PGIM ETF Trust

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PGIM QUANT SOLUTIONS STRATEGIC ALPHA

INTERNATIONAL EQUITY ETF

Formerly known as PGIM QMA Strategic Alpha International Equity ETF

SEMIANNUAL REPORT

FEBRUARY 28, 2022

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Table of Contents



Letter from the President			3

Your Fund’s Performance			4

Fees and Expenses			6

Holdings and Financial Statements			7

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

The information about the Fund’s portfolio holdings is for the period covered by this report and is subject to change thereafter.

The accompanying financial statements as of February 28, 2022 were not audited and, accordingly, no auditor’s opinion is expressed on them.

Exchange-traded funds are distributed by Prudential Investment Management Services LLC, a Prudential Financial company, member SIPC. PGIM Quantitative Solutions is the primary business name of PGIM Quantitative Solutions LLC (formerly known as QMA LLC), a wholly owned subsidiary of PGIM, Inc. (PGIM), a registered investment adviser and Prudential Financial company. ^© 2022 Prudential Financial, Inc. and its related entities. PGIM and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

2 Visit our website at pgim.com/investments

Letter from the President

Dear Shareholder:

We hope you find the semiannual report for PGIM Quant Solutions Strategic Alpha International Equity ETF informative and useful. The report covers performance for the six-month period ended February 28, 2022.

Regarding your investments with PGIM, we believe it is important to maintain a diversified portfolio of funds consistent with your tolerance for risk, time horizon, and financial goals.

Your financial advisor can help you create a diversified investment plan that may include funds covering all the basic asset classes and that reflects your personal investor profile and risk tolerance. However, diversification and asset allocation strategies do not assure a profit or protect against loss in declining markets.

At PGIM Investments, we consider it a great privilege and responsibility to help investors participate in opportunities across global markets while meeting their toughest investment challenges. PGIM is a top-10 global investment manager with more than $1 trillion in assets under management. This investment expertise allows us to deliver actively managed funds and strategies to meet the needs of investors around the globe.

Thank you for choosing our family of funds.

Sincerely,

LOGO

Stuart S. Parker, President

PGIM Quant Solutions Strategic Alpha International Equity ETF

April 15, 2022

PGIM Quant Solutions Strategic Alpha International Equity ETF 3

Your Fund’s Performance (unaudited)

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


	Total Returns as of 2/28/22	Average Annual Total Returns as of 2/28/22
	*Six Months (%)**	One Year (%)	Since Inception(%)

Net Asset Value (NAV)	-6.49	2.92	7.06 (12/04/2018)

Market Price**	-5.97	2.59	7.26 (12/04/2018)

MSCI EAFE Index

	-6.78	2.83	8.46

*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 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 or redemption of Fund shares.

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

Benchmark Definition

MSCI EAFE Index—The MSCI EAFE Index is a free-float-adjusted market capitalization index that is designed to measure the equity performance of developed markets, excluding the U.S. and Canada.

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

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Presentation of Fund Holdings as of 2/28/22



Ten Largest Holdings	Line of Business	Country	% of Net Assets

Shell plc	Oil, Gas & Consumable Fuels	United Kingdom	0.60%

BHP Group Ltd.	Metals & Mining	Australia	0.50%

Sumitomo Metal Mining Co. Ltd.	Metals & Mining	Japan	0.30%

BAE Systems plc	Aerospace & Defense	United Kingdom	0.30%

Klepierre SA	Equity Real Estate Investment Trusts (REITs)	France	0.30%

Check Point Software Technologies Ltd.	Software	Israel	0.30%

Mitsubishi Heavy Industries Ltd.	Machinery	Japan	0.30%

Thales SA	Aerospace & Defense	France	0.30%

Ipsen SA	Pharmaceuticals	France	0.30%

HSBC Holdings plc	Banks	United Kingdom	0.30%

PGIM Quant Solutions Strategic Alpha International Equity ETF 5

Fees and Expenses (unaudited)

As a shareholder of a 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 a Fund and to compare these costs with the ongoing costs of investing in other funds.

The example is based on an investment of $1,000 held through the six-month period ended February 28, 2022. The example is for illustrative purposes only.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

The second line in the tables below provides information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not a 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 a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

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



PGIM Quant Solutions Strategic Alpha International Equity ETF	Beginning Account Value September 1, 2021	Ending Account Value February 28, 2022	Annualized Expense Ratio Based on the Six-Month Period	Expenses Paid During the Six-Month Period*

Actual	$1,000.00	$ 935.10	0.29%	$1.39

Hypothetical	$1,000.00	$1,023.36	0.29%	$1.45

*Fund expenses (net of fee waivers or subsidies, if any) are equal to the annualized expense ratio (provided in the table), multiplied by the average account value over the period, multiplied by the 181 days in the six-month period ended February 28, 2022, and divided by the 365 days in the Fund’s fiscal year ending August 31, 2022 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

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Schedule of Investments (unaudited)

as of February 28, 2022



Description	Shares		Value
LONG-TERM INVESTMENTS 98.7%

COMMON STOCKS 98.0%

Australia 6.3%
Ampol Ltd.		4,146	$	88,741
Aristocrat Leisure Ltd.		2,660		72,004
Aurizon Holdings Ltd.		38,172		97,035
Australia & New Zealand Banking Group Ltd.		4,324		81,685
BHP Group Ltd.		5,808		196,828
Brambles Ltd.		11,150		80,173
Coles Group Ltd.		7,478		94,395
Dexus		11,619		92,153
Fortescue Metals Group Ltd.		6,172		81,361
Goodman Group		4,529		73,124
GPT Group (The)		22,032		79,049
Mirvac Group		41,977		78,964
Newcrest Mining Ltd.		5,367		100,063
REA Group Ltd.		703		67,234
Reece Ltd.		4,534		63,786
Rio Tinto Ltd.		1,198		102,821
Scentre Group		41,966		93,573
SEEK Ltd.		3,518		68,145
Sonic Healthcare Ltd.		2,567		65,348
Stockland		26,028		78,641
Suncorp Group Ltd.		10,737		83,988
Telstra Corp. Ltd.		28,615		82,301
Transurban Group		8,624		79,485
Treasury Wine Estates Ltd.		10,459		88,270
Vicinity Centres		75,234		98,356
Wesfarmers Ltd.		2,277		79,696
Woolworths Group Ltd.		3,314		85,423

				2,352,642

Austria 0.2%
voestalpine AG		2,376		78,431

Belgium 0.5%
Proximus SADP		4,389		87,400
Solvay SA		793		88,666

				176,066

Denmark 1.0%
AP Moller - Maersk A/S,
(Class A Stock)		26		78,004
(Class B Stock)		25		79,225

See Notes to Financial Statements.


PGIM Quant Solutions Strategic Alpha International Equity ETF			7

Schedule of Investments (unaudited) (continued)

as of February 28, 2022



Description	Shares		Value

COMMON STOCKS (Continued)

Denmark (cont'd.)
Carlsberg A/S (Class B Stock)		518	$	75,924
Novo Nordisk A/S (Class B Stock)		843		86,689
Pandora A/S		688		71,113

				390,955

Finland 0.9%
Elisa OYJ		1,479		82,170
Nokia OYJ*		13,509		73,273
Nordea Bank Abp		7,635		85,183
Orion OYJ (Class B Stock)		2,087		98,259

				338,885

France 8.5%
Amundi SA, 144A		1,138		79,621
Arkema SA		617		82,256
AXA SA		3,236		88,079
BioMerieux		616		67,770
BNP Paribas SA		1,406		82,781
Bouygues SA		2,447		87,853
Bureau Veritas SA		2,874		82,689
Capgemini SE		396		83,608
Carrefour SA		5,351		107,397
Cie de Saint-Gobain		1,227		76,974
Cie Generale des Etablissements Michelin SCA		525		72,993
Covivio		1,128		92,885
Credit Agricole SA		6,706		86,214
Danone SA		1,342		81,721
Eiffage SA		872		89,286
Electricite de France SA		7,384		67,311
Engie SA		6,450		103,187
EssilorLuxottica SA		440		77,318
Eurazeo SE		1,078		83,703
Gecina SA		698		88,829
Hermes International		49		68,237
Ipsen SA		938		109,643
Kering SA		109		77,864
Klepierre SA		3,958		113,877
Legrand SA		740		70,377
L’Oreal SA		180		71,648
LVMH Moet Hennessy Louis Vuitton SE		104		76,951
Orange SA		8,720		105,732
Orpea SA		876		36,381

See Notes to Financial Statements.


8



Description	Shares		Value

COMMON STOCKS (Continued)

France (cont'd.)
Pernod Ricard SA		407	$	89,285
Publicis Groupe SA		1,405		93,954
Sanofi		952		99,773
Schneider Electric SE		439		68,804
SEB SA		615		90,127
Societe Generale SA		2,821		81,100
Thales SA		966		111,454
TotalEnergies SE		1,679		85,827
Vivendi SE		6,364		80,704

				3,214,213

Germany 5.3%
Allianz SE		379		86,393
BASF SE		1,326		88,092
Bayerische Motoren Werke AG		837		81,235
Bechtle AG		1,239		63,974
Brenntag SE		978		82,112
Covestro AG, 144A		1,480		78,343
Deutsche Post AG		1,395		70,637
Deutsche Telekom AG		4,988		89,653
Evonik Industries AG		2,656		80,079
Fresenius Medical Care AG & Co. KGaA		1,433		92,099
Fresenius SE & Co. KGaA		2,138		74,949
GEA Group AG		1,581		69,259
HeidelbergCement AG		1,267		82,595
Henkel AG & Co. KGaA		1,113		85,609
KION Group AG		773		62,543
LANXESS AG		1,394		68,117
LEG Immobilien SE		636		82,222
Mercedes-Benz Group AG		1,092		85,917
Merck KGaA		331		65,895
Puma SE		760		69,859
Rational AG		85		62,712
SAP SE		646		73,389
Siemens AG		537		76,263
Telefonica Deutschland Holding AG		35,034		96,044
Uniper SE		1,805		57,680
United Internet AG		2,172		73,937

				1,999,607

Hong Kong 5.0%
CK Asset Holdings Ltd.		14,217		89,782
CK Hutchison Holdings Ltd.		14,176		99,319

See Notes to Financial Statements.


PGIM Quant Solutions Strategic Alpha International Equity ETF			9

Schedule of Investments (unaudited) (continued)

as of February 28, 2022



Description	Shares		Value

COMMON STOCKS (Continued)

Hong Kong (cont'd.)
CK Infrastructure Holdings Ltd.		15,058	$	93,455
CLP Holdings Ltd.		8,441		85,927
ESR Cayman Ltd., 144A*		25,371		78,406
Hang Lung Properties Ltd.		42,336		88,739
Henderson Land Development Co. Ltd.		22,820		94,906
HK Electric Investments & HK Electric Investments Ltd.		96,956		95,658
HKT Trust & HKT Ltd.		66,768		90,054
Hongkong Land Holdings Ltd.		17,139		92,379
Link REIT		10,177		82,175
New World Development Co. Ltd.		22,343		89,348
Power Assets Holdings Ltd.		13,613		85,793
Sino Land Co. Ltd.		75,990		95,588
SITC International Holdings Co. Ltd.		22,743		93,421
Sun Hung Kai Properties Ltd.		7,323		85,182
Swire Pacific Ltd. (Class A Stock)		15,496		85,664
Swire Properties Ltd.		36,335		94,387
WH Group Ltd., 144A		137,845		96,135
Wharf Real Estate Investment Co. Ltd.		16,376		73,450
Xinyi Glass Holdings Ltd.		35,985		95,550

				1,885,318

Ireland 1.3%
CRH PLC		1,857		84,556
DCC PLC		1,094		86,001
Experian PLC		1,790		70,430
James Hardie Industries PLC		2,402		77,895
Kingspan Group PLC		757		73,709
Smurfit Kappa Group PLC		1,806		90,294

				482,885

Israel 1.2%
Bank Hapoalim BM		8,357		88,208
Bank Leumi Le-Israel BM		7,903		85,361
Check Point Software Technologies Ltd.*		772		111,847
Israel Discount Bank Ltd. (Class A Stock)		12,735		83,610
Mizrahi Tefahot Bank Ltd.		2,255		87,860

				456,886

Italy 2.5%
Assicurazioni Generali SpA		4,351		86,497
Enel SpA		11,439		84,639
Eni SpA		6,704		103,973

See Notes to Financial Statements.


10



Description	Shares		Value

COMMON STOCKS (Continued)

Italy (cont'd.)
Ferrari NV		374	$	80,829
Intesa Sanpaolo SpA		35,327		90,847
Mediobanca Banca di Credito Finanziario SpA		8,314		86,938
Poste Italiane SpA, 144A		6,607		76,118
Prysmian SpA		2,290		75,797
Recordati Industria Chimica e Farmaceutica SpA		1,473		72,274
Snam SpA		14,332		79,786
Terna - Rete Elettrica Nazionale		10,653		87,698

				925,396

Japan 37.8%
Advantest Corp.		891		70,294
AGC, Inc.		1,897		83,988
Aisin Corp.		2,232		81,250
Ajinomoto Co., Inc.		2,792		81,090
Asahi Kasei Corp.		8,855		82,993
Astellas Pharma, Inc.		5,369		89,596
Azbil Corp.		1,863		70,167
Bandai Namco Holdings, Inc.		1,057		76,955
Bridgestone Corp.		1,933		79,445
Brother Industries Ltd.		4,399		79,818
Canon, Inc.		3,423		80,346
Capcom Co. Ltd.		3,592		86,703
Chiba Bank Ltd. (The)		15,477		98,141
Chubu Electric Power Co., Inc.		9,232		92,589
Chugai Pharmaceutical Co. Ltd.		2,595		85,774
Concordia Financial Group Ltd.		24,054		98,547
CyberAgent, Inc.		5,584		72,177
Dai Nippon Printing Co. Ltd.		3,382		87,871
Daikin Industries Ltd.		372		68,614
Daiwa House Industry Co. Ltd.		3,257		92,612
Daiwa House REIT Investment Corp. (Class A Stock)		29		78,576
Daiwa Securities Group, Inc.		15,035		89,165
Denso Corp.		1,037		72,585
Dentsu Group, Inc.		2,346		93,358
Disco Corp.		280		78,302
Eisai Co. Ltd.		1,483		73,760
ENEOS Holdings, Inc.		22,596		89,193
FANUC Corp.		399		73,421
Fuji Electric Co. Ltd.		1,554		79,211
FUJIFILM Holdings Corp.		1,209		76,369
Fujitsu Ltd.		499		71,900

See Notes to Financial Statements.


PGIM Quant Solutions Strategic Alpha International Equity ETF			11

Schedule of Investments (unaudited) (continued)

as of February 28, 2022



Description	Shares		Value

COMMON STOCKS (Continued)

Japan (cont'd.)
Hakuhodo DY Holdings, Inc.		4,985	$	65,735
Hamamatsu Photonics KK		1,322		66,580
Hikari Tsushin, Inc.		621		76,703
Hino Motors Ltd.		9,971		93,409
Hirose Electric Co. Ltd.		497		74,140
Hitachi Construction Machinery Co. Ltd.		2,984		72,754
Hitachi Ltd.		1,620		79,616
Hitachi Metals Ltd.*		5,075		90,363
Hoya Corp.		624		80,629
Idemitsu Kosan Co. Ltd.		3,364		90,124
Iida Group Holdings Co. Ltd.		3,619		66,830
Inpex Corp.		9,662		99,591
Isuzu Motors Ltd.		6,843		92,676
ITOCHU Corp.		2,807		91,390
Itochu Techno-Solutions Corp.		2,656		68,361
Japan Metropolitan Fund Invest		101		81,791
Japan Post Bank Co. Ltd.		9,377		82,706
Japan Post Holdings Co. Ltd.*		11,645		96,642
Japan Post Insurance Co. Ltd.		6,036		103,641
Japan Real Estate Investment Corp.		16		85,313
Japan Tobacco, Inc.		4,145		76,435
Kajima Corp.		7,177		96,388
Kansai Electric Power Co., Inc. (The)		10,232		103,419
Kao Corp.		1,599		74,828
KDDI Corp.		3,211		104,906
Kikkoman Corp.		994		73,838
Kirin Holdings Co. Ltd.		5,440		90,261
Kobayashi Pharmaceutical Co. Ltd.		1,065		90,969
Komatsu Ltd.		3,475		79,874
Konami Holdings Corp.		1,729		97,455
Kubota Corp.		3,822		68,551
Kyocera Corp.		1,533		87,728
Lawson, Inc.		1,862		77,742
Lion Corp.		6,245		81,753
Lixil Corp.		3,128		69,517
Marubeni Corp.		8,787		91,986
Mazda Motor Corp.*		11,408		84,941
McDonald’s Holdings Co. Japan Ltd.		2,117		90,967
Medipal Holdings Corp.		4,860		88,648
MEIJI Holdings Co. Ltd.		1,545		92,863
MINEBEA MITSUMI, Inc.		3,037		65,936
MISUMI Group, Inc.		2,314		73,769

See Notes to Financial Statements.


12



Description	Shares		Value

COMMON STOCKS (Continued)

Japan (cont'd.)
Mitsubishi Chemical Holdings Corp.		11,486	$	81,665
Mitsubishi Corp.		2,987		100,576
Mitsubishi Electric Corp.		7,194		86,448
Mitsubishi Estate Co. Ltd.		6,333		96,787
Mitsubishi Gas Chemical Co., Inc.		4,857		86,058
Mitsubishi Heavy Industries Ltd.		3,776		111,541
Mitsubishi UFJ Financial Group, Inc.		15,769		97,770
Mitsui & Co. Ltd.		3,630		90,478
Mitsui Chemicals, Inc.		3,235		82,672
Miura Co. Ltd.		2,463		67,164
Mizuho Financial Group, Inc.		6,543		86,792
MS&AD Insurance Group Holdings, Inc.		2,987		101,459
Murata Manufacturing Co. Ltd.		1,060		71,798
NEC Corp.		2,005		86,416
NGK Insulators Ltd.		5,023		77,771
Nintendo Co. Ltd.		179		90,337
Nippon Express Holdings, Inc.		1,540		93,500
Nippon Sanso Holdings Corp.		4,164		81,205
Nippon Shinyaku Co. Ltd.		1,221		79,124
Nippon Steel Corp.		5,307		97,332
Nippon Telegraph & Telephone Corp.		3,155		90,370
Nippon Yusen KK		1,132		105,062
Nissan Chemical Corp.		1,449		81,925
Nisshin Seifun Group, Inc.		5,845		82,872
Nissin Foods Holdings Co. Ltd.		1,250		99,704
Nitto Denko Corp.		1,097		79,676
Nomura Real Estate Holdings, Inc.		3,895		97,066
Nomura Research Institute Ltd.		1,963		67,872
NTT Data Corp.		3,985		75,322
Oji Holdings Corp.		19,311		98,600
Olympus Corp.		3,730		74,606
Omron Corp.		845		57,036
Ono Pharmaceutical Co. Ltd.		3,464		85,165
ORIX Corp.		4,739		94,108
Osaka Gas Co. Ltd.		5,176		94,952
Otsuka Holdings Co. Ltd.		2,394		82,524
Panasonic Corp.		8,402		86,969
Persol Holdings Co. Ltd.		2,907		64,580
Recruit Holdings Co. Ltd.		1,407		58,977
Resona Holdings, Inc.		23,720		106,834
Rinnai Corp.		986		80,791
Rohm Co. Ltd.		914		71,791
Ryohin Keikaku Co. Ltd.		5,664		83,212

See Notes to Financial Statements.


PGIM Quant Solutions Strategic Alpha International Equity ETF			13

Schedule of Investments (unaudited) (continued)

as of February 28, 2022



Description	Shares		Value

COMMON STOCKS (Continued)

Japan (cont'd.)
Santen Pharmaceutical Co. Ltd.		6,639	$	75,303
SBI Holdings, Inc.		3,065		79,981
Secom Co. Ltd.		1,218		89,227
Seiko Epson Corp.		5,299		81,261
Sekisui Chemical Co. Ltd.		5,698		93,228
Sekisui House Ltd.		3,954		80,686
Seven & i Holdings Co. Ltd.		1,940		94,346
SG Holdings Co. Ltd.		3,673		77,700
Shimadzu Corp.		1,983		70,806
Shin-Etsu Chemical Co. Ltd.		559		85,918
Shionogi & Co. Ltd.		1,200		79,756
Shizuoka Bank Ltd. (The)		11,774		87,564
SMC Corp.		127		75,174
SoftBank Corp.		7,494		94,551
Sohgo Security Services Co. Ltd.		2,252		81,097
Square Enix Holdings Co. Ltd.		1,705		82,458
Stanley Electric Co. Ltd.		3,344		79,321
Subaru Corp.		4,575		75,351
SUMCO Corp.		4,134		67,854
Sumitomo Chemical Co. Ltd.		18,492		88,467
Sumitomo Corp.		5,790		94,381
Sumitomo Metal Mining Co. Ltd.		2,492		124,551
Sumitomo Mitsui Financial Group, Inc.		2,497		89,507
Sumitomo Mitsui Trust Holdings, Inc.		2,544		90,948
Suntory Beverage & Food Ltd.		2,566		102,671
Suzuki Motor Corp.		2,236		88,942
Sysmex Corp.		634		50,316
T&D Holdings, Inc.		6,659		97,541
Taisei Corp.		2,811		93,280
Takeda Pharmaceutical Co. Ltd.		3,371		102,656
TDK Corp.		2,135		85,426
TIS, Inc.		2,832		66,511
Toho Co. Ltd.		2,046		85,157
Tokio Marine Holdings, Inc.		1,530		87,489
Tokyo Electron Ltd.		147		71,310
Tokyo Gas Co. Ltd.		4,772		97,461
Toppan, Inc.		4,571		89,738
Toray Industries, Inc.		15,077		86,516
Toshiba Corp.		2,219		88,343
Tosoh Corp.		5,409		84,124
TOTO Ltd.		2,023		85,080
Toyo Suisan Kaisha Ltd.		1,991		83,821
Toyota Industries Corp.		1,134		86,210

See Notes to Financial Statements.


14



Description	Shares		Value

COMMON STOCKS (Continued)

Japan (cont'd.)
Toyota Motor Corp.		4,620	$	85,938
Toyota Tsusho Corp.		1,987		82,356
Trend Micro, Inc.		1,475		82,112
USS Co. Ltd.		5,631		93,258
Yakult Honsha Co. Ltd.		1,747		94,671
Yamaha Corp.		1,690		78,793
Yamaha Motor Co. Ltd.		3,247		72,755
Yamato Holdings Co. Ltd.		3,909		76,436
Yaskawa Electric Corp.		1,693		67,299
Yokogawa Electric Corp.		4,851		77,851

				14,226,982

Jordan 0.2%
Hikma Pharmaceuticals PLC		2,723		76,090

Luxembourg 0.2%
ArcelorMittal SA		2,652		82,382

Netherlands 2.6%
ABN AMRO Bank NV, 144A		6,405		85,188
EXOR NV		995		75,641
ING Groep NV		6,203		73,015
Koninklijke Ahold Delhaize NV		2,505		77,184
Koninklijke KPN NV		29,666		101,452
Koninklijke Philips NV		2,316		78,787
NN Group NV		1,576		75,596
QIAGEN NV*		1,742		87,504
Randstad NV		1,361		92,630
Stellantis NV		4,729		86,800
Universal Music Group NV		3,008		68,568
Wolters Kluwer NV		736		74,948

				977,313

New Zealand 0.6%
Fisher & Paykel Healthcare Corp. Ltd.		4,213		78,418
Ryman Healthcare Ltd.		10,357		70,075
Spark New Zealand Ltd.		29,808		90,857

				239,350

Norway 0.8%
Equinor ASA		3,143		99,273
Orkla ASA		9,620		90,070

See Notes to Financial Statements.


PGIM Quant Solutions Strategic Alpha International Equity ETF			15

Schedule of Investments (unaudited) (continued)

as of February 28, 2022



Description	Shares		Value

COMMON STOCKS (Continued)

Norway (cont'd.)
Yara International ASA		1,809	$	91,929

				281,272

Portugal 0.5%
EDP - Energias de Portugal SA		15,713		76,886
Jeronimo Martins SGPS SA		4,203		91,542

				168,428

Russia 0.0%
Raspadskaya OJSC^		4,493		12,248

Singapore 1.7%
Capitaland Investment Ltd.*		34,335		93,455
DBS Group Holdings Ltd.		3,554		88,660
Oversea-Chinese Banking Corp. Ltd.		11,527		99,226
Singapore Technologies Engineering Ltd.		32,818		92,472
Singapore Telecommunications Ltd.		49,530		92,067
United Overseas Bank Ltd.		4,327		95,464
Wilmar International Ltd.		26,763		86,466

				647,810

Spain 2.1%
ACS Actividades de Construccion y Servicios SA		3,344		81,813
Enagas SA		3,679		78,067
Endesa SA		4,150		91,505
Grifols SA		4,300		82,035
Iberdrola SA		8,185		93,426
Industria de Diseno Textil SA		2,695		71,314
Red Electrica Corp. SA		4,029		80,525
Repsol SA		7,742		100,922
Telefonica SA		19,336		92,706

				772,313

Sweden 4.4%
Alfa Laval AB		2,224		72,786
Assa Abloy AB (Class B Stock)		2,798		74,321
Atlas Copco AB,
(Class A Stock)		1,239		64,670
(Class B Stock)		1,462		66,786
Electrolux AB (Class B Stock)		3,562		64,211
Epiroc AB,
(Class A Stock)		3,372		63,740
(Class B Stock)		4,049		65,872

See Notes to Financial Statements.


16



Description	Shares		Value

COMMON STOCKS (Continued)

Sweden (cont'd.)
Essity AB (Class B Stock)		2,855	$	73,755
H & M Hennes & Mauritz AB (Class B Stock)		4,370		74,029
Husqvarna AB (Class B Stock)		5,367		64,848
Industrivarden AB (Class A Stock)		2,776		77,136
Investor AB,
(Class A Stock)		3,270		72,876
(Class B Stock)		3,418		70,040
Sandvik AB		3,053		66,687
Securitas AB (Class B Stock)		6,022		73,080
Skanska AB (Class B Stock)		3,474		79,037
SKF AB (Class B Stock)		3,977		73,812
Swedbank AB		4,339		70,324
Swedish Match AB		10,260		75,107
Telefonaktiebolaget LM Ericsson (Class B Stock)		8,800		81,663
Telia Co. AB		24,050		89,666
Volvo AB,
(Class A Stock)		3,968		77,792
(Class B Stock)		3,798		73,689

				1,665,927

Switzerland 4.6%
Adecco Group AG		1,875		89,017
Barry Callebaut AG		36		83,219
Coca-Cola HBC AG*		2,835		72,412
Geberit AG		105		68,855
Kuehne + Nagel International AG		271		74,288
Logitech International SA		1,015		76,255
Nestle SA		612		79,932
Novartis AG		975		85,412
Roche Holding AG,
(Bearer Shares)		190		79,638
(Genusschein)		205		78,202
Schindler Holding AG		319		72,002
SGS SA		26		74,703
STMicroelectronics NV		1,957		83,251
Straumann Holding AG		44		70,023
Swatch Group AG (The),
(Bearer Shares)		282		87,666
(Ordinary Shares)		1,475		88,137
Swiss Life Holding AG		140		85,548
Swiss Prime Site AG		920		90,435
Swisscom AG		173		103,864

See Notes to Financial Statements.


PGIM Quant Solutions Strategic Alpha International Equity ETF			17

Schedule of Investments (unaudited) (continued)

as of February 28, 2022



Description	Shares		Value

COMMON STOCKS (Continued)

Switzerland (cont'd.)
UBS Group AG		5,189	$	95,536
Zurich Insurance Group AG		195		89,643

				1,728,038

United Kingdom 9.8%
3i Group PLC		4,397		78,775
abrdn PLC		27,604		76,543
Anglo American PLC		2,103		107,854
Ashtead Group PLC		1,063		69,532
Associated British Foods PLC		3,214		82,782
Auto Trader Group PLC, 144A		8,830		78,535
Aviva PLC		16,352		92,088
BAE Systems PLC		12,556		121,209
Barclays PLC		37,999		93,224
Barratt Developments PLC		8,660		70,982
Berkeley Group Holdings PLC		1,335		69,774
British American Tobacco PLC		2,326		101,770
British Land Co. PLC (The)		12,147		86,299
Bunzl PLC		2,205		87,823
Burberry Group PLC		3,650		94,992
Croda International PLC		639		64,154
Diageo PLC		1,593		79,604
Evraz PLC		10,559		20,504
Ferguson PLC		488		74,729
GlaxoSmithKline PLC		4,481		92,898
HSBC Holdings PLC		15,835		109,315
Imperial Brands PLC		4,216		92,698
J Sainsbury PLC		23,269		86,061
JD Sports Fashion PLC		30,258		61,293
Kingfisher PLC		19,800		81,332
Land Securities Group PLC		8,379		89,271
Legal & General Group PLC		21,559		80,170
Melrose Industries PLC		40,370		80,287
Mondi PLC		3,826		80,659
National Grid PLC		5,911		89,668
Next PLC		844		77,693
Persimmon PLC		2,259		73,125
RELX PLC		3,031		92,747
Rio Tinto PLC		1,314		102,080
Schroders PLC		1,835		75,425
Segro PLC		4,593		80,192
Shell PLC		8,210		217,190

See Notes to Financial Statements.


18



Description						Shares		Value

COMMON STOCKS (Continued)

United Kingdom (cont'd.)
Smith & Nephew PLC							5,446	$	97,679
Smiths Group PLC							4,051		83,092
SSE PLC							4,316		98,689
Tesco PLC							22,218		86,361
Vodafone Group PLC							56,839		100,222

									3,679,320

TOTAL COMMON STOCKS (cost $35,523,216)									36,858,757


PREFERRED STOCKS 0.7%

Germany 0.7%
Bayerische Motoren Werke AG							996		81,412
Henkel AG & Co. KGaA							1,032		81,971
Volkswagen AG							447		89,234

TOTAL PREFERRED STOCKS (cost $250,576)									252,617

TOTAL LONG-TERM INVESTMENTS (cost $35,773,792)									37,111,374


	Interest Rate			Maturity Date		Principal Amount (000)#
SHORT-TERM INVESTMENT 0.2%

TIME DEPOSIT 0.2%
Skandinaviska Enskilda Banken AB (Sweden) (cost $93,686)		0.005	%		03/01/22		94		93,686


TOTAL INVESTMENTS 98.9% (cost $35,867,478)									37,205,060
Other assets in excess of liabilities 1.1%									408,383


NET ASSETS 100.0%								$	37,613,443

Below is a list of the abbreviation(s) used in the semi-annual report:

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

OJSC-Open Joint-Stock Company

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

*	Non-income producing security.

^	Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $12,248 and 0.0% of net assets.

See Notes to Financial Statements.


PGIM Quant Solutions Strategic Alpha International Equity ETF			19

Schedule of Investments (unaudited) (continued)

as of February 28, 2022

Fair Value Measurements:

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

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

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

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

The following is a summary of the inputs used as of February 28, 2022 in valuing such portfolio securities:


	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks
Australia	$	2,352,642	$	—	$	—
Austria		78,431		—		—
Belgium		176,066		—		—
Denmark		390,955		—		—
Finland		338,885		—		—
France		3,214,213		—		—
Germany		1,999,607		—		—
Hong Kong		1,885,318		—		—
Ireland		482,885		—		—
Israel		456,886		—		—
Italy		925,396		—		—
Japan		14,226,982		—		—
Jordan		76,090		—		—
Luxembourg		82,382		—		—
Netherlands		977,313		—		—
New Zealand		239,350		—		—
Norway		281,272		—		—
Portugal		168,428		—		—
Russia		—		—		12,248
Singapore		647,810		—		—
Spain		772,313		—		—
Sweden		1,665,927		—		—
Switzerland		1,728,038		—		—

See Notes to Financial Statements.


20


	Level 1		Level 2		Level 3
Investments in Securities (continued)
Assets (continued)
Long-Term Investments (continued)
Common Stocks (continued)
United Kingdom	$	3,679,320	$	—	$	—
Preferred Stocks
Germany		252,617		—		—
Short-Term Investment
Time Deposit		—		93,686		—

Total	$	37,099,126	$	93,686	$	12,248

The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of February 28, 2022 were as follows:


Industry Classification:
Banks	6.6	%
Machinery	5.2
Pharmaceuticals	4.5
Chemicals	4.2
Real Estate Management & Development	4.0
Equity Real Estate Investment Trusts (REITs)	3.9
Diversified Telecommunication Services	3.6
Insurance	3.5
Electric Utilities	3.3
Food Products	3.2
Metals & Mining	3.2
Automobiles	2.7
Oil, Gas & Consumable Fuels	2.6
Trading Companies & Distributors	2.5
Food & Staples Retailing	2.1
Household Durables	2.1
Textiles, Apparel & Luxury Goods	1.9
Professional Services	1.9
Building Products	1.9
Electronic Equipment, Instruments & Components	1.8
Beverages	1.6
Health Care Equipment & Supplies	1.6
Industrial Conglomerates	1.6
IT Services	1.6
Capital Markets	1.5
Construction & Engineering	1.4
Entertainment	1.4
Commercial Services & Supplies	1.3
Diversified Financial Services	1.3
Specialty Retail	1.2
Semiconductors & Semiconductor Equipment	1.2
Marine	1.1
Health Care Providers & Services	1.1
Media	1.1
Technology Hardware, Storage & Peripherals	1.1
Auto Components	1.0
Electrical Equipment	1.0
Gas Utilities	0.9
Tobacco	0.9
Aerospace & Defense	0.9
Household Products	0.9
Wireless Telecommunication Services	0.8
Software	0.7
Construction Materials	0.7
Multiline Retail	0.6
Personal Products	0.6
Air Freight & Logistics	0.6
Interactive Media & Services	0.6
Multi-Utilities	0.5
Road & Rail	0.5
Paper & Forest Products	0.5
Hotels, Restaurants & Leisure	0.4
Leisure Products	0.4
Communications Equipment	0.4
Time Deposit	0.2
Containers & Packaging	0.2
Life Sciences Tools & Services	0.2
Biotechnology	0.2
Transportation Infrastructure	0.2
Independent Power & Renewable Electricity Producers	0.2

	98.9
Other assets in excess of liabilities	1.1

	100.0	%

See Notes to Financial Statements.


PGIM Quant Solutions Strategic Alpha International Equity ETF			21

Statement of Assets & Liabilities (unaudited)

as of February 28, 2022


Assets
Investments at value:
Unaffiliated investments (cost $35,867,478)	$	37,205,060
Foreign currency, at value (cost $293,147)		286,164
Interest and dividends receivable		127,813
Other assets		3,410

Total Assets		37,622,447


Liabilities
Management fee payable		8,587
Other liabilities		417

Total Liabilities		9,004


Net Assets	$	37,613,443


Net assets were comprised of:
Common stock, at par	$	700
Paid-in capital in excess of par		34,905,030
Total distributable earnings (loss)		2,707,713

Net assets, February 28, 2022	$	37,613,443

Net asset value, offering price and redemption price per share, ($37,613,443 / 700,000 shares of common stock issued and outstanding)	$	53.73

See Notes to Financial Statements.


22

Statement of Operations (unaudited)

Six Months Ended February 28, 2022


Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of $53,803 foreign withholding tax)	$	383,964
Income from securities lending, net (including affiliated income of $25)		8,143
Miscellaneous Income		26

Total income		392,133


Expenses
Management fee		59,667
Miscellaneous expenses		227

Total expenses		59,894

Net investment income (loss)		332,239


Realized And Unrealized Gain (Loss) On Investments and Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $(10))		1,743,961
Foreign currency transactions		(6,598	)

		1,737,363

Net change in unrealized appreciation (depreciation) on:
Investments		(4,705,898	)
Foreign currencies		(9,258	)

		(4,715,156	)

Net gain (loss) on investment and foreign currency transactions		(2,977,793	)

Net Increase (Decrease) In Net Assets Resulting From Operations	$	(2,645,554	)

See Notes to Financial Statements.


PGIM Quant Solutions Strategic Alpha International Equity ETF			23

Statements of Changes in Net Assets



	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31, 2021
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	332,239		$	1,005,336
Net realized gain (loss) on investments		1,737,363			4,315,646
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		(4,715,156	)		3,348,057

Net increase (decrease) in net assets resulting from operations		(2,645,554	)		8,669,039


Dividends and Distributions
Distributions from distributable earnings		(3,330,313	)		(940,968	)

Total increase (decrease)		(5,975,867	)		7,728,071

Net Assets:
Beginning of period		43,589,310			35,861,239

End of period	$	37,613,443		$	43,589,310

See Notes to Financial Statements.


24

Financial Highlights


	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31, 2021			Year Ended August 31, 2020			December 4, 2018(e) through August 31, 2019
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$62.27			$51.23			$49.55			$50.00
Income (loss) from investment operations:
Net investment income (loss)		0.47			1.44			1.09			1.16
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(4.25	)		10.94			1.88			(0.63	)
Total from investment operations		(3.78	)		12.38			2.97			0.53
Less Dividends and Distributions:
Dividends from net investment income		(1.38	)		(1.34	)		(1.29	)		(0.98	)
Distributions from net realized gains		(3.38	)		-			-			-
Total Dividends and Distributions		(4.76	)		(1.34	)		(1.29	)		(0.98	)
Net asset value, end of period		$53.73			$62.27			$51.23			$49.55
Total Return(b):		(6.49)%			24.43%			6.05%			1.09%

Ratios/Supplemental Data:
Net assets, end of period (000)		$37,613			$43,589			$35,861			$34,687
Average net assets (000)		$41,491			$40,415			$34,722			$27,908
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		0.29%	(d)		0.29%			0.29%			0.29%	(d)
Expenses before waivers and/or expense reimbursement		0.29%	(d)		0.29%			0.29%			0.29%	(d)
Net investment income (loss)		1.61%	(d)		2.49%			2.20%			3.12%	(d)
Portfolio turnover rate(f)(g)		39%			79%			92%			63%

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

(b)

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

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

(d)	Annualized.

(e)	Commencement of operations.

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

(g)	Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions, if any.

See Notes to Financial Statements.


PGIM Quant Solutions Strategic Alpha International Equity ETF			25

Notes to Financial Statements (unaudited)

1. Organization

PGIM ETF Trust (the “Trust”) is an open-end management investment company registered under the Investment Company Act of 1940, as amended (“1940 Act”). The Trust is organized as a Delaware Statutory Trust and currently consists of five separate Funds: PGIM Ultra Short Bond ETF, PGIM Active High Yield Bond ETF, PGIM Active Aggregate Bond ETF, PGIM Total Return Bond ETF and PGIM Quant Solutions Strategic Alpha International Equity ETF. Each Fund operates as an exchange-traded fund.

These financial statements relate only to PGIM Quant Solutions Strategic Alpha International Equity ETF (the “Fund”), which commenced investment operations on December 4, 2018. The Fund is classified as a diversified fund for purposes of the 1940 Act.

The investment objective of the Fund is to seek long-term growth of capital.

2. Accounting Policies

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

Securities Valuation: The Fund holds 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 Fund’s investments are valued daily based on a number of factors, including the type of investment and whether market quotations are readily available. The Trust’s Board of Trustees (the “Board”) has adopted valuation procedures for security valuation under which fair valuation responsibilities have been delegated to PGIM Investments LLC (“PGIM Investments” or the “Manager”). Pursuant to the Board’s delegation, the Manager has established a Valuation Committee responsible for supervising the fair valuation of portfolio securities and other assets and liabilities. The valuation procedures permit the Fund to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. A record of the Valuation Committee’s actions is subject to the Board’s review at its first quarterly meeting following the quarter in which such actions take place.


26

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

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

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

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

Securities and other assets that cannot be priced according to the methods described above are valued based on pricing methodologies approved by the Board. In the event that unobservable inputs are used when determining such valuations, the securities will be classified as Level 3 in the fair value hierarchy. Altering one or more unobservable inputs may result in a significant change to a Level 3 security’s fair value measurement.

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


PGIM Quant Solutions Strategic Alpha International Equity ETF			27

Notes to Financial Statements (unaudited) (continued)

Foreign Currency Translation: The books and records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars on the following basis:

(i) market value of investment securities, other assets and liabilities—at the exchange rate as of the valuation date;

(ii) purchases and sales of investment securities, income and expenses—at the rates of exchange prevailing on the respective dates of such transactions.

Although the net assets of the Fund are presented at the foreign exchange rates and market values at the close of the period, the Fund does not generally isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities held at the end of the period. Similarly, the Fund does not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities sold during the period. Accordingly, holding period unrealized and realized foreign currency gains (losses) are included in the reported net change in unrealized appreciation (depreciation) on investments and net realized gains (losses) on investment transactions on the Statements of Operations.

Net realized gains (losses) on foreign currency transactions (where applicable) represent net foreign exchange gains (losses) from the disposition of holdings of foreign currencies, currency gains (losses) realized between the trade and settlement dates on forward currency transactions, and the difference between the amounts of interest, dividends and foreign withholding taxes recorded on each Fund’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains (losses) from valuing foreign currency denominated assets and liabilities (other than investments) at period end exchange rates are reflected as a component of net unrealized appreciation (depreciation) on foreign currencies (where applicable).

Rights: The Fund holds rights acquired either through a direct purchase or pursuant to corporate actions. Rights entitle the holder to buy a proportionate amount of common stock, or such other security that the issuer may specify, at a specific price and time through the expiration dates. Such rights are held as long positions by the Fund until exercised, sold or expired. Rights are valued at fair value in accordance with the Board approved fair valuation procedures.

Master Netting Arrangements: The Trust, on behalf of the Fund, is subject to various Master Agreements, or netting arrangements, with select counterparties. These are agreements


28

which a subadviser may have negotiated and entered into on behalf of all or a portion of the Fund. A master netting arrangement between a Fund and the counterparty permits the Fund to offset amounts payable by the Fund to the same counterparty against amounts to be received; and by the receipt of collateral from the counterparty by the Fund to cover the Fund’s exposure to the counterparty. However, there is no assurance that such mitigating factors are easily enforceable. In addition to master netting arrangements, the right to set-off exists when all the conditions are met such that each of the parties owes the other determinable amounts, the reporting party has the right to set-off the amount owed with the amount owed by the other party, the reporting party intends to set-off and the right of set-off is enforceable by law.

Equity and Mortgage Real Estate Investment Trusts (collectively REITs): The Fund invested in REITs, which report information on the source of their distributions annually. Based on current and historical information, a portion of distributions received from REITs during the period is estimated to be dividend income, capital gain or return of capital and recorded

accordingly. When material, these estimates are adjusted periodically when the actual source of distributions is disclosed by the REITs.

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

The Fund 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 upon the nature of the payment on the Statement of Operations. The Fund 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.


PGIM Quant Solutions Strategic Alpha International Equity ETF			29

Notes to Financial Statements (unaudited) (continued)

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 a Fund becomes aware of such dividends. Interest income, including amortization of premium and accretion of discount on debt securities, as required, is recorded on the accrual basis. Expenses are recorded on an accrual basis, which may require the use of certain estimates by management that may differ from actual.

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

Dividends and Distributions: The Fund expects to pay dividends from net investment income quarterly. Distributions of net realized capital and currency gains, if any, are declared and paid at least annually. Dividends and distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from generally accepted accounting principles, are recorded on the ex-date. Permanent GAAP/tax differences relating to income and gain (loss) are reclassified between total distributable earnings (loss) and paid-in capital in excess of par, as appropriate.

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

3. Agreements

Pursuant to a management agreement with the Trust on behalf of the Fund (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 the Fund, there is a unitary fee structure for the fund whereby PGIM Investments is responsible for substantially all expenses of the Fund, except taxes, brokerage expenses, interest expenses, distribution


30

fees or expenses, expenses incident to shareholder meetings and extraordinary expenses. The 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 Fund’s Statement of Additional Information.

The unitary fee paid to the Manager is accrued daily and payable monthly, at an annual rate of the Fund’s average daily net assets specified below. The Manager has contractually agreed, beginning from the Fund’s inception date, to waive any management fees it receives from the Fund in an amount equal to the subadvisory fees paid by the Fund to the PGIM Institutional Money Market Fund due to the Fund’s investment of its excess overnight cash in the PGIM Institutional Money Market Fund. This waiver will remain in effect for as long as the Fund remains invested or intends to invest in the PGIM Institutional Money Market Fund.


Fund	Unitary fee rate
PGIM Quant Solutions Strategic Alpha International Equity ETF		0.29	%

The Manager has entered into a subadvisory agreement (Subadvisory Agreement) with PGIM Quantitative Solutions LLC (formerly known as QMA LLC), (“PGIM Quantitative Solutions”) (the “subadviser”). The Manager pays for the services of the subadviser.

Brown Brothers Harriman & Co. (“BBH”) serves as the Custodian, Transfer Agent, Administrative Agent and Securities Lending Agent for the Trust. The Manager is responsible for compensating BBH under the Custodian and Administrative and Transfer Agency Agreements. As securities lending agent, BBH is responsible for marketing to approved borrowers available securities from the Fund’s portfolio. BBH receives as compensation for its services a portion of the amount earned by the Fund for lending securities.

In September 2021, BBH entered into an agreement with State Street Corporation (“State Street”) under which State Street will acquire BBH’s Investor Services business, which includes its custody, fund accounting and administration, transfer agency, depositary services, foreign exchange and securities lending services. The transaction is expected to be completed during 2022, subject to customary closing conditions and regulatory approvals.

Prudential Investment Management Services LLC (“PIMS” or the “Distributor”), acts as the distributor of the Fund, pursuant to the terms of a distribution agreement (“Distribution Agreement”) between the Trust and the Distributor. The Distributor is a subsidiary of Prudential. Shares are continuously offered for sale by the Distributor only. Although the Distributor does not receive any fees under the Distribution Agreement, the Manager or its affiliates may pay the Distributor for certain distribution related services.

PGIM Investments, PGIM, Inc., PIMS and PGIM Quantitative Solutions are indirect, wholly-owned subsidiaries of Prudential Financial, Inc. (“Prudential”).


PGIM Quant Solutions Strategic Alpha International Equity ETF			31

Notes to Financial Statements (unaudited) (continued)

4. Other Transactions with Affiliates

The Fund may invest its securities lending cash collateral in the PGIM Institutional Money Market Fund (the “Money Market Fund”), a Fund of Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PGIM Investments. In addition to the realized and unrealized gains on investments in the Money Market Fund, earnings from such investments are disclosed on the Statement of Operations as “Income from securities lending, net”.

The Fund may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act, that subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors, and/or common officers. For the period ended February 28, 2022, no 17a-7 transactions were entered into by the Fund.

5. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments, U.S. Government securities and in-kind transactions) for the reporting period ended February 28, 2022, were as follows:


Fund	Cost of Purchases		Proceeds from Sales
PGIM Quant Solutions Strategic Alpha International Equity ETF	$	15,242,764	$	17,807,704

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the reporting period ended February 28, 2022, is presented as follows:

PGIM Quant Solutions Strategic Alpha International Equity 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 Institutional Money Market Fund(1)(b)(wa)
$95,793	$	791,462	$	887,245	$	—	$	(10	)	$	—		—	$	25	(2)

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

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

(wa)	PGIM Investments LLC, the manager of the Fund, also serves as manager of the PGIM Core Ultra Short Bond Fund and PGIM Institutional Money Market Fund, if applicable.

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


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6. Tax Information

The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation as of February 28, 2022 were as follows:


Fund	Tax Basis		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
PGIM Quant Solutions Strategic Alpha International Equity ETF(a)(b)	$	34,955,183	$	4,473,092	$	(2,223,216	)	$	2,249,876

(a)	The difference between book basis and tax basis was primarily attributable to deferred losses on wash sales and other book to tax adjustments.

(b)	The difference between book basis and tax basis was primarily attributable to investments in passive foreign investment companies and other book to tax adjustments.

The Fund utilized its capital loss carryforward to offset net taxable gains realized in the fiscal year ended August 31, 2021.


Fund	Capital Loss Carryforward Utilized
PGIM Quant Solutions Strategic Alpha International Equity ETF	$	1,842,000

The Manager has analyzed the Fund’s tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Fund’s financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Fund’s U.S. federal and state tax returns for each of the three fiscal years up to the most recent fiscal year ended August 31, 2021 are subject to such review.

7. Capital and Ownership

The Fund is an exchange-traded fund, commonly known as an “ETF”. Individual shares of the Fund may only be purchased and sold in secondary market transactions through brokers or other financial intermediaries. Shares of the Fund are listed for trading on the NYSE Arca, Inc. (the “Exchange”), and because the shares of the Fund trade at market prices rather than NAV, shares of the Fund may trade at a price greater than NAV (a premium) or less than NAV (a discount). The 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 Fund 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 the Fund, generally takes place when an Authorized Participant deposits into the Fund a designated portfolio of securities, assets or other positions (a “creation basket”, and an amount of cash


PGIM Quant Solutions Strategic Alpha International Equity ETF			33

Notes to Financial Statements (unaudited) (continued)

(including any cash representing the value of substituted securities, assets or other positions), if any, which together approximate the holdings of the 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 the Fund and an amount of cash (including any portion of such securities for which cash may be substituted). The Fund may, in certain circumstances, offer Creation Units partially or solely for cash. Except when aggregated in Creation Units, shares are not redeemable by the Fund. Creation and redemption baskets may differ and the Fund may accept “custom baskets”. A Creation Unit of PGIM Quant Solutions Strategic Alpha International Equity ETF consists of 100,000 shares of the Fund.

Authorized Participants generally are required to pay a fixed creation transaction fee and/or a fixed redemption transaction fee, as applicable, for each transaction in a Creation Unit regardless of the number of Creation Units created or redeemed on that day. The Fund may adjust the transaction fee from time to time. An additional charge or a variable charge may be applied to certain creation and redemption transactions, including non-standard orders and whole or partial cash purchases or redemptions when deemed appropriate.

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

As of February 28, 2022, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Fund as follows:


Fund	Number of Shares		Percentage of Outstanding Shares
PGIM Quant Solutions Strategic Alpha International Equity ETF	$	695,050		99.3	%

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


	Affiliated					Unaffiliated
Fund	Number of Shareholders		Percentage of Outstanding Shares			Number of Shareholders		Percentage of Outstanding Shares
PGIM Quant Solutions Strategic Alpha International Equity ETF		3		99.3	%		0		0.0	%

There were no transactions in shares of beneficial interest for the periods ended February 28, 2022 and August 31, 2021.


34

The Fund may make payment for Fund shares redeemed and contributed wholly or in part by distributing portfolio securities to shareholders. For the period ended February 28, 2022, the Fund had no subscriptions in-kind and redemptions in-kind.

8. Borrowings

The Trust, on behalf of the Fund, along with other affiliated registered investment companies (the “Participating Funds”), is a party to a Syndicated Credit Agreement (“SCA”) with a group of banks. The purpose of the SCA is to provide an alternative source of temporary funding for capital share redemptions. The table below provides details of the current SCA in effect at the reporting period-end as well as the prior SCA.


	Current SCA	Prior SCA
Term of Commitment	10/1/2021 – 9/29/2022	10/2/2020 – 9/30/2021

Total Commitment	$ 1,200,000,000	$ 1,200,000,000

Annualized Commitment Fee on the Unused Portion of the SCA	0.15%	0.15%

Annualized Interest Rate on Borrowings	1.20% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent	1.30% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent

Certain affiliated registered investment companies that are parties to the SCA include portfolios that are subject to a predetermined mathematical formula used to manage certain benefit guarantees offered under variable annuity contracts. The formula may result in large scale asset flows into and out of these portfolios. Consequently, these portfolios may be more likely to utilize the SCA for purposes of funding redemptions. It may be possible for those portfolios to fully exhaust the committed amount of the SCA, thereby requiring the Manager to allocate available funding per a Board-approved methodology designed to treat the Participating Funds in the SCA equitably.

The Fund did not utilize the SCA during the reporting period ended February 28, 2022.

9. Risks of Investing in the Fund

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

Authorized Participant Concentration Risk: Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of intermediaries that act as Authorized Participants and none of these Authorized Participants is or will be obligated to engage in creation or redemption transactions. To the extent that these Authorized Participants exit the business or are unable to or choose not to proceed with creation and/or redemption orders with respect to the Fund and no other


PGIM Quant Solutions Strategic Alpha International Equity ETF			35

Notes to Financial Statements (unaudited) (continued)

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.

Currency Risk: The Fund’s net asset value could decline as a result of changes in exchange rates, which could adversely affect the Fund’s investments in currencies, or in securities that trade in, and receive revenues related to, currencies, or in derivatives that provide exposure to currencies. Certain foreign countries may impose restrictions on the ability of issuers of 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.

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

Equity and Equity-Related Securities Risks: 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 NYSE Arca, Inc. (the Exchange) and the shares are bought and sold in the secondary market at market prices. The market prices of the shares of the Fund are expected to fluctuate in response to changes in the Fund’s NAV, the intraday value of the Fund’s holdings and supply and demand for shares of the Fund. We cannot predict whether shares of the Fund will trade above, below or at their NAV. Trading on the Exchange, including trading of Fund shares, may be halted in certain circumstances and shareholders may not be able to sell Fund shares at the time or price desired. During periods of stressed market conditions, the market for the shares of the Fund may become less liquid in response to deteriorating liquidity in the markets for the Fund’s portfolio investments. This adverse effect on the liquidity of the Fund’s shares could lead to differences between the market price of the Fund’s shares and the NAV of those shares. There can be no assurance that the requirements of the Exchange to maintain the listing of shares of the Fund will continue to be met. At times, trading in the securities of ETFs has become volatile and unpredictable and the price of ETF shares has diverged from market driven fundamentals.


36

Disruptions to creations and redemptions, the existence of significant market volatility or potential lack of an active trading market for the shares of the Fund (including through a trading halt), as well as other factors, may result in the Fund’s shares trading on the Exchange significantly above (at a premium) or below (at a discount) to NAV or to the intraday value of the Fund’s holdings. Premiums and discounts relate to differences between the market price and NAV of the Fund’s shares. During such periods, you may incur significant losses if you sell your shares of the Fund.

The securities held by the Fund may be traded in markets that close at a different time than the Exchange and may trade outside of a collateralized settlement system. Liquidity in those securities may be reduced after the applicable closing times. Accordingly, during the time when the Exchange is open but after the applicable market closing, fixing or settlement times, bid-ask spreads for the Fund’s shares on the Exchange and the corresponding premium or discount between the market price for Fund shares and their NAV may widen. Additionally, during times when the Exchange is open but after the applicable market is closed, there may be changes between the last quote from the closed foreign market and the value of such security during the Fund’s trading day on the Exchange and this may lead to differences between the market price of the Fund’s shares and the underlying value of those shares.

•

Cost of Buying or Selling Shares: When you buy or sell shares of the Fund through a broker, you will likely incur a brokerage commission or other charges imposed by brokers. In addition, the market price of shares of the Fund, like the price of any exchange-traded security, includes a “bid-ask spread” charged by the market makers or other participants that trade the particular security. The spread of the Fund’s shares varies over time based on the Fund’s trading volume, the spread of the Fund’s underlying securities, and market liquidity and may increase if the Fund’s trading volume, the spread of the Fund’s underlying securities, or market liquidity decreases. In times of severe market disruption, including when trading of the Fund’s holdings may be halted, the bid-ask spread may increase significantly. This means that the shares may trade at a discount to the Fund’s NAV, and the discount is likely to be greatest during significant market volatility.

•

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

Foreign Securities Risk: Investments in securities of non-U.S. issuers (including those denominated in U.S. dollars) generally 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 U.S. Foreign legal systems generally have fewer regulatory requirements than the U.S. legal system. In general, less information is publicly available about non-U.S. companies than about 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


PGIM Quant Solutions Strategic Alpha International Equity ETF			37

Notes to Financial Statements (unaudited) (continued)

changing value of foreign currencies and changes in exchange rates could also affect the value of the assets the Fund holds and the Fund’s performance. Certain foreign countries may impose restrictions on the ability of issuers of foreign securities to make payment of principal and interest or dividends to investors located outside the country, due to blockage of foreign currency exchanges or otherwise. Investments in emerging markets are subject to greater volatility and price declines.

In addition, the Fund’s investments in non-U.S. securities may be subject to the risks of nationalization or expropriation of assets, imposition of currency exchange controls or restrictions on the repatriation of non-U.S. currency, confiscatory taxation and adverse diplomatic developments. Special U.S. tax considerations may apply.

Geographic Concentration Risk: The Fund’s performance may be closely tied to the market, economic, political, regulatory or other conditions in the countries or regions in which the Fund invests. This can result in more pronounced risks based upon conditions that impact one or more countries or regions more or less than other countries or regions.

Large Shareholder and Large Scale Redemption Risk: Certain individuals, accounts, funds (including funds affiliated with the Manager) or institutions, including the Manager and its affiliates, may from time to time own or control a substantial amount of the Fund’s shares. There is no requirement that these entities maintain their investment in the Fund. There is a risk that such large shareholders or that the Fund’s shareholders generally may redeem all or a substantial portion of their investments in the Fund in a short period of time, which could have a significant negative impact on the Fund’s NAV, liquidity, and brokerage costs. Large redemptions could also result in tax consequences to shareholders and impact the Fund’s ability to implement its investment strategy. The Fund’s ability to pursue its investment objective after one or more large scale redemptions may be impaired and, as a result, the Fund may invest a larger portion of its assets in cash or cash equivalents.

Management Risk: The value of your investment may decrease if judgments by the subadviser about the attractiveness, value or market trends affecting a particular security, industry or sector or about market movements are incorrect.

Market Capitalization Risk: The Fund may invest in companies of any market capitalization. Generally, the stock prices of small- and mid-cap companies are less stable than the prices of large-cap stocks and may present greater risks. Large capitalization companies as a group could fall out of favor with the market, causing the Fund to underperform compared to investments that focus on smaller capitalized companies.


38

Market Disruption and Geopolitical Risks: Market disruption can be caused by economic, financial or political events and factors, including but not limited to, international wars or conflicts (including Russia’s military invasion of Ukraine), geopolitical developments (including trading and tariff arrangements, sanctions and cybersecurity attacks), instability in regions such as Asia, Eastern Europe and the Middle East, terrorism, natural disasters and public health epidemics (including the outbreak of COVID-19 globally).

The extent and duration of such events and resulting market disruptions cannot be predicted, but could be substantial and could magnify the impact of other risks to the Fund. These and other similar events could adversely affect the U.S. and foreign financial markets and lead to increased market volatility, reduced liquidity in the securities markets, significant negative impacts on issuers and the markets for certain securities and commodities and/or government intervention. They may also cause short- or long-term economic uncertainties in the United States and worldwide. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund’s investments may be negatively impacted. Further, due to closures of certain markets and restrictions on trading certain securities, the value of certain securities held by the Fund could be significantly impacted, which could lead to such securities being valued at zero.

COVID-19 and the related governmental and public responses have had and may continue to have an impact on the Fund’s investments and net asset value and have led and may continue to lead to increased market volatility and the potential for illiquidity in certain classes of securities and sectors of the market. They have also had and may continue to result in periods of business disruption, business closures, inability to obtain raw materials, supplies and component parts, and reduced or disrupted operations for the issuers in which the Fund invests. The occurrence, reoccurrence and pendency of public health epidemics could adversely affect the economies and financial markets either in specific countries or worldwide.

Market Risk: Securities markets may be volatile and the market prices of the Fund’s securities may decline. Securities fluctuate in price based on changes in an issuer’s financial condition and overall market and economic conditions. If the market prices of the securities owned by the Fund fall, the value of your investment in the Fund will decline.

Model Design Risk: The subadviser uses certain quantitative models to help guide its investment decisions. The design of the underlying models may be flawed or incomplete. The investment models the subadviser uses are based on historical and theoretical underpinnings that it believes are sound. There can be no guarantee, however, that these underpinnings will correlate with security price behavior in the manner assumed by the subadviser’s models. Additionally, the quantitative techniques that underlie the subadviser’s portfolio construction processes may fail to fully anticipate important risks.

Model Implementation Risk: While the subadviser strives to mitigate the likelihood of material implementation errors, it is impossible to completely eliminate the risk of error in


PGIM Quant Solutions Strategic Alpha International Equity ETF			39

Notes to Financial Statements (unaudited) (continued)

the implementation of the computer models that guide the subadviser’s quantitative investment processes. Additionally, it may be difficult to implement model recommendations in volatile and rapidly changing market conditions.

Small Fund Risk: When the Fund’s size is small, the Fund may experience low trading volume and wide bid/ask spreads. The Fund may face the risk of being delisted if it does not meet certain conditions of the listing exchange due to small size. Any resulting liquidation of the Fund could cause the Fund to incur elevated transaction costs for the Fund and negative tax consequences for its shareholders.

Value Style Risk: Historically, value stocks have performed best during periods of economic recovery. There is the risk that the value style may be out of favor for a period of time, that the market will not recognize a security’s intrinsic value for a long time or that a stock judged to be undervalued may not be undervalued. 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.

10. Recent Regulatory Developments

On December 3, 2020, the SEC announced that it voted to adopt a new rule that establishes an updated regulatory framework for fund valuation practices (the “Rule”). The Rule, in part, provides (i) a framework for determining fair value in good faith and (ii) provides for a fund Board’s assignment of its responsibility for the execution of valuation-related activities to a fund’s investment adviser. Further, the SEC is rescinding previously issued guidance on related issues. The Rule took effect on March 8, 2021, with a compliance date of September 8, 2022. Management is currently evaluating the Rule and its impact to the Fund.


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∎ MAIL	∎ TELEPHONE	∎ WEBSITE

655 Broad Street	(800) 225-1852	pgim.com/investments
Newark, NJ 07102

PROXY VOTING

The Board of Trustees of the Fund has delegated to the Fund’s subadviser the responsibility for voting any proxies and maintaining proxy recordkeeping with respect to the 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 the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website and on the Securities and Exchange Commission’s website.

TRUSTEES

Ellen S. Alberding · Kevin J. Bannon · Scott E. Benjamin · Linda W. Bynoe · Barry H. Evans · Keith F. Hartstein · Laurie Simon Hodrick · Stuart S. Parker · Brian K. Reid · Grace C. Torres

OFFICERS

Stuart S. Parker, President · Scott E. Benjamin, Vice President · Christian J. Kelly, Treasurer and Principal Financial and Accounting Officer · Claudia DiGiacomo, Chief Legal Officer · Isabelle Sajous, Chief Compliance Officer · Dana E. Cordes, Anti-Money Laundering Compliance Officer · Andrew R. French, Secretary · Melissa Gonzalez, Assistant Secretary · Diana N. Huffman, Assistant Secretary · Patrick E. McGuinness, Assistant Secretary · Debra Rubano, Assistant Secretary · Lana Lomuti, Assistant Treasurer · Russ Shupak, Assistant Treasurer · Elyse M. McLaughlin, Assistant Treasurer · Deborah Conway, Assistant Treasurer


MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102

SUBADVISER	PGIM Quantitative Solutions LLC	Gateway Center Two 100 Mulberry Street Newark, NJ 07102

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

CUSTODIAN/TRANSFER AGENT	Brown Brothers Harriman & Co.	50 Post Office Square Boston, MA 02110

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 the Funds carefully before investing. The prospectus and summary prospectus contain this and other information about the Funds. An investor may obtain the prospectus and summary prospectus for the Fund by visiting our website at pgim.com/investments or by calling (800) 225-1852. The prospectus and summary prospectus for the Fund 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 Quant Solutions Strategic Alpha International Equity ETF, 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.pgim.com/investments the Fund’s portfolio holdings that will form the basis for the Fund’s calculation of NAV at the end of the business day. The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT filings are available on the Commission’s website at sec.gov.

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 QUANT SOLUTIONS STRATEGIC ALPHA INTERNATIONAL EQUITY ETF


Fund		Ticker Symbol

PGIM Quant Solutions Strategic Alpha International Equity ETF		PQIN

ETF1002E2