320%	JPM	12/20/24		2,250			(11,922	)		1,136			(13,058	)
iBoxx US Dollar Liquid High Yield Index(T)	1 Day SOFR(Q)/ 5.320%	MSI	03/20/25		1,110			(4,488	)		(46	)		(4,442	)
iBoxx US Dollar Liquid Investment Grade Index(T)	1 Day SOFR(Q)/ 5.320%	BNP	09/20/24		(1,490	)		(83,394	)		(61	)		(83,333	)
iBoxx US Dollar Liquid Investment Grade Index(T)	1 Day SOFR(Q)/ 5.320%	MSI	12/20/24		(2,970	)		33,722			156			33,566

							$	(90,108	)	$	1,302		$	(91,410	)

(1)

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

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


	Premiums Paid	Premiums Received	Unrealized Appreciation	Unrealized Depreciation
OTC Swap Agreements	$1,409	$(107)	$33,566	$(124,976)

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


Broker	Cash and/or Foreign Currency		Securities Market Value
CGM		$310,000		$645,204

See Notes to Financial Statements.

PGIM Fixed Income ETFs 91

PGIM Active High Yield Bond ETF

Schedule of Investments (continued)

as of August 31, 2024

Fair Value Measurements:

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

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

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

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

The following is a summary of the inputs used as of August 31, 2024 in valuing such portfolio securities:


	Level 1				Level 2				Level 3
Investments in Securities
Assets
Long-Term Investments
Asset-Backed Securities
Collateralized Loan Obligations		$	—			$	3,541,428			$	—
Corporate Bonds			—				117,562,573				33,613
Floating Rate and Other Loans			—				2,718,686				467,024
U.S. Treasury Obligations			—				660,181				—
Common Stocks			124,622				285,899				1,224,395
Preferred Stocks			—				—				627,182
Short-Term Investment
Affiliated Mutual Fund			3,115,355				—				—

Total		$	3,239,977			$	124,768,767			$	2,352,214


Other Financial Instruments*
Assets
OTC Forward Foreign Currency Exchange Contracts		$	—			$	4,884			$	—
Centrally Cleared Credit Default Swap Agreement			—				86,009				—
OTC Total Return Swap Agreement			—				33,722				—

Total		$	—			$	124,615			$	—


Liabilities
Futures Contracts		$	(55,463	)		$	—			$	—
OTC Forward Foreign Currency Exchange Contracts			—				(15,779	)			—
OTC Total Return Swap Agreements			—				(123,830	)			—

Total		$	(55,463	)		$	(139,609	)		$	—

See Notes to Financial Statements.

PGIM Active High Yield Bond ETF

Schedule of Investments (continued)

as of August 31, 2024

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


	Corporate Bonds				Floating Rate and Other Loans				Common Stocks				Preferred Stocks				Rights
Balance as of 08/31/23		$	—			$	199,702			$	152,950			$	600,000			$	8,179
Realized gain (loss)			4,474				164				(12,264	)			1,832				—
Change in unrealized appreciation (depreciation)			2,800				(11,490	)			(77,520	)			11,067				(8,168	)
Purchases/Exchanges /Issuances			30,677				563,224				1,114,044				67,030				—
Sales/Paydowns			(4,627	)			(108,753	)			(55,998	)			(53,542	)			(11	)
Accrued discount/premium			289				1,361				—				795				—
Transfers into Level 3*			—				—				103,183				—				—
Transfers out of Level 3*			—				(177,184	)			—				—				—

Balance as of 08/31/24		$	33,613			$	467,024			$	1,224,395			$	627,182			$	—

Change in unrealized appreciation (depreciation) relating to securities still held at reporting period end		$	2,800			$	(11,382	)		$	(77,520	)		$	11,067			$	—

It is the Fund’s policy to recognize transfers in and transfers out at the securities’ fair values as of the beginning of period. Securities transferred between Level 2 and Level 3 are due to changes in the method utilized in valuing the investments. Transfers from Level 2 to Level 3 are typically a result of a change from the use of methods used by independent pricing services (Level 2) to the use of a single broker quote or valuation technique which utilizes significant unobservable inputs due to an absence of current or reliable market quotations (Level 3). Transfers from Level 3 to Level 2 are a result of the availability of current and reliable market data provided by independent pricing services or other valuation techniques which utilize observable inputs. In accordance with the requirements of ASC 820, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to the Schedule of Investments of the Fund.

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

Level 3 Securities**

Fair Value as
of
August 31,
2024

Valuation
Approach

Valuation
Methodology

Unobservable
Inputs

Inputs
(Range)

Corporate Bonds

Market

Recovery Value

Recovery Rate

0.00% -
48.00%

Corporate Bonds

33,594

Market

Transaction
Based

Unadjusted
Price

Common Stocks

543,423

Market

Adjusted Trade
Price

Premium Rate

20.00%

Common Stocks

93,884

Market

Enterprise Value

EBITDA Multiple

4.0x - 12.2x

Common Stocks

1,228

Market

Enterprise Value

Recovery Rate

0.50%

See Notes to Financial Statements.

PGIM Fixed Income ETFs 93

PGIM Active High Yield Bond ETF

Schedule of Investments (continued)

as of August 31, 2024

Level 3 Securities**

Fair Value as
of
August 31,
2024

Valuation
Approach

Valuation
Methodology

Unobservable
Inputs

Inputs
(Range)

Preferred Stocks

27,182

Market

Enterprise Value

Recovery Rate

10.70%

Preferred Stocks

600,000

Market

Transaction
Based

Unadjusted
Price

1,299,330

The table does not include Level 3 securities and/or derivatives that are valued by independent pricing vendors or brokers. As of August 31, 2024, the aggregate value of these securities and/or derivatives was $1,052,884. The unobservable inputs for these investments were not developed by the Fund and are not readily available (e.g. single broker quotes).

Industry Classification:

The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of August 31, 2024 were as follows:


Oil & Gas	6.5	%
Retail	5.7
Media	5.6
Telecommunications	5.6
Diversified Financial Services	4.8
Commercial Services	4.5
Electric	4.4
Leisure Time	4.4
Healthcare-Services	4.0
Pipelines	4.0
Home Builders	3.6
Entertainment	3.0
Collateralized Loan Obligations	2.7
Foods	2.5
Pharmaceuticals	2.4
Affiliated Mutual Fund	2.4
Aerospace & Defense	2.3
Packaging & Containers	1.8
Mining	1.8
Building Materials	1.8
Chemicals	1.8
Lodging	1.6
Auto Parts & Equipment	1.5
Real Estate	1.3
Computers	1.3
Insurance	1.3


Airlines	1.2	%
Healthcare-Products	1.1
Real Estate Investment Trusts (REITs)	1.1
Auto Manufacturers	0.9
Banks	0.9
Software	0.8
Machinery-Diversified	0.8
Environmental Control	0.8
Distribution/Wholesale	0.8
Housewares	0.7
Electrical Components & Equipment	0.7
Household Products/Wares	0.6
Iron/Steel	0.5
Transportation	0.5
U.S. Treasury Obligations	0.5
Advertising	0.5
Electronic Equipment, Instruments & Components	0.5
Miscellaneous Manufacturing	0.5
Internet	0.4
Gas Utilities	0.4
Apparel	0.4
Machinery-Construction & Mining	0.4
Agriculture	0.3
Wireless Telecommunication Services	0.2
Oil, Gas & Consumable Fuels	0.2
Coal	0.1

See Notes to Financial Statements.

PGIM Active High Yield Bond ETF

Schedule of Investments (continued)

as of August 31, 2024

Industry Classification (continued):


Gas	0.1	%
Engineering & Construction	0.1
Office/Business Equipment	0.0	*
Textiles	0.0	*

	98.6
Other assets in excess of liabilities	1.4


	100.0	%

*	Less than 0.05%

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

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

Fair values of derivative instruments as of August 31, 2024 as presented in the Statement of Assets and Liabilities:


	Asset Derivatives				Liability Derivatives
Derivatives not accounted for as hedging instruments, carried at fair value	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Credit contracts	Due from/to broker-variation margin swaps	$	86,009	*	—	$	—
Foreign exchange contracts	Unrealized appreciation on OTC forward foreign currency exchange contracts		4,884		Unrealized depreciation on OTC forward foreign currency exchange contracts		15,779
Interest rate contracts	—		—		Due from/to broker-variation margin futures		55,463	*
Interest rate contracts	Premiums paid for OTC swap agreements		1,409		Premiums received for OTC swap agreements		107
Interest rate contracts	Unrealized appreciation on OTC swap agreements		33,566		Unrealized depreciation on OTC swap agreements		124,976

		$	125,868			$	196,325

See Notes to Financial Statements.

PGIM Fixed Income ETFs 95

PGIM Active High Yield Bond ETF

Schedule of Investments (continued)

as of August 31, 2024

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

The effects of derivative instruments on the Statement of Operations for the year ended August 31, 2024 are as follows:


Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Futures			Forward Currency Exchange Contracts				Swaps
Credit contracts		$	—		$	—			$	255,983
Foreign exchange contracts			—			(488	)			—
Interest rate contracts			291,741			—				(61,635	)

Total		$	291,741		$	(488	)		$	194,348


Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Futures				Forward Currency Exchange Contracts				Swaps
Credit contracts		$	—			$	—			$	(20,049	)
Foreign exchange contracts			—				(12,555	)			—
Interest rate contracts			(80,822	)			—				(129,899	)

Total		$	(80,822	)		$	(12,555	)		$	(149,948	)

For the year ended August 31, 2024, the Fund’s average volume of derivative activities is as follows:


Derivative Contract Type		Average Volume of Derivative Activities*
Futures Contracts - Long Positions (1)		$12,807,782
Futures Contracts - Short Positions (1)		193,369
Forward Foreign Currency Exchange Contracts - Purchased (2)		220,002
Forward Foreign Currency Exchange Contracts - Sold (2)		436,756
Credit Default Swap Agreements - Buy Protection (1)		1,360,000
Credit Default Swap Agreements - Sell Protection (1)		3,662,150
Total Return Swap Agreements (1)		4,696,798

*	Average volume is based on average quarter end balances for the year ended August 31, 2024.

(1)	Notional Amount in USD.

(2)	Value at Settlement Date.

See Notes to Financial Statements.

PGIM Active High Yield Bond ETF

Schedule of Investments (continued)

as of August 31, 2024

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

Offsetting of OTC derivative assets and liabilities:


Counterparty	Gross Amounts of Recognized Assets(1)			Gross Amounts of Recognized Liabilities(1)				Net Amounts of Recognized Assets/ (Liabilities)				Collateral Pledged/(Received)(2)		Net Amount
BNP		$	—		$	(87,882	)		$	(87,882	)		$—		$	(87,882	)
BOA			4,884			(11,291	)			(6,407	)		—			(6,407	)
JPM			1,136			(13,058	)			(11,922	)		—			(11,922	)
MSI			33,839			(28,631	)			5,208			—			5,208

		$	39,859		$	(140,862	)		$	(101,003	)		$—		$	(101,003	)

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

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

See Notes to Financial Statements.

PGIM Fixed Income ETFs 97

PGIM Active High Yield Bond ETF

Statement of Assets & Liabilities

as of August 31, 2024


Assets

Investments at value:
Unaffiliated investments (cost $131,001,352)	$	127,245,603
Affiliated investments (cost $3,115,355)		3,115,355
Cash		918
Foreign currency, at value (cost $10,647)		10,981
Dividends and interest receivable		1,987,040
Receivable for investments sold		834,776
Deposit with broker for centrally cleared/exchange-traded derivatives		310,000
Unrealized appreciation on OTC swap agreements		33,566
Due from broker—variation margin swaps		5,814
Unrealized appreciation on OTC forward foreign currency exchange contracts		4,884
Premiums paid for OTC swap agreements		1,409


Total Assets		133,550,346


Liabilities

Payable for investments purchased		1,128,178
Unrealized depreciation on OTC swap agreements		124,976
Management fee payable		43,716
Due to broker—variation margin futures		39,125
Unrealized depreciation on OTC forward foreign currency exchange contracts		15,779
Accrued expenses and other liabilities		2,618
Premiums received for OTC swap agreements		107


Total Liabilities		1,354,499


Net Assets	$	132,195,847




Net assets were comprised of:
Common stock, at par	$	3,750
Paid-in capital in excess of par		143,754,825
Total distributable earnings (loss)		(11,562,728	)


Net assets, August 31, 2024	$	132,195,847

Net asset value, offering price and redemption price per share.
($132,195,847 ÷ 3,750,000 shares of common stock issued and outstanding)	$	35.25

See Notes to Financial Statements.

PGIM Active High Yield Bond ETF

Statement of Operations

Year Ended August 31, 2024


Net Investment Income (Loss)

Income
Interest income	$	9,282,736
Affiliated dividend income		117,241
Unaffiliated dividend income		33,883
Income from securities lending, net (including affiliated income of $253)		266

Total income		9,434,126


Expenses
Management fee		534,103
Less: Fee waiver and/or expense reimbursement		(8,455	)

Net expenses		525,648

Net investment income (loss)		8,908,478

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

Net realized gain (loss) on:
Investment transactions (including affiliated of $19)		(2,901,234	)
Futures transactions		291,741
In-kind redemptions		(379,565	)
Forward currency contract transactions		(488	)
Swap agreement transactions		194,348
Foreign currency transactions		(719	)

		(2,795,917	)

Net change in unrealized appreciation (depreciation) on:
Investments		7,160,524
Futures		(80,822	)
Forward currency contracts		(12,555	)
Swap agreements		(149,948	)
Foreign currencies		195

		6,917,394

Net gain (loss) on investment and foreign currency transactions		4,121,477

Net Increase (Decrease) In Net Assets Resulting From Operations	$	13,029,955

See Notes to Financial Statements.

PGIM Fixed Income ETFs 99

PGIM Active High Yield Bond ETF

Statements of Changes in Net Assets



	Year Ended August 31,

	2024			2023

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)	$	8,908,478		$	6,440,038

Net realized gain (loss) on investment, in-kind redemptions and foreign currency transactions		(2,795,917	)		(2,263,367	)

Net change in unrealized appreciation (depreciation) on investments and foreign currencies		6,917,394			1,406,029


Net increase (decrease) in net assets resulting from operations		13,029,955			5,582,700


Dividends and Distributions

Distributions from distributable earnings		(9,649,024	)		(6,738,650	)


Fund share transactions

Net proceeds from shares sold (300,000 and 500,000 shares, respectively)		10,373,060			17,014,419

Shares sold in-kind (800,000 and 425,000 shares, respectively)		27,316,828			14,435,556

Shares redeemed in-kind (500,000 and 0 shares, respectively)		(16,682,364	)		—

Cost of shares purchased (175,000 and 325,000 shares, respectively)		(5,842,557	)		(11,039,936	)


Net increase (decrease) in net assets from Fund share transactions		15,164,967			20,410,039


Total increase (decrease)		18,545,898			19,254,089

Net Assets:

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


End of year	$	132,195,847		$	113,649,949

See Notes to Financial Statements.

100

PGIM Active High Yield Bond ETF

Financial Highlights



							Year Ended August 31,
	2024			2023			2022			2021			2020
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$34.18			$34.64			$41.42			$39.99			$40.96
Income (loss) from investment operations:
Net investment income (loss)		2.61			2.39			1.85			1.95			2.49
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.31			(0.32	)		(6.23	)		2.30			(0.49	)
Total from investment operations		3.92			2.07			(4.38	)		4.25			2.00
Less Dividends and Distributions:
Dividends from net investment income		(2.85	)		(2.53	)		(1.92	)		(2.24	)		(2.55	)
Distributions from net realized gains		-			-			(0.48	)		(0.58	)		(0.42	)
Total dividends and distributions		(2.85	)		(2.53	)		(2.40	)		(2.82	)		(2.97	)
Net asset value, end of year		$35.25			$34.18			$34.64			$41.42			$39.99
Total Return^(b):		12.15	%		6.32	%		(11.01	)%		11.00	%		5.24	%


Ratios/Supplemental Data:
Net assets, end of year (000)		$132,196			$113,650			$94,396			$86,976			$34,994
Average net assets (000)		$116,899			$91,165			$85,683			$58,270			$29,367
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement		0.45	%		0.53	%		0.53	%		0.53	%		0.53	%
Expenses before waivers and/or expense reimbursement		0.46	%		0.53	%		0.53	%		0.53	%		0.53	%
Net investment income (loss)		7.62	%		7.06	%		4.87	%		4.76	%		6.37	%
Portfolio turnover rate^(d)		47	%		35	%		31	%		85	%		57	%

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

(b)	Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

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

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

See Notes to Financial Statements.

PGIM Fixed Income ETFs 101

PGIM Floating Rate Income ETF

Schedule of Investments

as of August 31, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

LONG-TERM INVESTMENTS 99.1%

ASSET-BACKED SECURITIES 9.7%

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%)

7.382%(c)

04/20/37

550

554,116

Atlas Senior Loan Fund Ltd. (United Kingdom),

Series 2023-21A, Class B, 144A, 3 Month SOFR + 3.000% (Cap N/A, Floor 3.000%)

8.282(c)

07/20/35

275

279,091

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%)

7.951(c)

07/15/30

250

250,212

Avoca Capital CLO Ltd. (Ireland),

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

5.035(c)

04/15/35

EUR 250

272,430

Carlyle US CLO Ltd. (Cayman Islands),

Series 2023-05A, Class B, 144A, 3 Month SOFR + 2.650% (Cap N/A, Floor 2.650%)

7.914(c)

01/27/36

500

503,555

CBAM LLC,

Series 2021-15A, Class B1, 144A, 3 Month SOFR + 2.062% (Cap N/A, Floor 1.800%)

7.363(c)

01/15/36

250

249,429

CIFC Funding Ltd. (Cayman Islands),

Series 2014-05A, Class BR3, 144A, 3 Month SOFR + 1.750% (Cap N/A, Floor 1.750%)

7.054(c)

07/17/37

350

350,600

Elevation CLO Ltd. (Cayman Islands),

Series 2020-11A, Class BR, 144A

0.000(cc)

10/15/37

400

400,000

Golub Capital Partners CLO Ltd. (United Kingdom),

Series 2023-68A, Class B, 144A, 3 Month SOFR + 2.800% (Cap N/A, Floor 2.800%)

8.085(c)

07/25/36

150

151,568

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

504,087

HPS Loan Management Ltd. (Cayman Islands),

Series 2023-18A, Class B, 144A, 3 Month SOFR + 2.950% (Cap N/A, Floor 2.950%)

8.232(c)

07/20/36

100

101,454

ICG US CLO Ltd. (United Kingdom),

Series 2023-01A, Class B, 144A, 3 Month SOFR + 3.000% (Cap N/A, Floor 3.000%)

8.279(c)

07/18/36

500

508,554

Mountain View CLO Ltd. (Cayman Islands),

Series 2023-01A, Class B, 144A, 3 Month SOFR + 3.000% (Cap N/A, Floor 3.000%)

8.301(c)

09/14/36

200

202,805

See Notes to Financial Statements.

102

PGIM Floating Rate Income ETF

Schedule of Investments (continued)

as of August 31, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

ASSET-BACKED SECURITIES (Continued)

Collateralized Loan Obligations (cont’d.)

NGC Ltd. (United Kingdom),

Series 2024-01A, Class B, 144A, 3 Month SOFR + 2.100% (Cap N/A, Floor 2.100%)

7.397%(c)

07/20/37

350

350,363

OFSI BSL Ltd. (Cayman Islands),

Series 2023-12A, Class B, 144A, 3 Month SOFR + 3.150% (Cap N/A, Floor 3.150%)

8.432(c)

01/20/35

250

251,105

PPM CLO Ltd. (Cayman Islands),

Series 2019-02A, Class BR2, 144A, 3 Month SOFR + 2.250% (Cap N/A, Floor 2.250%)

7.536(c)

04/16/37

500

500,629

Silver Rock CLO Ltd. (Cayman Islands),

Series 2020-01A, Class BR, 144A, 3 Month SOFR + 2.900% (Cap N/A, Floor 2.900%)

8.182(c)

10/20/33

250

250,367

Sixth Street CLO Ltd. (Cayman Islands),

Series 2020-16A, Class BR, 144A, 3 Month SOFR + 2.450% (Cap N/A, Floor 2.450%)

7.732(c)

01/20/37

300

301,140

Sound Point CLO Ltd. (Cayman Islands),

Series 2020-02A, Class DR, 144A, 3 Month SOFR + 3.612% (Cap N/A, Floor 3.350%)

8.896(c)

10/25/34

250

244,645

Symphony CLO Ltd. (Bermuda),

Series 2023-40A, Class B, 144A, 3 Month SOFR + 2.550% (Cap N/A, Floor 2.550%)

7.851(c)

01/14/34

500

501,603

Tikehau US CLO Ltd. (Bermuda),

Series 2023-02A, Class A1, 144A, 3 Month SOFR + 1.950% (Cap N/A, Floor 1.950%)

7.251(c)

01/15/36

500

502,712

TOTAL ASSET-BACKED SECURITIES
(cost $7,154,077)

7,230,465

CORPORATE BONDS 17.7%

Advertising 0.0%

CMG Media Corp.,

Gtd. Notes, 144A (original cost $13,789; purchased 07/10/24)(f)

8.875

12/15/27

13,290

Aerospace & Defense 0.1%

Bombardier, Inc. (Canada),

Sr. Unsec’d. Notes, 144A

7.875

04/15/27

63,315

See Notes to Financial Statements.

PGIM Fixed Income ETFs 103

PGIM Floating Rate Income ETF

Schedule of Investments (continued)

as of August 31, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

CORPORATE BONDS (Continued)

Airlines 0.1%

VistaJet Malta Finance PLC/Vista Management

Holding, Inc. (Switzerland),

Sr. Unsec’d. Notes, 144A

7.875%

05/01/27

70,313

Auto Manufacturers 0.1%

General Motors Co.,

Sr. Unsec’d. Notes

5.600

10/15/32

105

108,525

Banks 14.8%

Bank of America Corp.,

Jr. Sub. Notes, Series MM

4.300(ff)

01/28/25

(oo)

2,400

2,369,539

Jr. Sub. Notes, Series RR

4.375(ff)

01/27/27

(oo)

500

482,262

Citigroup, Inc.,

Jr. Sub. Notes, Series CC

7.125(ff)

08/15/29

(oo)

340

347,657

Jr. Sub. Notes, Series X

3.875(ff)

02/18/26

(oo)

2,050

1,965,706

Goldman Sachs Group, Inc. (The),

Jr. Sub. Notes, Series V

4.125(ff)

11/10/26

(oo)

600

566,740

Jr. Sub. Notes, Series X

7.500(ff)

05/10/29

(oo)

175

183,220

JPMorgan Chase & Co.,

Jr. Sub. Notes, Series HH

4.600(ff)

02/01/25

(oo)

500

497,449

Jr. Sub. Notes, Series II

4.000(ff)

04/01/25

(oo)

1,000

984,621

Royal Bank of Canada (Canada),

Jr. Sub. Notes

7.500(ff)

05/02/84

1,750

1,806,290

Sumitomo Mitsui Financial Group, Inc. (Japan),

Jr. Sub. Notes

6.600(ff)

06/05/34

(oo)

100

103,375

Toronto-Dominion Bank (The) (Canada),

Jr. Sub. Notes

7.250(ff)

07/31/84

970

991,650

U.S. Bancorp,

Jr. Sub. Notes

3.700(ff)

01/15/27

(oo)

100

88,718

Wells Fargo & Co.,

Jr. Sub. Notes, Series BB

3.900(ff)

03/15/26

(oo)

725

703,208

11,090,435

Building Materials 0.1%

Eco Material Technologies, Inc.,

Sr. Sec’d. Notes, 144A

7.875

01/31/27

45,483

See Notes to Financial Statements.

104

PGIM Floating Rate Income ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CORPORATE BONDS (Continued)

Electric 0.8%

Calpine Corp.,
Sr. Unsec’d. Notes, 144A		4.625%		02/01/29			100	$	95,531
Sr. Unsec’d. Notes, 144A		5.000		02/01/31			150		143,999
Vistra Corp.,
Jr. Sub. Notes, 144A		8.000(ff)		10/15/26	(oo)		100		103,375
Jr. Sub. Notes, Series C, 144A		8.875(ff)		01/15/29	(oo)		250		265,220


									608,125

Environmental Control 0.1%

GFL Environmental, Inc.,
Sr. Sec’d. Notes, 144A		6.750		01/15/31			50		52,000

Home Builders 0.1%

Ashton Woods USA LLC/Ashton Woods Finance Co.,
Sr. Unsec’d. Notes, 144A		4.625		04/01/30			38		35,786

Housewares 0.1%

SWF Holdings I Corp.,
Sr. Unsec’d. Notes, 144A (original cost $55,500; purchased 03/27/24)(f)		6.500		10/01/29			75		39,749

Machinery-Diversified 0.1%

Chart Industries, Inc.,
Sr. Sec’d. Notes, 144A		7.500		01/01/30			80		84,117

Media 0.1%

Charter Communications Operating LLC/Charter Communications Operating Capital,
Sr. Sec’d. Notes		4.400		04/01/33			75		68,286
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		458
Sec’d. Notes, 144A (original cost $5,156; purchased 01/31/24)(f)		5.375		08/15/26	(d)		75		963

See Notes to Financial Statements.

PGIM Fixed Income ETFs 105

PGIM Floating Rate Income ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CORPORATE BONDS (Continued)

Media (cont’d.)

Radiate Holdco LLC/Radiate Finance, Inc.,
Sr. Sec’d. Notes, 144A		4.500%		09/15/26		25	$	19,801
Sr. Unsec’d. Notes, 144A		6.500		09/15/28		25		13,753


								103,261

Oil & Gas 0.2%

Hilcorp Energy I LP/Hilcorp Finance Co.,
Sr. Unsec’d. Notes, 144A		6.250		04/15/32		100		99,855
Nabors Industries, Inc.,
Gtd. Notes, 144A		7.375		05/15/27		75		75,814


								175,669

Packaging & Containers 0.1%

Sealed Air Corp.,
Gtd. Notes, 144A		5.000		04/15/29		50		49,060
Sealed Air Corp./Sealed Air Corp. US,
Gtd. Notes, 144A		6.125		02/01/28		25		25,446


								74,506

Pipelines 0.2%

Energy Transfer LP,
Sr. Unsec’d. Notes		3.750		05/15/30		75		71,107
Targa Resources Corp.,
Gtd. Notes		4.200		02/01/33		75		69,876


								140,983

Real Estate Investment Trusts (REITs) 0.1%

Diversified Healthcare Trust,
Gtd. Notes		4.375		03/01/31		60		45,871
Gtd. Notes		9.750		06/15/25		5		5,007
Sr. Unsec’d. Notes		4.750		02/15/28		5		4,394


								55,272

See Notes to Financial Statements.

106

PGIM Floating Rate Income ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CORPORATE BONDS (Continued)

Retail 0.1%

Gap, Inc. (The),
Gtd. Notes, 144A		3.875%		10/01/31		75	$	64,780

Telecommunications 0.5%

Digicel Group Holdings Ltd. (Jamaica),
Sr. Sec’d. Notes, Series 1B14, 144A (original cost $1; purchased 11/14/23)^(f)		0.000		12/31/30		5		—
Sr. Sec’d. Notes, Series 3A14, 144A (original cost $92; purchased 11/14/23)^(f)		0.000		12/31/30		—(r)		19
Sr. Sec’d. Notes, Series 3B14, 144A (original cost $0; purchased 11/14/23)^(f)		0.000		12/31/30		5		—
Digicel Intermediate Holdings Ltd./Digicel
International Finance Ltd./DIFL US LLC (Jamaica),
Sr. Sec’d. Notes, Cash coupon 9.000% and PIK 1.500% (original cost $189,709; purchased 01/29/24 - 05/15/24)(f)		10.500		05/25/27		205		204,138
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		92,578
Level 3 Financing, Inc.,
Sec’d. Notes, 144A		4.875		06/15/29		25		19,848
Sr. Sec’d. Notes, 144A		10.500		04/15/29		25		26,904
Sr. Sec’d. Notes, 144A		10.500		05/15/30		50		53,761


								397,248

TOTAL CORPORATE BONDS (cost $12,864,247)								13,222,857

See Notes to Financial Statements.

PGIM Fixed Income ETFs 107

PGIM Floating Rate Income ETF

Schedule of Investments (continued)

as of August 31, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

FLOATING RATE AND OTHER LOANS 70.7%

Advertising 0.1%

CMG Media Corp.,

2021 Refinancing Term B Loan, 3 Month SOFR + 3.600%

8.935%(c)

12/17/26

52,786

Summer BC Holdco B Sarl (Luxembourg),

Extended Facility B, 3 Month SOFR + 5.260%

10.595(c)

02/15/29

49,688

102,474

Aerospace & Defense 0.9%

Dynasty Acquisition Co.,Inc.,

2024 Refinancing Term B-1 Loan, 1 Month SOFR + 3.500%

8.747(c)

08/24/28

144

144,451

2024 Refinancing Term B-2 Loan, 1 Month SOFR + 3.500%

8.747(c)

08/24/28

55,697

Propulsion BC FI (Spain),

Inital Term Loan, 3 Month SOFR + 3.750%

9.085(c)

09/14/29

150

150,186

Transdigm, Inc.,

Term I Loan, 3 Month SOFR + 2.750%

8.085(c)

08/24/28

50,065

Tranche J Term Loan, 3 Month SOFR + 2.500%

7.843(c)

02/28/31

200

199,681

Tranche K Term Loan, 3 Month SOFR + 2.750%

8.085(c)

03/22/30

100

100,115

700,195

Agriculture 0.4%

Alltech, Inc.,

Term A Loan, 1 Month SOFR + 3.350%^

8.597(c)

10/15/26

247

242,680

Term B Loan, 1 Month SOFR + 4.114%

9.361(c)

10/13/28

48,592

291,272

Airlines 1.0%

American Airlines, Inc.,

Initial Term Loan, 3 Month SOFR + 2.500%

7.775(c)

06/04/29

200

198,781

Initial Term Loan, 3 Month SOFR + 5.012%

10.294(c)

04/20/28

221

228,850

United Airlines, Inc.,

Class B Term Loan, 3 Month SOFR + 2.750%

8.033(c)

02/22/31

299

299,708

727,339

See Notes to Financial Statements.

108

PGIM Floating Rate Income ETF

Schedule of Investments (continued)

as of August 31, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

FLOATING RATE AND OTHER LOANS (Continued)

Auto Parts & Equipment 1.8%

Adient US LLC,

Term B-2 Loan, 1 Month SOFR + 2.750%

7.997%(c)

01/31/31

100

99,946

Clarios Global LP,

2024 Term B Loan, 1 Month SOFR + 2.500%

7.747(c)

05/06/30

175

174,708

First Brands Group LLC,

2022-Ii Incremental Term Loan, 3 Month SOFR + 5.262%

10.514(c)

03/30/27

347

342,373

Second Lien 2021 Term Loan, 3 Month SOFR + 8.762%^

14.014(c)

03/30/28

225

212,625

Tenneco, Inc.,

Term A Loan, 1 Month SOFR + 4.850%

10.082(c)

11/17/28

304

289,551

Term B Loan, 3 Month SOFR + 5.100%

10.366(c)

11/17/28

250

240,178

1,359,381

Beverages 1.0%

Brewco Borrower LLC,

First-Out New Money Term Loan, 3 Month SOFR + 6.250%^

11.551(c)

04/05/28

272

255,894

City Brewing Co. LLC,

Second-Out Term Loan, 3 Month SOFR + 5.262%^

9.063(c)

04/05/28

119

82,688

Pegasus Bidco BV (Netherlands),

2024-1 Term Dollar Loan, 3 Month SOFR + 3.750%

8.868(c)

07/12/29

396

396,587

735,169

Building Materials 3.0%

Cornerstone Building Brands, Inc.,

Term Loan, 1 Month SOFR + 5.625%

10.962(c)

08/01/28

196

197,050

Tranche C Term Loan, 1 Month SOFR + 4.500%

9.837(c)

05/15/31

49,000

CP Atlas Buyer, Inc.,

Term B Loan, 1 Month SOFR + 3.850%

9.097(c)

11/23/27

147

141,438

Emerald Debt Merger Sub L.L.C.,

Second Amendment Incremental Term Loan, 3 Month SOFR + 2.500%

7.557(c)

08/04/31

100

99,950

EMRLD Borrower LP,

Initial Term B Loan, 3 Month SOFR + 2.500%

7.557(c)

05/31/30

416

415,555

See Notes to Financial Statements.

PGIM Fixed Income ETFs 109

PGIM Floating Rate Income ETF

Schedule of Investments (continued)

as of August 31, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

FLOATING RATE AND OTHER LOANS (Continued)

Building Materials (cont’d.)

Griffon Corporation,

Repriced Term Loan, 3 Month SOFR + 2.250%

7.466%(c)

01/24/29

400

399,167

MIWD HoldCo II LLC,

2024 Incremental Term Loan, 1 Month SOFR + 3.500%

8.747(c)

03/28/31

100

100,422

Quikrete Holdings, Inc.,

Term B Loan (2031), 1 Month SOFR + 2.500%

7.747(c)

04/14/31

424

424,785

Smyrna Ready Mix Concrete LLC,

New Term Loan B, 1 Month SOFR + 3.500%^

8.778(c)

04/02/29

250

251,471

Vector WP HoldCo, Inc.,

Initial Term B Loan, 1 Month SOFR + 5.114%

10.361(c)

10/12/28

148

147,113

2,225,951

Chemicals 3.1%

A-Ap Buyer, Inc.,

Term B Loan^

— (p)

08/31/31

125

124,531

Ascend Performance Materials Operations LLC,

2021 Refinancing Term Loan, 6 Month SOFR + 4.850%

10.074(c)

08/27/26

234

227,379

Consolidated Energy Finance SA (Switzerland),

2024 Incremental Term Loan, 3 Month SOFR + 4.500%

9.557(c)

11/15/30

125

115,648

Ecovyst Catalyst Technologies LLC,

Second Amendment Term Loan, 3 Month SOFR + 2.250%

7.502(c)

06/12/31

49,850

Geon Performance Solutions LLC,

2024 Refinancing Term Loan, 3 Month SOFR + 4.512%

9.846(c)

08/18/28

172

171,994

Ineos Finance PLC (Luxembourg),

2030 Dollar Term Loan, 1 Month SOFR + 3.250%

8.497(c)

02/18/30

174

173,783

Ineos US Petrochem LLC,

2030 Tranche B Dollar Term Loan, 1 Month SOFR + 3.850%

9.097(c)

03/14/30

74,219

New Term Loan B, 1 Month SOFR + 4.350%

9.597(c)

04/02/29

100

99,875

Iris Holdings Ltd.,

Initial Term Loan, 3 Month SOFR + 4.850%

10.102(c)

06/28/28

128

120,379

LSF11 A5 HoldCo, LLC,

2024 Refinancing Term Loan, 1 Month SOFR + 3.614%

8.861(c)

10/15/28

549

547,955

See Notes to Financial Statements.

110

PGIM Floating Rate Income ETF

Schedule of Investments (continued)

as of August 31, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

FLOATING RATE AND OTHER LOANS (Continued)

Chemicals (cont’d.)

Olympus Water US Holding Corporation,

Term B-5 USD Loan, 3 Month SOFR + 3.500%

8.847%(c)

06/20/31

181

181,047

Starfruit Finco BV,

Incremental Term Loan B, 3 Month SOFR + 3.500%

8.821(c)

04/03/28

99,343

Term B Loan, 3 Month SOFR + 3.500%

8.628(c)

04/03/28

248

248,163

Vantage Specialty Chemicals, Inc.,

First Lien 2023 Other Term Loan, 3 Month SOFR + 4.750%

9.871(c)

10/26/26

48,106

2,282,272

Commercial Services 7.4%

Albion Financing 3 SARL (Luxembourg),

New 2024 Amended USD Term Loan, 3 Month SOFR + 4.512%

9.826(c)

08/17/29

74,618

Allied Universal Holdco LLC,

Term Loan USD, 1 Month SOFR + 3.850%

9.097(c)

05/12/28

249

247,738

Amentum Government Services Holdings LLC,

Tranche 3 Term Loan, 1 Month SOFR + 4.000%

9.278(c)

02/15/29

122

121,429

API Group DE, Inc.,

2021 Repriced Term Loan B, 1 Month SOFR + 2.000%

7.247(c)

01/03/29

207

207,222

ArchKey Holdings, Inc.,

First Lien Initial Term Loan, 1 Month SOFR + 5.364%

10.611(c)

06/29/28

272

271,818

Avis Budget Car Rental LLC,

New Tranche C Term Loan, 1 Month SOFR + 3.100%

8.347(c)

03/16/29

398

398,000

Boost Newco Borrower LLC,

Term B-1 Loan, 2 Month SOFR + 2.500%

7.748(c)

01/31/31

350

350,292

Cimpress USA LLC (Ireland),

2024 Refinancing Tranche Term B-1 Loan, 1 Month SOFR + 3.000%

8.247(c)

05/17/28

147

147,221

CoreLogic, Inc.,

First Lien Initial Term Loan, 1 Month SOFR + 3.614%

8.861(c)

06/02/28

448

442,211

Crisis Prevention Institute, Inc.,

Initial Term Loan, 3 Month SOFR + 4.750%

10.085(c)

04/09/31

200

199,833

See Notes to Financial Statements.

PGIM Fixed Income ETFs 111

PGIM Floating Rate Income ETF

Schedule of Investments (continued)

as of August 31, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

FLOATING RATE AND OTHER LOANS (Continued)

Commercial Services (cont’d.)

DS Parent, Inc.,

Term B Loan, 3 Month SOFR + 5.500%

10.835%(c)

01/31/31

100

98,667

EAB Global, Inc.,

Term Loan, 1 Month SOFR + 3.250%

8.497(c)

08/16/28

150

149,056

Fly Funding II Sarl (Luxembourg),

Term B Loan, 3 Month LIBOR + 1.750%

7.120(c)

08/11/25

303

294,428

Grant Thornton LLP,

Initial Term Loan, 1 Month SOFR + 3.250%

8.497(c)

06/02/31

100

100,250

Inmar, Inc.,

Initial Term Loan, 3 Month SOFR + 5.500%

10.791(c)

05/01/26

150

150,328

Kingpin Intermediate Holdings LLC,

Amendment No. 8 Term Loan, 1 Month SOFR + 3.500%

8.747(c)

02/08/28

52,294

Kuehg Corp.,

Term B Loan, 3 Month SOFR + 4.500%

9.835(c)

06/12/30

199

199,278

Latham Pool Products, Inc.,

Initial Term Loan, 1 Month SOFR + 4.100%

9.347(c)

02/23/29

301

287,621

Mavis Tire Express Services Topco Corp.,

Term Loan, 1 Month SOFR + 3.500%

8.747(c)

05/04/28

249

249,443

NAB Holdings LLC,

2024 Refinancing Term Loan, 3 Month SOFR + 2.750%

8.097(c)

11/23/28

247

246,173

Neon Maple Purchaser, Inc.,

Tranche B-1 Term Loan

— (p)

01/31/32

475

473,219

Omnia Partners, LLC,

Repriced Term Loan, 3 Month SOFR + 3.250%

8.529(c)

07/25/30

200

200,165

PG Polaris Bidco Sarl (Luxembourg),

Initial Term Loan, 3 Month SOFR + 3.500%

8.835(c)

03/26/31

200

200,450

Ryan LLC,

Initial Term Loan, 1 Month SOFR + 3.500%

8.747(c)

11/14/30

126

126,587

TruGreen LP,

Second Refinancing Term Loan (First Lien), 1 Month SOFR + 4.100%

9.347(c)

11/02/27

148

143,636

VT Topco, Inc.,

Term B Loan, 1 Month SOFR + 3.500%

8.747(c)

08/09/30

74,905

5,506,882

See Notes to Financial Statements.

112

PGIM Floating Rate Income ETF

Schedule of Investments (continued)

as of August 31, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

FLOATING RATE AND OTHER LOANS (Continued)

Computers 3.2%

Amazon Holdco Inc.,

Term B Loan^

— %(p)

08/31/31

325

324,188

ConvergeOne Holdings,

Term Loan^

— (p)

06/04/30

54,260

Fortress Intermediate,

Initial Term Loan, 1 Month SOFR + 3.750%^

9.002(c)

06/27/31

240

240,000

Indy US Bidco, LLC,

Ninth Amend Dollar Term Loan, 1 Month SOFR + 4.750%

9.997(c)

03/06/28

252

249,749

KBR, Inc.,

2024 Refinancing Term Loan, 1 Month SOFR + 2.000%

7.247(c)

01/17/31

275

275,859

McAfee Corp.,

Tranche B-1 Term Loan, 1 Month SOFR + 3.250%

8.592(c)

03/01/29

419

417,757

NCR Atleos LLC,

Term B Loan, 3 Month SOFR + 4.850%

10.099(c)

03/27/29

223

225,101

Peraton Corp.,

First Lien Term B Loan, 1 Month SOFR + 3.850%

9.097(c)

02/01/28

293

286,242

Redstone Holdco 2 LP,

First Lien Initial Term Loan, 3 Month SOFR + 5.012%

10.264(c)

04/27/28

48,323

Sandvine Corp. (Canada),

Initial Term Loan (First Lien), 6 Month SOFR + 2.000% (Cap N/A, Floor 0.000%)

2.000(c)

06/28/27

123

17,264

SonicWall US Holdings, Inc.,

2023 Term Loan, 3 Month SOFR + 5.000%

10.335(c)

05/18/28

73,207

VeriFone Systems, Inc.,

First Lien Initial Term Loan, 3 Month SOFR + 4.262%

9.333(c)

08/20/25

220

197,771

2,409,721

Distribution/Wholesale 1.0%

AIP RD Buyer Corp.,

2024 Term Loan, 1 Month SOFR + 4.500%

9.747(c)

12/22/28

100

99,874

Closure Systems International Group, Inc.,

Amendment No. 4 Term Loan, 1 Month SOFR + 4.000%

9.247(c)

03/22/29

50,219

Fastlane Parent Co., Inc.,

Term B Loan, 1 Month SOFR + 4.500%

9.747(c)

09/29/28

48,570

See Notes to Financial Statements.

PGIM Fixed Income ETFs 113

PGIM Floating Rate Income ETF

Schedule of Investments (continued)

as of August 31, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

FLOATING RATE AND OTHER LOANS (Continued)

Distribution/Wholesale (cont’d.)

Gates Corporation,

Initial B-4 Dollar Term Loan, 1 Month SOFR + 2.250%

7.497%(c)

11/16/29

246

245,963

Resideo Funding, Inc.,

Fourth Amendment Term Loan, 3 Month SOFR + 2.000%

7.301(c)

06/13/31

100

100,000

Windsor Holdings III LLC,

Term B Loan 2024, 1 Month SOFR + 4.000%

9.311(c)

08/01/30

164

164,558

709,184

Diversified Financial Services 2.2%

Blackhawk Network Holdings, Inc.,

Term B Loan, 1 Month SOFR + 5.000%

10.247(c)

03/12/29

125

125,781

Castlelake Aviation One,

Initial Term Loan, 3 Month SOFR + 2.500%

7.839(c)

10/22/26

132

132,213

CPI Holdco B LLC,

Initial Term Loan, 1 Month SOFR + 2.000%

7.247(c)

05/16/31

350

349,417

Genuine FINL Holdings,

Term Loan

— (p)

09/27/30

199

197,819

Hudson River Trading LLC,

Term Loan, 3 Month SOFR + 3.262%

8.319(c)

03/20/28

393

392,931

Nuvei Technologies Corp. (Canada),

Initial Term Loan, 1 Month SOFR + 3.100%

8.313(c)

12/19/30

197

197,160

VFH Parent LLC,

Term B-1 Loan, 1 Month SOFR + 2.750%

7.997(c)

06/21/31

218

218,201

1,613,522

Electric 1.1%

Calpine Corporation,

Term Loan (04/19), 1 Month SOFR + 2.000%

7.247(c)

01/31/31

375

374,582

Discovery Energy Holding Corp.,

Initial Dollar Term Loan, 3 Month SOFR + 4.750%

10.085(c)

05/01/31

125

125,547

Generation Bridge Northeast LLC,

Term B Loan, 1 Month SOFR + 3.500%

8.747(c)

08/22/29

121

121,919

Lightstone HoldCo LLC,

Extended Term B Loan, 3 Month SOFR + 5.750%

11.002(c)

01/29/27

185

184,279

Extended Term C Loan, 3 Month SOFR + 5.750%

11.002(c)

01/29/27

10,423

816,750

See Notes to Financial Statements.

114

PGIM Floating Rate Income ETF

Schedule of Investments (continued)

as of August 31, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

FLOATING RATE AND OTHER LOANS (Continued)

Electronics 0.8%

Coherent Corp.,

Term B-1 Loan, 1 Month SOFR + 2.500%

7.747%(c)

07/02/29

255

255,997

Ingram Micro, Inc.,

Term B Loan, 3 Month SOFR + 3.262%

8.596(c)

06/30/28

161

161,423

Roper Industrial Products Investment Company LLC,

Tranche C Dollar Term Loan, 3 Month SOFR + 3.250%

8.585(c)

11/22/29

149

149,688

567,108

Engineering & Construction 1.3%

Arcosa, Inc.,

Term Loan

— (p)

08/31/31

200

200,625

Azuria Water Solutions, Inc.,

2024 Second Additional Replacement Term Loan, 1 Month SOFR + 3.750%

8.997(c)

05/17/28

274

275,278

Brown Group Holding LLC,

Incremental Term B-2 Facility, 3 Month SOFR + 2.750%

7.935(c)

07/01/31

24,929

Initial Term Loan, 1 Month SOFR + 2.750%

7.997(c)

07/01/31

149

149,234

Michael Baker International LLC,

Term B Loan, 1 Month SOFR + 4.750%^

9.997(c)

12/01/28

200

200,750

Osmose Utilities Services, Inc.,

First Lien Initial Term Loan, 1 Month SOFR + 3.364%

8.611(c)

06/23/28

149

148,001

998,817

Entertainment 3.3%

Allen Media LLC,

Term B Loan, 3 Month SOFR + 5.650%

10.985(c)

02/10/27

184

121,949

AP Gaming I LLC,

Term B Loan, 1 Month SOFR + 3.750%

8.997(c)

02/15/29

74,841

Caesars Entertainment, Inc.,

Incremental Term B-1 Loan, 1 Month SOFR + 2.750%

7.997(c)

02/06/31

200

199,157

Term B Loan, 1 Month SOFR + 2.750%

7.997(c)

02/06/30

189

188,889

Cinemark USA, Inc.,

Term Loan, 1 Month SOFR + 3.250%

8.519(c)

05/24/30

222

222,888

See Notes to Financial Statements.

PGIM Fixed Income ETFs 115

PGIM Floating Rate Income ETF

Schedule of Investments (continued)

as of August 31, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

FLOATING RATE AND OTHER LOANS (Continued)

Entertainment (cont’d.)

ECL Entertainment LLC,

Term B Loan, 1 Month SOFR + 4.000%

9.247%(c)

08/31/30

50,031

Entain PLC (United Kingdom),

Facility B3, 6 Month SOFR + 2.750%

8.014(c)

10/31/29

497

497,125

Flutter Financing BV (Ireland),

Term B Loan, 3 Month SOFR + 2.250%

7.585(c)

11/29/30

224

223,875

Golden Entertainment, Inc.,

Term B-1 Loan, 1 Month SOFR + 2.250%

7.502(c)

05/28/30

132

131,670

Great Canadian Gaming Co.,

Term B Loan, 3 Month SOFR + 4.000%

9.609(c)

11/01/26

124

123,779

J&J Ventures Gaming LLC,

2023 Delayed Draw Term Loan (Montana), 1 Month SOFR + 4.364%

9.611(c)

04/26/28

150

149,438

Initial Term Loan, 1 Month SOFR + 4.114%

9.361(c)

04/26/28

97,323

Maverick Gaming LLC,

First-Out Term Loan, 3 Month SOFR + 7.500%

12.821(c)

06/03/28

32,256

Second-Out Term Loan, 3 Month SOFR + 7.500%^

12.346(c)

06/03/28

32,548

PCI Gaming Authority,

2024 Term B Loan, 1 Month SOFR + 2.000%

7.342(c)

07/18/31

300

297,938

2,443,707

Environmental Control 2.1%

Action Environmental Group Inc, The,

Second Amendment Term B Loan, 3 Month SOFR + 4.000%

9.335(c)

10/24/30

485

487,634

Covanta Holding Corp.,

2024 Incremental Term B Loan, 1 Month SOFR + 2.750%

8.087(c)

11/30/28

203

203,513

2024 Incremental Term C Loan, 1 Month SOFR + 2.750%

8.087(c)

11/30/28

11,121

GFL Environmental, Inc.,

2024 Refinancing Term Loan, 3 Month SOFR + 2.000%

7.321(c)

07/03/31

200

200,000

JFL-Tiger Acquisition Co., Inc.,

Initial Term Loan, 1 Month SOFR + 4.500%

9.842(c)

10/17/30

199

199,561

See Notes to Financial Statements.

116

PGIM Floating Rate Income ETF

Schedule of Investments (continued)

as of August 31, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

FLOATING RATE AND OTHER LOANS (Continued)

Environmental Control (cont’d.)

Madison Iaq LLC,

Initial Term Loan, 1 Month SOFR + 2.750%

7.889%(c)

06/21/28

250

250,250

Mip V Waste Holdings, LLC,

Tranche B-1 Term Loan, 3 Month SOFR + 3.000%

9.422(c)

12/08/28

250

249,375

1,601,454

Foods 0.4%

B&G Foods, Inc.,

Tranche B-5 Term Loan, 3 Month SOFR + 3.500%

8.557(c)

10/10/29

74,370

BCPE North Star U.S. Holdco, Inc.,

First Lien Initial Term Loan, 1 Month SOFR + 4.114%

9.361(c)

06/09/28

271

250,953

325,323

Hand/Machine Tools 0.4%

Alliance Laundry Systems LLC,

Initial Term B Loan, 3 Month SOFR + 3.500%

8.842(c)

08/09/31

325

325,609

Healthcare 0.2%

Lifepoint Health, Inc.,

Term B Loan 2024 Repricing, 3 Month SOFR + 4.750%

10.054(c)

11/16/28

117

117,198

Healthcare-Products 0.5%

Auris Luxembourg III Sarl (Denmark),

Facility B4, 6 Month SOFR + 4.678%

9.564(c)

02/27/29

50,188

Medline Borrower LP,

Dollar Incremental Term Loan, 1 Month SOFR + 2.250%

7.497(c)

10/23/28

50,031

Term B Loan, 1 Month SOFR + 2.750%

7.997(c)

10/23/28

233

233,078

333,297

Healthcare-Services 2.5%

Accelerated Health Systems LLC,

Initial Term B Loan, 3 Month SOFR + 4.400%

9.735(c)

02/15/29

250

198,787

See Notes to Financial Statements.

PGIM Fixed Income ETFs 117

PGIM Floating Rate Income ETF

Schedule of Investments (continued)

as of August 31, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

FLOATING RATE AND OTHER LOANS (Continued)

Healthcare-Services (cont’d.)

Charlotte Buyer, Inc.,

First Refinancing Term Loan, 1 Month SOFR + 4.750%

10.077%(c)

02/11/28

264

265,383

Concentra Health Services, Inc.,

Term B Loan, 1 Month SOFR + 2.250%^

7.497(c)

07/26/31

100

100,250

eResearch Technology, Inc.,

Tranche B-1 Term Loan, 1 Month SOFR + 4.000%

9.247(c)

02/04/27

122

122,623

Mamba Purchaser, Inc.,

Third Amendment Term Loan, 1 Month SOFR + 3.250%

8.587(c)

10/16/28

48,776

Pacific Dental Services LLC,

Refinancing Term Loan, 1 Month SOFR + 3.250%

8.592(c)

03/07/31

174

174,470

Phoenix Guarantor, Inc.,

Tranche B-4 Term Loan, 1 Month SOFR + 3.250%

8.497(c)

02/21/31

399

399,277

Radnet Management, Inc.,

Term B Loan, 3 Month SOFR + 2.500%

7.779(c)

04/18/31

100

100,188

Sound Inpatient Physicians Holdings LLC,

Tranche B Term Loan, 3 Month SOFR + 5.262%

10.596(c)

06/28/28

339

281,654

Sound Inpatient Physicians, Inc.,

Tranche A Term Loan, 3 Month SOFR + 6.762%

12.096(c)

06/28/28

49,998

Tranche C Term Loan, 1 Month SOFR + 6.750%

— (p)

06/28/29

2,019

Surgery Center Holdings, Inc.,

2024 Refinancing Term Loan, 1 Month SOFR + 2.750%

8.061(c)

12/19/30

150

149,906

1,893,331

Holding Companies-Diversified 0.8%

Belfor Holdings, Inc.,

Initial Tranche B-1 Term Loan, 1 Month SOFR + 3.750%

8.997(c)

11/01/30

187

187,940

Clue OpCo LLC,

Term B Loan, 3 Month SOFR + 4.500%

9.752(c)

12/19/30

450

441,993

629,933

Home Furnishings 0.5%

TGP Holdings III LLC,

First Lien Closing Date Term Loan, 1 Month SOFR + 3.350%

8.597(c)

06/29/28

426

398,491

See Notes to Financial Statements.

118

PGIM Floating Rate Income ETF

Schedule of Investments (continued)

as of August 31, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

FLOATING RATE AND OTHER LOANS (Continued)

Household Products/Wares 0.2%

Kronos Acquisition Holdings, Inc. (Canada),

Initial Loan 2024, 3 Month SOFR + 4.000%

9.314%(c)

07/08/31

125

123,281

Housewares 0.3%

Lifetime Brands, Inc.,

Extended Term Loan, 1 Month SOFR + 5.614%

10.904(c)

08/26/27

45,693

SWF Holdings I Corp.,

Initial Term Loan, 1 Month SOFR + 4.114%

9.361(c)

10/06/28

206

154,864

200,557

Insurance 3.0%

Acrisure LLC,

2024 Refinancing Term Loan, 3 Month SOFR + 3.250%

8.594(c)

11/06/30

599

594,248

AmWINS Group, Inc.,

Term Loan, 1 Month SOFR + 2.364%

7.611(c)

02/19/28

63,094

Assured Partners, Inc.,

2024 Term Loan, 1 Month SOFR + 3.500%

8.747(c)

02/14/31

231

231,125

Asurion LLC,

New B-04 Term Loan, 1 Month SOFR + 5.364%

10.611(c)

01/20/29

200

184,438

New B-09 Term Loan, 1 Month SOFR + 3.364%

8.611(c)

07/31/27

242

239,004

New B-10 Term Loan, 1 Month SOFR + 4.100%

9.347(c)

08/19/28

114

112,830

New B-11 Term Loan, 1 Month SOFR + 4.350%

9.597(c)

08/21/28

224

222,550

Second Lien Term B-3 Loan, 1 Month SOFR + 5.364%

10.611(c)

01/31/28

46,661

Broadstreet Partners, Inc.,

2024 Term B Loan, 1 Month SOFR + 3.250%

8.497(c)

06/13/31

225

224,888

HUB International Ltd,

Facility 2024-1 Incremental Term Loan, 2 Month SOFR + 3.000%

8.255(c)

06/20/30

200

200,069

Sedgwick Claims Management Services, Inc.,

2024 Term Loan, 3 Month SOFR + 3.000%

8.251(c)

07/31/31

150

150,000

2,268,907

See Notes to Financial Statements.

PGIM Fixed Income ETFs 119

PGIM Floating Rate Income ETF

Schedule of Investments (continued)

as of August 31, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

FLOATING RATE AND OTHER LOANS (Continued)

Internet 0.4%

Cablevision Lightpath LLC,

Initial Term Loan, 1 Month SOFR + 3.364%

8.701%(c)

11/30/27

132

130,497

MH Sub I LLC,

2023 May New Term Loan, 1 Month SOFR + 4.250%

9.497(c)

05/03/28

195

194,628

325,125

Investment Companies 0.4%

AAL Delaware Holdco, Inc.,

Initial Term Loan, 1 Month SOFR + 3.500%

8.747(c)

07/30/31

50,094

Guardian US Holdco,

Initial Term Loan, 3 Month SOFR + 3.500%

8.835(c)

01/31/30

123

122,587

WECUS HoldingsLtd.,

Initial Term Loan, 1 Month SOFR + 2.750%

7.997(c)

01/27/31

100

100,069

272,750

Leisure Time 1.9%

Alterra Mountain Co.,

Term B-5 Loan, 1 Month SOFR + 3.500%

8.747(c)

05/31/30

124

124,528

Amer Sports Co. (Finland),

Initial USD Term Loan, 3 Month SOFR + 3.250%

8.346(c)

02/17/31

250

250,625

Bombardier Recreational Products, Inc. (Canada),

2023 Replacement Term Loan, 1 Month SOFR + 2.750%

7.997(c)

12/13/29

319

318,804

Carnival Corp.,

(2027) Term Loan, 1 Month SOFR + 2.750%

7.997(c)

08/08/27

53,523

Fender Musical Instruments Corp.,

Initial Term Loan, 1 Month SOFR + 4.100%

9.347(c)

12/01/28

68,583

LC Ahab US Bidco LLC,

Initial Term Loan, 1 Month SOFR + 3.500%

8.747(c)

05/01/31

200

200,500

Recess Holdings, Inc.,

Initial Term Loan, 3 Month SOFR + 4.500%

9.752(c)

02/21/30

200

199,812

Topgolf Callaway Brands Corp.,

Initial Term Loan, 1 Month SOFR + 3.000%

8.247(c)

03/15/30

237

234,890

1,451,265

See Notes to Financial Statements.

120

PGIM Floating Rate Income ETF

Schedule of Investments (continued)

as of August 31, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

FLOATING RATE AND OTHER LOANS (Continued)

Lodging 0.1%

Travel Leisure Co.,

2023 Incremental Term Loan, 1 Month SOFR + 3.350%

8.661%(c)

12/14/29

100

99,583

Machinery-Construction & Mining 0.2%

Vertiv Group Corporation,

Term B-2 Loan, 1 Month SOFR + 2.000%

7.343(c)

03/02/27

148

148,703

Machinery-Diversified 1.9%

Chart Industries, Inc.,

2024 Term B Loan, 3 Month SOFR + 2.500%

7.825(c)

03/15/30

159

159,487

CPM Holdings, Inc.,

Initial Term Loan, 1 Month SOFR + 4.500%

9.842(c)

09/28/28

148

140,871

Engineered Machinery Holdings, Inc.,

Incremental USD First Lien Term Loan, 3 Month SOFR + 3.750%

9.346(c)

05/19/28

49,350

Hyster-Yale Group, Inc.,

Term B Loan Facility, 1 Month SOFR + 3.614%

8.861(c)

05/26/28

315

313,058

Pro Mach Group Inc,

Initial Term Loan, 1 Month SOFR + 3.500%

8.747(c)

08/31/28

88,926

STS Operating, Inc.,

First Refinancing Term Loan, 1 Month SOFR + 4.100%

9.347(c)

03/25/31

200

198,418

TK Elevator US Newco, Inc. (Germany),

Facility B2 (USD), 6 Month SOFR + 3.500%

8.588(c)

04/30/30

398

399,657

Zekelman Industries, Inc.,

2024 Term Loan, 1 Month SOFR + 2.250%

7.559(c)

01/24/31

100

99,889

1,449,656

Media 2.1%

Altice Financing SA (Luxembourg),

2022 Dollar Loan, 3 Month SOFR + 5.000%

10.301(c)

10/31/27

124

109,513

Audacy Capital Corp.,

Term B-2 Loan

8.074

11/18/24(d)

33,000

Term Loan, 1 Month SOFR + 6.114%^

11.361(c)

09/30/24

5,920

Charter Communications Operating LLC,

Term B-4 Loan, 3 Month SOFR + 2.000%

7.332(c)

12/07/30

174

173,102

See Notes to Financial Statements.

PGIM Fixed Income ETFs 121

PGIM Floating Rate Income ETF

Schedule of Investments (continued)

as of August 31, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

FLOATING RATE AND OTHER LOANS (Continued)

Media (cont’d.)

CSC Holdings LLC,

2022 Refinancing Term Loan, 1 Month SOFR + 4.500%

9.837%(c)

01/18/28

196

186,692

Diamond Sports Group LLC,

Dip Term Loan

10.000

12/02/24

36,222

First Lien Term Loan, 1 Month SOFR + 10.100%

15.442(c)

05/25/26

10,238

Second Lien Term Loan

8.175

08/24/26(d)

397

6,368

Radiate Holdco LLC,

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

8.611(c)

09/25/26

239

191,471

Sinclair Television Group, Inc.,

Term B-4 Loan, 1 Month SOFR + 3.850%

9.097(c)

04/21/29

66,420

Univision Communications, Inc.,

2022 Incremental First-Lien Term Loan, 3 Month SOFR + 4.250%

9.585(c)

06/24/29

48,449

2024 Replacement First-Lien Term Loan, 1 Month SOFR + 3.614%

8.861(c)

01/31/29

100

96,950

Initial First Lien Term Loan, 1 Month SOFR + 3.364%

8.611(c)

01/31/29

290

281,157

Virgin Media Bristol LLC,

Facility Y, 6 Month SOFR + 3.350%

8.656(c)

03/31/31

300

287,109

1,532,611

Metal Fabricate/Hardware 1.0%

Crosby US Acquisition Corp.,

Amendment No. 3 Replacement Term Loan, 1 Month SOFR + 4.000%

9.247(c)

08/16/29

174

174,778

Doncasters US Finance LLC (United Kingdom),

Initial Term Loan, 3 Month SOFR + 6.500%

11.835(c)

04/23/30

224

222,193

Grinding Media, Inc.,

First Lien Initial Term Loan, 3 Month SOFR + 4.262%^

9.569(c)

10/12/28

158

157,279

Tank Holding Corp.,

2023 Incremental Term Loan, 1 Month SOFR + 6.100%

11.347(c)

03/31/28

47,904

Delayed Draw Term Commitment, 1 Month SOFR + 6.100%

1.000(c)

03/31/28

9,291

See Notes to Financial Statements.

122

PGIM Floating Rate Income ETF

Schedule of Investments (continued)

as of August 31, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

FLOATING RATE AND OTHER LOANS (Continued)

Metal Fabricate/Hardware (cont’d.)

Trulite Glass & Aluminum Solutions LLC,

Initial Term Loan, 1 Month SOFR + 6.000%^

11.247%(c)

03/01/30

174

168,254

779,699

Mining 0.3%

Arsenal Aic Parent LLC,

2024 Term B Loan, 1 Month SOFR + 3.250%

8.560(c)

08/18/30

249

249,001

Miscellaneous Manufacturing 0.5%

AMG Advanced Metallurgical Group NV (Netherlands),

2021 Term Loan, 1 Month SOFR + 5.614%^

8.861(c)

11/30/28

274

272,925

Gates Global LLC,

Inital B-5 Dollar Term Loan, 1 Month SOFR + 2.250%

7.497(c)

06/04/31

75,176

348,101

Oil & Gas 0.2%

Apro LLC,

Initial Term Loan, 1 Month SOFR + 3.750%

9.075(c)

07/09/31

125

125,039

Packaging & Containers 1.1%

Clydesdale Acquisition Holdings, Inc.,

Term B Loan, 1 Month SOFR + 3.175%

8.422(c)

04/13/29

114

113,582

Pregis TopCo LLC,

First Lien Initial Term Loan, 1 Month SOFR + 4.000%

9.247(c)

07/31/26

99,586

Pretium PKG Holdings, Inc.,

Initial Third Amendment Tranche A-1 Term Loan (First Lien), 3 Month SOFR + 4.600%

9.848(c)

10/02/28

43,108

Proampac PG Borrower LLC,

2024 Term B Loan, 3 Month SOFR + 4.000%

9.210(c)

09/15/28

98,395

Secure Acquisition, Inc.,

Closing Date Term Loan, 2 Month SOFR + 4.250%

9.514(c)

12/15/28

100

100,292

See Notes to Financial Statements.

PGIM Fixed Income ETFs 123

PGIM Floating Rate Income ETF

Schedule of Investments (continued)

as of August 31, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

FLOATING RATE AND OTHER LOANS (Continued)

Packaging & Containers (cont’d.)

Supplyone, Inc.,

Term B Loan, 1 Month SOFR + 4.250%

9.497%(c)

04/19/31

125

125,747

Trident TPI Holdings, Inc.,

Tranche B-6 Term Loan, 3 Month SOFR + 4.000%

9.332(c)

09/15/28

246

246,717

827,427

Pharmaceuticals 0.7%

Gainwell Acquisition Corp.,

Term B Loan, 3 Month SOFR + 4.100%

9.435(c)

10/01/27

245

220,321

Sharp Services LLC,

Tranche C Term Loan, 3 Month SOFR + 3.750%^

9.085(c)

12/31/28

150

149,625

Vizient, Inc.,

Term B-8 Loan, 1 Month SOFR + 2.000%

7.247(c)

08/01/31

150

150,300

520,246

Pipelines 1.7%

AL GCX Holdings LLC,

Initial Term Loan, 1 Month SOFR + 2.750%

8.077(c)

05/17/29

288

288,066

Al Ngpl Holdings LLC,

Term Loan, 3 Month SOFR + 3.250%

8.564(c)

04/13/28

295

296,085

CPPIB OVM Member U.S. LLC,

Initial Term Loan, 3 Month SOFR + 3.250%

8.586(c)

08/01/31

150

150,375

CQP Holdco LP,

Initial Term Loan, 3 Month SOFR + 2.250%

7.585(c)

12/31/30

250

250,660

GIP III Stetson I LP,

Initial Term Loan, 1 Month SOFR + 3.500%

8.747(c)

10/31/28

109

109,193

GIP Pilot Acquisition Partners, L.P.,

2024 Term B Loan, 3 Month SOFR + 2.500%

7.818(c)

10/04/30

123

123,206

Prairie ECI Acquiror LP,

Initial Term B-2 Loan, 1 Month SOFR + 4.750%

9.997(c)

08/01/29

74,746

1,292,331

Private Equity 0.3%

HarbourVest Partners LP,

New Term Loan B, 1 Month SOFR + 2.250%^

7.491(c)

04/18/30

238

237,616

See Notes to Financial Statements.

124

PGIM Floating Rate Income ETF

Schedule of Investments (continued)

as of August 31, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

FLOATING RATE AND OTHER LOANS (Continued)

Real Estate 0.8%

BRP Nimbus LLC,

Initial Term B Loan, 1 Month SOFR + 2.600%

7.847%(c)

08/27/25

292

291,021

Greystar Real Estate Partners, LLC,

Term B-2 Loan, 1 Month SOFR + 2.750%^

8.059(c)

08/21/30

269

269,213

560,234

Real Estate Investment Trusts (REITs) 1.0%

Blackstone Mortgage Trust, Inc.,

New Term Loan B, 1 Month SOFR + 2.864%

8.117(c)

04/23/26

96,505

Term B-4 Loan, 1 Month SOFR + 3.500%^

8.752(c)

05/09/29

398

390,128

Starwood Property Mortgage LLC,

First Lien Term B Loan, 1 Month SOFR + 2.750%

7.997(c)

11/18/27

99,368

StarWood Property Mortgage LLC,

Initial Term Loan, 1 Month SOFR + 2.600%^

7.847(c)

07/26/26

145

145,248

731,249

Retail 2.8%

Dave & Buster’s, Inc.,

2024 Refinancing Term B Loan, 1 Month SOFR + 3.250%

8.500(c)

06/29/29

322

321,421

Great Outdoors Group LLC,

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

9.111(c)

03/06/28

179

178,987

Harbor Freight Tools USA, Inc.,

Initial Term Loan, 1 Month SOFR + 2.500%

7.494(c)

06/11/31

350

344,969

Johnstone Supply LLC,

Initial Term Loan, 1 Month SOFR + 3.000%

8.352(c)

06/07/31

150

149,859

LBM Acquisition LLC,

First Lien Initial Term Loan, 1 Month SOFR + 3.850%

9.097(c)

12/17/27

111

109,389

Peer Holding III BV (Netherlands),

Facility B5, 3 Month SOFR + 3.000%

8.332(c)

06/20/31

175

175,437

Petco Health & Wellness Co., Inc.,

First Lien Initial Term Loan, 3 Month SOFR + 3.512%

8.846(c)

03/03/28

225

207,956

See Notes to Financial Statements.

PGIM Fixed Income ETFs 125

PGIM Floating Rate Income ETF

Schedule of Investments (continued)

as of August 31, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

FLOATING RATE AND OTHER LOANS (Continued)

Retail (cont’d.)

Whatabrands LLC,

Term B Loan, 1 Month SOFR + 2.750%

7.997%(c)

08/03/28

348

348,283

White Cap Buyer LLC,

Tranche C Term Loan, 1 Month SOFR + 3.250%

8.497(c)

10/19/29

250

248,219

2,084,520

Semiconductors 0.6%

Allegro Microsystems, Inc. (Japan),

Amendment No 2 Term Loan, 1 Month SOFR + 2.250%^

7.497(c)

10/31/30

250

250,625

Natel Engineering Co., Inc.,

Initial Term Loan, 1 Month SOFR + 6.364%^

11.611(c)

04/30/26

147

125,208

Ultra Clean Holdings, Inc.,

Term Loan First Lien, 1 Month SOFR + 3.500%

8.747(c)

02/27/28

74,811

450,644

Shipbuilding 0.2%

LSF11 Trinity Bidco, Inc.,

2024 Term B Loan, 1 Month SOFR + 3.500%^

8.811

06/14/30

146

145,644

Software 4.9%

Applovin Corp.,

2030 Initial Term Loan, 1 Month SOFR + 2.500%

7.747(c)

08/16/30

199

198,938

athenahealth, Inc.,

Initial Term Loan, 1 Month SOFR + 3.250%

8.497(c)

02/15/29

424

420,439

Boxer Parent Company, Inc.,

2031 New First Lien Dollar Term Loan, 3 Month SOFR + 3.750%

9.005(c)

07/30/31

197

196,530

Camelot US Acquisition LLC,

Term B-1 Loan, 1 Month SOFR + 2.750%

7.997(c)

01/31/31

175

174,562

Cloudera, Inc.,

Term Loan, 1 Month SOFR + 3.850%

9.097(c)

10/08/28

210

204,767

Cotiviti, Inc.,

Initial Floating Rate Term Loan, 1 Month SOFR + 3.250%

8.592(c)

05/01/31

299

299,094

Dun & Bradstreet Corp.,

Incremental Term B-2, 1 Month SOFR + 2.750%

8.026(c)

01/18/29

125

124,824

See Notes to Financial Statements.

126

PGIM Floating Rate Income ETF

Schedule of Investments (continued)

as of August 31, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

FLOATING RATE AND OTHER LOANS (Continued)

Software (cont’d.)

Evertec Group LLC (Puerto Rico),

Term B Loan, 1 Month SOFR + 3.250%^

8.497%(c)

10/30/30

135

136,013

Genesys Cloud Services,

2024 Incremental Dollar Term Loan, 1 Month SOFR + 3.864%

9.111(c)

12/01/27

124

124,930

2024 Incremental No. 2 Dollar Term Loan, 1 Month SOFR + 3.500%

8.747(c)

12/01/27

24,961

Instructure Holdings, Inc.,

Initial Term Loan, 3 Month SOFR + 3.012%

8.074(c)

10/30/28

224

224,415

Playtika Ltd.,

Term B-1 Loan, 1 Month SOFR + 2.864%

8.111(c)

03/13/28

149

148,542

Polaris Newco LLC,

First Lien Dollar Term Loan, 3 Month SOFR + 4.262%

9.514(c)

06/02/28

131

130,070

Red Planet Borrower LLC,

First Lien Initial Term Loan, 1 Month SOFR + 3.600%

8.847(c)

10/02/28

221

210,195

Renaissance Holding Corp.,

Covenant-Lite First-Lien Term Loan, 1 Month SOFR + 4.250%

9.497(c)

04/05/30

199

198,515

Skillsoft Finance II, Inc.,

Initial Term Loan, 1 Month SOFR + 5.364%

10.642(c)

07/14/28

121

95,262

SS&C Technologies Holdings, Inc.,

Term B-8 Loan, 1 Month SOFR + 2.000%

7.247(c)

05/09/31

160

160,216

VS Buyer LLC,

2024 Refinancing Initial Term Loan, 1 Month SOFR + 3.250%

8.587(c)

04/12/31

125

124,844

Webpros Investments Sarl (Luxembourg),

2024 Term Loan, 1 Month SOFR + 4.000%

9.247(c)

03/28/31

49,937

Weld North Education LLC,

2024 Term Loan, 1 Month SOFR + 3.500%

8.747(c)

12/21/29

125

124,754

Zelis Cost Management Buyer, Inc.,

Term B-2 Loan, 1 Month SOFR + 2.750%

7.997(c)

09/28/29

249

249,583

3,621,391

Technology 0.0%

Aventiv Technologies,

Term Loan^

— (p)

07/31/25

6,308

See Notes to Financial Statements.

PGIM Fixed Income ETFs 127

PGIM Floating Rate Income ETF

Schedule of Investments (continued)

as of August 31, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

FLOATING RATE AND OTHER LOANS (Continued)

Telecommunications 3.5%

Aventiv Technologies,

Second Lien Term Loan, 3 Month SOFR + 9.312%

14.499%(c)

11/01/25

1,353

Second-Out Term Loan, 3 Month SOFR + 7.762%

13.096(c)

07/31/25

4,661

Super Priority First Lien Third Out Term Loan, 3 Month SOFR + 5.352%

10.686(c)

07/31/25

101

75,022

CCI Buyer, Inc.,

First Lien Initial Term Loan, 3 Month SOFR + 4.000%

9.335(c)

12/17/27

181

180,964

CommScope, Inc.,

Initial Term Loan, 1 Month SOFR + 3.364%

8.611(c)

04/06/26

158

149,636

Connect Finco Sarl (United Kingdom),

Amendment No. 4 Term Loan, 1 Month SOFR + 4.500%

9.747(c)

09/27/29

176

171,335

Crown Subsea Communications Holding, Inc.,

2024 Term Loan, 3 Month SOFR + 4.000%

9.252(c)

01/30/31

150

151,031

Digicel International Finance Ltd. (Jamaica),

Initial Term Loan, 3 Month SOFR + 6.750%

12.002(c)

05/25/27

133

130,269

Gogo Intermediate Holdings LLC,

Initial Term Loan, 1 Month SOFR + 3.864%

9.111(c)

04/30/28

250

248,348

Iridium Satellite LLC,

Term B-4 Loan, 1 Month SOFR + 2.250%

7.497(c)

09/20/30

141

140,782

Level 3 Financing, Inc.,

Term B-1, 1 Month SOFR + 6.560%

11.838(c)

04/15/29

165

165,804

Term B-2, 1 Month SOFR + 6.560%

11.838(c)

04/15/30

165

165,715

Lorca Co.,

Facility B4 Loan, 3 Month SOFR + 3.500%

8.835(c)

03/25/31

125

124,376

MLN US HoldCo LLC,

3L Term B Loan, 3 Month SOFR + 9.250%

14.629(c)

10/18/27

200

Initial Term Loan, 3 Month SOFR + 6.540%

11.819(c)

10/18/27

12,451

Initial Term Loan (Second Out (First Lien Roll-Up)), 3 Month SOFR + 6.800%

12.079(c)

10/18/27

3,973

Orbcomm, Inc.,

Closing Date Term Loan, 1 Month SOFR + 4.364%

9.611(c)

09/01/28

81,984

Patagonia Holdco LLC,

Initial Term Loan, 3 Month SOFR + 5.750%

10.854(c)

08/01/29

236

218,963

Viasat, Inc.,

Initial Term Loan, 1 Month SOFR + 4.500%

9.747(c)

03/02/29

218

203,191

See Notes to Financial Statements.

128

PGIM Floating Rate Income ETF

Schedule of Investments (continued)

as of August 31, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

FLOATING RATE AND OTHER LOANS (Continued)

Telecommunications (cont’d.)

Xplornet Communications, Inc. (Canada),

First Lien Refinancing Term Loan, 1 Month SOFR + 4.000%

9.571%(c)

10/02/28(d)

419

73,588

Initial Term Loan - Second Lien, 1 Month SOFR + 7.000%

12.564(c)

10/01/29(d)

438

Zayo Group Holdings, Inc.,

Initial Dollar Term Loan, 1 Month SOFR + 3.000%

8.361(c)

03/09/27

105

96,753

Zegona Holdco Ltd.,

Term Loan

— (p)

07/31/29

175

173,578

2,574,415

Textiles 0.8%

ASP Unifrax Holdings, Inc.,

USD Term Loan (First Lien), 3 Month SOFR + 3.900%

9.235(c)

12/12/25

645

631,841

Transportation 0.8%

First Student Bidco, Inc.,

Term B Loan, 3 Month SOFR + 3.100%

8.435(c)

07/21/28

161

161,393

Kenan Advantage Group,Inc. (The),

Term B-4 Loan, 1 Month SOFR + 3.250%

8.497(c)

01/25/29

24,750

Pods LLC,

Term Loan, 3 Month SOFR + 3.262%

8.514(c)

03/31/28

123

113,984

Savage Enterprises LLC,

Term B Loan, 1 Month SOFR + 3.000%

8.247(c)

09/15/28

300

300,812

600,939

TOTAL FLOATING RATE AND OTHER LOANS
(cost $53,332,491)

52,773,463

RESIDENTIAL MORTGAGE-BACKED SECURITIES 0.9%

PMT Credit Risk Transfer Trust,

Series 2024-01R, Class A, 144A, 30 Day Average SOFR + 3.500% (Cap N/A, Floor 0.000%)

8.849(c)

05/25/33

119

120,616

Series 2024-02R, Class A, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 0.000%)

8.698(c)

03/29/27

264

266,131

See Notes to Financial Statements.

PGIM Fixed Income ETFs 129

PGIM Floating Rate Income ETF

Schedule of Investments (continued)

as of August 31, 2024



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

RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)
PMT Credit Risk Transfer Trust, (cont’d.)
Series 2024-03R, Class A, 144A, 30 Day Average SOFR + 3.100% (Cap N/A, Floor 0.000%)		8.448%	09/27/28		300	$	300,000


TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES
(cost $683,476)							686,747


				Shares

COMMON STOCKS 0.1%

Health Care Providers & Services 0.0%

Sound Inpatient Physicians, Inc. (Class A Stock)*^					7,940		1
Sound Inpatient Physicians, Inc. (Class A2 Stock)*^					355		352


							353

IT Services 0.1%

ConvergeOne Holdings, Inc.					3,151		69,322

Wireless Telecommunication Services 0.0%

Digicel International Finance Ltd. (Jamaica) (original cost $11,205; purchased 01/29/24)*^(f)					9,237		23,000


TOTAL COMMON STOCKS
(cost $42,430)							92,675


PREFERRED STOCK 0.0%

Wireless Telecommunication Services

Digicel International Finance Ltd. (Jamaica) (original cost $5,920; purchased 01/26/24 - 01/29/24)*^(f) (cost $5,920)					981		10,498

See Notes to Financial Statements.

130

PGIM Floating Rate Income ETF

Schedule of Investments (continued)

as of August 31, 2024



Description	Units		Value

WARRANTS* 0.0%

Entertainment

Falcon’s Beyond Global, Inc., expiring 12/31/79 (cost $0)		2,501	$	—


TOTAL LONG-TERM INVESTMENTS
(cost $74,082,641)				74,016,705


	Shares

SHORT-TERM INVESTMENT 3.2%

AFFILIATED MUTUAL FUND
PGIM Core Government Money Market Fund (7-day effective yield 5.562%) (cost $2,385,641)(wb)		2,385,641		2,385,641


TOTAL INVESTMENTS 102.3%
(cost $76,468,282)				76,402,346
Liabilities in excess of other assets(z) (2.3)%				(1,699,816	)


NET ASSETS 100.0%			$	74,702,530

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

*	Non-income producing security.

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

^	Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $4,615,761 and 6.2% of net assets.

(c)	Variable rate instrument. The interest rate shown reflects the rate in effect at August 31, 2024.

(cc)

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

(f)

Indicates a restricted security that is acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer and is considered restricted as to disposition under federal securities law; the aggregate original cost of such securities is $357,676. The aggregate value of $384,693 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.

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

See Notes to Financial Statements.

PGIM Fixed Income ETFs 131

PGIM Floating Rate Income ETF

Schedule of Investments (continued)

as of August 31, 2024

Unfunded loan commitments outstanding at August 31, 2024:


	Principal
	Amount		Current			Unrealized			Unrealized
Borrower	(000)#		Value			Appreciation			Depreciation
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			13,358			25			—
Tank Holding Corp., Delayed Draw Term Commitment, 1 Month SOFR + 6.100%, 1.000%, Maturity Date 03/31/28 (cost $11,550)		12			11,435			—			(115	)
The Action Environmental Group, Inc., 2024-1 Incremental Delayed Draw Term Loan, 1.000%, Maturity Date 10/24/30 (cost $14,286)		14			14,375			89			—

				$	61,499		$	114		$	(284	)

Futures contracts outstanding at August 31, 2024:


Number of Contracts	Type	Expiration Date		Current Notional Amount		Value / Unrealized Appreciation (Depreciation)
Long Position:
1	20 Year U.S. Treasury Bonds		Dec. 2024	$	123,125	$	(1,087	)

Short Positions:
20	2 Year U.S. Treasury Notes		Dec. 2024		4,150,938		4,394
33	5 Year U.S. Treasury Notes		Dec. 2024		3,610,148		11,327
8	10 Year U.S. Treasury Notes		Dec. 2024		908,500		5,351
1	30 Year U.S. Ultra Treasury Bonds		Dec. 2024		131,937		2,819

							23,891

						$	22,804

Forward foreign currency exchange contracts outstanding at August 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 09/03/24	BOA		EUR	240		$	268,151		$	265,493		$	—		$	(2,658	)

See Notes to Financial Statements.

132

PGIM Floating Rate Income ETF

Schedule of Investments (continued)

as of August 31, 2024

Forward foreign currency exchange contracts outstanding at August 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 09/03/24	BOA		EUR	240		$	260,949		$	265,493		$	—		$	(4,544	)
Expiring 10/02/24	BOA		EUR	240			268,510			265,847			2,663			—

						$	529,459		$	531,340			2,663			(4,544	)

												$	2,663		$	(7,202	)

Credit default swap agreements outstanding at August 31, 2024:


Reference Entity/ Obligation	Termination Date		Fixed Rate			Notional Amount (000)#(3)		Implied Credit Spread at August 31, 2024(4)			Value at Trade Date			Value at August 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)		3,325		3.215	%		$	199,894		$	271,537		$	71,643
CDX.NA.IG.42.V1		06/20/29		1.000	%(Q)		5,425		0.493	%			109,211			131,286			22,075

												$	309,105		$	402,823		$	93,718

(1)

(2)

See Notes to Financial Statements.

PGIM Fixed Income ETFs 133

PGIM Floating Rate Income ETF

Schedule of Investments (continued)

as of August 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)

Total return swap agreement outstanding at August 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 Agreements:
iBoxx US Dollar Liquid Leveraged Loan Index(T)	1 Day SOFR(Q)/ 5.320%	BNP	12/20/24		1,490	$	(956	)	$	—		$	(956	)
iBoxx US Dollar Liquid Leveraged Loan Index(T)	1 Day SOFR(Q)/ 5.320%	BNP	12/20/24		100		116			—			116
iBoxx US Dollar Liquid Leveraged Loan Index(T)	1 Day SOFR(Q)/ 5.320%	BNP	12/20/24		750		(2,144	)		(30	)		(2,114	)
Invesco Senior Loan ETF(T)	1 Day SOFR +25bps(T)/ 5.570%	BNP	09/06/24		111		572			—			572

						$	(2,412	)	$	(30	)	$	(2,382	)

(1)

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

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


	Premiums Paid	Premiums Received	Unrealized Appreciation	Unrealized Depreciation
OTC Swap Agreements	$—	$(30)	$688	$(3,070)

See Notes to Financial Statements.

134

PGIM Floating Rate Income ETF

Schedule of Investments (continued)

as of August 31, 2024

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


Broker	Cash and/or Foreign Currency		Securities Market Value
CGM		$530,000		$—
JPS		150,000		—

Total		$680,000		$—

Fair Value Measurements:

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

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

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

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

The following is a summary of the inputs used as of August 31, 2024 in valuing such portfolio securities:


	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Asset-Backed Securities
Collateralized Loan Obligations	$	—	$	7,230,465	$	—
Corporate Bonds		—		13,222,838		19
Floating Rate and Other Loans		—		48,191,572		4,581,891
Residential Mortgage-Backed Securities		—		686,747		—
Common Stocks		—		69,322		23,353
Preferred Stock		—		—		10,498
Warrants		—		—		—**
Short-Term Investment
Affiliated Mutual Fund		2,385,641		—		—

Total	$	2,385,641	$	69,400,944	$	4,615,761


Other Financial Instruments*
Assets
Unfunded Loan Commitments	$	—	$	114	$	—
Futures Contracts		23,891		—		—
OTC Forward Foreign Currency Exchange Contract		—		2,663		—

See Notes to Financial Statements.

PGIM Fixed Income ETFs 135

PGIM Floating Rate Income ETF

Schedule of Investments (continued)

as of August 31, 2024


	Level 1			Level 2			Level 3
Other Financial Instruments* (continued)
Assets (continued)
Centrally Cleared Credit Default Swap Agreements	$	—		$	93,718		$	—
OTC Total Return Swap Agreements		—			688			—

Total	$	23,891		$	97,183		$	—


Liabilities
Unfunded Loan Commitments	$	—		$	(284	)	$	—
Futures Contracts		(1,087	)		—			—
OTC Forward Foreign Currency Exchange Contracts		—			(7,202	)		—
OTC Total Return Swap Agreements		—			(3,100	)		—

Total	$	(1,087	)	$	(10,586	)	$	—

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

**	Includes Level 3 investments with an aggregate value of $0.

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


	Corporate Bonds				Floating Rate and Other Loans				Common Stocks			Preferred Stocks
Balance as of 08/31/23		$	—			$	2,747,739			$	—		$	—
Realized gain (loss)			137				38,124				—			707
Change in unrealized appreciation (depreciation)			(65	)			(90,802	)			12,141			4,578
Purchases/Exchanges/Issuances			251				5,351,626				11,212			25,890
Sales/Paydowns			(290	)			(4,576,121	)			—			(20,677	)
Accrued discount/premium			(14	)			25,897				—			—
Transfers into Level 3*			—				1,428,119				—			—
Transfers out of Level 3*			—				(342,691	)			—			—

Balance as of 08/31/24		$	19			$	4,581,891			$	23,353		$	10,498

Change in unrealized appreciation (depreciation) relating to securities still held at reporting period end		$	(65	)		$	(58,361	)		$	12,141		$	4,578

See Notes to Financial Statements.

136

PGIM Floating Rate Income ETF

Schedule of Investments (continued)

as of August 31, 2024

services or other valuation techniques which utilize observable inputs. In accordance with the requirements of ASC 820, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to the Schedule of Investments of the Fund.

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

Level 3 Securities**

Fair Value as
of
August 31,
2024

Valuation
Approach

Valuation
Methodology

Unobservable
Inputs

Inputs
(Range)

Corporate Bonds

Market

Recovery Value

Recovery Rate

0.00% -
48.00%

Floating Rate and Other Loans

32,548

Market

Enterprise Value

EBITDA Multiple

5.0x

Common Stocks

23,000

Market

Enterprise Value

EBITDA Multiple

4.0x

Common Stocks

353

Market

Enterprise Value

Recovery Rate

0.00% - 0.99%

Preferred Stocks

10,498

Market

Enterprise Value

Recovery Rate

10.70%

66,418

The table does not include Level 3 securities and/or derivatives that are valued by independent pricing vendors or brokers. As of August 31, 2024, the aggregate value of these securities and/or derivatives was $4,549,343. The unobservable inputs for these investments were not developed by the Fund and are not readily available (e.g. single broker quotes).

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of August 31, 2024 were as follows:


Banks	14.8	%
Collateralized Loan Obligations	9.7
Commercial Services	7.4
Software	4.9
Telecommunications	4.0
Entertainment	3.3
Computers	3.2
Affiliated Mutual Fund	3.2
Chemicals	3.1
Building Materials	3.1
Insurance	3.0
Retail	2.9
Healthcare-Services	2.5
Environmental Control	2.2


Media	2.2	%
Diversified Financial Services	2.2
Machinery-Diversified	2.0
Leisure Time	1.9
Pipelines	1.9
Electric	1.9
Auto Parts & Equipment	1.8
Engineering & Construction	1.3
Packaging & Containers	1.2
Airlines	1.1
Real Estate Investment Trusts (REITs)	1.1
Metal Fabricate/Hardware	1.0
Aerospace & Defense	1.0
Beverages	1.0

See Notes to Financial Statements.

PGIM Fixed Income ETFs 137

PGIM Floating Rate Income ETF

Schedule of Investments (continued)

as of August 31, 2024

Industry Classification (continued):


Distribution/Wholesale	1.0	%
Residential Mortgage-Backed Securities	0.9
Textiles	0.8
Holding Companies-Diversified	0.8
Transportation	0.8
Electronics	0.8
Real Estate	0.8
Pharmaceuticals	0.7
Semiconductors	0.6
Home Furnishings	0.5
Miscellaneous Manufacturing	0.5
Healthcare-Products	0.5
Hand/Machine Tools	0.4
Foods	0.4
Internet	0.4
Oil & Gas	0.4
Agriculture	0.4
Investment Companies	0.4
Housewares	0.4
Mining	0.3
Private Equity	0.3


Machinery-Construction & Mining	0.2	%
Shipbuilding	0.2
Household Products/Wares	0.2
Healthcare	0.2
Advertising	0.1
Auto Manufacturers	0.1
Lodging	0.1
IT Services	0.1
Home Builders	0.1
Wireless Telecommunication Services	0.0	*
Technology	0.0	*
Health Care Providers & Services	0.0	*

	102.3
Liabilities in excess of other assets	(2.3	)


	100.0	%

*	Less than 0.05%

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

Fair values of derivative instruments as of August 31, 2024 as presented in the Statement of Assets and Liabilities:

Asset Derivatives

Liability Derivatives

Derivatives not accounted for as
hedging instruments, carried at
fair value

Statement of

Assets and

Liabilities Location

Fair
Value

Statement of

Assets and

Liabilities Location

Fair
Value

Credit contracts

Due from/to broker-variation margin swaps

93,718

—

See Notes to Financial Statements.

138

PGIM Floating Rate Income ETF

Schedule of Investments (continued)

as of August 31, 2024


	Asset Derivatives				Liability Derivatives
Derivatives not accounted for as hedging instruments, carried at fair value	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Foreign exchange contracts	Unrealized appreciation on OTC forward foreign currency exchange contracts	$	2,663		Unrealized depreciation on OTC forward foreign currency exchange contracts	$	7,202
Interest rate contracts	Due from/to broker-variation margin futures		23,891	*	Due from/to broker-variation margin futures		1,087	*
Interest rate contracts	—		—		Premiums received for OTC swap agreements		30
Interest rate contracts	Unrealized appreciation on OTC swap agreements		688		Unrealized depreciation on OTC swap agreements		3,070


		$	120,960			$	11,389

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

The effects of derivative instruments on the Statement of Operations for the year ended August 31, 2024 are as follows:


Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Futures				Forward Currency Exchange Contracts				Swaps
Credit contracts		$	—			$	—			$	543,399
Foreign exchange contracts			—				1,086				—
Interest rate contracts			(145,449	)			—				23,836


Total		$	(145,449	)		$	1,086			$	567,235


Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Futures				Forward Currency Exchange Contracts				Swaps
Credit contracts		$	—			$	—			$	(74,489	)
Foreign exchange contracts			—				(4,539	)			—
Interest rate contracts			50,695				—				(2,382	)


Total		$	50,695			$	(4,539	)		$	(76,871	)

See Notes to Financial Statements.

PGIM Fixed Income ETFs 139

PGIM Floating Rate Income ETF

Schedule of Investments (continued)

as of August 31, 2024

For the year ended August 31, 2024, the Fund’s average volume of derivative activities is as follows:


Derivative Contract Type	Average Volume of Derivative Activities*

Futures Contracts - Long Positions (1)		$ 268,000
Futures Contracts - Short Positions (1)		7,000,496
Forward Foreign Currency Exchange Contracts - Purchased (2)		210,243
Forward Foreign Currency Exchange Contracts - Sold (2)		417,132
Credit Default Swap Agreements - Sell Protection (1)		8,029,200
Total Return Swap Agreements (1)		534,466

*	Average volume is based on average quarter end balances for the year ended August 31, 2024.

(1)	Notional Amount in USD.

(2)	Value at Settlement Date.

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

Offsetting of OTC derivative assets and liabilities:


Counterparty	Gross Amounts of Recognized Assets(1)			Gross Amounts of Recognized Liabilities(1)				Net Amounts of Recognized Assets/(Liabilities)				Collateral Pledged/(Received)(2)			Net Amount
BNP		$	688		$	(3,100	)		$	(2,412	)		$	—		$	(2,412	)
BOA			2,663			(7,202	)			(4,539	)			—			(4,539	)

		$	3,351		$	(10,302	)		$	(6,951	)		$	—		$	(6,951	)

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

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

See Notes to Financial Statements.

140

PGIM Floating Rate Income ETF

Statement of Assets & Liabilities

as of August 31, 2024


Assets

Investments at value:
Unaffiliated investments (cost $74,082,641)	$	74,016,705
Affiliated investments (cost $2,385,641)		2,385,641
Foreign currency, at value (cost $3,622)		3,675
Receivable for investments sold		20,649,371
Deposit with broker for centrally cleared/exchange-traded derivatives		680,000
Dividends and interest receivable		498,166
Due from broker—variation margin futures		13,016
Due from broker—variation margin swaps		5,001
Unrealized appreciation on OTC forward foreign currency exchange contracts		2,663
Unrealized appreciation on OTC swap agreements		688
Unrealized appreciation on unfunded loan commitment		114


Total Assets		98,255,040


Liabilities

Payable for investments purchased		23,453,287
Management fee payable		44,714
Payable to custodian		43,923
Unrealized depreciation on OTC forward foreign currency exchange contracts		7,202
Unrealized depreciation on OTC swap agreements		3,070
Unrealized depreciation on unfunded loan commitments		284
Premiums received for OTC swap agreements		30


Total Liabilities		23,552,510


Net Assets	$	74,702,530




Net assets were comprised of:
Common stock, at par	$	1,475
Paid-in capital in excess of par		73,933,246
Total distributable earnings (loss)		767,809


Net assets, August 31, 2024	$	74,702,530


Net asset value, offering price and redemption price per share.
($74,702,530 ÷ 1,475,000 shares of common stock issued and outstanding)	$	50.65

See Notes to Financial Statements.

PGIM Fixed Income ETFs 141

PGIM Floating Rate Income ETF

Statement of Operations

Year Ended August 31, 2024


Net Investment Income (Loss)

Income
Interest income	$	5,638,564
Affiliated dividend income		141,477

Total income		5,780,041


Expenses
Management fee		422,754
Less: Fee waiver and/or expense reimbursement		(8,786	)

Net expenses		413,968

Net investment income (loss)		5,366,073

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

Net realized gain (loss) on:
Investment transactions		79,413
Futures transactions		(145,449	)
Forward currency contract transactions		1,086
Swap agreement transactions		567,235
Foreign currency transactions		(1,069	)

		501,216

Net change in unrealized appreciation (depreciation) on:
Investments		(336,630	)
Futures		50,695
Forward currency contracts		(4,539	)
Swap agreements		(76,871	)
Foreign currencies		67
Unfunded loan commitments		269

		(367,009	)

Net gain (loss) on investment and foreign currency transactions		134,207

Net Increase (Decrease) In Net Assets Resulting From Operations	$	5,500,280

See Notes to Financial Statements.

142

PGIM Floating Rate Income ETF

Statements of Changes in Net Assets



	Year Ended August 31,

	2024			2023

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)	$	5,366,073		$	4,523,751

Net realized gain (loss) on investment and foreign currency transactions		501,216			74,933

Net change in unrealized appreciation (depreciation) on investments and foreign currencies		(367,009	)		672,747


Net increase (decrease) in net assets resulting from operations		5,500,280			5,271,431


Dividends and Distributions

Distributions from distributable earnings		(5,796,639	)		(4,140,051	)


Fund share transactions

Net proceeds from shares sold (625,000 and 675,000 shares, respectively)		31,576,567			33,359,380

Cost of shares purchased (500,000 and 0 shares, respectively)		(24,896,018	)		—


Net increase (decrease) in net assets from Fund share transactions		6,680,549			33,359,380


Total increase (decrease)		6,384,190			34,490,760

Net Assets:

Beginning of year		68,318,340			33,827,580


End of year	$	74,702,530		$	68,318,340

See Notes to Financial Statements.

PGIM Fixed Income ETFs 143

PGIM Floating Rate Income ETF

Financial Highlights




	Year Ended August 31,						May 17, 2022^(a) through August 31, 2022
	2024			2023			May 17, 2022^(a) through August 31, 2022
Per Share Operating Performance^(b):
Net Asset Value, Beginning of Period		$50.61			$50.11			$50.00
Income (loss) from investment operations:
Net investment income (loss)		4.61			4.27			0.62
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.46			0.16			(0.18	)
Total from investment operations		5.07			4.43			0.44
Less Dividends and Distributions:
Dividends from net investment income		(5.01	)		(3.88	)		(0.33	)
Distributions from net realized gains		(0.02	)		(0.05	)		-
Total dividends and distributions		(5.03	)		(3.93	)		(0.33	)
Net asset value, end of period		$50.65			$50.61			$50.11
Total Return^(c):		10.62	%		9.32	%		0.89	%


Ratios/Supplemental Data:
Net assets, end of period (000)		$74,703			$68,318			$33,828
Average net assets (000)		$58,719			$52,571			$26,460
Ratios to average net assets^(d):
Expenses after waivers and/or expense reimbursement		0.70	%		0.72	%		0.72	%^(e)
Expenses before waivers and/or expense reimbursement		0.72	%		0.72	%		0.72	%^(e)
Net investment income (loss)		9.14	%		8.61	%		4.32	%^(e)
Portfolio turnover rate^(f)		131	%		59	%^(g)		9	%

(a)	Commencement of operations.

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

(c)

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

(e)	Annualized.

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

(g)	The portfolio turnover rate has been revised to correct for an immaterial adjustment to the previously issued financial statements. The portfolio turnover rate previously reported was 182%.

See Notes to Financial Statements.

144

PGIM Municipal Income Opportunities ETF

Schedule of Investments

as of August 31, 2024



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

LONG-TERM INVESTMENTS 97.6%

MUNICIPAL BONDS 90.9%

Alabama 4.2%

Black Belt Energy Gas Dist. Rev.,
Gas Proj., Series D-1, Rfdg. (Mandatory put date 02/01/29)	5.500%(cc)	06/01/49		1,000	$	1,079,415


California 2.8%

Los Angeles Dept. Arpts. Rev.,
Sr. Rev., Series A, AMT	5.000	05/15/26		715		724,324


District of Columbia 8.1%

Dist. of Columbia,
Series D, GO	5.000	06/01/41		965		994,618
Metropolitan Washington Arpt. Auth. Avtn. Rev.,
Series A, Rfdg., AMT	5.250	10/01/46		1,000		1,084,165


						2,078,783


Florida 7.0%

Capital Tr. Agcy. Rev.,
Chrt. Sch. Port. Proj., Sub. Series B, CABS, 144A	7.158(t)	07/01/61		6,500		487,323
Florida Dev. Fin. Corp. Rev.,
River City Science Academy Proj., Series B, Rfdg.	5.000	07/01/31		330		347,358
Vlg. CDD No. 13,
2021 Spl. Assmt., Phase III	3.250	05/01/52		1,200		961,252


						1,795,933


Georgia 2.6%

Municipal Elec. Auth. of Georgia Rev.,
Plant Vogtle Unis 3&4 Proj. M Bonds, Series A	5.000	01/01/28		625		664,618


Illinois 8.1%

Illinois Fin. Auth. Rev.,
The Carle Foundation, Series A, Rfdg.	5.000	08/15/25		1,000		1,019,950
Illinois St. Toll Hwy. Auth. Rev.,
Toll Hwy., Sr. Rev., Series B	5.000	01/01/45		1,000		1,059,197


						2,079,147

See Notes to Financial Statements.

PGIM Fixed Income ETFs 145

PGIM Municipal Income Opportunities ETF

Schedule of Investments (continued)

as of August 31, 2024



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

MUNICIPAL BONDS (Continued)

Kentucky 8.1%

Kentucky Asset Liability Commn. Rev.,
Series B, Rfdg., AMT	5.000%	09/01/25		450	$	460,272
Kentucky Pub. Energy Auth. Rev.,
Series A-1, Rfdg. (Mandatory put date 02/01/32)	5.250(cc)	04/01/54		1,000		1,094,899
Series B, Rfdg.	5.000	08/01/25		500		506,416


						2,061,587


Missouri 3.8%

Missouri Joint Muni. Elec. Util. Commn. Rev.,
Iatan 2 Proj., Series A, Rfdg.	5.000	12/01/35		525		529,507
Missouri St. Hlth. & Edl. Facs. Auth. Rev.,
Lutheran Sr. Svcs. Proj., Series C, Rfdg.	4.000	02/01/48		485		433,919


						963,426


New Hampshire 3.9%

New Hampshire Bus. Fin. Auth. Rev.,
Caldwell Ranch Proj., 144A	4.875	12/01/33		1,000		1,000,958


New Jersey 2.6%

New Jersey Econ. Dev. Auth. Rev.,
Series RRR, Rfdg.	5.000	03/01/26		655		678,718


New York 3.9%

New York Liberty Dev. Corp. Rev.,
Bank of America Tower at One Bryant Park Proj., Rfdg.	2.450	09/15/69		1,050		988,855


Ohio 1.9%

Ohio Air Qlty. Dev. Auth. Rev.,
AMG Vanadium Proj., AMT, 144A	5.000	07/01/49		500		493,643


Oklahoma 4.0%

Oklahoma Tpke. Auth. Rev.,
Series A	5.000	01/01/42		1,000		1,014,738

See Notes to Financial Statements.

146

PGIM Municipal Income Opportunities ETF

Schedule of Investments (continued)

as of August 31, 2024



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

MUNICIPAL BONDS (Continued)

Oregon 2.6%

Port of Portland Arpt. Rev.,
Series 24B, AMT	5.000%	07/01/37		650	$	663,262


Puerto Rico 1.6%

Puerto Rico Ind. Tourist Edl. Med. & Envirml. Ctl. Facs. Fing. Auth. Rev.,
Hosp. Auxilio Mutuo Oblig. Grp. Proj., Rfdg.	4.000	07/01/40		400		401,885


Texas 2.4%

New Hope Cultrl. Ed. Facs. Fin. Corp. Rev.,
Cardinal Bay Inc., Vlg. on the Park Carriage Inn Proj., Series A-1	4.000	07/01/26		180		158,162
Txbl. Sr. Sanctuary LTC Proj., Series A-2	6.500	01/01/31		500		464,864


						623,026


Utah 4.2%

Utah Cnty. Rev.,
IHC Hlth. Svcs., Inc., Series A	5.000	05/15/43		1,000		1,064,369


Wisconsin 19.1%

Pub. Fin. Auth. Rev.,
Aurora Integrated Oncology Fndtn., Series A, 144A	10.000	11/01/38		1,000		1,130,646
Ku Campus Dev. Corp. Proj.	5.000	03/01/46		1,000		1,013,151
Rans Elevon Proj., 144A	5.000	07/15/30		800		822,893
Signorelli Proj., 144A	5.375	12/15/32		875		876,723
The Meadows Proj., 144A	5.750	12/15/33		1,000		1,030,898


						4,874,311


TOTAL MUNICIPAL BONDS (cost $22,870,625)						23,250,998


			Shares

UNAFFILIATED EXCHANGE-TRADED FUNDS 6.7%
iShares National Muni Bond ETF				7,445		801,603

See Notes to Financial Statements.

PGIM Fixed Income ETFs 147

PGIM Municipal Income Opportunities ETF

Schedule of Investments (continued)

as of August 31, 2024



Description	Shares		Value

UNAFFILIATED EXCHANGE-TRADED FUNDS (Continued)
Vanguard Tax-Exempt Bond Index ETF		18,000	$	911,880


TOTAL UNAFFILIATED EXCHANGE-TRADED FUNDS (cost $1,703,150)				1,713,483


TOTAL LONG-TERM INVESTMENTS (cost $24,573,775)				24,964,481


SHORT-TERM INVESTMENT 0.5%

AFFILIATED MUTUAL FUND
PGIM Core Government Money Market Fund (7-day effective yield 5.562%) (cost $124,550)(wb)		124,550		124,550


TOTAL INVESTMENTS 98.1% (cost $24,698,325)				25,089,031
Other assets in excess of liabilities(z) 1.9%				487,206


NET ASSETS 100.0%			$	25,576,237

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

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

(cc)

(t)	Represents zero coupon. Rate quoted represents effective yield at August 31, 2024.

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

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

Futures contracts outstanding at August 31, 2024:

Number
of
Contracts

Type

Expiration
Date

Current
Notional
Amount

Value /
Unrealized
Appreciation
(Depreciation)

Short Position:

30 Year U.S. Ultra Treasury Bonds

Dec. 2024

923,563

20,802

See Notes to Financial Statements.

148

PGIM Municipal Income Opportunities ETF

Schedule of Investments (continued)

as of August 31, 2024

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


Broker	Cash and/or Foreign Currency			Securities Market Value
CGM		$	230,000		$	—

Fair Value Measurements:

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

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

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

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

The following is a summary of the inputs used as of August 31, 2024 in valuing such portfolio securities:


	Level 1			Level 2			Level 3
Investments in Securities
Assets
Long-Term Investments
Municipal Bonds
Alabama		$	—		$	1,079,415		$	—
California			—			724,324			—
District of Columbia			—			2,078,783			—
Florida			—			1,795,933			—
Georgia			—			664,618			—
Illinois			—			2,079,147			—
Kentucky			—			2,061,587			—
Missouri			—			963,426			—
New Hampshire			—			1,000,958			—
New Jersey			—			678,718			—
New York			—			988,855			—
Ohio			—			493,643			—
Oklahoma			—			1,014,738			—
Oregon			—			663,262			—
Puerto Rico			—			401,885			—
Texas			—			623,026			—
Utah			—			1,064,369			—
Wisconsin			—			4,874,311			—
Unaffiliated Exchange-Traded Funds			1,713,483			—			—

See Notes to Financial Statements.

PGIM Fixed Income ETFs 149

PGIM Municipal Income Opportunities ETF

Schedule of Investments (continued)

as of August 31, 2024


	Level 1			Level 2			Level 3
Investments in Securities (continued)
Assets (continued)
Short-Term Investment
Affiliated Mutual Fund		$	124,550		$	—		$	—

Total		$	1,838,033		$	23,250,998		$	—


Other Financial Instruments*
Assets
Futures Contracts		$	20,802		$	—		$	—

Sector Allocation:

The sector allocation of portfolio holdings and other assets in excess of liabilities shown as a percentage of net assets as of August 31, 2024 were as follows:


Transportation	19.6	%
Special Tax/Assessment District	18.3
Healthcare	18.3
Pre-pay Gas	10.5
Education	7.2
Unaffiliated Exchange-Traded Funds	6.7
Power	4.7
General Obligation	3.9
Development	3.9


Lease Backed Certificate of Participation	2.6	%
Corporate Backed IDB & PCR	1.9
Affiliated Mutual Fund	0.5

	98.1
Other assets in excess of liabilities	1.9


	100.0	%

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

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

See Notes to Financial Statements.

150

PGIM Municipal Income Opportunities ETF

Schedule of Investments (continued)

as of August 31, 2024


	Asset Derivatives				Liability Derivatives
Derivatives not accounted for as hedging instruments, carried at fair value	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Interest rate contracts	Due from/to broker-variation margin futures	$	20,802	*	—	$—

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

The effects of derivative instruments on the Statement of Operations for the period ended August 31, 2024 are as follows:


Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Futures
Interest rate contracts		$	(35,926	)


Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Futures
Interest rate contracts		$	20,802

The derivative instruments outstanding as of period-end serve as indicators of the volume of derivative activities for the Fund.

See Notes to Financial Statements.

PGIM Fixed Income ETFs 151

PGIM Municipal Income Opportunities ETF

Statement of Assets & Liabilities

as of August 31, 2024


Assets

Investments at value:
Unaffiliated investments (cost $24,573,775)	$	24,964,481
Affiliated investments (cost $124,550)		124,550
Cash		7,001
Dividends and interest receivable		248,381
Deposit with broker for centrally cleared/exchange-traded derivatives		230,000
Due from broker—variation margin futures		7,219


Total Assets		25,581,632


Liabilities

Management fee payable		5,395


Net Assets	$	25,576,237




Net assets were comprised of:
Common stock, at par	$	500
Paid-in capital in excess of par		25,074,500
Total distributable earnings (loss)		501,237


Net assets, August 31, 2024	$	25,576,237

Net asset value, offering price and redemption price per share.
($25,576,237 ÷ 500,000 shares of common stock issued and outstanding)	$	51.15

See Notes to Financial Statements.

152

PGIM Municipal Income Opportunities ETF

Statement of Operations

For the Period June 14, 2024* through August 31, 2024


Net Investment Income (Loss)

Income
Interest income	$	229,683
Affiliated dividend income		20,208
Unaffiliated dividend income		9,663

Total income		259,554


Expenses
Management fee		13,485

Net investment income (loss)		246,069

Realized And Unrealized Gain (Loss) On Investments

Net realized gain (loss) on:
Investment transactions		(12,064	)
Futures transactions		(35,926	)

		(47,990	)

Net change in unrealized appreciation (depreciation) on:
Investments		390,706
Futures		20,802

		411,508

Net gain (loss) on investment transactions		363,518

Net Increase (Decrease) In Net Assets Resulting From Operations	$	609,587

*	Commencement of operations.

See Notes to Financial Statements.

PGIM Fixed Income ETFs 153

PGIM Municipal Income Opportunities ETF

Statement of Changes in Net Assets



	June 14, 2024* through August 31, 2024
Increase (Decrease) in Net Assets

Operations

Net investment income (loss)		$	246,069

Net realized gain (loss) on investment transactions			(47,990	)

Net change in unrealized appreciation (depreciation) on investments			411,508


Net increase (decrease) in net assets resulting from operations			609,587


Dividends and Distributions

Distributions from distributable earnings			(108,350	)


Fund share transactions

Net proceeds from shares sold (500,000 shares)			25,075,000


Total increase (decrease)			25,576,237

Net Assets:

Beginning of period			—


End of period		$	25,576,237

*	Commencement of operations.

See Notes to Financial Statements.

154

PGIM Municipal Income Opportunities ETF

Financial Highlights




	June 14, 2024^(a)through August 31, 2024
Per Share Operating Performance^(b):
Net Asset Value, Beginning of Period		$50.00
Income (loss) from investment operations:
Net investment income (loss)		0.49
Net realized and unrealized gain (loss) on investment transactions		0.88
Total from investment operations		1.37
Less Dividends and Distributions:
Dividends from net investment income		(0.22	)
Net asset value, end of period		$51.15
Total Return^(c):		2.77	%


Ratios/Supplemental Data:
Net assets, end of period (000)		$25,576
Average net assets (000)		$25,311
Ratios to average net assets^(d):
Expenses after waivers and/or expense reimbursement		0.25	%^(e)
Expenses before waivers and/or expense reimbursement		0.25	%^(e)
Net investment income (loss)		4.56	%^(e)
Portfolio turnover rate^(f)		28	%

(a)	Commencement of operations.

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

(c)

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

(e)	Annualized.

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

See Notes to Financial Statements.

PGIM Fixed Income ETFs 155

PGIM Short Duration High Yield ETF

Schedule of Investments

as of August 31, 2024



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

LONG-TERM INVESTMENTS 92.1%

ASSET-BACKED SECURITIES 2.5%

Collateralized Loan Obligations

Ares CLO Ltd. (Cayman Islands),
Series 2018-28RA, Class A1R, 144A, 3 Month SOFR + 1.150% (Cap N/A, Floor 1.150%)		6.436%(c)		10/17/30		201	$	201,742
Sound Point CLO Ltd. (Cayman Islands),
Series 2018-03A, Class A1AR, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%)		6.579(c)		10/26/31		242		241,581
Voya CLO Ltd. (Cayman Islands),
Series 2015-03A, Class A1R3, 144A, 3 Month SOFR + 1.150% (Cap N/A, Floor 1.150%)		6.432(c)		10/20/31		216		215,542


TOTAL ASSET-BACKED SECURITIES (cost $658,662)								658,865


CORPORATE BONDS 81.5%

Advertising 0.3%

Clear Channel Outdoor Holdings, Inc.,
Sr. Sec’d. Notes, 144A
		5.125		08/15/27		75		73,279

Aerospace & Defense 0.6%

Bombardier, Inc. (Canada),
Sr. Unsec’d. Notes, 144A		6.000		02/15/28		50		49,875
Sr. Unsec’d. Notes, 144A		7.125		06/15/26		107		108,873


								158,748

Airlines 1.4%

American Airlines, Inc./AAdvantage Loyalty IP Ltd.,
Sr. Sec’d. Notes, 144A		5.500		04/20/26		131		130,578
United Airlines, Inc.,
Sr. Sec’d. Notes, 144A		4.375		04/15/26		150		146,517
VistaJet Malta Finance PLC/Vista Management Holding, Inc. (Switzerland),
Sr. Unsec’d. Notes, 144A		7.875		05/01/27		100		93,750


								370,845

See Notes to Financial Statements.

156

PGIM Short Duration High Yield ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CORPORATE BONDS (Continued)

Apparel 0.6%

Hanesbrands, Inc.,
Gtd. Notes, 144A		4.875%		05/15/26		75	$	74,523
William Carter Co. (The),
Gtd. Notes, 144A		5.625		03/15/27		75		74,900


								149,423

Auto Manufacturers 0.3%

PM General Purchaser LLC,
Sr. Sec’d. Notes, 144A
		9.500		10/01/28		70		71,774

Auto Parts & Equipment 2.4%

American Axle & Manufacturing, Inc.,
Gtd. Notes		6.500		04/01/27		50		50,281
Clarios Global LP/Clarios US Finance Co.,
Gtd. Notes, 144A		8.500		05/15/27		150		151,500
Sr. Sec’d. Notes, 144A		6.250		05/15/26		125		123,829
Dana, Inc.,
Sr. Unsec’d. Notes		5.375		11/15/27		75		74,307
Phinia, Inc.,
Sr. Sec’d. Notes, 144A		6.750		04/15/29		10		10,266
Tenneco, Inc.,
Sr. Sec’d. Notes, 144A		8.000		11/17/28		200		186,683
Titan International, Inc.,
Sr. Sec’d. Notes		7.000		04/30/28		50		48,876


								645,742

Banks 1.0%

Freedom Mortgage Corp.,
Sr. Unsec’d. Notes, 144A		6.625		01/15/27		75		74,044
Sr. Unsec’d. Notes, 144A		7.625		05/01/26		125		125,726
Popular, Inc. (Puerto Rico),
Sr. Unsec’d. Notes		7.250		03/13/28		75		78,375


								278,145

See Notes to Financial Statements.

PGIM Fixed Income ETFs 157

PGIM Short Duration High Yield ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CORPORATE BONDS (Continued)

Building Materials 1.6%

Builders FirstSource, Inc.,
Gtd. Notes, 144A		5.000%		03/01/30		10	$	9,709
Eco Material Technologies, Inc.,
Sr. Sec’d. Notes, 144A		7.875		01/31/27		75		75,805
JELD-WEN, Inc.,
Gtd. Notes, 144A		4.875		12/15/27		100		97,074
Standard Industries, Inc.,
Sr. Unsec’d. Notes, 144A		5.000		02/15/27		250		246,603


								429,191

Chemicals 0.8%

Avient Corp.,
Sr. Unsec’d. Notes, 144A		5.750		05/15/25		175		174,884
WR Grace Holdings LLC,
Sr. Sec’d. Notes, 144A		4.875		06/15/27		50		48,966


								223,850

Coal 0.3%

Conuma Resources Ltd. (Canada),
Sr. Sec’d. Notes, 144A
		13.125		05/01/28		73		74,643

Commercial Services 2.7%

Adtalem Global Education, Inc.,
Sr. Sec’d. Notes, 144A		5.500		03/01/28		25		24,577
Alta Equipment Group, Inc.,
Sec’d. Notes, 144A		9.000		06/01/29		30		27,230
AMN Healthcare, Inc.,
Gtd. Notes, 144A		4.625		10/01/27		150		146,809
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.,
Gtd. Notes, 144A		5.750		07/15/27		150		145,819
Brink’s Co. (The),
Gtd. Notes, 144A		4.625		10/15/27		50		48,830
Herc Holdings, Inc.,
Gtd. Notes, 144A		5.500		07/15/27		125		124,128
Gtd. Notes, 144A		6.625		06/15/29		15		15,431
Hertz Corp. (The),
Gtd. Notes, 144A		4.625		12/01/26		50		39,241

See Notes to Financial Statements.

158

PGIM Short Duration High Yield ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CORPORATE BONDS (Continued)

Commercial Services (cont’d.)

Mavis Tire Express Services Topco Corp.,
Sr. Unsec’d. Notes, 144A		6.500%		05/15/29		75	$	72,272
Service Corp. International,
Sr. Unsec’d. Notes		4.625		12/15/27		25		24,549
United Rentals North America, Inc.,
Gtd. Notes		4.875		01/15/28		50		49,291


								718,177

Computers 1.3%

Fortress Intermediate 3, Inc.,
Sr. Sec’d. Notes, 144A		7.500		06/01/31		20		20,771
McAfee Corp.,
Sr. Unsec’d. Notes, 144A		7.375		02/15/30		75		71,931
NCR Atleos Corp.,
Sr. Sec’d. Notes, 144A		9.500		04/01/29		100		110,256
NCR Voyix Corp.,
Gtd. Notes, 144A		5.000		10/01/28		125		123,323
Gtd. Notes, 144A		5.125		04/15/29		25		24,542


								350,823

Distribution/Wholesale 0.6%

H&E Equipment Services, Inc.,
Gtd. Notes, 144A		3.875		12/15/28		125		115,786
Ritchie Bros Holdings, Inc. (Canada),
Sr. Sec’d. Notes, 144A		6.750		03/15/28		50		51,375


								167,161

Diversified Financial Services 5.6%

Bread Financial Holdings, Inc.,
Gtd. Notes, 144A		7.000		01/15/26		25		25,016
Gtd. Notes, 144A		9.750		03/15/29		50		53,981
Freedom Mortgage Holdings LLC,
Sr. Unsec’d. Notes, 144A		9.250		02/01/29		65		66,548
GGAM Finance Ltd. (Ireland),
Gtd. Notes, 144A		6.875		04/15/29		10		10,325
Gtd. Notes, 144A		8.000		02/15/27		100		104,000

See Notes to Financial Statements.

PGIM Fixed Income ETFs 159

PGIM Short Duration High Yield ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CORPORATE BONDS (Continued)

Diversified Financial Services (cont’d.)

goeasy Ltd. (Canada),
Gtd. Notes, 144A		4.375%		05/01/26		150	$	146,063
LD Holdings Group LLC,
Gtd. Notes, 144A		6.125		04/01/28		25		21,178
LFS Topco LLC,
Gtd. Notes, 144A		5.875		10/15/26		25		23,247
Macquarie Airfinance Holdings Ltd. (United Kingdom),
Sr. Unsec’d. Notes, 144A		6.400		03/26/29		5		5,166
Sr. Unsec’d. Notes, 144A		8.375		05/01/28		50		52,842
Nationstar Mortgage Holdings, Inc.,
Gtd. Notes, 144A		5.500		08/15/28		50		49,150
Gtd. Notes, 144A		6.000		01/15/27		175		174,743
Gtd. Notes, 144A		6.500		08/01/29		15		15,115
Navient Corp.,
Sr. Unsec’d. Notes		5.000		03/15/27		25		24,494
Sr. Unsec’d. Notes		6.750		06/25/25		100		100,334
Sr. Unsec’d. Notes		6.750		06/15/26		100		101,758
OneMain Finance Corp.,
Gtd. Notes		7.125		03/15/26		150		152,820
PennyMac Financial Services, Inc.,
Gtd. Notes, 144A		5.375		10/15/25		200		199,196
PRA Group, Inc.,
Gtd. Notes, 144A		8.875		01/31/30		15		15,517
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.,
Gtd. Notes, 144A		2.875		10/15/26		150		142,775


								1,484,268

Electric 3.2%

Calpine Corp.,
Sr. Sec’d. Notes, 144A		5.250		06/01/26		150		149,196
Sr. Unsec’d. Notes, 144A		5.125		03/15/28		50		48,843
NRG Energy, Inc.,
Gtd. Notes		5.750		01/15/28		150		150,121
Gtd. Notes, 144A		5.250		06/15/29		50		49,535
Vistra Operations Co. LLC,
Gtd. Notes, 144A		5.000		07/31/27		100		98,982

See Notes to Financial Statements.

160

PGIM Short Duration High Yield ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CORPORATE BONDS (Continued)

Electric (cont’d.)

Vistra Operations Co. LLC, (cont’d.)
Gtd. Notes, 144A		5.500%		09/01/26		175	$	174,856
Gtd. Notes, 144A		5.625		02/15/27		175		174,762


								846,295

Electrical Components & Equipment 0.5%

Energizer Holdings, Inc.,
Gtd. Notes, 144A		6.500		12/31/27		125		126,159
WESCO Distribution, Inc.,
Gtd. Notes, 144A		6.375		03/15/29		15		15,415


								141,574

Engineering & Construction 0.2%

AECOM,
Gtd. Notes
		5.125		03/15/27		50		50,029

Entertainment 2.9%

Caesars Entertainment, Inc.,
Sr. Sec’d. Notes, 144A		7.000		02/15/30		125		129,603
CCM Merger, Inc.,
Sr. Unsec’d. Notes, 144A		6.375		05/01/26		150		149,899
Cinemark USA, Inc.,
Gtd. Notes, 144A		7.000		08/01/32		10		10,380
International Game Technology PLC,
Sr. Sec’d. Notes, 144A		6.250		01/15/27		200		201,750
Jacobs Entertainment, Inc.,
Sr. Unsec’d. Notes, 144A		6.750		02/15/29		100		95,302
Penn Entertainment, Inc.,
Sr. Unsec’d. Notes, 144A		5.625		01/15/27		175		171,775


								758,709

Environmental Control 0.2%

GFL Environmental, Inc.,
Gtd. Notes, 144A
		4.000		08/01/28		50		47,500

See Notes to Financial Statements.

PGIM Fixed Income ETFs 161

PGIM Short Duration High Yield ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CORPORATE BONDS (Continued)

Foods 1.2%

Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s LP/Albertson’s LLC,
Gtd. Notes, 144A		5.875%		02/15/28		25	$	24,951
B&G Foods, Inc.,
Sr. Sec’d. Notes, 144A		8.000		09/15/28		240		249,450
Post Holdings, Inc.,
Gtd. Notes, 144A		5.625		01/15/28		50		49,856


								324,257

Gas 0.2%

AmeriGas Partners LP/AmeriGas Finance Corp.,
Sr. Unsec’d. Notes
		5.500		05/20/25		44		43,853

Healthcare-Products 0.4%

Medline Borrower LP,
Sr. Sec’d. Notes, 144A
		3.875		04/01/29		110		104,030

Healthcare-Services 1.9%

HCA, Inc.,
Gtd. Notes		7.050		12/01/27		125		133,279
Legacy LifePoint Health LLC,
Sr. Sec’d. Notes, 144A		4.375		02/15/27		200		195,275
MPH Acquisition Holdings LLC,
Sr. Sec’d. Notes, 144A		5.500		09/01/28		75		54,718
Prime Healthcare Services, Inc.,
Sr. Sec’d. Notes, 144A		9.375		09/01/29		20		20,151
Tenet Healthcare Corp.,
Sr. Sec’d. Notes		4.625		06/15/28		100		97,810


								501,233

Home Builders 5.3%

Ashton Woods USA LLC/Ashton Woods Finance Co.,
Sr. Unsec’d. Notes, 144A		6.625		01/15/28		50		50,400
Beazer Homes USA, Inc.,
Gtd. Notes		5.875		10/15/27		225		223,671

See Notes to Financial Statements.

162

PGIM Short Duration High Yield ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CORPORATE BONDS (Continued)

Home Builders (cont’d.)

Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada),
Gtd. Notes, 144A		6.250%		09/15/27		200	$	199,000
Forestar Group, Inc.,
Gtd. Notes, 144A		3.850		05/15/26		175		170,598
Landsea Homes Corp.,
Sr. Unsec’d. Notes, 144A		8.875		04/01/29		70		72,393
M/I Homes, Inc.,
Gtd. Notes		4.950		02/01/28		75		73,561
Mattamy Group Corp. (Canada),
Sr. Unsec’d. Notes, 144A		5.250		12/15/27		225		221,906
Shea Homes LP/Shea Homes Funding Corp.,
Sr. Unsec’d. Notes		4.750		02/15/28		75		73,202
STL Holding Co. LLC,
Sr. Unsec’d. Notes, 144A		8.750		02/15/29		25		26,276
Taylor Morrison Communities, Inc.,
Gtd. Notes, 144A		5.875		06/15/27		125		126,619
Tri Pointe Homes, Inc.,
Gtd. Notes		5.250		06/01/27		175		174,238


								1,411,864

Housewares 0.3%

Scotts Miracle-Gro Co. (The),
Gtd. Notes
		4.500		10/15/29		75		71,069

Insurance 0.1%

Acrisure LLC/Acrisure Finance, Inc.,
Sr. Unsec’d. Notes, 144A
		8.250		02/01/29		25		25,707

Internet 1.5%

Cogent Communications Group LLC,
Sr. Sec’d. Notes, 144A		3.500		05/01/26		50		48,434

See Notes to Financial Statements.

PGIM Fixed Income ETFs 163

PGIM Short Duration High Yield ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CORPORATE BONDS (Continued)

Internet (cont’d.)

Gen Digital, Inc.,
Sr. Unsec’d. Notes, 144A		5.000%		04/15/25		225	$	224,027
Go Daddy Operating Co. LLC/GD Finance Co., Inc.,
Gtd. Notes, 144A		5.250		12/01/27		125		124,306


								396,767

Iron/Steel 0.5%

Big River Steel LLC/BRS Finance Corp.,
Sr. Sec’d. Notes, 144A		6.625		01/31/29		75		75,823
Mineral Resources Ltd. (Australia),
Sr. Unsec’d. Notes, 144A		9.250		10/01/28		50		52,938


								128,761

Leisure Time 5.3%

Carnival Corp.,
Gtd. Notes, 144A		5.750		03/01/27		150		150,000
Gtd. Notes, 144A		7.625		03/01/26		150		151,561
Sr. Sec’d. Notes, 144A		4.000		08/01/28		25		23,813
Lindblad Expeditions Holdings, Inc.,
Sr. Sec’d. Notes, 144A		9.000		05/15/28		75		77,824
Lindblad Expeditions LLC,
Sr. Sec’d. Notes, 144A		6.750		02/15/27		125		124,185
NCL Corp. Ltd.,
Gtd. Notes, 144A		5.875		03/15/26		200		199,187
Sr. Sec’d. Notes, 144A		5.875		02/15/27		200		199,750
Sr. Sec’d. Notes, 144A		8.125		01/15/29		50		53,514
Sr. Unsec’d. Notes, 144A		3.625		12/15/24		75		74,344
Royal Caribbean Cruises Ltd.,
Sr. Unsec’d. Notes		7.500		10/15/27		25		26,563
Sr. Unsec’d. Notes, 144A		5.375		07/15/27		100		100,291
Viking Cruises Ltd.,
Gtd. Notes, 144A		5.875		09/15/27		175		174,760
Sr. Unsec’d. Notes, 144A		7.000		02/15/29		50		50,562


								1,406,354

See Notes to Financial Statements.

164

PGIM Short Duration High Yield ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CORPORATE BONDS (Continued)

Lodging 3.7%

Hilton Domestic Operating Co., Inc.,
Gtd. Notes, 144A		5.875%		04/01/29		20	$	20,370
Las Vegas Sands Corp.,
Sr. Unsec’d. Notes		3.500		08/18/26		50		48,549
MGM Resorts International,
Gtd. Notes		4.625		09/01/26		125		123,248
Gtd. Notes		5.500		04/15/27		200		200,025
Station Casinos LLC,
Gtd. Notes, 144A		4.500		02/15/28		50		48,035
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp.,
Sr. Sec’d. Notes, 144A		5.875		05/15/25		175		174,635
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.,
Gtd. Notes, 144A		5.250		05/15/27		100		99,332
Wynn Macau Ltd. (Macau),
Sr. Unsec’d. Notes, 144A		5.625		08/26/28		275		262,075


								976,269

Machinery-Diversified 0.3%

Maxim Crane Works Holdings Capital LLC,
Sec’d. Notes, 144A
		11.500		09/01/28		75		78,044

Media 4.7%

CCO Holdings LLC/CCO Holdings Capital Corp.,
Sr. Unsec’d. Notes, 144A		5.125		05/01/27		75		73,594
Sr. Unsec’d. Notes, 144A		5.500		05/01/26		225		224,400
DISH DBS Corp.,
Gtd. Notes		5.125		06/01/29		25		11,407
Gtd. Notes		5.875		11/15/24		275		266,019
Gtd. Notes		7.375		07/01/28		25		12,841
Gtd. Notes		7.750		07/01/26		25		16,901
DISH Network Corp.,
Sr. Sec’d. Notes, 144A		11.750		11/15/27		125		127,035
Nexstar Media, Inc.,
Gtd. Notes, 144A		5.625		07/15/27		25		24,431
Radiate Holdco LLC/Radiate Finance, Inc.,
Sr. Sec’d. Notes, 144A		4.500		09/15/26		275		217,812
Sr. Unsec’d. Notes, 144A		6.500		09/15/28		25		13,753

See Notes to Financial Statements.

PGIM Fixed Income ETFs 165

PGIM Short Duration High Yield ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CORPORATE BONDS (Continued)

Media (cont’d.)

Sinclair Television Group, Inc.,
Gtd. Notes, 144A		5.125%		02/15/27		75	$	63,890
Univision Communications, Inc.,
Sr. Sec’d. Notes, 144A		6.625		06/01/27		200		197,976


								1,250,059

Mining 2.0%

Hecla Mining Co.,
Gtd. Notes		7.250		02/15/28		50		50,846
Hudbay Minerals, Inc. (Canada),
Gtd. Notes, 144A		4.500		04/01/26		175		172,375
New Gold, Inc. (Canada),
Gtd. Notes, 144A		7.500		07/15/27		75		75,656
Novelis Corp.,
Gtd. Notes, 144A		3.250		11/15/26		250		240,649


								539,526

Miscellaneous Manufacturing 0.5%

Amsted Industries, Inc.,
Gtd. Notes, 144A		5.625		07/01/27		75		74,793
Trinity Industries, Inc.,
Gtd. Notes, 144A		7.750		07/15/28		65		68,102


								142,895

Oil & Gas 5.4%

Aethon United BR LP/Aethon United Finance Corp.,
Sr. Unsec’d. Notes, 144A		8.250		02/15/26		100		101,338
Ascent Resources Utica Holdings LLC/ARU Finance Corp.,
Gtd. Notes, 144A		7.000		11/01/26		100		100,381
Gtd. Notes, 144A		9.000		11/01/27		25		30,541
Sr. Unsec’d. Notes, 144A		8.250		12/31/28		75		77,248
Chesapeake Energy Corp.,
Gtd. Notes, 144A (original cost $49,557; purchased 12/14/23)(f)		5.500		02/01/26		50		49,972
CITGO Petroleum Corp.,
Sr. Sec’d. Notes, 144A		7.000		06/15/25		150		150,237

See Notes to Financial Statements.

166

PGIM Short Duration High Yield ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CORPORATE BONDS (Continued)

Oil & Gas (cont’d.)

Civitas Resources, Inc.,
Gtd. Notes, 144A		8.375%		07/01/28		75	$	79,217
Crescent Energy Finance LLC,
Gtd. Notes, 144A		9.250		02/15/28		75		79,367
Endeavor Energy Resources LP/EER Finance, Inc.,
Sr. Unsec’d. Notes, 144A		5.750		01/30/28		100		101,920
Hilcorp Energy I LP/Hilcorp Finance Co.,
Sr. Unsec’d. Notes, 144A		5.750		02/01/29		50		49,682
Kraken Oil & Gas Partners LLC,
Sr. Unsec’d. Notes, 144A		7.625		08/15/29		15		15,461
Nabors Industries, Inc.,
Gtd. Notes, 144A		7.375		05/15/27		200		202,172
Parkland Corp. (Canada),
Gtd. Notes, 144A		5.875		07/15/27		150		149,250
SM Energy Co.,
Sr. Unsec’d. Notes, 144A		6.750		08/01/29		20		20,331
Southwestern Energy Co.,
Gtd. Notes		5.375		03/15/30		65		64,465
Sunoco LP,
Gtd. Notes, 144A		7.000		05/01/29		15		15,634
Sunoco LP/Sunoco Finance Corp.,
Gtd. Notes		6.000		04/15/27		75		75,206
Transocean, Inc.,
Gtd. Notes, 144A		8.250		05/15/29		30		30,300
Gtd. Notes, 144A		8.500		05/15/31		5		5,076
Valaris Ltd.,
Sec’d. Notes, 144A		8.375		04/30/30		50		52,154


								1,449,952

Packaging & Containers 3.0%

Graham Packaging Co., Inc.,
Gtd. Notes, 144A		7.125		08/15/28		30		29,631
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC (Canada),
Sr. Sec’d. Notes, 144A		6.000		09/15/28		125		122,656
LABL, Inc.,
Sr. Sec’d. Notes, 144A		6.750		07/15/26		100		99,503
Sr. Unsec’d. Notes, 144A		10.500		07/15/27		100		98,764

See Notes to Financial Statements.

PGIM Fixed Income ETFs 167

PGIM Short Duration High Yield ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CORPORATE BONDS (Continued)

Packaging & Containers (cont’d.)

Mauser Packaging Solutions Holding Co.,
Sr. Sec’d. Notes, 144A		7.875%		04/15/27		175	$	180,981
Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer LLC,
Sr. Sec’d. Notes, 144A		4.000		10/15/27		25		23,883
Sealed Air Corp./Sealed Air Corp. US,
Gtd. Notes, 144A		6.125		02/01/28		50		50,892
Trident TPI Holdings, Inc.,
Gtd. Notes, 144A		12.750		12/31/28		175		191,998


								798,308

Pharmaceuticals 2.3%

AdaptHealth LLC,
Gtd. Notes, 144A		6.125		08/01/28		175		173,522
Bausch Health Cos., Inc.,
Gtd. Notes, 144A (original cost $23,250; purchased 08/02/24)(f)		9.000		12/15/25		25		22,563
Sr. Sec’d. Notes, 144A (original cost $354,375; purchased 05/21/24)(f)		5.750		08/15/27		450		353,250
P&L Development LLC/PLD Finance Corp.,
Sr. Sec’d. Notes, 144A		7.750		11/15/25		75		70,686


								620,021

Pipelines 3.0%

Antero Midstream Partners LP/Antero Midstream Finance Corp.,
Gtd. Notes, 144A		5.750		03/01/27		195		194,810
Blue Racer Midstream LLC/Blue Racer Finance Corp.,
Sr. Unsec’d. Notes, 144A		7.000		07/15/29		20		20,810
EQM Midstream Partners LP,
Sr. Unsec’d. Notes, 144A		6.500		07/01/27		125		128,225
Global Partners LP/GLP Finance Corp.,
Gtd. Notes		7.000		08/01/27		75		75,698
Howard Midstream Energy Partners LLC,
Sr. Unsec’d. Notes, 144A		8.875		07/15/28		50		53,346
Rockies Express Pipeline LLC,
Sr. Unsec’d. Notes, 144A		3.600		05/15/25		75		73,792
Sr. Unsec’d. Notes, 144A		4.800		05/15/30		25		23,214

See Notes to Financial Statements.

168

PGIM Short Duration High Yield ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CORPORATE BONDS (Continued)

Pipelines (cont’d.)

Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.,
Gtd. Notes, 144A		5.500%		01/15/28		75	$	72,386
Sr. Unsec’d. Notes, 144A		7.375		02/15/29		15		15,313
Venture Global LNG, Inc.,
Sr. Sec’d. Notes, 144A		7.000		01/15/30		25		25,589
Sr. Sec’d. Notes, 144A		9.500		02/01/29		50		56,346
Western Midstream Operating LP,
Sr. Unsec’d. Notes		3.100		02/01/25		50		49,465


								788,994

Real Estate 0.6%

Howard Hughes Corp. (The),
Gtd. Notes, 144A
		5.375		08/01/28		175		170,334

Real Estate Investment Trusts (REITs) 2.3%

Diversified Healthcare Trust,
Gtd. Notes		9.750		06/15/25		88		88,121
MPT Operating Partnership LP/MPT Finance Corp.,
Gtd. Notes		3.500		03/15/31		25		17,067
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer,
Gtd. Notes, 144A		7.000		02/01/30		10		10,262
RHP Hotel Properties LP/RHP Finance Corp.,
Gtd. Notes		4.750		10/15/27		75		73,449
Gtd. Notes, 144A		6.500		04/01/32		20		20,587
SBA Communications Corp.,
Sr. Unsec’d. Notes		3.875		02/15/27		175		169,428
Starwood Property Trust, Inc.,
Sr. Unsec’d. Notes, 144A		4.375		01/15/27		50		48,584
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC,
Sr. Sec’d. Notes, 144A		10.500		02/15/28		50		51,371
VICI Properties LP/VICI Note Co., Inc.,
Gtd. Notes, 144A		4.250		12/01/26		125		123,245


								602,114

See Notes to Financial Statements.

PGIM Fixed Income ETFs 169

PGIM Short Duration High Yield ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CORPORATE BONDS (Continued)

Retail 2.3%

Brinker International, Inc.,
Gtd. Notes, 144A		5.000%		10/01/24		75	$	74,940
Carvana Co.,
Sr. Sec’d. Notes, 144A, Cash coupon 9.000% or PIK 12.000%		12.000		12/01/28		181		187,813
LCM Investments Holdings II LLC,
Sr. Unsec’d. Notes, 144A		4.875		05/01/29		50		47,636
Lithia Motors, Inc.,
Sr. Unsec’d. Notes, 144A		3.875		06/01/29		50		46,414
Sally Holdings LLC/Sally Capital, Inc.,
Gtd. Notes		6.750		03/01/32		75		76,529
Suburban Propane Partners LP/Suburban Energy Finance Corp.,
Sr. Unsec’d. Notes		5.875		03/01/27		50		49,763
White Cap Buyer LLC,
Sr. Unsec’d. Notes, 144A		6.875		10/15/28		100		99,039
White Cap Parent LLC,
Sr. Unsec’d. Notes, 144A, Cash coupon 8.250% or PIK 9.000%		8.250		03/15/26		20		19,960


								602,094

Software 2.1%

Camelot Finance SA,
Sr. Sec’d. Notes, 144A		4.500		11/01/26		400		390,837
Clarivate Science Holdings Corp.,
Sr. Sec’d. Notes, 144A		3.875		07/01/28		50		47,652
SS&C Technologies, Inc.,
Gtd. Notes, 144A		5.500		09/30/27		125		124,933


								563,422

Telecommunications 5.7%

Altice Financing SA (Luxembourg),
Sr. Sec’d. Notes, 144A		2.250		01/15/25	EUR	200		216,880
Connect Finco Sarl/Connect US Finco LLC (United Kingdom),
Sr. Sec’d. Notes, 144A		6.750		10/01/26		200		197,662
Frontier Communications Holdings LLC,
Sr. Sec’d. Notes, 144A		5.875		10/15/27		225		224,145

See Notes to Financial Statements.

170

PGIM Short Duration High Yield ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CORPORATE BONDS (Continued)

Telecommunications (cont’d.)

Iliad Holding SASU (France),
Sr. Sec’d. Notes, 144A		6.500%		10/15/26		200	$	200,760
Level 3 Financing, Inc.,
Sec’d. Notes, 144A		4.875		06/15/29		75		59,545
Sr. Sec’d. Notes, 144A		10.500		04/15/29		200		215,230
Viasat, Inc.,
Sr. Unsec’d. Notes, 144A		5.625		09/15/25		200		198,285
Zegona Finance PLC (United Kingdom),
Sr. Sec’d. Notes, 144A		8.625		07/15/29		200		208,706


								1,521,213

Transportation 0.4%

RXO, Inc.,
Gtd. Notes, 144A		7.500		11/15/27		55		56,958
XPO, Inc.,
Sr. Sec’d. Notes, 144A		6.250		06/01/28		50		51,109


								108,067


TOTAL CORPORATE BONDS (cost $21,660,546)								21,665,383


FLOATING RATE AND OTHER LOANS 2.7%

Auto Parts & Equipment 0.3%

First Brands Group LLC,
First Lien 2021 Term Loan, 3 Month SOFR + 5.262%		10.514(c)		03/30/27		75		73,747

Chemicals 0.1%

Iris Holdings Ltd.,
Initial Term Loan, 3 Month SOFR + 4.850%		10.102(c)		06/28/28		50		46,831

See Notes to Financial Statements.

PGIM Fixed Income ETFs 171

PGIM Short Duration High Yield ETF

Schedule of Investments (continued)

as of August 31, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

FLOATING RATE AND OTHER LOANS (Continued)

Commercial Services 0.2%

Fly Funding II Sarl (Luxembourg),

Term B Loan, 3 Month LIBOR + 1.750%

7.120%(c)

08/11/25

23,544

Kingpin Intermediate Holdings LLC,

Amendment No. 8 Term Loan, 1 Month SOFR + 3.500%

8.747(c)

02/08/28

34,628

58,172

Insurance 1.0%

Acrisure LLC,

2024 Refinancing Term Loan, 3 Month SOFR + 3.250%

8.594(c)

11/06/30

150

148,687

Asurion LLC,

New B-8 Term Loan, 1 Month SOFR + 3.364%

8.611(c)

12/23/26

125

124,054

272,741

Media 0.5%

Altice Financing SA (Luxembourg),

2022 Dollar Loan, 3 Month SOFR + 5.000%

10.301(c)

10/31/27

88,053

CSC Holdings LLC,

2022 Refinancing Term Loan, 1 Month SOFR + 4.500%

9.837(c)

01/18/28

23,828

Radiate Holdco LLC,

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

8.611(c)

09/25/26

19,949

131,830

Retail 0.3%

White Cap Buyer LLC,

Tranche C Term Loan, 1 Month SOFR + 3.250%

8.497(c)

10/19/29

74,466

Software 0.3%

Cotiviti, Inc.,

Initial Floating Rate Term Loan, 1 Month SOFR + 3.250%

8.592(c)

05/01/31

74,742

TOTAL FLOATING RATE AND OTHER LOANS
(cost $744,151)

732,529

See Notes to Financial Statements.

172

PGIM Short Duration High Yield ETF

Schedule of Investments (continued)

as of August 31, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

U.S. TREASURY OBLIGATION 5.0%

U.S. Treasury Notes

(cost $1,308,740)

4.875%

05/31/26

1,300

1,318,332

COMMON STOCK 0.4%

Gas Utilities

Ferrellgas Partners LP (Class B Stock)^
(cost $114,114)

546

111,881

PREFERRED STOCK 0.0%

Electronic Equipment, Instruments & Components

Ferrellgas Escrow LLC, 8.956%, Maturing 03/30/31^
(cost $6,060)

6,000

TOTAL LONG-TERM INVESTMENTS

(cost $24,492,273)

24,492,990

SHORT-TERM INVESTMENT 3.8%

AFFILIATED MUTUAL FUND

PGIM Core Government Money Market Fund (7-day effective yield 5.562%)

(cost $995,994)(wb)

995,994

TOTAL INVESTMENTS 95.9%

(cost $25,488,267)

25,488,984

Other assets in excess of liabilities(z) 4.1%

1,097,641

NET ASSETS 100.0%

26,586,625

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

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

^	Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $117,881 and 0.4% of net assets.

(c)	Variable rate instrument. The interest rate shown reflects the rate in effect at August 31, 2024.

(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 $427,182. The aggregate value of $425,785 is 1.6% of net assets.

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

See Notes to Financial Statements.

PGIM Fixed Income ETFs 173

PGIM Short Duration High Yield ETF

Schedule of Investments (continued)

as of August 31, 2024

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

Futures contracts outstanding at August 31, 2024:


Number of Contracts	Type	Expiration Date		Current Notional Amount		Value / Unrealized Appreciation (Depreciation)
Long Position:
5	2 Year U.S. Treasury Notes		Dec. 2024	$	1,037,734	$	(487	)

Short Positions:
15	5 Year U.S. Treasury Notes		Dec. 2024		1,640,977		4,810
2	10 Year U.S. Treasury Notes		Dec. 2024		227,125		1,217

							6,027

						$	5,540

Forward foreign currency exchange contracts outstanding at August 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 09/03/24	BOA		EUR	194		$	216,258		$	214,115		$	—		$	(2,143	)


Sale Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date			Current Value			Unrealized Appreciation			Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts:
Euro,
Expiring 09/03/24	BOA		EUR	194		$	210,450		$	214,115		$	—		$	(3,665	)
Expiring 10/02/24	BOA		EUR	194			216,548			214,401			2,147			—

						$	426,998		$	428,516			2,147			(3,665	)

												$	2,147		$	(5,808	)

See Notes to Financial Statements.

174

PGIM Short Duration High Yield ETF

Schedule of Investments (continued)

as of August 31, 2024

Credit default swap agreement outstanding at August 31, 2024:


Reference Entity/ Obligation	Termination Date		Fixed Rate			Notional Amount (000)#(3)		Implied Credit Spread at August 31, 2024(4)			Value at Trade Date			Value at August 31, 2024			Unrealized Appreciation (Depreciation)

Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):
CDX.NA.HY.42.V1		06/20/29		5.000	%(Q)		965		3.215	%		$	57,661		$	78,807		$21,146

(1)

(2)

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

(4)

See Notes to Financial Statements.

PGIM Fixed Income ETFs 175

PGIM Short Duration High Yield ETF

Schedule of Investments (continued)

as of August 31, 2024

Interest rate swap agreements outstanding at August 31, 2024:


Notional Amount (000)#	Termination Date		Fixed Rate		Floating Rate	Value at Trade Date		Value at August 31, 2024			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements:
1,965		02/06/26		4.263%(A)	1 Day SOFR(2)(A)/ 5.320%	$	—	$	(4,649	)	$	(4,649	)
1,330		02/06/27		3.977%(A)	1 Day SOFR(1)(A)/ 5.320%		—		116			116

						$	—	$	(4,533	)	$	(4,533	)

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

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

Total return swap agreements outstanding at August 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 Agreements:
iBoxx US Dollar Liquid High Yield Index(T)	1 Day SOFR(Q)/ 5.320%	JPM	12/20/24		100	$	(530	)	$	50		$	(580	)
iBoxx US Dollar Liquid High Yield Index(T)	1 Day SOFR(Q)/ 5.320%	MSI	03/20/25		530		(2,145	)		(97	)		(2,048	)

						$	(2,675	)	$	(47	)	$	(2,628	)

(1)

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

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


	Premiums Paid	Premiums Received	Unrealized Appreciation	Unrealized Depreciation
OTC Swap Agreements	$50	$(97)	$—	$(2,628)

See Notes to Financial Statements.

176

PGIM Short Duration High Yield ETF

Schedule of Investments (continued)

as of August 31, 2024

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


Broker	Cash and/or Foreign Currency		Securities Market Value
CGM		$248,000		$—
JPS		603,640		—

Total		$851,640		$—

Fair Value Measurements:

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

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

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

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

The following is a summary of the inputs used as of August 31, 2024 in valuing such portfolio securities:


	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Asset-Backed Securities
Collateralized Loan Obligations	$	—	$	658,865	$	—
Corporate Bonds		—		21,665,383		—
Floating Rate and Other Loans		—		732,529		—
U.S. Treasury Obligation		—		1,318,332		—
Common Stock		—		—		111,881
Preferred Stock		—		—		6,000
Short-Term Investment
Affiliated Mutual Fund		995,994		—		—

Total	$	995,994	$	24,375,109	$	117,881


Other Financial Instruments*
Assets
Futures Contracts	$	6,027	$	—	$	—
OTC Forward Foreign Currency Exchange Contract		—		2,147		—
Centrally Cleared Credit Default Swap Agreement		—		21,146		—
Centrally Cleared Interest Rate Swap Agreement		—		116		—

Total	$	6,027	$	23,409	$	—

See Notes to Financial Statements.

PGIM Fixed Income ETFs 177

PGIM Short Duration High Yield ETF

Schedule of Investments (continued)

as of August 31, 2024


	Level 1			Level 2			Level 3
Other Financial Instruments* (continued)
Liabilities
Futures Contracts	$	(487	)	$	—		$	—
OTC Forward Foreign Currency Exchange Contracts		—			(5,808	)		—
Centrally Cleared Interest Rate Swap Agreement		—			(4,649	)		—
OTC Total Return Swap Agreements		—			(2,675	)		—

Total	$	(487	)	$	(13,132	)	$	—

Industry Classification:

The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of August 31, 2024 were as follows:


Telecommunications	5.7	%
Diversified Financial Services	5.6
Oil & Gas	5.4
Home Builders	5.3
Leisure Time	5.3
Media	5.2
U.S. Treasury Obligation	5.0
Affiliated Mutual Fund	3.8
Lodging	3.7
Electric	3.2
Packaging & Containers	3.0
Pipelines	3.0
Commercial Services	2.9
Entertainment	2.9
Auto Parts & Equipment	2.7
Retail	2.6
Collateralized Loan Obligations	2.5
Software	2.4
Pharmaceuticals	2.3
Real Estate Investment Trusts (REITs)	2.3
Mining	2.0
Healthcare-Services	1.9
Building Materials	1.6
Internet	1.5
Airlines	1.4
Computers	1.3
Foods	1.2


Insurance	1.1	%
Banks	1.0
Chemicals	0.9
Real Estate	0.6
Distribution/Wholesale	0.6
Aerospace & Defense	0.6
Apparel	0.6
Miscellaneous Manufacturing	0.5
Electrical Components & Equipment	0.5
Iron/Steel	0.5
Gas Utilities	0.4
Transportation	0.4
Healthcare-Products	0.4
Machinery-Diversified	0.3
Coal	0.3
Advertising	0.3
Auto Manufacturers	0.3
Housewares	0.3
Engineering & Construction	0.2
Environmental Control	0.2
Gas	0.2

See Notes to Financial Statements.

178

PGIM Short Duration High Yield ETF

Schedule of Investments (continued)

as of August 31, 2024

Industry Classification (continued):


Electronic Equipment, Instruments & Components	0.0	*%

	95.9
Other assets in excess of liabilities	4.1


	100.0	%

*	Less than 0.05%

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

Fair values of derivative instruments as of August 31, 2024 as presented in the Statement of Assets and Liabilities:


	Asset Derivatives				Liability Derivatives
Derivatives not accounted for as hedging instruments, carried at fair value	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Credit contracts	Due from/to broker-variation margin swaps	$	21,146	*	—	$	—
Foreign exchange contracts	Unrealized appreciation on OTC forward foreign currency exchange contracts		2,147		Unrealized depreciation on OTC forward foreign currency exchange contracts		5,808
Interest rate contracts	Due from/to broker-variation margin futures		6,027	*	Due from/to broker-variation margin futures		487	*
Interest rate contracts	Due from/to broker-variation margin swaps		116	*	Due from/to broker-variation margin swaps		4,649	*
Interest rate contracts	Premiums paid for OTC swap agreements		50		Premiums received for OTC swap agreements		97
Interest rate contracts	—		—		Unrealized depreciation on OTC swap agreements		2,628


		$	29,486			$	13,669

See Notes to Financial Statements.

PGIM Fixed Income ETFs 179

PGIM Short Duration High Yield ETF

Schedule of Investments (continued)

as of August 31, 2024

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

The effects of derivative instruments on the Statement of Operations for the period ended August 31, 2024 are as follows:


Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Futures			Forward Currency Exchange Contracts				Swaps
Credit contracts		$	—		$	—			$	(33,582	)
Foreign exchange contracts			—			802				—
Interest rate contracts			39,577			—				7,607


Total		$	39,577		$	802			$	(25,975	)


Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Futures			Forward Currency Exchange Contracts				Swaps
Credit contracts		$	—		$	—			$	21,146
Foreign exchange contracts			—			(3,661	)			—
Interest rate contracts			5,540			—				(7,161	)


Total		$	5,540		$	(3,661	)		$	13,985

For the period ended August 31, 2024, the Fund’s average volume of derivative activities is as follows:


Derivative Contract Type	Average Volume of Derivative Activities*

Futures Contracts - Long Positions (1)		$1,026,667
Futures Contracts - Short Positions (1)		2,750,102
Forward Foreign Currency Exchange Contracts - Purchased (2)		106,993
Forward Foreign Currency Exchange Contracts - Sold (2)		212,240
Interest Rate Swap Agreements (1)		3,295,000
Credit Default Swap Agreements - Buy Protection (1)		631,233
Credit Default Swap Agreements - Sell Protection (1)		321,667
Total Return Swap Agreements (1)		210,000

*	Average volume is based on average quarter end balances for the period ended August 31, 2024.

(1)	Notional Amount in USD.

(2)	Value at Settlement Date.

See Notes to Financial Statements.

180

PGIM Short Duration High Yield ETF

Schedule of Investments (continued)

as of August 31, 2024

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

Offsetting of OTC derivative assets and liabilities:


Counterparty	Gross Amounts of Recognized Assets(1)			Gross Amounts of Recognized Liabilities(1)				Net Amounts of Recognized Assets/(Liabilities)				Collateral Pledged/(Received)(2)			Net Amount
BOA		$	2,147		$	(5,808	)		$	(3,661	)		$	—		$	(3,661	)
JPM			50			(580	)			(530	)			—			(530	)
MSI			—			(2,145	)			(2,145	)			—			(2,145	)

		$	2,197		$	(8,533	)		$	(6,336	)		$	—		$	(6,336	)

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

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

See Notes to Financial Statements.

PGIM Fixed Income ETFs 181

PGIM Short Duration High Yield ETF

Statement of Assets & Liabilities

as of August 31, 2024


Assets

Investments at value:
Unaffiliated investments (cost $24,492,273)	$	24,492,990
Affiliated investments (cost $995,994)		995,994
Foreign currency, at value (cost $2,477)		2,513
Deposit with broker for centrally cleared/exchange-traded derivatives		851,640
Receivable for investments sold		374,578
Interest receivable		374,501
Due from broker—variation margin swaps		33,905
Due from broker—variation margin futures		2,813
Unrealized appreciation on OTC forward foreign currency exchange contracts		2,147
Premiums paid for OTC swap agreements		50


Total Assets		27,131,131


Liabilities

Payable for investments purchased		525,909
Management fee payable		10,064
Unrealized depreciation on OTC forward foreign currency exchange contracts		5,808
Unrealized depreciation on OTC swap agreements		2,628
Premiums received for OTC swap agreements		97


Total Liabilities		544,506


Net Assets	$	26,586,625




Net assets were comprised of:
Common stock, at par	$	525
Paid-in capital in excess of par		26,368,982
Total distributable earnings (loss)		217,118


Net assets, August 31, 2024	$	26,586,625

Net asset value, offering price and redemption price per share.
($26,586,625 ÷ 525,000 shares of common stock issued and outstanding)	$	50.64

See Notes to Financial Statements.

182

PGIM Short Duration High Yield ETF

Statement of Operations

For the Period December 14, 2023* through August 31, 2024


Net Investment Income (Loss)

Income
Interest income	$	1,570,173
Affiliated dividend income		41,102

Total income		1,611,275


Expenses
Management fee		81,360
Miscellaneous		3,274

Total expenses		84,634
Less: Fee waiver and/or expense reimbursement		(5,535	)

Net expenses		79,099

Net investment income (loss)		1,532,176

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

Net realized gain (loss) on:
Investment transactions		(57,818	)
Futures transactions		39,577
Forward currency contract transactions		802
Swap agreement transactions		(25,975	)
Foreign currency transactions		107

		(43,307	)

Net change in unrealized appreciation (depreciation) on:
Investments		717
Futures		5,540
Forward currency contracts		(3,661	)
Swap agreements		13,985
Foreign currencies		41

		16,622

Net gain (loss) on investment and foreign currency transactions		(26,685	)

Net Increase (Decrease) In Net Assets Resulting From Operations	$	1,505,491

*	Commencement of operations.

See Notes to Financial Statements.

PGIM Fixed Income ETFs 183

PGIM Short Duration High Yield ETF

Statement of Changes in Net Assets



	December 14, 2023* through August 31, 2024
Increase (Decrease) in Net Assets

Operations

Net investment income (loss)		$	1,532,176

Net realized gain (loss) on investment and foreign currency transactions			(43,307	)

Net change in unrealized appreciation (depreciation) on investments and foreign currencies			16,622


Net increase (decrease) in net assets resulting from operations			1,505,491


Dividends and Distributions

Distributions from distributable earnings			(1,291,648	)


Fund share transactions

Net proceeds from shares sold (525,000 shares)			26,372,782


Total increase (decrease)			26,586,625

Net Assets:

Beginning of period			—


End of period		$	26,586,625

*	Commencement of operations.

See Notes to Financial Statements.

184

PGIM Short Duration High Yield ETF

Financial Highlights




	December 14, 2023^(a) through August 31, 2024
Per Share Operating Performance^(b):
Net Asset Value, Beginning of Period		$50.00
Income (loss) from investment operations:
Net investment income (loss)		3.04
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.16	^(c)
Total from investment operations		3.20
Less Dividends and Distributions:
Dividends from net investment income		(2.56	)
Net asset value, end of period		$50.64
Total Return^(d):		6.61	%


Ratios/Supplemental Data:
Net assets, end of period (000)		$26,587
Average net assets (000)		$25,353
Ratios to average net assets^(e):
Expenses after waivers and/or expense reimbursement		0.44	%^(f)
Expenses before waivers and/or expense reimbursement		0.47	%^(f)
Net investment income (loss)		8.47	%^(f)
Portfolio turnover rate^(g)		52	%

(a)	Commencement of operations.

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

(c)	The per share amount of realized and unrealized gain (loss) on investments does not directly correlate to the amounts reported in the Statement of Operations due to the timing of portfolio share transactions in relation to fluctuating market values.

(d)

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

(f)	Annualized, with the exception of certain non-recurring expenses.

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

See Notes to Financial Statements.

PGIM Fixed Income ETFs 185

PGIM Short Duration Multi-Sector Bond ETF

Schedule of Investments

as of August 31, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

LONG-TERM INVESTMENTS 97.8%

ASSET-BACKED SECURITIES 20.6%

Automobiles 0.3%

Avis Budget Rental Car Funding AESOP LLC,

Series 2024-01A, Class A, 144A

5.360%

06/20/30

100

101,960

Collateralized Loan Obligations 19.9%

AGL CLO Ltd. (Cayman Islands),

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

6.694(c)

12/02/34

250

250,653

AlbaCore Euro CLO DAC (Ireland),

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

4.549(c)

06/15/34

EUR

250

274,942

Anchorage Capital CLO Ltd. (Cayman Islands),

Series 2020-16A, Class A1R, 144A, 3 Month SOFR + 1.462% (Cap N/A, Floor 1.200%)

6.741(c)

01/19/35

250

250,000

Barings Euro CLO DAC (Ireland),

Series 2019-01A, Class AR, 144A, 3 Month EURIBOR + 0.960% (Cap N/A, Floor 0.960%)

4.645(c)

04/15/36

EUR

250

275,119

Barrow Hanley CLO Ltd. (Cayman Islands),

Series 2023-02A, Class A1, 144A, 3 Month SOFR + 2.050% (Cap N/A, Floor 2.050%)

7.332(c)

10/20/35

250

251,422

Benefit Street Partners CLO Ltd. (Cayman Islands),

Series 2015-06BR, Class A, 144A, 3 Month SOFR + 1.452% (Cap N/A, Floor 1.190%)

6.734(c)

07/20/34

250

250,813

BlueMountain Fuji Eur CLO DAC (Ireland),

Series 05A, Class B, 144A, 3 Month EURIBOR + 1.550% (Cap N/A, Floor 1.550%)

5.235(c)

01/15/33

EUR

250

275,785

Broad River BSL Funding CLO Ltd. (Cayman Islands),

Series 2020-01A, Class AR, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%)

6.714(c)

07/20/34

250

250,319

Carlyle US CLO Ltd. (Cayman Islands),

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

6.544(c)

04/20/31

119

119,080

Crown City CLO (Cayman Islands),

Series 2022-04A, Class A1R, 144A, 3 Month SOFR + 1.610% (Cap N/A, Floor 1.610%)

6.892(c)

04/20/37

250

251,360

Elmwood CLO Ltd. (Cayman Islands),

Series 2024-05A, Class AR1, 144A, 3 Month SOFR + 1.520% (Cap N/A, Floor 1.520%)

6.841(c)

04/20/37

250

251,251

See Notes to Financial Statements.

186

PGIM Short Duration Multi-Sector Bond ETF

Schedule of Investments (continued)

as of August 31, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

ASSET-BACKED SECURITIES (Continued)

Collateralized Loan Obligations (cont’d.)

Greywolf CLO Ltd. (Cayman Islands),

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

6.722%(c)

10/20/31

198

198,200

HPS Loan Management Ltd. (Cayman Islands),

Series 2021-16A, Class A1, 144A, 3 Month SOFR + 1.402% (Cap N/A, Floor 1.140%)

6.685(c)

01/23/35

250

250,532

LCM Ltd. (Cayman Islands),

Series 34A, Class A1, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%)

6.714(c)

10/20/34

250

250,945

Madison Park Funding Ltd. (Cayman Islands),

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

6.667(c)

07/17/34

290

289,864

Monument CLO DAC (Ireland),

Series 01A, Class A, 144A, 3 Month EURIBOR + 1.590% (Cap N/A, Floor 1.590%)

5.342(c)

05/15/37

EUR

250

277,547

Mountain View CLO Ltd. (Cayman Islands),

Series 2023-01A, Class B, 144A, 3 Month SOFR + 3.000% (Cap N/A, Floor 3.000%)

8.301(c)

09/14/36

250

253,506

Neuberger Berman CLO Ltd. (Cayman Islands),

Series 2017-16SA, Class AR, 144A, 3 Month SOFR + 1.302% (Cap N/A, Floor 1.040%)

6.603(c)

04/15/34

250

250,202

Northwoods Capital Ltd. (Cayman Islands),

Series 2020-22A, Class A1RR, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%)

7.039(c)

09/16/31

250

251,365

Oaktree CLO Ltd. (Cayman Islands),

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

6.713(c)

07/15/34

250

249,174

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

Series 2017-01A, Class A1R, 144A, 3 Month SOFR + 1.502% (Cap N/A, Floor 1.240%)

6.618(c)

02/14/34

250

250,285

PPM CLO Ltd. (Cayman Islands),

Series 2021-05A, Class A, 144A, 3 Month SOFR + 1.462% (Cap N/A, Floor 1.200%)

6.741(c)

10/18/34

250

249,548

Regatta Funding Ltd. (Cayman Islands),

Series 2017-01A, Class A1R, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.550%)

6.875(c)

04/17/37

250

251,267

Romark WM-R Ltd. (Cayman Islands),

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

6.574(c)

04/20/31

168

168,267

See Notes to Financial Statements.

PGIM Fixed Income ETFs 187

PGIM Short Duration Multi-Sector Bond ETF

Schedule of Investments (continued)

as of August 31, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

ASSET-BACKED SECURITIES (Continued)

Collateralized Loan Obligations (cont’d.)

Signal Peak CLO Ltd. (Cayman Islands),

Series 2020-08A, Class A, 144A, 3 Month SOFR + 1.532% (Cap N/A, Floor 1.270%)

6.814%(c)

04/20/33

250

250,046

Sound Point CLO Ltd. (Cayman Islands),

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

6.624(c)

01/20/32

218

218,579

Trinitas CLO Ltd. (Cayman Islands),

Series 2022-20A, Class A1, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%)

6.812(c)

07/20/35

250

250,772

Trinitas Euro CLO DAC (Ireland),

Series 06A, Class A, 144A, 3 Month EURIBOR + 1.600% (Cap N/A, Floor 1.600%)

5.525(c)

04/15/37

EUR

250

277,896

6,888,739

Home Equity Loans 0.4%

JPMorgan Mortgage Trust,

Series 2023-HE02, Class A1, 144A, 30 Day Average SOFR + 1.700% (Cap N/A, Floor 0.000%)

7.053(c)

03/25/54

70,913

Series 2023-HE03, Class M1, 144A, 30 Day Average SOFR + 2.100% (Cap N/A, Floor 0.000%)

7.451(c)

05/25/54

65,532

136,445

TOTAL ASSET-BACKED SECURITIES
(cost $7,030,567)

7,127,144

COMMERCIAL MORTGAGE-BACKED SECURITIES 11.3%

BANK,

Series 2023-BNK46, Class A21

6.950(cc)

08/15/56

200

210,115

Barclays Commercial Mortgage Securities Trust,

Series 2023-05C23, Class A3

6.675(cc)

12/15/56

200

213,946

Benchmark Mortgage Trust,

Series 2019-B15, Class A4

2.673

12/15/72

300

270,538

Series 2022-B33, Class A1

2.306

03/15/55

296

285,456

Series 2024-V05, Class A3

5.805

01/10/57

100

103,753

BMO Mortgage Trust,

Series 2023-05C01, Class A3

6.534(cc)

08/15/56

150

158,152

Series 2023-C06, Class A2

6.868(cc)

09/15/56

200

213,621

See Notes to Financial Statements.

188

PGIM Short Duration Multi-Sector Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
BMO Mortgage Trust, (cont’d.)
Series 2023-C06, Class XB, IO		0.347%(cc)		09/15/56		6,200	$	92,974
Series 2024-05C05, Class A3		5.857		02/15/57		100		104,142
BX Trust,
Series 2024-PAT, Class A, 144A, 1 Month SOFR + 2.090% (Cap N/A, Floor 2.090%)		7.427(c)		03/15/41		100		99,500
Series 2024-VLT04, Class C, 144A, 1 Month SOFR + 2.140% (Cap N/A, Floor 2.140%)		7.477(c)		07/15/29		100		99,344
CENT Trust,
Series 2023-CITY, Class A, 144A, 1 Month SOFR + 2.620% (Cap N/A, Floor 2.620%)		7.957(c)		09/15/38		50		50,125
CGMS Commercial Mortgage Trust,
Series 2017-B01, Class A3		3.197		08/15/50		242		232,525
Commercial Mortgage Trust,
Series 2015-DC01, Class A5		3.350		02/10/48		250		247,732
Series 2016-COR01, Class A4		3.091		10/10/49		250		239,187
ELM Trust,
Series 2024-ELM, Class D10, 144A		6.847(cc)		06/10/39		100		100,792
GS Mortgage Securities Corp. Trust,
Series 2024-RVR, Class A, 144A		5.372(cc)		08/10/29		100		100,349
GS Mortgage Securities Trust,
Series 2019-GC40, Class A2		2.971		07/10/52		6		5,812
JPMCC Commercial Mortgage Securities Trust,
Series 2019-COR04, Class A5		4.029		03/10/52		250		234,735
LBA Trust,
Series 2024-BOLT, Class D, 144A, 1 Month SOFR + 2.590% (Cap N/A, Floor 2.590%)		7.927(c)		06/15/26		50		49,141
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2015-C20, Class A4		3.249		02/15/48		300		297,656
Morgan Stanley Capital I Trust,
Series 2015-UBS08, Class A4		3.809		12/15/48		250		244,490
UBS Commercial Mortgage Trust,
Series 2017-C04, Class A3		3.301		10/15/50		273		260,201


TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (cost $3,784,498)								3,914,286


CORPORATE BONDS 30.7%

Aerospace & Defense 0.7%

Boeing Co. (The),
Sr. Unsec’d. Notes		2.196		02/04/26		150		143,788

See Notes to Financial Statements.

PGIM Fixed Income ETFs 189

PGIM Short Duration Multi-Sector Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CORPORATE BONDS (Continued)

Aerospace & Defense (cont’d.)

Boeing Co. (The), (cont’d.)
Sr. Unsec’d. Notes, 144A	6.298%	05/01/29		45	$	46,993
Bombardier, Inc. (Canada),
Sr. Unsec’d. Notes, 144A	7.875	04/15/27		61		61,305


						252,086

Agriculture 0.8%

BAT Capital Corp. (United Kingdom),
Gtd. Notes	2.259	03/25/28		115		105,767
Philip Morris International, Inc.,
Sr. Unsec’d. Notes	4.875	02/13/29		150		152,558


						258,325

Airlines 0.3%

Delta Air Lines, Inc./SkyMiles IP Ltd.,
Sr. Sec’d. Notes, 144A	4.750	10/20/28		75		74,116
United Airlines, Inc.,
Sr. Sec’d. Notes, 144A	4.375	04/15/26		25		24,420


						98,536

Apparel 0.1%

Hanesbrands, Inc.,
Gtd. Notes, 144A	4.875	05/15/26		25		24,841

Auto Manufacturers 1.4%
Ford Motor Credit Co. LLC,
Sr. Unsec’d. Notes	6.800	05/12/28		200		209,840
General Motors Financial Co., Inc.,
Sr. Unsec’d. Notes	1.250	01/08/26		180		171,735
Sr. Unsec’d. Notes	5.400	05/08/27		15		15,270
Hyundai Capital America,
Sr. Unsec’d. Notes, 144A	5.950	09/21/26		80		81,818


						478,663

See Notes to Financial Statements.

190

PGIM Short Duration Multi-Sector Bond ETF

Schedule of Investments (continued)

as of August 31, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

CORPORATE BONDS (Continued)

Auto Parts & Equipment 0.1%

Dana, Inc.,

Sr. Unsec’d. Notes

5.625%

06/15/28

24,664

Banks 9.5%

Bank of America Corp.,

Sr. Unsec’d. Notes

5.202(ff)

04/25/29

315

321,669

Barclays PLC (United Kingdom),

Sr. Unsec’d. Notes

5.829(ff)

05/09/27

200

202,941

BNP Paribas SA (France),

Sr. Preferred Notes, 144A

5.176(ff)

01/09/30

200

203,214

Citigroup, Inc.,

Sr. Unsec’d. Notes

5.174(ff)

02/13/30

190

193,619

Sub. Notes

4.450

09/29/27

195

193,934

Comerica, Inc.,

Sr. Unsec’d. Notes

5.982(ff)

01/30/30

81,434

Deutsche Bank AG (Germany),

Sr. Non-Preferred Notes

7.146(ff)

07/13/27

150

155,683

Fifth Third Bancorp,

Sr. Unsec’d. Notes

6.339(ff)

07/27/29

21,047

Goldman Sachs Group, Inc. (The),

Sr. Unsec’d. Notes

1.542(ff)

09/10/27

140

131,428

Sr. Unsec’d. Notes

5.798(ff)

08/10/26

180

181,183

Huntington Bancshares, Inc.,

Sr. Unsec’d. Notes

6.208(ff)

08/21/29

10,498

JPMorgan Chase & Co.,

Sr. Unsec’d. Notes

5.040(ff)

01/23/28

70,812

Sr. Unsec’d. Notes

5.299(ff)

07/24/29

500

513,261

KeyCorp,

Sr. Unsec’d. Notes, MTN

2.550

10/01/29

17,907

Morgan Stanley,

Sr. Unsec’d. Notes

5.449(ff)

07/20/29

300

309,254

PNC Financial Services Group, Inc. (The),

Sr. Unsec’d. Notes

5.812(ff)

06/12/26

85,415

Sr. Unsec’d. Notes

6.615(ff)

10/20/27

20,800

Truist Financial Corp.,

Sr. Unsec’d. Notes, MTN

6.047(ff)

06/08/27

125

127,643

U.S. Bancorp,

Sr. Unsec’d. Notes

5.384(ff)

01/23/30

30,835

See Notes to Financial Statements.

PGIM Fixed Income ETFs 191

PGIM Short Duration Multi-Sector Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CORPORATE BONDS (Continued)

Banks (cont’d.)

U.S. Bancorp, (cont’d.)
Sr. Unsec’d. Notes	5.850%(ff)	10/21/33		45	$	47,265
Wells Fargo & Co.,
Sr. Unsec’d. Notes, MTN	5.198(ff)	01/23/30		90		91,852
Sr. Unsec’d. Notes, MTN	5.574(ff)	07/25/29		250		258,215


						3,269,909

Building Materials 0.1%

JELD-WEN, Inc.,
Gtd. Notes, 144A	4.875	12/15/27		25		24,268
Standard Industries, Inc.,
Sr. Unsec’d. Notes, 144A	4.750	01/15/28		25		24,358


						48,626

Chemicals 0.3%

CF Industries, Inc.,
Gtd. Notes, 144A	4.500	12/01/26		110		109,274

Commercial Services 0.3%

Allied Universal Holdco LLC/Allied Universal Finance Corp.,
Sr. Unsec’d. Notes, 144A	9.750	07/15/27		50		50,058
Brink’s Co. (The),
Gtd. Notes, 144A	4.625	10/15/27		25		24,415
ERAC USA Finance LLC,
Gtd. Notes, 144A	5.000	02/15/29		40		41,010


						115,483

Computers 0.2%

Leidos, Inc.,
Gtd. Notes	3.625	05/15/25		80		79,032

See Notes to Financial Statements.

192

PGIM Short Duration Multi-Sector Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CORPORATE BONDS (Continued)

Distribution/Wholesale 0.1%

H&E Equipment Services, Inc.,
Gtd. Notes, 144A	3.875%	12/15/28		50	$	46,314

Diversified Financial Services 0.5%

American Express Co.,
Sr. Unsec’d. Notes	6.338(ff)	10/30/26		65		66,112
Cantor Fitzgerald LP,
Sr. Unsec’d. Notes, 144A	7.200	12/12/28		25		26,454
Capital One Financial Corp.,
Sr. Unsec’d. Notes	7.149(ff)	10/29/27		40		41,946
Nationstar Mortgage Holdings, Inc.,
Gtd. Notes, 144A	6.000	01/15/27		25		24,963
OneMain Finance Corp.,
Gtd. Notes	3.875	09/15/28		25		23,027


						182,502

Electric 2.2%

Algonquin Power & Utilities Corp. (Canada),
Sr. Unsec’d. Notes	5.365	06/15/26		30		30,225
American Electric Power Co., Inc.,
Jr. Sub. Notes	5.699	08/15/25		75		75,478
Calpine Corp.,
Sr. Unsec’d. Notes, 144A	4.625	02/01/29		50		47,766
FirstEnergy Pennsylvania Electric Co.,
Sr. Unsec’d. Notes, 144A	5.150	03/30/26		60		60,215
NextEra Energy Capital Holdings, Inc.,
Gtd. Notes	5.749	09/01/25		130		131,059
NRG Energy, Inc.,
Gtd. Notes	5.750	01/15/28		50		50,040
Southern California Edison Co.,
First Mortgage	4.875	02/01/27		100		100,974
First Mortgage	4.900	06/01/26		125		125,607
Vistra Corp.,
Jr. Sub. Notes, 144A	8.000(ff)	10/15/26(oo)		50		51,687
Vistra Operations Co. LLC,
Gtd. Notes, 144A	4.375	05/01/29		25		23,949

See Notes to Financial Statements.

PGIM Fixed Income ETFs 193

PGIM Short Duration Multi-Sector Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CORPORATE BONDS (Continued)

Electric (cont’d.)

Vistra Operations Co. LLC, (cont’d.)
Gtd. Notes, 144A	5.000%	07/31/27		50	$	49,491
Gtd. Notes, 144A	6.875	04/15/32		10		10,401


						756,892

Engineering & Construction 0.8%

Jacobs Engineering Group, Inc.,
Gtd. Notes	6.350	08/18/28		65		68,730
MasTec, Inc.,
Sr. Unsec’d. Notes	5.900	06/15/29		5		5,168
Mexico City Airport Trust (Mexico),
Sr. Sec’d. Notes, 144A	4.250	10/31/26		200		195,000


						268,898

Entertainment 0.7%

Caesars Entertainment, Inc.,
Gtd. Notes, 144A	4.625	10/15/29		75		70,917
Penn Entertainment, Inc.,
Sr. Unsec’d. Notes, 144A	5.625	01/15/27		25		24,539
Warnermedia Holdings, Inc.,
Gtd. Notes	3.755	03/15/27		160		153,284


						248,740

Foods 0.5%

Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s LP/Albertson’s LLC,
Gtd. Notes, 144A	6.500	02/15/28		25		25,318
B&G Foods, Inc.,
Gtd. Notes	5.250	04/01/25		7		6,933
Gtd. Notes	5.250	09/15/27		25		23,679
Bellis Finco PLC (United Kingdom),
Gtd. Notes	4.000	02/16/27	GBP	100		118,617


						174,547

See Notes to Financial Statements.

194

PGIM Short Duration Multi-Sector Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CORPORATE BONDS (Continued)

Gas 0.2%

AmeriGas Partners LP/AmeriGas Finance Corp.,
Sr. Unsec’d. Notes	5.875%	08/20/26		25	$	24,734
NiSource, Inc.,
Sr. Unsec’d. Notes	5.200	07/01/29		40		40,965


						65,699

Healthcare-Services 0.5%

CommonSpirit Health,
Sr. Sec’d. Notes	5.205	12/01/31		100		101,919
Legacy LifePoint Health LLC,
Sr. Sec’d. Notes, 144A	4.375	02/15/27		50		48,819
Tenet Healthcare Corp.,
Sr. Sec’d. Notes	4.375	01/15/30		25		23,921


						174,659

Home Builders 0.4%

Beazer Homes USA, Inc.,
Gtd. Notes	7.250	10/15/29		25		25,552
M/I Homes, Inc.,
Gtd. Notes	4.950	02/01/28		25		24,520
Mattamy Group Corp. (Canada),
Sr. Unsec’d. Notes, 144A	5.250	12/15/27		25		24,656
Taylor Morrison Communities, Inc.,
Gtd. Notes, 144A	5.875	06/15/27		25		25,324
Tri Pointe Homes, Inc.,
Gtd. Notes	5.250	06/01/27		25		24,891


						124,943

Leisure Time 0.2%

NCL Corp. Ltd.,
Gtd. Notes, 144A	5.875	03/15/26		50		49,797
Viking Cruises Ltd.,
Gtd. Notes, 144A	5.875	09/15/27		25		24,966


						74,763

See Notes to Financial Statements.

PGIM Fixed Income ETFs 195

PGIM Short Duration Multi-Sector Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CORPORATE BONDS (Continued)

Lodging 0.3%

Hyatt Hotels Corp.,
Sr. Unsec’d. Notes	5.750%	01/30/27		75	$	76,477
Marriott International, Inc.,
Sr. Unsec’d. Notes	5.450	09/15/26		30		30,532


						107,009

Machinery-Diversified 0.1%

Nordson Corp.,
Sr. Unsec’d. Notes	5.600	09/15/28		10		10,364
Otis Worldwide Corp.,
Sr. Unsec’d. Notes	5.250	08/16/28		35		36,015


						46,379

Media 1.1%

CCO Holdings LLC/CCO Holdings Capital Corp.,
Sr. Unsec’d. Notes, 144A	5.125	05/01/27		50		49,062
Charter Communications Operating LLC/Charter Communications Operating Capital,
Sr. Sec’d. Notes	2.250	01/15/29		90		79,533
Cox Communications, Inc.,
Gtd. Notes, 144A	5.450	09/15/28		55		56,557
Sr. Unsec’d. Notes, 144A	3.350	09/15/26		80		77,792
DISH DBS Corp.,
Gtd. Notes	5.125	06/01/29		25		11,407
Gtd. Notes	7.375	07/01/28		25		12,841
Gtd. Notes	7.750	07/01/26		25		16,901
DISH Network Corp.,
Sr. Sec’d. Notes, 144A	11.750	11/15/27		25		25,407
Univision Communications, Inc.,
Sr. Sec’d. Notes, 144A	6.625	06/01/27		50		49,494


						378,994

See Notes to Financial Statements.

196

PGIM Short Duration Multi-Sector Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CORPORATE BONDS (Continued)

Mining 0.3%

Newmont Corp./Newcrest Finance Pty Ltd.,
Gtd. Notes, 144A	5.300%	03/15/26		75	$	75,699
Novelis Corp.,
Gtd. Notes, 144A	3.250	11/15/26		25		24,065


						99,764

Oil & Gas 2.4%

Aker BP ASA (Norway),
Sr. Unsec’d. Notes, 144A	5.600	06/13/28		150		153,987
BP Capital Markets PLC,
Gtd. Notes	4.375(ff)	06/22/25(oo)		16		15,760
Chesapeake Energy Corp.,
Gtd. Notes, 144A (original cost $24,632; purchased 07/19/23)(f)	5.500	02/01/26		25		24,986
Endeavor Energy Resources LP/EER Finance, Inc.,
Sr. Unsec’d. Notes, 144A	5.750	01/30/28		25		25,480
Energean Israel Finance Ltd. (Israel),
Sr. Sec’d. Notes, 144A	4.875	03/30/26		30		28,533
Sr. Sec’d. Notes, 144A	5.375	03/30/28		26		23,465
MEG Energy Corp. (Canada),
Gtd. Notes, 144A	5.875	02/01/29		25		24,781
Ovintiv, Inc.,
Gtd. Notes	5.650	05/15/28		90		92,647
Parkland Corp. (Canada),
Gtd. Notes, 144A	5.875	07/15/27		50		49,750
Petrobras Global Finance BV (Brazil),
Gtd. Notes, EMTN	6.250	12/14/26	GBP	100		131,534
Petroleos Mexicanos (Mexico),
Gtd. Notes	3.625	11/24/25	EUR	100		107,120
Gtd. Notes	6.875	10/16/25		30		29,972
Gtd. Notes, EMTN	4.875	02/21/28	EUR	100		102,825


						810,840

Packaging & Containers 0.3%

Berry Global, Inc.,
Sr. Sec’d. Notes, 144A	5.800	06/15/31		50		51,579

See Notes to Financial Statements.

PGIM Fixed Income ETFs 197

PGIM Short Duration Multi-Sector Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CORPORATE BONDS (Continued)

Packaging & Containers (cont’d.)

Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer, Inc.,
Sr. Sec’d. Notes, 144A	4.375%	10/15/28		25	$	23,798
Sealed Air Corp./Sealed Air Corp. US,
Gtd. Notes, 144A	6.125	02/01/28		25		25,446


						100,823

Pipelines 2.3%

Antero Midstream Partners LP/Antero Midstream Finance Corp.,
Gtd. Notes, 144A	5.750	01/15/28		50		50,067
Columbia Pipelines Operating Co. LLC,
Sr. Unsec’d. Notes, 144A	5.927	08/15/30		15		15,764
Energy Transfer LP,
Jr. Sub. Notes, Series G	7.125(ff)	05/15/30(oo)		70		70,282
Sr. Unsec’d. Notes	6.100	12/01/28		40		42,175
MPLX LP,
Sr. Unsec’d. Notes	1.750	03/01/26		160		153,106
ONEOK, Inc.,
Gtd. Notes	4.550	07/15/28		100		99,850
Gtd. Notes	5.650	11/01/28		35		36,358
Targa Resources Corp.,
Gtd. Notes	5.200	07/01/27		125		126,968
Western Midstream Operating LP,
Sr. Unsec’d. Notes	4.650	07/01/26		130		129,301
Williams Cos., Inc. (The),
Sr. Unsec’d. Notes	5.400	03/02/26		70		70,691


						794,562

Real Estate Investment Trusts (REITs) 1.9%

American Tower Corp.,
Sr. Unsec’d. Notes	3.600	01/15/28		70		67,726
Brixmor Operating Partnership LP,
Sr. Unsec’d. Notes	3.900	03/15/27		95		92,884
Crown Castle, Inc.,
Sr. Unsec’d. Notes	4.800	09/01/28		90		90,415
Diversified Healthcare Trust,
Gtd. Notes	9.750	06/15/25		23		23,032

See Notes to Financial Statements.

198

PGIM Short Duration Multi-Sector Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CORPORATE BONDS (Continued)

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

GLP Capital LP/GLP Financing II, Inc.,
Gtd. Notes		5.250%		06/01/25		65	$	64,882
Realty Income Corp.,
Sr. Unsec’d. Notes		4.700		12/15/28		75		75,563
Sr. Unsec’d. Notes		4.750		02/15/29		160		161,473
Starwood Property Trust, Inc.,
Sr. Unsec’d. Notes, 144A		3.625		07/15/26		25		24,054
Sun Communities Operating LP,
Gtd. Notes		2.300		11/01/28		75		67,832


								667,861

Retail 0.7%

1011778 BC ULC/New Red Finance, Inc. (Canada),
Sr. Sec’d. Notes, 144A		3.875		01/15/28		25		23,875
eG Global Finance PLC (United Kingdom),
Sr. Sec’d. Notes, 144A		11.000		11/30/28	EUR	100		117,467
Home Depot, Inc. (The),
Sr. Unsec’d. Notes		4.750		06/25/29		65		66,403
Suburban Propane Partners LP/Suburban Energy Finance Corp.,
Sr. Unsec’d. Notes		5.875		03/01/27		25		24,882


								232,627

Software 0.2%

Fiserv, Inc.,
Sr. Unsec’d. Notes
		5.375		08/21/28		60		61,980

Telecommunications 1.0%

Rogers Communications, Inc. (Canada),
Gtd. Notes		5.000		02/15/29		130		131,294
T-Mobile USA, Inc.,
Gtd. Notes		3.750		04/15/27		115		112,878
Vmed O2 UK Financing I PLC (United Kingdom),
Sr. Sec’d. Notes		4.000		01/31/29	GBP	100		116,177


								360,349

See Notes to Financial Statements.

PGIM Fixed Income ETFs 199

PGIM Short Duration Multi-Sector Bond ETF

Schedule of Investments (continued)

as of August 31, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

CORPORATE BONDS (Continued)

Trucking & Leasing 0.2%

Penske Truck Leasing Co. LP/PTL Finance Corp.,

Sr. Unsec’d. Notes, 144A

5.750%

05/24/26

76,064

TOTAL CORPORATE BONDS
(cost $10,395,311)

10,614,648

RESIDENTIAL MORTGAGE-BACKED SECURITIES 2.3%

Connecticut Avenue Securities Trust,

Series 2022-R04, Class 1M2, 144A, 30 Day Average SOFR + 3.100% (Cap N/A, Floor 0.000%)

8.449(c)

03/25/42

100

104,185

Series 2022-R07, Class 1B1, 144A, 30 Day Average SOFR + 6.800% (Cap N/A, Floor 0.000%)

12.148(c)

06/25/42

100

112,231

Series 2023-R01, Class 1M1, 144A, 30 Day Average SOFR + 2.400% (Cap N/A, Floor 0.000%)

7.748(c)

12/25/42

80,171

FHLMC Structured Agency Credit Risk REMIC Trust,

Series 2022-DNA02, Class M1B, 144A, 30 Day Average SOFR + 2.400% (Cap N/A, Floor 0.000%)

7.749(c)

02/25/42

100

102,404

PMT Credit Risk Transfer Trust,

Series 2024-01R, Class A, 144A, 30 Day Average SOFR + 3.500% (Cap N/A, Floor 0.000%)

8.849(c)

05/25/33

382

385,972

TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES
(cost $772,736)

784,963

SOVEREIGN BONDS 1.5%

Panama Government International Bond (Panama),

Sr. Unsec’d. Notes

3.750

03/16/25

200

197,670

Romanian Government International Bond (Romania),

Sr. Unsec’d. Notes, 144A, MTN

5.000

09/27/26

EUR

100

113,303

Serbia International Bond (Serbia),

Sr. Unsec’d. Notes

3.125

05/15/27

EUR

100

107,276

Sr. Unsec’d. Notes, 144A

3.125

05/15/27

EUR

100

107,276

TOTAL SOVEREIGN BONDS
(cost $518,324)

525,525

See Notes to Financial Statements.

200

PGIM Short Duration Multi-Sector Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

U.S. GOVERNMENT AGENCY OBLIGATIONS 9.3%
Federal Home Loan Mortgage Corp.		2.500%		04/01/51		41	$	35,064
Federal Home Loan Mortgage Corp.		3.000		07/01/46		80		73,542
Federal Home Loan Mortgage Corp.		3.000		02/01/52		103		91,291
Federal Home Loan Mortgage Corp.		3.500		10/01/45		208		195,157
Federal Home Loan Mortgage Corp.		3.500		09/01/46		463		435,762
Federal Home Loan Mortgage Corp.		5.500		08/01/52		78		79,198
Federal Home Loan Mortgage Corp.		5.500		10/01/52		135		135,705
Federal Home Loan Mortgage Corp.		5.500		11/01/52		236		238,002
Federal Home Loan Mortgage Corp.		5.500		12/01/52		70		70,407
Federal Home Loan Mortgage Corp.		6.000		04/01/53		244		248,499
Federal National Mortgage Assoc.		1.500		03/01/36		171		151,243
Federal National Mortgage Assoc.		2.000		11/01/50		181		148,661
Federal National Mortgage Assoc.		2.500		09/01/50		176		151,268
Federal National Mortgage Assoc.		2.500		06/01/51		192		165,366
Federal National Mortgage Assoc.		2.500		10/01/51		252		215,976
Federal National Mortgage Assoc.		3.000		10/01/44		245		224,275
Federal National Mortgage Assoc.		4.000		06/01/52		259		245,577
Federal National Mortgage Assoc.		4.500		06/01/52		245		238,575
Federal National Mortgage Assoc.		5.500		10/01/52		64		65,046


TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (cost $3,097,262)								3,208,614


U.S. TREASURY OBLIGATIONS 22.1%
U.S. Treasury Notes		0.250		09/30/25		1,600		1,531,875
U.S. Treasury Notes		0.750		04/30/26		1,740		1,648,650
U.S. Treasury Notes		0.750		05/31/26		525		496,371
U.S. Treasury Notes		1.250		12/31/26		420		395,915
U.S. Treasury Notes		4.250		12/31/25		550		550,301
U.S. Treasury Notes(k)		4.625		06/30/25		3,010		3,012,587


TOTAL U.S. TREASURY OBLIGATIONS (cost $7,603,260)								7,635,699


TOTAL LONG-TERM INVESTMENTS (cost $33,201,958)								33,810,879

See Notes to Financial Statements.

PGIM Fixed Income ETFs 201

PGIM Short Duration Multi-Sector Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



Description	Shares		Value

SHORT-TERM INVESTMENT 0.9%

AFFILIATED MUTUAL FUND
PGIM Core Government Money Market Fund (7-day effective yield 5.562%) (cost $293,415)(wb)		293,415	$	293,415


TOTAL INVESTMENTS 98.7% (cost $33,495,373)				34,104,294
Other assets in excess of liabilities(z) 1.3%				454,481


NET ASSETS 100.0%			$	34,558,775

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

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

(c)	Variable rate instrument. The interest rate shown reflects the rate in effect at August 31, 2024.

(cc)

(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 $24,632. The aggregate value of $24,986 is 0.1% of net assets.

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

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

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

(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 August 31, 2024:


Number of Contracts	Type	Expiration Date		Current Notional Amount			Value / Unrealized Appreciation (Depreciation)
Long Positions:
68	2 Year U.S. Treasury Notes		Dec. 2024		$	14,113,188		$	(4,567	)
1	30 Year U.S. Ultra Treasury Bonds		Dec. 2024			131,938			(2,108	)

									(6,675	)

Short Positions:
2	3 Month CME SOFR		Dec. 2024			475,413			484
2	3 Month CME SOFR		Mar. 2025			478,725			171
2	3 Month CME SOFR		Jun. 2025			481,225			(4	)
2	5 Year Euro-Bobl		Dec. 2024			262,997			341
31	5 Year U.S. Treasury Notes		Dec. 2024			3,391,352			10,517
1	10 Year U.K. Gilt		Dec. 2024			129,623			555

See Notes to Financial Statements.

202

PGIM Short Duration Multi-Sector Bond ETF

Schedule of Investments (continued)

as of August 31, 2024

Futures contracts outstanding at August 31, 2024 (continued):


Number of Contracts	Type	Expiration Date		Current Notional Amount			Value / Unrealized Appreciation (Depreciation)
Short Positions (cont’d):
6	10 Year U.S. Treasury Notes		Dec. 2024		$	681,375		$	3,893
5	10 Year U.S. Ultra Treasury Notes		Dec. 2024			587,188			4,610
4	20 Year U.S. Treasury Bonds		Dec. 2024			492,500			4,346
1	Euro Schatz Index		Dec. 2024			117,891			(6	)

									24,907

								$	18,232

Forward foreign currency exchange contracts outstanding at August 31, 2024:


Purchase Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date			Current Value			Unrealized Appreciation			Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts:
British Pound,
Expiring 09/03/24	MSI		GBP	284		$	374,506		$	372,644		$	—		$	(1,862	)
Euro,
Expiring 09/03/24	BOA		EUR	1,868			2,086,344			2,065,665			—			(20,679	)

						$	2,460,850		$	2,438,309			—			(22,541	)


Sale Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date			Current Value			Unrealized Appreciation			Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts:
British Pound,
Expiring 09/03/24	BOA		GBP	181		$	232,753		$	237,456		$	—		$	(4,703	)
Expiring 09/03/24	BOA		GBP	103			134,115			135,189			—			(1,074	)
Expiring 10/02/24	MSI		GBP	284			374,606			372,742			1,864			—
Euro,
Expiring 09/03/24	BOA		EUR	1,868			2,030,307			2,065,664			—			(35,357	)
Expiring 10/02/24	BOA		EUR	1,868			2,089,141			2,068,424			20,717			—
Expiring 10/02/24	BOA		EUR	18			19,658			19,640			18			—

						$	4,880,580		$	4,899,115			22,599			(41,134	)

												$	22,599		$	(63,675	)

See Notes to Financial Statements.

PGIM Fixed Income ETFs 203

PGIM Short Duration Multi-Sector Bond ETF

Schedule of Investments (continued)

as of August 31, 2024

Credit default swap agreements outstanding at August 31, 2024:


Reference Entity/ Obligation	Termination Date		Fixed Rate	Notional Amount (000)#(3)			Fair Value				Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)				Counterparty

OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):
U.S. Treasury Notes		06/20/25	0.250%(Q)		EUR	60		$	(340	)		$	62		$	(402	)	BARC
U.S. Treasury Notes		06/20/25	0.250%(Q)		EUR	20			(113	)			25			(138	)	BARC

								$	(453	)		$	87		$	(540	)


Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)			Implied Credit Spread at August 31, 2024(4)		Fair Value			Upfront Premiums Paid (Received)				Unrealized Appreciation (Depreciation)			Counterparty

OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):
Petroleous Mexicanos		09/20/24		1.000%(Q)			30		1.440%		$	53		$	(9	)		$	62	CITI
U.S. Treasury Notes		12/20/24		0.250%(Q)		EUR	60		0.088%			336			(43	)			379	BARC
U.S. Treasury Notes		12/20/24		0.250%(Q)		EUR	20		0.088%			112			(18	)			130	BARC

											$	501		$	(70	)		$	571


Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at August 31, 2024(4)			Value at Trade Date			Value at August 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)		310		3.215	%		$	18,614		$	25,317		$	6,703
CDX.NA.IG.42.V1		06/20/29		1.000%(Q)		1,390		0.493	%			23,509			33,639			10,130

											$	42,123		$	58,956		$	16,833

(1)

See Notes to Financial Statements.

204

PGIM Short Duration Multi-Sector Bond ETF

Schedule of Investments (continued)

as of August 31, 2024

(2)

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

(4)

Interest rate swap agreements outstanding at August 31, 2024:


Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at August 31, 2024			Unrealized Appreciation (Depreciation)

	Centrally Cleared Interest Rate Swap Agreements:
	4,330		05/17/25		5.113%(T)	1 Day SOFR(2)(T)/ 5.320%	$	—		$	13,006		$	13,006
	3,170		08/19/25		4.395%(T)	1 Day SOFR(2)(T)/ 5.320%		313			2,067			1,754
	2,220		08/31/25		4.805%(A)	1 Day SOFR(1)(A)/ 5.320%		—			(11,627	)		(11,627	)
	2,220		05/17/26		4.669%(A)	1 Day SOFR(1)(A)/ 5.320%		—			(24,994	)		(24,994	)
	180		09/25/26		4.699%(A)	1 Day SOFR(1)(A)/ 5.320%		23			(2,163	)		(2,186	)
	2,890		05/13/27		4.497%(A)	1 Day SOFR(2)(A)/ 5.320%		970			58,701			57,731
	1,800		05/13/29		4.253%(A)	1 Day SOFR(1)(A)/ 5.320%		(1,800	)		(57,526	)		(55,726	)
	60		05/11/54		1.350%(A)	1 Day SOFR(1)(A)/ 5.320%		27,057			23,386			(3,671	)

							$	26,563		$	850		$	(25,713	)

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

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

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


	Premiums Paid	Premiums Received	Unrealized Appreciation	Unrealized Depreciation
OTC Swap Agreements	$87	$(70)	$571	$(540)

See Notes to Financial Statements.

PGIM Fixed Income ETFs 205

PGIM Short Duration Multi-Sector Bond ETF

Schedule of Investments (continued)

as of August 31, 2024

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


Broker	Cash and/or Foreign Currency		Securities Market Value
CGM		$ —		$203,174
JPS		220,000		—

Total		$220,000		$203,174

Fair Value Measurements:

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

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

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

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

The following is a summary of the inputs used as of August 31, 2024 in valuing such portfolio securities:


	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Asset-Backed Securities
Automobiles	$	—	$	101,960		$—
Collateralized Loan Obligations		—		6,888,739		—
Home Equity Loans.		—		136,445		—
Commercial Mortgage-Backed Securities		—		3,914,286		—
Corporate Bonds		—		10,614,648		—
Residential Mortgage-Backed Securities		—		784,963		—
Sovereign Bonds		—		525,525		—
U.S. Government Agency Obligations		—		3,208,614		—
U.S. Treasury Obligations		—		7,635,699		—
Short-Term Investment
Affiliated Mutual Fund		293,415		—		—

Total	$	293,415	$	33,810,879		$—


Other Financial Instruments*
Assets
Futures Contracts	$	24,917	$	—		$—
OTC Forward Foreign Currency Exchange Contracts		—		22,599		—

See Notes to Financial Statements.

206

PGIM Short Duration Multi-Sector Bond ETF

Schedule of Investments (continued)

as of August 31, 2024


	Level 1			Level 2			Level 3
Other Financial Instruments* (continued)
Assets (continued)
Centrally Cleared Credit Default Swap Agreements	$	—		$	16,833			$—
OTC Credit Default Swap Agreements		—			501			—
Centrally Cleared Interest Rate Swap Agreements		—			72,491			—

Total	$	24,917		$	112,424			$—


Liabilities
Futures Contracts	$	(6,685	)	$	—			$—
OTC Forward Foreign Currency Exchange Contracts		—			(63,675	)		—
OTC Credit Default Swap Agreements.		—			(453	)		—
Centrally Cleared Interest Rate Swap Agreements		—			(98,204	)		—

Total	$	(6,685	)	$	(162,332	)		$—

Industry Classification:

The industry classification of portfolio holdings and other assets in excess of liabilities shown as a percentage of net assets as of August 31, 2024 were as follows:


U.S. Treasury Obligations	22.1	%
Collateralized Loan Obligations	19.9
Commercial Mortgage-Backed Securities	11.3
Banks	9.5
U.S. Government Agency Obligations	9.3
Oil & Gas	2.4
Pipelines	2.3
Residential Mortgage-Backed Securities	2.3
Electric	2.2
Real Estate Investment Trusts (REITs)	1.9
Sovereign Bonds	1.5
Auto Manufacturers	1.4
Media	1.1
Telecommunications	1.0
Affiliated Mutual Fund	0.9
Engineering & Construction	0.8
Agriculture	0.8
Aerospace & Defense	0.7
Entertainment	0.7
Retail	0.7


Diversified Financial Services	0.5	%
Healthcare-Services	0.5
Foods	0.5
Home Equity Loans	0.4
Home Builders	0.4
Commercial Services	0.3
Chemicals	0.3
Lodging	0.3
Automobiles	0.3
Packaging & Containers	0.3
Mining	0.3
Airlines	0.3
Computers	0.2
Trucking & Leasing	0.2
Leisure Time	0.2
Gas	0.2
Software	0.2
Building Materials	0.1
Machinery-Diversified	0.1
Distribution/Wholesale	0.1

See Notes to Financial Statements.

PGIM Fixed Income ETFs 207

PGIM Short Duration Multi-Sector Bond ETF

Schedule of Investments (continued)

as of August 31, 2024

Industry Classification (continued):


Apparel	0.1	%
Auto Parts & Equipment	0.1


	98.7
Other assets in excess of liabilities	1.3


	100.0	%

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

Fair values of derivative instruments as of August 31, 2024 as presented in the Statement of Assets and Liabilities:

Asset Derivatives

Liability Derivatives

Derivatives not accounted for as

hedging instruments, carried at

fair value

Statement of

Assets and

Liabilities Location

Fair
Value

Statement of

Assets and

Liabilities Location

Fair
Value

Credit contracts

Due from/to broker-variation margin swaps

16,833

—

Credit contracts

Premiums paid for OTC swap agreements

Premiums received for OTC swap agreements

Credit contracts

Unrealized appreciation on OTC swap agreements

571

Unrealized depreciation on OTC swap agreements

540

Foreign exchange contracts

Unrealized appreciation on OTC forward foreign currency exchange contracts

22,599

Unrealized depreciation on OTC forward foreign currency exchange contracts

63,675

Interest rate contracts

Due from/to broker-variation margin futures

24,917

Due from/to broker-variation margin futures

6,685

Interest rate contracts

Due from/to broker-variation margin swaps

72,491

Due from/to broker-variation margin swaps

98,204

137,498

169,174

See Notes to Financial Statements.

208

PGIM Short Duration Multi-Sector Bond ETF

Schedule of Investments (continued)

as of August 31, 2024

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

The effects of derivative instruments on the Statement of Operations for the year ended August 31, 2024 are as follows:


Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Options Written			Futures				Forward Currency Exchange Contracts			Swaps

Credit contracts		$	—		$	—			$	—		$	44,436
Foreign exchange contracts			—			—				72,563			—
Interest rate contracts			39			(109,121	)			—			4,909


Total		$	39		$	(109,121	)		$	72,563		$	49,345


Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Futures			Forward Currency Exchange Contracts				Swaps

Credit contracts		$	—		$	—			$	14,982
Foreign exchange contracts			—			(73,315	)			—
Interest rate contracts			38,115			—				(25,636	)


Total		$	38,115		$	(73,315	)		$	(10,654	)

For the year ended August 31, 2024, the Fund’s average volume of derivative activities is as follows:


Derivative Contract Type	Average Volume of Derivative Activities*

Options Written (1)		$ 39,000
Futures Contracts - Long Positions (1)		17,085,462
Futures Contracts - Short Positions (1)		6,837,639
Forward Foreign Currency Exchange Contracts - Purchased (2)		1,483,582
Forward Foreign Currency Exchange Contracts - Sold (2)		3,206,997
Interest Rate Swap Agreements (1)		10,962,000
Credit Default Swap Agreements - Buy Protection (1)		17,686
Credit Default Swap Agreements - Sell Protection (1)		978,486

*	Average volume is based on average quarter end balances for the year ended August 31, 2024.

(1)	Notional Amount in USD.

(2)	Value at Settlement Date.

See Notes to Financial Statements.

PGIM Fixed Income ETFs 209

PGIM Short Duration Multi-Sector Bond ETF

Schedule of Investments (continued)

as of August 31, 2024

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

Offsetting of OTC derivative assets and liabilities:


Counterparty	Gross Amounts of Recognized Assets(1)			Gross Amounts of Recognized Liabilities(1)				Net Amounts of Recognized Assets/(Liabilities)				Collateral Pledged/(Received)(2)			Net Amount
BARC		$	596		$	(601	)		$	(5	)		$	—		$	(5	)
BOA			20,735			(61,813	)			(41,078	)			—			(41,078	)
CITI			62			(9	)			53				—			53
MSI			1,864			(1,862	)			2				—			2

		$	23,257		$	(64,285	)		$	(41,028	)		$	—		$	(41,028	)

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

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

See Notes to Financial Statements.

210

PGIM Short Duration Multi-Sector Bond ETF

Statement of Assets & Liabilities

as of August 31, 2024


Assets

Investments at value:
Unaffiliated investments (cost $33,201,958)	$	33,810,879
Affiliated investments (cost $293,415)		293,415
Foreign currency, at value (cost $6,876)		6,986
Dividends and interest receivable		276,756
Deposit with broker for centrally cleared/exchange-traded derivatives		220,000
Unrealized appreciation on OTC forward foreign currency exchange contracts		22,599
Due from broker—variation margin swaps		2,097
Tax reclaim receivable		705
Unrealized appreciation on OTC swap agreements		571
Due from broker—variation margin futures		560
Premiums paid for OTC swap agreements		87


Total Assets		34,634,655


Liabilities
Unrealized depreciation on OTC forward foreign currency exchange contracts		63,675
Management fee payable		11,595
Unrealized depreciation on OTC swap agreements		540
Premiums received for OTC swap agreements		70


Total Liabilities		75,880


Net Assets	$	34,558,775



Net assets were comprised of:
Common stock, at par	$	675
Paid-in capital in excess of par		33,932,973
Total distributable earnings (loss)		625,127


Net assets, August 31, 2024	$	34,558,775

Net asset value, offering price and redemption price per share.
($34,558,775 ÷ 675,000 shares of common stock issued and outstanding)	$	51.20

See Notes to Financial Statements.

PGIM Fixed Income ETFs 211

PGIM Short Duration Multi-Sector Bond ETF

Statement of Operations

Year Ended August 31, 2024


Net Investment Income (Loss)

Income
Interest income (net of $158 foreign withholding tax)	$	1,812,169
Affiliated dividend income		23,857

Total income		1,836,026


Expenses
Management fee		125,482
Less: Fee waiver and/or expense reimbursement		(5,894	)

Net expenses		119,588

Net investment income (loss)		1,716,438

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

Net realized gain (loss) on:
Investment transactions		20,144
Futures transactions		(109,121	)
Forward currency contract transactions		72,563
Options written transactions		39
Swap agreement transactions		49,345
Foreign currency transactions		(31,151	)

		1,819

Net change in unrealized appreciation (depreciation) on:
Investments		678,157
Futures		38,115
Forward currency contracts		(73,315	)
Swap agreements		(10,654	)
Foreign currencies		1,137

		633,440

Net gain (loss) on investment and foreign currency transactions		635,259

Net Increase (Decrease) In Net Assets Resulting From Operations	$	2,351,697

See Notes to Financial Statements.

212

PGIM Short Duration Multi-Sector Bond ETF

Statements of Changes in Net Assets



	Year Ended August 31, 2024				July 19, 2023* through August 31, 2023
Increase (Decrease) in Net Assets

Operations

Net investment income (loss)		$	1,716,438			$	162,369

Net realized gain (loss) on investment and foreign currency transactions			1,819				3,367

Net change in unrealized appreciation (depreciation) on investments and foreign currencies			633,440				(55,496	)


Net increase (decrease) in net assets resulting from operations			2,351,697				110,240


Dividends and Distributions

Distributions from distributable earnings			(1,836,810	)			—


Fund share transactions

Net proceeds from shares sold (200,000 and 500,000 shares, respectively)			10,108,810				25,087,500

Cost of shares purchased (25,000 and 0 shares, respectively)			(1,262,662	)			—

Net increase (decrease) in net assets from Fund share transactions			8,846,148				25,087,500

Total increase (decrease)			9,361,035				25,197,740

Net Assets:

Beginning of period			25,197,740				—


End of period		$	34,558,775			$	25,197,740

*	Commencement of operations.

See Notes to Financial Statements.

PGIM Fixed Income ETFs 213

PGIM Short Duration Multi-Sector Bond ETF

Financial Highlights




	Year Ended August 31, 2024			July 19, 2023^(a) through August 31, 2023
Per Share Operating Performance^(b):
Net Asset Value, Beginning of Period		$50.40			$50.00
Income (loss) from investment operations:
Net investment income (loss)		2.76			0.32
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.10			0.08	^(c)
Total from investment operations		3.86			0.40
Less Dividends and Distributions:
Dividends from net investment income		(2.99	)		-
Distributions from net realized gains		(0.07	)		-
Total dividends and distributions		(3.06	)		-
Net asset value, end of period		$51.20			$50.40
Total Return^(d):		7.97	%		0.79	%


Ratios/Supplemental Data:
Net assets, end of period (000)		$34,559			$25,198
Average net assets (000)		$31,387			$25,087
Ratios to average net assets^(e):
Expenses after waivers and/or expense reimbursement		0.38	%		0.40	%^(f)
Expenses before waivers and/or expense reimbursement		0.40	%		0.40	%^(f)
Net investment income (loss)		5.47	%		5.49	%^(f)
Portfolio turnover rate^(g)		71	%		78	%

(a)	Commencement of operations.

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

(c)	The per share amount of realized and unrealized gain (loss) on investments does not directly correlate to the amounts reported in the Statement of Operations due to the timing of portfolio share transactions in relation to fluctuating market values.

(d)

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

(f)	Annualized.

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

See Notes to Financial Statements.

214

PGIM Total Return Bond ETF

Schedule of Investments

as of August 31, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

LONG-TERM INVESTMENTS 100.5%

ASSET-BACKED SECURITIES 21.2%

Automobiles 0.2%

Avis Budget Rental Car Funding AESOP LLC,

Series 2024-01A, Class A, 144A

5.360%

06/20/30

200

203,919

Ford Credit Auto Owner Trust,

Series 2023-01, Class C, 144A

5.580

08/15/35

100

101,001

OneMain Direct Auto Receivables Trust,

Series 2023-01A, Class B, 144A

5.810

02/14/31

200

204,427

Series 2023-01A, Class C, 144A

6.140

02/14/31

100

102,119

611,466

Collateralized Loan Obligations 19.7%

AGL CLO Ltd. (Cayman Islands),

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

6.694(c)

12/02/34

1,000

1,002,613

AlbaCore Euro CLO DAC (Ireland),

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

4.549(c)

06/15/34

EUR

750

824,825

Anchorage Capital CLO Ltd. (Cayman Islands),

Series 2022-24A, Class A1R, 144A, 3 Month SOFR + 1.430% (Cap N/A, Floor 1.430%)

6.629(c)

07/15/37

1,250

1,250,220

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

6.672(c)

04/20/35

500

499,301

Apidos CLO Ltd. (United Kingdom),

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

7.279(c)

04/26/35

750

751,341

Atlas Senior Loan Fund Ltd. (Cayman Islands),

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

6.704(c)

07/20/32

494

494,377

Atlas Senior Loan Fund Ltd. (United Kingdom),

Series 2024-23A, Class B, 144A, 3 Month SOFR + 2.000% (Cap N/A, Floor 2.000%)

7.337(c)

07/20/37

1,500

1,501,648

Aurium CLO DAC (Ireland),

Series 02A, Class A1RR, 144A, 3 Month EURIBOR + 0.930% (Cap N/A, Floor 0.930%)

4.630(c)

06/22/34

EUR

1,750

1,927,683

Avoca Capital CLO Ltd. (Ireland),

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

5.035(c)

04/15/35

EUR

250

272,430

Bain Capital Credit CLO Ltd. (Cayman Islands),

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

6.599(c)

04/18/35

250

250,250

See Notes to Financial Statements.

PGIM Fixed Income ETFs 215

PGIM Total Return Bond ETF

Schedule of Investments (continued)

as of August 31, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

ASSET-BACKED SECURITIES (Continued)

Collateralized Loan Obligations (cont’d.)

Balboa Bay Loan Funding Ltd. (Cayman Islands),

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

6.714%(c)

01/20/35

500

501,069

Ballyrock CLO Ltd. (Cayman Islands),

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

6.554(c)

10/20/31

234

233,763

Barrow Hanley CLO Ltd. (Cayman Islands),

Series 2024-03A, Class A1, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%)

6.944(c)

04/20/37

2,000

2,013,735

Battalion CLO Ltd. (Cayman Islands),

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

6.715(c)

01/25/35

750

749,547

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

6.433(c)

05/17/31

382

382,166

Benefit Street Partners CLO Ltd. (Cayman Islands),

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

6.577(c)

01/17/32

435

435,263

BlueMountain CLO Ltd. (Cayman Islands),

Series 2021-31A, Class A1, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%)

6.691(c)

04/19/34

1,000

1,000,600

Canyon Capital CLO Ltd. (Cayman Islands),

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

6.616(c)

04/15/35

292

291,778

Carlyle CLO Ltd. (Cayman Islands),

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

6.547(c)

04/30/31

158

157,801

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%)

6.517(c)

04/17/31

130

130,221

Clover CLO LLC,

Series 2018-01A, Class A1RR, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%)

6.854(c)

04/20/37

1,000

1,002,600

Clover CLO Ltd. (Cayman Islands),

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

6.646(c)

10/25/33

750

750,503

Crown City CLO (Cayman Islands),

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

6.622(c)

04/20/35

250

249,732

See Notes to Financial Statements.

216

PGIM Total Return Bond ETF

Schedule of Investments (continued)

as of August 31, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

ASSET-BACKED SECURITIES (Continued)

Collateralized Loan Obligations (cont’d.)

Crown City CLO (Cayman Islands), (cont’d.)

Series 2022-04A, Class A1R, 144A, 3 Month SOFR + 1.610% (Cap N/A, Floor 1.610%)

6.892%(c)

04/20/37

1,000

1,005,442

Crown Point CLO Ltd. (Cayman Islands),

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

6.667(c)

01/17/34

500

500,248

CVC Cordatus Loan Fund DAC (Ireland),

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

4.388(c)

05/22/32

EUR

1,227

1,353,605

Elevation CLO Ltd. (Cayman Islands),

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

6.756(c)

01/25/35

500

499,900

Series 2021-12A, Class A1R, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%)

6.902(c)

04/20/37

1,500

1,507,541

Elmwood CLO Ltd. (Cayman Islands),

Series 2024-05A, Class AR1, 144A, 3 Month SOFR + 1.520% (Cap N/A, Floor 1.520%)

6.841(c)

04/20/37

2,000

2,010,004

Galaxy CLO Ltd. (Cayman Islands),

Series 2018-25A, Class A1R, 144A, 3 Month SOFR + 1.420% (Cap N/A, Floor 1.420%)

6.705(c)

04/25/36

2,000

2,001,857

Generate CLO Ltd. (Cayman Islands),

Series 02A, Class AR2, 144A, 3 Month SOFR + 1.410% (Cap N/A, Floor 1.410%)

6.606(c)

10/22/37

1,750

1,750,305

Greenwood Park CLO Ltd. (Cayman Islands),

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

6.573(c)

04/15/31

135

134,628

Greywolf CLO Ltd. (Cayman Islands),

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

6.569(c)

04/26/31

193

193,039

Grosvenor Place CLO DAC (Ireland),

Series 2022-01A, Class AR, 144A, 3 Month EURIBOR + 1.600% (Cap N/A, Floor 1.600%)

5.141(c)

05/24/38

EUR

1,250

1,390,190

HPS Loan Management Ltd. (Cayman Islands),

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

6.684(c)

04/20/34

2,050

2,053,401

ICG US CLO Ltd. (Cayman Islands),

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

6.576(c)

04/25/31

92,715

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

6.918(c)

01/16/33

246

245,661

See Notes to Financial Statements.

PGIM Fixed Income ETFs 217

PGIM Total Return Bond ETF

Schedule of Investments (continued)

as of August 31, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

ASSET-BACKED SECURITIES (Continued)

Collateralized Loan Obligations (cont’d.)

Jefferson Mill CLO Ltd. (Cayman Islands),

Series 2015-01A, Class ARR, 144A, 3 Month SOFR + 1.230% (Cap N/A, Floor 0.000%)

6.512%(c)

10/20/31

815

817,544

KKR CLO Ltd. (Cayman Islands),

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

6.743(c)

01/15/31

149

149,399

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

6.714(c)

07/20/34

500

500,341

Madison Park Euro Funding (Ireland),

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

4.485(c)

07/15/32

EUR

250

275,236

Madison Park Funding Ltd. (Cayman Islands),

Series 2015-19A, Class AR3, 144A, 3 Month SOFR + 1.600% (Cap N/A, Floor 1.600%)

6.882(c)

01/22/37

1,000

1,005,730

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

6.667(c)

07/17/34

250

249,883

Monument CLO DAC (Ireland),

Series 01A, Class A, 144A, 3 Month EURIBOR + 1.590% (Cap N/A, Floor 1.590%)

5.342(c)

05/15/37

EUR

1,500

1,665,282

Oaktree CLO Ltd. (Cayman Islands),

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

6.713(c)

07/15/34

1,000

996,697

OCP CLO Ltd. (Cayman Islands),

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

6.551(c)

01/15/33

250

250,335

OFSI BSL CLO Ltd. (Cayman Islands),

Series 2024-13A, Class A1, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%)

6.941(c)

04/20/37

2,000

2,013,695

OZLM Ltd. (Cayman Islands),

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

6.583(c)

04/15/31

141

140,552

Palmer Square CLO Ltd. (Cayman Islands),

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

7.088(c)

05/21/34

465

466,468

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%)

6.544(c)

10/20/31

156

156,110

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

6.743(c)

10/15/34

500

501,360

See Notes to Financial Statements.

218

PGIM Total Return Bond ETF

Schedule of Investments (continued)

as of August 31, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

ASSET-BACKED SECURITIES (Continued)

Collateralized Loan Obligations (cont’d.)

Regatta Funding Ltd. (Cayman Islands),

Series 2017-01A, Class A1R, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.550%)

6.875%(c)

04/17/37

1,500

1,507,605

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

6.694(c)

01/20/35

750

751,240

Rockford Tower CLO Ltd. (Cayman Islands),

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

7.182(c)

01/20/36

1,000

1,008,116

Rockford Tower Europe CLO DAC (Ireland),

Series 2018-01A, Class B1R, 144A, 3 Month EURIBOR + 2.100% (Cap N/A, Floor 2.100%)

5.805(c)

04/24/37

EUR

1,100

1,218,464

Shackleton CLO Ltd. (Cayman Islands),

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

7.094(c)

05/07/31

600

600,735

Silver Rock CLO (Cayman Islands),

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

7.162(c)

01/20/36

1,250

1,250,045

Sixth Street CLO Ltd. (Cayman Islands),

Series 2020-16A, Class A1R, 144A, 3 Month SOFR + 1.790% (Cap N/A, Floor 1.790%)

7.072(c)

01/20/37

1,250

1,256,218

St. Paul’s CLO DAC (Ireland),

Series 10A, Class AR, 144A, 3 Month EURIBOR + 0.800% (Cap N/A, Floor 0.800%)

4.488(c)

04/22/35

EUR

750

822,365

TCW CLO Ltd. (Cayman Islands),

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

6.562(c)

10/20/32

250

250,100

THL Credit Wind River CLO Ltd. (Cayman Islands),

Series 2019-01A, Class AR, 144A, 3 Month SOFR + 1.422% (Cap N/A, Floor 1.160%)

6.704(c)

07/20/34

750

749,685

TICP CLO Ltd. (Cayman Islands),

Series 2018-11A, Class AR, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%)

6.816(c)

04/25/37

1,000

1,004,860

Tikehau US CLO Ltd. (Bermuda),

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

7.501(c)

07/15/34

750

756,484

Trinitas CLO Ltd. (Bermuda),

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

6.972(c)

01/20/35

1,000

1,002,233

See Notes to Financial Statements.

PGIM Fixed Income ETFs 219

PGIM Total Return Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

ASSET-BACKED SECURITIES (Continued)

Collateralized Loan Obligations (cont’d.)

Trinitas Euro CLO DAC (Ireland),
Series 06A, Class A, 144A, 3 Month EURIBOR + 1.600% (Cap N/A, Floor 1.600%)		5.525%(c)		04/15/37	EUR	1,250	$	1,389,482

Venture CLO Ltd. (Cayman Islands),
Series 2021-43A, Class A1, 144A, 3 Month SOFR + 1.502% (Cap N/A, Floor 1.240%)		6.803(c)		04/15/34		250		249,875

Wellfleet CLO Ltd. (Cayman Islands),
Series 2019-XA, Class A1R, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 0.000%)		6.714(c)		07/20/32		745		747,007


								55,165,148

Consumer Loans 0.4%

GreenSky Home Improvement Trust,
Series 2024-01, Class A4, 144A		5.670		06/25/59		100		100,759

Mariner Finance Issuance Trust,
Series 2020-AA, Class A, 144A		2.190		08/21/34		14		14,381

OneMain Financial Issuance Trust,
Series 2023-01A, Class A, 144A		5.500		06/14/38		400		412,900
Series 2023-02A, Class C, 144A		6.740		09/15/36		100		104,286
Series 2023-02A, Class D, 144A		7.520		09/15/36		100		104,700
Series 2024-01A, Class A, 144A		5.790		05/14/41		300		314,496

Regional Management Issuance Trust,
Series 2022-01, Class A, 144A		3.070		03/15/32		100		97,764


								1,149,286

Home Equity Loans 0.3%

BRAVO Residential Funding Trust,
Series 2024-CES01, Class A1A, 144A		6.377		04/25/54		472		480,628

JPMorgan Mortgage Trust,
Series 2023-HE02, Class A1, 144A, 30 Day Average SOFR + 1.700% (Cap N/A, Floor 0.000%)		7.053(c)		03/25/54		88		88,641

Towd Point Mortgage Trust,
Series 2023-CES02, Class A1A, 144A		7.294(cc)		10/25/63		85		86,350
Series 2024-CES01, Class A1A, 144A		5.848(cc)		01/25/64		90		90,639
Series 2024-CES02, Class A1A, 144A		6.125(cc)		02/25/64		91		91,926


								838,184

See Notes to Financial Statements.

220

PGIM Total Return Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

ASSET-BACKED SECURITIES (Continued)

Other 0.4%

GoodLeap Sustainable Home Solutions Trust,
Series 2023-04C, Class A, 144A		6.480%		03/20/57		188	$	194,193
Series 2024-01GS, Class A, 144A		6.250		06/20/57		293		299,648

Invitation Homes Trust,
Series 2024-SFR01, Class C, 144A		4.250		09/17/29		500		473,654


								967,495

Residential Mortgage-Backed Securities 0.1%

PRET Trust,
Series 2024-RPL02, Class A1, 144A		4.075		06/25/64		300		284,814

Student Loan 0.1%

SMB Private Education Loan Trust,
Series 2024-E, Class A1A, 144A		5.090		10/16/56		400		401,342


TOTAL ASSET-BACKED SECURITIES (cost $58,769,136)								59,417,735


COMMERCIAL MORTGAGE-BACKED SECURITIES 10.6%

Arbor Multifamily Mortgage Securities Trust,
Series 2021-MF03, Class A1, 144A		1.075		10/15/54		270		256,937

BANK,
Series 2020-BN30, Class A3		1.650		12/15/53		1,950		1,633,810
Series 2021-BN35, Class A4		2.031		06/15/64		500		421,380
Series 2021-BN38, Class A4		2.275		12/15/64		250		211,899

Bank of America Merrill Lynch Commercial Mortgage Trust,
Series 2017-BNK03, Class XB, IO		0.733(cc)		02/15/50		8,410		108,193

BANK5,
Series 2023-05YR04, Class A3		6.500		12/15/56		1,039		1,099,152
Series 2024-05YR08, Class A3		5.884		08/15/57		1,200		1,256,767
Series 2024-05YR09, Class A3		5.614		08/15/57		1,300		1,343,610

Barclays Commercial Mortgage Securities Trust,
Series 2020-BID, Class A, 144A, 1 Month SOFR + 2.254% (Cap N/A, Floor 2.140%)		7.591(c)		10/15/37		300		299,270
Series 2020-C07, Class XB, IO		1.098(cc)		04/15/53		1,019		50,599
Series 2023-05C23, Class A3		6.675(cc)		12/15/56		1,100		1,176,703
Series 2024-05C27, Class A3		6.014		07/15/57		500		525,748

See Notes to Financial Statements.

PGIM Fixed Income ETFs 221

PGIM Total Return Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
Benchmark Mortgage Trust,
Series 2018-B07, Class A3	4.241%	05/15/53		590	$	563,910
Series 2021-B26, Class XB, IO, 144A	0.639(cc)	06/15/54		18,164		630,314
Series 2021-B28, Class A1	0.597	08/15/54		439		418,991
Series 2023-B40, Class A2	6.930	12/15/56		384		412,468
Series 2023-V02, Class A3	5.812(cc)	05/15/55		500		515,465
Series 2024-V05, Class A3	5.805	01/10/57		500		518,767
Series 2024-V08, Class A3	6.189(cc)	07/15/57		900		950,505
Series 2024-V09, Class A3	5.602	08/15/57		1,250		1,288,210

BFLD Mortgage Trust,
Series 2024-WRHS, Class A, 144A, 1 Month SOFR + 1.492% (Cap N/A, Floor 1.492%)	6.829(c)	08/15/26		300		299,250

BMO Mortgage Trust,
Series 2023-C06, Class XB, IO	0.347(cc)	09/15/56		25,500		382,393
Series 2024-05C05, Class A3	5.857	02/15/57		550		572,779

BX Commercial Mortgage Trust,
Series 2021-CIP, Class E, 144A, 1 Month SOFR + 2.934% (Cap N/A, Floor 2.820%)	8.271(c)	12/15/38		149		145,360
Series 2024-AIRC, Class A, 144A, 1 Month SOFR + 1.691% (Cap N/A, Floor 1.691%)	6.991(c)	08/15/39		500		500,311

BX Trust,
Series 2024-PAT, Class A, 144A, 1 Month SOFR + 2.090% (Cap N/A, Floor 2.090%)	7.427(c)	03/15/41		500		497,500

BXP Trust,
Series 2021-601L, Class A, 144A	2.618	01/15/44		150		124,781

Cantor Commercial Real Estate Lending,
Series 2019-CF02, Class A4	2.624	11/15/52		150		134,381

CCUBS Commercial Mortgage Trust,
Series 2017-C01, Class A3	3.283(cc)	11/15/50		1,200		1,146,800

CENT Trust,
Series 2023-CITY, Class A, 144A, 1 Month SOFR + 2.620% (Cap N/A, Floor 2.620%)	7.957(c)	09/15/38		200		200,500

Citigroup Commercial Mortgage Trust,
Series 2019-GC43, Class A3	2.782	11/10/52		500		449,369

Commercial Mortgage Trust,
Series 2014-UBS04, Class A5	3.694	08/10/47		115		114,513
Series 2014-UBS05, Class A4	3.838	09/10/47		426		425,612
Series 2015-LC21, Class A4	3.708	07/10/48		928		914,950
Series 2017-COR02, Class A3	3.510	09/10/50		373		353,997
Series 2024-277P, Class A, 144A	6.338	08/10/44		200		209,061
Series 2024-277P, Class X, IO, 144A	0.894(cc)	08/10/44		1,000		31,610

See Notes to Financial Statements.

222

PGIM Total Return Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
Credit Suisse Mortgage Trust,
Series 2014-USA, Class A2, 144A	3.953%	09/15/37		250	$	222,796
CSAIL Commercial Mortgage Trust,
Series 2018-CX11, Class A4	3.766	04/15/51		250		244,341
Series 2019-C16, Class A2	3.067	06/15/52		227		209,880
ELM Trust,
Series 2024-ELM, Class D10, 144A	6.847(cc)	06/10/39		220		221,743
Series 2024-ELM, Class D15, 144A	6.897(cc)	06/10/39		200		201,831
GS Mortgage Securities Corp. Trust,
Series 2021-IP, Class E, 144A, 1 Month SOFR + 3.664% (Cap N/A, Floor 3.550%)	9.001(c)	10/15/36		180		175,963
Series 2024-RVR, Class A, 144A	5.372(cc)	08/10/29		800		802,791
GS Mortgage Securities Trust,
Series 2017-GS08, Class A3	3.205	11/10/50		570		546,381
Series 2018-GS10, Class A4	3.890	07/10/51		125		121,322
Series 2021-GSA03, Class A4	2.369	12/15/54		200		168,621
Series 2021-GSA03, Class XB, IO	0.746(cc)	12/15/54		2,000		78,728
JPMDB Commercial Mortgage Securities Trust,
Series 2020-COR07, Class ASB	2.051	05/13/53		1,100		1,011,662
JPMorgan Chase Commercial Mortgage Securities Trust,
Series 2016-JP04, Class A3	3.393	12/15/49		205		199,001
LBA Trust,
Series 2024-BOLT, Class D, 144A, 1 Month SOFR + 2.590% (Cap N/A, Floor 2.590%)	7.927(c)	06/15/26		330		324,328
MHC Commercial Mortgage Trust,
Series 2021-MHC, Class F, 144A, 1 Month SOFR + 2.715% (Cap N/A, Floor 2.601%)	8.052(c)	04/15/38		309		302,524
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2016-C31, Class A5	3.102	11/15/49		1,000		950,763
Morgan Stanley Capital I Trust,
Series 2016-BNK02, Class A3	2.791	11/15/49		1,000		960,437
Series 2019-L02, Class A3	3.806	03/15/52		318		305,249
Series 2020-HR08, Class A3	1.790	07/15/53		365		313,884
MSWF Commercial Mortgage Trust,
Series 2023-01, Class A2	6.451	05/15/56		500		520,986
NJ Trust,
Series 2023-GSP, Class A, 144A	6.697(cc)	01/06/29		200		210,369
ONE Mortgage Trust,
Series 2021-PARK, Class D, 144A, 1 Month SOFR + 1.614% (Cap N/A, Floor 1.500%)	6.951(c)	03/15/36		120		113,459

See Notes to Financial Statements.

PGIM Fixed Income ETFs 223

PGIM Total Return Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
One New York Plaza Trust,
Series 2020-01NYP, Class A, 144A, 1 Month SOFR + 1.064% (Cap N/A, Floor 0.950%)		6.401%(c)		01/15/36		220	$	209,569
Series 2020-01NYP, Class AJ, 144A, 1 Month SOFR + 1.364% (Cap N/A, Floor 1.250%)		6.701(c)		01/15/36		200		186,472
UBS Commercial Mortgage Trust,
Series 2018-C08, Class A3		3.720		02/15/51		487		471,186
Wells Fargo Commercial Mortgage Trust,
Series 2016-C35, Class A3		2.674		07/15/48		274		264,572
Series 2017-C40, Class A3		3.317		10/15/50		105		100,913
Series 2020-C58, Class A3		1.810		07/15/53		119		103,312


TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (cost $29,418,033)								29,728,948


CORPORATE BONDS 33.9%

Aerospace & Defense 0.5%

BAE Systems PLC (United Kingdom),
Sr. Unsec’d. Notes, 144A		5.125		03/26/29		295		300,788
Boeing Co. (The),
Sr. Unsec’d. Notes		3.300		03/01/35		190		150,193
Sr. Unsec’d. Notes		3.900		05/01/49		180		128,295
Sr. Unsec’d. Notes		5.150		05/01/30		420		418,896
Bombardier, Inc. (Canada),
Sr. Unsec’d. Notes, 144A		6.000		02/15/28		250		249,375
Sr. Unsec’d. Notes, 144A		7.875		04/15/27		177		177,885


								1,425,432

Agriculture 1.0%

Altria Group, Inc.,
Gtd. Notes		6.875		11/01/33		330		369,632
BAT Capital Corp. (United Kingdom),
Gtd. Notes		5.834		02/20/31		630		659,654
Gtd. Notes		6.343		08/02/30		75		80,435
BAT International Finance PLC (United Kingdom),
Gtd. Notes		4.448		03/16/28		120		119,119
Gtd. Notes		5.931		02/02/29		25		26,188
Bunge Ltd. Finance Corp.,
Gtd. Notes		2.750		05/14/31		600		531,874

See Notes to Financial Statements.

224

PGIM Total Return Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CORPORATE BONDS (Continued)

Agriculture (cont’d.)

Philip Morris International, Inc.,
Sr. Unsec’d. Notes		5.125%		02/15/30		450	$	462,594
Reynolds American, Inc. (United Kingdom),
Gtd. Notes		5.700		08/15/35		425		434,420


								2,683,916

Airlines 0.3%

American Airlines, Inc./AAdvantage Loyalty IP Ltd.,
Sr. Sec’d. Notes, 144A		5.750		04/20/29		150		146,719
Delta Air Lines, Inc./SkyMiles IP Ltd.,
Sr. Sec’d. Notes, 144A		4.750		10/20/28		300		296,466
Southwest Airlines Co.,
Sr. Unsec’d. Notes		5.125		06/15/27		140		141,244
United Airlines, Inc.,
Sr. Sec’d. Notes, 144A		4.375		04/15/26		225		219,776


								804,205

Apparel 0.0%

Kontoor Brands, Inc.,
Gtd. Notes, 144A		4.125		11/15/29		50		47,132
Wolverine World Wide, Inc.,
Gtd. Notes, 144A		4.000		08/15/29		50		42,680


								89,812

Auto Manufacturers 1.1%

American Honda Finance Corp.,
Sr. Unsec’d. Notes, GMTN		4.900		01/10/34		520		524,553
Ford Motor Co.,
Sr. Unsec’d. Notes		4.750		01/15/43		50		41,722
Ford Motor Credit Co. LLC,
Sr. Unsec’d. Notes		4.271		01/09/27		400		392,045
Sr. Unsec’d. Notes		7.200		06/10/30		255		274,278
General Motors Financial Co., Inc.,
Sr. Unsec’d. Notes		5.000		04/09/27		180		181,543
Sr. Unsec’d. Notes		5.800		06/23/28		225		232,447
Hyundai Capital America,
Sr. Unsec’d. Notes, 144A		5.250		01/08/27		355		359,369

See Notes to Financial Statements.

PGIM Fixed Income ETFs 225

PGIM Total Return Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CORPORATE BONDS (Continued)

Auto Manufacturers (cont’d.)

Hyundai Capital America, (cont’d.)
Sr. Unsec’d. Notes, 144A		5.300%		03/19/27		290	$	294,158
Mercedes-Benz Finance North America LLC (Germany),
Gtd. Notes, 144A		5.000		01/11/34		285		286,106
Toyota Motor Credit Corp.,
Sr. Unsec’d. Notes, MTN		4.800		01/05/34		245		246,279
Volkswagen Group of America Finance LLC (Germany),
Gtd. Notes, 144A		5.250		03/22/29		320		325,411


								3,157,911

Auto Parts & Equipment 0.1%

Phinia, Inc.,
Sr. Sec’d. Notes, 144A		6.750		04/15/29		40		41,067
Tenneco, Inc.,
Sr. Sec’d. Notes, 144A		8.000		11/17/28		300		280,024


								321,091

Banks 7.2%

Banco Santander SA (Spain),
Sr. Non-Preferred Notes		5.538(ff)		03/14/30		200		205,440
Sr. Non-Preferred Notes		5.552(ff)		03/14/28		400		405,559
Sr. Preferred Notes		5.439		07/15/31		400		411,033
Bank of America Corp.,
Sr. Unsec’d. Notes		2.572(ff)		10/20/32		675		584,157
Sr. Unsec’d. Notes, MTN		1.922(ff)		10/24/31		1,270		1,080,489
Sr. Unsec’d. Notes, Series N		2.651(ff)		03/11/32		1,120		981,675
Barclays PLC (United Kingdom),
Sub. Notes		7.119(ff)		06/27/34		310		339,959
BNP Paribas SA (France),
Sr. Non-Preferred Notes, 144A		1.323(ff)		01/13/27		415		395,033
BPCE SA (France),
Sr. Non-Preferred Notes, 144A		2.045(ff)		10/19/27		340		319,472
Sr. Non-Preferred Notes, 144A		2.277(ff)		01/20/32		250		208,574
Cassa Depositi e Prestiti SpA (Italy),
Sr. Unsec’d. Notes, 144A		5.875		04/30/29		200		207,808

See Notes to Financial Statements.

226

PGIM Total Return Bond ETF

Schedule of Investments (continued)

as of August 31, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

CORPORATE BONDS (Continued)

Banks (cont’d.)

Citigroup, Inc.,

Jr. Sub. Notes, Series CC

7.125%(ff)

08/15/29(oo)

460

470,359

Jr. Sub. Notes, Series X

3.875(ff)

02/18/26(oo)

38,355

Sr. Unsec’d. Notes

2.666(ff)

01/29/31

990

891,730

Sr. Unsec’d. Notes

5.174(ff)

02/13/30

520

529,904

Sub. Notes

5.827(ff)

02/13/35

510

524,274

Comerica, Inc.,

Sr. Unsec’d. Notes

5.982(ff)

01/30/30

716

728,835

Danske Bank A/S (Denmark),

Sr. Preferred Notes, 144A, MTN

6.259(ff)

09/22/26

200

202,684

Deutsche Bank AG (Germany),

Sr. Non-Preferred Notes

2.311(ff)

11/16/27

310

292,363

Fifth Third Bancorp,

Sr. Unsec’d. Notes

4.337(ff)

04/25/33

201

189,568

Sr. Unsec’d. Notes

6.339(ff)

07/27/29

270

284,131

Goldman Sachs Group, Inc. (The),

Jr. Sub. Notes, Series V

4.125(ff)

11/10/26(oo)

51,951

Sr. Unsec’d. Notes

4.223(ff)

05/01/29

735

724,760

Sr. Unsec’d. Notes

5.851(ff)

04/25/35

170

179,588

Huntington Bancshares, Inc.,

Sr. Unsec’d. Notes

5.709(ff)

02/02/35

175

179,459

Sr. Unsec’d. Notes

6.208(ff)

08/21/29

41,993

JPMorgan Chase & Co.,

Jr. Sub. Notes, Series HH

4.600(ff)

02/01/25(oo)

125

124,362

Sr. Unsec’d. Notes

1.953(ff)

02/04/32

500

422,573

Sr. Unsec’d. Notes

2.739(ff)

10/15/30

1,210

1,107,546

Sr. Unsec’d. Notes

5.294(ff)

07/22/35

335

343,470

Sr. Unsec’d. Notes

5.581(ff)

04/22/30

755

786,106

KeyCorp,

Sr. Unsec’d. Notes

6.401(ff)

03/06/35

80,308

Sr. Unsec’d. Notes, MTN

2.550

10/01/29

450

402,899

Morgan Stanley,

Sr. Unsec’d. Notes

5.449(ff)

07/20/29

97,930

Sr. Unsec’d. Notes, GMTN

2.699(ff)

01/22/31

520

470,712

Sr. Unsec’d. Notes, MTN

1.928(ff)

04/28/32

515

430,071

Sr. Unsec’d. Notes, MTN

2.943(ff)

01/21/33

970

852,126

Sub. Notes, GMTN

4.350

09/08/26

195

193,925

Societe Generale SA (France),

Gtd. Notes, 144A

2.797(ff)

01/19/28

195

184,530

Sr. Non-Preferred Notes, 144A

2.889(ff)

06/09/32

500

423,003

See Notes to Financial Statements.

PGIM Fixed Income ETFs 227

PGIM Total Return Bond ETF

Schedule of Investments (continued)

as of August 31, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

CORPORATE BONDS (Continued)

Banks (cont’d.)

Societe Generale SA (France), (cont’d.)

Sr. Non-Preferred Notes, 144A

6.066%(ff)

01/19/35

400

413,361

Truist Financial Corp.,

Sr. Unsec’d. Notes, MTN

5.867(ff)

06/08/34

46,979

Sr. Unsec’d. Notes, MTN

7.161(ff)

10/30/29

92,363

U.S. Bancorp,

Sr. Unsec’d. Notes

5.384(ff)

01/23/30

97,644

Sr. Unsec’d. Notes

5.836(ff)

06/12/34

47,273

Sr. Unsec’d. Notes

5.850(ff)

10/21/33

140

147,047

UBS Group AG (Switzerland),

Sr. Unsec’d. Notes, 144A

6.537(ff)

08/12/33

270

293,648

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

6.946(c)

05/12/26

200

201,304

Wells Fargo & Co.,

Sr. Unsec’d. Notes

5.389(ff)

04/24/34

125

128,003

Sr. Unsec’d. Notes

6.303(ff)

10/23/29

685

726,917

Sr. Unsec’d. Notes, MTN

2.879(ff)

10/30/30

260

238,271

Sr. Unsec’d. Notes, MTN

4.808(ff)

07/25/28

295

296,666

Sr. Unsec’d. Notes, MTN

5.574(ff)

07/25/29

160

165,258

Sr. Unsec’d. Notes, MTN

5.707(ff)

04/22/28

740

759,903

20,043,351

Beverages 0.0%

Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium),

Gtd. Notes

4.900

02/01/46

38,350

Biotechnology 0.1%

Amgen, Inc.,

Sr. Unsec’d. Notes

5.600

03/02/43

290

296,591

Building Materials 0.5%

CEMEX Materials LLC (Mexico),

Gtd. Notes

7.700

07/21/25

50,950

CRH SMW Finance DAC,

Gtd. Notes

5.200

05/21/29

630

647,310

Fortune Brands Innovations, Inc.,

Sr. Unsec’d. Notes

3.250

09/15/29

175

163,507

See Notes to Financial Statements.

228

PGIM Total Return Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CORPORATE BONDS (Continued)

Building Materials (cont’d.)

Griffon Corp.,
Gtd. Notes		5.750%		03/01/28		23	$	22,566
JELD-WEN, Inc.,
Gtd. Notes, 144A		4.625		12/15/25		25		24,989
Gtd. Notes, 144A		4.875		12/15/27		200		194,147
Masco Corp.,
Sr. Unsec’d. Notes		3.500		11/15/27		230		222,812
Smyrna Ready Mix Concrete LLC,
Sr. Sec’d. Notes, 144A		6.000		11/01/28		75		74,785
Standard Industries, Inc.,
Sr. Unsec’d. Notes, 144A		4.375		07/15/30		75		70,196


								1,471,262

Chemicals 0.4%

Ashland, Inc.,
Sr. Unsec’d. Notes, 144A		3.375		09/01/31		75		65,939
CF Industries, Inc.,
Gtd. Notes		5.150		03/15/34		130		129,501
DuPont de Nemours, Inc.,
Sr. Unsec’d. Notes		5.419		11/15/48		260		282,020
FMC Corp.,
Sr. Unsec’d. Notes		5.150		05/18/26		140		140,842
Sr. Unsec’d. Notes		6.375		05/18/53		430		451,003
Nutrien Ltd. (Canada),
Sr. Unsec’d. Notes		4.900		03/27/28		55		55,711
RPM International, Inc.,
Sr. Unsec’d. Notes		2.950		01/15/32		20		17,418


								1,142,434

Commercial Services 0.5%

Alta Equipment Group, Inc.,
Sec’d. Notes, 144A		9.000		06/01/29		100		90,765
AMN Healthcare, Inc.,
Gtd. Notes, 144A		4.000		04/15/29		125		116,722
Gtd. Notes, 144A		4.625		10/01/27		150		146,809
ERAC USA Finance LLC,
Gtd. Notes, 144A		3.300		12/01/26		160		156,102
Gtd. Notes, 144A		4.900		05/01/33		355		357,076

See Notes to Financial Statements.

PGIM Fixed Income ETFs 229

PGIM Total Return Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CORPORATE BONDS (Continued)

Commercial Services (cont’d.)

Herc Holdings, Inc.,
Gtd. Notes, 144A		5.500%		07/15/27		75	$	74,477
Mavis Tire Express Services Topco Corp.,
Sr. Unsec’d. Notes, 144A		6.500		05/15/29		75		72,272
RELX Capital, Inc. (United Kingdom),
Gtd. Notes		4.750		05/20/32		30		29,981
United Rentals North America, Inc.,
Gtd. Notes		3.750		01/15/32		50		45,142
University of Southern California,
Sr. Unsec’d. Notes		4.976		10/01/53		212		216,324
Washington University (The),
Sr. Unsec’d. Notes		4.349		04/15/2122		80		68,302


								1,373,972

Computers 0.3%

Booz Allen Hamilton, Inc.,
Gtd. Notes		5.950		08/04/33		200		211,701
Leidos, Inc.,
Gtd. Notes		4.375		05/15/30		500		486,689
McAfee Corp.,
Sr. Unsec’d. Notes, 144A		7.375		02/15/30		150		143,863
NCR Atleos Corp.,
Sr. Sec’d. Notes, 144A		9.500		04/01/29		79		87,102


								929,355

Distribution/Wholesale 0.0%

H&E Equipment Services, Inc.,
Gtd. Notes, 144A
		3.875		12/15/28		100		92,629

Diversified Financial Services 0.5%

Cantor Fitzgerald LP,
Sr. Unsec’d. Notes, 144A		7.200		12/12/28		50		52,909
Capital One Financial Corp.,
Sr. Unsec’d. Notes		7.624(ff)		10/30/31		100		112,876
Jefferies Financial Group, Inc.,
Sr. Unsec’d. Notes		2.625		10/15/31		120		102,116

See Notes to Financial Statements.

230

PGIM Total Return Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CORPORATE BONDS (Continued)

Diversified Financial Services (cont’d.)

LFS Topco LLC,
Gtd. Notes, 144A		5.875%		10/15/26		25	$	23,247
LPL Holdings, Inc.,
Gtd. Notes		5.700		05/20/27		175		178,382
LSEG US Fin Corp. (United Kingdom),
Gtd. Notes, 144A		5.297		03/28/34		300		311,438
Nationstar Mortgage Holdings, Inc.,
Gtd. Notes, 144A		5.750		11/15/31		150		146,041
Nuveen LLC,
Sr. Unsec’d. Notes, 144A		5.850		04/15/34		145		151,731
PennyMac Financial Services, Inc.,
Gtd. Notes, 144A		7.875		12/15/29		50		53,071
Power Finance Corp. Ltd. (India),
Sr. Unsec’d. Notes, 144A, MTN		6.150		12/06/28		200		208,562


								1,340,373

Electric 1.6%

AEP Texas, Inc.,
Sr. Unsec’d. Notes		5.400		06/01/33		225		227,255
Sr. Unsec’d. Notes		5.450		05/15/29		150		155,249
Algonquin Power & Utilities Corp. (Canada),
Sr. Unsec’d. Notes		5.365		06/15/26		175		176,313
Calpine Corp.,
Sr. Sec’d. Notes, 144A		3.750		03/01/31		175		160,471
Sr. Unsec’d. Notes, 144A		5.000		02/01/31		175		167,999
Comision Federal de Electricidad (Mexico),
Gtd. Notes, 144A		4.688		05/15/29		200		192,688
Edison International,
Sr. Unsec’d. Notes		5.250		11/15/28		130		132,291
Enel Finance International NV (Italy),
Gtd. Notes, 144A		5.125		06/26/29		710		721,046
Eskom Holdings SOC Ltd. (South Africa),
Sr. Unsec’d. Notes		7.125		02/11/25		200		200,062
Sr. Unsec’d. Notes, MTN		8.450		08/10/28		400		414,772
Israel Electric Corp. Ltd. (Israel),
Sr. Sec’d. Notes, 144A, GMTN		4.250		08/14/28		200		189,626
NRG Energy, Inc.,
Gtd. Notes, 144A		3.375		02/15/29		50		45,928
Gtd. Notes, 144A		3.875		02/15/32		50		44,863

See Notes to Financial Statements.

PGIM Fixed Income ETFs 231

PGIM Total Return Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CORPORATE BONDS (Continued)

Electric (cont’d.)

Pacific Gas & Electric Co.,
First Mortgage	4.500%	07/01/40		110	$	95,404
First Mortgage	4.950	07/01/50		15		13,071
PPL Electric Utilities Corp.,
First Mortgage	4.850	02/15/34		185		186,600
Puget Energy, Inc.,
Sr. Sec’d. Notes	4.224	03/15/32		145		133,813
Sempra,
Jr. Sub. Notes	4.125(ff)	04/01/52		120		112,424
Southern California Edison Co.,
First Mortgage	3.450	02/01/52		30		21,640
First Mortgage	5.300	03/01/28		110		112,844
Vistra Corp.,
Jr. Sub. Notes, 144A	7.000(ff)	12/15/26(oo)		175		176,579
Jr. Sub. Notes, Series C, 144A	8.875(ff)	01/15/29(oo)		675		716,094
Vistra Operations Co. LLC,
Gtd. Notes, 144A	4.375	05/01/29		50		47,898
Gtd. Notes, 144A	6.875	04/15/32		70		72,808


						4,517,738

Engineering & Construction 0.4%

Jacobs Engineering Group, Inc.,
Gtd. Notes	6.350	08/18/28		265		280,206
MasTec, Inc.,
Sr. Unsec’d. Notes	5.900	06/15/29		110		113,708
Mexico City Airport Trust (Mexico),
Sr. Sec’d. Notes	5.500	07/31/47		200		170,875
Sr. Sec’d. Notes, 144A	4.250	10/31/26		200		195,000
Sr. Sec’d. Notes, 144A	5.500	07/31/47		400		341,750


						1,101,539

Entertainment 0.4%

Caesars Entertainment, Inc.,
Gtd. Notes, 144A	4.625	10/15/29		75		70,917
Sr. Sec’d. Notes, 144A	6.500	02/15/32		65		66,845
Sr. Sec’d. Notes, 144A	7.000	02/15/30		75		77,762
CCM Merger, Inc.,
Sr. Unsec’d. Notes, 144A	6.375	05/01/26		50		49,966

See Notes to Financial Statements.

232

PGIM Total Return Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CORPORATE BONDS (Continued)

Entertainment (cont’d.)

International Game Technology PLC,
Sr. Sec’d. Notes, 144A	6.500%	02/15/25		200	$	200,000
Jacobs Entertainment, Inc.,
Sr. Unsec’d. Notes, 144A	6.750	02/15/29		175		166,778
Penn Entertainment, Inc.,
Sr. Unsec’d. Notes, 144A	4.125	07/01/29		50		44,776
Warnermedia Holdings, Inc.,
Gtd. Notes	5.050	03/15/42		380		303,988
Gtd. Notes	5.141	03/15/52		155		117,673


						1,098,705

Environmental Control 0.0%

GFL Environmental, Inc.,
Sr. Sec’d. Notes, 144A
	6.750	01/15/31		30		31,200

Foods 0.9%

B&G Foods, Inc.,
Gtd. Notes	5.250	04/01/25		18		17,828
Gtd. Notes	5.250	09/15/27		50		47,357
Sr. Sec’d. Notes, 144A	8.000	09/15/28		150		155,906
Bellis Acquisition Co. PLC (United Kingdom),
Sr. Sec’d. Notes, 144A	8.125	05/14/30	GBP	270		344,010
Bellis Finco PLC (United Kingdom),
Gtd. Notes	4.000	02/16/27	GBP	218		258,584
Bimbo Bakeries USA, Inc. (Mexico),
Gtd. Notes, 144A	6.050	01/15/29		205		215,250
JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl,
Gtd. Notes	4.375	02/02/52		300		233,005
Gtd. Notes	5.125	02/01/28		45		45,150
Gtd. Notes, 144A	6.750	03/15/34		205		224,348
Lamb Weston Holdings, Inc.,
Gtd. Notes, 144A	4.125	01/31/30		25		23,273
Gtd. Notes, 144A	4.375	01/31/32		75		68,970
Pilgrim’s Pride Corp.,
Gtd. Notes	3.500	03/01/32		50		44,196
Post Holdings, Inc.,
Gtd. Notes, 144A	6.375	03/01/33		105		105,793

See Notes to Financial Statements.

PGIM Fixed Income ETFs 233

PGIM Total Return Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CORPORATE BONDS (Continued)

Foods (cont’d.)

Post Holdings, Inc., (cont’d.)
Sr. Unsec’d. Notes, 144A	4.500%	09/15/31		75	$	69,763
Smithfield Foods, Inc.,
Sr. Unsec’d. Notes, 144A	3.000	10/15/30		830		732,470


						2,585,903

Gas 0.0%

Piedmont Natural Gas Co., Inc.,
Sr. Unsec’d. Notes
	5.050	05/15/52		75		69,583

Healthcare-Products 0.1%

Medline Borrower LP,
Sr. Sec’d. Notes, 144A	3.875	04/01/29		125		118,216
Sr. Unsec’d. Notes, 144A	5.250	10/01/29		25		24,579


						142,795

Healthcare-Services 0.9%

CommonSpirit Health,
Sr. Sec’d. Notes	5.205	12/01/31		545		555,457
DaVita, Inc.,
Gtd. Notes, 144A	4.625	06/01/30		150		141,171
Gtd. Notes, 144A	6.875	09/01/32		75		76,739
Elevance Health, Inc.,
Sr. Unsec’d. Notes	2.875	09/15/29		745		692,540
Legacy LifePoint Health LLC,
Sr. Sec’d. Notes, 144A	4.375	02/15/27		75		73,228
Nationwide Children’s Hospital, Inc.,
Unsec’d. Notes	4.556	11/01/52		220		210,380
Presbyterian Healthcare Services,
Unsec’d. Notes	4.875	08/01/52		150		147,750
Queen’s Health Systems (The),
Sec’d. Notes	4.810	07/01/52		90		87,282
Tenet Healthcare Corp.,
Sr. Sec’d. Notes	4.375	01/15/30		50		47,842
Sr. Sec’d. Notes	6.750	05/15/31		125		129,683

See Notes to Financial Statements.

234

PGIM Total Return Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CORPORATE BONDS (Continued)

Healthcare-Services (cont’d.)

UnitedHealth Group, Inc.,
Sr. Unsec’d. Notes	5.200%	04/15/63		455	$	440,804


						2,602,876

Home Builders 0.4%

Ashton Woods USA LLC/Ashton Woods Finance Co.,
Sr. Unsec’d. Notes, 144A	4.625	08/01/29		50		47,440
Beazer Homes USA, Inc.,
Gtd. Notes	7.250	10/15/29		75		76,655
Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada),
Gtd. Notes, 144A	4.875	02/15/30		75		69,375
Century Communities, Inc.,
Gtd. Notes	6.750	06/01/27		50		50,470
Forestar Group, Inc.,
Gtd. Notes, 144A	3.850	05/15/26		50		48,742
M/I Homes, Inc.,
Gtd. Notes	4.950	02/01/28		150		147,121
Shea Homes LP/Shea Homes Funding Corp.,
Sr. Unsec’d. Notes	4.750	04/01/29		50		48,049
Taylor Morrison Communities, Inc.,
Gtd. Notes, 144A	5.875	06/15/27		350		354,532
Tri Pointe Homes, Inc.,
Gtd. Notes	5.700	06/15/28		225		226,177


						1,068,561

Housewares 0.0%

Scotts Miracle-Gro Co. (The),
Gtd. Notes	4.000	04/01/31		50		44,800
Gtd. Notes	4.375	02/01/32		75		67,621


						112,421

Insurance 0.7%

Acrisure LLC/Acrisure Finance, Inc.,
Sr. Unsec’d. Notes, 144A	8.250	02/01/29		250		257,069
Corebridge Financial, Inc.,
Sr. Unsec’d. Notes	4.400	04/05/52		100		82,814

See Notes to Financial Statements.

PGIM Fixed Income ETFs 235

PGIM Total Return Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CORPORATE BONDS (Continued)

Insurance (cont’d.)

Corebridge Financial, Inc., (cont’d.)
Sr. Unsec’d. Notes	5.750%	01/15/34		450	$	469,455
Fairfax Financial Holdings Ltd. (Canada),
Sr. Unsec’d. Notes	3.375	03/03/31		115		103,107
Sr. Unsec’d. Notes	5.625	08/16/32		135		137,532
Sr. Unsec’d. Notes, 144A	6.000	12/07/33		405		423,172
Liberty Mutual Group, Inc.,
Gtd. Notes, 144A	4.569	02/01/29		165		164,403
Lincoln National Corp.,
Sr. Unsec’d. Notes	5.852	03/15/34		320		334,121
Unum Group,
Sr. Unsec’d. Notes	6.000	06/15/54		85		86,581


						2,058,254

Internet 0.0%

Gen Digital, Inc.,
Sr. Unsec’d. Notes, 144A
	5.000	04/15/25		125		124,459

Iron/Steel 0.1%

Mineral Resources Ltd. (Australia),
Sr. Unsec’d. Notes, 144A	9.250	10/01/28		50		52,937
Steel Dynamics, Inc.,
Sr. Unsec’d. Notes	3.450	04/15/30		120		112,165


						165,102

Leisure Time 0.4%

Carnival Corp.,
Gtd. Notes, 144A	5.750	03/01/27		150		150,000
Gtd. Notes, 144A	6.000	05/01/29		250		250,315
Sr. Sec’d. Notes, 144A	4.000	08/01/28		100		95,250
Carnival Holdings Bermuda Ltd.,
Gtd. Notes, 144A	10.375	05/01/28		25		27,048
Lindblad Expeditions LLC,
Sr. Sec’d. Notes, 144A	6.750	02/15/27		225		223,532
NCL Corp. Ltd.,
Gtd. Notes, 144A	5.875	03/15/26		50		49,797

See Notes to Financial Statements.

236

PGIM Total Return Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CORPORATE BONDS (Continued)

Leisure Time (cont’d.)

Royal Caribbean Cruises Ltd.,
Sr. Unsec’d. Notes, 144A	5.500%	08/31/26		100	$	99,875
Viking Cruises Ltd.,
Gtd. Notes, 144A	5.875	09/15/27		50		49,932
Viking Ocean Cruises Ship VII Ltd.,
Sr. Sec’d. Notes, 144A	5.625	02/15/29		50		49,375


						995,124

Lodging 0.6%

Boyd Gaming Corp.,
Gtd. Notes, 144A	4.750	06/15/31		170		159,872
Marriott International, Inc.,
Sr. Unsec’d. Notes	4.900	04/15/29		30		30,392
Sr. Unsec’d. Notes	5.350	03/15/35		330		333,915
Sr. Unsec’d. Notes, Series GG	3.500	10/15/32		540		486,665
MGM Resorts International,
Gtd. Notes	4.750	10/15/28		225		219,149
Gtd. Notes	6.500	04/15/32		160		161,248
Wynn Macau Ltd. (Macau),
Sr. Unsec’d. Notes, 144A	5.500	10/01/27		200		193,368


						1,584,609

Machinery-Diversified 0.4%

AGCO Corp.,
Gtd. Notes	5.450	03/21/27		120		121,888
Chart Industries, Inc.,
Sr. Sec’d. Notes, 144A	7.500	01/01/30		50		52,573
CNH Industrial Capital LLC,
Gtd. Notes	5.500	01/12/29		390		403,168
Ingersoll Rand, Inc.,
Sr. Unsec’d. Notes	5.700	08/14/33		120		126,518
Maxim Crane Works Holdings Capital LLC,
Sec’d. Notes, 144A	11.500	09/01/28		175		182,104
Westinghouse Air Brake Technologies Corp.,
Gtd. Notes	4.700	09/15/28		140		140,499


						1,026,750

See Notes to Financial Statements.

PGIM Fixed Income ETFs 237

PGIM Total Return Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CORPORATE BONDS (Continued)

Media 1.0%

CCO Holdings LLC/CCO Holdings Capital Corp.,
Sr. Unsec’d. Notes	4.500%	05/01/32		50	$	42,707
Charter Communications Operating LLC/Charter Communications Operating Capital,
Sr. Sec’d. Notes	3.900	06/01/52		400		262,099
Cox Communications, Inc.,
Gtd. Notes, 144A	5.450	09/15/28		525		539,861
Sr. Unsec’d. Notes, 144A	2.600	06/15/31		535		454,301
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		458
Sec’d. Notes, 144A (original cost $39,000; purchased 08/30/22)(f)	5.375	08/15/26(d)		200		2,568
DISH DBS Corp.,
Gtd. Notes	5.125	06/01/29		50		22,815
Gtd. Notes	7.375	07/01/28		25		12,841
Gtd. Notes	7.750	07/01/26		50		33,802
DISH Network Corp.,
Sr. Sec’d. Notes, 144A	11.750	11/15/27		250		254,070
FactSet Research Systems, Inc.,
Sr. Unsec’d. Notes	3.450	03/01/32		790		710,322
Univision Communications, Inc.,
Sr. Sec’d. Notes, 144A	8.000	08/15/28		80		80,890
Virgin Media Secured Finance PLC (United Kingdom),
Sr. Sec’d. Notes	4.250	01/15/30	GBP	306		354,577


						2,771,311

Mining 0.8%

First Quantum Minerals Ltd. (Zambia),
Gtd. Notes, 144A	6.875	10/15/27		200		197,812
Freeport-McMoRan, Inc.,
Gtd. Notes	5.400	11/14/34		135		137,408
Hecla Mining Co.,
Gtd. Notes	7.250	02/15/28		25		25,423
Indonesia Asahan Aluminium PT/Mineral Industri Indonesia Persero PT (Indonesia),
Sr. Unsec’d. Notes	4.750	05/15/25		200		199,062

See Notes to Financial Statements.

238

PGIM Total Return Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CORPORATE BONDS (Continued)

Mining (cont’d.)

Kinross Gold Corp. (Canada),
Gtd. Notes	4.500%	07/15/27		150	$	149,212
Sr. Unsec’d. Notes	6.250	07/15/33		320		342,429

Newmont Corp.,
Gtd. Notes	5.875	04/01/35		580		624,090

Newmont Corp./Newcrest Finance Pty Ltd.,
Gtd. Notes, 144A	5.350	03/15/34		350		361,594

Novelis Corp.,
Gtd. Notes, 144A	3.250	11/15/26		200		192,519


						2,229,549

Miscellaneous Manufacturing 0.0%

Teledyne Technologies, Inc.,
Gtd. Notes	2.750	04/01/31		115		101,881

Office/Business Equipment 0.3%

CDW LLC/CDW Finance Corp.,
Gtd. Notes	2.670	12/01/26		140		133,609
Gtd. Notes	3.250	02/15/29		600		562,751


						696,360

Oil & Gas 2.3%

Aker BP ASA (Norway),
Gtd. Notes, 144A	3.100	07/15/31		250		219,745
Sr. Unsec’d. Notes, 144A	4.000	01/15/31		645		603,170
Sr. Unsec’d. Notes, 144A	6.000	06/13/33		250		260,940

Ascent Resources Utica Holdings LLC/ARU Finance Corp.,
Gtd. Notes, 144A	9.000	11/01/27		175		213,787

BP Capital Markets America, Inc.,
Gtd. Notes	4.812	02/13/33		300		300,190

Canadian Natural Resources Ltd. (Canada),
Sr. Unsec’d. Notes	5.850	02/01/35		250		258,072

Cenovus Energy, Inc. (Canada),
Sr. Unsec’d. Notes	3.750	02/15/52		100		72,509

See Notes to Financial Statements.

PGIM Fixed Income ETFs 239

PGIM Total Return Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CORPORATE BONDS (Continued)

Oil & Gas (cont’d.)

Chesapeake Energy Corp.,
Gtd. Notes, 144A (original cost $126,375; purchased 12/03/21 - 01/05/24)(f)	5.875%	02/01/29		125	$	125,361

CITGO Petroleum Corp.,
Sr. Sec’d. Notes, 144A	7.000	06/15/25		75		75,118

Civitas Resources, Inc.,
Gtd. Notes, 144A	5.000	10/15/26		100		98,808
Gtd. Notes, 144A	8.375	07/01/28		25		26,406
Gtd. Notes, 144A	8.625	11/01/30		25		27,227

Crescent Energy Finance LLC,
Gtd. Notes, 144A	7.625	04/01/32		45		46,422
Gtd. Notes, 144A	9.250	02/15/28		40		42,329

Devon Energy Corp.,
Sr. Unsec’d. Notes	5.875	06/15/28		95		95,980

Diamondback Energy, Inc.,
Gtd. Notes	5.400	04/18/34		345		351,354
Gtd. Notes	6.250	03/15/33		275		295,769

Ecopetrol SA (Colombia),
Sr. Unsec’d. Notes	6.875	04/29/30		30		29,895
Sr. Unsec’d. Notes	8.625	01/19/29		220		235,468
Sr. Unsec’d. Notes	8.875	01/13/33		100		106,100

Endeavor Energy Resources LP/EER Finance, Inc.,
Sr. Unsec’d. Notes, 144A	5.750	01/30/28		75		76,440

Energean Israel Finance Ltd. (Israel),
Sr. Sec’d. Notes, 144A	4.875	03/30/26		90		85,600
Sr. Sec’d. Notes, 144A	5.375	03/30/28		144		129,960

Helmerich & Payne, Inc.,
Sr. Unsec’d. Notes	2.900	09/29/31		65		55,876

Hilcorp Energy I LP/Hilcorp Finance Co.,
Sr. Unsec’d. Notes, 144A	6.000	04/15/30		15		14,955
Sr. Unsec’d. Notes, 144A	6.250	04/15/32		75		74,891

Parkland Corp. (Canada),
Sr. Unsec’d. Notes, 144A	6.625	08/15/32		65		65,504

Permian Resources Operating LLC,
Gtd. Notes, 144A	8.000	04/15/27		75		77,554

Petrobras Global Finance BV (Brazil),
Gtd. Notes	5.375	10/01/29	GBP	160		200,638
Gtd. Notes, EMTN	6.250	12/14/26	GBP	200		263,069

See Notes to Financial Statements.

240

PGIM Total Return Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CORPORATE BONDS (Continued)

Oil & Gas (cont’d.)

Petroleos Mexicanos (Mexico),
Gtd. Notes	4.750%	02/26/29	EUR	100	$	98,381
Gtd. Notes	5.350	02/12/28		220		200,572
Gtd. Notes	6.500	03/13/27		200		192,350
Gtd. Notes	6.500	01/23/29		100		91,781
Gtd. Notes, EMTN	2.750	04/21/27	EUR	170		169,713
Gtd. Notes, EMTN	4.875	02/21/28	EUR	230		236,496

Pioneer Natural Resources Co.,
Sr. Unsec’d. Notes	2.150	01/15/31		125		108,729

Santos Finance Ltd. (Australia),
Gtd. Notes, 144A	6.875	09/19/33		365		399,069

Southwestern Energy Co.,
Gtd. Notes	4.750	02/01/32		25		23,703
Gtd. Notes	5.375	02/01/29		50		49,368

Transocean, Inc.,
Gtd. Notes, 144A	8.250	05/15/29		35		35,350

Var Energi ASA (Norway),
Sr. Unsec’d. Notes, 144A	5.000	05/18/27		200		199,155


						6,333,804

Packaging & Containers 0.3%

AptarGroup, Inc.,
Sr. Unsec’d. Notes	3.600	03/15/32		140		126,844

Ball Corp.,
Gtd. Notes	2.875	08/15/30		300		265,013
Gtd. Notes	6.000	06/15/29		50		51,445

Berry Global, Inc.,
Sr. Sec’d. Notes, 144A	5.800	06/15/31		200		206,316

Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer, Inc.,
Sr. Sec’d. Notes, 144A	4.375	10/15/28		100		95,192


						744,810

Pharmaceuticals 0.7%

AbbVie, Inc.,
Sr. Unsec’d. Notes	4.050	11/21/39		265		239,884

AdaptHealth LLC,
Gtd. Notes, 144A	6.125	08/01/28		125		123,944

See Notes to Financial Statements.

PGIM Fixed Income ETFs 241

PGIM Total Return Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CORPORATE BONDS (Continued)

Pharmaceuticals (cont’d.)

Bausch Health Cos., Inc.,
Gtd. Notes, 144A (original cost $12,000; purchased 06/05/24)(f)	5.000%	02/15/29		25	$	12,750
Gtd. Notes, 144A (original cost $12,750; purchased 05/23/24)(f)	5.250	01/30/30		25		12,000
Gtd. Notes, 144A (original cost $12,625; purchased 05/17/24)(f)	5.250	02/15/31		25		12,000
Gtd. Notes, 144A (original cost $46,625; purchased 12/07/21)(f)	6.250	02/15/29		50		25,250
Gtd. Notes, 144A (original cost $14,250; purchased 05/17/24)(f)	7.000	01/15/28		25		14,375
Gtd. Notes, 144A (original cost $23,250; purchased 08/02/24)(f)	9.000	12/15/25		25		22,562
Sr. Sec’d. Notes, 144A (original cost $18,625; purchased 05/24/24)(f)	4.875	06/01/28		25		18,804

Cigna Group (The),
Sr. Unsec’d. Notes	3.200	03/15/40		235		181,286

CVS Health Corp.,
Sr. Unsec’d. Notes	2.700	08/21/40		130		89,878
Sr. Unsec’d. Notes	3.250	08/15/29		225		210,256

Eli Lilly & Co.,
Sr. Unsec’d. Notes	5.200	08/14/64		125		126,624

Merck & Co., Inc.,
Sr. Unsec’d. Notes	2.900	12/10/61		55		34,432

Organon & Co./Organon Foreign Debt Co-Issuer BV,
Sr. Unsec’d. Notes, 144A	5.125	04/30/31		200		187,124

Shire Acquisitions Investments Ireland DAC,
Gtd. Notes	3.200	09/23/26		6		5,865

Utah Acquisition Sub, Inc.,
Gtd. Notes	3.950	06/15/26		460		453,642

Viatris, Inc.,
Gtd. Notes	3.850	06/22/40		125		95,432


						1,866,108

Pipelines 2.9%

Antero Midstream Partners LP/Antero Midstream Finance Corp.,
Gtd. Notes, 144A	6.625	02/01/32		60		61,885

See Notes to Financial Statements.

242

PGIM Total Return Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CORPORATE BONDS (Continued)

Pipelines (cont’d.)

Columbia Pipelines Operating Co. LLC,
Sr. Unsec’d. Notes, 144A	6.036%	11/15/33		670	$	707,322

DCP Midstream Operating LP,
Gtd. Notes	5.625	07/15/27		540		553,797
Gtd. Notes, 144A	6.750	09/15/37		310		341,388

Energy Transfer LP,
Jr. Sub. Notes, Series G	7.125(ff)	05/15/30(oo)		315		316,269
Sr. Unsec’d. Notes	5.000	05/15/50		220		195,402
Sr. Unsec’d. Notes	5.400	10/01/47		285		266,716
Sr. Unsec’d. Notes	6.400	12/01/30		35		37,871
Sr. Unsec’d. Notes	6.550	12/01/33		590		644,902

EnLink Midstream LLC,
Gtd. Notes, 144A	6.500	09/01/30		350		374,066

Enterprise Products Operating LLC,
Gtd. Notes	5.550	02/16/55		267		271,353

EQM Midstream Partners LP,
Sr. Unsec’d. Notes, 144A	7.500	06/01/27		25		25,790
Sr. Unsec’d. Notes, 144A	7.500	06/01/30		25		27,291

MPLX LP,
Sr. Unsec’d. Notes	1.750	03/01/26		360		344,490
Sr. Unsec’d. Notes	4.950	03/14/52		55		48,666
Sr. Unsec’d. Notes	5.200	03/01/47		105		97,892
Sr. Unsec’d. Notes	5.500	06/01/34		460		468,186
Sr. Unsec’d. Notes	5.500	02/15/49		55		52,799

ONEOK Partners LP,
Gtd. Notes	6.850	10/15/37		400		444,841

ONEOK, Inc.,
Gtd. Notes	4.450	09/01/49		150		122,169
Gtd. Notes	5.200	07/15/48		65		59,721
Gtd. Notes	6.050	09/01/33		130		137,329

Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.,
Gtd. Notes, 144A	5.500	01/15/28		75		72,386

Targa Resources Corp.,
Gtd. Notes	4.200	02/01/33		40		37,267
Gtd. Notes	5.500	02/15/35		222		225,359
Gtd. Notes	6.500	03/30/34		565		617,132

Western Midstream Operating LP,
Sr. Unsec’d. Notes	4.500	03/01/28		248		244,297
Sr. Unsec’d. Notes	4.650	07/01/26		150		149,193

See Notes to Financial Statements.

PGIM Fixed Income ETFs 243

PGIM Total Return Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CORPORATE BONDS (Continued)

Pipelines (cont’d.)

Western Midstream Operating LP, (cont’d.)
Sr. Unsec’d. Notes	6.350%	01/15/29		135	$	142,357

Williams Cos., Inc. (The),
Sr. Unsec’d. Notes	2.600	03/15/31		920		804,765
Sr. Unsec’d. Notes	5.150	03/15/34		255		256,245
Sr. Unsec’d. Notes	5.400	03/02/26		95		95,938


						8,245,084

Real Estate 0.1%

Howard Hughes Corp. (The),
Gtd. Notes, 144A	4.375	02/01/31		50		44,998
Gtd. Notes, 144A	5.375	08/01/28		150		146,000


						190,998

Real Estate Investment Trusts (REITs) 2.6%

Alexandria Real Estate Equities, Inc.,
Gtd. Notes	4.750	04/15/35		30		28,956
Gtd. Notes	5.250	05/15/36		485		485,020

American Tower Corp.,
Sr. Unsec’d. Notes	3.950	03/15/29		660		639,775

Brixmor Operating Partnership LP,
Sr. Unsec’d. Notes	3.900	03/15/27		700		684,408
Sr. Unsec’d. Notes	4.050	07/01/30		145		138,913
Sr. Unsec’d. Notes	5.500	02/15/34		185		187,095
Sr. Unsec’d. Notes	5.750	02/15/35		75		77,566

COPT Defense Properties LP,
Gtd. Notes	2.750	04/15/31		115		98,639

Crown Castle, Inc.,
Sr. Unsec’d. Notes	4.800	09/01/28		255		256,177
Sr. Unsec’d. Notes	5.600	06/01/29		140		145,114

Diversified Healthcare Trust,
Gtd. Notes	4.375	03/01/31		75		57,339
Gtd. Notes	9.750	06/15/25		21		21,029
Sr. Unsec’d. Notes	4.750	02/15/28		25		21,972

Extra Space Storage LP,
Gtd. Notes	3.900	04/01/29		135		130,535

GLP Capital LP/GLP Financing II, Inc.,
Gtd. Notes	3.250	01/15/32		55		48,033

See Notes to Financial Statements.

244

PGIM Total Return Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CORPORATE BONDS (Continued)

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

GLP Capital LP/GLP Financing II, Inc., (cont’d.)
Gtd. Notes	5.250%	06/01/25		160	$	159,710
Gtd. Notes	5.375	04/15/26		850		850,719

Invitation Homes Operating Partnership LP,
Gtd. Notes	5.450	08/15/30		280		289,172

Kimco Realty OP LLC,
Gtd. Notes	4.600	02/01/33		335		327,683

MPT Operating Partnership LP/MPT Finance Corp.,
Gtd. Notes	3.500	03/15/31		75		51,203
Gtd. Notes	5.000	10/15/27		75		63,563

Realty Income Corp.,
Sr. Unsec’d. Notes	2.700	02/15/32		135		116,392
Sr. Unsec’d. Notes	4.700	12/15/28		270		272,026

RHP Hotel Properties LP/RHP Finance Corp.,
Gtd. Notes, 144A	6.500	04/01/32		95		97,787

SBA Communications Corp.,
Sr. Unsec’d. Notes	3.125	02/01/29		150		138,048

Sun Communities Operating LP,
Gtd. Notes	2.300	11/01/28		155		140,187
Gtd. Notes	4.200	04/15/32		80		74,265
Gtd. Notes	5.500	01/15/29		455		465,152
Gtd. Notes	5.700	01/15/33		45		45,801

VICI Properties LP,
Sr. Unsec’d. Notes	4.750	02/15/28		60		59,832

VICI Properties LP/VICI Note Co., Inc.,
Gtd. Notes, 144A	5.750	02/01/27		1,000		1,013,568

Welltower OP LLC,
Gtd. Notes	4.250	04/15/28		175		173,113


						7,358,792

Retail 0.5%

1011778 BC ULC/New Red Finance, Inc. (Canada),
Sr. Sec’d. Notes, 144A	3.500	02/15/29		25		23,330

Brinker International, Inc.,
Gtd. Notes, 144A	8.250	07/15/30		75		79,686

Carvana Co.,
Sr. Sec’d. Notes, 144A, Cash coupon 11.000% or PIK 13.000%	13.000	06/01/30		100		106,659

See Notes to Financial Statements.

PGIM Fixed Income ETFs 245

PGIM Total Return Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CORPORATE BONDS (Continued)

Retail (cont’d.)

eG Global Finance PLC (United Kingdom),
Sr. Sec’d. Notes, 144A	11.000%	11/30/28	EUR	100	$	117,468
Sr. Sec’d. Notes, 144A	12.000	11/30/28		200		218,000

Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.,
Sr. Sec’d. Notes, 144A	4.625	01/15/29		75		70,220

Gap, Inc. (The),
Gtd. Notes, 144A	3.875	10/01/31		50		43,186

Home Depot, Inc. (The),
Sr. Unsec’d. Notes	4.750	06/25/29		475		485,252

Lithia Motors, Inc.,
Sr. Unsec’d. Notes, 144A	3.875	06/01/29		150		139,240

Sally Holdings LLC/Sally Capital, Inc.,
Gtd. Notes	6.750	03/01/32		40		40,816

Suburban Propane Partners LP/Suburban Energy Finance Corp.,
Sr. Unsec’d. Notes, 144A	5.000	06/01/31		50		45,921


						1,369,778

Semiconductors 0.4%

Broadcom, Inc.,
Sr. Unsec’d. Notes	5.050	07/12/29		570		581,037
Sr. Unsec’d. Notes, 144A	3.137	11/15/35		205		171,362
Sr. Unsec’d. Notes, 144A	3.419	04/15/33		490		436,299


						1,188,698

Shipbuilding 0.3%

Huntington Ingalls Industries, Inc.,
Gtd. Notes	2.043	08/16/28		1,000		907,583

Software 0.2%

Fiserv, Inc.,
Sr. Unsec’d. Notes	5.375	08/21/28		130		134,291
Sr. Unsec’d. Notes	5.450	03/02/28		140		144,359

See Notes to Financial Statements.

246

PGIM Total Return Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CORPORATE BONDS (Continued)

Software (cont’d.)

Oracle Corp.,
Sr. Unsec’d. Notes	3.600%	04/01/50		180	$	131,421
Sr. Unsec’d. Notes	5.550	02/06/53		50		49,536


						459,607

Telecommunications 1.5%

AT&T, Inc.,
Sr. Unsec’d. Notes	3.550	09/15/55		275		194,283
Sr. Unsec’d. Notes	5.400	02/15/34		750		774,415

Level 3 Financing, Inc.,
Sec’d. Notes, 144A	4.500	04/01/30		200		148,145
Sec’d. Notes, 144A	4.875	06/15/29		175		138,938
Sr. Sec’d. Notes, 144A	11.000	11/15/29		500		548,952

Motorola Solutions, Inc.,
Sr. Unsec’d. Notes	2.750	05/24/31		1,060		936,300

TalkTalk Telecom Group Ltd. (United Kingdom),
Gtd. Notes	3.875	02/20/25	GBP	200		194,349

T-Mobile USA, Inc.,
Gtd. Notes	2.550	02/15/31		450		395,131
Gtd. Notes	3.750	04/15/27		45		44,170

Verizon Communications, Inc.,
Sr. Unsec’d. Notes	3.150	03/22/30		235		219,111

Zegona Finance PLC (United Kingdom),
Sr. Sec’d. Notes, 144A	6.750	07/15/29	EUR	525		593,030


						4,186,824

Transportation 0.3%

GN Bondco LLC,
Sr. Sec’d. Notes, 144A	9.500	10/15/31		450		458,359

RXO, Inc.,
Gtd. Notes, 144A	7.500	11/15/27		275		284,793

XPO, Inc.,
Sr. Sec’d. Notes, 144A	6.250	06/01/28		100		102,217


						845,369

See Notes to Financial Statements.

PGIM Fixed Income ETFs 247

PGIM Total Return Bond ETF

Schedule of Investments (continued)

as of August 31, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

CORPORATE BONDS (Continued)

Trucking & Leasing 0.3%

Penske Truck Leasing Co. LP/PTL Finance Corp.,

Sr. Unsec’d. Notes, 144A

5.250%

07/01/29

400

408,430

Sr. Unsec’d. Notes, 144A

5.750

05/24/26

300

304,256

712,686

TOTAL CORPORATE BONDS
(cost $93,950,667)

94,705,545

FLOATING RATE AND OTHER LOANS 0.2%

Auto Parts & Equipment 0.0%

Tenneco, Inc.,

Term A Loan, 3 Month SOFR + 4.850%

10.082(c)

11/17/28

94,840

Computers 0.1%

McAfee Corp.,

Tranche B-1 Term Loan, 1 Month SOFR + 3.250%

8.592(c)

03/01/29

249

248,482

Media 0.1%

CSC Holdings LLC,

2022 Refinancing Term Loan, 1 Month SOFR + 4.500%

9.837(c)

01/18/28

94,831

Diamond Sports Group LLC,

Dip Term Loan

— (p)

12/02/24

18,440

First Lien Term Loan, 1 Month SOFR + 10.100%

15.442(c)

05/25/26

20,476

Second Lien Term Loan, 1 Month SOFR + 3.400%

8.175

08/24/26(d)

401

134,148

TOTAL FLOATING RATE AND OTHER LOANS
(cost $478,447)

477,470

MUNICIPAL BONDS 0.4%

California 0.2%

Regents of the University of California Medical Center Pooled Revenue, Taxable,
Revenue Bonds, Series Q

4.563

05/15/53

520

482,494

See Notes to Financial Statements.

248

PGIM Total Return Bond ETF

Schedule of Investments (continued)

as of August 31, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

MUNICIPAL BONDS (Continued)

Maryland 0.2%

Maryland Economic Development Corp.,

Taxable, Revenue Bonds

5.433%

05/31/56

480

488,084

Michigan 0.0%

Michigan State University,

Taxable, Revenue Bonds, Series A

4.165

08/15/2122

36,154

University of Michigan,

Taxable, Revenue Bonds, Series A

4.454

04/01/2122

100

87,674

123,828

Minnesota 0.0%

University of Minnesota,

Taxable, Revenue Bonds

4.048

04/01/52

84,400

TOTAL MUNICIPAL BONDS
(cost $1,183,208)

1,178,806

RESIDENTIAL MORTGAGE-BACKED SECURITIES 1.6%

Bellemeade Re Ltd.,

Series 2024-01, Class M1A, 144A, 30 Day Average SOFR + 2.150% (Cap N/A, Floor 2.200%)

7.738(c)

08/25/34

250

250,209

Citigroup Mortgage Loan Trust,

Series 2022-A, Class A1, 144A

6.170

09/25/62

83,963

Connecticut Avenue Securities Trust,

Series 2022-R03, Class 1B1, 144A, 30 Day Average SOFR + 6.250% (Cap N/A, Floor 0.000%)

11.599(c)

03/25/42

16,575

Series 2022-R04, Class 1B1, 144A, 30 Day Average SOFR + 5.250% (Cap N/A, Floor 0.000%)

10.599(c)

03/25/42

21,604

Series 2023-R05, Class 1M2, 144A, 30 Day Average SOFR + 3.100% (Cap N/A, Floor 3.100%)

8.448(c)

06/25/43

100

105,600

Credit Suisse Mortgage Trust,

Series 2022-RPL04, Class A1, 144A

3.904(cc)

04/25/62

79,106

FHLMC Structured Agency Credit Risk REMIC Trust,

Series 2021-DNA06, Class M2, 144A, 30 Day Average SOFR + 1.500% (Cap N/A, Floor 0.000%)

6.849(c)

10/25/41

200

200,785

See Notes to Financial Statements.

PGIM Fixed Income ETFs 249

PGIM Total Return Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)

FHLMC Structured Agency Credit Risk REMIC Trust, (cont’d.)
Series 2022-DNA01, Class M1B, 144A, 30 Day Average SOFR + 1.850% (Cap N/A, Floor 0.000%)		7.199%(c)		01/25/42		300	$	303,375
Series 2022-DNA02, Class M1B, 144A, 30 Day Average SOFR + 2.400% (Cap N/A, Floor 0.000%)		7.749(c)		02/25/42		100		102,404
Series 2022-DNA03, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 0.000%)		8.249(c)		04/25/42		310		321,004
Series 2022-DNA06, Class M1B, 144A, 30 Day Average SOFR + 3.700% (Cap N/A, Floor 0.000%)		9.049(c)		09/25/42		600		638,108

LHOME Mortgage Trust,
Series 2024-RTL04, Class A1, 144A		5.921		07/25/39		250		252,282

PMT Credit Risk Transfer Trust,
Series 2024-01R, Class A, 144A, 30 Day Average SOFR + 3.500% (Cap N/A, Floor 0.000%)		8.849(c)		05/25/33		764		771,943
Series 2024-02R, Class A, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 0.000%)		8.698(c)		03/29/27		384		387,099
Series 2024-03R, Class A, 144A, 30 Day Average SOFR + 3.100% (Cap N/A, Floor 0.000%)^		8.448(c)		09/27/28		500		500,000

Radnor Re Ltd.,
Series 2023-01, Class M1A, 144A, 30 Day Average SOFR + 2.700% (Cap N/A, Floor 2.700%)		8.048(c)		07/25/33		150		151,757

RCKT Mortgage Trust,
Series 2024-CES05, Class A1A, 144A		5.846		08/25/44		248		249,926


TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES (cost $4,338,731)								4,435,740


SOVEREIGN BONDS 1.0%

Brazil Minas SPE via State of Minas Gerais (Brazil),
Gov’t. Gtd. Notes		5.333		02/15/28		80		79,475

Dominican Republic International Bond (Dominican Republic),
Sr. Unsec’d. Notes, 144A		5.500		02/22/29		300		300,375
Sr. Unsec’d. Notes, 144A		6.875		01/29/26		100		101,688

Indonesia Government International Bond (Indonesia),
Sr. Unsec’d. Notes		0.900		02/14/27	EUR	150		155,530

See Notes to Financial Statements.

250

PGIM Total Return Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

SOVEREIGN BONDS (Continued)

Indonesia Government International Bond (Indonesia), (cont’d.)
Sr. Unsec’d. Notes		1.100%		03/12/33	EUR	100	$	90,056

Ivory Coast Government International Bond (Ivory Coast),
Sr. Unsec’d. Notes		5.875		10/17/31	EUR	323		332,483

Romanian Government International Bond (Romania),
Sr. Unsec’d. Notes, EMTN		1.750		07/13/30	EUR	160		147,903
Sr. Unsec’d. Notes, EMTN		5.500		09/18/28	EUR	170		196,433

Serbia International Bond (Serbia),
Sr. Unsec’d. Notes		1.500		06/26/29	EUR	386		373,216
Sr. Unsec’d. Notes		3.125		05/15/27	EUR	400		429,103
Sr. Unsec’d. Notes, 144A		1.500		06/26/29	EUR	140		135,363
Sr. Unsec’d. Notes, 144A		3.125		05/15/27	EUR	309		331,482
Sr. Unsec’d. Notes, 144A		6.250		05/26/28		200		205,812


TOTAL SOVEREIGN BONDS (cost $2,852,973)								2,878,919


U.S. GOVERNMENT AGENCY OBLIGATIONS 16.9%

Federal Home Loan Mortgage Corp.		2.000		11/01/50		493		406,472

Federal Home Loan Mortgage Corp.		2.000		03/01/51		495		405,858

Federal Home Loan Mortgage Corp.		2.000		05/01/51		1,211		996,508

Federal Home Loan Mortgage Corp.		2.500		08/01/50		495		428,023

Federal Home Loan Mortgage Corp.		2.500		01/01/51		495		427,774

Federal Home Loan Mortgage Corp.		2.500		03/01/51		535		462,473

Federal Home Loan Mortgage Corp.		2.500		04/01/51		448		383,987

Federal Home Loan Mortgage Corp.		2.500		05/01/51		1,037		889,592

Federal Home Loan Mortgage Corp.		2.500		07/01/51		1,489		1,273,587

Federal Home Loan Mortgage Corp.		2.500		08/01/51		2,905		2,517,734

Federal Home Loan Mortgage Corp.		2.500		01/01/52		490		424,197

Federal Home Loan Mortgage Corp.		3.000		01/01/52		420		373,181

Federal Home Loan Mortgage Corp.		3.000		01/01/52		1,147		1,033,336

Federal Home Loan Mortgage Corp.		3.000		02/01/52		416		369,671

Federal Home Loan Mortgage Corp.		3.000		03/01/52		194		174,590

Federal Home Loan Mortgage Corp.		3.000		03/01/52		553		497,199

Federal Home Loan Mortgage Corp.		3.000		06/01/52		534		478,904

Federal Home Loan Mortgage Corp.		3.000		06/01/52		972		876,051

Federal Home Loan Mortgage Corp.		3.500		08/01/43		428		403,029

Federal Home Loan Mortgage Corp.		3.500		05/01/52		1,439		1,326,330

Federal Home Loan Mortgage Corp.		4.000		05/01/52		493		468,304

Federal Home Loan Mortgage Corp.		4.500		06/01/52		1,019		992,220

See Notes to Financial Statements.

PGIM Fixed Income ETFs 251

PGIM Total Return Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)

Federal Home Loan Mortgage Corp.		5.500%		12/01/52		874	$	880,083

Federal Home Loan Mortgage Corp.		6.000		08/01/52		104		105,644

Federal Home Loan Mortgage Corp.		6.000		04/01/53		483		492,580

Federal National Mortgage Assoc.		1.500		05/01/36		698		618,208

Federal National Mortgage Assoc.		1.500		02/01/51		717		561,523

Federal National Mortgage Assoc.		2.000		TBA		1,000		818,186

Federal National Mortgage Assoc.		2.000		11/01/50		862		709,886

Federal National Mortgage Assoc.		2.000		04/01/51		2,250		1,850,860

Federal National Mortgage Assoc.		2.500		TBA		500		426,846

Federal National Mortgage Assoc.		2.500		12/01/49		337		291,354

Federal National Mortgage Assoc.		2.500		02/01/50		139		120,432

Federal National Mortgage Assoc.		2.500		01/01/51		287		248,050

Federal National Mortgage Assoc.		2.500		07/01/51		714		612,534

Federal National Mortgage Assoc.		2.500		11/01/51		491		420,210

Federal National Mortgage Assoc.		2.500		01/01/52		484		414,501

Federal National Mortgage Assoc.		2.500		02/01/52		412		352,649

Federal National Mortgage Assoc.		2.500		04/01/52		494		422,405

Federal National Mortgage Assoc.		3.000		TBA		1,000		887,051

Federal National Mortgage Assoc.		3.000		12/01/51		404		361,067

Federal National Mortgage Assoc.		3.000		01/01/52		195		174,146

Federal National Mortgage Assoc.		3.000		02/01/52		255		227,513

Federal National Mortgage Assoc.		3.000		02/01/52		942		837,525

Federal National Mortgage Assoc.		3.000		03/01/52		922		819,768

Federal National Mortgage Assoc.		3.500		TBA		1,000		921,165

Federal National Mortgage Assoc.		3.500		02/01/52		781		723,344

Federal National Mortgage Assoc.		4.000		05/01/52		1,478		1,404,498

Federal National Mortgage Assoc.		4.000		06/01/52		485		460,807

Federal National Mortgage Assoc.		4.500		06/01/52		1,304		1,269,707

Federal National Mortgage Assoc.		5.000		TBA		500		496,401

Federal National Mortgage Assoc.		5.000		06/01/52		201		200,312

Federal National Mortgage Assoc.		5.000		07/01/52		653		649,509

Federal National Mortgage Assoc.		5.500		11/01/52		2,375		2,397,632

Federal National Mortgage Assoc.		5.500		12/01/52		490		494,113

Federal National Mortgage Assoc.		6.000		11/01/52		91		93,522

Federal National Mortgage Assoc.		6.000		11/01/52		498		508,991

Federal National Mortgage Assoc.		6.000		12/01/52		379		387,330

Government National Mortgage Assoc.		2.000		10/20/50		794		669,507

Government National Mortgage Assoc.		2.000		01/20/51		485		408,691

Government National Mortgage Assoc.		2.000		02/20/51		511		430,837

Government National Mortgage Assoc.		2.500		04/20/51		493		431,104

Government National Mortgage Assoc.		2.500		09/20/51		1,415		1,236,698

Government National Mortgage Assoc.		3.000		08/20/51		1,072		970,655

See Notes to Financial Statements.

252

PGIM Total Return Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)

Government National Mortgage Assoc.		3.500%		08/20/50		169	$	158,754

Government National Mortgage Assoc.		3.500		12/20/51		1,653		1,541,533

Government National Mortgage Assoc.		3.500		03/20/52		917		853,764

Government National Mortgage Assoc.		5.000		09/20/52		454		453,443

Government National Mortgage Assoc.		5.500		09/20/52		205		206,818

Government National Mortgage Assoc.		6.000		TBA		500		507,383

Government National Mortgage Assoc.		6.000		02/20/53		500		509,141

Government National Mortgage Assoc.		6.500		TBA		500		510,279


TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (cost $46,264,955)								47,157,979


U.S. TREASURY OBLIGATIONS 14.7%

U.S. Treasury Bonds		1.625		11/15/50		2,925		1,691,016

U.S. Treasury Bonds(k)		2.000		11/15/41		4,460		3,217,472

U.S. Treasury Bonds		2.250		05/15/41		875		664,863

U.S. Treasury Bonds(h)		2.375		02/15/42		4,245		3,242,119

U.S. Treasury Bonds		2.375		11/15/49		3,210		2,241,984

U.S. Treasury Bonds		2.375		05/15/51		525		364,219

U.S. Treasury Bonds		3.000		02/15/49		9,245		7,355,553

U.S. Treasury Bonds		3.375		11/15/48		7,450		6,348,797

U.S. Treasury Bonds		3.875		05/15/43		125		118,008

U.S. Treasury Bonds		4.000		11/15/52		2,385		2,287,737

U.S. Treasury Bonds		4.125		08/15/53		675		662,766

U.S. Treasury Bonds		4.750		11/15/43		1,005		1,065,300

U.S. Treasury Notes		2.750		08/15/32		2,415		2,233,120

U.S. Treasury Notes		3.875		08/15/33		420		419,147

U.S. Treasury Notes(h)		4.625		09/30/30		4,400		4,596,625

U.S. Treasury Notes		4.625		05/15/54		445		475,385

U.S. Treasury Strips Coupon(k)		3.002(s)		11/15/41		2,360		1,091,500

U.S. Treasury Strips Coupon		4.634(s)		02/15/42		720		328,275

U.S. Treasury Strips Coupon		4.645(s)		08/15/40		825		408,149

U.S. Treasury Strips Coupon		4.686(s)		02/15/41		730		352,881

U.S. Treasury Strips Coupon		4.890(s)		11/15/43		1,145		478,708

U.S. Treasury Strips Coupon		4.908(s)		05/15/42		1,210		544,169

U.S. Treasury Strips Coupon(k)		5.349(s)		05/15/40		2,080		1,046,581


TOTAL U.S. TREASURY OBLIGATIONS (cost $41,635,596)								41,234,374


TOTAL LONG-TERM INVESTMENTS (cost $278,891,746)								281,215,516

See Notes to Financial Statements.

PGIM Fixed Income ETFs 253

PGIM Total Return Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



Description	Shares		Value

SHORT-TERM INVESTMENT 0.6%

AFFILIATED MUTUAL FUND
PGIM Core Government Money Market Fund (7-day effective yield 5.562%) (cost $1,488,603)(wb)		1,488,603	$	1,488,603


TOTAL INVESTMENTS 101.1% (cost $280,380,349)				282,704,119
Liabilities in excess of other assets(z) (1.1)%				(2,945,756	)


NET ASSETS 100.0%			$	279,758,363

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

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

^	Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $500,000 and 0.2% of net assets.

(c)	Variable rate instrument. The interest rate shown reflects the rate in effect at August 31, 2024.

(cc)

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

(f)

Indicates a restricted security that is acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer and is considered restricted as to disposition under federal securities law; the aggregate original cost of such securities is $307,188. The aggregate value of $246,128 is 0.1% of net assets.

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

(h)	Represents security, or a portion thereof, segregated as collateral for OTC derivatives.

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

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

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

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

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

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

Futures contracts outstanding at August 31, 2024:


Number of Contracts	Type	Expiration Date		Current Notional Amount		Value / Unrealized Appreciation (Depreciation)
Long Positions:
141	2 Year U.S. Treasury Notes		Dec. 2024	$	29,264,110	$	(9,349	)
12	5 Year U.S. Treasury Notes		Dec. 2024		1,312,781		(2,050	)

See Notes to Financial Statements.

254

PGIM Total Return Bond ETF

Schedule of Investments (continued)

as of August 31, 2024

Futures contracts outstanding at August 31, 2024 (continued):


Number of Contracts	Type	Expiration Date		Current Notional Amount		Value / Unrealized Appreciation (Depreciation)
Long Positions (cont’d):
48	10 Year U.S. Treasury Notes		Dec. 2024	$	5,451,000	$	(31,037	)
55	10 Year U.S. Ultra Treasury Notes		Dec. 2024		6,459,062		(42,184	)
36	20 Year U.S. Treasury Bonds		Dec. 2024		4,432,500		(47,240	)

							(131,860	)

Short Positions:
14	5 Year Euro-Bobl		Dec. 2024		1,840,978		2,386
3	10 Year Euro-Bund		Dec. 2024		442,381		644
1	30 Year U.S. Ultra Treasury Bonds		Dec. 2024		131,938		3,319

							6,349

						$	(125,511	)

Forward foreign currency exchange contracts outstanding at August 31, 2024:


Purchase Contracts	Counterparty		Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts:
Brazilian Real,
Expiring 09/04/24		SSB	BRL	2,972	$	525,157	$	527,132	$	1,975	$	—
Expiring 10/02/24		DB	BRL	2,972		539,222		525,413		—		(13,809	)
Chilean Peso,
Expiring 09/23/24		BOA	CLP	82,302		87,000		90,041		3,041		—
Expiring 09/23/24		CITI	CLP	167,458		182,000		183,205		1,205		—
Expiring 09/23/24		JPM	CLP	150,730		161,000		164,903		3,903		—
Chinese Renminbi,
Expiring 09/19/24		BOA	CNH	2,193		302,000		310,047		8,047		—
Expiring 09/19/24		CITI	CNH	2,098		289,000		296,672		7,672		—
Expiring 09/19/24		JPM	CNH	1,987		276,000		280,978		4,978		—
Expiring 09/19/24		MSI	CNH	11,571		1,616,877		1,635,971		19,094		—
Expiring 09/19/24		MSI	CNH	2,073		287,000		293,076		6,076		—
Expiring 11/12/24		MSI	CNH	591		83,000		83,990		990		—
Colombian Peso,
Expiring 09/18/24		CITI	COP	264,954		63,250		63,204		—		(46	)
Expiring 09/18/24		CITI	COP	262,994		63,250		62,737		—		(513	)
Expiring 09/18/24		DB	COP	429,626		103,500		102,486		—		(1,014	)
Expiring 09/18/24		SSB	COP	732,309		173,000		174,691		1,691		—
Expiring 09/18/24		SSB	COP	664,518		161,000		158,519		—		(2,481	)

See Notes to Financial Statements.

PGIM Fixed Income ETFs 255

PGIM Total Return Bond ETF

Schedule of Investments (continued)

as of August 31, 2024

Forward foreign currency exchange contracts outstanding at August 31, 2024 (continued):


Purchase Contracts	Counterparty		Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Euro,
Expiring 10/21/24		GSI	EUR	519	$	571,057	$	575,596	$	4,539	$	—
Expiring 10/21/24		SSB	EUR	593		655,903		657,559		1,656		—
Hungarian Forint,
Expiring 10/21/24		BOA	HUF	182,147		503,116		511,433		8,317		—
Indian Rupee,
Expiring 09/18/24		DB	INR	15,066		179,686		179,558		—		(128	)
Expiring 09/18/24		JPM	INR	23,981		286,000		285,801		—		(199	)
Expiring 09/18/24		MSI	INR	15,066		179,884		179,558		—		(326	)
Indonesian Rupiah,
Expiring 09/18/24		CITI	IDR	4,317,181		269,000		278,760		9,760		—
Expiring 09/18/24		JPM	IDR	8,277,227		506,683		534,460		27,777		—
Mexican Peso,
Expiring 09/18/24		CITI	MXN	8,365		444,000		423,560		—		(20,440	)
Expiring 09/18/24		CITI	MXN	2,179		113,489		110,323		—		(3,166	)
Expiring 09/18/24		CITI	MXN	1,621		83,000		82,092		—		(908	)
Expiring 09/18/24		JPM	MXN	2,333		126,000		118,142		—		(7,858	)
New Taiwanese Dollar,
Expiring 09/18/24		CITI	TWD	22,431		690,188		702,795		12,607		—
Expiring 09/18/24		CITI	TWD	8,953		276,000		280,523		4,523		—
Expiring 09/18/24		JPM	TWD	11,326		351,000		354,857		3,857		—
Peruvian Nuevo Sol,
Expiring 09/18/24		CITI	PEN	1,104		294,000		294,604		604		—
Philippine Peso,
Expiring 09/18/24		CITI	PHP	18,655		325,000		331,916		6,916		—
Expiring 09/18/24		CITI	PHP	13,966		238,000		248,493		10,493		—
Expiring 09/18/24		CITI	PHP	8,684		148,030		154,514		6,484		—
Singapore Dollar,
Expiring 09/18/24		MSI	SGD	397		300,000		304,782		4,782		—
Expiring 09/18/24		MSI	SGD	393		298,000		301,699		3,699		—
Expiring 09/18/24		SSB	SGD	400		303,000		307,215		4,215		—
South African Rand,
Expiring 09/18/24		GSI	ZAR	4,904		260,307		274,631		14,324		—
South Korean Won,
Expiring 09/19/24		MSI	KRW	212,987		161,000		159,504		—		(1,496	)
Thai Baht,
Expiring 09/18/24		CITI	THB	5,545		155,000		164,073		9,073		—
Turkish Lira,
Expiring 09/04/24		CITI	TRY	12,452		364,158		363,700		—		(458	)
Expiring 09/23/24		BOA	TRY	13,393		382,359		382,119		—		(240	)

See Notes to Financial Statements.

256

PGIM Total Return Bond ETF

Schedule of Investments (continued)

as of August 31, 2024

Forward foreign currency exchange contracts outstanding at August 31, 2024 (continued):


Purchase Contracts	Counterparty		Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Turkish Lira (cont’d.),
Expiring 09/30/24		CITI	TRY	10,951	$	310,179	$	309,729	$	—	$	(450	)
Expiring 10/02/24		CITI	TRY	5,449		154,000		153,742		—		(258	)
Expiring 10/09/24		CITI	TRY	6,154		172,554		172,144		—		(410	)
Expiring 10/09/24		GSI	TRY	6,870		193,337		192,179		—		(1,158	)
Expiring 12/18/24		CITI	TRY	10,076		260,232		260,923		691		—

					$	14,466,418	$	14,604,049		192,989		(55,358	)


Sale Contracts	Counterparty		Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts:
Brazilian Real,
Expiring 09/04/24		DB	BRL	2,972	$	540,906	$	527,131	$	13,775	$	—
British Pound,
Expiring 10/21/24		MSI	GBP	1,027		1,332,436		1,348,797		—		(16,361	)
Expiring 10/21/24		SSB	GBP	105		136,766		137,863		—		(1,097	)
Chilean Peso,
Expiring 09/23/24		CITI	CLP	147,975		161,811		161,889		—		(78	)
Expiring 09/23/24		CITI	CLP	91,015		95,811		99,573		—		(3,762	)
Expiring 09/23/24		MSI	CLP	58,555		63,000		64,061		—		(1,061	)
Expiring 09/23/24		MSI	CLP	35,753		38,000		39,115		—		(1,115	)
Expiring 09/23/24		MSI	CLP	23,558		24,943		25,773		—		(830	)
Chinese Renminbi,
Expiring 09/19/24		CITI	CNH	1,960		277,000		277,128		—		(128	)
Expiring 09/19/24		JPM	CNH	589		83,000		83,252		—		(252	)
Expiring 09/19/24		MSI	CNH	16,806		2,331,501		2,376,242		—		(44,741	)
Expiring 09/19/24		MSI	CNH	567		78,000		80,123		—		(2,123	)
Expiring 11/12/24		MSI	CNH	11,571		1,624,596		1,644,375		—		(19,779	)
Expiring 11/12/24		MSI	CNH	2,031		285,000		288,587		—		(3,587	)
Expiring 11/12/24		MSI	CNH	2,016		283,000		286,453		—		(3,453	)
Colombian Peso,
Expiring 09/18/24		CITI	COP	778,249		194,533		185,650		8,883		—
Expiring 09/18/24		CITI	COP	272,490		65,189		65,002		187		—
Czech Koruna,
Expiring 10/21/24		JPM	CZK	8,777		378,443		388,061		—		(9,618	)
Euro,
Expiring 10/21/24		CITI	EUR	192		210,871		212,669		—		(1,798	)
Expiring 10/21/24		GSI	EUR	3,470		3,801,139		3,845,536		—		(44,397	)

See Notes to Financial Statements.

PGIM Fixed Income ETFs 257

PGIM Total Return Bond ETF

Schedule of Investments (continued)

as of August 31, 2024

Forward foreign currency exchange contracts outstanding at August 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 (cont’d.):
Euro (cont’d.),
Expiring 10/21/24		JPM	EUR	121	$	132,982	$	134,468	$	—	$	(1,486	)
Expiring 10/21/24		SSB	EUR	5,030		5,420,248		5,573,038		—		(152,790	)
Expiring 10/21/24		SSB	EUR	3,776		4,127,714		4,183,549		—		(55,835	)
Expiring 10/21/24		SSB	EUR	3,470		3,797,993		3,845,535		—		(47,542	)
Expiring 10/21/24		SSB	EUR	95		104,658		105,805		—		(1,147	)
Expiring 10/21/24		TD	EUR	525		573,376		582,120		—		(8,744	)
Hungarian Forint,
Expiring 10/21/24		JPM	HUF	66,649		183,000		187,138		—		(4,138	)
Indian Rupee,
Expiring 09/18/24		JPM	INR	23,181		277,000		276,268		732		—
Mexican Peso,
Expiring 09/18/24		BOA	MXN	3,974		206,000		201,229		4,771		—
Expiring 09/18/24		BOA	MXN	2,067		105,000		104,665		335		—
Expiring 09/18/24		CITI	MXN	1,608		83,000		81,438		1,562		—
New Taiwanese Dollar,
Expiring 09/18/24		CITI	TWD	11,474		350,000		359,508		—		(9,508	)
Expiring 09/18/24		CITI	TWD	11,024		339,000		345,405		—		(6,405	)
Expiring 09/18/24		CITI	TWD	8,310		258,000		260,369		—		(2,369	)
Expiring 09/18/24		CITI	TWD	8,161		253,000		255,703		—		(2,703	)
Expiring 09/18/24		CITI	TWD	4,677		145,590		146,549		—		(959	)
Expiring 09/18/24		JPM	TWD	10,168		316,000		318,580		—		(2,580	)
Expiring 12/18/24		CITI	TWD	22,431		697,593		711,437		—		(13,844	)
Peruvian Nuevo Sol,
Expiring 09/18/24		BOA	PEN	506		134,240		134,960		—		(720	)
Expiring 09/18/24		CITI	PEN	566		151,164		151,007		157		—
Expiring 09/18/24		CITI	PEN	506		134,311		134,960		—		(649	)
Philippine Peso,
Expiring 09/18/24		BOA	PHP	15,734		269,000		279,948		—		(10,948	)
Polish Zloty,
Expiring 10/21/24		BOA	PLN	652		165,000		168,044		—		(3,044	)
Singapore Dollar,
Expiring 09/18/24		BOA	SGD	376		280,000		288,786		—		(8,786	)
Expiring 09/18/24		CITI	SGD	385		287,000		295,395		—		(8,395	)
Expiring 09/18/24		JPM	SGD	351		270,000		269,641		359		—
Expiring 09/18/24		SSB	SGD	427		316,723		327,342		—		(10,619	)
South African Rand,
Expiring 09/18/24		JPM	ZAR	2,690		148,000		150,661		—		(2,661	)
Expiring 09/18/24		MSI	ZAR	2,764		149,000		154,789		—		(5,789	)

See Notes to Financial Statements.

258

PGIM Total Return Bond ETF

Schedule of Investments (continued)

as of August 31, 2024

Forward foreign currency exchange contracts outstanding at August 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 (cont’d.):
South Korean Won,
Expiring 09/19/24		CITI	KRW	631,205	$	460,881	$	472,702	$	—	$	(11,821	)
Expiring 09/20/24		BOA	KRW	205,236		149,000		153,702		—		(4,702	)
Thai Baht,
Expiring 09/18/24		CITI	THB	9,695		282,000		286,879		—		(4,879	)
Expiring 09/18/24		CITI	THB	7,821		222,000		231,415		—		(9,415	)
Expiring 09/18/24		JPM	THB	38,379		1,050,330		1,135,653		—		(85,323	)
Turkish Lira,
Expiring 09/04/24		CITI	TRY	5,873		171,411		171,521		—		(110	)
Expiring 09/04/24		GSI	TRY	6,580		193,042		192,179		863		—

					$	34,209,201	$	34,809,668		31,624		(632,091	)

									$	224,613	$	(687,449	)

Cross currency exchange contract outstanding at August 31, 2024:

Settlement

Type

Notional
Amount
(000)

In Exchange
For (000)

Unrealized
Appreciation

Unrealized
Depreciation

Counterparty

OTC Cross Currency Exchange Contracts:

10/21/24

Buy

EUR

GBP

—

(13

)

CITI

Credit default swap agreements outstanding at August 31, 2024:


Reference Entity/ Obligation	Termination Date		Fixed Rate	Notional Amount (000)#(3)			Fair Value				Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)				Counterparty

OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):
U.S. Treasury Notes		06/20/25	0.250%(Q)		EUR	465		$	(2,636	)		$	480		$	(3,116	)	BARC
U.S. Treasury Notes		06/20/25	0.250%(Q)		EUR	155			(879	)			195			(1,074	)	BARC

								$	(3,515	)		$	675		$	(4,190	)

See Notes to Financial Statements.

PGIM Fixed Income ETFs 259

PGIM Total Return Bond ETF

Schedule of Investments (continued)

as of August 31, 2024

Credit default swap agreements outstanding at August 31, 2024 (continued):


Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)			Implied Credit Spread at August 31, 2024(4)		Fair Value			Upfront Premiums Paid (Received)				Unrealized Appreciation (Depreciation)			Counterparty

OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):
U.S. Treasury Notes		12/20/24		0.250%(Q)		EUR	465		0.088%		$	2,601		$	(330	)		$	2,931	BARC
U.S. Treasury Notes		12/20/24		0.250%(Q)		EUR	160		0.088%			895			(87	)			982	DB
U.S. Treasury Notes		12/20/24		0.250%(Q)		EUR	155		0.088%			867			(142	)			1,009	BARC

											$	4,363		$	(559	)		$	4,922


Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at August 31, 2024(4)			Value at Trade Date			Value at August 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)		1,510		3.215	%		$	95,498		$	123,315		$	27,817
CDX.NA.IG.42.V1		06/20/29		1.000%(Q)		31,910		0.493	%			620,389			772,233			151,844

											$	715,887		$	895,548		$	179,661

(1)

(2)

See Notes to Financial Statements.

260

PGIM Total Return Bond ETF

Schedule of Investments (continued)

as of August 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)

Interest rate swap agreements outstanding at August 31, 2024:


Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at August 31, 2024			Unrealized Appreciation (Depreciation)

	Centrally Cleared Interest Rate Swap Agreements:
	GBP 140		05/08/27		1.050%(A)	1 Day SONIA(1)(A)/ 4.950%	$	(854	)	$	15,804		$	16,658
	GBP 120		05/08/32		1.150%(A)	1 Day SONIA(1)(A)/ 4.950%		6,097			28,116			22,019
	1,272		03/08/25		4.946%(A)	1 Day SOFR(2)(A)/ 5.320%		—			(1,585	)		(1,585	)
	1,696		03/09/25		5.110%(A)	1 Day SOFR(2)(A)/ 5.320%		—			115			115
	23,875		05/17/25		5.113%(T)	1 Day SOFR(2)(T)/ 5.320%		—			71,713			71,713
	5,635		08/19/25		4.395%(T)	1 Day SOFR(2)(T)/ 5.320%		557			3,674			3,117
	3,000		08/31/25		4.805%(A)	1 Day SOFR(1)(A)/ 5.320%		—			(15,713	)		(15,713	)
	12,230		05/17/26		4.669%(A)	1 Day SOFR(1)(A)/ 5.320%		—			(137,693	)		(137,693	)
	730		09/25/26		4.699%(A)	1 Day SOFR(1)(A)/ 5.320%		93			(8,772	)		(8,865	)
	6,640		05/13/27		4.497%(A)	1 Day SOFR(2)(A)/ 5.320%		2,228			134,869			132,641

See Notes to Financial Statements.

PGIM Fixed Income ETFs 261

PGIM Total Return Bond ETF

Schedule of Investments (continued)

as of August 31, 2024

Interest rate swap agreements outstanding at August 31, 2024 (continued):


Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at August 31, 2024			Unrealized Appreciation (Depreciation)

	Centrally Cleared Interest Rate Swap Agreements (cont’d.):
	4,135		05/13/29		4.253%(A)	1 Day SOFR(1)(A)/ 5.320%	$	(4,134	)	$	(132,150	)	$	(128,016	)
	370		05/11/54		1.350%(A)	1 Day SOFR(1)(A)/ 5.320%		166,850			144,214			(22,636	)

							$	170,837		$	102,592		$	(68,245	)

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

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

Total return swap agreements outstanding at August 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 Agreements:
Total Return Benchmark Bond Index(T)		1 Day USOIS - 54 bps(T)/ 4.790%	JPM		09/20/24		(1,734	)		$	(41,286	)		$	—		$	(41,286	)
U.S. Treasury Bond(T)		1 Day USOIS +23bps(T)/ 5.560%	JPM		02/04/25		1,120				(24,475	)			—			(24,475	)
U.S. Treasury Bond(T)		1 Day USOIS +22bps(T)/ 5.550%	JPM		02/13/25		2,270				2,660				—			2,660

										$	(63,101	)		$	—		$	(63,101	)

(1)

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

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


	Premiums Paid	Premiums Received	Unrealized Appreciation	Unrealized Depreciation
OTC Swap Agreements	$675	$(559)	$7,582	$(69,951)

See Notes to Financial Statements.

262

PGIM Total Return Bond ETF

Schedule of Investments (continued)

as of August 31, 2024

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


Broker	Cash and/or Foreign Currency		Securities Market Value
CGM		$—		$1,396,174
JPS		—		1,010,690

Total		$—		$2,406,864

Fair Value Measurements:

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

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

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

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

The following is a summary of the inputs used as of August 31, 2024 in valuing such portfolio securities:


	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Asset-Backed Securities
Automobiles	$	—	$	611,466	$	—
Collateralized Loan Obligations		—		55,165,148		—
Consumer Loans		—		1,149,286		—
Home Equity Loans		—		838,184		—
Other.		—		967,495		—
Residential Mortgage-Backed Securities.		—		284,814		—
Student Loan		—		401,342		—
Commercial Mortgage-Backed Securities.		—		29,728,948		—
Corporate Bonds		—		94,705,545		—
Floating Rate and Other Loans		—		477,470		—
Municipal Bonds		—		1,178,806		—
Residential Mortgage-Backed Securities		—		3,935,740		500,000
Sovereign Bonds		—		2,878,919		—
U.S. Government Agency Obligations		—		47,157,979		—
U.S. Treasury Obligations		—		41,234,374		—

See Notes to Financial Statements.

PGIM Fixed Income ETFs 263

PGIM Total Return Bond ETF

Schedule of Investments (continued)

as of August 31, 2024


	Level 1			Level 2			Level 3
Investments in Securities (continued)
Assets (continued)
Short-Term Investment
Affiliated Mutual Fund	$	1,488,603		$	—		$	—

Total	$	1,488,603		$	280,715,516		$	500,000


Other Financial Instruments*
Assets
Futures Contracts	$	6,349		$	—		$	—
OTC Forward Foreign Currency Exchange Contracts		—			224,613			—
Centrally Cleared Credit Default Swap Agreements		—			179,661			—
OTC Credit Default Swap Agreements		—			4,363			—
Centrally Cleared Interest Rate Swap Agreements		—			246,263			—
OTC Total Return Swap Agreement		—			2,660			—

Total	$	6,349		$	657,560		$	—


Liabilities
Futures Contracts	$	(131,860	)	$	—		$	—
OTC Forward Foreign Currency Exchange Contracts		—			(687,449	)		—
OTC Cross Currency Exchange Contracts		—			(13	)		—
OTC Credit Default Swap Agreements		—			(3,515	)		—
Centrally Cleared Interest Rate Swap Agreements		—			(314,508	)		—
OTC Total Return Swap Agreements		—			(65,761	)		—

Total	$	(131,860	)	$	(1,071,246	)	$	—

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of August 31, 2024 were as follows:


Collateralized Loan Obligations	19.7	%
U.S. Government Agency Obligations	16.9
U.S. Treasury Obligations	14.7
Commercial Mortgage-Backed Securities	10.6
Banks	7.2
Pipelines	2.9
Real Estate Investment Trusts (REITs)	2.6
Oil & Gas	2.3


Residential Mortgage-Backed Securities	1.7	%
Electric	1.6
Telecommunications	1.5
Auto Manufacturers	1.1
Media	1.1
Sovereign Bonds	1.0
Agriculture	1.0
Healthcare-Services	0.9

See Notes to Financial Statements.

264

PGIM Total Return Bond ETF

Schedule of Investments (continued)

as of August 31, 2024

Industry Classification (continued):


Foods	0.9	%
Mining	0.8
Insurance	0.7
Pharmaceuticals	0.7
Lodging	0.6
Affiliated Mutual Fund	0.6
Building Materials	0.5
Aerospace & Defense	0.5
Commercial Services	0.5
Retail	0.5
Diversified Financial Services	0.5
Semiconductors	0.4
Municipal Bonds	0.4
Computers	0.4
Consumer Loans	0.4
Chemicals	0.4
Engineering & Construction	0.4
Entertainment	0.4
Home Builders	0.4
Machinery-Diversified	0.4
Leisure Time	0.4
Other	0.4
Shipbuilding	0.3
Transportation	0.3
Home Equity Loans	0.3
Airlines	0.3
Packaging & Containers	0.3


Trucking & Leasing	0.3	%
Office/Business Equipment	0.3
Automobiles	0.2
Software	0.2
Auto Parts & Equipment	0.1
Student Loan	0.1
Biotechnology	0.1
Real Estate	0.1
Iron/Steel	0.1
Healthcare-Products	0.1
Internet	0.0	*
Housewares	0.0	*
Miscellaneous Manufacturing	0.0	*
Distribution/Wholesale	0.0	*
Apparel	0.0	*
Gas	0.0	*
Beverages	0.0	*
Environmental Control	0.0	*


	101.1
Liabilities in excess of other assets	(1.1	)


	100.0	%

*	Less than 0.05%

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

Fair values of derivative instruments as of August 31, 2024 as presented in the Statement of Assets and Liabilities:

See Notes to Financial Statements.

PGIM Fixed Income ETFs 265

PGIM Total Return Bond ETF

Schedule of Investments (continued)

as of August 31, 2024


	Asset Derivatives				Liability Derivatives
Derivatives not accounted for as hedging instruments, carried at fair value	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value

Credit contracts	Due from/to broker-variation margin swaps	$	179,661	*	—	$	—

Credit contracts	Premiums paid for OTC swap agreements		675		Premiums received for OTC swap agreements		559

Credit contracts	Unrealized appreciation on OTC swap agreements		4,922		Unrealized depreciation on OTC swap agreements		4,190

Foreign exchange contracts	—		—		Unrealized depreciation on OTC cross currency exchange contracts		13

Foreign exchange contracts	Unrealized appreciation on OTC forward foreign currency exchange contracts		224,613		Unrealized depreciation on OTC forward foreign currency exchange contracts		687,449

Interest rate contracts	Due from/to broker-variation margin futures		6,349	*	Due from/to broker-variation margin futures		131,860	*

Interest rate contracts	Due from/to broker-variation margin swaps		246,263	*	Due from/to broker-variation margin swaps		314,508	*

Interest rate contracts	Unrealized appreciation on OTC swap agreements		2,660		Unrealized depreciation on OTC swap agreements		65,761


		$	665,143			$	1,204,340

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

The effects of derivative instruments on the Statement of Operations for the year ended August 31, 2024 are as follows:


Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Options Purchased(1)			Options Written		Futures		Forward & Cross Currency Exchange Contracts		Swaps

Credit contracts	$	—		$	—	$	—	$	—	$	575,238
Foreign exchange contracts		—			—		—		237,948		—
Interest rate contracts		(425	)		155		722,441		—		(4,045	)


Total	$	(425	)	$	155	$	722,441	$	237,948	$	571,193

See Notes to Financial Statements.

266

PGIM Total Return Bond ETF

Schedule of Investments (continued)

as of August 31, 2024

(1) Included in net realized gain (loss) on investment transactions in the Statement of Operations.


Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Futures			Forward & Cross Currency Exchange Contracts			Swaps

Credit contracts	$	—		$	—		$	142,035
Foreign exchange contracts		—			(576,154	)		—
Interest rate contracts		(278,904	)		—			(243,312	)


Total	$	(278,904	)	$	(576,154	)	$	(101,277	)

For the year ended August 31, 2024, the Fund’s average volume of derivative activities is as follows:


Derivative Contract Type	Average Volume of Derivative Activities*

Options Purchased (1)		$ 85
Options Written (2)		155,000
Futures Contracts - Long Positions (2)		49,269,525
Futures Contracts - Short Positions (2)		1,318,793
Forward Foreign Currency Exchange Contracts - Purchased (3)		9,571,332
Forward Foreign Currency Exchange Contracts - Sold (3)		21,871,395
Cross Currency Exchange Contracts (4)		94,096
Interest Rate Swap Agreements (2)		34,709,713
Credit Default Swap Agreements - Buy Protection (2)		137,070
Credit Default Swap Agreements - Sell Protection (2)		15,208,282
Total Return Swap Agreements (2)		5,149,379

*	Average volume is based on average quarter end balances for the year ended August 31, 2024.

(1)

Cost.

(2)	Notional Amount in USD.

(3)	Value at Settlement Date.

(4)	Value at Trade Date.

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

See Notes to Financial Statements.

PGIM Fixed Income ETFs 267

PGIM Total Return Bond ETF

Schedule of Investments (continued)

as of August 31, 2024

Offsetting of OTC derivative assets and liabilities:


Counterparty	Gross Amounts of Recognized Assets(1)		Gross Amounts of Recognized Liabilities(1)			Net Amounts of Recognized Assets/(Liabilities)			Collateral Pledged/(Received)(2)		Net Amount
BARC	$	4,615	$	(4,662	)	$	(47	)	$	—	$	(47	)
BOA		24,511		(28,440	)		(3,929	)		—		(3,929	)
CITI		80,817		(103,485	)		(22,668	)		—		(22,668	)
DB		14,757		(15,038	)		(281	)		—		(281	)
GSI		19,726		(45,555	)		(25,829	)		—		(25,829	)
JPM		44,266		(179,876	)		(135,610	)		50,579		(85,031	)
MSI		34,641		(100,661	)		(66,020	)		—		(66,020	)
SSB		9,537		(271,511	)		(261,974	)		261,974		—
TD		—		(8,744	)		(8,744	)		—		(8,744	)

	$	232,870	$	(757,972	)	$	(525,102	)	$	312,553	$	(212,549	)

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

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

See Notes to Financial Statements.

268

PGIM Total Return Bond ETF

Statement of Assets & Liabilities

as of August 31, 2024


Assets

Investments at value:
Unaffiliated investments (cost $278,891,746)	$	281,215,516
Affiliated investments (cost $1,488,603)		1,488,603
Cash		62
Foreign currency, at value (cost $237,863)		240,036
Receivable for investments sold		4,068,404
Dividends and interest receivable		2,504,220
Unrealized appreciation on OTC forward foreign currency exchange contracts		224,613
Unrealized appreciation on OTC swap agreements		7,582
Tax reclaim receivable		4,429
Due from broker—variation margin swaps		1,588
Premiums paid for OTC swap agreements		675
Other assets		12,377


Total Assets		289,768,105


Liabilities

Payable for investments purchased		9,049,381
Unrealized depreciation on OTC forward foreign currency exchange contracts		687,449
Management fee payable		114,537
Due to broker—variation margin futures		87,852
Unrealized depreciation on OTC swap agreements		69,951
Premiums received for OTC swap agreements		559
Unrealized depreciation on OTC cross currency exchange contracts		13


Total Liabilities		10,009,742


Net Assets	$	279,758,363




Net assets were comprised of:
Common stock, at par	$	6,600
Paid-in capital in excess of par		286,239,967
Total distributable earnings (loss)		(6,488,204	)


Net assets, August 31, 2024	$	279,758,363

Net asset value, offering price and redemption price per share.
($279,758,363 ÷ 6,600,000 shares of common stock issued and outstanding)	$	42.39

See Notes to Financial Statements.

PGIM Fixed Income ETFs 269

PGIM Total Return Bond ETF

Statement of Operations

Year Ended August 31, 2024


Net Investment Income (Loss)

Income
Interest income (net of $268 foreign withholding tax)	$	9,588,854
Affiliated dividend income		327,100
Affiliated income from securities lending, net		41

Total income		9,915,995


Expenses
Management fee		871,466
Less: Fee waiver and/or expense reimbursement		(9,314	)

Net expenses		862,152

Net investment income (loss)		9,053,843

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

Net realized gain (loss) on:
Investment transactions (including affiliated of $10)		(666,354	)
Futures transactions		722,441
Forward and cross currency contract transactions		237,948
Options written transactions		155
Swap agreement transactions		571,193
Foreign currency transactions		(50,994	)

		814,389

Net change in unrealized appreciation (depreciation) on:
Investments		8,425,260
Futures		(278,904	)
Forward and cross currency contracts		(576,154	)
Swap agreements		(101,277	)
Foreign currencies		4,830

		7,473,755

Net gain (loss) on investment and foreign currency transactions		8,288,144

Net Increase (Decrease) In Net Assets Resulting From Operations	$	17,341,987

See Notes to Financial Statements.

270

PGIM Total Return Bond ETF

Statements of Changes in Net Assets



	Year Ended August 31,

	2024			2023

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)	$	9,053,843		$	3,846,738

Net realized gain (loss) on investment and foreign currency transactions		814,389			(6,596,720	)

Net change in unrealized appreciation (depreciation) on investments and foreign currencies		7,473,755			1,827,314


Net increase (decrease) in net assets resulting from operations		17,341,987			(922,668	)


Dividends and Distributions

Distributions from distributable earnings		(8,478,904	)		(4,335,305	)


Fund share transactions

Net proceeds from shares sold (4,825,000 and 1,100,000 shares, respectively)		198,605,710			45,669,945

Cost of shares purchased (750,000 and 800,000 shares, respectively)		(31,005,125	)		(32,656,702	)


Net increase (decrease) in net assets from Fund share transactions		167,600,585			13,013,243


Total increase (decrease)		176,463,668			7,755,270

Net Assets:

Beginning of year		103,294,695			95,539,425


End of year	$	279,758,363		$	103,294,695

See Notes to Financial Statements.

PGIM Fixed Income ETFs 271

PGIM Total Return Bond ETF

Financial Highlights




	Year Ended August 31,						December 02, 2021^(a)through
	2024			2023			August 31, 2022
Per Share Operating Performance^(b):
Net Asset Value, Beginning of Period		$40.91			$42.94			$50.00
Income (loss) from investment operations:
Net investment income (loss)		2.09			1.81			0.86
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.44			(1.72	)^(c)		(7.23	)
Total from investment operations		3.53			0.09			(6.37	)
Less Dividends and Distributions:
Dividends from net investment income		(2.05	)		(2.12	)		(0.69	)
Net asset value, end of period		$42.39			$40.91			$42.94
Total Return^(d):		8.97	%		0.27	%		(12.81	)%


Ratios/Supplemental Data:
Net assets, end of period (000)		$279,758			$103,295			$95,539
Average net assets (000)		$177,863			$87,917			$67,327
Ratios to average net assets^(e):
Expenses after waivers and/or expense reimbursement		0.48	%		0.49	%		0.49	%^(f)
Expenses before waivers and/or expense reimbursement		0.49	%		0.49	%		0.49	%^(f)
Net investment income (loss)		5.09	%		4.38	%		2.54	%^(f)
Portfolio turnover rate^(g)(h)		114	%		194	%		150	%

(a)	Commencement of operations.

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

(c)	The per share amount of realized and unrealized gain (loss) on investments does not directly correlate to the amounts reported in the Statement of Operations due to the timing of portfolio share transactions in relation to fluctuating market values.

(d)

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

(f)	Annualized.

(g)	The Fund accounts for mortgage dollar roll transactions, when applicable, as purchases and sales which, as a result, can increase its portfolio turnover rate.

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

See Notes to Financial Statements.

272

PGIM Ultra Short Bond ETF

Schedule of Investments

as of August 31, 2024



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

LONG-TERM INVESTMENTS 74.1%

ASSET-BACKED SECURITIES 17.5%

Automobiles 1.9%

AmeriCredit Automobile Receivables Trust,
Series 2023-01, Class A2A	5.840%	10/19/26		9,903	$	9,910,597
ARI Fleet Lease Trust,
Series 2022-A, Class A2, 144A	3.120	01/15/31		244		243,359
Series 2024-A, Class A2, 144A	5.300	11/15/32		7,000		7,024,884
Avis Budget Rental Car Funding AESOP LLC,
Series 2022-03A, Class A, 144A	4.620	02/20/27		35,000		34,828,070
Series 2023-03A, Class A, 144A	5.440	02/22/28		20,000		20,254,274
Series 2023-07A, Class A, 144A	5.900	08/21/28		6,650		6,847,992
Enterprise Fleet Financing LLC,
Series 2021-02, Class A2, 144A	0.480	05/20/27		397		394,453
Series 2022-01, Class A2, 144A	3.030	01/20/28		3,106		3,084,453
Series 2022-03, Class A2, 144A	4.380	07/20/29		404		401,753
Series 2023-01, Class A2, 144A	5.510	01/22/29		4,178		4,186,613
Series 2023-02, Class A2, 144A	5.560	04/22/30		6,276		6,313,772
Series 2023-03, Class A2, 144A	6.400	03/20/30		12,722		12,958,740
Series 2024-01, Class A2, 144A	5.230	03/20/30		6,100		6,136,634
Ford Credit Floorplan Master Owner Trust,
Series 2023-01, Class A1, 144A	4.920	05/15/28		17,100		17,192,831
OneMain Direct Auto Receivables Trust,
Series 2023-01A, Class A, 144A	5.410	11/14/29		17,100		17,321,464


						147,099,889

Collateralized Loan Obligations 14.8%
Ares CLO Ltd. (Cayman Islands),
Series 2016-40A, Class A1RR, 144A, 3 Month SOFR + 1.132% (Cap N/A, Floor 0.870%)	6.433(c)	01/15/29		1,438		1,439,034
Series 2018-28RA, Class A1R, 144A, 3 Month SOFR + 1.150% (Cap N/A, Floor 1.150%)	6.436(c)	10/17/30		40,286		40,348,465
Series 2018-50A, Class AR, 144A, 3 Month SOFR + 1.312% (Cap N/A, Floor 1.050%)	6.613(c)	01/15/32		14,401		14,408,484
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%)	7.051(c)	07/15/30		10,128		10,169,962
Ballyrock CLO Ltd. (Cayman Islands),
Series 2020-02A, Class A1R, 144A, 3 Month SOFR + 1.272% (Cap N/A, Floor 1.010%)	6.554(c)	10/20/31		22,428		22,417,898

See Notes to Financial Statements.

PGIM Fixed Income ETFs 273

PGIM Ultra Short Bond ETF

Schedule of Investments (continued)

as of August 31, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount

(000)#

Value

ASSET-BACKED SECURITIES (Continued)

Collateralized Loan Obligations (cont’d.)

Battalion CLO Ltd. (Cayman Islands),

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

6.663%(c)

07/15/31

17,909

17,929,127

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

6.433(c)

05/17/31

3,860

3,860,266

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

6.586(c)

01/17/33

50,000

50,044,980

Benefit Street Partners CLO Ltd. (Cayman Islands),

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

6.577(c)

01/17/32

4,355

4,352,625

BlueMountain CLO Ltd. (Cayman Islands),

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

6.643(c)

07/15/31

10,834

10,837,456

Canyon Capital CLO Ltd. (Cayman Islands),

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

6.633(c)

07/15/31

18,264

18,268,409

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

6.563(c)

07/15/30

12,492

12,490,981

Carlyle CLO Ltd. (Cayman Islands),

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

6.547(c)

04/30/31

11,676

11,677,308

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%)

6.517(c)

04/17/31

2,604

2,604,426

Series 2015-05A, Class A1R3, 144A, 3 Month SOFR + 1.100% (Cap N/A, Floor 1.100%)

6.382(c)

01/20/32

18,716

18,723,788

Carlyle US CLO Ltd. (Cayman Islands),

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

6.544(c)

04/20/31

8,188

8,192,694

CarVal CLO Ltd. (Cayman Islands),

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

6.654(c)

04/20/32

16,448

16,462,645

Cathedral Lake Ltd. (Cayman Islands),

Series 2021-07RA, Class AR, 144A, 3 Month SOFR + 1.180% (Cap N/A, Floor 1.180%)

6.481(c)

01/15/32

21,876

21,882,717

CBAM Ltd. (Cayman Islands),

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

6.644(c)

07/20/31

7,949

7,949,233

See Notes to Financial Statements.

274

PGIM Ultra Short Bond ETF

Schedule of Investments (continued)

as of August 31, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount

(000)#

Value

ASSET-BACKED SECURITIES (Continued)

Collateralized Loan Obligations (cont’d.)

CIFC Funding Ltd. (Cayman Islands),

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

6.525%(c)

04/24/31

13,721

13,745,427

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

6.495(c)

10/24/30

15,518

15,537,833

Columbia Cent CLO Ltd. (Cayman Islands),

Series 2020-30A, Class A1R, 144A, 3 Month SOFR + 1.280% (Cap N/A, Floor 1.280%)

6.396(c)

01/20/34

22,000

21,999,036

Golub Capital Partners Static Ltd. (Cayman Islands),

Series 2024-01A, Class A1, 144A, 3 Month SOFR + 1.230% (Cap N/A, Floor 1.230%)

6.512(c)

04/20/33

34,423

34,454,382

Greywolf CLO Ltd. (Cayman Islands),

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

6.722(c)

10/20/31

7,923

7,927,997

HPS Loan Management Ltd. (Cayman Islands),

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

6.509(c)

05/06/30

2,255

2,257,228

Series 13A-18, Class A1R, 144A, 3 Month SOFR + 1.130% (Cap N/A, Floor 1.130%)

6.431(c)

10/15/30

52,217

52,215,664

ICG US CLO Ltd. (Cayman Islands),

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

6.576(c)

04/25/31

4,748

4,750,245

Jamestown CLO Ltd. (Cayman Islands),

Series 2019-01A, Class A1R, 144A, 3 Month SOFR + 1.200% (Cap N/A, Floor 1.200%)

6.482(c)

04/20/32

9,691

9,686,269

Jefferson Mill CLO Ltd. (Cayman Islands),

Series 2015-01A, Class ARR, 144A, 3 Month SOFR + 1.230% (Cap N/A, Floor 0.000%)

6.512(c)

10/20/31

20,368

20,438,610

KKR CLO Ltd. (Cayman Islands),

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

6.743(c)

01/15/31

597

597,595

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

6.481(c)

07/18/30

7,803

7,800,378

Madison Park Funding Ltd. (Cayman Islands),

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

6.484(c)

10/21/30

20,065

20,080,490

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

6.666(c)

04/25/32

13,524

13,533,431

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

6.497(c)

07/17/34

1,885

1,884,568

See Notes to Financial Statements.

PGIM Fixed Income ETFs 275

PGIM Ultra Short Bond ETF

Schedule of Investments (continued)

as of August 31, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount

(000)#

Value

ASSET-BACKED SECURITIES (Continued)

Collateralized Loan Obligations (cont’d.)

Madison Park Funding Ltd. (Cayman Islands), (cont’d.)

Series 2021-48A, Class A, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.412%)

6.691%(c)

04/19/33

14,796

14,778,660

MidOcean Credit CLO (Cayman Islands),

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

6.603(c)

07/15/29

87,848

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

6.694(c)

07/20/31

4,769

4,773,009

Mountain View CLO Ltd. (Cayman Islands),

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

6.566(c)

10/12/30

9,938

9,943,182

Nassau Ltd. (United Kingdom),

Series 2022-01A, Class A1R, 144A, 3 Month SOFR + 1.170% (Cap N/A, Floor 1.170%)

6.471(c)

01/15/31

29,925

29,935,483

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%)

6.608(c)

04/16/33

17,372

17,391,464

Oaktree CLO Ltd. (Cayman Islands),

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

6.654(c)

04/22/30

5,250

5,259,529

Ocean Trails CLO (Cayman Islands),

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

6.557(c)

04/17/30

1,919

1,920,446

OCP CLO Ltd. (Cayman Islands),

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

6.551(c)

01/15/33

16,750

16,772,443

Octagon Investment Partners 31 Ltd. (Cayman Islands),

Series 2017-01A, Class ARR, 144A, 3 Month SOFR + 1.150% (Cap N/A, Floor 1.150%)

6.432(c)

07/20/30

20,452

20,464,462

OZLM Ltd. (Cayman Islands),

Series 2014-06A, Class A1T, 144A, 3 Month SOFR + 0.868% (Cap N/A, Floor 0.868%)

6.154(c)

04/17/31

17,502

17,518,696

Series 2014-09A, Class A1A4, 144A, 3 Month SOFR + 1.200% (Cap N/A, Floor 1.200%)

6.482(c)

10/20/31

24,345

24,353,212

Series 2016-15A, Class A1RR, 144A, 3 Month SOFR + 1.220% (Cap N/A, Floor 1.220%)

6.502(c)

04/20/33

10,905

10,894,670

Palmer Square CLO Ltd. (Cayman Islands),

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

6.677(c)

01/17/31

212

214,220

See Notes to Financial Statements.

276

PGIM Ultra Short Bond ETF

Schedule of Investments (continued)

as of August 31, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount

(000)#

Value

ASSET-BACKED SECURITIES (Continued)

Collateralized Loan Obligations (cont’d.)

Palmer Square CLO Ltd. (Cayman Islands), (cont’d.)

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

6.644%(c)

07/20/30

354

354,453

Palmer Square Loan Funding Ltd. (Cayman Islands),

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

6.344(c)

07/20/29

4,054

4,055,350

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

6.363(c)

10/15/29

6,399

6,399,038

Series 2022-03A, Class A1AR, 144A, 3 Month SOFR + 1.100% (Cap N/A, Floor 1.100%)

6.401(c)

04/15/31

25,401

25,414,191

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%)

6.544(c)

10/20/31

13,727

13,737,705

PPM CLO Ltd. (Cayman Islands),

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

6.713(c)

07/15/31

5,678

5,686,807

Regatta Funding Ltd. (Cayman Islands),

Series 2019-02A, Class A1R, 144A, 3 Month SOFR + 1.200% (Cap N/A, Floor 1.200%)

0.000(c)

01/15/33

30,000

30,000,000

Rockford Tower CLO Ltd. (Cayman Islands),

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

6.734(c)

10/20/30

6,607

6,609,011

Rockford Tower CLO Ltd.,

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

6.583(c)

10/15/29

5,366

5,369,667

Romark CLO Ltd. (Cayman Islands),

Series 2018-02A, Class A1R, 144A, 3 Month SOFR + 1.140% (Cap N/A, Floor 1.140%)

6.425(c)

07/25/31

37,145

37,065,396

Romark WM-R Ltd. (Cayman Islands),

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

6.574(c)

04/20/31

9,236

9,254,659

Saratoga Investment Corp. CLO Ltd. (Cayman Islands),

Series 2013-01A, Class A1R4, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%)

6.582(c)

04/20/33

18,430

18,444,314

Shackleton CLO Ltd. (Cayman Islands),

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

6.494(c)

05/07/31

11,132

11,134,615

See Notes to Financial Statements.

PGIM Fixed Income ETFs 277

PGIM Ultra Short Bond ETF

Schedule of Investments (continued)

as of August 31, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount

(000)#

Value

ASSET-BACKED SECURITIES (Continued)

Collateralized Loan Obligations (cont’d.)

Sound Point CLO Ltd. (Cayman Islands),

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

6.615%(c)

10/23/31

8,398

8,412,446

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

6.524(c)

10/20/30

3,616

3,618,459

Series 2018-03A, Class A1AR, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%)

6.579(c)

10/26/31

24,171

24,158,081

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

6.624(c)

01/20/32

11,338

11,366,124

TICP CLO Ltd. (Cayman Islands),

Series 2017-07A, Class ASR2, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%)

6.601(c)

04/15/33

20,000

20,002,286

Trinitas CLO Ltd. (Cayman Islands),

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

6.641(c)

10/18/31

6,885

6,882,006

Venture CLO Ltd. (Cayman Islands),

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

6.444(c)

10/20/28

513

513,489

Series 2019-37A, Class A1RR, 144A, 3 Month SOFR + 1.250% (Cap N/A, Floor 1.250%)

6.551(c)

07/15/32

35,000

34,999,051

Voya CLO Ltd. (Cayman Islands),

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

6.516(c)

04/25/31

1,933

1,933,319

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

6.690(c)

10/18/31

14,221

14,236,857

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

6.531(c)

04/18/31

892

892,341

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

6.567(c)

04/17/30

351

351,520

Series 2015-03A, Class A1R3, 144A, 3 Month SOFR + 1.150% (Cap N/A, Floor 1.150%)

6.432(c)

10/20/31

43,105

43,108,295

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

6.614(c)

01/20/31

12,285

12,288,372

Wellfleet CLO Ltd. (Cayman Islands),

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

6.744(c)

10/20/31

7,979

7,979,044

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

6.664(c)

07/20/32

20,000

20,031,134

Series 2020-01A, Class A1AR, 144A, 3 Month SOFR + 1.200% (Cap N/A, Floor 1.200%)

6.501(c)

04/15/33

30,000

30,000,330

See Notes to Financial Statements.

278

PGIM Ultra Short Bond ETF

Schedule of Investments (continued)

as of August 31, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount

(000)#

Value

ASSET-BACKED SECURITIES (Continued)

Collateralized Loan Obligations (cont’d.)

Zais CLO Ltd. (Cayman Islands),

Series 2017-02A, Class A, 144A, 3 Month SOFR + 1.552% (Cap N/A, Floor 0.000%)

6.853%(c)

04/15/30

45,276

1,109,620,611

Consumer Loans 0.5%

OneMain Financial Issuance Trust,

Series 2023-02A, Class A1, 144A

5.840

09/15/36

34,900

35,862,179

SoFi Consumer Loan Program Trust,

Series 2023-01S, Class A, 144A

5.810

05/15/31

136

136,371

35,998,550

Equipment 0.1%

Kubota Credit Owner Trust,

Series 2023-01A, Class A2, 144A

5.400

02/17/26

5,214

5,214,834

Home Equity Loans 0.2%

JPMorgan Mortgage Trust,

Series 2024-HE02, Class A1, 144A, 30 Day Average SOFR + 1.200% (Cap N/A, Floor 0.000%)

6.551(c)

10/20/54

10,092

10,107,705

RCKT Mortgage Trust,

Series 2024-CES03, Class A1A, 144A

6.591(cc)

05/25/44

9,551

9,684,456

19,792,161

TOTAL ASSET-BACKED SECURITIES
(cost $1,312,613,810)

1,317,726,045

CERTIFICATES OF DEPOSIT 2.2%

Banco Santander SA, SOFR + 0.510%

5.840(c)

01/31/25

15,000

15,021,651

Credit Agricole Corporate & Investment Bank,

SOFR + 0.590%

5.920(c)

08/28/25

44,000

44,120,390

SOFR + 0.810%

6.140(c)

06/07/27

10,000

9,975,808

Credit Industriel et Commercial

5.550

04/14/25

15,000

15,058,407

Natixis SA, SOFR + 0.420%

5.750(c)

01/06/25

20,000

20,018,022

Skandinaviska Enskilda Banken AB, SOFR + 0.290% (Cap N/A, Floor 0.000%)

5.620(c)

02/24/25

10,000

10,003,873

See Notes to Financial Statements.

PGIM Fixed Income ETFs 279

PGIM Ultra Short Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CERTIFICATES OF DEPOSIT (Continued)

Toronto-Dominion Bank (The), US Federal Funds
Effective Rate + 0.400%	5.730%(c)	08/22/25		25,000	$	25,008,169
Wells Fargo Bank NA, SOFR + 0.600% (Cap N/A, Floor 0.000%)	5.930(c)	11/01/24		24,000		24,021,657


TOTAL CERTIFICATES OF DEPOSIT (cost $163,000,000)						163,227,977


COMMERCIAL MORTGAGE-BACKED SECURITIES 9.1%
3650R Commercial Mortgage Trust,
Series 2021-PF01, Class A1	1.122	11/15/54		3,941		3,761,891
BANK,
Series 2017-BNK04, Class A3	3.362	05/15/50		23,271		22,545,746
Series 2017-BNK08, Class A3	3.229	11/15/50		6,832		6,500,136
Bank of America Merrill Lynch Commercial Mortgage Trust,
Series 2016-UB10, Class A3	2.903	07/15/49		1,491		1,449,829
Series 2016-UB10, Class A4	3.170	07/15/49		21,000		20,255,878
Barclays Commercial Mortgage Securities Trust,
Series 2020-C07, Class A1	1.079	04/15/53		140		139,480
Benchmark Mortgage Trust,
Series 2018-B02, Class A2	3.662	02/15/51		186		183,285
Series 2018-B03, Class A2	3.848	04/10/51		85		84,475
Series 2018-B05, Class A2	4.077	07/15/51		522		504,938
CFCRE Commercial Mortgage Trust,
Series 2016-C04, Class A4	3.283	05/10/58		5,600		5,447,626
Citigroup Commercial Mortgage Trust,
Series 2014-GC25, Class A4	3.635	10/10/47		3,167		3,161,917
Series 2015-GC29, Class A4	3.192	04/10/48		9,325		9,184,227
Series 2015-GC31, Class A4	3.762	06/10/48		9,690		9,493,532
Series 2015-GC33, Class A4	3.778	09/10/58		2,250		2,205,117
Series 2015-P01, Class A4	3.462	09/15/48		13,173		13,018,006
Series 2016-C03, Class A4	3.154	11/15/49		5,447		5,210,169
Series 2016-P04, Class A2	2.450	07/10/49		3,635		3,494,536
Series 2016-P05, Class A3	2.684	10/10/49		4,836		4,645,723
Series 2016-P06, Class A4	3.458	12/10/49		7,094		6,902,618
Commercial Mortgage Trust,
Series 2012-CR04, Class A3	2.853	10/15/45		90		82,516
Series 2014-CR21, Class A3	3.528	12/10/47		5,571		5,500,882
Series 2014-UBS03, Class A4	3.819	06/10/47		140		139,786
Series 2014-UBS06, Class A4	3.378	12/10/47		3,983		3,969,698
Series 2014-UBS06, Class A5	3.644	12/10/47		33,978		33,786,128

See Notes to Financial Statements.

280

PGIM Ultra Short Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)

Commercial Mortgage Trust, (cont’d.)
Series 2015-CR22, Class A3	3.207%	03/10/48		820	$	811,037
Series 2015-CR22, Class A4	3.048	03/10/48		21,900		21,744,538
Series 2015-CR23, Class A4	3.497	05/10/48		2,575		2,540,705
Series 2015-CR23, Class ASB	3.257	05/10/48		165		164,505
Series 2015-CR24, Class A4	3.432	08/10/48		8,096		7,989,116
Series 2015-CR24, Class ASB	3.445	08/10/48		337		335,583
Series 2015-CR26, Class A4	3.630	10/10/48		12,465		12,222,822
Series 2015-LC19, Class A3	2.922	02/10/48		7,256		7,245,538
Series 2015-LC19, Class A4	3.183	02/10/48		2,277		2,258,225
Series 2015-LC21, Class A4	3.708	07/10/48		11,000		10,848,661
Series 2015-LC23, Class A4	3.774	10/10/48		11,580		11,365,431
Series 2015-PC01, Class A5	3.902	07/10/50		26,237		25,960,679
Series 2016-COR01, Class A4	3.091	10/10/49		11,000		10,524,241
Credit Suisse Mortgage Trust,
Series 2016-NXSR, Class A3	3.501	12/15/49		3,804		3,717,763
CSAIL Commercial Mortgage Trust,
Series 2015-C02, Class A4	3.504	06/15/57		12,500		12,335,804
Series 2016-C05, Class ASB	3.533	11/15/48		863		854,079
Series 2016-C06, Class A5	3.090	01/15/49		14,500		13,995,810
Series 2016-C07, Class A4	3.210	11/15/49		6,372		6,197,349
Deutsche Bank Commercial Mortgage Trust,
Series 2016-C01, Class A4	3.276	05/10/49		1,914		1,851,792
Series 2016-C03, Class A5	2.890	08/10/49		8,353		7,973,367
Series 2017-C06, Class A3	3.269	06/10/50		3,264		3,229,212
GS Mortgage Securities Trust,
Series 2015-GC30, Class A4	3.382	05/10/50		22,540		22,215,526
Series 2016-GS02, Class A4	3.050	05/10/49		14,962		14,493,297
Series 2016-GS03, Class A3	2.592	10/10/49		11,858		11,428,571
Series 2016-GS04, Class A3	3.178	11/10/49		5,764		5,582,904
Series 2016-GS04, Class A4	3.442(cc)	11/10/49		4,419		4,277,495
JPMBB Commercial Mortgage Securities Trust,
Series 2014-C23, Class A5	3.934	09/15/47		5,274		5,260,334
Series 2014-C24, Class A4A2, 144A	3.373	11/15/47		4,861		4,812,317
Series 2014-C24, Class A5	3.639	11/15/47		10,830		10,640,077
Series 2014-C25, Class A4A1	3.408	11/15/47		1,356		1,353,109
Series 2014-C26, Class A3	3.231	01/15/48		5,940		5,919,022
Series 2014-C26, Class A4	3.494	01/15/48		15,500		15,404,374
Series 2015-C27, Class A3A1	2.920	02/15/48		3,324		3,272,994
Series 2015-C29, Class A4	3.611	05/15/48		30,892		30,489,363
Series 2015-C31, Class A3	3.801	08/15/48		10,827		10,644,384
Series 2015-C32, Class A4	3.329	11/15/48		19,126		18,864,258

See Notes to Financial Statements.

PGIM Fixed Income ETFs 281

PGIM Ultra Short Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)

JPMDB Commercial Mortgage Securities Trust,
Series 2016-C04, Class A2	2.882%	12/15/49		3,535	$	3,401,388
JPMorgan Chase Commercial Mortgage Securities Trust,
Series 2015-JP01, Class A5	3.914	01/15/49		9,620		9,430,536
Series 2016-JP02, Class ASB	2.713	08/15/49		2,423		2,377,103
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2014-C19, Class A4	3.526	12/15/47		5,229		5,202,741
Series 2015-C21, Class A3	3.077	03/15/48		12,354		12,270,907
Series 2015-C21, Class A4	3.338	03/15/48		5,679		5,604,520
Series 2015-C23, Class A3	3.451	07/15/50		17,190		16,988,694
Series 2015-C23, Class ASB	3.398	07/15/50		211		209,703
Series 2015-C24, Class A4	3.732	05/15/48		19,387		19,061,927
Series 2015-C25, Class A5	3.635	10/15/48		10,333		10,129,282
Series 2015-C26, Class A5	3.531	10/15/48		10,600		10,379,697
Series 2015-C27, Class A3	3.473	12/15/47		4,062		4,006,661
Series 2016-C30, Class A5	2.860	09/15/49		12,334		11,795,132
Morgan Stanley Capital I Trust,
Series 2015-MS01, Class A4	3.779(cc)	05/15/48		10,220		10,051,674
Series 2020-HR08, Class A1	0.932	07/15/53		728		711,454
One New York Plaza Trust,
Series 2020-01NYP, Class A, 144A, 1 Month SOFR + 1.064% (Cap N/A, Floor 0.950%)	6.401(c)	01/15/36		17,410		16,584,550
Wells Fargo Commercial Mortgage Trust,
Series 2015-LC22, Class A3	3.572	09/15/58		4,017		3,959,363
Series 2015-LC22, Class A4	3.839	09/15/58		8,000		7,866,741
Series 2015-NXS01, Class A5	3.148	05/15/48		12,831		12,649,561
Series 2015-NXS02, Class A2	3.020	07/15/58		48		47,799
Series 2015-NXS02, Class A4	3.498	07/15/58		10,300		10,157,575
Series 2016-C34, Class ASB	2.911	06/15/49		1,470		1,443,557
Series 2016-C36, Class A3	2.807	11/15/59		12,385		11,947,357
Series 2016-NXS05, Class A5	3.372	01/15/59		4,920		4,820,106


TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (cost $670,320,613)						681,590,449


CORPORATE BONDS 45.0%

Aerospace & Defense 1.2%

BAE Systems PLC (United Kingdom),
Sr. Unsec’d. Notes, 144A	5.000	03/26/27		10,290		10,394,375
GE Capital Funding LLC,
Gtd. Notes	3.450	05/15/25		27,342		26,966,809

See Notes to Financial Statements.

282

PGIM Ultra Short Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CORPORATE BONDS (Continued)

Aerospace & Defense (cont’d.)

General Dynamics Corp.,
Gtd. Notes	2.625%	11/15/27		5,120	$	4,881,278
RTX Corp.,
Sr. Unsec’d. Notes	5.000	02/27/26		8,000		8,047,200
Sr. Unsec’d. Notes	5.750	11/08/26		40,000		41,022,647


						91,312,309

Agriculture 0.4%

Cargill, Inc.,
Sr. Unsec’d. Notes, 144A	3.500	04/22/25		6,750		6,689,539
Sr. Unsec’d. Notes, 144A	4.875	10/10/25		14,000		14,051,568

Philip Morris International, Inc.,
Sr. Unsec’d. Notes	4.750	02/12/27		10,000		10,096,169


						30,837,276

Auto Manufacturers 6.7%

American Honda Finance Corp.,
Sr. Unsec’d. Notes	4.750	01/12/26		9,750		9,784,031
Sr. Unsec’d. Notes, MTN, SOFR + 0.600%	5.966(c)	08/14/25		10,000		10,011,351
Sr. Unsec’d. Notes, MTN, SOFR Index + 0.700%	6.066(c)	11/22/24		35,000		35,030,500
BMW US Capital LLC (Germany),
Gtd. Notes, 144A	3.250	04/01/25		7,000		6,926,604
Gtd. Notes, 144A, SOFR Index + 0.550%	5.921(c)	04/02/26		20,000		19,999,668
Gtd. Notes, 144A, SOFR Index + 0.620%	5.986(c)	08/11/25		20,000		20,023,890
Gtd. Notes, 144A, SOFR Index + 0.840%	6.211(c)	04/01/25		11,390		11,417,462
Daimler Truck Finance North America LLC (Germany),
Gtd. Notes, 144A	5.000	01/15/27		9,070		9,151,397
Gtd. Notes, 144A	5.150	01/16/26		14,000		14,077,566
Gtd. Notes, 144A, SOFR + 0.960%	6.330(c)	09/25/27		24,000		24,042,494
General Motors Financial Co., Inc.,
Gtd. Notes	3.500	11/07/24		9,700		9,660,637
Sr. Unsec’d. Notes	5.400	05/08/27		9,375		9,543,800
Sr. Unsec’d. Notes, SOFR Index + 1.050%	6.429(c)	07/15/27		30,000		29,958,829
Hyundai Capital America,
Sr. Unsec’d. Notes, 144A, SOFR + 1.040%	6.410(c)	03/19/27		16,670		16,705,414
Sr. Unsec’d. Notes, 144A, SOFR + 1.040%	6.410(c)	06/24/27		40,000		40,060,396
Mercedes-Benz Finance North America LLC (Germany),
Gtd. Notes, 144A	4.800	03/30/26		35,000		35,139,335

See Notes to Financial Statements.

PGIM Fixed Income ETFs 283

PGIM Ultra Short Bond ETF

Schedule of Investments (continued)

as of August 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	5.375%	11/26/25		8,500	$	8,576,996
Gtd. Notes, 144A, SOFR + 0.630%	5.998(c)	07/31/26		13,000		13,010,148
Gtd. Notes, 144A, SOFR + 0.670%	6.041(c)	01/09/26		13,000		13,007,150
PACCAR Financial Corp.,
Sr. Unsec’d. Notes, MTN	3.550	08/11/25		25,000		24,777,300
Sr. Unsec’d. Notes, MTN	4.450	03/30/26		15,000		15,046,453
Toyota Motor Credit Corp.,
Sr. Unsec’d. Notes	4.450	05/18/26		15,000		15,018,471
Sr. Unsec’d. Notes, SOFR + 0.770%	6.135(c)	08/07/26		6,000		6,031,407
Sr. Unsec’d. Notes, MTN	3.650	08/18/25		5,000		4,954,040
Sr. Unsec’d. Notes, MTN	3.950	06/30/25		18,750		18,632,580
Sr. Unsec’d. Notes, MTN, SOFR + 0.600% (Cap N/A, Floor 0.000%)	5.930(c)	06/09/25		20,000		20,025,340
Volkswagen Group of America Finance LLC (Germany),
Gtd. Notes, 144A	3.950	06/06/25		13,250		13,125,985
Gtd. Notes, 144A	6.000	11/16/26		50,000		51,285,235


						505,024,479

Banks 8.2%

Australia & New Zealand Banking Group Ltd. (Australia),
Sr. Unsec’d. Notes, 144A, SOFR + 0.560%	5.930(c)	03/18/26		13,500		13,511,205
Sr. Unsec’d. Notes, 144A, SOFR + 0.810%	6.179(c)	01/18/27		33,600		33,718,897
Bank of New York Mellon (The),
Sr. Unsec’d. Notes, MTN, SOFR + 0.450%	5.819(c)	03/13/26		12,625		12,629,076
Bank of Nova Scotia (The) (Canada),
Sr. Unsec’d. Notes, GMTN, SOFR Index + 0.780%	6.149(c)	06/04/27		30,000		29,900,775
Sr. Unsec’d. Notes, MTN, SOFR + 0.460%	5.830(c)	01/10/25		7,750		7,753,878
Sr. Unsec’d. Notes, MTN, SOFR Index + 0.900%	6.270(c)	04/11/25		4,750		4,765,585
Banque Federative du Credit Mutuel SA (France),
Sr. Preferred Notes, 144A, SOFR Index + 0.410%	5.776(c)	02/04/25		20,000		20,000,502
Sr. Preferred Notes, 144A, SOFR + 1.130%	6.500(c)	01/23/27		10,890		10,935,899
Canadian Imperial Bank of Commerce (Canada),
Sr. Unsec’d. Notes, SOFR Index + 0.420%	5.789(c)	10/18/24		10,000		10,002,725
Citibank NA,
Sr. Unsec’d. Notes, SOFR + 0.805%	6.176(c)	09/29/25		52,000		52,170,237
Commonwealth Bank of Australia (Australia),
Sr. Unsec’d. Notes	5.316	03/13/26		25,000		25,306,042

See Notes to Financial Statements.

284

PGIM Ultra Short Bond ETF

Schedule of Investments (continued)

as of August 31, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount

(000)#

Value

CORPORATE BONDS (Continued)

Banks (cont’d.)

Commonwealth Bank of Australia (Australia), (cont’d.)

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

6.000%(c)

01/10/25

28,500

28,539,378

Cooperatieve Rabobank UA (Netherlands),

Sr. Preferred Notes, SOFR Index + 0.620%

5.986(c)

08/28/26

12,920

12,936,380

Sr. Preferred Notes, SOFR Index + 0.710%

6.079(c)

03/05/27

15,000

15,021,097

Sr. Preferred Notes, SOFR Index + 0.710%

6.080(c)

01/09/26

28,500

28,555,615

DNB Bank ASA (Norway),

Sr. Non-Preferred Notes, 144A

5.896(ff)

10/09/26

25,000

25,229,300

Federation des Caisses Desjardins du Quebec (Canada),

Sr. Unsec’d. Notes, 144A

4.400

08/23/25

25,000

24,884,020

Morgan Stanley,

Sr. Unsec’d. Notes, MTN

4.679(ff)

07/17/26

41,019

40,841,273

National Australia Bank Ltd. (Australia),

Sr. Unsec’d. Notes

3.500

06/09/25

7,250

7,175,400

Sr. Unsec’d. Notes

4.966

01/12/26

32,000

32,154,970

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

6.019(c)

12/10/25

14,286

14,326,356

NatWest Markets PLC (United Kingdom),

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

6.820(c)

03/22/25

9,000

9,042,030

Nordea Bank Abp (Finland),

Sr. Preferred Notes, 144A

4.750

09/22/25

10,500

10,498,025

Sr. Preferred Notes, 144A, SOFR + 0.740%

6.110(c)

03/19/27

5,556

5,559,945

Royal Bank of Canada (Canada),

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

5.710(c)

10/07/24

10,000

10,001,108

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

5.894(c)

01/20/26

10,000

9,990,113

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

5.938(c)

04/27/26

7,027

7,011,695

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

6.319(c)

01/19/27

20,000

20,089,396

State Street Corp.,

Sr. Unsec’d. Notes

4.993

03/18/27

22,500

22,876,781

Sumitomo Mitsui Trust Bank Ltd. (Japan),

Sr. Unsec’d. Notes, 144A, MTN, SOFR + 0.440%

5.808(c)

09/16/24

7,500

7,500,333

Toronto-Dominion Bank (The) (Canada),

Sr. Unsec’d. Notes, MTN, SOFR + 0.350%

5.719(c)

09/10/24

8,000

8,000,054

UBS AG (Switzerland),

Sr. Unsec’d. Notes, 144A

1.375

01/13/25

20,000

19,687,566

UBS Group AG (Switzerland),

Sr. Unsec’d. Notes

4.550

04/17/26

10,000

9,961,199

Sr. Unsec’d. Notes, 144A

5.711(ff)

01/12/27

15,000

15,154,386

See Notes to Financial Statements.

PGIM Fixed Income ETFs 285

PGIM Ultra Short Bond ETF

Schedule of Investments (continued)

as of August 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%	6.080%(c)	01/15/26		12,800	$	12,825,120


						618,556,361

Beverages 1.6%

Diageo Capital PLC (United Kingdom),
Gtd. Notes	5.200	10/24/25		17,000		17,101,213
Keurig Dr. Pepper, Inc.,
Gtd. Notes, SOFR Index + 0.880%	6.249(c)	03/15/27		26,000		26,110,972
PepsiCo, Inc.,
Sr. Unsec’d. Notes	5.125	11/10/26		26,000		26,516,669
Sr. Unsec’d. Notes	5.250	11/10/25		50,000		50,538,774


						120,267,628

Biotechnology 0.9%

Amgen, Inc.,
Sr. Unsec’d. Notes	1.900	02/21/25		23,000		22,645,299
Sr. Unsec’d. Notes	5.250	03/02/25		13,250		13,251,200
Gilead Sciences, Inc.,
Sr. Unsec’d. Notes	3.500	02/01/25		30,000		29,793,715


						65,690,214

Building Materials 0.1%

Owens Corning,
Sr. Unsec’d. Notes	5.500	06/15/27		7,976		8,179,631

Chemicals 1.0%

Linde, Inc.,
Gtd. Notes	4.700	12/05/25		28,500		28,571,380
Nutrien Ltd. (Canada),
Sr. Unsec’d. Notes	5.200	06/21/27		20,000		20,345,420
Sr. Unsec’d. Notes	5.900	11/07/24		13,270		13,276,249
Sr. Unsec’d. Notes	5.950	11/07/25		7,250		7,337,738

See Notes to Financial Statements.

286

PGIM Ultra Short Bond ETF

Schedule of Investments (continued)

as of August 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	$	5,468,694


						74,999,481

Commercial Services 0.0%

Verisk Analytics, Inc.,
Sr. Unsec’d. Notes	4.000	06/15/25		1,478		1,465,038

Computers 1.8%

Apple, Inc.,
Sr. Unsec’d. Notes	3.200	05/13/25		16,000		15,842,221
Sr. Unsec’d. Notes	3.250	02/23/26		13,150		12,970,522
IBM International Capital Pte Ltd.,
Gtd. Notes	4.700	02/05/26		20,000		20,061,169
International Business Machines Corp.,
Sr. Unsec’d. Notes	4.500	02/06/26		37,000		37,022,333
NetApp, Inc.,
Sr. Unsec’d. Notes	1.875	06/22/25		50,000		48,693,215


						134,589,460

Cosmetics/Personal Care 0.4%

Colgate-Palmolive Co.,
Sr. Unsec’d. Notes	3.100	08/15/25		6,750		6,661,234
Kenvue, Inc.,
Gtd. Notes	5.350	03/22/26		12,500		12,681,595
Unilever Capital Corp. (United Kingdom),
Gtd. Notes	4.250	08/12/27		13,650		13,712,189


						33,055,018

Distribution/Wholesale 0.0%

W.W. Grainger, Inc.,
Sr. Unsec’d. Notes	1.850	02/15/25		2,000		1,968,520

See Notes to Financial Statements.

PGIM Fixed Income ETFs 287

PGIM Ultra Short Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CORPORATE BONDS (Continued)

Diversified Financial Services 0.1%

LSEG US Fin Corp. (United Kingdom),
Gtd. Notes, 144A	4.875%	03/28/27		7,140	$	7,196,316

Electric 3.1%

Alliant Energy Finance LLC,
Gtd. Notes, 144A	5.400	06/06/27		10,710		10,924,784
DTE Electric Co.,
General Ref. Mortgage	4.850	12/01/26		42,750		43,349,986
DTE Energy Co.,
Sr. Unsec’d. Notes	4.220	11/01/24		8,250		8,229,408
Sr. Unsec’d. Notes	4.950	07/01/27		14,625		14,784,988
Duke Energy Corp.,
Sr. Unsec’d. Notes	4.850	01/05/27		9,333		9,428,699
Sr. Unsec’d. Notes	5.000	12/08/25		13,250		13,304,490
Florida Power & Light Co.,
Sr. Unsec’d. Notes	4.450	05/15/26		16,500		16,530,451
Georgia Power Co.,
Sr. Unsec’d. Notes	5.004	02/23/27		10,680		10,852,825
NextEra Energy Capital Holdings, Inc.,
Gtd. Notes	6.051	03/01/25		21,750		21,834,341
Gtd. Notes, SOFR Index + 0.760%	6.128(c)	01/29/26		30,000		30,117,213
Southern California Edison Co.,
First Mortgage	5.350	03/01/26		12,000		12,140,815
First Mortgage, Series C	4.200	06/01/25		14,250		14,152,406
WEC Energy Group, Inc.,
Sr. Unsec’d. Notes	4.750	01/09/26		23,000		23,015,956
Sr. Unsec’d. Notes	5.000	09/27/25		6,000		6,013,987


						234,680,349

Electronics 1.3%

Amphenol Corp.,
Sr. Unsec’d. Notes	4.750	03/30/26		3,750		3,761,934
Sr. Unsec’d. Notes	5.050	04/05/27		10,000		10,189,067
Fortive Corp.,
Sr. Unsec’d. Notes	3.150	06/15/26		25,000		24,333,920

See Notes to Financial Statements.

288

PGIM Ultra Short Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CORPORATE BONDS (Continued)

Electronics (cont’d.)

Honeywell International, Inc.,
Sr. Unsec’d. Notes	4.650%	07/30/27		34,000	$	34,448,374
Tyco Electronics Group SA,
Gtd. Notes	4.500	02/13/26		23,250		23,274,227


						96,007,522

Foods 1.1%

Kroger Co. (The),
Sr. Unsec’d. Notes	4.600	08/15/27		9,380		9,405,114
Sr. Unsec’d. Notes	4.700	08/15/26		8,700		8,725,924
Mondelez International Holdings Netherlands BV,
Gtd. Notes, 144A	4.250	09/15/25		13,750		13,672,652
Mondelez International, Inc.,
Sr. Unsec’d. Notes	1.500	05/04/25		15,305		14,950,750
Nestle Holdings, Inc.,
Gtd. Notes, 144A	4.000	09/12/25		11,725		11,669,773
Gtd. Notes, 144A	5.250	03/13/26		20,000		20,286,374


						78,710,587

Healthcare-Products 0.1%

Smith & Nephew PLC (United Kingdom),
Sr. Unsec’d. Notes	5.150	03/20/27		6,133		6,215,648

Healthcare-Services 1.0%

Quest Diagnostics, Inc.,
Sr. Unsec’d. Notes	4.600	12/15/27		7,400		7,445,750
Roche Holdings, Inc.,
Gtd. Notes, 144A	5.265	11/13/26		60,000		61,229,650
UnitedHealth Group, Inc.,
Sr. Unsec’d. Notes	5.150	10/15/25		5,750		5,794,612


						74,470,012

Insurance 3.2%

Corebridge Financial, Inc.,
Sr. Unsec’d. Notes	3.500	04/04/25		8,000		7,913,439

See Notes to Financial Statements.

PGIM Fixed Income ETFs 289

PGIM Ultra Short Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CORPORATE BONDS (Continued)

Insurance (cont’d.)

Corebridge Global Funding,
Sec’d. Notes, 144A	4.650%	08/20/27		10,000	$	10,047,112
Sr. Sec’d. Notes, 144A, SOFR + 1.300% (Cap N/A, Floor 0.000%)	6.671(c)	09/25/26		30,000		30,230,087
Metropolitan Life Global Funding I,
Sec’d. Notes, 144A, MTN	4.050	08/25/25		23,250		23,108,242
Sec’d. Notes, 144A, MTN, SOFR Index + 0.700%	6.069(c)	06/11/27		19,000		19,032,902
Sr. Sec’d. Notes, 144A, SOFR Index + 0.570%	5.940(c)	04/09/26		14,000		13,999,550
New York Life Global Funding,
Sec’d. Notes, 144A, MTN	3.600	08/05/25		19,750		19,557,114
Sr. Sec’d. Notes, 144A, MTN, SOFR + 0.670%	6.041(c)	04/02/27		30,000		30,018,727
Principal Life Global Funding II,
Sr. Sec’d. Notes, 144A	5.000	01/16/27		7,714		7,818,314
Sr. Sec’d. Notes, 144A, SOFR + 0.900% (Cap N/A, Floor 0.000%)	6.266(c)	08/28/25		27,000		27,109,983
Protective Life Global Funding,
Sec’d. Notes, 144A	4.992	01/12/27		19,000		19,232,734
Sec’d. Notes, 144A, SOFR + 1.050% (Cap N/A, Floor 0.000%)	6.419(c)	12/11/24		20,000		20,034,804
Sec’d. Notes, 144A, MTN, SOFR + 0.700% (Cap N/A, Floor 0.000%)	6.070(c)	04/10/26		10,000		10,007,518


						238,110,526

Internet 0.4%

Amazon.com, Inc.,
Sr. Unsec’d. Notes	4.600	12/01/25		32,000		32,104,891

Iron/Steel 0.1%

Nucor Corp.,
Sr. Unsec’d. Notes	3.950	05/23/25		8,000		7,939,802

Machinery-Construction & Mining 0.2%

Caterpillar Financial Services Corp.,
Sr. Unsec’d. Notes	4.800	01/06/26		15,000		15,077,668

See Notes to Financial Statements.

290

PGIM Ultra Short Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CORPORATE BONDS (Continued)

Machinery-Diversified 0.6%

CNH Industrial Capital LLC,
Gtd. Notes	3.950%	05/23/25		12,500	$	12,382,637
John Deere Capital Corp.,
Sr. Unsec’d. Notes, MTN	4.800	01/09/26		29,000		29,168,965


						41,551,602

Media 0.7%

Comcast Corp.,
Gtd. Notes	3.150	03/01/26		12,301		12,070,240
Gtd. Notes	5.250	11/07/25		7,250		7,303,132
Walt Disney Co. (The),
Gtd. Notes	3.700	10/15/25		30,000		29,755,761


						49,129,133

Mining 0.5%

BHP Billiton Finance USA Ltd. (Australia),
Gtd. Notes	4.875	02/27/26		30,000		30,123,975
Newmont Corp./Newcrest Finance Pty Ltd.,
Gtd. Notes, 144A	5.300	03/15/26		10,000		10,093,227


						40,217,202

Miscellaneous Manufacturing 0.3%

3M Co.,
Sr. Unsec’d. Notes	2.000	02/14/25		20,699		20,410,619

Oil & Gas 0.2%

Pioneer Natural Resources Co.,
Sr. Unsec’d. Notes	5.100	03/29/26		14,250		14,386,605

Oil & Gas Services 0.3%

Schlumberger Holdings Corp.,
Sr. Unsec’d. Notes, 144A	5.000	05/29/27		23,750		24,090,548

See Notes to Financial Statements.

PGIM Fixed Income ETFs 291

PGIM Ultra Short Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CORPORATE BONDS (Continued)

Pharmaceuticals 0.7%

Astrazeneca Finance LLC (United Kingdom),
Gtd. Notes	4.800%	02/26/27		25,000	$	25,330,167
Bristol-Myers Squibb Co.,
Sr. Unsec’d. Notes	4.900	02/22/27		7,500		7,620,396
Sr. Unsec’d. Notes	4.950	02/20/26		9,250		9,334,966
Sr. Unsec’d. Notes, SOFR + 0.490%	5.856(c)	02/20/26		6,170		6,185,015


						48,470,544

Pipelines 2.0%

Enbridge, Inc. (Canada),
Gtd. Notes	5.250	04/05/27		19,000		19,310,910
Enterprise Products Operating LLC,
Gtd. Notes	3.750	02/15/25		20,000		19,872,384
Gtd. Notes	4.600	01/11/27		20,000		20,163,333
Gtd. Notes	5.050	01/10/26		14,750		14,871,906
MPLX LP,
Sr. Unsec’d. Notes	4.875	06/01/25		17,496		17,460,465
ONEOK, Inc.,
Gtd. Notes	5.550	11/01/26		7,000		7,131,567
TransCanada PipeLines Ltd. (Canada),
Sr. Unsec’d. Notes	1.000	10/12/24		9,750		9,692,402
Williams Cos., Inc. (The),
Sr. Unsec’d. Notes	5.400	03/02/26		40,000		40,394,802


						148,897,769

Real Estate Investment Trusts (REITs) 1.6%

Kimco Realty OP LLC,
Gtd. Notes	3.300	02/01/25		7,000		6,935,339
Public Storage Operating Co.,
Gtd. Notes, SOFR Index + 0.700%	6.070(c)	04/16/27		19,773		19,827,315
Realty Income Corp.,
Sr. Unsec’d. Notes	3.875	04/15/25		11,901		11,810,078
Welltower OP LLC,
Gtd. Notes	4.000	06/01/25		40,184		39,833,297
Weyerhaeuser Co.,
Sr. Unsec’d. Notes	4.750	05/15/26		40,000		40,067,342


						118,473,371

See Notes to Financial Statements.

292

PGIM Ultra Short Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CORPORATE BONDS (Continued)

Retail 1.6%

Dollar General Corp.,
Sr. Unsec’d. Notes	4.250%	09/20/24		6,750	$	6,744,410
Home Depot, Inc. (The),
Sr. Unsec’d. Notes	2.700	04/15/25		6,000		5,918,400
Sr. Unsec’d. Notes	4.875	06/25/27		21,700		22,112,175
Lowe’s Cos., Inc.,
Sr. Unsec’d. Notes	4.400	09/08/25		10,000		9,957,230
Sr. Unsec’d. Notes	4.800	04/01/26		13,500		13,543,836
McDonald’s Corp.,
Sr. Unsec’d. Notes, MTN	3.300	07/01/25		16,249		16,045,989
Starbucks Corp.,
Sr. Unsec’d. Notes	4.850	02/08/27		34,375		34,729,841
Walmart, Inc.,
Sr. Unsec’d. Notes	3.900	09/09/25		13,750		13,682,280


						122,734,161

Semiconductors 0.8%

Analog Devices, Inc.,
Sr. Unsec’d. Notes, SOFR Index + 0.250%	5.621(c)	10/01/24		2,000		2,000,002
Intel Corp.,
Sr. Unsec’d. Notes	2.600	05/19/26		10,181		9,787,178
Sr. Unsec’d. Notes	3.700	07/29/25		45,000		44,390,779


						56,177,959

Software 1.5%

Fidelity National Information Services, Inc.,
Sr. Unsec’d. Notes	1.150	03/01/26		5,000		4,746,555
Fiserv, Inc.,
Sr. Unsec’d. Notes	5.150	03/15/27		17,187		17,482,736
Intuit, Inc.,
Sr. Unsec’d. Notes	5.250	09/15/26		50,000		50,984,988
Oracle Corp.,
Sr. Unsec’d. Notes	2.950	11/15/24		11,000		10,942,464
Sr. Unsec’d. Notes	2.950	05/15/25		31,500		31,022,315


						115,179,058

See Notes to Financial Statements.

PGIM Fixed Income ETFs 293

PGIM Ultra Short Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

CORPORATE BONDS (Continued)

Telecommunications 0.8%

Cisco Systems, Inc.,
Sr. Unsec’d. Notes	2.950%	02/28/26		19,573	$	19,195,508
Sr. Unsec’d. Notes	4.800	02/26/27		24,828		25,230,866
Verizon Communications, Inc.,
Sr. Unsec’d. Notes	1.450	03/20/26		14,557		13,874,777


						58,301,151

Transportation 0.3%

Ryder System, Inc.,
Sr. Unsec’d. Notes, MTN	5.300	03/15/27		9,483		9,635,281
Union Pacific Corp.,
Sr. Unsec’d. Notes	4.750	02/21/26		16,000		16,074,782


						25,710,063

Trucking & Leasing 0.2%

Penske Truck Leasing Co. LP/PTL Finance Corp.,
Sr. Unsec’d. Notes, 144A
	5.750	05/24/26		17,500		17,748,280


TOTAL CORPORATE BONDS
(cost $3,358,535,235)						3,377,936,801


RESIDENTIAL MORTGAGE-BACKED SECURITIES 0.3%
Towd Point Mortgage Trust,
Series 2015-06, Class M1, 144A	3.750(cc)	04/25/55		4,816		4,765,200
Series 2018-02, Class A1, 144A	3.250(cc)	03/25/58		4,196		4,093,954
Series 2018-05, Class A1A, 144A	3.250(cc)	07/25/58		4,729		4,620,314
Series 2021-SJ01, Class A1, 144A	2.250(cc)	07/25/68		6,361		6,049,607


TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES
(cost $19,693,728)						19,529,075


TOTAL LONG-TERM INVESTMENTS
(cost $5,524,163,386)						5,560,010,347

See Notes to Financial Statements.

294

PGIM Ultra Short Bond ETF

Schedule of Investments (continued)

as of August 31, 2024

Description

Value

SHORT-TERM INVESTMENTS 25.1%

AFFILIATED MUTUAL FUND 7.4%

PGIM Core Government Money Market Fund (7-day effective yield 5.562%)
(cost $556,666,058)(wb)

556,666,058



	Interest Rate	Maturity Date	Principal Amount (000)#

CERTIFICATES OF DEPOSIT 3.2%
Bank of America NA,
SOFR + 0.330%	5.680%(c)	04/03/25		15,000	15,005,764
SOFR + 0.350%	5.350(c)	07/30/25		10,000	10,000,048
Bank of Montreal	5.450	02/14/25		10,000	10,022,195
BNP Paribas SA	5.460	02/14/25		2,000	2,004,035
BNP Paribas SA	5.550	04/04/25		15,000	15,052,514
Canadian Imperial Bank of Commerce	6.000	10/18/24		30,000	30,019,575
Canadian Imperial Bank of Commerce, SOFR + 0.340% (Cap N/A, Floor 0.000%)	5.670(c)	06/04/25		31,000	31,018,449
Credit Industriel et Commercial	5.370	12/05/24		23,000	23,006,916
Mizuho Bank Ltd., SOFR + 0.200%	5.530(c)	11/21/24		20,000	20,002,978
Sumitomo Mitsui Trust Bank Ltd.	5.450	09/03/24		25,000	25,000,214
Svenska Handelsbanken, SOFR + 0.290% (Cap N/A, Floor 0.000%)	5.620(c)	02/21/25		25,000	25,009,423
Swedbank AB, SOFR + 0.240%	5.570(c)	11/20/24		10,000	10,002,889
Toronto-Dominion Bank (The)	6.000	10/18/24		25,000	25,016,253


TOTAL CERTIFICATES OF DEPOSIT
(cost $240,999,960)					241,161,253


COMMERCIAL PAPER 14.1%
Alexandria Real Estate Equities, Inc.,
144A	5.523(n)	09/20/24		71,000	70,774,445
Alimentation Couche-Tard, Inc.,
144A	5.493(n)	09/11/24		19,000	18,965,111
144A	5.494(n)	09/26/24		8,000	7,966,792
144A	5.526(n)	09/16/24		15,000	14,960,919
144A	5.529(n)	09/24/24		10,000	9,961,590
American Honda Finance Corp.	5.639(n)	09/06/24		9,000	8,990,533
AT&T, Inc.,
144A	5.542(n)	09/05/24		32,000	31,971,048
Australia & New Zealand Banking Group Ltd.,
144A	5.405(n)	04/07/25		15,000	14,573,047

See Notes to Financial Statements.

PGIM Fixed Income ETFs 295

PGIM Ultra Short Bond ETF

Schedule of Investments (continued)

as of August 31, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

COMMERCIAL PAPER (Continued)

Bank of America Securities, Inc.,

144A

5.522%(n)

05/28/25

35,000

33,785,955

144A, SOFR + 0.580%

5.930(c)

10/11/24

14,500

14,507,563

Bank of Montreal,

144A, SOFR + 0.340%

5.670(c)

04/03/25

35,000

35,021,401

144A, SOFR + 0.350%

5.680(c)

07/22/25

19,000

19,003,068

144A, SOFR + 0.400%

5.730(c)

08/22/25

10,000

9,999,780

Bank of New York Mellon (The), SOFR + 0.350%

5.700(c)

05/09/25

15,000

15,009,852

Bell Canada,

144A

5.530(n)

09/19/24

18,000

17,946,023

144A

5.533(n)

09/10/24

25,000

24,958,651

144A

5.608(n)

09/25/24

27,000

26,894,951

Consolidated Edison Co. of New York, Inc.,

144A

5.618(n)

09/18/24

50,000

49,856,163

Dominion Resources, Inc.,

144A

5.486(n)

10/02/24

11,500

11,443,054

144A

5.498(n)

10/03/24

31,750

31,588,095

144A

5.546(n)

09/04/24

2,000

1,998,498

144A

5.575(n)

09/12/24

27,000

26,947,150

ERP Operating LP,

144A

5.427(n)

11/13/24

34,000

33,622,458

144A

5.433(n)

11/14/24

8,000

7,910,027

144A

5.435(n)

11/21/24

24,000

23,706,254

Glencore Funding LLC,

144A

5.453(n)

11/18/24

10,000

9,881,852

144A

5.611(n)

09/19/24

25,000

24,924,060

144A

5.636(n)

09/03/24

45,000

44,972,572

Hyundai Capital America,

144A

5.595(n)

09/12/24

15,000

14,970,531

ING (U.S.) Funding LLC,

144A

5.435(n)

11/27/24

15,000

14,810,405

144A, SOFR + 0.210%

5.540(c)

12/23/24

20,000

20,003,988

144A, SOFR + 0.350%

5.700(c)

07/28/25

30,000

29,999,510

Intercontinental Exchange, Inc.,

144A

5.518(n)

09/04/24

21,000

20,983,641

JPMorgan Securities LLC,

144A

5.630

04/29/25

17,000

17,066,813

144A, SOFR + 0.360%

5.710(c)

03/25/25

5,000

5,001,580

144A, SOFR + 0.380%

5.350(c)

07/29/25

45,000

45,004,618

Keurig Dr. Pepper, Inc.,

144A

5.553(n)

09/25/24

30,000

29,881,637

See Notes to Financial Statements.

296

PGIM Ultra Short Bond ETF

Schedule of Investments (continued)

as of August 31, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount

(000)#

Value

COMMERCIAL PAPER (Continued)

NextEra Energy Capital Holdings, Inc.,

144A

5.483%(n)

10/18/24

10,000

9,926,409

Nutrien Ltd.,

144A

5.530(n)

09/04/24

10,000

9,992,407

PPG Industries, Inc.

5.547(n)

09/27/24

73,000

72,689,627

Royal Bank of Canada,

144A, SOFR + 0.340%

5.670(c)

06/05/25

20,000

20,010,459

Swedbank AB,

144A

5.435(n)

10/01/24

24,000

23,888,285

144A, SOFR + 0.350%

5.350(c)

07/21/25

30,000

30,007,806

Toronto-Dominion Bank (The),

144A, SOFR + 0.310%

5.660(c)

03/19/25

15,000

15,006,517

UDR, Inc.,

144A

5.462(n)

09/04/24

33,000

32,975,126

VW Credit, Inc.,

144A

5.514(n)

09/23/24

7,000

6,974,523

TOTAL COMMERCIAL PAPER

(cost $1,061,101,352)

1,061,334,794

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

27,061,795

TOTAL SHORT-TERM INVESTMENTS

(cost $1,885,857,370)

1,886,223,900

TOTAL INVESTMENTS 99.2%

(cost $7,410,020,756)

7,446,234,247

Other assets in excess of liabilities(z) 0.8%

60,857,613

NET ASSETS 100.0%

7,507,091,860

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

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

(c)	Variable rate instrument. The interest rate shown reflects the rate in effect at August 31, 2024.

See Notes to Financial Statements.

PGIM Fixed Income ETFs 297

PGIM Ultra Short Bond ETF

Schedule of Investments (continued)

as of August 31, 2024

(cc)

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

(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 August 31, 2024:


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

Short Positions:
24	3 Month SOFR		Sep. 2024	$	5,677,650		$	81,468
24	3 Month SOFR		Dec. 2024		5,704,950			64,694
16	3 Month SOFR		Mar. 2025		3,829,800			24,371
16	3 Month SOFR		Jun. 2025		3,849,800			8,621
16	3 Month SOFR		Sep. 2025		3,862,000			(617	)
16	3 Month SOFR		Dec. 2025		3,869,000			(5,854	)

							$	172,683

Interest rate swap agreements outstanding at August 31, 2024:


Notional Amount (000)#	Termination Date	Fixed Rate	Floating Rate	Value at Trade Date		Value at August 31, 2024		Unrealized Appreciation (Depreciation)

Centrally Cleared Interest Rate Swap Agreements:
12,500	09/01/24	2.500%(S)	1 Day SOFR(1)(A)/ 5.320%	$	5	$	366,764	$	366,759
6,750	09/08/24	3.602%(A)	1 Day SOFR(1)(A)/ 5.320%		—		123,330		123,330
4,500	09/09/24	0.368%(S)	1 Day SOFR(1)(A)/ 5.320%		—		228,150		228,150
46,500	09/09/24	1.484%(S)	1 Day SOFR(1)(A)/ 5.320%		736		1,836,308		1,835,572
9,750	10/12/24	0.511%(S)	1 Day SOFR(1)(A)/ 5.320%		7		481,076		481,069
18,250	10/24/24	4.688%(A)	1 Day SOFR(1)(A)/ 5.320%		11,106		119,580		108,474
12,000	03/21/25	1.998%(S)	1 Day SOFR(1)(A)/ 5.320%		33		365,712		365,679
83,500	03/30/25	2.418%(S)	1 Day SOFR(1)(A)/ 5.320%		76,996		2,171,530		2,094,534

See Notes to Financial Statements.

298

PGIM Ultra Short Bond ETF

Schedule of Investments (continued)

as of August 31, 2024

Interest rate swap agreements outstanding at August 31, 2024 (continued):


Notional Amount (000)#	Termination Date	Fixed Rate	Floating Rate	Value at Trade Date			Value at August 31, 2024			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
16,000	05/11/25	0.450%(S)	1 Day SOFR(1)(A)/ 5.320%	$	3,562		$	696,270		$	692,708
8,000	05/25/25	4.241%(A)	1 Day SOFR(1)(A)/ 5.320%		—			42,243			42,243
28,750	06/29/25	3.083%(S)	1 Day SOFR(1)(A)/ 5.320%		68,999			432,074			363,075
57,000	06/29/25	3.086%(S)	1 Day SOFR(1)(A)/ 5.320%		(149,013	)		855,232			1,004,245
53,250	08/17/25	2.957%(S)	1 Day SOFR(1)(A)/ 5.320%		37,404			721,926			684,522
95,500	09/08/25	3.422%(A)	1 Day SOFR(1)(A)/ 5.320%		179,984			2,644,065			2,464,081
188,500	10/07/25	3.955%(A)	1 Day SOFR(1)(A)/ 5.320%		(56,475	)		2,992,730			3,049,205
22,750	10/21/25	4.378%(A)	1 Day SOFR(1)(A)/ 5.320%		(6,320	)		135,556			141,876
57,500	11/09/25	4.492%(A)	1 Day SOFR(1)(A)/ 5.320%		127,168			194,011			66,843
216,000	12/01/25	4.041%(A)	1 Day SOFR(1)(A)/ 5.320%		(7,080	)		2,387,198			2,394,278
46,750	01/11/26	3.783%(A)	1 Day SOFR(1)(A)/ 5.320%		2,780			637,962			635,182
45,000	02/01/26	3.850%(A)	1 Day SOFR(1)(A)/ 5.320%		38,241			499,659			461,418
70,000	02/27/26	4.345%(A)	1 Day SOFR(1)(A)/ 5.320%		4,083			(10,824	)		(14,907	)
120,100	02/28/26	4.453%(A)	1 Day SOFR(1)(A)/ 5.320%		141,143			(309,970	)		(451,113	)
4,700	03/02/26	4.030%(A)	1 Day SOFR(1)(A)/ 5.320%		(1,465	)		(3,637	)		(2,172	)
75,000	05/17/26	3.535%(A)	1 Day SOFR(1)(A)/ 5.320%		—			806,026			806,026
60,000	08/18/26	4.442%(A)	1 Day SOFR(1)(A)/ 5.320%		123,045			(754,652	)		(877,697	)
8,700	08/21/26	3.781%(A)	1 Day SOFR(1)(A)/ 5.320%		830			(1,038	)		(1,868	)
242,500	09/14/26	4.550%(A)	1 Day SOFR(1)(A)/ 5.320%		(143,793	)		(1,690,968	)		(1,547,175	)
257,000	01/04/27	3.834%(A)	1 Day SOFR(1)(A)/ 5.320%		1,812,259			1,593,938			(218,321	)

See Notes to Financial Statements.

PGIM Fixed Income ETFs 299

PGIM Ultra Short Bond ETF

Schedule of Investments (continued)

as of August 31, 2024

Interest rate swap agreements outstanding at August 31, 2024 (continued):


Notional Amount (000)#	Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at August 31, 2024			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
22,000		02/13/27		4.527%(A)	1 Day SOFR(1)(A)/ 5.320%	$	—		$	(405,169	)	$	(405,169	)
39,000		03/18/27		4.304%(A)	1 Day SOFR(1)(A)/ 5.320%		39,368			(454,366	)		(493,734	)
131,450		05/23/27		4.463%(A)	1 Day SOFR(1)(A)/ 5.320%		(629,641	)		(2,626,151	)		(1,996,510	)
40,430		08/09/27		3.600%(A)	1 Day SOFR(1)(A)/ 5.320%		19,890			(8,962	)		(28,852	)
4,700		11/15/27		3.630%(A)	1 Day SOFR(1)(A)/ 5.320%		(1,401	)		(11,924	)		(10,523	)

						$	1,692,451		$	14,053,679		$	12,361,228

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

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

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


Broker	Cash and/or Foreign Currency		Securities Market Value
CGM		$29,760,571		$—

Fair Value Measurements:

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

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

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

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

See Notes to Financial Statements.

300

PGIM Ultra Short Bond ETF

Schedule of Investments (continued)

as of August 31, 2024

The following is a summary of the inputs used as of August 31, 2024 in valuing such portfolio securities:


	Level 1				Level 2				Level 3
Investments in Securities
Assets
Long-Term Investments
Asset-Backed Securities
Automobiles.		$	—			$	147,099,889			$	—
Collateralized Loan Obligations			—				1,109,620,611				—
Consumer Loans.			—				35,998,550				—
Equipment			—				5,214,834				—
Home Equity Loans			—				19,792,161				—
Certificates of Deposit			—				163,227,977				—
Commercial Mortgage-Backed Securities			—				681,590,449				—
Corporate Bonds			—				3,377,936,801				—
Residential Mortgage-Backed Securities			—				19,529,075				—
Short-Term Investments
Affiliated Mutual Fund			556,666,058				—				—
Certificates of Deposit			—				241,161,253				—
Commercial Paper.			—				1,061,334,794				—
Corporate Bond			—				27,061,795				—

Total		$	556,666,058			$	6,889,568,189			$	—


Other Financial Instruments*
Assets
Futures Contracts		$	179,154			$	—			$	—
Centrally Cleared Interest Rate Swap Agreements			—				18,409,269				—

Total		$	179,154			$	18,409,269			$	—


Liabilities
Futures Contracts		$	(6,471	)		$	—			$	—
Centrally Cleared Interest Rate Swap Agreements			—				(6,048,041	)			—

Total		$	(6,471	)		$	(6,048,041	)		$	—

Industry Classification:

The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of August 31, 2024 were as follows:


Collateralized Loan Obligations	14.8	%
Commercial Paper	14.1


Commercial Mortgage-Backed Securities	9.1	%
Banks	8.2

See Notes to Financial Statements.

PGIM Fixed Income ETFs 301

PGIM Ultra Short Bond ETF

Schedule of Investments (continued)

as of August 31, 2024

Industry Classification (continued):


Affiliated Mutual Fund	7.4	%
Auto Manufacturers	6.7
Certificates of Deposit	5.4
Insurance	3.2
Electric	3.1
Pipelines	2.0
Automobiles	1.9
Computers	1.8
Retail	1.6
Beverages	1.6
Real Estate Investment Trusts (REITs)	1.6
Software	1.5
Electronics	1.3
Aerospace & Defense	1.2
Foods	1.1
Chemicals	1.0
Healthcare-Services	1.0
Biotechnology	0.9
Telecommunications	0.8
Semiconductors	0.8
Media	0.7
Pharmaceuticals	0.7
Machinery-Diversified	0.6
Mining	0.5
Consumer Loans	0.5
Diversified Financial Services	0.5


Cosmetics/Personal Care	0.4	%
Internet	0.4
Agriculture	0.4
Transportation	0.3
Oil & Gas Services	0.3
Miscellaneous Manufacturing	0.3
Residential Mortgage-Backed Securities	0.3
Home Equity Loans	0.2
Trucking & Leasing	0.2
Machinery-Construction & Mining	0.2
Oil & Gas	0.2
Building Materials	0.1
Iron/Steel	0.1
Healthcare-Products	0.1
Equipment	0.1
Distribution/Wholesale	0.0	*
Commercial Services	0.0	*


	99.2
Other assets in excess of liabilities	0.8


	100.0	%

*	Less than 0.05%

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

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

Fair values of derivative instruments as of August 31, 2024 as presented in the Statement of Assets and Liabilities:

See Notes to Financial Statements.

302

PGIM Ultra Short Bond ETF

Schedule of Investments (continued)

as of August 31, 2024

Asset Derivatives

Liability Derivatives

Derivatives not accounted

for as hedging instruments,

carried at fair value

Statement of

Assets and

Liabilities Location

Fair
Value

Statement of

Assets and

Liabilities Location

Fair
Value

Interest rate contracts

Due from/to broker-variation margin futures

179,154

Due from/to broker-variation margin futures

6,471

Interest rate contracts

Due from/to broker-variation margin swaps

18,409,269

Due from/to broker-variation margin swaps

6,048,041

18,588,423

6,054,512

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

The effects of derivative instruments on the Statement of Operations for the year ended August 31, 2024 are as follows:


Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Futures				Swaps


Interest rate contracts		$	(12,064	)		$	31,804,335


Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Futures				Swaps


Interest rate contracts		$	(83,710	)		$	(35,125,660	)

For the year ended August 31, 2024, the Fund’s average volume of derivative activities is as follows:


Derivative Contract Type	Average Volume of Derivative Activities*

Futures Contracts - Long Positions (1)		$ 222,656,827
Futures Contracts - Short Positions (1)		38,311,323
Interest Rate Swap Agreements (1)		1,969,916,000

*	Average volume is based on average quarter end balances for the year ended August 31, 2024.

(1)	Notional Amount in USD.

See Notes to Financial Statements.

PGIM Fixed Income ETFs 303

PGIM Ultra Short Bond ETF

Statement of Assets & Liabilities

as of August 31, 2024


Assets

Investments at value:
Unaffiliated investments (cost $6,853,354,698)	$	6,889,568,189
Affiliated investments (cost $556,666,058)		556,666,058
Dividends and interest receivable		56,834,416
Deposit with broker for centrally cleared/exchange-traded derivatives		29,760,571
Receivable for Fund shares sold		4,977,024
Due from broker—variation margin swaps		546,003
Due from broker—variation margin futures		4,800


Total Assets		7,538,357,061


Liabilities

Payable for investments purchased		30,340,380
Management fee payable		924,821


Total Liabilities		31,265,201


Net Assets	$	7,507,091,860



Net assets were comprised of:
Common Stock, at par	$	150,875
Paid-in capital in excess of par		7,473,938,729
Total distributable earnings (loss)		33,002,256


Net assets, August 31, 2024	$	7,507,091,860

Net asset value, offering price and redemption price per share,
($7,507,091,860 ÷ 150,875,000 shares of common stock issued and outstanding)	$	49.76

See Notes to Financial Statements.

304

PGIM Ultra Short Bond ETF

Statement of Operations

Year Ended August 31, 2024


Net Investment Income (Loss)

Income
Interest income	$	321,253,478
Affiliated dividend income		15,493,758
Affiliated income from securities lending, net		60,486

Total income		336,807,722


Expenses
Management fee		9,326,829
Less: Fee waiver and/or expense reimbursement		(73,863	)

Net expenses		9,252,966

Net investment income (loss)		327,554,756

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

Net realized gain (loss) on:
Investment transactions (including affiliated of $2,319)		1,247,906
Futures transactions		(12,064	)
Swap agreement transactions		31,804,335

		33,040,177

Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $(1,624))		64,123,587
Futures		(83,710	)
Swap agreements		(35,125,660	)
Foreign currencies		(9	)

		28,914,208

Net gain (loss) on investment and foreign currency transactions		61,954,385

Net Increase (Decrease) In Net Assets Resulting From Operations	$	389,509,141

See Notes to Financial Statements.

PGIM Fixed Income ETFs 305

PGIM Ultra Short Bond ETF

Statements of Changes in Net Assets



	Year Ended August 31,

	2024			2023

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)	$	327,554,756		$	167,442,528

Net realized gain (loss) on investment and foreign currency transactions		33,040,177			8,739,193

Net change in unrealized appreciation (depreciation) on investments and foreign currencies		28,914,208			36,277,220


Net increase (decrease) in net assets resulting from operations		389,509,141			212,458,941


Dividends and Distributions

Distributions from distributable earnings		(352,229,903	)		(180,412,893	)


Fund share transactions

Net proceeds from shares sold (95,600,000 and 83,825,000 shares, respectively)		4,736,810,905			4,124,297,024

Cost of shares purchased (51,500,000 and 26,725,000 shares, respectively)		(2,550,800,144	)		(1,314,866,665	)


Net increase (decrease) in net assets from Fund share transactions		2,186,010,761			2,809,430,359


Total increase (decrease)		2,223,289,999			2,841,476,407

Net Assets:

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


End of year	$	7,507,091,860		$	5,283,801,861

See Notes to Financial Statements.

306

PGIM Ultra Short Bond ETF

Financial Highlights



							Year Ended August 31,
	2024			2023			2022			2021			2020
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$49.49			$49.17			$49.71			$49.93			$50.15
Income (loss) from investment operations:
Net investment income (loss)		2.61			2.09			0.62			0.64			1.06
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.50			0.46			(0.52	)		(0.15	)		(0.08	)
Total from investment operations		3.11			2.55			0.10			0.49			0.98
Less Dividends and Distributions:
Dividends from net investment income		(2.84	)		(2.23	)		(0.64	)		(0.71	)		(1.20	)
Net asset value, end of year		$49.76			$49.49			$49.17			$49.71			$49.93
Total Return^(b):		6.51	%		5.31	%		0.21	%		0.98	%		1.99	%


Ratios/Supplemental Data:
Net assets, end of year (000)		$7,507,092			$5,283,802			$2,442,325			$1,876,539			$1,039,888
Average net assets (000)		$6,218,491			$3,951,487			$2,267,793			$1,320,282			$883,274
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement		0.15	%		0.15	%		0.15	%		0.15	%		0.15	%
Expenses before waivers and/or expense reimbursement		0.15	%		0.15	%		0.15	%		0.15	%		0.15	%
Net investment income (loss)		5.27	%		4.24	%		1.25	%		1.27	%		2.12	%
Portfolio turnover rate^(d)		40	%		25	%		9	%		10	%		47	%

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

(b)	Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

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

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

See Notes to Financial Statements.

PGIM Fixed Income ETFs 307

PGIM Ultra Short Municipal Bond ETF

Schedule of Investments

as of August 31, 2024

Description

Interest
Rate

Maturity
Date

Principal

Amount

(000)#

Value

LONG-TERM INVESTMENTS 95.9%

MUNICIPAL BONDS

Arizona 4.1%

Arizona Indl. Dev. Auth. Rev.,

Ironwood Ranch Apts. Proj. (Mandatory put date 09/01/26)

5.000%(cc)

02/01/58

1,000

1,036,474

California 8.4%

Bay Area Toll Auth. Rev.,

San Francisco Bay Area, Series B, Rfdg. (Mandatory put date 04/01/25)

2.850(cc)

04/01/47

500

499,071

California Infrast. & Econ. Dev. Bank Rev.,

Colburn Sch., Rfdg. (Mandatory put date 08/01/26)

1.750(cc)

08/01/55

880

847,887

California St.,

CM Veterans Bond, GO, Rfdg., AMT

3.150

12/01/26

775

768,088

2,115,046

Colorado 1.2%

Colorado Hlth. Facs. Auth. Rev.,

Adventist Hlth. Sys., Sunbelt Oblig. Grp., Series B (Mandatory put date 11/20/25)

5.000(cc)

11/15/48

290

297,003

Florida 1.6%

Palm Beach Cnty. Hsg. Fin. Auth. Rev.,

Lakeside Commons (Mandatory put date 04/01/25)

5.000(cc)

04/01/26

400

404,368

Idaho 7.9%

American Falls Reservoir Dist. Rev., Rfdg.

3.950(cc)

02/01/25

1,000

1,000,000

Nez Perce Cnty. Rev.,

Potlatch Corp. Proj., Rfdg.

2.750

10/01/24

1,000

998,628

1,998,628

Illinois 17.3%

Chicago O’Hare Int’l. Arpt. Rev.,

Series A, Rfdg., AMT

5.000

01/01/27

1,000

1,005,078

Illinois Fin. Auth. Rev.,

Mercy Hlth. Sys. Oblig. Grp., Rfdg.

5.000

12/01/26

250

257,120

Westminster Vlg., Series A, Rfdg.

4.500

05/01/28

1,000

987,166

See Notes to Financial Statements.

308

PGIM Ultra Short Municipal Bond ETF

Schedule of Investments (continued)

as of August 31, 2024

Description

Interest
Rate

Maturity
Date

Principal

Amount

(000)#

Value

MUNICIPAL BONDS (Continued)

Illinois (cont’d.)

Illinois Hsg. Dev. Auth. Rev.,

1203 N Calif. Avenue (Mandatory put date 02/01/25)

5.000%(cc)

02/01/26

250

252,183

Illinois St.,

Series B, GO, Rfdg.

5.000

03/01/25

835

843,102

Illinois St. Toll Hwy. Auth. Rev.,

Series A

5.000

01/01/40

1,000

1,009,208

4,353,857

Indiana 3.4%

Indiana Fin. Auth. Rev.,

Indiana Univ. Hlth. Oblig. Grp., Series B (Mandatory Put Date 07/01/25)

2.250(cc)

12/01/58

860

851,717

Kentucky 6.9%

Kentucky Econ. Dev. Fin. Auth. Rev.,

Catholic Hlth., Series C, Rfdg.

3.650(cc)

05/01/34

1,000

1,000,000

Kentucky Pub. Energy Auth. Rev.,

Gas Sply., Series C-1 (Mandatory put date 06/01/25)

4.000(cc)

12/01/49

500

501,394

Series A-1 (Mandatory put date 06/01/25)

4.000(cc)

12/01/49

235

235,277

1,736,671

Massachusetts 4.1%

Massachusetts Dev. Fin. Agcy. Rev.,

Dexter Southfield., Rfdg.

5.000

05/01/30

1,035

1,046,702

Minnesota 0.4%

Hennepin Cnty. Hsg. & Redev. Auth. Rev.,

Talmage Oakland Proj., Series A (Mandatory Put Date 09/01/24)

4.100(cc)

09/01/25

100

100,000

Missouri 2.4%

Missouri Joint Muni. Elec. Util. Commn. Rev.,

Iatan 2 Proj., Series A, Rfdg.

5.000

12/01/35

600

605,151

New Mexico 2.6%

New Mexico Muni. Energy Acq. Auth. Rev.,

Series A, Rfdg. (Mandatory put date 05/01/25)

5.000(cc)

11/01/39

660

666,359

See Notes to Financial Statements.

PGIM Fixed Income ETFs 309

PGIM Ultra Short Municipal Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

MUNICIPAL BONDS (Continued)

New York 13.0%

Amherst Indl. Dev. Agcy. Rev.,
Sutton Place Preservation LP Proj. (Mandatory put date 04/01/25)	3.900%(cc)	04/01/26		700	$	701,857
New York Convention Ctr. Dev. Corp. Rev.,
Hotel Unit Fee Sec’d., Rfdg.	5.000	11/15/40		1,000		1,012,332
New York Trans. Dev. Corp. Rev.,
Delta Air Lines, Inc., Laguar Arpt. Term. C&D Redev.	5.000	01/01/25		1,060		1,063,553
Port Auth. of NY & NJ Rev.,
Consol., Series 188, Rfdg., AMT	5.000	05/01/25		500		506,873


						3,284,615


Pennsylvania 4.0%

Pennsylvania Tpke. Commn. Rev.,
Series A-1, Rfdg.	5.000	12/01/40		1,000		1,008,028


South Carolina 3.0%

SCAGO Edl. Facs. Corp. for Pickens Sch. Dist. Rev.,
Rfdg.	5.000	12/01/30		750		760,049


Tennessee 4.0%

Tennessee Energy Acq. Corp. Gas Rev.,
Nat. Gas Utility Imps. (Mandatory put date 11/01/25)	4.000(cc)	11/01/49		1,000		1,004,947


Texas 8.6%

Austin Arpt. Sys. Rev.,
AMT	5.000	11/15/39		1,000		1,000,237
Birdville Independent Sch. Dist.,
Series A, GO, PSFG	5.000	02/15/40		1,000		1,004,758
Travis Cnty. Hsg. Fin. Corp. Rev.,
Kensington Apts. (Mandatory put date 08/01/25)	3.750(cc)	08/01/26		150		150,765


						2,155,760


Washington 0.5%

Washington Healthcare Facs. Auth. Rev.,
Multicare Hlth. Sys., Series B, Rfdg.	5.000	08/15/26		115		116,691

See Notes to Financial Statements.

310

PGIM Ultra Short Municipal Bond ETF

Schedule of Investments (continued)

as of August 31, 2024



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

MUNICIPAL BONDS (Continued)

Wisconsin 2.5%

Pub. Fin. Auth. Rev. Rev.,
Triad Edu. Svcs., Inc.	4.000%		06/15/26		370	$	372,981
Wisconsin Hlth. & Edl. Facs. Auth. Rev.,
Marshfield Clinic Hlth. Sys., Inc., Series A	5.000		02/15/25		250		252,046

							625,027

TOTAL LONG-TERM INVESTMENTS (cost $24,093,396)							24,167,093

				Shares
SHORT-TERM INVESTMENT 3.1%

AFFILIATED MUTUAL FUND
PGIM Core Government Money Market Fund (7-day effective yield 5.562%) (cost $784,126)(wb)					784,126		784,126

TOTAL INVESTMENTS 99.0% (cost $24,877,522)							24,951,219
Other assets in excess of liabilities 1.0%							248,608


NET ASSETS 100.0%						$	25,199,827

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

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

(cc)

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

Fair Value Measurements:

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

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

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

See Notes to Financial Statements.

PGIM Fixed Income ETFs 311

PGIM Ultra Short Municipal Bond ETF

Schedule of Investments (continued)

as of August 31, 2024

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

The following is a summary of the inputs used as of August 31, 2024 in valuing such portfolio securities:


	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Municipal Bonds
Arizona	$	—	$	1,036,474		$—
California		—		2,115,046		—
Colorado		—		297,003		—
Florida		—		404,368		—
Idaho		—		1,998,628		—
Illinois		—		4,353,857		—
Indiana		—		851,717		—
Kentucky		—		1,736,671		—
Massachusetts		—		1,046,702		—
Minnesota		—		100,000		—
Missouri		—		605,151		—
New Mexico		—		666,359		—
New York		—		3,284,615		—
Pennsylvania		—		1,008,028		—
South Carolina		—		760,049		—
Tennessee.		—		1,004,947		—
Texas		—		2,155,760		—
Washington		—		116,691		—
Wisconsin		—		625,027		—
Short-Term Investment
Affiliated Mutual Fund		784,126		—		—

Total	$	784,126	$	24,167,093		$—

Sector Allocation:

The sector allocation of portfolio holdings and other assets in excess of liabilities shown as a percentage of net assets as of August 31, 2024 were as follows:


Transportation	19.9	%
Healthcare	14.9
Education	12.0
Development	10.5
General Obligation	10.4
Pre-pay Gas	9.6
Corporate Backed IDB & PCR	8.2
Power	6.4


Special Tax/Assessment District	4.0	%
Affiliated Mutual Fund	3.1

	99.0
Other assets in excess of liabilities	1.0


	100.0	%

See Notes to Financial Statements.

312

PGIM Ultra Short Municipal Bond ETF

Statement of Assets & Liabilities

as of August 31, 2024


Assets

Investments at value:
Unaffiliated investments (cost $24,093,396)	$	24,167,093
Affiliated investments (cost $784,126)		784,126
Dividends and interest receivable		251,803


Total Assets		25,203,022


Liabilities

Management fee payable		3,195


Net Assets	$	25,199,827




Net assets were comprised of:
Common stock, at par	$	500
Paid-in capital in excess of par		25,024,500
Total distributable earnings (loss)		174,827

Net assets, August 31, 2024	$	25,199,827

Net asset value, offering price and redemption price per share.
($25,199,827 ÷ 500,000 shares of common stock issued and outstanding)	$	50.40

See Notes to Financial Statements.

PGIM Fixed Income ETFs 313

PGIM Ultra Short Municipal Bond ETF

Statement of Operations

For the Period June 24, 2024* through August 31, 2024


Net Investment Income (Loss)

Income
Interest income	$	197,570
Affiliated dividend income		9,264

Total income		206,834


Expenses
Management fee		6,999

Net investment income (loss)		199,835

Realized And Unrealized Gain (Loss) On Investments

Net change in unrealized appreciation (depreciation) on investments		73,697

Net gain (loss) on investment transactions		73,697

Net Increase (Decrease) In Net Assets Resulting From Operations	$	273,532

*	Commencement of operations.

See Notes to Financial Statements.

314

PGIM Ultra Short Municipal Bond ETF

Statement of Changes in Net Assets


	June 24, 2024* through August 31, 2024
Increase (Decrease) in Net Assets

Operations

Net investment income (loss)		$	199,835

Net change in unrealized appreciation (depreciation) on investments			73,697


Net increase (decrease) in net assets resulting from operations			273,532


Dividends and Distributions

Distributions from distributable earnings			(98,705	)


Fund share transactions

Net proceeds from shares sold (500,000 shares)			25,025,000


Total increase (decrease)			25,199,827

Net Assets:

Beginning of period			—


End of period		$	25,199,827

*	Commencement of operations.

See Notes to Financial Statements.

PGIM Fixed Income ETFs 315

PGIM Ultra Short Municipal Bond ETF

Financial Highlights




	June 24, 2024^(a) through August 31, 2024
Per Share Operating Performance^(b):
Net Asset Value, Beginning of Period		$50.00
Income (loss) from investment operations:
Net investment income (loss)		0.40
Net realized and unrealized gain (loss) on investment transactions		0.20
Total from investment operations		0.60
Less Dividends and Distributions:
Dividends from net investment income		(0.20	)
Net asset value, end of period		$50.40
Total Return^(c):		1.22	%


Ratios/Supplemental Data:
Net assets, end of period (000)		$25,200
Average net assets (000)		$25,113
Ratios to average net assets^(d):
Expenses after waivers and/or expense reimbursement		0.15	%^(e)
Expenses before waivers and/or expense reimbursement		0.15	%^(e)
Net investment income (loss)		4.28	%^(e)
Portfolio turnover rate^(f)		24	%

(a)	Commencement of operations.

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

(c)

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

(e)	Annualized.

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

See Notes to Financial Statements.

316

Notes to Financial Statements

1.	Organization

PGIM ETF Trust (the “Registered Investment Company” or “RIC”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The RIC is organized as a Delaware Statutory Trust. These financial statements relate only to the following series of the RIC: PGIM AAA CLO ETF, PGIM Active Aggregate Bond ETF, PGIM Active High Yield Bond ETF, PGIM Floating Rate Income ETF, PGIM Municipal Income Opportunities ETF, PGIM Short Duration High Yield ETF, PGIM Short Duration Multi-Sector Bond ETF, PGIM Total Return Bond ETF, PGIM Ultra Short Bond ETF and PGIM Ultra Short Municipal Bond ETF (each a “Fund” and collectively, the “Funds”). All the Funds are classified as diversified funds with the exception of PGIM AAA CLO ETF which is classified as non-diversified for purposes of the 1940 Act. Each Fund operates as an exchange-traded fund.

The Funds have the following investment objectives:



Fund				Investment Objective(s)
PGIM AAA CLO ETF (“AAA CLO”)				Seeks to maximize total return, through a combination of current income and capital appreciation.
PGIM Active Aggregate Bond ETF (“Active Aggregate Bond”)				Seeks total return through a combination of current income and capital appreciation.
PGIM Active High Yield Bond ETF (“Active High Yield Bond”)				Seeks total return through a combination of current income and capital appreciation.
PGIM Floating Rate Income ETF (“Floating Rate Income”)				Primary investment objective is to maximize current income. Secondary objective is to seeks capital appreciation when consistent with primary objective.
PGIM Municipal Income Opportunities ETF (“Municipal Income Opportunities”)				Seeks total return through a combination of current income and capital appreciation.*
PGIM Short Duration High Yield ETF (“Short Duration High Yield”)				Seeks total return through a combination of current income and capital appreciation.
PGIM Short Duration Multi-Sector Bond ETF (“Short Duration Multi-Sector Bond”)				Provide total return.
PGIM Total Return Bond ETF (“Total Return Bond”)				Seeks total return.

PGIM Fixed Income ETFs 317

Notes to Financial Statements (continued)



Fund				Investment Objective(s)
PGIM Ultra Short Bond ETF (“Ultra Short Bond”)				Seeks total return through a combination of current income and capital appreciation, consistent with preservation of capital.
PGIM Ultra Short Municipal Bond ETF (“Ultra Short Municipal Bond”)				Seeks total return through a combination of current income and capital appreciation.*

Effective on or about October 30, 2024, the Fund’s investment objective will change from “seek total return through a combination of current income and capital appreciation“ to “seek total return through a combination of current income that is exempt from federal income taxes and capital appreciation.”

2.	Accounting Policies

The Funds follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) Topic 946 Financial Services — Investment Companies. The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The policies conform to U.S. generally accepted accounting principles (“GAAP”). The Funds consistently follow such policies in the preparation of their financial statements.

Securities Valuation: The Funds’ hold securities and other assets and liabilities that are fair valued as of the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. As described in further detail below, the Funds’ investments are valued daily based on a number of factors, including the type of investment and whether market quotations are readily available. The RIC’s Board of Trustees (the “Board”) has approved the Funds’ valuation policies and procedures for security valuation and designated PGIM Investments LLC (“PGIM Investments” or the “Manager”) as the “Valuation Designee,” as defined by Rule 2a-5(b) under the 1940 Act, to perform the fair value determination relating to all Funds’ investments. Pursuant to the Board’s oversight, the Valuation Designee has established a Valuation Committee to perform the duties and responsibilities of the Valuation Designee under Rule 2a-5. The valuation procedures permit the Funds’ to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. Fair value is the estimated price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date.

318

trade in markets that are open on weekends and U.S. holidays, the values of some of the Funds’ foreign investments may change on days when investors cannot purchase or redeem Fund shares.

Floating rate and other loans are generally valued at prices provided by approved independent pricing vendors. The pricing vendors utilize broker/dealer quotations and provide prices based on the average of such quotations. Floating rate and other loans valued using such vendor prices are generally classified as Level 2 in the fair value hierarchy. Floating rate and other loans valued based on a single broker quote or at the original transaction price in excess of five business days are classified as Level 3 in the fair value hierarchy.

PGIM Fixed Income ETFs 319

Notes to Financial Statements (continued)

Securities and other assets that cannot be priced according to the methods described above are valued based on policies and procedures approved by the Board. In the event that unobservable inputs are used when determining such valuations, the securities will be classified as Level 3 in the fair value hierarchy. Altering one or more unobservable inputs may result in a significant change to a Level 3 security’s fair value measurement.

Foreign Currency Translation: The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars on the following basis:

(i) market value of investment securities, other assets and liabilities — at the exchange rate as of the valuation date;

320

(ii) purchases and sales of investment securities, income and expenses — at the rates of exchange prevailing on the respective dates of such transactions.

Although the net assets of the Funds are presented at the foreign exchange rates and market values at the close of the period, the Funds do not generally isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities held at the end of the period. Similarly, the Funds do not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities sold during the period. Accordingly, holding period unrealized and realized foreign currency gains (losses) are included in the reported net change in unrealized appreciation (depreciation) on investments and net realized gains (losses) on investment transactions on the Statements of Operations.

Additionally, net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from the disposition of holdings of foreign currencies, currency gains (losses) realized between the trade and settlement dates on investment transactions, and the difference between the amounts of interest, dividends and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains (losses) arise from valuing foreign currency denominated assets and liabilities (other than investments) at period end exchange rates.

Forward and Cross Currency Contracts: A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. Certain Funds enter into forward currency contracts, as defined in the prospectus, in order to hedge its exposure to changes in foreign currency exchange rates on its foreign portfolio holdings or on specific receivables and payables denominated in a foreign currency and to gain exposure to certain currencies. The contracts are valued daily at current forward exchange rates and any unrealized gain (loss) is included in net unrealized appreciation or depreciation on forward and cross currency contracts. Gain (loss) is realized on the settlement date of the contract equal to the difference between the settlement value of the original and negotiated forward contracts. This gain (loss), if any, is included in net realized gain (loss) on forward and cross currency contract transactions. Risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts. Forward currency contracts involve risks from currency exchange rate and credit risk in excess of the amounts reflected on the Statement of Assets and Liabilities. The Funds’ maximum risk of loss from counterparty credit risk is the net value of the cash flows to be received from the counterparty at the end of the contract’s life. A cross currency contract is a forward contract where a specified amount of one foreign currency will be exchanged for a specified amount of another foreign currency.

PGIM Fixed Income ETFs 321

Notes to Financial Statements (continued)

instruments which the Fund currently owns or intends to purchase. The Funds may also use options to gain additional market exposure. The Funds’ principal reason for writing options is to realize, through receipt of premiums, a greater current return than would be realized on the underlying security alone. When the Fund purchases an option, it pays a premium and an amount equal to that premium is recorded as an asset. When the Fund writes an option, it receives a premium and an amount equal to that premium is recorded as a liability. The asset or liability is adjusted daily to reflect the current market value of the option. If an option expires unexercised, the Fund realizes a gain (loss) to the extent of the premium received or paid. If an option is exercised, the premium received or paid is recorded as an adjustment to the proceeds from the sale or the cost of the purchase in determining whether the Fund has realized a gain (loss). The difference between the premium and the amount received or paid at the closing of a purchase or sale transaction is also treated as a realized gain (loss). Gain (loss) on purchased options is included in net realized gain (loss) on investment transactions. Gain (loss) on written options is presented separately as net realized gain (loss) on options written transactions.

322

“variation margin,” are made or received by the Funds each day, depending on the daily fluctuations in the value of the underlying security. Such variation margin is recorded for financial statement purposes on a daily basis as unrealized gain (loss). When the contract expires or is closed, the gain (loss) is realized and is presented in the Statement of Operations as net realized gain (loss) on futures transactions.

The Funds invested in financial futures contracts in order to hedge their existing portfolio securities, or securities the Funds intend to purchase, against fluctuations in value caused by changes in prevailing interest rates. Should interest rates move unexpectedly, the Funds may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. The use of futures transactions involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates and the underlying hedged assets. Since futures contracts are exchange-traded, there is minimal counterparty credit risk to the Funds since the exchanges’ clearinghouse acts as counterparty to all exchange-traded futures and guarantees the futures contracts against default.

Swap Agreements: Certain Funds entered into certain types of swap agreements detailed in the disclosures below. A swap agreement is an agreement to exchange the return generated by one instrument for the return generated by another instrument. Swap agreements are negotiated in the OTC market and may be executed either directly with a counterparty (“OTC-traded”) or through a central clearing facility, such as a registered exchange. Swap agreements are valued daily at current market value and any change in value is included in the net unrealized appreciation or depreciation on swap agreements. Centrally cleared swaps pay or receive an amount known as “variation margin”, based on daily changes in the valuation of the swap contract. For OTC-traded, upfront premiums paid and received are shown as swap premiums paid and swap premiums received in the Statement of Assets and Liabilities. Risk of loss may exceed amounts recognized on the Statement of Assets and Liabilities. Swap agreements outstanding at period end, if any, are listed on the Schedule of Investments.

Interest Rate Swaps: Interest rate swaps represent an agreement between counterparties to exchange cash flows based on the difference between two interest rates, applied to a notional principal amount for a specified period. The Funds are subject to interest rate risk exposure in the normal course of pursuing their investment objective. The Funds used interest rate swaps to maintain their ability to generate steady cash flow by receiving a stream of fixed rate payments or to increase exposure to prevailing market rates by receiving floating rate payments. The Funds’ maximum risk of loss from counterparty credit risk is the discounted net present value of the cash flows to be received from the counterparty over the contract’s remaining life.

Credit Default Swaps (“CDS”): CDS involve one party (the protection buyer) making a stream of payments to another party (the protection seller) in exchange for the right to receive a specified payment in the event of a default or as a result of a default (collectively a “credit event”) for the referenced entity (typically corporate issues or sovereign issues of an

PGIM Fixed Income ETFs 323

Notes to Financial Statements (continued)

emerging country) on its obligation; or in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising a credit index.

The Funds are subject to credit risk in the normal course of pursuing their investment objectives, and as such, have entered into CDS contracts to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer’s default or the reference entity’s credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be “short the credit” because the higher the contract value rises, the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases. A Fund’s maximum risk of loss from counterparty credit risk for purchased CDS is the inability of the counterparty to honor the contract up to the notional value due to a credit event.

As a seller of protection on credit default swap agreements, the Fund generally receives an agreed upon payment from the buyer of protection throughout the term of the swap, provided no credit event occurs. As the seller, the Fund effectively increases its investment risk because, in addition to its total net assets, the Fund may be subject to investment exposure on the notional amount of the swap.

The maximum amount of the payment that the Fund, as a seller of protection, could be required to make under a credit default swap agreement would be equal to the notional amount of the underlying security or index contract as a result of a credit event. This potential amount will be partially offset by any recovery values of the respective referenced obligations or net amounts received from the settlement of buy protection credit default swap agreements which the Fund entered into for the same referenced entity or index. As a buyer of protection, the Fund generally receives an amount up to the notional value of the swap if a credit event occurs.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements where the Fund is the seller of protection as of period end are disclosed in the footnotes to the Schedule of Investments, if applicable. These spreads serve as indicators of the current status of the payment/performance risk and represent the likelihood of default risk for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to enter into the agreement. Wider credit spreads and increased market value in absolute terms, when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

324

Total Return Swaps: In a total return swap, one party receives payments based on the market value of the security or the commodity involved, or total return of a specific referenced asset, such as an equity, index or bond, and in return pays a defined amount. The Funds are subject to risk exposures associated with the referenced asset in the normal course of pursuing their investment objectives. The Funds entered into total return swaps to manage their exposure to a security or an index. The Funds’ maximum risk of loss from counterparty credit risk is the change in the value of the security, in the Fund’s favor, from the point of entering into the contract.

Floating Rate and Other Loans: Certain Funds invested in floating rate and other loans. Floating rate and other loans include loans that are privately negotiated between a corporate borrower and one or more financial institutions, including, but not limited to, term loans, revolvers, and other instruments issued in the floating rate and other loans market. The Funds acquire interests in loans directly (by way of assignment from the selling institution) and/or indirectly (by way of the purchase of a participation interest from the selling institution). Under a floating rate and other loans assignment, the Funds generally will succeed to all the rights and obligations of an assigning lending institution and become a lender under the loan agreement with the relevant borrower in connection with that loan. Under a floating rate and other loans participation, the Funds generally will have a contractual relationship only with the lender, not with the relevant borrower. As a result, the Funds generally will have the right to receive payments of principal, interest, and any fees to which they are entitled only from the lender selling the participation and only upon receipt by the lender of the payments from the relevant borrower. The Funds may not directly benefit from the collateral supporting the debt obligation in which they have purchased the participation. As a result, the Funds will assume the credit risk of both the borrower and the institution selling the participation to the Funds.

Mortgage-Backed and Asset-Backed Securities: Mortgage-backed securities are pass-through securities, meaning that principal and interest payments made by the borrower on the underlying mortgages are passed through to the Fund. Asset-backed securities directly or indirectly represent a participation interest in, or are secured by and payable from, a stream of payments generated by particular assets such as motor vehicle or credit card receivables. Asset-backed securities may be classified as pass-through certificates or collateralized obligations, such as collateralized bond obligations, collateralized loan obligations and other similarly structured securities. The value of mortgage-backed and asset-backed securities varies with changes in interest rates and may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities.

Stripped mortgage-backed securities are usually structured with two classes that receive different proportions of the interest (“IO”) and principal (“PO”) distributions on a pool of mortgage assets. Payments received for IOs are included in interest income on the Statements of Operations. Because no principal will be received at the maturity of an IO, adjustments are made to the cost of the security on a monthly basis until maturity. These

PGIM Fixed Income ETFs 325

Notes to Financial Statements (continued)

adjustments are included in interest income on the Statements of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

Master Netting Arrangements: The RIC, on behalf of the Funds, is subject to various Master Agreements, or netting arrangements, with select counterparties. These are agreements which a subadviser may have negotiated and entered into on behalf of all or a portion of each Fund. A master netting arrangement between each Fund and the counterparty permits each Fund to offset amounts payable by each Fund to the same counterparty against amounts to be received and by the receipt of collateral from the counterparty by each Fund to cover each Fund’s exposure to the counterparty. However, there is no assurance that such mitigating factors are easily enforceable. In addition to master netting arrangements, the right to set-off exists when all the conditions are met such that each of the parties owes the other determinable amounts, the reporting party has the right to set-off the amount owed with the amount owed by the other party, the reporting party intends to set-off and the right of set-off is enforceable by law.

The RIC, on behalf of the Funds, is a party to International Swaps and Derivatives Association, Inc. (“ISDA”) Master Agreements with certain counterparties that govern OTC derivative and foreign exchange contracts entered into from time to time. The Master Agreements may contain provisions regarding, among other things, the parties’ general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the Master Agreements, collateral posted to the Fund is held in a segregated account by the Fund’s custodian and with respect to those amounts which can be sold or re-pledged, is presented in the Schedule of Investments. Collateral pledged by the Fund is segregated by the Fund’s custodian and identified in the Schedule of Investments. Collateral can be in the form of cash or debt securities issued by the U.S. Government or related agencies or other securities as agreed to by the Fund and the applicable counterparty. Collateral requirements are determined based on the Fund’s net position with each counterparty. Termination events applicable to the Fund may occur upon a decline in the Fund’s net assets below a specified threshold over a certain period of time. Termination events applicable to counterparties may occur upon a decline in the counterparty’s long-term and short-term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the Fund’s counterparties to elect early termination could impact the Fund’s future derivative activity.

In addition to each instrument’s primary underlying risk exposure (e.g. interest rate, credit, equity or foreign exchange, etc.), swap agreements involve, to varying degrees, elements of credit, market and documentation risk. Such risks involve the possibility that no liquid

326

market for these agreements will exist, the counterparty to the agreement may default on its obligation to perform or disagree on the contractual terms of the agreement, and changes in net interest rates will be unfavorable. In connection with these agreements, securities in the portfolio may be identified or received as collateral from the counterparty in accordance with the terms of the respective swap agreements to provide or receive assets of value and to serve as recourse in the event of default or bankruptcy/insolvency of either party. Such OTC derivative agreements include conditions which, when materialized, give the counterparty the right to cause an early termination of the transactions under those agreements. Any election by the counterparty for early termination of the contract(s) may impact the amounts reported on financial statements.

Short sales and OTC contracts, including forward foreign currency exchange contracts, swaps, forward rate agreements and written options involve elements of both market and credit risk in excess of the amounts reflected on the Statement of Assets and Liabilities, if applicable. Such risks may be mitigated by engaging in master netting arrangements.

Rights: The Funds held rights acquired either through a direct purchase or pursuant to corporate actions. Rights entitle the holder to buy a proportionate amount of common stock, or such other security that the issuer may specify, at a specific price and time through the expiration dates. Such rights are held as long positions by the Funds until exercised, sold or expired. Rights are valued at fair value in accordance with the Board approved fair valuation procedures.

Payment-In-Kind: The Funds invested in the open market or received pursuant to debt restructuring securities that pay-in-kind (“PIK”) the interest due on such debt instruments. The PIK interest, computed at the contractual rate specified, is added to the existing principal balance of the debt when issued bonds have the same terms as the bond or recorded as a separate bond when terms are different from the existing debt, and is recorded as interest income.

Delayed-Delivery Transactions: The Fund purchased or sold securities on a when-issued or delayed-delivery and forward commitment basis, including TBA securities. These transactions involve a commitment by the Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery purchases are outstanding, the Fund will set aside and maintain an amount of liquid assets sufficient to meet the purchase price in a segregated account until the settlement date. When purchasing a security on a delayed-delivery basis, the Fund assume the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its net asset value. The Fund may dispose of or renegotiate a delayed-delivery transaction subsequent to establishment, and may sell when-issued securities before they are delivered, which may result in a realized gain (loss). When selling a security on a delayed-delivery basis, the Fund forfeit their eligibility to realize future gains (losses) with respect to the security.

PGIM Fixed Income ETFs 327

Notes to Financial Statements (continued)

Securities Lending: Certain Funds lend their portfolio securities to banks and broker-dealers. The loans are secured by collateral at least equal to the market value of the securities loaned. Collateral pledged by each borrower is invested in an affiliated money market fund and is marked to market daily, based on the previous day’s market value, such that the value of the collateral exceeds the value of the loaned securities. In the event of significant appreciation in value of the securities on loan on the last business day of the reporting period, the financial statements may reflect a collateral value that is less than the market value of the loaned securities. Such shortfall is remedied as described above. Loans are subject to termination at the option of the borrower or the Funds. Upon termination of the loan, the borrower will return to the Funds securities identical to the loaned securities. The remaining open loans of the securities lending transactions are considered overnight and continuous. Should the borrower of the securities fail financially, the Funds has the right to repurchase the securities in the open market using the collateral.

Equity and Mortgage Real Estate Investment Trusts (collectively “REITs”): The Funds invested in REITs, which report information on the source of their distributions annually. Based on current and historical information, a portion of distributions received from REITs during the period is estimated to be dividend income, capital gain or return of capital and recorded accordingly. When material, these estimates are adjusted periodically when the actual source of distributions is disclosed by the REITs.

Securities Transactions and Net Investment Income: Securities transactions are recorded on the trade date. Realized gains (losses) from investment and currency transactions are calculated on the specific identification method. Dividend income is recorded on the ex-date, or for certain foreign securities, when the Funds become aware of such dividends. Interest income, including amortization of premium and accretion of discount on debt securities, as required, is recorded on the accrual basis. Expenses are recorded on an accrual basis, which may require the use of certain estimates by management that may differ from actual expense amounts.

328

Dividends and Distributions: Dividends and distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from GAAP, are recorded on the ex-date. Permanent book/tax differences relating to income and gain (loss) are reclassified between total distributable earnings (loss) and paid-in capital in excess of par, as appropriate. The chart below sets forth the expected frequency of dividend and capital gains distributions to shareholders. Various factors may impact the frequency of dividend distributions to shareholders, including but not limited to adverse market conditions or portfolio holding-specific events.



Expected Distribution Schedule to Shareholders*	Frequency
Net Investment Income		Monthly
Short-Term Capital Gains		Annually
Long-Term Capital Gains		Annually

*	Under certain circumstances, each Fund may make more than one distribution of short-term and/or long-term capital gains during a fiscal year.

3.	Agreements

Pursuant to the Management Agreement relating to each Fund, there is a unitary fee structure for each Funds whereby PGIM Investments is responsible for substantially all expenses of each Fund, except taxes, brokerage expenses, interest expenses, distribution fees or expenses, expenses incident to shareholder meetings and extraordinary expenses. Each Fund may also pay for any costs or expenses of investing in other funds. For more information on the unitary management fee structure please refer to the Funds’ Statement of Additional Information.

The unitary fee paid to the Manager is accrued daily and payable monthly, at an annual rate of each Fund’s average daily net assets specified below. The Manager has voluntarily agreed

PGIM Fixed Income ETFs 329

Notes to Financial Statements (continued)

to reduce a portion of the Funds’ respective unitary management fees through December 31, 2024, which are disclosed on the Statement of Operations. Any such management fee reduction will not be subject to recoupment by the Manager.



Fund		Unitary Fee Rate
AAA CLO		0.19%
Active Aggregate Bond		0.19%
Active High Yield Bond		0.39%*
Floating Rate Income		0.72%
Municipal Income Opportunities		0.25%
Short Duration High Yield		0.45%
Short Duration Multi-Sector Bond		0.40%
Total Return Bond		0.49%
Ultra Short Bond		0.15%
Ultra Short Municipal Bond		0.15%

*	Effective March 8, 2024. Prior to March 8, 2024, the unitary fee was 0.53% of the Fund’s average daily net assets.

The Manager has entered into subadvisory agreements (Subadvisory Agreements) with PGIM, Inc., which provides subadvisory services to the Funds through its business unit PGIM Fixed Income (and, for the AAA CLO, Floating Rate Income, Short Duration High Yield, Short Duration Multi-Sector Bond, Total Return Bond, and Ultra Short Bond, PGIM Limited) (the “subadviser”). The Manager pays for the services of the subadviser.

PGIM Investments, PGIM, Inc., PGIM Limited and PIMS are indirect, wholly-owned subsidiaries of Prudential Financial, Inc. (“Prudential”).

4.	Other Transactions with Affiliates

330

unrealized gains on investments in the Core Government Fund and the Money Market Fund, earnings from such investments are disclosed on the Statement of Operations as “Affiliated dividend income” and “Income from securities lending, net”, respectively.

5.	Portfolio Securities


Fund	Cost of Purchases		Proceeds from Sales

AAA CLO	$	416,395,774	$	122,051,284

Active Aggregate Bond		14,830,533		20,774,764

Active High Yield Bond		50,064,153		42,862,823

Floating Rate Income		84,319,185		77,604,459

Municipal Income Opportunities		31,587,117		7,007,173

Short Duration High Yield		33,609,304		11,460,955

Short Duration Multi-Sector Bond		19,312,796		12,149,244

Total Return Bond		309,377,879		171,894,604

Ultra Short Bond		3,281,491,466		1,868,497,696

Ultra Short Municipal Bond		24,346,724		4,915,000

The aggregate cost of purchases and proceeds from sales of in-kind creation and redemption transactions for the year ended August 31, 2024, were as follows:


Fund	Cost of Purchases		Proceeds from Sales

AAA CLO	$	2,320,655	$	—

Active Aggregate Bond		—		—

Active High Yield Bond		26,806,830		13,933,669

Floating Rate Income		—		—

Municipal Income Opportunities		—		—

Short Duration High Yield		—		—

Short Duration Multi-Sector Bond		—		—

Total Return Bond		—		—

Ultra Short Bond		—		—

Ultra Short Municipal Bond		—		—

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the year ended August 31, 2024, is presented as follows:

PGIM Fixed Income ETFs 331

Notes to Financial Statements (continued)

AAA CLO


Value, Beginning of Year	Cost of Purchases	Proceeds from Sales	Change in Unrealized Gain (Loss)	Realized Gain (Loss)	Value, End of Year	Shares, End of Year	Income

Short-Term Investments - Affiliated Mutual Fund:

PGIM Core Government Money Market Fund (7-day effective yield 5.562%)^(1)(wb)
$5,633,877	$216,729,112	$203,028,719	$—	$—	$19,334,270	19,334,270	$374,826

Active Aggregate Bond


Value, Beginning of Year	Cost of Purchases	Proceeds from Sales	Change in Unrealized Gain (Loss)	Realized Gain (Loss)	Value, End of Year	Shares, End of Year	Income

Short-Term Investments - Affiliated Mutual Fund:

PGIM Core Government Money Market Fund (7-day effective yield 5.562%)^(1)(wb)
$556,512	$7,669,931	$7,792,392	$—	$—	$434,051	434,051	$15,646

Active High Yield Bond


Value, Beginning of Year	Cost of Purchases	Proceeds from Sales	Change in Unrealized Gain (Loss)	Realized Gain (Loss)	Value, End of Year	Shares, End of Year	Income

Short-Term Investments - Affiliated Mutual Funds:

PGIM Core Government Money Market Fund (7-day effective yield 5.562%)^(1)(wb)

$2,094,768	$38,790,188	$37,769,601	$—	$—	$3,115,355	3,115,355	$117,241

PGIM Institutional Money Market Fund (7-day effective yield 5.595%)^(1)(b)(wb)
—	1,197,738	1,197,757	—	19	—	—	253⁽²⁾
$2,094,768	$39,987,926	$38,967,358	$—	$19	$3,115,355		$117,494

Floating Rate Income


Value, Beginning of Year	Cost of Purchases	Proceeds from Sales	Change in Unrealized Gain (Loss)	Realized Gain (Loss)	Value, End of Year	Shares, End of Year	Income

Short-Term Investments - Affiliated Mutual Fund:

PGIM Core Government Money Market Fund (7-day effective yield 5.562%)^(1)(wb)
$3,882,660	$44,005,441	$45,502,460	$—	$—	$2,385,641	2,385,641	$141,477

332

Municipal Income Opportunities


Value, Beginning of Period	Cost of Purchases	Proceeds from Sales	Change in Unrealized Gain (Loss)	Realized Gain (Loss)	Value, End of Period	Shares, End of Period	Income

Short-Term Investments - Affiliated Mutual Fund:

PGIM Core Government Money Market Fund (7-day effective yield 5.562%)^(1)(wb)
$—	$29,046,091	$28,921,541	$—	$—	$124,550	124,550	$20,208

Short Duration High Yield


Value, Beginning of Period	Cost of Purchases	Proceeds from Sales	Change in Unrealized Gain (Loss)	Realized Gain (Loss)	Value, End of Period	Shares, End of Period	Income

Short-Term Investments - Affiliated Mutual Fund:

PGIM Core Government Money Market Fund (7-day effective yield 5.562%)^(1)(wb)
$—	$33,238,231	$32,242,237	$—	$—	$995,994	995,994	$41,102

Short Duration Multi-Sector Bond


Value, Beginning of Year	Cost of Purchases	Proceeds from Sales	Change in Unrealized Gain (Loss)	Realized Gain (Loss)	Value, End of Year	Shares, End of Year	Income

Short-Term Investments - Affiliated Mutual Fund:

PGIM Core Government Money Market Fund (7-day effective yield 5.562%)^(1)(wb)
$348,680	$11,903,053	$11,958,318	$—	$—	$293,415	293,415	$23,857

Total Return Bond


Value, Beginning of Year	Cost of Purchases	Proceeds from Sales	Change in Unrealized Gain (Loss)	Realized Gain (Loss)	Value, End of Year	Shares, End of Year	Income

Short-Term Investments - Affiliated Mutual Funds:

PGIM Core Government Money Market Fund (7-day effective yield 5.562%)^(1)(wb)

$370,989	$160,552,173	$159,434,559	$—	$—	$1,488,603	1,488,603	$327,100

PGIM Institutional Money Market Fund (7-day effective yield 5.595%)^(1)(b)(wb)
—	50,372	50,382	—	10	—	—	41⁽²⁾
$370,989	$160,602,545	$159,484,941	$—	$10	$1,488,603		$327,141

PGIM Fixed Income ETFs 333

Notes to Financial Statements (continued)

Ultra Short Bond


Value, Beginning of Year	Cost of Purchases	Proceeds from Sales	Change in Unrealized Gain (Loss)	Realized Gain (Loss)	Value, End of Year	Shares, End of Year	Income

Short-Term Investments - Affiliated Mutual Funds:

PGIM Core Government Money Market Fund (7-day effective yield 5.562%)^(1)(wb)

$40,386,021	$4,821,313,655	$4,305,033,618	$ —	$ —	$556,666,058	556,666,058	$15,493,758

PGIM Institutional Money Market Fund (7-day effective yield 5.595%)^(1)(b)(wb)
8,252,968	296,786,097	305,039,760	(1,624)	2,319	—	—	60,486⁽²⁾
$48,638,989	$5,118,099,752	$4,610,073,378	$(1,624)	$2,319	$556,666,058		$15,554,244

Ultra Short Municipal Bond


Value, Beginning of Period	Cost of Purchases	Proceeds from Sales	Change in Unrealized Gain (Loss)	Realized Gain (Loss)	Value, End of Period	Shares, End of Period	Income

Short-Term Investments - Affiliated Mutual Fund:

PGIM Core Government Money Market Fund (7-day effective yield 5.562%)^(1)(wb)
$—	$25,469,790	$24,685,664	$—	$—	$784,126	784,126	$9,264

(1)	The Fund did not have any capital gain distributions during the reporting period.

(2)	The amount, or a portion thereof, represents the affiliated securities lending income shown on the Statement of Operations.

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

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

6.	Distributions and Tax Information

334

For the year ended August 31, 2024, the adjustments were as follows:



Fund	Total Distributable Earnings (Loss)	Paid-in Capital
AAA CLO	$ —	$	—
Active Aggregate Bond	—		—
Active High Yield Bond (a)	410,979		(410,979	)
Floating Rate Income	—		—
Municipal Income Opportunities	—		—
Short Duration High Yield (b)	3,275		(3,275	)
Short Duration Multi-Sector Bond (c)	634		(634	)
Total Return Bond	—		—
Ultra Short Bond	—		—
Ultra Short Municipal Bond	—		—

(a)	Redemptions In Kind Adjustments.

(b)	Non deductible expense.

(c)	Prior year post financial statement adjustments.

For the year ended August 31, 2024, the tax character of dividends paid as reflected in the Statement of Changes in Net Assets were as follows:



Fund	Ordinary Income		Long-Term Capital Gains	Tax Return of Capital	Tax-Exempt Income	Total Dividends and Distributions
AAA CLO	$	11,088,809	$—	$—	$ —		$ 11,088,809
Active Aggregate Bond		1,785,302	—	—	—		1,785,302
Active High Yield Bond		9,649,024	—	—	—		9,649,024
Floating Rate Income		5,796,639	—	—	—		5,796,639
Municipal Income Opportunities		19,181	—	—	89,169		108,350
Short Duration High Yield		1,291,648	—	—	—		1,291,648
Short Duration Multi-Sector Bond		1,836,810	—	—	—		1,836,810
Total Return Bond		8,478,904	—	—	—		8,478,904
Ultra Short Bond		352,229,903	—	—	—		352,229,903
Ultra Short Municipal Bond		8,945	—	—	89,760		98,705

For the year ended August 31, 2023, the tax character of dividends paid as reflected in the Statement of Changes in Net Assets were as follows:



Fund	Ordinary Income		Long-Term Capital Gains		Tax Return of Capital	Total Dividends and Distributions
AAA CLO	$	—		$ —	$—		$ —
Active Aggregate Bond		1,491,727		—	—		1,491,727
Active High Yield Bond		6,738,650		—	—		6,738,650
Floating Rate Income		4,108,983		31,068	—		4,140,051
Municipal Income Opportunities		—		—	—		—
Short Duration High Yield		—		—	—		—
Short Duration Multi-Sector Bond		—		—	—		—

PGIM Fixed Income ETFs 335

Notes to Financial Statements (continued)



Fund	Ordinary Income		Long-Term Capital Gains	Tax Return of Capital	Total Dividends and Distributions
Total Return Bond	$	4,335,305	$—	$—		$ 4,335,305
Ultra Short Bond		180,412,893	—	—		180,412,893
Ultra Short Municipal Bond		—	—	—		—

For the year ended August 31, 2024, the Funds indicated below had the following amounts of accumulated undistributed earnings on a tax basis:



Fund	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains	Undistributed Tax Exempt Income
AAA CLO	$	2,887,089	$—		$ —
Active Aggregate Bond		277,783	—		—
Active High Yield Bond		1,204,575	—		—
Floating Rate Income		913,245	—		—
Municipal Income Opportunities		—	—		115,321
Short Duration High Yield		276,323	—		—
Short Duration Multi-Sector Bond		91,274	—		—
Total Return Bond		893,309	—		—
Ultra Short Bond		39,428,926	—		—
Ultra Short Municipal Bond		—	—		75,681

The United States federal income tax basis of the Funds’ investments and the net unrealized appreciation (depreciation) as of August 31, 2024 were as follows:



Fund	Tax Basis		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
AAA CLO	$	440,152,653	$	1,183,639	$	(105,466)	$	1,078,173
Active Aggregate Bond		47,686,081		488,712		(3,921,130)		(3,432,418)
Active High Yield Bond		134,684,926		3,723,252		(8,117,677)		(4,394,425)
Floating Rate Income		76,545,351		1,113,981		(1,147,585)		(33,604)
Municipal Income Opportunities		24,698,168		418,308		(6,643)		411,665
Short Duration High Yield		25,514,828		262,385		(272,412)		(10,027)
Short Duration Multi-Sector Bond		33,488,301		707,689		(123,372)		584,317
Total Return Bond		280,310,603		6,291,878		(4,437,559)		1,854,319
Ultra Short Bond		7,429,915,827		59,447,725		(30,595,394)		28,852,331
Ultra Short Municipal Bond		24,852,073		105,358		(6,212)		99,146

336

The difference between GAAP and tax basis was primarily attributable to deferred losses on wash sales, straddle loss deferral, amortization of premiums, mark-to-market of futures and forwards contracts, swaps, partnerships, and other GAAP to tax differences.



Fund	Capital Loss Carryforward		Capital Loss Carryforward Utilized
AAA CLO	$	—		$ —
Active Aggregate Bond		3,343,000		—
Active High Yield Bond		8,093,000		—
Floating Rate Income		—		—
Municipal Income Opportunities		26,000		—
Short Duration High Yield		40,000		—
Short Duration Multi-Sector Bond		19,000		—
Total Return Bond		9,092,000		203,000
Ultra Short Bond		35,277,000		—
Ultra Short Municipal Bond		—		—

The Manager has analyzed the Funds’ tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Funds’ financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Funds’ U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended August 31, 2024 are subject to such review.

7.	Capital and Ownership

Each Fund is an exchange-traded fund, commonly known as an “ETF”. Individual shares of the Funds may only be purchased and sold in secondary market transactions through brokers or other financial intermediaries. Shares of the Funds are listed for trading on the NYSE Arca, Inc. except for Short Duration Multi-Sector Bond and Short Duration High Yield, which list their shares on the Cboe BZX Exchange, Inc. (together with NYSE Arca, Inc., the “Exchanges”), and since the shares of the Funds trade at market prices rather than NAV, shares of the Funds may trade at a price greater than NAV (a premium) or less than NAV (a discount). Each Fund will issue and redeem its shares at NAV only in aggregations of a specified number of shares called a “Creation Unit”. An Authorized Participant is a member or participant of a clearing agency registered with the SEC, which has a written agreement with the Funds or one of their service providers that allows the Authorized Participant to place orders for the purchase and redemption of Creation Units.

PGIM Fixed Income ETFs 337

Notes to Financial Statements (continued)

(including any cash representing the value of substituted securities, assets or other positions), if any, which together approximate the holdings of each Fund in exchange for a specified number of Creation Units. Similarly, shares can be redeemed only in Creation Units, generally for a designated portfolio of securities, assets or other propositions (the “redemption basket”) held by each Fund and an amount of cash (including any portion of such securities for which cash may be substituted). The Funds may, in certain circumstances, offer Creation Units partially or solely for cash. Except when aggregated in Creation Units, shares are not redeemable by the Funds. Creation and redemption baskets may differ and the Funds may accept “custom baskets”. A Creation Unit consists of 25,000 shares of each Fund, except for AAA CLO which consists of 50,000 shares.

The RIC is authorized to issue an unlimited number of shares of beneficial interest, $0.001 par value per share.

As of August 31, 2024, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Fund as follows:



Fund	Number of Shares		Percentage of Outstanding Shares
AAA CLO		1,851,125		22.0	%
Active Aggregate Bond		1,012,500		96.4
Active High Yield Bond		792,051		21.1
Floating Rate Income		483,500		32.8
Municipal Income Opportunities		499,000		99.8
Short Duration High Yield		395,000		75.2
Short Duration Multi-Sector Bond		359,000		53.2
Total Return Bond		20,000		0.3
Ultra Short Bond		11,644,540		7.7
Ultra Short Municipal Bond		499,000		99.8

At the reporting period end, the number of shareholders holding greater than 5% of the Funds are as follows:

338



Fund	Number of Shareholders	Percentage of Outstanding Shares
Affiliated:
AAA CLO	1		22.0	%
Active Aggregate Bond	1		96.4
Active High Yield Bond	1		21.1
Floating Rate Income	1		32.8
Municipal Income Opportunities	1		99.8
Short Duration High Yield	1		75.2
Short Duration Multi-Sector Bond	1		53.2
Total Return Bond	—		—
Ultra Short Bond	1		7.7
Ultra Short Municipal Bond	1		99.8
Unaffiliated:
AAA CLO	4		61.4
Active Aggregate Bond	—		—
Active High Yield Bond	3		56.7
Floating Rate Income	5		60.7
Municipal Income Opportunities	—		—
Short Duration High Yield	1		17.1
Short Duration Multi-Sector Bond	2		40.0
Total Return Bond	5		94.0
Ultra Short Bond	7		68.5
Ultra Short Municipal Bond	—		—

The Funds may make payment for Fund shares redeemed and contributed wholly or in part by distributing portfolio securities to shareholders. For the year ended August 31, 2024, the AAA CLO had redemptions in- kind and Active High Yield Bond ETF had subscriptions in-kind and redemptions in-kind with total proceeds in the amounts presented on the Statements of Changes in Net Assets.

8.	Borrowings



	Current SCA*	Prior SCA**
Term of Commitment	9/29/2023 – 9/26/2024	9/30/2022 – 9/28/2023
Total Commitment	Tranche A: $1,200,000,000 Tranche B: $125,000,000***	Tranche A: $1,200,000,000 Tranche B: $125,000,000***
Annualized Commitment Fee on the Unused Portion of the SCA	0.15%	0.15%

PGIM Fixed Income ETFs 339

Notes to Financial Statements (continued)

*	The Current SCA did not include Municipal Income Opportunities, Short Duration High Yield, and Ultra Short Municipal Bond.

**	The Prior SCA did not include AAA CLO and Short Duration Multi-Sector Bond.

***	Only Floating Rate Income and one other fund are party to, and are allocated commitment fees related to, Tranche B of the SCA, in addition to Tranche A. The other Participating Funds are only party to Tranche A of the SCA.

Subsequent to the reporting period end, the SCA has been renewed and effective September 27, 2024 through September 25, 2025 will provide a commitment of $1,325,000,000, of which $1,200,000,000 (“Tranche A”) will be available for all Participating Funds, and of which $125,000,000 (“Tranche B”) will be solely available to the Floating Rate Income and one other fund (the “Floating Rate Funds”). The commitment fee allocated to the Participating Funds will continue to be 0.15% of the unused portion of the Tranche A SCA and the commitment fee allocated to the Floating Rate Funds will be 0.15% of the unused portion of the Tranche B SCA. The interest on borrowings under the renewed SCA will be paid monthly and at a per annum interest rate of 1.00% plus the higher of (1) the effective federal funds rate, (2) the daily SOFR rate plus 0.10% or (3) zero percent.

Certain affiliated registered investment companies that are parties to the SCA include portfolios that are subject to a predetermined mathematical formula used to manage certain benefit guarantees offered under variable annuity contracts. The formula may result in large scale asset flows into and out of these portfolios. Consequently, these portfolios may be more likely to utilize the SCA for purposes of funding redemptions. It may be possible for those portfolios to fully exhaust the committed amount of the SCA, thereby requiring the Manager to allocate available funding per a Board-approved methodology designed to treat the Participating Funds in the SCA equitably.

The Funds did not utilize the SCA during the year ended August 31, 2024.

340

9.	Risks of Investing in the Funds



Risks	AAA CLO	Active Aggregate Bond	Active High Yield Bond	Floating Rate Income	Municipal Income Opportunities
Active Trading	X	X	–	X	–
Adjustable and Floating Rate Securities	–	–	–	X	–
Alternative Minimum Tax	–	–	–	–	X
Authorized Participant Concentration	X	X	X	X	X
Cash Transactions	X	X	X	X	X
CLO Manager	X	–	–	–	–
Collateralized Loan Obligations	X	–	–	–	–
Covenant-Lite	X	–	X	X	–
Credit	X	X	X	X	–
Currency	–	–	–	–	–
Debt Obligations	X	X	X	X	X
Derivatives	X	X	X	X	X
Distressed and Defaulted Securities	–	–	X	–	–
Economic and Market Events	X	X	X	X	X
Emerging Markets	–	X	X	X	–
ETF Shares Trading	X	X	X	X	X
Floating Rate and Other Loans	–	–	X	X	–
Foreign Securities	X	X	X	X	–
Insured Municipal Bonds	–	–	–	–	X
Interest Rate	X	X	X	X	X
Junk Bonds	–	–	X	X	X
Large Shareholder and Large Scale Redemption	X	X	X	X	X
Liquidity	X	X	X	X	X
Loan Liquidity and Settlement	–	–	–	X	–
Management	X	X	X	X	X
Market Disruption and Geopolitical	X	X	X	X	X
Market	X	X	X	X	X
Money Market Instruments	–	–	–	–	–
Mortgage-Backed and Asset-Backed Securities	–	X	X	–	–
Municipal Bonds and Notes	–	–	–	–	X
Municipal Lease Obligations	–	–	–	–	X
New/Small Fund	X	–	–	X	X
Non-Diversified Investment Company Risk	X	–	–	–	–
Non-Money Market Fund	–	–	–	–	–
Small Fund	–	–	X	–	–
Structured Products	–	X	–	–	–
U.S. Government and Agency Securities	–	X	–	–	–
Variable and Floating Rate Bonds	–	–	–	–	X

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Notes to Financial Statements (continued)



Risks	AAA CLO	Active Aggregate Bond	Active High Yield Bond	Floating Rate Income	Municipal Income Opportunities
Zero Coupon Bond	–	–	–	–	X



Risks	Short Duration High Yield Bond	Short Duration Multi-Sector Bond	Total Return Bond	Ultra Short Bond	Ultra Short Municipal Bond
Active Trading	–	X	X	–	–
Adjustable and Floating Rate Securities	–	–	–	–	–
Alternative Minimum Tax	–	–	–	–	X
Authorized Participant Concentration	X	X	X	X	X
Cash Transactions	X	X	X	X	X
CLO Manager	–	–	–	–	–
Collateralized Loan Obligations	–	–	X	X	–
Covenant-Lite	X	X	X	–	–
Credit	X	X	X	X	–
Currency	–	X	X	–	–
Debt Obligations	X	X	X	X	X
Derivatives	X	X	X	X	X
Distressed and Defaulted Securities	X	–	–	–	–
Economic and Market Events	X	X	X	X	X
Emerging Markets	X	–	X	–	–
ETF Shares Trading	X	X	X	X	X
Floating Rate and Other Loans	X	X	X	–	–
Foreign Securities	X	X	X	X	–
Insured Municipal Bonds	–	–	–	–	X
Interest Rate	X	X	X	X	X
Junk Bonds	X	X	X	–	X
Large Shareholder and Large Scale
Redemption	X	X	X	X	X
Liquidity	X	X	X	–	X
Loan Liquidity and Settlement	–	–	–	–	–
Management	X	X	X	X	X
Market Disruption and Geopolitical	X	X	X	X	X
Market	X	X	X	X	X
Money Market Instruments	–	–	–	X	–
Mortgage-Backed and Asset-Backed
Securities	–	X	X	X	–
Municipal Bonds and Notes	–	–	–	–	X
Municipal Lease Obligations	–	–	–	–	X
New/Small Fund	X	X	X	–	X
Non-Diversified Investment Company Risk	–	–	–	–	–
Non-Money Market Fund	–	–	–	X	–
Small Fund	–	–	–	–	–

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Risks	Short Duration High Yield Bond	Short Duration Multi-Sector Bond	Total Return Bond	Ultra Short Bond	Ultra Short Municipal Bond
Structured Products	–	–	–	–	–
U.S. Government and Agency Securities	–	X	X	X	–
Variable and Floating Rate Bonds	–	–	–	X	X
Zero Coupon Bond	–	–	–	–	X

Adjustable and Floating Rate Securities Risk: The value of adjustable and floating rate securities may lag behind the value of fixed rate securities when interest rates change. Such securities may be subject to extended settlement periods (longer than seven days) and in unusual market conditions, with a high volume of shareholder redemptions, may present a risk of loss to the Fund or may impair the Fund’s ability satisfy shareholder redemption requests.

Alternative Minimum Tax Risk: Although the interest received from municipal securities is generally exempt from federal income tax, the Fund may invest in municipal securities subject to the federal alternative minimum tax on individuals. Therefore, all or a portion of the Fund’s otherwise exempt-interest dividends may be taken into account in determining the federal alternative minimum tax on individuals and may have other tax consequences.

PGIM Fixed Income ETFs 343

Notes to Financial Statements (continued)

CLO Manager Risk: CLO managers may have limited operating histories and may be subject to conflicts of interest, including managing the assets of other clients and other investment vehicles or otherwise receiving fees that may incentivize maximizing the yield, and indirectly the risk, of a CLO. Adverse developments with respect to a CLO manager, such as personnel and resource constraints, regulatory issues or other developments that may impact the ability and/or performance of the CLO manager, may adversely impact the performance of the CLOs in which the Fund invests.

Collateralized Loan Obligations (“CLOs”) Risk: CLOs are subject to credit, interest rate, valuation, and prepayment and extension risks. These securities also are subject to risk of default on the underlying asset, particularly during periods of economic downturn. The market value of CLOs may be affected by, among other things, changes in the market value of the underlying assets held by the CLO, changes in the distributions on the underlying assets, defaults and recoveries on the underlying assets, capital gains and losses on the underlying assets, prepayments on underlying assets and the availability, prices and interest rate of underlying assets.

“Covenant-Lite” Risk: Some of the loans or debt obligations in which the Fund may invest or get exposure to may be “covenant-lite”, which means the loans or obligations contain fewer financial maintenance covenants than other loans or obligations (in some cases, none) and do not include terms which allow the lender to monitor the borrower’s performance and declare a default if certain criteria are breached. An investment by the Fund in a covenant-lite loan may potentially hinder the ability to reprice credit risk associated with the issuer and reduce the ability to restructure a problematic loan and mitigate potential loss. The Fund may also experience difficulty, expenses or delays in enforcing its rights on its holdings of covenant-lite loans or obligations. As a result of these risks, the Fund’s exposure to losses may be increased, which could result in an adverse impact on the Fund’s net income and NAV.

Credit Risk: This is the risk that the issuer, the guarantor or the insurer of a fixed income security, or the counterparty to a contract, may be unable or unwilling to make timely principal and interest payments, or to otherwise honor its obligations. Additionally, fixed income securities could lose value due to a loss of confidence in the ability of the issuer, guarantor, insurer or counterparty to pay back debt. The lower the credit quality of a bond, the more sensitive it is to credit risk.

Currency Risk: The Fund’s net asset value could decline as a result of changes in exchange rates, which could adversely affect the Fund’s investments in currencies, or in securities that trade in, and receive revenues related to, currencies, or in derivatives that provide exposure to currencies. Certain foreign countries may impose restrictions on the ability of issuers of

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foreign securities to make payment of principal and interest or dividends to investors located outside the country, due to blockage of foreign currency exchanges or otherwise.

Distressed and Defaulted Securities Risk: Distressed and defaulted securities are subject to particularly high credit risk, market risk and illiquidity risk. These securities are at a high risk for default, especially during economic downturns, and they are subject to greater volatility than securities of more stable issuers. To the extent that the Fund invests in bankrupt issuers, the Fund may be subject to litigation risks and costs.

PGIM Fixed Income ETFs 345

Notes to Financial Statements (continued)

Cost of Buying or Selling Shares: When you buy or sell shares of the Fund through a broker, you will likely incur a brokerage commission or other charges imposed by brokers. In addition, the market price of shares of the Fund, like the price of any exchange-traded security, includes a “bid-ask spread” charged by the market makers or other participants that trade the particular security. The spread of the Fund’s shares

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varies over time based on the Fund’s trading volume, the spread of the Fund’s underlying securities, and market liquidity and may increase if the Fund’s trading volume or market liquidity decreases, or if the spread on the Fund’s underlying securities increases.

No Guarantee of Active Trading Market Risk: While shares of the Fund are listed on the Exchange, there can be no assurance that active trading markets for the shares will develop or be maintained by market makers or by Authorized Participants. The distributor of the Fund’s shares does not maintain a secondary market in the shares. Further, secondary markets may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods in times of market stress because market makers and Authorized Participants may step away from making a market in the shares and in executing creation and redemption orders, which could cause a material deviation in the Fund’s market price from its net asset value.

Floating Rate and Other Loans Risk: The Fund’s ability to receive payments of principal and interest and other amounts in connection with loans (whether through participations, assignments or otherwise) will depend primarily on the financial condition of the borrower. The failure by the Fund to receive scheduled interest or principal payments on a loan because of a default, bankruptcy or any other reason would adversely affect the income of the Fund and would likely reduce the value of its assets. Even with loans secured by collateral, there is the risk that the value of the collateral may decline, may be insufficient to meet the obligations of the borrower, or be difficult to liquidate. In the event of a default, the Fund may have difficulty collecting on any collateral and would not have the ability to collect on any collateral for an uncollateralized loan. Further, the Fund’s access to collateral, if any, may be limited by bankruptcy laws. Due to the nature of the private syndication of senior loans, including, for example, lack of publicly-available information, some senior loans are not as easily purchased or sold as publicly-traded securities. In addition, loan participations generally are subject to restrictions on transfer, and only limited opportunities may exist to sell loan participations in secondary markets. As a result, it may be difficult for the Fund to value loans or sell loans at an acceptable price when it wants to sell them. Loans trade in an OTC market, and confirmation and settlement, which are effected through standardized procedures and documentation, may take significantly longer than seven days to complete. Extended trade settlement periods may, in unusual market conditions with a high volume of shareholder redemptions, present a risk to shareholders regarding the Fund’s ability to pay redemption proceeds in a timely manner. In some instances, loans and loan participations are not rated by independent credit rating agencies; in such instances, a decision by the Fund to invest in a particular loan or loan participation could depend exclusively on the subadviser’s credit analysis of the borrower, or in the case of a loan participation, of the intermediary holding the portion of the loan that the Fund has purchased. To the extent the Fund invests in loans of non-U.S. issuers, the risks of investing in non-U.S. issuers are applicable. Loans may not be considered to be “securities” and as a result may not benefit from the protections of the federal securities laws, including anti-fraud protections and those with respect to the use of material non-public information, so that purchasers, such as the Fund, may not have the benefit of these protections. If the Fund is in possession of material

PGIM Fixed Income ETFs 347

Notes to Financial Statements (continued)

non-public information about a borrower as a result of its investment in such borrower’s loan, the Fund may not be able to enter into a transaction with respect to a publicly-traded security of the borrower when it would otherwise be advantageous to do so.

Insured Municipal Bonds Risk: The Fund may purchase municipal bonds that are insured to attempt to reduce credit risk. Although insurance coverage reduces credit risk by providing that the insurer will make timely payment of interest and/or principal, it does not provide protection against market fluctuations of insured bonds or fluctuations in the price of the shares of the Fund. An insured municipal bond fluctuates in value largely based on factors relating to the insurer’s creditworthiness or ability to satisfy its obligations. The Fund cannot be certain that any insurance company will make the payments it guarantees.

Interest Rate Risk: The value of your investment may go down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration debt securities. Similarly, a rise in interest rates may also have a greater negative impact on the value of equity securities whose issuers expect earnings further out in the future. For example, a fixed income security with a duration of three years is expected to decrease in value by approximately 3% if interest rates increase by 1%. This is referred to as “duration risk.” When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and the Fund may be required to reinvest the proceeds at a lower interest rate. This is referred to as “prepayment risk.” For premium bonds (bonds acquired

348

at prices that exceed their par or principal value) purchased by the Fund, prepayment risk may be elevated. When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of the Fund’s holdings may fall sharply. This is referred to as “extension risk.” The Fund may lose money if short-term or long-term interest rates rise sharply or in a manner not anticipated by the subadviser.

Junk Bonds Risk: High-yield, high-risk bonds have predominantly speculative characteristics, including particularly high credit risk. Junk bonds tend to have lower market liquidity than higher-rated securities. The liquidity of particular issuers or industries within a particular investment category may shrink or disappear suddenly and without warning. The non-investment grade bond market can experience sudden and sharp price swings and become illiquid due to a variety of factors, including changes in economic forecasts, stock market activity, large sustained sales by major investors, a high profile default or a change in the market’s psychology.

Loan Liquidity and Settlement Risk: The Fund’s investments in loans may subject it to additional illiquidity risks. Loans generally are subject to legal or contractual restrictions on resale. The liquidity of loans, including the volume and frequency of secondary market trading in such loans, varies significantly over time and among individual loans. For example, if the credit quality of a loan unexpectedly declines significantly, secondary market trading in that loan can also decline for a period of time. During periods of infrequent trading, valuing a loan can be more difficult and buying and selling a loan at an acceptable price can be more difficult and delayed. Difficulty in selling a loan can result in a loss.

PGIM Fixed Income ETFs 349

Notes to Financial Statements (continued)

Certain of the Fund’s assets may be invested in assets that are considerably less liquid than debt instruments traded on national exchanges. Market quotations for such assets may be volatile and/or subject to large spreads between bid and ask prices. Loans trade in an over-the-counter market, and confirmation and settlement may take significantly longer than seven days to complete. Extended trade settlement periods may, in unusual market conditions with a high volume of shareholder redemptions, present a risk to shareholders regarding the Fund’s ability to pay redemption proceeds within the allowable time periods stated in the Fund’s prospectus. To the extent the extended loan settlement process gives rise to short-term liquidity needs, such as the need to satisfy redemption requests, the Fund may hold cash, sell investments or borrow from banks.

The Fund may borrow to meet redemptions and may choose to keep such borrowings outstanding until loans or other portfolio transactions settle or for other extended periods. During the period when borrowings are outstanding, the Fund will incur interest expense. The Fund’s portfolio may also be subject to greater volatility during periods of borrowing, which can have an adverse impact on the Fund’s net asset value. The Fund will be required to maintain specified asset coverage by applicable federal securities laws and the terms of its credit facility with the lender with respect to its borrowings. The Fund may be required to dispose of portfolio investments on unfavorable terms if market fluctuations or other factors cause the Fund to fail to meet its asset coverage requirements.

350

negative impacts on issuers and the markets for certain securities and commodities and/or government intervention. They may also cause short- or long-term economic uncertainties in the United States and worldwide. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund’s investments may be negatively impacted. Further, due to closures of certain markets and restrictions on trading certain securities, the value of certain securities held by the Fund could be significantly impacted, which could lead to such securities being valued at zero.

Money Market Instruments Risk: The value of money market instruments may be affected by changing interest rates and by changes in the credit ratings of those instruments. If a significant amount of the Fund’s assets are invested in money market instruments, it will be more difficult for the Fund to achieve its investment objective.

Mortgage-Backed and Asset-Backed Securities Risk: Mortgage-backed and asset-backed securities tend to increase in value less than other debt securities when interest rates decline, but are subject to similar risk of decline in market value during periods of rising interest rates. The values of mortgage-backed and asset-backed securities become more volatile as interest rates rise. In a period of declining interest rates, the Fund may be required to reinvest more frequent prepayments on mortgage-backed and asset-backed securities in lower-yielding investments.

Municipal Bonds and Notes Risk: Municipal bonds are subject to credit risk, market risk and interest rate risk. The Fund’s holdings, share price, yield and total return may also fluctuate in response to municipal bond market movements. Municipal bonds are also subject to the risk that potential future legislative changes relating to tax or the rights of municipal bond holders, for example in connection with an insolvency, could affect the market for and value of municipal bonds, which may adversely affect the Fund’s yield or the value of the Fund’s investments in municipal bonds. Certain municipal bonds with principal and interest payments that are made from the revenues of a specific project or facility, and not general tax revenues, may have increased risks. Factors affecting the project or facility, such as local business or economic conditions, could have a significant effect on the project’s ability to make payments of principal and interest on these securities. If the Fund invests a substantial amount of its assets in issuers located in a single region, state or city, there is an increased risk that environmental, economic, political and social conditions in those regions will have a significant impact on the Fund’s investment performance. For example, municipal securities of a particular state are vulnerable to events adversely affecting that state, including economic, political and regulatory occurrences, court decisions, terrorism, public health epidemics, social unrest and catastrophic natural disasters, such as hurricanes or earthquakes. Many municipal bonds are also subject to

PGIM Fixed Income ETFs 351

Notes to Financial Statements (continued)

prepayment risk, which is the risk that when interest rates fall, issuers may redeem a security by repaying it early, which may reduce the Fund’s income if the proceeds are reinvested at a lower interest rate. In addition, income from municipal bonds could be declared taxable because of non-compliant conduct of a bond issuer. Municipal notes are shorter term municipal dept obligations. They may provide interim financing in anticipation of, and are secured by, tax collection, bond sales or revenue receipts. If there is a shortfall in the anticipated proceeds, the notes may not be fully repaid and the Fund may lose money.

Municipal Lease Obligations Risk: Municipal lease obligations are typically not subject to the statutory and constitutional requirements of other municipal securities, including voter approval and debt limits. Because municipal lease obligations generally are backed by revenues from a particular source or depend on future appropriations by municipalities and are not obligations of their issuers, they are typically less secure than most municipal obligations. Many municipal leases contain non-appropriation clauses under which the municipality may elect annually not to appropriate funds for future lease payments.

Non-appropriation lease obligations are secured only by the leased property, and disposition of the property in the event of foreclosure could prove difficult. Municipal lease obligations may not have an active trading market, which may make it difficult for the Fund to sell them quickly or at an attractive price.

352

resulting from the decline in value of any one security may represent a greater portion of the total assets of a non-diversified fund.

Non-Money Market Fund Risk: The Fund is not a money market fund. The Fund does not seek to maintain a stable net asset value (NAV) of $1.00 per share. The Fund’s NAV and market value will fluctuate every day and these fluctuations may be significant on certain days. Also, the Fund is not subject to the liquidity requirements and investment and credit quality restrictions applicable to money market funds. There can be no guarantee that the Fund will generate higher returns than money market funds.

Small Fund Risk: When the Fund’s size is small, the Fund may experience low trading volume and wide bid/ask spreads. The Fund may face the risk of being delisted if it does not meet certain conditions of the listing exchange due to small size. Any resulting liquidation of the Fund could cause the Fund to incur elevated transaction costs for the Fund and negative tax consequences for its shareholders.

Structured Products Risk: Holders of structured product securities bear risks of the underlying investments, index or reference obligation. Certain structured products may be thinly traded or have a limited trading market, and as a result may be characterized as illiquid. The possible lack of a liquid secondary market for structured securities and the resulting inability of the Fund to sell a structured security could expose the Fund to losses and could make structured securities more difficult for the Fund to value accurately, which may also result in additional costs. Structured products are also subject to credit risk; the assets backing the structured product may be insufficient to pay interest or principal. In addition to the general risks associated with investments in fixed income, structured products carry additional risks, including, but not limited to: the possibility that distributions from collateral securities will not be adequate to make interest or other payments; the quality of the collateral may decline in value or default; and the possibility that the structured products are subordinate to other classes. Structured securities are generally privately negotiated debt obligations where the principal and/or interest or value of the structured security is determined by reference to the performance of a specific asset, benchmark asset, market or interest rate (“reference instrument”), and changes in the reference instrument or security may cause significant price fluctuations, or could cause the interest rate on the structured security to be reduced to zero. Holders of structured products indirectly bear risks associated with the reference instrument, are subject to counterparty risk and typically do not have direct rights against the reference instrument. Structured products may also entail structural complexity and documentation risk and there is no guarantee that the courts or administrators will interpret the priority of principal and interest payments as expected.

U.S. Government and Agency Securities Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. Government. Securities issued or guaranteed by federal agencies or authorities and U.S. Government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. Government. For example, securities issued by the Federal Home Loan Mortgage Corporation, the Federal National

PGIM Fixed Income ETFs 353

Notes to Financial Statements (continued)

Mortgage Association and the Federal Home Loan Banks are neither insured nor guaranteed by the U.S. Government. These securities may be supported by the ability to borrow from the U.S. Treasury or only by the credit of the issuing agency, authority, instrumentality or enterprise and, as a result, are subject to greater credit risk than securities issued or guaranteed by the U.S. Treasury. Further, the U.S. Government and its agencies, authorities, instrumentalities and enterprises do not guarantee the market value of their securities; consequently, the value of such securities will fluctuate. This may be the case especially when there is any controversy or ongoing uncertainty regarding the status of negotiations in the U.S. Congress to increase the statutory debt ceiling. Such controversy or uncertainty could, among other things, result in the credit quality rating of the U.S. Government being downgraded and reduced prices of U.S. Treasury securities. If the U.S. Congress is unable to negotiate an adjustment to the statutory debt ceiling, there is also the risk that the U.S. Government may default on payments on certain U.S. Government securities, including those held by the Fund, which could have a negative impact on the Fund. An increase in demand for U.S. Government securities resulting from an increase in demand for government money market funds may lead to lower yields on such securities.

Variable and Floating Rate Bonds Risk: Variable and floating rate bonds are subject to credit risk, market risk and interest rate risk. In addition, the absence of an active market for these securities could make it difficult for the Fund to dispose of them if the issuer defaults. The settlement period for such bonds can be longer than seven days.

Zero Coupon Bond Risk: Zero coupon bonds may experience greater volatility in market value due to changes in interest rates. The Fund accrues income on the discount amortization of these investments, which it is required to distribute each year. The Fund may be required to sell investments to obtain cash needed for income distributions.

354

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of PGIM ETF Trust and Shareholders of PGIM AAA CLO ETF, PGIM Active Aggregate Bond ETF, PGIM Active High Yield Bond ETF, PGIM Floating Rate Income ETF, PGIM Municipal Income Opportunities ETF, PGIM Short Duration High Yield ETF, PGIM Short Duration Multi-Sector Bond ETF, PGIM Total Return Bond ETF, PGIM Ultra Short Bond ETF and PGIM Ultra Short Municipal Bond ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (ten of the funds constituting PGIM ETF Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2024, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein ended on or subsequent to August 31, 2021 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of August 31, 2024, the results of each of their operations, and the changes in each of their net assets for each of the periods indicated in the table below and each of the financial highlights for each of the periods indicated therein ended on or subsequent to August 31, 2021 in conformity with accounting principles generally accepted in the United States of America.



Fund		Statements
PGIM Active Aggregate Bond ETF PGIM Active High Yield Bond ETF		Statements of operations for the year ended August 31, 2024 and the statements of changes in net assets for each of the two years in the period ended August 31, 2024
PGIM Floating Rate Income ETF
PGIM Total Return Bond ETF
PGIM Ultra Short Bond ETF

PGIM AAA CLO ETF PGIM Short Duration Multi-Sector Bond ETF		Statements of operations for the year ended August 31, 2024, and statements of changes in net assets for the year ended August 31, 2024 and the period July 19, 2023 (commencement of operations) through August 31, 2023

PGIM Short Duration High Yield ETF		Statement of operations and statement of changes in net assets for the period December 14, 2023 (commencement of operations) through August 31, 2024

PGIM Municipal Income Opportunities ETF		Statement of operations and statement of changes in net assets for the period June 14, 2024 (commencement of operations) through August 31, 2024

PGIM Ultra Short Municipal Bond ETF		Statement of operations and statement of changes in net assets for the period June 24, 2024 (commencement of operations) through August 31, 2024

The financial statements of PGIM Ultra Short Bond ETF and PGIM Active High Yield Bond ETF as of and for the year ended August 31, 2020 and the financial highlights for each of the periods ended on or prior to August 31, 2020 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated October 15, 2020 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinions

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2024 by correspondence with the custodian, transfer agent, brokers and agent banks; when replies were not received from brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

October 25, 2024

We have served as the auditor of one or more investment companies in the PGIM Retail Funds complex since 2020.

PGIM Fixed Income ETFs 355

Other Information

Form N-CSR Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment Companies - None.

Form N-CSR Item 9 - Proxy Disclosures for Open-End Management Investment Companies- None.

Form N-CSR Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract.

Approval of Advisory Agreements

The Funds’ Board of Trustees

The Board of Trustees (the “Board”) of PGIM Active Aggregate Bond ETF, PGIM Active High Yield Bond ETF, PGIM Floating Rate Income ETF, PGIM Total Return Bond ETF and PGIM Ultra Short Bond ETF (each, a “Fund, and collectively, the “Funds”)1 consists of ten individuals, eight of whom are not “interested persons” of the Funds, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Trustees”). The Board is responsible for the oversight of each Fund and its operations, and performs the various duties imposed on the Trustees of investment companies by the 1940 Act. The Independent Trustees have retained independent legal counsel to assist them in connection with their duties. The Chair of the Board is an Independent Director. The Board has established five standing committees: the Audit Committee, the Nominating and Governance Committee, the Compliance Committee and two Investment Committees. Each committee is chaired by, and composed of, Independent Trustees.

Annual Approval of the Funds’ Advisory Agreements

As required under the 1940 Act, the Board determines annually whether to renew each Fund’s management agreement with PGIM Investments LLC (“PGIM Investments”) and each Fund’s subadvisory agreement with PGIM, Inc. on behalf of its PGIM Fixed Income unit (“PGIM Fixed Income”) and PGIM Limited (“PGIML”), as applicable. In considering the renewal of the agreements, the Board, including all of the Independent Trustees, met on May 28 and June 4-6, 2024 (the “Board Meeting”) and approved the renewal of the agreements through July 31, 2025, after concluding that the renewal of the agreements was in the best interests of each Fund and its shareholders.

In advance of the meetings, the Board requested and received materials relating to the agreements, and had the opportunity to ask questions and request further information in connection with its consideration. Among other things, the Board considered comparative fee information from PGIM Investments, PGIML and PGIM Fixed Income. Also, the Board considered comparisons with other mutual funds in relevant peer universes and peer groups, as is further discussed below.

In approving the agreements, the Board, including the Independent Trustees advised by independent legal counsel, considered the factors it deemed relevant, including the nature, quality and extent of services provided by PGIM Investments, the subadvisers and, as applicable, its affiliates, the performance of each Fund, the profitability of PGIM Investments and its affiliates, expenses and fees, and the potential for economies of scale

¹	Each of the Funds is a series of PGIM ETF Trust.

PGIM Fixed Income ETFs

Approval of Advisory Agreements (continued)

The Trustees determined that the overall arrangements between each Fund and PGIM Investments, which serves as each Fund’s investment manager pursuant to management agreements with each Fund, and between PGIM Investments and each of PGIML and PGIM Fixed Income, as applicable, which serve as the Funds’ subadvisers pursuant to the terms of their respective subadvisory agreements with PGIM Investments, are in the best interests of each Fund and its shareholders in light of the services performed, fees charged and such other matters as the Trustees considered relevant in the exercise of their business judgment. The Board considered the approval of the agreements for the Fund as part of its consideration of agreements for multiple funds, but its approvals were made on a fund-by-fund basis.

The material factors and conclusions that formed the basis for the Trustees’ reaching their determinations to approve the continuance of the agreements are separately discussed below.

Nature, Quality and Extent of Services

The Board received and considered information regarding the nature, quality and extent of services provided to each Fund by PGIM Investments, PGIML and PGIM Fixed Income. The Board noted that PGIML and PGIM Fixed Income are affiliated with PGIM Investments. The Board considered the services provided by PGIM Investments, including but not limited to the oversight of the subadviser(s) for each Fund, as well as the provision of accounting oversight, fund recordkeeping, compliance and other services to each Fund, such as PGIM Investments’ role as administrator of each Fund’s liquidity risk management program and as valuation designee. With respect to PGIM Investments’ oversight of the subadvisers, the Board noted that PGIM Investments’ Strategic Investment Research Group (“SIRG”), which is a business unit of PGIM Investments, is responsible for monitoring and reporting to PGIM Investments’ senior management on the performance and operations of the subadvisers. The Board also considered that PGIM Investments pays the salaries of all of the officers and interested Trustees of the Funds who are part of Fund management. The Board also considered the investment subadvisory services provided by PGIML and PGIM Fixed Income, including investment research and security selection, as well as adherence to each Fund’s investment restrictions and compliance with applicable Fund policies and

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procedures. The Board considered PGIM Investments’ evaluation of the subadvisers, as well as PGIM Investments’ recommendation, based on its review of the subadvisers, to renew the subadvisory agreements.

The Board considered the qualifications, backgrounds and responsibilities of PGIM Investments’ senior management responsible for the oversight of each Fund, PGIML and PGIM Fixed Income, and also considered the qualifications, backgrounds and responsibilities of the PGIML and PGIM Fixed Income portfolio managers who are responsible for the day-to-day management of the portfolio for their respective Fund(s). The Board was provided with information pertaining to the organizational structure, senior management, investment operations, and other relevant information pertaining to PGIM Investments, PGIML and PGIM Fixed Income. The Board also noted that it received favorable compliance reports from each Fund’s Chief Compliance Officer (“CCO”) as to PGIM Investments, PGIML and PGIM Fixed Income.

The Board concluded that it was satisfied with the nature, extent and quality of the investment management services provided by PGIM Investments, and the subadvisory services provided to each Fund by PGIML and PGIM Fixed Income, as applicable, and that there was a reasonable basis on which to conclude that each Fund benefits from the services provided by PGIM Investments, PGIML and PGIM Fixed Income under the management agreements and the subadvisory agreements.

Costs of Services and Profits Realized by PGIM Investments

Economies of Scale

PGIM Fixed Income ETFs

Approval of Advisory Agreements (continued)

Other Benefits to PGIM Investments, PGIML and PGIM Fixed Income

The Board considered potential ancillary benefits that might be received by PGIM Investments, PGIML, PGIM Fixed Income and their affiliates as a result of their relationship with each Fund. The Board concluded that potential benefits to be derived by PGIM Investments included transfer agency fees received by each Fund’s transfer agent (which is affiliated with PGIM Investments), as well as benefits to its reputation or other intangible benefits resulting from PGIM Investments’ association with each Fund. The Board concluded that the potential benefits to be derived by PGIML and PGIM Fixed Income included the ability to use soft dollar credits, as well as the potential benefits consistent with those generally resulting from an increase in assets under management, specifically, potential access to additional research resources and benefits to their reputation. The Board concluded that the benefits derived by PGIM Investments, PGIML and PGIM Fixed Income were consistent with the types of benefits generally derived by investment managers and subadvisers to mutual funds.

Performance of each Fund / Fees and Expenses

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Fund shareholders and includes any fee waivers or reimbursements. The net total expense ratio for each Fund represents the actual expense ratio incurred by Fund shareholders.

PGIM Active Aggregate Bond ETF


Net Performance	1 Year	3 Years	5 Years	10 Years
Net Performance	2^ndQuartile	N/A	N/A	N/A

Actual Management Fees: 1^stQuartile

Net Total Expenses: 1^stQuartile

●

The Board noted that the Fund outperformed its benchmark index over the one-year period.

●

The Board noted that the Fund commenced operations on April 12, 2021 and that longer term performance was not available.

●

The Board and PGIM Investments agreed to a contractual fee waiver, pursuant to which PGIM Investments waives any management fees it receives from the Fund in an amount equal to the subadvisory fees paid by the Fund to the PGIM Institutional Money Market Fund.

●

The Board concluded that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

PGIM Fixed Income ETFs

Approval of Advisory Agreements (continued)

PGIM Active High Yield Bond ETF


Net Performance	1 Year	3 Years	5 Years	10 Years
Net Performance	2^ndQuartile	2^ndQuartile	1^stQuartile	N/A

Actual Management Fees: 3^rdQuartile

Net Total Expenses: 3^rdQuartile

●

The Board noted that the Fund outperformed its benchmark index over the three-, and five-year periods and underperformed its benchmark index over the one-year period.

●

The Board also noted that PGIM Investments and the subadviser contractually reduced their fee schedules, effective March 8, 2024.

●

The Board and PGIM Investments agreed to retain the Fund’s existing contractual fee waiver, pursuant to which PGIM Investments waives any management fees it receives from the Fund in an amount equal to the subadvisory fees paid by the Fund to the PGIM Institutional Money Market Fund.

●

The Board concluded that, in light of the above, it would be in the best interests of the Fund and its shareholders to renew the agreements.

●

The Board concluded that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

PGIM Floating Rate Income ETF


Net Performance	1 Year	3 Years	5 Years	10 Years
Net Performance	1^stQuartile	N/A	N/A	N/A

Actual Management Fees: 4^thQuartile

Net Total Expenses: 4^thQuartile

●

The Board noted that the Fund outperformed its benchmark index over the one-year period.

●

The Board noted that the Fund commenced operations on May 17, 2022 and that longer term performance was not available.

●

The Board concluded that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

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PGIM Total Return Bond ETF


Net Performance	1 Year	3 Years	5 Years	10 Years
Net Performance	1^stQuartile	N/A	N/A	N/A

Actual Management Fees: 4^thQuartile

Net Total Expenses: 4^thQuartile

●

The Board noted that the Fund outperformed its benchmark index over the one-year period.

●

The Board noted that the Fund commenced operations on December 2, 2021 and that longer term performance was not available.

●

The Board concluded that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

PGIM Ultra Short Bond ETF


Net Performance	1 Year	3 Years	5 Years	10 Years
Net Performance	1^stQuartile	1^stQuartile	1^stQuartile	N/A

Actual Management Fees: 1^stQuartile

Net Total Expenses: 1^stQuartile

●

The Board noted that the Fund outperformed its benchmark index over all periods.

●

The Board concluded that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

* * *

After full consideration of these factors, the Board concluded that approval of the agreements was in the best interests of each Fund and its shareholders.

PGIM Fixed Income ETFs

Approval of Advisory Agreements

PGIM AAA CLO ETF

Initial Approval of the Fund’s Advisory Agreements

As required by the Investment Company Act of 1940 (the 1940 Act), the Board considered the proposed management agreement with PGIM Investments LLC (the Manager) and the proposed subadvisory agreement between the Manager and PGIM Inc. (PGIM), through its PGIM Fixed Income division, together with PGIM Limited, an indirect wholly-owned subsidiary of PGIM, to serve as the subadviser (together, the Subadviser) with respect to the PGIM AAA CLO ETF (the Fund). The Board, including all of the Independent Trustees, met on April 27, 2023 (the Meeting) and approved the agreements for an initial two-year period, after concluding that approval of the agreements was in the best interests of the Fund.

In approving the agreements, the Board, including the Independent Trustees advised by independent legal counsel, considered the factors it deemed relevant, including the nature, quality and extent of services to be provided to the Fund by the Manager and the Subadviser; any relevant comparable performance information and the Subadviser’s qualifications and track record in serving other affiliated funds; and the fees proposed to be paid by the Fund to the Manager and by the Manager to the Subadviser under the agreements. In connection with its deliberations, the Board considered information provided by the Manager and the Subadviser at or in advance of the Meeting. The Board also considered information that the Trustees received throughout the year regarding the Manager and the Subadviser in their capacity as directors or trustees of other funds in the Prudential organization (PGIM Retail Funds). In their deliberations, the Trustees did not identify any single factor which alone was responsible for the Board’s decision to approve the agreements with respect to the Fund.

A summary of certain factors and conclusions that formed the basis for the Trustees’ reaching their determinations to approve the agreements are discussed below.

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Nature, quality and extent of services

With respect to the Manager, the Board noted that it had received and considered information about the Manager at the Meeting, including information relating to the approval and renewal, as applicable, of the management agreements between the Manager and the other PGIM Retail Funds, as well as information received at other regular meetings throughout the year of the PGIM Retail Funds, regarding the nature, quality and extent of services provided by the Manager. The Board considered the services to be provided by the Manager, including but not limited to the oversight of the Subadviser, as well as the provision of fund recordkeeping, compliance and other services to the Fund. With respect to the Manager’s oversight of the Subadviser, the Board noted that the Manager’s Strategic Investment Research Group, which is a business unit of the Manager, is responsible for monitoring and reporting to the Manager’s senior management on the performance and operations of the Subadviser. The Board also noted that the Manager pays the salaries of the officers of the Trust and Trustees of the Trust who are affiliated persons of the Manager or Subadviser.

PGIM Fixed Income ETFs

Approval of Advisory Agreements (continued)

other similar investment strategies. The Board further noted that it received favorable compliance reports from the Fund’s Chief Compliance Officer as to the Subadviser for services provided to other PGIM Retail Funds. The Board noted that the Subadviser is affiliated with the Manager. The Board noted that it was satisfied with the nature, quality and extent of services provided by the Subadviser with respect to the other PGIM Retail Funds served by the Subadviser and determined that it was reasonable to conclude that the nature, quality and extent of services to be provided by the Subadviser under the subadvisory agreement for the Fund would be similar in nature to those provided under the other subadvisory agreements.

Performance

Because the Fund had not yet commenced operations, no investment performance for the Fund existed for Board review. The Board noted that sleeves of funds and separately managed accounts were managed by the Subadviser that utilize a substantially similar investment strategy. The Board considered the background and professional experience of the proposed portfolio management team for the Fund. The Board took note that the Manager will provide information relating to performance to the Board in connection with future annual reviews of the management agreement and subadvisory agreement.

Fee Rates

The Board considered information provided by the Manager comparing the Fund’s proposed unitary management fee rate (i.e, total expense ratio) to the Lipper 15(c) Peer Group. The Board noted that the Fund’s management fee was in the first quartile. The Board also considered the Manager’s assertion that it expected to incur a subsidy cost to support the unitary fee.

The Board concluded that the proposed management fee and total expenses were reasonable in light of the services to be provided.

Profitability

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profitability information in connection with future annual renewals of the management and subadvisory agreements.

Economies of Scale

Other Benefits to the Manager and the Subadviser

* * *

After consideration of these and other factors, the Board concluded that the approval of the agreements was in the best interests of the Fund.

PGIM Fixed Income ETFs

Approval of Advisory Agreements

PGIM Short Duration Multi-Sector Bond ETF

Initial Approval of the Fund’s Advisory Agreements

As required by the Investment Company Act of 1940 (the 1940 Act), the Board considered the proposed management agreement with PGIM Investments LLC (the Manager) and the proposed subadvisory agreement between the Manager and PGIM Inc. (PGIM), through its PGIM Fixed Income division, together with PGIM Limited, an indirect wholly-owned subsidiary of PGIM, to serve as the subadviser (together, the Subadviser) with respect to the PGIM Short Duration Multi-Sector Bond ETF (the Fund). The Board, including all of the Independent Trustees, met on April 27, 2023 (the Meeting) and approved the agreements for an initial two-year period, after concluding that approval of the agreements was in the best interests of the Fund.

In approving the agreements, the Board, including the Independent Trustees advised by independent legal counsel, considered the factors it deemed relevant, including the nature, quality and extent of services to be provided to the Fund by the Manager and the Subadviser; any relevant comparable performance information and the Subadviser’s qualifications and track record in serving other affiliated funds; and the fees proposed to be paid by the Fund to the Manager and by the Manager to the Subadviser under the agreements. In connection with its deliberations, the Board considered information provided by the Manager and the Subadviser at or in advance of the Meeting. The Board also considered information that the Trustees received throughout the year regarding the Manager and the Subadviser in their capacity as directors or trustees of other funds in the Prudential organization (PGIM Retail Funds). In their deliberations, the Trustees did not identify any single factor which alone was responsible for the Board’s decision to approve the agreements with respect to the Fund.

A summary of certain factors and conclusions that formed the basis for the Trustees’ reaching their determinations to approve the agreements are discussed below.

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Nature, quality and extent of services

PGIM Fixed Income ETFs

Approval of Advisory Agreements (continued)

compliance reports from the Fund’s Chief Compliance Officer as to the Subadviser for services provided to other PGIM Retail Funds. The Board noted that the Subadviser is affiliated with the Manager. The Board noted that it was satisfied with the nature, quality and extent of services provided by the Subadviser with respect to the other PGIM Retail Funds served by the Subadviser and determined that it was reasonable to conclude that the nature, quality and extent of services to be provided by the Subadviser under the subadvisory agreement for the Fund would be similar in nature to those provided under the other subadvisory agreements.

Performance

Because the Fund had not yet commenced operations, no investment performance for the Fund existed for Board review. The Board reviewed the performance information of a mutual fund advised by the Manager and subadvised by the Subadviser that utilizes the same investment strategy. The Board considered the background and professional experience of the proposed portfolio management team for the Fund. The Board took note that the Manager will provide information relating to performance to the Board in connection with future annual reviews of the management agreement and subadvisory agreement.

Fee Rates

The Board considered information provided by the Manager comparing the Fund’s proposed unitary management fee rate (i.e., total expense ratio) to the Lipper 15(c) Peer Group. The Board noted that the Fund’s management fee was in the third quartile. The Board discussed the potential differences in strategies of the funds comprising the Lipper 15(c) Peer Group and the comparative value of such peers. The Board also considered the Manager’s assertion that it expected to incur a subsidy cost to support the unitary fee.

The Board concluded that the proposed management fee and total expenses were reasonable in light of the services to be provided.

Profitability

Because the Fund had not yet commenced operations and the actual asset base of the Fund had not yet been determined, the Board noted that there was no historical profitability

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information with respect to the Fund to be reviewed. The Board noted that it would review profitability information in connection with future annual renewals of the management and subadvisory agreements.

Economies of Scale

Other Benefits to the Manager and the Subadviser

* * *

After consideration of these and other factors, the Board concluded that the approval of the agreements was in the best interests of the Fund.

PGIM Fixed Income ETFs

Approval of Advisory Agreements

PGIM Short Duration High Yield ETF

Initial Approval of the Fund’s Advisory Agreements

As required by the Investment Company Act of 1940 (the 1940 Act), the Board considered the proposed management agreement with PGIM Investments LLC (the Manager) and the proposed subadvisory agreement between the Manager and PGIM Inc. (PGIM), through its PGIM Fixed Income division, together with PGIM Limited, an indirect wholly-owned subsidiary of PGIM, to serve as the subadviser (together, the Subadviser) with respect to the PGIM Short Duration High Yield ETF (the Fund). The Board, including all of the Independent Trustees, met on September 13, 2023 (the Meeting) and approved the agreements for an initial two-year period, after concluding that approval of the agreements was in the best interests of the Fund.

In approving the agreements, the Board, including the Independent Trustees advised by independent legal counsel, considered the factors it deemed relevant, including the nature, quality and extent of services to be provided to the Fund by the Manager and the Subadviser; any relevant comparable performance information and the Subadviser’s qualifications and track record in serving other affiliated funds; and the fees proposed to be paid by the Fund to the Manager and by the Manager to the Subadviser under the agreements. In connection with its deliberations, the Board considered information provided by the Manager and the Subadviser at or in advance of the Meeting. The Board also considered information that the Trustees received throughout the year regarding the Manager and the Subadviser in their capacity as directors or trustees of other funds in the Prudential organization (PGIM Retail Funds). In their deliberations, the Trustees did not identify any single factor which alone was responsible for the Board’s decision to approve the agreements with respect to the Fund.

A summary of certain factors and conclusions that formed the basis for the Trustees’ reaching their determinations to approve the agreements are discussed below.

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Nature, quality and extent of services

PGIM Fixed Income ETFs

Approval of Advisory Agreements (continued)

Performance

Because the Fund had not yet commenced operations, no investment performance for the Fund existed for Board review. The Board reviewed the performance information of a mutual fund advised by the Manager and subadvised by the Subadviser that utilizes a similar investment strategy. The Board considered the background and professional experience of the proposed portfolio management team for the Fund. The Board took note that the Manager will provide information relating to performance to the Board in connection with future annual reviews of the management agreement and subadvisory agreement.

Fee Rates

The Board considered information provided by the Manager comparing the Fund’s proposed unitary management fee rate (i.e., total expense ratio) to the Lipper 15(c) Peer Group. The Board noted that the Fund’s management fee was in the second quartile. The Board also considered the Manager’s assertion that it expected to incur a subsidy cost to support the unitary fee.

The Board concluded that the proposed management fee and total expenses were reasonable in light of the services to be provided.

Profitability

Because the Fund had not yet commenced operations and the actual asset base of the Fund had not yet been determined, the Board noted that there was no historical profitability

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Economies of Scale

Other Benefits to the Manager and the Subadviser

* * *

After consideration of these and other factors, the Board concluded that the approval of the agreements was in the best interests of the Fund.

PGIM Fixed Income ETFs

Approval of Advisory Agreements

PGIM Ultra Short Municipal Bond ETF

Initial Approval of the Fund’s Advisory Agreements

As required by the Investment Company Act of 1940 (the 1940 Act), the Board considered the proposed management agreement with PGIM Investments LLC (the Manager) and the proposed subadvisory agreement between the Manager and PGIM Inc. (PGIM), through its PGIM Fixed Income division (PGIM Fixed Income) to serve as the subadviser (the Subadviser) with respect to the PGIM Ultra Short Municipal Bond ETF (the Fund). The Board, including all of the Independent Trustees, met on March 6, 2024 (the Meeting) and approved the agreements for an initial two-year period, after concluding that approval of the agreements was in the best interests of the Fund.

In approving the agreements, the Board, including the Independent Trustees advised by independent legal counsel, considered the factors it deemed relevant, including the nature, quality and extent of services to be provided to the Fund by the Manager and the Subadviser; any relevant comparable performance information and the Subadviser’s qualifications and track record in serving other affiliated funds; and the fees proposed to be paid by the Fund to the Manager and by the Manager to the Subadviser under the agreements. In connection with its deliberations, the Board considered information provided by the Manager and the Subadviser at or in advance of the Meeting. The Board also considered information that the Trustees received throughout the year regarding the Manager and the Subadviser in their capacity as directors or trustees of other funds in the Prudential organization (PGIM Retail Funds). In their deliberations, the Trustees did not identify any single factor which alone was responsible for the Board’s decision to approve the agreements with respect to the Fund.

A summary of certain factors and conclusions that formed the basis for the Trustees’ reaching their determinations to approve the agreements are discussed below.

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Nature, quality and extent of services

PGIM Fixed Income ETFs

Approval of Advisory Agreements (continued)

Performance

Because the Fund had not yet commenced operations, no investment performance for the Fund existed for Board review. The Board noted that the Subadviser manages municipal bond strategies in other funds and accounts. The Board considered the background and professional experience of the proposed portfolio management team for the Fund. The Board took note that the Manager will provide information relating to performance to the Board in connection with future annual reviews of the management agreement and subadvisory agreement.

Fee Rates

The Board concluded that the proposed management fee and total expenses were reasonable in light of the services to be provided.

Profitability

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Economies of Scale

Other Benefits to the Manager and the Subadviser

* * *

After consideration of these and other factors, the Board concluded that the approval of the agreements was in the best interests of the Fund.

PGIM Fixed Income ETFs

Approval of Advisory Agreements

PGIM Municipal Income Opportunities ETF

Initial Approval of the Fund’s Advisory Agreements

As required by the Investment Company Act of 1940 (the 1940 Act), the Board considered the proposed management agreement with PGIM Investments LLC (the Manager) and the proposed subadvisory agreement between the Manager and PGIM Inc. (PGIM), through its PGIM Fixed Income division (PGIM Fixed Income) to serve as the subadviser (the Subadviser) with respect to the PGIM Municipal Income Opportunities ETF (the Fund). The Board, including all of the Independent Trustees, met on March 6, 2024 (the Meeting) and approved the agreements for an initial two-year period, after concluding that approval of the agreements was in the best interests of the Fund.

In approving the agreements, the Board, including the Independent Trustees advised by independent legal counsel, considered the factors it deemed relevant, including the nature, quality and extent of services to be provided to the Fund by the Manager and the Subadviser; any relevant comparable performance information and the Subadviser’s qualifications and track record in serving other affiliated funds; and the fees proposed to be paid by the Fund to the Manager and by the Manager to the Subadviser under the agreements. In connection with its deliberations, the Board considered information provided by the Manager and the Subadviser at or in advance of the Meeting. The Board also considered information that the Trustees received throughout the year regarding the Manager and the Subadviser in their capacity as directors or trustees of other funds in the Prudential organization (PGIM Retail Funds). In their deliberations, the Trustees did not identify any single factor which alone was responsible for the Board’s decision to approve the agreements with respect to the Fund.

A summary of certain factors and conclusions that formed the basis for the Trustees’ reaching their determinations to approve the agreements are discussed below.

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Nature, quality and extent of services

PGIM Fixed Income ETFs

Approval of Advisory Agreements (continued)

Performance

Fee Rates

The Board concluded that the proposed management fee and total expenses were reasonable in light of the services to be provided.

Profitability

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profitability information in connection with future annual renewals of the management and subadvisory agreements.

Economies of Scale

Other Benefits to the Manager and the Subadviser

* * *

After consideration of these and other factors, the Board concluded that the approval of the agreements was in the best interests of the Fund.

PGIM Fixed Income ETFs

Item 12 –

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not applicable.

Item 13 –

Portfolio Managers of Closed-End Management Investment Companies – Not applicable.

Item 14 –

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not applicable.

Item 15 –

Submission of Matters to a Vote of Security Holders – There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors.

Item 16 –

Controls and Procedures

(a)

It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b)

There has been no significant change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 17 –

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not applicable.

Item 18 –

Recovery of Erroneously Awarded Compensation – Not applicable.

Item 19 –

Exhibits

(a)(1)

Code of Ethics – Attached hereto as Exhibit EX-99.CODE-ETH.

(a)(2)

Policy required by the listing standards adopted pursuant to Rule 10D-1 under the Securities Exchange Act of 1934 – Not applicable.

(a)(3)

Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 – Attached hereto as Exhibit EX-99.CERT.

(a)(3)(1)

Any written solicitation to purchase securities under Rule 23c-1 under the Investment Company Act of 1940 – Not applicable.

(a)(3)(2)

Change in the registrant’s independent public accountant – Not applicable.

(b)

Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 – Attached hereto as Exhibit EX-99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Registrant:		PGIM ETF Trust

By:		/s/ Andrew R. French
		Andrew R. French
		Secretary

Date:		October 25, 2024

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By:		/s/ Stuart S. Parker
		Stuart S. Parker
		President and Principal Executive Officer

Date:		October 25, 2024

By:		/s/ Christian J. Kelly
		Christian J. Kelly
		Chief Financial Officer (Principal Financial Officer)

Date:		October 25, 2024

Current SCA*

Prior SCA**

Annualized Interest Rate on
Borrowings

1.00% plus the higher of (1)
the effective federal funds
rate, (2) the daily SOFR rate
plus 0.10% or (3) zero
percent

1.00% plus the higher of (1)
the effective federal funds
rate, (2) the daily SOFR rate
plus 0.10% or (3) zero
percent