NPORT-EX 2 975317PRU113023.htm
PGIM Floating Rate Income ETF
Schedule of Investments  (unaudited)
as of November 30, 2023
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Long-Term Investments 95.7%
Asset-Backed Securities 9.1%
Collateralized Loan Obligations 
Atlas Senior Loan Fund Ltd. (United Kingdom),
Series 2023-21A, Class B, 144A, 3 Month SOFR + 3.000% (Cap N/A, Floor 3.000%) 		8.326 %(c) 07/20/35   275  $276,844
Atlas Static Senior Loan Fund Ltd. (Cayman Islands),
Series 2022-01A, Class BR, 144A, 3 Month SOFR + 2.650% (Cap N/A, Floor 2.650%) 		8.001(c) 07/15/30   250 250,000
Avoca Capital CLO Ltd. (Ireland),
Series 10A, Class B1, 144A, 3 Month EURIBOR + 1.350% (Cap N/A, Floor 1.350%) 		5.315(c) 04/15/35 EUR 250 258,869
Carlyle US CLO Ltd. (Cayman Islands),
Series 2023-05A, Class B, 144A 		—(p) 01/27/36   500 500,000
Golub Capital Partners CLO Ltd. (United Kingdom),
Series 2023-68A, Class B, 144A, 3 Month SOFR + 2.800% (Cap N/A, Floor 2.800%) 		8.197(c) 07/25/36   150 150,811
HPS Loan Management Ltd. (Cayman Islands),
Series 2023-18A, Class B, 144A, 3 Month SOFR + 2.950% (Cap N/A, Floor 2.950%) 		8.281(c) 07/20/36   100 100,184
ICG US CLO Ltd. (United Kingdom),
Series 2023-01A, Class B, 144A, 3 Month SOFR + 3.000% (Cap N/A, Floor 3.000%) 		8.395(c) 07/18/36   500 501,930
Mountain View CLO Ltd. (Cayman Islands),
Series 2023-01A, Class B, 144A, 3 Month SOFR + 3.000% (Cap N/A, Floor 3.000%) 		8.430(c) 09/14/36   200 199,385
Nassau Ltd. (United Kingdom),
Series 2022-01A, Class B, 144A, 3 Month SOFR + 3.620% (Cap N/A, Floor 3.620%) 		9.014(c) 01/15/31   250 250,247
OFSI BSL Ltd. (Cayman Islands),
Series 2023-12A, Class B, 144A, 3 Month SOFR + 3.150% (Cap N/A, Floor 3.150%) 		8.566(c) 01/20/35   250 250,017
Silver Rock CLO Ltd. (Cayman Islands),
Series 2020-01A, Class BR, 144A, 3 Month SOFR + 2.900% (Cap N/A, Floor 2.900%) 		8.258(c) 10/20/33   250 250,193
Sound Point CLO Ltd.,
Series 2020-02A, Class DR, 144A, 3 Month SOFR + 3.612% (Cap N/A, Floor 3.350%) 		8.990(c) 10/25/34   250 221,890
Symphony CLO Ltd. (Bermuda),
Series 2023-40A, Class B, 144A, 3 Month SOFR + 2.550% (Cap N/A, Floor 2.550%) 		7.894(c) 01/14/34   500 500,000
1
PGIM Floating Rate Income ETF
Schedule of Investments  (unaudited) (continued)
as of November 30, 2023
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Asset-Backed Securities (Continued)
Collateralized Loan Obligations (cont’d.)
Tikehau US CLO Ltd. (Bermuda),
Series 2023-02A, Class A1, 144A, 3 Month SOFR + 1.950% (Cap N/A, Floor 1.950%) 		7.311 %(c) 01/15/36   500  $500,000
Trinitas CLO Ltd. (Cayman Islands),
Series 2021-15A, Class B1, 144A, 3 Month SOFR + 1.962% (Cap N/A, Floor 1.700%) 		7.374(c) 04/22/34   250 243,879
     
 
Total Asset-Backed Securities
(cost $4,442,200) 		4,454,249
Corporate Bonds 12.3%
Aerospace & Defense 0.2%
Bombardier, Inc. (Canada),
Sr. Unsec’d. Notes, 144A 		7.875 04/15/27   109 109,000
Airlines 0.1%
VistaJet Malta Finance PLC/Vista Management Holding, Inc. (Switzerland),
Sr. Unsec’d. Notes, 144A 		7.875 05/01/27   75 62,813
Auto Manufacturers 0.2%
General Motors Co.,
Sr. Unsec’d. Notes 		5.600 10/15/32   105 102,647
Banks 8.9%
Bank of America Corp.,
Jr. Sub. Notes, Series RR 		4.375(ff) 01/27/27(oo)   500 432,308
Citigroup, Inc.,          
Jr. Sub. Notes 3.875(ff) 02/18/26(oo)   400 349,063
Jr. Sub. Notes 7.625(ff) 11/15/28(oo)   400 398,322
     
 
Goldman Sachs Group, Inc. (The),
Jr. Sub. Notes, Series V 		4.125(ff) 11/10/26(oo)   600 506,883
JPMorgan Chase & Co.,
Jr. Sub. Notes, Series HH 		4.600(ff) 02/01/25(oo)   2,100 2,011,315
Wells Fargo & Co.,
Jr. Sub. Notes, Series BB 		3.900(ff) 03/15/26(oo)   725 652,627
          4,350,518
2
PGIM Floating Rate Income ETF
Schedule of Investments  (unaudited) (continued)
as of November 30, 2023
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Electric 0.7%
Calpine Corp.,          
Sr. Unsec’d. Notes, 144A 4.625 % 02/01/29   100  $90,665
Sr. Unsec’d. Notes, 144A 5.000 02/01/31   150 132,747
     
 
Vistra Corp.,
Jr. Sub. Notes, 144A 		8.000(ff) 10/15/26(oo)   100 97,708
          321,120
Environmental Control 0.1%
GFL Environmental, Inc. (Canada),
Sr. Sec’d. Notes, 144A 		6.750 01/15/31   50 50,375
Home Builders 0.1%
Ashton Woods USA LLC/Ashton Woods Finance Co.,
Sr. Unsec’d. Notes, 144A 		4.625 04/01/30   38 31,895
Machinery-Diversified 0.2%
Chart Industries, Inc.,
Sr. Sec’d. Notes, 144A 		7.500 01/01/30   80 81,612
Media 0.1%
Charter Communications Operating LLC/Charter Communications Operating Capital,
Sr. Sec’d. Notes 		4.400 04/01/33   75 66,451
Oil & Gas 0.3%
Hilcorp Energy I LP/Hilcorp Finance Co.,
Sr. Unsec’d. Notes, 144A 		6.250 04/15/32   100 92,420
Nabors Industries, Inc.,
Gtd. Notes, 144A 		7.375 05/15/27   75 72,522
          164,942
Packaging & Containers 0.1%
Sealed Air Corp.,
Gtd. Notes, 144A 		5.000 04/15/29   50 46,965
Sealed Air Corp./Sealed Air Corp. US,
Gtd. Notes, 144A 		6.125 02/01/28   25 24,718
          71,683
3
PGIM Floating Rate Income ETF
Schedule of Investments  (unaudited) (continued)
as of November 30, 2023
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Pipelines 0.3%
Energy Transfer LP,
Sr. Unsec’d. Notes 		3.750 % 05/15/30   75  $67,345
Targa Resources Corp.,
Gtd. Notes 		4.200 02/01/33   75 66,208
          133,553
Real Estate Investment Trusts (REITs) 0.1%
Diversified Healthcare Trust,          
Gtd. Notes 4.375 03/01/31   60 42,763
Gtd. Notes 9.750 06/15/25   5 4,961
Sr. Unsec’d. Notes 4.750 05/01/24   5 4,753
Sr. Unsec’d. Notes 4.750 02/15/28   5 3,653
          56,130
Retail 0.1%
Gap, Inc. (The),
Gtd. Notes, 144A 		3.875 10/01/31   75 59,260
Telecommunications 0.8%
Digicel Group Holdings Ltd. (Jamaica),          
Sr. Sec’d. Notes, Series 1A14, 144A (original cost $2,831; purchased 11/14/23)^(f) 0.000(s) 12/31/30   3 2,831
Sr. Sec’d. Notes, Series 1B14, 144A (original cost $1; purchased 11/14/23)^(f) 0.000(s) 12/31/30   6 —
Sr. Sec’d. Notes, Series 3A14, 144A (original cost $249; purchased 11/14/23)^(f) 0.000(s) 12/31/30   —(r) 249
Sr. Sec’d. Notes, Series 3B14, 144A (original cost $0; purchased 11/14/23)^(f) 0.000(s) 12/31/30   5 —
Digicel International Finance Ltd./Digicel
International Holdings Ltd. (Jamaica), 		         
Gtd. Notes, 144A (original cost $16,800; purchased 03/15/23)(f) 8.000 12/31/26(d)   80 1,600
Gtd. Notes, 144A, Cash coupon 13.000% (original cost $70,049; purchased 10/18/23)(f) 13.000 12/31/25(d)   100 68,000
Sr. Sec’d. Notes, 144A (original cost $180,806; purchased 09/07/23)(f) 8.750 05/25/24   200 184,000
     
 
Digicel Ltd. (Jamaica),
Gtd. Notes, 144A 		6.750 03/01/23(d)   200 4,000
4
PGIM Floating Rate Income ETF
Schedule of Investments  (unaudited) (continued)
as of November 30, 2023
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Telecommunications (cont’d.)
Level 3 Financing, Inc.,          
Gtd. Notes, 144A 4.250 % 07/01/28   75  $42,000
Gtd. Notes, 144A 4.625 09/15/27   25 15,250
Sr. Sec’d. Notes, 144A 3.400 03/01/27   25 23,625
Sr. Sec’d. Notes, 144A 10.500 05/15/30   50 46,377
          387,932
     
 
Total Corporate Bonds
(cost $6,020,865) 		6,049,931
Floating Rate and Other Loans 74.3%
Advertising 0.5%
Terrier Media Buyer, Inc.,
2021 Refinancing Term B Loan, 3 Month SOFR + 3.600% 		8.990(c) 12/17/26   282 258,072
Aerospace & Defense 0.4%
Transdigm, Inc.,
Term Loan, 1 Month SOFR + 3.250% 		8.597(c) 02/28/31   200 199,793
Agriculture 0.3%
Alltech, Inc.,          
Term A Loan, 1 Month SOFR + 3.600% 8.948(c) 10/15/26   99 93,997
Term B Loan, 1 Month SOFR + 4.114% 9.463(c) 10/13/28   49 48,504
          142,501
Airlines 2.8%
Air Canada (Canada),
Term Loan, 3 Month SOFR + 3.762% 		9.139(c) 08/11/28   148 147,860
American Airlines, Inc.,          
Initial Term Loan, 3 Month SOFR + 4.750% 10.427(c) 04/20/28   350 354,995
Seventh Amendment Extended Term Loan, 6 Month SOFR + 3.178% 8.598(c) 02/15/28   124 121,956
Term Loan —(p) 06/04/29   200 198,583
     
 
5
PGIM Floating Rate Income ETF
Schedule of Investments  (unaudited) (continued)
as of November 30, 2023
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Floating Rate and Other Loans (Continued)
Airlines (cont’d.)
     
Mileage Plus Holdings LLC,
Initial Term Loan, 3 Month SOFR + 5.400% 		10.798 %(c) 06/21/27   150  $154,415
United Airlines, Inc.,
Class B Term Loan, 1 Month SOFR + 3.864% 		9.207(c) 04/21/28   394 394,079
          1,371,888
Auto Parts & Equipment 1.7%
Dexko Global, Inc.,          
2023 Incremental Term Loan, 3 Month SOFR + 4.250% 9.640(c) 10/04/28   75 73,750
First Lien Closing Date Dollar Term Loan, 3 Month SOFR + 4.012% 9.402(c) 10/04/28   74 72,351
     
 
First Brands Group LLC,
2022-Ii Incremental Term Loan, 6 Month SOFR + 5.000% 		10.881(c) 03/30/27   174 170,988
Power Solutions,
2023 Term Loan, 1 Month SOFR + 3.750% 		9.098(c) 05/06/30   175 175,088
Tenneco, Inc.,
Term B Loan, 3 Month SOFR + 5.100% 		10.483(c) 11/17/28   275 227,268
Truck Hero, Inc.,
Initial Term Loan, 1 Month SOFR + 3.614% 		8.963(c) 01/31/28   98 94,422
          813,867
Banks 0.1%
Walker & Dunlop, Inc.,
Incremental Term B Loan, 1 Month SOFR + 3.100%^ 		8.448(c) 12/16/28   50 49,501
Beverages 0.5%
City Brewing Co. LLC,
First Lien Closing Date Term Loan, 3 Month SOFR + 3.762% 		9.164(c) 04/05/28   97 78,110
Pegasus Bidco BV (Netherlands),
Facility Term Loan B2, 3 Month SOFR + 4.250% 		9.630(c) 07/12/29   149 148,503
          226,613
6
PGIM Floating Rate Income ETF
Schedule of Investments  (unaudited) (continued)
as of November 30, 2023
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Floating Rate and Other Loans (Continued)
Building Materials 2.8%
Cornerstone Building Brands, Inc.,
Term Loan, 1 Month SOFR + 5.625% 		10.948 %(c) 08/01/28   198  $195,587
CP Atlas Buyer, Inc.,
Term B Loan, 1 Month SOFR + 3.850% 		9.198(c) 11/23/27   198 186,201
Emerald Borrower LP,
Initial Term B Loan, 1 Month SOFR + 3.000% 		8.348(c) 05/31/30   325 325,058
Hunter Douglas, Inc. (Netherlands),
Tranche B-1 Term loan, 3 Month SOFR + 3.500% 		8.887(c) 02/26/29   173 166,558
Smyrna Ready Mix Concrete LLC,
New Term B Loan, 1 Month SOFR + 3.500% 		8.831(c) 04/02/29   251 251,165
Summit Materials LLC,
Term Loan^ 		—(p) 12/31/28   50 50,000
Vector WP HoldCo, Inc.,
Initial Term B Loan, 1 Month SOFR + 5.114% 		10.463(c) 10/12/28   149 147,498
Watlow Electric Manufacturing Co.,
Term Loan 		—(p) 03/02/28   50 49,458
          1,371,525
Chemicals 3.3%
Ascend Performance Materials Operations LLC,
2021 Refinancing Term Loan, 6 Month SOFR + 4.850% 		10.317(c) 08/27/26   236 218,909
Cyanco Intermediate 2 Corp.,
Term Loan B, 1 Month SOFR + 4.750% 		10.098(c) 07/10/28   125 124,349
Geon Performance Solutions LLC,
Initial Term Loan, 3 Month SOFR + 5.012% 		10.402(c) 08/18/28   123 120,273
Ineos Finance PLC (Luxembourg),
2030 Dollar Term Loan, 1 Month SOFR + 3.600% 		8.948(c) 02/18/30   75 74,131
Ineos US Petrochem LLC,
2030 Tranche B Dollar Term Loan, 1 Month SOFR + 3.850% 		9.198(c) 03/14/30   75 72,194
Iris Holdings Ltd.,
Initial Term Loan, 3 Month SOFR + 4.850% 		10.233(c) 06/28/28   129 115,232
Kraton Corp.,
Initial Dollar Term Loan, 3 Month SOFR + 3.512% 		8.921(c) 03/15/29   100 95,582
LSF11 A5 HoldCo, LLC,
Incremental Term Loan, 1 Month SOFR + 4.350% 		9.698(c) 10/15/28   190 187,156
Nouryon Finance BV,          
2023 Term Loan, 1 Month SOFR + 4.100% 9.423(c) 04/03/28   100 98,877
7
PGIM Floating Rate Income ETF
Schedule of Investments  (unaudited) (continued)
as of November 30, 2023
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Floating Rate and Other Loans (Continued)
Chemicals (cont’d.)
Nouryon Finance BV, (cont’d.)          
Extended Dollar Term Loan, 3 Month SOFR + 4.100% 9.467 %(c) 04/03/28   249  $247,103
Olympus Water US Holding Corp.,          
2022 Incremental Term Loan, 3 Month SOFR + 4.600% 9.990(c) 11/09/28   98 97,269
Initial Dollar Term Loan, 3 Month SOFR + 4.012% 9.402(c) 11/09/28   99 97,966
     
 
Vantage Specialty Chemicals, Inc.,
First Lien 2023 Other Term Loan, 1 Month SOFR + 4.750% 		10.081(c) 10/26/26   99 92,799
          1,641,840
Commercial Services 8.0%
Albion Financing SARL,
2023 Incremental USD Term Loan, 3 Month SOFR + 5.500% 		10.878(c) 08/17/26   75 74,485
Allied Universal Holdco LLC,
Amendment No. 3 Term Loan, 1 Month SOFR + 4.750% 		10.098(c) 05/12/28   140 137,690
Amentum Government Services Holdings LLC,
Tranche 3 Term Loan, 1 Month SOFR + 4.000% 		9.331(c) 02/15/29   122 121,785
ArchKey Holdings, Inc.,
First Lien Initial Term Loan, 1 Month SOFR + 5.364% 		10.713(c) 06/29/28   148 143,915
Cimpress PLC,
Tranche B-1 Term Loan, 1 Month SOFR + 3.614% 		8.963(c) 05/17/28   148 146,309
CoreLogic, Inc.,
First Lien Initial Term Loan, 1 Month SOFR + 3.614% 		8.963(c) 06/02/28   251 234,855
Electro Rent Corp.,
Extended Term Loan, 3 Month SOFR + 5.600% 		11.002(c) 11/01/24   99 94,178
Fly Funding II Sarl (Luxembourg),
Term Loan B, 3 Month LIBOR + 1.750% 		7.380(c) 08/11/25   313 292,180
GTCR W Merger Sub LLC,
Term Loan 		—(p) 07/05/31   475 474,703
Indy US Holdco LLC,
Fifth Amendment Incremental Term Loan, 1 Month SOFR + 6.250% 		11.598(c) 03/06/28   254 245,295
8
PGIM Floating Rate Income ETF
Schedule of Investments  (unaudited) (continued)
as of November 30, 2023
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Floating Rate and Other Loans (Continued)
Commercial Services (cont’d.)
Kingpin Intermediate Holdings LLC,
Amendment No. 8 Term Loan, 1 Month SOFR + 3.500% 		8.848 %(c) 02/08/28   123  $122,130
Kuehg Corp.,
Initial Term Loan, 3 Month SOFR + 5.000% 		10.390(c) 06/12/30   175 175,055
Latham Pool Products, Inc.,
Initial Term Loan, 3 Month SOFR + 4.150% 		9.528(c) 02/23/29   215 204,987
Learning Care Group (US) No. 2, Inc.,
Initial Term Loan, 3 Month SOFR + 4.750% 		10.122(c) 08/11/28   150 150,031
MPH Acquisition Holdings LLC,
Initial Term Loan, 3 Month SOFR + 4.512% 		9.900(c) 09/01/28   172 163,214
NAB Holdings LLC,
First Lien Term Loan, 3 Month SOFR + 3.150% 		8.540(c) 11/23/28   148 148,129
Omnia Partners, LLC,
Initial Term Loan, 3 Month SOFR + 4.250% 		9.628(c) 07/25/30   183 182,963
Ryan, LLC,
Initial Term Loan, 1 Month SOFR + 4.500% 		9.848(c) 11/14/30   127 125,717
Spectrum Group Buyer, Inc.,
Term Loan B, 6 Month SOFR + 6.500% 		11.953(c) 05/19/28   146 131,137
The Hertz Corporation,
2023 Incremental Term Loan, 1 Month SOFR + 3.750% 		9.080(c) 06/30/28   325 320,870
TruGreen LP,
Second Refinancing Term Loan (First Lien), 1 Month SOFR + 4.100% 		9.448(c) 11/02/27   150 140,264
VT Topco, Inc.,
Initial Term Loan, 1 Month SOFR + 4.250% 		9.598(c) 08/09/30   75 74,930
          3,904,822
Computers 3.4%
ConvergeOne Holdings Corp.,
First Lien Initial Term Loan, PRIME + 4.000% 		12.500(c) 01/04/26   197 118,258
McAfee Corp.,
Tranche B-1 Term Loan, 1 Month SOFR + 3.850% 		9.170(c) 03/01/29   296 291,796
NCR Atleos, LLC,
Term B Loan, 1 Month SOFR + 4.850% 		10.198(c) 03/27/29   425 414,729
Peraton Corp.,
First Lien Term B Loan, 1 Month SOFR + 3.850% 		9.198(c) 02/01/28   295 292,937
9
PGIM Floating Rate Income ETF
Schedule of Investments  (unaudited) (continued)
as of November 30, 2023
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Floating Rate and Other Loans (Continued)
Computers (cont’d.)
Procera Networks, Inc. (Canada),
Initial Term Loan (First Lien), 1 Month SOFR + 4.614% 		9.963 %(c) 10/31/25   123  $97,880
Redstone Holdco LP,
First Lien Initial Term Loan, 1 Month SOFR + 4.864% 		10.207(c) 04/27/28   61 46,403
SonicWall US Holdings, Inc.,
2023 Term Loan, 3 Month SOFR + 5.000% 		10.402(c) 05/18/28   175 168,848
Tempo Acquisition LLC,
Fifth Incremental Term, 1 Month SOFR + 2.750% 		8.098(c) 08/31/28   25 24,820
VeriFone Systems, Inc.,
First Lien Initial Term Loan, 3 Month SOFR + 4.000% 		9.641(c) 08/20/25   221 209,648
          1,665,319
Distribution/Wholesale 0.6%
AIP RD Buyer Corp.,
2023 Incremental Term Loan, 1 Month SOFR + 5.000%^ 		10.348(c) 12/22/28   50 49,688
FPC Holdings, Inc.,
Term Loan B, 1 Month SOFR + 4.500% 		9.848(c) 09/29/28   50 49,384
Gloves Buyer, Inc.,
Amendment No. 5 First Lien Incremental Term Loan, 1 Month SOFR + 5.114%^ 		10.463(c) 12/29/27   45 43,765
Windsor Holdings III LLC,
Dollar Term B Loan, 1 Month SOFR + 4.500% 		9.820(c) 08/01/30   140 140,214
          283,051
Diversified Financial Services 2.1%
Avolon TLB Borrower 1 (US) LLC (Ireland),
Term Loan B-6, 1 Month SOFR + 2.500% 		7.831(c) 06/22/28   103 102,871
Castlelake Aviation One DAC,
Initial Term Loan, 3 Month SOFR + 3.012% 		8.421(c) 10/22/26   133 132,928
Eisner Advisory Group LLC,
2022 Incremental Term Facility, 1 Month SOFR + 5.364% 		10.713(c) 07/28/28   124 124,154
Hudson River Trading LLC,
Term Loan, 1 Month SOFR + 3.114% 		8.463(c) 03/20/28   296 293,295
10
PGIM Floating Rate Income ETF
Schedule of Investments  (unaudited) (continued)
as of November 30, 2023
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Floating Rate and Other Loans (Continued)
Diversified Financial Services (cont’d.)
LHS Borrower LLC,
Initial Term Loan, 1 Month SOFR + 4.850% 		10.198 %(c) 02/16/29   174  $151,765
VFH Parent LLC,
Initial Term Loan, 1 Month SOFR + 3.100% 		8.448(c) 01/13/29   242 241,218
          1,046,231
Electric 0.8%
Generation Bridge Northeast LLC,
Term B Loan, 1 Month SOFR + 4.250% 		9.598(c) 08/22/29   174 174,581
Lightstone HoldCo LLC,          
Extended Term B Loan, 3 Month SOFR + 5.750% 11.133(c) 01/29/27   210 197,244
Extended Term C Loan, 3 Month SOFR + 5.750% 11.133(c) 01/29/27   12 11,156
          382,981
Electronics 0.9%
II-VI, Inc.,
Term Loan B, 1 Month SOFR + 2.864% 		8.213(c) 07/02/29   271 270,269
Ingram Micro, Inc.,
Term B Loan, 3 Month SOFR + 3.262% 		8.653(c) 06/30/28   180 179,272
          449,541
Energy-Alternate Sources 0.2%
WIN Waste Innovations Holdings, Inc.,
Initial Term Loan, 1 Month SOFR + 2.864% 		8.213(c) 03/24/28   123 110,915
Engineering & Construction 0.6%
Brand Industrial Services, Inc.,
Tranche B Term Loan, 3 Month SOFR + 5.500% 		10.877(c) 08/01/30   75 73,187
Osmose Utilities Services, Inc.,
First Lien Initial Term Loan, 1 Month LIBOR + 3.250% 		8.713(c) 06/23/28   150 148,156
Rockwood Service Corp.,
Initial Term Loan, 1 Month SOFR + 4.364% 		9.713(c) 01/23/27   75 74,779
          296,122
11
PGIM Floating Rate Income ETF
Schedule of Investments  (unaudited) (continued)
as of November 30, 2023
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Floating Rate and Other Loans (Continued)
Entertainment 3.5%
Allen Media LLC,
Term B Loan, 3 Month SOFR + 5.500% 		10.890 %(c) 02/10/27   211  $183,774
Caesars Entertainment, Inc.,
Term B Loan, 1 Month SOFR + 3.350% 		8.698(c) 02/06/30   199 198,536
Cinemark USA, Inc.,
Term Loan, 3 Month SOFR + 3.750% 		9.109(c) 05/24/30   224 224,062
Entain Holdings Gibraltar Ltd.,
Facility B2, 3 Month SOFR + 3.600% 		8.990(c) 10/31/29   248 248,375
Golden Entertainment, Inc.,
Term B1 Facility Term Loan, 1 Month SOFR + 2.850% 		8.197(c) 05/28/30   133 132,778
J&J Ventures Gaming LLC,          
2023 Delayed Draw Term Loan (Montana), 1 Month SOFR + 4.364% 9.713(c) 04/26/28   54 51,897
Initial Term Loan, 3 Month SOFR + 4.262% 9.652(c) 04/26/28   98 95,786
Term Loan —(p) 04/26/28   96 93,415
     
 
Maverick Gaming LLC,
Term Loan B, 3 Month SOFR + 7.762% 		13.150(c) 09/03/26   74 53,208
Ontario Gaming Gta Ltd. Partnership (Canada),
Term B Loan, 3 Month SOFR + 4.250% 		9.640(c) 08/01/30   75 75,106
Raptor Acquisition Corp.,
Term B Loan, 3 Month SOFR + 4.262% 		9.658(c) 11/01/26   125 125,078
Stars Group Holding BV (Netherlands),
Term Loan, 1 Month SOFR + 2.250% 		3.250(c) 11/25/30   225 224,250
          1,706,265
Environmental Control 1.4%
Action Environmental Group Inc., The,
Initial Term Loan, 3 Month SOFR + 4.500%^ 		9.878(c) 10/24/30   413 413,560
Covanta Holding Corp.,          
2023 Incremental Term B Loan, 1 Month SOFR + 3.000% 8.321(c) 11/30/28   200 199,625
2023 Incremental Term C Loan, 1 Month SOFR + 3.000% 8.321(c) 11/30/28   15 14,972
     
 
JFL-Tiger Acquisition Co., Inc.,
Initial Term Loan, 3 Month SOFR + 5.000% 		10.403(c) 10/16/30   75 74,437
          702,594
12
PGIM Floating Rate Income ETF
Schedule of Investments  (unaudited) (continued)
as of November 30, 2023
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Floating Rate and Other Loans (Continued)
Foods 0.5%
BCPE North Star U.S. Holdco, Inc.,
First Lien Initial Term Loan, 1 Month SOFR + 4.114% 		9.463 %(c) 06/09/28   273  $242,407
Hand/Machine Tools 0.1%
Alliance Laundry Systems LLC,
Initial Term B Loan, 3 Month SOFR + 3.600% 		8.994(c) 10/08/27   70 69,764
Healthcare-Products 0.5%
Mozart Borrower LP,
Initial Dollar Term Loan, 1 Month SOFR + 3.114% 		8.463(c) 10/23/28   257 257,320
Healthcare-Services 2.4%
Accelerated Health Systems LLC,
Initial Term B Loan, 3 Month SOFR + 4.400% 		9.790(c) 02/15/29   252 211,974
Charlotte Buyer,
Initial Term B Loan, 1 Month SOFR + 5.250% 		10.571(c) 02/11/28   266 265,859
eResearch Technology, Inc.,
First Lien Initial Term Loan, 1 Month LIBOR + 4.614% 		9.963(c) 02/04/27   123 121,059
IQVI,
Term Loan 		—(p) 01/02/31   125 125,208
IVC Acquisition Ltd. (United Kingdom),
Term Loan 		—(p) 11/30/28   100 98,938
LifePoint Health, Inc.,
Term Loan B, 3 Month SOFR + 5.762% 		11.168(c) 11/16/28   117 112,094
Mamba Purchaser, Inc.,
Term Loan, 1 Month SOFR + 3.364% 		8.713(c) 10/16/28   49 49,112
Pacific Dental Services LLC,
Term Loan, 1 Month SOFR + 3.614% 		8.957(c) 05/05/28   125 124,525
Sound Inpatient Physicians, Inc.,
First Lien Initial Term Loan, 3 Month SOFR + 3.262% 		8.645(c) 06/27/25   247 75,145
          1,183,914
13
PGIM Floating Rate Income ETF
Schedule of Investments  (unaudited) (continued)
as of November 30, 2023
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Floating Rate and Other Loans (Continued)
Holding Companies-Diversified 1.2%
Belfor Holdings, Inc.,
Initial Tranche B-1 Term Loan, 1 Month SOFR + 3.750%^ 		9.098 %(c) 11/01/30   250  $249,687
Clue OpCo LLC,
Term Loan 		—(p) 09/20/30   350 331,625
          581,312
Home Furnishings 0.8%
Osmosis Buyer Limited,
Initial Term B Loan, 1 Month SOFR + 3.750% 		9.071(c) 07/31/28   74 72,788
Snap One Holdings Corp.,
Initial Term Loan, 3 Month SOFR + 4.650%^ 		10.040(c) 12/08/28   199 188,807
Weber-Stephen Products LLC,
Initial Term B Loan, 1 Month SOFR + 3.364% 		8.713(c) 10/30/27   149 127,574
          389,169
Housewares 0.3%
Lifetime Brands, Inc.,
Extended Term Loan, 1 Month SOFR + 5.614% 		10.937(c) 08/26/27   48 45,533
SWF Holdings I Corp.,
Initial Term Loan, 1 Month SOFR + 4.114% 		9.463(c) 10/06/28   123 104,176
          149,709
Insurance 2.3%
Acrisure LLC,          
2021-1 Additional Term Loan, 3 Month LIBOR + 3.750% 9.400(c) 02/15/27   346 343,371
First Lien 2021-2 Additional Term Loan, 3 Month LIBOR + 4.250% 9.900(c) 02/15/27   50 49,576
     
 
Amwins Group, Inc.,
February 2023 Incremental Term Loan, 1 Month SOFR + 2.864% 		8.213(c) 02/19/28   79 79,499
Asurion LLC,          
New B-04 Term Loan, 1 Month SOFR + 5.364% 10.713(c) 01/20/29   200 176,219
New B-09 Term Loan, 1 Month SOFR + 3.364% 8.713(c) 07/31/27   244 238,114
New B-10 Term Loan, 1 Month SOFR + 4.100% 9.448(c) 08/19/28   115 112,185
14
PGIM Floating Rate Income ETF
Schedule of Investments  (unaudited) (continued)
as of November 30, 2023
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Floating Rate and Other Loans (Continued)
Insurance (cont’d.)
Asurion LLC, (cont’d.)          
New B-11 Term Loan, 1 Month SOFR + 4.350% 9.698 %(c) 08/21/28   75  $73,319
Second Lien Term Loan B3, 1 Month SOFR + 5.364% 10.713(c) 01/31/28   50 44,729
          1,117,012
Internet 0.7%
MH Sub I LLC,
2023 May New Term Loan, 1 Month SOFR + 4.250% 		9.598(c) 05/03/28   222 214,780
Uber Technologies, Inc.,
2023 Refinancing Term Loan, 3 Month SOFR + 2.750% 		8.159(c) 03/03/30   119 119,140
          333,920
Investment Companies 0.9%
EIG Management Co. LLC,
Initial Term Loan, 1 Month SOFR + 3.850%^ 		9.198(c) 02/24/25   123 122,739
GIP Pilot Acquisition Partners LP,
Initial Term Loan, 3 Month SOFR + 3.000% 		8.388(c) 10/04/30   175 174,563
LSF11 Trinity Bidco, Inc.,
Initial Term Loan, 1 Month SOFR + 4.250%^ 		9.573(c) 06/14/30   150 149,625
          446,927
Leisure Time 2.0%
Alterra Mountain Co.,
Series B-3 Term Loan, 1 Month SOFR + 3.850% 		9.198(c) 05/31/30   125 124,999
Arcis Golf LLC,
Initial Term Loan, 1 Month SOFR + 4.364% 		9.713(c) 11/24/28   75 74,728
Bombardier Recreational Products, Inc. (Canada),          
2020 Replacement Term Loan, 1 Month SOFR + 2.100% 7.448(c) 05/24/27   99 98,359
2023 Replacement Term Loan, 1 Month SOFR + 2.750% 8.098(c) 12/13/29   222 220,907
     
 
Carnival Corp.,
Initial Advance, 1 Month SOFR + 3.000% 		8.321(c) 08/09/27   100 99,127
15
PGIM Floating Rate Income ETF
Schedule of Investments  (unaudited) (continued)
as of November 30, 2023
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Floating Rate and Other Loans (Continued)
Leisure Time (cont’d.)
     
Fender Musical Instruments Corp.,
Initial Term Loan, 1 Month SOFR + 4.100% 		9.441 %(c) 12/01/28   74  $72,092
Recess Holdings, Inc.,
New Term Loan, 3 Month SOFR + 4.000% 		9.388(c) 03/29/27   70 70,087
Topgolf Callaway Brands Corp.,
Initial Term Loan, 1 Month SOFR + 3.600% 		8.948(c) 03/15/30   249 248,066
          1,008,365
Lodging 0.1%
Hilton Worldwide Finance LLC,
Term Loan B-4, 1 Month SOFR + 2.000% 		7.443(c) 11/06/30   50 50,018
Machinery-Construction & Mining 0.3%
Vertiv Group Corp.,
Term B Loan, 1 Month LIBOR + 2.750% 		8.184(c) 03/02/27   150 150,104
Machinery-Diversified 1.2%
Chart Industries, Inc.,
New Term B Loan, 1 Month SOFR + 3.350% 		8.670(c) 03/15/30   174 173,358
CPM Holdings, Inc.,
Initial Term Loan, 1 Month SOFR + 4.500% 		9.827(c) 09/28/28   49 49,020
Engineered Machinery Holdings, Inc.,
Incremental USD First Lien Term Loan, 3 Month SOFR + 3.762% 		9.152(c) 05/19/28   50 47,988
Hyster-Yale Group, Inc.,
Term loan B Facility, 1 Month SOFR + 3.614% 		8.963(c) 05/26/28   99 95,894
LSF12 Badger Bidco, LLC,
Initial Term Loan, 1 Month SOFR + 6.000% 		11.348(c) 08/30/30   150 149,250
Pro Mach Group, Inc.,          
Amendment No. 1 Incremental Term Loan (First Lien), 1 Month SOFR + 5.100%^ 10.448(c) 08/31/28   25 25,000
Initial Term Loan, 1 Month SOFR + 4.114% 9.463(c) 08/31/28   64 64,066
          604,576
Media 2.8%
Altice Financing SA (Luxembourg),
2022 Dollar Loan, 3 Month SOFR + 5.000% 		10.394(c) 10/29/27   125 119,036
16
PGIM Floating Rate Income ETF
Schedule of Investments  (unaudited) (continued)
as of November 30, 2023
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Floating Rate and Other Loans (Continued)
Media (cont’d.)
CSC Holdings LLC,
2022 Refinancing Term Loan, 1 Month SOFR + 4.500% 		9.823 %(c) 01/18/28   197  $189,800
Diamond Sports Group LLC,
Second Lien Term Loan 		10.680 08/24/26   397 8,105
Entercom Media Corp.,
Term Loan B-2, 3 Month SOFR + 2.762% 		8.145(c) 11/18/24   75 32,602
iHeartCommunications, Inc.,
Incremental Term B Loan, 1 Month SOFR + 3.364% 		8.713(c) 05/01/26   280 231,840
Nexstar Broadcasting, Inc.,
Term B-4 Loan, 1 Month SOFR + 2.614% 		7.963(c) 09/18/26   200 199,857
Radiate Holdco LLC,
Amendment No. 6 Term Loan, 1 Month SOFR + 3.364% 		8.713(c) 09/25/26   241 187,086
Sinclair Television Group, Inc.,
Term Loan B-4, 1 Month SOFR + 3.850% 		9.198(c) 04/21/29   98 73,897
Univision Communications, Inc.,          
2022 Incremental First-Lien Term Loan, 3 Month SOFR + 4.250% 9.640(c) 06/24/29   49 49,282
Initial First Lien Term Loan, 1 Month SOFR + 3.364% 8.713(c) 01/31/29   292 288,882
          1,380,387
Metal Fabricate/Hardware 0.9%
Crosby U.S. Acquisition Corp.,
First Lien Initial Term Loan, 1 Month SOFR + 4.850% 		10.185(c) 06/26/26   98 98,039
Grinding Media, Inc.,
First Lien Initial Term Loan, 3 Month SOFR + 4.262%^ 		9.684(c) 10/12/28   285 275,283
Tank Holding Corp.,          
2023 Incremental Term Loan, 1 Month SOFR + 6.100%^ 11.443(c) 03/31/28   49 46,805
Delayed Draw Term Commitment, 1 Month SOFR + 6.000%^ 0.000(c) 03/31/28   21 6,787
          426,914
17
PGIM Floating Rate Income ETF
Schedule of Investments  (unaudited) (continued)
as of November 30, 2023
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Floating Rate and Other Loans (Continued)
Mining 0.4%
Arsenal Aic Parent LLC,
Term B Loan, 1 Month SOFR + 4.500% 		9.848 %(c) 08/19/30   175  $174,956
Miscellaneous Manufacturing 0.5%
Gates Global LLC,
Initial B-4 Dollar Term Loan, 1 Month SOFR + 3.000% 		8.348(c) 11/16/29   248 247,562
Packaging & Containers 1.6%
Clydesdale Acquisition Holdings, Inc.,
Term B Loan, 1 Month SOFR + 4.275% 		9.623(c) 04/13/29   138 137,080
LABL, Inc.,
Initial Dollar Term Loan, 1 Month SOFR + 5.100% 		10.448(c) 10/27/28   74 69,808
Pactiv Evergreen Group Holdings, Inc.,
Tranche B-3 USD Term Loan, 1 Month SOFR + 3.364% 		8.713(c) 09/25/28   98 97,990
Pretium PKG Holdings, Inc.,
Initial Third Amendment Tranche A-1 Term Loan (First Lien), 3 Month SOFR + 4.600% 		9.995(c) 10/02/28   161 123,916
ProAmpac PG Borrower LLC,
Term Loan B, PRIME + 3.500% 		10.939(c) 09/15/28   99 98,000
Trident TPI Holdings, Inc.,          
First Lien Tranche B-3 Initial Term Loan, 3 Month SOFR + 4.262% 9.652(c) 09/15/28   99 96,115
Tranche B-4 Initial Term Loan, 3 Month SOFR + 5.250% 10.640(c) 09/15/28   50 49,344
Tranche B-5 Initial Term Loan, 3 Month SOFR + 4.500% 9.890(c) 09/15/28   99 96,769
          769,022
Pharmaceuticals 1.0%
Gainwell Acquisition Corp.,
Term B Loan, 3 Month SOFR + 4.100% 		9.490(c) 10/01/27   247 237,452
Perrigo Investments LLC,
Term Loan B, Term SOFR + 2.500% 		7.698(c) 04/20/29   100 99,563
Sharp Midco LLC,
Tranche B Term Loan, 3 Month SOFR + 4.500%^ 		9.896(c) 12/31/28   150 149,812
          486,827
18
PGIM Floating Rate Income ETF
Schedule of Investments  (unaudited) (continued)
as of November 30, 2023
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Floating Rate and Other Loans (Continued)
Pipelines 1.3%
AL GCX Holdings LLC,
Initial Term Loan, 1 Month SOFR + 3.600% 		8.930 %(c) 05/17/29   189  $188,748
AL NGPL Holdings LLC,
Third Amendment Incremental Term Loan, 1 Month SOFR + 3.864% 		9.194(c) 04/13/28   50 49,506
Buckeye Partners LP,
Term Loan 		—(p) 11/22/30   200 199,875
GIP III Stetson I LP,
Initial Term Loan, 1 Month SOFR + 4.350% 		9.698(c) 10/31/28   123 122,536
Northriver Midstream Finance LP (Canada),
Term Loan (First Lien), 3 Month SOFR + 3.000% 		8.395(c) 08/16/30   100 99,722
          660,387
Private Equity 0.5%
Harbourvest Partners LP,
Initial Term Loan, 3 Month SOFR + 3.000% 		8.390(c) 04/22/30   250 249,687
Real Estate 1.1%
Brookfield Property REIT, Inc.,
Initial Term B Loan, 1 Month SOFR + 2.600% 		7.948(c) 08/27/25   224 221,979
Cushman & Wakefield US Borrower LLC,
2023-2 Refinancing Term Loan, 1 Month SOFR + 4.000%^ 		9.348(c) 01/31/30   150 146,625
Greystar Real Estate Partners LLC,
Term Loan, 3 Month SOFR + 3.750%^ 		9.147(c) 08/21/30   150 150,000
          518,604
Real Estate Investment Trusts (REITs) 1.3%
Blackstone Mortgage Trust, Inc.,          
New Term B Loan, 1 Month SOFR + 2.864% 8.213(c) 04/23/26   99 96,513
Term B-4 Loan, 1 Month SOFR + 3.500%^ 8.848(c) 05/09/29   301 288,602
     
 
Starwood Property Mortgage LLC,
Term Loan B, 1 Month SOFR + 3.250% 		8.598(c) 11/18/27   100 99,500
StarWood Property Mortgage LLC,
Initial Term Loan, 1 Month SOFR + 2.600% 		7.948(c) 07/26/26   146 145,843
          630,458
19
PGIM Floating Rate Income ETF
Schedule of Investments  (unaudited) (continued)
as of November 30, 2023
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Floating Rate and Other Loans (Continued)
Retail 2.2%
Dave & Buster’s, Inc.,
Cov-Lite Term Loan, 1 Month SOFR + 3.750% 		9.188 %(c) 06/29/29   198  $198,136
EG America LLC,
Term Loan 		—(p) 02/07/28   198 188,275
Empire Today LLC,
Closing Date Term Loan, 1 Month SOFR + 5.114% 		10.455(c) 04/03/28   123 91,194
Great Outdoors Group LLC,
Term B-2 Loan, 3 Month SOFR + 4.012% 		9.402(c) 03/06/28   246 243,623
IRB Holding Corp.,
2022 Replacement Term B Loan, 1 Month SOFR + 3.100% 		8.448(c) 12/15/27   74 74,122
LBM Acquisition LLC,
First Lien Initial Term Loan, 1 Month SOFR + 3.850% 		9.198(c) 12/17/27   112 107,607
Peer Holding III BV (Netherlands),
Facility B-4 Term Loan, 2 Month SOFR + 3.250% 		8.604(c) 10/28/30   100 99,833
SRS Distribution, Inc.,
2021 Refinancing Term Loan, 1 Month SOFR + 3.614% 		8.963(c) 06/02/28   98 97,208
          1,099,998
Semiconductors 0.8%
Altar Bidco, Inc.,
Initial Term Loan, 6 Month SOFR + 3.100% 		8.262(c) 02/01/29   222 221,176
Entegris, Inc.,
Tranche B Term Loan, 1 Month SOFR + 2.750% 		7.883(c) 07/06/29   56 56,445
Natel Engineering Co., Inc.,
Initial Term Loan, 1 Month SOFR + 6.364% 		11.699(c) 04/30/26   149 127,038
          404,659
Software 5.1%
Applovin Corp.,
Initial Term Loan, 1 Month SOFR + 3.100% 		8.448(c) 08/19/30   150 149,587
athenahealth, Inc.,
Initial Term Loan, 1 Month SOFR + 3.250% 		8.598(c) 02/15/29   277 271,284
20
PGIM Floating Rate Income ETF
Schedule of Investments  (unaudited) (continued)
as of November 30, 2023
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Floating Rate and Other Loans (Continued)
Software (cont’d.)
Boxer Parent Co., Inc.,          
2021 Replacement Dollar Term Loan, 1 Month SOFR + 3.864% 9.213 %(c) 10/02/25   98  $98,081
Second Lien Incremental Term Loan, 1 Month SOFR + 5.614% 10.963(c) 02/27/26   125 124,219
     
 
Cloudera, Inc.,
Term Loan, 1 Month SOFR + 3.850% 		9.198(c) 10/08/28   211 207,487
Cornerstone OnDemand, Inc.,
Initial Term Loan, 1 Month SOFR + 3.864% 		9.213(c) 10/16/28   72 69,715
CT Technologies Intermediate Holdings, Inc.,
Term Loan 2021 Reprice, 1 Month SOFR + 4.364% 		9.713(c) 12/16/25   148 140,645
Evertec Group LLC (Puerto Rico),
Term Loan B, 1 Month SOFR + 3.500% 		8.848(c) 10/30/30   150 149,625
Hireright Holdings Group,
2023 Extending Term, 3 Month SOFR + 4.000% 		9.386(c) 09/27/30   125 124,219
Indicor LLC,
Initial Dollar Term Loan, 3 Month SOFR + 4.500% 		9.890(c) 11/22/29   50 49,759
Instructure Holdings, Inc.,
Term Loan B, 1 Month LIBOR + 3.250% 		6.121(c) 10/30/28   225 223,875
Playtika Ltd.,
Term B-1 Loan, 1 Month LIBOR + 2.750% 		8.213(c) 03/13/28   150 148,812
Polaris Newco LLC,
First Lien Dollar Term Loan, 1 Month SOFR + 4.114% 		9.463(c) 06/02/28   258 250,127
Red Planet Borrower LLC,
First Lien Initial Term Loan, 1 Month SOFR + 3.850% 		9.198(c) 10/02/28   223 214,178
Renaissance Holding Corp.,
2023 Term Loan, 3 Month SOFR + 4.750% 		10.007(c) 04/05/30   125 124,719
Skillsoft Finance II, Inc.,
Initial Term Loan, 1 Month SOFR + 5.364% 		10.694(c) 07/14/28   147 135,925
          2,482,257
Telecommunications 6.2%
CCI Buyer, Inc.,
First Lien Initial Term Loan, 3 Month SOFR + 4.000% 		9.390(c) 12/17/27   182 180,717
21
PGIM Floating Rate Income ETF
Schedule of Investments  (unaudited) (continued)
as of November 30, 2023
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Floating Rate and Other Loans (Continued)
Telecommunications (cont’d.)
CenturyLink, Inc.,
Term B Loan, 1 Month SOFR + 2.364% 		7.713 %(c) 03/15/27   142  $86,404
Ciena Corporation,
New 2023 Incremental Term, 1 Month SOFR + 2.000% 		7.331(c) 10/24/30   50 50,021
CommScope, Inc.,
Initial Term Loan, 1 Month SOFR + 3.364% 		8.713(c) 04/06/26   198 173,140
Connect Finco Sarl (United Kingdom),
Amendment No. 1 Refinancing Term Loan, 1 Month SOFR + 3.500% 		8.848(c) 12/11/26   177 176,935
Crown Subsea Communications Holding, Inc.,
Initial Term Loan, 1 Month SOFR + 5.114% 		10.435(c) 04/27/27   250 251,250
Digicel International Finance Ltd. (Jamaica),
First Lien Initial Term B Loan, 6 Month LIBOR + 3.250% 		8.981(c) 05/27/24   276 254,960
Global Tel Link Corp.,
First Lien Term Loan, 3 Month SOFR + 4.400% 		9.783(c) 11/29/25   123(r) 118,059
Intrado Corp.,
Initial Term Loan, 3 Month SOFR + 4.000% 		9.389(c) 01/31/30   175 174,519
Iridium Satellite LLC,
Cov-Lite Term Loan B, 1 Month SOFR + 2.500% 		7.848(c) 09/20/30   93 92,540
Level 3 Financing, Inc.,
Tranche B 2027 Term Loan, 1 Month SOFR + 1.864% 		7.213(c) 03/01/27   30 28,200
MLN US HoldCo LLC,          
Initial Term Loan, 3 Month SOFR + 6.540% 11.935(c) 10/18/27   22 12,094
Initial Term Loan (Second Out (First Lien Roll-Up)), 3 Month SOFR + 6.800% 12.195(c) 10/18/27   50 7,449
Term B Loan, 3 Month SOFR + 9.350%^ 14.745(c) 10/18/27   4 320
     
 
Numericable US LLC (France),
USD Term Loan B-12, 3 Month LIBOR + 3.688% 		9.343(c) 01/31/26   125 116,612
Orbcomm, Inc.,
Closing Date Term Loan, 1 Month SOFR + 4.364% 		9.806(c) 09/01/28   97(r) 89,765
Patagonia Holdco LLC,
Initial Term Loan, 3 Month SOFR + 5.750% 		11.116(c) 08/01/29   237 207,857
Securus Technologies Holdings, Inc.,
Initial Term Loan (First Lien), 3 Month LIBOR + 4.500%^ 		10.231(c) 11/01/24   98 78,747
22
PGIM Floating Rate Income ETF
Schedule of Investments  (unaudited) (continued)
as of November 30, 2023
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Floating Rate and Other Loans (Continued)
Telecommunications (cont’d.)
Viasat, Inc.,          
Initial Term Loan, 1 Month SOFR + 4.500% 9.848 %(c) 03/02/29   321  $308,617
Initial Term Loan, 1 Month SOFR + 4.614% 9.944(c) 05/30/30   100 96,062
     
 
Xplornet Communications, Inc. (Canada),
First Lien Refinancing Term Loan, 3 Month SOFR + 4.262% 		9.652(c) 10/02/28   421 260,800
Zacapa Sarl (Luxembourg),
Initial Term Loan 2022, 3 Month SOFR + 4.000% 		9.390(c) 03/22/29   121 120,417
Zayo Group Holdings, Inc.,
Initial Dollar Term Loan, 1 Month SOFR + 3.114% 		8.463(c) 03/09/27   210 178,150
          3,063,635
Textiles 0.4%
ASP Unifrax Holdings, Inc.,
USD Term Loan (First Lien), 3 Month SOFR + 3.900% 		9.290(c) 12/12/25   222 205,594
Transportation 1.0%
Daseke Cos., Inc.,
Term Loan, 1 Month SOFR + 4.114% 		9.463(c) 03/09/28   152 150,526
First Student Bidco, Inc.,
Incremental Term B Loan, 3 Month SOFR + 4.100% 		9.490(c) 07/21/28   162 160,870
Pods LLC,
Term Loan, 1 Month SOFR + 3.114% 		8.463(c) 03/31/28   174 165,176
          476,572
     
 
Total Floating Rate and Other Loans
(cost $36,737,395) 		36,485,477
 
Total Long-Term Investments
(cost $47,200,460) 		46,989,657
    
23
PGIM Floating Rate Income ETF
Schedule of Investments  (unaudited) (continued)
as of November 30, 2023
Description     Shares Value
Short-Term Investment 11.1%
Affiliated Mutual Fund           
PGIM Core Government Money Market Fund
(cost $5,417,864)(wb) 		    5,417,864  $5,417,864
 
TOTAL INVESTMENTS 106.8%
(cost $52,618,324) 		52,407,521
Liabilities in excess of other assets(z) (6.8)% (3,318,725)
 
Net Assets 100.0% $49,088,796
Below is a list of the abbreviation(s) used in the quarterly schedule of portfolio holdings:
    
  EUR—Euro
  USD—US Dollar
    
  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.
  BNYM—Bank of New York Mellon
  CDX—Credit Derivative Index
  CLO—Collateralized Loan Obligation
  DAC—Designated Activity Company
  EURIBOR—Euro Interbank Offered Rate
  JPM—JPMorgan Chase Bank N.A.
  LIBOR—London Interbank Offered Rate
  LP—Limited Partnership
  Q—Quarterly payment frequency for swaps
  REITs—Real Estate Investment Trust
  SOFR—Secured Overnight Financing Rate
    
# Principal or notional amount is shown in U.S. dollars unless otherwise stated.
^ Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $2,489,439 and 5.1% of net assets.
(c) Variable rate instrument. The interest rate shown reflects the rate in effect at November 30, 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 $270,736. The aggregate value of $256,680 is 0.5% 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.
(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.
(r) Principal or notional amount is less than $500 par.
(s) Represents zero coupon bond or principal only security. Rate represents yield to maturity at purchase date.
(wb) Represents an investment in a Fund affiliated with the Manager.
(z) Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:
24
PGIM Floating Rate Income ETF
Schedule of Investments  (unaudited) (continued)
as of November 30, 2023
Unfunded loan commitments outstanding at November 30, 2023:
Borrower   Principal
Amount
(000)# 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
Action Environmental Group Inc., The, Delayed Draw Term Loan, —%(p), Maturity Date 10/24/30 (cost $62,079)^    62    $61,492    $587    $—
Omnia Partners, LLC, Delayed Draw Term Loan, 1 Month SOFR + 4.250% (Cap N/A, Floor 0.000%), 4.250%(c), Maturity Date 07/25/30 (cost $17,132)    17   17,187   —   (56)
Tank Holding Corp., Delayed Draw Term Commitment, —%(p), Maturity Date 03/31/28 (cost $13,791)^    14   13,373   419   —
        $92,052   $1,006   $(56)
Futures contracts outstanding at November 30, 2023:
Number
of
Contracts 		  Type   Expiration
Date 		  Current
Notional
Amount 		  Value /
Unrealized
Appreciation
(Depreciation)
Long Positions:
3   20 Year U.S. Treasury Bonds   Mar. 2024    $349,312    $2,805
2   30 Year U.S. Ultra Treasury Bonds   Mar. 2024   246,000   2,713
                5,518
Short Positions:
12   2 Year U.S. Treasury Notes   Mar. 2024   2,453,531   (9,853)
21   5 Year U.S. Treasury Notes   Mar. 2024   2,243,883   (16,512)
10   10 Year U.S. Treasury Notes   Mar. 2024   1,097,969   (6,859)
                (33,224)
                $(27,706)
Forward foreign currency exchange contracts outstanding at November 30, 2023:
Purchase
Contracts 		  Counterparty   Notional
Amount
(000) 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
OTC Forward Foreign Currency Exchange Contracts:
Euro,
Expiring 12/04/23   JPM   EUR 240    $262,487    $261,448    $—    $(1,039)
    
25
PGIM Floating Rate Income ETF
Schedule of Investments  (unaudited) (continued)
as of November 30, 2023
Forward foreign currency exchange contracts outstanding at November 30, 2023 (continued):
Sale
Contracts 		  Counterparty   Notional
Amount
(000) 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
OTC Forward Foreign Currency Exchange Contracts:
Euro,
Expiring 12/04/23   BNYM   EUR 240    $254,256    $261,448    $—    $(7,192)
Expiring 01/12/24   JPM   EUR 240   262,974   261,929   1,045   —
              $517,230   $523,377   1,045   (7,192)
                      $1,045   $(8,231)
Credit default swap agreements outstanding at November 30, 2023:
Reference
Entity/
Obligation 		Termination
Date 		  Fixed
Rate 		  Notional
Amount
(000)#(3) 		  Implied Credit
Spread at
November 30,
2023(4) 		  Value at
Trade Date 		  Value at
November 30,
2023 		  Unrealized
Appreciation
(Depreciation)
Centrally Cleared Credit Default Swap Agreements on credit indices - Sell Protection(2):
CDX.NA.HY.41.V2 12/20/28   5.000%(Q)     4,158   4.029%    $31,209    $203,012    $171,803
CDX.NA.IG.41.V1 12/20/28   1.000%(Q)     2,250   0.625%   21,212   42,284   21,072
                      $52,421   $245,296   $192,875
The Fund entered into credit default swaps (“CDS”) to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer’s default or the reference entity’s credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be short the credit as the value of the contract rises the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases.
(1) If the Fund is a buyer of protection, it pays the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.
(2) If the Fund is a seller of protection, it receives the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.
26
PGIM Floating Rate Income ETF
Schedule of Investments  (unaudited) (continued)
as of November 30, 2023
(3) Notional amount represents the maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.
(4) Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements where the Fund is the seller of protection as of the reporting date serve as an indicator of the current status of the payment/ performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include up-front payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.
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