NPORT-EX 2 975317PRU053124.htm
PGIM Floating Rate Income ETF
Schedule of Investments  (unaudited)
as of May 31, 2024
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Long-Term Investments 98.5%
Asset-Backed Securities 9.8%
Collateralized Loan Obligations 
Ares CLO Ltd. (Cayman Islands),
Series 2021-61A, Class BR, 144A, 3 Month SOFR + 2.100% (Cap N/A, Floor 2.100%) 		7.427 %(c) 04/20/37   550  $550,933
Atlas Senior Loan Fund Ltd. (United Kingdom),
Series 2023-21A, Class B, 144A, 3 Month SOFR + 3.000% (Cap N/A, Floor 3.000%) 		8.325(c) 07/20/35   275 280,036
Atlas Static Senior Loan Fund Ltd. (Cayman Islands),
Series 2022-01A, Class BR, 144A, 3 Month SOFR + 2.650% (Cap N/A, Floor 2.650%) 		7.979(c) 07/15/30   250 250,185
Avoca Capital CLO Ltd. (Ireland),
Series 10A, Class B1, 144A, 3 Month EURIBOR + 1.350% (Cap N/A, Floor 1.350%) 		5.256(c) 04/15/35 EUR 250 266,347
Carlyle US CLO Ltd. (Cayman Islands),
Series 2023-05A, Class B, 144A, 3 Month SOFR + 2.650% (Cap N/A, Floor 2.650%) 		7.973(c) 01/27/36   500 502,853
CBAM LLC,
Series 2021-15A, Class B1, 144A, 3 Month SOFR + 2.062% (Cap N/A, Floor 1.800%) 		7.390(c) 01/15/36   250 250,825
Golub Capital Partners CLO Ltd. (United Kingdom),
Series 2023-68A, Class B, 144A, 3 Month SOFR + 2.800% (Cap N/A, Floor 2.800%) 		8.124(c) 07/25/36   150 151,341
Hayfin US Ltd. (Cayman Islands),
Series 2024-15A, Class B, 144A, 3 Month SOFR + 2.200% (Cap N/A, Floor 2.200%) 		7.537(c) 04/28/37   500 500,525
HPS Loan Management Ltd. (Cayman Islands),
Series 2023-18A, Class B, 144A, 3 Month SOFR + 2.950% (Cap N/A, Floor 2.950%) 		8.275(c) 07/20/36   100 101,549
ICG US CLO Ltd. (United Kingdom),
Series 2023-01A, Class B, 144A, 3 Month SOFR + 3.000% (Cap N/A, Floor 3.000%) 		8.327(c) 07/18/36   500 503,980
Mountain View CLO Ltd. (Cayman Islands),
Series 2023-01A, Class B, 144A, 3 Month SOFR + 3.000% (Cap N/A, Floor 3.000%) 		8.329(c) 09/14/36   200 201,359
NGC Ltd. (United Kingdom),
Series 2024-01A, Class B, 144A, 3 Month SOFR + 2.100% (Cap N/A, Floor 2.100%) 		7.432(c) 07/20/37   350 350,310
OFSI BSL Ltd. (Cayman Islands),
Series 2023-12A, Class B, 144A, 3 Month SOFR + 3.150% (Cap N/A, Floor 3.150%) 		8.475(c) 01/20/35   250 250,016
1
PGIM Floating Rate Income ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2024
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Asset-Backed Securities (Continued)
Collateralized Loan Obligations (cont’d.)
PPM CLO Ltd. (Cayman Islands),
Series 2019-02A, Class BR2, 144A, 3 Month SOFR + 2.250% (Cap N/A, Floor 2.250%) 		7.576 %(c) 04/16/37   500  $503,705
Silver Rock CLO Ltd. (Cayman Islands),
Series 2020-01A, Class BR, 144A, 3 Month SOFR + 2.900% (Cap N/A, Floor 2.900%) 		2.953(c) 10/20/33   250 251,751
Sixth Street CLO Ltd. (Cayman Islands),
Series 2020-16A, Class BR, 144A, 3 Month SOFR + 2.450% (Cap N/A, Floor 2.450%) 		7.775(c) 01/20/37   300 304,305
Sound Point CLO Ltd. (Cayman Islands),
Series 2020-02A, Class DR, 144A, 3 Month SOFR + 3.612% (Cap N/A, Floor 3.350%) 		8.935(c) 10/25/34   250 245,293
Symphony CLO Ltd. (Bermuda),
Series 2023-40A, Class B, 144A, 3 Month SOFR + 2.550% (Cap N/A, Floor 2.550%) 		7.879(c) 01/14/34   500 501,947
Tikehau US CLO Ltd. (Bermuda),
Series 2023-02A, Class A1, 144A, 3 Month SOFR + 1.950% (Cap N/A, Floor 1.950%) 		7.311(c) 01/15/36   500 506,258
     
 
Total Asset-Backed Securities
(cost $6,403,477) 		6,473,518
Corporate Bonds 18.5%
Aerospace & Defense 0.1%
Bombardier, Inc. (Canada),
Sr. Unsec’d. Notes, 144A 		7.875 04/15/27   91 91,091
Airlines 0.1%
VistaJet Malta Finance PLC/Vista Management Holding, Inc. (Switzerland),
Sr. Unsec’d. Notes, 144A 		7.875 05/01/27   75 67,582
Auto Manufacturers 0.2%
General Motors Co.,
Sr. Unsec’d. Notes 		5.600 10/15/32   105 104,468
Banks 15.1%
Bank of America Corp.,          
Jr. Sub. Notes, Series MM 4.300(ff) 01/28/25(oo)   1,725 1,683,729
2
PGIM Floating Rate Income ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2024
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Banks (cont’d.)
Bank of America Corp., (cont’d.)          
Jr. Sub. Notes, Series RR 4.375 %(ff) 01/27/27(oo)   500  $468,810
Citigroup, Inc.,          
Jr. Sub. Notes, Series CC 7.125(ff) 08/15/29(oo)   340 339,762
Jr. Sub. Notes, Series X 3.875(ff) 02/18/26(oo)   2,050 1,933,115
Goldman Sachs Group, Inc. (The),          
Jr. Sub. Notes 7.500(ff) 05/10/29(oo)   175 179,486
Jr. Sub. Notes, Series V 4.125(ff) 11/10/26(oo)   600 557,649
JPMorgan Chase & Co.,          
Jr. Sub. Notes, Series HH 4.600(ff) 02/01/25(oo)   1,200 1,178,944
Jr. Sub. Notes, Series II 4.000(ff) 04/01/25(oo)   1,000 969,062
     
 
Royal Bank of Canada (Canada),
Jr. Sub. Notes 		7.500(ff) 05/02/84   1,750 1,782,513
Sumitomo Mitsui Financial Group, Inc. (Japan),
Jr. Sub. Notes 		6.600(ff) 06/05/34(oo)   100 98,500
U.S. Bancorp,
Jr. Sub. Notes 		3.700(ff) 01/15/27(oo)   100 89,063
Wells Fargo & Co.,
Jr. Sub. Notes, Series BB 		3.900(ff) 03/15/26(oo)   725 689,025
          9,969,658
Building Materials 0.1%
Eco Material Technologies, Inc.,
Sr. Sec’d. Notes, 144A 		7.875 01/31/27   45 44,999
Electric 0.9%
Calpine Corp.,          
Sr. Unsec’d. Notes, 144A 4.625 02/01/29   100 92,935
Sr. Unsec’d. Notes, 144A 5.000 02/01/31   150 138,485
Vistra Corp.,          
Jr. Sub. Notes, 144A 8.000(ff) 10/15/26(oo)   100 101,522
Jr. Sub. Notes, Series C, 144A 8.875(ff) 01/15/29(oo)   250 259,052
          591,994
Environmental Control 0.1%
GFL Environmental, Inc.,
Sr. Sec’d. Notes, 144A 		6.750 01/15/31   50 51,031
3
PGIM Floating Rate Income 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 0.1%
Ashton Woods USA LLC/Ashton Woods Finance Co.,
Sr. Unsec’d. Notes, 144A 		4.625 % 04/01/30   38  $33,743
Housewares 0.1%
SWF Escrow Issuer Corp.,
Sr. Unsec’d. Notes, 144A 		6.500 10/01/29   75 42,546
Machinery-Diversified 0.1%
Chart Industries, Inc.,
Sr. Sec’d. Notes, 144A 		7.500 01/01/30   80 82,413
Media 0.1%
Charter Communications Operating LLC/Charter Communications Operating Capital,
Sr. Sec’d. Notes 		4.400 04/01/33   75 65,847
Diamond Sports Group LLC/Diamond Sports Finance
Co., 		         
Gtd. Notes, 144A (original cost $1,688; purchased 01/31/24)(f) 6.625 08/15/27(d)   25 466
Sec’d. Notes, 144A (original cost $5,156; purchased 01/31/24)(f) 5.375 08/15/26(d)   75 1,361
Radiate Holdco LLC/Radiate Finance, Inc.,          
Sr. Sec’d. Notes, 144A 4.500 09/15/26   25 18,537
Sr. Unsec’d. Notes, 144A 6.500 09/15/28   25 11,492
          97,703
Oil & Gas 0.4%
Hilcorp Energy I LP/Hilcorp Finance Co.,
Sr. Unsec’d. Notes, 144A 		6.250 04/15/32   100 95,987
Nabors Industries, Inc.,
Gtd. Notes, 144A 		7.375 05/15/27   75 74,857
SilverBow Resources, Inc.,
Sec’d. Notes, 144A, 3 Month SOFR + 7.750% 		13.079(c) 12/15/28   65 65,009
          235,853
4
PGIM Floating Rate Income 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 0.1%
Sealed Air Corp.,
Gtd. Notes, 144A 		5.000 % 04/15/29   50  $47,434
Sealed Air Corp./Sealed Air Corp. US,
Gtd. Notes, 144A 		6.125 02/01/28   25 24,812
          72,246
Pipelines 0.2%
Energy Transfer LP,
Sr. Unsec’d. Notes 		3.750 05/15/30   75 68,601
Targa Resources Corp.,
Gtd. Notes 		4.200 02/01/33   75 67,332
          135,933
Real Estate Investment Trusts (REITs) 0.1%
Diversified Healthcare Trust,          
Gtd. Notes 4.375 03/01/31   60 43,356
Gtd. Notes 9.750 06/15/25   5 5,003
Sr. Unsec’d. Notes 4.750 02/15/28   5 4,114
          52,473
Retail 0.1%
Gap, Inc. (The),
Gtd. Notes, 144A 		3.875 10/01/31   75 62,264
Telecommunications 0.6%
Digicel Group Holdings Ltd. (Jamaica),          
Sr. Sec’d. Notes, Series 1A14, 144A (original cost $537; purchased 11/14/23)^(f) 0.000 12/31/30   —(r) 567
Sr. Sec’d. Notes, Series 1B14, 144A (original cost $1; purchased 11/14/23)^(f) 0.000 12/31/30   6 —
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 —
     
 
5
PGIM Floating Rate Income 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.)
     
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 $189,709; purchased 01/29/24 - 05/15/24)(f) 		10.500 % 05/25/27   205  $200,357
Digicel MidCo Ltd./DIFL US II LLC (Jamaica),
Sr. Unsec’d. Notes, PIK 10.500% (original cost $74,616; purchased 01/29/24 - 05/15/24)(f) 		10.500 11/25/28   114 90,879
Level 3 Financing, Inc.,          
Sec’d. Notes, 144A 4.500 04/01/30   75 42,944
Sec’d. Notes, 144A 4.875 06/15/29   25 14,999
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
          424,568
     
 
Total Corporate Bonds
(cost $11,948,253) 		12,160,565
Floating Rate and Other Loans 69.6%
Advertising 0.3%
Summer BC Holdco B Sarl (Luxembourg),
Extended Facility B, 3 Month SOFR + 5.260% 		10.569(c) 02/15/29   50 49,969
Terrier Media Buyer, Inc.,
2021 Refinancing Term B Loan, 3 Month SOFR + 3.600% 		8.909(c) 12/17/26   181 142,898
          192,867
Aerospace & Defense 0.6%
Propulsion BC FI (Spain),
Term Loan, 1 Month SOFR + 4.000% 		8.898(c) 09/14/29   50 50,413
Transdigm, Inc.,          
Term I Loan, 3 Month SOFR + 2.750% 8.059(c) 08/24/28   50 50,216
Tranche K Term Loan, 3 Month SOFR + 2.750% 8.059(c) 03/22/30   100 100,409
     
 
TransDigm, Inc.,
Tranche J Term Loan, 3 Month SOFR + 3.250% 		7.843(c) 02/28/31   200 200,290
          401,328
6
PGIM Floating Rate Income 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)
Agriculture 0.2%
Alltech, Inc.,          
Term A Loan, 1 Month SOFR + 3.350%^ 8.679 %(c) 10/15/26   96  $93,892
Term B Loan, 1 Month SOFR + 4.114% 9.444(c) 10/13/28   49 48,624
          142,516
Airlines 1.3%
American Airlines, Inc.,          
Initial Term Loan, 6 Month SOFR + 3.500% 8.775(c) 06/04/29   200 199,550
Initial Term Loan, 3 Month SOFR + 5.012% 10.336(c) 04/20/28   236 244,965
     
 
Mileage Plus Holdings LLC,
Initial Term Loan, 3 Month SOFR + 5.400% 		10.733(c) 06/21/27   130 132,974
United Airlines, Inc.,
Class B Term Loan, 1 Month SOFR + 2.750% 		8.071(c) 02/22/31   300 300,589
          878,078
Auto Parts & Equipment 1.9%
Adient US LLC,
Term B-2 Loan, 1 Month SOFR + 2.750% 		8.079(c) 01/31/31   100 100,703
Clarios Global LP (Canada),
2024 Refinancing Term Loan Facility, 1 Month SOFR + 3.000% 		8.329(c) 05/06/30   175 175,435
Dexko Global, Inc.,
2023 Incremental Term Loan, 3 Month SOFR + 4.250% 		9.559(c) 10/04/28   75 74,906
First Brands Group LLC,          
2022-Ii Incremental Term Loan, 3 Month SOFR + 5.262% 10.591(c) 03/30/27   348 343,721
Second Lien 2021 Term Loan, 3 Month SOFR + 8.812% 14.141(c) 03/30/28   225 218,250
     
 
RealTruck Group, Inc.,
Initial Term Loan, 1 Month SOFR + 3.614% 		8.944(c) 01/31/28   73 72,953
Tenneco, Inc.,          
Term A Loan, 3 Month SOFR + 4.850% 10.173(c) 11/17/28   105 101,311
Term B Loan, 3 Month SOFR + 5.100% 10.407(c) 11/17/28   150 146,250
          1,233,529
7
PGIM Floating Rate Income 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)
Banks 0.1%
Walker & Dunlop, Inc.,
Incremental Term B Loan, 1 Month SOFR + 3.000%^ 		7.679 %(c) 12/16/28   50  $49,562
Beverages 1.1%
Brewco Borrower LLC,
First-Out New Money Term Loan, 3 Month SOFR + 6.250% 		11.579(c) 04/05/28   273 273,933
City Brewing Co. LLC,
Second Out Term Loan, 3 Month SOFR + 5.262% 		10.590(c) 04/05/28   94 70,376
Pegasus Bidco BV (Netherlands),
2024-1 Term Dollar Loan, 3 Month SOFR + 3.750% 		9.072(c) 07/12/29   397 399,239
          743,548
Building Materials 2.3%
Cornerstone Building Brands, Inc.,          
Term Loan, 1 Month SOFR + 5.625% 10.942(c) 08/01/28   197 199,024
Tranche C Term Loan, 1 Month SOFR + 4.500% 9.817(c) 05/15/31   50 50,083
     
 
CP Atlas Buyer, Inc.,
Term B Loan, 1 Month SOFR + 3.850% 		9.179(c) 11/23/27   147 145,989
Emerald Borrower LP,
Initial Term B Loan, 1 Month SOFR + 2.500% 		7.829(c) 05/31/30   217 217,778
MIWD HoldCo II LLC,
2024 Incremental Term Loan, 1 Month SOFR + 3.500% 		8.829(c) 03/28/31   100 100,675
Quikrete Holdings, Inc.,
2031 Term B Loan, 1 Month SOFR + 2.500% 		7.829(c) 04/14/31   425 426,461
Smyrna Ready Mix Concrete LLC,
New Term B Loan, 1 Month SOFR + 3.500%^ 		8.821(c) 04/02/29   251 252,103
Vector WP HoldCo, Inc.,
Initial Term B Loan, 1 Month SOFR + 5.114%^ 		10.442(c) 10/12/28   149 148,420
          1,540,533
Chemicals 3.2%
Ascend Performance Materials Operations LLC,
2021 Refinancing Term Loan, 6 Month SOFR + 4.850% 		10.074(c) 08/27/26   235 234,059
8
PGIM Floating Rate Income 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.)
Chemours Co. (The),
Tranche B-3 USD Term Loan, 1 Month SOFR + 3.500% 		8.829 %(c) 08/18/28   65  $64,950
Consolidated Energy Finance SA (Switzerland),
2024 Incremental Term Loan, 1 Month SOFR + 4.500% 		9.829(c) 11/15/30   125 124,101
Geon Performance Solutions LLC,
2024 Refinancing Term Loan, 1 Month SOFR + 4.250% 		9.571(c) 08/18/28   172 172,188
INEOS US Finance LLC (Luxembourg),
2030 Dollar Term Loan, 1 Month SOFR + 3.600% 		8.929(c) 02/18/30   74 74,484
Ineos US Petrochem LLC,          
2030 Tranche B Dollar Term Loan, 1 Month SOFR + 3.850% 9.179(c) 03/14/30   74 74,406
New Term B Loan, 1 Month SOFR + 4.350% 9.679(c) 04/02/29   100 99,938
     
 
Iris Holdings Ltd.,
Initial Term Loan, 3 Month SOFR + 4.850% 		10.180(c) 06/28/28   128 122,830
LSF11 A5 HoldCo, LLC,          
Incremental Term Loan, 1 Month SOFR + 4.350% 9.679(c) 10/15/28   189 188,764
Term Loan, 1 Month SOFR + 3.614% 8.944(c) 10/15/28   300 300,300
Olympus Water US Holding Corp.,          
Initial Dollar Term Loan, 3 Month SOFR + 4.012% 9.321(c) 11/09/28   98 98,610
Term B-4 Loan, 3 Month SOFR + 4.250% 9.576(c) 11/09/28   97 97,580
Starfruit Finco BV,          
Incremental Term B Loan, 1 Month SOFR + 3.500% 8.820(c) 04/03/28   99 99,839
Term B Loan, 3 Month SOFR + 3.500% 8.826(c) 04/03/28   248 249,609
     
 
Vantage Specialty Chemicals, Inc.,
First Lien 2023 Other Term Loan, 3 Month SOFR + 4.750% 		10.077(c) 10/26/26   99 98,596
          2,100,254
Commercial Services 7.6%
Albion Financing Sarl,
2023 Incremental USD Term Loan, 3 Month SOFR + 5.500% 		10.831(c) 08/17/26   74 74,668
Allied Universal Holdco LLC,
Term Loan USD, 1 Month SOFR + 3.850% 		9.179(c) 05/12/28   250 249,938
9
PGIM Floating Rate Income 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)
Commercial Services (cont’d.)
Amentum Government Services Holdings LLC,
Tranche 3 Term Loan, 1 Month SOFR + 4.000% 		9.321 %(c) 02/15/29   122  $122,500
API Group DE, Inc.,
2021 Repriced Term B Loan, 1 Month SOFR + 2.000% 		7.329(c) 01/03/29   250 250,833
ArchKey Holdings, Inc.,
First Lien Initial Term Loan, 1 Month SOFR + 5.364% 		10.694(c) 06/29/28   272 273,566
Avis Budget Car Rental LLC,
New Tranche Term C Loan, 1 Month SOFR + 3.100% 		8.429(c) 03/16/29   399 398,801
Cimpress PLC,
2024 Refinancing Tranche B-1 Term Loan, 1 Month SOFR + 3.000% 		8.329(c) 05/17/28   148 147,682
CoreLogic, Inc.,
First Lien Initial Term Loan, 1 Month SOFR + 3.614% 		8.944(c) 06/02/28   249 245,303
Crisis Prevention Institute, Inc.,
Initial Term Loan, 3 Month SOFR + 4.750% 		10.043(c) 04/09/31   100 100,500
DS Parent, Inc.,
Term B Loan, 3 Month SOFR + 5.500% 		10.802(c) 01/31/31   50 50,000
Fly Funding II Sarl (Luxembourg),
Term B Loan, 3 Month LIBOR + 1.750% 		7.330(c) 08/11/25   303 294,780
Garda World Security Corp. (Canada),
Fourth Additional Term Loan, 3 Month SOFR + 4.250% 		9.583(c) 02/01/29   50 50,285
Grant Thornton LLP,
Term Loan 		—(p) 06/02/31   100 100,250
GTCR W Merger Sub LLC,
Initial USD Term Loan, 3 Month SOFR + 3.000% 		8.309(c) 01/31/31   350 351,096
Indy US Holdco LLC,
Fifth Amendment Incremental Term Loan, 1 Month SOFR + 6.250% 		11.579(c) 03/06/28   253 251,748
Kingpin Intermediate Holdings LLC,
Amendment No. 8 Term Loan, 1 Month SOFR + 3.500% 		8.829(c) 02/08/28   78 77,421
Kuehg Corp.,
Term B Loan, 3 Month SOFR + 4.500% 		9.823(c) 06/12/30   199 199,958
Latham Pool Products, Inc.,
Initial Term Loan, 1 Month SOFR + 3.850% 		9.425(c) 02/23/29   302 295,978
10
PGIM Floating Rate Income 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)
Commercial Services (cont’d.)
Learning Care Group (US) No. 2, Inc.,
2024 Refinancing Term Loan, 3 Month SOFR + 4.000% 		9.336 %(c) 08/11/28   149  $149,847
Mavis Tire Express Services Topco Corp.,
Term Loan, 1 Month SOFR + 3.750% 		9.079(c) 05/04/28   250 251,344
MPH Acquisition Holdings LLC,
Initial Term Loan, 3 Month SOFR + 4.512% 		9.859(c) 09/01/28   132 109,952
NAB Holdings LLC,
First Lien Term Loan, 3 Month SOFR + 2.900% 		8.209(c) 11/23/28   247 247,584
Omnia Partners LLC,
Repriced Term Loan, 2 Month SOFR + 3.250% 		8.574(c) 07/25/30   200 200,217
PG Polaris Bidco Sarl (Luxembourg),
Initial Term Loan, 3 Month SOFR + 3.500% 		8.812(c) 03/26/31   100 100,656
Ryan LLC,
Initial Term Loan, 1 Month SOFR + 3.500% 		8.828(c) 11/14/30   127 127,300
TruGreen LP,
Second Refinancing Term Loan (First Lien), 1 Month SOFR + 4.100% 		9.429(c) 11/02/27   149 140,846
Vestis,
Term B-1 Loan, 3 Month SOFR + 2.250% 		7.577(c) 02/24/31   50 49,781
VT Topco, Inc.,
Term B Loan, 1 Month SOFR + 3.500% 		8.829(c) 08/09/30   75 75,077
          4,987,911
Computers 2.4%
ConvergeOne Holdings Corp.,
First Lien Initial Term Loan, 6 Month LIBOR + 4.000% 		12.500(c) 01/04/26(d)   197 36,368
Convergeone Holdings, Inc.,
Dip Loan, 1 Month SOFR + 8.000%^ 		13.323(c) 09/30/24   57 56,773
Fortress Intermediate,
Term Loan^ 		—(p) 06/30/31   240 240,600
McAfee Corp.,          
Tranche B-1 Term Loan, 1 Month SOFR + 3.250% 8.579(c) 03/01/29   125 125,156
Tranche B-1 Term Loan, 1 Month SOFR + 3.750% 9.163(c) 03/01/29   294 294,104
     
 
NCR Atleos LLC,
Term B Loan, 3 Month SOFR + 4.850% 		10.179(c) 03/27/29   224 226,174
Peraton Corp.,
First Lien Term B Loan, 1 Month SOFR + 3.850% 		9.179(c) 02/01/28   294 293,645
11
PGIM Floating Rate Income 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)
Computers (cont’d.)
     
Redstone Holdco 2 LP,
First Lien Initial Term Loan, 1 Month SOFR + 4.864% 		10.194 %(c) 04/27/28   61  $52,641
Sandvine Corp. (Canada),
Initial Term Loan (First Lien), 6 Month SOFR + 4.928% 		10.153(c) 10/31/25   123 28,362
SonicWall US Holdings, Inc.,
2023 Term Loan, 3 Month SOFR + 5.000% 		10.312(c) 05/18/28   75 74,828
VeriFone Systems, Inc.,
First Lien Initial Term Loan, 3 Month SOFR + 4.262% 		9.598(c) 08/20/25   221 190,507
          1,619,158
Distribution/Wholesale 0.7%
AIP RD Buyer Corp.,
2024 Term Loan, 1 Month SOFR + 4.500% 		9.829(c) 12/23/28   100 100,436
Closure Systems International Group, Inc.,
Amendment No. 4 Term Loan, 1 Month SOFR + 4.000% 		9.329(c) 03/22/29   50 50,166
Fastlane Parent Co., Inc.,
Term B Loan, 1 Month SOFR + 4.500% 		9.829(c) 09/29/28   50 49,584
Gloves Buyer, Inc.,
First Lien Initial Term Loan, 1 Month SOFR + 4.000% 		9.444(c) 12/29/27   25 24,969
Resideo Funding, Inc.,
Term Loan, 1 Month SOFR + 2.000%^ 		7.310(c) 06/13/31   100 100,250
Windsor Holdings III LLC,
2024 Term B Loan, 1 Month SOFR + 4.000% 		9.320(c) 08/01/30   164 165,804
          491,209
Diversified Financial Services 1.5%
Blackhawk Network Holdings, Inc.,
Term B Loan, 1 Month SOFR + 5.000% 		10.329(c) 03/12/29   125 125,417
Castlelake Aviation One,
Initial Term Loan, 3 Month SOFR + 2.500% 		7.829(c) 10/22/26   132 132,479
Hudson River Trading LLC,
Term Loan, 1 Month SOFR + 3.114% 		8.442(c) 03/20/28   294 294,319
12
PGIM Floating Rate Income 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)
Diversified Financial Services (cont’d.)
Nuvei Technologies Corp. (Canada),
Initial Term Loan, 1 Month SOFR + 3.100% 		8.429 %(c) 12/19/30   200  $200,124
VFH Parent LLC,
Initial Term Loan, 1 Month SOFR + 3.100% 		8.429(c) 01/13/29   235 234,799
          987,138
Electric 0.7%
Discovery Energy Holding Corp.,
Initial Dollar Term Loan, 1 Month SOFR + 4.750% 		10.063(c) 05/01/31   125 125,573
Generation Bridge Northeast LLC,
Term B Loan, 1 Month SOFR + 3.500% 		8.829(c) 08/22/29   121 122,151
Lightstone HoldCo LLC,          
Extended Term B Loan, 3 Month SOFR + 5.750% 11.080(c) 01/29/27   185 181,211
Extended Term C Loan, 3 Month SOFR + 5.750% 11.080(c) 01/29/27   10 10,249
          439,184
Electronics 0.9%
Celestica, Inc. (Canada),
Term Loan^ 		—(p) 06/20/31   100 99,875
Coherent Corp.,
Term B-1 Loan, 1 Month SOFR + 2.500% 		7.829(c) 07/02/29   256 256,619
Ingram Micro, Inc.,
Term B Loan, 3 Month SOFR + 3.262% 		8.571(c) 06/30/28   180 180,790
Roper Industrial Product,
Tranche B Dollar Term Loan, 3 Month SOFR + 4.000% 		9.302(c) 11/22/29   50 49,841
          587,125
Engineering & Construction 0.8%
Aegion Corp.,
New Initial Term Loan, 1 Month SOFR + 4.250% 		9.579(c) 05/17/28   175 175,779
Brown Group Holding LLC,
Initial Term Loan, 1 Month SOFR + 2.850% 		8.179(c) 06/07/28   100 99,993
Michael Baker International LLC,
Term Loan^ 		—(p) 12/01/28   25 25,062
13
PGIM Floating Rate Income 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)
Engineering & Construction (cont’d.)
Osmose Utilities Services, Inc.,
First Lien Initial Term Loan, 1 Month SOFR + 3.364% 		8.694 %(c) 06/23/28   149  $148,489
Rockwood Service Corp.,
Initial Term Loan, 1 Month SOFR + 4.114% 		9.444(c) 01/23/27   74 74,825
          524,148
Entertainment 3.1%
Allen Media LLC,
Term B Loan, 3 Month SOFR + 5.650% 		10.959(c) 02/10/27   185 153,624
Allwyn Entertainment Financing US LLC,
Term Loan^ 		—(p) 06/30/31   75 75,094
AP Gaming I LLC,
Term B Loan, 3 Month SOFR + 3.750% 		9.052(c) 02/15/29   75 75,295
Caesars Entertainment, Inc.,          
Incremental Term B-1 Loan, 3 Month SOFR + 2.750% 8.097(c) 02/06/31   200 200,393
Term B Loan, 3 Month SOFR + 2.750% 8.097(c) 02/06/30   198 197,780
     
 
Cinemark USA, Inc.,
Term Loan, 1 Month SOFR + 3.750% 		9.052(c) 05/24/30   223 224,329
ECL Entertainment LLC,
Term B Loan, 1 Month SOFR + 4.000% 		9.329(c) 08/31/30   50 50,271
Entain PLC (United Kingdom),
Facility B-3, 1 Month SOFR + 2.750% 		8.070(c) 10/31/29   247 247,537
Flutter Financing BV (Ireland),
Term B Loan, 3 Month SOFR + 2.250% 		7.559(c) 11/25/30   224 225,055
Golden Entertainment, Inc.,
Term B-1 Facility Term Loan, 1 Month SOFR + 2.750% 		8.175(c) 05/28/30   132 132,581
Great Canadian Gaming Co.,
Term B Loan, 3 Month SOFR + 4.262% 		9.590(c) 11/01/26   124 125,033
J&J Ventures Gaming LLC,          
2023 Delayed Draw Term Loan (Montana), 1 Month SOFR + 4.364% 9.694(c) 04/26/28   150 149,531
Initial Term Loan, 1 Month SOFR + 4.114% 9.444(c) 04/26/28   98 97,535
14
PGIM Floating Rate Income 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)
Entertainment (cont’d.)
Maverick Gaming LLC,          
First Out Term Loan, 3 Month SOFR + 7.762% 13.064 %(c) 06/03/28   34  $32,723
Second Out Term Loan, 3 Month SOFR + 7.762%^ 13.064(c) 06/03/28   66 31,528
          2,018,309
Environmental Control 1.3%
Action Environmental Group, Inc. (The),
Second Amendment Term B Loan, 2 Month SOFR + 4.000%^ 		9.324(c) 10/24/30   413 415,625
Covanta Holding Corp.,          
2024 Incremental Term B Loan, 1 Month SOFR + 2.750% 8.071(c) 11/30/28   203 204,234
2024 Incremental Term C Loan, 1 Month SOFR + 2.750% 8.071(c) 11/30/28   11 11,145
     
 
JFL-Tiger Acquisition Co., Inc.,
Initial Term Loan, 3 Month SOFR + 4.500% 		9.829(c) 10/17/30   200 200,000
          831,004
Foods 0.4%
BCPE North Star U.S. Holdco, Inc.,
First Lien Initial Term Loan, 1 Month SOFR + 4.114% 		9.444(c) 06/09/28   272 261,628
Hand/Machine Tools 0.1%
Alliance Laundry Systems LLC,
Initial Term B Loan, 1 Month SOFR + 3.600% 		8.908(c) 10/08/27   65 65,153
Healthcare 0.2%
Lifepoint Health, Inc.,
2024 Repricing Term B Loan, 2 Month SOFR + 4.750% 		10.056(c) 11/16/28   117 117,704
15
PGIM Floating Rate Income 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)
Healthcare-Products 0.4%
Auris Luxembourg III Sarl (Denmark),
Facility B-4, 6 Month SOFR + 4.678% 		9.564 %(c) 02/27/29   50  $50,062
Medline Borrower LP,
Term B Loan, 1 Month SOFR + 2.750% 		8.079(c) 10/23/28   233 234,582
          284,644
Healthcare-Services 2.5%
Accelerated Health Systems LLC,
Initial Term B Loan, 3 Month SOFR + 4.400% 		9.702(c) 02/15/29   251 208,914
Charlotte Buyer,
Initial Term B Loan, 1 Month SOFR + 5.250% 		10.571(c) 02/11/28   265 266,355
eResearch Technology, Inc.,
First Lien Initial Term Loan, 1 Month SOFR + 4.500% 		9.930(c) 02/04/27   119 119,426
Mamba Purchaser, Inc.,
Term Loan, 1 Month SOFR + 3.614% 		8.944(c) 10/16/28   49 49,168
Pacific Dental Services LLC,
Refinancing Term Loan, 1 Month SOFR + 3.250% 		8.567(c) 03/15/31   174 175,561
Phoenix Guarantor, Inc.,
Tranche B-4 Term Loan, 1 Month SOFR + 3.250% 		8.579(c) 02/21/31   400 400,056
Radnet Management, Inc.,
Term B Loan, 3 Month SOFR + 2.500% 		7.827(c) 04/18/31   100 100,094
Sound Inpatient Physicians, Inc.,
Second Lien Initial Loan, 3 Month SOFR + 6.750% 		12.341(c) 06/26/26   214 158,006
Surgery Center Holdings, Inc.,
New First Lien Term Loan, 1 Month SOFR + 3.500% 		8.821(c) 12/19/30   150 150,665
          1,628,245
Holding Companies-Diversified 0.7%
Belfor Holdings, Inc.,
Initial Tranche B-1 Term Loan, 1 Month SOFR + 3.750% 		9.079(c) 11/01/30   188 188,559
Clue OpCo LLC,
Term B Loan, 3 Month SOFR + 4.500%^ 		9.830(c) 12/19/30   325 294,225
          482,784
16
PGIM Floating Rate Income 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)
Home Furnishings 0.9%
Snap One Holdings Corp.,
Initial Term Loan, 3 Month SOFR + 4.650% 		9.952 %(c) 12/08/28   198  $197,982
TGP Holdings III LLC,
First Lien Closing Date Term Loan, 1 Month SOFR + 3.350% 		8.679(c) 06/29/28   326 311,358
Weber-Stephen Products LLC,
Initial Term B Loan, 1 Month SOFR + 3.364% 		8.694(c) 10/30/27   73 67,301
          576,641
Housewares 0.3%
Lifetime Brands, Inc.,
Extended Term Loan, 1 Month SOFR + 5.614% 		10.937(c) 08/26/27   48 46,638
SWF Holdings I Corp.,
Initial Term Loan, 1 Month SOFR + 4.114% 		9.444(c) 10/06/28   207 172,425
          219,063
Insurance 2.5%
Acrisure LLC,          
2020 Term B Loan, 1 Month LIBOR + 3.500% 8.944(c) 02/15/27   100 99,906
2021-1 Additional Term Loan, 1 Month LIBOR + 3.750% 9.194(c) 02/15/27   344 344,115
First Lien 2021-2 Additional Term Loan, 1 Month LIBOR + 4.250% 9.694(c) 02/15/27   49 49,617
     
 
AmWINS Group, Inc.,
Term Loan, 1 Month SOFR + 2.364% 		7.694(c) 02/19/28   63 63,245
Assured Partners, Inc.,
2024 Term Loan, 1 Month SOFR + 3.500% 		8.829(c) 02/14/31   231 232,984
Asurion LLC,          
New B-04 Term Loan, 1 Month SOFR + 5.364% 10.694(c) 01/20/29   200 185,861
New B-09 Term Loan, 1 Month SOFR + 3.364% 8.694(c) 07/31/27   243 238,241
New B-10 Term Loan, 1 Month SOFR + 4.100% 9.429(c) 08/19/28   114 112,848
New B-11 Term Loan, 1 Month SOFR + 4.350% 9.679(c) 08/21/28   74 73,638
Second Lien Term B-3 Loan, 1 Month SOFR + 5.364% 10.694(c) 01/31/28   50 46,922
     
 
Broadstreet Partners, Inc.,
Term Loan 		—(p) 06/13/31   225 225,884
          1,673,261
17
PGIM Floating Rate Income 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)
Internet 0.6%
Cablevision Lightpath LLC,
Initial Term Loan, 1 Month SOFR + 3.364% 		8.681 %(c) 11/30/27   157  $151,374
MH Sub I LLC,
2023 May New Term Loan, 1 Month SOFR + 4.250% 		9.579(c) 05/03/28   271 271,112
          422,486
Investment Companies 0.8%
GIP Pilot Acquisition Partners LP,
Initial Term Loan, 3 Month SOFR + 3.000% 		7.827(c) 10/04/30   274 275,427
Guardian US Holdco,
Initial Term Loan, 3 Month SOFR + 3.500% 		8.809(c) 01/31/30   174 173,342
WEC US Holdings Ltd.,
Initial Term Loan, 1 Month SOFR + 2.750% 		8.079(c) 01/27/31   100 100,450
          549,219
Leisure Time 2.1%
Alterra Mountain Co.,
Term B-5 Loan, 1 Month SOFR + 3.500% 		8.829(c) 05/31/30   124 124,993
Amer Sports Co. (Finland),
Initial USD Term Loan, 3 Month SOFR + 3.250% 		8.577(c) 02/17/31   150 150,938
Bombardier Recreational Products, Inc. (Canada),
2023 Replacement Term Loan, 1 Month SOFR + 2.750% 		8.079(c) 12/13/29   319 320,408
Carnival Corp.,
2027 Term Loan, 1 Month SOFR + 2.750% 		8.075(c) 08/08/27   76 76,733
Fender Musical Instruments Corp.,
Initial Term Loan, 1 Month SOFR + 4.100% 		9.425(c) 12/01/28   70 69,197
LC Ahab US Bidco LLC,
Initial Term Loan, 1 Month SOFR + 3.500% 		8.829(c) 05/01/31   200 200,875
Recess Holdings, Inc.,
Initial Term Loan, 1 Month SOFR + 4.500% 		9.829(c) 02/21/30   200 201,000
Topgolf Callaway Brands Corp.,
Initial Term Loan, 1 Month SOFR + 3.000% 		8.329(c) 03/15/30   238 238,799
          1,382,943
18
PGIM Floating Rate Income 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)
Lodging 0.6%
Station Casinos LLC,
Term B Facility Loan, 1 Month SOFR + 2.250% 		7.579 %(c) 03/14/31   175  $175,356
Travel Leisure Co.,
2023 Incremental Term Loan, 1 Month SOFR + 3.350% 		8.671(c) 12/14/29   100 100,311
Wyndham Hotels & Resorts, Inc.,
Term Loan, 1 Month SOFR + 1.750% 		7.172(c) 05/24/30   125 125,117
          400,784
Machinery-Construction & Mining 0.2%
Vertiv Group Corp.,
Term Loan, 1 Month SOFR + 2.614% 		7.930(c) 03/02/27   149 149,184
Machinery-Diversified 2.0%
Chart Industries, Inc.,
New Term B Loan, 1 Month SOFR + 3.350% 		8.673(c) 03/15/30   159 159,985
CPM Holdings, Inc.,
Initial Term Loan, 1 Month SOFR + 4.500% 		9.813(c) 09/28/28   149 148,596
Engineered Machinery Holdings, Inc.,
Incremental USD First Lien Term Loan, 3 Month SOFR + 4.012% 		9.321(c) 05/19/28   49 49,651
Hyster-Yale Group, Inc.,
Term B Loan Facility, 1 Month SOFR + 3.614% 		8.944(c) 05/26/28   316 314,062
LSF12 Badger Bidco LLC,
Initial Term Loan, 1 Month SOFR + 6.000% 		11.329(c) 08/30/30   75 74,159
Pro Mach Group, Inc.,
Initial Term Loan, 1 Month SOFR + 3.500% 		8.829(c) 08/31/28   89 89,205
Star US Bidco LLC,
Initial Term Loan, 1 Month SOFR + 4.350% 		9.679(c) 03/17/27   50 50,093
STS Operating, Inc.,
First Refinancing Term Loan, 3 Month SOFR + 4.100% 		9.420(c) 03/25/31   100 100,656
TK Elevator US Newco, Inc. (Germany),
Facility B-2 (USD), 1 Month SOFR + 3.500% 		8.791(c) 04/30/30   224 225,880
Zekelman Industries, Inc.,
2024 Term Loan, 1 Month SOFR + 2.250% 		7.572(c) 01/24/31   100 100,100
          1,312,387
19
PGIM Floating Rate Income 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)
Media 2.4%
Altice Financing SA (Luxembourg),
2022 Dollar Loan, 3 Month SOFR + 5.000% 		10.329 %(c) 10/31/27   124  $108,240
Audacy Capital Corp.,          
Term B-2 Loan 8.074 11/18/24   75 39,938
Term Loan, 1 Month SOFR + 6.000% 11.444(c) 08/19/24   6 5,920
     
 
Charter Communications Operating LLC,
Term B-4 Loan, 3 Month SOFR + 2.000% 		7.302(c) 12/07/30   175 173,423
CSC Holdings LLC,
2022 Refinancing Term Loan, 1 Month SOFR + 4.500% 		9.817(c) 01/18/28   196 188,586
Diamond Sports Group LLC,          
Dip Term Loan 5.000 12/02/24   29 42,317
First Lien Term Loan, 1 Month SOFR + 10.100% 15.413(c) 05/25/26   11 10,449
Second Lien Term Loan 8.175 08/24/26(d)   397 7,444
     
 
Radiate Holdco LLC,
Amendment No. 6 Term Loan, 1 Month SOFR + 3.364% 		8.694(c) 09/25/26   240 188,329
Sinclair Television Group, Inc.,
Term B-4 Loan, 1 Month SOFR + 3.850% 		9.179(c) 04/21/29   98 65,781
Univision Communications, Inc.,          
2022 Incremental First-Lien Term Loan, 3 Month SOFR + 4.250% 9.559(c) 06/24/29   49 49,094
Initial First Lien Term Loan, 1 Month SOFR + 3.364% 8.694(c) 01/31/29   291 288,656
Term Loan^ —(p) 01/31/29   100 98,500
     
 
Virgin Media Bristol LLC,
Facility Y, 6 Month SOFR + 3.350% 		8.656(c) 03/31/31   300 288,825
          1,555,502
Metal Fabricate/Hardware 1.2%
Crosby US Acquisition Corp.,
Amendment No. 3 Replacement Term Loan, 1 Month SOFR + 4.000% 		9.329(c) 08/16/29   175 175,981
Doncasters US Finance LLC,
Initial Term Loan, 3 Month SOFR + 6.500% 		11.826(c) 04/23/30   225 223,312
Grinding Media, Inc.,
First Lien Initial Term Loan, 3 Month SOFR + 4.262%^ 		9.555(c) 10/12/28   158 154,522
20
PGIM Floating Rate Income 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)
Metal Fabricate/Hardware (cont’d.)
Tank Holding Corp.,          
2023 Incremental Term Loan, 1 Month SOFR + 6.100% 11.429 %(c) 03/31/28   49  $47,904
Delayed Draw Term Commitment, 1 Month SOFR + 6.100% 1.000(c) 03/31/28   9 9,291
     
 
Trulite Glass & Aluminum Solutions LLC,
Initial Term Loan, 1 Month SOFR + 6.000%^ 		11.313(c) 03/01/30   175 171,937
          782,947
Mining 0.3%
Arsenal AIC Parent LLC,
2024 Refinancing Term B Loan, 1 Month SOFR + 3.750% 		9.079(c) 08/19/30   174 175,519
Miscellaneous Manufacturing 0.9%
AMG Advanced Metallurgical Group NV (Netherlands),
2021 Term Loan, 1 Month SOFR + 3.614%^ 		8.937(c) 11/30/28   275 273,625
Gates Global LLC,          
Initial B-4 Dollar Term Loan, 1 Month SOFR + 3.000% 8.329(c) 11/16/29   246 246,629
Term Loan, 1 Month SOFR + 2.250% 7.560(c) 06/04/31   75 75,140
          595,394
Packaging & Containers 1.1%
Clydesdale Acquisition Holdings, Inc.,
Term B Loan, 1 Month SOFR + 3.775% 		9.104(c) 04/13/29   138 138,238
Pregis TopCo LLC,
First Lien Initial Term Loan, 1 Month SOFR + 3.750% 		9.079(c) 07/31/26   100 100,043
Pretium PKG Holdings, Inc.,
Initial Third Amendment Tranche A-1 Term Loan (First Lien), PRIME + 4.600% 		9.927(c) 10/02/28   52 45,100
Proampac PG Borrower LLC,
2024 Term B Loan, PRIME + 8.500% 		9.329(c) 09/15/28   98 99,150
Supplyone, Inc.,
Term B Loan, 1 Month SOFR + 4.250% 		9.579(c) 04/19/31   125 126,094
21
PGIM Floating Rate Income 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)
Packaging & Containers (cont’d.)
Trident TPI Holdings, Inc.,          
First Lien Tranche B-3 Initial Term Loan, 3 Month SOFR + 4.262% 9.571 %(c) 09/15/28   98  $98,225
Tranche B-4 Initial Term Loan, 3 Month SOFR + 5.250% 10.559(c) 09/15/28   50 49,855
Tranche B-6 Term Loan, 3 Month SOFR + 4.000% 9.302(c) 09/15/28   98 98,520
          755,225
Pharmaceuticals 0.6%
Gainwell Acquisition Corp.,
Term B Loan, 3 Month SOFR + 4.100% 		9.409(c) 10/01/27   245 238,134
Sharp Services LLC,
Tranche C Term Loan, 3 Month SOFR + 3.750%^ 		9.052(c) 12/31/28   150 151,312
          389,446
Pipelines 1.4%
AL GCX Holdings LLC,
Initial Term Loan, 1 Month SOFR + 3.250% 		8.572(c) 05/17/29   189 189,184
Al Ngpl Holdings LLC,
Term Loan, 3 Month SOFR + 3.250% 		8.556(c) 04/13/28   299 299,308
BIP Pipeco Holdings LLC,
Term Loan, 3 Month SOFR + 3.250% 		8.556(c) 12/05/30   225 225,633
GIP III Stetson I LP,
Initial Term Loan, 1 Month SOFR + 3.500% 		8.829(c) 10/31/28   114 114,888
Prairie ECI Acquiror LP,
Initial Term B-2 Loan, 1 Month SOFR + 4.750% 		10.079(c) 08/01/29   75 75,176
          904,189
Private Equity 0.4%
Harbourvest Partners LP,
2024 Term Loan Facility, 1 Month SOFR + 2.500%^ 		7.829(c) 04/19/30   239 238,835
22
PGIM Floating Rate Income 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)
Real Estate 0.6%
BRP Nimbus LLC,
Initial Term B Loan, 1 Month SOFR + 2.600% 		7.929 %(c) 08/27/25   220  $219,194
Greystar Real Estate Partners LLC,
Term B-1 Loan, 3 Month SOFR + 3.250%^ 		8.577(c) 08/21/30   149 149,997
          369,191
Real Estate Investment Trusts (REITs) 1.2%
Blackstone Mortgage Trust, Inc.,          
New Term B Loan, 1 Month SOFR + 2.864% 8.194(c) 04/23/26   98 96,509
Term B-4 Loan, 1 Month SOFR + 3.500% 8.829(c) 05/09/29   449 430,018
     
 
Starwood Property Mortgage LLC,
Term B Loan, 1 Month SOFR + 3.250% 		8.579(c) 11/18/27   99 99,745
StarWood Property Mortgage LLC,
Initial Term Loan, 1 Month SOFR + 2.600% 		7.929(c) 07/26/26   146 145,629
          771,901
Retail 3.0%
Dave & Buster’s, Inc.,
2024 Refinancing Term B Loan, 1 Month SOFR + 3.250% 		8.625(c) 06/29/29   223 223,623
EG America LLC (United Kingdom),
Facility B Tranche C, SOFR + 5.928% 		11.269(c) 02/07/28   197 192,126
Great Outdoors Group LLC,
Term B-2 Loan, 1 Month SOFR + 3.864% 		9.194(c) 03/06/28   180 179,677
Harbor Freight Tools USA, Inc.,
2021 Refinancing Loan, 1 Month SOFR + 2.864% 		8.194(c) 10/19/27   350 350,000
Johnstone Supply LLC,
Term Loan 		—(p) 05/16/31   75 75,156
Kodiak BP LLC,
2024-1 Term Loan, 3 Month SOFR + 3.750% 		9.059(c) 03/12/28   75 75,469
LBM Acquisition LLC,
First Lien Initial Term Loan, 1 Month SOFR + 3.850% 		9.179(c) 12/17/27   111 110,930
Petco Health & Wellness Co., Inc.,
First Lien Initial Term Loan, 3 Month SOFR + 3.512% 		8.821(c) 03/03/28   225 203,719
23
PGIM Floating Rate Income 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)
Retail (cont’d.)
Prime Source,
Intial Term Loan, 3 Month SOFR + 5.564% 		8.814 %(c) 12/28/27   200  $197,775
Whatabrands LLC,
Term B Loan, 1 Month SOFR + 2.750% 		8.079(c) 08/03/28   349 349,544
          1,958,019
Semiconductors 0.3%
Natel Engineering Co., Inc.,
Initial Term Loan, 1 Month SOFR + 6.364% 		11.694(c) 04/30/26   148 128,525
Ultra Clean Holdings, Inc.,
Term Loan First Lien, 1 Month SOFR + 3.500% 		8.829(c) 02/27/28   75 75,469
          203,994
Shipbuilding 0.2%
LSF11 Trinity Bidco, Inc.,
2023-2 Rolled Term B Loan, 1 Month SOFR + 4.000% 		9.321(c) 06/14/30   147 147,112
Software 6.1%
Applovin Corp.,
2030 Initial Term Loan, 1 Month SOFR + 2.500% 		7.829(c) 08/16/30   199 199,810
athenahealth, Inc.,
Initial Term Loan, 1 Month SOFR + 3.250% 		8.579(c) 02/15/29   425 423,974
BEP Intermediate Holdco LLC,
Initial Term Loan, 1 Month SOFR + 3.750%^ 		9.075(c) 04/25/31   125 125,781
Boxer Parent Co., Inc.,
2028 Extended Dollar Term Loan, 1 Month SOFR + 4.000% 		9.329(c) 12/29/28   198 198,997
Camelot US Acquisition LLC,
Term B-1 Loan, 1 Month SOFR + 2.750% 		8.079(c) 01/31/31   175 175,044
Cloudera, Inc.,
Term Loan, 1 Month SOFR + 3.850% 		9.179(c) 10/08/28   210 209,587
Cotiviti, Inc.,
Initial Floating Rate Term Loan, 3 Month SOFR + 3.250% 		8.563(c) 05/01/31   250 250,078
CT Technologies Intermediate Holdings, Inc.,
2021 Reprice Term Loan, 1 Month SOFR + 4.364% 		9.694(c) 12/16/25   148 147,300
24
PGIM Floating Rate Income 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 (cont’d.)
Dun & Bradstreet Corp.,
Incremental B-2 Term, 1 Month SOFR + 2.750% 		8.075 %(c) 01/18/29   125  $125,332
Evertec Group LLC (Puerto Rico),
Term B Loan, 1 Month SOFR + 3.250%^ 		8.579(c) 10/30/30   135 136,013
Genesys Cloud Services,          
2024 Incremental Dollar Term Loan, 1 Month SOFR + 3.864% 9.194(c) 12/01/27   125 125,747
2024 Incremental No. 2 Dollar Term Loan, 1 Month SOFR + 3.500% 8.829(c) 12/01/27   25 25,092
     
 
Hireright Holdings Group,
2023 Extending Term, 1 Month SOFR + 4.000% 		9.329(c) 09/27/30   199 199,313
Instructure Holdings, Inc.,
Initial Term Loan, 3 Month SOFR + 3.012% 		8.354(c) 10/30/28   224 224,568
Playtika Ltd.,
Term B-1 Loan, 1 Month SOFR + 2.864% 		8.194(c) 03/13/28   149 149,324
Polaris Newco LLC,
First Lien Dollar Term Loan, 3 Month SOFR + 4.262% 		9.591(c) 06/02/28   132 131,567
Red Planet Borrower LLC,
First Lien Initial Term Loan, 1 Month SOFR + 3.600% 		8.929(c) 10/02/28   222 218,366
Renaissance Holding Corp.,
Covenant-Lite First-Lien Term Loan, 3 Month SOFR + 4.250% 		9.597(c) 04/05/30   199 199,064
Skillsoft Finance II, Inc.,
Initial Term Loan, 1 Month SOFR + 5.364% 		10.685(c) 07/14/28   121 97,190
SS&C Technologies Holdings, Inc.,
Term B-8 Loan, 1 Month SOFR + 2.000% 		7.320(c) 05/09/31   170 170,655
VS Buyer LLC,
2024 Refinancing Initial Term Loan, 1 Month SOFR + 3.250% 		8.571(c) 04/12/31   125 125,781
Waystar Technologies, Inc.,
Initial Term Loan, 1 Month SOFR + 4.000% 		9.329(c) 10/22/29   77 76,820
Webpros Investments Sarl (Luxembourg),
2024 Term Loan, 1 Month SOFR + 4.000%^ 		9.328(c) 03/28/31   50 50,250
25
PGIM Floating Rate Income 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 (cont’d.)
     
Weld North Education LLC,
2024 Term Loan, 1 Month SOFR + 3.500% 		8.829 %(c) 12/21/29   125  $124,922
Zelis Cost Management Buyer, Inc.,
Term B-2 Loan, 1 Month SOFR + 2.750% 		8.079(c) 09/28/29   150 150,583
          4,061,158
Telecommunications 3.9%
Altice France SA (France),
USD TLB-12 Term Loan, 3 Month LIBOR + 3.688% 		9.278(c) 01/31/26   124 102,968
Aventiv Technologies,          
Second Lien Term Loan, 3 Month SOFR + 9.312% 14.621(c) 11/01/25   10 1,755
Second Out Term Loan, 3 Month SOFR + 7.762% 13.071(c) 07/31/25   5 4,824
Super Priority First Lien Third Out Term Loan, 1 Month SOFR + 5.352% 10.661(c) 07/31/25   100 81,340
     
 
CCI Buyer, Inc.,
First Lien Initial Term Loan, 3 Month SOFR + 4.000% 		9.302(c) 12/17/27   181 181,873
CommScope, Inc.,
Initial Term Loan, 1 Month SOFR + 3.364% 		8.694(c) 04/06/26   197 176,135
Connect Finco SARL (United Kingdom),
Amendment No. 4 Term Loan, 1 Month SOFR + 4.500% 		9.829(c) 09/27/29   227 215,909
Crown Subsea Communications Holding, Inc.,
Initial Term Loan, 3 Month SOFR + 4.750% 		10.080(c) 01/30/31   150 151,162
Digicel International Finance, Ltd. (Jamaica),
Initial Term Loan, 3 Month SOFR + 6.750% 		12.075(c) 05/29/27   132 126,597
Global Tel Link Corp.,
First Lien Term Loan, 1 Month SOFR + 4.350% 		9.679(c) 11/29/25   52 51,106
Iridium Satellite LLC,
Covenant-Lite Term B Loan, 1 Month SOFR + 2.500% 		7.829(c) 09/20/30   142 141,868
Level 3 Financing, Inc.,          
Term B-1, 1 Month SOFR + 6.560% 11.881(c) 04/15/29   165 159,792
Term B-2, 1 Month SOFR + 6.560% 11.881(c) 04/15/30   165 159,106
     
 
Lorca Co.,
Term Loan 		—(p) 04/30/31   125 125,625
Lumen Technologies, Inc.,          
Term B-1 Loan, 1 Month SOFR + 2.464% 7.785(c) 04/15/29   60 41,316
26
PGIM Floating Rate Income 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)
Telecommunications (cont’d.)
Lumen Technologies, Inc., (cont’d.)          
Term B-2 Loan, 1 Month SOFR + 2.464%^ 7.785 %(c) 04/15/30   61  $41,836
Term Loan^ —(p) 06/01/28   6 5,071
MLN US HoldCo LLC,          
3L Term B Loan, 3 Month SOFR + 9.350% 14.677(c) 10/18/27   4 400
Initial Term Loan, 3 Month SOFR + 6.540% 11.867(c) 10/18/27   22 12,094
Initial Term Loan (Second Out (First Lien Roll-Up)), 3 Month SOFR + 6.800% 12.127(c) 10/18/27   50 7,449
     
 
Orbcomm, Inc.,
Closing Date Term Loan, 3 Month SOFR + 4.512% 		9.776(c) 09/01/28   97 82,195
Patagonia Holdco LLC,
Initial Term Loan, 3 Month SOFR + 5.750% 		11.073(c) 08/01/29   236 220,357
Viasat, Inc.,
Initial Term Loan, 1 Month SOFR + 4.500% 		9.829(c) 03/02/29   389 357,804
Xplornet Communications, Inc. (Canada),
First Lien Refinancing Term Loan, 1 Month SOFR + 4.000% 		9.571(c) 10/02/28(d)   419 61,279
Zayo Group Holdings, Inc.,
Initial Dollar Term Loan, 1 Month SOFR + 3.114% 		8.444(c) 03/09/27   105 90,789
          2,600,650
Textiles 0.9%
ASP Unifrax Holdings, Inc.,
USD Term Loan (First Lien), 3 Month SOFR + 3.900% 		9.202(c) 12/12/25   646 628,664
Transportation 0.8%
First Student Bidco, Inc.,
Incremental Term B Loan, 3 Month SOFR + 4.100% 		9.402(c) 07/21/28   162 161,789
Genesee & Wyoming, Inc.,
Initial Term B Loan, 2 Month SOFR + 2.000% 		7.301(c) 04/10/31   100 100,199
Kenan Advantage Group, Inc. (The),
Term B-3 Loan, 1 Month SOFR + 3.750% 		9.079(c) 01/25/29   25 24,938
27
PGIM Floating Rate Income 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)
Transportation (cont’d.)
Pods LLC,
Term Loan, 3 Month SOFR + 3.262% 		8.591 %(c) 03/31/28   123  $116,288
Savage Enterprises LLC,
Term B Loan, 1 Month SOFR + 3.000% 		8.329(c) 09/15/28   100 100,208
          503,422
     
 
Total Floating Rate and Other Loans
(cost $46,360,026) 		45,934,695
Residential Mortgage-Backed Securities 0.6%
PMT Credit Risk Transfer Trust,          
Series 2024-01R, Class A, 144A, 30 Day Average SOFR + 3.500% (Cap N/A, Floor 0.000%) 8.824(c) 05/25/33   122 123,068
Series 2024-02R, Class A, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 0.000%) 8.674(c) 03/29/27   270 271,467
     
 
Total Residential Mortgage-Backed Securities
(cost $392,396) 		394,535
    
      Shares  
Common Stock 0.0%
Wireless Telecommunication Services 
Digicel International Finance Ltd. (Jamaica) (original cost $11,205; purchased 01/29/24)*^(f)
(cost $11,205) 		      9,237 19,860
Preferred Stock 0.0%
Wireless Telecommunication Services 
Digicel International Finance Ltd. (Jamaica) (original cost $13,030; purchased 01/26/24 - 01/29/24)*^(f)
(cost $13,030) 		      1,692 17,602
 
Total Long-Term Investments
(cost $65,128,387) 		65,000,775
    
28
PGIM Floating Rate Income ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2024
Description     Shares Value
Short-Term Investment 1.9%
Affiliated Mutual Fund           
PGIM Core Government Money Market Fund (7-day effective yield 5.550%)
(cost $1,263,012)(wb) 		    1,263,012  $1,263,012
 
TOTAL INVESTMENTS 100.4%
(cost $66,391,399) 		66,263,787
Liabilities in excess of other assets(z) (0.4)% (287,685)
 
Net Assets 100.0% $65,976,102
Below is a list of the abbreviation(s) used in the quarterly schedule of portfolio holdings:
    
  EUR—Euro
  USD—US Dollar
    
  144A—Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, pursuant to the requirements of Rule 144A, may not be resold except to qualified institutional buyers.
  BNP—BNP Paribas S.A.
  BOA—Bank of America, N.A.
  CDX—Credit Derivative Index
  CLO—Collateralized Loan Obligation
  EURIBOR—Euro Interbank Offered Rate
  LIBOR—London Interbank Offered Rate
  LP—Limited Partnership
  OTC—Over-the-counter
  PIK—Payment-in-Kind
  Q—Quarterly payment frequency for swaps
  REITs—Real Estate Investment Trust
  SOFR—Secured Overnight Financing Rate
  SSB—State Street Bank & Trust Company
  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 $3,519,124 and 5.3% of net assets.
(c) Variable rate instrument. The interest rate shown reflects the rate in effect at May 31, 2024.
(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 $296,042. The aggregate value of $331,112 is 0.5% of net assets.
(ff) Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.
(oo) Perpetual security. Maturity date represents next call date.
(p) Represents a security with a delayed settlement and therefore the interest rate is not available until settlement which is after the period end.
(r) Principal or notional amount is less than $500 par.
(wb) Represents an investment in a Fund affiliated with the Manager.
29
PGIM Floating Rate Income ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2024
(z) Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:
Unfunded loan commitments outstanding at May 31, 2024:
Borrower   Principal
Amount
(000)# 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
Action Environmental Group, Inc. (The), Delayed Draw Term Loan, 4.500%, Maturity Date 10/24/30 (cost $61,957)^    62    $62,344    $387    $—
Doncasters US Finance LLC, Delayed Draw Term Loan, 1.500%, Maturity Date 04/23/30 (cost $22,500)    23   22,331   —   (169)
Ryan LLC, Delayed Draw Term Loan, 3.500%, Maturity Date 11/14/30 (cost $13,333)    13   13,400   67   —
Tank Holding Corp., Delayed Draw Term Commitment, 1.000%, Maturity Date 03/31/28 (cost $11,550)    12   11,406   —   (144)
        $109,481   $454   $(313)
Futures contracts outstanding at May 31, 2024:
Number
of
Contracts 		  Type   Expiration
Date 		  Current
Notional
Amount 		  Value /
Unrealized
Appreciation
(Depreciation)
Short Positions:
21   2 Year U.S. Treasury Notes   Sep. 2024    $4,277,766    $756
31   5 Year U.S. Treasury Notes   Sep. 2024   3,279,703   6,149
7   10 Year U.S. Treasury Notes   Sep. 2024   761,578   2,834
1   30 Year U.S. Ultra Treasury Bonds   Sep. 2024   122,438   1,530
                $11,269
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   BOA   EUR 240    $260,412    $260,616    $204    $—
    
30
PGIM Floating Rate Income 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   SSB   EUR 240    $257,089    $260,617    $—    $(3,528)
Expiring 07/02/24   BOA   EUR 240   260,736   260,950   —   (214)
              $517,825   $521,567   —   (3,742)
                      $204   $(3,742)
Credit default swap agreements 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 Agreements on credit indices - Sell Protection(2):
CDX.NA.HY.42.V1 06/20/29   5.000%(Q)     5,200   3.335%    $334,036    $405,049    $71,013
CDX.NA.IG.42.V1 06/20/29   1.000%(Q)     5,425   0.499%   114,940   132,661   17,721
                      $448,976   $537,710   $88,734
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.
31
PGIM Floating Rate Income 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 agreement 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 Agreement:
Invesco Senior Loan ETF(T)   1 Day SOFR +40bps(T)/ 5.740%   BNP   06/07/24   111   $(826)   $—   $(826)
(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).
32