PGIM ETF Trust

LOGO

PGIM FIXED INCOME ETFs

PGIM Ultra Short Bond ETF (PULS)

PGIM Active High Yield Bond ETF (PHYL)

PGIM Active Aggregate Bond ETF (PAB)

PGIM Total Return Bond ETF (PTRB)

PGIM Floating Rate Income ETF (PFRL)

ANNUAL REPORT

AUGUST 31, 2022

LOGO

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

Table of Contents



Letter from the President			3

PGIM Ultra Short Bond ETF			4

Strategy and Performance Overview			8

PGIM Active High Yield Bond ETF			11

Strategy and Performance Overview			15

PGIM Active Aggregate Bond ETF			18

Strategy and Performance Overview			21

PGIM Total Return Bond ETF			24

Strategy and Performance Overview			28

PGIM Floating Rate Income ETF			31

Strategy and Performance Overview			34

Fees and Expenses			37

Holdings and Financial Statements			39

Approval of Advisory Agreements

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

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

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

2 Visit our website at pgim.com/investments

Letter from the President

Dear Shareholder:

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

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

aggressively hiked interest rates, prompting recession concerns.

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

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

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

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

Thank you for choosing our family of funds.

Sincerely,

LOGO

Stuart S. Parker, President

PGIM Fixed Income ETFs

October 14, 2022

PGIM Fixed Income ETFs 3

PGIM Ultra Short Bond ETF

Your Fund’s Performance (unaudited)

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



	Average Annual Total Returns as of 8/31/22

	One Year (%)	Since Inception (%)

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

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

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

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

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

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

4 Visit our website at pgim.com/investments

Growth of a $10,000 Investment (unaudited)

LOGO

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

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

PGIM Fixed Income ETFs 5

PGIM Ultra Short Bond ETF

Your Fund’s Performance (continued)

Benchmark Definitions

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

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

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

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

6 Visit our website at pgim.com/investments



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

AAA			32.2

AA			24.3

A			21.3

BBB			17.6

Not Rated			1.0

Cash/Cash Equivalents			3.6

Total			100.0

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

Distributions and Yields as of 8/31/22

SEC 30-Day

Total Dividends Paid

Subsidized

Unsubsidized

for One Year ($)

Yield* (%)

Yield** (%)

0.64

3.18

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

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

PGIM Fixed Income ETFs 7

Strategy and Performance Overview*

(unaudited)

How did the Fund perform?

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

What were the market conditions?

●

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

●

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

●

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

●

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

●

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

●

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

8 Visit our website at pgim.com/investments

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

●

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

What worked?

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

What didn’t work?

●

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

●

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

Did the Fund use derivatives?

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

Current outlook

●

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

●

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

PGIM Fixed Income ETFs 9

Strategy and Performance Overview* (continued)

●

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

●

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

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

10 Visit our website at pgim.com/investments

PGIM Active High Yield Bond ETF

Your Fund’s Performance (unaudited)



	Average Annual Total Returns as of 8/31/22

	One Year (%)	Since Inception (%)

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

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

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

PGIM Fixed Income ETFs 11

PGIM Active High Yield Bond ETF

Your Fund’s Performance (continued)

Growth of a $10,000 Investment (unaudited)

LOGO

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

12 Visit our website at pgim.com/investments

Benchmark Definition

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

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

PGIM Fixed Income ETFs 13

PGIM Active High Yield Bond ETF

Your Fund’s Performance (continued)



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

AAA			12.0

BBB			2.8

BB			47.1

B			24.0

CCC			8.7

CC			0.2

C			0.1

Not Rated			2.7

Cash/Cash Equivalents			2.4

Total			100.0



Distributions and Yields as of 8/31/22

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

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

	2.40	7.22	7.22

14 Visit our website at pgim.com/investments

Strategy and Performance Overview*

(unaudited)

How did the Fund perform?

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

What were the market conditions?

●

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

●

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

●

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

●

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

●

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

What worked?

●

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

●

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

PGIM Fixed Income ETFs 15

Strategy and Performance Overview* (continued)

●

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

What didn’t work?

●

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

●

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

●

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

Did the Fund use derivatives?

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

Current outlook

●

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

●

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

●

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

16 Visit our website at pgim.com/investments

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

PGIM Fixed Income ETFs 17

PGIM Active Aggregate Bond ETF

Your Fund’s Performance (unaudited)



	Average Annual Total Returns as of 8/31/22

	One Year (%)	Since Inception (%)

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

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

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

18 Visit our website at pgim.com/investments

Growth of a $10,000 Investment (unaudited)

LOGO

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

PGIM Fixed Income ETFs 19

PGIM Active Aggregate Bond ETF

Your Fund’s Performance (continued)

Benchmark Definition

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

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



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

AAA			68.6

AA			5.7

A			8.5

BBB			16.7

Cash/Cash Equivalents			0.5

Total			100.0

Distributions and Yields as of 8/31/22

SEC 30-Day

Total Dividends Paid

Subsidized

Unsubsidized

for One Year ($)

Yield* (%)

Yield** (%)

1.56

3.51

20 Visit our website at pgim.com/investments

Strategy and Performance Overview*

(unaudited)

How did the Fund perform?

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

What were the market conditions?

●

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

●

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

●

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

●

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

●

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

PGIM Fixed Income ETFs 21

Strategy and Performance Overview* (continued)

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

What worked?

●

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

●

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

●

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

●

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

●

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

What didn’t work?

●

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

●

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

●

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

●

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

●

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

Did the Fund use derivatives?

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

Current outlook

●

22 Visit our website at pgim.com/investments

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

●

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

●

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

●

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

PGIM Fixed Income ETFs 23

PGIM Total Return Bond ETF

Your Fund’s Performance (unaudited)



		Total Returns as of 8/31/22

		Since Inception (%)

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

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

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

24 Visit our website at pgim.com/investments

Growth of a $10,000 Investment (unaudited)

LOGO

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

PGIM Fixed Income ETFs 25

PGIM Total Return Bond ETF

Your Fund’s Performance (continued)

Benchmark Definition

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

26 Visit our website at pgim.com/investments



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

AAA			55.2

AA			7.3

A			7.8

BBB			18.6

BB			8.1

B			2.3

CCC			0.4

Not Rated			0.1

Cash/Cash Equivalents			0.2

Total			100.0

Distributions and Yields as of 8/31/22

SEC 30-Day

Total Dividends Paid

Subsidized

Unsubsidized

for One Year ($)

Yield* (%)

Yield** (%)

0.69

3.83

PGIM Fixed Income ETFs 27

Strategy and Performance Overview*

(unaudited)

How did the Fund perform?

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

What were the market conditions?

●

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

●

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

●

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

●

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

●

28 Visit our website at pgim.com/investments

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

What worked?

●

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

●

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

●

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

●

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

●

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

What didn’t work?

●

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

●

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

●

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

●

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

●

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

Did the Fund use derivatives?

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

Current outlook

●

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

PGIM Fixed Income ETFs 29

Strategy and Performance Overview* (continued)

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

●

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

●

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

●

30 Visit our website at pgim.com/investments

PGIM Floating Rate Income ETF

Your Fund’s Performance (unaudited)


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

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

Market Price*		0.87 (05/17/2022)

Credit Suisse Leveraged Loan Index
		1.30

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

PGIM Fixed Income ETFs 31

PGIM Floating Rate Income ETF

Your Fund’s Performance (continued)

Growth of a $10,000 Investment (unaudited)

LOGO

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

32 Visit our website at pgim.com/investments

Benchmark Definition

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

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



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

AAA			1.7

AA			0.7

BBB			8.6

BB			28.2

B			57.2

CCC			1.3

Cash/Cash Equivalents			2.3

Total			100.0



Distributions and Yields as of 8/31/22

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

		0.33		5.66		5.66

PGIM Fixed Income ETFs 33

Strategy and Performance Overview*

(unaudited)

How did the Fund perform?

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

What were the market conditions?

●

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

●

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

●

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

●

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

●

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

What worked?

●

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

●

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

34 Visit our website at pgim.com/investments

●

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

●

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

What didn’t work?

●

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

●

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

●

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

Did the Fund use derivatives?

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

Current outlook

●

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

●

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

PGIM Fixed Income ETFs 35

Strategy and Performance Overview* (continued)

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

36 Visit our website at pgim.com/investments

Fees and Expenses (unaudited)

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

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

PGIM Fixed Income ETFs 37

Fees and Expenses (continued)



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

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

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



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

Actual	$1,000.00	$ 916.70	0.53%	$2.56

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



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

Actual	$1,000.00	$ 915.40	0.19%	$0.92

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



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

Actual	$1,000.00	$ 908.30	0.49%	$2.36

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



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

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

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

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

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

38 Visit our website at pgim.com/investments

Glossary

The following abbreviations are used in the Funds’ descriptions:

EUR—Euro

GBP—British Pound

USD—US Dollar

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

A—Annual payment frequency for swaps

BABs—Build America Bonds

BSBY—Bloomberg Short-Term Bank Yield Index

CDX—Credit Derivative Index

CLO—Collateralized Loan Obligation

CVR—Contingent Value Rights

DIP—Debtor-In-Possession

EMTN—Euro Medium Term Note

EURIBOR—Euro Interbank Offered Rate

FHLMC—Federal Home Loan Mortgage Corporation

GMTN—Global Medium Term Note

iBoxx—Bond Market Indices

IO—Interest Only (Principal amount represents notional)

LIBOR—London Interbank Offered Rate

LP—Limited Partnership

MTN—Medium Term Note

OTC—Over-the-counter

PIK—Payment-in-Kind

Q—Quarterly payment frequency for swaps

REITs—Real Estate Investment Trust

REMIC—Real Estate Mortgage Investment Conduit

S—Semiannual payment frequency for swaps

SOFR—Secured Overnight Financing Rate

SONIA—Sterling Overnight Index Average

STRIPs—Separate Trading of Registered Interest and Principal of Securities

T—Swap payment upon termination

TBA—To Be Announced

USOIS—United States Overnight Index Swap

PGIM Ultra Short Bond ETF

Schedule of Investments

as of August 31, 2022



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

LONG-TERM INVESTMENTS 74.6%

ASSET-BACKED SECURITIES 16.8%

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


						36,411,899

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

See Notes to Financial Statements.

PGIM Ultra Short Bond ETF

Schedule of Investments (continued)

as of August 31, 2022

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

ASSET-BACKED SECURITIES (Continued)

Collateralized Loan Obligations (cont’d.)

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

3.592%(c)

07/15/31

4,500

4,410,000

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

3.560(c)

01/17/28

32,958

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

3.512(c)

07/15/30

15,000

14,757,000

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

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

3.710(c)

04/17/31

4,985

4,897,724

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

3.790(c)

01/20/32

18,000

17,622,000

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

3.710(c)

04/20/31

13,000

12,814,412

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

3.763(c)

04/24/31

2,000

1,969,542

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

3.742(c)

04/23/29

4,741

4,686,970

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

3.819(c)

10/15/29

1,329

1,318,220

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

4.092(c)

04/15/29

5,135

5,102,282

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

3.909(c)

01/22/31

10,340

10,196,491

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

3.813(c)

04/25/31

7,083

6,980,906

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

4.020(c)

07/17/29

9,147

9,066,171

See Notes to Financial Statements.

PGIM Fixed Income ETFs 41

PGIM Ultra Short Bond ETF

Schedule of Investments (continued)

as of August 31, 2022

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

ASSET-BACKED SECURITIES (Continued)

Collateralized Loan Obligations (cont’d.)

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

3.692%(c)

01/15/31

1,000

988,706

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

3.680(c)

07/18/30

18,000

17,767,134

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

3.760(c)

10/17/31

14,000

13,823,950

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

3.589(c)

04/22/27

6,965

6,883,940

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

3.672(c)

10/21/30

3,000

2,958,750

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

3.690(c)

07/17/34

3,500

3,448,788

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

3.540(c)

01/18/28

1,928

1,908,149

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

3.858(c)

07/19/28

2,279

2,251,324

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

3.552(c)

07/15/29

9,287

9,179,120

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

3.860(c)

07/20/31

5,250

5,184,947

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

3.423(c)

10/12/30

13,500

13,344,183

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

3.750(c)

04/17/30

4,938

4,881,468

OZLM Ltd. (Cayman Islands),

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

3.820(c)

04/17/31

8,867

8,737,654

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

3.810(c)

10/20/31

18,000

17,720,118

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

3.832(c)

04/30/27

—(r

)

See Notes to Financial Statements.

PGIM Ultra Short Bond ETF

Schedule of Investments (continued)

as of August 31, 2022

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

ASSET-BACKED SECURITIES (Continued)

Collateralized Loan Obligations (cont’d.)

Palmer Square CLO Ltd. (Cayman Islands),

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

3.870%(c)

01/17/31

1,250

1,237,445

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

3.810(c)

07/20/30

1,400

1,383,259

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

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

3.710(c)

10/20/31

10,000

9,807,160

Sound Point CLO Ltd. (Cayman Islands),

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

3.853(c)

10/23/31

10,000

9,843,170

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

3.690(c)

10/20/30

10,000

9,865,700

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

3.790(c)

01/20/32

13,000

12,791,506

TICP CLO Ltd. (Cayman Islands),

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

3.550(c)

04/20/28

895

887,454

Trinitas CLO Ltd. (Cayman Islands),

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

3.840(c)

10/18/31

12,000

11,760,000

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

3.813(c)

10/25/28

2,424

2,409,394

Venture CLO Ltd. (Cayman Islands),

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

3.392(c)

07/15/27

109

108,263

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

3.610(c)

10/20/28

8,465

8,338,464

Voya CLO Ltd. (Cayman Islands),

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

3.773(c)

04/25/31

4,000

3,944,536

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

3.732(c)

04/18/31

1,864

1,834,844

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

3.760(c)

04/17/30

1,678

1,659,905

Wellfleet CLO Ltd. (Cayman Islands),

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

3.850(c)

10/20/28

3,934

3,899,146

See Notes to Financial Statements.

PGIM Fixed Income ETFs 43

PGIM Ultra Short Bond ETF

Schedule of Investments (continued)

as of August 31, 2022



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

ASSET-BACKED SECURITIES (Continued)

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


								361,926,126

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

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


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


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


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

See Notes to Financial Statements.

PGIM Ultra Short Bond ETF

Schedule of Investments (continued)

as of August 31, 2022



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

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

See Notes to Financial Statements.

PGIM Fixed Income ETFs 45

PGIM Ultra Short Bond ETF

Schedule of Investments (continued)

as of August 31, 2022



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

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


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


CORPORATE BONDS 42.7%

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

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

See Notes to Financial Statements.

PGIM Ultra Short Bond ETF

Schedule of Investments (continued)

as of August 31, 2022



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

CORPORATE BONDS (Continued)

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


						10,579,867

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


						93,387,574

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

See Notes to Financial Statements.

PGIM Fixed Income ETFs 47

PGIM Ultra Short Bond ETF

Schedule of Investments (continued)

as of August 31, 2022



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

CORPORATE BONDS (Continued)

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

See Notes to Financial Statements.

PGIM Ultra Short Bond ETF

Schedule of Investments (continued)

as of August 31, 2022



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

CORPORATE BONDS (Continued)

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


						268,005,447

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


						37,381,367

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

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

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

See Notes to Financial Statements.

PGIM Fixed Income ETFs 49

PGIM Ultra Short Bond ETF

Schedule of Investments (continued)

as of August 31, 2022



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

CORPORATE BONDS (Continued)

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


						12,037,362

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

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


						12,860,338

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


						56,085,382

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

See Notes to Financial Statements.

PGIM Ultra Short Bond ETF

Schedule of Investments (continued)

as of August 31, 2022



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

CORPORATE BONDS (Continued)

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


						115,301,497

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

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


						8,099,092

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

See Notes to Financial Statements.

PGIM Fixed Income ETFs 51

PGIM Ultra Short Bond ETF

Schedule of Investments (continued)

as of August 31, 2022



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

CORPORATE BONDS (Continued)

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

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


						37,380,851

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

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

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

See Notes to Financial Statements.

PGIM Ultra Short Bond ETF

Schedule of Investments (continued)

as of August 31, 2022



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

CORPORATE BONDS (Continued)

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


						98,265,027

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

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


						24,670,234

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

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

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


						12,874,971

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

See Notes to Financial Statements.

PGIM Fixed Income ETFs 53

PGIM Ultra Short Bond ETF

Schedule of Investments (continued)

as of August 31, 2022



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

CORPORATE BONDS (Continued)

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


						10,220,769

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


						38,523,775

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


						21,881,149

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

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

See Notes to Financial Statements.

PGIM Ultra Short Bond ETF

Schedule of Investments (continued)

as of August 31, 2022



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

CORPORATE BONDS (Continued)

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


						9,727,166

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

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


						29,055,324

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


						15,603,383

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

See Notes to Financial Statements.

PGIM Fixed Income ETFs 55

PGIM Ultra Short Bond ETF

Schedule of Investments (continued)

as of August 31, 2022



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

CORPORATE BONDS (Continued)

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


								31,760,863


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


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


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


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


SHORT-TERM INVESTMENTS 23.5%

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


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

See Notes to Financial Statements.

PGIM Ultra Short Bond ETF

Schedule of Investments (continued)

as of August 31, 2022

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

COMMERCIAL PAPER 14.1%

Alimentation Couche-Tard, Inc.,
144A

2.725%(n)

09/13/22

5,000

4,995,172

Banco Santander SA,
144A

3.291(n)

12/01/22

13,000

12,899,835

Bell Canada,

144A

2.706(n)

09/08/22

6,000

5,996,779

144A

2.716(n)

09/16/22

10,000

9,989,044

BNP Paribas SA,
144A, SOFR + 0.420%

2.710(c)

12/07/22

20,000

20,012,125

Enbridge, Inc.,

144A

2.755(n)

09/08/22

3,000

2,998,165

144A

2.756(n)

09/16/22

14,000

13,982,721

Enel Finance America LLC,

144A

3.367(n)

09/23/22

15,000

14,974,336

144A

3.464(n)

09/28/22

10,000

9,978,883

Federation des Caisses Desjardins du Quebec,
144A

2.414(n)

10/03/22

25,000

24,943,740

Glencore Funding LLC,

144A

2.910(n)

09/22/22

11,000

10,981,124

144A

2.961(n)

09/26/22

14,000

13,971,497

144A

2.971(n)

09/27/22

2,000

1,995,767

HCP, Inc.,

144A

2.758(n)

09/21/22

5,000

4,992,145

144A

2.819(n)

09/27/22

10,000

9,979,465

Hewlett Packard Enterprise Co.,
144A

2.754(n)

09/16/22

5,000

4,994,164

HP Enterprise Corp.,
144A

2.849(n)

09/22/22

7,000

6,988,578

Mitsubishi Corp.,
144A

2.446(n)

09/12/22

10,000

9,992,130

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

2.450(c)

09/01/22

20,000

20,000,105

National Securities Clearing Corp.,
144A

2.354(n)

09/02/22

20,000

19,997,452

Nutrien Ltd.,
144A

2.868(n)

09/14/22

12,000

11,987,624

Ontario Teachers’ Finance Trust,
144A

3.151(n)

01/12/23

10,000

9,876,311

Raytheon Technologies Corp.,
144A

3.269(n)

10/14/22

12,000

11,957,775

ST Engineering North America, Inc.,
144A

2.871(n)

11/07/22

15,000

14,917,437

See Notes to Financial Statements.

PGIM Fixed Income ETFs 57

PGIM Ultra Short Bond ETF

Schedule of Investments (continued)

as of August 31, 2022

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

COMMERCIAL PAPER (Continued)

Swedbank AB, SOFR + 0.410%

2.700%(c)

11/14/22

20,000

20,004,333

TransCanada PipeLines Ltd.,
144A

2.755(n)

09/06/22

10,000

9,995,735

UDR, Inc.,
144A

2.726(n)

09/07/22

4,000

3,998,009

Virginia Electric & Power Co.,
144A

2.655(n)

09/12/22

10,000

9,991,863

Waste Management, Inc.,
144A

0.305(n)

09/09/22

6,500

6,495,822

Welltower, Inc.,

144A

2.736(n)

09/01/22

10,000

9,999,291

144A

2.856(n)

09/26/22

10,000

9,980,500

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

343,867,927

Shares

UNAFFILIATED FUND 3.0%

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

72,118,129

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

573,505,293

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

2,396,157,165

Other assets in excess of liabilities(z) 1.9%

46,168,289

NET ASSETS 100.0%

2,442,325,454

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

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

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

(cc)

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

(f)

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

See Notes to Financial Statements.

PGIM Ultra Short Bond ETF

Schedule of Investments (continued)

as of August 31, 2022

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

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

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

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

Futures contracts outstanding at August 31, 2022:

Number
of
Contracts

Type

Expiration
Date

Current
Notional
Amount

Value /
Unrealized
Appreciation
(Depreciation)

Short Position:

20 2 Year U.S. Treasury Notes

Dec. 2022

$4,166,563

$11,093

Interest rate swap agreements outstanding at August 31, 2022:


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

See Notes to Financial Statements.

PGIM Fixed Income ETFs 59

PGIM Ultra Short Bond ETF

Schedule of Investments (continued)

as of August 31, 2022

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


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

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

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

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

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

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


Broker	Cash and/or Foreign Currency			Securities Market Value

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

See Notes to Financial Statements.

PGIM Ultra Short Bond ETF

Schedule of Investments (continued)

as of August 31, 2022

Fair Value Measurements:

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

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

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

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

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


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

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


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

Total		$	11,093		$	22,919,857			$—


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

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

See Notes to Financial Statements.

PGIM Fixed Income ETFs 61

PGIM Ultra Short Bond ETF

Schedule of Investments (continued)

as of August 31, 2022

Industry Classification:

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


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


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

	98.1
Other assets in excess of liabilities	1.9


	100.0	%

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

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

See Notes to Financial Statements.

PGIM Ultra Short Bond ETF

Schedule of Investments (continued)

as of August 31, 2022

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


	Asset Derivatives				Liability Derivatives

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

		$	22,930,950			$	155,160

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

The effects of derivative instruments on the Stat