N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number:	811-23324
Exact name of registrant as specified in charter:	PGIM ETF Trust

(This Form N-CSR relates solely to the Registrant’s: PGIM Ultra Short Bond ETF, PGIM Active High Yield Bond ETF, PGIM QMA Strategic Alpha International Equity ETF, PGIM QMA Strategic Alpha Large-Cap Core ETF, PGIM QMA Strategic Alpha Small-Cap Growth ETF and PGIM QMA Strategic Alpha Small-Cap Value ETF)

Address of principal executive offices:	655 Broad Street, 17th Floor
	Newark, New Jersey 07102
Name and address of agent for service:	Andrew R. French
	655 Broad Street, 17th Floor
	Newark, New Jersey 07102
Registrant’s telephone number, including area code:	800-225-1852
Date of fiscal year end:	8/31/2019
Date of reporting period:	2/28/2019

Item 1 – Reports to Stockholders

PGIM ULTRA SHORT BOND ETF (NYSE Arca: PULS)

SEMIANNUAL REPORT

FEBRUARY 28, 2019

COMING SOON: PAPERLESS SHAREHOLDER REPORTS

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (pgiminvestments.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically anytime by contacting your financial intermediary (such as a broker-dealer or bank).

You may elect to receive all future reports in paper free of charge. You should contact your financial intermediary or follow instructions included with this notice to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account.

To enroll in e-delivery, go to pgiminvestments.com/edelivery

Objective: Total return through a combination of current income and capital
appreciation, consistent with preservation of capital

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, 2019 were not audited and, accordingly, no auditor’s opinion is expressed on them.

Exchange-traded funds are distributed by Prudential Investment Management Services LLC (PIMS), member SIPC. PGIM Fixed Income is a unit of PGIM, Inc. (PGIM), a registered investment adviser. PIMS and PGIM are Prudential Financial companies. ^© 2019 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.

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Table of Contents

Letter from the President	5
Your Fund’s Performance	6
Fees and Expenses	9
Holdings and Financial Statements	11

PGIM Ultra Short Bond ETF 3

This Page Intentionally Left Blank

Letter from the President

Dear Shareholder:

We hope you find the semiannual report for PGIM Ultra Short Bond ETF informative and useful. The report covers performance for the six-month period ended February 28, 2019.

Regarding your investments with PGIM, we believe it is important to

maintain a diversified portfolio of funds consistent with your tolerance for risk, time horizon, and financial goals.

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

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

Thank you for choosing our family of funds.

Sincerely,

Stuart S. Parker, President

PGIM Ultra Short Bond ETF

April 15, 2019

PGIM Ultra Short Bond ETF 5

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 and 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 pgiminvestments.com or by calling (800) 225-1852.

	Total Returns as of 2/28/19
	Six Months (%)	Since Inception (%)
Net Asset Value (NAV)	1.26	2.36 (4/5/18)
Market Price*	1.22	2.34 (4/5/18)
ICE BofAML 3-Month T Bill Index
	1.10	1.90
ICE BofAML USD 3-Month Deposit Offered Rate CM Index
	1.24	2.26
Lipper Ultra-Short Obligations Funds Average
	1.12	2.05

Source: PGIM Investments LLC and Lipper Inc.

*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 Indexes and the Lipper Average 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 Definitions

ICE BofAML 3-Month T Bill Index—The ICE BofA Merrill Lynch 3-Month US Treasury Bill Index tracks the performance of US dollar-denominated US Treasury Bills publicly issued in the US domestic market with a remaining term to final maturity of 3 months.

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

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

Lipper Ultra-Short Obligations Funds Average—The Lipper Ultra-Short Obligation Funds Average (Lipper Average) is based on the average return of all funds in the Lipper Ultra-Short Obligation Funds universe for the periods noted. Funds in the Lipper Average are funds that invest primarily in investment-grade debt issues or better and maintain a portfolio dollar weighted average maturity between 91 days and 365 days.

Investors cannot invest directly in an index or average. The returns for the Indexes would be lower if they included the effects of sales charges, operating expenses of a mutual fund, or taxes. Returns for the Lipper Average reflect the deduction of operating expenses of a mutual fund, but not sales charges or taxes.

Credit Quality expressed as a percentage of total investments as of 2/28/19 (%)
AAA	20.2
AA	26.8
A	28.5
BBB	26.3
Not Rated	–0.1
Cash and Cash Equivalents	–1.7
Total Investments	100.0

Source: PGIM Fixed Income

Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody’s Investors Service, Inc. (Moody’s), S&P Global Ratings (S&P), or Fitch, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, ratings are converted to the comparable S&P/Fitch rating tier nomenclature. These rating agencies are independent and are widely used. The Not Rated category consists of securities that have not been rated by a NRSRO and may include derivative instruments that could have a negative value. Credit ratings are subject to change. Values may not sum to 100% due to rounding.

Negative weightings may result from specific circumstances (including timing differences between trade and settle dates of securities purchased by the funds) and/or the use of certain financial instruments, including derivatives, which may be used to gain or reduce market exposure and/or risk management.

PGIM Ultra Short Bond ETF 7

Your Fund’s Performance (continued)

Distributions and Yields as of 2/28/19
	Total Dividends Paid for Six Months ($)	SEC 30-Day Subsidized Yield* (%)	SEC 30-Day Unsubsidized Yield** (%)
	0.65	2.88	2.88

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

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

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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 period ended February 28, 2019. The example is for illustrative purposes only.

Actual Expenses

The information under each column in the line entitled “Actual” 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 Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The information under each column in the line entitled “Hypothetical” 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 table 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 Ultra Short Bond ETF 9

Fees and Expenses (continued)

PGIM Ultra Short Bond ETF	Beginning Account Value September 1, 2018		Ending Account Value February 28, 2019		Annualized Expense Ratio based on the Six-Month Period			Expenses Paid During the Six-Month Period*
Actual	$	1,000.00	$	1,012.60		0.15	%	$	0.75
Hypothetical	$	1,000.00	$	1,024.05		0.15	%	$	0.75

*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, 2019, and divided by the 365 days in the Fund’s fiscal year ending August 31, 2019 (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, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
LONG-TERM INVESTMENTS    67.6%
ASSET-BACKED SECURITIES    9.8%
Collateralized Loan Obligations    9.8%
Adams Mill CLO Ltd. (Cayman Islands), Series 2014-1A, Class A1R, 144A, 3 Month LIBOR + 1.100%		3.887	%(c)		07/15/26		867	$	865,111
Anchorage Capital CLO 8 Ltd. (Cayman Islands), Series 2016-8A, Class AR, 144A, 3 Month LIBOR + 1.000%		3.765	(c)		07/28/28		295		292,916
Atrium VIII (Cayman Islands), Series 8A, Class AR, 144A, 3 Month LIBOR + 1.350%		4.122	(c)		10/23/24		511		511,456
Avery Point III CLO Ltd. (Cayman Islands), Series 2013-3A, Class AR, 144A, 3 Month LIBOR + 1.120%		3.900	(c)		01/18/25		621		621,506
Battalion CLO VII Ltd. (Cayman Islands), Series 2014-7A, Class A1RR, 144A, 3 Month LIBOR + 1.040%		3.813	(c)		07/17/28		1,000		991,263
Catamaran CLO Ltd. (Cayman Islands), Series 2014-2A, Class A1R, 144A, 3 Month LIBOR + 1.400%		4.180	(c)		10/18/26		812		812,221
CIFC Funding Ltd. (Cayman Islands), Series 2015-2A, Class AR, 144A, 3 Month LIBOR + 0.780%		3.567	(c)		04/15/27		575		571,565
Ellington CLO IV Ltd. (Cayman Islands), Series 2019-1A, Class A, 144A,		0.000	(o)		04/15/29		1,900		1,900,000
Flagship CLO VIII Ltd. (Cayman Islands), Series 2014-8A, Class ARR, 144A, 3 Month LIBOR + 0.850%		3.629	(c)		01/16/26		800		796,159
Flagship VII Ltd. (Cayman Islands), Series 2013-7A, Class A1R, 144A, 3 Month LIBOR + 1.120%		3.881	(c)		01/20/26		344		344,169
Flatiron CLO Ltd. (Cayman Islands), Series 2015-1A, Class AR, 144A, 3 Month LIBOR + 0.890%		3.677	(c)		04/15/27		650		646,474
ICG US CLO Ltd. (Cayman Islands), Series 2015-1A, Class A1R, 144A, 3 Month LIBOR + 1.140%		3.901	(c)		10/19/28		1,000		995,749
KVK CLO Ltd. (Cayman Islands), Series 2018-1A, Class A, 144A, 3 Month LIBOR + 0.930%		3.574	(c)		05/20/29		500		495,596
Limerock CLO III LLC (Cayman Islands), Series 2014-3A, Class A1R, 144A, 3 Month LIBOR + 1.200%		3.961	(c)		10/20/26		245		245,209
Magnetite XI Ltd. (Cayman Islands), Series 2014-11A, Class A1R, 144A, 3 Month LIBOR + 1.120%		3.900	(c)		01/18/27		300		299,998
Man GLG US CLO Ltd. (Cayman Islands), Series 2018-2A, Class A1R, 144A, 3 Month LIBOR + 1.240%		4.027	(c)		10/15/28		1,250		1,245,983
Mill Creek II CLO Ltd. (Cayman Islands), Series 2016-1A, Class A, 144A, 3 Month LIBOR + 1.750%		4.511	(c)		04/20/28		250		250,081
Mountain View CLO Ltd (Cayman Islands), Series 2013-1A, Class AR, 144A, 3 Month LIBOR + 1.250%		4.047	(c)		10/12/30		500		496,840
Ocean Trails CLO IV (Cayman Islands), Series 2013-4A, Class AR, 144A, 3 Month LIBOR + 0.900%		3.588	(c)		08/13/25		790		788,639

See Notes to Financial Statements.

PGIM Ultra Short Bond ETF 11

Schedule of Investments (unaudited) (continued)

as of February 28, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Collateralized Loan Obligations (cont’d.)
OZLM XII Ltd. (Cayman Islands), Series 2015-12A, Class A1R, 144A, 3 Month LIBOR + 1.050%		3.801	%(c)		04/30/27		300	$	299,245
OZLM XIII Ltd. (Cayman Islands), Series 2015-13A, Class A1R, 144A, 3 Month LIBOR + 1.080%		3.831	(c)		07/30/27		1,100		1,097,714
Saratoga Investment Corp. CLO Ltd. (Cayman Islands), Series 2013-1A, Class AFR2, 144A, 3 Month LIBOR + 1.250%		4.190	(c)		01/20/30		1,000		996,950
Sound Point CLO XI Ltd. (Cayman Islands), Series 2016-1A, Class AR, 144A, 3 Month LIBOR + 1.100%		3.861	(c)		07/20/28		500		499,089
TCW CLO AMR Ltd. (Cayman Islands), Series 2019-1A, Class A, 144A, 1.440% - 1 Month LIBOR		0.000	(o)		02/15/29		1,500		1,500,000
THL Credit Wind River CLO Ltd. (Cayman Islands), Series 2012-1A, Class AR, 144A, 3 Month LIBOR + 1.450%		4.237	(c)		01/15/26		800		800,367
TICP CLO I Ltd. (Cayman Islands), Series 2015-1A, Class AR, 144A, 3 Month LIBOR + 0.800%		3.561	(c)		07/20/27		500		494,837
TICP CLO III-2 Ltd. (Cayman Islands), Series 2018-3R, Class A, 144A, 3 Month LIBOR + 0.840%		3.601	(c)		04/20/28		1,510		1,494,949
Venture XXIV CLO Ltd. (Cayman Islands), Series 2016-24A, Class A1D, 144A, 3 Month LIBOR + 1.420%		4.181	(c)		10/20/28		250		250,207
Wellfleet CLO Ltd. (Cayman Islands), Series 2016-2A, Class A1R, 144A, 3 Month LIBOR + 1.140%		3.901	(c)		10/20/28		1,000		993,520
West CLO Ltd. (Cayman Islands), Series 2014-1A, Class A1R, 144A, 3 Month LIBOR + 0.920%		3.700	(c)		07/18/26		206		204,708
Zais CLO 8 Ltd. (Cayman Islands), Series 2018-1A, Class A, 144A, 3 Month LIBOR + 0.950%		3.737	(c)		04/15/29		900		889,624
TOTAL ASSET-BACKED SECURITIES (cost $22,732,522)									22,692,145
COMMERCIAL MORTGAGE-BACKED SECURITIES    9.7%
BANK,
Series 2017-BNK5, Class A1		1.909			06/15/60		266		261,839
Series 2017-BNK7, Class A1		1.984			09/15/60		174		171,062
Series 2018-BN14, Class A1		3.277			09/15/60		765		770,623
BBCMS Mortgage Trust, Series 2017-C1, Class A1		2.010			02/15/50		428		421,535
CD Mortgage Trust,
Series 2016-CD1, Class A1		1.443			08/10/49		28		27,775
Series 2017-CD3, Class A1		1.965			02/10/50		123		121,311
CFCRE Commercial Mortgage Trust, Series 2016-C4, Class A1		1.501			05/10/58		950		938,306

See Notes to Financial Statements.

12

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
Citigroup Commercial Mortgage Trust,
Series 2014-GC21, Class AAB		3.477	%		05/10/47		540	$	547,138
Series 2015-GC35, Class A1		1.847			11/10/48		283		281,312
Series 2015-P1, Class A1		1.648			09/15/48		304		301,744
Series 2016-C1, Class A1		1.506			05/10/49		460		453,519
Series 2016-GC37, Class A1		1.635			04/10/49		60		59,021
Series 2016-P5, Class A1		1.410			10/10/49		87		85,964
Series 2017-P8, Class A1		2.065			09/15/50		344		338,315
COMM Mortgage Trust,
Series 2014-CR19, Class A1		1.415			08/10/47		57		57,253
Series 2014-CR20, Class A1		1.324			11/10/47		87		86,240
Series 2015-CR22, Class A1		1.569			03/10/48		10		9,720
Series 2015-CR24, Class A2		3.022			08/10/48		156		155,986
Series 2015-CR24, Class A3		3.214			08/10/48		960		960,457
Series 2015-CR25, Class A1		1.737			08/10/48		196		194,486
Series 2015-LC19, Class A1		1.399			02/10/48		99		98,914
Series 2016-DC2, Class A1		1.820			02/10/49		468		462,248
Series 2017-COR2, Class A1		2.111			09/10/50		212		209,081
Commercial Mortgage Pass Through Certificates, Series 2016-CR28, Class A1		1.770			02/10/49		380		376,485
CSAIL Commercial Mortgage Trust, Series 2015-C3, Class A1		1.717			08/15/48		274		272,218
DBJPM Mortgage Trust,
Series 2016-C3, Class A1		1.502			08/10/49		678		666,148
Series 2016-C3, Class A2		1.886			08/10/49		1,085		1,054,688
GS Mortgage Securities Trust,
Series 2013-GC14, Class A3		3.526			08/10/46		109		109,484
Series 2014-GC22, Class AAB		3.467			06/10/47		1,000		1,015,210
Series 2014-GC24, Class A1		1.509			09/10/47		38		37,922
Series 2015-GC34, Class A2		2.075			10/10/48		800		789,614
Series 2016-GS3, Class A1		1.429			10/10/49		626		615,761
JP Morgan Chase Commercial Mortgage Securities Trust,
Series 2012-CBX, Class A3		3.139			06/15/45		98		98,336
Series 2016-JP2, Class A1		1.324			08/15/49		58		57,201
JPMBB Commercial Mortgage Securities Trust
Series 2015-C31, Class A1		1.666			08/15/48		181		179,237
Series 2016-C1, Class A1		1.695			03/15/49		92		91,931
JPMCC Commercial Mortgage Securities Trust, Series 2017-JP5, Class A1		2.086			03/15/50		681		671,732
JPMDB Commercial Mortgage Securities Trust, Series 2017-C7, Class A1		2.081			10/15/50		197		194,119
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2014-C14, Class A3		3.669			02/15/47		174		175,545
Series 2015-C21, Class A1		1.548			03/15/48		45		44,285

See Notes to Financial Statements.

PGIM Ultra Short Bond ETF 13

Schedule of Investments (unaudited) (continued)

as of February 28, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
Morgan Stanley Capital I Trust,
Series 2015-MS1, Class A1		1.638	%		05/15/48		403	$	399,092
Series 2016-BNK2, Class A1		1.424			11/15/49		121		118,744
Series 2016-UBS9, Class A1		1.711			03/15/49		132		130,388
UBS Commercial Mortgage Trust,
Series 2012-C1, Class A3		3.400			05/10/45		1,459		1,471,849
Series 2017-C5, Class A1		2.139			11/15/50		338		332,578
Series 2018-C11, Class A1		3.211			06/15/51		91		91,669
Series 2018-C8, Class A1		2.659			02/15/51		1,265		1,259,575
Wells Fargo Commercial Mortgage Trust,
Series 2015-LC20, Class A1		1.471			04/15/50		496		493,609
Series 2015-LC22, Class A1		1.639			09/15/58		293		290,510
Series 2015-NXS2, Class A2		3.020			07/15/58		745		744,098
Series 2015-NXS4, Class A1		1.889			12/15/48		100		99,683
Series 2015-P2, Class A2B		4.739	(c)		12/15/48		193		199,056
Series 2016-BNK1, Class A1		1.321			08/15/49		131		128,395
Series 2016-C32, Class A1		1.577			01/15/59		351		347,211
Series 2016-C33, Class A1		1.775			03/15/59		577		572,394
Series 2016-C35, Class A1		1.392			07/15/48		648		638,258
Series 2016-C37, Class A1		1.944			12/15/49		1,152		1,137,826
Series 2016-LC24, Class A1		1.441			10/15/49		86		85,137
Series 2016-NXS6, Class A1		1.417			11/15/49		84		82,350
Series 2017-RB1, Class A1		2.056			03/15/50		92		90,777
Series 2017-RC1, Class A1		2.012			01/15/60		225		222,600
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (cost $22,291,269)									22,399,564
CORPORATE BONDS    46.7%
Aerospace & Defense    2.0%
General Dynamics Corp.,
Gtd. Notes		2.875			05/11/20		1,295		1,296,660
Gtd. Notes, 3 Month LIBOR + 0.290%		2.987	(c)		05/11/20		350		350,512
Northrop Grumman Corp., Sr. Unsec’d. Notes		2.080			10/15/20		768		757,531
Raytheon Co., Sr. Unsec’d. Notes		4.400			02/15/20		2,300		2,332,963
									4,737,666
Agriculture    0.3%
Philip Morris International, Inc., Sr. Unsec’d. Notes, 3 Month LIBOR + 0.420%		3.061	(c)		02/21/20		600		601,139

See Notes to Financial Statements.

14

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Auto Manufacturers    4.3%
American Honda Finance Corp.,
Sr. Unsec’d. Notes, MTN, 3 Month LIBOR + 0.290%		3.057	%(c)		12/10/21		750	$	745,896
Sr. Unsec’d. Notes, MTN, 3 Month LIBOR + 0.470%		3.257	(c)		01/08/21		1,200		1,202,994
BMW US Capital LLC,
Gtd. Notes, 144A, 3 Month LIBOR + 0.370%		3.063	(c)		08/14/20		250		249,591
Gtd. Notes, 144A, 3 Month LIBOR + 0.410%		3.207	(c)		04/12/21		893		891,578
Gtd. Notes, 144A, 3 Month LIBOR + 0.500%		3.188	(c)		08/13/21		1,465		1,461,704
Daimler Finance North America LLC,
Gtd. Notes, 144A, 3 Month LIBOR + 0.390%		3.128	(c)		05/04/20		150		149,504
Gtd. Notes, 144A, 3 Month LIBOR + 0.530%		3.263	(c)		05/05/20		360		359,634
Gtd. Notes, 144A, 3 Month LIBOR + 0.630%		3.425	(c)		01/06/20		700		700,804
Ford Motor Credit Co. LLC, Sr. Unsec’d. Notes, 3 Month LIBOR + 0.830%		3.606	(c)		03/12/19		350		350,003
Harley-Davidson Financial Services, Inc.,
Gtd. Notes, 144A		2.400			09/15/19		1,000		994,741
Gtd. Notes, 144A, 3 Month LIBOR + 0.500%		3.141	(c)		05/21/20		350		349,987
Nissan Motor Acceptance Corp.,
Sr. Unsec’d. Notes, 144A		2.000			03/08/19		430		429,969
Sr. Unsec’d. Notes, 144A, 3 Month LIBOR + 0.390%		3.187	(c)		07/13/20		410		408,504
Toyota Motor Credit Corp., Sr. Unsec’d. Notes, 3 Month LIBOR + 0.100%		2.883	(c)		01/10/20		250		250,099
Toyota Motor Finance Netherlands BV (Netherlands), Sr. Unsec’d. Notes, EMTN, 3 Month LIBOR + 0.250%		3.026	(c)		12/12/19		500		500,040
Volkswagen Group of America Finance LLC, Gtd. Notes, 144A, 3 Month LIBOR + 0.770%		3.458	(c)		11/13/20		1,000		1,001,417
									10,046,465
Banks    11.0%
ABN AMRO Bank NV (Netherlands), Sr. Unsec’d. Notes, 144A, 3 Month LIBOR + 0.570%		3.209	(c)		08/27/21		500		500,035
Australia & New Zealand Banking Group Ltd. (Australia), Sr. Unsec’d. Notes, 144A, 3 Month LIBOR + 0.320%		3.017	(c)		11/09/20		450		450,186
Bangkok Bank PCL (Thailand), Sr. Unsec’d. Notes		4.800			10/18/20		300		306,600
Bank of China Ltd. (China), Sr. Unsec’d. Notes, GMTN		2.875			06/30/20		250		248,463
Bank of Montreal (Canada),
Sr. Unsec’d. Notes, MTN, 3 Month LIBOR + 0.340%		3.137	(c)		07/13/20		250		250,230
Sr. Unsec’d. Notes, MTN, 3 Month LIBOR + 0.440%		3.228	(c)		06/15/20		1,021		1,023,938
Sr. Unsec’d. Notes, 3 Month LIBOR + 0.460%		3.257	(c)		04/13/21		275		275,596

See Notes to Financial Statements.

PGIM Ultra Short Bond ETF 15

Schedule of Investments (unaudited) (continued)

as of February 28, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Banks (cont’d.)
BB&T Corp.,
Sr. Unsec’d. Notes, MTN, 3 Month LIBOR + 0.570%		3.358	%(c)		06/15/20		200	$	200,470
Sr. Unsec’d. Notes, MTN, 3 Month LIBOR + 0.715%		3.502	(c)		01/15/20		160		160,745
Capital One NA,
Sr. Unsec’d. Notes		2.350			01/31/20		400		397,598
Sr. Unsec’d. Notes, 3 Month LIBOR + 0.765%		3.544	(c)		09/13/19		1,500		1,502,525
Citibank NA, Sr. Unsec’d. Notes, 3 Month LIBOR + 0.260%		3.061	(c)		09/18/19		350		350,388
Citigroup, Inc., Sr. Unsec’d. Notes, 3 Month LIBOR + 0.790%		3.573	(c)		01/10/20		1,000		1,004,444
Commonwealth Bank of Australia (Australia), Sr. Unsec’d. Notes, GMTN		2.050			03/15/19		400		399,936
Fifth Third Bank,
Sr. Unsec’d. Notes		2.375			04/25/19		400		399,919
Sr. Unsec’d. Notes		1.625			09/27/19		1,100		1,092,622
Goldman Sachs Group, Inc. (The),
Sr. Unsec’d. Notes, 3 Month LIBOR + 0.800%		3.579	(c)		12/13/19		1,300		1,305,644
Sr. Unsec’d. Notes, 3 Month LIBOR + 1.020%		3.792	(c)		10/23/19		400		402,009
Industrial & Commercial Bank of China Ltd. (China), Sr. Unsec’d. Notes		2.905			11/13/20		250		247,452
Industrial Bank of Korea (South Korea), Sr. Unsec’d. Notes, 144A		2.000			04/23/20		350		345,434
Morgan Stanley,
Sr. Unsec’d. Notes, MTN		5.625			09/23/19		600		608,857
Sr. Unsec’d. Notes, MTN, 3 Month LIBOR + 0.740%		3.512	(c)		07/23/19		350		350,725
National Australia Bank Ltd. (Australia), Sr. Unsec’d. Notes		2.250			01/10/20		2,000		1,990,842
Nordea Bank Abp (Finland),
Sr. Unsec’d. Notes, 144A, 3 Month LIBOR + 0.470%		3.099	(c)		05/29/20		400		401,262
Sr. Unsec’d. Notes, 144A, 3 Month LIBOR + 0.620%		3.423	(c)		09/30/19		1,000		1,002,614
PNC Bank NA,
Sr. Unsec’d. Notes		1.950			03/04/19		400		400,000
Sr. Unsec’d. Notes, 3 Month LIBOR + 0.250%		3.011	(c)		01/22/21		500		499,240
RHB Bank Bhd (Malaysia), Sr. Unsec’d. Notes, GMTN		2.503			10/06/21		300		292,388
Royal Bank of Canada (Canada), Sr. Unsec’d. Notes, GMTN, 3 Month LIBOR + 0.480%		3.232	(c)		07/29/19		368		368,665
Santander UK PLC (United Kingdom), Sr. Unsec’d. Notes, 3 Month LIBOR + 0.660%		3.344	(c)		11/15/21		1,000		998,693
Shinhan Bank Co. Ltd. (South Korea), Sr. Unsec’d. Notes		2.250			04/15/20		500		494,206

See Notes to Financial Statements.

16

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Banks (cont’d.)
Skandinaviska Enskilda Banken AB (Sweden), Sr. Unsec’d. Notes		1.500	%		09/13/19		1,500	$	1,489,585
State Street Corp., Sr. Unsec’d. Notes, 3 Month LIBOR + 0.900%		3.583	(c)		08/18/20		1,127		1,137,910
SunTrust Bank,
Sr. Unsec’d. Notes		2.250			01/31/20		1,250		1,242,475
Sr. Unsec’d. Notes, 3 Month LIBOR + 0.530%		3.274	(c)		01/31/20		740		741,837
Toronto-Dominion Bank (The) (Canada), Sr. Unsec’d. Notes, MTN, 3 Month LIBOR + 0.280%		3.051	(c)		06/11/20		500		500,784
UBS AG (London) (Switzerland), Sr. Unsec’d. Notes, 144A, 3 Month LIBOR + 0.580%		3.347	(c)		06/08/20		1,000		1,003,582
US Bank NA, Sr. Unsec’d. Notes		1.400			04/26/19		400		399,352
Wells Fargo Bank NA, Sr. Unsec’d. Notes, MTN, 3 Month LIBOR + 0.650%		3.389	(c)		12/06/19		404		405,816
Westpac Banking Corp. (Australia),
Sr. Unsec’d. Notes, 3 Month LIBOR + 0.560%		3.243	(c)		08/19/19		105		105,196
Sr. Unsec’d. Notes, 3 Month LIBOR + 0.710%		3.398	(c)		05/13/19		250		250,379
									25,548,642
Beverages    0.9%
Diageo Capital PLC (United Kingdom), Gtd. Notes, 3 Month LIBOR + 0.240%		2.923	(c)		05/18/20		2,000		1,999,994
Biotechnology    1.3%
Amgen, Inc.,
Sr. Unsec’d. Notes, 3 Month LIBOR + 0.320%		3.017	(c)		05/10/19		1,450		1,450,702
Sr. Unsec’d. Notes, 3 Month LIBOR + 0.600%		3.263	(c)		05/22/19		415		415,465
Biogen, Inc., Sr. Unsec’d. Notes		2.900			09/15/20		500		499,884
Gilead Sciences, Inc., Sr. Unsec’d. Notes, 3 Month LIBOR + 0.220%		3.012	(c)		03/20/19		645		645,071
									3,011,122
Building Materials    0.2%
Johnson Controls International PLC (Ireland), Sr. Unsec’d. Notes		5.000			03/30/20		500		508,570
Chemicals    0.9%
Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. LP, Sr. Unsec’d. Notes, 144A, 3 Month LIBOR + 0.750%		3.486	(c)		05/01/20		600		601,271

See Notes to Financial Statements.

PGIM Ultra Short Bond ETF 17

Schedule of Investments (unaudited) (continued)

as of February 28, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Chemicals (cont’d.)
DowDuPont, Inc., Sr. Unsec’d. Notes, 3 Month LIBOR + 0.710%		3.394	%(c)		11/15/20		500	$	502,911
EI du Pont de Nemours & Co., Sr. Unsec’d. Notes, 3 Month LIBOR + 0.530%		3.266	(c)		05/01/20		1,018		1,020,950
									2,125,132
Computers    1.1%
Apple, Inc., Sr. Unsec’d. Notes, 3 Month LIBOR + 1.130%		3.781	(c)		02/23/21		1,600		1,629,965
IBM Credit LLC, Sr. Unsec’d. Notes, 3 Month LIBOR + 0.470%		3.099	(c)		11/30/20		1,000		1,003,638
									2,633,603
Diversified Financial Services    1.8%
American Express Credit Corp.,
Sr. Unsec’d. Notes, 3 Month LIBOR + 1.050%		3.828	(c)		09/14/20		1,600		1,616,845
Sr. Unsec’d. Notes, MTN, 3 Month LIBOR + 0.730%		3.376	(c)		05/26/20		415		416,909
BOC Aviation Ltd. (Singapore), Sr. Unsec’d. Notes, 144A		3.000			03/30/20		250		248,964
Charles Schwab Corp. (The), Sr. Unsec’d. Notes, 3 Month LIBOR + 0.320%		2.961	(c)		05/21/21		350		349,997
Western Union Co. (The), Sr. Unsec’d. Notes, 3 Month LIBOR + 0.800%		3.463	(c)		05/22/19		1,500		1,500,775
									4,133,490
Electric    0.6%
Abu Dhabi National Energy Co. PJSC (United Arab Emirates), Sr. Unsec’d. Notes, 144A		6.250			09/16/19		360		366,034
CenterPoint Energy, Inc., Sr. Unsec’d. Notes		3.600			11/01/21		750		755,467
Israel Electric Corp. Ltd. (Israel), Sr. Sec’d. Notes, 144A		9.375			01/28/20		200		210,748
									1,332,249
Electronics    0.7%
Honeywell International, Inc., Sr. Unsec’d. Notes, 3 Month LIBOR + 0.040%		2.791	(c)		10/30/19		530		530,180
Tyco Electronics Group SA (Luxembourg), Gtd. Notes, 3 Month LIBOR + 0.450%		3.201	(c)		06/05/20		1,100		1,099,326
									1,629,506
Food    2.1%
Campbell Soup Co., Sr. Unsec’d. Notes, 3 Month LIBOR + 0.500%		3.288	(c)		03/16/20		400		398,428

See Notes to Financial Statements.

18

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Food (cont’d.)
General Mills, Inc., Sr. Unsec’d. Notes, 3 Month LIBOR + 0.540%		3.319	%(c)		04/16/21		400	$	397,645
JM Smucker Co. (The),
Sr. Unsec’d. Notes		2.500			03/15/20		1,300		1,292,610
Sr. Unsec’d. Notes		2.200			12/06/19		287		285,372
Kellogg Co., Sr. Unsec’d. Notes		3.250			05/14/21		350		349,058
Mondelez International Holdings Netherlands BV (Netherlands), Gtd. Notes, 144A, 3 Month LIBOR + 0.610%		3.375	(c)		10/28/19		500		501,158
Sysco Corp., Gtd. Notes		1.900			04/01/19		500		499,679
Tyson Foods, Inc., Sr. Unsec’d. Notes, 3 Month LIBOR + 0.550%		3.165	(c)		06/02/20		500		499,086
Wm Wrigley Jr Co., Sr. Unsec’d. Notes, 144A		2.900			10/21/19		555		555,368
									4,778,404
Healthcare-Products    0.5%
Medtronic, Inc., Gtd. Notes, 3 Month LIBOR + 0.800%		3.588	(c)		03/15/20		750		754,850
Stryker Corp., Sr. Unsec’d. Notes		2.000			03/08/19		440		439,966
									1,194,816
Healthcare-Services    0.9%
Aetna, Inc., Sr. Unsec’d. Notes		2.200			03/15/19		500		499,947
Quest Diagnostics, Inc., Gtd. Notes		4.750			01/30/20		1,500		1,524,838
									2,024,785
Household Products/Wares    0.2%
Church & Dwight Co., Inc., Sr. Unsec’d. Notes		2.450			12/15/19		500		497,769
Insurance    4.8%
AIA Group Ltd. (Hong Kong), Sr. Unsec’d. Notes, 144A, 3 Month LIBOR + 0.520%		3.312	(c)		09/20/21		600		599,327
Jackson National Life Global Funding, Sr. Sec’d. Notes, 144A		2.200			01/30/20		2,000		1,988,794
Marsh & McLennan Cos., Inc.,
Sr. Unsec’d. Notes		2.350			09/10/19		1,500		1,496,253
Sr. Unsec’d. Notes		3.500			12/29/20		500		504,669
MassMutual Global Funding II, Sr. Sec’d. Notes, 144A		2.350			04/09/19		1,000		999,702
Metropolitan Life Global Funding I,
Sec’d. Notes, 144A		3.450			10/09/21		750		754,566
Sec’d. Notes, 144A		3.375			01/11/22		1,250		1,257,425

See Notes to Financial Statements.

PGIM Ultra Short Bond ETF 19

Schedule of Investments (unaudited) (continued)

as of February 28, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Insurance (cont’d.)
New York Life Global Funding,
Sec’d. Notes, 144A		1.500	%		10/24/19		1,000	$	992,219
Sec’d. Notes, 144A, 3 Month LIBOR + 0.320%		3.054	(c)		08/06/21		500		500,123
Principal Life Global Funding II,
Sec’d. Notes, 144A, 3 Month LIBOR + 0.300%		3.122	(c)		06/26/20		400		399,947
Sr. Sec’d. Notes, 144A		2.625			11/19/20		1,000		993,760
Protective Life Global Funding, Sec’d. Notes, 144A		2.262			04/08/20		500		496,652
									10,983,437
Internet    0.6%
eBay, Inc., Sr. Unsec’d. Notes, 3 Month LIBOR + 0.480%		3.216	(c)		08/01/19		1,440		1,440,918
Lodging    0.4%
Marriott International, Inc., Sr. Unsec’d. Notes, 3 Month LIBOR + 0.600%		3.226	(c)		12/01/20		800		800,717
Machinery-Constructions & Mining    0.7%
Caterpillar Financial Services Corp.,
Sr. Unsec’d. Notes, MTN, 3 Month LIBOR + 0.350%		3.116	(c)		12/07/20		600		600,036
Sr. Unsec’d. Notes, MTN, 3 Month LIBOR + 0.510%		3.293	(c)		01/10/20		1,120		1,124,218
									1,724,254
Machinery-Diversified    0.6%
John Deere Capital Corp.,
Sr. Unsec’d. Notes, MTN, 3 Month LIBOR + 0.260%		3.027	(c)		09/10/21		400		398,161
Sr. Unsec’d. Notes, MTN, 3 Month LIBOR + 0.300%		3.079	(c)		03/13/20		1,000		1,001,754
									1,399,915
Media    0.7%
Comcast Corp.,
Gtd. Notes		5.700			07/01/19		400		403,768
Gtd. Notes, 3 Month LIBOR + 0.330%		3.127	(c)		10/01/20		750		751,099
Walt Disney Co (The), Sr. Unsec’d. Notes, MTN, 3 Month LIBOR + 0.310%		2.939	(c)		05/30/19		500		500,321
									1,655,188
Mining    0.7%
Barrick PD Australia Finance Pty Ltd. (Australia), Gtd. Notes		4.950			01/15/20		400		407,048
Glencore Funding LLC, Gtd. Notes, 144A		3.125			04/29/19		1,150		1,147,196
									1,554,244

See Notes to Financial Statements.

20

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Miscellaneous Manufacturer    0.9%
Siemens Financieringsmaatschappij NV (Netherlands),
Gtd. Notes, 144A		2.200	%		03/16/20		1,000	$	992,666
Gtd. Notes, 144A, 3 Month LIBOR + 0.340%		3.128	(c)		03/16/20		1,000		1,000,069
									1,992,735
Oil & Gas    1.8%
BP Capital Markets PLC (United Kingdom), Gtd. Notes		1.768			09/19/19		327		325,291
EOG Resources, Inc.,
Sr. Unsec’d. Notes		5.625			06/01/19		450		452,707
Sr. Unsec’d. Notes		2.450			04/01/20		500		497,075
Lukoil International Finance BV (Netherlands), Gtd. Notes, 144A		7.250			11/05/19		200		204,818
Occidental Petroleum Corp., Sr. Unsec’d. Notes		4.100			02/01/21		262		267,144
Petroleos Mexicanos (Mexico), Gtd. Notes		6.000			03/05/20		350		356,080
Shell International Finance BV (Netherlands), Gtd. Notes, 3 Month LIBOR + 0.350%		3.126	(c)		09/12/19		1,500		1,502,357
Sinopec Group Overseas Development 2015 Ltd. (British Virgin Islands), Gtd. Notes, 144A		2.500			04/28/20		375		372,131
									3,977,603
Oil & Gas Services    0.3%
Schlumberger Holdings Corp., Sr. Unsec’d. Notes, 144A		3.000			12/21/20		700		697,594
Pharmaceuticals    1.2%
AstraZeneca PLC (United Kingdom), Sr. Unsec’d. Notes		1.950			09/18/19		500		497,272
Bayer US Finance II LLC, Gtd. Notes, 144A		2.125			07/15/19		405		403,497
CVS Health Corp., Sr. Unsec’d. Notes		2.250			08/12/19		350		348,949
Pfizer, Inc., Sr. Unsec’d. Notes		5.200			08/12/20		500		517,324
Takeda Pharmaceutical Co. Ltd. (Japan), Sr. Unsec’d. Notes, 144A		3.800			11/26/20		1,000		1,008,794
									2,775,836
Pipelines    0.3%
Enterprise Products Operating LLC, Gtd. Notes		3.500			02/01/22		750		758,594
Real Estate Investment Trusts (REITs)    0.2%
AvalonBay Communities, Inc., Sr. Unsec’d. Notes, MTN, 3 Month LIBOR + 0.430%		3.217	(c)		01/15/21		395		391,845

See Notes to Financial Statements.

PGIM Ultra Short Bond ETF 21

Schedule of Investments (unaudited) (continued)

as of February 28, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Retail    1.5%
Lowe’s Cos., Inc., Sr. Unsec’d. Notes, 3 Month LIBOR + 0.420%		3.187	%(c)		09/10/19		1,159	$	1,160,555
McDonald’s Corp., Sr. Unsec’d. Notes, MTN, 3 Month LIBOR + 0.430%		3.195	(c)		10/28/21		1,900		1,895,487
Walmart, Inc., Sr. Unsec’d. Notes		3.125			06/23/21		500		504,955
									3,560,997
Software    0.4%
Fidelity National Information Services, Inc., Sr. Unsec’d. Notes		3.625			10/15/20		1,000		1,006,849
Telecommunications    0.3%
AT&T, Inc., Sr. Unsec’d. Notes		2.300			03/11/19		350		349,980
Verizon Communications, Inc., Sr. Unsec’d. Notes, 3 Month LIBOR + 0.550%		3.213	(c)		05/22/20		351		352,453
									702,433
Transportation    2.1%
Ryder System, Inc., Sr. Unsec’d. Notes, MTN		2.500			05/11/20		382		379,320
Union Pacific Corp., Sr. Unsec’d. Notes		1.800			02/01/20		2,000		1,980,080
United Parcel Service, Inc., Sr. Unsec’d. Notes, 3 Month LIBOR + 0.150%		2.947	(c)		04/01/21		2,500		2,496,498
									4,855,898
Trucking & Leasing    0.4%
Aviation Capital Group LLC, Sr. Unsec’d. Notes, 144A, 3 Month LIBOR + 0.950%		3.576	(c)		06/01/21		1,000		998,947
TOTAL CORPORATE BONDS (cost $107,985,688)									108,081,356
CERTIFICATE OF DEPOSIT    1.2%
Banks    1.2%
Bank of Nova Scotia (Canada),
3 Month LIBOR + 0.190%		2.791	(c)		03/11/20		500		500,350
3 Month LIBOR + 0.220%		3.023	(c)		12/30/19		325		325,526
3 Month LIBOR + 0.280%		3.070	(c)		09/21/20		500		500,224
Canadian Imperial Bank of Commerce (Canada), 3 Month LIBOR + 0.320%		3.124	(c)		07/08/19		350		350,414

See Notes to Financial Statements.

22

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CERTIFICATE OF DEPOSIT (Continued)
Banks (cont’d.)
Credit Agricole Corporate & Investment Bank (France), 3 Month LIBOR + 0.385%		3.082	%(c)		05/11/20		600	$	601,291
Nordea Bank Abp (Sweden), 3 Month LIBOR + 0.300%		3.051	(c)		06/05/20		500		500,920
TOTAL CERTIFICATE OF DEPOSIT (cost $2,773,371)									2,778,725
SOVEREIGN BONDS    0.2%
Lithuania Government International Bond (Lithuania), Sr. Unsec’d. Notes		6.125			03/09/21		300		316,730
Qatar Government International Bond (Qatar), Sr. Unsec’d. Notes, 144A		5.250			01/20/20		200		203,863
TOTAL SOVEREIGN BONDS (cost $519,937)									520,593
TOTAL LONG-TERM INVESTMENTS (cost $156,302,787)									156,472,383
						Shares
SHORT-TERM INVESTMENTS    33.9%
AFFILIATED MUTUAL FUND    0.0%*
PGIM Institutional Money Market Fund (cost $13,990)(w)							14,050		14,054
						Principal Amount (000)#
TIME DEPOSIT    0.0%*
Citibank, NA (cost $21,628)		1.750			03/01/19		22		21,628
CERTIFICATE OF DEPOSIT    7.6%
Banks    7.6%
Bank of Montreal (Canada), 1 Month LIBOR + 0.330%		2.843	(c)		08/06/19		500		500,357
Bank of Nova Scotia (Canada),
3 Month LIBOR + 0.200%		2.913	(c)		09/20/19		750		750,844
3 Month LIBOR + 0.260%		2.998	(c)		11/04/19		400		400,638
BNP Paribas SA (France),
1 Month LIBOR + 0.300%		2.813	(c)		05/08/19		1,000		999,480
3 Month LIBOR + 0.140%		2.944	(c)		06/19/19		1,000		1,000,344
Canadian Imperial Bank of Commerce (Canada),
1 Month LIBOR + 0.400%		2.917	(c)		12/10/19		540		541,028
1 Month LIBOR + 0.400%		2.904	(c)		12/12/19		300		300,569
3 Month LIBOR + 0.220%		3.042	(c)		12/27/19		500		500,760
3 Month LIBOR + 0.410%		3.202	(c)		09/20/19		310		310,563

See Notes to Financial Statements.

PGIM Ultra Short Bond ETF 23

Schedule of Investments (unaudited) (continued)

as of February 28, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CERTIFICATE OF DEPOSIT (Continued)
Banks (cont’d.)
Cooperatieve Rabobank UA (Netherlands), 1 Month LIBOR + 0.290%		2.779	%(c)		07/01/19		1,000	$	1,000,645
Credit Agricole Corporate & Investment Bank (France), 3 Month LIBOR + 0.090%		2.894	(c)		07/08/19		1,000		1,000,408
Credit Industriel et Commercial (France), 1 Month LIBOR + 0.310%		2.800	(c)		06/04/19		1,000		1,000,635
Credit Suisse AG (Switzerland),
3 Month LIBOR + 0.170%		2.967	(c)		10/01/19		300		300,187
3 Month LIBOR + 0.320%		3.117	(c)		04/09/19		350		350,192
Lloyds Bank Corporate Markets PLC (United Kingdom), 3 Month LIBOR + 0.220%		3.017	(c)		10/09/19		2,000		2,001,413
Mizuho Bank Ltd. (Japan),
1 Month LIBOR + 0.270%		2.750	(c)		04/18/19		500		500,103
3 Month LIBOR + 0.100%		2.897	(c)		04/09/19		300		300,027
MUFG Bank Ltd. (Japan), 1 Month LIBOR + 0.300%		2.817	(c)		05/10/19		600		600,134
Natixis SA (France),
1 Month LIBOR + 0.350%		2.864	(c)		03/05/19		500		500,031
3 Month LIBOR - 0.120%		2.717	(c)		06/12/19		700		700,245
3 Month LIBOR + 0.230%		3.013	(c)		01/10/20		800		800,869
Sumitomo Mitsui Banking Corp. (Japan), 3 Month LIBOR + 0.150%		2.929	(c)		04/16/19		1,000		1,000,167
Svenska Handelsbanken (Sweden), 1 Month LIBOR + 0.300%		2.813	(c)		08/06/19		650		650,627
Swedbank AB (Sweden), 1 Month LIBOR + 0.290%		2.780	(c)		07/25/19		1,000		1,000,545
US Bank NA,		2.720			05/23/19		650		650,114
TOTAL CERTIFICATE OF DEPOSIT (cost $17,651,983)									17,660,925
COMMERCIAL PAPER    26.1%
AT&T, Inc.		2.856			03/29/19		250		249,449
Australia & New Zealand Banking Group Ltd. (Australia)144A		2.957	(c)		10/10/19		750		750,667
BAT International Finance PLC		2.877			03/06/19		2000		1,999,121
Cabot Corp.		2.836			03/01/19		400		399,971
Cabot Corp.		2.744			03/18/19		2100		2,097,178
CenterPoint Energy, Inc.		2.889			03/08/19		700		699,595
CenterPoint Energy, Inc.		2.796			03/06/19		1000		999,567
Commonwealth Bank of Australia (Australia)144A		2.879	(c)		01/17/20		1500		1,500,897
Cox Enterprises, Inc.		2.752			03/11/19		2000		1,998,371

See Notes to Financial Statements.

24

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
COMMERCIAL PAPER (Continued)
EI du Pont de Nemours & Co.		3.122	%		03/12/19		600	$	599,476
Electric de France SA		3.129			03/15/19		1000		998,888
Enbridge (US) Inc.		2.764			03/20/19		1200		1,198,193
Enbridge (US) Inc.		2.754			03/19/19		1050		1,048,503
Eni Finance USA Inc.		3.104			03/18/19		1600		1,597,845
Entergy Corp.		2.732			03/05/19		650		649,759
Entergy Corp.		3.080			03/14/19		1000		998,958
Entergy Corp.		3.151			03/04/19		600		599,822
Federation des Caisses Desjardins du Quebec (Canada)144A		2.887	(c)		12/10/19		1000		1,001,590
FMC Technologies, Inc.		3.175			03/19/19		500		499,287
FMC Technologies, Inc.		3.176			03/14/19		1100		1,098,860
Ford Motor Credit Co. LLC		3.157			04/08/19		150		149,494
Glencore Funding LLC		2.921			03/05/19		500		499,813
Glencore Funding LLC		3.118			03/15/19		900		898,980
HSBC Bank PLC (United Kingdom)144A		2.751	(c)		05/22/19		750		750,373
HSBC Bank PLC (United Kingdom)144A		2.928	(c)		08/08/19		250		250,202
HSBC USA, Inc.144A		2.953	(c)		10/10/19		1000		999,895
ING US Funding LLC		2.784	(c)		07/26/19		1000		1,000,695
ING US Funding LLC		2.803	(c)		07/08/19		1000		1,000,627
Interpublic Group of Cos., Inc.		2.754			03/21/19		2000		1,996,827
Keurig Dr Pepper, Inc.		2.807			03/14/19		2000		1,997,935
LyondellBasell Industries NV		3.092			03/14/19		1600		1,598,348
Marriott International, Inc.		2.743			03/12/19		1700		1,698,493
McKesson Corp.		2.806			03/19/19		1750		1,747,504
Mondelez International, Inc.		3.151			03/14/19		1000		998,963
National Grid PLC (United Kingdom)		3.036			03/11/19		800		799,351
Nissan Motor Acceptance Corp.		3.176			03/15/19		500		499,492
PPL Electric Utilities Corp.		3.126			03/08/19		1200		1,199,295
Publ. Svc. Co. of		2.754			03/08/19		1125		1,124,339
Royal Bank of Canada (Canada)		2.809	(c)		08/15/19		650		650,536
Sempra Energy		2.797			03/18/19		2000		1,997,306
Societe Generale SA (France)144A		3.165	(c)		01/09/20		2000		2,004,006
SunCor Energy, Inc.		3.066			03/12/19		400		399,646
SunCor Energy, Inc.		3.165			03/18/19		250		249,663
SunCor Energy, Inc.		3.125			03/14/19		1300		1,298,652
Telus Corp.		3.124			03/20/19		1600		1,597,591
Toronto-Dominion Bank (The) (Canada)144A		2.887	(c)		08/09/19		700		700,453
Toyota Motor Credit Corp. (Australia)		2.813			08/09/19		500		500,281
TransCanada Pipelines Ltd.		3.029			03/14/19		1000		998,963
Tyco International PLC		2.806			03/25/19		400		399,242
UBS AG (London) (United Kingdom)144A		2.774	(c)		09/03/19		600		600,317
United Technologies Corp.		2.836			03/18/19		800		798,922

See Notes to Financial Statements.

PGIM Ultra Short Bond ETF 25

Schedule of Investments (unaudited) (continued)

as of February 28, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
COMMERCIAL PAPER (Continued)
United Technologies Corp.		2.786	%		03/08/19		1220	$	1,219,283
VW Credit, Inc.		3.227			03/20/19		650		649,021
Walgreens Boots Alliance, Inc.		3.205			03/18/19		400		399,461
Walgreens Boots Alliance, Inc.		3.127			03/15/19		1200		1,198,665
WEC Energy Group, Inc.		2.747			03/07/19		2500		2,498,716
Westpac Banking Corp. (Australia)144A		2.881	(c)		01/17/20		1000		1,000,683
Westpac Banking Corp. (Australia)144A		2.843	(c)		11/22/19		700		700,896
Whirlpool Corp.		2.816			03/29/19		350		349,231
TOTAL COMMERCIAL PAPER (cost $60,395,839)									60,408,157
CORPORATE NOTES    0.2%
Banks
Bank of America NA (cost $500,000)					05/13/19		500		500,162
TOTAL SHORT-TERM TERM INVESTMENTS (cost $78,583,440)									78,604,926
TOTAL INVESTMENTS    101.5% (cost $234,886,227)									235,077,309
Liabilities in excess of other assets    (1.5)%									(3,379,703	)
NET ASSETS    100.0%								$	231,697,606

The following abbreviations are used in the semi-annual report:

(Q)—Quarterly payment frequency for swaps

(S)—Semiannual payment frequency for swaps

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

CLO—Collateralized Loan Obligation

EMTN—Euro Medium Term Note

GMTN—Global Medium Term Note

LIBOR—London Interbank Offered Rate

MTN—Medium Term Note

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

(c) Variable rate instrument. The interest rate shown reflects the rate in effect at February 28, 2019.

(o) New issue security. Variable rate in effect upon settlement.

(s) Rate represents yield to maturity at purchase date.

(w) PGIM Investments LLC, the manager of the Fund, also serves as manager of the PGIM Institutional Money Market Fund.

* A zero balance may reflect actual amounts rounding to less than 0.05%.

See Notes to Financial Statements.

26

Interest rate swap agreements outstanding at February 28, 2019:

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at February 28, 2019			Unrealized Appreciation (Depreciation)
	Centrally cleared swap agreements:
	3,050		10/09/19		2.545%(S)	3 Month LIBOR(1)(Q)	$	1,289		$	(15,801	)	$	(17,090	)
	4,510		04/10/20		2.587%(S)	3 Month LIBOR(1)(Q)		10,989			(23,460	)		(34,449	)
	2,000		04/10/19		2.434%(S)	3 Month LIBOR(1)(Q)		152			(10,394	)		(10,546	)
	3,645		07/18/20		2.711%(S)	3 Month LIBOR(1)(Q)		6,974			(2,102	)		(9,076	)
	5,250		11/02/20		2.806%(S)	3 Month LIBOR(1)(Q)		15,686			(51,079	)		(66,765	)
	1,150		05/09/21		2.855%(S)	3 Month LIBOR(1)(Q)		826			(14,611	)		(15,437	)
	900		11/24/19		2.715%(S)	3 Month LIBOR(1)(Q)		510			(6,367	)		(6,877	)
	2,000		03/11/21		2.850%(S)	3 Month LIBOR(1)(Q)		4,173			(23,903	)		(28,076	)
	2,850		07/27/21		2.929%(S)	3 Month LIBOR(1)(Q)		(9,829	)		(22,387	)		(12,558	)
	4,640		02/28/20		2.742%(S)	3 Month LIBOR(1)(Q)		(3,213	)		(3,709	)		(496	)
	2,550		02/05/20		2.350%(S)	3 Month LIBOR(1)(Q)		13,858			8,192			(5,666	)
	2,200		10/04/21		3.046%(S)	3 Month LIBOR(1)(Q)		5,073			(42,540	)		(47,613	)
	3,135		12/21/20		3.008%(S)	3 Month LIBOR(1)(Q)		(8,306	)		(21,965	)		(13,659	)
	3,350		01/11/22		2.672%(S)	3 Month LIBOR(1)(Q)		(5,422	)		(7,344	)		(1,922	)
							$	32,760		$	(237,470	)	$	(270,230	)

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

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

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

Cash and securities segregated as collateral to cover requirements for open centrally cleared/ exchange-traded derivatives are listed by broker as follows:

Broker	Cash and/or Foreign Currency		Securities Market Value
Citigroup Global Markets, Inc.	$	177,000	$	—

Fair Value Measurements:

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

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

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

See Notes to Financial Statements.

PGIM Ultra Short Bond ETF 27

Schedule of Investments (unaudited) (continued)

as of February 28, 2019

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, 2019 in valuing such portfolio securities:

	Level 1		Level 2			Level 3
Investments in Securities
Asset-Backed Securities
Collateralized Loan Obligations	$	—	$	22,692,145		$	—
Commercial Mortgage-Backed Securities		—		22,399,564			—
Corporate Bonds		—		108,081,356			—
Affiliated Mutual Fund		14,054		—			—
Time Deposit		—		21,628			—
Certificate of Deposit		—		20,439,650			—
Sovereign Bonds		—		520,593			—
Commercial Paper		—		60,408,157			—
Corporate Notes		—		500,162			—
Other Financial Instruments*
Centrally Cleared Interest Rate Swap Agreements		—		(270,230	)		—
Total	$	14,054	$	234,793,025		$	—

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

See Notes to Financial Statements.

28

Industry Classification:

The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of February 28, 2019 were as follows (unaudited):

Commercial Papers	26.1	%
Banks	20.0
Commercial Mortgage- Backed Securities	9.7
Insurance	4.8
Auto Manufacturers	4.3
Transportation	2.1
Food	2.1
Aerospace & Defense	2.0
Diversified Financial Services	1.8
Oil & Gas	1.8
Retail	1.5
Biotechnology	1.3
Pharmaceuticals	1.2
Computers	1.1
Beverages	0.9
Healthcare-Services	0.9
Miscellaneous Manufacturer	0.9
Chemicals	0.9
Mining	0.7
Media	0.7
Electronics	0.7
Machinery-Constructions & Mining	0.7
Collateralized Loan Obligations	9.8	%
Machinery-Diversified	0.6
Electric	0.6
Internet	0.6
Healthcare-Products	0.5
Software	0.4
Trucking & Leasing	0.4
Lodging	0.4
Agriculture	0.3
Telecommunications	0.3
Pipelines	0.3
Oil & Gas Services	0.3
Building Materials	0.2
Household Products/Wares	0.2
Real Estate Investment Trusts (REITs)	0.2
Sovereign	0.2
Affiliated Mutual Fund	0.0	*
Time Deposit	0.0	*
	101.5
Other assets in excess of liabilities	(1.5	)
	100.0	%

* Less than +/- 0.05%.

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

The Fund invested in derivative instruments during the reporting period. The primary type of risk associated with these derivative instruments is interest rate contracts risk. The effect of such derivative instruments on the Fund’s financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

See Notes to Financial Statements.

PGIM Ultra Short Bond ETF 29

Schedule of Investments (unaudited) (continued)

as of February 28, 2019

Fair values of derivative instruments as of February 28, 2019 as presented in the Statement of Assets and Liabilities:

	Asset Derivatives			Liability Derivatives
Derivatives not accounted for as hedging instruments, carried at fair value	Statement of Assets and Liabilities Location	Fair Value		Statement of Assets and Liabilities Location	Fair Value
Interest rate contracts	Due from/to broker—variation margin swaps*	$	—	Due from/to broker—variation margin swaps*	$	(270,230	)

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

The effects of derivative instruments on the Statement of Operations for the period ended February 28, 2019 are as follows:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Swaps
Interest rate contracts	$	64,148

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Swaps
Interest rate contracts	$	(211,266	)

For the period ended February 28, 2019 the Fund’s average volume of derivative activities is as follows:

Interest Rate Swap
Agreements(1)

$25,320,000

(1) Notional Amount in USD.

See Notes to Financial Statements.

30

Statement of Assets & Liabilities (unaudited)

as of February 28, 2019

Assets
Investments at value:
Unaffiliated investments (cost $234,872,237)	$	235,063,255
Affiliated investments (cost $13,990)		14,054
Cash		234
Receivable for Fund shares sold		3,756,518
Interest and dividends receivable		863,922
Deposit with broker for centrally cleared/exchange-traded derivatives		177,000
Due from broker—variation margin swaps		13,116
Receivable for investments sold		25,742
Total assets		239,913,841
Liabilities
Payable for investments purchased		8,192,187
Management fee payable		24,048
Total Liabilities		8,216,235
Net Assets	$	231,697,606
Net assets were comprised of:
Common stock, at par	$	4,625
Paid-in capital in excess of par		231,293,193
		231,297,818
Total distributable earnings (loss)		399,788
Net assets, February 28, 2019	$	231,697,606
Net asset value, offering price and redemption price per share, ($231,697,606 / 4,625,000 shares of common stock issued and outstanding)	$	50.10

See Notes to Financial Statements.

PGIM Ultra Short Bond ETF 31

Statement of Operations (unaudited)

Period Ended February 28, 2019

Net Investment Income (Loss)
Income
Interest income	$	1,938,263
Affiliated dividend income		9,226
Miscellaneous Income		1,079
Total income		1,948,568
Expenses
Management fee		97,887
Total expenses		97,887
Less: Management fee waiver and/or expense reimbursement		(275	)
Net expenses		97,612
Net investment income (loss)		1,850,956
Realized And Unrealized Gain (Loss) On Investments
Net realized gain (loss) on:
Investment transactions (including affiliated of $(598))		16,335
Swap agreement transactions		64,148
Foreign currency transactions		63
		80,546
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $64)		163,022
Swap agreements		(211,266	)
		(48,244	)
Net gain (loss) on investment transactions		32,302
Net Increase (Decrease) In Net Assets Resulting From Operations	$	1,883,258

See Notes to Financial Statements.

32

Statements of Changes in Net Assets

	Six Months Ended February 28, 2019 (unaudited)			Period Ended August 31, 2018*
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	1,850,956		$	349,649
Net realized gain (loss) on investments		80,546			48,332
Net change in unrealized appreciation (depreciation) on investments		(48,244	)		(30,904	)
Net increase (decrease) in net assets resulting from operations		1,883,258			367,077
Dividends and Distributions
Distributions from distributable earnings		(1,573,313	)		—
Distributions from net investment income			**		(277,234	)
Fund share transactions (Net of share conversions)
Net proceeds from shares sold		188,760,208			52,536,890
Cost of shares reacquired		(9,999,280	)		(100,000	)
Net increase (decrease) in net assets from Fund share transactions		178,760,928			52,436,890
Total increase (decrease)		179,070,873			52,526,733
Net Assets:
Beginning of period		52,626,733			100,000
End of period(a)	$	231,697,606		$	52,626,733
(a) Includes undistributed net investment income of:	$		**	$	78,236

* For the period from April 5, 2018 (commencement of operations) through August 31, 2018.

** For the period ended February 28, 2019 the Fund has adopted amendments to Regulation S-X (refer to Note 9).

See Notes to Financial Statements.

PGIM Ultra Short Bond ETF 33

Notes to Financial Statements (unaudited)

PGIM ETF Trust (the “Trust”) is a diversified, open-end management investment company registered under the Investment Company Act of 1940, as amended (“1940 Act”), and operated as an exchange-traded fund. The Trust was organized as a Delaware statutory trust on October 23, 2017 and consists of six separate series (each, a “Fund” and collectively, the “Funds”): PGIM Ultra Short Bond ETF, PGIM Active High Yield Bond ETF, PGIM QMA Strategic Alpha Large-Cap Core ETF, PGIM QMA Strategic Alpha Small-Cap Growth ETF, PGIM QMA Strategic Alpha Small- Cap Value ETF and PGIM QMA Strategic Alpha International Equity ETF.

These financial statements relate only to PGIM Ultra Short Bond ETF.

The investment objective of the Fund is to seek total return through a combination of current income and capital appreciation, consistent with preservation of capital.

1. 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 accounting policies conform to U.S. generally accepted accounting principles. The Fund consistently follows such policies in the preparation of its financial statements.

Securities Valuation: The Fund holds securities and other assets and liabilities that are fair valued at the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. 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. 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. A record of the Valuation Committee’s actions is subject to the Board’s review, approval, and ratification at its next regularly scheduled quarterly meeting.

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

34

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 Measurements and Disclosures.

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

Fixed income securities traded in the OTC market are generally classified as Level 2 in the fair value hierarchy. Such fixed income securities are typically valued using the market approach which generally involves obtaining data from an approved independent third-party vendor source. The Fund utilizes the market approach as the primary method to value securities when market prices of identical or comparable instruments are available. The third-party vendors’ valuation techniques used to derive the evaluated bid price are based on evaluating observable inputs, including but not limited to, yield curves, yield spreads, credit ratings, deal terms, tranche level attributes, default rates, cash flows, prepayment speeds, broker/dealer quotations and reported trades. Certain Level 3 securities are also valued using the market approach when obtaining a single broker quote or when utilizing transaction prices for identical securities that have been used in excess of five business days. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.

Centrally cleared swaps listed or traded on a multilateral or trade facility platform, such as a registered exchange, are generally valued at the daily settlement price determined by the respective exchange. These securities are classified as Level 2 in the fair value hierarchy, as the daily settlement price is not public.

Securities and other assets that cannot be priced according to the methods described above are valued based on pricing methodologies approved by the Board. In the event that unobservable inputs are used when determining such valuations, the securities will be classified as Level 3 in the fair value hierarchy.

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.

PGIM Ultra Short Bond ETF 35

Notes to Financial Statements (unaudited) (continued)

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.

Illiquid Securities: Pursuant to Rule 22e-4 under the Investment Company Act of 1940, the Fund has adopted a Board approved Liquidity Risk Management Program (“LRMP”) that requires, among other things, that the Fund limit its illiquid investments that are assets to no more than 15% of net assets. Illiquid securities are those that, because of the absence of a readily available market or due to legal or contractual restrictions on resale, may not reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. The Fund may find it difficult to sell illiquid securities at the time considered most advantageous by its subadviser and may incur transaction costs that would not be incurred in the sale of securities that were freely marketable.

Restricted Securities: Securities acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer are considered restricted as to disposition under federal securities law (‘restricted securities”). Such restricted securities are valued pursuant to the valuation procedures noted above. Restricted securities that would otherwise be considered illiquid investments pursuant to the Fund’s LRMP because of legal restrictions on resale to the general public may be traded among qualified institutional buyers under Rule 144A of the Securities Act of 1933. Therefore, these Rule 144A securities, as well as commercial paper that is sold in private placements under Section 4(2) of the Securities Act of 1933, may be classified higher than “Illiquid” under the LRMP (i.e. “moderately liquid” or “less liquid” investments). However, the liquidity of the Fund’s investments in restricted securities could be impaired if trading does not develop or declines.

Swap Agreements: The Fund may enter into certain types of swap agreements detailed in the disclosures below. A swap agreement is an agreement to exchange the return generated by one instrument for the return generated by another instrument. Swap agreements are negotiated in the OTC market and may be executed either directly with counterparty (“OTC-traded”) or through a central clearing facility, such as a registered exchange. Swap agreements are valued daily at current market value and any change in value is included in the net unrealized appreciation (depreciation) on swap agreements. Centrally cleared swaps pay or receive an amount known as “variation margin”, based on daily changes in the valuation of the swap contract. Any upfront premiums paid and received are shown as swap premiums paid and swap premiums received in the Statement of Assets and Liabilities. Risk of loss may exceed amounts recognized on the Statement of Assets and Liabilities. Swap agreements outstanding at period end, if any, are listed on the Schedule of Investments.

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Interest Rate Swaps: Interest rate swaps represent an agreement between counterparties to exchange cash flows based on the difference between two interest rates, applied to a notional principal amount for a specified period. The Fund is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. The Fund used interest rate swaps to maintain its ability to generate steady cash flow by receiving a stream of fixed-rate payments and to increase exposure to prevailing market rates by receiving floating rate payments. The Fund’s maximum risk of loss from counterparty credit risk is the discounted net present value of the cash flows to be received from the counterparty over the contract’s remaining life.

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 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 declare dividends of its net investment income daily and pay such dividends monthly. 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 book/ tax differences relating to income and gain (loss) are reclassified amongst 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.

2. Agreements

Pursuant to a management agreement with the Trust on behalf of the Fund (the Management Agreement), PGIM Investments LLC (“PGIM Investments”), subject to the supervision of the Board and in conformity with the stated policies of the Fund, manages both the investment operations of the Fund and the composition of the Fund’s portfolio, including the purchase, retention and disposition of assets. In connection therewith, the

PGIM Ultra Short Bond ETF 37

Notes to Financial Statements (unaudited) (continued)

Manager is obligated to keep certain books and records of the Fund. The Manager is authorized to enter into subadvisory agreements for investment advisory services in connection with the management of the Fund. The Manager will continue to have responsibility for all investment advisory services performed pursuant to any such subadvisory agreements. PGIM Investments will review the performance of the investment subadviser(s) and make recommendations to the Board with respect to the retention of investment subadvisers and the renewal of contracts. The Manager also administers the Fund’s business affairs and, in connection therewith, furnishes the Fund with office facilities, together with those ordinary clerical and bookkeeping services which are not being furnished by the Fund’s custodian (the Custodian). The management services of PGIM Investments to the Fund are not exclusive under the terms of the Management Agreement and PGIM Investments is free to, and does, render management services to others.

The Board of Trustees of the Trust has approved a unitary management fee structure for the Fund. Under the unitary fee structure, the Manager is responsible for paying substantially all the expenses of the Fund, costs of borrowing money (including interest expenses and any loan commitment or other associated fees), taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings, litigation, indemnification and extraordinary expenses.

The unitary fee paid to the Manager is accrued daily and payable monthly, at an annual rate of 0.15% of the Fund’s average daily net assets. The Manager has agreed to waive a portion of its annual fee equal to the amount of the management fee received by the subadvisor due to the Fund’s investment in the PGIM Institutional Money Market Fund.

The Manager has entered into a subadvisory agreement (Subadvisory Agreement) with PGIM, Inc., the Fund’s investment subadviser (the “subadviser”), which provides subadvisory services to the Fund through its PGIM Fixed Income unit. The Subadvisory Agreement provides that the subadviser will furnish investment advisory services in connection with the management of the Fund. In connection therewith, the subadviser is obligated to keep certain books and records of the Fund. Under the Subadvisory Agreement, the subadviser, subject to the supervision of PGIM Investments, is responsible for managing the assets of the Fund in accordance with the Fund’s investment objectives, policies and restrictions. The subadviser determines what securities and other instruments are purchased and sold for the Fund and is responsible for obtaining and evaluating financial data relevant to the Fund. PGIM Investments continues to have responsibility for all investment advisory services pursuant to the Management Agreement and supervises the subadviser’s performance of such services.

Brown Brothers Harriman & Co. (“BBH”) serves as the Custodian, Transfer Agent and Administrative Agent for the Trust. Pursuant to a Custodian Agreement, BBH maintains

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certain financial accounting books and records pursuant to an agreement with the Trust. Subcustodians provide custodial services for any non-US assets held outside the United States. Pursuant to an Administrative and Transfer Agency Agreement, BBH maintains certain books and records and provides transfer agency, administrative, legal, tax support and accounting and financial reporting services for the maintenance and operations of the Trust. As the transfer and dividend disbursing agent of the Trust, BBH provides customary transfer agency services to the Trust, including the handling of shareholder communications, the processing of shareholder transactions, the maintenance of shareholder account records, the payment of dividends and distributions, and related functions. For these services, BBH receives compensation from the Manager and is reimbursed for expenses, including custodian 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 BBH under the Custodian and Administrative and Transfer Agency Agreements.

3. Other Transactions with Affiliates

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. Pursuant to the Rule 17a-7 procedures and consistent with guidance issued by the SEC, the Fund’s Chief Compliance Officer (“CCO”) prepares a quarterly summary of all such transactions for submission to the Board, together with the CCO’s written representation that all such 17a-7 transactions were effected in accordance with the Fund’s Rule 17a-7 procedures. Any 17a-7 transactions for the reporting period are disclosed in the “Portfolio Securities” note, below.

The Fund may invest its overnight sweep cash in the PGIM Institutional Money Market Fund (the “Money Market Fund”), registered under the 1940 Act and managed by PGIM Investments. Through the Fund’s investments in the mentioned underlying fund, PGIM Investments and/or its affiliates are paid fees or compensated for providing their services. Earnings from the Money Market Fund are disclosed on the Statement of Operations as “Affiliated dividend income”.

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

PGIM Ultra Short Bond ETF 39

Notes to Financial Statements (unaudited) (continued)

4. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short- term investments and U.S. Government securities) for the period ended February 28, 2019, were $141,947,730 and $42,104,011 respectively.

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the period ended February 28, 2019, is presented as follows:

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	Dividend Income
PGIM Institutional Money Market Fund
$37,013	$41,556,586	$(41,579,011)	$64	$(598)	$14,054	14,050	$9,226

* The Fund did not have any capital gain distributions during the reporting period.

For the reporting period ended February 28, 2019, no 17a-7 transactions were entered into by the Fund.

5. Tax Information

The United States federal income tax basis of the Fund’s investments and the net unrealized depreciation as of February 28, 2019 were as follows:

Tax Basis	$	234,864,433
Gross Unrealized Appreciation		290,338
Gross Unrealized Depreciation		(347,692	)
Net Unrealized Depreciation	$	(57,354	)

The book basis may differ from tax basis due to certain tax-related adjustments.

For federal income tax purposes, the Fund had a capital loss carryforward as of August 31, 2018 of approximately $12,000 which can be carried forward for an unlimited period. No capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such losses.

The Manager has analyzed the 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. The Fund’s federal, state and local income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

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6. 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 a large specified number of shares called a “Creation Unit” or multiples thereof to investors who have entered into an agreement with the Distributor and are authorized to transact with the Trust in Creation Units (“Authorized Participants”). A Creation Unit consists of 25,000 shares of the Fund. The Fund generally issues and redeems Creation Units in return for a specified amount of cash and/ or designated portfolio of securities. Except when aggregated in Creation Units, shares are not individually redeemable. Authorized Participants transacting in Creation Units including non-standard orders and whole or partial cash purchases or redemptions may also pay variable transaction fees to compensate the Fund for certain transaction costs (e.g. brokerage costs) relating to investing in portfolio securities. Such variable transaction fees, if any, are currently being waived by the Fund. In addition, fixed transaction fees are imposed for the transfer and other costs associated with the creation or redemption of Creation Units. Authorized Participants are responsible for paying these fixed transaction fees to BBH. As of February 28, 2019, these fixed transaction fees are being paid by PGIM Investments. For the period ended February 28, 2019 PGIM Investments paid $38,000 of fixed transaction fees to BBH.

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

As of February 28, 2019, Prudential, through its affiliate entities, including affiliated funds, owned 500,000 shares of the Fund.

At reporting period end, four shareholders of record, each holding greater than 5% of the Fund, held 70% of the Fund’s outstanding shares on behalf of multiple beneficial owners, of which 11% were held by an affiliate of Prudential.

Transactions in shares of beneficial interest were as follows:

Period ended February 28, 2019:

	Shares			Amount
Shares sold		3,775,000		$	188,760,208
Shares reacquired		(200,000	)		(9,999,280	)
Net increase (decrease) in shares outstanding before conversion		3,575,000			178,760,928
Net increase (decrease) in shares outstanding		3,575,000		$	178,760,928

PGIM Ultra Short Bond ETF 41

Notes to Financial Statements (unaudited) (continued)

7. Borrowings

The Trust, on behalf of the Fund, along with other affiliated registered investment companies (the “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 SCA provides for a commitment of $900 million for the period October 4, 2018 through October 3, 2019. The Funds pay an annualized commitment fee of 0.15% of the unused portion of the SCA. The Fund’s portion of the commitment fee for the unused amount, allocated based upon a method approved by the Board, is accrued daily and paid quarterly. The interest on borrowings under the SCA is paid monthly and at a per annum interest rate based upon a contractual spread plus the higher of (1) the effective federal funds rate, (2) the 1-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 Funds in the SCA equitably.

The Fund did not utilize the SCA during the period ended February 28, 2019.

8. Risk of Investing in the Fund

The Fund’s risks include, but are not limited to, some or all of the risks discussed below:

Authorized Participant Concentration Risk: Only an Authorized Participants 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 intermediaries 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 Participants creates or redeems, shares of the Fund may trade at a substantial discount or premium to NAV, may trade at larger spreads and possibly face trading halts and/or delisting.

Bond Obligations Risk: The Fund’s holdings, share price, yield and total return may fluctuate in response to bond market movements. The value of bonds may decline for issuer-related reasons, including management performance, financial leverage and reduced demand for the issuer’s goods and services. Certain types of fixed-income

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obligations also may be subject to “call and redemption risk”, which is the risk that the issuer may call a bond held by the Fund for redemption before it matures and the Fund may not be able to reinvest at the same level and therefore would earn less income.

ETF Shares Trading Risk: Fund shares are listed for trading on 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. Since the Fund is new, an active secondary market for the shares of the Fund may not develop or may not continue once developed.

Interest Rate Risk: The value of an investment may go down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and the Fund may be required to reinvest the proceeds at a lower interest rate. This is referred to as “prepayment risk”. When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of the Fund’s holdings may fall sharply. This is referred to as “extension risk”. The Fund may face a heightened level of interest rate risk as a result of the U.S. Federal Reserve Board’s policies. The Fund’s investments may lose value if short-term or long- term interest rates rise sharply or in a manner not anticipated by the subadviser.

Liquidity Risk: The Fund may invest in instruments that trade in lower volumes and are less liquid than other investments. Liquidity risk exists when particular investments made by the Fund are difficult to purchase or sell. Liquidity risk includes the risk that the Fund may make investments that may become less liquid in response to market developments or adverse investor perceptions. Investments that are illiquid or that trade in lower volumes may be more difficult to value. If the Fund is forced to sell these investments to pay redemption proceeds or for other reasons, the Fund may lose money. In addition, when there is no willing buyer and investments may not reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment, the Fund may incur higher transaction costs when executing trade orders of a given size. The reduction in dealer market-making capacity in the fixed-income markets that has occurred in recent

PGIM Ultra Short Bond ETF 43

Notes to Financial Statements (unaudited) (continued)

years also has the potential to reduce liquidity. An inability to sell a portfolio position can adversely affect the Fund’s value or prevent the Fund from being able to take advantage of other investment opportunities.

Market and Credit 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 an investment in the Fund will decline. Additionally, the Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

Derivatives Risk: Derivatives involve special risks and costs and may result in losses to the Fund. The successful use of derivatives requires sophisticated management, and, to the extent that derivatives are used, the Fund will depend on the subadviser’s ability to analyze and manage derivatives transactions. The prices of derivatives may move in unexpected ways, especially in abnormal market conditions. Some derivatives are “leveraged” and therefore may magnify or otherwise increase investment losses to the Fund. The Fund’s use of derivatives may also increase the amount of taxes payable by shareholders. Other risks arise from the potential inability to terminate or sell derivatives positions. A liquid secondary market may not always exist for the Fund’s derivatives positions. In fact, many over-the-counter derivative instruments will not have liquidity beyond the counterparty to the instrument. Over-the-counter derivative instruments also involve the risk that the other party will not meet its obligations to the Fund.

9. Recent Accounting Pronouncements and Reporting Updates

In August 2018, the Securities and Exchange Commission (the “SEC”) adopted amendments to Regulation S-X to update and simplify the disclosure requirements for registered investment companies by eliminating requirements that are redundant or duplicative of US GAAP requirements or other SEC disclosure requirements. The new amendments require the presentation of the total, rather than the components, of distributable earnings on the Statement of Assets and Liabilities and the total, rather than the components, of dividends from net investment income and distributions from net realized gains on the Statements of Changes in Net Assets. The amendments also removed the requirement for the parenthetical disclosure of undistributed net investment income on the Statements of Changes in Net Assets and certain tax adjustments that were reflected in the Notes to Financial Statements. All of these have been reflected in the Fund’s financial statements.

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In August 2018, the FASB issued Accounting Standards Update (“ASU”) No. 2018-13, which changes certain fair value measurement disclosure requirements. The new ASU, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, and the Fund’s policy for the timing of transfers between levels. The amendments are effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The Manager has evaluated the implications of certain provisions of the ASU and has determined to early adopt aspects related to the removal and modification of certain fair value measurement disclosures under the ASU effective immediately. At this time, the Manager is evaluating the implications of certain other provisions of the ASU related to new disclosure requirements and any impact on the financial statement disclosures has not yet been determined.

PGIM Ultra Short Bond ETF 45

Financial Highlights (unaudited)

	Six Months Ended February 28, 2019 (Unaudited)			April 5, 2018(e) through August 31, 2018
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$50.12			$50.00
Income (loss) from investment operations:
Net investment income (loss)		0.70			0.53
Net realized and unrealized gain (loss) on investments		(0.07	)		0.01
Total from investment operations		0.63			0.54
Less Dividends and Distributions:
Dividends from net investment income		(0.65	)		(0.42	)
Net asset value, end of period		$50.10			$50.12
Total Return(b):		1.26%			1.08%
Ratios/Supplemental Data:
Net assets, end of period (000)		$231,698			$52,627
Average net assets (000)		$131,598			$33,209
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		0.15%	(d)		0.15%	(d)
Expenses before waivers and/or expense reimbursement		0.15%	(d)		0.15%	(d)
Net investment income (loss)		2.84%	(d)		2.58%	(d)
Portfolio turnover rate		55%	(f)		145%	(f)

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

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

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

(d) Annualized.

(e) Commencement of operations.

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

See Notes to Financial Statements.

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∎ MAIL	∎ TELEPHONE	∎ WEBSITE
655 Broad Street Newark, NJ 07102	(800) 225-1852	pgiminvestments.com

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. 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 • Michael S. Hyland • 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 • Raymond A. O’Hara, Chief Legal Officer • Chad A. Earnst, Chief Compliance Officer • Dino Capasso, Deputy Chief Compliance Officer • Charles H. Smith, Anti-Money Laundering Compliance Officer • Andrew R. French, Secretary • Jonathan D. Shain, Assistant Secretary • Claudia DiGiacomo, Assistant Secretary • Diana N. Huffman, Assistant Secretary • Peter Parrella, Assistant Treasurer • Lana Lomuti, Assistant Treasurer • Linda McMullin, Assistant Treasurer • Kelly A. Coyne, Assistant Treasurer

MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102
SUBADVISER	PGIM Fixed Income	655 Broad 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	KPMG LLP	345 Park Avenue New York, NY 10154
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 Fund 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 pgiminvestments.com 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 pgiminvestments.com/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 Ultra Short Bond ETF, PGIM Investments, Attn: Board of Trustees, 655 Broad Street, Newark, NJ 07102. Shareholders can communicate directly with an individual Trustee by writing to the same address. Communications are not screened before being delivered to the addressee.

AVAILABILITY OF PORTFOLIO SCHEDULE

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 on Form N-Q. The Fund’s Forms N-Q are available on the Commission’s website at sec.gov. Beginning with reporting periods on or after March 31, 2019, Form N-PORT will replace Form N-Q. Form N-PORT will be filed with the Securities and Exchange Commission quarterly, and each Fund’s full portfolio holdings as of its first and third quarters of each fiscal year will be made publicly available 60 days after the end of each quarter. The Fund’s schedule of portfolio holdings is also available on the Fund’s website as of the end of each month no sooner than 15 days after the end of the month.

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

PGIM ULTRA SHORT BOND ETF

TICKER SYMBOL PULS

ETF1000E2    

PGIM ACTIVE HIGH YIELD BOND ETF (NYSE Arca: PHYL)

SEMIANNUAL REPORT

FEBRUARY 28, 2019

COMING SOON: PAPERLESS SHAREHOLDER REPORTS

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (pgiminvestments.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically anytime by contacting your financial intermediary (such as a broker-dealer or bank).

You may elect to receive all future reports in paper free of charge. You should contact your financial intermediary or follow instructions included with this notice to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account.

To enroll in e-delivery, go to pgiminvestments.com/edelivery

Objective: Total return through a combination of current income and capital
appreciation

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, 2019 were not audited and, accordingly, no auditor’s opinion is expressed on them.

Exchange-traded funds are distributed by Prudential Investment Management Services LLC (PIMS), member SIPC. PGIM Fixed Income is a unit of PGIM, Inc. (PGIM), a registered investment adviser. PIMS and PGIM are Prudential Financial companies. ^© 2019 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.

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Table of Contents

Letter from the President	5
Your Fund’s Performance	6
Fees and Expenses	8
Holdings and Financial Statements	11

PGIM Active High Yield Bond ETF 3

This Page Intentionally Left Blank

Letter from the President

Dear Shareholder:

We hope you find the semiannual report for PGIM Active High Yield Bond ETF informative and useful. The report covers performance for the reporting period that began September 24, 2018 (the Fund’s inception), and ended February 28, 2019.

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

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

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

Thank you for choosing our family of funds.

Sincerely,

Stuart S. Parker, President

PGIM Active High Yield Bond ETF

April 15, 2019

PGIM Active High Yield Bond ETF 5

Your Fund’s Performance (unaudited)

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

	Total Returns as of 2/28/19
	Since Inception (%)
Net Asset Value (NAV)	2.22 (9/24/18)
Market Price*	2.57 (9/24/18)
Bloomberg Barclays US High Yield Very Liquid Index	1.91
Lipper High Yield Funds Average	0.91

Source: PGIM Investments LLC and Lipper Inc.

*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 and the Lipper Average 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 redemption or sale of Fund shares.

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

Benchmark Definitions

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

Lipper High Yield Funds Average—The Lipper High Yield Funds Average (Lipper Average) is based on the average return of all funds in the Lipper High Yield Funds universe for the periods noted. Funds in the Lipper Average aim at high (relative) current yield from fixed income securities, have no quality or maturity restrictions, and tend to invest in lower-grade debt issues.

6 Visit our website at pgiminvestments.com

Investors cannot invest directly in an index or average. The returns for the Index would be lower if they included the effects of sales charges, operating expenses of a mutual fund, or taxes. Returns for the Lipper Average reflect the deduction of operating expenses of a mutual fund, but not sales charges or taxes.

Credit Quality expressed as a percentage of total investments as of 2/28/19 (%)
AAA	2.8
BBB	6.3
BB	37.3
B	40.8
CCC	11.1
CC	0.5
Cash/Cash Equivalents	1.2
Total Investments	100.0

Source: PGIM Fixed Income

Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody’s Investors Service, Inc. (Moody’s), S&P Global Ratings (S&P), or Fitch, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, ratings are converted to the comparable S&P/Fitch rating tier nomenclature. These rating agencies are independent and are widely used. Credit ratings are subject to change. Values may not sum to 100% due to rounding.

Distributions and Yields as of 2/28/19
	Total Dividends Paid Since Inception ($)	SEC 30-Day Subsidized Yield* (%)	SEC 30-Day Unsubsidized Yield** (%)
	0.90	6.38	6.38

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

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

PGIM Active High Yield Bond ETF 7

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 period ended February 28, 2019. The example is for illustrative purposes only.

Actual Expenses

The information under each column in the line entitled “Actual” 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 Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The information under each column in the line entitled “Hypothetical” 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 table are meant to highlight your ongoing costs only and do not reflect any transactional costs, brokerage commissions paid on purchases and sales of Fund shares. Therefore, the ending account values and expenses paid for the period are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

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PGIM Active High Yield Bond ETF	Beginning Account Value September 1, 2018		Ending Account Value February 28, 2019		Annualized Expense Ratio based on the Six-Month Period			Expenses Paid During the Six-Month Period*
Actual** Hypothetical	$ $	1,000.00 1,000.00	$ $	1,022.20 1,022.22		0.52 0.52	%  %	$ $	2.26 2.61

* 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, 2019, and divided by the 365 days in the Fund’s fiscal year ending August 31, 2019 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

** “Actual” expenses are calculated using the 157-day period ended February 28, 2019 due to the Fund’s inception date of September 24, 2018.

PGIM Active High Yield Bond ETF 9

Schedule of Investments (unaudited)

as of February 28, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
LONG-TERM INVESTMENTS    95.8%
ASSET-BACKED SECURITIES    2.6%
Collateralized Loan Obligations    2.6%
Adams Mill CLO Ltd. (Cayman Islands), Series 2014-1A, Class A1R, 144A, 3 Month LIBOR + 1.100%		3.887	%(c)		07/15/26		217	$	216,278
Man GLG US CLO Ltd. (Cayman Islands), Series 2018-2A, Class A1R, 144A, 3 Month LIBOR + 1.240%		4.027	(c)		10/15/28		250		249,197
Zais CLO 8 Ltd. (Cayman Islands), Series 2018-1A, Class A, 144A, 3 Month LIBOR + 0.950%		3.737	(c)		04/15/29		250		247,118
TOTAL ASSET-BACKED SECURITIES (cost $714,957)									712,593
BANK LOANS    1.9%
Infrastructure Software    1.8%
McAfee, LLC,
Initial Loan (Second Lien), 1 Month LIBOR + 8.500%		10.993	(c)		09/29/25		229		231,745
Term B USD Loan, 1 Month LIBOR + 3.750%		6.243	(c)		09/30/24		246		246,345
									478,090
Oil & Gas    0.1%
CITGO Petroleum Corp., Term B Loan, 1 Month LIBOR + 3.370%		0.000	(c)(p)		07/29/21		25		24,375
TOTAL BANK LOANS (cost $505,815)									502,465
CORPORATE BONDS    91.3%
Aerospace & Defense    2.9%
Bombardier, Inc. (Canada),
Sr. Unsec’d. Notes		7.875			04/15/27		75		74,435
Sr. Unsec’d. Notes, 144A		7.500			03/15/25		75		75,656
Sr. Unsec’d. Notes, 144A		8.750			12/01/21		75		82,500
Sr. Unsec’d. Notes, 144A		7.500			12/01/24		375		381,562
TransDigm, Inc.,
Gtd. Notes		6.500			05/15/25		100		99,625
Gtd. Notes		6.375			06/15/26		75		72,844
									786,622
Agriculture    0.2%
Vector Group Ltd., Sr. Sec’d. Notes, 144A		6.125			02/01/25		75		66,375

See Notes to Financial Statements.

PGIM Active High Yield Bond ETF 11

Schedule of Investments (unaudited) (continued)

as of February 28, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Auto Manufacturers    1.6%
Allison Transmission, Inc., Sr. Unsec’d. Notes, 144A		4.750	%		10/01/27		75	$	71,813
Ford Motor Co.,
Sr. Unsec’d. Notes		4.750			01/15/43		25		19,135
Sr. Unsec’d. Notes		5.291			12/08/46		125		100,873
General Motors Co., Sr. Unsec’d. Notes		5.000			10/01/28		75		73,486
JB Poindexter & Co., Inc., Sr. Unsec’d. Notes, 144A		7.125			04/15/26		25		24,563
Navistar International Corp., Gtd. Notes, 144A		6.625			11/01/25		125		128,879
									418,749
Auto Parts & Equipment    1.4%
American Axle & Manufacturing, Inc.,
Gtd. Notes		6.500			04/01/27		50		49,375
Gtd. Notes		6.250			03/15/26		125		122,163
Cooper-Standard Automotive, Inc., Gtd. Notes, 144A		5.625			11/15/26		50		44,812
Dana Financing Luxembourg Sarl (Luxembourg), Gtd. Notes, 144A		6.500			06/01/26		100		102,000
Titan International, Inc., Sr. Sec’d. Notes		6.500			11/30/23		50		46,625
									364,975
Banks    0.3%
CIT Group, Inc., Subordinated		6.125			03/09/28		75		81,375
Beverages    0.3%
Cott Holdings, Inc., Gtd. Notes, 144A		5.500			04/01/25		75		74,063
Building Materials    2.3%
Griffon Corp., Gtd. Notes		5.250			03/01/22		125		123,437
Masonite International Corp. (Canada), Gtd. Notes, 144A		5.750			09/15/26		75		75,000
NCI Building Systems, Inc., Gtd. Notes, 144A		8.000			04/15/26		75		70,781
Standard Industries, Inc., Sr. Unsec’d. Notes, 144A		4.750			01/15/28		125		116,875
Summit Materials LLC/Summit Materials Finance Corp.,
Gtd. Notes		6.500			03/15/27		20		20,000
Gtd. Notes, 144A		5.125			06/01/25		75		71,625
US Concrete, Inc., Gtd. Notes		6.375			06/01/24		150		147,750
									625,468
Chemicals    5%
Alpha 2 BV (Netherlands), Sr. Unsec’d. Notes, Cash coupon 8.750% or PIK 9.500%, 144A		8.750			06/01/23		200		191,500
Ashland LLC, Gtd. Notes		6.875			05/15/43		100		102,000
Chemours Co. (The),
Gtd. Notes		7.000			05/15/25		25		26,062
Gtd. Notes		5.375			05/15/27		15		14,550

See Notes to Financial Statements.

12

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Chemicals (cont’d.)
NOVA Chemicals Corp. (Canada), Sr. Unsec’d. Notes, 144A		5.250	%		06/01/27		315	$	296,100
Rain CII Carbon LLC/CII Carbon Corp., Sec’d. Notes, 144A		7.250			04/01/25		125		108,125
Starfruit Finco BV/Starfruit US Holdco LLC (Netherlands), Sr. Unsec’d. Notes, 144A		8.000			10/01/26		300		297,750
TPC Group, Inc., Sr. Sec’d. Notes, 144A		8.750			12/15/20		100		98,000
Tronox Finance PLC (United Kingdom), Gtd. Notes, 144A		5.750			10/01/25		45		41,850
Tronox, Inc., Gtd. Notes, 144A		6.500			04/15/26		75		70,969
Venator Finance Sarl/Venator Materials LLC, Gtd. Notes, 144A		5.750			07/15/25		125		110,000
									1,356,906
Coal    0.2%
Warrior Met Coal, Inc., Sr. Sec’d. Notes, 144A		8.000			11/01/24		50		51,500
Commercial Services    4.7%
Laureate Education, Inc., Gtd. Notes, 144A		8.250			05/01/25		165		178,200
Nielsen Finance LLC/Nielsen Finance Co., Gtd. Notes, 144A		5.000			04/15/22		65		64,837
Refinitiv US Holdings, Inc.,
Gtd. Notes, 144A		8.250			11/15/26		235		229,933
Sr. Sec’d. Notes, 144A		6.250			05/15/26		130		131,137
United Rentals North America, Inc.,
Gtd. Notes		5.875			09/15/26		75		76,687
Gtd. Notes		5.500			05/15/27		50		50,000
Gtd. Notes		4.875			01/15/28		400		381,500
Gtd. Notes		4.625			10/15/25		25		24,313
Verscend Escrow Corp., Sr. Unsec’d. Notes, 144A		9.750			08/15/26		125		127,813
									1,264,420
Computers    1.9%
Banff Merger Sub, Inc., Sr. Unsec’d. Notes, 144A		9.750			09/01/26		175		169,531
Dell International LLC/EMC Corp., Gtd. Notes, 144A		7.125			06/15/24		50		53,058
Everi Payments, Inc., Gtd. Notes, 144A		7.500			12/15/25		125		125,000
West Corp., Gtd. Notes, 144A		8.500			10/15/25		200		165,500
									513,089
Distribution/Wholesale    0.2%
Global Partners LP/GLP Finance Corp., Gtd. Notes		7.000			06/15/23		25		24,719
H&E Equipment Services, Inc., Gtd. Notes		5.625			09/01/25		25		24,750
									49,469

See Notes to Financial Statements.

PGIM Active High Yield Bond ETF 13

Schedule of Investments (unaudited) (continued)

as of February 28, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Diversified Financial Services    2.4%
LPL Holdings, Inc., Gtd. Notes, 144A		5.750	%		09/15/25		100	$	101,125
Nationstar Mortgage Holdings, Inc., Gtd. Notes, 144A		9.125			07/15/26		225		230,063
Navient Corp., Sr. Unsec’d. Notes		7.250			09/25/23		75		77,344
Springleaf Finance Corp.,
Gtd. Notes		6.875			03/15/25		75		76,781
Gtd. Notes		7.125			03/15/26		125		126,563
VFH Parent LLC/Orchestra Co.-Issuer, Inc., Sec’d. Notes, 144A		6.750			06/15/22		25		25,647
									637,523
Electric    3.8%
Calpine Corp.,
Sr. Sec’d. Notes, 144A		5.250			06/01/26		75		73,500
Sr. Unsec’d. Notes		5.750			01/15/25		475		454,812
NRG Energy, Inc.,
Gtd. Notes		6.625			01/15/27		50		53,172
Gtd. Notes		5.750			01/15/28		125		128,281
Vistra Operations Co. LLC,
Gtd. Notes, 144A		5.500			09/01/26		150		155,625
Sr. Unsec’d. Notes, 144A		5.625			02/15/27		150		154,500
									1,019,890
Electronics    0.3%
Sensata Technologies BV (Netherlands), Gtd. Notes, 144A		5.000			10/01/25		75		75,750
Engineering & Construction    0.8%
AECOM, Gtd. Notes		5.125			03/15/27		100		94,875
StandardAero Aviation Holdings, Inc., Gtd. Notes, 144A		10.000			07/15/23		25		26,937
TopBuild Corp., Gtd. Notes, 144A		5.625			05/01/26		100		96,375
									218,187
Entertainment    3.8%
AMC Entertainment Holdings, Inc., Gtd. Notes		5.875			11/15/26		125		112,513
Caesars Resort Collection LLC/CRC Finco, Inc., Gtd. Notes, 144A		5.250			10/15/25		225		213,469
Churchill Downs, Inc., Gtd. Notes, 144A		4.750			01/15/28		100		95,520
Jacobs Entertainment, Inc., Sec’d. Notes, 144A		7.875			02/01/24		125		130,937
National CineMedia LLC, Sr. Sec’d. Notes		6.000			04/15/22		25		25,279
Penn National Gaming, Inc., Sr. Unsec’d. Notes, 144A		5.625			01/15/27		150		143,343

See Notes to Financial Statements.

14

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Entertainment (cont’d.)
Scientific Games International, Inc.,
Gtd. Notes		6.250	%		09/01/20		25	$	25,000
Gtd. Notes		10.000			12/01/22		75		78,844
Gtd. Notes		6.625			05/15/21		125		126,250
Sr. Sec’d. Notes, 144A		5.000			10/15/25		75		72,656
									1,023,811
Environmental Control    0.1%
Advanced Disposal Services, Inc., Gtd. Notes, 144A		5.625			11/15/24		25		25,250
Food    2.5%
Albertsons Cos. LLC/Safeway, Inc./New Albertsons LP/Albertson’s LLC, Gtd. Notes		5.750			03/15/25		50		47,500
B&G Foods, Inc., Gtd. Notes		5.250			04/01/25		75		71,625
JBS USA LUX SA/JBS USA Finance, Inc., Gtd. Notes, 144A		5.750			06/15/25		225		227,813
Pilgrim’s Pride Corp., Gtd. Notes, 144A		5.875			09/30/27		150		147,375
Post Holdings, Inc.,
Gtd. Notes, 144A		5.000			08/15/26		50		48,062
Gtd. Notes, 144A		5.625			01/15/28		150		144,938
									687,313
Gas    0.6%
AmeriGas Partners LP/AmeriGas Finance Corp.,
Sr. Unsec’d. Notes		5.500			05/20/25		125		123,750
Sr. Unsec’d. Notes		5.750			05/20/27		50		49,000
									172,750
Healthcare-Products    0.2%
Mallinckrodt International Finance SA/Mallinckrodt CB LLC (Luxembourg), Gtd. Notes, 144A		5.500			04/15/25		75		61,102
Healthcare-Services    5.7%
Acadia Healthcare Co., Inc., Gtd. Notes		6.500			03/01/24		50		49,750
CHS/Community Health Systems, Inc., Sr. Sec’d. Notes		6.250			03/31/23		100		96,250
DaVita, Inc., Gtd. Notes		5.000			05/01/25		100		96,500
Hadrian Merger Sub, Inc., Sr. Unsec’d. Notes, 144A		8.500			05/01/26		75		68,813
HCA, Inc.,
Gtd. Notes		5.375			09/01/26		375		384,375
Gtd. Notes		5.875			02/01/29		25		26,219
MEDNAX, Inc., Gtd. Notes, 144A		6.250			01/15/27		150		150,833
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc., Gtd. Notes, 144A		9.750			12/01/26		125		128,125

See Notes to Financial Statements.

PGIM Active High Yield Bond ETF 15

Schedule of Investments (unaudited) (continued)

as of February 28, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Healthcare-Services (cont’d.)
Surgery Center Holdings, Inc., Gtd. Notes, 144A		6.750	%		07/01/25		75	$	68,250
Tenet Healthcare Corp.,
Sec’d. Notes, 144A		6.250			02/01/27		75		77,203
Sr. Unsec’d. Notes		8.125			04/01/22		175		186,813
Sr. Unsec’d. Notes		6.750			06/15/23		50		51,250
Sr. Unsec’d. Notes		7.000			08/01/25		150		150,375
									1,534,756
Home Builders    3.8%
Ashton Woods USA LLC/Ashton Woods Finance Co., Sr. Unsec’d. Notes, 144A		6.750			08/01/25		100		90,030
Beazer Homes USA, Inc.,
Gtd. Notes		6.750			03/15/25		75		69,937
Gtd. Notes		5.875			10/15/27		25		21,813
Brookfield Residential Properties, Inc. (Canada), Gtd. Notes, 144A		6.375			05/15/25		50		47,506
Brookfield Residential Properties, Inc./Brookfield Residential US Corp. (Canada), Gtd. Notes, 144A		6.125			07/01/22		25		24,906
KB Home, Gtd. Notes		7.000			12/15/21		75		79,312
Lennar Corp., Gtd. Notes		4.750			05/30/25		50		50,141
Mattamy Group Corp. (Canada), Sr. Unsec’d. Notes, 144A		6.500			10/01/25		125		120,117
Meritage Homes Corp., Gtd. Notes		5.125			06/06/27		125		116,563
New Home Co., Inc. (The), Gtd. Notes		7.250			04/01/22		50		46,031
PulteGroup, Inc., Gtd. Notes		5.000			01/15/27		50		47,875
Shea Homes LP/Shea Homes Funding Corp., Gtd. Notes, 144A		5.875			04/01/23		25		24,062
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc., Gtd. Notes, 144A		5.625			03/01/24		125		123,437
William Lyon Homes, Inc., Gtd. Notes		5.875			01/31/25		175		157,500
									1,019,230
Home Furnishings    0.5%
Tempur Sealy International, Inc., Gtd. Notes		5.500			06/15/26		125		124,687
Household Products/Wares    0.3%
Spectrum Brands, Inc., Gtd. Notes		5.750			07/15/25		75		73,406
Housewares    0.3%
Scotts Miracle-Gro Co. (The), Gtd. Notes		5.250			12/15/26		75		71,625

See Notes to Financial Statements.

16

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Internet    0.9%
Zayo Group LLC/Zayo Capital, Inc.,
Gtd. Notes		6.375	%		05/15/25		125	$	124,062
Gtd. Notes, 144A		5.750			01/15/27		120		116,400
									240,462
Iron/Steel    0.8%
AK Steel Corp., Gtd. Notes		7.000			03/15/27		100		84,000
Cleveland-Cliffs, Inc., Gtd. Notes		5.750			03/01/25		60		58,650
United States Steel Corp., Sr. Unsec’d. Notes		6.250			03/15/26		75		70,969
									213,619
Lodging    0.7%
Boyd Gaming Corp., Gtd. Notes		6.000			08/15/26		50		51,281
Jack Ohio Finance LLC/Jack Ohio Finance 1 Corp., Sec’d. Notes, 144A		10.250			11/15/22		100		107,750
MGM Resorts International, Gtd. Notes		5.750			06/15/25		25		25,438
									184,469
Machinery-Diversified    0.6%
ATS Automation Tooling Systems, Inc. (Canada), Gtd. Notes, 144A		6.500			06/15/23		50		51,640
Cloud Crane LLC, Sec’d. Notes, 144A		10.125			08/01/24		100		106,500
									158,140
Media    9.4%
Altice France SA (France), Sr. Sec’d. Notes, 144A		8.125			02/01/27		200		201,000
AMC Networks, Inc., Gtd. Notes		4.750			08/01/25		50		48,578
CCO Holdings LLC/CCO Holdings Capital Corp.,
Sr. Unsec’d. Notes, 144A		5.875			05/01/27		125		128,399
Sr. Unsec’d. Notes, 144A		5.000			02/01/28		230		221,231
Clear Channel Worldwide Holdings, Inc.,
Gtd. Notes		6.500			11/15/22		175		178,719
Gtd. Notes, 144A		9.250			02/15/24		215		225,481
CSC Holdings LLC, Sr. Unsec’d. Notes, 144A		7.500			04/01/28		200		211,000
DISH DBS Corp., Gtd. Notes		7.750			07/01/26		440		380,600
Gray Television, Inc.,
Gtd. Notes, 144A		5.875			07/15/26		65		65,650
Sr. Unsec’d. Notes, 144A		7.000			05/15/27		40		42,300
Mediacom Broadband LLC/Mediacom Broadband Corp., Sr. Unsec’d. Notes		5.500			04/15/21		50		49,875

See Notes to Financial Statements.

PGIM Active High Yield Bond ETF 17

Schedule of Investments (unaudited) (continued)

as of February 28, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Media (cont’d.)
Midcontinent Communications/Midcontinent Finance Corp., Gtd. Notes, 144A		6.875	%		08/15/23		125	$	130,464
Nexstar Broadcasting, Inc., Gtd. Notes, 144A		5.625			08/01/24		125		124,062
Radiate Holdco LLC/Radiate Finance, Inc., Sr. Unsec’d. Notes, 144A		6.875			02/15/23		200		194,000
Sinclair Television Group, Inc., Gtd. Notes, 144A		5.625			08/01/24		125		126,094
TEGNA, Inc., Gtd. Notes		6.375			10/15/23		25		25,812
Univision Communications, Inc., Sr. Sec’d. Notes, 144A		5.125			02/15/25		165		144,375
Videotron Ltd. (Canada), Gtd. Notes, 144A		5.125			04/15/27		50		50,750
									2,548,390
Metal Fabricate/Hardware    0.6%
Novelis Corp., Gtd. Notes, 144A		5.875			09/30/26		100		97,500
Zekelman Industries, Inc., Sr. Sec’d. Notes, 144A		9.875			06/15/23		50		53,235
									150,735
Mining    2.6%
Constellium NV (Netherlands), Gtd. Notes, 144A		5.875			02/15/26		250		243,125
First Quantum Minerals Ltd. (Canada),
Gtd. Notes, 144A		7.000			02/15/21		50		50,825
Gtd. Notes, 144A		6.875			03/01/26		200		186,250
Freeport-McMoRan, Inc.,
Gtd. Notes		3.875			03/15/23		75		73,911
Gtd. Notes		4.550			11/14/24		30		29,700
IAMGOLD Corp. (Canada), Gtd. Notes, 144A		7.000			04/15/25		125		124,375
									708,186
Miscellaneous Manufacturers    0.1%
FXI Holdings, Inc., Sr. Sec’d. Notes, 144A		7.875			11/01/24		25		23,938
Oil & Gas    8.3%
Alta Mesa Holdings LP/Alta Mesa Finance Services Corp., Gtd. Notes		7.875			12/15/24		200		63,500
Antero Resources Corp.,
Gtd. Notes		5.625			06/01/23		50		50,125
Gtd. Notes		5.000			03/01/25		125		120,000
Ascent Resources Utica Holdings LLC/ARU Finance Corp., Sr. Unsec’d. Notes, 144A		10.000			04/01/22		175		188,563
Centennial Resource Production LLC, Gtd. Notes, 144A		5.375			01/15/26		75		71,625
Chesapeake Energy Corp., Gtd. Notes		8.000			06/15/27		200		198,000
Citgo Holding, Inc., Sr. Sec’d. Notes, 144A		10.750			02/15/20		225		230,906

See Notes to Financial Statements.

18

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Oil & Gas (cont’d.)
CNX Resources Corp., Gtd. Notes		5.875	%		04/15/22		50	$	50,500
CrownRock LP/CrownRock Finance, Inc., Sr. Unsec’d. Notes, 144A		5.625			10/15/25		25		24,219
Diamond Offshore Drilling, Inc., Sr. Unsec’d. Notes		7.875			08/15/25		25		23,625
Endeavor Energy Resources LP/EER Finance, Inc., Sr. Unsec’d. Notes, 144A		5.750			01/30/28		50		53,250
Extraction Oil & Gas, Inc.,
Gtd. Notes, 144A		7.375			05/15/24		50		44,750
Gtd. Notes, 144A		5.625			02/01/26		100		83,000
Hilcorp Energy I LP/Hilcorp Finance Co., Sr. Unsec’d. Notes, 144A		5.750			10/01/25		75		74,531
MEG Energy Corp. (Canada),
Gtd. Notes, 144A		6.375			01/30/23		175		159,687
Gtd. Notes, 144A		7.000			03/31/24		50		45,750
Nabors Industries, Inc., Gtd. Notes		5.750			02/01/25		100		88,500
Precision Drilling Corp. (Canada), Gtd. Notes, 144A		7.125			01/15/26		75		73,688
Range Resources Corp.,
Gtd. Notes		4.875			05/15/25		25		22,899
Gtd. Notes		5.000			08/15/22		50		49,312
Gtd. Notes		5.000			03/15/23		75		72,469
Seven Generations Energy Ltd. (Canada), Gtd. Notes, 144A		5.375			09/30/25		25		24,063
Sunoco LP/Sunoco Finance Corp., Gtd. Notes		5.500			02/15/26		100		99,330
Transocean Pontus Ltd. (Cayman Islands), Sr. Sec’d. Notes, 144A		6.125			08/01/25		47		47,722
Transocean, Inc. (Cayman Islands),
Gtd. Notes, 144A		7.500			01/15/26		50		48,250
Gtd. Notes, 144A		7.250			11/01/25		85		81,175
WPX Energy, Inc.,
Sr. Unsec’d. Notes		5.250			09/15/24		50		49,812
Sr. Unsec’d. Notes		8.250			08/01/23		25		28,031
Sr. Unsec’d. Notes		5.750			06/01/26		75		75,469
									2,242,751
Packaging & Containers    1.0%
ADR Finance SA (Luxembourg), Sr. Sec’d. Notes, Cash coupon 7.125% or PIK 7.875%		7.125			09/15/23		200		200,500
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC,
Gtd. Notes, 144A		7.000			07/15/24		50		51,125
Sr. Sec’d. Notes, 144A		5.125			07/15/23		25		25,000
									276,625

See Notes to Financial Statements.

PGIM Active High Yield Bond ETF 19

Schedule of Investments (unaudited) (continued)

as of February 28, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Pharmaceuticals    0.9%
Bausch Health Americas, Inc., Gtd. Notes, 144A		8.500	%		01/31/27		65	$	67,519
Bausch Health Cos., Inc. (Canada),
Gtd. Notes, 144A		6.125			04/15/25		75		72,187
Sr. Sec’d. Notes, 144A		5.750			08/15/27		25		25,219
NVA Holdings, Inc., Gtd. Notes, 144A		6.875			04/01/26		100		96,500
									261,425
Pipelines    1.9%
Antero Midstream Partners LP/Antero Midstream Finance Corp., Gtd. Notes		5.375			09/15/24		25		25,000
CNX Midstream Partners LP/CNX Midstream Finance Corp., Sr. Unsec’d. Notes, 144A		6.500			03/15/26		25		24,563
NGPL PipeCo LLC, Sr. Unsec’d. Notes, 144A		7.768			12/15/37		50		59,687
Rockies Express Pipeline LLC,
Sr. Unsec’d. Notes, 144A		6.875			04/15/40		50		53,625
Sr. Unsec’d. Notes, 144A		7.500			07/15/38		100		113,000
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.,
Gtd. Notes, 144A		5.500			09/15/24		50		51,077
Gtd. Notes, 144A		5.500			01/15/28		50		49,875
Targa Resources Partners LP/Targa Resources Partners Finance Corp.,
Gtd. Notes		5.125			02/01/25		50		50,250
Gtd. Notes, 144A		5.875			04/15/26		75		78,000
									505,077
Real Estate    0.9%
Five Point Operating Co. LP/Five Point Capital Corp., Gtd. Notes, 144A		7.875			11/15/25		50		48,438
Greystar Real Estate Partners LLC, Sr. Sec’d. Notes, 144A		5.750			12/01/25		75		75,359
Howard Hughes Corp. (The), Sr. Unsec’d. Notes, 144A		5.375			03/15/25		25		24,687
Hunt Cos., Inc., Sr. Sec’d. Notes, 144A		6.250			02/15/26		100		93,000
									241,484
Real Estate Investment Trusts (REITs)    1.0%
GLP Capital LP/GLP Financing II, Inc., Gtd. Notes		5.375			04/15/26		75		77,277
MGM Growth Properties Operating Partnership LP/MGP Finance Co.-Issuer, Inc., Gtd. Notes		4.500			01/15/28		75		70,125
MPT Operating Partnership LP/MPT Finance Corp., Gtd. Notes		5.000			10/15/27		100		99,250
									246,652

See Notes to Financial Statements.

20

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Retail    4.5%
Beacon Roofing Supply, Inc., Gtd. Notes, 144A		4.875	%		11/01/25		100	$	93,094
Brinker International, Inc., Gtd. Notes, 144A		5.000			10/01/24		75		72,187
CEC Entertainment, Inc., Gtd. Notes		8.000			02/15/22		75		68,062
Ferrellgas LP/Ferrellgas Finance Corp.,
Gtd. Notes		6.750			06/15/23		100		89,500
Sr. Unsec’d. Notes		6.500			05/01/21		25		22,375
Ferrellgas Partners LP/Ferrellgas Partners Finance Corp.,
Sr. Unsec’d. Notes		8.625			06/15/20		150		116,250
Sr. Unsec’d. Notes		8.625			06/15/20		25		19,375
Golden Nugget, Inc.,
Gtd. Notes, 144A		8.750			10/01/25		100		103,000
Sr. Unsec’d. Notes, 144A		6.750			10/15/24		100		100,500
L Brands, Inc.,
Gtd. Notes		5.625			10/15/23		50		49,625
Gtd. Notes		6.875			11/01/35		100		86,250
PetSmart, Inc., Sr. Sec’d. Notes, 144A		5.875			06/01/25		75		59,625
Rite Aid Corp., Gtd. Notes, 144A		6.125			04/01/23		150		127,875
Sally Holdings LLC/Sally Capital, Inc., Gtd. Notes		5.625			12/01/25		125		122,656
Suburban Propane Partners LP/Suburban Energy Finance Corp., Sr. Unsec’d. Notes		5.500			06/01/24		75		74,062
									1,204,436
Semiconductors    0.1%
Micron Technology, Inc., Sr. Unsec’d. Notes		5.500			02/01/25		25		25,686
Software    1.9%
Infor Software Parent LLC/Infor Software Parent, Inc., Sr. Unsec’d. Notes, Cash coupon 7.125% or PIK 7.875%, 144A		7.125			05/01/21		250		251,000
Infor US, Inc., Gtd. Notes		6.500			05/15/22		140		142,768
Informatica LLC, Sr. Unsec’d. Notes, 144A		7.125			07/15/23		50		50,631
RP Crown Parent LLC, Gtd. Notes, 144A		7.375			10/15/24		60		61,500
TIBCO Software, Inc., Sr. Unsec’d. Notes, 144A		11.375			12/01/21		25		26,562
									532,461
Telecommunications    6.7%
CenturyLink, Inc.,
Sr. Unsec’d. Notes		7.650			03/15/42		50		43,625
Sr. Unsec’d. Notes		5.625			04/01/25		100		95,346
CommScope Finance LLC, Sr. Unsec’d. Notes, 144A		8.250			03/01/27		25		25,938

See Notes to Financial Statements.

PGIM Active High Yield Bond ETF 21

Schedule of Investments (unaudited) (continued)

as of February 28, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Telecommunications (cont’d.)
CommScope Technologies LLC,
Gtd. Notes, 144A		6.000	%		06/15/25		95	$	89,537
Gtd. Notes, 144A		5.000			03/15/27		90		80,577
Digicel Ltd. (Bermuda), Gtd. Notes, 144A		6.750			03/01/23		200		139,000
GTT Communications, Inc., Gtd. Notes, 144A		7.875			12/31/24		65		56,063
Intelsat Jackson Holdings SA (Luxembourg), Gtd. Notes, 144A		9.750			07/15/25		70		72,625
ORBCOMM, Inc., Sr. Sec’d. Notes, 144A		8.000			04/01/24		125		129,375
Sprint Capital Corp., Gtd. Notes		8.750			03/15/32		300		325,312
Sprint Corp., Gtd. Notes		7.625			02/15/25		225		235,687
Wind Tre SpA (Italy), Sr. Sec’d. Notes, 144A		5.000			01/20/26		400		344,840
Xplornet Communications, Inc. (Canada), Gtd. Notes, Cash coupon 9.625% or PIK 10.625%, 144A		9.625			06/01/22		158		162,707
									1,800,632
Textiles    0.5%
Eagle Intermediate Global Holding BV/Ruyi US Finance LLC (China), Sr. Sec’d. Notes, 144A		7.500			05/01/25		150		145,575
Toys/Games/Hobbies    0.2%
Mattel, Inc., Gtd. Notes, 144A		6.750			12/31/25		50		49,188
Transportation    0.7%
XPO Logistics, Inc.,
Gtd. Notes, 144A		6.125			09/01/23		100		99,750
Sr. Unsec’d. Notes, 144A		6.750			08/15/24		100		100,637
									200,387
Trucking & Leasing    0.9%
Avolon Holdings Funding Ltd. (Cayman Islands),
Gtd. Notes, 144A		5.250			05/15/24		50		51,250
Park Aerospace Holdings Ltd. (Cayman Islands),
Gtd. Notes, 144A		5.250			08/15/22		125		127,964
Gtd. Notes, 144A		5.500			02/15/24		75		77,531
									256,745
TOTAL CORPORATE BONDS (cost $24,883,852)									24,615,354
TOTAL LONG-TERM INVESTMENTS (cost $26,104,624)									25,830,412

See Notes to Financial Statements.

22

Description	Interest Rate			Maturity Date		Shares		Value
SHORT-TERM INVESTMENTS    3.2%
AFFILIATED MUTUAL FUND    3.2%
PGIM Institutional Money Market Fund(w) (cost $874,774)							874,538	$	874,800
						Principal Amount (000)#
TIME DEPOSIT    0.0%*
Brown Brothers Harriman & Co. (cost $898)		1.750	%		03/01/19		1		898
TOTAL SHORT-TERM TERM INVESTMENTS (cost $875,672)									875,698
TOTAL INVESTMENTS    99.0% (cost $26,980,296)									26,706,110
Other assets in excess of liabilities    1.0%									263,701
NET ASSETS    100.0%								$	26,969,811

The following abbreviations are used in the semi-annual report:

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

CLO—Collateralized Loan Obligation

LIBOR—London Interbank Offered Rate

PIK—Payment-in-Kind

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

(c) Variable rate instrument. The interest rate shown reflects the rate in effect at February 28, 2019.

(p) Interest rate not available as of February 28, 2019.

(s) Rate represents yield to maturity at purchase date.

(w) PGIM Investments LLC, the manager of the Fund, also serves as manager of the PGIM Institutional Money Market Fund.

* A zero balance may reflect actual amounts rounding to less than 0.05%.

Futures contracts outstanding at February 28, 2019:

Number of contracts		Type	Expiration Date		Current Notional Amount		Value / Unrealized Appreciation (Depreciation)
		Long Positions:
	1	5 Year U.S. Treasury Notes		June 2019	$	114,563	$	(63	)
	10	10 Year U.S. Treasury Notes		June 2019		1,220,000		(4,508	)
								(4,571	)
		Short Positions:
	2	U.S. Long Bond		June 2019		288,938		2,727
	1	U.S. Ultra Bond		June 2019		159,594		2,273
								5,000
							$	429

See Notes to Financial Statements.

PGIM Active High Yield Bond ETF 23

Schedule of Investments (unaudited) (continued)

as of February 28, 2019

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

Cash and securities segregated as collateral to cover requirements for open centrally cleared/ exchange-traded derivatives are listed by broker as follows:

Broker	Cash and/or Foreign Currency		Securities Market Value
Citigroup Global Markets, Inc.	$	150,000	$	—

Fair Value Measurements:

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

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

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

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

The following is a summary of the inputs used as of February 28, 2019 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Asset-Backed Securities
Collateralized Loan Obligations	$	—	$	712,593	$	—
Bank Loans		—		502,465		—
Corporate Bonds		—		24,615,354		—
Affiliated Mutual Fund		874,800		—		—
Time Deposit		—		898		—
Other Financial Instruments*
Futures contracts		429		—		—
Total	$	875,229	$	25,831,310	$	—

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

See Notes to Financial Statements.

24

Industry Classification:

The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of February 28, 2019 were as follows (unaudited):

Media	9.4	%
Oil & Gas	8.4
Telecommunications	6.7
Healthcare-Services	5.7
Chemicals	5.0
Commercial Services	4.7
Retail	4.5
Entertainment	3.8
Home Builders	3.8
Electric	3.8
Affiliated Mutual Fund	3.2
Aerospace/Defense	2.9
Collateralized Loan Obligations	2.6
Mining	2.6
Food	2.5
Diversified Financial Services	2.4
Building Materials	2.3
Software	1.9
Computers	1.9
Pipelines	1.9
Infrastructure Software	1.8
Auto Manufacturers	1.6
Auto Parts & Equipment	1.4
Packaging & Containers	1.0
Real Estate Investment Trusts (REITs)	1.0
Real Estate	0.9
Internet	0.9
Pharmaceuticals	0.9
Trucking & Leasing	0.9	%
Iron/Steel	0.8
Engineering & Construction	0.8
Lodging	0.7
Transportation	0.7
Metal Fabricate/Hardware	0.6
Gas	0.6
Machinery-Diversified	0.6
Home Furnishings	0.5
Textiles	0.5
Housewares	0.3
Banks	0.3
Household Products/Wares	0.3
Electronics	0.3
Beverages	0.3
Agriculture	0.2
Distribution/Wholesale	0.2
Coal	0.2
Toys/Games/Hobbies	0.2
Healthcare-Products	0.2
Environmental Control	0.1
Semiconductors	0.1
Miscellaneous Manufacturers	0.1
Time Deposit	0.0	*
	99.0
Other assets in excess of liabilities	1.0
	100.0	%

* Less than +/- 0.05%.

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

The Fund invested in derivative instruments during the reporting period. The primary type of risk associated with these derivative instruments is interest rate contracts risk. The effect of such derivative instruments on the Fund’s financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

See Notes to Financial Statements.

PGIM Active High Yield Bond ETF 25

Schedule of Investments (unaudited) (continued)

as of February 28, 2019

Fair values of derivative instruments as of February 28, 2019 as presented in the Statement of Assets and Liabilities:

	Asset Derivatives			Liability Derivatives
Derivatives not accounted for as hedging instruments, carried at fair value	Statement of Assets and Liabilities Location	Fair Value		Statement of Assets and Liabilities Location	Fair Value
Interest rate contracts	Due from/to broker— variation margin futures*	$	5,000	Due from/to broker— variation margin futures*	$	(4,571	)

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

The effects of derivative instruments on the Statement of Operations for the period ended February 28, 2019 are as follows:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Futures
Interest rate contracts	$	27,457

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Futures
Interest rate contracts	$	429

For the period ended February 28, 2019 the Fund’s average volume of derivative activities is as follows:

Futures Contracts—Long Positions(1)

$1,619,660

Futures Contracts—Short Positions(1)

$364,172

(1) Notional Amount in USD.

See Notes to Financial Statements.

26

Statement of Assets & Liabilities (unaudited)

as of February 28, 2019

Assets
Investments at value:
Unaffiliated investments (cost $26,105,522)	$	25,831,310
Affiliated investments (cost $874,774)		874,800
Cash		15
Interest and dividends receivable		456,466
Deposit with broker for centrally cleared/exchange-traded derivatives		150,000
Receivable for investments sold		136,593
Total assets		27,449,184
Liabilities
Payable for investments purchased		468,647
Management fee payable		10,046
Due to broker—variation margin futures		680
Total Liabilities		479,373
Net Assets	$	26,969,811
Net assets were comprised of:
Common stock, at par	$	675
Paid-in capital in excess of par		27,152,262
		27,152,937
Total distributable earnings (loss)		(183,126	)
Net assets, February 28, 2019	$	26,969,811
Net asset value, offering price and redemption price per share, ($ 26,969,811 / 675,000 shares of common stock issued and outstanding)	$	39.96

See Notes to Financial Statements.

PGIM Active High Yield Bond ETF 27

Statement of Operations (unaudited)

Period Ended February 28, 2019*

Net Investment Income (Loss)
Income
Interest income	$	711,316
Affiliated dividend income		10,387
Total income		721,703
Expenses
Management fee		57,617
Total expenses		57,617
Less: Management fee waiver and/or expense reimbursement		(932	)
Net expenses		56,685
Net investment income (loss)		665,018
Realized And Unrealized Gain (Loss) On Investments
Net realized gain (loss) on:
Investment transactions (including affiliated of $34)		(18,373	)
Futures transactions		27,457
		9,084
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $26)		(274,186	)
Futures		429
		(273,757	)
Net gain (loss) on investment transactions		(264,673	)
Net Increase (Decrease) In Net Assets Resulting From Operations	$	400,345

* For the period from September 24, 2018 (commencement of operations) through February 28, 2019.

See Notes to Financial Statements.

28

Statement of Changes in Net Assets (unaudited)

	Period Ended February 28, 2019*
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	665,018
Net realized gain (loss) on investments		9,084
Net change in unrealized appreciation (depreciation) on investments		(273,757	)
Net increase (decrease) in net assets resulting from operations		400,345
Dividends and Distributions
Distributions from distributable earnings		(583,471	)
Fund share transactions (Net of share conversions)
Net proceeds from shares sold		27,152,937
Net increase (decrease) in net assets from Fund share transactions		27,152,937
Total increase (decrease)		26,969,811
Net Assets:
Beginning of period		—
End of period	$	26,969,811

* For the period from September 24, 2018 (commencement of operations) through February 28, 2019.

See Notes to Financial Statements.

PGIM Active High Yield Bond ETF 29

Notes to Financial Statements (unaudited)

PGIM ETF Trust (the “Trust”) is a diversified, open-end management investment company registered under the Investment Company Act of 1940, as amended (“1940 Act”), and operated as an exchange-traded fund. The Trust was organized as a Delaware statutory trust on October 23, 2017 and consists of six separate series (each a “Fund” or collectively, the “Funds”): PGIM Ultra Short Bond ETF, PGIM Active High Yield Bond ETF, PGIM QMA Strategic Alpha Large-Cap Core ETF, PGIM QMA Strategic Alpha Small-Cap Growth ETF, PGIM QMA Strategic Alpha Small- Cap Value ETF and PGIM QMA Strategic Alpha International Equity ETF.

These financial statements relate only to PGIM Active High Yield Bond ETF, which commenced investment operations on September 24, 2018.

The investment objective of the Fund is to seek total return through a combination of current income and capital appreciation.

1. 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 accounting policies conform to U.S. generally accepted accounting principles. The Fund consistently follows such policies in the preparation of its financial statements.

Securities Valuation: The Fund holds securities and other assets and liabilities that are fair valued at the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. 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. 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. A record of the Valuation Committee’s actions is subject to the Board’s review, approval, and ratification at its next regularly scheduled quarterly meeting.

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

30

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 Measurements and Disclosures.

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

Fixed income securities traded in the OTC market are generally classified as Level 2 in the fair value hierarchy. Such fixed income securities are typically valued using the market approach which generally involves obtaining data from an approved independent third-party vendor source. The Fund utilizes the market approach as the primary method to value securities when market prices of identical or comparable instruments are available. The third-party vendors’ valuation techniques used to derive the evaluated bid price are based on evaluating observable inputs, including but not limited to, yield curves, yield spreads, credit ratings, deal terms, tranche level attributes, default rates, cash flows, prepayment speeds, broker/dealer quotations and reported trades. Certain Level 3 securities are also valued using the market approach when obtaining a single broker quote or when utilizing transaction prices for identical securities that have been used in excess of five business days. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.

Bank loans are generally valued at prices provided by approved independent pricing vendors. The pricing vendors utilize broker/dealer quotations and provide prices based on the average of such quotations. Bank loans valued using such vendor prices are generally classified as Level 2 in the fair value hierarchy. Bank loans valued based on a single broker quote or at the original transaction price in excess of five business days are classified as Level 3 in the fair value hierarchy.

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.

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

PGIM Active High Yield Bond ETF 31

Notes to Financial Statements (unaudited) (continued)

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.

Illiquid Securities: Pursuant to Rule 22e-4 under the Investment Company Act of 1940, the Fund has adopted a Board approved Liquidity Risk Management Program (“LRMP”) that requires, among other things, that the Fund limit its illiquid investments that are assets to no more than 15% of net assets. Illiquid securities are those that, because of the absence of a readily available market or due to legal or contractual restrictions on resale, may not reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. The Fund may find it difficult to sell illiquid securities at the time considered most advantageous by its Subadviser and may incur transaction costs that would not be incurred in the sale of securities that were freely marketable.

Restricted Securities: Securities acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer are considered restricted as to disposition under federal securities law (‘restricted securities”). Such restricted securities are valued pursuant to the valuation procedures noted above. Restricted securities that would otherwise be considered illiquid investments pursuant to the Fund’s LRMP because of legal restrictions on resale to the general public may be traded among qualified institutional buyers under Rule 144A of the Securities Act of 1933. Therefore, these Rule 144A securities, as well as commercial paper that is sold in private placements under Section 4(2) of the Securities Act of 1933, may be classified higher than “Illiquid” under the LRMP (i.e. “moderately liquid” or “less liquid” investments). However, the liquidity of the Fund’s investments in restricted securities could be impaired if trading does not develop or declines.

Financial Futures Contracts: A financial futures contract is an agreement to purchase (long) or sell (short) an agreed amount of securities at a set price for delivery on a future date. Upon entering into a financial futures contract, the Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount. This amount is known as the “initial margin”. Subsequent payments, known as “variation margin”, are made or received by the Fund each day, depending on the daily fluctuations in the value of the underlying security. Such variation margin is recorded for financial statement purposes on a daily basis as unrealized gain (loss). When the contract expires or is closed, the gain (loss) is realized and is presented in the Statement of Operations as net realized gain (loss) on futures transactions.

32

The Fund invested in financial futures contracts in order to hedge its existing portfolio securities, or securities the Fund intends to purchase, against fluctuations in value caused by changes in prevailing interest rates. Should interest rates move unexpectedly, the Fund may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. The use of futures transactions involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates and the underlying hedged assets. Since futures contracts are exchange- traded, there is minimal counterparty credit risk to the Fund since the exchanges’ clearinghouse acts as counterparty to all exchange-traded futures and guarantees the futures contracts against default.

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 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 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 declare dividends of its net investment income daily and pay such dividends monthly. 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 book/ tax differences relating to income and gain (loss) are reclassified amongst 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.

2. Agreements

Pursuant to a management agreement with the Trust on behalf of the Fund (the Management Agreement), PGIM Investments LLC (“PGIM Investments”), subject to the supervision of the Board and in conformity with the stated policies of the Fund, manages both the investment operations of the Fund and the composition of the Fund’s portfolio, including the purchase, retention and disposition of assets. In connection therewith, the Manager is obligated to keep

PGIM Active High Yield Bond ETF 33

Notes to Financial Statements (unaudited) (continued)

certain books and records of the Fund. The Manager is authorized to enter into subadvisory agreements for investment advisory services in connection with the management of the Fund. The Manager will continue to have responsibility for all investment advisory services performed pursuant to any such subadvisory agreements. PGIM Investments will review the performance of the investment subadviser(s) and make recommendations to the Board with respect to the retention of investment subadvisers and the renewal of contracts. The Manager also administers the Fund’s business affairs and, in connection therewith, furnishes the Fund with office facilities, together with those ordinary clerical and bookkeeping services which are not being furnished by the Fund’s custodian (the Custodian). The management services of PGIM Investments to the Fund are not exclusive under the terms of the Management Agreement and PGIM Investments is free to, and does, render management services to others.

The Board of Trustees of the Trust has approved a unitary management fee structure for the Fund. Under the unitary fee structure, the Manager is responsible for paying substantially all the expenses of the Fund, costs of borrowing money (including interest expenses and any loan commitment or other associated fees), taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings, litigation, indemnification and extraordinary expenses.

The unitary fee paid to the Manager is accrued daily and payable monthly, at an annual rate of 0.53% of the Fund’s average daily net assets. The Manager has agreed to waive a portion of its annual fee equal to the amount of the management fee received by the subadviser due to the Fund’s investment in the PGIM Institutional Money Market Fund.

The Manager has entered into a subadvisory agreement (Subadvisory Agreement) with PGIM, Inc., the Fund’s investment subadviser (the “subadviser”), which provides subadvisory services to the Fund through its PGIM Fixed Income unit. The Subadvisory Agreement provides that the subadviser will furnish investment advisory services in connection with the management of the Fund. In connection therewith, the subadviser is obligated to keep certain books and records of the Fund. Under the Subadvisory Agreement, the subadviser, subject to the supervision of PGIM Investments, is responsible for managing the assets of the Fund in accordance with the Fund’s investment objectives, policies and restrictions. The subadviser determines what securities and other instruments are purchased and sold for the Fund and is responsible for obtaining and evaluating financial data relevant to the Fund. PGIM Investments continues to have responsibility for all investment advisory services pursuant to the Management Agreement and supervises the subadviser’s performance of such services.

Brown Brothers Harriman & Co. (“BBH”) serves as the Custodian, Transfer Agent and Administrative Agent for the Trust. Pursuant to a Custodian Agreement, BBH maintains

34

certain financial accounting books and records pursuant to an agreement with the Trust. Subcustodians provide custodial services for any non-US assets held outside the United States. Pursuant to an Administrative and Transfer Agency Agreement, BBH maintains certain books and records and provides transfer agency, administrative, legal, tax support and accounting and financial reporting services for the maintenance and operations of the Trust. As the transfer and dividend disbursing agent of the Trust, BBH provides customary transfer agency services to the Trust, including the handling of shareholder communications, the processing of shareholder transactions, the maintenance of shareholder account records, the payment of dividends and distributions, and related functions. For these services, BBH receives compensation from the Manager and is reimbursed for expenses, including custodian 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 BBH under the Custodian and Administrative and Transfer Agency Agreements.

3. Other Transactions with Affiliates

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. Pursuant to the Rule 17a-7 procedures and consistent with guidance issued by the SEC, the Fund’s Chief Compliance Officer (“CCO”) prepares a quarterly summary of all such transactions for submission to the Board, together with the CCO’s written representation that all such 17a-7 transactions were effected in accordance with the Fund’s Rule 17a-7 procedures. Any 17a-7 transactions for the reporting period are disclosed in the “Portfolio Securities” note, below.

The Fund may invest its overnight sweep cash in the PGIM Institutional Money Market Fund (the “Money Market Fund”), registered under the 1940 Act and managed by PGIM Investments. Through the Fund’s investments in the mentioned underlying fund, PGIM Investments and/or its affiliates are paid fees or compensated for providing their services. Earnings from the Money Market Fund are disclosed on the Statement of Operations as “Affiliated dividend income”.

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 Financial, Inc. (“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 Active High Yield Bond ETF 35

Notes to Financial Statements (unaudited) (continued)

4. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the period ended February 28, 2019, were $60,821,551 and $33,598,513 respectively.

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the period ended February 28, 2019, is presented as follows:

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	Dividend Income
PGIM Institutional Money Market Fund*
$  —	$29,586,740	$(28,712,000)	$26	$34	$874,800	874,538	$10,387

* The Fund did not have any capital gain distributions during the reporting period.

For the reporting period ended February 28, 2019, no 17a-7 transactions were entered into by the Fund.

5. Tax Information

The United States federal income tax basis of the Fund’s investments and the net unrealized depreciation as of February 28, 2019 were as follows:

Tax Basis	$	26,959,275
Gross Unrealized Appreciation		229,353
Gross Unrealized Depreciation		(482,089	)
Net Unrealized Depreciation	$	(252,736	)

The book basis may differ from tax basis due to certain tax-related adjustments.

The Manager has analyzed the Fund’s tax positions taken and has concluded that no provision for income tax is required in the Fund’s financial statements for the current reporting period. The Fund’s federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

6. 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

36

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 a large specified number of shares called a “Creation Unit” or multiples thereof to investors who have entered into an agreement with the Distributor and are authorized to transact with the Trust in Creation Units (“Authorized Participants”). A Creation Unit consists of 25,000 shares of the Fund. The Fund generally issues and redeems Creation Units in return for a specified amount of cash and/ or designated portfolio of securities. Except when aggregated in Creation Units, shares are not individually redeemable. Authorized Participants transacting in Creation Units including non-standard orders and whole or partial cash purchases or redemptions may also pay variable transaction fees to compensate the Fund for certain transaction costs (e.g. brokerage costs) relating to investing in portfolio securities. Such variable transaction fees, if any, are currently being waived by the Fund. In addition, fixed transaction fees are imposed for the transfer and other costs associated with the creation or redemption of Creation Units. Authorized Participants are responsible for paying these fixed transaction fees to BBH.

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

As of February 28, 2019, Prudential, through its affiliate entities, including affiliated funds, owned 625,000 shares of the Fund.

At reporting period end, one affiliated shareholder of record held greater than 5% of outstanding shares, which represented 93% of the Fund’s outstanding shares.

Transactions in shares of beneficial interest were as follows:

Period ended February 28, 2019:

	Shares		Amount
Shares sold		675,000	$	27,152,937
Shares reacquired		—		—
Net increase (decrease) in shares outstanding before conversion		675,000		27,152,937
Net increase (decrease) in shares outstanding		675,000	$	27,152,937

7. Borrowings

The Trust, on behalf of the Fund, along with other affiliated registered investment companies (the “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 SCA provides for a commitment of $900 million for the period October 4, 2018 through October 3, 2019. The Funds pay an annualized commitment fee of

PGIM Active High Yield Bond ETF 37

Notes to Financial Statements (unaudited) (continued)

0.15% of the unused portion of the SCA. The Fund’s portion of the commitment fee for the unused amount, allocated based upon a method approved by the Board, is accrued daily and paid quarterly. The interest on borrowings under the SCA is paid monthly and at a per annum interest rate based upon a contractual spread plus the higher of (1) the effective federal funds rate, (2) the 1-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 Funds in the SCA equitably.

The Fund did not utilize the SCA during the period ended February 28, 2019.

8. Risk of Investing in the Fund

The Fund’s risks include, but are not limited to, some or all of the risks discussed below:

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 intermediaries 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 NAV, may trade at larger spreads and possibly face trading halts and/or delisting.

Bond Obligations Risk: The Fund’s holdings, share price, yield and total return may fluctuate in response to bond market movements. The value of bonds may decline for issuer-related reasons, including management performance, financial leverage and reduced demand for the issuer’s goods and services. Certain types of fixed-income obligations also may be subject to “call and redemption risk,” which is the risk that the issuer may call a bond held by the Fund for redemption before it matures and the Fund may not be able to reinvest at the same level and therefore would earn less income.

ETF Shares Trading Risk: Fund shares are listed for trading on the Exchange and the shares are bought and sold in the secondary market at market prices. The market prices of

38

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. Since the Fund is new, an active secondary market for the shares of the Fund may not develop or may not continue once developed.

Interest Rate Risk: The value of an investment may go down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and the Fund may be required to reinvest the proceeds at a lower interest rate. This is referred to as “prepayment risk.” When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of the Fund’s holdings may fall sharply. This is referred to as “extension risk. The Fund may face a heightened level of interest rate risk as a result of the U.S. Federal Reserve Board’s policies. The Fund’s investments may lose value if short-term or long- term interest rates rise sharply or in a manner not anticipated by the subadviser.

Liquidity Risk: The Fund may invest in instruments that trade in lower volumes and are less liquid than other investments. Liquidity risk exists when particular investments made by the Fund are difficult to purchase or sell. Liquidity risk includes the risk that the Fund may make investments that may become less liquid in response to market developments or adverse investor perceptions. Investments that are illiquid or that trade in lower volumes may be more difficult to value. If the Fund is forced to sell these investments to pay redemption proceeds or for other reasons, the Fund may lose money. In addition, when there is no willing buyer and investments may not reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment, the Fund may incur higher transaction costs when executing trade orders of a given size. The reduction in dealer market-making capacity in the fixed-income markets that has occurred in recent years also has the potential to reduce liquidity. An inability to sell a portfolio position can adversely affect the Fund’s value or prevent the Fund from being able to take advantage of other investment opportunities.

Market and Credit 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

PGIM Active High Yield Bond ETF 39

Notes to Financial Statements (unaudited) (continued)

securities owned by the Fund fall, the value of an investment in the Fund will decline. Additionally, the Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

Derivatives Risk: Derivatives involve special risks and costs and may result in losses to the Fund. The successful use of derivatives requires sophisticated management, and, to the extent that derivatives are used, the Fund will depend on the subadviser’s ability to analyze and manage derivatives transactions. The prices of derivatives may move in unexpected ways, especially in abnormal market conditions. Some derivatives are “leveraged” and therefore may magnify or otherwise increase investment losses to the Fund. The Fund’s use of derivatives may also increase the amount of taxes payable by shareholders. Other risks arise from the potential inability to terminate or sell derivatives positions. A liquid secondary market may not always exist for the Fund’s derivatives positions. In fact, many over-the-counter derivative instruments will not have liquidity beyond the counterparty to the instrument. Over-the-counter derivative instruments also involve the risk that the other party will not meet its obligations to the Fund.

9. Recent Accounting Pronouncements and Reporting Updates

In August 2018, the Securities and Exchange Commission (the “SEC”) adopted amendments to Regulation S-X to update and simplify the disclosure requirements for registered investment companies by eliminating requirements that are redundant or duplicative of US GAAP requirements or other SEC disclosure requirements. The new amendments require the presentation of the total, rather than the components, of distributable earnings on the Statement of Assets and Liabilities and the total, rather than the components, of dividends from net investment income and distributions from net realized gains on the Statements of Changes in Net Assets. The amendments also removed the requirement for the parenthetical disclosure of undistributed net investment income on the Statements of Changes in Net Assets and certain tax adjustments that were reflected in the Notes to Financial Statements. All of these have been reflected in the Fund’s financial statements.

In August 2018, the FASB issued Accounting Standards Update (“ASU”) No. 2018-13, which changes certain fair value measurement disclosure requirements. The new ASU, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, and the Fund’s policy for the timing of transfers between levels. The amendments are effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The Manager has evaluated the implications of certain provisions of the ASU and has determined to early adopt aspects related to the

40

removal and modification of certain fair value measurement disclosures under the ASU effective immediately. At this time, the Manager is evaluating the implications of certain other provisions of the ASU related to new disclosure requirements and any impact on the financial statement disclosures has not yet been determined.

PGIM Active High Yield Bond ETF 41

Financial Highlights (unaudited)

	September 24, 2018(e) through February 28,
	2019
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$40.00
Income (loss) from investment operations:
Net investment income (loss)		1.03
Net realized and unrealized gain (loss) on investments		(0.17	)
Total from investment operations		0.86
Less Dividends and Distributions:
Dividends from net investment income		(0.90	)
Net asset value, end of period		$39.96
Total Return(b):		2.22%
Ratios/Supplemental Data:
Net assets, end of period (000)		$26,970
Average net assets (000)		$25,436
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		0.52%	(d)
Expenses before waivers and/or expense reimbursement		0.53%	(d)
Net investment income (loss)		6.12%	(d)
Portfolio turnover rate		133%	(f)

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

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

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

(d) Annualized.

(e) Commencement of operations.

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

See Notes to Financial Statements.

42

Board Approval of Advisory Agreements (unaudited)

Initial Approval of the Fund’s Advisory Agreements

The Board of Trustees of the PGIM ETF Trust (the Board) considered the proposed management agreement with PGIM Investments LLC (the Manager) and the proposed subadvisory agreement with PGIM, Inc. (PGIM), through its PGIM Fixed Income (PFI) division, and PGIM Limited to serve as the subadvisers (together, the Subadviser) with respect to the PGIM Active High Yield Bond ETF (the Fund) prior to the Fund’s commencement of operations. The Board, including all of the Independent Trustees, met on June 20, 2018 (the Meeting) and approved the agreements for an initial two-year period, after concluding that approval of the agreements was in the best interests of the Fund.

In advance of the Meeting, the Board requested and received materials relating to the agreements, and had the opportunity to ask questions and request further information in connection with its considerations.

In approving the agreements, the Board, including the Independent Trustees advised by independent legal counsel, considered the factors it deemed relevant, including the nature, quality and extent of services to be provided to the Fund by the Manager and the Subadviser; any relevant comparable performance information and the Subadviser’s qualifications and track record in serving other affiliated funds; and the fees proposed to be paid by the Fund to the Manager and by the Manager to the Subadviser under the agreements. In connection with its deliberations, the Board considered information provided by the Manager and the Subadviser at or in advance of the Meeting. The Board also considered information that the Trustees received throughout the year regarding the Manager and the Subadviser in their capacity as directors or trustees of other funds in the Prudential organization. In their deliberations, the Trustees did not identify any single factor which alone was responsible for the Board’s decision to approve the agreements with respect to the Fund.

The Trustees determined that the overall arrangements between the Fund and the Manager, which will serve as the Fund’s investment manager pursuant to a management agreement, and between the Manager and the Subadviser, which will serve as the Fund’s subadviser pursuant to the terms of a subadvisory agreement, are appropriate in light of the services to be performed and the fees to be charged under the agreements and such other matters as the Trustees considered relevant in the exercise of their business judgment.

The material factors and conclusions that formed the basis for the Trustees’ reaching their determinations to approve the agreements are discussed below.

Nature, quality and extent of services

With respect to the Manager, the Board noted that it had received and considered information about the Manager at the Meeting, including information relating to the

PGIM Active High Yield Bond ETF

Board Approval of Advisory Agreements (continued)

approval and renewal, as applicable, of the management agreements between the Manager and the other Prudential Retail Funds, as well as information received at other regular meetings throughout the year of the Prudential Retail Funds, regarding the nature, quality and extent of services provided by the Manager. The Board considered the services to be provided by the Manager, including but not limited to the oversight of the Subadviser, as well as the provision of fund recordkeeping, compliance and other services to the Fund. With respect to the Manager’s oversight of the Subadviser, the Board noted that the Manager’s Strategic Investment Research Group, which is a business unit of the Manager, is responsible for monitoring and reporting to the Manager’s senior management on the performance and operations of the Subadviser. The Board also noted that the Manager pays the salaries of the officers of the Trust and Trustees of the Trust who are affiliated persons of the Manager or Subadviser. The Board reviewed the qualifications, backgrounds and responsibilities of the Manager’s senior management responsible for the oversight of the Fund and the Subadviser, and was also provided with information pertaining to the Manager’s organizational structure, senior management, investment operations and other relevant information. The Board noted that the Manager had engaged personnel and consultants with experience in the management of exchanged-traded funds. The Board further noted that it received favorable compliance reports from the Fund’s Chief Compliance Officer as to the Manager for services provided to other Prudential Retail Funds. The Board noted that it had concluded that it was satisfied with the nature, quality and extent of the services provided by the Manager to the other Prudential Retail Funds and determined that it was reasonable to conclude that the nature, quality and extent of services to be provided by the Manager under the management agreement for the Fund would be similar in nature to those provided under the other management agreements.

With respect to the Subadviser, the Board noted that it had received and considered information about the Subadviser at the Meeting, including information relating to the approval and renewal, as applicable, of subadvisory agreements between the Manager and the Subadviser with respect to other Prudential Retail Funds, as well as at other regular meetings throughout the year, regarding the nature, quality and extent of services provided by the Subadviser. The Board considered, among other things, the qualifications, background and experience of the Subadviser’s portfolio managers who will be responsible for the day-to-day management of the Fund’s portfolio, as well as information on the Subadviser’s organizational structure, senior management, investment operations and other relevant information. The Board also considered the Sub-Adviser’s experience managing other similar investment strategies. The Board further noted that it received favorable compliance reports from the Fund’s Chief Compliance Officer as to the Subadviser for services provided to other Prudential Retail Funds. The Board noted that it was satisfied with the nature, quality and extent of services provided by the Subadviser with respect to the other Prudential Retail Funds served by the Subadviser and determined that it was reasonable to conclude that the nature, quality and extent of services to be provided by the

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Subadviser under the subadvisory agreement for the Fund would be similar in nature to those provided under the other subadvisory agreements. The Board noted that the Subadviser is affiliated with the Manager.

Performance

Because the Fund had not yet commenced operations and the actual asset base of the Fund had not yet been determined, no investment performance for the Fund existed for Board review. The Fund’s strategy is a new strategy for the Subadviser. The Manager will provide information relating to performance to the Board in connection with subsequent reviews of the management agreement and subadvisory agreement.

Fee Rates

The Board considered the proposed management fees of 0.53% of the average daily value of the Fund’s investable assets to be paid by the Fund to the Manager and the proposed subadvisory fees of 0.265% of the Fund’s investable assets to be paid by the Manager to the Subadviser. The Board also considered that for purposes of calculating the proposed management and subadvisory fees, investable assets of the Fund means the Fund’s net assets plus any borrowings for investment purposes. The Board considered the nature of the management fee as a unitary fee and that the Manager would be responsible for the Fund’s expenses except for those expenses reflected in the management agreement as remaining the responsibility of the Fund. Under the Management Agreement, the Fund generally will be responsible for only paying interest and other borrowing expenses, taxes, brokerage expenses, acquired fund fees and expenses, expenses associated with shareholder meetings and proxy statements, extraordinary expenses and future 12b-1 fees (if any).

The Board considered information provided by the Manager comparing the Fund’s proposed management fee rate and total expenses (including the effects of leverage) to the Lipper 15(c) Peer Group. The Board noted that the Fund’s management fee was in the first quartile and anticipated total expenses were in the first quartile of the Lipper Peer Group (first quartile being the lowest fee) based upon net assets assuming outstanding leverage.

The Board concluded that the proposed management fee and total expenses were reasonable in light of the services to be provided.

Profitability

Because the Fund had not yet commenced operations and the actual asset base of the Fund had not yet been determined, the Board noted that there was no historical profitability information with respect to the Fund to be reviewed. The Board noted that it would review profitability information in connection with subsequent renewals of the management and subadvisory agreements.

PGIM Active High Yield Bond ETF

Board Approval of Advisory Agreements (continued)

Economies of Scale

Because the Fund had not yet commenced operations and the actual asset base of the Fund had not yet been determined, the Board noted that there was no historical information regarding economies of scale with respect to the Fund to be reviewed. The Board noted that it would review such information in connection with subsequent renewals of the management and subadvisory agreements.

Other Benefits to the Manager and the Subadviser

The Board considered potential “fall-out” or ancillary benefits anticipated to be received by the Manager and the Subadviser. The Board concluded that any potential benefits to be derived by the Manager were similar to benefits derived by the Manager in connection with its management of the other affiliated funds managed by the Manager, which are reviewed on an annual basis. The Board also concluded that any potential benefits to be derived by the Subadviser were consistent with those generally derived by subadvisers to the Prudential Retail Funds, and that those benefits are reviewed on an annual basis. The Board concluded that any potential benefits derived by the Manager and the Subadviser were consistent with the types of benefits generally derived by investment managers and subadvisers to funds.

*    *    *

After full consideration of these and other factors, the Board concluded that the approval of the agreements was in the best interests of the Fund.

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∎ MAIL	∎ TELEPHONE	∎ WEBSITE
655 Broad Street Newark, NJ 07102	(800) 225-1852	pgiminvestments.com

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. 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 • Michael S. Hyland • 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 • Raymond A. O’Hara, Chief Legal Officer • Chad A. Earnst, Chief Compliance Officer • Dino Capasso, Deputy Chief Compliance Officer • Charles H. Smith, Anti-Money Laundering Compliance Officer • Andrew R. French, Secretary • Jonathan D. Shain, Assistant Secretary • Claudia DiGiacomo, Assistant Secretary • Diana N. Huffman, Assistant Secretary • Peter Parrella, Assistant Treasurer • Lana Lomuti, Assistant Treasurer • Linda McMullin, Assistant Treasurer • Kelly A. Coyne, Assistant Treasurer

MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102
SUBADVISER	PGIM Fixed Income	655 Broad Street Newark, NJ 07102
DISTRIBUTOR	Prudential Investment Management Services LLC	655 Broad Street Newark, NJ 07102
CUSTODIAN	Brown Brothers Harriman & Co.	50 Post Office Square Boston, MA 02110
TRANSFER AGENT	Brown Brothers Harriman & Co.	50 Post Office Square Boston, MA 02110
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	KPMG LLP	345 Park Avenue New York, NY 10154
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 Fund 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 pgiminvestments.com 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 pgiminvestments.com/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 Active High Yield Bond ETF, PGIM Investments, Attn: Board of Trustees, 655 Broad Street, Newark, NJ 07102. Shareholders can communicate directly with an individual Trustee by writing to the same address. Communications are not screened before being delivered to the addressee.

AVAILABILITY OF PORTFOLIO SCHEDULE

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 on Form N-Q. The Fund’s Forms N-Q are available on the Commission’s website at sec.gov. Beginning with reporting periods on or after March 31, 2019, Form N-PORT will replace Form N-Q. Form N-PORT will be filed with the Securities and Exchange Commission quarterly, and each Fund’s full portfolio holdings as of its first and third quarters of each fiscal year will be made publicly available 60 days after the end of each quarter. The Fund’s schedule of portfolio holdings is also available on the Fund’s website as of the end of each month no sooner than 15 days after the end of the month.

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

PGIM HIGH YIELD BOND ETF

TICKER SYMBOL PHYL

ETF1001E2    

PGIM QMA STRATEGIC ALPHA ETFs

PGIM QMA Strategic Alpha Large-Cap Core ETF	PQLC
PGIM QMA Strategic Alpha Small-Cap Growth ETF	PQSG
PGIM QMA Strategic Alpha Small-Cap Value ETF	PQSV
PGIM QMA Strategic Alpha International Equity ETF	PQIN

SEMIANNUAL REPORT

FEBRUARY 28, 2019

COMING SOON: PAPERLESS SHAREHOLDER REPORTS

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website (pgiminvestments.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically anytime by contacting your financial intermediary (such as a broker-dealer or bank).

You may elect to receive all future reports in paper free of charge. You should contact your financial intermediary or follow instructions included with this notice to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account.

To enroll in e-delivery, go to pgiminvestments.com/edelivery

Objective: To seek long-term growth of capital

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

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

The accompanying financial statements as of February 28, 2019 were not audited and, accordingly, no auditor’s opinion is expressed on them.

Exchange-traded funds are distributed by Prudential Investment Management Services LLC (PIMS), member SIPC. QMA is the primary business name of QMA LLC, a wholly owned subsidiary of PGIM, Inc. (PGIM), a Prudential Financial company and registered investment adviser. ^© 2019 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.

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Table of Contents

Letter from the President	5
PGIM QMA Strategic Alpha Large-Cap Core ETF	6
PGIM QMA Strategic Alpha Small-Cap Growth ETF	8
PGIM QMA Strategic Alpha Small-Cap Value ETF	10
PGIM QMA Strategic Alpha International Equity ETF	12
Fees and Expenses	14
Holdings and Financial Statements	17

PGIM QMA Strategic Alpha ETFs 3

This Page Intentionally Left Blank

Letter from the President

Dear Shareholder:

We hope you find the semiannual report for the PGIM QMA Strategic Alpha ETFs informative and useful. The report covers performance for each of the Funds for the period beginning with each Fund’s inception date and ending February 28, 2019.

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

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

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

Thank you for choosing our family of funds.

Sincerely,

Stuart S. Parker, President

PGIM QMA Strategic Alpha ETFs

April 15, 2019

PGIM QMA Strategic Alpha ETFs 5

PGIM QMA Strategic Alpha Large-Cap Core ETF

Your Fund’s Performance (unaudited)

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

	Total Returns as of 2/28/19
	Since Inception (%)
Net Asset Value (NAV)	2.04 (10/17/18)
Market Price*	2.08 (10/17/18)
S&P 500 Index	3.48
Lipper Large-Cap Core Funds Average	3.48

Source: PGIM Investments LLC and Lipper Inc.

*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 and the Lipper Average 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 Definitions

S&P 500 Index—The S&P 500 Index is an unmanaged index of over 500 stocks of large public US companies. It gives a broad look at how stock prices in the United States have performed.

Lipper Large-Cap Core Funds Average—The Lipper Large-Cap Core Funds Average includes funds that invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) above Lipper’s US Diversified Equity large-cap floor, have more latitude in the companies in which they invest, and typically have average characteristics compared to the S&P 500 Index.

Investors cannot invest directly in an index or average. The returns for the Index would be lower if they included the effects of sales charges, operating expenses of a mutual fund, or taxes. Returns for the Lipper Average reflect the deduction of operating expenses of a mutual fund, but not sales charges or taxes.

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Presentation of Fund Holdings

Five Largest Holdings expressed as a percentage of net assets as of 2/28/19 (%)
Western Digital Corp., Technology Hardware, Storage & Peripherals	0.4
KLA-Tencor Corp., Semiconductors & Semiconductor Equipment	0.4
Estee Lauder Cos., Inc. (The), Personal Products	0.4
Danaher Corp., Health Care Equipment & Supplies	0.4
Monster Beverage Corp., Beverages	0.4

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

Five Largest Industries expressed as a percentage of net assets as of 2/28/19 (%)
Equity Real Estate Investment Trusts (REITs)	6.2
Banks	5.8
Health Care Equipment & Supplies	4.2
Specialty Retail	3.8
Health Care Providers & Services	3.5

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

PGIM QMA Strategic Alpha ETFs 7

PGIM QMA Strategic Alpha Small-Cap 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 or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the past performance data quoted. An investor may obtain performance data as of the most recent month-end by visiting our website at pgiminvestments.com or by calling (800) 225-1852.

	Total Returns as of 2/28/19
	Since Inception (%)
Net Asset Value (NAV)	3.94 (11/13/18)
Market Price*	3.97 (11/13/18)
Russell 2000 Growth Index	6.52
Lipper Small-Cap Growth Funds Average	6.94

Source: PGIM Investments LLC and Lipper Inc.

*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 and the Lipper Average 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 Definitions

Russell 2000 Growth Index—The Russell 2000 Growth Index is unmanaged and comprises securities in the Russell 2000 Index with a higher-than-average growth orientation. Companies in this index generally have high price-to-book and price-to-earnings ratios. London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). ^© LSE Group 2019. FTSE Russell is a trading name of certain of the LSE Group companies. Russell^® is a trade mark of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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Lipper Small-Cap Growth Funds Average—The Lipper Small-Cap Growth Funds Average includes funds that invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) below Lipper’s USDE small-cap ceiling. Small-cap growth funds typically have above-average characteristics compared to the S&P SmallCap 600 Index. The S&P SmallCap 600 Index is generally considered representative of the small-cap segment of the US equity market.

Investors cannot invest directly in an index or average. The returns for the Index would be lower if they included the effects of sales charges, operating expenses of a mutual fund, or taxes. Returns for the Lipper Average reflect the deduction of operating expenses of a mutual fund, but not sales charges or taxes.

Presentation of Fund Holdings

Five Largest Holdings expressed as a percentage of net assets as of 2/28/19 (%)
Telaria, Inc., Software	0.3
Horizon Pharma PLC, Pharmaceuticals	0.2
Solid Biosciences, Inc., Biotechnology	0.2
Corvus Pharmaceuticals, Inc., Biotechnology	0.2
DMC Global, Inc., Machinery	0.2

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

Five Largest Industries expressed as a percentage of net assets as of 2/28/19 (%)
Biotechnology	8.5
Software	6.5
Banks	6.1
Health Care Equipment & Supplies	4.9
Machinery	4.6

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

PGIM QMA Strategic Alpha ETFs 9

PGIM QMA Strategic Alpha Small-Cap Value ETF

Your Fund’s Performance (unaudited)

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

	Total Returns as of 2/28/19
	Since Inception (%)
Net Asset Value (NAV)	1.62 (11/13/18)
Market Price*	1.73 (11/13/18)
Russell 2000 Value Index	2.95
Lipper Small-Cap Value Funds Average	3.08

Source: PGIM Investments LLC and Lipper Inc.

*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 and the Lipper Average 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 Definitions

Russell 2000 Value Index—The Russell 2000 Value Index is unmanaged and comprises securities in the Russell 2000 Index with a less-than-average growth orientation. Companies in this index generally have low price-to-book and price-to-earnings ratios. London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). ^© LSE Group 2019. FTSE Russell is a trading name of certain of the LSE Group companies. Russell^® is a trade mark of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

10 Visit our website at pgiminvestments.com

Lipper Small-Cap Value Funds Average—The Lipper Small-Cap Value Funds Average includes funds that invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) below Lipper’s US Diversified Equity small-cap ceiling and typically have below-average characteristics compared to the S&P SmallCap 600 Index. The S&P SmallCap 600 Index is generally considered representative of the small-cap segment of the US equity market.

Investors cannot invest directly in an index or average. The returns for the Index would be lower if they included the effects of sales charges, operating expenses of a mutual fund, or taxes. Returns for the Lipper Average reflect the deduction of operating expenses of a mutual fund, but not sales charges or taxes.

Presentation of Fund Holdings

Five Largest Holdings expressed as a percentage of net assets as of 2/28/19 (%)
Telaria, Inc., Software	0.2
Triple-S Management Corp., Health Care Providers & Services	0.2
Mallinckrodt PLC, Pharmaceuticals	0.2
Gray Television, Inc., Media	0.2
Dillard’s, Inc., Multiline Retail	0.2

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

Five Largest Industries expressed as a percentage of net assets as of 2/28/19 (%)
Banks	18.8
Equity Real Estate Investment Trusts (REITs)	9.1
Specialty Retail	4.4
Thrifts & Mortgage Finance	4.0
Insurance	3.8

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

PGIM QMA Strategic Alpha ETFs 11

PGIM QMA Strategic Alpha International Equity ETF

Your Fund’s Performance (unaudited)

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

	Total Returns as of 2/28/19
	Since Inception (%)
Net Asset Value (NAV)	3.19 (12/4/18)
Market Price*	3.84 (12/4/18)
MSCI EAFE Index	3.98
Lipper International Multi-Cap Core Funds Average	3.74

Source: PGIM Investments LLC and Lipper Inc.

*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 and the Lipper Average 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 Definitions

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 US & Canada.

Lipper International Multi-Cap Core Funds Average—The Lipper International Multi-Cap Core Funds Average includes funds that invest in a variety of market capitalization ranges without concentrating 75% of their equity assets in any one market capitalization range over an extended period of time. International multi-cap core funds typically have average characteristics compared to the MSCI EAFE Index.

Investors cannot invest directly in an index or average. The returns for the Index would be lower if they included the effects of sales charges, operating expenses of a mutual fund, or taxes. Returns for the Lipper Average reflect the deduction of operating expenses of a mutual fund, but not sales charges or taxes.

12 Visit our website at pgiminvestments.com

Presentation of Fund Holdings

Five Largest Holdings expressed as a percentage of net assets as of 2/28/19 (%)
Takeda Pharmaceutical Co. Ltd., Pharmaceuticals	0.3
Fortescue Metals Group Ltd., Metals & Mining	0.3
Taylor Wimpey PLC, Household Durables	0.3
Straumann Holding AG, Health Care Equipment & Supplies	0.2
Rio Tinto Ltd., Metals & Mining	0.2

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

Five Largest Industries expressed as a percentage of net assets as of 2/28/19 (%)
Banks	6.6
Machinery	5.1
Chemicals	5.1
Real Estate Management & Development	4.5
Equity Real Estate Investment Trusts (REITs)	4.1

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

PGIM QMA Strategic Alpha ETFs 13

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 period ended February 28, 2019. The example is for illustrative purposes only.

Actual Expenses

The information under each column in the line entitled “Actual” 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 Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The information under each column in the line entitled “Hypothetical” on the following page 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 table 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.

14 Visit our website at pgiminvestments.com

PGIM QMA Strategic Alpha Large-Cap Core ETF	Beginning Account ValueSeptember 1, 2018		Ending Account ValueFebruary 28, 2019		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period*
Actual**	$	1,000.00	$	1,020.40		0.17	%	$	0.63
Hypothetical	$	1,000.00	$	1,023.95		0.17	%	$	0.85

* 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, 2019, and divided by the 365 days in the Fund’s fiscal year ending August 31, 2019 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

** “Actual” expenses are calculated using the 134-day period ended February 28, 2019 due to the Fund’s inception date of October 17, 2018.

PGIM QMA Strategic Alpha Small-Cap Growth ETF	Beginning Account ValueSeptember 1, 2018		Ending Account ValueFebruary 28, 2019		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period*
Actual**	$	1,000.00	$	1,039.40		0.29	%	$	0.87
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, 2019, and divided by the 365 days in the Fund’s fiscal year ending August 31, 2019 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

** “Actual” expenses are calculated using the 107-day period ended February 28, 2019 due to the Fund’s inception date of November 13, 2018.

PGIM QMA Strategic Alpha Small-Cap Value ETF	Beginning Account Value September 1, 2018		Ending Account Value February 28, 2019		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period*
Actual**	$	1,000.00	$	1,016.20		0.29	%	$	0.86
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, 2019, and divided by the 365 days in the Fund’s fiscal year ending August 31, 2019 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

** “Actual” expenses are calculated using the 107-day period ended February 28, 2019 due to the Fund’s inception date of November 13, 2018.

PGIM QMA Strategic Alpha ETFs 15

Fees and Expenses (continued)

PGIM QMA Strategic Alpha International Equity ETF	Beginning Account ValueSeptember 1, 2018		Ending Account ValueFebruary 28, 2019		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period*
Actual**	$	1,000.00	$	1,031.90		0.29	%	$	0.69
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, 2019, and divided by the 365 days in the Fund’s fiscal year ending August 31, 2019 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

** “Actual” expenses are calculated using the 85-day period ended February 28, 2019 due to the Fund’s inception date of December 4, 2018.

16 Visit our website at pgiminvestments.com

PGIM QMA Strategic Alpha Large-Cap Core ETF

Schedule of Investments (unaudited)

as of February 28, 2019

Description	Shares		Value
LONG-TERM INVESTMENTS    99.2%
COMMON STOCKS    99.2%
Aerospace & Defense    1.8%
Huntington Ingalls Industries, Inc.		205	$	42,929
L3 Technologies, Inc.		227		48,067
Raytheon Co.		248		46,252
Textron, Inc.		829		45,015
United Technologies Corp.		329		41,345
				223,608
Air Freight & Logistics    1.0%
CH Robinson Worldwide, Inc.		463		41,846
Expeditors International of Washington, Inc.		593		44,445
FedEx Corp.		233		42,173
				128,464
Airlines    1.3%
Alaska Air Group, Inc.		626		38,624
Delta Air Lines, Inc.		821		40,705
Southwest Airlines Co.		797		44,664
United Continental Holdings, Inc.*		465		40,832
				164,825
Auto Components    0.3%
BorgWarner, Inc.		1,006		40,854
Automobiles    1.0%
Ford Motor Co.		4,823		42,298
General Motors Co.		1,053		41,572
Harley-Davidson, Inc.		1,081		40,127
				123,997
Banks    5.8%
Bank of America Corp.		1,529		44,463
BB&T Corp.		926		47,198
Citigroup, Inc.		625		39,988
Citizens Financial Group, Inc.		1,221		45,104
Comerica, Inc.		506		44,078
Fifth Third Bancorp		1,625		44,817
Huntington Bancshares, Inc.		3,054		44,008
JPMorgan Chase & Co.		401		41,848
KeyCorp		2,348		41,466
M&T Bank Corp.		247		42,746

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 17

PGIM QMA Strategic Alpha Large-Cap Core ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Banks (cont’d.)
People’s United Financial, Inc.		2,520	$	44,755
PNC Financial Services Group, Inc. (The)		349		43,981
Regions Financial Corp.		2,533		41,541
SunTrust Banks, Inc.		705		45,733
US Bancorp		855		44,195
Wells Fargo & Co.		811		40,461
Zions Bancorp NA		905		46,246
				742,628
Beverages    1.8%
Brown-Forman Corp. (Class B Stock)		887		43,898
Coca-Cola Co. (The)		857		38,856
Molson Coors Brewing Co. (Class B Stock)		652		40,202
Monster Beverage Corp.*		821		52,404
PepsiCo, Inc.		406		46,950
				222,310
Biotechnology    1.6%
Amgen, Inc.		216		41,057
Biogen, Inc.*		129		42,313
Gilead Sciences, Inc.		571		37,126
Incyte Corp.*		512		44,150
Vertex Pharmaceuticals, Inc.*		235		44,356
				209,002
Building Products    1.4%
Allegion PLC		493		44,350
AO Smith Corp.		896		46,529
Fortune Brands Home & Security, Inc.		891		41,984
Johnson Controls International PLC		1,283		45,251
				178,114
Capital Markets    3.2%
Affiliated Managers Group, Inc.		346		37,925
Bank of New York Mellon Corp. (The)		782		41,039
BlackRock, Inc. (Class A Stock)		98		43,436
Cboe Global Markets, Inc.		431		41,337
Goldman Sachs Group, Inc. (The)		198		38,947
Intercontinental Exchange, Inc.		539		41,584
Invesco Ltd.		2,123		41,080
Morgan Stanley		949		39,839

See Notes to Financial Statements.

18

Description	Shares		Value
COMMON STOCKS (Continued)
Capital Markets (cont’d.)
Northern Trust Corp.		452	$	42,126
State Street Corp.		530		38,091
				405,404
Chemicals    1.4%
Air Products & Chemicals, Inc.		274		49,643
Celanese Corp. (Class A Stock)		419		42,860
Eastman Chemical Co.		519		42,916
LyondellBasell Industries NV (Class A Stock)		446		38,142
				173,561
Commercial Services & Supplies    0.7%
Cintas Corp.		223		46,072
Waste Management, Inc.		483		48,904
				94,976
Communications Equipment    1.4%
Arista Networks, Inc.*		183		52,201
Cisco Systems, Inc.		951		49,233
F5 Networks, Inc.*		258		43,380
Juniper Networks, Inc.		1,526		41,324
				186,138
Construction & Engineering    0.4%
Jacobs Engineering Group, Inc.		666		49,137
Consumer Finance    1.4%
American Express Co.		418		45,035
Capital One Financial Corp.		476		39,784
Discover Financial Services		576		41,247
Synchrony Financial		1,444		47,089
				173,155
Containers & Packaging    1.4%
International Paper Co.		896		41,055
Packaging Corp. of America		483		46,170
Sealed Air Corp.		1,085		47,328
Westrock Co.		1,011		37,791
				172,344

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 19

PGIM QMA Strategic Alpha Large-Cap Core ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Distributors    0.7%
Genuine Parts Co.		449	$	48,842
LKQ Corp.*		1,499		41,522
				90,364
Diversified Consumer Services    0.3%
H&R Block, Inc.		1,597		38,568
Diversified Telecommunication Services    0.6%
AT&T, Inc.		1,346		41,888
Verizon Communications, Inc.		709		40,356
				82,244
Electric Utilities    3.4%
American Electric Power Co., Inc.		530		43,009
Duke Energy Corp.		471		42,230
Entergy Corp.		469		43,772
Evergy, Inc.		712		39,808
Eversource Energy		599		41,816
Exelon Corp.		876		42,565
FirstEnergy Corp.		1,154		47,025
Pinnacle West Capital Corp.		471		44,152
PPL Corp.		1,413		45,456
Southern Co. (The)		856		42,535
				432,368
Electrical Equipment    1.4%
AMETEK, Inc.		594		47,271
Eaton Corp. PLC		543		43,315
Emerson Electric Co.		650		44,297
Rockwell Automation, Inc.		253		45,176
				180,059
Electronic Equipment, Instruments & Components    1.5%
Amphenol Corp. (Class A Stock)		505		47,455
Corning, Inc.		1,332		46,367
FLIR Systems, Inc.		898		46,202
Keysight Technologies, Inc.*		582		49,127
				189,151

See Notes to Financial Statements.

20

Description	Shares		Value
COMMON STOCKS (Continued)
Energy Equipment & Services    0.6%
Schlumberger Ltd.		974	$	42,914
TechnipFMC PLC		1,732		38,606
				81,520
Entertainment    1.3%
Activision Blizzard, Inc.		851		35,861
Electronic Arts, Inc.*		451		43,197
Viacom, Inc. (Class B Stock)		1,328		38,804
Walt Disney Co. (The)		375		42,315
				160,177
Equity Real Estate Investment Trusts (REITs)    6.2%
American Tower Corp.		245		43,157
Apartment Investment & Management Co. (Class A Stock)		834		40,808
Boston Properties, Inc.		370		49,095
Duke Realty Corp.		1,430		42,285
Equinix, Inc.		108		45,738
Equity Residential		577		42,519
Essex Property Trust, Inc.		156		43,655
Host Hotels & Resorts, Inc.		2,244		44,005
Kimco Realty Corp.		2,435		42,832
Mid-America Apartment Communities, Inc.		444		45,990
Prologis, Inc.		683		47,851
Regency Centers Corp.		693		45,218
SBA Communications Corp. (Class A Stock)*		233		42,070
Simon Property Group, Inc.		233		42,210
SL Green Realty Corp.		470		42,638
Vornado Realty Trust		635		42,742
Welltower, Inc.		554		41,168
Weyerhaeuser Co.		1,519		37,808
				781,789
Food & Staples Retailing    1.3%
Costco Wholesale Corp.		191		41,779
Kroger Co. (The)		1,393		40,857
Walgreens Boots Alliance, Inc.		571		40,649
Walmart, Inc.		455		45,040
				168,325

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 21

PGIM QMA Strategic Alpha Large-Cap Core ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Food Products    3.4%
Archer-Daniels-Midland Co.		884	$	37,570
General Mills, Inc.		938		44,208
Hershey Co. (The)		414		45,822
Hormel Foods Corp.		930		40,325
JM Smucker Co. (The)		414		43,847
Kellogg Co.		624		35,106
Kraft Heinz Co. (The)		786		26,087
Lamb Weston Holdings, Inc.		569		39,437
McCormick & Co., Inc.		319		43,378
Mondelez International, Inc. (Class A Stock)		936		44,142
Tyson Foods, Inc. (Class A Stock)		703		43,347
				443,269
Health Care Equipment & Supplies    4.2%
Abbott Laboratories		614		47,659
Baxter International, Inc.		608		45,436
Becton Dickinson & Co.		179		44,533
Danaher Corp.		415		52,713
DENTSPLY SIRONA, Inc.		1,001		41,802
Hologic, Inc.*		935		44,085
IDEXX Laboratories, Inc.*		194		40,940
Medtronic PLC		451		40,816
ResMed, Inc.		343		35,133
Stryker Corp.		249		46,939
Varian Medical Systems, Inc.*		320		42,995
Zimmer Biomet Holdings, Inc.		380		47,166
				530,217
Health Care Providers & Services    3.5%
Anthem, Inc.		158		47,515
Cardinal Health, Inc.		828		44,994
Centene Corp.*		596		36,290
CVS Health Corp.		591		34,178
Henry Schein, Inc.*		513		30,421
Humana, Inc.		139		39,621
Laboratory Corp. of America Holdings*		298		44,176
McKesson Corp.		326		41,454
Quest Diagnostics, Inc.		474		41,025
UnitedHealth Group, Inc.		160		38,755
Universal Health Services, Inc. (Class B Stock)		309		42,898
				441,327

See Notes to Financial Statements.

22

Description	Shares		Value
COMMON STOCKS (Continued)
Health Care Technology    0.3%
Cerner Corp.*		755	$	42,242
Hotels, Restaurants & Leisure    1.3%
Carnival Corp.		753		43,493
McDonald’s Corp.		223		40,996
Norwegian Cruise Line Holdings Ltd.*		840		46,645
Yum! Brands, Inc.		445		42,052
				173,186
Household Durables    0.3%
Mohawk Industries, Inc.*		325		44,239
Household Products    1.7%
Church & Dwight Co., Inc.		598		39,348
Clorox Co. (The)		265		41,878
Colgate-Palmolive Co.		696		45,846
Kimberly-Clark Corp.		353		41,241
Procter & Gamble Co. (The)		445		43,855
				212,168
Independent Power and Renewable Electricity Producers    0.7%
AES Corp.		2,839		48,916
NRG Energy, Inc.		982		40,930
				89,846
Industrial Conglomerates    1.1%
3M Co.		211		43,759
Honeywell International, Inc.		274		42,215
Roper Technologies, Inc.		153		49,518
				135,492
Insurance    3.2%
Aflac, Inc.		852		41,867
Allstate Corp. (The)		459		43,320
Everest Re Group Ltd.		203		45,900
Hartford Financial Services Group, Inc. (The)		935		46,152
Lincoln National Corp.		676		42,264
Marsh & McLennan Cos., Inc.		489		45,487
MetLife, Inc.		994		44,919
Travelers Cos., Inc. (The)		350		46,519
Unum Group		1,199		44,795
				401,223

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 23

PGIM QMA Strategic Alpha Large-Cap Core ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Interactive Media & Services    1.0%
Alphabet, Inc.,
(Class A Stock)*		39	$	43,935
(Class C Stock)*		40		44,797
Facebook, Inc. (Class A Stock)*		275		44,399
				133,131
Internet & Direct Marketing Retail    1.1%
Booking Holdings, Inc.*		25		42,426
eBay, Inc.		1,327		49,298
Expedia Group, Inc.		358		44,145
				135,869
IT Services    2.8%
Accenture PLC (Class A Stock)		271		43,734
Broadridge Financial Solutions, Inc.		403		40,804
Cognizant Technology Solutions Corp. (Class A Stock)		593		42,091
Fidelity National Information Services, Inc.		416		44,990
International Business Machines Corp.		330		45,583
Paychex, Inc.		633		48,754
Total System Services, Inc.		456		43,046
Western Union Co. (The)		2,248		40,172
				349,174
Life Sciences Tools & Services    2.2%
Agilent Technologies, Inc.		569		45,201
IQVIA Holdings, Inc.*		325		45,533
Mettler-Toledo International, Inc.*		76		51,749
PerkinElmer, Inc.		489		46,044
Thermo Fisher Scientific, Inc.		186		48,280
Waters Corp.*		200		48,444
				285,251
Machinery    2.6%
Cummins, Inc.		296		45,611
Dover Corp.		524		47,438
Illinois Tool Works, Inc.		304		43,800
Ingersoll-Rand PLC		441		46,552
PACCAR, Inc.		693		46,985
Parker-Hannifin Corp.		264		46,506
Pentair PLC		1,103		46,922
				323,814

See Notes to Financial Statements.

24

Description	Shares		Value
COMMON STOCKS (Continued)
Media    1.3%
CBS Corp. (Class B Stock)		826	$	41,473
Comcast Corp. (Class A Stock)		1,122		43,388
Discovery, Inc. (Class C Stock)*		1,582		43,110
Omnicom Group, Inc.		542		41,029
				169,000
Metals & Mining    0.7%
Freeport-McMoRan, Inc.		3,439		44,363
Nucor Corp.		739		44,761
				89,124
Multiline Retail    1.0%
Kohl’s Corp.		594		40,113
Macy’s, Inc.		1,629		40,383
Target Corp.		581		42,204
				122,700
Multi-Utilities    2.2%
Ameren Corp.		673		47,945
CenterPoint Energy, Inc.		1,365		41,141
Consolidated Edison, Inc.		573		47,244
Dominion Energy, Inc.		603		44,676
DTE Energy Co.		393		48,559
Public Service Enterprise Group, Inc.		810		47,636
				277,201
Oil, Gas & Consumable Fuels    2.9%
Chevron Corp.		371		44,364
Cimarex Energy Co.		550		39,551
Exxon Mobil Corp.		536		42,360
HollyFrontier Corp.		732		37,478
Kinder Morgan, Inc.		2,434		46,635
Occidental Petroleum Corp.		596		39,425
Phillips 66		396		38,159
Pioneer Natural Resources Co.		282		39,748
Valero Energy Corp.		501		40,862
				368,582
Personal Products    0.4%
Estee Lauder Cos., Inc. (The) (Class A Stock)		340		53,360

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 25

PGIM QMA Strategic Alpha Large-Cap Core ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Pharmaceuticals    2.3%
Allergan PLC		258	$	35,529
Bristol-Myers Squibb Co.		754		38,952
Eli Lilly & Co.		338		42,686
Johnson & Johnson		319		43,588
Merck & Co., Inc.		533		43,328
Pfizer, Inc.		993		43,047
Zoetis, Inc. (Class A Stock)		475		44,759
				291,889
Professional Services    0.6%
Robert Half International, Inc.		665		45,346
Verisk Analytics, Inc. (Class A Stock)*		200		25,286
				70,632
Real Estate Management & Development    0.4%
CBRE Group, Inc. (Class A Stock)*		921		45,829
Road & Rail    1.0%
CSX Corp.		619		44,983
JB Hunt Transport Services, Inc.		383		41,238
Norfolk Southern Corp.		254		45,542
				131,763
Semiconductors & Semiconductor Equipment    3.3%
Analog Devices, Inc.		454		48,560
Applied Materials, Inc.		1,254		48,078
Intel Corp.		832		44,063
KLA-Tencor Corp.		469		54,165
Lam Research Corp.		285		50,186
NVIDIA Corp.		266		41,033
QUALCOMM, Inc.		736		39,295
Skyworks Solutions, Inc.		584		47,689
Texas Instruments, Inc.		426		45,062
				418,131
Software    2.7%
ANSYS, Inc.*		275		48,746
Cadence Design Systems, Inc.*		881		50,437
Citrix Systems, Inc.		419		44,204
Intuit, Inc.		204		50,415
Oracle Corp.		904		47,126
Symantec Corp.		2,111		47,476

See Notes to Financial Statements.

26

Description	Shares		Value
COMMON STOCKS (Continued)
Software (cont’d.)
Synopsys, Inc.*		489	$	49,722
				338,126
Specialty Retail    3.8%
Advance Auto Parts, Inc.		259		41,901
AutoZone, Inc.*		48		45,071
Best Buy Co., Inc.		697		47,981
CarMax, Inc.*		616		38,254
Foot Locker, Inc.		700		41,664
Gap, Inc. (The)		1,600		40,640
Lowe’s Cos., Inc.		411		43,192
O’Reilly Automotive, Inc.*		126		46,867
TJX Cos., Inc. (The)		778		39,904
Tractor Supply Co.		490		46,722
Ulta Beauty, Inc.*		154		48,123
				480,319
Technology Hardware, Storage & Peripherals    1.2%
Hewlett Packard Enterprise Co.		2,811		46,044
Seagate Technology PLC		989		46,048
Western Digital Corp.		1,105		55,582
				147,674
Textiles, Apparel & Luxury Goods    1.7%
Capri Holdings Ltd.*		981		44,734
NIKE, Inc. (Class B Stock)		563		48,266
PVH Corp.		375		43,065
Ralph Lauren Corp. (Class A Stock)		374		46,814
Tapestry, Inc.		1,116		38,993
				221,872
Tobacco    0.7%
Altria Group, Inc.		856		44,863
Philip Morris International, Inc.		523		45,470
				90,333
Water Utilities    0.4%
American Water Works Co., Inc.		484		49,184
TOTAL LONG-TERM INVESTMENTS (cost $12,288,386)				12,599,249

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 27

PGIM QMA Strategic Alpha Large-Cap Core ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SHORT-TERM INVESTMENT    0.6%
TIME DEPOSIT
Citibank, NA (cost $70,012)		1.750	%		03/01/19		70	$	70,012
TOTAL INVESTMENTS    99.8% (cost $12,358,398)									12,669,261
Other assets in excess of liabilities    0.2%									26,536
NET ASSETS    100.0%								$	12,695,797

The following abbreviations are used in the semi-annual report:

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

* Non-income producing security.

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, 2019 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Common Stocks
Aerospace & Defense	$	223,608	$	—	$	—
Air Freight & Logistics		128,464		—		—
Airlines		164,825		—		—
Auto Components		40,854		—		—
Automobiles		123,997		—		—
Banks		742,628		—		—
Beverages		222,310		—		—
Biotechnology		209,002		—		—

See Notes to Financial Statements.

28

	Level 1		Level 2		Level 3
Investments in Securities (continued)
Common Stocks (continued)
Building Products	$	178,114	$	—	$	—
Capital Markets		405,404		—		—
Chemicals		173,561		—		—
Commercial Services & Supplies		94,976		—		—
Communications Equipment		186,138		—		—
Construction & Engineering		49,137		—		—
Consumer Finance		173,155		—		—
Containers & Packaging		172,344		—		—
Distributors		90,364		—		—
Diversified Consumer Services		38,568		—		—
Diversified Telecommunication Services		82,244		—		—
Electric Utilities		432,368		—		—
Electrical Equipment		180,059		—		—
Electronic Equipment, Instruments & Components		189,151		—		—
Energy Equipment & Services		81,520		—		—
Entertainment		160,177		—		—
Equity Real Estate Investment Trusts (REITs)		781,789		—		—
Food & Staples Retailing		168,325		—		—
Food Products		443,269		—		—
Health Care Equipment & Supplies		530,217		—		—
Health Care Providers & Services		441,327		—		—
Health Care Technology		42,242		—		—
Hotels, Restaurants & Leisure		173,186		—		—
Household Durables		44,239		—		—
Household Products		212,168		—		—
Independent Power and Renewable Electricity Producers		89,846		—		—
Industrial Conglomerates		135,492		—		—
Insurance		401,223		—		—
Interactive Media & Services		133,131		—		—
Internet & Direct Marketing Retail		135,869		—		—
IT Services		349,174		—		—
Life Sciences Tools & Services		285,251		—		—
Machinery		323,814		—		—
Media		169,000		—		—
Metals & Mining		89,124		—		—
Multiline Retail		122,700		—		—
Multi-Utilities		277,201		—		—
Oil, Gas & Consumable Fuels		368,582		—		—
Personal Products		53,360		—		—
Pharmaceuticals		291,889		—		—
Professional Services		70,632		—		—
Real Estate Management & Development		45,829		—		—
Road & Rail		131,763		—		—

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 29

PGIM QMA Strategic Alpha Large-Cap Core ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2019

	Level 1		Level 2		Level 3
Investments in Securities (continued)
Common Stocks (continued)
Semiconductors & Semiconductor Equipment	$	418,131	$	—	$	—
Software		338,126		—		—
Specialty Retail		480,319		—		—
Technology Hardware, Storage & Peripherals		147,674		—		—
Textiles, Apparel & Luxury Goods		221,872		—		—
Tobacco		90,333		—		—
Water Utilities		49,184		—		—
Time Deposit		—		70,012		—
Total	$	12,599,249	$	70,012	$	—

Industry Classification:

The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of February 28, 2019 were as follows (unaudited):

Equity Real Estate Investment Trusts (REITs)	6.2	%
Banks	5.8
Health Care Equipment & Supplies	4.2
Specialty Retail	3.8
Health Care Providers & Services	3.5
Electric Utilities	3.4
Food Products	3.4
Semiconductors & Semiconductor Equipment	3.3
Insurance	3.2
Capital Markets	3.2
Oil, Gas & Consumable Fuels	2.9
IT Services	2.8
Software	2.7
Machinery	2.6
Pharmaceuticals	2.3
Multi-Utilities	2.2
Life Sciences Tools & Services	2.2
Aerospace & Defense	1.8
Beverages	1.8
Household Products	1.7
Textiles, Apparel & Luxury Goods	1.7
Biotechnology	1.6
Electronic Equipment, Instruments & Components	1.5
Building Products	1.4
Communications Equipment	1.4
Electrical Equipment	1.4
Containers & Packaging	1.4	%
Consumer Finance	1.4
Chemicals	1.4
Food & Staples Retailing	1.3
Entertainment	1.3
Hotels, Restaurants & Leisure	1.3
Airlines	1.3
Media	1.3
Technology Hardware, Storage & Peripherals	1.2
Industrial Conglomerates	1.1
Internet & Direct Marketing Retail	1.1
Road & Rail	1.0
Interactive Media & Services	1.0
Multiline Retail	1.0
Air Freight & Logistics	1.0
Automobiles	1.0
Independent Power and Renewable Electricity Producers	0.7
Tobacco	0.7
Metals & Mining	0.7
Distributors	0.7
Commercial Services & Supplies	0.7
Energy Equipment & Services	0.6
Time Deposit	0.6
Professional Services	0.6
Diversified Telecommunication Services	0.6

See Notes to Financial Statements.

30

Industry Classification (cont’d.)
Construction & Engineering	0.4	%
Personal Products	0.4
Water Utilities	0.4
Real Estate Management & Development	0.4
Health Care Technology	0.3
Diversified Consumer Services	0.3
Household Durables	0.3	%
Auto Components	0.3
	99.8
Other assets in excess of liabilities	0.2
	100.0	%

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 31

PGIM QMA Strategic Alpha Large-Cap Core ETF

Statement of Assets & Liabilities (unaudited)

as of February 28, 2019

Assets
Investments at value:
Unaffiliated investments (cost $12,358,398)	$	12,669,261
Cash		53
Dividends receivable		28,111
Total assets		12,697,425
Liabilities
Management fee payable		1,628
Total Liabilities		1,628
Net Assets	$	12,695,797
Net assets were comprised of:
Common stock, at par	$	250
Paid-in capital in excess of par		12,445,655
		12,445,905
Total distributable earnings (loss)		249,892
Net assets, February 28, 2019	$	12,695,797
Net asset value, offering price and redemption price per share, ($ 12,695,797 / 250,000 shares of common stock issued and outstanding)	$	50.78

See Notes to Financial Statements.

32

PGIM QMA Strategic Alpha Large-Cap Core ETF

Statement of Operations (unaudited)

Period Ended February 28, 2019*

Net Investment Income (Loss)
Income
Interest income	$	1,465
Unaffiliated dividend income		98,119
Total income		99,584
Expenses
Management fee		7,436
Total expenses		7,436
Net investment income (loss)		92,148
Realized And Unrealized Gain (Loss) On Investments
Net realized gain (loss) on:
Investment transactions		(97,404	)
Net change in unrealized appreciation (depreciation) on:
Investments		310,863
Net gain (loss) on investment transactions		213,459
Net Increase (Decrease) In Net Assets Resulting From Operations	$	305,607

* For the period from October 17, 2018 (commencement of operations) through February 28, 2019.

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 33

PGIM QMA Strategic Alpha Large-Cap Core ETF

Statement of Changes in Net Assets (unaudited)

	Period Ended February 28, 2019*
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	92,148
Net realized gain (loss) on investments		(97,404	)
Net change in unrealized appreciation (depreciation) on investments		310,863
Net increase (decrease) in net assets resulting from operations		305,607
Dividends and Distributions
Distributions from distributable earnings		(55,715	)
Fund share transactions (Net of share conversions)
Net proceeds from shares sold		12,445,905
Net increase (decrease) in net assets from Fund share transactions		12,445,905
Total increase (decrease)		12,695,797
Net Assets:
Beginning of period		—
End of period	$	12,695,797

* For the period from October 17, 2018 (commencement of operations) through February 28, 2019.

See Notes to Financial Statements.

34

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Schedule of Investments (unaudited)

as of February 28, 2019

Description	Shares		Value
LONG-TERM INVESTMENTS    99.6%
COMMON STOCKS    99.6%
Aerospace & Defense    0.5%
Moog, Inc. (Class A Stock)		224	$	21,047
National Presto Industries, Inc.		175		19,624
Wesco Aircraft Holdings, Inc.*		2,564		21,768
				62,439
Air Freight & Logistics    0.5%
Echo Global Logistics, Inc.*		830		19,937
Forward Air Corp.		340		21,981
Hub Group, Inc. (Class A Stock)*		448		19,255
				61,173
Auto Components    0.8%
Dana, Inc.		1,061		20,955
Fox Factory Holding Corp.*		341		21,613
Modine Manufacturing Co.*		1,342		20,170
Stoneridge, Inc.*		798		23,597
Tenneco, Inc. (Class A Stock)		610		21,106
				107,441
Banks    6.1%
Allegiance Bancshares, Inc.*		533		20,393
Ameris Bancorp		520		21,200
Bank of NT Butterfield & Son Ltd. (The)		516		21,022
Cadence BanCorp (Class A Stock)		1,057		21,129
Cambridge Bancorp		259		21,494
Carolina Financial Corp.		614		22,485
City Holding Co.		267		21,397
Civista Bancshares, Inc.		983		20,967
ConnectOne Bancorp, Inc.		979		21,117
Customers Bancorp, Inc.*		1,031		22,053
Enterprise Financial Services Corp.		453		20,467
Equity Bancshares, Inc. (Class A Stock)*		564		19,170
Esquire Financial Holdings, Inc.*		886		20,210
FB Financial Corp.		598		21,199
First Foundation, Inc.		1,381		21,060
Hanmi Financial Corp.		974		22,480
HarborOne Bancorp, Inc.*		1,302		21,001
Heritage Commerce Corp.		1,494		20,871
Home BancShares, Inc.		1,049		20,435
HomeTrust Bancshares, Inc.		756		20,586

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 35

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Banks (cont’d.)
Independent Bank Corp.		909	$	21,134
Independent Bank Group, Inc.		371		21,503
Investar Holding Corp.		808		19,667
Live Oak Bancshares, Inc.		1,265		20,506
Midland States Bancorp, Inc.		778		19,839
National Bank Holdings Corp. (Class A Stock)		585		21,136
Old Line Bancshares, Inc.		690		19,762
Origin Bancorp, Inc.		559		20,158
Pacific Premier Bancorp, Inc.		688		20,537
People’s Utah Bancorp		721		21,169
Preferred Bank		399		20,437
Stock Yards Bancorp, Inc.		572		20,375
TriCo Bancshares		559		22,483
TriState Capital Holdings, Inc.*		932		21,073
Triumph Bancorp, Inc.*		637		21,575
United Community Banks, Inc.		798		22,097
Veritex Holdings, Inc.		758		21,232
Washington Trust Bancorp, Inc.		398		20,855
				796,274
Beverages    0.7%
Boston Beer Co., Inc. (The) (Class A Stock)*		68		21,254
Coca-Cola Consolidated, Inc.		94		23,299
Craft Brew Alliance, Inc.*		1,229		20,954
National Beverage Corp.		289		19,823
				85,330
Biotechnology    8.5%
Abeona Therapeutics, Inc.*		3,316		23,278
Acorda Therapeutics, Inc.*		1,581		23,304
Aduro Biotech, Inc.*		5,738		24,673
Albireo Pharma, Inc.*		843		23,705
Allena Pharmaceuticals, Inc.*		3,434		24,793
AnaptysBio, Inc.*		326		22,452
Aptinyx, Inc.*		3,731		19,774
Arcus Biosciences, Inc.*		1,711		20,173
Arena Pharmaceuticals, Inc.*		430		21,466
Assembly Biosciences, Inc.*		899		19,230
Athenex, Inc.*		1,763		23,219
Audentes Therapeutics, Inc.*		822		25,170
Avrobio, Inc.*		1,467		24,440
BioSpecifics Technologies Corp.*		304		21,113

See Notes to Financial Statements.

36

Description	Shares		Value
COMMON STOCKS (Continued)
Biotechnology (cont’d.)
Cellular Biomedicine Group, Inc.*		1,207	$	23,078
Corvus Pharmaceuticals, Inc.*		5,411		26,189
Eagle Pharmaceuticals, Inc.*		468		23,433
Emergent BioSolutions, Inc.*		313		18,264
Forty Seven, Inc.*		1,376		22,979
G1 Therapeutics, Inc.*		1,058		19,531
Genomic Health, Inc.*		270		20,512
Geron Corp.*		14,393		21,014
GlycoMimetics, Inc.*		1,676		20,598
Intellia Therapeutics, Inc.*		1,625		24,749
Jounce Therapeutics, Inc.*		4,605		20,492
Kezar Life Sciences, Inc.*		1,020		20,757
Kindred Biosciences, Inc.*		1,992		21,553
Kiniksa Pharmaceuticals Ltd. (Class A Stock)*		1,121		20,122
Kura Oncology, Inc.*		1,427		21,747
Minerva Neurosciences, Inc.*		2,709		21,482
Myriad Genetics, Inc.*		693		21,504
Pfenex, Inc.*		5,185		23,281
PTC Therapeutics, Inc.*		635		21,933
Puma Biotechnology, Inc.*		809		22,498
REGENXBIO, Inc.*		463		23,951
Repligen Corp.*		365		21,725
Retrophin, Inc.*		993		22,402
Rhythm Pharmaceuticals, Inc.*		746		21,395
Sangamo Therapeutics, Inc.*		2,477		22,318
Savara, Inc.*		3,148		21,658
Solid Biosciences, Inc.*		2,489		26,607
Spectrum Pharmaceuticals, Inc.*		1,828		19,761
Spring Bank Pharmaceuticals, Inc.*		2,148		22,339
Surface Oncology, Inc.*		4,609		19,496
Veracyte, Inc.*		1,125		22,736
Verastem, Inc.*		6,653		20,026
Vericel Corp.*		1,102		20,618
Viking Therapeutics, Inc.*		2,460		20,689
Xencor, Inc.*		656		19,903
Zafgen, Inc.*		4,473		19,994
				1,098,124
Building Products    1.9%
Advanced Drainage Systems, Inc.		766		19,472
Apogee Enterprises, Inc.		546		19,487
Builders FirstSource, Inc.*		1,626		22,650

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 37

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Building Products (cont’d.)
Continental Building Products, Inc.*		713	$	20,556
CSW Industrials, Inc.*		393		22,315
Insteel Industries, Inc.		938		21,339
JELD-WEN Holding, Inc.*		981		19,826
Masonite International Corp.*		376		20,849
NCI Building Systems, Inc.*		2,992		21,004
Patrick Industries, Inc.*		479		21,656
Simpson Manufacturing Co., Inc.		356		21,335
Universal Forest Products, Inc.		651		20,161
				250,650
Capital Markets    2.6%
Artisan Partners Asset Management, Inc. (Class A Stock)		830		21,829
Blucora, Inc.*		788		21,189
BrightSphere Investment Group PLC		1,600		22,640
Cowen, Inc. (Class A Stock)*		1,313		20,325
Diamond Hill Investment Group, Inc.		137		19,449
Donnelley Financial Solutions, Inc.*		1,214		17,251
Federated Investors, Inc. (Class B Stock)		733		21,807
Greenhill & Co., Inc.		936		22,033
Houlihan Lokey, Inc. (Class A Stock)		501		23,036
Ladenburg Thalmann Financial Services, Inc.		7,443		21,882
Moelis & Co. (Class A Stock)		501		22,350
Piper Jaffray Cos.		289		20,218
PJT Partners, Inc. (Class A Stock)		475		21,959
Pzena Investment Management, Inc. (Class A Stock)		2,025		20,169
Silvercrest Asset Management Group, Inc. (Class A Stock)		1,423		21,331
Westwood Holdings Group, Inc.		500		19,325
				336,793
Chemicals    2.5%
Advanced Emissions Solutions, Inc.		1,790		21,158
AdvanSix, Inc.*		628		20,567
Balchem Corp.		228		20,230
Chase Corp.		218		21,048
Ferro Corp.*		1,075		20,844
GCP Applied Technologies, Inc.*		802		24,036
HB Fuller Co.		416		21,000
Ingevity Corp.*		186		21,431
Innophos Holdings, Inc.		694		23,041
Kraton Corp.*		612		21,775
Kronos Worldwide, Inc.		1,354		20,648

See Notes to Financial Statements.

38

Description	Shares		Value
COMMON STOCKS (Continued)
Chemicals (cont’d.)
OMNOVA Solutions, Inc.*		2,685	$	21,883
PolyOne Corp.		624		20,355
Quaker Chemical Corp.		104		21,735
Trinseo S.A.		423		21,230
				320,981
Commercial Services & Supplies    2.6%
BrightView Holdings, Inc.*		1,531		20,669
Brink’s Co. (The)		267		21,072
Covanta Holding Corp.		1,310		22,244
Deluxe Corp.		421		19,589
Healthcare Services Group, Inc.		525		20,044
Herman Miller, Inc.		616		22,595
HNI Corp.		544		21,015
Kimball International, Inc. (Class B Stock)		1,285		20,162
Knoll, Inc.		1,071		22,662
McGrath RentCorp		393		23,517
Mobile Mini, Inc.		592		21,318
MSA Safety, Inc.		193		19,954
SP Plus Corp.*		566		19,470
Tetra Tech, Inc.		358		21,487
UniFirst Corp.		141		20,279
Viad Corp.		406		23,507
				339,584
Communications Equipment    1.8%
Acacia Communications, Inc.*		449		23,954
Applied Optoelectronics, Inc.*		1,449		19,562
CalAmp Corp.*		1,472		20,461
Calix, Inc.*		2,498		20,484
Casa Systems, Inc.*		1,769		18,026
Clearfield, Inc.*		1,491		21,649
Extreme Networks, Inc.*		2,549		20,953
InterDigital, Inc.		278		19,385
NETGEAR, Inc.*		611		21,904
Quantenna Communications, Inc.*		1,288		23,377
Viavi Solutions, Inc.*		1,618		21,244
				230,999
Construction & Engineering    1.6%
Comfort Systems USA, Inc.		407		21,823
Dycom Industries, Inc.*		338		15,237

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 39

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Construction & Engineering (cont’d.)
EMCOR Group, Inc.		279	$	20,124
Granite Construction, Inc.		452		21,045
HC2 Holdings, Inc.*		6,186		19,486
MasTec, Inc.*		477		20,597
MYR Group, Inc.*		650		21,801
Orion Group Holdings, Inc.*		4,744		20,162
Primoris Services Corp.		876		20,472
Sterling Construction Co., Inc.*		1,579		23,069
				203,816
Construction Materials    0.3%
Summit Materials, Inc. (Class A Stock)*		1,204		20,468
US Concrete, Inc.*		571		22,903
				43,371
Consumer Finance    0.8%
Curo Group Holdings Corp.*		1,992		21,952
Enova International, Inc.*		893		22,789
FirstCash, Inc.		240		21,038
Green Dot Corp. (Class A Stock)*		315		20,333
Regional Management Corp.*		730		19,849
				105,961
Containers & Packaging    0.3%
Greif, Inc. (Class A Stock)		526		21,145
Myers Industries, Inc.		1,202		22,934
				44,079
Distributors    0.2%
Core-Mark Holding Co., Inc.		718		22,624
Diversified Consumer Services    1.0%
Career Education Corp.*		1,292		21,473
Carriage Services, Inc. (Class A Stock)		1,047		21,997
Chegg, Inc.*		552		21,876
Houghton Mifflin Harcourt Co.*		2,353		18,612
Sotheby’s*		528		23,163
Strategic Education, Inc.		167		21,840
				128,961

See Notes to Financial Statements.

40

Description	Shares		Value
COMMON STOCKS (Continued)
Diversified Financial Services    0.2%
Marlin Business Services Corp.		910	$	21,421
Diversified Telecommunication Services    0.2%
Vonage Holdings Corp.*		2,170		22,308
Electric Utilities    0.2%
Spark Energy, Inc. (Class A Stock)		2,225		22,228
Electrical Equipment    1.1%
Allied Motion Technologies, Inc.		500		20,825
Atkore International Group, Inc.*		883		20,397
AZZ, Inc.		439		20,203
EnerSys		281		20,743
Generac Holdings, Inc.*		384		19,799
Thermon Group Holdings, Inc.*		842		20,949
Vicor Corp.*		568		18,051
				140,967
Electronic Equipment, Instruments & Components    1.9%
Badger Meter, Inc.		347		20,417
Control4 Corp.*		1,156		20,820
ePlus, Inc.*		253		22,628
Insight Enterprises, Inc.*		371		20,709
Itron, Inc.*		347		18,394
Mesa Laboratories, Inc.		90		20,708
Methode Electronics, Inc.		718		20,147
Napco Security Technologies, Inc.*		1,016		21,834
OSI Systems, Inc.*		236		20,497
PAR Technology Corp.*		764		20,605
Park Electrochemical Corp.		1,151		20,016
Vishay Precision Group, Inc.*		611		21,299
				248,074
Energy Equipment & Services    0.7%
Keane Group, Inc.*		1,916		21,114
Liberty Oilfield Services, Inc. (Class A Stock)		1,252		20,508
Mammoth Energy Services, Inc.		905		20,806
ProPetro Holding Corp.*		1,176		23,355
				85,783

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 41

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Entertainment    0.5%
Glu Mobile, Inc.*		2,325	$	20,879
Rosetta Stone, Inc.*		1,400		22,554
World Wrestling Entertainment, Inc. (Class A Stock)		245		20,506
				63,939
Equity Real Estate Investment Trusts (REITs)    3.4%
Americold Realty Trust		785		22,569
Armada Hoffler Properties, Inc.		1,340		20,502
City Office REIT, Inc.		1,840		20,240
Clipper Realty, Inc.		1,638		21,556
Easterly Government Properties, Inc.		1,178		21,180
Essential Properties Realty Trust, Inc.		1,295		21,976
First Industrial Realty Trust, Inc.		645		21,620
Four Corners Property Trust, Inc.		769		21,063
GEO Group, Inc. (The)		905		20,562
Monmouth Real Estate Investment Corp.		1,545		20,487
National Health Investors, Inc.		273		21,302
National Storage Affiliates Trust		755		21,382
Pennsylvania Real Estate Investment Trust		3,240		19,926
PS Business Parks, Inc.		150		22,076
QTS Realty Trust, Inc. (Class A Stock)		514		21,449
Ryman Hospitality Properties, Inc.		247		20,005
Saul Centers, Inc.		367		20,798
Tanger Factory Outlet Centers, Inc.		986		21,288
UMH Properties, Inc.		1,546		21,149
Universal Health Realty Income Trust		311		23,160
Urban Edge Properties		985		19,129
				443,419
Food & Staples Retailing    0.5%
BJ’s Wholesale Club Holdings, Inc.*		904		22,889
Performance Food Group Co.*		544		20,960
PriceSmart, Inc.		339		21,920
				65,769
Food Products    0.6%
B&G Foods, Inc.		779		19,179
Cal-Maine Foods, Inc.		471		20,771
John B Sanfilippo & Son, Inc.		318		22,095
Lancaster Colony Corp.		132		20,694
				82,739

See Notes to Financial Statements.

42

Description	Shares		Value
COMMON STOCKS (Continued)
Gas Utilities    0.3%
Chesapeake Utilities Corp.		250	$	22,502
New Jersey Resources Corp.		430		20,812
				43,314
Health Care Equipment & Supplies    4.9%
Accuray, Inc.*		4,315		20,798
AtriCure, Inc.*		664		21,208
Atrion Corp.		29		22,805
AxoGen, Inc.*		1,174		21,672
Cardiovascular Systems, Inc.*		609		21,540
Cerus Corp.*		3,205		20,865
CONMED Corp.		300		23,070
Cutera, Inc.*		1,401		23,985
Endologix, Inc.*		40,324		21,013
GenMark Diagnostics, Inc.*		3,102		23,854
Globus Medical, Inc. (Class A Stock)*		444		21,618
Haemonetics Corp.*		239		20,762
Heska Corp.*		218		17,830
Integer Holdings Corp.*		246		22,376
IntriCon Corp.*		770		20,728
iRadimed Corp.*		809		20,225
Lantheus Holdings, Inc.*		923		21,091
LivaNova PLC*		216		20,131
Meridian Bioscience, Inc.		1,225		20,911
Merit Medical Systems, Inc.*		355		19,784
Natus Medical, Inc.*		688		19,009
Neogen Corp.*		345		21,376
Nuvectra Corp.*		1,526		19,182
OraSure Technologies, Inc.*		1,838		19,758
Orthofix Medical, Inc.*		345		21,080
Quidel Corp.*		326		21,373
RTI Surgical, Inc.*		4,619		23,003
STAAR Surgical Co.*		573		21,086
Utah Medical Products, Inc.		236		20,032
Varex Imaging Corp.*		652		20,499
				632,664
Health Care Providers & Services    2.5%
Addus HomeCare Corp.*		284		19,088
Amedisys, Inc.*		175		21,752
American Renal Associates Holdings, Inc.*		1,618		20,209
AMN Healthcare Services, Inc.*		398		19,904

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 43

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Health Care Providers & Services (cont’d.)
Apollo Medical Holdings, Inc.*		1,087	$	21,240
BioScrip, Inc.*		5,993		19,477
BioTelemetry, Inc.*		289		21,594
Capital Senior Living Corp.*		3,538		17,690
CorVel Corp.*		320		21,536
Ensign Group, Inc. (The)		395		19,533
National Research Corp.		526		20,477
Providence Service Corp. (The)*		296		21,111
RadNet, Inc.*		1,515		20,665
Select Medical Holdings Corp.*		1,366		20,244
Tivity Health, Inc.*		941		20,137
US Physical Therapy, Inc.		176		19,402
				324,059
Health Care Technology    1.4%
Allscripts Healthcare Solutions, Inc.*		1,772		18,996
Castlight Health, Inc. (Class B Stock)*		6,530		20,831
Computer Programs & Systems, Inc.		651		21,444
Evolent Health, Inc. (Class A Stock)*		1,513		19,956
HealthStream, Inc.		815		22,657
HMS Holdings Corp.*		677		23,329
NextGen Healthcare, Inc.*		1,147		20,073
Omnicell, Inc.*		249		21,153
Simulations Plus, Inc.		994		20,387
				188,826
Hotels, Restaurants & Leisure    2.9%
BJ’s Restaurants, Inc.		407		19,471
Carrols Restaurant Group, Inc.*		1,803		19,274
Cheesecake Factory, Inc. (The)		410		19,393
Churchill Downs, Inc.		222		20,824
Cracker Barrel Old Country Store, Inc.		124		20,087
Dave & Buster’s Entertainment, Inc.		422		21,661
Denny’s Corp.*		1,184		20,673
Fiesta Restaurant Group, Inc.*		1,351		20,360
Jack in the Box, Inc.		255		20,538
Lindblad Expeditions Holdings, Inc.*		1,556		21,146
Marriott Vacations Worldwide Corp.		221		21,512
Monarch Casino & Resort, Inc.*		475		20,829
Nathan’s Famous, Inc.		288		20,471
Potbelly Corp.*		2,539		21,378
RCI Hospitality Holdings, Inc.		895		20,934

See Notes to Financial Statements.

44

Description	Shares		Value
COMMON STOCKS (Continued)
Hotels, Restaurants & Leisure (cont’d.)
Ruth’s Hospitality Group, Inc.		846	$	21,505
Texas Roadhouse, Inc. (Class A Stock)		313		19,816
Wingstop, Inc.		315		20,982
				370,854
Household Durables    1.9%
Cavco Industries, Inc.*		147		20,349
Hamilton Beach Brands Holding Co. (Class A Stock)		908		22,037
Helen of Troy Ltd.*		181		20,292
Hooker Furniture Corp.		691		21,697
iRobot Corp.*		177		22,136
La-Z-Boy, Inc.		591		20,336
M/I Homes, Inc.*		768		19,999
Meritage Homes Corp.*		465		20,390
Taylor Morrison Home Corp. (Class A Stock)*		1,276		21,399
TopBuild Corp.*		366		21,777
TRI Pointe Group, Inc.*		1,600		20,160
ZAGG, Inc.*		1,915		22,214
				252,786
Household Products    0.1%
Central Garden & Pet Co. (Class A Stock)*		701		19,523
Industrial Conglomerates    0.2%
Raven Industries, Inc.		524		20,918
Insurance    1.5%
Ambac Financial Group, Inc.*		1,108		21,905
FedNat Holding Co.		1,123		20,495
Global Indemnity Ltd.		541		20,872
James River Group Holdings Ltd.		513		21,079
MBIA, Inc.*		2,235		22,194
National General Holdings Corp.		822		21,216
United Fire Group, Inc.		422		20,568
United Insurance Holdings Corp.		1,314		21,523
Universal Insurance Holdings, Inc.		528		20,613
				190,465
Interactive Media & Services    1.0%
Care.com, Inc.*		855		21,537
Cargurus, Inc. (Class A Stock)*		503		21,493
Liberty TripAdvisor Holdings, Inc. (Class A Stock)*		1,331		20,085

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 45

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Interactive Media & Services (cont’d.)
QuinStreet, Inc.*		1,567	$	20,982
Travelzoo*		1,483		19,679
Yelp, Inc. (Class A Stock)*		557		20,754
				124,530
Internet & Direct Marketing Retail    1.2%
1-800-Flowers.com, Inc. (Class A Stock)*		1,211		21,604
Duluth Holdings, Inc. (Class B Stock)*		839		21,311
Gaia, Inc. (Class A Stock)*		1,805		20,072
Groupon, Inc. (Class A Stock)*		6,297		20,591
Liberty Expedia Holdings, Inc. (Class A Stock)*		495		21,929
PetMed Express, Inc.		931		21,460
Shutterstock, Inc.		548		25,389
				152,356
IT Services    2.5%
Carbonite, Inc.*		902		20,990
Cass Information Systems, Inc.		370		19,325
CSG Systems International, Inc.		558		23,185
Endurance International Group Holdings, Inc.*		3,009		21,063
ExlService Holdings, Inc.*		353		21,674
Hackett Group, Inc. (The)		1,302		21,171
Information Services Group, Inc.*		5,034		21,697
MAXIMUS, Inc.		308		21,769
NIC, Inc.		1,225		20,935
Perficient, Inc.*		816		23,346
PFSweb, Inc.*		3,514		21,998
PRGX Global, Inc.*		2,243		21,039
ServiceSource International, Inc.*		21,158		19,688
TTEC Holdings, Inc.		602		20,625
Virtusa Corp.*		446		22,510
				321,015
Leisure Products    0.9%
Johnson Outdoors, Inc. (Class A Stock)		317		20,808
Malibu Boats, Inc. (Class A Stock)*		466		21,534
Marine Products Corp.		1,415		20,036
MasterCraft Boat Holdings, Inc.*		939		23,165
Nautilus, Inc.*		2,596		16,952
Sturm Ruger & Co., Inc.		354		20,160
				122,655

See Notes to Financial Statements.

46

Description	Shares		Value
COMMON STOCKS (Continued)
Life Sciences Tools & Services    0.6%
Enzo Biochem, Inc.*		6,439	$	21,764
Luminex Corp.		817		20,817
Medpace Holdings, Inc.*		306		16,815
Syneos Health, Inc. (Class A Stock)*		410		17,126
				76,522
Machinery    4.6%
Alamo Group, Inc.		235		22,569
Albany International Corp. (Class A Stock)		281		21,792
Altra Industrial Motion Corp.		625		19,881
Barnes Group, Inc.		360		20,905
Blue Bird Corp.*		1,078		20,051
Columbus McKinnon Corp.		569		21,309
Commercial Vehicle Group, Inc.*		2,573		20,584
DMC Global, Inc.		551		25,886
EnPro Industries, Inc.		294		20,165
Evoqua Water Technologies Corp.*		1,640		22,271
Federal Signal Corp.		883		21,704
Franklin Electric Co., Inc.		384		20,433
Global Brass & Copper Holdings, Inc.		661		22,309
Gorman-Rupp Co. (The)		579		19,576
Hillenbrand, Inc.		428		18,956
Kadant, Inc.		244		21,338
Kennametal, Inc.		534		20,126
Lydall, Inc.*		767		21,591
Manitex International, Inc.*		2,813		21,491
Milacron Holdings Corp.*		1,476		20,649
Mueller Industries, Inc.		629		20,788
Mueller Water Products, Inc. (Class A Stock)		1,879		19,617
Omega Flex, Inc.		296		21,874
Rexnord Corp.*		720		19,202
Spartan Motors, Inc.		2,465		22,530
Standex International Corp.		263		21,569
Wabash National Corp.		1,339		19,871
Watts Water Technologies, Inc. (Class A Stock)		279		22,471
				591,508
Marine    0.2%
Matson, Inc.		599		21,630

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 47

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Media    1.2%
Central European Media Enterprises Ltd. (Class A Stock)*		6,076	$	21,327
Entravision Communications Corp. (Class A Stock)		5,289		20,892
Hemisphere Media Group, Inc. (Class A Stock)*		1,481		20,586
Loral Space & Communications, Inc.*		532		21,764
Nexstar Media Group, Inc. (Class A Stock)		256		25,019
Sinclair Broadcast Group, Inc. (Class A Stock)		656		23,682
Tribune Publishing Co.*		1,791		21,599
				154,869
Metals & Mining    0.6%
Coeur Mining, Inc.*		3,778		18,059
Gold Resource Corp.		4,344		20,373
Ryerson Holding Corp.*		2,348		19,888
Worthington Industries, Inc.		543		21,345
				79,665
Multiline Retail    0.2%
Big Lots, Inc.		673		21,220
Oil, Gas & Consumable Fuels    1.9%
Abraxas Petroleum Corp.*		17,486		21,857
Carrizo Oil & Gas, Inc.*		1,780		19,544
CONSOL Energy, Inc.*		566		21,480
CVR Energy, Inc.		511		20,716
Delek US Holdings, Inc.		540		19,105
Evolution Petroleum Corp.		2,791		19,732
Goodrich Petroleum Corp.*		1,479		19,183
Jagged Peak Energy, Inc.*		1,996		18,902
Laredo Petroleum, Inc.*		5,893		20,213
Panhandle Oil & Gas, Inc. (Class A Stock)		1,305		21,428
Renewable Energy Group, Inc.*		819		21,761
Ring Energy, Inc.*		3,457		21,330
				245,251
Paper & Forest Products    0.4%
Boise Cascade Co.		713		19,886
Louisiana-Pacific Corp.		870		21,985
Verso Corp. (Class A Stock)*		778		15,288
				57,159

See Notes to Financial Statements.

48

Description	Shares		Value
COMMON STOCKS (Continued)
Personal Products    0.8%
elf Beauty, Inc.*		2,213	$	17,593
Inter Parfums, Inc.		288		21,246
Medifast, Inc.		168		21,408
Natural Health Trends Corp.		1,499		19,067
USANA Health Sciences, Inc.*		205		20,192
				99,506
Pharmaceuticals    3.1%
Aclaris Therapeutics, Inc.*		3,300		21,384
Akorn, Inc.*		5,185		20,999
ANI Pharmaceuticals, Inc.*		349		22,961
Aratana Therapeutics, Inc.*		4,897		19,686
Assertio Therapeutics, Inc.*		5,025		20,804
Collegium Pharmaceutical, Inc.*		1,402		24,661
Corcept Therapeutics, Inc.*		1,907		23,780
Cymabay Therapeutics, Inc.*		1,956		23,100
Durect Corp.*		28,180		22,259
Horizon Pharma PLC*		944		27,385
Intersect ENT, Inc.*		618		21,006
Intra-Cellular Therapies, Inc.*		1,625		22,133
Odonate Therapeutics, Inc.*		1,221		20,122
Pacira Pharmaceuticals, Inc.*		534		21,990
Phibro Animal Health Corp. (Class A Stock)		693		20,305
SIGA Technologies, Inc.*		3,031		20,550
Supernus Pharmaceuticals, Inc.*		577		23,565
Verrica Pharmaceuticals, Inc.*		1,907		21,587
				398,277
Professional Services    2.3%
ASGN, Inc.*		301		19,387
BG Staffing, Inc.		790		19,711
CRA International, Inc.		459		22,932
Forrester Research, Inc.		434		21,787
Franklin Covey Co.*		809		21,050
Heidrick & Struggles International, Inc.		581		25,047
ICF International, Inc.		278		20,995
Insperity, Inc.		180		22,729
Kforce, Inc.		550		20,356
Korn Ferry		449		21,907
Mistras Group, Inc.*		1,223		19,299
Resources Connection, Inc.		1,243		21,591
TrueBlue, Inc.*		835		19,222

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 49

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Professional Services (cont’d.)
Willdan Group, Inc.*		566	$	21,440
				297,453
Real Estate Management & Development    1.3%
Consolidated-Tomoka Land Co.		354		20,921
Cushman & Wakefield PLC*		1,246		22,839
FRP Holdings, Inc.*		408		20,910
HFF, Inc. (Class A Stock)		549		24,815
Kennedy-Wilson Holdings, Inc.		1,059		22,006
Marcus & Millichap, Inc.*		555		21,434
Newmark Group, Inc. (Class A Stock)		2,146		19,872
Trinity Place Holdings, Inc.*		5,098		20,749
				173,546
Road & Rail    0.6%
ArcBest Corp.		515		17,937
Heartland Express, Inc.		1,046		21,014
Marten Transport Ltd.		1,048		19,545
Werner Enterprises, Inc.		624		21,547
				80,043
Semiconductors & Semiconductor Equipment    2.1%
Aquantia Corp.*		2,471		19,397
Cabot Microelectronics Corp.		204		23,072
Cirrus Logic, Inc.*		576		23,115
Cohu, Inc.		1,119		20,019
Diodes, Inc.*		515		20,770
Entegris, Inc.		594		20,986
MaxLinear, Inc. (Class A Stock)*		914		22,978
Nanometrics, Inc.*		713		20,292
NVE Corp.		207		21,284
Rudolph Technologies, Inc.*		927		20,932
Semtech Corp.*		387		21,300
SMART Global Holdings, Inc.*		714		20,927
Synaptics, Inc.*		514		21,521
				276,593
Software    6.5%
A10 Networks, Inc.*		3,308		23,090
ACI Worldwide, Inc.*		675		21,512
Agilysys, Inc.*		1,013		21,172

See Notes to Financial Statements.

50

Description	Shares		Value
COMMON STOCKS (Continued)
Software (cont’d.)
Alarm.com Holdings, Inc.*		329	$	21,592
Altair Engineering, Inc. (Class A Stock)*		636		22,553
Amber Road, Inc.*		2,343		23,055
American Software, Inc. (Class A Stock)		1,728		20,028
Appfolio, Inc. (Class A Stock)*		308		22,262
Blackbaud, Inc.		295		22,786
Blackline, Inc.*		415		21,721
Bottomline Technologies DE, Inc.*		440		21,947
Carbon Black, Inc.*		1,684		22,044
ChannelAdvisor Corp.*		1,607		20,779
Cision Ltd.*		1,676		21,822
CommVault Systems, Inc.*		309		20,824
Ebix, Inc.		360		20,977
Envestnet, Inc.*		396		24,160
ForeScout Technologies, Inc.*		546		22,681
HubSpot, Inc.*		128		21,553
Instructure, Inc.*		495		23,131
j2 Global, Inc.		247		20,997
LivePerson, Inc.*		815		22,787
Majesco*		2,780		20,238
Mitek Systems, Inc.*		1,926		20,820
MobileIron, Inc.*		4,175		21,126
Monotype Imaging Holdings, Inc.		1,155		22,638
OneSpan, Inc.*		1,057		22,514
Progress Software Corp.		559		20,560
QAD, Inc. (Class A Stock)		503		22,766
SailPoint Technologies Holding, Inc.*		694		21,403
SPS Commerce, Inc.*		195		20,822
Telaria, Inc.*		6,205		34,624
Telenav, Inc.*		3,647		21,809
Upland Software, Inc.*		607		21,306
Varonis Systems, Inc.*		388		22,100
Workiva, Inc. (Class A Stock)*		442		21,857
Yext, Inc.*		1,166		21,664
Zix Corp.*		2,460		22,214
				841,934
Specialty Retail    3.2%
American Eagle Outfitters, Inc.		1,076		21,950
America’s Car-Mart, Inc.*		250		20,400
Asbury Automotive Group, Inc.*		303		21,752
Boot Barn Holdings, Inc.*		816		23,256

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 51

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Specialty Retail (cont’d.)
Buckle, Inc. (The)		1,167	$	22,395
Children’s Place, Inc. (The)		233		22,265
Conn’s, Inc.*		947		22,340
Five Below, Inc.*		166		19,978
Hudson Ltd. (Class A Stock)*		1,495		22,276
Kirkland’s, Inc.*		1,923		22,461
Lithia Motors, Inc. (Class A Stock)		246		22,206
MarineMax, Inc.*		1,111		21,809
Murphy USA, Inc.*		259		20,142
RTW RetailWinds, Inc.*		7,053		21,441
Sally Beauty Holdings, Inc.*		1,184		21,395
Sleep Number Corp.*		491		21,432
Sportsman’s Warehouse Holdings, Inc.*		3,396		21,361
Winmark Corp.		134		23,081
Zumiez, Inc.*		843		20,822
				412,762
Technology Hardware, Storage & Peripherals    0.5%
Avid Technology, Inc.*		4,326		20,548
Cray, Inc.*		937		22,985
Immersion Corp.*		2,281		20,483
				64,016
Textiles, Apparel & Luxury Goods    1.1%
Crocs, Inc.*		805		20,672
Deckers Outdoor Corp.*		155		22,932
Fossil Group, Inc.*		1,396		21,833
G-III Apparel Group Ltd.*		587		20,903
Oxford Industries, Inc.		265		20,943
Steven Madden Ltd.		639		21,081
Superior Group of Cos., Inc.		1,203		20,908
				149,272
Thrifts & Mortgage Finance    2.0%
Essent Group Ltd.*		513		22,131
Federal Agricultural Mortgage Corp. (Class C Stock)		290		23,742
FS Bancorp, Inc.		441		22,866
Greene County Bancorp, Inc.		662		20,853
Hingham Institution for Savings		114		22,321
Kearny Financial Corp.		1,554		21,119
Merchants Bancorp		888		18,515
Meridian Bancorp, Inc.		1,288		20,982

See Notes to Financial Statements.

52

Description	Shares		Value
COMMON STOCKS (Continued)
Thrifts & Mortgage Finance (cont’d.)
Meta Financial Group, Inc.		818	$	19,100
NMI Holdings, Inc. (Class A Stock)*		858		20,721
Sterling Bancorp, Inc.		2,201		22,208
Walker & Dunlop, Inc.		372		20,758
				255,316
Tobacco    0.1%
Vector Group Ltd.		1,717		20,123
Trading Companies & Distributors    1.8%
Applied Industrial Technologies, Inc.		352		20,465
Beacon Roofing Supply, Inc.*		567		20,565
BMC Stock Holdings, Inc.*		1,270		24,295
CAI International, Inc.*		919		21,652
DXP Enterprises, Inc.*		583		20,621
General Finance Corp.*		2,066		22,313
GMS, Inc.*		1,028		20,097
Kaman Corp.		338		20,814
Rush Enterprises, Inc.,
(Class A Stock)		490		20,541
(Class B Stock)		549		22,674
Systemax, Inc.		863		17,484
		231,521
Water Utilities    1.1%
American States Water Co.		318		22,619
California Water Service Group		407		21,172
Global Water Resources, Inc.		2,220		21,112
Middlesex Water Co.		365		21,488
Pure Cycle Corp.*		1,900		19,266
SJW Group		323		19,758
York Water Co. (The)		645		23,510
		148,925
Wireless Telecommunication Services    0.1%
Shenandoah Telecommunications Co.		458		20,354
TOTAL LONG-TERM INVESTMENTS (cost $12,763,772)				12,916,677

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 53

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SHORT-TERM INVESTMENT    0.3%
TIME DEPOSIT
Citibank, NA (cost $43,072)		1.750	%		03/01/19		43	$	43,072
TOTAL INVESTMENTS    99.9% (cost $12,806,844)									12,959,749
Other assets in excess of liabilities    0.1%									6,895
NET ASSETS    100.0%								$	12,966,644

The following abbreviations are used in the semi-annual report:

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

* Non-income producing security.

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, 2019 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Common Stocks
Aerospace & Defense	$	62,439	$	—	$	—
Air Freight & Logistics		61,173		—		—
Auto Components		107,441		—		—
Banks		796,274		—		—
Beverages		85,330		—		—
Biotechnology		1,098,124		—		—
Building Products		250,650		—		—

See Notes to Financial Statements.

54

	Level 1		Level 2		Level 3
Investments in Securities (continued)
Common Stocks (continued)
Capital Markets	$	336,793	$	—	$	—
Chemicals		320,981		—		—
Commercial Services & Supplies		339,584		—		—
Communications Equipment		230,999		—		—
Construction & Engineering		203,816		—		—
Construction Materials		43,371		—		—
Consumer Finance		105,961		—		—
Containers & Packaging		44,079		—		—
Distributors		22,624		—		—
Diversified Consumer Services		128,961		—		—
Diversified Financial Services		21,421		—		—
Diversified Telecommunication Services		22,308		—		—
Electric Utilities		22,228		—		—
Electrical Equipment		140,967		—		—
Electronic Equipment, Instruments & Components		248,074		—		—
Energy Equipment & Services		85,783		—		—
Entertainment		63,939		—		—
Equity Real Estate Investment Trusts (REITs)		443,419		—		—
Food & Staples Retailing		65,769		—		—
Food Products		82,739		—		—
Gas Utilities		43,314		—		—
Health Care Equipment & Supplies		632,664		—		—
Health Care Providers & Services		324,059		—		—
Health Care Technology		188,826		—		—
Hotels, Restaurants & Leisure		370,854		—		—
Household Durables		252,786		—		—
Household Products		19,523		—		—
Industrial Conglomerates		20,918		—		—
Insurance		190,465		—		—
Interactive Media & Services		124,530		—		—
Internet & Direct Marketing Retail		152,356		—		—
IT Services		321,015		—		—
Leisure Products		122,655		—		—
Life Sciences Tools & Services		76,522		—		—
Machinery		591,508		—		—
Marine		21,630		—		—
Media		154,869		—		—
Metals & Mining		79,665		—		—
Multiline Retail		21,220		—		—
Oil, Gas & Consumable Fuels		245,251		—		—
Paper & Forest Products		57,159		—		—
Personal Products		99,506		—		—
Pharmaceuticals		398,277		—		—

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 55

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2019

	Level 1		Level 2		Level 3
Investments in Securities (continued)
Common Stocks (continued)
Professional Services	$	297,453	$	—	$	—
Real Estate Management & Development		173,546		—		—
Road & Rail		80,043		—		—
Semiconductors & Semiconductor Equipment		276,593		—		—
Software		841,934		—		—
Specialty Retail		412,762		—		—
Technology Hardware, Storage & Peripherals		64,016		—		—
Textiles, Apparel & Luxury Goods		149,272		—		—
Thrifts & Mortgage Finance		255,316		—		—
Tobacco		20,123		—		—
Trading Companies & Distributors		231,521		—		—
Water Utilities		148,925		—		—
Wireless Telecommunication Services		20,354		—		—
Time Deposit		—		43,072		—
Total	$	12,916,677	$	43,072	$	—

Industry Classification:

The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of February 28, 2019 were as follows (unaudited):

Biotechnology	8.5	%
Software	6.5
Banks	6.1
Health Care Equipment & Supplies	4.9
Machinery	4.6
Equity Real Estate Investment Trusts (REITs)	3.4
Specialty Retail	3.2
Pharmaceuticals	3.1
Hotels, Restaurants & Leisure	2.9
Capital Markets	2.6
Commercial Services & Supplies	2.6
Chemicals	2.5
IT Services	2.5
Health Care Providers & Services	2.5
Professional Services	2.3
Semiconductors & Semiconductor Equipment	2.1
Thrifts & Mortgage Finance	2.0
Oil, Gas & Consumable Fuels	1.9
Household Durables	1.9
Building Products	1.9
Electronic Equipment, Instruments & Components	1.9
Trading Companies & Distributors	1.8
Communications Equipment	1.8	%
Construction & Engineering	1.6
Insurance	1.5
Health Care Technology	1.4
Real Estate Management & Development	1.3
Media	1.2
Internet & Direct Marketing Retail	1.2
Water Utilities	1.1
Electrical Equipment	1.1
Textiles, Apparel & Luxury Goods	1.1
Diversified Consumer Services	1.0
Interactive Media & Services	1.0
Leisure Products	0.9
Consumer Finance	0.8
Auto Components	0.8
Personal Products	0.8
Energy Equipment & Services	0.7
Beverages	0.7
Food Products	0.6
Road & Rail	0.6
Metals & Mining	0.6
Life Sciences Tools & Services	0.6

See Notes to Financial Statements.

56

Industry Classification (cont’d.)
Food & Staples Retailing	0.5	%
Air Freight & Logistics	0.5
Technology Hardware, Storage & Peripherals	0.5
Entertainment	0.5
Aerospace & Defense	0.5
Paper & Forest Products	0.4
Construction Materials	0.3
Time Deposit	0.3
Containers & Packaging	0.3
Gas Utilities	0.3
Industrial Conglomerates	0.2
Distributors	0.2
Diversified Telecommunication Services	0.2	%
Diversified Financial Services	0.2
Marine	0.2
Electric Utilities	0.2
Multiline Retail	0.2
Tobacco	0.1
Household Products	0.1
Wireless Telecommunication Services	0.1
	99.9
Other assets in excess of liabilities	0.1
	100.0	%

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 57

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Statement of Assets & Liabilities (unaudited)

as of February 28, 2019

Assets
Investments at value:
Unaffiliated investments (cost $12,806,844)	$	12,959,749
Cash		347
Dividends receivable		9,363
Total assets		12,969,459
Liabilities
Management fee payable		2,815
Total Liabilities		2,815
Net Assets	$	12,966,644
Net assets were comprised of:
Common stock, at par	$	250
Paid-in capital in excess of par		12,487,470
		12,487,720
Total distributable earnings (loss)		478,924
Net assets, February 28, 2019	$	12,966,644
Net asset value, offering price and redemption price per share, ($ 12,966,644 / 250,000 shares of common stock issued and outstanding)	$	51.87

See Notes to Financial Statements.

58

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Statement of Operations (unaudited)

Period Ended February 28, 2019*

Net Investment Income (Loss)
Income
Interest income	$	2,216
Unaffiliated dividend income		49,454
Total income		51,670
Expenses
Management fee		10,025
Total expenses		10,025
Net investment income (loss)		41,645
Realized And Unrealized Gain (Loss) On Investments
Net realized gain (loss) on:
Investment transactions		307,756
Net change in unrealized appreciation (depreciation) on:
Investments		152,905
Net gain (loss) on investment transactions		460,661
Net Increase (Decrease) In Net Assets Resulting From Operations	$	502,306

* For the period from November 13, 2018 (commencement of operations) through February 28, 2019.

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 59

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Statement of Changes in Net Assets (unaudited)

	Period Ended February 28, 2019*
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	41,645
Net realized gain (loss) on investments		307,756
Net change in unrealized appreciation (depreciation) on investments		152,905
Net increase (decrease) in net assets resulting from operations		502,306
Dividends and Distributions
Distributions from distributable earnings		(23,382	)
Fund share transactions (Net of share conversions)
Net proceeds from shares sold		12,487,720
Net increase (decrease) in net assets from Fund share transactions		12,487,720
Total increase (decrease)		12,966,644
Net Assets:
Beginning of period		—
End of period	$	12,966,644

* For the period from November 13, 2018 (commencement of operations) through February 28, 2019.

See Notes to Financial Statements.

60

PGIM QMA Strategic Alpha Small-Cap Value ETF

Schedule of Investments (unaudited)

as of February 28, 2019

Description	Shares		Value
LONG-TERM INVESTMENTS    99.5%
COMMON STOCKS    99.5%
Aerospace & Defense    0.9%
AAR Corp.		464	$	16,950
Ducommun, Inc.*		414		17,566
KeyW Holding Corp. (The)*		2,391		17,693
Moog, Inc. (Class A Stock)		184		17,289
National Presto Industries, Inc.		144		16,148
Vectrus, Inc.*		612		16,500
Wesco Aircraft Holdings, Inc.*		2,104		17,863
				120,009
Air Freight & Logistics    0.4%
Atlas Air Worldwide Holdings, Inc.*		316		16,982
Hub Group, Inc. (Class A Stock)*		368		15,817
Radiant Logistics, Inc.*		2,906		18,569
				51,368
Airlines    0.3%
Hawaiian Holdings, Inc.		548		16,303
SkyWest, Inc.		314		16,969
				33,272
Auto Components    0.4%
Cooper Tire & Rubber Co.		524		16,747
Cooper-Standard Holdings, Inc.*		280		16,831
Superior Industries International, Inc.		2,865		17,734
				51,312
Banks    18.8%
1st Constitution Bancorp		938		17,512
ACNB Corp.		433		17,060
Allegiance Bancshares, Inc.*		438		16,758
Amalgamated Bank (Class A Stock)		948		16,789
Ames National Corp.		613		17,060
Bancorp, Inc. (The)*		1,887		17,115
Bank of Commerce Holdings		1,340		15,209
Bank of Marin Bancorp		402		17,889
Bank of Princeton (The)		573		18,640
Bar Harbor Bankshares		661		17,067
Baycom Corp.*		681		15,711
BCB Bancorp, Inc.		1,423		18,670
Berkshire Hills Bancorp, Inc.		565		17,696

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 61

PGIM QMA Strategic Alpha Small-Cap Value ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Banks (cont’d.)
Boston Private Financial Holdings, Inc.		1,463	$	17,395
Bridge Bancorp, Inc.		563		18,562
Brookline Bancorp, Inc.		1,077		17,210
Bryn Mawr Bank Corp.		424		17,282
Byline Bancorp, Inc.*		789		16,127
C&F Financial Corp.		315		16,251
Cadence BanCorp (Class A Stock)		868		17,351
Capital Bancorp, Inc.*		1,463		17,278
Capital City Bank Group, Inc.		675		16,659
Carolina Financial Corp.		504		18,456
CB Financial Services, Inc.		673		17,411
Central Valley Community Bancorp		845		16,452
Chemical Financial Corp.		365		16,728
Chemung Financial Corp.		389		18,120
Citizens & Northern Corp.		658		17,266
Civista Bancshares, Inc.		806		17,192
CNB Financial Corp.		644		17,903
Coastal Financial Corp.*		1,108		18,116
Codorus Valley Bancorp, Inc.		759		17,214
Community Bankers Trust Corp.*		2,225		17,755
Community Financial Corp. (The)		564		16,954
Community Trust Bancorp, Inc.		373		15,957
ConnectOne Bancorp, Inc.		804		17,342
County Bancorp, Inc.		909		17,353
Customers Bancorp, Inc.*		846		18,096
Enterprise Bancorp, Inc.		549		17,414
Enterprise Financial Services Corp.		371		16,762
Equity Bancshares, Inc. (Class A Stock)*		463		15,737
Evans Bancorp, Inc.		486		17,326
Farmers National Banc Corp.		1,235		18,179
FB Financial Corp.		490		17,371
Financial Institutions, Inc.		573		17,270
First Bancorp		441		17,283
First BanCorp		1,515		17,438
First Bancorp, Inc.		600		15,810
First Bancshares, Inc. (The)		529		17,330
First Bank		1,428		16,522
First Busey Corp.		601		16,191
First Business Financial Services, Inc.		840		18,530
First Commonwealth Financial Corp.		1,220		17,153
First Community Corp.		896		17,965
First Financial Bancorp		615		17,054

See Notes to Financial Statements.

62

Description	Shares		Value
COMMON STOCKS (Continued)
Banks (cont’d.)
First Financial Corp.		360	$	15,977
First Foundation, Inc.		1,134		17,294
First Guaranty Bancshares, Inc.		833		17,401
First Internet Bancorp		800		17,280
First Merchants Corp.		409		16,520
First Mid-Illinois Bancshares, Inc.		489		17,071
First Midwest Bancorp, Inc.		735		17,015
First Northwest Bancorp		1,099		17,716
First Savings Financial Group, Inc.		336		17,580
First United Corp.		1,008		17,438
Flushing Financial Corp.		738		17,129
Great Southern Bancorp, Inc.		314		17,782
Great Western Bancorp, Inc.		470		17,649
Hancock Whitney Corp.		415		18,127
Heartland Financial USA, Inc.		356		17,298
Heritage Commerce Corp.		1,226		17,127
Hilltop Holdings, Inc.		858		16,491
HomeTrust Bancshares, Inc.		621		16,910
Hope Bancorp, Inc.		1,134		16,534
Horizon Bancorp, Inc.		976		17,246
Howard Bancorp, Inc.*		1,260		16,720
IBERIABANK Corp.		226		17,680
Independent Bank Corp.		746		17,344
Independent Bank Group, Inc.		288		16,692
International Bancshares Corp.		424		17,308
Investar Holding Corp.		700		17,038
Investors Bancorp, Inc.		1,363		17,133
Lakeland Bancorp, Inc.		1,030		17,232
LCNB Corp.		1,015		17,255
Level One Bancorp, Inc.*		730		16,863
Malvern Bancorp, Inc.*		868		18,020
Metropolitan Bank Holding Corp.*		451		17,377
Mid Penn Bancorp, Inc.		746		18,270
Middlefield Banc Corp.		368		15,438
Midland States Bancorp, Inc.		638		16,269
MidSouth Bancorp, Inc.		1,498		17,062
MidWestOne Financial Group, Inc.		546		16,975
MutualFirst Financial, Inc.		557		17,512
MVB Financial Corp.		1,091		16,692
National Bank Holdings Corp. (Class A Stock)		480		17,342
Nicolet Bankshares, Inc.*		321		18,432
Northeast Bancorp		910		18,455

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 63

PGIM QMA Strategic Alpha Small-Cap Value ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Banks (cont’d.)
Northrim BanCorp, Inc.		449	$	16,842
Oak Valley Bancorp		978		17,457
OFG Bancorp		820		16,966
Ohio Valley Banc Corp.		456		16,649
Old Line Bancshares, Inc.		568		16,268
Old National Bancorp		974		17,318
Old Second Bancorp, Inc.		1,156		16,508
Opus Bank		778		17,715
Orrstown Financial Services, Inc.		781		15,948
Pacific City Financial Corp.		1,035		17,595
Pacific Mercantile Bancorp*		2,108		17,391
Pacific Premier Bancorp, Inc.		564		16,835
Peapack Gladstone Financial Corp.		601		17,477
Penns Woods Bancorp, Inc.		400		17,544
Peoples Bancorp of North Carolina, Inc.		604		17,033
Peoples Bancorp, Inc.		490		16,337
Peoples Financial Services Corp.		393		17,194
Premier Financial Bancorp, Inc.		1,070		17,730
QCR Holdings, Inc.		454		16,230
RBB Bancorp		769		16,649
Renasant Corp.		474		18,145
Republic Bancorp, Inc. (Class A Stock)		369		16,694
Sandy Spring Bancorp, Inc.		473		16,588
SB One Bancorp		705		16,673
Select Bancorp, Inc.*		1,390		16,082
Shore Bancshares, Inc.		1,025		16,144
Sierra Bancorp		600		16,170
Simmons First National Corp. (Class A Stock)		634		17,010
SmartFinancial, Inc.*		814		15,971
Southern First Bancshares, Inc.*		458		17,450
Southern National Bancorp of Virginia, Inc.		1,098		17,403
Spirit of Texas Bancshares, Inc.*		793		17,129
Stock Yards Bancorp, Inc.		470		16,741
Summit Financial Group, Inc.		716		17,478
TriCo Bancshares		437		17,576
United Community Banks, Inc.		592		16,392
United Security Bancshares		1,558		16,826
Unity Bancorp, Inc.		794		17,539
Univest Financial Corp.		665		17,629
Veritex Holdings, Inc.		622		17,422
Washington Trust Bancorp, Inc.		326		17,082
WesBanco, Inc.		405		17,184
				2,382,649

See Notes to Financial Statements.

64

Description	Shares		Value
COMMON STOCKS (Continued)
Biotechnology    1.5%
Achillion Pharmaceuticals, Inc.*		7,029	$	17,643
Acorda Therapeutics, Inc.*		1,297		19,118
Adverum Biotechnologies, Inc.*		4,544		18,403
Anika Therapeutics, Inc.*		429		13,998
Ardelyx, Inc.*		6,808		19,130
BioTime, Inc.*		13,564		16,277
Catalyst Biosciences, Inc.*		2,071		17,645
Myriad Genetics, Inc.*		569		17,656
OPKO Health, Inc.*		6,336		16,157
PDL BioPharma, Inc.*		4,863		17,653
Prothena Corp. PLC*		1,301		17,433
				191,113
Building Products    0.9%
Apogee Enterprises, Inc.		449		16,025
Armstrong Flooring, Inc.*		1,085		15,559
Caesarstone Ltd.		1,026		17,237
Griffon Corp.		981		17,501
Insteel Industries, Inc.		770		17,517
Masonite International Corp.*		301		16,690
Universal Forest Products, Inc.		534		16,538
				117,067
Capital Markets    1.5%
B. Riley Financial, Inc.		1,056		17,994
Blucora, Inc.*		647		17,398
BrightSphere Investment Group PLC		1,314		18,593
Cowen, Inc. (Class A Stock)*		1,044		16,161
Donnelley Financial Solutions, Inc.*		996		14,153
Federated Investors, Inc. (Class B Stock)		602		17,910
GAMCO Investors, Inc. (Class A Stock)		841		17,224
Greenhill & Co., Inc.		769		18,102
Oppenheimer Holdings, Inc. (Class A Stock)		621		17,525
Piper Jaffray Cos.		238		16,650
Stifel Financial Corp.		317		17,254
				188,964
Chemicals    1.8%
AdvanSix, Inc.*		515		16,866
AgroFresh Solutions, Inc.*		4,395		18,942
FutureFuel Corp.		913		16,836
Hawkins, Inc.		435		17,931

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 65

PGIM QMA Strategic Alpha Small-Cap Value ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Chemicals (cont’d.)
HB Fuller Co.		342	$	17,264
Innophos Holdings, Inc.		570		18,924
Innospec, Inc.		229		18,746
LSB Industries, Inc.*		2,254		15,891
Minerals Technologies, Inc.		303		17,937
PolyOne Corp.		513		16,734
Stepan Co.		200		18,820
Trecora Resources*		1,856		17,818
Tredegar Corp.		1,054		18,361
				231,070
Commercial Services & Supplies    2.3%
ACCO Brands Corp.		2,050		19,065
Brady Corp. (Class A Stock)		363		17,173
BrightView Holdings, Inc.*		1,256		16,956
CECO Environmental Corp.*		2,164		16,490
Ennis, Inc.		855		18,126
Heritage-Crystal Clean, Inc.*		696		16,815
Herman Miller, Inc.		506		18,560
Kimball International, Inc. (Class B Stock)		1,055		16,553
Knoll, Inc.		879		18,600
Matthews International Corp. (Class A Stock)		396		15,749
Multi-Color Corp.		369		18,395
Quad/Graphics, Inc.		1,000		14,590
SP Plus Corp.*		465		15,996
Steelcase, Inc. (Class A Stock)		1,023		17,913
Team, Inc.*		1,138		17,775
UniFirst Corp.		118		16,971
VSE Corp.		487		17,215
				292,942
Communications Equipment    1.9%
Acacia Communications, Inc.*		368		19,633
ADTRAN, Inc.		1,194		17,934
Applied Optoelectronics, Inc.*		1,189		16,051
Calix, Inc.*		2,049		16,802
Ciena Corp.*		410		17,490
Clearfield, Inc.*		1,223		17,758
Comtech Telecommunications Corp.		623		16,509
DASAN Zhone Solutions, Inc.*		1,219		16,859
Digi International, Inc.*		1,280		16,896
InterDigital, Inc.		229		15,968

See Notes to Financial Statements.

66

Description	Shares		Value
COMMON STOCKS (Continued)
Communications Equipment (cont’d.)
NETGEAR, Inc.*		501	$	17,961
NetScout Systems, Inc.*		640		17,517
Ribbon Communications, Inc.*		3,239		16,681
Viavi Solutions, Inc.*		1,328		17,437
				241,496
Construction & Engineering    1.1%
Aegion Corp. (Class A Stock)*		866		15,034
EMCOR Group, Inc.		229		16,518
IES Holdings, Inc.*		980		18,012
KBR, Inc.		952		18,812
Northwest Pipe Co.*		678		16,726
Orion Group Holdings, Inc.*		3,894		16,549
Sterling Construction Co., Inc.*		1,295		18,920
Tutor Perini Corp.*		985		18,538
				139,109
Construction Materials    0.1%
United States Lime & Minerals, Inc.		226		16,272
Consumer Finance    0.5%
EZCORP, Inc. (Class A Stock)*		1,836		17,937
Nelnet, Inc. (Class A Stock)		318		17,433
PRA Group, Inc.*		542		17,447
Regional Management Corp.*		600		16,314
				69,131
Containers & Packaging    0.4%
Greif, Inc.,
(Class A Stock)		432		17,366
(Class B Stock)		377		17,139
UFP Technologies, Inc.*		484		16,214
				50,719
Distributors    0.3%
Core-Mark Holding Co., Inc.		589		18,560
Weyco Group, Inc.		591		17,919
				36,479
Diversified Consumer Services    0.7%
Adtalem Global Education, Inc.*		353		17,015
American Public Education, Inc.*		513		16,575

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 67

PGIM QMA Strategic Alpha Small-Cap Value ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Diversified Consumer Services (cont’d.)
K12, Inc.*		532	$	17,045
Laureate Education, Inc. (Class A Stock)*		1,058		16,177
Regis Corp.*		958		17,330
				84,142
Diversified Financial Services    0.6%
Banco Latinoamericano de Comercio Exterior SA (Class E Stock)		958		20,041
Cannae Holdings, Inc.*		773		17,717
FGL Holdings*		2,178		18,078
Marlin Business Services Corp.		747		17,584
				73,420
Electric Utilities    0.7%
ALLETE, Inc.		218		17,669
IDACORP, Inc.		171		16,828
MGE Energy, Inc.		269		17,195
Otter Tail Corp.		354		17,799
Portland General Electric Co.		360		18,050
				87,541
Electrical Equipment    0.5%
AZZ, Inc.		360		16,567
Encore Wire Corp.		300		17,772
Powell Industries, Inc.		533		17,104
Preformed Line Products Co.		282		16,836
				68,279
Electronic Equipment, Instruments & Components    2.7%
Anixter International, Inc.*		279		16,372
Arlo Technologies, Inc.*		4,276		18,515
AVX Corp.		944		17,181
Bel Fuse, Inc. (Class B Stock)		660		16,137
Belden, Inc.		288		17,795
Benchmark Electronics, Inc.		620		16,988
CTS Corp.		618		19,850
Daktronics, Inc.		2,107		17,109
Insight Enterprises, Inc.*		305		17,025
Kimball Electronics, Inc.*		966		14,973
Knowles Corp.*		1,067		17,371
Methode Electronics, Inc.		589		16,527
OSI Systems, Inc.*		194		16,849

See Notes to Financial Statements.

68

Description	Shares		Value
COMMON STOCKS (Continued)
Electronic Equipment, Instruments & Components (cont’d.)
Park Electrochemical Corp.		945	$	16,433
PC Connection, Inc.		420		16,901
Plexus Corp.*		295		18,219
ScanSource, Inc.*		418		15,696
Tech Data Corp.*		163		16,662
Vishay Intertechnology, Inc.		780		17,098
Vishay Precision Group, Inc.*		503		17,535
				341,236
Energy Equipment & Services    1.6%
Archrock, Inc.		1,620		15,811
Basic Energy Services, Inc.*		3,397		16,407
C&J Energy Services, Inc.*		981		16,942
Diamond Offshore Drilling, Inc.*		1,666		15,910
Era Group, Inc.*		1,503		17,315
Exterran Corp.*		970		16,558
Forum Energy Technologies, Inc.*		2,773		16,167
Helix Energy Solutions Group, Inc.*		2,200		16,280
Matrix Service Co.*		803		16,775
NCS Multistage Holdings, Inc.*		2,932		16,155
Newpark Resources, Inc.*		1,866		16,495
Unit Corp.*		1,056		16,421
				197,236
Entertainment    0.3%
Marcus Corp. (The)		411		17,422
Reading International, Inc. (Class A Stock)*		1,119		18,027
				35,449
Equity Real Estate Investment Trusts (REITs)    9.1%
Alexander & Baldwin, Inc.*		707		16,211
American Assets Trust, Inc.		430		18,679
Armada Hoffler Properties, Inc.		1,100		16,830
Ashford Hospitality Trust, Inc.		3,338		17,892
Bluerock Residential Growth REIT, Inc. (Class A Stock)		1,795		19,027
Braemar Hotels & Resorts, Inc.		1,426		18,566
BRT Apartments Corp.		1,298		17,263
CatchMark Timber Trust, Inc. (Class A Stock)		1,853		17,696
Cedar Realty Trust, Inc.		4,836		16,829
Chatham Lodging Trust		849		16,963
Chesapeake Lodging Trust		573		17,259
City Office REIT, Inc.		1,510		16,610

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 69

PGIM QMA Strategic Alpha Small-Cap Value ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Equity Real Estate Investment Trusts (REITs) (cont’d.)
Community Healthcare Trust, Inc.		501	$	17,881
CoreCivic, Inc.		743		15,737
CorEnergy Infrastructure Trust, Inc.		471		17,173
CorePoint Lodging, Inc.		1,111		15,521
DiamondRock Hospitality Co.		1,619		17,307
Essential Properties Realty Trust, Inc.		1,063		18,039
First Industrial Realty Trust, Inc.		530		17,766
Franklin Street Properties Corp.		2,178		15,769
Front Yard Residential Corp.		1,536		17,096
GEO Group, Inc. (The)		744		16,904
Getty Realty Corp.		514		16,936
Gladstone Commercial Corp.		865		17,854
Global Medical REIT, Inc.		1,799		18,530
Global Net Lease, Inc.		885		15,788
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		734		18,071
Hersha Hospitality Trust (Class A Stock)		934		17,606
Independence Realty Trust, Inc.		1,688		17,488
Industrial Logistics Properties Trust		805		16,792
InfraREIT, Inc.		796		16,995
Investors Real Estate Trust		310		18,718
Jernigan Capital, Inc.		809		17,353
Kite Realty Group Trust		1,040		16,370
Lexington Realty Trust		2,004		18,617
LTC Properties, Inc.		370		16,435
Mack-Cali Realty Corp.		823		17,291
Monmouth Real Estate Investment Corp.		1,268		16,814
National Health Investors, Inc.		224		17,479
National Storage Affiliates Trust		620		17,558
New Senior Investment Group, Inc.		3,116		16,078
NexPoint Residential Trust, Inc.		463		16,640
NorthStar Realty Europe Corp.		1,020		18,299
Office Properties Income Trust		561		17,116
Pebblebrook Hotel Trust		518		16,581
Pennsylvania Real Estate Investment Trust		2,658		16,347
Piedmont Office Realty Trust, Inc. (Class A Stock)		911		18,648
Preferred Apartment Communities, Inc. (Class A Stock)		1,085		16,535
PS Business Parks, Inc.		124		18,249
Retail Opportunity Investments Corp.		1,006		17,273
Rexford Industrial Realty, Inc.		497		17,037
RLJ Lodging Trust		844		15,673
RPT Realty		1,361		17,257
Sabra Health Care REIT, Inc.		798		14,460

See Notes to Financial Statements.

70

Description	Shares		Value
COMMON STOCKS (Continued)
Equity Real Estate Investment Trusts (REITs) (cont’d.)
Safehold, Inc.		914	$	17,503
Saul Centers, Inc.		302		17,114
Spirit MTA REIT		2,296		16,876
Summit Hotel Properties, Inc.		1,463		16,664
Terreno Realty Corp.		423		17,301
Tier REIT, Inc.		728		17,654
UMH Properties, Inc.		1,269		17,360
Universal Health Realty Income Trust		231		17,202
Urban Edge Properties		809		15,711
Urstadt Biddle Properties, Inc. (Class A Stock)		824		17,238
Washington Prime Group, Inc.		3,051		17,635
Whitestone REIT (Class B Stock)		1,198		15,586
Xenia Hotels & Resorts, Inc.		834		16,288
				1,148,038
Food & Staples Retailing    1.3%
BJ’s Wholesale Club Holdings, Inc.*		743		18,813
Ingles Markets, Inc. (Class A Stock)		580		18,049
Natural Grocers by Vitamin Cottage, Inc.*		1,209		17,168
Rite Aid Corp.*		23,228		17,189
Smart & Final Stores, Inc.*		2,646		16,405
SpartanNash Co.		958		18,183
United Natural Foods, Inc.*		1,154		17,321
Village Super Market, Inc. (Class A Stock)		563		17,256
Weis Markets, Inc.		355		17,860
				158,244
Food Products    1.4%
Alico, Inc.		571		17,278
B&G Foods, Inc.		639		15,732
Cal-Maine Foods, Inc.		386		17,023
Darling Ingredients, Inc.*		798		17,540
Fresh Del Monte Produce, Inc.		620		17,162
Hostess Brands, Inc. (Class A Stock)*		1,508		18,307
Lancaster Colony Corp.		108		16,931
Landec Corp.*		1,369		17,578
Seneca Foods Corp. (Class A Stock)*		582		17,181
Simply Good Foods Co. (The)*		849		17,370
				172,102

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 71

PGIM QMA Strategic Alpha Small-Cap Value ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Gas Utilities    0.7%
Chesapeake Utilities Corp.		205	$	18,452
New Jersey Resources Corp.		354		17,134
RGC Resources, Inc.		633		17,445
Southwest Gas Holdings, Inc.		199		16,306
Spire, Inc.		221		17,530
				86,867
Health Care Equipment & Supplies    1.8%
AngioDynamics, Inc.*		799		17,906
Avanos Medical, Inc.*		340		16,007
CONMED Corp.		246		18,918
FONAR Corp.*		758		16,411
Integer Holdings Corp.*		203		18,465
Invacare Corp.		1,795		17,465
Lantheus Holdings, Inc.*		757		17,298
LivaNova PLC*		177		16,496
Meridian Bioscience, Inc.		1,005		17,155
Orthofix Medical, Inc.*		283		17,291
RTI Surgical, Inc.*		3,746		18,655
SeaSpine Holdings Corp.*		983		15,079
Utah Medical Products, Inc.		195		16,552
				223,698
Health Care Providers & Services    0.8%
Brookdale Senior Living, Inc.*		2,339		15,811
Magellan Health, Inc.*		270		18,390
National HealthCare Corp.		209		17,015
Owens & Minor, Inc.		2,622		16,361
Patterson Cos., Inc.		787		17,747
Triple-S Management Corp. (Class B Stock)*		850		21,624
				106,948
Health Care Technology    0.7%
Allscripts Healthcare Solutions, Inc.*		1,454		15,587
Computer Programs & Systems, Inc.		534		17,590
Evolent Health, Inc. (Class A Stock)*		1,241		16,369
HMS Holdings Corp.*		556		19,160
NextGen Healthcare, Inc.*		941		16,467
				85,173

See Notes to Financial Statements.

72

Description	Shares		Value
COMMON STOCKS (Continued)
Hotels, Restaurants & Leisure    1.9%
BBX Capital Corp. (Class A Stock)		2,728	$	16,695
Biglari Holdings, Inc.,
(Class A Stock)*		26		18,174
(Class B Stock)*		116		15,545
Century Casinos, Inc.*		2,018		17,012
Del Taco Restaurants, Inc.*		1,498		15,489
Denny’s Corp.*		972		16,971
El Pollo Loco Holdings, Inc.*		1,134		17,158
Fiesta Restaurant Group, Inc.*		1,108		16,698
J Alexander’s Holdings, Inc.*		1,753		16,005
Jack in the Box, Inc.		209		16,833
RCI Hospitality Holdings, Inc.		734		17,168
Red Robin Gourmet Burgers, Inc.*		488		14,840
Speedway Motorsports, Inc.		1,041		18,384
Wingstop, Inc.		259		17,252
				234,224
Household Durables    1.5%
Beazer Homes USA, Inc.*		1,299		15,744
Ethan Allen Interiors, Inc.		890		17,871
Flexsteel Industries, Inc.		679		16,900
Hooker Furniture Corp.		568		17,835
La-Z-Boy, Inc.		485		16,689
Lifetime Brands, Inc.		1,635		17,102
M/I Homes, Inc.*		630		16,405
Meritage Homes Corp.*		382		16,751
Taylor Morrison Home Corp. (Class A Stock)*		1,048		17,575
TRI Pointe Group, Inc.*		1,313		16,544
Universal Electronics, Inc.*		591		19,734
				189,150
Household Products    0.3%
Central Garden & Pet Co. (Class A Stock)*		576		16,042
Oil-Dri Corp. of America		595		17,344
				33,386
Independent Power and Renewable Electricity Producers    0.4%
Atlantic Power Corp.*		6,677		17,961
Clearway Energy, Inc.,
(Class A Stock)		1,228		18,125
(Class C Stock)		1,202		18,018
				54,104

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 73

PGIM QMA Strategic Alpha Small-Cap Value ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Insurance    3.8%
Ambac Financial Group, Inc.*		909	$	17,971
American Equity Investment Life Holding Co.		495		15,667
AMERISAFE, Inc.		261		16,472
Argo Group International Holdings Ltd.		258		17,934
CNO Financial Group, Inc.		1,005		17,115
Crawford & Co. (Class B Stock)		1,833		18,843
Donegal Group, Inc. (Class A Stock)		1,295		17,444
Employers Holdings, Inc.		370		15,414
Enstar Group Ltd.*		96		17,127
FBL Financial Group, Inc. (Class A Stock)		236		16,489
FedNat Holding Co.		922		16,826
Genworth Financial, Inc. (Class A Stock)*		3,673		14,215
Global Indemnity Ltd.		444		17,130
Hallmark Financial Services, Inc.*		1,553		16,229
HCI Group, Inc.		365		16,848
Heritage Insurance Holdings, Inc.		1,157		17,262
Independence Holding Co.		438		16,727
Investors Title Co.		93		15,848
MBIA, Inc.*		1,834		18,212
National General Holdings Corp.		674		17,396
National Western Life Group, Inc. (Class A Stock)		59		18,172
NI Holdings, Inc.*		1,098		16,569
Protective Insurance Corp. (Class B Stock)		743		15,685
Safety Insurance Group, Inc.		195		17,421
Third Point Reinsurance Ltd.*		1,641		17,542
Tiptree, Inc.		2,979		18,261
United Fire Group, Inc.		347		16,913
United Insurance Holdings Corp.		1,079		17,674
				475,406
Interactive Media & Services    0.1%
Cars.com, Inc.*		698		16,431
Internet & Direct Marketing Retail    0.3%
1-800-Flowers.com, Inc. (Class A Stock)*		993		17,715
Liberty Expedia Holdings, Inc. (Class A Stock)*		406		17,986
				35,701
IT Services    1.1%
CACI International, Inc. (Class A Stock)*		94		17,132
CSG Systems International, Inc.		458		19,030
Information Services Group, Inc.*		4,131		17,804

See Notes to Financial Statements.

74

Description	Shares		Value
COMMON STOCKS (Continued)
IT Services (cont’d.)
ManTech International Corp. (Class A Stock)		322	$	17,501
Perficient, Inc.*		670		19,169
Perspecta, Inc.		739		15,593
Presidio, Inc.		1,063		17,678
Sykes Enterprises, Inc.*		586		17,340
				141,247
Leisure Products    0.5%
Acushnet Holdings Corp.		675		16,814
Clarus Corp.		1,473		17,941
Escalade, Inc.		1,410		17,202
Johnson Outdoors, Inc. (Class A Stock)		260		17,067
				69,024
Life Sciences Tools & Services    0.4%
Harvard Bioscience, Inc.*		4,215		16,944
Luminex Corp.		671		17,097
Syneos Health, Inc. (Class A Stock)*		336		14,035
				48,076
Machinery    3.7%
Alamo Group, Inc.		194		18,632
Altra Industrial Motion Corp.		513		16,318
Barnes Group, Inc.		296		17,189
Blue Bird Corp.*		884		16,442
Columbus McKinnon Corp.		466		17,452
Eastern Co. (The)		609		17,722
ESCO Technologies, Inc.		269		18,612
Federal Signal Corp.		725		17,820
Franklin Electric Co., Inc.		315		16,761
Global Brass & Copper Holdings, Inc.		544		18,360
Gorman-Rupp Co. (The)		475		16,060
Greenbrier Cos., Inc. (The)		416		17,160
Hurco Cos., Inc.		408		17,495
Hyster-Yale Materials Handling, Inc.		233		15,765
Kennametal, Inc.		439		16,546
LB Foster Co. (Class A Stock)*		977		16,912
Manitowoc Co., Inc. (The)*		903		16,245
Milacron Holdings Corp.*		1,211		16,942
Miller Industries, Inc.		518		17,565
Mueller Water Products, Inc. (Class A Stock)		1,543		16,109
Park-Ohio Holdings Corp.		519		16,499

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 75

PGIM QMA Strategic Alpha Small-Cap Value ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Machinery (cont’d.)
Rexnord Corp.*		591	$	15,762
SPX FLOW, Inc.*		459		15,845
Standex International Corp.		215		17,632
TriMas Corp.*		573		18,525
Wabash National Corp.		1,188		17,630
Watts Water Technologies, Inc. (Class A Stock)		229		18,444
				462,444
Marine    0.7%
Costamare, Inc.		3,205		16,666
Eagle Bulk Shipping, Inc.*		3,602		17,614
Genco Shipping & Trading Ltd.*		2,119		17,248
Matson, Inc.		491		17,730
Scorpio Bulkers, Inc.		4,329		18,355
				87,613
Media    2.2%
Clear Channel Outdoor Holdings, Inc. (Class A Stock)*		3,111		17,048
Entercom Communications Corp. (Class A Stock)		2,371		14,605
Entravision Communications Corp. (Class A Stock)		4,670		18,447
Fluent, Inc.*		3,431		17,532
Gray Television, Inc.*		961		21,056
Hemisphere Media Group, Inc. (Class A Stock)*		1,216		16,902
Liberty Latin America Ltd.,
(Class A Stock)*		909		17,835
(Class C Stock)*		911		17,664
Meredith Corp.		296		16,952
MSG Networks, Inc. (Class A Stock)*		732		17,671
New Media Investment Group, Inc.		1,263		16,823
Saga Communications, Inc. (Class A Stock)		463		15,557
Scholastic Corp.		368		15,570
Sinclair Broadcast Group, Inc. (Class A Stock)		539		19,458
TEGNA, Inc.		1,341		17,661
WideOpenWest, Inc.*		2,086		17,147
				277,928
Metals & Mining    0.7%
Allegheny Technologies, Inc.*		605		17,321
Materion Corp.		303		17,508
Schnitzer Steel Industries, Inc. (Class A Stock)		713		17,326
Universal Stainless & Alloy Products, Inc.*		958		17,608
Worthington Industries, Inc.		446		17,532
				87,295

See Notes to Financial Statements.

76

Description	Shares		Value
COMMON STOCKS (Continued)
Mortgage Real Estate Investment Trusts (REITs)    2.7%
AG Mortgage Investment Trust, Inc.		931	$	16,553
Anworth Mortgage Asset Corp.		3,849		16,397
Arbor Realty Trust, Inc.		1,344		17,391
Ares Commercial Real Estate Corp.		1,159		17,686
Arlington Asset Investment Corp. (Class A Stock)		1,998		16,563
ARMOUR Residential REIT, Inc.		854		17,123
Capstead Mortgage Corp.		2,125		17,638
Cherry Hill Mortgage Investment Corp.		894		16,575
Colony Credit Real Estate, Inc.		984		17,151
Dynex Capital, Inc.		2,805		17,110
Exantas Capital Corp.		1,546		16,774
Great Ajax Corp.		1,245		16,471
Invesco Mortgage Capital, Inc.		1,105		17,592
KKR Real Estate Finance Trust, Inc.		823		16,765
Ladder Capital Corp. (Class A Stock)		964		17,689
New York Mortgage Trust, Inc.		2,759		16,554
PennyMac Mortgage Investment Trust		816		16,630
Ready Capital Corp.		1,139		18,372
TPG RE Finance Trust, Inc.		840		16,817
Western Asset Mortgage Capital Corp.		1,663		16,680
				340,531
Multiline Retail    0.3%
Big Lots, Inc.		553		17,436
Dillard’s, Inc. (Class A Stock)		263		20,656
				38,092
Multi-Utilities    0.1%
Unitil Corp.		320		17,571
Oil, Gas & Consumable Fuels    3.2%
Adams Resources & Energy, Inc.		431		17,128
Arch Coal, Inc. (Class A Stock)		179		16,676
Bonanza Creek Energy, Inc.*		733		16,837
Clean Energy Fuels Corp.*		7,114		16,291
CONSOL Energy, Inc.*		464		17,609
CVR Energy, Inc.		419		16,986
Delek US Holdings, Inc.		444		15,709
Dorian LPG Ltd.*		2,846		16,791
GasLog Ltd.		1,018		16,410
Green Plains, Inc.		1,117		17,425
Gulfport Energy Corp.*		2,183		16,722

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 77

PGIM QMA Strategic Alpha Small-Cap Value ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Oil, Gas & Consumable Fuels (cont’d.)
Hallador Energy Co.		3,048	$	16,368
International Seaways, Inc.*		1,001		16,657
NACCO Industries, Inc. (Class A Stock)		459		16,786
Overseas Shipholding Group, Inc. (Class A Stock)*		8,066		15,890
Panhandle Oil & Gas, Inc. (Class A Stock)		1,071		17,586
Par Pacific Holdings, Inc.*		1,034		17,474
Peabody Energy Corp.		583		17,985
Renewable Energy Group, Inc.*		671		17,828
SandRidge Energy, Inc.*		2,140		16,628
Ship Finance International Ltd.		1,359		16,838
SilverBow Resources, Inc.*		788		17,730
Teekay Tankers Ltd. (Class A Stock)		14,790		15,825
World Fuel Services Corp.		662		18,331
				406,510
Paper & Forest Products    0.5%
Boise Cascade Co.		596		16,622
Clearwater Paper Corp.*		511		14,615
PH Glatfelter Co.		1,233		16,584
Verso Corp. (Class A Stock)*		639		12,556
				60,377
Personal Products    0.4%
Edgewell Personal Care Co.*		365		16,191
Inter Parfums, Inc.		237		17,483
Nature’s Sunshine Products, Inc.*		1,915		15,894
				49,568
Pharmaceuticals    0.9%
Akorn, Inc.*		4,255		17,233
Aratana Therapeutics, Inc.*		4,019		16,157
Lannett Co., Inc.*		1,856		17,465
Mallinckrodt PLC*		846		21,116
Menlo Therapeutics, Inc.*		2,381		20,262
Prestige Consumer Healthcare, Inc.*		600		17,556
				109,789
Professional Services    1.4%
Acacia Research Corp.*		5,564		16,970
CBIZ, Inc.*		773		15,947
CRA International, Inc.		378		18,885
FTI Consulting, Inc.*		250		18,540

See Notes to Financial Statements.

78

Description	Shares		Value
COMMON STOCKS (Continued)
Professional Services (cont’d.)
Huron Consulting Group, Inc.*		314	$	14,388
ICF International, Inc.		228		17,219
Kelly Services, Inc. (Class A Stock)		724		17,470
Mistras Group, Inc.*		1,003		15,827
Navigant Consulting, Inc.		646		13,301
Resources Connection, Inc.		1,020		17,717
TrueBlue, Inc.*		685		15,769
				182,033
Real Estate Management & Development    0.9%
Altisource Portfolio Solutions SA*		738		18,502
Consolidated-Tomoka Land Co.		290		17,139
Forestar Group, Inc.*		987		16,749
FRP Holdings, Inc.*		335		17,169
Kennedy-Wilson Holdings, Inc.		869		18,058
St Joe Co. (The)*		1,075		16,705
Stratus Properties, Inc.*		629		15,285
				119,607
Road & Rail    0.4%
ArcBest Corp.		460		16,022
Covenant Transportation Group, Inc. (Class A Stock)*		711		16,218
Werner Enterprises, Inc.		513		17,714
				49,954
Semiconductors & Semiconductor Equipment    1.2%
Alpha & Omega Semiconductor Ltd.*		1,643		17,679
Amkor Technology, Inc.*		1,858		16,313
AXT, Inc.*		4,224		18,839
Cirrus Logic, Inc.*		474		19,022
Cohu, Inc.		918		16,423
Diodes, Inc.*		423		17,059
Photronics, Inc.*		1,801		17,668
Rambus, Inc.*		1,651		16,956
Synaptics, Inc.*		422		17,669
				157,628
Software    1.3%
ACI Worldwide, Inc.*		554		17,656
Agilysys, Inc.*		831		17,368
American Software, Inc. (Class A Stock)		1,477		17,118
Avaya Holdings Corp.*		1,059		16,404

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 79

PGIM QMA Strategic Alpha Small-Cap Value ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Software (cont’d.)
MicroStrategy, Inc. (Class A Stock)*		122	$	17,263
Monotype Imaging Holdings, Inc.		949		18,600
Telaria, Inc.*		5,425		30,272
TiVo Corp.		1,547		15,516
Verint Systems, Inc.*		331		17,626
				167,823
Specialty Retail    4.4%
Abercrombie & Fitch Co. (Class A Stock)		866		19,009
American Eagle Outfitters, Inc.		883		18,013
America’s Car-Mart, Inc.*		206		16,810
Bed Bath & Beyond, Inc.		1,047		17,516
Big 5 Sporting Goods Corp.		4,463		17,986
Caleres, Inc.		587		18,256
Cato Corp. (The) (Class A Stock)		1,168		18,384
Chico’s FAS, Inc.		3,233		18,881
Citi Trends, Inc.		850		18,394
Conn’s, Inc.*		777		18,329
Container Store Group, Inc. (The)*		2,745		18,748
DSW, Inc. (Class A Stock)		621		18,388
Express, Inc.*		3,397		17,664
GameStop Corp. (Class A Stock)		1,574		18,416
Genesco, Inc.*		376		18,150
Group 1 Automotive, Inc.		294		18,281
Guess?, Inc.		778		17,419
Haverty Furniture Cos., Inc.		790		19,244
Hibbett Sports, Inc.*		986		18,281
J. Jill, Inc.*		3,145		18,713
Kirkland’s, Inc.*		1,578		18,431
Lithia Motors, Inc. (Class A Stock)		201		18,144
MarineMax, Inc.*		912		17,903
Murphy USA, Inc.*		213		16,565
Office Depot, Inc.		5,251		18,221
Rent-A-Center, Inc.*		963		17,922
Sally Beauty Holdings, Inc.*		971		17,546
Signet Jewelers Ltd.		681		19,143
Sonic Automotive, Inc. (Class A Stock)		1,174		17,645
Tilly’s, Inc. (Class A Stock)		1,485		18,013
Zumiez, Inc.*		692		17,092
				561,507

See Notes to Financial Statements.

80

Description	Shares		Value
COMMON STOCKS (Continued)
Technology Hardware, Storage & Peripherals    0.3%
Cray, Inc.*		769	$	18,864
Stratasys Ltd.*		625		17,787
				36,651
Textiles, Apparel & Luxury Goods    0.6%
Culp, Inc.		931		17,270
Movado Group, Inc.		516		18,075
Rocky Brands, Inc.		610		18,270
Vera Bradley, Inc.*		1,810		17,286
				70,901
Thrifts & Mortgage Finance    4.0%
Bank7 Corp.*		1,055		16,880
BankFinancial Corp.		1,174		18,361
Dime Community Bancshares, Inc.		858		17,143
ESSA Bancorp, Inc.		1,044		16,694
Essent Group Ltd.*		421		18,162
First Defiance Financial Corp.		611		18,904
Flagstar Bancorp, Inc.		533		17,408
FS Bancorp, Inc.		363		18,822
Home Bancorp, Inc.		494		17,473
Luther Burbank Corp.		1,716		17,949
Meridian Bancorp, Inc.		1,056		17,202
MGIC Investment Corp.*		1,371		17,796
NMI Holdings, Inc. (Class A Stock)*		704		17,002
OceanFirst Financial Corp.		679		17,111
OP Bancorp		1,864		16,925
Oritani Financial Corp.		976		17,519
PCSB Financial Corp.		880		17,890
PDL Community Bancorp*		1,321		17,292
Prudential Bancorp, Inc.		961		17,461
Radian Group, Inc.		865		17,611
Riverview Bancorp, Inc.		2,290		17,725
Southern Missouri Bancorp, Inc.		501		18,126
Sterling Bancorp, Inc.		1,806		18,222
Territorial Bancorp, Inc.		609		17,113
Timberland Bancorp, Inc.		568		17,381
TrustCo Bank Corp. NY		2,030		17,194
United Community Financial Corp.		1,799		18,026
United Financial Bancorp, Inc.		1,079		16,757
Walker & Dunlop, Inc.		305		17,019
				509,168

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 81

PGIM QMA Strategic Alpha Small-Cap Value ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Tobacco    0.3%
Universal Corp.		291	$	17,268
Vector Group Ltd.		1,409		16,513
				33,781
Trading Companies & Distributors    1.8%
Aircastle Ltd.		885		17,576
BMC Stock Holdings, Inc.*		1,043		19,953
CAI International, Inc.*		754		17,764
DXP Enterprises, Inc.*		479		16,942
Foundation Building Materials, Inc.*		1,785		19,849
GMS, Inc.*		843		16,481
Rush Enterprises, Inc.,
(Class A Stock)		402		16,852
(Class B Stock)		450		18,585
Systemax, Inc.		708		14,344
Textainer Group Holdings Ltd.*		1,443		15,743
Titan Machinery, Inc.*		902		17,327
Veritiv Corp.*		528		15,254
Willis Lease Finance Corp.*		449		18,885
				225,555
Water Utilities    1.1%
American States Water Co.		260		18,494
AquaVenture Holdings Ltd.*		790		17,475
Artesian Resources Corp. (Class A Stock)		458		17,972
Consolidated Water Co. Ltd.		1,258		16,618
Middlesex Water Co.		300		17,661
Pure Cycle Corp.*		1,719		17,430
SJW Group		265		16,210
York Water Co. (The)		482		17,569
				139,429
Wireless Telecommunication Services    0.1%
Spok Holdings, Inc.		1,144		15,799
TOTAL LONG-TERM INVESTMENTS (cost $12,565,200)				12,585,648

See Notes to Financial Statements.

82

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SHORT-TERM INVESTMENT    0.4%
TIME DEPOSIT
Citibank, NA (cost $54,667)		1.750	%		03/01/19		55	$	54,667
TOTAL INVESTMENTS    99.9% (cost $12,619,867)									12,640,315
Other assets in excess of liabilities    0.1%									11,323
NET ASSETS    100.0%								$	12,651,638

The following abbreviations are used in the semi-annual report:

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

* Non-income producing security.

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, 2019 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Common Stocks
Aerospace & Defense	$	120,009	$	—	$	—
Air Freight & Logistics		51,368		—		—
Airlines		33,272		—		—
Auto Components		51,312		—		—
Banks		2,382,649		—		—
Biotechnology		191,113		—		—
Building Products		117,067		—		—
Capital Markets		188,964		—		—

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 83

PGIM QMA Strategic Alpha Small-Cap Value ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2019

	Level 1		Level 2		Level 3
Investments in Securities (continued)
Common Stocks (continued)
Chemicals	$	231,070	$	—	$	—
Commercial Services & Supplies		292,942		—		—
Communications Equipment		241,496		—		—
Construction & Engineering		139,109		—		—
Construction Materials		16,272		—		—
Consumer Finance		69,131		—		—
Containers & Packaging		50,719		—		—
Distributors		36,479		—		—
Diversified Consumer Services		84,142		—		—
Diversified Financial Services		73,420		—		—
Electric Utilities		87,541		—		—
Electrical Equipment		68,279		—		—
Electronic Equipment, Instruments & Components		341,236		—		—
Energy Equipment & Services		197,236		—		—
Entertainment		35,449		—		—
Equity Real Estate Investment Trusts (REITs)		1,148,038		—		—
Food & Staples Retailing		158,244		—		—
Food Products		172,102		—		—
Gas Utilities		86,867		—		—
Health Care Equipment & Supplies		223,698		—		—
Health Care Providers & Services		106,948		—		—
Health Care Technology		85,173		—		—
Hotels, Restaurants & Leisure		234,224		—		—
Household Durables		189,150		—		—
Household Products		33,386		—		—
Independent Power and Renewable Electricity Producers		54,104		—		—
Insurance		475,406		—		—
Interactive Media & Services		16,431		—		—
Internet & Direct Marketing Retail		35,701		—		—
IT Services		141,247		—		—
Leisure Products		69,024		—		—
Life Sciences Tools & Services		48,076		—		—
Machinery		462,444		—		—
Marine		87,613		—		—
Media		277,928		—		—
Metals & Mining		87,295		—		—
Mortgage Real Estate Investment Trusts (REITs)		340,531		—		—
Multiline Retail		38,092		—		—
Multi-Utilities		17,571		—		—
Oil, Gas & Consumable Fuels		406,510		—		—

See Notes to Financial Statements.

84

	Level 1		Level 2		Level 3
Investments in Securities (continued)
Common Stocks (continued)
Paper & Forest Products	$	60,377	$	—	$	—
Personal Products		49,568		—		—
Pharmaceuticals		109,789		—		—
Professional Services		182,033		—		—
Real Estate Management & Development		119,607		—		—
Road & Rail		49,954		—		—
Semiconductors & Semiconductor Equipment		157,628		—		—
Software		167,823		—		—
Specialty Retail		561,507		—		—
Technology Hardware, Storage & Peripherals		36,651		—		—
Textiles, Apparel & Luxury Goods		70,901		—		—
Thrifts & Mortgage Finance		509,168		—		—
Tobacco		33,781		—		—
Trading Companies & Distributors		225,555		—		—
Water Utilities		139,429		—		—
Wireless Telecommunication Services		15,799		—		—
Time Deposit		—		54,667		—
Total	$	12,585,648	$	54,667	$	—

Industry Classification:

The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of February 28, 2019 were as follows (unaudited):

Banks	18.8	%
Equity Real Estate Investment Trusts (REITs)	9.1
Specialty Retail	4.4
Thrifts & Mortgage Finance	4.0
Insurance	3.8
Machinery	3.7
Oil, Gas & Consumable Fuels	3.2
Mortgage Real Estate Investment Trusts (REITs)	2.7
Electronic Equipment, Instruments & Components	2.7
Commercial Services & Supplies	2.3
Media	2.2
Communications Equipment	1.9
Hotels, Restaurants & Leisure	1.9
Health Care Equipment & Supplies	1.8
Trading Companies & Distributors	1.8
Chemicals	1.8
Energy Equipment & Services	1.6
Household Durables	1.5	%
Biotechnology	1.5
Capital Markets	1.5
Professional Services	1.4
Food Products	1.4
Food & Staples Retailing	1.3
Software	1.3
Semiconductors & Semiconductor Equipment	1.2
Water Utilities	1.1
IT Services	1.1
Construction & Engineering	1.1
Aerospace & Defense	0.9
Pharmaceuticals	0.9
Real Estate Management & Development	0.9
Building Products	0.9
Health Care Providers & Services	0.8
Marine	0.7
Health Care Technology	0.7

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 85

PGIM QMA Strategic Alpha Small-Cap Value ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2019

Industry Classification (cont’d.)
Diversified Consumer Services	0.7	%
Gas Utilities	0.7
Electric Utilities	0.7
Metals & Mining	0.7
Textiles, Apparel & Luxury Goods	0.6
Diversified Financial Services	0.6
Leisure Products	0.5
Consumer Finance	0.5
Electrical Equipment	0.5
Paper & Forest Products	0.5
Containers & Packaging	0.4
Air Freight & Logistics	0.4
Independent Power and Renewable Electricity Producers	0.4
Road & Rail	0.4
Life Sciences Tools & Services	0.4
Auto Components	0.4
Personal Products	0.4
Time Deposit	0.4	%
Tobacco	0.3
Entertainment	0.3
Multiline Retail	0.3
Household Products	0.3
Internet & Direct Marketing Retail	0.3
Distributors	0.3
Technology Hardware, Storage & Peripherals	0.3
Airlines	0.3
Interactive Media & Services	0.1
Construction Materials	0.1
Multi-Utilities	0.1
Wireless Telecommunication Services	0.1
	99.9
Other assets in excess of liabilities	0.1
	100.0	%

See Notes to Financial Statements.

86

PGIM QMA Strategic Alpha Small-Cap Value ETF

Statement of Assets & Liabilities (unaudited)

as of February 28, 2019

Assets
Investments at value:
Unaffiliated investments (cost $12,619,867)	$	12,640,315
Cash		273
Dividends receivable		12,462
Receivable for investments sold		1,354
Total assets		12,654,404
Liabilities
Management fee payable		2,766
Total Liabilities		2,766
Net Assets	$	12,651,638
Net assets were comprised of:
Common stock, at par	$	250
Paid-in capital in excess of par		12,488,450
		12,488,700
Total distributable earnings (loss)		162,938
Net assets, February 28, 2019	$	12,651,638
Net asset value, offering price and redemption price per share, ($ 12,651,638 / 250,000 shares of common stock issued and outstanding)	$	50.61

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 87

PGIM QMA Strategic Alpha Small-Cap Value ETF

Statement of Operations (unaudited)

Period Ended February 28, 2019*

Net Investment Income (Loss)
Income
Interest income	$	1,933
Unaffiliated dividend income		77,761
Total income		79,694
Expenses
Management fee		9,938
Total expenses		9,938
Net investment income (loss)		69,756
Realized And Unrealized Gain (Loss) On Investments
Net realized gain (loss) on:
Investment transactions		119,049
Net change in unrealized appreciation (depreciation) on:
Investments		20,448
Net gain (loss) on investment transactions		139,497
Net Increase (Decrease) In Net Assets Resulting From Operations	$	209,253

* For the period from November 13, 2018 (commencement of operations) through February 28, 2019.

See Notes to Financial Statements.

88

PGIM QMA Strategic Alpha Small-Cap Value ETF

Statement of Changes in Net Assets (unaudited)

	Period Ended February 28, 2019*
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	69,756
Net realized gain (loss) on investments		119,049
Net change in unrealized appreciation (depreciation) on investments		20,448
Net increase (decrease) in net assets resulting from operations		209,253
Dividends and Distributions
Distributions from distributable earnings		(46,315	)
Fund share transactions (Net of share conversions)
Net proceeds from shares sold		12,488,700
Net increase (decrease) in net assets from Fund share transactions		12,488,700
Total increase (decrease)		12,651,638
Net Assets:
Beginning of period		—
End of period	$	12,651,638

* For the period from November 13, 2018 (commencement of operations) through February 28, 2019.

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 89

PGIM QMA Strategic Alpha International Equity ETF

Schedule of Investments (unaudited)

as of February 28, 2019

Description	Shares		Value
LONG-TERM INVESTMENTS    98.4%
COMMON STOCKS    97.4%
Australia    6.0%
AGL Energy Ltd.		4,316	$	64,936
Aurizon Holdings Ltd.		19,283		61,826
AusNet Services		52,544		64,667
Bank of Queensland Ltd.		8,176		52,255
Bendigo & Adelaide Bank Ltd.		7,602		53,170
BHP Group Ltd.		2,646		69,878
BHP Group PLC		3,095		71,674
BlueScope Steel Ltd.		7,230		69,031
CIMIC Group Ltd.		2,000		71,148
Cochlear Ltd.		480		58,053
Coles Group Ltd.*		6,934		55,728
Crown Resorts Ltd.		6,940		56,416
Dexus		7,762		66,182
Flight Centre Travel Group Ltd.		1,662		53,960
Fortescue Metals Group Ltd.		20,296		87,246
Goodman Group		7,920		71,911
GPT Group (The)		15,404		63,922
Mirvac Group		37,069		67,578
Newcrest Mining Ltd.		3,913		67,505
REA Group Ltd.		1,068		61,774
Santos Ltd.		14,707		72,192
Scentre Group		20,816		57,144
Sonic Healthcare Ltd.		3,562		60,944
Stockland		22,303		55,372
Tabcorp Holdings Ltd.		18,924		63,360
Telstra Corp. Ltd.		27,707		61,517
Wesfarmers Ltd.		2,570		60,488
Woodside Petroleum Ltd.		2,615		67,242
Woolworths Group Ltd.		2,808		57,106
				1,844,225
Austria    0.8%
ANDRITZ AG		1,232		61,519
Erste Group Bank AG		1,502		56,806
OMV AG		1,174		61,787
voestalpine AG		1,784		55,235
				235,347

See Notes to Financial Statements.

90

Description	Shares		Value
COMMON STOCKS (Continued)
Belgium    0.8%
Ageas		1,229	$	60,572
Colruyt SA		929		66,255
Solvay SA		548		61,347
UCB SA		706		59,168
				247,342
China    0.2%
Yangzijiang Shipbuilding Holdings Ltd.		65,500		69,279
Denmark    1.6%
AP Moller - Maersk A/S (Class A Stock)		46		59,154
Carlsberg A/S (Class B Stock)		536		64,931
Coloplast A/S (Class B Stock)		623		62,097
H Lundbeck A/S		1,444		66,043
Novo Nordisk A/S (Class B Stock)		1,278		62,708
Novozymes A/S (Class B Stock)		1,273		57,796
Orsted A/S		912		66,182
William Demant Holding A/S*		2,030		60,968
				499,879
Finland    1.7%
Fortum OYJ		2,844		63,145
Kone OYJ (Class B Stock)		1,198		58,554
Metso OYJ		2,081		70,561
Neste OYJ		760		73,047
Nokian Renkaat OYJ		1,853		65,549
Nordea Bank Abp		6,679		60,571
Orion OYJ (Class B Stock)		1,777		63,488
Stora Enso OYJ (Class R Stock)		4,652		62,359
				517,274
France    8.8%
Accor SA		1,337		56,451
Aeroports de Paris		306		59,379
Air Liquide SA		491		61,238
Alstom SA		1,351		58,732
Arkema SA		625		63,015
Atos SE		698		67,024
AXA SA		2,434		61,725
BNP Paribas SA		1,181		60,524
Bureau Veritas SA		2,683		64,148
Carrefour SA		3,294		67,442

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 91

PGIM QMA Strategic Alpha International Equity ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
France (cont’d.)
Casino Guichard Perrachon SA		1,313	$	69,431
Cie de Saint-Gobain		1,600		57,619
Cie Generale des Etablissements Michelin SCA		568		68,161
CNP Assurances		2,590		59,863
Covivio		610		61,752
Credit Agricole SA		4,775		61,005
Danone SA		793		59,830
Eiffage SA		624		60,884
Engie SA		4,216		63,540
EssilorLuxottica SA		468		56,666
Eurazeo SE		792		59,547
Getlink SE		4,564		67,383
Hermes International		110		69,667
Ipsen SA		461		63,763
Klepierre SA		1,811		63,219
Legrand SA		968		63,861
L’Oreal SA		252		63,605
LVMH Moet Hennessy Louis Vuitton SE		208		71,450
Natixis SA		10,729		58,968
Pernod Ricard SA		372		64,062
Peugeot SA		2,700		68,670
Publicis Groupe SA		1,001		55,483
Rexel SA		4,943		61,622
Sanofi		656		54,843
Schneider Electric SE		815		63,427
Societe BIC SA		553		52,302
Societe Generale SA		1,614		49,568
Sodexo SA		574		63,057
Thales SA		484		59,594
TOTAL SA		1,066		60,614
Unibail-Rodamco-Westfield		346		55,885
Veolia Environnement SA		2,789		61,226
Vinci SA		679		64,814
Vivendi SA		2,381		69,602
				2,724,661
Germany    5.6%
adidas AG		269		65,356
Allianz SE		281		62,518
Axel Springer SE		930		53,050
BASF SE		814		62,025
Bayer AG		811		64,831

See Notes to Financial Statements.

92

Description	Shares		Value
COMMON STOCKS (Continued)
Germany (cont’d.)
Bayerische Motoren Werke AG		726	$	61,364
Brenntag AG		1,283		63,628
Continental AG		396		64,862
Covestro AG		1,030		58,743
Deutsche Lufthansa AG		2,436		62,205
Deutsche Post AG		1,862		57,862
Deutsche Telekom AG		3,382		55,722
Evonik Industries AG		2,206		62,103
Fresenius Medical Care AG & Co. KGaA		728		57,037
Fresenius SE & Co. KGaA		1,045		58,754
Hannover Rueck SE		427		63,626
HeidelbergCement AG		893		65,658
Henkel AG & Co. KGaA		575		54,023
HOCHTIEF AG		418		66,278
HUGO BOSS AG		859		63,529
LANXESS AG		1,082		58,644
METRO AG		3,863		64,877
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		274		64,545
Puma SE		119		67,069
RWE AG		2,747		67,053
Telefonica Deutschland Holding AG		14,638		48,052
Volkswagen AG		360		63,633
Vonovia SE		1,225		59,414
				1,716,461
Hong Kong    5.4%
Bank of East Asia Ltd. (The)		17,520		61,043
CK Asset Holdings Ltd.		7,800		64,737
CK Hutchison Holdings Ltd.		5,400		57,476
CK Infrastructure Holdings Ltd.		7,200		60,032
CLP Holdings Ltd.		4,800		56,868
Hang Lung Group Ltd.		20,400		64,061
Henderson Land Development Co. Ltd.		10,800		61,087
HK Electric Investments & HK Electric Investments Ltd.		61,800		64,400
HKT Trust & HKT Ltd.		40,800		63,723
Hong Kong & China Gas Co. Ltd.		28,800		66,701
Hongkong Land Holdings Ltd.		9,000		64,530
Hysan Development Co. Ltd.		12,000		63,365
Kerry Properties Ltd.		16,800		70,198
Link REIT		6,000		67,837
MTR Corp. Ltd.		11,400		65,498
New World Development Co. Ltd.		43,200		69,012

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 93

PGIM QMA Strategic Alpha International Equity ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Hong Kong (cont’d.)
NWS Holdings Ltd.		27,600	$	66,805
PCCW Ltd.		100,800		60,610
Power Assets Holdings Ltd.		8,400		58,320
Sino Land Co. Ltd.		33,600		62,579
Sun Hung Kai Properties Ltd.		3,600		59,620
Swire Pacific Ltd. (Class A Stock)		4,800		57,082
Swire Properties Ltd.		16,800		67,416
WH Group Ltd.		81,000		71,922
Wharf Real Estate Investment Co. Ltd.		9,600		67,447
Yue Yuen Industrial Holdings Ltd.		19,800		66,591
				1,658,960
Ireland    1.4%
AerCap Holdings NV*		1,122		50,647
AIB Group PLC		13,508		63,548
Bank of Ireland Group PLC		9,367		60,891
CRH PLC		2,144		67,893
DCC PLC		787		68,110
Paddy Power Betfair PLC		661		53,457
Smurfit Kappa Group PLC		2,197		62,325
				426,871
Israel    1.4%
Azrieli Group Ltd.		1,184		66,282
Bank Hapoalim BM		8,670		59,683
Bank Leumi Le-Israel BM		9,053		59,872
Bezeq The Israeli Telecommunication Corp. Ltd.		51,649		45,288
Check Point Software Technologies Ltd.*		530		64,819
Mizrahi Tefahot Bank Ltd.		3,274		62,709
Nice Ltd.*		517		60,767
				419,420
Italy    1.7%
Assicurazioni Generali SpA		3,517		62,787
Atlantia SpA		2,892		70,330
Enel SpA		10,931		66,146
Eni SpA		3,676		63,413
Prysmian SpA		3,239		66,131
Recordati SpA		1,843		69,325
Telecom Italia SpA*		91,088		55,513
Terna Rete Elettrica Nazionale SpA		10,603		65,946
				519,591

See Notes to Financial Statements.

94

Description	Shares		Value
COMMON STOCKS (Continued)
Japan    33.7%
AGC, Inc.		1,756	$	60,810
Air Water, Inc.		3,654		58,220
Aisin Seiki Co. Ltd.		1,550		60,420
Ajinomoto Co., Inc.		3,459		52,258
Alfresa Holdings Corp.		2,258		65,330
Alps Alpine Co. Ltd.		2,533		49,699
Amada Holdings Co. Ltd.		5,454		57,297
ANA Holdings, Inc.		1,685		62,463
Aozora Bank Ltd.		1,804		51,952
Asahi Group Holdings Ltd.		1,380		59,513
Asahi Kasei Corp.		5,413		58,955
Astellas Pharma, Inc.		3,816		58,833
Bandai Namco Holdings, Inc.		1,376		58,514
Bank of Kyoto Ltd. (The)		1,228		54,919
Bridgestone Corp.		1,420		55,964
Brother Industries Ltd.		3,558		64,958
Central Japan Railway Co.		241		53,999
Chubu Electric Power Co., Inc.		3,996		62,827
Chugai Pharmaceutical Co. Ltd.		822		55,825
Credit Saison Co. Ltd.		4,651		67,429
Dai Nippon Printing Co. Ltd.		2,537		58,677
Daicel Corp.		5,317		55,906
Daikin Industries Ltd.		545		59,113
Daiwa Securities Group, Inc.		10,754		54,559
Denso Corp.		1,270		54,485
Dentsu, Inc.		1,309		54,608
East Japan Railway Co.		644		61,589
Eisai Co. Ltd.		639		52,713
Electric Power Development Co. Ltd.		2,320		57,945
FamilyMart UNY Holdings Co. Ltd.		1,796		51,158
Fuji Electric Co. Ltd.		1,874		58,844
FUJIFILM Holdings Corp.		1,444		64,657
Fujitsu Ltd.		1,003		67,569
Fukuoka Financial Group, Inc.		2,567		55,455
Hakuhodo DY Holdings, Inc.		3,828		58,623
Hikari Tsushin, Inc.		410		73,382
Hino Motors Ltd.		5,836		53,561
Hitachi Construction Machinery Co. Ltd.		2,190		54,600
Hitachi Ltd.		2,007		60,049
Hitachi Metals Ltd.		5,290		53,818
Honda Motor Co. Ltd.		2,152		60,873
Hoya Corp.		1,013		61,844

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 95

PGIM QMA Strategic Alpha International Equity ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Japan (cont’d.)
Hulic Co. Ltd.		6,505	$	59,701
Idemitsu Kosan Co. Ltd.		1,659		58,790
IHI Corp.		1,924		50,678
Isetan Mitsukoshi Holdings Ltd.		5,173		51,329
Isuzu Motors Ltd.		4,172		59,718
ITOCHU Corp.		3,383		60,640
Japan Airlines Co. Ltd.		1,671		60,939
Japan Post Holdings Co. Ltd.		4,859		59,067
Japan Prime Realty Investment Corp.		16		62,728
Japan Retail Fund Investment Corp.		31		62,409
Japan Tobacco, Inc.		2,387		60,668
JFE Holdings, Inc.		3,403		59,274
JTEKT Corp.		4,685		58,003
JXTG Holdings, Inc.		9,774		45,658
Kajima Corp.		4,271		63,146
Kamigumi Co. Ltd.		2,601		60,227
Kansai Electric Power Co., Inc. (The)		3,992		59,648
Keihan Holdings Co. Ltd.		1,384		57,240
Keio Corp.		1,094		64,188
Kintetsu Group Holdings Co. Ltd.		1,386		62,545
Kirin Holdings Co. Ltd.		2,505		55,936
Kobe Steel Ltd.		7,206		56,955
Komatsu Ltd.		2,250		55,127
Konami Holdings Corp.		1,305		53,797
Konica Minolta, Inc.		6,589		63,842
Kubota Corp.		3,496		47,125
Kuraray Co. Ltd.		3,780		50,665
Kurita Water Industries Ltd.		2,243		56,425
Kyocera Corp.		1,116		61,484
Kyowa Hakko Kirin Co. Ltd.		2,911		55,522
Kyushu Electric Power Co., Inc.		5,009		59,498
Kyushu Railway Co.		1,796		61,389
Lawson, Inc.		955		57,832
Lion Corp.		3,006		61,568
Makita Corp.		1,560		55,212
Marubeni Corp.		7,919		56,459
Mazda Motor Corp.		5,536		64,938
McDonald’s Holdings Co. Japan Ltd.		1,303		58,332
Mebuki Financial Group, Inc.		19,655		53,076
Medipal Holdings Corp.		2,558		59,575
MEIJI Holdings Co. Ltd.		729		57,684
MINEBEA MITSUMI, Inc.		3,646		58,420

See Notes to Financial Statements.

96

Description	Shares		Value
COMMON STOCKS (Continued)
Japan (cont’d.)
Mitsubishi Chemical Holdings Corp.		7,241	$	53,392
Mitsubishi Corp.		2,232		62,856
Mitsubishi Estate Co. Ltd.		3,681		63,175
Mitsubishi Gas Chemical Co., Inc.		3,610		55,122
Mitsubishi Heavy Industries Ltd.		1,600		65,039
Mitsubishi Materials Corp.		2,162		59,352
Mitsubishi Motors Corp.		9,660		54,165
Mitsubishi Tanabe Pharma Corp.		3,819		55,025
Mitsubishi UFJ Financial Group, Inc.		10,783		55,789
Mitsubishi UFJ Lease & Finance Co. Ltd.		10,863		55,258
Mitsui & Co. Ltd.		3,762		59,063
Mitsui Chemicals, Inc.		2,348		57,149
Mitsui Fudosan Co. Ltd.		2,467		58,375
Mizuho Financial Group, Inc.		35,791		56,256
Nagoya Railroad Co. Ltd.		2,372		65,224
NGK Spark Plug Co. Ltd.		2,906		61,684
Nikon Corp.		3,752		56,752
Nippon Building Fund, Inc.		10		65,043
Nippon Electric Glass Co. Ltd.		2,240		60,489
Nippon Express Co. Ltd.		1,021		60,180
Nippon Prologis REIT, Inc.		29		61,609
Nippon Steel & Sumitomo Metal Corp.		3,203		57,572
Nippon Telegraph & Telephone Corp.		1,399		60,257
Nissan Chemical Corp.		1,111		56,016
Nissin Foods Holdings Co. Ltd.		966		66,991
Nitori Holdings Co. Ltd.		469		58,423
Nitto Denko Corp.		1,105		58,906
Nomura Real Estate Holdings, Inc.		3,003		56,819
Nomura Research Institute Ltd.		1,326		53,889
NSK Ltd.		6,358		58,352
NTT DOCOMO, Inc.		2,535		58,937
Obayashi Corp.		5,956		57,976
Oji Holdings Corp.		10,149		60,276
Ono Pharmaceutical Co. Ltd.		2,444		50,178
Oracle Corp. Japan		962		71,720
ORIX Corp.		3,650		52,786
Persol Holdings Co. Ltd.		3,139		53,732
Pola Orbis Holdings, Inc.		2,151		60,305
Renesas Electronics Corp.*		12,586		73,620
Resona Holdings, Inc.		11,220		50,662
Ricoh Co. Ltd.		6,091		61,749
Ryohin Keikaku Co. Ltd.		184		43,613

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 97

PGIM QMA Strategic Alpha International Equity ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Japan (cont’d.)
Santen Pharmaceutical Co. Ltd.		3,488	$	54,292
Secom Co. Ltd.		684		59,033
Sega Sammy Holdings, Inc.		4,202		48,857
Seiko Epson Corp.		3,710		54,785
Sekisui Chemical Co. Ltd.		3,646		57,144
Seven & i Holdings Co. Ltd.		1,335		58,615
SG Holdings Co. Ltd.		2,419		70,748
Shimano, Inc.		439		66,599
Shimizu Corp.		6,983		61,269
Shinsei Bank Ltd.		4,301		58,998
Shionogi & Co. Ltd.		848		54,137
Shizuoka Bank Ltd. (The)		6,605		52,086
Showa Denko KK		1,433		53,288
Showa Shell Sekiyu KK		3,790		56,783
Stanley Electric Co. Ltd.		1,998		57,360
Subaru Corp.		2,624		66,539
Sumitomo Chemical Co. Ltd.		10,907		54,014
Sumitomo Corp.		3,818		54,822
Sumitomo Dainippon Pharma Co. Ltd.		1,817		44,779
Sumitomo Heavy Industries Ltd.		1,790		61,184
Sumitomo Metal Mining Co. Ltd.		1,998		58,507
Sumitomo Mitsui Financial Group, Inc.		1,642		58,070
Sumitomo Mitsui Trust Holdings, Inc.		1,433		54,240
Sumitomo Realty & Development Co. Ltd.		1,634		61,041
Sundrug Co. Ltd.		1,765		53,996
Suzuken Co. Ltd.		1,119		61,238
Suzuki Motor Corp.		1,192		60,966
Taiheiyo Cement Corp.		1,761		60,114
Taisei Corp.		1,325		62,526
Taiyo Nippon Sanso Corp.		3,534		49,872
Takashimaya Co. Ltd.		4,100		53,887
Takeda Pharmaceutical Co. Ltd.		2,475		99,231
Teijin Ltd.		3,462		57,987
Terumo Corp.		1,040		63,633
Toho Co. Ltd.		1,721		61,451
Toho Gas Co. Ltd.		1,423		64,598
Tohoku Electric Power Co., Inc.		4,580		59,990
Tokyo Electric Power Co. Holdings, Inc.*		9,742		60,655
Tokyo Electron Ltd.		454		61,706
Tokyo Gas Co. Ltd.		2,319		63,767
Toray Industries, Inc.		7,601		52,883
Toshiba Corp.		1,894		59,302

See Notes to Financial Statements.

98

Description	Shares		Value
COMMON STOCKS (Continued)
Japan (cont’d.)
Tosoh Corp.		4,206	$	61,997
Toyota Industries Corp.		1,164		59,628
Toyota Motor Corp.		1,025		61,584
Toyota Tsusho Corp.		1,731		54,897
United Urban Investment Corp.		38		58,842
Welcia Holdings Co. Ltd.		1,176		41,674
Yamaha Corp.		1,348		66,272
Yamaha Motor Co. Ltd.		2,903		58,781
Yokogawa Electric Corp.		3,190		61,359
Yokohama Rubber Co. Ltd. (The)		2,861		58,290
				10,423,762
Luxembourg    0.7%
Aroundtown SA		6,931		58,339
Millicom International Cellular SA		1,007		60,621
RTL Group SA		991		55,887
SES SA (Class A Stock)		2,735		54,954
				229,801
Netherlands    3.2%
ABN AMRO Group NV		2,326		56,406
Aegon NV		10,649		57,269
Akzo Nobel NV		628		56,953
EXOR NV		1,009		62,090
Heineken Holding NV		672		65,009
Heineken NV		648		65,304
ING Groep NV		4,901		64,844
Koninklijke Ahold Delhaize NV		2,306		59,476
Koninklijke KPN NV		20,038		61,812
Koninklijke Vopak NV		1,357		66,356
NN Group NV		1,394		60,729
QIAGEN NV*		1,687		64,513
Randstad NV		1,219		65,099
Royal Dutch Shell PLC,
(Class A Stock)		1,961		61,110
(Class B Stock)		1,940		60,841
Wolters Kluwer NV		983		64,828
				992,639
New Zealand    0.6%
Auckland International Airport Ltd.		11,987		63,428
Fisher & Paykel Healthcare Corp. Ltd.		6,490		64,969
Spark New Zealand Ltd.		20,404		51,829
				180,226

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 99

PGIM QMA Strategic Alpha International Equity ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Norway    1.3%
DNB ASA		3,458	$	66,277
Equinor ASA		2,544		57,188
Mowi ASA		2,537		58,528
Norsk Hydro ASA		12,594		52,162
Orkla ASA		7,184		56,605
Telenor ASA		3,065		59,766
Yara International ASA		1,477		62,158
				412,684
Portugal    0.6%
EDP - Energias de Portugal SA		16,961		62,218
Galp Energia SGPS SA		3,607		59,203
Jeronimo Martins SGPS SA		4,968		74,874
				196,295
Singapore    2.8%
CapitaLand Commercial Trust		46,700		67,010
CapitaLand Ltd.		26,000		65,769
CapitaLand Mall Trust		36,100		64,083
City Developments Ltd.		9,600		63,337
ComfortDelGro Corp. Ltd.		38,600		68,235
DBS Group Holdings Ltd.		3,200		58,793
Keppel Corp. Ltd.		13,300		60,598
Oversea-Chinese Banking Corp. Ltd.		7,200		58,899
SATS Ltd.		16,900		64,125
Singapore Airlines Ltd.		8,500		62,933
Singapore Exchange Ltd.		11,000		63,787
Singapore Technologies Engineering Ltd.		22,800		63,071
United Overseas Bank Ltd.		3,100		57,368
Wilmar International Ltd.		26,600		62,959
				880,967
Spain    2.2%
Aena SME SA		374		66,746
Amadeus IT Group SA		828		62,348
Banco de Sabadell SA		46,458		52,923
Banco Santander SA		12,511		61,135
Enagas SA		2,158		61,488
Endesa SA		2,662		67,068
Iberdrola SA		7,945		66,441
Industria de Diseno Textil SA		1,933		58,353

See Notes to Financial Statements.

100

Description	Shares		Value
COMMON STOCKS (Continued)
Spain (cont’d.)
Red Electrica Corp. SA		2,754	$	59,518
Repsol SA		3,434		59,078
Telefonica SA		6,605		57,015
				672,113
Sweden    4.1%
Alfa Laval AB		2,756		60,276
Assa Abloy AB (Class B Stock)		3,190		65,986
Atlas Copco AB,
(Class A Stock)		2,418		65,516
(Class B Stock)		2,623		65,831
Boliden AB		2,647		72,437
Epiroc AB (Class B Stock)*		7,375		69,294
Husqvarna AB (Class B Stock)		7,528		61,701
ICA Gruppen AB		1,634		62,805
Industrivarden AB (Class C Stock)		2,891		60,208
Investor AB (Class B Stock)		1,354		60,473
Kinnevik AB (Class B Stock)		2,338		59,235
L E Lundbergforetagen AB (Class B Stock)		1,984		61,178
Sandvik AB		3,997		65,672
Securitas AB (Class B Stock)		3,520		55,205
SKF AB (Class B Stock)		3,755		63,200
Svenska Handelsbanken AB (Class A Stock)		5,382		61,390
Swedish Match AB		1,519		71,213
Telefonaktiebolaget LM Ericsson (Class B Stock)		7,108		65,062
Telia Co. AB		12,850		55,777
Volvo AB (Class B Stock)		4,262		62,758
				1,265,217
Switzerland    3.9%
Adecco Group AG		1,200		62,354
Baloise Holding AG		404		65,981
Coca-Cola HBC AG*		1,991		66,970
Ferguson PLC		926		64,124
Givaudan SA		25		62,547
Nestle SA		696		63,013
Novartis AG		652		59,474
Partners Group Holding AG		91		65,830
Roche Holding AG		229		63,626
SGS SA		25		63,749
Sonova Holding AG		367		68,634
STMicroelectronics NV		4,050		66,198

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 101

PGIM QMA Strategic Alpha International Equity ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Switzerland (cont’d.)
Straumann Holding AG		97	$	75,711
Swatch Group AG (The)		1,214		117,228
Swiss Life Holding AG*		151		65,813
Swiss Re AG		649		64,260
Swisscom AG		125		57,875
Zurich Insurance Group AG		190		62,823
				1,216,210
United Kingdom    8.7%
3i Group PLC		5,574		69,924
Associated British Foods PLC		1,918		57,061
Auto Trader Group PLC		10,598		66,868
Aviva PLC		11,417		64,085
Barclays PLC		28,526		62,111
BP PLC		8,935		63,331
British Land Co. PLC (The)		8,230		65,954
Centrica PLC		33,730		55,699
CNH Industrial NV		6,089		65,963
Coca-Cola European Partners PLC		1,222		57,605
Croda International PLC		954		60,875
Diageo PLC		1,646		63,607
Direct Line Insurance Group PLC		14,166		67,021
easyJet PLC		4,177		68,005
Fiat Chrysler Automobiles NV*		3,594		53,070
GlaxoSmithKline PLC		2,866		56,921
Hammerson PLC		12,037		60,939
Informa PLC		6,722		62,874
InterContinental Hotels Group PLC		1,050		62,802
International Consolidated Airlines Group SA		7,417		58,684
Intertek Group PLC		990		66,784
J Sainsbury PLC		15,234		46,271
Land Securities Group PLC		5,714		68,179
Lloyds Banking Group PLC		83,928		70,731
Meggitt PLC		8,966		64,122
Mondi PLC		2,718		62,313
National Grid PLC		5,579		62,742
Next PLC		949		64,043
Pearson PLC		4,823		54,118
Reckitt Benckiser Group PLC		714		54,614
RELX PLC		2,846		65,266
Rio Tinto Ltd.		1,109		75,646
Rio Tinto PLC		1,306		75,109
Royal Mail PLC		14,530		54,501
Smith & Nephew PLC		3,262		62,151
Smiths Group PLC		3,344		63,447

See Notes to Financial Statements.

102

Description						Shares		Value
COMMON STOCKS (Continued)
United Kingdom (cont’d.)
Taylor Wimpey PLC							34,674	$	83,426
Tesco PLC							23,520		70,502
Unilever NV							1,069		57,836
Unilever PLC							1,096		58,263
United Utilities Group PLC							6,110		68,090
Vodafone Group PLC							27,503		48,983
Wm Morrison Supermarkets PLC							19,555		59,680
									2,700,216
United States    0.2%
Carnival PLC							1,021		57,093
TOTAL COMMON STOCKS (cost $29,212,424)									30,106,533
PREFERRED STOCKS    1.0%
Germany    0.8%
Bayerische Motoren Werke AG							817		60,311
Henkel AG & Co. KGaA							515		51,456
Porsche Automobil Holding SE							928		61,877
Volkswagen AG							353		60,589
									234,233
Italy    0.2%
Telecom Italia SpA							105,326		57,397
TOTAL PREFERRED STOCKS (cost $298,142)									291,630
TOTAL LONG-TERM INVESTMENTS (cost $29,510,566)									30,398,163
	Interest Rate			Maturity Date		Principal Amount (000)#
SHORT-TERM INVESTMENT    1.4%
TIME DEPOSIT
JPMorgan Chase (cost $448,146)		1.750	%		03/01/19		448		448,146
TOTAL INVESTMENTS    99.8% (cost $29,958,712)									30,846,309
Other assets in excess of liabilities    0.2%									68,209
NET ASSETS    100.0%								$	30,914,518

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 103

PGIM QMA Strategic Alpha International Equity ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2019

The following abbreviations are used in the semi-annual report:

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

* Non-income producing security.

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, 2019 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Common Stocks
Australia	$	1,844,225	$	—	$	—
Austria		235,347		—		—
Belgium		247,342		—		—
China		69,279		—		—
Denmark		499,879		—		—
Finland		517,274		—		—
France		2,724,661		—		—
Germany		1,716,461		—		—
Hong Kong		1,658,960		—		—
Ireland		426,871		—		—
Israel		419,420		—		—
Italy		519,591		—		—
Japan		10,423,762		—		—
Luxembourg		229,801		—		—
Netherlands		992,639		—		—
New Zealand		180,226		—		—
Norway		412,684		—		—
Portugal		196,295		—		—
Singapore		880,967		—		—
Spain		672,113		—		—
Sweden		1,265,217		—		—

See Notes to Financial Statements.

104

	Level 1		Level 2		Level 3
Investments in Securities (continued)
Common Stocks (continued)
Switzerland	$	1,216,210	$	—	$	—
United Kingdom		2,700,216		—		—
United States		57,093		—		—
Preferred Stocks				—		—
Germany		234,233		—		—
Italy		57,397		—		—
Time Deposit		—		448,146		—
Total	$	30,398,163	$	448,146	$	—

Industry Classification:

The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of February 28, 2019 were as follows (unaudited):

Banks	6.6	%
Machinery	5.1
Chemicals	5.1
Real Estate Management & Development	4.5
Equity Real Estate Investment Trusts (REITs)	4.1
Pharmaceuticals	4.1
Electric Utilities	3.6
Oil, Gas & Consumable Fuels	3.4
Metals & Mining	3.4
Food & Staples Retailing	3.3
Insurance	3.3
Automobiles	3.0
Diversified Telecommunication Services	2.8
Road & Rail	2.0
Food Products	2.0
Auto Components	2.0
Trading Companies & Distributors	1.9
Health Care Equipment & Supplies	1.9
Textiles, Apparel & Luxury Goods	1.9
Beverages	1.8
Hotels, Restaurants & Leisure	1.7
Construction & Engineering	1.6
Professional Services	1.6
Diversified Financial Services	1.5
Transportation Infrastructure	1.5
Media	1.5
Industrial Conglomerates	1.4
Time Deposit	1.4
Airlines	1.2
Multi-Utilities	1.2
Health Care Providers & Services	1.2
Capital Markets	1.0
Technology Hardware, Storage & Peripherals	1.0
Electronic Equipment, Instruments & Components	0.9
Multiline Retail	0.9	%
Household Durables	0.8
Electrical Equipment	0.8
IT Services	0.8
Building Products	0.8
Leisure Products	0.8
Personal Products	0.8
Commercial Services & Supplies	0.7
Household Products	0.7
Semiconductors & Semiconductor Equipment	0.7
Software	0.6
Gas Utilities	0.6
Construction Materials	0.6
Specialty Retail	0.6
Aerospace & Defense	0.6
Paper & Forest Products	0.6
Entertainment	0.6
Air Freight & Logistics	0.6
Wireless Telecommunication Services	0.5
Tobacco	0.4
Interactive Media & Services	0.4
Water Utilities	0.2
Consumer Finance	0.2
Communications Equipment	0.2
Life Sciences Tools & Services	0.2
Containers & Packaging	0.2
Marine	0.2
Independent Power and Renewable Electricity Producers	0.2
	99.8
Other assets in excess of liabilities	0.2
	100.0	%

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 105

PGIM QMA Strategic Alpha International Equity ETF

Statement of Assets & Liabilities (unaudited)

as of February 28, 2019

Assets
Investments at value:
Unaffiliated investments (cost $29,958,712)	$	30,846,309
Cash		600
Foreign currency, at value (cost $21,526)		21,535
Dividends receivable		52,875
Total assets		30,921,319
Liabilities
Management fee payable		6,801
Total Liabilities		6,801
Net Assets	$	30,914,518
Net assets were comprised of:
Common stock, at par	$	600
Paid-in capital in excess of par		29,968,450
		29,969,050
Total distributable earnings (loss)		945,468
Net assets, February 28, 2019	$	30,914,518
Net asset value, offering price and redemption price per share, ($ 30,914,518 / 600,000 shares of common stock issued and outstanding)	$	51.52

See Notes to Financial Statements.

106

PGIM QMA Strategic Alpha International Equity ETF

Statement of Operations (unaudited)

Period Ended February 28, 2019*

Net Investment Income (Loss)
Income
Interest income	$	4,372
Unaffiliated dividend income (net of $9,200 foreign withholding tax)		104,653
Total income		109,025
Expenses
Management fee		19,629
Total expenses		19,629
Net investment income (loss)		89,396
Realized And Unrealized Gain (Loss) On Investments
Net realized gain (loss) on:
Investment transactions		4,817
Foreign currency transactions		3,191
		8,008
Net change in unrealized appreciation (depreciation) on:
Investments		887,597
Foreign currencies		(281	)
		887,316
Net gain (loss) on investment transactions		895,324
Net Increase (Decrease) In Net Assets Resulting From Operations	$	984,720

* For the period from December 4, 2018 (commencement of operations) through February 28, 2019.

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 107

PGIM QMA Strategic Alpha International Equity ETF

Statement of Changes in Net Assets (unaudited)

	Period Ended February 28, 2019*
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	89,396
Net realized gain (loss) on investments and foreign currency transactions		8,008
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		887,316
Net increase (decrease) in net assets resulting from operations		984,720
Dividends and Distributions
Distributions from distributable earnings		(39,252	)
Fund share transactions (Net of share conversions)
Net proceeds from shares sold		29,969,050
Net increase (decrease) in net assets from Fund share transactions		29,969,050
Total increase (decrease)		30,914,518
Net Assets:
Beginning of period		—
End of period	$	30,914,518

* For the period from December 4, 2018 (commencement of operations) through February 28, 2019.

See Notes to Financial Statements.

108

Notes to Financial Statements (unaudited)

PGIM ETF Trust (the “Trust”) is a diversified, open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”), and operated as an exchange-traded fund. The Trust was organized as a Delaware statutory trust on October 23, 2017 and consists of six separate series (each, a “Fund” and collectively, the “Funds”): PGIM Ultra Short Bond ETF, PGIM Active High Yield Bond ETF, PGIM QMA Strategic Alpha Large-Cap Core ETF, PGIM QMA Strategic Alpha Small-Cap Growth ETF, PGIM QMA Strategic Alpha Small-Cap Value ETF and PGIM QMA Strategic Alpha International Equity ETF.

These financial statements relate only to the following Funds: PGIM QMA Strategic Alpha Large- Cap Core ETF, PGIM QMA Strategic Alpha Small-Cap Growth ETF, PGIM QMA Strategic Alpha Small-Cap Value ETF and PGIM QMA Strategic Alpha International Equity ETF, which commenced investment operations on October 17, 2018, November 13, 2018, November 13, 2018 and December 4, 2018, respectively.

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

1. 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 accounting policies conform to U.S. generally accepted accounting principles. The Funds consistently follow such policies in the preparation of its financial statements.

Securities Valuation: The Funds hold securities and other assets and liabilities that are fair valued at the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. 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. 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. A record of the Valuation Committee’s actions is subject to the Board’s review, approval, and ratification at its next regularly scheduled quarterly meeting.

PGIM QMA Strategic Alpha ETFs 109

Notes to Financial Statements (unaudited) (continued)

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 Funds 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 the FASB ASC Topic 820—Fair Value Measurements and Disclosures.

Common and preferred stocks, exchange-traded funds, and derivative instruments, such as futures or options, 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, non-exchange-traded mutual 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.

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.

110

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.

Illiquid Securities: Pursuant to Rule 22e-4 under the Investment Company Act of 1940, the Fund has adopted a Board approved Liquidity Risk Management Program (“LRMP”) that requires, among other things, that the Fund limit its illiquid investments that are assets to no more than 15% of net assets. Illiquid securities are those that, because of the absence of a readily available market or due to legal or contractual restrictions on resale, may not reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. The Fund may find it difficult to sell illiquid securities at the time considered most advantageous by its Subadviser and may incur transaction costs that would not be incurred in the sale of securities that were freely marketable.

Restricted Securities: Securities acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer are considered restricted as to disposition under federal securities law (‘restricted securities”). Such restricted securities are valued pursuant to the valuation procedures noted above. Restricted securities that would otherwise be considered illiquid investments pursuant to the Fund’s LRMP because of legal restrictions on resale to the general public may be traded among qualified institutional buyers under Rule 144A of the Securities Act of 1933. Therefore, these Rule 144A securities, as well as commercial paper that is sold in private placements under Section 4(2) of the Securities Act of 1933, may be classified higher than “Illiquid” under the LRMP (i.e. “moderately liquid” or “less liquid” investments). However, the liquidity of the Fund’s investments in restricted securities could be impaired if trading does not develop or declines.

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

(i) market value of investment securities, other assets and liabilities—at the current rates of exchange;

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

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

PGIM QMA Strategic Alpha ETFs 111

Notes to Financial Statements (unaudited) (continued)

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 securities transactions, and the difference between the amounts of interest, dividends and foreign withholding taxes recorded on the 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).

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 Funds’ 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: The Funds expect 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 book/tax differences relating to income and gain (loss) are reclassified amongst 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.

2. Agreements

Pursuant to a management agreement with the Trust on behalf of the Funds (the Management Agreement), PGIM Investments LLC (“PGIM Investments”), subject to the

112

supervision of the Board and in conformity with the stated policies of the Funds, manages both the investment operations of each Fund and the composition of each Fund’s portfolio, including the purchase, retention and disposition of assets. In connection therewith, the Manager is obligated to keep certain books and records of the Funds. The Manager is authorized to enter into subadvisory agreements for investment advisory services in connection with the management of the Funds. The Manager will continue to have responsibility for all investment advisory services performed pursuant to any such subadvisory agreements. PGIM Investments will review the performance of the investment subadviser(s) and make recommendations to the Board with respect to the retention of investment subadvisers and the renewal of contracts. The Manager also administers the Funds’ business affairs and, in connection therewith, furnishes the Funds’ with office facilities, together with those ordinary clerical and bookkeeping services which are not being furnished by the Funds’ custodian (the Custodian). The management services of PGIM Investments to the Funds are not exclusive under the terms of the Management Agreement and PGIM Investments is free to, and does, render management services to others.

The Board of Trustees of the Trust has approved a unitary management fee structure for the Funds. Under the unitary fee structure, the Manager is responsible for paying substantially all the expenses of the Funds, costs of borrowing money (including interest expenses and any loan commitment or other associated fees), taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings, litigation, indemnification and extraordinary expenses.

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.

Fund	Unitary fee rate
PGIM QMA Strategic Alpha Large-Cap Core ETF		0.17	%
PGIM QMA Strategic Alpha Small-Cap Growth ETF		0.29	%
PGIM QMA Strategic Alpha Small-Cap Value ETF		0.29	%
PGIM QMA Strategic Alpha International Equity ETF		0.29	%

The Manager has entered into a subadvisory agreement (Subadvisory Agreement) with QMA LLC, (“QMA”) (formerly known as Quantitative Management Associates LLC) each Fund’s investment subadviser (the “subadviser”). The Subadvisory Agreement provides that the subadviser will furnish investment advisory services in connection with the management of the Funds. In connection therewith, the subadviser is obligated to keep certain books and records of each Fund. Under the Subadvisory Agreement, the subadviser, subject to the supervision of PGIM Investments, is responsible for managing the assets of the Funds in accordance with the Funds’ investment objectives, policies and restrictions. The subadviser determines what securities and other instruments are purchased and sold for the Funds and is responsible for obtaining and evaluating financial data relevant to the Funds. PGIM Investments continues to have responsibility for all investment advisory services pursuant to the Management Agreement and supervises the subadviser’s performance of such services.

PGIM QMA Strategic Alpha ETFs 113

Notes to Financial Statements (unaudited) (continued)

Brown Brothers Harriman & Co. (“BBH”) serves as the Custodian, Transfer Agent and Administrative Agent for the Trust. Pursuant to a Custodian Agreement, BBH maintains certain financial accounting books and records pursuant to an agreement with the Trust. Subcustodians provide custodial services for any non-US assets held outside the United States. Pursuant to an Administrative and Transfer Agency Agreement, BBH maintains certain books and records and provides transfer agency, administrative, legal, tax support and accounting and financial reporting services for the maintenance and operations of the Trust. As the transfer and dividend disbursing agent of the Trust, BBH provides customary transfer agency services to the Trust, including the handling of shareholder communications, the processing of shareholder transactions, the maintenance of shareholder account records, the payment of dividends and distributions, and related functions. For these services, BBH receives compensation from the Manager and is reimbursed for expenses, including custodian 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 BBH under the Custodian and Administrative and Transfer Agency Agreements.

3. Other Transactions with Affiliates

The Funds may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act, that subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors, and/or common officers. Pursuant to the Rule 17a-7 procedures and consistent with guidance issued by the SEC, the Funds’ Chief Compliance Officer (“CCO”) prepares a quarterly summary of all such transactions for submission to the Board, together with the CCO’s written representation that all such 17a-7 transactions were effected in accordance with the Funds’ Rule 17a-7 procedures. Any 17a-7 transactions for the reporting period are disclosed in the “Portfolio Securities” note, below.

Each Fund may invest its overnight sweep cash in the PGIM Institutional Money Market Fund (the “Money Market Fund”), registered under the 1940 Act and managed by PGIM Investments. Through each Fund’s investments in the mentioned underlying fund, PGIM Investments and/or its affiliates are paid fees or compensated for providing their services. Earnings from the Money Market Fund are disclosed on the Statement of Operations as “Affiliated dividend income”.

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

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Agreement”) between the Trust and the Distributor. The Distributor is a subsidiary of Prudential Financial, Inc. (“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.

4. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short- term investments and U.S. Government securities) for the period ended February 28, 2019, were as follow:

Fund	Cost of Purchases		Proceeds from Sales
PGIM QMA Strategic Alpha Large-Cap Core ETF	$	15,289,701	$	2,898,612
PGIM QMA Strategic Alpha Small-Cap Growth ETF	$	15,695,365	$	3,215,814
PGIM QMA Strategic Alpha Small-Cap Value ETF	$	15,322,007	$	2,867,245
PGIM QMA Strategic Alpha International Equity ETF	$	29,536,699	$	—

For the reporting period ended February 28, 2019, no 17a-7 transactions were entered into by the Funds.

5. Tax Information

The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation as of February 28, 2019 were as follows:

PGIM QMA Strategic Alpha Large-Cap Core ETF

Tax Basis	$	12,358,398
Gross Unrealized Appreciation		670,413
Gross Unrealized Depreciation		(359,550	)
Net Unrealized Appreciation	$	310,863

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Tax Basis	$	12,806,844
Gross Unrealized Appreciation		723,370
Gross Unrealized Depreciation		(570,465	)
Net Unrealized Appreciation	$	152,905

PGIM QMA Strategic Alpha Small-Cap Value ETF

Tax Basis	$	12,619,867
Gross Unrealized Appreciation		491,912
Gross Unrealized Depreciation		(471,464	)
Net Unrealized Appreciation	$	20,448

PGIM QMA Strategic Alpha ETFs 115

Notes to Financial Statements (unaudited) (continued)

PGIM QMA Strategic Alpha International Equity ETF

Tax Basis	$	29,958,712
Gross Unrealized Appreciation		1,703,870
Gross Unrealized Depreciation		(816,273	)
Net Unrealized Appreciation	$	887,597

The Manager has analyzed each Fund’s tax positions taken and has concluded that no provision for income tax is required in each Fund’s financial statements for the current reporting period. Each Fund’s federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service.

6. 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 a large specified number of shares called a “Creation Unit” or multiples thereof to investors who have entered into an agreement with the Distributor and are authorized to transact with the Trust in Creation Units (“Authorized Participants”). A Creation Unit of PGIM QMA Strategic Alpha Large-Cap Core ETF, PGIM QMA Strategic Alpha Small-Cap Growth ETF, PGIM QMA Strategic Alpha Small-Cap Value ETF and PGIM QMA Strategic Alpha International Equity ETF consists of 50,000 shares, 50,000 shares, 50,000 shares and 100,000 shares of the Fund, respectively. The Funds generally issue and redeem Creation Units in return for a specified amount of cash and/or designated portfolio of securities. Except when aggregated in Creation Units, shares are not individually redeemable. Fixed transaction fees are imposed for the transfer and other costs associated with the creation or redemption of Creation Units. Authorized Participants are responsible for paying these fixed transaction fees to BBH.

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

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As of February 28, 2019, Prudential, through its affiliate entities, including affiliated funds (if applicable), owned the following number of shares of the Funds:

Fund
PGIM QMA Strategic Alpha Large-Cap Core ETF	200,000
PGIM QMA Strategic Alpha Small-Cap Growth ETF	200,000
PGIM QMA Strategic Alpha Small-Cap Value ETF	200,000
PGIM QMA Strategic Alpha International Equity ETF	500,000

At reporting period end, the following number of shareholders of record, each holding greater than 5% of the Fund, held the following percentage of the Funds’ outstanding shares.

Fund	Number of Shareholders		% of Outstanding Shares		% of Outstanding Shares held by affiliate
PGIM QMA Strategic Alpha Large-Cap Core ETF		2		99		80
PGIM QMA Strategic Alpha Small-Cap Growth ETF		2		100		80
PGIM QMA Strategic Alpha Small-Cap Value ETF		2		100		80
PGIM QMA Strategic Alpha International Equity ETF		2		100		83

Transactions in shares of beneficial interest were as follows:

PGIM QMA Strategic Alpha Large-Cap Core ETF

Period ended February 28, 2019:

	Shares		Amount
Shares sold		250,000	$	12,445,905
Shares reacquired		—		—
Net increase (decrease) in shares outstanding before conversion		250,000		12,445,905
Net increase (decrease) in shares outstanding		250,000	$	12,445,905

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Period ended February 28, 2019:

	Shares		Amount
Shares sold		250,000	$	12,487,720
Shares reacquired		—		—
Net increase (decrease) in shares outstanding before conversion		250,000		12,487,720
Net increase (decrease) in shares outstanding		250,000	$	12,487,720

PGIM QMA Strategic Alpha ETFs 117

Notes to Financial Statements (unaudited) (continued)

PGIM QMA Strategic Alpha Small-Cap Value ETF

Period ended February 28, 2019:

	Shares		Amount
Shares sold		250,000	$	12,488,700
Shares reacquired		—		—
Net increase (decrease) in shares outstanding before conversion		250,000		12,488,700
Net increase (decrease) in shares outstanding		250,000	$	12,488,700

PGIM QMA Strategic Alpha International Equity ETF

Period ended February 28, 2019:

	Shares		Amount
Shares sold		600,000	$	29,969,050
Shares reacquired		—		—
Net increase (decrease) in shares outstanding before conversion		600,000		29,969,050
Net increase (decrease) in shares outstanding		600,000	$	29,969,050

7. Borrowings

The Trust, on behalf of the Funds, along with other affiliated registered investment companies (collectively the “SCA participants”), 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 SCA provides for a commitment of $900 million for the period October 4, 2018 through October 3, 2019. The SCA participants pay an annualized commitment fee of 0.15% of the unused portion of the SCA. The SCA participants portion of the commitment fee for the unused amount, allocated based upon a method approved by the Board, is accrued daily and paid quarterly. The interest on borrowings under the SCA is paid monthly and at a per annum interest rate based upon a contractual spread plus the higher of (1) the effective federal funds rate, (2) the 1-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

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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 Funds in the SCA equitably.

The Funds did not utilize the SCA during the period ended February 28, 2019.

8. Risk of Investing in the Fund

The Funds’ risks include, but are not limited to, some or all of the risks discussed below:

Authorized Participant Concentration Risk: Only an Authorized Participant may engage in creation or redemption transactions directly with the Funds. The Funds have 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 intermediaries exit the business or are unable to or choose not to proceed with creation and/or redemption orders with respect to the Funds and no other Authorized Participant creates or redeems, shares of the Funds may trade at a substantial discount or premium to NAV, may trade at larger spreads and possibly face trading halts and/or delisting.

Equity and Equity-Related Securities Risks: The value of a particular security could go down and you could lose money. In addition to an individual security losing value, the value of the equity markets or a sector in which the Series invests could go down. The Series’ holdings can vary significantly from broad market indexes and the performance of the Series can deviate from the performance of these indexes. Different parts of a market can react differently to adverse issuer, market, regulatory, political and economic developments.

ETF Shares Trading Risk: Funds shares are listed for trading on the Exchange and the shares are bought and sold in the secondary market at market prices. The market prices of the shares of the Funds are expected to fluctuate in response to changes in the Funds’ NAVs, the intraday value of the Funds’ holdings and supply and demand for shares of the Funds. We cannot predict whether shares of the Funds will trade above, below or at their NAV. Trading on the Exchange, including trading of Funds shares, may be halted in certain circumstances and shareholders may not be able to sell Funds shares at the time or price desired. During periods of stressed market conditions, the market for the shares of the Funds may become less liquid in response to deteriorating liquidity in the markets for the Funds’ portfolio investments. This adverse effect on the liquidity of the Funds’ shares could lead to differences between the market price of the Funds’ 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 Funds will continue to be met. At times, trading in the securities of ETFs has become volatile and unpredictable and the price of ETFs shares has diverged from market driven fundamentals. Since the Funds are new, an active secondary market for the shares of the Funds may not develop or may not continue once developed.

PGIM QMA Strategic Alpha ETFs 119

Notes to Financial Statements (unaudited) (continued)

Risks of Investing in Equity and Mortgage Real Estate Investment Trusts (collectively equity REITs): Real estate securities are subject to similar risks as direct investments in real estate and mortgages, and their value will depend on the value of the underlying properties or the underlying loans or interests. The underlying loans may be subject to the risks of default or of payments that occur earlier or later than expected, and such loans may also include so-called “subprime” mortgages. The value of these securities will rise and fall in response to many factors, Including economic conditions, the demand for rental property and interest rates. In particular, the value of these securities may decline when interest rates rise and will also be affected by the real estate market and by the management of the underlying properties.

In addition, investing in equity REITs involves certain unique risks in addition to those risks associated with investing in the real estate industry in general. Equity REITs may be affected by changes in the value of the underlying property owned by the equity REITs, while mortgage equity REITs may be affected by the quality of any credit extended. Equity REITs are dependent upon management skills, may not be diversified geographically or by property/mortgage asset type, and are subject to heavy cash flow dependency, default by borrowers and self-liquidation. Since equity REITs are relatively smaller in size when compared to the broader market, and smaller companies tend to be more volatile than larger companies, they may be more volatile and/or more illiquid than other types of equity securities. Equity REITs are subject to interest rate risks. Equity REITs may incur significant amounts of leverage. The Fund will indirectly bear a portion of the expenses, including management fees, paid by each equity REIT in which it invests, in addition to the expenses of the Fund.

Foreign Securities Risk: The Fund’s investments in securities of foreign issuers or issuers with significant exposure to foreign markets involve additional risk. Foreign countries in which the Fund may invest may have markets that are less liquid, less regulated and more volatile than US markets. The value of the Fund’s investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, and political or financial instability.

Market and Credit Risk: Securities markets may be volatile and the market prices of the Funds’ 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 Funds fall, the value of an investment in the Funds will decline. Additionally, the Funds may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Funds have unsettled or open transactions defaults.

120

9. Recent Accounting Pronouncements and Reporting Updates

In August 2018, the Securities and Exchange Commission (the “SEC”) adopted amendments to Regulation S-X to update and simplify the disclosure requirements for registered investment companies by eliminating requirements that are redundant or duplicative of US GAAP requirements or other SEC disclosure requirements. The new amendments require the presentation of the total, rather than the components, of distributable earnings on the Statement of Assets and Liabilities and the total, rather than the components, of dividends from net investment income and distributions from net realized gains on the Statements of Changes in Net Assets. The amendments also removed the requirement for the parenthetical disclosure of undistributed net investment income on the Statements of Changes in Net Assets and certain tax adjustments that were reflected in the Notes to Financial Statements. All of these have been reflected in the Funds’ financial statements.

In August 2018, the FASB issued Accounting Standards Update (“ASU”) No. 2018-13, which changes certain fair value measurement disclosure requirements. The new ASU, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, and the Funds’ policy for the timing of transfers between levels. The amendments are effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The Manager has evaluated the implications of certain provisions of the ASU and has determined to early adopt aspects related to the removal and modification of certain fair value measurement disclosures under the ASU effective immediately. At this time, the Manager is evaluating the implications of certain other provisions of the ASU related to new disclosure requirements and any impact on the financial statement disclosures has not yet been determined.

PGIM QMA Strategic Alpha ETFs 121

PGIM QMA Strategic Alpha Large-Cap Core ETF

Financial Highlights (unaudited)

	October 17, 2018(d) through February 28, 2019
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$50.00
Income (loss) from investment operations:
Net investment income (loss)		0.37
Net realized and unrealized gain (loss) on investments		0.63
Total from investment operations		1.00
Less Dividends and Distributions:
Dividends from net investment income		(0.22	)
Net asset value, end of period		$50.78
Total Return(b):		2.04%
Ratios/Supplemental Data:
Net assets, end of period (000)		$12,696
Average net assets (000)		$11,914
Ratios to average net assets:
Expenses after waivers and/or expense reimbursement		0.17%	(c)
Expenses before waivers and/or expense reimbursement		0.17%	(c)
Net investment income (loss)		2.11%	(c)
Portfolio turnover rate		24%	(e)

(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) Annualized.

(d) Commencement of operations.

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

See Notes to Financial Statements.

122

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Financial Highlights (unaudited)

	November 13, 2018(d) through February 28, 2019
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$50.00
Income (loss) from investment operations:
Net investment income (loss)		0.17
Net realized and unrealized gain (loss) on investments		1.79
Total from investment operations		1.96
Less Dividends and Distributions:
Dividends from net investment income		(0.09	)
Net asset value, end of period		$51.87
Total Return(b):		3.94%
Ratios/Supplemental Data:
Net assets, end of period (000)		$12,967
Average net assets (000)		$11,792
Ratios to average net assets:
Expenses after waivers and/or expense reimbursement		0.29%	(c)
Expenses before waivers and/or expense reimbursement		0.29%	(c)
Net investment income (loss)		1.20%	(c)
Portfolio turnover rate		27%	(e)

(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) Annualized.

(d) Commencement of operations.

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

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 123

PGIM QMA Strategic Alpha Small-Cap Value ETF

Financial Highlights (unaudited)

	November 13, 2018(d) through February 28, 2019
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$50.00
Income (loss) from investment operations:
Net investment income (loss)		0.29
Net realized and unrealized gain (loss) on investments		0.51
Total from investment operations		0.80
Less Dividends and Distributions:
Dividends from net investment income		(0.19	)
Net asset value, end of period		$50.61
Total Return(b):		1.62%
Ratios/Supplemental Data:
Net assets, end of period (000)		$12,652
Average net assets (000)		$11,689
Ratios to average net assets:
Expenses after waivers and/or expense reimbursement		0.29%	(c)
Expenses before waivers and/or expense reimbursement		0.29%	(c)
Net investment income (loss)		2.04%	(c)
Portfolio turnover rate		24%	(e)

(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) Annualized.

(d) Commencement of operations.

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

See Notes to Financial Statements.

124

PGIM QMA Strategic Alpha International Equity ETF

Financial Highlights (unaudited)

	December 4, 2018(d) through February 28, 2019
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$50.00
Income (loss) from investment operations:
Net investment income (loss)		0.15
Net realized and unrealized gain (loss) on investments		1.44
Total from investment operations		1.59
Less Dividends and Distributions:
Dividends from net investment income		(0.07	)
Net asset value, end of period		$51.52
Total Return(b):		3.19%
Ratios/Supplemental Data:
Net assets, end of period (000)		$30,915
Average net assets (000)		$29,065
Ratios to average net assets:
Expenses after waivers and/or expense reimbursement		0.29%	(c)
Expenses before waivers and/or expense reimbursement		0.29%	(c)
Net investment income (loss)		1.32%	(c)
Portfolio turnover rate		0%	(e)

(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) Annualized.

(d) Commencement of operations.

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

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 125

Approval of Advisory Agreements (unaudited)

PGIM QMA Strategic Alpha Large-Cap Core ETF

Initial Approval of the Fund’s Advisory Agreements

The Board of Trustees of PGIM ETF Trust (the Board) considered the proposed management agreement with PGIM Investments LLC (the Manager) and the proposed subadvisory agreement with QMA LLC (QMA), formerly known as Quantitative Management Associates LLC, to serve as the subadviser (the Subadviser) with respect to the PGIM QMA Strategic Alpha Large-Cap Core ETF (the Fund) prior to the Fund’s commencement of operations. The Board, including all of the Independent Trustees, met on June 20, 2018 (the Meeting) and approved the agreements for an initial two-year period, after concluding that approval of the agreements was in the best interests of the Fund.

In advance of the Meeting, the Board requested and received materials relating to the agreements, and had the opportunity to ask questions and request further information in connection with its considerations.

In approving the agreements, the Board, including the Independent Trustees advised by independent legal counsel, considered the factors it deemed relevant, including the nature, quality and extent of services to be provided to the Fund by the Manager and the Subadviser; any relevant comparable performance information and the Subadviser’s qualifications and track record in serving other affiliated funds; and the fees proposed to be paid by the Fund to the Manager and by the Manager to the Subadviser under the agreements. In connection with its deliberations, the Board considered information provided by the Manager and the Subadviser at or in advance of the Meeting. The Board also considered information that the Trustees received throughout the year regarding the Manager and the Subadviser in their capacity as directors or trustees of other funds in the Prudential organization. In their deliberations, the Trustees did not identify any single factor which alone was responsible for the Board’s decision to approve the agreements with respect to the Fund.

The Trustees determined that the overall arrangements between the Fund and the Manager, which will serve as the Fund’s investment manager pursuant to a management agreement, and between the Manager and the Subadviser, which will serve as the Fund’s subadviser pursuant to the terms of a subadvisory agreement, are appropriate in light of the services to be performed and the fees to be charged under the agreements and such other matters as the Trustees considered relevant in the exercise of their business judgment. The material factors and conclusions that formed the basis for the Trustees’ reaching their determinations to approve the agreements are discussed below.

PGIM QMA Strategic Alpha ETFs

Approval of Advisory Agreements (continued)

Nature, Quality and Extent of Services

With respect to the Manager, the Board noted that it had received and considered information about the Manager at the Meeting, including information relating to the approval and renewal, as applicable, of the management agreements between the Manager and the other PGIM Retail Funds, as well as information received at other regular meetings throughout the year of the Prudential Retail Funds, regarding the nature, quality and extent of services provided by the Manager. The Board considered the services to be provided by the Manager, including but not limited to the oversight of the Subadviser, as well as the provision of fund recordkeeping, compliance and other services to the Fund. With respect to the Manager’s oversight of the Subadviser, the Board noted that the Manager’s Strategic Investment Research Group, which is a business unit of the Manager, is responsible for monitoring and reporting to the Manager’s senior management on the performance and operations of the Subadviser. The Board also noted that the Manager pays the salaries of all of the officers of the Trust and Trustees of the Trust who are affiliated persons of the Manager or Subadviser. The Board reviewed the qualifications, backgrounds and responsibilities of the Manager’s senior management responsible for the oversight of the Fund and the Subadviser, and was also provided with information pertaining to the Manager’s organizational structure, senior management, investment operations and other relevant information. The Board noted that the Manager had engaged personnel and consultants with experience in the management of exchanged-traded funds. The Board further noted that it received favorable compliance reports from the Fund’s Chief Compliance Officer as to the Manager for services provided to other PGIM Retail Funds. The Board noted that it had concluded that it was satisfied with the nature, quality and extent of the services provided by the Manager to the other PGIM Retail Funds and determined that it was reasonable to conclude that the nature, quality and extent of services to be provided by the Manager under the management agreement for the Fund would be similar in nature to those provided under the other management agreements.

With respect to the Subadviser, the Board noted that it had received and considered information about the Subadviser at the Meeting, including information relating to the approval and renewal, as applicable, of subadvisory agreements between the Manager and the Subadviser with respect to other Prudential Retail Funds, as well as at other regular meetings throughout the year, regarding the nature, quality and extent of services provided by the Subadviser. The Board considered, among other things, the qualifications, background and experience of the Subadviser’s portfolio managers who will be responsible for the day-to-day management of the Fund’s portfolio, as well as information on the Subadviser’s organizational structure, senior management, investment operations and other relevant information. The Board also considered the Sub-Adviser’s experience managing other similar investment strategies. The Board further noted that it received favorable compliance reports from the Fund’s Chief Compliance Officer as to the Subadviser for

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services provided to other Prudential Retail Funds. The Board noted that it was satisfied with the nature, quality and extent of services provided by the Subadviser with respect to the other PGIM Retail Funds served by the Subadviser and determined that it was reasonable to conclude that the nature, quality and extent of services to be provided by the Subadviser under the subadvisory agreement for the Fund would be similar in nature to those provided under the other subadvisory agreements. The Board noted that the Subadviser is affiliated with the Manager.

Performance

Because the Fund had not yet commenced operations and the actual asset base of the Fund had not yet been determined, no investment performance for the Fund existed for Board review. The Fund’s strategy is a new strategy for the Subadviser. The Manager will provide information relating to performance to the Board in connection with subsequent reviews of the management agreement and subadvisory agreement.

Fee Rates

The Board considered the proposed management fees of 0.17% of the average daily value of the Fund’s investable assets to be paid by the Fund to the Manager and the proposed subadvisory fees of 0.085% of the Fund’s investable assets to be paid by the Manager to the Subadviser. The Board also considered that for purposes of calculating the proposed management and subadvisory fees, investable assets of the Fund means the Fund’s net assets plus any borrowings for investment purposes. The Board considered the nature of the management fee as a unitary fee and that the Manager would be responsible for the Fund’s expenses except for those expenses reflected in the management agreement as remaining the responsibility of the Fund. Under the Management Agreement, the Fund generally will be responsible for only paying interest and other borrowing expenses, taxes, brokerage expenses, acquired fund fees and expenses, expenses associated with shareholder meetings and proxy statements, extraordinary expenses and future 12b-1 fees (if any).

The Board considered information provided by the Manager comparing the Fund’s proposed management fee rate and total expenses (including the effects of leverage) to the Lipper 15(c) Peer Group. The Board noted that the Fund’s management fee was in the first quartile and anticipated total expenses were in the first quartile of the Lipper Peer Group (first quartile being the lowest fee) based upon net assets assuming outstanding leverage.

The Board concluded that the proposed management fee and total expenses were reasonable in light of the services to be provided.

PGIM QMA Strategic Alpha ETFs

Approval of Advisory Agreements (continued)

Profitability

Because the Fund had not yet commenced operations and the actual asset base of the Fund had not yet been determined, the Board noted that there was no historical profitability information with respect to the Fund to be reviewed. The Board noted that it would review profitability information in connection with subsequent renewals of the management and subadvisory agreements.

Economies of Scale

Because the Fund had not yet commenced operations and the actual asset base of the Fund had not yet been determined, the Board noted that there was no historical information regarding economies of scale with respect to the Fund to be reviewed. The Board noted that it would review such information in connection with subsequent renewals of the management and subadvisory agreements.

Other Benefits to the Manager and the Subadviser

The Board considered potential “fall-out” or ancillary benefits anticipated to be received by the Manager and the Subadviser. The Board concluded that any potential benefits to be derived by the Manager were similar to benefits derived by the Manager in connection with its management of the other affiliated funds managed by the Manager, which are reviewed on an annual basis. The Board also concluded that any potential benefits to be derived by the Subadviser were consistent with those generally derived by subadvisers to the Prudential Retail Funds, and that those benefits are reviewed on an annual basis. The Board concluded that any potential benefits derived by the Manager and the Subadviser were consistent with the types of benefits generally derived by investment managers and subadvisers to funds.

*    *    *

After full consideration of these and other factors, the Board concluded that the approval of the agreements was in the best interests of the Fund.

Visit our website at pgiminvestments.com

Approval of Advisory Agreements (unaudited)

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Initial Approval of the Fund’s Advisory Agreements

The Board of Trustees of PGIM ETF Trust (the Board) considered the proposed management agreement with PGIM Investments LLC (the Manager) and the proposed subadvisory agreement with QMA LLC (QMA), formerly known as Quantitative Management Associates LLC, to serve as the subadviser (the Subadviser) with respect to the PGIM QMA Strategic Alpha Small-Cap Growth ETF (the Fund) prior to the Fund’s commencement of operations. The Board, including all of the Independent Trustees, met on June 20, 2018 (the Meeting) and approved the agreements for an initial two-year period, after concluding that approval of the agreements was in the best interests of the Fund.

In advance of the Meeting, the Board requested and received materials relating to the agreements, and had the opportunity to ask questions and request further information in connection with its considerations.

In approving the agreements, the Board, including the Independent Trustees advised by independent legal counsel, considered the factors it deemed relevant, including the nature, quality and extent of services to be provided to the Fund by the Manager and the Subadviser; any relevant comparable performance information and the Subadviser’s qualifications and track record in serving other affiliated funds; and the fees proposed to be paid by the Fund to the Manager and by the Manager to the Subadviser under the agreements. In connection with its deliberations, the Board considered information provided by the Manager and the Subadviser at or in advance of the Meeting. The Board also considered information that the Trustees received throughout the year regarding the Manager and the Subadviser in their capacity as directors or trustees of other funds in the Prudential organization. In their deliberations, the Trustees did not identify any single factor which alone was responsible for the Board’s decision to approve the agreements with respect to the Fund.

The Trustees determined that the overall arrangements between the Fund and the Manager, which will serve as the Fund’s investment manager pursuant to a management agreement, and between the Manager and the Subadviser, which will serve as the Fund’s subadviser pursuant to the terms of a subadvisory agreement, are appropriate in light of the services to be performed and the fees to be charged under the agreements and such other matters as the Trustees considered relevant in the exercise of their business judgment. The material factors and conclusions that formed the basis for the Trustees’ reaching their determinations to approve the agreements are discussed below.

PGIM QMA Strategic Alpha ETFs

Approval of Advisory Agreements (continued)

Nature, Quality and Extent of Services

With respect to the Manager, the Board noted that it had received and considered information about the Manager at the Meeting, including information relating to the approval and renewal, as applicable, of the management agreements between the Manager and the other Prudential Retail Funds, as well as information received at other regular meetings throughout the year of the Prudential Retail Funds, regarding the nature, quality and extent of services provided by the Manager. The Board considered the services to be provided by the Manager, including but not limited to the oversight of the Subadviser, as well as the provision of fund recordkeeping, compliance and other services to the Fund. With respect to the Manager’s oversight of the Subadviser, the Board noted that the Manager’s Strategic Investment Research Group, which is a business unit of the Manager, is responsible for monitoring and reporting to the Manager’s senior management on the performance and operations of the Subadviser. The Board also noted that the Manager pays the salaries of all of the officers of the Trust and Trustees of the Trust who are affiliated persons of the Manager or the Subadviser. The Board reviewed the qualifications, backgrounds and responsibilities of the Manager’s senior management responsible for the oversight of the Fund and the Subadviser, and was also provided with information pertaining to the Manager’s organizational structure, senior management, investment operations and other relevant information. The Board noted that the Manager had engaged personnel and consultants with experience in the management of exchanged-traded funds. The Board further noted that it received favorable compliance reports from the Fund’s Chief Compliance Officer as to the Manager for services provided to other Prudential Retail Funds. The Board noted that it had concluded that it was satisfied with the nature, quality and extent of the services provided by the Manager to the other Prudential Retail Funds and determined that it was reasonable to conclude that the nature, quality and extent of services to be provided by the Manager under the management agreement for the Fund would be similar in nature to those provided under the other management agreements.

With respect to the Subadviser, the Board noted that it had received and considered information about the Subadviser at the Meeting, including information relating to the approval and renewal, as applicable, of subadvisory agreements between the Manager and the Subadviser with respect to other Prudential Retail Funds, as well as at other regular meetings throughout the year, regarding the nature, quality and extent of services provided by the Subadviser. The Board considered, among other things, the qualifications, background and experience of the Subadviser’s portfolio managers who will be responsible for the day-to-day management of the Fund’s portfolio, as well as information on the Subadviser’s organizational structure, senior management, investment operations and other relevant information. The Board also considered the Sub-Adviser’s experience managing other similar investment strategies. The Board further noted that it received favorable

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compliance reports from the Fund’s Chief Compliance Officer as to the Subadviser for services provided to other Prudential Retail Funds. The Board noted that it was satisfied with the nature, quality and extent of services provided by the Subadviser with respect to the other Prudential Retail Funds served by the Subadviser and determined that it was reasonable to conclude that the nature, quality and extent of services to be provided by the Subadviser under the subadvisory agreement for the Fund would be similar in nature to those provided under the other subadvisory agreements. The Board noted that the Subadviser is affiliated with the Manager.

Performance

Because the Fund had not yet commenced operations and the actual asset base of the Fund had not yet been determined, no investment performance for the Fund existed for Board review. The Fund’s strategy is a new strategy for the Subadviser. The Manager will provide information relating to performance to the Board in connection with subsequent reviews of the management agreement and subadvisory agreement.

Fee Rates

The Board considered the proposed management fees of 0.29% of the average daily value of the Fund’s investable assets to be paid by the Fund to the Manager and the proposed subadvisory fees of 0.145% of the Fund’s investable assets to be paid by the Manager to the Subadviser. The Board also considered that for purposes of calculating the proposed management and subadvisory fees, investable assets of the Fund means the Fund’s net assets plus any borrowings for investment purposes. The Board considered the nature of the management fee as a unitary fee and that the Manager would be responsible for the Fund’s expenses except for those expenses reflected in the management agreement as remaining the responsibility of the Fund. Under the Management Agreement, the Fund generally will be responsible for only paying interest and other borrowing expenses, taxes, brokerage expenses, acquired fund fees and expenses, expenses associated with shareholder meetings and proxy statements, extraordinary expenses and future 12b-1 fees (if any).

The Board considered information provided by the Manager comparing the Fund’s proposed management fee rate and total expenses (including the effects of leverage) to the Lipper 15(c) Peer Group. The Board noted that the Fund’s management fee was in the first quartile and anticipated total expenses were in the first quartile of the Lipper Peer Group (first quartile being the lowest fee) based upon net assets assuming outstanding leverage.

The Board concluded that the proposed management fee and total expenses were reasonable in light of the services to be provided.

PGIM QMA Strategic Alpha ETFs

Approval of Advisory Agreements (continued)

Profitability

Because the Fund had not yet commenced operations and the actual asset base of the Fund had not yet been determined, the Board noted that there was no historical profitability information with respect to the Fund to be reviewed. The Board noted that it would review profitability information in connection with subsequent renewals of the management and subadvisory agreements.

Economies of Scale

Because the Fund had not yet commenced operations and the actual asset base of the Fund had not yet been determined, the Board noted that there was no historical information regarding economies of scale with respect to the Fund to be reviewed. The Board noted that it would review such information in connection with subsequent renewals of the management and subadvisory agreements.

Other Benefits to the Manager and the Subadviser

The Board considered potential “fall-out” or ancillary benefits anticipated to be received by the Manager and the Subadviser. The Board concluded that any potential benefits to be derived by the Manager were similar to benefits derived by the Manager in connection with its management of the other affiliated funds managed by the Manager, which are reviewed on an annual basis. The Board also concluded that any potential benefits to be derived by the Subadviser were consistent with those generally derived by subadvisers to the Prudential Retail Funds, and that those benefits are reviewed on an annual basis. The Board concluded that any potential benefits derived by the Manager and the Subadviser were consistent with the types of benefits generally derived by investment managers and subadvisers to funds.

*    *    *

After full consideration of these and other factors, the Board concluded that the approval of the agreements was in the best interests of the Fund.

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Approval of Advisory Agreements (unaudited)

PGIM QMA Strategic Alpha Small-Cap Value ETF

Initial Approval of the Fund’s Advisory Agreements

The Board of Trustees of PGIM ETF Trust (the Board) considered the proposed management agreement with PGIM Investments LLC (the Manager) and the proposed subadvisory agreement with QMA LLC (QMA), formerly known as Quantitative Management Associates LLC, to serve as the subadviser (the Subadviser) with respect to the PGIM QMA Strategic Alpha Small-Cap Value ETF (the Fund) prior to the Fund’s commencement of operations. The Board, including all of the Independent Trustees, met on June 20, 2018 (the Meeting) and approved the agreements for an initial two-year period, after concluding that approval of the agreements was in the best interests of the Fund.

In advance of the Meeting, the Board requested and received materials relating to the agreements, and had the opportunity to ask questions and request further information in connection with its considerations.

In approving the agreements, the Board, including the Independent Trustees advised by independent legal counsel, considered the factors it deemed relevant, including the nature, quality and extent of services to be provided to the Fund by the Manager and the Subadviser; any relevant comparable performance information and the Subadviser’s qualifications and track record in serving other affiliated funds; and the fees proposed to be paid by the Fund to the Manager and by the Manager to the Subadviser under the agreements. In connection with its deliberations, the Board considered information provided by the Manager and the Subadviser at or in advance of the Meeting. The Board also considered information that the Trustees received throughout the year regarding the Manager and the Subadviser in their capacity as directors or trustees of other funds in the Prudential organization. In their deliberations, the Trustees did not identify any single factor which alone was responsible for the Board’s decision to approve the agreements with respect to the Fund.

The Trustees determined that the overall arrangements between the Fund and the Manager, which will serve as the Fund’s investment manager pursuant to a management agreement, and between the Manager and the Subadviser, which will serve as the Fund’s subadviser pursuant to the terms of a subadvisory agreement, are appropriate in light of the services to be performed and the fees to be charged under the agreements and such other matters as the Trustees considered relevant in the exercise of their business judgment.

The material factors and conclusions that formed the basis for the Trustees’ reaching their determinations to approve the agreements are discussed below.

PGIM QMA Strategic Alpha ETFs

Approval of Advisory Agreements (continued)

Nature, Quality and Extent of Services

With respect to the Manager, the Board noted that it had received and considered information about the Manager at the Meeting, including information relating to the approval and renewal, as applicable, of the management agreements between the Manager and the other Prudential Retail Funds, as well as information received at other regular meetings throughout the year of the Prudential Retail Funds, regarding the nature, quality and extent of services provided by the Manager. The Board considered the services to be provided by the Manager, including but not limited to the oversight of the Subadviser, as well as the provision of fund recordkeeping, compliance and other services to the Fund. With respect to the Manager’s oversight of the Subadviser, the Board noted that the Manager’s Strategic Investment Research Group, which is a business unit of the Manager, is responsible for monitoring and reporting to the Manager’s senior management on the performance and operations of the Subadviser. The Board also noted that the Manager pays the salaries of all of the officers of the Trust and Trustees of the Trust who are affiliated persons of the Manager or Subadviser. The Board reviewed the qualifications, backgrounds and responsibilities of the Manager’s senior management responsible for the oversight of the Fund and the Subadviser, and was also provided with information pertaining to the Manager’s organizational structure, senior management, investment operations and other relevant information. The Board noted that the Manager had engaged personnel and consultants with experience in the management of exchanged-traded funds. The Board further noted that it received favorable compliance reports from the Fund’s Chief Compliance Officer as to the Manager for services provided to other Prudential Retail Funds. The Board noted that it had concluded that it was satisfied with the nature, quality and extent of the services provided by the Manager to the other Prudential Retail Funds and determined that it was reasonable to conclude that the nature, quality and extent of services to be provided by the Manager under the management agreement for the Fund would be similar in nature to those provided under the other management agreements.

With respect to the Subadviser, the Board noted that it had received and considered information about the Subadviser at the Meeting, including information relating to the approval and renewal, as applicable, of subadvisory agreements between the Manager and the Subadviser with respect to other Prudential Retail Funds, as well as at other regular meetings throughout the year, regarding the nature, quality and extent of services provided by the Subadviser. The Board considered, among other things, the qualifications, background and experience of the Subadviser’s portfolio managers who will be responsible for the day-to-day management of the Fund’s portfolio, as well as information on the Subadviser’s organizational structure, senior management, investment operations and other relevant information. The Board also considered the Sub-Adviser’s experience managing other similar investment strategies. The Board further noted that it received favorable

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compliance reports from the Fund’s Chief Compliance Officer as to the Subadviser for services provided to other Prudential Retail Funds. The Board noted that it was satisfied with the nature, quality and extent of services provided by the Subadviser with respect to the other Prudential Retail Funds served by the Subadviser and determined that it was reasonable to conclude that the nature, quality and extent of services to be provided by the Subadviser under the subadvisory agreement for the Fund would be similar in nature to those provided under the other subadvisory agreements. The Board noted that the Subadviser is affiliated with the Manager.

Performance

Because the Fund had not yet commenced operations and the actual asset base of the Fund had not yet been determined, no investment performance for the Fund existed for Board review. The Fund’s strategy is a new strategy for the Subadviser. The Manager will provide information relating to performance to the Board in connection with subsequent reviews of the management agreement and subadvisory agreement.

Fee Rates

The Board considered the proposed management fees of 0.29% of the average daily value of the Fund’s investable assets to be paid by the Fund to the Manager and the proposed subadvisory fees of 0.145% of the Fund’s investable assets to be paid by the Manager to the Subadviser. The Board also considered that for purposes of calculating the proposed management and subadvisory fees, investable assets of the Fund means the Fund’s net assets plus any borrowings for investment purposes. The Board considered the nature of the management fee as a unitary fee and that the Manager would be responsible for the Fund’s expenses except for those expenses reflected in the management agreement as remaining the responsibility of the Fund. Under the Management Agreement, the Fund generally will be responsible for only paying interest and other borrowing expenses, taxes, brokerage expenses, acquired fund fees and expenses, expenses associated with shareholder meetings and proxy statements, extraordinary expenses and future 12b-1 fees (if any).

The Board considered information provided by the Manager comparing the Fund’s proposed management fee rate and total expenses (including the effects of leverage) to the Lipper 15(c) Peer Group. The Board noted that the Fund’s management fee was in the first quartile and anticipated total expenses were in the first quartile of the Lipper Peer Group (first quartile being the lowest fee) based upon net assets assuming outstanding leverage.

The Board concluded that the proposed management fee and total expenses were reasonable in light of the services to be provided.

PGIM QMA Strategic Alpha ETFs

Approval of Advisory Agreements (continued)

Profitability

Because the Fund had not yet commenced operations and the actual asset base of the Fund had not yet been determined, the Board noted that there was no historical profitability information with respect to the Fund to be reviewed. The Board noted that it would review profitability information in connection with subsequent renewals of the management and subadvisory agreements.

Economies of Scale

Because the Fund had not yet commenced operations and the actual asset base of the Fund had not yet been determined, the Board noted that there was no historical information regarding economies of scale with respect to the Fund to be reviewed. The Board noted that it would review such information in connection with subsequent renewals of the management and subadvisory agreements.

Other Benefits to the Manager and the Subadviser

The Board considered potential “fall-out” or ancillary benefits anticipated to be received by the Manager and the Subadviser. The Board concluded that any potential benefits to be derived by the Manager were similar to benefits derived by the Manager in connection with its management of the other affiliated funds managed by the Manager, which are reviewed on an annual basis. The Board also concluded that any potential benefits to be derived by the Subadviser were consistent with those generally derived by subadvisers to the Prudential Retail Funds, and that those benefits are reviewed on an annual basis. The Board concluded that any potential benefits derived by the Manager and the Subadviser were consistent with the types of benefits generally derived by investment managers and subadvisers to funds.

*    *    *

After full consideration of these and other factors, the Board concluded that the approval of the agreements was in the best interests of the Fund.

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Approval of Advisory Agreements (unaudited)

PGIM QMA Strategic Alpha International Equity ETF

Initial Approval of the Fund’s Advisory Agreements

The Board of Trustees of PGIM ETF Trust (the Board) considered the proposed management agreement with PGIM Investments LLC (the Manager) and the proposed subadvisory agreement with QMA LLC (QMA), formerly known as Quantitative Management Associates LLC, to serve as the subadviser (the Subadviser) with respect to the PGIM QMA Strategic Alpha International Equity ETF (the Fund) prior to the Fund’s commencement of operations. The Board, including all of the Independent Trustees, met on June 20, 2018 (the Meeting) and approved the agreements for an initial two-year period, after concluding that approval of the agreements was in the best interests of the Fund.

In advance of the Meeting, the Board requested and received materials relating to the agreements, and had the opportunity to ask questions and request further information in connection with its considerations.

In approving the agreements, the Board, including the Independent Trustees advised by independent legal counsel, considered the factors it deemed relevant, including the nature, quality and extent of services to be provided to the Fund by the Manager and the Subadviser; any relevant comparable performance information and the Subadviser’s qualifications and track record in serving other affiliated funds; and the fees proposed to be paid by the Fund to the Manager and by the Manager to the Subadviser under the agreements. In connection with its deliberations, the Board considered information provided by the Manager and the Subadviser at or in advance of the Meeting. The Board also considered information that the Trustees received throughout the year regarding the Manager and the Subadviser in their capacity as directors or trustees of other funds in the Prudential organization. In their deliberations, the Trustees did not identify any single factor which alone was responsible for the Board’s decision to approve the agreements with respect to the Fund.

The Trustees determined that the overall arrangements between the Fund and the Manager, which will serve as the Fund’s investment manager pursuant to a management agreement, and between the Manager and the Subadviser, which will serve as the Fund’s subadviser pursuant to the terms of a subadvisory agreement, are appropriate in light of the services to be performed and the fees to be charged under the agreements and such other matters as the Trustees considered relevant in the exercise of their business judgment.

The material factors and conclusions that formed the basis for the Trustees’ reaching their determinations to approve the agreements are discussed below.

PGIM QMA Strategic Alpha ETFs

Approval of Advisory Agreements (continued)

Nature, Quality and Extent of Services

With respect to the Manager, the Board noted that it had received and considered information about the Manager at the Meeting, including information relating to the approval and renewal, as applicable, of the management agreements between the Manager and the other Prudential Retail Funds, as well as information received at other regular meetings throughout the year of the Prudential Retail Funds, regarding the nature, quality and extent of services provided by the Manager. The Board considered the services to be provided by the Manager, including but not limited to the oversight of the Subadviser, as well as the provision of fund recordkeeping, compliance and other services to the Fund. With respect to the Manager’s oversight of the Subadviser, the Board noted that the Manager’s Strategic Investment Research Group, which is a business unit of the Manager, is responsible for monitoring and reporting to the Manager’s senior management on the performance and operations of the Subadviser. The Board also noted that the Manager pays the salaries of all of the officers of the Trust and Trustees of the Trust who are affiliated persons of the Manager or Subadviser. The Board reviewed the qualifications, backgrounds and responsibilities of the Manager’s senior management responsible for the oversight of the Fund and the Subadviser, and was also provided with information pertaining to the Manager’s organizational structure, senior management, investment operations and other relevant information. The Board noted that the Manager had engaged personnel and consultants with experience in the management of exchanged-traded funds. The Board further noted that it received favorable compliance reports from the Fund’s Chief Compliance Officer as to the Manager for services provided to other Prudential Retail Funds. The Board noted that it had concluded that it was satisfied with the nature, quality and extent of the services provided by the Manager to the other Prudential Retail Funds and determined that it was reasonable to conclude that the nature, quality and extent of services to be provided by the Manager under the management agreement for the Fund would be similar in nature to those provided under the other management agreements.

With respect to the Subadviser, the Board noted that it had received and considered information about the Subadviser at the Meeting, including information relating to the approval and renewal, as applicable, of subadvisory agreements between the Manager and the Subadviser with respect to other Prudential Retail Funds, as well as at other regular meetings throughout the year, regarding the nature, quality and extent of services provided by the Subadviser. The Board considered, among other things, the qualifications, background and experience of the Subadviser’s portfolio managers who will be responsible for the day-to-day management of the Fund’s portfolio, as well as information on the Subadviser’s organizational structure, senior management, investment operations and other relevant information. The Board also considered the Sub-Adviser’s experience managing other similar investment strategies. The Board further noted that it received favorable

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compliance reports from the Fund’s Chief Compliance Officer as to the Subadviser for services provided to other Prudential Retail Funds. The Board noted that it was satisfied with the nature, quality and extent of services provided by the Subadviser with respect to the other Prudential Retail Funds served by the Subadviser and determined that it was reasonable to conclude that the nature, quality and extent of services to be provided by the Subadviser under the subadvisory agreement for the Fund would be similar in nature to those provided under the other subadvisory agreements. The Board noted that the Subadviser is affiliated with the Manager.

Performance

Because the Fund had not yet commenced operations and the actual asset base of the Fund had not yet been determined, no investment performance for the Fund existed for Board review. The Fund’s strategy is a new strategy for the Subadviser. The Manager will provide information relating to performance to the Board in connection with subsequent reviews of the management agreement and subadvisory agreement.

Fee Rates

The Board considered the proposed management fees of 0.29% of the average daily value of the Fund’s investable assets to be paid by the Fund to the Manager and the proposed subadvisory fees of 0.145% of the Fund’s investable assets to be paid by the Manager to the Subadviser. The Board also considered that for purposes of calculating the proposed management and subadvisory fees, investable assets of the Fund means the Fund’s net assets plus any borrowings for investment purposes. The Board considered the nature of the management fee as a unitary fee and that the Manager would be responsible for the Fund’s expenses except for those expenses reflected in the management agreement as remaining the responsibility of the Fund. Under the Management Agreement, the Fund generally will be responsible for only paying interest and other borrowing expenses, taxes, brokerage expenses, acquired fund fees and expenses, expenses associated with shareholder meetings and proxy statements, extraordinary expenses and future 12b-1 fees (if any).

The Board considered information provided by the Manager comparing the Fund’s proposed management fee rate and total expenses (including the effects of leverage) to the Lipper 15(c) Peer Group. The Board noted that the Fund’s management fee was in the first quartile and anticipated total expenses were in the first quartile of the Lipper Peer Group (first quartile being the lowest fee) based upon net assets assuming outstanding leverage.

PGIM QMA Strategic Alpha ETFs

Approval of Advisory Agreements (continued)

The Board concluded that the proposed management fee and total expenses were reasonable in light of the services to be provided.

Profitability

Because the Fund had not yet commenced operations and the actual asset base of the Fund had not yet been determined, the Board noted that there was no historical profitability information with respect to the Fund to be reviewed. The Board noted that it would review profitability information in connection with subsequent renewals of the management and subadvisory agreements.

Economies of Scale

Because the Fund had not yet commenced operations and the actual asset base of the Fund had not yet been determined, the Board noted that there was no historical information regarding economies of scale with respect to the Fund to be reviewed. The Board noted that it would review such information in connection with subsequent renewals of the management and subadvisory agreements.

Other Benefits to the Manager and the Subadviser

The Board considered potential “fall-out” or ancillary benefits anticipated to be received by the Manager and the Subadviser. The Board concluded that any potential benefits to be derived by the Manager were similar to benefits derived by the Manager in connection with its management of the other affiliated funds managed by the Manager, which are reviewed on an annual basis. The Board also concluded that any potential benefits to be derived by the Subadviser were consistent with those generally derived by subadvisers to the Prudential Retail Funds, and that those benefits are reviewed on an annual basis. The Board concluded that any potential benefits derived by the Manager and the Subadviser were consistent with the types of benefits generally derived by investment managers and subadvisers to funds.

*    *    *

After full consideration of these and other factors, the Board concluded that the approval of the agreements was in the best interests of the Fund.

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∎ MAIL	∎ TELEPHONE	∎ WEBSITE
655 Broad Street Newark, NJ 07102	(800) 225-1852	pgiminvestments.com

PROXY VOTING

The Board of Trustees of the Fund has 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. 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 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 • Michael S. Hyland • 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 • Raymond A. O’Hara, Chief Legal Officer • Chad A. Earnst, Chief Compliance Officer • Dino Capasso, Deputy Chief Compliance Officer • Charles H. Smith, Anti-Money Laundering Compliance Officer • Andrew R. French, Secretary • Jonathan D. Shain, Assistant Secretary • Claudia DiGiacomo, Assistant Secretary • Diana N. Huffman, Assistant Secretary • Peter Parrella, Assistant Treasurer • Lana Lomuti, Assistant Treasurer • Linda McMullin, Assistant Treasurer • Kelly A. Coyne, Assistant Treasurer

MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102
SUBADVISER	QMA LLC	Gateway Center Two 100 Mulberry Street Newark, NJ 07102
DISTRIBUTOR	Prudential Investment Management Services LLC	655 Broad Street Newark, NJ 07102
CUSTODIAN	Brown Brothers Harriman & Co.	50 Post Office Square Boston, MA 02110
TRANSFER AGENT	Brown Brothers Harriman & Co.	50 Post Office Square Boston, MA 02110
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	KPMG LLP	345 Park Avenue New York, NY 10154
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 each Fund by visiting our website at pgiminvestments.com or by calling (800) 225-1852. The prospectus and summary prospectus for each Fund should be read carefully before investing.

E-DELIVERY

To receive your fund documents online, go to pgiminvestments.com/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 QMA Strategic Alpha ETFs, PGIM Investments, Attn: Board of Trustees, 655 Broad Street, Newark, NJ 07102. Shareholders can communicate directly with an individual Trustee by writing to the same address. Communications are not screened before being delivered to the addressee.

AVAILABILITY OF PORTFOLIO SCHEDULE

Each Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Funds Forms N-Q are available on the Commission’s website at sec.gov. Beginning with reporting periods on or after March 31, 2019, Form N-PORT will replace Form N-Q. Form N-PORT will be filed with the Securities and Exchange Commission quarterly, and each Fund’s full portfolio holdings as of its first and third quarters of each fiscal year will be made publicly available 60 days after the end of each quarter. Each Fund’s schedule of portfolio holdings is also available on the Fund’s website as of the end of each month no sooner than 15 days after the end of the month.

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

Fund	Ticker Symbol
PGIM QMA Strategic Alpha Large-Cap Core ETF	PQLC
PGIM QMA Strategic Alpha Small-Cap Growth ETF	PQSG
PGIM QMA Strategic Alpha Small-Cap Value ETF	PQSV
PGIM QMA Strategic Alpha International Equity ETF	PQIN

ETF1002E2

Item 2 – Code of Ethics – Not required, as this is not an annual filing.

Item 3 – Audit Committee Financial Expert – Not required, as this is not an annual filing.

Item 4 – Principal Accountant Fees and Services – Not required, as this is not an annual filing.

Item 5 – Audit Committee of Listed Registrants – The Registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act and has a separately-designated standing audit committee established in accordance with
Section 3(a)(58)(A) of the Exchange Act. The Registrant’s audit committee members are Kevin J. Bannon, Keith F. Hartstein, Laurie Simon Hodrick, Michael S. Hyland, Brian K. Reid.

Item 6 – Schedule of Investments – The schedule is included as part of the report to shareholders filed under Item 1 of this Form.

Item 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not applicable.

Item 8 – Portfolio Managers of Closed-End Management Investment Companies – Not applicable.

Item 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not applicable.

Item 10 – Submission of Matters to a Vote of Security Holders – None.

Item 11 – Controls and Procedures

(a)

It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b)

There has been no significant change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter of the period covered by this report that has materially affected, or is likely to materially affect, the registrant’s internal control over financial reporting.

Item 12 – Exhibits

(a)	(1)	Code of Ethics – Not required, as this is not an annual filing.
	(2)	Certifications pursuant to Section 302 of the Sarbanes-Oxley Act – Attached hereto as Exhibit EX-99.CERT.
	(3)	Any written solicitation to purchase securities under Rule 23c-1. – Not applicable.
(b)	Certifications pursuant to Section 906 of the Sarbanes-Oxley Act – Attached hereto as Exhibit EX-99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant	PGIM ETF Trust
By:	/s/ Andrew R. French
	Andrew R. French
	Secretary
Date:	April 12, 2019

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Stuart S. Parker
	Stuart S. Parker
	President and Principal Executive Officer
Date:	April 12, 2019
By:	/s/ Christian J. Kelly
	Christian J. Kelly
	Treasurer and Principal Financial and Accounting Officer
Date:	April 12, 2019

EX-99.CERT

Item 12

PGIM ETF Trust

Semi-Annual period ending 2/28/19

File No. 811-23324

CERTIFICATIONS

I, Stuart S. Parker, certify that:

1. I have reviewed this report on Form N-CSR of the above named Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report.

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and;

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

1

5. The registrant’s other certifying officers and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal controls which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

April 12, 2019

/s/ Stuart S. Parker

Stuart S. Parker

President and Principal Executive Officer

2

Item 12

PGIM ETF Trust

Semi-Annual period ending 2/28/19

File No. 811-23324

CERTIFICATIONS

I, Christian J. Kelly, certify that:

1. I have reviewed this report on Form N-CSR of the above named Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report.

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and;

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

3

5. The registrant’s other certifying officers and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal controls which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

April 12, 2019

/s/ Christian J. Kelly

Christian J. Kelly

Treasurer and Principal Financial and Accounting Officer

4

EX-99.906CERT

Certification Pursuant to 18 U.S.C. Section 1350

As Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

Name of Issuer:             PGIM ETF Trust

In connection with the Report on Form N-CSR of the above-named issuer that is accompanied by this certification, the undersigned hereby certifies, to his or her knowledge, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Issuer.

April 12, 2019	/s/ Stuart S. Parker
	Stuart S. Parker
	President and Principal Executive Officer
April 12, 2019	/s/ Christian J. Kelly
	Christian J. Kelly
	Treasurer and Principal Financial and Accounting Officer