N-CSR

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number:	811-23324
Exact name of registrant as specified in charter:	PGIM ETF Trust
Address of principal executive offices:	655 Broad Street, 17th Floor Newark, New Jersey 07102
Name and address of agent for service:	Andrew R. French 655 Broad Street, 17th Floor Newark, New Jersey 07102
Registrant’s telephone number, including area code:	800-225-1852
Date of fiscal year end:	8/31/2021
Date of reporting period:	8/31/2021

Item 1 – Reports to Stockholders

PGIM FIXED INCOME ETFS

PGIM Ultra Short Bond ETF (PULS)

PGIM Active High Yield Bond ETF (PHYL)

PGIM Active Aggregate Bond ETF (PAB)

ANNUAL REPORT

AUGUST 31, 2021

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

Table of Contents

Letter from the President	3
PGIM Ultra Short Bond ETF	4
Growth of a $10,000 Investment	5
Strategy and Performance Overview	8
PGIM Active High Yield Bond ETF	10
Growth of a $10,000 Investment	11
Strategy and Performance Overview	14
PGIM Active Aggregate Bond ETF	16
Growth of a $10,000 Investment	17
Strategy and Performance Overview	19
Fees and Expenses	22
Holdings and Financial Statements	25
Approval of Advisory Agreements

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

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

Exchange-traded funds are distributed by Prudential Investment Management Services LLC (PIMS), member SIPC. 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 annual report for the PGIM Fixed Income ETFs informative and useful. The report covers performance for the period that ended August 31, 2021.
	The COVID-19 pandemic had a significant impact on the global economy and markets early in 2020, but a dramatic recovery was underway as the summer began. The Federal Reserve slashed interest rates to encourage borrowing. Congress passed stimulus bills worth several trillion dollars to help consumers and businesses. And several effective COVID-19 vaccines received regulatory approval later in the year.

At the start of the period, stocks had recovered most of the steep losses they had suffered at the onset of the pandemic. Equities rallied as states reopened their economies but became more volatile in the fall as investors worried that a surge in COVID-19 infections would stall the recovery. However, rising corporate profits and economic growth, the resolution of the US presidential election, and the global rollout of approved vaccines lifted equity markets to record levels, helping stocks around the globe post gains for the full period.

Much of the bond market performed well during the period as investors sought safety in fixed income. Investment-grade bonds in the US declined slightly as the economy recovered, but global bonds and emerging market debt rose. While the 10-year US Treasury yield hovered near record lows early in the period after a significant rally in interest rates, rates moved higher later on as investors began to focus on stronger economic growth and the prospects of higher inflation. The Fed also took several aggressive actions to keep the bond markets running smoothly, restarting many of the relief programs that proved to be successful in helping end the global financial crisis in 2008-09.

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

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

Thank you for choosing our family of funds.

Sincerely,

Stuart S. Parker, President

PGIM Fixed Income ETFs

October 15, 2021

PGIM Fixed Income ETFs     3

PGIM Ultra Short Bond ETF

Your Fund’s Performance (unaudited)

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

	Average Annual Total Returns as of 8/31/21
	One Year (%)	Since Inception (%)
Net Asset Value (NAV)	0.98	2.01 (04/05/2018)
Market Price*	0.95	2.01 (04/05/2018)
ICE BofA 3-Month T-Bill Index	0.08	1.31
ICE BofA USD 3-Month Deposit Offered Rate Constant Maturity Index	0.22	1.63

*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.

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Growth of a $10,000 Investment (unaudited)

The graph compares a $10,000 investment in the ICE BofA 3-Month T Bill Index and the ICE BofA USD 3-Month Deposit Offered Rate Constant Maturity Index by portraying the initial account values at the commencement of operations (April 5, 2018) and the account values at the end of the current fiscal year (August 31, 2021), as measured on a quarterly basis.The Fund assumes an initial investment on April 5, 2018, while the benchmark and the Index assume that the initial investment occurred on March 31, 2018. For purposes of the graph, and unless otherwise indicated, it has been assumed that (a) all recurring fees (including management fees) were deducted and (b) all dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have been lower.

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

PGIM Fixed Income ETFs     5

PGIM Ultra Short Bond ETF

Your Fund’s Performance (continued)

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 USD 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.

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 Index would be lower if they included the effects of operating expenses or taxes that may be paid by an investor.

Credit Quality expressed as a percentage of total investments as of 8/31/21 (%)
AAA	31.7
AA	14.2
A	27.4
BBB	18.5
Cash/Cash Equivalents	8.2
Total	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 an NRSRO. Credit ratings are subject to change.

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Distributions and Yields as of 8/31/21
	Total Dividends Paid for 12 Months ($)	SEC 30-Day Subsidized Yield* (%)	SEC 30-Day Unsubsidized Yield** (%)
	0.71	0.55	0.55

*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 Fixed Income ETFs     7

Strategy and Performance Overview (unaudited)

How did the Fund perform?

The PGIM Ultra Short Bond ETF (the Fund) returned 0.98% based on net asset value in the 12-month reporting period that ended August 31, 2021, outperforming the 0.22% return of the ICE BofA USD 3-Month Deposit Offered Rate Constant Maturity Index (the Index).

What were the market conditions?

● The strong global rebound from the depths of the COVID-19 pandemic continued throughout the reporting period, as economies responded to the unprecedented monetary and fiscal stimulus programs. The rollout of vaccines, President Biden’s $1.9 trillion stimulus package, a $900 billion aid bill, and anticipation of the Biden administration’s infrastructure bill fueled growth expectations in late 2020 and early 2021. Shifts in the prospects for growth and inflation kicked off a massive “reflation trade” in bond markets, which propelled yields higher during the first quarter of 2021.

● Although yields for short-term Treasuries remained well anchored by the Federal Reserve’s (the Fed’s) commitment to maintain its low-rate policy, longer-term Treasuries sold off sharply in the first quarter of 2021, with the yield on the benchmark US 10-year Treasury note rising from 0.92% on December 31, 2020, to 1.74% on March 31, 2021. Similarly, the yield on the 30-year Treasury bond rose from 1.65% to 2.41% over the same period.

● Market volatility for rates then eased in the second quarter of 2021, escaping the sell-offs observed earlier in the year, with lower long-dated yields and higher front-end rates forming a substantially flatter Treasury yield curve. (A yield curve is a line graph that illustrates the relationship between the yields and maturities of fixed income securities. It is created by plotting the yields of different maturities for the same type of bonds.) Instead of pushing up the yield curve, the Fed’s turn toward tapering near the end of the second quarter led to a decline in long-term Treasury yields, as investors assumed a more hawkish Fed would simply mean a lower path for rates over the long run.

● Following the volatility of the first quarter of 2021, the US 10-year and 30-year Treasury yields ended the period at 1.31% and 1.93%, respectively. Meanwhile, the yield on the 2-year Treasury note ended the period at 0.21%, a rise of eight basis points over the period. (One basis point equals 0.01%.)

● While longer-term Treasuries saw substantial volatility throughout the period, yields on short-term securities, which influence money market yields, remained near zero. The 3-month Treasury bill declined from 0.107% to 0.043% during the period, while the 6-month Treasury bill declined from 0.122% to 0.058%. Meanwhile, the 3-month London Interbank Offered Rate (LIBOR) fell from 0.24% on August 31, 2020, to 0.12% by August 31, 2021.

What worked?

● The Fund emphasized spread assets—including short-term investment-grade debt of financial, consumer cyclical and non-cyclical, and utility companies—ranging across

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the rating spectrum from AAA to BBB. Other spread-sector assets included commercial mortgage-backed securities (CMBS) and collateralized loan obligations (CLOs).

● Overall, positioning in CLOs, investment grade corporates, and CMBS all contributed to performance during the reporting period. Yield curve positioning also contributed to performance.

What didn’t work?

The duration of the Fund was tactically managed during the period. Overall, duration positioning detracted from performance. (Duration measures the sensitivity of the price—the value of principal—of a bond to a change in interest rates.)

Did the Fund use derivatives?

During the reporting period, the Fund used interest rate swaps and futures to help manage duration positioning and yield curve exposure. These instruments allowed the Fund to capture higher yields available farther out on the short-term portion of the yield curve and in spread-sector assets versus Treasuries, while mitigating interest rate risk. Overall, the positions added to performance during the period.

Current outlook

● In considering the composition of the Treasury curve, PGIM Fixed Income believes the repricing of forward rates and inflation expectations in various parts of the curve will likely continue. Even when accounting for the recent change in policy messaging, the hurdle for the Fed to raise rates remains high, and officials will likely wait to observe whether the inflation pressure is transitory.

● The US has seen a marked acceleration in inflation in recent months. Part of this increase comes from “base effects,” but the lion’s share of the gains reflects surprisingly vigorous price increases. (Base effect is the distortion in a monthly inflation figure that results from abnormally high or low levels of inflation a year earlier. In this case, inflation was low a year ago.) Recent developments suggest that inflation will likely continue to run somewhat hot through the months ahead. However, PGIM Fixed Income expects inflation to slowly abate toward the end of the year and early next year, as many of the structural factors that drove soft inflation during much of the past decade remain firmly in place.

● To date, the Fed has felt comfortable looking through these recent price pressures and has kept rates on hold. That said, the Fed seems to have recently shifted to more of a “risk management” approach. While maintaining a baseline view that the current bout of inflation will be “transitory,” the Fed at its June 2021 meeting recognized that the upside risks to inflation have increased. Even so, PGIM Fixed Income expects monetary policy to remain highly stimulative through at least this year and much of next year.

PGIM Fixed Income ETFs     9

PGIM Active High Yield Bond ETF

Your Fund’s Performance (unaudited)

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

	Average Annual Total Returns as of 8/31/21
	One Year (%)		Since Inception (%)
Net Asset Value (NAV)		11.00	8.30 (09/24/2018)
Market Price*		10.22	8.25 (09/24/2018)
Bloomberg US High Yield Very Liquid Index
		8.77	6.68

*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.

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Growth of a $10,000 Investment (unaudited)

The graph compares a $10,000 investment in the Fund with a similar investment in the Bloomberg US High Yield Very Liquid Index by portraying the initial account values at the commencement of operations (September 24, 2018) and the account values at the end of the current fiscal year (August 31, 2021), as measured on a quarterly basis. The Fund assumes an initial investment on September 24, 2018, while the benchmark and the Index assume that the initial investment occurred on September 30, 2018. For purposes of the graph, and unless otherwise indicated, it has been assumed that (a) all recurring fees (including management fees) were deducted and (b) all dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have been lower.

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

PGIM Fixed Income ETFs     11

PGIM Active High Yield Bond ETF

Your Fund’s Performance  (continued)

Benchmark Definitions

Bloomberg US High Yield Very Liquid Index (VLI)—The Bloomberg 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 operating expenses or taxes that may be paid by an investor.

Credit Quality expressed as a percentage of total investments as of 8/31/21 (%)
BBB	4.3
BB	47.6
B	32.3
CCC	9.3
CC	0.4
NR	2.1
Cash/Cash Equivalents	4.0
Total	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 an NRSRO. Credit ratings are subject to change.

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Distributions and Yields as of 8/31/21
	Total Dividends Paid for 12 Months ($)	SEC 30-Day Subsidized Yield* (%)	SEC 30-Day Unsubsidized Yield** (%)
	2.82	3.69	3.69

*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 Fixed Income ETFs     13

Strategy and Performance Overview (unaudited)

How did the Fund perform?

The PGIM Active High Yield Bond ETF (the Fund) returned 11.00% based on net asset value in the 12-month reporting period that ended August 31, 2021, outperforming the 8.77% return of the Bloomberg US High Yield Very Liquid Index (the Index).

What were the market conditions?

● US high yield bonds posted strong gains during the reporting period, driven by positive COVID-19 vaccine news, an accelerated economic recovery, higher-than-expected corporate earnings, ongoing monetary and fiscal stimulus programs, and declining default rates. Low and range-bound nominal interest rates continued to support risk sentiment and an ongoing search for yield.

● While flows into high yield bond mutual funds turned negative during the last eight months of the period, strong demand from institutional accounts and a new-issue calendar consisting mostly of refinancing activity provided a strong technical backdrop for the asset class. Meanwhile, fundamentals improved markedly from their pandemic lows as default rates declined, credit quality improved, and earnings continued to surprise to the upside.

● After posting inflows of $45 billion during 2020, high yield bond mutual funds saw $14 billion of outflows during the first eight months of 2021. For the period, spreads on the Bloomberg US High Yield 1% Issuer Constrained Bond Index tightened 194 basis points (bps) to 293 bps as of August 31, 2021. (One basis point equals 0.01%.) For perspective, spreads ended the period 48 bps tighter than at the start of 2020 after widening to a pandemic high of 1,100 bps in March 2020.

● By quality, lower-quality (CCC-rated) credits significantly outperformed their higher-quality (BB-rated and B-rated) peers during the period, as many of the higher-beta and COVID-19-impacted sectors that should benefit from strong growth and a further reopening of the economy outperformed. (Beta is a measure of the volatility or risk of a security or portfolio compared to the market or index.) Airlines, energy, retail, aerospace, and metals & mining saw strong performance, while more defensive sectors lagged.

● The high yield primary market remained active, as issuers continued to take advantage of the low yield environment to push out maturities and lower their cost of capital. After issuing a record $450 billion in high yield bonds during 2020, US companies issued another $364 billion through the first eight months of 2021.

● The par-weighted US high yield default rate, including distressed exchanges, ended August 2021 at a 29-month low of 1.06%, down 470 bps year over year, according to JP Morgan.

What worked?

● Overall security selection was the largest contributor to the Fund’s returns during the reporting period, with selection in the upstream and midstream energy, telecom, aerospace & defense, gaming/lodging/leisure, and automotive industries the largest contributors.

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_· While overall industry selection was a modest detractor from performance, an overweight relative to the Index to the upstream energy and aerospace & defense industries—along with an underweight to downstream energy—contributed.

_· In individual security selection, overweights relative to the index to Chesapeake Energy Corp. (upstream energy), Digicel International (telecom), and Nabors Industries (upstream energy) were the largest contributors to performance.

● Having more beta on average in the Fund relative to the Index over the period was a strong contributor to returns.

What didn’t work?

● Overall industry selection modestly detracted from performance, with an overweight relative to the Index to building materials & home construction and electric utilities—along with an underweight to transportation & environmental services—the largest detractors.

● While overall security selection was positive, selection within the healthcare & pharmaceuticals, media & entertainment, and cable & satellite industries detracted.

● In individual security selection, overweights relative to the Index to Bausch Health Americas (healthcare & pharmaceuticals), Intelsat (cable & satellite), and Diamond Sports Group (media & entertainment) detracted from results.

Did the Fund use derivatives?

The Fund used credit index derivatives, interest rate futures, and swaps to manage its overall risk profile, which had a positive aggregate impact on performance.

Current outlook

● PGIM Fixed Income remains constructive on high yield bonds, given the enormous monetary and fiscal responses seen to date, and continues to expect spreads to tighten over the medium term. Optimism around the COVID-19 vaccines, an ongoing search for yield, a decline in defaults, and a market that is of higher quality than before the pandemic are among the factors that PGIM Fixed Income expects to drive spread compression going forward.

● PGIM Fixed Income has reduced its base-case default expectations to 0.9% over the next 12 months and to 1.0% for the following 12 months. This optimism is tempered modestly by COVID-19 mutations and the rapidly expanding delta variant, which are likely to cause growth to slow in regions around the globe that are not well vaccinated, as well as higher-than-expected inflation leading to an increasingly hawkish Federal Reserve, slowing growth in China and/or a materially higher US tax regime on corporations and higher-income individuals.

● In terms of positioning, PGIM Fixed Income believes BB-rated bonds relative to the Index are attractive on a relative-value basis. The Fund is currently underweight BB-rated bonds, but PGIM Fixed Income is selectively adding exposure. Overweights include independent power producers, housing, gaming, chemicals, and autos.

PGIM Fixed Income ETFs     15

PGIM Active Aggregate Bond ETF

Your Fund’s Performance (unaudited)

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

	Average Annual Total Returns as of 8/31/21   Since Inception (%)
Net Asset Value (NAV)	2.59 (04/12/2021)
Market Price*	2.64 (04/12/2021)
Bloomberg US Aggregate Bond Index	2.77

*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.

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Growth of a $10,000 Investment (unaudited)

The graph compares a $10,000 investment in the Fund with a similar investment in the Bloomberg US Aggregate Bond Index by portraying the initial account values at the commencement of operations (April 12, 2021) and the account values at the end of the current fiscal year (August 31, 2021), as measured on a quarterly basis.The Fund assumes an initial investment on April 15, 2021, while the benchmark and the Index assume that the initial investment occurred on March 31, 2021. For purposes of the graph, and unless otherwise indicated, it has been assumed that (a) all recurring fees (including management fees) were deducted and (b) all dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have been lower.

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

PGIM Fixed Income ETFs     17

PGIM Active Aggregate Bond ETF

Your Fund’s Performance (continued)

Benchmark Definitions

Bloomberg US Aggregate Bond Index—The Bloomberg US Aggregate Bond Index is unmanaged and represents securities that are taxable and dollar denominated. It covers the US investment-grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities.

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

Credit Quality expressed as a percentage of total investments as of 8/31/21 (%)
AAA	67.1
AA	6.6
A	9.6
BBB	16.5
Cash/Cash Equivalents	0.2
Total	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 an NRSRO. Credit ratings are subject to change.

Distributions and Yields as of 8/31/21
	Total Dividends Paid for the Reporting Period ($)	SEC 30-Day Subsidized Yield* (%)	SEC 30-Day Unsubsidized Yield** (%)
	0.23	1.24	1.24

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

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

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Strategy and Performance Overview (unaudited)

How did the Fund perform?

The PGIM Active Aggregate Bond ETF (the Fund) returned 2.59% based on net asset value in the four-month reporting period from the Fund’s inception on April 12, 2021, through August 31, 2021, underperforming the 2.77% return of the Bloomberg US Aggregate Bond Index (the Index) during that same time.

What were the market conditions?

● The strong global rebound continued throughout the reporting period, as economies responded to the unprecedented monetary and fiscal stimulus programs. Although yields for short-term Treasuries remained well anchored by the Federal Reserve’s (the Fed’s) commitment to maintain its low-rate policy, longer-term Treasuries sold off sharply in the first quarter of 2021, with the yield on the benchmark US 10-year Treasury note rising from 0.92% on December 31, 2020, to 1.74% on March 31, 2021. Similarly, the yield on the 30-year Treasury bond rose from 1.65% to 2.41% over the same period.

● Market volatility for rates then eased in the second quarter of 2021, escaping the sell-offs observed earlier in the year, with lower long-dated yields and higher front-end rates forming a substantially flatter Treasury yield curve by the end of the period. (A yield curve is a line graph that illustrates the relationship between the yields and maturities of fixed income securities. It is created by plotting the yields of different maturities for the same type of bonds.) Instead of pushing up the yield curve, the Fed’s turn toward tapering near the end of the second quarter led to a decline in long-term Treasury yields, as investors assumed a more hawkish Fed would simply mean a lower path for rates over the long run.

● Following the volatility of the first quarter of 2021, the US 10-year and 30-year Treasury yields ended the period at 1.31% and 1.93%, respectively. Meanwhile, the yield on the 2-year Treasury note ended the period at 0.21%.

● Spread markets continued to tighten, supported by the Fed’s monetary responses, fiscal stimulus, the rollout of COVID-19 vaccines, better-than-expected corporate earnings, and surging growth in the US, Europe, and some emerging market economies.

● The US investment-grade corporate bond market performed well, with spreads tightening to near-historic levels by the end of the period, supported by better-than-expected corporate earnings, positive vaccination progress, and a favorable technical backdrop. Strengthening fundamentals generally kept securitized credit on a tightening trajectory as well, with commercial mortgage-backed securities (CMBS) spreads trading well below their pre-pandemic tights by the end of the period. Meanwhile, agency mortgage-backed securities (MBS) spreads tightened on the back of ongoing Fed buying and bank purchases.

PGIM Fixed Income ETFs     19

Strategy and Performance Overview (continued)

What worked?

● Overall security selection and sector allocation both contributed to the Fund’s performance during the reporting period. Within security selection, positions in MBS, investment-grade corporates, and emerging markets were the largest contributors.

● Within sector allocation, an allocation to collateralized loan obligations (CLOs) and overweights to CMBS and investment-grade corporates contributed to returns.

● Within credit, positioning in banking, midstream energy, telecom, and retailers & restaurants contributed to results.

● In individual security selection, the Fund benefited from overweights to banking credits JP Morgan, Bank of America, and Goldman Sachs.

● The Fund’s duration and yield curve positioning both contributed to returns. (Duration measures the sensitivity of the price—the value of principal—of a bond to a change in interest rates.)

What didn’t work?

● While overall security selection was positive, selection in CLOs was a modest detractor from Fund performance.

● The Fund’s positioning in the electric utilities, healthcare insurance, and finance companies modestly detracted during the period.

● In individual security selection relative to the Index, the Fund’s overweight positioning in Edison International (electric utilities), along with underweights to General Electric (capital goods) and Mexico, detracted from performance.

Did the Fund use derivatives?

The Fund uses derivatives when they facilitate implementation of the overall investment approach. During the reporting period, the Fund used interest rate futures to help manage duration positioning and yield curve exposure. In aggregate, these positions detracted from performance.

Current outlook

● In considering the composition of the Treasury curve, PGIM Fixed Income believes the repricing of forward rates and inflation expectations in various parts of the curve will likely continue. Even when accounting for the recent change in policy messaging, the hurdle for the Fed to raise rates remains high, and officials will likely wait to observe whether the inflation pressure is transitory.

● The US saw a marked acceleration in inflation through the first half of 2021. Part of the increase came from “base effects,” but the lion’s share of the gains reflected surprisingly vigorous price increases. (Base effect is the distortion in a monthly inflation figure that results from abnormally high or low levels of inflation a year earlier. In this case, inflation was low a year ago.) Recent developments suggest that inflation will likely continue to run somewhat hot through the months ahead. However, PGIM

20     Visit our website at pgim.com/investments

Fixed Income believes inflation could slowly abate toward the end of the year and early next year, as many of the structural factors that drove soft inflation during much of the past decade remain firmly in place.

● To date, developed markets central banks have felt comfortable looking through recent price pressures and have kept rates on hold. While maintaining a baseline view that the current bout of inflation will be “transitory,” the Fed at its June 2021 meeting recognized that the upside risks to inflation have increased. Even so, PGIM Fixed Income expects monetary policy to remain highly stimulative through at least this year and much of next year.

● PGIM Fixed Income maintains its positive view of the spread sectors over the medium to long term, and the Fund is overweight structured products (CMBS), investment-grade corporates (from a duration contribution perspective), and municipal bonds. The Fund is underweight MBS in favor of more attractive opportunities across spread sectors.

● While valuations are now a bit full, with spreads in many sectors tighter than historical norms, PGIM Fixed Income generally expects ongoing spread-sector outperformance. The combination of high cash balances and low money market rates is likely to continue pushing investors out on the risk spectrum in a search for yield. However, this outlook is not without caveats. First, the relatively narrow level of spreads diminishes the pace and magnitude of further outperformance. Additionally, narrower spreads leave little room for error, and the uncertain course of the long-term economic recovery warrants a discerning approach to credit selection.

● Within structured products, PGIM Fixed Income is biased to own the top of the capital structure, as near-zero policy rates and ongoing Fed purchases support a spread tightening environment. In investment-grade corporates, PGIM Fixed Income is looking to take advantage of spread compression in select higher-yielding BBB-rated bonds, solid credits in stressed industries, and cyclicals. While agency CMBS have benefited from strong bank demand and Fed support, a change in that dynamic—particularly from the Fed—could contribute some widening pressure on spreads.

PGIM Fixed Income ETFs     21

Fees and Expenses (unaudited)

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

The example is based on an investment of $1,000 held through the six-month period ended August 31, 2021. The example is for illustrative purposes only.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

PGIM Ultra Short Bond     ETF	Beginning     Account Value     March 1, 2021	Ending     Account Value     August 31,  2021	Annualized Expense     Ratio Based on the Six-Month Period	Expenses Paid During the     Six-Month Period*
Actual	$1,000.00	$1,002.90	0.15%	$0.76
Hypothetical	$1,000.00	$1,024.45	0.15%	$0.77

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PGIM Active High Yield     Bond ETF	Beginning     Account Value     March 1, 2021	Ending     Account Value     August 31, 2021	Annualized Expense     Ratio Based on the Six-Month Period	Expenses Paid During the     Six-Month Period*
Actual	$1,000.00	$1,037.40	0.53%	$2.72
Hypothetical	$1,000.00	$1,022.53	0.53%	$2.70

PGIM Active     Aggregate Bond ETF	Beginning     Account Value     March 1, 2021	Ending     Account Value     August 31, 2021	Annualized Expense     Ratio Based on the Six-Month Period	Expenses Paid During the     Six-Month Period*
Actual**	$1,000.00	$1,025.90	0.19%	$0.74
Hypothetical	$1,000.00	$1,024.25	0.19%	$0.97

*Fund expenses (net of fee waivers or subsidies, if any) are equal to the annualized expense ratio (provided in the table), multiplied by the average account value over the period, multiplied by the 184 days in the six-month period ended August 31, 2021, and divided by the 365 days in the Fund’s fiscal year ended 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.

**“Actual” expenses are calculated using 141-day period ended August 31, 2021 due to the Fund’s inception date on April 12, 2021.

PGIM Fixed Income ETFs     23

PGIM Ultra Short Bond ETF

Schedule of Investments

as of August 31, 2021

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
LONG-TERM INVESTMENTS    79.4%
ASSET-BACKED SECURITIES    19.1%
Automobile ABS    1.0%
Donlen Fleet Lease Funding 2 LLC, Series 2021-2, Class A2, 144A		0.560	%		12/11/34		6,000	$	6,009,606
Enterprise Fleet Financing LLC, Series 2021-2, Class A2, 144A		0.480			05/20/27		6,210		6,208,867
Honda Auto Receivables Owner Trust, Series 2020-1, Class A3		1.610			04/22/24		5,500		5,567,109
									17,785,582
Collateralized Loan Obligations    18.1%
Adams Mill CLO Ltd. (Cayman Islands), Series 2014-1A, Class A1R, 144A, 3 Month LIBOR + 1.100%		1.226	(c)		07/15/26		80		80,133
Allegro CLO IV Ltd. (Cayman Islands), Series 2016-1A, Class AR2, 144A, 3 Month LIBOR + 0.950%		1.076	(c)		01/15/30		9,108		9,105,428
Anchorage Capital CLO 7 Ltd. (Cayman Islands), Series 2015-7A, Class AR2, 144A, 3 Month LIBOR + 1.090%		1.222	(c)		01/28/31		5,000		5,002,500
Anchorage Capital CLO 8 Ltd. (Cayman Islands), Series 2016-8A, Class AR, 144A, 3 Month LIBOR + 1.000%		1.132	(c)		07/28/28		1,076		1,076,112
Atlas Senior Loan Fund III Ltd. (Cayman Islands), Series 2013-1A, Class AR, 144A, 3 Month LIBOR + 0.830%		0.954	(c)		11/17/27		3,874		3,874,609
Atrium XII (Cayman Islands), Series 12A, Class AR, 144A, 3 Month LIBOR + 0.830%		0.968	(c)		04/22/27		7,449		7,449,169
Bain Capital Credit CLO (Cayman Islands), Series 2018-1A, Class A1, 144A, 3 Month LIBOR + 0.960%		1.098	(c)		04/23/31		4,000		3,996,408
Battalion CLO VII Ltd. (Cayman Islands), Series 2014-7A, Class A1RR, 144A, 3 Month LIBOR + 1.040%		1.174	(c)		07/17/28		1,684		1,684,295
Benefit Street Partners CLO II Ltd. (Cayman Islands), Series 2013-IIA, Class A1R2, 144A, 3 Month LIBOR + 0.870%		0.996	(c)		07/15/29		5,000		4,995,934
Benefit Street Partners CLO III Ltd. (Cayman Islands), Series 2013-IIIA, Class A1R2, 144A, 3 Month LIBOR + 1.000%		1.134	(c)		07/20/29		10,000		9,996,795

See Notes to Financial Statements.

PGIM Fixed Income ETFs 25

PGIM Ultra Short Bond ETF

Schedule of Investments (continued)

as of August 31, 2021

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Collateralized Loan Obligations (cont'd.)
BlueMountain CLO XXII Ltd. (Cayman Islands), Series 2018-22A, Class A1, 144A, 3 Month LIBOR + 1.080%		1.206	%(c)		07/15/31		4,500	$	4,500,000
Brookside Mill CLO Ltd. (Cayman Islands), Series 2013-1A, Class AR, 144A, 3 Month LIBOR + 0.820%		0.954	(c)		01/17/28		2,728		2,727,780
Canyon Capital CLO Ltd. (Cayman Islands), Series 2017-1A, Class AR, 144A, 3 Month LIBOR + 1.000%		1.112	(c)		07/15/30		15,000		14,996,274
Carlyle US CLO Ltd. (Cayman Islands), Series 2017-1A, Class A1R, 144A, 3 Month LIBOR + 1.000%		1.134	(c)		04/20/31		13,000		12,999,973
Catamaran CLO Ltd. (Cayman Islands), Series 2013-1A, Class AR, 144A, 3 Month LIBOR + 0.850%		0.979	(c)		01/27/28		159		158,470
CIFC Funding Ltd. (Cayman Islands),
Series 2013-3RA, Class A1, 144A, 3 Month LIBOR + 0.980%		1.105	(c)		04/24/31		2,000		2,000,332
Series 2017-1A, Class AR, 144A, 3 Month LIBOR + 1.010%		1.144	(c)		04/23/29		4,997		4,996,998
Series 2017-2A, Class AR, 144A, 3 Month LIBOR + 0.950%		1.084	(c)		04/20/30		15,000		14,983,082
Elevation CLO Ltd. (Cayman Islands),
Series 2014-2A, Class A1R, 144A, 3 Month LIBOR + 1.230%		1.356	(c)		10/15/29		1,500		1,500,040
Series 2017-7A, Class A, 144A, 3 Month LIBOR + 1.220%		1.346	(c)		07/15/30		1,708		1,708,077
Ellington CLO IV Ltd. (Cayman Islands), Series 2019-4A, Class AR, 144A, 3 Month LIBOR + 1.580%		1.706	(c)		04/15/29		12,000		11,992,628
HPS Loan Management Ltd. (Cayman Islands), Series 11A-17, Class AR, 144A, 3 Month LIBOR + 1.020%		1.142	(c)		05/06/30		3,500		3,501,741
ICG US CLO Ltd. (Cayman Islands), Series 2014-3A, Class A1RR, 144A, 3 Month LIBOR + 1.030%		1.155	(c)		04/25/31		7,083		7,078,471
JMP Credit Advisors CLO IV Ltd. (Cayman Islands), Series 2017-1A, Class AR, 144A, 3 Month LIBOR + 1.280%		1.414	(c)		07/17/29		12,068		12,064,728
KKR CLO Ltd. (Cayman Islands), Series 11, Class AR, 144A, 3 Month LIBOR + 1.180%		1.306	(c)		01/15/31		1,000		999,707

See Notes to Financial Statements.

26

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Collateralized Loan Obligations (cont'd.)
KVK CLO Ltd. (Cayman Islands), Series 2018-1A, Class A, 144A, 3 Month LIBOR + 0.930%		1.061	%(c)		05/20/29		1,931	$	1,928,889
Madison Park Funding XXX Ltd. (Cayman Islands), Series 2018-30A, Class A, 144A, 3 Month LIBOR + 0.750%		0.876	(c)		04/15/29		13,366		13,367,926
Madison Park Funding XXXVIII Ltd. (Cayman Islands), Series 2021-38A, Class X, 144A, 3 Month LIBOR + 0.950%		1.084	(c)		07/17/34		3,500		3,499,918
Magnetite XVI Ltd. (Cayman Islands), Series 2015-16A, Class AR, 144A, 3 Month LIBOR + 0.800%		0.934	(c)		01/18/28		2,404		2,402,943
Man GLG US CLO Ltd. (Cayman Islands), Series 2018-2A, Class A1R, 144A, 3 Month LIBOR + 1.240%		1.366	(c)		10/15/28		1,875		1,875,458
Midocean Credit CLO IX (Cayman Islands), Series 2018-9A, Class A1, 144A, 3 Month LIBOR + 1.150%		1.284	(c)		07/20/31		5,250		5,249,991
Midocean Credit CLO V (Cayman Islands), Series 2016-5A, Class AR, 144A, 3 Month LIBOR + 1.120%		1.254	(c)		07/19/28		6,007		6,007,349
Mountain View CLO Ltd. (Cayman Islands), Series 2013-1A, Class ARR, 144A, 3 Month LIBOR + 1.000%		1.138	(c)		10/12/30		13,500		13,500,432
Oaktree CLO Ltd. (Cayman Islands), Series 2015-1A, Class A1R, 144A, 3 Month LIBOR + 0.870%		1.004	(c)		10/20/27		1,583		1,583,145
Ocean Trails CLO VII (Cayman Islands), Series 2019-7A, Class AR, 144A, 3 Month LIBOR + 1.010%		1.144	(c)		04/17/30		5,000		4,999,503
OCP CLO Ltd. (Cayman Islands), Series 2017-13A, Class A1A, 144A, 3 Month LIBOR + 1.260%		1.386	(c)		07/15/30		4,400		4,400,000
Octagon Investment Partners 31 LLC (Cayman Islands), Series 2017-1A, Class AR, 144A, 3 Month LIBOR + 1.050%		1.184	(c)		07/20/30		8,000		7,990,799
OZLM VI Ltd. (Cayman Islands), Series 2014-6A, Class A1S, 144A, 3 Month LIBOR + 1.080%		1.214	(c)		04/17/31		8,867		8,863,978
OZLM XII Ltd. (Cayman Islands), Series 2015-12A, Class A1R, 144A, 3 Month LIBOR + 1.050%		1.179	(c)		04/30/27		91		91,292
OZLM XIII Ltd. (Cayman Islands), Series 2015-13A, Class A1R, 144A, 3 Month LIBOR + 1.080%		1.209	(c)		07/30/27		125		125,337

See Notes to Financial Statements.

PGIM Fixed Income ETFs 27

PGIM Ultra Short Bond ETF

Schedule of Investments (continued)

as of August 31, 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%		1.264	%(c)		01/17/31		1,250	$	1,249,645
Series 2015-2A, Class A1R2, 144A, 3 Month LIBOR + 1.100%		1.234	(c)		07/20/30		1,400		1,399,293
Park Avenue Institutional Advisers CLO Ltd. (Cayman Islands), Series 2018-1A, Class A1AR, 144A, 3 Month LIBOR + 1.000%		1.134	(c)		10/20/31		10,000		10,005,001
Race Point VIII CLO Ltd. (Cayman Islands), Series 2013-8A, Class AR2, 144A, 3 Month LIBOR + 1.040%		1.171	(c)		02/20/30		9,873		9,876,034
Sound Point CLO VII-R Ltd. (Cayman Islands), Series 2014-3RA, Class A1R, 144A, 3 Month LIBOR + 1.070%		1.208	(c)		10/23/31		10,000		9,996,496
Sound Point CLO XVII Ltd. (Cayman Islands), Series 2017-3A, Class A1R, 144A, 3 Month LIBOR + 0.980%		1.114	(c)		10/20/30		10,000		9,986,639
Sound Point CLO XXII Ltd. (Cayman Islands), Series 2019-1A, Class AR, 144A, 3 Month LIBOR + 1.080%		1.193	(c)		01/20/32		13,000		12,971,128
TCW CLO Ltd. (Cayman Islands), Series 2017-1A, Class AR, 144A, 3 Month LIBOR + 1.030%		1.160	(c)		07/29/29		5,500		5,497,838
TICP CLO III-2 Ltd. (Cayman Islands), Series 2018-3R, Class A, 144A, 3 Month LIBOR + 0.840%		0.974	(c)		04/20/28		1,612		1,611,693
Trinitas CLO IV Ltd. (Cayman Islands), Series 2016-4A, Class A1L2, 144A, 3 Month LIBOR + 1.100%		1.234	(c)		10/18/31		12,000		12,000,737
Trinitas CLO V Ltd. (Cayman Islands), Series 2016-5A, Class ARR, 144A, 3 Month LIBOR + 1.030%		1.155	(c)		10/25/28		6,480		6,478,119
Venture XXI CLO Ltd. (Cayman Islands), Series 2015-21A, Class AR, 144A, 3 Month LIBOR + 0.880%		1.006	(c)		07/15/27		453		452,900
Venture XXIV CLO Ltd. (Cayman Islands), Series 2016-24A, Class ARR, 144A, 3 Month LIBOR + 0.900%		1.034	(c)		10/20/28		9,599		9,596,015
Voya CLO Ltd. (Cayman Islands),
Series 2014-1A, Class AAR2, 144A, 3 Month LIBOR + 0.990%		1.124	(c)		04/18/31		1,864		1,864,473

See Notes to Financial Statements.

28

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Collateralized Loan Obligations (cont'd.)
Voya CLO Ltd. (Cayman Islands), (cont'd.)
Series 2014-2A, Class A1RR, 144A, 3 Month LIBOR + 1.020%		1.154	%(c)		04/17/30		1,689	$	1,689,444
Wellfleet CLO Ltd. (Cayman Islands),
Series 2015-1A, Class AR3, 144A, 3 Month LIBOR + 1.280%		1.414	(c)		07/20/29		7,945		7,945,129
Series 2016-2A, Class A1R, 144A, 3 Month LIBOR + 1.140%		1.274	(c)		10/20/28		5,016		5,015,512
Series 2017-2A, Class A1R, 144A, 3 Month LIBOR + 1.060%		1.194	(c)		10/20/29		1,750		1,749,917
York CLO-2 Ltd. (Cayman Islands), Series 2015-1A, Class AR, 144A, 3 Month LIBOR + 1.150%		1.288	(c)		01/22/31		10,340		10,339,969
Zais CLO 7 Ltd. (Cayman Islands), Series 2017-2A, Class A, 144A, 3 Month LIBOR + 1.290%		1.416	(c)		04/15/30		244		244,268
Zais CLO 8 Ltd. (Cayman Islands), Series 2018-1A, Class A, 144A, 3 Month LIBOR + 0.950%		1.076	(c)		04/15/29		831		830,829
									340,157,723
TOTAL ASSET-BACKED SECURITIES (cost $357,495,429)									357,943,305
COMMERCIAL MORTGAGE-BACKED SECURITIES    13.6%
BANK,
Series 2017-BNK5, Class A1		1.909			06/15/60		256		256,524
Series 2017-BNK7, Class A1		1.984			09/15/60		16		15,983
Series 2017-BNK9, Class A1		2.322			11/15/54		395		397,138
Series 2018-BN14, Class A1		3.277			09/15/60		384		393,444
Benchmark Mortgage Trust,
Series 2018-B1, Class A1		2.560			01/15/51		325		326,909
Series 2018-B2, Class A2		3.662			02/15/51		975		1,006,019
Series 2018-B3, Class A2		3.848			04/10/51		960		998,056
Series 2018-B5, Class A2		4.077			07/15/51		800		840,661
CCUBS Commercial Mortgage Trust, Series 2017-C1, Class A1		2.288	(cc)		11/15/50		2,130		2,141,570
CGMS Commercial Mortgage Trust, Series 2017-B1, Class A1		2.008			08/15/50		88		88,236
Citigroup Commercial Mortgage Trust,
Series 2014-GC21, Class AAB		3.477			05/10/47		291		302,446
Series 2014-GC23, Class AAB		3.337			07/10/47		797		828,999
Series 2014-GC25, Class A3		3.372			10/10/47		7,219		7,650,932
Series 2016-P4, Class A2		2.450			07/10/49		4,422		4,436,939
Series 2017-P8, Class A1		2.065			09/15/50		320		321,828

See Notes to Financial Statements.

PGIM Fixed Income ETFs 29

PGIM Ultra Short Bond ETF

Schedule of Investments (continued)

as of August 31, 2021

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
COMM Mortgage Trust,
Series 2012-CR4, Class A3		2.853	%		10/15/45		2,704	$	2,760,391
Series 2012-CR5, Class A4		2.771			12/10/45		4,750		4,864,879
Series 2013-CR11, Class ASB		3.660			08/10/50		498		512,216
Series 2013-CR7, Class ASB		2.739			03/10/46		228		230,876
Series 2013-CR8, Class A4		3.334			06/10/46		454		463,254
Series 2013-CR8, Class A5		3.612	(cc)		06/10/46		5,081		5,322,412
Series 2014-CR17, Class ASB		3.598			05/10/47		402		416,472
Series 2014-UBS2, Class ASB		3.472			03/10/47		852		882,450
Series 2014-UBS5, Class A4		3.838			09/10/47		10,000		10,847,008
Series 2015-CR22, Class A3		3.207			03/10/48		2,000		2,012,910
Series 2015-CR23, Class ASB		3.257			05/10/48		1,568		1,634,786
Series 2015-CR24, Class ASB		3.445			08/10/48		2,901		3,044,175
Series 2015-DC1, Class A2		2.870			02/10/48		194		194,184
Series 2015-LC23, Class A2		3.221			10/10/48		683		688,658
Series 2017-COR2, Class A1		2.111			09/10/50		85		85,986
CSAIL Commercial Mortgage Trust,
Series 2015-C3, Class A4		3.718			08/15/48		8,000		8,730,810
Series 2016-C5, Class ASB		3.533			11/15/48		3,540		3,738,589
DBJPM Mortgage Trust,
Series 2016-C3, Class A2		1.886			08/10/49		97		97,372
Series 2017-C6, Class A3		3.269			06/10/50		5,400		5,651,252
Freddie Mac STACR REMIC Trust, Series 2021-DNA5, Class M1, 144A, SOFR30A + 0.650%		0.700	(c)		01/25/34		1,628		1,628,011
GS Mortgage Securities Corp. Trust, Series 2021-RENT, Class A, 144A, 1 Month LIBOR + 0.700%		0.788	(c)		11/21/35		5,425		5,432,271
GS Mortgage Securities Trust,
Series 2014-GC22, Class AAB		3.467			06/10/47		500		518,116
Series 2017-GS7, Class A1		1.950			08/10/50		605		607,561
JP Morgan Chase Commercial Mortgage Securities Trust,
Series 2012-C6, Class ASB		3.144			05/15/45		542		544,971
Series 2012-C8, Class A3		2.829			10/15/45		3,024		3,070,610
Series 2013-LC11, Class A5		2.960			04/15/46		7,287		7,510,172
Series 2016-JP2, Class ASB		2.713			08/15/49		8,284		8,643,802
JPMBB Commercial Mortgage Securities Trust,
Series 2013-C12, Class A4		3.363			07/15/45		2,904		2,994,307
Series 2013-C12, Class ASB		3.157			07/15/45		316		318,678
Series 2013-C14, Class ASB		3.761	(cc)		08/15/46		7,300		7,547,243
Series 2014-C18, Class A4A2, 144A		3.794			02/15/47		4,170		4,402,032
Series 2014-C25, Class ASB		3.407			11/15/47		3,863		4,036,413
JPMCC Commercial Mortgage Securities Trust, Series 2017-JP7, Class A1		1.969			09/15/50		219		219,639

See Notes to Financial Statements.

30

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2012-C6, Class A4		2.858	%		11/15/45		1,413	$	1,434,719
Series 2013-C12, Class ASB		3.824			10/15/46		5,195		5,343,515
Series 2013-C8, Class A4		3.134			12/15/48		4,750		4,874,513
Series 2013-C9, Class AAB		2.657			05/15/46		434		440,440
Series 2014-C19, Class ASB		3.326			12/15/47		5,757		5,992,443
Series 2015-C23, Class ASB		3.398			07/15/50		1,963		2,053,388
Series 2017-C34, Class A1		2.109			11/15/52		15		15,072
Morgan Stanley Capital I Trust,
Series 2016-UB12, Class A2		2.932			12/15/49		5,029		5,036,983
Series 2018-H3, Class A2		3.997			07/15/51		1,000		1,051,548
MSG III Securitization Trust,
Series 2021-1, Class A, 144A, 1 Month LIBOR + 0.750%		0.841	(c)		06/25/54		4,480		4,474,428
Series 2021-1, Class B, 144A, 1 Month LIBOR + 0.900%		0.991	(c)		06/25/54		650		648,198
Series 2021-1, Class C, 144A, 1 Month LIBOR + 1.100%		1.191	(c)		06/25/54		530		528,533
Series 2021-1, Class D, 144A, 1 Month LIBOR + 1.300%		1.391	(c)		06/25/54		200		199,448
One New York Plaza Trust, Series 2020-1NYP, Class A, 144A, 1 Month LIBOR + 0.950%		1.046	(c)		01/15/26		4,925		4,948,365
Station Place Securitization Trust,
Series 2021-4, Class A, 144A, 1 Month LIBOR + 0.900%		0.986	(c)		04/11/22		6,500		6,493,722
Series 2021-8, Class A, 144A, 1 Month LIBOR + 0.800%		0.886	(c)		06/20/22		9,450		9,457,352
UBS Commercial Mortgage Trust,
Series 2012-C1, Class A3		3.400			05/10/45		1,177		1,181,913
Series 2017-C4, Class A1		2.129			10/15/50		8		8,088
Series 2017-C5, Class A1		2.139			11/15/50		277		278,212
Series 2017-C6, Class A1		2.344			12/15/50		2,849		2,870,747
Series 2018-C11, Class A1		3.211			06/15/51		5		4,707
Series 2018-C8, Class A1		2.659			02/15/51		1,106		1,115,937
Series 2018-C8, Class A2		3.713			02/15/51		1,950		2,015,449
UBS-Barclays Commercial Mortgage Trust,
Series 2012-C3, Class A4		3.091			08/10/49		8,769		8,929,894
Series 2012-C4, Class A5		2.850			12/10/45		11,500		11,740,416
Series 2013-C5, Class A4		3.185			03/10/46		8,311		8,541,540
Series 2013-C6, Class A4		3.244			04/10/46		16,009		16,542,075
Wells Fargo Commercial Mortgage Trust,
Series 2013-LC12, Class A4		4.218	(cc)		07/15/46		17,500		18,445,430
Series 2013-LC12, Class ASB		3.928	(cc)		07/15/46		4,783		4,946,788

See Notes to Financial Statements.

PGIM Fixed Income ETFs 31

PGIM Ultra Short Bond ETF

Schedule of Investments (continued)

as of August 31, 2021

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
Wells Fargo Commercial Mortgage Trust, (cont'd.)
Series 2015-NXS2, Class A2		3.020	%		07/15/58		210	$	214,538
Series 2016-C34, Class ASB		2.911			06/15/49		4,754		4,983,208
Series 2017-C42, Class A1		2.338			12/15/50		657		661,510
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (cost $256,971,100)									255,131,309
CORPORATE BONDS    45.9%
Advertising    0.4%
Interpublic Group of Cos, Inc. (The), Sr. Unsec’d. Notes		3.750			10/01/21		8,496		8,519,733
Aerospace & Defense    0.1%
Lockheed Martin Corp., Sr. Unsec’d. Notes		3.350			09/15/21		1,556		1,557,752
Agriculture    0.2%
Cargill, Inc., Sr. Unsec’d. Notes, 144A		1.375			07/23/23		1,000		1,019,943
Philip Morris International, Inc., Sr. Unsec’d. Notes		1.125			05/01/23		3,000		3,039,304
									4,059,247
Airlines    0.4%
Southwest Airlines Co., Sr. Unsec’d. Notes(a)		4.750			05/04/23		7,500		8,010,529
Apparel    0.4%
VF Corp., Sr. Unsec’d. Notes		2.050			04/23/22		8,000		8,086,286
Auto Manufacturers    1.8%
American Honda Finance Corp., Sr. Unsec’d. Notes, MTN, 3 Month LIBOR + 0.290%		0.418	(c)		12/10/21		750		750,384
BMW US Capital LLC,
Gtd. Notes, 144A		1.850			09/15/21		1,668		1,668,956
Gtd. Notes, 144A		3.800			04/06/23		4,000		4,209,992
Gtd. Notes, 144A, SOFR + 0.530%		0.580	(c)		04/01/24		4,000		4,040,055
Daimler Finance North America LLC, Gtd. Notes, 144A		0.750			03/01/24		13,500		13,518,589
Toyota Motor Credit Corp., Sr. Unsec’d. Notes, MTN, SOFR + 0.300%		0.350	(c)		06/13/22		10,000		10,011,989
									34,199,965
Banks    13.7%
Banco del Estado de Chile (Chile), Sr. Unsec’d. Notes, 144A		3.875			02/08/22		4,045		4,102,297

See Notes to Financial Statements.

32

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Banks (cont'd.)
Banco Santander SA (Spain), Sr. Unsec’d. Notes		3.500	%		04/11/22		10,400	$	10,601,186
Bank of America Corp., Sr. Unsec’d. Notes, MTN, 3 Month BSBY + 0.430%		0.529	(c)		05/28/24		15,000		15,026,312
Bank of Nova Scotia (The) (Canada), Sr. Unsec’d. Notes		1.625			05/01/23		6,000		6,132,710
Banque Federative du Credit Mutuel SA (France), Sr. Unsec’d. Notes, 144A		0.650			02/27/24		7,250		7,253,807
Barclays Bank PLC (United Kingdom), Sr. Unsec’d. Notes		1.700			05/12/22		10,000		10,090,486
Canadian Imperial Bank of Commerce (Canada), Sr. Unsec’d. Notes, SOFR + 0.800%		0.850	(c)		03/17/23		6,000		6,057,155
Citizens Bank NA, Sr. Unsec’d. Notes, BKNT, 3 Month LIBOR + 0.810%		0.932	(c)		05/26/22		8,500		8,542,359
Commonwealth Bank of Australia (Australia), Sr. Unsec’d. Notes, 144A, 3 Month LIBOR + 0.700%		0.828	(c)		03/10/22		5,000		5,017,270
Cooperatieve Rabobank UA (Netherlands), Sr. Unsec’d. Notes, SOFR + 0.300%		0.350	(c)		01/12/24		5,500		5,508,213
Credit Agricole Corporate & Investment Bank SA (France), MTN		0.400			01/15/23		11,600		11,604,098
Credit Suisse AG (Switzerland),
Sr. Unsec’d. Notes, SOFR + 0.390%		0.440	(c)		02/02/24		3,750		3,749,895
Sr. Unsec’d. Notes, SOFR + 0.450%		0.500	(c)		02/04/22		5,000		5,006,428
DIB Sukuk Ltd. (Cayman Islands), Sr. Unsec’d. Notes		3.664			02/14/22		2,400		2,428,364
Fifth Third Bank NA, Sr. Unsec’d. Notes, BKNT		1.800			01/30/23		5,000		5,104,354
Goldman Sachs Group, Inc. (The),
Sr. Unsec’d. Notes		5.750			01/24/22		3,000		3,065,177
Sr. Unsec’d. Notes, 3 Month LIBOR + 1.053%		2.908	(cc)		06/05/23		7,314		7,451,290
Sr. Unsec’d. Notes, SOFR + 0.538%		0.627	(cc)		11/17/23		5,000		5,007,020
Huntington National Bank (The), Sr. Unsec’d. Notes		1.800			02/03/23		6,000		6,121,508
Industrial & Commercial Bank of China Ltd. (China), Sr. Unsec’d. Notes		2.452			10/20/21		1,864		1,868,318
ING Groep NV (Netherlands), Sr. Unsec’d. Notes, 3 Month LIBOR + 1.150%		1.296	(c)		03/29/22		10,500		10,564,002
JPMorgan Chase & Co., Sr. Unsec’d. Notes, SOFR + 0.490%		0.768	(cc)		08/09/25		15,000		14,970,449
Mitsubishi UFJ Financial Group, Inc. (Japan),
Sr. Unsec’d. Notes		2.623			07/18/22		3,500		3,572,408
Sr. Unsec’d. Notes		2.665			07/25/22		3,044		3,109,167
Morgan Stanley,
Sr. Unsec’d. Notes		2.750			05/19/22		3,000		3,054,265
Sr. Unsec’d. Notes, MTN		2.625			11/17/21		3,000		3,015,198
Sr. Unsec’d. Notes, MTN, 3 Month LIBOR + 1.400%		1.525	(c)		10/24/23		4,750		4,815,946

See Notes to Financial Statements.

PGIM Fixed Income ETFs 33

PGIM Ultra Short Bond ETF

Schedule of Investments (continued)

as of August 31, 2021

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Banks (cont'd.)
National Securities Clearing Corp.,
Sr. Unsec’d. Notes, 144A		0.400	%		12/07/23		3,750	$	3,757,982
Sr. Unsec’d. Notes, 144A		1.200			04/23/23		3,000		3,042,739
Nordea Bank Abp (Finland), Sr. Unsec’d. Notes, 144A		0.625			05/24/24		9,500		9,521,088
PNC Bank NA, Sr. Unsec’d. Notes, BKNT, 3 Month LIBOR + 0.325%		0.453	(c)		02/24/23		3,000		3,003,688
RHB Bank Bhd (Malaysia), Sr. Unsec’d. Notes, EMTN		2.503			10/06/21		1,300		1,302,342
Royal Bank of Canada (Canada), Sr. Unsec’d. Notes, GMTN, 3 Month LIBOR + 0.730%		0.848	(c)		02/01/22		5,050		5,064,987
Santander UK PLC (United Kingdom), Sr. Unsec’d. Notes, 3 Month LIBOR + 0.660%		0.785	(c)		11/15/21		1,000		1,001,173
Skandinaviska Enskilda Banken AB (Sweden), 144A		0.650			09/09/24		11,250		11,234,025
Skysea International Capital Management Ltd. (British Virgin Islands), Gtd. Notes, EMTN		4.875			12/07/21		4,300		4,348,479
Standard Chartered PLC (United Kingdom), Sr. Unsec’d. Notes, 144A, 3 Month LIBOR + 1.200%		1.328	(c)		09/10/22		10,000		10,002,022
Toronto-Dominion Bank (The) (Canada), Sr. Unsec’d. Notes, MTN, SOFR + 0.480%		0.530	(c)		01/27/23		7,138		7,172,388
Truist Bank,
Sr. Unsec’d. Notes, BKNT, 3 Month LIBOR + 0.590%		0.714	(c)		05/17/22		3,000		3,011,057
Sr. Unsec’d. Notes, BKNT, SOFR + 0.730%		0.776	(c)		03/09/23		2,000		2,014,247
UBS AG (Switzerland),
Sr. Unsec’d. Notes, 144A		0.450			02/09/24		3,000		2,988,644
Sr. Unsec’d. Notes, 144A, SOFR + 0.360%		0.410	(c)		02/09/24		4,500		4,524,103
US Bank NA, Sr. Unsec’d. Notes, BKNT, 3 Month LIBOR + 0.440%		0.571	(c)		05/23/22		3,700		3,709,759
Wells Fargo Bank NA, Sr. Unsec’d. Notes, BKNT, 3 Month LIBOR + 0.650%		2.082	(cc)		09/09/22		8,000		8,002,960
									256,541,365
Beverages    0.7%
Coca-Cola Europacific Partners PLC (United Kingdom),
Sr. Unsec’d. Notes, 144A		0.500			05/05/23		5,600		5,594,732
Sr. Unsec’d. Notes, 144A		0.800			05/03/24		3,000		2,996,413
PepsiCo, Inc., Sr. Unsec’d. Notes		0.400			10/07/23		5,500		5,518,168
									14,109,313

See Notes to Financial Statements.

34

Description	Interest Rate	Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Biotechnology    0.3%
Gilead Sciences, Inc.,
Sr. Unsec’d. Notes	0.750%		09/29/23		3,000	$	3,000,761
Sr. Unsec’d. Notes, 3 Month LIBOR + 0.520%	0.666(c)		09/29/23		3,000		3,000,763
							6,001,524
Building Materials    0.1%
Martin Marietta Materials, Inc., Sr. Unsec’d. Notes	0.650		07/15/23		2,250		2,255,585
Chemicals    0.4%
Air Liquide Finance SA (France), Gtd. Notes, 144A	2.250		09/27/23		1,000		1,035,249
Nutrien Ltd. (Canada), Sr. Unsec’d. Notes	1.900		05/13/23		3,000		3,069,492
Westlake Chemical Corp., Sr. Unsec’d. Notes	0.875		08/15/24		2,750		2,752,057
							6,856,798
Coal    0.2%
Korea Resources Corp. (South Korea), Sr. Unsec’d. Notes	3.000		04/24/22		3,200		3,250,452
Commercial Services    0.3%
PayPal Holdings, Inc., Sr. Unsec’d. Notes	1.350		06/01/23		5,000		5,088,555
Computers    0.4%
Apple, Inc.,
Sr. Unsec’d. Notes	1.700		09/11/22		5,000		5,077,218
Sr. Unsec’d. Notes, 3 Month LIBOR + 0.500%	0.625(c)		02/09/22		2,163		2,167,689
							7,244,907
Diversified Financial Services    3.2%
AIG Global Funding, Sr. Sec’d. Notes, 144A	0.650		06/17/24		12,750		12,762,014
Air Lease Corp., Sr. Unsec’d. Notes, MTN, 3 Month LIBOR + 0.350%	0.484(c)		12/15/22		15,000		15,014,373
American Express Co., Sr. Unsec’d. Notes	3.700		11/05/21		8,000		8,025,897
BOC Aviation Ltd. (Singapore), Sr. Unsec’d. Notes, 144A	2.375		09/15/21		5,000		5,002,469
Capital One Bank USA NA, Sub. Notes	3.375		02/15/23		4,000		4,167,726
Capital One Financial Corp., Sr. Unsec’d. Notes, 3 Month LIBOR + 0.720%	0.849(c)		01/30/23		1,660		1,671,935
Citigroup Global Markets Holdings, Inc., Gtd. Notes, MTN	0.750		06/07/24		13,250		13,198,148
							59,842,562

See Notes to Financial Statements.

PGIM Fixed Income ETFs 35

PGIM Ultra Short Bond ETF

Schedule of Investments (continued)

as of August 31, 2021

Description	Interest Rate	Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Electric    3.9%
American Electric Power Co., Inc.,
Sr. Unsec’d. Notes	3.650%		12/01/21		4,000	$	4,033,502
Sr. Unsec’d. Notes, 3 Month LIBOR + 0.480%	0.606(c)		11/01/23		3,000		3,002,204
CenterPoint Energy, Inc., Sr. Unsec’d. Notes, SOFR + 0.650%	0.700(c)		05/13/24		10,000		10,012,086
DTE Energy Co., Sr. Unsec’d. Notes	2.250		11/01/22		8,000		8,171,221
Entergy Louisiana LLC, First Mortgage	0.620		11/17/23		4,250		4,251,720
Florida Power & Light Co., Sr. Unsec’d. Notes, SOFR + 0.250%	0.300(c)		05/10/23		12,000		12,000,863
NextEra Energy Capital Holdings, Inc., Gtd. Notes	2.900		04/01/22		2,500		2,538,095
OGE Energy Corp., Sr. Unsec’d. Notes	0.703		05/26/23		3,500		3,499,296
PPL Electric Utilities Corp.,
First Mortgage	2.500		09/01/22		4,800		4,881,467
First Mortgage, SOFR + 0.330%	0.363(c)		06/24/24		2,250		2,250,422
Saudi Electricity Global Sukuk Co. (Cayman Islands), Sr. Unsec’d. Notes	4.211		04/03/22		1,800		1,838,543
Sempra Energy, Sr. Unsec’d. Notes	2.875		10/01/22		10,354		10,555,918
WEC Energy Group, Inc., Sr. Unsec’d. Notes	0.800		03/15/24		7,250		7,285,907
							74,321,244
Food    1.4%
Hormel Foods Corp., Sr. Unsec’d. Notes	0.650		06/03/24		3,500		3,505,150
McCormick & Co., Inc., Sr. Unsec’d. Notes	2.700		08/15/22		7,685		7,846,250
Mondelez International Holdings Netherlands BV (Netherlands), Gtd. Notes, 144A	2.000		10/28/21		2,000		2,002,658
Mondelez International, Inc., Sr. Unsec’d. Notes	0.625		07/01/22		8,000		8,025,066
Nestle Holdings, Inc., Gtd. Notes, 144A	0.375		01/15/24		5,000		4,987,949
							26,367,073
Forest Products & Paper    0.4%
Georgia-Pacific LLC, Sr. Unsec’d. Notes, 144A	3.734		07/15/23		7,000		7,377,802
Gas    0.3%
Atmos Energy Corp., Sr. Unsec’d. Notes, 3 Month LIBOR + 0.380%	0.503(c)		03/09/23		5,250		5,250,002
Healthcare-Products    0.1%
Stryker Corp., Sr. Unsec’d. Notes	0.600		12/01/23		1,250		1,250,065
Healthcare-Services    0.4%
UnitedHealth Group, Inc., Sr. Unsec’d. Notes	0.550		05/15/24		7,250		7,250,263

See Notes to Financial Statements.

36

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Holding Companies-Diversified    0.1%
Swire Pacific Financing Ltd. (Cayman Islands), Gtd. Notes, EMTN		4.500	%		02/28/22		2,000	$	2,036,647
Household Products/Wares    0.4%
Reckitt Benckiser Treasury Services PLC (United Kingdom), Gtd. Notes, 144A, 3 Month LIBOR + 0.560%		0.694	(c)		06/24/22		8,000		8,031,623
Insurance    3.0%
AIA Group Ltd. (Hong Kong), Sr. Unsec’d. Notes, 144A, 3 Month LIBOR + 0.520%		0.655	(c)		09/20/21		600		600,038
Berkshire Hathaway, Inc., Sr. Unsec’d. Notes		2.750			03/15/23		4,853		5,018,330
Equitable Financial Life Global Funding,
Sec’d. Notes, 144A		0.800			08/12/24		3,000		3,006,731
Sec’d. Notes, 144A, SOFR + 0.390%		0.440	(c)		04/06/23		10,000		10,015,669
Metropolitan Life Global Funding I,
Sec’d. Notes, 144A		3.375			01/11/22		1,250		1,264,329
Sec’d. Notes, 144A		3.450			10/09/21		750		752,533
New York Life Global Funding,
Sec’d. Notes, 144A		2.900			01/17/24		4,190		4,425,485
Sr. Sec’d. Notes, 144A, 3 Month LIBOR + 0.440%		0.559	(c)		07/12/22		3,000		3,010,199
Pacific Life Global Funding II, Sr. Sec’d. Notes, 144A		0.500			09/23/23		4,750		4,761,760
Principal Life Global Funding II,
Sec’d. Notes, 144A		0.500			01/08/24		7,250		7,246,560
Sec’d. Notes, 144A, SOFR + 0.450%		0.500	(c)		04/12/24		1,250		1,253,059
Protective Life Global Funding,
Sec’d. Notes, 144A		0.631			10/13/23		4,250		4,267,960
Sr. Sec’d. Notes, 144A		0.473			01/12/24		10,000		9,972,193
									55,594,846
Machinery-Constructions & Mining    0.5%
Caterpillar Financial Services Corp., Sr. Unsec’d. Notes, MTN		0.450			09/14/23		10,000		10,025,976
Machinery-Diversified    0.4%
John Deere Capital Corp., Sr. Unsec’d. Notes, MTN, 3 Month LIBOR + 0.260%		0.388	(c)		09/10/21		400		400,027
Otis Worldwide Corp., Sr. Unsec’d. Notes, 3 Month LIBOR + 0.450%		0.595	(c)		04/05/23		6,700		6,693,770
									7,093,797

See Notes to Financial Statements.

PGIM Fixed Income ETFs 37

PGIM Ultra Short Bond ETF

Schedule of Investments (continued)

as of August 31, 2021

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Media    0.1%
Walt Disney Co. (The), Gtd. Notes, 3 Month LIBOR + 0.390%		0.510	%(c)		09/01/22		3,000	$	3,009,790
Oil & Gas    1.9%
Exxon Mobil Corp.,
Sr. Unsec’d. Notes		1.571			04/15/23		4,000		4,080,283
Sr. Unsec’d. Notes, 3 Month LIBOR + 0.330%		0.455	(c)		08/16/22		4,000		4,011,823
Phillips 66,
Gtd. Notes		0.900			02/15/24		4,000		4,001,450
Gtd. Notes		4.300			04/01/22		5,921		6,056,829
Pioneer Natural Resources Co.,
Sr. Unsec’d. Notes		0.550			05/15/23		2,500		2,498,697
Sr. Unsec’d. Notes		0.750			01/15/24		4,250		4,241,407
Saudi Arabian Oil Co. (Saudi Arabia), Sr. Unsec’d. Notes, 144A		2.750			04/16/22		1,980		2,008,225
Valero Energy Corp., Sr. Unsec’d. Notes		2.700			04/15/23		8,000		8,265,263
									35,163,977
Pharmaceuticals    2.6%
AbbVie, Inc.,
Sr. Unsec’d. Notes		3.375			11/14/21		3,730		3,753,513
Sr. Unsec’d. Notes, 3 Month LIBOR + 0.650%		0.781	(c)		11/21/22		3,000		3,019,019
AmerisourceBergen Corp., Sr. Unsec’d. Notes		0.737			03/15/23		12,000		12,017,763
Astrazeneca Finance LLC, Gtd. Notes		0.700			05/28/24		12,250		12,264,879
Bristol-Myers Squibb Co.,
Sr. Unsec’d. Notes		0.537			11/13/23		10,000		10,003,003
Sr. Unsec’d. Notes, 3 Month LIBOR + 0.380%		0.505	(c)		05/16/22		2,000		2,005,027
GlaxoSmithKline Capital PLC (United Kingdom), Gtd. Notes		0.534			10/01/23		6,500		6,512,013
									49,575,217
Pipelines    1.1%
Enterprise Products Operating LLC, Gtd. Notes		3.500			02/01/22		12,350		12,516,446
Southern Natural Gas Co. LLC, Sr. Unsec’d. Notes, 144A		0.625			04/28/23		5,250		5,248,310
TransCanada PipeLines Ltd. (Canada), Sr. Unsec’d. Notes		2.500			08/01/22		3,000		3,060,905
									20,825,661

See Notes to Financial Statements.

38

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Real Estate    0.4%
Ontario Teachers’ Cadillac Fairview Properties Trust (Canada), Sr. Unsec’d. Notes, 144A		3.125	%		03/20/22		6,775	$	6,863,567
Real Estate Investment Trusts (REITs)    1.2%
ERP Operating LP, Sr. Unsec’d. Notes		4.625			12/15/21		7,605		7,631,083
Kimco Realty Corp., Sr. Unsec’d. Notes		3.400			11/01/22		5,935		6,112,627
Public Storage, Sr. Unsec’d. Notes, SOFR + 0.470%		0.520	(c)		04/23/24		8,500		8,504,894
									22,248,604
Retail    1.4%
7-Eleven, Inc.,
Sr. Unsec’d. Notes, 144A		0.625			02/10/23		1,750		1,750,625
Sr. Unsec’d. Notes, 144A		0.800			02/10/24		2,250		2,249,496
AutoZone, Inc., Sr. Unsec’d. Notes		3.700			04/15/22		15,000		15,185,987
Home Depot, Inc. (The), Sr. Unsec’d. Notes, 3 Month LIBOR + 0.310%		0.430	(c)		03/01/22		1,500		1,502,068
McDonald’s Corp.,
Sr. Unsec’d. Notes, MTN		2.625			01/15/22		2,193		2,212,348
Sr. Unsec’d. Notes, MTN, 3 Month LIBOR + 0.430%		0.562	(c)		10/28/21		1,900		1,901,169
Starbucks Corp., Sr. Unsec’d. Notes		1.300			05/07/22		1,000		1,007,192
									25,808,885
Savings & Loans    0.5%
Nationwide Building Society (United Kingdom), Sr. Unsec’d. Notes, 144A		0.550			01/22/24		9,750		9,734,598
Semiconductors    0.3%
Intel Corp., Sr. Unsec’d. Notes, 3 Month LIBOR + 0.350%		0.477	(c)		05/11/22		5,000		5,010,492
Software    0.9%
Fidelity National Information Services, Inc., Sr. Unsec’d. Notes		0.600			03/01/24		5,750		5,750,661
Infor, Inc., Sr. Unsec’d. Notes, 144A		1.450			07/15/23		1,200		1,214,538
Oracle Corp., Sr. Unsec’d. Notes		2.500			10/15/22		9,000		9,218,873
									16,184,072

See Notes to Financial Statements.

PGIM Fixed Income ETFs 39

PGIM Ultra Short Bond ETF

Schedule of Investments (continued)

as of August 31, 2021

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Telecommunications    1.8%
NTT Finance Corp. (Japan), Gtd. Notes, 144A		0.583	%		03/01/24		6,500	$	6,500,356
Rogers Communications, Inc. (Canada), Gtd. Notes, 3 Month LIBOR + 0.600%		0.735	(c)		03/22/22		4,200		4,210,952
Verizon Communications, Inc.,
Sr. Unsec’d. Notes		0.750			03/22/24		8,000		8,031,329
Sr. Unsec’d. Notes, SOFR + 0.500%		0.550	(c)		03/22/24		7,000		7,039,563
Vodafone Group PLC (United Kingdom), Sr. Unsec’d. Notes		2.500			09/26/22		8,000		8,178,597
									33,960,797
Transportation    0.2%
Ryder System, Inc., Sr. Unsec’d. Notes, MTN		2.875			06/01/22		3,000		3,050,585
TOTAL CORPORATE BONDS (cost $856,633,506)									861,660,156
CERTIFICATES OF DEPOSIT    0.8%
Banks    0.8%
Bank of Montreal (Canada), 3 Month LIBOR + 0.110%		0.229	(c)		12/13/21		5,000		5,001,798
Credit Agricole Corporate & Investment Bank (France), 3 Month LIBOR + 0.480%		0.605	(c)		09/17/21		920		920,193
Royal Bank of Canada (Canada), 3 Month LIBOR + 0.110%		0.228	(c)		12/16/21		3,000		3,001,103
Westpac Banking Corp. (Australia), 3 Month LIBOR + 0.010%		0.148	(c)		01/24/22		7,100		7,100,275
TOTAL CERTIFICATES OF DEPOSIT (cost $16,019,117)									16,023,369
TOTAL LONG-TERM INVESTMENTS (cost $1,487,119,152)									1,490,758,139
						Shares
SHORT-TERM INVESTMENTS    21.9%
AFFILIATED MUTUAL FUNDS    7.9%
PGIM Core Ultra Short Bond Fund(wa)							145,724,638		145,724,638
PGIM Institutional Money Market Fund (cost $2,328,571; includes $2,328,443 of cash collateral for securities on loan)(b)(wa)							2,329,368		2,327,971
TOTAL AFFILIATED MUTUAL FUNDS (cost $148,053,209)									148,052,609

See Notes to Financial Statements.

40

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
TIME DEPOSIT    1.0%
Skandinaviska Enskilda Banken AB (cost $19,494,739)		0.005	%		09/01/21		19,495	$	19,494,739
CERTIFICATES OF DEPOSIT    1.6%
Banks    1.6%
Bank of Montreal (Canada)		0.230			05/05/22		5,000		5,001,983
Bank of Nova Scotia (Canada)		0.230			05/10/22		5,000		5,002,373
Lloyds Bank Corporate Markets PLC (United Kingdom), 3 Month LIBOR + 0.190%		0.312	(c)		11/26/21		10,000		10,004,635
Natixis SA (France), 3 Month LIBOR + 0.130%		0.253	(c)		12/09/21		10,000		10,003,443
TOTAL CERTIFICATES OF DEPOSIT (cost $30,000,000)									30,012,434
COMMERCIAL PAPER    10.7%
AT&T, Inc. 144A		0.381	(s)		11/16/21		10,000		9,996,129
BAT International Finance PLC (United Kingdom) 144A		0.230	(s)		09/21/21		5,000		4,999,592
Canadian Imperial Bank of Commerce (Canada) 144A		0.241	(s)		05/04/22		4,000		3,995,572
Enbridge, Inc. 144A		0.300	(s)		12/10/21		10,000		9,994,277
Enbridge, Inc. 144A		0.250	(s)		09/14/21		5,000		4,999,747
Enel Finance America LLC 144A		0.392	(s)		07/15/22		5,000		4,987,721
Enel Finance America LLC 144A		0.392	(s)		07/14/22		5,000		4,987,760
Glencore Funding LLC 144A		0.270	(s)		09/24/21		10,000		9,998,273
Healthpeak Properties, Inc 144A		0.180	(s)		09/15/21		4,185		4,184,564
Healthpeak Properties, Inc 144A		0.180	(s)		09/09/21		5,000		4,999,800
Healthpeak Properties, Inc 144A		0.160	(s)		09/01/21		5,000		4,999,982
Hitachi America Capital Ltd. 144A		0.140	(s)		09/08/21		10,000		9,999,711
HSBC Bank PLC (United Kingdom) 144A, 3 Month LIBOR + 0.130%		0.251	(c)		09/17/21		5,000		5,000,242
HSBC USA, Inc. 144A		0.462	(s)		12/10/21		6,000		5,996,011
Hyundai Capital America 144A		0.160	(s)		09/10/21		10,000		9,999,722
Ingredion, Inc. 144A		0.250	(s)		11/09/21		11,500		11,495,305
Realty Income Corp. 144A		0.180	(s)		09/29/21		11,000		10,998,635
Sempra Energy 144A		0.180	(s)		09/20/21		5,000		4,999,616
Societe Generale SA (France) 144A, 3 Month LIBOR + 0.160%		0.284	(c)		12/13/21		10,000		10,003,898
Suncor Energy, Inc. 144A		0.250	(s)		09/27/21		10,000		9,998,898
Toronto-Dominion Bank (The) (Canada) 144A, 3 Month LIBOR + 0.090%		0.222	(c)		12/03/21		3,000		3,000,570

See Notes to Financial Statements.

PGIM Fixed Income ETFs 41

PGIM Ultra Short Bond ETF

Schedule of Investments (continued)

as of August 31, 2021

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
COMMERCIAL PAPER (Continued)
UBS AG (United Kingdom) 144A, 3 Month LIBOR + 0.080%		0.247	%(c)		10/12/21		5,000	$	5,000,285
UDR, Inc. 144A		0.170	(s)		09/14/21		3,500		3,499,823
UDR, Inc. 144A		0.150	(s)		09/30/21		10,000		9,998,750
Volkswagen Group of America Finance LLC 144A		0.523	(s)		10/25/21		7,000		6,995,295
VW Credit, Inc. 144A		0.190	(s)		09/16/21		5,075		5,074,702
Walt Disney Co. (The) 144A		0.271	(s)		03/31/22		7,000		6,991,714
Waste Management, Inc. 144A		0.321	(s)		07/11/22		8,500		8,486,878
Welltower, Inc. 144A		0.180	(s)		09/21/21		5,000		4,999,592
TOTAL COMMERCIAL PAPER (cost $200,639,111)									200,683,064
CORPORATE NOTES    0.7%
Biotechnology    0.1%
Gilead Sciences, Inc., 3 Month LIBOR + 0.150%		0.275	(c)		09/17/21		1,750		1,750,092
Electric    0.6%
Southern California Edison Co., 3 Month LIBOR + 0.270%		0.399	(c)		12/03/21		10,000		10,001,844
TOTAL CORPORATE NOTES (cost $11,750,000)									11,751,936
TOTAL SHORT-TERM INVESTMENTS (cost $409,937,059)									409,994,782
TOTAL INVESTMENTS    101.3% (cost $1,897,056,211)									1,900,752,921
Liabilities in excess of other assets    (1.3)%									(24,214,197	)
NET ASSETS    100.0%								$	1,876,538,724

The following abbreviations are used in the 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

BSBY—Bloomberg Short-Term Bank Yield Index

CLO—Collateralized Loan Obligation

EMTN—Euro Medium Term Note

See Notes to Financial Statements.

42

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 $2,282,514; cash collateral of $2,328,443 (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 August 31, 2021.

(cc) Variable rate instrument. The rate shown is based on the latest available information as of August 31, 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.

(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 August 31, 2021:

Number of contracts		Type	Expiration Date		Current Notional Amount		Value / Unrealized Appreciation (Depreciation)
		Short Positions:
	32	2 Year U.S. Treasury Notes		Dec. 2021	$	7,050,500	$	(4,715	)

Interest rate swap agreements outstanding at August 31, 2021:

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at August 31, 2021			Unrealized Appreciation (Depreciation)
	Centrally cleared swap agreements:
	26,525		01/11/22		2.672%(S)	3 Month LIBOR(Q)	$	(69,687	)	$	(334,879	)	$	(265,192	)
	24,945		04/01/22		2.265%(S)	3 Month LIBOR(Q)		(68,490	)		(536,449	)		(467,959	)
	11,000		04/12/22		2.357%(S)	3 Month LIBOR(Q)		(48,829	)		(245,097	)		(196,268	)
	3,250		06/15/22		1.873%(S)	3 Month LIBOR(Q)		8,358			(56,219	)		(64,577	)
	22,000		08/22/22		1.421%(S)	3 Month LIBOR(Q)		(9,684	)		(276,491	)		(266,807	)
	19,000		09/03/22		1.919%(S)	3 Month LIBOR(Q)		(75,743	)		(512,481	)		(436,738	)
	25,000		01/30/23		1.467%(S)	3 Month LIBOR(Q)		(11,765	)		(477,783	)		(466,018	)
	9,900		02/12/22		1.420%(S)	3 Month LIBOR(Q)		647			(63,759	)		(64,406	)
	7,500		05/11/22		2.300%(S)	FEDL01(1)(A)		(86,102	)		(169,131	)		(83,029	)

See Notes to Financial Statements.

PGIM Fixed Income ETFs 43

PGIM Ultra Short Bond ETF

Schedule of Investments (continued)

as of August 31, 2021

Interest rate swap agreements outstanding at August 31, 2021 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at August 31, 2021			Unrealized Appreciation (Depreciation)
	Centrally cleared swap agreements (cont’d):
	2,000		12/10/22		0.362%(S)	FEDL01(1)(A)	$	16		$	(10,846	)	$	(10,862	)
	8,000		07/02/22		(0.001)%(S)	FEDL01(1)(A)		70			6,974			6,904
	5,000		04/13/23		(0.013)%(S)	FEDL01(1)(A)		94			14,714			14,620
	7,000		01/14/23		(0.006)%(S)	FEDL01(1)(A)		90			15,554			15,464
	8,560		05/11/23		2.250%(S)	FEDL01(1)(A)		(357,443	)		(365,553	)		(8,110	)
	8,750		02/04/24		0.133%(S)	FEDL01(1)(A)		8,280			28,535			20,255
	19,500		03/01/24		0.230%(S)	FEDL01(1)(A)		20,131			15,210			(4,921	)
	8,000		03/15/24		0.276%(S)	FEDL01(1)(A)		142			(2,976	)		(3,118	)
	7,000		03/18/24		0.278%(S)	FEDL01(1)(A)		140			(2,635	)		(2,775	)
	8,000		08/31/24		0.399%(S)	FEDL01(1)(A)		160			(15,900	)		(16,060	)
	3,000		04/26/24		0.305%(S)	FEDL01(1)(A)		138			(1,324	)		(1,462	)
	16,750		05/20/24		0.296%(S)	FEDL01(1)(A)		170			5,351			5,181
	5,000		12/07/23		0.221%(S)	FEDL01(1)(A)		146			1,661			1,515
	10,900		06/07/24		0.318%(S)	FEDL01(1)(A)		160			474			314
	18,000		06/07/23		0.148%(S)	FEDL01(1)(A)		167			3,786			3,619
	12,750		06/16/24		0.304%(S)	FEDL01(1)(A)		166			8,409			8,243
	75,000		07/26/23		0.192%(S)	FEDL01(1)(A)		301			(13,704	)		(14,005	)
	15,000		08/05/24		0.261%(S)	SOFRRATE(A)		179			29,312			29,133
	3,000		08/13/24		0.368%(S)	SOFRRATE(A)		154			(3,355	)		(3,509	)
	8,000		05/11/25		0.450%(S)	SOFRRATE(A)		6,299			(6,681	)		(12,980	)
	11,250		05/11/24		0.300%(S)	SOFRRATE(A)		(1,564	)		(12,592	)		(11,028	)
							$	(683,299	)	$	(2,977,875	)	$	(2,294,576	)

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

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

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

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

Broker	Cash and/or Foreign Currency		Securities Market Value
Citigroup Global Markets, Inc.	$	3,372,000	$	—

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.

See Notes to Financial Statements.

44

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

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

The following is a summary of the inputs used as of August 31, 2021 in valuing such portfolio securities:

	Level 1			Level 2			Level 3
Investments in Securities
Assets
Long-Term Investments
Asset-Backed Securities
Automobile ABS	$	—		$	17,785,582		$	—
Collateralized Loan Obligations		—			340,157,723			—
Commercial Mortgage-Backed Securities		—			255,131,309			—
Corporate Bonds		—			861,660,156			—
Certificates of Deposit		—			16,023,369			—
Short-Term Investments
Affiliated Mutual Funds		148,052,609			—			—
Time Deposit		—			19,494,739			—
Certificates of Deposit		—			30,012,434			—
Commercial Paper		—			200,683,064			—
Corporate Notes		—			11,751,936			—
Total	$	148,052,609		$	1,752,700,312		$	—
Other Financial Instruments*
Assets
Centrally Cleared Interest Rate Swap Agreements	$	—		$	105,248		$	—
Total	$	—		$	105,248		$	—
Liabilities
Futures Contracts	$	(4,715	)	$	—		$	—
Centrally Cleared Interest Rate Swap Agreements		—			(2,399,824	)		—
Total	$	(4,715	)	$	(2,399,824	)	$	—

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

See Notes to Financial Statements.

PGIM Fixed Income ETFs 45

PGIM Ultra Short Bond ETF

Schedule of Investments (continued)

as of August 31, 2021

Industry Classification:

The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of August 31, 2021 were as follows (unaudited):

Collateralized Loan Obligations	18.1	%
Banks	16.1
Commercial Mortgage-Backed Securities	13.6
Commercial Paper	10.7
Affiliated Mutual Fund (0.1% represents investments purchased with collateral from securities on loan)	7.9
Electric	4.5
Diversified Financial Services	3.2
Insurance	3.0
Pharmaceuticals	2.6
Oil & Gas	1.9
Auto Manufacturers	1.8
Telecommunications	1.8
Food	1.4
Retail	1.4
Real Estate Investment Trusts (REITs)	1.2
Pipelines	1.1
Time Deposit	1.0
Automobile ABS	1.0
Software	0.9
Beverages	0.7
Machinery-Constructions & Mining	0.5
Savings & Loans	0.5
Advertising	0.4
Apparel	0.4
Household Products/Wares	0.4
Airlines	0.4
Biotechnology	0.4
Forest Products & Paper	0.4
Healthcare-Services	0.4
Computers	0.4
Machinery-Diversified	0.4
Real Estate	0.4
Chemicals	0.4
Gas	0.3
Commercial Services	0.3
Semiconductors	0.3
Agriculture	0.2
Coal	0.2
Transportation	0.2
Media	0.1
Building Materials	0.1
Holding Companies-Diversified	0.1
Aerospace & Defense	0.1
Healthcare-Products	0.1
	101.3
Liabilities in excess of other assets	(1.3	)
	100.0	%

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.

46

Fair values of derivative instruments as of August 31, 2021 as presented in the Statement of Assets and Liabilities:

	Asset Derivatives			Liability Derivatives
Derivatives not accounted for as hedging instruments, carried at fair value	Statement of Assets and Liabilities Location	Fair Value		Statement of Assets and Liabilities Location	Fair Value
Interest rate contracts	Due from/to broker—variation margin futures*	$	—	Due from/to broker— variation margin futures*	$	(4,715	)
Interest rate contracts	Due from/to broker—variation margin swaps*		105,248	Due from/to broker— variation margin swaps*		(2,399,824	)
		$	105,248		$	(2,404,539	)

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

The effects of derivative instruments on the Statement of Operations for the period ended August 31, 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	$	3,125	$	(5,964,975	)

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	$	198	$	5,905,149

For the period ended August 31, 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)
$  —	$10,066,955	$349,971,000

(1) Notional Amount in USD.

See Notes to Financial Statements.

PGIM Fixed Income ETFs 47

PGIM Ultra Short Bond ETF

Schedule of Investments (continued)

as of August 31, 2021

Average volume is based on average quarter end balances as noted for the year ended August 31, 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	$	2,282,514	$	(2,282,514	)	$	—

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

See Notes to Financial Statements.

48

PGIM Ultra Short Bond ETF

Statement of Assets & Liabilities

as of August 31, 2021

Assets
Investments at value, including securities on loan of $2,282,514:
Unaffiliated investments (cost $1,749,003,002)	$	1,752,700,312
Affiliated investments (cost $148,053,209)		148,052,609
Cash		7
Receivable for Fund shares sold		9,941,140
Interest and dividends receivable		4,467,738
Deposit with broker for centrally cleared/exchange-traded derivatives		3,372,000
Receivable for investments sold		2,968
Due from broker—variation margin futures		250
Total Assets		1,918,537,024
Liabilities
Payable for investments purchased		39,413,992
Payable to broker for collateral for securities on loan		2,328,443
Management fee payable		229,067
Due to broker—variation margin swaps		26,301
Other liabilities		497
Total Liabilities		41,998,300
Net Assets	$	1,876,538,724
Net assets were comprised of:
Common stock, at par	$	37,750
Paid-in capital in excess of par		1,888,989,949
Total distributable earnings (loss)		(12,488,975	)
Net assets, August 31, 2021	$	1,876,538,724
Net asset value, offering price and redemption price per share, ($1,876,538,724 / 37,750,000 shares of common stock issued and outstanding)	$	49.71

See Notes to Financial Statements.

PGIM Fixed Income ETFs 49

PGIM Ultra Short Bond ETF

Statement of Operations

Year Ended August 31, 2021

Net Investment Income (Loss)
Income
Interest income	$	18,710,394
Affiliated dividend income		93,169
Income from securities lending, net (including affiliated income of $4,835)		4,835
Total income		18,808,398
Expenses
Management fee		1,980,422
Total expenses		1,980,422
Net investment income (loss)		16,827,976
Realized And Unrealized Gain (Loss) On Investments
Net realized gain (loss) on:
Investment transactions (including affiliated of $(897))		1,153,999
Futures transactions		3,125
Swap agreement transactions		(5,964,975	)
		(4,807,851	)
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $(600))		(5,836,479	)
Futures		198
Swap agreements		5,905,149
		68,868
Net gain (loss) on investment transactions		(4,738,983	)
Net Increase (Decrease) In Net Assets Resulting From Operations	$	12,088,993

See Notes to Financial Statements.

50

PGIM Ultra Short Bond ETF

Statements of Changes in Net Assets     

	Year Ended August 31,
	2021			2020
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	16,827,976		$	18,720,058
Net realized gain (loss) on investments		(4,807,851	)		(8,313,008	)
Net change in unrealized appreciation (depreciation) on investments		68,868			1,943,730
Net increase (decrease) in net assets resulting from operations		12,088,993			12,350,780
Dividends and Distributions
Distributions from distributable earnings		(18,216,405	)		(19,849,756	)
Fund share transactions
Net proceeds from shares sold		934,975,118			901,617,907
Cost of shares purchased		(92,197,152	)		(417,220,526	)
Net increase (decrease) in net assets from Fund share transactions		842,777,966			484,397,381
Total increase (decrease)		836,650,554			476,898,405
Net Assets:
Beginning of period		1,039,888,170			562,989,765
End of period	$	1,876,538,724		$	1,039,888,170

See Notes to Financial Statements.

PGIM Fixed Income ETFs 51

PGIM Ultra Short Bond ETF

Financial Highlights

	Year Ended August 31,									April 5, 2018(e) through August 31,
	2021			2020			2019			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)		0.64			1.06			1.40			0.53
Net realized and unrealized gain (loss) on investments		(0.15	)		(0.08	)		(0.02	)		0.01
Total from investment operations		0.49			0.98			1.38			0.54
Less Dividends and Distributions:
Dividends from net investment income		(0.71	)		(1.20	)		(1.35	)		(0.42	)
Net asset value, end of period		$49.71			$49.93			$50.15			$50.12
Total Return(b):		0.98%			1.99%			2.80%			1.08%
Ratios/Supplemental Data:
Net assets, end of period (000)		$1,876,539			$1,039,888			$562,990			$52,627
Average net assets (000)		$1,320,282			$883,274			$246,678			$33,209
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		0.15%			0.15%			0.15%			0.15%	(d)
Expenses before waivers and/or expense reimbursement		0.15%			0.15%			0.15%			0.15%	(d)
Net investment income (loss)		1.27%			2.12%			2.77%			2.58%	(d)
Portfolio turnover rate(f)		10%			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.

52

PGIM Active High Yield Bond ETF

Schedule of Investments

as of August 31, 2021

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
LONG-TERM INVESTMENTS     94.9%
BANK LOANS     3.0%
Airlines     0.4%
AAdvantage Loyalty IP Ltd. (American Airlines, Inc.), Initial Term Loan, 3 Month LIBOR + 4.750%		5.500	%(c)		04/20/28		132	$	135,361
United Airlines, Inc., Class B Term Loan, 3 Month LIBOR + 3.750%		4.500	(c)		04/21/28		195		194,775
									330,136
Diversified/Conglomerate Services     0.3%
Intrado Corp., Initial Term B Loan, 3 Month LIBOR + 4.000%		5.000	(c)		10/10/24		265		255,877
Electric & Gas Marketing    0.1%
Heritage Power LLC, Term Loan, 3 Month LIBOR + 6.000%		7.000	(c)		07/30/26		146		130,642
Entertainment    0.1%
Bally’s Corp., Term B-1 Facility Loan, 3 Month LIBOR + 8.000%		9.000	(c)		05/11/26		50		52,161
Golden Nugget Online Gaming, Inc., 2020 Initial Term Loan, 3 Month LIBOR + 12.000%		13.000	(c)		10/04/23		4		4,077
Scientific Games International, Inc., Initial Term B-5 Loan, 1 Month LIBOR + 2.750%		2.835	(c)		08/14/24		73		72,797
									129,035
Industrial Services     0.1%
Great Outdoors Group LLC, Term B-1 Loan, 3 Month LIBOR + 4.250%		5.000	(c)		03/06/28		50		49,848
Infrastructure Software    0.2%
McAfee LLC, Term B USD Loan, 1 Month LIBOR + 3.750%		3.835	(c)		09/30/24		186		186,099
Insurance    0.3%
Asurion LLC, New B-4 Term Loan (Second Lien), 1 Month LIBOR + 5.250%		5.335	(c)		01/20/29		225		223,641
Media    0.0%
Diamond Sports Group LLC, Term Loan, 1 Month LIBOR + 3.250%		3.340	(c)		08/24/26		40		24,737

See Notes to Financial Statements.

PGIM Fixed Income ETFs 53

PGIM Active High Yield Bond ETF

Schedule of Investments (continued)

as of August 31, 2021

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
BANK LOANS (Continued)
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	$	128,030
CITGO Petroleum Corp., 2019 Incremental Term B Loan, 3 Month LIBOR + 6.250%		7.250	(c)		03/28/24		67		66,665
EG Group Ltd., Additional Term Facility USD, 3 Month LIBOR + 4.250%		4.750	(c)		03/31/26		30		29,857
									224,552
Software    0.8%
Greeneden U.S. Holdings I LLC, 2020 Initial Dollar Term Loan, 1 Month LIBOR + 4.000%		4.750	(c)		12/01/27		25		24,911
Informatica LLC, Initial Loan (Second Lien)		7.125			02/25/25		25		25,500
Peraton Corp., Term B Loan (First Lien), 1 Month LIBOR + 3.750%		4.500	(c)		02/01/28		225		224,503
Skillsoft Finance II, Inc., Initial Term Loan, 3 Month LIBOR + 4.750%		5.500	(c)		07/14/28		100		100,125
TIBCO Software, Inc.,
Term B-3 Loan, 1 Month LIBOR + 3.750%		3.840	(c)		06/30/26		198		196,591
Term Loan (Second Lien), 1 Month LIBOR + 7.250%		7.340	(c)		03/03/28		125		125,781
									697,411
Specialty Chemicals    0.2%
Solenis Holdings LLC,
Initial Dollar Term Loan (First Lien), 1 Month LIBOR + 4.000%		4.085	(c)		06/26/25		97		97,254
Initial Term Loan (Second Lien), 1 Month LIBOR + 8.500%		8.585	(c)		06/26/26		100		99,833
									197,087
Telecommunications    0.2%
Xplornet Communications, Inc., Initial Term Loan, 1 Month LIBOR + 4.750%		4.835	(c)		06/10/27		173		172,772
TOTAL BANK LOANS (cost $2,489,698)									2,621,837

See Notes to Financial Statements.

54

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS     90.7%
Advertising    0.7%
National CineMedia LLC,
Sr. Sec’d. Notes, 144A(a)		5.875	%		04/15/28		50	$	44,003
Sr. Unsec’d. Notes		5.750			08/15/26		25		18,765
Terrier Media Buyer, Inc., Gtd. Notes, 144A		8.875			12/15/27		490		522,489
									585,257
Aerospace & Defense    3.4%
Boeing Co. (The),
Sr. Unsec’d. Notes		5.150			05/01/30		125		148,235
Sr. Unsec’d. Notes		5.805			05/01/50		300		408,275
Sr. Unsec’d. Notes		5.930			05/01/60		250		347,237
Bombardier, Inc. (Canada),
Sr. Unsec’d. Notes, 144A		6.000			02/15/28		150		151,369
Sr. Unsec’d. Notes, 144A		7.125			06/15/26		375		395,982
Sr. Unsec’d. Notes, 144A		7.500			12/01/24		250		260,747
Sr. Unsec’d. Notes, 144A		7.500			03/15/25		350		359,730
Sr. Unsec’d. Notes, 144A		7.875			04/15/27		140		146,802
Spirit AeroSystems, Inc., Sec’d. Notes, 144A		7.500			04/15/25		125		132,380
SSL Robotics LLC, Sr. Sec’d. Notes, 144A		9.750			12/31/23		103		112,241
TransDigm, Inc.,
Gtd. Notes		5.500			11/15/27		400		409,102
Gtd. Notes, 144A		4.625			01/15/29		50		49,375
									2,921,475
Agriculture    0.3%
Vector Group Ltd.,
Gtd. Notes, 144A		10.500			11/01/26		50		52,856
Sr. Sec’d. Notes, 144A		5.750			02/01/29		225		228,950
									281,806
Airlines    1.0%
American Airlines, Inc., Sr. Sec’d. Notes, 144A		11.750			07/15/25		175		217,390
American Airlines, Inc./AAdvantage Loyalty IP Ltd. (Multinational),
Sr. Sec’d. Notes, 144A		5.500			04/20/26		50		52,596
Sr. Sec’d. Notes, 144A		5.750			04/20/29		125		134,481
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd. (Cayman Islands), Sr. Sec’d. Notes, 144A		5.750			01/20/26		125		131,623

See Notes to Financial Statements.

PGIM Fixed Income ETFs 55

PGIM Active High Yield Bond ETF

Schedule of Investments (continued)

as of August 31, 2021

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Airlines (cont'd.)
United Airlines, Inc.,
Sr. Sec’d. Notes, 144A		4.375	%		04/15/26		223	$	231,351
Sr. Sec’d. Notes, 144A		4.625			04/15/29		100		103,760
									871,201
Apparel    0.3%
William Carter Co. (The), Gtd. Notes, 144A		5.625			03/15/27		200		209,042
Wolverine World Wide, Inc., Gtd. Notes, 144A		4.000			08/15/29		50		50,762
									259,804
Auto Manufacturers    3.2%
Allison Transmission, Inc.,
Gtd. Notes, 144A		3.750			01/30/31		150		150,370
Sr. Unsec’d. Notes, 144A		5.875			06/01/29		75		82,594
Ford Holdings LLC, Gtd. Notes		9.300			03/01/30		100		136,748
Ford Motor Co.,
Sr. Unsec’d. Notes(a)		4.750			01/15/43		535		577,045
Sr. Unsec’d. Notes		5.291			12/08/46		325		368,122
Sr. Unsec’d. Notes		7.400			11/01/46		75		102,034
Sr. Unsec’d. Notes		7.450			07/16/31		75		98,699
Sr. Unsec’d. Notes		9.000			04/22/25		300		365,563
Sr. Unsec’d. Notes		9.625			04/22/30		520		741,232
PM General Purchaser LLC, Sr. Sec’d. Notes, 144A		9.500			10/01/28		175		190,234
									2,812,641
Auto Parts & Equipment    1.7%
Adient Global Holdings Ltd. (Jersey, Channel Islands), Gtd. Notes, 144A		4.875			08/15/26		400		411,052
American Axle & Manufacturing, Inc.,
Gtd. Notes		5.000			10/01/29		175		175,167
Gtd. Notes		6.250			04/01/25		21		21,698
Gtd. Notes		6.250			03/15/26		100		103,071
Gtd. Notes		6.500			04/01/27		150		157,634
Gtd. Notes		6.875			07/01/28		75		81,000
Cooper-Standard Automotive, Inc., Gtd. Notes, 144A		5.625			11/15/26		50		42,109
Dana, Inc.,
Sr. Unsec’d. Notes		4.250			09/01/30		25		25,981
Sr. Unsec’d. Notes		5.625			06/15/28		160		172,075
Tenneco, Inc.,
Sr. Sec’d. Notes, 144A		5.125			04/15/29		150		155,564
Sr. Sec’d. Notes, 144A		7.875			01/15/29		25		28,213

See Notes to Financial Statements.

56

Description	Interest Rate	Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Auto Parts & Equipment (cont'd.)
Titan International, Inc., Sr. Sec’d. Notes, 144A	7.000%		04/30/28		100	$	104,541
							1,478,105
Banks    0.2%
Citigroup, Inc., Jr. Sub. Notes, 5 Year CMT Index + 3.417%(rr)	3.875(c)		2/18/2026		75		77,156
Freedom Mortgage Corp., Sr. Unsec’d. Notes, 144A	7.625		05/01/26		75		75,142
							152,298
Building Materials    2.1%
Cornerstone Building Brands, Inc., Gtd. Notes, 144A	6.125		01/15/29		125		133,721
Griffon Corp., Gtd. Notes	5.750		03/01/28		275		292,305
Masonite International Corp. (Canada),
Gtd. Notes, 144A	3.500		02/15/30		50		50,129
Gtd. Notes, 144A	5.375		02/01/28		100		106,193
Patrick Industries, Inc.,
Gtd. Notes, 144A	7.500		10/15/27		75		81,378
Sr. Unsec’d. Notes, 144A	4.750		05/01/29		75		76,599
SRM Escrow Issuer LLC, Sr. Sec’d. Notes, 144A	6.000		11/01/28		250		265,055
Standard Industries, Inc.,
Sr. Unsec’d. Notes, 144A	3.375		01/15/31		150		144,385
Sr. Unsec’d. Notes, 144A	4.375		07/15/30		75		77,268
Sr. Unsec’d. Notes, 144A	4.750		01/15/28		175		182,093
Sr. Unsec’d. Notes, 144A	5.000		02/15/27		120		124,195
Summit Materials LLC/Summit Materials Finance Corp.,
Gtd. Notes, 144A	5.250		01/15/29		15		15,869
Gtd. Notes, 144A	6.500		03/15/27		150		157,875
US Concrete, Inc., Gtd. Notes, 144A	5.125		03/01/29		125		136,692
							1,843,757
Chemicals    2.2%
Ashland LLC, Gtd. Notes	6.875		05/15/43		75		96,348
Axalta Coating Systems LLC, Gtd. Notes, 144A	3.375		02/15/29		150		147,060
Chemours Co. (The),
Gtd. Notes, 144A	4.625		11/15/29		50		49,666
Gtd. Notes, 144A	5.750		11/15/28		200		211,906
Cornerstone Chemical Co., Sr. Sec’d. Notes, 144A	6.750		08/15/24		75		67,257
Hexion, Inc., Gtd. Notes, 144A	7.875		07/15/27		125		132,983
Rain CII Carbon LLC/CII Carbon Corp., Sec’d. Notes, 144A	7.250		04/01/25		150		155,070
SCIH Salt Holdings, Inc., Sr. Unsec’d. Notes, 144A	6.625		05/01/29		25		24,574

See Notes to Financial Statements.

PGIM Fixed Income ETFs 57

PGIM Active High Yield Bond ETF

Schedule of Investments (continued)

as of August 31, 2021

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Chemicals (cont'd.)
TPC Group, Inc.,
Sr. Sec’d. Notes, 144A		10.500	%		08/01/24		185	$	171,089
Sr. Sec’d. Notes, 144A		10.875			08/01/24		46		48,658
Tronox, Inc., Gtd. Notes, 144A		4.625			03/15/29		150		152,305
Valvoline, Inc.,
Gtd. Notes, 144A		4.250			02/15/30		25		25,949
Sr. Unsec’d. Notes, 144A		3.625			06/15/31		175		174,126
Venator Finance Sarl/Venator Materials LLC (Multinational),
Gtd. Notes, 144A		5.750			07/15/25		275		260,182
Sr. Sec’d. Notes, 144A		9.500			07/01/25		25		27,804
W.R. Grace & Co.-Conn, Gtd. Notes, 144A		4.875			06/15/27		50		51,876
W.R. Grace Holdings LLC, Sr. Unsec’d. Notes, 144A		5.625			08/15/29		75		78,076
									1,874,929
Coal    0.0%
Coronado Finance Pty Ltd. (Australia), Sr. Sec’d. Notes, 144A		10.750			05/15/26		25		27,467
Commercial Services    4.8%
Adtalem Global Education, Inc., Sr. Sec’d. Notes, 144A		5.500			03/01/28		185		189,376
Allied Universal Holdco LLC/Allied Universal Finance Corp.,
Sr. Sec’d. Notes, 144A		6.625			07/15/26		110		117,535
Sr. Unsec’d. Notes, 144A		6.000			06/01/29		400		399,977
Sr. Unsec’d. Notes, 144A		9.750			07/15/27		200		218,811
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl (Multinational), Sr. Sec’d. Notes, 144A		4.625			06/01/28		400		401,073
Alta Equipment Group, Inc., Sec’d. Notes, 144A		5.625			04/15/26		50		51,500
AMN Healthcare, Inc.,
Gtd. Notes, 144A		4.000			04/15/29		25		25,794
Gtd. Notes, 144A		4.625			10/01/27		175		182,528
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.,
Gtd. Notes, 144A		4.750			04/01/28		175		180,433
Gtd. Notes, 144A		5.250			03/15/25		25		25,438
Brink’s Co. (The), Gtd. Notes, 144A		4.625			10/15/27		100		105,010
Carriage Services, Inc., Gtd. Notes, 144A		4.250			05/15/29		50		50,064
CoreLogic, Inc., Sr. Sec’d. Notes, 144A		4.500			05/01/28		50		49,913
Gartner, Inc., Gtd. Notes, 144A		3.625			06/15/29		50		51,504
Metis Merger Sub LLC, Sr. Unsec’d. Notes, 144A		6.500			05/15/29		225		225,011
MPH Acquisition Holdings LLC, Sr. Sec’d. Notes, 144A		5.500			09/01/28		50		50,802
NESCO Holdings II, Inc., Sec’d. Notes, 144A		5.500			04/15/29		100		103,793

See Notes to Financial Statements.

58

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Commercial Services (cont'd.)
Nielsen Finance LLC/Nielsen Finance Co.,
Gtd. Notes, 144A		4.500	%		07/15/29		25	$	24,826
Gtd. Notes, 144A		5.875			10/01/30		15		16,031
Sr. Unsec’d. Notes, 144A		4.750			07/15/31		25		24,712
Service Corp. International, Sr. Unsec’d. Notes		4.000			05/15/31		200		207,180
United Rentals North America, Inc.,
Gtd. Notes		3.750			01/15/32		75		76,624
Gtd. Notes		3.875			02/15/31		600		621,315
Gtd. Notes		4.875			01/15/28		125		132,452
Gtd. Notes		5.250			01/15/30		100		109,838
Verscend Escrow Corp., Sr. Unsec’d. Notes, 144A		9.750			08/15/26		530		560,525
									4,202,065
Computers    1.1%
Banff Merger Sub, Inc., Sr. Unsec’d. Notes, 144A		9.750			09/01/26		626		655,624
NCR Corp.,
Gtd. Notes, 144A		5.000			10/01/28		225		232,971
Gtd. Notes, 144A		5.125			04/15/29		25		25,939
Gtd. Notes, 144A		5.250			10/01/30		50		52,463
Tempo Acquisition LLC/Tempo Acquisition Finance Corp., Sr. Sec’d. Notes, 144A		5.750			06/01/25		25		26,388
									993,385
Distribution/Wholesale    0.5%
Avient Corp., Sr. Unsec’d. Notes, 144A		5.750			05/15/25		100		105,513
H&E Equipment Services, Inc., Gtd. Notes, 144A		3.875			12/15/28		350		351,167
									456,680
Diversified Financial Services    2.9%
Alliance Data Systems Corp., Gtd. Notes, 144A		4.750			12/15/24		100		102,483
goeasy Ltd. (Canada),
Gtd. Notes, 144A		4.375			05/01/26		50		51,576
Gtd. Notes, 144A		5.375			12/01/24		75		77,396
Home Point Capital, Inc., Gtd. Notes, 144A		5.000			02/01/26		125		108,473
Jefferies Finance LLC/JFIN Co.-Issuer Corp., Sr. Unsec’d. Notes, 144A		5.000			08/15/28		200		204,972
LD Holdings Group LLC, Gtd. Notes, 144A		6.125			04/01/28		100		98,378
LPL Holdings, Inc.,
Gtd. Notes, 144A		4.000			03/15/29		125		127,526
Gtd. Notes, 144A		4.375			05/15/31		50		51,944

See Notes to Financial Statements.

PGIM Fixed Income ETFs 59

PGIM Active High Yield Bond ETF

Schedule of Investments (continued)

as of August 31, 2021

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Diversified Financial Services (cont'd.)
Nationstar Mortgage Holdings, Inc.,
Gtd. Notes, 144A		5.125	%		12/15/30		200	$	205,012
Gtd. Notes, 144A		6.000			01/15/27		225		237,248
OneMain Finance Corp.,
Gtd. Notes		3.875			09/15/28		50		50,200
Gtd. Notes		4.000			09/15/30		125		125,193
Gtd. Notes		6.125			03/15/24		225		242,545
Gtd. Notes		6.875			03/15/25		350		396,768
Gtd. Notes		7.125			03/15/26		250		292,031
PennyMac Financial Services, Inc.,
Gtd. Notes, 144A		4.250			02/15/29		50		48,440
Gtd. Notes, 144A		5.375			10/15/25		100		103,395
									2,523,580
Electric    4.4%
Calpine Corp.,
Sr. Sec’d. Notes, 144A		3.750			03/01/31		225		220,656
Sr. Sec’d. Notes, 144A		4.500			02/15/28		186		191,641
Sr. Unsec’d. Notes, 144A		4.625			02/01/29		40		40,156
Sr. Unsec’d. Notes, 144A		5.000			02/01/31		250		255,211
Sr. Unsec’d. Notes, 144A		5.125			03/15/28		659		672,124
NRG Energy, Inc.,
Gtd. Notes		5.750			01/15/28		275		294,164
Gtd. Notes		6.625			01/15/27		70		72,582
Gtd. Notes, 144A		3.375			02/15/29		75		75,331
Gtd. Notes, 144A		3.875			02/15/32		75		76,051
Gtd. Notes, 144A		5.250			06/15/29		250		271,042
PG&E Corp.,
Sr. Sec’d. Notes(a)		5.000			07/01/28		350		347,416
Sr. Sec’d. Notes		5.250			07/01/30		220		217,174
Vistra Operations Co. LLC,
Gtd. Notes, 144A		5.000			07/31/27		90		93,601
Gtd. Notes, 144A		5.500			09/01/26		50		51,450
Gtd. Notes, 144A		5.625			02/15/27		750		780,885
Sr. Unsec’d. Notes, 144A		4.375			05/01/29		150		152,262
									3,811,746
Electrical Components & Equipment    0.4%
Energizer Holdings, Inc., Gtd. Notes, 144A		4.375			03/31/29		50		50,132
WESCO Distribution, Inc.,
Gtd. Notes, 144A		7.125			06/15/25		150		161,320

See Notes to Financial Statements.

60

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Electrical Components & Equipment (cont'd.)
WESCO Distribution, Inc., (cont'd.)
Gtd. Notes, 144A		7.250	%		06/15/28		100	$	111,327
									322,779
Electronics    0.1%
Brightstar Escrow Corp., Sr. Sec’d. Notes, 144A		9.750			10/15/25		100		107,582
Sensata Technologies, Inc., Gtd. Notes, 144A		3.750			02/15/31		15		15,158
									122,740
Engineering & Construction    0.2%
AECOM, Gtd. Notes		5.125			03/15/27		50		55,879
PowerTeam Services LLC, Sr. Sec’d. Notes, 144A		9.033			12/04/25		50		54,745
TopBuild Corp., Gtd. Notes, 144A		3.625			03/15/29		75		75,063
									185,687
Entertainment    4.6%
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		82		73,528
Caesars Entertainment, Inc., Sr. Sec’d. Notes, 144A		6.250			07/01/25		290		306,443
Caesars Resort Collection LLC/CRC Finco, Inc.,
Gtd. Notes, 144A		5.250			10/15/25		300		304,340
Sr. Sec’d. Notes, 144A		5.750			07/01/25		260		273,296
CCM Merger, Inc., Sr. Unsec’d. Notes, 144A		6.375			05/01/26		25		26,348
Cedar Fair LP, Gtd. Notes		5.250			07/15/29		25		25,576
Churchill Downs, Inc., Gtd. Notes, 144A		5.500			04/01/27		125		130,075
Everi Holdings, Inc., Gtd. Notes, 144A		5.000			07/15/29		25		25,584
Golden Entertainment, Inc., Sr. Unsec’d. Notes, 144A		7.625			04/15/26		225		239,190
International Game Technology PLC (United Kingdom), Sr. Sec’d. Notes, 144A		5.250			01/15/29		500		534,618
Jacobs Entertainment, Inc., Sec’d. Notes, 144A		7.875			02/01/24		125		130,451
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., Sr. Sec’d. Notes, 144A		4.875			05/01/29		75		75,948
Motion Bondco DAC (Ireland), Gtd. Notes, 144A		6.625			11/15/27		200		201,311
Peninsula Pacific Entertainment LLC/Peninsula Pacific Entertainment Finance In, Sr. Unsec’d. Notes, 144A		8.500			11/15/27		200		213,756
Penn National Gaming, Inc.,
Sr. Unsec’d. Notes, 144A		4.125			07/01/29		25		24,959
Sr. Unsec’d. Notes, 144A		5.625			01/15/27		250		259,539

See Notes to Financial Statements.

PGIM Fixed Income ETFs 61

PGIM Active High Yield Bond ETF

Schedule of Investments (continued)

as of August 31, 2021

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Entertainment (cont'd.)
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.,
Gtd. Notes, 144A		5.625	%		09/01/29		125	$	128,012
Gtd. Notes, 144A		5.875			09/01/31		125		128,093
Scientific Games International, Inc.,
Gtd. Notes, 144A		8.250			03/15/26		200		212,838
Gtd. Notes, 144A		8.625			07/01/25		425		458,855
Sr. Sec’d. Notes, 144A		5.000			10/15/25		75		77,155
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.,
Gtd. Notes, 144A		5.125			10/01/29		155		161,577
Sr. Unsec’d. Notes, 144A		7.750			04/15/25		25		26,566
									4,038,058
Environmental Control    0.2%
GFL Environmental, Inc. (Canada), Gtd. Notes, 144A		4.375			08/15/29		75		75,357
Madison IAQ LLC,
Sr. Sec’d. Notes, 144A		4.125			06/30/28		25		25,133
Sr. Unsec’d. Notes, 144A		5.875			06/30/29		50		51,182
									151,672
Food    3.3%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC,
Gtd. Notes, 144A		3.500			03/15/29		200		202,031
Gtd. Notes, 144A		5.875			02/15/28		25		26,824
B&G Foods, Inc.,
Gtd. Notes		5.250			04/01/25		175		179,445
Gtd. Notes		5.250			09/15/27		275		285,431
C&S Group Enterprises LLC, Gtd. Notes, 144A		5.000			12/15/28		75		73,999
Chobani LLC/Chobani Finance Corp., Inc.,
Gtd. Notes, 144A		7.500			04/15/25		50		52,034
Sr. Sec’d. Notes, 144A		4.625			11/15/28		50		51,938
JBS USA Food Co., Gtd. Notes, 144A		5.750			01/15/28		200		211,241
JBS USA LUX SA/JBS USA Finance, Inc. (Multinational), Gtd. Notes, 144A		6.750			02/15/28		160		175,346
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc. (Multinational),
Gtd. Notes, 144A		3.750			12/01/31		50		52,752
Gtd. Notes, 144A		6.500			04/15/29		150		169,922

See Notes to Financial Statements.

62

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Food (cont'd.)
Kraft Heinz Foods Co.,
Gtd. Notes		4.375	%		06/01/46		75	$	86,641
Gtd. Notes		4.875			10/01/49		50		62,307
Gtd. Notes		5.200			07/15/45		50		64,014
Gtd. Notes		5.500			06/01/50		75		100,151
Gtd. Notes		6.500			02/09/40		50		72,663
Pilgrim’s Pride Corp.,
Gtd. Notes, 144A		3.500			03/01/32		50		51,063
Gtd. Notes, 144A		4.250			04/15/31		175		188,524
Gtd. Notes, 144A		5.875			09/30/27		240		256,359
Post Holdings, Inc.,
Gtd. Notes, 144A		4.625			04/15/30		300		306,597
Sr. Unsec’d. Notes, 144A		4.500			09/15/31		200		202,128
US Foods, Inc., Gtd. Notes, 144A	4.750			02/15/29		25		25,661
									2,897,071
Gas    0.7%
AmeriGas Partners LP/AmeriGas Finance Corp.,
Sr. Unsec’d. Notes		5.500			05/20/25		325		357,606
Sr. Unsec’d. Notes		5.750			05/20/27		75		84,448
Sr. Unsec’d. Notes		5.875			08/20/26		178		200,140
									642,194
Healthcare-Services    4.2%
Catalent Pharma Solutions, Inc., Gtd. Notes, 144A		3.125			02/15/29		25		24,699
DaVita, Inc.,
Gtd. Notes, 144A		3.750			02/15/31		525		519,017
Gtd. Notes, 144A		4.625			06/01/30		100		104,483
HCA, Inc.,
Gtd. Notes		5.375			09/01/26		470		542,004
Gtd. Notes		5.875			02/15/26		250		290,667
Legacy LifePoint Health LLC, Sr. Sec’d. Notes, 144A		6.750			04/15/25		75		79,168
LifePoint Health, Inc., Gtd. Notes, 144A		5.375			01/15/29		50		49,172
MEDNAX, Inc., Gtd. Notes, 144A		6.250			01/15/27		150		158,111
Prime Healthcare Services, Inc., Sr. Sec’d. Notes, 144A		7.250			11/01/25		150		160,798
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc., Gtd. Notes, 144A		9.750			12/01/26		325		346,256
Tenet Healthcare Corp.,
Gtd. Notes, 144A		6.125			10/01/28		350		370,052
Sr. Sec’d. Notes, 144A		4.250			06/01/29		500		510,751
Sr. Sec’d. Notes, 144A		4.875			01/01/26		309		320,273

See Notes to Financial Statements.

PGIM Fixed Income ETFs 63

PGIM Active High Yield Bond ETF

Schedule of Investments (continued)

as of August 31, 2021

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Healthcare-Services (cont'd.)
Tenet Healthcare Corp., (cont'd.)
Sr. Unsec’d. Notes		6.875	%		11/15/31		125	$	143,947
									3,619,398
Home Builders    4.3%
Ashton Woods USA LLC/Ashton Woods Finance Co.,
Sr. Unsec’d. Notes, 144A		4.625			08/01/29		25		25,131
Sr. Unsec’d. Notes, 144A		9.875			04/01/27		75		83,392
Beazer Homes USA, Inc.,
Gtd. Notes		5.875			10/15/27		75		79,081
Gtd. Notes		7.250			10/15/29		470		520,185
Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada),
Gtd. Notes, 144A		4.875			02/15/30		75		75,623
Gtd. Notes, 144A		6.250			09/15/27		270		285,078
Sr. Unsec’d. Notes, 144A		5.000			06/15/29		25		25,455
Century Communities, Inc.,
Gtd. Notes		6.750			06/01/27		250		266,944
Gtd. Notes, 144A		3.875			08/15/29		25		25,376
Forestar Group, Inc.,
Gtd. Notes, 144A		3.850			05/15/26		50		50,470
Gtd. Notes, 144A		5.000			03/01/28		75		77,813
KB Home,
Gtd. Notes		4.000			06/15/31		50		52,329
Gtd. Notes		4.800			11/15/29		150		166,548
Gtd. Notes		6.875			06/15/27		50		59,958
M/I Homes, Inc., Gtd. Notes	4.950			02/01/28		175		183,449
Mattamy Group Corp. (Canada),
Sr. Unsec’d. Notes, 144A		4.625			03/01/30		175		179,424
Sr. Unsec’d. Notes, 144A		5.250			12/15/27		250		261,315
Shea Homes LP/Shea Homes Funding Corp.,
Sr. Unsec’d. Notes, 144A		4.750			02/15/28		175		180,396
Sr. Unsec’d. Notes, 144A		4.750			04/01/29		50		51,610
STL Holding Co. LLC, Sr. Unsec’d. Notes, 144A	7.500			02/15/26		125		132,705
Taylor Morrison Communities, Inc.,
Gtd. Notes, 144A		6.625			07/15/27		100		106,693
Sr. Unsec’d. Notes, 144A		5.125			08/01/30		635		694,818
Tri Pointe Homes, Inc.,
Gtd. Notes		5.250			06/01/27		100		109,360
Gtd. Notes		5.700			06/15/28		15		16,726
									3,709,879

See Notes to Financial Statements.

64

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Home Furnishings    0.1%
Tempur Sealy International, Inc., Gtd. Notes, 144A		4.000	%		04/15/29		100	$	103,347
Household Products/Wares    0.5%
ACCO Brands Corp., Gtd. Notes, 144A		4.250			03/15/29		150		150,742
Central Garden & Pet Co., Gtd. Notes, 144A		4.125			04/30/31		25		25,396
Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc.,
Gtd. Notes, 144A		7.000			12/31/27		125		121,620
Sr. Sec’d. Notes, 144A		5.000			12/31/26		25		24,899
Spectrum Brands, Inc., Gtd. Notes, 144A		5.500			07/15/30		125		134,154
									456,811
Housewares    0.3%
Scotts Miracle-Gro Co. (The),
Gtd. Notes, 144A		4.000			04/01/31		225		225,461
Gtd. Notes, 144A		4.375			02/01/32		50		50,691
									276,152
Insurance    0.2%
Acrisure LLC/Acrisure Finance, Inc., Sr. Unsec’d. Notes, 144A		6.000			08/01/29		125		122,944
AmWINS Group, Inc., Sr. Unsec’d. Notes, 144A		4.875			06/30/29		50		50,854
BroadStreet Partners, Inc., Sr. Unsec’d. Notes, 144A		5.875			04/15/29		25		25,213
									199,011
Internet    0.1%
Go Daddy Operating Co. LLC/GD Finance Co., Inc., Gtd. Notes, 144A		3.500			03/01/29		50		49,492
NortonLifeLock, Inc., Sr. Unsec’d. Notes, 144A		5.000			04/15/25		40		40,606
									90,098
Iron/Steel    0.3%
Big River Steel LLC/BRS Finance Corp., Sr. Sec’d. Notes, 144A		6.625			01/31/29		103		112,381
TMS International Corp., Sr. Unsec’d. Notes, 144A		6.250			04/15/29		25		26,193
United States Steel Corp., Sr. Unsec’d. Notes		6.875			03/01/29		145		158,422
									296,996

See Notes to Financial Statements.

PGIM Fixed Income ETFs 65

PGIM Active High Yield Bond ETF

Schedule of Investments (continued)

as of August 31, 2021

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Leisure Time    0.2%
NCL Corp. Ltd. (Bermuda), Sr. Sec’d. Notes, 144A		10.250	%		02/01/26		30	$	34,637
Viking Cruises Ltd. (Bermuda), Gtd. Notes, 144A		5.875			09/15/27		25		24,211
Viking Ocean Cruises Ship VII Ltd. (Bermuda), Sr. Sec’d. Notes, 144A		5.625			02/15/29		25		24,956
Vista Outdoor, Inc., Gtd. Notes, 144A		4.500			03/15/29		50		50,584
									134,388
Lodging    2.4%
Boyd Gaming Corp.,
Gtd. Notes		4.750			12/01/27		250		257,813
Gtd. Notes, 144A		4.750			06/15/31		50		51,652
Hilton Domestic Operating Co., Inc.,
Gtd. Notes, 144A		3.625			02/15/32		350		348,939
Gtd. Notes, 144A		4.000			05/01/31		175		180,442
Gtd. Notes, 144A		5.375			05/01/25		25		26,231
Gtd. Notes, 144A		5.750			05/01/28		25		27,021
MGM Resorts International,
Gtd. Notes		4.625			09/01/26		75		79,122
Gtd. Notes		4.750			10/15/28		225		237,600
Gtd. Notes		5.500			04/15/27		150		163,400
Gtd. Notes		6.750			05/01/25		250		265,429
Wynn Macau Ltd. (Cayman Islands), Sr. Unsec’d. Notes, 144A		5.625			08/26/28		400		405,360
									2,043,009
Machinery-Constructions & Mining    0.1%
Terex Corp., Gtd. Notes, 144A		5.000			05/15/29		50		52,688
Machinery-Diversified    0.8%
GrafTech Finance, Inc., Sr. Sec’d. Notes, 144A		4.625			12/15/28		140		142,820
Maxim Crane Works Holdings Capital LLC, Sec’d. Notes, 144A		10.125			08/01/24		520		535,771
									678,591
Media    8.1%
CCO Holdings LLC/CCO Holdings Capital Corp.,
Sr. Unsec’d. Notes		4.500			05/01/32		700		732,080
Sr. Unsec’d. Notes, 144A		4.250			02/01/31		1,375		1,411,316
Sr. Unsec’d. Notes, 144A		4.500			08/15/30		50		52,290
Sr. Unsec’d. Notes, 144A		4.500			06/01/33		75		77,725

See Notes to Financial Statements.

66

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Media (cont'd.)
CCO Holdings LLC/CCO Holdings Capital Corp., (cont'd.)
Sr. Unsec’d. Notes, 144A		4.750	%		03/01/30		150	$	158,565
Sr. Unsec’d. Notes, 144A		5.000			02/01/28		50		52,397
Sr. Unsec’d. Notes, 144A		5.375			06/01/29		125		136,502
CSC Holdings LLC,
Gtd. Notes, 144A		3.375			02/15/31		200		190,219
Gtd. Notes, 144A		4.125			12/01/30		200		200,263
Sr. Unsec’d. Notes		6.750			11/15/21		563		568,693
Sr. Unsec’d. Notes, 144A		4.625			12/01/30		325		320,007
Diamond Sports Group LLC/Diamond Sports Finance Co.,
Gtd. Notes, 144A		6.625			08/15/27		711		305,753
Sr. Sec’d. Notes, 144A		5.375			08/15/26		160		106,193
DISH DBS Corp.,
Gtd. Notes		5.875			11/15/24		50		54,033
Gtd. Notes		7.375			07/01/28		65		69,958
Gtd. Notes		7.750			07/01/26		259		296,552
Gtd. Notes, 144A		5.125			06/01/29		300		298,654
Gray Television, Inc.,
Gtd. Notes, 144A		4.750			10/15/30		25		24,769
Gtd. Notes, 144A		5.875			07/15/26		250		258,155
Gtd. Notes, 144A		7.000			05/15/27		175		187,712
iHeartCommunications, Inc.,
Sr. Sec’d. Notes		6.375			05/01/26		40		42,270
Sr. Sec’d. Notes, 144A		5.250			08/15/27		100		104,859
Midcontinent Communications/Midcontinent Finance Corp., Gtd. Notes, 144A	5.375			08/15/27		150		156,404
News Corp., Sr. Unsec’d. Notes, 144A	3.875			05/15/29		50		51,459
Nexstar Media, Inc.,
Gtd. Notes, 144A		4.750			11/01/28		50		52,005
Gtd. Notes, 144A		5.625			07/15/27		50		53,083
Radiate Holdco LLC/Radiate Finance, Inc.,
Sr. Sec’d. Notes, 144A		4.500			09/15/26		125		130,129
Sr. Unsec’d. Notes, 144A		6.500			09/15/28		75		76,860
Scripps Escrow II, Inc.,
Sr. Sec’d. Notes, 144A		3.875			01/15/29		25		25,125
Sr. Unsec’d. Notes, 144A		5.375			01/15/31		125		123,776
Scripps Escrow, Inc., Gtd. Notes, 144A	5.875			07/15/27		20		20,522
Univision Communications, Inc.,
Sr. Sec’d. Notes, 144A		4.500			05/01/29		475		481,827
Sr. Sec’d. Notes, 144A		6.625			06/01/27		200		216,633
Urban One, Inc., Sr. Sec’d. Notes, 144A	7.375			02/01/28		35		37,882
									7,074,670

See Notes to Financial Statements.

PGIM Fixed Income ETFs 67

PGIM Active High Yield Bond ETF

Schedule of Investments (continued)

as of August 31, 2021

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Mining    2.5%
Eldorado Gold Corp. (Canada),
Sec’d. Notes, 144A		9.500	%		06/01/24		84	$	91,691
Sr. Unsec’d. Notes, 144A		6.250			09/01/29		200		203,190
First Quantum Minerals Ltd. (Canada),
Gtd. Notes, 144A		6.500			03/01/24		315		320,584
Gtd. Notes, 144A		6.875			03/01/26		200		209,053
Gtd. Notes, 144A		7.500			04/01/25		400		415,051
Freeport-McMoRan, Inc., Gtd. Notes	4.625			08/01/30		100		110,181
Hecla Mining Co., Gtd. Notes	7.250			02/15/28		75		81,225
Hudbay Minerals, Inc. (Canada),
Gtd. Notes, 144A		4.500			04/01/26		175		176,323
Gtd. Notes, 144A		6.125			04/01/29		110		118,317
IAMGOLD Corp. (Canada), Gtd. Notes, 144A	5.750			10/15/28		94		93,996
New Gold, Inc. (Canada),
Gtd. Notes, 144A		6.375			05/15/25		33		34,031
Sr. Unsec’d. Notes, 144A		7.500			07/15/27		220		232,032
Novelis Corp., Gtd. Notes, 144A	4.750			01/30/30		75		79,869
									2,165,543
Miscellaneous Manufacturer    0.2%
Amsted Industries, Inc.,
Gtd. Notes, 144A		5.625			07/01/27		25		26,197
Sr. Unsec’d. Notes, 144A		4.625			05/15/30		160		165,567
									191,764
Office & Business Equipment     0.2%
CDW LLC/CDW Finance Corp., Gtd. Notes	3.250			02/15/29		175		179,826
Oil & Gas     7.0%
Aethon United BR LP/Aethon United Finance Corp., Sr. Unsec’d. Notes, 144A		8.250			02/15/26		75		81,280
Alta Mesa Holdings LP/Alta Mesa Finance Services Corp., Sr. Unsec’d. Notes(d)		7.875			12/15/24		310		387
Antero Resources Corp.,
Gtd. Notes		5.000			03/01/25		50		51,045
Gtd. Notes, 144A		5.375			03/01/30		125		127,690
Gtd. Notes, 144A		7.625			02/01/29		125		137,521
Gtd. Notes, 144A		8.375			07/15/26		281		318,504
Apache Corp.,
Sr. Unsec’d. Notes		5.100			09/01/40		25		27,792
Sr. Unsec’d. Notes		5.350			07/01/49		50		55,771

See Notes to Financial Statements.

68

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Oil & Gas (cont'd.)
Ascent Resources Utica Holdings LLC/ARU Finance Corp.,
Gtd. Notes, 144A		7.000	%		11/01/26		325	$	331,033
Gtd. Notes, 144A		9.000			11/01/27		62		82,483
Chesapeake Energy Corp.,
Gtd. Notes, 144A		5.500			02/01/26		25		26,138
Gtd. Notes, 144A		5.875			02/01/29		25		26,661
Citgo Holding, Inc., Sr. Sec’d. Notes, 144A		9.250			08/01/24		125		125,148
CITGO Petroleum Corp., Sr. Sec’d. Notes, 144A		7.000			06/15/25		100		102,394
CNX Resources Corp., Gtd. Notes, 144A		7.250			03/14/27		250		265,000
Comstock Resources, Inc.,
Gtd. Notes, 144A		5.875			01/15/30		50		50,067
Gtd. Notes, 144A		6.750			03/01/29		125		131,171
CrownRock LP/CrownRock Finance, Inc.,
Sr. Unsec’d. Notes, 144A		5.000			05/01/29		25		25,661
Sr. Unsec’d. Notes, 144A		5.625			10/15/25		25		25,762
Endeavor Energy Resources LP/EER Finance, Inc.,
Sr. Unsec’d. Notes, 144A		5.500			01/30/26		50		51,723
Sr. Unsec’d. Notes, 144A		5.750			01/30/28		225		236,792
Sr. Unsec’d. Notes, 144A		6.625			07/15/25		35		37,116
EQT Corp.,
Sr. Unsec’d. Notes		3.900			10/01/27		75		81,045
Sr. Unsec’d. Notes		7.500			02/01/30		250		325,027
Hilcorp Energy I LP/Hilcorp Finance Co.,
Sr. Unsec’d. Notes, 144A		5.750			10/01/25		250		252,882
Sr. Unsec’d. Notes, 144A		5.750			02/01/29		25		25,372
Sr. Unsec’d. Notes, 144A		6.000			02/01/31		125		128,366
Sr. Unsec’d. Notes, 144A		6.250			11/01/28		25		25,828
MEG Energy Corp. (Canada),
Gtd. Notes, 144A		5.875			02/01/29		50		51,478
Gtd. Notes, 144A		7.125			02/01/27		300		315,568
Sec’d. Notes, 144A		6.500			01/15/25		21		21,687
Nabors Industries Ltd. (Bermuda),
Gtd. Notes, 144A		7.250			01/15/26		125		116,491
Gtd. Notes, 144A		7.500			01/15/28		100		90,971
Nabors Industries, Inc., Gtd. Notes		5.750			02/01/25		150		127,477
Occidental Petroleum Corp.,
Sr. Unsec’d. Notes		3.500			08/15/29		75		77,763
Sr. Unsec’d. Notes		4.100			02/15/47		25		24,557
Sr. Unsec’d. Notes		4.625			06/15/45		25		25,849
Sr. Unsec’d. Notes		6.125			01/01/31		250		302,252
Sr. Unsec’d. Notes		6.450			09/15/36		200		250,956

See Notes to Financial Statements.

PGIM Fixed Income ETFs 69

PGIM Active High Yield Bond ETF

Schedule of Investments (continued)

as of August 31, 2021

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Oil & Gas (cont'd.)
Occidental Petroleum Corp., (cont'd.)
Sr. Unsec’d. Notes		6.625	%		09/01/30		50	$	62,342
Sr. Unsec’d. Notes		7.150			05/15/28		50		58,359
Sr. Unsec’d. Notes		8.500			07/15/27		120		151,318
Sr. Unsec’d. Notes		8.875			07/15/30		136		186,583
Parkland Corp. (Canada), Gtd. Notes, 144A		4.500			10/01/29		75		76,913
Precision Drilling Corp. (Canada),
Gtd. Notes, 144A		6.875			01/15/29		25		25,133
Gtd. Notes, 144A		7.125			01/15/26		75		76,659
Range Resources Corp.,
Gtd. Notes		4.875			05/15/25		50		52,120
Gtd. Notes		9.250			02/01/26		150		164,156
Southwestern Energy Co., Gtd. Notes		5.375			03/15/30		250		260,042
Sunoco LP/Sunoco Finance Corp.,
Gtd. Notes		4.500			05/15/29		150		152,336
Gtd. Notes		5.875			03/15/28		100		105,548
Transocean, Inc. (Cayman Islands),
Gtd. Notes, 144A		7.250			11/01/25		85		67,473
Gtd. Notes, 144A		8.000			02/01/27		25		18,618
Vine Energy Holdings LLC, Gtd. Notes, 144A		6.750			04/15/29		75		81,076
									6,099,384
Packaging & Containers    0.7%
ARD Finance SA (Luxembourg), Sr. Sec’d. Notes, Cash coupon 6.500% or PIK 7.250%, 144A		6.500			06/30/27		200		210,574
Graham Packaging Co., Inc., Gtd. Notes, 144A		7.125			08/15/28		10		10,648
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		77,927
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co.-Issuer LLC (Canada), Sr. Sec’d. Notes, 144A		6.000			09/15/28		150		156,738
Owens-Brockway Glass Container, Inc.,
Gtd. Notes, 144A		6.375			08/15/25		50		55,785
Gtd. Notes, 144A		6.625			05/13/27		75		80,770
									592,442
Pharmaceuticals    3.2%
AdaptHealth LLC,
Gtd. Notes, 144A		4.625			08/01/29		125		125,310
Gtd. Notes, 144A		5.125			03/01/30		50		50,628
Gtd. Notes, 144A		6.125			08/01/28		120		128,383

See Notes to Financial Statements.

70

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Pharmaceuticals (cont'd.)
Bausch Health Americas, Inc., Gtd. Notes, 144A		9.250	%		04/01/26		400	$	430,838
Bausch Health Cos., Inc. (Canada),
Gtd. Notes, 144A		5.000			02/15/29		25		23,351
Gtd. Notes, 144A		5.250			01/30/30		675		633,995
Gtd. Notes, 144A		5.250			02/15/31		150		139,941
Gtd. Notes, 144A		6.250			02/15/29		490		486,377
Gtd. Notes, 144A		7.250			05/30/29		100		102,971
Sr. Sec’d. Notes, 144A		4.875			06/01/28		175		179,529
Endo Luxembourg Finance Co. I Sarl/Endo US, Inc. (Luxembourg), Sr. Sec’d. Notes, 144A		6.125			04/01/29		50		49,498
Organon & Co./Organon Foreign Debt Co.-Issuer BV, Sr. Unsec’d. Notes, 144A		5.125			04/30/31		200		209,772
P&L Development LLC/PLD Finance Corp., Sr. Sec’d. Notes, 144A		7.750			11/15/25		150		156,928
Prestige Brands, Inc., Gtd. Notes, 144A		3.750			04/01/31		25		24,683
									2,742,204
Pipelines    3.3%
Antero Midstream Partners LP/Antero Midstream Finance Corp.,
Gtd. Notes, 144A		5.375			06/15/29		175		179,220
Gtd. Notes, 144A		5.750			03/01/27		125		129,138
Gtd. Notes, 144A		5.750			01/15/28		125		129,906
Cheniere Energy Partners LP,
Gtd. Notes		4.500			10/01/29		100		107,762
Gtd. Notes, 144A		4.000			03/01/31		100		105,378
Cheniere Energy, Inc., Sr. Sec’d. Notes		4.625			10/15/28		375		395,928
DCP Midstream Operating LP, Gtd. Notes		5.625			07/15/27		20		22,698
Energy Transfer LP, Jr. Sub. Notes, 5 Year CMT Index + 5.306%(rr)		7.125	(c)		5/15/2030		50		51,418
EQM Midstream Partners LP,
Sr. Unsec’d. Notes		5.500			07/15/28		25		27,288
Sr. Unsec’d. Notes, 144A		6.000			07/01/25		120		130,322
Sr. Unsec’d. Notes, 144A		6.500			07/01/27		70		78,067
Global Partners LP/GLP Finance Corp., Gtd. Notes		6.875			01/15/29		75		77,792
Rockies Express Pipeline LLC, Sr. Unsec’d. Notes, 144A		7.500			07/15/38		175		196,018
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.,
Gtd. Notes, 144A		5.500			01/15/28		75		75,834
Gtd. Notes, 144A		6.000			03/01/27		134		138,582

See Notes to Financial Statements.

PGIM Fixed Income ETFs 71

PGIM Active High Yield Bond ETF

Schedule of Investments (continued)

as of August 31, 2021

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Pipelines (cont'd.)
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., (cont'd.)
Gtd. Notes, 144A		6.000	%		12/31/30		75	$	76,321
Gtd. Notes, 144A		7.500			10/01/25		100		107,703
Targa Resources Partners LP/Targa Resources Partners Finance Corp.,
Gtd. Notes		4.875			02/01/31		125		135,908
Gtd. Notes		5.375			02/01/27		25		25,913
Gtd. Notes		5.875			04/15/26		100		104,652
Gtd. Notes		6.500			07/15/27		200		216,186
Venture Global Calcasieu Pass LLC,
Sr. Sec’d. Notes, 144A		3.875			08/15/29		40		41,319
Sr. Sec’d. Notes, 144A		4.125			08/15/31		40		41,946
Western Midstream Operating LP,
Sr. Unsec’d. Notes		3.950			06/01/25		100		105,070
Sr. Unsec’d. Notes		4.000			07/01/22		100		101,271
Sr. Unsec’d. Notes		5.300			02/01/30		25		28,006
									2,829,646
Real Estate    1.3%
Five Point Operating Co. LP/Five Point Capital Corp., Gtd. Notes, 144A		7.875			11/15/25		252		262,997
Greystar Real Estate Partners LLC, Sr. Sec’d. Notes, 144A		5.750			12/01/25		225		229,952
Howard Hughes Corp. (The),
Gtd. Notes, 144A		4.125			02/01/29		100		101,061
Gtd. Notes, 144A		4.375			02/01/31		50		50,421
Gtd. Notes, 144A		5.375			08/01/28		180		191,285
Hunt Cos., Inc., Sr. Sec’d. Notes, 144A		5.250			04/15/29		275		269,581
									1,105,297
Real Estate Investment Trusts (REITs)    2.5%
Diversified Healthcare Trust,
Gtd. Notes		4.375			03/01/31		200		196,251
Gtd. Notes		9.750			06/15/25		325		358,611
Sr. Unsec’d. Notes		4.750			02/15/28		100		101,662
MPT Operating Partnership LP/MPT Finance Corp., Gtd. Notes		4.625			08/01/29		200		214,019
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co.-Issuer,
Sr. Sec’d. Notes, 144A		5.875			10/01/28		225		239,753
Sr. Sec’d. Notes, 144A		7.500			06/01/25		130		139,221

See Notes to Financial Statements.

72

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Real Estate Investment Trusts (REITs) (cont'd.)
RHP Hotel Properties LP/RHP Finance Corp., Gtd. Notes, 144A		4.500	%		02/15/29		25	$	25,392
Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC, Sr. Sec’d. Notes, 144A		7.875			02/15/25		425		452,632
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, Sr. Sec’d. Notes, 144A		4.750			04/15/28		50		51,064
VICI Properties LP/VICI Note Co., Inc.,
Gtd. Notes, 144A		3.750			02/15/27		100		104,064
Gtd. Notes, 144A		4.125			08/15/30		200		213,526
Gtd. Notes, 144A		4.625			12/01/29		40		43,467
									2,139,662
Retail    3.2%
1011778 BC ULC/New Red Finance, Inc. (Canada),
Sec’d. Notes, 144A		4.000			10/15/30		475		472,519
Sr. Sec’d. Notes, 144A		3.875			01/15/28		175		177,106
Ambience Merger Sub, Inc.,
Gtd. Notes, 144A		7.125			07/15/29		25		25,064
Sr. Sec’d. Notes, 144A		4.875			07/15/28		50		50,267
Brinker International, Inc., Sr. Unsec’d. Notes(a)		3.875			05/15/23		150		154,547
Caleres, Inc., Gtd. Notes		6.250			08/15/23		37		37,119
Carrols Restaurant Group, Inc., Gtd. Notes, 144A		5.875			07/01/29		75		72,475
eG Global Finance PLC (United Kingdom), Sr. Sec’d. Notes, 144A		8.500			10/30/25		200		209,767
Ferrellgas Escrow LLC^		8.956			03/30/31		350		350,000
Foundation Building Materials, Inc., Gtd. Notes, 144A		6.000			03/01/29		100		98,423
Golden Nugget, Inc., Sr. Unsec’d. Notes, 144A		6.750			10/15/24		125		125,320
LBM Acquisition LLC, Gtd. Notes, 144A		6.250			01/15/29		130		130,744
LCM Investments Holdings II LLC, Sr. Unsec’d. Notes, 144A		4.875			05/01/29		50		51,400
Park River Holdings, Inc., Gtd. Notes, 144A		5.625			02/01/29		225		213,737
Sally Holdings LLC/Sally Capital, Inc., Sec’d. Notes, 144A		8.750			04/30/25		300		326,254
Suburban Propane Partners LP/Suburban Energy Finance Corp., Sr. Unsec’d. Notes		5.875			03/01/27		125		130,676
Superior Plus LP/Superior General Partner, Inc. (Canada), Gtd. Notes, 144A		4.500			03/15/29		75		77,745
White Capital Buyer LLC, Sr. Unsec’d. Notes, 144A		6.875			10/15/28		50		53,200
									2,756,363

See Notes to Financial Statements.

PGIM Fixed Income ETFs 73

PGIM Active High Yield Bond ETF

Schedule of Investments (continued)

as of August 31, 2021

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Software    1.0%
Black Knight InfoServ LLC, Gtd. Notes, 144A		3.625	%		09/01/28		200	$	202,466
Boxer Parent Co., Inc., Sr. Sec’d. Notes, 144A		7.125			10/02/25		150		160,528
BY Crown Parent LLC/BY Bond Finance, Inc., Sr. Sec’d. Notes, 144A		4.250			01/31/26		145		152,888
Clarivate Science Holdings Corp., Sr. Unsec’d. Notes, 144A		4.875			07/01/29		50		51,553
Dun & Bradstreet Corp. (The), Sr. Sec’d. Notes, 144A		6.875			08/15/26		275		289,535
Rackspace Technology Global, Inc., Sr. Sec’d. Notes, 144A		3.500			02/15/28		50		48,049
									905,019
Telecommunications    5.1%
Altice France SA (France),
Sr. Sec’d. Notes, 144A		7.375			05/01/26		200		207,960
Sr. Sec’d. Notes, 144A		8.125			02/01/27		200		217,015
CommScope, Inc., Sr. Sec’d. Notes, 144A		6.000			03/01/26		250		262,055
Digicel Group Holdings Ltd. (Bermuda), Sr. Sec’d. Notes, Cash coupon 8.000% and PIK 2.000%		10.000			04/01/24		314		311,520
Digicel International Finance Ltd./Digicel international Holdings Ltd. (Multinational),
Gtd. Notes, Cash coupon 6.000% and PIK 7.000%, 144A		13.000			12/31/25		373		371,314
Sr. Sec’d. Notes, 144A		8.750			05/25/24		250		259,838
Digicel Ltd. (Bermuda), Gtd. Notes, 144A		6.750			03/01/23		600		568,853
Intelsat Jackson Holdings SA (Luxembourg)(d),
Gtd. Notes		5.500			08/01/23		65		34,638
Gtd. Notes, 144A		8.500			10/15/24		25		13,493
Gtd. Notes, 144A		9.750			07/15/25		295		159,544
Sr. Sec’d. Notes, 144A		8.000			02/15/24		50		51,824
Intrado Corp., Gtd. Notes, 144A		8.500			10/15/25		330		317,643
Lumen Technologies, Inc.,
Sr. Unsec’d. Notes		7.600			09/15/39		77		85,828
Sr. Unsec’d. Notes		7.650			03/15/42		190		211,791
Sprint Corp.,
Gtd. Notes		7.625			02/15/25		200		236,782
Gtd. Notes		7.625			03/01/26		250		308,284
Gtd. Notes		7.875			09/15/23		250		283,093
Switch Ltd., Gtd. Notes, 144A		4.125			06/15/29		25		25,826
Viasat, Inc.,
Sr. Sec’d. Notes, 144A		5.625			04/15/27		80		83,067
Sr. Unsec’d. Notes, 144A		5.625			09/15/25		100		101,669
Sr. Unsec’d. Notes, 144A		6.500			07/15/28		20		21,135
Windstream Escrow LLC/Windstream Escrow Finance Corp., Sr. Sec’d. Notes, 144A		7.750			08/15/28		40		41,324

See Notes to Financial Statements.

74

Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Telecommunications (cont'd.)
Zayo Group Holdings, Inc.,
Sr. Sec’d. Notes, 144A		4.000%		03/01/27		75	$	74,212
Sr. Unsec’d. Notes, 144A		6.125		03/01/28		175		178,101
								4,426,809
Toys/Games/Hobbies    0.1%
Mattel, Inc., Gtd. Notes, 144A		3.750		04/01/29		75		78,813
Transportation    0.5%
XPO Logistics, Inc., Gtd. Notes, 144A		6.250		05/01/25		400		422,602
Trucking & Leasing    0.0%
Fortress Transportation & Infrastructure Investors LLC, Sr. Unsec’d. Notes, 144A		5.500		05/01/28		25		25,445
TOTAL CORPORATE BONDS (cost $77,402,966)								78,852,254
					Shares
COMMON STOCKS    1.2%
Oil, Gas & Consumable Fuels    1.0%
Chesapeake Energy Corp.						11,790		658,000
Chesapeake Energy Corp. Backstop Commitment*^						68		3,795
Extraction Oil & Gas, Inc.(a)*						4,903		223,234
								885,029
Specialty Retail    0.2%
Ferrellgas Partners LP (Class B Stock)*						728		179,452
TOTAL COMMON STOCKS (cost $643,333)								1,064,481
					Units
WARRANT    0.0%
Consumer Discretionary    0.0%
CEC Brands LLC expiring 12/31/25* (cost $90,272)						2,061		6,904
TOTAL LONG-TERM INVESTMENTS (cost $80,626,269)								82,545,476

See Notes to Financial Statements.

PGIM Fixed Income ETFs 75

PGIM Active High Yield Bond ETF

Schedule of Investments (continued)

as of August 31, 2021

Description				Units		Value
SHORT-TERM INVESTMENTS    4.4%
AFFILIATED MUTUAL FUNDS    4.2%
PGIM Core Ultra Short Bond Fund (wa)					3,188,704	$	3,188,704
PGIM Institutional Money Market Fund (cost $408,020; includes $407,995 of cash collateral for securities on loan)(b)(wa)					408,265		408,020
TOTAL AFFILIATED MUTUAL FUNDS (cost $3,596,724)							3,596,724
	Interest Rate	Maturity Date		Principal Amount (000)#
TIME DEPOSIT    0.2%
Skandinaviska Enskilda Banken AB (Sweden) (cost $207,456)	0.005%		09/01/21		207		207,456
TOTAL SHORT-TERM INVESTMENTS (cost $3,804,180)							3,804,180
TOTAL INVESTMENTS    99.3% (cost $84,430,449)						86,349,656
Other assets in excess of liabilities    0.7%							626,201
NET ASSETS    100.0%						$86,975,857

The following abbreviations are used in the annual report:

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

LIBOR—London Interbank Offered Rate

PIK—Payment-in-Kind

# 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 $353,795 and 0.4% 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 $397,899; cash collateral of $407,995 (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 August 31, 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.

See Notes to Financial Statements.

76

(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.

Futures contracts outstanding at August 31, 2021:

Number of contracts		Type	Expiration Date		Current Notional Amount		Value / Unrealized Appreciation (Depreciation)
		Long Positions:
	12	2 Year U.S. Treasury Notes		Dec. 2021	$	2,643,938	$	1,555
	28	10 Year U.S. Treasury Notes		Dec. 2021		3,736,688		5,218
	42	5 Year U.S. Treasury Notes		Dec. 2021		5,196,188		8,128
								14,901
		Short Positions:
	8	U.S. Long Bond		Dec. 2021		1,303,750		3,078
	6	U.S. Ultra Bond		Dec. 2021		1,183,688		4,547
								7,625
							$	22,526

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

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

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

Fair Value Measurements:

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

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

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

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

See Notes to Financial Statements.

PGIM Fixed Income ETFs 77

PGIM Active High Yield Bond ETF

Schedule of Investments (continued)

as of August 31, 2021

The following is a summary of the inputs used as of August 31, 2021 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Bank Loans	$	—	$	2,621,837	$	—
Corporate Bonds		—		78,502,254		350,000
Common Stocks
Oil, Gas & Consumable Fuels		881,234		—		3,795
Specialty Retail		179,452		—		—
Warrant		—		6,904		—
Short-Term Investments
Affiliated Mutual Funds		3,596,724		—		—
Time Deposit		—		207,456		—
Total	$	4,657,410	$	81,338,451	$	353,795
Other Financial Instruments*
Assets
Futures Contracts	$	22,526	$	—	$	—
Total	$	22,526	$	—	$	—

* 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 assets in excess of liabilities shown as a percentage of net assets as of August 31, 2021 were follows (unaudited):

Media	8.1	%
Oil & Gas	7.3
Telecommunications	5.3
Commercial Services	4.8
Entertainment	4.7
Electric	4.4
Home Builders	4.3
Healthcare-Services	4.2
Affiliated Mutual Fund (0.5% represents investments purchased with collateral from securities on loan)	4.2
Aerospace & Defense	3.4
Food	3.3
Pipelines	3.3
Auto Manufacturers	3.2
Pharmaceuticals	3.2
Retail	3.2
Diversified Financial Services	2.9
Mining	2.5
Real Estate Investment Trusts (REITs)	2.5
Lodging	2.4
Chemicals	2.2
Building Materials	2.1
Software	1.8
Auto Parts & Equipment	1.7
Airlines	1.4

See Notes to Financial Statements.

78

Industry Classification (cont’d.)

Real Estate	1.3	%
Computers	1.1
Oil, Gas & Consumable Fuels	1.0
Machinery-Diversified	0.8
Gas	0.7
Packaging & Containers	0.7
Advertising	0.7
Household Products/Wares	0.5
Distribution/Wholesale	0.5
Insurance	0.5
Transportation	0.5
Electrical Components & Equipment	0.4
Iron/Steel	0.3
Agriculture	0.3
Housewares	0.3
Apparel	0.3
Diversified/Conglomerate Services	0.3
Time Deposit	0.2
Specialty Chemicals	0.2
Miscellaneous Manufacturer	0.2
Infrastructure Software	0.2
Engineering & Construction	0.2
Office & Business Equipment	0.2
Banks	0.2
Environmental Control	0.2
Leisure Time	0.2
Specialty Retail	0.2
Electric & Gas Marketing	0.1
Electronics	0.1
Home Furnishings	0.1
Internet	0.1
Toys/Games/Hobbies	0.1
Machinery-Constructions & Mining	0.1
Industrial Services	0.1
Coal	0.0	*
Trucking & Leasing	0.0	*
Consumer Discretionary	0.0	*
	99.3
Other assets in excess of liabilities	0.7
	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 August 31, 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*	$	22,526		Due from/to broker— variation margin futures*	$	—
			$	22,526			$	—

* 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.

See Notes to Financial Statements.

PGIM Fixed Income ETFs 79

PGIM Active High Yield Bond ETF

Schedule of Investments (continued)

as of August 31, 2021

The effects of derivative instruments on the Statement of Operations for the period ended August 31, 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	$	—	$	(274,257	)
Interest rate contracts		24,944		—

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	$	—	$	258,876
Interest rate contracts		15,945		—

For the period ended August 31, 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)
	$6,632,394		$1,579,781		$1,360,760

(1) Notional Amount in USD.

Average volume is based on average quarter end balances as noted for the year ended August 31, 2021.

See Notes to Financial Statements.

80

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	$	397,899	$	(397,899	)	$	—

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

See Notes to Financial Statements.

PGIM Fixed Income ETFs 81

PGIM Active High Yield Bond ETF

Statement of Assets & Liabilities

as of August 31, 2021

Assets
Investments at value, including securities on loan of $397,899:
Unaffiliated investments (cost $80,833,725)	$	82,752,932
Affiliated investments (cost $3,596,724)		3,596,724
Interest and dividends receivable		1,167,979
Deposit with broker for centrally cleared/exchange-traded derivatives		150,000
Receivable for investments sold		139,691
Due from broker—variation margin futures		7,797
Total Assets		87,815,123
Liabilities
Payable to broker for collateral for securities on loan		407,995
Payable for investments purchased		390,496
Management fee payable		38,390
Other liabilities		2,385
Total Liabilities		839,266
Net Assets	$	86,975,857
Net assets were comprised of:
Common stock, at par	$	2,100
Paid-in capital in excess of par		84,540,437
Total distributable earnings (loss)		2,433,320
Net assets, August 31, 2021	$	86,975,857
Net asset value, offering price and redemption price per share, ($86,975,857 / 2,100,000 shares of common stock issued and outstanding)	$	41.42

See Notes to Financial Statements.

82

PGIM Active High Yield Bond ETF

Statement of Operations

Year Ended August 31, 2021

Net Investment Income (Loss)
Income
Interest income	$	3,070,922
Unaffiliated dividend income		8,311
Affiliated dividend income		2,712
Income from securities lending, net (including affiliated income of $1,073)		1,946
Total income		3,083,891
Expenses
Management fee		308,831
Total expenses		308,831
Net investment income (loss)		2,775,060
Realized And Unrealized Gain (Loss) On Investments
Net realized gain (loss) on:
Investment transactions (including affiliated of $(346))		861,027
Futures transactions		24,944
Swap agreement transactions		(274,257	)
		611,714
Net change in unrealized appreciation (depreciation) on:
Investments		2,160,341
Futures		15,945
Swap agreements		258,876
		2,435,162
Net gain (loss) on investment transactions		3,046,876
Net Increase (Decrease) In Net Assets Resulting From Operations	$	5,821,936

See Notes to Financial Statements.

PGIM Fixed Income ETFs 83

PGIM Active High Yield Bond ETF

Statements of Changes in Net Assets

	Year Ended August 31,
	2021			2020
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	2,775,060		$	1,869,520
Net realized gain (loss) on investments		611,714			729,195
Net change in unrealized appreciation (depreciation) on investments		2,435,162			(645,569	)
Net increase (decrease) in net assets resulting from operations		5,821,936			1,953,146
Dividends and Distributions
Distributions from distributable earnings		(3,660,138	)		(2,177,655	)
Fund share transactions
Net proceeds from shares sold		74,395,702			7,569,903
Cost of shares purchased		(24,576,005	)		—
Net increase (decrease) in net assets from Fund share transactions		49,819,697			7,569,903
Total increase (decrease)		51,981,495			7,345,394
Net Assets:
Beginning of period		34,994,362			27,648,968
End of period	$	86,975,857		$	34,994,362

See Notes to Financial Statements.

84

PGIM Active High Yield Bond ETF

Financial Highlights

	Year Ended August 31,						September 24, 2018(e) through August 31,
	2021			2020			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)		1.95			2.49			2.30
Net realized and unrealized gain (loss) on investments		2.30			(0.49	)		0.85
Total from investment operations		4.25			2.00			3.15
Less Dividends and Distributions:
Dividends from net investment income		(2.24	)		(2.55	)		(2.19	)
Distributions from net realized gains		(0.58	)		(0.42	)		-
Total Dividends and Distributions		(2.82	)		(2.97	)		(2.19	)
Net asset value, end of period		$41.42			$39.99			$40.96
Total Return(b):		11.00%			5.24%			8.20%
Ratios/Supplemental Data:
Net assets, end of period (000)		$86,976			$34,994			$27,649
Average net assets (000)		$58,270			$29,367			$26,467
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		0.53%			0.53%			0.52%	(d)
Expenses before waivers and/or expense reimbursement		0.53%			0.53%			0.53%	(d)
Net investment income (loss)		4.76%			6.37%			6.15%	(d)
Portfolio turnover rate(f)		85%			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.

PGIM Fixed Income ETFs 85

PGIM Active Aggregate Bond ETF

Schedule of Investments

as of August 31, 2021

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
LONG-TERM INVESTMENTS    99.4%
ASSET-BACKED SECURITIES    8.2%
Collateralized Loan Obligations    8.2%
AIG CLO, Ltd. (Cayman Islands), Series 2018-1A, Class A1R, 144A, 3 Month LIBOR + 1.120%		1.254	%(c)		04/20/32		400	$	399,533
Atlas Senior Loan Fund VII Ltd. (Cayman Islands), Series 2016-7A, Class A1R2, 144A, 3 Month LIBOR + 1.100%		1.224	(c)		11/27/31		250		249,465
Elevation CLO Ltd. (Cayman Islands), Series 2021-13A, Class A1, 144A, 3 Month LIBOR + 1.190%		1.340	(c)		07/15/34		250		249,847
HPS Loan Management 10-2016 Ltd. (Cayman Islands), Series 10A-16, Class A1RR, 144A, 3 Month LIBOR + 1.140%		1.274	(c)		04/20/34		250		249,120
Madison Park Funding XXXIV Ltd. (Cayman Islands), Series 2019-34A, Class AR, 144A, 3 Month LIBOR + 1.120%		1.245	(c)		04/25/32		400		399,691
Northwoods Capital XV Ltd. (Cayman Islands), Series 2017-15A, Class A1R, 144A, 3 Month LIBOR + 1.210%		1.345	(c)		06/20/34		250		250,141
Romark CLO IV Ltd. (Cayman Islands), Series 2021-4A, Class A1, 144A, 3 Month LIBOR + 1.170%		1.320	(c)		07/10/34		400		399,760
TOTAL ASSET-BACKED SECURITIES (cost $2,199,222)									2,197,557
COMMERCIAL MORTGAGE-BACKED SECURITIES    11.1%
BANK, Series 2019-BN22, Class A3		2.726			11/15/62		250		264,654
Bellemeade Re Ltd. (Bermuda), Series 2021-2A, Class M1A, 144A, SOFR30A + 1.200%		1.250	(c)		06/25/31		150		150,270
Benchmark Mortgage Trust, Series 2021-B25, Class A3		1.906			04/15/54		500		505,946
Freddie Mac STACR REMIC Trust,
Series 2021-DNA3, Class M2, SOFR30A + 2.100%		2.150	(c)		10/25/33		50		51,022
Series 2021-DNA5, Class M1, SOFR30A + 0.650%		0.700	(c)		01/25/34		24		24,299
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2017-DNA3, Class M1, 1 Month LIBOR + 0.750%		0.834	(c)		03/25/30		238		238,230
GS Mortgage Securities Trust, Series 2019-GC42, Class A3		2.749			09/01/52		250		264,589
JPMCC Commercial Mortgage Securities Trust, Series 2019-COR5, Class A3		3.123			06/13/52		500		537,777
MFA Trust, Series 2021-RPL1, Class A1, 144A		1.131	(cc)		07/25/60		97		97,120
Station Place Securitization Trust, Series 2021-8, Class A, 144A, 1 Month LIBOR + 0.800%		0.886	(c)		06/20/22		30		30,023

See Notes to Financial Statements.

86

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
Wells Fargo Commercial Mortgage Trust,
Series 2019-C52, Class A4		2.643	%		08/15/52		436	$	459,112
Series 2021-C59, Class A3		1.958			04/15/54		350		354,195
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (cost $2,930,234)									2,977,237
CORPORATE BONDS    30.0%
Aerospace & Defense    0.7%
Boeing Co. (The),
Sr. Unsec’d. Notes		2.196			02/04/26		123		123,975
Sr. Unsec’d. Notes		3.750			02/01/50		34		35,285
Raytheon Technologies Corp., Sr. Unsec’d. Notes		4.125			11/16/28		13		14,969
									174,229
Agriculture    0.3%
Altria Group, Inc.,
Gtd. Notes		3.400			05/06/30		13		13,932
Gtd. Notes		3.400			02/04/41		25		24,058
BAT International Finance PLC (United Kingdom), Gtd. Notes		1.668			03/25/26		34		34,229
									72,219
Airlines    0.2%
Southwest Airlines Co.,
Sr. Unsec’d. Notes		4.750			05/04/23		17		18,157
Sr. Unsec’d. Notes		5.125			06/15/27		30		35,118
United Airlines 2013-1 Class A Pass Through Trust, Pass-Through Certificates		4.300			08/15/25		10		10,472
									63,747
Auto Manufacturers    0.5%
General Motors Co.,
Sr. Unsec’d. Notes		6.250			10/02/43		21		28,738
Sr. Unsec’d. Notes		6.600			04/01/36		17		23,256
General Motors Financial Co., Inc.,
Gtd. Notes		3.700			05/09/23		25		26,134
Sr. Unsec’d. Notes		2.900			02/26/25		38		40,150
Toyota Motor Credit Corp., Sr. Unsec’d. Notes, MTN		0.800			10/16/25		17		16,891
									135,169

See Notes to Financial Statements.

PGIM Fixed Income ETFs 87

PGIM Active Aggregate Bond ETF

Schedule of Investments (continued)

as of August 31, 2021

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Banks    8.6%
Bank of America Corp.,
Sr. Unsec’d. Notes, MTN		4.125	%		01/22/24		55	$	59,669
Sr. Unsec’d. Notes, MTN, 3 Month LIBOR + 1.070%		3.970	(c)		03/05/29		175		197,211
Sr. Unsec’d. Notes, SOFR + 1.220%		2.299	(c)		07/21/32		60		60,355
Sr. Unsec’d. Notes, SOFR + 1.320%		2.687	(c)		04/22/32		115		119,661
Sub. Notes, MTN		4.450			03/03/26		115		129,712
Bank of New York Mellon Corp. (The), Sr. Unsec’d. Notes, MTN		2.950			01/29/23		20		20,715
BNP Paribas SA (France), Gtd. Notes, MTN		3.250			03/03/23		59		61,704
Citigroup, Inc.,
Sr. Unsec’d. Notes		3.700			01/12/26		64		70,730
Sr. Unsec’d. Notes, 3 Month LIBOR + 1.192%		4.075	(c)		04/23/29		80		90,719
Sr. Unsec’d. Notes, SOFR + 1.167%		2.561	(c)		05/01/32		21		21,621
Sr. Unsec’d. Notes, SOFR + 1.422%		2.976	(c)		11/05/30		120		127,777
Sub. Notes		4.400			06/10/25		55		61,234
Sub. Notes		4.450			09/29/27		21		24,064
Deutsche Bank AG (Germany), Sr. Unsec’d. Notes		3.700			05/30/24		17		18,188
Goldman Sachs Group, Inc. (The),
Sr. Unsec’d. Notes		3.750			02/25/26		25		27,631
Sr. Unsec’d. Notes, 3 Month LIBOR + 1.158%		3.814	(c)		04/23/29		90		100,836
Sr. Unsec’d. Notes, SOFR + 1.090%		1.992	(c)		01/27/32		25		24,513
Sr. Unsec’d. Notes, SOFR + 1.281%		2.615	(c)		04/22/32		85		87,625
JPMorgan Chase & Co.,
Sr. Unsec’d. Notes		3.200			06/15/26		106		115,383
Sr. Unsec’d. Notes, 3 Month LIBOR + 0.945%		3.509	(c)		01/23/29		150		165,748
Sr. Unsec’d. Notes, SOFR + 1.250%		2.580	(c)		04/22/32		42		43,437
Sr. Unsec’d. Notes, SOFR + 1.510%		2.739	(c)		10/15/30		135		142,192
Sub. Notes		4.250			10/01/27		21		24,104
Sub. Notes, SOFR + 2.515%		2.956	(c)		05/13/31		21		22,225
Morgan Stanley,
Sr. Unsec’d. Notes, GMTN		3.750			02/25/23		34		35,693
Sr. Unsec’d. Notes, GMTN		3.875			01/27/26		76		84,700
Sr. Unsec’d. Notes, GMTN, 3 Month LIBOR + 1.140%		3.772	(c)		01/24/29		110		123,088
Sr. Unsec’d. Notes, MTN, SOFR + 1.020%		1.928	(c)		04/28/32		90		87,989
Sr. Unsec’d. Notes, SOFR + 1.485%		3.217	(c)		04/22/42		23		24,648
Wells Fargo & Co., Sr. Unsec’d. Notes, MTN, SOFR + 1.262%		2.572	(c)		02/11/31		132		137,224
									2,310,396

See Notes to Financial Statements.

88

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Beverages    0.5%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., Gtd. Notes		4.900	%		02/01/46		72	$	92,019
Constellation Brands, Inc., Sr. Unsec’d. Notes		2.250			08/01/31		25		25,026
Keurig Dr Pepper, Inc., Gtd. Notes		2.250			03/15/31		21		21,296
									138,341
Biotechnology    0.1%
Amgen, Inc., Sr. Unsec’d. Notes		4.663			06/15/51		13		16,861
Building Materials    0.5%
Johnson Controls International PLC (Ireland), Sr. Unsec’d. Notes		6.000			01/15/36		13		18,462
Martin Marietta Materials, Inc.,
Sr. Unsec’d. Notes		2.400			07/15/31		21		21,509
Sr. Unsec’d. Notes		4.250			07/02/24		21		22,873
Owens Corning,
Sr. Unsec’d. Notes		4.200			12/01/24		25		27,323
Sr. Unsec’d. Notes		7.000			12/01/36		25		36,561
Vulcan Materials Co., Sr. Unsec’d. Notes		3.500			06/01/30		13		14,464
									141,192
Chemicals    0.4%
Dow Chemical Co. (The), Sr. Unsec’d. Notes		3.600			11/15/50		17		18,684
FMC Corp., Sr. Unsec’d. Notes		4.500			10/01/49		13		15,569
LYB International Finance III LLC,
Gtd. Notes		3.375			05/01/30		34		37,464
Gtd. Notes		4.200			10/15/49		17		19,969
Nutrien Ltd. (Canada), Sr. Unsec’d. Notes		4.900			06/01/43		21		27,143
									118,829
Commercial Services    1.0%
California Institute of Technology, Sr. Unsec’d. Notes		3.650			09/01/19		10		11,869
Equifax, Inc., Sr. Unsec’d. Notes		2.600			12/01/24		21		22,098
ERAC USA Finance LLC, Gtd. Notes, 144A		3.300			12/01/26		45		49,191
Global Payments, Inc., Sr. Unsec’d. Notes		1.200			03/01/26		21		20,876
Massachusetts Institute of Technology,
Sr. Unsec’d. Notes		2.989			07/01/50		10		11,104
Unsec’d. Notes		4.678			07/01/14		20		30,350
President & Fellows of Harvard College, Unsec’d. Notes		2.517			10/15/50		35		35,564
Trustees of Boston University, Sec’d. Notes		4.061			10/01/48		10		12,559

See Notes to Financial Statements.

PGIM Fixed Income ETFs 89

PGIM Active Aggregate Bond ETF

Schedule of Investments (continued)

as of August 31, 2021

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Commercial Services (cont'd.)
Trustees of the University of Pennsylvania (The), Sr. Unsec’d. Notes		3.610	%		02/15/19		15	$	17,736
University of Southern California, Unsec’d. Notes		3.841			10/01/47		10		12,353
Verisk Analytics, Inc., Sr. Unsec’d. Notes		3.625			05/15/50		30		32,687
Yale University, Unsec’d. Notes		2.402			04/15/50		10		9,881
									266,268
Computers    0.1%
Apple, Inc., Sr. Unsec’d. Notes		3.250			02/23/26		20		21,916
International Business Machines Corp., Sr. Unsec’d. Notes		5.875			11/29/32		8		10,884
									32,800
Diversified Financial Services    0.1%
Discover Financial Services, Sr. Unsec’d. Notes		3.750			03/04/25		21		22,808
Electric    2.5%
AEP Texas, Inc.,
Sr. Unsec’d. Notes		2.100			07/01/30		17		16,868
Sr. Unsec’d. Notes		3.450			05/15/51		13		13,809
AEP Transmission Co. LLC, Sr. Unsec’d. Notes		4.250			09/15/48		17		21,335
Ameren Corp., Sr. Unsec’d. Notes		2.500			09/15/24		21		22,007
Arizona Public Service Co., Sr. Unsec’d. Notes		2.600			08/15/29		8		8,430
Consolidated Edison Co. of New York, Inc., Sr. Unsec’d. Notes		4.300			12/01/56		4		4,858
Dominion Energy South Carolina, Inc., First Mortgage		4.600			06/15/43		17		21,933
DTE Electric Co., General Ref. Mortgage		4.050			05/15/48		21		25,804
Duke Energy Carolinas LLC, Sr. Unsec’d. Notes		6.100			06/01/37		21		29,183
Emera US Finance LP,
Gtd. Notes		4.750			06/15/46		13		15,489
Sr. Unsec’d. Notes, 144A		2.639			06/15/31		13		13,239
Entergy Louisiana LLC, Collateral Trust		4.200			09/01/48		8		9,837
Eversource Energy, Sr. Unsec’d. Notes		4.250			04/01/29		21		24,459
Exelon Generation Co. LLC, Sr. Unsec’d. Notes		5.600			06/15/42		21		24,999
Florida Power & Light Co., First Mortgage		4.125			02/01/42		17		20,888
Jersey Central Power & Light Co., Sr. Unsec’d. Notes, 144A		4.700			04/01/24		17		18,441
MidAmerican Energy Co., First Mortgage		4.250			07/15/49		34		42,833
Mississippi Power Co., Sr. Unsec’d. Notes		4.250			03/15/42		13		15,639
Monongahela Power Co., First Mortgage, 144A		3.550			05/15/27		21		23,173

See Notes to Financial Statements.

90

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Electric (cont'd.)
NextEra Energy Capital Holdings, Inc., Gtd. Notes		2.800	%		01/15/23		21	$	21,650
Northern States Power Co., First Mortgage		3.400			08/15/42		34		38,196
NRG Energy, Inc., Sr. Sec’d. Notes, 144A		3.750			06/15/24		17		18,126
Pacific Gas & Electric Co.,
First Mortgage		1.750			06/16/22		21		20,988
First Mortgage		3.500			08/01/50		29		26,174
First Mortgage		4.550			07/01/30		20		21,377
PECO Energy Co., First Mortgage		2.800			06/15/50		17		17,206
PPL Electric Utilities Corp., First Mortgage		3.000			10/01/49		13		13,711
Public Service Electric & Gas Co.,
First Mortgage, MTN		3.600			12/01/47		13		14,980
First Mortgage, MTN		3.700			05/01/28		13		14,785
Puget Energy, Inc., Sr. Sec’d. Notes, 144A		2.379			06/15/28		5		5,076
San Diego Gas & Electric Co., First Mortgage		4.150			05/15/48		15		18,235
Sempra Energy, Sr. Unsec’d. Notes		4.000			02/01/48		15		16,988
Southern California Edison Co., First Ref. Mortgage		4.000			04/01/47		30		31,828
Vistra Operations Co. LLC, Sr. Sec’d. Notes, 144A		3.550			07/15/24		17		17,975
									670,519
Engineering & Construction    0.8%
Mexico City Airport Trust (Mexico), Sr. Sec’d. Notes, 144A		4.250			10/31/26		200		216,694
Food    0.2%
Campbell Soup Co., Sr. Unsec’d. Notes		3.300			03/19/25		21		22,586
Hormel Foods Corp., Sr. Unsec’d. Notes		0.650			06/03/24		8		8,012
Mars, Inc., Gtd. Notes, 144A		3.600			04/01/34		10		11,517
									42,115
Forest Products & Paper    0.0%
International Paper Co., Sr. Unsec’d. Notes		5.150			05/15/46		3		4,031
Gas    0.2%
CenterPoint Energy Resources Corp., Sr. Unsec’d. Notes		4.100			09/01/47		21		24,782
NiSource, Inc., Sr. Unsec’d. Notes		3.490			05/15/27		13		14,355
Piedmont Natural Gas Co., Inc., Sr. Unsec’d. Notes		3.500			06/01/29		21		23,172
									62,309
Healthcare-Services    1.0%
Anthem, Inc., Sr. Unsec’d. Notes		4.625			05/15/42		30		37,544
Ascension Health, Sr. Unsec’d. Notes		2.532			11/15/29		35		37,091

See Notes to Financial Statements.

PGIM Fixed Income ETFs 91

PGIM Active Aggregate Bond ETF

Schedule of Investments (continued)

as of August 31, 2021

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Healthcare-Services (cont'd.)
Kaiser Foundation Hospitals, Unsec’d. Notes		2.810	%		06/01/41		45	$	46,403
Memorial Sloan-Kettering Cancer Center, Unsec’d. Notes		2.955			01/01/50		15		15,609
Methodist Hospital (The), Unsec’d. Notes		2.705			12/01/50		10		10,007
New York & Presbyterian Hospital (The), Unsec’d. Notes		4.024			08/01/45		10		12,449
Northwestern Memorial Healthcare Obligated Group, Unsec’d. Notes		2.633			07/15/51		20		19,885
Quest Diagnostics, Inc., Sr. Unsec’d. Notes		4.700			03/30/45		8		10,027
Stanford Health Care, Unsec’d. Notes		3.027			08/15/51		20		21,227
UnitedHealth Group, Inc.,
Sr. Unsec’d. Notes		3.875			08/15/59		13		15,732
Sr. Unsec’d. Notes		3.950			10/15/42		30		35,947
									261,921
Insurance    0.6%
American International Group, Inc., Sr. Unsec’d. Notes		4.500			07/16/44		25		30,962
Chubb INA Holdings, Inc., Gtd. Notes		2.700			03/13/23		8		8,292
Everest Reinsurance Holdings, Inc., Sr. Unsec’d. Notes		3.500			10/15/50		8		8,705
Liberty Mutual Group, Inc., Gtd. Notes, 144A		3.951			10/15/50		38		43,256
Lincoln National Corp., Sr. Unsec’d. Notes		3.050			01/15/30		8		8,632
Markel Corp.,
Sr. Unsec’d. Notes		4.150			09/17/50		17		20,153
Sr. Unsec’d. Notes		4.900			07/01/22		21		21,749
Principal Financial Group, Inc., Gtd. Notes		4.625			09/15/42		17		21,415
W.R. Berkley Corp., Sr. Unsec’d. Notes		4.000			05/12/50		8		9,388
									172,552
Iron/Steel    0.1%
Steel Dynamics, Inc., Sr. Unsec’d. Notes		3.450			04/15/30		20		21,915
Lodging    0.2%
Marriott International, Inc., Sr. Unsec’d. Notes		3.125			06/15/26		38		40,581
Machinery-Constructions & Mining    0.1%
Caterpillar, Inc., Sr. Unsec’d. Notes		2.600			09/19/29		13		13,877
Machinery-Diversified    0.2%
Westinghouse Air Brake Technologies Corp., Gtd. Notes		3.200			06/15/25		43		45,835
Media    1.3%
Charter Communications Operating LLC/Charter Communications Operating Capital,
Sr. Sec’d. Notes		4.800			03/01/50		64		75,107

See Notes to Financial Statements.

92

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Media (cont'd.)
Charter Communications Operating LLC/Charter Communications Operating Capital, (cont'd.)
Sr. Sec’d. Notes		4.908	%		07/23/25		38	$	43,030
Sr. Sec’d. Notes		6.384			10/23/35		25		33,390
Comcast Corp., Gtd. Notes		3.999			11/01/49		42		50,019
Cox Communications, Inc., Sr. Unsec’d. Notes, 144A		3.150			08/15/24		13		13,828
Discovery Communications LLC,
Gtd. Notes		2.950			03/20/23		25		25,890
Gtd. Notes		3.625			05/15/30		25		27,434
Gtd. Notes		5.200			09/20/47		23		28,938
ViacomCBS, Inc., Sr. Unsec’d. Notes		4.375			03/15/43		38		44,478
Walt Disney Co. (The), Gtd. Notes		3.600			01/13/51		12		13,873
									355,987
Mining    0.5%
Barrick North America Finance LLC, Gtd. Notes		5.750			05/01/43		30		42,073
Newmont Corp., Gtd. Notes		2.800			10/01/29		47		49,425
Southern Copper Corp., Sr. Unsec’d. Notes		5.250			11/08/42		10		12,825
Teck Resources Ltd. (Canada), Sr. Unsec’d. Notes		6.250			07/15/41		30		40,017
									144,340
Miscellaneous Manufacturer    0.3%
General Electric Co., Sr. Unsec’d. Notes, GMTN		3.450			05/15/24		34		36,262
Textron, Inc., Sr. Unsec’d. Notes		3.375			03/01/28		34		37,031
									73,293
Multi-National    0.4%
Corp. Andina de Fomento (Supranational), Sr. Unsec’d. Notes		3.750			11/23/23		100		106,318
Oil & Gas    1.4%
BP Capital Markets America, Inc., Gtd. Notes		3.790			02/06/24		25		26,835
Canadian Natural Resources Ltd. (Canada), Sr. Unsec’d. Notes		2.950			01/15/23		42		43,328
Cenovus Energy, Inc. (Canada),
Sr. Unsec’d. Notes		4.250			04/15/27		13		14,446
Sr. Unsec’d. Notes		5.400			06/15/47		17		21,002
Chevron USA, Inc., Gtd. Notes		6.000			03/01/41		13		19,197
ConocoPhillips, Gtd. Notes, 144A		4.300			08/15/28		42		48,624
Devon Energy Corp., Sr. Unsec’d. Notes		5.600			07/15/41		21		26,286

See Notes to Financial Statements.

PGIM Fixed Income ETFs 93

PGIM Active Aggregate Bond ETF

Schedule of Investments (continued)

as of August 31, 2021

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Oil & Gas (cont'd.)
Diamondback Energy, Inc.,
Gtd. Notes		2.875	%		12/01/24		21	$	22,058
Gtd. Notes		3.500			12/01/29		30		32,334
Ecopetrol SA (Colombia), Sr. Unsec’d. Notes		5.375			06/26/26		10		11,033
Exxon Mobil Corp., Sr. Unsec’d. Notes		3.452			04/15/51		8		8,845
Phillips 66, Gtd. Notes		2.150			12/15/30		34		33,429
Pioneer Natural Resources Co., Sr. Unsec’d. Notes		1.125			01/15/26		42		41,655
Valero Energy Corp., Sr. Unsec’d. Notes		2.700			04/15/23		30		30,995
									380,067
Pharmaceuticals    2.3%
AbbVie, Inc.,
Sr. Unsec’d. Notes		3.200			11/21/29		95		103,827
Sr. Unsec’d. Notes		4.250			11/21/49		15		18,217
Sr. Unsec’d. Notes		4.550			03/15/35		35		42,606
AstraZeneca Finance LLC, Gtd. Notes		2.250			05/28/31		3		3,093
Becton Dickinson & Co., Sr. Unsec’d. Notes		3.734			12/15/24		3		3,256
Bristol-Myers Squibb Co.,
Sr. Unsec’d. Notes		3.400			07/26/29		13		14,608
Sr. Unsec’d. Notes		5.000			08/15/45		13		17,910
Cigna Corp.,
Gtd. Notes		4.375			10/15/28		30		35,019
Sr. Unsec’d. Notes		2.400			03/15/30		38		39,170
Sr. Unsec’d. Notes		3.400			03/15/50		21		22,391
CVS Health Corp.,
Sr. Unsec’d. Notes		4.300			03/25/28		20		23,040
Sr. Unsec’d. Notes		5.125			07/20/45		42		55,406
Johnson & Johnson, Sr. Unsec’d. Notes		2.450			09/01/60		8		7,768
Merck & Co., Inc., Sr. Unsec’d. Notes		3.400			03/07/29		8		8,998
Mylan, Inc., Gtd. Notes		5.200			04/15/48		30		37,368
Pfizer, Inc., Sr. Unsec’d. Notes		2.550			05/28/40		13		13,193
Shire Acquisitions Investments Ireland DAC (Ireland),
Gtd. Notes		2.875			09/23/23		64		66,818
Gtd. Notes		3.200			09/23/26		59		64,026
Viatris, Inc., Gtd. Notes, 144A		3.850			06/22/40		38		41,156
									617,870
Pipelines    1.9%
Energy Transfer LP,
Sr. Unsec’d. Notes		4.950			06/15/28		38		44,023
Sr. Unsec’d. Notes		6.250			04/15/49		34		45,042

See Notes to Financial Statements.

94

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Pipelines (cont'd.)
Enterprise Products Operating LLC,
Gtd. Notes		3.125	%		07/31/29		30	$	32,488
Gtd. Notes		4.850			03/15/44		25		30,888
Kinder Morgan, Inc.,
Gtd. Notes		2.000			02/15/31		34		33,169
Gtd. Notes		3.250			08/01/50		17		16,754
MPLX LP,
Sr. Unsec’d. Notes		4.500			04/15/38		13		14,896
Sr. Unsec’d. Notes		4.875			06/01/25		55		61,848
Sr. Unsec’d. Notes		5.500			02/15/49		17		21,979
ONEOK Partners LP, Gtd. Notes		6.125			02/01/41		25		32,279
ONEOK, Inc.,
Gtd. Notes		3.100			03/15/30		42		44,148
Gtd. Notes		4.950			07/13/47		21		24,762
Phillips 66 Partners LP, Sr. Unsec’d. Notes		3.550			10/01/26		17		18,443
Plains All American Pipeline LP/PAA Finance Corp.,
Sr. Unsec’d. Notes		4.500			12/15/26		17		19,080
Sr. Unsec’d. Notes		5.150			06/01/42		17		19,097
Transcontinental Gas Pipe Line Co. LLC,
Sr. Unsec’d. Notes		3.250			05/15/30		21		22,718
Sr. Unsec’d. Notes		3.950			05/15/50		21		23,839
									505,453
Real Estate Investment Trusts (REITs)    0.8%
Boston Properties LP, Sr. Unsec’d. Notes		3.850			02/01/23		13		13,502
Brixmor Operating Partnership LP, Sr. Unsec’d. Notes		3.650			06/15/24		55		58,981
Realty Income Corp., Sr. Unsec’d. Notes		3.250			01/15/31		25		27,614
Simon Property Group LP, Sr. Unsec’d. Notes		3.750			02/01/24		30		32,075
Spirit Realty LP, Gtd. Notes		2.700			02/15/32		8		8,071
Ventas Realty LP, Gtd. Notes		4.125			01/15/26		17		18,917
VEREIT Operating Partnership LP,
Gtd. Notes		2.200			06/15/28		10		10,244
Gtd. Notes		3.100			12/15/29		29		31,215
Weyerhaeuser Co., Sr. Unsec’d. Notes		8.500			01/15/25		13		16,139
									216,758
Retail    0.3%
Alimentation Couche-Tard, Inc. (Canada), Gtd. Notes, 144A		4.500			07/26/47		17		20,490
AutoZone, Inc., Sr. Unsec’d. Notes		3.750			04/18/29		38		42,708

See Notes to Financial Statements.

PGIM Fixed Income ETFs 95

PGIM Active Aggregate Bond ETF

Schedule of Investments (continued)

as of August 31, 2021

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Retail (cont'd.)
Home Depot, Inc. (The), Sr. Unsec’d. Notes		5.875	%		12/16/36		8	$	11,478
McDonald’s Corp., Sr. Unsec’d. Notes, MTN		4.700			12/09/35		8		10,015
									84,691
Semiconductors    0.4%
Broadcom, Inc.,
Gtd. Notes		3.459			09/15/26		42		45,592
Sr. Unsec’d. Notes, 144A		3.419			04/15/33		55		58,302
									103,894
Software    0.2%
Microsoft Corp., Sr. Unsec’d. Notes		2.525			06/01/50		38		37,916
Oracle Corp., Sr. Unsec’d. Notes		3.850			04/01/60		8		8,605
									46,521
Telecommunications    1.3%
AT&T, Inc.,
Sr. Unsec’d. Notes		4.300			02/15/30		40		46,463
Sr. Unsec’d. Notes		4.500			05/15/35		20		23,696
Sr. Unsec’d. Notes, 144A		3.500			09/15/53		90		92,383
T-Mobile USA, Inc.,
Sr. Sec’d. Notes		2.050			02/15/28		21		21,358
Sr. Sec’d. Notes		3.000			02/15/41		30		29,748
Sr. Sec’d. Notes		3.300			02/15/51		13		13,043
Verizon Communications, Inc.,
Sr. Unsec’d. Notes		4.016			12/03/29		47		54,120
Sr. Unsec’d. Notes		4.522			09/15/48		51		64,248
									345,059
Transportation    0.0%
CSX Corp., Sr. Unsec’d. Notes		6.150			05/01/37		8		11,359
TOTAL CORPORATE BONDS (cost $7,815,742)									8,036,818
MUNICIPAL BONDS    0.5%
New Jersey    0.1%
New Jersey Turnpike Authority, Taxable, Revenue Bonds, BABs, Series F		7.414			01/01/40		10		16,669

See Notes to Financial Statements.

96

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
MUNICIPAL BONDS (Continued)
New York    0.1%
New York State Dormitory Authority, Taxable, Revenue Bonds		2.202	%		03/15/34		15	$	15,216
Port Authority of New York & New Jersey, Consolidated, Revenue Bonds		4.458			10/01/62		10		13,761
									28,977
Ohio    0.0%
Ohio State University (The), Taxable, Revenue Bonds, Series A		4.800			06/01/11		10		14,909
Pennsylvania    0.2%
Pennsylvania Turnpike Commission, Revenue Bonds, BABs, Series B		5.511			12/01/45		10		14,469
University of Pittsburgh-of the Commonwealth System of Higher Education, Taxable, Revenue Bonds		3.555			09/15/19		30		33,535
									48,004
Virginia    0.1%
University of Virginia, Taxable, Revenue Bonds, Series B		2.584			11/01/51		25		25,241
TOTAL MUNICIPAL BONDS (cost $129,532)									133,800
SOVEREIGN BONDS    1.6%
Hungary Government International Bond (Hungary), Sr. Unsec’d. Notes		7.625			03/29/41		10		17,012
Indonesia Government International Bond (Indonesia), Sr. Unsec’d. Notes		3.500			01/11/28		200		220,201
Mexico Government International Bond (Mexico), Sr. Unsec’d. Notes		6.050			01/11/40		50		63,805
Peruvian Government International Bond (Peru), Sr. Unsec’d. Notes		4.125			08/25/27		50		56,263
Romanian Government International Bond (Romania), Sr. Unsec’d. Notes, 144A		6.125			01/22/44		40		54,899
Uruguay Government International Bond (Uruguay), Sr. Unsec’d. Notes		5.100			06/18/50		15		20,048
TOTAL SOVEREIGN BONDS (cost $423,839)									432,228

See Notes to Financial Statements.

PGIM Fixed Income ETFs 97

PGIM Active Aggregate Bond ETF

Schedule of Investments (continued)

as of August 31, 2021

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS    24.7%
Federal National Mortgage Assoc.		2.000	%		TBA		500	$	505,895
Federal National Mortgage Assoc.		2.500			TBA		2,000		2,073,360
Federal National Mortgage Assoc.		3.000			TBA		500		522,945
Federal National Mortgage Assoc.		3.500			TBA		1,250		1,322,237
Federal National Mortgage Assoc.		4.000			TBA		250		267,785
Federal National Mortgage Assoc. Pool		1.500			12/01/50		392		385,881
Federal National Mortgage Assoc. Pool		2.000			05/01/36		485		502,042
Government National Mortgage Assoc.		2.500			TBA		500		517,410
Government National Mortgage Assoc.		3.000			TBA		500		521,670
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (cost $6,603,011)									6,619,225
U.S. TREASURY OBLIGATIONS    23.3%
U.S. Treasury Bonds		1.875			02/15/41		1,660		1,673,228
U.S. Treasury Bonds		2.250			05/15/41		120		128,419
U.S. Treasury Bonds		2.375			05/15/51		428		472,739
U.S. Treasury Bonds		2.500			02/15/46		1,090		1,217,564
U.S. Treasury Notes		0.125			06/30/23		105		104,918
U.S. Treasury Notes		0.125			08/31/23		60		59,902
U.S. Treasury Notes		0.375			08/15/24		77		76,940
U.S. Treasury Notes(k)		0.750			03/31/26		450		450,633
U.S. Treasury Notes		0.750			08/31/26		170		169,787
U.S. Treasury Notes		1.125			08/31/28		225		225,633
U.S. Treasury Notes		1.125			02/15/31		303		298,976
U.S. Treasury Notes		1.250			08/15/31		406		403,906
U.S. Treasury Notes		1.625			05/15/31		275		283,508
U.S. Treasury Notes		2.250			11/15/25		40		42,656
U.S. Treasury Strips Coupon		2.511	(s)		08/15/44		305		190,887
U.S. Treasury Strips Coupon		2.526	(s)		02/15/46		450		273,340
U.S. Treasury Strips Coupon		2.545	(s)		11/15/45		305		186,908
TOTAL U.S. TREASURY OBLIGATIONS (cost $6,097,628)									6,259,944
TOTAL LONG-TERM INVESTMENTS (cost $26,199,208)									26,656,809

See Notes to Financial Statements.

98

Description	Shares		Value
SHORT-TERM INVESTMENT    21.5%
AFFILIATED MUTUAL FUND    21.5%
PGIM Core Ultra Short Bond Fund (cost $5,752,344)(wa)		5,752,344	$	5,752,344
TOTAL INVESTMENTS    120.9% (cost $31,951,552)				32,409,153
Liabilities in excess of other assets    (20.9)%				(5,599,213	)
NET ASSETS    100.0%			$	26,809,940

The following abbreviations are used in the annual report:

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

BABs—Build America Bonds

CLO—Collateralized Loan Obligation

GMTN—Global Medium Term Note

LIBOR—London Interbank Offered Rate

MTN—Medium Term Note

SOFR—Secured Overnight Financing Rate Data

Strips—Separate Trading of Registered Interest and Principal of Securities

TBA—To Be Announced

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

(c) Variable rate instrument. The interest rate shown reflects the rate in effect at August 31, 2021.

(cc) Variable rate instrument. The rate shown is based on the latest available information as of August 31, 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.

(k) Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives.

(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.

See Notes to Financial Statements.

PGIM Fixed Income ETFs 99

PGIM Active Aggregate Bond ETF

Schedule of Investments (continued)

as of August 31, 2021

Futures contracts outstanding at August 31, 2021:

Number of contracts		Type	Expiration Date		Current Notional Amount		Value / Unrealized Appreciation (Depreciation)
		Long Positions:
	14	2 Year U.S. Treasury Notes		Dec. 2021	$	3,084,594	$	2,133
	26	5 Year U.S. Treasury Notes		Dec. 2021		3,216,688		8,031
								10,164
		Short Positions:
	12	U.S. Long Bond		Dec. 2021		1,955,625		3,023
	7	U.S. Ultra 10-Year Notes		Dec. 2021		1,036,109		(648	)
	6	U.S. Ultra Bond		Dec. 2021		1,183,688		4,547
								6,922
							$	17,086

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
J.P. Morgan Securities LLC	$	—	$	210,941

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.

100

The following is a summary of the inputs used as of August 31, 2021 in valuing such portfolio securities:

	Level 1			Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Asset-Backed Securities
Collateralized Loan Obligations	$	—		$	2,197,557	$	—
Commercial Mortgage-Backed Securities		—			2,977,237		—
Corporate Bonds		—			8,036,818		—
Municipal Bonds		—			133,800		—
Sovereign Bonds		—			432,228		—
U.S. Government Agency Obligations		—			6,619,225		—
U.S. Treasury Obligations		—			6,259,944		—
Short-Term Investments
Affiliated Mutual Fund		5,752,344			—		—
Total	$	5,752,344		$	26,656,809	$	—
Other Financial Instruments*
Assets
Futures Contracts	$	17,734		$	—	$	—
Total	$	17,734		$	—	$	—
Liabilities
Futures Contracts	$	(648	)	$	—	$	—
Total	$	(648	)	$	—	$	—

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

See Notes to Financial Statements.

PGIM Fixed Income ETFs 101

PGIM Active Aggregate Bond ETF

Schedule of Investments (continued)

as of August 31, 2021

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of August 31, 2021 were as follows (unaudited):

U.S. Government Agency Obligations	24.7	%
U.S. Treasury Obligations	23.3
Affiliated Mutual Fund	21.5
Commercial Mortgage-Backed Securities	11.1
Banks	8.6
Collateralized Loan Obligations	8.2
Electric	2.5
Pharmaceuticals	2.3
Pipelines	1.9
Sovereign Bonds	1.6
Oil & Gas	1.4
Media	1.3
Telecommunications	1.3
Commercial Services	1.0
Healthcare-Services	1.0
Real Estate Investment Trusts (REITs)	0.8
Engineering & Construction	0.8
Aerospace & Defense	0.7
Insurance	0.6
Mining	0.5
Building Materials	0.5
Beverages	0.5
Auto Manufacturers	0.5
Municipal Bonds	0.5
Chemicals	0.4
Multi-National	0.4
Semiconductors	0.4
Retail	0.3
Miscellaneous Manufacturer	0.3
Agriculture	0.3
Airlines	0.2
Gas	0.2
Software	0.2
Machinery-Diversified	0.2
Food	0.2
Lodging	0.2
Computers	0.1
Diversified Financial Services	0.1
Iron/Steel	0.1
Biotechnology	0.1
Machinery-Constructions & Mining	0.1
Transportation	0.0	*
Forest Products & Paper	0.0	*
	120.9
Liabilities in excess of other assets	(20.9	)
	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 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.

102

Fair values of derivative instruments as of August 31, 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*	$	17,734	Due from/to broker— variation margin futures*	$	(648	)
		$	17,734		$	(648	)

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

The effects of derivative instruments on the Statement of Operations for the period ended August 31, 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
Interest rate contracts	$	(212,192	)

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Futures
Interest rate contracts	$	17,086

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)
	$5,071,711		$3,878,063

(1) Notional Amount in USD.

Average volume is based on average quarter end balances as noted for the period ended August 31, 2021.

See Notes to Financial Statements.

PGIM Fixed Income ETFs 103

PGIM Active Aggregate Bond ETF

Statement of Assets & Liabilities

as of August 31, 2021

Assets
Investments at value:
Unaffiliated investments (cost $26,199,208)	$	26,656,809
Affiliated investments (cost $5,752,344)		5,752,344
Cash		1,680
Receivable for investments sold		4,657,922
Interest and dividends receivable		102,701
Due from broker—variation margin futures		13,688
Total Assets		37,185,144
Liabilities
Payable for investments purchased		10,370,403
Management fee payable		4,801
Total Liabilities		10,375,204
Net Assets	$	26,809,940
Net assets were comprised of:
Common stock, at par	$	525
Paid-in capital in excess of par		26,220,628
Total distributable earnings (loss)		588,787
Net assets, August 31, 2021	$	26,809,940
Net asset value, offering price and redemption price per share, ($26,809,940 / 525,000 shares of common stock issued and outstanding)	$	51.07

See Notes to Financial Statements.

104

PGIM Active Aggregate Bond ETF

Statement of Operations

Period Ended August 31, 2021*

Net Investment Income (Loss)
Income
Interest income	$	154,983
Affiliated dividend income		3,343
Total income		158,326
Expenses
Management fee		20,489
Total expenses		20,489
Net investment income (loss)		137,837
Realized And Unrealized Gain (Loss) On Investments
Net realized gain (loss) on:
Investment transactions		318,808
Futures transactions		(212,192	)
		106,616
Net change in unrealized appreciation (depreciation) on:
Investments		457,601
Futures		17,086
		474,687
Net gain (loss) on investment transactions		581,303
Net Increase (Decrease) In Net Assets Resulting From Operations	$	719,140

* For the period from April 12, 2021 (commencement of operations) through August 31, 2021.

See Notes to Financial Statements.

PGIM Fixed Income ETFs 105

PGIM Active Aggregate Bond ETF

Statement of Changes in Net Assets

	Period Ended August 31, 2021*
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	137,837
Net realized gain (loss) on investments		106,616
Net change in unrealized appreciation (depreciation) on investments		474,687
Net increase (decrease) in net assets resulting from operations		719,140
Dividends and Distributions
Distributions from distributable earnings		(130,353	)
Fund share transactions
Net proceeds from shares sold		31,322,713
Cost of shares purchased		(5,101,560	)
Net increase (decrease) in net assets from Fund share transactions		26,221,153
Total increase (decrease)		26,809,940
Net Assets:
Beginning of period		—
End of period	$	26,809,940

* For the period from April 12, 2021 (commencement of operations) through August 31, 2021.

See Notes to Financial Statements.

106

PGIM Active Aggregate Bond ETF

Financial Highlights

	April 12, 2021(e) through August 31, 2021
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$50.00
Income (loss) from investment operations:
Net investment income (loss)		0.25
Net realized and unrealized gain (loss) on investments		1.05
Total from investment operations		1.30
Less Dividends and Distributions:
Dividends from net investment income		(0.23	)
Net asset value, end of period		$51.07
Total Return(b):		2.59%
Ratios/Supplemental Data:
Net assets, end of period (000)		$26,810
Average net assets (000)		$27,915
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		0.19%(d)
Expenses before waivers and/or expense reimbursement		0.19%(d)
Net investment income (loss)		1.28%(d)
Portfolio turnover rate(f)		337%

(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 Fixed Income ETFs 107

Notes to Financial Statements

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 and currently consists of seven separate series: PGIM Ultra Short Bond ETF, PGIM Active High Yield Bond ETF, PGIM Active Aggregate 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 Ultra Short Bond ETF, PGIM Active High Yield Bond ETF and PGIM Active Aggregate Bond ETF, which commenced investment operations on April 5, 2018, September 24, 2018 and April 12, 2021, respectively (each, a “Fund” and collectively, the “Funds”). The Funds are classified as diversified funds for purposes of the 1940 Act.

The investment objective of PGIM Ultra Short Bond ETF is to seek total return through a combination of current income and capital appreciation, consistent with preservation of capital. The investment objective of PGIM Active High Yield Bond ETF and PGIM Active Aggregate Bond ETF is to seek total return through a combination of current income and capital appreciation.

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 their 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

108

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.

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 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.

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

PGIM Fixed Income ETFs 109

Notes to Financial Statements (continued)

five business days. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.

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

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 Funds utilize 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.

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

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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 Funds may invest in financial futures contracts in order to hedge their existing portfolio securities, or securities the Funds intend to purchase, against fluctuations in value caused by changes in prevailing interest rates. Should interest rates move unexpectedly, the Funds 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 Funds since the exchanges’ clearinghouse acts as counterparty to all exchange-traded futures and guarantees the futures contracts against default.

Bank Loans: The Funds may invest 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 acquire 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.

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Notes to Financial Statements (continued)

Swap Agreements: The Funds may enter into certain types of swap agreements detailed in the disclosures below. A swap agreement is an agreement to exchange the return generated by one instrument for the return generated by another instrument. Swap agreements are negotiated in the OTC market and may be executed either directly with 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 Funds are subject to interest rate risk in the normal course of pursuing their investment objective. The Funds may use interest rate swaps to maintain their 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 Funds’ 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.

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

The Funds are 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

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the protection buyer if the spread increases. The Funds’ 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 receive an agreed upon payment from the buyer of protection throughout the term of the swap, provided no credit event occurs. As the seller, the Funds effectively increase their investment risk because, in addition to its total net assets, the Funds 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 receive 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 Funds may invest in the open market or receive pursuant to debt restructuring, securities that pay-in-kind (PIK) the interest due on such debt instruments. The PIK interest, computed at the contractual rate specified, is added to the existing principal balance of the debt when issued bonds have same terms as the bond or recorded as a separate bond when terms are different from the existing debt, and is recorded as interest income.

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 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

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Notes to Financial Statements (continued)

right to set-off exists when all the conditions are met such that each of the parties owes the other determinable amounts, the reporting party has the right to set-off the amount owed with the amount owed by the other party, the reporting party intends to set-off and the right of set-off is enforceable by law.

Equity and Mortgage Real Estate Investment Trusts (collectively REITs): The Funds invested in REITs, which report information on the source of their distributions annually. Based on current and historical information, a portion of distributions received from REITs during the period is estimated to be dividend income, capital gain or return of capital and recorded accordingly. When material, these estimates are adjusted periodically when the actual source of distributions is disclosed by the REITs.

Securities Lending: The 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. Interest income, including amortization of premium and accretion of discount on debt

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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 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 Funds (the Management Agreement), PGIM Investments manages each Fund’s investment operations and administers its business affairs. PGIM Investments is also responsible for supervising each Fund’s subadviser.

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

The unitary fee paid to the Manager is accrued daily and payable monthly, at an annual rate of each Fund’s average daily net assets specified below. 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

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Notes to Financial Statements (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 Ultra Short Bond ETF		0.15	%
PGIM Active High Yield Bond ETF		0.53	%
PGIM Active Aggregate Bond ETF		0.19	%

The Manager has entered into a subadvisory agreement (Subadvisory Agreement) with PGIM, Inc., which provides subadvisory services to the Funds through its business unit PGIM Fixed Income (and, for the PGIM Ultra Short Bond ETF, PGIM Limited) (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 Funds’ portfolio. BBH receives as compensation for its services a portion of the amount earned by the Funds for lending securities.

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

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., PGIM Limited and PIMS 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,

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earnings from such investments are disclosed on the Statement of Operations as “Affiliated dividend income” and “Income from securities lending, net”, respectively.

The Funds may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act, that subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors, and/or common officers. For the period ended August 31, 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 and U.S. Government securities) for the reporting year ended August 31, 2021, were as follows:

Fund	Cost of Purchases		Proceeds from Sales
PGIM Ultra Short Bond ETF	$	1,063,360,279	$	108,799,557
PGIM Active High Yield Bond ETF	$	97,729,282	$	46,770,869
PGIM Active Aggregate Bond ETF	$	15,999,219	$	2,294,463

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the reporting year ended August 31, 2021, is presented as follows:

PGIM Ultra Short Bond ETF

Value, Beginning of Period	Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)		Realized Gain (Loss)		Value, End of Period		Shares, End of Period		Income
Short-Term Investments – Affiliated Mutual Funds:
PGIM Core Ultra Short Bond Fund(1)(b)(wa)
$91,427,244	$	978,007,394	$	923,710,000	$	—	$	—	$	145,724,638		145,724,638	$	93,169
PGIM Institutional Money Market Fund(1)(b)(wa)
—		5,603,895		3,274,427		(600)		(897)		2,327,971		2,329,368		4,835(2)
$91,427,244	$	983,611,289	$	926,984,427	$	(600)	$	(897)	$	148,052,609		148,054,006	$	98,004

PGIM Active High Yield Bond ETF

Value, Beginning of Period	Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)		Realized Gain (Loss)		Value, End of Period		Shares, End of Period		Income
Short-Term Investments – Affiliated Mutual Funds:
PGIM Core Ultra Short Bond Fund(1)(b)(wa)
$291,324	$	65,143,703	$	62,246,323	$	—	$	—	$	3,188,704		3,188,704	$	2,712
PGIM Institutional Money Market Fund(1)(b)(wa)
—		7,537,675		7,129,309		—		(346)		408,020		408,265		1,073(2)
$291,324	$	72,681,378	$	69,375,632	$	—	$	(346)	$	3,596,724		3,596,969	$	3,785

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Notes to Financial Statements (continued)

PGIM Active Aggregate Bond ETF

Value, Beginning of Period	Cost of Purchases	Proceeds from Sales	Change in Unrealized Gain (Loss)	Realized Gain (Loss)	Value, End of Period	Shares, End of Period	Income
Short-Term Investments – Affiliated Mutual Funds:
PGIM Core Ultra Short Bond Fund(1)(b)(wa)
$    —	$34,823,344	$29,071,000	$    —	$    —	$5,752,344	5,752,344	$3,343

(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. Distributions and Tax Information

Distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from GAAP, are recorded on the ex-date.

For the year ended August 31, 2021, the tax character of dividends paid as reflected in the Statement of Changes in Net Assets were as follows:

	Ordinary Income		Long-Term Capital Gains
PGIM Ultra Short Bond ETF	$	18,216,405	$	—
PGIM Active High Yield Bond ETF		3,547,447		112,691
PGIM Active Aggregate Bond ETF		130,353		—

For the year ended August 31, 2020, the tax character of dividends paid as reflected in the Statement of Changes in Net Assets were as follows:

	Ordinary Income		Long-Term Capital Gains
PGIM Ultra Short Bond ETF	$	19,849,756	$	—
PGIM Active High Yield Bond ETF		2,104,785		72,870

For the year ended August 31, 2021, the Funds had the following amounts of accumulated undistributed earnings on a tax basis:

	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains
PGIM Ultra Short Bond ETF	$	1,874,506	$	—
PGIM Active High Yield Bond ETF		882,516		137,306
PGIM Active Aggregate Bond ETF		328,995		—

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The United States federal income tax basis of the Funds’ investments and the net unrealized appreciation (depreciation) as of August 31, 2021 were as follows:

	Tax Basis		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
PGIM Ultra Short Bond ETF		$1,901,599,636		$9,274,224		$(12,420,230)		$(3,146,006)
PGIM Active High Yield Bond ETF		84,936,157		2,922,247		(1,508,748)		1,413,499
PGIM Active Aggregate Bond ETF		31,988,367		457,518		(36,732)		420,786

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

For federal income tax purposes, the PGIM Ultra Short Bond ETF had a capital loss carryforward as of August 31, 2021 of approximately $11,217,000 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 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 Fund’s U.S. federal and state tax returns for tax years for which the applicable statutes of limitations have not expired 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 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

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Notes to Financial Statements (continued)

“redemption basket”) held by each Fund and an amount of cash (including any portion of such securities for which cash may be substituted). The Funds may, in certain circumstances, offer Creation Units partially or solely for cash. Except when aggregated in Creation Units, shares are not redeemable by the Funds. Creation and redemption baskets may differ and the Funds may accept “custom baskets”.

A Creation Unit consists of 25,000 shares of each 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. From time to time, the Funds may waive all or a portion of their applicable transaction fee(s). 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 reporting period ended August 31, 2021, the following fixed transaction fees were waived by the Funds which PGIM Investments paid on behalf of the Authorized Participants:

	Amount
PGIM Ultra Short Bond ETF	$	37,500
PGIM Active High Yield Bond ETF		8,250
PGIM Active Aggregate Bond ETF		500

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

As of August 31, 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 Ultra Short Bond ETF	2,799,808	7.4%
PGIM Active High Yield Bond ETF	625,000	29.8%
PGIM Active Aggregate Bond ETF	490,000	93.3%

At the 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 Ultra Short Bond ETF	1	6.6%	8	76.7%
PGIM Active High Yield Bond ETF	1	27.4%	4	56.0%
PGIM Active Aggregate Bond ETF	2	93.3%	0	0.0%

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Transactions in shares of beneficial interest were as follows:

PGIM Ultra Short Bond ETF

Reporting period ended August 31, 2021:

	Shares			Amount
Shares sold		18,775,000		$	934,975,118
Shares purchased		(1,850,000	)		(92,197,152	)
Net increase (decrease) in shares outstanding		16,925,000		$	842,777,966

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

PGIM Active High Yield Bond ETF

Reporting period ended August 31, 2021:

	Shares			Amount
Shares sold		1,825,000		$	74,395,702
Shares purchased		(600,000	)		(24,576,005	)
Net increase (decrease) in shares outstanding		1,225,000		$	49,819,697

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

PGIM Active Aggregate Bond ETF

Reporting period ended August 31, 2021:

	Shares			Amount
Shares sold		625,000		$	31,322,713
Shares purchased		(100,000	)		(5,101,560	)
Net increase (decrease) in shares outstanding		525,000		$	26,221,153

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

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Notes to Financial Statements (continued)

(“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.

** The SCA does not include PGIM Active Aggregate Bond ETF.

Subsequent to the reporting period end, the SCA has been renewed and effective October 1, 2021 will provide a commitment of $1,200,000,000 through September 29, 2022 and includes PGIM Active Aggregate Bond ETF. The commitment fee paid by the Participating Funds will continue to be .15% of the unused portion of the SCA. The interest on borrowings under the renewed SCA will be paid monthly and at a per annum interest rate of 1.20% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent.

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

The Funds did not utilize the SCA during the reporting period ended August 31, 2021.

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.

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Active Trading Risk. High portfolio turnover caused by a Fund actively and frequently trading its portfolio securities results in higher transaction costs, which can affect the Fund’s performance and have adverse tax consequences. In addition, high portfolio turnover may also mean that a proportionately greater amount of distributions to shareholders will be taxed as ordinary income rather than long- term capital gains compared to investment companies with lower portfolio turnover.

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.

Bank Loan Risk. A Fund’s ability to receive payments of principal and interest and other amounts in connection with loans (whether through participations, assignments or otherwise) will depend primarily on the financial condition of the borrower. The failure by a Fund to receive scheduled interest or principal payments on a loan because of a default, bankruptcy or any other reason would adversely affect the income of that Fund and would likely reduce the value of its assets. Even with loans secured by collateral, there is the risk that the value of the collateral may decline, may be insufficient to meet the obligations of the borrower, or be difficult to liquidate. In the event of a default, a Fund may have difficulty collecting on any collateral and would not have the ability to collect on any collateral for an uncollateralized loan. Further, that Fund’s access to collateral, if any, may be limited by bankruptcy laws. Due to the nature of the private syndication of senior loans, including, for example, lack of publicly-available information, some senior loans are not as easily purchased or sold as publicly-traded securities. In addition, loan participations generally are subject to restrictions on transfer, and only limited opportunities may exist to sell loan participations in secondary markets. As a result, it may be difficult for a Fund to value loans or sell loans at an acceptable price when it wants to sell them. Loans trade in an over-the-counter market, and confirmation and settlement, which are effected through standardized procedures and documentation, may take significantly longer than seven days to complete. Extended trade settlement periods may, in unusual market conditions with a high volume of shareholder redemptions, present a risk to shareholders regarding that Fund’s ability to pay redemption proceeds in a timely manner. In some instances, loans and loan participations are not rated by independent credit rating agencies; in such instances, a decision by a Fund to invest in a particular loan or loan participation could depend exclusively on the subadviser’s credit analysis of the borrower, or in the case of a loan participation, of the intermediary holding the portion of the loan that the Fund has purchased. To the extent a Fund invests in loans of non-US issuers, the risks of investing in non-US issuers are applicable. Loans may not be considered to be “securities” and as a result may not benefit from the protections of the federal securities laws, including anti-fraud protections and those with respect to the use of material non-public information, so

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Notes to Financial Statements (continued)

that purchasers, such as the Fund, may not have the benefit of these protections. If a Fund is in possession of material non-public information about a borrower as a result of its investment in such borrower’s loan, that Fund may not be able to enter into a transaction with respect to a publicly-traded security of the borrower when it would otherwise be advantageous to do so.

Bond Obligations Risk: As with credit risk, market risk and interest rate risk, the Funds’ 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 Funds for redemption before it matures and the Funds may lose income.

Cash Transactions Risk. Unlike certain ETFs, each Fund may effect creations and redemptions in cash or partially in cash. Therefore, it may be required to sell portfolio securities and subsequently recognize gains on such sales that the Fund might not have recognized if it were to distribute portfolio securities in-kind. As such, investments in shares of each Fund may be less tax-efficient than an investment in an ETF that distributes portfolio securities entirely in-kind.

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 Funds. The successful use of derivatives requires sophisticated management, and, to the extent that derivatives are used, the Funds 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 Funds. The Funds’ 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 Funds’ 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 Funds.

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The US Government and foreign governments have adopted (and may adopt further) regulations governing derivatives markets, including mandatory clearing of certain derivatives, margin and reporting requirements. The ultimate impact of the regulations remains unclear. Additional regulation of derivatives may make derivatives more costly, limit their availability or utility, or otherwise adversely affect their performance or disrupt markets.

Distressed and Defaulted Securities Risk. Distressed and defaulted securities are subject to particularly high credit risk, market risk and illiquidity risk. These securities are at a high risk for default, especially during economic downturns, and they are subject to greater volatility than securities of more stable issuers. To the extent that a Fund invests in bankrupt issuers, that Fund may be subject to litigation risks and costs.

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

Emerging Markets Risk. The risks of foreign investments are greater for investments in or exposed to emerging markets. Emerging market countries typically have economic and political systems that are less fully developed, and can be expected to be less stable, than those of more developed countries. For example, the economies of such countries can be subject to rapid and unpredictable rates of inflation or deflation. Low trading volumes may result in a lack of liquidity and price volatility. Emerging market countries may have policies that restrict investment by non-US investors, or that prevent non-US investors from withdrawing their money at will.

The Funds may invest in some emerging markets that subject them to risks such as those associated with illiquidity, custody of assets, different settlement and clearance procedures and asserting legal title under a developing legal and regulatory regime to a greater degree than in developed markets or even in other emerging markets.

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

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Notes to Financial Statements (continued)

securities of ETFs has become volatile and unpredictable and the price of ETFs shares has diverged from market driven fundamentals.

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

The securities held by the Fund may be traded in markets that close at a different time than the Exchange and may trade outside of a collateralized settlement system. Liquidity in those securities may be reduced after the applicable closing times. Accordingly, during the time when the Exchange is open but after the applicable market closing, fixing or settlement times, bid-ask spreads for the Fund’s shares on the Exchange and the corresponding premium or discount between the market price for Fund shares and their NAV may widen. Additionally, during times when the Exchange is open but after the applicable market is closed, there may be changes between the last quote from the closed foreign market and the value of such security during the Fund’s trading day on the Exchange and this may lead to differences between the market price of the Fund’s shares and the underlying value of those shares. Cost of Buying or Selling Shares. When you buy or sell shares of the Fund through a broker, you will likely incur a brokerage commission or other charges imposed by brokers. In addition, the market price of shares of the Fund, like the price of any exchange-traded security, includes a “bid-ask spread” charged by the market makers or other participants that trade the particular security. The spread of the Fund’s shares varies over time based on the Fund’s trading volume, the spread of the Fund’s underlying securities, and market liquidity and may increase if the Fund’s trading volume, the spread of the Fund’s underlying securities, or market liquidity decreases. In times of severe market disruption, including when trading of the Fund’s holdings may be halted, the bid-ask spread may increase significantly. This means that the shares may trade at a discount to the Fund’s NAV, and the discount is likely to be greatest during significant market volatility.

Foreign Securities Risk. The Funds’ 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 US markets. The value of the Funds’ 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.

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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 debt securities. When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and the Funds 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 Funds may face a heightened level of interest rate risk as a result of the U.S. Federal Reserve Board’s rate-setting policies. The Funds 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 the Funds as well as loan facilities used by the Funds. As such, the potential impact of a transition away from LIBOR on the Funds or the financial instruments in which the Funds 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 the Funds’ 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.

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Notes to Financial Statements (continued)

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. 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.

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

Market 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 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.

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.

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Money Market Instruments Risk. The value of money market instruments may be affected by changing interest rates and by changes in the credit ratings of the investments. If a significant amount of the Fund’s assets are invested in money market instruments, it will be more difficult for the Fund to achieve its investment objective.

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 Funds may be required to reinvest more frequent prepayments on mortgage-backed and asset-backed securities in lower-yielding investments.

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

Non-Money Market Fund Risk. A Fund that is not a money market fund, does not seek to maintain a stable net asset value (NAV) of $1.00 per share. The Funds’ NAV and market value will fluctuate every day and these fluctuations may be significant on certain days. Also, the Funds are not subject to the liquidity requirements and investment and credit quality restrictions applicable to money market funds. There can be no guarantee that the Funds will generate higher returns than money market funds.

Structured Products Risk. Holders of structured product securities bear risks of the underlying investments, index or reference obligation. Certain structured products may be thinly traded or have a limited trading market, and as a result may be characterized as illiquid. The possible lack of a liquid secondary market for structured securities and the resulting inability of a Fund to sell a structured security could expose the Fund to losses and could make structured securities more difficult for the Fund to value accurately, which may also result in additional costs. Structured products are subject to issuer repayment and counterparty risk; a Fund may have the right to receive payments only from the structured

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Notes to Financial Statements (continued)

product, and generally may not have direct rights against the issuer or the entity that sold the assets to be securitized. Structured products are also subject to credit risk; the assets backing the structured product may be insufficient to pay interest or principal. In addition to the general risks associated with investments in fixed income, structured products carry additional risks, including, but not limited to: the possibility that distributions from collateral securities will not be adequate to make interest or other payments; the quality of the collateral may decline in value or default; and the possibility that the structured products are subordinate to other classes. Structured securities are generally privately negotiated debt obligations where the principal and/or interest or value of the structured security is determined by reference to the performance of a specific asset, benchmark asset, market or interest rate (“reference instrument”), and changes in the reference instrument or security may cause significant price fluctuations, or could cause the interest rate on the structured security to be reduced to zero. Structured products may also entail structural complexity and documentation risk and there is no guarantee that the courts or administrators will interpret the priority of principal and interest payments as expected.

US Government and Agency Securities Risk. US Government and agency securities are subject to market risk, interest rate risk and credit risk. Not all US Government securities are insured or guaranteed by the full faith and credit of the US Government; some are only insured or guaranteed by the issuing agency, which must rely on its own resources to repay the debt. Connecticut Avenue Securities issued by Fannie Mae and Structured Agency Credit Risk issued by Freddie Mac carry no guarantee whatsoever and the risk of default associated with these securities would be borne by the Fund. The maximum potential liability of the issuers of some US Government securities held by the Fund may greatly exceed their current resources, including their legal right to support from the US Treasury. It is possible that these issuers will not have the funds to meet their payment obligations in the future. In addition, the value of US Government securities may be affected by changes in the credit rating of the US Government.

Variable and Floating Rate Bonds Risk. Variable and floating rate bonds are subject to credit risk, market risk and interest rate risk. In addition, the absence of an active market for these securities could make it difficult for the Fund to dispose of them if the issuer defaults. The settlement period for such bonds can be longer than seven days.

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

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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 took effect on March 8, 2021, with a compliance date of September 8, 2022. Management is currently evaluating the Rule and its impact to the Funds.

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of PGIM ETF Trust and Shareholders of PGIM Active High Yield Bond ETF, PGIM Ultra Short Bond ETF and PGIM Active Aggregate Bond ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of PGIM Active High Yield Bond ETF, PGIM Ultra Short Bond ETF and PGIM Active Aggregate Bond ETF (three of the funds constituting PGIM ETF Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2021, and the related statements of operations and changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2021, and the results of each of their operations, changes in each of their net assets, and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

Fund	Statements
PGIM Active High Yield Bond ETF PGIM Ultra Short Bond ETF	Statements of operations and changes in net assets, including the related notes, and the financial highlights for the year ended August 31, 2021
PGIM Active Aggregate Bond ETF	Statements of operations and changes in net assets, including the related notes, and the financial highlights for the period April 12, 2021 (commencement of operations) through August 31, 2021

The financial statements of the Funds as of and for the year or period ended August 31, 2020 and the financial highlights for each of the periods ended on or prior to August 31, 2020 (not presented herein, other than the statements of changes in net assets and the financial highlights) were audited by other auditors whose report dated October 15, 2020 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2021 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

New York, New York

October 19, 2021

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

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Fund Liquidity Risk Management Program (unaudited)

Consistent with Rule 22e-4 under the 1940 Act (the “Liquidity Rule”), each Fund has adopted and implemented a liquidity risk management program (the “LRMP”). Each Fund’s LRMP seeks to assess and manage each Fund’s liquidity risk, which is defined as the risk that each Fund is unable to meet investor redemption requests without significantly diluting the remaining investors’ interests in each Fund. The Trust’s Board of Trustees (the “Board”) has approved PGIM Investments LLC (“PGIM Investments”), each Fund’s investment manager, to serve as the administrator of each Fund’s LRMP. As part of its responsibilities as administrator, PGIM Investments has retained a third party to perform certain functions, including providing market data and liquidity classification model information.

Each Fund’s LRMP includes a number of processes designed to support the assessment and management of its liquidity risk. In particular, each Fund’s LRMP includes no less than annual assessments of factors that influence each Fund’s liquidity risk; no less than monthly classifications of each Fund’s investments into one of four liquidity classifications provided for in the Liquidity Rule; a 15% of net assets limit on the acquisition of “illiquid investments” (as defined under the Liquidity Rule); establishment of a minimum percentage of each Fund’s assets to be invested in investments classified as “highly liquid” (as defined under the Liquidity Rule) if each Fund does not invest primarily in highly liquid investments; and regular reporting to the Board.

At a meeting of the Board on March 2-5, 2021, PGIM Investments provided a written report (“LRMP Report”) to the Board addressing the operation, adequacy, and effectiveness of each Fund’s LRMP, including any material changes to the LRMP for the period from January 1, 2020 through December 31, 2020 (“Reporting Period”). The LRMP Report concluded that each Fund’s LRMP was reasonably designed to assess and manage each Fund’s liquidity risk and was adequately and effectively implemented during the Reporting Period. There were no material changes to the LRMP during the Reporting Period. The LRMP Report further concluded that each Fund’s investment strategies continue to be appropriate given each Fund’s status as an open-end fund.

There can be no assurance that the LRMP will achieve its objectives in the future. Additional information regarding risks of investing in each Fund including liquidity risks presented by each Fund’s investment portfolio, is found in each Fund’s Prospectus and Statement of Additional Information.

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Tax Information (unaudited)

We are advising you that during the year ended August 31, 2021, the PGIM Active High Yield Bond ETF reports the maximum amount allowed per share, but not less than $0.06 as a capital gain distribution in accordance with Section 852(b)(3)(C) of the Internal Revenue Code.

For the year ended August 31, 2021, the following Funds reports the maximum amount allowable but not less than the following percentages as interest-related dividends in accordance with Section 871(k)(1) and 881(e)(1) of the Internal Revenue Code (IRD):

PGIM Ultra Short Bond ETF	50.48	%
PGIM Active High Yield Bond ETF	66.93	%
PGIM Active Aggregate Bond ETF	69.38	%

In January 2022, you will be advised on IRS Form 1099-DIV or substitute 1099-DIV, as to the federal tax status of dividends received by you in calendar year 2021.

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INFORMATION ABOUT BOARD MEMBERS AND OFFICERS  (unaudited)

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

Independent Board Members
Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Ellen S. Alberding 1958 Board Member Portfolios Overseen: 98	President and Board Member, The Joyce Foundation (charitable foundation) (since 2002); formerly Vice Chair, City Colleges of Chicago (community college system) (2011-2015); Trustee, National Park Foundation (charitable foundation for national park system) (2009-2018); Trustee, Economic Club of Chicago (2009-2016); Trustee, Loyola University (since 2018).	None.	Since September 2013
Kevin J. Bannon 1952 Board Member Portfolios Overseen: 98	Retired; formerly Managing Director (April 2008-May 2015) and Chief Investment Officer (October 2008-November 2013) of Highmount Capital LLC (registered investment adviser); formerly Executive Vice President and Chief Investment Officer (April 1993-August 2007) of Bank of New York Company; President (May 2003-May 2007) of BNY Hamilton Family of Mutual Funds.	Director of Urstadt Biddle Properties (equity real estate investment trust) (since September 2008).	Since July 2008

PGIM Fixed Income ETFs

Independent Board Members
Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Linda W. Bynoe 1952 Board Member Portfolios Overseen: 95	President and Chief Executive Officer (since March 1995) and formerly Chief Operating Officer (December 1989-February 1995) of Telemat Limited LLC (formerly Telemat Ltd) (management consulting); formerly Vice President (January 1985-June 1989) at Morgan Stanley & Co. (broker-dealer).	Trustee of Equity Residential (residential real estate) (since December 2009); Director of Northern Trust Corporation (financial services) (since April 2006); formerly Director of Anixter International, Inc. (communication products distributor) (January 2006-June 2020).	Since March 2005
Barry H. Evans 1960 Board Member Portfolios Overseen: 97	Retired; formerly President (2005-2016), Global Chief Operating Officer (2014-2016), Chief Investment Officer - Global Head of Fixed Income (1998-2014), and various portfolio manager roles (1986-2006), Manulife Asset Management (asset management).	Formerly Director, Manulife Trust Company (2011-2018); formerly Director, Manulife Asset Management Limited (2015-2017); formerly Chairman of the Board of Directors of Manulife Asset Management U.S. (2005-2016); formerly Chairman of the Board, Declaration Investment Management and Research (2008-2016).	Since September 2017
Keith F. Hartstein 1956 Board Member & Independent Chair Portfolios Overseen: 98	Retired; Executive Committee of the Independent Directors Council (IDC) Board of Governors (since October 2019); Member (since November 2014) of the Governing Council of the IDC (organization of independent mutual fund directors); formerly President and Chief Executive Officer (2005-2012), Senior Vice President (2004-2005), Senior Vice President of Sales and Marketing (1997-2004), and various executive management positions (1990-1997), John Hancock Funds, LLC (asset management); Chairman, Investment Company Institute’s Sales Force Marketing Committee (2003-2008).	None.	Since September 2013

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Independent Board Members
Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Laurie Simon Hodrick 1962 Board Member Portfolios Overseen: 94	A. Barton Hepburn Professor Emerita of Economics in the Faculty of Business, Columbia Business School (since 2018); Visiting Fellow at the Hoover Institution, Stanford University (since 2015); Sole Member, ReidCourt LLC (since 2008) (a consulting firm); formerly Visiting Professor of Law, Stanford Law School (2015-2021); formerly A. Barton Hepburn Professor of Economics in the Faculty of Business, Columbia Business School (1996-2017); formerly Managing Director, Global Head of Alternative Investment Strategies, Deutsche Bank (2006-2008).	Independent Director, Roku (since December 2020) (communication services); formerly Independent Director, Synnex Corporation (2019-2021) (information technology); formerly Independent Director, Kabbage, Inc. (2018-2020) (financial services); formerly Independent Director, Corporate Capital Trust (2017-2018) (a business development company).	Since September 2017
Brian K. Reid 1961 Board Member Portfolios Overseen: 97	Retired; formerly Chief Economist for the Investment Company Institute (ICI) (2005-2017); formerly Senior Economist and Director of Industry and Financial Analysis at the ICI (1998-2004); formerly Senior Economist, Industry and Financial Analysis at the ICI (1996-1998); formerly Staff Economist at the Federal Reserve Board (1989-1996); Director, ICI Mutual Insurance Company (2012-2017).	None.	Since March 2018

PGIM Fixed Income ETFs

Independent Board Members
Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Grace C. Torres 1959 Board Member Portfolios Overseen: 97	Retired; formerly Treasurer and Principal Financial and Accounting Officer of the PGIM Funds, Target Funds, Advanced Series Trust, Prudential Variable Contract Accounts and The Prudential Series Fund (1998-June 2014); Assistant Treasurer (March 1999-June 2014) and Senior Vice President (September 1999-June 2014) of PGIM Investments LLC; Assistant Treasurer (May 2003-June 2014) and Vice President (June 2005-June 2014) of AST Investment Services, Inc.; Senior Vice President and Assistant Treasurer (May 2003-June 2014) of Prudential Annuities Advisory Services, Inc.	Director (since January 2018) of OceanFirst Financial Corp. and OceanFirst Bank; formerly Director (July 2015-January 2018) of Sun Bancorp, Inc. N.A. and Sun National Bank.	Since November 2014

Interested Board Members
Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Stuart S. Parker 1962 Board Member & President Portfolios Overseen: 97	President, Chief Executive Officer, Chief Operating Officer and Officer in Charge of PGIM Investments LLC (formerly known as Prudential Investments LLC) (since January 2012); formerly Executive Vice President of Jennison Associates LLC and Head of Retail Distribution of PGIM Investments LLC (June 2005-December 2011); Investment Company Institute - Board of Governors (since May 2012).	None.	Since January 2012

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Interested Board Members
Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Scott E. Benjamin 1973 Board Member & Vice President Portfolios Overseen: 98	Executive Vice President (since May 2009) of PGIM Investments LLC; Vice President (since June 2012) of Prudential Investment Management Services LLC; Executive Vice President (since September 2009) of AST Investment Services, Inc.; Senior Vice President of Product Development and Marketing, PGIM Investments (since February 2006); formerly Vice President of Product Development and Product Management, PGIM Investments LLC (2003-2006).	None.	Since March 2010

Fund Officers(a)
Name Year of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Claudia DiGiacomo 1974 Chief Legal Officer	Chief Legal Officer, Executive Vice President and Secretary of PGIM Investments LLC (since August 2020); Chief Legal Officer of Prudential Mutual Fund Services LLC (since August 2020); Chief Legal Officer of PIFM Holdco, LLC (since August 2020); Vice President and Corporate Counsel (since January 2005) of Prudential; and Corporate Counsel of AST Investment Services, Inc. (since August 2020); formerly Vice President and Assistant Secretary of PGIM Investments LLC (2005-2020); formerly Associate at Sidley Austin Brown & Wood LLP (1999-2004).	Since December 2005
Dino Capasso 1974 Chief Compliance Officer	Chief Compliance Officer (July 2019-present) of PGIM Investments LLC; Chief Compliance Officer (July 2019-present) of the PGIM Funds, Target Funds, Advanced Series Trust, The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc., PGIM Global High Yield Fund, Inc., PGIM High Yield Bond Fund, Inc., and PGIM Short Duration High Yield Opportunities Fund; Vice President and Deputy Chief Compliance Officer (June 2017-2019) of PGIM Investments LLC; formerly Senior Vice President and Senior Counsel (January 2016-June 2017), and Vice President and Counsel (February 2012-December 2015) of Pacific Investment Management Company LLC.	Since July 2019

PGIM Fixed Income ETFs

Fund Officers(a)
Name Year of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Andrew R. French 1962 Secretary	Vice President (since December 2018 - present) of PGIM Investments LLC; formerly Vice President and Corporate Counsel (2010-2018) of Prudential; formerly Director and Corporate Counsel (2006-2010) of Prudential; Vice President and Assistant Secretary (since January 2007) of PGIM Investments LLC; Vice President and Assistant Secretary (since January 2007) of Prudential Mutual Fund Services LLC.	Since October 2006
Diana N. Huffman 1982 Assistant Secretary	Vice President and Corporate Counsel (since September 2015) of Prudential; Vice President and Assistant Secretary (since August 2020) of PGIM Investments LLC; formerly Associate at Willkie Farr & Gallagher LLP (2009-2015).	Since March 2019
Melissa Gonzalez 1980 Assistant Secretary	Vice President and Corporate Counsel (since September 2018) of Prudential; Vice President and Assistant Secretary (since August 2020) of PGIM Investments LLC; formerly Director and Corporate Counsel (March 2014-September 2018) of Prudential.	Since March 2020
Patrick E. McGuinness 1986 Assistant Secretary	Vice President and Assistant Secretary (since August 2020) of PGIM Investments LLC; Director and Corporate Counsel (since February 2017) of Prudential; and Corporate Counsel (2012-2017) of IIL, Inc.	Since June 2020
Debra Rubano 1975 Assistant Secretary	Vice President and Corporate Counsel (since November 2020) of Prudential; formerly Director and Senior Counsel of Allianz Global Investors U.S. Holdings LLC (2010-2020) and Assistant Secretary of numerous funds in the Allianz fund complex (2015-2020).	Since December 2020
Christian J. Kelly 1975 Treasurer and Principal Financial and Accounting Officer	Vice President, Head of Fund Administration of PGIM Investments LLC (since November 2018); formerly Director of Fund Administration of Lord Abbett & Co. LLC (2009-2018), Treasurer and Principal Accounting Officer of the Lord Abbett Family of Funds (2017-2018); Director of Accounting, Avenue Capital Group (2008-2009); Senior Manager, Investment Management Practice of Deloitte & Touche LLP (1998-2007).	Since January 2019
Lana Lomuti 1967 Assistant Treasurer	Vice President (since 2007) and Director (2005-2007), within PGIM Investments Fund Administration; formerly Assistant Treasurer (December 2007-February 2014) of The Greater China Fund, Inc.	Since April 2014
Russ Shupak 1973 Assistant Treasurer	Vice President (since 2017) and Director (2013-2017), within PGIM Investments Fund Administration.	Since September 2019
Deborah Conway 1969 Assistant Treasurer	Vice President (since 2017) and Director (2007-2017), within PGIM Investments Fund Administration.	Since September 2019

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Fund Officers(a)
Name Year of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Elyse M. McLaughlin 1974 Assistant Treasurer	Vice President (since 2017) and Director (2011-2017), within PGIM Investments Fund Administration.	Since September 2019
Dana E. Cordes 1978 Anti-Money Laundering Compliance Officer	Vice President, Corporate Compliance (since June 2021) of Prudential; formerly, Director Global Financial Crimes Unit (December 2015 to June 2021) of Prudential; formerly, Director, Operational Risk Management for Prudential Real Estate Investors (January 2010 to December 2015).	Since September 2021

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

Explanatory Notes to Tables:

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

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

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

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

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

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

PGIM Fixed Income ETFs

Approval of Advisory Agreements (unaudited)

PGIM Ultra Short Bond ETF

The Fund’s Board of Trustees

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

Annual Approval of the Fund’s Advisory Agreements

As required under the 1940 Act, the Board determines annually whether to renew the Fund’s management agreement with PGIM Investments LLC (“PGIM Investments”) and the Fund’s subadvisory agreement with PGIM Limited (“PGIML”) and PGIM, Inc. on behalf of its PGIM Fixed Income unit (“PGIM Fixed Income”). In considering the renewal of the agreements, the Board, including all of the Independent Trustees, met on June 7-10, 2021 and approved the renewal of the agreements through July 31, 2022, after concluding that the renewal of the agreements was in the best interests of the Fund and its shareholders.

In advance of the meetings, the Board requested and received materials relating to the agreements, and had the opportunity to ask questions and request further information in connection with its consideration. Among other things, the Board considered comparative fee information from PGIM Investments, PGIML and PGIM Fixed Income. Also, the Board considered comparisons with other mutual funds in relevant Peer Universes and Peer Groups, as is further discussed below.

In approving the agreements, the Board, including the Independent Trustees advised by independent legal counsel, considered the factors it deemed relevant, including the nature, quality and extent of services provided by PGIM Investments, the subadvisers and, as relevant, its affiliates, the performance of the Fund, the profitability of PGIM Investments and its affiliates, expenses and fees, and the potential for economies of scale that may be shared with the Fund and its shareholders as the Fund’s assets grow. In their deliberations, the Trustees did not identify any single factor which alone was responsible for the Board’s decision to approve the agreements with respect to the Fund. In connection with its deliberations, the Board considered information provided by PGIM Investments throughout the year at regular Board meetings, presentations from portfolio managers and other information, as well as information furnished at or in advance of the meetings on June 7-10, 2021.

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

PGIM Fixed Income ETFs

Approval of Advisory Agreements (continued)

The Trustees determined that the overall arrangements between the Fund and PGIM Investments, which serves as the Fund’s investment manager pursuant to a management agreement, and between PGIM Investments and each of PGIML and PGIM Fixed Income, which serve as the Fund’s subadvisers pursuant to the terms of a subadvisory agreement with PGIM Investments, are in the best interests of the Fund and its shareholders in light of the services performed, fees charged and such other matters as the Trustees considered relevant in the exercise of their business judgment.

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

Nature, Quality and Extent of Services

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

The Board considered the qualifications, backgrounds and responsibilities of PGIM Investments’ senior management responsible for the oversight of the Fund, PGIML and PGIM Fixed Income, and also considered the qualifications, backgrounds and responsibilities of the PGIML and PGIM Fixed Income portfolio managers who are responsible for the day-to-day management of the Fund’s portfolio. The Board was provided with information pertaining to PGIML’s, PGIM Investments’ and PGIM Fixed Income’s organizational structure, senior management, investment operations, and other relevant information pertaining to PGIM Investments, PGIML and PGIM Fixed Income. The Board also noted that it received favorable compliance reports from the Fund’s Chief Compliance Officer (“CCO”) as to PGIM Investments, PGIML and PGIM Fixed Income.

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

Costs of Services and Profits Realized by PGIM Investments

The Board was provided with information on the profitability of PGIM Investments and its affiliates in serving as the Fund’s investment manager. The Board discussed with PGIM Investments the methodology utilized in assembling the information regarding profitability and considered its reasonableness. The Board recognized that it is difficult to make comparisons of profitability from fund management contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the adviser’s capital structure and cost of capital. However, the Board considered that the cost of services provided by PGIM Investments exceeded the management fees received by PGIM Investments, resulting in an operating loss to PGIM Investments for the year ended December 31, 2020. Taking these factors into account, the Board concluded that the profitability of PGIM Investments and its affiliates in relation to the services rendered was not unreasonable.

Economies of Scale

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

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

Other Benefits to PGIM Investments, PGIML and PGIM Fixed Income

The Board considered potential ancillary benefits that might be received by PGIM Investments, PGIML, PGIM Fixed Income and their affiliates as a result of their relationship with the Fund. The Board concluded that potential benefits to be derived by

PGIM Fixed Income ETFs

Approval of Advisory Agreements (continued)

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

Performance of the Fund / Fees and Expenses

The Board considered certain additional factors and made related conclusions relating to the historical performance of the Fund for the one-year period ended December 31, 2020. The Board considered that the Fund commenced operations on April 5, 2018 and that longer-term performance was not yet available.

The Board also considered the Fund’s actual management fee, as well as the Fund’s net total expense ratio, for the fiscal period ended August 31, 2020. The Board considered the management fee for the Fund as compared to the management fee charged by PGIM Investments to other funds and the fee charged by other advisers to comparable mutual funds in a Peer Group. The actual management fee represents the fee rate actually paid by Fund shareholders and includes any fee waivers or reimbursements. The net total expense ratio for the Fund represents the actual expense ratio incurred by Fund shareholders.

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

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

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

● The Board noted that the Fund outperformed both of its benchmark indices over the one-year period ended December 31, 2020.

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

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

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

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

PGIM Active High Yield Bond ETF

The Fund’s Board of Trustees

The Board of Trustees (the “Board”) of PGIM Active High Yield Bond ETF² (the “Fund”) consists of ten individuals, eight of whom are not “interested persons” of the Fund, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Trustees”). The Board is responsible for the oversight of the Fund and its operations, and performs the various duties imposed on the Trustees of investment companies by the 1940 Act. The Independent Trustees have retained independent legal counsel to assist them in connection with their duties. The Chair of the Board is an Independent Director. The Board has established four standing committees: the Audit Committee, the Nominating and Governance Committee, and two Investment Committees. Each committee is chaired by, and composed of, Independent Trustees.

Annual Approval of the Fund’s Advisory Agreements

As required under the 1940 Act, the Board determines annually whether to renew the Fund’s management agreement with PGIM Investments LLC (“PGIM Investments”) and the Fund’s subadvisory agreement with PGIM, Inc. (“PGIM”) on behalf of its PGIM Fixed Income unit (“PGIM Fixed Income”). In considering the renewal of the agreements, the Board, including all of the Independent Trustees, met on June 7-10, 2021 and approved the renewal of the agreements through July 31, 2022, after concluding that

²  PGIM Active High Yield Bond ETF is a series of PGIM ETF Trust.

PGIM Fixed Income ETFs

Approval of Advisory Agreements (continued)

the renewal of the agreements was in the best interests of the Fund and its shareholders.

In advance of the meetings, the Board requested and received materials relating to the agreements, and had the opportunity to ask questions and request further information in connection with its consideration. Among other things, the Board considered comparative fee information from PGIM Investments and PGIM. Also, the Board considered comparisons with other mutual funds in relevant Peer Universes and Peer Groups, as is further discussed below.

In approving the agreements, the Board, including the Independent Trustees advised by independent legal counsel, considered the factors it deemed relevant, including the nature, quality and extent of services provided by PGIM Investments, the subadviser and, as relevant, its affiliates, the performance of the Fund, the profitability of PGIM Investments and its affiliates, expenses and fees, and the potential for economies of scale that may be shared with the Fund and its shareholders as the Fund’s assets grow. In their deliberations, the Trustees did not identify any single factor which alone was responsible for the Board’s decision to approve the agreements with respect to the Fund. In connection with its deliberations, the Board considered information provided by PGIM Investments throughout the year at regular Board meetings, presentations from portfolio managers and other information, as well as information furnished at or in advance of the meetings on June 7-10, 2021.

The Trustees determined that the overall arrangements between the Fund and PGIM Investments, which serves as the Fund’s investment manager pursuant to a management agreement, between PGIM Investments and PGIM, which, through its PGIM Fixed Income unit, serves as the Fund’s subadviser pursuant to the terms of a subadvisory agreement with PGIM Investments are in the best interests of the Fund and its shareholders in light of the services performed, fees charged and such other matters as the Trustees considered relevant in the exercise of their business judgment.

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

Nature, Quality and Extent of Services

The Board received and considered information regarding the nature, quality and extent of services provided to the Fund by PGIM Investments and PGIM Fixed Income. The Board noted that PGIM Fixed Income is affiliated with PGIM Investments. The Board considered the services provided by PGIM Investments, including but not limited to the oversight of the subadviser for the Fund, as well as the provision of fund recordkeeping, compliance and other services to the Fund, and PGIM Investments’ role as administrator of the Fund’s liquidity risk management program. With respect to PGIM Investments’ oversight of the subadviser, the Board noted that PGIM Investments’ Strategic Investment Research Group (“SIRG”), which is a business unit of PGIM

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Investments, is responsible for monitoring and reporting to PGIM Investments’ senior management on the performance and operations of the subadviser. The Board also considered that PGIM Investments pays the salaries of all of the officers and interested Trustees of the Fund who are part of Fund management. The Board also considered the investment subadvisory services provided by PGIM Fixed Income, including investment research and security selection, as well as adherence to the Fund’s investment restrictions and compliance with applicable Fund policies and procedures. The Board considered PGIM Investments’ evaluation of the subadviser, as well as PGIM Investments’ recommendation, based on its review of the subadviser, to renew the subadvisory agreement.

The Board considered the qualifications, backgrounds and responsibilities of PGIM Investments’ senior management responsible for the oversight of the Fund and PGIM Fixed Income, and also considered the qualifications, backgrounds and responsibilities of PGIM Fixed Income’s portfolio managers who are responsible for the day-to-day management of the Fund’s portfolio. The Board was provided with information pertaining to PGIM Investments’ and PGIM Fixed Income’s organizational structure, senior management, investment operations, and other relevant information pertaining to PGIM Investments and PGIM Fixed Income. The Board also noted that it received favorable compliance reports from the Fund’s Chief Compliance Officer (“CCO”) as to PGIM Investments and PGIM Fixed Income.

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

Costs of Services and Profits Realized by PGIM Investments

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

Economies of Scale

The Board received and discussed information concerning economies of scale that PGIM Investments may realize as the Fund’s assets grow beyond current levels. During the course of time, the Board has considered information regarding the launch date of

PGIM Fixed Income ETFs

Approval of Advisory Agreements (continued)

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

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

Other Benefits to PGIM Investments and PGIM Fixed Income

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

Performance of the Fund / Fees and Expenses

The Board considered certain additional factors and made related conclusions relating to the historical performance of the Fund for the one-year period ended December 31, 2020. The Board considered that the Fund commenced operations on September 24, 2018 and that longer-term performance was not yet available.

The Board also considered the Fund’s actual management fee, as well as the Fund’s net total expense ratio, for the fiscal period ended August 31, 2020. The Board considered the management fee for the Fund as compared to the management fee charged by PGIM Investments to other funds and the fee charged by other advisers to comparable mutual funds in a Peer Group. The actual management fee represents the fee rate actually paid by Fund shareholders and includes any fee waivers or reimbursements. The net total expense ratio for the Fund represents the actual expense ratio incurred by Fund shareholders.

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

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

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

● The Board noted that the Fund outperformed its benchmark index over the one-year period ended December 31, 2020.

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

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

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

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

*  *  *

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

PGIM Fixed Income ETFs

Approval of Advisory Agreements (continued)

PGIM Active Aggregate Bond ETF

Initial Approval of the Fund’s Advisory Agreements

The Board considered the proposed management agreement with PGIM Investments LLC (the Manager) and the proposed subadvisory agreement with PGIM, Inc. (PGIM), through its PGIM Fixed Income (PFI) division, to serve as the subadviser (the Subadviser) with respect to the Fund prior to the Fund’s commencement of operations. The Board, including all of the Independent Trustees, met on January 25, 2021 (the Meeting) and approved the agreements for an initial two-year period, after concluding that approval of the agreements was in the best interests of the Fund.

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

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

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

A summary of certain factors and conclusions that formed the basis for the Trustees’ reaching their determinations to approve the agreements are discussed below.

Nature, quality and extent of services

With respect to the Manager, the Board noted that it had received and considered information about the Manager at the Meeting, including information relating to the approval and renewal, as applicable, of the management agreements between the Manager and the other Prudential Retail Funds, as well as information received at other

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

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

PGIM Fixed Income ETFs

Approval of Advisory Agreements (continued)

Performance

Because the Fund had not yet commenced operations and the actual asset base of the Fund had not yet been determined, no investment performance for the Fund existed for Board review. The Board took note that the Manager will provide information relating to performance to the Board in connection with subsequent reviews of the management agreement and subadvisory agreement.

Fee Rates

The Board considered the proposed management fees of 0.19% of the average daily value of the Fund’s investable assets to be paid by the Fund to the Manager and the compensation to be paid by the Manager to the Subadviser. The Board considered the nature of the management fee as a unitary fee and that the Manager would be responsible for the Fund’s expenses except for those expenses reflected in the management agreement as remaining the responsibility of the Fund.

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

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

Profitability

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

Economies of Scale

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

Other Benefits to the Manager and the Subadviser

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

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benefits to be derived by the Subadviser were consistent with those generally derived by subadvisers to the Prudential Retail Funds, and that those benefits are reviewed on an annual basis. The Board concluded that any potential benefits derived by the Manager and the Subadviser were consistent with the types of benefits generally derived by investment managers and subadvisers to funds.

* * * 

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

PGIM Fixed Income ETFs

∎ 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’ subadvisers the responsibility for voting any proxies and maintaining proxy recordkeeping with respect to each Funds. 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 Funds 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 ● Dana E. Cordes, Anti-Money Laundering Compliance Officer ● Andrew R. French, Secretary ● Melissa Gonzalez, Assistant Secretary ● Diana N. Huffman, Assistant Secretary ● Patrick E. McGuinness, Assistant Secretary ● Debra Rubano, Assistant Secretary ● Lana Lomuti, Assistant Treasurer ● Russ Shupak, Assistant Treasurer ● Elyse M. McLaughlin, Assistant Treasurer ● Deborah Conway, Assistant Treasurer

MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102
SUBADVISERS	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 each Funds carefully before investing. The prospectus and summary prospectus contain this and other information about the Fund. An investor may obtain the prospectus and summary prospectus by visiting our website at pgiminvestments.com or by calling (800) 225-1852. The prospectus and summary prospectus should be read carefully before investing.

E-DELIVERY

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

AVAILABILITY OF PORTFOLIO HOLDINGS

On each business day, before commencement of trading on the Exchange, the Fund will disclose on www.pgiminvestments.com the Fund’s portfolio holdings that will form the basis for the Fund’s calculation of NAV at the end of the business day. The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT filings are available on the Commission’s website at sec.gov.

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

    Funds:

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

PGIM FIXED INCOME ETFS

Fund	Ticker Symbol
PGIM Ultra Short Bond ETF	PULS
PGIM Active High Yield Bond ETF	PHYL
PGIM Active Aggregate Bond ETF	PAB

ETF1000E

PGIM QMA STRATEGIC ALPHA ETFS

PGIM QMA Strategic Alpha Large-Cap Core ETF

PGIM QMA Strategic Alpha Small-Cap Growth ETF

PGIM QMA Strategic Alpha Small-Cap Value ETF

PGIM QMA Strategic Alpha International Equity ETF

ANNUAL REPORT

AUGUST 31, 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
Growth of a $10,000 Investment	5
Strategy and Performance Overview	7
PGIM QMA Strategic Alpha Small-Cap Growth ETF	9
Growth of a $10,000 Investment	10
Strategy and Performance Overview	12
PGIM QMA Strategic Alpha Small-Cap Value ETF	14
Growth of a $10,000 Investment	15
Strategy and Performance Overview	17
PGIM QMA Strategic Alpha International Equity ETF	19
Growth of a $10,000 Investment	20
Strategy and Performance Overview	22
Fees and Expenses	24
Holdings and Financial Statements	27
Approval of Advisory Agreements	27

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

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

Exchange-traded funds are distributed by Prudential Investment Management Services LLC, a Prudential Financial company, member SIPC. PGIM Quantitative Solutions is the primary business name of PGIM Quantitative Solutions LLC (formerly known as QMA LLC), a wholly owned subsidiary of PGIM, Inc. (PGIM), a Prudential Financial company. ^© 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 annual report for the PGIM QMA Strategic Alpha ETFs informative and useful. The report covers performance for the 12-month period that ended August 31, 2021.   The COVID-19 pandemic had a significant impact on the global economy and markets early in 2020, but a dramatic recovery was underway as the summer began. The Federal Reserve slashed interest rates to encourage borrowing. Congress passed stimulus bills worth several trillion dollars to help consumers and businesses. And several effective COVID-19 vaccines received regulatory approval later in the year.

At the start of the period, stocks had recovered most of the steep losses they had suffered at the onset of the pandemic. Equities rallied as states reopened their economies but became more volatile in the fall as investors worried that a surge in COVID-19 infections would stall the recovery. However, rising corporate profits and economic growth, the resolution of the US presidential election, and the global rollout of approved vaccines lifted equity markets to record levels, helping stocks around the globe post gains for the full period.

Much of the bond market performed well during the period as investors sought safety in fixed income. Investment-grade bonds in the US declined slightly as the economy recovered, but global bonds and emerging market debt rose. While the 10-year US Treasury yield hovered near record lows early in the period after a significant rally in interest rates, rates moved higher later on as investors began to focus on stronger economic growth and the prospects of higher inflation. The Fed also took several aggressive actions to keep the bond markets running smoothly, restarting many of the relief programs that proved to be successful in helping end the global financial crisis in 2008-09.

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

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

Thank you for choosing our family of funds.

Sincerely,

Stuart S. Parker, President

PGIM QMA Strategic Alpha ETFs

October 15, 2021

PGIM QMA Strategic Alpha ETFs 3

PGIM QMA Strategic Alpha Large-Cap Core ETF

Your Fund’s Performance (unaudited)

Performance data quoted represent past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when 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 8/31/21
	One Year (%)	Since Inception (%)
Net Asset Value (NAV)	38.14	16.86 (10/17/2018)
Market Price*	38.09	16.88 (10/17/2018)
S&P 500 Index	31.16	22.00

*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.

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Growth of a $10,000 Investment (unaudited)

The graph compares a $10,000 investment in the Fund with a similar investment in the S&P 500 Index by portraying the initial account values at the commencement of operations (October 17, 2018) and the account values at the end of the current fiscal year (August 31, 2021), as measured on a quarterly basis. The Fund assumes an initial investment on October 17, 2018, while the benchmark and the Index assume that the initial investment occurred on October 31, 2018. For purposes of the graph, and unless otherwise indicated, it has been assumed that (a) all recurring fees (including management fees) were deducted and (b) all dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have been lower.

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

PGIM QMA Strategic Alpha ETFs 5

PGIM QMA Strategic Alpha Large-Cap Core ETF

Your Fund’s Performance (continued)

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.

*The S&P 500 Index (“Index”) is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by PGIM, Inc. 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.

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

Presentation of Fund Holdings as of 8/31/21

Ten Largest Holdings	Line of Business	% of Net Assets
Monolithic Power Systems, Inc.	Semiconductors & Semiconductor Equipment	0.4%
Synopsys, Inc.	Software	0.4%
West Pharmaceutical Services, Inc.	Health Care Equipment & Supplies	0.4%
Agilent Technologies, Inc.	Life Sciences Tools & Services	0.4%
Nucor Corp.	Metals & Mining	0.4%
Keysight Technologies, Inc.	Electronic Equipment, Instruments & Components	0.4%
Old Dominion Freight Line, Inc.	Road & Rail	0.4%
Motorola Solutions, Inc.	Communications Equipment	0.4%
Avery Dennison Corp.	Containers & Packaging	0.4%
Pentair plc (United Kingdom)	Machinery	0.4%

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Strategy and Performance Overview (unaudited)

How did the Fund perform?

The PGIM QMA Strategic Alpha Large-Cap Core ETF (the Fund) returned 38.14% based on net asset value in the 12-month reporting period that ended August 31, 2021, outperforming the 31.16% return of the S&P 500 Index (the Index).

What were the market conditions?

US equity markets moved higher during the reporting period, driven by the introduction of effective COVID-19 vaccines and significant fiscal and monetary support. Large-cap stocks underperformed their small- and mid-cap counterparts during the period. Value stocks outperformed growth stocks across all market capitalizations by a significant margin during the period.

What worked?

• The Fund added value in eight of the Index’s 11 sectors during the reporting period, exhibiting strong relative performance in the information technology (IT) and consumer discretionary sectors.

• An underweight position relative to the Index in IT stocks, which trailed the Index, aided the Fund’s performance, as did good stock selection in the technology hardware, storage, and peripherals sector.

• In consumer discretionary, an underweight position relative to the Index in underperforming internet and direct marketing retail stocks drove outperformance in the sector.

• Among individual stocks, the Fund’s top contributors to relative performance were internet and direct marketing retail company Amazon.com, Inc.; technology hardware, storage, and peripherals company Apple, Inc.; and textiles, apparel, and luxury goods company Tapestry, Inc.

What didn’t work?

• The Fund’s relative performance during the reporting period was hurt most by poor performance in the communication services and energy sectors.

• In communication services, the Fund’s underweight position relative to the Index in interactive media & services companies hurt results, largely due to an underweight in strong-performing Alphabet, Inc. (Class A and Class C shares).

• In energy, the Fund’s relative performance was hurt by its underweight positions in oil, gas & consumable fuels stocks, which rebounded sharply from their lows early in 2020.

• Among individual stocks, the Fund’s largest detractors were Alphabet, Inc. and JPMorgan Chase & Co.

PGIM QMA Strategic Alpha ETFs 7

Strategy and Performance Overview (continued)

Current outlook

• Domestic equity markets moved meaningfully higher during the reporting period, with value stocks staging a particularly powerful rally, especially during the first quarter of 2021. COVID-19 vaccines have shown significant effectiveness, allowing a reopening of the US economy and improvement in the fortunes of the companies most negatively affected by shutdowns and quarantines. However, as PGIM Quantitative Solutions expected, the recovery has not been linear. In June 2021, investor concerns about COVID-19 variants, lags in vaccination rates, and supply chain interruptions led to a pullback in the more-cyclical stocks that populate the value benchmark indexes and to a bounce in the “stay-at-home” stocks. In addition, Federal Reserve Chairman Jerome Powell’s comments regarding the potential for a shift to less-aggressive monetary policy drove a flattening of the yield curve and moderation in inflation expectations, which both help growth stocks relative to value stocks.

• Although the market’s recent wobble gave some investors pause, PGIM Quantitative Solutions believes the value rally that began last year has significant room to run. In PGIM Quantitative Solutions’ view, COVID-19 cases likely will decline as vaccines are more widely distributed in the US, encouraging well-funded consumers to resume spending. Corporate earnings, especially among more-cyclical companies, are positioned to continue to easily beat analysts’ earnings expectations compared to a year earlier. Additionally, while vaccination rates lag in many regions outside the US, PGIM Quantitative Solutions believes the increasing availability of vaccines will drive a more expanded global economic recovery in the future.

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PGIM QMA Strategic Alpha Small-Cap Growth ETF

Your Fund’s Performance (unaudited)

Performance data quoted represent past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when 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 8/31/21
	One Year (%)	Since Inception (%)
Net Asset Value (NAV)	47.52	16.46 (11/13/2018)
Market Price*	47.21	16.45 (11/13/2018)
Russell 2000 Growth Index	35.61	19.56

*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.

PGIM QMA Strategic Alpha ETFs 9

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Your Fund’s Performance (continued)

Growth of a $10,000 Investment (unaudited)

The graph compares a $10,000 investment in the Fund with a similar investment in the Russell 2000 Growth Index by portraying the initial account values at the commencement of operations (November 13, 2018) and the account values at the end of the current fiscal year (August 31, 2021), as measured on a quarterly basis. The Fund assumes an initial investment on November 13, 2018, while the benchmark and the Index assume that the initial investment occurred on October 31, 2018. For purposes of the graph, and unless otherwise indicated, it has been assumed that (a) all recurring fees (including management fees) were deducted and (b) all dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have been lower.

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

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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.

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

Presentation of Fund Holdings as of 8/31/21

Ten Largest Holdings	Line of Business	% of Net Assets
Trillium Therapeutics, Inc. (Canada)	Biotechnology	0.5%
Ryerson Holding Corp.	Metals & Mining	0.3%
Crinetics Pharmaceuticals, Inc.	Biotechnology	0.2%
CytoSorbents Corp.	Health Care Equipment & Supplies	0.2%
BlueLinx Holdings, Inc.	Trading Companies & Distributors	0.2%
Kulicke & Soffa Industries, Inc. ( Singapore)	Semiconductors & Semiconductor Equipment	0.2%
Cross Country Healthcare, Inc.	Health Care Providers & Services	0.2%
Apyx Medical Corp.	Health Care Equipment & Supplies	0.2%
STAAR Surgical Co.	Health Care Equipment & Supplies	0.2%
Mersana Therapeutics, Inc.	Biotechnology	0.2%

PGIM QMA Strategic Alpha ETFs 11

Strategy and Performance Overview (unaudited)

How did the Fund perform?

The PGIM QMA Strategic Alpha Small-Cap Growth ETF (the Fund) returned 47.52% based on net asset value in the 12-month reporting period that ended on August 31, 2021, outperforming the 35.61% return of the Russell 2000 Growth Index (the Index).

What were the market conditions?

US equity markets moved higher during the reporting period, driven by the introduction of effective COVID-19 vaccines and significant fiscal and monetary support. Large-cap stocks underperformed their small- and mid-cap counterparts during the period. Value stocks outperformed growth stocks across all market capitalizations by a significant margin during the period.

What worked?

• The Fund added value in each of the Index’s 11 sectors during the reporting period, benefiting from favorable security selections in the information technology (IT) and financials sectors.

• In IT, the Fund’s position in IT services and communication equipment aided performance. The Fund’s focus on quality through its profitability measure also helped it avoid some of the poorer performers in this sector during the period.

• In financials, the Fund’s overweight positions in strong-performing capital markets and insurance stocks drove strong relative performance in the sector.

• The Fund’s top individual contributors relative to the Index were medical specialties company iRhythm Technologies, Inc., biotechnology company Lexicon Pharmaceuticals, Inc., and specialty telecommunications company IDT Corp.

What didn’t work?

• There was very little that didn’t work in the Fund during the reporting period, as it meaningfully outperformed the Index in all 11 sectors and exhibited only marginal underperformance in a few industry categories.

• Among individual stocks, the Fund’s largest detractors for the period were electronic components company Plug Power, Inc., pharmaceutical company MyoKardia, Inc., and hotels, restaurants & leisure company Caesars Entertainment, Inc.

Current outlook

• Domestic equity markets moved meaningfully higher during the reporting period, with value stocks staging a particularly powerful rally, especially during the first quarter of 2021. COVID-19 vaccines have shown significant effectiveness, allowing a reopening of the US economy and improvement in the fortunes of the companies most negatively affected by shutdowns and quarantines. However, as PGIM Quantitative Solutions expected, the recovery has not been linear. In June 2021, investor concerns about COVID-19 variants, lags in vaccination rates, and supply chain interruptions led

12 Visit our website at pgim.com/investments

to a pullback in the more-cyclical stocks that populate the value benchmark indexes and to a bounce in the “stay-at-home” stocks. In addition, Federal Reserve Chairman Jerome Powell’s comments regarding the potential for a shift to less-aggressive monetary policy drove a flattening of the yield curve and moderation in inflation expectations, which both help growth stocks relative to value stocks.

• Although the market’s recent wobble gave some investors pause, PGIM Quantitative Solutions believes the value rally that began last year has significant room to run. In PGIM Quantitative Solutions’ view, COVID-19 cases likely will decline as vaccines are more widely distributed in the US, encouraging well-funded consumers to resume spending. Corporate earnings, especially among more-cyclical companies, are positioned to continue to easily beat analysts’ earnings expectations compared to a year earlier. Additionally, while vaccination rates lag in many regions outside the US, PGIM Quantitative Solutions believes the increasing availability of vaccines will drive a more expanded global economic recovery in the future.

PGIM QMA Strategic Alpha ETFs 13

PGIM QMA Strategic Alpha Small-Cap Value ETF

Your Fund’s Performance (unaudited)

Performance data quoted represent past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when 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 8/31/21
	One Year (%)	Since Inception (%)
Net Asset Value (NAV)	63.26	13.24 (11/13/2018)
Market Price*	63.04	13.24 (11/13/2018)
Russell 2000 Value Index	59.49	13.59

*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.

14 Visit our website at pgim.com/investments

Growth of a $10,000 Investment (unaudited)

The graph compares a $10,000 investment in the Fund with a similar investment in the Russell 2000 Value Index by portraying the initial account values at the commencement of operations (November 13, 2018) and the account values at the end of the current fiscal year (August 31, 2021), as measured on a quarterly basis. The Fund assumes an initial investment on November 13, 2018, while the benchmark and the Index assume that the initial investment occurred on October 31, 2018. For purposes of the graph, and unless otherwise indicated, it has been assumed that (a) all recurring fees (including management fees) were deducted and (b) all dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have been lower.

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

PGIM QMA Strategic Alpha ETFs 15

PGIM QMA Strategic Alpha Small-Cap Value ETF

Your Fund’s Performance (continued)

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.

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

Presentation of Fund Holdings as of 8/31/21

Ten Largest Holdings	Line of Business	% of Net Assets
Fulcrum Therapeutics, Inc.	Pharmaceuticals	0.6%
Kezar Life Sciences, Inc.	Biotechnology	0.2%
Ryerson Holding Corp.	Metals & Mining	0.2%
Triple-S Management Corp. (Puerto Rico)  (Class B Stock)	Health Care Providers & Services	0.2%
Cardiff Oncology, Inc.	Biotechnology	0.2%
Costamare, Inc. (Monaco)	Marine	0.2%
Veritiv Corp.	Trading Companies & Distributors	0.2%
Praxis Precision Medicines, Inc.	Biotechnology	0.2%
City Office REIT, Inc. (Canada)	Equity Real Estate Investment Trusts (REITs)	0.2%
Cross Country Healthcare, Inc.	Health Care Providers & Services	0.2%

16 Visit our website at pgim.com/investments

Strategy and Performance Overview (unaudited)

How did the Fund perform?

The PGIM QMA Strategic Alpha Small-Cap Value ETF (the Fund) returned 63.26% based on net asset value in the 12-month reporting period that ended on August 31, 2021, outperforming the 59.49% return of the Russell 2000 Value Index (the Index).

What were the market conditions?

US equity markets moved higher during the reporting period, driven by the introduction of effective COVID-19 vaccines and significant fiscal and monetary support. Large-cap stocks underperformed their small- and mid-cap counterparts during the period. Value stocks outperformed growth stocks across all market capitalizations by a significant margin during the period.

What worked?

• The Fund added value in six of the Index’s 11 sectors during the reporting period, benefiting from favorable positions in the financials and healthcare sectors.

• In the financials sector, the Fund’s performance was aided by a significant overweight position relative to the Index and strong stock selections in the banking and diversified financial industries. In healthcare, the Fund benefited from good stock picks in the life sciences and pharmaceutical industries.

• The Fund’s top individual contributors to relative performance were pharmaceutical company Fulcrum Therapeutics, Inc., biotechnology company Arena Pharmaceuticals, Inc., and media company Entravision Communications Corp.

What didn’t work?

• The Fund’s relative performance during the reporting period was hurt most by poor performance in the consumer discretionary and materials sectors.

• Consumer discretionary stocks outperformed the Index during the period. However, the Fund’s underweight relative position—especially in hotel, restaurant, and leisure stocks—was a damper on overall performance.

• In materials, the Fund was hurt by an underweight position in the strong-performing metals & mining industry. The largest detractors at the stock level were entertainment company AMC Entertainment Holdings, Inc., specialty retail company GameStop Corp., and metals & mining company Cleveland-Cliffs, Inc.

Current outlook

• Domestic equity markets moved meaningfully higher during the reporting period, with value stocks staging a particularly powerful rally, especially during the first quarter of 2021. COVID-19 vaccines have shown significant effectiveness, allowing a reopening of the US economy and improvement in the fortunes of the companies most negatively affected by shutdowns and quarantines. However, as PGIM Quantitative Solutions expected, the recovery has not been linear. In June 2021, investor concerns

PGIM QMA Strategic Alpha ETFs 17

Strategy and Performance Overview (continued)

about COVID-19 variants, lags in vaccination rates, and supply chain interruptions led to a pullback in the more-cyclical stocks that populate the value benchmark indexes and to a bounce in the “stay-at-home” stocks. In addition, Federal Reserve Chairman Jerome Powell’s comments regarding the potential for a shift to less-aggressive monetary policy drove a flattening of the yield curve and moderation in inflation expectations, which both help growth stocks relative to value stocks.

• Although the market’s recent wobble gave some investors pause, PGIM Quantitative Solutions believes the value rally that began last year has significant room to run. In PGIM Quantitative Solutions’ view, COVID-19 cases likely will decline as vaccines are more widely distributed in the US, encouraging well-funded consumers to resume spending. Corporate earnings, especially among more-cyclical companies, are positioned to continue to easily beat analysts’ earnings expectations compared to a year earlier. Additionally, while vaccination rates lag in many regions outside the US, PGIM Quantitative Solutions believes the increasing availability of vaccines will drive a more expanded global economic recovery in the future.

18 Visit our website at pgim.com/investments

PGIM QMA Strategic Alpha International Equity ETF

Your Fund’s Performance (unaudited)

Performance data quoted represent past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when 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 8/31/21
	One Year (%)	Since Inception (%)
Net Asset Value (NAV)	24.43	11.08 (12/04/2018)
Market Price*	24.79	11.10 (12/04/2018)
MSCI EAFE Index	26.12	12.92

*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.

PGIM QMA Strategic Alpha ETFs 19

PGIM QMA Strategic Alpha International Equity ETF

Your Fund’s Performance (continued)

Growth of a $10,000 Investment (unaudited)

The graph compares a $10,000 investment in the Fund with a similar investment in the MSCI EAFE Index by portraying the initial account values at the commencement of operations (December 4, 2018) and the account values at the end of the current fiscal year (August 31, 2021), as measured on a quarterly basis. The Fund assumes an initial investment on December 4, 2018, while the benchmark and the Index assume that the initial investment occurred on November 30, 2018. For purposes of the graph, and unless otherwise indicated, it has been assumed that (a) all recurring fees (including management fees) were deducted and (b) all dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have been lower.

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

20 Visit our website at pgim.com/investments

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 operating expenses or taxes that may be paid by an investor.

Presentation of Fund Holdings as of 8/31/21

Ten Largest Holdings	Line of Business	Country	% of Net Assets
Wm Morrison Supermarkets plc	Food & Staples Retailing	United Kingdom	0.3%
Daikin Industries Ltd.	Building Products	Japan	0.3%
Eurofins Scientific SE	Life Sciences Tools & Services	Luxembourg	0.3%
Shimano, Inc.	Leisure Products	Japan	0.3%
Wolters Kluwer NV	Professional Services	Netherlands	0.3%
Merck KGaA	Pharmaceuticals	Germany	0.3%
Segro plc	Equity Real Estate Investment Trusts (REITs)	United Kingdom	0.3%
Nippon Sanso Holdings Corp.	Chemicals	Japan	0.3%
Spirax-Sarco Engineering plc	Machinery	United Kingdom	0.3%
DiaSorin SpA	Health Care Equipment & Supplies	Italy	0.3%

PGIM QMA Strategic Alpha ETFs 21

Strategy and Performance Overview (unaudited)

How did the Fund perform?

The PGIM QMA Strategic Alpha International Equity ETF (the Fund) returned 24.43% based on net asset value in the 12-month reporting period that ended on August 31, 2021, underperforming the 26.12% return of the MSCI EAFE Index (the Index).

What were the market conditions?

Developed international equity markets moved higher during the reporting period but exhibited a significant increase in volatility amid the global outbreak of COVID-19. Large-cap stocks generally outperformed their small- and mid-cap counterparts during the period. Value stocks underperformed growth stocks across all market capitalizations.

What worked?

• The Fund added value in four of the Index’s 11 sectors during the reporting period, benefiting from good relative performance in the healthcare and industrials sectors.

• A meaningful underweight position relative to the Index in the underperforming healthcare sector, along with good security selection in the sector, aided the Fund’s performance.

• The Fund’s results were also helped by its overweight relative position in industrials, one of the Index’s better-performing sectors. Holdings in marine and building products stocks performed especially well.

• Among individual stocks, the Fund’s top relative contributors to performance were food products company Nestle N.A., software company SAP SE, and aerospace and marine company Nippon Yusen Kabushiki Kaisha.

What didn’t work?

• The Fund’s relative performance during the reporting period was hurt most by holdings in the financials and information technology (IT) sectors.

• In financials, which was among the better-performing Index sectors, the Fund performed well from a security selection standpoint. However, an underweight position in these stocks drove the Fund’s underperformance in the sector.

• In IT, performance was hindered by the Fund’s underweight relative position in these generally very expensive stocks, especially those in the semiconductor & semiconductor equipment industry.

• Among individual stocks, the Fund’s largest detractors were semiconductor & semiconductor equipment company ASML Holding NV, textiles, apparel & luxury goods company LVMH Moet Hennessy Louis Vuitton SE, and multi-utility company AGL Energy Limited.

Current outlook

• International equity markets moved meaningfully higher during the reporting period, especially during the first quarter of 2021. COVID-19 vaccines have shown significant

22 Visit our website at pgim.com/investments

effectiveness, although slow distribution has hampered the economic recovery in many countries. As PGIM Quantitative Solutions expected, the recovery has not been linear. In the second quarter of 2021, investor concerns about rising infection rates due to COVID-19 variants, lags in vaccine supplies, and supply chain interruptions led to pullbacks in a number of markets. Along with the reduction of government support payments from 2020 levels, the recovery in international markets has lagged that in the US and other regions where vaccines have been more widely available and fiscal stimulus has been greater.

• Although the market’s recent wobble gave some investors pause, PGIM Quantitative Solutions believes the recovery rally that began last year has significant room to run. In PGIM Quantitative Solutions’ view, COVID-19 cases likely will decline as vaccines are more widely distributed globally, allowing companies to resume more normal operations. Corporate earnings, especially among more-cyclical companies, are positioned to continue to beat analysts’ earnings expectations compared to a year earlier. Additionally, while vaccination rates lag in many regions outside the US, PGIM Quantitative Solutions believes the increasing availability of vaccines will drive a more expanded global economic recovery in the future.

PGIM QMA Strategic Alpha ETFs 23

Fees and Expenses (unaudited)

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

The example is based on an investment of $1,000 held through the six-month period ended August 31, 2021. The example is for illustrative purposes only.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

PGIM QMA Strategic Alpha Large-Cap Core ETF	Beginning Account Value March 1, 2021	Ending Account Value August 31, 2021	Annualized Expense Ratio Based on the Six-Month Period	Expenses Paid During the Six-Month  Period*
Actual	$1,000.00	$1,200.20	0.17%	$0.94
Hypothetical	$1,000.00	$1,024.35	0.17%	$0.87

24 Visit our website at pgim.com/investments

PGIM QMA Strategic Alpha Small-Cap Growth ETF	Beginning Account Value March 1, 2021	Ending Account Value August 31, 2021	Annualized Expense Ratio Based on the Six-Month Period	Expenses Paid During the Six-Month Period*
Actual	$1,000.00	$1,082.90	0.29%	$1.52
Hypothetical	$1,000.00	$1,023.74	0.29%	$1.48
PGIM QMA Strategic Alpha Small-Cap Value ETF	Beginning Account Value March 1, 2021	Ending Account Value August 31, 2021	Annualized Expense Ratio Based on the Six-Month Period	Expenses Paid During the Six-Month Period*
Actual	$1,000.00	$1,130.80	0.29%	$1.56
Hypothetical	$1,000.00	$1,023.74	0.29%	$1.48
PGIM QMA Strategic Alpha International Equity ETF	Beginning Account Value March 1, 2021	Ending Account Value August 31, 2021	Annualized Expense Ratio Based on the Six-Month Period	Expenses Paid During the Six-Month Period*
Actual	$1,000.00	$1,100.70	0.29%	$1.54
Hypothetical	$1,000.00	$1,023.74	0.29%	$1.48

*Fund expenses (net of fee waivers or subsidies, if any) are equal to the annualized expense ratio (provided in the table), multiplied by the average account value over the period, multiplied by the 184 days in the six-month period ended August 31, 2021, and divided by the 365 days in the Fund’s fiscal year ended 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 25

PGIM QMA Strategic Alpha Large-Cap Core ETF

Schedule of Investments

as of August 31, 2021

Description	Shares		Value
LONG-TERM INVESTMENTS    99.5%
COMMON STOCKS    99.5%
Aerospace & Defense    2.5%
General Dynamics Corp.		286	$	57,289
Huntington Ingalls Industries, Inc.		249		50,838
L3Harris Technologies, Inc.		236		54,990
Lockheed Martin Corp.		128		46,055
Northrop Grumman Corp.		146		53,684
Raytheon Technologies Corp.		599		50,771
Textron, Inc.		757		55,011
				368,638
Air Freight & Logistics    0.3%
FedEx Corp.		170		45,167
Auto Components    0.3%
BorgWarner, Inc.		1,098		46,863
Banks    3.4%
Citigroup, Inc.		699		50,265
Citizens Financial Group, Inc.		1,111		48,651
Comerica, Inc.		714		52,772
Fifth Third Bancorp		1,410		54,792
KeyCorp		2,687		54,600
Regions Financial Corp.		2,431		49,665
Truist Financial Corp.		847		48,330
US Bancorp		859		49,298
Wells Fargo & Co.		1,130		51,641
Zions Bancorp NA		912		52,805
				512,819
Beverages    1.3%
Coca-Cola Co. (The)		883		49,722
Molson Coors Beverage Co. (Class B Stock)		1,040		49,431
Monster Beverage Corp.*		546		53,273
PepsiCo, Inc.		310		48,481
				200,907
Biotechnology    2.5%
AbbVie, Inc.		456		55,076
Amgen, Inc.		194		43,753
Biogen, Inc.*		156		52,870
Gilead Sciences, Inc.		752		54,730
Incyte Corp.*		681		52,090

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 27

PGIM QMA Strategic Alpha Large-Cap Core ETF

Schedule of Investments (continued)

as of August 31, 2021

Description	Shares		Value
COMMON STOCKS (Continued)
Biotechnology (cont'd.)
Regeneron Pharmaceuticals, Inc.*		90	$	60,606
Vertex Pharmaceuticals, Inc.*		256		51,274
				370,399
Building Products    1.8%
Allegion PLC (Ireland)		380		54,716
Carrier Global Corp.		1,001		57,658
Fortune Brands Home & Security, Inc.		483		47,030
Johnson Controls International PLC		735		54,978
Trane Technologies PLC (Ireland)		259		51,411
				265,793
Capital Markets    2.3%
Bank of New York Mellon Corp. (The)		1,070		59,085
Franklin Resources, Inc.		1,767		57,322
Invesco Ltd.		2,144		54,286
Moody’s Corp.		137		52,166
State Street Corp.		608		56,489
T Rowe Price Group, Inc.		255		57,087
				336,435
Chemicals    1.7%
Celanese Corp. (Class A Stock)		328		52,021
Dow, Inc.		839		52,773
DuPont de Nemours, Inc.		644		47,669
Eastman Chemical Co.		469		53,072
LyondellBasell Industries NV (Class A Stock)		525		52,684
				258,219
Commercial Services & Supplies    1.4%
Cintas Corp.		131		51,846
Copart, Inc.*		356		51,378
Republic Services, Inc. (Class A Stock)		460		57,100
Rollins, Inc.		1,424		55,422
				215,746
Communications Equipment    1.5%
Cisco Systems, Inc.		911		53,767
F5 Networks, Inc.*		254		51,707
Juniper Networks, Inc.		1,913		55,439
Motorola Solutions, Inc.		251		61,299
				222,212

See Notes to Financial Statements.

28

Description	Shares		Value
COMMON STOCKS (Continued)
Construction & Engineering    0.4%
Quanta Services, Inc.		556	$	56,768
Construction Materials    0.7%
Martin Marietta Materials, Inc.		140		53,375
Vulcan Materials Co.		294		54,663
				108,038
Consumer Finance    0.7%
American Express Co.		300		49,788
Capital One Financial Corp.		320		53,110
				102,898
Containers & Packaging    1.9%
Avery Dennison Corp.		271		61,081
International Paper Co.		884		53,119
Packaging Corp. of America		351		53,247
Sealed Air Corp.		954		58,222
Westrock Co.		1,046		54,434
				280,103
Distributors    1.1%
Genuine Parts Co.		423		51,686
LKQ Corp.*		1,039		54,745
Pool Corp.		118		58,328
				164,759
Diversified Financial Services    0.4%
Berkshire Hathaway, Inc. (Class B Stock)*		184		52,582
Diversified Telecommunication Services    1.0%
AT&T, Inc.		1,844		50,563
Lumen Technologies, Inc.		3,901		47,982
Verizon Communications, Inc.		849		46,695
				145,240
Electric Utilities    3.2%
Edison International		910		52,634
Entergy Corp.		493		54,531
Evergy, Inc.		784		53,665
Exelon Corp.		1,090		53,432
FirstEnergy Corp.		1,338		52,008
NRG Energy, Inc.		1,264		57,727

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 29

PGIM QMA Strategic Alpha Large-Cap Core ETF

Schedule of Investments (continued)

as of August 31, 2021

Description	Shares		Value
COMMON STOCKS (Continued)
Electric Utilities (cont'd.)
PPL Corp.		1,810	$	53,123
Southern Co. (The)		764		50,218
Xcel Energy, Inc.		703		48,331
				475,669
Electrical Equipment    1.5%
AMETEK, Inc.		368		50,037
Eaton Corp. PLC		345		58,084
Emerson Electric Co.		549		57,919
Rockwell Automation, Inc.		177		57,605
				223,645
Electronic Equipment, Instruments & Components    2.6%
Amphenol Corp. (Class A Stock)		684		52,415
CDW Corp.		272		54,566
Corning, Inc.		1,283		51,307
Keysight Technologies, Inc.*		345		61,886
Teledyne Technologies, Inc.*		111		51,435
Trimble, Inc.*		612		57,663
Zebra Technologies Corp. (Class A Stock)*		98		57,543
				386,815
Energy Equipment & Services    0.4%
Baker Hughes Co. (Class A Stock)		2,517		57,337
Entertainment    1.4%
Activision Blizzard, Inc.		618		50,905
Electronic Arts, Inc.		355		51,550
Netflix, Inc.*		100		56,919
Take-Two Interactive Software, Inc.*		279		44,980
				204,354
Equity Real Estate Investment Trusts (REITs)    5.4%
American Tower Corp.		181		52,883
AvalonBay Communities, Inc.		228		52,344
Crown Castle International Corp.		271		52,761
Duke Realty Corp.		1,106		58,076
Equity Residential		613		51,535
Essex Property Trust, Inc.		157		51,926
Extra Space Storage, Inc.		302		56,447
Healthpeak Properties, Inc.		1,407		50,652
Prologis, Inc.		430		57,904

See Notes to Financial Statements.

30

Description	Shares		Value
COMMON STOCKS (Continued)
Equity Real Estate Investment Trusts (REITs) (cont'd.)
Public Storage		166	$	53,719
Regency Centers Corp.		796		54,622
SBA Communications Corp. (Class A Stock)		153		54,922
Ventas, Inc.		866		48,444
Welltower, Inc.		589		51,555
Weyerhaeuser Co.		1,492		53,712
				801,502
Food & Staples Retailing    1.1%
Kroger Co. (The)		1,302		59,931
Walgreens Boots Alliance, Inc.		1,003		50,902
Walmart, Inc.		355		52,576
				163,409
Food Products    3.0%
Archer-Daniels-Midland Co.		883		52,980
Conagra Brands, Inc.		1,520		50,342
General Mills, Inc.		873		50,468
Hershey Co. (The)		308		54,732
JM Smucker Co. (The)		381		47,118
Kellogg Co.		816		51,522
Kraft Heinz Co. (The)		1,226		44,124
Mondelez International, Inc. (Class A Stock)		770		47,794
Tyson Foods, Inc. (Class A Stock)		656		51,509
				450,589
Gas Utilities    0.3%
Atmos Energy Corp.		483		47,097
Health Care Equipment & Supplies    6.4%
Abbott Laboratories		434		54,845
ABIOMED, Inc.*		151		54,958
Align Technology, Inc.*		83		58,847
Baxter International, Inc.		633		48,247
Becton Dickinson & Co.		192		48,326
Boston Scientific Corp.*		1,153		52,058
Cooper Cos., Inc. (The)		124		55,888
Danaher Corp.		179		58,025
DENTSPLY SIRONA, Inc.		803		49,545
Edwards Lifesciences Corp.*		473		55,426
Hologic, Inc.*		646		51,131
IDEXX Laboratories, Inc.*		76		51,206

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 31

PGIM QMA Strategic Alpha Large-Cap Core ETF

Schedule of Investments (continued)

as of August 31, 2021

Description	Shares		Value
COMMON STOCKS (Continued)
Health Care Equipment & Supplies (cont'd.)
Intuitive Surgical, Inc.*		54	$	56,892
Medtronic PLC (Ireland)		393		52,458
STERIS PLC		226		48,592
Stryker Corp.		178		49,324
West Pharmaceutical Services, Inc.		145		65,485
Zimmer Biomet Holdings, Inc.		319		47,993
				959,246
Health Care Providers & Services    3.4%
Anthem, Inc.		131		49,142
Centene Corp.*		758		47,739
Cigna Corp.		227		48,045
CVS Health Corp.		616		53,216
Henry Schein, Inc.*		702		53,064
Humana, Inc.		105		42,569
Laboratory Corp. of America Holdings*		194		58,856
Quest Diagnostics, Inc.		378		57,770
UnitedHealth Group, Inc.		118		49,120
Universal Health Services, Inc. (Class B Stock)		336		52,335
				511,856
Health Care Technology    0.3%
Cerner Corp.		664		50,696
Hotels, Restaurants & Leisure    0.7%
McDonald’s Corp.		203		48,204
Yum! Brands, Inc.		398		52,150
				100,354
Household Durables    2.1%
DR Horton, Inc.		518		49,531
Lennar Corp. (Class A Stock)		517		55,479
Mohawk Industries, Inc.*		248		49,045
NVR, Inc.*		11		56,979
PulteGroup, Inc.		909		48,959
Whirlpool Corp.		222		49,180
				309,173
Independent Power & Renewable Electricity Producers    0.3%
AES Corp. (The)		2,139		51,058

See Notes to Financial Statements.

32

Description	Shares		Value
COMMON STOCKS (Continued)
Industrial Conglomerates    1.0%
3M Co.		253	$	49,269
Honeywell International, Inc.		211		48,933
Roper Technologies, Inc.		106		51,228
				149,430
Insurance    3.6%
Allstate Corp. (The)		367		49,648
Chubb Ltd. (Switzerland)		307		56,463
Everest Re Group Ltd. (Bermuda)		212		56,159
Globe Life, Inc.		556		53,415
Hartford Financial Services Group, Inc. (The)		840		56,465
Loews Corp.		914		51,065
MetLife, Inc.		900		55,800
Principal Financial Group, Inc.		831		55,519
Travelers Cos., Inc. (The)		348		55,579
W. R. Berkley Corp.		700		52,717
				542,830
Interactive Media & Services    1.1%
Alphabet, Inc.,
(Class A Stock)*		20		57,879
(Class C Stock)*		19		55,275
Facebook, Inc. (Class A Stock)*		141		53,493
				166,647
Internet & Direct Marketing Retail    0.3%
Amazon.com, Inc.*		15		52,062
IT Services    4.2%
Accenture PLC (Ireland) (Class A Stock)		173		58,225
Akamai Technologies, Inc.*		469		53,114
Broadridge Financial Solutions, Inc.		318		54,766
Cognizant Technology Solutions Corp. (Class A Stock)		752		57,385
Fidelity National Information Services, Inc.		344		43,953
Fiserv, Inc.*		453		53,359
FleetCor Technologies, Inc.*		202		53,182
International Business Machines Corp.		372		52,206
Jack Henry & Associates, Inc.		295		52,032
Paychex, Inc.		459		52,542
VeriSign, Inc.*		237		51,254
Visa, Inc. (Class A Stock)		220		50,402
				632,420

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 33

PGIM QMA Strategic Alpha Large-Cap Core ETF

Schedule of Investments (continued)

as of August 31, 2021

Description	Shares		Value
COMMON STOCKS (Continued)
Life Sciences Tools & Services    2.7%
Agilent Technologies, Inc.		363	$	63,695
Bio-Rad Laboratories, Inc. (Class A Stock)*		74		59,557
Illumina, Inc.*		107		48,916
Mettler-Toledo International, Inc.*		37		57,455
PerkinElmer, Inc.		305		56,364
Thermo Fisher Scientific, Inc.		102		56,605
Waters Corp.*		137		56,721
				399,313
Machinery    5.4%
Caterpillar, Inc.		247		52,085
Cummins, Inc.		222		52,387
Dover Corp.		317		55,272
Fortive Corp.		756		55,846
IDEX Corp.		226		50,624
Illinois Tool Works, Inc.		228		53,092
Ingersoll Rand, Inc.*		1,079		57,208
Otis Worldwide Corp.		589		54,318
PACCAR, Inc.		614		50,268
Parker-Hannifin Corp.		155		45,984
Pentair PLC (United Kingdom)		789		60,879
Snap-on, Inc.		236		53,088
Stanley Black & Decker, Inc.		258		49,864
Westinghouse Air Brake Technologies Corp.		610		54,772
Xylem, Inc.		419		57,114
				802,801
Media    1.4%
Discovery, Inc. (Class C Stock)*		1,895		52,283
Fox Corp. (Class A Stock)		1,393		52,154
News Corp. (Class A Stock)		2,104		47,277
ViacomCBS, Inc. (Class B Stock)		1,291		53,512
				205,226
Metals & Mining    0.4%
Nucor Corp.		528		62,072
Multiline Retail    0.3%
Target Corp.		201		49,643
Multi-Utilities    2.0%
CenterPoint Energy, Inc.		2,025		50,807
Consolidated Edison, Inc.		688		51,910

See Notes to Financial Statements.

34

Description	Shares		Value
COMMON STOCKS (Continued)
Multi-Utilities (cont'd.)
Dominion Energy, Inc.		677	$	52,698
Public Service Enterprise Group, Inc.		741		47,379
Sempra Energy		353		46,723
WEC Energy Group, Inc.		492		46,484
				296,001
Oil, Gas & Consumable Fuels    1.3%
Chevron Corp.		480		46,449
EOG Resources, Inc.		695		46,926
Kinder Morgan, Inc.		2,799		45,540
ONEOK, Inc.		957		50,262
				189,177
Personal Products    0.4%
Estee Lauder Cos., Inc. (The) (Class A Stock)		170		57,883
Pharmaceuticals    2.2%
Bristol-Myers Squibb Co.		770		51,482
Eli Lilly & Co.		213		55,016
Johnson & Johnson		305		52,805
Organon & Co.		1,786		60,527
Pfizer, Inc.		1,185		54,593
Zoetis, Inc. (Class A Stock)		263		53,799
				328,222
Professional Services    1.1%
Equifax, Inc.		201		54,724
Leidos Holdings, Inc.		487		47,780
Robert Half International, Inc.		547		56,560
				159,064
Real Estate Management & Development    0.4%
CBRE Group, Inc. (Class A Stock)*		569		54,795
Road & Rail    1.4%
CSX Corp.		1,512		49,185
Norfolk Southern Corp.		198		50,201
Old Dominion Freight Line, Inc.		214		61,786
Union Pacific Corp.		238		51,608
				212,780

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 35

PGIM QMA Strategic Alpha Large-Cap Core ETF

Schedule of Investments (continued)

as of August 31, 2021

Description	Shares		Value
COMMON STOCKS (Continued)
Semiconductors & Semiconductor Equipment    4.3%
Analog Devices, Inc.		319	$	51,981
Applied Materials, Inc.		400		54,052
Broadcom, Inc.		109		54,196
Intel Corp.		978		52,871
KLA Corp.		168		57,113
Monolithic Power Systems, Inc.		134		66,321
NXP Semiconductors NV (Netherlands)		267		57,440
Qorvo, Inc.*		277		52,084
QUALCOMM, Inc.		369		54,129
Skyworks Solutions, Inc.		272		49,901
Teradyne, Inc.		392		47,604
Texas Instruments, Inc.		258		49,255
				646,947
Software    3.3%
Adobe, Inc.*		84		55,751
ANSYS, Inc.*		144		52,612
Autodesk, Inc.*		171		53,025
Cadence Design Systems, Inc.*		363		59,343
Citrix Systems, Inc.		453		46,600
Intuit, Inc.		100		56,611
Microsoft Corp.		192		57,961
salesforce.com, Inc.*		195		51,728
Synopsys, Inc.*		198		65,783
				499,414
Specialty Retail    1.8%
AutoZone, Inc.*		32		49,573
Best Buy Co., Inc.		454		52,896
O’Reilly Automotive, Inc.*		92		54,655
TJX Cos., Inc. (The)		760		55,267
Ulta Beauty, Inc.*		154		59,646
				272,037
Technology Hardware, Storage & Peripherals    1.1%
Apple, Inc.		354		53,748
Hewlett Packard Enterprise Co.		3,627		56,074
NetApp, Inc.		667		59,316
				169,138

See Notes to Financial Statements.

36

Description						Shares		Value
COMMON STOCKS (Continued)
Textiles, Apparel & Luxury Goods    1.4%
NIKE, Inc. (Class B Stock)							316	$	52,058
PVH Corp.*							508		53,233
Tapestry, Inc.*							1,268		51,126
VF Corp.							624		47,717
									204,134
Tobacco    0.4%
Altria Group, Inc.							1,088		54,650
Trading Companies & Distributors    0.3%
WW Grainger, Inc.							114		49,442
Water Utilities    0.4%
American Water Works Co., Inc.							312		56,862
TOTAL LONG-TERM INVESTMENTS (cost $11,645,795)								14,859,376
	Interest Rate			Maturity Date		Principal Amount (000)#
SHORT-TERM INVESTMENT    0.3%
TIME DEPOSIT    0.3%
BNP Paribas (France) (cost $48,433)		0.005	%		09/01/21		48		48,433
TOTAL INVESTMENTS    99.8% (cost $11,694,228)								14,907,809
Other assets in excess of liabilities    0.2%									24,449
NET ASSETS    100.0%								$	14,932,258

The following abbreviations are used in the annual report:

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

* Non-income producing security.

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 37

PGIM QMA Strategic Alpha Large-Cap Core ETF

Schedule of Investments (continued)

as of August 31, 2021

Fair Value Measurements:

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

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

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

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

The following is a summary of the inputs used as of August 31, 2021 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks
Aerospace & Defense	$	368,638	$	—	$	—
Air Freight & Logistics		45,167		—		—
Auto Components		46,863		—		—
Banks		512,819		—		—
Beverages		200,907		—		—
Biotechnology		370,399		—		—
Building Products		265,793		—		—
Capital Markets		336,435		—		—
Chemicals		258,219		—		—
Commercial Services & Supplies		215,746		—		—
Communications Equipment		222,212		—		—
Construction & Engineering		56,768		—		—
Construction Materials		108,038		—		—
Consumer Finance		102,898		—		—
Containers & Packaging		280,103		—		—
Distributors		164,759		—		—
Diversified Financial Services		52,582		—		—
Diversified Telecommunication Services		145,240		—		—
Electric Utilities		475,669		—		—
Electrical Equipment		223,645		—		—
Electronic Equipment, Instruments & Components		386,815		—		—
Energy Equipment & Services		57,337		—		—
Entertainment		204,354		—		—
Equity Real Estate Investment Trusts (REITs)		801,502		—		—

See Notes to Financial Statements.

38

	Level 1		Level 2		Level 3
Investments in Securities (continued)
Assets (continued)
Long-Term Investments (continued)
Common Stocks (continued)
Food & Staples Retailing	$	163,409	$	—	$	—
Food Products		450,589		—		—
Gas Utilities		47,097		—		—
Health Care Equipment & Supplies		959,246		—		—
Health Care Providers & Services		511,856		—		—
Health Care Technology		50,696		—		—
Hotels, Restaurants & Leisure		100,354		—		—
Household Durables		309,173		—		—
Independent Power & Renewable Electricity Producers		51,058		—		—
Industrial Conglomerates		149,430		—		—
Insurance		542,830		—		—
Interactive Media & Services		166,647		—		—
Internet & Direct Marketing Retail		52,062		—		—
IT Services		632,420		—		—
Life Sciences Tools & Services		399,313		—		—
Machinery		802,801		—		—
Media		205,226		—		—
Metals & Mining		62,072		—		—
Multiline Retail		49,643		—		—
Multi-Utilities		296,001		—		—
Oil, Gas & Consumable Fuels		189,177		—		—
Personal Products		57,883		—		—
Pharmaceuticals		328,222		—		—
Professional Services		159,064		—		—
Real Estate Management & Development		54,795		—		—
Road & Rail		212,780		—		—
Semiconductors & Semiconductor Equipment		646,947		—		—
Software		499,414		—		—
Specialty Retail		272,037		—		—
Technology Hardware, Storage & Peripherals		169,138		—		—
Textiles, Apparel & Luxury Goods		204,134		—		—
Tobacco		54,650		—		—
Trading Companies & Distributors		49,442		—		—
Water Utilities		56,862		—		—
Short-Term Investments
Time Deposit		—		48,433		—
Total	$	14,859,376	$	48,433	$	—

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 39

PGIM QMA Strategic Alpha Large-Cap Core ETF

Schedule of Investments (continued)

as of August 31, 2021

Industry Classification:

The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of August 31, 2021 were as follows (unaudited):

Health Care Equipment & Supplies	6.4	%
Machinery	5.4
Equity Real Estate Investment Trusts (REITs)	5.4
Semiconductors & Semiconductor Equipment	4.3
IT Services	4.2
Insurance	3.6
Banks	3.4
Health Care Providers & Services	3.4
Software	3.3
Electric Utilities	3.2
Food Products	3.0
Life Sciences Tools & Services	2.7
Electronic Equipment, Instruments & Components	2.6
Biotechnology	2.5
Aerospace & Defense	2.5
Capital Markets	2.3
Pharmaceuticals	2.2
Household Durables	2.1
Multi-Utilities	2.0
Containers & Packaging	1.9
Specialty Retail	1.8
Building Products	1.8
Chemicals	1.7
Electrical Equipment	1.5
Communications Equipment	1.5
Commercial Services & Supplies	1.4
Road & Rail	1.4
Media	1.4
Entertainment	1.4
Textiles, Apparel & Luxury Goods	1.4
Beverages	1.3
Oil, Gas & Consumable Fuels	1.3
Technology Hardware, Storage & Peripherals	1.1
Interactive Media & Services	1.1
Distributors	1.1
Food & Staples Retailing	1.1
Professional Services	1.1
Industrial Conglomerates	1.0
Diversified Telecommunication Services	1.0
Construction Materials	0.7
Consumer Finance	0.7
Hotels, Restaurants & Leisure	0.7
Metals & Mining	0.4
Personal Products	0.4
Energy Equipment & Services	0.4
Water Utilities	0.4
Construction & Engineering	0.4
Real Estate Management & Development	0.4
Tobacco	0.4
Diversified Financial Services	0.4
Internet & Direct Marketing Retail	0.3
Independent Power & Renewable Electricity Producers	0.3
Health Care Technology	0.3
Multiline Retail	0.3
Trading Companies & Distributors	0.3
Time Deposit	0.3
Gas Utilities	0.3
Auto Components	0.3
Air Freight & Logistics	0.3
	99.8
Other assets in excess of liabilities	0.2
	100.0	%

See Notes to Financial Statements.

40

PGIM QMA Strategic Alpha Large-Cap Core ETF

Statement of Assets & Liabilities

as of August 31, 2021

Assets
Investments at value:
Unaffiliated investments (cost $11,694,228)	$	14,907,809
Interest and dividends receivable		26,710
Total Assets		14,934,519
Liabilities
Management fee payable		2,127
Other liabilities		134
Total Liabilities		2,261
Net Assets	$	14,932,258
Net assets were comprised of:
Common stock, at par	$	200
Paid-in capital in excess of par		10,206,775
Total distributable earnings (loss)		4,725,283
Net assets, August 31, 2021	$	14,932,258
Net asset value, offering price and redemption price per share, ($14,932,258 / 200,000 shares of common stock issued and outstanding)	$	74.66

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 41

PGIM QMA Strategic Alpha Large-Cap Core ETF

Statement of Operations

Year Ended August 31, 2021

Net Investment Income (Loss)
Income
Interest income	$	745
Unaffiliated dividend income (net of $718 foreign withholding tax)		226,149
Income from securities lending, net (including affiliated income of $398)		410
Miscellaneous Income		49
Total income		227,353
Expenses
Management fee		21,824
Total expenses		21,824
Net investment income (loss)		205,529
Realized And Unrealized Gain (Loss) On Investments
Net realized gain (loss) on:
Investment transactions (including affiliated of $(122))		2,121,983
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $62)		1,805,598
Net gain (loss) on investment transactions		3,927,581
Net Increase (Decrease) In Net Assets Resulting From Operations	$	4,133,110

See Notes to Financial Statements.

42

PGIM QMA Strategic Alpha Large-Cap Core ETF

Statements of Changes in Net Assets

	Year Ended August 31,
	2021			2020
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	205,529		$	206,373
Net realized gain (loss) on investments		2,121,983			(609,299	)
Net change in unrealized appreciation (depreciation) on investments		1,805,598			1,189,934
Net increase (decrease) in net assets resulting from operations		4,133,110			787,008
Dividends and Distributions
Distributions from distributable earnings		(158,974	)		(208,630	)
Total increase (decrease)		3,974,136			578,378
Net Assets:
Beginning of period		10,958,122			10,379,744
End of period	$	14,932,258		$	10,958,122

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 43

PGIM QMA Strategic Alpha Large-Cap Core ETF

Financial Highlights

	Year Ended August 31,						October 17, 2018(e) through August 31,
	2021			2020			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)		1.03			1.03			0.89
Net realized and unrealized gain (loss) on investments		19.63			2.90			1.67
Total from investment operations		20.66			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		$74.66			$54.79			$51.90
Total Return(b):		38.14%			7.69%			5.20%
Ratios/Supplemental Data:
Net assets, end of period (000)		$14,932			$10,958			$10,380
Average net assets (000)		$12,838			$10,347			$11,164
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		0.17%			0.17%			0.17%	(d)
Expenses before waivers and/or expense reimbursement		0.17%			0.17%			0.17%	(d)
Net investment income (loss)		1.60%			1.99%			2.04%	(d)
Portfolio turnover rate(f)(g)		96%			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.

44

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Schedule of Investments

as of August 31, 2021

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
LONG-TERM INVESTMENTS    99.2%
CORPORATE BOND    0.0%
Diversified Financial Services    0.0%
GAMCO Investors, Inc., Sub. Notes		4.000	%		06/15/23		2	$	2,000
(cost 0$)
						Shares
COMMON STOCKS    99.2%
Aerospace & Defense    0.1%
PAE, Inc.*							3,324		22,238
Air Freight & Logistics    0.2%
Echo Global Logistics, Inc.*							820		26,962
Airlines    0.2%
Allegiant Travel Co.*							139		26,749
Auto Components    1.5%
Adient PLC*							635		24,981
American Axle & Manufacturing Holdings, Inc.*							2,649		23,497
Dana, Inc.							1,097		25,516
Fox Factory Holding Corp.*							163		25,048
Gentherm, Inc.*							315		27,033
LCI Industries							187		26,490
Modine Manufacturing Co.*							1,554		19,332
Patrick Industries, Inc.							298		24,320
XPEL, Inc.*							304		23,098
									219,315
Automobiles    0.2%
Winnebago Industries, Inc.							365		25,411
Banks    2.3%
Coastal Financial Corp.*							909		26,697
CrossFirst Bankshares, Inc.*							1,894		25,039
Customers Bancorp, Inc.*							699		28,946
Eastern Bankshares, Inc.							1,318		26,070
FB Financial Corp.							690		28,421
Glacier Bancorp, Inc.							502		26,736
Great Western Bancorp, Inc.							836		25,883
Metrocity Bankshares, Inc.							1,304		27,006
Origin Bancorp, Inc.							646		26,583

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 45

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Schedule of Investments (continued)

as of August 31, 2021

Description	Shares		Value
COMMON STOCKS (Continued)
Banks (cont'd.)
Pacific Premier Bancorp, Inc.		679	$	27,133
Southern First Bancshares, Inc.*		528		26,917
Veritex Holdings, Inc.		782		28,097
West BanCorp, Inc.		874		26,736
				350,264
Beverages    0.5%
Coca-Cola Consolidated, Inc.		67		27,213
MGP Ingredients, Inc.		415		27,099
National Beverage Corp.		576		26,813
				81,125
Biotechnology    10.4%
Aduro Biotech, Inc.*^		1,571		0
Akebia Therapeutics, Inc.*		10,195		29,973
Albireo Pharma, Inc.*		919		28,075
Aldeyra Therapeutics, Inc.*		2,927		27,777
Alkermes PLC (Ireland)*		940		29,384
Allakos, Inc.*		336		29,958
Allogene Therapeutics, Inc.*		1,194		28,477
Amicus Therapeutics, Inc.*		2,808		31,983
AquaBounty Technologies, Inc.*		5,528		25,595
Arena Pharmaceuticals, Inc.*		434		22,967
Athenex, Inc.*		6,895		25,167
Avid Bioservices, Inc.*		1,014		24,579
Bioxcel Therapeutics, Inc.*		1,027		30,245
Blueprint Medicines Corp.*		282		26,302
Coherus Biosciences, Inc.*		1,826		29,180
Crinetics Pharmaceuticals, Inc.*		1,479		34,860
Deciphera Pharmaceuticals, Inc.*		887		27,941
Denali Therapeutics, Inc.*		498		26,494
DermTech, Inc.*		804		29,909
Eagle Pharmaceuticals, Inc.*		546		29,140
Flexion Therapeutics, Inc.*		4,338		25,941
Fortress Biotech, Inc.*		8,345		27,455
G1 Therapeutics, Inc.*		1,557		23,542
Halozyme Therapeutics, Inc.*		650		27,294
Harpoon Therapeutics, Inc.*		2,657		25,188
Immunovant, Inc.*		3,737		32,362
Instil Bio, Inc.*		1,604		30,235
Ironwood Pharmaceuticals, Inc. (Class A Stock)(a)*		2,015		26,397

See Notes to Financial Statements.

46

Description	Shares		Value
COMMON STOCKS (Continued)
Biotechnology (cont'd.)
KalVista Pharmaceuticals, Inc.*		1,268	$	25,918
Karuna Therapeutics, Inc.*		242		28,774
Keros Therapeutics, Inc.*		753		25,331
Kiniksa Pharmaceuticals Ltd. (Class A Stock)*		1,914		24,078
Kodiak Sciences, Inc.*		317		29,855
Kronos Bio, Inc.*		1,291		26,995
Krystal Biotech, Inc.*		450		26,073
Magenta Therapeutics, Inc.*		4,139		26,490
Mersana Therapeutics, Inc.*		2,401		33,446
MiMedx Group, Inc.*		2,087		30,804
Molecular Templates, Inc.*		3,727		24,300
Olema Pharmaceuticals, Inc.*		1,087		32,523
Oncocyte Corp.*		5,470		22,427
Organogenesis Holdings, Inc. (Class A Stock)*		1,769		30,179
PMV Pharmaceuticals, Inc.*		833		25,282
PTC Therapeutics, Inc.*		680		29,682
Puma Biotechnology, Inc.*		3,584		27,131
REGENXBIO, Inc.*		783		25,291
Replimune Group, Inc.*		765		24,296
Sangamo Therapeutics, Inc.*		2,735		27,104
Shattuck Labs, Inc.*		1,303		27,532
Stoke Therapeutics, Inc.*		944		24,714
Taysha Gene Therapies, Inc.*		1,456		28,945
Trevena, Inc.*		19,266		25,431
Trillium Therapeutics, Inc. (Canada)*		4,037		69,558
Turning Point Therapeutics, Inc.*		409		31,501
Vericel Corp.*		487		26,381
Xencor, Inc.*		835		28,281
				1,564,742
Building Products    1.2%
Gibraltar Industries, Inc.*		366		27,325
JELD-WEN Holding, Inc.*		977		26,907
Masonite International Corp.*		209		25,013
PGT Innovations, Inc.*		1,169		24,818
Resideo Technologies, Inc.*		849		27,372
Simpson Manufacturing Co., Inc.		256		28,966
UFP Industries, Inc.		337		25,302
				185,703

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 47

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Schedule of Investments (continued)

as of August 31, 2021

Description	Shares		Value
COMMON STOCKS (Continued)
Capital Markets    2.2%
Artisan Partners Asset Management, Inc. (Class A Stock)		528	$	27,435
Blucora, Inc.*		1,562		25,632
Cohen & Steers, Inc.		311		27,278
GAMCO Investors, Inc. (Class A Stock)		960		26,218
Greenhill & Co., Inc.		1,788		26,355
Houlihan Lokey, Inc. (Class A Stock)		314		28,323
Moelis & Co. (Class A Stock)		484		29,984
PJT Partners, Inc. (Class A Stock)		371		29,302
Pzena Investment Management, Inc. (Class A Stock)		2,447		26,697
StoneX Group, Inc.*		408		28,433
Virtus Investment Partners, Inc.		93		29,081
WisdomTree Investments, Inc.		4,062		25,631
				330,369
Chemicals    2.5%
American Vanguard Corp.		1,653		25,340
Avient Corp.		546		28,441
Balchem Corp.		218		30,612
Cabot Corp.		474		25,312
Chase Corp.		247		28,281
Hawkins, Inc.		794		30,077
HB Fuller Co.		395		26,690
Ingevity Corp.*		341		27,413
Innospec, Inc.		285		26,676
Orion Engineered Carbons SA (Luxembourg)*		1,454		25,692
Sensient Technologies Corp.		324		28,139
Stepan Co.		211		24,805
Tredegar Corp.		2,009		26,680
Trinseo SA		484		25,134
				379,292
Commercial Services & Supplies    1.7%
Brink’s Co. (The)		338		26,418
Casella Waste Systems, Inc. (Class A Stock)*		376		27,820
Cimpress PLC (Ireland)*		256		24,315
Harsco Corp.(a)*		1,297		23,657
Healthcare Services Group, Inc.		1,005		26,291
Heritage-Crystal Clean, Inc.*		905		26,734
HNI Corp.		684		25,917
Interface, Inc. (Class A Stock)		1,783		25,639
SP Plus Corp.*		815		26,398
Tetra Tech, Inc.		193		27,761
				260,950

See Notes to Financial Statements.

48

Description	Shares		Value
COMMON STOCKS (Continued)
Communications Equipment    1.5%
CalAmp Corp.*		2,271	$	25,753
Calix, Inc.*		569		26,515
Cambium Networks Corp.*		616		23,082
Casa Systems, Inc.*		3,466		24,401
Clearfield, Inc.*		603		27,322
DZS, Inc.*		1,608		22,206
Extreme Networks, Inc.*		2,294		24,844
Harmonic, Inc.*		2,465		22,777
Viavi Solutions, Inc.*		1,603		26,113
				223,013
Construction & Engineering    1.1%
Comfort Systems USA, Inc.		325		24,693
EMCOR Group, Inc.		221		26,852
IES Holdings, Inc.*		478		23,374
MYR Group, Inc.*		273		28,395
NV5 Global, Inc.*		275		29,054
Sterling Construction Co., Inc.*		1,290		29,747
				162,115
Consumer Finance    0.9%
Curo Group Holdings Corp.		1,552		25,406
FirstCash, Inc.		324		27,764
Green Dot Corp. (Class A Stock)*		592		30,926
PROG Holdings, Inc.		603		28,534
Regional Management Corp.		490		29,121
				141,751
Containers & Packaging    0.5%
Greif, Inc. (Class A Stock)		423		26,784
Myers Industries, Inc.		1,162		26,494
O-I Glass, Inc.*		1,705		25,797
				79,075
Distributors    0.2%
Funko, Inc. (Class A Stock)*		1,347		26,859
Diversified Consumer Services    0.2%
Carriage Services, Inc. (Class A Stock)		708		32,731

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 49

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Schedule of Investments (continued)

as of August 31, 2021

Description	Shares		Value
COMMON STOCKS (Continued)
Diversified Telecommunication Services    0.7%
Cogent Communications Holdings, Inc.		337	$	24,460
IDT Corp. (Class B Stock)*		517		22,479
Iridium Communications, Inc.*		630		28,041
Ooma, Inc.*		1,458		27,702
				102,682
Electric Utilities    0.2%
Via Renewables, Inc. (Class A Stock)(a)		2,567		28,750
Electrical Equipment    0.9%
Allied Motion Technologies, Inc.		795		27,475
Atkore, Inc.*		312		28,944
EnerSys		273		23,093
GrafTech International Ltd.		2,266		25,085
Vicor Corp.*		222		27,388
				131,985
Electronic Equipment, Instruments & Components    2.7%
Advanced Energy Industries, Inc.		255		22,996
Arlo Technologies, Inc.*		4,233		26,245
Badger Meter, Inc.		257		27,522
CTS Corp.		749		26,275
Fabrinet (Thailand)*		292		30,082
Identiv, Inc.*		1,601		28,434
II-VI, Inc.*		391		24,625
Insight Enterprises, Inc.*		260		26,751
Itron, Inc.*		269		22,599
Napco Security Technologies, Inc.*		742		29,034
Novanta, Inc.*		196		30,031
OSI Systems, Inc.*		272		26,912
Plexus Corp.*		287		26,355
Rogers Corp.*		134		28,463
Vishay Intertechnology, Inc.		1,186		26,056
				402,380
Energy Equipment & Services    0.2%
ChampionX Corp.*		1,102		25,710
Entertainment    0.3%
Liberty Media Corp.-Liberty Braves,
(Class A Stock)*		1,000		26,000
(Class C Stock)*		999		25,824
				51,824

See Notes to Financial Statements.

50

Description	Shares		Value
COMMON STOCKS (Continued)
Equity Real Estate Investment Trusts (REITs)    2.9%
Alexander’s, Inc.		92	$	24,500
CatchMark Timber Trust, Inc. (Class A Stock)		2,354		27,165
Clipper Realty, Inc.		3,237		27,320
EastGroup Properties, Inc.		150		27,039
Gladstone Commercial Corp.		1,251		28,310
Indus Realty Trust, Inc.		401		28,114
Monmouth Real Estate Investment Corp.		1,462		27,749
National Storage Affiliates Trust		480		27,480
NexPoint Residential Trust, Inc.		441		28,572
Outfront Media, Inc.*		1,129		27,954
PS Business Parks, Inc.		160		25,157
Ryman Hospitality Properties, Inc.*		346		28,742
Saul Centers, Inc.		576		26,542
Tanger Factory Outlet Centers, Inc.		1,543		25,799
UMH Properties, Inc.		1,130		26,781
Universal Health Realty Income Trust		439		26,002
				433,226
Food & Staples Retailing    0.9%
Andersons, Inc. (The)		976		29,651
Performance Food Group Co.*		615		30,885
PriceSmart, Inc.		304		25,721
Sprouts Farmers Market, Inc.*		1,072		26,693
United Natural Foods, Inc.*		791		29,109
				142,059
Food Products    1.2%
Calavo Growers, Inc.		466		21,865
J&J Snack Foods Corp.		164		26,857
John B. Sanfilippo & Son, Inc.(a)		282		23,967
Lancaster Colony Corp.		144		25,523
Limoneira Co.		1,515		24,922
Sanderson Farms, Inc.		143		28,099
Simply Good Foods Co. (The)*		710		25,290
				176,523
Health Care Equipment & Supplies    6.3%
Accuray, Inc.*		6,770		27,554
Apyx Medical Corp.*		2,892		34,154
Atrion Corp.		40		27,762
Bioventus, Inc. (Class A Stock)*		1,721		24,972

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 51

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Schedule of Investments (continued)

as of August 31, 2021

Description	Shares		Value
COMMON STOCKS (Continued)
Health Care Equipment & Supplies (cont'd.)
Cardiovascular Systems, Inc.*		672	$	24,051
ClearPoint Neuro, Inc.*		1,295		24,437
CONMED Corp.		204		26,793
CryoLife, Inc.*		971		25,479
Cutera, Inc.*		489		24,323
CytoSorbents Corp.*		3,609		34,538
Glaukos Corp.*		530		31,604
Haemonetics Corp.*		434		27,233
Heska Corp.*		103		27,326
Inogen, Inc.*		336		19,888
Intersect ENT, Inc.*		1,092		29,713
iRadimed Corp.*		771		26,029
Lantheus Holdings, Inc.*		984		25,948
LeMaitre Vascular, Inc.		468		26,498
LivaNova PLC (United Kingdom)*		320		26,461
Meridian Bioscience, Inc.*		1,220		24,693
Merit Medical Systems, Inc.*		422		30,287
Misonix, Inc.*		1,000		25,400
Neogen Corp.*		605		26,487
Nevro Corp.*		174		21,228
NuVasive, Inc.*		435		27,031
Ortho Clinical Diagnostics Holdings PLC*		1,211		24,753
Pulmonx Corp.*		668		26,847
SeaSpine Holdings Corp.*		1,663		27,905
SI-BONE, Inc.*		1,016		24,801
Silk Road Medical, Inc.*		488		28,929
STAAR Surgical Co.*		220		33,983
Stereotaxis, Inc.*		2,914		20,573
Surmodics, Inc.*		453		27,212
Tactile Systems Technology, Inc.*		588		26,154
Varex Imaging Corp.*		970		28,295
				939,341
Health Care Providers & Services    4.5%
Addus HomeCare Corp.*		277		24,908
Agiliti, Inc.*		1,371		29,243
AMN Healthcare Services, Inc.*		254		28,834
Apria, Inc.*		916		32,674
Aveanna Healthcare Holdings, Inc.*		2,646		24,978
Castle Biosciences, Inc.*		372		28,544
CorVel Corp.*		170		28,018
Cross Country Healthcare, Inc.*		1,571		34,169

See Notes to Financial Statements.

52

Description	Shares		Value
COMMON STOCKS (Continued)
Health Care Providers & Services (cont'd.)
Ensign Group, Inc. (The)		323	$	26,379
Fulgent Genetics, Inc.*		261		23,814
Hanger, Inc.*		1,108		26,459
InfuSystem Holdings, Inc.*		1,202		17,128
Innovage Holding Corp.*		1,577		23,702
Joint Corp. (The)*		305		31,162
LHC Group, Inc.*		117		21,851
MEDNAX, Inc.*		867		27,839
ModivCare, Inc.*		149		29,392
National Research Corp.		534		28,836
Patterson Cos., Inc.		859		26,320
PetIQ, Inc. (Class A Stock)*		742		19,255
RadNet, Inc.*		688		21,610
Select Medical Holdings Corp.		724		25,029
Sharps Compliance Corp.*		2,534		22,781
Surgery Partners, Inc.*		464		22,829
Tenet Healthcare Corp.*		363		27,352
Tivity Health, Inc.*		1,013		23,552
				676,658
Health Care Technology    1.1%
Evolent Health, Inc. (Class A Stock)*		1,135		27,876
Inspire Medical Systems, Inc.*		140		31,298
OptimizeRx Corp.*		470		31,105
Phreesia, Inc.*		387		27,690
Schrodinger, Inc.*		395		23,577
Tabula Rasa HealthCare, Inc.*		622		19,475
				161,021
Hotels, Restaurants & Leisure    2.2%
Accel Entertainment, Inc. (Class A Stock)*		2,343		26,991
BJ’s Restaurants, Inc.*		676		28,906
Century Casinos, Inc.*		2,358		31,527
Chuy’s Holdings, Inc.*		822		26,518
Cracker Barrel Old Country Store, Inc.		196		28,142
Jack in the Box, Inc.		250		26,490
Monarch Casino & Resort, Inc.*		410		25,982
Nathan’s Famous, Inc.		410		27,072
Papa John’s International, Inc.		227		28,949
RCI Hospitality Holdings, Inc.		415		26,813
Texas Roadhouse, Inc. (Class A Stock)		294		27,930
Wingstop, Inc.		152		26,133
				331,453

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 53

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Schedule of Investments (continued)

as of August 31, 2021

Description	Shares		Value
COMMON STOCKS (Continued)
Household Durables    2.0%
Cavco Industries, Inc.*		121	$	30,915
Century Communities, Inc.		366		25,657
GoPro, Inc. (Class A Stock)*		2,602		25,942
KB Home		601		25,861
LGI Homes, Inc.*		160		25,653
MDC Holdings, Inc.		489		25,550
Meritage Homes Corp.*		236		26,323
Skyline Champion Corp.*		459		28,788
Sonos, Inc.*		783		31,109
Taylor Morrison Home Corp. (Class A Stock)*		958		26,910
TRI Pointe Homes, Inc.*		1,067		25,363
				298,071
Household Products    0.5%
Central Garden & Pet Co.*		534		24,591
Central Garden & Pet Co. (Class A Stock)*		593		24,710
Energizer Holdings, Inc.		616		24,233
				73,534
Independent Power & Renewable Electricity Producers    0.4%
Clearway Energy, Inc.,
(Class A Stock)		984		29,264
(Class C Stock)		918		28,816
				58,080
Insurance    0.3%
eHealth, Inc.*		523		20,214
RLI Corp.		249		27,198
				47,412
Interactive Media & Services    0.7%
Cars.com, Inc.*		2,158		27,450
EverQuote, Inc. (Class A Stock)*		1,042		20,517
QuinStreet, Inc.*		1,482		26,542
Yelp, Inc. (Class A Stock)*		718		27,650
				102,159
Internet & Direct Marketing Retail    1.1%
1-800-Flowers.com, Inc. (Class A Stock)*		838		26,615
Duluth Holdings, Inc. (Class B Stock)*		1,661		25,845
Groupon, Inc. (Class A Stock)*		713		17,661

See Notes to Financial Statements.

54

Description	Shares		Value
COMMON STOCKS (Continued)
Internet & Direct Marketing Retail (cont'd.)
Overstock.com, Inc.*		381	$	27,489
PetMed Express, Inc.(a)		847		23,326
Quotient Technology, Inc.*		2,437		17,693
Shutterstock, Inc.		274		31,581
				170,210
IT Services    2.4%
Brightcove, Inc.*		2,256		25,628
Cantaloupe, Inc.*		2,617		26,798
Cass Information Systems, Inc.		629		28,356
CSG Systems International, Inc.		568		27,383
EVERTEC, Inc. (Puerto Rico)		616		28,490
ExlService Holdings, Inc.*		223		27,460
Hackett Group, Inc. (The)		1,532		30,027
IBEX Holdings Ltd.*		1,294		23,266
International Money Express, Inc.*		1,721		31,391
MAXIMUS, Inc.		275		23,950
Perficient, Inc.*		268		31,951
TTEC Holdings, Inc.		246		25,943
Verra Mobility Corp. (Class A Stock)*		1,721		26,693
				357,336
Leisure Products    1.4%
Acushnet Holdings Corp.		490		24,480
Clarus Corp.		873		23,650
Johnson Outdoors, Inc. (Class A Stock)		223		25,598
Malibu Boats, Inc. (Class A Stock)*		313		22,411
Marine Products Corp.		1,603		22,730
MasterCraft Boat Holdings, Inc.*		904		22,546
Nautilus, Inc.(a)*		1,817		20,714
Smith & Wesson Brands, Inc.		1,038		25,047
Sturm Ruger & Co., Inc.		341		26,663
				213,839
Life Sciences Tools & Services    0.5%
Harvard Bioscience, Inc.*		3,160		26,101
Medpace Holdings, Inc.*		142		25,894
Quanterix Corp.*		483		24,657
				76,652

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 55

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Schedule of Investments (continued)

as of August 31, 2021

Description	Shares		Value
COMMON STOCKS (Continued)
Machinery    5.1%
Alamo Group, Inc.		174	$	26,972
Albany International Corp. (Class A Stock)		306		23,969
CIRCOR International, Inc.*		848		30,316
Commercial Vehicle Group, Inc.*		3,004		31,572
Douglas Dynamics, Inc.		681		27,063
Energy Recovery, Inc.*		1,280		26,150
Enerpac Tool Group Corp. (Class A Stock)		999		25,135
ESCO Technologies, Inc.		281		25,324
Federal Signal Corp.		726		29,497
Franklin Electric Co., Inc.		338		28,723
Gorman-Rupp Co. (The)		786		27,565
Helios Technologies, Inc.		325		26,527
Hillenbrand, Inc.		585		27,156
John Bean Technologies Corp.		190		27,719
Kadant, Inc.		145		30,322
Lindsay Corp.		162		26,690
Luxfer Holdings PLC (United Kingdom)		1,276		27,243
Meritor, Inc.*		1,092		25,902
Mueller Industries, Inc.		610		27,212
Mueller Water Products, Inc. (Class A Stock)		1,906		31,678
Omega Flex, Inc.		167		25,384
Rexnord Corp.		459		27,889
Shyft Group, Inc. (The)		690		30,367
SPX Corp.*		401		25,054
SPX FLOW, Inc.		316		25,447
Tennant Co.		352		26,041
Terex Corp.		517		26,393
Watts Water Technologies, Inc. (Class A Stock)		169		28,995
				768,305
Media    0.9%
AMC Networks, Inc. (Class A Stock)(a)*		546		25,952
iHeartMedia, Inc. (Class A Stock)*		1,026		25,527
Loral Space & Communications, Inc.		728		30,583
Thryv Holdings, Inc.*		826		25,598
WideOpenWest, Inc.*		1,138		24,148
				131,808
Metals & Mining    1.3%
Coeur Mining, Inc.*		3,560		25,098
Compass Minerals International, Inc.		382		25,567
Hecla Mining Co.		3,958		24,342

See Notes to Financial Statements.

56

Description	Shares		Value
COMMON STOCKS (Continued)
Metals & Mining (cont'd.)
Kaiser Aluminum Corp.		214	$	27,020
Ryerson Holding Corp.		1,664		38,521
Schnitzer Steel Industries, Inc. (Class A Stock)		503		23,797
Warrior Met Coal, Inc.		1,349		30,204
				194,549
Mortgage Real Estate Investment Trusts (REITs)    0.2%
PennyMac Mortgage Investment Trust		1,326		25,738
Multiline Retail    0.2%
Franchise Group, Inc.		774		26,881
Oil, Gas & Consumable Fuels    1.5%
Antero Resources Corp.*		1,945		26,685
Arch Resources, Inc.*		395		29,897
Centennial Resource Development, Inc. (Class A Stock)*		5,251		26,780
Dorian LPG Ltd.		2,162		28,582
Extraction Oil & Gas, Inc.(a)*		592		26,954
Falcon Minerals Corp.		5,481		24,336
Magnolia Oil & Gas Corp. (Class A Stock)		1,859		29,149
Matador Resources Co.		883		25,386
				217,769
Personal Products    0.8%
BellRing Brands, Inc. (Class A Stock)*		811		27,388
Inter Parfums, Inc.		336		24,373
Medifast, Inc.		92		20,967
Nu Skin Enterprises, Inc. (Class A Stock)		483		24,449
USANA Health Sciences, Inc.*		259		25,131
				122,308
Pharmaceuticals    2.4%
Aerie Pharmaceuticals, Inc.*		1,718		25,615
Amneal Pharmaceuticals, Inc.*		5,293		29,853
Amphastar Pharmaceuticals, Inc.*		1,219		23,966
Antares Pharma, Inc.*		5,982		23,569
BioDelivery Sciences International, Inc.*		6,718		25,931
Collegium Pharmaceutical, Inc.*		1,142		23,445
Corcept Therapeutics, Inc.*		1,156		24,600
Durect Corp.*		19,409		26,979
Innoviva, Inc.*		1,725		26,323

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 57

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Schedule of Investments (continued)

as of August 31, 2021

Description	Shares		Value
COMMON STOCKS (Continued)
Pharmaceuticals (cont'd.)
Intra-Cellular Therapies, Inc.*		758	$	25,166
Phathom Pharmaceuticals, Inc.*		736		26,194
Phibro Animal Health Corp. (Class A Stock)		1,048		25,456
SIGA Technologies, Inc.*		3,733		24,376
Tarsus Pharmaceuticals, Inc.*		1,113		29,495
				360,968
Professional Services    2.1%
ASGN, Inc.*		268		30,067
CRA International, Inc.		344		31,989
Exponent, Inc.		250		29,225
Forrester Research, Inc.*		582		27,674
Franklin Covey Co.*		694		30,168
Heidrick & Struggles International, Inc.		628		27,142
Huron Consulting Group, Inc.*		554		27,351
Insperity, Inc.		279		30,785
KBR, Inc.		674		26,246
Kforce, Inc.		415		24,244
TriNet Group, Inc.*		303		27,900
				312,791
Real Estate Management & Development    0.7%
Cushman & Wakefield PLC*		1,545		28,026
Forestar Group, Inc.*		1,275		26,507
Marcus & Millichap, Inc.*		707		27,729
Newmark Group, Inc. (Class A Stock)		2,077		28,289
				110,551
Road & Rail    0.5%
Saia, Inc.*		112		26,895
Universal Logistics Holdings, Inc.		1,121		24,516
Werner Enterprises, Inc.(a)		582		27,447
				78,858
Semiconductors & Semiconductor Equipment    3.5%
Alpha & Omega Semiconductor Ltd.*		1,007		29,253
Amkor Technology, Inc.		1,009		27,717
Axcelis Technologies, Inc.*		649		32,262
CMC Materials, Inc.		180		23,872
Cohu, Inc.*		738		26,332
Diodes, Inc.*		335		32,438

See Notes to Financial Statements.

58

Description	Shares		Value
COMMON STOCKS (Continued)
Semiconductors & Semiconductor Equipment (cont'd.)
FormFactor, Inc.*		692	$	26,905
Ichor Holdings Ltd.*		551		24,415
Kulicke & Soffa Industries, Inc. (Singapore)		487		34,182
Lattice Semiconductor Corp.*		451		28,016
MACOM Technology Solutions Holdings, Inc.*		430		26,105
MaxLinear, Inc. (Class A Stock)*		533		27,839
NVE Corp.		362		25,416
Onto Innovation, Inc.*		383		28,392
Power Integrations, Inc.		270		29,333
Semtech Corp.*		388		27,129
SMART Global Holdings, Inc.*		495		23,988
Synaptics, Inc.*		176		33,401
Ultra Clean Holdings, Inc.*		517		23,906
				530,901
Software    7.7%
A10 Networks, Inc.*		2,014		27,974
ACI Worldwide, Inc.*		782		25,204
Agilysys, Inc.*		470		26,710
Alarm.com Holdings, Inc.*		295		24,877
Altair Engineering, Inc. (Class A Stock)*		408		30,188
American Software, Inc. (Class A Stock)		1,271		32,245
Appfolio, Inc. (Class A Stock)*		189		22,321
Avaya Holdings Corp.*		1,092		22,026
Benefitfocus, Inc.*		1,851		22,342
Blackbaud, Inc.*		390		27,179
Bottomline Technologies DE, Inc.*		651		27,518
Cerence, Inc.*		246		26,676
ChannelAdvisor Corp.*		1,187		30,411
CommVault Systems, Inc.*		342		27,692
Cornerstone OnDemand, Inc.*		537		30,770
Digital Turbine, Inc.*		414		24,198
Domo, Inc. (Class B Stock)*		293		26,224
eGain Corp.*		2,286		26,929
Envestnet, Inc.*		361		28,833
Intelligent Systems Corp.*		793		30,602
InterDigital, Inc.(a)		386		27,834
J2 Global, Inc.*		202		27,815
Mimecast Ltd.*		452		31,554
Mitek Systems, Inc.*		1,204		26,934
Model N, Inc.*		829		28,111
Momentive Global, Inc.*		1,254		24,591

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 59

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Schedule of Investments (continued)

as of August 31, 2021

Description	Shares		Value
COMMON STOCKS (Continued)
Software (cont'd.)
OneSpan, Inc.*		1,037	$	19,983
Progress Software Corp.		599		27,889
PROS Holdings, Inc.*		621		26,852
Q2 Holdings, Inc.*		267		23,520
QAD, Inc. (Class A Stock)		301		26,190
Qualys, Inc.*		252		29,580
Rimini Street, Inc.*		3,050		29,128
Sapiens International Corp. NV (Israel)		1,044		29,796
SPS Commerce, Inc.*		236		31,985
Upland Software, Inc.*		748		29,157
Varonis Systems, Inc. (Class B Stock)*		444		30,640
Vonage Holdings Corp.*		1,806		25,465
Workiva, Inc. (Class A Stock)*		204		28,615
Yext, Inc.*		2,053		27,757
Zix Corp.*		3,550		27,477
Zuora, Inc. (Class A Stock)*		1,638		27,813
				1,149,605
Specialty Retail    4.9%
Abercrombie & Fitch Co. (Class A Stock)*		680		24,317
American Eagle Outfitters, Inc.		762		23,256
America’s Car-Mart, Inc.*		179		23,150
Asbury Automotive Group, Inc.*		130		24,211
Bed Bath & Beyond, Inc.(a)*		920		25,337
Boot Barn Holdings, Inc.*		304		27,141
Buckle, Inc. (The)		608		23,548
Caleres, Inc.		1,040		25,574
Camping World Holdings, Inc. (Class A Stock)		654		26,121
Children’s Place, Inc. (The)*		300		26,052
Citi Trends, Inc.*		328		28,254
Designer Brands, Inc. (Class A Stock)*		1,777		25,767
Guess?, Inc.		1,170		28,302
Haverty Furniture Cos., Inc.		715		25,476
Hibbett, Inc.		293		28,037
JOANN, Inc.		1,634		22,402
Kirkland’s, Inc.*		1,343		25,678
MarineMax, Inc.*		489		23,775
Monro, Inc.(a)		395		22,479
Murphy USA, Inc.		174		27,019
National Vision Holdings, Inc.*		484		29,030
OneWater Marine, Inc. (Class A Stock)		621		25,144
Rent-A-Center, Inc.		485		30,594

See Notes to Financial Statements.

60

Description	Shares		Value
COMMON STOCKS (Continued)
Specialty Retail (cont'd.)
Sally Beauty Holdings, Inc.*		1,369	$	25,450
Shoe Carnival, Inc.		776		29,705
Signet Jewelers Ltd.		399		31,601
Urban Outfitters, Inc.*		703		23,213
Winmark Corp.		130		27,252
				727,885
Technology Hardware, Storage & Peripherals    0.7%
3D Systems Corp.*		985		29,983
Corsair Gaming, Inc.(a)*		965		27,937
Diebold Nixdorf, Inc.*		2,258		24,567
Turtle Beach Corp.*		882		25,058
				107,545
Textiles, Apparel & Luxury Goods    0.9%
Crocs, Inc.*		191		27,278
Kontoor Brands, Inc.		456		24,606
Oxford Industries, Inc.		303		27,361
Steven Madden Ltd.		604		24,444
Wolverine World Wide, Inc.		743		26,644
				130,333
Thrifts & Mortgage Finance    1.2%
Axos Financial, Inc.*		549		26,616
Bridgewater Bancshares, Inc.*		1,624		26,552
Columbia Financial, Inc.*		1,455		26,234
Kearny Financial Corp.		2,125		26,966
Meta Financial Group, Inc.		534		26,268
NMI Holdings, Inc. (Class A Stock)*		1,137		25,662
Walker & Dunlop, Inc.		245		27,207
				185,505
Tobacco    0.4%
Turning Point Brands, Inc.		504		25,079
Vector Group Ltd.		1,919		28,823
				53,902
Trading Companies & Distributors    2.2%
Applied Industrial Technologies, Inc.		281		24,956
Beacon Roofing Supply, Inc.*		483		24,865
BlueLinx Holdings, Inc.*		594		34,191

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 61

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Schedule of Investments (continued)

as of August 31, 2021

Description	Shares		Value
COMMON STOCKS (Continued)
Trading Companies & Distributors (cont'd.)
Boise Cascade Co.		504	$	29,156
Global Industrial Co.		678		26,096
H&E Equipment Services, Inc.		759		25,844
Herc Holdings, Inc.*		211		27,736
Karat Packaging, Inc.*		1,106		25,958
Lawson Products, Inc.*		492		25,953
McGrath RentCorp		328		22,888
Transcat, Inc.*		419		28,391
WESCO International, Inc.*		243		28,436
				324,470
Transportation Infrastructure    0.2%
Macquarie Infrastructure Corp.		664		26,460
Water Utilities    0.8%
American States Water Co.		318		29,323
Global Water Resources, Inc.		1,487		29,740
Pure Cycle Corp.*		1,670		24,966
York Water Co. (The)		560		28,879
				112,908
Wireless Telecommunication Services    0.2%
Shenandoah Telecommunications Co.		885		26,400
TOTAL COMMON STOCKS (cost $12,485,671)				14,866,009
TOTAL LONG-TERM INVESTMENTS (cost $12,485,671)				14,868,009
SHORT-TERM INVESTMENTS    2.3%
AFFILIATED MUTUAL FUND    1.6%
PGIM Institutional Money Market Fund (cost $239,296; includes $239,284 of cash collateral for securities on loan)(b)(wa)		239,526		239,382

See Notes to Financial Statements.

62

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SHORT-TERM INVESTMENTS (Continued)
TIME DEPOSIT    0.7%
Skandinaviska Enskilda Banken AB (Sweden) (cost $102,166)		0.005	%		09/01/21		102	$	102,166
TOTAL SHORT-TERM INVESTMENTS (cost $341,462)									341,548
TOTAL INVESTMENTS    101.5% (cost $12,827,133)									15,209,557
Liabilities in excess of other assets    (1.5)%									(231,992	)
NET ASSETS    100.0%								$	14,977,565

The following abbreviations are used in the 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 $231,872; cash collateral of $239,284 (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.

(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

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 63

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Schedule of Investments (continued)

as of August 31, 2021

The following is a summary of the inputs used as of August 31, 2021 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Corporate Bond	$	—	$	2,000	$	—
Common Stocks
Aerospace & Defense		22,238		—		—
Air Freight & Logistics		26,962		—		—
Airlines		26,749		—		—
Auto Components		219,315		—		—
Automobiles		25,411		—		—
Banks		350,264		—		—
Beverages		81,125		—		—
Biotechnology		1,564,742		—		—
Building Products		185,703		—		—
Capital Markets		330,369		—		—
Chemicals		379,292		—		—
Commercial Services & Supplies		260,950		—		—
Communications Equipment		223,013		—		—
Construction & Engineering		162,115		—		—
Consumer Finance		141,751		—		—
Containers & Packaging		79,075		—		—
Distributors		26,859		—		—
Diversified Consumer Services		32,731		—		—
Diversified Telecommunication Services		102,682		—		—
Electric Utilities		28,750		—		—
Electrical Equipment		131,985		—		—
Electronic Equipment, Instruments & Components		402,380		—		—
Energy Equipment & Services		25,710		—		—
Entertainment		51,824		—		—
Equity Real Estate Investment Trusts (REITs)		433,226		—		—
Food & Staples Retailing		142,059		—		—
Food Products		176,523		—		—
Health Care Equipment & Supplies		939,341		—		—
Health Care Providers & Services		676,658		—		—
Health Care Technology		161,021		—		—
Hotels, Restaurants & Leisure		331,453		—		—
Household Durables		298,071		—		—
Household Products		73,534		—		—
Independent Power & Renewable Electricity Producers		58,080		—		—
Insurance		47,412		—		—
Interactive Media & Services		102,159		—		—

See Notes to Financial Statements.

64

	Level 1		Level 2		Level 3
Investments in Securities (continued)
Assets (continued)
Long-Term Investments (continued)
Common stocks (continued)
Internet & Direct Marketing Retail	$	170,210	$	—	$	—
IT Services		357,336		—		—
Leisure Products		213,839		—		—
Life Sciences Tools & Services		76,652		—		—
Machinery		768,305		—		—
Media		131,808		—		—
Metals & Mining		194,549		—		—
Mortgage Real Estate Investment Trusts (REITs)		25,738		—		—
Multiline Retail		26,881		—		—
Oil, Gas & Consumable Fuels		217,769		—		—
Personal Products		122,308		—		—
Pharmaceuticals		360,968		—		—
Professional Services		312,791		—		—
Real Estate Management & Development		110,551		—		—
Road & Rail		78,858		—		—
Semiconductors & Semiconductor Equipment		530,901		—		—
Software		1,149,605		—		—
Specialty Retail		727,885		—		—
Technology Hardware, Storage & Peripherals		107,545		—		—
Textiles, Apparel & Luxury Goods		130,333		—		—
Thrifts & Mortgage Finance		185,505		—		—
Tobacco		53,902		—		—
Trading Companies & Distributors		324,470		—		—
Transportation Infrastructure		26,460		—		—
Water Utilities		112,908		—		—
Wireless Telecommunication Services		26,400		—		—
Short-Term Investments
Affiliated Mutual Fund		239,382		—		—
Time Deposit		—		102,166		—
Total	$	15,105,391	$	104,166	$	—

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 65

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Schedule of Investments (continued)

as of August 31, 2021

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of August 31, 2021 were as follows (unaudited):

Biotechnology	10.4	%
Software	7.7
Health Care Equipment & Supplies	6.3
Machinery	5.1
Specialty Retail	4.9
Health Care Providers & Services	4.5
Semiconductors & Semiconductor Equipment	3.5
Equity Real Estate Investment Trusts (REITs)	2.9
Electronic Equipment, Instruments & Components	2.7
Chemicals	2.5
Pharmaceuticals	2.4
IT Services	2.4
Banks	2.3
Hotels, Restaurants & Leisure	2.2
Capital Markets	2.2
Trading Companies & Distributors	2.2
Professional Services	2.1
Household Durables	2.0
Commercial Services & Supplies	1.7
Affiliated Mutual Fund (1.6% represents investments purchased with collateral from securities on loan)	1.6
Communications Equipment	1.5
Auto Components	1.5
Oil, Gas & Consumable Fuels	1.5
Leisure Products	1.4
Metals & Mining	1.3
Building Products	1.2
Thrifts & Mortgage Finance	1.2
Food Products	1.2
Internet & Direct Marketing Retail	1.1
Construction & Engineering	1.1
Health Care Technology	1.1
Food & Staples Retailing	0.9
Consumer Finance	0.9
Electrical Equipment	0.9
Media	0.9
Textiles, Apparel & Luxury Goods	0.9
Personal Products	0.8
Water Utilities	0.8
Real Estate Management & Development	0.7
Technology Hardware, Storage & Peripherals	0.7
Diversified Telecommunication Services	0.7
Time Deposit	0.7
Interactive Media & Services	0.7
Beverages	0.5
Containers & Packaging	0.5
Road & Rail	0.5
Life Sciences Tools & Services	0.5
Household Products	0.5
Independent Power & Renewable Electricity Producers	0.4
Tobacco	0.4
Entertainment	0.3
Insurance	0.3
Diversified Consumer Services	0.2
Electric Utilities	0.2
Air Freight & Logistics	0.2
Multiline Retail	0.2
Distributors	0.2
Airlines	0.2
Transportation Infrastructure	0.2
Wireless Telecommunication Services	0.2
Mortgage Real Estate Investment Trusts (REITs)	0.2
Energy Equipment & Services	0.2
Automobiles	0.2
Aerospace & Defense	0.1
Diversified Financial Services	0.0	*
	101.5
Liabilities in excess of other assets	(1.5	)
	100.0	%

* Less than +/- 0.05%.

See Notes to Financial Statements.

66

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

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

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	$	231,872	$	(231,872	)	$	—

(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 67

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Statement of Assets & Liabilities

as of August 31, 2021

Assets
Investments at value, including securities on loan of $231,872:
Unaffiliated investments (cost $12,587,837)	$	14,970,175
Affiliated investments (cost $239,296)		239,382
Interest and dividends receivable		11,293
Total Assets		15,220,850
Liabilities
Payable to broker for collateral for securities on loan		239,284
Management fee payable		3,589
Other liabilities		412
Total Liabilities		243,285
Net Assets	$	14,977,565
Net assets were comprised of:
Common stock, at par	$	200
Paid-in capital in excess of par		10,026,684
Total distributable earnings (loss)		4,950,681
Net assets, August 31, 2021	$	14,977,565
Net asset value, offering price and redemption price per share, ($14,977,565 / 200,000 shares of common stock issued and outstanding)	$	74.89

See Notes to Financial Statements.

68

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Statement of Operations

Year Ended August 31, 2021

Net Investment Income (Loss)
Income
Interest income	$	33
Unaffiliated dividend income (net of $193 foreign withholding tax)		113,196
Income from securities lending, net (including affiliated income of $628)		2,417
Miscellaneous Income		47
Total income		115,693
Expenses
Management fee		37,919
Total expenses		37,919
Net investment income (loss)		77,774
Realized And Unrealized Gain (Loss) On Investments
Net realized gain (loss) on:
Investment transactions (including affiliated of $(146))		3,312,267
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $(3))		1,450,000
Net gain (loss) on investment transactions		4,762,267
Net Increase (Decrease) In Net Assets Resulting From Operations	$	4,840,041

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 69

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Statements of Changes in Net Assets

	Year Ended August 31,
	2021			2020
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	77,774		$	72,636
Net realized gain (loss) on investments		3,312,267			(637,993	)
Net change in unrealized appreciation (depreciation) on investments		1,450,000			1,292,987
Net increase (decrease) in net assets resulting from operations		4,840,041			727,630
Dividends and Distributions
Distributions from distributable earnings		(98,108	)		(85,196	)
Total increase (decrease)		4,741,933			642,434
Net Assets:
Beginning of period		10,235,632			9,593,198
End of period	$	14,977,565		$	10,235,632

See Notes to Financial Statements.

70

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Financial Highlights

	Year Ended August 31,						November 13, 2018(e) through August 31,
	2021			2020			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)		0.39			0.36			0.39
Net realized and unrealized gain (loss) on investments		23.81			3.28			(2.13	)
Total from investment operations		24.20			3.64			(1.74	)
Less Dividends and Distributions:
Dividends from net investment income		(0.49	)		(0.43	)		(0.29	)
Net asset value, end of period		$74.89			$51.18			$47.97
Total Return(b):		47.52%			7.64%			(3.50)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$14,978			$10,236			$9,593
Average net assets (000)		$13,076			$9,621			$10,819
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		0.29%			0.29%			0.29%	(d)
Expenses before waivers and/or expense reimbursement		0.29%			0.29%			0.29%	(d)
Net investment income (loss)		0.59%			0.76%			0.98%	(d)
Portfolio turnover rate(f)(g)		126%			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 71

PGIM QMA Strategic Alpha Small-Cap Value ETF

Schedule of Investments

as of August 31, 2021

Description	Shares		Value
LONG-TERM INVESTMENTS    99.0%
COMMON STOCKS    99.0%
Aerospace & Defense    1.1%
AAR Corp.*		521	$	17,636
Ducommun, Inc.*		338		17,813
Kaman Corp.		416		16,257
Moog, Inc. (Class A Stock)		237		18,827
National Presto Industries, Inc.		195		16,291
Park Aerospace Corp.		1,185		17,277
Parsons Corp.*		486		17,219
Vectrus, Inc.*		407		20,476
				141,796
Air Freight & Logistics    0.6%
Atlas Air Worldwide Holdings, Inc.*		270		19,756
Echo Global Logistics, Inc.*		571		18,774
Hub Group, Inc. (Class A Stock)*		246		17,269
Radiant Logistics, Inc.*		2,914		19,961
				75,760
Airlines    0.4%
Mesa Air Group, Inc.*		2,106		16,806
SkyWest, Inc.*		458		21,365
Spirit Airlines, Inc.*		681		16,705
				54,876
Auto Components    0.5%
Dana, Inc.		764		17,770
Goodyear Tire & Rubber Co. (The)*		1,161		18,390
Modine Manufacturing Co.*		1,079		13,423
Standard Motor Products, Inc.		429		18,400
				67,983
Banks    14.4%
1st Source Corp.		403		18,941
Allegiance Bancshares, Inc.		497		18,473
Amalgamated Financial Corp.		1,180		18,349
Amerant Bancorp, Inc. (Class A Stock)*		818		21,734
American National Bankshares, Inc.		567		19,380
Ameris Bancorp		335		16,495
Arrow Financial Corp.		470		17,319
Atlantic Capital Bancshares, Inc.*		747		18,100
Atlantic Union Bankshares Corp.		511		18,907

See Notes to Financial Statements.

72

Description	Shares		Value
COMMON STOCKS (Continued)
Banks (cont'd.)
Banner Corp.		345	$	19,734
Bar Harbor Bankshares		645		17,673
Berkshire Hills Bancorp, Inc.		654		16,762
Brookline Bancorp, Inc.		1,244		18,623
Bryn Mawr Bank Corp.		467		19,054
Business First Bancshares, Inc.		696		16,648
Byline Bancorp, Inc.		755		18,573
Cambridge Bancorp		206		17,662
Camden National Corp.		406		18,948
Capital Bancorp, Inc.		769		18,241
Capstar Financial Holdings, Inc.		924		19,441
Carter Bankshares, Inc.*		1,601		19,516
Cathay General Bancorp		478		19,015
Central Pacific Financial Corp.		711		17,995
Civista Bancshares, Inc.		717		16,864
CNB Financial Corp.		781		19,197
Community Trust Bancorp, Inc.		460		19,164
ConnectOne Bancorp, Inc.		634		18,139
CrossFirst Bankshares, Inc.*		1,195		15,798
Customers Bancorp, Inc.*		486		20,125
Eastern Bankshares, Inc.		998		19,740
Enterprise Bancorp, Inc.		498		16,808
Equity Bancshares, Inc. (Class A Stock)*		571		18,318
Farmers National Banc Corp.		1,063		16,583
FB Financial Corp.		480		19,771
Financial Institutions, Inc.		599		19,024
First BanCorp (Puerto Rico)		1,492		18,993
First Bancorp, Inc. (The)		567		16,834
First Bancshares, Inc. (The)		446		18,072
First Bank		1,356		18,062
First Busey Corp.		785		18,605
First Commonwealth Financial Corp.		1,249		16,886
First Community Bankshares, Inc.		564		17,619
First Financial Bancorp		806		18,949
First Financial Corp.		454		18,355
First Internet Bancorp		600		17,832
First Merchants Corp.		450		18,518
First Mid Bancshares, Inc.		439		17,955
First Midwest Bancorp, Inc.		1,006		18,842
First of Long Island Corp. (The)		820		17,384
Flushing Financial Corp.		763		17,496
Fulton Financial Corp.		1,181		18,719

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 73

PGIM QMA Strategic Alpha Small-Cap Value ETF

Schedule of Investments (continued)

as of August 31, 2021

Description	Shares		Value
COMMON STOCKS (Continued)
Banks (cont'd.)
Great Southern Bancorp, Inc.		348	$	18,956
Great Western Bancorp, Inc.		582		18,019
Guaranty Bancshares, Inc.		544		18,670
Hancock Whitney Corp.		392		18,016
Hanmi Financial Corp.		985		18,991
HarborOne Bancorp, Inc.		1,330		18,793
HBT Financial, Inc.		1,122		18,345
Heartland Financial USA, Inc.		400		18,812
Heritage Financial Corp.		751		19,113
HomeTrust Bancshares, Inc.		631		17,554
Hope Bancorp, Inc.		1,354		18,672
Horizon Bancorp, Inc.		1,077		19,224
Independent Bank Corp.		854		17,883
International Bancshares Corp.		465		19,474
Lakeland Bancorp, Inc.		1,009		17,032
Macatawa Bank Corp.		2,208		18,128
Mercantile Bank Corp.		572		17,846
Metrocity Bankshares, Inc.		908		18,805
Mid Penn Bancorp, Inc.		652		17,337
Midland States Bancorp, Inc.		722		18,267
MidWestOne Financial Group, Inc.		570		16,735
NBT Bancorp, Inc.		509		18,253
Northrim BanCorp, Inc.		455		19,096
OceanFirst Financial Corp.		932		19,814
OFG Bancorp (Puerto Rico)		711		16,929
Origin Bancorp, Inc.		450		18,518
Orrstown Financial Services, Inc.		797		19,016
Pacific Premier Bancorp, Inc.		473		18,901
Peapack Gladstone Financial Corp.		522		17,388
Peoples Bancorp, Inc.		618		19,306
Peoples Financial Services Corp.		418		19,266
Premier Financial Bancorp, Inc.		1,068		19,235
Primis Financial Corp.		1,192		17,868
QCR Holdings, Inc.		363		18,858
RBB Bancorp		753		19,382
Red River Bancshares, Inc.		355		17,807
Reliant Bancorp, Inc.		592		17,168
Republic Bancorp, Inc. (Class A Stock)		362		18,147
S&T Bancorp, Inc.		612		18,238
Sandy Spring Bancorp, Inc.		434		18,909
Sierra Bancorp		754		19,167
SmartFinancial, Inc.		754		18,835

See Notes to Financial Statements.

74

Description	Shares		Value
COMMON STOCKS (Continued)
Banks (cont'd.)
South Plains Financial, Inc.		740	$	17,168
South State Corp.		261		17,899
Southern First Bancshares, Inc.*		368		18,761
Spirit of Texas Bancshares, Inc.		736		17,406
Summit Financial Group, Inc.		784		18,769
Towne Bank		579		17,642
TriCo Bancshares		455		17,995
TriState Capital Holdings, Inc.*		904		18,270
United Community Banks, Inc.		626		18,886
Univest Financial Corp.		676		18,306
Valley National Bancorp		1,338		17,448
WesBanco, Inc.		558		18,972
				1,926,530
Beverages    0.1%
Primo Water Corp.		1,106		19,643
Biotechnology    6.2%
89bio, Inc.*		1,078		19,954
Aeglea BioTherapeutics, Inc.*		2,909		21,090
Agios Pharmaceuticals, Inc.*		387		17,291
Akebia Therapeutics, Inc.*		7,098		20,868
AnaptysBio, Inc.*		766		19,617
AquaBounty Technologies, Inc.*		3,848		17,816
Arcutis Biotherapeutics, Inc.*		798		16,894
Athenex, Inc.*		4,801		17,524
Avid Bioservices, Inc.*		706		17,113
Blueprint Medicines Corp.*		212		19,773
Cardiff Oncology, Inc.*		3,549		26,014
Catalyst Pharmaceuticals, Inc.*		3,172		17,478
Cullinan Oncology, Inc.*		748		21,109
Dyne Therapeutics, Inc.*		1,037		17,556
Eagle Pharmaceuticals, Inc.*		380		20,281
Eiger BioPharmaceuticals, Inc.*		2,318		18,868
Emergent BioSolutions, Inc.*		288		18,167
Frequency Therapeutics, Inc.*		2,198		16,969
Immunic, Inc.*		2,018		19,877
Immunovant, Inc.*		2,602		22,533
Jounce Therapeutics, Inc.*		3,522		21,907
Kezar Life Sciences, Inc.*		3,761		28,659
Kinnate Biopharma, Inc.*		912		20,173
Kronos Bio, Inc.*		899		18,798

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 75

PGIM QMA Strategic Alpha Small-Cap Value ETF

Schedule of Investments (continued)

as of August 31, 2021

Description	Shares		Value
COMMON STOCKS (Continued)
Biotechnology (cont'd.)
Krystal Biotech, Inc.*		314	$	18,193
MiMedx Group, Inc.*		1,453		21,446
Mustang Bio, Inc.*		6,682		20,313
Myriad Genetics, Inc.*		551		19,715
Neoleukin Therapeutics, Inc.*		2,682		21,858
Oncternal Therapeutics, Inc.*		4,726		21,361
OPKO Health, Inc.*		5,053		19,505
Oyster Point Pharma, Inc.*		1,332		17,556
Passage Bio, Inc.*		1,530		18,391
Praxis Precision Medicines, Inc.*		1,231		24,460
REGENXBIO, Inc.*		569		18,379
Rhythm Pharmaceuticals, Inc.*		1,097		14,272
Sangamo Therapeutics, Inc.*		1,904		18,869
Solid Biosciences, Inc.*		6,446		17,469
TCR2 Therapeutics, Inc.*		1,399		23,461
Tonix Pharmaceuticals Holding Corp.*		26,341		18,594
Vanda Pharmaceuticals, Inc.*		966		16,171
Viking Therapeutics, Inc.*		3,055		20,194
				826,536
Building Products    1.2%
American Woodmark Corp.*		244		17,192
Apogee Enterprises, Inc.		461		19,814
Caesarstone Ltd. (Israel)		1,287		16,731
Griffon Corp.		799		19,336
Insteel Industries, Inc.		464		17,168
JELD-WEN Holding, Inc.*		680		18,727
Quanex Building Products Corp.		738		17,387
Resideo Technologies, Inc.*		581		18,731
UFP Industries, Inc.		246		18,470
				163,556
Capital Markets    1.4%
AssetMark Financial Holdings, Inc.*		725		19,481
Blucora, Inc.*		1,087		17,838
Cowen, Inc. (Class A Stock)		465		16,759
Diamond Hill Investment Group, Inc.		96		17,571
Donnelley Financial Solutions, Inc.*		577		19,243
Moelis & Co. (Class A Stock)		313		19,390
Oppenheimer Holdings, Inc. (Class A Stock)		409		19,055
Piper Sandler Cos.		143		20,437

See Notes to Financial Statements.

76

Description	Shares		Value
COMMON STOCKS (Continued)
Capital Markets (cont'd.)
PJT Partners, Inc. (Class A Stock)		240	$	18,955
Sculptor Capital Management, Inc. (Class A Stock)		746		21,112
				189,841
Chemicals    2.1%
AdvanSix, Inc.*		516		18,834
American Vanguard Corp.		1,151		17,645
Avient Corp.		380		19,794
Chase Corp.		160		18,320
Ecovyst, Inc.		1,126		14,649
GCP Applied Technologies, Inc.*		773		18,428
Hawkins, Inc.		488		18,485
Innospec, Inc.		208		19,469
Koppers Holdings, Inc.*		590		19,411
Kraton Corp.*		460		19,375
Kronos Worldwide, Inc.		1,323		17,517
Minerals Technologies, Inc.		217		17,065
Sensient Technologies Corp.		194		16,849
Stepan Co.		153		17,987
Tronox Holdings PLC (United Kingdom) (Class A Stock)		998		21,088
				274,916
Commercial Services & Supplies    2.4%
ABM Industries, Inc.		387		19,164
ACCO Brands Corp.		1,911		17,906
Brady Corp. (Class A Stock)		297		15,839
BrightView Holdings, Inc.*		1,132		17,354
CECO Environmental Corp.*		2,512		18,966
Deluxe Corp.		416		15,954
Ennis, Inc.		928		18,012
Harsco Corp.(a)*		903		16,471
Healthcare Services Group, Inc.		700		18,312
Heritage-Crystal Clean, Inc.*		570		16,838
Herman Miller, Inc.		414		17,400
HNI Corp.		434		16,444
Interface, Inc. (Class A Stock)		1,241		17,846
Kimball International, Inc. (Class B Stock)		1,473		18,368
Matthews International Corp. (Class A Stock)		536		19,848
Steelcase, Inc. (Class A Stock)		1,310		18,458
UniFirst Corp.		85		19,471
VSE Corp.		369		18,446
				321,097

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 77

PGIM QMA Strategic Alpha Small-Cap Value ETF

Schedule of Investments (continued)

as of August 31, 2021

Description	Shares		Value
COMMON STOCKS (Continued)
Communications Equipment    1.2%
Digi International, Inc.*		911	$	20,024
DZS, Inc.*		1,127		15,564
EchoStar Corp. (Class A Stock)*		755		20,385
EMCORE Corp.*		2,143		16,030
Harmonic, Inc.*		1,716		15,856
KVH Industries, Inc.*		1,658		17,525
NetScout Systems, Inc.*		646		17,713
Ribbon Communications, Inc.*		2,659		17,363
Viavi Solutions, Inc.*		1,095		17,837
				158,297
Construction & Engineering    1.5%
Arcosa, Inc.		339		17,228
Argan, Inc.		403		18,659
EMCOR Group, Inc.		149		18,104
Great Lakes Dredge & Dock Corp.*		1,249		18,872
HC2 Holdings, Inc.*		5,110		19,316
Matrix Service Co.*		1,706		19,244
MYR Group, Inc.*		190		19,762
Northwest Pipe Co.*		647		16,770
NV5 Global, Inc.*		176		18,594
Primoris Services Corp.		602		15,471
Sterling Construction Co., Inc.*		792		18,264
				200,284
Construction Materials    0.3%
Summit Materials, Inc. (Class A Stock)*		567		19,091
United States Lime & Minerals, Inc.		114		16,654
				35,745
Consumer Finance    1.3%
Encore Capital Group, Inc.*		381		18,749
Enova International, Inc.*		567		18,700
EZCORP, Inc. (Class A Stock)*		3,257		22,441
FirstCash, Inc.		226		19,366
Green Dot Corp. (Class A Stock)*		364		19,015
Navient Corp.		879		20,401
Nelnet, Inc. (Class A Stock)		243		19,654
PROG Holdings, Inc.		427		20,206
Regional Management Corp.		341		20,265
				178,797

See Notes to Financial Statements.

78

Description	Shares		Value
COMMON STOCKS (Continued)
Containers & Packaging    0.6%
Greif, Inc.,
(Class A Stock)		274	$	17,350
(Class B Stock)		295		18,142
Myers Industries, Inc.		860		19,608
UFP Technologies, Inc.*		281		19,667
				74,767
Diversified Consumer Services    0.8%
Adtalem Global Education, Inc.*		486		17,982
American Public Education, Inc.*		609		16,017
Carriage Services, Inc. (Class A Stock)		493		22,791
Graham Holdings Co. (Class B Stock)		28		17,270
Laureate Education, Inc. (Class A Stock)*		1,244		19,817
Perdoceo Education Corp.*		1,514		16,624
				110,501
Diversified Financial Services    0.4%
Alerus Financial Corp.		646		19,290
A-Mark Precious Metals, Inc.		354		17,173
Cannae Holdings, Inc.*		557		17,779
				54,242
Diversified Telecommunication Services    0.8%
ATN International, Inc.		419		19,102
Consolidated Communications Holdings, Inc.*		2,133		19,773
IDT Corp. (Class B Stock)*		360		15,653
Liberty Latin America Ltd.,
(Class A Stock)*		1,235		17,611
(Class C Stock)*		1,242		17,872
Ooma, Inc.*		1,015		19,285
				109,296
Electric Utilities    0.4%
ALLETE, Inc.		228		15,372
Otter Tail Corp.		349		19,149
Portland General Electric Co.		363		18,640
				53,161
Electrical Equipment    0.9%
AZZ, Inc.		346		18,528
Encore Wire Corp.		245		20,827

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 79

PGIM QMA Strategic Alpha Small-Cap Value ETF

Schedule of Investments (continued)

as of August 31, 2021

Description	Shares		Value
COMMON STOCKS (Continued)
Electrical Equipment (cont'd.)
EnerSys		180	$	15,226
GrafTech International Ltd.		1,578		17,469
Powell Industries, Inc.		630		15,939
Preformed Line Products Co.		263		18,442
Thermon Group Holdings, Inc.*		1,082		18,069
				124,500
Electronic Equipment, Instruments & Components    2.7%
Belden, Inc.		381		21,812
Benchmark Electronics, Inc.		692		18,705
CTS Corp.		523		18,347
Daktronics, Inc.*		2,985		18,179
ePlus, Inc.*		197		21,319
Fabrinet (Thailand)*		196		20,192
Insight Enterprises, Inc.*		182		18,726
Itron, Inc.*		187		15,710
Kimball Electronics, Inc.*		891		21,535
Knowles Corp.*		906		18,120
Methode Electronics, Inc.		364		16,952
OSI Systems, Inc.*		186		18,403
PC Connection, Inc.		354		17,137
Plexus Corp.*		183		16,805
Sanmina Corp.*		478		18,871
ScanSource, Inc.*		662		23,554
TTM Technologies, Inc.*		1,298		18,172
Vishay Intertechnology, Inc.(a)		826		18,147
Vishay Precision Group, Inc.*		519		19,395
				360,081
Energy Equipment & Services    1.4%
Archrock, Inc.		2,146		16,481
ChampionX Corp.*		767		17,894
Helix Energy Solutions Group, Inc.*		4,323		16,255
Helmerich & Payne, Inc.		642		17,283
National Energy Services Reunited Corp.*		1,482		16,821
Newpark Resources, Inc.*		5,737		15,031
Oceaneering International, Inc.*		1,367		16,814
Oil States International, Inc.*		3,156		18,494
RPC, Inc.*		4,323		16,557
Tidewater, Inc.*		1,608		18,492
US Silica Holdings, Inc.*		1,598		14,030
				184,152

See Notes to Financial Statements.

80

Description	Shares		Value
COMMON STOCKS (Continued)
Entertainment    0.2%
Lions Gate Entertainment Corp.,
(Class A Stock)*		1,241	$	16,034
(Class B Stock)*		1,385		16,287
				32,321
Equity Real Estate Investment Trusts (REITs)    8.1%
Acadia Realty Trust		793		16,827
Alexander & Baldwin, Inc.		919		19,189
American Assets Trust, Inc.		494		19,671
American Finance Trust, Inc.		2,169		18,697
Apartment Investment & Management Co. (Class A Stock)		2,686		19,286
Apple Hospitality REIT, Inc.		1,246		18,416
Armada Hoffler Properties, Inc.		1,284		17,244
Braemar Hotels & Resorts, Inc.*		3,501		17,645
BRT Apartments Corp.		1,052		20,430
CareTrust REIT, Inc.		768		16,888
CatchMark Timber Trust, Inc. (Class A Stock)		1,516		17,495
Centerspace		202		20,438
Chatham Lodging Trust*		1,591		19,092
City Office REIT, Inc. (Canada)		1,508		24,083
Columbia Property Trust, Inc.		1,138		19,027
CorePoint Lodging, Inc.*		1,367		19,767
Corporate Office Properties Trust		640		18,035
DiamondRock Hospitality Co.*		2,166		19,581
DigitalBridge Group, Inc.*		2,698		18,616
Diversified Healthcare Trust		4,751		17,816
Essential Properties Realty Trust, Inc.		617		19,997
Farmland Partners, Inc.		1,477		18,093
Franklin Street Properties Corp.		3,612		17,338
GEO Group, Inc. (The)(a)		2,827		21,909
Getty Realty Corp.		535		16,922
Gladstone Commercial Corp.		800		18,104
Global Medical REIT, Inc.		1,109		17,101
Global Net Lease, Inc.		998		16,966
Hersha Hospitality Trust (Class A Stock)*		1,998		18,741
Industrial Logistics Properties Trust		638		17,500
iStar, Inc.		731		19,335
Kite Realty Group Trust		922		18,680
LTC Properties, Inc.		495		17,082
Macerich Co. (The)		1,109		18,942
Mack-Cali Realty Corp.*		1,050		18,774
Monmouth Real Estate Investment Corp.		967		18,354

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 81

PGIM QMA Strategic Alpha Small-Cap Value ETF

Schedule of Investments (continued)

as of August 31, 2021

Description	Shares		Value
COMMON STOCKS (Continued)
Equity Real Estate Investment Trusts (REITs) (cont'd.)
National Health Investors, Inc.		270	$	16,151
Office Properties Income Trust		592		15,706
Paramount Group, Inc.		1,963		17,392
Pebblebrook Hotel Trust		841		18,527
Piedmont Office Realty Trust, Inc. (Class A Stock)		894		15,931
PotlatchDeltic Corp.		350		18,183
Preferred Apartment Communities, Inc. (Class A Stock)		1,558		19,444
PS Business Parks, Inc.		119		18,710
Retail Opportunity Investments Corp.		1,037		18,749
Retail Properties of America, Inc. (Class A Stock)		1,471		19,447
Retail Value, Inc.		751		18,775
RLJ Lodging Trust		1,292		18,644
RPT Realty		1,460		18,892
Sabra Health Care REIT, Inc.		1,015		16,240
Service Properties Trust		1,637		18,711
SITE Centers Corp.		1,142		18,398
Summit Hotel Properties, Inc.*		2,092		19,497
Sunstone Hotel Investors, Inc.*		1,607		18,625
UMH Properties, Inc.		772		18,296
Urban Edge Properties		895		16,951
Urstadt Biddle Properties, Inc. (Class A Stock)		896		17,096
Whitestone REIT (Class B Stock)		2,066		20,267
Xenia Hotels & Resorts, Inc.*		956		16,654
				1,087,367
Food & Staples Retailing    1.1%
Andersons, Inc. (The)		680		20,659
Ingles Markets, Inc. (Class A Stock)(a)		307		20,842
Natural Grocers by Vitamin Cottage, Inc.		1,604		19,392
PriceSmart, Inc.		187		15,822
Sprouts Farmers Market, Inc.*		746		18,575
United Natural Foods, Inc.*		551		20,277
Village Super Market, Inc. (Class A Stock)		810		18,136
Weis Markets, Inc.		307		17,484
				151,187
Food Products    1.4%
Fresh Del Monte Produce, Inc.		605		19,892
Hostess Brands, Inc. (Class A Stock)*		1,155		18,434
John B. Sanfilippo & Son, Inc.		198		16,828
Lancaster Colony Corp.		94		16,661
Landec Corp.*		1,689		18,292

See Notes to Financial Statements.

82

Description	Shares		Value
COMMON STOCKS (Continued)
Food Products (cont'd.)
Limoneira Co.		1,011	$	16,631
Sanderson Farms, Inc.		99		19,453
Seneca Foods Corp. (Class A Stock)*		329		16,111
Simply Good Foods Co. (The)*		485		17,276
Tootsie Roll Industries, Inc.		525		16,616
TreeHouse Foods, Inc.*		414		15,513
				191,707
Gas Utilities    1.0%
Brookfield Infrastructure Corp. (Canada) (Class A Stock)		284		18,063
Chesapeake Utilities Corp.		133		17,383
New Jersey Resources Corp.		465		17,363
Northwest Natural Holding Co.(a)		338		17,390
ONE Gas, Inc.		244		17,524
South Jersey Industries, Inc.(a)		710		17,615
Southwest Gas Holdings, Inc.		242		17,015
Spire, Inc.		250		16,675
				139,028
Health Care Equipment & Supplies    2.1%
AngioDynamics, Inc.*		679		19,216
Avanos Medical, Inc.*		494		16,302
Haemonetics Corp.*		302		18,951
Integer Holdings Corp.*		175		17,288
Lantheus Holdings, Inc.*		685		18,064
LivaNova PLC (United Kingdom)*		197		16,290
Meridian Bioscience, Inc.*		849		17,184
Merit Medical Systems, Inc.*		270		19,378
Misonix, Inc.*		696		17,678
Natus Medical, Inc.*		688		18,246
Neogen Corp.*		421		18,431
Orthofix Medical, Inc.*		475		20,140
SeaSpine Holdings Corp.*		1,158		19,431
Utah Medical Products, Inc.		209		18,517
Varex Imaging Corp.*		714		20,827
				275,943
Health Care Providers & Services    2.2%
Addus HomeCare Corp.*		193		17,355
Apria, Inc.*		638		22,757
Brookdale Senior Living, Inc.*		2,468		18,016
Covetrus, Inc.*		739		16,694

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 83

PGIM QMA Strategic Alpha Small-Cap Value ETF

Schedule of Investments (continued)

as of August 31, 2021

Description	Shares		Value
COMMON STOCKS (Continued)
Health Care Providers & Services (cont'd.)
Cross Country Healthcare, Inc.*		1,094	$	23,794
Fulgent Genetics, Inc.*		182		16,606
MEDNAX, Inc.*		604		19,394
ModivCare, Inc.*		104		20,515
National HealthCare Corp.		240		17,724
Option Care Health, Inc.*		856		22,898
Patterson Cos., Inc.		598		18,323
Tenet Healthcare Corp.*		253		19,064
Tivity Health, Inc.*		664		15,438
Triple-S Management Corp. (Puerto Rico) (Class B Stock)*		747		26,518
Viemed Healthcare, Inc.*		2,694		17,269
				292,365
Health Care Technology    0.7%
Allscripts Healthcare Solutions, Inc.*		1,024		15,729
American Well Corp. (Class A Stock)*		1,613		17,275
Computer Programs & Systems, Inc.*		537		19,101
HealthStream, Inc.*		608		18,477
NextGen Healthcare, Inc.*		1,126		17,183
				87,765
Hotels, Restaurants & Leisure    0.5%
Biglari Holdings, Inc. (Class B Stock)*		109		19,059
Carrols Restaurant Group, Inc.		3,769		15,641
Del Taco Restaurants, Inc.		2,174		19,131
El Pollo Loco Holdings, Inc.*		919		16,671
				70,502
Household Durables    2.1%
Bassett Furniture Industries, Inc.		819		17,600
Beazer Homes USA, Inc.*		1,034		19,346
Century Communities, Inc.		258		18,086
Ethan Allen Interiors, Inc.		772		18,544
Hooker Furniture Corp.		553		17,232
KB Home		427		18,374
La-Z-Boy, Inc.		536		18,765
Lifetime Brands, Inc.		1,095		20,093
M/I Homes, Inc.*		269		17,321
MDC Holdings, Inc.		341		17,817
Meritage Homes Corp.*		171		19,073
Taylor Morrison Home Corp. (Class A Stock)*		667		18,736
Tri Pointe Homes, Inc.*		688		16,354

See Notes to Financial Statements.

84

Description	Shares		Value
COMMON STOCKS (Continued)
Household Durables (cont'd.)
Tupperware Brands Corp.*		859	$	20,504
Universal Electronics, Inc.*		391		19,753
				277,598
Household Products    0.4%
Central Garden & Pet Co.*		372		17,130
Central Garden & Pet Co. (Class A Stock)*		413		17,210
Oil-Dri Corp. of America		515		18,375
				52,715
Independent Power & Renewable Electricity Producers    0.3%
Clearway Energy, Inc.,
(Class A Stock)		651		19,361
(Class C Stock)		611		19,179
				38,540
Insurance    3.3%
Ambac Financial Group, Inc.*		1,247		17,570
American Equity Investment Life Holding Co.		513		16,257
American National Group, Inc.		112		21,560
AMERISAFE, Inc.		320		18,416
Argo Group International Holdings Ltd. (Bermuda)		327		17,298
CNO Financial Group, Inc.		800		19,568
Crawford & Co. (Class A Stock)		1,742		17,368
Donegal Group, Inc. (Class A Stock)		1,191		17,936
Employers Holdings, Inc.		398		16,386
Enstar Group Ltd. (Bermuda)*		67		15,455
Greenlight Capital Re Ltd. (Cayman Islands) (Class A Stock)*		2,097		17,678
Heritage Insurance Holdings, Inc.		2,580		18,060
Horace Mann Educators Corp.		469		19,229
Independence Holding Co.		411		20,542
Investors Title Co.		101		19,378
National Western Life Group, Inc. (Class A Stock)		90		19,949
NI Holdings, Inc.*		871		17,002
Safety Insurance Group, Inc.		237		19,271
Selective Insurance Group, Inc.		206		17,215
SiriusPoint Ltd. (Bermuda)*		1,890		18,541
Stewart Information Services Corp.		294		18,507
Tiptree, Inc.		1,892		19,128
United Fire Group, Inc.		749		19,444
United Insurance Holdings Corp.		4,292		16,353
				438,111

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 85

PGIM QMA Strategic Alpha Small-Cap Value ETF

Schedule of Investments (continued)

as of August 31, 2021

Description	Shares		Value
COMMON STOCKS (Continued)
Interactive Media & Services    0.4%
Cars.com, Inc.*		1,502	$	19,106
TrueCar, Inc.*		3,462		14,540
Yelp, Inc. (Class A Stock)*		500		19,255
				52,901
Internet & Direct Marketing Retail    0.1%
Lands’ End, Inc.*		452		15,300
IT Services    0.7%
Cass Information Systems, Inc.		435		19,610
Conduent, Inc.*		2,815		20,549
CSG Systems International, Inc.		406		19,573
Limelight Networks, Inc.*		6,515		17,591
StarTek, Inc.*		2,698		16,377
				93,700
Leisure Products    0.8%
Acushnet Holdings Corp.		354		17,686
American Outdoor Brands, Inc.*		631		17,561
Johnson Outdoors, Inc. (Class A Stock)		155		17,793
Nautilus, Inc.(a)*		1,265		14,421
Sturm Ruger & Co., Inc.		218		17,045
Vista Outdoor, Inc.*		419		17,116
				101,622
Life Sciences Tools & Services    0.1%
Personalis, Inc.*		914		19,358
Machinery    3.2%
Alamo Group, Inc.		126		19,531
Albany International Corp. (Class A Stock)		213		16,684
Altra Industrial Motion Corp.		274		16,045
Barnes Group, Inc.		328		15,636
Columbus McKinnon Corp.		403		18,558
EnPro Industries, Inc.		211		18,043
Gorman-Rupp Co. (The)		513		17,991
Greenbrier Cos., Inc. (The)		385		16,979
Hillenbrand, Inc.		365		16,943
Kennametal, Inc.		481		17,884
Lindsay Corp.		111		18,287
Luxfer Holdings PLC (United Kingdom)		804		17,165
Manitowoc Co., Inc. (The)*		769		18,648

See Notes to Financial Statements.

86

Description	Shares		Value
COMMON STOCKS (Continued)
Machinery (cont'd.)
Miller Industries, Inc.		487	$	18,126
Mueller Industries, Inc.		425		18,959
Mueller Water Products, Inc. (Class A Stock)		1,189		19,761
Park-Ohio Holdings Corp.		619		15,958
REV Group, Inc.		1,193		19,398
Rexnord Corp.		347		21,084
SPX Corp.*		279		17,432
Standex International Corp.		198		19,650
TriMas Corp.*		524		16,826
Wabash National Corp.		1,209		18,788
Watts Water Technologies, Inc. (Class A Stock)		118		20,245
				434,621
Marine    0.6%
Costamare, Inc. (Monaco)		1,790		25,740
Eagle Bulk Shipping, Inc.*		410		20,250
Genco Shipping & Trading Ltd.		1,038		20,231
Matson, Inc.		259		20,505
				86,726
Media    1.8%
AMC Networks, Inc. (Class A Stock)(a)*		380		18,061
comScore, Inc.*		4,893		18,985
Daily Journal Corp.*		52		17,680
Emerald Holding, Inc.*		4,385		21,837
Entercom Communications Corp. (Class A Stock)*		5,365		19,046
Entravision Communications Corp. (Class A Stock)		3,102		21,621
EW Scripps Co. (The) (Class A Stock)		962		17,835
Fluent, Inc.*		7,416		20,172
Gray Television, Inc.		835		18,988
Hemisphere Media Group, Inc. (Class A Stock)*		1,447		17,827
John Wiley & Sons, Inc. (Class A Stock)		307		17,837
Scholastic Corp.		494		16,421
TEGNA, Inc.		1,042		18,464
				244,774
Metals & Mining    1.2%
Arconic Corp.*		527		18,176
Carpenter Technology Corp.		476		15,875
Commercial Metals Co.		567		18,496
Haynes International, Inc.		498		19,546
Olympic Steel, Inc.		585		15,947

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 87

PGIM QMA Strategic Alpha Small-Cap Value ETF

Schedule of Investments (continued)

as of August 31, 2021

Description	Shares		Value
COMMON STOCKS (Continued)
Metals & Mining (cont'd.)
Ryerson Holding Corp.		1,159	$	26,831
Schnitzer Steel Industries, Inc. (Class A Stock)		350		16,558
SunCoke Energy, Inc.		2,400		16,680
Worthington Industries, Inc.		270		15,647
				163,756
Mortgage Real Estate Investment Trusts (REITs)    2.4%
Apollo Commercial Real Estate Finance, Inc.		1,188		18,473
Ares Commercial Real Estate Corp.		1,236		19,504
BrightSpire Capital, Inc. (Class A Stock)		1,939		19,429
Chimera Investment Corp.		1,250		19,150
Dynex Capital, Inc.		1,050		18,648
Ellington Financial, Inc.		1,002		18,557
Granite Point Mortgage Trust, Inc.		1,286		17,695
Great Ajax Corp.		1,388		19,613
KKR Real Estate Finance Trust, Inc.		818		17,448
Ladder Capital Corp. (Class A Stock)		1,670		19,055
MFA Financial, Inc.		3,702		17,770
New York Mortgage Trust, Inc.		4,203		18,577
PennyMac Mortgage Investment Trust		923		17,915
Ready Capital Corp.		1,162		17,790
Redwood Trust, Inc.		1,613		20,114
TPG RE Finance Trust, Inc.		1,342		16,909
Two Harbors Investment Corp.		2,868		18,929
				315,576
Multiline Retail    0.6%
Big Lots, Inc.		321		15,620
Dillard’s, Inc. (Class A Stock)		104		19,808
Franchise Group, Inc.		528		18,337
Macy’s, Inc.*		1,055		23,622
				77,387
Multi-Utilities    0.5%
Avista Corp.		412		17,243
Black Hills Corp.		240		16,879
NorthWestern Corp.		292		18,571
Unitil Corp.		320		15,872
				68,565

See Notes to Financial Statements.

88

Description	Shares		Value
COMMON STOCKS (Continued)
Oil, Gas & Consumable Fuels    2.6%
Alto Ingredients, Inc.*		3,223	$	16,405
Berry Corp.		2,763		16,578
Bonanza Creek Energy, Inc.		480		18,662
Centennial Resource Development, Inc. (Class A Stock)*		3,656		18,646
Centrus Energy Corp. (Class A Stock)*		802		23,186
Comstock Resources, Inc.*		3,054		18,049
DHT Holdings, Inc. (Bermuda)		3,189		17,635
Dorian LPG Ltd.		1,279		16,908
Equitrans Midstream Corp.		2,208		19,276
Frontline Ltd. (Norway)		2,327		16,801
Nordic American Tankers Ltd. (Norway)		7,211		17,090
PBF Energy, Inc. (Class A Stock)*		1,951		20,290
REX American Resources Corp.*		198		16,783
Scorpio Tankers, Inc. (Monaco)		1,126		18,253
SFL Corp. Ltd. (Norway)		2,625		21,079
SM Energy Co.		961		18,355
Teekay Corp. (Bermuda)*		6,205		18,801
Teekay Tankers Ltd. (Canada) (Class A Stock)*		1,471		16,843
World Fuel Services Corp.		539		17,442
				347,082
Paper & Forest Products    0.3%
Neenah, Inc.		364		18,342
Schweitzer-Mauduit International, Inc.		458		17,528
				35,870
Personal Products    0.5%
BellRing Brands, Inc. (Class A Stock)*		598		20,195
Edgewell Personal Care Co.		444		18,781
Nature’s Sunshine Products, Inc.		1,050		17,976
Nu Skin Enterprises, Inc. (Class A Stock)		336		17,008
				73,960
Pharmaceuticals    1.2%
Amphastar Pharmaceuticals, Inc.*		848		16,672
ANI Pharmaceuticals, Inc.*		536		16,257
Fulcrum Therapeutics, Inc.*		2,506		74,428
Innoviva, Inc.*		1,201		18,327
Prestige Consumer Healthcare, Inc.*		342		19,628
Supernus Pharmaceuticals, Inc.*		678		18,665
				163,977

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 89

PGIM QMA Strategic Alpha Small-Cap Value ETF

Schedule of Investments (continued)

as of August 31, 2021

Description	Shares		Value
COMMON STOCKS (Continued)
Professional Services    1.6%
ASGN, Inc.*		178	$	19,970
Barrett Business Services, Inc.		252		19,530
CBIZ, Inc.*		559		19,067
CRA International, Inc.		211		19,621
Heidrick & Struggles International, Inc.		458		19,795
Huron Consulting Group, Inc.*		386		19,057
ICF International, Inc.		207		19,388
Kelly Services, Inc. (Class A Stock)		823		15,999
Mistras Group, Inc.*		1,724		18,292
Resources Connection, Inc.		1,184		18,707
TrueBlue, Inc.*		743		20,306
				209,732
Real Estate Management & Development    0.8%
Forestar Group, Inc.*		887		18,441
FRP Holdings, Inc.*		315		18,175
Marcus & Millichap, Inc.*		435		17,061
RE/MAX Holdings, Inc. (Class A Stock)		541		18,118
Realogy Holdings Corp.*		1,094		19,200
RMR Group, Inc. (The) (Class A Stock)		471		21,826
				112,821
Road & Rail    0.5%
Covenant Logistics Group, Inc. (Class A Stock)*		776		18,903
Heartland Express, Inc.		1,068		17,921
Marten Transport Ltd.		1,166		18,178
Werner Enterprises, Inc.		397		18,723
				73,725
Semiconductors & Semiconductor Equipment    1.2%
Alpha & Omega Semiconductor Ltd.*		701		20,364
Amkor Technology, Inc.		702		19,284
Cohu, Inc.*		514		18,339
Diodes, Inc.*		217		21,012
DSP Group, Inc.*		1,081		23,674
Onto Innovation, Inc.*		257		19,051
Photronics, Inc.*		1,236		18,627
Rambus, Inc.*		745		17,731
				158,082
Software    1.7%
A10 Networks, Inc.*		1,402		19,474
Agilysys, Inc.*		327		18,583

See Notes to Financial Statements.

90

Description	Shares		Value
COMMON STOCKS (Continued)
Software (cont'd.)
Benefitfocus, Inc.*		1,417	$	17,103
Bottomline Technologies DE, Inc.*		453		19,148
ChannelAdvisor Corp.*		783		20,061
eGain Corp.*		1,672		19,696
QAD, Inc. (Class A Stock)		210		18,272
SecureWorks Corp. (Class A Stock)*		899		18,394
Smith Micro Software, Inc.*		3,508		17,505
Verint Systems, Inc.*		429		19,151
VirnetX Holding Corp.*		4,583		20,578
Xperi Holding Corp.		785		16,775
				224,740
Specialty Retail    3.2%
Aaron’s Co., Inc. (The)		625		16,575
Abercrombie & Fitch Co. (Class A Stock)*		423		15,126
Academy Sports & Outdoors, Inc.*		509		22,533
America’s Car-Mart, Inc.*		118		15,261
Cato Corp. (The) (Class A Stock)		1,081		18,658
Conn’s, Inc.*		792		19,483
Container Store Group, Inc. (The)*		1,649		19,128
Genesco, Inc.*		318		19,726
Group 1 Automotive, Inc.		108		17,867
Guess?, Inc.		815		19,715
Haverty Furniture Cos., Inc.		498		17,744
Hibbett, Inc.		204		19,521
Lazydays Holdings, Inc.*		900		22,113
Lumber Liquidators Holdings, Inc.*		953		19,880
MarineMax, Inc.*		330		16,045
ODP Corp. (The)*		413		19,481
Signet Jewelers Ltd.		278		22,018
Sonic Automotive, Inc. (Class A Stock)		332		16,779
Tilly’s, Inc. (Class A Stock)		1,190		18,528
TravelCenters of America, Inc.*		509		21,363
Urban Outfitters, Inc.*		454		14,991
Winmark Corp.		82		17,190
Zumiez, Inc.*		378		15,192
				424,917
Technology Hardware, Storage & Peripherals    0.4%
Quantum Corp.*		2,882		17,984
Super Micro Computer, Inc.*		482		17,612
Turtle Beach Corp.*		648		18,410
				54,006

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 91

PGIM QMA Strategic Alpha Small-Cap Value ETF

Schedule of Investments (continued)

as of August 31, 2021

Description	Shares		Value
COMMON STOCKS (Continued)
Textiles, Apparel & Luxury Goods    0.6%
G-III Apparel Group Ltd.*		603	$	18,651
Oxford Industries, Inc.		211		19,053
Unifi, Inc.*		858		19,940
Vera Bradley, Inc.*		1,580		18,107
				75,751
Thrifts & Mortgage Finance    3.1%
Essent Group Ltd.		404		19,020
FS Bancorp, Inc.		494		16,880
Home Bancorp, Inc.		517		19,346
HomeStreet, Inc.		474		19,363
Kearny Financial Corp.		1,466		18,604
Luther Burbank Corp.		1,434		18,599
Merchants Bancorp		522		19,142
Meta Financial Group, Inc.		379		18,643
Mr Cooper Group, Inc.*		474		18,429
NMI Holdings, Inc. (Class A Stock)*		833		18,801
Northfield Bancorp, Inc.		1,010		17,069
Ocwen Financial Corp.*		675		19,102
Premier Financial Corp.		677		20,581
Provident Financial Services, Inc.		833		18,384
Radian Group, Inc.		809		19,117
Southern Missouri Bancorp, Inc.		401		18,093
TrustCo Bank Corp.		539		17,296
Velocity Financial, Inc.*		1,579		20,322
Walker & Dunlop, Inc.		179		19,878
Washington Federal, Inc.		515		17,149
Waterstone Financial, Inc.		909		18,435
WSFS Financial Corp.		416		18,891
				411,144
Tobacco    0.3%
Universal Corp.		351		17,761
Vector Group Ltd.		1,357		20,382
				38,143
Trading Companies & Distributors    1.7%
Alta Equipment Group, Inc.*		1,490		19,758
Beacon Roofing Supply, Inc.*		336		17,297
Boise Cascade Co.		351		20,305
GMS, Inc.*		368		18,183
McGrath RentCorp		233		16,259
MRC Global, Inc.*		2,106		17,269
NOW, Inc.*		1,898		14,577

See Notes to Financial Statements.

92

Description						Shares		Value
COMMON STOCKS (Continued)
Trading Companies & Distributors (cont'd.)
Rush Enterprises, Inc.,
(Class A Stock)							394	$	17,375
(Class B Stock)							421		17,846
Titan Machinery, Inc.*							651		18,697
Veritiv Corp.*							286		25,646
WESCO International, Inc.*							169		19,776
									222,988
Transportation Infrastructure    0.1%
Macquarie Infrastructure Corp.							462		18,411
Water Utilities    0.4%
American States Water Co.							205		18,903
Artesian Resources Corp. (Class A Stock)							459		18,089
York Water Co. (The)							375		19,339
									56,331
Wireless Telecommunication Services    0.3%
Telephone & Data Systems, Inc.							900		18,288
United States Cellular Corp.*							558		17,828
									36,116
TOTAL LONG-TERM INVESTMENTS (cost $11,079,770)									13,253,588
SHORT-TERM INVESTMENTS    1.7%
AFFILIATED MUTUAL FUND    0.8%
PGIM Institutional Money Market Fund (cost $107,414; includes $107,407 of cash collateral for securities on loan)(b)(wa)							107,535		107,471
	Interest Rate			Maturity Date		Principal Amount (000)#
TIME DEPOSIT    0.9%
Skandinaviska Enskilda Banken AB (Sweden) (cost $116,790)		0.005	%		09/01/21		117		116,790
TOTAL SHORT-TERM INVESTMENTS (cost $224,204)									224,261
TOTAL INVESTMENTS    100.7% (cost $11,303,974)								13,477,849
Liabilities in excess of other assets    (0.7)%									(95,810	)
NET ASSETS    100.0%								$	13,382,039

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 93

PGIM QMA Strategic Alpha Small-Cap Value ETF

Schedule of Investments (continued)

as of August 31, 2021

The following abbreviations are used in the annual report:

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

(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $104,887; cash collateral of $107,407 (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.

The following is a summary of the inputs used as of August 31, 2021 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks
Aerospace & Defense	$	141,796	$	—	$	—
Air Freight & Logistics		75,760		—		—
Airlines		54,876		—		—
Auto Components		67,983		—		—
Banks		1,926,530		—		—
Beverages		19,643		—		—
Biotechnology		826,536		—		—
Building Products		163,556		—		—
Capital Markets		189,841		—		—
Chemicals		274,916		—		—
Commercial Services & Supplies		321,097		—		—

See Notes to Financial Statements.

94

	Level 1		Level 2		Level 3
Investments in Securities (continued)
Assets (continued)
Long-Term Investments (continued)
Common Stocks (continued)
Communications Equipment	$	158,297	$	—	$	—
Construction & Engineering		200,284		—		—
Construction Materials		35,745		—		—
Consumer Finance		178,797		—		—
Containers & Packaging		74,767		—		—
Diversified Consumer Services		110,501		—		—
Diversified Financial Services		54,242		—		—
Diversified Telecommunication Services		109,296		—		—
Electric Utilities		53,161		—		—
Electrical Equipment		124,500		—		—
Electronic Equipment, Instruments & Components		360,081		—		—
Energy Equipment & Services		184,152		—		—
Entertainment		32,321		—		—
Equity Real Estate Investment Trusts (REITs)		1,087,367		—		—
Food & Staples Retailing		151,187		—		—
Food Products		191,707		—		—
Gas Utilities		139,028		—		—
Health Care Equipment & Supplies		275,943		—		—
Health Care Providers & Services		292,365		—		—
Health Care Technology		87,765		—		—
Hotels, Restaurants & Leisure		70,502		—		—
Household Durables		277,598		—		—
Household Products		52,715		—		—
Independent Power & Renewable Electricity Producers		38,540		—		—
Insurance		438,111		—		—
Interactive Media & Services		52,901		—		—
Internet & Direct Marketing Retail		15,300		—		—
IT Services		93,700		—		—
Leisure Products		101,622		—		—
Life Sciences Tools & Services		19,358		—		—
Machinery		434,621		—		—
Marine		86,726		—		—
Media		244,774		—		—
Metals & Mining		163,756		—		—
Mortgage Real Estate Investment Trusts (REITs)		315,576		—		—
Multiline Retail		77,387		—		—
Multi-Utilities		68,565		—		—
Oil, Gas & Consumable Fuels		347,082		—		—
Paper & Forest Products		35,870		—		—
Personal Products		73,960		—		—
Pharmaceuticals		163,977		—		—

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 95

PGIM QMA Strategic Alpha Small-Cap Value ETF

Schedule of Investments (continued)

as of August 31, 2021

	Level 1		Level 2		Level 3
Investments in Securities (continued)
Assets (continued)
Long-Term Investments (continued)
Common Stocks (continued)
Professional Services	$	209,732	$	—	$	—
Real Estate Management & Development		112,821		—		—
Road & Rail		73,725		—		—
Semiconductors & Semiconductor Equipment		158,082		—		—
Software		224,740		—		—
Specialty Retail		424,917		—		—
Technology Hardware, Storage & Peripherals		54,006		—		—
Textiles, Apparel & Luxury Goods		75,751		—		—
Thrifts & Mortgage Finance		411,144		—		—
Tobacco		38,143		—		—
Trading Companies & Distributors		222,988		—		—
Transportation Infrastructure		18,411		—		—
Water Utilities		56,331		—		—
Wireless Telecommunication Services		36,116		—		—
Short-Term Investments
Affiliated Mutual Fund		107,471		—		—
Time Deposit		—		116,790		—
Total	$	13,361,059	$	116,790	$	—

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of August 31, 2021 were as follows (unaudited):

Banks	14.4	%
Equity Real Estate Investment Trusts (REITs)	8.1
Biotechnology	6.2
Insurance	3.3
Machinery	3.2
Specialty Retail	3.2
Thrifts & Mortgage Finance	3.1
Electronic Equipment, Instruments & Components	2.7
Oil, Gas & Consumable Fuels	2.6
Commercial Services & Supplies	2.4
Mortgage Real Estate Investment Trusts (REITs)	2.4
Health Care Providers & Services	2.2
Household Durables	2.1
Health Care Equipment & Supplies	2.1
Chemicals	2.1
Media	1.8
Software	1.7
Trading Companies & Distributors	1.7
Professional Services	1.6
Construction & Engineering	1.5
Food Products	1.4
Capital Markets	1.4
Energy Equipment & Services	1.4
Consumer Finance	1.3
Pharmaceuticals	1.2
Metals & Mining	1.2
Building Products	1.2
Communications Equipment	1.2
Semiconductors & Semiconductor Equipment	1.2
Food & Staples Retailing	1.1
Aerospace & Defense	1.1
Gas Utilities	1.0

See Notes to Financial Statements.

96

Industry Classification (cont’d.)
Electrical Equipment	0.9	%
Time Deposit	0.9
Real Estate Management & Development	0.8
Diversified Consumer Services	0.8
Diversified Telecommunication Services	0.8
Affiliated Mutual Fund (0.8% represents investments purchased with collateral from securities on loan)	0.8
Leisure Products	0.8
IT Services	0.7
Health Care Technology	0.7
Marine	0.6
Multiline Retail	0.6
Air Freight & Logistics	0.6
Textiles, Apparel & Luxury Goods	0.6
Containers & Packaging	0.6
Personal Products	0.5
Road & Rail	0.5
Hotels, Restaurants & Leisure	0.5
Multi-Utilities	0.5
Auto Components	0.5
Water Utilities	0.4
Airlines	0.4
Diversified Financial Services	0.4
Technology Hardware, Storage & Peripherals	0.4
Electric Utilities	0.4
Interactive Media & Services	0.4
Household Products	0.4
Independent Power & Renewable Electricity Producers	0.3
Tobacco	0.3
Wireless Telecommunication Services	0.3
Paper & Forest Products	0.3
Construction Materials	0.3
Entertainment	0.2
Beverages	0.1
Life Sciences Tools & Services	0.1
Transportation Infrastructure	0.1
Internet & Direct Marketing Retail	0.1
	100.7
Liabilities in excess of other assets	(0.7	)
	100.0	%

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

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

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	$	104,887	$	(104,887	)	$	—

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

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 97

PGIM QMA Strategic Alpha Small-Cap Value ETF

Statement of Assets & Liabilities

as of August 31, 2021

Assets
Investments at value, including securities on loan of $104,887:
Unaffiliated investments (cost $11,196,560)	$	13,370,378
Affiliated investments (cost $107,414)		107,471
Interest and dividends receivable		13,771
Receivable for investments sold		1,428
Total Assets		13,493,048
Liabilities
Payable to broker for collateral for securities on loan		107,407
Management fee payable		3,214
Other liabilities		388
Total Liabilities		111,009
Net Assets	$	13,382,039
Net assets were comprised of:
Common stock, at par	$	200
Paid-in capital in excess of par		10,042,537
Total distributable earnings (loss)		3,339,302
Net assets, August 31, 2021	$	13,382,039
Net asset value, offering price and redemption price per share, ($13,382,039 / 200,000 shares of common stock issued and outstanding)	$	66.91

See Notes to Financial Statements.

98

PGIM QMA Strategic Alpha Small-Cap Value ETF

Statement of Operations

Year Ended August 31, 2021

Net Investment Income (Loss)
Income
Interest income	$	40
Unaffiliated dividend income (net of $215 foreign withholding tax)		209,194
Income from securities lending, net (including affiliated income of $350)		876
Miscellaneous Income		132
Total income		210,242
Expenses
Management fee		33,043
Total expenses		33,043
Net investment income (loss)		177,199
Realized And Unrealized Gain (Loss) On Investments
Net realized gain (loss) on:
Investment transactions (including affiliated of $(99))		2,419,472
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $5)		2,627,259
Net gain (loss) on investment transactions		5,046,731
Net Increase (Decrease) In Net Assets Resulting From Operations	$	5,223,930

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 99

PGIM QMA Strategic Alpha Small-Cap Value ETF

Statements of Changes in Net Assets

	Year Ended August 31,
	2021			2020
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	177,199		$	141,662
Net realized gain (loss) on investments		2,419,472			(1,278,715	)
Net change in unrealized appreciation (depreciation) on investments		2,627,259			399,673
Net increase (decrease) in net assets resulting from operations		5,223,930			(737,380	)
Dividends and Distributions
Distributions from distributable earnings		(177,114	)		(280,842	)
Total increase (decrease)		5,046,816			(1,018,222	)
Net Assets:
Beginning of period		8,335,223			9,353,445
End of period	$	13,382,039		$	8,335,223

See Notes to Financial Statements.

100

PGIM QMA Strategic Alpha Small-Cap Value ETF

Financial Highlights

	Year Ended August 31,						November 13, 2018(e) through August 31,
	2021			2020			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)		0.89			0.71			0.72
Net realized and unrealized gain (loss) on investments		25.23			(4.40	)		(3.41	)
Total from investment operations		26.12			(3.69	)		(2.69	)
Less Dividends and Distributions:
Dividends from net investment income		(0.89	)		(0.76	)		(0.54	)
Distributions from net realized gains		-			(0.64	)		-
Total Dividends and Distributions		(0.89	)		(1.40	)		(0.54	)
Net asset value, end of period		$66.91			$41.68			$46.77
Total Return(b):		63.26%			(8.28)%			(5.39)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$13,382			$8,335			$9,353
Average net assets (000)		$11,394			$8,876			$10,627
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		0.29%			0.29%			0.29%	(d)
Expenses before waivers and/or expense reimbursement		0.29%			0.29%			0.29%	(d)
Net investment income (loss)		1.56%			1.61%			1.86%	(d)
Portfolio turnover rate(f)(g)		116%			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.

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PGIM QMA Strategic Alpha International Equity ETF

Schedule of Investments

as of August 31, 2021

Description	Shares		Value
LONG-TERM INVESTMENTS    98.6%
COMMON STOCKS    97.4%
Australia    5.0%
AGL Energy Ltd.		13,377	$	63,119
APA Group		12,531		84,154
Aristocrat Leisure Ltd.		3,063		102,335
Aurizon Holdings Ltd.		29,461		81,467
Australia & New Zealand Banking Group Ltd.		4,413		89,909
BHP Group Ltd.		2,400		80,078
Brambles Ltd.		11,027		97,689
Coles Group Ltd.		7,478		98,907
Dexus/AU		11,619		90,439
Endeavour Group Ltd.*		2,841		15,172
Fortescue Metals Group Ltd.		5,369		82,482
Goodman Group		6,704		113,437
Mirvac Group		41,977		95,810
REA Group Ltd.		755		84,781
Reece Ltd.		5,492		83,889
Rio Tinto Ltd.		986		80,830
Scentre Group		41,966		87,496
SEEK Ltd.		3,787		90,148
Sonic Healthcare Ltd.		3,502		111,186
Stockland		26,028		87,968
Tabcorp Holdings Ltd.		24,885		87,200
Telstra Corp. Ltd.		35,246		99,011
Treasury Wine Estates Ltd.		10,459		96,636
Wesfarmers Ltd.		2,277		99,861
Woolworths Group Ltd.		2,841		86,770
				2,190,774
Austria    0.9%
Erste Group Bank AG		2,355		94,153
OMV AG		1,564		86,665
Raiffeisen Bank International AG		4,223		101,422
voestalpine AG		2,376		107,730
				389,970
Belgium    1.0%
Ageas SA/NV		1,642		82,108
Etablissements Franz Colruyt NV		1,480		82,814
Proximus SADP		4,223		82,798
Solvay SA		706		92,489
UCB SA		867		99,177
				439,386

See Notes to Financial Statements.

102

Description	Shares		Value
COMMON STOCKS (Continued)
Denmark    2.0%
AP Moller - Maersk A/S,
(Class A Stock)		34	$	92,042
(Class B Stock)		33		93,632
Carlsberg A/S (Class B Stock)		518		90,429
Coloplast A/S (Class B Stock)		596		103,242
Demant A/S*		1,717		97,324
Genmab A/S*		205		97,061
Novo Nordisk A/S (Class B Stock)		1,082		107,836
Pandora A/S		696		83,323
ROCKWOOL International A/S (Class B Stock)		197		104,252
				869,141
Finland    2.0%
Elisa OYJ		1,479		94,721
Fortum OYJ		3,269		99,276
Kone OYJ (Class B Stock)		1,099		91,146
Neste OYJ		1,361		82,825
Nokia OYJ*		17,528		105,137
Nordea Bank Abp		9,369		110,112
Orion OYJ (Class B Stock)		2,087		85,090
Stora Enso OYJ (Class R Stock)		5,262		102,982
UPM-Kymmene OYJ		2,442		99,275
				870,564
France    8.7%
Amundi SA, 144A		1,138		107,697
Arkema SA		732		97,148
Atos SE		1,458		75,679
BioMerieux		864		105,944
BNP Paribas SA		1,406		89,199
Bouygues SA		2,176		91,031
Bureau Veritas SA		3,368		111,787
Capgemini SE		531		119,220
Carrefour SA		4,742		94,345
Cie de Saint-Gobain		1,399		101,408
Cie Generale des Etablissements Michelin SCA		645		104,375
CNP Assurances		5,450		93,277
Credit Agricole SA		6,706		96,680
Danone SA		1,342		98,037
Dassault Systemes SE		2,040		116,354
Eiffage SA		872		90,627
Engie SA		6,450		92,395

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 103

PGIM QMA Strategic Alpha International Equity ETF

Schedule of Investments (continued)

as of August 31, 2021

Description	Shares		Value
COMMON STOCKS (Continued)
France (cont'd.)
EssilorLuxottica SA		534	$	104,830
Eurazeo SE		1,078		110,865
Gecina SA		567		88,071
Hermes International		67		98,453
Ipsen SA		870		86,988
Kering SA		107		85,153
Klepierre SA		3,180		77,724
La Francaise des Jeux SAEM, 144A		1,610		83,283
Legrand SA		982		112,378
L’Oreal SA		206		96,394
LVMH Moet Hennessy Louis Vuitton SE		118		87,331
Orange SA		7,463		84,771
Pernod Ricard SA		459		96,443
Publicis Groupe SA		1,405		92,105
Sanofi		952		98,491
Schneider Electric SE		587		104,866
SEB SA		498		78,323
Teleperformance		262		115,823
Thales SA		966		98,024
TotalEnergies SE		1,962		86,515
Vinci SA		880		94,440
Vivendi SE		2,719		103,762
				3,770,236
Germany    7.2%
adidas AG		270		95,784
Allianz SE		379		89,044
BASF SE		1,137		87,961
Bayerische Motoren Werke AG		837		79,429
Brenntag SE		1,141		115,108
Covestro AG, 144A		1,480		95,938
Daimler AG		1,005		84,751
Deutsche Post AG		1,395		98,137
Deutsche Telekom AG		4,463		94,897
E.ON SE		7,807		103,040
Evonik Industries AG		2,656		89,692
Fresenius Medical Care AG & Co. KGaA		1,230		94,459
Fresenius SE & Co. KGaA		1,757		91,385
GEA Group AG		2,493		115,125
HeidelbergCement AG		1,151		100,026
Henkel AG & Co. KGaA		985		88,624
KION Group AG		884		94,588

See Notes to Financial Statements.

104

Description	Shares		Value
COMMON STOCKS (Continued)
Germany (cont'd.)
Knorr-Bremse AG		773	$	92,778
LANXESS AG		1,211		88,281
LEG Immobilien SE		636		101,379
Merck KGaA		510		121,159
Puma SE		851		103,295
RWE AG		2,553		99,748
SAP SE		718		108,058
Scout24 AG, 144A		1,184		99,538
Siemens AG		537		89,301
Siemens Healthineers AG, 144A		1,656		115,168
Telefonica Deutschland Holding AG		35,034		98,328
Uniper SE		2,586		102,687
United Internet AG		2,297		99,293
Volkswagen AG		267		89,282
Vonovia SE		1,384		93,408
				3,119,691
Hong Kong    3.9%
BOC Hong Kong Holdings Ltd.		28,854		87,555
CK Asset Holdings Ltd.		14,217		92,678
CK Hutchison Holdings Ltd.		12,596		91,910
CK Infrastructure Holdings Ltd.		15,058		91,481
CLP Holdings Ltd.		9,691		96,880
Hang Lung Properties Ltd.		37,811		90,815
Henderson Land Development Co. Ltd.		19,683		89,083
HKT Trust & HKT Ltd.		66,768		90,999
Hongkong Land Holdings Ltd.		19,707		82,769
Jardine Matheson Holdings Ltd.		1,533		83,273
Link REIT		10,177		93,625
New World Development Co. Ltd.		17,705		83,318
Power Assets Holdings Ltd.		16,881		106,029
Sino Land Co. Ltd.		60,909		89,749
Sun Hung Kai Properties Ltd.		5,939		83,693
Swire Pacific Ltd. (Class A Stock)		13,300		90,121
Swire Properties Ltd.		30,550		82,685
WH Group Ltd., 144A		107,156		93,000
Wharf Real Estate Investment Co. Ltd.		16,529		81,928
				1,701,591
Ireland    0.9%
CRH PLC		1,857		98,757
DCC PLC		1,094		92,952

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 105

PGIM QMA Strategic Alpha International Equity ETF

Schedule of Investments (continued)

as of August 31, 2021

Description	Shares		Value
COMMON STOCKS (Continued)
Ireland (cont'd.)
Kingspan Group PLC		1,011	$	115,530
Smurfit Kappa Group PLC		1,806		103,594
				410,833
Israel    1.4%
Bank Hapoalim BM		11,509		98,988
Bank Leumi Le-Israel BM		12,111		100,050
Check Point Software Technologies Ltd.*		772		96,986
Elbit Systems Ltd.		738		107,325
Israel Discount Bank Ltd. (Class A Stock)*		18,960		97,939
Mizrahi Tefahot Bank Ltd.		3,069		102,083
				603,371
Italy    2.4%
Assicurazioni Generali SpA		4,914		100,204
DiaSorin SpA		526		120,023
Enel SpA		8,901		81,105
Intesa Sanpaolo SpA		35,327		100,005
Mediobanca Banca di Credito Finanziario SpA*		8,314		97,971
Moncler SpA		1,481		94,779
Poste Italiane SpA, 144A		6,607		89,597
Prysmian SpA		2,713		102,091
Snam SpA		16,932		100,042
Telecom Italia SpA		180,369		81,632
Terna - Rete Elettrica Nazionale		12,415		98,157
				1,065,606
Japan    33.3%
Advantest Corp.		1,003		86,793
AGC, Inc.		2,407		116,395
Aisin Corp.		2,178		83,248
Ajinomoto Co., Inc.		3,938		116,119
Asahi Group Holdings Ltd.		1,881		87,438
Asahi Kasei Corp.		8,855		91,436
Astellas Pharma, Inc.		5,369		90,626
Azbil Corp.		2,381		103,343
Bridgestone Corp.		2,231		102,693
Brother Industries Ltd.		4,399		90,287
Canon, Inc.		4,010		95,188
Chiba Bank Ltd. (The)		15,477		96,648
Chubu Electric Power Co., Inc.		7,218		87,195
Chugai Pharmaceutical Co. Ltd.		2,387		93,471

See Notes to Financial Statements.

106

Description	Shares		Value
COMMON STOCKS (Continued)
Japan (cont'd.)
Cosmos Pharmaceutical Corp.		668	$	118,281
Dai Nippon Printing Co. Ltd.		4,390		104,388
Daikin Industries Ltd.		522		130,031
Daiwa House Industry Co. Ltd.		3,257		99,355
Daiwa Securities Group, Inc.		17,527		99,173
Denso Corp.		1,416		99,235
Dentsu Group, Inc.		2,808		104,137
Disco Corp.		304		88,563
ENEOS Holdings, Inc.		22,596		87,517
Fuji Electric Co. Ltd.		2,236		96,846
FUJIFILM Holdings Corp.		1,346		110,944
Fujitsu Ltd.		585		107,944
Hakuhodo DY Holdings, Inc.		5,971		93,949
Hamamatsu Photonics KK		1,556		90,801
Hikari Tsushin, Inc.		503		88,104
Hirose Electric Co. Ltd.		620		103,300
Hitachi Ltd.		1,922		106,307
Honda Motor Co. Ltd.		3,096		94,049
Hoshizaki Corp.		1,073		100,751
Hoya Corp.		722		116,686
Idemitsu Kosan Co. Ltd.		3,932		94,284
Iida Group Holdings Co. Ltd.		3,619		91,976
Inpex Corp.		12,420		85,573
Isuzu Motors Ltd.		6,843		86,583
ITOCHU Corp.		3,241		97,541
Itochu Techno-Solutions Corp.		3,132		96,936
Japan Metropolitan Fund Invest		88		85,508
Japan Post Bank Co. Ltd.(a)		11,457		100,287
Japan Post Holdings Co. Ltd.*		11,645		99,953
Japan Real Estate Investment Corp.		14		86,661
Japan Tobacco, Inc.		4,880		94,593
Kajima Corp.		7,177		92,832
Kansai Electric Power Co., Inc. (The)		8,893		89,322
KAO Corp.		1,550		93,635
KDDI Corp.		2,783		85,249
Kirin Holdings Co. Ltd.		4,436		80,402
Komatsu Ltd.		3,475		84,099
Kubota Corp.		4,679		96,736
Kyowa Kirin Co. Ltd.		2,811		91,856
Lixil Corp.		3,628		105,692
Makita Corp.		1,973		113,342
Marubeni Corp.		10,497		83,545

See Notes to Financial Statements.

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Schedule of Investments (continued)

as of August 31, 2021

Description	Shares		Value
COMMON STOCKS (Continued)
Japan (cont'd.)
Mazda Motor Corp.		11,408	$	99,029
McDonald’s Holdings Co. Japan Ltd.		2,117		101,025
Medipal Holdings Corp.		4,860		92,902
MEIJI Holdings Co. Ltd.		1,545		94,934
MINEBEA MITSUMI, Inc.		3,560		91,674
MISUMI Group, Inc.		2,681		106,372
Mitsubishi Chemical Holdings Corp.		12,930		113,510
Mitsubishi Corp.		3,355		100,972
Mitsubishi Electric Corp.		5,598		76,606
Mitsubishi Estate Co. Ltd.		5,538		86,633
Mitsubishi Gas Chemical Co., Inc.		4,253		80,216
Mitsubishi Heavy Industries Ltd.		3,012		79,643
Mitsubishi UFJ Financial Group, Inc.		18,057		97,560
Mitsui & Co. Ltd.		4,362		96,308
Mitsui Chemicals, Inc.		2,793		96,472
Mitsui Fudosan Co. Ltd.		3,899		89,452
Mizuho Financial Group, Inc.		6,543		91,768
Nabtesco Corp.		2,266		89,804
NEC Corp.		2,005		105,339
NGK Insulators Ltd.		4,930		81,782
NH Foods Ltd.		2,395		92,848
Nintendo Co. Ltd.		162		77,897
Nippon Express Co. Ltd.		1,214		82,651
Nippon Prologis REIT, Inc.		30		108,122
Nippon Sanso Holdings Corp.		4,956		120,279
Nippon Shinyaku Co. Ltd.		1,221		99,110
Nippon Telegraph & Telephone Corp.		3,653		97,489
Nitori Holdings Co. Ltd.		563		105,318
Nitto Denko Corp.		1,260		95,747
Nomura Real Estate Holdings, Inc.		3,895		99,663
Nomura Real Estate Master Fund, Inc.		56		86,381
Nomura Research Institute Ltd.		2,953		110,991
NSK Ltd.		10,399		72,972
NTT Data Corp.		5,735		103,268
Oji Holdings Corp.		16,262		85,142
Omron Corp.		1,251		118,033
Ono Pharmaceutical Co. Ltd.		4,252		102,189
Oracle Corp. Japan		1,069		87,840
ORIX Corp.		5,629		104,967
Orix JREIT, Inc.		51		90,907
Osaka Gas Co. Ltd.		4,862		91,172
Otsuka Holdings Co. Ltd.		2,122		90,288

See Notes to Financial Statements.

108

Description	Shares		Value
COMMON STOCKS (Continued)
Japan (cont'd.)
Pan Pacific International Holdings Corp.		4,495	$	85,679
Panasonic Corp.		8,402		100,199
Persol Holdings Co. Ltd.		4,404		102,960
Resona Holdings, Inc.		23,720		91,784
Ricoh Co. Ltd.		7,761		79,010
Rinnai Corp.		986		106,025
Rohm Co. Ltd.		1,050		101,359
Ryohin Keikaku Co. Ltd.		5,041		108,046
SCSK Corp.		1,516		95,771
Seiko Epson Corp.		5,299		98,741
Sekisui House Ltd.		4,501		89,721
Seven & i Holdings Co. Ltd.		2,288		100,138
SG Holdings Co. Ltd.		3,873		105,331
Shimadzu Corp.		2,610		117,078
Shimano, Inc.		438		128,595
Shin-Etsu Chemical Co. Ltd.		559		92,502
Shionogi & Co. Ltd.		1,843		116,462
Shizuoka Bank Ltd. (The)		11,774		92,253
SMC Corp.		166		106,392
SoftBank Corp.		7,494		100,372
Sohgo Security Services Co. Ltd.		1,893		85,776
Stanley Electric Co. Ltd.		3,160		78,932
Subaru Corp.		4,575		84,688
Sumitomo Chemical Co. Ltd.		18,492		93,792
Sumitomo Corp.		6,926		97,864
Sumitomo Dainippon Pharma Co. Ltd.		4,575		82,006
Sumitomo Electric Industries Ltd.		6,003		80,238
Sumitomo Mitsui Financial Group, Inc.		2,532		87,480
Sumitomo Mitsui Trust Holdings, Inc.		2,917		95,399
Suntory Beverage & Food Ltd.		2,566		102,743
Suzuki Motor Corp.		2,236		96,663
Taisei Corp.		2,900		90,810
Takeda Pharmaceutical Co. Ltd.		2,574		86,077
Terumo Corp.		2,355		98,404
TIS, Inc.		4,092		115,676
Tohoku Electric Power Co., Inc.		11,881		90,931
Tokyo Electron Ltd.		222		95,326
Tokyo Gas Co. Ltd.		4,823		92,764
Toppan, Inc.		5,583		95,913
Toray Industries, Inc.		13,490		90,959
Toshiba Corp.		2,219		96,312
Tosoh Corp.		5,409		98,234

See Notes to Financial Statements.

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Schedule of Investments (continued)

as of August 31, 2021

Description	Shares		Value
COMMON STOCKS (Continued)
Japan (cont'd.)
Toyo Suisan Kaisha Ltd.		2,430	$	100,610
Toyota Industries Corp.		1,017		85,879
Toyota Motor Corp.		1,157		100,877
Toyota Tsusho Corp.		1,987		87,868
Trend Micro, Inc.		1,870		102,496
USS Co. Ltd.		5,631		93,206
Welcia Holdings Co. Ltd.		3,007		106,187
Yakult Honsha Co. Ltd.		1,747		100,677
Yamada Holdings Co. Ltd.		20,437		87,867
Yamaha Motor Co. Ltd.		3,247		82,640
Yamato Holdings Co. Ltd.		3,277		83,403
				14,500,236
Jordan    0.2%
Hikma Pharmaceuticals PLC		2,723		95,015
Luxembourg    0.3%
Eurofins Scientific SE		911		129,166
Netherlands    2.5%
Akzo Nobel NV		745		91,836
ING Groep NV		7,081		97,823
Koninklijke Ahold Delhaize NV		3,255		109,804
Koninklijke KPN NV		29,666		95,066
Koninklijke Philips NV		1,715		79,056
NN Group NV		1,895		98,384
QIAGEN NV*		2,023		111,956
Randstad NV		1,361		100,116
Royal Dutch Shell PLC,
(Class A Stock)		4,674		91,995
(Class B Stock)		4,891		96,226
Wolters Kluwer NV		1,069		122,966
				1,095,228
Norway    0.8%
Equinor ASA		4,161		88,415
Mowi ASA		3,484		93,329
Orkla ASA		9,620		85,951
Yara International ASA		1,809		90,843
				358,538

See Notes to Financial Statements.

110

Description	Shares		Value
COMMON STOCKS (Continued)
Portugal    0.2%
Jeronimo Martins SGPS SA		4,999	$	105,951
Singapore    1.5%
Ascendas Real Estate Investment Trust		42,984		97,193
DBS Group Holdings Ltd.		4,304		95,943
Mapletree Logistics Trust		61,868		93,415
Oversea-Chinese Banking Corp. Ltd.		11,527		97,998
Singapore Technologies Engineering Ltd.		32,818		92,270
United Overseas Bank Ltd.		4,999		95,113
Wilmar International Ltd.		26,763		82,412
				654,344
Spain    2.0%
ACS Actividades de Construccion y Servicios SA		3,104		83,783
CaixaBank SA		28,312		87,986
Enagas SA		4,327		98,427
Endesa SA		3,431		82,481
Iberdrola SA		7,010		86,868
Industria de Diseno Textil SA		2,497		85,236
Naturgy Energy Group SA		3,631		93,463
Red Electrica Corp. SA		5,031		100,333
Repsol SA		6,920		79,297
Telefonica SA		19,306		95,320
				893,194
Sweden    5.1%
Alfa Laval AB		2,680		108,698
Assa Abloy AB (Class B Stock)		3,064		97,926
Atlas Copco AB,
(Class A Stock)		1,596		109,563
(Class B Stock)		1,825		105,573
Electrolux AB (Class B Stock)		3,643		92,284
Epiroc AB,
(Class A Stock)		4,326		94,922
(Class B Stock)		4,768		90,587
Essity AB (Class B Stock)		2,855		91,578
Hexagon AB (Class B Stock)		6,909		119,694
Husqvarna AB (Class B Stock)		7,108		95,342
ICA Gruppen AB		1,812		90,144
Investor AB (Class B Stock)		4,092		97,873
L E Lundbergforetagen AB (Class B Stock)		1,449		92,487
Lundin Energy AB		2,602		79,482

See Notes to Financial Statements.

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Schedule of Investments (continued)

as of August 31, 2021

Description	Shares		Value
COMMON STOCKS (Continued)
Sweden (cont'd.)
Securitas AB (Class B Stock)		6,022	$	99,966
Skanska AB (Class B Stock)		3,474		100,040
SKF AB (Class B Stock)		3,472		88,515
Svenska Handelsbanken AB (Class A Stock)		8,757		98,495
Swedish Match AB		10,260		94,736
Tele2 AB (Class B Stock)		6,899		103,412
Telefonaktiebolaget LM Ericsson (Class B Stock)		6,820		80,849
Telia Co. AB		21,421		91,945
Volvo AB (Class B Stock)		3,798		85,885
				2,209,996
Switzerland    5.9%
ABB Ltd.		2,844		105,344
Adecco Group AG		1,341		74,654
Barry Callebaut AG		41		104,498
Chocoladefabriken Lindt & Spruengli AG		10		117,608
Cie Financiere Richemont SA		751		82,829
Coca-Cola HBC AG*		2,835		102,470
Geberit AG		129		107,792
Holcim Ltd.*		1,530		87,214
Kuehne + Nagel International AG		271		99,167
Logitech International SA		790		80,781
Nestle SA		808		102,122
Novartis AG		1,003		92,869
Roche Holding AG,
(Genusschein)		263		105,616
(Bearer Shares)		236		105,662
Schindler Holding AG		329		106,272
SGS SA		28		87,998
Sika AG		294		105,978
STMicroelectronics NV		2,384		106,164
Straumann Holding AG		62		119,836
Swatch Group AG (The)		1,384		76,095
Swiss Life Holding AG		180		93,877
Swiss Prime Site AG		920		98,405
Swisscom AG		173		101,524
Temenos AG		574		91,138
UBS Group AG		5,917		98,730
Zurich Insurance Group AG		216		94,821
				2,549,464

See Notes to Financial Statements.

112

Description	Shares		Value
COMMON STOCKS (Continued)
United Kingdom    10.2%
3i Group PLC		5,491	$	100,972
Abrdn PLC		23,936		87,372
Ashtead Group PLC		1,340		104,827
AstraZeneca PLC		877		102,657
Auto Trader Group PLC, 144A		10,317		89,219
Aviva PLC		16,352		90,848
Barclays PLC		37,999		96,597
Barratt Developments PLC		9,323		94,723
British American Tobacco PLC		2,467		92,561
Bunzl PLC		2,819		102,163
Burberry Group PLC		3,072		78,537
Coca-Cola Europacific Partners PLC		1,689		97,523
Diageo PLC		1,984		95,306
Direct Line Insurance Group PLC		23,108		98,169
Ferguson PLC		708		102,255
GlaxoSmithKline PLC		5,103		102,572
Hargreaves Lansdown PLC		4,165		86,380
Imperial Brands PLC		4,216		89,351
Intertek Group PLC		1,257		91,075
J Sainsbury PLC		26,860		112,263
JD Sports Fashion PLC		7,376		102,372
Johnson Matthey PLC		2,214		89,461
Kingfisher PLC		19,800		95,359
Lloyds Banking Group PLC		142,499		85,762
Mondi PLC		3,826		105,467
National Grid PLC		7,534		97,501
Natwest Group PLC		33,238		97,381
Next PLC		844		91,785
Persimmon PLC		2,195		88,723
Reckitt Benckiser Group PLC		1,038		79,047
Rentokil Initial PLC		13,909		110,989
Rio Tinto PLC		1,044		77,250
Sage Group PLC (The)		10,927		111,501
Schroders PLC		1,835		95,364
Segro PLC		6,823		120,447
Severn Trent PLC		2,791		105,984
Smith & Nephew PLC		4,399		84,369
Smiths Group PLC		4,063		80,578
Spirax-Sarco Engineering PLC		543		120,268
SSE PLC		4,316		96,870
Standard Chartered PLC		13,875		86,758
Tesco PLC		27,413		96,163
Unilever PLC		1,587		88,279

See Notes to Financial Statements.

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Schedule of Investments (continued)

as of August 31, 2021

Description						Shares		Value
COMMON STOCKS (Continued)
United Kingdom (cont'd.)
United Utilities Group PLC							6,638	$	96,510
Vodafone Group PLC							52,837		88,595
Wm Morrison Supermarkets PLC							37,548		149,706
									4,457,859
TOTAL COMMON STOCKS (cost $36,482,647)									42,480,154
PREFERRED STOCKS    1.2%
Germany    1.0%
Bayerische Motoren Werke AG							996		83,380
FUCHS PETROLUB SE							1,850		93,623
Henkel AG & Co. KGaA							876		85,581
Porsche Automobil Holding SE							816		82,629
Volkswagen AG							345		82,001
									427,214
Italy    0.2%
Telecom Italia SpA							173,716		83,872
TOTAL PREFERRED STOCKS (cost $465,113)									511,086
TOTAL LONG-TERM INVESTMENTS (cost $36,947,760)									42,991,240
SHORT-TERM INVESTMENTS    0.7%
AFFILIATED MUTUAL FUND    0.2%
PGIM Institutional Money Market Fund (cost $95,793; includes $95,789 of cash collateral for securities on loan)(b)(wa)							95,850		95,793
	Interest Rate			Maturity Date		Principal Amount (000)#
TIME DEPOSIT    0.5%
Skandinaviska Enskilda Banken AB (Sweden) (cost $188,686)		0.005	%		09/01/21		189		188,686
TOTAL SHORT-TERM INVESTMENTS (cost $284,479)									284,479
TOTAL INVESTMENTS    99.3% (cost $37,232,239)									43,275,719
Other assets in excess of liabilities    0.7%									313,591
NET ASSETS    100.0%								$	43,589,310

See Notes to Financial Statements.

114

The following abbreviations are used in the annual report:

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

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

(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $91,416; cash collateral of $95,789 (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 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.

The following is a summary of the inputs used as of August 31, 2021 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks
Australia	$	2,190,774	$	—	$	—
Austria		389,970		—		—
Belgium		439,386		—		—
Denmark		869,141		—		—
Finland		870,564		—		—
France		3,770,236		—		—
Germany		3,119,691		—		—
Hong Kong		1,701,591		—		—
Ireland		410,833		—		—
Israel		603,371		—		—

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 115

PGIM QMA Strategic Alpha International Equity ETF

Schedule of Investments (continued)

as of August 31, 2021

	Level 1		Level 2		Level 3
Investments in Securities (continued)
Assets (continued)
Long-Term Investments (continued)
Common Stocks (continued)
Italy	$	1,065,606	$	—	$	—
Japan		14,500,236		—		—
Jordan		95,015		—		—
Luxembourg		129,166		—		—
Netherlands		1,095,228		—		—
Norway		358,538		—		—
Portugal		105,951		—		—
Singapore		654,344		—		—
Spain		893,194		—		—
Sweden		2,209,996		—		—
Switzerland		2,549,464		—		—
United Kingdom		4,457,859		—		—
Preferred Stocks
Germany		427,214		—		—
Italy		83,872		—		—
Short-Term Investments
Affiliated Mutual Fund		95,793		—		—
Time Deposit		—		188,686		—
Total	$	43,087,033	$	188,686	$	—

Industry Classification:

The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of August 31, 2021 were as follows (unaudited):

Banks	6.8	%
Machinery	5.3
Pharmaceuticals	4.7
Chemicals	4.6
Real Estate Management & Development	3.5
Equity Real Estate Investment Trusts (REITs)	3.4
Diversified Telecommunication Services	3.2
Food & Staples Retailing	3.1
Food Products	2.9
Electric Utilities	2.8
Automobiles	2.6
Trading Companies & Distributors	2.5
Health Care Equipment & Supplies	2.4
Insurance	2.4
Textiles, Apparel & Luxury Goods	2.3
Oil, Gas & Consumable Fuels	2.2
IT Services	2.1
Building Products	2.0
Beverages	1.9
Household Durables	1.9
Professional Services	1.9
Software	1.6
Capital Markets	1.5
Specialty Retail	1.5
Electronic Equipment, Instruments & Components	1.5
Construction & Engineering	1.5
Industrial Conglomerates	1.5
Auto Components	1.5
Electrical Equipment	1.4
Commercial Services & Supplies	1.4
Gas Utilities	1.3
Technology Hardware, Storage & Peripherals	1.3

See Notes to Financial Statements.

116

Industry Classification (cont’d.)
Semiconductors & Semiconductor Equipment	1.1	%
Multi-Utilities	1.0
Metals & Mining	1.0
Diversified Financial Services	0.9
Paper & Forest Products	0.9
Health Care Providers & Services	0.9
Multiline Retail	0.9
Wireless Telecommunication Services	0.9
Hotels, Restaurants & Leisure	0.9
Tobacco	0.8
Interactive Media & Services	0.8
Household Products	0.8
Aerospace & Defense	0.7
Media	0.7
Air Freight & Logistics	0.7
Construction Materials	0.7
Marine	0.7
Personal Products	0.6
Life Sciences Tools & Services	0.6
Water Utilities	0.5
Time Deposit	0.4
Communications Equipment	0.4
Entertainment	0.4
Road & Rail	0.4
Leisure Products	0.3
Containers & Packaging	0.2
Independent Power & Renewable Electricity Producers	0.2
Biotechnology	0.2
Affiliated Mutual Fund (0.2% represents investments purchased with collateral from securities on loan)	0.2
	99.3
Other assets in excess of liabilities	0.7
	100.0	%

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

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

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	$	91,416	$	(91,416	)	$	—

(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 117

PGIM QMA Strategic Alpha International Equity ETF

Statement of Assets & Liabilities

as of August 31, 2021

Assets
Investments at value, including securities on loan of $91,416:
Unaffiliated investments (cost $37,136,446)	$	43,179,926
Affiliated investments (cost $95,793)		95,793
Foreign currency, at value (cost $264,617)		264,788
Interest and dividends receivable		150,561
Other assets		5,130
Total Assets		43,696,198
Liabilities
Payable to broker for collateral for securities on loan		95,789
Management fee payable		10,691
Other liabilities		408
Total Liabilities		106,888
Net Assets	$	43,589,310
Net assets were comprised of:
Common stock, at par	$	700
Paid-in capital in excess of par		34,905,030
Total distributable earnings (loss)		8,683,580
Net assets, August 31, 2021	$	43,589,310
Net asset value, offering price and redemption price per share, ($43,589,310 / 700,000 shares of common stock issued and outstanding)	$	62.27

See Notes to Financial Statements.

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PGIM QMA Strategic Alpha International Equity ETF

Statement of Operations

Year Ended August 31, 2021

Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of $137,919 foreign withholding tax)	$	1,118,153
Income from securities lending, net (including affiliated income of $397)		4,732
Miscellaneous Income		81
Total income		1,122,966
Expenses
Management fee		117,202
Miscellaneous expenses		428
Total expenses		117,630
Net investment income (loss)		1,005,336
Realized And Unrealized Gain (Loss) On Investments and Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $(175))		4,291,779
Foreign currency transactions		23,867
		4,315,646
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $41)		3,356,461
Foreign currencies		(8,404	)
		3,348,057
Net gain (loss) on investment and foreign currency transactions		7,663,703
Net Increase (Decrease) In Net Assets Resulting From Operations	$	8,669,039

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 119

PGIM QMA Strategic Alpha International Equity ETF

Statements of Changes in Net Assets

	Year Ended August 31,
	2021			2020
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	1,005,336		$	764,674
Net realized gain (loss) on investments		4,315,646			(1,502,254	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		3,348,057			2,813,062
Net increase (decrease) in net assets resulting from operations		8,669,039			2,075,482
Dividends and Distributions
Distributions from distributable earnings		(940,968	)		(901,215	)
Total increase (decrease)		7,728,071			1,174,267
Net Assets:
Beginning of period		35,861,239			34,686,972
End of period	$	43,589,310		$	35,861,239

See Notes to Financial Statements.

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PGIM QMA Strategic Alpha International Equity ETF

Financial Highlights

	Year Ended August 31,						December 4, 2018(e) through August 31,
	2021			2020			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)		1.44			1.09			1.16
Net realized and unrealized gain (loss) on investments and foreign currency transactions		10.94			1.88			(0.63	)
Total from investment operations		12.38			2.97			0.53
Less Dividends and Distributions:
Dividends from net investment income		(1.34	)		(1.29	)		(0.98	)
Net asset value, end of period		$62.27			$51.23			$49.55
Total Return(b):		24.43%			6.05%			1.09%
Ratios/Supplemental Data:
Net assets, end of period (000)		$43,589			$35,861			$34,687
Average net assets (000)		$40,415			$34,722			$27,908
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		0.29%			0.29%			0.29%	(d)
Expenses before waivers and/or expense reimbursement		0.29%			0.29%			0.29%	(d)
Net investment income (loss)		2.49%			2.20%			3.12%	(d)
Portfolio turnover rate(f)(g)		79%			92%			63%

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

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

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

(d) Annualized.

(e) Commencement of operations.

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

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

See Notes to Financial Statements.

PGIM QMA Strategic Alpha ETFs 121

Notes to Financial Statements

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 and currently consists of seven separate series: PGIM Ultra Short Bond ETF, PGIM Active High Yield Bond ETF, PGIM Active Aggregate 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 their 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 representative of fair value. Fair value is the price that would be received to sell an asset or

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

PGIM QMA Strategic Alpha ETFs 123

Notes to Financial Statements (continued)

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 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

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

Equity and Mortgage Real Estate Investment Trusts (collectively REITs): The Funds invested in REITs, which report information on the source of their distributions annually. Based on current and historical information, a portion of distributions received from REITs during the period is estimated to be dividend income, capital gain or return of capital and recorded accordingly. When material, these estimates are adjusted periodically when the actual source of distributions is disclosed by the REITs.

Securities Lending: The 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. Interest income, including amortization of premium and accretion of discount on debt

PGIM QMA Strategic Alpha ETFs 125

Notes to Financial Statements (continued)

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 on the unitary management fee structure please refer to the Funds’ Statement of Additional Information.

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

126

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 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 PGIM Quantitative Solutions LLC (formerly known as QMA LLC), (“PGIM Quantitative Solutions”) (the “subadviser”). The Manager pays for the services of the subadviser.

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

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

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 PGIM Quantitative Solutions 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,

PGIM QMA Strategic Alpha ETFs 127

Notes to Financial Statements (continued)

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 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 August 31, 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 year ended August 31, 2021, were as follows:

Fund	Cost of Purchases	Proceeds from Sales
PGIM QMA Strategic Alpha Large-Cap Core ETF	$12,000,806	$11,904,745
PGIM QMA Strategic Alpha Small-Cap Growth ETF	$16,249,550	$16,063,651
PGIM QMA Strategic Alpha Small-Cap Value ETF	$12,888,329	$12,810,108
PGIM QMA Strategic Alpha International Equity ETF	$30,048,206	$29,416,074

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the reporting year ended August 31, 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 Fund:
PGIM Institutional Money Market Fund(1)(wa)
$834,998	$	4,752,345	$	5,587,283	$	62	$	(122	)	$	—		—	$	398	(2)

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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 Fund:
PGIM Institutional Money Market Fund(1)(b)(wa)
$908,543	$	3,430,438	$	4,099,450	$	(3	)	$	(146	)	$	239,382		239,526	$	628	(2)

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 Fund:
PGIM Institutional Money Market Fund(1)(b)(wa)
$438,488	$	1,830,187	$	2,161,110	$	5	$	(99	)	$	107,471		107,535	$	350	(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 Fund:
PGIM Institutional Money Market Fund(1)(b)(wa)
$417,228	$	3,664,454	$	3,985,755	$	41	$	(175	)	$	95,793		95,850	$	397	(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. Distributions and Tax Information

Distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from GAAP, are recorded on the ex-date.

For the year ended August 31, 2021, the tax character of dividends paid as reflected in the Statement of Changes in Net Assets were as follows:

	Ordinary Income		Long-Term Capital Gains
PGIM QMA Strategic Alpha Large-Cap Core ETF	$	158,974	$	—
PGIM QMA Strategic Alpha Small-Cap Growth ETF		98,108		—
PGIM QMA Strategic Alpha Small-Cap Value ETF		177,114		—
PGIM QMA Strategic Alpha International Equity ETF		940,968		—

PGIM QMA Strategic Alpha ETFs 129

Notes to Financial Statements (continued)

For the year ended August 31, 2020, the tax character of dividends paid as reflected in the Statement of Changes in Net Assets were as follows:

	Ordinary Income		Long-Term Capital Gains
PGIM QMA Strategic Alpha Large-Cap Core ETF	$	208,630	$	—
PGIM QMA Strategic Alpha Small-Cap Growth ETF		85,196		—
PGIM QMA Strategic Alpha Small-Cap Value ETF		274,240		6,602
PGIM QMA Strategic Alpha International Equity ETF		901,215		—

For the year ended August 31, 2021, the Funds had the following amounts of accumulated undistributed earnings on a tax basis:

	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains
PGIM QMA Strategic Alpha Large-Cap Core ETF	$	980,350	$	531,361
PGIM QMA Strategic Alpha Small-Cap Growth ETF		1,756,035		855,787
PGIM QMA Strategic Alpha Small-Cap Value ETF		1,165,470		—
PGIM QMA Strategic Alpha International Equity ETF		2,657,520		104,342

The United States federal income tax basis of the Funds’ investments and the net unrealized appreciation as of August 31, 2021 were as follows:

	Tax Basis		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
PGIM QMA Strategic Alpha Large-Cap Core ETF(a)	$	11,694,237	$	3,307,506	$	(93,934	)	$	3,213,572
PGIM QMA Strategic Alpha Small-Cap Growth ETF(a)(b)		12,870,697		2,760,207		(421,347	)		2,338,860
PGIM QMA Strategic Alpha Small-Cap Value ETF(a)(b)		11,304,017		2,369,771		(195,939	)		2,173,832
PGIM QMA Strategic Alpha International Equity ETF(a)(b)		37,356,251		7,449,533		(1,530,065	)		5,919,468

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

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

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

	Capital Loss Carryforward Utilized
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 three fiscal years up to the most recent fiscal year ended August 31, 2021 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 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.

PGIM QMA Strategic Alpha ETFs 131

Notes to Financial Statements (continued)

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.

As of August 31, 2021, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Funds as follows:

	Number of Shares		Percentage of Outstanding Shares
PGIM QMA Strategic Alpha Large-Cap Core ETF	$	182,000		91.0	%
PGIM QMA Strategic Alpha Small-Cap Growth ETF		195,000		97.5	%
PGIM QMA Strategic Alpha Small-Cap Value ETF		190,000		95.0	%
PGIM QMA Strategic Alpha International Equity ETF		695,000		99.3	%

At the 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	91.0%	1	5.5%
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%

There were no transactions in shares of beneficial interest for the periods ended August 31, 2021 and August 31, 2020.

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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 August 31, 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.

Subsequent to the reporting period end, the SCA has been renewed and effective October 1, 2021 will provide a commitment of $1,200,000,000 through September 29, 2022. The commitment fee paid by the Participating Funds will continue to be .15% of the unused portion of the SCA. The interest on borrowings under the renewed SCA will be paid monthly and at a per annum interest rate of 1.20% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent.

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

The Funds did not utilize the SCA during the reporting period ended August 31, 2021.

PGIM QMA Strategic Alpha ETFs 133

Notes to Financial Statements (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.

Currency Risk: A Fund’s net asset value could decline as a result of changes in exchange rates, which could adversely affect the Fund’s investments in currencies, or in securities that trade in, and receive revenues related to, currencies, or in derivatives that provide exposure to currencies. Certain foreign countries may impose restrictions on the ability of issuers of foreign securities to make payment of principal and interest or dividends to investors located outside the country, due to blockage of foreign currency exchanges or otherwise.

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

Equity and Equity-Related Securities Risks: 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

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Funds may become less liquid in response to deteriorating liquidity in the markets for the Funds’ portfolio investments. This adverse effect on the liquidity of the Funds’ shares could lead to differences between the market price of the Funds’ shares and the NAV of those shares. There can be no assurance that the requirements of the Exchange to maintain the listing of shares of the Funds will continue to be met. At times, trading in the securities of ETFs has become volatile and unpredictable and the price of ETFs shares has diverged from market driven fundamentals.

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

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

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

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

PGIM QMA Strategic Alpha ETFs 135

Notes to Financial Statements (continued)

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.

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

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 follow 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 ETFs.

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.

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

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

Market Capitalization Risk: The Funds may invest in companies of any market capitalization. Generally, the stock prices of small- and mid-cap companies are less stable

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than the prices of large-cap stocks and may present greater risks. Large capitalization companies as a group could fall out of favor with the market, causing the Funds to underperform compared to investments that focus on smaller capitalized companies.

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 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.

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.

Model Design and Implementation Risk: The design of the subadviser’s underlying models may be flawed or incomplete. These models are based on historical and theoretical underpinnings that the subadviser believes are sound, but there is no guarantee that these underpinnings will correlate with security price behavior in the manner assumed by the models or that the quantitative techniques that underlie the subadviser’s portfolio construction processes will fully anticipate important risks. In addition, it is impossible to eliminate completely the risk of error in the implementation of the models that guide the subadviser’s quantitative investment processes, and it may be difficult to implement model recommendations in volatile and rapidly changing market conditions.

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

PGIM QMA Strategic Alpha ETFs 137

Notes to Financial Statements (continued)

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, their 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.

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.

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10. Recent Regulatory Developments

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

11. Subsequent Events

On September 15, 2021 the Board of Trustees of PGIM ETF Trust approved a proposal to liquidate all of the outstanding shares of the PGIM QMA Strategic Alpha Large-Cap Core ETF, PGIM QMA Strategic Alpha Small-Cap Growth ETF and PGIM QMA Strategic Alpha Small-Cap Value ETF. The liquidation distribution was paid on October 12, 2021. Upon completion of the distributions the Funds liquidated.

Effective December 29, 2021, PGIM QMA Strategic Alpha International Equity ETF’s name will change to PGIM Quant Solutions Strategic Alpha International Equity ETF.

PGIM QMA Strategic Alpha ETFs 139

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of PGIM ETF Trust and Shareholders of PGIM QMA Strategic Alpha International Equity ETF, PGIM QMA Strategic Alpha Large-Cap Core ETF, PGIM QMA Strategic Alpha Small-Cap Growth ETF and PGIM QMA Strategic Alpha Small-Cap Value ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of PGIM QMA Strategic Alpha International Equity ETF, PGIM QMA Strategic Alpha Large-Cap Core ETF, PGIM QMA Strategic Alpha Small-Cap Growth ETF and PGIM QMA Strategic Alpha Small-Cap Value ETF (four of the funds constituting PGIM ETF Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2021, and the related statements of operations and changes in net assets, including the related notes, and the financial highlights for the year then ended (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2021, and the results of each of their operations, changes in each of their net assets, and each of the financial highlights for the year then ended in conformity with accounting principles generally accepted in the United States of America.

The financial statements of the Funds as of and for the year or period ended August 31, 2020 and the financial highlights for each of the periods ended on or prior to August 31, 2020 (not presented herein, other than the statements of changes in net assets and the financial highlights) were audited by other auditors whose report dated October 15, 2020 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2021 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

New York, New York

October 19, 2021

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

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Fund Liquidity Risk Management Program (unaudited)

Consistent with Rule 22e-4 under the 1940 Act (the “Liquidity Rule”), each Fund has adopted and implemented a liquidity risk management program (the “LRMP”). Each Fund’s LRMP seeks to assess and manage each Fund’s liquidity risk, which is defined as the risk that each Fund is unable to meet investor redemption requests without significantly diluting the remaining investors’ interests in each Fund. The Trust’s Board of Trustees (the “Board”) has approved PGIM Investments LLC (“PGIM Investments”), each Fund’s investment manager, to serve as the administrator of each Fund’s LRMP. As part of its responsibilities as administrator, PGIM Investments has retained a third party to perform certain functions, including providing market data and liquidity classification model information.

Each Fund’s LRMP includes a number of processes designed to support the assessment and management of its liquidity risk. In particular, each Fund’s LRMP includes no less than annual assessments of factors that influence each Fund’s liquidity risk; no less than monthly classifications of each Fund’s investments into one of four liquidity classifications provided for in the Liquidity Rule; a 15% of net assets limit on the acquisition of “illiquid investments” (as defined under the Liquidity Rule); establishment of a minimum percentage of each Fund’s assets to be invested in investments classified as “highly liquid” (as defined under the Liquidity Rule) if each Fund does not invest primarily in highly liquid investments; and regular reporting to the Board.

At a meeting of the Board on March 2-5, 2021, PGIM Investments provided a written report (“LRMP Report”) to the Board addressing the operation, adequacy, and effectiveness of each Fund’s LRMP, including any material changes to the LRMP for the period from January 1, 2020 through December 31, 2020 (“Reporting Period”). The LRMP Report concluded that each Fund’s LRMP was reasonably designed to assess and manage each Fund’s liquidity risk and was adequately and effectively implemented during the Reporting Period. There were no material changes to the LRMP during the Reporting Period. The LRMP Report further concluded that each Fund’s investment strategies continue to be appropriate given each Fund’s status as an open-end fund.

There can be no assurance that the LRMP will achieve its objectives in the future. Additional information regarding risks of investing in each Fund including liquidity risks presented by each Fund’s investment portfolio, is found in each Fund’s Prospectus and Statement of Additional Information.

PGIM QMA Strategic Alpha ETFs 141

Tax Information (unaudited)

For the year ended August 31, 2021, the Funds report the maximum amount allowable under section 854 of the Internal Revenue Code, but not less than, the following percentages of the ordinary income dividends paid as 1) qualified dividend income (QDI);and 2) eligible for corporate dividends received deduction (DRD):

	QDI		DRD
PGIM QMA Strategic Alpha Large-Cap Core ETF		40.44%		37.89%
PGIM QMA Strategic Alpha Small-Cap Growth ETF		34.82%		34.12%
PGIM QMA Strategic Alpha Small-Cap Value ETF		27.66%		27.41%
PGIM QMA Strategic Alpha International Equity ETF		30.24%		—

For the year ended August 31, 2021, the PGIM QMA Strategic Alpha International Equity ETF made an election to pass through the maximum amount of the portion of the ordinary income dividends paid derived from foreign source income as well as any foreign taxes paid by the Fund in accordance with Section 853 of the Internal Revenue Code of the following amounts: $104,976 foreign tax credit from recognized foreign source income of $1,224,591.

In January 2022, you will be advised on IRS Form 1099-DIV or substitute 1099-DIV, as to the federal tax status of dividends received by you in calendar year 2021.

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INFORMATION ABOUT BOARD MEMBERS AND OFFICERS (unaudited)

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

Independent Board Members
Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Ellen S. Alberding 1958 Board Member Portfolios Overseen: 98	President and Board Member, The Joyce Foundation (charitable foundation) (since 2002); formerly Vice Chair, City Colleges of Chicago (community college system) (2011-2015); Trustee, National Park Foundation (charitable foundation for national park system) (2009-2018); Trustee, Economic Club of Chicago (2009-2016); Trustee, Loyola University (since 2018).	None.	Since September 2013
Kevin J. Bannon 1952 Board Member Portfolios Overseen: 98	Retired; formerly Managing Director (April 2008-May 2015) and Chief Investment Officer (October 2008-November 2013) of Highmount Capital LLC (registered investment adviser); formerly Executive Vice President and Chief Investment Officer (April 1993-August 2007) of Bank of New York Company; President (May 2003-May 2007) of BNY Hamilton Family of Mutual Funds.	Director of Urstadt Biddle Properties (equity real estate investment trust) (since September 2008).	Since July 2008

PGIM QMA Strategic Alpha ETFs

Independent Board Members
Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Linda W. Bynoe 1952 Board Member Portfolios Overseen: 95	President and Chief Executive Officer (since March 1995) and formerly Chief Operating Officer (December 1989-February 1995) of Telemat Limited LLC (formerly Telemat Ltd) (management consulting); formerly Vice President (January 1985-June 1989) at Morgan Stanley & Co. (broker-dealer).	Trustee of Equity Residential (residential real estate) (since December 2009); Director of Northern Trust Corporation (financial services) (since April 2006); formerly Director of Anixter International, Inc. (communication products distributor) (January 2006-June 2020).	Since March 2005
Barry H. Evans 1960 Board Member Portfolios Overseen: 97	Retired; formerly President (2005-2016), Global Chief Operating Officer (2014-2016), Chief Investment Officer - Global Head of Fixed Income (1998-2014), and various portfolio manager roles (1986-2006), Manulife Asset Management (asset management).	Formerly Director, Manulife Trust Company (2011-2018); formerly Director, Manulife Asset Management Limited (2015-2017); formerly Chairman of the Board of Directors of Manulife Asset Management U.S. (2005-2016); formerly Chairman of the Board, Declaration Investment Management and Research (2008-2016).	Since September 2017
Keith F. Hartstein 1956 Board Member & Independent Chair Portfolios Overseen: 98	Retired; Executive Committee of the Independent Directors Council (IDC) Board of Governors (since October 2019); Member (since November 2014) of the Governing Council of the IDC (organization of independent mutual fund directors); formerly President and Chief Executive Officer (2005-2012), Senior Vice President (2004-2005), Senior Vice President of Sales and Marketing (1997-2004), and various executive management positions (1990-1997), John Hancock Funds, LLC (asset management); Chairman, Investment Company Institute’s Sales Force Marketing Committee (2003-2008).	None.	Since September 2013

Visit our website at pgim.com/investments

Independent Board Members
Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Laurie Simon Hodrick 1962 Board Member Portfolios Overseen: 94	A. Barton Hepburn Professor Emerita of Economics in the Faculty of Business, Columbia Business School (since 2018); Visiting Fellow at the Hoover Institution, Stanford University (since 2015); Sole Member, ReidCourt LLC (since 2008) (a consulting firm); formerly Visiting Professor of Law, Stanford Law School (2015-2021); formerly A. Barton Hepburn Professor of Economics in the Faculty of Business, Columbia Business School (1996-2017); formerly Managing Director, Global Head of Alternative Investment Strategies, Deutsche Bank (2006-2008).	Independent Director, Roku (since December 2020) (communication services); formerly Independent Director, Synnex Corporation (2019-2021) (information technology); formerly Independent Director, Kabbage, Inc. (2018-2020) (financial services); formerly Independent Director, Corporate Capital Trust (2017-2018) (a business development company).	Since September 2017
Brian K. Reid 1961 Board Member Portfolios Overseen: 97	Retired; formerly Chief Economist for the Investment Company Institute (ICI) (2005-2017); formerly Senior Economist and Director of Industry and Financial Analysis at the ICI (1998-2004); formerly Senior Economist, Industry and Financial Analysis at the ICI (1996-1998); formerly Staff Economist at the Federal Reserve Board (1989-1996); Director, ICI Mutual Insurance Company (2012-2017).	None.	Since March 2018

PGIM QMA Strategic Alpha ETFs

Independent Board Members
Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Grace C. Torres 1959 Board Member Portfolios Overseen: 97	Retired; formerly Treasurer and Principal Financial and Accounting Officer of the PGIM Funds, Target Funds, Advanced Series Trust, Prudential Variable Contract Accounts and The Prudential Series Fund (1998-June 2014); Assistant Treasurer (March 1999-June 2014) and Senior Vice President (September 1999-June 2014) of PGIM Investments LLC; Assistant Treasurer (May 2003-June 2014) and Vice President (June 2005-June 2014) of AST Investment Services, Inc.; Senior Vice President and Assistant Treasurer (May 2003-June 2014) of Prudential Annuities Advisory Services, Inc.	Director (since January 2018) of OceanFirst Financial Corp. and OceanFirst Bank; formerly Director (July 2015-January 2018) of Sun Bancorp, Inc. N.A. and Sun National Bank.	Since November 2014

Interested Board Members
Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Stuart S. Parker 1962 Board Member & President Portfolios Overseen: 97	President, Chief Executive Officer, Chief Operating Officer and Officer in Charge of PGIM Investments LLC (formerly known as Prudential Investments LLC) (since January 2012); formerly Executive Vice President of Jennison Associates LLC and Head of Retail Distribution of PGIM Investments LLC (June 2005-December 2011); Investment Company Institute - Board of Governors (since May 2012).	None.	Since January 2012

Visit our website at pgim.com/investments

Interested Board Members
Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Scott E. Benjamin 1973 Board Member & Vice President Portfolios Overseen: 98	Executive Vice President (since May 2009) of PGIM Investments LLC; Vice President (since June 2012) of Prudential Investment Management Services LLC; Executive Vice President (since September 2009) of AST Investment Services, Inc.; Senior Vice President of Product Development and Marketing, PGIM Investments (since February 2006); formerly Vice President of Product Development and Product Management, PGIM Investments LLC (2003-2006).	None.	Since March 2010

Fund Officers(a)
Name Year of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Claudia DiGiacomo 1974 Chief Legal Officer	Chief Legal Officer, Executive Vice President and Secretary of PGIM Investments LLC (since August 2020); Chief Legal Officer of Prudential Mutual Fund Services LLC (since August 2020); Chief Legal Officer of PIFM Holdco, LLC (since August 2020); Vice President and Corporate Counsel (since January 2005) of Prudential; and Corporate Counsel of AST Investment Services, Inc. (since August 2020); formerly Vice President and Assistant Secretary of PGIM Investments LLC (2005-2020); formerly Associate at Sidley Austin Brown & Wood LLP (1999-2004).	Since December 2005
Dino Capasso 1974 Chief Compliance Officer	Chief Compliance Officer (July 2019-present) of PGIM Investments LLC; Chief Compliance Officer (July 2019-present) of the PGIM Funds, Target Funds, Advanced Series Trust, The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc., PGIM Global High Yield Fund, Inc., PGIM High Yield Bond Fund, Inc., and PGIM Short Duration High Yield Opportunities Fund; Vice President and Deputy Chief Compliance Officer (June 2017-2019) of PGIM Investments LLC; formerly Senior Vice President and Senior Counsel (January 2016-June 2017), and Vice President and Counsel (February 2012-December 2015) of Pacific Investment Management Company LLC.	Since July 2019

PGIM QMA Strategic Alpha ETFs

Fund Officers(a)
Name Year of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Andrew R. French 1962 Secretary	Vice President (since December 2018 - present) of PGIM Investments LLC; formerly Vice President and Corporate Counsel (2010-2018) of Prudential; formerly Director and Corporate Counsel (2006-2010) of Prudential; Vice President and Assistant Secretary (since January 2007) of PGIM Investments LLC; Vice President and Assistant Secretary (since January 2007) of Prudential Mutual Fund Services LLC.	Since October 2006
Diana N. Huffman 1982 Assistant Secretary	Vice President and Corporate Counsel (since September 2015) of Prudential; Vice President and Assistant Secretary (since August 2020) of PGIM Investments LLC; formerly Associate at Willkie Farr & Gallagher LLP (2009-2015).	Since March 2019
Melissa Gonzalez 1980 Assistant Secretary	Vice President and Corporate Counsel (since September 2018) of Prudential; Vice President and Assistant Secretary (since August 2020) of PGIM Investments LLC; formerly Director and Corporate Counsel (March 2014-September 2018) of Prudential.	Since March 2020
Patrick E. McGuinness 1986 Assistant Secretary	Vice President and Assistant Secretary (since August 2020) of PGIM Investments LLC; Director and Corporate Counsel (since February 2017) of Prudential; and Corporate Counsel (2012-2017) of IIL, Inc.	Since June 2020
Debra Rubano 1975 Assistant Secretary	Vice President and Corporate Counsel (since November 2020) of Prudential; formerly Director and Senior Counsel of Allianz Global Investors U.S. Holdings LLC (2010-2020) and Assistant Secretary of numerous funds in the Allianz fund complex (2015-2020).	Since December 2020
Christian J. Kelly 1975 Treasurer and Principal Financial and Accounting Officer	Vice President, Head of Fund Administration of PGIM Investments LLC (since November 2018); formerly Director of Fund Administration of Lord Abbett & Co. LLC (2009-2018), Treasurer and Principal Accounting Officer of the Lord Abbett Family of Funds (2017-2018); Director of Accounting, Avenue Capital Group (2008-2009); Senior Manager, Investment Management Practice of Deloitte & Touche LLP (1998-2007).	Since January 2019
Lana Lomuti 1967 Assistant Treasurer	Vice President (since 2007) and Director (2005-2007), within PGIM Investments Fund Administration; formerly Assistant Treasurer (December 2007-February 2014) of The Greater China Fund, Inc.	Since April 2014
Russ Shupak 1973 Assistant Treasurer	Vice President (since 2017) and Director (2013-2017), within PGIM Investments Fund Administration.	Since September 2019
Deborah Conway 1969 Assistant Treasurer	Vice President (since 2017) and Director (2007-2017), within PGIM Investments Fund Administration.	Since September 2019

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Fund Officers(a)
Name Year of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Elyse M. McLaughlin 1974 Assistant Treasurer	Vice President (since 2017) and Director (2011-2017), within PGIM Investments Fund Administration.	Since September 2019
Dana E. Cordes 1978 Anti-Money Laundering Compliance Officer	Vice President, Corporate Compliance (since June 2021) of Prudential; formerly, Director Global Financial Crimes Unit (December 2015 to June 2021) of Prudential; formerly, Director, Operational Risk Management for Prudential Real Estate Investors (January 2010 to December 2015).	Since September 2021

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

Explanatory Notes to Tables:

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

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

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

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

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

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

PGIM QMA Strategic Alpha ETFs

Approval of Advisory Agreements (unaudited)

The Funds’ Board of Trustees

The Board of Trustees (the “Board”) 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 (each a “Fund” and collectively the “Funds”)1 consists of ten individuals, eight of whom are not “interested persons” of the Funds, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Trustees”). The Board is responsible for the oversight of each Fund and its operations, and performs the various duties imposed on the Trustees of investment companies by the 1940 Act. The Independent Trustees have retained independent legal counsel to assist them in connection with their duties. The Chair of the Board is an Independent Director. The Board has established four standing committees: the Audit Committee, the Nominating and Governance Committee, and two Investment Committees. Each committee is chaired by, and composed of, Independent Trustees.

Annual Approval of the Funds’ Advisory Agreements

As required under the 1940 Act, the Board determines annually whether to renew each Fund’s management agreement with PGIM Investments LLC (“PGIM Investments”) and each Fund’s subadvisory agreement with PGIM Quantitative Solutions LLC. In considering the renewal of the agreements, the Board, including all of the Independent Trustees, met on June 7-10, 2021 and approved the renewal of the agreements through July 31, 2022, after concluding that the renewal of the agreements was in the best interests of each Fund and its shareholders.

In advance of the meetings, the Board requested and received materials relating to the agreements, and had the opportunity to ask questions and request further information in connection with its consideration. Among other things, the Board considered comparative fee information from PGIM Investments and PGIM Quantitative Solutions. Also, the Board considered comparisons with other mutual funds in relevant Peer Universes and Peer Groups, as is further discussed below.

In approving the agreements, the Board, including the Independent Trustees advised by independent legal counsel, considered the factors it deemed relevant, including the nature, quality and extent of services provided by PGIM Investments, the subadviser and, as relevant, its affiliates, the performance of each Fund, the profitability of PGIM Investments and its affiliates, expenses and fees, and the potential for economies of scale that may be shared with each Fund and its shareholders as each Fund’s assets grow. In their deliberations, the Trustees did not identify any single factor which alone was responsible for the Board’s decision to approve the agreements with respect to each Fund. In connection with its deliberations, the Board considered information provided by PGIM Investments throughout the year at regular Board meetings, presentations from portfolio managers and other information, as well as information furnished at or in advance of the meetings on June 7-10, 2021.

¹      Each of the Funds is a series of PGIM ETF Trust.

PGIM QMA Strategic Alpha ETFs

Approval of Advisory Agreements (continued)

The Trustees determined that the overall arrangements between each Fund and PGIM Investments, which serves as each Fund’s investment manager pursuant to a management agreement, and between PGIM Investments and PGIM Quantitative Solutions, which serves as each Fund’s subadviser pursuant to the terms of a subadvisory agreement with PGIM Investments, are in the best interests of each Fund and its shareholders in light of the services performed, fees charged and such other matters as the Trustees considered relevant in the exercise of their business judgment.

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

Nature, Quality and Extent of Services

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

The Board considered the qualifications, backgrounds and responsibilities of PGIM Investments’ senior management responsible for the oversight of each Fund and PGIM Quantitative Solutions, and also considered the qualifications, backgrounds and responsibilities of PGIM Quantitative Solutions’ portfolio managers who are responsible for the day-to-day management of each Fund’s portfolio. The Board was provided with information pertaining to PGIM Investments’ and PGIM Quantitative Solutions’ organizational structure, senior management, investment operations, and other relevant information pertaining to PGIM Investments and PGIM Quantitative Solutions. The Board also noted that it received favorable compliance reports from the Funds’ Chief Compliance Officer (“CCO”) as to PGIM Investments and PGIM Quantitative Solutions.

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

Costs of Services and Profits Realized by PGIM Investments

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

Economies of Scale

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

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

Other Benefits to PGIM Investments and PGIM Quantitative Solutions

The Board considered potential ancillary benefits that might be received by PGIM Investments, PGIM Quantitative Solutions and their affiliates as a result of their relationship with each Fund. The Board concluded that potential benefits to be derived by PGIM Investments included transfer agency fees received by each Fund’s transfer agent (which is affiliated with PGIM Investments), as well as benefits to its reputation or

PGIM QMA Strategic Alpha ETFs

Approval of Advisory Agreements (continued)

other intangible benefits resulting from PGIM Investments’ association with each Fund. The Board concluded that the potential benefits to be derived by PGIM Quantitative Solutions included the ability to use soft dollar credits, as well as the potential benefits consistent with those generally resulting from an increase in assets under management, specifically, potential access to additional research resources and benefits to its reputation. The Board concluded that the benefits derived by PGIM Investments and PGIM Quantitative Solutions were consistent with the types of benefits generally derived by investment managers and subadvisers to mutual funds.

Performance of the Funds / Fees and Expenses

The Board considered certain additional factors and made related conclusions relating to the historical performance of each Fund for the one-year period ended December 31, 2020. The Board considered that each Fund commenced operations in Q4 of 2018 and that longer-term performance was not yet available.

The Board also considered each Fund’s actual management fee, as well as each Fund’s net total expense ratio, for the fiscal period ended August 31, 2020. The Board considered the management fee for each Fund as compared to the management fee charged by PGIM Investments to other funds and the fee charged by other advisers to comparable mutual funds in a Peer Group. The actual management fee represents the fee rate actually paid by Fund shareholders and includes any fee waivers or reimbursements. The net total expense ratio for each Fund represents the actual expense ratio incurred by Fund shareholders.

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

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

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PGIM QMA Strategic Alpha International Equity ETF

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

• The Board noted that the Fund underperformed its benchmark index over the one-year period ended December 31, 2020.

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

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

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

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

PGIM QMA Strategic Alpha Large-Cap Core ETF

Net Performance	1 Year	3 Years	5 Years	10 Years
	4th Quartile	N/A	N/A	N/A
Actual Management Fees: 1st Quartile
Net Total Expenses: 1st Quartile

• The Board noted that the Fund underperformed its benchmark index over the one-year period ended December 31, 2020.

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

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

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

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

PGIM QMA Strategic Alpha ETFs

Approval of Advisory Agreements (continued)

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Net Performance	1 Year	3 Years	5 Years	10 Years
	4th Quartile	N/A	N/A	N/A
Actual Management Fees: 1st Quartile
Net Total Expenses: 1st Quartile

• The Board noted that the Fund underperformed its benchmark index over the one-year period ended December 31, 2020.

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

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

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

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

PGIM QMA Strategic Alpha Small-Cap Value ETF

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

• The Board noted that the Fund underperformed its benchmark index over the one-year period ended December 31, 2020.

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

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

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

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

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* * *

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

PGIM QMA Strategic Alpha ETFs

∎   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 • Dana E. Cordes, Anti-Money Laundering Compliance Officer • Andrew R. French, Secretary • Melissa Gonzalez, Assistant Secretary • Diana N. Huffman, Assistant Secretary • Patrick E. McGuinness, Assistant Secretary • Debra Rubano, Assistant Secretary • Lana Lomuti, Assistant Treasurer • Russ Shupak, Assistant Treasurer • Elyse M. McLaughlin, Assistant Treasurer • Deborah Conway, Assistant Treasurer

MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102
SUBADVISER	PGIM Quantitative Solutions LLC	Gateway Center Two 100 Mulberry Street Newark, NJ 07102
DISTRIBUTOR	Prudential Investment Management Services LLC	655 Broad Street Newark, NJ 07102
CUSTODIAN/TRANSFER AGENT	Brown Brothers Harriman & Co.	50 Post Office Square Boston, MA 02110
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	PricewaterhouseCoopers LLP	300 Madison Avenue New York, NY 10017
FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue New York, NY 10019

An investor should consider the investment objectives, risks, charges, and expenses of the Funds carefully before investing. The prospectus and summary prospectus contain this and other information about the Funds. An investor may obtain the prospectus and summary prospectus for each Fund by visiting our website at pgiminvestments.com or by calling (800) 225-1852. The prospectus and summary prospectus for each Fund should be read carefully before investing.

E-DELIVERY

To receive your fund documents online, go to 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 HOLDINGS

On each business day, before commencement of trading on the Exchange, the Fund will disclose on www.pgiminvestments.com the Fund’s portfolio holdings that will form the basis for the Fund’s calculation of NAV at the end of the business day. The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT filings are available on the Commission’s website at sec.gov.

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

Funds:

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

PGIM QMA STRATEGIC ALPHA ETFS

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

ETF1002E

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

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

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

Item 3 – Audit Committee Financial Expert –

The registrant’s Board has determined that Ms. Grace C. Torres, member of the Board’s Audit Committee is an “audit committee financial expert,” and that she is “independent,” for purposes of this item.

Item 4 – Principal Accountant Fees and Services –

(a) Audit Fees

For the fiscal year ended August 31, 2021, the Registrant’s principal accountant was PricewaterhouseCoopers LLP (“PwC”). For the fiscal year ended August 31, 2021, PwC billed the Registrant $156,500 for professional services rendered for the audit of the Registrant’s annual financial statements or services that are normally provided in connection with statutory and regulatory filings.

For the fiscal year ended August 31, 2020, the Registrant’s principal accountant was KPMG LLP (“KPMG”). For the fiscal year ended August 31, 2020, KPMG billed the Registrant $137,652 for professional services rendered for the audit of the Registrant’s annual financial statements or services that are normally provided in connection with statutory and regulatory filings.

(b) Audit-Related Fees

For the fiscal year ended August 31, 2021, PwC did not bill the Registrant for audit-related services.

For the fiscal year ended August 31, 2021, fees of $796 were billed to the Registrant for services rendered by KPMG in connection with the auditor transition.

For the fiscal year ended August 31, 2020 fees of $1,087 were billed to the Registrant for services rendered by KPMG in connection with the auditor transition.

(c) Tax Fees

For the fiscal years ended August 31, 2021 and August 31, 2020: none.

(d) All Other Fees

For the fiscal years ended August 31, 2021 and August 31, 2020: none.

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

THE PGIM MUTUAL FUNDS

AUDIT COMMITTEE POLICY

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Pre-Approval of Services Provided by the Independent Accountants

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

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

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

• periodic meetings with the accounting firm.

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

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

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

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

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

Audit Services

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

• Annual Fund financial statement audits

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

• SEC and regulatory filings and consents

Audit-related Services

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

• Accounting consultations

• Fund merger support services

• Agreed Upon Procedure Reports

• Attestation Reports

• Other Internal Control Reports

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

Tax Services

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

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

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

• Sales and use tax compliance

• Timely RIC qualification reviews

• Tax distribution analysis and planning

• Tax authority examination services

• Tax appeals support services

• Accounting methods studies

• Fund merger support services

• Tax consulting services and related projects

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

Other Non-Audit Services

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

Proscribed Services

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

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

• Financial information systems design and implementation

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

• Actuarial services

• Internal audit outsourcing services

• Management functions or human resources

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

• Legal services and expert services unrelated to the audit

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

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

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

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

(e) (2) Percentage of services referred to in 4(b) – 4(d) that were approved by the audit committee –

For the fiscal years ended August 31, 2021 and August 31, 2020, 100% of the services referred to in Item 4(b) was approved by the audit committee.

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

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

(g) Non-Audit Fees

The aggregate non-audit fees billed by the Registrant’s principal accountant for services rendered to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant for the fiscal years ended August 31, 2021 and August 31, 2020 was $0 and $0, respectively.

(h) Principal Accountant’s Independence

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

Item 5 – Audit Committee of Listed Registrants –

The registrant has a separately designated standing audit committee (the “Audit Committee”) established in accordance

with Section 3(a)(58)(A) of the Securities Exchange Act of 1934. The members of the Audit Committee are Grace C. Torres (Chair), Laurie Simon Hodrick, Brian K. Reid and Keith F. Hartstein (ex-officio).

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

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

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

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

Item 10 – Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.

Item 11 – Controls and Procedures

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

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

Item 12 – Controls and Procedures - Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not applicable.

Item 13 – Exhibits

(a) (1) Code of Ethics – Attached hereto as Exhibit EX-99.CODE-ETH.

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

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

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

SIGNATURES

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

Registrant:	PGIM ETF Trust
By:	/s/ Andrew R. French
	Andrew R. French
	Secretary
Date:	October 19, 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:	October 19, 2021
By:	/s/ Christian J. Kelly
	Christian J. Kelly
	Treasurer and Principal Financial and Accounting Officer
Date:	October 19, 2021

EX-99.CODE ETH

CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND

PRINCIPAL FINANCIAL OFFICERS

I. Covered Officers/Purpose of the Code

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

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

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

• compliance with applicable governmental laws, rules and regulations;

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

• accountability for adherence to the Code.

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

II. Conflicts of Interest

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

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

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

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

Each Covered Officer must:

• not use his personal influence or personal relationships improperly to influence investment decisions or financial reporting by a Fund whereby the Covered Officer would benefit personally to the detriment of the Fund;

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

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

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

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

• the receipt of any non-nominal gifts;

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

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

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

III. Disclosure and Compliance

Each Covered Officer:

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

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

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

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

IV. Reporting and Accountability

Each Covered Officer must:

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

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

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

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

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

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

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

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

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

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

V. Other Policies and Procedures

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

VI. Amendments

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

VII. Confidentiality

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

VIII. Internal Use

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

IX. Recordkeeping

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

Adopted and approved as of September 3, 2003.

EXHIBIT A

Funds Covered by this Code of Ethics

• The Prudential Investment Portfolios, Inc.

• Prudential Investment Portfolios 2

• Prudential Investment Portfolios 3

• Prudential Investment Portfolios 4

• Prudential Investment Portfolios 5

• Prudential Investment Portfolios 6

• Prudential Investment Portfolios 7

• Prudential Investment Portfolios 8

• Prudential Investment Portfolios 9

• Prudential Investment Portfolios, Inc. 10

• Prudential Investment Portfolios 12

• Prudential Government Money Market Fund, Inc.

• Prudential Investment Portfolios, Inc. 14

• Prudential Investment Portfolios, Inc. 15

• Prudential Investment Portfolios 16

• Prudential Investment Portfolios, Inc. 17

• Prudential Investment Portfolios 18

• Prudential Global Total Return Fund, Inc.

• Prudential Jennison Blend Fund, Inc.

• Prudential Jennison Mid-Cap Growth Fund, Inc.

• Prudential Jennison Natural Resources Fund, Inc.

• Prudential Jennison Small Company Fund, Inc.

• Prudential National Muni Fund, Inc.

• Prudential Sector Funds, Inc.

• Prudential Short-Term Corporate Bond Fund, Inc.

• Prudential World Fund, Inc.

• The Target Portfolio Trust

• PGIM ETF Trust

• The Prudential Variable Contract Account – 2

• The Prudential Variable Contract Account – 10

• PGIM High Yield Bond Fund, Inc.

• PGIM Global High Yield Fund, Inc.

• PGIM Short Duration High Yield Opportunities Fund

• Advanced Series Trust

• Prudential’s Gibraltar Fund, Inc.

• The Prudential Series Fund

EXHIBIT B

Persons Covered by this Code of Ethics

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

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

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

EX-99.CERT

Item 13

PGIM ETF Trust

Annual period ending 8/31/21

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.

1

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

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

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

October 19, 2021

/s/ Stuart S. Parker

Stuart S. Parker

President and Principal Executive Officer

2

Item 13

PGIM ETF Trust

Annual period ending 8/31/21

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.

3

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

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

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

October 19, 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.

October 19, 2021	/s/ Stuart S. Parker
	Stuart S. Parker
	President and Principal Executive Officer
October 19, 2021	/s/ Christian J. Kelly
	Christian J. Kelly
	Treasurer and Principal Financial and Accounting Officer