NPORT-EX 2 467958PRU05312023.htm
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited)
as of May 31, 2023
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Long-Term Investments 96.3%
Asset-Backed Securities 4.1%
Collateralized Loan Obligations 
BlueMountain Fuji US CLO Ltd. (Cayman Islands),
Series 2017-02A, Class A1AR, 144A, 3 Month LIBOR + 1.000% (Cap N/A, Floor 0.000%) 		6.250 %(c) 10/20/30   730  $721,621
Carlyle Global Market Strategies CLO Ltd. (Cayman Islands),
Series 2015-05A, Class A1RR, 144A, 3 Month LIBOR + 1.080% (Cap N/A, Floor 1.080%) 		6.330(c) 01/20/32   748 737,103
Madison Park Funding Ltd. (Cayman Islands),
Series 2019-33A, Class AR, 144A, 3 Month SOFR + 1.290% (Cap N/A, Floor 1.290%) 		6.276(c) 10/15/32   1,000 990,131
Race Point CLO Ltd. (Cayman Islands),
Series 2013-08A, Class AR2, 144A, 3 Month LIBOR + 1.040% (Cap N/A, Floor 1.040%) 		6.419(c) 02/20/30   646 638,938
Voya CLO Ltd. (Cayman Islands),
Series 2014-02A, Class A1RR, 144A, 3 Month LIBOR + 1.020% (Cap N/A, Floor 1.020%) 		6.280(c) 04/17/30   624 617,686
     
 
Total Asset-Backed Securities
(cost $3,709,750) 		3,705,479
Convertible Bond 0.0%
Telecommunications 
Digicel Group Holdings Ltd. (Jamaica),
Sub. Notes, 144A, Cash coupon 7.000% or PIK N/A
(cost $762) 		7.000 06/16/23(oo)   5 569
Corporate Bonds 86.3%
Advertising 0.4%
CMG Media Corp.,
Gtd. Notes, 144A 		8.875 12/15/27   620 401,643
Aerospace & Defense 2.9%
Boeing Co. (The),          
Sr. Unsec’d. Notes 5.805 05/01/50   150 147,262
Sr. Unsec’d. Notes 5.930 05/01/60   350 340,928
Bombardier, Inc. (Canada),          
Sr. Unsec’d. Notes, 144A 6.000 02/15/28   150 137,920
1
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2023
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Aerospace & Defense (cont’d.)
Bombardier, Inc. (Canada), (cont’d.)          
Sr. Unsec’d. Notes, 144A 7.125 % 06/15/26   300  $294,192
Sr. Unsec’d. Notes, 144A 7.500 03/15/25   260 259,350
Sr. Unsec’d. Notes, 144A 7.500 02/01/29   200 194,108
Sr. Unsec’d. Notes, 144A 7.875 04/15/27   490 482,464
     
 
Spirit AeroSystems, Inc.,
Sec’d. Notes, 144A 		7.500 04/15/25   125 123,490
TransDigm, Inc.,          
Gtd. Notes 4.625 01/15/29   50 44,176
Gtd. Notes 5.500 11/15/27   450 423,000
Sr. Sec’d. Notes, 144A 6.250 03/15/26   100 99,317
          2,546,207
Agriculture 0.2%
Vector Group Ltd.,
Sr. Sec’d. Notes, 144A 		5.750 02/01/29   175 152,045
Airlines 1.4%
American Airlines, Inc.,          
Sr. Sec’d. Notes, 144A 7.250 02/15/28   50 48,960
Sr. Sec’d. Notes, 144A 11.750 07/15/25   200 219,215
American Airlines, Inc./AAdvantage Loyalty IP Ltd.,          
Sr. Sec’d. Notes, 144A 5.500 04/20/26   150 147,222
Sr. Sec’d. Notes, 144A 5.750 04/20/29   125 119,531
     
 
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd.,
Sr. Sec’d. Notes, 144A 		5.750 01/20/26   50 46,438
United Airlines, Inc.,
Sr. Sec’d. Notes, 144A 		4.625 04/15/29   425 384,207
VistaJet Malta Finance PLC/Vista Management
Holding, Inc. (Switzerland), 		         
Sr. Unsec’d. Notes, 144A 6.375 02/01/30   150 119,250
Sr. Unsec’d. Notes, 144A 7.875 05/01/27   125 112,813
Sr. Unsec’d. Notes, 144A 9.500 06/01/28   50 45,561
          1,243,197
2
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2023
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Apparel 0.5%
Kontoor Brands, Inc.,
Gtd. Notes, 144A 		4.125 % 11/15/29   50  $41,867
William Carter Co. (The),
Gtd. Notes, 144A 		5.625 03/15/27   125 122,080
Wolverine World Wide, Inc.,
Gtd. Notes, 144A 		4.000 08/15/29   375 298,960
          462,907
Auto Manufacturers 2.5%
Allison Transmission, Inc.,
Gtd. Notes, 144A 		3.750 01/30/31   175 147,248
Ford Holdings LLC,
Gtd. Notes 		9.300 03/01/30   100 112,191
Ford Motor Co.,          
Sr. Unsec’d. Notes 3.250 02/12/32   350 266,022
Sr. Unsec’d. Notes 4.750 01/15/43   385 284,071
Sr. Unsec’d. Notes 7.400 11/01/46   50 50,779
Sr. Unsec’d. Notes 9.625 04/22/30   265 302,362
Ford Motor Credit Co. LLC,          
Sr. Unsec’d. Notes 4.000 11/13/30   400 335,447
Sr. Unsec’d. Notes 5.113 05/03/29   388 355,169
Sr. Unsec’d. Notes 6.800 05/12/28   200 197,681
     
 
PM General Purchaser LLC,
Sr. Sec’d. Notes, 144A 		9.500 10/01/28   175 164,326
          2,215,296
Auto Parts & Equipment 0.7%
Adient Global Holdings Ltd.,          
Gtd. Notes, 144A 4.875 08/15/26   200 188,838
Sr. Sec’d. Notes, 144A 7.000 04/15/28   50 50,500
     
 
American Axle & Manufacturing, Inc.,
Gtd. Notes 		6.500 04/01/27   200 185,842
Dana, Inc.,          
Sr. Unsec’d. Notes 4.500 02/15/32   100 80,194
Sr. Unsec’d. Notes 5.625 06/15/28   35 32,219
3
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2023
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Auto Parts & Equipment (cont’d.)
     
 
Titan International, Inc.,
Sr. Sec’d. Notes 		7.000 % 04/30/28   100  $91,025
          628,618
Banks 0.2%
Citigroup, Inc.,
Jr. Sub. Notes 		3.875(ff) 02/18/26(oo)   75 62,561
Freedom Mortgage Corp.,
Sr. Unsec’d. Notes, 144A 		7.625 05/01/26   125 109,550
          172,111
Building Materials 1.8%
Camelot Return Merger Sub, Inc.,
Sr. Sec’d. Notes, 144A 		8.750 08/01/28   100 94,630
Cornerstone Building Brands, Inc.,
Gtd. Notes, 144A 		6.125 01/15/29   165 122,354
Eco Material Technologies, Inc.,
Sr. Sec’d. Notes, 144A 		7.875 01/31/27   150 142,318
Griffon Corp.,
Gtd. Notes 		5.750 03/01/28   125 115,785
JELD-WEN, Inc.,
Gtd. Notes, 144A 		4.625 12/15/25   175 168,909
Knife River Holding Co.,
Sr. Unsec’d. Notes, 144A 		7.750 05/01/31   50 50,195
Masonite International Corp.,          
Gtd. Notes, 144A 3.500 02/15/30   95 80,275
Gtd. Notes, 144A 5.375 02/01/28   25 23,699
     
 
MIWD Holdco II LLC/MIWD Finance Corp.,
Gtd. Notes, 144A 		5.500 02/01/30   175 141,607
Smyrna Ready Mix Concrete LLC,
Sr. Sec’d. Notes, 144A 		6.000 11/01/28   225 209,670
Standard Industries, Inc.,          
Sr. Unsec’d. Notes, 144A 3.375 01/15/31   275 214,545
Sr. Unsec’d. Notes, 144A 4.375 07/15/30   150 127,181
Sr. Unsec’d. Notes, 144A 5.000 02/15/27   120 112,818
          1,603,986
4
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2023
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Chemicals 2.2%
Ashland LLC,
Gtd. Notes 		6.875 % 05/15/43   75  $74,956
ASP Unifrax Holdings, Inc.,          
Sr. Sec’d. Notes, 144A 5.250 09/30/28   50 37,674
Sr. Unsec’d. Notes, 144A 7.500 09/30/29   25 17,290
     
 
Avient Corp.,
Sr. Unsec’d. Notes, 144A 		5.750 05/15/25   50 49,784
Chemours Co. (The),          
Gtd. Notes, 144A 4.625 11/15/29   185 150,033
Gtd. Notes, 144A 5.750 11/15/28   55 48,411
     
 
Cornerstone Chemical Co.,
Sr. Sec’d. Notes, 144A, Cash coupon 8.250% and PIK 2.000% 		10.250 09/01/27   75 66,522
Diamond BC BV,
Gtd. Notes, 144A 		4.625 10/01/29   180 180,684
Iris Holding, Inc.,
Sr. Unsec’d. Notes, 144A 		10.000 12/15/28   175 131,272
Olympus Water US Holding Corp.,
Sr. Sec’d. Notes, 144A 		9.750 11/15/28   200 198,775
Rain CII Carbon LLC/CII Carbon Corp.,
Sec’d. Notes, 144A 		7.250 04/01/25   100 97,183
SK Invictus Intermediate II Sarl,
Sr. Sec’d. Notes, 144A 		5.000 10/30/29   230 182,604
SPCM SA (France),
Sr. Unsec’d. Notes, 144A 		3.125 03/15/27   200 183,092
TPC Group, Inc.,
Sr. Sec’d. Notes, 144A 		13.000 12/16/27   105 103,851
Tronox, Inc.,
Gtd. Notes, 144A 		4.625 03/15/29   305 247,587
Valvoline, Inc.,
Sr. Unsec’d. Notes, 144A 		3.625 06/15/31   100 82,509
Venator Finance Sarl/Venator Materials LLC,          
Gtd. Notes, 144A 5.750 07/15/25(d)   250 27,308
Sr. Sec’d. Notes, 144A 9.500 07/01/25(d)   125 92,813
     
 
WR Grace Holdings LLC,
Sr. Sec’d. Notes, 144A 		7.375 03/01/31   25 24,508
          1,996,856
5
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2023
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Coal 0.1%
Conuma Resources Ltd. (Canada),
Sr. Sec’d. Notes, 144A 		13.125 % 05/01/28   100  $95,500
Coronado Finance Pty Ltd. (Australia),
Sr. Sec’d. Notes, 144A 		10.750 05/15/26   35 35,854
          131,354
Commercial Services 4.5%
Adtalem Global Education, Inc.,
Sr. Sec’d. Notes, 144A 		5.500 03/01/28   64 59,649
Allied Universal Holdco LLC/Allied Universal Finance
Corp., 		         
Sr. Sec’d. Notes, 144A 6.625 07/15/26   210 196,895
Sr. Unsec’d. Notes, 144A 6.000 06/01/29   400 295,965
Sr. Unsec’d. Notes, 144A 9.750 07/15/27   350 307,676
     
 
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl,
Sr. Sec’d. Notes, 144A 		4.625 06/01/28   600 492,000
Alta Equipment Group, Inc.,
Sec’d. Notes, 144A 		5.625 04/15/26   50 45,806
AMN Healthcare, Inc.,          
Gtd. Notes, 144A 4.000 04/15/29   250 219,891
Gtd. Notes, 144A 4.625 10/01/27   50 46,358
     
 
APi Group DE, Inc.,
Gtd. Notes, 144A 		4.750 10/15/29   50 45,091
Avis Budget Car Rental LLC/Avis Budget Finance,
Inc., 		         
Gtd. Notes, 144A 4.750 04/01/28   100 89,543
Gtd. Notes, 144A 5.375 03/01/29   125 112,362
     
 
Brink’s Co. (The),
Gtd. Notes, 144A 		4.625 10/15/27   25 23,318
Gartner, Inc.,
Gtd. Notes, 144A 		3.625 06/15/29   50 44,456
Hertz Corp. (The),          
Gtd. Notes, 144A 4.625 12/01/26   75 66,854
Gtd. Notes, 144A 5.000 12/01/29   50 40,132
     
 
Metis Merger Sub LLC,
Sr. Unsec’d. Notes, 144A 		6.500 05/15/29   500 419,648
MPH Acquisition Holdings LLC,
Sr. Sec’d. Notes, 144A 		5.500 09/01/28   425 340,565
6
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2023
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Commercial Services (cont’d.)
     
NESCO Holdings II, Inc.,
Sec’d. Notes, 144A 		5.500 % 04/15/29   200  $177,285
United Rentals North America, Inc.,          
Gtd. Notes 3.750 01/15/32   175 146,038
Gtd. Notes 3.875 02/15/31   175 150,227
Gtd. Notes 4.875 01/15/28   75 71,505
Gtd. Notes 5.250 01/15/30   150 142,172
     
 
Verscend Escrow Corp.,
Sr. Unsec’d. Notes, 144A 		9.750 08/15/26   465 465,718
          3,999,154
Computers 0.7%
McAfee Corp.,
Sr. Unsec’d. Notes, 144A 		7.375 02/15/30   240 201,751
NCR Corp.,          
Gtd. Notes, 144A 5.000 10/01/28   275 242,860
Gtd. Notes, 144A 5.125 04/15/29   150 130,868
Gtd. Notes, 144A 5.250 10/01/30   50 42,824
Gtd. Notes, 144A 6.125 09/01/29   25 24,797
          643,100
Distribution/Wholesale 0.7%
H&E Equipment Services, Inc.,
Gtd. Notes, 144A 		3.875 12/15/28   575 493,664
Ritchie Bros Holdings, Inc. (Canada),          
Gtd. Notes, 144A 7.750 03/15/31   75 78,000
Sr. Sec’d. Notes, 144A 6.750 03/15/28   25 25,297
          596,961
Diversified Financial Services 2.8%
Bread Financial Holdings, Inc.,
Gtd. Notes, 144A 		4.750 12/15/24   100 93,757
goeasy Ltd. (Canada),
Gtd. Notes, 144A 		4.375 05/01/26   150 133,875
Jefferies Finance LLC/JFIN Co-Issuer Corp.,
Sr. Unsec’d. Notes, 144A 		5.000 08/15/28   400 325,865
7
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2023
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Diversified Financial Services (cont’d.)
LD Holdings Group LLC,
Gtd. Notes, 144A 		6.125 % 04/01/28   125  $80,927
LFS Topco LLC,
Gtd. Notes, 144A 		5.875 10/15/26   125 108,919
LPL Holdings, Inc.,
Gtd. Notes, 144A 		4.375 05/15/31   50 43,506
Macquarie Airfinance Holdings Ltd. (United Kingdom),
Sr. Unsec’d. Notes, 144A 		8.375 05/01/28   50 49,117
Nationstar Mortgage Holdings, Inc.,          
Gtd. Notes, 144A 5.125 12/15/30   400 324,274
Gtd. Notes, 144A 6.000 01/15/27   225 205,104
Navient Corp.,          
Sr. Unsec’d. Notes 5.500 03/15/29   75 62,054
Sr. Unsec’d. Notes 6.750 06/25/25   75 72,968
Sr. Unsec’d. Notes 9.375 07/25/30   50 47,989
OneMain Finance Corp.,          
Gtd. Notes 6.625 01/15/28   219 198,911
Gtd. Notes 7.125 03/15/26   225 215,174
PennyMac Financial Services, Inc.,          
Gtd. Notes, 144A 4.250 02/15/29   150 120,626
Gtd. Notes, 144A 5.375 10/15/25   200 186,007
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer,
Inc., 		         
Gtd. Notes, 144A 3.625 03/01/29   75 62,084
Gtd. Notes, 144A 3.875 03/01/31   125 98,314
Gtd. Notes, 144A 4.000 10/15/33   75 56,463
          2,485,934
Electric 5.5%
Calpine Corp.,          
Sr. Sec’d. Notes, 144A 3.750 03/01/31   375 306,042
Sr. Unsec’d. Notes, 144A 4.625 02/01/29   515 435,297
Sr. Unsec’d. Notes, 144A 5.000 02/01/31   350 282,082
Sr. Unsec’d. Notes, 144A 5.125 03/15/28   734 658,190
NRG Energy, Inc.,          
Gtd. Notes 5.750 01/15/28   140 133,236
Gtd. Notes 6.625 01/15/27   30 29,955
Gtd. Notes, 144A 3.375 02/15/29   275 226,691
8
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2023
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Electric (cont’d.)
NRG Energy, Inc., (cont’d.)          
Gtd. Notes, 144A 3.625 % 02/15/31   200  $157,269
Gtd. Notes, 144A 3.875 02/15/32   125 97,190
Gtd. Notes, 144A 5.250 06/15/29   300 270,692
Jr. Sub. Notes, 144A 10.250(ff) 03/15/28(oo)   175 165,797
PG&E Corp.,          
Sr. Sec’d. Notes 5.000 07/01/28   200 184,054
Sr. Sec’d. Notes 5.250 07/01/30   343 310,267
Vistra Corp.,          
Jr. Sub. Notes, 144A 7.000(ff) 12/15/26(oo)   233 205,136
Jr. Sub. Notes, 144A 8.000(ff) 10/15/26(oo)   125 116,846
Vistra Operations Co. LLC,          
Gtd. Notes, 144A 4.375 05/01/29   300 262,462
Gtd. Notes, 144A 5.000 07/31/27   290 272,549
Gtd. Notes, 144A 5.500 09/01/26   50 48,601
Gtd. Notes, 144A 5.625 02/15/27   750 721,859
          4,884,215
Electrical Components & Equipment 0.6%
Energizer Holdings, Inc.,
Gtd. Notes, 144A 		4.375 03/31/29   350 299,671
WESCO Distribution, Inc.,
Gtd. Notes, 144A 		7.250 06/15/28   275 280,657
          580,328
Electronics 0.2%
Likewize Corp.,
Sr. Sec’d. Notes, 144A (original cost $204,088; purchased 10/08/20 - 06/21/22)(f) 		9.750 10/15/25   200 186,161
Sensata Technologies, Inc.,
Gtd. Notes, 144A 		3.750 02/15/31   15 12,715
          198,876
Engineering & Construction 0.0%
TopBuild Corp.,
Gtd. Notes, 144A 		4.125 02/15/32   50 42,119
9
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2023
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Entertainment 3.2%
AMC Entertainment Holdings, Inc.,
Sec’d. Notes, 144A, Cash coupon 10.000% or PIK 12.000% or Cash coupon 5.000% and PIK 6.000% 		10.000 % 06/15/26   57  $35,948
Caesars Entertainment, Inc.,          
Sr. Sec’d. Notes, 144A 6.250 07/01/25   465 463,947
Sr. Sec’d. Notes, 144A 7.000 02/15/30   275 275,925
Sr. Unsec’d. Notes, 144A 4.625 10/15/29   250 215,578
     
 
CCM Merger, Inc.,
Sr. Unsec’d. Notes, 144A 		6.375 05/01/26   150 145,164
CDI Escrow Issuer, Inc.,
Sr. Unsec’d. Notes, 144A 		5.750 04/01/30   50 46,885
Churchill Downs, Inc.,
Gtd. Notes, 144A 		6.750 05/01/31   50 49,324
Everi Holdings, Inc.,
Gtd. Notes, 144A 		5.000 07/15/29   25 22,163
Golden Entertainment, Inc.,
Sr. Unsec’d. Notes, 144A 		7.625 04/15/26   225 225,149
International Game Technology PLC,
Sr. Sec’d. Notes, 144A 		4.125 04/15/26   275 261,250
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp.,
Sr. Sec’d. Notes, 144A 		4.875 05/01/29   225 198,338
Penn Entertainment, Inc.,          
Sr. Unsec’d. Notes, 144A 4.125 07/01/29   75 60,557
Sr. Unsec’d. Notes, 144A 5.625 01/15/27   392 366,731
     
 
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.,
Gtd. Notes, 144A 		5.875 09/01/31   200 137,358
Scientific Games Holdings LP/Scientific Games US FinCo, Inc.,
Sr. Unsec’d. Notes, 144A 		6.625 03/01/30   225 197,452
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.,
Gtd. Notes, 144A 		5.125 10/01/29   180 161,100
          2,862,869
Environmental Control 0.4%
Clean Harbors, Inc.,
Gtd. Notes, 144A 		6.375 02/01/31   25 25,055
10
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2023
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Environmental Control (cont’d.)
Covanta Holding Corp.,
Gtd. Notes, 144A 		4.875 % 12/01/29   25  $21,923
GFL Environmental, Inc. (Canada),          
Gtd. Notes, 144A 4.000 08/01/28   25 22,250
Gtd. Notes, 144A 4.375 08/15/29   175 154,875
Gtd. Notes, 144A 4.750 06/15/29   125 113,274
          337,377
Foods 2.7%
Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s
LP/Albertson’s LLC, 		         
Gtd. Notes, 144A 3.500 03/15/29   200 174,040
Gtd. Notes, 144A 5.875 02/15/28   25 24,395
Gtd. Notes, 144A 6.500 02/15/28   100 99,620
     
 
B&G Foods, Inc.,
Gtd. Notes 		5.250 09/15/27   425 361,239
C&S Group Enterprises LLC,
Gtd. Notes, 144A 		5.000 12/15/28   75 58,917
Chobani LLC/Chobani Finance Corp., Inc.,
Gtd. Notes, 144A 		7.500 04/15/25   125 124,212
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance,
Inc., 		         
Gtd. Notes, 144A 3.625 01/15/32   340 275,102
Sr. Unsec’d. Notes, 144A 5.500 01/15/30   25 23,749
Kraft Heinz Foods Co.,          
Gtd. Notes 4.375 06/01/46   50 42,052
Gtd. Notes 5.200 07/15/45   25 23,618
Gtd. Notes 6.500 02/09/40   25 26,685
     
 
Market Bidco Finco PLC (United Kingdom),
Sr. Sec’d. Notes, 144A 		5.500 11/04/27 GBP 100 97,391
Pilgrim’s Pride Corp.,          
Gtd. Notes 3.500 03/01/32   50 39,941
Gtd. Notes 4.250 04/15/31   725 621,368
Post Holdings, Inc.,          
Gtd. Notes, 144A 4.625 04/15/30   275 240,716
Gtd. Notes, 144A 5.500 12/15/29   100 93,051
Sr. Unsec’d. Notes, 144A 4.500 09/15/31   125 105,957
          2,432,053
11
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2023
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Gas 0.2%
AmeriGas Partners LP/AmeriGas Finance Corp.,          
Sr. Unsec’d. Notes 5.750 % 05/20/27   150  $135,916
Sr. Unsec’d. Notes 5.875 08/20/26   78 72,570
          208,486
Healthcare-Products 1.2%
Embecta Corp.,          
Sr. Sec’d. Notes, 144A 5.000 02/15/30   175 146,836
Sr. Sec’d. Notes, 144A 6.750 02/15/30   25 23,142
Medline Borrower LP,          
Sr. Sec’d. Notes, 144A 3.875 04/01/29   500 432,014
Sr. Unsec’d. Notes, 144A 5.250 10/01/29   550 472,548
          1,074,540
Healthcare-Services 3.9%
DaVita, Inc.,
Gtd. Notes, 144A 		3.750 02/15/31   911 722,329
HCA, Inc.,          
Gtd. Notes 5.875 02/15/26   75 75,318
Gtd. Notes 7.500 11/06/33   75 82,709
     
 
Legacy LifePoint Health LLC,
Sr. Sec’d. Notes, 144A 		4.375 02/15/27   75 56,478
LifePoint Health, Inc.,
Gtd. Notes, 144A 		5.375 01/15/29   750 365,967
Prime Healthcare Services, Inc.,
Sr. Sec’d. Notes, 144A 		7.250 11/01/25   300 279,946
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc.,
Gtd. Notes, 144A 		9.750 12/01/26   200 149,856
Tenet Healthcare Corp.,          
Sr. Sec’d. Notes 4.250 06/01/29   1,075 965,297
Sr. Sec’d. Notes 4.375 01/15/30   450 400,974
Sr. Sec’d. Notes, 144A 6.750 05/15/31   150 149,854
Sr. Unsec’d. Notes 6.875 11/15/31   250 243,361
          3,492,089
12
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2023
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Home Builders 3.8%
Ashton Woods USA LLC/Ashton Woods Finance Co.,          
Sr. Unsec’d. Notes, 144A 4.625 % 08/01/29   100  $84,144
Sr. Unsec’d. Notes, 144A 4.625 04/01/30   50 41,483
Beazer Homes USA, Inc.,          
Gtd. Notes 5.875 10/15/27   250 230,250
Gtd. Notes 7.250 10/15/29   423 401,932
Brookfield Residential Properties, Inc./Brookfield
Residential US LLC (Canada), 		         
Gtd. Notes, 144A 4.875 02/15/30   250 189,715
Gtd. Notes, 144A 6.250 09/15/27   145 130,554
Century Communities, Inc.,          
Gtd. Notes 6.750 06/01/27   25 24,976
Gtd. Notes, 144A 3.875 08/15/29   225 192,973
Forestar Group, Inc.,          
Gtd. Notes, 144A 3.850 05/15/26   100 92,155
Gtd. Notes, 144A 5.000 03/01/28   75 68,625
KB Home,          
Gtd. Notes 4.000 06/15/31   75 64,041
Gtd. Notes 4.800 11/15/29   250 227,747
Gtd. Notes 7.250 07/15/30   25 25,390
M/I Homes, Inc.,          
Gtd. Notes 3.950 02/15/30   150 130,156
Gtd. Notes 4.950 02/01/28   25 23,338
Mattamy Group Corp. (Canada),          
Sr. Unsec’d. Notes, 144A 4.625 03/01/30   175 150,154
Sr. Unsec’d. Notes, 144A 5.250 12/15/27   250 230,413
Shea Homes LP/Shea Homes Funding Corp.,          
Sr. Unsec’d. Notes 4.750 02/15/28   225 198,544
Sr. Unsec’d. Notes 4.750 04/01/29   50 43,701
     
 
STL Holding Co. LLC,
Sr. Unsec’d. Notes, 144A 		7.500 02/15/26   200 180,461
Taylor Morrison Communities, Inc.,          
Gtd. Notes, 144A 5.875 06/15/27   250 243,740
Sr. Unsec’d. Notes, 144A 5.125 08/01/30   310 288,259
Tri Pointe Homes, Inc.,          
Gtd. Notes 5.250 06/01/27   75 71,125
Gtd. Notes 5.700 06/15/28   15 14,442
          3,348,318
13
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2023
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Home Furnishings 0.2%
Tempur Sealy International, Inc.,
Gtd. Notes, 144A 		4.000 % 04/15/29   200  $170,143
Household Products/Wares 0.4%
ACCO Brands Corp.,
Gtd. Notes, 144A 		4.250 03/15/29   250 210,681
Kronos Acquisition Holdings, Inc./KIK Custom
Products, Inc. (Canada), 		         
Gtd. Notes, 144A 7.000 12/31/27   125 106,875
Sr. Sec’d. Notes, 144A 5.000 12/31/26   25 22,813
          340,369
Housewares 0.7%
Scotts Miracle-Gro Co. (The),          
Gtd. Notes 4.000 04/01/31   250 197,702
Gtd. Notes 4.375 02/01/32   100 79,954
     
 
SWF Escrow Issuer Corp.,
Sr. Unsec’d. Notes, 144A 		6.500 10/01/29   525 313,217
          590,873
Insurance 0.1%
BroadStreet Partners, Inc.,
Sr. Unsec’d. Notes, 144A (original cost $139,972; purchased 04/14/21 - 02/15/23)(f) 		5.875 04/15/29   150 129,481
Internet 0.4%
Gen Digital, Inc.,
Sr. Unsec’d. Notes, 144A 		5.000 04/15/25   140 136,844
Go Daddy Operating Co. LLC/GD Finance Co., Inc.,
Gtd. Notes, 144A 		3.500 03/01/29   245 212,492
          349,336
Iron/Steel 0.4%
Big River Steel LLC/BRS Finance Corp.,
Sr. Sec’d. Notes, 144A 		6.625 01/31/29   116 115,155
14
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2023
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Iron/Steel (cont’d.)
Cleveland-Cliffs, Inc.,
Gtd. Notes, 144A 		6.750 % 04/15/30   125  $118,101
Commercial Metals Co.,
Sr. Unsec’d. Notes 		4.375 03/15/32   100 85,710
          318,966
Leisure Time 2.0%
Lindblad Expeditions Holdings, Inc.,
Sr. Sec’d. Notes, 144A 		9.000 05/15/28   75 74,785
NCL Corp. Ltd.,          
Gtd. Notes, 144A 5.875 03/15/26   275 250,250
Sr. Sec’d. Notes, 144A 5.875 02/15/27   100 95,247
Sr. Sec’d. Notes, 144A 8.375 02/01/28   75 77,430
     
 
NCL Finance Ltd.,
Gtd. Notes, 144A 		6.125 03/15/28   150 127,875
Royal Caribbean Cruises Ltd.,          
Gtd. Notes, 144A 7.250 01/15/30   75 75,422
Gtd. Notes, 144A 9.250 01/15/29   175 185,491
Sr. Sec’d. Notes, 144A 8.250 01/15/29   325 341,458
Sr. Unsec’d. Notes, 144A 5.375 07/15/27   25 23,125
Sr. Unsec’d. Notes, 144A 5.500 04/01/28   150 137,437
Sr. Unsec’d. Notes, 144A 11.625 08/15/27   175 189,766
     
 
Viking Cruises Ltd.,
Gtd. Notes, 144A 		5.875 09/15/27   25 21,969
Viking Ocean Cruises Ship VII Ltd.,
Sr. Sec’d. Notes, 144A 		5.625 02/15/29   125 108,750
Vista Outdoor, Inc.,
Gtd. Notes, 144A 		4.500 03/15/29   50 41,174
          1,750,179
Lodging 1.4%
Hilton Domestic Operating Co., Inc.,
Gtd. Notes, 144A 		3.625 02/15/32   280 232,134
MGM Resorts International,          
Gtd. Notes 4.625 09/01/26   75 70,837
Gtd. Notes 4.750 10/15/28   350 318,747
Gtd. Notes 5.500 04/15/27   300 287,257
15
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2023
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Lodging (cont’d.)
     
 
Wynn Macau Ltd. (Macau),
Sr. Unsec’d. Notes, 144A 		5.625 % 08/26/28   400  $337,000
          1,245,975
Machinery-Construction & Mining 0.3%
Terex Corp.,
Gtd. Notes, 144A 		5.000 05/15/29   250 230,323
Machinery-Diversified 1.1%
Chart Industries, Inc.,          
Gtd. Notes, 144A 9.500 01/01/31   125 130,720
Sr. Sec’d. Notes, 144A 7.500 01/01/30   125 126,291
     
 
GrafTech Finance, Inc.,
Sr. Sec’d. Notes, 144A 		4.625 12/15/28   190 151,892
Maxim Crane Works Holdings Capital LLC,
Sec’d. Notes, 144A (original cost $396,817; purchased 09/24/18 - 07/14/21)(f) 		10.125 08/01/24   382 382,417
TK Elevator US Newco, Inc. (Germany),
Sr. Sec’d. Notes, 144A 		5.250 07/15/27   250 229,630
          1,020,950
Media 7.9%
AMC Networks, Inc.,
Gtd. Notes 		5.000 04/01/24   160 157,674
CCO Holdings LLC/CCO Holdings Capital Corp.,          
Sr. Unsec’d. Notes 4.500 05/01/32   872 685,064
Sr. Unsec’d. Notes, 144A 4.250 02/01/31   775 621,225
Sr. Unsec’d. Notes, 144A 4.250 01/15/34   250 184,920
Sr. Unsec’d. Notes, 144A 4.500 06/01/33   575 438,952
Sr. Unsec’d. Notes, 144A 4.750 02/01/32   100 80,261
Sr. Unsec’d. Notes, 144A 5.000 02/01/28   50 45,447
Sr. Unsec’d. Notes, 144A 5.125 05/01/27   25 23,207
Sr. Unsec’d. Notes, 144A 5.375 06/01/29   100 89,865
Sr. Unsec’d. Notes, 144A 5.500 05/01/26   175 171,345
CSC Holdings LLC,          
Gtd. Notes, 144A 3.375 02/15/31   200 136,708
Gtd. Notes, 144A 4.125 12/01/30   200 138,762
Gtd. Notes, 144A 4.500 11/15/31   200 138,969
16
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2023
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Media (cont’d.)
CSC Holdings LLC, (cont’d.)          
Gtd. Notes, 144A 5.375 % 02/01/28   680  $536,673
Gtd. Notes, 144A 5.500 04/15/27   200 163,231
Sr. Unsec’d. Notes, 144A 5.750 01/15/30   500 219,517
Diamond Sports Group LLC/Diamond Sports Finance
Co., 		         
Gtd. Notes, 144A 6.625 08/15/27(d)   1,251 35,430
Sec’d. Notes, 144A 5.375 08/15/26(d)   1,235 51,257
DISH DBS Corp.,          
Gtd. Notes 5.125 06/01/29   555 251,034
Gtd. Notes 7.375 07/01/28   480 247,200
Gtd. Notes 7.750 07/01/26   309 176,982
     
 
DISH Network Corp.,
Sr. Sec’d. Notes, 144A 		11.750 11/15/27   275 264,422
Gray Television, Inc.,          
Gtd. Notes, 144A 5.875 07/15/26   285 245,574
Gtd. Notes, 144A 7.000 05/15/27   75 61,929
     
 
iHeartCommunications, Inc.,
Sr. Sec’d. Notes 		6.375 05/01/26   300 227,784
News Corp.,
Sr. Unsec’d. Notes, 144A 		3.875 05/15/29   25 21,960
Nexstar Media, Inc.,          
Gtd. Notes, 144A 4.750 11/01/28   25 21,111
Gtd. Notes, 144A 5.625 07/15/27   150 137,624
Radiate Holdco LLC/Radiate Finance, Inc.,          
Sr. Sec’d. Notes, 144A 4.500 09/15/26   225 173,317
Sr. Unsec’d. Notes, 144A 6.500 09/15/28   590 297,006
     
 
Sinclair Television Group, Inc.,
Gtd. Notes, 144A 		5.125 02/15/27   225 184,226
Univision Communications, Inc.,          
Sr. Sec’d. Notes, 144A 4.500 05/01/29   175 146,850
Sr. Sec’d. Notes, 144A 5.125 02/15/25   215 209,146
Sr. Sec’d. Notes, 144A 6.625 06/01/27   325 308,117
     
 
VZ Secured Financing BV (Netherlands),
Sr. Sec’d. Notes, 144A 		5.000 01/15/32   250 198,795
          7,091,584
17
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2023
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Mining 1.1%
Eldorado Gold Corp. (Turkey),
Sr. Unsec’d. Notes, 144A 		6.250 % 09/01/29   175  $157,062
First Quantum Minerals Ltd. (Zambia),
Gtd. Notes, 144A 		8.625 06/01/31   200 198,520
Hecla Mining Co.,
Gtd. Notes 		7.250 02/15/28   75 73,938
Hudbay Minerals, Inc. (Canada),          
Gtd. Notes, 144A 4.500 04/01/26   50 45,831
Gtd. Notes, 144A 6.125 04/01/29   285 257,569
     
 
New Gold, Inc. (Canada),
Gtd. Notes, 144A 		7.500 07/15/27   170 159,501
Novelis Corp.,
Gtd. Notes, 144A 		3.875 08/15/31   100 81,971
          974,392
Miscellaneous Manufacturing 0.2%
Amsted Industries, Inc.,
Sr. Unsec’d. Notes, 144A 		4.625 05/15/30   235 211,827
Oil & Gas 8.0%
Aethon United BR LP/Aethon United Finance Corp.,
Sr. Unsec’d. Notes, 144A 		8.250 02/15/26   125 121,059
Alta Mesa Holdings LP/Alta Mesa Finance Services Corp.,
Gtd. Notes^ 		7.875 12/15/24(d)   310 2,108
Antero Resources Corp.,
Gtd. Notes, 144A 		5.375 03/01/30   325 298,877
Ascent Resources Utica Holdings LLC/ARU Finance
Corp., 		         
Gtd. Notes, 144A 7.000 11/01/26   300 287,285
Gtd. Notes, 144A 9.000 11/01/27   112 138,594
Sr. Unsec’d. Notes, 144A 8.250 12/31/28   27 26,096
     
 
Athabasca Oil Corp. (Canada),
Sec’d. Notes, 144A 		9.750 11/01/26   212 221,275
Chesapeake Energy Corp.,          
Gtd. Notes, 144A 5.875 02/01/29   500 471,011
Gtd. Notes, 144A 6.750 04/15/29   50 48,911
     
 
CITGO Petroleum Corp.,
Sr. Sec’d. Notes, 144A 		7.000 06/15/25   275 270,159
18
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2023
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Oil & Gas (cont’d.)
     
CNX Resources Corp.,
Gtd. Notes, 144A 		7.250 % 03/14/27   324  $319,416
Comstock Resources, Inc.,          
Gtd. Notes, 144A 5.875 01/15/30   50 41,844
Gtd. Notes, 144A 6.750 03/01/29   125 109,016
     
 
Crescent Energy Finance LLC,
Sr. Unsec’d. Notes, 144A 		9.250 02/15/28   100 96,753
CrownRock LP/CrownRock Finance, Inc.,          
Sr. Unsec’d. Notes, 144A 5.000 05/01/29   25 23,445
Sr. Unsec’d. Notes, 144A 5.625 10/15/25   25 24,608
     
 
Endeavor Energy Resources LP/EER Finance, Inc.,
Sr. Unsec’d. Notes, 144A 		5.750 01/30/28   325 321,853
Hilcorp Energy I LP/Hilcorp Finance Co.,          
Sr. Unsec’d. Notes, 144A 5.750 02/01/29   125 112,639
Sr. Unsec’d. Notes, 144A 6.000 04/15/30   300 271,062
Sr. Unsec’d. Notes, 144A 6.000 02/01/31   325 289,188
Sr. Unsec’d. Notes, 144A 6.250 11/01/28   50 46,911
Sr. Unsec’d. Notes, 144A 6.250 04/15/32   100 89,725
     
 
MEG Energy Corp. (Canada),
Gtd. Notes, 144A 		5.875 02/01/29   250 236,047
Nabors Industries Ltd.,          
Gtd. Notes, 144A 7.250 01/15/26   125 114,063
Gtd. Notes, 144A 7.500 01/15/28   325 278,687
     
 
Nabors Industries, Inc.,
Gtd. Notes 		5.750 02/01/25   275 262,630
Noble Finance II LLC,
Gtd. Notes, 144A 		8.000 04/15/30   25 25,340
Occidental Petroleum Corp.,          
Sr. Unsec’d. Notes 6.625 09/01/30   500 521,148
Sr. Unsec’d. Notes 6.950 07/01/24   91 91,923
Sr. Unsec’d. Notes 7.150 05/15/28   50 52,006
Parkland Corp. (Canada),          
Gtd. Notes, 144A 4.500 10/01/29   225 195,660
Gtd. Notes, 144A 4.625 05/01/30   200 172,380
Precision Drilling Corp. (Canada),          
Gtd. Notes, 144A 6.875 01/15/29   25 22,531
Gtd. Notes, 144A 7.125 01/15/26   75 73,820
Range Resources Corp.,          
Gtd. Notes 4.875 05/15/25   250 246,341
19
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2023
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Oil & Gas (cont’d.)
Range Resources Corp., (cont’d.)          
Gtd. Notes, 144A 4.750 % 02/15/30   145  $131,325
Southwestern Energy Co.,          
Gtd. Notes 4.750 02/01/32   550 475,914
Gtd. Notes 5.375 02/01/29   25 23,272
Gtd. Notes 5.375 03/15/30   125 114,963
Sunoco LP/Sunoco Finance Corp.,          
Gtd. Notes 4.500 05/15/29   200 178,199
Gtd. Notes 4.500 04/30/30   75 65,736
Gtd. Notes 5.875 03/15/28   100 96,332
     
 
Transocean, Inc.,
Gtd. Notes, 144A 		7.250 11/01/25   85 79,900
Valaris Ltd.,
Sec’d. Notes, 144A 		8.375 04/30/30   50 49,875
          7,139,927
Packaging & Containers 1.9%
ARD Finance SA (Luxembourg),
Sr. Sec’d. Notes, 144A, Cash coupon 6.500% or PIK 7.250% 		6.500 06/30/27   200 154,894
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC,
Sr. Unsec’d. Notes, 144A 		4.000 09/01/29   200 156,604
Graham Packaging Co., Inc.,
Gtd. Notes, 144A 		7.125 08/15/28   85 72,098
Intelligent Packaging Holdco Issuer LP (Canada),
Sr. Unsec’d. Notes, 144A, Cash coupon 9.000% or PIK 9.750% 		9.000 01/15/26   75 54,281
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC (Canada),
Sr. Sec’d. Notes, 144A 		6.000 09/15/28   275 225,409
LABL, Inc.,          
Sr. Sec’d. Notes, 144A 5.875 11/01/28   175 157,539
Sr. Sec’d. Notes, 144A 9.500 11/01/28   50 50,244
Sr. Unsec’d. Notes, 144A 8.250 11/01/29   125 101,975
Sr. Unsec’d. Notes, 144A 10.500 07/15/27   150 139,384
     
 
Mauser Packaging Solutions Holding Co.,
Sr. Sec’d. Notes, 144A 		7.875 08/15/26   100 99,110
20
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2023
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Packaging & Containers (cont’d.)
     
OI European Group BV,
Gtd. Notes, 144A 		4.750 % 02/15/30   50  $45,031
Owens-Brockway Glass Container, Inc.,          
Gtd. Notes, 144A 6.375 08/15/25   50 50,416
Gtd. Notes, 144A 6.625 05/13/27   25 24,962
Gtd. Notes, 144A 7.250 05/15/31   75 76,324
     
 
Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer, Inc.,
Sr. Sec’d. Notes, 144A 		4.375 10/15/28   50 43,528
Sealed Air Corp./Sealed Air Corp. US,
Gtd. Notes, 144A 		6.125 02/01/28   25 24,768
Trident TPI Holdings, Inc.,
Gtd. Notes, 144A 		12.750 12/31/28   150 153,932
TriMas Corp.,
Gtd. Notes, 144A 		4.125 04/15/29   50 44,328
          1,674,827
Pharmaceuticals 2.4%
AdaptHealth LLC,          
Gtd. Notes, 144A 4.625 08/01/29   175 134,826
Gtd. Notes, 144A 5.125 03/01/30   200 155,576
Gtd. Notes, 144A 6.125 08/01/28   145 121,943
     
 
Bausch Health Americas, Inc.,
Gtd. Notes, 144A 		8.500 01/31/27   400 211,283
Bausch Health Cos., Inc.,          
Gtd. Notes, 144A 6.250 02/15/29   1,665 732,600
Sr. Sec’d. Notes, 144A 4.875 06/01/28   50 29,995
     
 
Jazz Securities DAC,
Sr. Sec’d. Notes, 144A 		4.375 01/15/29   200 178,356
Organon & Co./Organon Foreign Debt Co-Issuer BV,
Sr. Unsec’d. Notes, 144A 		5.125 04/30/31   600 509,073
P&L Development LLC/PLD Finance Corp.,
Sr. Sec’d. Notes, 144A 		7.750 11/15/25   125 99,633
          2,173,285
21
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2023
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Pipelines 2.9%
Antero Midstream Partners LP/Antero Midstream
Finance Corp., 		         
Gtd. Notes, 144A 5.375 % 06/15/29   75  $68,939
Gtd. Notes, 144A 5.750 03/01/27   285 273,383
Gtd. Notes, 144A 5.750 01/15/28   125 118,983
Gtd. Notes, 144A 7.875 05/15/26   100 101,629
Cheniere Energy Partners LP,          
Gtd. Notes 4.000 03/01/31   150 132,072
Gtd. Notes 4.500 10/01/29   25 23,038
     
 
Cheniere Energy, Inc.,
Sr. Unsec’d. Notes 		4.625 10/15/28   300 281,988
CNX Midstream Partners LP,
Gtd. Notes, 144A 		4.750 04/15/30   25 20,799
DCP Midstream Operating LP,
Gtd. Notes 		5.625 07/15/27   20 20,160
Energy Transfer LP,
Jr. Sub. Notes, Series G 		7.125(ff) 05/15/30(oo)   50 42,282
EQM Midstream Partners LP,          
Sr. Unsec’d. Notes 5.500 07/15/28   25 23,449
Sr. Unsec’d. Notes, 144A 6.000 07/01/25   45 44,557
Sr. Unsec’d. Notes, 144A 6.500 07/01/27   70 68,528
Sr. Unsec’d. Notes, 144A 7.500 06/01/27   100 100,485
Sr. Unsec’d. Notes, 144A 7.500 06/01/30   150 150,774
     
 
Global Partners LP/GLP Finance Corp.,
Gtd. Notes 		6.875 01/15/29   175 161,001
Rockies Express Pipeline LLC,          
Sr. Unsec’d. Notes, 144A 6.875 04/15/40   75 64,529
Sr. Unsec’d. Notes, 144A 7.500 07/15/38   125 113,841
Tallgrass Energy Partners LP/Tallgrass Energy
Finance Corp., 		         
Gtd. Notes, 144A 5.500 01/15/28   125 112,684
Gtd. Notes, 144A 6.000 03/01/27   134 125,888
Gtd. Notes, 144A 6.000 12/31/30   100 86,788
Gtd. Notes, 144A 6.000 09/01/31   50 42,791
Gtd. Notes, 144A 7.500 10/01/25   100 100,098
Venture Global Calcasieu Pass LLC,          
Sr. Sec’d. Notes, 144A 3.875 08/15/29   265 231,179
Sr. Sec’d. Notes, 144A 4.125 08/15/31   50 43,034
22
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2023
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Pipelines (cont’d.)
     
 
Western Midstream Operating LP,
Sr. Unsec’d. Notes 		3.950 % 06/01/25   25  $24,045
          2,576,944
Real Estate 1.2%
Five Point Operating Co. LP/Five Point Capital Corp.,
Gtd. Notes, 144A 		7.875 11/15/25   302 267,552
Howard Hughes Corp. (The),          
Gtd. Notes, 144A 4.125 02/01/29   150 122,569
Gtd. Notes, 144A 4.375 02/01/31   250 199,495
Gtd. Notes, 144A 5.375 08/01/28   80 71,267
     
 
Hunt Cos., Inc.,
Sr. Sec’d. Notes, 144A 		5.250 04/15/29   325 249,020
Realogy Group LLC/Realogy Co-Issuer Corp.,          
Gtd. Notes, 144A 5.250 04/15/30   175 121,616
Gtd. Notes, 144A 5.750 01/15/29   50 36,170
          1,067,689
Real Estate Investment Trusts (REITs) 1.3%
Diversified Healthcare Trust,          
Gtd. Notes 4.375 03/01/31   250 179,042
Gtd. Notes 9.750 06/15/25   215 208,207
Sr. Unsec’d. Notes 4.750 05/01/24   200 182,399
Sr. Unsec’d. Notes 4.750 02/15/28   225 153,040
MPT Operating Partnership LP/MPT Finance Corp.,          
Gtd. Notes 3.500 03/15/31   150 101,246
Gtd. Notes 4.625 08/01/29   125 93,519
Gtd. Notes 5.000 10/15/27   50 41,096
     
 
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer,
Sr. Sec’d. Notes, 144A 		7.500 06/01/25   196 196,209
          1,154,758
Retail 4.7%
1011778 BC ULC/New Red Finance, Inc. (Canada),          
Sec’d. Notes, 144A 4.000 10/15/30   400 344,008
Sec’d. Notes, 144A 4.375 01/15/28   100 91,625
23
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2023
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Retail (cont’d.)
1011778 BC ULC/New Red Finance, Inc. (Canada), (cont’d.)          
Sr. Sec’d. Notes, 144A 3.875 % 01/15/28   300   $274,335
     
 
Arko Corp.,
Gtd. Notes, 144A 		5.125 11/15/29   75 58,932
At Home Group, Inc.,          
Gtd. Notes, 144A 7.125 07/15/29   126 120,072
Sr. Sec’d. Notes, 144A 4.875 07/15/28   50 28,494
     
 
BCPE Ulysses Intermediate, Inc.,
Sr. Unsec’d. Notes, 144A, Cash coupon 7.750% or PIK 8.500% 		7.750 04/01/27   25 21,519
Carrols Restaurant Group, Inc.,
Gtd. Notes, 144A 		5.875 07/01/29   100 83,353
eG Global Finance PLC (United Kingdom),          
Sr. Sec’d. Notes, 144A 6.750 02/07/25   400 383,464
Sr. Sec’d. Notes, 144A 8.500 10/30/25   200 192,846
Ferrellgas LP/Ferrellgas Finance Corp.,          
Sr. Unsec’d. Notes, 144A (original cost $23,188; purchased 08/04/22)(f) 5.375 04/01/26   25 22,802
Sr. Unsec’d. Notes, 144A (original cost $66,625; purchased 08/02/22 - 08/15/22)(f) 5.875 04/01/29   75 62,524
Fertitta Entertainment LLC/Fertitta Entertainment
Finance Co., Inc., 		         
Gtd. Notes, 144A 6.750 01/15/30   450 365,176
Sr. Sec’d. Notes, 144A 4.625 01/15/29   100 86,924
     
 
Foundation Building Materials, Inc.,
Gtd. Notes, 144A 		6.000 03/01/29   200 160,692
Gap, Inc. (The),          
Gtd. Notes, 144A 3.625 10/01/29   100 70,656
Gtd. Notes, 144A 3.875 10/01/31   325 224,540
     
 
LBM Acquisition LLC,
Gtd. Notes, 144A 		6.250 01/15/29   130 102,961
LCM Investments Holdings II LLC,
Sr. Unsec’d. Notes, 144A 		4.875 05/01/29   225 188,592
Park River Holdings, Inc.,          
Gtd. Notes, 144A 5.625 02/01/29   150 111,644
Sr. Unsec’d. Notes, 144A 6.750 08/01/29   50 37,429
Patrick Industries, Inc.,          
Gtd. Notes, 144A 4.750 05/01/29   75 64,146
Gtd. Notes, 144A 7.500 10/15/27   75 72,510
24
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2023
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Retail (cont’d.)
     
 
SRS Distribution, Inc.,
Gtd. Notes, 144A 		6.000 % 12/01/29   200  $165,277
Suburban Propane Partners LP/Suburban Energy
Finance Corp., 		         
Sr. Unsec’d. Notes 5.875 03/01/27   125 120,599
Sr. Unsec’d. Notes, 144A 5.000 06/01/31   400 340,684
     
 
Superior Plus LP/Superior General Partner, Inc. (Canada),
Gtd. Notes, 144A 		4.500 03/15/29   325 285,701
White Cap Buyer LLC,
Sr. Unsec’d. Notes, 144A 		6.875 10/15/28   175 151,990
          4,233,495
Software 0.6%
Black Knight InfoServ LLC,
Gtd. Notes, 144A 		3.625 09/01/28   250 224,629
Boxer Parent Co., Inc.,
Sr. Sec’d. Notes, 144A 		7.125 10/02/25   50 50,141
Camelot Finance SA,
Sr. Sec’d. Notes, 144A 		4.500 11/01/26   150 139,875
Clarivate Science Holdings Corp.,
Gtd. Notes, 144A 		4.875 07/01/29   100 85,882
          500,527
Telecommunications 3.6%
Altice France SA (France),
Sr. Sec’d. Notes, 144A 		8.125 02/01/27   600 515,250
Digicel Group Holdings Ltd. (Jamaica),
Sr. Unsec’d. Notes, 144A, Cash coupon 5.000% and PIK 3.000% 		8.000 04/01/25   206 80,525
Digicel International Finance Ltd./Digicel
International Holdings Ltd. (Jamaica), 		         
Gtd. Notes, 144A 8.000 12/31/26   200 43,000
Gtd. Notes, 144A, Cash coupon 6.000% and PIK 7.000% 13.000 12/31/25   372 253,249
Sr. Sec’d. Notes, 144A 8.750 05/25/24   250 228,813
     
 
Digicel Ltd. (Jamaica),
Gtd. Notes, 144A 		6.750 07/01/23   525 99,750
25
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2023
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Telecommunications (cont’d.)
     
Iliad Holding SASU (France),
Sr. Sec’d. Notes, 144A 		7.000 % 10/15/28   400  $371,500
Intelsat Jackson Holdings SA (Luxembourg),          
Gtd. Notes^ 5.500 08/01/23(d)   490 —
Gtd. Notes, 144A^ 8.500 10/15/24(d)   25 —
Gtd. Notes, 144A^ 9.750 07/15/25(d)   295 —
Sr. Sec’d. Notes, 144A 6.500 03/15/30   350 321,965
     
 
Level 3 Financing, Inc.,
Gtd. Notes, 144A 		4.250 07/01/28   600 337,167
Sprint Capital Corp.,
Gtd. Notes 		8.750 03/15/32   125 151,777
Sprint LLC,
Gtd. Notes 		7.625 03/01/26   250 261,732
Viasat, Inc.,
Sr. Unsec’d. Notes, 144A 		5.625 09/15/25   340 326,772
Zayo Group Holdings, Inc.,          
Sr. Sec’d. Notes, 144A 4.000 03/01/27   125 87,517
Sr. Unsec’d. Notes, 144A(a) 6.125 03/01/28   150 90,446
          3,169,463
Transportation 0.1%
XPO Escrow Sub LLC,
Gtd. Notes, 144A 		7.500 11/15/27   25 25,735
XPO, Inc.,
Gtd. Notes, 144A 		7.125 06/01/31   25 24,768
          50,503
Trucking & Leasing 0.1%
Fortress Transportation & Infrastructure Investors LLC,
Gtd. Notes, 144A 		5.500 05/01/28   125 112,196
     
 
Total Corporate Bonds
(cost $89,717,061) 		77,018,651
26
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2023
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Floating Rate and Other Loans 2.2%
Airlines 0.2%
United Airlines, Inc.,
Class B Term Loan, 1 Month LIBOR + 3.750% 		8.888 %(c) 04/21/28   152  $150,556
Chemicals 0.2%
Venator Materials LLC,          
DIP Loan, 1 Month SOFR + 10.000% 15.068(c) 12/31/23   62 61,908
Initial Term Loan 9.360 08/08/24   135 77,625
          139,533
Electric 0.0%
Heritage Power LLC,
Term Loan B, 3 Month LIBOR + 5.000% 		12.500(c) 07/30/26   140 41,728
Insurance 0.3%
Acrisure LLC,
2021-1 Additional Term Loan, 1 Month LIBOR + 3.750% 		8.904(c) 02/15/27   100 93,125
Asurion LLC,
New B-4 Term Loan, 1 Month LIBOR + 5.250% 		10.404(c) 01/20/29   225 183,415
          276,540
Media 0.2%
Diamond Sports Group LLC,          
First Lien Term Loan, 1 Month SOFR + 8.100% 12.479(c) 05/25/26   139 104,279
Second Lien Term Loan 9.360 08/24/26   437 21,181
     
 
Radiate Holdco LLC,
Amendment No. 6 Term Loan, 1 Month LIBOR + 3.250% 		8.404(c) 09/25/26   89 73,635
          199,095
27
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2023
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Floating Rate and Other Loans (Continued)
Retail 0.1%
EG America LLC (United Kingdom),
Project Becker Additional Facility, 1 Month SOFR + 4.364% 		9.414 %(c) 03/31/26   30  $28,826
Great Outdoors Group LLC,
Term B-2 Loan, 1 Month LIBOR + 3.750% 		8.904(c) 03/06/28   49 47,404
          76,230
Software 0.6%
Boxer Parent Co., Inc.,
Second Lien Incremental Term Loan, 1 Month LIBOR + 5.500% 		10.654(c) 02/27/26   50 48,172
Finastra USA, Inc.,
First Lien Dollar Term Loan, 2 Month LIBOR + 3.500% 		8.655(c) 06/13/24   363 344,088
Skillsoft Finance II, Inc.,
Initial Term Loan, 1 Month SOFR + 5.364% 		10.419(c) 07/14/28   193 163,498
          555,758
Telecommunications 0.6%
Digicel International Finance Ltd. (Jamaica),
First Lien Initial Term B Loan, 1 Month LIBOR + 3.250% 		8.410(c) 05/27/24   20 18,177
Intrado Corp.,
Initial Term Loan, 3 Month SOFR + 4.000% 		9.045(c) 01/31/30   80 78,020
Xplornet Communications, Inc. (Canada),          
First Lien Refinancing Term Loan, 1 Month LIBOR + 4.000% 9.154(c) 10/02/28   421 337,421
Initial Term Loan- Second Lien, 1 Month LIBOR + 7.000%^ 12.154(c) 10/01/29   150 87,000
          520,618
     
 
Total Floating Rate and Other Loans
(cost $2,254,216) 		1,960,058
U.S. Treasury Obligations 2.0%
U.S. Treasury Notes 2.500 03/31/27   475 451,213
U.S. Treasury Notes(k) 2.625 05/31/27   165 157,227
28
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2023
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
U.S. Treasury Obligations (Continued)
U.S. Treasury Notes 3.000 % 07/31/24   1,200  $1,172,250
     
 
Total U.S. Treasury Obligations
(cost $1,826,500) 		1,780,690
    
      Shares  
Common Stocks 1.0%
Chemicals 0.2%
TPC Group, Inc.*^       6,118 122,360
Gas Utilities 0.1%
Ferrellgas Partners LP (Class B Stock) (original cost $102,501; purchased 09/24/18 - 09/26/19)^(f)       728 91,780
Oil, Gas & Consumable Fuels 0.5%
Chesapeake Energy Corp.       5,963 448,716
Wireless Telecommunication Services 0.2%
Intelsat Emergence SA (Luxembourg)*       7,625 199,013
     
 
Total Common Stocks
(cost $688,086) 		861,869
Preferred Stock 0.7%
Gas Utilities 
Ferrellgas Escrow LLC, 8.956%, Maturing 03/30/31 (original cost $590,708; purchased 05/15/21 - 02/09/22)^(f)
(cost $591,417) 		      600 600,000
    
      Units  
Rights* 0.0%
Wireless Telecommunication Services 
Intelsat Jackson Holdings SA, Series A (Luxembourg), CVR, expiring 12/05/25^       797 7,596
29
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2023
Description     Units Value
Rights* (Continued)
Wireless Telecommunication Services (cont’d.)
Intelsat Jackson Holdings SA, Series B (Luxembourg), CVR, expiring 12/05/25^       797  $1,578
     
 
Total Rights
(cost $0) 		9,174
 
Total Long-Term Investments
(cost $98,787,792) 		85,936,490
    
      Shares  
Short-Term Investments 2.0%
Affiliated Mutual Funds           
PGIM Core Government Money Market Fund(wi)     1,731,951 1,731,951
PGIM Institutional Money Market Fund
(cost $34,261; includes $33,668 of cash collateral for securities on loan)(b)(wi) 		    34,290 34,266
     
 
 
Total Short-Term Investments
(cost $1,766,212) 		1,766,217
 
TOTAL INVESTMENTS 98.3%
(cost $100,554,004) 		87,702,707
Other assets in excess of liabilities(z) 1.7% 1,494,434
 
Net Assets 100.0% $89,197,141
Below is a list of the abbreviation(s) used in the quarterly schedule of portfolio holdings:
    
  GBP—British Pound
    
  144A—Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, pursuant to the requirements of Rule 144A, may not be resold except to qualified institutional buyers.
  BNP—BNP Paribas S.A.
  BOA—Bank of America, N.A.
  CLO—Collateralized Loan Obligation
  CVR—Contingent Value Rights
  DAC—Designated Activity Company
  DIP—Debtor-In-Possession
  iBoxx—Bond Market Indices
  JPM—JPMorgan Chase Bank N.A.
  LIBOR—London Interbank Offered Rate
  LP—Limited Partnership
  OTC—Over-the-counter
30
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2023
  PIK—Payment-in-Kind
  Q—Quarterly payment frequency for swaps
  REITs—Real Estate Investment Trust
  SOFR—Secured Overnight Financing Rate
  T—Swap payment upon termination
    
* Non-income producing security.
# Principal amount is shown in U.S. dollars unless otherwise stated.
^ Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $912,422 and 1.0% 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 $34,042; cash collateral of $33,668 (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, or portion thereof, 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 May 31, 2023.
(d) Represents issuer in default on interest payments and/or principal repayment. Non-income producing security. Such securities may be post-maturity.
(f) Indicates a restricted security that is acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer and is considered restricted as to disposition under federal securities law; the aggregate original cost of such securities is $1,523,899. The aggregate value of $1,475,165 is 1.7% of net assets.
(ff) Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.
(k) Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives.
(oo) Perpetual security. Maturity date represents next call date.
(wi) PGIM Investments LLC, the manager of the Fund, also serves as manager of the PGIM Core Government Money Market Fund and PGIM Institutional Money Market Fund, if applicable.
(z) Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:
Futures contracts outstanding at May 31, 2023:
Number
of
Contracts 		  Type   Expiration
Date 		  Current
Notional
Amount 		  Value /
Unrealized
Appreciation
(Depreciation)
Long Positions:
16   2 Year U.S. Treasury Notes   Sep. 2023    $3,293,250    $(10,990)
50   5 Year U.S. Treasury Notes   Sep. 2023   5,453,906   (30,263)
1   10 Year U.S. Treasury Notes   Sep. 2023   114,469   218
1   30 Year U.S. Ultra Treasury Bonds   Sep. 2023   136,875   1,902
                $(39,133)
31
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2023
Forward foreign currency exchange contracts outstanding at May 31, 2023:
Purchase
Contracts 		  Counterparty   Notional
Amount
(000) 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
OTC Forward Foreign Currency Exchange Contracts:
British Pound,
Expiring 06/02/23   JPM   GBP 89    $110,140    $110,711    $571    $—
    
Sale
Contracts 		  Counterparty   Notional
Amount
(000) 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
OTC Forward Foreign Currency Exchange Contracts:
British Pound,
Expiring 06/02/23   BOA   GBP 89    $110,882    $110,711    $171    $—
Expiring 07/05/23   JPM   GBP 89   110,214   110,795   —   (581)
              $221,096   $221,506   171   (581)
                      $742   $(581)
Total return swap agreements outstanding at May 31, 2023:
Reference Entity   Financing
Rate 		  Counterparty   Termination
Date 		  Long (Short)
Notional
Amount
(000)#(1) 		  Fair
Value 		  Upfront
Premiums
Paid
(Received) 		  Unrealized
Appreciation
(Depreciation)(2)
OTC Total Return Swap Agreements:
iBoxx US Dollar Liquid Investment Grade Index(T)   1 Day SOFR(Q)/ 5.080%   BNP   06/20/23   (1,463)    $26,122    $1,089    $25,033
iBoxx US Dollar Liquid Investment Grade Index(T)   1 Day SOFR(Q)/ 5.080%   BNP   09/20/23   (1,463)   25,153   3,555   21,598
                    $51,275   $4,644   $46,631
(1) On a long total return swap, the Fund receives payments for any positive return on the reference entity (makes payments for any negative return) and pays the financing rate. On a short total return swap, the Fund makes payments for any positive return on the reference entity (receives payments for any negative return) and receives the financing rate.
(2) Upfront/recurring fees or commissions, as applicable, are included in the net unrealized appreciation (depreciation).
Other information regarding the Fund is available in the Fund’s most recent Report to Shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).
32