NPORT-EX 2 467958PRU053124.htm
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited)
as of May 31, 2024
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Long-Term Investments 95.9%
Asset-Backed Securities 4.0%
Collateralized Loan Obligations 
Atlas Static Senior Loan Fund Ltd. (Cayman Islands),
Series 2022-01A, Class AR, 144A, 3 Month SOFR + 1.750% (Cap N/A, Floor 1.750%) 		7.079 %(c) 07/15/30   572  $574,690
BlueMountain Fuji US CLO Ltd. (Cayman Islands),
Series 2017-02A, Class A1AR, 144A, 3 Month SOFR + 1.262% (Cap N/A, Floor 0.000%) 		6.586(c) 10/20/30   546 546,706
Carlyle Global Market Strategies CLO Ltd. (Cayman Islands),
Series 2015-05A, Class A1RR, 144A, 3 Month SOFR + 1.342% (Cap N/A, Floor 1.080%) 		6.666(c) 01/20/32   711 713,092
Madison Park Funding Ltd. (Cayman Islands),
Series 2019-33A, Class AR, 144A, 3 Month SOFR + 1.290% (Cap N/A, Floor 1.290%) 		6.619(c) 10/15/32   1,000 1,001,516
Race Point CLO Ltd. (Cayman Islands),
Series 2013-08A, Class AR2, 144A, 3 Month SOFR + 1.302% (Cap N/A, Floor 1.040%) 		6.627(c) 02/20/30   354 354,021
Rockford Tower CLO Ltd. (Cayman Islands),
Series 2020-01A, Class A1R, 144A, 3 Month SOFR + 1.520% (Cap N/A, Floor 1.520%) 		6.845(c) 01/20/36   500 501,547
Trinitas CLO Ltd. (Bermuda),
Series 2023-26A, Class A1, 144A, 3 Month SOFR + 1.690% (Cap N/A, Floor 1.690%) 		7.015(c) 01/20/35   1,000 1,008,700
Voya CLO Ltd. (Cayman Islands),
Series 2014-02A, Class A1RR, 144A, 3 Month SOFR + 1.282% (Cap N/A, Floor 1.020%) 		6.599(c) 04/17/30   291 291,599
     
 
Total Asset-Backed Securities
(cost $4,948,188) 		4,991,871
Corporate Bonds 87.8%
Advertising 0.2%
CMG Media Corp.,
Gtd. Notes, 144A 		8.875 12/15/27   505 252,595
Aerospace & Defense 2.3%
Boeing Co. (The),          
Sr. Unsec’d. Notes 5.805 05/01/50   307 274,828
Sr. Unsec’d. Notes 5.930 05/01/60   311 274,552
1
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2024
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Aerospace & Defense (cont’d.)
Bombardier, Inc. (Canada),          
Sr. Unsec’d. Notes, 144A 6.000 % 02/15/28   175  $171,938
Sr. Unsec’d. Notes, 144A 7.000 06/01/32   100 100,375
Sr. Unsec’d. Notes, 144A 7.125 06/15/26   309 313,932
Sr. Unsec’d. Notes, 144A 7.250 07/01/31   95 97,061
Sr. Unsec’d. Notes, 144A 7.500 02/01/29   210 216,825
Sr. Unsec’d. Notes, 144A 7.875 04/15/27   159 159,159
Sr. Unsec’d. Notes, 144A 8.750 11/15/30   148 158,915
TransDigm, Inc.,          
Gtd. Notes 4.625 01/15/29   156 143,717
Gtd. Notes 5.500 11/15/27   515 502,420
Sr. Sec’d. Notes, 144A 6.375 03/01/29   251 250,765
Sr. Sec’d. Notes, 144A 6.625 03/01/32   165 165,785
          2,830,272
Agriculture 0.3%
Vector Group Ltd.,
Sr. Sec’d. Notes, 144A 		5.750 02/01/29   377 345,929
Airlines 1.2%
American Airlines, Inc.,
Sr. Sec’d. Notes, 144A 		7.250 02/15/28   62 61,907
American Airlines, Inc./AAdvantage Loyalty IP Ltd.,          
Sr. Sec’d. Notes, 144A 5.500 04/20/26   276 273,395
Sr. Sec’d. Notes, 144A 5.750 04/20/29   105 101,230
     
 
United Airlines, Inc.,
Sr. Sec’d. Notes, 144A 		4.625 04/15/29   503 465,196
VistaJet Malta Finance PLC/Vista Management Holding,
Inc. (Switzerland), 		         
Sr. Unsec’d. Notes, 144A 6.375 02/01/30   241 193,704
Sr. Unsec’d. Notes, 144A 7.875 05/01/27   189 170,308
Sr. Unsec’d. Notes, 144A 9.500 06/01/28   293 265,745
          1,531,485
2
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2024
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Apparel 0.4%
Kontoor Brands, Inc.,
Gtd. Notes, 144A 		4.125 % 11/15/29   50  $45,164
Wolverine World Wide, Inc.,
Gtd. Notes, 144A 		4.000 08/15/29   594 494,756
          539,920
Auto Manufacturers 0.9%
Ford Motor Co.,
Sr. Unsec’d. Notes 		9.625 04/22/30   458 530,502
Ford Motor Credit Co. LLC,
Sr. Unsec’d. Notes 		3.375 11/13/25   200 193,109
JB Poindexter & Co., Inc.,
Sr. Unsec’d. Notes, 144A 		8.750 12/15/31   95 97,472
PM General Purchaser LLC,
Sr. Sec’d. Notes, 144A 		9.500 10/01/28   355 360,279
          1,181,362
Auto Parts & Equipment 0.8%
Adient Global Holdings Ltd.,
Sr. Sec’d. Notes, 144A 		7.000 04/15/28   101 102,768
American Axle & Manufacturing, Inc.,
Gtd. Notes 		6.500 04/01/27   65 64,588
Dana, Inc.,          
Sr. Unsec’d. Notes 4.500 02/15/32   58 49,184
Sr. Unsec’d. Notes 5.625 06/15/28   35 33,863
     
 
Garrett Motion Holdings, Inc./Garrett LX I Sarl,
Gtd. Notes, 144A 		7.750 05/31/32   90 90,576
Phinia, Inc.,
Sr. Sec’d. Notes, 144A 		6.750 04/15/29   50 50,420
Tenneco, Inc.,
Sr. Sec’d. Notes, 144A 		8.000 11/17/28   535 488,438
Titan International, Inc.,
Sr. Sec’d. Notes 		7.000 04/30/28   148 143,261
          1,023,098
3
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2024
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Banks 0.7%
Citigroup, Inc.,
Jr. Sub. Notes, Series X 		3.875 %(ff) 02/18/26(oo)   278  $262,149
Freedom Mortgage Corp.,          
Sr. Unsec’d. Notes, 144A 6.625 01/15/27   225 217,275
Sr. Unsec’d. Notes, 144A 7.625 05/01/26   280 278,159
Sr. Unsec’d. Notes, 144A 12.000 10/01/28   43 46,417
Sr. Unsec’d. Notes, 144A 12.250 10/01/30   75 82,189
          886,189
Building Materials 1.7%
Camelot Return Merger Sub, Inc.,
Sr. Sec’d. Notes, 144A 		8.750 08/01/28   103 102,000
Cornerstone Building Brands, Inc.,
Gtd. Notes, 144A 		6.125 01/15/29   135 109,805
Eco Material Technologies, Inc.,
Sr. Sec’d. Notes, 144A 		7.875 01/31/27   195 194,995
Griffon Corp.,
Gtd. Notes 		5.750 03/01/28   105 101,546
JELD-WEN, Inc.,
Gtd. Notes, 144A 		4.625 12/15/25   87 85,287
Knife River Corp.,
Sr. Unsec’d. Notes, 144A 		7.750 05/01/31   50 52,091
Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC,
Sr. Sec’d. Notes, 144A 		6.750 04/01/32   95 94,390
MIWD Holdco II LLC/MIWD Finance Corp.,
Gtd. Notes, 144A 		5.500 02/01/30   135 123,052
Owens Corning,
Sr. Unsec’d. Notes, 144A 		3.500 02/15/30   95 86,004
Smyrna Ready Mix Concrete LLC,          
Sr. Sec’d. Notes, 144A 6.000 11/01/28   398 384,699
Sr. Sec’d. Notes, 144A 8.875 11/15/31   108 113,730
Standard Industries, Inc.,          
Sr. Unsec’d. Notes, 144A 3.375 01/15/31   175 146,093
Sr. Unsec’d. Notes, 144A 4.375 07/15/30   100 89,300
Sr. Unsec’d. Notes, 144A 5.000 02/15/27   450 436,259
4
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2024
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Building Materials (cont’d.)
     
 
Summit Materials LLC/Summit Materials Finance Corp.,
Gtd. Notes, 144A 		7.250 % 01/15/31   30  $30,949
          2,150,200
Chemicals 0.9%
Ashland, Inc.,
Sr. Unsec’d. Notes 		6.875 05/15/43   91 92,876
ASP Unifrax Holdings, Inc.,          
Sr. Sec’d. Notes, 144A 5.250 09/30/28   50 25,136
Sr. Unsec’d. Notes, 144A 7.500 09/30/29   173 89,134
     
 
Avient Corp.,
Sr. Unsec’d. Notes, 144A 		5.750 05/15/25   50 49,735
Chemours Co. (The),          
Gtd. Notes, 144A 4.625 11/15/29   141 120,249
Gtd. Notes, 144A 5.750 11/15/28   11 10,074
     
 
Cornerstone Chemical Co. LLC,
Sr. Sec’d. Notes, 144A, Cash coupon 5.000% and PIK 10.000%^ 		15.000 12/06/28   32 31,793
Olympus Water US Holding Corp.,
Sr. Sec’d. Notes, 144A 		9.750 11/15/28   200 212,793
Rain CII Carbon LLC/CII Carbon Corp.,
Sec’d. Notes, 144A 		7.250 04/01/25   3 2,939
SK Invictus Intermediate II Sarl,
Sr. Sec’d. Notes, 144A 		5.000 10/30/29   185 163,494
SNF Group SACA (France),
Sr. Unsec’d. Notes, 144A 		3.125 03/15/27   200 182,750
TPC Group, Inc.,
Sr. Sec’d. Notes, 144A 		13.000 12/16/27   90 91,303
Tronox, Inc.,
Gtd. Notes, 144A 		4.625 03/15/29   94 85,389
WR Grace Holdings LLC,
Sr. Sec’d. Notes, 144A 		7.375 03/01/31   25 25,370
          1,183,035
5
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2024
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Coal 0.1%
Conuma Resources Ltd. (Canada),
Sr. Sec’d. Notes, 144A 		13.125 % 05/01/28   136  $136,000
Coronado Finance Pty Ltd. (Australia),
Sr. Sec’d. Notes, 144A 		10.750 05/15/26   35 36,358
          172,358
Commercial Services 4.6%
Adtalem Global Education, Inc.,
Sr. Sec’d. Notes, 144A 		5.500 03/01/28   104 99,734
Allied Universal Holdco LLC,
Sr. Sec’d. Notes, 144A 		7.875 02/15/31   175 174,476
Allied Universal Holdco LLC/Allied Universal Finance
Corp., 		         
Sr. Sec’d. Notes, 144A 6.625 07/15/26   19 19,000
Sr. Unsec’d. Notes, 144A 6.000 06/01/29   400 341,299
Sr. Unsec’d. Notes, 144A 9.750 07/15/27   654 649,368
     
 
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl,
Sr. Sec’d. Notes, 144A 		4.625 06/01/28   600 538,500
Alta Equipment Group, Inc.,          
Sec’d. Notes, 144A 5.625 04/15/26   50 50,703
Sec’d. Notes, 144A 9.000 06/01/29   105 101,555
AMN Healthcare, Inc.,          
Gtd. Notes, 144A 4.000 04/15/29   294 260,594
Gtd. Notes, 144A 4.625 10/01/27   50 47,305
     
 
APi Group DE, Inc.,
Gtd. Notes, 144A 		4.750 10/15/29   50 45,855
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.,          
Gtd. Notes, 144A 4.750 04/01/28   219 199,086
Gtd. Notes, 144A 5.375 03/01/29   163 148,975
     
 
Brink’s Co. (The),
Gtd. Notes, 144A 		4.625 10/15/27   25 23,872
Gartner, Inc.,
Gtd. Notes, 144A 		3.625 06/15/29   50 45,143
Hertz Corp. (The),          
Gtd. Notes, 144A 4.625 12/01/26   115 89,297
Gtd. Notes, 144A 5.000 12/01/29   50 32,988
     
 
Mavis Tire Express Services Topco Corp.,
Sr. Unsec’d. Notes, 144A 		6.500 05/15/29   753 694,042
6
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2024
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Commercial Services (cont’d.)
     
MPH Acquisition Holdings LLC,
Sr. Sec’d. Notes, 144A 		5.500 % 09/01/28   550  $409,019
NESCO Holdings II, Inc.,
Sec’d. Notes, 144A 		5.500 04/15/29   364 333,563
Service Corp. International,          
Sr. Unsec’d. Notes 3.375 08/15/30   208 178,557
Sr. Unsec’d. Notes 4.000 05/15/31   213 186,113
United Rentals North America, Inc.,          
Gtd. Notes 3.750 01/15/32   372 318,136
Gtd. Notes 3.875 02/15/31   285 250,699
Gtd. Notes 4.875 01/15/28   129 124,233
Gtd. Notes 5.250 01/15/30   128 122,882
     
 
Valvoline, Inc.,
Sr. Unsec’d. Notes, 144A 		3.625 06/15/31   248 209,544
VT Topco, Inc.,
Sr. Sec’d. Notes, 144A 		8.500 08/15/30   75 78,365
          5,772,903
Computers 1.1%
Fortress Intermediate 3, Inc.,
Sr. Sec’d. Notes, 144A 		7.500 06/01/31   75 75,925
McAfee Corp.,
Sr. Unsec’d. Notes, 144A 		7.375 02/15/30   463 428,555
NCR Atleos Corp.,
Sr. Sec’d. Notes, 144A 		9.500 04/01/29   302 326,003
NCR Voyix Corp.,          
Gtd. Notes, 144A 5.000 10/01/28   322 301,328
Gtd. Notes, 144A 5.125 04/15/29   159 147,771
Gtd. Notes, 144A 5.250 10/01/30   50 45,380
          1,324,962
Distribution/Wholesale 0.8%
H&E Equipment Services, Inc.,
Gtd. Notes, 144A 		3.875 12/15/28   741 663,388
Ritchie Bros Holdings, Inc. (Canada),          
Gtd. Notes, 144A 7.750 03/15/31   75 78,133
Sr. Sec’d. Notes, 144A 6.750 03/15/28   25 25,250
     
 
7
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2024
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Distribution/Wholesale (cont’d.)
     
Velocity Vehicle Group LLC,
Sr. Unsec’d. Notes, 144A 		8.000 % 06/01/29   40  $40,596
Windsor Holdings III LLC,
Sr. Sec’d. Notes, 144A 		8.500 06/15/30   185 193,726
          1,001,093
Diversified Financial Services 4.2%
Bread Financial Holdings, Inc.,
Gtd. Notes, 144A 		9.750 03/15/29   258 270,315
Encore Capital Group, Inc.,
Sr. Sec’d. Notes, 144A 		8.500 05/15/30   200 200,249
Freedom Mortgage Holdings LLC,          
Sr. Unsec’d. Notes, 144A 9.125 05/15/31   75 74,525
Sr. Unsec’d. Notes, 144A 9.250 02/01/29   65 65,636
GGAM Finance Ltd. (Ireland),          
Gtd. Notes, 144A 6.875 04/15/29   40 40,219
Gtd. Notes, 144A 8.000 02/15/27   100 102,407
goeasy Ltd. (Canada),          
Gtd. Notes, 144A 4.375 05/01/26   110 105,875
Gtd. Notes, 144A 9.250 12/01/28   45 47,475
     
 
Jefferies Finance LLC/JFIN Co-Issuer Corp.,
Sr. Unsec’d. Notes, 144A 		5.000 08/15/28   200 184,070
LD Holdings Group LLC,
Gtd. Notes, 144A 		6.125 04/01/28   132 91,889
LFS Topco LLC,
Gtd. Notes, 144A 		5.875 10/15/26   113 106,036
Macquarie Airfinance Holdings Ltd. (United Kingdom),          
Sr. Unsec’d. Notes, 144A 6.400 03/26/29   58 58,652
Sr. Unsec’d. Notes, 144A 6.500 03/26/31   80 81,111
Sr. Unsec’d. Notes, 144A 8.125 03/30/29   173 181,714
Sr. Unsec’d. Notes, 144A 8.375 05/01/28   97 101,850
Nationstar Mortgage Holdings, Inc.,          
Gtd. Notes, 144A 5.125 12/15/30   358 324,896
Gtd. Notes, 144A 5.750 11/15/31   90 83,209
Gtd. Notes, 144A 6.000 01/15/27   571 563,095
Navient Corp.,          
Sr. Unsec’d. Notes 5.500 03/15/29   240 218,674
Sr. Unsec’d. Notes 6.750 06/25/25   114 114,326
Sr. Unsec’d. Notes 9.375 07/25/30   164 171,447
8
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2024
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Diversified Financial Services (cont’d.)
OneMain Finance Corp.,          
Gtd. Notes 3.875 % 09/15/28   150  $133,337
Gtd. Notes 6.625 01/15/28   29 28,825
Gtd. Notes 7.125 03/15/26   555 563,236
Gtd. Notes 7.500 05/15/31   130 130,071
PennyMac Financial Services, Inc.,          
Gtd. Notes, 144A 4.250 02/15/29   135 120,973
Gtd. Notes, 144A 5.375 10/15/25   473 469,030
Gtd. Notes, 144A 5.750 09/15/31   75 69,205
Gtd. Notes, 144A 7.125 11/15/30   80 78,950
Gtd. Notes, 144A 7.875 12/15/29   25 25,597
     
 
PRA Group, Inc.,
Gtd. Notes, 144A 		8.875 01/31/30   65 64,244
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.,          
Gtd. Notes, 144A 3.625 03/01/29   224 200,283
Gtd. Notes, 144A 3.875 03/01/31   75 64,971
Gtd. Notes, 144A 4.000 10/15/33   208 172,896
          5,309,288
Electric 4.5%
Calpine Corp.,          
Sr. Sec’d. Notes, 144A 3.750 03/01/31   240 210,339
Sr. Sec’d. Notes, 144A 4.500 02/15/28   200 188,485
Sr. Unsec’d. Notes, 144A 4.625 02/01/29   421 391,257
Sr. Unsec’d. Notes, 144A 5.000 02/01/31   915 844,758
Sr. Unsec’d. Notes, 144A 5.125 03/15/28   600 571,859
NRG Energy, Inc.,          
Gtd. Notes 5.750 01/15/28   100 98,026
Gtd. Notes 6.625 01/15/27   30 29,951
Gtd. Notes, 144A 3.375 02/15/29   117 103,493
Gtd. Notes, 144A 3.625 02/15/31   160 137,075
Gtd. Notes, 144A 3.875 02/15/32   120 102,818
Jr. Sub. Notes, 144A 10.250(ff) 03/15/28(oo)   652 711,208
     
 
PG&E Corp.,
Sr. Sec’d. Notes 		5.250 07/01/30   103 98,159
Vistra Corp.,          
Jr. Sub. Notes, 144A 7.000(ff) 12/15/26(oo)   418 415,017
Jr. Sub. Notes, 144A 8.000(ff) 10/15/26(oo)   122 123,857
9
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2024
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Electric (cont’d.)
Vistra Operations Co. LLC,          
Gtd. Notes, 144A 4.375 % 05/01/29   371  $343,446
Gtd. Notes, 144A 5.000 07/31/27   399 385,720
Gtd. Notes, 144A 5.500 09/01/26   195 191,890
Gtd. Notes, 144A 5.625 02/15/27   616 606,204
Gtd. Notes, 144A 6.875 04/15/32   95 95,527
          5,649,089
Electrical Components & Equipment 0.8%
Energizer Holdings, Inc.,
Gtd. Notes, 144A 		4.375 03/31/29   321 285,051
EnerSys,
Gtd. Notes, 144A 		6.625 01/15/32   35 35,321
WESCO Distribution, Inc.,          
Gtd. Notes, 144A 6.375 03/15/29   136 136,661
Gtd. Notes, 144A 6.625 03/15/32   70 70,514
Gtd. Notes, 144A 7.250 06/15/28   442 450,411
          977,958
Electronics 0.2%
Likewize Corp.,
Sr. Sec’d. Notes, 144A 		9.750 10/15/25   220 222,014
Engineering & Construction 0.1%
Brand Industrial Services, Inc.,
Sr. Sec’d. Notes, 144A 		10.375 08/01/30   81 86,957
TopBuild Corp.,
Gtd. Notes, 144A 		4.125 02/15/32   50 43,634
          130,591
Entertainment 2.9%
Caesars Entertainment, Inc.,          
Gtd. Notes, 144A 4.625 10/15/29   799 721,841
Sr. Sec’d. Notes, 144A 6.500 02/15/32   220 217,584
Sr. Sec’d. Notes, 144A 7.000 02/15/30   359 363,207
     
 
CCM Merger, Inc.,
Sr. Unsec’d. Notes, 144A 		6.375 05/01/26   170 168,906
10
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2024
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Entertainment (cont’d.)
     
Churchill Downs, Inc.,
Sr. Unsec’d. Notes, 144A 		5.750 % 04/01/30   106  $101,547
Jacobs Entertainment, Inc.,
Sr. Unsec’d. Notes, 144A 		6.750 02/15/29   256 239,519
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp.,
Sr. Sec’d. Notes, 144A 		4.875 05/01/29   372 343,549
Penn Entertainment, Inc.,          
Sr. Unsec’d. Notes, 144A 4.125 07/01/29   50 41,729
Sr. Unsec’d. Notes, 144A 5.625 01/15/27   484 460,976
     
 
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.,
Gtd. Notes, 144A 		5.875 09/01/31   135 94,066
Scientific Games Holdings LP/Scientific Games US FinCo, Inc.,
Sr. Unsec’d. Notes, 144A 		6.625 03/01/30   432 409,624
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.,          
Gtd. Notes, 144A 5.125 10/01/29   281 264,391
Gtd. Notes, 144A 7.125 02/15/31   226 232,046
          3,658,985
Environmental Control 0.7%
GFL Environmental, Inc.,          
Gtd. Notes, 144A 4.000 08/01/28   179 163,167
Gtd. Notes, 144A 4.375 08/15/29   212 193,715
Gtd. Notes, 144A 4.750 06/15/29   204 189,308
Sr. Sec’d. Notes, 144A 6.750 01/15/31   108 110,228
Reworld Holding Corp.,          
Gtd. Notes 5.000 09/01/30   50 44,989
Gtd. Notes, 144A 4.875 12/01/29   261 238,064
          939,471
Foods 2.5%
Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s LP/Albertson’s LLC,
Gtd. Notes, 144A 		3.500 03/15/29   135 120,629
B&G Foods, Inc.,          
Gtd. Notes 5.250 09/15/27   554 508,852
11
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2024
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Foods (cont’d.)
B&G Foods, Inc., (cont’d.)          
Sr. Sec’d. Notes, 144A 8.000 % 09/15/28   288   $292,455
     
 
Bellis Acquisition Co. PLC (United Kingdom),
Sr. Sec’d. Notes, 144A 		8.125 05/14/30 GBP 175 222,257
C&S Group Enterprises LLC,
Gtd. Notes, 144A 		5.000 12/15/28   59 43,637
JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co.
Sarl, 		         
Gtd. Notes 3.625 01/15/32   372 317,266
Gtd. Notes 5.500 01/15/30   244 238,884
     
 
Lamb Weston Holdings, Inc.,
Gtd. Notes, 144A 		4.375 01/31/32   200 176,632
Pilgrim’s Pride Corp.,          
Gtd. Notes 3.500 03/01/32   114 95,862
Gtd. Notes 4.250 04/15/31   518 466,558
Post Holdings, Inc.,          
Gtd. Notes, 144A 4.625 04/15/30   231 209,583
Gtd. Notes, 144A 5.500 12/15/29   350 333,766
Sr. Sec’d. Notes, 144A 6.250 02/15/32   65 64,693
Sr. Unsec’d. Notes, 144A 4.500 09/15/31   105 93,214
          3,184,288
Gas 0.1%
AmeriGas Partners LP/AmeriGas Finance Corp.,          
Sr. Unsec’d. Notes 5.750 05/20/27   68 64,783
Sr. Unsec’d. Notes 5.875 08/20/26   103 99,484
          164,267
Healthcare-Products 1.2%
Embecta Corp.,          
Sr. Sec’d. Notes, 144A 5.000 02/15/30   69 57,056
Sr. Sec’d. Notes, 144A 6.750 02/15/30   66 57,717
     
 
Medline Borrower LP,
Sr. Sec’d. Notes, 144A 		3.875 04/01/29   1,348 1,229,059
Medline Borrower LP/Medline Co-Issuer, Inc.,
Sr. Sec’d. Notes, 144A 		6.250 04/01/29   100 100,196
          1,444,028
12
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2024
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Healthcare-Services 3.9%
DaVita, Inc.,          
Gtd. Notes, 144A 3.750 % 02/15/31   1,622  $1,361,171
Gtd. Notes, 144A 4.625 06/01/30   75 67,202
     
 
HCA, Inc.,
Gtd. Notes 		7.500 11/06/33   75 82,491
Legacy LifePoint Health LLC,
Sr. Sec’d. Notes, 144A 		4.375 02/15/27   133 125,617
LifePoint Health, Inc.,
Gtd. Notes, 144A 		5.375 01/15/29   919 774,642
Prime Healthcare Services, Inc.,
Sr. Sec’d. Notes, 144A 		7.250 11/01/25   435 436,345
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc.,
Gtd. Notes, 144A 		9.750 12/01/26   189 189,299
Tenet Healthcare Corp.,          
Sr. Sec’d. Notes 4.250 06/01/29   906 840,927
Sr. Sec’d. Notes 4.375 01/15/30   888 817,316
Sr. Unsec’d. Notes 6.875 11/15/31   210 219,593
          4,914,603
Home Builders 3.7%
Ashton Woods USA LLC/Ashton Woods Finance Co.,          
Sr. Unsec’d. Notes, 144A 4.625 08/01/29   113 101,321
Sr. Unsec’d. Notes, 144A 4.625 04/01/30   200 177,592
Beazer Homes USA, Inc.,          
Gtd. Notes 5.875 10/15/27   409 400,680
Gtd. Notes 7.250 10/15/29   313 312,693
Sr. Unsec’d. Notes, 144A 7.500 03/15/31   105 104,745
Brookfield Residential Properties, Inc./Brookfield
Residential US LLC (Canada), 		         
Gtd. Notes, 144A 4.875 02/15/30   210 184,697
Gtd. Notes, 144A 6.250 09/15/27   396 385,625
     
 
Century Communities, Inc.,
Gtd. Notes, 144A 		3.875 08/15/29   42 37,272
Empire Communities Corp. (Canada),
Sr. Unsec’d. Notes, 144A 		9.750 05/01/29   100 102,013
Forestar Group, Inc.,          
Gtd. Notes, 144A 3.850 05/15/26   100 95,535
Gtd. Notes, 144A 5.000 03/01/28   75 71,681
13
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2024
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Home Builders (cont’d.)
KB Home,          
Gtd. Notes 4.800 % 11/15/29   210  $196,752
Gtd. Notes 7.250 07/15/30   204 209,179
     
 
Landsea Homes Corp.,
Sr. Unsec’d. Notes, 144A 		8.875 04/01/29   195 189,332
M/I Homes, Inc.,          
Gtd. Notes 3.950 02/15/30   110 96,069
Gtd. Notes 4.950 02/01/28   25 23,750
Mattamy Group Corp. (Canada),          
Sr. Unsec’d. Notes, 144A 4.625 03/01/30   160 145,800
Sr. Unsec’d. Notes, 144A 5.250 12/15/27   556 537,930
     
 
New Home Co., Inc. (The),
Sr. Unsec’d. Notes, 144A 		9.250 10/01/29   85 85,701
Shea Homes LP/Shea Homes Funding Corp.,          
Sr. Unsec’d. Notes 4.750 02/15/28   295 278,507
Sr. Unsec’d. Notes 4.750 04/01/29   98 90,865
     
 
STL Holding Co. LLC,
Sr. Unsec’d. Notes, 144A 		8.750 02/15/29   105 108,900
Taylor Morrison Communities, Inc.,          
Gtd. Notes, 144A 5.875 06/15/27   398 396,357
Sr. Unsec’d. Notes, 144A 5.125 08/01/30   144 136,687
Tri Pointe Homes, Inc.,          
Gtd. Notes 5.250 06/01/27   75 72,739
Gtd. Notes 5.700 06/15/28   115 112,351
          4,654,773
Home Furnishings 0.2%
Tempur Sealy International, Inc.,
Gtd. Notes, 144A 		4.000 04/15/29   216 193,645
Household Products/Wares 0.5%
ACCO Brands Corp.,
Gtd. Notes, 144A 		4.250 03/15/29   492 436,570
Kronos Acquisition Holdings, Inc./KIK Custom Products,
Inc. (Canada), 		         
Gtd. Notes, 144A 7.000 12/31/27   140 136,850
Sr. Sec’d. Notes, 144A 5.000 12/31/26   55 53,350
          626,770
14
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2024
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Housewares 0.8%
Scotts Miracle-Gro Co. (The),          
Gtd. Notes 4.000 % 04/01/31   410  $350,934
Gtd. Notes 4.375 02/01/32   201 171,979
     
 
SWF Escrow Issuer Corp.,
Sr. Unsec’d. Notes, 144A 		6.500 10/01/29   742 420,920
          943,833
Insurance 0.6%
Acrisure LLC/Acrisure Finance, Inc.,          
Sr. Unsec’d. Notes, 144A 8.250 02/01/29   447 449,323
Sr. Unsec’d. Notes, 144A 10.125 08/01/26   50 51,517
     
 
AmWINS Group, Inc.,
Sr. Unsec’d. Notes, 144A 		4.875 06/30/29   50 45,998
AssuredPartners, Inc.,
Sr. Unsec’d. Notes, 144A 		5.625 01/15/29   90 83,677
BroadStreet Partners, Inc.,
Sr. Unsec’d. Notes, 144A 		5.875 04/15/29   196 179,472
          809,987
Internet 0.4%
Gen Digital, Inc.,
Sr. Unsec’d. Notes, 144A 		5.000 04/15/25   380 376,578
Go Daddy Operating Co. LLC/GD Finance Co., Inc.,
Gtd. Notes, 144A 		3.500 03/01/29   205 183,579
          560,157
Iron/Steel 0.5%
ATI, Inc.,
Sr. Unsec’d. Notes 		7.250 08/15/30   70 71,913
Big River Steel LLC/BRS Finance Corp.,
Sr. Sec’d. Notes, 144A 		6.625 01/31/29   98 97,789
Cleveland-Cliffs, Inc.,
Gtd. Notes, 144A 		6.750 04/15/30   231 228,560
15
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2024
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Iron/Steel (cont’d.)
Commercial Metals Co.,
Sr. Unsec’d. Notes 		4.375 % 03/15/32   100  $89,177
Mineral Resources Ltd. (Australia),
Sr. Unsec’d. Notes, 144A 		9.250 10/01/28   100 105,125
          592,564
Leisure Time 4.6%
Amer Sports Co. (Finland),
Sr. Sec’d. Notes, 144A 		6.750 02/16/31   200 199,280
Carnival Corp.,          
Gtd. Notes, 144A 5.750 03/01/27   1,071 1,051,883
Gtd. Notes, 144A 6.000 05/01/29   204 199,349
Sr. Sec’d. Notes, 144A 4.000 08/01/28   498 457,448
     
 
Carnival Holdings Bermuda Ltd.,
Gtd. Notes, 144A 		10.375 05/01/28   125 135,385
Lindblad Expeditions Holdings, Inc.,
Sr. Sec’d. Notes, 144A 		9.000 05/15/28   190 194,153
Lindblad Expeditions LLC,
Sr. Sec’d. Notes, 144A 		6.750 02/15/27   50 49,471
NCL Corp. Ltd.,          
Gtd. Notes, 144A 5.875 03/15/26   562 550,760
Sr. Sec’d. Notes, 144A 5.875 02/15/27   177 173,848
Sr. Sec’d. Notes, 144A 8.125 01/15/29   195 203,044
Sr. Sec’d. Notes, 144A 8.375 02/01/28   71 74,074
Sr. Unsec’d. Notes, 144A 7.750 02/15/29   320 327,763
     
 
NCL Finance Ltd.,
Gtd. Notes, 144A 		6.125 03/15/28   221 216,027
Royal Caribbean Cruises Ltd.,          
Gtd. Notes, 144A 7.250 01/15/30   95 97,969
Gtd. Notes, 144A 9.250 01/15/29   160 170,432
Sr. Sec’d. Notes, 144A 8.250 01/15/29   231 243,125
Sr. Unsec’d. Notes, 144A 5.375 07/15/27   196 191,276
Sr. Unsec’d. Notes, 144A 5.500 08/31/26   50 49,093
Sr. Unsec’d. Notes, 144A 5.500 04/01/28   355 346,569
Viking Cruises Ltd.,          
Gtd. Notes, 144A 5.875 09/15/27   225 218,812
Sr. Unsec’d. Notes, 144A 9.125 07/15/31   129 138,675
     
 
Viking Ocean Cruises Ship VII Ltd.,
Sr. Sec’d. Notes, 144A 		5.625 02/15/29   283 270,395
16
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2024
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Leisure Time (cont’d.)
     
Vista Outdoor, Inc.,
Gtd. Notes, 144A 		4.500 % 03/15/29   50  $49,198
VOC Escrow Ltd.,
Sr. Sec’d. Notes, 144A 		5.000 02/15/28   225 215,156
          5,823,185
Lodging 1.7%
Boyd Gaming Corp.,
Gtd. Notes, 144A 		4.750 06/15/31   200 179,388
Hilton Domestic Operating Co., Inc.,          
Gtd. Notes, 144A 3.625 02/15/32   231 196,039
Gtd. Notes, 144A 5.875 04/01/29   120 118,955
MGM Resorts International,          
Gtd. Notes 4.625 09/01/26   27 26,181
Gtd. Notes 4.750 10/15/28   449 419,893
Gtd. Notes 5.500 04/15/27   216 212,785
Gtd. Notes 6.500 04/15/32   365 357,009
     
 
Wynn Macau Ltd. (Macau),
Sr. Unsec’d. Notes, 144A 		5.625 08/26/28   600 561,188
          2,071,438
Machinery-Construction & Mining 0.4%
Terex Corp.,
Gtd. Notes, 144A 		5.000 05/15/29   492 464,090
Machinery-Diversified 0.8%
Chart Industries, Inc.,          
Gtd. Notes, 144A 9.500 01/01/31   169 182,642
Sr. Sec’d. Notes, 144A 7.500 01/01/30   198 203,972
     
 
GrafTech Finance, Inc.,
Sr. Sec’d. Notes, 144A 		4.625 12/15/28   181 117,236
Maxim Crane Works Holdings Capital LLC,
Sec’d. Notes, 144A 		11.500 09/01/28   238 253,181
TK Elevator US Newco, Inc. (Germany),
Sr. Sec’d. Notes, 144A 		5.250 07/15/27   250 240,432
          997,463
17
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2024
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Media 6.9%
Altice Financing SA (Luxembourg),          
Sr. Sec’d. Notes, 144A 2.250 % 01/15/25 EUR 150  $156,111
Sr. Sec’d. Notes, 144A 5.000 01/15/28   200 157,940
Sr. Sec’d. Notes, 144A 5.750 08/15/29   600 445,500
CCO Holdings LLC/CCO Holdings Capital Corp.,          
Sr. Unsec’d. Notes 4.500 05/01/32   871 690,882
Sr. Unsec’d. Notes, 144A 4.250 02/01/31   652 525,523
Sr. Unsec’d. Notes, 144A 4.250 01/15/34   559 417,901
Sr. Unsec’d. Notes, 144A 4.500 06/01/33   425 327,922
Sr. Unsec’d. Notes, 144A 5.000 02/01/28   150 138,490
Sr. Unsec’d. Notes, 144A 5.125 05/01/27   50 47,754
Sr. Unsec’d. Notes, 144A 5.375 06/01/29   376 336,871
Sr. Unsec’d. Notes, 144A 5.500 05/01/26   110 108,833
CSC Holdings LLC,          
Gtd. Notes, 144A 3.375 02/15/31   200 117,151
Gtd. Notes, 144A 4.125 12/01/30   200 123,013
Gtd. Notes, 144A 5.375 02/01/28   680 477,575
Gtd. Notes, 144A 5.500 04/15/27   200 153,275
Sr. Unsec’d. Notes, 144A 5.750 01/15/30   500 215,446
Diamond Sports Group LLC/Diamond Sports Finance
Co., 		         
Gtd. Notes, 144A (original cost $565,303; purchased 07/18/19 - 06/03/22)(f) 6.625 08/15/27(d)   1,251 23,329
Sec’d. Notes, 144A (original cost $507,220; purchased 07/18/19 - 08/30/22)(f) 5.375 08/15/26(d)   1,235 22,415
DISH DBS Corp.,          
Gtd. Notes 5.125 06/01/29   681 270,821
Gtd. Notes 7.375 07/01/28   807 363,441
Gtd. Notes 7.750 07/01/26   263 168,422
     
 
DISH Network Corp.,
Sr. Sec’d. Notes, 144A 		11.750 11/15/27   575 577,578
Gray Television, Inc.,          
Gtd. Notes, 144A 5.875 07/15/26   379 378,481
Sr. Sec’d. Notes, 144A 10.500 07/15/29   260 258,221
     
 
News Corp.,
Sr. Unsec’d. Notes, 144A 		3.875 05/15/29   25 22,685
Nexstar Media, Inc.,
Gtd. Notes, 144A 		5.625 07/15/27   135 127,411
Radiate Holdco LLC/Radiate Finance, Inc.,          
Sr. Sec’d. Notes, 144A 4.500 09/15/26   214 158,673
18
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2024
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Media (cont’d.)
Radiate Holdco LLC/Radiate Finance, Inc., (cont’d.)          
Sr. Unsec’d. Notes, 144A 6.500 % 09/15/28   778   $357,632
     
 
Sinclair Television Group, Inc.,
Gtd. Notes, 144A 		5.125 02/15/27   268 240,303
Univision Communications, Inc.,          
Sr. Sec’d. Notes, 144A 4.500 05/01/29   202 172,482
Sr. Sec’d. Notes, 144A 6.625 06/01/27   446 431,051
Sr. Sec’d. Notes, 144A 8.000 08/15/28   387 381,088
     
 
VZ Secured Financing BV (Netherlands),
Sr. Sec’d. Notes, 144A 		5.000 01/15/32   250 212,150
          8,606,370
Mining 1.7%
Arsenal AIC Parent LLC,          
Sr. Sec’d. Notes, 144A 8.000 10/01/30   50 52,027
Unsec’d. Notes, 144A 11.500 10/01/31   100 111,576
     
 
Eldorado Gold Corp. (Turkey),
Sr. Unsec’d. Notes, 144A 		6.250 09/01/29   269 255,214
First Quantum Minerals Ltd. (Zambia),          
Gtd. Notes, 144A 6.875 10/15/27   200 195,796
Gtd. Notes, 144A 8.625 06/01/31   200 199,270
     
 
Hecla Mining Co.,
Gtd. Notes 		7.250 02/15/28   125 125,964
Hudbay Minerals, Inc. (Canada),          
Gtd. Notes, 144A 4.500 04/01/26   223 217,425
Gtd. Notes, 144A 6.125 04/01/29   254 249,555
     
 
New Gold, Inc. (Canada),
Gtd. Notes, 144A 		7.500 07/15/27   373 374,865
Novelis Corp.,          
Gtd. Notes, 144A 3.875 08/15/31   131 112,158
Gtd. Notes, 144A 4.750 01/30/30   158 146,094
     
 
Taseko Mines Ltd. (Canada),
Sr. Sec’d. Notes, 144A 		8.250 05/01/30   80 82,000
          2,121,944
19
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2024
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Miscellaneous Manufacturing 0.4%
Amsted Industries, Inc.,
Sr. Unsec’d. Notes, 144A 		4.625 % 05/15/30   453  $411,023
Trinity Industries, Inc.,
Gtd. Notes, 144A 		7.750 07/15/28   150 154,554
          565,577
Office/Business Equipment 0.0%
Zebra Technologies Corp.,
Gtd. Notes, 144A 		6.500 06/01/32   55 55,380
Oil & Gas 6.5%
Aethon United BR LP/Aethon United Finance Corp.,
Sr. Unsec’d. Notes, 144A 		8.250 02/15/26   100 100,929
Alta Mesa Holdings LP/Alta Mesa Finance Services Corp.,
Gtd. Notes^ 		7.875 12/15/24(d)   310 31
Antero Resources Corp.,
Gtd. Notes, 144A 		5.375 03/01/30   167 159,870
Ascent Resources Utica Holdings LLC/ARU Finance
Corp., 		         
Gtd. Notes, 144A 7.000 11/01/26   320 320,341
Gtd. Notes, 144A 9.000 11/01/27   94 117,911
Sr. Unsec’d. Notes, 144A 8.250 12/31/28   127 129,788
     
 
Athabasca Oil Corp. (Canada),
Sec’d. Notes, 144A 		9.750 11/01/26   201 208,286
Chesapeake Energy Corp.,          
Gtd. Notes, 144A 5.875 02/01/29   290 285,169
Gtd. Notes, 144A 6.750 04/15/29   68 68,221
     
 
CITGO Petroleum Corp.,
Sr. Sec’d. Notes, 144A 		7.000 06/15/25   368 368,406
Civitas Resources, Inc.,          
Gtd. Notes, 144A 8.375 07/01/28   220 231,149
Gtd. Notes, 144A 8.625 11/01/30   213 227,809
     
 
CNX Resources Corp.,
Gtd. Notes, 144A 		7.250 03/01/32   85 86,378
Comstock Resources, Inc.,          
Gtd. Notes, 144A 5.875 01/15/30   120 110,656
Gtd. Notes, 144A 6.750 03/01/29   182 175,941
20
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2024
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Oil & Gas (cont’d.)
Crescent Energy Finance LLC,          
Gtd. Notes, 144A 7.625 % 04/01/32   80  $81,632
Gtd. Notes, 144A 9.250 02/15/28   215 227,975
CrownRock LP/CrownRock Finance, Inc.,          
Sr. Unsec’d. Notes, 144A 5.000 05/01/29   16 15,802
Sr. Unsec’d. Notes, 144A 5.625 10/15/25   25 24,938
     
 
Diamond Foreign Asset Co./Diamond Finance LLC,
Sec’d. Notes, 144A 		8.500 10/01/30   50 52,310
Hilcorp Energy I LP/Hilcorp Finance Co.,          
Sr. Unsec’d. Notes, 144A 5.750 02/01/29   321 310,067
Sr. Unsec’d. Notes, 144A 6.000 04/15/30   362 349,458
Sr. Unsec’d. Notes, 144A 6.000 02/01/31   251 240,454
Sr. Unsec’d. Notes, 144A 6.250 11/01/28   153 150,998
Sr. Unsec’d. Notes, 144A 6.250 04/15/32   74 71,030
Sr. Unsec’d. Notes, 144A 8.375 11/01/33   57 61,146
     
 
Matador Resources Co.,
Gtd. Notes, 144A 		6.500 04/15/32   135 134,699
MEG Energy Corp. (Canada),
Gtd. Notes, 144A 		5.875 02/01/29   195 188,826
Nabors Industries Ltd.,          
Gtd. Notes, 144A 7.250 01/15/26   117 117,000
Gtd. Notes, 144A 7.500 01/15/28   291 276,450
     
 
Nabors Industries, Inc.,
Gtd. Notes, 144A 		9.125 01/31/30   430 443,870
Noble Finance II LLC,
Gtd. Notes, 144A 		8.000 04/15/30   50 51,665
Parkland Corp. (Canada),          
Gtd. Notes, 144A 4.500 10/01/29   320 290,099
Gtd. Notes, 144A 4.625 05/01/30   216 196,286
Permian Resources Operating LLC,          
Gtd. Notes, 144A 7.000 01/15/32   144 147,172
Gtd. Notes, 144A 8.000 04/15/27   105 107,799
Precision Drilling Corp. (Canada),          
Gtd. Notes, 144A 6.875 01/15/29   49 48,510
Gtd. Notes, 144A 7.125 01/15/26   38 37,905
Range Resources Corp.,          
Gtd. Notes 4.875 05/15/25   130 129,016
Gtd. Notes, 144A 4.750 02/15/30   35 32,541
Southwestern Energy Co.,          
Gtd. Notes 4.750 02/01/32   765 693,324
21
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2024
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Oil & Gas (cont’d.)
Southwestern Energy Co., (cont’d.)          
Gtd. Notes 5.375 % 02/01/29   25  $24,123
Gtd. Notes 5.375 03/15/30   100 96,368
     
 
Sunoco LP,
Gtd. Notes, 144A 		7.000 05/01/29   95 97,055
Sunoco LP/Sunoco Finance Corp.,          
Gtd. Notes 4.500 05/15/29   196 180,196
Gtd. Notes 4.500 04/30/30   161 145,486
Gtd. Notes 5.875 03/15/28   278 274,069
     
 
Transocean, Inc.,
Gtd. Notes, 144A 		8.250 05/15/29   150 149,955
Valaris Ltd.,
Sec’d. Notes, 144A 		8.375 04/30/30   50 51,680
Vital Energy, Inc.,
Gtd. Notes 		9.750 10/15/30   50 54,716
          8,145,505
Packaging & Containers 2.0%
ARD Finance SA (Luxembourg),
Sr. Sec’d. Notes, 144A, Cash coupon 6.500% or PIK 7.250% 		6.500 06/30/27   200 46,500
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC,
Sr. Unsec’d. Notes, 144A 		4.000 09/01/29   200 164,450
Graham Packaging Co., Inc.,
Gtd. Notes, 144A 		7.125 08/15/28   85 80,090
Intelligent Packaging Holdco Issuer LP (Canada),
Sr. Unsec’d. Notes, 144A, Cash coupon 9.000% or PIK 9.750% 		9.000 01/15/26   75 71,250
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC (Canada),
Sr. Sec’d. Notes, 144A 		6.000 09/15/28   509 487,367
Iris Holding, Inc.,
Sr. Unsec’d. Notes, 144A 		10.000 12/15/28   237 208,575
LABL, Inc.,          
Sr. Sec’d. Notes, 144A 5.875 11/01/28   135 121,544
Sr. Sec’d. Notes, 144A 9.500 11/01/28   50 50,843
Sr. Unsec’d. Notes, 144A 8.250 11/01/29   156 133,023
Sr. Unsec’d. Notes, 144A 10.500 07/15/27   254 247,210
22
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2024
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Packaging & Containers (cont’d.)
     
 
Mauser Packaging Solutions Holding Co.,
Sr. Sec’d. Notes, 144A 		7.875 % 04/15/27   175  $178,325
OI European Group BV,
Gtd. Notes, 144A 		4.750 02/15/30   25 22,836
Owens-Brockway Glass Container, Inc.,          
Gtd. Notes, 144A 6.625 05/13/27   25 24,848
Gtd. Notes, 144A 7.250 05/15/31   80 80,008
     
 
Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer, Inc.,
Sr. Sec’d. Notes, 144A 		4.375 10/15/28   50 46,400
Trident TPI Holdings, Inc.,
Gtd. Notes, 144A 		12.750 12/31/28   408 443,792
TriMas Corp.,
Gtd. Notes, 144A 		4.125 04/15/29   50 45,327
          2,452,388
Pharmaceuticals 2.2%
AdaptHealth LLC,          
Gtd. Notes, 144A 4.625 08/01/29   270 231,479
Gtd. Notes, 144A 5.125 03/01/30   280 244,357
Gtd. Notes, 144A 6.125 08/01/28   321 307,196
     
 
Bausch Health Americas, Inc.,
Gtd. Notes, 144A 		8.500 01/31/27   276 201,020
Bausch Health Cos., Inc.,          
Gtd. Notes, 144A 5.250 01/30/30   25 12,375
Gtd. Notes, 144A 5.250 02/15/31   25 12,375
Gtd. Notes, 144A 6.250 02/15/29   1,400 742,000
Gtd. Notes, 144A 7.000 01/15/28   25 14,375
Sr. Sec’d. Notes, 144A 4.875 06/01/28   150 108,375
     
 
Organon & Co./Organon Foreign Debt Co-Issuer BV,
Sr. Unsec’d. Notes, 144A 		5.125 04/30/31   800 706,624
P&L Development LLC/PLD Finance Corp.,
Sr. Sec’d. Notes, 144A 		7.750 11/15/25   153 129,547
          2,709,723
23
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2024
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Pipelines 3.8%
Antero Midstream Partners LP/Antero Midstream
Finance Corp., 		         
Gtd. Notes, 144A 5.375 % 06/15/29   74  $70,948
Gtd. Notes, 144A 5.750 03/01/27   231 228,505
Gtd. Notes, 144A 5.750 01/15/28   117 114,626
Gtd. Notes, 144A 6.625 02/01/32   50 50,097
Blue Racer Midstream LLC/Blue Racer Finance Corp.,          
Sr. Unsec’d. Notes, 144A 7.000 07/15/29   30 30,309
Sr. Unsec’d. Notes, 144A 7.250 07/15/32   55 56,031
Cheniere Energy Partners LP,          
Gtd. Notes 4.000 03/01/31   110 99,370
Gtd. Notes 4.500 10/01/29   25 23,768
     
 
Cheniere Energy, Inc.,
Sr. Unsec’d. Notes 		4.625 10/15/28   196 189,138
CNX Midstream Partners LP,
Gtd. Notes, 144A 		4.750 04/15/30   25 22,510
Energy Transfer LP,
Jr. Sub. Notes, Series G 		7.125(ff) 05/15/30(oo)   50 48,874
EQM Midstream Partners LP,          
Sr. Unsec’d. Notes 5.500 07/15/28   25 24,535
Sr. Unsec’d. Notes, 144A 6.000 07/01/25   201 201,247
Sr. Unsec’d. Notes, 144A 6.500 07/01/27   45 45,432
Sr. Unsec’d. Notes, 144A 7.500 06/01/27   103 105,145
Sr. Unsec’d. Notes, 144A 7.500 06/01/30   85 89,784
Global Partners LP/GLP Finance Corp.,          
Gtd. Notes 6.875 01/15/29   191 188,433
Gtd. Notes, 144A 8.250 01/15/32   83 85,317
     
 
Howard Midstream Energy Partners LLC,
Sr. Unsec’d. Notes, 144A 		8.875 07/15/28   50 52,469
Rockies Express Pipeline LLC,          
Sr. Unsec’d. Notes, 144A 6.875 04/15/40   123 116,882
Sr. Unsec’d. Notes, 144A 7.500 07/15/38   212 215,914
Tallgrass Energy Partners LP/Tallgrass Energy Finance
Corp., 		         
Gtd. Notes, 144A 5.500 01/15/28   223 213,131
Gtd. Notes, 144A 6.000 03/01/27   89 87,250
Gtd. Notes, 144A 6.000 12/31/30   105 98,979
Gtd. Notes, 144A 6.000 09/01/31   50 46,938
Sr. Unsec’d. Notes, 144A 7.375 02/15/29   80 80,196
24
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2024
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Pipelines (cont’d.)
Venture Global Calcasieu Pass LLC,          
Sr. Sec’d. Notes, 144A 3.875 % 08/15/29   281  $253,352
Sr. Sec’d. Notes, 144A 4.125 08/15/31   248 219,267
Sr. Sec’d. Notes, 144A 6.250 01/15/30   88 88,204
Venture Global LNG, Inc.,          
Sr. Sec’d. Notes, 144A 9.500 02/01/29   624 677,145
Sr. Sec’d. Notes, 144A 9.875 02/01/32   884 948,223
          4,772,019
Real Estate 1.3%
Five Point Operating Co. LP/Five Point Capital Corp.,
Gtd. Notes, 144A 		10.500(cc) 01/15/28   328 337,042
Greystar Real Estate Partners LLC,
Sr. Sec’d. Notes, 144A 		7.750 09/01/30   50 52,689
Howard Hughes Corp. (The),          
Gtd. Notes, 144A 4.125 02/01/29   178 158,119
Gtd. Notes, 144A 4.375 02/01/31   210 178,972
Gtd. Notes, 144A 5.375 08/01/28   375 355,115
     
 
Hunt Cos., Inc.,
Sr. Sec’d. Notes, 144A 		5.250 04/15/29   602 535,365
          1,617,302
Real Estate Investment Trusts (REITs) 1.2%
Brandywine Operating Partnership LP,
Gtd. Notes 		8.875 04/12/29   15 15,546
Diversified Healthcare Trust,          
Gtd. Notes 4.375 03/01/31   206 148,856
Gtd. Notes 9.750 06/15/25   117 117,065
Sr. Unsec’d. Notes 4.750 02/15/28   97 79,814
MPT Operating Partnership LP/MPT Finance Corp.,          
Gtd. Notes 3.500 03/15/31   204 132,413
Gtd. Notes 4.625 08/01/29   233 169,678
Park Intermediate Holdings LLC/PK Domestic
Property LLC/PK Finance Co-Issuer, 		         
Gtd. Notes, 144A 7.000 02/01/30   80 80,481
Sr. Sec’d. Notes, 144A 7.500 06/01/25   292 292,000
RHP Hotel Properties LP/RHP Finance Corp.,          
Gtd. Notes, 144A 4.500 02/15/29   96 89,318
25
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2024
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Real Estate Investment Trusts (REITs) (cont’d.)
RHP Hotel Properties LP/RHP Finance Corp., (cont’d.)          
Gtd. Notes, 144A 6.500 % 04/01/32   115   $114,277
     
 
SBA Communications Corp.,
Sr. Unsec’d. Notes 		3.125 02/01/29   100 88,165
Starwood Property Trust, Inc.,
Sr. Unsec’d. Notes, 144A 		7.250 04/01/29   125 124,397
          1,452,010
Retail 5.3%
1011778 BC ULC/New Red Finance, Inc. (Canada),          
Sec’d. Notes, 144A 4.000 10/15/30   465 404,517
Sr. Sec’d. Notes, 144A 3.875 01/15/28   246 227,550
     
 
Arko Corp.,
Gtd. Notes, 144A 		5.125 11/15/29   200 169,905
BCPE Ulysses Intermediate, Inc.,
Sr. Unsec’d. Notes, 144A, Cash coupon 7.750% or PIK 8.500% 		7.750 04/01/27   56 53,836
Beacon Roofing Supply, Inc.,
Sr. Sec’d. Notes, 144A 		6.500 08/01/30   25 25,061
Brinker International, Inc.,
Gtd. Notes, 144A 		8.250 07/15/30   340 355,080
Carrols Restaurant Group, Inc.,
Gtd. Notes, 144A 		5.875 07/01/29   62 63,822
Cougar JV Subsidiary LLC,
Sr. Unsec’d. Notes, 144A 		8.000 05/15/32   85 87,599
eG Global Finance PLC (United Kingdom),
Sr. Sec’d. Notes, 144A 		12.000 11/30/28   225 233,033
Ferrellgas LP/Ferrellgas Finance Corp.,          
Sr. Unsec’d. Notes, 144A 5.375 04/01/26   25 24,470
Sr. Unsec’d. Notes, 144A 5.875 04/01/29   75 70,967
Fertitta Entertainment LLC/Fertitta Entertainment
Finance Co., Inc., 		         
Gtd. Notes, 144A 6.750 01/15/30   651 575,535
Sr. Sec’d. Notes, 144A 4.625 01/15/29   259 233,933
     
 
Foundation Building Materials, Inc.,
Gtd. Notes, 144A 		6.000 03/01/29   394 349,277
Gap, Inc. (The),          
Gtd. Notes, 144A 3.625 10/01/29   226 195,344
Gtd. Notes, 144A 3.875 10/01/31   247 205,057
26
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2024
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Retail (cont’d.)
     
 
LBM Acquisition LLC,
Gtd. Notes, 144A 		6.250 % 01/15/29   382  $344,801
LCM Investments Holdings II LLC,          
Sr. Unsec’d. Notes, 144A 4.875 05/01/29   505 469,079
Sr. Unsec’d. Notes, 144A 8.250 08/01/31   246 255,336
Park River Holdings, Inc.,          
Gtd. Notes, 144A 5.625 02/01/29   191 155,844
Sr. Unsec’d. Notes, 144A 6.750 08/01/29   187 158,566
Patrick Industries, Inc.,          
Gtd. Notes, 144A 4.750 05/01/29   75 68,774
Gtd. Notes, 144A 7.500 10/15/27   50 50,727
     
 
Sally Holdings LLC/Sally Capital, Inc.,
Gtd. Notes 		6.750 03/01/32   298 292,559
SRS Distribution, Inc.,
Gtd. Notes, 144A 		6.000 12/01/29   387 392,622
Suburban Propane Partners LP/Suburban Energy
Finance Corp., 		         
Sr. Unsec’d. Notes 5.875 03/01/27   153 150,719
Sr. Unsec’d. Notes, 144A 5.000 06/01/31   400 359,004
     
 
Superior Plus LP/Superior General Partner, Inc. (Canada),
Gtd. Notes, 144A 		4.500 03/15/29   347 314,469
White Cap Buyer LLC,
Sr. Unsec’d. Notes, 144A 		6.875 10/15/28   376 359,138
          6,646,624
Software 0.9%
Black Knight InfoServ LLC,
Gtd. Notes, 144A 		3.625 09/01/28   514 481,396
Boxer Parent Co., Inc.,
Sr. Sec’d. Notes, 144A 		7.125 10/02/25   200 200,789
Camelot Finance SA,
Sr. Sec’d. Notes, 144A 		4.500 11/01/26   110 106,126
Clarivate Science Holdings Corp.,
Gtd. Notes, 144A 		4.875 07/01/29   332 302,811
          1,091,122
27
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2024
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Telecommunications 3.8%
Altice France SA (France),
Sr. Sec’d. Notes, 144A 		8.125 % 02/01/27   250  $191,725
Connect Finco Sarl/Connect US Finco LLC (United Kingdom),
Sr. Sec’d. Notes, 144A 		6.750 10/01/26   200 188,500
Digicel Group Holdings Ltd. (Jamaica),          
Sr. Sec’d. Notes, Series 1A14, 144A (original cost $11,062; purchased 11/14/23)^(f) 0.000 12/31/30   10 11,689
Sr. Sec’d. Notes, Series 1B14, 144A (original cost $12; purchased 11/14/23)^(f) 0.000 12/31/30   117 —
Sr. Sec’d. Notes, Series 3A14, 144A (original cost $100; purchased 11/14/23)^(f) 0.000 12/31/30   —(r) 20
Sr. Sec’d. Notes, Series 3B14, 144A (original cost $0; purchased 11/14/23)^(f) 0.000 12/31/30   5 —
     
 
Digicel Intermediate Holdings Ltd./Digicel International Finance Ltd./DIFL US LLC (Jamaica),
Sr. Sec’d. Notes, Cash coupon 9.000% and PIK 1.500% (original cost $237,136; purchased 01/29/24 - 05/15/24)(f) 		10.500 05/25/27   257 250,446
Digicel MidCo Ltd./DIFL US II LLC (Jamaica),
Sr. Unsec’d. Notes, PIK 10.500% (original cost $277,892; purchased 01/29/24 - 05/15/24)(f) 		10.500 11/25/28   424 338,459
Frontier Communications Holdings LLC,
Sr. Sec’d. Notes, 144A 		5.000 05/01/28   622 580,975
Iliad Holding SASU (France),          
Sr. Sec’d. Notes, 144A 7.000 10/15/28   200 197,500
Sr. Sec’d. Notes, 144A 8.500 04/15/31   200 202,000
     
 
Intelsat Jackson Holdings SA (Luxembourg),
Sr. Sec’d. Notes, 144A 		6.500 03/15/30   473 444,620
Level 3 Financing, Inc.,          
Sec’d. Notes, 144A 4.500 04/01/30   785 449,477
Sec’d. Notes, 144A 4.875 06/15/29   51 30,597
Sr. Sec’d. Notes, 144A 10.500 04/15/29   25 24,943
Sr. Sec’d. Notes, 144A 10.500 05/15/30   50 49,859
Sr. Sec’d. Notes, 144A 11.000 11/15/29   758 778,000
     
 
Sprint Capital Corp.,
Gtd. Notes 		8.750 03/15/32   177 211,845
28
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2024
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Telecommunications (cont’d.)
     
Sprint LLC,
Gtd. Notes 		7.625 % 03/01/26   224  $230,233
Viasat, Inc.,
Sr. Unsec’d. Notes, 144A 		5.625 09/15/25   616 597,953
          4,778,841
Transportation 0.5%
GN Bondco LLC,
Sr. Sec’d. Notes, 144A 		9.500 10/15/31   404 367,323
RXO, Inc.,
Gtd. Notes, 144A 		7.500 11/15/27   100 102,942
XPO, Inc.,          
Gtd. Notes, 144A 7.125 06/01/31   25 25,464
Gtd. Notes, 144A 7.125 02/01/32   95 96,768
          592,497
     
 
Total Corporate Bonds
(cost $116,850,125) 		110,135,190
Floating Rate and Other Loans 2.1%
Auto Parts & Equipment 0.4%
First Brands Group LLC,          
2022-Ii Incremental Term Loan, 3 Month SOFR + 5.262% 10.591(c) 03/30/27   90 88,931
Second Lien 2021 Term Loan, 3 Month SOFR + 8.812% 14.141(c) 03/24/28   230 223,100
     
 
Tenneco, Inc.,
Term A Loan, 3 Month SOFR + 4.850% 		10.173(c) 11/17/28   169 163,929
          475,960
Chemicals 0.4%
Consolidated Energy Finance SA (Switzerland),
2024 Incremental Term Loan, 1 Month SOFR + 4.500% 		9.829(c) 11/15/30   175 173,742
Iris Holdings Ltd.,
Initial Term Loan, 3 Month SOFR + 4.850% 		10.180(c) 06/28/28   147 140,387
29
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2024
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Floating Rate and Other Loans (Continued)
Chemicals (cont’d.)
Venator Finance Sarl,          
Initial First-Out Term Loan, 3 Month SOFR + 8.000%^ 15.328 %(c) 12/31/25   55  $55,391
Term Loan, 3 Month SOFR + 10.000% 15.299(c) 10/12/28   139 138,042
          507,562
Electric 0.0%
Heritage Power LLC,
Term Loan, 1 Month SOFR + 5.500% 		10.820(c) 07/20/28   15 14,899
Insurance 0.2%
Acrisure LLC,
2021-1 Additional Term Loan, 1 Month LIBOR + 3.750% 		9.194(c) 02/15/27   99 98,960
Asurion LLC,
New B-4 Term Loan, 1 Month SOFR + 5.364% 		10.694(c) 01/20/29   165 153,335
          252,295
Media 0.4%
Diamond Sports Group LLC,          
Dip Term Loan 10.000 12/02/24   174 252,279
First Lien Term Loan, 1 Month SOFR + 10.100% 15.413(c) 05/25/26   22 20,515
Second Lien Term Loan 8.175 08/24/26(d)   437 8,199
     
 
Gray Television, Inc.,
Term Loan, 1 Month SOFR + 5.250% 		4.000(c) 06/04/29   175 166,906
Radiate Holdco LLC,
Amendment No. 6 Term Loan, 1 Month SOFR + 3.364% 		8.694(c) 09/25/26   88 69,145
          517,044
Retail 0.0%
Great Outdoors Group LLC,
Term B-2 Loan, 1 Month SOFR + 3.864% 		9.194(c) 03/06/28   38 38,404
30
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2024
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Floating Rate and Other Loans (Continued)
Software 0.3%
Cotiviti, Inc.,
Initial Floating Rate Term Loan, 3 Month SOFR + 3.250% 		8.563 %(c) 05/01/31   275  $275,086
Skillsoft Finance II, Inc.,
Initial Term Loan, 1 Month SOFR + 5.364% 		10.685(c) 07/14/28   191 152,798
          427,884
Telecommunications 0.4%
Connect Finco SARL (United Kingdom),
Amendment No. 4 Term Loan, 1 Month SOFR + 4.500% 		9.829(c) 09/27/29   325 309,156
Digicel International Finance, Ltd. (Jamaica),
Initial Term Loan, 3 Month SOFR + 6.750% 		12.075(c) 05/29/27   20 19,433
Level 3 Financing, Inc.,          
Term B-1, 1 Month SOFR + 6.560% 11.881(c) 04/15/29   15 14,478
Term B-2, 1 Month SOFR + 6.560% 11.881(c) 04/15/30   15 14,512
Lumen Technologies, Inc.,          
Term B-1 Loan, 1 Month SOFR + 2.464% 7.785(c) 04/15/29   13 8,702
Term B-2 Loan, 1 Month SOFR + 2.464%^ 7.785(c) 04/15/30   13 8,813
Term Loan^ —(p) 06/01/28   16 12,835
Xplornet Communications, Inc. (Canada),          
First Lien Refinancing Term Loan, 1 Month SOFR + 4.000% 9.571(c) 10/02/28(d)   417 60,963
Initial Term Loan- Second Lien, 1 Month SOFR + 7.000% 12.564(c) 10/01/29(d)   150 7,200
          456,092
     
 
Total Floating Rate and Other Loans
(cost $3,106,222) 		2,690,140
U.S. Treasury Obligations(k) 0.5%
U.S. Treasury Notes 2.625 05/31/27   165 155,667
U.S. Treasury Notes 4.250 12/31/25   500 494,238
     
 
Total U.S. Treasury Obligations
(cost $662,659) 		649,905
    
31
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2024
Description     Shares Value
Common Stocks 1.0%
Chemicals 0.4%
Cornerstone Chemical Co.*^       1,807  $34,333
TPC Group, Inc.*^       6,118 214,130
Venator Materials PLC (original cost $612,979; purchased 09/26/18 - 10/17/23)*(f)       433 291,458
          539,921
Gas Utilities 0.1%
Ferrellgas Partners LP (Class B Stock)       728 125,480
Oil, Gas & Consumable Fuels 0.2%
Chesapeake Energy Corp.       1,673 152,126
Heritage Power LLC*^       2,134 42,680
Heritage Power LLC*^       94 1,880
Heritage Power LLC*^       2,456 1,228
          197,914
Wireless Telecommunication Services 0.3%
Digicel International Finance Ltd. (Jamaica) (original cost $29,016; purchased 01/29/24)*^(f)       23,916 51,419
Intelsat Emergence SA (Luxembourg)*       7,641 280,425
          331,844
     
 
Total Common Stocks
(cost $1,291,466) 		1,195,159
Preferred Stocks 0.5%
Electronic Equipment, Instruments & Components 0.5%
Ferrellgas Escrow LLC, 8.956%, Maturing 03/30/31^       600 600,000
Wireless Telecommunication Services 0.0%
Digicel International Finance Ltd. (Jamaica) (original cost $33,750; purchased 01/26/24 - 01/29/24)*^(f)       4,383 45,598
     
 
Total Preferred Stocks
(cost $625,944) 		645,598
 
Total Long-Term Investments
(cost $127,484,604) 		120,307,863
    
32
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2024
Description     Shares Value
Short-Term Investment 3.1%
Affiliated Mutual Fund           
PGIM Core Government Money Market Fund (7-day effective yield 5.550%)
(cost $3,827,535)(wb) 		    3,827,535  $3,827,535
 
TOTAL INVESTMENTS 99.0%
(cost $131,312,139) 		124,135,398
Other assets in excess of liabilities(z) 1.0% 1,275,004
 
Net Assets 100.0% $125,410,402
Below is a list of the abbreviation(s) used in the quarterly schedule of portfolio holdings:
    
  EUR—Euro
  GBP—British Pound
    
  144A—Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, pursuant to the requirements of Rule 144A, may not be resold except to qualified institutional buyers.
  BNP—BNP Paribas S.A.
  BOA—Bank of America, N.A.
  CDX—Credit Derivative Index
  CLO—Collateralized Loan Obligation
  iBoxx—Bond Market Indices
  LIBOR—London Interbank Offered Rate
  LP—Limited Partnership
  MSI—Morgan Stanley & Co International PLC
  OTC—Over-the-counter
  PIK—Payment-in-Kind
  Q—Quarterly payment frequency for swaps
  REITs—Real Estate Investment Trust
  SOFR—Secured Overnight Financing Rate
  T—Swap payment upon termination
    
* Non-income producing security.
# Principal 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 $1,111,840 and 0.9% of net assets.
(c) Variable rate instrument. The interest rate shown reflects the rate in effect at May 31, 2024.
(cc) Variable rate instrument. The rate shown is based on the latest available information as of May 31, 2024. 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.
(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 $2,274,470. The aggregate value of $1,034,833 is 0.8% of net assets.
(ff) Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.
(k) Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives.
33
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2024
(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.
(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:
Futures contracts outstanding at May 31, 2024:
Number
of
Contracts 		  Type   Expiration
Date 		  Current
Notional
Amount 		  Value /
Unrealized
Appreciation
(Depreciation)
Long Positions:
14   2 Year U.S. Treasury Notes   Sep. 2024    $2,851,844    $(943)
92   5 Year U.S. Treasury Notes   Sep. 2024   9,733,312   (19,144)
39   10 Year U.S. Treasury Notes   Sep. 2024   4,243,078   (16,304)
4   20 Year U.S. Treasury Bonds   Sep. 2024   464,250   (2,623)
3   30 Year U.S. Ultra Treasury Bonds   Sep. 2024   367,313   (5,112)
                $(44,126)
Forward foreign currency exchange contracts outstanding at May 31, 2024:
Purchase
Contracts 		  Counterparty   Notional
Amount
(000) 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
OTC Forward Foreign Currency Exchange Contracts:
British Pound,
Expiring 06/04/24   BNP   GBP 174    $221,882    $222,187    $305    $—
Euro,
Expiring 06/04/24   BOA   EUR 145   157,048   157,171   123   —
              $378,930   $379,358   428   —
    
Sale
Contracts 		  Counterparty   Notional
Amount
(000) 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
OTC Forward Foreign Currency Exchange Contracts:
British Pound,
Expiring 06/04/24   BNP   GBP 174    $218,276    $222,187    $—    $(3,911)
Expiring 07/02/24   BNP   GBP 174   221,913   222,219   —   (306)
34
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2024
Forward foreign currency exchange contracts outstanding at May 31, 2024 (continued):
Sale
Contracts 		  Counterparty   Notional
Amount
(000) 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Euro,
Expiring 06/04/24   BNP   EUR 145    $157,301    $157,171    $130    $—
Expiring 07/02/24   BOA   EUR 145   157,243   157,372   —   (129)
              $754,733   $758,949   130   (4,346)
                      $558   $(4,346)
Credit default swap agreement outstanding at May 31, 2024:
Reference
Entity/
Obligation 		Termination
Date 		  Fixed
Rate 		  Notional
Amount
(000)#(3) 		  Implied Credit
Spread at
May 31,
2024(4) 		  Value at
Trade Date 		  Value at
May 31,
2024 		  Unrealized
Appreciation
(Depreciation)
Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):
CDX.NA.HY.42.V1 06/20/29   5.000%(Q)     5,075   3.335%   $320,913   $395,312   $74,399
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.
35
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2024
(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.
    
Total return swap agreements outstanding at May 31, 2024:
Reference Entity   Financing
Rate 		  Counterparty   Termination
Date 		  Long (Short)
Notional
Amount
(000)#(1) 		  Fair
Value 		  Upfront
Premiums
Paid
(Received) 		  Unrealized
Appreciation
(Depreciation)(2)
OTC Total Return Swap Agreements:
iBoxx US Dollar Liquid Investment Grade Index(T)   1 Day SOFR(Q)/ 5.340%   MSI   09/20/24   (2,760)    $(30,022)    $(568)    $(29,454)
iBoxx US Dollar Liquid Investment Grade Index(T)   1 Day SOFR(Q)/ 5.340%   BNP   09/20/24   (1,490)   (6,321)   (306)   (6,015)
                    $(36,343)   $(874)   $(35,469)
(1) On a long total return swap, the Fund receives payments for any positive return on the reference entity (makes payments for any negative return) and pays the financing rate. On a short total return swap, the Fund makes payments for any positive return on the reference entity (receives payments for any negative return) and receives the financing rate.
(2) Upfront/recurring fees or commissions, as applicable, are included in the net unrealized appreciation (depreciation).
Other information regarding the Fund is available in the Fund’s most recent Report to Shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).
36