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)
SEMIANNUAL REPORT
FEBRUARY 28, 2022
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To enroll in e-delivery, go to pgim.com/investments/resource/edelivery |
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This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus.
The information about the Fund’s portfolio holdings is for the period covered by this report and is subject to change thereafter.
The accompanying financial statements as of February 28, 2022 were not audited and, accordingly, no auditor’s opinion is expressed on them.
Exchange-traded funds are distributed by Prudential Investment Management Services LLC, (PIMS), member SIPC. PGIM Fixed Income is a unit of PGIM, Inc. (PGIM), a registered investment adviser. PIMS and PGIM are Prudential Financial companies.© 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 |
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Dear Shareholder:
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| We hope you find the semiannual report for PGIM Fixed Income ETFs informative and useful. The report covers performance for the six-month period ended February 28, 2022. | ||
| 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 consider it a great privilege and responsibility to help investors participate in opportunities across global markets while meeting their toughest investment challenges. PGIM is a top-10 global investment manager with more than $1 trillion in assets under management. This investment expertise allows us to deliver actively managed funds and strategies to meet the needs of investors around the globe.
Thank you for choosing our family of funds.
Sincerely,
Stuart S. Parker, President
PGIM Fixed Income ETFs
April 15, 2021
| PGIM Fixed Income ETFs | 3 |
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.
| Total Returns as of 2/28/22 | Average Annual Total Returns as of 2/28/22 | |||||
| Six Months* (%) | One Year (%) | Since Inception(%) | ||||
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Net Asset Value (NAV) |
-0.18 | 0.11 | 1.71 (04/05/2018) | |||
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Market Price** |
-0.25 | 0.07 | 1.68 (04/05/2018) | |||
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ICE BofA US 3-Month Treasury-Bill Index |
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| 0.02 | 0.04 | 1.15 | ||||
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ICE BofA USD 3-Month Deposit Offered Rate Constant Maturity Index |
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| 0.01 | 0.11 | 1.42 | ||||
*Not annualized
**The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated. The first day of secondary market trading is typically several days after the date on which the Fund commenced investment operations; therefore, the NAV of the Fund is used as a proxy for the period from inception of investment operations to the first day of secondary market trading to calculate the market price returns.
Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to the funds inception date.
The returns in the table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or following the 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.
Benchmark Definitions
ICE BofA US 3-Month Treasury Bill Index—The ICE BofA US 3-Month US Treasury Bill Index tracks the performance of US dollar-denominated US Treasury bills publicly issued in the US domestic market with a remaining term to final maturity of 3 months.
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.
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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.
| Credit Quality expressed as a percentage of total investments as of 2/28/22 (%) | ||||
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AAA |
54.4 | |||
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AA |
11.4 | |||
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A |
24.6 | |||
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BBB |
10.2 | |||
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Cash/Cash Equivalents |
-0.6 | |||
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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 2/28/22 | ||||||||||||
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Total Dividends Paid for Six Months ($) |
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SEC 30-Day Subsidized Yield* (%) |
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SEC 30-Day Unsubsidized Yield** (%) |
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| 0.27 | 0.90 | 0.90 | ||||||||||
*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 | 5 |
PGIM Active High Yield 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.
| Total Returns as of 2/28/22 | Average Annual Total Returns as of 2/28/22 | |||||
| Six Months* (%) | One Year (%) | Since Inception(%) | ||||
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Net Asset Value (NAV) |
-2.92 | 0.70 | 6.14 (09/24/2018) | |||
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Market Price** |
-2.56 | 0.97 | 6.21 (09/24/2018) | |||
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Bloomberg US High Yield Very Liquid Index |
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| -3.11 | 0.33 | 4.70 | ||||
*Not annualized
**The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated. The first day of secondary market trading is typically several days after the date on which the Fund commenced investment operations; therefore, the NAV of the Fund is used as a proxy for the period from inception of investment operations to the first day of secondary market trading to calculate the market price returns.
Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Index are measured from the closest month-end to the funds inception date.
The returns in the table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or following the 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.
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 amore 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.
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| Credit Quality expressed as a percentage of total investments as of 2/28/22 (%) | ||||
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AAA |
1.1 | |||
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BBB |
2.9 | |||
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BB |
49.5 | |||
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B |
29.8 | |||
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CCC |
9.1 | |||
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CC |
0.4 | |||
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Not Rated |
2.2 | |||
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Cash/Cash Equivalents |
5.0 | |||
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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 2/28/22 | ||||||
| Total Dividends Paid for Six Months ($) |
SEC 30-Day Subsidized Yield* (%) |
SEC 30-Day Unsubsidized Yield** (%) | ||||
| 1.39 | 5.00 | 5.00 | ||||
*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 |
PGIM Active Aggregate 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.
| Total Returns as of 2/28/22 | Average Annual Total Returns as of 2/28/22 | |||
| Six Months* (%) | Since Inception(%) | |||
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Net Asset Value (NAV) |
-4.54 | -2.06 (04/12/2021) | ||
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Market Price** |
-4.53 | -2.01 (04/12/2021) | ||
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Bloomberg US Aggregate Bond Index |
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| -4.07 | -1.41* | |||
*Not annualized
**The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated. The first day of secondary market trading is typically several days after the date on which the Fund commenced investment operations; therefore, the NAV of the Fund is used as a proxy for the period from inception of investment operations to the first day of secondary market trading to calculate the market price returns.
Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Index are measured from the closest month-end to the funds inception date.
The returns in the table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or following the 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.
Benchmark Definition
Bloomberg US Aggregate Bond Index—The Bloomberg US Aggregate Bond Index is unmanaged and represents securities that are taxable and 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.
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| Credit Quality expressed as a percentage of total investments as of 2/28/22 (%) | ||||
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AAA |
64.3 | |||
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AA |
5.9 | |||
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A |
9.0 | |||
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BBB |
17.1 | |||
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Cash/Cash Equivalents |
3.7 | |||
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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 2/28/22 | ||||||||||||
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Total Dividends Paid for Six Months ($) |
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SEC 30-Day Subsidized Yield* (%) |
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SEC 30-Day Unsubsidized Yield** (%) |
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| 0.99 | 1.92 | 1.92 | ||||||||||
*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 | 9 |
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.
| Total Returns as of 2/28/22 | ||
| Since Inception*(%) | ||
|
Net Asset Value (NAV) |
-4.01 (12/02/2021) | |
|
Market Price** |
-3.95 (12/02/2021) | |
|
Bloomberg US Aggregate Bond Index |
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| -3.49 | ||
*Not annualized
**The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated. The first day of secondary market trading is typically several days after the date on which the Fund commenced investment operations; therefore, the NAV of the Fund is used as a proxy for the period from inception of investment operations to the first day of secondary market trading to calculate the market price returns.
Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Index are measured from the closest month-end to the funds inception date.
The returns in the table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or following the 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.
Benchmark Definition
Bloomberg US Aggregate Bond Index—The Bloomberg US Aggregate Bond Index is unmanaged and represents securities that are taxable and 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.
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| Credit Quality expressed as a percentage of total investments as of 2/28/22 (%) | ||||
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AAA |
54.8 | |||
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AA |
3.3 | |||
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A |
7.4 | |||
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BBB |
20.8 | |||
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BB |
8.4 | |||
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B |
4.2 | |||
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CCC |
0.3 | |||
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Cash/Cash Equivalents |
0.8 | |||
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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 2/28/22 | ||||||||||||
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Total Dividends Paid for Six Months ($) |
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SEC 30-Day Subsidized Yield* (%) |
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SEC 30-Day Unsubsidized Yield** (%) |
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| 0.11 | 2.12 | 2.12 | ||||||||||
*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 | 11 |
As a shareholder of the Fund, you incur ongoing costs, including investment management fees. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other funds.
The example is based on an investment of $1,000 held through the six-month period ended February 28, 2022. The example is for illustrative purposes only.
Actual Expenses
The first line in the tables below provides information about actual account values and actual expenses. You may use the information on this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value ÷ $1,000 =8.6), then multiply the result by the number on the first line under the heading “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line in the tables below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the 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.
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PGIM Ultra Short Bond ETF |
Beginning Account Value September 1, 2021 |
Ending Account Value February 28, 2022 |
Annualized Expense Ratio Based on
the |
Expenses Paid During the Six-Month Period* | ||||
|
Actual |
$1,000.00 | $ 998.20 | 0.15% | $0.74 | ||||
|
Hypothetical |
$1,000.00 | $1,024.05 | 0.15% | $0.75 | ||||
| 12 | Visit our website at pgim.com/investments |
| PGIM Active High Yield Bond ETF |
Beginning Account Value |
Ending Account Value February 28, 2022 |
Annualized Expense Ratio Based on the Six-Month Period |
Expenses Paid During the Six-Month Period* | ||||
|
Actual |
$1,000.00 | $ 970.80 | 0.53% | $2.59 | ||||
|
Hypothetical |
$1,000.00 | $1,022.17 | 0.53% | $2.66 | ||||
|
PGIM Active Aggregate Bond ETF |
Beginning Account Value |
Ending Account Value |
Annualized Expense Ratio Based on the Six-Month Period |
Expenses Paid During the Six-Month Period* | ||||
|
Actual |
$1,000.00 | $ 954.60 | 0.19% | $0.92 | ||||
|
Hypothetical |
$1,000.00 | $1,023.85 | 0.19% | $0.95 | ||||
|
PGIM Total Return Bond ETF |
Beginning Account Value |
Ending Account Value February 28, 2022 |
Annualized Expense Ratio Based on the Six-Month Period |
Expenses Paid During the Six-Month Period* | ||||
|
Actual** |
$1,000.00 | $ 959.90 | 0.49% | $1.16 | ||||
|
Hypothetical |
$1,000.00 | $1,022.36 | 0.49% | $2.46 | ||||
*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 181 days in the six-month period ended February 28, 2022, and divided by the 365 days in the Fund’s fiscal year ending August 31, 2022 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which each Fund may invest.
**“Actual” expenses are calculated using 88-day period ended February 28, 2022 due to the Fund’s inception date of December 2, 2021.
| PGIM Fixed Income ETFs | 13 |
PGIM Ultra Short Bond ETF
Schedule of Investments (unaudited)
as of February 28, 2022
| Description |
Interest Rate |
Maturity Date |
Principal Amount (000)# |
Value | ||||||||||||
| LONG-TERM INVESTMENTS 84.1% | ||||||||||||||||
| ASSET-BACKED SECURITIES 23.0% | ||||||||||||||||
| Automobile ABS 0.8% | ||||||||||||||||
|
Donlen Fleet Lease Funding 2 LLC, Series 2021-2, Class A2, 144A |
0.560 | % | 12/11/34 | 5,475 | $ | 5,389,477 | ||||||||||
|
Enterprise Fleet Financing LLC, Series 2021-2, Class A2, 144A |
0.480 | 05/20/27 | 6,210 | 6,077,470 | ||||||||||||
|
Honda Auto Receivables Owner Trust, Series 2020-1, Class A3 |
1.610 | 04/22/24 | 4,085 | 4,096,077 | ||||||||||||
|
|
|
|||||||||||||||
| 15,563,024 | ||||||||||||||||
| Collateralized Loan Obligations 22.1% | ||||||||||||||||
|
Allegro CLO IV Ltd. (Cayman Islands), Series 2016-1A, Class AR2, 144A, 3 Month LIBOR + 0.950% |
1.191 | (c) | 01/15/30 | 7,979 | 7,927,195 | |||||||||||
|
Anchorage Capital CLO 7 Ltd. (Cayman Islands), Series 2015-7A, Class AR2, 144A, 3 Month LIBOR + 1.090% |
1.368 | (c) | 01/28/31 | 5,000 | 4,969,190 | |||||||||||
|
Atlas Senior Loan Fund III Ltd. (Cayman Islands), Series 2013-1A, Class AR, 144A, 3 Month LIBOR + 0.830% |
1.299 | (c) | 11/17/27 | 3,029 | 3,019,109 | |||||||||||
|
Atrium XII (Cayman Islands), Series 12A, Class AR, 144A, 3 Month LIBOR + 0.830% |
1.089 | (c) | 04/22/27 | 7,395 | 7,349,032 | |||||||||||
|
Bain Capital Credit CLO (Cayman Islands), Series 2018-1A, Class A1, 144A, 3 Month LIBOR + 0.960% |
1.219 | (c) | 04/23/31 | 4,000 | 3,975,769 | |||||||||||
|
Ballyrock CLO Ltd. (Cayman Islands), Series 2020-2A, Class A1R, 144A, 3 Month LIBOR + 1.010% |
1.264 | (c) | 10/20/31 | 18,000 | 17,838,000 | |||||||||||
|
Benefit Street Partners CLO II Ltd. (Cayman Islands), Series 2013-IIA, Class A1R2, 144A, 3 Month LIBOR + 0.870% |
1.111 | (c) | 07/15/29 | 4,128 | 4,091,684 | |||||||||||
|
Benefit Street Partners CLO III Ltd. (Cayman Islands), Series 2013-IIIA, Class A1R2, 144A, 3 Month LIBOR + 1.000% |
1.254 | (c) | 07/20/29 | 8,132 | 8,061,111 | |||||||||||
|
Benefit Street Partners CLO XII Ltd. (Cayman Islands), Series 2017-12A, Class A1R, 144A, 3 Month LIBOR + 0.950% |
1.191 | (c) | 10/15/30 | 18,000 | 17,879,195 | |||||||||||
|
BlueMountain CLO XXII Ltd. (Cayman Islands), Series 2018-22A, Class A1, 144A, 3 Month LIBOR + 1.080% |
1.319 | (c) | 07/15/31 | 4,500 | 4,466,065 | |||||||||||
|
Brookside Mill CLO Ltd. (Cayman Islands), Series 2013-1A, Class AR, 144A, 3 Month LIBOR + 0.820% |
1.061 | (c) | 01/17/28 | 1,115 | 1,108,416 | |||||||||||
See Notes to Financial Statements.
|
PGIM Fixed Income ETFs |
15 |
PGIM Ultra Short Bond ETF
Schedule of Investments (unaudited) (continued)
as of February 28, 2022
| Description |
Interest Rate |
Maturity Date |
Principal Amount (000)# |
Value | ||||||||||||
| ASSET-BACKED SECURITIES (Continued) | ||||||||||||||||
| Collateralized Loan Obligations (cont'd.) | ||||||||||||||||
|
Canyon Capital CLO Ltd. (Cayman Islands), Series 2017-1A, Class AR, 144A, 3 Month LIBOR + 1.000% |
1.241 | %(c) | 07/15/30 | 15,000 | $ | 14,907,277 | ||||||||||
| Carlyle Global Market Strategies CLO
Ltd. (Cayman Islands), |
||||||||||||||||
|
Series 2014-1A, Class A1R2, 144A, 3 Month LIBOR + 0.970% |
1.211 | (c) | 04/17/31 | 4,985 | 4,949,710 | |||||||||||
|
Series 2015-5A, Class A1RR, 144A, 3 Month LIBOR + 1.080% |
1.334 | (c) | 01/20/32 | 18,000 | 17,899,196 | |||||||||||
|
Carlyle US CLO Ltd. (Cayman Islands), Series 2017-1A, Class A1R, 144A, 3 Month LIBOR + 1.000% |
1.254 | (c) | 04/20/31 | 13,000 | 12,888,598 | |||||||||||
| CIFC Funding Ltd. (Cayman Islands), | ||||||||||||||||
|
Series 2013-3RA, Class A1, 144A, 3 Month LIBOR + 0.980% |
1.239 | (c) | 04/24/31 | 2,000 | 1,983,282 | |||||||||||
|
Series 2017-1A, Class AR, 144A, 3 Month LIBOR + 1.010% |
1.265 | (c) | 04/23/29 | 4,828 | 4,809,959 | |||||||||||
|
Series 2017-2A, Class AR, 144A, 3 Month LIBOR + 0.950% |
1.204 | (c) | 04/20/30 | 15,000 | 14,870,457 | |||||||||||
| Elevation CLO Ltd. (Cayman Islands), | ||||||||||||||||
|
Series 2014-2A, Class A1R, 144A, 3 Month LIBOR + 1.230% |
1.471 | (c) | 10/15/29 | 1,471 | 1,458,284 | |||||||||||
|
Series 2017-7A, Class A, 144A, 3 Month LIBOR + 1.220% |
1.461 | (c) | 07/15/30 | 1,708 | 1,704,205 | |||||||||||
|
Ellington CLO IV Ltd. (Cayman Islands), Series 2019-4A, Class AR, 144A, 3 Month LIBOR + 1.580% |
1.821 | (c) | 04/15/29 | 6,999 | 6,921,661 | |||||||||||
|
Generate CLO 2 Ltd. (Cayman Islands), Series 2A, Class AR, 144A, 3 Month LIBOR + 1.150% |
1.409 | (c) | 01/22/31 | 10,340 | 10,283,213 | |||||||||||
|
HPS Loan Management Ltd. (Cayman Islands), Series 11A-17, Class AR, 144A, 3 Month LIBOR + 1.020% |
1.335 | (c) | 05/06/30 | 3,500 | 3,487,320 | |||||||||||
|
ICG US CLO Ltd. (Cayman Islands), Series 2014-3A, Class A1RR, 144A, 3 Month LIBOR + 1.030% |
1.288 | (c) | 04/25/31 | 7,083 | 7,034,897 | |||||||||||
|
JMP Credit Advisors CLO IV Ltd. (Cayman Islands), Series 2017-1A, Class AR, 144A, 3 Month LIBOR + 1.280% |
1.521 | (c) | 07/17/29 | 10,574 | 10,500,529 | |||||||||||
|
KKR CLO 18 Ltd. (Cayman Islands), Series 18, Class AR, 144A, 3 Month LIBOR + 0.940% |
1.181 | (c) | 07/18/30 | 18,000 | 17,857,566 | |||||||||||
|
KKR CLO 30 Ltd. (Cayman Islands), Series 30A, Class A1R, 144A, 3 Month LIBOR + 1.020% |
1.261 | (c) | 10/17/31 | 14,000 | 13,916,211 | |||||||||||
See Notes to Financial Statements.
| 16 |
| Description |
Interest Rate |
Maturity Date |
Principal Amount (000)# |
Value | ||||||||||||
| ASSET-BACKED SECURITIES (Continued) | ||||||||||||||||
| Collateralized Loan Obligations (cont'd.) | ||||||||||||||||
|
KKR CLO 11 Ltd. (Cayman Islands), Series 11, Class AR, 144A, 3 Month LIBOR + 1.180% |
1.421 | %(c) | 01/15/31 | 1,000 | $ | 993,778 | ||||||||||
|
Madison Park Funding XVIII Ltd. (Cayman Islands), Series 2015-18A, Class ARR, 144A, 3 Month LIBOR + 0.940% |
1.195 | (c) | 10/21/30 | 3,000 | 2,979,357 | |||||||||||
|
Madison Park Funding XXX Ltd. (Cayman Islands), Series 2018-30A, Class A, 144A, 3 Month LIBOR + 0.750% |
0.991 | (c) | 04/15/29 | 13,294 | 13,270,205 | |||||||||||
|
Madison Park Funding XXXVIII Ltd. (Cayman Islands), Series 2021-38A, Class X, 144A, 3 Month LIBOR + 0.950% |
1.191 | (c) | 07/17/34 | 3,500 | 3,495,429 | |||||||||||
|
Magnetite XVI Ltd. (Cayman Islands), Series 2015-16A, Class AR, 144A, 3 Month LIBOR + 0.800% |
1.041 | (c) | 01/18/28 | 2,295 | 2,269,897 | |||||||||||
|
Midocean Credit CLO IX (Cayman Islands), Series 2018-9A, Class A1, 144A, 3 Month LIBOR + 1.150% |
1.404 | (c) | 07/20/31 | 5,250 | 5,218,470 | |||||||||||
|
Midocean Credit CLO V (Cayman Islands), Series 2016-5A, Class AR, 144A, 3 Month LIBOR + 1.120% |
1.368 | (c) | 07/19/28 | 3,093 | 3,069,009 | |||||||||||
|
Mountain View CLO Ltd. (Cayman Islands), Series 2013-1A, Class ARR, 144A, 3 Month LIBOR + 1.000% |
1.121 | (c) | 10/12/30 | 13,500 | 13,459,162 | |||||||||||
|
Oaktree CLO Ltd. (Cayman Islands), Series 2015-1A, Class A1R, 144A, 3 Month LIBOR + 0.870% |
1.124 | (c) | 10/20/27 | 695 | 690,143 | |||||||||||
|
Ocean Trails CLO VII (Cayman Islands), Series 2019-7A, Class AR, 144A, 3 Month LIBOR + 1.010% |
1.251 | (c) | 04/17/30 | 5,000 | 4,975,613 | |||||||||||
|
Octagon Investment Partners 31 LLC (Cayman Islands), Series 2017-1A, Class AR, 144A, 3 Month LIBOR + 1.050% |
1.304 | (c) | 07/20/30 | 8,000 | 7,918,383 | |||||||||||
|
OZLM IX Ltd. (Cayman Islands), Series 2014-9A, Class A1A3, 144A, 3 Month LIBOR + 1.100% |
1.354 | (c) | 10/20/31 | 18,000 | 17,958,420 | |||||||||||
|
OZLM VI Ltd. (Cayman Islands), Series 2014-6A, Class A1S, 144A, 3 Month LIBOR + 1.080% |
1.321 | (c) | 04/17/31 | 8,867 | 8,767,074 | |||||||||||
|
OZLM XII Ltd. (Cayman Islands), Series 2015-12A, Class A1R, 144A, 3 Month LIBOR + 1.050% |
1.349 | (c) | 04/30/27 | 39 | 38,550 | |||||||||||
| Palmer Square CLO Ltd. (Cayman Islands), | ||||||||||||||||
|
Series 2014-1A, Class A1R2, 144A, 3 Month LIBOR + 1.130% |
1.371 | (c) | 01/17/31 | 1,250 | 1,243,814 | |||||||||||
|
Series 2015-2A, Class A1R2, 144A, 3 Month LIBOR + 1.100% |
1.354 | (c) | 07/20/30 | 1,400 | 1,393,477 | |||||||||||
See Notes to Financial Statements.
|
PGIM Fixed Income ETFs |
17 |
PGIM Ultra Short Bond ETF
Schedule of Investments (unaudited) (continued)
as of February 28, 2022
| Description |
Interest Rate |
Maturity Date |
Principal Amount (000)# |
Value | ||||||||||||
| ASSET-BACKED SECURITIES (Continued) | ||||||||||||||||
| Collateralized Loan Obligations (cont'd.) | ||||||||||||||||
|
Park Avenue Institutional Advisers CLO Ltd. (Cayman Islands), Series 2018-1A, Class A1AR, 144A, 3 Month LIBOR + 1.000% |
1.254 | %(c) | 10/20/31 | 10,000 | $ | 9,929,306 | ||||||||||
|
Race Point VIII CLO Ltd. (Cayman Islands), Series 2013-8A, Class AR2, 144A, 3 Month LIBOR + 1.040% |
1.520 | (c) | 02/20/30 | 9,873 | 9,796,778 | |||||||||||
|
Sound Point CLO VII-R Ltd. (Cayman Islands), Series 2014-3RA, Class A1R, 144A, 3 Month LIBOR + 1.070% |
1.329 | (c) | 10/23/31 | 10,000 | 9,937,119 | |||||||||||
|
Sound Point CLO XVII Ltd. (Cayman Islands), Series 2017-3A, Class A1R, 144A, 3 Month LIBOR + 0.980% |
1.234 | (c) | 10/20/30 | 10,000 | 9,935,763 | |||||||||||
|
Sound Point CLO XXII Ltd. (Cayman Islands), Series 2019-1A, Class AR, 144A, 3 Month LIBOR + 1.080% |
1.334 | (c) | 01/20/32 | 13,000 | 12,892,950 | |||||||||||
|
TICP CLO III-2 Ltd. (Cayman Islands), Series 2018-3R, Class A, 144A, 3 Month LIBOR + 0.840% |
1.094 | (c) | 04/20/28 | 1,196 | 1,188,126 | |||||||||||
|
Trinitas CLO IV Ltd. (Cayman Islands), Series 2016-4A, Class A1L2, 144A, 3 Month LIBOR + 1.100% |
1.341 | (c) | 10/18/31 | 12,000 | 11,994,443 | |||||||||||
|
Trinitas CLO V Ltd. (Cayman Islands), Series 2016-5A, Class ARR, 144A, 3 Month LIBOR + 1.030% |
1.288 | (c) | 10/25/28 | 3,647 | 3,625,621 | |||||||||||
|
Venture XXI CLO Ltd. (Cayman Islands), Series 2015-21A, Class AR, 144A, 3 Month LIBOR + 0.880% |
1.121 | (c) | 07/15/27 | 219 | 217,823 | |||||||||||
|
Venture XXIV CLO Ltd. (Cayman Islands), Series 2016-24A, Class ARR, 144A, 3 Month LIBOR + 0.900% |
1.154 | (c) | 10/20/28 | 8,952 | 8,885,707 | |||||||||||
| Voya CLO Ltd. (Cayman Islands), | ||||||||||||||||
|
Series 2013-2A, Class A1R, 144A, 3 Month LIBOR + 0.970% |
1.228 | (c) | 04/25/31 | 4,000 | 3,973,720 | |||||||||||
|
Series 2014-1A, Class AAR2, 144A, 3 Month LIBOR + 0.990% |
1.231 | (c) | 04/18/31 | 1,864 | 1,853,320 | |||||||||||
|
Series 2014-2A, Class A1RR, 144A, 3 Month LIBOR + 1.020% |
1.261 | (c) | 04/17/30 | 1,689 | 1,673,610 | |||||||||||
| Wellfleet CLO Ltd. (Cayman Islands), | ||||||||||||||||
|
Series 2016-2A, Class A1R, 144A, 3 Month LIBOR + 1.140% |
1.394 | (c) | 10/20/28 | 4,413 | 4,379,796 | |||||||||||
|
Series 2017-2A, Class A1R, 144A, 3 Month LIBOR + 1.060% |
1.314 | (c) | 10/20/29 | 1,672 | 1,658,105 | |||||||||||
See Notes to Financial Statements.
| 18 |
| 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 2019-1A, Class A1R, 144A, 3 Month LIBOR + 1.120% |
1.252 | %(c) | 07/20/32 | 20,000 | $ | 19,959,940 | ||||||||||
|
Zais CLO 7 Ltd. (Cayman Islands), Series 2017-2A, Class A, 144A, 3 Month LIBOR + 1.290% |
1.531 | (c) | 04/15/30 | 244 | 241,540 | |||||||||||
|
Zais CLO 8 Ltd. (Cayman Islands), Series 2018-1A, Class A, 144A, 3 Month LIBOR + 0.950% |
1.191 | (c) | 04/15/29 | 633 | 627,808 | |||||||||||
|
|
|
|||||||||||||||
| 426,669,387 | ||||||||||||||||
| Other ABS 0.1% | ||||||||||||||||
|
SoFi
Consumer Loan Program Trust, |
0.490 | 09/25/30 | 2,224 | 2,201,161 | ||||||||||||
|
|
|
|||||||||||||||
|
TOTAL
ASSET-BACKED SECURITIES |
|
444,433,572 | ||||||||||||||
|
|
|
|||||||||||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES 14.3% | ||||||||||||||||
| Benchmark Mortgage Trust, | ||||||||||||||||
|
Series 2018-B2, Class A2 |
3.662 | 02/15/51 | 975 | 985,791 | ||||||||||||
|
Series 2018-B3, Class A2 |
3.848 | 04/10/51 | 701 | 708,873 | ||||||||||||
|
Series 2018-B5, Class A2 |
4.077 | 07/15/51 | 800 | 814,087 | ||||||||||||
| Citigroup Commercial Mortgage Trust, | ||||||||||||||||
|
Series 2014-GC21, Class AAB |
3.477 | 05/10/47 | 227 | 230,682 | ||||||||||||
|
Series 2014-GC23, Class AAB |
3.337 | 07/10/47 | 668 | 679,425 | ||||||||||||
|
Series 2014-GC25, Class A3 |
3.372 | 10/10/47 | 7,155 | 7,256,082 | ||||||||||||
|
Series 2016-P4, Class A2 |
2.450 | 07/10/49 | 4,303 | 4,306,194 | ||||||||||||
|
Series 2017-P8, Class A1 |
2.065 | 09/15/50 | 166 | 165,774 | ||||||||||||
| COMM Mortgage Trust, | ||||||||||||||||
|
Series 2012-CR4, Class A3 |
2.853 | 10/15/45 | 2,704 | 2,716,141 | ||||||||||||
|
Series 2012-CR5, Class A4 |
2.771 | 12/10/45 | 4,750 | 4,780,523 | ||||||||||||
|
Series 2013-CR11, Class ASB |
3.660 | 08/10/50 | 375 | 380,571 | ||||||||||||
|
Series 2013-CR7, Class ASB |
2.739 | 03/10/46 | 149 | 150,124 | ||||||||||||
|
Series 2013-CR8, Class A4 |
3.334 | 06/10/46 | 454 | 457,101 | ||||||||||||
|
Series 2013-CR8, Class A5 |
3.612 | (cc) | 06/10/46 | 5,081 | 5,155,724 | |||||||||||
|
Series 2014-CR17, Class ASB |
3.598 | 05/10/47 | 323 | 327,811 | ||||||||||||
|
Series 2014-UBS2, Class ASB |
3.472 | 03/10/47 | 679 | 690,262 | ||||||||||||
|
Series 2014-UBS5, Class A4 |
3.838 | 09/10/47 | 10,000 | 10,322,533 | ||||||||||||
|
Series 2015-CR22, Class A3 |
3.207 | 03/10/48 | 917 | 916,395 | ||||||||||||
|
Series 2015-CR23, Class ASB |
3.257 | 05/10/48 | 1,350 | 1,372,299 | ||||||||||||
|
Series 2015-CR24, Class ASB |
3.445 | 08/10/48 | 2,486 | 2,524,612 | ||||||||||||
|
Series 2015-LC23, Class A2 |
3.221 | 10/10/48 | 571 | 572,912 | ||||||||||||
See Notes to Financial Statements.
|
PGIM Fixed Income ETFs |
19 |
PGIM Ultra Short Bond ETF
Schedule of Investments (unaudited) (continued)
as of February 28, 2022
| Description |
Interest Rate |
Maturity Date |
Principal Amount (000)# |
Value | ||||||||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued) | ||||||||||||||||
| CSAIL Commercial Mortgage Trust, | ||||||||||||||||
|
Series 2015-C3, Class A4 |
3.718 | % | 08/15/48 | 16,716 | $ | 17,208,621 | ||||||||||
|
Series 2016-C5, Class ASB |
3.533 | 11/15/48 | 3,123 | 3,188,985 | ||||||||||||
| DBJPM Mortgage Trust, | ||||||||||||||||
|
Series 2016-C3, Class A2 |
1.886 | 08/10/49 | 97 | 95,526 | ||||||||||||
|
Series 2017-C6, Class A3 |
3.269 | 06/10/50 | 5,400 | 5,453,259 | ||||||||||||
|
Freddie Mac STACR REMIC Trust, Series 2021-DNA5, Class M1, 144A, 30 Day Average SOFR + 0.650% |
0.699 | (c) | 01/25/34 | 318 | 318,115 | |||||||||||
|
GS Mortgage Securities Corp. Trust, Series 2021-RENT, Class A, 144A, 1 Month LIBOR + 0.700% |
0.862 | (c) | 11/21/35 | 5,369 | 5,308,963 | |||||||||||
| GS Mortgage Securities Trust, | ||||||||||||||||
|
Series 2014-GC22, Class AAB |
3.467 | 06/10/47 | 397 | 403,055 | ||||||||||||
|
Series 2017-GS7, Class A1 |
1.950 | 08/10/50 | 219 | 219,301 | ||||||||||||
| JP Morgan Chase Commercial Mortgage
Securities Trust, |
||||||||||||||||
|
Series 2012-C8, Class A3 |
2.829 | 10/15/45 | 3,024 | 3,033,706 | ||||||||||||
|
Series 2013-LC11, Class A5 |
2.960 | 04/15/46 | 7,287 | 7,329,805 | ||||||||||||
|
Series 2016-JP2, Class ASB |
2.713 | 08/15/49 | 7,371 | 7,437,213 | ||||||||||||
| JPMBB Commercial Mortgage Securities Trust, | ||||||||||||||||
|
Series 2013-C12, Class A4 |
3.363 | 07/15/45 | 2,845 | 2,866,617 | ||||||||||||
|
Series 2013-C12, Class ASB |
3.157 | 07/15/45 | 98 | 98,229 | ||||||||||||
|
Series 2013-C14, Class ASB |
3.761 | (cc) | 08/15/46 | 5,870 | 5,966,222 | |||||||||||
|
Series 2014-C18, Class A5 |
4.079 | 02/15/47 | 8,458 | 8,688,370 | ||||||||||||
|
Series 2014-C18, Class A4A2, 144A |
3.794 | 02/15/47 | 4,082 | 4,143,038 | ||||||||||||
|
Series 2014-C25, Class ASB |
3.407 | 11/15/47 | 3,271 | 3,332,942 | ||||||||||||
| Morgan Stanley Bank of America Merrill Lynch Trust, | ||||||||||||||||
|
Series 2012-C6, Class A4 |
2.858 | 11/15/45 | 1,295 | 1,297,600 | ||||||||||||
|
Series 2013-C12, Class ASB |
3.824 | 10/15/46 | 3,858 | 3,907,564 | ||||||||||||
|
Series 2013-C8, Class A4 |
3.134 | 12/15/48 | 4,750 | 4,780,458 | ||||||||||||
|
Series 2013-C9, Class AAB |
2.657 | 05/15/46 | 293 | 294,271 | ||||||||||||
|
Series 2014-C19, Class ASB |
3.326 | 12/15/47 | 4,812 | 4,885,618 | ||||||||||||
|
Series 2015-C23, Class ASB |
3.398 | 07/15/50 | 1,685 | 1,716,998 | ||||||||||||
|
Morgan Stanley Capital I Trust, Series 2018-H3, Class A2 |
3.997 | 07/15/51 | 568 | 578,351 | ||||||||||||
|
Mortgage Repurchase Agreement Financing Trust, Series 2021-S1, Class A1, 144A, 1 Month LIBOR + 0.500% |
0.626 | (c) | 09/10/22 | 17,000 | 16,978,901 | |||||||||||
|
One New York Plaza Trust, Series 2020-1NYP, Class A, 144A, 1 Month LIBOR + 0.950% |
1.141 | (c) | 01/15/36 | 19,065 | 18,826,251 | |||||||||||
| Station Place Securitization Trust, | ||||||||||||||||
|
Series 2021-4, Class A, 144A, 1 Month LIBOR + 0.900% |
1.076 | (c) | 04/11/22 | 6,500 | 6,491,249 | |||||||||||
|
Series 2021-8, Class A, 144A, 1 Month LIBOR + 0.800% |
0.976 | (c) | 06/20/22 | 9,450 | 9,425,543 | |||||||||||
See Notes to Financial Statements.
| 20 |
| Description |
Interest Rate |
Maturity Date |
Principal Amount (000)# |
Value | ||||||||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued) | ||||||||||||||||
|
Towd Point Mortgage Trust, Series 2021-SJ1, Class A1, 144A |
2.250 | %(cc) | 07/25/68 | 14,112 | $ | 14,073,798 | ||||||||||
| UBS Commercial Mortgage Trust, | ||||||||||||||||
|
Series 2017-C5, Class A1 |
2.139 | 11/15/50 | 116 | 115,954 | ||||||||||||
|
Series 2018-C8, Class A2 |
3.713 | 02/15/51 | 1,945 | 1,965,770 | ||||||||||||
| UBS-Barclays Commercial Mortgage Trust, | ||||||||||||||||
|
Series 2012-C3, Class A4 |
3.091 | 08/10/49 | 7,930 | 7,953,948 | ||||||||||||
|
Series 2012-C4, Class A5 |
2.850 | 12/10/45 | 11,500 | 11,550,415 | ||||||||||||
|
Series 2013-C5, Class A4 |
3.185 | 03/10/46 | 8,311 | 8,367,610 | ||||||||||||
|
Series 2013-C6, Class A4 |
3.244 | 04/10/46 | 16,009 | 16,155,554 | ||||||||||||
| Wells Fargo Commercial Mortgage Trust, | ||||||||||||||||
|
Series 2013-LC12, Class A4 |
4.218 | (cc) | 07/15/46 | 17,500 | 17,857,537 | |||||||||||
|
Series 2013-LC12, Class ASB |
3.928 | (cc) | 07/15/46 | 3,922 | 3,982,568 | |||||||||||
|
Series 2015-NXS2, Class A2 |
3.020 | 07/15/58 | 174 | 174,714 | ||||||||||||
|
Series 2016-C34, Class ASB |
2.911 | 06/15/49 | 4,254 | 4,298,509 | ||||||||||||
|
Series 2017-C42, Class A1 |
2.338 | 12/15/50 | 432 | 432,222 | ||||||||||||
|
|
|
|||||||||||||||
|
TOTAL
COMMERCIAL MORTGAGE-BACKED SECURITIES |
276,717,286 | |||||||||||||||
|
|
|
|||||||||||||||
| CORPORATE BONDS 45.3% | ||||||||||||||||
| Agriculture 0.2% | ||||||||||||||||
|
Cargill, Inc., Sr. Unsec’d. Notes, 144A |
1.375 | 07/23/23 | 1,000 | 996,159 | ||||||||||||
|
Philip Morris International, Inc., Sr. Unsec’d. Notes |
1.125 | 05/01/23 | 3,000 | 2,990,729 | ||||||||||||
|
|
|
|||||||||||||||
| 3,986,888 | ||||||||||||||||
| Airlines 0.4% | ||||||||||||||||
|
Southwest Airlines Co., Sr. Unsec’d. Notes |
4.750 | 05/04/23 | 7,500 | 7,751,026 | ||||||||||||
| Apparel 0.2% | ||||||||||||||||
|
VF Corp., Sr. Unsec’d. Notes |
2.050 | 04/23/22 | 4,000 | 4,007,040 | ||||||||||||
| Auto Manufacturers 1.8% | ||||||||||||||||
|
American Honda Finance Corp., Sr. Unsec’d. Notes, MTN |
0.750 | 08/09/24 | 4,500 | 4,366,206 | ||||||||||||
| BMW US Capital LLC, | ||||||||||||||||
|
Gtd. Notes, 144A |
3.800 | 04/06/23 | 4,000 | 4,094,823 | ||||||||||||
|
Gtd. Notes, 144A, SOFR + 0.530% |
0.579 | (c) | 04/01/24 | 4,000 | 4,015,775 | |||||||||||
|
Daimler Finance North America LLC, Gtd. Notes, 144A |
0.750 | 03/01/24 | 13,500 | 13,154,184 | ||||||||||||
|
Toyota Motor Credit Corp., Sr. Unsec’d. Notes, MTN, SOFR + 0.300% |
0.350 | (c) | 06/13/22 | 10,000 | 10,001,482 | |||||||||||
|
|
|
|||||||||||||||
| 35,632,470 | ||||||||||||||||
See Notes to Financial Statements.
|
PGIM Fixed Income ETFs |
21 |
PGIM Ultra Short Bond ETF
Schedule of Investments (unaudited) (continued)
as of February 28, 2022
| Description |
Interest Rate |
Maturity Date |
Principal Amount (000)# |
Value | ||||||||||||
| CORPORATE BONDS (Continued) | ||||||||||||||||
| Banks 15.8% | ||||||||||||||||
|
Banco Santander SA (Spain), Sr. Unsec’d. Notes |
3.500 | % | 04/11/22 | 10,400 | $ | 10,431,562 | ||||||||||
|
Bank of America Corp., Sr. Unsec’d. Notes, MTN, 3 Month BSBY + 0.430% |
0.909 | (c) | 05/28/24 | 15,000 | 15,004,090 | |||||||||||
| Bank of Nova Scotia (The) (Canada), | ||||||||||||||||
|
Sr. Unsec’d. Notes |
1.625 | 05/01/23 | 6,000 | 6,000,734 | ||||||||||||
|
Sr. Unsec’d. Notes, SOFR + 0.460% |
0.509 | (c) | 01/10/25 | 7,750 | 7,729,630 | |||||||||||
| Banque Federative du Credit Mutuel SA (France), | ||||||||||||||||
|
Sr. Unsec’d. Notes, 144A |
0.650 | 02/27/24 | 7,250 | 7,035,614 | ||||||||||||
|
Sr. Unsec’d. Notes, 144A, SOFR + 0.410% |
0.460 | (c) | 02/04/25 | 20,000 | 19,935,712 | |||||||||||
|
Barclays Bank PLC (United Kingdom), Sr. Unsec’d. Notes |
1.700 | 05/12/22 | 10,000 | 10,010,466 | ||||||||||||
| Canadian Imperial Bank of Commerce (Canada), | ||||||||||||||||
|
Sr. Unsec’d. Notes, SOFR + 0.420% |
0.469 | (c) | 10/18/24 | 10,000 | 9,976,016 | |||||||||||
|
Sr. Unsec’d. Notes, SOFR + 0.800% |
0.849 | (c) | 03/17/23 | 6,000 | 6,026,235 | |||||||||||
|
Citizens Bank NA, Sr. Unsec’d. Notes, BKNT, 3 Month LIBOR + 0.810% |
1.318 | (c) | 05/26/22 | 8,500 | 8,513,416 | |||||||||||
|
Commonwealth Bank of Australia (Australia), Sr. Unsec’d. Notes, 144A, 3 Month LIBOR + 0.700% |
0.901 | (c) | 03/10/22 | 5,000 | 5,000,753 | |||||||||||
|
Cooperatieve Rabobank UA (Netherlands), Sr. Unsec’d. Notes, SOFR + 0.300% |
0.349 | (c) | 01/12/24 | 5,500 | 5,495,453 | |||||||||||
|
Credit Agricole Corporate & Investment Bank SA (France), MTN |
0.400 | 01/15/23 | 11,600 | 11,495,128 | ||||||||||||
|
Credit Suisse AG (Switzerland), Sr. Unsec’d. Notes, SOFR + 0.390% |
0.440 | (c) | 02/02/24 | 3,750 | 3,742,873 | |||||||||||
|
Deutsche Bank AG (Germany), Sr. Unsec’d. Notes, SOFR + 0.500% |
0.550 | (c) | 11/08/23 | 20,000 | 19,958,266 | |||||||||||
|
Fifth Third Bank NA, Sr. Unsec’d. Notes, BKNT |
1.800 | 01/30/23 | 5,000 | 5,022,439 | ||||||||||||
| Goldman Sachs Group, Inc. (The), | ||||||||||||||||
|
Sr. Unsec’d. Notes, 3 Month LIBOR + 1.053% |
2.908 | (c) | 06/05/23 | 7,314 | 7,343,211 | |||||||||||
|
Sr. Unsec’d. Notes, SOFR + 0.538% |
0.627 | (c) | 11/17/23 | 5,000 | 4,959,157 | |||||||||||
|
Huntington National Bank (The), Sr. Unsec’d. Notes, BKNT |
1.800 | 02/03/23 | 6,000 | 6,003,683 | ||||||||||||
|
ING Groep NV (Netherlands), Sr. Unsec’d. Notes, 3 Month LIBOR + 1.150% |
1.370 | (c) | 03/29/22 | 10,500 | 10,506,944 | |||||||||||
|
JPMorgan Chase & Co., Sr. Unsec’d. Notes, SOFR + 0.490% |
0.768 | (c) | 08/09/25 | 15,000 | 14,438,698 | |||||||||||
| Mitsubishi UFJ Financial Group, Inc. (Japan), | ||||||||||||||||
|
Sr. Unsec’d. Notes |
2.623 | 07/18/22 | 3,500 | 3,522,589 | ||||||||||||
|
Sr. Unsec’d. Notes |
2.665 | 07/25/22 | 3,044 | 3,063,922 | ||||||||||||
See Notes to Financial Statements.
| 22 |
| Description |
Interest Rate |
Maturity Date |
Principal Amount (000)# |
Value | ||||||||||||
| CORPORATE BONDS (Continued) | ||||||||||||||||
| Banks (cont'd.) | ||||||||||||||||
| Morgan Stanley, | ||||||||||||||||
|
Sr. Unsec’d. Notes |
2.750 | % | 05/19/22 | 3,000 | $ | 3,012,374 | ||||||||||
|
Sr. Unsec’d. Notes, GMTN |
3.750 | 02/25/23 | 10,000 | 10,194,181 | ||||||||||||
|
Sr. Unsec’d. Notes, MTN, 3 Month LIBOR + 1.400% |
1.659 | (c) | 10/24/23 | 4,750 | 4,784,682 | |||||||||||
| National Securities Clearing Corp., | ||||||||||||||||
|
Sr. Unsec’d. Notes, 144A |
0.400 | 12/07/23 | 3,750 | 3,658,997 | ||||||||||||
|
Sr. Unsec’d. Notes, 144A |
1.200 | 04/23/23 | 3,000 | 2,992,999 | ||||||||||||
|
Nordea Bank Abp (Finland), Sr. Unsec’d. Notes, 144A |
0.625 | 05/24/24 | 9,500 | 9,218,494 | ||||||||||||
|
Royal Bank of Canada (Canada), Sr. Unsec’d. Notes, GMTN, SOFR + 0.340% |
0.389 | (c) | 10/07/24 | 10,000 | 9,975,038 | |||||||||||
|
Skandinaviska Enskilda Banken AB (Sweden), Sr. Unsec’d. Notes, 144A |
0.650 | 09/09/24 | 11,250 | 10,856,654 | ||||||||||||
|
Sumitomo Mitsui Trust Bank Ltd. (Japan), Sr. Unsec’d. Notes, 144A, SOFR + 0.440% |
0.489 | (c) | 09/16/24 | 7,500 | 7,488,285 | |||||||||||
| Toronto-Dominion Bank (The) (Canada), | ||||||||||||||||
|
Sr. Unsec’d. Notes, MTN, SOFR + 0.350% |
0.399 | (c) | 09/10/24 | 8,000 | 7,977,026 | |||||||||||
|
Sr. Unsec’d. Notes, MTN, SOFR + 0.480% |
0.530 | (c) | 01/27/23 | 7,138 | 7,150,132 | |||||||||||
| Truist Bank, | ||||||||||||||||
|
Sr. Unsec’d. Notes, BKNT, 3 Month LIBOR + 0.590% |
1.059 | (c) | 05/17/22 | 3,000 | 3,002,386 | |||||||||||
|
Sr. Unsec’d. Notes, BKNT, SOFR + 0.200% |
0.249 | (c) | 01/17/24 | 10,000 | 9,979,035 | |||||||||||
|
Sr. Unsec’d. Notes, BKNT, SOFR + 0.730% |
0.779 | (c) | 03/09/23 | 2,000 | 2,008,785 | |||||||||||
| UBS AG (Switzerland), | ||||||||||||||||
|
Sr. Unsec’d. Notes, 144A |
0.450 | 02/09/24 | 3,000 | 2,918,744 | ||||||||||||
|
Sr. Unsec’d. Notes, 144A, SOFR + 0.360% |
0.410 | (c) | 02/09/24 | 4,500 | 4,488,827 | |||||||||||
|
US Bank NA, Sr. Unsec’d. Notes, BKNT, 3 Month LIBOR + 0.440% |
0.904 | (c) | 05/23/22 | 3,700 | 3,701,743 | |||||||||||
|
|
|
|||||||||||||||
| 304,624,973 | ||||||||||||||||
| Beverages 0.7% | ||||||||||||||||
| Coca-Cola Europacific Partners
PLC (United Kingdom), |
||||||||||||||||
|
Sr. Unsec’d. Notes, 144A |
0.500 | 05/05/23 | 5,600 | 5,512,476 | ||||||||||||
|
Sr. Unsec’d. Notes, 144A |
0.800 | 05/03/24 | 3,000 | 2,914,071 | ||||||||||||
|
PepsiCo, Inc., Sr. Unsec’d. Notes |
0.400 | 10/07/23 | 5,500 | 5,402,961 | ||||||||||||
|
|
|
|||||||||||||||
| 13,829,508 | ||||||||||||||||
| Biotechnology 0.1% | ||||||||||||||||
|
Gilead Sciences, Inc., Sr. Unsec’d. Notes |
0.750 | 09/29/23 | 2,250 | 2,217,557 | ||||||||||||
See Notes to Financial Statements.
|
PGIM Fixed Income ETFs |
23 |
PGIM Ultra Short Bond ETF
Schedule of Investments (unaudited) (continued)
as of February 28, 2022
| Description |
Interest Rate |
Maturity Date |
Principal Amount (000)# |
Value | ||||||||||||
| CORPORATE BONDS (Continued) | ||||||||||||||||
| Building Materials 0.1% | ||||||||||||||||
|
Martin Marietta Materials, Inc., Sr. Unsec’d. Notes |
0.650 | % | 07/15/23 | 2,250 | $ | 2,217,015 | ||||||||||
| Chemicals 0.3% | ||||||||||||||||
|
Air Liquide Finance SA (France), Gtd. Notes, 144A |
2.250 | 09/27/23 | 1,000 | 1,007,716 | ||||||||||||
|
Nutrien Ltd. (Canada), Sr. Unsec’d. Notes |
1.900 | 05/13/23 | 3,000 | 3,005,282 | ||||||||||||
|
Westlake Corp., Sr. Unsec’d. Notes |
0.875 | 08/15/24 | 2,750 | 2,670,294 | ||||||||||||
|
|
|
|||||||||||||||
| 6,683,292 | ||||||||||||||||
| Commercial Services 0.3% | ||||||||||||||||
|
PayPal Holdings, Inc., Sr. Unsec’d. Notes |
1.350 | 06/01/23 | 5,000 | 4,989,233 | ||||||||||||
| Computers 0.3% | ||||||||||||||||
|
Apple, Inc., Sr. Unsec’d. Notes |
1.700 | 09/11/22 | 5,000 | 5,021,796 | ||||||||||||
| Diversified Financial Services 3.2% | ||||||||||||||||
|
AIG Global Funding, Sr. Sec’d. Notes, 144A |
0.650 | 06/17/24 | 12,750 | 12,295,749 | ||||||||||||
|
Air Lease Corp., Sr. Unsec’d. Notes, MTN, 3 Month LIBOR + 0.350% |
0.553 | (c) | 12/15/22 | 20,000 | 20,003,784 | |||||||||||
|
American Express Co., Sr. Unsec’d. Notes |
3.400 | 02/27/23 | 10,000 | 10,161,555 | ||||||||||||
|
Capital One Bank USA NA, Sub. Notes |
3.375 | 02/15/23 | 4,000 | 4,061,099 | ||||||||||||
|
Capital One Financial Corp., Sr. Unsec’d. Notes, 3 Month LIBOR + 0.720% |
1.019 | (c) | 01/30/23 | 1,660 | 1,663,310 | |||||||||||
|
Citigroup Global Markets Holdings, Inc., Gtd. Notes, MTN |
0.750 | 06/07/24 | 13,250 | 12,861,141 | ||||||||||||
|
|
|
|||||||||||||||
| 61,046,638 | ||||||||||||||||
| Electric 3.6% | ||||||||||||||||
|
American Electric Power Co., Inc., Sr. Unsec’d. Notes, 3 Month LIBOR + 0.480% |
0.797 | (c) | 11/01/23 | 3,000 | 2,999,121 | |||||||||||
|
CenterPoint Energy, Inc., Sr. Unsec’d. Notes, SOFR + 0.650% |
0.700 | (c) | 05/13/24 | 10,000 | 9,999,583 | |||||||||||
| DTE Energy Co., | ||||||||||||||||
|
Sr. Unsec’d. Notes |
0.550 | 11/01/22 | 12,000 | 11,932,412 | ||||||||||||
|
Sr. Unsec’d. Notes |
2.250 | 11/01/22 | 8,000 | 8,050,170 | ||||||||||||
|
Entergy Louisiana LLC, First Mortgage |
0.620 | 11/17/23 | 4,250 | 4,169,872 | ||||||||||||
|
Eversource Energy, Sr. Unsec’d. Notes |
2.750 | 03/15/22 | 1,500 | 1,501,152 | ||||||||||||
|
Florida
Power & Light Co., Sr. Unsec’d. Notes, |
0.300 | (c) | 05/10/23 | 12,000 | 11,998,674 | |||||||||||
|
OGE Energy Corp., Sr. Unsec’d. Notes |
0.703 | 05/26/23 | 3,500 | 3,452,505 | ||||||||||||
| PPL Electric Utilities Corp., | ||||||||||||||||
|
First Mortgage |
2.500 | 09/01/22 | 4,800 | 4,810,995 | ||||||||||||
|
First Mortgage, SOFR + 0.330% |
0.379 | (c) | 06/24/24 | 2,250 | 2,241,746 | |||||||||||
See Notes to Financial Statements.
| 24 |
| Description |
Interest Rate |
Maturity Date |
Principal Amount (000)# |
Value | ||||||||||||
| CORPORATE BONDS (Continued) | ||||||||||||||||
| Electric (cont'd.) | ||||||||||||||||
|
Saudi Electricity Global Sukuk Co. (Cayman Islands), Sr. Unsec’d. Notes |
4.211 | % | 04/03/22 | 1,800 | $ | 1,804,870 | ||||||||||
|
WEC Energy Group, Inc., Sr. Unsec’d. Notes |
0.800 | 03/15/24 | 7,250 | 7,074,862 | ||||||||||||
|
|
|
|||||||||||||||
| 70,035,962 | ||||||||||||||||
| Food 1.2% | ||||||||||||||||
|
Hormel Foods Corp., Sr. Unsec’d. Notes |
0.650 | 06/03/24 | 3,500 | 3,408,557 | ||||||||||||
|
McCormick & Co., Inc., Sr. Unsec’d. Notes |
2.700 | 08/15/22 | 7,685 | 7,735,215 | ||||||||||||
|
Mondelez International, Inc., Sr. Unsec’d. Notes |
0.625 | 07/01/22 | 8,000 | 7,991,787 | ||||||||||||
|
Nestle Holdings, Inc., Gtd. Notes, 144A |
0.375 | 01/15/24 | 5,000 | 4,867,501 | ||||||||||||
|
|
|
|||||||||||||||
| 24,003,060 | ||||||||||||||||
| Forest Products & Paper 0.4% | ||||||||||||||||
|
Georgia-Pacific LLC, Sr. Unsec’d. Notes, 144A |
3.734 | 07/15/23 | 7,000 | 7,160,265 | ||||||||||||
| Gas 0.3% | ||||||||||||||||
|
Atmos Energy Corp., Sr. Unsec’d. Notes, 3 Month LIBOR + 0.380% |
0.578 | (c) | 03/09/23 | 5,250 | 5,250,064 | |||||||||||
| Healthcare-Products 1.4% | ||||||||||||||||
|
Baxter International, Inc., Sr. Unsec’d. Notes, 144A, SOFR + 0.260% |
0.309 | (c) | 12/01/23 | 20,000 | 19,943,714 | |||||||||||
|
Stryker Corp., Sr. Unsec’d. Notes |
0.600 | 12/01/23 | 1,250 | 1,223,226 | ||||||||||||
|
Thermo Fisher Scientific, Inc., Sr. Unsec’d. Notes, SOFR + 0.530% |
0.579 | (c) | 10/18/24 | 6,750 | 6,753,817 | |||||||||||
|
|
|
|||||||||||||||
| 27,920,757 | ||||||||||||||||
| Healthcare-Services 0.4% | ||||||||||||||||
|
UnitedHealth Group, Inc., Sr. Unsec’d. Notes |
0.550 | 05/15/24 | 7,250 | 7,065,648 | ||||||||||||
| Household Products/Wares 0.4% | ||||||||||||||||
|
Reckitt Benckiser Treasury Services PLC (United Kingdom), Gtd. Notes, 144A, 3 Month LIBOR + 0.560% |
0.780 | (c) | 06/24/22 | 8,000 | 8,008,629 | |||||||||||
| Insurance 2.7% | ||||||||||||||||
|
Berkshire Hathaway, Inc., Sr. Unsec’d. Notes |
2.750 | 03/15/23 | 4,853 | 4,913,438 | ||||||||||||
| Equitable Financial Life Global Funding, | ||||||||||||||||
|
Sec’d. Notes, 144A |
0.800 | 08/12/24 | 3,000 | 2,890,314 | ||||||||||||
|
Sec’d. Notes, 144A, SOFR + 0.390% |
0.439 | (c) | 04/06/23 | 10,000 | 9,994,558 | |||||||||||
See Notes to Financial Statements.
|
PGIM Fixed Income ETFs |
25 |
PGIM Ultra Short Bond ETF
Schedule of Investments (unaudited) (continued)
as of February 28, 2022
| Description |
Interest Rate |
Maturity Date |
Principal Amount (000)# |
Value | ||||||||||||
| CORPORATE BONDS (Continued) | ||||||||||||||||
| Insurance (cont'd.) | ||||||||||||||||
| New York Life Global Funding, | ||||||||||||||||
|
Sec’d. Notes, 144A |
2.900 | % | 01/17/24 | 4,190 | $ | 4,268,156 | ||||||||||
|
Sr. Sec’d. Notes, 144A, 3 Month LIBOR + 0.440% |
0.678 | (c) | 07/12/22 | 3,000 | 3,003,278 | |||||||||||
|
Pacific Life Global Funding II, Sr. Sec’d. Notes, 144A |
0.500 | 09/23/23 | 4,750 | 4,652,577 | ||||||||||||
| Principal Life Global Funding II, | ||||||||||||||||
|
Sec’d. Notes, 144A |
0.500 | 01/08/24 | 7,250 | 7,070,631 | ||||||||||||
|
Sec’d. Notes, 144A, SOFR + 0.450% |
0.499 | (c) | 04/12/24 | 1,250 | 1,251,544 | |||||||||||
| Protective Life Global Funding, | ||||||||||||||||
|
Sec’d. Notes, 144A |
0.631 | 10/13/23 | 4,250 | 4,174,159 | ||||||||||||
|
Sr. Sec’d. Notes, 144A |
0.473 | 01/12/24 | 10,000 | 9,717,494 | ||||||||||||
|
|
|
|||||||||||||||
| 51,936,149 | ||||||||||||||||
| Machinery-Constructions & Mining 0.5% | ||||||||||||||||
|
Caterpillar Financial Services Corp., Sr. Unsec’d. Notes, MTN |
0.450 | 09/14/23 | 10,000 | 9,830,465 | ||||||||||||
| Media 0.2% | ||||||||||||||||
|
Walt Disney Co. (The), Gtd. Notes, 3 Month LIBOR + 0.390% |
0.913 | (c) | 09/01/22 | 3,000 | 3,004,396 | |||||||||||
| Mining 0.2% | ||||||||||||||||
|
Korea Mine Rehabilitation & Mineral Resources Corp. (South Korea), Sr. Unsec’d. Notes |
3.000 | 04/24/22 | 3,200 | 3,205,936 | ||||||||||||
| Miscellaneous Manufacturer 0.2% | ||||||||||||||||
|
Carlisle Cos., Inc., Sr. Unsec’d. Notes |
0.550 | 09/01/23 | 3,000 | 2,940,050 | ||||||||||||
| Oil & Gas 1.0% | ||||||||||||||||
| Exxon Mobil Corp., | ||||||||||||||||
|
Sr. Unsec’d. Notes |
1.571 | 04/15/23 | 4,000 | 4,009,715 | ||||||||||||
|
Sr. Unsec’d. Notes, 3 Month LIBOR + 0.330% |
0.789 | (c) | 08/16/22 | 4,000 | 4,005,012 | |||||||||||
| Phillips 66, | ||||||||||||||||
|
Gtd. Notes |
0.900 | 02/15/24 | 4,000 | 3,931,674 | ||||||||||||
|
Gtd. Notes |
4.300 | 04/01/22 | 2,959 | 2,967,372 | ||||||||||||
|
Pioneer Natural Resources Co., Sr. Unsec’d. Notes |
0.550 | 05/15/23 | 2,500 | 2,468,174 | ||||||||||||
|
Saudi Arabian Oil Co. (Saudi Arabia), Sr. Unsec’d. Notes, 144A |
2.750 | 04/16/22 | 1,980 | 1,983,539 | ||||||||||||
|
|
|
|||||||||||||||
| 19,365,486 | ||||||||||||||||
See Notes to Financial Statements.
| 26 |
| Description |
Interest Rate |
Maturity Date |
Principal Amount (000)# |
Value | ||||||||||||
| CORPORATE BONDS (Continued) | ||||||||||||||||
| Pharmaceuticals 3.2% | ||||||||||||||||
| AbbVie, Inc., | ||||||||||||||||
|
Sr. Unsec’d. Notes |
3.250 | % | 10/01/22 | 17,000 | $ | 17,118,732 | ||||||||||
|
Sr. Unsec’d. Notes, 3 Month LIBOR + 0.650% |
1.130 | (c) | 11/21/22 | 3,000 | 3,009,761 | |||||||||||
|
AmerisourceBergen Corp., Sr. Unsec’d. Notes |
0.737 | 03/15/23 | 12,000 | 11,897,923 | ||||||||||||
|
Astrazeneca Finance LLC, Gtd. Notes |
0.700 | 05/28/24 | 12,250 | 11,927,322 | ||||||||||||
| Bristol-Myers Squibb Co., | ||||||||||||||||
|
Sr. Unsec’d. Notes |
0.537 | 11/13/23 | 10,000 | 9,832,793 | ||||||||||||
|
Sr. Unsec’d. Notes, 3 Month LIBOR + 0.380% |
0.839 | (c) | 05/16/22 | 2,000 | 2,001,377 | |||||||||||
|
GlaxoSmithKline Capital PLC (United Kingdom), Gtd. Notes |
0.534 | 10/01/23 | 6,500 | 6,391,699 | ||||||||||||
|
|
|
|||||||||||||||
| 62,179,607 | ||||||||||||||||
| Pipelines 1.3% | ||||||||||||||||
|
Enbridge, Inc. (Canada), Gtd. Notes |
0.550 | 10/04/23 | 8,000 | 7,836,186 | ||||||||||||
|
Southern Natural Gas Co. LLC, Sr. Unsec’d. Notes, 144A |
0.625 | 04/28/23 | 5,250 | 5,174,845 | ||||||||||||
| TransCanada PipeLines Ltd. (Canada), | ||||||||||||||||
|
Sr. Unsec’d. Notes |
1.000 | 10/12/24 | 9,750 | 9,447,927 | ||||||||||||
|
Sr. Unsec’d. Notes |
2.500 | 08/01/22 | 3,000 | 3,014,018 | ||||||||||||
|
|
|
|||||||||||||||
| 25,472,976 | ||||||||||||||||
| Real Estate 0.3% | ||||||||||||||||
|
Ontario Teachers’ Cadillac Fairview Properties Trust (Canada), Sr. Unsec’d. Notes, 144A |
3.125 | 03/20/22 | 6,775 | 6,785,689 | ||||||||||||
| Real Estate Investment Trusts (REITs) 0.7% | ||||||||||||||||
|
Kimco Realty Corp., Sr. Unsec’d. Notes |
3.400 | 11/01/22 | 5,935 | 6,007,669 | ||||||||||||
|
Public Storage, Sr. Unsec’d. Notes, SOFR + 0.470% |
0.519 | (c) | 04/23/24 | 8,500 | 8,499,678 | |||||||||||
|
|
|
|||||||||||||||
| 14,507,347 | ||||||||||||||||
| Retail 0.3% | ||||||||||||||||
| 7-Eleven, Inc., | ||||||||||||||||
|
Sr. Unsec’d. Notes, 144A |
0.625 | 02/10/23 | 1,750 | 1,736,918 | ||||||||||||
|
Sr. Unsec’d. Notes, 144A |
0.800 | 02/10/24 | 2,250 | 2,196,518 | ||||||||||||
|
Home Depot, Inc. (The), Sr. Unsec’d. Notes, 3 Month LIBOR + 0.310% |
0.481 | (c) | 03/01/22 | 1,500 | 1,500,000 | |||||||||||
|
Starbucks Corp., Sr. Unsec’d. Notes |
1.300 | 05/07/22 | 1,000 | 1,000,771 | ||||||||||||
|
|
|
|||||||||||||||
| 6,434,207 | ||||||||||||||||
See Notes to Financial Statements.
|
PGIM Fixed Income ETFs |
27 |
PGIM Ultra Short Bond ETF
Schedule of Investments (unaudited) (continued)
as of February 28, 2022
| Description |
Interest Rate |
Maturity Date |
Principal Amount (000)# |
Value | ||||||||||||
| CORPORATE BONDS (Continued) | ||||||||||||||||
| Savings & Loans 0.5% | ||||||||||||||||
|
Nationwide Building Society (United Kingdom), Sr. Unsec’d. Notes, 144A |
0.550 | % | 01/22/24 | 9,750 | $ | 9,475,186 | ||||||||||
| Semiconductors 0.4% | ||||||||||||||||
|
Analog Devices, Inc., Sr. Unsec’d. Notes, SOFR + 0.250% |
0.299 | (c) | 10/01/24 | 2,000 | 1,998,974 | |||||||||||
|
Intel Corp., Sr. Unsec’d. Notes, 3 Month LIBOR + 0.350% |
0.727 | (c) | 05/11/22 | 5,000 | 5,003,104 | |||||||||||
|
|
|
|||||||||||||||
| 7,002,078 | ||||||||||||||||
| Software 0.8% | ||||||||||||||||
|
Fidelity National Information Services, Inc., Sr. Unsec’d. Notes |
0.600 | 03/01/24 | 5,750 | 5,583,736 | ||||||||||||
|
Infor, Inc., Sr. Unsec’d. Notes, 144A |
1.450 | 07/15/23 | 1,200 | 1,189,437 | ||||||||||||
|
Oracle Corp., Sr. Unsec’d. Notes |
2.500 | 10/15/22 | 9,000 | 9,070,061 | ||||||||||||
|
|
|
|||||||||||||||
| 15,843,234 | ||||||||||||||||
| Telecommunications 1.7% | ||||||||||||||||
|
NTT Finance Corp. (Japan), Gtd. Notes, 144A |
0.583 | 03/01/24 | 6,500 | 6,319,490 | ||||||||||||
|
Rogers Communications, Inc. (Canada), Gtd. Notes, 3 Month LIBOR + 0.600% |
0.814 | (c) | 03/22/22 | 4,200 | 4,200,767 | |||||||||||
| Verizon Communications, Inc., | ||||||||||||||||
|
Sr. Unsec’d. Notes |
0.750 | 03/22/24 | 8,000 | 7,830,512 | ||||||||||||
|
Sr. Unsec’d. Notes, SOFR + 0.500% |
0.549 | (c) | 03/22/24 | 7,000 | 7,018,641 | |||||||||||
|
Vodafone Group PLC (United Kingdom), Sr. Unsec’d. Notes |
2.500 | 09/26/22 | 8,000 | 8,066,211 | ||||||||||||
|
|
|
|||||||||||||||
| 33,435,621 | ||||||||||||||||
| Transportation 0.2% | ||||||||||||||||
|
Ryder System, Inc., Sr. Unsec’d. Notes, MTN |
2.875 | 06/01/22 | 3,000 | 3,010,131 | ||||||||||||
|
|
|
|||||||||||||||
|
TOTAL
CORPORATE BONDS |
|
875,880,379 | ||||||||||||||
|
|
|
|||||||||||||||
| CERTIFICATES OF DEPOSIT 1.5% | ||||||||||||||||
| Banks 1.5% | ||||||||||||||||
|
Lloyds Bank Corporate Markets PLC (United Kingdom), SOFR + 0.540% |
0.590 | (c) | 01/31/24 | 15,000 | 15,028,505 | |||||||||||
See Notes to Financial Statements.
| 28 |
| Description |
Interest Rate |
Maturity Date |
Principal Amount (000)# |
Value | ||||||||||||
| CERTIFICATES OF DEPOSIT (Continued) | ||||||||||||||||
| Banks (cont'd.) | ||||||||||||||||
|
Standard Chartered Bank (United Kingdom), SOFR + 0.420% |
0.470 | %(c) | 07/28/23 | 13,000 | $ | 13,000,001 | ||||||||||
|
|
|
|||||||||||||||
|
TOTAL
CERTIFICATES OF DEPOSIT |
|
28,028,506 | ||||||||||||||
|
|
|
|||||||||||||||
|
TOTAL
LONG-TERM INVESTMENTS |
|
1,625,059,743 | ||||||||||||||
|
|
|
|||||||||||||||
| SHORT-TERM INVESTMENTS 18.1% | ||||||||||||||||
| TIME DEPOSIT 2.0% | ||||||||||||||||
|
BNP Paribas (France) (cost $38,702,811) |
0.005 | 03/01/22 | 38,703 | 38,702,811 | ||||||||||||
|
|
|
|||||||||||||||
| CERTIFICATES OF DEPOSIT 1.5% | ||||||||||||||||
| Banks 1.5% | ||||||||||||||||
|
Bank of Montreal (Canada) |
0.230 | 05/05/22 | 5,000 | 4,998,436 | ||||||||||||
|
Bank of Nova Scotia (Canada) |
0.230 | 05/10/22 | 5,000 | 4,998,584 | ||||||||||||
|
Mizuho Bank Ltd. |
0.250 | 03/18/22 | 10,000 | 10,000,640 | ||||||||||||
|
MUFG Bank Ltd. |
0.300 | 10/25/22 | 10,000 | 9,946,470 | ||||||||||||
|
|
|
|||||||||||||||
|
TOTAL
CERTIFICATES OF DEPOSIT |
|
29,944,130 | ||||||||||||||
|
|
|
|||||||||||||||
| COMMERCIAL PAPER 14.6% | ||||||||||||||||
|
Alexandria Real Estate Equities, Inc. 144A |
0.360 | (s) | 03/09/22 | 10,000 | 9,999,543 | |||||||||||
|
BASF SE 144A |
0.210 | (s) | 03/16/22 | 10,000 | 9,999,547 | |||||||||||
|
BAT
International Finance PLC |
0.320 | (s) | 03/04/22 | 11,000 | 10,999,724 | |||||||||||
|
Canadian Imperial Bank of Commerce (Canada) 144A |
0.241 | (s) | 05/04/22 | 4,000 | 3,997,595 | |||||||||||
|
Danaher Corp. 144A |
0.380 | (s) | 03/14/22 | 14,000 | 13,997,812 | |||||||||||
|
Enbridge, Inc. 144A |
0.430 | (s) | 03/17/22 | 20,000 | 19,995,552 | |||||||||||
|
Enel Finance America LLC 144A |
0.392 | (s) | 07/14/22 | 5,000 | 4,982,565 | |||||||||||
|
Enel Finance America LLC 144A |
0.392 | (s) | 07/15/22 | 5,000 | 4,982,380 | |||||||||||
|
Enel Finance America LLC 144A |
0.401 | (s) | 05/26/22 | 10,000 | 9,981,682 | |||||||||||
|
Evergy, Inc. 144A |
0.540 | (s) | 03/21/22 | 12,000 | 11,997,620 | |||||||||||
|
Glencore Funding LLC 144A |
0.330 | (s) | 03/23/22 | 20,000 | 19,996,294 | |||||||||||
|
Healthpeak Properties, Inc. 144A |
0.370 | (s) | 03/08/22 | 8,500 | 8,499,490 | |||||||||||
|
Healthpeak Properties, Inc. 144A |
0.370 | (s) | 03/15/22 | 1,500 | 1,499,787 | |||||||||||
|
Healthpeak Properties, Inc. 144A |
0.380 | (s) | 03/16/22 | 10,000 | 9,998,467 | |||||||||||
|
HP, Inc. 144A |
0.320 | (s) | 03/17/22 | 10,000 | 9,998,489 | |||||||||||
|
Hyundai Capital America 144A |
0.390 | (s) | 03/18/22 | 1,000 | 999,837 | |||||||||||
See Notes to Financial Statements.
|
PGIM Fixed Income ETFs |
29 |
PGIM Ultra Short Bond ETF
Schedule of Investments (unaudited) (continued)
as of February 28, 2022
| Description |
Interest Rate |
Maturity Date |
Principal Amount (000)# |
Value | ||||||||||
| COMMERCIAL PAPER (Continued) | ||||||||||||||
|
Hyundai Capital America 144A |
0.400%(s) | 03/17/22 | 9,000 | $ | 8,998,640 | |||||||||
|
Nutrien Ltd. (Canada) 144A |
0.400(s) | 03/21/22 | 12,000 | 11,997,340 | ||||||||||
|
Public Service Enterprise Group, Inc. 144A |
0.370(s) | 03/21/22 | 10,000 | 9,998,017 | ||||||||||
|
Realty Income Corp. 144A |
0.420(s) | 03/21/22 | 10,000 | 9,998,017 | ||||||||||
|
Sempra Energy 144A |
0.313(s) | 03/11/22 | 15,000 | 14,998,740 | ||||||||||
|
Telus Corp. (Canada) 144A |
0.370(s) | 03/18/22 | 15,000 | 14,997,563 | ||||||||||
|
TransCanada PipeLines Ltd. (Canada) 144A |
0.390(s) | 03/14/22 | 8,000 | 7,999,066 | ||||||||||
|
UBS AG (United Kingdom) 144A, SOFR + 0.170% |
0.222(c) | 09/21/22 | 3,500 | 3,498,368 | ||||||||||
|
Ventas Realty LP 144A |
0.300(s) | 03/04/22 | 8,500 | 8,499,787 | ||||||||||
|
VW Credit, Inc. 144A |
0.400(s) | 03/17/22 | 5,000 | 4,999,245 | ||||||||||
|
Walt Disney Co. (The) 144A |
0.271(s) | 03/31/22 | 7,000 | 6,999,060 | ||||||||||
|
Waste Management, Inc. 144A |
0.301(s) | 09/09/22 | 6,500 | 6,463,794 | ||||||||||
|
Waste Management, Inc. 144A |
0.321(s) | 07/11/22 | 8,500 | 8,472,711 | ||||||||||
|
Welltower, Inc. 144A |
0.340(s) | 03/08/22 | 12,000 | 11,999,360 | ||||||||||
|
|
|
|||||||||||||
|
TOTAL
COMMERCIAL PAPER |
|
281,846,092 | ||||||||||||
|
|
|
|||||||||||||
|
TOTAL
SHORT-TERM INVESTMENTS |
|
350,493,033 | ||||||||||||
|
|
|
|||||||||||||
|
TOTAL
INVESTMENTS 102.2% |
|
1,975,552,776 | ||||||||||||
|
Liabilities in excess of other assets (2.2)% |
|
(42,818,836 | ) | |||||||||||
|
|
|
|||||||||||||
|
NET ASSETS 100.0% |
|
$ | 1,932,733,940 | |||||||||||
|
|
|
|||||||||||||
Below is a list of the abbreviation(s) used in the semi-annual report:
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
BKNT—Bank Note
BSBY—Bloomberg Short-Term Bank Yield Index
CLO—Collateralized Loan Obligation
FEDL01—1 Day Overnight FED Funds Effective Rate
GMTN—Global Medium Term Note
LIBOR—London Interbank Offered Rate
MTN—Medium Term Note
Q—Quarterly payment frequency for swaps
S—Semiannual payment frequency for swaps
SOFR—Secured Overnight Financing Rate
| # |
Principal or notional amount is shown in U.S. dollars unless otherwise stated. |
| (c) |
Variable rate instrument. The interest rate shown reflects the rate in effect at February 28, 2022. |
See Notes to Financial Statements.
| 30 |
| (cc) |
Variable rate instrument. The rate shown is based on the latest available information as of February 28, 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. |
| (s) |
Represents zero coupon bond. Rate represents yield to maturity at purchase date. |
Futures contracts outstanding at February 28, 2022:
| Number of contracts |
Type | Expiration Date |
Current Notional Amount |
Value
/ Unrealized Appreciation (Depreciation) |
||||||||||||
| Short Positions: | ||||||||||||||||
| 26 | 2 Year U.S. Treasury Notes | Jun. 2022 | $ | 5,595,891 | $ | (18,635 | ) | |||||||||
|
|
|
|||||||||||||||
Interest rate swap agreements outstanding at February 28, 2022:
|
Notional |
Termination Date |
Fixed Rate |
Floating Rate | Value at Trade Date |
Value at February 28, 2022 |
Unrealized Appreciation (Depreciation) |
||||||||||||||||||
| Centrally cleared swap agreements: | ||||||||||||||||||||||||
| 24,945 | 04/01/22 | 2.265%(S) | 3 Month LIBOR(1)(Q) | $ | (10,289 | ) | $ | (273,993 | ) | $ | (263,704 | ) | ||||||||||||
| 11,000 | 04/12/22 | 2.357%(S) | 3 Month LIBOR(1)(Q) | (9,373 | ) | (122,947 | ) | (113,574 | ) | |||||||||||||||
| 3,250 | 06/15/22 | 1.873%(S) | 3 Month LIBOR(1)(Q) | 3,105 | (23,806 | ) | (26,911 | ) | ||||||||||||||||
| 22,000 | 08/22/22 | 1.421%(S) | 3 Month LIBOR(1)(Q) | (4,761 | ) | (70,149 | ) | (65,388 | ) | |||||||||||||||
| 19,000 | 09/03/22 | 1.919%(S) | 3 Month LIBOR(1)(Q) | (38,489 | ) | (278,077 | ) | (239,588 | ) | |||||||||||||||
| 25,000 | 01/30/23 | 1.467%(S) | 3 Month LIBOR(1)(Q) | (7,646 | ) | (113,638 | ) | (105,992 | ) | |||||||||||||||
| 7,500 | 05/11/22 | 2.300%(S) | FEDL01(1)(A) | (24,503 | ) | (165,615 | ) | (141,112 | ) | |||||||||||||||
| 8,000 | 07/02/22 | (0.001)%(S) | FEDL01(1)(A) | 28 | 18,204 | 18,176 | ||||||||||||||||||
| 2,000 | 12/10/22 | 0.362%(S) | FEDL01(1)(A) | 10 | 6,125 | 6,115 | ||||||||||||||||||
| 7,000 | 01/14/23 | (0.006)%(S) | FEDL01(1)(A) | 58 | 56,555 | 56,497 | ||||||||||||||||||
| 5,000 | 04/13/23 | (0.013)%(S) | FEDL01(1)(A) | 65 | 63,273 | 63,208 | ||||||||||||||||||
| 8,560 | 05/11/23 | 2.250%(S) | FEDL01(1)(A) | (252,755 | ) | (271,604 | ) | (18,849 | ) | |||||||||||||||
| 18,000 | 06/07/23 | 0.148%(S) | FEDL01(1)(A) | 120 | 214,919 | 214,799 | ||||||||||||||||||
| 75,000 | 07/26/23 | 0.192%(S) | FEDL01(1)(A) | 223 | 1,003,553 | 1,003,330 | ||||||||||||||||||
| 5,000 | 12/07/23 | 0.221%(S) | FEDL01(1)(A) | 114 | 96,891 | 96,777 | ||||||||||||||||||
| 8,750 | 02/04/24 | 0.133%(S) | FEDL01(1)(A) | 6,590 | 210,984 | 204,394 | ||||||||||||||||||
| 19,500 | 03/01/24 | 0.230%(S) | FEDL01(1)(A) | 16,140 | 426,660 | 410,520 | ||||||||||||||||||
| 8,000 | 03/15/24 | 0.276%(S) | FEDL01(1)(A) | 114 | 169,321 | 169,207 | ||||||||||||||||||
| 7,000 | 03/18/24 | 0.278%(S) | FEDL01(1)(A) | 113 | 148,757 | 148,644 | ||||||||||||||||||
| 3,000 | 04/26/24 | 0.305%(S) | FEDL01(1)(A) | 112 | 66,963 | 66,851 | ||||||||||||||||||
| 16,750 | 05/20/24 | 0.296%(S) | FEDL01(1)(A) | 139 | 397,557 | 397,418 | ||||||||||||||||||
| 10,900 | 06/07/24 | 0.318%(S) | FEDL01(1)(A) | 132 | 260,935 | 260,803 | ||||||||||||||||||
| 12,750 | 06/16/24 | 0.304%(S) | FEDL01(1)(A) | 137 | 316,251 | 316,114 | ||||||||||||||||||
| 8,000 | 08/31/24 | 0.399%(S) | FEDL01(1)(A) | 133 | 202,346 | 202,213 | ||||||||||||||||||
See Notes to Financial Statements.
|
PGIM Fixed Income ETFs |
31 |
PGIM Ultra Short Bond ETF
Schedule of Investments (unaudited) (continued)
as of February 28, 2022
Interest rate swap agreements outstanding at February 28, 2022 (continued):
|
Notional |
Termination Date |
Fixed Rate |
Floating Rate |
Value at Trade Date |
Value at February 28, 2022 |
Unrealized Appreciation (Depreciation) |
||||||||||||||||||
| Centrally cleared swap agreements (cont’d): | ||||||||||||||||||||||||
| 8,000 | 10/01/23 | 0.251%(S) |
SOFR(1)(A) |
$ | 133 | $ | 118,662 | $ | 118,529 | |||||||||||||||
| 11,250 | 05/11/24 | 0.300%(S) |
SOFR(1)(A) |
(1,277 | ) | 250,188 | 251,465 | |||||||||||||||||
| 15,000 | 08/05/24 | 0.261%(S) |
SOFR(1)(A) |
149 | 411,918 | 411,769 | ||||||||||||||||||
| 3,000 | 08/13/24 | 0.368%(S) |
SOFR(1)(A) |
128 | 73,872 | 73,744 | ||||||||||||||||||
| 4,500 | 09/09/24 | 0.368%(S) |
SOFR(1)(A) |
(13 | ) | 116,277 | 116,290 | |||||||||||||||||
| 9,750 | 10/12/24 | 0.511%(S) |
SOFR(1)(A) |
149 | 225,597 | 225,448 | ||||||||||||||||||
| 16,000 | 05/11/25 | 0.450%(S) |
SOFR(1)(A) |
16,446 | 482,095 | 465,649 | ||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
| $ | (304,768 | ) | $ | 4,018,074 | $ | 4,322,842 | ||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
| (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 to cover requirements for open centrally cleared/ exchange-traded derivatives are listed by broker as follows:
|
Broker |
Cash and/or Foreign Currency | Securities Market Value | ||||||
|
Citigroup Global Markets, Inc. |
$ | 3,452,000 | $ | — | ||||
Fair Value Measurements:
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.
Level 1—unadjusted quoted prices generally in active markets for identical securities.
Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.
Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.
See Notes to Financial Statements.
| 32 |
The following is a summary of the inputs used as of February 28, 2022 in valuing such portfolio securities:
| Level 1 | Level 2 | Level 3 | ||||||||||
| Investments in Securities | ||||||||||||
| Assets Long-Term Investments |
||||||||||||
| Asset-Backed Securities | ||||||||||||
|
Automobile ABS |
$ | — | $ | 15,563,024 | $ | — | ||||||
|
Collateralized Loan Obligations |
— | 426,669,387 | — | |||||||||
|
Other ABS |
— | 2,201,161 | — | |||||||||
|
Commercial Mortgage-Backed Securities |
— | 276,717,286 | — | |||||||||
|
Corporate Bonds |
— | 875,880,379 | — | |||||||||
|
Certificates of Deposit |
— | 28,028,506 | — | |||||||||
| Short-Term Investments | ||||||||||||
|
Certificates of Deposit |
— | 29,944,130 | — | |||||||||
|
Time Deposit |
— | 38,702,811 | — | |||||||||
|
Commercial Paper |
— | 281,846,092 | — | |||||||||
|
|
|
|
|
|
|
|||||||
|
Total |
$ | — | $ | 1,975,552,776 | $ | — | ||||||
|
|
|
|
|
|
|
|||||||
| Other Financial Instruments* | ||||||||||||
| Assets | ||||||||||||
|
Centrally Cleared Interest Rate Swap Agreements |
$ | — | $ | 5,297,960 | $ | — | ||||||
|
|
|
|
|
|
|
|||||||
|
Total |
$ | — | $ | 5,297,960 | $ | — | ||||||
|
|
|
|
|
|
|
|||||||
| Liabilities | ||||||||||||
|
Futures Contracts |
$ | (18,635 | ) | $ | — | $ | — | |||||
|
Centrally Cleared Interest Rate Swap Agreements |
— | (975,118 | ) | — | ||||||||
|
|
|
|
|
|
|
|||||||
|
Total |
$ | (18,635 | ) | $ | (975,118 | ) | $ | — | ||||
|
|
|
|
|
|
|
|||||||
| * |
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 |
33 |
PGIM Ultra Short Bond ETF
Schedule of Investments (unaudited) (continued)
as of February 28, 2022
Industry Classification:
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of February 28, 2022 were as follows:
|
Collateralized Loan Obligations |
22.1 | % | ||
|
Banks |
18.8 | |||
|
Commercial Paper |
14.6 | |||
|
Commercial Mortgage-Backed Securities |
14.3 | |||
|
Electric |
3.6 | |||
|
Pharmaceuticals |
3.2 | |||
|
Diversified Financial Services |
3.2 | |||
|
Insurance |
2.7 | |||
|
Time Deposit |
2.0 | |||
|
Auto Manufacturers |
1.8 | |||
|
Telecommunications |
1.7 | |||
|
Healthcare-Products |
1.4 | |||
|
Pipelines |
1.3 | |||
|
Food |
1.2 | |||
|
Oil & Gas |
1.0 | |||
|
Software |
0.8 | |||
|
Automobile ABS |
0.8 | |||
|
Real Estate Investment Trusts (REITs) |
0.7 | |||
|
Beverages |
0.7 | |||
|
Machinery-Constructions & Mining |
0.5 | |||
|
Savings & Loans |
0.5 | |||
|
Household Products/Wares |
0.4 | |||
|
Airlines |
0.4 | |||
|
Forest Products & Paper |
0.4 | |||
|
Healthcare-Services |
0.4 | |||
|
Semiconductors |
0.4 | |||
|
Real Estate |
0.3 | |||
|
Chemicals |
0.3 | |||
|
Retail |
0.3 | |||
|
Gas |
0.3 | |||
|
Computers |
0.3 | |||
|
Commercial Services |
0.3 | |||
|
Apparel |
0.2 | |||
|
Agriculture |
0.2 | |||
|
Mining |
0.2 | |||
|
Transportation |
0.2 | |||
|
Media |
0.2 | |||
|
Miscellaneous Manufacturer |
0.2 | |||
|
Biotechnology |
0.1 | |||
|
Building Materials |
0.1 | |||
|
Other ABS |
0.1 | |||
|
|
|
|||
| 102.2 | ||||
|
Liabilities in excess of other assets |
(2.2 | ) | ||
|
|
|
|||
| 100.0 | % | |||
|
|
|
Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:
The Fund invested in derivative instruments during the reporting period. The primary 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.
| 34 |
Fair values of derivative instruments as of February 28, 2022 as presented in the Statement of Assets and Liabilities:
| Asset Derivatives | Liability Derivatives | |||||||||||||||
|
Derivatives not accounted |
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* |
|
$ | — | |
Due from/to broker—variation margin futures* |
|
$ | (18,635 | ) | |||||
| Interest rate contracts | |
Due from/to broker—variation margin swaps* |
|
5,297,960 | |
Due from/to broker—variation margin swaps* |
|
(975,118 | ) | |||||||
|
|
|
|
|
|||||||||||||
| $ | 5,297,960 | $ | (993,753 | ) | ||||||||||||
|
|
|
|
|
|||||||||||||
| * |
Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities. |
The effects of derivative instruments on the Statement of Operations for the period ended February 28, 2022 are as follows:
|
Amount of Realized Gain (Loss) on Derivatives Recognized in Income |
||||||||
|
Derivatives
not accounted for as hedging |
Futures | Swaps | ||||||
|
Interest rate contracts |
$ | 125,297 | $ | (939,059 | ) | |||
|
|
|
|
|
|||||
|
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income |
||||||||
|
Derivatives
not accounted for as hedging |
Futures | Swaps | ||||||
|
Interest rate contracts |
$ | (13,920 | ) | $ | 6,617,418 | |||
|
|
|
|
|
|||||
For the period ended February 28, 2022 the Fund’s average volume of derivative activities is as follows:
| Futures Contracts—Short Positions(1) |
Interest Rate Swap Agreements(1) | |
| $6,329,896 | $417,605,000 |
| (1) |
Notional Amount in USD. |
Average volume is based on average quarter end balances as noted for the six months ended February 28, 2022.
See Notes to Financial Statements.
|
PGIM Fixed Income ETFs |
35 |
PGIM Ultra Short Bond ETF
Statement of Assets & Liabilities (unaudited)
as of February 28, 2022
|
Assets |
||||
|
Investments at value: |
||||
|
Unaffiliated investments (cost $1,991,474,236) |
$ | 1,975,552,776 | ||
|
Cash |
190 | |||
|
Interest and dividends receivable |
3,752,281 | |||
|
Deposit with broker for centrally cleared/exchange-traded derivatives |
3,452,000 | |||
|
|
|
|||
|
Total Assets |
1,982,757,247 | |||
|
|
|
|||
| Liabilities | ||||
|
Payable for investments purchased |
41,470,534 | |||
|
Payable for Fund shares purchased |
7,402,845 | |||
|
Due to broker—variation margin swaps |
905,887 | |||
|
Management fee payable |
224,674 | |||
|
Due to broker—variation margin futures |
18,281 | |||
|
Other liabilities |
1,086 | |||
|
|
|
|||
|
Total Liabilities |
50,023,307 | |||
|
|
|
|||
|
Net Assets |
$ | 1,932,733,940 | ||
|
|
|
|||
|
Net assets were comprised of: |
||||
|
Common stock, at par |
$ | 39,200 | ||
|
Paid-in capital in excess of par |
1,961,167,041 | |||
|
Total distributable earnings (loss) |
(28,472,301 | ) | ||
|
|
|
|||
|
Net assets, February 28, 2022 |
$ | 1,932,733,940 | ||
|
|
|
|||
|
Net
asset value, offering price and redemption price per
share, |
$ | 49.30 | ||
|
|
|
|||
See Notes to Financial Statements.
| 36 |
PGIM Ultra Short Bond ETF
Statement of Operations (unaudited)
Six Months Ended February 28, 2022
|
Net Investment Income (Loss) |
||||
|
Income |
||||
|
Interest income |
$ | 8,562,827 | ||
|
Affiliated dividend income |
30,823 | |||
|
Income from securities lending, net (including affiliated income of $397) |
1,231 | |||
|
|
|
|||
|
Total income |
8,594,881 | |||
|
|
|
|||
|
Expenses |
||||
|
Management fee |
1,455,161 | |||
|
|
|
|||
|
Total expenses |
1,455,161 | |||
|
|
|
|||
|
Net investment income (loss) |
7,139,720 | |||
|
|
|
|||
| Realized And Unrealized Gain (Loss) On Investments | ||||
|
Net realized gain (loss) on: |
||||
|
Investment transactions (including affiliated of $(600)) |
1,215,134 | |||
|
Futures transactions |
125,297 | |||
|
Swap agreement transactions |
(939,059 | ) | ||
|
|
|
|||
| 401,372 | ||||
|
|
|
|||
|
Net change in unrealized appreciation (depreciation) on: |
||||
|
Investments (including affiliated of $600) |
(19,618,170 | ) | ||
|
Futures |
(13,920 | ) | ||
|
Swap agreements |
6,617,418 | |||
|
|
|
|||
| (13,014,672 | ) | |||
|
|
|
|||
|
Net gain (loss) on investment transactions |
(12,613,300 | ) | ||
|
|
|
|||
|
Net Increase (Decrease) In Net Assets Resulting From Operations |
$ | (5,473,580 | ) | |
|
|
|
|||
See Notes to Financial Statements.
|
PGIM Fixed Income ETFs |
37 |
PGIM Ultra Short Bond ETF
Statements of Changes in Net Assets
|
Six Months Ended February 28, 2022 |
Year Ended August 31, 2021 |
|||||||
|
Increase (Decrease) in Net Assets |
||||||||
|
Operations |
||||||||
|
Net investment income (loss) |
$ | 7,139,720 | $ | 16,827,976 | ||||
|
Net realized gain (loss) on investments |
401,372 | (4,807,851 | ) | |||||
|
Net change in unrealized appreciation (depreciation) on investments |
(13,014,672 | ) | 68,868 | |||||
|
|
|
|
|
|||||
|
Net increase (decrease) in net assets resulting from operations |
(5,473,580 | ) | 12,088,993 | |||||
|
|
|
|
|
|||||
|
Dividends and Distributions |
||||||||
|
Distributions from distributable earnings |
(10,509,746 | ) | (18,216,405 | ) | ||||
|
|
|
|
|
|||||
|
Fund share transactions |
||||||||
|
Net proceeds from shares sold |
225,618,012 | 934,975,118 | ||||||
|
Cost of shares purchased |
(153,439,470 | ) | (92,197,152 | ) | ||||
|
|
|
|
|
|||||
|
Net increase (decrease) in net assets from Fund share transactions |
72,178,542 | 842,777,966 | ||||||
|
|
|
|
|
|||||
|
Total increase (decrease) |
56,195,216 | 836,650,554 | ||||||
| Net Assets: | ||||||||
|
Beginning of period |
1,876,538,724 | 1,039,888,170 | ||||||
|
|
|
|
|
|||||
|
End of period |
$ | 1,932,733,940 | $ | 1,876,538,724 | ||||
|
|
|
|
|
|||||
See Notes to Financial Statements.
| 38 |
PGIM Ultra Short Bond ETF
Financial Highlights
| Six
Months Ended February 28, 2022 (unaudited) |
Year Ended August 31, 2021 |
Year Ended August 31, 2020 |
Year Ended 2019 |
April 5, 2018(e) through August 31, 2018 |
||||||||||||||||||||||||||||||||
| Per Share Operating Performance(a): |
|
|||||||||||||||||||||||||||||||||||
| Net Asset Value, Beginning of Period | $49.71 | $49.93 | $50.15 | $50.12 | $50.00 | |||||||||||||||||||||||||||||||
| Income (loss) from investment operations: |
| |||||||||||||||||||||||||||||||||||
| Net investment income (loss) | 0.18 | 0.64 | 1.06 | 1.40 | 0.53 | |||||||||||||||||||||||||||||||
| Net realized and unrealized gain (loss) on investments | (0.32 | ) | (0.15 | ) | (0.08 | ) | (0.02 | ) | 0.01 | |||||||||||||||||||||||||||
| Total from investment operations | (0.14 | ) | 0.49 | 0.98 | 1.38 | 0.54 | ||||||||||||||||||||||||||||||
| Less Dividends and Distributions: |
|
|||||||||||||||||||||||||||||||||||
| Dividends from net investment income | (0.27 | ) | (0.71 | ) | (1.20 | ) | (1.35 | ) | (0.42 | ) | ||||||||||||||||||||||||||
| Net asset value, end of period | $49.30 | $49.71 | $49.93 | $50.15 | $50.12 | |||||||||||||||||||||||||||||||
| Total Return(b): | (0.28)% | 0.98% | 1.99% | 2.80% | 1.08% | |||||||||||||||||||||||||||||||
| Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||
| Net assets, end of period (000) | $1,932,734 | $1,876,539 | $1,039,888 | $562,990 | $52,627 | |||||||||||||||||||||||||||||||
| Average net assets (000) | $1,956,293 | $1,320,282 | $883,274 | $246,678 | $33,209 | |||||||||||||||||||||||||||||||
| Ratios to average net assets(c): | ||||||||||||||||||||||||||||||||||||
| Expenses after waivers and/or expense reimbursement | 0.15% | (d) | 0.15% | 0.15% | 0.15% | 0.15% | (d) | |||||||||||||||||||||||||||||
| Expenses before waivers and/or expense reimbursement | 0.15% | (d) | 0.15% | 0.15% | 0.15% | 0.15% | (d) | |||||||||||||||||||||||||||||
| Net investment income (loss) | 0.74% | (d) | 1.27% | 2.12% | 2.77% | 2.58% | (d) | |||||||||||||||||||||||||||||
| Portfolio turnover rate(f) | 1% | 10% | 47% | 7% | 145% | |||||||||||||||||||||||||||||||
| (a) |
Calculated based on average shares outstanding during the period. |
| (b) |
Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of the period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized. |
| (c) |
Does not include expenses of the underlying funds in which the Fund invests. |
| (d) |
Annualized. |
| (e) |
Commencement of operations. |
| (f) |
The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
See Notes to Financial Statements.
|
PGIM Fixed Income ETFs |
39 |
PGIM Active High Yield Bond ETF
Schedule of Investments (unaudited)
as of February 28, 2022
| Description | Interest Rate |
Maturity Date |
Principal Amount (000)# |
Value | ||||||||||||
| LONG-TERM INVESTMENTS 94.0% | ||||||||||||||||
| ASSET-BACKED SECURITY 1.1% | ||||||||||||||||
| Collateralized Loan Obligations 1.1% | ||||||||||||||||
|
Madison Park Funding XXXIII Ltd. (Cayman Islands), Series 2019-33A, Class AR, 144A, 3 Month Term SOFR + 1.290% |
1.449 | %(c) | 10/15/32 | 1,000 | $ | 993,591 | ||||||||||
|
|
|
|||||||||||||||
|
TOTAL
ASSET-BACKED SECURITY |
993,591 | |||||||||||||||
|
|
|
|||||||||||||||
| BANK LOANS 2.4% | ||||||||||||||||
| Airlines 0.3% | ||||||||||||||||
|
AAdvantage Loyalty IP Ltd. (American Airlines, Inc.) (Cayman Islands), Initial Term Loan, 3 Month LIBOR + 4.750% |
5.500 | (c) | 04/20/28 | 132 | 133,736 | |||||||||||
|
United AirLines, Inc., Class B Term Loan, 3 Month LIBOR + 3.750% |
4.500 | (c) | 04/21/28 | 194 | 192,247 | |||||||||||
|
|
|
|||||||||||||||
| 325,983 | ||||||||||||||||
|
|
|
|||||||||||||||
| Computers 0.1% | ||||||||||||||||
|
Banff Guarantor, Inc., Initial Term Loan (Second Lien), 3 Month LIBOR + 5.500% |
6.000 | (c) | 02/27/26 | 50 | 49,781 | |||||||||||
| Diversified/Conglomerate Services 0.3% | ||||||||||||||||
|
Intrado Corp., Initial Term B Loan, 3 Month LIBOR + 4.000% |
5.000 | (c) | 10/10/24 | 265 | 236,049 | |||||||||||
| Electric & Gas Marketing 0.1% | ||||||||||||||||
|
Heritage Power LLC, Term Loan, 3 Month LIBOR + 6.000% |
7.000 | (c) | 07/30/26 | 144 | 94,554 | |||||||||||
| Entertainment 0.1% | ||||||||||||||||
|
Golden Nugget Online Gaming LLC, 2020 Initial Term Loan, 1 Month LIBOR + 12.000% |
13.000 | (c) | 10/04/23 | 4 | 4,002 | |||||||||||
|
Scientific Games International, Inc., Initial Term B-5 Loan, 1 Month LIBOR + 2.750% |
2.959 | (c) | 08/14/24 | 73 | 72,586 | |||||||||||
|
|
|
|||||||||||||||
| 76,588 | ||||||||||||||||
|
|
|
|||||||||||||||
| Industrial Services 0.1% | ||||||||||||||||
|
Great Outdoors Group LLC, Term B-2 Loan, 3 Month LIBOR + 3.750% |
4.500 | (c) | 03/06/28 | 50 | 49,222 | |||||||||||
See Notes to Financial Statements.
| 40 |
| Description | Interest Rate |
Maturity Date |
Principal Amount (000)# |
Value | ||||||||||||
| BANK LOANS (Continued) | ||||||||||||||||
| Infrastructure Software 0.2% | ||||||||||||||||
|
McAfee LLC, Term B USD Loan, 3 Month LIBOR + 2.750% |
6.000 | %(c) | 09/30/24 | 185 | $ | 184,562 | ||||||||||
| Insurance 0.2% | ||||||||||||||||
|
Asurion LLC, New B-4 Term Loan (Second Lien), 1 Month LIBOR + 5.250% |
5.459 | (c) | 01/20/29 | 225 | 222,047 | |||||||||||
| Media 0.0% | ||||||||||||||||
|
Diamond
Sports Group LLC, Term Loan, 3 Month |
5.500 | (c) | 08/24/26 | 40 | 14,797 | |||||||||||
| Oil & Gas 0.2% | ||||||||||||||||
|
Ascent Resources Utica Holdings LLC/Aru Finance Corp., Term Loan (Second Lien), 3 Month LIBOR + 9.000% |
10.000 | (c) | 11/01/25 | 118 | 126,113 | |||||||||||
|
CITGO Petroleum Corp., 2019 Incremental Term B Loan, 1 Month LIBOR + 6.250% |
7.250 | (c) | 03/28/24 | 67 | 66,324 | |||||||||||
|
EG Group Ltd. (United Kingdom), Additional Term Facility (USD), 3 Month LIBOR + 4.250% |
4.750 | (c) | 03/31/26 | 30 | 29,590 | |||||||||||
|
|
|
|||||||||||||||
| 222,027 | ||||||||||||||||
| Software 0.6% | ||||||||||||||||
|
Boxer Parent Co., Inc., 2021 Replacement Dollar Term Loan, 3 Month LIBOR + 3.750% |
3.974 | (c) | 10/02/25 | 25 | 24,623 | |||||||||||
|
Genesys Cloud Services Holdings I LLC, Initial Dollar Term Loan (2020), 1 Month LIBOR + 4.000% |
4.750 | (c) | 12/01/27 | 25 | 24,688 | |||||||||||
|
Misys Ltd. (United Kingdom), Dollar Term Loan (First Lien), 3 Month LIBOR + 3.500% |
4.500 | (c) | 06/13/24 | 399 | 392,833 | |||||||||||
|
Skillsoft Finance II, Inc., Initial Term Loan, 3 Month LIBOR + 4.750% |
5.500 | (c) | 07/14/28 | 100 | 99,542 | |||||||||||
|
|
|
|||||||||||||||
| 541,686 | ||||||||||||||||
| Telecommunications 0.2% | ||||||||||||||||
| Xplornet Communications, Inc. (Canada), | ||||||||||||||||
|
Refinancing
Term Loan (First Lien), 1 Month |
4.500 | (c) | 10/02/28 | 224 | 221,969 | |||||||||||
|
|
|
|||||||||||||||
|
TOTAL
BANK LOANS |
2,239,265 | |||||||||||||||
|
|
|
|||||||||||||||
See Notes to Financial Statements.
|
PGIM Fixed Income ETFs |
41 |
PGIM Active High Yield Bond ETF
Schedule of Investments (unaudited) (continued)
as of February 28, 2022
| Description | Interest Rate |
Maturity Date |
Principal Amount (000)# |
Value | ||||||||||||
| CORPORATE BONDS 88.9% | ||||||||||||||||
| Advertising 0.5% | ||||||||||||||||
|
National CineMedia LLC, Sr. Unsec’d. Notes |
5.750 | % | 08/15/26 | 25 | $ | 17,999 | ||||||||||
|
Terrier Media Buyer, Inc., Gtd. Notes, 144A |
8.875 | 12/15/27 | 440 | 452,779 | ||||||||||||
|
|
|
|||||||||||||||
| 470,778 | ||||||||||||||||
| Aerospace & Defense 3.2% | ||||||||||||||||
| Boeing Co. (The), | ||||||||||||||||
|
Sr. Unsec’d. Notes |
5.805 | 05/01/50 | 150 | 178,345 | ||||||||||||
|
Sr. Unsec’d. Notes |
5.930 | 05/01/60 | 350 | 416,070 | ||||||||||||
| Bombardier, Inc. (Canada), | ||||||||||||||||
|
Sr. Unsec’d. Notes, 144A |
6.000 | 02/15/28 | 150 | 143,445 | ||||||||||||
|
Sr. Unsec’d. Notes, 144A |
7.125 | 06/15/26 | 200 | 200,138 | ||||||||||||
|
Sr. Unsec’d. Notes, 144A |
7.500 | 12/01/24 | 375 | 388,360 | ||||||||||||
|
Sr. Unsec’d. Notes, 144A |
7.500 | 03/15/25 | 350 | 353,640 | ||||||||||||
| Bombardier, Inc. (Canada), | ||||||||||||||||
|
Sr. Unsec’d. Notes, 144A |
7.875 | 04/15/27 | 490 | 496,756 | ||||||||||||
|
Maxar Space Robotics LLC, Sr. Sec’d. Notes, 144A |
9.750 | 12/31/23 | 103 | 109,549 | ||||||||||||
|
Spirit AeroSystems, Inc., Sec’d. Notes, 144A |
7.500 | 04/15/25 | 225 | 233,772 | ||||||||||||
| TransDigm, Inc., | ||||||||||||||||
|
Gtd. Notes |
4.625 | 01/15/29 | 50 | 47,224 | ||||||||||||
|
Gtd. Notes |
5.500 | 11/15/27 | 450 | 448,247 | ||||||||||||
|
|
|
|||||||||||||||
| 3,015,546 | ||||||||||||||||
| Agriculture 0.2% | ||||||||||||||||
|
Vector Group Ltd., Sr. Sec’d. Notes, 144A |
5.750 | 02/01/29 | 175 | 162,353 | ||||||||||||
| Airlines 0.8% | ||||||||||||||||
|
American Airlines, Inc., Sr. Sec’d. Notes, 144A |
11.750 | 07/15/25 | 175 | 212,315 | ||||||||||||
|
American Airlines, Inc./AAdvantage Loyalty IP Ltd. (Multinational), |
||||||||||||||||
|
Sr. Sec’d. Notes, 144A |
5.500 | 04/20/26 | 50 | 51,240 | ||||||||||||
|
Sr. Sec’d. Notes, 144A |
5.750 | 04/20/29 | 125 | 127,748 | ||||||||||||
|
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd. (Cayman Islands), Sr. Sec’d. Notes, 144A |
5.750 | 01/20/26 | 50 | 50,767 | ||||||||||||
|
United Airlines, Inc., Sr. Sec’d. Notes, 144A |
4.625 | 04/15/29 | 300 | 292,931 | ||||||||||||
|
|
|
|||||||||||||||
| 735,001 | ||||||||||||||||
| Apparel 0.5% | ||||||||||||||||
|
Kontoor Brands, Inc., Gtd. Notes, 144A |
4.125 | 11/15/29 | 50 | 47,321 | ||||||||||||
|
William Carter Co. (The), Gtd. Notes, 144A |
5.625 | 03/15/27 | 325 | 331,118 | ||||||||||||
See Notes to Financial Statements.
| 42 |
| Description | Interest Rate |
Maturity Date |
Principal Amount (000)# |
Value | ||||||||||||
| CORPORATE BONDS (Continued) | ||||||||||||||||
| Apparel (cont'd.) | ||||||||||||||||
|
Wolverine World Wide, Inc., Gtd. Notes, 144A |
4.000 | % | 08/15/29 | 125 | $ | 114,929 | ||||||||||
|
|
|
|||||||||||||||
| 493,368 | ||||||||||||||||
| Auto Manufacturers 2.7% | ||||||||||||||||
| Allison Transmission, Inc., | ||||||||||||||||
|
Gtd. Notes, 144A |
3.750 | 01/30/31 | 150 | 139,222 | ||||||||||||
|
Sr. Unsec’d. Notes, 144A |
5.875 | 06/01/29 | 75 | 78,765 | ||||||||||||
|
Ford Holdings LLC, Gtd. Notes |
9.300 | 03/01/30 | 100 | 130,077 | ||||||||||||
| Ford Motor Co., | ||||||||||||||||
|
Sr. Unsec’d. Notes |
3.250 | 02/12/32 | 75 | 70,793 | ||||||||||||
|
Sr. Unsec’d. Notes |
4.750 | 01/15/43 | 685 | 662,932 | ||||||||||||
|
Sr. Unsec’d. Notes |
5.291 | 12/08/46 | 175 | 179,637 | ||||||||||||
|
Sr. Unsec’d. Notes |
7.400 | 11/01/46 | 275 | 338,951 | ||||||||||||
|
Sr. Unsec’d. Notes |
9.625 | 04/22/30 | 265 | 361,570 | ||||||||||||
|
Ford Motor Credit Co. LLC, Sr. Unsec’d. Notes |
4.000 | 11/13/30 | 400 | 396,690 | ||||||||||||
|
PM General Purchaser LLC, Sr. Sec’d. Notes, 144A |
9.500 | 10/01/28 | 175 | 167,001 | ||||||||||||
|
Wabash National Corp., Gtd. Notes, 144A |
4.500 | 10/15/28 | 50 | 47,233 | ||||||||||||
|
|
|
|||||||||||||||
| 2,572,871 | ||||||||||||||||
| Auto Parts & Equipment 1.3% | ||||||||||||||||
|
Adient Global Holdings Ltd. (Jersey, Channel Islands), Gtd. Notes, 144A |
4.875 | 08/15/26 | 400 | 398,491 | ||||||||||||
| American Axle & Manufacturing, Inc., | ||||||||||||||||
|
Gtd. Notes(a) |
5.000 | 10/01/29 | 50 | 47,396 | ||||||||||||
|
Gtd. Notes |
6.250 | 03/15/26 | 100 | 101,345 | ||||||||||||
|
Gtd. Notes |
6.500 | 04/01/27 | 150 | 153,372 | ||||||||||||
|
Gtd. Notes |
6.875 | 07/01/28 | 75 | 77,250 | ||||||||||||
|
Cooper-Standard Automotive, Inc., Gtd. Notes, 144A |
5.625 | 11/15/26 | 50 | 34,379 | ||||||||||||
| Dana, Inc., | ||||||||||||||||
|
Sr. Unsec’d. Notes |
4.250 | 09/01/30 | 25 | 23,827 | ||||||||||||
|
Sr. Unsec’d. Notes |
4.500 | 02/15/32 | 100 | 93,560 | ||||||||||||
|
Sr. Unsec’d. Notes |
5.625 | 06/15/28 | 35 | 35,901 | ||||||||||||
| Tenneco, Inc., | ||||||||||||||||
|
Sr. Sec’d. Notes, 144A |
5.125 | 04/15/29 | 150 | 150,212 | ||||||||||||
|
Sr. Sec’d. Notes, 144A |
7.875 | 01/15/29 | 25 | 26,410 | ||||||||||||
|
Titan International, Inc., Sr. Sec’d. Notes |
7.000 | 04/30/28 | 100 | 103,423 | ||||||||||||
|
|
|
|||||||||||||||
| 1,245,566 | ||||||||||||||||
See Notes to Financial Statements.
|
PGIM Fixed Income ETFs |
43 |
PGIM Active High Yield Bond ETF
Schedule of Investments (unaudited) (continued)
as of February 28, 2022
| Description | Interest Rate |
Maturity Date |
Principal Amount (000)# |
Value | ||||||||||||
| CORPORATE BONDS (Continued) | ||||||||||||||||
| Banks 0.2% | ||||||||||||||||
|
Citigroup, Inc., Jr. Sub. Notes, 5 Year CMT + 3.417% |
3.875 | %(c) | 2/18/2026 | (rr) | 75 | $ | 71,329 | |||||||||
|
Freedom Mortgage Corp., Sr. Unsec’d. Notes, 144A |
7.625 | 05/01/26 | 75 | 72,009 | ||||||||||||
|
|
|
|||||||||||||||
| 143,338 | ||||||||||||||||
| Building Materials 2.7% | ||||||||||||||||
|
Cornerstone Building Brands, Inc., Gtd. Notes, 144A |
6.125 | 01/15/29 | 165 | 157,950 | ||||||||||||
|
Eco Material Technologies, Inc., Sr. Sec’d. Notes, 144A |
7.875 | 01/31/27 | 50 | 50,587 | ||||||||||||
|
Griffon Corp., Gtd. Notes |
5.750 | 03/01/28 | 350 | 348,374 | ||||||||||||
|
JELD-WEN, Inc., Gtd. Notes, 144A |
4.625 | 12/15/25 | 175 | 171,784 | ||||||||||||
| Masonite International Corp. (Canada), | ||||||||||||||||
|
Gtd. Notes, 144A |
3.500 | 02/15/30 | 195 | 180,927 | ||||||||||||
|
Gtd. Notes, 144A |
5.375 | 02/01/28 | 25 | 25,549 | ||||||||||||
|
MIWD
Holdco II LLC/MIWD Finance Corp., Gtd. |
5.500 | 02/01/30 | 100 | 95,264 | ||||||||||||
| Patrick Industries, Inc., | ||||||||||||||||
|
Gtd. Notes, 144A |
4.750 | 05/01/29 | 75 | 68,499 | ||||||||||||
|
Gtd. Notes, 144A |
7.500 | 10/15/27 | 75 | 78,446 | ||||||||||||
|
SRM Escrow Issuer LLC, Sr. Sec’d. Notes, 144A |
6.000 | 11/01/28 | 500 | 500,010 | ||||||||||||
| Standard Industries, Inc., | ||||||||||||||||
|
Sr. Unsec’d. Notes, 144A |
3.375 | 01/15/31 | 350 | 311,989 | ||||||||||||
|
Sr. Unsec’d. Notes, 144A |
4.375 | 07/15/30 | 150 | 141,637 | ||||||||||||
|
Sr. Unsec’d. Notes, 144A |
4.750 | 01/15/28 | 48 | 47,125 | ||||||||||||
| Standard Industries, Inc., | ||||||||||||||||
|
Sr. Unsec’d. Notes, 144A |
5.000 | 02/15/27 | 120 | 120,814 | ||||||||||||
|
Summit Materials LLC/Summit Materials Finance Corp., Gtd. Notes, 144A |
6.500 | 03/15/27 | 275 | 283,577 | ||||||||||||
|
|
|
|||||||||||||||
| 2,582,532 | ||||||||||||||||
| Chemicals 3.0% | ||||||||||||||||
|
Ashland LLC, Gtd. Notes |
6.875 | 05/15/43 | 75 | 91,413 | ||||||||||||
| ASP Unifrax Holdings, Inc., | ||||||||||||||||
|
Sr. Sec’d. Notes, 144A |
5.250 | 09/30/28 | 50 | 48,123 | ||||||||||||
|
Sr. Unsec’d. Notes, 144A(a) |
7.500 | 09/30/29 | 25 | 22,817 | ||||||||||||
| Chemours Co. (The), | ||||||||||||||||
|
Gtd. Notes, 144A |
4.625 | 11/15/29 | 150 | 138,923 | ||||||||||||
|
Gtd. Notes, 144A |
5.750 | 11/15/28 | 140 | 137,590 | ||||||||||||
|
Cornerstone Chemical Co., Sr. Sec’d. Notes, 144A |
6.750 | 08/15/24 | 75 | 69,660 | ||||||||||||
|
Diamond BC BV (Netherlands), Gtd. Notes, 144A |
4.625 | 10/01/29 | 155 | 140,557 | ||||||||||||
|
EverArc
Escrow Sarl (Luxembourg), Sr. Sec’d. |
5.000 | 10/30/29 | 55 | 50,872 | ||||||||||||
See Notes to Financial Statements.
| 44 |
| Description | Interest Rate |
Maturity Date |
Principal Amount (000)# |
Value | ||||||||||||
| CORPORATE BONDS (Continued) | ||||||||||||||||
| Chemicals (cont'd.) | ||||||||||||||||
|
Hexion, Inc., Gtd. Notes, 144A |
7.875 | % | 07/15/27 | 125 | $ | 131,992 | ||||||||||
|
Olympus Water US Holding Corp., Sr. Sec’d. Notes, 144A |
4.250 | 10/01/28 | 200 | 186,953 | ||||||||||||
|
Rain CII Carbon LLC/CII Carbon Corp., Sec’d. Notes, 144A |
7.250 | 04/01/25 | 550 | 550,775 | ||||||||||||
|
SCIH Salt Holdings, Inc., Sr. Unsec’d. Notes, 144A |
6.625 | 05/01/29 | 25 | 23,677 | ||||||||||||
|
SPCM SA (France), Sr. Unsec’d. Notes, 144A |
3.125 | 03/15/27 | 200 | 189,257 | ||||||||||||
| TPC Group, Inc., | ||||||||||||||||
|
Sr. Sec’d. Notes, 144A |
10.500 | 08/01/24 | 185 | 109,822 | ||||||||||||
|
Sr. Sec’d. Notes, 144A |
10.875 | 08/01/24 | 46 | 47,776 | ||||||||||||
|
Tronox, Inc., Gtd. Notes, 144A |
4.625 | 03/15/29 | 410 | 387,236 | ||||||||||||
| Valvoline, Inc., | ||||||||||||||||
|
Gtd. Notes, 144A |
4.250 | 02/15/30 | 25 | 23,697 | ||||||||||||
|
Sr. Unsec’d. Notes, 144A |
3.625 | 06/15/31 | 100 | 89,890 | ||||||||||||
| Venator Finance Sarl/Venator Materials
LLC (Multinational), |
||||||||||||||||
|
Gtd. Notes, 144A |
5.750 | 07/15/25 | 250 | 226,372 | ||||||||||||
|
Sr. Sec’d. Notes, 144A |
9.500 | 07/01/25 | 25 | 26,854 | ||||||||||||
| WR Grace Holdings LLC, | ||||||||||||||||
|
Sr. Sec’d. Notes, 144A |
4.875 | 06/15/27 | 50 | 49,795 | ||||||||||||
|
Sr. Sec’d. Notes, 144A |
5.625 | 10/01/24 | 25 | 25,504 | ||||||||||||
|
Sr. Unsec’d. Notes, 144A |
5.625 | 08/15/29 | 75 | 72,061 | ||||||||||||
|
|
|
|||||||||||||||
| 2,841,616 | ||||||||||||||||
| Coal 0.0% | ||||||||||||||||
|
Coronado Finance Pty Ltd. (Australia), Sr. Sec’d. Notes, 144A |
10.750 | 05/15/26 | 41 | 44,191 | ||||||||||||
| Commercial Services 4.9% | ||||||||||||||||
|
Adtalem Global Education, Inc., Sr. Sec’d. Notes, 144A |
5.500 | 03/01/28 | 185 | 165,348 | ||||||||||||
| Allied Universal Holdco LLC/Allied Universal
Finance Corp., |
||||||||||||||||
|
Sr. Sec’d. Notes, 144A |
6.625 | 07/15/26 | 210 | 215,197 | ||||||||||||
|
Sr. Unsec’d. Notes, 144A |
6.000 | 06/01/29 | 400 | 374,035 | ||||||||||||
|
Sr. Unsec’d. Notes, 144A |
9.750 | 07/15/27 | 275 | 288,771 | ||||||||||||
|
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl (Multinational), Sr. Sec’d. Notes, 144A |
4.625 | 06/01/28 | 400 | 375,050 | ||||||||||||
|
Alta Equipment Group, Inc., Sec’d. Notes, 144A |
5.625 | 04/15/26 | 50 | 49,767 | ||||||||||||
| AMN Healthcare, Inc., | ||||||||||||||||
|
Gtd. Notes, 144A |
4.000 | 04/15/29 | 50 | 47,474 | ||||||||||||
|
Gtd. Notes, 144A |
4.625 | 10/01/27 | 75 | 74,812 | ||||||||||||
See Notes to Financial Statements.
|
PGIM Fixed Income ETFs |
45 |
PGIM Active High Yield Bond ETF
Schedule of Investments (unaudited) (continued)
as of February 28, 2022
| Description | Interest Rate |
Maturity Date |
Principal Amount (000)# |
Value | ||||||||||||
| CORPORATE BONDS (Continued) | ||||||||||||||||
| Commercial Services (cont'd.) | ||||||||||||||||
|
APi Escrow Corp., Gtd. Notes, 144A |
4.750 | % | 10/15/29 | 50 | $ | 47,197 | ||||||||||
| Avis Budget Car Rental LLC/Avis Budget Finance, Inc., | ||||||||||||||||
|
Gtd. Notes, 144A |
4.750 | 04/01/28 | 100 | 95,630 | ||||||||||||
|
Gtd. Notes, 144A |
5.375 | 03/01/29 | 125 | 122,895 | ||||||||||||
|
Brink’s Co. (The), Gtd. Notes, 144A |
4.625 | 10/15/27 | 25 | 24,392 | ||||||||||||
|
Carriage Services, Inc., Gtd. Notes, 144A |
4.250 | 05/15/29 | 75 | 70,764 | ||||||||||||
|
Gartner, Inc., Gtd. Notes, 144A |
3.625 | 06/15/29 | 50 | 48,572 | ||||||||||||
|
Herc Holdings, Inc., Gtd. Notes, 144A |
5.500 | 07/15/27 | 350 | 359,907 | ||||||||||||
| Hertz Corp. (The), | ||||||||||||||||
|
Gtd. Notes, 144A |
4.625 | 12/01/26 | 25 | 23,941 | ||||||||||||
|
Gtd. Notes, 144A |
5.000 | 12/01/29 | 50 | 46,617 | ||||||||||||
|
Metis Merger Sub LLC, Sr. Unsec’d. Notes, 144A |
6.500 | 05/15/29 | 325 | 304,081 | ||||||||||||
|
MPH Acquisition Holdings LLC, Sr. Sec’d. Notes, 144A |
5.500 | 09/01/28 | 200 | 193,426 | ||||||||||||
|
NESCO Holdings II, Inc., Sec’d. Notes, 144A |
5.500 | 04/15/29 | 100 | 96,507 | ||||||||||||
|
Service Corp. International, Sr. Unsec’d. Notes |
4.000 | 05/15/31 | 200 | 191,326 | ||||||||||||
| United Rentals North America, Inc., | ||||||||||||||||
|
Gtd. Notes |
3.750 | 01/15/32 | 175 | 166,316 | ||||||||||||
|
Gtd. Notes |
3.875 | 02/15/31 | 325 | 314,165 | ||||||||||||
|
Gtd. Notes |
4.875 | 01/15/28 | 125 | 127,594 | ||||||||||||
|
Gtd. Notes |
5.250 | 01/15/30 | 275 | 286,154 | ||||||||||||
|
Verscend Escrow Corp., Sr. Unsec’d. Notes, 144A |
9.750 | 08/15/26 | 515 | 539,831 | ||||||||||||
|
|
|
|||||||||||||||
| 4,649,769 | ||||||||||||||||
| Computers 0.4% | ||||||||||||||||
|
Condor Merger Sub, Inc., Sr. Unsec’d. Notes, 144A |
7.375 | 02/15/30 | 165 | 158,781 | ||||||||||||
| NCR Corp., | ||||||||||||||||
|
Gtd. Notes, 144A |
5.000 | 10/01/28 | 150 | 147,440 | ||||||||||||
|
Gtd. Notes, 144A |
5.250 | 10/01/30 | 50 | 48,332 | ||||||||||||
|
Tempo Acquisition LLC/Tempo Acquisition Finance Corp., Sr. Sec’d. Notes, 144A |
5.750 | 06/01/25 | 25 | 25,576 | ||||||||||||
|
|
|
|||||||||||||||
| 380,129 | ||||||||||||||||
| Distribution/Wholesale 0.5% | ||||||||||||||||
|
Avient Corp., Sr. Unsec’d. Notes, 144A |
5.750 | 05/15/25 | 100 | 102,484 | ||||||||||||
|
H&E Equipment Services, Inc., Gtd. Notes, 144A |
3.875 | 12/15/28 | 425 | 397,611 | ||||||||||||
|
|
|
|||||||||||||||
| 500,095 | ||||||||||||||||
| Diversified Financial Services 3.7% | ||||||||||||||||
|
Alliance Data Systems Corp., Gtd. Notes, 144A |
4.750 | 12/15/24 | 100 | 99,740 | ||||||||||||
|
goeasy Ltd. (Canada), Gtd. Notes, 144A |
4.375 | 05/01/26 | 150 | 146,759 | ||||||||||||
See Notes to Financial Statements.
| 46 |
| Description | Interest Rate |
Maturity Date |
Principal Amount (000)# |
Value | ||||||||||||
| CORPORATE BONDS (Continued) | ||||||||||||||||
| Diversified Financial Services (cont'd.) | ||||||||||||||||
|
Home Point Capital, Inc., Gtd. Notes, 144A |
5.000 | % | 02/01/26 | 125 | $ | 103,663 | ||||||||||
|
Jefferies Finance LLC/JFIN Co.-Issuer Corp., Sr. Unsec’d. Notes, 144A |
5.000 | 08/15/28 | 400 | 385,969 | ||||||||||||
|
LD Holdings Group LLC, Gtd. Notes, 144A |
6.125 | 04/01/28 | 150 | 133,684 | ||||||||||||
|
LFS Topco LLC, Gtd. Notes, 144A |
5.875 | 10/15/26 | 75 | 74,902 | ||||||||||||
| LPL Holdings, Inc., | ||||||||||||||||
|
Gtd. Notes, 144A |
4.000 | 03/15/29 | 100 | 97,096 | ||||||||||||
|
Gtd. Notes, 144A |
4.375 | 05/15/31 | 50 | 48,809 | ||||||||||||
| Nationstar Mortgage Holdings, Inc., | ||||||||||||||||
|
Gtd. Notes, 144A |
5.125 | 12/15/30 | 400 | 377,000 | ||||||||||||
|
Gtd. Notes, 144A |
6.000 | 01/15/27 | 125 | 126,958 | ||||||||||||
|
Navient Corp., Sr. Unsec’d. Notes |
5.500 | 03/15/29 | 75 | 71,064 | ||||||||||||
| OneMain Finance Corp., | ||||||||||||||||
|
Gtd. Notes |
3.875 | 09/15/28 | 150 | 138,881 | ||||||||||||
|
Gtd. Notes |
4.000 | 09/15/30 | 225 | 205,185 | ||||||||||||
|
Gtd. Notes |
6.625 | 01/15/28 | 594 | 635,409 | ||||||||||||
|
Gtd. Notes |
6.875 | 03/15/25 | 125 | 133,380 | ||||||||||||
|
Gtd. Notes |
7.125 | 03/15/26 | 250 | 271,106 | ||||||||||||
| PennyMac Financial Services, Inc., | ||||||||||||||||
|
Gtd. Notes, 144A |
4.250 | 02/15/29 | 50 | 44,601 | ||||||||||||
|
Gtd. Notes, 144A |
5.375 | 10/15/25 | 175 | 174,820 | ||||||||||||
| Rocket Mortgage LLC/Rocket Mortgage Co.-Issuer, Inc., | ||||||||||||||||
|
Gtd. Notes, 144A |
3.625 | 03/01/29 | 75 | 70,485 | ||||||||||||
|
Gtd. Notes, 144A |
4.000 | 10/15/33 | 50 | 46,528 | ||||||||||||
|
VistaJet Malta Finance PLC/XO Management Holding, Inc. (Multinational), Sr. Unsec’d. Notes, 144A |
6.375 | 02/01/30 | 75 | 71,445 | ||||||||||||
|
|
|
|||||||||||||||
| 3,457,484 | ||||||||||||||||
| Electric 4.4% | ||||||||||||||||
| Calpine Corp., | ||||||||||||||||
|
Sr. Sec’d. Notes, 144A |
3.750 | 03/01/31 | 375 | 342,908 | ||||||||||||
|
Sr. Sec’d. Notes, 144A |
4.500 | 02/15/28 | 186 | 181,523 | ||||||||||||
| Calpine Corp., | ||||||||||||||||
|
Sr. Unsec’d. Notes, 144A |
4.625 | 02/01/29 | 40 | 37,196 | ||||||||||||
|
Sr. Unsec’d. Notes, 144A |
5.000 | 02/01/31 | 250 | 230,813 | ||||||||||||
|
Sr. Unsec’d. Notes, 144A |
5.125 | 03/15/28 | 734 | 707,829 | ||||||||||||
| NRG Energy, Inc., | ||||||||||||||||
|
Gtd. Notes |
5.750 | 01/15/28 | 140 | 143,136 | ||||||||||||
|
Gtd. Notes |
6.625 | 01/15/27 | 30 | 31,074 | ||||||||||||
|
Gtd. Notes, 144A |
3.375 | 02/15/29 | 175 | 162,457 | ||||||||||||
|
Gtd. Notes, 144A |
3.875 | 02/15/32 | 75 | 69,509 | ||||||||||||
|
Gtd. Notes, 144A |
5.250 | 06/15/29 | 350 | 356,877 | ||||||||||||
See Notes to Financial Statements.
|
PGIM Fixed Income ETFs |
47 |
PGIM Active High Yield Bond ETF
Schedule of Investments (unaudited) (continued)
as of February 28, 2022
| Description | Interest Rate |
Maturity Date |
Principal Amount (000)# |
Value | ||||||||||||
| CORPORATE BONDS (Continued) | ||||||||||||||||
| Electric (cont'd.) | ||||||||||||||||
| PG&E Corp., | ||||||||||||||||
|
Sr. Sec’d. Notes |
5.000 | % | 07/01/28 | 175 | $ | 172,979 | ||||||||||
|
Sr. Sec’d. Notes |
5.250 | 07/01/30 | 268 | 266,030 | ||||||||||||
| Vistra Corp., | ||||||||||||||||
|
Jr. Sub. Notes, 144A, 5 Year CMT + 5.740% |
7.000 | (c) | 12/15/2026 | (rr) | 100 | 99,266 | ||||||||||
|
Jr. Sub. Notes, 144A, 5 Year CMT + 6.930% |
8.000 | (c) | 10/15/2026 | (rr) | 125 | 128,631 | ||||||||||
| Vistra Operations Co. LLC, | ||||||||||||||||
|
Gtd. Notes, 144A |
4.375 | 05/01/29 | 150 | 145,609 | ||||||||||||
|
Gtd. Notes, 144A |
5.000 | 07/31/27 | 290 | 292,331 | ||||||||||||
|
Gtd. Notes, 144A |
5.500 | 09/01/26 | 50 | 50,912 | ||||||||||||
|
Gtd. Notes, 144A |
5.625 | 02/15/27 | 750 | 767,647 | ||||||||||||
|
|
|
|||||||||||||||
| 4,186,727 | ||||||||||||||||
| Electrical Components & Equipment 0.5% | ||||||||||||||||
|
Energizer Holdings, Inc., Gtd. Notes, 144A |
4.375 | 03/31/29 | 50 | 45,057 | ||||||||||||
| WESCO Distribution, Inc., | ||||||||||||||||
|
Gtd. Notes, 144A |
7.125 | 06/15/25 | 300 | 313,988 | ||||||||||||
|
Gtd. Notes, 144A |
7.250 | 06/15/28 | 100 | 107,386 | ||||||||||||
|
|
|
|||||||||||||||
| 466,431 | ||||||||||||||||
| Electronics 0.2% | ||||||||||||||||
|
II-VI, Inc., Gtd. Notes, 144A |
5.000 | 12/15/29 | 25 | 24,970 | ||||||||||||
|
Likewize Corp., Sr. Sec’d. Notes, 144A |
9.750 | 10/15/25 | 155 | 160,817 | ||||||||||||
|
Sensata Technologies, Inc., Gtd. Notes, 144A |
3.750 | 02/15/31 | 15 | 14,036 | ||||||||||||
|
|
|
|||||||||||||||
| 199,823 | ||||||||||||||||
| Engineering & Construction 0.2% | ||||||||||||||||
|
AECOM, Gtd. Notes |
5.125 | 03/15/27 | 50 | 51,275 | ||||||||||||
|
Artera Services LLC, Sr. Sec’d. Notes, 144A |
9.033 | 12/04/25 | 50 | 50,243 | ||||||||||||
| TopBuild Corp., | ||||||||||||||||
|
Gtd. Notes, 144A |
3.625 | 03/15/29 | 75 | 70,395 | ||||||||||||
|
Gtd. Notes, 144A |
4.125 | 02/15/32 | 50 | 47,540 | ||||||||||||
|
|
|
|||||||||||||||
| 219,453 | ||||||||||||||||
| Entertainment 2.8% | ||||||||||||||||
|
AMC Entertainment Holdings, Inc., Sec’d. Notes, PIK 12.000% until 12/15/2021 then cash coupon 10.000% until 6/15/26; or combination of cash coupon 5.000% and PIK 6.000%, 144A |
10.000 | 06/15/26 | 82 | 75,283 | ||||||||||||
See Notes to Financial Statements.
| 48 |
| Description | Interest Rate |
Maturity Date |
Principal Amount (000)# |
Value | ||||||||||||
| CORPORATE BONDS (Continued) | ||||||||||||||||
| Entertainment (cont'd.) | ||||||||||||||||
| Caesars Entertainment, Inc., | ||||||||||||||||
|
Sr. Sec’d. Notes, 144A |
6.250 | % | 07/01/25 | 265 | $ | 274,775 | ||||||||||
|
Sr. Unsec’d. Notes, 144A |
4.625 | 10/15/29 | 100 | 94,854 | ||||||||||||
|
Caesars Resort Collection LLC/CRC Finco, Inc., Sr. Sec’d. Notes, 144A |
5.750 | 07/01/25 | 35 | 35,902 | ||||||||||||
|
CCM Merger, Inc., Sr. Unsec’d. Notes, 144A |
6.375 | 05/01/26 | 25 | 25,581 | ||||||||||||
|
Everi Holdings, Inc., Gtd. Notes, 144A |
5.000 | 07/15/29 | 100 | 98,038 | ||||||||||||
|
Golden Entertainment, Inc., Sr. Unsec’d. Notes, 144A |
7.625 | 04/15/26 | 150 | 154,003 | ||||||||||||
|
International Game Technology PLC (United Kingdom), Sr. Sec’d. Notes, 144A |
5.250 | 01/15/29 | 225 | 229,641 | ||||||||||||
|
Jacobs Entertainment, Inc., Sr. Unsec’d. Notes, 144A |
6.750 | 02/15/29 | 75 | 75,283 | ||||||||||||
|
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., Sr. Sec’d. Notes, 144A |
4.875 | 05/01/29 | 125 | 121,871 | ||||||||||||
| Penn National Gaming, Inc., | ||||||||||||||||
|
Sr. Unsec’d. Notes, 144A |
4.125 | 07/01/29 | 75 | 69,346 | ||||||||||||
|
Sr. Unsec’d. Notes, 144A |
5.625 | 01/15/27 | 367 | 371,800 | ||||||||||||
| Premier Entertainment Sub LLC/Premier
Entertainment Finance Corp., |
||||||||||||||||
|
Gtd. Notes, 144A |
5.625 | 09/01/29 | 125 | 113,565 | ||||||||||||
|
Gtd. Notes, 144A |
5.875 | 09/01/31 | 200 | 181,500 | ||||||||||||
|
Scientific Games Holdings LP/Scientific Games US FinCo, Inc., Sr. Unsec’d. Notes, 144A |
6.625 | 03/01/30 | 75 | 74,522 | ||||||||||||
| Scientific Games International, Inc., | ||||||||||||||||
|
Gtd. Notes, 144A |
8.250 | 03/15/26 | 200 | 208,887 | ||||||||||||
|
Gtd. Notes, 144A |
8.625 | 07/01/25 | 200 | 211,890 | ||||||||||||
| Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., | ||||||||||||||||
|
Gtd. Notes, 144A |
5.125 | 10/01/29 | 180 | 174,646 | ||||||||||||
|
Sr. Unsec’d. Notes, 144A |
7.750 | 04/15/25 | 25 | 26,125 | ||||||||||||
|
|
|
|||||||||||||||
| 2,617,512 | ||||||||||||||||
| Environmental Control 0.2% | ||||||||||||||||
| GFL Environmental, Inc. (Canada), | ||||||||||||||||
|
Gtd. Notes, 144A |
4.000 | 08/01/28 | 25 | 23,231 | ||||||||||||
|
Gtd. Notes, 144A |
4.375 | 08/15/29 | 125 | 115,944 | ||||||||||||
|
|
|
|||||||||||||||
| 139,175 | ||||||||||||||||
| Food 3.2% | ||||||||||||||||
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons
LP/ Albertsons LLC, Albertsons Cos., Inc./Safeway, Inc./ New Albertsons LP/Albertsons LLC, |
||||||||||||||||
|
Gtd. Notes, 144A |
3.500 | 03/15/29 | 325 | 302,242 | ||||||||||||
|
Gtd. Notes, 144A |
5.875 | 02/15/28 | 25 | 25,967 | ||||||||||||
See Notes to Financial Statements.
|
PGIM Fixed Income ETFs |
49 |
PGIM Active High Yield Bond ETF
Schedule of Investments (unaudited) (continued)
as of February 28, 2022
| Description | Interest Rate |
Maturity Date |
Principal Amount (000)# |
Value | ||||||||||||
| CORPORATE BONDS (Continued) | ||||||||||||||||
| Food (cont'd.) | ||||||||||||||||
|
B&G Foods, Inc., Gtd. Notes |
5.250 | % | 09/15/27 | 400 | $ | 399,155 | ||||||||||
|
C&S Group Enterprises LLC, Gtd. Notes, 144A |
5.000 | 12/15/28 | 75 | 65,228 | ||||||||||||
| Chobani LLC/Chobani Finance Corp., Inc., | ||||||||||||||||
|
Gtd. Notes, 144A |
7.500 | 04/15/25 | 50 | 50,018 | ||||||||||||
|
Sr. Sec’d. Notes, 144A |
4.625 | 11/15/28 | 50 | 48,142 | ||||||||||||
|
JBS
Finance Luxembourg Sarl (Luxembourg), Gtd. |
3.625 | 01/15/32 | 340 | 308,699 | ||||||||||||
|
JBS USA LUX SA/JBS USA Finance, Inc. (Multinational), Gtd. Notes, 144A |
6.750 | 02/15/28 | 210 | 221,847 | ||||||||||||
| JBS USA LUX SA/JBS USA Food Co./JBS USA Finance,
Inc. (Multinational), |
||||||||||||||||
|
Gtd. Notes, 144A |
6.500 | 04/15/29 | 150 | 159,768 | ||||||||||||
|
Sr. Unsec’d. Notes, 144A |
5.500 | 01/15/30 | 25 | 25,850 | ||||||||||||
| Kraft Heinz Foods Co., | ||||||||||||||||
|
Gtd. Notes |
4.375 | 06/01/46 | 50 | 51,245 | ||||||||||||
|
Gtd. Notes |
4.875 | 10/01/49 | 25 | 27,676 | ||||||||||||
|
Gtd. Notes |
5.200 | 07/15/45 | 25 | 28,248 | ||||||||||||
|
Gtd. Notes |
5.500 | 06/01/50 | 25 | 29,987 | ||||||||||||
|
Gtd. Notes |
6.500 | 02/09/40 | 25 | 32,183 | ||||||||||||
| Lamb Weston Holdings, Inc., | ||||||||||||||||
|
Gtd. Notes, 144A |
4.125 | 01/31/30 | 175 | 169,194 | ||||||||||||
|
Gtd. Notes, 144A |
4.375 | 01/31/32 | 75 | 72,900 | ||||||||||||
| Pilgrim’s Pride Corp., | ||||||||||||||||
|
Gtd. Notes, 144A |
3.500 | 03/01/32 | 50 | 46,017 | ||||||||||||
|
Gtd. Notes, 144A |
4.250 | 04/15/31 | 175 | 169,124 | ||||||||||||
|
Gtd. Notes, 144A |
5.875 | 09/30/27 | 115 | 118,256 | ||||||||||||
| Post Holdings, Inc., | ||||||||||||||||
|
Gtd. Notes, 144A |
4.625 | 04/15/30 | 200 | 188,458 | ||||||||||||
|
Gtd. Notes, 144A |
5.500 | 12/15/29 | 25 | 25,205 | ||||||||||||
|
Gtd. Notes, 144A |
5.625 | 01/15/28 | 75 | 75,533 | ||||||||||||
|
Sr. Unsec’d. Notes, 144A |
4.500 | 09/15/31 | 350 | 324,103 | ||||||||||||
|
US Foods, Inc., Gtd. Notes, 144A |
4.750 | 02/15/29 | 25 | 24,726 | ||||||||||||
|
|
|
|||||||||||||||
| 2,989,771 | ||||||||||||||||
| Gas 0.7% | ||||||||||||||||
| AmeriGas Partners LP/AmeriGas Finance Corp., | ||||||||||||||||
|
Sr. Unsec’d. Notes |
5.500 | 05/20/25 | 150 | 152,578 | ||||||||||||
|
Sr. Unsec’d. Notes |
5.750 | 05/20/27 | 375 | 378,717 | ||||||||||||
|
Sr. Unsec’d. Notes |
5.875 | 08/20/26 | 78 | 79,633 | ||||||||||||
|
|
|
|||||||||||||||
| 610,928 | ||||||||||||||||
See Notes to Financial Statements.
| 50 |
| Description | Interest Rate |
Maturity Date |
Principal Amount (000)# |
Value | ||||||||||||
| CORPORATE BONDS (Continued) | ||||||||||||||||
| Healthcare-Products 1.0% | ||||||||||||||||
| Mozart Debt Merger Sub, Inc., | ||||||||||||||||
|
Sr. Sec’d. Notes, 144A |
3.875 | % | 04/01/29 | 500 | $ | 474,817 | ||||||||||
|
Sr. Unsec’d. Notes, 144A |
5.250 | 10/01/29 | 525 | 502,995 | ||||||||||||
|
|
|
|||||||||||||||
| 977,812 | ||||||||||||||||
| Healthcare-Services 4.0% | ||||||||||||||||
|
Catalent Pharma Solutions, Inc., Gtd. Notes, 144A |
3.500 | 04/01/30 | 50 | 46,619 | ||||||||||||
|
CHS/Community
Health Systems, Inc., Sr. Sec’d. |
5.250 | 05/15/30 | 50 | 48,518 | ||||||||||||
| DaVita, Inc., | ||||||||||||||||
|
Gtd. Notes, 144A |
3.750 | 02/15/31 | 661 | 604,980 | ||||||||||||
|
Gtd. Notes, 144A |
4.625 | 06/01/30 | 100 | 95,872 | ||||||||||||
| HCA, Inc., | ||||||||||||||||
|
Gtd. Notes |
5.625 | 09/01/28 | 30 | 33,234 | ||||||||||||
|
Gtd. Notes |
5.875 | 02/15/26 | 75 | 81,129 | ||||||||||||
|
Gtd. Notes |
5.875 | 02/01/29 | 50 | 55,859 | ||||||||||||
|
Gtd. Notes |
7.500 | 11/06/33 | 75 | 99,110 | ||||||||||||
|
Legacy LifePoint Health LLC, Sr. Sec’d. Notes, 144A |
6.750 | 04/15/25 | 50 | 51,784 | ||||||||||||
|
LifePoint Health, Inc., Gtd. Notes, 144A |
5.375 | 01/15/29 | 650 | 610,188 | ||||||||||||
|
MEDNAX, Inc., Gtd. Notes, 144A |
5.375 | 02/15/30 | 75 | 74,638 | ||||||||||||
|
Molina Healthcare, Inc., Sr. Unsec’d. Notes, 144A |
3.875 | 05/15/32 | 50 | 49,014 | ||||||||||||
|
Prime Healthcare Services, Inc., Sr. Sec’d. Notes, 144A |
7.250 | 11/01/25 | 200 | 204,428 | ||||||||||||
| Tenet Healthcare Corp., | ||||||||||||||||
|
Gtd. Notes, 144A |
6.125 | 10/01/28 | 200 | 202,505 | ||||||||||||
|
Sr. Sec’d. Notes, 144A |
4.250 | 06/01/29 | 900 | 868,590 | ||||||||||||
|
Sr. Sec’d. Notes, 144A |
4.375 | 01/15/30 | 100 | 96,586 | ||||||||||||
|
Sr. Sec’d. Notes, 144A |
4.875 | 01/01/26 | 234 | 235,557 | ||||||||||||
|
Sr. Unsec’d. Notes |
6.875 | 11/15/31 | 275 | 293,768 | ||||||||||||
|
|
|
|||||||||||||||
| 3,752,379 | ||||||||||||||||
| Home Builders 4.2% | ||||||||||||||||
| Ashton Woods USA LLC/Ashton Woods Finance Co., | ||||||||||||||||
|
Sr. Unsec’d. Notes, 144A |
4.625 | 08/01/29 | 100 | 94,828 | ||||||||||||
|
Sr. Unsec’d. Notes, 144A |
4.625 | 04/01/30 | 50 | 47,025 | ||||||||||||
| Beazer Homes USA, Inc., | ||||||||||||||||
|
Gtd. Notes |
5.875 | 10/15/27 | 225 | 224,016 | ||||||||||||
|
Gtd. Notes |
7.250 | 10/15/29 | 470 | 475,663 | ||||||||||||
| Brookfield Residential Properties,
Inc./Brookfield Residential US LLC (Canada), |
||||||||||||||||
|
Gtd. Notes, 144A |
4.875 | 02/15/30 | 350 | 320,406 | ||||||||||||
|
Gtd. Notes, 144A |
6.250 | 09/15/27 | 145 | 145,944 | ||||||||||||
|
Sr. Unsec’d. Notes, 144A |
5.000 | 06/15/29 | 50 | 47,035 | ||||||||||||
See Notes to Financial Statements.
|
PGIM Fixed Income ETFs |
51 |
PGIM Active High Yield Bond ETF
Schedule of Investments (unaudited) (continued)
as of February 28, 2022
| Description | Interest Rate |
Maturity Date |
Principal Amount (000)# |
Value | ||||||||||||
| CORPORATE BONDS (Continued) | ||||||||||||||||
| Home Builders (cont'd.) | ||||||||||||||||
| Century Communities, Inc., | ||||||||||||||||
|
Gtd. Notes |
6.750 | % | 06/01/27 | 25 | $ | 25,980 | ||||||||||
|
Gtd. Notes, 144A |
3.875 | 08/15/29 | 125 | 116,016 | ||||||||||||
| Forestar Group, Inc., | ||||||||||||||||
|
Gtd. Notes, 144A |
3.850 | 05/15/26 | 200 | 189,831 | ||||||||||||
|
Gtd. Notes, 144A |
5.000 | 03/01/28 | 75 | 72,549 | ||||||||||||
| KB Home, | ||||||||||||||||
|
Gtd. Notes |
4.000 | 06/15/31 | 25 | 23,995 | ||||||||||||
|
Gtd. Notes |
4.800 | 11/15/29 | 250 | 250,066 | ||||||||||||
| M/I Homes, Inc., | ||||||||||||||||
|
Gtd. Notes |
3.950 | 02/15/30 | 150 | 136,448 | ||||||||||||
|
Gtd. Notes |
4.950 | 02/01/28 | 75 | 73,342 | ||||||||||||
| Mattamy Group Corp. (Canada), | ||||||||||||||||
|
Sr. Unsec’d. Notes, 144A |
4.625 | 03/01/30 | 175 | 164,482 | ||||||||||||
|
Sr. Unsec’d. Notes, 144A |
5.250 | 12/15/27 | 250 | 250,917 | ||||||||||||
| Shea Homes LP/Shea Homes Funding Corp., | ||||||||||||||||
|
Sr. Unsec’d. Notes, 144A |
4.750 | 02/15/28 | 225 | 216,549 | ||||||||||||
|
Sr. Unsec’d. Notes, 144A |
4.750 | 04/01/29 | 50 | 47,547 | ||||||||||||
|
STL Holding Co. LLC, Sr. Unsec’d. Notes, 144A |
7.500 | 02/15/26 | 75 | 77,189 | ||||||||||||
| Taylor Morrison Communities, Inc., | ||||||||||||||||
|
Gtd. Notes, 144A |
5.875 | 06/15/27 | 300 | 314,864 | ||||||||||||
|
Gtd. Notes, 144A |
6.625 | 07/15/27 | 100 | 102,876 | ||||||||||||
|
Sr. Unsec’d. Notes, 144A |
5.125 | 08/01/30 | 435 | 434,244 | ||||||||||||
| Tri Pointe Homes, Inc., | ||||||||||||||||
|
Gtd. Notes |
5.250 | 06/01/27 | 75 | 74,927 | ||||||||||||
|
Gtd. Notes |
5.700 | 06/15/28 | 15 | 15,127 | ||||||||||||
|
|
|
|||||||||||||||
| 3,941,866 | ||||||||||||||||
| Home Furnishings 0.1% | ||||||||||||||||
|
Tempur Sealy International, Inc., Gtd. Notes, 144A |
4.000 | 04/15/29 | 50 | 47,134 | ||||||||||||
| Household Products/Wares 0.3% | ||||||||||||||||
|
ACCO Brands Corp., Gtd. Notes, 144A |
4.250 | 03/15/29 | 150 | 140,111 | ||||||||||||
| Kronos Acquisition Holdings, Inc./KIK Custom
Products, Inc., |
||||||||||||||||
|
Gtd. Notes, 144A |
7.000 | 12/31/27 | 125 | 105,818 | ||||||||||||
|
Sr. Sec’d. Notes, 144A |
5.000 | 12/31/26 | 25 | 22,546 | ||||||||||||
|
|
|
|||||||||||||||
| 268,475 | ||||||||||||||||
See Notes to Financial Statements.
| 52 |
| Description | Interest Rate |
Maturity Date |
Principal Amount (000)# |
Value | ||||||||||||
| CORPORATE BONDS (Continued) | ||||||||||||||||
| Housewares 0.5% | ||||||||||||||||
| Scotts Miracle-Gro Co. (The), | ||||||||||||||||
|
Gtd. Notes |
4.000 | % | 04/01/31 | 125 | $ | 114,830 | ||||||||||
|
Gtd. Notes |
4.375 | 02/01/32 | 50 | 46,500 | ||||||||||||
|
SWF Escrow Issuer Corp., Sr. Unsec’d. Notes, 144A |
6.500 | 10/01/29 | 375 | 336,568 | ||||||||||||
|
|
|
|||||||||||||||
| 497,898 | ||||||||||||||||
| Insurance 0.2% | ||||||||||||||||
|
Acrisure LLC/Acrisure Finance, Inc., Sr. Unsec’d. Notes, 144A |
6.000 | 08/01/29 | 125 | 113,268 | ||||||||||||
|
AmWINS Group, Inc., Sr. Unsec’d. Notes, 144A |
4.875 | 06/30/29 | 50 | 47,843 | ||||||||||||
|
BroadStreet Partners, Inc., Sr. Unsec’d. Notes, 144A |
5.875 | 04/15/29 | 75 | 69,942 | ||||||||||||
|
|
|
|||||||||||||||
| 231,053 | ||||||||||||||||
| Internet 0.3% | ||||||||||||||||
|
Go Daddy Operating Co. LLC/GD Finance Co., Inc., Gtd. Notes, 144A |
3.500 | 03/01/29 | 245 | 232,393 | ||||||||||||
|
NortonLifeLock, Inc., Sr. Unsec’d. Notes, 144A |
5.000 | 04/15/25 | 40 | 40,059 | ||||||||||||
|
|
|
|||||||||||||||
| 272,452 | ||||||||||||||||
| Iron/Steel 0.4% | ||||||||||||||||
|
Big River Steel LLC/BRS Finance Corp., Sr. Sec’d. Notes, 144A |
6.625 | 01/31/29 | 91 | 95,390 | ||||||||||||
| Commercial Metals Co., | ||||||||||||||||
|
Sr. Unsec’d. Notes |
4.125 | 01/15/30 | 25 | 24,152 | ||||||||||||
|
Sr. Unsec’d. Notes |
4.375 | 03/15/32 | 100 | 96,126 | ||||||||||||
|
TMS International Corp., Sr. Unsec’d. Notes, 144A |
6.250 | 04/15/29 | 25 | 24,026 | ||||||||||||
|
United States Steel Corp., Sr. Unsec’d. Notes |
6.875 | 03/01/29 | 115 | 118,165 | ||||||||||||
|
|
|
|||||||||||||||
| 357,859 | ||||||||||||||||
| Leisure Time 0.1% | ||||||||||||||||
|
Viking Cruises Ltd. (Bermuda), Gtd. Notes, 144A |
5.875 | 09/15/27 | 25 | 23,213 | ||||||||||||
|
Viking Ocean Cruises Ship VII Ltd. (Bermuda), Sr. Sec’d. Notes, 144A |
5.625 | 02/15/29 | 25 | 23,592 | ||||||||||||
|
Vista Outdoor, Inc., Gtd. Notes, 144A |
4.500 | 03/15/29 | 50 | 47,056 | ||||||||||||
|
|
|
|||||||||||||||
| 93,861 | ||||||||||||||||
| Lodging 1.7% | ||||||||||||||||
| Boyd Gaming Corp., | ||||||||||||||||
|
Gtd. Notes |
4.750 | 12/01/27 | 100 | 100,435 | ||||||||||||
|
Gtd. Notes, 144A |
4.750 | 06/15/31 | 25 | 24,562 | ||||||||||||
See Notes to Financial Statements.
|
PGIM Fixed Income ETFs |
53 |
PGIM Active High Yield Bond ETF
Schedule of Investments (unaudited) (continued)
as of February 28, 2022
| Description | Interest Rate |
Maturity Date |
Principal Amount (000)# |
Value | ||||||||||||
| CORPORATE BONDS (Continued) | ||||||||||||||||
| Lodging (cont'd.) | ||||||||||||||||
| Hilton Domestic Operating Co., Inc., | ||||||||||||||||
|
Gtd. Notes, 144A |
3.625 | % | 02/15/32 | 355 | $ | 337,440 | ||||||||||
|
Gtd. Notes, 144A |
5.375 | 05/01/25 | 25 | 25,768 | ||||||||||||
| MGM Resorts International, | ||||||||||||||||
|
Gtd. Notes |
4.625 | 09/01/26 | 75 | 75,214 | ||||||||||||
|
Gtd. Notes |
4.750 | 10/15/28 | 350 | 349,173 | ||||||||||||
|
Gtd. Notes |
5.500 | 04/15/27 | 450 | 464,521 | ||||||||||||
|
Gtd. Notes |
6.750 | 05/01/25 | 25 | 25,892 | ||||||||||||
|
Wynn Macau Ltd. (Cayman Islands), Sr. Unsec’d. Notes, 144A |
5.625 | 08/26/28 | 200 | 174,290 | ||||||||||||
|
|
|
|||||||||||||||
| 1,577,295 | ||||||||||||||||
| Machinery-Constructions & Mining 0.1% | ||||||||||||||||
|
Terex Corp., Gtd. Notes, 144A |
5.000 | 05/15/29 | 50 | 49,524 | ||||||||||||
| Machinery-Diversified 0.6% | ||||||||||||||||
|
GrafTech Finance, Inc., Sr. Sec’d. Notes, 144A |
4.625 | 12/15/28 | 190 | 185,025 | ||||||||||||
|
Maxim Crane Works Holdings Capital LLC, Sec’d. Notes, 144A |
10.125 | 08/01/24 | 382 | 389,673 | ||||||||||||
|
|
|
|||||||||||||||
| 574,698 | ||||||||||||||||
| Media 9.3% | ||||||||||||||||
| CCO Holdings LLC/CCO Holdings Capital Corp., | ||||||||||||||||
|
Sr. Unsec’d. Notes |
4.500 | 05/01/32 | 600 | 569,880 | ||||||||||||
|
Sr. Unsec’d. Notes, 144A |
4.250 | 02/01/31 | 650 | 610,059 | ||||||||||||
|
Sr. Unsec’d. Notes, 144A |
4.250 | 01/15/34 | 250 | 229,796 | ||||||||||||
|
Sr. Unsec’d. Notes, 144A |
4.500 | 08/15/30 | 50 | 48,179 | ||||||||||||
|
Sr. Unsec’d. Notes, 144A |
4.500 | 06/01/33 | 425 | 398,271 | ||||||||||||
|
Sr. Unsec’d. Notes, 144A |
4.750 | 03/01/30 | 367 | 360,525 | ||||||||||||
|
Sr. Unsec’d. Notes, 144A |
4.750 | 02/01/32 | 100 | 97,215 | ||||||||||||
|
Sr. Unsec’d. Notes, 144A |
5.000 | 02/01/28 | 50 | 50,304 | ||||||||||||
|
Sr. Unsec’d. Notes, 144A |
5.375 | 06/01/29 | 125 | 126,964 | ||||||||||||
|
Sr. Unsec’d. Notes, 144A |
5.500 | 05/01/26 | 200 | 204,451 | ||||||||||||
| CSC Holdings LLC, | ||||||||||||||||
|
Gtd. Notes, 144A |
3.375 | 02/15/31 | 200 | 170,045 | ||||||||||||
|
Gtd. Notes, 144A |
4.125 | 12/01/30 | 200 | 179,736 | ||||||||||||
|
Gtd. Notes, 144A |
4.500 | 11/15/31 | 200 | 182,015 | ||||||||||||
|
Gtd. Notes, 144A |
5.375 | 02/01/28 | 680 | 661,467 | ||||||||||||
|
Sr. Unsec’d. Notes, 144A |
4.625 | 12/01/30 | 325 | 270,965 | ||||||||||||
|
Sr. Unsec’d. Notes, 144A |
5.750 | 01/15/30 | 500 | 442,381 | ||||||||||||
See Notes to Financial Statements.
| 54 |
| Description | Interest Rate |
Maturity Date |
Principal Amount (000)# |
Value | ||||||||||||
| CORPORATE BONDS (Continued) | ||||||||||||||||
| Media (cont'd.) | ||||||||||||||||
| Diamond Sports Group LLC/Diamond Sports Finance Co., | ||||||||||||||||
|
Gtd. Notes, 144A |
6.625 | % | 08/15/27 | 751 | $ | 176,364 | ||||||||||
|
Sr. Sec’d. Notes, 144A |
5.375 | 08/15/26 | 560 | 230,242 | ||||||||||||
| DISH DBS Corp., | ||||||||||||||||
|
Gtd. Notes |
5.125 | 06/01/29 | 325 | 274,066 | ||||||||||||
|
Gtd. Notes |
5.875 | 11/15/24 | 200 | 200,031 | ||||||||||||
|
Gtd. Notes |
7.375 | 07/01/28 | 125 | 117,900 | ||||||||||||
|
Gtd. Notes |
7.750 | 07/01/26 | 309 | 311,819 | ||||||||||||
| Gray Television, Inc., | ||||||||||||||||
|
Gtd. Notes, 144A |
5.875 | 07/15/26 | 100 | 102,241 | ||||||||||||
|
Gtd. Notes, 144A |
7.000 | 05/15/27 | 75 | 78,851 | ||||||||||||
| iHeartCommunications, Inc., | ||||||||||||||||
|
Sr. Sec’d. Notes |
6.375 | 05/01/26 | 40 | 41,237 | ||||||||||||
|
Sr. Sec’d. Notes, 144A |
5.250 | 08/15/27 | 100 | 99,650 | ||||||||||||
|
Midcontinent Communications/Midcontinent Finance Corp., Gtd. Notes, 144A |
5.375 | 08/15/27 | 150 | 148,303 | ||||||||||||
|
News Corp., Sr. Unsec’d. Notes, 144A |
3.875 | 05/15/29 | 50 | 47,955 | ||||||||||||
| Nexstar Media, Inc., | ||||||||||||||||
|
Gtd. Notes, 144A |
4.750 | 11/01/28 | 50 | 48,575 | ||||||||||||
|
Gtd. Notes, 144A |
5.625 | 07/15/27 | 150 | 153,366 | ||||||||||||
|
Quebecor Media, Inc. (Canada), Sr. Unsec’d. Notes |
5.750 | 01/15/23 | 250 | 254,283 | ||||||||||||
| Radiate Holdco LLC/Radiate Finance, Inc., | ||||||||||||||||
|
Sr. Sec’d. Notes, 144A |
4.500 | 09/15/26 | 225 | 215,222 | ||||||||||||
|
Sr. Unsec’d. Notes, 144A |
6.500 | 09/15/28 | 200 | 189,954 | ||||||||||||
| Scripps Escrow II, Inc., | ||||||||||||||||
|
Sr. Sec’d. Notes, 144A |
3.875 | 01/15/29 | 25 | 23,484 | ||||||||||||
|
Sr. Unsec’d. Notes, 144A |
5.375 | 01/15/31 | 125 | 118,842 | ||||||||||||
|
Scripps Escrow, Inc., Gtd. Notes, 144A |
5.875 | 07/15/27 | 20 | 19,997 | ||||||||||||
|
Sinclair Television Group, Inc., Gtd. Notes, 144A |
5.875 | 03/15/26 | 125 | 124,088 | ||||||||||||
| Univision Communications, Inc., | ||||||||||||||||
|
Sr. Sec’d. Notes, 144A |
4.500 | 05/01/29 | 175 | 166,437 | ||||||||||||
|
Sr. Sec’d. Notes, 144A |
5.125 | 02/15/25 | 100 | 100,720 | ||||||||||||
|
Sr. Sec’d. Notes, 144A |
6.625 | 06/01/27 | 325 | 339,057 | ||||||||||||
|
Videotron Ltd. (Canada), Gtd. Notes, 144A |
5.125 | 04/15/27 | 150 | 152,778 | ||||||||||||
|
VZ Secured Financing BV (Netherlands), Sr. Sec’d. Notes, 144A |
5.000 | 01/15/32 | 450 | 436,511 | ||||||||||||
|
|
|
|||||||||||||||
| 8,774,226 | ||||||||||||||||
| Metal Fabricate/Hardware 0.2% | ||||||||||||||||
|
Roller Bearing Co. of America, Inc., Sr. Unsec’d. Notes, 144A |
4.375 | 10/15/29 | 150 | 144,832 | ||||||||||||
See Notes to Financial Statements.
|
PGIM Fixed Income ETFs |
55 |
PGIM Active High Yield Bond ETF
Schedule of Investments (unaudited) (continued)
as of February 28, 2022
| Description | Interest Rate |
Maturity Date |
Principal Amount (000)# |
Value | ||||||||||||
| CORPORATE BONDS (Continued) | ||||||||||||||||
| Mining 1.2% | ||||||||||||||||
|
Eldorado Gold Corp. (Canada), Sr. Unsec’d. Notes, 144A |
6.250 | % | 09/01/29 | 200 | $ | 201,930 | ||||||||||
|
First Quantum Minerals Ltd. (Canada), Gtd. Notes, 144A |
6.500 | 03/01/24 | 315 | 318,765 | ||||||||||||
|
Hecla Mining Co., Gtd. Notes |
7.250 | 02/15/28 | 75 | 78,751 | ||||||||||||
| Hudbay Minerals, Inc. (Canada), | ||||||||||||||||
|
Gtd. Notes, 144A |
4.500 | 04/01/26 | 50 | 48,713 | ||||||||||||
|
Gtd. Notes, 144A |
6.125 | 04/01/29 | 110 | 112,771 | ||||||||||||
|
IAMGOLD Corp. (Canada), Gtd. Notes, 144A |
5.750 | 10/15/28 | 14 | 12,779 | ||||||||||||
| New Gold, Inc. (Canada), | ||||||||||||||||
|
Gtd. Notes, 144A |
6.375 | 05/15/25 | 33 | 33,495 | ||||||||||||
|
Gtd. Notes, 144A |
7.500 | 07/15/27 | 170 | 177,211 | ||||||||||||
| Novelis Corp., | ||||||||||||||||
|
Gtd. Notes, 144A |
3.875 | 08/15/31 | 100 | 92,135 | ||||||||||||
|
Gtd. Notes, 144A |
4.750 | 01/30/30 | 75 | 73,250 | ||||||||||||
|
|
|
|||||||||||||||
| 1,149,800 | ||||||||||||||||
| Miscellaneous Manufacturer 0.2% | ||||||||||||||||
| Amsted Industries, Inc., | ||||||||||||||||
|
Gtd. Notes, 144A |
5.625 | 07/01/27 | 25 | 25,442 | ||||||||||||
|
Sr. Unsec’d. Notes, 144A |
4.625 | 05/15/30 | 160 | 157,503 | ||||||||||||
|
|
|
|||||||||||||||
| 182,945 | ||||||||||||||||
| Office & Business Equipment 0.1% | ||||||||||||||||
|
CDW LLC/CDW Finance Corp., Gtd. Notes |
3.250 | 02/15/29 | 75 | 69,889 | ||||||||||||
| Oil & Gas 6.2% | ||||||||||||||||
|
Aethon
United BR LP/Aethon United Finance Corp., |
8.250 | 02/15/26 | 125 | 132,140 | ||||||||||||
|
Alta
Mesa Holdings LP/Alta Mesa Finance Services Corp., |
7.875 | 12/15/24 | 310 | 2,108 | ||||||||||||
| Antero Resources Corp., | ||||||||||||||||
|
Gtd. Notes |
5.000 | 03/01/25 | 50 | 50,625 | ||||||||||||
|
Gtd. Notes, 144A |
5.375 | 03/01/30 | 350 | 356,594 | ||||||||||||
|
Gtd. Notes, 144A |
7.625 | 02/01/29 | 103 | 111,603 | ||||||||||||
|
Gtd. Notes, 144A |
8.375 | 07/15/26 | 81 | 88,957 | ||||||||||||
| Ascent Resources Utica Holdings LLC/ARU Finance Corp., | ||||||||||||||||
|
Gtd. Notes, 144A |
7.000 | 11/01/26 | 125 | 123,542 | ||||||||||||
|
Gtd. Notes, 144A |
9.000 | 11/01/27 | 62 | 80,551 | ||||||||||||
|
Athabasca Oil Corp. (Canada), Sec’d. Notes, 144A |
9.750 | 11/01/26 | 250 | 261,272 | ||||||||||||
| Chesapeake Energy Corp., | ||||||||||||||||
|
Gtd. Notes, 144A |
5.500 | 02/01/26 | 25 | 25,695 | ||||||||||||
See Notes to Financial Statements.
| 56 |
| Description | Interest Rate |
Maturity Date |
Principal Amount (000)# |
Value | ||||||||||||
| CORPORATE BONDS (Continued) | ||||||||||||||||
| Oil & Gas (cont'd.) | ||||||||||||||||
| Chesapeake Energy Corp., (cont'd.) | ||||||||||||||||
|
Gtd. Notes, 144A |
5.875 | % | 02/01/29 | 125 | $ | 129,192 | ||||||||||
|
Gtd. Notes, 144A |
6.750 | 04/15/29 | 100 | 105,651 | ||||||||||||
|
Citgo Holding, Inc., Sr. Sec’d. Notes, 144A |
9.250 | 08/01/24 | 75 | 74,993 | ||||||||||||
|
CITGO Petroleum Corp., Sr. Sec’d. Notes, 144A |
7.000 | 06/15/25 | 100 | 100,256 | ||||||||||||
|
CNX Resources Corp., Gtd. Notes, 144A |
7.250 | 03/14/27 | 275 | 290,777 | ||||||||||||
| Comstock Resources, Inc., | ||||||||||||||||
|
Gtd. Notes, 144A |
5.875 | 01/15/30 | 50 | 48,410 | ||||||||||||
|
Gtd. Notes, 144A |
6.750 | 03/01/29 | 125 | 127,290 | ||||||||||||
| CrownRock LP/CrownRock Finance, Inc., | ||||||||||||||||
|
Sr. Unsec’d. Notes, 144A |
5.000 | 05/01/29 | 25 | 25,399 | ||||||||||||
|
Sr. Unsec’d. Notes, 144A |
5.625 | 10/15/25 | 25 | 25,288 | ||||||||||||
| Endeavor Energy Resources LP/EER Finance, Inc., | ||||||||||||||||
|
Sr. Unsec’d. Notes, 144A |
5.750 | 01/30/28 | 225 | 233,207 | ||||||||||||
|
Sr. Unsec’d. Notes, 144A |
6.625 | 07/15/25 | 35 | 36,572 | ||||||||||||
| EQT Corp., | ||||||||||||||||
|
Sr. Unsec’d. Notes |
3.900 | 10/01/27 | 175 | 177,005 | ||||||||||||
|
Sr. Unsec’d. Notes |
7.500 | 02/01/30 | 250 | 298,197 | ||||||||||||
| Hilcorp Energy I LP/Hilcorp Finance Co., | ||||||||||||||||
|
Sr. Unsec’d. Notes, 144A |
5.750 | 02/01/29 | 175 | 175,698 | ||||||||||||
|
Sr. Unsec’d. Notes, 144A |
6.000 | 02/01/31 | 125 | 126,938 | ||||||||||||
|
Sr. Unsec’d. Notes, 144A |
6.250 | 11/01/28 | 25 | 25,498 | ||||||||||||
| MEG Energy Corp. (Canada), | ||||||||||||||||
|
Gtd. Notes, 144A |
5.875 | 02/01/29 | 50 | 50,584 | ||||||||||||
|
Gtd. Notes, 144A |
7.125 | 02/01/27 | 325 | 339,265 | ||||||||||||
|
Sec’d. Notes, 144A |
6.500 | 01/15/25 | 9 | 9,135 | ||||||||||||
| Nabors Industries Ltd. (Bermuda), | ||||||||||||||||
|
Gtd. Notes, 144A |
7.250 | 01/15/26 | 125 | 121,752 | ||||||||||||
|
Gtd. Notes, 144A |
7.500 | 01/15/28 | 125 | 119,656 | ||||||||||||
|
Nabors Industries, Inc., Gtd. Notes |
5.750 | 02/01/25 | 150 | 143,717 | ||||||||||||
| Occidental Petroleum Corp., | ||||||||||||||||
|
Sr. Unsec’d. Notes |
6.450 | 09/15/36 | 200 | 235,088 | ||||||||||||
|
Sr. Unsec’d. Notes |
7.150 | 05/15/28 | 50 | 54,775 | ||||||||||||
|
Sr. Unsec’d. Notes |
8.500 | 07/15/27 | 120 | 144,689 | ||||||||||||
|
Sr. Unsec’d. Notes |
8.875 | 07/15/30 | 136 | 175,297 | ||||||||||||
| Parkland Corp. (Canada), | ||||||||||||||||
|
Gtd. Notes, 144A |
4.500 | 10/01/29 | 125 | 117,896 | ||||||||||||
|
Gtd. Notes, 144A |
4.625 | 05/01/30 | 50 | 47,210 | ||||||||||||
| Precision Drilling Corp. (Canada), | ||||||||||||||||
|
Gtd. Notes, 144A |
6.875 | 01/15/29 | 25 | 25,036 | ||||||||||||
|
Gtd. Notes, 144A |
7.125 | 01/15/26 | 75 | 75,840 | ||||||||||||
See Notes to Financial Statements.
|
PGIM Fixed Income ETFs |
57 |
PGIM Active High Yield Bond ETF
Schedule of Investments (unaudited) (continued)
as of February 28, 2022
| Description | Interest Rate |
Maturity Date |
Principal Amount (000)# |
Value | ||||||||||||
| CORPORATE BONDS (Continued) | ||||||||||||||||
| Oil & Gas (cont'd.) | ||||||||||||||||
| Range Resources Corp., | ||||||||||||||||
|
Gtd. Notes |
4.875 | % | 05/15/25 | 50 | $ | 50,726 | ||||||||||
|
Gtd. Notes, 144A |
4.750 | 02/15/30 | 145 | 141,883 | ||||||||||||
| Southwestern Energy Co., | ||||||||||||||||
|
Gtd. Notes |
4.750 | 02/01/32 | 275 | 274,549 | ||||||||||||
|
Gtd. Notes |
5.375 | 02/01/29 | 25 | 25,711 | ||||||||||||
|
Gtd. Notes |
5.375 | 03/15/30 | 125 | 129,060 | ||||||||||||
| Sunoco LP/Sunoco Finance Corp., | ||||||||||||||||
|
Gtd. Notes |
4.500 | 05/15/29 | 75 | 71,992 | ||||||||||||
|
Gtd. Notes |
5.875 | 03/15/28 | 100 | 101,750 | ||||||||||||
|
Gtd. Notes, 144A |
4.500 | 04/30/30 | 75 | 71,802 | ||||||||||||
| Transocean, Inc. (Cayman Islands), | ||||||||||||||||
|
Gtd. Notes, 144A |
7.250 | 11/01/25 | 110 | 85,643 | ||||||||||||
|
Gtd. Notes, 144A |
8.000 | 02/01/27 | 25 | 18,531 | ||||||||||||
|
|
|
|||||||||||||||
| 5,865,045 | ||||||||||||||||
| Packaging & Containers 1.7% | ||||||||||||||||
|
ARD
Finance SA (Luxembourg), |
6.500 | 06/30/27 | 200 | 191,493 | ||||||||||||
|
Ardagh
Metal Packaging Finance USA LLC/Ardagh Metal Packaging PLC
(Multinational), |
4.000 | 09/01/29 | 200 | 187,538 | ||||||||||||
|
Graham Packaging Co., Inc., Gtd. Notes, 144A |
7.125 | 08/15/28 | 85 | 81,813 | ||||||||||||
|
Intelligent
Packaging Holdco Issuer LP (Canada), |
9.000 | 01/15/26 | 75 | 76,013 | ||||||||||||
|
Intelligent
Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co.-Issuer LLC
(Canada), |
6.000 | 09/15/28 | 375 | 365,028 | ||||||||||||
| LABL, Inc., | ||||||||||||||||
|
Sr. Sec’d. Notes, 144A |
5.875 | 11/01/28 | 175 | 167,447 | ||||||||||||
|
Sr. Unsec’d. Notes, 144A |
8.250 | 11/01/29 | 175 | 162,784 | ||||||||||||
|
Sr. Unsec’d. Notes, 144A |
10.500 | 07/15/27 | 75 | 77,124 | ||||||||||||
|
OI
European Group BV (Netherlands), |
4.750 | 02/15/30 | 50 | 47,853 | ||||||||||||
| Owens-Brockway Glass Container, Inc., | ||||||||||||||||
|
Gtd. Notes, 144A |
6.375 | 08/15/25 | 50 | 52,410 | ||||||||||||
|
Gtd. Notes, 144A |
6.625 | 05/13/27 | 75 | 77,743 | ||||||||||||
|
Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer, Inc., Sr. Sec’d. Notes, 144A |
4.375 | 10/15/28 | 50 | 46,178 | ||||||||||||
|
TriMas Corp., Gtd. Notes, 144A |
4.125 | 04/15/29 | 50 | 47,103 | ||||||||||||
|
|
|
|||||||||||||||
| 1,580,527 | ||||||||||||||||
See Notes to Financial Statements.
| 58 |
| Description | Interest Rate |
Maturity Date |
Principal Amount (000)# |
Value | ||||||||||||
| CORPORATE BONDS (Continued) | ||||||||||||||||
| Pharmaceuticals 3.4% | ||||||||||||||||
| AdaptHealth LLC, | ||||||||||||||||
|
Gtd. Notes, 144A |
4.625 | % | 08/01/29 | 125 | $ | 112,818 | ||||||||||
|
Gtd. Notes, 144A |
5.125 | 03/01/30 | 50 | 46,483 | ||||||||||||
|
Gtd. Notes, 144A |
6.125 | 08/01/28 | 145 | 144,563 | ||||||||||||
|
Bausch Health Americas, Inc., Gtd. Notes, 144A |
8.500 | 01/31/27 | 400 | 405,048 | ||||||||||||
| Bausch Health Cos., Inc. (Canada), | ||||||||||||||||
|
Gtd. Notes, 144A |
5.000 | 02/15/29 | 50 | 40,487 | ||||||||||||
|
Gtd. Notes, 144A |
5.250 | 01/30/30 | 250 | 201,962 | ||||||||||||
|
Gtd. Notes, 144A |
5.250 | 02/15/31 | 150 | 119,250 | ||||||||||||
|
Gtd. Notes, 144A |
6.250 | 02/15/29 | 1,515 | 1,291,009 | ||||||||||||
|
Sr. Sec’d. Notes, 144A |
4.875 | 06/01/28 | 50 | 48,082 | ||||||||||||
|
Embecta Corp., Sr. Sec’d. Notes, 144A |
5.000 | 02/15/30 | 50 | 49,287 | ||||||||||||
|
Endo Luxembourg Finance Co. I Sarl/Endo US, Inc. (Luxembourg), Sr. Sec’d. Notes, 144A |
6.125 | 04/01/29 | 25 | 23,548 | ||||||||||||
|
Jazz Securities DAC (Ireland), Sr. Sec’d. Notes, 144A |
4.375 | 01/15/29 | 200 | 198,280 | ||||||||||||
| Organon & Co./Organon Foreign Debt Co.-Issuer BV, | ||||||||||||||||
|
Sr. Sec’d. Notes, 144A |
4.125 | 04/30/28 | 200 | 196,366 | ||||||||||||
|
Sr. Unsec’d. Notes, 144A |
5.125 | 04/30/31 | 200 | 199,760 | ||||||||||||
|
P&L
Development LLC/PLD Finance Corp., |
7.750 | 11/15/25 | 150 | 143,540 | ||||||||||||
|
Prestige Brands, Inc., Gtd. Notes, 144A |
3.750 | 04/01/31 | 25 | 23,044 | ||||||||||||
|
|
|
|||||||||||||||
| 3,243,527 | ||||||||||||||||
| Pipelines 2.6% | ||||||||||||||||
| Antero Midstream Partners LP/Antero Midstream
Finance Corp., |
||||||||||||||||
|
Gtd. Notes, 144A |
5.375 | 06/15/29 | 75 | 75,375 | ||||||||||||
|
Gtd. Notes, 144A |
5.750 | 03/01/27 | 285 | 290,245 | ||||||||||||
|
Gtd. Notes, 144A |
5.750 | 01/15/28 | 125 | 126,638 | ||||||||||||
|
Gtd. Notes, 144A |
7.875 | 05/15/26 | 100 | 107,579 | ||||||||||||
| Cheniere Energy Partners LP, | ||||||||||||||||
|
Gtd. Notes |
4.000 | 03/01/31 | 200 | 197,052 | ||||||||||||
|
Gtd. Notes |
4.500 | 10/01/29 | 100 | 101,906 | ||||||||||||
|
CNX Midstream Partners LP, Gtd. Notes, 144A |
4.750 | 04/15/30 | 25 | 24,114 | ||||||||||||
|
DCP Midstream Operating LP, Gtd. Notes |
5.625 | 07/15/27 | 20 | 21,432 | ||||||||||||
|
Energy Transfer LP, Jr. Sub. Notes, 5 Year CMT + 5.306% |
7.125 | (c) | 5/15/2030 | (rr) | 50 | 48,853 | ||||||||||
See Notes to Financial Statements.
|
PGIM Fixed Income ETFs |
59 |
PGIM Active High Yield Bond ETF
Schedule of Investments (unaudited) (continued)
as of February 28, 2022
| Description | Interest Rate |
Maturity Date |
Principal Amount (000)# |
Value | ||||||||||||
| CORPORATE BONDS (Continued) | ||||||||||||||||
| Pipelines (cont'd.) | ||||||||||||||||
| EQM Midstream Partners LP, | ||||||||||||||||
|
Sr. Unsec’d. Notes |
5.500 | % | 07/15/28 | 25 | $ | 24,532 | ||||||||||
|
Sr. Unsec’d. Notes, 144A |
6.000 | 07/01/25 | 120 | 122,365 | ||||||||||||
|
Sr. Unsec’d. Notes, 144A |
6.500 | 07/01/27 | 70 | 73,262 | ||||||||||||
|
Global Partners LP/GLP Finance Corp., Gtd. Notes |
6.875 | 01/15/29 | 75 | 76,092 | ||||||||||||
| Rockies Express Pipeline LLC, | ||||||||||||||||
|
Sr. Unsec’d. Notes, 144A |
3.600 | 05/15/25 | 200 | 196,155 | ||||||||||||
|
Sr. Unsec’d. Notes, 144A |
7.500 | 07/15/38 | 125 | 130,033 | ||||||||||||
| Tallgrass Energy Partners LP/Tallgrass Energy
Finance Corp., |
||||||||||||||||
|
Gtd. Notes, 144A |
5.500 | 01/15/28 | 75 | 72,267 | ||||||||||||
|
Gtd. Notes, 144A |
6.000 | 03/01/27 | 134 | 134,543 | ||||||||||||
|
Gtd. Notes, 144A |
6.000 | 12/31/30 | 75 | 72,250 | ||||||||||||
|
Gtd. Notes, 144A |
6.000 | 09/01/31 | 50 | 47,638 | ||||||||||||
|
Gtd. Notes, 144A |
7.500 | 10/01/25 | 100 | 104,960 | ||||||||||||
|
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Gtd. Notes |
4.875 | 02/01/31 | 125 | 128,679 | ||||||||||||
| Venture Global Calcasieu Pass LLC, | ||||||||||||||||
|
Sr. Sec’d. Notes, 144A |
3.875 | 08/15/29 | 190 | 186,373 | ||||||||||||
|
Sr. Sec’d. Notes, 144A |
4.125 | 08/15/31 | 65 | 64,362 | ||||||||||||
| Western Midstream Operating LP, | ||||||||||||||||
|
Sr. Unsec’d. Notes |
3.950 | 06/01/25 | 25 | 25,278 | ||||||||||||
|
Sr. Unsec’d. Notes |
4.550 | 02/01/30 | 25 | 25,646 | ||||||||||||
|
|
|
|||||||||||||||
| 2,477,629 | ||||||||||||||||
| Real Estate 1.5% | ||||||||||||||||
|
Five Point Operating Co. LP/Five Point Capital Corp., Gtd. Notes, 144A |
7.875 | 11/15/25 | 352 | 360,249 | ||||||||||||
|
Greystar Real Estate Partners LLC, Sr. Sec’d. Notes, 144A |
5.750 | 12/01/25 | 225 | 228,041 | ||||||||||||
| Howard Hughes Corp. (The), | ||||||||||||||||
|
Gtd. Notes, 144A |
4.125 | 02/01/29 | 150 | 142,353 | ||||||||||||
|
Gtd. Notes, 144A |
4.375 | 02/01/31 | 250 | 235,928 | ||||||||||||
|
Gtd. Notes, 144A |
5.375 | 08/01/28 | 80 | 80,804 | ||||||||||||
|
Hunt Cos., Inc., Sr. Sec’d. Notes, 144A |
5.250 | 04/15/29 | 175 | 167,695 | ||||||||||||
|
Realogy Group LLC/Realogy Co.-Issuer Corp., Gtd. Notes, 144A |
5.250 | 04/15/30 | 175 | 166,709 | ||||||||||||
|
|
|
|||||||||||||||
| 1,381,779 | ||||||||||||||||
See Notes to Financial Statements.
| 60 |
| Description | Interest Rate |
Maturity Date |
Principal Amount (000)# |
Value | ||||||||||||
| CORPORATE BONDS (Continued) | ||||||||||||||||
| Real Estate Investment Trusts (REITs) 2.6% | ||||||||||||||||
| Diversified Healthcare Trust, | ||||||||||||||||
|
Gtd. Notes |
4.375 | % | 03/01/31 | 225 | $ | 194,662 | ||||||||||
|
Gtd. Notes |
9.750 | 06/15/25 | 175 | 185,059 | ||||||||||||
|
Sr. Unsec’d. Notes |
4.750 | 05/01/24 | 200 | 196,949 | ||||||||||||
|
Sr. Unsec’d. Notes |
4.750 | 02/15/28 | 225 | 204,068 | ||||||||||||
| Park Intermediate Holdings LLC/PK Domestic
Property LLC/PK Finance Co.-Issuer, |
||||||||||||||||
|
Sr. Sec’d. Notes, 144A |
5.875 | 10/01/28 | 150 | 152,714 | ||||||||||||
|
Sr. Sec’d. Notes, 144A |
7.500 | 06/01/25 | 221 | 231,047 | ||||||||||||
|
RHP Hotel Properties LP/RHP Finance Corp., Gtd. Notes |
4.750 | 10/15/27 | 100 | 98,154 | ||||||||||||
|
Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC, Sr. Sec’d. Notes, 144A |
7.875 | 02/15/25 | 980 | 1,021,356 | ||||||||||||
|
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, Sr. Sec’d. Notes, 144A |
4.750 | 04/15/28 | 150 | 142,941 | ||||||||||||
|
|
|
|||||||||||||||
| 2,426,950 | ||||||||||||||||
| Retail 3.3% | ||||||||||||||||
| 1011778 BC ULC/New Red Finance, Inc. (Canada), | ||||||||||||||||
|
Sec’d. Notes, 144A |
4.000 | 10/15/30 | 275 | 253,896 | ||||||||||||
|
Sr. Sec’d. Notes, 144A |
3.875 | 01/15/28 | 125 | 122,147 | ||||||||||||
| At Home Group, Inc., | ||||||||||||||||
|
Gtd. Notes, 144A |
7.125 | 07/15/29 | 250 | 223,119 | ||||||||||||
|
Sr. Sec’d. Notes, 144A |
4.875 | 07/15/28 | 50 | 46,100 | ||||||||||||
|
Carrols Restaurant Group, Inc., Gtd. Notes, 144A |
5.875 | 07/01/29 | 100 | 85,944 | ||||||||||||
|
eG Global Finance PLC (United Kingdom), Sr. Sec’d. Notes, 144A |
6.750 | 02/07/25 | 400 | 399,755 | ||||||||||||
| Fertitta Entertainment LLC/Fertitta
Entertainment Finance Co., Inc., |
||||||||||||||||
|
Gtd. Notes, 144A |
6.750 | 01/15/30 | 125 | 118,984 | ||||||||||||
|
Sr. Sec’d. Notes, 144A |
4.625 | 01/15/29 | 100 | 95,764 | ||||||||||||
|
Foundation Building Materials, Inc., Gtd. Notes, 144A |
6.000 | 03/01/29 | 150 | 140,006 | ||||||||||||
| Gap, Inc. (The), | ||||||||||||||||
|
Gtd. Notes, 144A |
3.625 | 10/01/29 | 50 | 45,339 | ||||||||||||
|
Gtd. Notes, 144A |
3.875 | 10/01/31 | 275 | 246,763 | ||||||||||||
|
LBM Acquisition LLC, Gtd. Notes, 144A |
6.250 | 01/15/29 | 180 | 166,696 | ||||||||||||
|
LCM Investments Holdings II LLC, Sr. Unsec’d. Notes, 144A |
4.875 | 05/01/29 | 75 | 71,388 | ||||||||||||
|
Park River Holdings, Inc., Gtd. Notes, 144A |
5.625 | 02/01/29 | 250 | 214,821 | ||||||||||||
|
Sally Holdings LLC/Sally Capital, Inc., Sec’d. Notes, 144A |
8.750 | 04/30/25 | 175 | 183,746 | ||||||||||||
|
SRS Distribution, Inc., Gtd. Notes, 144A |
6.000 | 12/01/29 | 75 | 70,867 | ||||||||||||
See Notes to Financial Statements.
|
PGIM Fixed Income ETFs |
61 |
PGIM Active High Yield Bond ETF
Schedule of Investments (unaudited) (continued)
as of February 28, 2022
| Description | Interest Rate |
Maturity Date |
Principal Amount (000)# |
Value | ||||||||||||
| CORPORATE BONDS (Continued) | ||||||||||||||||
| Retail (cont'd.) | ||||||||||||||||
| Suburban Propane Partners LP/Suburban Energy
Finance Corp., |
||||||||||||||||
|
Sr. Unsec’d. Notes |
5.875 | % | 03/01/27 | 125 | $ | 127,501 | ||||||||||
|
Sr. Unsec’d. Notes, 144A |
5.000 | 06/01/31 | 225 | 214,902 | ||||||||||||
|
Superior Plus LP/Superior General Partner, Inc. (Canada), Gtd. Notes, 144A |
4.500 | 03/15/29 | 200 | 190,835 | ||||||||||||
|
White Cap Buyer LLC, Sr. Unsec’d. Notes, 144A |
6.875 | 10/15/28 | 75 | 74,650 | ||||||||||||
|
|
|
|||||||||||||||
| 3,093,223 | ||||||||||||||||
| Software 0.6% | ||||||||||||||||
|
Black Knight InfoServ LLC, Gtd. Notes, 144A |
3.625 | 09/01/28 | 250 | 236,959 | ||||||||||||
|
Boxer Parent Co., Inc., Sr. Sec’d. Notes, 144A |
7.125 | 10/02/25 | 50 | 51,763 | ||||||||||||
|
Camelot Finance SA (Luxembourg), Sr. Sec’d. Notes, 144A |
4.500 | 11/01/26 | 150 | 150,097 | ||||||||||||
|
Dun & Bradstreet Corp. (The), Gtd. Notes, 144A |
5.000 | 12/15/29 | 25 | 24,148 | ||||||||||||
|
Rackspace Technology Global, Inc., Sr. Sec’d. Notes, 144A |
3.500 | 02/15/28 | 110 | 99,850 | ||||||||||||
|
|
|
|||||||||||||||
| 562,817 | ||||||||||||||||
| Specialty Retail 0.6% | ||||||||||||||||
|
Ferrellgas Escrow LLC ^ |
8.956 | 03/30/31 | 600 | 600,000 | ||||||||||||
| Telecommunications 4.8% | ||||||||||||||||
|
Altice France SA (France), Sr. Sec’d. Notes, 144A |
8.125 | 02/01/27 | 600 | 631,983 | ||||||||||||
|
CommScope Technologies LLC, Gtd. Notes, 144A |
6.000 | 06/15/25 | 50 | 48,959 | ||||||||||||
|
CommScope, Inc., Sr. Sec’d. Notes, 144A |
6.000 | 03/01/26 | 250 | 256,007 | ||||||||||||
| Digicel Group Holdings Ltd. (Bermuda), | ||||||||||||||||
|
Sr. Sec’d. Notes, Cash coupon 8.000% and PIK 2.000% or PIK 10.000% |
10.000 | 04/01/24 | 52 | 51,824 | ||||||||||||
|
Sr. Unsec’d. Notes, 144A |
8.000 | 04/01/25 | 200 | 180,993 | ||||||||||||
| Digicel International Finance Ltd./Digicel
international Holdings Ltd. (Multinational), |
||||||||||||||||
|
Gtd. Notes, Cash coupon 5.000% and PIK 3.000% or PIK 8.000%, 144A |
8.000 | 12/31/26 | 200 | 191,500 | ||||||||||||
|
Gtd. Notes, Cash coupon 6.000% or PIK 7.000%, 144A |
13.000 | 12/31/25 | 386 | 385,416 | ||||||||||||
|
Sr. Sec’d. Notes, 144A |
8.750 | 05/25/24 | 250 | 252,500 | ||||||||||||
|
Digicel Ltd. (Bermuda), Gtd. Notes, 144A |
6.750 | 03/01/23 | 325 | 306,282 | ||||||||||||
|
Iliad Holding SASU (France), Sr. Sec’d. Notes, 144A |
7.000 | 10/15/28 | 400 | 399,617 | ||||||||||||
| Intelsat Jackson Holdings SA (Luxembourg), | ||||||||||||||||
|
Gtd. Notes |
5.500 | 08/01/23 | 490 | 0 | ||||||||||||
See Notes to Financial Statements.
| 62 |
| Description | Interest Rate |
Maturity Date |
Principal Amount (000)# |
Value | ||||||||||||
| CORPORATE BONDS (Continued) | ||||||||||||||||
| Telecommunications (cont'd.) | ||||||||||||||||
| Intelsat Jackson Holdings SA (Luxembourg), (cont'd.) | ||||||||||||||||
|
Gtd. Notes, 144A |
8.500 | % | 10/15/24 | 25 | $ | 0 | ||||||||||
|
Gtd. Notes, 144A |
9.750 | 07/15/25 | 295 | 0 | ||||||||||||
|
Sr. Sec’d. Notes, 144A |
6.500 | 03/15/30 | 300 | 302,285 | ||||||||||||
|
Level 3 Financing, Inc., Gtd. Notes, 144A |
4.250 | 07/01/28 | 300 | 277,238 | ||||||||||||
| Lumen Technologies, Inc., | ||||||||||||||||
|
Sr. Unsec’d. Notes |
7.600 | 09/15/39 | 27 | 23,763 | ||||||||||||
|
Sr. Unsec’d. Notes |
7.650 | 03/15/42 | 40 | 35,190 | ||||||||||||
|
Sprint Capital Corp., Gtd. Notes |
8.750 | 03/15/32 | 125 | 173,366 | ||||||||||||
| Sprint Corp., | ||||||||||||||||
|
Gtd. Notes |
7.625 | 03/01/26 | 75 | 85,533 | ||||||||||||
|
Gtd. Notes |
7.875 | 09/15/23 | 75 | 80,599 | ||||||||||||
|
Switch Ltd., Gtd. Notes, 144A |
4.125 | 06/15/29 | 25 | 23,923 | ||||||||||||
| Viasat, Inc., | ||||||||||||||||
|
Sr. Sec’d. Notes, 144A |
5.625 | 04/15/27 | 140 | 139,957 | ||||||||||||
|
Sr. Unsec’d. Notes, 144A |
5.625 | 09/15/25 | 370 | 353,887 | ||||||||||||
|
Sr. Unsec’d. Notes, 144A |
6.500 | 07/15/28 | 20 | 18,454 | ||||||||||||
|
Viavi Solutions, Inc., Gtd. Notes, 144A |
3.750 | 10/01/29 | 25 | 23,722 | ||||||||||||
| Zayo Group Holdings, Inc., | ||||||||||||||||
|
Sr. Sec’d. Notes, 144A |
4.000 | 03/01/27 | 125 | 118,737 | ||||||||||||
|
Sr. Unsec’d. Notes, 144A |
6.125 | 03/01/28 | 135 | 125,366 | ||||||||||||
|
|
|
|||||||||||||||
| 4,487,101 | ||||||||||||||||
| Transportation 0.2% | ||||||||||||||||
|
XPO Logistics, Inc., Gtd. Notes, 144A |
6.250 | 05/01/25 | 200 | 207,335 | ||||||||||||
| Trucking & Leasing 0.1% | ||||||||||||||||
|
Fortress Transportation & Infrastructure Investors LLC, Sr. Unsec’d. Notes, 144A |
5.500 | 05/01/28 | 125 | 119,341 | ||||||||||||
|
|
|
|||||||||||||||
|
TOTAL
CORPORATE BONDS |
83,733,729 | |||||||||||||||
|
|
|
|||||||||||||||
|
Shares |
||||||||||||||||
| COMMON STOCKS 1.6% | ||||||||||||||||
| Oil, Gas & Consumable Fuels 1.1% | ||||||||||||||||
|
Chesapeake Energy Corp. |
11,790 | 910,777 | ||||||||||||||
|
Chesapeake Energy Corp. Backstop Commitment * |
68 | 5,253 | ||||||||||||||
|
Civitas Resources, Inc. |
3,225 | 162,766 | ||||||||||||||
|
|
|
|||||||||||||||
| 1,078,796 | ||||||||||||||||
See Notes to Financial Statements.
|
PGIM Fixed Income ETFs |
63 |
PGIM Active High Yield Bond ETF
Schedule of Investments (unaudited) (continued)
as of February 28, 2022
| Description |
Shares |
Value | ||||||||||||||
| COMMON STOCKS (Continued) | ||||||||||||||||
| Specialty Retail 0.2% | ||||||||||||||||
|
Ferrellgas Partners LP (Class B Stock) |
728 | $ | 184,184 | |||||||||||||
| Telecommunications 0.3% | ||||||||||||||||
|
Intelsat Emergence SA (Luxembourg) * |
7,625 | 259,727 | ||||||||||||||
|
|
|
|||||||||||||||
|
TOTAL
COMMON STOCKS |
1,522,707 | |||||||||||||||
|
|
|
|||||||||||||||
|
|
|
Units |
||||||||||||||
| WARRANTS 0.0% | ||||||||||||||||
| Chemicals 0.0% | ||||||||||||||||
|
TPC Group, Inc. expiring 31/12/49^* |
129,605 | 609 | ||||||||||||||
| Oil, Gas & Consumable Fuels 0.0% | ||||||||||||||||
|
Athabasca Oil Corp. expiring 01/11/26* |
200 | 36,746 | ||||||||||||||
|
|
|
|||||||||||||||
|
TOTAL
WARRANTS |
37,355 | |||||||||||||||
|
|
|
|||||||||||||||
| RIGHT 0.0% | ||||||||||||||||
| Telecommunications 0.0% | ||||||||||||||||
|
Intelsat Jackson Holdings SA* |
1,594 | 1,799 | ||||||||||||||
|
|
|
|||||||||||||||
|
TOTAL
RIGHT |
1,799 | |||||||||||||||
|
|
|
|||||||||||||||
|
TOTAL
LONG-TERM INVESTMENTS |
88,528,446 | |||||||||||||||
|
|
|
|||||||||||||||
|
|
|
Shares |
||||||||||||||
| SHORT-TERM INVESTMENT 4.3% | ||||||||||||||||
| AFFILIATED MUTUAL FUND 0.0% | ||||||||||||||||
|
PGIM Institutional Money Market Fund (cost $64,052; includes $64,050 of cash collateral for securities on loan)(b)(wa) |
64,099 | 64,048 | ||||||||||||||
See Notes to Financial Statements.
| 64 |
| Description | Interest Rate |
Maturity Date |
Principal Amount (000)# |
Value | ||||||||||||
| TIME DEPOSIT 4.3% | ||||||||||||||||
|
Skandinaviska
Enskilda Banken AB (Sweden) |
0.005 | % | 03/01/22 | 4,022 | $ | 4,022,280 | ||||||||||
|
|
|
|||||||||||||||
|
TOTAL
SHORT-TERM INVESTMENTS |
4,086,328 | |||||||||||||||
|
|
|
|||||||||||||||
|
TOTAL
INVESTMENTS 98.3% |
92,614,774 | |||||||||||||||
|
Other assets in excess of liabilities 1.7% |
1,594,237 | |||||||||||||||
|
|
|
|||||||||||||||
|
NET ASSETS 100.0% |
$ | 94,209,011 | ||||||||||||||
|
|
|
|||||||||||||||
Below is a list of the abbreviation(s) used in the semi-annual report:
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.
CMT—Constant Maturity Treasury
LIBOR—London Interbank Offered Rate
OTC—Over-the-counter
PIK—Payment-in-Kind
Q—Quarterly payment frequency for swaps
S—Semiannual payment frequency for swaps
SOFR—Secured Overnight Financing Rate
| * |
Non-income producing security. |
| # |
Principal or notional amount is shown in U.S. dollars unless otherwise stated. |
| ^ |
Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $600,609 and 0.64% of net assets. |
| (a) |
All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $61,711; cash collateral of $64,050 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Fund may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day. |
| (b) |
Represents security purchased with cash collateral received for securities on loan and includes dividend reinvestment. |
| (c) |
Variable rate instrument. The interest rate shown reflects the rate in effect at February 28, 2022. |
| (d) |
Represents issuer in default on interest payments and/or principal repayment. Non-income producing security. Such security may be post-maturity. |
| (rr) |
Perpetual security. Maturity date represents next call date. |
| (wa) |
PGIM Investments LLC, the manager of the Fund, also serves as manager of the PGIM Institutional Money Market Fund. |
See Notes to Financial Statements.
|
PGIM Fixed Income ETFs |
65 |
PGIM Active High Yield Bond ETF
Schedule of Investments (unaudited) (continued)
as of February 28, 2022
Futures contracts outstanding at February 28, 2022:
| Number of contracts |
Type | Expiration Date |
Current Notional Amount |
Value
/ Unrealized Appreciation (Depreciation) |
||||||||||||
| Long Positions: | ||||||||||||||||
| 1 | 2 Year U.S. Treasury Notes | Jun. 2022 | $ | 215,227 | $ | 703 | ||||||||||
| 27 | 5 Year U.S. Treasury Notes | Jun. 2022 | 3,193,594 | 22,317 | ||||||||||||
|
|
|
|||||||||||||||
| 23,020 | ||||||||||||||||
|
|
|
|||||||||||||||
| Short Positions: | ||||||||||||||||
| 7 | 10 Year U.S. Treasury Notes | Jun. 2022 | 892,063 | (7,218 | ) | |||||||||||
| 7 | U.S. Long Bond | Jun. 2022 | 1,096,813 | (14,609 | ) | |||||||||||
| 5 | U.S. Ultra Bond | Jun. 2022 | 929,688 | (9,726 | ) | |||||||||||
|
|
|
|||||||||||||||
| (31,553 | ) | |||||||||||||||
|
|
|
|||||||||||||||
| $ | (8,533 | ) | ||||||||||||||
|
|
|
|||||||||||||||
Total return swap agreements outstanding at February 28, 2022:
|
Reference |
Financing Rate |
Counterparty |
Termination Date |
Long (Short) Notional Amount (000)#(1) |
Fair Value |
Upfront Premiums Paid (Received) |
Unrealized Appreciation (Depreciation)(2) |
|||||||||||||||||||
|
OTC Total Return Swap Agreements: |
||||||||||||||||||||||||||
| iBoxx US Dollar Liquid High Yield |
SOFR | (A) | BNP Paribas SA | 03/20/22 | 12,000 | $ | (244,693 | ) | $ | 10,634 | $ | (255,327 | ) | |||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||
| $ | (244,693 | ) | $ | 10,634 | $ | (255,327 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||
| (1) |
On a long total return swap, the Fund receives payments for any positive return on the reference entity (makes payments for any negative return) and pays the financing rate. On a short total return swap, the Fund makes payments for any positive return on the reference entity (receives payments for any negative return) and receives the financing rate. |
| (2) |
Upfront/recurring fees or commissions, as applicable, are included in the net unrealized appreciation (depreciation). |
Balances Reported in the Statement of Assets and Liabilities for OTC Swap Agreements:
| Premiums Paid | Premiums Received |
Unrealized Appreciation |
Unrealized Depreciation |
|||||||||||||
|
OTC Swap Agreements |
$ | 10,634 | $ | — | $ | — | $ | (255,327 | ) | |||||||
|
|
|
|
|
|
|
|
|
|||||||||
See Notes to Financial Statements.
| 66 |
Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:
Cash and securities segregated as collateral to cover requirements for open centrally cleared/ exchange-traded derivatives are listed by broker as follows:
|
Broker |
Cash and/or Foreign Currency | Securities Market Value | ||||||
|
Citigroup Global Markets, Inc. |
$ | 150,000 | $ | — | ||||
Fair Value Measurements:
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.
Level 1—unadjusted quoted prices generally in active markets for identical securities.
Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.
Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.
The following is a summary of the inputs used as of February 28, 2022 in valuing such portfolio securities:
| Level 1 | Level 2 | Level 3 | ||||||||||
| Investments in Securities | ||||||||||||
| Assets | ||||||||||||
| Long-Term Investments | ||||||||||||
| Asset-Backed Security | ||||||||||||
|
Collateralized Loan Obligations |
$ | — | $ | 993,591 | $ | — | ||||||
|
Bank Loans |
— | 2,239,265 | — | |||||||||
|
Corporate Bonds |
— | 83,133,729 | 600,000 | |||||||||
|
Common Stocks |
||||||||||||
|
Oil, Gas & Consumable Fuels |
1,073,543 | 5,253 | — | |||||||||
|
Specialty Retail |
— | 184,184 | — | |||||||||
|
Telecommunications |
259,727 | — | — | |||||||||
|
Warrants |
36,746 | — | 609 | |||||||||
|
Rights |
— | 1,799 | — | |||||||||
| Short-Term Investments | ||||||||||||
|
Affiliated Mutual Fund |
64,048 | — | — | |||||||||
|
Time Deposit |
— | 4,022,280 | — | |||||||||
|
|
|
|
|
|
|
|||||||
|
Total |
$ | 1,434,064 | $ | 90,580,101 | $ | 600,609 | ||||||
|
|
|
|
|
|
|
|||||||
See Notes to Financial Statements.
|
PGIM Fixed Income ETFs |
67 |
PGIM Active High Yield Bond ETF
Schedule of Investments (unaudited) (continued)
as of February 28, 2022
| Level 1 | Level 2 | Level 3 | ||||||||||
| Other Financial Instruments* | ||||||||||||
| Assets | ||||||||||||
|
Futures Contracts |
$ | 23,020 | $ | — | $ | — | ||||||
|
|
|
|
|
|
|
|||||||
|
Total |
$ | 23,020 | $ | — | $ | — | ||||||
|
|
|
|
|
|
|
|||||||
| Liabilities | ||||||||||||
|
Futures Contracts |
$ | (31,553 | ) | $ | — | $ | — | |||||
|
OTC Total Return Swap Agreements |
— | (255,327 | ) | — | ||||||||
|
|
|
|
|
|
|
|||||||
|
Total |
$ | (31,553 | ) | $ | (255,327 | ) | $ | — | ||||
|
|
|
|
|
|
|
|||||||
| * |
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. |
Industry Classification:
The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of February 28, 2022 were as follows:
|
Media |
9.3 | % | ||
|
Oil & Gas |
6.4 | |||
|
Telecommunications |
5.3 | |||
|
Commercial Services |
4.9 | |||
|
Electric |
4.4 | |||
|
Time Deposit |
4.3 | |||
|
Home Builders |
4.2 | |||
|
Healthcare-Services |
4.0 | |||
|
Diversified Financial Services |
3.7 | |||
|
Pharmaceuticals |
3.4 | |||
|
Retail |
3.3 | |||
|
Aerospace & Defense |
3.2 | |||
|
Food |
3.2 | |||
|
Chemicals |
3.0 | |||
|
Entertainment |
2.9 | |||
|
Building Materials |
2.7 | |||
|
Auto Manufacturers |
2.7 | |||
|
Pipelines |
2.6 | |||
|
Real Estate Investment Trusts (REITs) |
2.6 | |||
|
Packaging & Containers |
1.7 | |||
|
Lodging |
1.7 | |||
|
Real Estate |
1.5 | |||
|
Auto Parts & Equipment |
1.3 | |||
|
Mining |
1.2 | |||
|
Oil, Gas & Consumable Fuels |
1.2 | |||
|
Software |
1.2 | |||
|
Airlines |
1.1 | |||
|
Collateralized Loan Obligations |
1.1 | |||
|
Healthcare-Products |
1.0 | |||
|
Specialty Retail |
0.8 | |||
|
Gas |
0.7 | |||
|
Machinery-Diversified |
0.6 | |||
|
Distribution/Wholesale |
0.5 | |||
|
Housewares |
0.5 | |||
|
Apparel |
0.5 | |||
|
Advertising |
0.5 | |||
|
Electrical Components & Equipment |
0.5 | |||
|
Computers |
0.5 | |||
|
Insurance |
0.4 | |||
|
Iron/Steel |
0.4 | |||
|
Internet |
0.3 | |||
|
Household Products/Wares |
0.3 | |||
|
Diversified/Conglomerate Services |
0.3 | |||
|
Engineering & Construction |
0.2 | |||
|
Transportation |
0.2 | |||
|
Electronics |
0.2 | |||
|
Infrastructure Software |
0.2 | |||
|
Miscellaneous Manufacturer |
0.2 | |||
|
Agriculture |
0.2 | |||
|
Metal Fabricate/Hardware |
0.2 | |||
|
Banks |
0.2 | |||
|
Environmental Control |
0.2 | |||
|
Trucking & Leasing |
0.1 | |||
|
Electric & Gas Marketing |
0.1 |
See Notes to Financial Statements.
| 68 |
Industry Classification (cont’d.)
|
Leisure Time |
0.1 | % | ||
|
Office & Business Equipment |
0.1 | |||
|
Machinery-Constructions & Mining |
0.1 | |||
|
Industrial Services |
0.1 | |||
|
Affiliated Mutual Fund (0.0%* represents investments purchased with collateral from securities on loan) |
0.0 | * | ||
|
Home Furnishings |
0.0 | * | ||
|
Coal |
0.0 | * | ||
|
|
|
|||
| 98.3 | ||||
|
Other assets in excess of liabilities |
1.7 | |||
|
|
|
|||
| 100.0 | % | |||
|
|
|
| * |
Less than +/- 0.05%. |
Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:
The Fund invested in derivative instruments during the reporting period. The primary types of risk associated with these derivative instruments are credit contracts risk and 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.
Fair values of derivative instruments as of February 28, 2022 as presented in the Statement of Assets and Liabilities:
|
Derivatives not accounted for as hedging instruments, carried at fair value |
Asset Derivatives | Liability Derivatives | ||||||||||
| 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* |
$ | 23,020 | Due from/to broker— variation margin futures* |
$ | (31,553 | ) | |||||
| Interest rate contracts | Unrealized appreciation on OTC swap agreements |
— | Unrealized depreciation on OTC swap agreements |
(255,327 | ) | |||||||
| Interest rate contracts | Premiums paid for OTC swap agreements |
10,634 | Premiums received for OTC swap agreements |
— | ||||||||
|
|
|
|
|
|||||||||
| $ | 24,819 | $ | (286,880 | ) | ||||||||
|
|
|
|
|
|||||||||
| * |
Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities. |
See Notes to Financial Statements.
|
PGIM Fixed Income ETFs |
69 |
PGIM Active High Yield Bond ETF
Schedule of Investments (unaudited) (continued)
as of February 28, 2022
The effects of derivative instruments on the Statement of Operations for the period ended February 28, 2022 are as follows:
|
Amount of Realized Gain (Loss) on Derivatives Recognized in Income |
||||||||
|
Derivatives
not accounted for as hedging |
Futures | Swaps | ||||||
|
Credit contracts |
$ | — | $ | 13,295 | ||||
|
Interest rate contracts |
(155,121 | ) | 413 | |||||
|
|
|
|
|
|||||
| $ | (155,121 | ) | $ | 13,708 | ||||
|
|
|
|
|
|||||
|
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income |
||||||||
|
Derivatives
not accounted for as hedging |
Futures | Swaps | ||||||
|
Interest rate contracts |
$ | (31,059 | ) | $ | (255,327 | ) | ||
|
|
|
|
|
|||||
For the period ended February 28, 2022 the Fund’s average volume of derivative activities is as follows:
| Futures Contracts-Long Positions(1) |
Futures Contracts-Short Positions(1) |
Credit Default Swap Agreements(1) | |||||||||||
| $8,636,237 | $2,514,563 | $350,000 | |||||||||||
| Total Return Swap Agreements(1) | |||
| $12,000,000 | |||
| (1) |
Notional Amount in USD. |
Average volume is based on average quarter end balances as noted for the six months ended February 28, 2022.
Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:
The Fund invested in OTC derivatives and entered into financial instruments/transactions during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for OTC derivatives and financial instruments/transactions where the legal right to set-off exists is presented in the summary below:
See Notes to Financial Statements.
| 70 |
Offsetting of financial instrument/transaction assets and liabilities:
|
Description |
Gross Market Value of Recognized Assets/(Liabilities) |
Collateral Pledged/(Received)(1) |
Net Amount | |||||||||
|
Securities on Loan |
$ | 61,711 | $ | (61,711 | ) | $ | — | |||||
|
|
|
|
|
|
|
|||||||
| (1) |
Collateral amount disclosed by the Fund is limited to the market value of the financial instruments/transactions. |
Offsetting of OTC derivative assets and liabilities:
|
Counterparty |
Gross Amounts of Recognized Assets(1) |
Gross Amounts of Recognized Liabilities(1) |
Net Amounts of Recognized Assets/ (Liabilities) |
Collateral Pledged/ (Received)(2) |
Net Amount |
|||||||||||||||
|
BNP Paribas SA |
$ | 10,634 | $ | (255,327 | ) | $ | (244,693 | ) | $ | 244,693 | $ | — | ||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| $ | 10,634 | $ | (255,327 | ) | $ | (244,693 | ) | $ | 244,693 | $ | — | |||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| (1) |
Includes unrealized appreciation/(depreciation) on swaps and forwards, premiums paid/(received) on swap agreements and market value of purchased and written options, as represented on the Statement of Assets and Liabilities. |
| (2) |
Collateral amount disclosed by the Fund is limited to the market value of financial instruments/transactions and the Fund’s OTC derivative exposure by counterparty. |
See Notes to Financial Statements.
|
PGIM Fixed Income ETFs |
71 |
PGIM Active High Yield Bond ETF
Statement of Assets & Liabilities (unaudited)
as of February 28, 2022
|
Assets |
||||
|
Investments at value, including securities on loan of $61,711: |
||||
|
Unaffiliated investments (cost $94,751,941) |
$ | 92,550,726 | ||
|
Affiliated investments (cost $64,052) |
64,048 | |||
|
Cash |
16 | |||
|
Interest and dividends receivable |
1,206,822 | |||
|
Receivable for investments sold |
813,784 | |||
|
Deposit with broker for OTC derivatives |
280,000 | |||
|
Deposit with broker for centrally cleared/exchange-traded derivatives |
150,000 | |||
|
Premiums paid for OTC swap agreements |
10,634 | |||
|
|
|
|||
|
Total Assets |
95,076,030 | |||
|
|
|
|||
| Liabilities | ||||
|
Payable for investments purchased |
479,859 | |||
|
Unrealized depreciation on OTC swap agreements |
255,327 | |||
|
Payable to broker for collateral for securities on loan |
64,050 | |||
|
Management fee payable |
37,871 | |||
|
Due to broker—variation margin futures |
27,535 | |||
|
Other liabilities |
2,377 | |||
|
|
|
|||
|
Total Liabilities |
867,019 | |||
|
|
|
|||
|
Net Assets |
$ | 94,209,011 | ||
|
|
|
|||
|
Net assets were comprised of: |
||||
|
Common stock, at par |
$ | 2,425 | ||
|
Paid-in capital in excess of par |
97,141,837 | |||
|
Total distributable earnings (loss) |
(2,935,251 | ) | ||
|
|
|
|||
|
Net assets, February 28, 2022 |
$ | 94,209,011 | ||
|
|
|
|||
|
Net asset value, offering price and redemption price per share, ($94,209,011 / 2,425,000 shares of common stock issued and outstanding) |
$ | 38.85 | ||
|
|
|
|||
See Notes to Financial Statements.
| 72 |
PGIM Active High Yield Bond ETF
Statement of Operations (unaudited)
Six Months Ended February 28, 2022
|
Net Investment Income (Loss) |
||||
|
Income |
||||
|
Interest income |
$ | 1,568,485 | ||
|
Unaffiliated dividend income |
6,531 | |||
|
Affiliated dividend income |
1,355 | |||
|
Income from securities lending, net (including affiliated income of $30) |
235 | |||
|
Miscellaneous Income |
7,576 | |||
|
|
|
|||
|
Total income |
1,584,182 | |||
|
|
|
|||
|
Expenses |
||||
|
Management fee |
204,616 | |||
|
Miscellaneous expenses |
50 | |||
|
|
|
|||
|
Total expenses |
204,666 | |||
|
|
|
|||
|
Net investment income (loss) |
1,379,516 | |||
|
|
|
|||
| Realized And Unrealized Gain (Loss) On Investments | ||||
|
Net realized gain (loss) on: |
||||
|
Investment transactions (including affiliated of $—) |
(39,770 | ) | ||
|
Futures transactions |
(155,121 | ) | ||
|
In-kind redemptions |
443,931 | |||
|
Swap agreement transactions |
13,708 | |||
|
|
|
|||
| 262,748 | ||||
|
|
|
|||
|
Net change in unrealized appreciation (depreciation) on: |
||||
|
Investments (including affiliated of $(4)) |
(4,120,426 | ) | ||
|
Futures |
(31,059 | ) | ||
|
Swap agreements |
(255,327 | ) | ||
|
|
|
|||
| (4,406,812 | ) | |||
|
|
|
|||
|
Net gain (loss) on investment transactions |
(4,144,064 | ) | ||
|
|
|
|||
|
Net Increase (Decrease) In Net Assets Resulting From Operations |
$ | (2,764,548 | ) | |
|
|
|
|||
See Notes to Financial Statements.
|
PGIM Fixed Income ETFs |
73 |
PGIM Active High Yield Bond ETF
Statements of Changes in Net Assets
|
Six Months Ended February 28, 2022 (Unaudited) |
Year Ended August 31, 2021 |
|||||||
|
Increase (Decrease) in Net Assets |
||||||||
|
Operations |
||||||||
|
Net investment income (loss) |
$ | 1,379,516 | $ | 2,775,060 | ||||
|
Net realized gain (loss) on investments and in-kind redemptions |
262,748 | 611,714 | ||||||
|
Net change in unrealized appreciation (depreciation) on investments |
(4,406,812 | ) | 2,435,162 | |||||
|
|
|
|
|
|||||
|
Net increase (decrease) in net assets resulting from operations |
(2,764,548 | ) | 5,821,936 | |||||
|
|
|
|
|
|||||
|
Dividends and Distributions |
||||||||
|
Distributions from distributable earnings |
(2,604,023 | ) | (3,660,138 | ) | ||||
|
|
|
|
|
|||||
|
Fund share transactions |
||||||||
|
Net proceeds from shares sold |
32,080,763 | 74,395,702 | ||||||
|
Cost of shares purchased |
(19,479,038 | ) | (24,576,005 | ) | ||||
|
|
|
|
|
|||||
|
Net increase (decrease) in net assets from Fund share transactions |
12,601,725 | 49,819,697 | ||||||
|
|
|
|
|
|||||
|
Total increase (decrease) |
7,233,154 | 51,981,495 | ||||||
| Net Assets: | ||||||||
|
Beginning of period |
86,975,857 | 34,994,362 | ||||||
|
|
|
|
|
|||||
|
End of period |
$ | 94,209,011 | $ | 86,975,857 | ||||
|
|
|
|
|
|||||
See Notes to Financial Statements.
| 74 |
PGIM Active High Yield Bond ETF
Financial Highlights
|
Six Months 2022 |
Year Ended August 31, | September 24, 2018(e) through August 31, |
||||||||||||||||||||||
| (unaudited) | 2021 | 2020 | 2019 | |||||||||||||||||||||
| Per Share Operating Performance(a): | ||||||||||||||||||||||||
| Net Asset Value, Beginning of Period | $41.42 | $39.99 | $40.96 | $40.00 | ||||||||||||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||||||
| Net investment income (loss) | 0.72 | 1.95 | 2.49 | 2.30 | ||||||||||||||||||||
| Net realized and unrealized gain (loss) on investments | (1.90 | ) | 2.30 | (0.49 | ) | 0.85 | ||||||||||||||||||
| Total from investment operations | (1.18 | ) | 4.25 | 2.00 | 3.15 | |||||||||||||||||||
| Less Dividends and Distributions: | ||||||||||||||||||||||||
| Dividends from net investment income | (0.91 | ) | (2.24 | ) | (2.55 | ) | (2.19 | ) | ||||||||||||||||
| Distributions from net realized gains | (0.48 | ) | (0.58 | ) | (0.42 | ) | - | |||||||||||||||||
| Total Dividends and Distributions | (1.39 | ) | (2.82 | ) | (2.97 | ) | (2.19 | ) | ||||||||||||||||
| Net asset value, end of period | $38.85 | $41.42 | $39.99 | $40.96 | ||||||||||||||||||||
| Total Return(b): | (2.92)% | 11.00% | 5.24% | 8.20% | ||||||||||||||||||||
| Ratios/Supplemental Data: | ||||||||||||||||||||||||
| Net assets, end of period (000) | $94,209 | $86,976 | $34,994 | $27,649 | ||||||||||||||||||||
| Average net assets (000) | $77,854 | $58,270 | $29,367 | $26,467 | ||||||||||||||||||||
| Ratios to average net assets(c): | ||||||||||||||||||||||||
| Expenses after waivers and/or expense reimbursement | 0.53% | (d) | 0.53% | 0.53% | 0.52% | (d) | ||||||||||||||||||
| Expenses before waivers and/or expense reimbursement | 0.53% | (d) | 0.53% | 0.53% | 0.53% | (d) | ||||||||||||||||||
| Net investment income (loss) | 3.57% | (d) | 4.76% | 6.37% | 6.15% | (d) | ||||||||||||||||||
| Portfolio turnover rate(f) | 16% | 85% | 57% | 55% | ||||||||||||||||||||
| (a) |
Calculated based on average shares outstanding during the period. |
| (b) |
Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of the period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized. |
| (c) |
Does not include expenses of the underlying funds in which the Fund invests. |
| (d) |
Annualized. |
| (e) |
Commencement of operations. |
| (f) |
The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
See Notes to Financial Statements.
|
PGIM Fixed Income ETFs |
75 |
PGIM Active Aggregate Bond ETF
Schedule of Investments (unaudited)
as of February 28, 2022
| Description | Interest Rate |
Maturity Date |
Principal Amount (000)# |
Value | ||||||||||||
| LONG-TERM INVESTMENTS 95.9% | ||||||||||||||||
| ASSET-BACKED SECURITIES 10.3% | ||||||||||||||||
| Automobile ABS 0.6% | ||||||||||||||||
|
CarMax Auto Owner Trust, Series 2022-1, Class D |
2.470 | % | 07/17/28 | 100 | $ | 98,942 | ||||||||||
|
Carvana Auto Receivables Trust, Series 2021-P4, Class B |
1.980 | 02/10/28 | 100 | 97,536 | ||||||||||||
|
Hertz Vehicle Financing LLC, Series 2022-2A, Class A, 144A |
2.330 | 06/26/28 | 100 | 98,764 | ||||||||||||
|
|
|
|||||||||||||||
| 295,242 | ||||||||||||||||
| Collateralized Loan Obligations 9.3% | ||||||||||||||||
|
AIG CLO LLC (Cayman Islands), Series 2018-1A, Class A1R, 144A, 3 Month LIBOR + 1.120% |
1.374 | (c) | 04/20/32 | 400 | 397,660 | |||||||||||
|
Anchorage
Capital CLO 25 Ltd. (Cayman Islands), Series 2022-25A, Class A1,
144A, |
1.631 | (c) | 04/20/35 | 250 | 249,387 | |||||||||||
|
Atlas
Senior Loan Fund VII Ltd. (Cayman Islands), Series 2016-7A, Class A1R2,
144A, |
1.608 | (c) | 11/27/31 | 250 | 248,352 | |||||||||||
|
Bain
Capital Credit CLO Ltd. (Cayman Islands), Series 2022-1A, Class A1,
144A, |
– | (p) | 04/18/35 | 250 | 249,392 | |||||||||||
|
Balboa
Bay Loan Funding Ltd. (Cayman Islands), Series 2020-1A, Class AR,
144A, |
1.374 | (c) | 01/20/32 | 250 | 248,108 | |||||||||||
|
Crown City CLO II (Cayman Islands), Series 2020-2A, Class A1AR, 144A, 3 Month Term SOFR + 1.340% |
1.599 | (c) | 04/20/35 | 250 | 249,392 | |||||||||||
|
Elevation CLO Ltd. (Cayman Islands), Series 2021-13A, Class A1, 144A, 3 Month LIBOR + 1.190% |
1.431 | (c) | 07/15/34 | 250 | 248,739 | |||||||||||
|
HPS
Loan Management Ltd. (Cayman Islands), Series 10A-16, Class A1RR,
144A, |
1.394 | (c) | 04/20/34 | 250 | 248,623 | |||||||||||
|
ICG US CLO Ltd. (Cayman Islands), Series 2015-2RA, Class A1, 144A, 3 Month LIBOR + 1.370% |
1.611 | (c) | 01/16/33 | 250 | 248,478 | |||||||||||
|
Madison
Park Funding XXXIII Ltd. (Cayman Islands), Series 2019-33A, Class AR,
144A, |
1.449 | (c) | 10/15/32 | 250 | 248,398 | |||||||||||
|
Madison
Park Funding XXXIV Ltd. (Cayman Islands), Series 2019-34A, Class AR,
144A, |
1.378 | (c) | 04/25/32 | 400 | 397,336 | |||||||||||
|
Northwoods
Capital XV Ltd. (Cayman Islands), Series 2017-15A, Class A1R,
144A, |
1.424 | (c) | 06/20/34 | 250 | 248,581 | |||||||||||
See Notes to Financial Statements.
| 76 |
| Description | Interest Rate |
Maturity Date |
Principal Amount (000)# |
Value | ||||||||||||
| ASSET-BACKED SECURITIES (Continued) | ||||||||||||||||
| Collateralized Loan Obligations (cont'd.) | ||||||||||||||||
|
Romark CLO IV Ltd. (Cayman Islands), Series 2021-4A, Class A1, 144A, 3 Month LIBOR + 1.170% |
1.401 | %(c) | 07/10/34 | 400 | $ | 399,576 | ||||||||||
|
TCW CLO Ltd. (Cayman Islands), Series 2019-2A, Class A1R, 144A, 3 Month Term SOFR + 1.280% |
1.521 | (c) | 10/20/32 | 250 | 249,392 | |||||||||||
|
Whitebox Clo I Ltd. (Cayman Islands), Series 2019-1A, Class ANAR, 144A, 3 Month LIBOR + 1.130% |
1.389 | (c) | 07/24/32 | 500 | 496,830 | |||||||||||
|
|
|
|||||||||||||||
| 4,428,244 | ||||||||||||||||
| Other ABS 0.4% | ||||||||||||||||
|
OneMain Financial Issuance Trust, Series 2020-2A, Class A, 144A |
1.750 | 09/14/35 | 200 | 193,790 | ||||||||||||
|
|
|
|||||||||||||||
|
TOTAL
ASSET-BACKED SECURITIES |
|
4,917,276 | ||||||||||||||
|
|
|
|||||||||||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES 11.4% | ||||||||||||||||
|
BANK, |
||||||||||||||||
|
Series 2019-BN22, Class A3 |
2.726 | 11/15/62 | 250 | 248,474 | ||||||||||||
|
Series 2021-BN38, Class A4 |
2.275 | 12/15/64 | 100 | 94,942 | ||||||||||||
|
BBCMS Mortgage Trust, Series 2021-C12, Class A4 |
2.421 | 11/15/54 | 250 | 241,762 | ||||||||||||
|
Bellemeade Re Ltd. (Bermuda), Series 2021-2A, Class M1A, 144A, 30 Day Average SOFR + 1.200% |
1.249 | (c) | 06/25/31 | 150 | 148,402 | |||||||||||
|
Benchmark Mortgage Trust, |
||||||||||||||||
|
Series 2021-B25, Class A3 |
1.906 | 04/15/54 | 500 | 475,890 | ||||||||||||
|
Series 2021-B31, Class A4 |
2.420 | 12/15/54 | 100 | 95,573 | ||||||||||||
|
CD Mortgage Trust, Series 2019-CD8, Class A3 |
2.657 | 08/15/57 | 500 | 482,478 | ||||||||||||
|
COMM Mortgage Trust, |
||||||||||||||||
|
Series 2014-UBS4, Class A4 |
3.420 | 08/10/47 | 500 | 504,585 | ||||||||||||
|
Series 2015-DC1, Class A4 |
3.078 | 02/10/48 | 500 | 499,309 | ||||||||||||
|
Freddie Mac STACR REMIC Trust, |
||||||||||||||||
|
Series 2021-DNA3, Class M2, 144A, 30 Day Average SOFR + 2.100% |
2.149 | (c) | 10/25/33 | 50 | 49,938 | |||||||||||
|
Series 2021-DNA5, Class M1, 144A, 30 Day Average SOFR + 0.650% |
0.699 | (c) | 01/25/34 | 5 | 4,748 | |||||||||||
|
GS Mortgage Securities Trust, Series 2019-GC42, Class A3 |
2.749 | 09/01/52 | 250 | 246,709 | ||||||||||||
|
JPMCC Commercial Mortgage Securities Trust, Series 2019-COR5, Class A3 |
3.123 | 06/13/52 | 500 | 508,057 | ||||||||||||
|
MFA Trust, Series 2021-RPL1, Class A1, 144A |
1.131 | (cc) | 07/25/60 | 80 | 77,827 | |||||||||||
|
Station Place Securitization Trust, Series 2021-8, Class A, 144A, 1 Month LIBOR + 0.800% |
0.976 | (c) | 06/20/22 | 30 | 29,922 | |||||||||||
See Notes to Financial Statements.
|
PGIM Fixed Income ETFs |
77 |
PGIM Active Aggregate Bond ETF
Schedule of Investments (unaudited) (continued)
as of February 28, 2022
| Description | Interest Rate |
Maturity Date |
Principal Amount (000)# |
Value | ||||||||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued) | ||||||||||||||||
|
Wells Fargo Commercial Mortgage Trust, |
|
|||||||||||||||
|
Series 2017-C39, Class A4 |
3.157 | % | 09/15/50 | 500 | $ | 500,758 | ||||||||||
|
Series 2019-C52, Class A4 |
2.643 | 08/15/52 | 436 | 428,806 | ||||||||||||
|
Series 2020-C56, Class A4 |
2.194 | 06/15/53 | 500 | 475,116 | ||||||||||||
|
Series 2021-C59, Class A3 |
1.958 | 04/15/54 | 350 | 332,246 | ||||||||||||
|
|
|
|||||||||||||||
|
TOTAL
COMMERCIAL MORTGAGE-BACKED SECURITIES |
|
5,445,542 | ||||||||||||||
|
|
|
|||||||||||||||
| CORPORATE BONDS 30.2% | ||||||||||||||||
| Aerospace & Defense 0.8% | ||||||||||||||||
|
Boeing Co. (The), |
||||||||||||||||
|
Sr. Unsec’d. Notes |
2.196 | 02/04/26 | 253 | 245,021 | ||||||||||||
|
Sr. Unsec’d. Notes |
3.750 | 02/01/50 | 34 | 31,593 | ||||||||||||
|
Sr. Unsec’d. Notes |
5.150 | 05/01/30 | 45 | 49,664 | ||||||||||||
|
Raytheon Technologies Corp., |
||||||||||||||||
|
Sr. Unsec’d. Notes |
4.125 | 11/16/28 | 13 | 14,053 | ||||||||||||
|
Sr. Unsec’d. Notes |
4.150 | 05/15/45 | 15 | 16,081 | ||||||||||||
|
|
|
|||||||||||||||
| 356,412 | ||||||||||||||||
| Agriculture 0.4% | ||||||||||||||||
|
Altria Group, Inc., |
||||||||||||||||
|
Gtd. Notes |
3.400 | 05/06/30 | 48 | 47,445 | ||||||||||||
|
Gtd. Notes |
3.400 | 02/04/41 | 50 | 41,382 | ||||||||||||
|
BAT
International Finance PLC (United Kingdom), |
1.668 | 03/25/26 | 124 | 117,972 | ||||||||||||
|
|
|
|||||||||||||||
| 206,799 | ||||||||||||||||
| Airlines 0.2% | ||||||||||||||||
|
Southwest Airlines Co., |
||||||||||||||||
|
Sr. Unsec’d. Notes |
4.750 | 05/04/23 | 17 | 17,569 | ||||||||||||
|
Sr. Unsec’d. Notes |
5.125 | 06/15/27 | 50 | 55,496 | ||||||||||||
|
United Airlines 2013-1 Class A Pass Through Trust, Pass-Through Certificates |
4.300 | 08/15/25 | 9 | 9,732 | ||||||||||||
|
|
|
|||||||||||||||
| 82,797 | ||||||||||||||||
| Auto Manufacturers 0.8% | ||||||||||||||||
|
Daimler
Trucks Finance North America LLC, |
1.625 | 12/13/24 | 150 | 147,177 | ||||||||||||
|
General Motors Co., |
||||||||||||||||
|
Sr. Unsec’d. Notes |
6.250 | 10/02/43 | 51 | 61,843 | ||||||||||||
|
Sr. Unsec’d. Notes |
6.600 | 04/01/36 | 17 | 21,031 | ||||||||||||
See Notes to Financial Statements.
| 78 |
| Description | Interest Rate |
Maturity Date |
Principal Amount (000)# |
Value | ||||||||||||
| CORPORATE BONDS (Continued) | ||||||||||||||||
| Auto Manufacturers (cont'd.) | ||||||||||||||||
|
General Motors Financial Co., Inc., |
||||||||||||||||
|
Gtd. Notes |
3.700 | % | 05/09/23 | 25 | $ | 25,453 | ||||||||||
|
Sr. Unsec’d. Notes |
2.900 | 02/26/25 | 113 | 113,692 | ||||||||||||
|
Toyota Motor Credit Corp., Sr. Unsec’d. Notes, MTN |
0.800 | 10/16/25 | 17 | 16,164 | ||||||||||||
|
|
|
|||||||||||||||
| 385,360 | ||||||||||||||||
| Auto Parts & Equipment 0.0% | ||||||||||||||||
|
Aptiv PLC/Aptiv Corp. (Jersey, Channel Islands), Gtd. Notes |
3.250 | 03/01/32 | 15 | 15,045 | ||||||||||||
| Banks 8.0% | ||||||||||||||||
|
Bank of America Corp., |
||||||||||||||||
|
Sr. Unsec’d. Notes, MTN, 3 Month LIBOR + 0.990% |
2.496 | (c) | 02/13/31 | 375 | 357,274 | |||||||||||
|
Sr. Unsec’d. Notes, MTN, 3 Month LIBOR + 1.070% |
3.970 | (c) | 03/05/29 | 175 | 183,223 | |||||||||||
|
Sr. Unsec’d. Notes, SOFR + 0.910% |
1.658 | (c) | 03/11/27 | 30 | 28,699 | |||||||||||
|
Sr. Unsec’d. Notes, SOFR + 1.220% |
2.299 | (c) | 07/21/32 | 60 | 55,678 | |||||||||||
|
Sr. Unsec’d. Notes, SOFR + 1.320% |
2.687 | (c) | 04/22/32 | 115 | 110,575 | |||||||||||
|
Sub. Notes, MTN |
4.450 | 03/03/26 | 115 | 122,270 | ||||||||||||
|
Bank
of New York Mellon Corp. (The), |
2.950 | 01/29/23 | 20 | 20,252 | ||||||||||||
|
BNP Paribas SA (France), Gtd. Notes, MTN |
3.250 | 03/03/23 | 119 | 120,884 | ||||||||||||
|
Citigroup, Inc., |
||||||||||||||||
|
Sr. Unsec’d. Notes |
3.700 | 01/12/26 | 64 | 66,855 | ||||||||||||
|
Sr. Unsec’d. Notes, 3 Month LIBOR + 1.192% |
4.075 | (c) | 04/23/29 | 80 | 84,293 | |||||||||||
|
Sr. Unsec’d. Notes, SOFR + 1.146% |
2.666 | (c) | 01/29/31 | 210 | 202,539 | |||||||||||
|
Sr. Unsec’d. Notes, SOFR + 1.167% |
2.561 | (c) | 05/01/32 | 21 | 19,934 | |||||||||||
|
Sr. Unsec’d. Notes, SOFR + 1.422% |
2.976 | (c) | 11/05/30 | 120 | 118,480 | |||||||||||
|
Sub. Notes |
4.400 | 06/10/25 | 55 | 57,721 | ||||||||||||
|
Sub. Notes |
4.450 | 09/29/27 | 21 | 22,438 | ||||||||||||
|
Deutsche Bank AG (Germany), Sr. Unsec’d. Notes |
3.700 | 05/30/24 | 62 | 63,640 | ||||||||||||
|
Goldman Sachs Group, Inc. (The), |
||||||||||||||||
|
Sr. Unsec’d. Notes |
3.750 | 02/25/26 | 25 | 26,033 | ||||||||||||
|
Sr. Unsec’d. Notes, 3 Month LIBOR + 1.158% |
3.814 | (c) | 04/23/29 | 90 | 93,411 | |||||||||||
|
Sr. Unsec’d. Notes, SOFR + 1.090% |
1.992 | (c) | 01/27/32 | 190 | 171,384 | |||||||||||
|
Sr. Unsec’d. Notes, SOFR + 1.281% |
2.615 | (c) | 04/22/32 | 85 | 80,408 | |||||||||||
| JPMorgan Chase & Co., | ||||||||||||||||
|
Sr. Unsec’d. Notes, 3 Month LIBOR + 0.945% |
3.509 | (c) | 01/23/29 | 150 | 154,047 | |||||||||||
|
Sr. Unsec’d. Notes, SOFR + 0.765% |
1.470 | (c) | 09/22/27 | 100 | 94,348 | |||||||||||
|
Sr. Unsec’d. Notes, SOFR + 1.180% |
2.545 | (c) | 11/08/32 | 5 | 4,777 | |||||||||||
|
Sr. Unsec’d. Notes, SOFR + 1.250% |
2.580 | (c) | 04/22/32 | 42 | 40,244 | |||||||||||
|
Sr. Unsec’d. Notes, SOFR + 1.510% |
2.739 | (c) | 10/15/30 | 150 | 146,546 | |||||||||||
See Notes to Financial Statements.
|
PGIM Fixed Income ETFs |
79 |
PGIM Active Aggregate Bond ETF
Schedule of Investments (unaudited) (continued)
as of February 28, 2022
| Description | Interest Rate |
Maturity Date |
Principal Amount (000)# |
Value | ||||||||||||
| CORPORATE BONDS (Continued) | ||||||||||||||||
| Banks (cont'd.) | ||||||||||||||||
| JPMorgan Chase & Co., (cont'd.) | ||||||||||||||||
|
Sr. Unsec’d. Notes, SOFR + 2.040% |
2.522 | %(c) | 04/22/31 | 370 | $ | 355,224 | ||||||||||
|
Sub. Notes |
4.250 | 10/01/27 | 21 | 22,456 | ||||||||||||
|
Sub. Notes, SOFR + 2.515% |
2.956 | (c) | 05/13/31 | 21 | 20,387 | |||||||||||
|
Morgan Stanley, |
||||||||||||||||
|
Sr. Unsec’d. Notes, GMTN |
3.750 | 02/25/23 | 34 | 34,660 | ||||||||||||
|
Sr. Unsec’d. Notes, GMTN |
3.875 | 01/27/26 | 76 | 79,378 | ||||||||||||
|
Sr. Unsec’d. Notes, GMTN, 3 Month LIBOR + 1.140% |
3.772 | (c) | 01/24/29 | 110 | 114,188 | |||||||||||
|
Sr. Unsec’d. Notes, GMTN, SOFR + 1.143% |
2.699 | (c) | 01/22/31 | 380 | 368,342 | |||||||||||
|
Sr. Unsec’d. Notes, GMTN, SOFR + 1.178% |
2.239 | (c) | 07/21/32 | 40 | 36,943 | |||||||||||
|
Sr. Unsec’d. Notes, MTN, SOFR + 1.020% |
1.928 | (c) | 04/28/32 | 90 | 81,132 | |||||||||||
|
Wells
Fargo & Co., Sr. Unsec’d. Notes, MTN, |
2.572 | (c) | 02/11/31 | 282 | 270,682 | |||||||||||
|
|
|
|||||||||||||||
| 3,829,345 | ||||||||||||||||
| Beverages 0.6% | ||||||||||||||||
|
Anheuser-Busch Cos LLC/Anheuser-Busch InBev Worldwide, Inc., Gtd. Notes |
4.900 | 02/01/46 | 112 | 127,232 | ||||||||||||
|
Anheuser-Busch InBev Worldwide, Inc., Gtd. Notes |
4.750 | 01/23/29 | 75 | 83,465 | ||||||||||||
|
Constellation Brands, Inc., Sr. Unsec’d. Notes |
2.250 | 08/01/31 | 80 | 73,447 | ||||||||||||
|
Keurig Dr Pepper, Inc., Gtd. Notes |
3.200 | 05/01/30 | 20 | 20,231 | ||||||||||||
|
|
|
|||||||||||||||
| 304,375 | ||||||||||||||||
| Biotechnology 0.1% | ||||||||||||||||
|
Amgen, Inc., |
||||||||||||||||
|
Sr. Unsec’d. Notes |
2.800 | 08/15/41 | 45 | 39,505 | ||||||||||||
|
Sr. Unsec’d. Notes |
4.663 | 06/15/51 | 13 | 14,584 | ||||||||||||
|
|
|
|||||||||||||||
| 54,089 | ||||||||||||||||
| Building Materials 0.4% | ||||||||||||||||
|
Martin Marietta Materials, Inc., |
||||||||||||||||
|
Sr. Unsec’d. Notes |
2.400 | 07/15/31 | 11 | 10,354 | ||||||||||||
|
Sr. Unsec’d. Notes |
4.250 | 07/02/24 | 21 | 21,933 | ||||||||||||
|
Owens Corning, |
||||||||||||||||
|
Sr. Unsec’d. Notes |
3.400 | 08/15/26 | 25 | 25,729 | ||||||||||||
|
Sr. Unsec’d. Notes |
3.950 | 08/15/29 | 95 | 99,583 | ||||||||||||
|
Vulcan Materials Co., Sr. Unsec’d. Notes |
3.500 | 06/01/30 | 13 | 13,467 | ||||||||||||
|
|
|
|||||||||||||||
| 171,066 | ||||||||||||||||
| Chemicals 0.4% | ||||||||||||||||
|
Dow Chemical Co. (The), Sr. Unsec’d. Notes |
3.600 | 11/15/50 | 17 | 16,200 | ||||||||||||
See Notes to Financial Statements.
| 80 |
| Description | Interest Rate |
Maturity Date |
Principal Amount (000)# |
Value | ||||||||||||
| CORPORATE BONDS (Continued) | ||||||||||||||||
| Chemicals (cont'd.) | ||||||||||||||||
|
FMC Corp., |
||||||||||||||||
|
Sr. Unsec’d. Notes |
3.450 | % | 10/01/29 | 90 | $ | 90,834 | ||||||||||
|
Sr. Unsec’d. Notes |
4.500 | 10/01/49 | 23 | 24,734 | ||||||||||||
|
LYB International Finance III LLC, Gtd. Notes |
4.200 | 10/15/49 | 17 | 17,244 | ||||||||||||
|
Nutrien Ltd. (Canada), Sr. Unsec’d. Notes |
4.900 | 06/01/43 | 21 | 24,412 | ||||||||||||
|
|
|
|||||||||||||||
| 173,424 | ||||||||||||||||
| Commercial Services 1.0% | ||||||||||||||||
|
California Institute of Technology, Sr. Unsec’d. Notes |
3.650 | 09/01/19 | 20 | 18,992 | ||||||||||||
|
Equifax, Inc., |
||||||||||||||||
|
Sr. Unsec’d. Notes |
2.350 | 09/15/31 | 20 | 18,390 | ||||||||||||
|
Sr. Unsec’d. Notes |
2.600 | 12/01/24 | 121 | 121,912 | ||||||||||||
|
ERAC USA Finance LLC, Gtd. Notes, 144A |
3.300 | 12/01/26 | 45 | 46,325 | ||||||||||||
|
Global Payments, Inc., Sr. Unsec’d. Notes |
1.200 | 03/01/26 | 21 | 19,826 | ||||||||||||
|
Massachusetts Institute of Technology, |
||||||||||||||||
|
Sr. Unsec’d. Notes |
2.989 | 07/01/50 | 10 | 9,912 | ||||||||||||
|
Unsec’d. Notes |
4.678 | 07/01/14 | 30 | 38,785 | ||||||||||||
|
President & Fellows of Harvard College, |
||||||||||||||||
|
Unsec’d. Notes |
2.517 | 10/15/50 | 35 | 31,476 | ||||||||||||
|
Unsec’d. Notes |
3.150 | 07/15/46 | 35 | 35,605 | ||||||||||||
|
Thomas Jefferson University, Sec’d. Notes |
3.847 | 11/01/57 | 45 | 43,826 | ||||||||||||
|
Trustees of Boston University, Sec’d. Notes |
4.061 | 10/01/48 | 20 | 22,324 | ||||||||||||
|
Trustees
of the University of Pennsylvania (The), |
3.610 | 02/15/19 | 25 | 25,212 | ||||||||||||
|
University of Southern California, Unsec’d. Notes |
3.841 | 10/01/47 | 10 | 11,071 | ||||||||||||
|
Verisk Analytics, Inc., Sr. Unsec’d. Notes |
3.625 | 05/15/50 | 10 | 9,645 | ||||||||||||
|
Yale University, Unsec’d. Notes |
2.402 | 04/15/50 | 20 | 17,523 | ||||||||||||
|
|
|
|||||||||||||||
| 470,824 | ||||||||||||||||
| Computers 0.1% | ||||||||||||||||
|
Apple, Inc., Sr. Unsec’d. Notes |
3.250 | 02/23/26 | 50 | 52,187 | ||||||||||||
|
International
Business Machines Corp., |
5.875 | 11/29/32 | 8 | 10,028 | ||||||||||||
|
|
|
|||||||||||||||
| 62,215 | ||||||||||||||||
| Diversified Financial Services 0.1% | ||||||||||||||||
|
Discover Financial Services, Sr. Unsec’d. Notes |
3.750 | 03/04/25 | 21 | 21,752 | ||||||||||||
|
Jefferies Group LLC/Jefferies Group Capital Finance, Inc., Sr. Unsec’d. Notes |
2.625 | 10/15/31 | 25 | 23,244 | ||||||||||||
|
|
|
|||||||||||||||
| 44,996 | ||||||||||||||||
See Notes to Financial Statements.
|
PGIM Fixed Income ETFs |
81 |
PGIM Active Aggregate Bond ETF
Schedule of Investments (unaudited) (continued)
as of February 28, 2022
| Description | Interest Rate |
Maturity Date |
Principal Amount (000)# |
Value | ||||||||||||
| CORPORATE BONDS (Continued) | ||||||||||||||||
| Electric 2.3% | ||||||||||||||||
|
AEP Texas, Inc., |
||||||||||||||||
|
Sr. Unsec’d. Notes |
2.100 | % | 07/01/30 | 62 | $ | 57,245 | ||||||||||
|
Sr. Unsec’d. Notes |
3.450 | 05/15/51 | 13 | 11,940 | ||||||||||||
|
AEP Transmission Co. LLC, Sr. Unsec’d. Notes |
4.250 | 09/15/48 | 17 | 18,445 | ||||||||||||
|
Ameren Corp., Sr. Unsec’d. Notes |
2.500 | 09/15/24 | 21 | 21,046 | ||||||||||||
|
Arizona Public Service Co., Sr. Unsec’d. Notes |
2.600 | 08/15/29 | 8 | 7,772 | ||||||||||||
|
Consolidated
Edison Co. of New York, Inc., |
4.300 | 12/01/56 | 4 | 4,227 | ||||||||||||
|
Dominion Energy South Carolina, Inc., First Mortgage |
4.600 | 06/15/43 | 32 | 35,737 | ||||||||||||
|
DTE Electric Co., General Ref. Mortgage |
4.050 | 05/15/48 | 21 | 22,651 | ||||||||||||
|
Duke Energy Carolinas LLC, Sr. Unsec’d. Notes |
6.100 | 06/01/37 | 21 | 26,598 | ||||||||||||
|
Duke Energy Florida LLC, First Mortgage |
2.400 | 12/15/31 | 95 | 91,017 | ||||||||||||
|
Emera US Finance LP, |
||||||||||||||||
|
Gtd. Notes |
2.639 | 06/15/31 | 13 | 12,144 | ||||||||||||
|
Gtd. Notes |
4.750 | 06/15/46 | 13 | 13,862 | ||||||||||||
|
Entergy Louisiana LLC, Collateral Trust |
4.200 | 09/01/48 | 8 | 8,599 | ||||||||||||
|
Eversource Energy, Sr. Unsec’d. Notes |
4.250 | 04/01/29 | 41 | 44,019 | ||||||||||||
|
Florida Power & Light Co., First Mortgage |
4.125 | 02/01/42 | 17 | 18,397 | ||||||||||||
|
Jersey
Central Power & Light Co., |
4.700 | 04/01/24 | 17 | 17,669 | ||||||||||||
|
MidAmerican Energy Co., First Mortgage |
4.250 | 07/15/49 | 34 | 37,849 | ||||||||||||
|
Mississippi Power Co., Sr. Unsec’d. Notes |
4.250 | 03/15/42 | 33 | 34,292 | ||||||||||||
|
Monongahela Power Co., First Mortgage, 144A |
3.550 | 05/15/27 | 96 | 99,309 | ||||||||||||
|
Northern States Power Co., First Mortgage |
3.400 | 08/15/42 | 34 | 33,582 | ||||||||||||
|
NRG Energy, Inc., Sr. Sec’d. Notes, 144A |
3.750 | 06/15/24 | 17 | 17,308 | ||||||||||||
|
Pacific Gas & Electric Co., |
||||||||||||||||
|
First Mortgage |
1.750 | 06/16/22 | 21 | 20,984 | ||||||||||||
|
First Mortgage |
3.500 | 08/01/50 | 29 | 23,880 | ||||||||||||
|
First Mortgage |
4.550 | 07/01/30 | 20 | 20,559 | ||||||||||||
|
First Mortgage |
4.950 | 07/01/50 | 40 | 39,759 | ||||||||||||
|
PECO Energy Co., First Mortgage |
2.800 | 06/15/50 | 32 | 28,188 | ||||||||||||
|
PPL Electric Utilities Corp., First Mortgage |
3.000 | 10/01/49 | 13 | 11,953 | ||||||||||||
|
Public Service Electric & Gas Co., |
||||||||||||||||
|
First Mortgage, MTN |
3.600 | 12/01/47 | 13 | 13,122 | ||||||||||||
|
First Mortgage, MTN |
3.700 | 05/01/28 | 38 | 40,309 | ||||||||||||
|
Puget Energy, Inc., |
||||||||||||||||
|
Sr. Sec’d. Notes |
2.379 | 06/15/28 | 5 | 4,762 | ||||||||||||
|
Sr. Sec’d. Notes |
4.100 | 06/15/30 | 75 | 78,230 | ||||||||||||
|
San Diego Gas & Electric Co., First Mortgage |
4.150 | 05/15/48 | 15 | 16,100 | ||||||||||||
|
Sempra Energy, Sr. Unsec’d. Notes |
4.000 | 02/01/48 | 15 | 15,143 | ||||||||||||
|
Southern California Edison Co., First Ref. Mortgage |
4.000 | 04/01/47 | 55 | 54,127 | ||||||||||||
See Notes to Financial Statements.
| 82 |
| Description | Interest Rate |
Maturity Date |
Principal Amount (000)# |
Value | ||||||||||||
| CORPORATE BONDS (Continued) | ||||||||||||||||
| Electric (cont'd.) | ||||||||||||||||
|
Tucson Electric Power Co., Sr. Unsec’d. Notes |
3.250 | % | 05/15/32 | 30 | $ | 30,340 | ||||||||||
|
Vistra Operations Co. LLC, Sr. Sec’d. Notes, 144A |
3.550 | 07/15/24 | 47 | 47,597 | ||||||||||||
|
Xcel Energy, Inc., Sr. Unsec’d. Notes |
1.750 | 03/15/27 | 10 | 9,579 | ||||||||||||
|
|
|
|||||||||||||||
| 1,088,340 | ||||||||||||||||
| Engineering & Construction 0.4% | ||||||||||||||||
|
Mexico City Airport Trust (Mexico), Sr. Sec’d. Notes, 144A |
4.250 | 10/31/26 | 200 | 201,518 | ||||||||||||
| Food 0.4% | ||||||||||||||||
|
Campbell Soup Co., Sr. Unsec’d. Notes |
3.300 | 03/19/25 | 51 | 52,163 | ||||||||||||
|
Hormel Foods Corp., Sr. Unsec’d. Notes |
0.650 | 06/03/24 | 8 | 7,791 | ||||||||||||
|
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc. (Multinational), Gtd. Notes, 144A |
3.000 | 02/02/29 | 100 | 94,886 | ||||||||||||
|
Mars, Inc., Gtd. Notes, 144A |
3.600 | 04/01/34 | 10 | 10,506 | ||||||||||||
|
|
|
|||||||||||||||
| 165,346 | ||||||||||||||||
| Gas 0.2% | ||||||||||||||||
|
CenterPoint Energy Resources Corp., Sr. Unsec’d. Notes |
4.100 | 09/01/47 | 21 | 21,806 | ||||||||||||
|
NiSource, Inc., Sr. Unsec’d. Notes |
3.490 | 05/15/27 | 13 | 13,433 | ||||||||||||
|
Piedmont Natural Gas Co., Inc., Sr. Unsec’d. Notes |
3.500 | 06/01/29 | 21 | 21,572 | ||||||||||||
|
Southern California Gas Co., First Mortgage |
3.750 | 09/15/42 | 30 | 30,229 | ||||||||||||
|
|
|
|||||||||||||||
| 87,040 | ||||||||||||||||
| Healthcare-Services 1.0% | ||||||||||||||||
|
Anthem, Inc., Sr. Unsec’d. Notes |
4.625 | 05/15/42 | 50 | 56,096 | ||||||||||||
|
Ascension Health, Sr. Unsec’d. Notes |
2.532 | 11/15/29 | 35 | 35,009 | ||||||||||||
|
Kaiser Foundation Hospitals, |
||||||||||||||||
|
Unsec’d. Notes |
2.810 | 06/01/41 | 70 | 64,615 | ||||||||||||
|
Unsec’d. Notes |
3.002 | 06/01/51 | 10 | 9,287 | ||||||||||||
|
Memorial Sloan-Kettering Cancer Center, Unsec’d. Notes |
2.955 | 01/01/50 | 15 | 13,726 | ||||||||||||
|
Methodist Hospital (The), Unsec’d. Notes |
2.705 | 12/01/50 | 10 | 8,771 | ||||||||||||
|
New York & Presbyterian Hospital (The), Unsec’d. Notes |
4.024 | 08/01/45 | 20 | 21,934 | ||||||||||||
|
Northwestern Memorial Healthcare Obligated Group, Unsec’d. Notes |
2.633 | 07/15/51 | 20 | 17,151 | ||||||||||||
|
OhioHealth Corp., Sec’d. Notes |
2.297 | 11/15/31 | 30 | 28,528 | ||||||||||||
|
Piedmont Healthcare, Inc., Sec’d. Notes |
2.719 | 01/01/42 | 15 | 13,228 | ||||||||||||
|
Quest Diagnostics, Inc., Sr. Unsec’d. Notes |
4.700 | 03/30/45 | 8 | 9,097 | ||||||||||||
|
Sentara Healthcare, Sr. Unsec’d. Notes |
2.927 | 11/01/51 | 65 | 60,681 | ||||||||||||
|
Stanford Health Care, Unsec’d. Notes |
3.027 | 08/15/51 | 35 | 32,631 | ||||||||||||
See Notes to Financial Statements.
|
PGIM Fixed Income ETFs |
83 |
PGIM Active Aggregate Bond ETF
Schedule of Investments (unaudited) (continued)
as of February 28, 2022
| Description | Interest Rate |
Maturity Date |
Principal Amount (000)# |
Value | ||||||||||||
| CORPORATE BONDS (Continued) | ||||||||||||||||
| Healthcare-Services (cont'd.) | ||||||||||||||||
|
UnitedHealth Group, Inc., |
||||||||||||||||
|
Sr. Unsec’d. Notes |
2.300 | % | 05/15/31 | 45 | $ | 43,369 | ||||||||||
|
Sr. Unsec’d. Notes |
3.875 | 08/15/59 | 13 | 13,725 | ||||||||||||
|
Sr. Unsec’d. Notes |
3.950 | 10/15/42 | 60 | 63,756 | ||||||||||||
|
|
|
|||||||||||||||
| 491,604 | ||||||||||||||||
| Home Builders 0.5% | ||||||||||||||||
|
Toll Brothers Finance Corp., Gtd. Notes |
4.875 | 03/15/27 | 220 | 234,615 | ||||||||||||
| Insurance 0.7% | ||||||||||||||||
|
American International Group, Inc., |
||||||||||||||||
|
Sr. Unsec’d. Notes |
3.750 | 07/10/25 | 60 | 62,454 | ||||||||||||
|
Sr. Unsec’d. Notes |
4.500 | 07/16/44 | 35 | 38,811 | ||||||||||||
|
Chubb INA Holdings, Inc., Gtd. Notes |
2.700 | 03/13/23 | 48 | 48,546 | ||||||||||||
|
Everest Reinsurance Holdings, Inc., |
||||||||||||||||
|
Sr. Unsec’d. Notes |
3.500 | 10/15/50 | 8 | 7,508 | ||||||||||||
|
Sr. Unsec’d. Notes |
4.868 | 06/01/44 | 30 | 34,638 | ||||||||||||
|
Liberty Mutual Group, Inc., Gtd. Notes, 144A |
3.951 | 10/15/50 | 38 | 37,933 | ||||||||||||
|
Lincoln National Corp., Sr. Unsec’d. Notes |
3.050 | 01/15/30 | 8 | 7,955 | ||||||||||||
|
Markel Corp., |
||||||||||||||||
|
Sr. Unsec’d. Notes |
4.150 | 09/17/50 | 17 | 17,786 | ||||||||||||
|
Sr. Unsec’d. Notes |
4.900 | 07/01/22 | 21 | 21,258 | ||||||||||||
|
Principal Financial Group, Inc., Gtd. Notes |
4.625 | 09/15/42 | 32 | 36,570 | ||||||||||||
|
W.R. Berkley Corp., Sr. Unsec’d. Notes |
4.000 | 05/12/50 | 8 | 8,145 | ||||||||||||
|
|
|
|||||||||||||||
| 321,604 | ||||||||||||||||
| Iron/Steel 0.2% | ||||||||||||||||
|
Steel Dynamics, Inc., Sr. Unsec’d. Notes |
3.450 | 04/15/30 | 80 | 81,362 | ||||||||||||
|
Vale Overseas Ltd. (Cayman Islands), Gtd. Notes |
6.250 | 08/10/26 | 10 | 11,296 | ||||||||||||
|
|
|
|||||||||||||||
| 92,658 | ||||||||||||||||
| Lodging 0.2% | ||||||||||||||||
|
Marriott International, Inc., Sr. Unsec’d. Notes |
3.125 | 06/15/26 | 83 | 84,487 | ||||||||||||
| Machinery-Constructions & Mining 0.0% | ||||||||||||||||
|
Caterpillar, Inc., Sr. Unsec’d. Notes |
2.600 | 09/19/29 | 13 | 13,017 | ||||||||||||
| Machinery-Diversified 0.2% | ||||||||||||||||
|
Flowserve Corp., Sr. Unsec’d. Notes |
2.800 | 01/15/32 | 5 | 4,622 | ||||||||||||
See Notes to Financial Statements.
| 84 |
| Description | Interest Rate |
Maturity Date |
Principal Amount (000)# |
Value | ||||||||||||
| CORPORATE BONDS (Continued) | ||||||||||||||||
| Machinery-Diversified (cont'd.) | ||||||||||||||||
|
Westinghouse Air Brake Technologies Corp., Gtd. Notes |
3.200 | % | 06/15/25 | 88 | $ | 88,851 | ||||||||||
|
|
|
|||||||||||||||
| 93,473 | ||||||||||||||||
| Media 1.2% | ||||||||||||||||
|
Charter Communications Operating LLC/Charter Communications Operating Capital, |
||||||||||||||||
|
Sr. Sec’d. Notes |
4.800 | 03/01/50 | 64 | 62,387 | ||||||||||||
|
Sr. Sec’d. Notes |
4.908 | 07/23/25 | 93 | 98,662 | ||||||||||||
|
Sr. Sec’d. Notes |
6.384 | 10/23/35 | 120 | 143,584 | ||||||||||||
|
Comcast Corp., |
||||||||||||||||
|
Gtd. Notes |
3.999 | 11/01/49 | 42 | 43,583 | ||||||||||||
|
Gtd. Notes |
4.250 | 10/15/30 | 30 | 32,964 | ||||||||||||
|
Cox Communications, Inc., Sr. Unsec’d. Notes, 144A |
3.150 | 08/15/24 | 43 | 43,898 | ||||||||||||
|
Discovery Communications LLC, |
||||||||||||||||
|
Gtd. Notes |
2.950 | 03/20/23 | 25 | 25,283 | ||||||||||||
|
Gtd. Notes |
3.625 | 05/15/30 | 25 | 25,089 | ||||||||||||
|
Gtd. Notes |
5.200 | 09/20/47 | 23 | 24,972 | ||||||||||||
|
Paramount Global, Sr. Unsec’d. Notes |
4.375 | 03/15/43 | 78 | 77,963 | ||||||||||||
|
Walt Disney Co. (The), Gtd. Notes |
3.600 | 01/13/51 | 12 | 12,148 | ||||||||||||
|
|
|
|||||||||||||||
| 590,533 | ||||||||||||||||
| Mining 1.3% | ||||||||||||||||
|
Barrick North America Finance LLC, Gtd. Notes |
5.750 | 05/01/43 | 85 | 105,800 | ||||||||||||
|
Freeport-McMoRan, Inc., |
||||||||||||||||
|
Gtd. Notes |
4.125 | 03/01/28 | 25 | 25,272 | ||||||||||||
|
Gtd. Notes |
4.375 | 08/01/28 | 50 | 50,805 | ||||||||||||
|
Indonesia
Asahan Aluminium Persero PT (Indonesia), |
6.530 | 11/15/28 | 200 | 226,335 | ||||||||||||
|
Newmont Corp., |
||||||||||||||||
|
Gtd. Notes |
2.600 | 07/15/32 | 5 | 4,751 | ||||||||||||
|
Gtd. Notes |
2.800 | 10/01/29 | 122 | 119,310 | ||||||||||||
|
Southern Copper Corp., Sr. Unsec’d. Notes |
5.250 | 11/08/42 | 10 | 11,647 | ||||||||||||
|
Teck Resources Ltd. (Canada), Sr. Unsec’d. Notes |
6.250 | 07/15/41 | 65 | 78,681 | ||||||||||||
|
|
|
|||||||||||||||
| 622,601 | ||||||||||||||||
| Miscellaneous Manufacturer 0.2% | ||||||||||||||||
|
Carlisle Cos., Inc., Sr. Unsec’d. Notes |
2.200 | 03/01/32 | 30 | 27,146 | ||||||||||||
|
Textron, Inc., Sr. Unsec’d. Notes |
3.375 | 03/01/28 | 84 | 85,769 | ||||||||||||
|
|
|
|||||||||||||||
| 112,915 | ||||||||||||||||
See Notes to Financial Statements.
|
PGIM Fixed Income ETFs |
85 |
PGIM Active Aggregate Bond ETF
Schedule of Investments (unaudited) (continued)
as of February 28, 2022
| Description | Interest Rate |
Maturity Date |
Principal Amount (000)# |
Value | ||||||||||||
| CORPORATE BONDS (Continued) | ||||||||||||||||
| Multi-National 0.2% | ||||||||||||||||
|
Corp.
Andina de Fomento (Supranational), |
3.750 | % | 11/23/23 | 100 | $ | 103,185 | ||||||||||
| Oil & Gas 1.3% | ||||||||||||||||
|
BP Capital Markets America, Inc., Gtd. Notes |
3.790 | 02/06/24 | 25 | 25,802 | ||||||||||||
|
Canadian
Natural Resources Ltd. (Canada), |
2.950 | 01/15/23 | 42 | 42,437 | ||||||||||||
|
Cenovus Energy, Inc. (Canada), |
||||||||||||||||
|
Sr. Unsec’d. Notes |
3.750 | 02/15/52 | 5 | 4,513 | ||||||||||||
|
Sr. Unsec’d. Notes |
4.250 | 04/15/27 | 98 | 103,983 | ||||||||||||
|
Sr. Unsec’d. Notes |
5.400 | 06/15/47 | 57 | 64,427 | ||||||||||||
|
ConocoPhillips, Gtd. Notes, 144A |
4.300 | 08/15/28 | 42 | 46,021 | ||||||||||||
|
Continental Resources, Inc., Gtd. Notes, 144A |
2.268 | 11/15/26 | 15 | 14,330 | ||||||||||||
|
Devon Energy Corp., Sr. Unsec’d. Notes |
5.600 | 07/15/41 | 36 | 42,084 | ||||||||||||
|
Diamondback Energy, Inc., |
||||||||||||||||
|
Gtd. Notes |
2.875 | 12/01/24 | 21 | 21,254 | ||||||||||||
|
Gtd. Notes |
3.500 | 12/01/29 | 15 | 15,158 | ||||||||||||
|
Ecopetrol SA (Colombia), Sr. Unsec’d. Notes |
5.375 | 06/26/26 | 40 | 40,991 | ||||||||||||
|
Exxon Mobil Corp., Sr. Unsec’d. Notes |
3.452 | 04/15/51 | 8 | 7,930 | ||||||||||||
|
Helmerich & Payne, Inc., Sr. Unsec’d. Notes, 144A |
2.900 | 09/29/31 | 30 | 28,762 | ||||||||||||
|
Phillips 66, Gtd. Notes |
2.150 | 12/15/30 | 84 | 77,585 | ||||||||||||
|
Pioneer Natural Resources Co., Sr. Unsec’d. Notes |
1.125 | 01/15/26 | 77 | 73,274 | ||||||||||||
|
|
|
|||||||||||||||
| 608,551 | ||||||||||||||||
| Pharmaceuticals 1.9% | ||||||||||||||||
|
AbbVie, Inc., |
||||||||||||||||
|
Sr. Unsec’d. Notes |
3.200 | 11/21/29 | 100 | 101,395 | ||||||||||||
|
Sr. Unsec’d. Notes |
4.050 | 11/21/39 | 15 | 15,748 | ||||||||||||
|
Sr. Unsec’d. Notes |
4.250 | 11/21/49 | 15 | 15,942 | ||||||||||||
|
Sr. Unsec’d. Notes |
4.550 | 03/15/35 | 60 | 66,567 | ||||||||||||
|
AstraZeneca Finance LLC, Gtd. Notes |
2.250 | 05/28/31 | 3 | 2,885 | ||||||||||||
|
Becton Dickinson & Co., Sr. Unsec’d. Notes |
3.734 | 12/15/24 | 53 | 54,831 | ||||||||||||
|
Bristol-Myers Squibb Co., |
||||||||||||||||
|
Sr. Unsec’d. Notes |
3.400 | 07/26/29 | 13 | 13,688 | ||||||||||||
|
Sr. Unsec’d. Notes |
5.000 | 08/15/45 | 13 | 16,084 | ||||||||||||
|
Cigna Corp., |
||||||||||||||||
|
Gtd. Notes |
4.375 | 10/15/28 | 30 | 32,518 | ||||||||||||
|
Sr. Unsec’d. Notes |
2.400 | 03/15/30 | 123 | 116,886 | ||||||||||||
|
Sr. Unsec’d. Notes |
3.400 | 03/15/50 | 21 | 19,211 | ||||||||||||
|
CVS Health Corp., Sr. Unsec’d. Notes |
5.125 | 07/20/45 | 82 | 95,036 | ||||||||||||
|
Johnson & Johnson, Sr. Unsec’d. Notes |
2.100 | 09/01/40 | 10 | 8,641 | ||||||||||||
See Notes to Financial Statements.
| 86 |
| Description | Interest Rate |
Maturity Date |
Principal Amount (000)# |
Value | ||||||||||||
| CORPORATE BONDS (Continued) | ||||||||||||||||
| Pharmaceuticals (cont'd.) | ||||||||||||||||
|
Merck & Co., Inc., Sr. Unsec’d. Notes |
3.400 | % | 03/07/29 | 8 | $ | 8,421 | ||||||||||
|
Mylan, Inc., Gtd. Notes |
5.200 | 04/15/48 | 40 | 43,394 | ||||||||||||
|
Pfizer, Inc., Sr. Unsec’d. Notes |
2.550 | 05/28/40 | 13 | 11,893 | ||||||||||||
|
Shire Acquisitions Investments Ireland DAC (Ireland), |
||||||||||||||||
|
Gtd. Notes |
2.875 | 09/23/23 | 64 | 64,858 | ||||||||||||
|
Gtd. Notes |
3.200 | 09/23/26 | 144 | 147,782 | ||||||||||||
|
Viatris, Inc., Gtd. Notes |
3.850 | 06/22/40 | 98 | 91,974 | ||||||||||||
|
|
|
|||||||||||||||
| 927,754 | ||||||||||||||||
| Pipelines 1.8% | ||||||||||||||||
|
Energy Transfer LP, |
||||||||||||||||
|
Sr. Unsec’d. Notes |
4.950 | 06/15/28 | 133 | 143,922 | ||||||||||||
|
Sr. Unsec’d. Notes |
5.800 | 06/15/38 | 50 | 55,911 | ||||||||||||
|
Sr. Unsec’d. Notes |
6.250 | 04/15/49 | 34 | 39,694 | ||||||||||||
|
Enterprise Products Operating LLC, |
||||||||||||||||
|
Gtd. Notes |
3.125 | 07/31/29 | 30 | 30,293 | ||||||||||||
|
Gtd. Notes |
4.850 | 03/15/44 | 25 | 27,232 | ||||||||||||
|
Kinder Morgan, Inc., |
||||||||||||||||
|
Gtd. Notes |
2.000 | 02/15/31 | 34 | 30,535 | ||||||||||||
|
Gtd. Notes |
3.250 | 08/01/50 | 17 | 14,306 | ||||||||||||
|
MPLX LP, |
||||||||||||||||
|
Sr. Unsec’d. Notes |
2.650 | 08/15/30 | 75 | 70,684 | ||||||||||||
|
Sr. Unsec’d. Notes |
4.500 | 04/15/38 | 63 | 65,169 | ||||||||||||
|
Sr. Unsec’d. Notes |
4.875 | 06/01/25 | 55 | 58,573 | ||||||||||||
|
Sr. Unsec’d. Notes |
5.500 | 02/15/49 | 17 | 19,421 | ||||||||||||
|
ONEOK Partners LP, Gtd. Notes |
6.125 | 02/01/41 | 25 | 28,797 | ||||||||||||
|
ONEOK, Inc., |
||||||||||||||||
|
Gtd. Notes |
3.100 | 03/15/30 | 82 | 79,493 | ||||||||||||
|
Gtd. Notes |
3.400 | 09/01/29 | 15 | 14,854 | ||||||||||||
|
Gtd. Notes |
4.950 | 07/13/47 | 21 | 22,028 | ||||||||||||
|
Phillips 66 Partners LP, Sr. Unsec’d. Notes |
3.550 | 10/01/26 | 17 | 17,512 | ||||||||||||
|
Plains All American Pipeline LP/PAA Finance Corp., |
||||||||||||||||
|
Sr. Unsec’d. Notes |
4.500 | 12/15/26 | 17 | 18,127 | ||||||||||||
|
Sr. Unsec’d. Notes |
5.150 | 06/01/42 | 17 | 17,001 | ||||||||||||
|
Transcontinental Gas Pipe Line Co. LLC, |
||||||||||||||||
|
Sr. Unsec’d. Notes |
3.250 | 05/15/30 | 66 | 66,345 | ||||||||||||
|
Sr. Unsec’d. Notes |
3.950 | 05/15/50 | 31 | 30,873 | ||||||||||||
|
|
|
|||||||||||||||
| 850,770 | ||||||||||||||||
See Notes to Financial Statements.
|
PGIM Fixed Income ETFs |
87 |
PGIM Active Aggregate Bond ETF
Schedule of Investments (unaudited) (continued)
as of February 28, 2022
| Description | Interest Rate |
Maturity Date |
Principal Amount (000)# |
Value | ||||||||||||
| CORPORATE BONDS (Continued) | ||||||||||||||||
| Real Estate Investment Trusts (REITs) 1.4% | ||||||||||||||||
|
Brixmor Operating Partnership LP, Sr. Unsec’d. Notes |
3.650 | % | 06/15/24 | 130 | $ | 133,895 | ||||||||||
|
CubeSmart LP, Gtd. Notes |
2.250 | 12/15/28 | 15 | 14,260 | ||||||||||||
|
GLP Capital LP/GLP Financing II, Inc., Gtd. Notes |
3.250 | 01/15/32 | 5 | 4,702 | ||||||||||||
|
Host Hotels & Resorts LP, Sr. Unsec’d. Notes |
2.900 | 12/15/31 | 5 | 4,621 | ||||||||||||
|
Kimco Realty Corp., Sr. Unsec’d. Notes |
3.200 | 04/01/32 | 25 | 25,059 | ||||||||||||
|
Realty Income Corp., |
||||||||||||||||
|
Sr. Unsec’d. Notes |
2.200 | 06/15/28 | 80 | 77,452 | ||||||||||||
|
Sr. Unsec’d. Notes |
3.100 | 12/15/29 | 29 | 29,262 | ||||||||||||
|
Sr. Unsec’d. Notes |
3.250 | 01/15/31 | 25 | 25,407 | ||||||||||||
|
Simon Property Group LP, |
||||||||||||||||
|
Sr. Unsec’d. Notes |
2.650 | 02/01/32 | 55 | 52,889 | ||||||||||||
|
Sr. Unsec’d. Notes |
3.750 | 02/01/24 | 105 | 108,196 | ||||||||||||
|
Spirit Realty LP, Gtd. Notes |
2.700 | 02/15/32 | 33 | 31,029 | ||||||||||||
|
Ventas Realty LP, Gtd. Notes |
4.125 | 01/15/26 | 127 | 133,915 | ||||||||||||
|
Weyerhaeuser Co., Sr. Unsec’d. Notes |
8.500 | 01/15/25 | 13 | 15,225 | ||||||||||||
|
|
|
|||||||||||||||
| 655,912 | ||||||||||||||||
| Retail 0.2% | ||||||||||||||||
|
Alimentation
Couche-Tard, Inc. (Canada), |
4.500 | 07/26/47 | 27 | 28,375 | ||||||||||||
|
AutoZone, Inc., Sr. Unsec’d. Notes |
3.750 | 04/18/29 | 38 | 39,693 | ||||||||||||
|
Home Depot, Inc. (The), Sr. Unsec’d. Notes |
5.875 | 12/16/36 | 8 | 10,569 | ||||||||||||
|
McDonald’s Corp., Sr. Unsec’d. Notes, MTN |
4.700 | 12/09/35 | 18 | 20,419 | ||||||||||||
|
|
|
|||||||||||||||
| 99,056 | ||||||||||||||||
| Semiconductors 0.4% | ||||||||||||||||
|
Broadcom Corp./Broadcom Cayman Finance Ltd. (Multinational), Gtd. Notes |
3.500 | 01/15/28 | 45 | 45,971 | ||||||||||||
|
Broadcom, Inc., |
||||||||||||||||
|
Sr. Unsec’d. Notes, 144A |
3.137 | 11/15/35 | 42 | 38,921 | ||||||||||||
|
Sr. Unsec’d. Notes, 144A |
3.419 | 04/15/33 | 120 | 117,140 | ||||||||||||
|
|
|
|||||||||||||||
| 202,032 | ||||||||||||||||
| Software 0.1% | ||||||||||||||||
|
Microsoft Corp., Sr. Unsec’d. Notes |
2.525 | 06/01/50 | 63 | 55,952 | ||||||||||||
|
Oracle Corp., Sr. Unsec’d. Notes |
3.850 | 04/01/60 | 8 | 6,894 | ||||||||||||
|
|
|
|||||||||||||||
| 62,846 | ||||||||||||||||
See Notes to Financial Statements.
| 88 |
| Description | Interest Rate |
Maturity Date |
Principal Amount (000)# |
Value | ||||||||||||
| CORPORATE BONDS (Continued) | ||||||||||||||||
| Telecommunications 1.1% | ||||||||||||||||
|
AT&T, Inc., |
||||||||||||||||
|
Sr. Unsec’d. Notes |
3.500 | % | 09/15/53 | 140 | $ | 128,291 | ||||||||||
|
Sr. Unsec’d. Notes |
4.300 | 02/15/30 | 70 | 76,220 | ||||||||||||
|
Sr. Unsec’d. Notes |
4.500 | 05/15/35 | 65 | 71,405 | ||||||||||||
|
T-Mobile USA, Inc., |
||||||||||||||||
|
Sr. Sec’d. Notes |
2.050 | 02/15/28 | 61 | 58,081 | ||||||||||||
|
Sr. Sec’d. Notes |
3.000 | 02/15/41 | 55 | 47,944 | ||||||||||||
|
Sr. Sec’d. Notes |
3.875 | 04/15/30 | 30 | 31,015 | ||||||||||||
|
Verizon Communications, Inc., |
||||||||||||||||
|
Sr. Unsec’d. Notes |
4.016 | 12/03/29 | 47 | 50,383 | ||||||||||||
|
Sr. Unsec’d. Notes |
4.500 | 08/10/33 | 70 | 77,828 | ||||||||||||
|
|
|
|||||||||||||||
| 541,167 | ||||||||||||||||
| Transportation 0.1% | ||||||||||||||||
|
CSX Corp., Sr. Unsec’d. Notes |
6.150 | 05/01/37 | 33 | 42,831 | ||||||||||||
|
|
|
|||||||||||||||
|
TOTAL
CORPORATE BONDS |
|
14,450,602 | ||||||||||||||
|
|
|
|||||||||||||||
| MUNICIPAL BONDS 0.2% | ||||||||||||||||
| New Jersey 0.0% | ||||||||||||||||
|
New
Jersey Turnpike Authority, Taxable, Revenue |
7.414 | 01/01/40 | 10 | 15,378 | ||||||||||||
| New York 0.1% | ||||||||||||||||
|
New
York State Dormitory Authority, Taxable, |
2.202 | 03/15/34 | 15 | 14,090 | ||||||||||||
|
Port Authority of New York & New Jersey, Consolidated, Revenue Bonds |
4.458 | 10/01/62 | 10 | 11,977 | ||||||||||||
|
|
|
|||||||||||||||
| 26,067 | ||||||||||||||||
| Ohio 0.0% | ||||||||||||||||
|
Ohio State University (The), Taxable, Revenue Bonds, Series A |
4.800 | 06/01/11 | 10 | 13,581 | ||||||||||||
| Pennsylvania 0.1% | ||||||||||||||||
|
Pennsylvania Turnpike Commission, Revenue Bonds, BABs, Series B |
5.511 | 12/01/45 | 10 | 13,267 | ||||||||||||
|
University of Pittsburgh-of the Commonwealth System of Higher Education, Taxable, Revenue Bonds |
3.555 | 09/15/19 | 30 | 29,626 | ||||||||||||
|
|
|
|||||||||||||||
| 42,893 | ||||||||||||||||
See Notes to Financial Statements.
|
PGIM Fixed Income ETFs |
89 |
PGIM Active Aggregate Bond ETF
Schedule of Investments (unaudited) (continued)
as of February 28, 2022
| Description | Interest Rate |
Maturity Date |
Principal Amount (000)# |
Value | ||||||||||||
| MUNICIPAL BONDS (Continued) | ||||||||||||||||
| Virginia 0.0% | ||||||||||||||||
|
University of Virginia, Taxable, Revenue Bonds, Series B |
2.584 | % | 11/01/51 | 25 | $ | 22,493 | ||||||||||
|
|
|
|||||||||||||||
|
TOTAL
MUNICIPAL BONDS |
|
120,412 | ||||||||||||||
|
|
|
|||||||||||||||
| SOVEREIGN BONDS 0.9% | ||||||||||||||||
|
Hungary
Government International Bond (Hungary), |
7.625 | 03/29/41 | 10 | 14,649 | ||||||||||||
|
Indonesia Government International Bond (Indonesia), Sr. Unsec’d. Notes |
3.500 | 01/11/28 | 200 | 207,293 | ||||||||||||
|
Mexico
Government International Bond (Mexico), |
6.050 | 01/11/40 | 50 | 57,041 | ||||||||||||
|
Peruvian
Government International Bond (Peru), |
4.125 | 08/25/27 | 50 | 52,619 | ||||||||||||
|
Romanian Government International Bond (Romania), Sr. Unsec’d. Notes, 144A |
6.125 | 01/22/44 | 70 | 80,317 | ||||||||||||
|
Uruguay
Government International Bond (Uruguay), |
5.100 | 06/18/50 | 15 | 17,920 | ||||||||||||
|
|
|
|||||||||||||||
|
TOTAL
SOVEREIGN BONDS |
|
429,839 | ||||||||||||||
|
|
|
|||||||||||||||
| U.S. GOVERNMENT AGENCY OBLIGATIONS 20.4% | ||||||||||||||||
|
Federal National Mortgage Assoc. |
2.000 | TBA | 500 | 479,407 | ||||||||||||
|
Federal National Mortgage Assoc. |
2.500 | TBA | 500 | 504,590 | ||||||||||||
|
Federal National Mortgage Assoc. |
3.000 | TBA | 1,750 | 1,767,150 | ||||||||||||
|
Federal National Mortgage Assoc. |
3.500 | TBA | 500 | 514,875 | ||||||||||||
|
Federal National Mortgage Assoc. |
4.000 | TBA | 250 | 260,962 | ||||||||||||
|
Federal National Mortgage Assoc. Pool |
1.500 | 12/01/50 | 372 | 345,915 | ||||||||||||
|
Federal National Mortgage Assoc. Pool |
2.000 | 05/01/36 | 440 | 437,217 | ||||||||||||
|
Federal National Mortgage Assoc. Pool |
2.000 | 05/01/51 | 249 | 239,403 | ||||||||||||
|
Federal National Mortgage Assoc. Pool |
2.500 | 04/01/51 | 1,494 | 1,477,009 | ||||||||||||
|
Federal National Mortgage Assoc. Pool |
2.500 | 05/01/51 | 562 | 555,454 | ||||||||||||
|
Freddie Mac Pool |
1.500 | 04/01/51 | 465 | 431,885 | ||||||||||||
|
Freddie Mac Pool |
2.000 | 02/01/51 | 990 | 952,695 | ||||||||||||
|
Freddie Mac Pool |
2.000 | 07/01/51 | 524 | 503,559 | ||||||||||||
|
Freddie Mac Pool |
2.500 | 04/01/51 | 784 | 775,126 | ||||||||||||
|
Government National Mortgage Assoc. II Pool |
2.000 | 03/20/51 | 482 | 472,106 | ||||||||||||
|
Tennessee Valley Authority, Sr. Unsec’d. Notes |
1.500 | 09/15/31 | 15 | 14,029 | ||||||||||||
|
|
|
|||||||||||||||
|
TOTAL
U.S. GOVERNMENT AGENCY OBLIGATIONS |
|
9,731,382 | ||||||||||||||
|
|
|
|||||||||||||||
See Notes to Financial Statements.
| 90 |
| Description | Interest Rate |
Maturity Date |
Principal Amount (000)# |
Value | ||||||||||||
| U.S. TREASURY OBLIGATIONS 22.5% | ||||||||||||||||
|
U.S. Treasury Bonds |
1.750 | % | 08/15/41 | 21 | $ | 19,271 | ||||||||||
|
U.S. Treasury Bonds |
1.875 | 02/15/41 | 1,660 | 1,561,178 | ||||||||||||
|
U.S. Treasury Bonds |
2.000 | 11/15/41 | 895 | 857,382 | ||||||||||||
|
U.S. Treasury Bonds |
2.250 | 05/15/41 | 105 | 104,737 | ||||||||||||
|
U.S. Treasury Bonds |
2.500 | 02/15/46 | 65 | 67,275 | ||||||||||||
|
U.S. Treasury Bonds |
2.750 | 08/15/47 | 100 | 109,500 | ||||||||||||
|
U.S. Treasury Bonds |
3.375 | 11/15/48 | 540 | 666,731 | ||||||||||||
|
U.S. Treasury Bonds |
3.625 | 08/15/43 | 260 | 318,581 | ||||||||||||
|
U.S. Treasury Notes |
0.250 | 09/30/23 | 555 | 545,461 | ||||||||||||
|
U.S. Treasury Notes |
0.375 | 01/31/26 | 50 | 47,430 | ||||||||||||
|
U.S. Treasury Notes(k) |
0.750 | 03/31/26 | 460 | 442,067 | ||||||||||||
|
U.S. Treasury Notes |
1.250 | 12/31/26 | 4,105 | 4,011,355 | ||||||||||||
|
U.S. Treasury Notes |
1.250 | 09/30/28 | 5 | 4,822 | ||||||||||||
|
U.S. Treasury Notes |
1.875 | 02/28/27 | 215 | 216,512 | ||||||||||||
|
U.S. Treasury Notes |
1.875 | 02/28/29 | 255 | 255,996 | ||||||||||||
|
U.S. Treasury Notes |
1.875 | 02/15/32 | 135 | 135,570 | ||||||||||||
|
U.S. Treasury Notes |
2.250 | 11/15/25 | 40 | 40,762 | ||||||||||||
|
U.S. Treasury Strips Coupon |
1.362 | (s) | 02/15/42 | 1,395 | 860,105 | |||||||||||
|
U.S. Treasury Strips Coupon |
2.511 | (s) | 08/15/44 | 305 | 176,316 | |||||||||||
|
U.S. Treasury Strips Coupon |
2.545 | (s) | 11/15/45 | 80 | 44,938 | |||||||||||
|
U.S. Treasury Strips Coupon |
2.526 | (s) | 02/15/46 | 450 | 251,490 | |||||||||||
|
|
|
|||||||||||||||
|
TOTAL
U.S. TREASURY OBLIGATIONS |
|
10,737,479 | ||||||||||||||
|
|
|
|||||||||||||||
|
TOTAL
LONG-TERM INVESTMENTS |
|
45,832,532 | ||||||||||||||
|
|
|
|||||||||||||||
| SHORT-TERM INVESTMENT 11.7% | ||||||||||||||||
| TIME DEPOSIT 11.7% | ||||||||||||||||
|
Skandinaviska
Enskilda Banken AB (Sweden) |
0.005 | 03/01/22 | 5,580 | 5,580,405 | ||||||||||||
|
|
|
|||||||||||||||
|
TOTAL
INVESTMENTS 107.6% |
|
51,412,937 | ||||||||||||||
|
Liabilities in excess of other assets (7.6)% |
|
(3,634,680 | ) | |||||||||||||
|
|
|
|||||||||||||||
|
NET ASSETS 100.0% |
|
$ | 47,778,257 | |||||||||||||
|
|
|
|||||||||||||||
Below is a list of the abbreviation(s) used in the semi-annual report:
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.
BABs—Build America Bonds
CLO—Collateralized Loan Obligation
See Notes to Financial Statements.
|
PGIM Fixed Income ETFs |
91 |
PGIM Active Aggregate Bond ETF
Schedule of Investments (unaudited) (continued)
as of February 28, 2022
GMTN—Global Medium Term Note
LIBOR—London Interbank Offered Rate
MTN—Medium Term Note
SOFR—Secured Overnight Financing Rate
Strips—Separate Trading of Registered Interest and Principal of Securities
TBA—To Be Announced
| # |
Principal or notional amount is shown in U.S. dollars unless otherwise stated. |
| (c) |
Variable rate instrument. The interest rate shown reflects the rate in effect at February 28, 2022. |
| (cc) |
Variable rate instrument. The rate shown is based on the latest available information as of February 28, 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. |
| (k) |
Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives. |
| (p) |
Represents a security with a delayed settlement and therefore the interest rate is not available until settlement date which is after the period end. |
| (s) |
Represents zero coupon bond. Rate represents yield to maturity at purchase date. |
Futures contracts outstanding at February 28, 2022:
| Number of contracts |
Type | Expiration Date |
Current Notional Amount |
Value
/ Unrealized Appreciation (Depreciation) |
||||||||||||
| Long Positions: | ||||||||||||||||
| 8 | 5 Year U.S. Treasury Notes | Jun. 2022 | $ | 946,250 | $ | 6,630 | ||||||||||
| 21 | 2 Year U.S. Treasury Notes | Jun. 2022 | 4,519,758 | 14,766 | ||||||||||||
| 9 | U.S. Ultra Bond | Jun. 2022 | 1,673,438 | 17,437 | ||||||||||||
| 31 | 10 Year U.S. Treasury Notes | Jun. 2022 | 3,950,563 | 32,163 | ||||||||||||
|
|
|
|||||||||||||||
| 70,996 | ||||||||||||||||
|
|
|
|||||||||||||||
| Short Positions: | ||||||||||||||||
| 21 | U.S. Long Bond | Jun. 2022 | 3,290,438 | (42,126 | ) | |||||||||||
| 20 | U.S. Ultra 10-Year Notes | Jun. 2022 | 2,826,563 | (24,844 | ) | |||||||||||
|
|
|
|||||||||||||||
| (66,970 | ) | |||||||||||||||
|
|
|
|||||||||||||||
| $ | 4,026 | |||||||||||||||
|
|
|
|||||||||||||||
See Notes to Financial Statements.
| 92 |
Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:
Cash and securities segregated as collateral to cover requirements for open centrally cleared/ exchange-traded derivatives are listed by broker as follows:
|
Broker |
Cash and/or Foreign Currency | Securities Market Value | ||||||
| J.P. Morgan Securities LLC | $ | — | $ | 202,593 | ||||
Fair Value Measurements:
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.
Level 1—unadjusted quoted prices generally in active markets for identical securities.
Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.
Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.
See Notes to Financial Statements.
|
PGIM Fixed Income ETFs |
93 |
PGIM Active Aggregate Bond ETF
Schedule of Investments (unaudited) (continued)
as of February 28, 2022
The following is a summary of the inputs used as of February 28, 2022 in valuing such portfolio securities:
| Level 1 | Level 2 | Level 3 | ||||||||||
| Investments in Securities | ||||||||||||
| Assets | ||||||||||||
| Long-Term Investments | ||||||||||||
| Asset-Backed Securities | ||||||||||||
|
Automobile ABS |
$ | — | $ | 295,242 | $ | — | ||||||
|
Collateralized Loan Obligations |
— | 4,428,244 | — | |||||||||
|
Other ABS |
— | 193,790 | — | |||||||||
|
Commercial Mortgage-Backed Securities |
— | 5,445,542 | — | |||||||||
|
Corporate Bonds |
— | 14,450,602 | — | |||||||||
|
Municipal Bonds |
— | 120,412 | — | |||||||||
|
Sovereign Bonds |
— | 429,839 | — | |||||||||
|
U.S. Government Agency Obligations |
— | 9,731,382 | — | |||||||||
|
U.S. Treasury Obligations |
— | 10,737,479 | — | |||||||||
| Short-Term Investments | ||||||||||||
|
Time Deposit |
— | 5,580,405 | — | |||||||||
|
|
|
|
|
|
|
|||||||
|
Total |
$ | — | $ | 51,412,937 | $ | — | ||||||
|
|
|
|
|
|
|
|||||||
| Other Financial Instruments* | ||||||||||||
| Assets | ||||||||||||
|
Futures Contracts |
$ | 70,996 | $ | — | $ | — | ||||||
|
|
|
|
|
|
|
|||||||
|
Total |
$ | 70,996 | $ | — | $ | — | ||||||
|
|
|
|
|
|
|
|||||||
| Liabilities | ||||||||||||
|
Futures Contracts |
$ | (66,970 | ) | $ | — | $ | — | |||||
|
|
|
|
|
|
|
|||||||
|
Total |
$ | (66,970 | ) | $ | — | $ | — | |||||
|
|
|
|
|
|
|
|||||||
| * |
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.
| 94 |
Industry Classification:
The industry classification of investments and liabilities in excess of other assets shown as a
percentage of net assets as of February 28, 2022 were as follows:
|
U.S. Treasury Obligations |
22.5 | % | ||
|
U.S. Government Agency Obligations |
20.4 | |||
|
Time Deposit |
11.7 | |||
|
Commercial Mortgage-Backed Securities |
11.4 | |||
|
Collateralized Loan Obligations |
9.3 | |||
|
Banks |
8.0 | |||
|
Electric |
2.3 | |||
|
Pharmaceuticals |
1.9 | |||
|
Pipelines |
1.8 | |||
|
Real Estate Investment Trusts (REITs) |
1.4 | |||
|
Mining |
1.3 | |||
|
Oil & Gas |
1.3 | |||
|
Media |
1.2 | |||
|
Telecommunications |
1.1 | |||
|
Healthcare-Services |
1.0 | |||
|
Commercial Services |
1.0 | |||
|
Sovereign Bonds |
0.9 | |||
|
Aerospace & Defense |
0.8 | |||
|
Auto Manufacturers |
0.8 | |||
|
Insurance |
0.7 | |||
|
Beverages |
0.6 | |||
|
Automobile ABS |
0.6 | |||
|
Home Builders |
0.5 | |||
|
Agriculture |
0.4 | |||
|
Semiconductors |
0.4 | |||
|
Engineering & Construction |
0.4 | |||
|
Other ABS |
0.4 | |||
|
Chemicals |
0.4 | |||
|
Building Materials |
0.4 | |||
|
Food |
0.4 | |||
|
Municipal Bonds |
0.2 | |||
|
Miscellaneous Manufacturer |
0.2 | |||
|
Multi-National |
0.2 | |||
|
Retail |
0.2 | |||
|
Machinery-Diversified |
0.2 | |||
|
Iron/Steel |
0.2 | |||
|
Gas |
0.2 | |||
|
Lodging |
0.2 | |||
|
Airlines |
0.2 | |||
|
Software |
0.1 | |||
|
Computers |
0.1 | |||
|
Biotechnology |
0.1 | |||
|
Diversified Financial Services |
0.1 | |||
|
Transportation |
0.1 | |||
|
Auto Parts & Equipment |
0.0 | * | ||
|
Machinery-Constructions & Mining |
0.0 | * | ||
|
|
|
|||
| 107.6 | ||||
|
Liabilities in excess of other assets |
(7.6 | ) | ||
|
|
|
|||
| 100.0 | % | |||
|
|
|
| * |
Less than +/- 0.05%. |
Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:
The Fund invested in derivative instruments during the reporting period. The primary type of risk associated with these derivative instruments is interest rate 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 Fixed Income ETFs |
95 |
PGIM Active Aggregate Bond ETF
Schedule of Investments (unaudited) (continued)
as of February 28, 2022
Fair values of derivative instruments as of February 28, 2022 as presented in the Statement of Assets and Liabilities:
| Asset Derivatives | Liability Derivatives | |||||||||||||||
|
Derivatives not accounted |
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* |
$ | 70,996 | |
Due from/to
broker— variation margin futures* |
|
$ | (66,970 | ) | ||||||
|
|
|
|
|
|||||||||||||
| $ | 70,996 | $ | (66,970 | ) | ||||||||||||
|
|
|
|
|
|||||||||||||
| * |
Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities. |
The effects of derivative instruments on the Statement of Operations for the period ended February 28, 2022 are as follows:
|
Amount of Realized Gain (Loss) on Derivatives Recognized in Income |
||||
|
Derivatives
not accounted for as hedging |
Futures | |||
|
Interest rate contracts |
$ | (87,408 | ) | |
|
|
|
|||
|
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income |
||||
|
Derivatives not accounted for as hedging instruments, carried at fair value |
Futures | |||
|
Interest rate contracts |
$ | (13,060 | ) | |
|
|
|
|||
For the period ended February 28, 2022 the Fund’s average volume of derivative activities is as follows:
|
Futures Contracts—Long Positions(1) |
Futures Contracts—Short Positions(1) | |
|
$7,759,737 |
$4,689,469 |
| (1) |
Notional Amount in USD. |
Average volume is based on average quarter end balances as noted for the six months ended February 28, 2022.
See Notes to Financial Statements.
| 96 |
PGIM Active Aggregate Bond ETF
Statement of Assets & Liabilities (unaudited)
as of February 28, 2022
|
Assets |
||||
|
Investments at value: |
||||
|
Unaffiliated investments (cost $52,627,585) |
$ | 51,412,937 | ||
|
Cash |
31 | |||
|
Receivable for investments sold |
2,720,648 | |||
|
Interest and dividends receivable |
188,103 | |||
|
|
|
|||
|
Total Assets |
54,321,719 | |||
|
|
|
|||
| Liabilities | ||||
|
Payable for investments purchased |
6,531,057 | |||
|
Management fee payable |
6,964 | |||
|
Due to broker—variation margin futures |
5,441 | |||
|
|
|
|||
|
Total Liabilities |
6,543,462 | |||
|
|
|
|||
|
Net Assets |
$ | 47,778,257 | ||
|
|
|
|||
|
Net assets were comprised of: |
||||
|
Common stock, at par |
$ | 1,000 | ||
|
Paid-in capital in excess of par |
49,494,853 | |||
|
Total distributable earnings (loss) |
(1,717,596 | ) | ||
|
|
|
|||
|
Net assets, February 28, 2022 |
$ | 47,778,257 | ||
|
|
|
|||
|
Net
asset value, offering price and redemption price per
share, |
$ | 47.78 | ||
|
|
|
|||
See Notes to Financial Statements.
|
PGIM Fixed Income ETFs |
97 |
PGIM Active Aggregate Bond ETF
Statement of Operations (unaudited)
Six Months Ended February 28, 2022
|
Net Investment Income (Loss) |
||||
|
Income |
||||
|
Interest income |
$ | 262,074 | ||
|
Affiliated dividend income |
2,465 | |||
|
|
|
|||
|
Total income |
264,539 | |||
|
|
|
|||
|
Expenses |
| |||
|
Management fee |
30,051 | |||
|
Miscellaneous expenses |
50 | |||
|
|
|
|||
|
Total expenses |
30,101 | |||
|
|
|
|||
|
Net investment income (loss) |
234,438 | |||
|
|
|
|||
| Realized And Unrealized Gain (Loss) On Investments | ||||
|
Net realized gain (loss) on: |
||||
|
Investment transactions |
(224,270 | ) | ||
|
Futures transactions |
(87,408 | ) | ||
|
|
|
|||
| (311,678 | ) | |||
|
|
|
|||
|
Net change in unrealized appreciation (depreciation) on: |
||||
|
Investments |
(1,672,249 | ) | ||
|
Futures |
(13,060 | ) | ||
|
|
|
|||
| (1,685,309 | ) | |||
|
|
|
|||
|
Net gain (loss) on investment transactions |
(1,996,987 | ) | ||
|
|
|
|||
|
Net Increase (Decrease) In Net Assets Resulting From Operations |
$ | (1,762,549 | ) | |
|
|
|
|||
See Notes to Financial Statements.
| 98 |
PGIM Active Aggregate Bond ETF
Statement of Changes in Net Assets
|
Six Months Ended February 28, 2022 (Unaudited) |
Period Ended August 31, 2021* |
|||||||
|
Increase (Decrease) in Net Assets |
| |||||||
|
Operations |
||||||||
|
Net investment income (loss) |
$ | 234,438 | $ | 137,837 | ||||
|
Net realized gain (loss) on investments |
(311,678 | ) | 106,616 | |||||
|
Net change in unrealized appreciation (depreciation) on investments |
(1,685,309 | ) | 474,687 | |||||
|
|
|
|
|
|||||
|
Net increase (decrease) in net assets resulting from operations |
(1,762,549 | ) | 719,140 | |||||
|
|
|
|
|
|||||
|
Dividends and Distributions |
||||||||
|
Distributions from distributable earnings |
(543,834 | ) | (130,353 | ) | ||||
|
|
|
|
|
|||||
|
Fund share transactions |
||||||||
|
Net proceeds from shares sold |
23,274,700 | 31,322,713 | ||||||
|
Cost of shares purchased |
— | (5,101,560 | ) | |||||
|
|
|
|
|
|||||
|
Net increase (decrease) in net assets from Fund share transactions |
23,274,700 | 26,221,153 | ||||||
|
|
|
|
|
|||||
|
Total increase (decrease) |
20,968,317 | 26,809,940 | ||||||
| Net Assets: | ||||||||
|
Beginning of period |
26,809,940 | — | ||||||
|
|
|
|
|
|||||
|
End of period |
$ | 47,778,257 | $ | 26,809,940 | ||||
|
|
|
|
|
|||||
| * |
For the period from April 12, 2021 (commencement of operations) through August 31, 2021. |
See Notes to Financial Statements.
|
PGIM Fixed Income ETFs |
99 |
PGIM Active Aggregate Bond ETF
Financial Highlights
| Six
Months Ended February 28, 2022 (unaudited) |
April 12, 2021(e) through August 31, 2021 |
|||||||||||
| Per Share Operating Performance(a): |
| |||||||||||
| Net Asset Value, Beginning of Period | $51.07 | $50.00 | ||||||||||
| Income (loss) from investment operations: |
| |||||||||||
| Net investment income (loss) | 0.37 | 0.25 | ||||||||||
| Net realized and unrealized gain (loss) on investments | (2.67 | ) | 1.05 | |||||||||
| Total from investment operations | (2.30 | ) | 1.30 | |||||||||
| Less Dividends and Distributions: |
| |||||||||||
| Dividends from net investment income | (0.45 | ) | (0.23 | ) | ||||||||
| Distributions from net realized gains | (0.54 | ) | - | |||||||||
| Total Dividends and Distributions | (0.99 | ) | (0.23 | ) | ||||||||
| Net asset value, end of period | $47.78 | $51.07 | ||||||||||
| Total Return(b): | (4.58)% | 2.59% | ||||||||||
| Ratios/Supplemental Data: | ||||||||||||
| Net assets, end of period (000) | $47,778 | $26,810 | ||||||||||
| Average net assets (000) | $31,894 | $27,915 | ||||||||||
| Ratios to average net assets(c): |
| |||||||||||
| Expenses after waivers and/or expense reimbursement | 0.19% | (d) | 0.19% | (d) | ||||||||
| Expenses before waivers and/or expense reimbursement | 0.19% | (d) | 0.19% | (d) | ||||||||
| Net investment income (loss) | 1.48% | (d) | 1.28% | (d) | ||||||||
| Portfolio turnover rate(f) | 327% | 337% | ||||||||||
| (a) |
Calculated based on average shares outstanding during the period. |
| (b) |
Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of the period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized. |
| (c) |
Does not include expenses of the underlying funds in which the Fund invests. |
| (d) |
Annualized. |
| (e) |
Commencement of operations. |
| (f) |
The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
See Notes to Financial Statements.
| 100 |
PGIM Total Return Bond ETF
Schedule of Investments (unaudited)
as of February 28, 2022
| Description | Interest Rate |
Maturity Date |
Principal Amount (000)# |
Value | ||||||||||||
| LONG-TERM INVESTMENTS 98.7% | ||||||||||||||||
| ASSET-BACKED SECURITIES 19.7% | ||||||||||||||||
| Automobile ABS 0.4% | ||||||||||||||||
|
Carvana Auto Receivables Trust, Series 2021-P4, Class C |
2.330 | % | 02/10/28 | 100 | $ | 97,206 | ||||||||||
|
Hertz Vehicle Financing III LLC, Series 2022-1A, Class C, 144A |
2.630 | 06/25/26 | 100 | 98,610 | ||||||||||||
|
|
|
|||||||||||||||
| 195,816 | ||||||||||||||||
| Collateralized Loan Obligations 18.2% | ||||||||||||||||
|
Anchorage
Capital CLO 25 Ltd. (Cayman Islands), Series 2022-25A,
Class A1, |
1.631 | (c) | 04/20/35 | 500 | 498,773 | |||||||||||
|
ArrowMark
Colorado Holdings (Cayman Islands), Series 2018-3A,
Class A1R, |
1.426 | (c) | 01/25/35 | 500 | 499,237 | |||||||||||
|
Atlas
Senior Loan Fund XIV (Cayman Islands), Series 2019-14A,
Class AR, |
1.270 | (c) | 07/20/32 | 500 | 498,998 | |||||||||||
|
Bain Capital Credit CLO Ltd. (Cayman Islands), |
||||||||||||||||
|
Series 2019-3A,
Class AR, |
1.415 | (c) | 10/21/34 | 500 | 496,996 | |||||||||||
|
Series 2022-1A,
Class A1, |
— | (p) | 04/18/35 | 250 | 249,392 | |||||||||||
|
Barings CLO Ltd. (Cayman Islands), Series 2020-2A, Class AR, 144A, 3 Month LIBOR + 1.010% |
1.251 | (c) | 10/15/33 | 250 | 247,762 | |||||||||||
|
Benefit
Street Partners CLO III Ltd. (Cayman Islands), Series 2013-IIIA,
Class A1R2, |
1.254 | (c) | 07/20/29 | 203 | 201,528 | |||||||||||
|
Carlyle C17 CLO Ltd. (Cayman Islands), Series C17A, Class A1AR, 144A, 3 Month LIBOR + 1.030% |
1.329 | (c) | 04/30/31 | 250 | 248,222 | |||||||||||
|
Carlyle Global Market Strategies CLO Ltd. (Cayman Islands), Series 2014-1A, Class A1R2, 144A, 3 Month LIBOR + 0.970% |
1.211 | (c) | 04/17/31 | 249 | 247,485 | |||||||||||
|
Carlyle US CLO Ltd. (Cayman Islands), Series 2021-11A, Class A, 144A, 3 Month LIBOR + 1.095% |
1.348 | (c) | 01/25/33 | 500 | 497,251 | |||||||||||
|
CIFC Funding Ltd. (Cayman Islands), Series 2015-1A, Class ARR, 144A, 3 Month LIBOR + 1.110% |
1.369 | (c) | 01/22/31 | 750 | 745,018 | |||||||||||
|
Crown City CLO II (Cayman Islands), Series 2020-2A, Class A1AR, 144A, 3 Month Term SOFR + 1.340% |
1.599 | (c) | 04/20/35 | 250 | 249,392 | |||||||||||
|
Crown
Point CLO 11 Ltd. (Cayman Islands), Series 2021-11A,
Class A, |
1.366 | (c) | 01/17/34 | 500 | 498,995 | |||||||||||
See Notes to Financial Statements.
|
PGIM Fixed Income ETFs |
101 |
PGIM Total Return Bond ETF
Schedule of Investments (unaudited) (continued)
as of February 28, 2022
| Description | Interest Rate |
Maturity Date |
Principal Amount (000)# |
Value | ||||||||||||
| ASSET-BACKED SECURITIES (Continued) | ||||||||||||||||
| Collateralized Loan Obligations (cont'd.) | ||||||||||||||||
|
Generate CLO 4 Ltd. (Cayman Islands), Series 4A, Class A1R, 144A, 3 Month LIBOR + 1.090% |
1.344 | %(c) | 04/20/32 | 250 | $ | 248,563 | ||||||||||
|
Greenwood
Park CLO Ltd. (Cayman Islands), Series 2018-1A,
Class A2, |
1.251 | (c) | 04/15/31 | 250 | 248,500 | |||||||||||
|
HPS
Loan Management Ltd. (Cayman Islands), Series 10A-16,
Class A1RR, |
1.394 | (c) | 04/20/34 | 300 | 298,348 | |||||||||||
|
ICG US CLO Ltd. (Cayman Islands), |
||||||||||||||||
|
Series 2014-3A,
Class A1RR, |
1.288 | (c) | 04/25/31 | 249 | 247,708 | |||||||||||
|
Series 2015-2RA,
Class A1, |
1.611 | (c) | 01/16/33 | 250 | 248,478 | |||||||||||
|
Jamestown
CLO XII Ltd. (Cayman Islands), Series 2019-1A,
Class A1, |
1.724 | (c) | 04/20/32 | 250 | 248,537 | |||||||||||
|
KKR CLO Ltd. (Cayman Islands), Series 11, Class AR, 144A, 3 Month LIBOR + 1.180% |
1.421 | (c) | 01/15/31 | 250 | 248,444 | |||||||||||
|
OCP CLO Ltd. (Cayman Islands), Series 2015-9A, Class A1R2, 144A, 3 Month Term SOFR + 1.250% |
— | (p) | 01/15/33 | 250 | 249,394 | |||||||||||
|
OZLM XVIII Ltd. (Cayman Islands), Series 2018-18A, Class A, 144A, 3 Month LIBOR + 1.020% |
1.259 | (c) | 04/15/31 | 250 | 248,320 | |||||||||||
|
TCW CLO Ltd. (Cayman Islands), Series 2019-2A, Class A1R, 144A, 3 Month Term SOFR + 1.280% |
1.521 | (c) | 10/20/32 | 250 | 249,392 | |||||||||||
|
Trinitas CLO V Ltd. (Cayman Islands), Series 2016-5A, Class ARR, 144A, 3 Month LIBOR + 1.030% |
1.288 | (c) | 10/25/28 | 96 | 95,916 | |||||||||||
|
Venture
43 CLO Ltd. (Cayman Islands), Series 2021-43A,
Class A1, |
1.481 | (c) | 04/15/34 | 250 | 248,264 | |||||||||||
|
|
|
|||||||||||||||
| 8,058,913 | ||||||||||||||||
| Other ABS 1.1% | ||||||||||||||||
|
Madison
Park Euro Funding XIV DAC (Ireland), |
0.800 | (c) | 07/15/32 | 250 | 279,036 | |||||||||||
|
Oportun Funding XIV LLC, Series 2021-A, Class C, 144A |
3.440 | 03/08/28 | 100 | 100,309 | ||||||||||||
|
Regional Management Issuance Trust, Series 2022-1, Class A, 144A |
3.070 | 03/15/32 | 100 | 100,527 | ||||||||||||
|
|
|
|||||||||||||||
| 479,872 | ||||||||||||||||
|
|
|
|||||||||||||||
|
TOTAL
ASSET-BACKED SECURITIES |
|
8,734,601 | ||||||||||||||
|
|
|
|||||||||||||||
See Notes to Financial Statements.
| 102 |
| Description | Interest Rate |
Maturity Date |
Principal Amount (000)# |
Value | ||||||||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES 9.0% | ||||||||||||||||
| BANK, | ||||||||||||||||
|
Series 2021-BN35, Class A4 |
2.031 | % | 06/15/64 | 500 | $ | 463,280 | ||||||||||
|
Series 2021-BN38, Class A4 |
2.275 | 12/15/64 | 250 | 237,355 | ||||||||||||
|
BBCMS Mortgage Trust, Series 2022-C14, Class A4 |
2.692 | 02/15/55 | 200 | 196,531 | ||||||||||||
|
Bellemeade
Re Ltd. (Bermuda), Series 2019-2A, |
3.287 | (c) | 04/25/29 | 200 | 197,732 | |||||||||||
|
Benchmark Mortgage Trust, Series 2021-B31, Class A4 |
2.420 | 12/15/54 | 500 | 477,868 | ||||||||||||
|
BMO Mortgage Trust, Series 2022-C1, Class A5 |
3.374 | 02/15/55 | 200 | 205,441 | ||||||||||||
|
BX Commercial Mortgage Trust, 144A |
||||||||||||||||
|
Series 2018-BIOA, Class E, 1 Month LIBOR + 1.951% |
2.142 | (c) | 03/15/37 | 114 | 112,027 | |||||||||||
|
Series 2018-BIOA, Class F, 1 Month LIBOR + 2.471% |
2.662 | (c) | 03/15/37 | 364 | 358,049 | |||||||||||
|
Series 2019-XL, Class J, 1 Month LIBOR + 2.650% |
2.841 | (c) | 10/15/36 | 128 | 124,623 | |||||||||||
|
Series 2021-CIP, Class E, 1 Month LIBOR + 2.820% |
3.011 | (c) | 12/15/38 | 150 | 146,245 | |||||||||||
|
BXP Trust, Series 2021-601L, Class A, 144A |
2.618 | 01/15/44 | 250 | 238,103 | ||||||||||||
|
CSMC OA LLC, Series 2014-USA, Class A2, 144A |
3.953 | 09/15/37 | 250 | 253,457 | ||||||||||||
|
GS Mortgage Securities Trust, |
||||||||||||||||
|
Series 2021-GSA3, Class A4 |
2.369 | 12/15/54 | 200 | 190,699 | ||||||||||||
|
Series 2021-GSA3, Class XB |
0.625 | (cc) | 12/15/54 | 2,000 | 114,177 | |||||||||||
|
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2021-NYAH, Class H, 144A, 1 Month LIBOR + 3.390% |
3.581 | (c) | 06/15/38 | 150 | 146,814 | |||||||||||
|
MHC Commercial Mortgage Trust, Series 2021-MHC, Class F, 144A, 1 Month LIBOR + 2.601% |
2.792 | (c) | 04/15/38 | 369 | 360,606 | |||||||||||
|
One New York Plaza Trust, Series 2020-1NYP, Class B, 144A, 1 Month LIBOR + 1.500% |
1.691 | (c) | 01/15/36 | 175 | 172,808 | |||||||||||
|
|
|
|||||||||||||||
|
TOTAL
COMMERCIAL MORTGAGE-BACKED SECURITIES |
|
3,995,815 | ||||||||||||||
|
|
|
|||||||||||||||
| CORPORATE BONDS 38.5% | ||||||||||||||||
| Aerospace & Defense 0.7% | ||||||||||||||||
|
Boeing Co. (The), Sr. Unsec’d. Notes |
3.750 | 02/01/50 | 130 | 120,797 | ||||||||||||
|
Bombardier, Inc. (Canada), Sr. Unsec’d. Notes, 144A |
7.875 | 04/15/27 | 75 | 76,034 | ||||||||||||
|
Teledyne Technologies, Inc., Gtd. Notes |
2.750 | 04/01/31 | 110 | 105,820 | ||||||||||||
|
|
|
|||||||||||||||
| 302,651 | ||||||||||||||||
| Agriculture 0.7% | ||||||||||||||||
|
Altria Group, Inc., Gtd. Notes |
2.450 | 02/04/32 | 185 | 165,242 | ||||||||||||
|
BAT International Finance PLC (United Kingdom), Gtd. Notes, 144A |
3.950 | 06/15/25 | 160 | 165,436 | ||||||||||||
|
|
|
|||||||||||||||
| 330,678 | ||||||||||||||||
See Notes to Financial Statements.
|
PGIM Fixed Income ETFs |
103 |
PGIM Total Return Bond ETF
Schedule of Investments (unaudited) (continued)
as of February 28, 2022
| Description | Interest Rate |
Maturity Date |
Principal Amount (000)# |
Value | ||||||||||||
| CORPORATE BONDS (Continued) | ||||||||||||||||
| Airlines 0.4% | ||||||||||||||||
|
Southwest Airlines Co., Sr. Unsec’d. Notes |
5.125 | % | 06/15/27 | 140 | $ | 155,388 | ||||||||||
| Auto Manufacturers 0.5% | ||||||||||||||||
|
Ford Motor Co., Sr. Unsec’d. Notes |
4.750 | 01/15/43 | 50 | 48,389 | ||||||||||||
|
General Motors Co., Sr. Unsec’d. Notes |
6.250 | 10/02/43 | 145 | 175,829 | ||||||||||||
|
|
|
|||||||||||||||
| 224,218 | ||||||||||||||||
| Auto Parts & Equipment 0.1% | ||||||||||||||||
|
American Axle & Manufacturing, Inc., Gtd. Notes |
5.000 | 10/01/29 | 50 | 47,396 | ||||||||||||
| Banks 9.4% | ||||||||||||||||
|
Bank of America Corp., |
||||||||||||||||
|
Jr. Sub. Notes, 3 Month LIBOR + 2.664% |
4.300 | (c) | 1/28/2025 | (rr) | 120 | 115,554 | ||||||||||
|
Sr. Unsec’d. Notes, SOFR + 1.220% |
2.651 | (c) | 03/11/32 | 590 | 563,948 | |||||||||||
|
BNP
Paribas SA (France), |
1.323 | (c) | 01/13/27 | 400 | 376,044 | |||||||||||
|
Citigroup, Inc., |
||||||||||||||||
|
Jr. Sub. Notes, 5 Year CMT + 3.417% |
3.875 | (c) | 2/18/2026 | (rr) | 40 | 38,042 | ||||||||||
|
Sr. Unsec’d. Notes, SOFR + 1.146% |
2.666 | (c) | 01/29/31 | 405 | 390,612 | |||||||||||
|
Deutsche
Bank AG (Germany), |
2.311 | (c) | 11/16/27 | 300 | 286,900 | |||||||||||
|
Goldman Sachs Group, Inc. (The), |
||||||||||||||||
|
Jr. Sub. Notes, 5 Year CMT + 2.949% |
4.125 | (c) | 11/10/2026 | (rr) | 55 | 52,345 | ||||||||||
|
Sr. Unsec’d. Notes, 3 Month LIBOR + 1.158% |
3.814 | (c) | 04/23/29 | 435 | 451,485 | |||||||||||
|
JPMorgan Chase & Co., |
||||||||||||||||
|
Jr. Sub. Notes, SOFR + 3.125% |
4.600 | (c) | 2/1/2025 | (rr) | 120 | 117,606 | ||||||||||
|
Sr. Unsec’d. Notes, SOFR + 1.510% |
2.739 | (c) | 10/15/30 | 745 | 727,846 | |||||||||||
|
Morgan Stanley, |
||||||||||||||||
|
Sr. Unsec’d. Notes, GMTN, SOFR + 1.143% |
2.699 | (c) | 01/22/31 | 420 | 407,115 | |||||||||||
|
Sr. Unsec’d. Notes, SOFR + 1.290% |
2.943 | (c) | 01/21/33 | 35 | 34,262 | |||||||||||
|
Sub. Notes, GMTN |
4.350 | 09/08/26 | 185 | 196,467 | ||||||||||||
|
Societe
Generale SA (France), |
2.797 | (c) | 01/19/28 | 400 | 389,028 | |||||||||||
|
|
|
|||||||||||||||
| 4,147,254 | ||||||||||||||||
| Beverages 0.3% | ||||||||||||||||
|
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., Gtd. Notes |
4.900 | 02/01/46 | 100 | 113,600 | ||||||||||||
| Building Materials 0.8% | ||||||||||||||||
|
Griffon Corp., Gtd. Notes |
5.750 | 03/01/28 | 50 | 49,768 | ||||||||||||
|
Owens Corning, Sr. Unsec’d. Notes |
3.875 | 06/01/30 | 170 | 177,732 | ||||||||||||
See Notes to Financial Statements.
| 104 |
| Description | Interest Rate |
Maturity Date |
Principal Amount (000)# |
Value | ||||||||||||
| CORPORATE BONDS (Continued) | ||||||||||||||||
| Building Materials (cont'd.) | ||||||||||||||||
|
SRM Escrow Issuer LLC, Sr. Sec’d. Notes, 144A |
6.000 | % | 11/01/28 | 50 | $ | 50,001 | ||||||||||
|
Standard Industries, Inc., Sr. Unsec’d. Notes, 144A |
4.375 | 07/15/30 | 75 | 70,819 | ||||||||||||
|
|
|
|||||||||||||||
| 348,320 | ||||||||||||||||
| Chemicals 1.2% | ||||||||||||||||
|
CF Industries, Inc., Gtd. Notes |
5.150 | 03/15/34 | 125 | 140,211 | ||||||||||||
|
Chemours Co. (The), Gtd. Notes |
5.375 | 05/15/27 | 50 | 50,217 | ||||||||||||
|
LYB International Finance BV (Netherlands), Gtd. Notes |
5.250 | 07/15/43 | 90 | 104,034 | ||||||||||||
|
RPM International, Inc., Sr. Unsec’d. Notes |
2.950 | 01/15/32 | 20 | 19,497 | ||||||||||||
|
Sasol Financing USA LLC, Gtd. Notes |
5.875 | 03/27/24 | 200 | 203,840 | ||||||||||||
|
|
|
|||||||||||||||
| 517,799 | ||||||||||||||||
| Commercial Services 1.2% | ||||||||||||||||
|
Allied Universal Holdco LLC/Allied Universal Finance Corp., Sr. Sec’d. Notes, 144A |
6.625 | 07/15/26 | 75 | 76,856 | ||||||||||||
|
ERAC USA Finance LLC, Gtd. Notes, 144A |
3.300 | 12/01/26 | 160 | 164,710 | ||||||||||||
|
Herc Holdings, Inc., Gtd. Notes, 144A |
5.500 | 07/15/27 | 100 | 102,831 | ||||||||||||
|
Nexi SpA (Italy), Sr. Unsec’d. Notes |
2.125 | 04/30/29 | 100 | 100,931 | ||||||||||||
|
Thomas Jefferson University, Sec’d. Notes |
3.847 | 11/01/57 | 25 | 24,347 | ||||||||||||
|
United Rentals North America, Inc., Gtd. Notes |
3.750 | 01/15/32 | 50 | 47,519 | ||||||||||||
|
|
|
|||||||||||||||
| 517,194 | ||||||||||||||||
| Distribution/Wholesale 0.1% | ||||||||||||||||
|
H&E Equipment Services, Inc., Gtd. Notes, 144A |
3.875 | 12/15/28 | 50 | 46,778 | ||||||||||||
| Diversified Financial Services 1.2% | ||||||||||||||||
|
Cantor Fitzgerald LP, Sr. Unsec’d. Notes, 144A |
4.875 | 05/01/24 | 160 | 167,619 | ||||||||||||
|
Jefferies Group LLC/Jefferies Group Capital Finance, Inc., Sr. Unsec’d. Notes |
2.625 | 10/15/31 | 115 | 106,924 | ||||||||||||
|
OneMain Finance Corp., Gtd. Notes |
6.875 | 03/15/25 | 50 | 53,352 | ||||||||||||
|
Power
Finance Corp. Ltd. (India), |
6.150 | 12/06/28 | 200 | 225,456 | ||||||||||||
|
|
|
|||||||||||||||
| 553,351 | ||||||||||||||||
| Electric 1.4% | ||||||||||||||||
|
Calpine Corp., |
||||||||||||||||
|
Sr. Sec’d. Notes, 144A |
3.750 | 03/01/31 | 75 | 68,582 | ||||||||||||
|
Sr. Unsec’d. Notes, 144A |
5.000 | 02/01/31 | 50 | 46,163 | ||||||||||||
|
Comision Federal de Electricidad (Mexico), Gtd. Notes, 144A |
4.688 | 05/15/29 | 200 | 200,515 | ||||||||||||
See Notes to Financial Statements.
|
PGIM Fixed Income ETFs |
105 |
PGIM Total Return Bond ETF
Schedule of Investments (unaudited) (continued)
as of February 28, 2022
| Description | Interest Rate |
Maturity Date |
Principal Amount (000)# |
Value | ||||||||||||
| CORPORATE BONDS (Continued) | ||||||||||||||||
| Electric (cont'd.) | ||||||||||||||||
|
NRG Energy, Inc., |
||||||||||||||||
|
Gtd. Notes, 144A |
3.375 | % | 02/15/29 | 50 | $ | 46,416 | ||||||||||
|
Gtd. Notes, 144A |
3.875 | 02/15/32 | 50 | 46,339 | ||||||||||||
|
Sempra Energy, Jr. Sub. Notes, 5 Year CMT + 2.868% |
4.125 | (c) | 04/01/52 | 115 | 107,662 | |||||||||||
|
Southern California Edison Co., First Mortgage |
3.450 | 02/01/52 | 30 | 27,629 | ||||||||||||
|
Vistra Corp., Jr. Sub. Notes, 144A, 5 Year CMT + 5.740% |
7.000 | (c) | 12/15/2026 | (rr) | 25 | 24,817 | ||||||||||
|
Vistra Operations Co. LLC, Gtd. Notes, 144A |
4.375 | 05/01/29 | 50 | 48,536 | ||||||||||||
|
|
|
|||||||||||||||
| 616,659 | ||||||||||||||||
| Engineering & Construction 0.5% | ||||||||||||||||
|
Mexico City Airport Trust (Mexico), Sr. Sec’d. Notes, 144A |
4.250 | 10/31/26 | 200 | 201,518 | ||||||||||||
| Entertainment 0.2% | ||||||||||||||||
|
Caesars
Resort Collection LLC/CRC Finco, Inc., |
5.750 | 07/01/25 | 50 | 51,288 | ||||||||||||
|
Penn National Gaming, Inc., Sr. Unsec’d. Notes, 144A |
4.125 | 07/01/29 | 50 | 46,231 | ||||||||||||
|
|
|
|||||||||||||||
| 97,519 | ||||||||||||||||
| Food 1.0% | ||||||||||||||||
|
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, Gtd. Notes, 144A |
3.500 | 03/15/29 | 50 | 46,499 | ||||||||||||
|
Bellis Finco PLC (United Kingdom), Gtd. Notes |
4.000 | 02/16/27 | 100 | 119,088 | ||||||||||||
|
Chobani LLC/Chobani Finance Corp., Inc., Gtd. Notes, 144A |
7.500 | 04/15/25 | 50 | 50,018 | ||||||||||||
|
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc. (Multi-National), Gtd. Notes, 144A |
6.500 | 04/15/29 | 115 | 122,489 | ||||||||||||
|
Pilgrim’s Pride Corp., Gtd. Notes, 144A |
3.500 | 03/01/32 | 50 | 46,017 | ||||||||||||
|
Post Holdings, Inc., Sr. Unsec’d. Notes, 144A |
4.500 | 09/15/31 | 75 | 69,450 | ||||||||||||
|
|
|
|||||||||||||||
| 453,561 | ||||||||||||||||
| Healthcare-Products 0.1% | ||||||||||||||||
|
Mozart Debt Merger Sub, Inc., |
||||||||||||||||
|
Sr. Sec’d. Notes, 144A |
3.875 | 04/01/29 | 25 | 23,741 | ||||||||||||
|
Sr. Unsec’d. Notes, 144A |
5.250 | 10/01/29 | 25 | 23,952 | ||||||||||||
|
|
|
|||||||||||||||
| 47,693 | ||||||||||||||||
| Healthcare-Services 0.4% | ||||||||||||||||
|
DaVita, Inc., Gtd. Notes, 144A |
4.625 | 06/01/30 | 50 | 47,936 | ||||||||||||
|
Legacy LifePoint Health LLC, Sr. Sec’d. Notes, 144A |
4.375 | 02/15/27 | 75 | 71,577 | ||||||||||||
See Notes to Financial Statements.
| 106 |
| Description | Interest Rate |
Maturity Date |
Principal Amount (000)# |
Value | ||||||||||||
| CORPORATE BONDS (Continued) | ||||||||||||||||
| Healthcare-Services (cont'd.) | ||||||||||||||||
|
MEDNAX, Inc., Gtd. Notes, 144A |
5.375 | % | 02/15/30 | 25 | $ | 24,880 | ||||||||||
|
Tenet Healthcare Corp., Gtd. Notes, 144A |
6.125 | 10/01/28 | 50 | 50,626 | ||||||||||||
|
|
|
|||||||||||||||
| 195,019 | ||||||||||||||||
| Home Builders 1.0% | ||||||||||||||||
|
Ashton
Woods USA LLC/Ashton Woods Finance Co., |
4.625 | 08/01/29 | 50 | 47,414 | ||||||||||||
|
Beazer Homes USA, Inc., Gtd. Notes |
7.250 | 10/15/29 | 75 | 75,903 | ||||||||||||
|
Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada), Gtd. Notes, 144A |
4.875 | 02/15/30 | 125 | 114,431 | ||||||||||||
|
Century Communities, Inc., Gtd. Notes |
6.750 | 06/01/27 | 50 | 51,959 | ||||||||||||
|
Empire Communities Corp. (Canada), Sr. Unsec’d. Notes, 144A |
7.000 | 12/15/25 | 50 | 49,577 | ||||||||||||
|
Forestar Group, Inc., Gtd. Notes, 144A |
3.850 | 05/15/26 | 50 | 47,458 | ||||||||||||
|
Shea Homes LP/Shea Homes Funding Corp., Sr. Unsec’d. Notes, 144A |
4.750 | 04/01/29 | 50 | 47,547 | ||||||||||||
|
|
|
|||||||||||||||
| 434,289 | ||||||||||||||||
| Housewares 0.1% | ||||||||||||||||
|
Scotts Miracle-Gro Co. (The), Gtd. Notes |
4.000 | 04/01/31 | 50 | 45,932 | ||||||||||||
| Insurance 0.6% | ||||||||||||||||
|
Fairfax Financial Holdings Ltd. (Canada), Sr. Unsec’d. Notes |
3.375 | 03/03/31 | 110 | 109,278 | ||||||||||||
|
Liberty Mutual Group, Inc., Gtd. Notes, 144A |
4.569 | 02/01/29 | 155 | 172,100 | ||||||||||||
|
|
|
|||||||||||||||
| 281,378 | ||||||||||||||||
| Iron/Steel 0.4% | ||||||||||||||||
|
Steel Dynamics, Inc., Sr. Unsec’d. Notes |
3.450 | 04/15/30 | 180 | 183,064 | ||||||||||||
| Lodging 0.3% | ||||||||||||||||
|
Hilton Domestic Operating Co., Inc., Gtd. Notes, 144A |
5.375 | 05/01/25 | 50 | 51,536 | ||||||||||||
|
MGM Resorts International, Gtd. Notes |
4.750 | 10/15/28 | 75 | 74,823 | ||||||||||||
|
|
|
|||||||||||||||
| 126,359 | ||||||||||||||||
| Machinery-Diversified 0.3% | ||||||||||||||||
|
Westinghouse Air Brake Technologies Corp., Gtd. Notes |
4.950 | 09/15/28 | 135 | 146,639 | ||||||||||||
| Media 1.9% | ||||||||||||||||
|
CCO Holdings LLC/CCO Holdings Capital Corp., |
||||||||||||||||
|
Sr. Unsec’d. Notes |
4.500 | 05/01/32 | 50 | 47,490 | ||||||||||||
|
Sr. Unsec’d. Notes, 144A |
4.250 | 01/15/34 | 25 | 22,980 | ||||||||||||
See Notes to Financial Statements.
|
PGIM Fixed Income ETFs |
107 |
PGIM Total Return Bond ETF
Schedule of Investments (unaudited) (continued)
as of February 28, 2022
| Description | Interest Rate |
Maturity Date |
Principal Amount (000)# |
Value | ||||||||||||
| CORPORATE BONDS (Continued) | ||||||||||||||||
| Media (cont'd.) | ||||||||||||||||
|
Charter Communications Operating LLC/Charter Communications Operating Capital, Sr. Sec’d. Notes |
3.900 | % | 06/01/52 | 225 | $ | 195,770 | ||||||||||
|
CSC Holdings LLC, Gtd. Notes, 144A |
6.500 | 02/01/29 | 200 | 202,452 | ||||||||||||
|
Discovery Communications LLC, Gtd. Notes |
4.650 | 05/15/50 | 100 | 102,236 | ||||||||||||
|
DISH DBS Corp., Gtd. Notes |
5.125 | 06/01/29 | 50 | 42,164 | ||||||||||||
|
Paramount Global, Sr. Unsec’d. Notes |
4.375 | 03/15/43 | 90 | 89,957 | ||||||||||||
|
Virgin Media Secured Finance PLC (United Kingdom), Sr. Sec’d. Notes |
4.250 | 01/15/30 | 100 | 122,740 | ||||||||||||
|
|
|
|||||||||||||||
| 825,789 | ||||||||||||||||
| Mining 1.4% | ||||||||||||||||
|
Indonesia Asahan Aluminium Persero PT (Indonesia), Sr. Unsec’d. Notes |
4.750 | 05/15/25 | 200 | 205,195 | ||||||||||||
|
Kinross Gold Corp. (Canada), Gtd. Notes |
4.500 | 07/15/27 | 145 | 155,956 | ||||||||||||
|
Newmont Corp., |
||||||||||||||||
|
Gtd. Notes |
2.250 | 10/01/30 | 160 | 149,707 | ||||||||||||
|
Gtd. Notes |
2.600 | 07/15/32 | 25 | 23,752 | ||||||||||||
|
Teck Resources Ltd. (Canada), Sr. Unsec’d. Notes |
6.250 | 07/15/41 | 65 | 78,681 | ||||||||||||
|
|
|
|||||||||||||||
| 613,291 | ||||||||||||||||
| Oil & Gas 3.1% | ||||||||||||||||
|
Cenovus Energy, Inc. (Canada), Sr. Unsec’d. Notes |
3.750 | 02/15/52 | 95 | 85,746 | ||||||||||||
|
Chesapeake Energy Corp., Gtd. Notes, 144A |
5.875 | 02/01/29 | 50 | 51,677 | ||||||||||||
|
Continental Resources, Inc., Gtd. Notes |
4.500 | 04/15/23 | 160 | 163,485 | ||||||||||||
|
Devon Energy Corp., Sr. Unsec’d. Notes |
5.875 | 06/15/28 | 145 | 154,375 | ||||||||||||
|
Ecopetrol SA (Colombia), Sr. Unsec’d. Notes |
6.875 | 04/29/30 | 30 | 31,443 | ||||||||||||
|
Endeavor Energy Resources LP/EER Finance, Inc., Sr. Unsec’d. Notes, 144A |
5.750 | 01/30/28 | 75 | 77,735 | ||||||||||||
|
Energean
Israel Finance Ltd. (Israel), |
5.375 | 03/30/28 | 40 | 37,580 | ||||||||||||
|
Helmerich & Payne, Inc., Sr. Unsec’d. Notes, 144A |
2.900 | 09/29/31 | 100 | 95,872 | ||||||||||||
|
Ovintiv Exploration, Inc., Gtd. Notes |
5.375 | 01/01/26 | 170 | 183,766 | ||||||||||||
|
Petrobras Global Finance BV (Netherlands), Gtd. Notes |
5.600 | 01/03/31 | 50 | 49,884 | ||||||||||||
|
Petroleos Mexicanos (Mexico), |
||||||||||||||||
|
Gtd. Notes |
4.750 | 02/26/29 | 100 | 104,946 | ||||||||||||
|
Gtd. Notes |
5.350 | 02/12/28 | 100 | 96,412 | ||||||||||||
|
Gtd. Notes, EMTN |
4.875 | 02/21/28 | 130 | 139,931 | ||||||||||||
|
Pioneer Natural Resources Co., Sr. Unsec’d. Notes |
2.150 | 01/15/31 | 120 | 110,763 | ||||||||||||
|
|
|
|||||||||||||||
| 1,383,615 | ||||||||||||||||
See Notes to Financial Statements.
| 108 |
| Description | Interest Rate |
Maturity Date |
Principal Amount (000)# |
Value | ||||||||||||
| CORPORATE BONDS (Continued) | ||||||||||||||||
| Packaging & Containers 0.3% | ||||||||||||||||
|
Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer, Inc., Sr. Sec’d. Notes, 144A |
4.375 | % | 10/15/28 | 50 | $ | 46,178 | ||||||||||
|
Verallia SA (France), Gtd. Notes |
1.625 | 05/14/28 | 100 | 105,668 | ||||||||||||
|
|
|
|||||||||||||||
| 151,846 | ||||||||||||||||
| Pharmaceuticals 2.2% | ||||||||||||||||
|
AbbVie, Inc., Sr. Unsec’d. Notes |
4.050 | 11/21/39 | 145 | 152,227 | ||||||||||||
|
Bausch Health Cos., Inc. (Canada), Gtd. Notes, 144A |
6.250 | 02/15/29 | 50 | 42,607 | ||||||||||||
|
Cigna Corp., Sr. Unsec’d. Notes |
3.200 | 03/15/40 | 185 | 171,008 | ||||||||||||
|
CVS Health Corp., Sr. Unsec’d. Notes |
2.700 | 08/21/40 | 125 | 109,038 | ||||||||||||
|
Merck & Co., Inc., Sr. Unsec’d. Notes |
2.900 | 12/10/61 | 120 | 105,896 | ||||||||||||
|
Shire Acquisitions Investments Ireland DAC (Ireland), Gtd. Notes |
3.200 | 09/23/26 | 215 | 220,647 | ||||||||||||
|
Viatris, Inc., Gtd. Notes |
3.850 | 06/22/40 | 190 | 178,317 | ||||||||||||
|
|
|
|||||||||||||||
| 979,740 | ||||||||||||||||
| Pipelines 1.7% | ||||||||||||||||
|
Antero Midstream Partners LP/Antero Midstream Finance Corp., Gtd. Notes, 144A |
7.875 | 05/15/26 | 75 | 80,684 | ||||||||||||
|
Energy Transfer LP, Sr. Unsec’d. Notes |
5.400 | 10/01/47 | 130 | 138,220 | ||||||||||||
|
MPLX LP, Sr. Unsec’d. Notes |
5.200 | 03/01/47 | 100 | 110,152 | ||||||||||||
|
ONEOK, Inc., Gtd. Notes |
4.450 | 09/01/49 | 145 | 142,763 | ||||||||||||
|
Plains
All American Pipeline LP/PAA Finance Corp., |
5.150 | 06/01/42 | 65 | 65,003 | ||||||||||||
|
Williams Cos., Inc. (The), Sr. Unsec’d. Notes |
2.600 | 03/15/31 | 205 | 193,944 | ||||||||||||
|
|
|
|||||||||||||||
| 730,766 | ||||||||||||||||
| Real Estate 0.2% | ||||||||||||||||
|
Greystar Real Estate Partners LLC, Sr. Sec’d. Notes, 144A |
5.750 | 12/01/25 | 30 | 30,405 | ||||||||||||
|
Howard Hughes Corp. (The), Gtd. Notes, 144A |
4.375 | 02/01/31 | 50 | 47,186 | ||||||||||||
|
|
|
|||||||||||||||
| 77,591 | ||||||||||||||||
| Real Estate Investment Trusts (REITs) 1.8% | ||||||||||||||||
|
Brixmor Operating Partnership LP, Sr. Unsec’d. Notes |
4.050 | 07/01/30 | 135 | 141,246 | ||||||||||||
|
Corporate Office Properties LP, Gtd. Notes |
2.750 | 04/15/31 | 110 | 103,092 | ||||||||||||
|
Diversified Healthcare Trust, Gtd. Notes |
4.375 | 03/01/31 | 75 | 64,887 | ||||||||||||
|
GLP Capital LP/GLP Financing II, Inc., Gtd. Notes |
3.250 | 01/15/32 | 55 | 51,721 | ||||||||||||
|
Spirit Realty LP, Gtd. Notes |
2.700 | 02/15/32 | 130 | 122,234 | ||||||||||||
|
Sun Communities Operating LP, Gtd. Notes |
2.300 | 11/01/28 | 150 | 141,428 | ||||||||||||
See Notes to Financial Statements.
|
PGIM Fixed Income ETFs |
109 |
PGIM Total Return Bond ETF
Schedule of Investments (unaudited) (continued)
as of February 28, 2022
| Description | Interest Rate |
Maturity Date |
Principal Amount (000)# |
Value | ||||||||||||
| CORPORATE BONDS (Continued) | ||||||||||||||||
| Real Estate Investment Trusts (REITs) (cont'd.) | ||||||||||||||||
|
Welltower, Inc., Sr. Unsec’d. Notes |
4.250 | % | 04/15/28 | 165 | $ | 177,130 | ||||||||||
|
|
|
|||||||||||||||
| 801,738 | ||||||||||||||||
| Regional (state/province) 0.3% | ||||||||||||||||
|
Brazil Minas SPE via State of Minas Gerais (Cayman Islands), Govt. Notes |
5.333 | 02/15/28 | 120 | 121,021 | ||||||||||||
| Retail 0.6% | ||||||||||||||||
|
1011778
BC ULC/New Red Finance, Inc. (Canada), |
3.500 | 02/15/29 | 50 | 47,047 | ||||||||||||
|
eG Global Finance PLC (United Kingdom), Sr. Sec’d. Notes |
6.250 | 10/30/25 | 100 | 110,163 | ||||||||||||
|
Gap, Inc. (The), Gtd. Notes, 144A |
3.875 | 10/01/31 | 50 | 44,866 | ||||||||||||
|
Suburban Propane Partners LP/Suburban Energy Finance Corp., Sr. Unsec’d. Notes, 144A |
5.000 | 06/01/31 | 50 | 47,756 | ||||||||||||
|
|
|
|||||||||||||||
| 249,832 | ||||||||||||||||
| Semiconductors 0.4% | ||||||||||||||||
|
Broadcom, Inc., Sr. Unsec’d. Notes, 144A |
3.137 | 11/15/35 | 200 | 185,340 | ||||||||||||
| Telecommunications 1.7% | ||||||||||||||||
|
AT&T, Inc., Sr. Unsec’d. Notes |
3.550 | 09/15/55 | 210 | 190,460 | ||||||||||||
|
T-Mobile USA, Inc., Sr. Sec’d. Notes |
2.550 | 02/15/31 | 360 | 336,620 | ||||||||||||
|
Verizon Communications, Inc., Sr. Unsec’d. Notes |
4.016 | 12/03/29 | 225 | 241,196 | ||||||||||||
|
|
|
|||||||||||||||
| 768,276 | ||||||||||||||||
|
|
|
|||||||||||||||
|
TOTAL
CORPORATE BONDS |
|
17,023,102 | ||||||||||||||
|
|
|
|||||||||||||||
| SOVEREIGN BONDS 1.2% | ||||||||||||||||
|
Dominican Republic International Bond (Dominican Republic), Sr. Unsec’d. Notes, 144A |
5.500 | 02/22/29 | 150 | 149,363 | ||||||||||||
|
Indonesia Government International Bond (Indonesia), Sr. Unsec’d. Notes |
0.900 | 02/14/27 | 150 | 159,778 | ||||||||||||
|
Romanian Government International Bond (Romania), Sr. Unsec’d. Notes |
1.750 | 07/13/30 | 60 | 56,317 | ||||||||||||
|
Serbia International Bond (Serbia), Sr. Unsec’d. Notes |
3.125 | 05/15/27 | 100 | 109,892 | ||||||||||||
|
Ukraine
Government International Bond (Ukraine), |
7.750 | 09/01/24 | 100 | 34,190 | ||||||||||||
|
|
|
|||||||||||||||
|
TOTAL
SOVEREIGN BONDS |
|
509,540 | ||||||||||||||
|
|
|
|||||||||||||||
See Notes to Financial Statements.
| 110 |
| Description | Interest Rate |
Maturity Date |
Principal Amount (000)# |
Value | ||||||||||||
| U.S. GOVERNMENT AGENCY OBLIGATION 1.7% | ||||||||||||||||
|
Federal
National Mortgage Assoc. |
3.000 | % | TBA | 750 | $ | 757,350 | ||||||||||
| U.S. TREASURY OBLIGATIONS 28.6% | ||||||||||||||||
|
U.S. Treasury Bonds |
1.875 | 11/15/51 | 2,405 | 2,244,917 | ||||||||||||
|
U.S. Treasury Bonds |
2.000 | 11/15/41 | 2,830 | 2,711,052 | ||||||||||||
|
U.S. Treasury Notes |
0.750 | 12/31/23 | 710 | 701,208 | ||||||||||||
|
U.S. Treasury Notes |
0.750 | 03/31/26 | 230 | 221,034 | ||||||||||||
|
U.S. Treasury Notes |
1.125 | 01/15/25 | 195 | 192,258 | ||||||||||||
|
U.S. Treasury Notes(k) |
1.250 | 11/30/26 | 350 | 342,207 | ||||||||||||
|
U.S. Treasury Notes |
1.250 | 12/31/26 | 5,255 | 5,135,120 | ||||||||||||
|
U.S. Treasury Notes |
1.875 | 02/15/32 | 545 | 547,299 | ||||||||||||
|
U.S. Treasury Strips Coupon(k) |
2.130 | (s) | 11/15/41 | 905 | 561,984 | |||||||||||
|
|
|
|||||||||||||||
|
TOTAL
U.S. TREASURY OBLIGATIONS |
|
12,657,079 | ||||||||||||||
|
|
|
|||||||||||||||
|
TOTAL
LONG-TERM INVESTMENTS |
|
43,677,487 | ||||||||||||||
|
|
|
|||||||||||||||
| SHORT-TERM INVESTMENTS 3.6% | ||||||||||||||||
| TIME DEPOSITS 3.6% | ||||||||||||||||
|
Citibank NA |
0.005 | 03/01/22 | 1,575 | 1,575,495 | ||||||||||||
|
Citibank NA (United Kingdom) |
(0.780 | ) | 03/01/22 | 12 | 13,946 | |||||||||||
|
|
|
|||||||||||||||
|
TOTAL
SHORT-TERM INVESTMENTS |
|
1,589,441 | ||||||||||||||
|
|
|
|||||||||||||||
|
TOTAL
INVESTMENTS 102.3% |
|
45,266,928 | ||||||||||||||
|
Liabilities in excess of other assets (2.3)% |
|
(1,000,258 | ) | |||||||||||||
|
|
|
|||||||||||||||
|
NET ASSETS 100.0% |
|
$ | 44,266,670 | |||||||||||||
|
|
|
|||||||||||||||
Below is a list of the abbreviation(s) used in the semi-annual report:
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.
CLO—Collateralized Loan Obligation
CMT—Constant Maturity Treasury
EMTN—Euro Medium Term Note
GMTN—Global Medium Term Note
LIBOR—London Interbank Offered Rate
OTC—Over-the-counter
Q—Quarterly payment frequency for swaps
See Notes to Financial Statements.
|
PGIM Fixed Income ETFs |
111 |
PGIM Total Return Bond ETF
Schedule of Investments (unaudited) (continued)
as of February 28, 2022
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
TBA—To Be Announced
| # |
Principal or notional amount is shown in U.S. dollars unless otherwise stated. |
| (c) |
Variable rate instrument. The interest rate shown reflects the rate in effect at February 28, 2022. |
| (cc) |
Variable rate instrument. The rate shown is based on the latest available information as of February 28, 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. |
| (k) |
Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives. |
| (p) |
Represents a security with a delayed settlement and therefore the interest rate is not available until settlement date which is after the period end. |
| (rr) |
Perpetual security. Maturity date represents next call date. |
| (s) |
Represents zero coupon bond. Rate represents yield to maturity at purchase date. |
Futures contracts outstanding at February 28, 2022:
| Number of contracts |
Type | Expiration Date |
Current Notional Amount |
Value
/ Unrealized Appreciation (Depreciation) |
||||||||||||
| Long Positions: | ||||||||||||||||
| 2 | 10 Year U.S. Treasury Notes | Jun. 2022 | $ | 254,875 | $ | 2,290 | ||||||||||
| 4 | U.S. Long Bond | Jun. 2022 | 626,750 | 8,695 | ||||||||||||
| 7 | U.S. Ultra Bond | Jun. 2022 | 1,301,563 | 13,563 | ||||||||||||
| 39 | 5 Year U.S. Treasury Notes | Jun. 2022 | 4,612,969 | 32,236 | ||||||||||||
|
|
|
|||||||||||||||
| 56,784 | ||||||||||||||||
|
|
|
|||||||||||||||
| Short Positions: | ||||||||||||||||
| 48 | 2 Year U.S. Treasury Notes | Jun. 2022 | 10,330,875 | (32,865 | ) | |||||||||||
| 5 | U.S. Ultra 10-Year Notes | Jun. 2022 | 706,641 | (6,211 | ) | |||||||||||
| 3 | 5 Year Euro-Bobl | Mar. 2022 | 443,544 | 2,803 | ||||||||||||
| 1 | Euro Schatz Index | Mar. 2022 | 125,569 | 236 | ||||||||||||
| 1 | 10 Year Euro-Bund | Mar. 2022 | 187,294 | 8,196 | ||||||||||||
|
|
|
|||||||||||||||
| (27,841 | ) | |||||||||||||||
|
|
|
|||||||||||||||
| $ | 28,943 | |||||||||||||||
|
|
|
|||||||||||||||
See Notes to Financial Statements.
| 112 |
Forward foreign currency exchange contracts outstanding at February 28, 2022:
|
Purchase Contracts |
Counterparty | Notional Amount (000) |
Value at Settlement Date |
Current Value |
Unrealized Appreciation |
Unrealized Depreciation |
||||||||||||||||
| OTC Forward Foreign Currency Exchange Contracts: |
|
|||||||||||||||||||||
| British Pound, | ||||||||||||||||||||||
|
Expiring 03/02/22 |
Citibank NA | GBP | 195 | $ | 263,891 | $ | 261,223 | $ | — | $ | (2,668 | ) | ||||||||||
| Euro, | ||||||||||||||||||||||
|
Expiring 03/02/22 |
BNP Paribas SA | EUR | 1,104 | 1,252,861 | 1,238,228 | — | (14,633 | ) | ||||||||||||||
|
Expiring 04/04/22 |
JPMorgan Chase Bank NA | EUR | 28 | 31,932 | 31,883 | — | (49 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||
| $ | 1,548,684 | $ | 1,531,334 | $ | — | $ | (17,350 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Sale Contracts |
Counterparty | Notional Amount (000) |
Value at Settlement Date |
Current Value |
Unrealized Appreciation |
Unrealized Depreciation |
||||||||||||||||
| OTC Forward Foreign Currency Exchange Contracts: |
|
|||||||||||||||||||||
| British Pound, | ||||||||||||||||||||||
|
Expiring 04/04/22 |
Citibank NA | GBP | 195 | $ | 261,300 | $ | 263,852 | $ | 2,552 | $ | — | |||||||||||
|
Expiring 03/02/22 |
JPMorgan Chase Bank NA | GBP | 195 | 261,223 | 261,922 | 699 | — | |||||||||||||||
| Euro, | ||||||||||||||||||||||
|
Expiring 04/04/22 |
BNP Paribas SA | EUR | 1,104 | 1,240,045 | 1,254,050 | 14,005 | — | |||||||||||||||
|
Expiring 03/02/22 |
JPMorgan Chase Bank NA | EUR | 1,104 | 1,238,228 | 1,241,505 | 3,277 | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||
| $ | 3,000,796 | $ | 3,021,329 | $ | 20,533 | $ | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||
| $ | 20,533 | $ | (17,350 | ) | ||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||
Interest rate swap agreements outstanding at February 28, 2022:
|
Notional |
Termination Date |
Fixed Rate |
Floating Rate | Value at Trade Date |
Value at February 28, 2022 |
Unrealized Appreciation (Depreciation) |
||||||||||||||||||
| Centrally cleared swap agreements: | ||||||||||||||||||||||||
| 188 | 05/08/27 | 1.050%(S) | SONIA(1)(A) | $ | (1,541 | ) | $ | 2,936 | $ | 4,477 | ||||||||||||||
| (1) |
The Fund pays the fixed rate and receives the floating rate. |
| (2) |
The Fund pays the floating rate and receives the fixed rate. |
See Notes to Financial Statements.
|
PGIM Fixed Income ETFs |
113 |
PGIM Total Return Bond ETF
Schedule of Investments (unaudited) (continued)
as of February 28, 2022
Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:
Cash and securities segregated as collateral to cover requirements for open centrally cleared/ exchange-traded derivatives are listed by broker as follows:
|
Broker |
Cash and/or Foreign Currency | Securities Market Value | ||||||
|
Citigroup Global Markets, Inc. |
$ | — | $ | 219,096 | ||||
|
J.P. Morgan Securities LLC |
— | 156,966 | ||||||
|
|
|
|
|
|||||
| $ | — | $ | 376,062 | |||||
|
|
|
|
|
|||||
Fair Value Measurements:
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.
Level 1—unadjusted quoted prices generally in active markets for identical securities.
Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.
Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.
The following is a summary of the inputs used as of February 28, 2022 in valuing such portfolio securities:
| Level 1 | Level 2 | Level 3 | ||||||||||
| Investments in Securities | ||||||||||||
| Assets | ||||||||||||
| Long-Term Investments | ||||||||||||
| Asset-Backed Securities | ||||||||||||
|
Automobile ABS |
$ | — | $ | 195,816 | $ | — | ||||||
|
Collateralized Loan Obligations |
— | 8,058,913 | — | |||||||||
|
Other ABS |
— | 479,872 | — | |||||||||
|
Commercial Mortgage-Backed Securities |
— | 3,995,815 | — | |||||||||
|
Corporate Bonds |
— | 17,023,102 | — | |||||||||
|
Sovereign Bonds |
— | 509,540 | — | |||||||||
|
U.S. Government Agency Obligation |
— | 757,350 | — | |||||||||
|
U.S. Treasury Obligations |
— | 12,657,079 | — | |||||||||
| Short-Term Investments | ||||||||||||
|
Time Deposits |
— | 1,589,441 | — | |||||||||
|
|
|
|
|
|
|
|||||||
|
Total |
$ | — | $ | 45,266,928 | $ | — | ||||||
|
|
|
|
|
|
|
|||||||
See Notes to Financial Statements.
| 114 |
| Level 1 | Level 2 | Level 3 | ||||||||||
| Other Financial Instruments* | ||||||||||||
| Assets | ||||||||||||
|
Futures Contracts |
$ | 68,019 | $ | — | $ | — | ||||||
|
OTC Forward Foreign Currency Exchange Contracts |
— | 20,533 | — | |||||||||
|
Centrally Cleared Interest Rate Swap Agreements |
— | 4,477 | — | |||||||||
|
|
|
|
|
|
|
|||||||
|
Total |
$ | 68,019 | $ | 25,010 | $ | — | ||||||
|
|
|
|
|
|
|
|||||||
| Liabilities | ||||||||||||
|
Futures Contracts |
$ | (39,076 | ) | $ | — | $ | — | |||||
|
OTC Forward Foreign Currency Exchange Contracts |
— | (17,350 | ) | — | ||||||||
|
|
|
|
|
|
|
|||||||
|
Total |
$ | (39,076 | ) | $ | (17,350 | ) | $ | — | ||||
|
|
|
|
|
|
|
|||||||
| * |
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. |
Industry Classification:
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of February 28, 2022 were as follows:
|
U.S. Treasury Obligations |
28.6 | % | ||
|
Collateralized Loan Obligations |
18.2 | |||
|
Banks |
9.4 | |||
|
Commercial Mortgage-Backed Securities |
9.0 | |||
|
Time Deposits |
3.6 | |||
|
Oil & Gas |
3.1 | |||
|
Pharmaceuticals |
2.2 | |||
|
Media |
1.9 | |||
|
Real Estate Investment Trusts (REITs) |
1.8 | |||
|
Telecommunications |
1.7 | |||
|
U.S. Government Agency Obligation |
1.7 | |||
|
Pipelines |
1.7 | |||
|
Electric |
1.4 | |||
|
Mining |
1.4 | |||
|
Diversified Financial Services |
1.2 | |||
|
Chemicals |
1.2 | |||
|
Commercial Services |
1.2 | |||
|
Sovereign Bonds |
1.2 | |||
|
Other ABS |
1.1 | |||
|
Food |
1.0 | |||
|
Home Builders |
1.0 | |||
|
Building Materials |
0.8 | |||
|
Agriculture |
0.7 | |||
|
Aerospace & Defense |
0.7 | |||
|
Insurance |
0.6 | |||
|
Retail |
0.6 | |||
|
Auto Manufacturers |
0.5 | |||
|
Engineering & Construction |
0.5 | |||
|
Automobile ABS |
0.4 | |||
|
Healthcare-Services |
0.4 | |||
|
Semiconductors |
0.4 | |||
|
Iron/Steel |
0.4 | |||
|
Airlines |
0.4 | |||
|
Packaging & Containers |
0.3 | |||
|
Machinery-Diversified |
0.3 | |||
|
Lodging |
0.3 | |||
|
Regional (state/province) |
0.3 | |||
|
Beverages |
0.3 | |||
|
Entertainment |
0.2 | |||
|
Real Estate |
0.2 | |||
|
Healthcare-Products |
0.1 | |||
|
Auto Parts & Equipment |
0.1 | |||
|
Distribution/Wholesale |
0.1 | |||
|
Housewares |
0.1 | |||
|
|
|
|||
| 102.3 | ||||
|
Liabilities in excess of other assets |
(2.3 | ) | ||
|
|
|
|||
| 100.0 | % | |||
|
|
|
See Notes to Financial Statements.
|
PGIM Fixed Income ETFs |
115 |
PGIM Total Return Bond ETF
Schedule of Investments (unaudited) (continued)
as of February 28, 2022
Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:
The Fund invested in derivative instruments during the reporting period. The primary types of risk associated with these derivative instruments are foreign exchange contracts risk and 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.
Fair values of derivative instruments as of February 28, 2022 as presented in the Statement of Assets and Liabilities:
|
Asset Derivatives |
Liability Derivatives |
|||||||||||
|
Derivatives not accounted |
Statement of |
Fair Value |
Statement of |
Fair Value |
||||||||
| Foreign exchange contracts | Unrealized appreciation on OTC forward foreign currency exchange contracts | $ | 20,533 | Unrealized depreciation on OTC forward foreign currency exchange contracts | $ | (17,350 | ) | |||||
| Interest rate contracts | Due from/to broker—variation margin futures* | 68,019 | Due from/to broker— variation margin futures* | (39,076 | ) | |||||||
| Interest rate contracts | Due from/to broker—variation margin swaps* | 4,477 | Due from/to broker— variation margin swaps* | — | ||||||||
|
|
|
|
|
|||||||||
| $ | 93,029 | $ | (56,426 | ) | ||||||||
|
|
|
|
|
|||||||||
| * |
Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities. |
See Notes to Financial Statements.
| 116 |
The effects of derivative instruments on the Statement of Operations for the period ended February 28, 2022 are as follows:
|
Amount of Realized Gain (Loss) on Derivatives Recognized in Income |
||||||||||||
|
Derivatives
not accounted |
Futures | Forward Currency Exchange Contracts |
Swaps | |||||||||
|
Foreign exchange contracts |
$ | — | $ | (14,379 | ) | $ | — | |||||
|
Interest rate contracts |
(47,028 | ) | — | 1,470 | ||||||||
|
|
|
|
|
|
|
|||||||
| $ | (47,028 | ) | $ | (14,379 | ) | $ | 1,470 | |||||
|
|
|
|
|
|
|
|||||||
|
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income |
||||||||||||
|
Derivatives
not accounted |
Futures | Forward Currency Exchange Contracts |
Swaps | |||||||||
|
Foreign exchange contracts |
$ | — | $ | 3,183 | $ | — | ||||||
|
Interest rate contracts |
28,943 | — | 4,477 | |||||||||
|
|
|
|
|
|
|
|||||||
| $ | 28,943 | $ | 3,183 | $ | 4,477 | |||||||
|
|
|
|
|
|
|
|||||||
For the period ended February 28, 2022 the Fund’s average volume of derivative activities is as follows:
| Futures Contracts— Long Positions(1) |
Futures Contracts— Short Positions(1) |
Interest Rate Swap Agreements(1) |
Forward Foreign Currency Exchange Contracts— Purchased(2) |
Forward Foreign Currency Exchange Contracts— Sold(2) |
||||||||||||
| $6,796,157 | $ | 11,793,923 | $ | 187,810 | $ | 1,548,684 | $ | 3,000,796 | ||||||||
| (1) |
Notional Amount in USD. |
| (2) |
Value at Settlement Date. |
Average volume is based on average quarter end balances as noted for the six months ended February 28, 2022.
See Notes to Financial Statements.
|
PGIM Fixed Income ETFs |
117 |
PGIM Total Return Bond ETF
Schedule of Investments (unaudited) (continued)
as of February 28, 2022
Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:
The Fund invested in OTC derivatives during the period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for OTC derivatives, where the legal right to set-off exists, is presented in the summary below:
Offsetting of OTC derivative assets and liabilities:
|
Counterparty |
Gross Amounts of Recognized Assets(1) |
Gross Amounts of Recognized Liabilities(1) |
Net Amounts of Recognized Assets/ (Liabilities) |
Collateral Pledged/ (Received)(2) |
Net Amount |
|||||||||||||||
|
BNP Paribas SA |
$ | 14,005 | $ | (14,633 | ) | $ | (628 | ) | $ | — | $ | (628 | ) | |||||||
|
Citibank NA |
2,552 | (2,668 | ) | (116 | ) | — | (116 | ) | ||||||||||||
|
JPMorgan Chase Bank NA |
3,976 | (49 | ) | 3,927 | — | 3,927 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| $ | 20,533 | $ | (17,350 | ) | $ | 3,183 | $ | — | $ | 3,183 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| (1) |
Includes unrealized appreciation/(depreciation) on swaps and forwards, premiums paid/(received) on swap agreements and market value of purchased and written options, as represented on the Statement of Assets and Liabilities. |
| (2) |
Collateral amount disclosed by the Fund is limited to the market value of financial instruments/transactions and the Fund’s OTC derivative exposure by counterparty. |
See Notes to Financial Statements.
| 118 |
PGIM Total Return Bond ETF
Statement of Assets & Liabilities (unaudited)
as of February 28, 2022
|
Assets |
||||
|
Investments at value: |
||||
|
Unaffiliated investments (cost $46,280,738) |
$ | 45,266,928 | ||
|
Cash |
11 | |||
|
Receivable for investments sold |
489,578 | |||
|
Interest and dividends receivable |
253,171 | |||
|
Due from broker—variation margin futures |
25,863 | |||
|
Unrealized appreciation on OTC forward foreign currency exchange contracts |
20,533 | |||
|
|
|
|||
|
Total Assets |
46,056,084 | |||
|
|
|
|||
| Liabilities | ||||
|
Payable for investments purchased |
1,754,472 | |||
|
Unrealized depreciation on OTC forward foreign currency exchange contracts |
17,350 | |||
|
Management fee payable |
16,656 | |||
|
Due to broker—variation margin swaps |
934 | |||
|
Other liabilities |
2 | |||
|
|
|
|||
|
Total Liabilities |
1,789,414 | |||
|
|
|
|||
|
Net Assets |
$ | 44,266,670 | ||
|
|
|
|||
|
Net assets were comprised of: |
||||
|
Common stock, at par |
$ | 925 | ||
|
Paid-in capital in excess of par |
45,693,090 | |||
|
Total distributable earnings (loss) |
(1,427,345 | ) | ||
|
|
|
|||
|
Net assets, February 28, 2022 |
$ | 44,266,670 | ||
|
|
|
|||
|
Net
asset value, offering price and redemption price per
share, |
$ | 47.86 | ||
|
|
|
|||
See Notes to Financial Statements.
|
PGIM Fixed Income ETFs |
119 |
PGIM Total Return Bond ETF
Statement of Operations (unaudited)
Period Ended February 28, 2022*
|
Net Investment Income (Loss) |
||||
|
Income |
||||
|
Interest income |
$ | 169,888 | ||
|
Affiliated dividend income |
444 | |||
|
|
|
|||
|
Total income |
170,332 | |||
|
|
|
|||
|
Expenses |
||||
|
Management fee |
36,860 | |||
|
|
|
|||
|
Total expenses |
36,860 | |||
|
|
|
|||
|
Net investment income (loss) |
133,472 | |||
|
|
|
|||
| Realized And Unrealized Gain (Loss) On Investments and Foreign Currency Transactions | ||||
|
Net realized gain (loss) on: |
||||
|
Investment transactions |
(464,546 | ) | ||
|
Futures transactions |
(47,028 | ) | ||
|
Forward currency contract transactions |
(14,379 | ) | ||
|
Swap agreement transactions |
1,470 | |||
|
Foreign currency transactions |
14,382 | |||
|
|
|
|||
| (510,101 | ) | |||
|
|
|
|||
|
Net change in unrealized appreciation (depreciation) on: |
||||
|
Investments |
(1,013,810 | ) | ||
|
Futures |
28,943 | |||
|
Forward currency contracts |
3,183 | |||
|
Swap agreements |
4,477 | |||
|
Foreign currencies |
(183 | ) | ||
|
|
|
|||
| (977,390 | ) | |||
|
|
|
|||
|
Net gain (loss) on investment and foreign currency transactions |
(1,487,491 | ) | ||
|
|
|
|||
|
Net Increase (Decrease) In Net Assets Resulting From Operations |
$ | (1,354,019 | ) | |
|
|
|
|||
|
* For the period from December 2, 2021 (commencement of operations) through February 28, 2022. |
||||
See Notes to Financial Statements.
| 120 |
PGIM Total Return Bond ETF
Statement of Changes in Net Assets
|
Period Ended February 28, (unaudited) |
||||
|
Increase (Decrease) in Net Assets |
||||
|
Operations |
||||
|
Net investment income (loss) |
$ | 133,472 | ||
|
Net realized gain (loss) on investments |
(510,101 | ) | ||
|
Net change in unrealized appreciation (depreciation) on investments and foreign currencies |
(977,390 | ) | ||
|
|
|
|||
|
Net increase (decrease) in net assets resulting from operations |
(1,354,019 | ) | ||
|
|
|
|||
|
Dividends and Distributions |
||||
|
Distributions from distributable earnings |
(73,326 | ) | ||
|
|
|
|||
|
Fund share transactions |
||||
|
Net proceeds from shares sold |
45,694,015 | |||
|
|
|
|||
|
Net increase (decrease) in net assets from Fund share transactions |
45,694,015 | |||
|
|
|
|||
|
Total increase (decrease) |
44,266,670 | |||
| Net Assets: | ||||
|
Beginning of period |
— | |||
|
|
|
|||
|
End of period |
$ | 44,266,670 | ||
|
|
|
|||
| * |
For the period from December 2, 2021 (commencement of operations) through February 28, 2022. |
See Notes to Financial Statements.
|
PGIM Fixed Income ETFs |
121 |
PGIM Total Return Bond ETF
Financial Highlights
|
December 2, (unaudited) |
||||
| Per Share Operating Performance(a): | ||||
| Net Asset Value, Beginning of Period | $50.00 | |||
| Income (loss) from investment operations: | ||||
| Net investment income (loss) | 0.21 | |||
| Net realized and unrealized gain (loss) on investments and foreign currency transactions | (2.24 | ) | ||
| Total from investment operations | (2.03 | ) | ||
| Less Dividends and Distributions: | ||||
| Dividends from net investment income | (0.11 | ) | ||
| Net asset value, end of period | $47.86 | |||
| Total Return(b): | (4.08)% | |||
| Ratios/Supplemental Data: | ||||
| Net assets, end of period (000) | $44,267 | |||
| Average net assets (000) | $31,201 | |||
| Ratios to average net assets(c): | ||||
| Expenses after waivers and/or expense reimbursement | 0.49% | (d) | ||
| Expenses before waivers and/or expense reimbursement | 0.49% | (d) | ||
| Net investment income (loss) | 1.77% | (d) | ||
| Portfolio turnover rate(f) | 84% | |||
| (a) |
Calculated based on average shares outstanding during the period. |
| (b) |
Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of the period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized. |
| (c) |
Does not include expenses of the underlying funds in which the Fund invests. |
| (d) |
Annualized. |
| (e) |
Commencement of operations. |
| (f) |
The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
See Notes to Financial Statements.
| 122 |
Notes to Financial Statements
1. Organization
PGIM ETF Trust (the “Trust”) is an open-end management investment company registered under the Investment Company Act of 1940, as amended (“1940 Act”). The Trust is organized as a Delaware Statutory Trust and currently consists of five separate Funds: PGIM Ultra Short Bond ETF, PGIM Active High Yield Bond ETF, PGIM Active Aggregate Bond ETF, PGIM Total Return Bond ETF and PGIM Quant Solutions Strategic Alpha International Equity ETF. Each Fund operates as an exchange-traded fund.
These financial statements relate only to the following Funds: PGIM Ultra Short Bond ETF, PGIM Active High Yield Bond ETF, PGIM Active Aggregate Bond ETF and PGIM Total Return Bond ETF, which commenced investment operations on April 5, 2018, September 24, 2018, April 12, 2021 and December 2, 2021, respectively (each, a “Fund” and collectively, the “Funds”). The Funds are classified as diversified funds for purposes of the 1940 Act.
The investment objective of PGIM Ultra Short Bond ETF is to seek total return through a combination of current income and capital appreciation, consistent with preservation of capital. The investment objective of PGIM Active High Yield Bond ETF, PGIM Active Aggregate Bond ETF and PGIM Total Return Bond ETF is to seek total return through a combination of current income and capital appreciation.
2. Accounting Policies
The Funds follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) Topic 946 Financial Services—Investment Companies. The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The policies conform to U.S. generally accepted accounting principles (“GAAP”). The Funds consistently follow such policies in the preparation of their financial statements.
Securities Valuation: The Funds hold securities and other assets and liabilities that are fair valued as of the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. As described in further detail below, the Funds’ investments are valued daily based on a number of factors, including the type of investment and whether market quotations are readily available. The Trust’s Board of Trustees (the “Board”) has adopted valuation procedures for security valuation under which fair valuation responsibilities have been delegated to PGIM Investments LLC (“PGIM Investments” or the “Manager”). Pursuant to the Board’s delegation, the Manager has established a Valuation Committee responsible for supervising the fair valuation of portfolio
|
PGIM Fixed Income ETFs |
123 |
Notes to Financial Statements (continued)
securities and other assets and liabilities. The valuation procedures permit each Fund to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. A record of the Valuation Committee’s actions is subject to the Board’s review at its first quarterly meeting following the quarter in which such actions take place.
For the fiscal reporting year end, securities and other assets and liabilities were fair valued at the close of the last U.S. business day. Trading in certain foreign securities may occur when the NYSE is closed (including weekends and holidays). Because such foreign securities trade in markets that are open on weekends and U.S. holidays, the values of some of the Funds’ foreign investments may change on days when investors cannot purchase or redeem Fund shares.
Various inputs determine how the Funds’ investments are valued, all of which are categorized according to the three broad levels (Level 1, 2, or 3) detailed in the Schedule of Investments and referred to herein as the “fair value hierarchy” in accordance with FASB ASC Topic 820 - Fair Value Measurement.
Common or preferred stocks, exchange-traded funds and derivative instruments, if applicable, that are traded on a national securities exchange are valued at the last sale price as of the close of trading on the applicable exchange where the security principally trades. Securities traded via NASDAQ are valued at the NASDAQ official closing price. To the extent these securities are valued at the last sale price or NASDAQ official closing price, they are classified as Level 1 in the fair value hierarchy. In the event that no sale or official closing price on valuation date exists, these securities are generally valued at the mean between the last reported bid and ask prices, or at the last bid price in the absence of an ask price. These securities are classified as Level 2 in the fair value hierarchy.
Investments in open-end funds (other than exchange-traded funds) are valued at their net asset values as of the close of the NYSE on the date of valuation. These securities are classified as Level 1 in the fair value hierarchy since they may be purchased or sold at their net asset values on the date of valuation.
Fixed income securities traded in the OTC market are generally classified as Level 2 in the fair value hierarchy. Such fixed income securities are typically valued using the market approach which generally involves obtaining data from an approved independent third-party vendor source. The Fund utilizes the market approach as the primary method to value securities when market prices of identical or comparable instruments are available. The third-party vendors’ valuation techniques used to derive the evaluated bid price are
| 124 |
based on evaluating observable inputs, including but not limited to, yield curves, yield spreads, credit ratings, deal terms, tranche level attributes, default rates, cash flows, prepayment speeds, broker/dealer quotations and reported trades. Certain Level 3 securities are also valued using the market approach when obtaining a single broker quote or when utilizing transaction prices for identical securities that have been used in excess of five business days. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.
Bank loans are generally valued at prices provided by approved independent pricing vendors. The pricing vendors utilize broker/dealer quotations and provide prices based on the average of such quotations. Bank loans valued using such vendor prices are generally classified as Level 2 in the fair value hierarchy. Bank loans valued based on a single broker quote or at the original transaction price in excess of five business days are classified as Level 3 in the fair value hierarchy.
OTC and centrally cleared derivative instruments are generally classified as Level 2 in the fair value hierarchy. Such derivative instruments are typically valued using the market approach and/or income approach which generally involves obtaining data from an approved independent third-party vendor source. The Funds utilize the market approach when quoted prices in broker-dealer markets are available but also includes consideration of alternative valuation approaches, including the income approach. In the absence of reliable market quotations, the income approach is typically utilized for purposes of valuing derivatives such as interest rate swaps based on a discounted cash flow analysis whereby the value of the instrument is equal to the present value of its future cash inflows or outflows. Such analysis includes projecting future cash flows and determining the discount rate (including the present value factors that affect the discount rate) used to discount the future cash flows. In addition, the third-party vendors’ valuation techniques used to derive the evaluated derivative price is based on evaluating observable inputs, including but not limited to, underlying asset prices, indices, spreads, interest rates and exchange rates. Certain derivatives may be classified as Level 3 when valued using the market approach by obtaining a single broker quote or when utilizing unobservable inputs in the income approach. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.
Centrally cleared swaps listed or traded on a multilateral or trade facility platform, such as a registered exchange, are generally valued at the daily settlement price determined by the respective exchange. These securities are classified as Level 2 in the fair value hierarchy, as the daily settlement price is not public.
Securities and other assets that cannot be priced according to the methods described above are valued based on pricing methodologies approved by the Board. In the event that unobservable inputs are used when determining such valuations, the securities will be classified as Level 3 in the fair value hierarchy. Altering one or more unobservable inputs may result in a significant change to a Level 3 security’s fair value measurement.
|
PGIM Fixed Income ETFs |
125 |
Notes to Financial Statements (continued)
When determining the fair value of securities, some of the factors influencing the valuation include: the nature of any restrictions on disposition of the securities; assessment of the general liquidity of the securities; the issuer’s financial condition and the markets in which it does business; the cost of the investment; the size of the holding and the capitalization of the issuer; the prices of any recent transactions or bids/offers for such securities or any comparable securities; any available analyst media or other reports or information deemed reliable by the Manager regarding the issuer or the markets or industry in which it operates. Using fair value to price securities may result in a value that is different from a security’s most recent closing price and from the price used by other unaffiliated mutual funds to calculate their net asset values.
Financial Futures Contracts: A financial futures contract is an agreement to purchase (long) or sell (short) an agreed amount of securities at a set price for delivery on a future date. Upon entering into a financial futures contract, the Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount. This amount is known as the “initial margin”. Subsequent payments, known as “variation margin”, are made or received by the Fund each day, depending on the daily fluctuations in the value of the underlying security. Such variation margin is recorded for financial statement purposes on a daily basis as unrealized gain (loss). When the contract expires or is closed, the gain (loss) is realized and is presented in the Statement of Operations as net realized gain (loss) on futures transactions.
The Funds may invest in financial futures contracts in order to hedge their existing portfolio securities, or securities the Funds intend to purchase, against fluctuations in value caused by changes in prevailing interest rates. Should interest rates move unexpectedly, the Funds may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. The use of futures transactions involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates and the underlying hedged assets. Since futures contracts are exchange- traded, there is minimal counterparty credit risk to the Funds since the exchanges’ clearinghouse acts as counterparty to all exchange-traded futures and guarantees the futures contracts against default.
Forward and Cross Currency Contracts: A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. The Fund enters into forward currency contracts, as defined in the prospectus, in order to hedge its exposure to changes in foreign currency exchange rates on its foreign portfolio holdings or on specific receivables and payables denominated in a foreign currency and to gain exposure to certain currencies. The contracts are valued daily at current forward exchange rates and any unrealized gain (loss) is included in net unrealized appreciation or depreciation on forward and cross currency contracts. Gain (loss) is realized on the settlement date of the contract equal to the difference between the settlement value of the
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original and negotiated forward contracts. This gain (loss), if any, is included in net realized gain (loss) on forward and cross currency contract transactions. Risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts. Forward currency contracts involve risks from currency exchange rate and credit risk in excess of the amounts reflected on the Statement of Assets and Liabilities. The Fund’s maximum risk of loss from counterparty credit risk is the net value of the cash flows to be received from the counterparty at the end of the contract’s life. A cross currency contract is a forward contract where a specified amount of one foreign currency will be exchanged for a specified amount of another foreign currency.
Bank Loans: The Funds may invest in bank loans. Bank loans include fixed and floating rate loans that are privately negotiated between a corporate borrower and one or more financial institutions, including, but not limited to, term loans, revolvers, and other instruments issued in the bank loan market. The Funds acquire interests in loans directly (by way of assignment from the selling institution) and/or indirectly (by way of the purchase of a participation interest from the selling institution). Under a bank loan assignment, the Funds generally will succeed to all the rights and obligations of an assigning lending institution and become a lender under the loan agreement with the relevant borrower in connection with that loan. Under a bank loan participation, the Funds generally will have a contractual relationship only with the lender, not with the relevant borrower. As a result, the Funds generally will have the right to receive payments of principal, interest, and any fees to which they are entitled only from the lender selling the participation and only upon receipt by the lender of the payments from the relevant borrower. The Funds may not directly benefit from the collateral supporting the debt obligation in which they have purchased the participation. As a result, the Funds will assume the credit risk of both the borrower and the institution selling the participation to the Funds.
Swap Agreements: The Funds may enter into certain types of swap agreements detailed in the disclosures below. A swap agreement is an agreement to exchange the return generated by one instrument for the return generated by another instrument. Swap agreements are negotiated in the OTC market and may be executed either directly with a counterparty (“OTC-traded”) or through a central clearing facility, such as a registered exchange. Swap agreements are valued daily at current market value and any change in value is included in the net unrealized appreciation (depreciation) on swap agreements. Centrally cleared swaps pay or receive an amount known as “variation margin”, based on daily changes in the valuation of the swap contract. Any upfront premiums paid and received are shown as swap premiums paid and swap premiums received in the Statement of Assets and Liabilities. Risk of loss may exceed amounts recognized on the Statement of Assets and Liabilities. Swap agreements outstanding at period end, if any, are listed on the Schedule of Investments. The cash amounts pledged for swaps contracts are considered restricted cash and are included in “Due from broker-variation margin swaps” and “Deposit with broker for centrally cleared/exchange-traded derivatives” in the Statement of Assets and Liabilities.
Interest Rate Swaps: Interest rate swaps represent an agreement between counterparties to exchange cash flows based on the difference between two interest rates, applied to a
|
PGIM Fixed Income ETFs |
127 |
Notes to Financial Statements (continued)
notional principal amount for a specified period. The Funds are subject to interest rate risk in the normal course of pursuing their investment objective. The Funds may use interest rate swaps to maintain their ability to generate steady cash flow by receiving a stream of fixed-rate payments and to increase exposure to prevailing market rates by receiving floating rate payments. The Funds’ maximum risk of loss from counterparty credit risk is the discounted net present value of the cash flows to be received from the counterparty over the contract’s remaining life.
Credit Default Swaps (“CDS”): CDS involve one party (the protection buyer) making a stream of payments to another party (the protection seller) in exchange for the right to receive a specified payment in the event of a default or as a result of a default (collectively a “credit event”) for the referenced entity (typically corporate issues or sovereign issues of an emerging country) on its obligation; or in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising a credit index.
The Funds are subject to credit risk in the normal course of pursuing their investment objectives, and as such, have entered into CDS contracts to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer’s default or the reference entity’s credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be short the credit as the value of the contract rises the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases. The Funds’ maximum risk of loss from counterparty credit risk for purchased CDS is the inability of the counterparty to honor the contract up to the notional value due to a credit event.
As a seller of protection on credit default swap agreements, the Funds generally receive an agreed upon payment from the buyer of protection throughout the term of the swap, provided no credit event occurs. As the seller, the Funds effectively increase their investment risk because, in addition to its total net assets, the Funds may be subject to investment exposure on the notional amount of the swap.
The maximum amount of the payment that the Fund, as a seller of protection, could be required to make under a credit default swap agreement would be equal to the notional amount of the underlying security or index contract as a result of a credit event. This potential amount will be partially offset by any recovery values of the respective referenced obligations, or net amounts received from the settlement of buy protection credit default swap agreements which the Fund entered into for the same referenced entity or index. As a buyer of protection, the Fund generally receive an amount up to the notional value of the swap if a credit event occurs.
| 128 |
Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements where the Fund is the seller of protection as of period end are disclosed in the footnotes to the Schedule of Investments, if applicable. These spreads serve as indicators of the current status of the payment/performance risk and represent the likelihood of default risk for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to enter into the agreement. Wider credit spreads and increased market value in absolute terms, when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.
Mortgage-Backed and Asset-Backed Securities: Mortgage-backed securities are pass-through securities, meaning that principal and interest payments made by the borrower on the underlying mortgages are passed through to the Fund. Asset-backed securities directly or indirectly represent a participation interest in, or are secured by and payable from, a stream of payments generated by particular assets such as motor vehicle or credit card receivables. Asset-backed securities may be classified as pass-through certificates or collateralized obligations, such as collateralized bond obligations, collateralized loan obligations and other similarly structured securities. The value of mortgage-backed and asset-backed securities varies with changes in interest rates and may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities.
Stripped mortgage-backed securities are usually structured with two classes that receive different proportions of the interest (“IO”) and principal (“PO”) distributions on a pool of mortgage assets. Payments received for IOs are included in interest income on the Statements of Operations. Because no principal will be received at the maturity of an IO, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income on the Statements of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.
Payment-In-Kind: The Funds may invest in the open market or receive pursuant to debt restructuring, securities that pay-in-kind (PIK) the interest due on such debt instruments. The PIK interest, computed at the contractual rate specified, is added to the existing principal balance of the debt when issued bonds have same terms as the bond or recorded as a separate bond when terms are different from the existing debt, and is recorded as interest income.
Master Netting Arrangements: The Trust, on behalf of the Funds, is subject to various Master Agreements, or netting arrangements, with select counterparties. These are agreements which a subadviser may have negotiated and entered into on behalf of all or a portion of the Fund. A master netting arrangement between a Fund and the counterparty permits the Fund to offset amounts payable by the Fund to the same counterparty against amounts to be received; and by the receipt of collateral from the counterparty by the Fund
|
PGIM Fixed Income ETFs |
129 |
Notes to Financial Statements (continued)
to cover the Fund’s exposure to the counterparty. However, there is no assurance that such mitigating factors are easily enforceable. In addition to master netting arrangements, the right to set-off exists when all the conditions are met such that each of the parties owes the other determinable amounts, the reporting party has the right to set-off the amount owed with the amount owed by the other party, the reporting party intends to set-off and the right of set-off is enforceable by law.
The Trust, on behalf of the Fund, is a party to International Swaps and Derivatives Association, Inc. (“ISDA”) Master Agreements with certain counterparties that govern OTC derivative and foreign exchange contracts entered into from time to time. The Master Agreements may contain provisions regarding, among other things, the parties’ general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the Master Agreements, collateral posted to the Fund is held in a segregated account by the Fund’s custodian and with respect to those amounts which can be sold or re-pledged, is presented in the Schedule of Investments. Collateral pledged by the Fund is segregated by the Fund’s custodian and identified in the Schedule of Investments. Collateral can be in the form of cash or debt securities issued by the U.S. Government or related agencies or other securities as agreed to by the Fund and the applicable counterparty. Collateral requirements are determined based on the Fund’s net position with each counterparty. Termination events applicable to the Fund may occur upon a decline in the Fund’s net assets below a specified threshold over a certain period of time. Termination events applicable to counterparties may occur upon a decline in the counterparty’s long-term and short-term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the Fund’s counterparties to elect early termination could impact the Fund’s future derivative activity.
In addition to each instrument’s primary underlying risk exposure (e.g. interest rate, credit, equity or foreign exchange, etc.), swap agreements involve, to varying degrees, elements of credit, market and documentation risk. Such risks involve the possibility that no liquid market for these agreements will exist, the counterparty to the agreement may default on its obligation to perform or disagree on the contractual terms of the agreement, and changes in net interest rates will be unfavorable. In connection with these agreements, securities in the portfolio may be identified or received as collateral from the counterparty in accordance with the terms of the respective swap agreements to provide or receive assets of value and to serve as recourse in the event of default or bankruptcy/insolvency of either party. Such OTC derivative agreements include conditions which, when materialized, give the
| 130 |
counterparty the right to cause an early termination of the transactions under those agreements. Any election by the counterparty for early termination of the contract(s) may impact the amounts reported on financial statements.
Short sales and OTC contracts, including forward foreign currency exchange contracts, swaps, forward rate agreements and written options involve elements of both market and credit risk in excess of the amounts reflected on the Statement of Assets and Liabilities, if applicable. Such risks may be mitigated by engaging in master netting arrangements.
Equity and Mortgage Real Estate Investment Trusts (collectively REITs): The Funds invested in REITs, which report information on the source of their distributions annually. Based on current and historical information, a portion of distributions received from REITs during the period is estimated to be dividend income, capital gain or return of capital and recorded accordingly. When material, these estimates are adjusted periodically when the actual source of distributions is disclosed by the REITs.
Securities Lending: The Funds lend their portfolio securities to banks and broker-dealers. The loans are secured by collateral at least equal to the market value of the securities loaned. Collateral pledged by each borrower is invested in an affiliated money market fund and is marked to market daily, based on the previous day’s market value, such that the value of the collateral exceeds the value of the loaned securities. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the financial statements may reflect a collateral value that is less than the market value of the loaned securities. Such shortfall is remedied as described above. Loans are subject to termination at the option of the borrower or the Fund. Upon termination of the loan, the borrower will return to the Fund securities identical to the loaned securities. The remaining maturities of the securities lending transactions are considered overnight and continuous. Should the borrower of the securities fail financially, the Fund has the right to repurchase the securities in the open market using the collateral. The Funds recognize income, net of any rebate and securities lending agent fees, for lending their securities in the form of fees or interest on the investment of any cash received as collateral.
The borrower receives all interest and dividends from the securities loaned and such payments are passed back to the lender in amounts equivalent thereto, which are reflected in interest income or unaffiliated dividend income based upon the nature of the payment on the Statement of Operations. The Funds also continue to recognize any unrealized gain (loss) in the market price of the securities loaned and on the change in the value of the collateral invested that may occur during the term of the loan. In addition, realized gain (loss) is recognized on changes in the value of the collateral invested upon liquidation of the collateral. Net earnings from securities lending are disclosed in the Statement of Operations.
Securities Transactions and Net Investment Income: Securities transactions are recorded on the trade date. Realized gains (losses) from investment and currency transactions are calculated on the specific identification method. Dividend income is recorded on the
|
PGIM Fixed Income ETFs |
131 |
Notes to Financial Statements (continued)
ex-date, or for certain foreign securities, when a Fund becomes aware of such dividends. Interest income, including amortization of premium and accretion of discount on debt securities, as required, is recorded on the accrual basis. Expenses are recorded on an accrual basis, which may require the use of certain estimates by management that may differ from actual.
Taxes: It is the Funds’ policy to continue to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of their taxable net investment income and capital gains, if any, to its shareholders. Therefore, no federal income tax provision is required. Withholding taxes on foreign dividends, interest and capital gains, if any, are recorded, net of reclaimable amounts, at the time the related income is earned.
Dividends and Distributions: The Funds expect to pay dividends from net investment income monthly and distributions from net realized capital and currency gains, if any, annually. Dividends and distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from generally accepted accounting principles, are recorded on the ex-date. Permanent GAAP/tax differences relating to income and gain (loss) are reclassified between total distributable earnings (loss) and paid-in capital in excess of par, as appropriate.
Estimates: The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.
3. Agreements
Pursuant to a management agreement with the Trust on behalf of the Funds (the Management Agreement), PGIM Investments manages each Fund’s investment operations and administers its business affairs. PGIM Investments is also responsible for supervising each Fund’s subadviser.
Pursuant to the management agreement relating to each Fund, there is a unitary fee structure for the funds whereby PGIM Investments is responsible for substantially all expenses of each Fund, except taxes, brokerage expenses, interest expenses, distribution fees or expenses, expenses incident to shareholder meetings and extraordinary expenses. Each Fund may also pay for any costs or expenses of investing in other funds. For more information on the unitary management fee structure please refer to the Funds’ Statement of Additional Information.
| 132 |
The unitary fee paid to the Manager is accrued daily and payable monthly, at an annual rate of each Fund’s average daily net assets specified below. The Manager has contractually agreed, beginning from each Fund’s inception date, to waive any management fees it receives from the Funds in an amount equal to the subadvisory fees paid by the Funds to the PGIM Institutional Money Market Fund due to the Funds’ investment of its excess overnight cash in the PGIM Institutional Money Market Fund. This waiver will remain in effect for as long as the Funds remain invested or intend to invest in the PGIM Institutional Money Market Fund.
|
Fund |
Unitary fee rate | |||
|
PGIM Ultra Short Bond ETF |
0.15 | % | ||
|
PGIM Active High Yield Bond ETF |
0.53 | % | ||
|
PGIM Active Aggregate Bond ETF |
0.19 | % | ||
|
PGIM Total Return Bond ETF |
0.49 | % | ||
The Manager has entered into a subadvisory agreement (Subadvisory Agreement) with PGIM, Inc., which provides subadvisory services to the Funds through its business unit PGIM Fixed Income (and, for the PGIM Ultra Short Bond ETF and PGIM Total Return Bond ETF, PGIM Limited) (the “subadviser”). The Manager pays for the services of the subadviser.
Brown Brothers Harriman & Co. (“BBH”) serves as the Custodian, Transfer Agent, Administrative Agent and Securities Lending Agent for the Trust. The Manager is responsible for compensating BBH under the Custodian and Administrative and Transfer Agency Agreements. As securities lending agent, BBH is responsible for marketing to approved borrowers available securities from the Funds’ portfolio. BBH receives as compensation for its services a portion of the amount earned by the Funds for lending securities.
In September 2021, BBH entered into an agreement with State Street Corporation (“State Street”) under which State Street will acquire BBH’s Investor Services business, which includes its custody, fund accounting and administration, transfer agency, depositary services, foreign exchange and securities lending services. The transaction is expected to be completed during 2022, subject to customary closing conditions and regulatory approvals.
Prudential Investment Management Services LLC (“PIMS” or the “Distributor”), acts as the distributor of each Fund, pursuant to the terms of a distribution agreement (“Distribution Agreement”) between the Trust and the Distributor. The Distributor is a subsidiary of Prudential. Shares are continuously offered for sale by the Distributor only. Although the Distributor does not receive any fees under the Distribution Agreement, the Manager or its affiliates may pay the Distributor for certain distribution related services.
PGIM Investments, PGIM, Inc., PGIM Limited and PIMS are indirect, wholly-owned subsidiaries of Prudential Financial, Inc. (“Prudential”).
|
PGIM Fixed Income ETFs |
133 |
Notes to Financial Statements (continued)
4. Other Transactions with Affiliates
Each Fund may invest its overnight sweep cash in the PGIM Core Ultra Short Bond Fund (the “Core Fund”), and its securities lending cash collateral in the PGIM Institutional Money Market Fund (the “Money Market Fund”), each a Fund of Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PGIM Investments. PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services to the Core Fund. In addition to the realized and unrealized gains on investments in the Core Fund and Money Market Fund, earnings from such investments are disclosed on the Statement of Operations as “Affiliated dividend income” and “Income from securities lending, net”, respectively. Effective January 2022, the Fund(s) changed their overnight cash sweep vehicle from the Core Fund to an unaffiliated money market fund.
The Funds may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act, that subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors, and/or common officers. For the period ended February 28, 2022, no 17a- 7 transactions were entered into by the Funds.
5. Portfolio Securities
The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short- term investments and U.S. Government securities) for the reporting period ended February 28, 2022, were as follows:
|
Fund |
Cost of Purchases |
Proceeds from Sales |
||||||
|
PGIM Ultra Short Bond ETF |
$ | 389,738,696 | $ | 7,944,939 | ||||
|
PGIM Active High Yield Bond ETF |
$ | 45,151,308 | $ | 12,238,562 | ||||
|
PGIM Active Aggregate Bond ETF |
$ | 127,339,815 | $ | 104,111,334 | ||||
|
PGIM Total Return Bond ETF |
$ | 77,116,930 | $ | 31,629,741 | ||||
A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the reporting period ended February 28, 2022, is presented as follows:
| 134 |
PGIM Ultra Short Bond ETF
|
Value, Beginning
of |
Cost of Purchases |
Proceeds from Sales |
Change in Unrealized Gain (Loss) |
Realized Gain (Loss) |
Value, End of Period |
Shares, End of Period |
Income | |||||||||||||||||||||
| Short-Term Investments – Affiliated Mutual Funds: | ||||||||||||||||||||||||||||
| PGIM Core Ultra Short Bond Fund(1)(wa) | ||||||||||||||||||||||||||||
|
$145,724,638 |
$ | 434,575,635 | $ | 580,300,273 | $ | — | $ | — | $ | — | — | $ | 30,823 | |||||||||||||||
| PGIM Institutional Money Market Fund(1)(b)(wa) | ||||||||||||||||||||||||||||
|
2,327,971 |
6,952,922 | 9,280,893 | 600 | (600 | ) | — | — | 397(2) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
$148,052,609 |
$ | 441,528,557 | $ | 589,581,166 | $ | 600 | $ | (600 | ) | $ | — | — | $ | 31,220 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
PGIM Active High Yield Bond ETF
|
Value, Beginning |
Cost of Purchases |
Proceeds from Sales |
Change in Unrealized Gain (Loss) |
Realized Gain (Loss) |
Value, End of Period |
Shares, End of Period |
Income | |||||||||||||||||||||
| Short-Term Investments – Affiliated Mutual Funds: | ||||||||||||||||||||||||||||
| PGIM Core Ultra Short Bond Fund(1)(wa) | ||||||||||||||||||||||||||||
|
$3,188,704 |
$ | 7,920,241 | $ | 11,108,945 | $ | — | $ | — | $ | — | — | $ | 1,355 | |||||||||||||||
| PGIM Institutional Money Market Fund(1)(b)(wa) | ||||||||||||||||||||||||||||
|
408,020 |
176,301 | 520,269 | (4 | ) | — | 64,048 | 64,099 | 30(2) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
$3,596,724 |
$ | 8,096,542 | $ | 11,629,214 | $ | (4 | ) | $ | — | $ | 64,048 | 64,099 | $ | 1,385 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
PGIM Active Aggregate Bond ETF
|
Value, Beginning |
Cost of Purchases |
Proceeds from Sales |
Change in Unrealized Gain (Loss) |
Realized Gain (Loss) |
Value, End of Period |
Shares, End of Period |
Income | |||||||||||||||||||||
| Short-Term Investments – Affiliated Mutual Funds: | ||||||||||||||||||||||||||||
| PGIM Core Ultra Short Bond Fund(1)(wa) | ||||||||||||||||||||||||||||
|
$5,752,344 |
$ | 3,923,197 | $ | 9,675,541 | $ | — | $ | — | $ | — | — | $ | 2,465 | |||||||||||||||
PGIM Total Return Bond ETF
|
Value, Beginning |
Cost of Purchases |
Proceeds from Sales |
Change in Unrealized Gain (Loss) |
Realized Gain (Loss) |
Value, End of Period |
Shares, End of Period |
Income | |||||||||||||||||||||
| Short-Term Investments – Affiliated Mutual Funds: | ||||||||||||||||||||||||||||
| PGIM Core Ultra Short Bond Fund(1)(wa) | ||||||||||||||||||||||||||||
|
$ — |
$ | 30,950,414 | $ | 30,950,414 | $ | — | $ | — | $ | — | — | $ | 444 | |||||||||||||||
| (1) |
The Fund did not have any capital gain distributions during the reporting period. |
| (2) |
The amount, or a portion thereof, represents the affiliated securities lending income shown on the Statement of Operations. |
| (wa) |
PGIM Investments LLC, the manager of the Fund, also serves as manager of the PGIM Core Ultra Short Bond Fund and PGIM Institutional Money Market Fund, if applicable. |
| (b) |
Represents security purchased with cash collateral received for securities on loan and includes dividend reinvestment. |
|
PGIM Fixed Income ETFs |
135 |
Notes to Financial Statements (continued)
6. Tax Information
The United States federal income tax basis of the Funds’ investments and the net unrealized appreciation (depreciation) as of February 28, 2022 were as follows:
|
Fund |
Tax Basis |
Gross Unrealized |
Gross Unrealized |
Net Unrealized (Depreciation) | ||||
|
PGIM Ultra Short Bond ETF |
$1,995,125,789 | $7,771,290 | $(23,040,096) | $(15,268,806) | ||||
|
PGIM Active High Yield Bond ETF |
95,616,522 | 1,506,165 | (4,771,773) | (3,265,608) | ||||
|
PGIM Active Aggregate Bond ETF |
52,667,650 | 104,279 | (1,354,966) | (1,250,687) | ||||
|
PGIM Total Return Bond ETF |
46,280,746 | 152,374 | (1,129,589) | (977,215) |
The difference between book and tax basis were primarily attributable to deferred losses on wash sales, swaps, straddle loss deferral, differences in the treatment of premium amortization for book and tax purposes and other cost basis adjustments.
For federal income tax purposes, the PGIM Ultra Short Bond ETF had a capital loss carryforward as of August 31, 2021 of approximately $11,217,000 which can be carried forward for an unlimited period. No capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such losses.
The Manager has analyzed the Funds’ tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Funds’ financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, each Fund’s U.S. federal and state tax returns for tax years for which the applicable statutes of limitations have not expired are subject to such review.
7. Capital and Ownership
Each Fund is an exchange-traded fund, commonly known as an “ETF”. Individual shares of the Funds may only be purchased and sold in secondary market transactions through brokers or other financial intermediaries. Shares of the Funds are listed for trading on the NYSE Arca, Inc. (the “Exchange”), and because the shares of the Funds trade at market prices rather than NAV, shares of the Funds may trade at a price greater than NAV (a premium) or less than NAV (a discount). Each Fund will issue and redeem its shares at NAV only in aggregations of a specified number of shares called a “Creation Unit”. An Authorized Participant is a member or participant of a clearing agency registered with the SEC, which
| 136 |
has a written agreement with the Funds or one of their service providers that allows the Authorized Participant to place orders for the purchase and redemption of Creation Units.
A creation transaction, which is subject to acceptance by the Distributor and each Fund, generally takes place when an Authorized Participant deposits into each Fund a designated portfolio of securities, assets or other positions (a “creation basket”, and an amount of cash (including any cash representing the value of substituted securities, assets or other positions), if any, which together approximate the holdings of each Fund in exchange for a specified number of Creation Units. Similarly, shares can be redeemed only in Creation Units, generally for a designated portfolio of securities, assets or other propositions (the “redemption basket”) held by each Fund and an amount of cash (including any portion of such securities for which cash may be substituted). The Funds may, in certain circumstances, offer Creation Units partially or solely for cash. Except when aggregated in Creation Units, shares are not redeemable by the Funds. Creation and redemption baskets may differ and the Funds may accept “custom baskets”.
A Creation Unit consists of 25,000 shares of each Fund. Authorized Participants generally are required to pay a fixed creation transaction fee and/or a fixed redemption transaction fee, as applicable, for each transaction in a Creation Unit regardless of the number of Creation Units created or redeemed on that day. From time to time, the Funds may waive all or a portion of their applicable transaction fee(s). An additional charge or a variable charge may be applied to certain creation and redemption transactions, including non-standard orders and whole or partial cash purchases or redemptions when deemed appropriate. For the reporting period ended February 28, 2022, the following fixed transaction fees were waived by the Funds which PGIM Investments paid on behalf of the Authorized Participants:
|
Fund |
Amount | |||
|
PGIM Ultra Short Bond ETF |
$ | 8,625 | ||
|
PGIM Active High Yield Bond ETF |
1,125 | |||
|
PGIM Active Aggregate Bond ETF |
250 | |||
|
PGIM Total Return Bond ETF |
125 | |||
The Trust is authorized to issue an unlimited number of shares of beneficial interest, $0.001 par value per share.
As of February 28, 2022, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Funds as follows:
|
Fund |
Number of Shares |
Percentage of Outstanding Shares |
||||||
|
PGIM Ultra Short Bond ETF |
2,851,900 | 7.3 | % | |||||
|
PGIM Active High Yield Bond ETF |
1,385,600 | 57.1 | % | |||||
|
PGIM Active Aggregate Bond ETF |
965,000 | 96.5 | % | |||||
|
PGIM Total Return Bond ETF |
485,000 | 52.4 | % | |||||
|
PGIM Fixed Income ETFs |
137 |
Notes to Financial Statements (continued)
At the reporting period end, the number of shareholders holding greater than 5% of the Funds are as follows:
| Affiliated | Unaffiliated | |||||||
|
Fund |
Number of Shareholders |
Percentage of Outstanding Shares |
Number of Shareholders |
Percentage of Outstanding Shares | ||||
|
PGIM Ultra Short Bond ETF |
1 | 6.4% | 7 | 70.6% | ||||
|
PGIM Active High Yield Bond ETF |
2 | 55.1% | 3 | 30.1% | ||||
|
PGIM Active Aggregate Bond ETF |
3 | 96.5% | 0 | 0.0% | ||||
|
PGIM Total Return Bond ETF |
1 | 52.4% | 1 | 46.3% | ||||
Transactions in shares of beneficial interest were as follows:
PGIM Ultra Short Bond ETF
Reporting period ended February 28, 2022:
| Shares | Amount | |||||||
|
Shares sold |
4,550,000 | $ | 225,618,012 | |||||
|
Shares purchased |
(3,100,000 | ) | (153,439,470 | ) | ||||
|
|
|
|
|
|||||
|
Net increase (decrease) in shares outstanding |
1,450,000 | $ | 72,178,542 | |||||
|
|
|
|
|
|||||
Reporting period ended August 31, 2021:
| Shares | Amount | |||||||
|
Shares sold |
18,775,000 | $ | 934,975,118 | |||||
|
Shares purchased |
(1,850,000 | ) | (92,197,152 | ) | ||||
|
|
|
|
|
|||||
|
Net increase (decrease) in shares outstanding |
16,925,000 | $ | 842,777,966 | |||||
|
|
|
|
|
|||||
| 138 |
Notes to Financial Statements (continued)
PGIM Active High Yield Bond ETF
Reporting period ended February 28, 2022:
| Shares | Amount | |||||||
|
Shares sold |
800,000 | $ | 32,080,763 | |||||
|
Shares redeemed in-kind (Redemption in-kind) |
(475,000 | ) | (19,479,038 | ) | ||||
|
|
|
|
|
|||||
|
Net increase (decrease) in shares outstanding |
325,000 | $ | 12,601,725 | |||||
|
|
|
|
|
|||||
Reporting period ended August 31, 2021:
| Shares | Amount | |||||||
|
Shares sold |
1,825,000 | $ | 74,395,702 | |||||
|
Shares purchased |
(600,000 | ) | (24,576,005 | ) | ||||
|
|
|
|
|
|||||
|
Net increase (decrease) in shares outstanding |
1,225,000 | $ | 49,819,697 | |||||
|
|
|
|
|
|||||
PGIM Active Aggregate Bond ETF
Reporting period ended February 28, 2022:
| Shares | Amount | |||||||
|
Shares sold |
475,000 | $ | 23,274,700 | |||||
|
Shares purchased |
— | — | ||||||
|
|
|
|
|
|||||
|
Net increase (decrease) in shares outstanding |
475,000 | $ | 23,274,700 | |||||
|
|
|
|
|
|||||
Reporting period ended August 31, 2021:
| Shares | Amount | |||||||
|
Shares sold |
625,000 | $ | 31,322,713 | |||||
|
Shares purchased |
(100,000 | ) | (5,101,560 | ) | ||||
|
|
|
|
|
|||||
|
Net increase (decrease) in shares outstanding |
525,000 | $ | 26,221,153 | |||||
|
|
|
|
|
|||||
PGIM Total Return Bond ETF
Reporting period ended February 28, 2022:*
| Shares | Amount | |||||||
|
Shares sold |
925,000 | $ | 45,694,015 | |||||
|
Shares purchased |
— | — | ||||||
|
|
|
|
|
|||||
|
Net increase (decrease) in shares outstanding |
925,000 | $ | 45,694,015 | |||||
|
|
|
|
|
|||||
| * |
Commencement of offering was December 2, 2021 |
|
PGIM Fixed Income ETFs |
139 |
The Fund may make payment for Fund shares redeemed and contributed wholly or in part by distributing portfolio securities to shareholders. For the period ended February 28, 2022, the Funds had no subscriptions in-kind and had redemptions in-kind with total proceeds in the amounts presented in above tables.
8. Borrowings
The Trust, on behalf of the Funds, along with other affiliated registered investment companies (the “Participating Funds”), is a party to a Syndicated Credit Agreement (“SCA”) with a group of banks. The purpose of the SCA is to provide an alternative source of temporary funding for capital share redemptions. The table below provides details of the current SCA in effect at the reporting period-end as well as the prior SCA.
|
Current SCA* |
Prior SCA** | |||
|
Term of Commitment |
10/1/2021 – 9/29/2022 | 10/2/2020 – 9/30/2021 | ||
|
Total Commitment |
$ 1,200,000,000 | $ 1,200,000,000 | ||
|
Annualized Commitment Fee on the Unused Portion of the SCA |
0.15% | 0.15% | ||
|
Annualized Interest Rate on Borrowings |
1.20% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent | 1.30% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent | ||
| * |
The Current SCA does not include PGIM Total Return Bond ETF. |
| ** |
The Prior SCA did not include PGIM Active Aggregate Bond ETF. |
Certain affiliated registered investment companies that are parties to the SCA include portfolios that are subject to a predetermined mathematical formula used to manage certain benefit guarantees offered under variable annuity contracts. The formula may result in large scale asset flows into and out of these portfolios. Consequently, these portfolios may be more likely to utilize the SCA for purposes of funding redemptions. It may be possible for those portfolios to fully exhaust the committed amount of the SCA, thereby requiring the Manager to allocate available funding per a Board-approved methodology designed to treat the Participating Funds in the SCA equitably.
The Funds did not utilize the SCA during the reporting period ended February 28, 2022.
9. Risks of Investing in the Funds
The Funds’ risks include, but are not limited to, some or all of the risks discussed below. For further information on each Fund’s risks, please refer to the Funds’ Prospectus and Statement of Additional Information.
Active Trading Risk (applicable to PGIM Active Aggregate Bond ETF): The Fund actively and frequently trades its portfolio securities. High portfolio turnover involves correspondingly greater brokerage commissions and other transaction costs, which are
| 140 |
Notes to Financial Statements (continued)
borne directly by the Fund; which can affect the Fund’s performance and have adverse tax consequences. In addition, high portfolio turnover may also mean that a proportionately greater amount of distributions to shareholders will be taxed as ordinary income rather than long-term capital gains compared to investment companies with lower portfolio turnover.
Authorized Participant Concentration Risk: Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of intermediaries that act as Authorized Participants and none of these Authorized Participants is or will be obligated to engage in creation or redemption transactions. To the extent that these Authorized Participants exit the business or are unable to or choose not to proceed with creation and/or redemption orders with respect to the Fund and no other Authorized Participant creates or redeems, shares of the Fund may trade at a substantial discount or premium to net asset value (NAV), may trade at larger spreads, and possibly face trading halts and/or delisting.
Bank Loan Investments Risk: The Fund’s ability to receive payments of principal and interest and other amounts in connection with loans (whether through participations, assignments or otherwise) will depend primarily on the financial condition of the borrower. The failure by the Fund to receive scheduled interest or principal payments on a loan because of a default, bankruptcy or any other reason would adversely affect the income of the Fund and would likely reduce the value of its assets. Even with loans secured by collateral, there is the risk that the value of the collateral may decline, may be insufficient to meet the obligations of the borrower, or be difficult to liquidate. In the event of a default, the Fund may have difficulty collecting on any collateral and would not have the ability to collect on any collateral for an uncollateralized loan. Further, the Fund’s access to collateral, if any, may be limited by bankruptcy laws. Due to the nature of the private syndication of senior loans, including, for example, lack of publicly-available information, some senior loans are not as easily purchased or sold as publicly-traded securities. In addition, loan participations generally are subject to restrictions on transfer, and only limited opportunities may exist to sell loan participations in secondary markets. As a result, it may be difficult for the Fund to value loans or sell loans at an acceptable price when it wants to sell them. Loans trade in an over-the-counter market, and confirmation and settlement, which are effected through standardized procedures and documentation, may take significantly longer than seven days to complete. Extended trade settlement periods may, in unusual market conditions with a high volume of shareholder redemptions, present a risk to shareholders regarding the Fund’s ability to pay redemption proceeds in a timely manner. In some instances, loans and loan participations are not rated by independent credit rating agencies; in such instances, a decision by the Fund to invest in a particular loan or loan participation could depend exclusively on the subadviser’s credit analysis of the borrower, or in the case of a loan participation, of the intermediary holding the portion of the loan that the Fund has purchased. To the extent the Fund invests in loans of
|
PGIM Fixed Income ETFs |
141 |
non-U.S. issuers, the risks of investing in non-U.S. issuers are applicable. Loans may not be considered to be “securities” and as a result may not benefit from the protections of the federal securities laws, including anti-fraud protections and those with respect to the use of material non-public information, so that purchasers, such as the Fund, may not have the benefit of these protections. If the Fund is in possession of material non-public information about a borrower as a result of its investment in such borrower’s loan, the Fund may not be able to enter into a transaction with respect to a publicly-traded security of the borrower when it would otherwise be advantageous to do so.
Cash Transactions Risk: Unlike certain ETFs, the Fund may effect creations and redemptions in cash or partially in cash. Therefore, it may be required to sell portfolio securities and subsequently recognize gains on such sales that the Fund might not have recognized if it were to distribute portfolio securities in-kind. As such, investments in shares of the Fund may be less tax-efficient than an investment in an ETF that distributes portfolio securities entirely in-kind.
Collateralized Loan Obligations (“CLOs”) Risk: CLOs are subject to credit, interest rate, valuation, and prepayment and extension risks. These securities also are subject to risk of default on the underlying asset, particularly during periods of economic downturn. The market value of CLOs may be affected by, among other things, changes in the market value of the underlying assets held by the CLO, changes in the distributions on the underlying assets, defaults and recoveries on the underlying assets, capital gains and losses on the underlying assets, prepayments on underlying assets and the availability, prices and interest rate of underlying assets.
Credit Risk: This is the risk that the issuer, the guarantor or the insurer of a fixed income security, or the counterparty to a contract, may be unable or unwilling to make timely principal and interest payments, or to otherwise honor its obligations. Additionally, fixed income securities could lose value due to a loss of confidence in the ability of the issuer, guarantor, insurer or counterparty to pay back debt. The lower the credit quality of a bond, the more sensitive it is to credit risk.
Currency Risk (applicable to PGIM Total Return Bond ETF): The Fund’s net asset value could decline as a result of changes in exchange rates, which could adversely affect the Fund’s investments in currencies, or in securities that trade in, and receive revenues related to, currencies, or in derivatives that provide exposure to currencies. Certain foreign countries may impose restrictions on the ability of issuers of foreign securities to make payment of principal and interest or dividends to investors located outside the country, due to blockage of foreign currency exchanges or otherwise.
Debt Obligations Risk (applicable to PGIM Total Return Bond ETF): Debt obligations are subject to credit risk, market risk and interest rate risk. The Fund’s holdings, share price, yield and total return may also fluctuate in response to bond market movements. The value of bonds may decline for issuer-related reasons, including management performance, financial leverage and reduced demand for the issuer’s goods and services. Certain types of
| 142 |
Notes to Financial Statements (continued)
fixed income obligations also may be subject to “call and redemption risk,” which is the risk that the issuer may call a bond held by the Fund for redemption before it matures and the Fund may lose income.
Derivatives Risk: Derivatives involve special risks and costs and may result in losses to the Fund. The successful use of derivatives requires sophisticated management, and, to the extent that derivatives are used, the Fund will depend on the subadviser’s ability to analyze and manage derivatives transactions. The prices of derivatives may move in unexpected ways, especially in abnormal market conditions. Some derivatives are “leveraged” and therefore may magnify or otherwise increase investment losses to the Fund. The Fund’s use of derivatives may also increase the amount of taxes payable by shareholders. Other risks arise from the potential inability to terminate or sell derivatives positions. A liquid secondary market may not always exist for the Fund’s derivatives positions. In fact, many over-the-counter derivative instruments will not have liquidity beyond the counterparty to the instrument. Over-the-counter derivative instruments also involve the risk that the other party will not meet its obligations to the Fund.
The U.S. Government and foreign governments have adopted (and may adopt further) regulations governing derivatives markets, including mandatory clearing of certain derivatives, margin and reporting requirements and risk exposure limitations. The ultimate impact of the regulations remains unclear. Additional regulation of derivatives may make derivatives more costly, limit their availability or utility, or otherwise adversely affect their performance or disrupt markets.
Distressed and Defaulted Securities Risk (applicable to PGIM Active High Yield Bond ETF): Distressed and defaulted securities are subject to particularly high credit risk, market risk and illiquidity risk. These securities are at a high risk for default, especially during economic downturns, and they are subject to greater volatility than securities of more stable issuers. To the extent that the Fund invests in bankrupt issuers, the Fund may be subject to litigation risks and costs.
Economic and Market Events Risk: Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth or the functioning of the securities markets, may at times result in unusually high market volatility, which could negatively impact performance. Relatively reduced liquidity in credit and fixed income markets could adversely affect issuers worldwide.
Emerging Markets Risk: The risks of foreign investments are greater for investments in or exposed to emerging markets. Emerging market countries typically have economic and political systems that are less fully developed, and can be expected to be less stable, than those of more developed countries. For example, the economies of such countries can be
|
PGIM Fixed Income ETFs |
143 |
subject to rapid and unpredictable rates of inflation or deflation. Low trading volumes may result in a lack of liquidity and price volatility. Emerging market countries may have policies that restrict investment by non-U.S. investors, or that prevent non-U.S. investors from withdrawing their money at will.
The Fund may invest in some emerging markets that subject it to risks such as those associated with illiquidity, custody of assets, different settlement and clearance procedures and asserting legal title under a developing legal and regulatory regime to a greater degree than in developed markets or even in other emerging markets.
ETF Shares Trading Risk: Fund shares are listed for trading on NYSE Arca, Inc. (the Exchange) and the shares are bought and sold in the secondary market at market prices. The market prices of the shares of the Fund are expected to fluctuate in response to changes in the Fund’s NAV, the intraday value of the Fund’s holdings and supply and demand for shares of the Fund. We cannot predict whether shares of the Fund will trade above, below or at their NAV. Trading on the Exchange, including trading of Fund shares, may be halted in certain circumstances and shareholders may not be able to sell Fund shares at the time or price desired. During periods of stressed market conditions, the market for the shares of the Fund may become less liquid in response to deteriorating liquidity in the markets for the Fund’s portfolio investments. This adverse effect on the liquidity of the Fund’s shares could lead to differences between the market price of the Fund’s shares and the NAV of those shares. There can be no assurance that the requirements of the Exchange to maintain the listing of shares of the Fund will continue to be met. At times, trading in the securities of ETFs has become volatile and unpredictable and the price of ETF shares has diverged from market driven fundamentals.
Disruptions to creations and redemptions, the existence of significant market volatility or potential lack of an active trading market for the shares of the Fund (including through a trading halt), as well as other factors, may result in the Fund’s shares trading on the Exchange significantly above (at a premium) or below (at a discount) to NAV or to the intraday value of the Fund’s holdings. Premiums and discounts relate to differences between the market price and NAV of the Fund’s shares. During such periods, you may incur significant losses if you sell your shares of the Fund.
The securities held by the Fund may be traded in markets that close at a different time than the Exchange and may trade outside of a collateralized settlement system. Liquidity in those securities may be reduced after the applicable closing times. Accordingly, during the time when the Exchange is open but after the applicable market closing, fixing or settlement times, bid-ask spreads for the Fund’s shares on the Exchange and the corresponding premium or discount between the market price for Fund shares and their NAV may widen. Additionally, during times when the Exchange is open but after the applicable market is closed, there may be changes between the last quote from the closed foreign market and the value of such security during the Fund’s trading day on the Exchange and this may lead to differences between the market price of the Fund’s shares and the underlying value of those shares.
| 144 |
Notes to Financial Statements (continued)
| • | Cost of Buying or Selling Shares: When you buy or sell shares of the Fund through a broker, you will likely incur a brokerage commission or other charges imposed by brokers. In addition, the market price of shares of the Fund, like the price of any exchange-traded security, includes a “bid-ask spread” charged by the market makers or other participants that trade the particular security. The spread of the Fund’s shares varies over time based on the Fund’s trading volume, the spread of the Fund’s underlying securities, and market liquidity and may increase if the Fund’s trading volume, the spread of the Fund’s underlying securities, or market liquidity decreases. In times of severe market disruption, including when trading of the Fund’s holdings may be halted, the bid-ask spread may increase significantly. This means that the shares may trade at a discount to the Fund’s NAV, and the discount is likely to be greatest during significant market volatility. |
| • | No Guarantee of Active Trading Market Risk: While shares of the Fund are listed on the Exchange, there can be no assurance that active trading markets for the shares will develop or be maintained by market makers or by Authorized Participants. The distributor of the Fund’s shares does not maintain a secondary market in the shares. |
Foreign Securities Risk: Investments in securities of non-U.S. issuers (including those denominated in U.S. dollars) may involve more risk than investing in securities of U.S. issuers. Foreign political, economic and legal systems, especially those in developing and emerging market countries, may be less stable and more volatile than in the United States. Foreign legal systems generally have fewer regulatory requirements than the U.S. legal system, particularly those of emerging markets. In general, less information is publicly available with respect to non-U.S. companies than U.S. companies. Non-U.S. companies generally are not subject to the same accounting, auditing, and financial reporting standards as are U.S. companies. Additionally, the changing value of foreign currencies and changes in exchange rates could also affect the value of the assets the Fund holds and the Fund’s performance. Certain foreign countries may impose restrictions on the ability of issuers of foreign securities to make payment of principal and interest or dividends to investors located outside the country, due to blockage of foreign currency exchanges or otherwise. Investments in emerging markets are subject to greater volatility and price declines.
In addition, the Fund’s investments in non-U.S. securities may be subject to the risks of nationalization or expropriation of assets, imposition of currency exchange controls or restrictions on the repatriation of non-U.S. currency, confiscatory taxation and adverse diplomatic developments. Special U.S. tax considerations may apply.
Increase in Expenses Risk (applicable to PGIM Total Return Bond ETF): Your actual cost of investing in the Fund may be higher than the expenses shown in the expense table in the
|
PGIM Fixed Income ETFs |
145 |
Fund’s prospectus for a variety of reasons. For example, expense ratios may be higher than those shown if average net assets decrease. Net assets are more likely to decrease and Fund expense ratios are more likely to increase when markets are volatile. Active and frequent trading of Fund securities can increase expenses.
Interest Rate Risk: The value of your investment may go down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration debt securities. For example, a fixed income security with a duration of three years is expected to decrease in value by approximately 3% if interest rates increase by 1%. This is referred to as “duration risk.” When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and the Fund may be required to reinvest the proceeds at a lower interest rate. This is referred to as “prepayment risk.” When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of the Fund’s holdings may fall sharply. This is referred to as “extension risk.” The Fund may lose money if short-term or long-term interest rates rise sharply or in a manner not anticipated by the subadviser.
Junk Bonds Risk: High-yield, high-risk bonds have predominantly speculative characteristics, including particularly high credit risk. Junk bonds tend to have lower market liquidity than higher-rated securities. The liquidity of particular issuers or industries within a particular investment category may shrink or disappear suddenly and without warning. The non-investment grade bond market can experience sudden and sharp price swings and become illiquid due to a variety of factors, including changes in economic forecasts, stock market activity, large sustained sales by major investors, a high profile default or a change in the market’s psychology.
Large Shareholder and Large Scale Redemption Risk: Certain individuals, accounts, funds (including funds affiliated with the Manager) or institutions, including the Manager and its affiliates, may from time to time own or control a substantial amount of the Fund’s shares. There is no requirement that these entities maintain their investment in the Fund. There is a risk that such large shareholders or that the Fund’s shareholders generally may redeem all or a substantial portion of their investments in the Fund in a short period of time, which could have a significant negative impact on the Fund’s NAV, liquidity, and brokerage costs. Large redemptions could also result in tax consequences to shareholders and impact the Fund’s ability to implement its investment strategy. The Fund’s ability to pursue its investment objective after one or more large scale redemptions may be impaired and, as a result, the Fund may invest a larger portion of its assets in cash or cash equivalents.
LIBOR Risk: Many financial instruments use or may use a floating rate based on the London Interbank Offered Rate, or “LIBOR,” which is the offered rate for short-term Eurodollar deposits between major international banks. Over the course of the last several years, global regulators have indicated an intent to phase out the use of LIBOR and similar interbank offering rates (“IBOR”). There still remains uncertainty regarding the nature of any replacement rates for LIBOR and the other IBORs as well as around fallback approaches for instruments extending beyond the any phase-out of these reference rates.
| 146 |
Notes to Financial Statements (continued)
The lack of consensus around replacement rates and the uncertainty of the phase out of LIBOR and other IBORs may result in increased volatility in corporate or governmental debt, bank loans, derivatives and other instruments invested in by the Fund as well as loan facilities used by the Fund. The potential effect of a transition away from LIBOR on the Fund or the financial instruments in which the Fund invests cannot yet be determined. The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect the Fund’s performance and/or net asset value. Certain proposed replacement rates to LIBOR, such as the Secured Overnight Financing Rate (“SOFR”), are materially different from LIBOR, and changes in the applicable spread for instruments previously linked to LIBOR will need to be made in order for instruments to pay similar rates. Uncertainty and risk also remain regarding the willingness and ability of issuers and lenders to include revised provisions in new and existing contracts or instruments. Consequently, the transition away from LIBOR to other reference rates may lead to reduced coupons on debt held by the Fund, higher rates required to be paid by the Fund on bank lines of credit due to increases in spreads, increased volatility and illiquidity in markets that are tied to LIBOR, fluctuations in values of LIBOR-related investments or investments in issuers that utilize LIBOR, increased difficulty in borrowing or refinancing and diminished effectiveness of hedging strategies, adversely affecting the Fund’s performance. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. Because the usefulness of LIBOR and the other IBORs as benchmarks could deteriorate during the transition period, these effects could be experienced until the anticipated discontinuance date in 2023 for the majority of the LIBOR rates.
Liquidity Risk: Liquidity risk is the risk that the Fund could not meet requests to redeem shares issued by the Fund without significant dilution of remaining investors’ interests in the Fund. The Fund may invest in instruments that trade in lower volumes and are more illiquid than other investments. If the Fund is forced to sell these investments to pay redemption proceeds or for other reasons, the Fund may lose money. In addition, when there is no willing buyer and investments cannot be readily sold at the desired time or price, the Fund may have to accept a lower price or may not be able to sell the instrument at all.
An inability to sell a portfolio position can adversely affect the Fund’s value or prevent the Fund from being able to take advantage of other investment opportunities.
|
PGIM Fixed Income ETFs |
147 |
Management Risk: The value of your investment may decrease if judgments by the subadviser about the attractiveness, value or market trends affecting a particular security, industry or sector or about market movements are incorrect.
Market Disruption and Geopolitical Risks: Market disruption can be caused by economic, financial or political events and factors, including but not limited to, international wars or conflicts (including Russia’s military invasion of Ukraine), geopolitical developments (including trading and tariff arrangements, sanctions and cybersecurity attacks), instability in regions such as Asia, Eastern Europe and the Middle East, terrorism, natural disasters and public health epidemics (including the outbreak of COVID-19 globally).
The extent and duration of such events and resulting market disruptions cannot be predicted, but could be substantial and could magnify the impact of other risks to the Fund. These and other similar events could adversely affect the U.S. and foreign financial markets and lead to increased market volatility, reduced liquidity in the securities markets, significant negative impacts on issuers and the markets for certain securities and commodities and/or government intervention. They may also cause short- or long-term economic uncertainties in the United States and worldwide. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund’s investments may be negatively impacted. Further, due to closures of certain markets and restrictions on trading certain securities, the value of certain securities held by the Fund could be significantly impacted, which could lead to such securities being valued at zero.
COVID-19 and the related governmental and public responses have had and may continue to have an impact on the Fund’s investments and net asset value and have led and may continue to lead to increased market volatility and the potential for illiquidity in certain classes of securities and sectors of the market. They have also had and may continue to result in periods of business disruption, business closures, inability to obtain raw materials, supplies and component parts, and reduced or disrupted operations for the issuers in which the Fund invests. The occurrence, reoccurrence and pendency of public health epidemics could adversely affect the economies and financial markets either in specific countries or worldwide.
Market Risk: Securities markets may be volatile and the market prices of the Fund’s securities may decline. Securities fluctuate in price based on changes in an issuer’s financial condition and overall market and economic conditions. If the market prices of the securities owned by the Fund fall, the value of your investment in the Fund will decline.
Money Market Instruments Risk (applicable to PGIM Ultra Short Bond ETF): The value of money market instruments may be affected by changing interest rates and by changes in the credit ratings of those instruments. If a significant amount of the Fund’s assets are invested in money market instruments, it will be more difficult for the Fund to achieve its investment objective.
| 148 |
Notes to Financial Statements (continued)
Mortgage-Backed and Asset-Backed Securities Risk: Mortgage-backed and asset-backed securities tend to increase in value less than other debt securities when interest rates decline, but are subject to similar risk of decline in market value during periods of rising interest rates. The values of mortgage-backed and asset-backed securities become more volatile as interest rates rise. In a period of declining interest rates, the Fund may be required to reinvest more frequent prepayments on mortgage-backed and asset-backed securities in lower-yielding investments.
Non-Money Market Fund Risk (applicable to PGIM Ultra Short Bond ETF): The Fund is not a money market fund. The Fund does not seek to maintain a stable net asset value (NAV) of $1.00 per share. The Fund’s NAV and market value will fluctuate every day and these fluctuations may be significant on certain days. Also, the Fund is not subject to the liquidity requirements and investment and credit quality restrictions applicable to money market funds. There can be no guarantee that the Fund will generate higher returns than money market funds.
Prepayment Risk (applicable to PGIM Ultra Short Bond ETF): The Fund may invest in mortgage-related securities and asset-backed securities, which are subject to prepayment risk. If these securities are prepaid, the Fund may have to replace them with lower-yielding securities. Stripped mortgage-backed securities are generally more sensitive to changes in prepayment and interest rates than other mortgage-related securities. Unlike mortgage-related securities, asset-backed securities are usually not collateralized. If the issuer of a non-collateralized debt security defaults on the obligation, there is no collateral that the security holder may sell to satisfy the debt.
Small Fund Risk: When the Fund’s size is small, the Fund may experience low trading volume and wide bid/ask spreads. The Fund may face the risk of being delisted if it does not meet certain conditions of the listing exchange due to small size. Any resulting liquidation of the Fund could cause the Fund to incur elevated transaction costs for the Fund and negative tax consequences for its shareholders.
Structured Products Risk (applicable to PGIM Active Aggregate Bond ETF): Holders of structured product securities bear risks of the underlying investments, index or reference obligation. Certain structured products may be thinly traded or have a limited trading market, and as a result may be characterized as illiquid. The possible lack of a liquid secondary market for structured securities and the resulting inability of the Fund to sell a structured security could expose the Fund to losses and could make structured securities more difficult for the Fund to value accurately, which may also result in additional costs. Structured products are subject to issuer repayment and counterparty risk; the Fund may have the right to receive payments only from the structured product, and generally may not
|
PGIM Fixed Income ETFs |
149 |
have direct rights against the issuer or the entity that sold the assets to be securitized. Structured products are also subject to credit risk; the assets backing the structured product may be insufficient to pay interest or principal. In addition to the general risks associated with investments in fixed income, structured products carry additional risks, including, but not limited to: the possibility that distributions from collateral securities will not be adequate to make interest or other payments; the quality of the collateral may decline in value or default; and the possibility that the structured products are subordinate to other classes. Structured securities are generally privately negotiated debt obligations where the principal and/or interest or value of the structured security is determined by reference to the performance of a specific asset, benchmark asset, market or interest rate (“reference instrument”), and changes in the reference instrument or security may cause significant price fluctuations, or could cause the interest rate on the structured security to be reduced to zero. Structured products may also entail structural complexity and documentation risk and there is no guarantee that the courts or administrators will interpret the priority of principal and interest payments as expected.
U.S. Government and Agency Securities Risk: U.S. Government and agency securities are subject to market risk, interest rate risk and credit risk. Not all U.S. Government securities are insured or guaranteed by the full faith and credit of the U.S. Government; some are only insured or guaranteed by the issuing agency, which must rely on its own resources to repay the debt. Some agency securities carry no guarantee whatsoever and the risk of default associated with these securities would be borne by the Fund. The maximum potential liability of the issuers of some U.S. Government securities held by the Fund may greatly exceed their current resources, including their legal right to support from the U.S. Treasury. No assurance can be given that the U.S. government would provide financial support to any such issuers if it is not obligated to do so by law. It is possible that these issuers will not have the funds to meet their payment obligations in the future. In addition, the value of U.S. Government securities may be affected by changes in the credit rating of the U.S. Government.
Variable and Floating Rate Bonds Risk (applicable to PGIM Ultra Short Bond ETF): Variable and floating rate bonds are subject to credit risk, market risk and interest rate risk. In addition, the absence of an active market for these securities could make it difficult for the Fund to dispose of them if the issuer defaults. The settlement period for such bonds can be longer than seven days.
10. Recent Accounting Pronouncement and Regulatory Developments
In March 2020, the FASB issued Accounting Standard Update (“ASU”) No. 2020-04, which provides optional guidance for applying GAAP to contract modifications, hedging relationships and other transactions affected by the reference rate reform if certain criteria are met. ASU 2020-04 is elective and is effective on March 12, 2020 through December 31, 2022. Management does not expect ASU 2020-04 to have a material impact on the financial statements.
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Notes to Financial Statements (continued)
On December 3, 2020, the SEC announced that it voted to adopt a new rule that establishes an updated regulatory framework for fund valuation practices (the “Rule”). The Rule, in part, provides (i) a framework for determining fair value in good faith and (ii) provides for a fund Board’s assignment of its responsibility for the execution of valuation-related activities to a fund’s investment adviser. Further, the SEC is rescinding previously issued guidance on related issues. The Rule took effect on March 8, 2021, with a compliance date of September 8, 2022. Management is currently evaluating the Rule and its impact to the Funds.
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PGIM Fixed Income ETFs |
151 |
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∎ TELEPHONE |
∎ WEBSITE | ||
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655 Broad Street Newark, NJ 07102 |
(800) 225-1852 |
pgim.com/investments | ||
PROXY VOTING
The Board of Trustees of the Funds has delegated to the Funds’ subadvisers the responsibility for voting any proxies and maintaining proxy recordkeeping with respect to each Funds. A description of these proxy voting policies and procedures is available without charge, upon request, by calling (800) 225-1852 or by visiting the Securities and Exchange Commission’s website at sec.gov. Information regarding how each Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Funds’ website and on the Securities and Exchange Commission’s website.
TRUSTEES
Ellen S. Alberding ● Kevin J. Bannon ● Scott E. Benjamin ● Linda W. Bynoe ● Barry H. Evans ● Keith F. Hartstein ● Laurie Simon Hodrick ● Stuart S. Parker ● Brian K. Reid ● Grace C. Torres
OFFICERS
Stuart S. Parker, President ● Scott E. Benjamin, Vice President ● Christian J. Kelly, Treasurer and Principal Financial and Accounting Officer ● Claudia DiGiacomo, Chief Legal Officer ● Isabelle Sajous, Chief Compliance Officer ● Dana E. Cordes, Anti-Money Laundering Compliance Officer ● Andrew R. French, Secretary ● Melissa Gonzalez, Assistant Secretary ● Diana N. Huffman, Assistant Secretary ● Patrick E. McGuinness, Assistant Secretary ● Debra Rubano, Assistant Secretary ● Lana Lomuti, Assistant Treasurer ● Russ Shupak, Assistant Treasurer ● Elyse M. McLaughlin, Assistant Treasurer ● Deborah Conway, Assistant Treasurer
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MANAGER |
PGIM Investments LLC |
655 Broad Street Newark, NJ 07102 | ||
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SUBADVISERS |
PGIM Fixed Income |
655 Broad Street Newark, NJ 07102 | ||
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PGIM Limited (PGIM Ultra Short Bond ETF and PGIM Total Return Bond ETF only) |
Grand Buildings, 1-3 Strand Trafalgar Square London, WC2N 5HR United Kingdom | |||
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DISTRIBUTOR |
Prudential Investment Management Services LLC |
655 Broad Street Newark, NJ 07102 | ||
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CUSTODIAN/TRANSFER AGENT |
Brown Brothers Harriman & Co. |
50 Post Office Square Boston, MA 02110 | ||
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INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM |
PricewaterhouseCoopers LLP |
300 Madison Avenue New York, NY 10017 | ||
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FUND COUNSEL |
Willkie Farr &Gallagher LLP |
787 Seventh Avenue New York, NY 10019 | ||
| An investor should consider the investment objectives, risks, charges, and expenses of each Funds carefully before investing. The prospectus and summary prospectus contain this and other information about the Fund. An investor may obtain the prospectus and summary prospectus by visiting our website at pgim.com/investments or by calling (800) 225-1852. The prospectus and summary prospectus should be read carefully before investing. |
| E-DELIVERY |
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To receive your fund documents online, go to pgim.com/investments/resource/edelivery and enroll. Instead of receiving printed documents by mail, you will receive notification via email when new materials are available. You can cancel your enrollment or change your email address at any time by visiting the website address above. |
| SHAREHOLDER COMMUNICATIONS WITH TRUSTEES |
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Shareholders can communicate directly with the Board of Trustees by writing to the Chair of the Board, PGIM Fixed Income ETFs, PGIM Investments, Attn: Board of Trustees, 655 Broad Street, Newark, NJ 07102. Shareholders can communicate directly with an individual Trustee by writing to that Trustee at the same address. Communications are not screened before being delivered to the addressee. |
| AVAILABILITY OF PORTFOLIO HOLDINGS |
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On each business day, before commencement of trading on the Exchange, the Fund will disclose on www.pgim.com/investments the Fund’s portfolio holdings that will form the basis for the Fund’s calculation of NAV at the end of the business day. The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT filings are available on the Commission’s website at sec.gov.
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Funds:
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ARE NOT INSURED BY THE FDIC OR ANY FEDERAL GOVERNMENT AGENCY
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MAY LOSE VALUE
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ARE NOT A DEPOSIT OF OR GUARANTEED BY ANY BANK OR ANY BANK AFFILIATE
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PGIM FIXED INCOME ETFS
| Fund | Ticker Symbol | |
| PGIM Ultra Short Bond ETF | PULS | |
| PGIM Active High Yield Bond ETF | PHYL | |
| PGIM Active Aggregate Bond ETF | PAB | |
| PGIM Total Return Bond ETF | PTRB |
ETF1000E2