PGIM ETF Trust

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PGIM JENNISON ETFs

PGIM Jennison Focused Growth ETF (PJFG)

PGIM Jennison Focused Value ETF (PJFV)

ANNUAL REPORT

AUGUST 31, 2023

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

Table of Contents



Letter from the President			3

PGIM Jennison Focused Growth ETF			4

Growth of a $10,000 Investment			5

Strategy and Performance Overview			7

PGIM Jennison Focused Value ETF			11

Strategy and Performance Overview			14

Fees and Expenses			19

Holdings and Financial Statements			21

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

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

Exchange-traded funds are distributed by Prudential Investment Management Services LLC, member SIPC. Jennison Associates LLC is a registered investment adviser. Both are Prudential Financial companies. © 2023 Prudential Financial, Inc. and its related entities. Jennison Associates, Jennison, PGIM, and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.


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Letter from the President

Dear Shareholder:

We hope you find the annual report for the PGIM Jennison ETFs informative and useful. The report covers performance for the period from the Fund’s inception on December 12, 2022 through August 31, 2023.

Although central banks raised interest rates aggressively to tame surging inflation during the period, the global economy and financial markets demonstrated resilience. Employers continued to hire, consumers continued to spend, home prices rose, and recession fears receded.

Stocks fell early in the period, bottomed in October, and then began a rally that eventually ended a bear market. Despite a banking industry crisis in March, stocks have continued to rise globally throughout 2023 as inflation cooled and the Federal Reserve slowed the pace of its rate hikes. Equities in both US and international markets posted gains during the period.

Bond market returns were mixed during the period as rising interest rates lifted yields to their highest level in two decades. US and global investment-grade bonds fell, while US high yield corporate bonds and emerging-market debt rose.

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

At PGIM Investments, we provide access to active investment strategies across the global markets in the pursuit of consistent outperformance for investors. PGIM is the world’s 14th-largest investment manager with more than $1.3 trillion in assets under management. Our scale and investment expertise allow us to deliver a diversified suite of actively managed solutions across a broad spectrum of asset classes and investment styles.

Thank you for choosing our family of funds.

Sincerely,

LOGO

Stuart S. Parker, President

PGIM Jennison ETFs

October 16, 2023


		PGIM Jennison ETFs 3

PGIM Jennison Focused Growth 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, 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 8/31/23* Since Inception (%)

Net Asset Value (NAV)		31.38 (12/12/2022)

Market Price**		31.40 (12/12/2022)

Russell 1000^®Growth Index
		22.05

*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 Fund’s 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 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.


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Growth of a $10,000 Investment (unaudited)

LOGO

The graph compares a $10,000 investment in the Fund with a similar investment in the Russell 1000 Growth Index by portraying the initial account values at the commencement of operations (December 12, 2022) and the account values at the end of the current fiscal year (August 31, 2023) as measured on a quarterly basis. The Fund assumes an initial investment on December 12, 2022, while the Index assumes that the initial investment occurred on November 30, 2022. For purposes of the graph, and unless otherwise indicated, it has been assumed that (a) all recurring fees (including management fees) were deducted and (b) all dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have been lower.

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


		PGIM Jennison ETFs 5

PGIM Jennison Focused Growth ETF

Your Fund’s Performance (continued)

Benchmark Definition

Russell 1000 Growth Index—The Russell 1000 Growth Index is an unmanaged index which contains those securities in the Russell 1000 Index with an above-average growth orientation. Companies in this Index tend to exhibit higher price-to-book and price-to-earnings ratios, lower dividend yields and higher forecasted growth rates.

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.

Presentation of Fund Holdings as of 8/31/23



Ten Largest Holdings	Line of Business	% of Net Assets

NVIDIA Corp.	Semiconductors & Semiconductor Equipment	10.9%

Microsoft Corp.	Software	9.1%

Amazon.com, Inc.	Broadline Retail	7.9%

Apple, Inc.	Technology Hardware, Storage & Peripherals	6.2%

Mastercard, Inc. (Class A Stock)	Financial Services	5.3%

Tesla, Inc.	Automobiles	4.9%

Alphabet, Inc. (Class A Stock)	Interactive Media & Services	4.6%

Eli Lilly & Co.	Pharmaceuticals	4.2%

MercadoLibre, Inc. (Brazil)	Broadline Retail	3.9%

Meta Platforms, Inc. (Class A Stock)	Interactive Media & Services	3.9%

Holdings reflect only long-term investments and are subject to change.


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Strategy and Performance Overview*

(unaudited)

How did the Fund perform?

The PGIM Jennison Focused Growth ETF (the Fund) returned 31.38%, based on net asset value (NAV), in the reporting period from the Fund’s inception on December 12, 2022, through August 31, 2023, outperforming the 22.05% return of the Russell 1000 Growth Index (the Index).

What were the market conditions?

At the start of the period, investors remained uncertain about inflationary pressures and US Federal Reserve (Fed) policy, heightened geopolitical tension, war in Ukraine, and expectations that US economic growth would slow and could enter a recession. Companies took aggressive steps to rationalize costs, expecting a more challenging environment ahead.

In the first eight months of 2023, however, the economy delivered better-than-feared results, with continued—albeit moderating—growth led by resilient consumer spending amid ongoing labor market strength. As inflationary pressures eased, the Fed slowed the pace of monetary tightening, which encouraged investors, as did stronger-than-expected earnings reports. Investors appeared to be surprised that many companies were able to effectively cut their costs and reduce their head counts, enabling them to exceed Wall Street expectations. Growth companies, led by technology, rose sharply.

Interest in artificial intelligence (AI)—catalyzed by the launch of ChatGPT in late November 2022—continued to grow through the first half of 2023. Investors expressed the greatest enthusiasm for companies supplying the foundational components to design, build, and run AI and machine-learning capabilities. While AI offers the potential for transformative technological change, investors remained divided about who has the most to gain—and lose—from the application of these new technologies across companies and industries.

What worked?

Both security selection and sector weightings added value relative to the Index during the reporting period. Stock selection in information technology, healthcare, and consumer staples contributed the most to relative performance.

Individual positions within information technology were especially strong contributors to the Fund’s absolute performance, as select companies posted robust gains in 2023 following a rough second half of 2022. The rebound reflected both the depressed nature of valuations when 2023 began and the first signs of upgrades to near-and medium-term revenue and profit expectations from company managements. Top technology performers included Nvidia Corp., Microsoft Inc., and Apple Inc.

Nvidia shares rose on the company’s growth opportunity as a leader in advanced computer chips that support AI development. As the period progressed, Nvidia enjoyed tremendous demand for accelerated computing and generative AI equipment. In Jennison’s view, supply should sustain revenue growth well into 2024.


		PGIM Jennison ETFs 7

Strategy and Performance Overview* (continued)

Enterprise software company Microsoft continued to gain share across multiple product lines, while having the advantage of being very well positioned for the AI wave, given the company’s plans to incorporate AI into existing products, thereby increasing revenue potential.

Apple shares rose as the company continued to demonstrate the power of its ecosystem, which includes 2 billion iPhones.

Other top performers included consumer discretionary holdings Amazon.com Inc. and MercadoLibre Inc.

Online retailer and services provider Amazon continued to produce strong financial results due to stable e-commerce demand and robust growth in advertising. In addition, Jennison believes there are signs that Amazon Web Services (AWS) growth should reaccelerate into the latter part of 2023, with longer-term opportunities presented by generative AI.

Shares in MercadoLibre, the leader in online commerce and payments ecosystems in Latin America, benefited from the company’s strong competitive position, opportunities for margin expansion, and excellent management team focused on delivering sustainable and profitable growth. The company continues to gain market share, which supports strong top-line growth, as does the breadth of its product line and impressive level of customer engagement.

What didn’t work?

From a sector perspective, stock selection within the communication services sector, along with an overweight in healthcare and underweight in information technology (due to less-than-Index exposure to Apple and Microsoft) were the most significant detractors from relative results.

Three of the most significant individual detractors during the period included healthcare holdings UnitedHealth Group Inc., Thermo Fisher Scientific Inc., and DexCom Inc.

Shares in UnitedHealth Group declined in part due to the market rotation out of healthcare, and in part because of Medicare audit and reimbursement rate announcements that were slightly less favorable than expected.

Thermo Fisher Scientific provides analytical instruments, equipment, consumables, software, and services to the life sciences, healthcare, and industrial, environmental, and safety industries. The position was eliminated on concerns of a slowing macro economic environment, which is causing the company to reduce costs.

DexCom makes continuous glucose monitoring (CGM) systems that eliminate the need for people with diabetes to test their blood glucose levels through finger sticks. The company’s valuation was pressured by concerns that recently launched drugs from major pharmaceutical companies have the potential to limit future demand for glucose monitoring.


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Other significant detractors included Adyen N.V. (financials) and SBA Communications Corp. (real estate).

Shares in payments platform operator Adyen declined as the company saw dramatic deceleration in revenue growth, mostly concentrated in its US online channel. While e-commerce is growing globally, it is increasingly difficult to know who the ultimate winners will be. Accordingly, the position was eliminated near the end of the reporting period.

Shares of telecommunication real estate investment trust (REIT) SBA Communications fell due in part to a market rotation away from the more defensive stocks within the secular growth ecosystem. Jennison sold the Fund’s position during the reporting period in favor of more attractive valuation opportunities within the faster-growing areas of technology disruption and innovation, especially among companies with longer-duration business models.

Current outlook

As of August 31, 2023, the Fund’s largest sector overweight relative to the Index was in consumer discretionary, and its largest underweights were in industrials and information technology.

The US economy stands in better shape than Jennison anticipated when 2023 began. Robust employment has sustained consumer spending at a solid pace. Consumer confidence currently reflects optimism in the near term despite announced work force reductions, interest rates at the highest levels in over a decade, and reduced credit availability in the financial system. It therefore seems likely that the slope of the economy’s slowing trajectory will remain shallower than previously feared while employment remains healthy.

Inflationary pressures, while still evident, will likely continue to moderate.

Trends in technology spending, which weakened earlier last year, have begun to stabilize. A combination of easing year-over-year comparisons and the priority of digital transformation, with an emerging impetus from AI, increasingly suggest a rebound in spending and a return to longer-term investment trends moving toward the end of 2023. The strong rebound in the prices of select technology shares year-to-date reflects both the depressed nature of valuations when 2023 began, and the first signs of upgrades to near- and medium-term revenue and profit expectations from company managements—a trend Jennison believes will gather pace in the coming quarters.

Jennison expects to see generative AI use cases and applications spread from technology providers and developers to a wide variety of industries and companies that use these tools to increase competitive positioning through improved time to market, streamlined customer service, and accelerated efforts to harness data in increasingly sophisticated ways.


		PGIM Jennison ETFs 9

Strategy and Performance Overview* (continued)

Jennison continues to invest in a broadly diversified portfolio of companies that appear positioned to outpace the market averages in growing revenue and earnings over the investment time horizon.

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


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PGIM Jennison Focused Value ETF

Your Fund’s Performance (unaudited)



		Total Returns as of 8/31/23* Since Inception (%)

Net Asset Value (NAV)		7.64 (12/12/2022)

Market Price**		7.65 (12/12/2022)

Russell 1000 Value Index

		1.61

*Not annualized

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 Fund’s 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 sale of Fund shares.


		PGIM Jennison ETFs 11

PGIM Jennison Focused Value ETF

Your Fund’s Performance (continued)

Growth of a $10,000 Investment (unaudited)

LOGO

The graph compares a $10,000 investment in the Fund with a similar investment in the Russell 1000 Value Index by portraying the initial account values at the commencement of operations (December 12, 2022) and the account values at the end of the current fiscal year (August 31, 2023) as measured on a quarterly basis. The Fund assumes an initial investment on December 12, 2022, while the Index assumes that the initial investment occurred on November 30, 2022. For purposes of the graph, and unless otherwise indicated, it has been assumed that (a) all recurring fees (including management fees) were deducted and (b) all dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have been lower.


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Benchmark Definition

Russell 1000 Value Index—The Russell 1000 Value Index is an unmanaged index comprising those securities in the Russell 1000 Index with a less-than-average growth orientation. Companies in this index generally have low price-to-book and price-to-earnings ratios, higher dividend yields, and lower forecasted growth values.

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.

Presentation of Fund Holdings as of 8/31/23



Ten Largest Holdings	Line of Business	% of Net Assets

Walmart, Inc.	Consumer Staples Distribution & Retail	5.9%

Hess Corp.	Oil, Gas & Consumable Fuels	5.6%

Eli Lilly & Co.	Pharmaceuticals	4.9%

Chubb Ltd.	Insurance	4.2%

AstraZeneca plc (United Kingdom), ADR	Pharmaceuticals	4.2%

Linde plc	Chemicals	4.1%

Microsoft Corp.	Software	4.1%

JPMorgan Chase &Co.	Banks	3.8%

Schlumberger NV	Energy Equipment & Services	3.6%

Union Pacific Corp.	Ground Transportation	3.6%

Holdings reflect only long-term investments and are subject to change.


		PGIM Jennison ETFs 13

Strategy and Performance Overview*

(unaudited)

How did the Fund perform?

The PGIM Jennison Focused Value ETF returned 7.64%, based on net asset value, in the reporting period from the Fund’s inception on December 12, 2022, through August 31, 2023, outperforming the 1.61% return of the Russell 1000 Value Index (the Index).

What were the market conditions?

In June 2022, prior to the start of the reporting period, inflation rose above 9%, the highest level in four decades. Between March 2022 and July 2023, the US Federal Reserve (Fed) raised the federal funds rate 11 times, from near zero to a range of 5.25–5.50%, reflecting the Fed’s urgency in reestablishing price stability.

The investment backdrop for stocks during the period can be divided into two sections. In the last four months of 2022, investors remained uncertain about inflationary pressures and Fed policy, heightened geopolitical tension, war in Ukraine, and expectations that US economic growth would slow and could enter a recession. Companies took aggressive steps to rationalize costs, expecting a more challenging environment ahead. In this environment, stocks generally continued to underperform as they had earlier in 2022.

In the first eight months of 2023, however, the economy delivered better-than-feared results, with continued—albeit moderating—growth led by resilient consumer spending amid ongoing labor market strength. As inflationary pressures eased, the Fed slowed the pace of monetary tightening, which encouraged investors, as did stronger-than-expected earnings reports. Investors appeared to be surprised that many companies were able to effectively cut their costs and stabilize profit margins, enabling them to exceed Wall Street expectations. Value stocks generally advanced, but significantly underperformed growth stocks, which rose sharply, largely due to the rebound of technology stocks.

Interest in artificial intelligence (AI)—catalyzed by the launch of ChatGPT in late November 2022—continued to grow through the first half of 2023. Investors expressed the greatest enthusiasm for mega-cap technology companies, such as Alphabet Inc., Meta Platforms Inc., and Microsoft Corp., supplying the foundational components to design, build, and run AI and machine-learning capabilities. While AI offers the potential for transformative technological change, investors remained divided about who has the most to gain—and lose—from the application of these new technologies across companies and industries.

Within the Index, the communication services, information technology, industrials, and energy sectors saw the largest gains during the period. The consumer discretionary, materials, financials, and real estate sectors also advanced, but underperformed the Index, while the utilities, health care, and consumer staples sectors lost ground.

What worked?

In aggregate, both security selection and sector weightings contributed positively to relative performance during the period.


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Stock selection within the information technology, health care, consumer staples, communication services, and materials sectors bolstered relative results.

An overweight in information technology and an underweight in real estate, each relative to the Index, also benefited relative performance.

Key positive portfolio contributors included Eli Lilly and Co., Meta Platforms, Microsoft, Broadcom Inc., and Salesforce Inc.

Shares of Eli Lilly rose on the strong performance of diabetes/obesity treatments Mounjaro and Trulicity, which remain tremendous opportunities for the company. As of August 31, 2023, the Mounjaro launch is the strongest for any diabetes drug ever. While Alzheimer’s disease has been a tough market for drug developers, Lilly has received breakthrough designation from the US Food and Drug Administration for donanemab and is one of four companies with Phase 3 clinical data expected over the next 12 months. Lilly has also established franchises in dermatology, immunology, and oncology that are starting to add meaningfully to growth. Given the company’s proven history of strong commercial execution and one of the highest research and development success rates in the industry, Jennison sees opportunity for continued success.

Social media company Meta Platforms’ results improved in the second half of the period, as advertising revenues proved better than expected, and the company’s cost rationalization (mainly headcount) and focus on better profitability metrics and free cash flows appeared to bear fruit. The business model continues to post solid profit margins and free cash flow metrics.

Enterprise software and cloud computing services provider Microsoft continued to gain share across multiple product lines while having the advantage of being very well positioned for the AI wave as concept transitions into recognized revenue.

Broadcom shares recovered after hitting a low point in October 2022. The company has exhibited consistent earnings growth in the mid-teens, with some key business lines—including semiconductors, networking, and storage—seeing growth exceeding 25% of late. Jennison regards Broadcom as a high-quality, global technology leader. The company provides a dividend yield of 2.8%, which is expected to approach 4% by 2024.

One of the largest technology companies in the world. Salesforce is a leader in cloud-based software and other related applications, providing customer relationship management (CRM) software and applications focused on sales, customer service, marketing automation, analytics, and application development. The company reported solid results during the period, indicating strong customer demand for its products. Jennison believes the company will continue to execute on a solid business foundation.


		PGIM Jennison ETFs 15

Strategy and Performance Overview* (continued)

What didn’t work?

Stock selection within the financials, industrials, and consumer discretionary sectors detracted notably from relative return.

An underweight in communication services relative to the Index also detracted.

Key negative contributors to relative performance included Bristol-Myers Squibb Co., MetLife Inc., PNC Financial Services Group Inc., Truist Financial Corp., and Chubb Ltd.

Bristol-Myers Squibb is a leader in the development of immuno-oncology, an approach that leverages a patient’s own immune system to attack tumors. The stock declined in the period as investors rotated away from defensive, large pharmaceutical companies lacking significant diabetes/weight loss franchises. Jennison continues to hold the Fund’s position given the company’s attractive earnings trajectory and valuation.

Insurer MetLife (Met) is a recognized global leader in protection planning and retirement and savings solutions, with a presence in more than 40 markets established through organic growth, acquisitions, joint ventures, and other partnerships. Its scale makes it one of the most profitable companies in the insurance space. The company regularly reports solid, high-single-digit earnings growth. While the stock underperformed during the period on concerns regarding the quality of private equity and real estate assets on Met’s books, Jennison does not believe these concerns reflect the long-term quality of the business and its fundamentals.

One of the largest diversified financial services company in the US, PNC Financial Services Group is a well-managed commercial and retail bank with solid capitalization, diversified funding sources, and well-regarded senior leadership and risk management infrastructure. Despite these strengths, shares in the the bank sold off during the period due to industry-wide concerns related to the failures of a few regional banks in March and April 2023. Jennison believes that the sell-off was not merited, as PNC does not have a liquidity issue and mostly gained deposits as depositors left smaller banks. As of the end of the period, the deposit and liquidity concerns have subsided.

Truist Financial, the sixth largest US bank by assets, operates as a financial holding company. Its traditional banking business serves individuals, businesses, and municipalities within several Southeastern and Mid-Atlantic markets. The company also operates nationally through its insurance brokerage, investment banking, mortgage banking, specialty finance, and digital lending verticals. Truist shares were negatively impacted by the regional bank failures mentioned above. In Jennison’s view, the resulting negative sentiment did not reflect Truist’s liquidity and solid fundamentals. Jennison has maintained the Fund’s position.

The largest publicly traded property and casualty company in the world, Chubb provides insurance products in 55 countries, covering property and casualty, accident and health, reinsurance, and life insurance. The company regularly


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reports earnings growth in the 10% range, and holds over $4 billion in cash on the balance sheet, with dividend increases and ongoing stock buybacks expected over the course of the next year. Pricing trends remain solid, and Chubb’s scale make it one of the highest-quality companies in the space. While the stock gave up earlier gains in the latter part of the period on concerns regarding the quality of private equity and real estate assets on Chubb’s books, Jennison does not believe these concerns reflect the long-term quality of the business and its fundamentals.

The most significant positions eliminated from the Fund during the period included oil and gas exploration and production company ConocoPhillips, electric utility Ameren Corp., and clean energy utility NextEra Energy Inc.

Current outlook

The US economy stands in better shape than the consensus anticipated when 2023 began. Robust employment has sustained consumer spending at a solid pace. Consumer confidence currently reflects optimism in the near term despite announced workforce reductions, interest rates at the highest levels in over a decade, and reduced credit availability in the financial system. It therefore seems likely that the slope of the economy’s slowing trajectory will remain shallower than previously feared while employment remains healthy.

Inflationary pressures, while still evident, will likely continue to moderate. Jennison expects further increases in interest rates, though evidence leans toward the bulk of the rate increases being behind the US for this cycle.

Trends in technology spending, which weakened earlier last year, have begun to stabilize. A combination of easing year-over-year comparisons and the priority of digital transformation, with an emerging impetus from AI, increasingly suggest a rebound in spending and a return to longer-term investment trends moving toward year end. The strong rebound in the prices of select technology shares year-to-date reflects both the depressed nature of valuations when 2023 began and the first signs of upgrades to near-and medium-term revenue and profit expectations from company managements—a trend Jennison believes will gather pace in the coming quarters.

Jennison continues to invest in a broadly diversified portfolio of companies that appear best positioned to outpace the market averages in growing revenue, free cash flows, and earnings over the long term. As of August 31, 2023, the Fund’s largest overweight position relative to the Index was in information technology and its largest underweight was in real estate.


		PGIM Jennison ETFs 17

Strategy and Performance Overview* (continued)


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Fees and Expenses (unaudited)

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

The example is based on an investment of $1,000 held through the six-month period ended August 31, 2023. The example is for illustrative purposes only.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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


		PGIM Jennison ETFs 19

Fees and Expenses (continued)



PGIM Jennison Focused Growth ETF	Beginning Account Value March 1, 2023	Ending Account Value August 31, 2023		Annualized Expense Ratio Based on the Six-Month Period		Expenses Paid During the Six-Month Period*

Actual	$1,000.00		$1,267.40		0.75%		$4.29

Hypothetical	$1,000.00		$1,021.42		0.75%		$3.82


PGIM Jennison Focused Value ETF	Beginning Account Value March 1, 2023	Ending Account Value August 31, 2023		Annualized Expense Ratio Based on the Six-Month Period		Expenses Paid During the Six-Month Period*

Actual	$1,000.00		$1,102.30		0.75%		$3.97

Hypothetical	$1,000.00		$1,021.42		0.75%		$3.82

*Fund expenses (net of fee waivers or subsidies, if any) are equal to the annualized expense ratio (provided in the table), multiplied by the average account value over the period, multiplied by the 184 days in the six-month period ended August 31, 2023, and divided by the 365 days in the Fund’s fiscal year ended August 31, 2023 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which each Fund may invest.


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Glossary

The following abbreviations are used in the Funds’ descriptions:

ADR—American Depositary Receipt


		21

PGIM Jennison Focused Growth ETF

Schedule of Investments

as of August 31, 2023



Description	Shares		Value

LONG-TERM INVESTMENTS 97.8%

COMMON STOCKS

Automobile Components 1.1%
Mobileye Global, Inc. (Israel) (Class A Stock)*(a)		17,753	$	630,409

Automobiles 4.9%
Tesla, Inc.*		10,795		2,785,974

Biotechnology 1.3%
Vertex Pharmaceuticals, Inc.*		2,234		778,192

Broadline Retail 11.8%
Amazon.com, Inc.*		32,537		4,490,431
MercadoLibre, Inc. (Brazil)*		1,638		2,247,926


				6,738,357

Consumer Staples Distribution & Retail 3.5%
Costco Wholesale Corp.		3,676		2,019,153

Entertainment 2.0%
Netflix, Inc.*		2,637		1,143,614

Financial Services 5.3%
Mastercard, Inc. (Class A Stock)		7,359		3,036,618

Health Care Equipment & Supplies 1.7%
Dexcom, Inc.*		3,972		401,092
Intuitive Surgical, Inc.*		1,948		609,101


				1,010,193

Health Care Providers & Services 1.0%
UnitedHealth Group, Inc.		1,193		568,560

Hotels, Restaurants & Leisure 1.6%
Airbnb, Inc. (Class A Stock)*		6,835		899,144

Interactive Media & Services 8.5%
Alphabet, Inc. (Class A Stock)*		19,316		2,630,260
Meta Platforms, Inc. (Class A Stock)*		7,498		2,218,583


				4,848,843

See Notes to Financial Statements.

PGIM Jennison Focused Growth ETF

Schedule of Investments (continued)

as of August 31, 2023



Description	Shares		Value

COMMON STOCKS (Continued)

IT Services 2.2%
MongoDB, Inc.*		1,360	$	518,568
Snowflake, Inc. (Class A Stock)*		4,733		742,371


				1,260,939

Personal Care Products 2.1%
L’Oreal SA (France), ADR		13,535		1,189,185

Pharmaceuticals 8.1%
AstraZeneca PLC (United Kingdom), ADR		11,433		775,386
Eli Lilly & Co.		4,333		2,401,349
Novo Nordisk A/S (Denmark), ADR		7,726		1,434,100


				4,610,835

Semiconductors & Semiconductor Equipment 16.5%
Advanced Micro Devices, Inc.*		19,123		2,021,683
ASML Holding NV (Netherlands)		1,756		1,159,891
NVIDIA Corp.		12,642		6,239,459


				9,421,033

Software 13.2%
Cadence Design Systems, Inc.*		5,501		1,322,660
Crowdstrike Holdings, Inc. (Class A Stock)*		2,333		380,349
Microsoft Corp.		15,894		5,209,418
Palo Alto Networks, Inc.*		2,670		649,611


				7,562,038

Technology Hardware, Storage & Peripherals 6.2%
Apple, Inc.		18,768		3,525,944

Textiles, Apparel & Luxury Goods 6.8%
Lululemon Athletica, Inc.*		3,887		1,481,958

See Notes to Financial Statements.

PGIM Jennison ETFs 23

PGIM Jennison Focused Growth ETF

Schedule of Investments (continued)

as of August 31, 2023



Description	Shares		Value

COMMON STOCKS (Continued)

Textiles, Apparel & Luxury Goods (cont’d.)
LVMH Moet Hennessy Louis Vuitton SE (France), ADR		11,139	$	1,885,610
NIKE, Inc. (Class B Stock)		5,047		513,330


				3,880,898


TOTAL LONG-TERM INVESTMENTS (cost $42,570,206)				55,909,929


SHORT-TERM INVESTMENTS 2.8%

AFFILIATED MUTUAL FUNDS
PGIM Core Government Money Market Fund(wi)		1,218,101		1,218,101
PGIM Institutional Money Market Fund (cost $343,553; includes $341,864 of cash collateral for securities on loan)(b)(wi)		343,766		343,559


TOTAL SHORT-TERM INVESTMENTS (cost $1,561,654)				1,561,660


TOTAL INVESTMENTS 100.6% (cost $44,131,860)				57,471,589
Liabilities in excess of other assets (0.6)%				(321,953	)


NET ASSETS 100.0%			$	57,149,636

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

*	Non-income producing security.

(a)

All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $342,139; cash collateral of $341,864 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Fund may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

(b)	Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment.

(wi)	PGIM Investments LLC, the manager of the Fund, also serves as manager of the PGIM Core Government Money Market Fund and PGIM Institutional Money Market Fund, if applicable.

See Notes to Financial Statements.

PGIM Jennison Focused Growth ETF

Schedule of Investments (continued)

as of August 31, 2023

Fair Value Measurements:

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

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

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

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

The following is a summary of the inputs used as of August 31, 2023 in valuing such portfolio securities:


	Level 1			Level 2			Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks
Automobile Components		$	630,409		$	—		$	—
Automobiles			2,785,974			—			—
Biotechnology			778,192			—			—
Broadline Retail			6,738,357			—			—
Consumer Staples Distribution & Retail			2,019,153			—			—
Entertainment			1,143,614			—			—
Financial Services			3,036,618			—			—
Health Care Equipment & Supplies			1,010,193			—			—
Health Care Providers & Services			568,560			—			—
Hotels, Restaurants & Leisure			899,144			—			—
Interactive Media & Services			4,848,843			—			—
IT Services			1,260,939			—			—
Personal Care Products			1,189,185			—			—
Pharmaceuticals			4,610,835			—			—
Semiconductors & Semiconductor Equipment			9,421,033			—			—
Software			7,562,038			—			—
Technology Hardware, Storage & Peripherals			3,525,944			—			—
Textiles, Apparel & Luxury Goods			3,880,898			—			—
Short-Term Investments
Affiliated Mutual Funds			1,561,660			—			—

Total		$	57,471,589		$	—		$	—

See Notes to Financial Statements.

PGIM Jennison ETFs 25

PGIM Jennison Focused Growth ETF

Schedule of Investments (continued)

as of August 31, 2023

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of August 31, 2023 were as follows:


Semiconductors & Semiconductor Equipment	16.5	%
Software	13.2
Broadline Retail	11.8
Interactive Media & Services	8.5
Pharmaceuticals	8.1
Textiles, Apparel & Luxury Goods	6.8
Technology Hardware, Storage & Peripherals	6.2
Financial Services	5.3
Automobiles	4.9
Consumer Staples Distribution & Retail	3.5
Affiliated Mutual Funds (0.6% represents investments purchased with collateral from securities on loan)	2.8
IT Services	2.2


Personal Care Products	2.1	%
Entertainment	2.0
Health Care Equipment & Supplies	1.7
Hotels, Restaurants & Leisure	1.6
Biotechnology	1.3
Automobile Components	1.1
Health Care Providers & Services	1.0

	100.6
Liabilities in excess of other assets	(0.6	)


	100.0	%

Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:

The Fund 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 financial instruments/transactions where the legal right to set-off exists is presented in the summary below.

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

$342,139

$(341,864)

$275

(1)	Collateral amount disclosed by the Fund is limited to the market value of financial instruments/transactions.

See Notes to Financial Statements.

PGIM Jennison Focused Growth ETF

Statement of Assets & Liabilities

as of August 31, 2023



Assets

Investments at value, including securities on loan of $342,139:
Unaffiliated investments (cost $42,570,206)	$	55,909,929
Affiliated investments (cost $1,561,654)		1,561,660

Dividends receivable		30,100
Receivable for investments sold		20,601
Tax reclaim receivable		6,459


Total Assets		57,528,749


Liabilities
Payable to broker for collateral for securities on loan		341,864
Management fee payable		35,445
Other liabilities		1,804


Total Liabilities		379,113


Net Assets	$	57,149,636




Net assets were comprised of:
Common stock, at par	$	870
Paid-in capital in excess of par		44,415,501
Total distributable earnings (loss)		12,733,265


Net assets, August 31, 2023	$	57,149,636


Net asset value, offering price and redemption price per share. ($57,149,636 ÷ 870,000 shares of common stock issued and outstanding)	$	65.69

See Notes to Financial Statements.

PGIM Jennison ETFs 27

PGIM Jennison Focused Growth ETF

Statement of Operations

For the Period December 12, 2022* through August 31, 2023


Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of $10,800 foreign withholding tax)	$	167,583
Affiliated dividend income		16,708
Income from securities lending, net (including affiliated income of $5,633)		6,826

Total income		191,117


Expenses
Management fee		238,614

Net investment income (loss)		(47,497	)


Realized And Unrealized Gain (Loss) On Investments
Net realized gain (loss) on:
Investment transactions (including affiliated of $(179))		(561,315	)
In-kind redemptions		763,711

		202,396

Net change in unrealized appreciation (depreciation) on investments (including affiliated of $6)		13,339,729

Net gain (loss) on investment transactions		13,542,125

Net Increase (Decrease) In Net Assets Resulting From Operations	$	13,494,628

*	Commencement of operations.

See Notes to Financial Statements.

PGIM Jennison Focused Growth ETF

Statement of Changes in Net Assets



	December 12, 2022* through August 31, 2023

Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	(47,497	)
Net realized gain (loss) on investment and in-kind redemptions transactions			202,396
Net change in unrealized appreciation (depreciation) on investments			13,339,729

Net increase (decrease) in net assets resulting from operations			13,494,628


Fund share transactions
Net proceeds from shares sold (200,000 shares)			10,005,000
Shares sold in-kind (750,000 shares)			38,676,326
Shares redeemed in-kind (80,000 shares)			(5,026,318	)


Net increase (decrease) in net assets from Fund share transactions			43,655,008

Total increase (decrease)			57,149,636

Net Assets:
Beginning of period			—

End of period		$	57,149,636

*	Commencement of operations.

See Notes to Financial Statements.

PGIM Jennison ETFs 29

PGIM Jennison Focused Growth ETF

Financial Highlights




	December 12, 2022^(a)
	through August 31,
	2023

Per Share Operating Performance^(b):
Net Asset Value, Beginning of Period		$50.00
Income (loss) from investment operations:
Net investment income (loss)		(0.06)
Net realized and unrealized gain (loss) on investment transactions		15.75
Total from investment operations		15.69
Net asset value, end of period		$65.69
Total Return^(c):		31.38%

Ratios/Supplemental Data:
Net assets, end of period (000)		$57,150
Average net assets (000)		$44,323
Ratios to average net assets^(d):
Expenses after waivers and/or expense reimbursement		0.75%^(e)
Expenses before waivers and/or expense reimbursement		0.75%^(e)
Net investment income (loss)		(0.15)%^(e)
Portfolio turnover rate^(f)		32%

(a)	Commencement of operations.

(b)	Calculated based on average shares outstanding during the period.

(c)

Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(d)	Does not include expenses of the underlying funds in which the Fund invests.

(e)	Annualized.

(f)	The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Jennison Focused Value ETF

Schedule of Investments

as of August 31, 2023



Description	Shares		Value

LONG-TERM INVESTMENTS 97.8%

COMMON STOCKS

Aerospace & Defense 3.1%
Airbus SE (France), ADR		9,619	$	352,729

Automobile Components 1.6%
Aptiv PLC*		1,741		176,624

Automobiles 1.6%
General Motors Co.		5,458		182,898

Banks 9.5%
Bank of America Corp.		8,670		248,569
JPMorgan Chase & Co.		2,916		426,698
PNC Financial Services Group, Inc. (The)		1,556		187,856
Truist Financial Corp.		6,710		204,991


				1,068,114

Biotechnology 2.6%
AbbVie, Inc.		1,962		288,336

Building Products 2.5%
Johnson Controls International PLC		4,708		278,054

Capital Markets 4.4%
Blackstone, Inc.		1,710		181,893
Goldman Sachs Group, Inc. (The)		965		316,240


				498,133

Chemicals 4.1%
Linde PLC		1,208		467,544

Consumer Staples Distribution & Retail 5.9%
Walmart, Inc.		4,074		662,473

Electric Utilities 2.0%
PG&E Corp.*		13,499		220,034

Energy Equipment & Services 3.6%
Schlumberger NV		6,966		410,715

See Notes to Financial Statements.

PGIM Jennison ETFs 31

PGIM Jennison Focused Value ETF

Schedule of Investments (continued)

as of August 31, 2023



Description	Shares		Value

COMMON STOCKS (Continued)

Ground Transportation 3.6%
Union Pacific Corp.		1,834	$	404,525

Hotels, Restaurants & Leisure 2.7%
McDonald’s Corp.		1,066		299,706

Industrial Conglomerates 1.5%
General Electric Co.		1,522		174,208

Insurance 7.7%
Chubb Ltd.		2,372		476,464
MetLife, Inc.		6,275		397,458


				873,922

Interactive Media & Services 4.8%
Alphabet, Inc. (Class A Stock)*		1,340		182,468
Meta Platforms, Inc. (Class A Stock)*		1,227		363,057


				545,525

Machinery 0.7%
Deere & Co.		198		81,366

Multi-Utilities 1.7%
CenterPoint Energy, Inc.		6,914		192,831

Oil, Gas & Consumable Fuels 5.6%
Hess Corp.		4,094		632,523

Pharmaceuticals 12.0%
AstraZeneca PLC (United Kingdom), ADR		7,024		476,368
Bristol-Myers Squibb Co.		5,214		321,443
Eli Lilly & Co.		1,004		556,417


				1,354,228

Semiconductors & Semiconductor Equipment 8.0%
Advanced Micro Devices, Inc.*		1,633		172,641
Broadcom, Inc.		336		310,091

See Notes to Financial Statements.

PGIM Jennison Focused Value ETF

Schedule of Investments (continued)

as of August 31, 2023



Description	Shares		Value

COMMON STOCKS (Continued)

Semiconductors & Semiconductor Equipment (cont’d.)
Lam Research Corp.		301	$	211,422
NXP Semiconductors NV (China)		998		205,309


				899,463

Software 6.4%
Microsoft Corp.		1,405		460,503
Salesforce, Inc.*		1,201		265,973


				726,476

Technology Hardware, Storage & Peripherals 2.2%
Dell Technologies, Inc. (Class C Stock)		4,459		250,774


TOTAL LONG-TERM INVESTMENTS (cost $10,313,278)				11,041,201


SHORT-TERM INVESTMENT 2.0%

AFFILIATED MUTUAL FUND
PGIM Core Government Money Market Fund (cost $229,067)(wj)		229,067		229,067


TOTAL INVESTMENTS 99.8% (cost $10,542,345)				11,270,268
Other assets in excess of liabilities 0.2%				18,496


NET ASSETS 100.0%			$	11,288,764

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

*	Non-income producing security.

(wj)	PGIM Investments LLC, the manager of the Fund, also serves as manager of the PGIM Core Government Money Market Fund.

Fair Value Measurements:

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

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

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

See Notes to Financial Statements.

PGIM Jennison ETFs 33

PGIM Jennison Focused Value ETF

Schedule of Investments (continued)

as of August 31, 2023

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

The following is a summary of the inputs used as of August 31, 2023 in valuing such portfolio securities:


	Level 1		Level 2			Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks
Aerospace & Defense	$	352,729		$	—		$	—
Automobile Components		176,624			—			—
Automobiles		182,898			—			—
Banks		1,068,114			—			—
Biotechnology		288,336			—			—
Building Products		278,054			—			—
Capital Markets		498,133			—			—
Chemicals		467,544			—			—
Consumer Staples Distribution & Retail		662,473			—			—
Electric Utilities		220,034			—			—
Energy Equipment & Services		410,715			—			—
Ground Transportation		404,525			—			—
Hotels, Restaurants & Leisure		299,706			—			—
Industrial Conglomerates		174,208			—			—
Insurance		873,922			—			—
Interactive Media & Services		545,525			—			—
Machinery		81,366			—			—
Multi-Utilities.		192,831			—			—
Oil, Gas & Consumable Fuels		632,523			—			—
Pharmaceuticals		1,354,228			—			—
Semiconductors & Semiconductor Equipment		899,463			—			—
Software		726,476			—			—
Technology Hardware, Storage & Peripherals		250,774			—			—
Short-Term Investment
Affiliated Mutual Fund		229,067			—			—

Total	$	11,270,268		$	—		$	—

Industry Classification:

The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of August 31, 2023 were as follows:


Pharmaceuticals	12.0	%
Banks	9.5
Semiconductors & Semiconductor Equipment	8.0
Insurance	7.7
Software	6.4


Consumer Staples Distribution & Retail	5.9	%
Oil, Gas & Consumable Fuels	5.6
Interactive Media & Services	4.8
Capital Markets	4.4
Chemicals	4.1

See Notes to Financial Statements.

PGIM Jennison Focused Value ETF

Schedule of Investments (continued)

as of August 31, 2023

Industry Classification (continued):


Energy Equipment & Services	3.6	%
Ground Transportation	3.6
Aerospace & Defense	3.1
Hotels, Restaurants & Leisure	2.7
Biotechnology	2.6
Building Products	2.5
Technology Hardware, Storage & Peripherals	2.2
Affiliated Mutual Fund	2.0
Electric Utilities	2.0
Multi-Utilities	1.7


Automobiles	1.6	%
Automobile Components	1.6
Industrial Conglomerates	1.5
Machinery	0.7

	99.8
Other assets in excess of liabilities	0.2


	100.0	%

See Notes to Financial Statements.

PGIM Jennison ETFs 35

PGIM Jennison Focused Value ETF

Statement of Assets & Liabilities

as of August 31, 2023



Assets

Investments at value:
Unaffiliated investments (cost $10,313,278)	$	11,041,201
Affiliated investments (cost $229,067)		229,067
Dividends receivable		25,664


Total Assets		11,295,932


Liabilities

Management fee payable		7,168


Net Assets	$	11,288,764




Net assets were comprised of:
Common stock, at par	$	210
Paid-in capital in excess of par		10,578,364
Total distributable earnings (loss)		710,190


Net assets, August 31, 2023	$	11,288,764


Net asset value, offering price and redemption price per share, ($11,288,764 ÷ 210,000 shares of common stock issued and outstanding)	$	53.76

See Notes to Financial Statements.

PGIM Jennison Focused Value ETF

Statement of Operations

For the Period December 12, 2022* through August 31, 2023


Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of $ 1,175 foreign withholding tax)	$	170,146
Affiliated dividend income		5,334

Total income		175,480


Expenses
Management fee		56,993

Net investment income (loss)		118,487


Realized And Unrealized Gain (Loss) On Investments
Net realized gain (loss) on:
Investment transactions		(123,811	)
In-kind redemptions		93,221

		(30,590	)

Net change in unrealized appreciation (depreciation) on investments		727,923

Net gain (loss) on investment transactions		697,333

Net Increase (Decrease) In Net Assets Resulting From Operations	$	815,820

*	Commencement of operations.

See Notes to Financial Statements.

PGIM Jennison ETFs 37

PGIM Jennison Focused Value ETF

Statement of Changes in Net Assets



	December 12, 2022* through August 31, 2023

Increase (Decrease) in Net Assets
Operations

Net investment income (loss)		$	118,487
Net realized gain (loss) on investment and in-kind redemptions transactions			(30,590	)
Net change in unrealized appreciation (depreciation) on investments			727,923

Net increase (decrease) in net assets resulting from operations			815,820


Dividends and Distributions
Distributions from distributable earnings			(12,409	)


Fund share transactions
Net proceeds from shares sold (200,000 shares)			10,005,000
Shares sold in-kind (20,000 shares)			995,683
Shares redeemed in-kind (10,000 shares)			(515,330	)

Net increase (decrease) in net assets from Fund share transactions			10,485,353

Total increase (decrease)			11,288,764

Net Assets:
Beginning of period			—

End of period		$	11,288,764

*	Commencement of operations.

See Notes to Financial Statements.

PGIM Jennison Focused Value ETF

Financial Highlights




	December 12, 2022^(a) through August 31, 2023

Per Share Operating Performance^(b):
Net Asset Value, Beginning of Period		$50.00
Income (loss) from investment operations:
Net investment income (loss)		0.56
Net realized and unrealized gain (loss) on investment transactions		3.26
Total from investment operations		3.82
Less Dividends and Distributions:
Dividends from net investment income		(0.06	)
Net asset value, end of period		$53.76
Total Return^(c):		7.64	%

Ratios/Supplemental Data:
Net assets, end of period (000)		$11,289
Average net assets (000)		$10,586
Ratios to average net assets^(d):
Expenses after waivers and/or expense reimbursement		0.75	%^(e)
Expenses before waivers and/or expense reimbursement		0.75	%^(e)
Net investment income (loss)		1.56	%^(e)
Portfolio turnover rate^(f)		38	%

(a)	Commencement of operations.

(b)	Calculated based on average shares outstanding during the period.

(c)

(d)	Does not include expenses of the underlying funds in which the Fund invests.

(e)	Annualized.

(f)	The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Jennison ETFs 39

Notes to Financial Statements

1.	Organization

PGIM ETF Trust (the “Registered Investment Company” or “RIC”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The RIC is organized as a Delaware Statutory Trust. These financial statements relate only to the following series of the RIC: PGIM Jennison Focused Growth ETF and PGIM Jennison Focused Value ETF (each a “Fund” and collectively, the “Funds”). PGIM Jennison Focused Value ETF is a diversified fund for purposes of the 1940 Act, and PGIM Jennison Focused Growth ETF is a non-diversified fund for purposes of the 1940 Act. Each Fund operates as an exchange-traded fund.

The Funds have the following investment objectives:



Fund		Investment Objective(s)

PGIM Jennison Focused Growth ETF		Long-term growth of capital.

PGIM Jennison Focused Value ETF		Long-term growth of capital.

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 its financial statements. The policies conform to U.S. generally accepted accounting principles (“GAAP”). The Funds consistently follow such policies in the preparation of their financial statements.

Securities Valuation: The Funds hold securities and other assets and liabilities that are fair valued as of the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. As described in further detail below, the Funds’ investments are valued daily based on a number of factors, including the type of investment and whether market quotations are readily available. The RIC’s Board of Trustees (the “Board”) has approved the Funds’ valuation policies and procedures for security valuation and designated PGIM Investments LLC (“PGIM Investments” or the “Manager”) as the “Valuation Designee,” as defined by Rule 2a-5(b) under the 1940 Act, to perform the fair value determination relating to all Funds investments. Pursuant to the Board’s oversight, the Valuation Designee has established a Valuation Committee to perform the duties and responsibilities as Valuation Designee under Rule 2a-5. The valuation procedures permit the Funds to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. Fair value is the estimated price that would be received


40

to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date.

For the fiscal reporting period-end, securities and other assets and liabilities were fair valued at the close of the last U.S. business day. Trading in certain foreign securities may occur when the NYSE is closed (including weekends and holidays). Because such foreign securities trade in markets that are open on weekends and U.S. holidays, the values of some of the Funds’ foreign investments may change on days when investors cannot purchase or redeem Fund shares.

Various inputs determine how the Funds’ investments are valued, all of which are categorized according to the three broad levels (Level 1, 2, or 3) detailed in the Schedule of Investments and referred to herein as the “fair value hierarchy” in accordance with FASB ASC Topic 820 — Fair Value Measurement.

Common or preferred stocks, exchange-traded funds (ETFs) and derivative instruments, if applicable, that are traded on a national securities exchange are valued at the last sale price as of the close of trading on the applicable exchange where the security principally trades. Securities traded via NASDAQ are valued at the NASDAQ official closing price. To the extent these securities are valued at the last sale price or NASDAQ official closing price, they are classified as Level 1 in the fair value hierarchy. In the event that no sale or official closing price on a valuation date exists, these securities are generally valued at the mean between the last reported bid and ask prices, or at the last bid price in the absence of an ask price. These securities are classified as Level 2 in the fair value hierarchy.

Foreign equities traded on foreign securities exchanges are generally valued using pricing vendor services that provide model prices derived using adjustment factors based on information such as local closing price, relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable. Securities valued using such model prices are classified as Level 2 in the fair value hierarchy. The models generate an evaluated adjustment factor for each security, which is applied to the local closing price to adjust it for post closing market movements up to the time the Funds is valued. Utilizing that evaluated adjustment factor, the vendor provides an evaluated price for each security. If the vendor does not provide an evaluated price, securities are valued in accordance with exchange-traded common and preferred stock valuation policies discussed above.

Investments in open-end funds (other than ETFs) are valued at their net asset values as of the close of the NYSE on the date of valuation. These securities are classified as Level 1 in the fair value hierarchy since they may be purchased or sold at their net asset values on the date of valuation.

Securities and other assets that cannot be priced according to the methods described above are valued based on policies and procedures approved by the Board. In the event that unobservable inputs are used when determining such valuations, the securities will be


		PGIM Jennison ETFs 41

Notes to Financial Statements (continued)

classified as Level 3 in the fair value hierarchy. Altering one or more unobservable inputs may result in a significant change to a Level 3 security’s fair value measurement.

When determining the fair value of securities, some of the factors influencing the valuation include: the nature of any restrictions on disposition of the securities; assessment of the general liquidity of the securities; the issuer’s financial condition and the markets in which it does business; the cost of the investment; the size of the holding and the capitalization of the issuer; the prices of any recent transactions or bids/offers for such securities or any comparable securities; and any available analyst media or other reports or information deemed reliable by the Valuation Designee regarding the issuer or the markets or industry in which it operates. Using fair value to price securities may result in a value that is different from a security’s most recent closing price and from the price used by other unaffiliated mutual funds to calculate their net asset values.

Master Netting Arrangements: The Fund 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 a Funds. A master netting arrangement between the Funds and the counterparty permits the Funds 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 to cover the Funds’ exposure to the counterparty. However, there is no assurance that such mitigating factors are easily enforceable. In addition to master netting arrangements, the right to set-off exists when all the conditions are met such that each of the parties owes the other determinable amounts, the reporting party has the right to set-off the amount owed with the amount owed by the other party, the reporting party intends to set-off and the right of set-off is enforceable by law.

Securities Lending: The Funds lend their portfolio securities to banks and broker-dealers. The loans are secured by collateral at least equal to the market value of the securities loaned. Collateral pledged by each borrower is invested in an affiliated money market fund and is marked to market daily, based on the previous day’s market value, such that the value of the collateral exceeds the value of the loaned securities. In the event of significant appreciation in value of the securities on loan on the last business day of the reporting period, the financial statements may reflect a collateral value that is less than the market value of the loaned securities. Such shortfall is remedied as described above. Loans are subject to termination at the option of the borrower or the Funds. Upon termination of the loan, the borrower will return to the Funds securities identical to the loaned securities. The remaining open loans of the securities lending transactions are considered overnight and continuous. Should the borrower of the securities fail financially, the Funds has the right to repurchase the securities in the open market using the collateral.


42

The Funds recognizes income, net of any rebate and securities lending agent fees, for lending its securities in the form of fees or interest on the investment of any cash received as collateral. The borrower receives all interest and dividends from the securities loaned and such payments are passed back to the lender in amounts equivalent thereto, which are reflected in interest income or unaffiliated dividend income based on the nature of the payment on the Statement of Operations. The Funds also continues to recognize any unrealized gain (loss) in the market price of the securities loaned and on the change in the value of the collateral invested that may occur during the term of the loan. In addition, realized gain (loss) is recognized on changes in the value of the collateral invested upon liquidation of the collateral. Net earnings from securities lending are disclosed in the Statement of Operations.

Securities Transactions and Net Investment Income: Securities transactions are recorded on the trade date. Realized gains (losses) from investment and currency transactions are calculated on the specific identification method. Dividend income is recorded on the ex-date, or for certain foreign securities, when the Funds become aware of such dividends. Expenses are recorded on an accrual basis, which may require the use of certain estimates by management that may differ from actual expense amounts.

Taxes: It is each Fund’s policy to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable net investment income and capital gains, if any, to its shareholders. Therefore, no federal income tax provision is required. Withholding taxes on foreign dividends, interest and capital gains, if any, are recorded, net of reclaimable amounts, at the time the related income is earned.

Dividends and Distributions: Dividends and distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from GAAP, are recorded on the ex-date. Permanent book/tax differences relating to income and gain (loss) are reclassified between total distributable earnings (loss) and paid-in capital in excess of par, as appropriate. The chart below sets forth the expected frequency of dividend and capital gains distributions to shareholders. Various factors may impact the frequency of dividend distributions to shareholders, including but not limited to adverse market conditions or portfolio holding-specific events.



Expected Distribution Schedule to Shareholders*	Frequency

Net Investment Income		Annually

Short-Term Capital Gains		Annually

Long-Term Capital Gains		Annually

*	Under certain circumstances, each Fund may make more than one distribution of short-term and/or long-term capital gains during a fiscal year.

Estimates: The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.


		PGIM Jennison ETFs 43

Notes to Financial Statements (continued)

3.	Agreements

Pursuant to a management agreement with the RIC 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.

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.



Fund		Unitary Fee Rate

PGIM Jennison Focused Growth ETF		0.75%

PGIM Jennison Focused Value ETF		0.75%

The Manager has entered into a subadvisory agreement (Subadvisory Agreement) with Jennison Associates LLC (“Jennison” or the “subadviser”). The Manager pays for the services of the subadviser.

The Bank of New York Mellon (“BNY”) serves as the Custodian, Transfer Agent and Administrative Agent for the Trust. BNY receives compensation from the Manager and is reimbursed for expenses, including custodian, transfer agency and administration fees and certain out-of-pocket expenses including, but not limited to, postage, stationery, printing, allocable communication expenses and other costs. The Manager is responsible for compensating BNY under the Custodian, Transfer Agency and Service and Administration and Accounting Agreements.

Prudential Investment Management Services LLC (“PIMS” or the “Distributor”), acts as the distributor of each Fund, pursuant to the terms of a distribution agreement (“Distribution Agreement”) between the RIC and the Distributor. 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, PIMS and Jennison are indirect, wholly-owned subsidiaries of Prudential


44

Financial, Inc. (“Prudential”).

4.	Other Transactions with Affiliates

The Funds may invest their overnight sweep cash in the PGIM Core Government Money Market Fund (the “Core Government Fund”), a series of the Prudential Government Money Market Fund, Inc., and their securities lending cash collateral in the PGIM Institutional Money Market Fund (the “Money Market Fund”), a series of Prudential Investment Portfolios 2, each registered under the 1940 Act and managed by PGIM Investments. PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services to the Core Government Fund and the Money Market Fund. In addition to the realized and unrealized gains on investments in the Core Government Fund and the Money Market Fund, earnings from such investments are disclosed on the Statement of Operations as “Affiliated dividend income” and “Income from securities lending, net”, respectively.

The Funds may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act that, subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors/trustees, and/or common officers. For the reporting period ended August 31, 2023, no Rule 17a-7 transactions were entered into by the Funds.

5.	Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments, in-kind transactions and U.S. Government securities) for the year ended August 31, 2023, were as follows:


Fund	Cost of Purchases		Proceeds from Sales
PGIM Jennison Focused Growth ETF	$	22,444,271	$	13,448,735
PGIM Jennison Focused Value ETF		13,559,914		3,933,505

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the year ended August 31, 2023, is presented as follows:

PGIM Jennison Focused Growth ETF



Value, Beginning of Period	Cost of Purchases	Proceeds from Sales	Change in Unrealized Gain (Loss)	Realized Gain (Loss)	Value, End of Period	Shares, End of Period	Income

Short-Term Investments - Affiliated Mutual Funds:

PGIM Core Government Money Market Fund^(1)(wi)
$—	$1,949,948	$731,847	$—	$ —	$1,218,101	1,218,101	$16,708


		PGIM Jennison ETFs 45

Notes to Financial Statements (continued)



Value, Beginning of Period	Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)	Realized Gain (Loss)	Value, End of Period		Shares, End of Period		Income

PGIM Institutional Money Market Fund^(1)(b)(wi)

$—	$	932,463	$	588,731	$ 6	$(179)	$	343,559		343,766	$	5,633	⁽²⁾
$—	$	2,882,411	$	1,320,578	$ 6	$(179)	$	1,561,660			$	22,341

PGIM Jennison Focused Value ETF



Value, Beginning of Period	Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)	Realized Gain (Loss)	Value, End of Period		Shares, End of Period		Income

Short-Term Investments - Affiliated Mutual Fund:

PGIM Core Government Money Market Fund^(1)(wj)
$—	$	660,596	$	431,529	$—	$—	$	229,067		229,067	$	5,334

(1)	The Fund did not have any capital gain distributions during the reporting period.

(2)	The amount, or a portion thereof, represents the affiliated securities lending income shown on the Statement of Operations.

(b)	Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment.

(wi)	PGIM Investments LLC, the manager of the Fund, also serves as manager of the PGIM Core Government Money Market Fund and PGIM Institutional Money Market Fund, if applicable.

(wj)	PGIM Investments LLC, the manager of the Fund, also serves as manager of the PGIM Core Government Money Market Fund.

6.	Distributions and Tax Information

Distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from GAAP, are recorded on the ex-date. In order to present total distributable earnings (loss) and paid-in capital in excess of par on the Statement of Assets and Liabilities that more closely represent their tax character, certain adjustments have been made to total distributable earnings (loss) and paid-in capital in excess of par for the Funds indicated below.

For the period ended August 31, 2023, the adjustments were as follows:


Fund	Total Distributable Earnings (Loss)				Paid-in Capital in Excess of Par
PGIM Jennison Focused Growth ETF (a)(b)		$	(761,363	)		$	761,363
PGIM Jennison Focused Value ETF (b)			(93,221	)			93,221

(a)	Net Operating Loss

(b)	Redemptions In Kind Adjustments


46

For the period ended August 31, 2023, the tax character of dividends paid as reflected in the Statement of Changes in Net Assets were as follows:


Fund	Ordinary Income			Long-Term Capital Gains			Tax Return of Capital			Total Dividends and Distributions
PGIM Jennison Focused Growth ETF		$	—		$	—		$	—		$	—
PGIM Jennison Focused Value ETF			12,409			—			—			12,409

For the period ended August 31, 2023, the Funds indicated below had the following amounts of accumulated undistributed earnings on a tax basis:


Fund	Undistributed Ordinary Income			Undistributed Long-Term Capital Gains
PGIM Jennison Focused Growth ETF		$	—		$	—
PGIM Jennison Focused Value ETF			106,078			—

The United States federal income tax basis of the investments and the net unrealized appreciation as of August 31, 2023 were as follows:


Fund	Tax Basis			Gross Unrealized Appreciation			Gross Unrealized Depreciation				Net Unrealized Appreciation
PGIM Jennison Focused Growth ETF		$	44,157,026		$	13,714,796		$	(400,233	)		$	13,314,563
PGIM Jennison Focused Value ETF			10,550,081			727,923			(7,736	)			720,187

The difference between GAAP and tax basis was primarily attributable to deferred losses on wash sales.

For federal income tax purposes, the following Funds had an approximated capital loss carryforward as of August 31, 2023 which can be carried forward for an unlimited period. No capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such losses.


Fund	Capital Loss Carryforward			Capital Loss Carryforward Utilized
PGIM Jennison Focused Growth ETF		$	536,000		$	—
PGIM Jennison Focused Value ETF			116,000			—

The Fund indicated below elected to treat the below approximated losses as having been incurred in the following fiscal year (August 31, 2024).

Fund

Qualified Late-Year

Losses

Post-October

Capital Losses

PGIM Jennison Focused Growth ETF

45,000

—

The Manager has analyzed the Funds’ tax positions and has concluded that no provision for income tax is required in the Funds’ financial statements for the current reporting period.


		PGIM Jennison ETFs 47

Notes to Financial Statements (continued)

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 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 10,000 shares of each Fund.

Authorized Participants may be required to pay a fixed creation transaction fee and/or a fixed redemption transaction fee, as applicable, for each transaction in a Creation Unit regardless of the number of Creation Units created or redeemed on that day. These fees, if charged, are paid to the Custodian to offset costs associated with processing creation and redemption transactions. Authorized Participants transacting in creation units for cash may pay an additional variable fee to compensate the Funds for transaction costs and market impact expenses relating to purchases or sales of portfolio securities. Such variable fees, if any, are included in “Net proceeds from shares sold” and/or “Cost of shares purchased”, as applicable, in the Statements of Changes in Net Assets.

The RIC is authorized to issue an unlimited number of shares of beneficial interest, $0.001 par value per share.

As of August 31, 2023, Prudential, through its affiliated entities, including affiliated funds (if


48

applicable), owned shares of the Funds as follows:



Fund	Number of Shares		Percentage of Outstanding Shares
PGIM Jennison Focused Growth ETF		194,007		22.3	%
PGIM Jennison Focused Value ETF		200,000		95.2

At the reporting period end, the number of shareholders holding greater than 5% of the Fund are as follows:



Fund	Number of Shareholders		Percentage of Outstanding Shares
Affiliated:
PGIM Jennison Focused Growth ETF		1		20.7	%
PGIM Jennison Focused Value ETF		1		95.2
Unaffiliated:
PGIM Jennison Focused Growth ETF		1		75.6
PGIM Jennison Focused Value ETF		—		—

The Fund may make payment for Fund shares redeemed and contributed wholly or in part by distributing portfolio securities to shareholders. For the reporting period ended August 31, 2023, the Funds had subscriptions in-kind and had redemptions in-kind with total proceeds in the amounts presented on the Statements of Changes in Net Assets.

8.	Risks of Investing in the Funds

Each Fund’s risks include, but are not limited to, some or all of the risks discussed below. For further information on the risks applicable to any given Fund, please refer to the Prospectus and Statement of Additional Information of that Fund.



Risks	PGIM Jennison Focused Growth ETF	PGIM Jennison Focused Value ETF
Authorized Participant Concentration	X	X
Cash Transactions	X	X
Convertible Securities	X	–
Economic and Market Events	X	X
Equity and Equity-Related Securities	X	X
ETF Shares Trading	X	X
Foreign Securities	X	X
Growth Style	X	–
Initial Public Offerings	X	–
Large Capitalization Company	X	X
Large Shareholder and Large Scale Redemption	X	X
Management	X	X
Market Disruption and Geopolitical	X	X
Market	X	X
New/Small Fund	X	X
Non-Diversified Investment Company	X	–
Preferred Securities	X	–


		PGIM Jennison ETFs 49

Notes to Financial Statements (continued)



Risks	PGIM Jennison Focused Growth ETF	PGIM Jennison Focused Value ETF
Value Style	–	X

Authorized Participant Concentration Risk: Only an Authorized Participant (as defined in “How to Buy and Sell Shares of the Fund” in the Fund’s Prospectus) may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of intermediaries that act as Authorized Participants and none of these Authorized Participants is or will be obligated to engage in creation or redemption transactions. To the extent that these Authorized Participants exit the business or are unable to or choose not to proceed with creation and/or redemption orders with respect to the Fund and no other Authorized Participant creates or redeems, shares of the Fund may trade at a substantial discount or premium to net asset value (“NAV”), may trade at larger spreads, and possibly face trading halts and/or delisting.

Cash Transactions Risk: Unlike ETFs that engage almost exclusively in creations and redemptions in exchange for a basket of portfolio securities (an “in-kind” transaction), the Fund may effect creations and redemptions in cash or partially in cash. Therefore, it may be required to sell portfolio securities and subsequently recognize gains on such sales that the Fund might not have recognized if it were to distribute portfolio securities in-kind. Investments in shares of the Fund may be less tax-efficient than an investment in an ETF that distributes portfolio securities entirely in-kind.

Convertible Securities Risk: The market value of a convertible security performs like that of a regular debt security; that is, if market interest rates rise, the value of a convertible security usually falls. In addition, convertible securities are subject to the risk that the issuer will not be able to pay interest or dividends when due, and their market value may change based on changes in the issuer’s credit rating or the market’s perception of the issuer’s creditworthiness. Since it derives a portion of its value from the common stock into which it may be converted, a convertible security is also subject to the same types of market and issuer risks that apply to the underlying common stock.

Economic and Market Events Risk: Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth or the functioning of the securities markets, or otherwise reduce inflation, may at times result in unusually high market volatility, which could negatively impact performance. Governmental efforts to curb inflation often have negative effects on the level of economic activity. Relatively reduced liquidity in credit and fixed income markets could adversely affect issuers worldwide.


50

Equity and Equity-Related Securities Risk: Equity and equity-related securities may be subject to changes in value, and their values may be more volatile than those of other asset classes. In addition to an individual security losing value, the value of the equity markets or a sector in which the Fund invests could go down. Different parts of a market can react differently to adverse issuer, market, regulatory, political and economic developments.

ETF Shares Trading Risk: Fund shares are listed for trading on an exchange (the “Exchange”) and the shares are bought and sold in the secondary market at market prices. The market prices of the shares of the Fund are expected to fluctuate in response to changes in the Fund’s NAV, the intraday value of the Fund’s holdings and supply and demand for shares of the Fund. During periods of stressed market conditions, the market for the shares of the Fund may become less liquid in response to deteriorating liquidity in the markets for the Fund’s portfolio investments.

Disruptions to creations and redemptions, the existence of significant market volatility or potential lack of an active trading market for the shares of the Fund (including through a trading halt), as well as other factors, may result in the Fund’s shares trading on the Exchange significantly above (at a premium) or below (at a discount) to NAV or to the intraday value of the Fund’s holdings.

Cost of Buying or Selling Shares: When you buy or sell shares of the Fund through a broker, you will likely incur a brokerage commission or other charges imposed by brokers. In addition, the market price of shares of the Fund, like the price of any exchange-traded security, includes a “bid-ask spread” charged by the market makers or other participants that trade the particular security. The spread of the Fund’s shares varies over time based on the Fund’s trading volume, the spread of the Fund’s underlying securities, and market liquidity and may increase if the Fund’s trading volume or market liquidity decreases, or if the spread on the Fund’s underlying securities increases.

No Guarantee of Active Trading Market Risk: While shares of the Fund are listed on the Exchange, there can be no assurance that active trading markets for the shares will develop or be maintained by market makers or by Authorized Participants. The distributor of the Fund’s shares does not maintain a secondary market in the shares.

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


		PGIM Jennison ETFs 51

Notes to Financial Statements (continued)

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.

Growth Style Risk: The Fund’s growth style may subject the Fund to above-average fluctuations as a result of seeking higher than average capital growth. Historically, growth stocks have performed best during later stages of economic expansion and value stocks have performed best during periods of economic recovery. Since the Fund follows a growth investment style, there is the risk that the growth investment style may be out of favor for a period of time. At times when the style is out of favor, the Fund may underperform the market in general, its benchmark and other ETFs.

Initial Public Offerings Risk: The volume of IPOs and the levels at which the newly issued stocks trade in the secondary market are affected by the performance of the stock market overall. If IPOs are brought to the market, availability may be limited and if the Fund desires to acquire shares in such an offering, it may not be able to buy any shares at the offering price, or if it is able to buy shares, it may not be able to buy as many shares at the offering price as it would like. The prices of securities involved in IPOs are often subject to greater and more unpredictable price changes than more established stocks. Such unpredictability can have a dramatic impact on the Fund’s performance (higher or lower) and any assumptions by investors based on the affected performance may be unwarranted. In addition, as Fund assets grow, the impact of IPO investments on performance will decline, which could reduce total returns.

Large Capitalization Company Risk: Companies with large market capitalizations go in and out of favor based on market and economic conditions. Larger companies tend to be less volatile than companies with smaller market capitalizations. In exchange for this potentially lower risk, the Fund’s value may not rise or fall as much as the value of funds that emphasize companies with smaller market capitalizations.

Large Shareholder and Large Scale Redemption Risk: Certain individuals, accounts, funds (including funds affiliated with the Manager) or institutions, including the Manager and its affiliates, may from time to time own or control a substantial amount of the Fund’s shares. There is no requirement that these entities maintain their investment in the Fund. There is a risk that such large shareholders or that the Fund’s shareholders generally may redeem all


52

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.

Management Risk: Actively managed funds are subject to management risk. The subadviser will apply investment techniques and risk analyses in making investment decisions for the Fund, but the subadviser’s judgments about the attractiveness, value or market trends affecting a particular security, industry or sector or about market movements may be incorrect. Additionally, the investments selected for the Fund may underperform the markets in general, the Fund’s benchmark and other funds with similar investment objectives.

Market 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 future public health epidemics may have an impact on the Fund’s investments and net asset value, and have led and may lead to increased market volatility and the potential for illiquidity in certain classes of securities and sectors of the market. Future public health epidemics may 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.


		PGIM Jennison ETFs 53

Notes to Financial Statements (continued)

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.

New/Small Fund Risk: The Fund recently commenced operations and has a limited operating history. As a new and relatively small fund, the Fund’s performance may not represent how the Fund is expected to or may perform in the long term if and when it becomes larger and has fully implemented its investment strategies. Investment positions may have a disproportionate impact (negative or positive) on performance in new and smaller funds. New and smaller funds may also require a period of time before they are invested in securities that meet their investment objectives and policies and achieve a representative portfolio composition. Since the Fund is new, an active secondary market for the shares of the Fund may not develop or may not continue once developed. Shareholders holding large blocks of shares of the Fund, including the Manager and its affiliates, may hold their shares for long periods of time, which may lead to reduced trading volumes, wider trading spreads and impede the development or maintenance of an active secondary trading market for Fund shares. These large shareholders may also loan or sell all or a portion of their Fund shares, which may result in increasing concentration of Fund shares in a small number of holders, and the potential for large redemptions, decreases in Fund assets and increased expenses for remaining shareholders.

Non-Diversified Investment Company Risk: The Fund is non-diversified for purposes of the 1940 Act. This means that the Fund may invest a greater percentage of its assets in the securities of a single company or other issuer than a diversified fund. Investing in a non-diversified fund involves greater risk than investing in a diversified fund because a loss resulting from the decline in value of any one security may represent a greater portion of the total assets of a non-diversified fund.

Preferred Securities Risk: Preferred stock can experience sharp declines in value over short or extended periods of time, regardless of the success or failure of a company’s operations. A redemption by the issuer may negatively impact the return of the security held by the Fund. Preferred stockholders’ liquidation rights are subordinate to the company’s debt holders and creditors. If interest rates rise, the fixed dividend on preferred stocks may be less attractive and the price of preferred stocks may decline. Preferred stock usually does not require the issuer to pay dividends and may permit the issuer to defer dividend payments. Deferred dividend payments could have adverse tax consequences for the Fund and may cause the preferred security to lose substantial value. Preferred securities also may have substantially lower trading volumes and less market depth than many other securities, such as common stock or U.S. Government securities.


54

Value Style Risk: Since the Fund follows a value investment style, there is the risk that the value style may be out of favor for long periods of time, that the market will not recognize a security’s intrinsic value for a long time or at all, or that a stock judged to be undervalued may actually be appropriately priced or overvalued. Issuers of value stocks may have experienced adverse business developments or may be subject to special risks that have caused the stock to be out of favor. In addition, the Fund’s value investment style may go out of favor with investors, negatively affecting the Fund’s performance. If the Fund’s assessment of market conditions or a company’s value is inaccurate, the Fund could suffer losses or produce poor performance relative to other funds.

9.	Recent Regulatory Developments

Effective January 24, 2023, the SEC adopted rule and form amendments to require mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information deemed important for retail investors to assess and monitor their fund investments (the “Rule”). Other information, including financial statements, will no longer appear in the funds’ streamlined shareholder reports but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The Rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the Rule and its impact to the Funds.


		PGIM Jennison ETFs 55

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of PGIM ETF Trust and Shareholders of PGIM Jennison Focused Growth ETF and PGIM Jennison Focused Value ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of PGIM Jennison Focused Growth ETF and PGIM Jennison Focused Value ETF (two of the funds constituting PGIM ETF Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2023, the related statements of operations and changes in net assets, including the related notes, and the financial highlights for the period December 12, 2022 (commencement of operations) through August 31, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2023, the results of each of their operations, changes in each of their net assets and each of the financial highlights for the period December 12, 2022 (commencement of operations) through August 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

October 19, 2023

We have served as the auditor of one or more investment companies in the PGIM Retail Funds complex since 2020.


56

Tax Information (unaudited)

For the period ended August 31, 2023, the Fund reports the maximum amount allowable under Section 854 of the Internal Revenue Code, but not less than, the following percentages of the ordinary income dividends paid as: 1) qualified dividend income (QDI); and 2) eligible for corporate dividends received deduction (DRD):



Fund	QDI		DRD

PGIM Jennison Focused Growth ETF		—		—

PGIM Jennison Focused Value ETF		100.00%		100.00%

In January 2024, you will be advised on IRS Form 1099-DIV or substitute 1099-DIV as to the federal tax status of the distributions received by you in calendar year 2023.


		PGIM Jennison ETFs 57

INFORMATION ABOUT BOARD MEMBERS AND OFFICERS (unaudited)

Information about Board Members and Officers of the Funds is set forth below. Board Members who are not deemed to be “interested persons” of the Funds, as defined in the 1940 Act, are referred to as “Independent Board Members.” Board Members who are deemed to be “interested persons” of the Funds are referred to as “Interested Board Members.” The Board Members are responsible for the overall supervision of the operations of the Funds and perform the various duties imposed on the directors of investment companies by the 1940 Act. The Board in turn elects the Officers, who are responsible for administering the day-to-day operations of the Funds.



Independent Board Members

Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service

Ellen S. Alberding 1958 Board Member Portfolios Overseen: 99	Chief Executive Officer (“CEO”) and President, The Joyce Foundation (charitable foundation) (since 2002); formerly Vice Chair, City Colleges of Chicago (community college system) (2011-2015); formerly Trustee, National Park Foundation (charitable foundation for national park system) (2009-2018); formerly Trustee, Economic Club of Chicago (2009-2016); Trustee, Loyola University (since 2018).	None.	Since December 2017

Kevin J. Bannon 1952 Board Member Portfolios Overseen: 100	Retired; formerly Managing Director (April 2008-May 2015) and Chief Investment Officer (October 2008-November 2013) of Highmount Capital LLC (registered investment adviser); formerly Executive Vice President and Chief Investment Officer (April 1993-August 2007) of Bank of New York Company; formerly President (May 2003-May 2007) of BNY Hamilton Family of Mutual Funds.	Director of Urstadt Biddle Properties (equity real estate investment trust) (since September 2008).	Since December 2017


		PGIM Jennison ETFs



Independent Board Members

Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service

Linda W. Bynoe 1952 Board Member Portfolios Overseen: 97	President and Chief Executive Officer (since March 1995) and formerly Chief Operating Officer (December 1989-February 1995) of Telemat Limited LLC (formerly Telemat Ltd) (management consulting); formerly Vice President (January 1985-June 1989) at Morgan Stanley & Co. (broker-dealer).	Trustee of Equity Residential (residential real estate) (since December 2009); Director of Northern Trust Corporation (financial services) (since April 2006); formerly Director of Anixter International, Inc. (communication products distributor) (January 2006-June 2020).	Since December 2017

Barry H. Evans 1960 Board Member Portfolios Overseen: 100	Retired; formerly President (2005-2016), Global Chief Operating Officer (2014-2016), Chief Investment Officer - Global Head of Fixed Income (1998-2014), and various portfolio manager roles (1986-2006), Manulife Asset Management (asset management).	Formerly Director, Manulife Trust Company (2011-2018); formerly Director, Manulife Asset Management Limited (2015-2017); formerly Chairman of the Board of Directors of Manulife Asset Management U.S. (2005-2016); formerly Chairman of the Board, Declaration Investment Management and Research (2008-2016).	Since December 2017

Keith F. Hartstein 1956 Board Member & Independent Chair Portfolios Overseen: 100	Retired; formerly Member (November 2014- September 2022) of the Governing Council of the Independent Directors Council (IDC) (organization of independent mutual fund directors); formerly Executive Committee of the IDC Board of Governors (October 2019-December 2021); formerly President and Chief Executive Officer (2005-2012), Senior Vice President (2004-2005), Senior Vice President of Sales and Marketing (1997-2004), and various executive management positions (1990-1997), John Hancock Funds, LLC (asset management); formerly Chairman, Investment Company Institute’s Sales Force Marketing Committee (2003-2008).	None.	Since December 2017


Visit our website at pgim.com/investments



Independent Board Members

Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service

Laurie Simon Hodrick 1962 Board Member Portfolios Overseen: 97	A. Barton Hepburn Professor Emerita of Economics in the Faculty of Business, Columbia Business School (since 2018); Visiting Fellow at the Hoover Institution, Stanford University (since 2015); Sole Member, ReidCourt LLC (since 2008) (a consulting firm); formerly Visiting Professor of Law, Stanford Law School (2015-2021); formerly A. Barton Hepburn Professor of Economics in the Faculty of Business, Columbia Business School (1996-2017); formerly Managing Director, Global Head of Alternative Investment Strategies, Deutsche Bank (2006-2008).	Independent Director, Andela (since January 2022) (global talent network); Independent Director, Roku (since December 2020) (communication services); formerly Independent Director, Synnex Corporation (2019-2021) (information technology); formerly Independent Director, Kabbage, Inc. (2018-2020) (financial services); formerly Independent Director, Corporate Capital Trust (2017-2018) (a business development company).	Since December 2017

Brian K. Reid 1961 Board Member Portfolios Overseen: 100	Retired; formerly Chief Economist for the Investment Company Institute (ICI) (2005-2017); formerly Senior Economist and Director of Industry and Financial Analysis at the ICI (1998-2004); formerly Senior Economist, Industry and Financial Analysis at the ICI (1996-1998); formerly Staff Economist at the Federal Reserve Board (1989-1996); formerly Director, ICI Mutual Insurance Company (2012-2017).	None.	Since March 2018


		PGIM Jennison ETFs



Independent Board Members

Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service

Grace C. Torres 1959 Board Member Portfolios Overseen: 100	Retired; formerly Treasurer and Principal Financial and Accounting Officer of the PGIM Funds, Target Funds, Advanced Series Trust, Prudential Variable Contract Accounts and The Prudential Series Fund (1998-June 2014); Assistant Treasurer (March 1999-June 2014) and Senior Vice President (September 1999-June 2014) of PGIM Investments LLC; Assistant Treasurer (May 2003-June 2014) and Vice President (June 2005-June 2014) of AST Investment Services, Inc.; Senior Vice President and Assistant Treasurer (May 2003-June 2014) of Prudential Annuities Advisory Services, Inc.	Director (since January 2018) of OceanFirst Financial Corp. and OceanFirst Bank; formerly Director (July 2015-January 2018) of Sun Bancorp, Inc. N.A. and Sun National Bank.	Since December 2017


Visit our website at pgim.com/investments



Interested Board Members

Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service

Stuart S. Parker 1962 Board Member & President Portfolios Overseen: 100	President, Chief Executive Officer, Chief Operating Officer and Officer in Charge of PGIM Investments LLC (formerly known as Prudential Investments LLC) (since January 2012); President and PEO (since September 2022) of the PGIM Private Credit Fund, President and Principal Executive Officer (“PEO”) (since March 2022) of the PGIM Private Real Estate Fund, Inc.; formerly Executive Vice President of Jennison Associates LLC and Head of Retail Distribution of PGIM Investments LLC (June 2005-December 2011); Investment Company Institute - Board of Governors (since May 2012).	None.	Since December 2017

Scott E. Benjamin 1973 Board Member & Vice President Portfolios Overseen: 100	Executive Vice President (since May 2009) of PGIM Investments LLC; Vice President (since June 2012) of Prudential Investment Management Services LLC; Executive Vice President (since September 2009) of AST Investment Services, Inc.; Senior Vice President of Product Development and Marketing, PGIM Investments (since February 2006); Vice President (since September 2022) of the PGIM Private Credit Fund, Vice President (since March 2022) of the PGIM Private Real Estate Fund, Inc.; formerly Vice President of Product Development and Product Management, PGIM Investments LLC (2003-2006).	None.	Since December 2017


		PGIM Jennison ETFs



Fund Officers^(a)

Name Year of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer

Claudia DiGiacomo 1974 Chief Legal Officer	Chief Legal Officer (since September 2022) of the PGIM Private Credit Fund; Chief Legal Officer (since July 2022) of the PGIM Private Real Estate Fund, Inc.; Chief Legal Officer, Executive Vice President and Secretary of PGIM Investments LLC (since August 2020); Chief Legal Officer of Prudential Mutual Fund Services LLC (since August 2020); Chief Legal Officer of PIFM Holdco, LLC (since August 2020); Vice President and Corporate Counsel (since January 2005) of Prudential; and Corporate Counsel of AST Investment Services, Inc. (since August 2020); formerly Vice President and Assistant Secretary of PGIM Investments LLC (2005-2020); formerly Associate at Sidley Austin Brown & Wood LLP (1999-2004).	Since December 2017

Andrew Donohue 1972 Chief Compliance Officer	Chief Compliance Officer (since May 2023) of the PGIM Funds, Target Funds, PGIM ETF Trust, PGIM Global High Yield Fund, Inc., PGIM High Yield Bond Fund, Inc., PGIM Short Duration High Yield Opportunities Fund, Advanced Series Trust, The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc., PGIM Private Credit Fund, PGIM Private Real Estate Fund, Inc.; Vice President, Chief Compliance Officer of PGIM Investments LLC (since September 2022); Chief Compliance Officer of AST Investment Services, Inc. (since October 2022); formerly various senior compliance roles within Principal Global Investors, LLC., global asset management for Principal Financial (2011-2022), most recently as Global Chief Compliance Officer (2016-2022).	Since May 2023

Andrew R. French 1962 Secretary	Vice President (since December 2018) of PGIM Investments LLC; formerly Vice President and Corporate Counsel (2010-2018) of Prudential; Secretary (since September 2022) of the PGIM Private Credit Fund, Secretary (since March 2022) of the PGIM Private Real Estate Fund, Inc.; formerly Director and Corporate Counsel (2006-2010) of Prudential; Vice President and Assistant Secretary (since January 2007) of PGIM Investments LLC; Vice President and Assistant Secretary (since January 2007) of Prudential Mutual Fund Services LLC.	Since December 2017

Melissa Gonzalez 1980 Assistant Secretary	Vice President and Corporate Counsel (since September 2018) of Prudential; Vice President and Assistant Secretary (since August 2020) of PGIM Investments LLC; Assistant Secretary (since September 2022) of the PGIM Private Credit Fund, Assistant Secretary (since March 2022) of the PGIM Private Real Estate Fund, Inc.; formerly Director and Corporate Counsel (March 2014-September 2018) of Prudential.	Since March 2020


Visit our website at pgim.com/investments



Fund Officers^(a)

Name Year of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer

Patrick E. McGuinness 1986 Assistant Secretary	Vice President and Assistant Secretary (since August 2020) of PGIM Investments LLC; Director and Corporate Counsel (since February 2017) of Prudential; Assistant Secretary (since September 2022) of the PGIM Private Credit Fund, Assistant Secretary (since March 2022) of the PGIM Private Real Estate Fund, Inc.	Since June 2020

Debra Rubano 1975 Assistant Secretary	Vice President and Corporate Counsel (since November 2020) of Prudential; Assistant Secretary (since March 2022) of the PGIM Private Real Estate Fund, Inc; Assistant Secretary (since September 2022) of the PGIM Private Credit Fund; formerly Director and Senior Counsel of Allianz Global Investors U.S. Holdings LLC (2010-2020) and Assistant Secretary of numerous funds in the Allianz fund complex (2015-2020).	Since December 2020

Christian J. Kelly 1975 Chief Financial Officer	Vice President, Global Head of Fund Administration of PGIM Investments LLC (since November 2018); Chief Financial Officer (since March 2023) of PGIM Investments mutual funds, closed end funds and ETFs, Advanced Series Trust Portfolios, Prudential Series Funds and Prudential Gibraltar Fund; Chief Financial Officer of PGIM Private Credit Fund (since September 2022); Chief Financial Officer of PGIM Private Real Estate Fund, Inc. (since July 2022); formerly Treasurer and Principal Financial Officer (January 2019- March 2023) of PGIM Investments mutual funds, closed end funds and ETFs, Advanced Series Trust Portfolios, Prudential Series Funds and Prudential Gibraltar Fund; formerly Treasurer and Principal Financial Officer (March 2022 – July 2022) of the PGIM Private Real Estate Fund, Inc.; formerly Director of Fund Administration of Lord Abbett & Co. LLC (2009-2018), Treasurer and Principal Accounting Officer of the Lord Abbett Family of Funds (2017-2018); Director of Accounting, Avenue Capital Group (2008-2009); Senior Manager, Investment Management Practice of Deloitte & Touche LLP (1998-2007).	Since January 2019

Lana Lomuti 1967 Assistant Treasurer	Vice President (since 2007) within PGIM Investments Fund Administration; formerly Assistant Treasurer (December 2007-February 2014) of The Greater China Fund, Inc.; formerly Director (2005-2007) within PGIM Investments Fund Administration.	Since December 2017


		PGIM Jennison ETFs



Fund Officers^(a)

Name Year of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer

Russ Shupak 1973 Treasurer and Principal Accounting Officer	Vice President (since 2017) within PGIM Investments Fund Administration; Treasurer and Principal Accounting Officer of PGIM Investments mutual funds, closed end funds and ETFs (since March 2023); Treasurer and Principal Accounting Officer (since July 2022) of the PGIM Private Real Estate Fund, Inc.; Assistant Treasurer (since September 2022) of the PGIM Private Credit Fund; formerly Assistant Treasurer (March 2022 – July 2022) of the PGIM Private Real Estate Fund, Inc.; Assistant Treasurer of Advanced Series Trust Portfolios, Prudential Series Funds and Prudential Gibraltar Fund (since October 2019); formerly Director (2013-2017) within PGIM Investments Fund Administration.	Since October 2019

Deborah Conway 1969 Assistant Treasurer	Vice President (since 2017) within PGIM Investments Fund Administration; Assistant Treasurer (since September 2022) of the PGIM Private Credit Fund; Assistant Treasurer (since March 2022) of the PGIM Private Real Estate Fund, Inc.; formerly Director (2007-2017) within PGIM Investments Fund Administration.	Since October 2019

Elyse M. McLaughlin 1974 Assistant Treasurer	Vice President (since 2017) within PGIM Investments Fund Administration; Treasurer and Principal Accounting Officer of the Advanced Series Trust, the Prudential Series Fund and the Prudential Gibraltar Fund (since March 2023); Treasurer and Principal Accounting Officer (since September 2022) of the PGIM Private Credit Fund; Assistant Treasurer (since March 2022) of the PGIM Private Real Estate Fund, Inc.; Assistant Treasurer of PGIM Investments mutual funds, closed end funds and ETFs (since October 2019); formerly Director (2011-2017) within PGIM Investments Fund Administration.	Since October 2019

Robert W. McCormack 1973 Assistant Treasurer	Vice President (since 2019) within PGIM Investments Fund Administration; Assistant Treasurer (Since March 2023) of PGIM Investments mutual funds, closed end funds, ETFs, Advanced Series Trust Portfolios, Prudential Series Funds and Prudential Gibraltar Fund; Assistant Treasurer (since September 2022) of the PGIM Private Credit Fund; Assistant Treasurer (since March 2022) of the PGIM Private Real Estate Fund, Inc.; formerly Director (2016-2019) within PGIM Investments Fund Administration; formerly Vice President within Goldman, Sachs & Co. Investment Management Controllers (2008- 2016), Assistant Treasurer of Goldman Sachs Family of Funds (2015-2016).	Since March 2023


Visit our website at pgim.com/investments



Fund Officers^(a)

Name Year of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer

Kelly Florio 1978 Anti-Money Laundering Compliance Officer	Vice President, Corporate Compliance, Global Compliance Programs and Compliance Risk Management (since December 2021) of Prudential; formerly, Head of Fraud Risk Management (October 2019 to December 2021) at New York Life Insurance Company; formerly, Head of Key Risk Area Operations (November 2018 to October 2019), Director of the US Anti-Money Laundering Compliance Unit (2009-2018) and Bank Loss Prevention Associate (2006 -2009) at MetLife.	Since June 2022

^(a) Excludes Mr. Parker and Mr. Benjamin, interested Board Members who also serve as President and Vice President, respectively.

Explanatory Notes to Tables:

∎

Board Members are deemed to be “Interested,” as defined in the 1940 Act, by reason of their affiliation with PGIM Investments LLC and/or an affiliate of PGIM Investments LLC.

∎

Unless otherwise noted, the address of all Board Members and Officers is c/o PGIM Investments LLC, 655 Broad Street, Newark, New Jersey 07102-4410.

∎

There is no set term of office for Board Members or Officers. The Board Members have adopted a retirement policy, which calls for the retirement of Board Members on December 31 of the year in which they reach the age of 75.

∎

“Other Directorships Held” includes all directorships of companies required to register or file reports with the SEC under the 1934 Act (that is, “public companies”) or other investment companies registered under the 1940 Act.

∎

“Portfolios Overseen” includes such applicable investment companies managed by PGIM Investments LLC and overseen by the trustee/director. The investment companies for which PGIM Investments LLC serves as manager include the PGIM Mutual Funds, Target Funds, PGIM ETF Trust, PGIM Private Real Estate Fund, Inc., PGIM Private Credit Fund, PGIM High Yield Bond Fund, Inc., PGIM Global High Yield Fund, Inc., PGIM Short Duration High Yield Opportunities Fund, The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc. and the Advanced Series Trust.

∎

As used in the Fund Officers table “Prudential” means The Prudential Insurance Company of America.


		PGIM Jennison ETFs

⬛ MAIL

655 Broad Street

Newark, NJ 07102

⬛ TELEPHONE

(800) 225-1852

⬛ WEBSITE

pgim.com/investments

PROXY VOTING

The Board of Trustees delegated to the Funds’ subadviser the responsibility for voting any proxies and maintaining proxy recordkeeping with respect to each Fund. 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 Fund 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, Chief Financial Officer · Claudia DiGiacomo, Chief Legal Officer ·
Andrew Donohue, Chief Compliance Officer · Russ Shupak, Treasurer and Principal Accounting Officer · Kelly Florio, Anti-Money Laundering
Compliance Officer · Andrew R. French, Secretary · Melissa Gonzalez, Assistant Secretary · Kelly A. Coyne, Assistant Secretary · Patrick E.
McGuinness, Assistant Secretary · Debra Rubano, Assistant Secretary · Lana Lomuti, Assistant Treasurer · Elyse M. McLaughlin, Assistant Treasurer ·
Deborah Conway, Assistant Treasurer · Robert W. McCormack, Assistant Treasurer


MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102

SUBADVISER	Jennison Associates LLC	466 Lexington Avenue New York, NY 10017

DISTRIBUTOR	Prudential Investment Management Services LLC	655 Broad Street Newark, NJ 07102

CUSTODIAN/TRANSFER AGENT	The Bank of New York Mellon	240 Greenwich Street New York, NY 10286

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	PricewaterhouseCoopers LLP	300 Madison Avenue New York, NY 10017

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

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

Shareholders can communicate directly with the Board of Trustees by writing to the Chair of the Board, PGIM Jennison 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

On each business day, before commencement of trading on the Exchange, the Fund will disclose on www.pgiminvestments.com 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.

The Fund’s Statement of Additional Information contains additional information about the Fund’s Trustees and is available without charge, upon request, by calling (800) 225-1852.

Funds:

ARE NOT INSURED BY THE FDIC OR ANY

FEDERAL GOVERNMENT AGENCY

MAY LOSE VALUE

ARE NOT A DEPOSIT OF OR GUARANTEED

BY ANY BANK OR ANY BANK AFFILIATE

LOGO

PGIM JENNISON ETFs



Fund		Ticker Symbol

PGIM Jennison Focused Growth ETF		PJFG

PGIM Jennison Focused Value ETF		PJFV

ETF1009E