N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-23324

Exact name of registrant as specified in charter: PGIM ETF Trust

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: 8/31/2021

Date of reporting period: 2/28/2021

Item 1 – Reports to Stockholders

PGIM ULTRA SHORT BOND ETF (NYSE Arca: PULS)

SEMIANNUAL REPORT

FEBRUARY 28, 2021

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

Table of Contents

Letter from the President	3
Your Fund’s Performance	4
Fees and Expenses	6
Holdings and Financial Statements	9

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

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

The 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.

The accompanying financial statements as of February 28, 2021 were not audited and, accordingly, no auditor’s opinion is expressed on them.

Exchange-traded funds are distributed by Prudential Investment Management Services LLC (PIMS), member SIPC. PGIM Fixed Income is a unit of PGIM, Inc. (PGIM), a registered investment adviser. PIMS and PGIM are Prudential Financial companies. ^© 2021 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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Letter from the President

Dear Shareholder,

We hope you find the semiannual report for the PGIM Ultra Short Bond ETF informative and useful. The report covers performance for the six-month period ended February 28, 2021.

Regarding your investments with PGIM, we believe it is important to maintain a diversified portfolio of funds consistent with your tolerance for

risk, time horizon, and financial goals.

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

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

Thank you for choosing our family of funds.

Sincerely,

Stuart S. Parker, President

PGIM Ultra Short Bond ETF

April 15, 2021

PGIM Ultra Short Bond ETF 3

Your Fund’s Performance

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

	Average Annual Total Returns as of 2/28/21 (with sales charges)
	Six Months* (%)	One Year (%)	Since Inception (%)
Net Asset Value (NAV)	0.69	1.37	2.26 (4/5/18)
Market Price**	0.63	1.26	2.25 (4/5/18)
ICE BofA 3-Month T-Bill Index
	0.06	0.40	1.53
ICE BofA USD 3-Month Deposit Offered Rate Constant Maturity Index
	0.12	0.73	1.87

*Not annualized

**The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated. The first day of secondary market trading is typically several days after the date on which the Fund commenced investment operations; therefore, the NAV of the Fund is used as a proxy for the period from inception of investment operations to the first day of secondary market trading to calculate the market price returns.

Since inception returns for the Indexes 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 BofA 3-Month T-Bill Index—The ICE BofA 3-Month US Treasury Bill Index tracks the performance of US dollar-denominated US Treasury bills publicly issued in the US domestic market with a remaining term to final maturity of 3 months.

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

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

Investors cannot invest directly in an index. The returns for the Indexes would be lower if they included the effects of sales charges, operating expenses of a mutual fund, or taxes that may be paid by an investor.

Credit Quality expressed as a percentage of total investments as of 2/28/21 (%)
AAA	37.3
AA	16.0
A	26.8
BBB	13.5
Not Rated	–0.5
Cash and Cash Equivalents	6.9
Total Investments	100.0

Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody’s Investors Service, Inc. (Moody’s), S&P Global Ratings (S&P), or Fitch, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, ratings are converted to the comparable S&P/Fitch rating tier nomenclature. These rating agencies are independent and are widely used. The Not Rated category consists of securities that have not been rated by 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 2/28/21
	Total Distributions Paid for Six Months ($)	SEC 30-Day Subsidized Yield* (%)	SEC 30-Day Unsubsidized Yield** (%)
	0.40	0.85	0.85

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

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

PGIM Ultra Short Bond ETF 5

Fees and Expenses

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

The example is based on an investment of $1,000 held through the six-month period ended February 28, 2021. The example is for illustrative purposes only.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

The second line in the table 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 Ultra Short Bond ETF	Beginning Account Value September 1, 2020		Ending Account Value February 28, 2021		Annualized Expense Ratio based on the Six-Month Period			Expenses Paid During the Six-Month Period*
Actual	$	1,000.00	$	1,006.90		0.15	%	$	0.75
Hypothetical	$	1,000.00	$	1,024.05		0.15	%	$	0.75

* Fund expenses (net of fee waivers or subsidies, if any) are equal to the annualized expense ratio (provided in the table), multiplied by the average account value over the period, multiplied by the 181 days in the six-month period ended February 28, 2021, and divided by the 365 days in the Fund’s fiscal year ending August 31, 2021 (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 Ultra Short Bond ETF 7

Schedule of Investments (unaudited)

as of February 28, 2021

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
LONG-TERM INVESTMENTS    85.0%
ASSET-BACKED SECURITIES    19.9%
Automobile ABS    0.5%
Honda Auto Receivables Owner Trust, Series 2020-1, Class A3		1.610	%		04/22/24		5,500	$	5,605,210
Collateralized Loan Obligations    19.4%
Adams Mill CLO Ltd. (Cayman Islands), Series 2014-1A, Class A1R, 144A, 3 Month LIBOR + 1.100%		1.341	(c)		07/15/26		440		439,949
AGL Core CLO 4 Ltd. (Cayman Islands), Series 2020-4A, Class A, 144A, 3 Month LIBOR + 2.210%		2.434	(c)		04/20/28		8,000		7,992,945
Allegro CLO IV Ltd. (Cayman Islands), Series 2016-1A, Class AR, 144A, 3 Month LIBOR + 1.150%		1.391	(c)		01/15/30		6,924		6,919,762
Anchorage Capital CLO 7 Ltd. (Cayman Islands), Series 2015-7A, Class AR2, 144A, 3 Month LIBOR + 1.090%		1.309	(c)		01/28/31		5,000		5,002,799
Anchorage Capital CLO 8 Ltd. (Cayman Islands), Series 2016-8A, Class AR, 144A, 3 Month LIBOR + 1.000%		1.219	(c)		07/28/28		1,210		1,208,910
Apres Static CLO 2 Ltd. (Cayman Islands), Series 2020-1A, Class A, 144A, 3 Month LIBOR + 2.500%		2.741	(c)		04/15/28		3,044		3,044,373
Atlas Senior Loan Fund III Ltd. (Cayman Islands), Series 2013-1A, Class AR, 144A, 3 Month LIBOR + 0.830%		1.022	(c)		11/17/27		5,077		5,079,044
Atlas Senior Loan Fund V Ltd. (Cayman Islands), Series 2014-1A, Class AR2, 144A, 3 Month LIBOR + 1.260%		1.483	(c)		07/16/29		4,929		4,919,825
Atrium XII (Cayman Islands), Series 12A, Class AR, 144A, 3 Month LIBOR + 0.830%		1.052	(c)		04/22/27		7,854		7,844,900
Battalion CLO VII Ltd. (Cayman Islands), Series 2014-7A, Class A1RR, 144A, 3 Month LIBOR + 1.040%		1.263	(c)		07/17/28		3,583		3,581,084
Battalion CLO X Ltd. (Cayman Islands), Series 2016-10A, Class A1R, 144A, 3 Month LIBOR + 1.250%		1.468	(c)		01/24/29		2,500		2,499,992
Benefit Street Partners CLO II Ltd. (Cayman Islands), Series 2013-IIA, Class A1R2, 144A, 3 Month LIBOR + 0.870%		—	(p)		07/15/29		5,000		5,000,540
Brookside Mill CLO Ltd. (Cayman Islands), Series 2013-1A, Class AR, 144A, 3 Month LIBOR + 0.820%		1.043	(c)		01/17/28		4,724		4,714,944
Canyon CLO Ltd. (Cayman Islands), Series 2020-1A, Class A, 144A, 3 Month LIBOR + 1.920%		2.161	(c)		07/15/28		7,547		7,548,474

See Notes to Financial Statements.

PGIM Ultra Short Bond ETF 9

Schedule of Investments (unaudited) (continued)

as of February 28, 2021

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Collateralized Loan Obligations (cont'd.)
Catamaran CLO Ltd. (Cayman Islands),
Series 2013-1A, Class AR, 144A, 3 Month LIBOR + 0.850%		1.063	%(c)		01/27/28		317	$	316,618
Series 2014-2A, Class A1R, 144A, 3 Month LIBOR + 1.400%		1.623	(c)		10/18/26		103		102,664
Cathedral Lake CLO Ltd. (Cayman Islands), Series 2016-4A, Class AR, 144A, 3 Month LIBOR + 1.250%		1.474	(c)		10/20/28		2,750		2,747,217
CIFC Funding Ltd. (Cayman Islands),
Series 2013-3RA, Class A1, 144A, 3 Month LIBOR + 0.980%		1.198	(c)		04/24/31		2,000		2,000,796
Series 2017-1A, Class AR, 144A, 3 Month LIBOR + 1.010%		1.234	(c)		04/23/29		5,000		4,997,200
Crown City CLO I (Cayman Islands), Series 2020-1A, Class A1, 144A, 3 Month LIBOR + 2.050%		2.274	(c)		07/20/30		4,500		4,498,164
Crown Point CLO 9 Ltd. (Cayman Islands), Series 2020-9A, Class A, 144A, 3 Month LIBOR + 2.050%		2.284	(c)		07/14/32		1,000		1,000,628
Elevation CLO Ltd. (Cayman Islands),
Series 2014-2A, Class A1R, 144A, 3 Month LIBOR + 1.230%		1.471	(c)		10/15/29		1,500		1,498,276
Series 2015-4A, Class AR, 144A, 3 Month LIBOR + 0.990%		1.213	(c)		04/18/27		62		61,663
Series 2017-7A, Class A, 144A, 3 Month LIBOR + 1.220%		1.461	(c)		07/15/30		1,708		1,705,168
Ellington CLO IV Ltd. (Cayman Islands), Series 2019-4A, Class A, 144A, 3 Month LIBOR + 1.840%		2.081	(c)		04/15/29		3,080		3,074,195
Flagship CLO VIII Ltd. (Cayman Islands), Series 2014-8A, Class ARR, 144A, 3 Month LIBOR + 0.850%		1.073	(c)		01/16/26		143		142,648
Flatiron CLO Ltd. (Cayman Islands), Series 2015-1A, Class AR, 144A, 3 Month LIBOR + 0.890%		1.131	(c)		04/15/27		283		282,240
Greywolf CLO II Ltd. (Cayman Islands), Series 2013-1A, Class A1R, 144A, 3 Month LIBOR + 1.230%		1.471	(c)		10/15/29		10,000		9,990,548
HPS Loan Management Ltd. (Cayman Islands),
Series 10A-16, Class A1R, 144A, 3 Month LIBOR + 1.140%		1.364	(c)		01/20/28		3,971		3,971,227
Series 11A-17, Class AR, 144A, 3 Month LIBOR + 1.020%		1.213	(c)		05/06/30		3,500		3,486,754
JMP Credit Advisors CLO IV Ltd. (Cayman Islands), Series 2017-1A, Class AR, 144A, 3 Month LIBOR + 1.280%		1.503	(c)		07/17/29		12,068		12,055,128

See Notes to Financial Statements.

10

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Collateralized Loan Obligations (cont'd.)
KKR CLO Ltd. (Cayman Islands), Series 11, Class AR, 144A, 3 Month LIBOR + 1.180%		1.421	%(c)		01/15/31		1,000	$	998,112
KVK CLO Ltd. (Cayman Islands), Series 2018-1A, Class A, 144A, 3 Month LIBOR + 0.930%		1.112	(c)		05/20/29		373		372,128
Limerock CLO III LLC (Cayman Islands), Series 2014-3A, Class A1R, 144A, 3 Month LIBOR + 1.200%		1.424	(c)		10/20/26		43		43,127
Madison Park Funding XXX Ltd. (Cayman Islands), Series 2018-30A, Class A, 144A, 3 Month LIBOR + 0.750%		0.991	(c)		04/15/29		7,325		7,313,522
Magnetite XVI Ltd. (Cayman Islands), Series 2015-16A, Class AR, 144A, 3 Month LIBOR + 0.800%		1.023	(c)		01/18/28		2,442		2,441,220
Man GLG US CLO Ltd. (Cayman Islands), Series 2018-2A, Class A1R, 144A, 3 Month LIBOR + 1.240%		1.481	(c)		10/15/28		1,993		1,991,763
Midocean Credit CLO V (Cayman Islands), Series 2016-5A, Class AR, 144A, 3 Month LIBOR + 1.120%		1.343	(c)		07/19/28		8,514		8,512,424
Mountain View CLO Ltd. (Cayman Islands), Series 2013-1A, Class AR, 144A, 3 Month LIBOR + 1.250%		1.474	(c)		10/12/30		468		467,139
Oaktree CLO Ltd. (Cayman Islands), Series 2015-1A, Class A1R, 144A, 3 Month LIBOR + 0.870%		1.094	(c)		10/20/27		2,593		2,589,681
Ocean Trails CLO 8 (Cayman Islands), Series 2020-8A, Class A1, 144A, 3 Month LIBOR + 1.950%		2.191	(c)		07/15/29		5,000		4,999,643
Ocean Trails CLO VI (Cayman Islands), Series 2016-6A, Class AR, 144A, 3 Month LIBOR + 1.150%		1.391	(c)		07/15/28		3,150		3,148,627
OCP CLO Ltd. (Cayman Islands), Series 2017-13A, Class A1A, 144A, 3 Month LIBOR + 1.260%		1.501	(c)		07/15/30		4,400		4,397,023
Octagon Investment Partners 31 LLC (Cayman Islands), Series 2017-1A, Class AR, 144A, 3 Month LIBOR + 1.050%		1.274	(c)		07/20/30		8,000		7,977,970
OZLM VI Ltd. (Cayman Islands), Series 2014-6A, Class A1S, 144A, 3 Month LIBOR + 1.080%		1.303	(c)		04/17/31		4,926		4,926,019
OZLM XII Ltd. (Cayman Islands), Series 2015-12A, Class A1R, 144A, 3 Month LIBOR + 1.050%		1.255	(c)		04/30/27		212		211,928
OZLM XIII Ltd. (Cayman Islands), Series 2015-13A, Class A1R, 144A, 3 Month LIBOR + 1.080%		1.285	(c)		07/30/27		263		262,758

See Notes to Financial Statements.

PGIM Ultra Short Bond ETF 11

Schedule of Investments (unaudited) (continued)

as of February 28, 2021

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Collateralized Loan Obligations (cont'd.)
Palmer Square CLO Ltd. (Cayman Islands),
Series 2014-1A, Class A1R2, 144A, 3 Month LIBOR + 1.130%		1.353	%(c)		01/17/31		1,250	$	1,250,349
Series 2015-1A, Class A1R3, 144A, 3 Month LIBOR + 1.000%		1.241	(c)		05/21/29		2,250		2,251,759
Series 2015-2A, Class A1R2, 144A, 3 Month LIBOR + 1.100%		1.324	(c)		07/20/30		1,400		1,399,913
Race Point VIII CLO Ltd. (Cayman Islands), Series 2013-8A, Class AR2, 144A, 3 Month LIBOR + 1.040%		1.222	(c)		02/20/30		9,873		9,873,269
Regatta Funding LP (Cayman Islands), Series 2013-2A, Class A1R2, 144A, 3 Month LIBOR + 1.250%		1.491	(c)		01/15/29		750		750,177
SCOF-2 Ltd. (Cayman Islands), Series 2015-2A, Class AR, 144A, 3 Month LIBOR + 1.180%		1.421	(c)		07/15/28		1,945		1,945,839
Sound Point CLO XI Ltd. (Cayman Islands), Series 2016-1A, Class AR, 144A, 3 Month LIBOR + 1.100%		1.324	(c)		07/20/28		476		476,097
TCW CLO Ltd. (Cayman Islands), Series 2017-1A, Class AR, 144A, 3 Month LIBOR + 1.030%		1.242	(c)		07/29/29		5,500		5,489,156
TICP CLO I Ltd. (Cayman Islands), Series 2015-1A, Class AR, 144A, 3 Month LIBOR + 0.800%		1.024	(c)		07/20/27		320		318,902
TICP CLO III-2 Ltd. (Cayman Islands), Series 2018-3R, Class A, 144A, 3 Month LIBOR + 0.840%		1.064	(c)		04/20/28		2,197		2,196,003
Trinitas CLO V Ltd. (Cayman Islands), Series 2016-5A, Class ARR, 144A, 3 Month LIBOR + 1.030%		—	(p)		10/25/28		9,450		9,439,672
Venture XXI CLO Ltd. (Cayman Islands), Series 2015-21A, Class AR, 144A, 3 Month LIBOR + 0.880%		1.121	(c)		07/15/27		803		802,419
Vibrant CLO V Ltd. (Cayman Islands), Series 2016-5A, Class AR, 144A, 3 Month LIBOR + 1.250%		1.474	(c)		01/20/29		5,250		5,244,287
Voya CLO Ltd. (Cayman Islands), Series 2014-2A, Class A1RR, 144A, 3 Month LIBOR + 1.020%		1.243	(c)		04/17/30		1,689		1,684,652
Wellfleet CLO Ltd. (Cayman Islands),
Series 2015-1A, Class AR3, 144A, 3 Month LIBOR + 1.280%		1.504	(c)		07/20/29		7,945		7,946,539
Series 2016-2A, Class A1R, 144A, 3 Month LIBOR + 1.140%		1.364	(c)		10/20/28		5,586		5,580,877
West CLO Ltd. (Cayman Islands), Series 2014-2A, Class A1AR, 144A, 3 Month LIBOR + 0.870%		1.093	(c)		01/16/27		29		28,864
Westcott Park CLO Ltd. (Cayman Islands), Series 2016-1A, Class AR, 144A, 3 Month LIBOR + 1.210%		1.434	(c)		07/20/28		6,000		5,994,670

See Notes to Financial Statements.

12

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Collateralized Loan Obligations (cont'd.)
York CLO-2 Ltd. (Cayman Islands), Series 2015-1A, Class AR, 144A, 3 Month LIBOR + 1.150%		1.372	%(c)		01/22/31		10,340	$	10,330,830
Zais CLO 7 Ltd. (Cayman Islands), Series 2017-2A, Class A, 144A, 3 Month LIBOR + 1.290%		1.531	(c)		04/15/30		244		244,323
Zais CLO 8 Ltd. (Cayman Islands), Series 2018-1A, Class A, 144A, 3 Month LIBOR + 0.950%		1.191	(c)		04/15/29		870		868,419
									242,498,775
TOTAL ASSET-BACKED SECURITIES (cost $247,108,237)									248,103,985
COMMERCIAL MORTGAGE-BACKED SECURITIES    16.4%
BANK,
Series 2017-BNK5, Class A1		1.909			06/15/60		671		674,142
Series 2017-BNK7, Class A1		1.984			09/15/60		47		47,448
Series 2017-BNK9, Class A1		2.322			11/15/54		549		555,981
Series 2018-BN14, Class A1		3.277			09/15/60		470		484,965
Benchmark Mortgage Trust,
Series 2018-B1, Class A1		2.560			01/15/51		539		543,975
Series 2018-B2, Class A2		3.662			02/15/51		975		1,017,193
Series 2018-B3, Class A2		3.848			04/10/51		960		1,012,346
Series 2018-B5, Class A2		4.077			07/15/51		800		855,578
CCUBS Commercial Mortgage Trust, Series 2017-C1, Class A1		2.288	(cc)		11/15/50		3,395		3,425,578
CD Mortgage Trust, Series 2017-CD3, Class A1		1.965			02/10/50		31		31,448
CFCRE Commercial Mortgage Trust, Series 2016-C7, Class A1		1.971			12/10/54		19		19,367
CGMS Commercial Mortgage Trust, Series 2017-B1, Class A1		2.008			08/15/50		414		415,064
Citigroup Commercial Mortgage Trust,
Series 2014-GC21, Class AAB		3.477			05/10/47		347		363,305
Series 2014-GC23, Class AAB		3.337			07/10/47		1,001		1,044,679
Series 2016-C1, Class A1		1.506			05/10/49		34		33,517
Series 2016-P4, Class A2		2.450			07/10/49		10,000		10,034,174
Series 2016-P5, Class A1		1.410			10/10/49		101		101,401
Series 2016-P6, Class A1		1.884			12/10/49		266		265,993
Series 2017-P8, Class A1		2.065			09/15/50		452		455,523
COMM Mortgage Trust,
Series 2012-CR4, Class A3		2.853			10/15/45		2,704		2,778,982
Series 2012-CR5, Class A4		2.771			12/10/45		4,750		4,901,302
Series 2013-CR11, Class ASB		3.660			08/10/50		641		666,342
Series 2013-CR7, Class ASB		2.739			03/10/46		361		368,599

See Notes to Financial Statements.

PGIM Ultra Short Bond ETF 13

Schedule of Investments (unaudited) (continued)

as of February 28, 2021

Description	Interest Rate			Maturity Date		Principal Amount (000)#			Value
COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
COMM Mortgage Trust, (cont'd.)
Series 2013-CR8, Class A4		3.334	%		06/10/46		2,582		$	2,714,743
Series 2013-CR8, Class A5		3.612	(cc)		06/10/46		5,081			5,396,888
Series 2014-CR17, Class ASB		3.598			05/10/47		487			508,855
Series 2014-UBS2, Class ASB		3.472			03/10/47		1,023			1,065,124
Series 2015-CR22, Class A3		3.207			03/10/48		2,000			2,036,025
Series 2015-CR23, Class ASB		3.257			05/10/48		1,788			1,880,662
Series 2015-CR24, Class ASB		3.445			08/10/48		3,278			3,467,686
Series 2015-CR27, Class A2		2.223			10/10/48		—	(r)		72
Series 2015-DC1, Class A2		2.870			02/10/48		194			194,243
Series 2015-LC23, Class A2		3.221			10/10/48		683			678,842
Series 2017-COR2, Class A1		2.111			09/10/50		121			122,296
CSAIL Commercial Mortgage Trust,
Series 2015-C3, Class A2		3.033			08/15/48		552			551,644
Series 2016-C5, Class ASB		3.533			11/15/48		3,971			4,233,725
Series 2017-C8, Class A1		1.930			06/15/50		797			801,018
DBJPM Mortgage Trust,
Series 2016-C3, Class A1		1.502			08/10/49		999			1,001,089
Series 2016-C3, Class A2		1.886			08/10/49		1,085			1,089,471
FNMA-Aces, Series 2017-M1, Class A1		2.417	(cc)		10/25/26		465			473,472
GS Mortgage Securities Corp. Trust, Series 2021-RENT, Class A, 144A		0.950	(c)		11/21/23		5,425			5,425,000
GS Mortgage Securities Trust,
Series 2013-GC14, Class A3		3.526			08/10/46		7			7,347
Series 2014-GC22, Class AAB		3.467			06/10/47		624			651,435
Series 2017-GS7, Class A1		1.950			08/10/50		1,001			1,005,552
Series 2018-GS9, Class A1		2.861			03/10/51		1,536			1,560,089
JP Morgan Chase Commercial Mortgage Securities Trust,
Series 2012-C6, Class ASB		3.144			05/15/45		960			973,256
Series 2012-C8, Class A3		2.829			10/15/45		3,024			3,104,657
Series 2016-JP2, Class ASB		2.713			08/15/49		8,588			9,057,384
JPMBB Commercial Mortgage Securities Trust,
Series 2013-C12, Class A4		3.363			07/15/45		2,904			3,032,201
Series 2013-C12, Class ASB		3.157			07/15/45		490			497,827
Series 2013-C14, Class ASB		3.761	(cc)		08/15/46		9,117			9,463,747
Series 2014-C18, Class A4A2, 144A		3.794			02/15/47		5,029			5,351,289
Series 2014-C25, Class ASB		3.407			11/15/47		4,478			4,712,350
JPMCC Commercial Mortgage Securities Trust, Series 2017-JP7, Class A1		1.969			09/15/50		347			348,865
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2012-C6, Class A4		2.858			11/15/45		1,507			1,546,143
Series 2013-C12, Class ASB		3.824			10/15/46		6,483			6,729,037
Series 2013-C8, Class A4		3.134			12/15/48		4,750			4,942,662

See Notes to Financial Statements.

14

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
Morgan Stanley Bank of America Merrill Lynch Trust, (cont'd.)
Series 2013-C9, Class AAB		2.657	%		05/15/46		576	$	587,149
Series 2014-C19, Class ASB		3.326			12/15/47		6,730		7,063,846
Series 2015-C23, Class ASB		3.398			07/15/50		2,243		2,358,513
Series 2016-C31, Class A1		1.511			11/15/49		24		23,727
Series 2017-C34, Class A1		2.109			11/15/52		171		171,641
Morgan Stanley Capital I Trust,
Series 2016-BNK2, Class A1		1.424			11/15/49		33		33,018
Series 2016-UB12, Class A2		2.932			12/15/49		5,310		5,374,786
Series 2018-H3, Class A2		3.997			07/15/51		1,000		1,066,723
One New York Plaza Trust, Series 2020-1NYP, Class A, 144A		1.062	(c)		01/15/26		4,925		4,949,565
UBS Commercial Mortgage Trust,
Series 2012-C1, Class A3		3.400			05/10/45		1,356		1,376,417
Series 2017-C4, Class A1		2.129			10/15/50		66		66,670
Series 2017-C5, Class A1		2.139			11/15/50		441		444,713
Series 2017-C6, Class A1		2.344			12/15/50		4,125		4,171,679
Series 2018-C11, Class A1		3.211			06/15/51		16		16,164
Series 2018-C8, Class A1		2.659			02/15/51		1,578		1,600,438
Series 2018-C8, Class A2		3.713			02/15/51		1,050		1,098,277
UBS-Barclays Commercial Mortgage Trust,
Series 2012-C3, Class A4		3.091			08/10/49		9,214		9,506,581
Series 2012-C4, Class A5		2.850			12/10/45		10,000		10,335,748
Series 2013-C5, Class A4		3.185			03/10/46		8,311		8,639,381
Series 2013-C6, Class A4		3.244			04/10/46		16,009		16,689,337
Wells Fargo Commercial Mortgage Trust,
Series 2013-LC12, Class ASB		3.928	(cc)		07/15/46		5,562		5,812,451
Series 2015-NXS2, Class A2		3.020			07/15/58		210		214,765
Series 2015-P2, Class A2B		4.685	(cc)		12/15/48		1,143		1,170,904
Series 2016-BNK1, Class A1		1.321			08/15/49		29		29,429
Series 2016-C34, Class ASB		2.911			06/15/49		5,000		5,287,578
Series 2016-NXS6, Class A1		1.417			11/15/49		800		800,506
Series 2017-C42, Class A1		2.338			12/15/50		877		885,944
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (cost $204,499,180)									204,497,548
CORPORATE BONDS    47.2%
Advertising    0.7%
Interpublic Group of Cos, Inc., Sr. Unsec’d. Notes		3.750			10/01/21		8,496		8,663,676
Aerospace & Defense    0.1%
Lockheed Martin Corp., Sr. Unsec’d. Notes		3.350			09/15/21		1,556		1,581,325

See Notes to Financial Statements.

PGIM Ultra Short Bond ETF 15

Schedule of Investments (unaudited) (continued)

as of February 28, 2021

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Agriculture    0.3%
Cargill, Inc., Sr. Unsec’d. Notes, 144A		1.375	%		07/23/23		1,000	$	1,023,759
Philip Morris International, Inc., Sr. Unsec’d. Notes		1.125			05/01/23		3,000		3,050,578
									4,074,337
Airlines    0.7%
Southwest Airlines Co., Sr. Unsec’d. Notes(a)		4.750			05/04/23		7,500		8,155,894
Apparel    0.6%
VF Corp., Sr. Unsec’d. Notes		2.050			04/23/22		8,000		8,153,966
Auto Manufacturers    2.8%
American Honda Finance Corp., Sr. Unsec’d. Notes, MTN, 3 Month LIBOR + 0.290%		0.520	(c)		12/10/21		750		750,310
BMW US Capital LLC,
Gtd. Notes, 144A		1.850			09/15/21		1,668		1,679,702
Gtd. Notes, 144A		3.800			04/06/23		4,000		4,271,612
Gtd. Notes, 144A, 3 Month LIBOR + 0.410%		0.634	(c)		04/12/21		893		893,445
Gtd. Notes, 144A, 3 Month LIBOR + 0.500%		0.698	(c)		08/13/21		1,465		1,467,881
Daimler Finance North America LLC, Sr. Unsec’d. Notes, 144A		0.750			03/01/24		13,500		13,522,355
Harley-Davidson Financial Services, Inc., Gtd. Notes, 144A, 3 Month LIBOR + 0.940%		1.168	(c)		03/02/21		2,855		2,855,000
Toyota Motor Credit Corp., Sr. Unsec’d. Notes, MTN, SOFR + 0.300%		0.330	(c)		06/13/22		10,000		10,007,598
									35,447,903
Banks    11.9%
ABN AMRO Bank NV (Netherlands), Sr. Unsec’d. Notes, 144A, 3 Month LIBOR + 0.570%		0.760	(c)		08/27/21		500		501,277
Banco del Estado de Chile (Chile), Sr. Unsec’d. Notes, 144A		3.875			02/08/22		4,045		4,166,940
Bank of America Corp., Sr. Unsec’d. Notes, MTN		5.000			05/13/21		1,225		1,236,513
Bank of Montreal (Canada), Sr. Unsec’d. Notes, 3 Month LIBOR + 0.460%		0.685	(c)		04/13/21		275		275,162
Bank of Nova Scotia (Canada), Sr. Unsec’d. Notes		1.625			05/01/23		6,000		6,162,254
Banque Federative du Credit Mutuel SA (France), Sr. Unsec’d. Notes, 144A		0.650			02/27/24		7,250		7,249,587
Barclays Bank PLC (United Kingdom), Sr. Unsec’d. Notes		1.700			05/12/22		10,000		10,152,290
Canadian Imperial Bank of Commerce (Canada), Sr. Unsec’d. Notes, SOFR + 0.800%		0.856	(c)		03/17/23		6,000		6,068,738

See Notes to Financial Statements.

16

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Banks (cont'd.)
Commonwealth Bank of Australia (Australia), Sr. Unsec’d. Notes, 144A, 3 Month LIBOR + 0.700%		0.930	%(c)		03/10/22		5,000	$	5,032,484
Cooperatieve Rabobank UA (Netherlands),
Sr. Unsec’d. Notes		3.125			04/26/21		2,000		2,008,821
Sr. Unsec’d. Notes, SOFR + 0.300%		0.342	(c)		01/12/24		5,500		5,505,575
Credit Suisse AG (Switzerland),
Sr. Unsec’d. Notes, SOFR + 0.390%		0.424	(c)		02/02/24		3,750		3,758,661
Sr. Unsec’d. Notes, SOFR + 0.450%		0.483	(c)		02/04/22		5,000		5,014,457
DIB Sukuk Ltd. (Cayman Islands), Sr. Unsec’d. Notes		3.664			02/14/22		2,400		2,462,225
Fifth Third Bank NA, Sr. Unsec’d. Notes, BKNT		1.800			01/30/23		5,000		5,139,589
Goldman Sachs Group, Inc.,
Sr. Unsec’d. Notes		5.750			01/24/22		3,000		3,145,666
Sr. Unsec’d. Notes, 3 Month LIBOR + 1.000%		1.217	(c)		03/15/21		925		925,237
Sr. Unsec’d. Notes, SOFR + 0.538%		0.627	(cc)		11/17/23		5,000		5,015,360
Huntington National Bank, Sr. Unsec’d. Notes		1.800			02/03/23		6,000		6,157,242
Industrial & Commercial Bank of China Ltd. (China), Sr. Unsec’d. Notes		2.452			10/20/21		1,864		1,883,077
Lloyds Banking Group PLC (United Kingdom), Sr. Unsec’d. Notes, 3 Month LIBOR + 0.800%		1.039	(c)		06/21/21		1,400		1,403,226
Mitsubishi UFJ Financial Group, Inc. (Japan), Sr. Unsec’d. Notes		2.623			07/18/22		1,000		1,031,017
Morgan Stanley,
Sr. Unsec’d. Notes		2.750			05/19/22		3,000		3,090,686
Sr. Unsec’d. Notes, MTN		2.625			11/17/21		3,000		3,050,571
Sr. Unsec’d. Notes, MTN, 3 Month LIBOR + 1.400%		1.618	(c)		10/24/23		4,750		4,844,374
National Securities Clearing Corp.,
Sr. Unsec’d. Notes, 144A		0.400			12/07/23		3,750		3,754,110
Sr. Unsec’d. Notes, 144A		1.200			04/23/23		3,000		3,051,285
PNC Bank NA, Sr. Unsec’d. Notes, BKNT, 3 Month LIBOR + 0.325%		0.501	(c)		02/24/23		3,000		3,007,778
RHB Bank Bhd (Malaysia), Sr. Unsec’d. Notes, EMTN		2.503			10/06/21		1,300		1,314,202
Royal Bank of Canada (Canada), Sr. Unsec’d. Notes, GMTN, 3 Month LIBOR + 0.730%		0.935	(c)		02/01/22		5,050		5,082,357
Santander UK PLC (United Kingdom), Sr. Unsec’d. Notes, 3 Month LIBOR + 0.660%		0.854	(c)		11/15/21		1,000		1,004,395
Skysea International Capital Management Ltd. (British Virgin Islands), Gtd. Notes, EMTN		4.875			12/07/21		4,300		4,433,183
Toronto-Dominion Bank (The) (Canada), Sr. Unsec’d. Notes, MTN, SOFR + 0.480%		0.514	(c)		01/27/23		7,138		7,177,213
Truist Bank,
Sr. Unsec’d. Notes, BKNT, 3 Month LIBOR + 0.590%		0.782	(c)		05/17/22		3,000		3,016,732
Sr. Unsec’d. Notes, BKNT, SOFR + 0.730%		0.792	(c)		03/09/23		2,000		2,020,321

See Notes to Financial Statements.

PGIM Ultra Short Bond ETF 17

Schedule of Investments (unaudited) (continued)

as of February 28, 2021

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Banks (cont'd.)
UBS AG (Switzerland),
Sr. Unsec’d. Notes, 144A		0.450	%		02/09/24		3,000	$	2,994,586
Sr. Unsec’d. Notes, 144A, SOFR + 0.360%		0.391	(c)		02/09/24		4,500		4,506,705
US Bank NA, Sr. Unsec’d. Notes, BKNT, 3 Month LIBOR + 0.440%		0.615	(c)		05/23/22		3,700		3,716,825
Wells Fargo Bank N.A., Sr. Unsec’d. Notes, BKNT, 3 Month LIBOR + 0.650%		2.082	(cc)		09/09/22		8,000		8,072,951
									148,433,672
Beverages    0.7%
Keurig Dr Pepper, Inc., Gtd. Notes		3.551			05/25/21		3,259		3,283,440
PepsiCo, Inc., Sr. Unsec’d. Notes		0.400			10/07/23		5,500		5,520,564
									8,804,004
Biotechnology    0.5%
Gilead Sciences, Inc.,
Sr. Unsec’d. Notes		0.750			09/29/23		3,000		3,005,412
Sr. Unsec’d. Notes, 3 Month LIBOR + 0.520%		0.771	(c)		09/29/23		3,000		3,005,820
									6,011,232
Chemicals    0.3%
Air Liquide Finance SA (France), Gtd. Notes, 144A		2.250			09/27/23		1,000		1,043,501
Nutrien Ltd. (Canada), Sr. Unsec’d. Notes		1.900			05/13/23		3,000		3,093,927
									4,137,428
Coal    0.3%
Korea Resources Corp. (South Korea), Sr. Unsec’d. Notes		3.000			04/24/22		3,200		3,282,676
Commercial Services    0.7%
PayPal Holdings, Inc., Sr. Unsec’d. Notes		1.350			06/01/23		5,000		5,101,634
Verisk Analytics, Inc., Sr. Unsec’d. Notes		5.800			05/01/21		4,000		4,035,421
									9,137,055
Computers    1.0%
Apple, Inc.,
Sr. Unsec’d. Notes		1.700			09/11/22		5,000		5,110,828
Sr. Unsec’d. Notes, 3 Month LIBOR + 0.500%		0.691	(c)		02/09/22		2,163		2,173,398

See Notes to Financial Statements.

18

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Computers (cont'd.)
Hewlett Packard Enterprise Co., Sr. Unsec’d. Notes, 3 Month LIBOR + 0.680%		0.900	%(c)		03/12/21		5,000	$	5,000,893
									12,285,119
Diversified Financial Services    2.2%
American Express Co.,
Sr. Unsec’d. Notes		3.700			11/05/21		8,000		8,162,549
Sr. Unsec’d. Notes, 3 Month LIBOR + 0.525%		0.717	(c)		05/17/21		2,000		2,001,246
Aviation Capital Group LLC, Sr. Unsec’d. Notes, 144A, 3 Month LIBOR + 0.950%		1.141	(c)		06/01/21		1,000		999,114
BOC Aviation Ltd. (Singapore), Sr. Unsec’d. Notes, 144A		2.375			09/15/21		5,000		5,025,618
Capital One Bank USA NA, Subordinated		3.375			02/15/23		4,000		4,223,312
Charles Schwab Corp., Sr. Unsec’d. Notes, 3 Month LIBOR + 0.320%		0.502	(c)		05/21/21		350		350,135
NTT Finance Corp. (Japan), Gtd. Notes, 144A		0.583			03/01/24		6,500		6,493,426
									27,255,400
Electric    3.3%
Abu Dhabi National Energy Co. PJSC (United Arab Emirates),
Sr. Unsec’d. Notes, 144A		5.875			12/13/21		2,000		2,081,953
Sr. Unsec’d. Notes, EMTN		3.625			06/22/21		2,500		2,521,977
American Electric Power Co., Inc.,
Sr. Unsec’d. Notes		3.650			12/01/21		4,000		4,099,911
Sr. Unsec’d. Notes, 3 Month LIBOR + 0.480%		0.685	(c)		11/01/23		3,000		3,005,221
CenterPoint Energy, Inc., Sr. Unsec’d. Notes		3.600			11/01/21		750		766,354
DTE Energy Co., Sr. Unsec’d. Notes		2.250			11/01/22		8,000		8,243,800
Duke Energy Corp., Sr. Unsec’d. Notes, 144A, 3 Month LIBOR + 0.500%		0.698	(c)		05/14/21		250		250,228
Enel Finance International NV (Netherlands), Gtd. Notes, 144A		2.750			04/06/23		2,940		3,068,424
Entergy Louisiana LLC		0.620			11/17/23		4,250		4,257,661
NextEra Energy Capital Holdings, Inc.,
Gtd. Notes		2.900			04/01/22		2,500		2,569,586
Gtd. Notes, 3 Month LIBOR + 0.480%		0.672	(c)		05/04/21		3,925		3,928,103
PPL Electric Utilities Corp.		2.500			09/01/22		4,800		4,927,447
Saudi Electricity Global Sukuk Co. (Cayman Islands), Sr. Unsec’d. Notes		4.211			04/03/22		1,800		1,871,246
									41,591,911

See Notes to Financial Statements.

PGIM Ultra Short Bond ETF 19

Schedule of Investments (unaudited) (continued)

as of February 28, 2021

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Food    2.2%
McCormick & Co., Inc., Sr. Unsec’d. Notes		2.700	%		08/15/22		7,685	$	7,925,848
Mondelez International Holdings Netherlands BV (Netherlands), Gtd. Notes, 144A		2.000			10/28/21		2,000		2,018,992
Mondelez International, Inc., Sr. Unsec’d. Notes		0.625			07/01/22		8,000		8,032,339
Nestle Holdings, Inc., Gtd. Notes, 144A		0.375			01/15/24		5,000		4,984,646
Tyson Foods, Inc., Sr. Unsec’d. Notes		2.250			08/23/21		4,775		4,811,300
									27,773,125
Forest Products & Paper    0.6%
Georgia-Pacific LLC, Sr. Unsec’d. Notes, 144A		3.734			07/15/23		7,000		7,489,004
Healthcare-Products    0.4%
Stryker Corp.,
Sr. Unsec’d. Notes		0.600			12/01/23		1,250		1,252,798
Sr. Unsec’d. Notes		2.625			03/15/21		4,000		4,003,425
									5,256,223
Holding Companies-Diversified    0.2%
Swire Pacific MTN Financing Ltd. (Cayman Islands), Gtd. Notes, EMTN		4.500			02/28/22		2,000		2,066,230
Household Products/Wares    0.6%
Reckitt Benckiser Treasury Services PLC (United Kingdom), Gtd. Notes, 144A, 3 Month LIBOR + 0.560%		0.798	(c)		06/24/22		8,000		8,046,782
Insurance    3.5%
AIA Group Ltd. (Hong Kong), Sr. Unsec’d. Notes, 144A, 3 Month LIBOR + 0.520%		0.759	(c)		09/20/21		600		600,005
Berkshire Hathaway, Inc., Sr. Unsec’d. Notes		2.750			03/15/23		4,853		5,071,922
Jackson National Life Global Funding, Sr. Sec’d. Notes, 144A, 3 Month LIBOR + 0.480%		0.701	(c)		06/11/21		7,000		7,008,685
Metropolitan Life Global Funding I,
Sec’d. Notes, 144A		3.375			01/11/22		1,250		1,283,461
Sec’d. Notes, 144A		3.450			10/09/21		750		764,638
New York Life Global Funding,
Sec’d. Notes, 144A		2.900			01/17/24		4,190		4,478,657
Sec’d. Notes, 144A, 3 Month LIBOR + 0.320%		0.513	(c)		08/06/21		500		500,610
Sr. Sec’d. Notes, 144A, 3 Month LIBOR + 0.440%		0.664	(c)		07/12/22		3,000		3,014,315
Pacific Life Global Funding II, Sr. Sec’d. Notes, 144A		0.500			09/23/23		4,750		4,760,488
Principal Life Global Funding II, Sec’d. Notes, 144A		0.500			01/08/24		7,250		7,254,158

See Notes to Financial Statements.

20

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Insurance (cont'd.)
Protective Life Global Funding,
Sec’d. Notes, 144A		0.631	%		10/13/23		4,250	$	4,274,765
Sr. Sec’d. Notes, 144A		0.473			01/12/24		5,000		4,983,067
									43,994,771
Machinery-Constructions & Mining    0.8%
Caterpillar Financial Services Corp., Sr. Unsec’d. Notes, MTN		0.450			09/14/23		10,000		10,014,262
Machinery-Diversified    0.6%
John Deere Capital Corp., Sr. Unsec’d. Notes, MTN, 3 Month LIBOR + 0.260%		0.490	(c)		09/10/21		400		400,493
Otis Worldwide Corp., Sr. Unsec’d. Notes, 3 Month LIBOR + 0.450%		0.688	(c)		04/05/23		6,700		6,699,145
									7,099,638
Media    0.4%
Cox Communications, Inc., Sr. Unsec’d. Notes, 144A		2.950			06/30/23		1,500		1,573,537
Walt Disney Co., Gtd. Notes, 3 Month LIBOR + 0.390%		0.581	(c)		09/01/22		3,000		3,015,404
									4,588,941
Miscellaneous Manufacturer    0.2%
Textron, Inc., Sr. Unsec’d. Notes		3.650			03/01/21		3,000		3,000,000
Oil & Gas    2.8%
Exxon Mobil Corp.,
Sr. Unsec’d. Notes		1.571			04/15/23		4,000		4,102,997
Sr. Unsec’d. Notes, 3 Month LIBOR + 0.330%		0.524	(c)		08/16/22		4,000		4,015,917
Korea National Oil Corp. (South Korea), Sr. Unsec’d. Notes, 144A		2.125			04/14/21		3,000		3,006,012
Phillips 66,
Gtd. Notes		0.900			02/15/24		4,000		4,004,438
Gtd. Notes		3.700			04/06/23		4,800		5,113,994
Pioneer Natural Resources Co., Sr. Unsec’d. Notes		0.750			01/15/24		4,250		4,250,704
Saudi Arabian Oil Co. (Saudi Arabia), Sr. Unsec’d. Notes, 144A		2.750			04/16/22		1,980		2,027,592
Valero Energy Corp., Sr. Unsec’d. Notes		2.700			04/15/23		8,000		8,340,405
									34,862,059

See Notes to Financial Statements.

PGIM Ultra Short Bond ETF 21

Schedule of Investments (unaudited) (continued)

as of February 28, 2021

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Pharmaceuticals    3.3%
AbbVie, Inc.,
Sr. Unsec’d. Notes		3.375	%		11/14/21		3,730	$	3,809,647
Sr. Unsec’d. Notes, 3 Month LIBOR + 0.650%		0.832	(c)		11/21/22		3,000		3,023,090
Bayer US Finance II LLC, Gtd. Notes, 144A		3.500			06/25/21		1,800		1,813,093
Bristol-Myers Squibb Co.,
Sr. Unsec’d. Notes		0.537			11/13/23		10,000		10,010,290
Sr. Unsec’d. Notes, 3 Month LIBOR + 0.380%		0.574	(c)		05/16/22		2,000		2,007,651
Cigna Corp.,
Gtd. Notes		3.400			09/17/21		6,400		6,510,224
Gtd. Notes		3.900			02/15/22		4,020		4,153,239
GlaxoSmithKline Capital PLC (United Kingdom),
Gtd. Notes		0.534			10/01/23		6,500		6,518,889
Gtd. Notes, 3 Month LIBOR + 0.350%		0.544	(c)		05/14/21		3,295		3,297,127
									41,143,250
Pipelines    0.1%
Enterprise Products Operating LLC, Gtd. Notes		3.500			02/01/22		750		771,723
Real Estate    0.6%
Ontario Teachers’ Cadillac Fairview Properties Trust (Canada), Sr. Unsec’d. Notes, 144A		3.125			03/20/22		6,775		6,956,262
Real Estate Investment Trusts (REITs)    1.1%
ERP Operating LP, Sr. Unsec’d. Notes		4.625			12/15/21		7,605		7,777,765
Kimco Realty Corp., Sr. Unsec’d. Notes		3.400			11/01/22		5,935		6,195,578
									13,973,343
Retail    1.1%
7-Eleven, Inc.,
Sr. Unsec’d. Notes, 144A		0.625			02/10/23		1,750		1,752,475
Sr. Unsec’d. Notes, 144A		0.800			02/10/24		2,250		2,251,738
AutoZone, Inc., Sr. Unsec’d. Notes		3.700			04/15/22		3,000		3,086,706
Home Depot, Inc., Sr. Unsec’d. Notes, 3 Month LIBOR + 0.310%		0.501	(c)		03/01/22		1,500		1,503,869
McDonald’s Corp.,
Sr. Unsec’d. Notes, MTN		2.625			01/15/22		2,193		2,237,840
Sr. Unsec’d. Notes, MTN, 3 Month LIBOR + 0.430%		0.649	(c)		10/28/21		1,900		1,904,608
Starbucks Corp., Sr. Unsec’d. Notes		1.300			05/07/22		1,000		1,011,245
Walmart, Inc., Sr. Unsec’d. Notes		3.125			06/23/21		500		504,569
									14,253,050

See Notes to Financial Statements.

22

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Savings & Loans    0.8%
Nationwide Building Society (United Kingdom), Sr. Unsec’d. Notes, 144A		0.550	%		01/22/24		9,750	$	9,732,618
Semiconductors    0.4%
Intel Corp., Sr. Unsec’d. Notes, 3 Month LIBOR + 0.350%		0.553	(c)		05/11/22		5,000		5,017,441
Software    0.6%
Fidelity National Information Services, Inc., Sr. Unsec’d. Notes		0.600			03/01/24		5,750		5,744,990
Infor, Inc., Sr. Unsec’d. Notes, 144A		1.450			07/15/23		1,200		1,220,480
									6,965,470
Telecommunications    0.3%
Rogers Communications, Inc. (Canada), Gtd. Notes, 3 Month LIBOR + 0.600%		0.836	(c)		03/22/22		4,200		4,221,705
Transportation    0.5%
FedEx Corp., Gtd. Notes		3.400			01/14/22		3,000		3,081,217
Ryder System, Inc., Sr. Unsec’d. Notes, MTN		2.875			06/01/22		3,000		3,085,500
									6,166,717
TOTAL CORPORATE BONDS (cost $583,633,294)									590,408,212
CERTIFICATES OF DEPOSIT    1.0%
Banks    1.0%
Bank of Montreal (Canada), 3 Month LIBOR + 0.110%		0.339	(c)		12/13/21		5,000		5,004,304
Credit Agricole Corporate & Investment Bank (France), 3 Month LIBOR + 0.480%		0.709	(c)		09/17/21		920		922,390
Royal Bank of Canada (Canada), 3 Month LIBOR + 0.110%		0.329	(c)		12/16/21		3,000		3,002,373
Sumitomo Mitsui Banking Corp. (Japan),
3 Month LIBOR + 0.350%		0.574	(c)		07/12/21		1,000		1,001,309
3 Month LIBOR + 0.355%		0.549	(c)		05/13/21		3,000		3,002,249
TOTAL CERTIFICATES OF DEPOSIT (cost $12,919,328)									12,932,625
SOVEREIGN BONDS    0.5%
Indonesia Government International Bond (Indonesia), Sr. Unsec’d. Notes, 144A		4.875			05/05/21		1,750		1,763,204

See Notes to Financial Statements.

PGIM Ultra Short Bond ETF 23

Schedule of Investments (unaudited) (continued)

as of February 28, 2021

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Lithuania Government International Bond (Lithuania), Sr. Unsec’d. Notes		6.125	%		03/09/21		2,300	$	2,300,050
Qatar Government International Bond (Qatar), Sr. Unsec’d. Notes, 144A		2.375			06/02/21		2,500		2,509,402
TOTAL SOVEREIGN BONDS (cost $6,559,110)									6,572,656
TOTAL LONG-TERM INVESTMENTS (cost $1,054,719,149)									1,062,515,026
						Shares
SHORT-TERM INVESTMENTS    17.4%
AFFILIATED MUTUAL FUNDS    8.9%
PGIM Core Ultra Short Bond Fund(wa)							106,150,297		106,150,297
PGIM Institutional Money Market Fund (cost $5,024,792; includes $5,024,266 of cash collateral for securities on loan)(b)(wa)							5,026,328		5,023,815
TOTAL AFFILIATED MUTUAL FUNDS (cost $111,175,089)									111,174,112
						Principal Amount (000)#
TIME DEPOSIT    0.0%
Brown Brothers Harriman & Co. (Cayman Islands) (cost $7,201)		0.005			03/01/21		7		7,201
CERTIFICATES OF DEPOSIT    1.6%
Banks    1.6%
Lloyds Bank Corporate Markets PLC (United Kingdom), 3 Month LIBOR + 0.190%		0.380	(c)		11/26/21		10,000		10,010,371
Natixis SA (France), 3 Month LIBOR + 0.130%		0.360	(c)		12/09/21		10,000		10,008,455
TOTAL CERTIFICATES OF DEPOSIT (cost $20,000,000)									20,018,826
COMMERCIAL PAPER    5.9%
AT&T, Inc. 144A		0.381	(s)		11/16/21		10,000		9,977,134
BAT International Finance PLC (United Kingdom) 144A		0.300	(s)		03/10/21		10,000		9,998,483
Eni Finance USA, Inc. 144A		0.380	(s)		03/19/21		5,000		4,999,516
Glencore Funding LLC 144A		0.320	(s)		03/19/21		10,000		9,998,308
HSBC Bank PLC (United Kingdom) 144A		0.359	(c)		09/17/21		5,000		5,002,706

See Notes to Financial Statements.

24

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
COMMERCIAL PAPER (Continued)
HSBC USA, Inc. 144A		0.462	%(s)		12/10/21		6,000	$	5,983,115
Societe Generale SA (France) 144A		0.390	(c)		12/13/21		10,000		10,005,475
Toronto-Dominion Bank (The) (Canada) 144A		0.322	(c)		12/03/21		3,000		3,001,805
UBS AG (United Kingdom) 144A		0.304	(c)		10/12/21		5,000		5,000,919
Volkswagen Group of America Finance LLC 144A		0.523	(s)		10/25/21		7,000		6,974,929
VW Credit, Inc. 144A		0.250	(s)		03/03/21		3,000		2,999,938
TOTAL COMMERCIAL PAPER (cost $73,922,290)									73,942,328
CORPORATE NOTES    1.0%
Biotechnology    0.2%
Gilead Sciences, Inc., 3 Month LIBOR + 0.150%		0.379	(c)		09/17/21		1,750		1,751,081
Electric    0.8%
Southern California Edison Co., 3 Month LIBOR + 0.270%		0.501	(c)		12/03/21		10,000		10,007,672
TOTAL CORPORATE NOTES (cost $11,750,000)									11,758,753
TOTAL SHORT-TERM INVESTMENTS (cost $216,854,580)									216,901,220
TOTAL INVESTMENTS    102.4% (cost $1,271,573,729)									1,279,416,246
Liabilities in excess of other assets    (2.4)%									(30,092,620	)
NET ASSETS    100.0%								$	1,249,323,626

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

(A)—Annual payment frequency for swaps

(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

FEDL01—1 Day Overnight FED Funds Effective Rate

GMTN—Global Medium Term Note

LIBOR—London Interbank Offered Rate

MTN—Medium Term Note

SOFR—Secured Overnight Financing Rate Data

# 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 $4,998,616; cash collateral of $5,024,266 (included in liabilities) was received with which the Fund

See Notes to Financial Statements.

PGIM Ultra Short Bond ETF 25

Schedule of Investments (unaudited) (continued)

as of February 28, 2021

purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Fund may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

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

(c) Variable rate instrument. The interest rate shown reflects the rate in effect at February 28, 2021.

(cc) Variable rate instrument. The rate shown is based on the latest available information as of February 28, 2021. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

(p) Represents a security with a delayed settlement and therefore the interest rate is not available until settlement date which is after the period end.

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

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

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

Futures contracts outstanding at February 28, 2021:

Number of contracts		Type	Expiration Date		Current Notional Amount		Value / Unrealized Appreciation (Depreciation)
		Short Positions:
	44	2 Year U.S. Treasury Notes		Jun. 2021	$	9,713,688	$	7,526

Interest rate swap agreements outstanding at February 28, 2021:

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at February 28, 2021			Unrealized Appreciation (Depreciation)
	Centrally cleared swap agreements:
	37,080		05/09/21		2.855%(S)	3 Month LIBOR(1)(Q)	$	(66,620	)	$	(528,638	)	$	(462,018	)
	44,290		03/11/21		2.850%(S)	3 Month LIBOR(1)(Q)		(11,748	)		(623,416	)		(611,668	)
	20,295		07/27/21		2.929%(S)	3 Month LIBOR(1)(Q)		(76,904	)		(284,093	)		(207,189	)
	14,930		10/04/21		3.046%(S)	3 Month LIBOR(1)(Q)		(76,710	)		(437,145	)		(360,435	)
	26,525		01/11/22		2.672%(S)	3 Month LIBOR(1)(Q)		(166,097	)		(665,596	)		(499,499	)
	24,945		04/01/22		2.265%(S)	3 Month LIBOR(1)(Q)		(127,654	)		(791,190	)		(663,536	)
	11,000		04/12/22		2.357%(S)	3 Month LIBOR(1)(Q)		(88,938	)		(362,279	)		(273,341	)
	26,765		10/02/21		1.898%(S)	3 Month LIBOR(1)(Q)		(31,215	)		(477,242	)		(446,027	)
	3,250		06/15/22		1.873%(S)	3 Month LIBOR(1)(Q)		13,698			(82,356	)		(96,054	)
	22,000		08/22/22		1.421%(S)	3 Month LIBOR(1)(Q)		(14,690	)		(405,495	)		(390,805	)
	19,000		09/03/22		1.919%(S)	3 Month LIBOR(1)(Q)		(113,615	)		(666,558	)		(552,943	)
	25,000		01/30/23		1.467%(S)	3 Month LIBOR(1)(Q)		(15,952	)		(623,934	)		(607,982	)
	9,900		02/12/22		1.420%(S)	3 Month LIBOR(1)(Q)		1,368			(123,652	)		(125,020	)
	7,500		05/11/22		2.300%(S)	FEDL01(1)(A)		(148,722	)		(337,669	)		(188,947	)

See Notes to Financial Statements.

26

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at February 28, 2021			Unrealized Appreciation (Depreciation)
	2,000		12/10/22		0.362%(S)	FEDL01(1)(A)	$	22		$	(10,487	)	$	(10,509	)
	8,000		07/02/22		(0.001)%(S)	FEDL01(1)(A)		112			14,981			14,869
	5,000		04/13/23		(0.013)%(S)	FEDL01(1)(A)		124			19,451			19,327
	7,000		01/14/23		(0.006)%(S)	FEDL01(1)(A)		124			16,918			16,794
	8,560		05/11/23		2.250%(S)	FEDL01(1)(A)		(463,866	)		(500,932	)		(37,066	)
	8,750		02/04/24		0.133%(S)	FEDL01(1)(A)		9,997			35,251			25,254
	19,500		03/01/24		0.230%(S)	FEDL01(1)(A)		24,188			31,821			7,633
							$	(1,353,098	)	$	(6,802,260	)	$	(5,449,162	)

(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, including pending settlement for closed positions, 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.	$	2,022,000	$	—

Fair Value Measurements:

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

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

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

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

See Notes to Financial Statements.

PGIM Ultra Short Bond ETF 27

Schedule of Investments (unaudited) (continued)

as of February 28, 2021

The following is a summary of the inputs used as of February 28, 2021 in valuing such portfolio securities:

	Level 1		Level 2			Level 3
Investments in Securities
Assets
Asset-Backed Securities
Automobile ABS	$	—	$	5,605,210		$	—
Collateralized Loan Obligations		—		242,498,775			—
Commercial Mortgage-Backed Securities		—		204,497,548			—
Corporate Bonds		—		590,408,212			—
Certificates of Deposit		—		32,951,451			—
Sovereign Bonds		—		6,572,656			—
Affiliated Mutual Funds		111,174,112		—			—
Time Deposit		—		7,201			—
Commercial Paper		—		73,942,328			—
Corporate Notes		—		11,758,753			—
Total	$	111,174,112	$	1,168,242,134		$	—
Other Financial Instruments*
Assets
Futures Contracts	$	7,526	$	—		$	—
Centrally Cleared Interest Rate Swap Agreements		—		83,877			—
Total	$	7,526	$	83,877		$	—
Liabilities
Centrally Cleared Interest Rate Swap Agreements	$	—	$	(5,533,039	)	$	—
Total	$	—	$	(5,533,039	)	$	—

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

See Notes to Financial Statements.

28

Industry Classification:

The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of February 28, 2021 were as follows:

Collateralized Loan Obligations	19.4	%
Commercial Mortgage-Backed Securities	16.4
Banks	14.5
Affiliated Mutual Fund (0.4% represents investments purchased with collateral from securities on loan)	8.9
Commercial Paper	5.9
Electric	4.1
Insurance	3.5
Pharmaceuticals	3.3
Auto Manufacturers	2.8
Oil & Gas	2.8
Food	2.2
Diversified Financial Services	2.2
Retail	1.1
Real Estate Investment Trusts (REITs)	1.1
Computers	1.0
Machinery-Constructions & Mining	0.8
Savings & Loans	0.8
Commercial Services	0.7
Beverages	0.7
Advertising	0.7
Airlines	0.7
Biotechnology	0.7
Apparel	0.6
Household Products/Wares	0.6
Forest Products & Paper	0.6
Machinery-Diversified	0.6
Software	0.6
Real Estate	0.6
Sovereign Bonds	0.5
Transportation	0.5
Automobile ABS	0.5
Healthcare-Products	0.4
Semiconductors	0.4
Media	0.4
Telecommunications	0.3
Chemicals	0.3
Agriculture	0.3
Coal	0.3
Miscellaneous Manufacturer	0.2
Holding Companies-Diversified	0.2
Aerospace & Defense	0.1
Pipelines	0.1
Time Deposit	0.0	*
	102.4
Liabilities in excess of other assets	(2.4	)
	100.0	%

* Less than +/- 0.05%.

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

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

See Notes to Financial Statements.

PGIM Ultra Short Bond ETF 29

Schedule of Investments (unaudited) (continued)

as of February 28, 2021

Fair values of derivative instruments as of February 28, 2021 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*	$	7,526	Due from/to broker—variation margin futures*	$	—
Interest rate contracts	Due from/to broker—variation margin swaps*		83,877	Due from/to broker—variation margin swaps*		(5,533,039	)
		$	91,403		$	(5,533,039	)

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

The effects of derivative instruments on the Statement of Operations for the period ended February 28, 2021 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
Interest rate contracts	$	(7,435	)	$	(2,748,639	)

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Futures		Swaps
Interest rate contracts	$	12,439	$	2,750,563

For the period ended February 28, 2021 the Fund’s average volume of derivative activities is as follows:

Futures Contracts— Long Positions(1)		Futures Contracts— Short Positions(1)		Interest Rate Swap Agreements(1)
$	—	$	11,558,544	$	363,198,333

(1) Notional Amount in USD.

See Notes to Financial Statements.

30

Average volume is based on average quarter end balances as noted for the six months ended February 28, 2021.

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	$	4,998,616	$	($4,998,616	)	$	—

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

See Notes to Financial Statements.

PGIM Ultra Short Bond ETF 31

Statement of Assets & Liabilities (unaudited)

as of February 28, 2021

Assets
Investments at value, including securities on loan of $4,998,616:
Unaffiliated investments (cost $1,160,398,640)	$	1,168,242,134
Affiliated investments (cost $111,175,089)		111,174,112
Cash		3
Interest and dividends receivable		3,806,758
Deposit with broker for centrally cleared/exchange-traded derivatives		2,022,000
Other assets		344
Total Assets		1,285,245,351
Liabilities
Payable for investments purchased		30,722,307
Payable to broker for collateral for securities on loan		5,024,266
Management fee payable		140,448
Due to broker—variation margin swaps		31,954
Due to broker—variation margin futures		2,750
Total Liabilities		35,921,725
Net Assets	$	1,249,323,626
Net assets were comprised of:
Common stock, at par	$	25,050
Paid-in capital in excess of par		1,257,176,678
Total distributable earnings (loss)		(7,878,102	)
Net assets, February 28, 2021	$	1,249,323,626
Net asset value, offering price and redemption price per share, ($1,249,323,626 / 25,050,000 shares of common stock issued and outstanding)	$	49.87

See Notes to Financial Statements.

32

Statement of Operations (unaudited)

Six Months Ended February 28, 2021

Net Investment Income (Loss)
Income
Interest income	$	9,131,358
Affiliated dividend income		51,153
Income from securities lending, net (including affiliated income of $2,858)		2,858
Total income		9,185,369
Expenses
Management fee		843,955
Total expenses		843,955
Net investment income (loss)		8,341,414
Realized And Unrealized Gain (Loss) On Investments
Net realized gain (loss) on:
Investment transactions (including affiliated of $(26))		1,077,173
Futures transactions		(7,435	)
Swap agreement transactions		(2,748,639	)
		(1,678,901	)
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $(977))		(1,690,672	)
Futures		12,439
Swap agreements		2,750,563
		1,072,330
Net gain (loss) on investment transactions		(606,571	)
Net Increase (Decrease) In Net Assets Resulting From Operations	$	7,734,843

See Notes to Financial Statements.

PGIM Ultra Short Bond ETF 33

Statements of Changes in Net Assets

	Six Months Ended February 28, 2021 (unaudited)			Year Ended August 31, 2020
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	8,341,414		$	18,720,058
Net realized gain (loss) on investments		(1,678,901	)		(8,313,008	)
Net change in unrealized appreciation (depreciation) on investments		1,072,330			1,943,730
Net increase (decrease) in net assets resulting from operations		7,734,843			12,350,780
Dividends and Distributions
Distributions from distributable earnings		(9,251,382	)		(19,849,756	)
Fund share transactions
Net proceeds from shares sold		277,024,962			901,617,907
Cost of shares purchased		(66,072,967	)		(417,220,526	)
Net increase (decrease) in net assets from Fund share transactions		210,951,995			484,397,381
Total increase (decrease)		209,435,456			476,898,405
Net Assets:
Beginning of period		1,039,888,170			562,989,765
End of period	$	1,249,323,626		$	1,039,888,170

See Notes to Financial Statements.

34

Notes to Financial Statements (unaudited)

1. Organization

PGIM ETF Trust (the “Trust”) is an open-end management investment company registered under the Investment Company Act of 1940, as amended (“1940 Act”). The Trust was organized as a Delaware statutory trust on October 23, 2017 and currently consists of six separate series: 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. Each series operates as an exchange-traded fund.

These financial statements relate only to PGIM Ultra Short Bond ETF (the “Fund”). The Fund is classified as a diversified fund for purposes of the 1940 Act.

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.

2. Accounting Policies

The Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) Topic 946 Financial Services—Investment Companies. The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies conform to U.S. generally accepted accounting principles (“GAAP”). 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 as of the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. As described in further detail below, the Fund’s investments are valued daily based on a number of factors, including the type of investment and whether market quotations are readily available. The Trust’s Board of Trustees (the “Board”) has adopted valuation procedures for security valuation under which fair valuation responsibilities have been delegated to PGIM Investments LLC (“PGIM Investments” or the “Manager”). Pursuant to the Board’s delegation, the Manager has established a Valuation Committee responsible for supervising the fair valuation of portfolio securities and other assets and liabilities. The valuation procedures permit the Fund to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. A record of the Valuation Committee’s actions is subject to the Board’s review, at its first quarterly meeting following the quarter in which such actions take place.

PGIM Ultra Short Bond ETF 35

Notes to Financial Statements (unaudited) (continued)

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

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

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

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

Fixed income securities traded in the OTC market are generally classified as Level 2 in the fair value hierarchy. Such fixed income securities are typically valued using the market approach which generally involves obtaining data from an approved independent third-party vendor source. The Fund utilizes the market approach as the primary method to value securities when market prices of identical or comparable instruments are available. The third-party vendors’ valuation techniques used to derive the evaluated bid price are 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.

36

OTC and centrally cleared derivative instruments are generally classified as Level 2 in the fair value hierarchy. Such derivative instruments are typically valued using the market approach and/or income approach which generally involves obtaining data from an approved independent third-party vendor source. The Fund utilizes the market approach when quoted prices in broker-dealer markets are available but also includes consideration of alternative valuation approaches, including the income approach. In the absence of reliable market quotations, the income approach is typically utilized for purposes of valuing derivatives such as interest rate swaps based on a discounted cash flow analysis whereby the value of the instrument is equal to the present value of its future cash inflows or outflows. Such analysis includes projecting future cash flows and determining the discount rate (including the present value factors that affect the discount rate) used to discount the future cash flows. In addition, the third-party vendors’ valuation techniques used to derive the evaluated derivative price is based on evaluating observable inputs, including but not limited to, underlying asset prices, indices, spreads, interest rates and exchange rates. Certain derivatives may be classified as Level 3 when valued using the market approach by obtaining a single broker quote or when utilizing unobservable inputs in the income approach. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.

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

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

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

PGIM Ultra Short Bond ETF 37

Notes to Financial Statements (unaudited) (continued)

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.

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

Interest Rate Swaps: Interest rate swaps represent an agreement between counterparties to exchange cash flows based on the difference between two interest rates, applied to a notional principal amount for a specified period. The Fund is subject to interest rate risk in the normal course of pursuing its investment objective. 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.

Master Netting Arrangements: The Trust, on behalf of the Fund, is subject to various Master Agreements, or netting arrangements, with select counterparties. These are agreements which a subadviser may have negotiated and entered into on behalf of all or a

38

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

Securities Lending: The Fund lends its portfolio securities to banks and broker-dealers. The loans are secured by collateral at least equal to the market value of the securities loaned. Collateral pledged by each borrower is invested in an affiliated money market fund and is marked to market daily, based on the previous day’s market value, such that the value of the collateral exceeds the value of the loaned securities. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the financial statements may reflect a collateral value that is less than the market value of the loaned securities. Such shortfall is remedied as described above. Loans are subject to termination at the option of the borrower or the Fund. Upon termination of the loan, the borrower will return to the Fund securities identical to the loaned securities. The remaining maturities of the securities lending transactions are considered overnight and continuous. Should the borrower of the securities fail financially, the Fund has the right to repurchase the securities in the open market using the collateral. The Fund recognizes income, net of any rebate and securities lending agent fees, for lending its securities in the form of fees or interest on the investment of any cash received as collateral. The borrower receives all interest and dividends from the securities loaned and such payments are passed back to the lender in amounts equivalent thereto, which are reflected in interest income or unaffiliated dividend income based upon the nature of the payment on the Statement of Operations. The Fund also continues to recognize any unrealized gain (loss) in the market price of the securities loaned and on the change in the value of the collateral invested that may occur during the term of the loan. In addition, realized gain (loss) is recognized on changes in the value of the collateral invested upon liquidation of the collateral. Net earnings from securities lending are disclosed in the Statement of Operations.

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

PGIM Ultra Short Bond ETF 39

Notes to Financial Statements (unaudited) (continued)

investment income and capital gains, if any, to its shareholders. Therefore, no federal income tax provision is required. Withholding taxes on foreign dividends, interest and capital gains, if any, are recorded, net of reclaimable amounts, at the time the related income is earned.

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

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

3. Agreements

Pursuant to a management agreement with the Trust on behalf of the Fund (the Management Agreement), PGIM Investments manages each Fund’s investment operations and administers its business affairs. PGIM Investments is also responsible for supervising the Fund’s subadviser.

Pursuant to the management agreement relating to the Fund, there is a unitary fee structure for the fund whereby PGIM Investments is responsible for substantially all expenses of the Fund, except taxes, brokerage expenses, interest expenses, distribution fees or expenses, expenses incident to shareholder meetings and extraordinary expenses. The Fund may also pay for any costs or expenses of investing in other funds. For more information on the unitary management fee structure please refer to the Fund’s Statement of Additional Information.

The unitary fee paid to the Manager is accrued daily and payable monthly, at an annual rate of 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.

40

The Manager has entered into a subadvisory agreement (Subadvisory Agreement) with PGIM, Inc. and PGIM Limited, the Fund’s investment subadvisers (collectively, the “subadviser”). The Manager pays for the services of the subadviser.

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

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

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

4. Other Transactions with Affiliates

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. PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services to the Core Fund. In addition to the realized and unrealized gains on investments in the Core Fund and Money Market Fund, earnings from such investments are disclosed on the Statement of Operations as “Affiliated dividend income” and “Income from securities lending, net”, respectively.

The Fund may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act, that subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors, and/or common officers. For the period ended February 28, 2021, no 17a- 7 transactions were entered into by the Fund.

5. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the period ended February 28, 2021, were $450,049,041 and $80,413,270 respectively.

PGIM Ultra Short Bond ETF 41

Notes to Financial Statements (unaudited) (continued)

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the period ended February 28, 2021, 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
Short-Term Investments—Affiliated Mutual Funds:
PGIM Core Ultra Short Bond Fund(1)(wa)
$91,427,244	$	417,777,053	$	403,054,000	$	—		$	—		$	106,150,297		106,150,297	$	51,153
PGIM Institutional Money Market Fund(1)(b)(wa)
—		5,285,235		260,417		(977	)		(26	)		5,023,815		5,026,328		2,858	(2)
$91,427,244	$	423,062,288	$	403,314,417	$	(977	)	$	(26	)	$	111,174,112		111,176,625	$	54,011

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

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

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

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

6. Tax Information

The United States federal income tax basis of the Fund’s investments and the net unrealized depreciation as of February 28, 2021 were as follows:

Tax Basis	$	1,274,945,905
Gross Unrealized Appreciation		8,346,026
Gross Unrealized Depreciation		(9,317,321	)
Net Unrealized Depreciation	$	(971,295	)

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

For federal income tax purposes, the Fund had a capital loss carryforward as of August 31, 2020 of $8,018,000 which can be carried forward for an unlimited period. No capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such losses.

The Manager has analyzed the Fund’s tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Fund’s financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Fund’s U.S. federal and state tax returns for each of the three fiscal years up to the most recent fiscal year ended August 31, 2020 are subject to such review.

42

7. Capital and Ownership

The Fund is an exchange-traded fund, commonly known as an “ETF”. Individual shares of the Fund may only be purchased and sold in secondary market transactions through brokers or other financial intermediaries. Shares of the Fund are listed for trading on the NYSE Arca, Inc. (the “Exchange”), and because the shares of the Fund trade at market prices rather than NAV, shares of the Fund may trade at a price greater than NAV (a premium) or less than NAV (a discount). The Fund will issue and redeem its shares at NAV only in aggregations of a specified number of shares called a “Creation Unit”.

An Authorized Participant is a member or participant of a clearing agency registered with the SEC, which has a written agreement with a Fund or one of its service providers that allows the Authorized Participant to place orders for the purchase and redemption of Creation Units.

A creation transaction, which is subject to acceptance by the Distributor and a Fund, generally takes place when an Authorized Participant deposits into a Fund a designated portfolio of securities, assets or other positions (a “creation basket”, and an amount of cash (including any cash representing the value of substituted securities, assets or other positions), if any, which together approximate the holdings of the Fund in exchange for a specified number of Creation Units. Similarly, shares can be redeemed only in Creation Units, generally for a designated portfolio of securities, assets or other propositions (the “redemption basket”) held by a Fund and an amount of cash (including any portion of such securities for which cash may be substituted). The Fund may, in certain circumstances, offer Creation Units partially or solely for cash. Except when aggregated in Creation Units, shares are not redeemable by the Fund. Creation and redemption baskets may differ and the Fund may accept “custom baskets.”

A Creation Unit consists of 25,000 shares of the Fund. Authorized Participants generally are required to pay a fixed creation transaction fee and/or a fixed redemption transaction fee, as applicable, for each transaction in a Creation Unit regardless of the number of Creation Units created or redeemed on that day. The Fund may adjust the transaction fee from time to time. An additional charge or a variable charge may be applied to certain creation and redemption transactions, including non-standard orders and whole or partial cash purchases or redemptions when deemed appropriate. For the period ended February 28, 2021, these fixed transaction fees are being paid by PGIM Investments. For the reporting period ended February 28, 2021, PGIM Investments paid $14,250 of fixed transaction fees to BBH.

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

As of February 28, 2021, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Fund as follows:

Fund	Number of Shares	Percentage of Outstanding Shares
PGIM Ultra Short Bond ETF	2,593,659	10.4%

PGIM Ultra Short Bond ETF 43

Notes to Financial Statements (unaudited) (continued)

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

	Affiliated		Unaffiliated
Fund	Number of Shareholders	Percentage of Outstanding Shares	Number of Shareholders	Percentage of Outstanding Shares
PGIM Ultra Short Bond ETF	1	10.3%	4	49.4%

Transactions in shares of beneficial interest were as follows:

Reporting period ended February 28, 2021:

	Shares			Amount
Shares sold		5,550,000		$	277,024,962
Shares purchased		(1,325,000	)		(66,072,967	)
Net increase (decrease) in shares outstanding		4,225,000		$	210,951,995

Reporting period ended August 31, 2020:

	Shares			Amount
Shares sold		18,025,000		$	901,617,907
Shares purchased		(8,425,000	)		(417,220,526	)
Net increase (decrease) in shares outstanding		9,600,000		$	484,397,381

8. Borrowings

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

	Current SCA	Prior SCA
Term of Commitment	10/2/2020 – 9/30/2021	10/3/2019 – 10/1/2020
Total Commitment	$1,200,000,000	$1,222,500,000*
Annualized Commitment Fee on the Unused Portion of the SCA	0.15%	0.15%
Annualized Interest Rate on Borrowings	1.30% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent	1.20% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent

* Effective March 31, 2020, the SCA’s total commitment was increased from $900,000,000 to $1,162,500,000 and subsequently, effective April 7, 2020 was increased to $1,222,500,000.

44

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

The Fund did not utilize the SCA during the reporting period ended February 28, 2021.

9. Risks of Investing in the Fund

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

Authorized Participant Concentration Risk: Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of intermediaries that act as Authorized Participants and none of these Authorized Participants is or will be obligated to engage in creation or redemption transactions. To the extent that these 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: As with credit risk, market risk and interest rate 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 lose income.

Credit Risk: This is the risk that the issuer, the guarantor or the insurer of a fixed income security, or the counterparty to a contract, may be unable or unwilling to make timely principal and interest payments, or to otherwise honor its obligations. Additionally, fixed income securities could lose value due to a loss of confidence in the ability of the issuer, guarantor, insurer or counterparty to pay back debt. The longer the maturity and the lower the credit quality of a bond, the more sensitive it is to credit risk.

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

PGIM Ultra Short Bond ETF 45

Notes to Financial Statements (unaudited) (continued)

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.

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.

Interest Rate Risk: The value of your investment may go down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration debt securities. For example, a fixed income security with a duration of three years is expected to decrease in value by approximately 3% if interest rates increase by 1%. This is referred to as “duration risk”. When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and the Fund may be required to reinvest the proceeds at a lower interest rate. This is referred to as “prepayment risk”. When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of the Fund’s holdings may fall sharply. This is referred to as “extension risk”. The Fund may lose money if short-term or long-term interest rates rise sharply or in a manner not anticipated by the subadviser.

LIBOR Risk: Many financial instruments use or may use a floating rate based on the London Interbank Offered Rate, or “LIBOR,” which is the offered rate for short-term Eurodollar deposits between major international banks. Over the course of the last several

46

years, global regulators have indicated an intent to phase out the use of LIBOR and similar interbank offering rates (IBOR). On November 30, 2020, the administrator of LIBOR announced a delay in the phase out of a majority of the U.S. dollar LIBOR publications until June 30, 2023, with the remainder of LIBOR publications to still end at the end of 2021. There still remains uncertainty regarding the nature of any replacement rates for LIBOR and the other IBORs as well as around fallback approaches for instruments extending beyond the any phase-out of these reference rates. The lack of consensus around replacement rates and the uncertainty of the phase out of LIBOR and other IBORs may result in increased volatility in corporate or governmental debt, bank loans, derivatives and other instruments invested in by a Fund as well as loan facilities used by a Fund. As such, the potential impact of a transition away from LIBOR on a Fund or the financial instruments in which a Fund invests cannot yet be determined. The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect a Fund’s performance and/or net asset value. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. Because the usefulness of LIBOR and the other IBORs as benchmarks could deteriorate during the transition period, these effects could begin to be experienced by the end of 2021 and beyond until the anticipated discontinuance date in 2023 for the majority of the LIBOR rates.

Liquidity Risk: Liquidity risk is the risk that the Fund could not meet requests to redeem shares issued by the Fund without significant dilution of remaining investors’ interests in the Fund. The Fund may invest in instruments that trade in lower volumes and are more illiquid than other investments. If the Fund is forced to sell these investments to pay redemption proceeds or for other reasons, the Fund may lose money. In addition, when there is no willing buyer and investments cannot be readily sold at the desired time or price, the Fund may have to accept a lower price or may not be able to sell the instrument at all. The reduction in dealer market-making capacity in the fixed income markets that has occurred in recent years also has the potential to reduce the 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 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.

Market Disruption and Geopolitical Risks: International wars or conflicts and geopolitical developments in foreign countries, along with instability in regions such as Asia, Eastern Europe, and the Middle East, possible terrorist attacks in the United States or around the world, public health epidemics such as the outbreak of infectious diseases like the recent outbreak of coronavirus globally or the 2014–2016 outbreak in West Africa of the Ebola virus, and other similar events could adversely affect the U.S. and foreign financial markets, including increases in market volatility, reduced liquidity in the securities markets and

PGIM Ultra Short Bond ETF 47

Notes to Financial Statements (unaudited) (continued)

government intervention, and may cause further long-term economic uncertainties in the United States and worldwide generally.

The coronavirus pandemic and the related governmental and public responses have had and may continue to have an impact on the Fund’s investments and net asset value and have led and may continue to lead to increased market volatility and the potential for illiquidity in certain classes of securities and sectors of the market. Preventative or protective actions that governments may take in respect of pandemic or epidemic diseases may result in periods of business disruption, business closures, inability to obtain raw materials, supplies and component parts, and reduced or disrupted operations for the issuers in which the Fund invests. Government intervention in markets may impact interest rates, market volatility and security pricing. The occurrence, reoccurrence and pendency of such diseases could adversely affect the economies (including through changes in business activity and increased unemployment) and financial markets either in specific countries or worldwide.

Mortgage-Backed and Asset-Backed Securities Risks: Mortgage-backed and asset-backed securities tend to increase in value less than other debt securities when interest rates decline, but are subject to similar risk of decline in market value during periods of rising interest rates. The values of mortgage-backed and asset-backed securities become more volatile as interest rates rise. In a period of declining interest rates, the Fund may be required to reinvest more frequent prepayments on mortgage-backed and asset-backed securities in lower-yielding investments.

10. Recent Accounting Pronouncement and Regulatory Developments

In March 2020, the FASB issued Accounting Standard Update (“ASU”) No. 2020-04, which provides optional guidance for applying GAAP to contract modifications, hedging relationships and other transactions affected by the reference rate reform if certain criteria are met. ASU 2020-04 is elective and is effective on March 12, 2020 through December 31, 2022. At this time, management is evaluating the implications of certain provisions of the ASU and any impact on the financial statement disclosures has not yet been determined.

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

48

Financial Highlights

	Six Months Ended February 28, 2021 (unaudited)			Year Ended August 31, 2020			Year Ended August 31, 2019			April 5, 2018(e) through August 31, 2018
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$49.93			$50.15			$50.12			$50.00
Income (loss) from investment operations:
Net investment income (loss)		0.37			1.06			1.40			0.53
Net realized and unrealized gain (loss) on investments		(0.03	)		(0.08	)		(0.02	)		0.01
Total from investment operations		0.34			0.98			1.38			0.54
Less Dividends and Distributions:
Dividends from net investment income		(0.40	)		(1.20	)		(1.35	)		(0.42	)
Net asset value, end of period		$49.87			$49.93			$50.15			$50.12
Total Return(b):		0.69%			1.99%			2.80%			1.08%
Ratios/Supplemental Data:
Net assets, end of period (000)		$1,249,324			$1,039,888			$562,990			$52,627
Average net assets (000)		$1,134,598			$883,274			$246,678			$33,209
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		0.15%	(d)		0.15%			0.15%			0.15%	(d)
Expenses before waivers and/or expense reimbursement		0.15%	(d)		0.15%			0.15%			0.15%	(d)
Net investment income (loss)		1.48%	(d)		2.12%			2.77%			2.58%	(d)
Portfolio turnover rate(f)		8%			47%			7%			145%

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

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

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

(d) Annualized.

(e) Commencement of operations.

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

See Notes to Financial Statements.

PGIM Ultra Short Bond ETF 49

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

PROXY VOTING

The Board of Trustees of the Fund has delegated to the Fund’s subadviser the responsibility for voting any proxies and maintaining proxy recordkeeping with respect to the Fund. A description of these proxy voting policies and procedures is available without charge, upon request, by calling (800) 225-1852 or by visiting the Securities and Exchange Commission’s website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website and on the Securities and Exchange Commission’s website.

TRUSTEES

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

OFFICERS

Stuart S. Parker, President • Scott E. Benjamin, Vice President • Christian J. Kelly, Treasurer and Principal Financial and Accounting Officer • Claudia DiGiacomo, Chief Legal Officer • Dino Capasso, Chief Compliance Officer • Jon Corbett, Anti-Money Laundering Compliance Officer • Andrew R. French, Secretary • Melissa Gonzalez, Assistant Secretary • Diana N. Huffman, Assistant Secretary • Patrick McGuinness, Assistant Secretary • Debra Rubano, 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
	PGIM Limited	Grand Buildings, 1-3 Strand Trafalgar Square London, WC2N 5HR United Kingdom
DISTRIBUTOR	Prudential Investment Management Services LLC	655 Broad Street Newark, NJ 07102
CUSTODIAN/TRANSFER AGENT	Brown Brothers Harriman & Co.	50 Post Office Square Boston, MA 02110
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	PricewaterhouseCoopers LLP	300 Madison Avenue New York, NY 10017
FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue New York, NY 10019

An investor should consider the investment objectives, risks, charges, and expenses of the 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 pgim.com/investments or by calling (800) 225-1852. The prospectus and summary prospectus should be read carefully before investing.

E-DELIVERY

To receive your fund documents online, go to pgim.com/investments/resource/edelivery and enroll. Instead of receiving printed documents by mail, you will receive notification via email when new materials are available. You can cancel your enrollment or change your email address at any time by visiting the website address above.

SHAREHOLDER COMMUNICATIONS WITH TRUSTEES

Shareholders can communicate directly with the Board of Trustees by writing to the Chair of the Board, PGIM 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 that Trustee at the same address. Communications are not screened before being delivered to the addressee.

AVAILABILITY OF PORTFOLIO SCHEDULE

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT filings are available on the Commission’s website at sec.gov.

Funds:

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

PGIM ULTRA SHORT BOND ETF

TICKER SYMBOL PULS

ETF1000E2

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

SEMIANNUAL REPORT

FEBRUARY 28, 2021

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

Table of Contents

Letter from the President	3
Your Fund’s Performance	4
Fees and Expenses	6
Holdings and Financial Statements	9

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

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

The 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.

The accompanying financial statements as of February 28, 2021 were not audited and, accordingly, no auditor’s opinion is expressed on them.

Exchange-traded funds are distributed by Prudential Investment Management Services LLC (PIMS), member SIPC. PGIM Fixed Income is a unit of PGIM, Inc. (PGIM), a registered investment adviser. PIMS and PGIM are Prudential Financial companies. ^© 2021 Prudential Financial, Inc. and its related entities. PGIM and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

2 Visit our website at pgim.com/investments

Letter from the President

Dear Shareholder,

We hope you find the semiannual report for the PGIM Active High Yield Bond ETF informative and useful. The report covers performance for the six-month period ended February 28, 2021.

Regarding your investments with PGIM, we believe it is important to maintain a diversified portfolio of funds consistent with your tolerance for

risk, time horizon, and financial goals.

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

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

Thank you for choosing our family of funds.

Sincerely,

Stuart S. Parker, President

PGIM Active High Yield Bond ETF

April 15, 2021

PGIM Active High Yield Bond ETF 3

Your Fund’s Performance

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

	Average Annual Total Returns as of 2/28/21
	Six Months* (%)	One Year (%)	Since Inception (%)
Net Asset Value (NAV)	7.01	10.75	8.46 (9/24/18)
Market Price**	6.37	9.43	8.44 (9/24/18)
Bloomberg Barclays US High Yield Very Liquid Index	5.05	8.38	6.57

*Not annualized

**The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated. The first day of secondary market trading is typically several days after the date on which the Fund commenced investment operations; therefore, the NAV of the Fund is used as a proxy for the period from inception of investment operations to the first day of secondary market trading to calculate the market price returns.

Since inception returns for the Index are measured from the closest month-end to the Fund’s inception date.

The returns in the table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or following the 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 (the Index)—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 Index uses the same eligibility criteria as the US Corporate High Yield Index, but includes only the three largest bonds from each issuer that have a minimum amount outstanding of USD500mn and less than five years from issue date. The Index also limits the exposure of each issuer to 2% of the total market value and redistributes any excess market value index-wide on a pro rata basis.

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

4 Visit our website at pgim.com/investments

Credit Quality expressed as a percentage of total investments as of 2/28/21 (%)
BBB	3.0
BB	46.8
B	34.6
CCC	12.2
CC	0.2
D	0.2
Not Rated	1.8
Cash/Cash Equivalents	1.2
Total Investments	100.0

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

Distributions and Yields as of 2/28/21
	Total Distributions Paid for Six Months ($)	SEC 30-Day Subsidized Yield* (%)	SEC 30-Day Unsubsidized Yield** (%)
	1.78	4.03	4.03

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

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

PGIM Active High Yield Bond ETF 5

Fees and Expenses

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

The example is based on an investment of $1,000 held through the six-month period ended February 28, 2021. The example is for illustrative purposes only.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

The second line in the table 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.

6 Visit our website at pgim.com/investments

PGIM Active High Yield Bond ETF	Beginning Account Value September 1, 2020		Ending Account Value February 28, 2021		Annualized Expense Ratio based on the Six-Month Period			Expenses Paid During the Six-Month Period*
Actual Hypothetical	$ $	1,000.00 1,000.00	$ $	1,070.10 1,022.17		0.53 0.53	%  %	$ $	2.72 2.66

* Fund expenses (net of fee waivers or subsidies, if any) are equal to the annualized expense ratio (provided in the table), multiplied by the average account value over the period, multiplied by the 181 days in the six-month period ended February 28, 2021, and divided by the 365 days in the Fund’s fiscal year ending August 31, 2021 (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 7

Schedule of Investments (unaudited)

as of February 28, 2021

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
LONG-TERM INVESTMENTS    97.5%
BANK LOANS    3.7%
Computers    0.1%
Everi Payments, Inc., Term Loan, 1 Month LIBOR + 10.500%		11.500	%(c)		05/09/24		25	$	25,870
Diversified/Conglomerate Services    0.5%
Intrado Corp., Initial Term B Loan, 3 Month LIBOR + 3.500%		5.000	(c)		10/10/24		299		294,084
Electric    0.0%
Tech Data Corp., Non-FILO Term Loan, 1 Month LIBOR + 3.500%		3.615	(c)		06/30/25		25		25,100
Electric & Gas Marketing    0.3%
Heritage Power LLC, Term Loan, 3 Month LIBOR + 6.000%		7.000	(c)		07/30/26		148		141,944
Entertainment    0.2%
Golden Nugget Online Gaming, Inc., 2020 Initial Term Loan, 3 Month LIBOR + 12.000%		13.000	(c)		10/04/23		4		4,360
Scientific Games International, Inc., Initial Term B-5 Loan, 1 Month LIBOR + 2.750%		2.865	(c)		08/14/24		74		72,615
Twin River Worldwide Holdings, Inc., Term B-1 Facility Loan, 3 Month LIBOR + 8.000%		9.000	(c)		05/11/26		50		53,170
									130,145
Industrial Services    0.2%
Great American Outdoors Group LLC, Term Loan B, 3 Month LIBOR + 4.250%		5.000	(c)		03/06/28		125		125,097
Infrastructure Software    0.4%
McAfee LLC, Term B USD Loan, 1 Month LIBOR + 3.750%		3.865	(c)		09/30/24		217		217,579
Oil & Gas    0.3%
Ascent Resources Utica Holdings LLC/Aru Finance Corp., Term Loan (Second Lien), 3 Month LIBOR + 9.000%		10.000	(c)		11/01/25		118		130,611
CITGO Petroleum Corp., 2019 Incremental Term B Loan, 3 Month LIBOR + 6.250%		7.250	(c)		03/28/24		67		67,448
									198,059

See Notes to Financial Statements.

PGIM Active High Yield Bond ETF 9

Schedule of Investments (unaudited) (continued)

as of February 28, 2021

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
BANK LOANS (Continued)
Software    1.1%
Greeneden U.S. Holdings I LLC, Initial Dollar Term Loan, 1 Month LIBOR + 4.000%		4.750	%(c)		12/01/27		25	$	25,094
Informatica LLC, Initial Loan (Second Lien)		7.125			02/25/25		25		25,604
Peraton Corp., Cov-Lite Delayed Draw Term Loan, 2 Month LIBOR + 3.750%		4.500	(c)		02/01/28		96		96,009
Peraton Corp., Term B Loan (First Lien), 2 Month LIBOR + 3.750%		4.500	(c)		02/01/28		54		54,553
Playtika Holding Corp., Term B Loan, 3 Month LIBOR + 6.000%		7.000	(c)		12/10/24		119		119,089
TIBCO Software, Inc., Term B-3 Loan, 1 Month LIBOR + 3.750%		3.870	(c)		06/30/26		199		199,049
TIBCO Software, Inc., Term Loan (Second Lien), 1 Month LIBOR + 7.250%		7.370	(c)		03/03/28		125		126,146
									645,544
Specialty Chemicals    0.3%
Solenis Holdings LLC, Initial Dollar Term Loan (First Lien), 3 Month LIBOR + 4.000%		4.190	(c)		06/26/25		98		97,851
Solenis Holdings LLC, Initial Term Loan (Second Lien), 3 Month LIBOR + 8.500%		8.690	(c)		06/26/26		100		100,125
									197,976
Telecommunications    0.3%
Xplornet Communications, Inc., Initial Term Loan, 1 Month LIBOR + 4.750%		4.865	(c)		06/10/27		174		174,796
TOTAL BANK LOANS (cost $2,011,608)									2,176,194
CORPORATE BONDS    92.6%
Advertising    0.6%
Lamar Media Corp., Gtd. Notes, 144A		3.625			01/15/31		25		24,708
National CineMedia LLC,
Sr. Sec’d. Notes, 144A		5.875			04/15/28		50		46,058
Sr. Unsec’d. Notes		5.750			08/15/26		25		21,504
Terrier Media Buyer, Inc., Gtd. Notes, 144A		8.875			12/15/27		265		284,100
									376,370
Aerospace & Defense    2.0%
Boeing Co. (The),
Sr. Unsec’d. Notes		5.150			05/01/30		125		145,655
Sr. Unsec’d. Notes		5.805			05/01/50		225		290,099

See Notes to Financial Statements.

10

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Aerospace & Defense (cont'd.)
Boeing Co. (The), (cont'd.)
Sr. Unsec’d. Notes		5.930	%		05/01/60		50	$	65,699
Spirit AeroSystems, Inc., Sec’d. Notes, 144A		7.500			04/15/25		125		132,260
SSL Robotics LLC, Sr. Sec’d. Notes, 144A		9.750			12/31/23		175		196,001
TransDigm, Inc.,
Gtd. Notes		5.500			11/15/27		175		179,652
Gtd. Notes		6.500			05/15/25		100		102,017
Gtd. Notes, 144A		4.625			01/15/29		50		49,250
									1,160,633
Agriculture    0.2%
Vector Group Ltd.,
Gtd. Notes, 144A		10.500			11/01/26		50		53,961
Sr. Sec’d. Notes, 144A		5.750			02/01/29		75		77,761
									131,722
Airlines    0.1%
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd. (Cayman Islands), Sr. Sec’d. Notes, 144A		5.750			01/20/26		50		52,470
Apparel    0.7%
William Carter Co. (The), Gtd. Notes, 144A		5.500			05/15/25		200		211,473
Wolverine World Wide, Inc.,
Gtd. Notes, 144A		5.000			09/01/26		50		51,254
Gtd. Notes, 144A		6.375			05/15/25		125		133,602
									396,329
Auto Manufacturers    3.3%
Allison Transmission, Inc., Sr. Unsec’d. Notes, 144A		4.750			10/01/27		50		51,672
Ford Motor Co.,
Sr. Unsec’d. Notes(a)		4.750			01/15/43		250		252,610
Sr. Unsec’d. Notes		5.291			12/08/46		475		502,919
Sr. Unsec’d. Notes		7.400			11/01/46		75		97,636
Sr. Unsec’d. Notes		8.500			04/21/23		50		55,875
Sr. Unsec’d. Notes		9.000			04/22/25		100		120,926
Sr. Unsec’d. Notes(a)		9.625			04/22/30		120		170,179
Ford Motor Credit Co. LLC, Sr. Unsec’d. Notes		4.000			11/13/30		250		255,582
Navistar International Corp., Sr. Sec’d. Notes, 144A		9.500			05/01/25		305		341,163
PM General Purchaser LLC, Sr. Sec’d. Notes, 144A		9.500			10/01/28		75		82,002
									1,930,564

See Notes to Financial Statements.

PGIM Active High Yield Bond ETF 11

Schedule of Investments (unaudited) (continued)

as of February 28, 2021

Description	Interest Rate			Maturity Date			Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Auto Parts & Equipment    1.4%
Adient Global Holdings Ltd. (Jersey, Channel Islands), Gtd. Notes, 144A(a)		4.875	%		08/15/26			200	$	202,573
Adient US LLC, Sr. Sec’d. Notes, 144A		9.000			04/15/25			25		27,734
American Axle & Manufacturing, Inc.,
Gtd. Notes		6.250			04/01/25			25		25,757
Gtd. Notes		6.250			03/15/26			100		102,393
Gtd. Notes(a)		6.500			04/01/27			125		130,519
Cooper-Standard Automotive, Inc., Gtd. Notes, 144A		5.625			11/15/26			50		43,428
Dana Financing Luxembourg Sarl (Luxembourg), Gtd. Notes, 144A		6.500			06/01/26			100		104,431
Dana, Inc., Sr. Unsec’d. Notes		5.625			06/15/28			60		63,853
Tenneco, Inc., Sr. Sec’d. Notes, 144A		7.875			01/15/29			25		28,018
Titan International, Inc., Sr. Sec’d. Notes		6.500			11/30/23			75		73,617
										802,323
Banks    0.3%
Citigroup, Inc., 5 Year CMT Index + 3.417%		3.875	(c)		02/18/26	(rr)		75		74,666
Freedom Mortgage Corp., Sr. Unsec’d. Notes, 144A		7.625			05/01/26			75		80,246
										154,912
Building Materials    2.4%
Cornerstone Building Brands, Inc., Gtd. Notes, 144A		6.125			01/15/29			275		281,818
Forterra Finance LLC/FRTA Finance Corp., Sr. Sec’d. Notes, 144A		6.500			07/15/25			25		26,966
Griffon Corp., Gtd. Notes		5.750			03/01/28			125		131,217
Masonite International Corp. (Canada), Gtd. Notes, 144A		5.375			02/01/28			100		106,077
Patrick Industries, Inc., Gtd. Notes, 144A		7.500			10/15/27			50		54,759
SRM Escrow Issuer LLC, Sr. Sec’d. Notes, 144A		6.000			11/01/28			125		130,096
Standard Industries, Inc.,
Sr. Unsec’d. Notes, 144A		3.375			01/15/31			50		47,783
Sr. Unsec’d. Notes, 144A		4.375			07/15/30			75		77,314
Sr. Unsec’d. Notes, 144A		4.750			01/15/28			125		130,098
Sr. Unsec’d. Notes, 144A		5.000			02/15/27			120		124,059
Summit Materials LLC/Summit Materials Finance Corp.,
Gtd. Notes, 144A		5.250			01/15/29			15		15,914
Gtd. Notes, 144A		6.500			03/15/27			150		159,106
US Concrete, Inc., Gtd. Notes, 144A		5.125			03/01/29			125		128,663
										1,413,870

See Notes to Financial Statements.

12

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Chemicals    2.5%
Ashland LLC, Gtd. Notes		6.875	%		05/15/43		75	$	99,825
Axalta Coating Systems LLC, Gtd. Notes, 144A		3.375			02/15/29		150		145,731
Chemours Co. (The),
Gtd. Notes, 144A		5.750			11/15/28		100		102,387
Gtd. Notes		7.000			05/15/25		200		206,119
Cornerstone Chemical Co., Sr. Sec’d. Notes, 144A		6.750			08/15/24		75		70,688
HB Fuller Co., Sr. Unsec’d. Notes		4.250			10/15/28		25		25,521
Minerals Technologies, Inc., Gtd. Notes, 144A		5.000			07/01/28		25		26,060
Rain CII Carbon LLC/CII Carbon Corp., Sec’d. Notes, 144A		7.250			04/01/25		75		76,726
TPC Group, Inc.,
Sr. Sec’d. Notes, 144A		10.500			08/01/24		185		168,663
Sr. Sec’d. Notes, 144A		10.875			08/01/24		46		45,368
Tronox, Inc.,
Gtd. Notes, 144A		6.500			04/15/26		95		98,177
Sr. Sec’d. Notes, 144A		6.500			05/01/25		125		133,696
Valvoline, Inc., Sr. Unsec’d. Notes, 144A		3.625			06/15/31		50		49,344
Venator Finance Sarl/Venator Materials LLC (Multinational),
Gtd. Notes, 144A		5.750			07/15/25		105		104,230
Sr. Sec’d. Notes, 144A		9.500			07/01/25		25		28,285
WR Grace & Co.-Conn, Gtd. Notes, 144A		4.875			06/15/27		100		103,643
									1,484,463
Commercial Services    3.8%
Adtalem Global Education, Inc., Sr. Sec’d. Notes, 144A		5.500			03/01/28		75		74,638
Allied Universal Holdco LLC/Allied Universal Finance Corp.,
Sr. Sec’d. Notes, 144A		6.625			07/15/26		110		116,423
Sr. Unsec’d. Notes, 144A		9.750			07/15/27		150		165,496
AMN Healthcare, Inc.,
Gtd. Notes, 144A		4.000			04/15/29		25		25,421
Gtd. Notes, 144A		4.625			10/01/27		175		182,270
Brink’s Co. (The), Gtd. Notes, 144A		4.625			10/15/27		100		102,894
Gartner, Inc.,
Gtd. Notes, 144A		3.750			10/01/30		25		25,301
Gtd. Notes, 144A		4.500			07/01/28		15		15,759
Laureate Education, Inc., Gtd. Notes, 144A		8.250			05/01/25		335		351,723
Nielsen Finance LLC/Nielsen Finance Co.,
Gtd. Notes, 144A		5.625			10/01/28		50		52,754
Gtd. Notes, 144A		5.875			10/01/30		15		16,210

See Notes to Financial Statements.

PGIM Active High Yield Bond ETF 13

Schedule of Investments (unaudited) (continued)

as of February 28, 2021

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Commercial Services (cont'd.)
Shift4 Payments LLC/Shift4 Payments Finance		4.625	%		11/01/26		25	$	26,119
Sub, Inc., Gtd. Notes, 144A
United Rentals North America, Inc.,
Gtd. Notes		4.000			07/15/30		275		285,121
Gtd. Notes		4.875			01/15/28		200		211,515
Gtd. Notes		5.250			01/15/30		200		219,912
Verscend Escrow Corp., Sr. Unsec’d. Notes, 144A		9.750			08/15/26		350		375,713
									2,247,269
Computers    1.8%
Banff Merger Sub, Inc., Sr. Unsec’d. Notes, 144A		9.750			09/01/26		326		346,731
Everi Payments, Inc., Gtd. Notes, 144A		7.500			12/15/25		109		113,062
NCR Corp.,
Gtd. Notes, 144A		5.000			10/01/28		50		50,771
Gtd. Notes, 144A		5.250			10/01/30		50		51,921
Gtd. Notes, 144A		8.125			04/15/25		25		27,208
Tempo Acquisition LLC/Tempo Acquisition Finance Corp.,
Sr. Sec’d. Notes, 144A		5.750			06/01/25		25		26,542
Sr. Unsec’d. Notes, 144A		6.750			06/01/25		425		435,932
									1,052,167
Distribution/Wholesale    0.6%
Core & Main Holdings LP, Sr. Unsec’d. Notes, Cash coupon 8.625% or PIK 9.375%, 144A		8.625			09/15/24		150		153,021
H&E Equipment Services, Inc., Gtd. Notes, 144A		3.875			12/15/28		150		144,351
Performance Food Group, Inc., Gtd. Notes, 144A		5.500			10/15/27		25		26,289
									323,661
Diversified Financial Services    2.7%
Alliance Data Systems Corp., Gtd. Notes, 144A		4.750			12/15/24		100		102,455
Fairstone Financial, Inc. (Canada), Sr. Unsec’d. Notes, 144A		7.875			07/15/24		30		31,618
goeasy Ltd. (Canada), Gtd. Notes, 144A		5.375			12/01/24		75		77,894
Home Point Capital, Inc., Gtd. Notes, 144A		5.000			02/01/26		50		49,762
LPL Holdings, Inc., Gtd. Notes, 144A		5.750			09/15/25		50		51,477
Nationstar Mortgage Holdings, Inc.,
Gtd. Notes, 144A		5.125			12/15/30		125		127,571
Gtd. Notes, 144A		6.000			01/15/27		125		131,726

See Notes to Financial Statements.

14

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Diversified Financial Services (cont'd.)
OneMain Finance Corp.,
Gtd. Notes		4.000	%		09/15/30		125	$	121,146
Gtd. Notes		6.875			03/15/25		275		310,001
Gtd. Notes		7.125			03/15/26		275		318,018
PennyMac Financial Services, Inc.,
Gtd. Notes, 144A		4.250			02/15/29		50		49,442
Gtd. Notes, 144A		5.375			10/15/25		100		105,051
PHH Mortgage Corp., Sr. Sec’d. Notes		7.875			03/15/26		100		99,486
									1,575,647
Electric    4.0%
Calpine Corp.,
Sr. Sec’d. Notes, 144A		4.500			02/15/28		186		191,084
Sr. Unsec’d. Notes, 144A		5.000			02/01/31		250		247,319
Sr. Unsec’d. Notes, 144A		5.125			03/15/28		525		529,504
NRG Energy, Inc.,
Gtd. Notes		5.750			01/15/28		150		159,236
Gtd. Notes		6.625			01/15/27		100		103,987
Gtd. Notes, 144A		3.375			02/15/29		75		73,867
Gtd. Notes, 144A(a)		3.625			02/15/31		75		73,870
Gtd. Notes, 144A		5.250			06/15/29		100		105,922
PG&E Corp.,
Sr. Sec’d. Notes		5.000			07/01/28		75		78,859
Sr. Sec’d. Notes		5.250			07/01/30		220		235,363
Vistra Operations Co. LLC,
Gtd. Notes, 144A		5.000			07/31/27		65		67,763
Gtd. Notes, 144A		5.500			09/01/26		50		51,855
Gtd. Notes, 144A		5.625			02/15/27		375		391,813
									2,310,442
Electrical Component & Equipment    0.5%
WESCO Distribution, Inc.,
Gtd. Notes, 144A		7.125			06/15/25		150		162,386
Gtd. Notes, 144A		7.250			06/15/28		100		111,066
									273,452
Electronics    0.2%
Brightstar Escrow Corp., Sr. Sec’d. Notes, 144A		9.750			10/15/25		100		106,899
Sensata Technologies, Inc., Gtd. Notes, 144A		3.750			02/15/31		15		15,056
									121,955

See Notes to Financial Statements.

PGIM Active High Yield Bond ETF 15

Schedule of Investments (unaudited) (continued)

as of February 28, 2021

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Energy-Alternate Sources    0.3%
Enviva Partners LP/Enviva Partners Finance Corp., Gtd. Notes, 144A		6.500	%		01/15/26		163	$	170,613
Engineering & Construction    0.6%
AECOM, Gtd. Notes		5.125			03/15/27		200		218,992
PowerTeam Services LLC, Sr. Sec’d. Notes, 144A		9.033			12/04/25		50		55,638
TopBuild Corp., Sr. Unsec’d. Notes, 144A		3.625			03/15/29		50		50,178
									324,808
Entertainment    4.8%
AMC Entertainment Holdings, Inc., Sec’d. Notes, PIK 12.000% until 12/15/2021 then cash coupon 10.000% until 6/15/26; or combination of cash coupon 5.000% and PIK 6.000%, 144A		12.000			06/15/26		150		116,584
Bally’s Corp., Gtd. Notes, 144A		6.750			06/01/27		125		133,299
Caesars Entertainment, Inc.,
Sr. Sec’d. Notes, 144A		6.250			07/01/25		140		148,360
Sr. Unsec’d. Notes, 144A		8.125			07/01/27		55		59,945
Caesars Resort Collection LLC/CRC Finco, Inc., Gtd. Notes, 144A	5.250			10/15/25		325		322,941
CCM Merger, Inc., Sr. Unsec’d. Notes, 144A		6.375			05/01/26		25		26,506
Cedar Fair LP, Gtd. Notes		5.250			07/15/29		50		50,520
Golden Entertainment, Inc., Sr. Unsec’d. Notes, 144A		7.625			04/15/26		125		132,788
International Game Technology PLC (United Kingdom), Sr. Sec’d. Notes, 144A		5.250			01/15/29		200		211,798
Jacobs Entertainment, Inc., Sec’d. Notes, 144A(a)		7.875			02/01/24		125		130,063
Mohegan Gaming & Entertainment, Sec’d. Notes, 144A		8.000			02/01/26		50		49,436
Motion Bondco DAC (Ireland), Gtd. Notes, 144A(a)		6.625			11/15/27		200		205,869
Peninsula Pacific Entertainment LLC/Peninsula Pacific Entertainment Finance In, Sr. Unsec’d. Notes, 144A		8.500			11/15/27		125		134,409
Penn National Gaming, Inc., Sr. Unsec’d. Notes, 144A		5.625			01/15/27		200		208,801
Scientific Games International, Inc.,
Gtd. Notes, 144A		8.250			03/15/26		275		291,265
Gtd. Notes, 144A		8.625			07/01/25		200		215,304
Sr. Sec’d. Notes, 144A		5.000			10/15/25		75		77,162
Six Flags Entertainment Corp.,
Gtd. Notes, 144A		4.875			07/31/24		175		175,355
Gtd. Notes, 144A		5.500			04/15/27		50		51,055
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.,
Gtd. Notes, 144A		5.125			10/01/29		30		31,582
Sr. Unsec’d. Notes, 144A		7.750			04/15/25		25		27,108
									2,800,150

See Notes to Financial Statements.

16

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Food    1.6%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, Gtd. Notes, 144A		3.500	%		03/15/29		325	$	312,045
B&G Foods, Inc., Gtd. Notes		5.250			09/15/27		100		104,783
C&S Group Enterprises LLC, Gtd. Notes, 144A		5.000			12/15/28		75		74,097
Chobani LLC/Chobani Finance Corp., Inc., Gtd.Notes, 144A		7.500			04/15/25		50		52,058
Kraft Heinz Foods Co.,
Gtd. Notes		4.375			06/01/46		75		80,996
Gtd. Notes		4.875			10/01/49		50		58,513
Gtd. Notes		5.500			06/01/50		75		95,161
Pilgrim’s Pride Corp., Gtd. Notes, 144A		5.875			09/30/27		125		134,049
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, Sec’d. Notes, 144A		4.625			03/01/29		25		25,319
US Foods, Inc., Sr. Unsec’d. Notes, 144A		4.750			02/15/29		25		25,353
									962,374
Gas    0.9%
AmeriGas Partners LP/AmeriGas Finance Corp.,
Sr. Unsec’d. Notes		5.500			05/20/25		225		246,322
Sr. Unsec’d. Notes		5.750			05/20/27		75		84,460
Sr. Unsec’d. Notes		5.875			08/20/26		178		201,010
									531,792
Healthcare-Services    4.5%
Catalent Pharma Solutions, Inc., Gtd. Notes, 144A		3.125			02/15/29		25		24,701
CHS/Community Health Systems, Inc., Sec’d. Notes, 144A		6.875			04/15/29		25		25,646
DaVita, Inc.,
Gtd. Notes, 144A		3.750			02/15/31		350		333,808
Gtd. Notes, 144A		4.625			06/01/30		100		101,666
Encompass Health Corp., Gtd. Notes		4.625			04/01/31		25		26,561
HCA, Inc.,
Gtd. Notes		5.875			02/01/29		50		58,907
Gtd. Notes		7.050			12/01/27		75		92,237
Legacy LifePoint Health LLC, Sr. Sec’d. Notes, 144A		6.750			04/15/25		75		79,592
MEDNAX, Inc., Gtd. Notes, 144A		6.250			01/15/27		150		158,433
Prime Healthcare Services, Inc., Sr. Sec’d. Notes, 144A		7.250			11/01/25		25		26,851
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc., Gtd. Notes, 144A		9.750			12/01/26		400		431,037
Surgery Center Holdings, Inc., Gtd. Notes, 144A		6.750			07/01/25		75		76,723

See Notes to Financial Statements.

PGIM Active High Yield Bond ETF 17

Schedule of Investments (unaudited) (continued)

as of February 28, 2021

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Healthcare-Services (cont'd.)
Tenet Healthcare Corp.,
Gtd. Notes, 144A		6.125	%		10/01/28		550	$	578,844
Sec’d. Notes, 144A		6.250			02/01/27		150		158,325
Sr. Sec’d. Notes, 144A		4.625			06/15/28		200		208,057
Sr. Sec’d. Notes, 144A		4.875			01/01/26		75		77,657
Sr. Sec’d. Notes, 144A		7.500			04/01/25		25		27,149
Sr. Unsec’d. Notes		6.875			11/15/31		125		137,003
									2,623,197
Home Builders    4.0%
Ashton Woods USA LLC/Ashton Woods Finance Co.,
Sr. Unsec’d. Notes, 144A		6.750			08/01/25		125		130,008
Sr. Unsec’d. Notes, 144A		9.875			04/01/27		75		84,924
Beazer Homes USA, Inc.,
Gtd. Notes		5.875			10/15/27		75		78,373
Gtd. Notes		7.250			10/15/29		225		250,433
Brookfield Residential Properties, Inc./Brookfield Residential US Corp. (Canada),
Gtd. Notes, 144A		4.875			02/15/30		75		75,905
Gtd. Notes, 144A		6.250			09/15/27		125		131,879
Gtd. Notes, 144A		6.375			05/15/25		125		128,084
Century Communities, Inc., Gtd. Notes		6.750			06/01/27		200		214,400
Forestar Group, Inc.,
Gtd. Notes, 144A		5.000			03/01/28		75		78,487
Gtd. Notes, 144A		8.000			04/15/24		25		26,147
KB Home, Gtd. Notes		4.800			11/15/29		50		53,785
M/I Homes, Inc., Gtd. Notes		4.950			02/01/28		100		104,936
Mattamy Group Corp. (Canada),
Sr. Unsec’d. Notes, 144A		4.625			03/01/30		75		77,915
Sr. Unsec’d. Notes, 144A		5.250			12/15/27		50		52,606
New Home Co., Inc. (The), Gtd. Notes, 144A		7.250			10/15/25		25		25,684
Shea Homes LP/Shea Homes Funding Corp.,
Sr. Unsec’d. Notes, 144A		4.750			02/15/28		125		129,293
Sr. Unsec’d. Notes, 144A		4.750			04/01/29		50		51,367
STL Holding Co. LLC, Sr. Unsec’d. Notes, 144A		7.500			02/15/26		125		130,468
Taylor Morrison Communities, Inc.,
Gtd. Notes, 144A		6.625			07/15/27		175		189,086
Sr. Unsec’d. Notes, 144A		5.125			08/01/30		185		198,723
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc. (Multinational), Gtd. Notes, 144A		5.625			03/01/24		100		108,211
Tri Pointe Homes, Inc., Gtd. Notes		5.700			06/15/28		15		16,684
									2,337,398

See Notes to Financial Statements.

18

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Household Products/Wares    0.3%
Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc., Sr. Sec’d. Notes, 144A		5.000	%		12/31/26		25	$	25,736
Prestige Brands, Inc., Gtd. Notes, 144A		3.750			04/01/31		25		24,448
Spectrum Brands, Inc., Gtd. Notes, 144A		5.500			07/15/30		125		134,774
									184,958
Internet    0.2%
Go Daddy Operating Co. LLC/GD Finance Co., Inc., Gtd. Notes, 144A		3.500			03/01/29		50		49,687
NortonLifeLock, Inc., Sr. Unsec’d. Notes, 144A		5.000			04/15/25		40		40,642
									90,329
Iron/Steel    0.4%
Big River Steel LLC/BRS Finance Corp., Sr. Sec’d. Notes, 144A		6.625			01/31/29		140		151,131
United States Steel Corp., Sr. Unsec’d. Notes		6.875			03/01/29		95		93,219
									244,350
Leisure Time    0.4%
Carnival Corp. (Panama), Sr. Unsec’d. Notes, 144A		5.750			03/01/27		25		25,378
NCL Corp. Ltd. (Bermuda),
Sr. Sec’d. Notes, 144A		10.250			02/01/26		30		34,954
Sr. Unsec’d. Notes, 144A		3.625			12/15/24		75		69,340
Royal Caribbean Cruises Ltd. (Liberia), Sr. Unsec’d. Notes		5.250			11/15/22		25		25,449
Viking Cruises Ltd. (Bermuda), Sr. Unsec’d. Notes, 144A		7.000			02/15/29		25		25,368
Viking Ocean Cruises Ship VII Ltd. (Bermuda), Sr. Sec’d. Notes, 144A		5.625			02/15/29		25		25,259
Vista Outdoor, Inc., Gtd. Notes, 144A		4.500			03/15/29		50		49,596
									255,344
Lodging    2.6%
Boyd Gaming Corp., Gtd. Notes		6.000			08/15/26		275		284,617
Full House Resorts, Inc., Sr. Sec’d. Notes, 144A		8.250			02/15/28		25		26,499
Hilton Domestic Operating Co., Inc.,
Gtd. Notes, 144A		3.625			02/15/32		300		295,505
Gtd. Notes, 144A		4.000			05/01/31		75		75,902
Gtd. Notes, 144A		5.375			05/01/25		25		26,281
Gtd. Notes, 144A		5.750			05/01/28		25		27,082

See Notes to Financial Statements.

PGIM Active High Yield Bond ETF 19

Schedule of Investments (unaudited) (continued)

as of February 28, 2021

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Lodging (cont'd.)
MGM Resorts International,
Gtd. Notes		4.750	%		10/15/28		175	$	182,555
Gtd. Notes		6.750			05/01/25		250		267,396
Station Casinos LLC, Gtd. Notes, 144A		4.500			02/15/28		100		99,616
Travel + Leisure Co., Sr. Sec’d. Notes, 144A		4.625			03/01/30		25		25,942
Wynn Macau Ltd. (Cayman Islands), Sr. Unsec’d. Notes, 144A		5.625			08/26/28		200		208,003
									1,519,398
Machinery-Diversified    0.4%
ATS Automation Tooling Systems, Inc. (Canada), Sr. Unsec’d. Notes, 144A		4.125			12/15/28		25		25,275
GrafTech Finance, Inc., Sr. Sec’d. Notes, 144A		4.625			12/15/28		25		25,497
Maxim Crane Works Holdings Capital LLC, Sec’d. Notes, 144A		10.125			08/01/24		150		157,501
									208,273
Media    8.4%
Beasley Mezzanine Holdings LLC, Sr. Sec’d. Notes, 144A		8.625			02/01/26		40		40,478
CCO Holdings LLC/CCO Holdings Capital Corp.,
Sr. Unsec’d. Notes, 144A		4.250			02/01/31		575		580,054
Sr. Unsec’d. Notes, 144A		4.500			05/01/32		800		821,960
Sr. Unsec’d. Notes, 144A		4.750			03/01/30		75		78,209
Sr. Unsec’d. Notes, 144A		5.375			06/01/29		300		323,188
Clear Channel Worldwide Holdings, Inc., Sr. Sec’d. Notes, 144A		5.125			08/15/27		400		406,608
CSC Holdings LLC,
Gtd. Notes, 144A		3.375			02/15/31		200		191,932
Gtd. Notes, 144A		4.125			12/01/30		200		200,823
Sr. Unsec’d. Notes, 144A		4.625			12/01/30		325		323,931
Diamond Sports Group LLC/Diamond Sports Finance Co.,
Gtd. Notes, 144A		6.625			08/15/27		711		366,294
Sr. Sec’d. Notes, 144A		5.375			08/15/26		160		113,190
DISH DBS Corp.,
Gtd. Notes		5.875			11/15/24		25		26,165
Gtd. Notes		7.375			07/01/28		140		146,742
Gtd. Notes		7.750			07/01/26		150		164,839
Gray Television, Inc.,
Gtd. Notes, 144A		4.750			10/15/30		25		25,000
Gtd. Notes, 144A		7.000			05/15/27		175		191,205

See Notes to Financial Statements.

20

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Media (cont'd.)
iHeartCommunications, Inc.,
Sr. Sec’d. Notes		6.375	%		05/01/26		40	$	42,316
Sr. Sec’d. Notes, 144A		5.250			08/15/27		100		102,555
Nexstar Broadcasting, Inc.,
Gtd. Notes, 144A		5.625			07/15/27		50		52,804
Sr. Unsec’d. Notes, 144A		4.750			11/01/28		50		51,049
Radiate Holdco LLC/Radiate Finance, Inc.,
Sr. Sec’d. Notes, 144A		4.500			09/15/26		125		127,243
Sr. Unsec’d. Notes, 144A		6.500			09/15/28		50		52,502
Scripps Escrow II, Inc.,
Sr. Sec’d. Notes, 144A		3.875			01/15/29		25		24,558
Sr. Unsec’d. Notes, 144A		5.375			01/15/31		25		25,390
Scripps Escrow, Inc., Gtd. Notes, 144A		5.875			07/15/27		20		20,817
Sinclair Television Group, Inc., Gtd. Notes, 144A		5.125			02/15/27		40		39,700
Townsquare Media, Inc., Sr. Sec’d. Notes, 144A		6.875			02/01/26		25		26,158
Univision Communications, Inc., Sr. Sec’d. Notes, 144A		6.625			06/01/27		300		315,047
Urban One, Inc., Sr. Sec’d. Notes, 144A		7.375			02/01/28		25		25,179
									4,905,936
Mining    2.4%
Eldorado Gold Corp. (Canada), Sec’d. Notes, 144A		9.500			06/01/24		59		65,754
First Quantum Minerals Ltd. (Canada),
Gtd. Notes, 144A		6.875			03/01/26		200		208,992
Gtd. Notes, 144A		7.500			04/01/25		200		207,076
Freeport-McMoRan, Inc., Gtd. Notes		4.375			08/01/28		50		53,282
Hecla Mining Co., Gtd. Notes		7.250			02/15/28		75		81,321
Hudbay Minerals, Inc. (Canada),
Gtd. Notes, 144A		4.500			04/01/26		25		25,337
Gtd. Notes, 144A		6.125			04/01/29		25		26,939
Gtd. Notes, 144A		7.625			01/15/25		50		52,083
IAMGOLD Corp. (Canada), Gtd. Notes, 144A		5.750			10/15/28		129		133,235
New Gold, Inc. (Canada),
Gtd. Notes, 144A		6.375			05/15/25		33		34,059
Sr. Unsec’d. Notes, 144A		7.500			07/15/27		150		157,954
Novelis Corp.,
Gtd. Notes, 144A		4.750			01/30/30		75		78,176
Gtd. Notes, 144A		5.875			09/30/26		250		260,765
									1,384,973

See Notes to Financial Statements.

PGIM Active High Yield Bond ETF 21

Schedule of Investments (unaudited) (continued)

as of February 28, 2021

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Miscellaneous Manufacturer    1.7%
Amsted Industries, Inc.,
Gtd. Notes, 144A		5.625	%		07/01/27		25	$	26,505
Sr. Unsec’d. Notes, 144A		4.625			05/15/30		160		167,218
Bombardier, Inc. (Canada),
Sr. Unsec’d. Notes, 144A		7.500			12/01/24		400		375,538
Sr. Unsec’d. Notes, 144A		7.500			03/15/25		25		22,864
Sr. Unsec’d. Notes, 144A		7.875			04/15/27		100		89,820
Sr. Unsec’d. Notes, 144A		8.750			12/01/21		250		259,685
FXI Holdings, Inc., Sr. Sec’d. Notes, 144A		7.875			11/01/24		25		25,445
									967,075
Office & Business Equipment    0.1%
CDW LLC/CDW Finance Corp., Gtd. Notes		3.250			02/15/29		75		73,825
Oil & Gas    8.1%
Aethon United BR LP/Aethon United Finance Corp., Sr. Unsec’d. Notes, 144A		8.250			02/15/26		75		77,998
Alta Mesa Holdings LP/Alta Mesa Finance Services Corp., Gtd. Notes(d)		7.875			12/15/24		310		205
Antero Resources Corp.,
Gtd. Notes		5.000			03/01/25		125		124,233
Gtd. Notes		5.625			06/01/23		25		25,039
Gtd. Notes, 144A		7.625			02/01/29		75		79,927
Gtd. Notes, 144A		8.375			07/15/26		125		137,067
Apache Corp., Sr. Unsec’d. Notes		5.350			07/01/49		50		49,802
Ascent Resources Utica Holdings LLC/ARU Finance Corp.,
Gtd. Notes, 144A		9.000			11/01/27		62		79,412
Sr. Unsec’d. Notes, 144A		7.000			11/01/26		200		201,083
Chesapeake Energy Corp.,
Gtd. Notes, 144A		5.500			02/01/26		25		26,055
Gtd. Notes, 144A		5.875			02/01/29		25		26,686
Citgo Holding, Inc., Sr. Sec’d. Notes, 144A		9.250			08/01/24		175		172,240
CITGO Petroleum Corp., Sr. Sec’d. Notes, 144A		7.000			06/15/25		100		102,882
CNX Resources Corp., Gtd. Notes, 144A		7.250			03/14/27		125		133,870
Comstock Resources, Inc., Sr. Unsec’d. Notes, 144A		6.750			03/01/29		50		51,852
Continental Resources, Inc., Gtd. Notes, 144A		5.750			01/15/31		75		84,548
CrownRock LP/CrownRock Finance, Inc., Sr. Unsec’d. Notes, 144A		5.625			10/15/25		25		25,263
Double Eagle III Midco 1 LLC/Double Eagle Finance Corp., Sr. Unsec’d. Notes, 144A		7.750			12/15/25		175		187,617

See Notes to Financial Statements.

22

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Oil & Gas (cont'd.)
Endeavor Energy Resources LP/EER Finance, Inc.,
Sr. Unsec’d. Notes, 144A		5.500	%		01/30/26		50	$	51,076
Sr. Unsec’d. Notes, 144A		5.750			01/30/28		225		237,957
Sr. Unsec’d. Notes, 144A		6.625			07/15/25		35		36,751
EQT Corp.,
Sr. Unsec’d. Notes		3.900			10/01/27		200		207,461
Sr. Unsec’d. Notes		5.000			01/15/29		25		27,451
Hilcorp Energy I LP/Hilcorp Finance Co.,
Sr. Unsec’d. Notes, 144A		5.000			12/01/24		100		101,639
Sr. Unsec’d. Notes, 144A		5.750			10/01/25		125		127,515
Sr. Unsec’d. Notes, 144A		5.750			02/01/29		25		25,494
Sr. Unsec’d. Notes, 144A		6.000			02/01/31		25		25,421
Sr. Unsec’d. Notes, 144A		6.250			11/01/28		25		26,114
MEG Energy Corp. (Canada),
Gtd. Notes, 144A		5.875			02/01/29		50		50,773
Gtd. Notes, 144A		7.125			02/01/27		150		157,456
Sec’d. Notes, 144A		6.500			01/15/25		25		25,803
Nabors Industries Ltd. (Bermuda),
Gtd. Notes, 144A		7.250			01/15/26		25		22,205
Gtd. Notes, 144A		7.500			01/15/28		25		21,579
Nabors Industries, Inc., Gtd. Notes		5.750			02/01/25		425		338,345
Occidental Petroleum Corp.,
Sr. Unsec’d. Notes		2.700			02/15/23		150		146,613
Sr. Unsec’d. Notes		3.500			08/15/29		75		71,714
Sr. Unsec’d. Notes		4.100			02/15/47		25		21,248
Sr. Unsec’d. Notes		4.625			06/15/45		25		22,783
Sr. Unsec’d. Notes(a)		6.125			01/01/31		150		166,256
Sr. Unsec’d. Notes		6.450			09/15/36		100		114,155
Sr. Unsec’d. Notes		6.625			09/01/30		50		57,212
Sr. Unsec’d. Notes		8.875			07/15/30		136		173,933
Precision Drilling Corp. (Canada), Gtd. Notes, 144A(a)		7.125			01/15/26		75		72,689
Range Resources Corp.,
Gtd. Notes		4.875			05/15/25		50		49,455
Gtd. Notes		5.000			03/15/23		75		75,402
Gtd. Notes		9.250			02/01/26		150		163,277
Sunoco LP/Sunoco Finance Corp.,
Gtd. Notes		5.500			02/15/26		175		180,037
Gtd. Notes, 144A		4.500			05/15/29		50		49,999
Transocean, Inc. (Cayman Islands),
Gtd. Notes, 144A		7.250			11/01/25		85		56,947
Gtd. Notes, 144A		7.500			01/15/26		50		32,847
Gtd. Notes, 144A		8.000			02/01/27		25		15,766

See Notes to Financial Statements.

PGIM Active High Yield Bond ETF 23

Schedule of Investments (unaudited) (continued)

as of February 28, 2021

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Oil & Gas (cont'd.)
WPX Energy, Inc.,
Sr. Unsec’d. Notes		5.250	%		10/15/27		50	$	53,506
Sr. Unsec’d. Notes		5.750			06/01/26		110		115,585
									4,708,243
Packaging & Containers    1.1%
ARD Finance SA (Luxembourg), Sr. Sec’d. Notes, Cash coupon 6.500% or PIK 7.250%, 144A		6.500			06/30/27		200		211,512
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging PLC, Sr. Unsec’d. Notes		4.000			09/01/29		200		200,000
Graham Packaging Co., Inc., Gtd. Notes, 144A		7.125			08/15/28		10		10,821
Intelligent Packaging Holdco Issuer LP (Canada), Sr. Unsec’d. Notes, Cash coupon 9.000% or PIK 9.750%, 144A		9.000			01/15/26		75		75,953
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co.-Issuer LLC (Canada), Sr. Sec’d. Notes, 144A		6.000			09/15/28		25		26,120
Owens-Brockway Glass Container, Inc.,
Gtd. Notes, 144A		6.375			08/15/25		50		55,856
Gtd. Notes, 144A		6.625			05/13/27		75		80,955
									661,217
Pharmaceuticals    3.1%
AdaptHealth LLC,
Gtd. Notes, 144A		4.625			08/01/29		50		50,034
Gtd. Notes, 144A		6.125			08/01/28		95		100,901
Bausch Health Americas, Inc.,
Gtd. Notes, 144A		8.500			01/31/27		165		182,847
Gtd. Notes, 144A		9.250			04/01/26		125		138,551
Bausch Health Cos., Inc. (Canada),
Gtd. Notes, 144A		5.000			02/15/29		25		25,376
Gtd. Notes, 144A		5.250			01/30/30		375		381,001
Gtd. Notes, 144A		5.250			02/15/31		125		126,920
Gtd. Notes, 144A		6.250			02/15/29		415		442,273
Gtd. Notes, 144A		6.125			04/15/25		125		127,963
Gtd. Notes, 144A		7.000			01/15/28		125		135,104
P&L Development LLC/PLD Finance Corp., Sr. Sec’d. Notes, 144A		7.750			11/15/25		75		80,110
									1,791,080

See Notes to Financial Statements.

24

Description	Interest Rate			Maturity Date			Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Pipelines    3.5%
Antero Midstream Partners LP/Antero Midstream Finance Corp.,
Gtd. Notes		5.375	%		09/15/24			25	$	25,275
Gtd. Notes, 144A		5.750			01/15/28			125		125,918
Gtd. Notes, 144A		7.875			05/15/26			50		54,425
Blue Racer Midstream LLC/Blue Racer Finance Corp., Sr. Unsec’d. Notes, 144A		7.625			12/15/25			25		26,892
Cheniere Energy Partners LP, Sr. Unsec’d. Notes, 144A		4.000			03/01/31			100		100,578
Cheniere Energy, Inc., Sr. Sec’d. Notes, 144A		4.625			10/15/28			275		285,901
DCP Midstream Operating LP, Gtd. Notes		5.625			07/15/27			20		21,645
Energy Transfer Operating LP, 5 Year CMT Index + 5.306%		7.125	(c)		05/15/30	(rr)		50		48,343
EQM Midstream Partners LP,
Sr. Unsec’d. Notes		4.750			07/15/23			17		17,528
Sr. Unsec’d. Notes		5.500			07/15/28			25		25,869
Sr. Unsec’d. Notes, 144A		6.000			07/01/25			20		21,131
Sr. Unsec’d. Notes, 144A		6.500			07/01/27			70		75,129
Global Partners LP/GLP Finance Corp., Gtd. Notes		6.875			01/15/29			75		81,131
Hess Midstream Operations LP, Gtd. Notes, 144A		5.125			06/15/28			50		51,611
Rattler Midstream LP, Gtd. Notes, 144A		5.625			07/15/25			15		15,658
Rockies Express Pipeline LLC,
Sr. Unsec’d. Notes, 144A		3.600			05/15/25			50		51,183
Sr. Unsec’d. Notes, 144A		7.500			07/15/38			175		197,106
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.,
Gtd. Notes, 144A		5.500			09/15/24			32		32,165
Gtd. Notes, 144A		5.500			01/15/28			100		100,099
Gtd. Notes, 144A		6.000			03/01/27			25		25,300
Gtd. Notes, 144A		6.000			12/31/30			25		24,934
Gtd. Notes, 144A		7.500			10/01/25			100		106,598
Targa Resources Partners LP/Targa Resources Partners Finance Corp.,
Gtd. Notes		5.375			02/01/27			25		25,951
Gtd. Notes		5.875			04/15/26			100		104,159
Gtd. Notes		6.500			07/15/27			50		53,891
Gtd. Notes, 144A		4.000			01/15/32			50		49,021
Gtd. Notes, 144A		4.875			02/01/31			125		128,135
Western Midstream Operating LP,
Sr. Unsec’d. Notes		3.950			06/01/25			100		101,456
Sr. Unsec’d. Notes		4.350			02/01/25			50		51,186
Sr. Unsec’d. Notes		5.300			02/01/30			25		27,070
										2,055,288

See Notes to Financial Statements.

PGIM Active High Yield Bond ETF 25

Schedule of Investments (unaudited) (continued)

as of February 28, 2021

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Real Estate    1.3%
Five Point Operating Co. LP/Five Point Capital Corp., Gtd. Notes, 144A		7.875	%		11/15/25		202	$	213,101
Greystar Real Estate Partners LLC, Sr. Sec’d. Notes, 144A		5.750			12/01/25		150		154,549
Howard Hughes Corp. (The),
Gtd. Notes, 144A		4.125			02/01/29		25		24,814
Gtd. Notes, 144A		4.375			02/01/31		50		49,877
Gtd. Notes, 144A		5.375			08/01/28		95		99,884
Hunt Cos., Inc., Sr. Sec’d. Notes, 144A		6.250			02/15/26		175		179,551
Realogy Group LLC/Realogy Co.-Issuer Corp., Gtd. Notes, 144A		5.750			01/15/29		50		50,165
									771,941
Real Estate Investment Trusts (REITs)    3.0%
Diversified Healthcare Trust,
Gtd. Notes		9.750			06/15/25		250		281,456
Sr. Unsec’d. Notes		4.750			02/15/28		100		98,976
ESH Hospitality, Inc., Gtd. Notes, 144A		5.250			05/01/25		275		280,201
MGM Growth Properties Operating Partnership LP/MGP Finance Co.-Issuer, Inc.,
Gtd. Notes		4.500			01/15/28		100		105,764
Gtd. Notes, 144A		4.625			06/15/25		10		10,598
MPT Operating Partnership LP/MPT Finance Corp.,
Gtd. Notes		3.500			03/15/31		25		25,457
Gtd. Notes		4.625			08/01/29		100		107,562
Gtd. Notes		5.000			10/15/27		100		106,101
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co.-Issuer,
Sr. Sec’d. Notes, 144A		5.875			10/01/28		175		184,466
Sr. Sec’d. Notes, 144A		7.500			06/01/25		130		140,917
RHP Hotel Properties LP/RHP Finance Corp., Gtd. Notes, 144A		4.500			02/15/29		25		24,691
SBA Communications Corp., Sr. Unsec’d. Notes, 144A		3.125			02/01/29		25		24,297
VICI Properties LP/VICI Note Co., Inc.,
Gtd. Notes, 144A		3.750			02/15/27		100		101,417
Gtd. Notes, 144A		4.125			08/15/30		200		208,421
Gtd. Notes, 144A		4.625			12/01/29		40		41,959
									1,742,283

See Notes to Financial Statements.

26

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Retail    3.1%
1011778 BC ULC/New Red Finance, Inc. (Canada), Sec’d. Notes, 144A		4.000	%		10/15/30		375	$	365,685
BCPE Ulysses Intermediate, Inc., Sr. Unsec’d. Notes, Cash coupon 7.750% or PIK 8.500%, 144A		7.750			04/01/27		25		25,437
Brinker International, Inc., Sr. Unsec’d. Notes(a)		3.875			05/15/23		175		175,424
Caleres, Inc., Gtd. Notes		6.250			08/15/23		75		75,319
eG Global Finance PLC (United Kingdom), Sr. Sec’d. Notes, 144A		8.500			10/30/25		200		212,351
Ferrellgas Partners LP/Ferrellgas Partners Finance Corp.(d),
Sr. Unsec’d. Notes		8.625			06/15/20		150		86,420
Sr. Unsec’d. Notes		8.625			06/15/20		50		25,631
Foundation Building Materials, Inc., Gtd. Notes, 144A		6.000			03/01/29		25		24,922
Golden Nugget, Inc., Sr. Unsec’d. Notes, 144A		6.750			10/15/24		125		127,054
LBM Acquisition LLC, Gtd. Notes, 144A		6.250			01/15/29		25		25,350
Murphy Oil USA, Inc., Gtd. Notes, 144A		3.750			02/15/31		25		24,985
Park River Holdings, Inc., Gtd. Notes, 144A		5.625			02/01/29		125		122,639
Sally Holdings LLC/Sally Capital, Inc.,
Gtd. Notes		5.500			11/01/23		100		100,907
Sec’d. Notes, 144A		8.750			04/30/25		75		83,294
Suburban Propane Partners LP/Suburban Energy Finance Corp.,
Sr. Unsec’d. Notes		5.500			06/01/24		100		101,429
Sr. Unsec’d. Notes		5.750			03/01/25		50		50,808
Sr. Unsec’d. Notes		5.875			03/01/27		125		130,912
White Cap Buyer LLC, Sr. Unsec’d. Notes, 144A		6.875			10/15/28		50		53,169
									1,811,736
Semiconductors    0.3%
Microchip Technology, Inc., Gtd. Notes, 144A		4.250			09/01/25		195		203,867
Software     1.5%
Black Knight InfoServ LLC, Gtd. Notes, 144A		3.625			09/01/28		200		198,548
Boxer Parent Co., Inc., Sr. Sec’d. Notes, 144A		7.125			10/02/25		150		162,133
BY Crown Parent LLC/BY Bond Finance, Inc., Sr. Sec’d. Notes, 144A		4.250			01/31/26		145		149,312
Dun & Bradstreet Corp. (The), Sr. Sec’d. Notes, 144A		6.875			08/15/26		225		241,281
Rackspace Technology Global, Inc.,
Gtd. Notes, 144A		5.375			12/01/28		25		25,809
Sr. Sec’d. Notes, 144A		3.500			02/15/28		50		49,095
Rocket Software, Inc., Sr. Unsec’d. Notes, 144A		6.500			02/15/29		25		24,987
									851,165

See Notes to Financial Statements.

PGIM Active High Yield Bond ETF 27

Schedule of Investments (unaudited) (continued)

as of February 28, 2021

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Telecommunications     6.4%
Altice France SA/France (France), Sr. Sec’d. Notes, 144A		7.375	%		05/01/26		200	$	208,681
CommScope, Inc.,
Gtd. Notes, 144A		7.125			07/01/28		45		47,193
Sr. Sec’d. Notes, 144A		5.500			03/01/24		100		102,807
Sr. Sec’d. Notes, 144A		6.000			03/01/26		100		105,122
Digicel Group 0.5 Ltd. (Bermuda), Sr. Sec’d. Notes, Cash coupon 8.000% and PIK 2.000% or PIK 10.000%		10.000			04/01/24		299		294,360
Digicel Holdings Bermuda Ltd./Digicel International Finance Ltd. (Multinational),
Gtd. Notes, Cash coupon 6.000% or PIK 7.000%, 144A		13.000			12/31/25		288		292,528
Sr. Sec’d. Notes, 144A		8.750			05/25/24		250		261,857
Digicel Ltd. (Bermuda), Gtd. Notes, 144A		6.750			03/01/23		400		367,951
Intelsat Jackson Holdings S.A. (Luxembourg)(d),
Gtd. Notes		5.500			08/01/23		65		41,602
Sr. Sec’d. Notes, 144A		8.000			02/15/24		50		51,643
Gtd. Notes, 144A		9.750			07/15/25		295		189,084
Intelsat Luxembourg SA (Luxembourg), Gtd. Notes(d)		8.125			06/01/23		50		2,378
Intrado Corp., Gtd. Notes, 144A		8.500			10/15/25		95		94,696
Level 3 Financing, Inc.,
Gtd. Notes, 144A		3.625			01/15/29		50		48,962
Gtd. Notes, 144A		3.750			07/15/29		75		74,779
Gtd. Notes, 144A		4.250			07/01/28		100		101,418
Gtd. Notes, 144A		4.625			09/15/27		100		103,564
Lumen Technologies, Inc.,
Sr. Unsec’d. Notes		7.600			09/15/39		152		181,846
Sr. Unsec’d. Notes		7.650			03/15/42		190		227,272
Sprint Corp.,
Gtd. Notes		7.125			06/15/24		142		163,696
Gtd. Notes		7.625			03/01/26		100		122,682
T-Mobile USA, Inc., Gtd. Notes		4.750			02/01/28		250		264,513
Viasat, Inc.,
Sr. Sec’d. Notes, 144A		5.625			04/15/27		80		83,837
Sr. Unsec’d. Notes, 144A		6.500			07/15/28		20		21,385
Windstream Escrow LLC/Windstream Escrow Finance Corp., Sr. Sec’d. Notes, 144A		7.750			08/15/28		40		40,982
Zayo Group Holdings, Inc.,
Sr. Sec’d. Notes, 144A		4.000			03/01/27		75		74,640
Sr. Unsec’d. Notes, 144A		6.125			03/01/28		175		180,647
									3,750,125

See Notes to Financial Statements.

28

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Transportation     0.5%
XPO Logistics, Inc., Gtd. Notes, 144A		6.250	%		05/01/25		300	$	322,141
TOTAL CORPORATE BONDS (cost $52,997,301)									54,062,128
						Shares
COMMON STOCKS    1.2%
Oil, Gas & Consumable Fuels    1.2%
Chesapeake Energy Corp.*							11,790		520,882
Chesapeake Energy Corp. Backstop Commitment*							68		2,868
Extraction Oil & Gas, Inc.*							4,903		164,987
TOTAL COMMON STOCKS (cost $456,837)									688,737
						Units
WARRANT     0.0%
Consumer Discretionary    0.0%
CEC Entertainment Co. LLC expiring 02/15/22* (cost $90,272)							2,061		1,855
TOTAL LONG-TERM INVESTMENTS (cost $55,556,018)									56,928,914
						Shares
SHORT-TERM INVESTMENTS 6.4%
AFFILIATED MUTUAL FUNDS 6.3%
PGIM Core Ultra Short Bond Fund(wa)							2,709,463		2,709,463
PGIM Institutional Money Market Fund (cost $960,388; includes $960,284 of cash collateral for securities on loan)(b)(wa)							960,801		960,320
TOTAL AFFILIATED MUTUAL FUNDS (cost $3,669,851)									3,669,783

See Notes to Financial Statements.

PGIM Active High Yield Bond ETF 29

Schedule of Investments (unaudited) (continued)

as of February 28, 2021

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
TIME DEPOSIT 0.1%
Skandinaviska Enskilda Banken AB (Sweden) (cost $56,350)		0.005	%		03/01/21		56	$	56,350
TOTAL SHORT-TERM INVESTMENTS (cost $3,726,201)									3,726,133
TOTAL INVESTMENTS     103.9% (cost $59,282,219)									60,655,047
Liabilities in excess of other assets (3.9)%									(2,300,207	)
NET ASSETS     100.0%								$	58,354,840

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

(Q)-Quarterly payment frequency for swaps

(S)-Semiannual payment frequency for swaps

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

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 $941,936; cash collateral of $960,284 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Fund may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

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

(c) Variable rate instrument. The interest rate shown reflects the rate in effect at February 28, 2021.

(d) Represents issuer in default on interest payments and/or principal repayment. Non-income producing security. Such security may be post-maturity.

(rr) Perpetual security. Maturity date represents next call date.

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

* Non-income producing security.

See Notes to Financial Statements.

30

Futures contracts outstanding at February 28, 2021:

Number of contracts		Type	Expiration Date		Current Notional Amount		Value / Unrealized Appreciation (Depreciation)
		Long Positions:
	9	2 Year U.S. Treasury Notes		Jun. 2021	$	1,986,891	$	(1,390	)
	12	10 Year U.S. Treasury Notes		Jun. 2021		1,592,625		(18,997	)
	23	5 Year U.S. Treasury Notes		Jun. 2021		2,851,281		(24,643	)
								(45,030	)
		Short Positions:
	6	U.S. Long Bond		Jun. 2021		955,313		15,242
	5	U.S. Ultra Bond		Jun. 2021		945,313		4,797
								20,039
							$	(24,991	)

Credit default swap agreement outstanding at February 28, 2021:

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)	Value at Trade Date			Value at February 28, 2021			Unrealized Appreciation (Depreciation)
Centrally Cleared Credit Default Swap Agreement on credit indices-Buy Protection(1):
CDX.NA.HY.35-V1		12/20/25		5.000%	360	$	(26,287	)	$	(33,419	)	$	(7,132	)

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.

See Notes to Financial Statements.

PGIM Active High Yield Bond ETF 31

Schedule of Investments (unaudited) (continued)

as of February 28, 2021

Credit default swap agreement outstanding at February 28, 2021 (continued):

(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.	$500,000	$	—

Fair Value Measurements:

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

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

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

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

See Notes to Financial Statements.

32

The following is a summary of the inputs used as of February 28, 2021 in valuing such portfolio securities:

	Level 1			Level 2			Level 3
Investments in Securities
Assets
Bank Loans	$	—		$	2,176,194		$	—
Corporate Bonds		—			54,062,128			—
Common Stocks		685,869			2,868			—
Warrant		1,855			—			—
Affiliated Mutual Funds		3,669,783			—			—
Time Deposit		—			56,350			—
Total	$	4,357,507		$	56,297,540		$	—
Other Financial Instruments*
Assets
Futures Contracts	$	20,039		$	—		$	—
Total	$	20,039		$	—		$	—
Liabilities
Futures Contracts	$	(45,030	)	$	—		$	—
Centrally Cleared Credit Default Swap Agreement		—			(7,132	)		—
Total	$	(45,030	)	$	(7,132	)	$	—

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

Industry Classification:

The industry classification of investments and other liabilities in excess of assets shown as a percentage of net assets as of February 28, 2021 were as follows:

Oil & Gas	8.4	%
Media	8.4
Telecommunications	6.7
Affiliated Mutual Funds (1.7% represents investments purchased with collateral from securities on loan)	6.3
Entertainment	5.0
Healthcare-Services	4.5
Home Builders	4.0
Electric	4.0
Commercial Services	3.8
Pipelines	3.5
Auto Manufacturers	3.3
Retail	3.1
Pharmaceuticals	3.1
Real Estate Investment Trusts (REITs)	3.0
Diversified Financial Services	2.7
Lodging	2.6
Software	2.6
Chemicals	2.5
Building Materials	2.4
Mining	2.4
Aerospace & Defense	2.0
Computers	1.9

See Notes to Financial Statements.

PGIM Active High Yield Bond ETF 33

Schedule of Investments (unaudited) (continued)

as of February 28, 2021

Industry Classification (cont’d.)

Miscellaneous Manufacturer	1.7	%
Food	1.6
Auto Parts & Equipment	1.4
Real Estate	1.3
Oil, Gas & Consumable Fuels	1.2
Packaging & Containers	1.1
Gas	0.9
Apparel	0.7
Advertising	0.6
Engineering & Construction	0.6
Distribution/Wholesale	0.6
Transportation	0.5
Diversified/Conglomerate Services	0.5
Electrical Component & Equipment	0.5
Leisure Time	0.4
Iron/Steel	0.4
Infrastructure Software	0.4
Machinery-Diversified	0.4
Semiconductors	0.3
Specialty Chemicals	0.3
Household Products/Wares	0.3
Energy-Alternate Sources	0.3
Banks	0.3
Electric & Gas Marketing	0.3
Agriculture	0.2
Industrial Services	0.2
Electronics	0.2
Internet	0.2
Office & Business Equipment	0.1
Time Deposit	0.1
Airlines	0.1
Consumer Discretionary	0.0	*
	103.9
Liabilities in excess of other assets	(3.9	)
	100.0	%

* Less than +/- 0.05%.

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

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

Fair values of derivative instruments as of February 28, 2021 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*	$	20,039	Due from/to broker—variation margin futures*	$	(45,030	)
Credit Contracts	Due from/to broker—variation margin swaps*		—	Due from/to broker—variation margin swaps*		(7,132	)
		$	20,039		$	(52,162	)

See Notes to Financial Statements.

34

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

The effects of derivative instruments on the Statement of Operations for the period ended February 28, 2021 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
Credit contracts	$	—	$	(202,497	)
Interest rate contracts		66,510		—

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Futures			Swaps
Credit contracts	$	—		$	251,744
Interest rate contracts		(31,572	)		—

For the period ended February 28, 2021 the Fund’s average volume of derivative activities is as follows:

Futures Contracts-Long Positions(1)		Futures Contracts-Short Positions(1)		Credit Default Swap Agreements(1)
$	4,747,716	$	1,243,760	$	1,372,933

(1) Notional Amount in USD.

Average volume is based on average quarter end balances as noted for the six months ended February 28, 2021.

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

See Notes to Financial Statements.

PGIM Active High Yield Bond ETF 35

Schedule of Investments (unaudited) (continued)

as of February 28, 2021

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	$	941,936	$	(941,936	)	$	—

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

See Notes to Financial Statements.

36

Statement of Assets & Liabilities (unaudited)

as of February 28, 2021

Assets
Investments at value, including securities on loan of $941,936:
Unaffiliated investments (cost $55,612,368)	$	56,985,264
Affiliated investments (cost $3,669,851)		3,669,783
Interest and dividends receivable		789,153
Deposit with broker for centrally cleared/exchange-traded derivatives		500,000
Receivable for investments sold		379,494
Total Assets		62,323,694
Liabilities
Payable for investments purchased		2,964,849
Payable to broker for collateral for securities on loan		960,284
Management fee payable		21,552
Due to broker—variation margin futures		19,234
Due to broker—variation margin swaps		685
Other liabilities		2,250
Total Liabilities		3,968,854
Net Assets	$	58,354,840
Net assets were comprised of:
Common stock, at par	$	1,425
Paid-in capital in excess of par		56,656,789
Total distributable earnings (loss)		1,696,626
Net assets, February 28, 2021	$	58,354,840
Net asset value, offering price and redemption price per share, ($58,354,840 / 1,425,000 shares of common stock issued and outstanding)	$	40.95

See Notes to Financial Statements.

PGIM Active High Yield Bond ETF 37

Statement of Operations (unaudited)

Six Months Ended February 28, 2021

Net Investment Income (Loss)
Income
Interest income	$	1,384,795
Affiliated dividend income		1,462
Income from securities lending, net (including affiliated income of $805)		959
Total income		1,387,216
Expenses
Management fee		128,816
Total expenses		128,816
Net investment income (loss)		1,258,400
Realized And Unrealized Gain (Loss) On Investments
Net realized gain (loss) on:
Investment transactions (including affiliated of $(215))		513,213
Futures transactions		66,510
Swap agreement transactions		(202,497	)
		377,226
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $(68))		1,613,962
Futures		(31,572	)
Swap agreements		251,744
		1,834,134
Net gain (loss) on investment transactions		2,211,360
Net Increase (Decrease) In Net Assets Resulting From Operations	$	3,469,760

See Notes to Financial Statements.

38

Statements of Changes in Net Assets

	Six Months Ended February 28, 2021 (unaudited)			Year Ended August 31, 2020
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	1,258,400		$	1,869,520
Net realized gain (loss) on investments		377,226			729,195
Net change in unrealized appreciation (depreciation) on investments		1,834,134			(645,569	)
Net increase (decrease) in net assets resulting from operations		3,469,760			1,953,146
Dividends and Distributions
Distributions from distributable earnings		(2,044,656	)		(2,177,655	)
Fund share transactions
Net proceeds from shares sold		40,345,589			7,569,903
Cost of shares purchased		(18,410,215	)		—
Net increase (decrease) in net assets from Fund share transactions		21,935,374			7,569,903
Total increase (decrease)		23,360,478			7,345,394
Net Assets:
Beginning of period		34,994,362			27,648,968
End of period	$	58,354,840		$	34,994,362

See Notes to Financial Statements.

PGIM Active High Yield Bond ETF 39

Notes to Financial Statements (unaudited)

1. Organization

PGIM ETF Trust (the “Trust”) is an open-end management investment company registered under the Investment Company Act of 1940, as amended (“1940 Act”). The Trust was organized as a Delaware statutory trust on October 23, 2017 and currently consists of six separate series: 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. Each series operates as an exchange-traded fund.

These financial statements relate only to PGIM Active High Yield Bond ETF (the “Fund”). The Fund is classified as a diversified fund for purposes of the 1940 Act.

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

2. Accounting Policies

The Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) Topic 946 Financial Services—Investment Companies. The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies conform to U.S. generally accepted accounting principles (“GAAP”). 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 as of the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. As described in further detail below, the Fund’s investments are valued daily based on a number of factors, including the type of investment and whether market quotations are readily available. The Trust’s Board of Trustees (the “Board”) has adopted valuation procedures for security valuation under which fair valuation responsibilities have been delegated to PGIM Investments LLC (“PGIM Investments” or the “Manager”). Pursuant to the Board’s delegation, the Manager has established a Valuation Committee responsible for supervising the fair valuation of portfolio securities and other assets and liabilities. The valuation procedures permit the Fund to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. A record of the Valuation Committee’s actions is subject to the Board’s review at its first quarterly meeting following the quarter in which such actions take place.

40

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

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

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

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

Fixed income securities traded in the OTC market are generally classified as Level 2 in the fair value hierarchy. Such fixed income securities are typically valued using the market approach which generally involves obtaining data from an approved independent third-party vendor source. The Fund utilizes the market approach as the primary method to value securities when market prices of identical or comparable instruments are available. The third-party vendors’ valuation techniques used to derive the evaluated bid price are 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

PGIM Active High Yield Bond ETF 41

Notes to Financial Statements (unaudited) (continued)

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.

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

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

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

The 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

42

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 acquires interests in loans directly (by way of assignment from the selling institution) and/or indirectly (by way of the purchase of a participation interest from the selling institution). Under a bank loan assignment, the 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 entered into certain types of swap agreements detailed in the

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

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.

PGIM Active High Yield Bond ETF 43

Notes to Financial Statements (unaudited) (continued)

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 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

44

principal balance of the debt when issued bonds have same terms as the bond or recorded as a separate bond when terms are different from the existing debt, and is recorded as interest income.

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

Securities Lending: The Fund lends its portfolio securities to banks and broker-dealers. The loans are secured by collateral at least equal to the market value of the securities loaned. Collateral pledged by each borrower is invested in an affiliated money market fund and is marked to market daily, based on the previous day’s market value, such that the value of the collateral exceeds the value of the loaned securities. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the financial statements may reflect a collateral value that is less than the market value of the loaned securities. Such shortfall is remedied as described above. Loans are subject to termination at the option of the borrower or the Fund. Upon termination of the loan, the borrower will return to the Fund securities identical to the loaned securities. The remaining maturities of the securities lending transactions are considered overnight and continuous. Should the borrower of the securities fail financially, the Fund has the right to repurchase the securities in the open market using the collateral. The Fund recognizes income, net of any rebate and securities lending agent fees, for lending its securities in the form of fees or interest on the investment of any cash received as collateral. The borrower receives all interest and dividends from the securities loaned and such payments are passed back to the lender in amounts equivalent thereto, which are reflected in interest income or unaffiliated dividend income based upon the nature of the payment on the Statement of Operations. The Fund also continues to recognize any unrealized gain (loss) in the market price of the securities loaned and on the change in the value of the collateral invested that may occur during the term of the loan. In addition, realized gain (loss) is recognized on changes in the value of the collateral invested upon liquidation of the collateral. Net earnings from securities lending are disclosed in the Statement of Operations.

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.

PGIM Active High Yield Bond ETF 45

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

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

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

3. Agreements

Pursuant to a management agreement with the Trust on behalf of the Fund (the Management Agreement), PGIM Investments manages each Fund’s investment operations and administers its business affairs. PGIM Investments is also responsible for supervising each Fund’s subadviser.

Pursuant to the management agreement relating to the Fund, there is a unitary fee structure for the funds whereby PGIM Investments is responsible for substantially all expenses of the Fund, except taxes, brokerage expenses, interest expenses, distribution fees or expenses, expenses incident to shareholder meetings and extraordinary expenses. The Fund may also pay for any costs or expenses of investing in other funds. For more information on the unitary management fee structure please refer to the Fund’s Statement of Additional Information.

The unitary fee paid to the Manager is accrued daily and payable monthly, at an annual rate of 0.53% of the Fund’s average daily net assets. The Manager has contractually

46

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 business unit PGIM Fixed Income. The Manager pays for the services of the subadviser.

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

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

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

4. Other Transactions with Affiliates

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. PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services to the Core Fund. In addition to the realized and unrealized gains on investments in the Core Fund and Money Market Fund, earnings from such investments are disclosed on the Statement of Operations as “Affiliated dividend income” and “Income from securities lending, net”, respectively.

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

PGIM Active High Yield Bond ETF 47

Notes to Financial Statements (unaudited) (continued)

solely by reason of having a common (or affiliated) investment adviser, common directors, and/or common officers. For the period ended February 28, 2021, no 17a- 7 transactions were entered into by the Fund.

5. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short- term investments and U.S. Government securities) for the period ended February 28, 2021, were $52,069,522 and $28,623,637 respectively.

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the period ended February 28, 2021, 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
Short-Term Investments—Affiliated Mutual Funds:
PGIM Core Ultra Short Bond Fund(1)(wa)
$291,324	$	34,361,462	$	31,943,323	$	—		$	—		$	2,709,463		2,709,463	$	1,462
PGIM Institutional Money Market Fund(1)(b)(wa)
—		6,063,475		5,102,872		(68	)		(215	)		960,320		960,801		805	(2)
$291,324	$	40,424,937	$	37,046,195	$	(68	)	$	(215	)	$	3,669,783		3,670,264	$	2,267

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

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

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

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

6. Tax Information

The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation as of February 28, 2021 were as follows:

Tax Basis	$	59,374,129
Gross Unrealized Appreciation		2,390,916
Gross Unrealized Depreciation		(1,142,121	)
Net Unrealized Appreciation	$	1,248,795

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

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

48

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, 2020 are subject to such review.

7. Capital and Ownership

The Fund is an exchange-traded fund, commonly known as an “ETF”. Individual shares of the Fund may only be purchased and sold in secondary market transactions through brokers or other financial intermediaries. Shares of the Fund are listed for trading on the NYSE Arca, Inc. (the “Exchange”), and because the shares of the Fund trade at market prices rather than NAV, shares of the Fund may trade at a price greater than NAV (a premium) or less than NAV (a discount). The Fund will issue and redeem its shares at NAV only in aggregations of a specified number of shares called a “Creation Unit”. An Authorized Participant is a member or participant of a clearing agency registered with the SEC, which has a written agreement with a Fund or one of its service providers that allows the Authorized Participant to place orders for the purchase and redemption of Creation Units.

A creation transaction, which is subject to acceptance by the Distributor and a Fund, generally takes place when an Authorized Participant deposits into a Fund a designated portfolio of securities, assets or other positions (a “creation basket”, and an amount of cash (including any cash representing the value of substituted securities, assets or other positions), if any, which together approximate the holdings of the Fund in exchange for a specified number of Creation Units. Similarly, shares can be redeemed only in Creation Units, generally for a designated portfolio of securities, assets or other propositions (the “redemption basket”) held by a Fund and an amount of cash (including any portion of such securities for which cash may be substituted). The Fund may, in certain circumstances, offer Creation Units partially or solely for cash. Except when aggregated in Creation Units, shares are not redeemable by the Fund. Creation and redemption baskets may differ and the Fund may accept “custom baskets”.

A Creation Unit consists of 25,000 shares of the Fund. Authorized Participants generally are required to pay a fixed creation transaction fee and/or a fixed redemption transaction fee, as applicable, for each transaction in a Creation Unit regardless of the number of Creation Units created or redeemed on that day. The Fund may adjust the transaction fee from time to time. An additional charge or a variable charge may be applied to certain creation and redemption transactions, including non-standard orders and whole or partial cash purchases or redemptions when deemed appropriate.

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

PGIM Active High Yield Bond ETF 49

Notes to Financial Statements (unaudited) (continued)

As of February 28, 2021, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Fund as follows:

Fund	Number of Shares		Percentage of Outstanding Shares
PGIM Active High Yield Bond ETF		625,000		44.1	%

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

	Affiliated					Unaffiliated
Fund	Number of Shareholders		Percentage of Outstanding Shares			Number of Shareholders		Percentage of Outstanding Shares
PGIM Active High Yield Bond ETF		1		44.1	%		2		27.9	%

Transactions in shares of beneficial interest were as follows:

Reporting period ended February 28, 2021:

	Shares			Amount
Shares sold		1,000,000		$	40,345,589
Shares purchased		(450,000	)		(18,410,215	)
Net increase (decrease) in shares outstanding		550,000		$	21,935,374

Reporting period ended August 31, 2020:

	Shares		Amount
Shares sold		200,000	$	7,569,903
Net increase (decrease) in shares outstanding		200,000	$	7,569,903

8. Borrowings

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

	Current SCA	Prior SCA
Term of Commitment	10/2/2020 – 9/30/2021	10/3/2019 – 10/1/2020
Total Commitment	$1,200,000,000	$1,222,500,000*

50

	Current SCA	Prior SCA
Annualized Commitment Fee on the Unused Portion of the SCA	0.15%	0.15%
Annualized Interest Rate on Borrowings	1.30% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent	1.20% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent

* Effective March 31, 2020, the SCA’s total commitment was increased from $900,000,000 to $1,162,500,000 and subsequently, effective April 7, 2020 was increased to $1,222,500,000.

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

The Fund did not utilize the SCA during the reporting period ended February 28, 2021.

9. Risks of Investing in the Fund

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

Authorized Participant Concentration Risk: Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of intermediaries that act as Authorized Participants and none of these Authorized Participants is or will be obligated to engage in creation or redemption transactions. To the extent that these 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: As with credit risk, market risk and interest rate 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 lose income.

Credit Risk: This is the risk that the issuer, the guarantor or the insurer of a fixed income security, or the counterparty to a contract, may be unable or unwilling to make timely

PGIM Active High Yield Bond ETF 51

Notes to Financial Statements (unaudited) (continued)

principal and interest payments, or to otherwise honor its obligations. Additionally, fixed income securities could lose value due to a loss of confidence in the ability of the issuer, guarantor, insurer or counterparty to pay back debt. The longer the maturity and the lower the credit quality of a bond, the more sensitive it is to credit risk.

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.

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.

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. For example, a fixed income security with a duration of three years is expected to decrease in value by approximately 3% if interest rates increase by 1%. This is referred to as “duration risk”. When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and the Fund may be required to reinvest the proceeds at a lower interest rate. This is referred to as “prepayment risk”. When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of the Fund’s holdings may fall sharply. This is

52

referred to as “extension risk”. The Fund may lose money if short-term or long-term interest rates rise sharply or in a manner not anticipated by the subadviser.

Junk Bonds Risk: High-yield, high-risk bonds have predominantly speculative characteristics, including particularly high credit risk. Junk bonds tend to have lower market liquidity than higher-rated securities. The liquidity of particular issuers or industries within a particular investment category may shrink or disappear suddenly and without warning. The non-investment grade bond market can experience sudden and sharp price swings and become illiquid due to a variety of factors, including changes in economic forecasts, stock market activity, large sustained sales by major investors, a high profile default or a change in the market’s psychology.

LIBOR Risk: Many financial instruments use or may use a floating rate based on the London Interbank Offered Rate, or “LIBOR,” which is the offered rate for short-term Eurodollar deposits between major international banks. Over the course of the last several years, global regulators have indicated an intent to phase out the use of LIBOR and similar interbank offering rates (IBOR). On November 30, 2020, the administrator of LIBOR announced a delay in the phase out of a majority of the U.S. dollar LIBOR publications until June 30, 2023, with the remainder of LIBOR publications to still end at the end of 2021. There still remains uncertainty regarding the nature of any replacement rates for LIBOR and the other IBORs as well as around fallback approaches for instruments extending beyond the any phase-out of these reference rates. The lack of consensus around replacement rates and the uncertainty of the phase out of LIBOR and other IBORs may result in increased volatility in corporate or governmental debt, bank loans, derivatives and other instruments invested in by a Fund as well as loan facilities used by a Fund. As such, the potential impact of a transition away from LIBOR on a Fund or the financial instruments in which a Fund invests cannot yet be determined. The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect a Fund’s performance and/or net asset value. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. Because the usefulness of LIBOR and the other IBORs as benchmarks could deteriorate during the transition period, these effects could begin to be experienced by the end of 2021 and beyond until the anticipated discontinuance date in 2023 for the majority of the LIBOR rates.

Liquidity Risk: Liquidity risk is the risk that the Fund could not meet requests to redeem shares issued by the Fund without significant dilution of remaining investors’ interests in the Fund. The Fund may invest in instruments that trade in lower volumes and are more illiquid than other investments. If the Fund is forced to sell these investments to pay redemption proceeds or for other reasons, the Fund may lose money. In addition, when there is no willing buyer and investments cannot be readily sold at the desired time or price, the Fund may have to accept a lower price or may not be able to sell the instrument

PGIM Active High Yield Bond ETF 53

Notes to Financial Statements (unaudited) (continued)

at all. The reduction in dealer market-making capacity in the fixed income markets that has occurred in recent years also has the potential to reduce the 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 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.

Market Disruption and Geopolitical Risks: International wars or conflicts and geopolitical developments in foreign countries, along with instability in regions such as Asia, Eastern Europe, and the Middle East, possible terrorist attacks in the United States or around the world, public health epidemics such as the outbreak of infectious diseases like the recent outbreak of coronavirus globally or the 2014–2016 outbreak in West Africa of the Ebola virus, and other similar events could adversely affect the U.S. and foreign financial markets, including increases in market volatility, reduced liquidity in the securities markets and government intervention, and may cause further long-term economic uncertainties in the United States and worldwide generally.

The coronavirus pandemic and the related governmental and public responses have had and may continue to have an impact on the Fund’s investments and net asset value and have led and may continue to lead to increased market volatility and the potential for illiquidity in certain classes of securities and sectors of the market. Preventative or protective actions that governments may take in respect of pandemic or epidemic diseases may result in periods of business disruption, business closures, inability to obtain raw materials, supplies and component parts, and reduced or disrupted operations for the issuers in which the Fund invests. Government intervention in markets may impact interest rates, market volatility and security pricing. The occurrence, reoccurrence and pendency of such diseases could adversely affect the economies (including through changes in business activity and increased unemployment) and financial markets either in specific countries or worldwide.

10. Recent Accounting Pronouncement and Regulatory Developments

In March 2020, the FASB issued Accounting Standard Update (“ASU”) No. 2020-04, which provides optional guidance for applying GAAP to contract modifications, hedging relationships and other transactions affected by the reference rate reform if certain criteria are met. ASU 2020-04 is elective and is effective on March 12, 2020 through December 31, 2022. At this time, management is evaluating the implications of certain

54

provisions of the ASU and any impact on the financial statement disclosures has not yet been determined.

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

PGIM Active High Yield Bond ETF 55

Financial Highlights

	Six Months Ended February 28, 2021 (unaudited)			Year Ended August 31, 2020			September 24, 2018(e) through August  31, 2019
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$39.99			$40.96			$40.00
Income (loss) from investment operations:
Net investment income (loss)		1.04			2.49			2.30
Net realized and unrealized gain (loss) on investments		1.70			(0.49	)		0.85
Total from investment operations		2.74			2.00			3.15
Less Dividends and Distributions:
Dividends from net investment income		(1.19	)		(2.55	)		(2.19	)
Distributions from net realized gains		(0.59	)		(0.42	)		-
Total Dividends and Distributions		(1.78	)		(2.97	)		(2.19	)
Net asset value, end of period		$40.95			$39.99			40.96
Total Return(b):		7.01%			5.24%			8.20%
Ratios/Supplemental Data:
Net assets, end of period (000)		$58,355			$34,994			$27,649
Average net assets (000)		$49,013			$29,367			$26,467
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		0.53%	(d)		0.53%			0.52%	(d)
Expenses before waivers and/or expense reimbursement		0.53%	(d)		0.53%			0.53%	(d)
Net investment income (loss)		5.18%	(d)		6.37%			6.15%	(d)
Portfolio turnover rate(f)		63%			57%			55%

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

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

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

(d) Annualized.

(e) Commencement of operations.

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

See Notes to Financial Statements.

56

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

PROXY VOTING

The Board of Trustees of the Fund has delegated to the Fund’s subadviser the responsibility for voting any proxies and maintaining proxy recordkeeping with respect to the Fund. A description of these proxy voting policies and procedures is available without charge, upon request, by calling (800) 225-1852 or by visiting the Securities and Exchange Commission’s website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website and on the Securities and Exchange Commission’s website.

TRUSTEES

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

OFFICERS

Stuart S. Parker, President • Scott E. Benjamin, Vice President • Christian J. Kelly, Treasurer and Principal Financial and Accounting Officer • Claudia DiGiacomo, Chief Legal Officer • Dino Capasso, Chief Compliance Officer • Jon Corbett, Anti-Money Laundering Compliance Officer • Andrew R. French, Secretary • Melissa Gonzalez, Assistant Secretary • Diana N. Huffman, Assistant Secretary • Patrick McGuinness, Assistant Secretary • Debra Rubano, 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	PricewaterhouseCoopers LLP	300 Madison Avenue New York, NY 10017
FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue New York, NY 10019

An investor should consider the investment objectives, risks, charges, and expenses of the 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 pgim.com/investments or by calling (800) 225-1852. The prospectus and summary prospectus should be read carefully before investing.

E-DELIVERY

To receive your fund documents online, go to pgim.com/investments/resource/edelivery and enroll. Instead of receiving printed documents by mail, you will receive notification via email when new materials are available. You can cancel your enrollment or change your email address at any time by visiting the website address above.

SHAREHOLDER COMMUNICATIONS WITH TRUSTEES

Shareholders can communicate directly with the Board of Trustees by writing to the Chair of the Board, PGIM 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 that Trustee at the same address. Communications are not screened before being delivered to the addressee.

AVAILABILITY OF PORTFOLIO SCHEDULE

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT filings are available on the Commission’s website at sec.gov.

Funds:

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

PGIM ACTIVE HIGH YIELD BOND ETF

TICKER SYMBOL PHYL

ETF1001E2

PGIM QMA STRATEGIC ALPHA ETFs

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

SEMIANNUAL REPORT

FEBRUARY 28, 2021

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

Table of Contents

Letter from the President	3
PGIM QMA Strategic Alpha Large-Cap Core ETF	4
PGIM QMA Strategic Alpha Small-Cap Growth ETF	6
PGIM QMA Strategic Alpha Small-Cap Value ETF	8
PGIM QMA Strategic Alpha International Equity ETF	10
Fees and Expenses	12
Holdings and Financial Statements	15

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

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

The 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.

The accompanying financial statements as of February 28, 2021 were not audited and, accordingly, no auditor’s opinion is expressed on them.

Exchange-traded funds are distributed by Prudential Investment Management Services LLC (PIMS), member SIPC. QMA is the primary business name of QMA LLC, a wholly owned subsidiary of PGIM, Inc. (PGIM), a Prudential Financial company and registered investment adviser. ^© 2021 Prudential Financial, Inc. and its related entities. PGIM and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

2 Visit our website at pgim.com/investments

Letter from the President

Dear Shareholder,

We hope you find the semiannual report for the PGIM QMA Strategic Alpha ETFs informative and useful. The report covers performance for the six-month period ended February 28, 2021.

Regarding your investments with PGIM, we believe it is important to maintain a diversified portfolio of funds consistent with your tolerance for

risk, time horizon, and financial goals.

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

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

Thank you for choosing our family of funds.

Sincerely,

Stuart S. Parker, President

PGIM QMA Strategic Alpha ETFs

April 15, 2021

PGIM QMA Strategic Alpha ETFs 3

PGIM QMA Strategic Alpha Large-Cap Core ETF

Your Fund’s Performance

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

	Average Annual Total Returns as of 2/28/21
	Six Months* (%)	One Year (%)	Since Inception (%)
Net Asset Value (NAV)	15.10	26.25	11.84 (10/17/18)
Market Price**	14.98	14.92	11.84 (10/17/18)
S&P 500 Index	9.75	31.27	17.95

*Not annualized

**The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated. The first day of secondary market trading is typically several days after the date on which the Fund commenced investment operations; therefore, the NAV of the Fund is used as a proxy for the period from inception of investment operations to the first day of secondary market trading to calculate the market price returns.

Since inception returns for the Index are measured from the closest month-end to the Fund’s inception date.

The returns in the table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or following the sale or redemption of Fund shares.

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

Benchmark Definitions

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

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

**The S&P 500 Index is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by PGIM, Inc. and/or its affiliates. Copyright ^© 2021 S&P Dow Jones Indices LLC, a division of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visit www.spdji.com. S&P^® is a registered trademark of S&P Global and Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC.

4 Visit our website at pgim.com/investments

Presentation of Fund Holdings as of 2/28/21

Ten Largest Holdings	Line of Business	% of Net Assets
News Corp. (Class A Stock)	Media	0.5%
Hewlett Packard Enterprise Co.	Technology Hardware, Storage & Peripherals	0.5%
Seagate Technology PLC	Technology Hardware, Storage & Peripherals	0.4%
People’s United Financial, Inc.	Banks	0.4%
Tapestry, Inc.	Textiles, Apparel & Luxury Goods	0.4%
Zebra Technologies Corp. (Class A Stock)	Electronic Equipment, Instruments & Components	0.4%
MetLife, Inc.	Insurance	0.4%
EOG Resources, Inc.	Oil, Gas & Consumable Fuels	0.4%
US Bancorp	Banks	0.4%
Regions Financial Corp.	Banks	0.4%

PGIM QMA Strategic Alpha ETFs 5

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Your Fund’s Performance

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

	Average Annual Total Returns as of 2/28/21
	Six Months* (%)	One Year (%)	Since Inception (%)
Net Asset Value (NAV)	36.22	46.73	16.31 (11/13/18)
Market Price**	36.04	47.08	16.35 (11/13/18)
Russell 2000 Growth Index	37.33	58.88	24.90

*Not annualized

**The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated. The first day of secondary market trading is typically several days after the date on which the Fund commenced investment operations; therefore, the NAV of the Fund is used as a proxy for the period from inception of investment operations to the first day of secondary market trading to calculate the market price returns.

Since inception returns for the Index are measured from the closest month-end to the Fund’s inception date.

The returns in the table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or following the sale or redemption of Fund shares.

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

Benchmark Definitions

Russell 2000 Growth Index—The Russell 2000 Growth Index is an unmanaged index which contains those securities in the Russell 2000 Index with an above-average growth orientation. Companies in this Index generally have higher price-to-book and price-to-earnings ratios. London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). ^© LSE Group 2021. 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.

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

6 Visit our website at pgim.com/investments

Presentation of Fund Holdings as of 2/28/21

Ten Largest Holdings	Line of Business	% of Net Assets
Pandion Therapeutics, Inc.	Biotechnology	0.6%
Atkore, Inc.	Electrical Equipment	0.3%
Viela Bio, Inc.	Biotechnology	0.3%
Sonos, Inc.	Household Durables	0.3%
Avid Bioservices, Inc.	Biotechnology	0.3%
Amkor Technology, Inc.	Semiconductors & Semiconductor Equipment	0.3%
Lyra Therapeutics, Inc.	Pharmaceuticals	0.3%
Glu Mobile, Inc.	Entertainment	0.3%
Sleep Number Corp.	Specialty Retail	0.3%
iTeos Therapeutics, Inc.	Biotechnology	0.2%

PGIM QMA Strategic Alpha ETFs 7

PGIM QMA Strategic Alpha Small-Cap Value ETF

Your Fund’s Performance

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

	Average Annual Total Returns as of 2/28/21
	Six Months* (%)	One Year (%)	Since Inception (%)
Net Asset Value (NAV)	44.37	36.50	10.31 (11/13/18)
Market Price**	44.45	36.78	10.40 (11/13/18)
Russell 2000 Value Index	46.42	41.06	12.54

*Not annualized

**The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated. The first day of secondary market trading is typically several days after the date on which the Fund commenced investment operations; therefore, the NAV of the Fund is used as a proxy for the period from inception of investment operations to the first day of secondary market trading to calculate the market price returns.

Since inception returns for the Index are measured from the closest month-end to the Fund’s inception date.

The returns in the table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or following the sale or redemption of Fund shares.

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

Benchmark Definitions

Russell 2000 Value Index—The Russell 2000 Value Index is an unmanaged index which contains those securities in the Russell 2000 Index with a below-average growth orientation. Companies in this Index generally have low price-to-book and price-to-earnings ratios, higher dividend yields and lower forecasted growth rates. London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). ^© LSE Group 2021. 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.

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

8 Visit our website at pgim.com/investments

Presentation of Fund Holdings as of 2/28/21

Ten Largest Holdings	Line of Business	% of Net Assets
Dime Community Bancshares, Inc.	Banks	0.3%
Mesa Air Group, Inc.	Airlines	0.2%
Nabors Industries Ltd.	Energy Equipment & Services	0.2%
Protective Insurance Corp. (Class B Stock)	Insurance	0.2%
Goodyear Tire & Rubber Co. (The)	Auto Components	0.2%
Bonanza Creek Energy, Inc.	Oil, Gas & Consumable Fuels	0.2%
Hanmi Financial Corp.	Banks	0.2%
MVB Financial Corp.	Banks	0.2%
Cooper Tire & Rubber Co.	Auto Components	0.2%
Boston Omaha Corp. (Class A Stock)	Media	0.2%

PGIM QMA Strategic Alpha ETFs 9

PGIM QMA Strategic Alpha International Equity ETF

Your Fund’s Performance

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

	Average Annual Total Returns as of 2/28/21
	Six Months* (%)	One Year (%)	Since Inception (%)
Net Asset Value (NAV)	13.06	21.60	8.96 (12/4/18)
Market Price**	14.37	20.16	9.41 (12/4/18)
MSCI EAFE Index	14.33	22.46	11.06

*Not annualized

**The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated. The first day of secondary market trading is typically several days after the date on which the Fund commenced investment operations; therefore, the NAV of the Fund is used as a proxy for the period from inception of investment operations to the first day of secondary market trading to calculate the market price returns.

Since inception returns for the Index are measured from the closest month-end to the Fund’s inception date.

The returns in the table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or following the sale or redemption of Fund shares.

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

Benchmark 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 and Canada.

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

10 Visit our website at pgim.com/investments

Presentation of Fund Holdings as of 2/28/21

Ten Largest Holdings	Line of Business	Country	% of Net Assets
AP Moller—Maersk A/S (Class A Stock)	Marine	Denmark	0.3%
AP Moller—Maersk A/S (Class B Stock)	Marine	Denmark	0.3%
South32 Ltd.	Metals & Mining	Australia	0.3%
CK Asset Holdings Ltd.	Real Estate Management & Development	Hong Kong	0.2%
Porsche Automobil Holding SE	Automobiles	Germany	0.2%
Repsol SA	Oil, Gas & Consumable Fuels	Spain	0.2%
DBS Group Holdings Ltd.	Banks	Singapore	0.2%
Swire Properties Ltd.	Real Estate Management & Development	Hong Kong	0.2%
Evraz PLC	Metals & Mining	United Kingdom	0.2%
Alfa Laval AB	Machinery	Sweden	0.2%

PGIM QMA Strategic Alpha ETFs 11

Fees and Expenses

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

The example is based on an investment of $1,000 held through the six-month period ended February 28, 2021. The example is for illustrative purposes only.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

The second line in the tables on the following page provides information about hypothetical account values and hypothetical expenses based on 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.

12 Visit our website at pgim.com/investments

PGIM QMA Strategic Alpha Large-Cap Core ETF	Beginning Account Value September 1, 2020	Ending Account Value February 28, 2021		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period*
Actual	$1,000.00	$	1,151.00		0.17	%	$	0.91
Hypothetical	$1,000.00	$	1,023.95		0.17	%	$	0.85

PGIM QMA Strategic Alpha Small-Cap Growth ETF	Beginning Account Value September 1, 2020	Ending Account Value February 28, 2021		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period*
Actual	$1,000.00	$	1,362.20		0.29	%	$	1.70
Hypothetical	$1,000.00	$	1,023.36		0.29	%	$	1.45

PGIM QMA Strategic Alpha Small-Cap Value ETF	Beginning Account Value September 1, 2020	Ending Account Value February 28, 2021		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period*
Actual	$1,000.00	$	1,443.70		0.29	%	$	1.76
Hypothetical	$1,000.00	$	1,023.36		0.29	%	$	1.45

PGIM QMA Strategic Alpha International Equity ETF	Beginning Account ValueSeptember 1, 2020	Ending Account ValueFebruary 28, 2021		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period*
Actual	$1,000.00	$	1,130.60		0.29	%	$	1.53
Hypothetical	$1,000.00	$	1,023.36		0.29	%	$	1.45

* Fund expenses (net of fee waivers or subsidies, if any) are equal to the annualized expense ratio (provided in the table), multiplied by the average account value over the period, multiplied by the 181 days in the six-month period ended February 28, 2021, and divided by the 365 days in the Fund’s fiscal year ending August 31, 2021 (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 13

PGIM QMA Strategic Alpha Large-Cap Core ETF

Schedule of Investments (unaudited)

as of February 28, 2021

Description	Shares		Value
LONG-TERM INVESTMENTS    99.5%
COMMON STOCKS    99.5%
Aerospace & Defense    2.8%
General Dynamics Corp.		286	$	46,752
Huntington Ingalls Industries, Inc.		249		43,802
L3Harris Technologies, Inc.		236		42,931
Lockheed Martin Corp.		128		42,272
Northrop Grumman Corp.		146		42,582
Raytheon Technologies Corp.		599		43,122
Teledyne Technologies, Inc.*		111		41,181
Textron, Inc.		880		44,299
				346,941
Air Freight & Logistics    0.7%
Expeditors International of Washington, Inc.		460		42,246
FedEx Corp.		170		43,265
				85,511
Auto Components    0.7%
Aptiv PLC (Ireland)*		300		44,952
BorgWarner, Inc.		988		44,460
				89,412
Automobiles    0.7%
Ford Motor Co.*		3,752		43,898
General Motors Co.		785		40,294
				84,192
Banks    4.7%
Citigroup, Inc.		699		46,050
Citizens Financial Group, Inc.		1,111		48,262
Fifth Third Bancorp		1,410		48,913
First Republic Bank		281		46,295
JPMorgan Chase & Co.		321		47,241
KeyCorp		2,383		47,994
People’s United Financial, Inc.		3,057		54,843
Regions Financial Corp.		2,431		50,151
Truist Financial Corp.		847		48,245
US Bancorp		1,007		50,350
Wells Fargo & Co.		1,351		48,866
Zions Bancorp NA		912		48,491
				585,701

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 15

PGIM QMA Strategic Alpha Large-Cap Core ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2021

Description	Shares		Value
COMMON STOCKS (Continued)
Beverages    1.6%
Coca-Cola Co. (The)		883	$	43,258
Constellation Brands, Inc. (Class A Stock)		189		40,472
Molson Coors Beverage Co. (Class B Stock)		854		37,960
Monster Beverage Corp.*		452		39,659
PepsiCo, Inc.		310		40,049
				201,398
Biotechnology    2.2%
AbbVie, Inc.		404		43,527
Amgen, Inc.		172		38,686
Biogen, Inc.*		160		43,661
Gilead Sciences, Inc.		645		39,603
Incyte Corp.*		460		36,184
Regeneron Pharmaceuticals, Inc.*		81		36,496
Vertex Pharmaceuticals, Inc.*		181		38,471
				276,628
Building Products    1.7%
A.O. Smith Corp.		737		43,756
Carrier Global Corp.		1,184		43,251
Fortune Brands Home & Security, Inc.		424		35,251
Johnson Controls International PLC		829		46,250
Masco Corp.		745		39,649
				208,157
Capital Markets    2.9%
Ameriprise Financial, Inc.		204		45,133
Bank of New York Mellon Corp. (The)		1,070		45,111
Cboe Global Markets, Inc.		450		44,532
Franklin Resources, Inc.		1,635		42,788
Invesco Ltd.		2,070		46,409
MSCI, Inc. (Class A Stock)		105		43,525
State Street Corp.		608		44,244
T Rowe Price Group, Inc.		296		47,994
				359,736
Chemicals    2.4%
Celanese Corp. (Class A Stock)		328		45,563
Corteva, Inc.		1,038		46,866
Eastman Chemical Co.		408		44,578
FMC Corp.		376		38,235
Linde PLC (United Kingdom)		171		41,770

See Notes to Financial Statements.

16

Description	Shares		Value
COMMON STOCKS (Continued)
Chemicals (cont'd.)
PPG Industries, Inc.		296	$	39,907
Sherwin-Williams Co. (The)		59		40,140
				297,059
Commercial Services & Supplies    1.3%
Cintas Corp.		131		42,489
Copart, Inc.*		341		37,224
Republic Services, Inc. (Class A Stock)		460		40,981
Waste Management, Inc.		377		41,805
				162,499
Communications Equipment    1.6%
Arista Networks, Inc.*		139		38,898
Cisco Systems, Inc.		911		40,877
F5 Networks, Inc.*		215		40,846
Juniper Networks, Inc.		1,590		37,015
Motorola Solutions, Inc.		251		44,045
				201,681
Construction & Engineering    0.4%
Quanta Services, Inc.		556		46,621
Construction Materials    0.4%
Martin Marietta Materials, Inc.		140		47,162
Consumer Finance    0.4%
Capital One Financial Corp.		398		47,836
Containers & Packaging    1.7%
Amcor PLC (United Kingdom)		3,845		42,064
Avery Dennison Corp.		271		47,482
International Paper Co.		884		43,891
Sealed Air Corp.		954		39,973
Westrock Co.		928		40,451
				213,861
Distributors    1.0%
Genuine Parts Co.		423		44,563
LKQ Corp.*		1,150		45,298
Pool Corp.		118		39,503
				129,364

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 17

PGIM QMA Strategic Alpha Large-Cap Core ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2021

Description	Shares		Value
COMMON STOCKS (Continued)
Diversified Telecommunication Services    1.1%
AT&T, Inc.		1,500	$	41,835
Lumen Technologies, Inc.		3,901		47,943
Verizon Communications, Inc.		755		41,752
				131,530
Electric Utilities    1.6%
Alliant Energy Corp.		869		40,113
Edison International		710		38,333
Exelon Corp.		940		36,284
NRG Energy, Inc.		1,058		38,627
PPL Corp.		1,558		40,804
				194,161
Electrical Equipment    1.1%
AMETEK, Inc.		368		43,413
Eaton Corp. PLC		345		44,916
Emerson Electric Co.		549		47,159
				135,488
Electronic Equipment, Instruments & Components    1.4%
Amphenol Corp. (Class A Stock)		342		42,983
Corning, Inc.		1,133		43,326
IPG Photonics Corp.*		172		39,104
Zebra Technologies Corp. (Class A Stock)*		107		53,439
				178,852
Energy Equipment & Services    0.4%
Baker Hughes Co. (Class A Stock)		1,918		46,953
Entertainment    1.0%
Activision Blizzard, Inc.		458		43,789
Electronic Arts, Inc.		268		35,904
Take-Two Interactive Software, Inc.*		215		39,659
				119,352
Equity Real Estate Investment Trusts (REITs)    2.8%
Crown Castle International Corp.		271		42,208
Equinix, Inc.		60		38,901
Extra Space Storage, Inc.		377		47,389
Healthpeak Properties, Inc.		1,445		42,035
Prologis, Inc.		430		42,600
Public Storage		195		45,618

See Notes to Financial Statements.

18

Description	Shares		Value
COMMON STOCKS (Continued)
Equity Real Estate Investment Trusts (REITs) (cont'd.)
Ventas, Inc.		890	$	47,081
Weyerhaeuser Co.		1,293		43,794
				349,626
Food & Staples Retailing    1.3%
Costco Wholesale Corp.		119		39,389
Kroger Co. (The)		1,302		41,937
Walgreens Boots Alliance, Inc.		1,003		48,074
Walmart, Inc.		273		35,468
				164,868
Food Products    3.8%
Archer-Daniels-Midland Co.		762		43,114
Campbell Soup Co.		928		42,205
Conagra Brands, Inc.		1,270		43,091
General Mills, Inc.		782		43,018
Hershey Co. (The)		268		39,034
Hormel Foods Corp.		956		44,330
JM Smucker Co. (The)(a)		381		42,672
Kellogg Co.		747		43,109
Kraft Heinz Co. (The)		1,226		44,602
Mondelez International, Inc. (Class A Stock)		770		40,933
Tyson Foods, Inc. (Class A Stock)		656		44,392
				470,500
Gas Utilities    0.3%
Atmos Energy Corp.		483		40,867
Health Care Equipment & Supplies    7.0%
Abbott Laboratories		383		45,876
ABIOMED, Inc.*		124		40,244
Align Technology, Inc.*		80		45,369
Baxter International, Inc.		540		41,953
Becton Dickinson & Co.		160		38,584
Boston Scientific Corp.*		1,153		44,713
Cooper Cos., Inc. (The)		106		40,930
Danaher Corp.		173		38,003
DENTSPLY SIRONA, Inc.		803		42,615
Edwards Lifesciences Corp.*		492		40,885
Hologic, Inc.*		569		41,019
IDEXX Laboratories, Inc.*		87		45,255
Intuitive Surgical, Inc.*		54		39,787

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 19

PGIM QMA Strategic Alpha Large-Cap Core ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2021

Description	Shares		Value
COMMON STOCKS (Continued)
Health Care Equipment & Supplies (cont'd.)
Medtronic PLC (Ireland)		350	$	40,940
ResMed, Inc.		205		39,520
STERIS PLC		226		39,505
Stryker Corp.		178		43,199
Teleflex, Inc.		102		40,608
Varian Medical Systems, Inc.*		246		43,116
West Pharmaceutical Services, Inc.		145		40,694
Zimmer Biomet Holdings, Inc.		264		43,048
				875,863
Health Care Providers & Services    3.5%
Anthem, Inc.		145		43,963
Centene Corp.*		659		38,578
CVS Health Corp.		616		41,968
DaVita, Inc.*		362		36,971
Henry Schein, Inc.*		576		35,626
Humana, Inc.		105		39,863
Laboratory Corp. of America Holdings*		194		46,542
McKesson Corp.		228		38,651
Quest Diagnostics, Inc.		311		35,948
UnitedHealth Group, Inc.		118		39,202
Universal Health Services, Inc. (Class B Stock)*		336		42,111
				439,423
Health Care Technology    0.3%
Cerner Corp.		533		36,852
Hotels, Restaurants & Leisure    1.0%
Domino’s Pizza, Inc.		114		39,502
McDonald’s Corp.		203		41,846
Yum! Brands, Inc.		398		41,205
				122,553
Household Durables    2.1%
DR Horton, Inc.		565		43,432
Lennar Corp. (Class A Stock)		517		42,895
Mohawk Industries, Inc.*		286		50,047
Newell Brands, Inc.		1,754		40,640
PulteGroup, Inc.		909		41,005
Whirlpool Corp.		222		42,198
				260,217

See Notes to Financial Statements.

20

Description	Shares		Value
COMMON STOCKS (Continued)
Household Products    1.0%
Clorox Co. (The)		219	$	39,650
Colgate-Palmolive Co.		545		40,984
Procter & Gamble Co. (The)		330		40,765
				121,399
Independent Power & Renewable Electricity Producers    0.3%
AES Corp. (The)		1,585		42,098
Industrial Conglomerates    1.1%
3M Co.		253		44,290
General Electric Co.		3,908		49,006
Honeywell International, Inc.		211		42,696
				135,992
Insurance    2.9%
Aflac, Inc.(a)		985		47,172
Allstate Corp. (The)		367		39,122
American International Group, Inc.		1,053		46,279
Assurant, Inc.		314		38,691
Loews Corp.		1,019		48,718
MetLife, Inc.		923		53,165
Progressive Corp. (The)		459		39,451
Travelers Cos., Inc. (The)		291		42,341
				354,939
Interactive Media & Services    1.1%
Alphabet, Inc.,
(Class A Stock)*		24		48,526
(Class C Stock)*		24		48,885
Facebook, Inc. (Class A Stock)*		159		40,961
				138,372
Internet & Direct Marketing Retail    0.6%
Amazon.com, Inc.*		12		37,115
eBay, Inc.		703		39,663
				76,778
IT Services    3.4%
Accenture PLC (Ireland) (Class A Stock)		151		37,886
Automatic Data Processing, Inc.		269		46,811
Broadridge Financial Solutions, Inc.		280		39,897
Cognizant Technology Solutions Corp. (Class A Stock)		581		42,692

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 21

PGIM QMA Strategic Alpha Large-Cap Core ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2021

Description	Shares		Value
COMMON STOCKS (Continued)
IT Services (cont'd.)
Fidelity National Information Services, Inc.		324	$	44,712
Gartner, Inc.*		268		47,983
International Business Machines Corp.		297		35,322
Jack Henry & Associates, Inc.		282		41,860
Paychex, Inc.		456		41,528
VeriSign, Inc.*		219		42,493
				421,184
Life Sciences Tools & Services    2.7%
Agilent Technologies, Inc.		363		44,311
Bio-Rad Laboratories, Inc. (Class A Stock)*		74		43,253
Illumina, Inc.*		107		47,017
IQVIA Holdings, Inc.*		234		45,113
Mettler-Toledo International, Inc.*		37		41,294
PerkinElmer, Inc.		298		37,575
Thermo Fisher Scientific, Inc.		84		37,806
Waters Corp.*		160		43,821
				340,190
Machinery    4.1%
Cummins, Inc.		175		44,310
Dover Corp.		365		44,990
IDEX Corp.		199		38,839
Illinois Tool Works, Inc.		203		41,042
Ingersoll Rand, Inc.*		945		43,791
Otis Worldwide Corp.		616		39,245
PACCAR, Inc.		435		39,581
Parker-Hannifin Corp.		155		44,479
Pentair PLC (United Kingdom)		789		44,129
Snap-on, Inc.(a)		246		49,965
Stanley Black & Decker, Inc.		227		39,689
Westinghouse Air Brake Technologies Corp.		535		38,750
				508,810
Media    1.5%
Comcast Corp. (Class A Stock)		817		43,072
DISH Network Corp. (Class A Stock)*		1,355		42,696
Fox Corp. (Class A Stock)		1,393		46,401
News Corp. (Class A Stock)		2,431		57,007
				189,176

See Notes to Financial Statements.

22

Description	Shares		Value
COMMON STOCKS (Continued)
Metals & Mining    0.7%
Newmont Corp.		694	$	37,740
Nucor Corp.		784		46,899
				84,639
Multiline Retail    0.6%
Dollar Tree, Inc.*		384		37,709
Target Corp.		232		42,558
				80,267
Multi-Utilities    2.2%
CenterPoint Energy, Inc.		1,895		36,839
Consolidated Edison, Inc.		625		41,031
Dominion Energy, Inc.		602		41,129
DTE Energy Co.		320		37,670
Public Service Enterprise Group, Inc.		741		39,888
Sempra Energy		353		40,941
WEC Energy Group, Inc.		492		39,675
				277,173
Oil, Gas & Consumable Fuels    1.5%
EOG Resources, Inc.		786		50,744
Exxon Mobil Corp.		899		48,879
Kinder Morgan, Inc.		2,799		41,145
Williams Cos., Inc. (The)		1,996		45,589
				186,357
Personal Products    0.4%
Estee Lauder Cos., Inc. (The) (Class A Stock)		170		48,596
Pharmaceuticals    1.9%
Bristol-Myers Squibb Co.		674		41,336
Johnson & Johnson		255		40,407
Merck & Co., Inc.		532		38,634
Perrigo Co. PLC (Ireland)		996		40,199
Pfizer, Inc.		1,185		39,686
Zoetis, Inc. (Class A Stock)		263		40,828
				241,090
Professional Services    0.4%
Robert Half International, Inc.		634		49,319

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 23

PGIM QMA Strategic Alpha Large-Cap Core ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2021

Description	Shares		Value
COMMON STOCKS (Continued)
Road & Rail    1.7%
CSX Corp.		504	$	46,141
JB Hunt Transport Services, Inc.		278		40,830
Norfolk Southern Corp.		166		41,842
Old Dominion Freight Line, Inc.		214		45,961
Union Pacific Corp.		208		42,839
				217,613
Semiconductors & Semiconductor Equipment    4.2%
Applied Materials, Inc.		400		47,276
Broadcom, Inc.		99		46,517
Intel Corp.		717		43,579
KLA Corp.		142		44,195
Lam Research Corp.		77		43,674
Microchip Technology, Inc.		284		43,347
Micron Technology, Inc.*		508		46,497
Qorvo, Inc.*		235		41,061
QUALCOMM, Inc.		262		35,682
Skyworks Solutions, Inc.		272		48,367
Teradyne, Inc.		308		39,612
Texas Instruments, Inc.		258		44,446
				524,253
Software    4.9%
Adobe, Inc.*		92		42,290
ANSYS, Inc.*		114		38,873
Autodesk, Inc.*		145		40,020
Cadence Design Systems, Inc.*		312		44,020
Citrix Systems, Inc.		339		45,284
Fortinet, Inc.*		289		48,798
Intuit, Inc.		121		47,207
Microsoft Corp.		192		44,617
NortonLifeLock, Inc.		2,098		40,932
Oracle Corp.		648		41,802
salesforce.com, Inc.*		195		42,217
ServiceNow, Inc.*		76		40,543
Synopsys, Inc.*		159		38,988
Tyler Technologies, Inc.*		105		48,659
				604,250

See Notes to Financial Statements.

24

Description	Shares		Value
COMMON STOCKS (Continued)
Specialty Retail    2.3%
AutoZone, Inc.*		35	$	40,597
Best Buy Co., Inc.		377		37,832
Home Depot, Inc. (The)		155		40,043
Lowe’s Cos., Inc.		251		40,097
O’Reilly Automotive, Inc.*		92		41,154
Tractor Supply Co.		270		42,919
Ulta Beauty, Inc.*		144		46,416
				289,058
Technology Hardware, Storage & Peripherals    1.9%
Apple, Inc.		316		38,318
Hewlett Packard Enterprise Co.		3,849		56,041
HP, Inc.		1,705		49,394
NetApp, Inc.		665		41,629
Seagate Technology PLC		751		54,996
				240,378
Textiles, Apparel & Luxury Goods    0.8%
Tapestry, Inc.		1,281		53,981
VF Corp.		514		40,673
				94,654
Tobacco    0.7%
Altria Group, Inc.		929		40,504
Philip Morris International, Inc.		531		44,615
				85,119
Trading Companies & Distributors    0.7%
Fastenal Co.		829		38,441
WW Grainger, Inc.		114		42,489
				80,930
TOTAL LONG-TERM INVESTMENTS (cost $10,340,215)				12,383,498
SHORT-TERM INVESTMENTS    1.0%
AFFILIATED MUTUAL FUND    0.6%
PGIM Institutional Money Market Fund (cost $76,837; includes $76,826 of cash collateral for securities on loan)(b)(wa)		76,871		76,832

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 25

PGIM QMA Strategic Alpha Large-Cap Core ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2021

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
TIME DEPOSIT    0.4%
Skandinaviska Enskilda Banken AB (Sweden) (cost $41,176)		0.005	%		03/01/21		41	$	41,176
TOTAL SHORT-TERM INVESTMENTS (cost $118,013)									118,008
TOTAL INVESTMENTS    100.5% (cost $10,458,228)									12,501,506
Liabilities in excess of other assets    (0.5)%									(59,703	)
NET ASSETS    100.0%								$	12,441,803

The following abbreviations are used in the semi-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 $74,407; cash collateral of $76,826 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Fund may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

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

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

* 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.

26

The following is a summary of the inputs used as of February 28, 2021 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Common Stocks
Aerospace & Defense	$	346,941	$	—	$	—
Air Freight & Logistics		85,511		—		—
Auto Components		89,412		—		—
Automobiles		84,192		—		—
Banks		585,701		—		—
Beverages		201,398		—		—
Biotechnology		276,628		—		—
Building Products		208,157		—		—
Capital Markets		359,736		—		—
Chemicals		297,059		—		—
Commercial Services & Supplies		162,499		—		—
Communications Equipment		201,681		—		—
Construction & Engineering		46,621		—		—
Construction Materials		47,162		—		—
Consumer Finance		47,836		—		—
Containers & Packaging		213,861		—		—
Distributors		129,364		—		—
Diversified Telecommunication Services		131,530		—		—
Electric Utilities		194,161		—		—
Electrical Equipment		135,488		—		—
Electronic Equipment, Instruments & Components		178,852		—		—
Energy Equipment & Services		46,953		—		—
Entertainment		119,352		—		—
Equity Real Estate Investment Trusts (REITs)		349,626		—		—
Food & Staples Retailing		164,868		—		—
Food Products		470,500		—		—
Gas Utilities		40,867		—		—
Health Care Equipment & Supplies		875,863		—		—
Health Care Providers & Services		439,423		—		—
Health Care Technology		36,852		—		—
Hotels, Restaurants & Leisure		122,553		—		—
Household Durables		260,217		—		—
Household Products		121,399		—		—
Independent Power & Renewable Electricity Producers		42,098		—		—
Industrial Conglomerates		135,992		—		—
Insurance		354,939		—		—
Interactive Media & Services		138,372		—		—
Internet & Direct Marketing Retail		76,778		—		—

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 27

PGIM QMA Strategic Alpha Large-Cap Core ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2021

	Level 1		Level 2		Level 3
Investments in Securities (continued)
Assets (continued)
Common Stocks (continued)
IT Services	$	421,184	$	—	$	—
Life Sciences Tools & Services		340,190		—		—
Machinery		508,810		—		—
Media		189,176		—		—
Metals & Mining		84,639		—		—
Multiline Retail		80,267		—		—
Multi-Utilities		277,173		—		—
Oil, Gas & Consumable Fuels		186,357		—		—
Personal Products		48,596		—		—
Pharmaceuticals		241,090		—		—
Professional Services		49,319		—		—
Road & Rail		217,613		—		—
Semiconductors & Semiconductor Equipment		524,253		—		—
Software		604,250		—		—
Specialty Retail		289,058		—		—
Technology Hardware, Storage & Peripherals		240,378		—		—
Textiles, Apparel & Luxury Goods		94,654		—		—
Tobacco		85,119		—		—
Trading Companies & Distributors		80,930		—		—
Affiliated Mutual Fund		76,832		—		—
Time Deposit		—		41,176		—
Total	$	12,460,330	$	41,176	$	—

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of February 28, 2021 were as follows:

Health Care Equipment & Supplies	7.0	%
Software	4.9
Banks	4.7
Semiconductors & Semiconductor Equipment	4.2
Machinery	4.1
Food Products	3.8
Health Care Providers & Services	3.5
IT Services	3.4
Capital Markets	2.9
Insurance	2.9
Equity Real Estate Investment Trusts (REITs)	2.8
Aerospace & Defense	2.8
Life Sciences Tools & Services	2.7
Chemicals	2.4
Specialty Retail	2.3
Multi-Utilities	2.2
Biotechnology	2.2
Household Durables	2.1
Pharmaceuticals	1.9
Technology Hardware, Storage & Peripherals	1.9
Road & Rail	1.7
Containers & Packaging	1.7
Building Products	1.7
Communications Equipment	1.6
Beverages	1.6
Electric Utilities	1.6
Media	1.5
Oil, Gas & Consumable Fuels	1.5

See Notes to Financial Statements.

28

Industry Classification (cont’d.)
Electronic Equipment, Instruments & Components	1.4	%
Food & Staples Retailing	1.3
Commercial Services & Supplies	1.3
Interactive Media & Services	1.1
Industrial Conglomerates	1.1
Electrical Equipment	1.1
Diversified Telecommunication Services	1.1
Distributors	1.0
Hotels, Restaurants & Leisure	1.0
Household Products	1.0
Entertainment	1.0
Textiles, Apparel & Luxury Goods	0.8
Auto Components	0.7
Air Freight & Logistics	0.7
Tobacco	0.7
Metals & Mining	0.7
Automobiles	0.7
Trading Companies & Distributors	0.7
Multiline Retail	0.6
Affiliated Mutual Fund (0.6% represents investments purchased with collateral from securities on loan)	0.6
Internet & Direct Marketing Retail	0.6
Professional Services	0.4
Personal Products	0.4
Consumer Finance	0.4
Construction Materials	0.4
Energy Equipment & Services	0.4
Construction & Engineering	0.4
Time Deposit	0.4
Independent Power & Renewable Electricity Producers	0.3
Gas Utilities	0.3
Health Care Technology	0.3
	100.5
Liabilities in excess of other assets	(0.5	)
	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:

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	$	74,407	$	(74,407	)	$	—

(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 29

PGIM QMA Strategic Alpha Large-Cap Core ETF

Statement of Assets & Liabilities (unaudited)

as of February 28, 2021

Assets
Investments at value, including securities on loan of $74,407:
Unaffiliated investments (cost $10,381,391)	$	12,424,674
Affiliated investments (cost $76,837)		76,832
Interest and dividends receivable		18,880
Total Assets		12,520,386
Liabilities
Payable to broker for collateral for securities on loan		76,826
Management fee payable		1,638
Other liabilities		119
Total Liabilities		78,583
Net Assets	$	12,441,803
Net assets were comprised of:
Common stock, at par	$	200
Paid-in capital in excess of par		10,206,775
Total distributable earnings (loss)		2,234,828
Net assets, February 28, 2021	$	12,441,803
Net asset value, offering price and redemption price per share, ($12,441,803 / 200,000 shares of common stock issued and outstanding)	$	62.21

See Notes to Financial Statements.

30

PGIM QMA Strategic Alpha Large-Cap Core ETF

Statement of Operations (unaudited)

Six Months Ended February 28, 2021

Net Investment Income (Loss)
Income
Interest income	$	388
Unaffiliated dividend income		101,904
Income from securities lending, net (including affiliated income of $365)		368
Miscellaneous Income		49
Total income		102,709
Expenses
Management fee		9,831
Total expenses		9,831
Net investment income (loss)		92,878
Realized And Unrealized Gain (Loss) On Investments
Net realized gain (loss) on:
Investment transactions (including affiliated of $(105))		914,482
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $57)		635,295
Net gain (loss) on investment transactions		1,549,777
Net Increase (Decrease) In Net Assets Resulting From Operations	$	1,642,655

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 31

PGIM QMA Strategic Alpha Large-Cap Core ETF

Statements of Changes in Net Assets     

	Six Months Ended February 28, 2021 (unaudited)			Year Ended August 31, 2020
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	92,878		$	206,373
Net realized gain (loss) on investments		914,482			(609,299	)
Net change in unrealized appreciation (depreciation) on investments		635,295			1,189,934
Net increase (decrease) in net assets resulting from operations		1,642,655			787,008
Dividends and Distributions
Distributions from distributable earnings		(158,974	)		(208,630	)
Total increase (decrease)		1,483,681			578,378
Net Assets:
Beginning of period		10,958,122			10,379,744
End of period	$	12,441,803		$	10,958,122

See Notes to Financial Statements.

32

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Schedule of Investments (unaudited)

as of February 28, 2021

Description	Shares		Value
LONG-TERM INVESTMENTS    99.9%
COMMON STOCKS    99.9%
Aerospace & Defense    0.5%
Kaman Corp.(a)		428	$	20,827
Parsons Corp.*		657		23,481
Vectrus, Inc.*		462		25,225
				69,533
Air Freight & Logistics    0.6%
Air Transport Services Group, Inc.*		960		25,478
Atlas Air Worldwide Holdings, Inc.*		482		26,573
Forward Air Corp.		323		27,704
				79,755
Auto Components    1.4%
Dorman Products, Inc.*		259		25,825
Fox Factory Holding Corp.*		206		26,193
Gentherm, Inc.*		413		29,236
LCI Industries		187		26,356
Patrick Industries, Inc.		368		29,046
Standard Motor Products, Inc.		615		25,836
XPEL, Inc.*		511		24,707
				187,199
Automobiles    0.2%
Winnebago Industries, Inc.		365		25,404
Banks    1.2%
Cambridge Bancorp		364		27,744
Eastern Bankshares, Inc.*		1,573		27,700
First Foundation, Inc.		1,195		27,306
Independent Bank Corp.		327		27,962
Investors Bancorp, Inc.		2,152		28,708
National Bank Holdings Corp. (Class A Stock)		725		28,094
				167,514
Beverages    0.6%
Coca-Cola Consolidated, Inc.		96		24,639
MGP Ingredients, Inc.		473		30,215
National Beverage Corp.		460		21,924
				76,778

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 33

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2021

Description	Shares		Value
COMMON STOCKS (Continued)
Biotechnology    14.1%
89bio, Inc.*		1,223	$	30,037
ADMA Biologics, Inc.(a)*		10,384		23,987
Aduro Biotech, Inc.*^		1,571		0
Adverum Biotechnologies, Inc.*		1,862		23,889
Aeglea BioTherapeutics, Inc.*		3,357		25,010
Akebia Therapeutics, Inc.*		7,474		25,860
Akero Therapeutics, Inc.*		826		25,110
Akouos, Inc.*		1,499		30,535
Albireo Pharma, Inc.*		705		24,576
Allogene Therapeutics, Inc.*		777		26,970
Amicus Therapeutics, Inc.*		1,312		16,111
Annexon, Inc.*		1,005		29,256
Aravive, Inc.*		4,310		29,351
Arcus Biosciences, Inc.*		671		23,659
Ardelyx, Inc.*		3,415		22,027
Arena Pharmaceuticals, Inc.*		329		26,435
Assembly Biosciences, Inc.*		4,239		21,534
Athenex, Inc.*		1,915		23,171
Avid Bioservices, Inc.*		1,744		35,892
Avrobio, Inc.*		1,720		18,920
Axcella Health, Inc.*		4,384		24,989
Black Diamond Therapeutics, Inc.*		974		27,272
Blueprint Medicines Corp.*		249		24,457
Calithera Biosciences, Inc.*		7,990		23,331
Catalyst Pharmaceuticals, Inc.*		6,913		26,892
Centogene NV (Germany)*		2,197		25,397
Checkmate Pharmaceuticals, Inc.*		1,554		20,668
Coherus Biosciences, Inc.*		1,312		21,307
Constellation Pharmaceuticals, Inc.*		720		18,144
ContraFect Corp.*		4,732		24,843
Crinetics Pharmaceuticals, Inc.*		1,683		25,733
CytomX Therapeutics, Inc.*		3,612		28,354
Dicerna Pharmaceuticals, Inc.*		994		26,818
Dyadic International, Inc.*		4,499		23,890
Eagle Pharmaceuticals, Inc.*		525		23,362
Eiger BioPharmaceuticals, Inc.*		2,291		23,299
Emergent BioSolutions, Inc.(a)*		241		23,136
Exicure, Inc.*		10,542		22,876
Fennec Pharmaceuticals, Inc.*		3,123		22,860
Flexion Therapeutics, Inc.*		2,097		23,109
Gossamer Bio, Inc.*		2,415		22,701
Immunovant, Inc.*		614		9,689

See Notes to Financial Statements.

34

Description	Shares		Value
COMMON STOCKS (Continued)
Biotechnology (cont'd.)
Inozyme Pharma, Inc.*		976	$	19,520
Ironwood Pharmaceuticals, Inc. (Class A Stock)(a)*		2,456		22,669
iTeos Therapeutics, Inc.*		810		33,680
Kindred Biosciences, Inc.*		5,277		23,799
Kiniksa Pharmaceuticals Ltd. (Class A Stock)*		1,182		24,314
Ligand Pharmaceuticals, Inc.(a)*		165		24,456
MacroGenics, Inc.*		1,073		26,836
Magenta Therapeutics, Inc.*		2,682		28,188
MediciNova, Inc.*		4,225		23,576
MEI Pharma, Inc.*		8,409		31,534
MeiraGTx Holdings PLC*		1,694		25,139
Minerva Neurosciences, Inc.*		7,434		23,045
Morphic Holding, Inc.*		812		29,362
Natera, Inc.*		216		25,075
Neoleukin Therapeutics, Inc.*		1,883		22,671
NextCure, Inc.*		1,883		21,391
Ovid therapeutics, Inc.*		9,327		27,515
Oyster Point Pharma, Inc.*		1,257		24,901
Pandion Therapeutics, Inc.*		1,420		85,484
Poseida Therapeutics, Inc.*		2,824		31,177
Protara Therapeutics, Inc.*		1,315		22,618
PTC Therapeutics, Inc.*		382		21,812
Puma Biotechnology, Inc.*		2,043		20,348
Radius Health, Inc.*		1,205		22,425
Replimune Group, Inc.*		569		19,704
Soleno Therapeutics, Inc.*		12,512		30,154
Travere Therapeutics, Inc.*		979		30,173
UNITY Biotechnology, Inc.*		3,811		25,953
Veracyte, Inc.*		463		26,882
Verastem, Inc.*		11,985		28,165
Vericel Corp.*		588		28,389
Viela Bio, Inc.*		688		36,602
Voyager Therapeutics, Inc.*		2,951		16,732
Xencor, Inc.*		477		23,502
Zentalis Pharmaceuticals, Inc.*		626		26,317
				1,949,565
Building Products    1.9%
Advanced Drainage Systems, Inc.		302		33,226
Alpha Pro Tech Ltd. (Canada)(a)*		1,842		25,751
Apogee Enterprises, Inc.		681		25,469

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 35

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2021

Description	Shares		Value
COMMON STOCKS (Continued)
Building Products (cont'd.)
Builders FirstSource, Inc.*		564	$	24,401
Cornerstone Building Brands, Inc.*		2,035		23,179
CSW Industrials, Inc.		208		26,119
Gibraltar Industries, Inc.*		283		24,720
Masonite International Corp.*		240		26,333
Simpson Manufacturing Co., Inc.		256		24,950
UFP Industries, Inc.(a)		440		26,840
				260,988
Capital Markets    2.5%
Artisan Partners Asset Management, Inc. (Class A Stock)		472		22,420
Assetmark Financial Holdings, Inc.*		1,045		24,693
Brightsphere Investment Group, Inc.		1,241		22,462
Cohen & Steers, Inc.		322		20,730
Cowen, Inc. (Class A Stock)		962		32,564
Federated Hermes, Inc. (Class B Stock)		836		22,338
GAMCO Investors, Inc. (Class A Stock)		1,354		25,726
Houlihan Lokey, Inc. (Class A Stock)		362		23,009
PJT Partners, Inc. (Class A Stock)		307		21,404
Pzena Investment Management, Inc. (Class A Stock)		3,035		27,983
Silvercrest Asset Management Group, Inc. (Class A Stock)		1,687		23,685
StepStone Group, Inc. (Class A Stock)*		704		25,351
StoneX Group, Inc.*		458		26,422
Virtus Investment Partners, Inc.		119		29,857
				348,644
Chemicals    2.7%
Balchem Corp.		218		26,021
Chase Corp.		247		26,597
Ferro Corp.*		1,704		27,042
GCP Applied Technologies, Inc.*		992		24,592
Hawkins, Inc.		485		30,361
HB Fuller Co.		505		28,315
Ingevity Corp.*		341		23,693
Innospec, Inc.		285		28,628
Koppers Holdings, Inc.*		737		24,623
Orion Engineered Carbons SA (Luxembourg)		1,454		25,736
PQ Group Holdings, Inc.		1,793		27,540
Quaker Chemical Corp.		95		26,826
Sensient Technologies Corp.		324		25,223
Stepan Co.		211		25,466
				370,663

See Notes to Financial Statements.

36

Description	Shares		Value
COMMON STOCKS (Continued)
Commercial Services & Supplies    0.9%
Brady Corp. (Class A Stock)		520	$	27,253
Cimpress PLC (Ireland)*		243		24,077
Healthcare Services Group, Inc.		871		24,780
Tetra Tech, Inc.		193		26,705
UniFirst Corp.		117		28,348
				131,163
Communications Equipment    1.5%
CalAmp Corp.*		2,271		25,367
Calix, Inc.*		720		28,447
Cambium Networks Corp.*		753		31,844
Casa Systems, Inc.*		3,075		25,246
Clearfield, Inc.*		727		23,562
Extreme Networks, Inc.*		3,275		30,032
Genasys, Inc.*		3,004		20,637
Viavi Solutions, Inc.*		1,603		25,945
				211,080
Construction & Engineering    1.5%
Comfort Systems USA, Inc.		444		27,501
EMCOR Group, Inc.		270		26,290
HC2 Holdings, Inc.*		6,210		21,735
IES Holdings, Inc.*		583		26,725
MasTec, Inc.*		321		27,847
MYR Group, Inc.*		393		23,167
NV5 Global, Inc.*		275		28,397
Primoris Services Corp.		835		27,947
				209,609
Consumer Finance    0.7%
Curo Group Holdings Corp.		1,766		25,554
FirstCash, Inc.		441		27,924
Green Dot Corp. (Class A Stock)*		490		23,158
PROG Holdings, Inc.		517		25,850
				102,486
Containers & Packaging    0.4%
Myers Industries, Inc.		1,162		25,727
Pactiv Evergreen, Inc.		1,636		22,871
				48,598

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 37

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2021

Description	Shares		Value
COMMON STOCKS (Continued)
Distributors    0.2%
Core-Mark Holding Co., Inc.		762	$	24,826
Diversified Consumer Services    0.4%
Perdoceo Education Corp.*		2,038		26,229
Strategic Education, Inc.		282		25,639
				51,868
Diversified Telecommunication Services    0.8%
IDT Corp. (Class B Stock)*		1,779		31,933
Ooma, Inc.*		1,678		26,513
ORBCOMM, Inc.*		2,989		22,806
Vonage Holdings Corp.*		1,806		23,875
				105,127
Electric Utilities    0.7%
Genie Energy Ltd. (Class B Stock)		3,433		25,919
MGE Energy, Inc.		384		24,461
Otter Tail Corp.		612		24,798
Spark Energy, Inc. (Class A Stock)		2,171		21,645
				96,823
Electrical Equipment    0.8%
Allied Motion Technologies, Inc.		530		25,726
Atkore, Inc.*		546		36,937
EnerSys		273		24,647
Vicor Corp.*		245		24,130
				111,440
Electronic Equipment, Instruments & Components    2.7%
Badger Meter, Inc.		251		27,256
ePlus, Inc.*		281		26,571
Fabrinet (Thailand)*		292		25,792
FARO Technologies, Inc.*		321		30,001
Insight Enterprises, Inc.*		342		28,588
Intellicheck, Inc.*		2,181		26,543
Iteris, Inc.*		3,760		20,718
Luna Innovations, Inc.*		2,279		26,755
Methode Electronics, Inc.		644		25,071
Napco Security Technologies, Inc.*		888		27,643
Novanta, Inc.*		196		25,937

See Notes to Financial Statements.

38

Description	Shares		Value
COMMON STOCKS (Continued)
Electronic Equipment, Instruments & Components (cont'd.)
OSI Systems, Inc.*		272	$	25,737
Plexus Corp.*		321		26,958
Rogers Corp.*		153		27,766
				371,336
Energy Equipment & Services    0.2%
DMC Global, Inc.		512		32,251
Entertainment    0.3%
Glu Mobile, Inc.*		2,806		35,019
Equity Real Estate Investment Trusts (REITs)    3.3%
Alexander’s, Inc.		92		24,942
Broadstone Net Lease, Inc. (Class A Stock)		1,367		24,729
EastGroup Properties, Inc.		182		24,772
Four Corners Property Trust, Inc.		943		25,546
Gladstone Commercial Corp.		1,403		26,208
Gladstone Land Corp.		1,515		27,103
Indus Realty Trust, Inc.		396		24,029
LTC Properties, Inc.		639		26,142
Monmouth Real Estate Investment Corp.		1,462		25,322
National Health Investors, Inc.		383		26,147
National Storage Affiliates Trust		693		26,715
NexPoint Residential Trust, Inc.		600		24,624
PS Business Parks, Inc.		186		26,944
Saul Centers, Inc.		817		28,938
Terreno Realty Corp.		448		25,106
UMH Properties, Inc.		1,665		28,422
Uniti Group, Inc.		1,834		21,843
Universal Health Realty Income Trust		396		24,532
				462,064
Food & Staples Retailing    0.5%
BJ’s Wholesale Club Holdings, Inc.*		590		23,706
Natural Grocers by Vitamin Cottage, Inc.		1,558		21,937
PriceSmart, Inc.		268		25,848
				71,491
Food Products    1.2%
Freshpet, Inc.*		170		26,499
J&J Snack Foods Corp.		164		26,037

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 39

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2021

Description	Shares		Value
COMMON STOCKS (Continued)
Food Products (cont'd.)
John B Sanfilippo & Son, Inc.(a)		317	$	27,408
Mission Produce, Inc.*		1,579		33,096
Sanderson Farms, Inc.		176		26,840
Tootsie Roll Industries, Inc.(a)		735		22,645
				162,525
Gas Utilities    0.9%
Brookfield Infrastructure Corp. (Canada) (Class A Stock)		383		25,362
ONE Gas, Inc.		354		23,707
RGC Resources, Inc.		1,081		24,550
South Jersey Industries, Inc.		1,131		28,400
Southwest Gas Holdings, Inc.		423		26,374
				128,393
Health Care Equipment & Supplies    5.8%
Accuray, Inc.*		5,049		25,144
Antares Pharma, Inc.*		5,618		23,876
AtriCure, Inc.*		440		28,719
Atrion Corp.		36		22,496
AxoGen, Inc.*		1,378		30,454
BioLife Solutions, Inc.*		611		23,970
Cardiovascular Systems, Inc.*		551		22,756
CONMED Corp.		235		28,919
CytoSorbents Corp.*		2,666		25,114
Electromed, Inc.*		2,495		26,347
Heska Corp.*		154		29,014
Inari Medical, Inc.*		236		24,686
Integer Holdings Corp.*		310		27,339
iRadimed Corp.*		1,115		24,864
LeMaitre Vascular, Inc.		548		28,162
LivaNova PLC (United Kingdom)*		416		32,257
Meridian Bioscience, Inc.*		1,098		23,146
Merit Medical Systems, Inc.*		422		23,514
Misonix, Inc.*		1,845		30,922
Natus Medical, Inc.*		941		24,381
Neogen Corp.*		299		24,494
Nevro Corp.*		146		24,116
NuVasive, Inc.*		451		27,209
OraSure Technologies, Inc.*		1,783		18,900
Quotient Ltd. (Switzerland)*		4,170		18,723
Repro-Med Systems, Inc.*		5,000		19,400
Rockwell Medical, Inc.*		17,568		23,717

See Notes to Financial Statements.

40

Description	Shares		Value
COMMON STOCKS (Continued)
Health Care Equipment & Supplies (cont'd.)
Silk Road Medical, Inc.*		432	$	23,661
STAAR Surgical Co.*		286		29,747
Tela Bio, Inc.*		1,812		27,850
Utah Medical Products, Inc.		298		25,151
Zynex, Inc.*		1,376		19,979
				809,027
Health Care Providers & Services    3.0%
Accolade, Inc.*		465		20,609
AMN Healthcare Services, Inc.*		313		22,808
Apollo Medical Holdings, Inc.*		1,066		26,383
CorVel Corp.*		251		25,477
Ensign Group, Inc. (The)(a)		323		26,492
Hanger, Inc.*		1,108		24,354
InfuSystem Holdings, Inc.*		1,449		24,720
LHC Group, Inc.*		117		21,260
ModivCare, Inc.*		153		19,624
National Research Corp.		534		27,592
Option Care Health, Inc.*		1,411		27,077
Pennant Group, Inc. (The)*		411		21,693
RadNet, Inc.*		1,323		24,396
Select Medical Holdings Corp.*		920		29,118
Tivity Health, Inc.*		1,164		27,703
US Physical Therapy, Inc.		194		22,745
Viemed Healthcare, Inc.*		2,891		27,262
				419,313
Health Care Technology    1.5%
Allscripts Healthcare Solutions, Inc.*		1,504		23,207
Evolent Health, Inc. (Class A Stock)*		1,325		26,699
Inovalon Holdings, Inc. (Class A Stock)*		994		24,412
Inspire Medical Systems, Inc.*		120		27,935
OptimizeRx Corp.*		551		29,302
Schrodinger, Inc.*		267		27,362
Simulations Plus, Inc.		337		24,170
Vocera Communications, Inc.*		562		24,076
				207,163
Hotels, Restaurants & Leisure    1.8%
Accel Entertainment, Inc. (Class A Stock)*		2,570		28,501
Cracker Barrel Old Country Store, Inc.		184		28,496
Golden Entertainment, Inc.*		1,282		30,294

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 41

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2021

Description	Shares		Value
COMMON STOCKS (Continued)
Hotels, Restaurants & Leisure (cont'd.)
Jack in the Box, Inc.		254	$	25,997
Marriott Vacations Worldwide Corp.		194		32,924
Monarch Casino & Resort, Inc.*		439		29,703
Papa John’s International, Inc.		263		23,720
Texas Roadhouse, Inc. (Class A Stock)		294		26,719
Wingstop, Inc.		164		22,328
				248,682
Household Durables    2.6%
Cavco Industries, Inc.*		136		28,684
GoPro, Inc. (Class A Stock)(a)*		2,895		21,770
Installed Building Products, Inc.*		224		24,497
iRobot Corp.*		236		29,290
KB Home		601		24,268
LGI Homes, Inc.*		228		24,909
Lovesac Co. (The)*		450		25,961
Meritage Homes Corp.*		267		22,511
Purple Innovation, Inc. (Class A Stock)*		655		24,097
Skyline Champion Corp.*		748		33,099
Sonos, Inc.*		929		36,175
Taylor Morrison Home Corp. (Class A Stock)*		847		23,301
TopBuild Corp.(a)*		109		20,755
Universal Electronics, Inc.*		427		24,847
				364,164
Household Products    0.6%
Central Garden & Pet Co.*		585		26,676
Central Garden & Pet Co. (Class A Stock)*		631		26,193
WD-40 Co.		85		26,499
				79,368
Independent Power & Renewable Electricity Producers    0.5%
Clearway Energy, Inc.,
(Class A Stock)		841		21,992
(Class C Stock)		765		21,007
Ormat Technologies, Inc.		238		20,389
				63,388
Industrial Conglomerates    0.2%
Raven Industries, Inc.		694		27,205

See Notes to Financial Statements.

42

Description	Shares		Value
COMMON STOCKS (Continued)
Insuranc    0.7%
HCI Group, Inc.		453	$	26,215
James River Group Holdings Ltd. (Bermuda)		534		24,516
RLI Corp.		249		25,981
Universal Insurance Holdings, Inc.		1,599		23,809
				100,521
Interactive Media & Services    0.6%
Cargurus, Inc. (Class A Stock)*		831		21,564
QuinStreet, Inc.*		1,158		27,665
Yelp, Inc. (Class A Stock)*		819		30,885
				80,114
Internet & Direct Marketing Retail    0.7%
Overstock.com, Inc.*		381		25,592
PetMed Express, Inc.(a)		731		25,373
Shutterstock, Inc.		350		30,881
Stamps.com, Inc.*		108		19,648
				101,494
IT Services    3.1%
Brightcove, Inc.*		1,441		31,385
Cass Information Systems, Inc.		629		27,097
CSG Systems International, Inc.		568		26,213
EVERTEC, Inc. (Puerto Rico)		699		27,191
ExlService Holdings, Inc.*		282		23,863
Grid Dynamics Holdings, Inc.*		1,905		28,404
Hackett Group, Inc. (The)		1,749		27,319
International Money Express, Inc.*		1,721		25,350
MAXIMUS, Inc.		323		26,253
NIC, Inc.		908		31,517
Perspecta, Inc.		939		27,419
PFSweb, Inc.*		3,685		25,869
Rackspace Technology, Inc.*		1,287		27,053
Sykes Enterprises, Inc.*		627		25,619
TTEC Holdings, Inc.(a)		338		28,439
Unisys Corp.*		1,070		26,269
				435,260
Leisure Products    1.3%
Acushnet Holdings Corp.		620		26,176
Johnson Outdoors, Inc. (Class A Stock)		225		27,153

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 43

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2021

Description	Shares		Value
COMMON STOCKS (Continued)
Leisure Products (cont'd.)
Malibu Boats, Inc. (Class A Stock)*		349	$	26,015
Marine Products Corp.		1,603		26,946
MasterCraft Boat Holdings, Inc.*		904		23,170
Sturm Ruger & Co., Inc.		381		25,984
YETI Holdings, Inc.*		366		25,170
				180,614
Life Sciences Tools & Services    0.2%
Medpace Holdings, Inc.*		185		30,050
Machinery    3.3%
Alamo Group, Inc.		174		26,558
Albany International Corp. (Class A Stock)		359		28,379
Douglas Dynamics, Inc.		601		28,956
Federal Signal Corp.		726		26,434
Franklin Electric Co., Inc.		338		25,370
Gorman-Rupp Co. (The)		786		25,144
Helios Technologies, Inc.		469		30,673
John Bean Technologies Corp.		190		28,038
Kadant, Inc.		163		28,362
Meritor, Inc.*		855		25,966
Mueller Water Products, Inc. (Class A Stock)		1,906		24,568
Omega Flex, Inc.		167		28,808
Rexnord Corp.		576		25,891
Shyft Group, Inc. (The)		816		26,838
SPX Corp.*		401		22,292
Tennant Co.		352		26,822
Watts Water Technologies, Inc. (Class A Stock)		186		21,221
				450,320
Media    1.3%
AMC Networks, Inc. (Class A Stock)(a)*		471		30,893
Daily Journal Corp.*		77		26,357
Gray Television, Inc.*		1,464		26,572
Meredith Corp.*		1,234		30,578
TechTarget, Inc.*		351		29,354
WideOpenWest, Inc.*		2,282		32,062
				175,816
Metals & Mining    0.2%
Materion Corp.		382		26,159

See Notes to Financial Statements.

44

Description	Shares		Value
COMMON STOCKS (Continued)
Multiline Retail    0.4%
Big Lots, Inc.(a)		501	$	31,833
Franchise Group, Inc.		774		27,152
				58,985
Oil, Gas & Consumable Fuels    0.2%
Dorian LPG Ltd.*		2,162		26,917
Paper & Forest Products    0.2%
Louisiana-Pacific Corp.		583		27,757
Personal Products    0.6%
Lifevantage Corp.*		2,763		24,176
Medifast, Inc.		111		28,082
USANA Health Sciences, Inc.*		287		27,856
				80,114
Pharmaceuticals    5.5%
Agile Therapeutics, Inc.*		8,549		24,536
Amneal Pharmaceuticals, Inc.*		5,288		28,502
Amphastar Pharmaceuticals, Inc.*		1,347		23,613
ANI Pharmaceuticals, Inc.*		798		23,222
Aquestive Therapeutics, Inc.*		4,539		20,789
BioDelivery Sciences International, Inc.*		6,107		25,649
Cara Therapeutics, Inc.*		1,305		23,947
Cerecor, Inc.*		7,964		26,839
Chiasma, Inc.*		6,302		24,515
Collegium Pharmaceutical, Inc.*		1,026		24,203
Corcept Therapeutics, Inc.*		898		22,585
Durect Corp.*		10,481		23,268
Harrow Health, Inc.*		2,965		22,741
IMARA, Inc.*		1,865		23,480
Innoviva, Inc.*		2,085		23,831
Intra-Cellular Therapies, Inc.*		756		26,785
Lyra Therapeutics, Inc.*		2,368		35,330
NGM Biopharmaceuticals, Inc.*		918		24,529
Pacira BioSciences, Inc.*		367		26,974
Phathom Pharmaceuticals, Inc.*		642		28,280
Phibro Animal Health Corp. (Class A Stock)		1,201		25,906
Pliant Therapeutics, Inc.*		941		31,138
Prestige Consumer Healthcare, Inc.*		653		27,237
Provention Bio, Inc.*		1,765		22,451
Relmada Therapeutics, Inc.*		721		24,038

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 45

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2021

Description	Shares		Value
COMMON STOCKS (Continued)
Pharmaceuticals (cont'd.)
SIGA Technologies, Inc.*		3,733	$	23,593
Strongbridge Biopharma PLC*		8,483		26,637
Supernus Pharmaceuticals, Inc.*		794		21,335
Verrica Pharmaceuticals, Inc.*		2,078		28,489
Zogenix, Inc.*		1,307		27,721
				762,163
Professional Services    2.3%
ASGN, Inc.*		268		24,916
CBIZ, Inc.*		947		28,552
CRA International, Inc.		448		24,716
Exponent, Inc.		250		24,117
Forrester Research, Inc.*		610		27,560
Franklin Covey Co.*		1,024		26,327
ICF International, Inc.		284		23,700
Insperity, Inc.		279		24,747
KBR, Inc.		768		23,808
Kforce, Inc.		556		28,551
ManTech International Corp. (Class A Stock)		258		20,165
Mastech Digital, Inc.*		1,459		23,344
TriNet Group, Inc.*		303		24,322
				324,825
Real Estate Management & Development    0.6%
Cushman & Wakefield PLC*		1,743		26,982
Marcus & Millichap, Inc.*		630		23,858
RMR Group, Inc. (The) (Class A Stock)		684		27,490
				78,330
Road & Rail    0.7%
Marten Transport Ltd.		1,426		23,073
Saia, Inc.*		144		28,876
Universal Logistics Holdings, Inc.		1,121		26,243
Werner Enterprises, Inc.(a)		582		24,979
				103,171
Semiconductors & Semiconductor Equipment    4.5%
Advanced Energy Industries, Inc.		224		23,397
Amkor Technology, Inc.		1,481		35,381
Axcelis Technologies, Inc.*		649		23,929

See Notes to Financial Statements.

46

Description	Shares		Value
COMMON STOCKS (Continued)
Semiconductors & Semiconductor Equipment (cont'd.)
Brooks Automation, Inc.		315	$	26,195
CEVA, Inc.*		383		23,451
CMC Materials, Inc.		156		26,598
Cohu, Inc.*		544		23,637
CyberOptics Corp.*		986		26,376
Diodes, Inc.*		335		26,304
DSP Group, Inc.*		1,408		21,923
FormFactor, Inc.*		528		23,955
Ichor Holdings Ltd.*		636		27,195
Lattice Semiconductor Corp.*		634		30,508
MACOM Technology Solutions Holdings, Inc.*		421		27,091
NeoPhotonics Corp.*		2,112		20,296
NVE Corp.		362		25,510
Onto Innovation, Inc.*		443		27,670
PDF Solutions, Inc.*		1,162		21,334
Power Integrations, Inc.		276		24,390
Semtech Corp.*		312		22,873
Silicon Laboratories, Inc.*		182		28,345
SMART Global Holdings, Inc.*		695		32,450
Synaptics, Inc.*		225		30,157
Ultra Clean Holdings, Inc.*		600		27,828
				626,793
Software    7.0%
A10 Networks, Inc.*		2,646		24,714
ACI Worldwide, Inc.*		665		25,443
Agilysys, Inc.*		530		31,583
Alarm.com Holdings, Inc.*		262		23,025
Altair Engineering, Inc. (Class A Stock)*		453		27,900
American Software, Inc. (Class A Stock)		1,271		25,674
Appfolio, Inc. (Class A Stock)*		165		27,063
Benefitfocus, Inc.*		1,851		28,135
Blackbaud, Inc.		390		26,840
Bottomline Technologies DE, Inc.*		504		22,620
Box, Inc. (Class A Stock)*		1,460		26,791
ChannelAdvisor Corp.*		1,187		26,826
Cloudera, Inc.*		1,680		27,115
Cognyte Software Ltd. (Israel)*		339		9,787
CommVault Systems, Inc.*		461		29,380
Cornerstone OnDemand, Inc.*		591		29,857
Ebix, Inc.(a)		555		13,531
eGain Corp.*		2,130		24,751

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 47

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2021

Description	Shares		Value
COMMON STOCKS (Continued)
Software (cont'd.)
Envestnet, Inc.*		310	$	19,846
Intelligent Systems Corp.*		651		25,832
InterDigital, Inc.(a)		386		24,461
J2 Global, Inc.*		253		28,179
Mimecast Ltd.*		556		23,841
Mitek Systems, Inc.*		1,410		21,545
OneSpan, Inc.*		1,055		24,645
Ping Identity Holding Corp.*		832		19,494
Progress Software Corp.		599		25,481
QAD, Inc. (Class A Stock)		384		24,653
Qualys, Inc.*		182		17,683
Rimini Street, Inc.*		3,499		27,187
Sapiens International Corp. NV (Israel)		774		24,288
ShotSpotter, Inc.*		504		21,158
Smith Micro Software, Inc.*		3,822		25,225
SPS Commerce, Inc.*		236		23,772
Tenable Holdings, Inc.*		475		19,432
Upland Software, Inc.*		528		26,099
Varonis Systems, Inc. (Class B Stock)*		142		26,063
Verint Systems, Inc.*		339		16,709
VirnetX Holding Corp.(a)		4,588		31,932
Xperi Holding Corp.		1,206		25,447
				974,007
Specialty Retail    2.5%
Aaron’s Co., Inc. (The)*		1,227		26,945
Academy Sports & Outdoors, Inc.*		1,082		25,925
America’s Car-Mart, Inc.*		207		27,945
Asbury Automotive Group, Inc.*		164		27,790
Boot Barn Holdings, Inc.*		429		25,920
Lumber Liquidators Holdings, Inc.*		838		20,757
Murphy USA, Inc.		204		25,429
National Vision Holdings, Inc.*		539		25,597
OneWater Marine, Inc. (Class A Stock)*		757		26,957
Rent-A-Center, Inc.		552		31,883
RH*		51		25,009
Sleep Number Corp.*		255		34,968
Winmark Corp.		144		25,414
				350,539

See Notes to Financial Statements.

48

Description	Shares		Value
COMMON STOCKS (Continued)
Technology Hardware, Storage & Peripherals    0.4%
Avid Technology, Inc.*		1,351	$	26,196
Super Micro Computer, Inc.*		739		24,113
				50,309
Textiles, Apparel & Luxury Goods    0.6%
Crocs, Inc.*		347		26,622
Deckers Outdoor Corp.*		84		27,393
Steven Madden Ltd.		736		27,225
				81,240
Thrifts & Mortgage Finance    1.2%
Axos Financial, Inc.*		623		28,826
Columbia Financial, Inc.*		1,655		27,043
Federal Agricultural Mortgage Corp. (Class C Stock)		324		27,945
Kearny Financial Corp.		2,468		28,012
PennyMac Financial Services, Inc.		420		24,868
Walker & Dunlop, Inc.		285		28,403
				165,097
Tobacco    0.2%
Turning Point Brands, Inc.		569		27,995
Trading Companies & Distributors    1.8%
Applied Industrial Technologies, Inc.		332		28,343
Boise Cascade Co.		476		23,771
CAI International, Inc.		764		33,616
Herc Holdings, Inc.*		368		32,296
Lawson Products, Inc.*		492		26,076
McGrath RentCorp		328		25,472
SiteOne Landscape Supply, Inc.*		152		24,094
Systemax, Inc.		652		23,537
Transcat, Inc.*		691		30,978
				248,183
Water Utilities    0.9%
American States Water Co.		318		23,230
California Water Service Group		463		25,442
Middlesex Water Co.		350		24,034
SJW Group		377		23,630
York Water Co. (The)		560		23,302
				119,638

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 49

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2021

Description						Shares		Value
COMMON STOCKS (Continued)
Wireless Telecommunication Services    0.2%
Shenandoah Telecommunications Co.							581	$	25,767
TOTAL LONG-TERM INVESTMENTS (cost $11,025,842)									13,822,630
SHORT-TERM INVESTMENTS    2.4%
AFFILIATED MUTUAL FUND    2.3%
PGIM Institutional Money Market Fund (cost $321,233; includes $321,190 of cash collateral for securities on loan)(b)(wa)							321,496		321,335
	Interest Rate			Maturity Date		Principal Amount (000)#
TIME DEPOSIT    0.1%
Brown Brothers Harriman & Co. (Cayman Islands) (cost $14,398)		0.005	%		03/01/21		14		14,398
TOTAL SHORT-TERM INVESTMENTS (cost $335,631)									335,733
TOTAL INVESTMENTS    102.3% (cost $11,361,473)									14,158,363
Liabilities in excess of other assets    (2.3)%									(317,785	)
NET ASSETS    100.0%								$	13,840,578

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

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

^ Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $0 and 0.0% of net assets.

(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $316,658; cash collateral of $321,190 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Fund may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

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

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

* Non-income producing security.

See Notes to Financial Statements.

50

Fair Value Measurements:

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

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

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

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

The following is a summary of the inputs used as of February 28, 2021 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Common Stocks
Aerospace & Defense	$	69,533	$	—	$	—
Air Freight & Logistics		79,755		—		—
Auto Components		187,199		—		—
Automobiles		25,404		—		—
Banks		167,514		—		—
Beverages		76,778		—		—
Biotechnology		1,949,565		—		—
Building Products		260,988		—		—
Capital Markets		348,644		—		—
Chemicals		370,663		—		—
Commercial Services & Supplies		131,163		—		—
Communications Equipment		211,080		—		—
Construction & Engineering		209,609		—		—
Consumer Finance		102,486		—		—
Containers & Packaging		48,598		—		—
Distributors		24,826		—		—
Diversified Consumer Services		51,868		—		—
Diversified Telecommunication Services		105,127		—		—
Electric Utilities		96,823		—		—
Electrical Equipment		111,440		—		—
Electronic Equipment, Instruments & Components		371,336		—		—
Energy Equipment & Services		32,251		—		—
Entertainment		35,019		—		—
Equity Real Estate Investment Trusts (REITs)		462,064		—		—
Food & Staples Retailing		71,491		—		—

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 51

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2021

	Level 1		Level 2		Level 3
Investments in Securities (continued)
Assets (continued)
Common Stocks (continued)
Food Products	$	162,525	$	—	$	—
Gas Utilities		128,393		—		—
Health Care Equipment & Supplies		809,027		—		—
Health Care Providers & Services		419,313		—		—
Health Care Technology		207,163		—		—
Hotels, Restaurants & Leisure		248,682		—		—
Household Durables		364,164		—		—
Household Products		79,368		—		—
Independent Power & Renewable Electricity Producers		63,388		—		—
Industrial Conglomerates		27,205		—		—
Insurance		100,521		—		—
Interactive Media & Services		80,114		—		—
Internet & Direct Marketing Retail		101,494		—		—
IT Services		435,260		—		—
Leisure Products		180,614		—		—
Life Sciences Tools & Services		30,050		—		—
Machinery		450,320		—		—
Media		175,816		—		—
Metals & Mining		26,159		—		—
Multiline Retail		58,985		—		—
Oil, Gas & Consumable Fuels		26,917		—		—
Paper & Forest Products		27,757		—		—
Personal Products		80,114		—		—
Pharmaceuticals		762,163		—		—
Professional Services		324,825		—		—
Real Estate Management & Development		78,330		—		—
Road & Rail		103,171		—		—
Semiconductors & Semiconductor Equipment		626,793		—		—
Software		974,007		—		—
Specialty Retail		350,539		—		—
Technology Hardware, Storage & Peripherals		50,309		—		—
Textiles, Apparel & Luxury Goods		81,240		—		—
Thrifts & Mortgage Finance		165,097		—		—
Tobacco		27,995		—		—
Trading Companies & Distributors		248,183		—		—
Water Utilities		119,638		—		—
Wireless Telecommunication Services		25,767		—		—
Affiliated Mutual Fund		321,335		—		—
Time Deposit		—		14,398		—
Total	$	14,143,965	$	14,398	$	—

See Notes to Financial Statements.

52

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of February 28, 2021 were as follows:

Biotechnology	14.1	%
Software	7.0
Health Care Equipment & Supplies	5.8
Pharmaceuticals	5.5
Semiconductors & Semiconductor Equipment	4.5
Equity Real Estate Investment Trusts (REITs)	3.3
Machinery	3.3
IT Services	3.1
Health Care Providers & Services	3.0
Electronic Equipment, Instruments & Components	2.7
Chemicals	2.7
Household Durables	2.6
Specialty Retail	2.5
Capital Markets	2.5
Professional Services	2.3
Affiliated Mutual Fund (2.3% represents investments purchased with collateral from securities on loan)	2.3
Building Products	1.9
Hotels, Restaurants & Leisure	1.8
Trading Companies & Distributors	1.8
Communications Equipment	1.5
Construction & Engineering	1.5
Health Care Technology	1.5
Auto Components	1.4
Leisure Products	1.3
Media	1.3
Banks	1.2
Thrifts & Mortgage Finance	1.2
Food Products	1.2
Commercial Services & Supplies	0.9
Gas Utilities	0.9
Water Utilities	0.9
Electrical Equipment	0.8
Diversified Telecommunication Services	0.8
Road & Rail	0.7
Consumer Finance	0.7
Internet & Direct Marketing Retail	0.7
Insurance	0.7
Electric Utilities	0.7
Textiles, Apparel & Luxury Goods	0.6
Personal Products	0.6
Interactive Media & Services	0.6
Air Freight & Logistics	0.6
Household Products	0.6
Real Estate Management & Development	0.6
Beverages	0.6
Food & Staples Retailing	0.5
Aerospace & Defense	0.5
Independent Power & Renewable Electricity Producers	0.5
Multiline Retail	0.4
Diversified Consumer Services	0.4
Technology Hardware, Storage & Peripherals	0.4
Containers & Packaging	0.4
Entertainment	0.3
Energy Equipment & Services	0.2
Life Sciences Tools & Services	0.2
Tobacco	0.2
Paper & Forest Products	0.2
Industrial Conglomerates	0.2
Oil, Gas & Consumable Fuels	0.2
Metals & Mining	0.2
Wireless Telecommunication Services	0.2
Automobiles	0.2
Distributors	0.2
Time Deposit	0.1
	102.3
Liabilities in excess of other assets	(2.3	)
	100.0	%

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 53

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2021

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	$	316,658	$	(316,658	)	$	—

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

See Notes to Financial Statements.

54

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Statement of Assets & Liabilities (unaudited)

as of February 28, 2021

Assets
Investments at value, including securities on loan of $316,658:
Unaffiliated investments (cost $11,040,240)	$	13,837,028
Affiliated investments (cost $321,233)		321,335
Interest and dividends receivable		6,956
Total Assets		14,165,319
Liabilities
Payable to broker for collateral for securities on loan		321,190
Management fee payable		3,130
Other liabilities		421
Total Liabilities		324,741
Net Assets	$	13,840,578
Net assets were comprised of:
Common stock, at par	$	200
Paid-in capital in excess of par		10,026,684
Total distributable earnings (loss)		3,813,694
Net assets, February 28, 2021	$	13,840,578
Net asset value, offering price and redemption price per share, ($13,840,578 / 200,000 shares of common stock issued and outstanding)	$	69.20

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 55

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Statement of Operations (unaudited)

Six Months Ended February 28, 2021

Net Investment Income (Loss)
Income
Interest income	$	8
Unaffiliated dividend income (net of $81 foreign withholding tax)		42,729
Income from securities lending, net (including affiliated income of $533)		1,698
Miscellaneous Income		10
Total income		44,445
Expenses
Management fee		16,933
Total expenses		16,933
Net investment income (loss)		27,512
Realized And Unrealized Gain (Loss) On Investments
Net realized gain (loss) on:
Investment transactions (including affiliated of $(151))		1,800,636
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $13)		1,864,466
Net gain (loss) on investment transactions		3,665,102
Net Increase (Decrease) In Net Assets Resulting From Operations	$	3,692,614

See Notes to Financial Statements.

56

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Statements of Changes in Net Assets     

	Six Months Ended February 28, 2021 (unaudited)			Year Ended August 31, 2020
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	27,512		$	72,636
Net realized gain (loss) on investments		1,800,636			(637,993	)
Net change in unrealized appreciation (depreciation) on investments		1,864,466			1,292,987
Net increase (decrease) in net assets resulting from operations		3,692,614			727,630
Dividends and Distributions
Distributions from distributable earnings		(87,668	)		(85,196	)
Total increase (decrease)		3,604,946			642,434
Net Assets:
Beginning of period		10,235,632			9,593,198
End of period	$	13,840,578		$	10,235,632

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 57

PGIM QMA Strategic Alpha Small-Cap Value ETF

Schedule of Investments (unaudited)

as of February 28, 2021

Description	Shares		Value
LONG-TERM INVESTMENTS    99.4%
COMMON STOCKS    99.4%
Aerospace & Defense    0.9%
AAR Corp.		397	$	15,793
Ducommun, Inc.*		283		15,395
Kaman Corp.		249		12,116
Moog, Inc. (Class A Stock)		193		14,988
National Presto Industries, Inc.		152		15,554
Parsons Corp.*		375		13,403
Vectrus, Inc.*		261		14,251
				101,500
Air Freight & Logistics    0.6%
Atlas Air Worldwide Holdings, Inc.*		275		15,161
Echo Global Logistics, Inc.*		479		13,345
Forward Air Corp.		182		15,610
Hub Group, Inc. (Class A Stock)*		246		14,165
Radiant Logistics, Inc.*		2,311		15,645
				73,926
Airlines    0.4%
Mesa Air Group, Inc.*		2,257		27,535
SkyWest, Inc.		330		18,602
				46,137
Auto Components    1.0%
Cooper Tire & Rubber Co.		375		21,465
Dana, Inc.*		700		16,667
Goodyear Tire & Rubber Co. (The)*		1,331		22,374
Modine Manufacturing Co.*		1,079		14,966
Motorcar Parts of America, Inc.*		692		14,726
Patrick Industries, Inc.		210		16,575
Standard Motor Products, Inc.		351		14,745
				121,518
Banks    20.7%
1st Constitution Bancorp		954		16,743
ACNB Corp.		555		15,324
Allegiance Bancshares, Inc.		398		14,985
Altabancorp		433		14,904
Amalgamated Bank (Class A Stock)		967		16,981
American National Bankshares, Inc.		488		15,128
Ameris Bancorp		335		15,959

See Notes to Financial Statements.

58

Description	Shares		Value
COMMON STOCKS (Continued)
Banks (cont'd.)
Ames National Corp.		597	$	13,647
Auburn National BanCorp, Inc.		359		14,037
Bank of Commerce Holdings		1,449		15,751
Bank of Princeton (The)		645		16,944
BankFinancial Corp.		1,638		15,479
Bankwell Financial Group, Inc.		693		17,186
Banner Corp.		292		15,120
Bar Harbor Bankshares		637		17,830
BayCom Corp.*		975		16,663
BCB Bancorp, Inc.		1,252		16,564
Berkshire Hills Bancorp, Inc.		770		15,523
Bryn Mawr Bank Corp.		407		15,397
Business First Bancshares, Inc.		696		15,291
Byline Bancorp, Inc.		901		17,948
C&F Financial Corp.		354		15,399
Cambridge Bancorp		206		15,701
Camden National Corp.		392		15,888
Capital Bancorp, Inc.*		1,101		17,561
Capital City Bank Group, Inc.		604		14,913
Capstar Financial Holdings, Inc.		1,073		17,393
Carter Bankshares, Inc.*		1,308		15,474
CB Financial Services, Inc.		768		15,629
CBTX, Inc.		527		15,373
Central Valley Community Bancorp		923		16,309
Chemung Financial Corp.		430		15,140
ChoiceOne Financial Services, Inc.		519		13,172
Citizens & Northern Corp.		706		14,770
Civista Bancshares, Inc.		814		15,653
CNB Financial Corp.		694		16,108
Codorus Valley Bancorp, Inc.		867		14,609
Colony Bankcorp, Inc.		986		14,149
Community Bankers Trust Corp.		2,057		15,962
Community Financial Corp. (The)		546		16,544
Community Trust Bancorp, Inc.		355		14,505
ConnectOne Bancorp, Inc.		716		16,633
County Bancorp, Inc.		665		15,036
Dime Community Bancshares, Inc.		1,176		34,586
Eagle Bancorp Montana, Inc.		701		15,261
Eagle Bancorp, Inc.		328		16,036
Eastern Bankshares, Inc.*		897		15,796
Enterprise Bancorp, Inc.		498		14,442
Equity Bancshares, Inc. (Class A Stock)*		682		17,732

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 59

PGIM QMA Strategic Alpha Small-Cap Value ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2021

Description	Shares		Value
COMMON STOCKS (Continued)
Banks (cont'd.)
Esquire Financial Holdings, Inc.*		596	$	13,303
Evans Bancorp, Inc.		483		15,649
Farmers & Merchants Bancorp, Inc.		613		14,130
Farmers National Banc Corp.		1,063		14,712
Financial Institutions, Inc.		663		18,153
First BanCorp (Puerto Rico)		1,492		15,651
First Bancorp, Inc. (The)		567		14,493
First Bancshares, Inc. (The)		446		14,303
First Bank		1,518		16,015
First Busey Corp.		636		14,558
First Business Financial Services, Inc.		708		15,718
First Choice Bancorp		783		15,496
First Commonwealth Financial Corp.		1,249		16,749
First Community Bankshares, Inc.		647		16,602
First Community Corp.		806		14,363
First Financial Corp.		362		15,342
First Foundation, Inc.		682		15,584
First Guaranty Bancshares, Inc.		816		13,513
First Internet Bancorp		454		14,868
First Interstate BancSystem, Inc. (Class A Stock)		353		16,033
First Mid Bancshares, Inc.		391		14,228
First Midwest Bancorp, Inc.		818		16,180
First Northwest Bancorp		896		14,587
First of Long Island Corp. (The)		820		15,236
First Savings Financial Group, Inc.		239		14,940
First United Corp.		878		15,892
First Western Financial, Inc.*		807		14,728
Flushing Financial Corp.		763		15,832
FNCB Bancorp, Inc.		2,367		16,664
Franklin Financial Services Corp.		482		13,236
Guaranty Bancshares, Inc.		484		14,762
Hanmi Financial Corp.		1,275		21,828
HarborOne Bancorp, Inc.		1,314		15,702
Hawthorn Bancshares, Inc.		729		14,682
HBT Financial, Inc.		908		14,655
Heartland Financial USA, Inc.		337		15,751
Hilltop Holdings, Inc.		446		14,736
Home BancShares, Inc.(a)		674		16,473
HomeTrust Bancshares, Inc.		747		17,286
Hope Bancorp, Inc.		1,190		15,660
Horizon Bancorp, Inc.		855		15,270
Howard Bancorp, Inc.*		1,140		15,675

See Notes to Financial Statements.

60

Description	Shares		Value
COMMON STOCKS (Continued)
Banks (cont'd.)
Independent Bank Corp.		738	$	15,254
International Bancshares Corp.		345		15,035
Investar Holding Corp.		847		16,262
Investors Bancorp, Inc.		1,227		16,368
Lakeland Bancorp, Inc.		1,009		15,821
LCNB Corp.		930		15,782
Level One Bancorp, Inc.		718		15,365
Limestone Bancorp, Inc.*		1,007		15,165
Macatawa Bank Corp.		1,547		13,660
Mackinac Financial Corp.		1,105		14,254
MainStreet Bancshares, Inc.*		752		13,987
Mercantile Bank Corp.		507		14,825
Meridian Corp.		672		16,424
Metrocity Bankshares, Inc.		984		14,061
Metropolitan Bank Holding Corp.*		368		19,037
Mid Penn Bancorp, Inc.		652		15,335
Middlefield Banc Corp.		749		16,755
Midland States Bancorp, Inc.		785		19,232
MidWestOne Financial Group, Inc.		570		15,641
MVB Financial Corp.		663		21,614
National Bank Holdings Corp. (Class A Stock)		414		16,042
Northeast Bank		600		15,582
Northrim BanCorp, Inc.		400		15,396
Oak Valley Bancorp		894		14,447
OceanFirst Financial Corp.		730		15,863
OFG Bancorp (Puerto Rico)		836		16,143
Ohio Valley Banc Corp.		622		15,108
Old National Bancorp		821		14,885
Old Second Bancorp, Inc.		1,322		15,824
Origin Bancorp, Inc.		484		16,582
Orrstown Financial Services, Inc.		797		15,526
Parke Bancorp, Inc.		783		14,211
Partners Bancorp		2,271		16,147
PCB Bancorp		1,146		15,964
Peapack Gladstone Financial Corp.		580		15,956
Penns Woods Bancorp, Inc.		633		15,084
Peoples Bancorp of North Carolina, Inc.		643		15,033
Peoples Financial Services Corp.		371		15,537
Plumas Bancorp		588		14,706
Premier Financial Bancorp, Inc.		950		14,763
QCR Holdings, Inc.		363		15,028
RBB Bancorp		900		16,920

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 61

PGIM QMA Strategic Alpha Small-Cap Value ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2021

Description	Shares		Value
COMMON STOCKS (Continued)
Banks (cont'd.)
Red River Bancshares, Inc.		282	$	14,636
Reliant Bancorp, Inc.		744		16,450
Renasant Corp.		381		14,966
Republic Bancorp, Inc. (Class A Stock)		362		15,218
Republic First Bancorp, Inc.*		4,971		17,647
Richmond Mutual BanCorp, Inc.		1,094		14,310
Salisbury Bancorp, Inc.		391		15,957
SB Financial Group, Inc.		811		14,022
Select Bancorp, Inc.*		1,522		16,651
Shore Bancshares, Inc.		1,041		15,927
Sierra Bancorp		611		14,572
SmartFinancial, Inc.		754		15,834
South Plains Financial, Inc.		740		14,282
Southern National Bancorp of Virginia, Inc.		1,192		16,926
Spirit of Texas Bancshares, Inc.		820		17,023
Summit Financial Group, Inc.		679		16,357
Towne Bank		579		16,698
United Community Banks, Inc.		464		15,340
United Security Bancshares		1,971		14,704
Unity Bancorp, Inc.		755		14,987
Valley National Bancorp		1,338		16,390
WesBanco, Inc.		504		16,269
West BanCorp, Inc.		696		15,890
				2,460,096
Beverages    0.3%
MGP Ingredients, Inc.		268		17,120
Primo Water Corp.		923		13,189
				30,309
Biotechnology    3.2%
Abeona Therapeutics, Inc.*		6,278		15,193
Adverum Biotechnologies, Inc.*		1,062		13,625
Albireo Pharma, Inc.*		402		14,014
Anika Therapeutics, Inc.*		378		13,873
Annexon, Inc.*		573		16,680
Assembly Biosciences, Inc.*		2,418		12,283
Catalyst Biosciences, Inc.*		2,141		12,910
Concert Pharmaceuticals, Inc.*		1,314		8,791
Cyclerion Therapeutics, Inc.*		4,406		16,919
GlycoMimetics, Inc.*		3,568		11,846
Gossamer Bio, Inc.*		1,377		12,944

See Notes to Financial Statements.

62

Description	Shares		Value
COMMON STOCKS (Continued)
Biotechnology (cont'd.)
Ideaya Biosciences, Inc.*		844	$	16,095
iTeos Therapeutics, Inc.*		462		19,210
IVERIC bio, Inc.*		2,557		15,700
Kezar Life Sciences, Inc.*		2,553		13,990
Myriad Genetics, Inc.*		551		16,800
Natera, Inc.*		123		14,279
OPKO Health, Inc.*		2,914		13,113
Orgenesis, Inc.*		2,062		13,795
TCR2 Therapeutics, Inc.*		512		13,547
Vanda Pharmaceuticals, Inc.*		1,103		20,571
Verastem, Inc.*		6,836		16,065
Vericel Corp.*		335		16,174
X4 Pharmaceuticals, Inc.*		1,588		15,197
XBiotech, Inc.(a)*		814		15,466
Xencor, Inc.*		301		14,830
				383,910
Building Products    1.0%
American Woodmark Corp.*		154		14,385
Apogee Enterprises, Inc.		389		14,549
Caesarstone Ltd. (Israel)		1,058		13,341
Insteel Industries, Inc.		537		16,582
JELD-WEN Holding, Inc.*		506		15,003
Quanex Building Products Corp.		551		13,406
Resideo Technologies, Inc.*		581		13,956
UFP Industries, Inc.(a)		251		15,311
				116,533
Capital Markets    2.3%
AssetMark Financial Holdings, Inc.*		596		14,083
Associated Capital Group, Inc. (Class A Stock)		418		14,254
B. Riley Financial, Inc.		291		19,154
BGC Partners, Inc. (Class A Stock)		3,790		16,979
Blucora, Inc.*		846		13,705
Cowen, Inc. (Class A Stock)		549		18,584
Diamond Hill Investment Group, Inc.		96		13,618
Donnelley Financial Solutions, Inc.*		770		20,012
Federated Hermes, Inc. (Class B Stock)		493		13,173
Oppenheimer Holdings, Inc. (Class A Stock)		489		18,533
Piper Sandler Cos.		143		15,204
Sculptor Capital Management, Inc. (Class A Stock)		816		16,842
Silvercrest Asset Management Group, Inc. (Class A Stock)		952		13,366

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 63

PGIM QMA Strategic Alpha Small-Cap Value ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2021

Description	Shares		Value
COMMON STOCKS (Continued)
Capital Markets (cont'd.)
StepStone Group, Inc. (Class A Stock)*		402	$	14,476
Virtus Investment Partners, Inc.		68		17,061
Westwood Holdings Group, Inc.		1,168		20,148
WisdomTree Investments, Inc.		2,951		15,640
				274,832
Chemicals    2.1%
Advanced Emissions Solutions, Inc.*		2,689		15,327
AdvanSix, Inc.*		629		17,486
AgroFresh Solutions, Inc.*		7,171		17,139
Avient Corp.		385		16,640
Balchem Corp.		124		14,801
Ferro Corp.*		972		15,426
Hawkins, Inc.		277		17,340
HB Fuller Co.		288		16,148
Innospec, Inc.		161		16,172
Koppers Holdings, Inc.*		421		14,066
Kronos Worldwide, Inc.		972		14,045
Minerals Technologies, Inc.		217		15,457
Sensient Technologies Corp.		194		15,103
Stepan Co.		120		14,483
Trecora Resources*		2,072		14,711
Tredegar Corp.		933		14,219
				248,563
Commercial Services & Supplies    2.1%
ABM Industries, Inc.		370		15,977
ACCO Brands Corp.		1,689		13,681
Brady Corp. (Class A Stock)		297		15,566
BrightView Holdings, Inc.*		887		14,112
CECO Environmental Corp.*		1,942		15,924
Deluxe Corp.		416		16,445
Ennis, Inc.		771		15,281
Herman Miller, Inc.		414		15,879
HNI Corp.		434		15,446
KAR Auction Services, Inc.		800		11,128
Kimball International, Inc. (Class B Stock)		1,165		15,075
Knoll, Inc.		908		14,809
Matthews International Corp. (Class A Stock)		459		16,386
PICO Holdings, Inc.*		1,561		14,268
Steelcase, Inc. (Class A Stock)		1,039		14,484
UniFirst Corp.		67		16,233

See Notes to Financial Statements.

64

Description	Shares		Value
COMMON STOCKS (Continued)
Commercial Services & Supplies (cont'd.)
VSE Corp.		323	$	12,455
				253,149
Communications Equipment    0.7%
ADTRAN, Inc.		835		14,061
CalAmp Corp.*		1,350		15,079
DZS, Inc.*		914		15,209
NETGEAR, Inc.*		342		13,680
NetScout Systems, Inc.*		472		13,320
Ribbon Communications, Inc.*		2,034		17,574
				88,923
Construction & Engineering    1.7%
Aegion Corp. (Class A Stock)*		719		18,586
API Group Corp., 144A*		721		13,339
Arcosa, Inc.		247		14,012
Argan, Inc.(a)		333		16,657
Comfort Systems USA, Inc.		253		15,671
EMCOR Group, Inc.		149		14,508
Great Lakes Dredge & Dock Corp.*		1,072		16,284
IES Holdings, Inc.*		329		15,081
MasTec, Inc.*		183		15,875
MYR Group, Inc.*		224		13,205
Northwest Pipe Co.*		475		16,164
Primoris Services Corp.		477		15,965
Tutor Perini Corp.*		878		12,907
				198,254
Construction Materials    0.1%
US Concrete, Inc.*		311		16,004
Consumer Finance    0.8%
Encore Capital Group, Inc.*		485		16,209
Enova International, Inc.*		669		20,538
Navient Corp.		1,247		15,438
Nelnet, Inc. (Class A Stock)		213		15,464
Regional Management Corp.		507		16,411
World Acceptance Corp.*		132		16,705
				100,765

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 65

PGIM QMA Strategic Alpha Small-Cap Value ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2021

Description	Shares		Value
COMMON STOCKS (Continued)
Containers & Packaging    0.5%
Greif, Inc.,
(Class A Stock)		307	$	14,828
(Class B Stock)		295		14,602
Myers Industries, Inc.		698		15,454
UFP Technologies, Inc.*		311		15,401
				60,285
Distributors    0.2%
Core-Mark Holding Co., Inc.		435		14,172
Weyco Group, Inc.		848		14,883
				29,055
Diversified Consumer Services    0.6%
Adtalem Global Education, Inc.*		408		16,034
American Public Education, Inc.*		492		14,485
Carriage Services, Inc. (Class A Stock)		414		13,645
Stride, Inc.*		577		13,877
WW International, Inc.*		553		16,308
				74,349
Diversified Financial Services    0.6%
Alerus Financial Corp.		524		14,415
A-Mark Precious Metals, Inc.		524		14,902
Banco Latinoamericano de Comercio Exterior SA (Panama) (Class E Stock)		887		13,536
Cannae Holdings, Inc.*		348		12,998
Marlin Business Services Corp.		1,140		17,328
				73,179
Diversified Telecommunication Services    0.7%
ATN International, Inc.		305		14,847
Consolidated Communications Holdings, Inc.*		2,614		13,750
IDT Corp. (Class B Stock)*		1,015		18,219
Liberty Latin America Ltd.,
(Class A Stock)*		1,235		13,548
(Class C Stock)*		1,242		13,612
Vonage Holdings Corp.*		1,027		13,577
				87,553
Electric Utilities    0.4%
MGE Energy, Inc.		219		13,950
Otter Tail Corp.		349		14,142

See Notes to Financial Statements.

66

Description	Shares		Value
COMMON STOCKS (Continued)
Electric Utilities (cont'd.)
Portland General Electric Co.		346	$	14,587
				42,679
Electrical Equipment    1.0%
AZZ, Inc.		294		15,020
Encore Wire Corp.		245		16,055
EnerSys		156		14,084
LSI Industries, Inc.		1,457		13,142
Powell Industries, Inc.		479		14,911
Preformed Line Products Co.		218		15,993
Thermon Group Holdings, Inc.*		926		18,918
Ultralife Corp.*		2,186		14,887
				123,010
Electronic Equipment, Instruments & Components    2.4%
Bel Fuse, Inc. (Class B Stock)		873		15,496
Belden, Inc.		313		13,838
Benchmark Electronics, Inc.		542		15,393
CTS Corp.(a)		465		14,959
Daktronics, Inc.		2,510		13,579
ePlus, Inc.*		152		14,373
FARO Technologies, Inc.*		190		17,757
Insight Enterprises, Inc.*		183		15,297
Kimball Electronics, Inc.*		720		16,906
Knowles Corp.*		674		14,012
Methode Electronics, Inc.		364		14,170
PC Connection, Inc.		275		12,653
Plexus Corp.*		183		15,368
Rogers Corp.*		87		15,789
Sanmina Corp.*		400		14,248
ScanSource, Inc.*		515		14,647
TTM Technologies, Inc.*		934		13,188
Vishay Intertechnology, Inc.(a)		643		15,348
Vishay Precision Group, Inc.*		412		13,316
				280,337
Energy Equipment & Services    1.8%
Bristow Group, Inc.*		550		14,641
ChampionX Corp.*		908		19,313
DMC Global, Inc.		292		18,393
Exterran Corp.*		3,112		17,023
Helix Energy Solutions Group, Inc.*		3,370		16,513

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 67

PGIM QMA Strategic Alpha Small-Cap Value ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2021

Description	Shares		Value
COMMON STOCKS (Continued)
Energy Equipment & Services (cont'd.)
Nabors Industries Ltd.(a)		248	$	27,530
National Energy Services Reunited Corp.*		1,482		19,637
Newpark Resources, Inc.*		5,737		19,850
Oil States International, Inc.*		2,414		17,695
Solaris Oilfield Infrastructure, Inc. (Class A Stock)		1,489		17,585
US Silica Holdings, Inc.		1,598		21,269
				209,449
Equity Real Estate Investment Trusts (REITs)    6.0%
Acadia Realty Trust		977		18,475
Alexander & Baldwin, Inc.		919		16,055
Alpine Income Property Trust, Inc.		903		16,543
American Assets Trust, Inc.		511		15,882
Armada Hoffler Properties, Inc.		1,284		16,576
Broadstone Net Lease, Inc. (Class A Stock)		780		14,110
CatchMark Timber Trust, Inc. (Class A Stock)		1,516		15,478
Centerspace		202		13,863
Chatham Lodging Trust*		1,336		18,610
City Office REIT, Inc. (Canada)		1,508		15,321
Colony Capital, Inc.		3,079		18,228
Columbia Property Trust, Inc.		1,043		14,727
CorePoint Lodging, Inc.		1,902		17,327
CTO Realty Growth, Inc.		310		16,043
DiamondRock Hospitality Co.*		1,679		16,991
Farmland Partners, Inc.		1,228		14,687
Franklin Street Properties Corp.		3,146		15,604
GEO Group, Inc. (The)(a)		1,819		13,097
Getty Realty Corp.		535		14,969
Gladstone Commercial Corp.		800		14,944
Gladstone Land Corp.		864		15,457
Global Net Lease, Inc.		867		16,109
Hersha Hospitality Trust (Class A Stock)*		1,710		19,015
Lexington Realty Trust		1,398		14,987
Monmouth Real Estate Investment Corp.		834		14,445
National Health Investors, Inc.		219		14,951
NexPoint Residential Trust, Inc.		342		14,036
Office Properties Income Trust		592		14,972
One Liberty Properties, Inc.		721		15,437
Pebblebrook Hotel Trust		723		16,383
Piedmont Office Realty Trust, Inc. (Class A Stock)		894		15,252
PotlatchDeltic Corp.		265		13,449
Preferred Apartment Communities, Inc. (Class A Stock)		1,802		14,830

See Notes to Financial Statements.

68

Description	Shares		Value
COMMON STOCKS (Continued)
Equity Real Estate Investment Trusts (REITs) (cont'd.)
Retail Opportunity Investments Corp.		1,006	$	15,905
Retail Value, Inc.		923		15,414
RLJ Lodging Trust		1,148		18,024
RPT Realty		1,531		16,795
Sabra Health Care REIT, Inc.		841		14,482
Service Properties Trust		1,359		17,450
Summit Hotel Properties, Inc.*		1,689		17,481
UMH Properties, Inc.		949		16,199
Universal Health Realty Income Trust		226		14,001
Urstadt Biddle Properties, Inc. (Class A Stock)		1,116		17,990
Whitestone REIT (Class B Stock)		1,662		15,540
Xenia Hotels & Resorts, Inc.		956		19,091
				715,225
Food & Staples Retailing    0.9%
Andersons, Inc. (The)		581		15,187
Ingles Markets, Inc. (Class A Stock)(a)		331		17,199
Natural Grocers by Vitamin Cottage, Inc.		888		12,503
PriceSmart, Inc.		152		14,660
SpartanNash Co.		783		14,274
Village Super Market, Inc. (Class A Stock)		674		15,536
Weis Markets, Inc.(a)		307		16,409
				105,768
Food Products    0.3%
Fresh Del Monte Produce, Inc.		605		15,573
Seneca Foods Corp. (Class A Stock)*		371		20,204
				35,777
Gas Utilities    0.8%
Brookfield Infrastructure Corp. (Canada) (Class A Stock)		219		14,502
ONE Gas, Inc.		202		13,528
RGC Resources, Inc.		616		13,989
South Jersey Industries, Inc.		645		16,196
Southwest Gas Holdings, Inc.		242		15,089
Spire, Inc.		238		15,808
				89,112
Health Care Equipment & Supplies    2.0%
AngioDynamics, Inc.*		788		16,509
Avanos Medical, Inc.*		306		14,070

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 69

PGIM QMA Strategic Alpha Small-Cap Value ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2021

Description	Shares		Value
COMMON STOCKS (Continued)
Health Care Equipment & Supplies (cont'd.)
FONAR Corp.*		801	$	15,531
Inari Medical, Inc.*		135		14,121
Integer Holdings Corp.*		175		15,433
IntriCon Corp.*		723		16,600
Invacare Corp.		1,474		13,413
LeMaitre Vascular, Inc.		313		16,085
Meridian Bioscience, Inc.*		619		13,048
Misonix, Inc.*		1,052		17,632
Natus Medical, Inc.*		537		13,914
OraSure Technologies, Inc.*		968		10,261
Orthofix Medical, Inc.*		326		15,162
SeaSpine Holdings Corp.*		839		15,874
Surgalign Holdings, Inc.*		6,933		16,917
Utah Medical Products, Inc.		170		14,348
				238,918
Health Care Providers & Services    1.4%
Covetrus, Inc.*		422		15,682
Enzo Biochem, Inc.*		4,749		13,867
Five Star Senior Living, Inc.*		1,990		13,293
Hanger, Inc.*		638		14,023
MEDNAX, Inc.*		608		14,853
National HealthCare Corp.		203		14,119
Option Care Health, Inc.*		744		14,277
Owens & Minor, Inc.		474		16,121
Patterson Cos., Inc.		445		13,822
Tivity Health, Inc.*		664		15,803
Triple-S Management Corp. (Puerto Rico) (Class B Stock)*		602		15,231
				161,091
Health Care Technology    0.5%
Computer Programs & Systems, Inc.		480		15,096
Evolent Health, Inc. (Class A Stock)*		756		15,234
HealthStream, Inc.*		577		13,444
NextGen Healthcare, Inc.*		629		11,762
				55,536
Hotels, Restaurants & Leisure    1.0%
Biglari Holdings, Inc. (Class B Stock)*		129		15,111
Carrols Restaurant Group, Inc.*		2,193		13,553
Del Taco Restaurants, Inc.		1,457		14,628
El Pollo Loco Holdings, Inc.*		741		13,583

See Notes to Financial Statements.

70

Description	Shares		Value
COMMON STOCKS (Continued)
Hotels, Restaurants & Leisure (cont'd.)
Jack in the Box, Inc.		145	$	14,841
Monarch Casino & Resort, Inc.*		250		16,915
Nathan’s Famous, Inc.		259		15,478
Papa John’s International, Inc.		150		13,528
				117,637
Household Durables    2.0%
Beazer Homes USA, Inc.*		761		13,447
Century Communities, Inc.*		286		15,824
Ethan Allen Interiors, Inc.		608		15,577
GoPro, Inc. (Class A Stock)(a)*		1,651		12,416
Green Brick Partners, Inc.*		632		12,469
Hooker Furniture Corp.		447		15,113
La-Z-Boy, Inc.		333		14,189
Legacy Housing Corp.*		960		15,082
Lifetime Brands, Inc.		906		11,751
M/I Homes, Inc.*		269		13,423
MDC Holdings, Inc.		264		14,935
Meritage Homes Corp.*		153		12,900
Taylor Morrison Home Corp. (Class A Stock)*		483		13,287
Tri Pointe Homes, Inc.*		688		13,072
Turtle Beach Corp.(a)*		581		17,372
Universal Electronics, Inc.*		244		14,198
VOXX International Corp. (Class A Stock)*		691		14,324
				239,379
Household Products    0.3%
Oil-Dri Corp. of America		431		14,473
WD-40 Co.		49		15,276
				29,749
Industrial Conglomerates    0.1%
Raven Industries, Inc.		396		15,523
Insurance    2.8%
Argo Group International Holdings Ltd. (Bermuda)		327		15,111
CNO Financial Group, Inc.(a)		658		15,831
Crawford & Co. (Class A Stock)		1,844		17,334
Donegal Group, Inc. (Class A Stock)		1,033		14,152
Employers Holdings, Inc.		447		14,881
Enstar Group Ltd. (Bermuda)*		67		14,243
Heritage Insurance Holdings, Inc.		1,423		13,817

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 71

PGIM QMA Strategic Alpha Small-Cap Value ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2021

Description	Shares		Value
COMMON STOCKS (Continued)
Insurance (cont'd.)
Horace Mann Educators Corp.		344	$	13,258
Independence Holding Co.		364		13,836
Investors Title Co.		101		15,329
National Western Life Group, Inc. (Class A Stock)		73		15,245
NI Holdings, Inc.*		871		15,530
ProAssurance Corp.(a)		702		17,374
Protective Insurance Corp. (Class B Stock)		1,006		23,047
Safety Insurance Group, Inc.		189		14,946
Selective Insurance Group, Inc.		206		13,973
State Auto Financial Corp.		739		13,849
Stewart Information Services Corp.		294		13,877
Third Point Reinsurance Ltd. (Bermuda)*		1,476		15,070
Tiptree, Inc.		2,925		14,654
United Insurance Holdings Corp.		2,496		15,525
Watford Holdings Ltd. (Bermuda)*		422		14,614
				335,496
Interactive Media & Services    0.5%
Cars.com, Inc.*		1,067		12,452
DHI Group, Inc.*		5,562		17,298
QuinStreet, Inc.*		653		15,600
Yelp, Inc. (Class A Stock)*		459		17,309
				62,659
Internet & Direct Marketing Retail    0.6%
Duluth Holdings, Inc. (Class B Stock)*		1,151		16,091
Groupon, Inc. (Class A Stock)*		432		18,749
Lands’ End, Inc.*		476		15,727
Overstock.com, Inc.*		217		14,576
				65,143
IT Services    0.9%
BM Technologies, Inc.*		142		1,637
Conduent, Inc.*		2,786		14,989
IBEX Holdings Ltd.*		730		16,067
Information Services Group, Inc.*		4,086		14,873
ServiceSource International, Inc.*		8,038		12,901
StarTek, Inc.*		1,831		14,849
Sykes Enterprises, Inc.*		358		14,628
Unisys Corp.*		611		15,000
				104,944

See Notes to Financial Statements.

72

Description	Shares		Value
COMMON STOCKS (Continued)
Leisure Products    0.8%
Acushnet Holdings Corp.		354	$	14,946
American Outdoor Brands, Inc.*		742		14,847
Escalade, Inc.		684		13,516
Johnson Outdoors, Inc. (Class A Stock)		128		15,447
Nautilus, Inc.*		637		11,727
Smith & Wesson Brands, Inc.		825		14,198
Sturm Ruger & Co., Inc.		218		14,868
				99,549
Life Sciences Tools & Services    0.1%
Harvard Bioscience, Inc.*		3,207		14,079
Machinery    3.6%
Alamo Group, Inc.		96		14,652
Altra Industrial Motion Corp.		274		15,870
Astec Industries, Inc.(a)		224		15,214
CIRCOR International, Inc.*		372		13,247
Columbus McKinnon Corp.		349		17,569
Eastern Co. (The)		594		15,147
EnPro Industries, Inc.		178		14,300
Federal Signal Corp.		414		15,074
Franklin Electric Co., Inc.		201		15,087
Gencor Industries, Inc.*		1,179		16,742
Gorman-Rupp Co. (The)		449		14,363
Graham Corp.		878		13,469
Helios Technologies, Inc.		267		17,462
Hillenbrand, Inc.		365		16,958
Hurco Cos., Inc.		467		14,678
LB Foster Co. (Class A Stock)*		951		16,119
Luxfer Holdings PLC (United Kingdom)		804		15,405
Miller Industries, Inc.		351		13,854
Mueller Industries, Inc.		374		15,199
Mueller Water Products, Inc. (Class A Stock)		1,189		15,326
Park-Ohio Holdings Corp.		493		15,939
REV Group, Inc.		1,306		16,221
Rexnord Corp.		347		15,598
SPX Corp.*		246		13,675
Standex International Corp.		174		17,062
TriMas Corp.*		420		14,108
Wabash National Corp.		877		14,541
Watts Water Technologies, Inc. (Class A Stock)		115		13,120
				425,999

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 73

PGIM QMA Strategic Alpha Small-Cap Value ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2021

Description	Shares		Value
COMMON STOCKS (Continued)
Marine    0.7%
Costamare, Inc. (Monaco)		1,790	$	17,274
Eagle Bulk Shipping, Inc.*		686		20,127
Genco Shipping & Trading Ltd.		1,747		18,344
Matson, Inc.		218		15,101
SEACOR Holdings, Inc.*		344		14,623
				85,469
Media    2.1%
AMC Networks, Inc. (Class A Stock)(a)*		269		17,644
Boston Omaha Corp. (Class A Stock)*		509		21,368
Daily Journal Corp.*		44		15,061
Entercom Communications Corp. (Class A Stock)		3,450		15,422
Entravision Communications Corp. (Class A Stock)		4,659		14,583
EW Scripps Co. (The) (Class A Stock)		965		18,161
Fluent, Inc.*		2,765		17,502
Gray Television, Inc.*		835		15,155
Hemisphere Media Group, Inc. (Class A Stock)*		1,468		16,221
Meredith Corp.*		704		17,445
Saga Communications, Inc. (Class A Stock)		673		13,918
Scholastic Corp.		494		14,227
TEGNA, Inc.		891		16,243
Tribune Publishing Co.*		875		14,858
WideOpenWest, Inc.*		1,301		18,279
				246,087
Metals & Mining    1.1%
Alcoa Corp.*		756		18,560
Caledonia Mining Corp. PLC (South Africa)		975		13,806
Gold Resource Corp.		5,458		14,682
Materion Corp.		218		14,929
Olympic Steel, Inc.		886		15,806
Schnitzer Steel Industries, Inc. (Class A Stock)		516		17,823
SunCoke Energy, Inc.		2,669		17,055
Worthington Industries, Inc.		270		17,250
				129,911
Mortgage Real Estate Investment Trusts (REITs)    3.0%
Anworth Mortgage Asset Corp.		5,914		16,382
Apollo Commercial Real Estate Finance, Inc.		1,229		16,333
Arbor Realty Trust, Inc.		1,018		16,970
Ares Commercial Real Estate Corp.		1,236		17,069
Arlington Asset Investment Corp. (Class A Stock)*		3,636		14,580

See Notes to Financial Statements.

74

Description	Shares		Value
COMMON STOCKS (Continued)
Mortgage Real Estate Investment Trusts (REITs) (cont'd.)
Broadmark Realty Capital, Inc.		1,378	$	14,138
Capstead Mortgage Corp.		2,509		14,377
Cherry Hill Mortgage Investment Corp.		1,576		15,476
Chimera Investment Corp.		1,380		15,925
Colony Credit Real Estate, Inc.		1,741		14,363
Dynex Capital, Inc.		791		14,887
Ellington Financial, Inc.		849		13,346
Granite Point Mortgage Trust, Inc.		1,500		16,740
Great Ajax Corp.		1,388		15,615
KKR Real Estate Finance Trust, Inc.		818		15,076
MFA Financial, Inc.		3,702		14,882
Orchid Island Capital, Inc. (Class A Stock)		2,684		15,379
PennyMac Mortgage Investment Trust		812		15,404
Ready Capital Corp.		1,190		15,613
Redwood Trust, Inc.		1,613		15,872
TPG RE Finance Trust, Inc.		1,342		14,011
Two Harbors Investment Corp.		2,268		16,375
Western Asset Mortgage Capital Corp.		4,844		15,792
				354,605
Multiline Retail    0.2%
Big Lots, Inc.(a)		286		18,172
Multi-Utilities    0.2%
Black Hills Corp.		240		14,199
NorthWestern Corp.		261		15,263
				29,462
Oil, Gas & Consumable Fuels    2.0%
Adams Resources & Energy, Inc.		571		16,616
Antero Resources Corp.*		2,132		19,188
Ardmore Shipping Corp. (Ireland)*		4,460		17,572
Bonanza Creek Energy, Inc.*		684		21,840
Brigham Minerals, Inc. (Class A Stock)		1,052		15,054
Comstock Resources, Inc.*		3,054		17,438
Diamond S Shipping, Inc.*		2,190		17,739
Dorian LPG Ltd.*		1,279		15,924
International Seaways, Inc.		853		14,791
Nordic American Tankers Ltd. (Norway)(a)		5,097		15,138
Overseas Shipholding Group, Inc. (Class A Stock)*		6,868		15,110
Scorpio Tankers, Inc. (Monaco)		1,200		17,712

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 75

PGIM QMA Strategic Alpha Small-Cap Value ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2021

Description	Shares		Value
COMMON STOCKS (Continued)
Oil, Gas & Consumable Fuels (cont'd.)
SFL Corp. Ltd. (Norway)		2,199	$	16,580
World Fuel Services Corp.		469		14,577
				235,279
Paper & Forest Products    0.6%
Clearwater Paper Corp.*		354		12,394
Domtar Corp.		458		16,969
Neenah, Inc.		264		14,604
Schweitzer-Mauduit International, Inc.		357		16,672
Verso Corp. (Class A Stock)		1,265		15,812
				76,451
Personal Products    0.3%
BellRing Brands, Inc. (Class A Stock)*		598		13,587
Edgewell Personal Care Co.		412		12,603
Nature’s Sunshine Products, Inc.*		928		15,293
				41,483
Pharmaceuticals    0.7%
ANI Pharmaceuticals, Inc.*		455		13,240
Cymabay Therapeutics, Inc.*		2,522		12,106
Lannett Co., Inc.*		1,747		10,587
Pliant Therapeutics, Inc.*		537		17,769
Prestige Consumer Healthcare, Inc.*		373		15,558
Supernus Pharmaceuticals, Inc.*		495		13,301
				82,561
Professional Services    1.9%
ASGN, Inc.*		153		14,224
Barrett Business Services, Inc.		218		15,522
BGSF, Inc.		1,177		16,407
CBIZ, Inc.*		540		16,281
CRA International, Inc.		260		14,344
GP Strategies Corp.*		1,159		15,218
Heidrick & Struggles International, Inc.		458		16,438
Insperity, Inc.		159		14,103
KBR, Inc.		437		13,547
Kelly Services, Inc. (Class A Stock)*		686		14,282
Korn Ferry		301		18,527
ManTech International Corp. (Class A Stock)		147		11,489
Mistras Group, Inc.*		1,758		13,994

See Notes to Financial Statements.

76

Description	Shares		Value
COMMON STOCKS (Continued)
Professional Services (cont'd.)
Resources Connection, Inc.		1,184	$	15,108
TrueBlue, Inc.*		743		15,477
				224,961
Real Estate Management & Development    0.8%
Cushman & Wakefield PLC*		983		15,217
Forestar Group, Inc.*		657		13,988
FRP Holdings, Inc.*		315		14,219
Kennedy-Wilson Holdings, Inc.		828		15,533
Marcus & Millichap, Inc.*		358		13,558
Realogy Holdings Corp.*		918		13,843
Tejon Ranch Co.*		866		14,133
				100,491
Road & Rail    0.5%
ArcBest Corp.		293		17,284
Covenant Logistics Group, Inc. (Class A Stock)*		916		16,653
Heartland Express, Inc.		741		13,486
Werner Enterprises, Inc.		332		14,250
				61,673
Semiconductors & Semiconductor Equipment    0.9%
Amkor Technology, Inc.		820		19,590
Axcelis Technologies, Inc.*		370		13,642
Diodes, Inc.*		194		15,233
NeoPhotonics Corp.*		1,205		11,580
Onto Innovation, Inc.*		253		15,802
Photronics, Inc.*		1,236		14,721
Rambus, Inc.*		683		14,329
				104,897
Software    0.9%
Asure Software, Inc.*		1,795		13,983
Cloudera, Inc.*		1,054		17,012
Cognyte Software Ltd. (Israel)*		194		5,601
InterDigital, Inc.(a)		221		14,005
Park City Group, Inc.*		2,233		13,577
SecureWorks Corp. (Class A Stock)*		905		13,059
Verint Systems, Inc.*		194		9,562
VirnetX Holding Corp.		2,617		18,214
				105,013

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 77

PGIM QMA Strategic Alpha Small-Cap Value ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2021

Description	Shares		Value
COMMON STOCKS (Continued)
Specialty Retail    3.7%
Aaron’s Co., Inc. (The)*		700	$	15,372
Abercrombie & Fitch Co. (Class A Stock)		599		16,395
American Eagle Outfitters, Inc.		614		15,780
America’s Car-Mart, Inc.*		118		15,930
Asbury Automotive Group, Inc.*		94		15,928
Buckle, Inc. (The)(a)		423		16,260
Cato Corp. (The) (Class A Stock)		1,273		15,709
Citi Trends, Inc.		254		19,784
Conn’s, Inc.*		1,062		15,070
Container Store Group, Inc. (The)*		1,112		17,047
Genesco, Inc.*		374		16,808
Group 1 Automotive, Inc.		96		14,634
Haverty Furniture Cos., Inc.		433		15,662
Hibbett Sports, Inc.*		267		17,157
Lumber Liquidators Holdings, Inc.*		473		11,716
MarineMax, Inc.*		330		14,734
ODP Corp. (The)*		308		11,787
Rent-A-Center, Inc.		315		18,194
Sally Beauty Holdings, Inc.*		978		15,746
Shoe Carnival, Inc.		348		17,038
Signet Jewelers Ltd.*		400		19,912
Sleep Number Corp.*		146		20,021
Sonic Automotive, Inc. (Class A Stock)		332		15,309
Tilly’s, Inc. (Class A Stock)*		1,603		16,543
Urban Outfitters, Inc.*		522		17,696
Winmark Corp.		82		14,472
Zumiez, Inc.*		326		14,696
				435,400
Technology Hardware, Storage & Peripherals    0.1%
Super Micro Computer, Inc.*		422		13,770
Textiles, Apparel & Luxury Goods    1.5%
Fossil Group, Inc.*		1,246		18,864
G-III Apparel Group Ltd.*		550		15,834
Kontoor Brands, Inc.		363		15,337
Lakeland Industries, Inc.*		546		17,139
Movado Group, Inc.		712		16,234
Rocky Brands, Inc.		409		17,828
Steven Madden Ltd.		420		15,536
Superior Group of Cos, Inc.		573		13,649
Unifi, Inc.*		794		19,794

See Notes to Financial Statements.

78

Description	Shares		Value
COMMON STOCKS (Continued)
Textiles, Apparel & Luxury Goods (cont'd.)
Vera Bradley, Inc.*		1,580	$	14,994
Wolverine World Wide, Inc.		470		16,427
				181,636
Thrifts & Mortgage Finance    4.9%
Axos Financial, Inc.*		356		16,472
Bridgewater Bancshares, Inc.*		1,003		14,493
ESSA Bancorp, Inc.		970		15,239
Essent Group Ltd.		325		13,400
Flagstar Bancorp, Inc.		313		13,581
FS Bancorp, Inc.		247		14,976
Home Bancorp, Inc.		498		16,110
HomeStreet, Inc.		397		17,055
Luther Burbank Corp.		1,434		14,641
Merchants Bancorp		485		16,505
Meridian Bancorp, Inc.		931		15,594
Meta Financial Group, Inc.		379		16,786
MMA Capital Holdings, Inc.*		609		13,520
Mr. Cooper Group, Inc.*		481		15,128
Northfield Bancorp, Inc.		1,119		15,319
Northwest Bancshares, Inc.		1,074		15,165
OP Bancorp		1,741		16,000
PCSB Financial Corp.		951		15,368
PDL Community Bancorp*		1,528		15,555
PennyMac Financial Services, Inc.		240		14,210
Pioneer Bancorp, Inc.*		1,376		14,861
Premier Financial Corp.		578		17,722
Provident Bancorp, Inc.		1,329		16,280
Provident Financial Services, Inc.		744		15,051
Prudential Bancorp, Inc.		1,158		15,691
Radian Group, Inc.		701		14,300
Riverview Bancorp, Inc.		2,579		17,021
Security National Financial Corp. (Class A Stock)*		1,580		14,236
Southern Missouri Bancorp, Inc.		450		16,533
Standard AVB Financial Corp.		446		14,571
Territorial Bancorp, Inc.		559		13,740
Timberland Bancorp, Inc.		536		14,874
TrustCo Bank Corp.		2,193		15,088
Walker & Dunlop, Inc.		163		16,245
Washington Federal, Inc.		515		15,563
Waterstone Financial, Inc.		755		14,670

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 79

PGIM QMA Strategic Alpha Small-Cap Value ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2021

Description	Shares		Value
COMMON STOCKS (Continued)
Thrifts & Mortgage Finance (cont'd.)
Western New England Bancorp, Inc.		2,240	$	17,942
WSFS Financial Corp.		317		16,845
				586,350
Tobacco    0.1%
Universal Corp.		304		15,449
Trading Companies & Distributors    2.0%
Applied Industrial Technologies, Inc.		188		16,050
Beacon Roofing Supply, Inc.*		335		16,023
Boise Cascade Co.		271		13,534
CAI International, Inc.		436		19,184
GMS, Inc.*		424		15,518
Lawson Products, Inc.*		281		14,893
McGrath RentCorp		202		15,687
MRC Global, Inc.*		2,089		18,258
Rush Enterprises, Inc.,
(Class A Stock)		307		13,026
(Class B Stock)		349		13,245
Systemax, Inc.		372		13,429
Titan Machinery, Inc.*		651		15,949
Triton International Ltd. (Bermuda)		303		17,507
Veritiv Corp.*		678		16,123
WESCO International, Inc.*		179		14,370
				232,796
Water Utilities    0.4%
Artesian Resources Corp. (Class A Stock)		386		14,282
Consolidated Water Co. Ltd. (Cayman Islands)		1,161		15,035
SJW Group		215		13,476
				42,793
Wireless Telecommunication Services    0.1%
Spok Holdings, Inc.		1,190		12,757
TOTAL LONG-TERM INVESTMENTS (cost $9,539,834)				11,823,365

See Notes to Financial Statements.

80

Description						Shares		Value
SHORT-TERM INVESTMENTS    2.5%
AFFILIATED MUTUAL FUND    2.0%
PGIM Institutional Money Market Fund (cost $230,195; includes $230,168 of cash collateral for securities on loan)(b)(wa)							230,368	$	230,253
	Interest Rate			Maturity Date		Principal Amount (000)#
TIME DEPOSIT    0.5%
BNP Paribas (France) (cost $60,003)		0.005	%		03/01/21		60		60,003
TOTAL SHORT-TERM INVESTMENTS (cost $290,198)									290,256
TOTAL INVESTMENTS    101.9% (cost $9,830,032)									12,113,621
Liabilities in excess of other assets    (1.9)%									(221,697	)
NET ASSETS    100.0%								$	11,891,924

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

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

# 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 $225,786; cash collateral of $230,168 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Fund may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

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

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

* 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.

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 81

PGIM QMA Strategic Alpha Small-Cap Value ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2021

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

The following is a summary of the inputs used as of February 28, 2021 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Common Stocks
Aerospace & Defense	$	101,500	$	—	$	—
Air Freight & Logistics		73,926		—		—
Airlines		46,137		—		—
Auto Components		121,518		—		—
Banks		2,460,096		—		—
Beverages		30,309		—		—
Biotechnology		383,910		—		—
Building Products		116,533		—		—
Capital Markets		274,832		—		—
Chemicals		248,563		—		—
Commercial Services & Supplies		253,149		—		—
Communications Equipment		88,923		—		—
Construction & Engineering		198,254		—		—
Construction Materials		16,004		—		—
Consumer Finance		100,765		—		—
Containers & Packaging		60,285		—		—
Distributors		29,055		—		—
Diversified Consumer Services		74,349		—		—
Diversified Financial Services		73,179		—		—
Diversified Telecommunication Services		87,553		—		—
Electric Utilities		42,679		—		—
Electrical Equipment		123,010		—		—
Electronic Equipment, Instruments & Components		280,337		—		—
Energy Equipment & Services		209,449		—		—
Equity Real Estate Investment Trusts (REITs)		715,225		—		—
Food & Staples Retailing		105,768		—		—
Food Products		35,777		—		—
Gas Utilities		89,112		—		—
Health Care Equipment & Supplies		238,918		—		—
Health Care Providers & Services		161,091		—		—
Health Care Technology		55,536		—		—
Hotels, Restaurants & Leisure		117,637		—		—
Household Durables		239,379		—		—
Household Products		29,749		—		—

See Notes to Financial Statements.

82

	Level 1		Level 2		Level 3
Investments in Securities (continued)
Assets (continued)
Common Stocks (continued)
Industrial Conglomerates	$	15,523	$	—	$	—
Insurance		335,496		—		—
Interactive Media & Services		62,659		—		—
Internet & Direct Marketing Retail		65,143		—		—
IT Services		103,307		1,637		—
Leisure Products		99,549		—		—
Life Sciences Tools & Services		14,079		—		—
Machinery		425,999		—		—
Marine		85,469		—		—
Media		246,087		—		—
Metals & Mining		129,911		—		—
Mortgage Real Estate Investment Trusts (REITs)		354,605		—		—
Multiline Retail		18,172		—		—
Multi-Utilities		29,462		—		—
Oil, Gas & Consumable Fuels		235,279		—		—
Paper & Forest Products		76,451		—		—
Personal Products		41,483		—		—
Pharmaceuticals		82,561		—		—
Professional Services		224,961		—		—
Real Estate Management & Development		100,491		—		—
Road & Rail		61,673		—		—
Semiconductors & Semiconductor Equipment		104,897		—		—
Software		105,013		—		—
Specialty Retail		435,400		—		—
Technology Hardware, Storage & Peripherals		13,770		—		—
Textiles, Apparel & Luxury Goods		181,636		—		—
Thrifts & Mortgage Finance		586,350		—		—
Tobacco		15,449		—		—
Trading Companies & Distributors		232,796		—		—
Water Utilities		42,793		—		—
Wireless Telecommunication Services		12,757		—		—
Affiliated Mutual Fund		230,253		—		—
Time Deposit		—		60,003		—
Total	$	12,051,981	$	61,640	$	—

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 83

PGIM QMA Strategic Alpha Small-Cap Value ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2021

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of February 28, 2021 were as follows:

Banks	20.7	%
Equity Real Estate Investment Trusts (REITs)	6.0
Thrifts & Mortgage Finance	4.9
Specialty Retail	3.7
Machinery	3.6
Biotechnology	3.2
Mortgage Real Estate Investment Trusts (REITs)	3.0
Insurance	2.8
Electronic Equipment, Instruments & Components	2.4
Capital Markets	2.3
Commercial Services & Supplies	2.1
Chemicals	2.1
Media	2.1
Household Durables	2.0
Health Care Equipment & Supplies	2.0
Oil, Gas & Consumable Fuels	2.0
Trading Companies & Distributors	2.0
Affiliated Mutual Fund (2.0% represents investments purchased with collateral from securities on loan)	2.0
Professional Services	1.9
Energy Equipment & Services	1.8
Construction & Engineering	1.7
Textiles, Apparel & Luxury Goods	1.5
Health Care Providers & Services	1.4
Metals & Mining	1.1
Electrical Equipment	1.0
Auto Components	1.0
Hotels, Restaurants & Leisure	1.0
Building Products	1.0
Food & Staples Retailing	0.9
IT Services	0.9
Software	0.9
Semiconductors & Semiconductor Equipment	0.9
Aerospace & Defense	0.9
Consumer Finance	0.8
Real Estate Management & Development	0.8
Leisure Products	0.8
Gas Utilities	0.8
Communications Equipment	0.7
Diversified Telecommunication Services	0.7
Marine	0.7
Pharmaceuticals	0.7
Air Freight & Logistics	0.6
Diversified Consumer Services	0.6
Diversified Financial Services	0.6
Internet & Direct Marketing Retail	0.6
Paper & Forest Products	0.6
Interactive Media & Services	0.5
Road & Rail	0.5
Containers & Packaging	0.5
Time Deposit	0.5
Health Care Technology	0.5
Airlines	0.4
Water Utilities	0.4
Electric Utilities	0.4
Personal Products	0.3
Food Products	0.3
Beverages	0.3
Household Products	0.3
Multi-Utilities	0.2
Distributors	0.2
Multiline Retail	0.2
Construction Materials	0.1
Industrial Conglomerates	0.1
Tobacco	0.1
Life Sciences Tools & Services	0.1
Technology Hardware, Storage & Peripherals	0.1
Wireless Telecommunication Services	0.1
	101.9
Liabilities in excess of other assets	(1.9)
	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

See Notes to Financial Statements.

84

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	$	225,786	$	(225,786	)	$	—

(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 85

PGIM QMA Strategic Alpha Small-Cap Value ETF

Statement of Assets & Liabilities (unaudited)

as of February 28, 2021

Assets
Investments at value, including securities on loan of $225,786:
Unaffiliated investments (cost $9,599,837)	$	11,883,368
Affiliated investments (cost $230,195)		230,253
Interest and dividends receivable		11,454
Total Assets		12,125,075
Liabilities
Payable to broker for collateral for securities on loan		230,168
Management fee payable		2,597
Other liabilities		386
Total Liabilities		233,151
Net Assets	$	11,891,924
Net assets were comprised of:
Common stock, at par	$	200
Paid-in capital in excess of par		10,042,537
Total distributable earnings (loss)		1,849,187
Net assets, February 28, 2021	$	11,891,924
Net asset value, offering price and redemption price per share, ($11,891,924 / 200,000 shares of common stock issued and outstanding)	$	59.46

See Notes to Financial Statements.

86

PGIM QMA Strategic Alpha Small-Cap Value ETF

Statement of Operations (unaudited)

Six Months Ended February 28, 2021

Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of $117 foreign withholding tax)	$	88,476
Income from securities lending, net (including affiliated income of $294)		770
Miscellaneous Income		98
Total income		89,344
Expenses
Management fee		14,089
Total expenses		14,089
Net investment income (loss)		75,255
Realized And Unrealized Gain (Loss) On Investments
Net realized gain (loss) on:
Investment transactions (including affiliated of $(91))		857,889
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $6)		2,736,973
Net gain (loss) on investment transactions		3,594,862
Net Increase (Decrease) In Net Assets Resulting From Operations	$	3,670,117

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 87

PGIM QMA Strategic Alpha Small-Cap Value ETF

Statements of Changes in Net Assets     

	Six Months Ended February 28, 2021 (unaudited)			Year Ended August 31, 2020
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	75,255		$	141,662
Net realized gain (loss) on investments		857,889			(1,278,715	)
Net change in unrealized appreciation (depreciation) on investments		2,736,973			399,673
Net increase (decrease) in net assets resulting from operations		3,670,117			(737,380	)
Dividends and Distributions
Distributions from distributable earnings		(113,416	)		(280,842	)
Total increase (decrease)		3,556,701			(1,018,222	)
Net Assets:
Beginning of period		8,335,223			9,353,445
End of period	$	11,891,924		$	8,335,223

See Notes to Financial Statements.

88

PGIM QMA Strategic Alpha International Equity ETF

Schedule of Investments (unaudited)

as of February 28, 2021

Description	Shares		Value
LONG-TERM INVESTMENTS    99.2%
COMMON STOCKS    97.9%
Australia    5.4%
AGL Energy Ltd.		11,261	$	81,189
Ampol Ltd.		4,258		80,532
APA Group		12,531		89,574
Aurizon Holdings Ltd.		29,461		86,368
BHP Group Ltd.		2,400		90,727
BHP Group PLC		2,902		91,757
Brambles Ltd.		11,027		83,999
Coca-Cola Amatil Ltd.		8,725		89,893
Coles Group Ltd.		6,368		75,115
Computershare Ltd.		8,227		84,003
CSL Ltd.		415		83,851
Dexus		13,550		92,792
Goodman Group		6,704		85,423
Newcrest Mining Ltd.		4,757		90,189
REA Group Ltd.		755		79,472
Rio Tinto Ltd.		986		96,496
Scentre Group		41,966		92,997
SEEK Ltd.		3,787		74,887
Sonic Healthcare Ltd.		3,138		76,613
South32 Ltd.		47,136		100,465
Telstra Corp. Ltd.		35,246		83,530
Vicinity Centres		73,839		93,177
Wesfarmers Ltd.		2,277		86,270
Woodside Petroleum Ltd.		4,494		84,961
Woolworths Group Ltd.		2,841		86,129
				2,160,409
Austria    0.7%
Erste Group Bank AG*		2,803		92,294
Raiffeisen Bank International AG		4,223		85,702
voestalpine AG		2,376		94,144
				272,140
Belgium    1.1%
Ageas SA/NV		1,642		92,045
Etablissements Franz Colruyt NV		1,480		88,642
Groupe Bruxelles Lambert SA		893		88,523
Proximus SADP		4,223		82,543
UCB SA		867		86,239
				437,992

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 89

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Schedule of Investments (unaudited) (continued)

as of February 28, 2021

Description	Shares		Value
COMMON STOCKS (Continued)
Denmark    2.0%
AP Moller - Maersk A/S,
(Class A Stock)		52	$	104,368
(Class B Stock)		48		103,115
Carlsberg A/S (Class B Stock)		576		90,654
Demant A/S*		2,122		87,418
Genmab A/S*		205		68,852
GN Store Nord A/S		1,015		85,308
H Lundbeck A/S		2,141		81,531
Novo Nordisk A/S (Class B Stock)		1,082		76,886
ROCKWOOL International A/S (Class B Stock)		246		89,169
				787,301
Finland    1.5%
Elisa OYJ		1,479		88,064
Kesko OYJ (Class B Stock)		3,440		87,327
Kone OYJ (Class B Stock)*		1,099		87,622
Neste OYJ		1,361		89,430
Nordea Bank Abp		9,369		84,681
Orion OYJ (Class B Stock)		2,087		85,539
Stora Enso OYJ (Class R Stock)		4,736		93,285
				615,948
France    7.3%
Amundi SA, 144A*		1,138		86,502
Arkema SA		820		90,528
Atos SE*		1,130		88,103
BioMerieux		617		78,315
Bouygues SA		2,176		88,110
Bureau Veritas SA		3,368		90,985
Capgemini SE		531		85,306
Carrefour SA		4,742		82,647
Cie de Saint-Gobain*		1,743		93,416
Cie Generale des Etablissements Michelin SCA		645		93,192
Credit Agricole SA*		6,706		93,978
Danone SA		1,342		91,420
Gecina SA		567		78,468
Hermes International		81		90,225
Iliad SA		485		85,787
Ipsen SA		1,057		90,102
Klepierre SA		4,054		95,626
La Francaise des Jeux SAEM, 144A		2,028		91,489
Legrand SA		982		85,213

See Notes to Financial Statements.

90

Description	Shares		Value
COMMON STOCKS (Continued)
France (cont'd.)
L’Oreal SA		237	$	86,586
LVMH Moet Hennessy Louis Vuitton SE		140		88,681
Orange SA		7,463		85,975
Pernod Ricard SA		459		87,141
Publicis Groupe SA		1,578		92,417
Sanofi		952		87,067
Sartorius Stedim Biotech		182		79,492
Schneider Electric SE		587		87,008
SEB SA		453		81,275
Teleperformance		262		92,654
Thales SA		966		91,424
TOTAL SE		1,962		90,843
Vinci SA		880		91,354
Wendel SE		745		85,124
				2,906,453
Germany    6.6%
Allianz SE		379		91,365
BASF SE		1,137		92,915
Bayerische Motoren Werke AG		980		84,543
Bechtle AG		447		84,297
Brenntag SE		1,141		88,465
Continental AG		656		94,109
Covestro AG, 144A		1,272		92,023
Daimler AG		1,146		91,604
Deutsche Post AG		1,634		80,950
Deutsche Telekom AG		5,082		92,159
Deutsche Wohnen SE		1,860		87,411
Evonik Industries AG		2,656		89,376
Fresenius Medical Care AG & Co. KGaA		1,230		85,126
Fresenius SE & Co. KGaA		2,080		88,941
GEA Group AG		2,493		86,087
HeidelbergCement AG		1,151		90,935
Henkel AG & Co. KGaA		985		87,232
Knorr-Bremse AG		698		88,883
LANXESS AG		1,211		89,597
LEG Immobilien AG		636		86,820
Merck KGaA		510		82,794
Rational AG		94		80,412
RWE AG		2,280		86,214
SAP SE		718		88,415
Siemens AG		537		82,920

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 91

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Schedule of Investments (unaudited) (continued)

as of February 28, 2021

Description	Shares		Value
COMMON STOCKS (Continued)
Germany (cont'd.)
Siemens Healthineers AG, 144A		1,656	$	91,570
Telefonica Deutschland Holding AG		31,359		83,618
United Internet AG		1,961		86,313
Volkswagen AG		398		93,016
Vonovia SE		1,384		88,069
				2,636,179
Hong Kong    4.4%
BOC Hong Kong Holdings Ltd.		28,854		95,976
CK Asset Holdings Ltd.		16,983		99,733
CK Hutchison Holdings Ltd.		12,596		95,163
CK Infrastructure Holdings Ltd.		15,058		87,264
CLP Holdings Ltd.		9,691		94,518
Hang Lung Properties Ltd.		31,888		82,634
Henderson Land Development Co. Ltd.		19,683		85,518
HKT Trust & HKT Ltd.		66,768		90,729
Hongkong Land Holdings Ltd.		19,707		94,988
Jardine Matheson Holdings Ltd.		1,776		92,920
Jardine Strategic Holdings Ltd.		3,706		95,911
Link REIT		10,177		96,043
Power Assets Holdings Ltd.		16,881		93,802
Sino Land Co. Ltd.		60,909		92,191
Sun Hung Kai Properties Ltd.		5,939		95,404
Swire Pacific Ltd. (Class A Stock)		13,300		97,481
Swire Properties Ltd.		30,550		98,270
WH Group Ltd., 144A		107,156		96,153
Wharf Real Estate Investment Co. Ltd.		14,324		85,596
				1,770,294
Ireland    0.6%
DCC PLC		1,094		87,944
James Hardie Industries PLC		2,866		80,513
Smurfit Kappa Group PLC		1,806		85,331
				253,788
Israel    0.7%
Check Point Software Technologies Ltd.*		772		85,105
ICL Group Ltd.		15,191		88,208
Israel Discount Bank Ltd. (Class A Stock)		23,482		87,329
				260,642

See Notes to Financial Statements.

92

Description	Shares		Value
COMMON STOCKS (Continued)
Italy    2.4%
Assicurazioni Generali SpA		4,914	$	92,196
DiaSorin SpA		395		77,398
Enel SpA		8,901		84,241
Eni SpA		8,186		93,652
Intesa Sanpaolo SpA*		35,327		90,959
Mediobanca Banca di Credito Finanziario SpA*		8,314		86,449
Moncler SpA*		1,481		91,668
Recordati Industria Chimica e Farmaceutica SpA		1,704		86,638
Snam SpA		16,932		87,764
Telecom Italia SpA		180,369		85,504
Terna Rete Elettrica Nazionale SpA		12,415		86,401
				962,870
Japan    38.7%
Advantest Corp.		1,003		82,333
AGC, Inc.		2,407		88,065
Air Water, Inc.		5,188		85,270
Aisin Seiki Co. Ltd.		2,622		89,167
Ajinomoto Co., Inc.		3,938		78,283
Alfresa Holdings Corp.		4,363		84,072
Amada Co. Ltd.		7,472		90,495
Asahi Group Holdings Ltd.		1,881		81,384
Asahi Kasei Corp.		8,855		95,200
Astellas Pharma, Inc.		5,369		84,316
Azbil Corp.		1,915		81,293
Bandai Namco Holdings, Inc.		1,059		80,939
Bank of Kyoto Ltd. (The)		1,433		85,903
Bridgestone Corp.		2,231		87,088
Brother Industries Ltd.		4,399		86,375
Canon, Inc.		4,010		86,242
Casio Computer Co. Ltd.		4,835		93,076
Chiba Bank Ltd. (The)		12,633		80,471
Chubu Electric Power Co., Inc.		7,218		88,536
Chugai Pharmaceutical Co. Ltd.		1,673		74,755
Concordia Financial Group Ltd.		22,442		86,530
Cosmos Pharmaceutical Corp.		597		85,410
Dai Nippon Printing Co. Ltd.		4,915		88,253
Daikin Industries Ltd.		406		78,919
Daiwa House Industry Co. Ltd.		2,877		81,051
Daiwa Securities Group, Inc.		17,527		85,107
Denso Corp.		1,416		84,858
Disco Corp.		273		85,541

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 93

PGIM QMA Strategic Alpha International Equity ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2021

Description	Shares		Value
COMMON STOCKS (Continued)
Japan (cont'd.)
Eisai Co. Ltd.		1,239	$	85,072
ENEOS Holdings, Inc.		20,365		89,354
FANUC Corp.		330		81,544
Fast Retailing Co. Ltd.		93		91,608
Fuji Electric Co. Ltd.		2,236		92,717
FUJIFILM Holdings Corp.		1,653		94,129
Fujitsu Ltd.		585		84,297
Hakuhodo DY Holdings, Inc.		5,255		86,470
Hino Motors Ltd.		8,951		83,972
Hirose Electric Co. Ltd.		620		90,387
Hitachi Ltd.		1,922		87,919
Honda Motor Co. Ltd.		3,096		84,563
Hoshizaki Corp.		882		77,282
Hoya Corp.		722		81,957
Hulic Co. Ltd.		7,914		88,201
Iida Group Holdings Co. Ltd.		3,619		81,890
Inpex Corp.		12,420		91,348
Isuzu Motors Ltd.		8,171		85,393
ITOCHU Corp.		2,858		84,940
Japan Post Bank Co. Ltd.(a)		9,130		86,850
Japan Post Holdings Co. Ltd.		9,872		84,333
Japan Real Estate Investment Corp.		14		85,239
Japan Retail Fund Investment Corp.		88		86,931
Japan Tobacco, Inc.		4,880		88,128
JSR Corp.		2,791		83,132
Kajima Corp.		6,423		81,828
Kakaku.com, Inc.		2,630		83,394
Kansai Electric Power Co., Inc. (The)		8,893		88,642
KDDI Corp.		2,783		85,896
Kikkoman Corp.		1,259		83,032
Kirin Holdings Co. Ltd.		4,436		86,914
Komatsu Ltd.		2,913		87,176
Kubota Corp.		4,179		94,385
Kuraray Co. Ltd.		7,855		87,839
Kurita Water Industries Ltd.		2,265		91,582
Kyocera Corp.		1,244		80,035
Kyushu Electric Power Co., Inc.		10,203		87,581
Lion Corp.		4,426		84,953
Lixil Corp.		3,263		91,436
Makita Corp.		1,973		83,940
Marubeni Corp.		11,908		88,443
Mazda Motor Corp.		11,408		89,791

See Notes to Financial Statements.

94

Description	Shares		Value
COMMON STOCKS (Continued)
Japan (cont'd.)
McDonald’s Holdings Co. Japan Ltd.		1,845	$	91,389
Medipal Holdings Corp.		4,320		85,512
MEIJI Holdings Co. Ltd.		1,348		85,487
MINEBEA MITSUMI, Inc.		3,560		87,334
MISUMI Group, Inc.		2,681		81,742
Mitsubishi Chemical Holdings Corp.		12,930		89,738
Mitsubishi Corp.		3,355		94,517
Mitsubishi Electric Corp.		5,598		82,372
Mitsubishi Estate Co. Ltd.		4,733		81,610
Mitsubishi Gas Chemical Co., Inc.		3,852		89,583
Mitsubishi Heavy Industries Ltd.		3,012		86,691
Mitsubishi UFJ Financial Group, Inc.		18,057		94,524
Mitsui & Co. Ltd.		4,362		92,625
Mitsui Chemicals, Inc.		3,142		96,681
Mitsui Fudosan Co. Ltd.		3,899		87,787
Mizuho Financial Group, Inc.		5,875		85,925
Murata Manufacturing Co. Ltd.		970		82,636
Nabtesco Corp.		1,878		79,634
NEC Corp.		1,412		76,829
NGK Insulators Ltd.		4,930		86,950
NGK Spark Plug Co. Ltd.		4,938		83,477
NH Foods Ltd.		1,865		78,470
Nintendo Co. Ltd.		133		80,789
Nippon Building Fund, Inc.		15		91,608
Nippon Express Co. Ltd.		1,214		90,200
Nippon Telegraph & Telephone Corp.		3,225		83,443
Nippon Yusen KK		3,302		94,635
Nisshin Seifun Group, Inc.		5,380		86,458
Nissin Foods Holdings Co. Ltd.		1,132		85,488
Nitori Holdings Co. Ltd.		419		78,124
Nitto Denko Corp.		992		84,594
Nomura Holdings, Inc.		14,751		85,632
Nomura Real Estate Holdings, Inc.		3,895		87,660
Nomura Real Estate Master Fund, Inc.		56		83,794
NSK Ltd.		8,540		83,561
NTT Data Corp.		5,735		87,428
Obayashi Corp.		10,214		87,484
Olympus Corp.		4,129		86,380
Omron Corp.(a)		963		77,513
Ono Pharmaceutical Co. Ltd.		3,104		83,398
ORIX Corp.		5,629		95,132
Orix JREIT, Inc.		51		86,742

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 95

PGIM QMA Strategic Alpha International Equity ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2021

Description	Shares		Value
COMMON STOCKS (Continued)
Japan (cont'd.)
Osaka Gas Co. Ltd.		4,862	$	86,936
Otsuka Holdings Co. Ltd.		2,122		84,088
Pan Pacific International Holdings Corp.		3,679		86,112
Panasonic Corp.		6,382		81,755
Persol Holdings Co. Ltd.		4,404		87,051
Recruit Holdings Co. Ltd.		1,835		90,911
Resona Holdings, Inc.		20,787		83,405
Rinnai Corp.		851		86,062
Ryohin Keikaku Co. Ltd.		3,731		83,934
Santen Pharmaceutical Co. Ltd.		6,074		83,308
SCSK Corp.		1,516		89,172
Secom Co. Ltd.		959		83,003
Sega Sammy Holdings, Inc.		5,134		86,165
Seiko Epson Corp.		5,299		86,697
Sekisui House Ltd.		4,501		84,324
Seven & i Holdings Co. Ltd.		2,288		86,652
Shimadzu Corp.		2,346		84,293
Shimizu Corp.		11,730		88,584
Shionogi & Co. Ltd.		1,581		80,285
Shizuoka Bank Ltd. (The)		11,774		85,934
SMC Corp.		140		82,612
SoftBank Corp.		5,929		80,151
Sohgo Security Services Co. Ltd.		1,893		85,242
Sompo Holdings, Inc.		2,221		85,010
Square Enix Holdings Co. Ltd.		1,375		77,912
Stanley Electric Co. Ltd.		2,689		79,589
Subaru Corp.		4,575		85,345
Sumitomo Chemical Co. Ltd.		18,492		89,342
Sumitomo Corp.		6,152		88,908
Sumitomo Dainippon Pharma Co. Ltd.		5,388		85,070
Sumitomo Electric Industries Ltd.		6,003		87,093
Sumitomo Mitsui Financial Group, Inc.		2,532		88,885
Sumitomo Mitsui Trust Holdings, Inc.		2,584		84,893
Sumitomo Realty & Development Co. Ltd.		2,638		90,825
Sundrug Co. Ltd.		2,378		89,235
Suntory Beverage & Food Ltd.		2,566		87,744
Suzuken Co. Ltd.		2,218		84,479
Suzuki Motor Corp.		1,842		79,472
Taiheiyo Cement Corp.		3,689		91,779
Taisei Corp.		2,502		88,137
Takeda Pharmaceutical Co. Ltd.		2,574		86,496
TDK Corp.		590		84,353

See Notes to Financial Statements.

96

Description	Shares		Value
COMMON STOCKS (Continued)
Japan (cont'd.)
Teijin Ltd.		5,082	$	87,247
Terumo Corp.		2,117		78,468
THK Co. Ltd.		2,549		82,141
TIS, Inc.		4,092		84,992
Tohoku Electric Power Co., Inc.		10,160		89,309
Tokyo Electron Ltd.		222		90,699
Tokyo Gas Co. Ltd.		4,252		87,836
Toray Industries, Inc.		13,490		88,157
Toshiba Corp.		2,597		81,739
Tosoh Corp.		4,377		80,071
TOTO Ltd.		1,359		81,722
Toyo Suisan Kaisha Ltd.		2,087		88,888
Toyota Industries Corp.		1,017		86,821
Toyota Motor Corp.		1,157		85,455
Toyota Tsusho Corp.		1,987		83,137
Tsuruha Holdings, Inc.		669		86,045
Unicharm Corp.		1,938		76,651
United Urban Investment Corp.		64		87,779
USS Co. Ltd.		4,650		88,293
Welcia Holdings Co. Ltd.		2,719		86,854
Yakult Honsha Co. Ltd.		1,747		86,371
Yamada Holdings Co. Ltd.		17,446		83,306
Yamaha Corp.		1,614		89,789
Yamaha Motor Co. Ltd.		3,942		85,759
Yamato Holdings Co. Ltd.		3,277		86,141
Yaskawa Electric Corp.		1,637		81,700
				15,441,644
Jordan    0.2%
Hikma Pharmaceuticals PLC		2,723		84,827
Luxembourg    0.2%
SES SA (Class A Stock)		10,296		82,188
Netherlands    1.7%
Akzo Nobel NV		873		90,122
Koninklijke Ahold Delhaize NV		3,255		85,773
Koninklijke KPN NV		26,209		85,634
Koninklijke Philips NV*		1,715		93,022
NN Group NV		1,895		87,341
QIAGEN NV*		1,491		73,757

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 97

PGIM QMA Strategic Alpha International Equity ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2021

Description	Shares		Value
COMMON STOCKS (Continued)
Netherlands (cont'd.)
Randstad NV*		1,361	$	90,875
Wolters Kluwer NV		1,069		84,714
				691,238
Norway    0.7%
Equinor ASA		4,936		92,935
Orkla ASA		9,620		88,604
Yara International ASA		1,809		86,918
				268,457
Portugal    0.2%
Jeronimo Martins SGPS SA		5,631		87,304
Singapore    2.3%
CapitaLand Ltd.		37,255		88,849
DBS Group Holdings Ltd.		4,971		99,316
Genting Singapore Ltd.		151,804		97,339
Mapletree Logistics Trust		61,868		85,838
Oversea-Chinese Banking Corp. Ltd.		11,527		95,006
Singapore Technologies Engineering Ltd.		28,791		81,187
United Overseas Bank Ltd.		4,999		92,527
UOL Group Ltd.		14,788		81,958
Venture Corp. Ltd.		5,918		85,215
Wilmar International Ltd.		21,862		86,569
				893,804
Spain    2.0%
ACS Actividades de Construccion y Servicios SA		2,736		83,650
CaixaBank SA		32,097		93,215
Enagas SA		4,327		90,658
Endesa SA		3,431		85,070
Grifols SA		3,311		83,174
Iberdrola SA		7,010		88,174
Industria de Diseno Textil SA		2,901		95,591
Red Electrica Corp. SA		5,031		84,163
Repsol SA		7,932		99,675
				803,370
Sweden    6.3%
Alfa Laval AB*		3,151		97,509
Assa Abloy AB (Class B Stock)		3,533		88,577

See Notes to Financial Statements.

98

Description	Shares		Value
COMMON STOCKS (Continued)
Sweden (cont'd.)
Atlas Copco AB,
(Class A Stock)		1,596	$	91,123
(Class B Stock)		1,825		88,485
Boliden AB		2,405		95,273
Electrolux AB (Class B Stock)		3,643		86,050
Epiroc AB,
(Class A Stock)		4,326		91,808
(Class B Stock)		4,768		93,848
Essity AB (Class B Stock)		2,855		85,813
Hexagon AB (Class B Stock)		987		82,243
Husqvarna AB (Class B Stock)		7,108		86,957
ICA Gruppen AB		1,812		86,030
Industrivarden AB,
(Class A Stock)*		2,617		92,978
(Class C Stock)*		2,743		90,601
Investor AB (Class B Stock)		1,148		84,945
L E Lundbergforetagen AB (Class B Stock)*		1,744		86,788
Nibe Industrier AB (Class B Stock)		2,588		81,313
Sandvik AB*		3,573		95,927
Securitas AB (Class B Stock)		6,022		92,321
Skandinaviska Enskilda Banken AB (Class A Stock)		7,816		89,954
Skanska AB (Class B Stock)		3,474		84,259
SKF AB (Class B Stock)		3,472		94,613
Svenska Handelsbanken AB (Class A Stock)*		8,757		92,321
Swedish Match AB		1,240		89,168
Tele2 AB (Class B Stock)		6,899		87,056
Telefonaktiebolaget LM Ericsson (Class B Stock)		6,820		85,130
Telia Co. AB		21,421		86,532
Volvo AB (Class B Stock)*		3,798		97,290
				2,504,912
Switzerland    5.7%
ABB Ltd.		2,844		81,664
Adecco Group AG		1,341		84,147
Baloise Holding AG		522		91,184
Cie Financiere Richemont SA		925		89,058
Coca-Cola HBC AG		2,835		88,395
Credit Suisse Group AG		6,592		95,114
Geberit AG		147		86,650
Kuehne + Nagel International AG		384		91,056
LafargeHolcim Ltd.*		1,713		94,458
Logitech International SA		790		84,259

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 99

PGIM QMA Strategic Alpha International Equity ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2021

Description	Shares		Value
COMMON STOCKS (Continued)
Switzerland (cont'd.)
Nestle SA		808	$	84,384
Novartis AG		1,003		86,214
Roche Holding AG		263		86,144
Schindler Holding AG,
(Ordinary Shares)		333		88,663
(Participation Certificates)		329		89,768
SGS SA		28		79,877
Sonova Holding AG*		310		79,336
STMicroelectronics NV		2,384		91,959
Straumann Holding AG		72		86,987
Swatch Group AG (The),
(Bearer Shares)		314		93,615
(Ordinary Shares)		1,644		94,341
Swiss Life Holding AG		180		89,500
Swiss Prime Site AG		920		86,068
Swisscom AG		173		86,819
UBS Group AG		5,917		91,716
Zurich Insurance Group AG		216		88,214
				2,289,590
United Kingdom    7.2%
Ashtead Group PLC		1,682		90,922
AstraZeneca PLC		877		84,856
Auto Trader Group PLC, 144A*		10,317		79,084
British American Tobacco PLC		2,467		85,427
British Land Co. PLC (The)		13,867		94,588
BT Group PLC (Class A Stock)*		51,165		88,070
Bunzl PLC		2,819		87,857
Burberry Group PLC*		3,502		88,578
Coca-Cola European Partners PLC		1,689		86,055
Evraz PLC		12,310		97,928
Ferguson PLC		792		93,040
GlaxoSmithKline PLC		5,103		84,660
Imperial Brands PLC		4,216		78,297
Intertek Group PLC		1,107		82,604
J Sainsbury PLC		30,749		96,903
JD Sports Fashion PLC*		7,376		85,334
Kingfisher PLC*		23,655		87,466
Melrose Industries PLC*		38,009		87,851
Mondi PLC		3,826		91,922
National Grid PLC		7,534		84,643
RELX PLC		3,559		83,921

See Notes to Financial Statements.

100

Description	Shares		Value
COMMON STOCKS (Continued)
United Kingdom (cont'd.)
Rio Tinto PLC		1,044	$	89,990
RSA Insurance Group PLC		9,634		90,653
Sage Group PLC (The)		10,927		85,038
Schroders PLC		1,835		89,555
Segro PLC		6,823		86,484
Severn Trent PLC		2,791		85,156
Smiths Group PLC		4,063		82,871
Spirax-Sarco Engineering PLC		543		81,022
Standard Life Aberdeen PLC		20,169		87,333
Tesco PLC		27,413		85,855
Vodafone Group PLC		52,837		89,822
Wm Morrison Supermarkets PLC		37,548		89,375
				2,883,160
TOTAL COMMON STOCKS (cost $35,105,979)				39,094,510
PREFERRED STOCKS    1.3%
Germany    1.1%
Bayerische Motoren Werke AG		1,272		86,022
FUCHS PETROLUB SE		1,558		85,230
Henkel AG & Co. KGaA		876		86,225
Porsche Automobil Holding SE		1,245		99,713
Volkswagen AG		423		88,304
				445,494
Italy    0.2%
Telecom Italia SpA		173,716		93,103
TOTAL PREFERRED STOCKS (cost $513,458)				538,597
TOTAL LONG-TERM INVESTMENTS (cost $35,619,437)				39,633,107
SHORT-TERM INVESTMENTS    0.7%
AFFILIATED MUTUAL FUND    0.2%
PGIM Institutional Money Market Fund (cost $85,993; includes $85,984 of cash collateral for securities on loan)(b)(wa)		86,028		85,985

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 101

PGIM QMA Strategic Alpha International Equity ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2021

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
TIME DEPOSIT    0.5%
Royal Bank of Canada (Canada) (cost $181,111)		0.005	%		03/01/21		181	$	181,111
TOTAL SHORT-TERM INVESTMENTS (cost $267,104)									267,096
TOTAL INVESTMENTS    99.9% (cost $35,886,541)									39,900,203
Other assets in excess of liabilities    0.1%									39,474
NET ASSETS    100.0%								$	39,939,677

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

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

# 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 $83,338; cash collateral of $85,984 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Fund may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

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

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

* 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.

102

The following is a summary of the inputs used as of February 28, 2021 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Common Stocks
Australia	$	2,160,409	$	—	$	—
Austria		272,140		—		—
Belgium		437,992		—		—
Denmark		787,301		—		—
Finland		615,948		—		—
France		2,906,453		—		—
Germany		2,636,179		—		—
Hong Kong		1,770,294		—		—
Ireland		253,788		—		—
Israel		260,642		—		—
Italy		962,870		—		—
Japan		15,441,644		—		—
Jordan		84,827		—		—
Luxembourg		82,188		—		—
Netherlands		691,238		—		—
Norway		268,457		—		—
Portugal		87,304		—		—
Singapore		893,804		—		—
Spain		803,370		—		—
Sweden		2,504,912		—		—
Switzerland		2,289,590		—		—
United Kingdom		2,883,160		—		—
Preferred Stocks
Germany		445,494		—		—
Italy		93,103		—		—
Affiliated Mutual Fund		85,985		—		—
Time Deposit		—		181,111		—
Total	$	39,719,092	$	181,111	$	—

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 103

PGIM QMA Strategic Alpha International Equity ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2021

Industry Classification:

The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of February 28, 2021 were as follows:

Machinery	7.0	%
Banks	5.4
Real Estate Management & Development	4.7
Chemicals	4.7
Pharmaceuticals	4.6
Equity Real Estate Investment Trusts (REITs)	3.6
Diversified Telecommunication Services	3.5
Food & Staples Retailing	3.5
Automobiles	2.8
Food Products	2.8
Electric Utilities	2.6
Health Care Equipment & Supplies	2.3
Trading Companies & Distributors	2.2
Insurance	2.2
Professional Services	2.2
Metals & Mining	2.1
Electronic Equipment, Instruments & Components	2.1
Oil, Gas & Consumable Fuels	2.0
Auto Components	2.0
Building Products	1.9
IT Services	1.9
Industrial Conglomerates	1.8
Beverages	1.7
Construction & Engineering	1.7
Household Durables	1.7
Textiles, Apparel & Luxury Goods	1.6
Diversified Financial Services	1.6
Capital Markets	1.6
Specialty Retail	1.5
Health Care Providers & Services	1.3
Gas Utilities	1.1
Technology Hardware, Storage & Peripherals	1.1
Commercial Services & Supplies	1.1
Electrical Equipment	1.1	%
Household Products	1.1
Marine	1.0
Construction Materials	0.9
Semiconductors & Semiconductor Equipment	0.9
Wireless Telecommunication Services	0.9
Tobacco	0.9
Interactive Media & Services	0.8
Hotels, Restaurants & Leisure	0.7
Media	0.7
Software	0.6
Leisure Products	0.6
Multiline Retail	0.6
Multi-Utilities	0.6
Biotechnology	0.6
Paper & Forest Products	0.5
Time Deposit	0.5
Road & Rail	0.4
Aerospace & Defense	0.4
Air Freight & Logistics	0.4
Entertainment	0.4
Life Sciences Tools & Services	0.4
Personal Products	0.2
Affiliated Mutual Fund (0.2% represents investments purchased with collateral from securities on loan)	0.2
Containers & Packaging	0.2
Water Utilities	0.2
Communications Equipment	0.2
	99.9
Other assets in excess of liabilities	0.1
	100.0	%

See Notes to Financial Statements.

104

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	$	83,338	$	(83,338	)	$	—

(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 105

PGIM QMA Strategic Alpha International Equity ETF

Statement of Assets & Liabilities (unaudited)

as of February 28, 2021

Assets
Investments at value, including securities on loan of $83,338:
Unaffiliated investments (cost $35,800,548)	$	39,814,218
Affiliated investments (cost $85,993)		85,985
Foreign currency, at value (cost $123,297)		121,978
Interest and dividends receivable		101,007
Total Assets		40,123,188
Liabilities
Payable for investments purchased		88,073
Payable to broker for collateral for securities on loan		85,984
Management fee payable		9,079
Other liabilities		375
Total Liabilities		183,511
Net Assets	$	39,939,677
Net assets were comprised of:
Common stock, at par	$	700
Paid-in capital in excess of par		34,905,030
Total distributable earnings (loss)		5,033,947
Net assets, February 28, 2021	$	39,939,677
Net asset value, offering price and redemption price per share, ($39,939,677 / 700,000 shares of common stock issued and outstanding)	$	57.06

See Notes to Financial Statements.

106

PGIM QMA Strategic Alpha International Equity ETF

Statement of Operations (unaudited)

Six Months Ended February 28, 2021

Net Investment Income (Loss)
Income
Interest income	$	10
Unaffiliated dividend income (net of $44,637 foreign withholding tax)		358,211
Income from securities lending, net (including affiliated income of $321)		2,440
Total income		360,661
Expenses
Management fee		54,787
Miscellaneous expenses		138
Total expenses		54,925
Net investment income (loss)		305,736
Realized And Unrealized Gain (Loss) On Investments and Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $(137))		3,013,850
Foreign currency transactions		14,324
		3,028,174
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $33)		1,326,643
Foreign currencies		(9,326	)
		1,317,317
Net gain (loss) on investment and foreign currency transactions		4,345,491
Net Increase (Decrease) In Net Assets Resulting From Operations	$	4,651,227

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 107

PGIM QMA Strategic Alpha International Equity ETF

Statements of Changes in Net Assets

	Six Months Ended February 28, 2021 (unaudited)			Year Ended August 31, 2020
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	305,736		$	764,674
Net realized gain (loss) on investments		3,028,174			(1,502,255	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		1,317,317			2,813,063
Net increase (decrease) in net assets resulting from operations		4,651,227			2,075,482
Dividends and Distributions
Distributions from distributable earnings		(572,789	)		(901,215	)
Total increase (decrease)		4,078,438			1,174,267
Net Assets:
Beginning of period		35,861,239			34,686,972
End of period	$	39,939,677		$	35,861,239

See Notes to Financial Statements.

108

Notes to Financial Statements (unaudited)

1. Organization

PGIM ETF Trust (the “Trust”) is an open-end management investment company registered under the Investment Company Act of 1940, as amended (“1940 Act”). The Trust was organized as a Delaware statutory trust on October 23, 2017 and currently consists of six separate series: 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. Each series operates as an exchange-traded fund.

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 (each, a “Fund” and collectively, the “Funds”). The Funds are classified as diversified funds under the 1940 Act.

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

2. Accounting Policies

The Funds follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) Topic 946 Financial Services—Investment Companies. The following is a summary of significant accounting policies followed by the Funds in the preparation of its financial statements. The policies conform to U.S. generally accepted accounting principles (“GAAP”). The Funds consistently follow such policies in the preparation of their financial statements.

Securities Valuation: The Funds hold securities and other assets and liabilities that are fair valued as of the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. As described in further detail below, the Funds’ investments are valued daily based on a number of factors, including the type of investment and whether market quotations are readily available. The 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 each Fund to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed

PGIM QMA Strategic Alpha ETFs 109

Notes to Financial Statements (unaudited) (continued)

representative of fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. A record of the Valuation Committee’s actions is subject to the Board’s review at its first quarterly meeting following the quarter in which such actions take place.

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

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

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

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

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

When determining the fair value of securities, some of the factors influencing the valuation include: the nature of any restrictions on disposition of the securities; assessment of the general liquidity of the securities; the issuer’s financial condition and the markets in which it does business; the cost of the investment; the size of the holding and the capitalization of

110

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.

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

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

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

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

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

Rights: The 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.

Master Netting Arrangements: The Trust, on behalf of the Funds, is subject to various Master Agreements, or netting arrangements, with select counterparties. These are agreements which a subadviser may have negotiated and entered into on behalf of all or a

PGIM QMA Strategic Alpha ETFs 111

Notes to Financial Statements (unaudited) (continued)

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

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

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

Securities Transactions and Net Investment Income: Securities transactions are recorded on the trade date. Realized gains (losses) from investment and currency transactions are calculated on the specific identification method. Dividend income is recorded on the ex-date, or for certain foreign securities, when a Fund becomes aware of such dividends.

112

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

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

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

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

3. Agreements

Pursuant to a management agreement with the Trust on behalf of the Funds (the Management Agreement), PGIM Investments manages each Fund’s investment operations and administers its business affairs. PGIM Investments is also responsible for supervising each Fund’s subadviser.

Pursuant to the management agreement relating to each Fund, there is a unitary fee structure for the funds whereby PGIM Investments is responsible for substantially all expenses of each Fund, except taxes, brokerage expenses, interest expenses, distribution fees or expenses, expenses incident to shareholder meetings and extraordinary expenses. Each Fund may also pay for any costs or expenses of investing in other funds. For more information of the unitary management fee structure please refer to the Funds’ Statement of Additional Information.

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

PGIM QMA Strategic Alpha ETFs 113

Notes to Financial Statements (unaudited) (continued)

waiver will remain in effect for as long as the Funds remain invested or intend to invest in the PGIM Institutional Money Market Fund.

Fund	Unitary fee rate
PGIM 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”) (the “subadviser”). The Manager pays for the services of the subadviser.

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

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

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

4. Other Transactions with Affiliates

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

114

The Funds may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act, that subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors, and/or common officers. For the period ended February 28, 2021, no 17a-7 transactions were entered into by the Funds.

5. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments, U.S. Government securities and in-kind transactions) for the reporting period ended February 28, 2021, were as follows:

Fund	Cost of Purchases		Proceeds from Sales
PGIM QMA Strategic Alpha Large-Cap Core ETF	$	5,551,478	$	5,599,311
PGIM QMA Strategic Alpha Small-Cap Growth ETF	$	6,400,762	$	6,341,047
PGIM QMA Strategic Alpha Small-Cap Value ETF	$	5,052,197	$	5,038,007
PGIM QMA Strategic Alpha International Equity ETF	$	19,957,174	$	19,687,808

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the reporting year ended February 28, 2021, 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
Short-Term Investments—Affiliated Mutual Funds:
PGIM Institutional Money Market Fund(1)(b)(wa)
$834,998	$	3,466,005	$	4,224,123	$	57	$	(105	)	$	76,832		76,871	$	365	(2)

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
Short-Term Investments—Affiliated Mutual Funds:
PGIM Institutional Money Market Fund(1)(b)(wa)
$908,543	$	2,306,680	$	2,893,750	$	13	$	(151	)	$	321,335		321,496	$	533	(2)

PGIM QMA Strategic Alpha ETFs 115

Notes to Financial Statements (unaudited) (continued)

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
Short-Term Investments—Affiliated Mutual Funds:
PGIM Institutional Money Market Fund(1)(b)(wa)
$438,488	$	1,357,819	$	1,565,969	$	6	$	(91	)	$	230,253		230,368	$	294	(2)

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
Short-Term Investments—Affiliated Mutual Funds:
PGIM Institutional Money Market Fund(1)(b)(wa)
$417,228	$	2,532,666	$	2,863,805	$	33	$	(137	)	$	85,985		86,028	$	321	(2)

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

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

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

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

6. Tax Information

The United States federal income tax basis of the Funds’ investments and the net unrealized appreciation as of February 28, 2021 were as follows:

PGIM QMA Strategic Alpha Large-Cap Core ETF

Tax Basis	$	10,459,976
Gross Unrealized Appreciation		2,237,034
Gross Unrealized Depreciation		(195,504	)
Net Unrealized Appreciation	$	2,041,530

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Tax Basis	$	11,367,433
Gross Unrealized Appreciation		3,162,903
Gross Unrealized Depreciation		(371,973	)
Net Unrealized Appreciation	$	2,790,930

116

PGIM QMA Strategic Alpha Small-Cap Value ETF

Tax Basis	$	9,837,846
Gross Unrealized Appreciation		2,516,285
Gross Unrealized Depreciation		(240,510	)
Net Unrealized Appreciation	$	2,275,775

PGIM QMA Strategic Alpha International Equity ETF

Tax Basis	$	35,885,435
Gross Unrealized Appreciation		5,180,197
Gross Unrealized Depreciation		(1,165,429	)
Net Unrealized Appreciation	$	4,014,768

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

For federal income tax purposes, the following Funds had a capital loss carryforward as of August 31, 2020 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	$	702,000
PGIM QMA Strategic Alpha Small-Cap Growth ETF		763,000
PGIM QMA Strategic Alpha Small-Cap Value ETF		1,287,000
PGIM QMA Strategic Alpha International Equity ETF		1,842,000

The Manager has analyzed the Funds’ tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Funds’ financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, each Funds’ U.S. federal and state tax returns for each of the two fiscal years up to the most recent fiscal year ended August 31, 2020 are subject to such review.

7. Capital and Ownership

Each Fund is an exchange-traded fund, commonly known as an “ETF”. Individual shares of the Funds may only be purchased and sold in secondary market transactions through brokers or other financial intermediaries. Shares of the Funds are listed for trading on the NYSE Arca, Inc. (the “Exchange”), and because the shares of the Funds trade at market prices rather than NAV, shares of the Funds may trade at a price greater than NAV (a premium) or less than NAV (a discount). Each Fund will issue and redeem its shares at NAV only in aggregations of a specified number of shares called a “Creation Unit”. An Authorized Participant is a member or participant of a clearing agency registered with the

PGIM QMA Strategic Alpha ETFs 117

Notes to Financial Statements (unaudited) (continued)

SEC, which has a written agreement with the Funds or one of their service providers that allows the Authorized Participant to place orders for the purchase and redemption of Creation Units.

A creation transaction, which is subject to acceptance by the Distributor and each Fund, generally takes place when an Authorized Participant deposits into each Fund a designated portfolio of securities, assets or other positions (a “creation basket”, and an amount of cash (including any cash representing the value of substituted securities, assets or other positions), if any, which together approximate the holdings of each Fund in exchange for a specified number of Creation Units. Similarly, shares can be redeemed only in Creation Units, generally for a designated portfolio of securities, assets or other propositions (the “redemption basket”) held by each Fund and an amount of cash (including any portion of such securities for which cash may be substituted). The Funds may, in certain circumstances, offer Creation Units partially or solely for cash. Except when aggregated in Creation Units, shares are not redeemable by the Funds. Creation and redemption baskets may differ and the Funds may accept “custom baskets”. A Creation Unit 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.

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

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

118

As of February 28, 2021, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Funds as follows:

Fund	Number of Shares		Percentage of Outstanding Shares
PGIM QMA Strategic Alpha Large- Cap Core ETF		192,174		96.1	%
PGIM QMA Strategic Alpha Small- Cap Growth ETF		195,010		97.5	%
PGIM QMA Strategic Alpha Small- Cap Value ETF		189,981		95.0	%
PGIM QMA Strategic Alpha International Equity ETF		695,000		99.3	%

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

	Affiliated		Unaffiliated
Fund	Number of Shareholders	Percentage of Outstanding Shares	Number of Shareholders	Percentage of Outstanding Shares
PGIM QMA Strategic Alpha Large-Cap Core ETF	1	96.0%	0	0.0%
PGIM QMA Strategic Alpha Small-Cap Growth ETF	1	97.5%	0	0.0%
PGIM QMA Strategic Alpha Small-Cap Value ETF	1	95.0%	0	0.0%
PGIM QMA Strategic Alpha International Equity ETF	3	99.3%	0	0.0%

Transactions in shares of beneficial interest were as follows:    

PGIM QMA Strategic Alpha Large-Cap Core ETF

Reporting period ended February 28, 2021:

	Shares		Amount
Shares sold		—	$	—
Shares purchased		—		—
Net increase (decrease) in shares outstanding		—	$	—

Reporting period ended August 31, 2020:

	Shares		Amount
Shares sold		—	$	—
Shares purchased		—		—
Net increase (decrease) in shares outstanding		—	$	—

PGIM QMA Strategic Alpha ETFs 119

Notes to Financial Statements (unaudited) (continued)

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Reporting period ended February 28, 2021:

	Shares		Amount
Shares sold		—	$	—
Shares purchased		—		—
Net increase (decrease) in shares outstanding		—	$	—

Reporting period ended August 31, 2020:

	Shares		Amount
Shares sold		—	$	—
Shares purchased		—		—
Net increase (decrease) in shares outstanding		—	$	—

PGIM QMA Strategic Alpha Small-Cap Value ETF

Reporting period ended February 28, 2021:

	Shares		Amount
Shares sold		—	$	—
Shares purchased		—		—
Net increase (decrease) in shares outstanding		—	$	—

Reporting period ended August 31, 2020:

	Shares		Amount
Shares sold		—	$	—
Shares purchased		—		—
Net increase (decrease) in shares outstanding		—	$	—

PGIM QMA Strategic Alpha International Equity ETF

Reporting period ended February 28, 2021:

	Shares		Amount
Shares sold		—	$	—
Shares purchased		—		—
Net increase (decrease) in shares outstanding		—	$	—

120

Reporting period ended August 31, 2020:

	Shares		Amount
Shares sold		—	$	—
Shares purchased		—		—
Net increase (decrease) in shares outstanding		—	$	—

Each Fund may make payment for Fund shares redeemed and contributed wholly or in part by distributing portfolio securities to shareholders. For the period ended February 28, 2021, the Funds had no subscriptions in-kind and redemptions in-kind.

8. Borrowings

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

	Current SCA	Prior SCA
Term of Commitment	10/2/2020 – 9/30/2021	10/3/2019 – 10/1/2020
Total Commitment	$1,200,000,000	$1,222,500,000*
Annualized Commitment Fee on the Unused Portion of the SCA	0.15%	0.15%
Annualized Interest Rate on Borrowings	1.30% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent	1.20% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent

* Effective March 31, 2020, the SCA’s total commitment was increased from $900,000,000 to $1,162,500,000 and subsequently, effective April 7, 2020 was increased to $1,222,500,000.

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

The Funds did not utilize the SCA during the reporting period ended February 28, 2021.

PGIM QMA Strategic Alpha ETFs 121

Notes to Financial Statements (unaudited) (continued)

9. Risks of Investing in the Funds

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

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.

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.

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 Funds invest could go down. Different parts of a market can react differently to adverse issuer, market, regulatory, political and economic developments.

ETF Shares Trading Risk: Funds shares are listed for trading on the Exchange and the shares are bought and sold in the secondary market at market prices. The market prices of the shares of the Funds are expected to fluctuate in response to changes in the Funds’ NAVs, the intraday value of the Funds’ holdings and supply and demand for shares of the Funds. We cannot predict whether shares of the Funds will trade above, below or at their NAV. Trading on the Exchange, including trading of Funds shares, may be halted in certain circumstances and shareholders may not be able to sell Funds shares at the time or price desired. During periods of stressed market conditions, the market for the shares of the Funds may become less liquid in response to deteriorating liquidity in the markets for the Funds’ portfolio investments. This adverse effect on the liquidity of the Funds’ shares could lead to differences between the market price of the Funds’ shares and the NAV of those shares. There can be no assurance that the requirements of the Exchange to maintain the

122

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.

Foreign Securities Risk: Each Fund’s investments in securities of foreign issuers or issuers with significant exposure to foreign markets involve additional risk. The securities of such issuers may trade in markets that are less liquid, less regulated and more volatile than U.S. markets. Foreign countries in which the Funds may invest may have markets that are less liquid, less regulated and more volatile than U.S. 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. Lack of information may also affect the value of these securities.

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

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

Market 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 your investment in the Funds will decline.

Market Disruption and Geopolitical Risks: International wars or conflicts and geopolitical developments in foreign countries, along with instability in regions such as Asia, Eastern Europe, and the Middle East, possible terrorist attacks in the United States or around the world, public health epidemics such as the outbreak of infectious diseases like the recent outbreak of coronavirus globally or the 2014–2016 outbreak in West Africa of the Ebola virus, and other similar events could adversely affect the U.S. and foreign financial markets, including increases in market volatility, reduced liquidity in the securities markets and government intervention, and may cause further long-term economic uncertainties in the United States and worldwide generally.

The coronavirus pandemic and the related governmental and public responses have had and may continue to have an impact on the Funds’ investments and net asset value and have led and may continue to lead to increased market volatility and the potential for

PGIM QMA Strategic Alpha ETFs 123

Notes to Financial Statements (unaudited) (continued)

illiquidity in certain classes of securities and sectors of the market. Preventative or protective actions that governments may take in respect of pandemic or epidemic diseases may result in periods of business disruption, business closures, inability to obtain raw materials, supplies and component parts, and reduced or disrupted operations for the issuers in which the Funds invest. Government intervention in markets may impact interest rates, market volatility and security pricing. The occurrence, reoccurrence and pendency of such diseases could adversely affect the economies (including through changes in business activity and increased unemployment) and financial markets either in specific countries or worldwide.

Real Estate Investment Trust (REIT) Risk: Investing in REITs involves certain unique risks in addition to those risks associated with investing in the real estate industry in general. Equity REITs may be affected by changes in the value of the underlying property owned by the REITs, while mortgage 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. REITs may be more volatile and/or more illiquid than other types of equity securities. REITs (especially mortgage REITs) are subject to interest rate risks. REITs may incur significant amounts of leverage. Each 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.

REITs must also meet certain requirements under the Internal Revenue Code of 1986, as amended (the Code) to avoid entity level tax and be eligible to pass-through certain tax attributes of their income to shareholders. REITs are consequently subject to the risk of failing to meet these requirements for favorable tax treatment and of failing to maintain their exemptions from registration under the Investment Company Act of 1940. REITs are subject to the risks of changes in the Code affecting their tax status.

Because the Funds invest in real estate securities, including REITs, the Funds are subjects to the risks of investing in the real estate industry, such as changes in general and local economic conditions, the supply and demand for real estate and changes in zoning and tax laws. Since the Funds concentrate in the real estate industry, its holdings can vary significantly from broad market indexes. As a result, the Funds’ performance can deviate from the performance of such indexes. Because the Funds invest in stocks, there is the risk that the price of a particular stock owned by the Funds could go down or pay lower-than-expected or no dividends. In addition to an individual stock losing value, the value of the equity markets or of companies comprising the real estate industry could go down.

124

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

10. Recent Regulatory Developments

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

PGIM QMA Strategic Alpha ETFs 125

PGIM QMA Strategic Alpha Large-Cap Core ETF

Financial Highlights

	Six Months Ended February 28, 2021 (unaudited)			Year Ended August 31, 2020			October 17, 2018(e) through August 31, 2019
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$54.79			$51.90			$50.00
Income (loss) from investment operations:
Net investment income (loss)		0.46			1.03			0.89
Net realized and unrealized gain (loss) on investments		7.75			2.90			1.67
Total from investment operations		8.21			3.93			2.56
Less Dividends and Distributions:
Dividends from net investment income		(0.79	)		(1.04	)		(0.66	)
Net asset value, end of period		$62.21			$54.79			$51.90
Total Return(b):		15.10%			7.69%			5.20%
Ratios/Supplemental Data:
Net assets, end of period (000)		$12,442			$10,958			$10,380
Average net assets (000)		$11,661			$10,347			$11,164
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		0.17%	(d)		0.17%			0.17%	(d)
Expenses before waivers and/or expense reimbursement		0.17%	(d)		0.17%			0.17%	(d)
Net investment income (loss)		1.61%	(d)		1.99%			2.04%	(d)
Portfolio turnover rate(f)(g)		50%			82%			92%

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

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

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

(d) Annualized.

(e) Commencement of operations.

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

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

See Notes to Financial Statements.

126

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Financial Highlights

	Six Months Ended February 28, 2021 (unaudited)			Year Ended August 31, 2020			November 13, 2018(e) through August  31, 2019
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$51.18			$47.97			$50.00
Income (loss) from investment operations:
Net investment income (loss)		0.14			0.36			0.39
Net realized and unrealized gain (loss) on investments		18.32			3.28			(2.13	)
Total from investment operations		18.46			3.64			(1.74	)
Less Dividends and Distributions:
Dividends from net investment income		(0.44	)		(0.43	)		(0.29	)
Net asset value, end of period		$69.20			$51.18			$47.97
Total Return(b):		36.22%			7.64%			(3.50)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$13,841			$10,236			$9,593
Average net assets (000)		$11,775			$9,621			$10,819
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		0.29%	(d)		0.29%			0.29%	(d)
Expenses before waivers and/or expense reimbursement		0.29%	(d)		0.29%			0.29%	(d)
Net investment income (loss)		0.47%	(d)		0.76%			0.98%	(d)
Portfolio turnover rate(f)(g)		55%			123%			78%

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

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

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

(d) Annualized.

(e) Commencement of operations.

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

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

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 127

PGIM QMA Strategic Alpha Small-Cap Value ETF

Financial Highlights

	Six Months Ended February 28, 2021 (unaudited)			Year Ended August 31, 2020			November 13, 2018(e) through August  31, 2019
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$41.68			$46.77			$50.00
Income (loss) from investment operations:
Net investment income (loss)		0.38			0.71			0.72
Net realized and unrealized gain (loss) on investments		17.97			(4.40	)		(3.41	)
Total from investment operations		18.35			(3.69	)		(2.69	)
Less Dividends and Distributions:
Dividends from net investment income		(0.57	)		(0.76	)		(0.54	)
Distributions from net realized gains		-			(0.64	)		-
Total Dividends and Distributions		(0.57	)		(1.40	)		(0.54	)
Net asset value, end of period		$59.46			$41.68			$46.77
Total Return(b):		44.37%			(8.28)%			(5.39)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$11,892			$8,335			$9,353
Average net assets (000)		$9,797			$8,876			$10,627
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		0.29%	(d)		0.29%			0.29%	(d)
Expenses before waivers and/or expense reimbursement		0.29%	(d)		0.29%			0.29%	(d)
Net investment income (loss)		1.55%	(d)		1.61%			1.86%	(d)
Portfolio turnover rate(f)(g)		53%			120%			66%

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

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

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

(d) Annualized.

(e) Commencement of operations.

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

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

See Notes to Financial Statements.

128

PGIM QMA Strategic Alpha International Equity ETF

Financial Highlights

	Six Months Ended February 28, 2021 (unaudited)			Year Ended August 31, 2020			December 4, 2018(e) through August 31, 2019
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$51.23			$49.55			$50.00
Income (loss) from investment operations:
Net investment income (loss)		0.44			1.09			1.16
Net realized and unrealized gain (loss) on investments and foreign currency transactions		6.21			1.88			(0.63	)
Total from investment operations		6.65			2.97			0.53
Less Dividends and Distributions:
Dividends from net investment income		(0.82	)		(1.29	)		(0.98	)
Net asset value, end of period		$57.06			$51.23			$49.55
Total Return(b):		13.06%			6.05%			1.09%
Ratios/Supplemental Data:
Net assets, end of period (000)		$39,940			$35,861			$34,687
Average net assets (000)		$38,097			$34,722			$27,908
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		0.29%	(d)		0.29%			0.29%	(d)
Expenses before waivers and/or expense reimbursement		0.29%	(d)		0.29%			0.29%	(d)
Net investment income (loss)		1.62%	(d)		2.20%			3.12%	(d)
Portfolio turnover rate(f)(g)		57%			92%			63%

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

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

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

(d) Annualized.

(e) Commencement of operations.

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

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

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 129

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

PROXY VOTING

The Board of Trustees of the Funds has delegated to the Funds’ subadviser the responsibility for voting any proxies and maintaining proxy recordkeeping with respect to each Fund. A description of these proxy voting policies and procedures is available without charge, upon request, by calling (800) 225-1852 or by visiting the Securities and Exchange Commission’s website at sec.gov. Information regarding how each Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Funds’ website and on the Securities and Exchange Commission’s website.

TRUSTEES

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

OFFICERS

Stuart S. Parker, President • Scott E. Benjamin, Vice President • Christian J. Kelly, Treasurer and Principal Financial and Accounting Officer • Claudia DiGiacomo, Chief Legal Officer • Dino Capasso, Chief Compliance Officer • Jon Corbett, Anti-Money Laundering Compliance Officer • Andrew R. French, Secretary • Melissa Gonzalez, Assistant Secretary • Diana N. Huffman, Assistant Secretary • Patrick McGuinness, Assistant Secretary • Debra Rubano, 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	PricewaterhouseCoopers LLP	300 Madison Avenue New York, NY 10017
FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue New York, NY 10019

An investor should consider the investment objectives, risks, charges, and expenses of the Funds carefully before investing. The prospectus and summary prospectus contain this and other information about the Funds. An investor may obtain the prospectus and summary prospectus for each Fund by visiting our website at pgim.com/investments 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 pgim.com/investments/resource/edelivery and enroll. Instead of receiving printed documents by mail, you will receive notification via email when new materials are available. You can cancel your enrollment or change your email address at any time by visiting the website address above.

SHAREHOLDER COMMUNICATIONS WITH TRUSTEES

Shareholders can communicate directly with the Board of Trustees by writing to the Chair of the Board, PGIM 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 that Trustee at the same address. Communications are not screened before being delivered to the addressee.

AVAILABILITY OF PORTFOLIO SCHEDULE

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT filings are available on the Commission’s website at sec.gov.

Funds:

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

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

ETF1002E2

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

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

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

Item 5 – Audit Committee of Listed Registrants – Not applicable.

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 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 – Not required, as this is not an annual filing.

(2) Certifications pursuant to Section  302 of the Sarbanes-Oxley Act – Attached hereto as Exhibit EX-99.CERT.

(3) Any written solicitation to purchase securities under Rule 23c-1. – Not applicable.

(b) Certifications pursuant to Section  906 of the Sarbanes-Oxley Act – Attached hereto as Exhibit EX-99.906CERT.

SIGNATURES

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

Registrant:	PGIM ETF Trust
By:	/s/ Andrew R. French
	Andrew R. French
	Secretary
Date:	April 20, 2021

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

By:	/s/ Stuart S. Parker
	Stuart S. Parker
	President and Principal Executive Officer
Date:	April 20, 2021
By:	/s/ Christian J. Kelly
	Christian J. Kelly
	Treasurer and Principal Financial and Accounting Officer
Date:	April 20, 2021

EX-99.CERT

Item 13

PGIM ETF Trust

Semi-Annual period ending 2/28/21

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.

April 20, 2021
	/s/ Stuart S. Parker
	Stuart S. Parker
	President and Principal Executive Officer

2

Item 13

PGIM ETF Trust

Semi-Annual period ending 2/28/21

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

3

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.

April 20, 2021
	/s/ Christian J. Kelly
	Christian J. Kelly
	Treasurer and Principal Financial and Accounting Officer

4

EX-99.906 CERT

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

As Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

Name of Issuer:     PGIM ETF Trust

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

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

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

April 20, 2021	/s/ Stuart S. Parker
	Stuart S. Parker
	President and Principal Executive Officer

April 20, 2021	/s/ Christian J. Kelly
	Christian J. Kelly
	Treasurer and Principal Financial and Accounting Officer