N-CSR

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
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:	8/31/2019

Item 1 – Reports to Stockholders

PGIM ULTRA SHORT BOND ETF (NYSE Arca: PULS)

ANNUAL REPORT

AUGUST 31, 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

Highlights (unaudited)

• The Fund emphasized spread assets, including short-term investment-grade corporates with relatively equal percentages of financial company debt, utilities, and industrials ranging across the rating spectrum of AA to BBB. Other spread sector assets include commercial mortgage-backed securities, collateralized loan obligations, and to a lesser extent, emerging markets debt. This positioning helped the Fund outpace the ICE BofAML USD LIBOR 3-Month CM Index (the Index) during the reporting period.

• Versus the Index, the Fund was appropriately positioned to capture excess returns with appropriate levels of risk while being aware of liquidity considerations and a relatively stable NAV. During the period, there were no unexpected developments in the interest rate environment or credit spreads that limited these results.

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

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

Exchange-traded funds are distributed by Prudential Investment Management Services LLC (PIMS), member SIPC. PGIM Fixed Income is a unit of PGIM, Inc. (PGIM), a registered investment adviser. PIMS and PGIM are Prudential Financial companies. ^© 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
Growth of a $10,000 Investment	6
Strategy and Performance Overview	9
Fees and Expenses	11
Holdings and Financial Statements	13
Approval of Advisory Agreements

PGIM Ultra Short Bond ETF 3

This Page Intentionally Left Blank

Letter from the President

Dear Shareholder:

We hope you find the annual report for the PGIM Ultra Short Bond ETF informative and useful. The report covers performance for the 12-month period that ended August 31, 2019.

While the US economy remained healthy, with rising corporate profits and strong job growth, the Federal Reserve cut interest rates late in the period for the first time since the Great Recession more than a decade ago. After nine rate increases in recent years, the cut was a proactive attempt by the Fed to extend the longest domestic economic expansion on record as growth in many other regions weakened. China in particular showed signs of slowing amid trade tensions with the US, and turmoil in the United Kingdom continued as it negotiated an exit from the European Union.

Despite the growing US economy, volatility returned to the equity markets during the period. After corporate tax cuts and regulatory reforms helped boost US stocks early in the period, equities declined significantly at the end of 2018 on concerns about China’s economy, a potential global trade war, higher interest rates, and worries that profit growth might slow. Stocks reversed course early in 2019, rising sharply after the Fed moderated its position on additional rate hikes for the remainder of the year. For the period overall, large-cap US equities rose while small-cap US stocks fell. Stocks also declined in developed foreign and emerging markets.

The overall US bond market posted strong returns during the period on a significant rally in interest rates that saw the 10-year US Treasury yield decline from around 3% to 2%. Investment grade corporate bonds led the way with a double-digit gain, while corporate high yield and municipal bonds each had a high single-digit return. Globally, bonds in developed markets delivered solid returns, while emerging markets debt also posted positive results. A continuing trend during the period was the inversion of a portion of the US Treasury yield curve, as the yield on certain shorter maturities exceeded the yield on the 10-year bond.

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 scale and investment expertise allow 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

October 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.

	Average Annual Total Returns as of 8/31/19
	One Year (%)	Since Inception (%)
Net Asset Value (NAV)	2.80	2.76 (4/5/18)
Market Price*	2.79	2.77 (4/5/18)
ICE BofAML 3-Month T Bill Index
	2.36	2.23
ICE BofAML USD 3-Month Deposit Offered Rate CM Index
	2.62	2.55
Lipper Ultra-Short Obligations Funds Average
	2.75	2.61

*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.

Growth of a $10,000 Investment

The graph compares a $10,000 investment in the Fund with a similar investment in the ICE BofAML 3-Month T Bill Index and the ICE BofAML USD 3-Month Deposit Offered Rate CM Index by portraying the initial account values at the

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commencement of operations (April 5, 2018) and the account values at the end of the current fiscal year (August 31, 2019) as measured on a quarterly basis. The Fund assumes an initial investment on April 5, 2018, while the benchmark and the Index assume that the initial investment occurred on March 31, 2018. For purposes of the graph, and unless otherwise indicated, it has been assumed that (a) all recurring fees (including management fees) were deducted; and (b) all dividends and distributions were reinvested.

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

Source: PGIM Investments LLC and Lipper Inc.

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.

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.

PGIM Ultra Short Bond ETF 7

Your Fund’s Performance (continued)

Credit Quality expressed as a percentage of total investments as of 8/31/19 (%)
AAA	21.7
AA	19.7
A	33.6
BBB	23.7
Not Rated	–0.9
Cash and Cash Equivalents	2.2
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. 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.

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.

Distributions and Yields as of 8/31/19
	Total Dividends Paid for 12 Months ($)	SEC 30-Day Subsidized Yield* (%)	SEC 30-Day Unsubsidized Yield** (%)
	1.35	2.35	2.35

*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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Strategy and Performance Overview (unaudited)

How did the Fund perform?

The PGIM Ultra Short Bond ETF returned 2.80% based on net asset value in the 12-month reporting period that ended August 31, 2019, outperforming the 2.62% return of the ICE BofAML USD 3-Month Deposit Offered Rate CM Index (the Index), the 2.36% return of the ICE BofAML 3-Month T-Bill Index, and the 2.75% return of the Lipper Ultra Short Obligations Funds Average.

What were the market conditions?

• During the reporting period, the Federal Reserve (the Fed) increased the federal funds rate twice in 0.25% increments from 2.00% to 2.50% in September and December of 2018 before executing its first interest rate cut since 2008 in July 2019. At its July meeting, in keeping its easing message consistent, the Fed also announced that it would pull the end date of its balance sheet run-off forward by two months to August 2019.

• Overall, US economic growth was resilient during the period, despite the waning effects of last year’s fiscal stimulus, a weaker global economy, and an impasse in US-China trade talks. Indeed, the Fed’s median projection for gross domestic product growth for 2019 was raised slightly to 2.2%, followed by a 2.0% pace in 2020. While the labor market and household spending have remained strong, business investment and exports have weakened. And although personal consumption expenditure inflation has reaccelerated in recent months, it remains below 2% on a year-over year basis.

• In the short maturity segment of the bond market where the Fund focuses its investments, yields dropped to a lesser degree than they did at the longer end, with three-month and two-year Treasuries falling 23 and 112 basis points (bps), respectively, during the period, versus 135 bps for the bellwether 10-year Treasury note. (A basis point is 0.01%). The three-month London Interbank Offered Rate (LIBOR), from which the Fund’s floating-rate securities are set and reset, fell 18 bps to 2.14% for the period, after rising to as high as 2.82% near the end of 2018.

• In the short-term credit markets, investment-grade credit spreads widened slightly over the period. (Credit spreads are yield differentials between corporate bonds and US Treasuries of comparable maturity.) The Bloomberg Barclays 1-3 Year Credit Index, a proxy for the short-term spread market, outperformed similar short-duration Treasuries by 0.72% during the period.

What worked?

The Fund emphasized spread assets, including short-term investment-grade corporates with relatively equal percentages of financial company debt, utilities, and industrials ranging across the rating spectrum of AA to BBB. Other spread sector assets include commercial mortgage-backed securities, collateralized loan obligations, and to a lesser extent, emerging markets debt. This positioning helped the Fund outpace the ICE BofAML USD LIBOR 3-Month CM Index (the Index) during the reporting period.

PGIM Ultra Short Bond ETF 9

Strategy and Performance Overview (continued)

Versus the Index, the Fund was appropriately positioned to capture excess returns with appropriate levels of risk while being aware of liquidity considerations and a relatively stable NAV. During the period, there were no unexpected developments in the interest rate environment or credit spreads that limited these results.

What didn’t work?

There were no material detractors from the Fund’s performance during the reporting period.

Did the Fund use derivatives and, if so, how did they affect performance?

During the reporting period, the Fund used interest rate swaps to help manage duration positioning and yield curve exposure. Duration measures a portfolio’s sensitivity to changes in interest rates. These instruments allowed the Fund to capture higher yields available farther out on the short-term portion of the yield curve and in spread-sector assets versus Treasuries, while mitigating interest rate risk.

Current outlook

While the near-term risks in the US have been reduced with a budget and debt ceiling deal poised for completion in Congress and US-China trade discussions so far avoiding a further round of tariff increases, medium-term risks remain. Trade negotiations continue to create uncertainties for businesses, US fiscal stimulus is waning, and weaker economic growth in much of the rest of the world imparts downside risks for the US economy. PGIM Fixed Income expects additional monetary policy easing in the second half of 2019 to support economic growth and a pickup in inflation toward the Fed’s 2% target.

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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 August 31, 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 11

Fees and Expenses (continued)

PGIM Ultra Short Bond ETF	Beginning Account Value March 1, 2019		Ending Account Value August 31, 2019		Annualized Expense Ratio based on the Six-Month Period			Expenses Paid During the Six-Month Period*
Actual	$	1,000.00	$	1,015.10		0.15	%	$	0.76
Hypothetical	$	1,000.00	$	1,024.45		0.15	%	$	0.77

*Fund expenses (net of fee waivers or subsidies, if any) are equal to the annualized expense ratio (provided in the table), multiplied by the average account value over the period, multiplied by the 184 days in the six-month period ended August 31, 2019, and divided by the 365 days in the Fund’s fiscal year ended 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

as of August 31, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
LONG-TERM INVESTMENTS    85.3%
ASSET-BACKED SECURITIES    9.9%
Collateralized Loan Obligations    9.9%
Adams Mill CLO Ltd. (Cayman Islands), Series 2014-1A, Class A1R, 144A, 3 Month LIBOR + 1.100%		3.403	%(c)		07/15/26		741	$	740,609
Allegro CLO IV Ltd. (Cayman Islands), Series 2016- 1A, Class AR, 144A, 3 Month LIBOR + 1.150%		3.453	(c)		01/15/30		1,000		1,000,117
Anchorage Capital CLO 8 Ltd. (Cayman Islands), Series 2016-8A, Class AR, 144A, 3 Month LIBOR + 1.000%		3.256	(c)		07/28/28		295		294,144
Atrium XII (Cayman Islands), Series 12A, Class AR, 144A, 3 Month LIBOR + 0.830%		3.108	(c)		04/22/27		272		271,816
Avery Point III CLO Ltd. (Cayman Islands), Series 2013-3A, Class AR, 144A, 3 Month LIBOR + 1.120%		3.420	(c)		01/18/25		466		466,566
Ballyrock CLO Ltd. (Cayman Islands), Series 2016- 1A, Class AR, 144A, 3 Month LIBOR + 1.350%		3.653	(c)		10/15/28		625		625,903
Battalion CLO VII Ltd. (Cayman Islands), Series 2014-7A, Class A1RR, 144A, 3 Month LIBOR + 1.040%		3.343	(c)		07/17/28		2,300		2,293,344
Battalion CLO X Ltd. (Cayman Islands), Series 2016-10A, Class A1R, 144A, 3 Month LIBOR + 1.250%		3.533	(c)		01/24/29		2,000		2,003,284
Catamaran CLO Ltd. (Cayman Islands),
Series 2013-1A, Class AR, 144A, 3 Month LIBOR + 0.850%		3.106	(c)		01/27/28		450		447,453
Series 2014-2A, Class A1R, 144A, 3 Month LIBOR + 1.400%		3.700	(c)		10/18/26		642		641,994
CIFC Funding Ltd. (Cayman Islands), Series 2015- 2A, Class AR, 144A, 3 Month LIBOR + 0.780%		3.083	(c)		04/15/27		570		568,083
Elevation CLO Ltd. (Cayman Islands), Series 2015- 4A, Class AR, 144A, 3 Month LIBOR + 0.990%		3.290	(c)		04/18/27		1,126		1,126,139
Ellington CLO IV Ltd. (Cayman Islands), Series 2019-4A, Class A, 144A, 3 Month LIBOR + 1.840%		4.143	(c)		04/15/29		1,900		1,907,173
Flagship CLO VIII Ltd. (Cayman Islands), Series 2014-8A, Class ARR, 144A, 3 Month LIBOR + 0.850%		3.172	(c)		01/16/26		640		639,055
Flagship VII Ltd. (Cayman Islands), Series 2013-7A, Class A1R, 144A, 3 Month LIBOR + 1.120%		3.398	(c)		01/20/26		134		133,985
Flatiron CLO Ltd. (Cayman Islands), Series 2015- 1A, Class AR, 144A, 3 Month LIBOR + 0.890%		3.193	(c)		04/15/27		615		615,758
HPS Loan Management Ltd. (Cayman Islands), Series 10A-16, Class A1R, 144A, 3 Month LIBOR + 1.140%		3.282	(c)		01/20/28		1,500		1,500,000
ICG US CLO Ltd. (Cayman Islands), Series 2015-1A, Class A1R, 144A, 3 Month LIBOR + 1.140%		3.443	(c)		10/19/28		1,000		997,764

See Notes to Financial Statements.

PGIM Ultra Short Bond ETF 13

Schedule of Investments (continued)

as of August 31, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Collateralized Loan Obligations (cont’d.)
JMP Credit Advisors CLO IV Ltd. (Cayman Islands), Series 2017-1A, Class AR, 144A, 3 Month LIBOR + 1.280%		3.467	%(c)		07/17/29		1,250	$	1,253,350
KVK CLO Ltd. (Cayman Islands), Series 2018-1A, Class A, 144A, 3 Month LIBOR + 0.930%		3.066	(c)		05/20/29		500		497,936
Limerock CLO III LLC (Cayman Islands), Series 2014-3A, Class A1R, 144A, 3 Month LIBOR + 1.200%		3.478	(c)		10/20/26		202		201,766
Madison Park Funding XXX Ltd. (Cayman Islands), Series 2018-30A, Class A, 144A, 3 Month LIBOR + 0.750%		3.053	(c)		04/15/29		325		321,074
Man GLG US CLO Ltd. (Cayman Islands), Series 2018-2A, Class A1R, 144A, 3 Month LIBOR + 1.240%		3.543	(c)		10/15/28		1,750		1,747,147
Midocean Credit CLO V (Cayman Islands), Series 2016-5A, Class AR, 144A, 3 Month LIBOR + 1.120%		3.423	(c)		07/19/28		2,250		2,246,878
Mountain View CLO Ltd. (Cayman Islands), Series 2013-1A, Class AR, 144A, 3 Month LIBOR + 1.250%		3.590	(c)		10/12/30		500		497,920
Mountain View CLO XIV Ltd. (Cayman Islands), Series 2019-1A, Class A1, 144A, 3 Month LIBOR + 1.440%		4.058	(c)		04/15/29		425		426,043
Oaktree CLO Ltd. (Cayman Islands), Series 2015- 1A, Class A1R, 144A, 3 Month LIBOR + 0.870%		3.148	(c)		10/20/27		2,250		2,248,310
Ocean Trails CLO IV (Cayman Islands), Series 2013-4A, Class AR, 144A, 3 Month LIBOR + 0.900%		3.076	(c)		08/13/25		524		524,107
Ocean Trails CLO VI (Cayman Islands), Series 2016-6A, Class AR, 144A, 3 Month LIBOR + 1.150%		3.453	(c)		07/15/28		1,150		1,150,182
OZLM XII Ltd. (Cayman Islands), Series 2015-12A, Class A1R, 144A, 3 Month LIBOR + 1.050%		3.316	(c)		04/30/27		300		299,074
OZLM XIII Ltd. (Cayman Islands), Series 2015-13A, Class A1R, 144A, 3 Month LIBOR + 1.080%		3.346	(c)		07/30/27		1,350		1,345,733
OZLM XV Ltd. (Cayman Islands), Series 2016-15A, Class A1, 144A, 3 Month LIBOR + 1.490%		3.768	(c)		01/20/29		250		249,994
Palmer Square CLO Ltd. (Cayman Islands), Series 2015-1A, Class A1R2, 144A, 3 Month LIBOR + 1.220%		3.372	(c)		05/21/29		2,500		2,498,635
Regatta Funding LP (Cayman Islands), Series 2013- 2A, Class A1R2, 144A, 3 Month LIBOR + 1.250%		3.553	(c)		01/15/29		750		749,984
Saratoga Investment Corp. CLO Ltd. (Cayman Islands), Series 2013-1A, Class AFR2, 144A, 3 Month LIBOR + 1.250%		3.528	(c)		01/20/30		1,000		1,002,153
SCOF-2 Ltd. (Cayman Islands), Series 2015-2A, Class AR, 144A, 3 Month LIBOR + 1.180%		3.483	(c)		07/15/28		2,250		2,248,468

See Notes to Financial Statements.

14

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Collateralized Loan Obligations (cont’d.)
Sound Point CLO XI Ltd. (Cayman Islands), Series 2016-1A, Class AR, 144A, 3 Month LIBOR + 1.100%		3.378	%(c)		07/20/28		500	$	499,828
Sound Point Clo XIV Ltd. (Cayman Islands), Series 2016-3A, Class AR, 144A, 3 Month LIBOR + 1.150%		3.301	(c)		01/23/29		2,250		2,250,000
TCW CLO AMR Ltd. (Cayman Islands), Series 2019- 1A, Class A, 144A, 3 Month LIBOR + 1.440%		3.598	(c)		02/15/29		1,500		1,501,474
TICP CLO I Ltd. (Cayman Islands), Series 2015-1A, Class AR, 144A, 3 Month LIBOR + 0.800%		3.078	(c)		07/20/27		500		498,132
TICP CLO III-2 Ltd. (Cayman Islands), Series 2018- 3R, Class A, 144A, 3 Month LIBOR + 0.840%		3.118	(c)		04/20/28		1,510		1,502,917
TICP CLO VI Ltd. (Cayman Islands), Series 2016-6A, Class AR, 144A, 3 Month LIBOR + 1.200%		3.503	(c)		01/15/29		1,400		1,401,022
Trinitas CLO V Ltd. (Cayman Islands), Series 2016- 5A, Class AR, 144A, 3 Month LIBOR + 1.390%		3.666	(c)		10/25/28		2,000		2,003,628
Venture XXIV CLO Ltd. (Cayman Islands),
Series 2016-24A, Class A1D, 144A, 3 Month LIBOR + 1.420%		3.698	(c)		10/20/28		250		250,032
Series 2016-24A, Class AR, 144A, 1 Month LIBOR + 1.180%		3.458	(c)		10/20/28		4,000		4,000,000
Wellfleet CLO Ltd. (Cayman Islands),
Series 2015-1A, Class AR3, 144A, 3 Month LIBOR + 1.280%		3.558	(c)		07/20/29		1,800		1,799,774
Series 2016-2A, Class A1R, 144A, 3 Month LIBOR + 1.140%		3.418	(c)		10/20/28		1,000		999,698
West CLO Ltd. (Cayman Islands),
Series 2014-1A, Class A1R, 144A, 3 Month LIBOR + 0.920%		3.220	(c)		07/18/26		126		125,534
Series 2014-2A, Class A1AR, 144A, 3 Month LIBOR + 0.870%		3.192	(c)		01/16/27		184		183,548
Westcott Park CLO Ltd. (Cayman Islands), Series 2016-1A, Class AR, 144A, 3 Month LIBOR + 1.210%		3.488	(c)		07/20/28		2,100		2,105,004
Zais CLO 8 Ltd. (Cayman Islands), Series 2018-1A, Class A, 144A, 3 Month LIBOR + 0.950%		3.253	(c)		04/15/29		900		892,466
TOTAL ASSET-BACKED SECURITIES (cost $55,755,970)									55,794,998
COMMERCIAL MORTGAGE-BACKED SECURITIES    10.0%
BANK,
Series 2017-BNK5, Class A1		1.909			06/15/60		1,872		1,866,481
Series 2017-BNK7, Class A1		1.984			09/15/60		121		120,351
Series 2017-BNK9, Class A1		2.322			11/15/54		939		943,650

See Notes to Financial Statements.

PGIM Ultra Short Bond ETF 15

Schedule of Investments (continued)

as of August 31, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
Series 2018-BNK14, Class A1		3.277	%		09/15/60		696	$	713,897
BBCMS Mortgage Trust, Series 2017-C1, Class A1		2.010			02/15/50		364		362,352
BENCHMARK Mortgage Trust, Series 2018-B1, Class A1		2.560			01/15/51		945		951,353
BENCHMARK, Series 2018-B4, Class A1		3.125			07/15/51		834		852,240
CD Mortgage Trust,
Series 2016-CD1, Class A1		1.443			08/10/49		24		23,832
Series 2017-CD3, Class A1		1.965			02/10/50		104		103,986
Series 2017-CD5, Class A1		2.028			08/15/50		1,190		1,190,070
CFCRE Commercial Mortgage Trust,
Series 2016-C4, Class A1		1.501			05/10/58		697		692,244
Series 2016-C7, Class A1		1.971			12/10/54		836		833,919
CGMS Commercial Mortgage Trust, Series 2017- B1, Class A1		2.008			08/15/50		1,330		1,328,721
Citigroup Commercial Mortgage Trust,
Series 2014-GC21, Class AAB		3.477			05/10/47		519		536,532
Series 2015-GC35, Class A1		1.847			11/10/48		649		646,803
Series 2015-P1, Class A1		1.648			09/15/48		164		163,335
Series 2016-C1, Class A1		1.506			05/10/49		990		984,402
Series 2016-GC37, Class A1		1.635			04/10/49		26		25,879
Series 2016-P5, Class A1		1.410			10/10/49		70		69,963
Series 2017-P8, Class A1		2.065			09/15/50		771		771,507
COMM Mortgage Trust,
Series 2013-CR11, Class ASB		3.660			08/10/50		967		997,056
Series 2013-CR7, Class ASB		2.739			03/10/46		678		685,433
Series 2014-CR17, Class ASB		3.598			05/10/47		713		737,704
Series 2014-UBS6, Class ASB		3.387			12/10/47		4,800		4,977,313
Series 2015-CR23, Class A1		1.536			05/10/48		3,843		3,834,707
Series 2015-CR24, Class A2		3.022			08/10/48		12		11,886
Series 2015-CR25, Class A1		1.737			08/10/48		126		125,680
Series 2015-CR27, Class A2		2.223			10/10/48		1,050		1,048,993
Series 2016-DC2, Class A1		1.820			02/10/49		350		348,005
Series 2017-COR2, Class A1		2.111			09/10/50		195		195,742
Commercial Mortgage Pass Through Certificates, Series 2016-CR28, Class A1		1.770			02/10/49		267		265,839
CSAIL Commercial Mortgage Trust,
Series 2015-C3, Class A1		1.717			08/15/48		119		118,156
Series 2017-C8, Class A1		1.930			06/15/50		103		102,135
DBJPM Mortgage Trust,
Series 2016-C3, Class A1		1.502			08/10/49		3,637		3,609,284
Series 2016-C3, Class A2		1.886			08/10/49		1,085		1,078,715
GS Mortgage Securities Trust,
Series 2013-GCJ14, Class A3		3.526			08/10/46		109		109,615
Series 2014-GC22, Class AAB		3.467			06/10/47		955		983,199
Series 2015-GC34, Class A2		2.075			10/10/48		800		799,104
Series 2016-GS3, Class A1		1.429			10/10/49		1,921		1,907,777

See Notes to Financial Statements.

16

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
Series 2017-GS7, Class A1		1.950	%		08/10/50		1,875	$	1,872,776
Series 2018-GS9, Class A1		2.861			03/10/51		2,304		2,337,023
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2016-JP2, Class A1		1.324			08/15/49		527		522,614
JPMBB Commercial Mortgage Securities Trust,
Series 2015-C31, Class A1		1.666			08/15/48		114		113,042
Series 2013-C12, Class ASB		3.157			07/15/45		982		995,617
JPMCC Commercial Mortgage Securities Trust,
Series 2017-JP5, Class A1		2.086			03/15/50		1,152		1,149,926
Series 2017-JP7, Class A1		1.969			09/15/50		674		672,121
JPMDB Commercial Mortgage Securities Trust,
Series 2017-C5, Class A1		2.096			03/15/50		906		904,244
Series 2017-C7, Class A1		2.081			10/15/50		173		173,319
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2014-C14, Class A3		3.669			02/15/47		141		143,896
Series 2016-C31, Class A1		1.511			11/15/49		550		546,160
Morgan Stanley Capital I Trust,
Series 2015-MS1, Class A1		1.638			05/15/48		263		262,462
Series 2016-BNK2, Class A1		1.424			11/15/49		102		100,796
Series 2016-UBS9, Class A1		1.711			03/15/49		97		96,467
UBS Commercial Mortgage Trust,
Series 2012-C1, Class A3		3.400			05/10/45		1,459		1,499,956
Series 2017-C4, Class A1		2.129			10/15/50		312		312,196
Series 2017-C5, Class A1		2.139			11/15/50		296		295,609
Series 2018-C11, Class A1		3.211			06/15/51		82		83,597
Series 2018-C8, Class A1		2.659			02/15/51		1,134		1,144,999
Wells Fargo Commercial Mortgage Trust,
Series 2015-LC22, Class A1		1.639			09/15/58		172		171,730
Series 2015-NXS2, Class A2		3.020			07/15/58		745		744,587
Series 2015-NXS4, Class A1		1.889			12/15/48		68		67,534
Series 2015-P2, Class A2B		4.897	(c)		12/15/48		193		199,216
Series 2016-BNK1, Class A1		1.321			08/15/49		109		108,038
Series 2016-C32, Class A1		1.577			01/15/59		241		239,518
Series 2016-C33, Class A1		1.775			03/15/59		388		387,202
Series 2016-C35, Class A1		1.392			07/15/48		501		497,559
Series 2016-C37, Class A1		1.944			12/15/49		944		941,162
Series 2016-LC24, Class A1		1.441			10/15/49		33		32,975
Series 2016-NXS6, Class A1		1.417			11/15/49		4,108		4,076,776
Series 2017-RB1, Class A1		2.056			03/15/50		79		78,961
Series 2017-RC1, Class A1		2.012			01/15/60		67		66,858
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (cost $55,498,325)									55,956,796

See Notes to Financial Statements.

PGIM Ultra Short Bond ETF 17

Schedule of Investments (continued)

as of August 31, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS    61.0%
Aerospace & Defense    1.8%
General Dynamics Corp.,
Gtd. Notes		2.875	%		05/11/20		1,295	$	1,302,767
Gtd. Notes, 3 Month LIBOR + 0.290%		2.471	(c)		05/11/20		350		350,446
Lockheed Martin Corp., Sr. Unsec’d. Notes		3.350			09/15/21		2,800		2,875,482
Northrop Grumman Corp., Sr. Unsec’d. Notes		2.080			10/15/20		768		768,493
United Technologies Corp., Sr. Unsec’d. Notes		1.900			05/04/20		5,000		4,991,355
									10,288,543
Agriculture    1.0%
BAT Capital Corp., Gtd. Notes		2.297			08/14/20		5,000		5,000,364
Philip Morris International, Inc., Sr. Unsec’d. Notes, 3 Month LIBOR + 0.420%		2.572	(c)		02/21/20		600		600,940
									5,601,304
Auto Manufacturers    2.7%
American Honda Finance Corp.,
Sr. Unsec’d. Notes, MTN, 3 Month LIBOR + 0.290%		2.743	(c)		12/10/21		750		748,784
Sr. Unsec’d. Notes, MTN, 3 Month LIBOR + 0.470%		2.773	(c)		01/08/21		1,200		1,203,623
BMW US Capital LLC,
Gtd. Notes, 144A, 3 Month LIBOR + 0.370%		2.545	(c)		08/14/20		250		250,354
Gtd. Notes, 144A, 3 Month LIBOR + 0.380%		2.683	(c)		04/06/20		1,251		1,252,806
Gtd. Notes, 144A, 3 Month LIBOR + 0.410%		2.750	(c)		04/12/21		893		893,257
Gtd. Notes, 144A, 3 Month LIBOR + 0.500%		2.676	(c)		08/13/21		1,465		1,468,427
Daimler Finance North America LLC,
Gtd. Notes, 144A		2.200			05/05/20		2,665		2,665,126
Gtd. Notes, 144A, 3 Month LIBOR + 0.390%		2.677	(c)		05/04/20		150		150,125
Gtd. Notes, 144A, 3 Month LIBOR + 0.530%		2.817	(c)		05/05/20		360		360,532
Gtd. Notes, 144A, 3 Month LIBOR + 0.630%		2.933	(c)		01/06/20		700		701,172
General Motors Financial Co., Inc., Gtd. Notes, 3 Month LIBOR + 1.560%		3.863	(c)		01/15/20		2,084		2,092,659
Harley-Davidson Financial Services, Inc.,
Gtd. Notes, 144A		2.400			09/15/19		1,000		999,907
Gtd. Notes, 144A, 3 Month LIBOR + 0.500%		2.652	(c)		05/21/20		350		350,172
Nissan Motor Acceptance Corp., Sr. Unsec’d. Notes, 144A, 3 Month LIBOR + 0.390%		2.693	(c)		07/13/20		410		410,027
Toyota Motor Credit Corp., Sr. Unsec’d. Notes, 3 Month LIBOR + 0.100%		2.438	(c)		01/10/20		250		250,073
Toyota Motor Finance Netherlands BV (Netherlands), Sr. Unsec’d. Notes, EMTN, 3 Month LIBOR + 0.250%		2.686	(c)		12/12/19		500		500,210
Volkswagen Group of America Finance LLC, Gtd. Notes, 144A, 3 Month LIBOR + 0.770%		2.946	(c)		11/13/20		1,000		1,004,338
									15,301,592

See Notes to Financial Statements.

18

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Banks    10.9%
ABN AMRO Bank NV (Netherlands), Sr. Unsec’d. Notes, 144A, 3 Month LIBOR + 0.570%		2.702	%(c)		08/27/21		500	$	501,787
Australia & New Zealand Banking Group Ltd. (Australia), Sr. Unsec’d. Notes, 144A, 3 Month LIBOR + 0.320%		2.505	(c)		11/09/20		450		450,900
Bangkok Bank PCL (Thailand), Sr. Unsec’d. Notes		4.800			10/18/20		300		308,406
Bank of America Corp.,
Sr. Unsec’d. Notes, MTN		5.000			05/13/21		1,225		1,283,737
Sr. Unsec’d. Notes, GMTN, 3 Month LIBOR + 0.660%		2.369	(c)		07/21/21		3,225		3,230,254
Bank of China Ltd. (China), EMTN, Sr. Unsec’d. Notes		2.875			06/30/20		250		251,073
Bank of Montreal (Canada),
Sr. Unsec’d. Notes, MTN, 3 Month LIBOR + 0.340%		2.643	(c)		07/13/20		250		250,525
Sr. Unsec’d. Notes, MTN, 3 Month LIBOR + 0.440%		2.850	(c)		06/15/20		1,021		1,023,879
Sr. Unsec’d. Notes, 3 Month LIBOR + 0.460%		2.763	(c)		04/13/21		275		276,090
Bank of New York Mellon Corp. (The), Sr. Unsec’d. Notes, MTN		1.950			08/23/22		5,000		4,995,762
BB&T Corp.,
Sr. Unsec’d. Notes, MTN, 3 Month LIBOR + 0.570%		2.980	(c)		06/15/20		200		200,701
Sr. Unsec’d. Notes, MTN, 3 Month LIBOR + 0.715%		3.018	(c)		01/15/20		160		160,293
Capital One NA,
Sr. Unsec’d. Notes, BKNT		2.350			01/31/20		400		400,087
Sr. Unsec’d. Notes, BKNT, 3 Month LIBOR + 0.765%		3.215	(c)		09/13/19		1,500		1,500,363
Citibank NA,
Sr. Unsec’d. Notes, 3 Month LIBOR + 0.260%		2.662	(c)		09/18/19		350		350,074
Sr. Unsec’d. Notes, BKNT, 3 Month LIBOR + 0.530%		3.165	(c)		02/19/22		3,000		3,044,638
Cooperatieve Rabobank UA (Netherlands), Sr. Unsec’d. Notes		3.125			04/26/21		2,000		2,035,067
Federation des Caisses Desjardins du Quebec (Canada), Sr. Unsec’d. Notes, 144A, 3 Month LIBOR + 0.330%		2.596	(c)		10/30/20		2,507		2,511,805
Fifth Third Bank, BKNT, Sr. Unsec’d. Notes		1.625			09/27/19		1,100		1,099,554
Goldman Sachs Group, Inc. (The),
Sr. Unsec’d. Notes		5.750			01/24/22		3,000		3,249,038
Sr. Unsec’d. Notes, 3 Month LIBOR + 1.020%		3.279	(c)		10/23/19		400		400,546
Industrial & Commercial Bank of China Ltd. (China), BNKT, Sr. Unsec’d. Notes		2.905			11/13/20		550		553,275
Industrial Bank of Korea (South Korea), Sr. Unsec’d. Notes, 144A		2.000			04/23/20		350		349,904
JPMorgan Chase & Co., Sr. Unsec’d. Notes		2.750			06/23/20		2,900		2,913,589
Mitsubishi UFJ Financial Group, Inc. (Japan), Sr. Unsec’d. Notes		2.623			07/18/22		1,000		1,011,939
Morgan Stanley,
Sr. Unsec’d. Notes		2.750			05/19/22		3,000		3,051,550
Sr. Unsec’d. Notes, MTN		5.625			09/23/19		600		601,034
National Australia Bank Ltd. (Australia),
Sr. Unsec’d. Notes		2.250			01/10/20		2,000		2,000,911

See Notes to Financial Statements.

PGIM Ultra Short Bond ETF 19

Schedule of Investments (continued)

as of August 31, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Banks (cont’d.)
Sr. Unsec’d. Notes		2.500	%		01/12/21		1,600	$	1,610,736
Nordea Bank Abp (Finland),
Sr. Unsec’d. Notes, 144A, 3 Month LIBOR + 0.470%		2.587	(c)		05/29/20		400		400,975
Sr. Unsec’d. Notes, 144A, 3 Month LIBOR + 0.620%		2.950	(c)		09/30/19		1,000		1,000,541
PNC Bank NA,
Sr. Unsec’d. Notes, BKNT		2.150			04/29/21		5,000		5,013,816
Sr. Unsec’d. Notes, BKNT, 3 Month LIBOR + 0.250%		2.528	(c)		01/22/21		500		500,145
RHB Bank Bhd (Malaysia), EMTN, Sr. Unsec’d. Notes		2.503			10/06/21		1,300		1,301,910
Santander UK PLC (United Kingdom), Sr. Unsec’d. Notes, 3 Month LIBOR + 0.660%		2.818	(c)		11/15/21		1,000		1,002,487
Shinhan Bank Co. Ltd. (South Korea), Sr. Unsec’d. Notes		2.250			04/15/20		500		500,090
Skandinaviska Enskilda Banken AB (Sweden), Sr. Unsec’d. Notes		1.500			09/13/19		1,500		1,499,749
State Street Corp., Sr. Unsec’d. Notes, 3 Month LIBOR + 0.900%		3.024	(c)		08/18/20		1,127		1,135,616
SunTrust Bank,
Sr. Unsec’d. Notes, BKNT, 3 Month LIBOR + 0.530%		2.786	(c)		01/31/20		740		741,071
Sr. Unsec’d. Notes, BKNT, 3 Month LIBOR + 0.590%		2.714	(c)		05/17/22		3,000		3,007,463
Toronto-Dominion Bank (The) (Canada), Sr. Unsec’d. Notes, MTN, 3 Month LIBOR + 0.280%		2.731	(c)		06/11/20		500		500,855
UBS AG (Switzerland), Sr. Unsec’d. Notes, 144A, 3 Month LIBOR + 0.580%		3.031	(c)		06/08/20		1,000		1,002,976
US Bank NA, Sr. Unsec’d. Notes, BKNT, 3 Month LIBOR + 0.440%		2.588	(c)		05/23/22		3,700		3,703,364
Wells Fargo Bank NA, Sr. Unsec’d. Notes, MTN, 3 Month LIBOR + 0.650%		3.124	(c)		12/06/19		404		404,727
									61,333,302
Beverages    1.3%
Diageo Capital PLC (United Kingdom),
Gtd. Notes		3.000			05/18/20		975		980,992
Gtd. Notes, 3 Month LIBOR + 0.240%		2.364	(c)		05/18/20		2,000		2,000,375
Keurig Dr Pepper, Inc., Gtd. Notes		3.551			05/25/21		4,365		4,469,712
									7,451,079
Biotechnology    1.0%
Biogen, Inc., Sr. Unsec’d. Notes		2.900			09/15/20		500		503,032
Celgene Corp., Sr. Unsec’d. Notes		2.875			08/15/20		5,095		5,125,552
									5,628,584
Building Materials    0.1%
Johnson Controls International PLC (Ireland), Sr. Unsec’d. Notes		5.000			03/30/20		500		506,896

See Notes to Financial Statements.

20

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Chemicals    2.1%
Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. LP, Sr. Unsec’d. Notes, 144A, 3 Month LIBOR + 0.750%		3.003	%(c)		05/01/20		4,600	$	4,611,645
CNAC HK Finbridge Co. Ltd. (Hong Kong),
Gtd. Notes		3.000			07/19/20		450		451,066
Gtd. Notes		4.125			03/14/21		1,750		1,783,314
DuPont de Nemours, Inc.,
Sr. Unsec’d. Notes, 3 Month LIBOR + 0.710%		2.868	(c)		11/15/20		2,000		2,010,662
Sr. Unsec’d. Notes		3.766			11/15/20		2,630		2,684,189
									11,540,876
Commercial Services    1.4%
ERAC USA Finance LLC, Gtd. Notes, 144A		2.350			10/15/19		3,600		3,599,130
Verisk Analytics, Inc., Sr. Unsec’d. Notes		5.800			05/01/21		4,000		4,232,477
									7,831,607
Computers    0.9%
Apple, Inc., Sr. Unsec’d. Notes, 3 Month LIBOR + 0.500%		2.685	(c)		02/09/22		2,163		2,178,568
IBM Credit LLC,
Sr. Unsec’d. Notes		2.650			02/05/21		2,000		2,019,087
Sr. Unsec’d. Notes, 3 Month LIBOR + 0.470%		2.594	(c)		11/30/20		1,000		1,004,010
									5,201,665
Diversified Financial Services    0.5%
American Express Co., Sr. Unsec’d. Notes, 3 Month LIBOR + 0.525%		2.649	(c)		05/17/21		2,000		2,006,429
American Express Credit Corp., Sr. Unsec’d. Notes, MTN, 3 Month LIBOR + 0.730%		2.862	(c)		05/26/20		415		416,667
BOC Aviation Ltd. (Singapore), Sr. Unsec’d. Notes, 144A		3.000			03/30/20		250		250,656
Charles Schwab Corp. (The), Sr. Unsec’d. Notes, 3 Month LIBOR + 0.320%		2.472	(c)		05/21/21		350		350,166
									3,023,918
Electric    4.4%
Abu Dhabi National Energy Co. PJSC (United Arab Emirates),
Sr. Unsec’d. Notes, 144A		5.875			12/13/21		2,000		2,150,480
Sr. Unsec’d. Notes, 144A		6.250			09/16/19		360		360,698
American Electric Power Co., Inc., Sr. Unsec’d. Notes		3.650			12/01/21		4,000		4,134,374
CenterPoint Energy, Inc., Sr. Unsec’d. Notes		3.600			11/01/21		750		771,452
Duke Energy Corp., Sr. Unsec’d. Notes, 3 Month LIBOR + 0.700%		3.110	(c)		06/15/20		1,630		1,630,626

See Notes to Financial Statements.

PGIM Ultra Short Bond ETF 21

Schedule of Investments (continued)

as of August 31, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Electric (cont’d.)
Duke Energy Indiana LLC, 1 Mortgage Notes		3.750	%		07/15/20		3,400	$	3,453,088
Israel Electric Corp. Ltd. (Israel), Sr. Sec’d. Notes, 144A		9.375			01/28/20		200		205,522
NextEra Energy Capital Holdings, Inc.,
Gtd. Notes		2.900			04/01/22		2,500		2,553,589
Gtd. Notes, 3 Month LIBOR + 0.315%		2.835	(c)		09/03/19		1,040		1,040,000
Saudi Electricity Global Sukuk Co. (Cayman Islands), Sr. Unsec’d. Notes		4.211			04/03/22		1,800		1,877,371
Sempra Energy, Sr. Unsec’d. Notes		2.400			03/15/20		1,255		1,253,580
State Grid Overseas Investment 2016 Ltd. (British Virgin Islands), Gtd. Notes, 144A		2.250			05/04/20		3,000		3,000,810
WEC Energy Group, Inc., Sr. Unsec’d. Notes		3.100			03/08/22		2,500		2,560,679
									24,992,269
Electronics    0.3%
Honeywell International, Inc., Sr. Unsec’d. Notes, 3 Month LIBOR + 0.040%		2.306	(c)		10/30/19		530		529,972
Tyco Electronics Group SA (Luxembourg), Gtd. Notes, 3 Month LIBOR + 0.450%		2.929	(c)		06/05/20		1,100		1,101,100
									1,631,072
Environmental Control    0.6%
Waste Management, Inc., Gtd. Notes		4.750			06/30/20		3,490		3,560,698
Food    2.5%
Campbell Soup Co., Sr. Unsec’d. Notes, 3 Month LIBOR + 0.500%		2.910	(c)		03/16/20		400		399,978
General Mills, Inc.,
Sr. Unsec’d. Notes		3.200			04/16/21		3,080		3,134,063
Sr. Unsec’d. Notes, 3 Month LIBOR + 0.540%		2.862	(c)		04/16/21		400		400,220
JM Smucker Co. (The),
Sr. Unsec’d. Notes		2.200			12/06/19		287		286,836
Sr. Unsec’d. Notes		2.500			03/15/20		1,300		1,301,793
Mondelez International Holdings Netherlands BV (Netherlands), Gtd. Notes, 144A, 3 Month LIBOR + 0.610%		2.866	(c)		10/28/19		500		500,459
Nestle Holdings, Inc., Gtd. Notes, 144A		3.100			09/24/21		3,500		3,578,233
Tyson Foods, Inc.,
Sr. Unsec’d. Notes		2.250			08/23/21		3,300		3,309,384
Sr. Unsec’d. Notes, 3 Month LIBOR + 0.550%		2.682	(c)		06/02/20		500		500,583
Wm Wrigley Jr Co., Sr. Unsec’d. Notes, 144A		2.900			10/21/19		555		555,236
									13,966,785

See Notes to Financial Statements.

22

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Hand/Machine Tools    0.7%
Stanley Black & Decker, Inc., Gtd. Notes		3.400	%		12/01/21		4,000	$	4,092,248
Healthcare-Products    2.5%
Abbott Laboratories, Sr. Unsec’d. Notes		2.900			11/30/21		2,787		2,841,736
Medtronic, Inc.,
Gtd. Notes		3.150			03/15/22		707		731,298
Gtd. Notes, 3 Month LIBOR + 0.800%		3.210	(c)		03/15/20		750		752,348
Stryker Corp., Sr. Unsec’d. Notes		2.625			03/15/21		4,000		4,032,040
Thermo Fisher Scientific, Inc., Sr. Unsec’d. Notes		4.500			03/01/21		5,454		5,649,729
									14,007,151
Healthcare-Services    0.3%
Quest Diagnostics, Inc., Gtd. Notes		4.750			01/30/20		1,500		1,513,777
Household Products/Wares    0.3%
Church & Dwight Co., Inc., Sr. Unsec’d. Notes		2.450			12/15/19		1,500		1,499,723
Insurance    4.0%
AIA Group Ltd. (Hong Kong), Sr. Unsec’d. Notes, 144A, 3 Month LIBOR + 0.520%		2.907	(c)		09/20/21		600		599,988
Chubb INA Holdings, Inc., Gtd. Notes		2.300			11/03/20		4,000		4,015,679
Jackson National Life Global Funding, Sr. Sec’d. Notes, 144A		2.200			01/30/20		2,000		2,000,206
Marsh & McLennan Cos., Inc.,
Sr. Unsec’d. Notes		2.350			09/10/19		1,500		1,499,989
Sr. Unsec’d. Notes		3.500			12/29/20		500		509,033
Metropolitan Life Global Funding I,
Sec’d. Notes, 144A		3.375			01/11/22		1,250		1,289,850
Sec’d. Notes, 144A		3.450			10/09/21		750		772,170
New York Life Global Funding,
Sec’d. Notes, 144A		1.500			10/24/19		1,000		999,149
Sec’d. Notes, 144A, 3 Month LIBOR + 0.320%		2.559	(c)		08/06/21		500		500,741
Sr. Sec’d. Notes, 144A, 3 Month LIBOR + 0.440%		2.780	(c)		07/12/22		3,000		3,004,091
Principal Life Global Funding II,
Sr. Sec’d. Notes, 144A		2.625			11/19/20		4,000		4,023,557
Sr. Sec’d. Notes, 144A, 3 Month LIBOR + 0.300%		2.633	(c)		06/26/20		400		400,138
Protective Life Global Funding,
Sec’d. Notes, 144A		2.262			04/08/20		500		499,935
Sec’d. Notes, 144A, 3 Month LIBOR + 0.370%		2.673	(c)		07/13/20		2,500		2,505,830
									22,620,356
Lodging    0.1%
Marriott International, Inc., Sr. Unsec’d. Notes, 3 Month LIBOR + 0.600%		2.738	(c)		12/01/20		800		803,120

See Notes to Financial Statements.

PGIM Ultra Short Bond ETF 23

Schedule of Investments (continued)

as of August 31, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Machinery-Constructions & Mining    0.9%
Caterpillar Financial Services Corp.,
Sr. Unsec’d. Notes		1.700	%		08/09/21		3,500	$	3,483,312
Sr. Unsec’d. Notes, MTN, 3 Month LIBOR + 0.350%		2.822	(c)		12/07/20		600		601,158
Sr. Unsec’d. Notes, MTN, 3 Month LIBOR + 0.510%		2.848	(c)		01/10/20		1,120		1,121,919
									5,206,389
Machinery-Diversified    0.2%
John Deere Capital Corp.,
Sr. Unsec’d. Notes, MTN, 3 Month LIBOR + 0.260%		2.713	(c)		09/10/21		400		399,635
Sr. Unsec’d. Notes, MTN, 3 Month LIBOR + 0.300%		2.750	(c)		03/13/20		1,000		1,001,621
									1,401,256
Media    0.5%
Comcast Corp.,
Gtd. Notes		3.450			10/01/21		2,000		2,060,491
Gtd. Notes, 3 Month LIBOR + 0.330%		2.649	(c)		10/01/20		750		751,046
									2,811,537
Miscellaneous Manufacturer    0.9%
Siemens Financieringsmaatschappij NV (Netherlands),
Gtd. Notes, 144A		2.200			03/16/20		1,000		1,000,002
Gtd. Notes, 144A, 3 Month LIBOR + 0.340%		2.750	(c)		03/16/20		1,000		1,001,349
Textron, Inc., Sr. Unsec’d. Notes		3.650			03/01/21		3,000		3,060,284
									5,061,635
Oil & Gas    4.0%
BP Capital Markets PLC (United Kingdom), Gtd. Notes		1.768			09/19/19		327		326,904
CNOOC Finance 2012 Ltd. (British Virgin Islands), Gtd. Notes, 144A		3.875			05/02/22		2,000		2,073,340
EOG Resources, Inc., Sr. Unsec’d. Notes		2.450			04/01/20		500		500,704
Exxon Mobil Corp., Sr. Unsec’d. Notes, 3 Month LIBOR + 0.330%		2.498	(c)		08/16/22		6,000		6,015,504
Lukoil International Finance BV (Netherlands), Gtd. Notes, 144A		7.250			11/05/19		200		201,533
Occidental Petroleum Corp., Sr. Unsec’d. Notes		4.100			02/01/21		262		267,576
Petroleos Mexicanos (Mexico), Gtd. Notes		6.000			03/05/20		350		354,105
Pioneer Natural Resources Co., Sr. Unsec’d. Notes		3.450			01/15/21		3,000		3,044,004
Reliance Holding USA, Inc., Gtd. Notes		4.500			10/19/20		1,300		1,327,345
Saudi Arabian Oil Co. (Saudi Arabia), Sr. Unsec’d. Notes, 144A		2.750			04/16/22		1,980		2,009,409

See Notes to Financial Statements.

24

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Oil & Gas (cont’d.)
Shell International Finance BV (Netherlands), Gtd. Notes, 3 Month LIBOR + 0.350%		2.786	%(c)		09/12/19		1,500	$	1,500,197
Sinopec Group Overseas Development 2015 Ltd. (British Virgin Islands), Gtd. Notes, 144A		2.500			04/28/20		375		375,357
Total Capital International SA (France), Gtd. Notes		2.218			07/12/21		4,400		4,429,001
									22,424,979
Oil & Gas Services    0.5%
Schlumberger Holdings Corp., Sr. Unsec’d. Notes, 144A		3.000			12/21/20		2,700		2,726,598
Pharmaceuticals    5.0%
AbbVie, Inc., Sr. Unsec’d. Notes		3.375			11/14/21		3,730		3,825,265
AstraZeneca PLC (United Kingdom),
Sr. Unsec’d. Notes		1.950			09/18/19		500		499,942
Sr. Unsec’d. Notes		2.375			11/16/20		3,956		3,966,381
Bayer US Finance II LLC, Gtd. Notes, 144A		3.500			06/25/21		1,800		1,838,055
Bristol-Myers Squibb Co.,
Sr. Unsec’d. Notes, 144A, 3 Month LIBOR + 0.200%		2.368	(c)		11/16/20		1,000		999,849
Sr. Unsec’d. Notes, 144A, 3 Month LIBOR + 0.380%		2.548	(c)		05/16/22		2,000		2,002,860
Cardinal Health, Inc., Sr. Unsec’d. Notes		2.400			11/15/19		3,545		3,543,633
CVS Health Corp., Sr. Unsec’d. Notes		2.800			07/20/20		788		791,905
GlaxoSmithKline Capital PLC (United Kingdom), Gtd. Notes, 3 Month LIBOR + 0.350%		2.525	(c)		05/14/21		3,295		3,301,590
McKesson Corp., Sr. Unsec’d. Notes		3.650			11/30/20		4,738		4,822,904
Pfizer, Inc., Sr. Unsec’d. Notes		5.200			08/12/20		500		515,132
Zoetis, Inc., Sr. Unsec’d. Notes		3.450			11/13/20		2,235		2,265,073
									28,372,589
Pipelines    0.9%
Enterprise Products Operating LLC, Gtd. Notes		3.500			02/01/22		750		775,495
Kinder Morgan, Inc., Gtd. Notes, 144A		5.000			02/15/21		4,000		4,141,000
									4,916,495
Real Estate Investment Trusts (REITS)    0.1%
AvalonBay Communities, Inc., MTN, Sr. Unsec’d. Notes, 3 Month LIBOR + 0.430%		2.733	(c)		01/15/21		395		394,476
Retail    3.0%
AutoZone, Inc., Sr. Unsec’d. Notes		3.700			04/15/22		3,000		3,125,203
Home Depot, Inc. (The), Sr. Unsec’d. Notes		2.625			06/01/22		3,250		3,327,908

See Notes to Financial Statements.

PGIM Ultra Short Bond ETF 25

Schedule of Investments (continued)

as of August 31, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Retail (cont’d.)
Lowe’s Cos., Inc., Sr. Unsec’d. Notes, 3 Month LIBOR + 0.420%		2.873	%(c)		09/10/19		1,159	$	1,159,118
McDonald’s Corp.,
Sr. Unsec’d. Notes, MTN		2.625			01/15/22		2,193		2,228,385
Sr. Unsec’d. Notes, MTN, 3 Month LIBOR + 0.430%		2.686	(c)		10/28/21		1,900		1,897,927
Walmart, Inc.,
Sr. Unsec’d. Notes		2.850			06/23/20		4,500		4,534,082
Sr. Unsec’d. Notes		3.125			06/23/21		500		512,210
									16,784,833
Semiconductors    1.6%
NVIDIA Corp., Sr. Unsec’d. Notes		2.200			09/16/21		4,330		4,344,008
QUALCOMM, Inc., Sr. Unsec’d. Notes, 3 Month LIBOR + 0.550%		2.686	(c)		05/20/20		4,472		4,479,873
									8,823,881
Software    1.3%
Electronic Arts, Inc., Sr. Unsec’d. Notes		3.700			03/01/21		3,127		3,189,904
Fidelity National Information Services, Inc., Sr. Unsec’d. Notes		3.625			10/15/20		4,000		4,059,839
									7,249,743
Telecommunications    0.5%
Verizon Communications, Inc., Sr. Unsec’d. Notes, 3 Month LIBOR + 0.550%		2.700	(c)		05/22/20		3,000		3,006,658
Transportation    2.0%
FedEx Corp., Gtd. Notes		3.400			01/14/22		3,000		3,095,055
Ryder System, Inc.,
Sr. Unsec’d. Notes, MTN		2.500			05/11/20		382		382,333
Sr. Unsec’d. Notes, MTN		2.875			06/01/22		3,000		3,061,421
Union Pacific Corp., Sr. Unsec’d. Notes		1.800			02/01/20		2,000		1,996,099
United Parcel Service, Inc., Sr. Unsec’d. Notes, 3 Month LIBOR + 0.150%		2.469	(c)		04/01/21		2,500		2,497,276
									11,032,184
Trucking & Leasing    0.2%
Aviation Capital Group LLC, Sr. Unsec’d. Notes, 144A, 3 Month LIBOR + 0.950%		3.082	(c)		06/01/21		1,000		1,005,052
TOTAL CORPORATE BONDS (cost $342,027,489)									343,614,870

See Notes to Financial Statements.

26

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CERTIFICATES OF DEPOSIT    3.3%
Banks    2.6%
Bank of Nova Scotia (Canada),
3 Month LIBOR + 0.190%		2.641	%(c)		03/11/20		500	$	500,437
3 Month LIBOR + 0.220%		2.550	(c)		12/30/19		325		325,228
3 Month LIBOR + 0.260%		2.547	(c)		11/04/19		400		400,173
3 Month LIBOR + 0.280%		2.666	(c)		09/21/20		500		500,154
BNP Paribas SA (France), 3 Month LIBOR + 0.250%		2.503	(c)		02/01/21		3,000		2,999,986
Canadian Imperial Bank of Commerce (Canada),
3 Month LIBOR + 0.220%		2.531	(c)		12/27/19		500		500,295
3 Month LIBOR + 0.410%		2.797	(c)		09/20/19		310		310,087
Credit Agricole Corporate & Investment Bank (France),
3 Month LIBOR + 0.385%		2.566	(c)		05/11/20		600		601,164
3 Month LIBOR + 0.470%		2.808	(c)		04/10/20		1,000		1,002,069
Nordea Bank Abp (Finland), 3 Month LIBOR + 0.400%		2.703	(c)		01/14/21		2,500		2,504,343
Nordea Bank Abp (Sweden), 3 Month LIBOR + 0.300%		2.779	(c)		06/05/20		500		500,819
Sumitomo Mitsui Banking Corp. (Japan),
3 Month LIBOR + 0.350%		2.690	(c)		07/12/21		1,000		999,995
3 Month LIBOR + 0.355%		2.523	(c)		05/13/21		3,000		3,000,734
3 Month LIBOR + 0.410%		2.812	(c)		06/18/20		250		250,253
									14,395,737
Diversified Financial Services    0.7%
DNB Bank ASA (Norway), 3 Month LIBOR + 0.280%		2.569	(c)		10/08/20		4,000		4,005,587
TOTAL CERTIFICATES OF DEPOSIT (cost $18,384,002)									18,401,324
SOVEREIGN BONDS    1.1%
Indonesia Government International Bond (Indonesia), Sr. Unsec’d. Notes, 144A		4.875			05/05/21		1,750		1,818,290
Lithuania Government International Bond (Lithuania), Sr. Unsec’d. Notes		6.125			03/09/21		2,300		2,435,567
Magyar Export-Import Bank Zrt (Hungary)		4.000			01/30/20		2,000		2,011,368
Qatar Government International Bond (Qatar), Sr. Unsec’d. Notes, 144A		5.250			01/20/20		200		202,272
TOTAL SOVEREIGN BONDS (cost $6,424,403)									6,467,497
TOTAL LONG-TERM INVESTMENTS (cost $478,090,189)									480,235,485
						Shares
SHORT-TERM INVESTMENTS    14.7%
AFFILIATED MUTUAL FUND    1.8%
PGIM Core Ultra Short Bond Fund (cost $9,860,408)(w)							9,860,408		9,860,408

See Notes to Financial Statements.

PGIM Ultra Short Bond ETF 27

Schedule of Investments (continued)

as of August 31, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
TIME DEPOSIT    0.0%
Sumitomo Mitsui Banking Corp. (cost $39,680)		1.490	%		09/03/19		40	$	39,680
CERTIFICATES OF DEPOSIT    2.8%
Banks    2.8%
Bank of Nova Scotia (Canada),
1 Month LIBOR + 0.180%		2.362	(c)		06/19/20		1,500		1,499,300
3 Month LIBOR + 0.200%		2.587	(c)		09/20/19		750		750,066
BNP Paribas SA (France), 1 Month LIBOR + 0.220%		2.365	(c)		06/25/20		2,000		2,000,080
Canadian Imperial Bank of Commerce (Canada),
1 Month LIBOR + 0.400%		2.601	(c)		12/10/19		540		540,483
1 Month LIBOR + 0.400%		2.601	(c)		12/12/19		300		300,272
Credit Suisse AG (Switzerland), 3 Month LIBOR + 0.170%		2.489	(c)		10/01/19		300		300,025
Lloyds Bank Corporate Markets PLC (United Kingdom), 3 Month LIBOR + 0.220%		2.531	(c)		10/09/19		2,000		2,000,321
MUFG Bank Ltd. (Japan), 3 Month LIBOR + 0.160%		2.310	(c)		05/22/20		3,500		3,499,991
Natixis SA (France),
1 Month LIBOR + 0.290%		2.534	(c)		06/05/20		1,450		1,450,081
3 Month LIBOR + 0.170%		2.500	(c)		03/27/20		1,750		1,750,483
3 Month LIBOR + 0.230%		2.568	(c)		01/10/20		800		800,442
US Bank NA (United States)		2.357	(c)		06/19/20		1,000		999,533
TOTAL CERTIFICATES OF DEPOSIT (cost $15,890,506)									15,891,077
COMMERCIAL PAPER    9.2%
Australia & New Zealand Banking Group Ltd. (Australia) 144A		2.488	(c)		10/10/19		750		750,107
Commonwealth Bank of Australia (Australia) 144A		2.403	(c)		01/17/20		1,500		1,500,434
Commonwealth Bank of Australia (Australia) 144A		2.370	(c)		04/02/20		1,000		1,000,221
Enbridge US Inc. 144A		2.673	(s)		10/21/19		1,000		996,642
Eni Finance USA, Inc. 144A		2.539	(s)		09/16/19		2,400		2,397,315
Eni Finance USA, Inc. 144A		2.881	(s)		09/25/19		750		748,720
Entergy Corp. 144A		3.046	(s)		09/09/19		250		249,838
ERAC USA Finance LLC 144A		2.597	(s)		09/24/19		1,500		1,497,604
Federation des Caisses Desjardins du Quebec (Canada) 144A		2.571	(c)		12/10/19		1,000		1,000,809
Federation des Caisses Desjardins du Quebec (Canada) 144A		2.447	(c)		08/14/20		1,500		1,500,095
FMC Technologies Inc. 144A		2.445	(s)		11/08/19		3,700		3,683,237
FMC Technologies Inc. 144A		2.465	(s)		11/01/19		1,300		1,294,699
General Electric Co.		2.883	(s)		09/25/19		3,000		2,995,012
Glencore Funding LLC 144A		3.503	(s)		09/20/19		1,400		1,398,022
HSBC USA, Inc. 144A		2.508	(c)		10/10/19		1,000		1,000,152

See Notes to Financial Statements.

28

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
COMMERCIAL PAPER (Continued)
Nissan Motor Acceptance Corp. 144A		3.125	%(s)		09/16/19		1,000	$	998,985
Nissan Motor Acceptance Corp. 144A		2.574	(s)		11/12/19		1,950		1,941,017
Nutrien Ltd. 144A		2.357	(s)		09/27/19		3,000		2,994,619
PPL Capital Funding Inc. 144A		2.355	(s)		09/16/19		2,000		1,997,843
Sempra Energy 144A		2.978	(s)		09/18/19		2,750		2,746,679
Shell International Finance BV 144A		2.037	(s)		06/30/20		3,500		3,443,067
Societe Generale SA (France) 144A		2.681	(c)		01/09/20		2,000		2,002,268
VW Credit, Inc. 144A		2.995	(s)		11/06/19		750		746,699
VW Credit, Inc. 144A		2.479	(s)		01/14/20		2,325		2,304,172
Walgreens Boots Alliance, Inc. 144A		3.137	(s)		10/15/19		2,000		1,994,069
Walgreens Boots Alliance, Inc. 144A		2.546	(s)		09/26/19		2,000		1,996,544
Western Union Co. 144A		2.301	(s)		09/05/19		5,000		4,998,119
Westpac Banking Corp. (Australia) 144A		2.423	(c)		01/17/20		1,000		1,000,363
Westpac Banking Corp. (Australia) 144A		2.330	(c)		11/22/19		700		700,278
TOTAL COMMERCIAL PAPER (cost $51,865,477)									51,877,629
CORPORATE NOTE    0.9%
Telecommunications    0.9%
BellSouth LLC, 144A (cost $5,044,029)		4.266			04/26/20		5,000		5,053,500
TOTAL SHORT-TERM INVESTMENTS (cost $82,700,100)									82,722,294
TOTAL INVESTMENTS    100.0% (cost $560,790,289)									562,957,779
Other assets in excess of liabilities    0.0%									31,986
NET ASSETS    100.0%								$	562,989,765

The following abbreviations are used in the 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.

BKNT—Bank Note

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 August 31, 2019.

(s) Represents zero coupon bond. Rate represents yield to maturity at purchase date.

(w) PGIM Investments LLC, the manager of the Fund, also serves as manager of the PGIM Core Ultra Short Bond Fund.

See Notes to Financial Statements.

PGIM Ultra Short Bond ETF 29

Schedule of Investments (continued)

as of August 31, 2019

Interest rate swap agreements outstanding at August 31, 2019:

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at August 31, 2019			Unrealized Appreciation (Depreciation)
	Centrally cleared swap agreements:
	3,050		10/09/19		2.545%(S)	3 Month LIBOR (1)(Q)	$	1,290		$	(20,562	)	$	(21,852	)
	4,510		04/10/20		2.587%(S)	3 Month LIBOR (1)(Q)		10,989			(45,597	)		(56,586	)
	30,250		07/18/20		2.711%(S)	3 Month LIBOR (1)(Q)		(176,284	)		(235,256	)		(58,972	)
	28,850		11/02/20		2.806%(S)	3 Month LIBOR (1)(Q)		(236,080	)		(564,598	)		(328,518	)
	21,755		05/09/21		2.855%(S)	3 Month LIBOR (1)(Q)		(305,963	)		(621,310	)		(315,347	)
	900		11/24/19		2.715%(S)	3 Month LIBOR (1)(Q)		510			(7,083	)		(7,593	)
	33,265		03/11/21		2.850%(S)	3 Month LIBOR (1)(Q)		(427,648	)		(872,795	)		(445,147	)
	16,320		07/27/21		2.929%(S)	3 Month LIBOR (1)(Q)		(278,291	)		(431,195	)		(152,904	)
	4,640		02/28/20		2.742%(S)	3 Month LIBOR (1)(Q)		(3,213	)		(15,620	)		(12,407	)
	2,550		02/05/20		2.350%(S)	3 Month LIBOR (1)(Q)		13,858			(2,450	)		(16,308	)
	11,930		10/04/21		3.046%(S)	3 Month LIBOR (1)(Q)		(203,599	)		(478,295	)		(274,696	)
	21,445		12/21/20		3.008%(S)	3 Month LIBOR (1)(Q)		(233,411	)		(385,265	)		(151,854	)
	17,525		01/11/22		2.672%(S)	3 Month LIBOR (1)(Q)		(258,152	)		(490,490	)		(232,338	)
	10,800		04/01/22		2.265%(S)	3 Month LIBOR (1)(Q)		(64,500	)		(282,961	)		(218,461	)
	12,800		04/12/22		2.357%(S)	3 Month LIBOR (1)(Q)		(145,026	)		(372,606	)		(227,580	)
	10,015		10/02/21		1.898%(S)	3 Month LIBOR (1)(Q)		(6,871	)		(118,745	)		(111,874	)
	4,640		05/04/20		1.713%(S)	3 Month LIBOR (1)(Q)		21,245			(8,993	)		(30,238	)
	3,250		06/15/22		1.873%(S)	3 Month LIBOR (1)(Q)		32,503			(35,947	)		(68,450	)
	8,285		11/10/20		1.943%(S)	3 Month LIBOR (1)(Q)		(10,800	)		(60,414	)		(49,614	)
	5,000		08/22/22		1.421%(S)	3 Month LIBOR (1)(Q)		162			(1,768	)		(1,930	)
								$(2,269,281)		$	(5,051,950	)	$	(2,782,669	)

(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.	$2,227,000	$	—

See Notes to Financial Statements.

30

Fair Value Measurements:

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

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

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

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

The following is a summary of the inputs used as of August 31, 2019 in valuing such portfolio securities:

	Level 1		Level 2			Level 3
Investments in Securities
Asset-Backed Securities
Collateralized Loan Obligations	$	—	$	55,794,998		$	—
Commercial Mortgage-Backed Securities		—		55,956,796			—
Corporate Bonds		—		343,614,870			—
Affiliated Mutual Fund		9,860,408		—			—
Time Deposit		—		39,680			—
Certificates of Deposit		—		34,292,401			—
Sovereign Bonds		—		6,467,497			—
Commercial Paper		—		51,877,629			—
Corporate Note		—		5,053,500			—
Other Financial Instruments*
Centrally Cleared Interest Rate Swap Agreements		—		(2,782,669	)		—
Total	$	9,860,408	$	550,314,702		$	—

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

See Notes to Financial Statements.

PGIM Ultra Short Bond ETF 31

Schedule of Investments (continued)

as of August 31, 2019

Industry Classification:

The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of August 31, 2019 were as follows (unaudited):

Banks	16.3	%
Commercial Mortgage-Backed Securities	10.0
Collateralized Loan Obligations	9.9
Commercial Paper	9.2
Pharmaceuticals	5.0
Electric	4.4
Insurance	4.0
Oil & Gas	4.0
Retail	3.0
Auto Manufacturers	2.7
Food	2.5
Healthcare-Products	2.5
Chemicals	2.1
Transportation	2.0
Aerospace & Defense	1.8
Affiliated Mutual Fund	1.8
Semiconductors	1.6
Telecommunications	1.4
Commercial Services	1.4
Beverages	1.3
Software	1.3
Diversified Financial Services	1.2
Sovereign	1.1
Biotechnology	1.0
Agriculture	1.0	%
Machinery-Constructions & Mining	0.9
Computers	0.9
Miscellaneous Manufacturer	0.9
Pipelines	0.9
Hand/Machine Tools	0.7
Environmental Control	0.6
Media	0.5
Oil & Gas Services	0.5
Electronics	0.3
Healthcare-Services	0.3
Household Products/Wares	0.3
Machinery-Diversified	0.2
Trucking & Leasing	0.2
Lodging	0.1
Building Materials	0.1
Real Estate Investment Trusts (REITS)	0.1
Time Deposit	0.0	*
	100.0
Other assets in excess of liabilities	0.0	*
	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. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Fund’s financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

See Notes to Financial Statements.

32

Fair values of derivative instruments as of August 31, 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*	$	(2,782,669	)

* 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 year ended August 31, 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		$906,056

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	$	(2,723,705	)

For the year ended August 31, 2019 the Fund’s average volume of derivative activities is as follows:

Interest Rate Swap
Agreements(1)

$87,222,400

(1) Notional Amount in USD.

See Notes to Financial Statements.

PGIM Ultra Short Bond ETF 33

Statement of Assets & Liabilities

as of August 31, 2019

Assets
Investments at value:
Unaffiliated investments (cost $550,929,881)	$	553,097,371
Affiliated investments (cost $9,860,408)		9,860,408
Cash		630
Interest and dividends receivable		2,958,458
Receivable for Fund shares sold		2,507,478
Deposit with broker for centrally cleared/exchange-traded derivatives		2,227,000
Due from broker—variation margin swaps		175,315
Receivable for investments sold		68,906
Total assets		570,895,566
Liabilities
Payable for investments purchased		7,835,024
Management fee payable		65,700
Other liabilities		5,077
Total Liabilities		7,905,801
Net Assets	$	562,989,765
Net assets were comprised of:
Common stock, at par	$	11,225
Paid-in capital in excess of par		561,841,127
		561,852,352
Total distributable earnings (loss)		1,137,413
Net assets, August 31, 2019	$	562,989,765
Net asset value, offering price and redemption price per share, ($ 562,989,765 / 11,225,000 shares of common stock issued and outstanding)	$	50.15

See Notes to Financial Statements.

34

Statement of Operations

Year Ended August 31, 2019

Net Investment Income (Loss)
Income
Interest income	$	7,126,133
Affiliated dividend income		82,767
Total income		7,208,900
Expenses
Management fee		370,018
Total expenses		370,018
Less: Management fee waiver and/or expense reimbursement		(284	)
Net expenses		369,734
Net investment income (loss)		6,839,166
Realized And Unrealized Gain (Loss) On Investments
Net realized gain (loss) on:
Investment transactions (including affiliated of $(705))		79,456
Swap agreement transactions		906,056
Foreign currency transactions		63
		985,575
Net change in unrealized appreciation (depreciation) on:
Investments		2,139,430
Swap agreements		(2,723,705	)
		(584,275	)
Net gain (loss) on investment transactions		401,300
Net Increase (Decrease) In Net Assets Resulting From Operations	$	7,240,466

See Notes to Financial Statements.

PGIM Ultra Short Bond ETF 35

Statements of Changes in Net Assets

	Year Ended August 31, 2019			Period Ended August 31, 2018*
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	6,839,166		$	349,649
Net realized gain (loss) on investments		985,575			48,332
Net change in unrealized appreciation (depreciation) on investments		(584,275	)		(30,904	)
Net increase (decrease) in net assets resulting from operations		7,240,466			367,077
Dividends and Distributions
Distributions from distributable earnings		(6,192,897	)		—
Distributions from net investment income		**			(277,234	)
Fund share transactions (Net of share conversions)
Net proceeds from shares sold		549,371,823			52,536,890
Cost of shares reacquired		(40,056,360	)		(100,000	)
Net increase (decrease) in net assets from Fund share transactions		509,315,463			52,436,890
Total increase (decrease)		510,363,032			52,526,733
Net Assets:
Beginning of period		52,626,733			100,000
End of period(a)	$	562,989,765		$	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 year ended August 31, 2019 the Fund has adopted amendments to Regulation S-X (refer to Note 9)

See Notes to Financial Statements.

36

Notes to Financial Statements

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 year end, securities and other assets and liabilities were fair valued at the close of the last U.S. business day. Trading in certain foreign securities may occur when the NYSE is closed (including weekends and holidays). Because such foreign

PGIM Ultra Short Bond ETF 37

Notes to Financial Statements (continued)

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

38

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

Illiquid Securities: Pursuant to Rule 22e-4 under the 1940 Act, 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.

PGIM Ultra Short Bond ETF 39

Notes to Financial Statements (continued)

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, subject to the supervision of the Board and

40

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 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 contractually agreed, beginning from the inception of the Fund, to waive any management fees it receives from the Fund in an amount equal to the subadvisory fees paid by the Fund to the PGIM Institutional Money Market Fund due to the Fund’s investment of its excess overnight cash in the PGIM Institutional Money Market Fund. This waiver will remain in effect for as long as the Fund remains invested or intends to invest in the PGIM Institutional Money Market Fund.

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. The Manager pays for the services of the subadviser.

PGIM Ultra Short Bond ETF 41

Notes to Financial Statements (continued)

Brown Brothers Harriman & Co. (“BBH”) serves as the Custodian, Transfer Agent, Administrative Agent and Securities Lending 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. As securities lending agent, BBH is responsible for marketing to approved borrowers available securities from the Fund’s portfolio. As administered by BBH, available securities from the Fund’s portfolio are furnished to borrowers through security-by-security loans effected by BBH as lending agent on behalf of the Fund. BBH is responsible for the administration and management of the Fund’s securities lending program, including the preparation and execution of a participant agreement with each borrower governing the terms and conditions of any securities loan, ensuring that securities loans are properly coordinated and documented with the Fund’s custodian, ensuring that loaned securities are daily valued and that the corresponding required cash collateral is delivered by the borrower(s), and arranging for the investment of cash collateral received from borrowers in accordance with the Fund’s investment guidelines. BBH receives as compensation for its services a portion of the amount earned by the Fund for lending securities.

3. Other Transactions with Affiliates

The Fund may invest its overnight sweep cash in the PGIM Core Ultra Short Bond Fund (the “Core 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 Core Fund are disclosed on the Statement of Operations as “Affiliated dividend income”.

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

42

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. For the year ended August 31, 2019, no 17a-7 transactions were entered into by the Fund.

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.

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 year ended August 31, 2019, were $416,483,029 and $10,683,116 respectively.

A summary of the cost of purchases and proceeds from sales of shares of affiliated investments for the year ended August 31, 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		Income
PGIM Institutional Money Market Fund*
$37,013	$	44,274,586	$	44,311,066	$	—	$	(533	)	$	—		—		—
PGIM Core Ultra Short Bond Fund*
$        —	$	163,223,580	$	153,363,000	$	—	$	(172	)	$	9,860,408		9,860,408	$	82,767
Total
$37,013	$	207,498,166	$	197,674,066	$	—	$	(705	)	$	9,860,408		9,860,408	$	82,767

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

5. Distributions and Tax Information

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.

For the year ended August 31, 2019, the tax character of dividends paid by the Fund was $6,192,897 of ordinary income. For the reporting period ended August 31, 2018, the tax character of dividends paid by the Fund was $277,234 of ordinary income.

PGIM Ultra Short Bond ETF 43

Notes to Financial Statements (continued)

As of August 31, 2019, the accumulated undistributed earnings on a tax basis was of $2,034,693 of ordinary income.

The United States federal income tax basis of the Fund’s investments and the net unrealized depreciation as of August 31, 2019 were as follows:

Tax Basis	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Depreciation
$561,060,303	$3,287,227	$(4,172,420)	$(885,193)

The difference between book basis and tax basis was primarily attributable to deferred loss on wash sales, amortization of premium and swaps.

For federal income tax purposes, the Fund had a capital loss carryforward as of August 31, 2019 of $12,087 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. Since tax authorities can examine previously filed tax returns, the Fund’s U.S. federal and state tax returns for each of the two fiscal years up to the most recent fiscal year ended August 31, 2019 are subject to such review.

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

44

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 August 31, 2019, these fixed transaction fees are being paid by PGIM Investments. For the reporting period ended August 31, 2019 PGIM Investments paid $36,500 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 August 31, 2019, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned 500,000 shares of the Fund.

At reporting period end, five shareholders of record, each holding greater than 5% of the Fund, held 69% of the Fund’s outstanding shares on behalf of multiple beneficial owners, none of which are affiliate of Prudential.

Transactions in shares of beneficial interest were as follows:

Reporting period ended August 31, 2019:

	Shares			Amount
Shares sold		10,975,000		$	549,371,823
Shares reacquired		(800,000	)		(40,056,360	)
Net increase (decrease) in shares outstanding before conversion		10,175,000			509,315,463
Net increase (decrease) in shares outstanding		10,175,000		$	509,315,463

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 of 1.25% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent.

Subsequent to the reporting period end, the SCA has been renewed effective October 3, 2019 and will continue to provide a commitment of $900 million through October 1, 2020.

PGIM Ultra Short Bond ETF 45

Notes to Financial Statements (continued)

The commitment fee paid by the Funds will continue to be 0.15% of the unused portion of the SCA. The interest on borrowings under the renewed SCA will be paid monthly and at a per annum interest rate of 1.20% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent.

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

The Fund utilized the SCA during the year ended August 31, 2019. The average daily balance for the 1 day that the Fund had loans outstanding during the period was approximately $830,000, borrowed at a weighted average interest rate of 3.69%. The maximum loan balance outstanding during the period was $830,000. At August 31, 2019, the Fund did not have an outstanding loan balance.

8. Risks 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.

46

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 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

PGIM Ultra Short Bond ETF 47

Notes to Financial Statements (continued)

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. The Manager has adopted the amendments and reflected them 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,

48

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. The Manager continues to evaluate certain other provisions of the ASU and does not expect a material impact to financial statement disclosures.

In September 2019, the Securities and Exchange Commission adopted a new rule and related form amendments regulating ETFs, which will become effective 60 days after publication in the Federal Register. The Manager is currently evaluating the rule and form amendments, but does not anticipate any material impact on future financial statement disclosures.

10. Subsequent Events

At a meeting held on September 11, 2019, the Board approved the addition of PGIM Limited as subadviser to the Fund. This change became effective on September 16, 2019.

PGIM Ultra Short Bond ETF 49

Financial Highlights

	Year Ended August 31, 2019			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)		1.40			0.53
Net realized and unrealized gain (loss) on investment		(0.02	)		0.01
Total from investment operations		1.38			0.54
Less Dividends and Distributions:
Dividends from net investment income		(1.35	)		(0.42	)
Net asset value, end of period		$50.15			$50.12
Total Return(b):		2.80%			1.08%
Ratios/Supplemental Data:
Net assets, end of period (000)		$562,990			$52,627
Average net assets (000)		$246,678			$33,209
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		0.15%			0.15%	(d)
Expenses before waivers and/or expense reimbursement		0.15%			0.15%	(d)
Net investment income (loss)		2.77%			2.58%	(d)
Portfolio turnover rate		7%	(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.

50

Report of Independent Registered Public Accounting Firm

To the Shareholders of PGIM Ultra Short Bond ETF and Board of Trustees

PGIM ETF Trust:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of PGIM Ultra Short Bond ETF, a series of PGIM ETF Trust, (the Fund), including the schedule of investments, as of August 31, 2019, the related statement of operations for the year then ended, the statements of changes in net assets for the year ended August 31, 2019 and the period from April 5, 2018 (commencement of operations) to August 31, 2018, and the related notes (collectively, the financial statements) and the financial highlights for the periods indicated therein. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of August 31, 2019, the results of its operations for the year then ended, the changes in its net assets for the year ended August 31, 2019 and the period from April 5, 2018 to August 31, 2018, and the financial highlights for the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of August 31, 2019, by correspondence with the custodian, transfer agent, and brokers, or by other appropriate auditing procedures when replies were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more PGIM and/or Prudential Retail investment companies since 2003.

New York, New York

October 15, 2019

PGIM Ultra Short Bond ETF 51

Federal Income Tax Information (unaudited)

For the period ended August 31, 2019, the Fund reports the maximum amount allowable but not less than 49.48% as interest-related dividends in accordance with Sections 871(k)(1) and 881(e)(1) of the Internal Revenue Code.

In January 2020, you will be advised on IRS Form 1099-DIV or substitute 1099-DIV, as to the federal tax status of the dividends received by you in calendar year 2019.

52

INFORMATION ABOUT BOARD MEMBERS AND OFFICERS (unaudited)

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

Independent Board Members
Name Date of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Ellen S. Alberding 3/11/58 Board Member Portfolios Overseen: 96	President and Board Member, The Joyce Foundation (charitable foundation) (since 2002); Vice Chair, City Colleges of Chicago (community college system) (2011-2015); Trustee, National Park Foundation (charitable foundation for national park system) (2009-2018); Trustee, Economic Club of Chicago (since 2009); Trustee, Loyola University (since 2018).	None.	Since December 2017
Kevin J. Bannon 7/13/52 Board Member Portfolios Overseen: 96	Retired; Managing Director (April 2008-May 2015) and Chief Investment Officer (October 2008-November 2013) of Highmount Capital LLC (registered investment adviser); formerly Executive Vice President and Chief Investment Officer (April 1993-August 2007) of Bank of New York Company; President (May 2003-May 2007) of BNY Hamilton Family of Mutual Funds.	Director of Urstadt Biddle Properties (equity real estate investment trust) (since September 2008).	Since December 2017

PGIM Ultra Short Bond ETF

Independent Board Members
Name Date of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Linda W. Bynoe 7/9/52 Board Member Portfolios Overseen: 96	President and Chief Executive Officer (since March 1995) and formerly Chief Operating Officer (December 1989-February 1995) of Telemat Ltd. (management consulting); formerly Vice President (January 1985-June 1989) at Morgan Stanley & Co. (broker-dealer).	Director of Anixter International, Inc. (communication products distributor) (since January 2006); Director of Northern Trust Corporation (financial services) (since April 2006); Trustee of Equity Residential (residential real estate) (since December 2009).	Since December 2017
Barry H. Evans 11/2/60 Board Member Portfolios Overseen: 95	Retired; formerly President (2005 – 2016), Global Chief Operating Officer (2014–2016), Chief Investment Officer – Global Head of Fixed Income (1998-2014), and various portfolio manager roles (1986-2006), Manulife Asset Management U.S.	Formerly Director, Manulife Trust Company (2011-2018); formerly Director, Manulife Asset Management Limited (2015-2017); formerly Chairman of the Board of Directors of Manulife Asset Management U.S. (2005-2016); formerly Chairman of the Board, Declaration Investment Management and Research (2008-2016).	Since December 2017
Keith F. Hartstein 10/13/56 Board Member & Independent Chair Portfolios Overseen: 96	Retired; Member (since November 2014) of the Governing Council of the Independent Directors Council (organization of independent mutual fund directors); formerly President and Chief Executive Officer (2005-2012), Senior Vice President (2004-2005), Senior Vice President of Sales and Marketing (1997-2004), and various executive management positions (1990-1997), John Hancock Funds, LLC (asset management); Chairman, Investment Company Institute’s Sales Force Marketing Committee (2003-2008).	None.	Since December 2017

Visit our website at pgiminvestments.com

Independent Board Members
Name Date of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Laurie Simon Hodrick 9/29/62 Board Member Portfolios Overseen: 95	A. Barton Hepburn Professor Emerita of Economics in the Faculty of Business, Columbia Business School (since 2018); Visiting Professor of Law, Stanford Law School (since 2015); Visiting Fellow at the Hoover Institution, Stanford University (since 2015); Sole Member, ReidCourt LLC (since 2008) (a consulting firm); formerly A. Barton Hepburn Professor of Economics in the Faculty of Business, Columbia Business School (1996-2017); formerly Managing Director, Global Head of Alternative Investment Strategies, Deutsche Bank (2006-2008).	Independent Director, Synnex Corporation (since April 2019) (information technology); Independent Director, Kabbage, Inc. (since July 2018) (financial services); Independent Director, Corporate Capital Trust (2017-2018) (a business development company).	Since December 2017
Michael S. Hyland, CFA 10/4/45 Board Member Portfolios Overseen: 96	Retired (since February 2005); formerly Senior Managing Director (July 2001-February 2005) of Bear Stearns & Co, Inc.; Global Partner, INVESCO (1999-2001); Managing Director and President of Salomon Brothers Asset Management (1989-1999).	None.	Since December 2017
Brian K. Reid 9/22/61 Board Member Portfolios Overseen: 95	Retired; formerly Chief Economist for the Investment Company Institute (ICI) (2005-2017); formerly Senior Economist and Director of Industry and Financial Analysis at the ICI (1998-2004); formerly Senior Economist, Industry and Financial Analysis at the ICI (1996-1998); formerly Staff Economist at the Federal Reserve Board (1989-1996); Director, ICI Mutual Insurance Company (2012-2017).	None.	Since March 2018

PGIM Ultra Short Bond ETF

Independent Board Members
Name Date of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Grace C. Torres 6/28/59 Board Member Portfolios Overseen: 95	Retired; formerly Treasurer and Principal Financial and Accounting Officer of the PGIM Funds, Target Funds, Advanced Series Trust, Prudential Variable Contract Accounts and The Prudential Series Fund (1998-June 2014); Assistant Treasurer (March 1999-June 2014) and Senior Vice President (September 1999-June 2014) of PGIM Investments LLC; Assistant Treasurer (May 2003-June 2014) and Vice President (June 2005-June 2014) of AST Investment Services, Inc.; Senior Vice President and Assistant Treasurer (May 2003-June 2014) of Prudential Annuities Advisory Services, Inc.	Formerly Director (July 2015-January 2018) of Sun Bancorp, Inc. N.A. and Sun National Bank; Director (since January 2018) of OceanFirst Financial Corp. and OceanFirst Bank.	Since December 2017

Interested Board Members
Name Date of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Stuart S. Parker 10/5/62 Board Member & President Portfolios Overseen: 96	President of PGIM Investments LLC (formerly known as Prudential Investments LLC) (since January 2012); Executive Vice President of Prudential Investment Management Services LLC (since December 2012); formerly Executive Vice President of Jennison Associates LLC and Head of Retail Distribution of PGIM Investments LLC (June 2005-December 2011).	None.	Since December 2017

Visit our website at pgiminvestments.com

Interested Board Members
Name Date of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Scott E. Benjamin 5/21/73 Board Member & Vice President Portfolios Overseen:96	Executive Vice President (since June 2009) of PGIM Investments LLC; Executive Vice President (June 2009-June 2012) and Vice President (since June 2012) of Prudential Investment Management Services LLC; Executive Vice President (since September 2009) of AST Investment Services, Inc.; Senior Vice President of Product Development and Marketing, PGIM Investments (since February 2006); formerly Vice President of Product Development and Product Management, PGIM Investments LLC (2003-2006).	None.	Since December 2017

Fund Officers(a)
Name Date of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Raymond A. O’Hara 9/11/55 Chief Legal Officer	Vice President and Corporate Counsel (since July 2010) of Prudential Insurance Company of America (Prudential); Vice President (March 2011-Present) of Pruco Life Insurance Company and Pruco Life Insurance Company of New Jersey; Vice President and Corporate Counsel (March 2011-Present) of Prudential Annuities Life Assurance Corporation; Chief Legal Officer of PGIM Investments LLC (since June 2012); Chief Legal Officer of Prudential Mutual Fund Services LLC (since June 2012) and Corporate Counsel of AST Investment Services, Inc. (since June 2012); formerly Assistant Vice President and Corporate Counsel (September 2008-July 2010) of The Hartford Financial Services Group, Inc.; formerly Associate (September 1980-December 1987) and Partner (January 1988–August 2008) of Blazzard & Hasenauer, P.C. (formerly, Blazzard, Grodd & Hasenauer, P.C.).	Since December 2017

PGIM Ultra Short Bond ETF

Fund Officers(a)
Name Date of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Dino Capasso 8/19/74 Chief Compliance Officer	Chief Compliance Officer (July 2019-Present) of PGIM Investments LLC; Chief Compliance Officer (July 2019-Present) of the PGIM Funds, Target Funds, Advanced Series Trust, The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc., PGIM Global High Yield Fund, Inc., and PGIM High Yield Bond Fund, Inc.; Vice President and Deputy Chief Compliance Officer (June 2017-2019) of PGIM Investments LLC; formerly, Senior Vice President and Senior Counsel (January 2016-June 2017), and Vice President and Counsel (February 2012-December 2015) of Pacific Investment Management Company LLC.	Since December 2017
Andrew R. French 12/22/62 Secretary	Vice President of PGIM Investments LLC (December 2018-Present); formerly Vice President and Corporate Counsel (February 2010-December 2018) of Prudential; formerly Director and Corporate Counsel (2006-2010) of Prudential; Vice President and Assistant Secretary (since January 2007) of PGIM Investments LLC; Vice President and Assistant Secretary (since January 2007) of Prudential Mutual Fund Services LLC.	Since December 2017
Jonathan D. Shain 8/9/58 Assistant Secretary	Vice President and Corporate Counsel (since August 1998) of Prudential; Vice President and Assistant Secretary (since May 2001) of PGIM Investments LLC; Vice President and Assistant Secretary (since February 2001) of Prudential Mutual Fund Services LLC; formerly Vice President and Assistant Secretary (May 2003-June 2005) of AST Investment Services, Inc.	Since December 2017
Claudia DiGiacomo 10/14/74 Assistant Secretary	Vice President and Corporate Counsel (since January 2005) of Prudential; Vice President and Assistant Secretary of PGIM Investments LLC (since December 2005); formerly Associate at Sidley Austin Brown & Wood LLP (1999-2004).	Since December 2017
Diana N. Huffman 4/14/82 Assistant Secretary	Vice President and Corporate Counsel (since September 2015) of Prudential; formerly Associate at Willkie Farr & Gallagher LLP (2009-2015).	Since March 2019
Kelly A. Coyne 8/8/68 Assistant Secretary	Director, Investment Operations of Prudential Mutual Fund Services LLC (since 2010).	Since December 2017
Christian J. Kelly 5/5/75 Treasurer and Principal Financial and Accounting Officer	Vice President, Head of Fund Administration of PGIM Investments LLC (since November 2018); formerly, Director of Fund Administration of Lord Abbett & Co. LLC (2009-2018), Treasurer and Principal Accounting Officer of the Lord Abbett Family of Funds (2017-2018); Director of Accounting, Avenue Capital Group (2008-2009); Senior Manager, Investment Management Practice of Deloitte & Touche LLP (1998-2007).	Since January 2019

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Fund Officers(a)
Name Date of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Lana Lomuti 6/7/67 Assistant Treasurer	Vice President (since 2007) and Director (2005-2007), within PGIM Investments Fund Administration; formerly Assistant Treasurer (December 2007-February 2014) of The Greater China Fund, Inc.	Since December 2017
Russ Shupak 10/08/73 Assistant Treasurer	Vice President (since 2017) and Director (2013-2017), within PGIM Investments Fund Administration.	Since October 2019
Deborah Conway 3/26/69 Assistant Treasurer	Vice President (since 2017) and Director (2007-2017), within PGIM Investments Fund Administration.	Since October 2019
Elyse M. McLaughlin 1/20/74 Assistant Treasurer	Vice President (since 2017) and Director (2011-2017), within PGIM Investments Fund Administration.	Since October 2019

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

Explanatory Notes to Tables:

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

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

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

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

∎ “Portfolios Overseen” includes all investment companies managed by PGIM Investments LLC. The investment companies for which PGIM Investments LLC serves as manager include the PGIM Funds, The Prudential Variable Contract Accounts, PGIM ETF Trust, PGIM High Yield Bond Fund, Inc., PGIM Global High Yield Fund, Inc., The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc. and the Advanced Series Trust.

PGIM Ultra Short Bond ETF

Approval of Advisory Agreements (unaudited)

The Fund’s Board of Trustees

The Board of Trustees (the “Board”) of PGIM Ultra Short Bond ETF¹ (the “Fund”) consists of eleven individuals, nine of whom are not “interested persons” of the Fund, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Trustees”).² The Board is responsible for the oversight of the Fund and its operations, and performs the various duties imposed on the Trustees of investment companies by the 1940 Act. The Independent Trustees have retained independent legal counsel to assist them in connection with their duties. The Chair of the Board is an Independent Director. The Board has established four standing committees: the Audit Committee, the Nominating and Governance Committee, and two Investment Committees. Each committee is chaired by, and composed of, Independent Trustees.

Annual Approval of the Fund’s Advisory Agreements

As required under the 1940 Act, the Board determines annually whether to renew the Fund’s management agreement with PGIM Investments LLC (“PGIM Investments”) and the Fund’s subadvisory agreement with PGIM, Inc. (“PGIM”) on behalf of its PGIM Fixed Income unit. In considering the renewal of the agreements, the Board, including all of the Independent Trustees, met on May 30, 2019 and on June 11-13, 2019 and approved the renewal of the agreements through July 31, 2020, after concluding that the renewal of the agreements was in the best interests of the Fund and its shareholders.

In advance of the meetings, 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 consideration. Among other things, the Board considered comparative fee information from PGIM Investments and PGIM. Also, the Board considered comparisons with other mutual funds in relevant Peer Universes and Peer Groups, as is further discussed below.

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 provided by PGIM Investments, the subadviser and, as relevant, its affiliates, the performance of the Fund, the profitability of PGIM Investments and its affiliates, expenses and fees, and the potential for economies of scale that may be shared with the Fund and its shareholders as the Fund’s assets grow. 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. In connection with its deliberations, the Board considered information provided by PGIM Investments throughout

¹  PGIM Ultra Short Bond ETF is a series of PGIM ETF Trust.

²  Grace C. Torres was an Interested Trustee of the Fund at the time the Board considered and approved the renewal of the Fund’s advisory agreements, but has since become an Independent Trustee of the Fund.

PGIM Ultra Short Bond ETF

Approval of Advisory Agreements (continued)

the year at regular Board meetings, presentations from portfolio managers and other information, as well as information furnished at or in advance of the meetings on May 30, 2019 and on June 11-13, 2019.

The Trustees determined that the overall arrangements between the Fund and PGIM Investments, which serves as the Fund’s investment manager pursuant to a management agreement, between PGIM Investments and PGIM, which, through its PGIM Fixed Income unit, serves as the Fund’s subadviser pursuant to the terms of a subadvisory agreement with PGIM Investments are in the best interests of the Fund and its shareholders in light of the services performed, fees charged 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 continuance of the agreements are separately discussed below.

Nature, Quality and Extent of Services

The Board received and considered information regarding the nature, quality and extent of services provided to the Fund by PGIM Investments and, PGIM Fixed Income. The Board noted that PGIM Fixed Income is affiliated with PGIM Investments. The Board considered the services provided by PGIM Investments, including but not limited to the oversight of the subadviser for the Fund, as well as the provision of fund recordkeeping, compliance and other services to the Fund, and PGIM Investments’ role as administrator of the Fund’s liquidity risk management program. With respect to PGIM Investments’ oversight of the subadviser, the Board noted that PGIM Investments’ Strategic Investment Research Group (“SIRG”), which is a business unit of PGIM Investments, is responsible for monitoring and reporting to PGIM Investments’ senior management on the performance and operations of the subadviser. The Board also considered that PGIM Investments pays the salaries of all of the officers and interested Trustees of the Fund who are part of Fund management. The Board also considered the investment subadvisory services provided by PGIM Fixed Income and PGIML, including investment research and security selection, as well as adherence to the Fund’s investment restrictions and compliance with applicable Fund policies and procedures. The Board considered PGIM Investments’ evaluation of the subadviser, as well as PGIM Investments’ recommendation, based on its review of the subadviser, to renew the subadvisory agreement.

The Board considered the qualifications, backgrounds and responsibilities of PGIM Investments’ senior management responsible for the oversight of the Fund and PGIM Fixed Income, and also considered the qualifications, backgrounds and responsibilities of PGIM Fixed Income’s portfolio managers who are responsible for the day-to-day management of the Fund’s portfolio. The Board was provided with information pertaining to PGIM Investments’ and

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PGIM Fixed Income’s organizational structure, senior management, investment operations, and other relevant information pertaining to PGIM Investments and PGIM Fixed Income. The Board also noted that it received favorable compliance reports from the Fund’s Chief Compliance Officer (“CCO”) as to PGIM Investments and PGIM Fixed Income.

The Board concluded that it was satisfied with the nature, extent and quality of the investment management services provided by PGIM Investments, and the subadvisory services provided to the Fund by PGIM Fixed Income, and that there was a reasonable basis on which to conclude that the Fund benefits from the services provided by PGIM Investments and PGIM Fixed Income under the management, subadvisory agreement.

Costs of Services and Profits Realized by PGIM Investments

The Board was provided with information on the profitability of PGIM Investments and its affiliates in serving as the Fund’s investment manager. The Board discussed with PGIM Investments the methodology utilized in assembling the information regarding profitability and considered its reasonableness. The Board recognized that it is difficult to make comparisons of profitability from fund management contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the adviser’s capital structure and cost of capital. However, the Board considered that the cost of services provided by PGIM Investments exceeded the management fees received by PGIM Investments, resulting in an operating loss to PGIM Investments for the year ended December 31, 2018. Taking these factors into account, the Board concluded that the profitability of PGIM Investments and its affiliates in relation to the services rendered was not unreasonable.

Economies of Scale

The Board received and discussed information concerning economies of scale that PGIM Investments may realize as the Fund’s assets grow beyond current levels. During the course of time, the Board has considered information regarding the launch date of the Fund, the management fees of the Fund compared to those of similarly managed funds and PGIM Investments’ investment in the Fund over time. The Board noted that economies of scale can be shared with the Fund in other ways, including low management fees from inception, additional technological and personnel investments to enhance shareholder services, and maintaining existing expense structures in the face of a rising cost environment. The Board also considered PGIM Investments’ assertion that it continually evaluates the management fee schedule of the Fund and the potential to share economies of scale through breakpoints or fee waivers as asset levels increase.

PGIM Ultra Short Bond ETF

Approval of Advisory Agreements (continued)

The Board recognized the inherent limitations of any analysis of economies of scale, stemming largely from the Board’s understanding that most of PGIM Investments’ costs are not specific to individual funds, but rather are incurred across a variety of products and services.

Other Benefits to PGIM Investments, and PGIM Fixed Income

The Board considered potential ancillary benefits that might be received by PGIM Investments, PGIM Fixed Income and their affiliates as a result of their relationship with the Fund. The Board concluded that potential benefits to be derived by PGIM Investments included transfer agency fees received by the Fund’s transfer agent (which is affiliated with PGIM Investments), as well as benefits to its reputation or other intangible benefits resulting from PGIM Investments’ association with the Fund. The Board concluded that the potential benefits to be derived by PGIM Fixed Income included the ability to use soft dollar credits, as well as the potential benefits consistent with those generally resulting from an increase in assets under management, specifically, potential access to additional research resources and benefits to its reputation. The Board concluded that the benefits derived by PGIM Investments and PGIM Fixed Income were consistent with the types of benefits generally derived by investment managers and subadvisers to mutual funds.

Performance of the Fund / Fees and Expenses

The Board considered certain additional factors and made related conclusions relating to the historical performance of the Fund for the three-month period ended December 31, 2018. The Board considered that the Fund commenced operations on April 5, 2018 and that longer-term performance was not yet available.

The Board also considered the Fund’s actual management fee, as well as the Fund’s net total expense ratio, for the fiscal period ended August 31, 2018. The Board considered the management fee for the Fund as compared to the management fee charged by PGIM Investments to other funds and the fee charged by other advisers to comparable mutual funds in a Peer Group. The actual management fee represents the fee rate actually paid by Fund shareholders and includes any fee waivers or reimbursements. The net total expense ratio for the Fund represents the actual expense ratio incurred by Fund shareholders.

The mutual funds included in the Peer Universe, which was used to consider performance, and the Peer Group, which was used to consider expenses and fees, were objectively determined by Broadridge, an independent provider of mutual fund data. In certain circumstances, PGIM Investments also provided supplemental Peer Universe or Peer Group information for reasons addressed with the Board. The comparisons placed the Fund in various quartiles over various periods, with the first quartile being the best 25% of the mutual funds (for performance, the best performing mutual funds and, for expenses, the lowest cost mutual funds).

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The section below summarizes key factors considered by the Board and the Board’s conclusions regarding the Fund’s performance, fees and overall expenses. The table sets forth net performance comparisons (which reflect the impact on performance of fund expenses, or any subsidies, expense caps or waivers that may be applicable) with the Peer Universe, actual management fees with the Peer Group (which reflect the impact of any subsidies or fee waivers), and net total expenses with the Peer Group, each of which were key factors considered by the Board.

Net Performance	Q4 2018	1 Year	3 Years	5 Years	10 Years
	2nd Quartile	N/A	N/A	N/A	N/A
Actual Management Fees: 3rd Quartile
Net Total Expenses: 1st Quartile

• The Board noted that the Fund underperformed its benchmark index over the three-month period ended December 31, 2018.

• The Board noted that the Fund does not yet have a three-year performance record and that, therefore, the subadviser should have more time to develop that record.

• The Board and PGIM Investments agreed to retain the Fund’s existing contractual fee waiver, pursuant to which PGIM Investments waives any management fees it receives from the Fund in an amount equal to the subadvisory fees paid by the Fund to the PGIM Institutional Money Market Fund.

• The Board concluded that in light of the above, it would be in the best interests of the Fund and its shareholders to continue to allow the Fund to create a longer-term performance record, and to renew the agreements.

• The Board concluded that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

*    *    *

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

PGIM Ultra Short Bond ETF

∎ 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 • Dino Capasso, 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 • Kelly A. Coyne, Assistant Secretary • Lana Lomuti, Assistant Treasurer • Russ Shupak, Assistant Treasurer • Elyse McLaughlin, Assistant Treasurer • Deborah Conway, Assistant Treasurer

MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102
SUBADVISER	PGIM Fixed Income PGIM Limited	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 on Form N-PORT. The Fund’s Form N-PORT filings are available on the Commission’s website at sec.gov. Form N-PORT is filed with the Commission quarterly, and each Fund’s full portfolio holdings as of the first and third fiscal quarter-ends (as of the third month of the Fund’s fiscal quarter for reporting periods on or after September 30, 2019) will be made publicly available 60 days after the end of each quarter at sec.gov.

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

Funds:

ARE NOT INSURED BY THE FDIC OR ANY FEDERAL GOVERNMENT AGENCY MAY LOSE VALUE ARE NOT A DEPOSIT OF OR GUARANTEED BY ANY BANK OR ANY BANK AFFILIATE

PGIM ULTRA SHORT BOND ETF

TICKER SYMBOL PULS

ETF1000E    

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

ANNUAL REPORT

AUGUST 31, 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

Highlights (unaudited)

• The Fund benefited from very strong security selection, accounting for a large portion of the outperformance in the reporting period. This was mostly driven by positioning in the upstream energy, health care & pharmaceuticals, electric utility, and technology sectors.

• Overweights to Wind Tre Spa (telecom) and Calpine Corp. (electric utilities), as well as underweights to upstream energy issuers EP Energy Corp. and Weatherford International plc, were among the largest single-name contributors.

• Underweights to the banking and cable & satellite sectors hurt performance. An overweight to chemicals was also negative.

• Security selection within telecom and midstream energy were a drag on performance. The largest single-name detractors from returns included overweights to Digicel (telecom) and Alta Mesa Holdings LP (upstream energy).

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

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

Exchange-traded funds are distributed by Prudential Investment Management Services LLC (PIMS), member SIPC. PGIM Fixed Income is a unit of PGIM, Inc. (PGIM), a registered investment adviser. PIMS and PGIM are Prudential Financial companies. ^© 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
Growth of a $10,000 Investment	6
Strategy and Performance Overview	9
Fees and Expenses	12
Holdings and Financial Statements	15

PGIM Active High Yield Bond ETF 3

This Page Intentionally Left Blank

Letter from the President

Dear Shareholder:

We hope you find the annual report for the PGIM Active High Yield Bond ETF informative and useful. The report covers performance from September 24, 2018, the fund’s inception date, through the end of the reporting period on August 31, 2019.

While the US economy remained healthy, with rising corporate profits and strong job growth, the Federal Reserve cut interest rates late in the period for the first time since the Great Recession more than a decade ago. After nine rate increases in recent years, the cut was a proactive attempt by the Fed to extend the longest domestic economic expansion on record as growth in many other regions weakened. China in particular showed signs of slowing amid trade tensions with the US, and turmoil in the United Kingdom continued as it negotiated an exit from the European Union.

Despite the growing US economy, volatility returned to the equity markets during the period. After corporate tax cuts and regulatory reforms helped boost US stocks early in the period, equities declined significantly at the end of 2018 on concerns about China’s economy, a potential global trade war, higher interest rates, and worries that profit growth might slow. Stocks reversed course early in 2019, rising sharply after the Fed moderated its position on additional rate hikes for the remainder of the year. For the period overall, large-cap US equities rose while small-cap US stocks fell. Stocks also declined in developed foreign and emerging markets.

The overall US bond market posted strong returns during the period on a significant rally in interest rates that saw the 10-year US Treasury yield decline from around 3% to 2%. Investment grade corporate bonds led the way with a double-digit gain, while corporate high yield and municipal bonds each had a high single-digit return. Globally, bonds in developed markets delivered solid returns, while emerging markets debt also posted positive results. A continuing trend during the period was the inversion of a portion of the US Treasury yield curve, as the yield on certain shorter maturities exceeded the yield on the 10-year bond.

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 scale and investment expertise allow 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

October 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 8/31/19
	Since Inception (%)
Net Asset Value (NAV)	8.20 (9/24/18)
Market Price*	8.53 (9/24/18)
Bloomberg Barclays US High Yield Very Liquid Index	6.63
Lipper High Yield Funds Average	5.11

*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.

Growth of a $10,000 Investment

The graph compares a $10,000 investment in the Fund with a similar investment in the Bloomberg Barclays US High Yield Very Liquid Index by portraying the initial account values at the commencement of operations (September 24, 2018) and the account values at the end of the current fiscal period (August 31, 2019) as measured on a quarterly basis. The Fund assumes an initial investment on September 24, 2018, while the benchmark and the Index assume that the initial investment occurred on August 31, 2018. For purposes of the graph, and unless otherwise indicated, it has been assumed that (a) all recurring fees (including management fees) were deducted; and (b) all dividends and distributions were reinvested.

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

Source: PGIM Investments LLC and Lipper Inc.

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.

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.

PGIM Active High Yield Bond ETF 7

Your Fund’s Performance (continued)

Credit Quality expressed as a percentage of total investments as of 8/31/19 (%)
AAA	5.3
BBB	4.3
BB	35.6
B	42.1
CCC	9.9
CC	0.5
Cash/Cash Equivalents	2.3
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.

Distributions and Yields as of 8/31/19
	Total Dividends Paid Since Inception ($)	SEC 30-Day Subsidized Yield* (%)	SEC 30-Day Unsubsidized Yield** (%)
	2.19	6.16	6.16

*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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Strategy and Performance Overview (unaudited)

How did the Fund perform?

The PGIM Active High Yield Bond ETF (the Fund) returned 8.20% based on net asset value since the Fund’s inception on September 24, 2018 through the end of the reporting period on August 31, 2019, outperforming the 6.63% return of the Bloomberg Barclays US High Yield Very Liquid Index (the Index) and the 5.11% return of the Lipper High Yield Funds Average over the same period.

What were the market conditions?

• While the momentum that closed the third quarter of 2018 carried into the fourth quarter for both the US and European high yield markets, the positive sentiment soon abated in the face of several concerns that the markets could not ignore. As a result, spreads widened and quarterly total returns declined into negative territory. On the back of the continued strength from the third quarter of 2018, US high yield spreads hit their post-financial crisis tights of 316 basis points (bps) early in the fourth quarter. (One basis point is 0.01%.) However, the momentum was short lived as spreads reached their 2018 year-to-date wides less than a month later amid an escalating US-China trade war, several corporate profit warnings, prospects for political gridlock, and concerns over further Federal Reserve (Fed) policy tightening. European high yield spreads began the fourth quarter with a positive tone—32 bps tighter than the year-to-date wides reached at the start of the third quarter—as negative noise around Italian political developments faded and meaningful high yield bond supply was digested. Spreads remained relatively stable in October 2018 but sold off sharply in November and December on intensifying trade war rhetoric, concerns around a broader deceleration in global growth, and continued Brexit uncertainty. This sent spreads 155 bps wider overall in the fourth quarter.

• Apart from intermittent weakness, the US and European high yield markets rebounded strongly in the first quarter of 2019. Although weaker-than-expected European economic data late in the quarter prompted a swift sentiment change, the sector ended the quarter firmly in positive territory. In terms of quality, while CCC-rated bonds led the way in the quarter, they only partially recouped their significant underperformance from the fourth quarter of 2018. Meanwhile, B- and BB-rated bonds generated strong first-quarter 2019 excess returns versus swaps. Energy was the top-performing sector in the quarter, helped by a 29% bounce in oil prices amid pledged production cuts. The airline sector was the weakest performer on margin pressure associated with higher oil prices. European high yield got off to a strong start in 2019, with the European high yield index snapping back sharply from fourth-quarter 2018 weakness. Concerns around decelerating global growth were largely shrugged off due to accommodative central bank policies, a lack of new-issue supply, and a stabilization/reversals of fund flows, all of which helped drive spreads tighter by 110 bps (to 405 bps).

PGIM Active High Yield Bond ETF 9

Strategy and Performance Overview (continued)

• In a volatile second quarter of 2019, US high yield spreads hit year-to-date tights in April, widened by almost 100 bps in May, and subsequently recovered in June. Energy was the only sector in negative territory following a 24% peak-to-trough decline in crude oil prices, and the retail sectors generally outperformed. European high yield continued its strong start to 2019 with higher-rated credits faring the best in the second quarter. However, lower-quality credits still outperformed year-to-date (YTD). Gross high yield issuance totaled €20 billion in the second quarter, more than double the €9.4 billion that priced in the first quarter. Despite the jump in supply during the quarter, 2019 gross issuance was down more than 40% through the end of the period.

• In the first half of July 2019, the US high yield market was flat to slightly negative despite dovish commentary from the Fed. The lackluster performance was primarily driven by weakness in the energy sector. During the second half of July, as stock prices rose from expected Fed rate cuts and solid earnings, the market remained well bid until the end of the month when trade fears resurfaced and added to concerns regarding a weakening global economy. European high yield continued its strong YTD performance in July with a 0.78% return, taking total YTD returns to 8.52%. Dovish actions and rhetoric from the central banks and a lack of net new supply continued to support the market, despite ongoing concerns regarding decelerating global growth.

• The US high yield market got off to a negative start in August 2019, as increased US-China trade tensions, global growth concerns, an inverted yield curve, and a sell-off in equities weighed on the market. Notably, one of the largest single-day spread widening events in the last 10 years occurred on August 5. As the month progressed, a steady decline in rates coupled with renewed optimism regarding a trade resolution helped offset equity weakness and settled the market. In total, August saw over $4 billion of outflows from high yield funds.

What worked?

• The Fund benefited from very strong security selection, accounting for a large portion of the outperformance in the reporting period. This was mostly driven by positioning in the upstream energy, health care & pharmaceuticals, electric utility, and technology sectors.

• Overweights to Wind Tre Spa (telecom) and Calpine Corp. (electric utilities), as well as underweights to upstream energy issuers EP Energy Corp. and Weatherford International plc, were among the largest single-name contributors.

• Overall, industry selection was a detractor from performance; however the Fund benefited from an overweight to building materials & home construction and electric utilities. An underweight to the technology sector also boosted returns.

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What didn’t work?

• Underweights to the banking and cable & satellite sectors hurt performance. An overweight to chemicals was also negative.

• Security selection within telecom and midstream energy were a drag on performance. The largest single-name detractors from returns included overweights to Digicel (telecom) and Alta Mesa Holdings LP (upstream energy).

Did the Fund use derivatives and, if so, how did they affect performance?

• The Fund utilized US Treasury futures to hedge interest rate risk relative to the Index to help immunize any impact from fluctuations in interest rates.

• The Fund also held positions in a credit default swap index (CDX) to hedge credit risk and help manage the overall beta of the portfolio.

Current outlook

• Looking ahead in US high yield, Moody’s expects the global default rate to reach 2.4% by the end of the second quarter of 2020. With current spreads adequately compensating for recession risk, strong credit fundamentals, and low default expectations, PGIM Fixed Income remains constructive on US high yield. The relatively better insulation of US high yield credits from the protracted trade war with China combined with the technical support provided by stimulative central bank policies—in an already supply-limited asset class—supports this favorable view.

• Key positioning themes include underweights to financials and the energy sector. The Fund is also underweight the health care & pharmaceutical and cable & satellite sectors. Overweights include electric utilities, building materials & home construction, and chemicals.

PGIM Active High Yield Bond ETF 11

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 August 31, 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 March 1, 2019		Ending Account Value August 31, 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	$ $	1,058.40 1,022.53		0.53 0.53	%  %	$ $	2.75 2.70

* Fund expenses (net of fee waivers or subsidies, if any) are equal to the annualized expense ratio (provided in the table), multiplied by the average account value over the period, multiplied by the 184 days in the six-month period ended August 31, 2019, and divided by the 365 days in the Fund’s fiscal year ended 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.

PGIM Active High Yield Bond ETF 13

Schedule of Investments

as of August 31, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
LONG-TERM INVESTMENTS    96.5%
ASSET-BACKED SECURITIES    5.3%
Collateralized Loan Obligations    5.3%
Adams Mill CLO Ltd. (Cayman Islands), Series 2014-1A, Class A1R, 144A, 3 Month LIBOR + 1.100%		3.403	%(c)		07/15/26		185	$	185,152
JMP Credit Advisors CLO IV Ltd. (Cayman Islands), Series 2017-1A, Class AR, 144A, 3 Month LIBOR + 1.280%		3.467	(c)		07/17/29		250		250,670
Man GLG US CLO Ltd. (Cayman Islands), Series 2018-2A, Class A1R, 144A, 3 Month LIBOR + 1.240%		3.543	(c)		10/15/28		250		249,592
Ocean Trails CLO VI (Cayman Islands), Series 2016-6A, Class AR, 144A, 3 Month LIBOR + 1.150%		3.453	(c)		07/15/28		250		250,040
Wellfleet CLO Ltd. (Cayman Islands), Series 2015-1A, Class AR3, 144A, 3 Month LIBOR + 1.280%		3.558	(c)		07/20/29		275		274,966
Zais CLO 8 Ltd. (Cayman Islands), Series 2018-1A, Class A, 144A, 3 Month LIBOR + 0.950%		3.253	(c)		04/15/29		250		247,907
TOTAL ASSET-BACKED SECURITIES (cost $1,458,413)									1,458,327
BANK LOANS    3.4%
Casinos & Gaming    0.3%
Scientific Games International, Inc., Initial Term B-5 Loan, 1 Month LIBOR + 2.750%		4.889			08/14/24		75		74,049
Electric & Gas Marketing    0.4%
Heritage Power LLC , Term Loan, 1 Month LIBOR + 6.000%		8.205			07/30/26		100		97,500
Infrastructure Software    1.7%
McAfee LLC,
Initial Loan (Second Lien), 1 Month LIBOR + 8.500%		10.616			09/29/25		219		220,755
Term B USD Loan, 1 Month LIBOR + 3.750%		5.866			09/30/24		245		244,779
									465,534
Oil & Gas    0.3%
CITGO Petroleum Corp.,
2019 Incremental Term B Loan, 1 Month LIBOR + 5.000%		7.319			03/28/24		75		75,938
Term B Loan, 1 Month LIBOR + 4.500%		6.819			07/29/21		25		24,823
									100,761

See Notes to Financial Statements.

PGIM Active High Yield Bond ETF 15

Schedule of Investments (continued)

as of August 31, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
BANK LOANS (Continued)
Specialty Chemicals    0.7%
Solenis Holdings LLC,
Initial Term Loan (Second Lien), 1 Month LIBOR + 8.500%		10.624	%		06/26/26		100	$	97,000
Initial Dollar Term Loan (First Lien), 1 Month LIBOR + 4.000%		6.124			06/26/25		100		96,500
									193,500
TOTAL BANK LOANS (cost $936,890)									931,344
CORPORATE BONDS    87.8%
Aerospace & Defense    2.6%
Bombardier, Inc. (Canada),
Sr. Unsec’d. Notes, 144A		7.500			12/01/24		350		348,722
Sr. Unsec’d. Notes, 144A		7.500			03/15/25		25		24,344
Sr. Unsec’d. Notes, 144A		7.875			04/15/27		175		169,531
Sr. Unsec’d. Notes, 144A		8.750			12/01/21		75		81,375
TransDigm, Inc., Gtd. Notes		6.500			05/15/25		100		104,250
									728,222
Agriculture    0.3%
Vector Group Ltd., Sr. Sec’d. Notes, 144A		6.125			02/01/25		75		73,500
Auto Manufacturers    1.6%
Allison Transmission, Inc., Sr. Unsec’d. Notes, 144A		4.750			10/01/27		75		76,875
Ford Motor Co.,
Sr. Unsec’d. Notes		4.750			01/15/43		75		67,665
Sr. Unsec’d. Notes		5.291			12/08/46		175		168,374
Navistar International Corp., Gtd. Notes, 144A		6.625			11/01/25		125		126,563
									439,477
Auto Parts & Equipment    2.1%
Adient Global Holdings Ltd. (Jersey, Channel Islands), Gtd. Notes, 144A		4.875			08/15/26		200		154,500
American Axle & Manufacturing, Inc.,
Gtd. Notes		6.250			04/01/25		25		23,499
Gtd. Notes		6.250			03/15/26		125		115,938
Gtd. Notes		6.500			04/01/27		75		68,812
Cooper-Standard Automotive, Inc., Gtd. Notes, 144A		5.625			11/15/26		100		85,750
Dana Financing Luxembourg Sarl (Luxembourg), Gtd. Notes, 144A		6.500			06/01/26		100		104,750
Titan International, Inc., Sr. Sec’d. Notes		6.500			11/30/23		50		39,875
									593,124

See Notes to Financial Statements.

16

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Banks    0.2%
CIT Group, Inc., Subordinated		6.125	%		03/09/28		50	$	59,813
Beverages    0.3%
Cott Holdings, Inc., Gtd. Notes, 144A		5.500			04/01/25		75		78,190
Building Materials    2.2%
Cornerstone Building Brands, Inc., Gtd. Notes, 144A		8.000			04/15/26		100		94,750
Griffon Corp., Gtd. Notes		5.250			03/01/22		50		50,360
Masonite International Corp. (Canada),
Gtd. Notes, 144A		5.375			02/01/28		30		31,650
Gtd. Notes, 144A		5.750			09/15/26		50		52,938
Standard Industries, Inc., Sr. Unsec’d. Notes, 144A		4.750			01/15/28		125		125,625
Summit Materials LLC/Summit Materials Finance Corp.,
Gtd. Notes, 144A		5.125			06/01/25		75		76,875
Gtd. Notes, 144A		6.500			03/15/27		20		21,500
US Concrete, Inc., Gtd. Notes		6.375			06/01/24		150		157,125
									610,823
Chemicals    4.9%
Alpha 2 BV (Netherlands), Sr. Unsec’d. Notes, Cash coupon 8.750% or PIK 9.500%, 144A		8.750			06/01/23		200		193,250
Ashland LLC, Gtd. Notes		6.875			05/15/43		75		83,250
Chemours Co. (The),
Gtd. Notes		5.375			05/15/27		50		44,375
Gtd. Notes		6.625			05/15/23		50		50,875
Gtd. Notes		7.000			05/15/25		100		98,750
Cornerstone Chemical Co., Sr. Sec’d. Notes, 144A		6.750			08/15/24		50		46,000
Hexion, Inc., Gtd. Notes, 144A		7.875			07/15/27		65		62,887
NOVA Chemicals Corp. (Canada), Sr. Unsec’d. Notes, 144A		5.250			06/01/27		165		172,219
Rain CII Carbon LLC/CII Carbon Corp., Sec’d. Notes, 144A		7.250			04/01/25		125		117,500
Starfruit Finco BV/Starfruit US Holdco LLC (Netherlands), Sr. Unsec’d. Notes, 144A		8.000			10/01/26		300		292,500
TPC Group, Inc., Sr. Sec’d. Notes, 144A		10.500			08/01/24		25		26,250
Tronox Finance PLC (United Kingdom), Gtd. Notes, 144A		5.750			10/01/25		45		41,738
Tronox, Inc., Gtd. Notes, 144A		6.500			04/15/26		75		71,250
Venator Finance Sarl/Venator Materials LLC, Gtd. Notes, 144A(a)		5.750			07/15/25		60		50,106
									1,350,950

See Notes to Financial Statements.

PGIM Active High Yield Bond ETF 17

Schedule of Investments (continued)

as of August 31, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Coal    0.1%
Warrior Met Coal, Inc., Sr. Sec’d. Notes, 144A		8.000	%		11/01/24		25	$	26,094
Commercial Services    4.3%
Laureate Education, Inc., Gtd. Notes, 144A		8.250			05/01/25		135		146,981
Refinitiv US Holdings, Inc.,
Gtd. Notes, 144A		8.250			11/15/26		310		348,750
Sr. Sec’d. Notes, 144A		6.250			05/15/26		80		87,100
United Rentals North America, Inc.,
Gtd. Notes		4.875			01/15/28		400		419,500
Gtd. Notes		5.250			01/15/30		150		160,312
Verscend Escrow Corp., Sr. Unsec’d. Notes, 144A		9.750			08/15/26		25		26,765
									1,189,408
Computers    1.7%
Banff Merger Sub, Inc., Sr. Unsec’d. Notes, 144A		9.750			09/01/26		328		298,480
Everi Payments, Inc., Gtd. Notes, 144A		7.500			12/15/25		75		78,750
MTS Systems Corp., Gtd. Notes, 144A		5.750			08/15/27		10		10,450
NCR Corp., Gtd. Notes, 144A		5.750			09/01/27		25		26,401
Tempo Acquisition LLC/Tempo Acquisition Finance Corp., Sr. Unsec’d. Notes, 144A		6.750			06/01/25		50		51,365
									465,446
Distribution/Wholesale    0.2%
H&E Equipment Services, Inc., Gtd. Notes		5.625			09/01/25		50		52,375
Diversified Financial Services    3.8%
Allied Universal Holdco LLC/Allied Universal Finance Corp.,
Sr. Sec’d. Notes, 144A		6.625			07/15/26		25		26,562
Sr. Unsec’d. Notes, 144A		9.750			07/15/27		100		104,750
Fairstone Financial, Inc. (Canada), Sr. Unsec’d. Notes, 144A		7.875			07/15/24		30		31,275
LPL Holdings, Inc., Gtd. Notes, 144A		5.750			09/15/25		100		105,250
Nationstar Mortgage Holdings, Inc.,
Gtd. Notes, 144A		8.125			07/15/23		25		25,890
Gtd. Notes, 144A		9.125			07/15/26		225		237,938
Navient Corp., Sr. Unsec’d. Notes		7.250			09/25/23		75		83,250
Springleaf Finance Corp.,
Gtd. Notes		6.625			01/15/28		25		27,437
Gtd. Notes		6.875			03/15/25		75		85,031
Gtd. Notes		7.125			03/15/26		250		285,125

See Notes to Financial Statements.

18

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Diversified Financial Services (cont’d.)
VFH Parent LLC/Orchestra Co.-Issuer, Inc., Sec’d. Notes, 144A		6.750	%		06/15/22		25	$	25,813
									1,038,321
Electric    3.4%
Calpine Corp., Sr. Unsec’d. Notes		5.750			01/15/25		500		507,500
NRG Energy, Inc., Gtd. Notes		5.750			01/15/28		75		80,813
Vistra Operations Co. LLC,
Gtd. Notes, 144A		5.000			07/31/27		90		92,925
Gtd. Notes, 144A		5.500			09/01/26		75		78,750
Sr. Unsec’d. Notes, 144A		5.625			02/15/27		175		185,281
									945,269
Electronics    0.1%
Sensata Technologies BV (Netherlands), Gtd. Notes, 144A		5.000			10/01/25		25		26,500
Engineering & Construction    0.7%
AECOM, Gtd. Notes		5.125			03/15/27		125		130,565
TopBuild Corp., Gtd. Notes, 144A		5.625			05/01/26		75		78,187
									208,752
Entertainment    3.0%
AMC Entertainment Holdings, Inc.,
Gtd. Notes		5.875			11/15/26		150		137,250
Gtd. Notes		6.125			05/15/27		25		23,062
Caesars Resort Collection LLC/CRC Finco, Inc., Gtd. Notes, 144A		5.250			10/15/25		175		178,062
Golden Entertainment, Inc., Sr. Unsec’d. Notes, 144A		7.625			04/15/26		25		26,003
Jacobs Entertainment, Inc., Sec’d. Notes, 144A		7.875			02/01/24		75		79,688
National Cinemedia LLC, Sr. Unsec’d. Notes,		5.750			08/15/26		50		48,375
Penn National Gaming, Inc., Sr. Unsec’d. Notes, 144A		5.625			01/15/27		75		76,976
Scientific Games International, Inc.,
Gtd. Notes		6.625			05/15/21		125		127,031
Gtd. Notes, 144A		8.250			03/15/26		100		106,000
Twin River Worldwide Holdings, Inc., Sr. Unsec’d. Notes, 144A		6.750			06/01/27		25		26,344
									828,791

See Notes to Financial Statements.

PGIM Active High Yield Bond ETF 19

Schedule of Investments (continued)

as of August 31, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Food    2.9%
B&G Foods, Inc., Gtd. Notes		5.250	%		04/01/25		75	$	76,054
JBS USA LUX SA/JBS USA Finance, Inc., Gtd. Notes, 144A		5.750			06/15/25		250		260,002
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.,
Gtd. Notes, 144A		6.500			04/15/29		5		5,537
Sr. Unsec’d. Notes, 144A		5.500			01/15/30		25		26,500
Pilgrim’s Pride Corp., Gtd. Notes, 144A		5.875			09/30/27		175		188,563
Post Holdings, Inc.,
Gtd. Notes, 144A		5.000			08/15/26		50		52,125
Gtd. Notes, 144A		5.500			12/15/29		25		26,430
Gtd. Notes, 144A		5.625			01/15/28		150		159,750
									794,961
Gas    1.0%
AmeriGas Partners LP/AmeriGas Finance Corp.,
Sr. Unsec’d. Notes		5.500			05/20/25		125		132,187
Sr. Unsec’d. Notes		5.750			05/20/27		75		79,358
Sr. Unsec’d. Notes		5.875			08/20/26		50		54,297
									265,842
Healthcare-Services    5.1%
CHS/Community Health Systems, Inc., Sr. Sec’d. Notes		6.250			03/31/23		100		96,760
DaVita, Inc., Gtd. Notes		5.000			05/01/25		25		25,031
Hadrian Merger Sub, Inc., Sr. Unsec’d. Notes, 144A		8.500			05/01/26		75		71,812
HCA, Inc., Gtd. Notes		5.375			09/01/26		200		223,000
MEDNAX, Inc., Gtd. Notes, 144A		6.250			01/15/27		225		220,500
Polaris Intermediate Corp., Sr. Unsec’d. Notes, 144A		8.500			12/01/22		60		50,400
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc., Gtd. Notes, 144A		9.750			12/01/26		225		240,469
Surgery Center Holdings, Inc., Gtd. Notes, 144A		10.000			04/15/27		75		71,813
Tenet Healthcare Corp.,
Sec’d. Notes, 144A		6.250			02/01/27		75		77,813
Sr. Unsec’d. Notes		6.750			06/15/23		100		102,750
Sr. Unsec’d. Notes		7.000			08/01/25		150		151,500
Sr. Unsec’d. Notes		8.125			04/01/22		75		80,805
									1,412,653
Home Builders    4.8%
Ashton Woods USA LLC/Ashton Woods Finance Co.,
Sr. Unsec’d. Notes, 144A		6.750			08/01/25		100		99,000
Sr. Unsec’d. Notes, 144A		9.875			04/01/27		75		81,750

See Notes to Financial Statements.

20

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Home Builders (cont’d.)
Beazer Homes USA, Inc.,
Gtd. Notes		5.875	%		10/15/27		25	$	23,687
Gtd. Notes		6.750			03/15/25		75		75,562
Brookfield Residential Properties, Inc. (Canada), Gtd. Notes, 144A		6.375			05/15/25		50		50,750
Brookfield Residential Properties, Inc./Brookfield Residential US Corp. (Canada), Gtd. Notes, 144A		6.125			07/01/22		25		25,344
Century Communities, Inc., Sr. Unsec’d. Notes, 144A		6.750			06/01/27		75		79,500
Forestar Group, Inc., Gtd. Notes, 144A		8.000			04/15/24		25		26,844
KB Home, Gtd. Notes		7.000			12/15/21		25		27,116
M/I Homes, Inc., Gtd. Notes		5.625			08/01/25		50		51,750
Mattamy Group Corp. (Canada), Sr. Unsec’d. Notes, 144A		6.500			10/01/25		125		132,500
Meritage Homes Corp., Gtd. Notes		5.125			06/06/27		125		131,563
New Home Co., Inc. (The), Gtd. Notes		7.250			04/01/22		75		71,250
PulteGroup, Inc., Gtd. Notes		5.000			01/15/27		50		53,750
Taylor Morrison Communities, Inc., Gtd. Notes, 144A		5.875			06/15/27		50		53,625
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc., Gtd. Notes, 144A		5.625			03/01/24		100		105,000
William Lyon Homes, Inc.,
Gtd. Notes		5.875			01/31/25		175		176,750
Gtd. Notes, 144A		6.625			07/15/27		75		75,000
									1,340,741
Household Products/Wares    0.1%
Spectrum Brands, Inc., Gtd. Notes		5.750			07/15/25		25		26,000
Housewares    0.2%
Scotts Miracle-Gro Co. (The), Gtd. Notes		5.250			12/15/26		50		51,875
Internet    0.9%
Zayo Group LLC/Zayo Capital, Inc.,
Gtd. Notes		6.375			05/15/25		125		128,594
Gtd. Notes, 144A		5.750			01/15/27		120		122,400
									250,994
Iron/Steel    0.5%
Cleveland-Cliffs, Inc.,
Gtd. Notes		5.750			03/01/25		29		29,073
Gtd. Notes, 144A		5.875			06/01/27		125		121,875
									150,948

See Notes to Financial Statements.

PGIM Active High Yield Bond ETF 21

Schedule of Investments (continued)

as of August 31, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Machinery-Diversified    0.5%
ATS Automation Tooling Systems, Inc. (Canada), Gtd. Notes, 144A		6.500	%		06/15/23		25	$	25,844
Cloud Crane LLC, Sec’d. Notes, 144A		10.125			08/01/24		100		107,500
									133,344
Media    7.1%
AMC Networks, Inc., Gtd. Notes		4.750			08/01/25		40		40,850
CCO Holdings LLC/CCO Holdings Capital Corp.,
Sr. Unsec’d. Notes, 144A		5.000			02/01/28		230		241,500
Sr. Unsec’d. Notes, 144A		5.375			06/01/29		175		187,031
Clear Channel Worldwide Holdings, Inc.,
Gtd. Notes, 144A		9.250			02/15/24		259		283,929
Sr. Sec’d. Notes, 144A		5.125			08/15/27		50		52,312
Cumulus Media New Holdings, Inc., Sr. Sec’d. Notes, 144A		6.750			07/01/26		25		25,750
Diamond Sports Group LLC/Diamond Sports Finance Co.,
Gtd. Notes, 144A		6.625			08/15/27		50		52,375
Sr. Sec’d. Notes, 144A		5.375			08/15/26		75		78,750
DISH DBS Corp., Gtd. Notes		7.750			07/01/26		410		402,825
Entercom Media Corp., Sec’d. Notes, 144A		6.500			05/01/27		20		20,700
Gray Television, Inc.,
Gtd. Notes, 144A		5.875			07/15/26		65		67,925
Sr. Unsec’d. Notes, 144A		7.000			05/15/27		75		82,009
Midcontinent Communications/Midcontinent Finance Corp., Gtd. Notes, 144A		5.375			08/15/27		25		25,951
Nexstar Broadcasting, Inc., Gtd. Notes, 144A		5.625			08/01/24		110		114,400
Radiate Holdco LLC/Radiate Finance, Inc.,
Sr. Unsec’d. Notes, 144A		6.625			02/15/25		60		59,550
Sr. Unsec’d. Notes, 144A		6.875			02/15/23		100		102,000
Scripps Escrow, Inc., Sr. Unsec’d. Notes, 144A		5.875			07/15/27		20		20,175
Univision Communications, Inc., Sr. Sec’d. Notes, 144A		5.125			02/15/25		100		96,489
									1,954,521
Mining    3.2%
Constellium SE (Netherlands), Gtd. Notes, 144A		5.875			02/15/26		250		260,625
Eldorado Gold Corp. (Canada), Sec’d. Notes, 144A		9.500			06/01/24		75		80,625
First Quantum Minerals Ltd. (Canada),
Gtd. Notes, 144A		6.875			03/01/26		200		177,750
Gtd. Notes, 144A		7.000			02/15/21		40		40,000

See Notes to Financial Statements.

22

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Mining (cont’d.)
Freeport-McMoRan, Inc.,
Gtd. Notes		3.875	%		03/15/23		75	$	75,780
Gtd. Notes		4.550			11/14/24		30		30,294
IAMGOLD Corp. (Canada), Gtd. Notes, 144A		7.000			04/15/25		85		88,613
Novelis Corp., Gtd. Notes, 144A		5.875			09/30/26		125		132,031
									885,718
Miscellaneous Manufacturers    0.2%
Amsted Industries, Inc., Gtd. Notes, 144A		5.625			07/01/27		25		26,687
FXI Holdings, Inc., Sr. Sec’d. Notes, 144A		7.875			11/01/24		25		22,188
									48,875
Oil & Gas    8.2%
Alta Mesa Holdings LP/Alta Mesa Finance Services Corp., Gtd. Notes		7.875			12/15/24		260		46,800
Antero Resources Corp.,
Gtd. Notes(a)		5.000			03/01/25		125		108,125
Gtd. Notes		5.625			06/01/23		50		46,125
Ascent Resources Utica Holdings LLC/ARU Finance Corp.,
Sr. Unsec’d. Notes, 144A		7.000			11/01/26		75		61,946
Sr. Unsec’d. Notes, 144A		10.000			04/01/22		175		175,437
Centennial Resource Production LLC, Gtd. Notes, 144A		5.375			01/15/26		25		23,812
Chesapeake Energy Corp., Gtd. Notes		8.000			06/15/27		275		198,690
Citgo Holding, Inc., Sr. Sec’d. Notes, 144A		9.250			08/01/24		75		79,312
CNX Resources Corp.,
Gtd. Notes		5.875			04/15/22		33		31,927
Gtd. Notes, 144A		7.250			03/14/27		100		83,750
CrownRock LP/CrownRock Finance, Inc., Sr. Unsec’d. Notes, 144A		5.625			10/15/25		25		24,750
Diamond Offshore Drilling, Inc., Sr. Unsec’d. Notes		7.875			08/15/25		25		23,008
Endeavor Energy Resources LP/EER Finance, Inc., Sr. Unsec’d. Notes, 144A		5.750			01/30/28		50		52,375
Extraction Oil & Gas, Inc.,
Gtd. Notes, 144A		5.625			02/01/26		175		115,500
Gtd. Notes, 144A		7.375			05/15/24		50		37,500
Hilcorp Energy I LP/Hilcorp Finance Co.,
Sr. Unsec’d. Notes, 144A		5.750			10/01/25		100		93,250
Sr. Unsec’d. Notes, 144A		6.250			11/01/28		25		23,000
MEG Energy Corp. (Canada),
Gtd. Notes, 144A		6.375			01/30/23		175		165,375
Gtd. Notes, 144A		7.000			03/31/24		50		47,563

See Notes to Financial Statements.

PGIM Active High Yield Bond ETF 23

Schedule of Investments (continued)

as of August 31, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Oil & Gas (cont’d.)
Nabors Industries, Inc., Gtd. Notes		5.750	%		02/01/25		150	$	120,000
Precision Drilling Corp. (Canada), Gtd. Notes, 144A		7.125			01/15/26		75		66,938
Range Resources Corp.,
Gtd. Notes		4.875			05/15/25		50		41,000
Gtd. Notes		5.000			03/15/23		150		132,750
Seven Generations Energy Ltd. (Canada), Gtd. Notes, 144A		5.375			09/30/25		25		23,938
Sunoco LP/Sunoco Finance Corp., Gtd. Notes		5.500			02/15/26		50		51,875
Transocean Pontus Ltd. (Cayman Islands), Sr. Sec’d. Notes, 144A		6.125			08/01/25		45		45,119
Transocean, Inc. (Cayman Islands),
Gtd. Notes, 144A		7.250			11/01/25		85		77,350
Gtd. Notes, 144A		7.500			01/15/26		50		45,625
Valaris PLC (United Kingdom),
Sr. Unsec’d. Notes		5.750			10/01/44		25		12,500
Sr. Unsec’d. Notes		7.750			02/01/26		125		79,350
WPX Energy, Inc.,
Sr. Unsec’d. Notes		5.250			09/15/24		75		76,125
Sr. Unsec’d. Notes		5.750			06/01/26		50		51,875
									2,262,690
Packaging & Containers    1.7%
ARD Finance SA (Luxembourg), Sr. Sec’d. Notes, Cash coupon 7.125% or PIK 7.875%,		7.125			09/15/23		400		410,500
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu, Gtd. Notes, 144A		7.000			07/15/24		50		51,687
									462,187
Pharmaceuticals    2.3%
Bausch Health Americas, Inc., Gtd. Notes, 144A		8.500			01/31/27		65		72,149
Bausch Health Cos., Inc. (Canada),
Gtd. Notes, 144A		6.125			04/15/25		350		360,500
Gtd. Notes, 144A		7.000			01/15/28		50		52,397
Gtd. Notes, 144A		7.250			05/30/29		40		42,300
Sr. Sec’d. Notes, 144A		5.750			08/15/27		25		26,812
Mallinckrodt International Finance SA/Mallinckrodt CB LLC (Luxembourg), Gtd. Notes, 144A		5.500			04/15/25		75		34,359
NVA Holdings, Inc., Gtd. Notes, 144A		6.875			04/01/26		50		53,390
									641,907

See Notes to Financial Statements.

24

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Pipelines    2.1%
Antero Midstream Partners LP/Antero Midstream Finance Corp.,
Gtd. Notes		5.375	%		09/15/24		25	$	23,562
Gtd. Notes, 144A		5.750			01/15/28		100		90,750
CNX Midstream Partners LP/CNX Midstream Finance Corp., Sr. Unsec’d. Notes, 144A		6.500			03/15/26		25		23,388
DCP Midstream Operating LP, Gtd. Notes		5.125			05/15/29		25		25,626
Global Partners LP/GLP Finance Corp.,
Gtd. Notes		7.000			06/15/23		25		25,250
Gtd. Notes, 144A		7.000			08/01/27		50		50,625
NGPL PipeCo LLC, Sr. Unsec’d. Notes, 144A		7.768			12/15/37		50		65,189
Rockies Express Pipeline LLC, Sr. Unsec’d. Notes, 144A		7.500			07/15/38		100		113,125
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., Gtd. Notes, 144A		5.500			01/15/28		125		117,656
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Gtd. Notes		5.875			04/15/26		50		52,375
									587,546
Real Estate    1.1%
Five Point Operating Co. LP/Five Point Capital Corp., Gtd. Notes, 144A		7.875			11/15/25		100		100,312
Greystar Real Estate Partners LLC, Sr. Sec’d. Notes, 144A		5.750			12/01/25		100		102,535
Howard Hughes Corp. (The), Sr. Unsec’d. Notes, 144A		5.375			03/15/25		25		25,750
Hunt Cos., Inc., Sr. Sec’d. Notes, 144A		6.250			02/15/26		75		72,938
									301,535
Real Estate Investment Trusts (REITs)    0.5%
GLP Capital LP/GLP Financing II, Inc., Gtd. Notes		5.375			04/15/26		50		54,883
MGM Growth Properties Operating Partnership LP/MGP Finance Co.-Issuer, Inc., Gtd. Notes		4.500			01/15/28		75		76,688
									131,571
Retail    4.8%
Brinker International, Inc., Gtd. Notes, 144A		5.000			10/01/24		75		77,250
CEC Entertainment, Inc., Gtd. Notes		8.000			02/15/22		75		71,250
Ferrellgas LP/Ferrellgas Finance Corp.,
Gtd. Notes		6.750			06/15/23		100		84,000
Sr. Unsec’d. Notes		6.500			05/01/21		50		42,500

See Notes to Financial Statements.

PGIM Active High Yield Bond ETF 25

Schedule of Investments (continued)

as of August 31, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Retail (cont’d.)
Ferrellgas Partners LP/Ferrellgas Partners Finance Corp.,
Sr. Unsec’d. Notes		8.625	%		06/15/20		150	$	112,005
Sr. Unsec’d. Notes		8.625			06/15/20		25		18,668
Golden Nugget, Inc.,
Gtd. Notes, 144A		8.750			10/01/25		75		78,656
Sr. Unsec’d. Notes, 144A		6.750			10/15/24		100		102,250
L Brands, Inc.,
Gtd. Notes		5.625			10/15/23		50		52,500
Gtd. Notes		6.875			11/01/35		125		105,625
Michaels Stores, Inc., Gtd. Notes, 144A		8.000			07/15/27		75		71,829
PetSmart, Inc., Sr. Sec’d. Notes, 144A		5.875			06/01/25		167		163,660
Rite Aid Corp., Gtd. Notes, 144A		6.125			04/01/23		150		121,125
Sally Holdings LLC/Sally Capital, Inc., Gtd. Notes		5.625			12/01/25		150		150,375
Suburban Propane Partners LP/Suburban Energy Finance Corp., Sr. Unsec’d. Notes		5.500			06/01/24		75		76,125
									1,327,818
Software    1.4%
Infor US, Inc., Gtd. Notes		6.500			05/15/22		250		254,062
Informatica LLC, Sr. Unsec’d. Notes, 144A		7.125			07/15/23		50		50,875
RP Crown Parent LLC, Gtd. Notes, 144A		7.375			10/15/24		60		62,533
TIBCO Software, Inc., Sr. Unsec’d. Notes, 144A		11.375			12/01/21		25		26,250
									393,720
Telecommunications    6.9%
CenturyLink, Inc.,
Sr. Unsec’d. Notes		7.600			09/15/39		50		48,000
Sr. Unsec’d. Notes		7.650			03/15/42		50		47,750
CommScope Technologies LLC, Gtd. Notes, 144A		6.000			06/15/25		240		214,200
CommScope, Inc., Gtd. Notes, 144A		8.250			03/01/27		50		49,000
Digicel Group One Ltd. (Bermuda), Sr. Sec’d. Notes, 144A		8.250			12/30/22		100		56,000
Digicel Ltd. (Bermuda), Gtd. Notes, 144A		6.750			03/01/23		400		169,000
Embarq Corp., Sr. Unsec’d. Notes		7.995			06/01/36		130		127,447
Intelsat Jackson Holdings SA (Luxembourg), Gtd. Notes, 144A		9.750			07/15/25		155		159,069
ORBCOMM, Inc., Sr. Sec’d. Notes, 144A		8.000			04/01/24		125		129,062
Sprint Capital Corp., Gtd. Notes		8.750			03/15/32		270		338,170
Sprint Corp., Gtd. Notes		7.625			02/15/25		170		190,187
West Corp., Gtd. Notes, 144A		8.500			10/15/25		255		197,625

See Notes to Financial Statements.

26

Description	Interest Rate			Maturity Date		Principal Amount (000)#			Value
CORPORATE BONDS (Continued)
Telecommunications (cont’d.)
Xplornet Communications, Inc. (Canada), Gtd. Notes, Cash coupon 9.625% or PIK 10.625%, 144A		9.625	%		06/01/22		193		$	191,253
										1,916,763
Transportation    0.8%
XPO Logistics, Inc.,
Gtd. Notes, 144A		6.125			09/01/23		50			51,700
Gtd. Notes, 144A		6.750			08/15/24		150			161,625
										213,325
TOTAL CORPORATE BONDS (cost $24,113,916)										24,270,589
TOTAL LONG-TERM INVESTMENTS (cost $26,509,219)										26,660,260
						Shares
SHORT-TERM INVESTMENTS    1.4%
AFFILIATED MUTUAL FUNDS    1.4%
PGIM Core Ultra Short Bond Fund(w)							247,839			247,839
PGIM Institutional Money Market Fund (cost $149,098; includes $148,785 of cash collateral for securities on loan)(b)(w)							149,063			149,077
TOTAL AFFILIATED MUTUAL FUNDS (cost $396,937)										396,916
						Principal Amount (000)#
TIME DEPOSIT    0.0%
Brown Brothers Harriman & Co. (cost $171)		1.490			09/03/19		—	(r)		171
TOTAL SHORT-TERM INVESTMENTS (cost $397,108)										397,087
TOTAL INVESTMENTS    97.9% (cost $26,906,327)										27,057,347
Other assets in excess of liabilities    2.1%										591,621
NET ASSETS    100.0%									$	27,648,968

See Notes to Financial Statements.

PGIM Active High Yield Bond ETF 27

Schedule of Investments (continued)

as of August 31, 2019

The following abbreviations are used in the annual report:

(Q)—Quarterly 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

CDX—Credit Derivative Index

LIBOR—London Interbank Offered Rate

PIK—Payment-in-Kind

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

(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $142,829; cash collateral of $148,785 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments.

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

(c) Variable rate instrument. The interest rate shown reflects the rate in effect at August 31, 2019.

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

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

Futures contracts outstanding at August 31, 2019:

Number of contracts		Type	Expiration Date		Current Notional Amount		Value / Unrealized Appreciation (Depreciation)
		Long Positions:
	3	2 Year U.S. Treasury Notes		Dec. 2019	$	648,352	$	478
	4	5 Year U.S. Treasury Notes		Dec. 2019		479,906		492
	17	10 Year U.S. Ultra Treasury Notes		Dec. 2019		2,239,219		6,897
								7,867
		Short Positions:
	2	20 Year U.S. Treasury Bonds		Dec. 2019		330,500		(1,437	)
	1	30 Year U.S. Ultra Treasury Bonds		Dec. 2019		197,438		445
								(992	)
							$	6,875

Credit default swap agreements outstanding at August 31, 2019:

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Value at Trade Date			Value at August 31, 2019			Unrealized Appreciation (Depreciation)
Centrally Cleared Credit Default Swap Agreement on credit indices—Buy Protection(1):
CDX.NA.HY.32-V2		06/20/24		5.000%(Q)		1,238	$	(88,986	)	$	(94,741	)	$	(5,755	)

See Notes to Financial Statements.

28

The Fund entered into credit default swaps (“CDS”) to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer’s default or the reference entity’s credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be short the credit as the value of the contract rises the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases.

(1) If the Fund is a buyer of protection, it pays the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(2) If the Fund is a seller of protection, it receives the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(3) Notional amount represents the maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(4) Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements where the Fund is the seller of protection as of the reporting date serve as an indicator of the current status of the payment/ performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include up-front payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

* When an implied credit spread is not available, reference the fair value of credit default swap agreements on credit indices and asset-backed securities. Where the Fund is the seller of protection, it serves as an indicator of the current status of the payment/performance risk and represents the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the reporting date. Increasing fair value in absolute terms, when compared to the notional amount of the swap, represents a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

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.	$	330,000	$	—

See Notes to Financial Statements.

PGIM Active High Yield Bond ETF 29

Schedule of Investments (continued)

as of August 31, 2019

Fair Value Measurements:

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

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

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

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

The following is a summary of the inputs used as of August 31, 2019 in valuing such portfolio securities:

	Level 1		Level 2			Level 3
Investments in Securities
Asset-Backed Securities
Collateralized Loan Obligations	$	—	$	1,458,327		$	—
Bank Loans		—		931,344			—
Corporate Bonds		—		24,270,589			—
Affiliated Mutual Funds		396,916		—			—
Time Deposit		—		171			—
Other Financial Instruments*
Futures Contracts		6,875		—			—
Centrally Cleared Credit Default Swap Agreements		—		(5,755	)		—
Total	$	403,791	$	26,654,676		$	—

* 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.

30

Industry Classification (unaudited):

The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of August 31, 2019 were as follows:

Oil & Gas	8.5	%
Media	7.1
Telecommunications	6.9
Collateralized Loan Obligations	5.3
Healthcare-Services	5.1
Chemicals	4.9
Home Builders	4.8
Retail	4.8
Commercial Services	4.3
Diversified Financial Services	3.8
Electric	3.4
Mining	3.2
Entertainment	3.0
Food	2.9
Aerospace & Defense	2.6
Pharmaceuticals	2.3
Building Materials	2.2
Auto Parts & Equipment	2.1
Pipelines	2.1
Infrastructure Software	1.7
Computers	1.7
Packaging & Containers	1.7
Auto Manufacturers	1.6
Affiliated Mutual Fund (0.5% represents investments purchased with collateral from securities on loan)	1.4
Software	1.4
Real Estate	1.1	%
Gas	1.0
Internet	0.9
Transportation	0.8
Engineering & Construction	0.7
Specialty Chemicals	0.7
Iron/Steel	0.5
Machinery-Diversified	0.5
Real Estate Investment Trusts (REITs)	0.5
Electric & Gas Marketing	0.4
Beverages	0.3
Casinos & Gaming	0.3
Agriculture	0.3
Banks	0.2
Distribution/Wholesale	0.2
Housewares	0.2
Miscellaneous Manufacturers	0.2
Electronics	0.1
Household Products/Wares	0.1
Coal	0.1
Time Deposit	0.0	*
	97.9
Other assets in excess of liabilities	2.1
	100.0	%

* Less than +/- 0.05%.

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

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

See Notes to Financial Statements.

PGIM Active High Yield Bond ETF 31

Schedule of Investments (continued)

as of August 31, 2019

Fair values of derivative instruments as of August 31, 2019 as presented in the Statement of Assets and Liabilities:

Derivatives not accounted for as hedging instruments, carried at fair value	Asset Derivatives			Liability Derivatives
	Statement of Assets and Liabilities Location	Fair Value		Statement of Assets and Liabilities Location	Fair Value
Interest rate contracts	Due from/to broker— variation margin futures*	$	8,312	Due from/to broker— variation margin futures*	$	1,437
Credit Contracts	Due from/to broker—variation margin swaps*		—	Due from/to broker—variation margin swaps*		5,755
		$	8,312		$	7,192

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

The effects of derivative instruments on the Statement of Operations for the period ended August 31, 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		Swaps		Total
Credit contracts	$	—	$	5,605	$	5,605
Interest rate contracts		47,269		—		47,269
Total	$	47,269	$	5,605	$	52,874

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Futures		Swaps			Total
Credit contracts	$	—	$	(5,755	)	$	(5,755	)
Interest rate contracts		6,875		—			6,875
Total	$	6,875	$	(5,755	)	$	1,120

See Notes to Financial Statements.

32

For the period ended August 31, 2019 the Fund’s average volume of derivative activities is as follows:

Futures Contracts— Long Positions(1)		Futures Contracts— Short Positions(1)		Credit Default Swap Agreements— Buy Protection(1)
$	2,027,258	$	434,875	$	309,375

(1) Notional Amount in USD.

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

The Fund entered into financial instruments/transactions during the period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for financial instruments/transactions, where the legal right to set-off exists, is presented in the summary below:

Offsetting of financial instrument/transaction assets and liabilities:

Description	Gross Market Value  of Recognized Assets/(Liabilities)		Collateral Pledged/(Received)(1)			Net Amount
Securities on Loan	$	142,829	$	(142,829	)	$	—

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

See Notes to Financial Statements.

PGIM Active High Yield Bond ETF 33

Statement of Assets & Liabilities

as of August 31, 2019

Assets
Investments at value, including securities on loan of $142,829:
Unaffiliated investments (cost $26,509,390)	$	26,660,431
Affiliated investments (cost $396,937)		396,916
Cash		24
Interest and dividends receivable		469,050
Deposit with broker for centrally cleared/exchange-traded derivatives		330,000
Receivable for investments sold		26,309
Due from broker—variation margin futures		2,031
Due from broker—variation margin swaps		346
Total assets		27,885,107
Liabilities
Payable for investments purchased		74,830
Payable to broker for collateral for securities on loan		148,785
Management fee payable		12,337
Other liabilities		187
Total Liabilities		236,139
Net Assets	$	27,648,968
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)		496,031
Net assets, August 31, 2019	$	27,648,968
Net asset value, offering price and redemption price per share, ($27,648,968 / 675,000 shares of common stock issued and outstanding)	$	40.96

See Notes to Financial Statements.

34

Statement of Operations

Period Ended August 31, 2019*

Net Investment Income (Loss)
Income
Interest income	$	1,636,350
Affiliated dividend income		15,750
Income from securities lending, net (including affiliated income of $2,753)		3,700
Total income		1,655,800
Expenses
Management fee		131,051
Total expenses		131,051
Less: Management fee waiver and/or expense reimbursement		(994	)
Net expenses		130,057
Net investment income (loss)		1,525,743
Realized And Unrealized Gain (Loss) On Investments
Net realized gain (loss) on:
Investment transactions (including affiliated of $(145))		221,365
Futures transactions		47,269
Swap agreement transactions		5,605
		274,239
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $(21))		151,020
Futures		6,875
Swap agreements		(5,755	)
		152,140
Net gain (loss) on investment transactions		426,379
Net Increase (Decrease) In Net Assets Resulting From Operations	$	1,952,122

* For the period from September 24, 2018 (commencement of operations) through August 31, 2019.

See Notes to Financial Statements.

PGIM Active High Yield Bond ETF 35

Statement of Changes in Net Assets

	Period Ended August 31, 2019*
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	1,525,743
Net realized gain (loss) on investments		274,239
Net change in unrealized appreciation (depreciation) on investments		152,140
Net increase (decrease) in net assets resulting from operations		1,952,122
Dividends and Distributions
Distributions from distributable earnings		(1,456,091	)
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)		27,648,968
Net Assets:
Beginning of period		—
End of period	$	27,648,968

* For the period from September 24, 2018 (commencement of operations) through August 31, 2019.

See Notes to Financial Statements.

36

Notes to Financial Statements

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 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

PGIM Active High Yield Bond ETF 37

Notes to Financial Statements (continued)

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.

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.

38

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. 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 1940 Act, 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

PGIM Active High Yield Bond ETF 39

Notes to Financial Statements (continued)

“variation margin”, are made or received by the Fund each day, depending on the daily fluctuations in the value of the underlying security. Such variation margin is recorded for financial statement purposes on a daily basis as unrealized gain (loss). When the contract expires or is closed, the gain (loss) is realized and is presented in the Statement of Operations as net realized gain (loss) on futures transactions.

The 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.

Bank Loans: The Fund invested in bank loans. Bank loans include fixed and floating rate loans that are privately negotiated between a corporate borrower and one or more financial

institutions, including, but not limited to, term loans, revolvers, and other instruments issued in the bank loan market. The Fund may acquire interests in loans directly (by way of assignment from the selling institution) or indirectly (by way of the purchase of a participation interest from the selling institution). Under a bank loan assignment, the Fund generally will succeed to all the rights and obligations of an assigning lending institution and becomes a lender under the loan agreement with the relevant borrower in connection with that loan. Under a bank loan participation, the Fund generally will have a contractual relationship only with the lender, not with the relevant borrower. As a result, the Fund generally will have the right to receive payments of principal, interest, and any fees to which it is entitled only from the lender selling the participation and only upon receipt by the lender of the payments from the relevant borrower. The Fund may not directly benefit from the collateral supporting the debt obligation in which it has purchased the participation. As a result, the Fund will assume the credit risk of both the borrower and the institution selling the participation to the Fund.

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.

40

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.

Credit Default Swaps (“CDS”): CDS involve one party (the protection buyer) making a stream of payments to another party (the protection seller) in exchange for the right to receive a specified payment in the event of a default or as a result of a default (collectively a “credit event”) for the referenced entity (typically corporate issues or sovereign issues of an emerging country) on its obligation; or in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising a credit index.

The Fund is subject to credit risk in the normal course of pursuing its investment objectives, and as such, has entered into CDS contracts to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer’s default or the reference entity’s credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be short the credit as the value of the contract rises the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases. The Fund’s maximum risk of loss from counterparty credit risk for purchased CDS is the inability of the counterparty to honor the contract up to the notional value due to a credit event.

As a seller of protection on credit default swap agreements, the Fund generally receives an agreed upon payment from the buyer of protection throughout the term of the swap, provided no credit event occurs. As the seller, the Fund effectively increases its investment risk because, in addition to its total net assets, the Fund may be subject to investment exposure on the notional amount of the swap.

The maximum amount of the payment that the Fund, as a seller of protection, could be required to make under a credit default swap agreement would be equal to the notional amount of the underlying security or index contract as a result of a credit event. This potential amount will be partially offset by any recovery values of the respective referenced obligations, or net amounts received from the settlement of buy protection credit default swap agreements which the Fund entered into for the same referenced entity or index. As a buyer of protection, the Fund generally receives an amount up to the notional value of the swap if a credit event occurs.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements where the Fund is the seller of protection as of period end are disclosed in the footnotes to the Schedule of Investments, if applicable. These spreads serve as indicators of the current status of the payment/performance risk and represent the likelihood of default risk for the credit derivative. The implied credit

PGIM Active High Yield Bond ETF 41

Notes to Financial Statements (continued)

spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to enter into the agreement. Wider credit spreads and increased market value in absolute terms, when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

Payment-In-Kind: The Fund invests in the open market or receive pursuant to debt restructuring, securities that pay-in-kind (PIK) the interest due on such debt instruments. The PIK interest, computed at the contractual rate specified, is added to the existing principal balance of the debt when issued bonds have same terms as the bond or recorded as a separate bond when terms are different from the existing debt, and is recorded as interest income.

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

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

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

42

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, 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 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.

PGIM Active High Yield Bond ETF 43

Notes to Financial Statements (continued)

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 contractually agreed, beginning from the inception of the Fund, to waive any management fees it receives from the Fund in an amount equal to the subadvisory fees paid by the Fund to the PGIM Institutional Money Market Fund due to the Fund’s investment of its excess overnight cash in the PGIM Institutional Money Market Fund. This waiver will remain in effect for as long as the Fund remains invested or intends to invest in the PGIM Institutional Money Market Fund.

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. The Manager pays for the services of the subadviser.

Brown Brothers Harriman & Co. (“BBH”) serves as the Custodian, Transfer Agent, Administrative Agent and Securities Lending Agent for the Trust. 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

44

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. As securities lending agent, BBH is responsible for marketing to approved borrowers available securities from the Fund’s portfolio. As administered by BBH, available securities from the Fund’s portfolio are furnished to borrowers through security-by-security loans effected by BBH as lending agent on behalf of the Fund. BBH is responsible for the administration and management of the Fund’s securities lending program, including the preparation and execution of a participant agreement with each borrower governing the terms and conditions of any securities loan, ensuring that securities loans are properly coordinated and documented with the Fund’s custodian, ensuring that loaned securities are daily valued and that the corresponding required cash collateral is delivered by the borrower(s), and arranging for the investment of cash collateral received from borrowers in accordance with the Fund’s investment guidelines. BBH receives as compensation for its services a portion of the amount earned by the Fund for lending securities.

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 Core Ultra Short Bond Fund (the “Core Fund”), and its securities lending cash collateral in the PGIM Institutional Money Market Fund (the “Money Market Fund”), each a series of Prudential Investment Portfolios 2, 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 Core Fund and Money Market Fund are disclosed on the Statement of Operations as “Affiliated dividend income” and “Income from securities lending, net”, respectively.

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.

PGIM Active High Yield Bond ETF 45

Notes to Financial Statements (continued)

(“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.

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 reporting period ended August 31, 2019, were $41,447,638 and $14,079,878 respectively.

A summary of the cost of purchases and proceeds from sales of shares of affiliated investments for the reporting period ended August 31, 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		Income
PGIM Core Ultra Short Bond Fund*
$        —	$	6,794,965	$	6,547,000	$	—		$	(126	)	$	247,839		247,839	$	15,750
PGIM Institutional Money Market Fund*
$        —	$	31,442,789	$	31,293,672	$	(21	)	$	(19	)	$	149,077		149,063	$	2,753	**
$        —	$	38,237,754	$	37,840,672	$	(21	)	$	(145	)	$	396,916		396,902	$	18,503

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

** This amount is included in “Income from securities lending, net” on the Statement of Operations.

For the reporting period ended August 31, 2019, no 17a-7 transactions were entered into by the Fund.

5. Distributions and Tax Information

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.

For the period ended August 31, 2019, the tax character of dividends paid by the Fund was $1,456,091 of ordinary income.

As of August 31, 2019, the accumulated undistributed earnings on a tax basis was $373,741 of ordinary income and $32,487 of long-term capital gains.

46

The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation as of August 31, 2019 were as follows:

Tax Basis	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Appreciation
$26,981,211	$991,205	$(913,949)	$77,256

The difference between book and tax basis were primarily attributable to deferred losses on wash sales, swaps, differences in the treatment of premium amortization for book and tax purposes and other cost basis 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.

Since tax authorities can examine previously filed tax returns, the Fund’s U.S. federal and state tax returns for the most recent fiscal year ended August 31, 2019 are subject to such review.

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.

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

PGIM Active High Yield Bond ETF 47

Notes to Financial Statements (continued)

As of August 31, 2019, Prudential, through its affiliated 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 the Fund, which represented 93% of the Fund’s outstanding shares, of which 93% were held by an affiliate of Prudential.

Transactions in shares of beneficial interest were as follows:

Reporting period ended August 31, 2019:

	Shares		Amount
Shares sold		675,000	$	27,152,937
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 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 of 1.25% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent.

Subsequent to the reporting period end, the SCA has been renewed effective October 3, 2019 and will continue to provide a commitment of $900 million through October 1, 2020. The commitment fee paid by the Funds will continue to be 0.15% of the unused portion of the SCA. The interest on borrowings under the renewed SCA will be paid monthly and at a per annum interest rate of 1.20% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent.

Certain affiliated registered investment companies that are parties to the SCA include portfolios that are subject to a predetermined mathematical formula used to manage certain benefit guarantees offered under variable annuity contracts. The formula may result in large scale asset flows into and out of these portfolios. Consequently, these portfolios

48

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 reporting period ended August 31, 2019.

8. Risks 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 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.

PGIM Active High Yield Bond ETF 49

Notes to Financial Statements (continued)

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 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

50

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 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. The Manager continues to evaluate certain other provisions of the ASU and does not expect a material impact to financial statement disclosures.

In September 2019, the Securities and Exchange Commission adopted a new rule and related form amendments regulating ETFs, which will become effective 60 days after publication in the Federal Register. The Manager is currently evaluating the rule and form amendments, but does not anticipate any material impact on future financial statement disclosures.

PGIM Active High Yield Bond ETF 51

Financial Highlights

	September 24, 2018(e) through August 31,
	2019
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$40.00
Income (loss) from investment operations:
Net investment income (loss)		2.30
Net realized and unrealized gain (loss) on investment		0.85
Total from investment operations		3.15
Less Dividends and Distributions:
Dividends from net investment income		(2.19	)
Net asset value, end of period		$40.96
Total Return(b):		8.20%
Ratios/Supplemental Data:
Net assets, end of period (000)		$27,649
Average net assets (000)		$26,467
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)		6.15%	(d)
Portfolio turnover rate		55%	(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.

52

Report of Independent Registered Public Accounting Firm

To the Shareholders of PGIM Active High Yield Bond ETF and Board of Trustees

PGIM ETF Trust:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of PGIM Active High Yield Bond ETF, a series of PGIM ETF Trust, (the Fund), including the schedule of investments, as of August 31, 2019, and the related statement of operations and statement of changes in net assets for the period from September 24, 2018 (commencement of operations) to August 31, 2019, and the related notes (collectively, the financial statements) and the financial highlights for the period from September 24, 2018 to August 31, 2019. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of August 31, 2019, the results of its operations, the changes in its net assets, and the financial highlights for the period from September 24, 2018 to August 31, 2019, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of August 31, 2019, by correspondence with the custodian, transfer agent, and brokers, or by other appropriate auditing procedures when replies were not received. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audit provides a reasonable basis for our opinion.

We have served as the auditor of one or more PGIM and/or Prudential Retail investment companies since 2003.

New York, New York

October 15, 2019

PGIM Active High Yield Bond ETF 53

Federal Income Tax Information (unaudited)

For the period ended August 31, 2019, the Fund reports the maximum amount allowable but not less than 71.67% as interest-related dividends in accordance with Sections 871(k)(1) and 881(e)(1) of the Internal Revenue Code.

In January 2020, you will be advised on IRS Form 1099-DIV or substitute 1099-DIV, as to the federal tax status of the dividends received by you in calendar year 2019.

54

INFORMATION ABOUT BOARD MEMBERS AND OFFICERS (unaudited)

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

Independent Board Members
Name Date of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Ellen S. Alberding 3/11/58 Board Member Portfolios Overseen: 96	President and Board Member, The Joyce Foundation (charitable foundation) (since 2002); Vice Chair, City Colleges of Chicago (community college system) (2011-2015); Trustee, National Park Foundation (charitable foundation for national park system) (2009-2018); Trustee, Economic Club of Chicago (since 2009); Trustee, Loyola University (since 2018).	None.	Since December 2017
Kevin J. Bannon 7/13/52 Board Member Portfolios Overseen: 96	Retired; Managing Director (April 2008-May 2015) and Chief Investment Officer (October 2008-November 2013) of Highmount Capital LLC (registered investment adviser); formerly Executive Vice President and Chief Investment Officer (April 1993-August 2007) of Bank of New York Company; President (May 2003-May 2007) of BNY Hamilton Family of Mutual Funds.	Director of Urstadt Biddle Properties (equity real estate investment trust) (since September 2008).	Since December 2017

PGIM Active High Yield Bond ETF

Independent Board Members
Name Date of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Linda W. Bynoe 7/9/52 Board Member Portfolios Overseen: 96	President and Chief Executive Officer (since March 1995) and formerly Chief Operating Officer (December 1989-February 1995) of Telemat Ltd. (management consulting); formerly Vice President (January 1985-June 1989) at Morgan Stanley & Co. (broker-dealer).	Director of Anixter International, Inc. (communication products distributor) (since January 2006); Director of Northern Trust Corporation (financial services) (since April 2006); Trustee of Equity Residential (residential real estate) (since December 2009).	Since December 2017
Barry H. Evans 11/2/60 Board Member Portfolios Overseen: 95	Retired; formerly President (2005 – 2016), Global Chief Operating Officer (2014–2016), Chief Investment Officer – Global Head of Fixed Income (1998-2014), and various portfolio manager roles (1986-2006), Manulife Asset Management U.S.	Formerly Director, Manulife Trust Company (2011-2018); formerly Director, Manulife Asset Management Limited (2015-2017); formerly Chairman of the Board of Directors of Manulife Asset Management U.S. (2005-2016); formerly Chairman of the Board, Declaration Investment Management and Research (2008-2016).	Since December 2017
Keith F. Hartstein 10/13/56 Board Member & Independent Chair Portfolios Overseen: 96	Retired; Member (since November 2014) of the Governing Council of the Independent Directors Council (organization of independent mutual fund directors); formerly President and Chief Executive Officer (2005-2012), Senior Vice President (2004-2005), Senior Vice President of Sales and Marketing (1997-2004), and various executive management positions (1990-1997), John Hancock Funds, LLC (asset management); Chairman, Investment Company Institute’s Sales Force Marketing Committee (2003-2008).	None.	Since December 2017

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Independent Board Members
Name Date of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Laurie Simon Hodrick 9/29/62 Board Member Portfolios Overseen: 95	A. Barton Hepburn Professor Emerita of Economics in the Faculty of Business, Columbia Business School (since 2018); Visiting Professor of Law, Stanford Law School (since 2015); Visiting Fellow at the Hoover Institution, Stanford University (since 2015); Sole Member, ReidCourt LLC (since 2008) (a consulting firm); formerly A. Barton Hepburn Professor of Economics in the Faculty of Business, Columbia Business School (1996-2017); formerly Managing Director, Global Head of Alternative Investment Strategies, Deutsche Bank (2006-2008).	Independent Director, Synnex Corporation (since April 2019) (information technology); Independent Director, Kabbage, Inc. (since July 2018) (financial services); Independent Director, Corporate Capital Trust (2017-2018) (a business development company).	Since December 2017
Michael S. Hyland, CFA 10/4/45 Board Member Portfolios Overseen: 96	Retired (since February 2005); formerly Senior Managing Director (July 2001-February 2005) of Bear Stearns & Co, Inc.; Global Partner, INVESCO (1999-2001); Managing Director and President of Salomon Brothers Asset Management (1989-1999).	None.	Since December 2017
Brian K. Reid 9/22/61 Board Member Portfolios Overseen: 95	Retired; formerly Chief Economist for the Investment Company Institute (ICI) (2005-2017); formerly Senior Economist and Director of Industry and Financial Analysis at the ICI (1998-2004); formerly Senior Economist, Industry and Financial Analysis at the ICI (1996-1998); formerly Staff Economist at the Federal Reserve Board (1989-1996); Director, ICI Mutual Insurance Company (2012-2017).	None.	Since March 2018

PGIM Active High Yield Bond ETF

Independent Board Members
Name Date of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Grace C. Torres 6/28/59 Board Member Portfolios Overseen: 95	Retired; formerly Treasurer and Principal Financial and Accounting Officer of the PGIM Funds, Target Funds, Advanced Series Trust, Prudential Variable Contract Accounts and The Prudential Series Fund (1998-June 2014); Assistant Treasurer (March 1999-June 2014) and Senior Vice President (September 1999-June 2014) of PGIM Investments LLC; Assistant Treasurer (May 2003-June 2014) and Vice President (June 2005-June 2014) of AST Investment Services, Inc.; Senior Vice President and Assistant Treasurer (May 2003-June 2014) of Prudential Annuities Advisory Services, Inc.	Formerly Director (July 2015-January 2018) of Sun Bancorp, Inc. N.A. and Sun National Bank; Director (since January 2018) of OceanFirst Financial Corp. and OceanFirst Bank.	Since December 2017

Interested Board Members
Name Date of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Stuart S. Parker 10/5/62 Board Member & President Portfolios Overseen: 96	President of PGIM Investments LLC (formerly known as Prudential Investments LLC) (since January 2012); Executive Vice President of Prudential Investment Management Services LLC (since December 2012); formerly Executive Vice President of Jennison Associates LLC and Head of Retail Distribution of PGIM Investments LLC (June 2005-December 2011).	None.	Since December 2017

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Interested Board Members
Name Date of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Scott E. Benjamin 5/21/73 Board Member & Vice President Portfolios Overseen:96	Executive Vice President (since June 2009) of PGIM Investments LLC; Executive Vice President (June 2009-June 2012) and Vice President (since June 2012) of Prudential Investment Management Services LLC; Executive Vice President (since September 2009) of AST Investment Services, Inc.; Senior Vice President of Product Development and Marketing, PGIM Investments (since February 2006); formerly Vice President of Product Development and Product Management, PGIM Investments LLC (2003-2006).	None.	Since December 2017

Fund Officers(a)
Name Date of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Raymond A. O’Hara 9/11/55 Chief Legal Officer	Vice President and Corporate Counsel (since July 2010) of Prudential Insurance Company of America (Prudential); Vice President (March 2011-Present) of Pruco Life Insurance Company and Pruco Life Insurance Company of New Jersey; Vice President and Corporate Counsel (March 2011-Present) of Prudential Annuities Life Assurance Corporation; Chief Legal Officer of PGIM Investments LLC (since June 2012); Chief Legal Officer of Prudential Mutual Fund Services LLC (since June 2012) and Corporate Counsel of AST Investment Services, Inc. (since June 2012); formerly Assistant Vice President and Corporate Counsel (September 2008-July 2010) of The Hartford Financial Services Group, Inc.; formerly Associate (September 1980-December 1987) and Partner (January 1988–August 2008) of Blazzard & Hasenauer, P.C. (formerly, Blazzard, Grodd & Hasenauer, P.C.).	Since December 2017

PGIM Active High Yield Bond ETF

Fund Officers(a)
Name Date of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Dino Capasso 8/19/74 Chief Compliance Officer	Chief Compliance Officer (July 2019-Present) of PGIM Investments LLC; Chief Compliance Officer (July 2019-Present) of the PGIM Funds, Target Funds, Advanced Series Trust, The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc., PGIM Global High Yield Fund, Inc., and PGIM High Yield Bond Fund, Inc.; Vice President and Deputy Chief Compliance Officer (June 2017-2019) of PGIM Investments LLC; formerly, Senior Vice President and Senior Counsel (January 2016-June 2017), and Vice President and Counsel (February 2012-December 2015) of Pacific Investment Management Company LLC.	Since December 2017
Andrew R. French 12/22/62 Secretary	Vice President of PGIM Investments LLC (December 2018-Present); formerly Vice President and Corporate Counsel (February 2010-December 2018) of Prudential; formerly Director and Corporate Counsel (2006-2010) of Prudential; Vice President and Assistant Secretary (since January 2007) of PGIM Investments LLC; Vice President and Assistant Secretary (since January 2007) of Prudential Mutual Fund Services LLC.	Since December 2017
Jonathan D. Shain 8/9/58 Assistant Secretary	Vice President and Corporate Counsel (since August 1998) of Prudential; Vice President and Assistant Secretary (since May 2001) of PGIM Investments LLC; Vice President and Assistant Secretary (since February 2001) of Prudential Mutual Fund Services LLC; formerly Vice President and Assistant Secretary (May 2003-June 2005) of AST Investment Services, Inc.	Since December 2017
Claudia DiGiacomo 10/14/74 Assistant Secretary	Vice President and Corporate Counsel (since January 2005) of Prudential; Vice President and Assistant Secretary of PGIM Investments LLC (since December 2005); formerly Associate at Sidley Austin Brown & Wood LLP (1999-2004).	Since December 2017
Diana N. Huffman 4/14/82 Assistant Secretary	Vice President and Corporate Counsel (since September 2015) of Prudential; formerly Associate at Willkie Farr & Gallagher LLP (2009-2015).	Since March 2019
Kelly A. Coyne 8/8/68 Assistant Secretary	Director, Investment Operations of Prudential Mutual Fund Services LLC (since 2010).	Since December 2017
Christian J. Kelly 5/5/75 Treasurer and Principal Financial and Accounting Officer	Vice President, Head of Fund Administration of PGIM Investments LLC (since November 2018); formerly, Director of Fund Administration of Lord Abbett & Co. LLC (2009-2018), Treasurer and Principal Accounting Officer of the Lord Abbett Family of Funds (2017-2018); Director of Accounting, Avenue Capital Group (2008-2009); Senior Manager, Investment Management Practice of Deloitte & Touche LLP (1998-2007).	Since January 2019

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Fund Officers(a)
Name Date of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Lana Lomuti 6/7/67 Assistant Treasurer	Vice President (since 2007) and Director (2005-2007), within PGIM Investments Fund Administration; formerly Assistant Treasurer (December 2007-February 2014) of The Greater China Fund, Inc.	Since December 2017
Russ Shupak 10/08/73 Assistant Treasurer	Vice President (since 2017) and Director (2013-2017), within PGIM Investments Fund Administration.	Since October 2019
Deborah Conway 3/26/69 Assistant Treasurer	Vice President (since 2017) and Director (2007-2017), within PGIM Investments Fund Administration.	Since October 2019
Elyse M. McLaughlin 1/20/74 Assistant Treasurer	Vice President (since 2017) and Director (2011-2017), within PGIM Investments Fund Administration.	Since October 2019

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

Explanatory Notes to Tables:

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

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

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

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

∎ “Portfolios Overseen” includes all investment companies managed by PGIM Investments LLC. The investment companies for which PGIM Investments LLC serves as manager include the PGIM Funds, The Prudential Variable Contract Accounts, PGIM ETF Trust, PGIM High Yield Bond Fund, Inc., PGIM Global High Yield Fund, Inc., The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc. and the Advanced Series Trust.

PGIM Active High Yield Bond ETF

∎ 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 • Dino Capasso, 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 • Kelly A. Coyne, Assistant Secretary • Lana Lomuti, Assistant Treasurer • Russ Shupak, Assistant Treasurer • Elyse McLaughlin, Assistant Treasurer • Deborah Conway, 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 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 on Form N-PORT. The Fund’s Form N-PORT filings are available on the Commission’s website at sec.gov. Form N-PORT is filed with the Commission quarterly, and each Fund’s full portfolio holdings as of the first and third fiscal quarter-ends (as of the third month of the Fund’s fiscal quarter for reporting periods on or after September 30, 2019) will be made publicly available 60 days after the end of each quarter at sec.gov.

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

Funds:

ARE NOT INSURED BY THE FDIC OR ANY FEDERAL GOVERNMENT AGENCY MAY LOSE VALUE ARE NOT A DEPOSIT OF OR GUARANTEED BY ANY BANK OR ANY BANK AFFILIATE

PGIM ACTIVE HIGH YIELD BOND ETF

TICKER SYMBOL PHYL

ETF1001E    

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

ANNUAL REPORT

AUGUST 31, 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

Highlights (unaudited)

PGIM QMA STRATEGIC ALPHA LARGE-CAP CORE ETF

• The Fund benefited from favorable security selection in health care and an overweight in industrials.

• The Fund’s positioning in health care equipment & supplies and security selection in industrial conglomerates aided performance.

• Relative performance was hurt most by an overweight and unfavorable security selection in the consumer discretionary sector. In this sector, the Fund’s positioning in textile, apparel, and luxury goods manufacturers significantly detracted from relative performance.

PGIM QMA STRATEGIC ALPHA SMALL-CAP GROWTH ETF

• The Fund benefited from favorable security selection in the materials sector.

• The Fund’s positioning in the chemical industry aided performance, and its focus on quality through its profitability measure helped it avoid some poorer performers in the industry.

• Relative performance was hurt most by poor selection in health care, where the Fund’s positioning in pharmaceutical and biotechnology companies significantly detracted, as well as an underweight in information technology.

PGIM QMA STRATEGIC ALPHA SMALL-CAP VALUE ETF

• The Fund benefited from favorable security selection in the energy and health care sectors.

• The Fund’s positioning in biotechnology and good selection in the weak-performing oil, gas, and consumable fuels industry aided the Fund’s performance.

• Relative performance was hurt most by poor selection in the financial sector, where positioning in insurance companies significantly detracted, as well as an underweight in utilities.

PGIM QMA STRATEGIC ALPHA INTERNATIONAL EQUITY ETF

• The Fund benefited from good relative performance in the financial and energy sectors.

• In the financial sector, the Fund’s meaningful underweight position in banks, which was one of the poorer-performing industries in the MSCI EAFE Index, along with good stock selection aided performance. Performance was also helped by an underweight position in energy, which was the only sector in the Index to generate a negative return during the period.

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• The Fund’s relative performance was hurt most by holdings in the health care and industrial sectors.

• In health care, the Fund’s positioning among pharmaceutical companies significantly detracted from relative performance. In industrials, the Fund exhibited poor security selection, especially among machinery and airline stocks.

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

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

Exchange-traded funds are distributed by Prudential Investment Management Services LLC (PIMS), member SIPC. 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.

PGIM QMA Strategic Alpha ETFs 3

Table of Contents

Letter from the President	5
PGIM QMA Strategic Alpha Large-Cap Core ETF	6
Growth of a $10,000 Investment	6
Strategy and Performance Overview	9
PGIM QMA Strategic Alpha Small-Cap Growth ETF	11
Growth of a $10,000 Investment	11
Strategy and Performance Overview	14
PGIM QMA Strategic Alpha Small-Cap Value ETF	16
Growth of a $10,000 Investment	16
Strategy and Performance Overview	19
PGIM QMA Strategic Alpha International Equity ETF	21
Growth of a $10,000 Investment	21
Strategy and Performance Overview	24
Fees and Expenses	26
Holdings and Financial Statements	29

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Letter from the President

Dear Shareholder:

We hope you find the annual report for the PGIM QMA Strategic Alpha ETFs informative and useful. The report covers performance from the funds’ inception dates through the end of the reporting period on August 31, 2019.

While the US economy remained healthy, with rising corporate profits and strong job growth, the Federal Reserve cut interest rates late in the period for the first time since the Great Recession more than a decade ago. After nine rate increases in recent years, the cut was a proactive attempt by the Fed to extend the longest domestic economic expansion on record as growth in many other regions weakened. China in particular showed signs of slowing amid trade tensions with the US, and turmoil in the United Kingdom continued as it negotiated an exit from the European Union.

Despite the growing US economy, volatility returned to the equity markets during the period. After corporate tax cuts and regulatory reforms helped boost US stocks early in the period, equities declined significantly at the end of 2018 on concerns about China’s economy, a potential global trade war, higher interest rates, and worries that profit growth might slow. Stocks reversed course early in 2019, rising sharply after the Fed moderated its position on additional rate hikes for the remainder of the year. For the period overall, large-cap US equities rose while small-cap US stocks fell. Stocks also declined in developed foreign and emerging markets.

The overall US bond market posted strong returns during the period on a significant rally in interest rates that saw the 10-year US Treasury yield decline from around 3% to 2%. Investment grade corporate bonds led the way with a double-digit gain, while corporate high yield and municipal bonds each had a high single-digit return. Globally, bonds in developed markets delivered solid returns, while emerging markets debt also posted positive results. A continuing trend during the period was the inversion of a portion of the US Treasury yield curve, as the yield on certain shorter maturities exceeded the yield on the 10-year bond.

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 scale and investment expertise allow 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

October 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 8/31/19
	Since Inception (%)
Net Asset Value (NAV)	5.20 (10/17/18)
Market Price*	5.22 (10/17/18)
S&P 500 Index	9.84
Lipper Large-Cap Core Funds Average	9.36

*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.

Growth of a $10,000 Investment

The graph compares a $10,000 investment in the Fund with a similar investment in the S&P 500 Index by portraying the initial account values at the commencement of operations (October 17, 2018) and the account values at the end of the current fiscal period (August 31, 2019) as measured on a quarterly basis. The Fund assumes an initial investment on October 17, 2018, while the benchmark and the Index assume that the initial investment occurred on October 31, 2018. For purposes of the graph, and unless otherwise indicated, it has been assumed that (a) all recurring fees (including management fees) were deducted; and (b) all dividends and distributions were reinvested.

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

Source: PGIM Investments LLC and Lipper Inc.

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.

PGIM QMA Strategic Alpha ETFs 7

PGIM QMA Strategic Alpha Large-Cap Core ETF

Your Fund’s Performance (continued)

Presentation of Fund Holdings

Ten Largest Holdings expressed as a percentage of net assets as of 8/31/19 (%)
Target Corp., Multiline Retail	0.5
Dollar General Corp., Multiline Retail	0.4
Synopsys, Inc., Software	0.4
Brown-Forman Corp., Beverages	0.4
Walmart, Inc., Food & Staples Retailing	0.4
Estee Lauder Cos., Inc. (The), Personal Products	0.4
Consolidated Edison, Inc., Multi-Utilities	0.4
Jacobs Engineering Group Inc., Construction & Engineering	0.4
Mastercard, Inc., IT Services	0.4
Essex Property Trust, Inc., Equity Real Estate Investment Trusts (REITs)	0.4

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

Ten Largest Industries expressed as a percentage of net assets as of 8/31/19 (%)
Equity Real Estate Investment Trusts (REITs)	7.8
Health Care Equipment & Supplies	5.9
Insurance	4.4
Capital Markets	3.4
Banks	3.4
Health Care Providers & Services	3.4
Oil, Gas & Consumable Fuels	3.4
IT Services	2.9
Multi-Utilities	2.5
Software	2.5

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

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PGIM QMA Strategic Alpha Large-Cap Core ETF

Strategy and Performance Overview (unaudited)

How did the Fund perform?

• The PGIM QMA Strategic Alpha Large-Cap Core ETF (the Fund) returned 5.20% based on net asset value since the Fund’s inception on October 17, 2018 through the end of the reporting period on August 31, 2019, underperforming the 9.84% return of the S&P 500 Index (the Index) and the 9.36% return of the Lipper Large-Cap Core Funds Average over the same period.

What were the market conditions?

• US equity markets moved higher during the period but exhibited increased volatility.

• Large-cap stocks generally outperformed their small- and mid-cap counterparts.

• Value stocks underperformed growth stocks across all market capitalizations.

What worked?

• The Fund benefited from favorable security selection in the health care sector and an overweight position in industrials.

• The Fund’s positioning in health care equipment & supplies, one of the better-performing industries in the health care sector, aided performance.

• In industrials, security selection in industrial conglomerates also added value.

• The Fund’s top individual contributors to relative performance were internet and direct marketing retailer Amazon.com Inc.; semiconductor company NVIDIA Corp., and information technology company Apple Inc.

What didn’t work?

• The Fund’s relative performance was hurt most by an overweight position and unfavorable security selection in the consumer discretionary sector.

• In consumer discretionary, the Fund’s positioning in textile, apparel, and luxury goods manufacturers significantly detracted from relative performance as that industry underperformed on weaker-than-expected earnings results. The largest detractors at the stock level were software company Microsoft Corp., consumer staples company Procter & Gamble Co., and electric utility PG&E Corp.

Current outlook

While the US stock market has remained buoyant, with most indexes having risen well into positive territory in 2019 through the end of the reporting period, the gulf in performance between cheap and expensive stocks has continued to be quite wide across the market-cap spectrum, with higher-valued stocks generally faring much better than lower-valued stocks. Accordingly, the Fund’s focus on lower-valued stocks has been a headwind in recent quarters, particularly in the growth arena where many of the better-performing

PGIM QMA Strategic Alpha ETFs 9

PGIM QMA Strategic Alpha Large-Cap Core ETF

Strategy and Performance Overview (continued)

stocks have been trading at especially high valuations. As this disparity in performance and valuation has persisted, the Fund has continued to tilt toward these more attractively valued stocks while maintaining a quality focus through its heavier weight in companies with higher profitability. QMA believes this positioning in more reasonably valued, higher-quality stocks—which have been out of favor in recent quarters—will provide significant opportunity for improved performance going forward.

The percentage points shown in the tables below identify each security’s positive or negative contribution to the Fund’s return relative to the benchmark’s return during the reporting period.

Top Relative Contributors (%)		Top Relative Detractors (%)
Apple Inc.	0.48	Microsoft Corporation	–0.69
Amazon.com, Inc.	0.25	Procter & Gamble Company	–0.23
NVIDIA Corporation	0.25	PG&E Corporation	–0.22
Exxon Mobil Corporation	0.23	Macy’s Inc	–0.22
Berkshire Hathaway, Inc. Class B	0.17	Tapestry, Inc.	–0.22

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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 8/31/19
	Since Inception (%)
Net Asset Value (NAV)	–3.50 (11/13/18)
Market Price*	–3.53 (11/13/18)
Russell 2000 Growth Index	4.31
Lipper Small-Cap Growth Funds Average	7.98

*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.

Growth of a $10,000 Investment

The graph compares a $10,000 investment in the Fund with a similar investment in the Russell 2000 Growth Index by portraying the initial account values at the commencement of operations (November 13, 2018) and the account values at the end of the current fiscal period (August 31, 2019) as measured on a quarterly basis. The Fund assumes an initial investment on November 13, 2018, while the benchmark and the Index assume that the initial investment occurred on October 31, 2018. For purposes of the graph, and unless otherwise indicated, it has been assumed that (a) all recurring fees (including management fees) were deducted; and (b) all dividends and distributions were reinvested.

PGIM QMA Strategic Alpha ETFs 11

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Your Fund’s Performance (continued)

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

Source: PGIM Investments LLC and Lipper Inc.

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 trademark 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.

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.

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Presentation of Fund Holdings

Ten Largest Holdings expressed as a percentage of net assets as of8/31/19 (%)
Deciphera Pharmaceuticals, Inc., Biotechnology	0.3
LivePerson, Inc., Software	0.3
Novocure Ltd., Health Care Equipment & Supplies	0.3
Model N, Inc., Software	0.3
GMS, Inc., Trading Companies & Distributors	0.3
G1 Therapeutics, Inc., Biotechnology	0.2
Genomic Health, Inc., Biotechnology	0.2
American States Water Co., Water Utilities	0.2
Telenav, Inc., Software	0.2
Avrobio, Inc., Biotechnology	0.2

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

Ten Largest Industries expressed as a percentage of net assets as of 8/31/19 (%)
Biotechnology	9.5
Software	6.6
Health Care Equipment & Supplies	5.6
Equity Real Estate Investment Trusts (REITs)	5.5
Machinery	4.5
Banks	4.2
Hotels, Restaurants & Leisure	3.1
IT Services	3.1
Commercial Services & Supplies	2.9
Professional Services	2.8

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

PGIM QMA Strategic Alpha ETFs 13

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Strategy and Performance Overview (unaudited)

How did the Fund perform?

• The PGIM QMA Strategic Alpha Small-Cap Growth ETF (the Fund) returned –3.50% based on net asset value since the Fund’s inception on November 13, 2018 through the end of the reporting period on August 31, 2019, underperforming the 4.31% return of the Russell 2000 Growth Index (the Index) and the 7.98% return of the Lipper Small-Cap Growth Funds Average over the same period.

What were the market conditions?

• US equity markets moved higher during the period but exhibited increased volatility.

• Large-cap stocks generally outperformed their small- and mid-cap counterparts.

• Value stocks underperformed growth stocks across all market capitalizations.

What worked?

• The Fund benefited from favorable security selection in the materials sector.

• In materials, the Fund’s positioning within the chemical industry aided performance, and its focus on quality through its profitability measure helped it avoid some of the poorer performers in the space.

• The Fund’s top individual contributors to relative performance were consumer discretionary company Stamps.com Inc., health care company Odonate Therapeutics Inc., and information technology company TeleNav Inc.

What didn’t work?

• The Fund’s relative performance was hurt most by poor selection in health care and an underweight in information technology.

• In health care, the Fund’s positioning in pharmaceutical and biotechnology companies significantly detracted from relative performance as its focus on valuation and profitability underperformed in an environment where stocks of more-expensive, less-profitable companies performed relatively better.

• Information technology stocks were the Index’s best performers during the period, but the Fund was meaningfully underweight these stocks given their relatively high valuations, which dampened performance.

• The largest detractors at the stock level were health care companies Array BioPharma Inc. and Novocure Ltd., and information technology company Trade Desk, Inc. (Class A shares).

Current outlook

While the US stock market has remained buoyant, with most indexes having risen well into positive territory in 2019 through the end of the reporting period, the gulf in performance

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between cheap and expensive stocks has continued to be quite wide across the market-cap spectrum, with higher-valued stocks generally faring much better than lower-valued stocks. Accordingly, the Fund’s focus on lower-valued stocks has been a headwind in recent quarters, particularly in the growth arena where many of the better-performing stocks have been trading at especially high valuations. As this disparity in performance and valuation has persisted, the Fund has continued to tilt toward these more attractively valued stocks while maintaining a quality focus through its heavier weight in companies with higher profitability. QMA believes this positioning in more reasonably valued, higher-quality stocks—which have been out of favor in recent quarters—will provide significant opportunity for improved performance going forward.

The percentage points shown in the tables below identify each security’s positive or negative contribution to the Fund’s return relative to the benchmark’s return during the reporting period.

Top Relative Contributors (%)		Top Relative Detractors (%)
Stamps.com	0.19	Array BioPharma	–0.60
Odonate Therapeutics	0.18	Novocure	–0.37
TeleNav	0.16	Trade Desk, Class A	–0.32
HealthEquity	0.15	Coupa Software	–0.31
Telaria	0.15	Zafgen	–0.20

PGIM QMA Strategic Alpha ETFs 15

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 8/31/19
	Since Inception (%)
Net Asset Value (NAV)	–5.39 (11/13/18)
Market Price*	–5.44 (11/13/18)
Russell 2000 Value Index	–4.14
Lipper Small-Cap Value Funds Average	–5.22

*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.

Growth of a $10,000 Investment

The graph compares a $10,000 investment in the Fund with a similar investment in the Russell 2000 Value Index by portraying the initial account values at the commencement of operations (November 13, 2018) and the account values at the end of the current fiscal period (August 31, 2019) as measured on a quarterly basis. The Fund assumes an initial investment on November 13, 2018, while the benchmark and the Index assume that the initial investment occurred on October 31, 2018. For purposes of the graph, and unless otherwise indicated, it has been assumed that (a) all recurring fees (including management fees) were deducted; and (b) all dividends and distributions were reinvested.

16 Visit our website at pgiminvestments.com

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

Source: PGIM Investments LLC and Lipper Inc.

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 trademark 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.

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.

PGIM QMA Strategic Alpha ETFs 17

PGIM QMA Strategic Alpha Small-Cap Value ETF

Your Fund’s Performance (continued)

Presentation of Fund Holdings

Ten Largest Holdings expressed as a percentage of net assets as of 8/31/19 (%)
Infinera Corp., Communications Equipment	0.3
Lannett Co., Inc., Pharmaceuticals	0.2
Achillion Pharmaceuticals, Inc., Biotechnology	0.2
Tower International, Inc., Auto Components	0.2
Anika Therapeutics, Inc., Biotechnology	0.2
NeoPhotonics Corp., Semiconductors & Semiconductor Equipment	0.2
Owens & Minor, Inc., Health Care Providers & Services	0.2
Cloudera, Inc., Software	0.2
M/I Homes, Inc., Household Durables	0.2
NETGEAR, Inc., Communications Equipment	0.2

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

Ten Largest Industries expressed as a percentage of net assets as of 8/31/19 (%)
Banks	19.0
Equity Real Estate Investment Trusts (REITs)	7.6
Thrifts & Mortgage Finance	4.4
Machinery	4.3
Specialty Retail	3.8
Insurance	3.4
Oil, Gas & Consumable Fuels	3.1
Mortgage Real Estate Investment Trusts (REITs)	2.8
Commercial Services & Supplies	2.4
Semiconductors & Semiconductor Equipment	2.4

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

18 Visit our website at pgiminvestments.com

PGIM QMA Strategic Alpha Small-Cap Value ETF

Strategy and Performance Overview (unaudited)

How did the Fund perform?

• The PGIM QMA Strategic Alpha Small-Cap Value ETF (the Fund) returned –5.39% based on net asset value since the Fund’s inception on November 13, 2018 through the end of the reporting period on August 31, 2019, underperforming the –4.14% return of the Russell 2000 Value Index (the Index) and the –5.22% return of the Lipper Small-Cap Value Funds Average over the same period.

What were the market conditions?

• US equity markets moved higher during the period but exhibited increased volatility.

• Large-cap stocks generally outperformed their small- and mid-cap counterparts.

• Value stocks underperformed growth stocks across all market capitalizations.

What worked?

• The Fund benefited from favorable security selection in the energy and health care sectors.

• In health care, the Fund’s positioning within the biotechnology industry aided performance. Specifically, the Fund was helped by holdings in Adverum Biotechnologies Inc., which rose more than 300% in the period on news related to the company’s treatment for macular degeneration. In energy, good selection in the weak-performing oil, gas, and consumable fuels industry also aided returns.

• The Fund’s top individual contributors to relative performance were biotechnology company Adverum, pharmaceutical company Endo International PLC, and specialty retailer Signet Jewelers Ltd.

What didn’t work?

• The Fund’s relative performance was hurt most by poor selection in the financial sector and an underweight in utilities.

• In financials, the Fund’s positioning in insurance companies significantly detracted from relative performance, as that industry underperformed on fears of lower investment returns.

• Utilities were the best-performing sector in the Index, but the Fund remained underweight these stocks as valuations appeared unattractive, in QMA’s view. The largest detractors at the stock level were energy equipment company Cree, health care company Acorda Therapeutics Inc., and financial services company eHealth Inc.

Current outlook

While the US stock market has remained buoyant, with most indexes having risen well into positive territory in 2019 through the end of the reporting period, the gulf in performance between cheap and expensive stocks has continued to be quite wide across the market-cap

PGIM QMA Strategic Alpha ETFs 19

PGIM QMA Strategic Alpha Small-Cap Value ETF

Strategy and Performance Overview (continued)

spectrum, with higher-valued stocks generally faring much better than lower-valued stocks. Accordingly, the Fund’s focus on lower-valued stocks has been a headwind in recent quarters, particularly in the growth arena where many of the better-performing stocks have been trading at especially high valuations. As this disparity in performance and valuation has persisted, the Fund has continued to tilt toward these more attractively valued stocks while maintaining a quality focus through its heavier weight in companies with higher profitability. QMA believes this positioning in more reasonably valued, higher-quality stocks—which have been out of favor in recent quarters—will provide significant opportunity for improved performance going forward.

The percentage points shown in the tables below identify each security’s positive or negative contribution to the Fund’s return relative to the benchmark’s return during the reporting period.

Top Relative Contributors (%)		Top Relative Detractors (%)
Adverum Biotechnologies	0.36	Cree	–0.12
Endo International	0.23	Acorda Therapeutics	–0.11
Signet Jewelers	0.19	eHealth	–0.11
Southwestern Energy	0.18	Enphase Energy	–0.11
Telaria	0.14	Basic Energy Services	–0.10

20 Visit our website at pgiminvestments.com

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 8/31/19
	Since Inception (%)
Net Asset Value (NAV)	1.09 (12/4/18)
Market Price*	1.35 (12/4/18)
MSCI EAFE Index	4.34
Lipper International Multi-Cap Core Funds Average	2.81

*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.

Growth of a $10,000 Investment

The graph compares a $10,000 investment in the Fund with a similar investment in the MSCI EAFE Index by portraying the initial account values at the commencement of operations (December 4, 2018) and the account values at the end of the current fiscal period (August 31, 2019) as measured on a quarterly basis. The Fund assumes an initial investment on December 4, 2018, while the benchmark and the Index assume that the initial investment occurred on November 30, 2018. For purposes of the graph, and unless otherwise indicated, it has been assumed that (a) all recurring fees (including management fees) were deducted; and (b) all dividends and distributions were reinvested.

PGIM QMA Strategic Alpha ETFs 21

PGIM QMA Strategic Alpha International Equity ETF

Your Fund’s Performance (continued)

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

Source: PGIM Investments LLC and Lipper Inc.

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.

22 Visit our website at pgiminvestments.com

Presentation of Fund Holdings

Ten Largest Holdings expressed as a percentage of net assets as of 8/31/19 (%)
Sundrug Co. Ltd., Food & Staples Retailing	0.2
Shiseido Co. Ltd., Personal Products	0.2
Pernod Ricard SA, Beverages	0.2
Unilever PLC, Personal Products	0.2
SUMCO Corp., Semiconductors & Semiconductor Equipment	0.2
GVC Holdings PLC, Hotels, Restaurants & Leisure	0.2
Smiths Group PLC, Industrial Conglomerates	0.2
Smurfit Kappa Group PLC, Containers & Packaging	0.2
Bouygues SA, Construction & Engineering	0.2
Pandora A/S, Textiles, Apparel & Luxury Goods	0.2

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

Ten Largest Industries expressed as a percentage of net assets as of 8/31/19 (%)
Banks	6.2
Machinery	4.9
Equity Real Estate Investment Trusts (REITs)	4.6
Pharmaceuticals	4.6
Chemicals	4.4
Real Estate Management & Development	3.5
Insurance	3.5
Diversified Telecommunication Services	3.4
Electric Utilities	3.3
Road & Rail	3.0

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

PGIM QMA Strategic Alpha ETFs 23

PGIM QMA Strategic Alpha International Equity ETF

Strategy and Performance Overview (unaudited)

How did the Fund perform?

• The PGIM QMA Strategic Alpha International Equity ETF (the Fund) returned 1.09% based on net asset value since the Fund’s inception on December 4, 2018 through the end of the reporting period on August 31, 2019, underperforming the 4.34% return of the MSCI EAFE Index (the Index) and the 2.81% return of the Lipper International Multi-Cap Core Funds Average over the same period.

What were the market conditions?

• Developed international equity markets moved higher during the reporting period, but exhibited increased levels of volatility.

• Large-cap stocks generally outperformed their small- and mid-cap counterparts.

• Value stocks underperformed growth stocks across all market capitalizations.

What worked?

• The Fund benefited from good relative performance in the financial and energy sectors.

• In the financial sector, the Fund’s meaningful underweight position in banks, which was one of the Index’s poorer-performing industries, along with good stock selection aided performance.

• The Fund’s focus on performance was also helped by an underweight position in energy, which was the only sector in the Index to generate a negative return during the period. The Fund’s focus on quality through its profitability measure rendered a number of the stocks in this industry unattractive.

• The Fund’s top individual contributors to relative performance were financial company HSBC Holdings Plc., energy company Royal Dutch Shell Plc., and materials company Fortescue Metals Group Ltd.

What didn’t work?

• The Fund’s relative performance was hurt most by holdings in the health care and industrial sectors.

• In health care, the Fund’s positioning in pharmaceutical companies significantly detracted from relative performance as its focus on valuation and profitability underperformed in an environment where stocks of more-expensive, less-profitable companies performed relatively better.

• In industrials, the Fund exhibited poor security selection, especially among machinery and airline stocks.

• The largest detractors at the security level were consumer staples company Nestle S.A., information technology company ASML Holding NV, and consumer discretionary company LVMH Moet Hennessy Louis Vuitton SE.

24 Visit our website at pgiminvestments.com

Current outlook

While developed international equity markets have remained buoyant, with most indexes having risen well into positive territory in 2019 through the end of the reporting period, country-by-country returns have varied widely. In addition, the gulf in performance between cheap and expensive stocks has continued to be quite wide across the market-cap spectrum, with higher-valued stocks generally faring much better than lower-valued stocks. Accordingly, the Fund’s focus on lower-valued stocks has been a headwind in recent quarters, particularly in the growth arena, where many of the better-performing stocks have been trading at especially high valuations. As this disparity in performance and valuation has persisted, the Fund has continued to tilt toward these more attractively valued stocks while maintaining a quality focus through its heavier weight in companies with higher profitability. QMA believes that this positioning in more reasonably valued, higher-quality stocks—which have been out of favor in recent quarters—will provide significant opportunity for improved performance going forward.

The percentage points shown in the tables below identify each security’s positive or negative contribution to the Fund’s return relative to the benchmark’s return during the reporting period.

Top Relative Contributors (%)		Top Relative Detractors (%)
HSBC Holdings	0.19	Nestle	–0.49
Royal Dutch Shell	0.15	ASML Holding	–0.13
Fortescue Metals Group	0.11	LVMH Moet Hennessy Louis Vuitton	–0.13
Teva Pharmaceutical Industries	0.10	Airbus	–0.12
Siemens	0.10	Daiichi Sankyo Company	–0.11

PGIM QMA Strategic Alpha ETFs 25

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 August 31, 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.

26 Visit our website at pgiminvestments.com

PGIM QMA Strategic Alpha Large-Cap Core ETF	Beginning Account Value March 1, 2019		Ending Account Value August 31, 2019		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period*
Actual	$	1,000.00	$	1,030.90		0.17	%	$	0.87
Hypothetical	$	1,000.00	$	1,024.35		0.17	%	$	0.87

PGIM QMA Strategic Alpha Small-Cap Growth ETF	Beginning Account Value March 1, 2019		Ending Account Value August 31, 2019		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period*
Actual	$	1,000.00	$	928.50		0.29	%	$	1.41
Hypothetical	$	1,000.00	$	1,023.74		0.29	%	$	1.48

PGIM QMA Strategic Alpha Small-Cap Value ETF	Beginning Account Value March 1, 2019		Ending Account Value August 31, 2019		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period*
Actual	$	1,000.00	$	931.00		0.29	%	$	1.41
Hypothetical	$	1,000.00	$	1,023.74		0.29	%	$	1.48

PGIM QMA Strategic Alpha International Equity ETF	Beginning Account ValueMarch 1, 2019		Ending Account ValueAugust 31, 2019		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period*
Actual	$	1,000.00	$	979.60		0.29	%	$	1.45
Hypothetical	$	1,000.00	$	1,023.74		0.29	%	$	1.48

*Fund expenses (net of fee waivers or subsidies, if any) are equal to the annualized expense ratio (provided in the table), multiplied by the average account value over the period, multiplied by the 184 days in the six-month period ended August 31, 2019, and divided by the 365 days in the Fund’s fiscal year ended 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.

PGIM QMA Strategic Alpha ETFs 27

PGIM QMA Strategic Alpha Large-Cap Core ETF

Schedule of Investments

as of August 31, 2019

Description	Shares		Value
LONG-TERM INVESTMENTS    99.5%
COMMON STOCKS    99.5%
Aerospace & Defense    2.4%
Arconic, Inc.		1,414	$	36,538
General Dynamics Corp.		196		37,489
Huntington Ingalls Industries, Inc.		164		34,276
L3Harris Technologies, Inc.		171		36,151
Lockheed Martin Corp.		95		36,490
Textron, Inc.		790		35,550
United Technologies Corp.		263		34,253
				250,747
Air Freight & Logistics    0.7%
Expeditors International of Washington, Inc.		474		33,701
FedEx Corp.		224		35,529
				69,230
Airlines    1.1%
Delta Air Lines, Inc.		657		38,014
Southwest Airlines Co.		719		37,618
United Airlines Holdings, Inc.*		424		35,748
				111,380
Auto Components    0.3%
BorgWarner, Inc.		1,080		35,240
Automobiles    0.6%
Ford Motor Co.		3,877		35,552
General Motors Co.		842		31,230
				66,782
Banks    3.4%
Bank of America Corp.		1,223		33,645
Citigroup, Inc.		553		35,586
Citizens Financial Group, Inc.		1,083		36,540
Comerica, Inc.		580		35,757
Fifth Third Bancorp		1,300		34,385
JPMorgan Chase & Co.		321		35,265
KeyCorp		2,182		36,221
Regions Financial Corp.		2,345		34,284
Wells Fargo & Co.		737		34,322
Zions Bancorp NA		870		35,748
				351,753

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 29

PGIM QMA Strategic Alpha Large-Cap Core ETF

Schedule of Investments (continued)

as of August 31, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Beverages    1.8%
Brown-Forman Corp. (Class B Stock)		710	$	41,883
Coca-Cola Co. (The)		671		36,932
Molson Coors Brewing Co. (Class B Stock)		694		35,644
Monster Beverage Corp.*		618		36,258
PepsiCo, Inc.		280		38,284
				189,001
Biotechnology    2.3%
Alexion Pharmaceuticals, Inc.*		322		32,445
Amgen, Inc.		174		36,300
Biogen, Inc.*		155		34,061
Gilead Sciences, Inc.		548		34,820
Incyte Corp.*		410		33,546
Regeneron Pharmaceuticals, Inc.*		118		34,226
Vertex Pharmaceuticals, Inc.*		188		33,844
				239,242
Building Products    1.1%
Fortune Brands Home & Security, Inc.		713		36,406
Johnson Controls International PLC		905		38,634
Masco Corp.		905		36,861
				111,901
Capital Markets    3.4%
BlackRock, Inc. (Class A Stock)		78		32,960
Franklin Resources, Inc.		1,258		33,060
Goldman Sachs Group, Inc. (The)		176		35,888
Intercontinental Exchange, Inc.		390		36,457
Invesco Ltd.		2,221		34,870
Moody’s Corp.		168		36,218
Morgan Stanley		882		36,594
MSCI, Inc. (Class A Stock)		159		37,306
S&P Global, Inc.		139		36,166
T Rowe Price Group, Inc.		335		37,058
				356,577
Chemicals    2.4%
Corteva, Inc.		1,212		35,536
DuPont de Nemours, Inc.		524		35,595
Eastman Chemical Co.		534		34,908
Ecolab, Inc.		173		35,692
Linde PLC (United Kingdom)		186		35,137

See Notes to Financial Statements.

30

Description	Shares		Value
COMMON STOCKS (Continued)
Chemicals (cont’d.)
LyondellBasell Industries NV (Class A Stock)		474	$	36,678
Sherwin-Williams Co. (The)		69		36,346
				249,892
Commercial Services & Supplies    1.4%
Cintas Corp.		135		35,613
Copart, Inc.*		470		35,433
Republic Services, Inc. (Class A Stock)		433		38,645
Waste Management, Inc.		301		35,925
				145,616
Communications Equipment    1.6%
Arista Networks, Inc.*		156		35,353
Cisco Systems, Inc.		640		29,958
F5 Networks, Inc.*		273		35,143
Juniper Networks, Inc.		1,410		32,656
Motorola Solutions, Inc.		204		36,906
				170,016
Construction & Engineering    0.4%
Jacobs Engineering Group, Inc.		458		40,698
Construction Materials    0.3%
Vulcan Materials Co.		255		36,019
Consumer Finance    1.3%
American Express Co.		284		34,185
Capital One Financial Corp.		381		33,003
Discover Financial Services		461		36,866
Synchrony Financial		1,041		33,364
				137,418
Containers & Packaging    1.0%
Avery Dennison Corp.		328		37,907
Sealed Air Corp.		868		34,564
Westrock Co.		1,036		35,410
				107,881
Distributors    0.7%
Genuine Parts Co.		359		32,414
LKQ Corp.*		1,416		37,198
				69,612

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 31

PGIM QMA Strategic Alpha Large-Cap Core ETF

Schedule of Investments (continued)

as of August 31, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Diversified Consumer Services    0.3%
H&R Block, Inc.		1,292	$	31,292
Diversified Financial Services    0.7%
Berkshire Hathaway, Inc. (Class B Stock)*		181		36,817
Jefferies Financial Group, Inc.		1,887		35,174
				71,991
Diversified Telecommunication Services    1.1%
AT&T, Inc.		1,077		37,975
CenturyLink, Inc.		3,127		35,585
Verizon Communications, Inc.		629		36,583
				110,143
Electric Utilities    2.5%
Duke Energy Corp.		377		34,963
Entergy Corp.		333		37,576
Exelon Corp.		788		37,241
FirstEnergy Corp.		812		37,352
PPL Corp.		1,130		33,392
Southern Co. (The)		685		39,908
Xcel Energy, Inc.		584		37,504
				257,936
Electrical Equipment    1.0%
AMETEK, Inc.		412		35,403
Eaton Corp. PLC		434		35,032
Emerson Electric Co.		606		36,112
				106,547
Electronic Equipment, Instruments & Components    0.4%
Keysight Technologies, Inc.*		414		40,100
Energy Equipment & Services    0.7%
National Oilwell Varco, Inc.		1,761		35,977
TechnipFMC PLC (United Kingdom)		1,386		34,428
				70,405
Entertainment    1.3%
Activision Blizzard, Inc.		745		37,697
Electronic Arts, Inc.*		361		33,819
Viacom, Inc. (Class B Stock)		1,233		30,800
Walt Disney Co. (The)		262		35,962
				138,278

See Notes to Financial Statements.

32

Description	Shares		Value
COMMON STOCKS (Continued)
Equity Real Estate Investment Trusts (REITs)    7.8%
American Tower Corp.		163	$	37,521
Apartment Investment & Management Co. (Class A Stock)		693		35,343
AvalonBay Communities, Inc.		177		37,623
Boston Properties, Inc.		258		33,132
Crown Castle International Corp.		253		36,728
Duke Realty Corp.		1,082		35,998
Equinix, Inc.		66		36,714
Equity Residential		443		37,549
Essex Property Trust, Inc.		125		40,157
Extra Space Storage, Inc.		302		36,820
HCP, Inc.		1,067		37,036
Host Hotels & Resorts, Inc.		2,175		34,887
Kimco Realty Corp.		1,948		35,804
Mid-America Apartment Communities, Inc.		289		36,611
Prologis, Inc.		458		38,298
Public Storage		139		36,799
Regency Centers Corp.		554		35,739
SBA Communications Corp. (Class A Stock)		138		36,215
Simon Property Group, Inc.		231		34,405
SL Green Realty Corp.		460		36,901
UDR, Inc.		799		38,496
Ventas, Inc.		503		36,915
				805,691
Food & Staples Retailing    1.8%
Costco Wholesale Corp.		130		38,319
Kroger Co. (The)		1,557		36,870
Sysco Corp.		508		37,759
Walgreens Boots Alliance, Inc.		662		33,888
Walmart, Inc.		364		41,591
				188,427
Food Products    2.4%
Archer-Daniels-Midland Co.		950		36,148
General Mills, Inc.		660		35,508
Hershey Co. (The)		231		36,609
JM Smucker Co. (The)		290		30,496
Kellogg Co.		599		37,617
Mondelez International, Inc. (Class A Stock)		658		36,335
Tyson Foods, Inc. (Class A Stock)		408		37,960
		250,673

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 33

PGIM QMA Strategic Alpha Large-Cap Core ETF

Schedule of Investments (continued)

as of August 31, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Health Care Equipment & Supplies    5.9%
Abbott Laboratories		413	$	35,237
ABIOMED, Inc.*		182		35,139
Baxter International, Inc.		407		35,796
Becton Dickinson & Co.		143		36,311
Boston Scientific Corp.*		837		35,765
Cooper Cos., Inc. (The)		106		32,833
Danaher Corp.		270		38,364
DENTSPLY SIRONA, Inc.		707		36,870
Edwards Lifesciences Corp.*		164		36,382
Hologic, Inc.*		748		36,929
IDEXX Laboratories, Inc.*		128		37,087
Intuitive Surgical, Inc.*		72		36,816
Medtronic PLC (Ireland)		350		37,762
ResMed, Inc.		266		37,054
Stryker Corp.		164		36,188
Varian Medical Systems, Inc.*		324		34,321
Zimmer Biomet Holdings, Inc.		260		36,192
		615,046
Health Care Providers & Services    3.4%
Anthem, Inc.		126		32,952
Cardinal Health, Inc.		803		34,633
Centene Corp.*		715		33,333
Cigna Corp.		212		32,642
CVS Health Corp.		599		36,491
Henry Schein, Inc.*		576		35,493
Humana, Inc.		118		33,419
Laboratory Corp. of America Holdings*		238		39,879
Quest Diagnostics, Inc.		353		36,137
UnitedHealth Group, Inc.		154		36,036
		351,015
Health Care Technology    0.4%
Cerner Corp.		533		36,729
Hotels, Restaurants & Leisure    1.4%
Carnival Corp.		781		34,426
McDonald’s Corp.		178		38,799
Royal Caribbean Cruises Ltd.		329		34,308
Yum! Brands, Inc.		306		35,735
				143,268

See Notes to Financial Statements.

34

Description	Shares		Value
COMMON STOCKS (Continued)
Household Durables    1.8%
DR Horton, Inc.		802	$	39,675
Garmin Ltd. (Switzerland)		453		36,951
Lennar Corp. (Class A Stock)		683		34,833
Mohawk Industries, Inc.*		313		37,212
PulteGroup, Inc.		1,137		38,431
		187,102
Household Products    1.1%
Colgate-Palmolive Co.		499		37,001
Kimberly-Clark Corp.		257		36,265
Procter & Gamble Co. (The)		306		36,790
		110,056
Independent Power & Renewable Electricity Producers    0.7%
AES Corp.		2,271		34,814
NRG Energy, Inc.		1,037		37,747
		72,561
Industrial Conglomerates    1.0%
3M Co.		218		35,255
General Electric Co.		3,839		31,671
Honeywell International, Inc.		219		36,052
		102,978
Insurance    4.4%
Aflac, Inc.		682		34,223
Allstate Corp. (The)		367		37,577
American International Group, Inc.		639		33,254
Aon PLC (United Kingdom)		188		36,632
Chubb Ltd. (Switzerland)		226		35,319
Cincinnati Financial Corp.		324		36,447
Everest Re Group Ltd.		142		33,495
Loews Corp.		707		33,985
Marsh & McLennan Cos., Inc.		362		36,160
MetLife, Inc.		795		35,218
Progressive Corp. (The)		462		35,020
Unum Group		1,285		32,652
Willis Towers Watson PLC (United Kingdom)		184		36,426
		456,408

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 35

PGIM QMA Strategic Alpha Large-Cap Core ETF

Schedule of Investments (continued)

as of August 31, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Interactive Media & Services    1.1%
Alphabet, Inc.,
(Class A Stock)*		31	$	36,907
(Class C Stock)*		32		38,019
Facebook, Inc. (Class A Stock)*		191		35,463
		110,389
Internet & Direct Marketing Retail    1.1%
Booking Holdings, Inc.*		20		39,328
eBay, Inc.		941		37,913
Expedia Group, Inc.		286		37,209
		114,450
IT Services    2.9%
Accenture PLC (Ireland) (Class A Stock)		196		38,841
Broadridge Financial Solutions, Inc.		283		36,631
Cognizant Technology Solutions Corp. (Class A Stock)		581		35,668
International Business Machines Corp.		264		35,780
Leidos Holdings, Inc.		426		37,215
Mastercard, Inc. (Class A Stock)		143		40,236
VeriSign, Inc.*		183		37,305
Visa, Inc. (Class A Stock)		219		39,600
		301,276
Life Sciences Tools & Services    1.7%
Agilent Technologies, Inc.		530		37,688
IQVIA Holdings, Inc.*		229		35,529
Mettler-Toledo International, Inc.*		49		32,183
PerkinElmer, Inc.		437		36,140
Thermo Fisher Scientific, Inc.		129		37,031
		178,571
Machinery    2.3%
Caterpillar, Inc.		302		35,938
Cummins, Inc.		237		35,377
Dover Corp.		365		34,215
Ingersoll-Rand PLC		291		35,237
PACCAR, Inc.		554		36,320
Pentair PLC (United Kingdom)		882		31,682
Stanley Black & Decker, Inc.		240		31,886
		240,655

See Notes to Financial Statements.

36

Description	Shares		Value
COMMON STOCKS (Continued)
Media    2.0%
CBS Corp. (Class B Stock)		737	$	30,998
Comcast Corp. (Class A Stock)		898		39,746
Discovery, Inc. (Class C Stock)*		1,312		34,151
Fox Corp.,
(Class A Stock)		1,024		33,966
(Class B Stock)		1,025		33,620
Interpublic Group of Cos, Inc. (The)		1,725		34,293
		206,774
Metals & Mining    0.7%
Newmont Goldcorp Corp.		953		38,015
Nucor Corp.		715		35,021
		73,036
Multiline Retail    1.2%
Dollar General Corp.		287		44,798
Macy’s, Inc.		1,854		27,365
Target Corp.		465		49,773
		121,936
Multi-Utilities    2.5%
CenterPoint Energy, Inc.		1,282		35,499
Consolidated Edison, Inc.		458		40,716
Dominion Energy, Inc.		482		37,418
DTE Energy Co.		280		36,305
NiSource, Inc.		1,298		38,356
Public Service Enterprise Group, Inc.		648		39,184
Sempra Energy		261		36,965
		264,443
Oil, Gas & Consumable Fuels    3.4%
Chevron Corp.		297		34,963
ConocoPhillips		666		34,752
Devon Energy Corp.		1,519		33,403
Exxon Mobil Corp.		509		34,856
HollyFrontier Corp.		745		33,048
Kinder Morgan, Inc.		1,750		35,472
Occidental Petroleum Corp.		802		34,871
ONEOK, Inc.		515		36,709
Phillips 66		387		38,170
Pioneer Natural Resources Co.		280		34,558
		350,802

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 37

PGIM QMA Strategic Alpha Large-Cap Core ETF

Schedule of Investments (continued)

as of August 31, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Personal Products    0.4%
Estee Lauder Cos., Inc. (The) (Class A Stock)		209	$	41,380
Pharmaceuticals    2.0%
Bristol-Myers Squibb Co.		763		36,677
Eli Lilly & Co.		301		34,004
Johnson & Johnson		255		32,732
Merck & Co., Inc.		426		36,836
Pfizer, Inc.		1,019		36,226
Zoetis, Inc. (Class A Stock)		288		36,409
		212,884
Professional Services    0.7%
Nielsen Holdings PLC		1,687		35,022
Robert Half International, Inc.		634		33,900
		68,922
Real Estate Management & Development    0.4%
CBRE Group, Inc. (Class A Stock)*		737		38,523
Road & Rail    0.7%
JB Hunt Transport Services, Inc.		355		38,354
Kansas City Southern		291		36,608
		74,962
Semiconductors & Semiconductor Equipment    2.1%
Applied Materials, Inc.		820		39,377
Intel Corp.		766		36,316
Lam Research Corp.		175		36,839
Maxim Integrated Products, Inc.		664		36,215
Qorvo, Inc.*		470		33,572
Texas Instruments, Inc.		291		36,011
				218,330
Software    2.5%
ANSYS, Inc.*		185		38,214
Cadence Design Systems, Inc.*		519		35,541
Citrix Systems, Inc.		389		36,169
Intuit, Inc.		129		37,198
Microsoft Corp.		278		38,325
Oracle Corp.		648		33,735
Synopsys, Inc.*		296		41,976
				261,158

See Notes to Financial Statements.

38

Description	Shares		Value
COMMON STOCKS (Continued)
Specialty Retail    1.7%
AutoZone, Inc.*		34	$	37,457
Best Buy Co., Inc.		481		30,616
Home Depot, Inc. (The)		172		39,200
Ross Stores, Inc.		371		39,330
Ulta Beauty, Inc.*		107		25,437
				172,040
Technology Hardware, Storage & Peripherals    1.4%
Apple, Inc.		169		35,277
Hewlett Packard Enterprise Co.		2,679		37,024
Seagate Technology PLC		791		39,716
Xerox Holdings Corp.		1,266		36,701
				148,718
Textiles, Apparel & Luxury Goods    1.7%
NIKE, Inc. (Class B Stock)		450		38,025
PVH Corp.		480		36,384
Ralph Lauren Corp. (Class A Stock)		384		33,923
Tapestry, Inc.		1,344		27,754
VF Corp.		433		35,484
				171,570
Tobacco    0.3%
Altria Group, Inc.		767		33,549
Water Utilities    0.4%
American Water Works Co., Inc.		295		37,559
TOTAL LONG-TERM INVESTMENTS (cost $10,109,529)				10,327,578
SHORT-TERM INVESTMENTS    0.3%
AFFILIATED MUTUAL FUND    0.0%
PGIM Institutional Money Market Fund (cost $5)(w)		5		5

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 39

PGIM QMA Strategic Alpha Large-Cap Core ETF

Schedule of Investments (continued)

as of August 31, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
TIME DEPOSIT    0.3%
Sumitomo Mitsui Banking Corp. (cost $33,685)		1.490	%		09/03/19		34	$	33,685
TOTAL SHORT-TERM TERM INVESTMENTS (cost $33,690)									33,690
TOTAL INVESTMENTS    99.8% (cost $10,143,219)									10,361,268
Other assets in excess of liabilities    0.2%									18,476
NET ASSETS    100.0%								$	10,379,744

The following abbreviations are used in the annual report:

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

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

* 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 August 31, 2019 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Common Stocks
Aerospace & Defense	$	250,747	$	—	$	—
Air Freight & Logistics		69,230		—		—
Airlines		111,380		—		—
Auto Components		35,240		—		—
Automobiles		66,782		—		—
Banks		351,753		—		—
Beverages		189,001		—		—
Biotechnology		239,242		—		—

See Notes to Financial Statements.

40

	Level 1		Level 2		Level 3
Investments in Securities (continued)
Common Stocks (continued)
Building Products	$	111,901	$	—	$	—
Capital Markets		356,577		—		—
Chemicals		249,892		—		—
Commercial Services & Supplies		145,616		—		—
Communications Equipment		170,016		—		—
Construction & Engineering		40,698		—		—
Construction Materials		36,019		—		—
Consumer Finance		137,418		—		—
Containers & Packaging		107,881		—		—
Distributors		69,612		—		—
Diversified Consumer Services		31,292		—		—
Diversified Financial Services		71,991		—		—
Diversified Telecommunication Services		110,143		—		—
Electric Utilities		257,936		—		—
Electrical Equipment		106,547		—		—
Electronic Equipment, Instruments & Components		40,100		—		—
Energy Equipment & Services		70,405		—		—
Entertainment		138,278		—		—
Equity Real Estate Investment Trusts (REITs)		805,691		—		—
Food & Staples Retailing		188,427		—		—
Food Products		250,673		—		—
Health Care Equipment & Supplies		615,046		—		—
Health Care Providers & Services		351,015		—		—
Health Care Technology		36,729		—		—
Hotels, Restaurants & Leisure		143,268		—		—
Household Durables		187,102		—		—
Household Products		110,056		—		—
Independent Power & Renewable Electricity Producers		72,561		—		—
Industrial Conglomerates		102,978		—		—
Insurance		456,408		—		—
Interactive Media & Services		110,389		—		—
Internet & Direct Marketing Retail		114,450		—		—
IT Services		301,276		—		—
Life Sciences Tools & Services		178,571		—		—
Machinery		240,655		—		—
Media		206,774		—		—
Metals & Mining		73,036		—		—
Multiline Retail		121,936		—		—
Multi-Utilities		264,443		—		—
Oil, Gas & Consumable Fuels		350,802		—		—

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 41

PGIM QMA Strategic Alpha Large-Cap Core ETF

Schedule of Investments (continued)

as of August 31, 2019

	Level 1		Level 2		Level 3
Investments in Securities (continued)
Common Stocks (continued)
Personal Products	$	41,380	$	—	$	—
Pharmaceuticals		212,884		—		—
Professional Services		68,922		—		—
Real Estate Management & Development		38,523		—		—
Road & Rail		74,962		—		—
Semiconductors & Semiconductor Equipment		218,330		—		—
Software		261,158		—		—
Specialty Retail		172,040		—		—
Technology Hardware, Storage & Peripherals		148,718		—		—
Textiles, Apparel & Luxury Goods		171,570		—		—
Tobacco		33,549		—		—
Water Utilities		37,559		—		—
Affiliated Mutual Fund		5		—		—
Time Deposit		—		33,685		—
Total	$	10,327,583	$	33,685	$	—

Industry Classification:

The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of August 31, 2019 were as follows (unaudited):

Equity Real Estate Investment Trusts (REITs)	7.8	%
Health Care Equipment & Supplies	5.9
Insurance	4.4
Capital Markets	3.4
Banks	3.4
Health Care Providers & Services	3.4
Oil, Gas & Consumable Fuels	3.4
IT Services	2.9
Multi-Utilities	2.5
Software	2.5
Electric Utilities	2.5
Aerospace & Defense	2.4
Chemicals	2.4
Food Products	2.4
Machinery	2.3
Biotechnology	2.3
Semiconductors & Semiconductor Equipment	2.1
Pharmaceuticals	2.0
Media	2.0
Beverages	1.8
Food & Staples Retailing	1.8
Household Durables	1.8
Life Sciences Tools & Services	1.7
Specialty Retail	1.7
Textiles, Apparel & Luxury Goods	1.7	%
Communications Equipment	1.6
Technology Hardware, Storage & Peripherals	1.4
Commercial Services & Supplies	1.4
Hotels, Restaurants & Leisure	1.4
Entertainment	1.3
Consumer Finance	1.3
Multiline Retail	1.2
Internet & Direct Marketing Retail	1.1
Building Products	1.1
Airlines	1.1
Interactive Media & Services	1.1
Diversified Telecommunication Services	1.1
Household Products	1.1
Containers & Packaging	1.0
Electrical Equipment	1.0
Industrial Conglomerates	1.0
Road & Rail	0.7
Metals & Mining	0.7
Independent Power & Renewable Electricity Producers	0.7
Diversified Financial Services	0.7
Energy Equipment & Services	0.7
Distributors	0.7

See Notes to Financial Statements.

42

Industry Classification (cont’d.)
Air Freight & Logistics	0.7	%
Professional Services	0.7
Automobiles	0.6
Personal Products	0.4
Construction & Engineering	0.4
Electronic Equipment, Instruments & Components	0.4
Real Estate Management & Development	0.4
Water Utilities	0.4
Health Care Technology	0.4
Construction Materials	0.3
Auto Components	0.3	%
Time Deposit	0.3
Tobacco	0.3
Diversified Consumer Services	0.3
Affiliated Mutual Fund	0.0	*
	99.8
Other assets in excess of liabilities	0.2
	100.0	%

* Less than +/- 0.05%.

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 43

PGIM QMA Strategic Alpha Large-Cap Core ETF

Statement of Assets & Liabilities

as of August 31, 2019

Assets
Investments at value:
Unaffiliated investments (cost $10,143,214)	$	10,361,263
Affiliated investments (cost $5)		5
Cash		82
Interest and dividends receivable		19,884
Total assets		10,381,234
Liabilities
Management fee payable		1,490
Total Liabilities		1,490
Net Assets	$	10,379,744
Net assets were comprised of:
Common stock, at par	$	200
Paid-in capital in excess of par		10,206,445
		10,206,645
Total distributable earnings (loss)		173,099
Net assets, August 31, 2019	$	10,379,744
Net asset value, offering price and redemption price per share, ($ 10,379,744 / 200,000 shares of common stock issued and outstanding)	$	51.90

See Notes to Financial Statements.

44

PGIM QMA Strategic Alpha Large-Cap Core ETF

Statement of Operations

Period Ended August 31, 2019*

Net Investment Income (Loss)
Income
Interest income	$	2,444
Unaffiliated dividend income (net of $541 foreign withholding tax)		212,268
Income from securities lending, net (including affiliated income of $5)		5
Total income		214,717
Expenses
Management fee		16,536
Total expenses		16,536
Net investment income (loss)		198,181
Realized And Unrealized Gain (Loss) On Investments
Net realized gain (loss) on:
Investment transactions (including affiliated of $3)		(92,034	)
In-kind redemptions		269,529
		177,495
Net change in unrealized appreciation (depreciation) on:
Investments		218,049
Net gain (loss) on investment transactions		395,544
Net Increase (Decrease) In Net Assets Resulting From Operations	$	593,725

* For the period from October 17, 2018 (commencement of operations) through August 31, 2019.

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 45

PGIM QMA Strategic Alpha Large-Cap Core ETF

Statement of Changes in Net Assets

	Period Ended August 31, 2019*
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	198,181
Net realized gain (loss) on investments and in-kind redemptions		177,495
Net change in unrealized appreciation (depreciation) on investments		218,049
Net increase (decrease) in net assets resulting from operations		593,725
Dividends and Distributions
Distributions from distributable earnings		(150,716	)
Fund share transactions (Net of share conversions)
Net proceeds from shares sold		15,004,125
Cost of shares reacquired		(5,067,390	)
Net increase (decrease) in net assets from Fund share transactions		9,936,735
Total increase (decrease)		10,379,744
Net Assets:
Beginning of period		—
End of period	$	10,379,744

* For the period from October 17, 2018 (commencement of operations) through August 31, 2019.

See Notes to Financial Statements.

46

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Schedule of Investments

as of August 31, 2019

Description	Shares		Value
LONG-TERM INVESTMENTS    99.7%
COMMON STOCKS    99.7%
Aerospace & Defense    1.2%
Astronics Corp.*		441	$	12,132
Cubic Corp.		263		18,218
Ducommun, Inc.*		388		15,978
Mercury Systems, Inc.*		257		22,007
Moog, Inc. (Class A Stock)		179		14,544
Parsons Corp.*		480		16,329
Wesco Aircraft Holdings, Inc.*		1,616		17,776
		116,984
Air Freight & Logistics    0.3%
Forward Air Corp.		272		16,946
Radiant Logistics, Inc.*		3,025		14,762
		31,708
Airlines    0.4%
Allegiant Travel Co. (Class A Stock)		120		17,039
Mesa Air Group, Inc.*		1,844		11,912
Spirit Airlines, Inc.*		340		12,764
		41,715
Auto Components    0.5%
Fox Factory Holding Corp.*		214		15,416
Gentherm, Inc.*		438		16,075
Standard Motor Products, Inc.		393		17,414
		48,905
Automobiles    0.2%
Winnebago Industries, Inc.		469		15,017
Banks    4.2%
Bank of NT Butterfield & Son Ltd. (The) (Bermuda)		523		14,414
Baycom Corp.*		764		16,884
Cambridge Bancorp		207		15,306
Coastal Financial Corp.*		1,154		17,045
ConnectOne Bancorp, Inc.		783		16,036
Eagle Bancorp, Inc.		325		13,240
Esquire Financial Holdings, Inc.*		709		16,661
FB Financial Corp.		478		17,146
First Foundation, Inc.		1,260		17,590
Hanmi Financial Corp.		779		13,952

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 47

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Schedule of Investments (continued)

as of August 31, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Banks (cont’d.)
HarborOne Bancorp, Inc.*		1,667	$	16,603
HomeTrust Bancshares, Inc.		697		17,578
Independent Bank Corp.		727		14,126
Independent Bank Group, Inc.		297		14,526
Investar Holding Corp.		732		16,997
Midland States Bancorp, Inc.		622		16,029
National Bank Holdings Corp. (Class A Stock)		468		15,276
Preferred Bank		361		18,036
Seacoast Banking Corp. of Florida*		690		16,105
Stock Yards Bancorp, Inc.		458		16,625
TriState Capital Holdings, Inc.*		746		14,733
Triumph Bancorp, Inc.*		609		18,264
United Community Banks, Inc.		638		16,850
Veritex Holdings, Inc.		685		16,166
West Bancorporation, Inc.		822		17,130
		403,318
Beverages    0.6%
Boston Beer Co., Inc. (The) (Class A Stock)*		46		20,167
Coca-Cola Consolidated, Inc.		57		19,187
National Beverage Corp.		392		16,033
		55,387
Biotechnology    9.5%
ACADIA Pharmaceuticals, Inc.*		657		18,173
Aduro Biotech, Inc.*		11,796		14,509
Albireo Pharma, Inc.*		556		13,594
Aldeyra Therapeutics, Inc.*		2,958		13,045
Allogene Therapeutics, Inc.*		659		17,945
Amicus Therapeutics, Inc.*		1,506		14,894
AnaptysBio, Inc.*		322		13,089
Arena Pharmaceuticals, Inc.*		294		15,550
Audentes Therapeutics, Inc.*		492		15,301
Avrobio, Inc.*		1,174		22,870
BioSpecifics Technologies Corp.*		295		16,249
Calyxt, Inc.*		1,647		10,195
CASI Pharmaceuticals, Inc.*		5,819		18,970
CytomX Therapeutics, Inc.*		1,590		13,960
Deciphera Pharmaceuticals, Inc.*		781		28,335
Denali Therapeutics, Inc.*		881		15,858
Eagle Pharmaceuticals, Inc.*		317		17,876
Eiger BioPharmaceuticals, Inc.*		1,540		16,786

See Notes to Financial Statements.

48

Description	Shares		Value
COMMON STOCKS (Continued)
Biotechnology (cont’d.)
Emergent BioSolutions, Inc.*		400	$	17,520
Enanta Pharmaceuticals, Inc.*		206		14,533
Esperion Therapeutics, Inc.*		378		13,850
Flexion Therapeutics, Inc.*		1,622		21,362
G1 Therapeutics, Inc.*		659		23,922
Genomic Health, Inc.*		308		23,611
GlycoMimetics, Inc.*		1,341		4,466
Gossamer Bio, Inc.*		868		18,193
Halozyme Therapeutics, Inc.*		1,029		16,999
Intellia Therapeutics, Inc.*		1,120		15,893
Invitae Corp.*		740		17,952
Kiniksa Pharmaceuticals Ltd. (Class A Stock)*		1,257		11,099
Kura Oncology, Inc.*		885		13,434
Ligand Pharmaceuticals, Inc.*		151		13,727
LogicBio Therapeutics, Inc.*		1,596		15,960
Madrigal Pharmaceuticals, Inc.*		176		16,315
MEI Pharma, Inc.*		7,675		13,124
Millendo Therapeutics, Inc.*		1,434		8,690
Minerva Neurosciences, Inc.*		2,699		19,271
Molecular Templates, Inc.*		2,359		11,866
Momenta Pharmaceuticals, Inc.*		1,493		18,857
Myriad Genetics, Inc.*		646		15,200
Principia Biopharma, Inc.*		460		18,262
PTC Therapeutics, Inc.*		404		18,006
Repligen Corp.*		208		19,304
Retrophin, Inc.*		794		9,996
Rhythm Pharmaceuticals, Inc.*		803		18,084
Rocket Pharmaceuticals, Inc.*		1,338		14,517
Sangamo Therapeutics, Inc.*		1,525		16,623
Savara, Inc.*		6,607		14,932
Spectrum Pharmaceuticals, Inc.*		2,104		15,443
Synthorx, Inc.*		1,203		21,546
UroGen Pharma Ltd.*		511		17,348
Vanda Pharmaceuticals, Inc.*		1,300		18,317
Veracyte, Inc.*		632		16,748
Viking Therapeutics, Inc.(a)*		1,968		13,678
Xencor, Inc.*		405		15,098
Y-mAbs Therapeutics, Inc.*		779		20,698
		911,643
Building Products    2.1%
AAON, Inc.		352		16,885
Advanced Drainage Systems, Inc.		538		16,888

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 49

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Schedule of Investments (continued)

as of August 31, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Building Products (cont’d.)
American Woodmark Corp.*		213	$	17,545
Apogee Enterprises, Inc.		437		16,138
Builders FirstSource, Inc.*		1,033		20,092
Continental Building Products, Inc.*		673		16,919
CSW Industrials, Inc.		256		17,462
JELD-WEN Holding, Inc.*		785		13,549
Masonite International Corp.*		301		16,070
Patrick Industries, Inc.*		383		13,842
PGT Innovations, Inc.*		1,036		16,576
Universal Forest Products, Inc.		470		18,377
		200,343
Capital Markets    2.4%
Artisan Partners Asset Management, Inc. (Class A Stock)		664		17,689
Blucora, Inc.*		630		14,226
Cohen & Steers, Inc.		339		18,282
Cowen, Inc. (Class A Stock)*		1,050		16,391
Diamond Hill Investment Group, Inc.		128		17,267
GAMCO Investors, Inc. (Class A Stock)		876		15,479
Houlihan Lokey, Inc. (Class A Stock)		401		17,716
Ladenburg Thalmann Financial Services, Inc.		5,954		11,670
Moelis & Co. (Class A Stock)		521		17,469
Pzena Investment Management, Inc. (Class A Stock)		2,117		17,211
Safeguard Scientifics, Inc.*		1,474		17,629
Silvercrest Asset Management Group, Inc. (Class A Stock)		1,277		16,690
Virtus Investment Partners, Inc.		167		17,817
WisdomTree Investments, Inc.		2,871		13,810
		229,346
Chemicals    1.3%
Balchem Corp.		182		16,160
Chase Corp.		174		17,438
Ferro Corp.*		1,144		11,657
HB Fuller Co.		376		16,021
Innospec, Inc.		186		15,472
Orion Engineered Carbons SA (Luxembourg)		878		12,213
PolyOne Corp.		575		18,406
Stepan Co.		194		18,506
		125,873

See Notes to Financial Statements.

50

Description	Shares		Value
COMMON STOCKS (Continued)
Commercial Services & Supplies    2.9%
Brady Corp. (Class A Stock)		353	$	16,665
Casella Waste Systems, Inc. (Class A Stock)*		434		19,747
Cimpress NV (Netherlands)*		192		22,020
Deluxe Corp.		431		19,861
Healthcare Services Group, Inc.		586		13,214
Heritage-Crystal Clean, Inc.*		667		16,342
Herman Miller, Inc.		393		16,616
HNI Corp.		505		15,751
Kimball International, Inc. (Class B Stock)		1,028		18,041
Knoll, Inc.		741		17,087
McGrath RentCorp.		279		17,864
Mobile Mini, Inc.		573		17,912
MSA Safety, Inc.		154		16,267
Steelcase, Inc. (Class A Stock)		1,013		15,732
Tetra Tech, Inc.		215		17,441
Viad Corp.		258		16,675
		277,235
Communications Equipment    1.2%
Acacia Communications, Inc.*		359		22,635
Calix, Inc.*		2,651		15,932
Clearfield, Inc.*		1,337		14,293
DASAN Zhone Solutions, Inc.*		1,393		14,863
Extreme Networks, Inc.*		2,720		18,170
InterDigital, Inc.		273		13,423
Plantronics, Inc.		482		14,976
		114,292
Construction & Engineering    1.7%
Comfort Systems USA, Inc.		326		12,603
Construction Partners, Inc. (Class A Stock)*		1,211		19,969
EMCOR Group, Inc.		197		17,226
Great Lakes Dredge & Dock Corp.*		1,590		17,236
IES Holdings, Inc.*		942		17,775
MasTec, Inc.*		339		21,313
MYR Group, Inc.*		520		14,908
NV5 Global, Inc.*		216		13,334
Primoris Services Corp.		841		16,433
Sterling Construction Co., Inc.*		1,263		14,133
		164,930

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 51

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Schedule of Investments (continued)

as of August 31, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Construction Materials    0.4%
Summit Materials, Inc. (Class A Stock)*		963	$	20,204
US Concrete, Inc.*		354		14,344
		34,548
Consumer Finance    0.9%
Elevate Credit, Inc.*		4,184		18,034
Enova International, Inc.*		714		17,065
FirstCash, Inc.		174		17,179
Regional Management Corp.*		678		17,458
World Acceptance Corp.*		106		14,087
		83,823
Containers & Packaging    0.2%
Myers Industries, Inc.		962		16,190
Distributors    0.2%
Core-Mark Holding Co., Inc.		440		14,252
Diversified Consumer Services    0.9%
Career Education Corp.*		914		18,746
Collectors Universe, Inc.		779		20,192
K12, Inc.*		569		14,993
Select Interior Concepts, Inc. (Class A Stock)*		1,472		18,267
Strategic Education, Inc.		98		16,585
		88,783
Diversified Financial Services    0.2%
Marlin Business Services Corp.		728		15,747
Diversified Telecommunication Services    0.8%
Bandwidth, Inc. (Class A Stock)*		228		19,879
IDT Corp. (Class B Stock)*		1,523		13,433
Ooma, Inc.*		1,653		20,662
Vonage Holdings Corp.*		1,380		18,244
		72,218
Electric Utilities    0.6%
Genie Energy Ltd. (Class B Stock)		1,476		10,568
MGE Energy, Inc.		240		18,204
Otter Tail Corp.		333		16,857
Spark Energy, Inc. (Class A Stock)		1,537		14,540
		60,169

See Notes to Financial Statements.

52

Description	Shares		Value
COMMON STOCKS (Continued)
Electrical Equipment    1.0%
Allied Motion Technologies, Inc.		471	$	15,171
Atkore International Group, Inc.*		706		20,481
AZZ, Inc.		351		14,486
EnerSys		268		15,008
Generac Holdings, Inc.*		249		19,420
Thermon Group Holdings, Inc.*		674		14,659
		99,225
Electronic Equipment, Instruments & Components    2.1%
Badger Meter, Inc.		278		14,339
Coda Octopus Group, Inc.*		1,372		12,183
ePlus, Inc.*		250		20,430
Fabrinet (Thailand)*		350		17,672
Insight Enterprises, Inc.*		297		14,274
Iteris, Inc.*		3,367		18,316
Itron, Inc.*		278		19,307
MTS Systems Corp.		310		17,630
OSI Systems, Inc.*		155		16,277
Plexus Corp.*		300		17,163
Sanmina Corp.*		583		16,849
Vishay Precision Group, Inc.*		438		13,687
		198,127
Energy Equipment & Services    0.4%
DMC Global, Inc.		292		12,682
ProPetro Holding Corp.*		941		10,022
Solaris Oilfield Infrastructure, Inc. (Class A Stock)		1,278		17,572
		40,276
Entertainment    0.3%
Glu Mobile, Inc.*		2,503		11,114
Rosetta Stone, Inc.*		761		13,888
		25,002
Equity Real Estate Investment Trusts (REITs)    5.5%
Alexander’s, Inc.		47		17,746
American Assets Trust, Inc.		368		17,244
American Finance Trust, Inc.		1,547		18,518
Armada Hoffler Properties, Inc.		1,072		18,588
Bluerock Residential Growth REIT, Inc. (Class A Stock)		1,459		18,048
CareTrust REIT, Inc.		716		17,034
Clipper Realty, Inc.		1,540		16,848

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 53

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Schedule of Investments (continued)

as of August 31, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Equity Real Estate Investment Trusts (REITs) (cont’d.)
Easterly Government Properties, Inc.		942	$	19,358
EastGroup Properties, Inc.		147		18,304
Essential Properties Realty Trust, Inc.		867		19,690
First Industrial Realty Trust, Inc.		468		18,229
Four Corners Property Trust, Inc.		615		17,521
GEO Group, Inc. (The)		854		14,655
Gladstone Commercial Corp.		812		18,408
iStar, Inc.		1,364		17,459
LTC Properties, Inc.		373		18,202
Monmouth Real Estate Investment Corp.		1,236		16,216
National Health Investors, Inc.		218		18,085
National Storage Affiliates Trust		604		20,210
New Senior Investment Group, Inc.		2,580		16,125
NexPoint Residential Trust, Inc.		408		18,931
PS Business Parks, Inc.		102		18,320
QTS Realty Trust, Inc. (Class A Stock)		411		20,164
Ryman Hospitality Properties, Inc.		198		15,773
Saul Centers, Inc.		294		14,768
Seritage Growth Properties(a)		408		15,949
Tanger Factory Outlet Centers, Inc.		1,078		15,243
Terreno Realty Corp.		355		17,949
UMH Properties, Inc.		1,391		17,888
Universal Health Realty Income Trust		195		18,854
		530,327
Food & Staples Retailing     0.6%
BJ’s Wholesale Club Holdings, Inc.*		723		18,986
Performance Food Group Co.*		435		20,354
PriceSmart, Inc.		319		19,277
		58,617
Food Products    1.3%
B&G Foods, Inc.(a)		833		14,103
Calavo Growers, Inc.		183		16,223
J&J Snack Foods Corp.		108		20,850
John B Sanfilippo & Son, Inc.		217		20,094
Lancaster Colony Corp.		119		17,362
Sanderson Farms, Inc.		126		18,852
Tootsie Roll Industries, Inc.		457		16,763
		124,247

See Notes to Financial Statements.

54

Description	Shares		Value
COMMON STOCKS (Continued)
Gas Utilities    0.7%
Chesapeake Utilities Corp.		200	$	18,916
New Jersey Resources Corp.		344		15,734
South Jersey Industries, Inc.		517		16,720
Southwest Gas Holdings, Inc.		194		17,699
		69,069
Health Care Equipment & Supplies    5.6%
Accuray, Inc.*		4,776		12,800
AtriCure, Inc.*		531		14,544
Atrion Corp.		23		17,874
Cardiovascular Systems, Inc.*		414		20,050
Cerus Corp.*		3,279		17,608
Conformis, Inc.*		4,565		9,769
CONMED Corp.		203		20,456
CryoLife, Inc.*		581		15,571
GenMark Diagnostics, Inc.*		2,482		14,867
Glaukos Corp.*		229		14,727
Globus Medical, Inc. (Class A Stock)*		427		21,807
Haemonetics Corp.*		146		19,495
Inogen, Inc.*		276		12,798
Integer Holdings Corp.*		197		14,263
IntriCon Corp.*		784		13,642
iRadimed Corp.*		903		17,320
Lantheus Holdings, Inc.*		638		13,883
LivaNova PLC (United Kingdom)*		242		18,786
Merit Medical Systems, Inc.*		284		9,878
Mesa Laboratories, Inc.		72		15,929
Natus Medical, Inc.*		682		18,878
Neuronetics, Inc.*		1,403		14,970
Novocure Ltd. (Jersey, Channel Islands)*		274		24,896
NuVasive, Inc.*		313		19,882
Orthofix Medical, Inc.*		349		17,743
Quidel Corp.*		311		19,609
SI-BONE, Inc.*		917		17,826
Tactile Systems Technology, Inc.*		317		15,989
Tandem Diabetes Care, Inc.*		280		20,280
Utah Medical Products, Inc.		211		20,746
Varex Imaging Corp.*		580		15,283
Wright Medical Group NV (Netherlands)*		658		13,719
		535,888
Health Care Providers & Services    2.1%
Amedisys, Inc.*		140		18,019
AMN Healthcare Services, Inc.*		318		18,571

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 55

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Schedule of Investments (continued)

as of August 31, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Health Care Providers & Services (cont’d.)
CorVel Corp.*		201	$	16,930
Ensign Group, Inc. (The)		316		15,768
HealthEquity, Inc.*		278		16,502
LHC Group, Inc.*		144		17,064
Magellan Health, Inc.*		242		15,249
Providence Service Corp. (The)*		308		17,313
R1 RCM, Inc.*		1,373		16,009
RadNet, Inc.*		1,212		16,859
Select Medical Holdings Corp.*		1,093		17,729
US Physical Therapy, Inc.		141		18,826
		204,839
Health Care Technology    1.5%
Castlight Health, Inc. (Class B Stock)*		5,839		8,233
Evolent Health, Inc. (Class A Stock)*		2,394		16,447
HealthStream, Inc.*		652		16,476
HMS Holdings Corp.*		542		19,799
Inovalon Holdings, Inc. (Class A Stock)*		1,152		19,492
NextGen Healthcare, Inc.*		918		13,045
Omnicell, Inc.*		199		14,288
OptimizeRx Corp.*		1,101		18,067
Simulations Plus, Inc.		623		22,497
		148,344
Hotels, Restaurants & Leisure    3.1%
Biglari Holdings, Inc. (Class B Stock)*		171		14,999
Brinker International, Inc.		452		17,176
Cheesecake Factory, Inc. (The)		405		15,386
Chuy’s Holdings, Inc.*		773		19,611
Cracker Barrel Old Country Store, Inc.		99		16,375
Denny’s Corp.*		832		19,627
Golden Entertainment, Inc.*		1,220		17,300
Habit Restaurants, Inc. (The) (Class A Stock)*		1,757		15,391
Jack in the Box, Inc.		204		17,405
Lindblad Expeditions Holdings, Inc.*		1,035		19,313
Marriott Vacations Worldwide Corp.		177		17,451
Monarch Casino & Resort, Inc.*		380		16,864
Nathan’s Famous, Inc.		230		15,318
Penn National Gaming, Inc.*		905		17,349
Red Rock Resorts, Inc. (Class A Stock)		811		16,909
Ruth’s Hospitality Group, Inc.		774		15,054
Target Hospitality Corp.*		1,863		11,364
Texas Roadhouse, Inc. (Class A Stock)		324		16,673
		299,565

See Notes to Financial Statements.

56

Description	Shares		Value
COMMON STOCKS (Continued)
Household Durables    2.4%
Cavco Industries, Inc.*		118	$	21,650
Century Communities, Inc.*		651		18,345
Hamilton Beach Brands Holding Co. (Class A Stock)		1,044		14,794
Helen of Troy Ltd.*		145		22,259
Installed Building Products, Inc.*		307		17,471
KB Home		663		18,624
La-Z-Boy, Inc.		564		17,975
LGI Homes, Inc.*		246		20,051
Skyline Champion Corp.*		657		18,396
Taylor Morrison Home Corp. (Class A Stock)*		826		19,708
TopBuild Corp.*		215		19,913
Universal Electronics, Inc.*		441		19,911
		229,097
Insurance    1.6%
Crawford & Co. (Class A Stock)		1,703		16,434
FedNat Holding Co.		1,268		15,508
James River Group Holdings Ltd. (Bermuda)		367		18,086
Kinsale Capital Group, Inc.		186		18,271
National General Holdings Corp.		759		17,897
RLI Corp.		201		18,405
Selective Insurance Group, Inc.		227		18,076
United Fire Group, Inc.		338		15,264
Universal Insurance Holdings, Inc.		611		15,275
		153,216
Interactive Media & Services    0.9%
Care.com, Inc.*		1,603		15,854
Cars.com, Inc.*		836		7,449
Eventbrite, Inc. (Class A Stock)*		1,100		19,228
Liberty TripAdvisor Holdings, Inc. (Class A Stock)*		1,445		12,629
Meet Group, Inc. (The)*		5,154		17,781
QuinStreet, Inc.*		1,254		14,358
		87,299
Internet & Direct Marketing Retail    0.7%
1-800-Flowers.com, Inc. (Class A Stock)*		969		14,264
Duluth Holdings, Inc. (Class B Stock)*		1,272		11,690
Groupon, Inc. (Class A Stock)*		5,038		12,494
PetMed Express, Inc.(a)		1,138		17,980
Shutterstock, Inc.*		438		15,378
		71,806

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 57

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Schedule of Investments (continued)

as of August 31, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
IT Services    3.1%
Brightcove, Inc.*		1,694	$	20,887
Carbonite, Inc.*		722		8,700
Cardtronics PLC (United Kingdom) (Class A Stock)*		616		18,246
Cass Information Systems, Inc.		366		18,520
CSG Systems International, Inc.		358		19,289
EVERTEC, Inc. (Puerto Rico)		540		18,824
Hackett Group, Inc. (The)		1,042		16,807
International Money Express, Inc.*		1,213		15,818
MAXIMUS, Inc.		246		18,927
NIC, Inc.		980		20,404
Perficient, Inc.*		515		18,973
Perspecta, Inc.		736		19,099
Presidio, Inc.		1,289		20,650
PRGX Global, Inc.*		2,547		13,728
Science Applications International Corp.		201		17,690
TTEC Holdings, Inc.		393		18,436
Virtusa Corp.*		402		14,528
		299,526
Leisure Products    0.9%
Clarus Corp.		1,215		13,377
Johnson Outdoors, Inc. (Class A Stock)		254		14,224
Malibu Boats, Inc. (Class A Stock)*		446		12,408
Marine Products Corp.		1,132		17,127
MasterCraft Boat Holdings, Inc.*		876		13,272
Sturm Ruger & Co., Inc.		325		13,328
		83,736
Life Sciences Tools & Services    1.1%
Cambrex Corp.*		379		22,713
Fluidigm Corp.*		1,566		8,738
Medpace Holdings, Inc.*		276		22,331
NanoString Technologies, Inc.*		621		15,823
NeoGenomics, Inc.*		775		19,360
Syneos Health, Inc. (Class A Stock)*		328		17,230
				106,195
Machinery    4.5%
Actuant Corp. (Class A Stock)		734		16,302
Albany International Corp. (Class A Stock)		225		18,499
Barnes Group, Inc.		320		14,352
Blue Bird Corp.*		862		15,723

See Notes to Financial Statements.

58

Description	Shares		Value
COMMON STOCKS (Continued)
Machinery (cont’d.)
Columbus McKinnon Corp.		455	$	14,728
Douglas Dynamics, Inc.		448		18,708
Energy Recovery, Inc.*		1,680		16,246
EnPro Industries, Inc.		275		17,127
ESCO Technologies, Inc.		215		16,368
Federal Signal Corp.		706		20,975
Gorman-Rupp Co. (The)		554		16,548
Hillenbrand, Inc.		445		12,211
John Bean Technologies Corp.		145		14,836
Kadant, Inc.		195		16,047
Luxfer Holdings PLC (United Kingdom)		712		11,186
Meritor, Inc.*		766		12,884
Mueller Industries, Inc.		611		16,106
Mueller Water Products, Inc. (Class A Stock)		1,817		19,006
Omega Flex, Inc.		237		19,955
REV Group, Inc.		1,252		16,138
Rexnord Corp.*		576		15,080
Spartan Motors, Inc.		1,719		21,677
SPX Corp.*		526		19,962
Tennant Co.		290		19,833
Terex Corp.		602		14,948
Watts Water Technologies, Inc. (Class A Stock)		192		17,593
		433,038
Media    1.2%
Central European Media Enterprises Ltd. (Czech Republic) (Class A Stock)*		4,068		18,875
Fluent, Inc.*		3,094		9,220
Gray Television, Inc.*		1,013		15,499
Hemisphere Media Group, Inc. (Class A Stock)*		1,338		15,882
Loral Space & Communications, Inc.*		501		18,532
Meredith Corp.		317		13,878
TechTarget, Inc.*		848		20,132
		112,018
Metals & Mining    0.8%
Compass Minerals International, Inc.		328		16,311
Kaiser Aluminum Corp.		187		16,536
Materion Corp.		269		15,828
Ryerson Holding Corp.*		2,164		14,867
Worthington Industries, Inc.		434		15,060
		78,602

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 59

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Schedule of Investments (continued)

as of August 31, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Oil, Gas & Consumable Fuels    1.5%
Ardmore Shipping Corp. (Ireland)*		2,050	$	12,792
CVR Energy, Inc.		341		13,565
Dorian LPG Ltd.*		1,929		20,042
Evolution Petroleum Corp.		2,671		15,812
Falcon Minerals Corp.		2,143		12,558
GasLog Ltd. (Monaco)		1,236		15,203
Golar LNG Ltd. (Bermuda)		964		11,289
Goodrich Petroleum Corp.*		1,506		15,949
Isramco, Inc.*		146		17,568
Ring Energy, Inc.*		5,294		7,729
		142,507
Paper & Forest Products    0.4%
Boise Cascade Co.		570		17,898
Louisiana-Pacific Corp.		696		16,732
		34,630
Personal Products     0.7%
Inter Parfums, Inc.		271		17,423
Lifevantage Corp.*		1,402		17,048
Medifast, Inc.		134		13,395
USANA Health Sciences, Inc.*		283		19,235
		67,101
Pharmaceuticals    2.0%
Akorn, Inc.*		3,536		10,219
Amneal Pharmaceuticals, Inc.*		2,607		6,648
Amphastar Pharmaceuticals, Inc.*		864		19,405
ANI Pharmaceuticals, Inc.*		213		13,952
BioDelivery Sciences International, Inc.*		3,905		16,752
Corcept Therapeutics, Inc.*		1,526		19,243
Innoviva, Inc.*		1,249		14,476
Intersect ENT, Inc.*		838		13,726
Pacira BioSciences, Inc.*		427		15,902
Phibro Animal Health Corp. (Class A Stock)		554		11,440
Revance Therapeutics, Inc.*		1,404		14,882
SIGA Technologies, Inc.(a)*		3,105		15,587
Verrica Pharmaceuticals, Inc.*		1,526		15,123
		187,355
Professional Services    2.8%
ASGN, Inc.*		299		18,679
Barrett Business Services, Inc.		216		18,820

See Notes to Financial Statements.

60

Description	Shares		Value
COMMON STOCKS (Continued)
Professional Services (cont’d.)
BG Staffing, Inc.		929	$	17,409
Exponent, Inc.		301		21,338
Forrester Research, Inc.		347		12,100
Franklin Covey Co.*		510		18,763
FTI Consulting, Inc.*		206		22,277
Heidrick & Struggles International, Inc.		607		16,116
Huron Consulting Group, Inc.*		342		20,934
ICF International, Inc.		222		18,794
Insperity, Inc.		144		14,265
Kforce, Inc.		499		16,237
Korn Ferry		456		17,820
Resources Connection, Inc.		1,106		18,304
TriNet Group, Inc.*		253		16,984
		268,840
Real Estate Management & Development    0.7%
Cushman & Wakefield PLC*		997		16,790
Kennedy-Wilson Holdings, Inc.		847		17,770
Marcus & Millichap, Inc.*		563		20,313
Newmark Group, Inc. (Class A Stock)		1,906		16,544
		71,417
Road & Rail    0.2%
Universal Logistics Holdings, Inc.		781		16,362
Semiconductors & Semiconductor Equipment    2.6%
Ambarella, Inc.*		392		21,901
Cabot Microelectronics Corp.		163		20,318
CEVA, Inc.*		725		22,772
Diodes, Inc.*		482		17,617
DSP Group, Inc.*		1,284		17,771
FormFactor, Inc.*		1,124		19,209
Ichor Holdings Ltd.*		768		16,328
MaxLinear, Inc. (Class A Stock)*		731		14,488
Nanometrics, Inc.*		570		15,555
Power Integrations, Inc.		226		20,119
Rudolph Technologies, Inc.*		656		14,425
Semtech Corp.*		365		15,319
Silicon Laboratories, Inc.*		172		18,748
Xperi Corp.		868		15,902
		250,472

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 61

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Schedule of Investments (continued)

as of August 31, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Software    6.6%
A10 Networks, Inc.*		2,646	$	18,363
ACI Worldwide, Inc.*		540		16,081
Agilysys, Inc.*		810		22,073
Altair Engineering, Inc. (Class A Stock)*		422		14,500
American Software, Inc. (Class A Stock)		1,382		21,780
Blackbaud, Inc.		211		19,195
Blackline, Inc.*		332		16,909
Bottomline Technologies DE, Inc.*		412		16,991
Box, Inc. (Class A Stock)*		1,026		15,010
ChannelAdvisor Corp.*		1,912		16,443
Cision Ltd.*		1,628		11,266
CommVault Systems, Inc.*		346		15,006
Cornerstone OnDemand, Inc.*		295		15,390
Ebix, Inc.		347		12,291
eGain Corp.*		2,297		16,492
Envestnet, Inc.*		252		14,417
ForeScout Technologies, Inc.*		494		17,700
j2 Global, Inc.		198		16,751
LivePerson, Inc.*		652		25,911
Majesco*		1,754		14,699
MicroStrategy, Inc. (Class A Stock)*		140		20,061
Mitek Systems, Inc.*		1,759		17,836
MobileIron, Inc.*		2,881		19,879
Model N, Inc.*		864		24,736
Monotype Imaging Holdings, Inc.		924		18,249
OneSpan, Inc.*		1,280		17,280
Progress Software Corp.		447		16,888
QAD, Inc. (Class A Stock)		402		16,289
Qualys, Inc.*		202		16,083
Rimini Street, Inc.*		3,380		16,123
SPS Commerce, Inc.*		312		15,768
SVMK, Inc.*		1,076		18,012
Telenav, Inc.*		2,043		23,127
Tenable Holdings, Inc.*		603		13,748
Verint Systems, Inc.*		323		17,213
Workiva, Inc. (Class A Stock)*		294		14,144
Yext, Inc.*		933		14,713
		637,417
Specialty Retail    2.4%
Aaron’s, Inc.		276		17,694
American Eagle Outfitters, Inc.		1,026		17,257

See Notes to Financial Statements.

62

Description	Shares		Value
COMMON STOCKS (Continued)
Specialty Retail (cont’d.)
America’s Car-Mart, Inc.*		200	$	17,156
Asbury Automotive Group, Inc.*		212		19,992
Boot Barn Holdings, Inc.*		502		17,193
Children’s Place, Inc. (The)		186		16,229
Designer Brands, Inc. (Class A Stock)		918		15,138
Lithia Motors, Inc. (Class A Stock)		148		19,398
Monro, Inc.		207		16,088
Murphy USA, Inc.*		207		18,506
Rent-A-Center, Inc.*		636		16,237
Sleep Number Corp.*		437		18,284
Winmark Corp.		107		17,388
		226,560
Technology Hardware, Storage & Peripherals    0.1%
AstroNova, Inc.		681		11,189
Textiles, Apparel & Luxury Goods    0.5%
Deckers Outdoor Corp.*		99		14,598
Kontoor Brands, Inc.*		570		19,517
Steven Madden Ltd.		511		16,975
		51,090
Thrifts & Mortgage Finance    2.0%
Axos Financial, Inc.*		657		17,023
Essent Group Ltd.*		362		17,557
Federal Agricultural Mortgage Corp. (Class C Stock)		232		19,105
Greene County Bancorp, Inc.		616		16,571
Hingham Institution for Savings		91		16,389
Kearny Financial Corp.		1,243		15,637
Meridian Bancorp, Inc.		927		16,204
NMI Holdings, Inc. (Class A Stock)*		617		17,486
PennyMac Financial Services, Inc.*		771		22,814
United Community Financial Corp.		1,865		17,997
Walker & Dunlop, Inc.		298		16,646
		193,429
Trading Companies & Distributors    1.6%
Applied Industrial Technologies, Inc.		282		15,056
Beacon Roofing Supply, Inc.*		454		14,474
Foundation Building Materials, Inc.*		1,018		17,438
GMS, Inc.*		822		24,216
Kaman Corp.		270		15,765

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 63

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Schedule of Investments (continued)

as of August 31, 2019

Description						Shares		Value
COMMON STOCKS (Continued)
Trading Companies & Distributors (cont’d.)
Lawson Products, Inc.*							463	$	16,876
MRC Global, Inc.*							1,053		13,236
Systemax, Inc.							832		16,698
Transcat, Inc.*							689		16,006
							149,765
Water Utilities    1.4%
American States Water Co.							254		23,503
California Water Service Group							326		18,399
Global Water Resources, Inc.							1,776		21,152
Middlesex Water Co.							292		17,824
Pure Cycle Corp.*							1,520		16,492
SJW Group							258		17,629
York Water Co. (The)							516		19,267
							134,266
Wireless Telecommunication Services    0.1%
Shenandoah Telecommunications Co.							449		14,161
TOTAL LONG-TERM INVESTMENTS (cost $9,927,603)									9,567,046
SHORT-TERM INVESTMENTS    0.9%
AFFILIATED MUTUAL FUND    0.7%
PGIM Institutional Money Market Fund (cost $65,919; includes $65,738 of cash collateral for securities on loan)(b)(w)							65,906		65,913
	Interest Rate			Maturity Date		Principal Amount (000)#
TIME DEPOSIT    0.2%
Citibank, NA (cost $22,116)		1.490	%		09/03/19		22		22,116
TOTAL SHORT-TERM TERM INVESTMENTS (cost $88,035)									88,029
TOTAL INVESTMENTS    100.6% (cost $10,015,638)									9,655,075
Liabilities in excess of other assets    (0.6)%									(61,877	)
NET ASSETS    100.0%								$	9,593,198

See Notes to Financial Statements.

64

The following abbreviations are used in the annual report:

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

(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $62,565; cash collateral of $65,738 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments.

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

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

* 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 August 31, 2019 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Common Stocks
Aerospace & Defense	$	116,984	$	—	$	—
Air Freight & Logistics		31,708		—		—
Airlines		41,715		—		—
Auto Components		48,905		—		—
Automobiles		15,017		—		—
Banks		403,318		—		—
Beverages		55,387		—		—
Biotechnology		911,643		—		—
Building Products		200,343		—		—
Capital Markets		229,346		—		—
Chemicals		125,873		—		—
Commercial Services & Supplies		277,235		—		—
Communications Equipment		114,292		—		—
Construction & Engineering		164,930		—		—
Construction Materials		34,548		—		—

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 65

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Schedule of Investments (continued)

as of August 31, 2019

	Level 1		Level 2		Level 3
Investments in Securities (continued)
Common Stocks (continued)
Consumer Finance	$	83,823	$	—	$	—
Containers & Packaging		16,190		—		—
Distributors		14,252		—		—
Diversified Consumer Services		88,783		—		—
Diversified Financial Services		15,747		—		—
Diversified Telecommunication Services		72,218		—		—
Electric Utilities		60,169		—		—
Electrical Equipment		99,225		—		—
Electronic Equipment, Instruments & Components		198,127		—		—
Energy Equipment & Services		40,276		—		—
Entertainment		25,002		—		—
Equity Real Estate Investment Trusts (REITs)		530,327		—		—
Food & Staples Retailing		58,617		—		—
Food Products		124,247		—		—
Gas Utilities		69,069		—		—
Health Care Equipment & Supplies		535,888		—		—
Health Care Providers & Services		204,839		—		—
Health Care Technology		148,344		—		—
Hotels, Restaurants & Leisure		299,565		—		—
Household Durables		229,097		—		—
Insurance		153,216		—		—
Interactive Media & Services		87,299		—		—
Internet & Direct Marketing Retail		71,806		—		—
IT Services		299,526		—		—
Leisure Products		83,736		—		—
Life Sciences Tools & Services		106,195		—		—
Machinery		433,038		—		—
Media		112,018		—		—
Metals & Mining		78,602		—		—
Oil, Gas & Consumable Fuels		142,507		—		—
Paper & Forest Products		34,630		—		—
Personal Products		67,101		—		—
Pharmaceuticals		187,355		—		—
Professional Services		268,840		—		—
Real Estate Management & Development		71,417		—		—
Road & Rail		16,362		—		—
Semiconductors & Semiconductor Equipment		250,472		—		—

See Notes to Financial Statements.

66

	Level 1		Level 2		Level 3
Investments in Securities (continued)
Common Stocks (continued)
Software	$	637,417	$	—	$	—
Specialty Retail		226,560		—		—
Technology Hardware, Storage & Peripherals		11,189		—		—
Textiles, Apparel & Luxury Goods		51,090		—		—
Thrifts & Mortgage Finance		193,429		—		—
Trading Companies & Distributors		149,765		—		—
Water Utilities		134,266		—		—
Wireless Telecommunication Services		14,161		—		—
Affiliated Mutual Fund		65,913		—		—
Time Deposit		—		22,116		—
Total	$	9,632,959	$	22,116	$	—

Industry Classification:

The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of August 31, 2019 were as follows (unaudited):

Biotechnology	9.5	%
Software	6.6
Health Care Equipment & Supplies	5.6
Equity Real Estate Investment Trusts (REITs)	5.5
Machinery	4.5
Banks	4.2
Hotels, Restaurants & Leisure	3.1
IT Services	3.1
Commercial Services & Supplies	2.9
Professional Services	2.8
Semiconductors & Semiconductor Equipment	2.6
Capital Markets	2.4
Household Durables	2.4
Specialty Retail	2.4
Health Care Providers & Services	2.1
Building Products	2.1
Electronic Equipment, Instruments & Components	2.1
Thrifts & Mortgage Finance	2.0
Pharmaceuticals	2.0
Construction & Engineering	1.7
Insurance	1.6
Trading Companies & Distributors	1.6
Health Care Technology	1.5
Oil, Gas & Consumable Fuels	1.5
Water Utilities	1.4
Chemicals	1.3	%
Food Products	1.3
Aerospace & Defense	1.2
Communications Equipment	1.2
Media	1.2
Life Sciences Tools & Services	1.1
Electrical Equipment	1.0
Diversified Consumer Services	0.9
Interactive Media & Services	0.9
Consumer Finance	0.9
Leisure Products	0.9
Metals & Mining	0.8
Diversified Telecommunication Services	0.8
Internet & Direct Marketing Retail	0.7
Real Estate Management & Development	0.7
Gas Utilities	0.7
Personal Products	0.7
Affiliated Mutual Fund (0.7% represents investments purchased with collateral from securities on loan)	0.7
Electric Utilities	0.6
Food & Staples Retailing	0.6
Beverages	0.6
Textiles, Apparel & Luxury Goods	0.5
Auto Components	0.5

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 67

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Schedule of Investments (continued)

as of August 31, 2019

Industry (cont’d.)
Airlines	0.4	%
Energy Equipment & Services	0.4
Paper & Forest Products	0.4
Construction Materials	0.4
Air Freight & Logistics	0.3
Entertainment	0.3
Time Deposit	0.2
Road & Rail	0.2
Containers & Packaging	0.2
Diversified Financial Services	0.2	%
Automobiles	0.2
Distributors	0.2
Wireless Telecommunication Services	0.1
Technology Hardware, Storage & Peripherals	0.1
	100.6
Liabilities in excess of other assets	(0.6	)
	100.0	%

Financial Instruments/Transactions-Summary of Offsetting and Netting Agreements:

The Fund entered into financial instruments/transactions during the period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for financial instruments/transactions, where the legal right to set-off exists, is presented in the summary below:

Financial Offsetting of financial instrument/transaction assets and liabilities:

Description	Gross Market Value of Recognized Assets/(Liabilities)		Collateral Pledged/ (Received)(1)			Net Amount
Securities on Loan	$	62,565	$	(62,565	)	$	—

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

See Notes to Financial Statements.

68

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Statement of Assets & Liabilities

as of August 31, 2019

Assets
Investments at value, including securities on loan of $62,565:
Unaffiliated investments (cost $9,949,719)	$	9,589,162
Affiliated investments (cost $65,919)		65,913
Cash		24
Interest and dividends receivable		6,263
Total assets		9,661,362
Liabilities
Payable to broker for collateral for securities on loan		65,738
Management fee payable		2,380
Other liabilities		46
Total Liabilities		68,164
Net Assets	$	9,593,198
Net assets were comprised of:
Common stock, at par	$	200
Paid-in capital in excess of par		10,026,367
		10,026,567
Total distributable earnings (loss)		(433,369	)
Net assets, August 31, 2019	$	9,593,198
Net asset value, offering price and redemption price per share, ($ 9,593,198 / 200,000 shares of common stock issued and outstanding)	$	47.97

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 69

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Statement of Operations

Period Ended August 31, 2019*

Net Investment Income (Loss)
Income
Interest income	$	2,536
Unaffiliated dividend income (net of $60 foreign withholding tax)		106,101
Income from securities lending, net (including affiliated income of $634)		903
Total income		109,540
Expenses
Management fee		25,014
Total expenses		25,014
Net investment income (loss)		84,526
Realized And Unrealized Gain (Loss) On Investments
Net realized gain (loss) on:
Investment transactions (including affiliated of $39)		(91,038	)
In-kind redemptions		76,152
		(14,886	)
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $(6))		(360,564	)
Net gain (loss) on investment transactions		(375,450	)
Net Increase (Decrease) In Net Assets Resulting From Operations	$	(290,924	)

* For the period from November 13, 2018 (commencement of operations) through August 31, 2019.

See Notes to Financial Statements.

70

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Statement of Changes in Net Assets

	Period Ended August 31, 2019*
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	84,526
Net realized gain (loss) on investments and in-kind redemptions		(14,886	)
Net change in unrealized appreciation (depreciation) on investments		(360,564	)
Net increase (decrease) in net assets resulting from operations		(290,924	)
Dividends and Distributions
Distributions from distributable earnings		(65,848	)
Fund share transactions (Net of share conversions)
Net proceeds from shares sold		12,487,720
Cost of shares reacquired		(2,537,750	)
Net increase (decrease) in net assets from Fund share transactions		9,949,970
Total increase (decrease)		9,593,198
Net Assets:
Beginning of period		—
End of period	$	9,593,198

* For the period from November 13, 2018 (commencement of operations) through August 31, 2019.

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 71

PGIM QMA Strategic Alpha Small-Cap Value ETF

Schedule of Investments

as of August 31, 2019

Description	Shares		Value
LONG-TERM INVESTMENTS    99.0%
COMMON STOCKS    99.0%
Aerospace & Defense    0.6%
Cubic Corp.		199	$	13,784
Ducommun, Inc.*		293		12,066
Moog, Inc. (Class A Stock)		147		11,944
Wesco Aircraft Holdings, Inc.*		1,218		13,398
		51,192
Air Freight & Logistics    0.3%
Echo Global Logistics, Inc.*		687		13,767
Hub Group, Inc. (Class A Stock)*		328		14,124
		27,891
Airlines    0.5%
Hawaiian Holdings, Inc.		438		10,692
Mesa Air Group, Inc.*		1,390		8,980
SkyWest, Inc.		213		12,196
Spirit Airlines, Inc.*		256		9,610
		41,478
Auto Components    0.7%
American Axle & Manufacturing Holdings, Inc.*		1,166		7,392
Cooper-Standard Holdings, Inc.*		303		11,344
Modine Manufacturing Co.*		937		9,567
Standard Motor Products, Inc.		296		13,116
Tower International, Inc.		704		21,775
		63,194
Banks    19.0%
1st Constitution Bancorp		750		13,058
1st Source Corp.		290		12,867
ACNB Corp.		346		11,653
Ames National Corp.		490		12,970
Arrow Financial Corp.		393		12,639
BancFirst Corp.		238		12,797
Bancorp, Inc. (The)*		1,510		13,786
BancorpSouth Bank		460		12,691
Bank of Commerce Holdings		1,234		12,340
Bank of NT Butterfield & Son Ltd. (The) (Bermuda)		394		10,859
Bank7 Corp.*		731		13,151
BankFinancial Corp.		939		10,949
Bankwell Financial Group, Inc.		462		12,155

See Notes to Financial Statements.

72

Description	Shares		Value
COMMON STOCKS (Continued)
Banks (cont’d.)
Bar Harbor Bankshares		529	$	11,675
Baycom Corp.*		545		12,044
BCB Bancorp, Inc.		1,018		12,582
Berkshire Hills Bancorp, Inc.		452		13,257
Bridge Bancorp, Inc.		450		12,109
Brookline Bancorp, Inc.		862		12,102
Bryn Mawr Bank Corp.		339		11,560
Byline Bancorp, Inc.*		631		10,853
C&F Financial Corp.		252		11,945
Cadence BanCorp (Class A Stock)		694		10,667
Cambridge Bancorp		165		12,200
Camden National Corp.		296		12,272
Capital Bancorp, Inc.*		1,170		14,157
CBTX, Inc.		463		12,469
CenterState Bank Corp.		573		12,961
Chemung Financial Corp.		274		11,012
Civista Bancshares, Inc.		645		13,177
CNB Financial Corp.		515		13,617
Codorus Valley Bancorp, Inc.		607		13,573
Community Bank System, Inc.		203		12,381
Community Financial Corp. (The)		398		12,509
Community Trust Bancorp, Inc.		298		11,592
ConnectOne Bancorp, Inc.		643		13,169
Customers Bancorp, Inc.*		677		12,789
DNB Financial Corp.		291		11,978
Enterprise Bancorp, Inc.		439		12,700
Enterprise Financial Services Corp.		297		11,708
Esquire Financial Holdings, Inc.*		541		12,713
Evans Bancorp, Inc.		389		13,269
Farmers National Banc Corp.		893		12,056
FB Financial Corp.		392		14,061
Financial Institutions, Inc.		458		13,309
First Bancorp		353		12,433
First Bancorp, Inc.		480		12,192
First BanCorp (Puerto Rico)		1,212		11,611
First Bancshares, Inc. (The)		423		13,341
First Bank		1,142		12,060
First Business Financial Services, Inc.		530		11,952
First Choice Bancorp		583		12,208
First Commonwealth Financial Corp.		976		12,073
First Financial Corp.		329		13,357
First Financial Northwest, Inc.		946		12,979

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 73

PGIM QMA Strategic Alpha Small-Cap Value ETF

Schedule of Investments (continued)

as of August 31, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Banks (cont’d.)
First Foundation, Inc.		907	$	12,662
First Guaranty Bancshares, Inc.		666		12,641
First Internet Bancorp		640		12,941
First Interstate BancSystem, Inc. (Class A Stock)		337		13,143
First Mid Bancshares, Inc.		391		12,547
First Midwest Bancorp, Inc.		588		11,290
First Northwest Bancorp		879		14,046
Flushing Financial Corp.		590		11,381
FNCB Bancorp, Inc.		1,645		12,107
Franklin Financial Network, Inc.		470		13,597
Great Southern Bancorp, Inc.		223		12,564
Hancock Whitney Corp.		332		11,657
Hanmi Financial Corp.		593		10,621
HarborOne Bancorp, Inc.*		1,256		12,510
Hawthorn Bancshares, Inc.		492		10,873
Heartland Financial USA, Inc.		285		12,463
Hilltop Holdings, Inc.		611		14,511
HomeTrust Bancshares, Inc.		497		12,534
Horizon Bancorp, Inc.		781		12,699
Howard Bancorp, Inc.*		895		13,237
IBERIABANK Corp.		181		12,487
Independent Bank Corp.		597		11,600
International Bancshares Corp.		339		12,065
Investar Holding Corp.		560		13,003
Lakeland Bancorp, Inc.		824		12,261
LCNB Corp.		710		11,907
Macatawa Bank Corp.		1,298		12,837
Mackinac Financial Corp.		830		11,736
Malvern Bancorp, Inc.*		609		12,880
Mercantile Bank Corp.		413		12,708
Metropolitan Bank Holding Corp.*		303		10,969
Mid Penn Bancorp, Inc.		518		12,562
Midland States Bancorp, Inc.		510		13,143
MidSouth Bancorp, Inc.		1,198		12,399
MidWestOne Financial Group, Inc.		437		12,660
MutualFirst Financial, Inc.		446		13,456
MVB Financial Corp.		786		14,808
National Bank Holdings Corp. (Class A Stock)		384		12,534
National Bankshares, Inc.		353		11,826
NBT Bancorp, Inc.		354		12,379
Nicolet Bankshares, Inc.*		210		13,310
Northeast Bank		640		13,434
Northrim BanCorp, Inc.		359		12,996
Oak Valley Bancorp		684		11,047

See Notes to Financial Statements.

74

Description	Shares		Value
COMMON STOCKS (Continued)
Banks (cont’d.)
OFG Bancorp		555	$	11,389
Ohio Valley Banc Corp.		365		11,757
Old Line Bancshares, Inc.		454		11,995
Old Second Bancorp, Inc.		1,035		12,203
Opus Bank		622		12,913
Orrstown Financial Services, Inc.		625		13,338
Pacific Mercantile Bancorp*		1,686		12,814
PCB Bancorp		828		13,637
Peapack Gladstone Financial Corp.		481		13,531
Penns Woods Bancorp, Inc.		320		13,213
Peoples Bancorp of North Carolina, Inc.		483		13,461
Peoples Bancorp, Inc.		392		12,038
Peoples Financial Services Corp.		314		14,058
Premier Financial Bancorp, Inc.		856		13,268
QCR Holdings, Inc.		363		12,818
RBB Bancorp		615		11,334
Reliant Bancorp, Inc.		574		13,150
Renasant Corp.		379		12,427
Republic Bancorp, Inc. (Class A Stock)		265		11,249
S&T Bancorp, Inc.		350		11,977
Sandy Spring Bancorp, Inc.		378		12,655
SB One Bancorp		564		12,588
Select Bancorp, Inc.*		1,112		12,121
Shore Bancshares, Inc.		820		12,595
Sierra Bancorp		480		11,827
Simmons First National Corp. (Class A Stock)		567		13,608
South Plains Financial, Inc.		779		12,744
Southern First Bancshares, Inc.*		366		13,970
Southern National Bancorp of Virginia, Inc.		878		12,836
Spirit of Texas Bancshares, Inc.*		634		13,060
Stock Yards Bancorp, Inc.		376		13,649
Summit Financial Group, Inc.		499		12,290
TCF Financial Corp.		292		11,260
Towne Bank		489		12,846
TriCo Bancshares		350		12,376
Triumph Bancorp, Inc.*		459		13,765
UMB Financial Corp.		205		12,776
United Community Banks, Inc.		474		12,518
United Security Bancshares		1,246		12,933
Unity Bancorp, Inc.		635		12,465
Univest Financial Corp.		532		13,465
Veritex Holdings, Inc.		498		11,753
WesBanco, Inc.		324		11,087
		1,779,375

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 75

PGIM QMA Strategic Alpha Small-Cap Value ETF

Schedule of Investments (continued)

as of August 31, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Biotechnology    1.6%
Achillion Pharmaceuticals, Inc.*		5,076	$	22,081
Acorda Therapeutics, Inc.*		1,871		6,043
Akebia Therapeutics, Inc.*		3,223		13,311
AMAG Pharmaceuticals, Inc.*		1,358		14,829
Anika Therapeutics, Inc.*		343		19,469
Arena Pharmaceuticals, Inc.*		222		11,741
Ligand Pharmaceuticals, Inc.*		114		10,364
Lineage Cell Therapeutics, Inc.*		10,851		10,139
Myriad Genetics, Inc.*		455		10,706
Prothena Corp. PLC (Ireland)*		1,343		11,295
Sutro Biopharma, Inc.*		1,160		9,361
Viking Therapeutics, Inc.(a)*		1,602		11,134
		150,473
Building Products    1.6%
Apogee Enterprises, Inc.		305		11,264
Armstrong Flooring, Inc.*		1,323		8,957
Builders FirstSource, Inc.*		778		15,132
Caesarstone Ltd. (Israel)		821		12,307
Gibraltar Industries, Inc.*		331		13,329
Griffon Corp.		785		13,698
JELD-WEN Holding, Inc.*		617		10,649
Masonite International Corp.*		241		12,867
Patrick Industries, Inc.*		284		10,264
PGT Innovations, Inc.*		781		12,496
Quanex Building Products Corp.		721		12,416
Universal Forest Products, Inc.		355		13,880
		147,259
Capital Markets    2.1%
Associated Capital Group, Inc. (Class A Stock)		343		11,923
B. Riley Financial, Inc.		647		13,691
Blucora, Inc.*		456		10,296
Brightsphere Investment Group, Inc.		1,051		9,554
Cowen, Inc. (Class A Stock)*		835		13,034
Diamond Hill Investment Group, Inc.		96		12,950
Donnelley Financial Solutions, Inc.*		954		10,141
GAIN Capital Holdings, Inc.(a)		3,154		14,351
INTL. FCStone, Inc.*		339		13,292
Oppenheimer Holdings, Inc. (Class A Stock)		497		13,797
Piper Jaffray Cos.		190		13,824
Stifel Financial Corp.		225		12,019

See Notes to Financial Statements.

76

Description	Shares		Value
COMMON STOCKS (Continued)
Capital Markets (cont’d.)
Virtus Investment Partners, Inc.		126	$	13,443
Waddell & Reed Financial, Inc. (Class A Stock)		803		12,984
Westwood Holdings Group, Inc.		388		10,651
WisdomTree Investments, Inc.		2,164		10,409
		196,359
Chemicals    2.1%
AdvanSix, Inc.*		536		11,974
Ferro Corp.*		862		8,784
Flotek Industries, Inc.*		4,206		8,791
Hawkins, Inc.		348		15,434
HB Fuller Co.		274		11,675
Innospec, Inc.		141		11,728
Intrepid Potash, Inc.*		4,064		12,070
Kronos Worldwide, Inc.		887		9,713
Livent Corp.*		1,914		11,771
Minerals Technologies, Inc.		242		11,664
Orion Engineered Carbons SA (Luxembourg)		662		9,208
PolyOne Corp.		410		13,124
PQ Group Holdings, Inc.*		802		11,461
Rayonier Advanced Materials, Inc.		2,304		8,087
Stepan Co.		160		15,262
Trecora Resources*		1,485		13,439
Tredegar Corp.		843		14,576
		198,761
Commercial Services & Supplies    2.4%
ACCO Brands Corp.		1,640		15,203
Brady Corp. (Class A Stock)		290		13,691
BrightView Holdings, Inc.*		733		13,436
CECO Environmental Corp.*		1,390		9,660
Deluxe Corp.		325		14,976
Ennis, Inc.		684		13,755
HNI Corp.		381		11,883
Kimball International, Inc. (Class B Stock)		844		14,812
Knoll, Inc.		559		12,891
Matthews International Corp. (Class A Stock)		406		11,900
McGrath RentCorp		210		13,446
Mobile Mini, Inc.		432		13,504
PICO Holdings, Inc.*		1,157		11,142
Quad/Graphics, Inc.		1,681		15,112
SP Plus Corp.*		372		12,838

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 77

PGIM QMA Strategic Alpha Small-Cap Value ETF

Schedule of Investments (continued)

as of August 31, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Commercial Services & Supplies (cont’d.)
Steelcase, Inc. (Class A Stock)		818	$	12,704
UniFirst Corp.		71		13,910
		224,863
Communications Equipment    1.1%
ADTRAN, Inc.		955		9,808
CalAmp Corp.*		1,210		11,616
Comtech Telecommunications Corp.		498		13,321
Digi International, Inc.*		1,024		13,087
Infinera Corp.*		4,698		25,040
NETGEAR, Inc.*		516		17,916
NetScout Systems, Inc.*		512		11,341
		102,129
Construction & Engineering    0.8%
Arcosa, Inc.		355		11,534
EMCOR Group, Inc.		149		13,029
IES Holdings, Inc.*		784		14,794
Northwest Pipe Co.*		542		12,466
Primoris Services Corp.		634		12,388
Tutor Perini Corp.*		913		9,121
		73,332
Construction Materials    0.1%
United States Lime & Minerals, Inc.		162		12,502
Consumer Finance    1.0%
Encore Capital Group, Inc.*		385		14,206
Enova International, Inc.*		593		14,173
EZCORP, Inc. (Class A Stock)*		1,469		11,561
Medallion Financial Corp.*		2,126		10,099
Nelnet, Inc. (Class A Stock)		221		14,818
PRA Group, Inc.*		434		14,817
Regional Management Corp.*		480		12,360
				92,034
Containers & Packaging    0.4%
Greif, Inc.,
(Class A Stock)		395		13,900
(Class B Stock)		302		12,566
UFP Technologies, Inc.*		326		13,621
		40,087

See Notes to Financial Statements.

78

Description	Shares		Value
COMMON STOCKS (Continued)
Distributors    0.1%
Weyco Group, Inc.		473	$	11,603
Diversified Consumer Services    0.5%
Adtalem Global Education, Inc.*		282		12,047
American Public Education, Inc.*		410		9,934
K12, Inc.*		426		11,225
Laureate Education, Inc. (Class A Stock)*		846		15,482
		48,688
Diversified Financial Services    0.4%
Banco Latinoamericano de Comercio Exterior SA (Panama) (Class E Stock)		638		11,567
FGL Holdings (Bermuda)		1,558		12,433
Marlin Business Services Corp.		598		12,934
		36,934
Diversified Telecommunication Services    0.2%
Vonage Holdings Corp.*		1,040		13,749
Electric Utilities    0.8%
ALLETE, Inc.		154		13,202
Genie Energy Ltd. (Class B Stock)		1,113		7,969
MGE Energy, Inc.		181		13,729
Otter Tail Corp.		251		12,706
PNM Resources, Inc.		262		13,365
Portland General Electric Co.		241		13,710
		74,681
Electrical Equipment    0.7%
AZZ, Inc.		288		11,886
Encore Wire Corp.		240		12,958
Powell Industries, Inc.		357		12,966
Preformed Line Products Co.		226		11,582
Thermon Group Holdings, Inc.*		512		11,136
		60,528
Electronic Equipment, Instruments & Components    2.4%
Anixter International, Inc.*		223		13,373
AVX Corp.		755		10,230
Belden, Inc.		230		10,490
Benchmark Electronics, Inc.		496		13,134
CTS Corp.		494		14,094

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 79

PGIM QMA Strategic Alpha Small-Cap Value ETF

Schedule of Investments (continued)

as of August 31, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Electronic Equipment, Instruments & Components (cont’d.)
Daktronics, Inc.		2,070	$	14,966
ePlus, Inc.*		189		15,445
Insight Enterprises, Inc.*		244		11,727
Kimball Electronics, Inc.*		883		11,664
Knowles Corp.*		740		15,007
Methode Electronics, Inc.		471		14,950
MTS Systems Corp.		233		13,251
PC Connection, Inc.		388		13,669
ScanSource, Inc.*		418		11,813
Tech Data Corp.*		130		12,055
Vishay Intertechnology, Inc.		831		13,155
Vishay Precision Group, Inc.*		330		10,312
		219,335
Energy Equipment & Services    1.5%
Archrock, Inc.		1,296		12,584
C&J Energy Services, Inc.*		1,145		10,946
Covia Holdings Corp.(a)*		7,528		11,292
Exterran Corp.*		957		10,096
Forum Energy Technologies, Inc.*		4,491		6,332
Independence Contract Drilling, Inc.*		9,532		10,009
Keane Group, Inc.*		1,989		10,542
Mammoth Energy Services, Inc.		1,714		6,239
Matrix Service Co.*		642		12,756
ProPetro Holding Corp.*		648		6,901
RPC, Inc.(a)		1,903		10,105
SEACOR Holdings, Inc.*		279		13,105
Select Energy Services, Inc. (Class A Stock)*		1,217		9,931
Tidewater, Inc.*		579		9,125
		139,963
Entertainment    0.4%
Marcus Corp. (The)		399		13,390
Reading International, Inc. (Class A Stock)*		1,015		12,586
Rosetta Stone, Inc.*		574		10,476
		36,452
Equity Real Estate Investment Trusts (REITs)    7.6%
Acadia Realty Trust		479		13,101
Alexander & Baldwin, Inc.		566		12,956
Armada Hoffler Properties, Inc.		783		13,577

See Notes to Financial Statements.

80

Description	Shares		Value
COMMON STOCKS (Continued)
Equity Real Estate Investment Trusts (REITs) (cont’d.)
Ashford Hospitality Trust, Inc.		5,095	$	14,266
Braemar Hotels & Resorts, Inc.		1,393		12,774
BRT Apartments Corp.		1,038		15,030
CatchMark Timber Trust, Inc. (Class A Stock)		1,237		12,259
CBL & Associates Properties, Inc.		11,829		10,764
Cedar Realty Trust, Inc.		5,018		11,893
Chatham Lodging Trust		679		11,265
Chesapeake Lodging Trust		458		11,793
City Office REIT, Inc. (Canada)		1,070		14,488
CoreCivic, Inc.		657		11,136
CorePoint Lodging, Inc.		1,027		9,346
DiamondRock Hospitality Co.		1,295		12,264
Easterly Government Properties, Inc.		716		14,714
First Industrial Realty Trust, Inc.		353		13,749
Franklin Street Properties Corp.		1,742		13,187
Front Yard Residential Corp. (Virgin Islands)		1,108		12,288
Getty Realty Corp.		411		13,053
Gladstone Commercial Corp.		612		13,874
Gladstone Land Corp.		1,137		13,087
Healthcare Realty Trust, Inc.		405		13,458
Hersha Hospitality Trust (Class A Stock)		747		10,383
Independence Realty Trust, Inc.		1,105		15,371
Industrial Logistics Properties Trust		644		13,775
Investors Real Estate Trust		216		14,958
iStar, Inc.		1,028		13,158
Jernigan Capital, Inc.		647		12,494
Kite Realty Group Trust		832		11,889
Lexington Realty Trust		1,391		14,452
Mack-Cali Realty Corp.		563		11,468
New Senior Investment Group, Inc.		1,945		12,156
Office Properties Income Trust		449		12,172
One Liberty Properties, Inc.		454		12,158
Pebblebrook Hotel Trust		467		12,595
Physicians Realty Trust		752		13,025
Piedmont Office Realty Trust, Inc. (Class A Stock)		648		12,791
Retail Value, Inc.		387		14,315
Rexford Industrial Realty, Inc.		320		14,141
RLJ Lodging Trust		675		10,942
RPT Realty		1,089		12,959
Sabra Health Care REIT, Inc.		638		13,794
Saul Centers, Inc.		242		12,156
Senior Housing Properties Trust		1,524		12,939

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 81

PGIM QMA Strategic Alpha Small-Cap Value ETF

Schedule of Investments (continued)

as of August 31, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Equity Real Estate Investment Trusts (REITs) (cont’d.)
Summit Hotel Properties, Inc.		1,170	$	13,057
Sunstone Hotel Investors, Inc.		961		12,628
Terreno Realty Corp.		267		13,500
UMH Properties, Inc.		1,015		13,053
Universal Health Realty Income Trust		147		14,213
Urban Edge Properties		762		13,343
Urstadt Biddle Properties, Inc. (Class A Stock)		659		13,832
Washington Prime Group, Inc.(a)		3,397		10,972
Whitestone REIT (Class B Stock)		958		11,898
Xenia Hotels & Resorts, Inc.		667		13,480
		708,389
Food & Staples Retailing    0.8%
Natural Grocers by Vitamin Cottage, Inc.*		1,331		12,565
PriceSmart, Inc.		241		14,564
SpartanNash Co.		1,165		12,547
United Natural Foods, Inc.*		1,393		11,200
Village Super Market, Inc. (Class A Stock)		515		12,859
Weis Markets, Inc.		359		13,724
				77,459
Food Products    0.8%
Alico, Inc.		457		13,641
B&G Foods, Inc.(a)		628		10,632
Darling Ingredients, Inc.*		638		11,867
Fresh Del Monte Produce, Inc.		496		12,916
Lancaster Colony Corp.		86		12,547
Seneca Foods Corp. (Class A Stock)*		466		12,806
		74,409
Gas Utilities    0.7%
New Jersey Resources Corp.		283		12,944
ONE Gas, Inc.		145		13,284
RGC Resources, Inc.		447		12,686
Southwest Gas Holdings, Inc.		159		14,506
Spire, Inc.		156		13,244
		66,664
Health Care Equipment & Supplies    1.5%
AngioDynamics, Inc.*		639		11,738
Apyx Medical Corp.*		1,858		13,210

See Notes to Financial Statements.

82

Description	Shares		Value
COMMON STOCKS (Continued)
Health Care Equipment & Supplies (cont’d.)
Avanos Medical, Inc.*		306	$	10,153
Cerus Corp.*		2,471		13,269
Integer Holdings Corp.*		162		11,729
Invacare Corp.		2,597		12,570
LivaNova PLC (United Kingdom)*		183		14,206
Meridian Bioscience, Inc.		1,128		10,412
OraSure Technologies, Inc.*		1,459		9,629
Orthofix Medical, Inc.*		263		13,371
SeaSpine Holdings Corp.*		1,025		11,265
Varex Imaging Corp.*		437		11,515
		143,067
Health Care Providers & Services    1.4%
Brookdale Senior Living, Inc.*		1,627		13,309
Cross Country Healthcare, Inc.*		1,470		15,067
Diplomat Pharmacy, Inc.*		2,276		13,223
Enzo Biochem, Inc.*		3,650		11,862
Magellan Health, Inc.*		183		11,531
National HealthCare Corp.		167		13,494
Owens & Minor, Inc.		3,807		19,340
Patterson Cos., Inc.		630		10,534
Surgery Partners, Inc.*		1,692		10,896
Triple-S Management Corp. (Puerto Rico) (Class B Stock)*		552		11,327
		130,583
Health Care Technology    0.5%
Allscripts Healthcare Solutions, Inc.*		1,163		10,560
Computer Programs & Systems, Inc.		485		10,258
Evolent Health, Inc. (Class A Stock)*		1,805		12,400
HealthStream, Inc.*		502		12,686
				45,904
Hotels, Restaurants & Leisure    1.1%
BBX Capital Corp. (Class A Stock)		2,899		12,031
Century Casinos, Inc.*		1,370		10,522
Del Taco Restaurants, Inc.*		991		11,079
Denny’s Corp.*		628		14,815
Golden Entertainment, Inc.*		920		13,046
Jack in the Box, Inc.		167		14,248
Nathan’s Famous, Inc.		170		11,322
RCI Hospitality Holdings, Inc.		774		13,777
		100,840

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 83

PGIM QMA Strategic Alpha Small-Cap Value ETF

Schedule of Investments (continued)

as of August 31, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Household Durables    2.1%
Bassett Furniture Industries, Inc.		1,004	$	12,229
Beazer Homes USA, Inc.*		1,310		16,414
Century Communities, Inc.*		491		13,836
Ethan Allen Interiors, Inc.		633		10,888
Flexsteel Industries, Inc.		787		11,915
Green Brick Partners, Inc.*		1,435		13,188
Hooker Furniture Corp.		626		11,180
Lifetime Brands, Inc.		1,308		10,098
M/I Homes, Inc.*		504		18,215
MDC Holdings, Inc.		366		14,153
Meritage Homes Corp.*		248		16,204
Taylor Morrison Home Corp. (Class A Stock)*		623		14,865
TRI Pointe Group, Inc.(a)*		1,050		14,700
Tupperware Brands Corp.		709		9,224
ZAGG, Inc.*		1,858		11,910
		199,019
Household Products    0.3%
Central Garden & Pet Co.*		466		12,312
Central Garden & Pet Co. (Class A Stock)*		515		12,391
		24,703
Insurance    3.4%
American Equity Investment Life Holding Co.		487		10,495
Argo Group International Holdings Ltd. (Bermuda)		179		11,764
CNO Financial Group, Inc.		804		11,642
Donegal Group, Inc. (Class A Stock)		890		12,843
FBL Financial Group, Inc. (Class A Stock)		189		10,249
FedNat Holding Co.		955		11,680
Genworth Financial, Inc. (Class A Stock)*		3,468		15,363
Global Indemnity Ltd. (Cayman Islands)		455		11,716
Hallmark Financial Services, Inc.*		901		15,840
HCI Group, Inc.		292		11,379
Heritage Insurance Holdings, Inc.		821		10,763
Horace Mann Educators Corp.		317		13,907
Independence Holding Co.		350		12,957
Investors Title Co.		74		10,893
National General Holdings Corp.		539		12,710
National Western Life Group, Inc. (Class A Stock)		47		12,117
NI Holdings, Inc.*		747		12,550
Protective Insurance Corp. (Class B Stock)		743		12,037
Safety Insurance Group, Inc.		136		13,116

See Notes to Financial Statements.

84

Description	Shares		Value
COMMON STOCKS (Continued)
Insurance (cont’d.)
Selective Insurance Group, Inc.		171	$	13,617
Third Point Reinsurance Ltd. (Bermuda)*		1,313		12,368
Tiptree, Inc.		2,099		14,567
United Fire Group, Inc.		278		12,554
United Insurance Holdings Corp.		863		10,114
Universal Insurance Holdings, Inc.		461		11,525
Watford Holdings Ltd. (Bermuda)*		501		11,623
		320,389
Interactive Media & Services    0.2%
Cars.com, Inc.*		630		5,613
DHI Group, Inc.*		3,362		12,204
		17,817
Internet & Direct Marketing Retail    0.4%
Lands’ End, Inc.*		1,166		9,036
Liquidity Services, Inc.*		2,215		16,768
PetMed Express, Inc.(a)		858		13,556
		39,360
IT Services    0.7%
Information Services Group, Inc.*		4,401		11,707
KBR, Inc.		531		13,551
ManTech International Corp. (Class A Stock)		202		14,197
Presidio, Inc.		972		15,571
Sykes Enterprises, Inc.*		469		13,601
		68,627
Leisure Products    0.8%
Acushnet Holdings Corp.		540		14,024
American Outdoor Brands Corp.*		1,470		8,835
Clarus Corp.		916		10,085
Escalade, Inc.		1,128		11,652
Johnson Outdoors, Inc. (Class A Stock)		177		9,912
Sturm Ruger & Co., Inc.		245		10,047
Vista Outdoor, Inc.*		1,522		8,508
		73,063
Life Sciences Tools & Services    0.3%
Cambrex Corp.*		286		17,140
Syneos Health, Inc. (Class A Stock)*		269		14,131
		31,271

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 85

PGIM QMA Strategic Alpha Small-Cap Value ETF

Schedule of Investments (continued)

as of August 31, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Machinery    4.3%
Actuant Corp. (Class A Stock)		553	$	12,282
Altra Industrial Motion Corp.		410		10,656
Astec Industries, Inc.		423		11,675
Barnes Group, Inc.		237		10,629
Blue Bird Corp.*		707		12,896
Briggs & Stratton Corp.		1,322		5,711
Columbus McKinnon Corp.		324		10,488
Commercial Vehicle Group, Inc.*		1,729		10,979
Eastern Co. (The)		487		10,743
EnPro Industries, Inc.		208		12,954
ESCO Technologies, Inc.		162		12,333
Federal Signal Corp.		501		14,885
Gencor Industries, Inc.*		1,006		11,509
Gorman-Rupp Co. (The)		380		11,351
Greenbrier Cos., Inc. (The)		453		10,550
Hillenbrand, Inc.		336		9,220
Hurco Cos., Inc.		370		11,807
Hyster-Yale Materials Handling, Inc.		248		13,528
Kennametal, Inc.		351		10,491
LB Foster Co. (Class A Stock)*		492		9,796
Luxfer Holdings PLC (United Kingdom)		537		8,436
Lydall, Inc.*		693		13,936
Milacron Holdings Corp.*		969		15,359
Miller Industries, Inc.		414		12,954
Mueller Industries, Inc.		460		12,126
Park-Ohio Holdings Corp.		415		11,284
Rexnord Corp.*		473		12,383
Spartan Motors, Inc.		1,296		16,342
SPX FLOW, Inc.*		367		12,372
Standex International Corp.		172		11,825
Terex Corp.		454		11,273
TriMas Corp.*		458		13,456
Wabash National Corp.		854		11,649
Watts Water Technologies, Inc. (Class A Stock)		145		13,286
		401,164
Marine    0.3%
Costamare, Inc. (Monaco)		2,564		14,846
Eagle Bulk Shipping, Inc.*		2,332		10,727
		25,573

See Notes to Financial Statements.

86

Description	Shares		Value
COMMON STOCKS (Continued)
Media    1.7%
comScore, Inc.*		2,485	$	4,622
Emerald Expositions Events, Inc.		1,187		11,348
Entercom Communications Corp. (Class A Stock)		2,161		7,693
Entravision Communications Corp. (Class A Stock)		4,153		12,708
Gray Television, Inc.*		769		11,766
Lee Enterprises, Inc.*		6,191		11,020
Liberty Latin America Ltd.,
(Class A Stock)*		727		11,937
(Class C Stock)*		729		12,021
MSG Networks, Inc. (Class A Stock)*		586		9,610
National CineMedia, Inc.		1,925		15,785
Saga Communications, Inc. (Class A Stock)		443		12,643
Scholastic Corp.		401		14,063
TEGNA, Inc.		853		12,207
Tribune Publishing Co.		1,586		12,133
		159,556
Metals & Mining    0.9%
Commercial Metals Co.		751		11,768
Haynes International, Inc.		432		12,904
Kaiser Aluminum Corp.		141		12,468
Schnitzer Steel Industries, Inc. (Class A Stock)		570		12,620
Synalloy Corp.		833		13,361
Warrior Met Coal, Inc.		523		10,931
Worthington Industries, Inc.		357		12,388
		86,440
Mortgage Real Estate Investment Trusts (REITs)    2.8%
AG Mortgage Investment Trust, Inc.		837		12,547
Anworth Mortgage Asset Corp.		3,486		10,807
Apollo Commercial Real Estate Finance, Inc.		718		13,319
Ares Commercial Real Estate Corp.		927		13,896
Arlington Asset Investment Corp. (Class A Stock)		2,093		10,339
ARMOUR Residential REIT, Inc.		683		11,215
Capstead Mortgage Corp.		1,700		12,359
Cherry Hill Mortgage Investment Corp.		833		10,021
Colony Credit Real Estate, Inc.		787		9,861
Dynex Capital, Inc.		748		10,562
Ellington Financial, Inc.		733		12,805
Exantas Capital Corp.		1,237		13,867
Great Ajax Corp.		996		14,522
Invesco Mortgage Capital, Inc.		884		13,287

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 87

PGIM QMA Strategic Alpha Small-Cap Value ETF

Schedule of Investments (continued)

as of August 31, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Mortgage Real Estate Investment Trusts (REITs) (cont’d.)
Ladder Capital Corp. (Class A Stock)		771	$	12,937
New York Mortgage Trust, Inc.		2,207		13,573
Orchid Island Capital, Inc. (Class A Stock)		2,086		11,327
PennyMac Mortgage Investment Trust		653		14,209
Ready Capital Corp.		911		13,373
Redwood Trust, Inc.		804		13,346
Western Asset Mortgage Capital Corp.		1,330		12,502
		260,674
Multiline Retail    0.1%
Big Lots, Inc.		442		10,055
Multi-Utilities    0.4%
Black Hills Corp.		167		12,810
NorthWestern Corp.		181		13,112
Unitil Corp.		221		13,342
		39,264
Oil, Gas & Consumable Fuels    3.1%
Amplify Energy Corp.*		2,353		14,024
Arch Coal, Inc. (Class A Stock)(a)		143		10,948
Clean Energy Fuels Corp.*		5,691		11,325
CONSOL Energy, Inc.*		513		8,598
CVR Energy, Inc.		257		10,223
Denbury Resources, Inc.*		11,041		11,924
DHT Holdings, Inc. (Bermuda)		2,215		12,448
Extraction Oil & Gas, Inc.(a)*		3,320		13,380
Falcon Minerals Corp.		1,615		9,464
Gulfport Energy Corp.*		2,964		7,114
Hallador Energy Co.		2,438		9,679
International Seaways, Inc.*		698		12,020
Laredo Petroleum, Inc.*		4,632		11,487
Montage Resources Corp.*		2,562		7,635
Overseas Shipholding Group, Inc. (Class A Stock)*		6,453		10,518
Panhandle Oil & Gas, Inc. (Class A Stock)		1,068		12,207
Peabody Energy Corp.		558		10,284
Penn Virginia Corp.*		468		13,338
Ring Energy, Inc.*		3,990		5,825
Roan Resources, Inc.(a)*		8,716		9,849
SandRidge Energy, Inc.*		1,980		9,266
Ship Finance International Ltd.		1,087		15,294
SilverBow Resources, Inc.*		1,022		8,871

See Notes to Financial Statements.

88

Description	Shares		Value
COMMON STOCKS (Continued)
Oil, Gas & Consumable Fuels (cont’d.)
Southwestern Energy Co.*		4,698	$	7,423
SRC Energy, Inc.*		2,937		14,744
Teekay Tankers Ltd. (Class A Stock)*		10,191		11,312
World Fuel Services Corp.		369		14,170
		293,370
Paper & Forest Products    0.5%
Louisiana-Pacific Corp.		501		12,044
PH Glatfelter Co.		796		11,446
Schweitzer-Mauduit International, Inc.		402		13,483
Verso Corp. (Class A Stock)*		699		7,137
		44,110
Personal Products    0.3%
Edgewell Personal Care Co.*		453		12,612
Nature’s Sunshine Products, Inc.*		1,532		14,416
		27,028
Pharmaceuticals    0.7%
Akorn, Inc.*		2,665		7,702
Assertio Therapeutics, Inc.*		4,089		5,888
Lannett Co., Inc.(a)*		2,238		23,052
Mallinckrodt PLC*		1,592		4,123
Menlo Therapeutics, Inc.*		2,533		12,462
Prestige Consumer Healthcare, Inc.*		423		13,485
		66,712
Professional Services    2.0%
Acacia Research Corp.*		4,451		11,617
ASGN, Inc.*		226		14,118
BG Staffing, Inc.		701		13,137
CBIZ, Inc.*		618		13,806
FTI Consulting, Inc.*		156		16,870
Heidrick & Struggles International, Inc.		458		12,160
Huron Consulting Group, Inc.*		251		15,364
ICF International, Inc.		182		15,408
InnerWorkings, Inc.*		3,571		15,141
Kelly Services, Inc. (Class A Stock)		509		12,323
Mistras Group, Inc.*		802		11,709
Navigant Consulting, Inc.		517		14,409
Resources Connection, Inc.		816		13,505
TrueBlue, Inc.*		548		10,636
		190,203

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 89

PGIM QMA Strategic Alpha Small-Cap Value ETF

Schedule of Investments (continued)

as of August 31, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Real Estate Management & Development    1.1%
Altisource Portfolio Solutions SA (Luxembourg)*		590	$	11,682
Consolidated-Tomoka Land Co.		232		14,811
Cushman & Wakefield PLC*		735		12,377
Forestar Group, Inc.*		664		12,656
FRP Holdings, Inc.*		268		13,183
Kennedy-Wilson Holdings, Inc.		695		14,581
RE/MAX Holdings, Inc. (Class A Stock)		409		10,499
St Joe Co. (The)*		721		12,964
		102,753
Road & Rail    0.5%
ArcBest Corp.		493		14,598
Covenant Transportation Group, Inc. (Class A Stock)*		910		13,086
Daseke, Inc.*		3,774		6,642
US Xpress Enterprises, Inc. (Class A Stock)*		2,476		10,399
		44,725
Semiconductors & Semiconductor Equipment    2.4%
Amkor Technology, Inc.*		1,802		15,767
AXT, Inc.*		3,379		11,455
Cirrus Logic, Inc.*		319		17,111
Diodes, Inc.*		338		12,354
DSP Group, Inc.*		968		13,397
FormFactor, Inc.*		847		14,475
GSI Technology, Inc.*		1,533		12,877
Nanometrics, Inc.*		397		10,834
NeoPhotonics Corp.*		3,095		19,375
PDF Solutions, Inc.*		1,008		11,804
Photronics, Inc.*		1,441		15,563
Rambus, Inc.*		1,116		13,995
Rudolph Technologies, Inc.*		495		10,885
SMART Global Holdings, Inc.*		553		15,711
Synaptics, Inc.*		448		14,345
Xperi Corp.		654		11,981
		221,929
Software    1.4%
American Software, Inc. (Class A Stock)		1,012		15,949
Avaya Holdings Corp.*		1,188		16,775
Cloudera, Inc.(a)*		2,597		18,543
Monotype Imaging Holdings, Inc.		759		14,990

See Notes to Financial Statements.

90

Description	Shares		Value
COMMON STOCKS (Continued)
Software (cont’d.)
OneSpan, Inc.*		965	$	13,027
QAD, Inc. (Class A Stock)		312		12,642
SecureWorks Corp. (Class A Stock)*		1,093		13,193
TiVo Corp.		1,832		13,795
Verint Systems, Inc.*		265		14,122
		133,036
Specialty Retail    3.8%
Aaron’s, Inc.		209		13,399
American Eagle Outfitters, Inc.		706		11,875
Barnes & Noble Education, Inc.*		3,908		15,241
Bed Bath & Beyond, Inc.(a)		1,153		11,149
Buckle, Inc. (The)(a)		772		15,131
Cato Corp. (The) (Class A Stock)		934		15,999
Citi Trends, Inc.		867		14,574
Conn’s, Inc.*		757		15,261
Container Store Group, Inc. (The)*		1,761		7,889
Express, Inc.*		5,115		10,844
GameStop Corp. (Class A Stock)		2,431		9,651
Genesco, Inc.*		301		10,740
Group 1 Automotive, Inc.		165		12,329
Haverty Furniture Cos., Inc.		758		14,516
Hibbett Sports, Inc.*		686		11,346
Hudson Ltd. (Class A Stock)*		929		10,080
Lithia Motors, Inc. (Class A Stock)		112		14,680
MarineMax, Inc.*		730		10,556
Murphy USA, Inc.*		153		13,678
Office Depot, Inc.		6,022		7,829
RTW RetailWinds, Inc.*		7,162		7,234
Sally Beauty Holdings, Inc.*		1,079		13,196
Sleep Number Corp.*		330		13,807
Sonic Automotive, Inc. (Class A Stock)		581		15,635
Sportsman’s Warehouse Holdings, Inc.*		3,154		13,310
Tilly’s, Inc. (Class A Stock)		1,666		17,843
Winmark Corp.		78		12,675
Zumiez, Inc.*		554		14,393
		354,860
Textiles, Apparel & Luxury Goods    1.3%
Culp, Inc.		745		10,460
Delta Apparel, Inc.*		604		13,554

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 91

PGIM QMA Strategic Alpha Small-Cap Value ETF

Schedule of Investments (continued)

as of August 31, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Textiles, Apparel & Luxury Goods (cont’d.)
Fossil Group, Inc.*		1,207	$	15,450
G-III Apparel Group Ltd.*		465		9,537
Kontoor Brands, Inc.*		430		14,723
Movado Group, Inc.		491		10,566
Rocky Brands, Inc.		488		14,220
Superior Group of Cos., Inc.		748		10,607
Unifi, Inc.*		704		13,545
Vera Bradley, Inc.*		1,159		12,274
		124,936
Thrifts & Mortgage Finance    4.4%
Axos Financial, Inc.*		496		12,851
Bridgewater Bancshares, Inc.*		1,137		12,655
ESSA Bancorp, Inc.		835		12,775
Essent Group Ltd.*		273		13,241
First Defiance Financial Corp.		489		12,787
Flagstar Bancorp, Inc.		426		15,485
FS Bancorp, Inc.		290		14,036
Home Bancorp, Inc.		356		13,272
HomeStreet, Inc.*		441		11,629
Luther Burbank Corp.		1,188		12,426
Meridian Bancorp, Inc.		699		12,219
MMA Capital Holdings, Inc.*		405		11,988
OceanFirst Financial Corp.		543		11,414
Ocwen Financial Corp.*		6,134		10,980
OP Bancorp		1,346		12,787
PDL Community Bancorp*		935		13,081
PennyMac Financial Services, Inc.*		582		17,221
Provident Financial Holdings, Inc.		609		12,296
Provident Financial Services, Inc.		541		12,881
Radian Group, Inc.		554		12,493
Riverview Bancorp, Inc.		1,560		10,998
Southern Missouri Bancorp, Inc.		401		13,393
Sterling Bancorp, Inc.		1,445		13,482
Territorial Bancorp, Inc.		487		13,319
Timberland Bancorp, Inc.		454		11,609
United Community Financial Corp.		1,439		13,886
United Financial Bancorp, Inc.		863		10,788
Walker & Dunlop, Inc.		244		13,630
Washington Federal, Inc.		378		13,457
Waterstone Financial, Inc.		786		13,040
Western New England Bancorp, Inc.		1,396		12,410
WSFS Financial Corp.		317		13,067
		411,596

See Notes to Financial Statements.

92

Description	Shares		Value
COMMON STOCKS (Continued)
Tobacco    0.1%
Universal Corp.		233	$	11,664
Trading Companies & Distributors    2.2%
Aircastle Ltd.		629		13,744
Beacon Roofing Supply, Inc.*		356		11,349
BMC Stock Holdings, Inc.*		610		15,512
DXP Enterprises, Inc.*		383		12,428
Foundation Building Materials, Inc.*		767		13,139
GATX Corp.		173		12,840
GMS, Inc.*		577		16,999
Kaman Corp.		210		12,262
MRC Global, Inc.*		793		9,968
Rush Enterprises, Inc.,
(Class A Stock)		367		13,253
(Class B Stock)		360		13,385
Systemax, Inc.		627		12,584
Textainer Group Holdings Ltd.*		1,358		10,823
Titan Machinery, Inc.*		722		10,873
Veritiv Corp.*		734		12,155
Willis Lease Finance Corp.*		225		13,898
		205,212
Water Utilities    0.7%
AquaVenture Holdings Ltd.*		703		12,429
Artesian Resources Corp. (Class A Stock)		366		13,322
Consolidated Water Co. Ltd. (Cayman Islands)		1,006		14,748
Middlesex Water Co.		214		13,063
SJW Group		212		14,486
		68,048
Wireless Telecommunication Services    0.1%
Spok Holdings, Inc.		915		10,751
TOTAL LONG-TERM INVESTMENTS (cost $10,111,119)				9,258,085
SHORT-TERM INVESTMENTS    3.4%
AFFILIATED MUTUAL FUND    2.5%
PGIM Institutional Money Market Fund (cost $229,911; includes $229,558 of cash collateral for securities on loan)(b)(w)		229,865		229,888

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 93

PGIM QMA Strategic Alpha Small-Cap Value ETF

Schedule of Investments (continued)

as of August 31, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
TIME DEPOSIT    0.9%
JPMorgan Chase (cost $88,275)		1.490	%		09/03/19		88	$	88,275
TOTAL SHORT-TERM TERM INVESTMENTS (cost $318,186)									318,163
TOTAL INVESTMENTS    102.4% (cost $10,429,305)									9,576,248
Liabilities in excess of other assets    (2.4)%							(222,803)
NET ASSETS    100.0%								$	9,353,445

The following abbreviations are used in the annual report:

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

(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $168,852; cash collateral of $229,558 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments.

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

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

* 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 August 31, 2019 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Common Stocks
Aerospace & Defense	$	51,192	$	—	$	—
Air Freight & Logistics		27,891		—		—
Airlines		41,478		—		—

See Notes to Financial Statements.

94

	Level 1		Level 2		Level 3
Investments in Securities (continued)
Common Stocks (continued)
Auto Components	$	63,194	$	—	$	—
Banks		1,779,375		—		—
Biotechnology		150,473		—		—
Building Products		147,259		—		—
Capital Markets		196,359		—		—
Chemicals		198,761		—		—
Commercial Services & Supplies		224,863		—		—
Communications Equipment		102,129		—		—
Construction & Engineering		73,332		—		—
Construction Materials		12,502		—		—
Consumer Finance		92,034		—		—
Containers & Packaging		40,087		—		—
Distributors		11,603		—		—
Diversified Consumer Services		48,688		—		—
Diversified Financial Services		36,934		—		—
Diversified Telecommunication Services		13,749		—		—
Electric Utilities		74,681		—		—
Electrical Equipment		60,528		—		—
Electronic Equipment, Instruments & Components		219,335		—		—
Energy Equipment & Services		139,963		—		—
Entertainment		36,452		—		—
Equity Real Estate Investment Trusts (REITs)		708,389		—		—
Food & Staples Retailing		77,459		—		—
Food Products		74,409		—		—
Gas Utilities		66,664		—		—
Health Care Equipment & Supplies		143,067		—		—
Health Care Providers & Services		130,583		—		—
Health Care Technology		45,904		—		—
Hotels, Restaurants & Leisure		100,840		—		—
Household Durables		199,019		—		—
Household Products		24,703		—		—
Insurance		320,389		—		—
Interactive Media & Services		17,817		—		—
Internet & Direct Marketing Retail		39,360		—		—
IT Services		68,627		—		—
Leisure Products		73,063		—		—
Life Sciences Tools & Services		31,271		—		—
Machinery		401,164		—		—
Marine		25,573		—		—
Media		159,556		—		—
Metals & Mining		86,440		—		—
Mortgage Real Estate Investment Trusts (REITs)		260,674		—		—
Multiline Retail		10,055		—		—
Multi-Utilities		39,264		—		—
Oil, Gas & Consumable Fuels		293,370		—		—

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 95

PGIM QMA Strategic Alpha Small-Cap Value ETF

Schedule of Investments (continued)

as of August 31, 2019

	Level 1		Level 2		Level 3
Investments in Securities (continued)
Common Stocks (continued)
Paper & Forest Products	$	44,110	$	—	$	—
Personal Products		27,028		—		—
Pharmaceuticals		66,712		—		—
Professional Services		190,203		—		—
Real Estate Management & Development		102,753		—		—
Road & Rail		44,725		—		—
Semiconductors & Semiconductor Equipment		221,929		—		—
Software		133,036		—		—
Specialty Retail		354,860		—		—
Textiles, Apparel & Luxury Goods		124,936		—		—
Thrifts & Mortgage Finance		411,596		—		—
Tobacco		11,664		—		—
Trading Companies & Distributors		205,212		—		—
Water Utilities		68,048		—		—
Wireless Telecommunication Services		10,751		—		—
Affiliated Mutual Fund		229,888		—		—
Time Deposit		—		88,275		—
Total	$	9,487,973	$	88,275	$	—

Industry Classification:

The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of August 31, 2019 were as follows (unaudited):

Banks	19.0	%
Equity Real Estate Investment Trusts (REITs)	7.6
Thrifts & Mortgage Finance	4.4
Machinery	4.3
Specialty Retail	3.8
Insurance	3.4
Oil, Gas & Consumable Fuels	3.1
Mortgage Real Estate Investment Trusts (REITs)	2.8
Affiliated Mutual Fund (2.5% represents investments purchased with collateral from securities on loan)	2.5
Commercial Services & Supplies	2.4
Semiconductors & Semiconductor Equipment	2.4
Electronic Equipment, Instruments & Components	2.4
Trading Companies & Distributors	2.2
Household Durables	2.1
Chemicals	2.1
Capital Markets	2.1
Professional Services	2.0
Media	1.7
Biotechnology	1.6	%
Building Products	1.6
Health Care Equipment & Supplies	1.5
Energy Equipment & Services	1.5
Software	1.4
Health Care Providers & Services	1.4
Textiles, Apparel & Luxury Goods	1.3
Real Estate Management & Development	1.1
Communications Equipment	1.1
Hotels, Restaurants & Leisure	1.1
Consumer Finance	1.0
Time Deposit	0.9
Metals & Mining	0.9
Food & Staples Retailing	0.8
Electric Utilities	0.8
Food Products	0.8
Construction & Engineering	0.8
Leisure Products	0.8
IT Services	0.7
Water Utilities	0.7

See Notes to Financial Statements.

96

Industry Classification (cont’d.)
Pharmaceuticals	0.7	%
Gas Utilities	0.7
Auto Components	0.7
Electrical Equipment	0.7
Aerospace & Defense	0.6
Diversified Consumer Services	0.5
Health Care Technology	0.5
Road & Rail	0.5
Paper & Forest Products	0.5
Airlines	0.5
Containers & Packaging	0.4
Internet & Direct Marketing Retail	0.4
Multi-Utilities	0.4
Diversified Financial Services	0.4
Entertainment	0.4
Life Sciences Tools & Services	0.3
Air Freight & Logistics	0.3	%
Personal Products	0.3
Marine	0.3
Household Products	0.3
Interactive Media & Services	0.2
Diversified Telecommunication Services	0.2
Construction Materials	0.1
Tobacco	0.1
Distributors	0.1
Wireless Telecommunication Services	0.1
Multiline Retail	0.1
	102.4
Liabilities in excess of other assets	(2.4	)
	100.0	%

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

The Fund entered into financial instruments/transactions during the period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for financial instruments/transactions, where the legal right to set-off exists, is presented in the summary below:

Financial Offsetting of financial instrument/transaction assets and liabilities:

Description	Gross Market Value of Recognized Assets/(Liabilities)		Collateral Pledged/(Received)(1)			Net Amount
Securities on Loan	$	168,852	$	(168,852	)	$	—

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

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 97

PGIM QMA Strategic Alpha Small-Cap Value ETF

Statement of Assets & Liabilities

as of August 31, 2019

Assets
Investments at value, including securities on loan of $168,852:
Unaffiliated investments (cost $10,199,394)	$	9,346,360
Affiliated investments (cost $229,911)		229,888
Cash		104
Interest and dividends receivable		9,143
Total assets		9,585,495
Liabilities
Payable to broker for collateral for securities on loan		229,558
Management fee payable		2,324
Other liabilities		168
Total Liabilities		232,050
Net Assets	$	9,353,445
Net assets were comprised of:
Common stock, at par	$	200
Paid-in capital in excess of par		10,041,884
		10,042,084
Total distributable earnings (loss)		(688,639	)
Net assets, August 31, 2019	$	9,353,445
Net asset value, offering price and redemption price per share, ($ 9,353,445 / 200,000 shares of common stock issued and outstanding)	$	46.77

See Notes to Financial Statements.

98

PGIM QMA Strategic Alpha Small-Cap Value ETF

Statement of Operations

Period Ended August 31, 2019*

Net Investment Income (Loss)
Income
Interest income	$	2,603
Unaffiliated dividend income (net of $33 foreign withholding tax)		179,241
Income from securities lending, net (including affiliated income of $505)		727
Total income		182,571
Expenses
Management fee		24,570
Total expenses		24,570
Net investment income (loss)		158,001
Realized And Unrealized Gain (Loss) On Investments
Net realized gain (loss) on:
Investment transactions (including affiliated of $15)		130,313
In-kind redemptions		30,695
		161,008
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $(23))		(853,057	)
Net gain (loss) on investment transactions		(692,049	)
Net Increase (Decrease) In Net Assets Resulting From Operations	$	(534,048	)

* For the period from November 13, 2018 (commencement of operations) through August 31, 2019.

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 99

PGIM QMA Strategic Alpha Small-Cap Value ETF

Statement of Changes in Net Assets

	Period Ended August 31, 2019*
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	158,001
Net realized gain (loss) on investments and in-kind redemptions		161,008
Net change in unrealized appreciation (depreciation) on investments		(853,057	)
Net increase (decrease) in net assets resulting from operations		(534,048	)
Dividends and Distributions
Distributions from distributable earnings		(122,512	)
Fund share transactions (Net of share conversions)
Net proceeds from shares sold		12,488,700
Cost of shares reacquired		(2,478,695	)
Net increase (decrease) in net assets from Fund share transactions		10,010,005
Total increase (decrease)		9,353,445
Net Assets:
Beginning of period		—
End of period	$	9,353,445

* For the period from November 13, 2018 (commencement of operations) through August 31, 2019.

See Notes to Financial Statements.

100

PGIM QMA Strategic Alpha International Equity ETF

Schedule of Investments

as of August 31, 2019

Description	Shares		Value
LONG-TERM INVESTMENTS    99.1%
COMMON STOCKS    98.3%
Australia    4.2%
AGL Energy Ltd.		5,035	$	64,290
Aristocrat Leisure Ltd.		3,458		69,281
Aurizon Holdings Ltd.		17,667		70,316
AusNet Services		61,301		74,310
BHP Group Ltd.		2,759		67,429
BHP Group PLC		3,122		67,354
CIMIC Group Ltd.		3,002		62,673
Coca-Cola Amatil Ltd.		9,880		72,325
Cochlear Ltd.		475		69,736
Dexus		8,192		71,168
GPT Group (The)		17,971		77,335
Mirvac Group		31,624		67,938
Sonic Healthcare Ltd.		3,659		72,569
South32 Ltd.		36,419		64,750
Stockland		22,269		67,787
Telstra Corp. Ltd.		25,867		64,803
Treasury Wine Estates Ltd.		6,091		76,871
Vicinity Centres		40,032		69,825
Wesfarmers Ltd.		2,608		68,674
Woodside Petroleum Ltd.		3,051		66,017
Woolworths Group Ltd.		2,841		72,264
				1,457,715
Austria    0.8%
Erste Group Bank AG		1,969		63,341
OMV AG		1,370		69,880
Raiffeisen Bank International AG		3,019		65,979
voestalpine AG		2,803		64,539
				263,739
Belgium    0.8%
Ageas		1,287		68,885
Proximus SADP		2,307		68,180
Solvay SA		639		64,414
UCB SA		824		61,528
				263,007
China    0.1%
Yangzijiang Shipbuilding Holdings Ltd.		67,298		44,130

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 101

PGIM QMA Strategic Alpha International Equity ETF

Schedule of Investments (continued)

as of August 31, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Denmark    1.2%
Carlsberg A/S (Class B Stock)		517	$	76,317
Coloplast A/S (Class B Stock)		567		67,526
H Lundbeck A/S		1,685		61,345
ISS A/S		2,507		63,612
Novo Nordisk A/S (Class B Stock)		1,491		77,423
Pandora A/S		1,844		78,548
				424,771
Finland    1.2%
Elisa OYJ		1,402		70,510
Fortum OYJ		2,967		65,250
Kone OYJ (Class B Stock)		1,191		68,852
Metso OYJ		1,902		71,241
Nokian Renkaat OYJ		2,162		59,166
Orion OYJ (Class B Stock)		2,073		76,939
				411,958
France    8.2%
Air Liquide SA		501		69,737
Alstom SA		1,586		67,754
Amundi SA, 144A		1,183		75,605
Atos SE		814		61,622
AXA SA		2,840		65,142
BioMerieux		821		66,727
BNP Paribas SA		1,553		70,040
Bouygues SA		2,079		78,944
Carrefour SA		3,843		65,467
Casino Guichard Perrachon SA		1,817		76,484
Cie de Saint-Gobain		1,859		67,056
Cie Generale des Etablissements Michelin SCA		636		66,824
CNP Assurances		3,587		65,127
Credit Agricole SA		5,571		63,616
Danone SA		798		71,444
Eiffage SA		728		75,402
Engie SA		4,919		74,741
EssilorLuxottica SA		486		71,708
Gecina SA		437		69,257
Hermes International		99		67,568
ICADE		791		69,939
Ipsen SA		649		68,190
Klepierre SA		2,113		64,467
Legrand SA		982		69,311

See Notes to Financial Statements.

102

Description	Shares		Value
COMMON STOCKS (Continued)
France (cont’d.)
L’Oreal SA		260	$	71,038
LVMH Moet Hennessy Louis Vuitton SE		169		67,312
Orange SA		4,564		69,222
Pernod Ricard SA		434		82,853
Peugeot SA		3,150		70,383
Publicis Groupe SA		1,464		70,185
Sanofi		765		65,681
Schneider Electric SE		833		69,725
SCOR SE		1,697		67,684
SEB SA		447		69,515
Societe Generale SA		2,750		69,681
Sodexo SA		670		75,919
Thales SA		565		65,294
TOTAL SA		1,407		70,189
Unibail-Rodamco-Westfield		492		64,401
Veolia Environnement SA		2,789		66,669
Vivendi SA		2,434		68,027
				2,845,950
Germany    5.5%
adidas AG		222		65,804
Allianz SE		328		72,278
BASF SE		1,070		70,771
Beiersdorf AG		564		70,974
Brenntag AG		1,497		72,113
Covestro AG, 144A		1,566		70,893
Deutsche Post AG		2,172		71,375
Deutsche Telekom AG		3,946		65,816
E.ON SE		6,887		63,997
Evonik Industries AG		2,574		65,575
Fraport AG Frankfurt Airport Services Worldwide		830		69,310
Fresenius Medical Care AG & Co. KGaA		1,022		68,742
Fresenius SE & Co. KGaA		1,433		69,549
HeidelbergCement AG		1,042		72,194
Henkel AG & Co. KGaA		785		72,515
HOCHTIEF AG		625		67,969
HUGO BOSS AG		1,125		62,662
Infineon Technologies AG		3,782		65,458
KION Group AG		1,375		66,477
Knorr-Bremse AG		692		64,639
Merck KGaA		660		70,550
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		287		68,732

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 103

PGIM QMA Strategic Alpha International Equity ETF

Schedule of Investments (continued)

as of August 31, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Germany (cont’d.)
SAP SE		572	$	68,272
Siemens Healthineers AG, 144A		1,668		65,464
Symrise AG (Class A Stock)		814		75,972
Telefonica Deutschland Holding AG		27,133		69,064
Uniper SE		2,215		67,116
Volkswagen AG		412		67,219
				1,921,500
Hong Kong    4.6%
BOC Hong Kong Holdings Ltd.		19,335		65,228
CK Asset Holdings Ltd.		10,011		67,992
CK Hutchison Holdings Ltd.		7,897		68,793
CK Infrastructure Holdings Ltd.		9,257		62,399
CLP Holdings Ltd.		6,440		66,327
Hang Lung Properties Ltd.		29,439		66,535
Henderson Land Development Co. Ltd.		13,860		64,523
HKT Trust & HKT Ltd.		47,600		74,432
Hongkong Land Holdings Ltd.		12,349		67,426
Hysan Development Co. Ltd.		16,030		64,914
Kerry Properties Ltd.		19,440		65,582
Link REIT		5,839		65,536
MTR Corp. Ltd.		11,011		63,759
NWS Holdings Ltd.		38,629		66,513
Power Assets Holdings Ltd.		9,800		65,247
Sino Land Co. Ltd.		46,814		66,874
SJM Holdings Ltd.		70,531		66,659
Sun Hung Kai Properties Ltd.		4,781		67,748
Swire Pacific Ltd. (Class A Stock)		6,456		63,198
Swire Properties Ltd.		19,837		65,150
Techtronic Industries Co. Ltd.		10,087		69,731
WH Group Ltd., 144A		77,707		62,539
Wharf Real Estate Investment Co. Ltd.		11,828		64,040
Wheelock & Co. Ltd.		11,788		68,484
				1,589,629
Ireland    1.3%
AerCap Holdings NV*		1,305		69,974
CRH PLC		2,180		72,549
DCC PLC		918		78,013
Flutter Entertainment PLC		923		75,919
Kingspan Group PLC		1,373		62,684
Smurfit Kappa Group PLC		2,563		79,041
				438,180

See Notes to Financial Statements.

104

Description	Shares		Value
COMMON STOCKS (Continued)
Isle of Man    0.2%
GVC Holdings PLC		10,394	$	79,552
Israel    1.3%
Bank Leumi Le-Israel BM		9,389		63,970
Check Point Software Technologies Ltd.(a)*		618		66,559
Elbit Systems Ltd.		427		65,882
Israel Chemicals Ltd.		14,127		63,715
Israel Discount Bank Ltd. (Class A Stock)		15,532		64,646
Mizrahi Tefahot Bank Ltd.		2,711		62,363
Nice Ltd.*		451		68,972
				456,107
Italy    2.4%
Assicurazioni Generali SpA		4,103		74,270
Enel SpA		9,908		71,805
Eni SpA		4,289		64,485
Ferrari NV		433		68,147
Intesa Sanpaolo SpA		30,435		66,672
Mediobanca Banca di Credito Finanziario SpA		7,212		71,416
Moncler SpA		1,783		66,803
Prysmian SpA		3,249		71,077
Recordati SpA		1,530		67,027
Snam SpA		13,710		69,298
Telecom Italia SpA*		126,202		67,187
Terna Rete Elettrica Nazionale SpA		11,062		69,420
				827,607
Japan    36.9%
ABC-Mart, Inc.		1,063		67,942
Advantest Corp.		1,760		72,315
AGC, Inc.		2,356		67,973
Air Water, Inc.		4,377		74,368
Ajinomoto Co., Inc.		3,824		69,724
Alfresa Holdings Corp.		2,658		60,173
Amada Holdings Co. Ltd.		6,572		68,482
ANA Holdings, Inc.		1,985		67,864
Aozora Bank Ltd.		2,806		64,844
Asahi Group Holdings Ltd.		1,580		73,709
Asahi Kasei Corp.		7,583		68,610
Astellas Pharma, Inc.		4,946		68,532
Bandai Namco Holdings, Inc.		1,209		71,128
Bank of Kyoto Ltd. (The)		1,870		67,153

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 105

PGIM QMA Strategic Alpha International Equity ETF

Schedule of Investments (continued)

as of August 31, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Japan (cont’d.)
Benesse Holdings, Inc.		2,778	$	71,075
Bridgestone Corp.		1,963		74,891
Brother Industries Ltd.		4,158		72,017
Calbee, Inc.		2,329		71,031
Central Japan Railway Co.		339		67,060
Chiba Bank Ltd. (The)		13,206		65,884
Chubu Electric Power Co., Inc.		4,696		69,245
Chugai Pharmaceutical Co. Ltd.		922		65,959
Credit Saison Co. Ltd.		5,451		60,649
Dai Nippon Printing Co. Ltd.		3,386		73,275
Dai-ichi Life Holdings, Inc.		4,919		67,047
Daikin Industries Ltd.		547		67,735
Daiwa House Industry Co. Ltd.		2,252		70,633
Daiwa Securities Group, Inc.		14,772		63,657
Denso Corp.		1,621		68,023
East Japan Railway Co.		744		70,839
Eisai Co. Ltd.		1,334		68,185
Electric Power Development Co. Ltd.		2,976		68,969
Fast Retailing Co. Ltd.		111		65,032
Fuji Electric Co. Ltd.		2,281		65,058
FUJIFILM Holdings Corp.		1,438		61,575
Fujitsu Ltd.		891		68,799
Hakuhodo DY Holdings, Inc.		4,428		65,398
Hankyu Hanshin Holdings, Inc.		1,860		70,471
Hikari Tsushin, Inc.		295		69,144
Hitachi Construction Machinery Co. Ltd.		3,129		66,860
Hitachi High-Technologies Corp.		1,310		70,781
Hitachi Ltd.		1,954		66,749
Hoshizaki Corp.		984		70,765
Hoya Corp.		885		72,051
Hulic Co. Ltd.		7,605		72,589
Idemitsu Kosan Co. Ltd.		2,643		71,029
IHI Corp.		2,984		58,115
ITOCHU Corp.		3,516		70,115
Itochu Techno-Solutions Corp.		2,616		72,101
Japan Airlines Co. Ltd.		2,174		67,920
Japan Post Bank Co. Ltd.		6,541		59,601
Japan Post Holdings Co. Ltd.		7,040		64,015
Japan Prime Realty Investment Corp.		15		68,480
Japan Real Estate Investment Corp.		11		73,206
Japan Retail Fund Investment Corp.		36		72,044
Japan Tobacco, Inc.		3,113		65,946

See Notes to Financial Statements.

106

Description	Shares		Value
COMMON STOCKS (Continued)
Japan (cont’d.)
JFE Holdings, Inc.		5,619	$	65,771
JXTG Holdings, Inc.		15,503		64,078
Kajima Corp.		5,745		69,923
Kamigumi Co. Ltd.		3,001		70,311
Kansai Electric Power Co., Inc. (The)		5,441		66,197
Kansai Paint Co. Ltd.		3,587		74,654
Kao Corp.		925		66,818
KDDI Corp.		2,723		72,666
Keihan Holdings Co. Ltd.		1,584		66,351
Keio Corp.		1,028		64,253
Keisei Electric Railway Co. Ltd.		1,733		68,188
Kintetsu Group Holdings Co. Ltd.		1,373		68,369
Kirin Holdings Co. Ltd.		2,905		57,384
Kobayashi Pharmaceutical Co. Ltd.		918		68,784
Komatsu Ltd.		3,279		69,663
Konami Holdings Corp.		1,505		68,213
Konica Minolta, Inc.		9,499		67,598
Kubota Corp.		4,365		62,659
Kurita Water Industries Ltd.		2,643		68,740
Kyocera Corp.		1,122		66,696
Kyowa Kirin Co. Ltd.		4,052		74,186
Kyushu Electric Power Co., Inc.		6,821		67,353
Kyushu Railway Co.		2,322		69,615
Lawson, Inc.		1,339		66,424
LIXIL Group Corp.		4,043		66,257
Marubeni Corp.		10,452		66,715
Mazda Motor Corp.		7,631		64,088
McDonald’s Holdings Co. Japan Ltd.		1,503		70,527
Medipal Holdings Corp.		2,958		62,844
MEIJI Holdings Co. Ltd.		942		65,439
Mitsubishi Chemical Holdings Corp.		10,003		68,661
Mitsubishi Corp.		2,632		64,044
Mitsubishi Electric Corp.		5,541		66,945
Mitsubishi Gas Chemical Co., Inc.		5,852		70,399
Mitsubishi Heavy Industries Ltd.		1,900		71,396
Mitsubishi Materials Corp.		2,786		67,529
Mitsubishi Tanabe Pharma Corp.		6,074		67,124
Mitsubishi UFJ Financial Group, Inc.		14,734		70,789
Mitsubishi UFJ Lease & Finance Co. Ltd.		12,282		66,361
Mitsui & Co. Ltd.		4,362		68,283
Mitsui Chemicals, Inc.		3,142		67,167
Mitsui Fudosan Co. Ltd.		2,867		68,710

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 107

PGIM QMA Strategic Alpha International Equity ETF

Schedule of Investments (continued)

as of August 31, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Japan (cont’d.)
Mitsui OSK Lines Ltd.		2,926	$	68,912
MS&AD Insurance Group Holdings, Inc.		2,325		73,907
NH Foods Ltd.		1,865		71,626
Nikon Corp.		5,377		66,558
Nintendo Co. Ltd.		184		69,783
Nippon Building Fund, Inc.		10		73,422
Nippon Express Co. Ltd.		1,394		72,039
Nippon Paint Holdings Co. Ltd.		1,618		76,609
Nippon Prologis REIT, Inc.		27		73,145
Nippon Steel Corp.		4,730		66,163
Nippon Telegraph & Telephone Corp.		1,599		76,703
Nissin Foods Holdings Co. Ltd.		1,016		70,484
Nitori Holdings Co. Ltd.		480		69,243
Nitto Denko Corp.		1,489		69,324
Nomura Real Estate Holdings, Inc.		3,503		74,258
Nomura Real Estate Master Fund, Inc.		40		69,845
NTT Data Corp.		5,433		70,115
NTT DOCOMO, Inc.		2,935		74,097
Obayashi Corp.		6,956		64,102
Oji Holdings Corp.		14,477		67,455
Omron Corp.		1,447		71,645
Ono Pharmaceutical Co. Ltd.		3,621		66,891
Oracle Corp. Japan		808		69,593
ORIX Corp.		5,041		74,451
Otsuka Corp.		1,804		66,991
Otsuka Holdings Co. Ltd.		1,885		77,522
Panasonic Corp.		8,646		66,744
Park24 Co. Ltd.		2,995		61,431
Persol Holdings Co. Ltd.		2,693		54,679
Recruit Holdings Co. Ltd.		1,993		60,389
Resona Holdings, Inc.		16,752		65,756
Ricoh Co. Ltd.		7,811		72,276
Rinnai Corp.		1,146		71,952
Santen Pharmaceutical Co. Ltd.		4,064		71,192
Sega Sammy Holdings, Inc.		5,340		73,187
Seibu Holdings, Inc.		4,229		71,774
Seiko Epson Corp.		4,975		66,171
Sekisui Chemical Co. Ltd.		4,690		67,590
Sekisui House Ltd.		4,353		77,259
Seven & i Holdings Co. Ltd.		1,961		69,351
Shimizu Corp.		8,183		68,246
Shin-Etsu Chemical Co. Ltd.		680		68,586

See Notes to Financial Statements.

108

Description	Shares		Value
COMMON STOCKS (Continued)
Japan (cont’d.)
Shinsei Bank Ltd.		4,426	$	60,577
Shionogi & Co. Ltd.		1,244		66,688
Shiseido Co. Ltd.		1,014		82,945
Showa Denko KK		2,690		69,431
Softbank Corp.		4,886		68,552
Sohgo Security Services Co. Ltd.		1,378		69,526
Stanley Electric Co. Ltd.		2,740		68,116
Subaru Corp.		2,566		68,742
SUMCO Corp.		6,465		80,147
Sumitomo Chemical Co. Ltd.		15,487		67,788
Sumitomo Corp.		5,146		77,140
Sumitomo Dainippon Pharma Co. Ltd.		3,788		66,179
Sumitomo Heavy Industries Ltd.		2,395		68,873
Sumitomo Mitsui Financial Group, Inc.		1,942		63,688
Sumitomo Mitsui Trust Holdings, Inc.		2,043		66,770
Sumitomo Realty & Development Co. Ltd.		1,934		72,729
Sundrug Co. Ltd.		2,693		83,780
Suntory Beverage & Food Ltd.		1,530		65,961
Suzuken Co. Ltd.		1,319		70,895
Taiheiyo Cement Corp.		2,520		63,620
Taisei Corp.		1,975		69,902
Taisho Pharmaceutical Holdings Co. Ltd.		943		65,686
Teijin Ltd.		4,062		73,031
THK Co. Ltd.		2,902		67,418
Tobu Railway Co. Ltd.		2,288		70,211
Toho Co. Ltd.		1,646		69,800
Tohoku Electric Power Co., Inc.		6,866		68,637
Tokyo Century Corp.		1,710		68,893
Tokyo Electric Power Co. Holdings, Inc.*		13,999		66,678
Tokyo Electron Ltd.		396		70,843
Tokyo Gas Co. Ltd.		2,719		68,733
Tokyu Corp.		3,737		66,801
Toppan Printing Co. Ltd.		4,345		69,244
Toshiba Corp.		2,178		67,656
Tosoh Corp.		4,906		62,990
Toyo Suisan Kaisha Ltd.		1,629		66,319
Toyota Industries Corp.		1,364		74,982
Toyota Motor Corp.		1,061		69,512
Toyota Tsusho Corp.		2,197		68,142
United Urban Investment Corp.		39		73,128
Welcia Holdings Co. Ltd.		1,391		72,670
West Japan Railway Co.		887		74,727

See Notes to Financial Statements.

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Schedule of Investments (continued)

as of August 31, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Japan (cont’d.)
Yamada Denki Co. Ltd.		15,673	$	73,766
Yamaha Corp.		1,550		66,896
Yokogawa Electric Corp.		3,637		66,074
Yokohama Rubber Co. Ltd. (The)		4,015		77,212
				12,808,571
Luxembourg    0.4%
RTL Group SA		1,351		62,926
Tenaris SA		5,993		65,300
				128,226
Netherlands     2.7%
ABN AMRO Bank NV, 144A		3,660		65,104
Aegon NV(a)		15,269		58,114
EXOR NV		1,027		69,417
Heineken Holding NV		689		68,114
ING Groep NV		6,950		66,431
Koninklijke Ahold Delhaize NV		3,030		70,882
Koninklijke KPN NV		23,378		73,998
Koninklijke Philips NV		1,484		69,945
NN Group NV(a)		1,939		64,912
QIAGEN NV*		1,968		68,370
Randstad NV		1,422		66,343
Royal Dutch Shell PLC,
(Class A Stock)		2,288		63,351
(Class B Stock)		2,263		62,369
Wolters Kluwer NV		933		67,185
				934,535
New Zealand    0.4%
Fisher & Paykel Healthcare Corp. Ltd.		6,597		69,210
Ryman Healthcare Ltd.		7,936		65,106
				134,316
Norway    0.8%
DNB ASA		4,034		65,033
Equinor ASA		4,093		69,982
Orkla ASA		7,998		73,307
Telenor ASA		3,576		73,426
				281,748

See Notes to Financial Statements.

110

Description	Shares		Value
COMMON STOCKS (Continued)
Portugal    0.4%
EDP - Energias de Portugal SA		18,235	$	68,902
Jeronimo Martins SGPS SA		4,234		69,847
				138,749
Singapore    2.5%
CapitaLand Commercial Trust		46,460		71,310
CapitaLand Ltd.		27,180		67,962
CapitaLand Mall Trust		36,986		70,627
ComfortDelGro Corp. Ltd.		34,674		61,215
DBS Group Holdings Ltd.		3,700		65,402
Genting Singapore Ltd.		98,462		63,146
Oversea-Chinese Banking Corp. Ltd.		8,400		64,464
Singapore Airlines Ltd.		9,900		62,992
Singapore Technologies Engineering Ltd.		22,892		64,993
Singapore Telecommunications Ltd.		28,667		65,483
Suntec Real Estate Investment Trust		50,595		70,365
United Overseas Bank Ltd.		3,600		64,749
Wilmar International Ltd.		23,697		65,059
				857,767
Spain    2.9%
ACS Actividades de Construccion y Servicios SA		1,787		67,503
Aena SME SA, 144A		374		67,411
Amadeus IT Group SA		891		66,354
Banco Bilbao Vizcaya Argentaria SA		12,850		60,855
Bankia SA		35,616		64,626
Enagas SA		3,038		66,294
Endesa SA		2,662		68,373
Ferrovial SA		2,471		70,257
Iberdrola SA		6,916		71,085
Industria de Diseno Textil SA		2,539		78,469
Mapfre SA		25,377		66,045
Naturgy Energy Group SA		2,624		68,637
Red Electrica Corp. SA		3,213		64,004
Repsol SA		4,618		67,097
Telefonica SA		8,660		59,971
				1,006,981
Sweden    3.6%
Assa Abloy AB (Class B Stock)		3,071		64,113
Atlas Copco AB (Class A Stock)		2,448		73,106

See Notes to Financial Statements.

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Schedule of Investments (continued)

as of August 31, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Sweden (cont’d.)
Boliden AB		3,237	$	71,570
Electrolux AB		3,022		67,586
Epiroc AB,
(Class A Stock)		6,701		69,436
(Class B Stock)		7,075		70,111
Husqvarna AB (Class B Stock)		8,783		68,101
ICA Gruppen AB		1,540		75,520
Industrivarden AB (Class C Stock)		3,373		70,555
Kinnevik AB (Class B Stock)		2,712		73,888
Sandvik AB		4,663		66,871
Securitas AB (Class B Stock)		4,703		70,416
Skandinaviska Enskilda Banken AB (Class A Stock)		7,620		65,496
Skanska AB (Class B Stock)		3,947		73,956
SKF AB (Class B Stock)		4,381		70,683
Swedish Match AB		1,742		68,334
Telia Co. AB		14,992		65,622
Volvo AB (Class B Stock)		4,972		68,643
				1,254,007
Switzerland    4.8%
Adecco Group AG		1,400		73,639
Alcon, Inc.*		1,154		70,307
Baloise Holding AG		376		64,088
Barry Callebaut AG		35		71,574
Cie Financiere Richemont SA		858		66,577
Coca-Cola HBC AG		1,981		65,806
Dufry AG*		780		63,235
EMS-Chemie Holding AG		109		64,811
Geberit AG		150		68,214
Givaudan SA		26		70,297
LafargeHolcim Ltd.*		1,506		71,165
Nestle SA		638		71,551
Novartis AG		761		68,438
Pargesa Holding SA		945		69,079
Roche Holding AG		267		72,998
Sonova Holding AG		297		68,927
STMicroelectronics NV		4,027		71,367
Swatch Group AG (The) (Bearer Shares)		246		66,636
Swatch Group AG (The) (Registered Shares)		1,349		68,898
Swiss Life Holding AG		144		68,279
Swiss Re AG		757		72,782
Swisscom AG		146		72,886

See Notes to Financial Statements.

112

Description	Shares		Value
COMMON STOCKS (Continued)
Switzerland (cont’d.)
Temenos AG*		410	$	68,682
UBS Group AG*		6,155		64,986
				1,655,222
United Kingdom    10.9%
3i Group PLC		5,776		77,065
Ashtead Group PLC		2,608		72,068
Associated British Foods PLC		2,238		61,844
AstraZeneca PLC		787		70,079
Auto Trader Group PLC, 144A		10,792		69,808
Aviva PLC		14,683		63,264
BAE Systems PLC		10,135		67,285
Barclays PLC		38,017		63,190
Berkeley Group Holdings PLC		1,479		70,492
BP PLC		10,424		63,445
British Land Co. PLC (The)		11,649		72,262
BT Group PLC		30,417		61,306
Bunzl PLC		2,704		66,232
Centrica PLC		82,027		69,568
CNH Industrial NV		7,104		73,002
Coca-Cola European Partners PLC		1,229		69,242
Compass Group PLC		2,763		70,031
Diageo PLC		1,659		70,724
Direct Line Insurance Group PLC		18,276		62,956
Ferguson PLC		936		68,837
Fiat Chrysler Automobiles NV		5,194		67,577
G4S PLC		30,759		65,086
GlaxoSmithKline PLC		3,344		69,645
HSBC Holdings PLC		8,940		64,334
Informa PLC		6,712		71,054
InterContinental Hotels Group PLC		1,066		66,477
J Sainsbury PLC		29,482		70,348
Kingfisher PLC		26,482		62,658
Land Securities Group PLC		6,666		62,894
Lloyds Banking Group PLC		111,645		67,694
Meggitt PLC		9,292		69,987
National Grid PLC		6,509		67,994
Next PLC		954		68,907
Pearson PLC		6,789		68,681
Persimmon PLC		2,938		68,014
Reckitt Benckiser Group PLC		940		73,191
RELX PLC		2,915		69,751
Royal Bank of Scotland Group PLC		27,441		61,922
Sage Group PLC (The)		8,219		70,066

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 113

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Schedule of Investments (continued)

as of August 31, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
United Kingdom (cont’d.)
Schroders PLC		1,940	$	64,444
Segro PLC		7,555		72,164
Severn Trent PLC		2,763		69,627
Smith & Nephew PLC		3,049		72,902
Smiths Group PLC		3,901		79,247
Spirax-Sarco Engineering PLC		696		67,963
SSE PLC		5,176		72,492
Standard Life Aberdeen PLC		21,523		65,290
Tesco PLC		24,572		65,539
Unilever NV		1,247		77,352
Unilever PLC		1,279		80,865
United Utilities Group PLC		7,128		70,601
Vodafone Group PLC		39,828		75,233
Whitbread PLC		1,320		70,238
Wm Morrison Supermarkets PLC		30,376		67,492
WPP PLC		6,148		72,580
				3,793,009
United States    0.2%
Carnival PLC		1,567		65,744
TOTAL COMMON STOCKS (cost $34,189,869)				34,082,720
PREFERRED STOCKS    0.8%
Germany    0.6%
Henkel AG & Co. KGaA		735		73,591
Porsche Automobil Holding SE		1,054		66,098
Volkswagen AG		425		68,243
				207,932
Italy    0.2%
Telecom Italia SpA		133,082		67,764
TOTAL PREFERRED STOCKS (cost $283,820)				275,696
TOTAL LONG-TERM INVESTMENTS (cost $34,473,689)				34,358,416
SHORT-TERM INVESTMENTS    0.7%
AFFILIATED MUTUAL FUND    0.2%
PGIM Institutional Money Market Fund (cost $61,058; includes $60,965 of cash collateral for securities on loan)(b)(w)		61,046		61,052

See Notes to Financial Statements.

114

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
TIME DEPOSIT    0.5%
Sumitomo Mitsui Banking Corp. (cost $188,832)		1.490	%		09/03/2019		189	$	188,832
TOTAL SHORT-TERM TERM INVESTMENTS (cost $249,890)									249,884
TOTAL INVESTMENTS    99.8% (cost $34,723,579)									34,608,300
Other assets in excess of liabilities    0.2%									78,672
NET ASSETS    100.0%								$	34,686,972

The following abbreviations are used in the 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.

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

(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $59,881; cash collateral of $60,965 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments.

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

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

* 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.

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 115

PGIM QMA Strategic Alpha International Equity ETF

Schedule of Investments (continued)

as of August 31, 2019

The following is a summary of the inputs used as of August 31, 2019 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Common Stocks
Australia	$	1,457,715	$	—	$	—
Austria		263,739		—		—
Belgium		263,007		—		—
China		44,130		—		—
Denmark		424,771		—		—
Finland		411,958		—		—
France		2,845,950		—		—
Germany		1,921,500		—		—
Hong Kong		1,589,629		—		—
Ireland		438,180		—		—
Isle of Man		79,552		—		—
Israel		456,107		—		—
Italy		827,607		—		—
Japan		12,808,571		—		—
Luxembourg		128,226		—		—
Netherlands		934,535		—		—
New Zealand		134,316		—		—
Norway		281,748		—		—
Portugal		138,749		—		—
Singapore		857,767		—		—
Spain		1,006,981		—		—
Sweden		1,254,007		—		—
Switzerland		1,655,222		—		—
United Kingdom		3,793,009		—		—
United States		65,744		—		—
Affiliated Mutual Fund		61,052		—		—
Time Deposit		—		188,832		—
Preferred Stocks
Germany		207,932		—		—
Italy		67,764		—		—
Total	$	34,419,468	$	188,832	$	—

See Notes to Financial Statements.

116

Industry Classification:

The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of August 31, 2019 were as follows (unaudited):

Banks	6.2	%
Machinery	4.9
Equity Real Estate Investment Trusts (REITs)	4.6
Pharmaceuticals	4.6
Chemicals	4.4
Real Estate Management & Development	3.5
Insurance	3.5
Diversified Telecommunication Services	3.4
Electric Utilities	3.3
Road & Rail	3.0
Food & Staples Retailing	2.7
Food Products	2.6
Beverages	2.2
Hotels, Restaurants & Leisure	2.2
Construction & Engineering	2.2
Trading Companies & Distributors	2.2
Oil, Gas & Consumable Fuels	2.1
Household Durables	2.0
Health Care Equipment & Supplies	2.0
Textiles, Apparel & Luxury Goods	2.0
Automobiles	1.8
Specialty Retail	1.6
Metals & Mining	1.5
Personal Products	1.5
Diversified Financial Services	1.4
Auto Components	1.4
Commercial Services & Supplies	1.4
Health Care Providers & Services	1.3
Building Products	1.3
Industrial Conglomerates	1.2
Software	1.2
Capital Markets	1.2
Media	1.2
Multi-Utilities	1.2
IT Services	1.2
Professional Services	1.1
Semiconductors & Semiconductor Equipment	1.0	%
Electrical Equipment	1.0
Electronic Equipment, Instruments & Components	1.0
Technology Hardware, Storage & Peripherals	1.0
Aerospace & Defense	1.0
Wireless Telecommunication Services	0.8
Construction Materials	0.8
Entertainment	0.8
Gas Utilities	0.8
Household Products	0.6
Leisure Products	0.6
Transportation Infrastructure	0.6
Airlines	0.6
Time Deposit	0.5
Water Utilities	0.4
Multiline Retail	0.4
Independent Power & Renewable Electricity Producers	0.4
Tobacco	0.4
Containers & Packaging	0.2
Air Freight & Logistics	0.2
Diversified Consumer Services	0.2
Interactive Media & Services	0.2
Marine	0.2
Life Sciences Tools & Services	0.2
Paper & Forest Products	0.2
Energy Equipment & Services	0.2
Affiliated Mutual Fund (0.2% represents investments purchased with collateral from securities on loan)	0.2
Consumer Finance	0.2
	99.8
Other assets in excess of liabilities	0.2
	100.0	%

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 117

PGIM QMA Strategic Alpha International Equity ETF

Schedule of Investments (continued)

as of August 31, 2019

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

The Fund entered into financial instruments/transactions during the period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for financial instruments/transactions, where the legal right to set-off exists, is presented in the summary below:

Offsetting of financial instrument/transaction assets and liabilities:

Description	Gross Market Value of Recognized Assets/(Liabilities)		Collateral Pledged/(Received)(1)			Net Amount
Securities on Loan	$	59,881	$	(59,881	)	$	—

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

See Notes to Financial Statements.

118

PGIM QMA Strategic Alpha International Equity ETF

Statement of Assets & Liabilities

as of August 31, 2019

Assets
Investments at value, including securities on loan of $59,881:
Unaffiliated investments (cost $34,662,521)	$	34,547,248
Affiliated investments (cost $61,058)		61,052
Cash		349
Foreign currency, at value (cost $37,659)		37,526
Interest and dividends receivable		109,919
Total assets		34,756,094
Liabilities
Payable to broker for collateral for securities on loan		60,965
Management fee payable		8,031
Other liabilities		126
Total Liabilities		69,122
Net Assets	$	34,686,972
Net assets were comprised of:
Common stock, at par	$	700
Paid-in capital in excess of par		34,905,030
		34,905,730
Total distributable earnings (loss)		(218,758	)
Net assets, August 31, 2019	$	34,686,972
Net asset value, offering price and redemption price per share, ($ 34,686,972 / 700,000 shares of common stock issued and outstanding)	$	49.55

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 119

PGIM QMA Strategic Alpha International Equity ETF

Statement of Operations

Period Ended August 31, 2019*

Net Investment Income (Loss)
Income
Interest income	$	6,071
Unaffiliated dividend income (net of $74,697 foreign withholding tax)		692,918
Income from securities lending, net (including affiliated income of $293)		1,993
Total income		700,982
Expenses
Management fee		59,647
Total expenses		59,647
Net investment income (loss)		641,335
Realized And Unrealized Gain (Loss) On Investments and Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $(27))		(243,513	)
In-kind redemptions		296,920
Foreign currency transactions		5,019
		58,426
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $(6))		(115,279	)
Foreign currencies		(110	)
		(115,389	)
Net gain (loss) on investment and foreign currency transactions		(56,963	)
Net Increase (Decrease) In Net Assets Resulting From Operations	$	584,372

* For the period from December 4, 2018 (commencement of operations) through August 31, 2019.

See Notes to Financial Statements.

120

PGIM QMA Strategic Alpha International Equity ETF

Statement of Changes in Net Assets

	Period Ended August 31, 2019*
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	641,335
Net realized gain (loss) on investments, foreign currency transactions and in-kind redemptions		58,426
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		(115,389	)
Net increase (decrease) in net assets resulting from operations		584,372
Dividends and Distributions
Distributions from distributable earnings		(506,210	)
Fund share transactions (Net of share conversions)
Net proceeds from shares sold		39,788,190
Cost of shares reacquired		(5,179,380	)
Net increase (decrease) in net assets from Fund share transactions		34,608,810
Total increase (decrease)		34,686,972
Net Assets:
Beginning of period		—
End of period	$	34,686,972

* For the period from December 4, 2018 (commencement of operations) through August 31, 2019.

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 121

Notes to Financial Statements

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.

122

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 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. 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 1940 Act, the Fund has adopted a Board approved Liquidity Risk Management Program (“LRMP”). Under the LRMP, the

PGIM QMA Strategic Alpha ETFs 123

Notes to Financial Statements (continued)

Fund qualifies as an “in-kind ETF,” and is therefore exempt from the liquidity classification and highly liquid investment minimum requirements of the LRMP that would otherwise be applicable. The Fund is, however, subject to the provisions of the LRMP that require the Fund to 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.

124

Net realized gains (losses) on foreign currency transactions (where applicable) represent net foreign exchange gains (losses) from the disposition of holdings of foreign currencies, currency gains (losses) realized between the trade and settlement dates on forward currency transactions, and the difference between the amounts of interest, dividends and foreign withholding taxes recorded on 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).

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

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

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

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.

PGIM QMA Strategic Alpha ETFs 125

Notes to Financial Statements (continued)

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.

Tax reform legislation commonly referred to as the Tax Cuts and Jobs Act permits a direct REIT shareholder to claim a 20% “qualified business income” deduction for ordinary REIT dividends. On January 18, 2019, the Internal Revenue Service issued final regulations that expressly permit RICs to pass through this “qualified business income” to their shareholders.

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, subject to the 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.

126

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. The Manager has contractually agreed, beginning from the inception of the Funds, to waive any management fees it receives from the Funds in an amount equal to the subadvisory fees paid by the Funds to the PGIM Institutional Money Market Fund due to the Funds’ investment of its excess overnight cash in the PGIM Institutional Money Market Fund. This waiver will remain in effect for as long as the Funds remains invested or intends to invest in the PGIM Institutional Money Market Fund.

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) (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. The Manager pays for the services of the subadviser.

PGIM QMA Strategic Alpha ETFs 127

Notes to Financial Statements (continued)

Brown Brothers Harriman & Co. (“BBH”) serves as the Custodian, Transfer Agent, Administrative Agent and Securities Lending 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. As securities lending agent, BBH is responsible for marketing to approved borrowers available securities from the Funds’ portfolio. As administered by BBH, available securities from the Funds’ portfolio are furnished to borrowers through security-by-security loans effected by BBH as lending agent on behalf of the Funds. BBH is responsible for the administration and management of the Funds’ securities lending program, including the preparation and execution of a participant agreement with each borrower governing the terms and conditions of any securities loan, ensuring that securities loans are properly coordinated and documented with the Funds’ custodian, ensuring that loaned securities are daily valued and that the corresponding required cash collateral is delivered by the borrower(s), and arranging for the investment of cash collateral received from borrowers in accordance with the Funds’ investment guidelines. BBH receives as compensation for its services a portion of the amount earned by the Funds for lending securities.

3. Other Transactions with Affiliates

Each Fund may invest its overnight sweep cash in the PGIM Core Ultra Short Bond Fund (the “Core Fund”), and its securities lending cash collateral in the PGIM Institutional Money Market Fund (the “Money Market Fund”), each a series of Prudential Investment Portfolios 2, 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 Core Fund and Money Market Fund are disclosed on the Statement of Operations as “Affiliated dividend income” and “Income from securities lending, net”, respectively.

128

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. For the period ended August 31, 2019, no 17a-7 transactions were entered into by the Funds.

Prudential Investment Management Services LLC (“PIMS” or the “Distributor”), acts as the distributor of each 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.

4. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short- term investments, U.S. Government securities and in-kind transactions) for the reporting period ended August 31, 2019, were as follows:

Fund	Cost of Purchases		Proceeds from Sales
PGIM QMA Strategic Alpha Large-Cap Core ETF	$	18,573,032	$	8,562,140
PGIM QMA Strategic Alpha Small-Cap Growth ETF	$	17,636,548	$	7,467,930
PGIM QMA Strategic Alpha Small-Cap Value ETF	$	16,300,026	$	6,232,011
PGIM QMA Strategic Alpha International Equity ETF	$	40,438,035	$	15,408,082

A summary of the cost of purchases and proceeds from sales of shares of affiliated investments for the reporting period ended August 31, 2019, is presented as follows:

PGIM QMA Strategic Alpha Large-Cap Core ETF

Value Beginning of Period	Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)		Realized Gain (Loss)		Value, End of Period		Shares, End of Period		Income
PGIM Institutional Money Market Fund*
$            —	$	180,174	$	180,172	$	—	$	3	$	5		5	$	5	**

PGIM QMA Strategic Alpha ETFs 129

Notes to Financial Statements (continued)

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Value Beginning of Period	Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)			Realized Gain (Loss)		Value, End of Period		Shares, End of Period		Income
PGIM Institutional Money Market Fund*
$            —	$	1,226,350	$	1,160,470	$	(6	)	$	39	$	65,913		65,906	$	634	**

PGIM QMA Strategic Alpha Small-Cap Value ETF

Value Beginning of Period	Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)			Realized Gain (Loss)		Value, End of Period		Shares, End of Period		Income
PGIM Institutional Money Market Fund*
$            —	$	898,314	$	668,418	$	(23	)	$	15	$	229,888		229,865	$	505	**

PGIM QMA Strategic Alpha International Equity ETF

Value Beginning of Period	Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)			Realized Gain (Loss)			Value, End of Period		Shares, End of Period		Income
PGIM Institutional Money Market Fund*
$            —	$	737,944	$	676,859	$	(6	)	$	(27	)	$	61,052		61,046	$	293	**

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

** This amount is included in “Income from securities lending, net” on the Statement of Operations.

5. Distributions and Tax Information

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. In order to present total distributable earnings (loss) and paid-in capital in excess of par on the Statement of Assets and Liabilities that more closely represent their tax character, certain adjustments have been made to total distributable earnings (loss) and paid-in capital in excess of par.

The following Funds had adjustments for the period ending August 31, 2019:

	Total Distributable Earnings (Loss)			Paid-in Capital
PGIM QMA Strategic Alpha Large-Cap Core ETF(a)	$	(269,909	)	$	269,909
PGIM QMA Strategic Alpha Small-Cap Growth ETF(a)		(76,597	)		76,597
PGIM QMA Strategic Alpha Small-Cap Value ETF(a)		(32,079	)		32,079
PGIM QMA Strategic Alpha International Equity ETF(a)		(296,920	)		296,920

(a) Due to redemption in-kind transactions.

130

Net investment income or loss, net realized gains or losses on investment transactions and net assets were not affected by these adjustments.

For the period ended August 31, 2019, the tax character of dividends paid as reflected in the Statement of Changes in Net Assets were as follows:

	Ordinary Income
PGIM QMA Strategic Alpha Large-Cap Core ETF	$	150,716
PGIM QMA Strategic Alpha Small-Cap Growth ETF		65,848
PGIM QMA Strategic Alpha Small-Cap Value ETF		122,512
PGIM QMA Strategic Alpha International Equity ETF		506,210

For the period ended August 31, 2019, the Funds had the following amounts of accumulated undistributed earnings on a tax basis:

	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains
PGIM QMA Strategic Alpha Large-Cap Core ETF	$	47,465	$	—
PGIM QMA Strategic Alpha Small-Cap Growth ETF		18,678		—
PGIM QMA Strategic Alpha Small-Cap Value ETF		157,820		6,602
PGIM QMA Strategic Alpha International Equity ETF		256,011		—

The United States federal income tax basis of the Funds’ investments and the net unrealized appreciation (depreciation) as of August 31, 2019 were as follows:

	Tax Basis		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
PGIM QMA Strategic Alpha Large-Cap Core ETF	$	10,143,219	$	709,349	$	(491,300	)	$	218,049
PGIM QMA Strategic Alpha Small-Cap Growth ETF(a)		10,015,645		716,775		(1,077,345	)		(360,570	)
PGIM QMA Strategic Alpha Small-Cap Value ETF(a)		10,429,309		433,582		(1,286,643	)		(853,061	)
PGIM QMA Strategic Alpha International Equity ETF(b)		34,832,897		2,035,714		(2,260,311	)		(224,597	)

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

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

PGIM QMA Strategic Alpha ETFs 131

Notes to Financial Statements (continued)

For federal income tax purposes, the following Funds had a capital loss carryforward as of August 31, 2019 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.

	Capital Loss Carryforward
PGIM QMA Strategic Alpha Large-Cap Core ETF	$	92,415
PGIM QMA Strategic Alpha Small-Cap Growth ETF		91,477
PGIM QMA Strategic Alpha International Equity ETF		250,062

The Manager has analyzed the Funds’ 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. Since tax authorities can examine previously filed tax returns, the Fund’s U.S. federal and state tax returns for the most recent fiscal year ended August 31, 2019 are subject to such review.

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.

132

As of August 31, 2019, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned the following number of shares of the Funds:

Fund	Number of Shares
PGIM QMA Strategic Alpha Large-Cap Core ETF		192,000
PGIM QMA Strategic Alpha Small-Cap Growth ETF		195,000
PGIM QMA Strategic Alpha Small-Cap Value ETF		195,000
PGIM QMA Strategic Alpha International Equity ETF		695,000

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 on behalf of multiple beneficial owners.

Fund	Number of Shareholders		% of Outstanding Shares			% of Outstanding Shares held by Affiliate
PGIM QMA Strategic Alpha Large-Cap Core ETF		1		96	%		96	%
PGIM QMA Strategic Alpha Small-Cap Growth ETF		1		98	%		98	%
PGIM QMA Strategic Alpha Small-Cap Value ETF		1		98	%		98	%
PGIM QMA Strategic Alpha International Equity ETF		2		99	%		99	%

Transactions in shares of beneficial interest were as follows:

PGIM QMA Strategic Alpha Large-Cap Core ETF

Reporting period ended August 31, 2019:

	Shares			Amount
Shares sold		200,000		$	10,010,000
Shares contributed in-kind (Subscription in-kind)		100,000			4,994,125
Shares redeemed in-kind (Redemption in-kind)		(100,000	)		(5,067,390	)
Net increase (decrease) in shares outstanding before conversion		200,000			9,936,735
Net increase (decrease) in shares outstanding		200,000		$	9,936,735

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Reporting period ended August 31, 2019:

	Shares			Amount
Shares sold		200,000		$	10,025,000
Shares contributed in-kind (Subscription in-kind)		50,000			2,462,720
Shares redeemed in-kind (Redemption in-kind)		(50,000	)		(2,537,750	)
Net increase (decrease) in shares outstanding before conversion		200,000			9,949,970
Net increase (decrease) in shares outstanding		200,000		$	9,949,970

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Notes to Financial Statements (continued)

PGIM QMA Strategic Alpha Small-Cap Value ETF

Reporting period ended August 31, 2019:

	Shares			Amount
Shares sold		200,000		$	10,025,000
Shares contributed in-kind (Subscription in-kind)		50,000			2,463,700
Shares redeemed in-kind (Redemption in-kind)		(50,000	)		(2,478,695	)
Net increase (decrease) in shares outstanding before conversion		200,000			10,010,005
Net increase (decrease) in shares outstanding		200,000		$	10,010,005

PGIM QMA Strategic Alpha International Equity ETF

Reporting period ended August 31, 2019:

	Shares			Amount
Shares sold		500,000		$	25,062,500
Shares contributed in-kind (Subscription in-kind)		300,000			14,725,690
Shares redeemed in-kind (Redemption in-kind)		(100,000	)		(5,179,380	)
Net increase (decrease) in shares outstanding before conversion		700,000			34,608,810
Net increase (decrease) in shares outstanding		700,000		$	34,608,810

The Fund may make payment for Fund shares redeemed and contributed wholly or in part by distributing portfolio securities to shareholders. For the period ended August 31, 2019, the Funds had subscriptions in-kind and redemptions in-kind with total proceeds in the amounts presented in above tables.

7. Borrowings

The Trust, on behalf of the Funds, 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

134

per annum interest rate of 1.25% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent.

Subsequent to the reporting period end, the SCA has been renewed effective October 3, 2019 and will continue to provide a commitment of $900 million through October 1, 2020. The commitment fee paid by the Funds will continue to be 0.15% of the unused portion of the SCA. The interest on borrowings under the renewed SCA will be paid monthly and at a per annum interest rate of 1.20% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent.

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

The Funds did not utilize the SCA during the reporting period ended August 31, 2019.

8. Risks 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’

PGIM QMA Strategic Alpha ETFs 135

Notes to Financial Statements (continued)

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.

Risks of Investing in Equity and Mortgage Real Estate Investment Trusts (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 REITs involves certain unique risks in addition to those risks associated with investing in the real estate industry in general. REITs may be affected by changes in the value of the underlying property owned by the REITs, while REITs may be affected by the quality of any credit extended. 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 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. REITs are subject to interest rate risks. REITs may incur significant amounts of leverage. The Fund will indirectly bear a portion of the expenses, including management fees, paid by each 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

136

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.

Concentration Risk: To the extent that the Funds are concentrated in the securities of companies, a particular market, industry, group of industries, sector or asset class, country, region or group of countries, the Funds may be adversely affected by the performance of those securities, may be subject to increased price volatility and may be more susceptible to adverse economic, market, political or regulatory occurrences affecting that market, industry, group of industries, sector or asset class, country, region or group of countries.

9. Recent Accounting Pronouncements and Reporting Updates

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. The Manager continues to evaluate certain other provisions of the ASU and does not expect a material impact to financial statement disclosures.

In September 2019, the Securities and Exchange Commission adopted a new rule and related form amendments regulating ETFs, which will become effective 60 days after publication in the Federal Register. The Manager is currently evaluating the rule and form amendments, but does not anticipate any material impact on future financial statement disclosures.

PGIM QMA Strategic Alpha ETFs 137

PGIM QMA Strategic Alpha Large-Cap Core ETF

Financial Highlights

	October 17, 2018(d) through August 31, 2019
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$50.00
Income (loss) from investment operations:
Net investment income (loss)		0.89
Net realized and unrealized gain (loss) on investments		1.67
Total from investment operations		2.56
Less Dividends and Distributions:
Dividends from net investment income		(0.66	)
Net asset value, end of period		$51.90
Total Return(b):		5.20%
Ratios/Supplemental Data:
Net assets, end of period (000)		$10,380
Average net assets (000)		$11,164
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)		2.04%	(c)
Portfolio turnover rate		92%	(e)(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) 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.

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

See Notes to Financial Statements.

138

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Financial Highlights

	November 13, 2018(d) through August 31, 2019
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$50.00
Income (loss) from investment operations:
Net investment income (loss)		0.39
Net realized and unrealized gain (loss) on investments		(2.13	)
Total from investment operations		(1.74	)
Less Dividends and Distributions:
Dividends from net investment income		(0.29	)
Net asset value, end of period		$47.97
Total Return(b):		(3.50	)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$9,593
Average net assets (000)		$10,819
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)		0.98%	(c)
Portfolio turnover rate		78%	(e)(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) 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.

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

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 139

PGIM QMA Strategic Alpha Small-Cap Value ETF

Financial Highlights

	November 13, 2018(d) through August 31, 2019
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$50.00
Income (loss) from investment operations:
Net investment income (loss)		0.72
Net realized and unrealized gain (loss) on investments		(3.41	)
Total from investment operations		(2.69	)
Less Dividends and Distributions:
Dividends from net investment income		(0.54	)
Net asset value, end of period		$46.77
Total Return(b):		(5.39	)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$9,353
Average net assets (000)		$10,627
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)		1.86%	(c)
Portfolio turnover rate		66%	(e)(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) 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.

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

See Notes to Financial Statements.

140

PGIM QMA Strategic Alpha International Equity ETF

Financial Highlights

	December 4, 2018(d) through August 31, 2019
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$50.00
Income (loss) from investment operations:
Net investment income (loss)		1.16
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(0.63	)
Total from investment operations		0.53
Less Dividends and Distributions:
Dividends from net investment income		(0.98	)
Net asset value, end of period		$49.55
Total Return(b):		1.09%
Ratios/Supplemental Data:
Net assets, end of period (000)		$34,687
Average net assets (000)		$27,908
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)		3.12%	(c)
Portfolio turnover rate		63%	(e)(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) 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.

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

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 141

Report of Independent Registered Public Accounting Firm

To the Shareholders of the Funds and Board of Trustees

PGIM ETF Trust:

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of the funds listed in Appendix A (each, a Fund and collectively, the Funds), each a series of PGIM ETF Trust, including the schedules of investments, as of August 31, 2019, the related statements of operations for the periods listed in Appendix A, the statements of changes in net assets for the periods listed in Appendix A, and the related notes (collectively, the financial statements) and the financial highlights for the periods indicated therein. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each Fund as of August 31, 2019, the results of its operations and changes in its net assets for the period listed in Appendix A, and the financial highlights for the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of August 31, 2019, by correspondence with the custodian, transfer agents, and brokers, or by other appropriate auditing procedures when replies were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more PGIM and/or Prudential Retail investment companies since 2003.

New York, New York

October 15, 2019

142

Appendix A

PGIM QMA Strategic Alpha Large-Cap Core ETF

Statement of operations and statement of changes in net assets for the period from October 17, 2018 (commencement of operations) through August 31, 2019

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Statement of operations and statement of changes in net assets for the period from November 13, 2018 (commencement of operations) through August 31, 2019

PGIM QMA Strategic Alpha Small-Cap Value ETF

Statement of operations statement of changes in net assets for the period from November 13, 2018 (commencement of operations) through August 31, 2019

PGIM QMA Strategic Alpha International Equity ETF

Statement of operations and statement of changes in net assets for the period from December 4, 2018 (commencement of operations) through August 31, 2019

PGIM QMA Strategic Alpha ETFs 143

Federal Income Tax Information (unaudited)

For the period ended August 31, 2019, the Funds report the maximum amount allowable under section 854 of the Internal Revenue Code, but not less than, the following percentages of the ordinary income dividends paid as 1) qualified dividend income (QDI); and 2) eligible for corporate dividends received deduction (DRD):

	QDI			DRD
PGIM QMA Strategic Alpha Large-Cap Core ETF		100.00	%		100.00	%
PGIM QMA Strategic Alpha Small-Cap Growth ETF		100.00	%		100.00	%
PGIM QMA Strategic Alpha Small-Cap Value ETF		99.14	%		100.00	%
PGIM QMA Strategic Alpha International Equity ETF		100.00	%		—

For the period ended August 31, 2019, the PGIM QMA Strategic Alpha International Equity ETF made an election to pass through the maximum amount of the portion of the ordinary income dividends paid derived from foreign source income as well as any foreign taxes paid by the Fund in accordance with Section 853 of the Internal Revenue Code of the following amounts: $54,575 foreign tax credit from recognized foreign source income of $767,615.

In January 2020, you will be advised on IRS Form 1099-DIV or substitute 1099-DIV, as to the federal tax status of dividends received by you in calendar year 2019.

144

INFORMATION ABOUT BOARD MEMBERS AND OFFICERS (unaudited)

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

Independent Board Members
Name Date of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Ellen S. Alberding 3/11/58 Board Member Portfolios Overseen: 96	President and Board Member, The Joyce Foundation (charitable foundation) (since 2002); Vice Chair, City Colleges of Chicago (community college system) (2011-2015); Trustee, National Park Foundation (charitable foundation for national park system) (2009-2018); Trustee, Economic Club of Chicago (since 2009); Trustee, Loyola University (since 2018).	None.	Since December 2017
Kevin J. Bannon 7/13/52 Board Member Portfolios Overseen: 96	Retired; Managing Director (April 2008-May 2015) and Chief Investment Officer (October 2008-November 2013) of Highmount Capital LLC (registered investment adviser); formerly Executive Vice President and Chief Investment Officer (April 1993-August 2007) of Bank of New York Company; President (May 2003-May 2007) of BNY Hamilton Family of Mutual Funds.	Director of Urstadt Biddle Properties (equity real estate investment trust) (since September 2008).	Since December 2017

PGIM QMA Strategic Alpha ETFs

Independent Board Members
Name Date of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Linda W. Bynoe 7/9/52 Board Member Portfolios Overseen: 96	President and Chief Executive Officer (since March 1995) and formerly Chief Operating Officer (December 1989-February 1995) of Telemat Ltd. (management consulting); formerly Vice President (January 1985-June 1989) at Morgan Stanley & Co. (broker-dealer).	Director of Anixter International, Inc. (communication products distributor) (since January 2006); Director of Northern Trust Corporation (financial services) (since April 2006); Trustee of Equity Residential (residential real estate) (since December 2009).	Since December 2017
Barry H. Evans 11/2/60 Board Member Portfolios Overseen: 95	Retired; formerly President (2005 – 2016), Global Chief Operating Officer (2014–2016), Chief Investment Officer – Global Head of Fixed Income (1998-2014), and various portfolio manager roles (1986-2006), Manulife Asset Management U.S.	Formerly Director, Manulife Trust Company (2011-2018); formerly Director, Manulife Asset Management Limited (2015-2017); formerly Chairman of the Board of Directors of Manulife Asset Management U.S. (2005-2016); formerly Chairman of the Board, Declaration Investment Management and Research (2008-2016).	Since December 2017
Keith F. Hartstein 10/13/56 Board Member & Independent Chair Portfolios Overseen: 96	Retired; Member (since November 2014) of the Governing Council of the Independent Directors Council (organization of independent mutual fund directors); formerly President and Chief Executive Officer (2005-2012), Senior Vice President (2004-2005), Senior Vice President of Sales and Marketing (1997-2004), and various executive management positions (1990-1997), John Hancock Funds, LLC (asset management); Chairman, Investment Company Institute’s Sales Force Marketing Committee (2003-2008).	None.	Since December 2017

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Independent Board Members
Name Date of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Laurie Simon Hodrick 9/29/62 Board Member Portfolios Overseen: 95	A. Barton Hepburn Professor Emerita of Economics in the Faculty of Business, Columbia Business School (since 2018); Visiting Professor of Law, Stanford Law School (since 2015); Visiting Fellow at the Hoover Institution, Stanford University (since 2015); Sole Member, ReidCourt LLC (since 2008) (a consulting firm); formerly A. Barton Hepburn Professor of Economics in the Faculty of Business, Columbia Business School (1996-2017); formerly Managing Director, Global Head of Alternative Investment Strategies, Deutsche Bank (2006-2008).	Independent Director, Synnex Corporation (since April 2019) (information technology); Independent Director, Kabbage, Inc. (since July 2018) (financial services); Independent Director, Corporate Capital Trust (2017-2018) (a business development company).	Since December 2017
Michael S. Hyland, CFA 10/4/45 Board Member Portfolios Overseen: 96	Retired (since February 2005); formerly Senior Managing Director (July 2001-February 2005) of Bear Stearns & Co, Inc.; Global Partner, INVESCO (1999-2001); Managing Director and President of Salomon Brothers Asset Management (1989-1999).	None.	Since December 2017
Brian K. Reid 9/22/61 Board Member Portfolios Overseen: 95	Retired; formerly Chief Economist for the Investment Company Institute (ICI) (2005-2017); formerly Senior Economist and Director of Industry and Financial Analysis at the ICI (1998-2004); formerly Senior Economist, Industry and Financial Analysis at the ICI (1996-1998); formerly Staff Economist at the Federal Reserve Board (1989-1996); Director, ICI Mutual Insurance Company (2012-2017).	None.	Since March 2018

PGIM QMA Strategic Alpha ETFs

Independent Board Members
Name Date of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Grace C. Torres 6/28/59 Board Member Portfolios Overseen: 95	Retired; formerly Treasurer and Principal Financial and Accounting Officer of the PGIM Funds, Target Funds, Advanced Series Trust, Prudential Variable Contract Accounts and The Prudential Series Fund (1998-June 2014); Assistant Treasurer (March 1999-June 2014) and Senior Vice President (September 1999-June 2014) of PGIM Investments LLC; Assistant Treasurer (May 2003-June 2014) and Vice President (June 2005-June 2014) of AST Investment Services, Inc.; Senior Vice President and Assistant Treasurer (May 2003-June 2014) of Prudential Annuities Advisory Services, Inc.	Formerly Director (July 2015-January 2018) of Sun Bancorp, Inc. N.A. and Sun National Bank; Director (since January 2018) of OceanFirst Financial Corp. and OceanFirst Bank.	Since December 2017

Interested Board Members
Name Date of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Stuart S. Parker 10/5/62 Board Member & President Portfolios Overseen: 96	President of PGIM Investments LLC (formerly known as Prudential Investments LLC) (since January 2012); Executive Vice President of Prudential Investment Management Services LLC (since December 2012); formerly Executive Vice President of Jennison Associates LLC and Head of Retail Distribution of PGIM Investments LLC (June 2005-December 2011).	None.	Since December 2017

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Interested Board Members
Name Date of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Scott E. Benjamin 5/21/73 Board Member & Vice President Portfolios Overseen:96	Executive Vice President (since June 2009) of PGIM Investments LLC; Executive Vice President (June 2009-June 2012) and Vice President (since June 2012) of Prudential Investment Management Services LLC; Executive Vice President (since September 2009) of AST Investment Services, Inc.; Senior Vice President of Product Development and Marketing, PGIM Investments (since February 2006); formerly Vice President of Product Development and Product Management, PGIM Investments LLC (2003-2006).	None.	Since December 2017

Fund Officers(a)
Name Date of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Raymond A. O’Hara 9/11/55 Chief Legal Officer	Vice President and Corporate Counsel (since July 2010) of Prudential Insurance Company of America (Prudential); Vice President (March 2011-Present) of Pruco Life Insurance Company and Pruco Life Insurance Company of New Jersey; Vice President and Corporate Counsel (March 2011-Present) of Prudential Annuities Life Assurance Corporation; Chief Legal Officer of PGIM Investments LLC (since June 2012); Chief Legal Officer of Prudential Mutual Fund Services LLC (since June 2012) and Corporate Counsel of AST Investment Services, Inc. (since June 2012); formerly Assistant Vice President and Corporate Counsel (September 2008-July 2010) of The Hartford Financial Services Group, Inc.; formerly Associate (September 1980-December 1987) and Partner (January 1988–August 2008) of Blazzard & Hasenauer, P.C. (formerly, Blazzard, Grodd & Hasenauer, P.C.).	Since December 2017

PGIM QMA Strategic Alpha ETFs

Fund Officers(a)
Name Date of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Dino Capasso 8/19/74 Chief Compliance Officer	Chief Compliance Officer (July 2019-Present) of PGIM Investments LLC; Chief Compliance Officer (July 2019-Present) of the PGIM Funds, Target Funds, Advanced Series Trust, The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc., PGIM Global High Yield Fund, Inc., and PGIM High Yield Bond Fund, Inc.; Vice President and Deputy Chief Compliance Officer (June 2017-2019) of PGIM Investments LLC; formerly, Senior Vice President and Senior Counsel (January 2016-June 2017), and Vice President and Counsel (February 2012-December 2015) of Pacific Investment Management Company LLC.	Since December 2017
Andrew R. French 12/22/62 Secretary	Vice President of PGIM Investments LLC (December 2018-Present); formerly Vice President and Corporate Counsel (February 2010-December 2018) of Prudential; formerly Director and Corporate Counsel (2006-2010) of Prudential; Vice President and Assistant Secretary (since January 2007) of PGIM Investments LLC; Vice President and Assistant Secretary (since January 2007) of Prudential Mutual Fund Services LLC.	Since December 2017
Jonathan D. Shain 8/9/58 Assistant Secretary	Vice President and Corporate Counsel (since August 1998) of Prudential; Vice President and Assistant Secretary (since May 2001) of PGIM Investments LLC; Vice President and Assistant Secretary (since February 2001) of Prudential Mutual Fund Services LLC; formerly Vice President and Assistant Secretary (May 2003-June 2005) of AST Investment Services, Inc.	Since December 2017
Claudia DiGiacomo 10/14/74 Assistant Secretary	Vice President and Corporate Counsel (since January 2005) of Prudential; Vice President and Assistant Secretary of PGIM Investments LLC (since December 2005); formerly Associate at Sidley Austin Brown & Wood LLP (1999-2004).	Since December 2017
Diana N. Huffman 4/14/82 Assistant Secretary	Vice President and Corporate Counsel (since September 2015) of Prudential; formerly Associate at Willkie Farr & Gallagher LLP (2009-2015).	Since March 2019
Kelly A. Coyne 8/8/68 Assistant Secretary	Director, Investment Operations of Prudential Mutual Fund Services LLC (since 2010).	Since December 2017
Christian J. Kelly 5/5/75 Treasurer and Principal Financial and Accounting Officer	Vice President, Head of Fund Administration of PGIM Investments LLC (since November 2018); formerly, Director of Fund Administration of Lord Abbett & Co. LLC (2009-2018), Treasurer and Principal Accounting Officer of the Lord Abbett Family of Funds (2017-2018); Director of Accounting, Avenue Capital Group (2008-2009); Senior Manager, Investment Management Practice of Deloitte & Touche LLP (1998-2007).	Since January 2019

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Fund Officers(a)
Name Date of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Lana Lomuti 6/7/67 Assistant Treasurer	Vice President (since 2007) and Director (2005-2007), within PGIM Investments Fund Administration; formerly Assistant Treasurer (December 2007-February 2014) of The Greater China Fund, Inc.	Since December 2017
Russ Shupak 10/08/73 Assistant Treasurer	Vice President (since 2017) and Director (2013-2017), within PGIM Investments Fund Administration.	Since October 2019
Deborah Conway 3/26/69 Assistant Treasurer	Vice President (since 2017) and Director (2007-2017), within PGIM Investments Fund Administration.	Since October 2019
Elyse M. McLaughlin 1/20/74 Assistant Treasurer	Vice President (since 2017) and Director (2011-2017), within PGIM Investments Fund Administration.	Since October 2019

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

Explanatory Notes to Tables:

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

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

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

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

∎ “Portfolios Overseen” includes all investment companies managed by PGIM Investments LLC. The investment companies for which PGIM Investments LLC serves as manager include the PGIM Funds, The Prudential Variable Contract Accounts, PGIM ETF Trust, PGIM High Yield Bond Fund, Inc., PGIM Global High Yield Fund, Inc., The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc. and the Advanced Series Trust.

PGIM QMA Strategic Alpha ETFs

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

PROXY VOTING

The Board of Trustees of the Funds 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 each Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Funds’ website and on the Securities and Exchange Commission’s website.

TRUSTEES

Ellen S. Alberding • Kevin J. Bannon • Scott E. Benjamin • Linda W. Bynoe • Barry H. Evans • Keith F. Hartstein • Laurie Simon Hodrick • 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 • Dino Capasso, 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 • Kelly A. Coyne, Assistant Secretary • Lana Lomuti, Assistant Treasurer • Russ Shupak, Assistant Treasurer • Elyse McLaughlin, Assistant Treasurer • Deborah Conway, 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/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 on Form N-PORT. Each Fund’s Form N-PORT filings are available on the Commission’s website at sec.gov. Form N-PORT is filed with the Commission quarterly, and each Fund’s full portfolio holdings as of the first and third fiscal quarter-ends (as of the third month of the Fund’s fiscal quarter for reporting periods on or after September 30, 2019) will be made publicly available 60 days after the end of each quarter at sec.gov.

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

Funds:

ARE NOT INSURED BY THE FDIC OR ANY FEDERAL GOVERNMENT AGENCY MAY LOSE VALUE ARE NOT A DEPOSIT OF OR GUARANTEED BY ANY BANK OR ANY BANK AFFILIATE

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

ETF1002E

Item 2 – Code of Ethics — See Exhibit (a)

As of the end of the period covered by this report, the registrant has adopted a code of ethics (the “Section 406 Standards for Investment Companies – Ethical Standards for Principal Executive and Financial Officers”) that applies to the registrant’s Principal Executive Officer and Principal Financial Officer; the registrant’s Principal Financial Officer also serves as the Principal Accounting Officer.

The registrant hereby undertakes to provide any person, without charge, upon request, a copy of the code of ethics. To request a copy of the code of ethics, contact the registrant 800-225-1852, and ask for a copy of the Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers.

Item 3 – Audit Committee Financial Expert –

The registrant’s Board has determined that Mr. Kevin J. Bannon, member of the Board’s Audit Committee is an “audit committee financial expert,” and that he is “independent,” for purposes of this Item.

Item 4 – Principal Accountant Fees and Services – (a) Audit Fees

For the fiscal years ended August 31, 2019 and August 31, 2018, KPMG LLP (“KPMG”), the Registrant’s principal accountant, billed the Registrant $126,900 and $37,500 respectively, for professional services rendered for the audit of the Registrant’s annual financial statements or services that are normally provided in connection with statutory and regulatory filings.

(b) Audit-Related Fees

For the fiscal years ended August 31, 2019 and August 31, 2018: none.

(c) Tax Fees

For the fiscal years ended August 31, 2019 and August 31, 2018: none.

(d) All Other Fees

For the fiscal years ended August 31, 2019 and August 31, 2018: none.

(e) (1) Audit Committee Pre-Approval Policies and Procedures

THE PGIM MUTUAL FUNDS

AUDIT COMMITTEE POLICY

on

Pre-Approval of Services Provided by the Independent

Accountants

The Audit Committee of each PGIM Mutual Fund is charged with the responsibility to monitor the independence of the

Fund’s independent accountants. As part of this responsibility, the Audit Committee must pre-approve the independent accounting firm’s engagement to render audit and/or permissible non-audit services, as required by law. In evaluating a proposed engagement of the independent accountants, the Audit Committee will assess the effect that the engagement might reasonably be expected to have on the accountant’s independence. The Committee’s evaluation will be based on:

• a review of the nature of the professional services expected to be provided,

• a review of the safeguards put into place by the accounting firm to safeguard independence, and

• periodic meetings with the accounting firm.

Policy for Audit and Non-Audit Services Provided to the Funds

On an annual basis, the scope of audits for each Fund, audit fees and expenses, and audit-related and non-audit services (and fees proposed in respect thereof) proposed to be performed by the Fund’s independent accountants will be presented by the Treasurer and the independent accountants to the Audit Committee for review and, as appropriate, approval prior to the initiation of such services.

Such presentation shall be accompanied by confirmation by both the Treasurer and the independent accountants that the proposed

non-audit services will not adversely affect the independence of the independent accountants. Such proposed non-audit services shall be described in sufficient detail to enable the Audit Committee to assess the appropriateness of such services and fees, and the compatibility of the provision of such services with the auditor’s independence. The Committee shall receive periodic reports on the progress of the audit and other services which are approved by the Committee or by the Committee Chair pursuant to authority delegated in this Policy.

The categories of services enumerated under “Audit Services”, “Audit-related Services”, and “Tax Services” are intended to provide guidance to the Treasurer and the independent accountants as to those categories of services which the Committee believes are generally consistent with the independence of the independent accountants and which the Committee (or the Committee Chair) would expect upon the presentation of specific proposals to pre-approve. The enumerated categories are not intended as an exclusive list of audit, audit-related or tax services, which the Committee (or the Committee Chair) would consider for pre-approval.

Audit Services

The following categories of audit services are considered to be consistent with the role of the Fund’s independent accountants:

• Annual Fund financial statement audits

• Seed audits (related to new product filings, as required)

• SEC and regulatory filings and consents

Audit-related Services

The following categories of audit-related services are considered to be consistent with the role of the Fund’s independent accountants:

• Accounting consultations

• Fund merger support services

• Agreed Upon Procedure Reports

• Attestation Reports

• Other Internal Control Reports

Individual audit-related services that fall within one of these categories (except for fund merger support services) and are not presented to the Audit Committee as part of the annual pre-approval process are subject to an authorized pre-approval by the Audit Committee so long as the estimated fee for those services does not exceed $30,000. Any services provided under such pre-approval will be reported to the Audit Committee at its next regular meeting. Should the amount of such services exceed $30,000 any additional fees will be subject to pre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated). Fees related to fund merger support services are subject to a separate authorized pre-approval by the Audit Committee with fees determined on a per occurrence and merger complexity basis.

Tax Services

The following categories of tax services are considered to be consistent with the role of the Fund’s independent accountants:

• Tax compliance services related to the filing or amendment of the following:

• Federal, state and local income tax compliance; and,

• Sales and use tax compliance

• Timely RIC qualification reviews

• Tax distribution analysis and planning

• Tax authority examination services

• Tax appeals support services

• Accounting methods studies

• Fund merger support services

• Tax consulting services and related projects

Individual tax services that fall within one of these categories and are not presented to the Audit Committee as part of the annual pre-approval process are subject to an authorized pre-approval by the Audit Committee so long as the estimated fee for those services does not exceed $30,000. Any services provided under such pre-approval will be reported to the Audit Committee at its next regular meeting. Should the amount of such services exceed $30,000 any additional fees will be subject to pre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated).

Other Non-Audit Services

Certain non-audit services that the independent accountants are legally permitted to render will be subject to pre-approval by the Committee or by one or more Committee members to whom the Committee has delegated this authority and who will report to the full Committee any pre-approval decisions made pursuant to this Policy. Non-audit services presented for pre-approval pursuant to this paragraph will be accompanied by a confirmation from both the Treasurer and the independent accountants that the proposed services will not adversely affect the independence of the independent accountants.

Proscribed Services

The Fund’s independent accountants will not render services in the following categories of non-audit services:

• Bookkeeping or other services related to the accounting records or financial statements of the Fund

• Financial information systems design and implementation

• Appraisal or valuation services, fairness opinions, or contribution-in-kind reports

• Actuarial services

• Internal audit outsourcing services

• Management functions or human resources

• Broker or dealer, investment adviser, or investment banking services

• Legal services and expert services unrelated to the audit

• Any other service that the Public Company Accounting Oversight Board determines, by regulation, is impermissible.

Pre-approval of Non-Audit Services Provided to Other Entities Within the PGIM Fund Complex

Certain non-audit services provided to PGIM Investments LLC or any of its affiliates that also provide ongoing services to the PGIM Mutual Funds will be subject to pre-approval by the Audit Committee. The only non-audit services provided to these entities that will require pre-approval are those related directly to the operations and financial reporting of the Funds. Individual projects that are not presented to the Audit Committee as part of the annual pre-approval process will be subject to pre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated) so long as the estimated fee for those services does not exceed $30,000. Services presented for pre-approval pursuant to this

paragraph

will be accompanied by a confirmation from both the Treasurer and the independent accountants that the proposed services will not adversely affect the independence of the independent accountants.

Although the Audit Committee will not pre-approve all services provided to PGIM Investments LLC and its affiliates, the Committee will receive an annual report from the Fund’s independent accounting firm showing the aggregate fees for all services provided to PGIM Investments and its affiliates.

(e) (2) Percentage of services referred to in 4(b) – 4(d) that were approved by the audit committee – For the fiscal years ended August 31, 2019 and August 31, 2018: none.

(f) Percentage of hours expended attributable to work performed by other than full time employees of principal accountant if greater than 50%.

The percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees was 0%.

(g) Non-Audit Fees

The aggregate non-audit fees billed by KPMG for services rendered to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant for the fiscal years ended August 31, 2019 and August 31, 2018 was $0 and $0, respectively.

(h) Principal Accountant’s Independence

Not applicable as KPMG has not provided non-audit services to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X.

Item 5 – Audit Committee of Listed Registrants –

The registrant has a separately designated standing audit committee (the “Audit Committee”) established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934. The members of the Audit Committee are Kevin J. Bannon (chair), Laurie Simon Hodrick, Michael S. Hyland, CFA, Brian K. Reid, and Keith F. Hartstein (ex-officio).

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 – There have been no material changes to these procedures.

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 – Controls and Procedures - Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not applicable.

Item 13 – Exhibits

(a)	(1)   Code of Ethics – Attached hereto as Exhibit EX-99.CODE-ETH
	(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:	October 15, 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:	October 15, 2019
By:	/s/ Christian J. Kelly
	Christian J. Kelly
	Treasurer and Principal Financial and Accounting Officer
Date:	October 15, 2019

EX-99.CODE ETH

CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND

PRINCIPAL FINANCIAL OFFICERS

I. Covered Officers/Purpose of the Code

This code of ethics (the “Code”) is established for the funds listed on Attachment A hereto (each a Fund” and together the “Funds”) pursuant to Section 406 of the Sarbanes-Oxley Act and the rules adopted thereunder by the Securities and Exchange Commission (“SEC”). The Code applies to each Fund’s Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer or Controller, or senior officers performing similar functions (the “Covered Officers” each of whom are set forth in Exhibit B) for the purpose of promoting:

• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

• full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits to, the SEC and in other public communications made by a Fund;

• compliance with applicable governmental laws, rules and regulations;

• the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

• accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

II. Conflicts of Interest

A “conflict of interest” occurs when a Covered Officer’s private interest interferes with the interests of, or his service to, a Fund. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with a Fund.

Certain conflicts of interest arise out of the relationships between Covered Officers and a Fund and already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended (the “1940 Act”) and the Investment Advisers Act of 1940, as amended (the “Advisers Act”). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Fund because of their status as “affiliated persons” of the Fund. A Fund’s and its investment adviser’s compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationships between a Fund and the Fund’s investment adviser, principal underwriter, administrator, or other service providers to the Fund (together “Service Providers”), of which the Covered Officers may also be principals or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for a Fund or for a Service Provider, or for both), be involved in establishing policies and implementing decisions that will have different effects on such Service Providers and a Fund. The participation of the Covered Officers in such activities is inherent in the contractual relationships between a Fund and its Service Providers and is consistent with the performance by the Covered Officers of their duties as officers of the Fund. Thus, if performed in conformity with the provisions of the 1940 Act and the Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds’ Board of Directors/Trustees (“Boards”) that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the 1940 Act and the Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of a Fund.

Each Covered Officer must:

• not use his personal influence or personal relationships improperly to influence investment decisions or

financial reporting by a Fund whereby the Covered Officer would benefit personally to the detriment of the Fund;

• not cause a Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit the Fund; and

• not retaliate against any other Covered Officer or any employee of a Fund or its affiliated persons for reports of potential violations that are made in good faith.

There are some actual or potential conflict of interest situations that should always be brought to the attention of, and discussed with, the Funds’ Chief Legal Officer or other senior legal officer, if material. Examples of these include:

• service as a director on the board of any public or private company;

• the receipt of any non-nominal gifts;

• the receipt of any entertainment from any company with which a Fund has current or prospective business dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

• any ownership interest in (other than insubstantial interests in publicly traded entities), or any consulting or employment relationship with, any of a Fund’s Service Providers, other than its investment adviser, principal underwriter, administrator or any affiliated person thereof; and

• a direct or indirect financial interest in commissions, transaction charges or spreads paid by a Fund for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer’s employment, such as compensation or equity ownership.

III. Disclosure and Compliance

Each Covered Officer:

• should familiarize himself with the disclosure requirements generally applicable to the Funds;

• should not knowingly misrepresent, or cause others to misrepresent, facts about a Fund to others, whether within or outside the Fund, including to the Fund’s Board of Directors/Trustees and its auditors, and to governmental regulators and self-regulatory organizations;

• should, to the extent appropriate within his area of responsibility, consult with other officers and employees of a Fund and its Service Providers with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fund files with, or submits to, the SEC and in other public communications made by the Fund; and

• is responsible to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

IV. Reporting and Accountability

Each Covered Officer must:

• upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board of Directors/Trustees that he has received, read, and understands the Code;

• annually thereafter affirm to the Board of Directors/Trustees that he has complied with the requirements of the Code; and

• notify the Funds’ Chief Legal Officer promptly if he knows of any violation of this Code. Failure to do so is itself a violation of this Code.

The Funds’ Chief Legal Officer is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. In such situations, the Chief Legal Officer is authorized to consult, as appropriate, with counsel to the Funds, counsel to the Independent Directors/Trustees, a Board Committee comprised of Independent Directors/Trustees, or the full Board.

The Funds will follow the following procedures in investigating and enforcing this Code:

• the Funds Chief Legal Officer will take all appropriate action to investigate any potential violations reported to her;

• if, after such investigation, the Chief Legal Officer believes that no violation has occurred, the Chief Legal Officer is not required to take any further action;

• any matter that the Chief Legal Officer believes is a violation or that the Chief Legal Officer believes should be reviewed by a Fund’s Board or Board Committee comprised of Independent Directors/Trustees will be reported to the Fund’s Board or Board Committee comprised of Independent Directors/Trustees;

• based upon its review of any matter referred to it, a Fund’s Board or Board Committee comprised of Independent Directors/Trustees shall determine whether or not a violation has occurred, whether a grant of waiver is appropriate or whether some other action should be taken. Based upon its determination, the Fund’s Board or Board Committee comprised of Independent Directors/Trustees may take such action as it deems appropriate, which may include without limitation: modifications of applicable policies and procedures; notification to appropriate personnel of the Fund’s investment adviser, principal underwriter or administrator, or their boards; notification to other Funds for which the Covered Officer serves as a Covered Officer; or recommendation to dismiss the Covered Officer; and

• any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

V. Other Policies and Procedures

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of a Fund or its Service Providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Funds’ and their investment adviser’s and principal underwriter’s code of ethics under Rule 17j-1 under the 1940 Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

VI. Amendments

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of Independent Directors/Trustees.

VII. Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Fund Board of Directors/Trustees, counsel to the Fund, and counsel to the Fund Independent Directors/Trustees.

VIII.  Internal Use

The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of a Fund, as to any fact, circumstance, or legal conclusion.

IX. Recordkeeping

A Fund shall keep the information disclosed about waivers and amendments under the Code for the period of time as specified in the rules adopted pursuant to Section 406 of the Sarbanes-Oxley Act, and furnish such information to the SEC or its staff upon request.

Adopted and approved as of September 3, 2003.

EXHIBIT A

Funds Covered by this Code of Ethics

PGIM Funds

Target Mutual Funds

The Prudential Variable Contract Account – 2

The Prudential Variable Contract Account – 10

Advanced Series Trust

Prudential’s Gibraltar Fund, Inc.

The Prudential Series Fund

PGIM High Yield Bond Fund, Inc.

PGIM Global High Yield Fund, Inc.

PGIM ETF Trust

EXHIBIT B

Persons Covered by this Code of Ethics

Stuart S. Parker – President and Chief Executive Officer of the PGIM Funds, PGIM ETF Trust, the Target Mutual Funds, PGIM High Yield Bond Fund, Inc., PGIM Global High Yield Fund, Inc. and The Prudential Variable Contract Accounts – 2 and -10.

Timothy S. Cronin – President and Chief Executive Officer of Advanced Series Trust, Prudential’s Gibraltar Fund, Inc. and The Prudential Series Fund.

Christian J. Kelly – Treasurer and Chief Financial Officer for the PGIM Funds, PGIM ETF Trust, the Target Mutual Funds, PGIM High Yield Bond Fund, Inc., PGIM Global High Yield Fund, Inc., The Prudential Variable Contract Accounts – 2 and -10, Advanced Series Trust, Prudential’s Gibraltar Fund, Inc. and The Prudential Series Fund.

EX-99.CERT

Item 13

PGIM ETF Trust

Annual period ending 8/31/19

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(s);

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 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 officer(s) 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.

October 15, 2019

/s/ Stuart S. Parker

Stuart S. Parker

President and Principal Executive Officer

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Item 13

PGIM ETF Trust

Annual period ending 8/31/19

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(s);

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 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

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5. The registrant’s other certifying officer(s)s 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.

October 15, 2019

/s/ Christian J. Kelly

Christian J. Kelly

Treasurer and Principal Financial and

Accounting Officer

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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.

October 15, 2019	/s/ Stuart S. Parker
	Stuart S. Parker
	President and Principal Executive Officer
October 15, 2019	/s/ Christian J. Kelly
	Christian J. Kelly
	Treasurer and Principal Financial and Accounting Officer