NPORT-EX 2 467963PRU05312023.htm
PGIM Total Return Bond ETF
Schedule of Investments  (unaudited)
as of May 31, 2023
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Long-Term Investments 98.8%
Asset-Backed Securities 22.4%
Automobiles 0.6%
Ford Credit Auto Owner Trust,
Series 2023-01, Class C, 144A 		5.580 % 08/15/35   100  $100,193
Hertz Vehicle Financing III LLC,          
Series 2022-01A, Class C, 144A 2.630 06/25/26   100 91,730
Series 2023-01A, Class B, 144A 6.220 06/25/27   100 100,160
OneMain Direct Auto Receivables Trust,          
Series 2023-01A, Class B, 144A 5.810 02/14/31   200 200,326
Series 2023-01A, Class C, 144A 6.140 02/14/31   100 100,321
          592,730
Collateralized Loan Obligations 21.0%
AIG CLO Ltd. (Cayman Islands),
Series 2019-02A, Class AR, 144A, 3 Month LIBOR + 1.100% (Cap N/A, Floor 1.100%) 		6.355(c) 10/25/33   750 744,036
AlbaCore Euro CLO (Ireland),
Series 04A, Class B1, 144A, 3 Month EURIBOR + 2.600% (Cap N/A, Floor 2.600%) 		5.777(c) 07/15/35 EUR 500 524,119
Anchorage Capital CLO Ltd. (Cayman Islands),
Series 2022-25A, Class A1, 144A, 3 Month SOFR + 1.390% (Cap N/A, Floor 1.390%) 		6.438(c) 04/20/35   500 489,311
Apidos CLO Ltd. (Jersey),
Series 2023-44A, Class A1, 144A, 3 Month SOFR + 2.000% (Cap N/A, Floor 2.000%) 		7.057(c) 04/26/35   750 748,384
Atlas Senior Loan Fund Ltd. (Cayman Islands),
Series 2019-14A, Class AR, 144A, 3 Month LIBOR + 1.160% (Cap N/A, Floor 1.160%) 		6.410(c) 07/20/32   500 493,027
Avoca Capital CLO Ltd. (Ireland),
Series 10A, Class B1, 144A, 3 Month EURIBOR + 1.350% (Cap N/A, Floor 1.350%) 		4.527(c) 04/15/35 EUR 250 252,092
Bain Capital Credit CLO Ltd. (Cayman Islands),
Series 2022-01A, Class A1, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) 		6.302(c) 04/18/35   250 244,369
Balboa Bay Loan Funding Ltd. (Cayman Islands),
Series 2021-02A, Class A1, 144A, 3 Month LIBOR + 1.170% (Cap N/A, Floor 1.170%) 		6.420(c) 01/20/35   500 487,726
Ballyrock CLO Ltd. (Cayman Islands),
Series 2020-02A, Class A1R, 144A, 3 Month LIBOR + 1.010% (Cap N/A, Floor 1.010%) 		6.260(c) 10/20/31   250 246,409
1
PGIM Total Return Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2023
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Asset-Backed Securities (Continued)
Collateralized Loan Obligations (cont’d.)
Barings CLO Ltd. (Cayman Islands),
Series 2020-02A, Class AR, 144A, 3 Month LIBOR + 1.010% (Cap N/A, Floor 1.010%) 		6.270 %(c) 10/15/33   250  $246,955
Battalion CLO Ltd. (Cayman Islands),          
Series 2016-10A, Class A1R2, 144A, 3 Month LIBOR + 1.170% (Cap N/A, Floor 1.170%) 6.443(c) 01/25/35   750 731,115
Series 2018-12A, Class A1, 144A, 3 Month LIBOR + 1.070% (Cap N/A, Floor 1.070%) 6.400(c) 05/17/31   495 486,968
     
 
Benefit Street Partners CLO Ltd. (Cayman Islands),
Series 2013-03A, Class A1R2, 144A, 3 Month LIBOR + 1.000% (Cap N/A, Floor 1.000%) 		6.250(c) 07/20/29   75 74,666
Canyon Capital CLO Ltd. (Cayman Islands),
Series 2022-01A, Class A, 144A, 3 Month SOFR + 1.330% (Cap N/A, Floor 1.330%) 		6.312(c) 04/15/35   292 283,992
Carlyle CLO Ltd. (Cayman Islands),
Series C17A, Class A1AR, 144A, 3 Month LIBOR + 1.030% (Cap N/A, Floor 0.000%) 		6.329(c) 04/30/31   250 247,130
Carlyle Global Market Strategies CLO Ltd. (Cayman Islands),
Series 2014-01A, Class A1R2, 144A, 3 Month LIBOR + 0.970% (Cap N/A, Floor 0.970%) 		6.230(c) 04/17/31   249 246,194
Carlyle US CLO Ltd. (Cayman Islands),
Series 2021-11A, Class A, 144A, 3 Month LIBOR + 1.095% (Cap N/A, Floor 1.095%) 		6.350(c) 01/25/33   500 492,055
CarVal CLO Ltd. (Jersey),
Series 2023-01A, Class A1, 144A, 3 Month SOFR + 2.200% (Cap N/A, Floor 2.200%) 		6.883(c) 01/20/35   500 498,105
Cordatus CLO PLC (Ireland),
Series 23A, Class B1, 144A, 3 Month EURIBOR + 2.300% (Cap N/A, Floor 2.300%) 		5.561(c) 04/25/36 EUR 250 260,443
Crown City CLO (Cayman Islands),
Series 2020-02A, Class A1AR, 144A, 3 Month SOFR + 1.340% (Cap N/A, Floor 1.340%) 		6.388(c) 04/20/35   250 243,128
Crown Point CLO Ltd. (Cayman Islands),
Series 2021-11A, Class A, 144A, 3 Month LIBOR + 1.120% (Cap N/A, Floor 1.120%) 		6.380(c) 01/17/34   500 488,425
Elevation CLO Ltd. (Cayman Islands),
Series 2018-03A, Class A1R, 144A, 3 Month LIBOR + 1.210% (Cap N/A, Floor 1.210%) 		6.465(c) 01/25/35   500 487,308
2
PGIM Total Return Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2023
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Asset-Backed Securities (Continued)
Collateralized Loan Obligations (cont’d.)
     
Generate CLO Ltd. (Cayman Islands),
Series 4A, Class A1R, 144A, 3 Month LIBOR + 1.090% (Cap N/A, Floor 0.000%) 		6.340 %(c) 04/20/32   250  $247,284
Greenwood Park CLO Ltd. (Cayman Islands),
Series 2018-01A, Class A2, 144A, 3 Month LIBOR + 1.010% (Cap N/A, Floor 0.000%) 		6.270(c) 04/15/31   250 246,916
Greywolf CLO Ltd. (Cayman Islands),
Series 2018-01A, Class A1, 144A, 3 Month SOFR + 1.290% (Cap N/A, Floor 0.000%) 		6.358(c) 04/26/31   330 325,267
Grosvenor Place CLO DAC (Ireland),
Series 22-1A, Class A, 144A, 3 Month EURIBOR + 2.000% (Cap N/A, Floor 2.000%) 		5.412(c) 11/24/35 EUR 750 796,594
HPS Loan Management Ltd. (Cayman Islands),
Series 10A-16, Class A1RR, 144A, 3 Month LIBOR + 1.140% (Cap N/A, Floor 1.140%) 		6.390(c) 04/20/34   300 292,866
ICG US CLO Ltd. (Cayman Islands),          
Series 2014-03A, Class A1RR, 144A, 3 Month LIBOR + 1.030% (Cap N/A, Floor 0.000%) 6.285(c) 04/25/31   249 246,236
Series 2015-02RA, Class A1, 144A, 3 Month LIBOR + 1.370% (Cap N/A, Floor 1.370%) 6.630(c) 01/16/33   250 246,123
KKR CLO Ltd. (Cayman Islands),          
Series 11, Class AR, 144A, 3 Month LIBOR + 1.180% (Cap N/A, Floor 1.180%) 6.440(c) 01/15/31   242 239,032
Series 33A, Class A, 144A, 3 Month LIBOR + 1.170% (Cap N/A, Floor 1.170%) 6.420(c) 07/20/34   500 489,006
     
 
Madison Park Euro Funding (Ireland),
Series 14A, Class A1R, 144A, 3 Month EURIBOR + 0.800% (Cap N/A, Floor 0.800%) 		3.977(c) 07/15/32 EUR 250 260,124
Madison Park Funding Ltd. (Cayman Islands),
Series 2021-38A, Class A, 144A, 3 Month LIBOR + 1.120% (Cap N/A, Floor 1.120%) 		6.380(c) 07/17/34   250 243,622
OCP CLO Ltd. (Cayman Islands),
Series 2015-09A, Class A1R2, 144A, 3 Month SOFR + 1.250% (Cap N/A, Floor 1.250%) 		6.236(c) 01/15/33   250 244,924
OFSI BSL Ltd. (Cayman Islands),
Series 2022-11A, Class A1, 144A, 3 Month SOFR + 2.100% (Cap N/A, Floor 2.100%) 		7.082(c) 07/18/31   500 499,897
OZLM Ltd. (Cayman Islands),
Series 2018-18A, Class A, 144A, 3 Month LIBOR + 1.020% (Cap N/A, Floor 1.020%) 		6.280(c) 04/15/31   250 245,676
3
PGIM Total Return Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2023
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 2015-01A, Class A2R4, 144A, 3 Month LIBOR + 1.700% (Cap N/A, Floor 1.700%) 7.079 %(c) 05/21/34   465  $454,791
Series 2018-02A, Class A1A, 144A, 3 Month LIBOR + 1.100% (Cap N/A, Floor 0.000%) 6.360(c) 07/16/31   500 496,788
     
 
Palmer Square European CLO DAC (Ireland),
Series 22-2A, Class A1, 144A, 3 Month EURIBOR + 2.200% (Cap N/A, Floor 2.200%) 		4.642(c) 01/15/36 EUR 250 267,605
Park Avenue Institutional Advisers CLO Ltd.
(Cayman Islands), 		         
Series 2018-01A, Class A1AR, 144A, 3 Month LIBOR + 1.000% (Cap N/A, Floor 1.000%) 6.250(c) 10/20/31   250 246,342
Series 2019-02A, Class A1R, 144A, 3 Month LIBOR + 1.180% (Cap N/A, Floor 1.180%) 6.440(c) 10/15/34   500 487,583
     
 
Regatta Funding Ltd. (Cayman Islands),
Series 2021-04A, Class A1, 144A, 3 Month LIBOR + 1.150% (Cap N/A, Floor 1.150%) 		6.400(c) 01/20/35   750 731,091
Rockford Tower CLO Ltd.,
Series 2022-02A, Class A1, 144A, 3 Month SOFR + 2.000% (Cap N/A, Floor 2.000%) 		7.048(c) 07/20/33   750 750,248
TCW CLO Ltd. (Cayman Islands),
Series 2019-02A, Class A1R, 144A, 3 Month SOFR + 1.280% (Cap N/A, Floor 1.280%) 		6.328(c) 10/20/32   250 245,796
Tikehau US CLO Ltd. (Bermuda),
Series 2023-01A, Class A1, 144A 		—(p) 07/15/34   750 750,000
Trinitas CLO Ltd. (Cayman Islands),
Series 2016-05A, Class ARR, 144A, 3 Month LIBOR + 1.030% (Cap N/A, Floor 1.030%) 		6.285(c) 10/25/28   19 18,794
Trinitas Euro CLO (Ireland),
Series 02A, Class CR, 144A, 3 Month EURIBOR + 3.750% (Cap N/A, Floor 3.750%) 		6.927(c) 04/15/35 EUR 500 524,238
TSTAT Ltd.,
Series 2022-01A, Class A1, 144A, 3 Month SOFR + 2.300% (Cap N/A, Floor 2.300%) 		7.348(c) 07/20/31   470 470,815
Venture CLO Ltd. (Cayman Islands),
Series 2021-43A, Class A1, 144A, 3 Month LIBOR + 1.240% (Cap N/A, Floor 1.240%) 		6.500(c) 04/15/34   250 242,379
          19,325,994
4
PGIM Total Return Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2023
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Asset-Backed Securities (Continued)
Consumer Loans 0.8%
Mariner Finance Issuance Trust,
Series 2020-AA, Class A, 144A 		2.190 % 08/21/34   150  $144,217
OneMain Financial Issuance Trust,
Series 2023-01A, Class A, 144A 		5.500 06/14/38   400 397,711
Oportun Issuance Trust,
Series 2022-02, Class A, 144A 		5.940 10/09/29   87 86,869
Regional Management Issuance Trust,
Series 2022-01, Class A, 144A 		3.070 03/15/32   100 93,257
          722,054
     
 
Total Asset-Backed Securities
(cost $20,760,539) 		20,640,778
Commercial Mortgage-Backed Securities 9.9%
BANK,          
Series 2021-BN35, Class A4 2.031 06/15/64   500 399,586
Series 2021-BN38, Class A4 2.275 12/15/64   250 202,255
     
 
Bank of America Merrill Lynch Commercial Mortgage Trust,
Series 2017-BNK03, Class XB, IO 		0.585(cc) 02/15/50   8,410 165,252
Barclays Commercial Mortgage Securities Trust,
Series 2020-C07, Class XB, IO 		0.986(cc) 04/15/53   1,019 59,411
Benchmark Mortgage Trust,          
Series 2020-B19, Class A1 0.628 09/15/53   315 297,756
Series 2023-V02, Class A3 5.812 05/15/55   500 510,444
BX Commercial Mortgage Trust,          
Series 2019-XL, Class F, 144A, 1 Month SOFR + 2.114% (Cap N/A, Floor 2.114%) 7.174(c) 10/15/36   255 248,244
Series 2019-XL, Class J, 144A, 1 Month SOFR + 2.764% (Cap N/A, Floor 2.764%) 7.824(c) 10/15/36   340 327,755
Series 2021-CIP, Class E, 144A, 1 Month LIBOR + 2.820% (Cap N/A, Floor 2.820%) 7.927(c) 12/15/38   150 141,330
     
 
BXP Trust,
Series 2021-601L, Class A, 144A 		2.618 01/15/44   250 191,666
CCUBS Commercial Mortgage Trust,
Series 2017-C01, Class A3 		3.283(cc) 11/15/50   1,200 1,095,187
Citigroup Commercial Mortgage Trust,
Series 2019-GC43, Class A3 		2.782 11/10/52   500 428,333
5
PGIM Total Return Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2023
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Commercial Mortgage-Backed Securities (Continued)
     
Commercial Mortgage Trust,
Series 2014-UBS04, Class A5 		3.694 % 08/10/47   1,000  $965,765
Credit Suisse Mortgage Trust,
Series 2014-USA, Class A2, 144A 		3.953 09/15/37   250 214,403
CSAIL Commercial Mortgage Trust,
Series 2019-C16, Class A2 		3.067 06/15/52   232 205,566
GS Mortgage Securities Corp. Trust,
Series 2021-IP, Class E, 144A, 1 Month LIBOR + 3.550% (Cap N/A, Floor 3.550%) 		8.657(c) 10/15/36   180 158,798
GS Mortgage Securities Trust,          
Series 2021-GSA03, Class A4 2.369 12/15/54   200 162,512
Series 2021-GSA03, Class XB, IO 0.624(cc) 12/15/54   2,000 88,910
     
 
JPMorgan Chase Commercial Mortgage Securities Trust,
Series 2021-NYAH, Class F, 144A, 1 Month LIBOR + 2.190% (Cap N/A, Floor 2.190%) 		7.297(c) 06/15/38   374 336,558
MHC Commercial Mortgage Trust,
Series 2021-MHC, Class F, 144A, 1 Month SOFR + 2.715% (Cap N/A, Floor 2.715%) 		7.774(c) 04/15/38   369 354,083
Morgan Stanley Capital I Trust,          
Series 2016-BNK02, Class A3 2.791 11/15/49   1,000 914,427
Series 2019-L02, Class A3 3.806 03/15/52   325 303,092
Series 2020-HR08, Class A3 1.790 07/15/53   365 292,394
     
 
MSWF Commercial Mortgage Trust,
Series 2023-01, Class A2 		6.451 05/15/28   500 514,887
ONE Mortgage Trust,
Series 2021-PARK, Class E, 144A, 1 Month SOFR + 1.864% (Cap N/A, Floor 1.864%) 		6.923(c) 03/15/36   120 106,871
One New York Plaza Trust,          
Series 2020-01NYP, Class AJ, 144A, 1 Month LIBOR + 1.250% (Cap N/A, Floor 1.250%) 6.357(c) 01/15/36   310 287,958
Series 2020-01NYP, Class B, 144A, 1 Month LIBOR + 1.500% (Cap N/A, Floor 1.500%) 6.607(c) 01/15/36   175 159,670
     
 
Total Commercial Mortgage-Backed Securities
(cost $9,625,925) 		9,133,113
Corporate Bonds 33.9%
Aerospace & Defense 0.4%
Boeing Co. (The),          
Sr. Unsec’d. Notes 3.300 03/01/35   190 148,151
6
PGIM Total Return 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.)
Boeing Co. (The), (cont’d.)          
Sr. Unsec’d. Notes 3.900 % 05/01/49   180   $134,986
     
 
Bombardier, Inc. (Canada),
Sr. Unsec’d. Notes, 144A 		7.875 04/15/27   75 73,847
          356,984
Agriculture 0.9%
Altria Group, Inc.,
Gtd. Notes 		2.450 02/04/32   245 191,847
BAT International Finance PLC (United Kingdom),          
Gtd. Notes 4.448 03/16/28   120 113,781
Gtd. Notes, 144A 3.950 06/15/25   105 101,567
     
 
Philip Morris International, Inc.,
Sr. Unsec’d. Notes 		5.125 02/15/30   450 445,187
          852,382
Airlines 0.2%
Southwest Airlines Co.,
Sr. Unsec’d. Notes 		5.125 06/15/27   140 139,384
Apparel 0.1%
Kontoor Brands, Inc.,
Gtd. Notes, 144A 		4.125 11/15/29   50 41,867
Wolverine World Wide, Inc.,
Gtd. Notes, 144A 		4.000 08/15/29   50 39,861
          81,728
Auto Manufacturers 0.9%
Ford Motor Co.,          
Sr. Unsec’d. Notes 4.750 01/15/43   50 36,892
Sr. Unsec’d. Notes 6.100 08/19/32   255 239,582
     
 
Ford Motor Credit Co. LLC,
Sr. Unsec’d. Notes 		4.271 01/09/27   200 183,620
7
PGIM Total Return 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 Manufacturers (cont’d.)
     
General Motors Co.,
Sr. Unsec’d. Notes 		6.250 % 10/02/43   150  $141,692
General Motors Financial Co., Inc.,
Sr. Unsec’d. Notes 		5.000 04/09/27   180 176,761
          778,547
Banks 8.1%
Bank Gospodarstwa Krajowego (Poland),
Gov’t. Gtd. Notes, 144A, MTN 		5.375 05/22/33   200 199,750
Bank of America Corp.,          
Sr. Unsec’d. Notes 5.288(ff) 04/25/34   235 233,574
Sr. Unsec’d. Notes, Series N 2.651(ff) 03/11/32   1,120 925,315
     
 
Barclays PLC (United Kingdom),
Sr. Unsec’d. Notes 		5.829(ff) 05/09/27   340 338,961
BNP Paribas SA (France),
Sr. Unsec’d. Notes, 144A 		1.323(ff) 01/13/27   415 370,701
Citigroup, Inc.,          
Jr. Sub. Notes 3.875(ff) 02/18/26(oo)   40 33,366
Sr. Unsec’d. Notes 2.666(ff) 01/29/31   990 841,353
Sub. Notes 6.174(ff) 05/25/34   70 70,999
     
 
Credit Suisse Group AG (Switzerland),
Sr. Unsec’d. Notes, 144A 		6.537(ff) 08/12/33   270 272,975
Deutsche Bank AG (Germany),
Sr. Unsec’d. Notes 		2.311(ff) 11/16/27   310 266,292
Goldman Sachs Group, Inc. (The),          
Jr. Sub. Notes, Series V 4.125(ff) 11/10/26(oo)   55 44,886
Sr. Unsec’d. Notes 4.223(ff) 05/01/29   735 696,573
JPMorgan Chase & Co.,          
Jr. Sub. Notes, Series HH 4.600(ff) 02/01/25(oo)   125 115,816
Sr. Unsec’d. Notes 2.739(ff) 10/15/30   1,210 1,049,360
Morgan Stanley,          
Sr. Unsec’d. Notes 6.342(ff) 10/18/33   25 26,794
Sr. Unsec’d. Notes, GMTN 2.699(ff) 01/22/31   520 444,837
Sr. Unsec’d. Notes, MTN 2.943(ff) 01/21/33   450 375,878
Sub. Notes, GMTN 4.350 09/08/26   195 190,124
     
 
Societe Generale SA (France),
Sr. Unsec’d. Notes, 144A 		2.797(ff) 01/19/28   195 172,966
UBS Group AG (Switzerland),
Sr. Unsec’d. Notes, 144A, SOFR + 1.580% 		6.671(c) 05/12/26   200 200,118
8
PGIM Total Return Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2023
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Banks (cont’d.)
Wells Fargo & Co.,          
Sr. Unsec’d. Notes 5.389 %(ff) 04/24/34   125  $124,972
Sr. Unsec’d. Notes, MTN 2.879(ff) 10/30/30   260 224,899
Sr. Unsec’d. Notes, MTN 4.808(ff) 07/25/28   295 290,721
          7,511,230
Beverages 0.0%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium),
Gtd. Notes 		4.900 02/01/46   40 37,699
Biotechnology 0.3%
Amgen, Inc.,
Sr. Unsec’d. Notes 		5.600 03/02/43   290 287,334
Building Materials 0.7%
Fortune Brands Innovations, Inc.,
Sr. Unsec’d. Notes 		3.250 09/15/29   175 152,726
Griffon Corp.,
Gtd. Notes 		5.750 03/01/28   48 44,461
JELD-WEN, Inc.,
Gtd. Notes, 144A 		4.625 12/15/25   100 96,520
Masco Corp.,
Sr. Unsec’d. Notes 		3.500 11/15/27   230 217,265
Smyrna Ready Mix Concrete LLC,
Sr. Sec’d. Notes, 144A 		6.000 11/01/28   75 69,890
Standard Industries, Inc.,
Sr. Unsec’d. Notes, 144A 		4.375 07/15/30   75 63,591
          644,453
Chemicals 0.6%
CF Industries, Inc.,
Gtd. Notes 		5.150 03/15/34   130 123,309
Chemours Co. (The),
Gtd. Notes 		5.375 05/15/27   50 46,076
FMC Corp.,
Sr. Unsec’d. Notes 		5.150 05/18/26   140 138,636
9
PGIM Total Return 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 (cont’d.)
Nutrien Ltd. (Canada),
Sr. Unsec’d. Notes 		4.900 % 03/27/28   55  $54,486
RPM International, Inc.,
Sr. Unsec’d. Notes 		2.950 01/15/32   20 16,022
Sasol Financing USA LLC (South Africa),
Gtd. Notes 		5.875 03/27/24   200 196,787
          575,316
Commercial Services 1.2%
Allied Universal Holdco LLC/Allied Universal Finance Corp.,
Sr. Sec’d. Notes, 144A 		6.625 07/15/26   125 117,199
ERAC USA Finance LLC,          
Gtd. Notes, 144A 3.300 12/01/26   160 150,608
Gtd. Notes, 144A 4.900 05/01/33   355 348,905
     
 
Herc Holdings, Inc.,
Gtd. Notes, 144A 		5.500 07/15/27   75 71,224
Metis Merger Sub LLC,
Sr. Unsec’d. Notes, 144A 		6.500 05/15/29   75 62,947
Nexi SpA (Italy),
Sr. Unsec’d. Notes 		2.125 04/30/29 EUR 252 226,257
RELX Capital, Inc. (United Kingdom),
Gtd. Notes 		4.750 05/20/32   30 29,401
Thomas Jefferson University,
Sec’d. Notes 		3.847 11/01/57   25 18,096
United Rentals North America, Inc.,
Gtd. Notes 		3.750 01/15/32   50 41,725
Washington University (The),
Sr. Unsec’d. Notes 		4.349 04/15/2122   80 65,447
          1,131,809
Computers 0.6%
Leidos, Inc.,
Gtd. Notes 		4.375 05/15/30   500 456,213
NCR Corp.,
Gtd. Notes, 144A 		6.125 09/01/29   50 49,595
          505,808
10
PGIM Total Return Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2023
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Distribution/Wholesale 0.1%
H&E Equipment Services, Inc.,
Gtd. Notes, 144A 		3.875 % 12/15/28   100  $85,855
Diversified Financial Services 0.6%
Cantor Fitzgerald LP,
Sr. Unsec’d. Notes, 144A 		4.875 05/01/24   165 161,326
Jefferies Financial Group, Inc.,
Sr. Unsec’d. Notes 		2.625 10/15/31   120 93,388
LFS Topco LLC,
Gtd. Notes, 144A 		5.875 10/15/26   25 21,784
OneMain Finance Corp.,
Gtd. Notes 		6.875 03/15/25   25 24,107
Power Finance Corp. Ltd. (India),
Sr. Unsec’d. Notes, 144A, MTN 		6.150 12/06/28   200 205,162
          505,767
Electric 1.6%
AEP Texas, Inc.,
Sr. Unsec’d. Notes 		5.400 06/01/33   225 225,921
Calpine Corp.,          
Sr. Sec’d. Notes, 144A 3.750 03/01/31   75 61,208
Sr. Unsec’d. Notes, 144A 5.000 02/01/31   50 40,297
     
 
Comision Federal de Electricidad (Mexico),
Gtd. Notes, 144A 		4.688 05/15/29   200 178,413
Edison International,
Sr. Unsec’d. Notes 		5.250 11/15/28   130 128,316
Eskom Holdings SOC Ltd. (South Africa),
Sr. Unsec’d. Notes, 144A, MTN 		6.750 08/06/23   200 197,725
NRG Energy, Inc.,          
Gtd. Notes, 144A 3.375 02/15/29   50 41,217
Gtd. Notes, 144A 3.875 02/15/32   50 38,876
     
 
Pacific Gas & Electric Co.,
First Mortgage 		4.500 07/01/40   110 85,335
Puget Energy, Inc.,
Sr. Sec’d. Notes 		4.224 03/15/32   145 131,802
Sempra Energy,
Jr. Sub. Notes 		4.125(ff) 04/01/52   120 97,031
Southern California Edison Co.,          
First Mortgage 3.450 02/01/52   30 21,345
11
PGIM Total Return 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.)
Southern California Edison Co., (cont’d.)          
First Mortgage 5.300 % 03/01/28   110   $112,008
     
 
Southern Co. (The),
Jr. Sub. Notes 		5.113 08/01/27   40 39,881
Vistra Corp.,
Jr. Sub. Notes, 144A 		7.000(ff) 12/15/26(oo)   25 22,010
Vistra Operations Co. LLC,
Gtd. Notes, 144A 		4.375 05/01/29   50 43,744
          1,465,129
Electronics 0.1%
Likewize Corp.,
Sr. Sec’d. Notes, 144A (original cost $50,125; purchased 04/12/22)(f) 		9.750 10/15/25   50 46,540
Engineering & Construction 0.2%
Mexico City Airport Trust (Mexico),
Sr. Sec’d. Notes, 144A 		4.250 10/31/26   200 191,250
Entertainment 0.4%
Caesars Entertainment, Inc.,
Sr. Sec’d. Notes, 144A 		7.000 02/15/30   75 75,252
Golden Entertainment, Inc.,
Sr. Unsec’d. Notes, 144A 		7.625 04/15/26   50 50,033
Penn Entertainment, Inc.,
Sr. Unsec’d. Notes, 144A 		4.125 07/01/29   50 40,371
Warnermedia Holdings, Inc.,          
Gtd. Notes 5.050 03/15/42   95 76,865
Gtd. Notes 5.141 03/15/52   155 121,050
          363,571
Foods 0.6%
B&G Foods, Inc.,
Gtd. Notes 		5.250 04/01/25   50 47,134
Bellis Finco PLC (United Kingdom),
Gtd. Notes 		4.000 02/16/27 GBP 218 203,349
Chobani LLC/Chobani Finance Corp., Inc.,
Gtd. Notes, 144A 		7.500 04/15/25   25 24,842
12
PGIM Total Return Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2023
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Foods (cont’d.)
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.,
Gtd. Notes, 144A 		5.125 % 02/01/28   45  $43,259
Lamb Weston Holdings, Inc.,          
Gtd. Notes, 144A 4.125 01/31/30   25 22,321
Gtd. Notes, 144A 4.375 01/31/32   25 22,207
     
 
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
Post Holdings, Inc.,
Sr. Unsec’d. Notes, 144A 		4.500 09/15/31   75 63,574
          564,018
Gas 0.1%
NiSource, Inc.,
Sr. Unsec’d. Notes 		5.250 03/30/28   40 40,302
Piedmont Natural Gas Co., Inc.,
Sr. Unsec’d. Notes 		5.050 05/15/52   75 68,179
          108,481
Healthcare-Products 0.3%
Avantor Funding, Inc.,
Gtd. Notes 		3.875 07/15/28 EUR 192 188,455
Medline Borrower LP,          
Sr. Sec’d. Notes, 144A 3.875 04/01/29   25 21,601
Sr. Unsec’d. Notes, 144A 5.250 10/01/29   25 21,479
          231,535
Healthcare-Services 1.6%
DaVita, Inc.,
Gtd. Notes, 144A 		4.625 06/01/30   150 128,680
Inova Health System Foundation,
Unsec’d. Notes 		4.068 05/15/52   250 211,527
Legacy LifePoint Health LLC,
Sr. Sec’d. Notes, 144A 		4.375 02/15/27   75 56,478
13
PGIM Total Return Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2023
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Healthcare-Services (cont’d.)
Nationwide Children’s Hospital, Inc.,
Unsec’d. Notes 		4.556 % 11/01/52   220  $201,726
Presbyterian Healthcare Services,
Unsec’d. Notes 		4.875 08/01/52   150 148,459
Queen’s Health Systems (The),
Sec’d. Notes 		4.810 07/01/52   90 85,279
Tenet Healthcare Corp.,          
Gtd. Notes 6.125 10/01/28   25 23,697
Sr. Sec’d. Notes, 144A 6.750 05/15/31   125 124,878
     
 
UnitedHealth Group, Inc.,
Sr. Unsec’d. Notes 		5.200 04/15/63   455 445,497
          1,426,221
Home Builders 0.4%
Ashton Woods USA LLC/Ashton Woods Finance Co.,
Sr. Unsec’d. Notes, 144A 		4.625 08/01/29   50 42,072
Beazer Homes USA, Inc.,
Gtd. Notes 		7.250 10/15/29   75 71,265
Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada),
Gtd. Notes, 144A 		4.875 02/15/30   75 56,914
Century Communities, Inc.,
Gtd. Notes 		6.750 06/01/27   50 49,952
Empire Communities Corp. (Canada),
Sr. Unsec’d. Notes, 144A 		7.000 12/15/25   50 45,750
Forestar Group, Inc.,
Gtd. Notes, 144A 		3.850 05/15/26   50 46,077
Shea Homes LP/Shea Homes Funding Corp.,
Sr. Unsec’d. Notes 		4.750 04/01/29   50 43,701
          355,731
Housewares 0.0%
Scotts Miracle-Gro Co. (The),
Gtd. Notes 		4.000 04/01/31   50 39,540
Insurance 0.5%
Corebridge Financial, Inc.,
Sr. Unsec’d. Notes 		4.400 04/05/52   100 76,054
14
PGIM Total Return Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2023
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Insurance (cont’d.)
Fairfax Financial Holdings Ltd. (Canada),          
Sr. Unsec’d. Notes 3.375 % 03/03/31   115  $96,438
Sr. Unsec’d. Notes 5.625 08/16/32   135 132,162
     
 
Liberty Mutual Group, Inc.,
Gtd. Notes, 144A 		4.569 02/01/29   165 156,904
          461,558
Internet 0.1%
Gen Digital, Inc.,
Sr. Unsec’d. Notes, 144A 		5.000 04/15/25   125 122,182
Iron/Steel 0.1%
Steel Dynamics, Inc.,
Sr. Unsec’d. Notes 		3.450 04/15/30   120 106,796
Leisure Time 0.0%
Royal Caribbean Cruises Ltd.,
Gtd. Notes, 144A 		7.250 01/15/30   25 25,141
Lodging 0.1%
Marriott International, Inc.,
Sr. Unsec’d. Notes 		4.900 04/15/29   30 29,428
MGM Resorts International,
Gtd. Notes 		4.750 10/15/28   75 68,303
          97,731
Machinery-Diversified 0.2%
Chart Industries, Inc.,
Sr. Sec’d. Notes, 144A 		7.500 01/01/30   50 50,516
Westinghouse Air Brake Technologies Corp.,
Gtd. Notes 		4.950 09/15/28   140 136,294
          186,810
Media 1.1%
CCO Holdings LLC/CCO Holdings Capital Corp.,          
Sr. Unsec’d. Notes 4.500 05/01/32   50 39,281
Sr. Unsec’d. Notes, 144A 4.250 01/15/34   25 18,492
15
PGIM Total Return 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.)
CCO Holdings LLC/CCO Holdings Capital Corp., (cont’d.)          
Sr. Unsec’d. Notes, 144A 4.500 % 06/01/33   100   $76,339
     
 
Charter Communications Operating LLC/Charter Communications Operating Capital,
Sr. Sec’d. Notes 		3.900 06/01/52   400 251,459
CSC Holdings LLC,
Gtd. Notes, 144A 		6.500 02/01/29   400 316,864
Diamond Sports Group LLC/Diamond Sports Finance Co.,
Sec’d. Notes, 144A 		5.375 08/15/26(d)   200 8,301
DISH DBS Corp.,
Gtd. Notes 		5.125 06/01/29   50 22,616
DISH Network Corp.,
Sr. Sec’d. Notes, 144A 		11.750 11/15/27   75 72,115
Gray Television, Inc.,
Gtd. Notes, 144A 		5.875 07/15/26   25 21,542
Virgin Media Secured Finance PLC (United Kingdom),
Sr. Sec’d. Notes 		4.250 01/15/30 GBP 206 195,520
          1,022,529
Mining 0.9%
Freeport-McMoRan, Inc.,
Gtd. Notes 		5.400 11/14/34   135 129,468
Hecla Mining Co.,
Gtd. Notes 		7.250 02/15/28   25 24,646
Indonesia Asahan Aluminium Persero PT (Indonesia),
Sr. Unsec’d. Notes 		4.750 05/15/25   200 196,038
Kinross Gold Corp. (Canada),
Gtd. Notes 		4.500 07/15/27   150 146,046
Newmont Corp.,          
Gtd. Notes 2.250 10/01/30   160 132,701
Gtd. Notes 2.600 07/15/32   265 217,385
          846,284
16
PGIM Total Return Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2023
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Miscellaneous Manufacturing 0.1%
Teledyne Technologies, Inc.,
Gtd. Notes 		2.750 % 04/01/31   115  $97,236
Office/Business Equipment 0.1%
CDW LLC/CDW Finance Corp.,
Gtd. Notes 		2.670 12/01/26   140 125,751
Oil & Gas 2.6%
Aker BP ASA (Norway),          
Gtd. Notes, 144A 2.000 07/15/26   200 180,066
Gtd. Notes, 144A 3.100 07/15/31   200 165,886
     
 
BP Capital Markets America, Inc.,
Gtd. Notes 		4.812 02/13/33   300 296,753
Cenovus Energy, Inc. (Canada),
Sr. Unsec’d. Notes 		3.750 02/15/52   100 68,176
Chesapeake Energy Corp.,
Gtd. Notes, 144A 		5.875 02/01/29   50 47,101
CITGO Petroleum Corp.,
Sr. Sec’d. Notes, 144A 		7.000 06/15/25   75 73,680
ConocoPhillips Co.,
Gtd. Notes 		5.300 05/15/53   115 114,714
Devon Energy Corp.,
Sr. Unsec’d. Notes 		5.875 06/15/28   95 95,095
Ecopetrol SA (Colombia),          
Sr. Unsec’d. Notes 6.875 04/29/30   30 26,719
Sr. Unsec’d. Notes 8.875 01/13/33   100 97,283
     
 
Endeavor Energy Resources LP/EER Finance, Inc.,
Sr. Unsec’d. Notes, 144A 		5.750 01/30/28   75 74,274
Energean Israel Finance Ltd. (Israel),          
Sr. Sec’d. Notes, 144A 4.500 03/30/24   30 29,246
Sr. Sec’d. Notes, 144A 4.875 03/30/26   90 82,648
Sr. Sec’d. Notes, 144A 5.375 03/30/28   40 35,658
     
 
Helmerich & Payne, Inc.,
Sr. Unsec’d. Notes 		2.900 09/29/31   65 52,798
Hilcorp Energy I LP/Hilcorp Finance Co.,          
Sr. Unsec’d. Notes, 144A 6.000 04/15/30   25 22,588
Sr. Unsec’d. Notes, 144A 6.250 04/15/32   75 67,294
Petroleos Mexicanos (Mexico),          
Gtd. Notes 4.750 02/26/29 EUR 100 78,952
17
PGIM Total Return 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.)
Petroleos Mexicanos (Mexico), (cont’d.)          
Gtd. Notes 5.350 % 02/12/28   100  $80,345
Gtd. Notes 6.500 03/13/27   200 172,530
Gtd. Notes 6.500 01/23/29   100 81,331
Gtd. Notes, EMTN 4.875 02/21/28 EUR 130 109,411
     
 
Pioneer Natural Resources Co.,
Sr. Unsec’d. Notes 		2.150 01/15/31   125 102,136
Southwestern Energy Co.,
Gtd. Notes 		4.750 02/01/32   25 21,632
Var Energi ASA (Norway),
Sr. Unsec’d. Notes, 144A 		5.000 05/18/27   200 192,234
          2,368,550
Packaging & Containers 0.3%
AptarGroup, Inc.,
Sr. Unsec’d. Notes 		3.600 03/15/32   140 119,236
Ball Corp.,
Gtd. Notes 		6.000 06/15/29   50 50,066
Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer, Inc.,
Sr. Sec’d. Notes, 144A 		4.375 10/15/28   100 87,056
          256,358
Pharmaceuticals 1.1%
AbbVie, Inc.,
Sr. Unsec’d. Notes 		4.050 11/21/39   265 227,271
Bausch Health Cos., Inc.,
Gtd. Notes, 144A 		6.250 02/15/29   50 22,000
Cigna Group (The),
Sr. Unsec’d. Notes 		3.200 03/15/40   235 178,982
CVS Health Corp.,          
Sr. Unsec’d. Notes 2.700 08/21/40   130 89,731
Sr. Unsec’d. Notes 3.250 08/15/29   225 203,780
     
 
Merck & Co., Inc.,
Sr. Unsec’d. Notes 		2.900 12/10/61   55 35,988
18
PGIM Total Return Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2023
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Pharmaceuticals (cont’d.)
     
Shire Acquisitions Investments Ireland DAC,
Gtd. Notes 		3.200 % 09/23/26   225  $212,145
Viatris, Inc.,
Gtd. Notes 		3.850 06/22/40   125 83,979
          1,053,876
Pipelines 2.1%
Antero Midstream Partners LP/Antero Midstream Finance Corp.,
Gtd. Notes, 144A 		7.875 05/15/26   75 76,222
Energy Transfer LP,          
Jr. Sub. Notes, Series G 7.125(ff) 05/15/30(oo)   85 71,880
Sr. Unsec’d. Notes 5.400 10/01/47   285 244,234
EQM Midstream Partners LP,          
Sr. Unsec’d. Notes, 144A 7.500 06/01/27   25 25,121
Sr. Unsec’d. Notes, 144A 7.500 06/01/30   25 25,129
     
 
Kinder Morgan, Inc.,
Gtd. Notes 		5.450 08/01/52   135 119,856
MPLX LP,          
Sr. Unsec’d. Notes 4.950 03/14/52   55 45,389
Sr. Unsec’d. Notes 5.200 03/01/47   105 90,433
Sr. Unsec’d. Notes 5.650 03/01/53   50 45,708
ONEOK, Inc.,          
Gtd. Notes 4.450 09/01/49   150 111,755
Gtd. Notes 5.200 07/15/48   65 54,183
     
 
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.,
Gtd. Notes, 144A 		5.500 01/15/28   75 67,610
Targa Resources Corp.,          
Gtd. Notes 4.200 02/01/33   40 35,371
Gtd. Notes 6.500 02/15/53   150 146,976
Western Midstream Operating LP,          
Sr. Unsec’d. Notes 4.650 07/01/26   150 144,850
Sr. Unsec’d. Notes 6.150 04/01/33   50 49,882
Williams Cos., Inc. (The),          
Sr. Unsec’d. Notes 2.600 03/15/31   465 384,552
19
PGIM Total Return 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.)
Williams Cos., Inc. (The), (cont’d.)          
Sr. Unsec’d. Notes 5.300 % 08/15/52   145  $131,120
Sr. Unsec’d. Notes 5.400 03/02/26   95 95,790
          1,966,061
Real Estate 0.1%
Greystar Real Estate Partners LLC,
Sr. Sec’d. Notes, 144A 		5.750 12/01/25   30 28,851
Howard Hughes Corp. (The),
Gtd. Notes, 144A 		4.375 02/01/31   50 39,899
          68,750
Real Estate Investment Trusts (REITs) 2.1%
Alexandria Real Estate Equities, Inc.,
Gtd. Notes 		4.750 04/15/35   30 27,954
Brixmor Operating Partnership LP,
Sr. Unsec’d. Notes 		4.050 07/01/30   145 130,883
Corporate Office Properties LP,
Gtd. Notes 		2.750 04/15/31   115 85,655
Crown Castle, Inc.,
Sr. Unsec’d. Notes 		4.800 09/01/28   255 250,856
Diversified Healthcare Trust,
Gtd. Notes 		4.375 03/01/31   75 53,713
Extra Space Storage LP,
Gtd. Notes 		3.900 04/01/29   135 124,607
GLP Capital LP/GLP Financing II, Inc.,          
Gtd. Notes 3.250 01/15/32   55 44,566
Gtd. Notes 5.250 06/01/25   160 156,612
     
 
Kimco Realty OP LLC,
Gtd. Notes 		4.600 02/01/33   90 83,343
MPT Operating Partnership LP/MPT Finance Corp.,
Gtd. Notes 		5.000 10/15/27   150 123,286
Realty Income Corp.,
Sr. Unsec’d. Notes 		4.700 12/15/28   270 263,664
Spirit Realty LP,
Gtd. Notes 		2.700 02/15/32   135 103,891
Sun Communities Operating LP,          
Gtd. Notes 2.300 11/01/28   155 131,457
20
PGIM Total Return Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2023
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Real Estate Investment Trusts (REITs) (cont’d.)
Sun Communities Operating LP, (cont’d.)          
Gtd. Notes 4.200 % 04/15/32   80  $69,904
Gtd. Notes 5.700 01/15/33   45 43,828
     
 
VICI Properties LP,
Sr. Unsec’d. Notes 		4.750 02/15/28   60 57,106
Welltower OP LLC,
Gtd. Notes 		4.250 04/15/28   175 166,464
          1,917,789
Retail 0.6%
1011778 BC ULC/New Red Finance, Inc. (Canada),
Sr. Sec’d. Notes, 144A 		3.500 02/15/29   25 22,070
Advance Auto Parts, Inc.,
Gtd. Notes 		5.900 03/09/26   45 45,576
eG Global Finance PLC (United Kingdom),
Sr. Sec’d. Notes 		6.250 10/30/25 EUR 231 237,510
Gap, Inc. (The),
Gtd. Notes, 144A 		3.875 10/01/31   50 34,545
O’Reilly Automotive, Inc.,          
Sr. Unsec’d. Notes 4.200 04/01/30   35 33,241
Sr. Unsec’d. Notes 4.700 06/15/32   50 48,717
     
 
Sally Holdings LLC/Sally Capital, Inc.,
Gtd. Notes 		5.625 12/01/25   75 73,943
Suburban Propane Partners LP/Suburban Energy Finance Corp.,
Sr. Unsec’d. Notes, 144A 		5.000 06/01/31   50 42,585
          538,187
Semiconductors 0.2%
Broadcom, Inc.,
Sr. Unsec’d. Notes, 144A 		3.137 11/15/35   205 156,221
Intel Corp.,
Sr. Unsec’d. Notes 		5.900 02/10/63   45 44,813
          201,034
21
PGIM Total Return Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2023
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Software 0.3%
Fiserv, Inc.,
Sr. Unsec’d. Notes 		5.450 % 03/02/28   140  $142,171
Oracle Corp.,          
Sr. Unsec’d. Notes 3.600 04/01/50   180 124,215
Sr. Unsec’d. Notes 5.550 02/06/53   50 46,716
          313,102
Telecommunications 1.2%
AT&T, Inc.,          
Sr. Unsec’d. Notes 3.550 09/15/55   275 189,443
Sr. Unsec’d. Notes 5.400 02/15/34   260 260,815
     
 
Level 3 Financing, Inc.,
Sr. Sec’d. Notes, 144A 		3.400 03/01/27   50 39,526
T-Mobile USA, Inc.,          
Gtd. Notes 2.550 02/15/31   450 376,052
Gtd. Notes 3.750 04/15/27   45 42,737
     
 
Verizon Communications, Inc.,
Sr. Unsec’d. Notes 		4.016 12/03/29   235 221,331
          1,129,904
Transportation 0.1%
XPO, Inc.,
Sr. Sec’d. Notes, 144A 		6.250 06/01/28   100 98,500
     
 
Total Corporate Bonds
(cost $34,238,921) 		31,290,441
Municipal Bonds 0.2%
Michigan 0.1%
Michigan State University,
Taxable, Revenue Bonds, Series A 		4.165 08/15/2122   45 35,623
University of Michigan,
Taxable, Revenue Bonds, Series A 		4.454 04/01/2122   100 86,013
          121,636
22
PGIM Total Return Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2023
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Minnesota 0.1%
University of Minnesota,
Taxable, Revenue Bonds 		4.048 % 04/01/52   95  $82,557
     
 
Total Municipal Bonds
(cost $240,000) 		204,193
Residential Mortgage-Backed Securities 3.0%
Bellemeade Re Ltd.,
Series 2019-02A, Class M2, 144A, 1 Month LIBOR + 3.100% (Cap N/A, Floor 3.100%) 		8.238(c) 04/25/29   200 203,600
Citigroup Mortgage Loan Trust,
Series 2022-A, Class A1, 144A 		6.170 09/25/62   95 93,679
Connecticut Avenue Securities Trust,          
Series 2022-R03, Class 1B1, 144A, 30 Day Average SOFR + 6.250% (Cap N/A, Floor 0.000%) 11.223(c) 03/25/42   15 16,001
Series 2022-R04, Class 1B1, 144A, 30 Day Average SOFR + 5.250% (Cap N/A, Floor 0.000%) 10.223(c) 03/25/42   20 20,388
     
 
Credit Suisse Mortgage Trust,
Series 2022-RPL04, Class A1, 144A 		3.904(cc) 04/25/62   93 87,650
FHLMC Structured Agency Credit Risk REMIC Trust,          
Series 2021-DNA01, Class B1, 144A, 30 Day Average SOFR + 2.650% (Cap N/A, Floor 0.000%) 7.623(c) 01/25/51   500 475,011
Series 2021-DNA06, Class M2, 144A, 30 Day Average SOFR + 1.500% (Cap N/A, Floor 0.000%) 6.473(c) 10/25/41   200 194,321
Series 2022-DNA01, Class M1B, 144A, 30 Day Average SOFR + 1.850% (Cap N/A, Floor 0.000%) 6.823(c) 01/25/42   300 289,508
Series 2022-DNA03, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 0.000%) 7.873(c) 04/25/42   310 309,033
Series 2022-DNA06, Class M1B, 144A, 30 Day Average SOFR + 3.700% (Cap N/A, Floor 0.000%) 8.673(c) 09/25/42   600 619,113
PMT Credit Risk Transfer Trust,          
Series 2019-02R, Class A, 144A, 1 Month LIBOR + 2.750% (Cap N/A, Floor 2.750%) 8.910(c) 05/25/25   271 267,087
23
PGIM Total Return Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2023
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Residential Mortgage-Backed Securities (Continued)
PMT Credit Risk Transfer Trust, (cont’d.)          
Series 2023-1R, Class A, 144A, 30 Day Average SOFR + 4.400% (Cap N/A, Floor 0.000%) 9.398 %(c) 03/27/25   196  $195,864
     
 
Total Residential Mortgage-Backed Securities
(cost $2,731,981) 		2,771,255
Sovereign Bonds 1.2%
Brazil Minas SPE via State of Minas Gerais (Brazil),
Gov’t. Gtd. Notes 		5.333 02/15/28   100 97,988
Dominican Republic International Bond (Dominican Republic),
Sr. Unsec’d. Notes, 144A 		5.500 02/22/29   150 139,106
Indonesia Government International Bond
(Indonesia), 		         
Sr. Unsec’d. Notes 0.900 02/14/27 EUR 150 143,279
Sr. Unsec’d. Notes 1.100 03/12/33 EUR 100 78,936
     
 
Romanian Government International Bond (Romania),
Sr. Unsec’d. Notes, EMTN 		1.750 07/13/30 EUR 160 127,873
Serbia International Bond (Serbia),          
Sr. Unsec’d. Notes 3.125 05/15/27 EUR 300 281,949
Sr. Unsec’d. Notes, 144A 6.250 05/26/28   200 198,037
     
 
Ukraine Government International Bond (Ukraine),
Sr. Unsec’d. Notes 		7.750 09/01/26(d)   100 18,550
     
 
Total Sovereign Bonds
(cost $1,296,107) 		1,085,718
U.S. Government Agency Obligations 16.1%
Federal Home Loan Mortgage Corp. 2.500 03/01/51   588 505,725
Federal Home Loan Mortgage Corp. 2.500 04/01/51   487 417,953
Federal Home Loan Mortgage Corp. 3.000 01/01/52   465 412,710
Federal Home Loan Mortgage Corp. 3.000 02/01/52   463 411,033
Federal Home Loan Mortgage Corp. 6.000 08/01/52   120 122,081
Federal National Mortgage Assoc. 1.500 02/01/51   770 601,172
Federal National Mortgage Assoc. 2.000 11/01/50   423 349,468
Federal National Mortgage Assoc. 3.000 12/01/51   456 405,179
Federal National Mortgage Assoc. 3.000 01/01/52   217 192,724
Federal National Mortgage Assoc. 3.000 03/01/52   466 413,429
Federal National Mortgage Assoc. 3.500 02/01/52   899 826,915
Federal National Mortgage Assoc. 4.000 05/01/52   1,170 1,105,359
24
PGIM Total Return Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2023
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
U.S. Government Agency Obligations (Continued)
Federal National Mortgage Assoc. 4.000 % 06/01/52   1,610  $1,521,619
Federal National Mortgage Assoc. 4.500 06/01/52   1,442 1,396,770
Federal National Mortgage Assoc. 5.000 06/01/52   232 228,739
Federal National Mortgage Assoc. 5.000 07/01/52   724 712,877
Federal National Mortgage Assoc. 5.500 11/01/52   970 972,304
Federal National Mortgage Assoc. 6.000 11/01/52   104 105,921
Federal National Mortgage Assoc. 6.000 12/01/52   427 431,622
Federal National Mortgage Assoc. 6.500 06/01/53   113 115,664
Government National Mortgage Assoc. 2.500 09/20/51   1,025 897,228
Government National Mortgage Assoc. 3.000 08/20/51   1,202 1,086,125
Government National Mortgage Assoc. 3.500 12/20/51   473 440,094
Government National Mortgage Assoc. 3.500 03/20/52   470 435,645
Government National Mortgage Assoc. 3.500 06/20/52   491 455,622
Government National Mortgage Assoc. 5.500 09/20/52   241 241,104
     
 
Total U.S. Government Agency Obligations
(cost $15,133,397) 		14,805,082
U.S. Treasury Obligations 12.1%
U.S. Treasury Bonds(k) 2.000 11/15/41   4,210 3,095,008
U.S. Treasury Bonds 2.250 08/15/49   1,215 882,773
U.S. Treasury Bonds 2.250 02/15/52   1,000 721,562
U.S. Treasury Bonds(h) 2.375 02/15/42   3,700 2,894,672
U.S. Treasury Bonds 2.375 11/15/49   1,040 776,750
U.S. Treasury Bonds 3.000 08/15/52   985 837,866
U.S. Treasury Bonds 3.625 02/15/53   170 163,412
U.S. Treasury Bonds 4.000 11/15/52   65 66,869
U.S. Treasury Notes 3.250 06/30/29   820 797,194
U.S. Treasury Strips Coupon(k) 2.391(s) 11/15/41   1,880 875,669
U.S. Treasury Strips Coupon 3.799(s) 02/15/39   170 90,751
     
 
Total U.S. Treasury Obligations
(cost $12,714,003) 		11,202,526
 
Total Long-Term Investments
(cost $96,740,873) 		91,133,106
    
25
PGIM Total Return Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2023
Description     Shares Value
Short-Term Investment 1.8%
Affiliated Mutual Fund           
PGIM Core Government Money Market Fund
(cost $1,656,622)(wj) 		    1,656,622  $1,656,622
 
TOTAL INVESTMENTS 100.6%
(cost $98,397,495) 		92,789,728
Liabilities in excess of other assets(z) (0.6)% (548,978)
 
Net Assets 100.0% $92,240,750
Below is a list of the abbreviation(s) used in the quarterly schedule of portfolio holdings:
    
  EUR—Euro
  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.
  A—Annual payment frequency for swaps
  BOA—Bank of America, N.A.
  CITI—Citibank, N.A.
  CLO—Collateralized Loan Obligation
  DAC—Designated Activity Company
  EMTN—Euro Medium Term Note
  EURIBOR—Euro Interbank Offered Rate
  FHLMC—Federal Home Loan Mortgage Corporation
  GMTN—Global Medium Term Note
  GSI—Goldman Sachs International
  IO—Interest Only (Principal amount represents notional)
  JPM—JPMorgan Chase Bank N.A.
  LIBOR—London Interbank Offered Rate
  LP—Limited Partnership
  MTN—Medium Term Note
  OTC—Over-the-counter
  REITs—Real Estate Investment Trust
  REMIC—Real Estate Mortgage Investment Conduit
  SOFR—Secured Overnight Financing Rate
  SONIA—Sterling Overnight Index Average
  SSB—State Street Bank & Trust Company
  STRIPs—Separate Trading of Registered Interest and Principal of Securities
  T—Swap payment upon termination
  USOIS—United States Overnight Index Swap
    
# 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 May 31, 2023.
(cc) Variable rate instrument. The rate shown is based on the latest available information as of May 31, 2023. 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.
26
PGIM Total Return Bond ETF
Schedule of Investments  (unaudited) (continued)
as of 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 $50,125. The aggregate value of $46,540 is 0.1% 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.
(h) Represents security, or a portion thereof, segregated as collateral for OTC derivatives.
(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.
(p) Represents a security with a delayed settlement and therefore the interest rate is not available until settlement which is after the period end.
(s) Represents zero coupon bond or principal only security. Rate represents yield to maturity at purchase date.
(wj) PGIM Investments LLC, the manager of the Fund, also serves as manager of the PGIM Core Government Money Market Fund.
(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:
28   2 Year U.S. Treasury Notes   Sep. 2023    $5,763,188    $(16,817)
60   5 Year U.S. Treasury Notes   Sep. 2023   6,544,688   (25,403)
43   10 Year U.S. Treasury Notes   Sep. 2023   4,922,156   (5,035)
2   30 Year U.S. Ultra Treasury Bonds   Sep. 2023   273,750   4,009
                (43,246)
Short Positions:
5   5 Year Euro-Bobl   Jun. 2023   631,400   (16,206)
3   10 Year Euro-Bund   Jun. 2023   436,272   (15,318)
11   20 Year U.S. Treasury Bonds   Sep. 2023   1,411,781   (13,938)
                (45,462)
                $(88,708)
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   CITI   GBP 11    $14,279    $14,293    $14    $—
Expiring 06/02/23   JPM   GBP 433   536,449   539,231   2,782   —
27
PGIM Total Return Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2023
Forward foreign currency exchange contracts outstanding at May 31, 2023 (continued):
Purchase
Contracts 		  Counterparty   Notional
Amount
(000) 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Euro,
Expiring 06/02/23   GSI   EUR 4,295    $4,623,431    $4,590,793    $—    $(32,638)
Expiring 06/02/23   SSB   EUR 22   23,243   23,042   —   (201)
              $5,197,402   $5,167,359   2,796   (32,839)
    
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 445    $554,376    $553,524    $852    $—
Expiring 07/05/23   JPM   GBP 433   536,808   539,636   —   (2,828)
Euro,
Expiring 06/02/23   BOA   EUR 4,252   4,687,660   4,545,146   142,514   —
Expiring 06/02/23   BOA   EUR 64   71,064   68,690   2,374   —
Expiring 07/05/23   GSI   EUR 4,295   4,632,390   4,600,315   32,075   —
              $10,482,298   $10,307,311   177,815   (2,828)
                      $180,611   $(35,667)
Interest rate swap agreements outstanding at May 31, 2023:
Notional
Amount
(000)# 		  Termination
Date 		  Fixed
Rate 		  Floating
Rate 		  Value at
Trade Date 		  Value at
May 31,
2023 		  Unrealized
Appreciation
(Depreciation)
Centrally Cleared Interest Rate Swap Agreements:
GBP 140   05/08/27   1.050%(A)   1 Day SONIA(1)(A)/ 4.428 %    $(1,207)    $22,341    $23,548
GBP 120   05/08/32   1.150%(A)   1 Day SONIA(1)(A)/ 4.428 %   7,030   32,764   25,734
  1,272   03/08/25   4.946%(A)   1 Day SOFR(2)(A)/ 5.080%   —   10,770   10,770
  1,696   03/09/25   5.110%(A)   1 Day SOFR(2)(A)/ 5.080%   —   19,676   19,676
                    $5,823   $85,551   $79,728
    
(1) The Fund pays the fixed rate and receives the floating rate.
(2) The Fund pays the floating rate and receives the fixed rate.
    
28
PGIM Total Return Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2023
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:
Total Return Benchmark Bond Index(T)††   1 Day USOIS -54bps(T)/ 4.540%   JPM   09/20/23   (1,775)    $31,659    $—    $31,659
U.S. Treasury Bond(T)   1 Day USOIS +13bps(T)/ 5.210%   JPM   08/02/23   1,185   (38,037)   —   (38,037)
U.S. Treasury Bond(T)   1 Day USOIS +13bps(T)/ 5.210%   JPM   08/10/23   2,325   (60,815)   —   (60,815)
                    $(67,193)   $—   $(67,193)
(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).
†† See the table below for the swap constituents. To the extent that any swap is composed of greater than 50 constituents, the Fund is only required to disclose the top 50.
29
PGIM Total Return Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2023
The following table represents the top 50 individual positions and related values of underlying securities of Total Return Benchmark Bond Index total return swap with JPM, as of May 31, 2023, termination date 09/20/2023:
Corporate Bond:
Reference Entity   Shares   Market
Value 		  % of Total
Index Value
Sysco Corp.   4,000,000    $ 4,495,215   1.52%
United Parcel Service, Inc.   4,000,000   4,197,738   1.42%
Morgan Stanley   4,000,000   4,182,262   1.42%
Northrop Grumman Corp.   4,000,000   4,005,819   1.36%
FedEx Corp.   4,000,000   3,794,868   1.28%
The Walt Disney Co.   4,000,000   3,761,585   1.27%
Conagra Brands, Inc.   4,000,000   3,738,687   1.27%
Keurig Dr Pepper, Inc.   4,000,000   3,733,722   1.26%
Cigna Corp.   4,000,000   3,726,901   1.26%
Fox Corp.   4,000,000   3,689,259   1.25%
Wells Fargo & Co.   4,000,000   3,682,491   1.25%
TransCanada PipeLines Ltd.   4,000,000   3,679,625   1.25%
HCA, Inc.   4,000,000   3,621,930   1.23%
ExxonMobil Corp.   4,000,000   3,604,259   1.22%
Thermo Fisher Scientific, Inc.   4,000,000   3,587,956   1.21%
Bristol-Myers Squibb Co.   4,000,000   3,568,900   1.21%
Eli Lilly and Co.   4,000,000   3,557,885   1.20%
Intel Corp.   4,000,000   3,555,554   1.20%
Telefonica Emisiones, S.A.U.   4,000,000   3,536,264   1.20%
Johnson & Johnson   4,000,000   3,510,554   1.19%
Deere & Co.   4,000,000   3,502,410   1.19%
Mastercard, Inc.   4,000,000   3,427,106   1.16%
T-Mobile USA, Inc.   4,000,000   3,425,947   1.16%
McDonald’s Corp.   4,000,000   3,414,265   1.16%
Fiserv, Inc.   4,000,000   3,371,542   1.14%
Progressive Corp.   4,000,000   3,301,782   1.12%
Enterprise Products Operating LLC   4,000,000   3,298,019   1.12%
Union Electric Co.   4,000,000   3,249,126   1.10%
Equinor ASA   4,000,000   3,247,658   1.10%
Bank of America Corp.   4,000,000   3,246,396   1.10%
NVIDIA Corp.   4,000,000   3,230,715   1.09%
Humana, Inc.   4,000,000   3,223,587   1.09%
Nike, Inc.   4,000,000   3,208,956   1.09%
Vodafone Group PLC   4,000,000   3,182,046   1.08%
Dollar General Corp.   4,000,000   3,166,922   1.07%
Becton, Dickinson & Co.   4,000,000   3,130,175   1.06%
Caterpillar, Inc.   4,000,000   3,119,520   1.06%
Southern California Edison Co.   4,000,000   3,026,033   1.02%
The Coca-Cola Co.   4,000,000   3,017,901   1.02%
Starbucks Corp.   4,000,000   2,998,174   1.01%
30
PGIM Total Return Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2023
Corporate Bond (continued):
Reference Entity   Shares   Market
Value 		  % of Total
Index Value
Entergy Corp.   4,000,000    $2,992,136   1.01%
Union Pacific Corp.   4,000,000   2,980,645   1.01%
Paramount Global   4,000,000   2,976,844   1.01%
Global Payments, Inc.   4,000,000   2,976,109   1.01%
PepsiCo, Inc.   4,000,000   2,961,801   1.00%
Oracle Corp.   4,000,000   2,957,482   1.00%
Amazon.com, Inc.   4,000,000   2,934,748   0.99%
Verizon Communications, Inc.   4,000,000   2,933,442   0.99%
Suncor Energy, Inc   4,000,000   2,930,159   0.99%
Walgreens Boots Alliance, Inc.   4,000,000   2,928,243   0.99%
        $169,591,363    
             
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).
31