NPORT-EX 2 764797PRU053124.htm
PGIM Short Duration High Yield ETF
Schedule of Investments  (unaudited)
as of May 31, 2024
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Long-Term Investments 93.8%
Asset-Backed Securities 3.0%
Collateralized Loan Obligations 
Ares CLO Ltd. (Cayman Islands),
Series 2018-28RA, Class A1R, 144A, 3 Month SOFR + 1.150% (Cap N/A, Floor 1.150%) 		6.479 %(c) 10/17/30   250  $250,251
Sound Point CLO Ltd. (Cayman Islands),
Series 2018-03A, Class A1AR, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) 		6.624(c) 10/26/31   250 249,983
Voya CLO Ltd. (Cayman Islands),
Series 2015-03A, Class A1R3, 144A, 3 Month SOFR + 1.150% (Cap N/A, Floor 1.150%) 		6.475(c) 10/20/31   250 250,218
     
 
Total Asset-Backed Securities
(cost $750,000) 		750,452
Corporate Bonds 89.2%
Aerospace & Defense 1.3%
Bombardier, Inc. (Canada),
Sr. Unsec’d. Notes, 144A 		7.125 06/15/26   325 330,187
Airlines 1.5%
American Airlines, Inc./AAdvantage Loyalty IP Ltd.,
Sr. Sec’d. Notes, 144A 		5.500 04/20/26   150 148,584
United Airlines, Inc.,
Sr. Sec’d. Notes, 144A 		4.375 04/15/26   150 144,588
VistaJet Malta Finance PLC/Vista Management Holding, Inc. (Switzerland),
Sr. Unsec’d. Notes, 144A 		7.875 05/01/27   100 90,110
          383,282
Apparel 0.6%
Hanesbrands, Inc.,
Gtd. Notes, 144A 		4.875 05/15/26   75 72,740
William Carter Co. (The),
Gtd. Notes, 144A 		5.625 03/15/27   75 73,785
          146,525
1
PGIM Short Duration High Yield ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2024
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Auto Manufacturers 0.3%
PM General Purchaser LLC,
Sr. Sec’d. Notes, 144A 		9.500 % 10/01/28   75  $76,115
Auto Parts & Equipment 2.1%
American Axle & Manufacturing, Inc.,
Gtd. Notes 		6.500 04/01/27   50 49,683
Clarios Global LP/Clarios US Finance Co.,          
Gtd. Notes, 144A 8.500 05/15/27   125 125,469
Sr. Sec’d. Notes, 144A 6.250 05/15/26   125 124,375
     
 
Dana, Inc.,
Sr. Unsec’d. Notes 		5.375 11/15/27   75 72,927
Phinia, Inc.,
Sr. Sec’d. Notes, 144A 		6.750 04/15/29   10 10,084
Tenneco, Inc.,
Sr. Sec’d. Notes, 144A 		8.000 11/17/28   100 91,297
Titan International, Inc.,
Sr. Sec’d. Notes 		7.000 04/30/28   50 48,399
          522,234
Banks 1.1%
Freedom Mortgage Corp.,          
Sr. Unsec’d. Notes, 144A 6.625 01/15/27   75 72,425
Sr. Unsec’d. Notes, 144A 7.625 05/01/26   125 124,178
     
 
Popular, Inc. (Puerto Rico),
Sr. Unsec’d. Notes 		7.250 03/13/28   75 76,500
          273,103
Building Materials 1.6%
Eco Material Technologies, Inc.,
Sr. Sec’d. Notes, 144A 		7.875 01/31/27   75 74,998
JELD-WEN, Inc.,
Gtd. Notes, 144A 		4.875 12/15/27   100 93,750
Standard Industries, Inc.,
Sr. Unsec’d. Notes, 144A 		5.000 02/15/27   250 242,367
          411,115
2
PGIM Short Duration High Yield ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2024
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Chemicals 1.3%
Avient Corp.,
Sr. Unsec’d. Notes, 144A 		5.750 % 05/15/25   175  $174,073
NOVA Chemicals Corp. (Canada),
Sr. Unsec’d. Notes, 144A 		4.875 06/01/24   100 99,875
WR Grace Holdings LLC,
Sr. Sec’d. Notes, 144A 		4.875 06/15/27   50 48,052
          322,000
Coal 0.3%
Conuma Resources Ltd. (Canada),
Sr. Sec’d. Notes, 144A 		13.125 05/01/28   73 73,000
Commercial Services 3.6%
Adtalem Global Education, Inc.,
Sr. Sec’d. Notes, 144A 		5.500 03/01/28   25 23,975
Allied Universal Holdco LLC/Allied Universal Finance Corp.,
Sr. Sec’d. Notes, 144A 		6.625 07/15/26   16 16,000
Alta Equipment Group, Inc.,          
Sec’d. Notes, 144A 5.625 04/15/26   150 152,109
Sec’d. Notes, 144A 9.000 06/01/29   15 14,508
     
 
AMN Healthcare, Inc.,
Gtd. Notes, 144A 		4.625 10/01/27   150 141,916
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.,
Gtd. Notes, 144A 		5.750 07/15/27   150 143,744
Brink’s Co. (The),
Gtd. Notes, 144A 		4.625 10/15/27   50 47,743
Herc Holdings, Inc.,
Gtd. Notes, 144A 		5.500 07/15/27   125 121,863
Hertz Corp. (The),
Gtd. Notes, 144A 		4.625 12/01/26   50 38,825
Mavis Tire Express Services Topco Corp.,
Sr. Unsec’d. Notes, 144A 		6.500 05/15/29   75 69,128
MPH Acquisition Holdings LLC,
Sr. Sec’d. Notes, 144A 		5.500 09/01/28   75 55,775
3
PGIM Short Duration High Yield 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.)
     
Service Corp. International,
Sr. Unsec’d. Notes 		4.625 % 12/15/27   25  $23,899
United Rentals North America, Inc.,
Gtd. Notes 		4.875 01/15/28   50 48,152
          897,637
Computers 1.3%
Fortress Intermediate 3, Inc.,
Sr. Sec’d. Notes, 144A 		7.500 06/01/31   20 20,247
McAfee Corp.,
Sr. Unsec’d. Notes, 144A 		7.375 02/15/30   75 69,420
NCR Atleos Corp.,
Sr. Sec’d. Notes, 144A 		9.500 04/01/29   100 107,948
Tempo Acquisition LLC/Tempo Acquisition Finance Corp.,
Sr. Sec’d. Notes, 144A 		5.750 06/01/25   125 124,887
          322,502
Distribution/Wholesale 0.6%
H&E Equipment Services, Inc.,
Gtd. Notes, 144A 		3.875 12/15/28   125 111,908
Ritchie Bros Holdings, Inc. (Canada),
Sr. Sec’d. Notes, 144A 		6.750 03/15/28   50 50,500
          162,408
Diversified Financial Services 5.8%
Bread Financial Holdings, Inc.,
Gtd. Notes, 144A 		9.750 03/15/29   50 52,387
Freedom Mortgage Holdings LLC,
Sr. Unsec’d. Notes, 144A 		9.250 02/01/29   20 20,195
GGAM Finance Ltd. (Ireland),          
Gtd. Notes, 144A 6.875 04/15/29   10 10,055
Gtd. Notes, 144A 8.000 02/15/27   50 51,203
     
 
goeasy Ltd. (Canada),
Gtd. Notes, 144A 		4.375 05/01/26   75 72,187
LD Holdings Group LLC,
Gtd. Notes, 144A 		6.125 04/01/28   50 34,806
4
PGIM Short Duration High Yield 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.)
     
LFS Topco LLC,
Gtd. Notes, 144A 		5.875 % 10/15/26   75  $70,378
Macquarie Airfinance Holdings Ltd. (United Kingdom),          
Sr. Unsec’d. Notes, 144A 6.400 03/26/29   5 5,056
Sr. Unsec’d. Notes, 144A 8.375 05/01/28   50 52,500
     
 
Nationstar Mortgage Holdings, Inc.,
Gtd. Notes, 144A 		6.000 01/15/27   125 123,269
Navient Corp.,          
Sr. Unsec’d. Notes 5.000 03/15/27   25 23,733
Sr. Unsec’d. Notes 6.750 06/25/25   100 100,286
Sr. Unsec’d. Notes 6.750 06/15/26   100 99,857
OneMain Finance Corp.,          
Gtd. Notes 6.875 03/15/25   225 226,908
Gtd. Notes 7.125 03/15/26   150 152,226
     
 
PennyMac Financial Services, Inc.,
Gtd. Notes, 144A 		5.375 10/15/25   200 198,322
PRA Group, Inc.,
Gtd. Notes, 144A 		8.875 01/31/30   15 14,826
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.,
Gtd. Notes, 144A 		2.875 10/15/26   150 139,514
          1,447,708
Electric 3.3%
Calpine Corp.,          
Sr. Sec’d. Notes, 144A 5.250 06/01/26   150 148,447
Sr. Unsec’d. Notes, 144A 5.125 03/15/28   50 47,655
NRG Energy, Inc.,          
Gtd. Notes 5.750 01/15/28   150 147,038
Gtd. Notes, 144A 5.250 06/15/29   50 47,722
Vistra Operations Co. LLC,          
Gtd. Notes, 144A 5.000 07/31/27   100 96,672
Gtd. Notes, 144A 5.500 09/01/26   175 172,209
Gtd. Notes, 144A 5.625 02/15/27   175 172,217
          831,960
Electrical Components & Equipment 1.3%
Energizer Holdings, Inc.,
Gtd. Notes, 144A 		6.500 12/31/27   125 123,912
5
PGIM Short Duration High Yield ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2024
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Electrical Components & Equipment (cont’d.)
WESCO Distribution, Inc.,          
Gtd. Notes, 144A 6.375 % 03/15/29   15  $15,073
Gtd. Notes, 144A 7.125 06/15/25   175 174,979
          313,964
Electronics 0.7%
Likewize Corp.,
Sr. Sec’d. Notes, 144A 		9.750 10/15/25   125 126,144
Sensata Technologies BV,
Gtd. Notes, 144A 		5.000 10/01/25   50 50,205
          176,349
Engineering & Construction 0.2%
AECOM,
Gtd. Notes 		5.125 03/15/27   50 48,635
Entertainment 2.8%
Caesars Entertainment, Inc.,
Sr. Sec’d. Notes, 144A 		7.000 02/15/30   100 101,172
CCM Merger, Inc.,
Sr. Unsec’d. Notes, 144A 		6.375 05/01/26   150 149,035
International Game Technology PLC,
Sr. Sec’d. Notes, 144A 		6.250 01/15/27   200 200,000
Jacobs Entertainment, Inc.,
Sr. Unsec’d. Notes, 144A 		6.750 02/15/29   100 93,562
Penn Entertainment, Inc.,
Sr. Unsec’d. Notes, 144A 		5.625 01/15/27   175 166,675
          710,444
Environmental Control 0.2%
GFL Environmental, Inc.,
Gtd. Notes, 144A 		4.000 08/01/28   50 45,577
6
PGIM Short Duration High Yield ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2024
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Foods 1.1%
B&G Foods, Inc.,
Sr. Sec’d. Notes, 144A 		8.000 % 09/15/28   225  $228,481
Post Holdings, Inc.,
Gtd. Notes, 144A 		5.625 01/15/28   50 48,831
          277,312
Gas 0.7%
AmeriGas Partners LP/AmeriGas Finance Corp.,
Sr. Unsec’d. Notes 		5.500 05/20/25   175 172,207
Healthcare-Products 0.4%
Medline Borrower LP,
Sr. Sec’d. Notes, 144A 		3.875 04/01/29   75 68,382
Medline Borrower LP/Medline Co-Issuer, Inc.,
Sr. Sec’d. Notes, 144A 		6.250 04/01/29   25 25,049
          93,431
Healthcare-Services 3.4%
HCA, Inc.,
Gtd. Notes 		7.050 12/01/27   125 131,667
Legacy LifePoint Health LLC,
Sr. Sec’d. Notes, 144A 		4.375 02/15/27   225 212,510
Prime Healthcare Services, Inc.,
Sr. Sec’d. Notes, 144A 		7.250 11/01/25   250 250,773
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc.,
Gtd. Notes, 144A 		9.750 12/01/26   175 175,277
Tenet Healthcare Corp.,
Sr. Sec’d. Notes 		4.625 06/15/28   100 95,189
          865,416
Home Builders 5.5%
Ashton Woods USA LLC/Ashton Woods Finance Co.,
Sr. Unsec’d. Notes, 144A 		6.625 01/15/28   50 49,613
Beazer Homes USA, Inc.,
Gtd. Notes 		5.875 10/15/27   225 220,423
7
PGIM Short Duration High Yield 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.)
Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada),
Gtd. Notes, 144A 		6.250 % 09/15/27   200  $194,760
Forestar Group, Inc.,
Gtd. Notes, 144A 		3.850 05/15/26   175 167,186
Landsea Homes Corp.,
Sr. Unsec’d. Notes, 144A 		8.875 04/01/29   70 67,965
M/I Homes, Inc.,
Gtd. Notes 		4.950 02/01/28   75 71,249
Mattamy Group Corp. (Canada),
Sr. Unsec’d. Notes, 144A 		5.250 12/15/27   225 217,687
Shea Homes LP/Shea Homes Funding Corp.,
Sr. Unsec’d. Notes 		4.750 02/15/28   75 70,807
STL Holding Co. LLC,
Sr. Unsec’d. Notes, 144A 		8.750 02/15/29   25 25,929
Taylor Morrison Communities, Inc.,
Gtd. Notes, 144A 		5.875 06/15/27   125 124,484
Tri Pointe Homes, Inc.,
Gtd. Notes 		5.250 06/01/27   175 169,724
          1,379,827
Household Products/Wares 0.3%
Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc. (Canada),
Gtd. Notes, 144A 		7.000 12/31/27   75 73,312
Housewares 0.3%
Scotts Miracle-Gro Co. (The),
Gtd. Notes 		4.500 10/15/29   75 67,514
Insurance 0.7%
Acrisure LLC/Acrisure Finance, Inc.,          
Sr. Unsec’d. Notes, 144A 8.250 02/01/29   25 25,130
Sr. Unsec’d. Notes, 144A 10.125 08/01/26   154 158,674
          183,804
8
PGIM Short Duration High Yield ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2024
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Internet 1.6%
Cogent Communications Group, Inc.,
Sr. Sec’d. Notes, 144A 		3.500 % 05/01/26   50  $47,293
Gen Digital, Inc.,
Sr. Unsec’d. Notes, 144A 		5.000 04/15/25   225 222,974
Go Daddy Operating Co. LLC/GD Finance Co., Inc.,
Gtd. Notes, 144A 		5.250 12/01/27   125 121,625
          391,892
Iron/Steel 0.5%
Big River Steel LLC/BRS Finance Corp.,
Sr. Sec’d. Notes, 144A 		6.625 01/31/29   75 74,839
Mineral Resources Ltd. (Australia),
Sr. Unsec’d. Notes, 144A 		9.250 10/01/28   50 52,562
          127,401
Leisure Time 5.3%
Carnival Corp.,          
Gtd. Notes, 144A 5.750 03/01/27   150 147,322
Gtd. Notes, 144A 7.625 03/01/26   150 150,270
     
 
Lindblad Expeditions Holdings, Inc.,
Sr. Sec’d. Notes, 144A 		9.000 05/15/28   50 51,093
Lindblad Expeditions LLC,
Sr. Sec’d. Notes, 144A 		6.750 02/15/27   125 123,677
NCL Corp. Ltd.,          
Gtd. Notes, 144A 5.875 03/15/26   200 196,000
Sr. Sec’d. Notes, 144A 5.875 02/15/27   200 196,438
Sr. Sec’d. Notes, 144A 8.125 01/15/29   50 52,063
Sr. Unsec’d. Notes, 144A 3.625 12/15/24   75 73,875
Royal Caribbean Cruises Ltd.,          
Sr. Unsec’d. Notes 7.500 10/15/27   25 26,196
Sr. Unsec’d. Notes, 144A 5.375 07/15/27   100 97,590
Viking Cruises Ltd.,          
Gtd. Notes, 144A 5.875 09/15/27   175 170,187
Sr. Unsec’d. Notes, 144A 7.000 02/15/29   50 50,111
          1,334,822
9
PGIM Short Duration High Yield ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2024
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Lodging 2.8%
Hilton Domestic Operating Co., Inc.,
Gtd. Notes, 144A 		5.875 % 04/01/29   20  $19,826
Las Vegas Sands Corp.,
Sr. Unsec’d. Notes 		3.500 08/18/26   50 47,515
MGM Resorts International,
Gtd. Notes 		4.625 09/01/26   125 121,207
Station Casinos LLC,
Gtd. Notes, 144A 		4.500 02/15/28   50 46,560
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp.,
Sr. Sec’d. Notes, 144A 		5.875 05/15/25   175 173,970
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.,
Gtd. Notes, 144A 		5.250 05/15/27   50 48,670
Wynn Macau Ltd. (Macau),
Sr. Unsec’d. Notes, 144A 		5.625 08/26/28   275 257,211
          714,959
Machinery-Diversified 0.3%
Maxim Crane Works Holdings Capital LLC,
Sec’d. Notes, 144A 		11.500 09/01/28   75 79,784
Media 7.8%
Altice Financing SA (Luxembourg),
Sr. Sec’d. Notes, 144A 		2.250 01/15/25 EUR 100 104,074
CCO Holdings LLC/CCO Holdings Capital Corp.,          
Sr. Unsec’d. Notes, 144A 5.000 02/01/28   25 23,082
Sr. Unsec’d. Notes, 144A 5.125 05/01/27   300 286,523
Sr. Unsec’d. Notes, 144A 5.500 05/01/26   225 222,612
DISH DBS Corp.,          
Gtd. Notes 5.125 06/01/29   25 9,942
Gtd. Notes 5.875 11/15/24   275 262,005
Gtd. Notes 7.375 07/01/28   25 11,259
Gtd. Notes 7.750 07/01/26   25 16,010
     
 
DISH Network Corp.,
Sr. Sec’d. Notes, 144A 		11.750 11/15/27   125 125,560
Gray Television, Inc.,          
Gtd. Notes, 144A 5.875 07/15/26   50 49,932
Sr. Sec’d. Notes, 144A 10.500 07/15/29   80 79,453
     
 
10
PGIM Short Duration High Yield 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.)
     
Midcontinent Communications/Midcontinent Finance Corp.,
Gtd. Notes, 144A 		5.375 % 08/15/27   75  $71,863
Nexstar Media, Inc.,
Gtd. Notes, 144A 		5.625 07/15/27   225 212,352
Radiate Holdco LLC/Radiate Finance, Inc.,          
Sr. Sec’d. Notes, 144A 4.500 09/15/26   275 203,902
Sr. Unsec’d. Notes, 144A 6.500 09/15/28   25 11,492
     
 
Sinclair Television Group, Inc.,
Gtd. Notes, 144A 		5.125 02/15/27   75 67,249
Univision Communications, Inc.,
Sr. Sec’d. Notes, 144A 		6.625 06/01/27   200 193,296
          1,950,606
Mining 2.1%
Hecla Mining Co.,
Gtd. Notes 		7.250 02/15/28   50 50,385
Hudbay Minerals, Inc. (Canada),
Gtd. Notes, 144A 		4.500 04/01/26   175 170,625
New Gold, Inc. (Canada),
Gtd. Notes, 144A 		7.500 07/15/27   75 75,375
Novelis Corp.,
Gtd. Notes, 144A 		3.250 11/15/26   250 233,335
          529,720
Miscellaneous Manufacturing 0.6%
Amsted Industries, Inc.,
Gtd. Notes, 144A 		5.625 07/01/27   75 73,617
Trinity Industries, Inc.,
Gtd. Notes, 144A 		7.750 07/15/28   65 66,974
          140,591
Oil & Gas 5.6%
Aethon United BR LP/Aethon United Finance Corp.,
Sr. Unsec’d. Notes, 144A 		8.250 02/15/26   100 100,929
11
PGIM Short Duration High Yield 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.)
Ascent Resources Utica Holdings LLC/ARU Finance
Corp., 		         
Gtd. Notes, 144A 7.000 % 11/01/26   100  $100,107
Sr. Unsec’d. Notes, 144A 8.250 12/31/28   75 76,647
     
 
Athabasca Oil Corp. (Canada),
Sec’d. Notes, 144A 		9.750 11/01/26   125 129,531
Chesapeake Energy Corp.,
Gtd. Notes, 144A 		5.500 02/01/26   50 49,544
CITGO Petroleum Corp.,
Sr. Sec’d. Notes, 144A 		7.000 06/15/25   150 150,166
Civitas Resources, Inc.,
Gtd. Notes, 144A 		8.375 07/01/28   75 78,801
Crescent Energy Finance LLC,
Gtd. Notes, 144A 		9.250 02/15/28   75 79,526
Endeavor Energy Resources LP/EER Finance, Inc.,
Sr. Unsec’d. Notes, 144A 		5.750 01/30/28   100 101,080
Hilcorp Energy I LP/Hilcorp Finance Co.,
Sr. Unsec’d. Notes, 144A 		5.750 02/01/29   50 48,297
Nabors Industries, Inc.,
Gtd. Notes, 144A 		7.375 05/15/27   175 174,666
Parkland Corp. (Canada),
Gtd. Notes, 144A 		5.875 07/15/27   100 98,375
Southwestern Energy Co.,
Gtd. Notes 		5.375 03/15/30   65 62,639
Sunoco LP,
Gtd. Notes, 144A 		7.000 05/01/29   15 15,324
Sunoco LP/Sunoco Finance Corp.,
Gtd. Notes 		6.000 04/15/27   75 74,410
Transocean, Inc.,
Gtd. Notes, 144A 		8.250 05/15/29   25 24,993
Valaris Ltd.,
Sec’d. Notes, 144A 		8.375 04/30/30   50 51,680
          1,416,715
Packaging & Containers 3.0%
Graham Packaging Co., Inc.,
Gtd. Notes, 144A 		7.125 08/15/28   30 28,267
12
PGIM Short Duration High Yield 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.)
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC (Canada),
Sr. Sec’d. Notes, 144A 		6.000 % 09/15/28   125  $119,687
LABL, Inc.,          
Sr. Sec’d. Notes, 144A 6.750 07/15/26   100 98,920
Sr. Unsec’d. Notes, 144A 10.500 07/15/27   75 72,995
     
 
Mauser Packaging Solutions Holding Co.,
Sr. Sec’d. Notes, 144A 		7.875 04/15/27   175 178,325
Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer LLC,
Sr. Sec’d. Notes, 144A 		4.000 10/15/27   25 23,351
Sealed Air Corp./Sealed Air Corp. US,
Gtd. Notes, 144A 		6.125 02/01/28   50 49,624
Trident TPI Holdings, Inc.,
Gtd. Notes, 144A 		12.750 12/31/28   175 190,352
          761,521
Pharmaceuticals 2.3%
AdaptHealth LLC,
Gtd. Notes, 144A 		6.125 08/01/28   175 167,475
Bausch Health Cos., Inc.,
Sr. Sec’d. Notes, 144A 		5.750 08/15/27   450 338,093
P&L Development LLC/PLD Finance Corp.,
Sr. Sec’d. Notes, 144A 		7.750 11/15/25   100 84,671
          590,239
Pipelines 3.1%
Antero Midstream Partners LP/Antero Midstream Finance Corp.,
Gtd. Notes, 144A 		5.750 03/01/27   200 197,840
Blue Racer Midstream LLC/Blue Racer Finance Corp.,
Sr. Unsec’d. Notes, 144A 		7.000 07/15/29   20 20,206
EQM Midstream Partners LP,
Sr. Unsec’d. Notes, 144A 		6.500 07/01/27   125 126,199
Global Partners LP/GLP Finance Corp.,
Gtd. Notes 		7.000 08/01/27   75 75,332
Howard Midstream Energy Partners LLC,
Sr. Unsec’d. Notes, 144A 		8.875 07/15/28   50 52,469
13
PGIM Short Duration High Yield 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.)
Northriver Midstream Finance LP (Canada),
Sr. Sec’d. Notes, 144A 		5.625 % 02/15/26   50  $49,125
Rockies Express Pipeline LLC,
Sr. Unsec’d. Notes, 144A 		3.600 05/15/25   75 72,959
Tallgrass Energy Partners LP/Tallgrass Energy Finance
Corp., 		         
Gtd. Notes, 144A 5.500 01/15/28   75 71,681
Sr. Unsec’d. Notes, 144A 7.375 02/15/29   15 15,037
     
 
Venture Global LNG, Inc.,
Sr. Sec’d. Notes, 144A 		9.500 02/01/29   50 54,258
Western Midstream Operating LP,
Sr. Unsec’d. Notes 		3.100 02/01/25   50 49,013
          784,119
Real Estate 0.7%
Howard Hughes Corp. (The),
Gtd. Notes, 144A 		5.375 08/01/28   175 165,720
Real Estate Investment Trusts (REITs) 2.9%
Brandywine Operating Partnership LP,
Gtd. Notes 		8.875 04/12/29   5 5,182
Diversified Healthcare Trust,
Gtd. Notes 		9.750 06/15/25   100 100,056
MPT Operating Partnership LP/MPT Finance Corp.,          
Gtd. Notes 3.500 03/15/31   25 16,227
Gtd. Notes 5.000 10/15/27   50 40,986
Park Intermediate Holdings LLC/PK Domestic
Property LLC/PK Finance Co-Issuer, 		         
Gtd. Notes, 144A 7.000 02/01/30   10 10,060
Sr. Sec’d. Notes, 144A 7.500 06/01/25   125 125,000
RHP Hotel Properties LP/RHP Finance Corp.,          
Gtd. Notes 4.750 10/15/27   75 71,924
Gtd. Notes, 144A 6.500 04/01/32   20 19,874
     
 
SBA Communications Corp.,
Sr. Unsec’d. Notes 		3.875 02/15/27   175 165,666
14
PGIM Short Duration High Yield 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.)
     
Starwood Property Trust, Inc.,
Sr. Unsec’d. Notes, 144A 		4.375 % 01/15/27   50  $46,842
VICI Properties LP/VICI Note Co., Inc.,
Gtd. Notes, 144A 		4.250 12/01/26   125 120,253
          722,070
Retail 1.4%
Brinker International, Inc.,
Gtd. Notes, 144A 		5.000 10/01/24   75 74,671
LCM Investments Holdings II LLC,
Sr. Unsec’d. Notes, 144A 		4.875 05/01/29   100 92,887
Sally Holdings LLC/Sally Capital, Inc.,
Gtd. Notes 		6.750 03/01/32   50 49,087
Suburban Propane Partners LP/Suburban Energy Finance Corp.,
Sr. Unsec’d. Notes 		5.875 03/01/27   50 49,255
White Cap Buyer LLC,
Sr. Unsec’d. Notes, 144A 		6.875 10/15/28   100 95,515
          361,415
Software 3.3%
Boxer Parent Co., Inc.,
Sr. Sec’d. Notes, 144A 		7.125 10/02/25   275 276,085
Camelot Finance SA,
Sr. Sec’d. Notes, 144A 		4.500 11/01/26   400 385,912
Clarivate Science Holdings Corp.,
Sr. Sec’d. Notes, 144A 		3.875 07/01/28   50 45,795
SS&C Technologies, Inc.,
Gtd. Notes, 144A 		5.500 09/30/27   125 122,601
          830,393
Telecommunications 3.2%
Connect Finco Sarl/Connect US Finco LLC (United Kingdom),
Sr. Sec’d. Notes, 144A 		6.750 10/01/26   200 188,500
Frontier Communications Holdings LLC,
Sr. Sec’d. Notes, 144A 		5.875 10/15/27   125 121,746
15
PGIM Short Duration High Yield 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.)
Iliad Holding SASU (France),
Sr. Sec’d. Notes, 144A 		6.500 % 10/15/26   200  $198,500
Viasat, Inc.,
Sr. Unsec’d. Notes, 144A 		5.625 09/15/25   300 291,211
          799,957
Transportation 0.4%
RXO, Inc.,
Gtd. Notes, 144A 		7.500 11/15/27   55 56,618
XPO, Inc.,
Sr. Sec’d. Notes, 144A 		6.250 06/01/28   50 49,993
          106,611
     
 
Total Corporate Bonds
(cost $22,654,517) 		22,416,103
Floating Rate and Other Loans 1.6%
Auto Parts & Equipment 0.3%
First Brands Group LLC,
First Lien 2021 Term Loan, 3 Month SOFR + 5.262% 		10.591(c) 03/30/27   75 74,094
Chemicals 0.2%
Iris Holdings Ltd.,
Initial Term Loan, 3 Month SOFR + 4.850% 		10.180(c) 06/28/28   50 47,785
Commercial Services 0.2%
Fly Funding II Sarl (Luxembourg),
Term B Loan, 3 Month LIBOR + 1.750% 		7.330(c) 08/11/25   24 23,573
Kingpin Intermediate Holdings LLC,
Amendment No. 8 Term Loan, 1 Month SOFR + 3.500% 		8.829(c) 02/08/28   40 39,737
          63,310
16
PGIM Short Duration High Yield 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)
Insurance 0.2%
Acrisure LLC,
2021-1 Additional Term Loan, 1 Month LIBOR + 3.750% 		9.194 %(c) 02/15/27   50  $49,860
Media 0.4%
Altice Financing SA (Luxembourg),
2022 Dollar Loan, 3 Month SOFR + 5.000% 		10.329(c) 10/31/27   100 87,030
Radiate Holdco LLC,
Amendment No. 6 Term Loan, 1 Month SOFR + 3.250% 		8.694(c) 09/25/26   25 19,621
          106,651
Software 0.3%
Cotiviti, Inc.,
Initial Floating Rate Term Loan, 3 Month SOFR + 3.250% 		8.563(c) 05/01/31   75 75,023
     
 
Total Floating Rate and Other Loans
(cost $427,391) 		416,723
 
Total Long-Term Investments
(cost $23,831,908) 		23,583,278
    
      Shares  
Short-Term Investment 2.1%
Affiliated Mutual Fund           
PGIM Core Government Money Market Fund (7-day effective yield 5.550%)
(cost $527,996)(wb) 		    527,996 527,996
 
TOTAL INVESTMENTS 95.9%
(cost $24,359,904) 		24,111,274
Other assets in excess of liabilities(z) 4.1% 1,023,045
 
Net Assets 100.0% $25,134,319
17
PGIM Short Duration High Yield ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2024
Below is a list of the abbreviation(s) used in the quarterly schedule of portfolio holdings:
    
  144A—Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, pursuant to the requirements of Rule 144A, may not be resold except to qualified institutional buyers.
  CDX—Credit Derivative Index
  CLO—Collateralized Loan Obligation
  LIBOR—London Interbank Offered Rate
  LP—Limited Partnership
  REITs—Real Estate Investment Trust
  SOFR—Secured Overnight Financing Rate
    
# Principal or notional amount is shown in U.S. dollars unless otherwise stated.
(c) Variable rate instrument. The interest rate shown reflects the rate in effect at May 31, 2024.
(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 Position:
5   2 Year U.S. Treasury Notes   Sep. 2024    $1,018,516    $(590)
Short Position:
29   5 Year U.S. Treasury Notes   Sep. 2024   3,068,109   5,589
                $4,999
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:
Euro,
Expiring 06/04/24   HSBC   EUR 97    $104,721    $104,781    $60    $—
    
18
PGIM Short Duration High Yield 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:
Euro,
Expiring 06/04/24   GSI   EUR 97    $104,870    $104,781    $89    $—
Expiring 07/02/24   HSBC   EUR 97   104,851   104,915   —   (64)
              $209,721   $209,696   89   (64)
                      $149   $(64)
Credit default swap agreement outstanding at May 31, 2024:
Reference
Entity/
Obligation 		Termination
Date 		  Fixed
Rate 		  Notional
Amount
(000)#(3) 		  Value at
Trade Date 		  Value at
May 31,
2024 		  Unrealized
Appreciation
(Depreciation)
Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):
CDX.NA.HY.42.V1 06/20/29   5.000%(Q)     775   $(52,908)   $(60,368)   $(7,460)
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.
(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.
19
PGIM Short Duration High Yield ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2024
(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.
Interest rate swap agreements outstanding at May 31, 2024:
Notional
Amount
(000)# 		  Termination
Date 		  Fixed
Rate 		  Floating
Rate 		  Value at
Trade Date 		  Value at
May 31,
2024 		  Unrealized
Appreciation
(Depreciation)
Centrally Cleared Interest Rate Swap Agreements:
  1,965   02/06/26   4.263%(A)   1 Day SOFR(2)(A)/ 5.340%    $—    $(27,633)    $(27,633)
  1,330   02/06/27   3.977%(A)   1 Day SOFR(1)(A)/ 5.340%   —   27,161   27,161
                    $—   $(472)   $(472)
    
(1) The Fund pays the fixed rate and receives the floating rate.
(2) The Fund pays the floating rate and receives the fixed rate.
Other information regarding the Fund is available in the Fund’s most recent Report to Shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).
20