NPORT-EX 2 467964PRU05312023.htm
PGIM Ultra Short Bond ETF
Schedule of Investments  (unaudited)
as of May 31, 2023
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Long-Term Investments 73.7%
Asset-Backed Securities 18.0%
Automobiles 2.9%
Americredit Automobile Receivables Trust,
Series 2023-01, Class A2A 		5.840 % 10/19/26   33,000  $32,988,427
ARI Fleet Lease Trust,
Series 2022-A, Class A2, 144A 		3.120 01/15/31   2,156 2,117,232
Avis Budget Rental Car Funding AESOP LLC,
Series 2022-03A, Class A, 144A 		4.620 02/20/27   35,000 34,133,418
Donlen Fleet Lease Funding LLC,
Series 2021-02, Class A2, 144A 		0.560 12/11/34   2,307 2,242,485
Enterprise Fleet Financing LLC,          
Series 2021-02, Class A2, 144A 0.480 05/20/27   3,275 3,142,898
Series 2022-01, Class A2, 144A 3.030 01/20/28   9,636 9,374,365
Series 2022-03, Class A2, 144A 4.380 07/20/29   800 784,649
Series 2023-01, Class A2, 144A 5.510 01/22/29   6,200 6,181,070
Series 2023-02, Class A2, 144A 5.560 04/22/30   7,900 7,885,457
     
 
Ford Credit Floorplan Master Owner Trust A,
Series 2023-01, Class A1, 144A 		4.920 05/15/28   17,100 16,998,618
GM Financial Consumer Automobile Receivables Trust,
Series 2022-02, Class A2 		2.520 05/16/25   2,439 2,411,699
Honda Auto Receivables Owner Trust,
Series 2020-01, Class A3 		1.610 04/22/24   244 243,665
OneMain Direct Auto Receivables Trust,
Series 2023-01A, Class A, 144A 		5.410 11/14/29   17,100 17,065,213
World Omni Automobile Lease Securitization Trust,
Series 2022-A, Class A2 		2.630 10/15/24   2,182 2,161,442
          137,730,638
Collateralized Loan Obligations 14.6%
Allegro CLO Ltd. (Cayman Islands),
Series 2016-01A, Class AR2, 144A, 3 Month LIBOR + 0.950% (Cap N/A, Floor 0.950%) 		6.210(c) 01/15/30   6,002 5,943,907
Anchorage Capital CLO Ltd. (Cayman Islands),
Series 2015-07A, Class AR2, 144A, 3 Month LIBOR + 1.090% (Cap N/A, Floor 1.090%) 		6.363(c) 01/28/31   4,895 4,837,438
Ares CLO Ltd. (Cayman Islands),
Series 2016-40A, Class A1RR, 144A, 3 Month LIBOR + 0.870% (Cap N/A, Floor 0.870%) 		6.130(c) 01/15/29   11,677 11,564,351
Atlas Senior Loan Fund Ltd. (Cayman Islands),
Series 2013-01A, Class AR, 144A, 3 Month LIBOR + 0.830% (Cap N/A, Floor 0.000%) 		6.160(c) 11/17/27   1,067 1,061,226
1
PGIM Ultra Short 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.)
Bain Capital Credit CLO Ltd. (Cayman Islands),          
Series 2018-01A, Class A1, 144A, 3 Month LIBOR + 0.960% (Cap N/A, Floor 0.000%) 6.233 %(c) 04/23/31   16,500  $16,301,789
Series 2019-02A, Class AR, 144A, 3 Month LIBOR + 1.100% (Cap N/A, Floor 1.100%) 6.360(c) 10/17/32   11,500 11,303,659
     
 
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   18,000 17,741,486
Benefit Street Partners CLO Ltd. (Cayman Islands),          
Series 2013-IIA, Class A1R2, 144A, 3 Month LIBOR + 0.870% (Cap N/A, Floor 0.870%) 6.130(c) 07/15/29   1,605 1,592,894
Series 2017-12A, Class A1R, 144A, 3 Month LIBOR + 0.950% (Cap N/A, Floor 0.950%) 6.210(c) 10/15/30   16,988 16,801,599
     
 
BlueMountain CLO Ltd. (Cayman Islands),
Series 2018-22A, Class A1, 144A, 3 Month LIBOR + 1.080% (Cap N/A, Floor 0.000%) 		6.340(c) 07/15/31   14,500 14,264,729
Canyon Capital CLO Ltd. (Cayman Islands),
Series 2017-01A, Class AR, 144A, 3 Month LIBOR + 1.000% (Cap N/A, Floor 1.000%) 		6.260(c) 07/15/30   14,696 14,506,837
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   18,500 18,287,600
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   4,985 4,923,878
Series 2015-05A, Class A1RR, 144A, 3 Month LIBOR + 1.080% (Cap N/A, Floor 1.080%) 6.330(c) 01/20/32   17,954 17,690,470
Carlyle US CLO Ltd. (Cayman Islands),          
Series 2017-01A, Class A1R, 144A, 3 Month LIBOR + 1.000% (Cap N/A, Floor 1.000%) 6.250(c) 04/20/31   13,000 12,822,640
Series 2018-01A, Class A1, 144A, 3 Month LIBOR + 1.020% (Cap N/A, Floor 0.000%) 6.270(c) 04/20/31   18,000 17,773,823
CIFC Funding Ltd. (Cayman Islands),          
Series 2013-03RA, Class A1, 144A, 3 Month LIBOR + 0.980% (Cap N/A, Floor 0.980%) 6.253(c) 04/24/31   2,000 1,977,825
Series 2017-01A, Class AR, 144A, 3 Month LIBOR + 1.010% (Cap N/A, Floor 1.010%) 6.271(c) 04/23/29   9,037 8,962,515
Series 2017-04A, Class A1R, 144A, 3 Month LIBOR + 0.950% (Cap N/A, Floor 0.950%) 6.223(c) 10/24/30   28,560 28,228,501
2
PGIM Ultra Short 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.)
     
 
Elevation CLO Ltd. (Cayman Islands),
Series 2014-02A, Class A1R, 144A, 3 Month SOFR + 1.492% (Cap N/A, Floor 0.000%) 		6.478 %(c) 10/15/29   18,077  $17,978,236
Ellington CLO Ltd. (Cayman Islands),
Series 2019-04A, Class AR, 144A, 3 Month LIBOR + 1.580% (Cap N/A, Floor 1.580%) 		6.840(c) 04/15/29   1,951 1,947,596
Generate CLO Ltd. (Cayman Islands),
Series 02A, Class AR, 144A, 3 Month LIBOR + 1.150% (Cap N/A, Floor 1.150%) 		6.423(c) 01/22/31   10,270 10,154,342
Greywolf CLO Ltd. (Cayman Islands),
Series 2018-02A, Class A1, 144A, 3 Month SOFR + 1.440% (Cap N/A, Floor 1.440%) 		6.488(c) 10/20/31   10,000 9,897,662
HPS Loan Management Ltd. (Cayman Islands),
Series 11A-17, Class AR, 144A, 3 Month LIBOR + 1.020% (Cap N/A, Floor 1.020%) 		6.344(c) 05/06/30   7,844 7,763,768
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   12,778 12,615,930
JMP Credit Advisors CLO Ltd. (Cayman Islands),
Series 2017-01A, Class AR, 144A, 3 Month SOFR + 1.542% (Cap N/A, Floor 1.280%) 		6.528(c) 07/17/29   2,431 2,422,469
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   967 956,128
Series 18, Class AR, 144A, 3 Month LIBOR + 0.940% (Cap N/A, Floor 0.940%) 6.202(c) 07/18/30   14,791 14,591,292
     
 
KKR CLO Ltd.,
Series 30A, Class A1R, 144A, 3 Month LIBOR + 1.020% (Cap N/A, Floor 1.020%) 		6.280(c) 10/17/31   14,000 13,807,489
Madison Park Funding Ltd. (Cayman Islands),          
Series 12A, Class AR, 144A, 3 Month LIBOR + 0.830% (Cap N/A, Floor 0.000%) 6.103(c) 04/22/27   4,513 4,478,283
Series 2015-18A, Class ARR, 144A, 3 Month LIBOR + 0.940% (Cap N/A, Floor 0.940%) 6.201(c) 10/21/30   23,227 22,943,055
Series 2021-38A, Class X, 144A, 3 Month LIBOR + 0.950% (Cap N/A, Floor 0.950%) 6.210(c) 07/17/34   3,231 3,197,608
MidOcean Credit CLO (Cayman Islands),          
Series 2016-05A, Class AR, 144A, 3 Month LIBOR + 1.120% (Cap N/A, Floor 0.000%) 6.385(c) 07/19/28   283 282,197
3
PGIM Ultra Short 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.)
MidOcean Credit CLO (Cayman Islands), (cont’d.)          
Series 2017-07A, Class A1R, 144A, 3 Month LIBOR + 1.040% (Cap N/A, Floor 0.000%) 6.300 %(c) 07/15/29   7,473  $7,398,554
Series 2018-09A, Class A1, 144A, 3 Month LIBOR + 1.150% (Cap N/A, Floor 1.150%) 6.400(c) 07/20/31   5,250 5,176,191
     
 
Mountain View CLO Ltd. (Cayman Islands),
Series 2013-01A, Class ARR, 144A, 3 Month LIBOR + 1.000% (Cap N/A, Floor 1.000%) 		6.198(c) 10/12/30   13,003 12,864,914
Nassau Ltd. (Jersey),
Series 2022-01A, Class A1, 144A, 3 Month SOFR + 2.130% (Cap N/A, Floor 2.130%) 		6.778(c) 01/15/31   35,000 35,002,814
Ocean Trails CLO (Cayman Islands),
Series 2019-07A, Class AR, 144A, 3 Month LIBOR + 1.010% (Cap N/A, Floor 1.010%) 		6.270(c) 04/17/30   4,685 4,633,177
Octagon Investment Partners Ltd. (Cayman Islands),
Series 2020-05A, Class A1, 144A, 3 Month LIBOR + 1.220% (Cap N/A, Floor 1.220%) 		6.480(c) 01/15/33   22,000 21,734,073
OZLM Ltd. (Cayman Islands),          
Series 2014-06A, Class A1S, 144A, 3 Month LIBOR + 1.080% (Cap N/A, Floor 0.000%) 6.340(c) 04/17/31   8,867 8,728,333
Series 2014-09A, Class A1A3, 144A, 3 Month LIBOR + 1.100% (Cap N/A, Floor 1.100%) 6.350(c) 10/20/31   18,000 17,713,107
Palmer Square CLO Ltd. (Cayman Islands),          
Series 2014-01A, Class A1R2, 144A, 3 Month LIBOR + 1.130% (Cap N/A, Floor 1.130%) 6.390(c) 01/17/31   1,121 1,112,320
Series 2015-02A, Class A1R2, 144A, 3 Month LIBOR + 1.100% (Cap N/A, Floor 0.000%) 6.350(c) 07/20/30   1,179 1,167,805
Palmer Square Loan Funding Ltd. (Cayman Islands),          
Series 2021-03A, Class A1, 144A, 3 Month LIBOR + 0.800% (Cap N/A, Floor 0.800%) 6.050(c) 07/20/29   14,310 14,185,761
Series 2021-04A, Class A1, 144A, 3 Month LIBOR + 0.800% (Cap N/A, Floor 0.800%) 6.060(c) 10/15/29   15,374 15,189,464
Series 2022-03A, Class A1A, 144A, 3 Month SOFR + 1.820% (Cap N/A, Floor 1.820%) 6.806(c) 04/15/31   22,998 22,992,215
     
 
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   10,000 9,853,681
4
PGIM Ultra Short 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.)
     
PPM CLO Ltd. (Cayman Islands),
Series 2018-01A, Class A, 144A, 3 Month LIBOR + 1.150% (Cap N/A, Floor 0.000%) 		6.410 %(c) 07/15/31   11,000  $10,878,198
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   4,907 4,855,933
Sound Point CLO Ltd. (Cayman Islands),          
Series 2014-03RA, Class A1R, 144A, 3 Month LIBOR + 1.070% (Cap N/A, Floor 1.070%) 6.343(c) 10/23/31   10,000 9,855,857
Series 2017-03A, Class A1R, 144A, 3 Month LIBOR + 0.980% (Cap N/A, Floor 0.980%) 6.230(c) 10/20/30   9,624 9,463,588
Series 2019-01A, Class AR, 144A, 3 Month LIBOR + 1.080% (Cap N/A, Floor 1.080%) 6.330(c) 01/20/32   13,000 12,809,930
     
 
Tikehau US CLO Ltd. (Bermuda),
Series 2022-02A, Class A1, 144A, 3 Month SOFR + 2.390% (Cap N/A, Floor 2.390%) 		7.180(c) 01/20/32   35,000 34,944,409
Trinitas CLO Ltd. (Cayman Islands),          
Series 2016-04A, Class A1L2, 144A, 3 Month LIBOR + 1.100% (Cap N/A, Floor 1.100%) 6.362(c) 10/18/31   12,000 11,856,474
Series 2016-05A, Class ARR, 144A, 3 Month LIBOR + 1.030% (Cap N/A, Floor 1.030%) 6.285(c) 10/25/28   712 710,396
     
 
Venture CLO Ltd. (Cayman Islands),
Series 2016-24A, Class ARR, 144A, 3 Month LIBOR + 0.900% (Cap N/A, Floor 0.900%) 		6.150(c) 10/20/28   6,409 6,350,362
Voya CLO Ltd. (Cayman Islands),          
Series 2013-02A, Class A1R, 144A, 3 Month SOFR + 1.232% (Cap N/A, Floor 0.970%) 6.299(c) 04/25/31   4,000 3,955,720
Series 2014-01A, Class AAR2, 144A, 3 Month SOFR + 1.252% (Cap N/A, Floor 0.000%) 6.233(c) 04/18/31   1,864 1,846,777
Series 2014-02A, Class A1RR, 144A, 3 Month LIBOR + 1.020% (Cap N/A, Floor 1.020%) 6.280(c) 04/17/30   1,415 1,400,087
Series 2016-01A, Class A1R, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.070%) 6.380(c) 01/20/31   24,058 23,847,317
Wellfleet CLO Ltd. (Cayman Islands),          
Series 2016-02A, Class A1R, 144A, 3 Month LIBOR + 1.140% (Cap N/A, Floor 1.140%) 6.390(c) 10/20/28   2,491 2,472,091
Series 2017-02A, Class A1R, 144A, 3 Month LIBOR + 1.060% (Cap N/A, Floor 0.000%) 6.310(c) 10/20/29   990 982,688
Series 2018-02A, Class A1, 144A, 3 Month LIBOR + 1.200% (Cap N/A, Floor 1.200%) 6.450(c) 10/20/31   10,000 9,825,226
5
PGIM Ultra Short 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.)
Wellfleet CLO Ltd. (Cayman Islands), (cont’d.)          
Series 2019-01A, Class A1R, 144A, 3 Month LIBOR + 1.120% (Cap N/A, Floor 1.120%) 6.370 %(c) 07/20/32   20,000   $19,567,714
     
 
Zais CLO Ltd. (Cayman Islands),
Series 2017-02A, Class A, 144A, 3 Month LIBOR + 1.290% (Cap N/A, Floor 0.000%) 		6.550(c) 04/15/30   178 175,632
          693,174,030
Consumer Loans 0.1%
SoFi Consumer Loan Program Trust,          
Series 2021-01, Class A, 144A 0.490 09/25/30   442 434,912
Series 2023-01S, Class A, 144A 5.810 05/15/31   2,650 2,644,612
          3,079,524
Equipment 0.4%
Kubota Credit Owner Trust,
Series 2023-01A, Class A2, 144A 		5.400 02/17/26   12,500 12,423,389
MMAF Equipment Finance LLC,
Series 2022-A, Class A2, 144A 		2.770 02/13/25   7,859 7,738,473
          20,161,862
     
 
Total Asset-Backed Securities
(cost $859,173,921) 		854,146,054
Certificates of Deposit 1.6%
Canadian Imperial Bank of Commerce,          
SOFR + 0.600% 5.660(c) 05/10/24   9,750 9,748,130
SOFR + 0.810% (Cap N/A, Floor 0.000%) 5.870(c) 12/11/23   15,000 15,033,381
     
 
Lloyds Bank Corporate Markets PLC, SOFR + 0.540% 5.600(c) 01/31/24   21,233 21,236,595
Sumitomo Mitsui Trust Bank Ltd., SOFR + 0.150% 5.210(c) 06/14/23   15,000 15,000,223
Toronto-Dominion Bank (The), SOFR + 0.670% 5.730(c) 03/25/24   15,000 15,007,959
     
 
Total Certificates of Deposit
(cost $75,972,158) 		76,026,288
6
PGIM Ultra Short 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 14.3%
Bank of America Merrill Lynch Commercial Mortgage Trust,
Series 2016-UB10, Class A4 		3.170 % 07/15/49   21,000  $19,537,165
Barclays Commercial Mortgage Securities Trust,
Series 2020-C07, Class A1 		1.079 04/15/53   778 745,538
Benchmark Mortgage Trust,          
Series 2018-B02, Class A2 3.662 02/15/51   227 222,580
Series 2018-B03, Class A2 3.848 04/10/51   226 225,384
Series 2018-B05, Class A2 4.077 07/15/51   800 796,891
Series 2020-B18, Class A1 0.875 07/15/53   736 699,363
Citigroup Commercial Mortgage Trust,          
Series 2013-GC17, Class A4 4.131 11/10/46   47,558 47,029,369
Series 2014-GC21, Class A4 3.575 05/10/47   5,912 5,805,615
Series 2014-GC21, Class AAB 3.477 05/10/47   85 83,635
Series 2014-GC23, Class A3 3.356 07/10/47   11,062 10,796,438
Series 2014-GC23, Class AAB 3.337 07/10/47   310 305,807
Series 2014-GC25, Class A3 3.372 10/10/47   6,519 6,286,964
Series 2014-GC25, Class A4 3.635 10/10/47   15,760 15,169,012
Series 2016-P04, Class A2 2.450 07/10/49   3,635 3,452,384
Commercial Mortgage Trust,          
Series 2012-CR04, Class A3 2.853 10/15/45   193 188,158
Series 2013-CR11, Class ASB 3.660 08/10/50   43 42,571
Series 2013-CR12, Class A4 4.046 10/10/46   10,000 9,901,258
Series 2014-CR16, Class A3 3.775 04/10/47   11,527 11,286,465
Series 2014-CR17, Class ASB 3.598 05/10/47   106 105,369
Series 2014-CR18, Class A4 3.550 07/15/47   3,793 3,683,701
Series 2014-CR20, Class A3 3.326 11/10/47   4,491 4,334,050
Series 2014-UBS02, Class A4 3.691 03/10/47   6,239 6,136,855
Series 2014-UBS02, Class A5 3.961 03/10/47   16,690 16,378,592
Series 2014-UBS02, Class ASB 3.472 03/10/47   243 239,770
Series 2014-UBS03, Class A3 3.546 06/10/47   837 817,893
Series 2014-UBS04, Class A4 3.420 08/10/47   33,380 32,315,902
Series 2014-UBS05, Class A3 3.565 09/10/47   25,000 24,385,938
Series 2014-UBS06, Class A5 3.644 12/10/47   7,835 7,506,995
Series 2015-CR22, Class A3 3.207 03/10/48   820 818,227
Series 2015-CR23, Class ASB 3.257 05/10/48   770 750,223
Series 2015-CR24, Class A4 3.432 08/10/48   8,262 7,886,167
Series 2015-CR24, Class ASB 3.445 08/10/48   1,444 1,404,814
Series 2015-CR26, Class A4 3.630 10/10/48   12,465 11,842,743
Series 2015-LC19, Class A3 2.922 02/10/48   17,197 16,569,168
Series 2015-LC21, Class A4 3.708 07/10/48   11,000 10,514,274
Series 2015-LC23, Class A2 3.221 10/10/48   7 7,028
7
PGIM Ultra Short 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)
CSAIL Commercial Mortgage Trust,          
Series 2015-C02, Class A4 3.504 % 06/15/57   8,500  $8,103,702
Series 2016-C05, Class ASB 3.533 11/15/48   2,022 1,950,726
Series 2016-C06, Class A5 3.090 01/15/49   14,500 13,579,011
Series 2016-C07, Class A4 3.210 11/15/49   6,372 5,983,721
     
 
Deutsche Bank Commercial Mortgage Trust,
Series 2017-C06, Class A3 		3.269 06/10/50   4,035 3,910,329
GS Mortgage Securities Corp. Trust,
Series 2021-RENT, Class A, 144A, 1 Month LIBOR + 0.700% (Cap N/A, Floor 0.700%) 		5.848(c) 11/21/35   5,369 5,073,960
GS Mortgage Securities Trust,          
Series 2014-GC18, Class A3 3.801 01/10/47   2,430 2,405,387
Series 2014-GC22, Class A4 3.587 06/10/47   9,840 9,621,229
Series 2014-GC22, Class AAB 3.467 06/10/47   154 152,532
Series 2014-GC24, Class A4 3.666 09/10/47   18,439 17,938,233
Series 2015-GC30, Class A4 3.382 05/10/50   22,540 21,446,543
Series 2016-GS02, Class A4 3.050 05/10/49   14,962 13,948,513
JPMBB Commercial Mortgage Securities Trust,          
Series 2013-C14, Class A4 4.133(cc) 08/15/46   400 398,938
Series 2013-C14, Class ASB 3.761(cc) 08/15/46   332 330,802
Series 2013-C17, Class A4 4.199 01/15/47   15,893 15,667,262
Series 2014-C18, Class A4A2, 144A 3.794 02/15/47   4,343 4,296,280
Series 2014-C21, Class A4 3.493 08/15/47   17,071 16,665,962
Series 2014-C24, Class A5 3.639 11/15/47   10,830 10,408,172
Series 2014-C25, Class A4A1 3.408 11/15/47   1,147 1,104,290
Series 2014-C25, Class ASB 3.407 11/15/47   1,758 1,713,208
Series 2014-C26, Class A3 3.231 01/15/48   17,883 17,152,795
Series 2014-C26, Class A4 3.494 01/15/48   13,000 12,436,514
Series 2015-C29, Class A4 3.611 05/15/48   30,892 29,341,599
Series 2015-C32, Class A4 3.329 11/15/48   19,126 18,465,618
     
 
JPMDB Commercial Mortgage Securities Trust,
Series 2020-COR07, Class A1 		1.066 05/13/53   2,979 2,822,111
JPMorgan Chase Commercial Mortgage Securities Trust,
Series 2016-JP02, Class ASB 		2.713 08/15/49   5,794 5,496,979
Morgan Stanley Bank of America Merrill Lynch Trust,          
Series 2014-C14, Class A5 4.064 02/15/47   9,160 9,018,478
Series 2014-C16, Class A4 3.600 06/15/47   15,353 15,008,992
Series 2014-C17, Class A4 3.443 08/15/47   12,864 12,552,866
Series 2014-C19, Class A4 3.526 12/15/47   5,325 5,105,874
Series 2014-C19, Class ASB 3.326 12/15/47   2,349 2,305,614
Series 2015-C21, Class A3 3.077 03/15/48   13,374 12,714,759
Series 2015-C23, Class A3 3.451 07/15/50   7,649 7,304,322
8
PGIM Ultra Short 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)
Morgan Stanley Bank of America Merrill Lynch Trust, (cont’d.)          
Series 2015-C23, Class ASB 3.398 % 07/15/50   944  $917,760
Series 2015-C26, Class A5 3.531 10/15/48   10,000 9,505,002
Series 2015-C27, Class A3 3.473 12/15/47   4,118 3,934,172
     
 
Morgan Stanley Capital I Trust,
Series 2020-HR08, Class A1 		0.932 07/15/53   1,662 1,560,479
One New York Plaza Trust,
Series 2020-01NYP, Class A, 144A, 1 Month LIBOR + 0.950% (Cap N/A, Floor 0.950%) 		6.057(c) 01/15/36   19,065 18,067,685
Wells Fargo Commercial Mortgage Trust,          
Series 2013-LC12, Class A4 4.218(cc) 07/15/46   5,639 5,623,176
Series 2015-LC22, Class A3 3.572 09/15/58   4,169 3,982,426
Series 2015-LC22, Class A4 3.839 09/15/58   8,000 7,667,338
Series 2015-NXS02, Class A2 3.020 07/15/58   73 70,027
Series 2015-NXS02, Class A4 3.498 07/15/58   10,300 9,832,613
Series 2016-C34, Class ASB 2.911 06/15/49   3,109 2,979,100
Series 2016-NXS05, Class A5 3.372 01/15/59   4,920 4,609,746
     
 
WFRBS Commercial Mortgage Trust,
Series 2014-LC14, Class A5 		4.045 03/15/47   25,000 24,562,193
     
 
Total Commercial Mortgage-Backed Securities
(cost $687,174,676) 		676,009,344
Corporate Bonds 39.1%
Aerospace & Defense 0.2%
Raytheon Technologies Corp.,
Sr. Unsec’d. Notes 		5.000 02/27/26   8,000 8,048,192
Agriculture 0.5%
Cargill, Inc.,          
Sr. Unsec’d. Notes, 144A(a) 1.375 07/23/23   1,000 993,950
Sr. Unsec’d. Notes, 144A 3.500 04/22/25   6,750 6,585,345
Sr. Unsec’d. Notes, 144A 4.875 10/10/25   14,000 14,005,387
          21,584,682
Auto Manufacturers 4.4%
American Honda Finance Corp.,          
Sr. Unsec’d. Notes 4.750 01/12/26   9,750 9,770,009
Sr. Unsec’d. Notes, MTN 0.750 08/09/24   4,500 4,267,214
9
PGIM Ultra Short 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.)
BMW US Capital LLC (Germany),          
Gtd. Notes, 144A 3.250 % 04/01/25   7,000  $6,799,563
Gtd. Notes, 144A, SOFR Index + 0.530% 5.524(c) 04/01/24   4,000 4,003,508
Gtd. Notes, 144A, SOFR Index + 0.840% 5.834(c) 04/01/25   11,390 11,323,108
     
 
Daimler Truck Finance North America LLC (Germany),
Gtd. Notes, 144A 		5.150 01/16/26   14,000 14,002,248
Mercedes-Benz Finance North America LLC (Germany),          
Gtd. Notes, 144A(a) 0.750 03/01/24   13,500 13,025,995
Gtd. Notes, 144A 4.800 03/30/26   35,000 34,905,405
Gtd. Notes, 144A 5.375 11/26/25   8,500 8,565,205
PACCAR Financial Corp.,          
Sr. Unsec’d. Notes, MTN 3.550 08/11/25   25,000 24,504,586
Sr. Unsec’d. Notes, MTN 4.450 03/30/26   15,000 14,985,510
Toyota Motor Credit Corp.,          
Sr. Unsec’d. Notes 4.450 05/18/26   15,000 14,899,558
Sr. Unsec’d. Notes, MTN 3.650 08/18/25   5,000 4,880,128
Sr. Unsec’d. Notes, MTN(a) 3.950 06/30/25   18,750 18,437,497
Sr. Unsec’d. Notes, MTN, SOFR + 0.750% (Cap N/A, Floor 0.000%) 5.810(c) 12/11/23   12,000 12,024,237
     
 
Volkswagen Group of America Finance LLC (Germany),
Gtd. Notes, 144A 		3.950 06/06/25   13,250 12,868,306
          209,262,077
Banks 8.5%
Bank of America NA,
Series D005, SOFR + 0.750% 		5.800(c) 01/08/24   7,000 7,000,353
Bank of Montreal (Canada),
Sr. Unsec’d. Notes, MTN, SOFR Index + 0.710% 		5.591(c) 03/08/24   20,000 19,997,854
Bank of Nova Scotia (The) (Canada),          
Sr. Unsec’d. Notes, MTN, SOFR + 0.460% 5.471(c) 01/10/25   7,750 7,696,401
Sr. Unsec’d. Notes, MTN, SOFR Index + 0.900% 5.912(c) 04/11/25   4,750 4,762,578
Banque Federative du Credit Mutuel SA (France),          
Sr. Unsec’d. Notes, 144A 0.650 02/27/24   7,250 6,974,230
Sr. Unsec’d. Notes, 144A, SOFR Index + 0.410% 5.495(c) 02/04/25   20,000 19,806,376
     
 
Canadian Imperial Bank of Commerce (Canada),
Sr. Unsec’d. Notes, SOFR Index + 0.420% 		5.453(c) 10/18/24   10,000 9,940,994
Commonwealth Bank of Australia (Australia),          
Sr. Unsec’d. Notes(a) 5.316 03/13/26   25,000 25,292,507
Sr. Unsec’d. Notes, 144A, SOFR + 0.630% 5.690(c) 01/10/25   28,500 28,538,022
10
PGIM Ultra Short 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.)
     
 
Cooperatieve Rabobank UA (Netherlands),
Sr. Unsec’d. Notes, SOFR Index + 0.300% (Cap N/A, Floor 0.000%) 		5.322 %(c) 01/12/24   5,500  $5,492,133
Credit Suisse AG (Switzerland),
Sr. Unsec’d. Notes, SOFR Index + 0.390% 		5.465(c) 02/02/24   2,500 2,447,881
Deutsche Bank AG (Germany),
Sr. Unsec’d. Notes, Series E, SOFR + 0.500% (Cap N/A, Floor 0.000%) 		5.591(c) 11/08/23   20,000 19,929,272
DNB Bank ASA (Norway),
Sr. Unsec’d. Notes, 144A 		5.896(ff) 10/09/26   25,000 24,967,445
Federation des Caisses Desjardins du Quebec (Canada),
Sr. Unsec’d. Notes, 144A 		4.400 08/23/25   25,000 24,331,900
JPMorgan Chase & Co.,
Sr. Unsec’d. Notes(a) 		0.768(ff) 08/09/25   15,000 14,112,988
National Australia Bank Ltd. (Australia),          
Sr. Unsec’d. Notes(a) 3.500 06/09/25   7,250 7,037,007
Sr. Unsec’d. Notes 4.966 01/12/26   32,000 32,104,070
     
 
National Securities Clearing Corp.,
Sr. Unsec’d. Notes, 144A 		0.400 12/07/23   3,750 3,651,958
NatWest Markets PLC (United Kingdom),
Sr. Unsec’d. Notes, 144A, SOFR + 1.450% 		6.409(c) 03/22/25   9,000 9,006,228
Nordea Bank Abp (Finland),          
Sr. Unsec’d. Notes, 144A 0.625 05/24/24   9,500 9,043,270
Sr. Unsec’d. Notes, 144A 4.750 09/22/25   10,500 10,324,239
Royal Bank of Canada (Canada),          
Sr. Unsec’d. Notes, GMTN, SOFR Index + 0.340% 5.349(c) 10/07/24   10,000 9,930,658
Sr. Unsec’d. Notes, GMTN, SOFR Index + 0.525% 5.570(c) 01/20/26   10,000 9,835,788
Sr. Unsec’d. Notes, GMTN, SOFR Index + 0.570% 5.635(c) 04/27/26   7,027 6,922,690
Sr. Unsec’d. Notes, MTN, SOFR Index + 0.450% 5.512(c) 10/26/23   2,000 1,998,761
     
 
Skandinaviska Enskilda Banken AB (Sweden),
Sr. Unsec’d. Notes, 144A 		0.650 09/09/24   11,250 10,600,306
Sumitomo Mitsui Trust Bank Ltd. (Japan),
Sr. Unsec’d. Notes, 144A, MTN, SOFR + 0.440% 		5.348(c) 09/16/24   7,500 7,438,223
Toronto-Dominion Bank (The) (Canada),          
Sr. Unsec’d. Notes, MTN, SOFR + 0.220% 5.068(c) 06/02/23   5,200 5,200,000
Sr. Unsec’d. Notes, MTN, SOFR + 0.350% 5.243(c) 09/10/24   8,000 7,958,246
     
 
Truist Bank,
Sr. Unsec’d. Notes, SOFR + 0.200% 		5.230(c) 01/17/24   14,850 14,674,336
UBS AG (Switzerland),          
Sr. Unsec’d. Notes, 144A, MTN 0.450 02/09/24   3,000 2,879,351
11
PGIM Ultra Short 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.)
UBS AG (Switzerland), (cont’d.)          
Sr. Unsec’d. Notes, 144A, MTN, SOFR + 0.360% 5.451 %(c) 02/09/24   7,780  $7,759,988
UBS Group AG (Switzerland),          
Sr. Unsec’d. Notes, 144A 1.008(ff) 07/30/24   1,250 1,237,432
Sr. Unsec’d. Notes, 144A 5.711(ff) 01/12/27   25,000 24,817,265
          403,710,750
Beverages 1.0%
Coca-Cola Europacific Partners PLC (United Kingdom),
Sr. Unsec’d. Notes, 144A 		0.800 05/03/24   3,000 2,871,771
Diageo Capital PLC (United Kingdom),
Gtd. Notes 		5.200 10/24/25   17,000 17,131,497
Keurig Dr. Pepper, Inc.,
Gtd. Notes 		0.750 03/15/24   25,000 24,075,207
PepsiCo, Inc.,
Sr. Unsec’d. Notes 		0.400 10/07/23   5,500 5,402,274
          49,480,749
Biotechnology 0.3%
Amgen, Inc.,
Sr. Unsec’d. Notes 		5.250 03/02/25   13,250 13,289,609
Gilead Sciences, Inc.,
Sr. Unsec’d. Notes 		0.750 09/29/23   2,250 2,215,340
          15,504,949
Building Materials 0.0%
Martin Marietta Materials, Inc.,
Sr. Unsec’d. Notes 		0.650 07/15/23   2,250 2,235,347
Chemicals 1.2%
Air Liquide Finance SA (France),
Gtd. Notes, 144A 		2.250 09/27/23   1,000 987,169
Linde, Inc.,
Gtd. Notes(a) 		4.700 12/05/25   28,500 28,509,661
Nutrien Ltd. (Canada),          
Sr. Unsec’d. Notes 5.900 11/07/24   13,270 13,350,135
Sr. Unsec’d. Notes 5.950 11/07/25   7,250 7,376,963
12
PGIM Ultra Short 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.)
     
 
Sherwin-Williams Co. (The),
Sr. Unsec’d. Notes 		4.250 % 08/08/25   5,500  $5,410,529
Westlake Corp.,
Sr. Unsec’d. Notes 		0.875 08/15/24   2,750 2,586,761
          58,221,218
Commercial Services 0.2%
Verisk Analytics, Inc.,
Sr. Unsec’d. Notes 		4.000 06/15/25   10,000 9,751,628
Computers 1.4%
Apple, Inc.,          
Sr. Unsec’d. Notes 3.200 05/13/25   16,000 15,612,800
Sr. Unsec’d. Notes 3.250 02/23/26   13,150 12,785,558
     
 
International Business Machines Corp.,
Sr. Unsec’d. Notes 		4.500 02/06/26   37,000 36,793,365
          65,191,723
Cosmetics/Personal Care 0.4%
Colgate-Palmolive Co.,
Sr. Unsec’d. Notes 		3.100 08/15/25   6,750 6,568,376
Kenvue, Inc.,
Gtd. Notes, 144A 		5.350 03/22/26   12,500 12,705,052
          19,273,428
Diversified Financial Services 0.3%
Citigroup Global Markets Holdings, Inc.,
Gtd. Notes, MTN 		0.750 06/07/24   13,250 12,597,089
Electric 3.7%
American Electric Power Co., Inc.,
Sr. Unsec’d. Notes, Series A, 3 Month LIBOR + 0.480% 		5.779(c) 11/01/23   3,000 2,995,190
CenterPoint Energy, Inc.,
Sr. Unsec’d. Notes, SOFR Index + 0.650% 		5.740(c) 05/13/24   10,000 9,965,971
DTE Energy Co.,
Sr. Unsec’d. Notes 		4.220 11/01/24   8,250 8,111,234
13
PGIM Ultra Short 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.)
Duke Energy Corp.,
Sr. Unsec’d. Notes 		5.000 % 12/08/25   13,250  $13,248,205
Entergy Louisiana LLC,
First Mortgage 		0.620 11/17/23   2,569 2,508,742
Florida Power & Light Co.,
Sr. Unsec’d. Notes 		4.450 05/15/26   20,000 19,889,504
NextEra Energy Capital Holdings, Inc.,          
Gtd. Notes 2.940 03/21/24   15,000 14,707,724
Gtd. Notes 6.051 03/01/25   6,750 6,827,504
     
 
Public Service Enterprise Group, Inc.,
Sr. Unsec’d. Notes 		0.841 11/08/23   20,300 19,887,889
Southern California Edison Co.,          
First Mortgage, Series C 4.200 06/01/25   14,250 13,992,490
First Mortgage, Series D 3.400 06/01/23   13,475 13,475,000
WEC Energy Group, Inc.,          
Sr. Unsec’d. Notes 0.550 09/15/23   15,000 14,773,095
Sr. Unsec’d. Notes 0.800 03/15/24   7,250 6,978,254
Sr. Unsec’d. Notes 4.750 01/09/26   23,000 22,886,163
Sr. Unsec’d. Notes 5.000 09/27/25   6,000 6,004,823
          176,251,788
Electronics 0.6%
Amphenol Corp.,
Sr. Unsec’d. Notes 		4.750 03/30/26   3,750 3,735,514
Tyco Electronics Group SA,
Gtd. Notes 		4.500 02/13/26   23,250 23,067,627
          26,803,141
Entertainment 0.2%
Warnermedia Holdings, Inc.,
Gtd. Notes, SOFR Index + 1.780% 		6.701(c) 03/15/24   7,500 7,501,617
Foods 1.2%
Hormel Foods Corp.,
Sr. Unsec’d. Notes 		0.650 06/03/24   3,500 3,344,777
Mondelez International Holdings Netherlands BV,
Gtd. Notes, 144A 		4.250 09/15/25   13,750 13,476,258
14
PGIM Ultra Short 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.)
Nestle Holdings, Inc.,          
Gtd. Notes, 144A(a) 0.375 % 01/15/24   5,000  $4,844,032
Gtd. Notes, 144A 4.000 09/12/25   16,750 16,501,862
Gtd. Notes, 144A 5.250 03/13/26   20,000 20,316,937
          58,483,866
Forest Products & Paper 0.1%
Georgia-Pacific LLC,
Sr. Unsec’d. Notes, 144A 		3.734 07/15/23   7,000 6,978,216
Healthcare-Products 0.9%
Baxter International, Inc.,          
Sr. Unsec’d. Notes 0.868 12/01/23   10,000 9,752,713
Sr. Unsec’d. Notes, SOFR Index + 0.260% 5.352(c) 12/01/23   20,000 19,908,158
     
 
Stryker Corp.,
Sr. Unsec’d. Notes 		0.600 12/01/23   1,250 1,218,774
Thermo Fisher Scientific, Inc.,
Sr. Unsec’d. Notes, SOFR Index + 0.530% 		5.563(c) 10/18/24   12,435 12,423,566
          43,303,211
Healthcare-Services 0.3%
UnitedHealth Group, Inc.,          
Sr. Unsec’d. Notes(a) 0.550 05/15/24   7,250 6,929,309
Sr. Unsec’d. Notes 5.150 10/15/25   5,750 5,825,393
          12,754,702
Household Products/Wares 0.2%
Avery Dennison Corp.,
Sr. Unsec’d. Notes 		0.850 08/15/24   12,350 11,671,562
Insurance 2.4%
Corebridge Financial, Inc.,
Sr. Unsec’d. Notes 		3.500 04/04/25   8,000 7,634,465
Corebridge Global Funding,
Sr. Sec’d. Notes, 144A 		0.650 06/17/24   12,750 12,105,886
Equitable Financial Life Global Funding,
Sec’d. Notes, 144A 		0.800 08/12/24   3,000 2,832,494
15
PGIM Ultra Short 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.)
Metropolitan Life Global Funding I,
Sec’d. Notes, 144A, MTN 		4.050 % 08/25/25   23,250  $22,554,225
New York Life Global Funding,          
Sec’d. Notes, 144A 2.900 01/17/24   4,190 4,118,311
Sec’d. Notes, 144A, SOFR + 0.190% 5.180(c) 06/30/23   1,075 1,074,471
Sec’d. Notes, 144A, MTN 3.600 08/05/25   19,750 19,140,836
     
 
Pacific Life Global Funding II,
Sr. Sec’d. Notes, 144A 		0.500 09/23/23   4,750 4,657,118
Principal Life Global Funding II,          
Sec’d. Notes, 144A 0.500 01/08/24   7,250 7,022,939
Sec’d. Notes, 144A, SOFR + 0.450% 5.472(c) 04/12/24   1,250 1,246,839
Protective Life Global Funding,          
Sec’d. Notes, 144A 0.631 10/13/23   4,250 4,169,610
Sec’d. Notes, 144A, SOFR + 1.050% (Cap N/A, Floor 0.000%) 5.946(c) 12/11/24   20,000 19,956,634
Sr. Sec’d. Notes, 144A 0.473 01/12/24   10,000 9,667,815
          116,181,643
Internet 0.7%
Amazon.com, Inc.,
Sr. Unsec’d. Notes 		4.600 12/01/25   32,000 32,086,955
Iron/Steel 0.2%
Nucor Corp.,
Sr. Unsec’d. Notes 		3.950 05/23/25   8,000 7,826,276
Machinery-Construction & Mining 0.7%
Caterpillar Financial Services Corp.,          
Sr. Unsec’d. Notes 4.800 01/06/26   15,000 15,073,383
Sr. Unsec’d. Notes, MTN(a) 0.450 09/14/23   10,000 9,860,589
Sr. Unsec’d. Notes, MTN, SOFR + 0.245% 5.336(c) 05/17/24   6,000 5,979,233
          30,913,205
Machinery-Diversified 0.9%
CNH Industrial Capital LLC,
Gtd. Notes 		3.950 05/23/25   12,500 12,171,029
16
PGIM Ultra Short Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2023
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Machinery-Diversified (cont’d.)
John Deere Capital Corp.,          
Sr. Unsec’d. Notes, MTN 4.800 % 01/09/26   29,000  $29,197,967
Sr. Unsec’d. Notes, MTN, SOFR + 0.200% 5.204(c) 10/11/24   2,000 1,990,149
          43,359,145
Media 0.8%
Comcast Corp.,
Gtd. Notes 		5.250 11/07/25   7,250 7,343,115
Walt Disney Co. (The),
Gtd. Notes 		3.700 10/15/25   30,000 29,334,130
          36,677,245
Mining 0.6%
BHP Billiton Finance USA Ltd. (Australia),
Gtd. Notes 		4.875 02/27/26   30,000 30,107,574
Miscellaneous Manufacturing 0.1%
Carlisle Cos., Inc.,
Sr. Unsec’d. Notes 		0.550 09/01/23   3,000 2,959,266
Oil & Gas 0.4%
Phillips 66,
Gtd. Notes 		0.900 02/15/24   4,000 3,869,212
Pioneer Natural Resources Co.,
Sr. Unsec’d. Notes 		5.100 03/29/26   14,250 14,250,771
          18,119,983
Pharmaceuticals 0.6%
Astrazeneca Finance LLC (United Kingdom),
Gtd. Notes 		0.700 05/28/24   12,250 11,696,167
Bristol-Myers Squibb Co.,
Sr. Unsec’d. Notes(a) 		0.537 11/13/23   10,000 9,784,665
GlaxoSmithKline Capital PLC (United Kingdom),
Gtd. Notes 		0.534 10/01/23   6,500 6,389,495
          27,870,327
17
PGIM Ultra Short 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 1.0%
Enbridge, Inc. (Canada),
Gtd. Notes 		0.550 % 10/04/23   8,000  $7,883,751
Enterprise Products Operating LLC,
Gtd. Notes 		5.050 01/10/26   14,750 14,867,096
TransCanada PipeLines Ltd. (Canada),
Sr. Unsec’d. Notes 		1.000 10/12/24   9,750 9,250,265
Williams Cos., Inc. (The),
Sr. Unsec’d. Notes 		5.400 03/02/26   15,000 15,124,688
          47,125,800
Real Estate Investment Trusts (REITs) 1.0%
Public Storage,
Sr. Unsec’d. Notes, SOFR + 0.470% 		5.521(c) 04/23/24   8,500 8,482,482
Weyerhaeuser Co.,
Sr. Unsec’d. Notes 		4.750 05/15/26   40,000 39,720,886
          48,203,368
Retail 1.1%
7-Eleven, Inc.,
Sr. Unsec’d. Notes, 144A 		0.800 02/10/24   2,250 2,168,951
Dollar General Corp.,
Sr. Unsec’d. Notes 		4.250 09/20/24   6,750 6,658,219
Home Depot, Inc. (The),
Sr. Unsec’d. Notes 		2.700 04/15/25   6,000 5,796,339
Lowe’s Cos., Inc.,          
Sr. Unsec’d. Notes 4.400 09/08/25   10,000 9,896,705
Sr. Unsec’d. Notes 4.800 04/01/26   13,500 13,473,955
     
 
Walmart, Inc.,
Sr. Unsec’d. Notes 		3.900 09/09/25   13,750 13,603,198
          51,597,367
Savings & Loans 0.2%
Nationwide Building Society (United Kingdom),
Sr. Unsec’d. Notes, 144A 		0.550 01/22/24   9,750 9,428,530
18
PGIM Ultra Short Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2023
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Semiconductors 0.8%
Analog Devices, Inc.,
Sr. Unsec’d. Notes, SOFR + 0.250% 		5.244 %(c) 10/01/24   2,000  $1,983,741
Intel Corp.,
Sr. Unsec’d. Notes 		2.600 05/19/26   10,181 9,643,055
Microchip Technology, Inc.,
Sr. Unsec’d. Notes 		0.972 02/15/24   28,500 27,513,216
          39,140,012
Software 0.1%
Fidelity National Information Services, Inc.,
Sr. Unsec’d. Notes 		0.600 03/01/24   5,750 5,534,925
Infor, Inc.,
Sr. Unsec’d. Notes, 144A 		1.450 07/15/23   1,200 1,193,120
          6,728,045
Telecommunications 1.2%
Cisco Systems, Inc.,
Sr. Unsec’d. Notes 		2.950 02/28/26   19,573 18,862,492
NTT Finance Corp. (Japan),          
Gtd. Notes, 144A 0.583 03/01/24   6,500 6,268,511
Sr. Unsec’d. Notes, 144A 4.142 07/26/24   3,000 2,955,279
Verizon Communications, Inc.,          
Sr. Unsec’d. Notes 0.750 03/22/24   8,000 7,706,332
Sr. Unsec’d. Notes 1.450 03/20/26   14,557 13,320,452
Sr. Unsec’d. Notes, SOFR Index + 0.500% 5.459(c) 03/22/24   7,000 6,994,412
          56,107,478
Transportation 0.3%
Union Pacific Corp.,
Sr. Unsec’d. Notes 		4.750 02/21/26   16,000 16,060,747
Trucking & Leasing 0.4%
Penske Truck Leasing Co. LP/PTL Finance Corp.,
Sr. Unsec’d. Notes, 144A 		5.750 05/24/26   17,500 17,467,221
     
 
Total Corporate Bonds
(cost $1,873,742,255) 		1,856,570,122
19
PGIM Ultra Short 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 0.7%
Towd Point Mortgage Trust,          
Series 2015-06, Class M1, 144A 3.750 %(cc) 04/25/55   12,611  $12,255,216
Series 2018-02, Class A1, 144A 3.250(cc) 03/25/58   6,708 6,413,200
Series 2018-05, Class A1A, 144A 3.250(cc) 07/25/58   7,057 6,779,549
Series 2021-SJ01, Class A1, 144A 2.250(cc) 07/25/68   9,160 8,530,108
     
 
Total Residential Mortgage-Backed Securities
(cost $34,732,881) 		33,978,073
 
Total Long-Term Investments
(cost $3,530,795,891) 		3,496,729,881
    
      Shares  
Short-Term Investments 22.0%
Affiliated Mutual Funds 3.2%          
PGIM Core Government Money Market Fund(wi)     142,865,611 142,865,611
PGIM Institutional Money Market Fund
(cost $9,071,962; includes $8,972,009 of cash collateral for securities on loan)(b)(wi) 		    9,080,135 9,073,778
     
 
Total Affiliated Mutual Funds
(cost $151,937,573) 		151,939,389
    
  Interest
Rate 		  Maturity
Date 		Principal
Amount
(000)# 		 
Certificates of Deposit 5.5%  
Banco Santander SA, SOFR + 0.800% 5.656 %(c)   12/05/23   31,500 31,546,900
Bank of Montreal 5.200   09/05/23   5,000 4,994,965
       
 
Bank of Montreal 5.380   12/12/23   5,000 4,988,727
       
 
Bank of Nova Scotia (The), SOFR + 0.720% (Cap N/A, Floor 0.000%) 5.780(c)   08/16/23   5,000 5,004,897
Citibank NA, SOFR + 0.700% (Cap N/A, Floor 0.000%) 5.760(c)   12/13/23   11,500 11,520,127
Credit Industriel et Commercial, SOFR + 0.420% 5.480(c)   10/18/23   40,000 40,021,759
Mizuho Bank Ltd., SOFR + 0.810% 5.870(c)   11/30/23   30,350 30,401,279
Natixis SA 5.000   09/27/23   15,000 14,959,819
Standard Chartered Bank, SOFR + 0.420% 5.480(c)   07/28/23   13,000 13,003,884
Sumitomo Mitsui Banking Corp., SOFR + 0.850% 5.910(c)   11/30/23   31,500 31,560,469
Swedbank AB, SOFR + 0.680% 5.740(c)   03/20/24   24,000 24,030,840
Toronto-Dominion Bank (The) 4.800   09/22/23   12,500 12,464,642
20
PGIM Ultra Short Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2023
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Certificates of Deposit (Continued)
     
Westpac Banking Corp., SOFR + 0.550% (Cap N/A, Floor 0.000%) 5.610 %(c) 05/10/24   35,000  $34,989,055
     
 
Total Certificates of Deposit
(cost $259,351,104) 		259,487,363
Commercial Paper 13.3%
Alimentation Couche-Tard, Inc.,          
144A 5.362(n) 06/15/23   5,000 4,988,856
144A 5.374(n) 06/01/23   10,000 9,998,533
144A 5.550(n) 06/29/23   25,000 24,890,183
     
 
Australia & New Zealand Banking Group Ltd.,
144A, SOFR + 0.610% 		5.670(c) 09/28/23   25,000 25,026,913
Bank of America Securities, Inc.,
144A, SOFR + 0.850% 		5.060(c) 10/18/23   14,500 14,525,761
Bank of Montreal,
144A, SOFR + 0.580% 		5.640(c) 05/01/24   10,000 9,996,414
Bank of Nova Scotia (The),
144A, SOFR + 0.740% 		5.800(c) 12/06/23   15,000 15,028,744
Bell Telephone Co. of Canada or Bell Canada (The),
144A 		5.372(n) 06/20/23   35,000 34,897,489
Canadian Imperial Bank of Commerce,
144A, SOFR + 0.440% 		5.490(c) 10/10/23   20,000 20,020,203
CDP Financial, Inc.,          
144A 5.143(n) 07/03/23   5,000 4,976,455
144A, SOFR + 0.750% 5.810(c) 07/25/23   15,000 15,011,632
144A, SOFR + 0.800% 5.850(c) 11/01/23   5,000 5,008,983
     
 
Centrica PLC,
144A 		5.475(n) 06/15/23   10,000 9,978,017
Citigroup Global Markets Holdings, Inc.,
144A, SOFR + 0.650% 		5.700(c) 09/20/23   15,000 15,015,485
Enbridge, Inc.,
144A 		5.445(n) 06/23/23   35,000 34,877,170
Glencore Funding LLC,          
144A 5.468(n) 06/13/23   25,000 24,951,765
144A 5.474(n) 06/14/23   15,000 14,968,809
     
 
HCP, Inc.,
144A 		5.547(n) 06/28/23   20,000 19,915,782
Ingredion, Inc.,
144A 		5.376(n) 06/20/23   15,000 14,955,783
JPMorgan Securities LLC,
144A 		5.310 01/25/24   10,000 9,976,443
21
PGIM Ultra Short Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2023
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Commercial Paper (Continued)
Mitsubishi Corp.,          
144A 5.070 %(n) 06/05/23   2,500  $2,498,242
144A 5.177(n) 06/15/23   25,000 24,947,042
144A 5.223(n) 06/28/23   10,000 9,960,224
144A 5.240(n) 06/26/23   2,500 2,490,777
     
 
Natixis SA 5.402(n) 07/31/23   20,000 19,830,556
Nutrien Ltd.,
144A 		5.370(n) 06/13/23   5,000 4,990,441
PPG Industries, Inc. 5.375(n) 06/05/23   5,000 4,996,384
Realty Income Corp.,          
144A 5.382(n) 06/15/23   20,000 19,954,060
144A 5.467(n) 06/20/23   20,000 19,940,911
Sempra Energy,          
144A 5.370(n) 06/05/23   7,500 7,494,576
144A 5.429(n) 06/20/23   10,000 9,970,400
144A 5.433(n) 06/21/23   7,500 7,476,655
     
 
Skandinaviska Enskilda Banken AB,
144A, SOFR + 0.500% 		5.550(c) 12/22/23   10,000 10,004,261
Societe Generale SA,
144A, SOFR + 0.820% 		5.870(c) 12/11/23   35,000 35,071,634
Swedbank AB, SOFR + 0.670% 5.720(c) 06/30/23   20,000 20,008,781
UDR, Inc.,          
144A 5.373(n) 06/02/23   3,500 3,498,988
144A 5.377(n) 06/01/23   10,000 9,998,555
144A 5.527(n) 06/26/23   15,000 14,941,858
     
 
Ventas Realty LP,
144A 		5.287(n) 06/01/23   50,000 49,992,777
VW Credit, Inc.,          
144A 5.372(n) 06/05/23   11,500 11,491,683
144A 5.375(n) 06/16/23   10,250 10,225,929
22
PGIM Ultra Short Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2023
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Commercial Paper (Continued)
VW Credit, Inc.,  (cont’d.)          
144A 5.377 %(n) 06/22/23   5,000  $4,983,702
     
 
Total Commercial Paper
(cost $633,576,742) 		633,777,856
     
 
 
Total Short-Term Investments
(cost $1,044,865,419) 		1,045,204,608
 
TOTAL INVESTMENTS 95.7%
(cost $4,575,661,310) 		4,541,934,489
Other assets in excess of liabilities(z) 4.3% 204,193,713
 
Net Assets 100.0% $4,746,128,202
Below is a list of the abbreviation(s) used in the quarterly schedule of portfolio holdings:
    
  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
  CLO—Collateralized Loan Obligation
  GMTN—Global Medium Term Note
  LIBOR—London Interbank Offered Rate
  LP—Limited Partnership
  MTN—Medium Term Note
  REITs—Real Estate Investment Trust
  S—Semiannual payment frequency for swaps
  SOFR—Secured Overnight Financing Rate
  USOIS—United States Overnight Index Swap
    
# Principal or notional amount is shown in U.S. dollars unless otherwise stated.
(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $8,921,729; cash collateral of $8,972,009 (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.
(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.
(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.
23
PGIM Ultra Short Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2023
(n) Rate shown reflects yield to maturity at purchased 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:
225   1 Month SOFR   Jun. 2023    $88,961,804    $(5,099)
225   1 Month SOFR   Jul. 2023   88,891,486   (37,915)
225   1 Month SOFR   Aug. 2023   88,793,040   (108,233)
                (151,247)
Short Positions:
46   3 Month SOFR   Jun. 2023   10,930,750   (3,022)
46   3 Month SOFR   Sep. 2023   10,892,800   35,116
46   3 Month SOFR   Dec. 2023   10,905,450   38,090
34   3 Month SOFR   Mar. 2024   8,088,175   25,187
24   3 Month SOFR   Jun. 2024   5,737,200   6,806
24   3 Month SOFR   Sep. 2024   5,765,700   (6,581)
24   3 Month SOFR   Dec. 2024   5,789,100   (19,456)
16   3 Month SOFR   Mar. 2025   3,870,200   (16,029)
16   3 Month SOFR   Jun. 2025   3,876,200   (17,779)
16   3 Month SOFR   Sep. 2025   3,878,400   (17,017)
16   3 Month SOFR   Dec. 2025   3,879,000   (15,854)
                9,461
                $(141,786)
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:
  18,000   06/07/23   0.148%(S)   1 Day USOIS(1)(A)/ 5.080%    $2    $629,183    $629,181
  75,000   07/26/23   0.192%(S)   1 Day USOIS(1)(A)/ 5.080%   24   2,966,545   2,966,521
  11,000   09/06/23   2.114%(S)   1 Day SOFR(1)(A)/ 5.080%   33   260,327   260,294
  4,000   09/11/23   1.423%(S)   1 Day SOFR(1)(A)/ 5.080%   30   123,761   123,731
24
PGIM Ultra Short Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2023
Interest rate swap agreements outstanding at May 31, 2023 (continued):
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 (cont’d.):
  42,500   09/23/23   4.220%(A)   1 Day SOFR(1)(A)/ 5.080%    $7,174    $181,822    $174,648
  8,000   10/01/23   0.251%(S)   1 Day SOFR(1)(A)/ 5.080%   28   353,107   353,079
  30,000   11/09/23   4.210%(A)   1 Day SOFR(1)(A)/ 5.080%   12,026   213,790   201,764
  10,000   12/01/23   2.634%(S)   1 Day SOFR(1)(A)/ 5.080%   55   234,167   234,112
  5,000   12/07/23   0.221%(S)   1 Day USOIS(1)(A)/ 5.080%   33   237,116   237,083
  7,000   01/03/24   4.276%(A)   1 Day SOFR(1)(A)/ 5.080%   1,454   45,882   44,428
  8,750   02/04/24   0.133%(S)   1 Day USOIS(1)(A)/ 5.080%   2,324   430,729   428,405
  19,500   03/01/24   0.230%(S)   1 Day USOIS(1)(A)/ 5.080%   6,064   940,591   934,527
  28,500   03/01/24   2.478%(S)   1 Day SOFR(1)(A)/ 5.080%   91   748,809   748,718
  46,000   03/09/24   1.440%(S)   1 Day SOFR(1)(A)/ 5.080%   12,473   1,682,732   1,670,259
  8,000   03/15/24   0.276%(S)   1 Day USOIS(1)(A)/ 5.080%   44   381,511   381,467
  23,000   03/15/24   1.658%(S)   1 Day SOFR(1)(A)/ 5.080%   79   788,320   788,241
  7,000   03/18/24   0.278%(S)   1 Day USOIS(1)(A)/ 5.080%   44   333,597   333,553
  12,500   03/25/24   2.055%(S)   1 Day SOFR(1)(A)/ 5.080%   73   379,669   379,596
  68,000   03/31/24   2.305%(S)   1 Day SOFR(1)(A)/ 5.080%   111,386   1,887,781   1,776,395
  3,000   04/26/24   0.305%(S)   1 Day USOIS(1)(A)/ 5.080%   47   140,715   140,668
  13,000   04/26/24   4.637%(A)   1 Day SOFR(1)(A)/ 5.080%   403   62,258   61,855
  11,250   05/11/24   0.300%(S)   1 Day SOFR(1)(A)/ 5.080%   (550)   527,803   528,353
  15,000   05/11/24   2.603%(S)   1 Day SOFR(1)(A)/ 5.080%   (6,642)   366,541   373,183
  16,750   05/20/24   0.296%(S)   1 Day USOIS(1)(A)/ 5.080%   61   777,558   777,497
25
PGIM Ultra Short Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2023
Interest rate swap agreements outstanding at May 31, 2023 (continued):
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 (cont’d.):
  10,900   06/07/24   0.318%(S)   1 Day USOIS(1)(A)/ 5.080%    $59    $858,815    $858,756
  12,750   06/16/24   0.304%(S)   1 Day USOIS(1)(A)/ 5.080%   62   1,019,312   1,019,250
  15,000   08/05/24   0.261%(S)   1 Day SOFR(1)(A)/ 5.080%   72   1,251,063   1,250,991
  29,000   08/08/24   2.512%(S)   1 Day SOFR(1)(A)/ 5.080%   102,019   1,145,894   1,043,875
  3,000   08/13/24   0.368%(S)   1 Day SOFR(1)(A)/ 5.080%   63   244,847   244,784
  5,000   08/17/24   4.498%(A)   1 Day SOFR(1)(A)/ 5.080%   —   23,304   23,304
  8,000   08/31/24   0.399%(S)   1 Day USOIS(1)(A)/ 5.080%   67   652,173   652,106
  12,500   09/01/24   2.500%(S)   1 Day SOFR(1)(A)/ 5.080%   2,402   509,506   507,104
  6,750   09/08/24   3.602%(A)   1 Day SOFR(1)(A)/ 5.080%   —   131,916   131,916
  4,500   09/09/24   0.368%(S)   1 Day SOFR(1)(A)/ 5.080%   (7)   371,578   371,585
  46,500   09/09/24   1.484%(S)   1 Day SOFR(1)(A)/ 5.080%   38,196   2,828,663   2,790,467
  9,750   10/12/24   0.511%(S)   1 Day SOFR(1)(A)/ 5.080%   78   783,655   783,577
  18,250   10/24/24   4.688%(A)   1 Day SOFR(1)(A)/ 5.080%   105,304   (15,485)   (120,789)
  12,000   03/21/25   1.998%(S)   1 Day SOFR(1)(A)/ 5.080%   106   572,139   572,033
  83,500   03/30/25   2.418%(S)   1 Day SOFR(1)(A)/ 5.080%   244,124   3,275,532   3,031,408
  16,000   05/11/25   0.450%(S)   1 Day SOFR(1)(A)/ 5.080%   10,011   1,192,062   1,182,051
  8,000   05/25/25   4.241%(A)   1 Day SOFR(1)(A)/ 5.080%   —   11,504   11,504
  28,750   06/29/25   3.083%(S)   1 Day SOFR(1)(A)/ 5.080%   173,640   832,901   659,261
  57,000   06/29/25   3.086%(S)   1 Day SOFR(1)(A)/ 5.080%   (374,999)   1,647,042   2,022,041
  53,250   08/17/25   2.957%(S)   1 Day SOFR(1)(A)/ 5.080%   86,210   1,822,105   1,735,895
26
PGIM Ultra Short Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2023
Interest rate swap agreements outstanding at May 31, 2023 (continued):
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 (cont’d.):
  95,500   09/08/25   3.422%(A)   1 Day SOFR(1)(A)/ 5.080%    $400,983    $2,033,302    $1,632,319
  188,500   10/07/25   3.955%(A)   1 Day SOFR(1)(A)/ 5.080%   (120,818)   1,124,305   1,245,123
  22,750   10/21/25   4.378%(A)   1 Day SOFR(1)(A)/ 5.080%   (13,279)   (139,355)   (126,076)
  7,500   11/09/25   4.492%(A)   1 Day SOFR(1)(A)/ 5.080%   —   (71,177)   (71,177)
  216,000   12/01/25   4.041%(A)   1 Day SOFR(1)(A)/ 5.080%   (14,176)   654,510   668,686
  46,750   01/11/26   3.783%(A)   1 Day SOFR(1)(A)/ 5.080%   5,336   436,360   431,024
  33,500   02/01/26   3.850%(A)   1 Day SOFR(1)(A)/ 5.080%   —   230,110   230,110
  38,000   02/27/26   4.345%(A)   1 Day USOIS(1)(A)/ 5.080%   —   (321,811)   (321,811)
  105,100   02/28/26   4.453%(A)   1 Day SOFR(1)(A)/ 5.080%   228,743   (1,223,770)   (1,452,513)
  75,000   05/17/26   3.535%(A)   1 Day SOFR(1)(A)/ 5.080%   —   784,965   784,965
                    $1,020,952   $37,360,279   $36,339,327
    
(1) The Fund pays the fixed rate and receives the floating rate.
(2) The Fund pays the floating rate and receives the fixed rate.
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).
27