NPORT-EX 2 467962PRU053124.htm
PGIM Active Aggregate Bond 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 12.3%
Automobiles 3.9%
AmeriCredit Automobile Receivables Trust,
Series 2023-01, Class C 		5.800 % 12/18/28   100  $100,722
Avis Budget Rental Car Funding AESOP LLC,          
Series 2022-01A, Class A, 144A 3.830 08/21/28   100 95,251
Series 2023-03A, Class A, 144A 5.440 02/22/28   100 99,660
     
 
BOF VII AL Funding Trust I,
Series 2023-CAR03, Class A2, 144A 		6.291 07/26/32   134 135,152
CarMax Auto Owner Trust,
Series 2022-01, Class D 		2.470 07/17/28   100 93,610
Enterprise Fleet Financing LLC,
Series 2023-02, Class A2, 144A 		5.560 04/22/30   89 88,368
Ford Credit Auto Owner Trust,          
Series 2023-01, Class A, 144A 4.850 08/15/35   100 98,583
Series 2023-02, Class A, 144A 5.280 02/15/36   100 100,317
     
 
Ford Credit Floorplan Master Owner Trust,
Series 2023-01, Class A1, 144A 		4.920 05/15/28   100 99,052
Hertz Vehicle Financing III LLC,
Series 2023-01A, Class A, 144A 		5.490 06/25/27   100 99,608
Hertz Vehicle Financing LLC,          
Series 2022-02A, Class A, 144A 2.330 06/26/28   100 91,156
Series 2023-03A, Class A, 144A 5.940 02/25/28   100 100,139
     
 
OneMain Direct Auto Receivables Trust,
Series 2023-01A, Class A, 144A 		5.410 11/14/29   200 199,218
Santander Drive Auto Receivables Trust,          
Series 2023-03, Class C 5.770 11/15/30   100 100,282
Series 2023-04, Class C 6.040 12/15/31   100 101,082
     
 
Wheels Fleet Lease Funding LLC,
Series 2023-01A, Class A, 144A 		5.800 04/18/38   97 96,519
          1,698,719
Collateralized Loan Obligations 7.7%
Anchorage Capital CLO Ltd. (Cayman Islands),
Series 2022-25A, Class A1, 144A, 3 Month SOFR + 1.390% (Cap N/A, Floor 1.390%) 		6.715(c) 04/20/35   250 250,518
Atlas Senior Loan Fund Ltd. (Cayman Islands),
Series 2016-07A, Class A1R2, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 1.100%) 		6.698(c) 11/27/31   210 209,859
1
PGIM Active Aggregate Bond 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.)
Bain Capital Credit CLO Ltd. (Cayman Islands),
Series 2022-01A, Class A1, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) 		6.647 %(c) 04/18/35   250  $250,188
Balboa Bay Loan Funding Ltd. (Cayman Islands),
Series 2020-01A, Class AR, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 1.120%) 		6.706(c) 01/20/32   248 248,841
Crown City CLO (Cayman Islands),
Series 2020-02A, Class A1AR, 144A, 3 Month SOFR + 1.340% (Cap N/A, Floor 1.340%) 		6.665(c) 04/20/35   250 250,259
Elevation CLO Ltd. (Cayman Islands),
Series 2021-13A, Class A1, 144A, 3 Month SOFR + 1.452% (Cap N/A, Floor 1.190%) 		6.780(c) 07/15/34   250 250,162
HPS Loan Management Ltd. (Cayman Islands),
Series 2016-10A, Class A1RR, 144A, 3 Month SOFR + 1.402% (Cap N/A, Floor 1.140%) 		6.726(c) 04/20/34   250 251,275
ICG US CLO Ltd. (Cayman Islands),
Series 2015-02RA, Class A1, 144A, 3 Month SOFR + 1.632% (Cap N/A, Floor 1.370%) 		6.959(c) 01/16/33   247 247,253
Northwoods Capital Ltd. (Cayman Islands),
Series 2017-15A, Class A1R, 144A, 3 Month SOFR + 1.472% (Cap N/A, Floor 1.472%) 		6.804(c) 06/20/34   250 250,375
Romark CLO Ltd. (Cayman Islands),
Series 2021-04A, Class A1, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%) 		6.729(c) 07/10/34   400 400,860
TCW CLO Ltd. (Cayman Islands),
Series 2019-02A, Class A1R, 144A, 3 Month SOFR + 1.280% (Cap N/A, Floor 1.280%) 		6.605(c) 10/20/32   250 250,303
Whitebox CLO Ltd. (Cayman Islands),
Series 2019-01A, Class ANAR, 144A, 3 Month SOFR + 1.392% (Cap N/A, Floor 1.130%) 		6.715(c) 07/24/32   500 502,079
          3,361,972
2
PGIM Active Aggregate Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2024
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Asset-Backed Securities (Continued)
Consumer Loans 0.7%
OneMain Financial Issuance Trust,          
Series 2020-02A, Class A, 144A 1.750 % 09/14/35   200  $186,182
Series 2023-02A, Class A1, 144A 5.840 09/15/36   100 100,951
          287,133
     
 
Total Asset-Backed Securities
(cost $5,370,277) 		5,347,824
Commercial Mortgage-Backed Securities 7.8%
BANK,          
Series 2019-BN22, Class A3 2.726 11/15/62   250 218,375
Series 2021-BN38, Class A4 2.275 12/15/64   100 81,285
     
 
Barclays Commercial Mortgage Securities Trust,
Series 2021-C12, Class A4 		2.421 11/15/54   250 207,727
Benchmark Mortgage Trust,          
Series 2021-B25, Class A3 1.906 04/15/54   500 427,229
Series 2021-B31, Class A4 2.420 12/15/54   100 81,753
     
 
CD Mortgage Trust,
Series 2019-CD08, Class A3 		2.657 08/15/57   500 439,719
Commercial Mortgage Trust,
Series 2014-UBS04, Class A4 		3.420 08/10/47   136 135,388
GS Mortgage Securities Trust,
Series 2019-GC42, Class A3 		2.749 09/10/52   250 220,691
JPMCC Commercial Mortgage Securities Trust,
Series 2019-COR05, Class A3 		3.123 06/13/52   500 447,102
Wells Fargo Commercial Mortgage Trust,          
Series 2019-C52, Class A4 2.643 08/15/52   436 385,559
Series 2020-C56, Class A4 2.194 06/15/53   500 417,917
Series 2021-C59, Class A3 1.958 04/15/54   350 303,432
     
 
Total Commercial Mortgage-Backed Securities
(cost $3,909,006) 		3,366,177
Corporate Bonds 29.8%
Aerospace & Defense 1.0%
Boeing Co. (The),          
Sr. Unsec’d. Notes 2.196 02/04/26   253 237,451
Sr. Unsec’d. Notes 2.950 02/01/30   50 42,480
3
PGIM Active Aggregate 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.)
Boeing Co. (The), (cont’d.)          
Sr. Unsec’d. Notes 3.625 % 03/01/48   35  $22,574
Sr. Unsec’d. Notes 5.150 05/01/30   75 71,548
Sr. Unsec’d. Notes 5.930 05/01/60   20 17,656
RTX Corp.,          
Sr. Unsec’d. Notes 2.375 03/15/32   25 20,324
Sr. Unsec’d. Notes 4.125 11/16/28   13 12,455
          424,488
Agriculture 0.5%
Altria Group, Inc.,          
Gtd. Notes 3.400 05/06/30   48 43,140
Gtd. Notes 3.400 02/04/41   50 35,765
BAT Capital Corp. (United Kingdom),          
Gtd. Notes 3.557 08/15/27   23 21,744
Gtd. Notes 5.834 02/20/31   50 50,597
Philip Morris International, Inc.,          
Sr. Unsec’d. Notes 5.125 02/15/30   35 34,739
Sr. Unsec’d. Notes 5.125 02/13/31   25 24,614
Sr. Unsec’d. Notes 5.250 09/07/28   20 20,086
          230,685
Airlines 0.1%
Southwest Airlines Co.,
Sr. Unsec’d. Notes 		5.125 06/15/27   50 49,670
United Airlines 2013-1 Class A Pass-Through Trust,
Pass-Through Certificates 		4.300 02/15/27   8 7,758
          57,428
Auto Manufacturers 0.5%
Daimler Truck Finance North America LLC (Germany),
Gtd. Notes, 144A 		1.625 12/13/24   150 146,838
General Motors Co.,          
Sr. Unsec’d. Notes 6.250 10/02/43   26 25,892
Sr. Unsec’d. Notes 6.600 04/01/36   17 17,800
4
PGIM Active Aggregate Bond 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 (cont’d.)
     
 
Toyota Motor Credit Corp.,
Sr. Unsec’d. Notes, MTN 		0.800 % 10/16/25   17  $16,013
          206,543
Banks 7.3%
Bank of America Corp.,          
Sr. Unsec’d. Notes 2.299(ff) 07/21/32   60 48,824
Sr. Unsec’d. Notes 2.687(ff) 04/22/32   165 138,610
Sr. Unsec’d. Notes, MTN 2.496(ff) 02/13/31   375 321,428
Sr. Unsec’d. Notes, Series N 1.658(ff) 03/11/27   30 28,045
     
 
Barclays PLC (United Kingdom),
Sr. Unsec’d. Notes 		5.829(ff) 05/09/27   200 200,016
Citigroup, Inc.,          
Sr. Unsec’d. Notes 2.666(ff) 01/29/31   110 95,291
Sr. Unsec’d. Notes 2.976(ff) 11/05/30   120 106,355
     
 
Comerica, Inc.,
Sr. Unsec’d. Notes 		5.982(ff) 01/30/30   15 14,794
Fifth Third Bancorp,
Sr. Unsec’d. Notes 		6.339(ff) 07/27/29   15 15,376
Goldman Sachs Group, Inc. (The),          
Sr. Unsec’d. Notes 1.992(ff) 01/27/32   90 72,553
Sr. Unsec’d. Notes 2.615(ff) 04/22/32   85 70,957
Sr. Unsec’d. Notes 3.750 02/25/26   25 24,343
Sr. Unsec’d. Notes 3.814(ff) 04/23/29   80 75,555
Sr. Unsec’d. Notes 5.851(ff) 04/25/35   15 15,317
     
 
Huntington Bancshares, Inc.,
Sr. Unsec’d. Notes 		6.208(ff) 08/21/29   10 10,191
JPMorgan Chase & Co.,          
Sr. Unsec’d. Notes 1.578(ff) 04/22/27   100 93,001
Sr. Unsec’d. Notes 1.953(ff) 02/04/32   130 105,148
Sr. Unsec’d. Notes 2.522(ff) 04/22/31   370 317,743
Sr. Unsec’d. Notes 2.545(ff) 11/08/32   5 4,132
Sr. Unsec’d. Notes 2.580(ff) 04/22/32   42 35,272
Sr. Unsec’d. Notes 2.739(ff) 10/15/30   150 131,913
Sub. Notes 2.956(ff) 05/13/31   21 18,242
     
 
KeyCorp,
Sr. Unsec’d. Notes 		6.401(ff) 03/06/35   15 15,096
Morgan Stanley,          
Sr. Unsec’d. Notes, GMTN 1.512(ff) 07/20/27   270 248,506
5
PGIM Active Aggregate 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 (cont’d.)
Morgan Stanley, (cont’d.)          
Sr. Unsec’d. Notes, GMTN 2.239 %(ff) 07/21/32   40  $32,432
Sr. Unsec’d. Notes, GMTN 2.699(ff) 01/22/31   180 156,587
Sr. Unsec’d. Notes, GMTN 3.772(ff) 01/24/29   60 56,858
Sr. Unsec’d. Notes, GMTN 3.875 01/27/26   76 74,179
Sr. Unsec’d. Notes, MTN 1.928(ff) 04/28/32   165 131,716
     
 
PNC Financial Services Group, Inc. (The),
Sr. Unsec’d. Notes 		5.812(ff) 06/12/26   105 105,154
Truist Financial Corp.,          
Sr. Unsec’d. Notes, MTN 5.435(ff) 01/24/30   40 39,763
Sr. Unsec’d. Notes, MTN 5.867(ff) 06/08/34   15 15,055
     
 
U.S. Bancorp,
Sr. Unsec’d. Notes 		5.836(ff) 06/12/34   20 20,148
Wells Fargo & Co.,          
Sr. Unsec’d. Notes, MTN 2.572(ff) 02/11/31   282 242,579
Sr. Unsec’d. Notes, MTN 5.707(ff) 04/22/28   70 70,475
          3,151,654
Beverages 0.4%
Bacardi Ltd. (Bermuda),
Gtd. Notes, 144A 		4.450 05/15/25   110 108,687
Constellation Brands, Inc.,
Sr. Unsec’d. Notes 		2.250 08/01/31   80 65,236
          173,923
Biotechnology 0.2%
Amgen, Inc.,          
Sr. Unsec’d. Notes 5.250 03/02/30   80 80,224
Sr. Unsec’d. Notes 5.750 03/02/63   15 14,747
          94,971
Building Materials 0.1%
Martin Marietta Materials, Inc.,
Sr. Unsec’d. Notes 		2.400 07/15/31   11 9,081
6
PGIM Active Aggregate 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.)
Owens Corning,
Sr. Unsec’d. Notes 		3.400 % 08/15/26   25  $23,920
Vulcan Materials Co.,
Sr. Unsec’d. Notes 		3.500 06/01/30   13 11,799
          44,800
Chemicals 0.1%
DuPont de Nemours, Inc.,
Sr. Unsec’d. Notes 		5.319 11/15/38   5 5,036
FMC Corp.,
Sr. Unsec’d. Notes 		4.500 10/01/49   13 10,024
LYB International Finance III LLC,
Gtd. Notes 		4.200 10/15/49   17 13,026
Nutrien Ltd. (Canada),          
Sr. Unsec’d. Notes 4.900 03/27/28   15 14,822
Sr. Unsec’d. Notes 4.900 06/01/43   21 18,585
          61,493
Commercial Services 1.0%
California Institute of Technology,
Sr. Unsec’d. Notes 		3.650 09/01/2119   20 13,120
Equifax, Inc.,
Sr. Unsec’d. Notes 		2.600 12/01/24   101 99,449
ERAC USA Finance LLC,
Gtd. Notes, 144A 		3.300 12/01/26   45 42,957
Global Payments, Inc.,
Sr. Unsec’d. Notes 		1.200 03/01/26   21 19,486
Johns Hopkins University,
Unsec’d. Notes, Series A 		4.705 07/01/32   20 19,743
Massachusetts Institute of Technology,          
Sr. Unsec’d. Notes, Series F 2.989 07/01/50   10 6,928
Unsec’d. Notes 4.678 07/01/2114   30 26,060
President & Fellows of Harvard College,          
Unsec’d. Notes 2.517 10/15/50   35 21,866
Unsec’d. Notes 3.150 07/15/46   35 25,666
     
 
Trustees of Boston University,
Sec’d. Notes, Series CC 		4.061 10/01/48   20 16,549
7
PGIM Active Aggregate 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.)
     
Trustees of the University of Pennsylvania (The),
Sr. Unsec’d. Notes 		3.610 % 02/15/2119   25  $16,635
University of Southern California,          
Sr. Unsec’d. Notes 4.976 10/01/53   32 31,048
Unsec’d. Notes, Series 2017 3.841 10/01/47   10 8,146
     
 
Washington University (The),
Sr. Unsec’d. Notes, Series 2022 		3.524 04/15/54   80 60,299
Yale University,
Unsec’d. Notes, Series 2020 		2.402 04/15/50   20 12,303
          420,255
Computers 0.1%
Apple, Inc.,
Sr. Unsec’d. Notes 		3.250 02/23/26   40 38,832
International Business Machines Corp.,
Sr. Unsec’d. Notes 		5.875 11/29/32   8 8,372
          47,204
Diversified Financial Services 0.2%
Discover Financial Services,
Sr. Unsec’d. Notes 		3.750 03/04/25   21 20,687
Jefferies Financial Group, Inc.,
Sr. Unsec’d. Notes 		5.875 07/21/28   55 55,271
          75,958
Electric 3.3%
AEP Texas, Inc.,          
Sr. Unsec’d. Notes 3.450 05/15/51   13 8,534
Sr. Unsec’d. Notes, Series I 2.100 07/01/30   47 38,833
     
 
AEP Transmission Co. LLC,
Sr. Unsec’d. Notes 		4.250 09/15/48   17 13,668
Algonquin Power & Utilities Corp. (Canada),
Sr. Unsec’d. Notes 		5.365 06/15/26   20 19,843
Arizona Public Service Co.,          
Sr. Unsec’d. Notes 2.600 08/15/29   8 7,032
Sr. Unsec’d. Notes 3.500 12/01/49   25 16,915
Sr. Unsec’d. Notes 6.350 12/15/32   20 20,940
8
PGIM Active Aggregate 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.)
     
 
Dominion Energy South Carolina, Inc.,
First Mortgage 		4.600 % 06/15/43   32  $27,892
Duke Energy Carolinas LLC,
Sr. Unsec’d. Notes 		6.100 06/01/37   21 21,721
Duke Energy Florida LLC,          
First Mortgage 2.400 12/15/31   95 78,583
First Mortgage 5.875 11/15/33   60 62,370
     
 
Eversource Energy,
Sr. Unsec’d. Notes, Series O 		4.250 04/01/29   41 38,918
Florida Power & Light Co.,
First Mortgage 		4.050 06/01/42   15 12,545
MidAmerican Energy Co.,
First Mortgage 		4.250 07/15/49   34 27,862
Mississippi Power Co.,
Sr. Unsec’d. Notes, Series 12-A 		4.250 03/15/42   33 27,265
Monongahela Power Co.,
First Mortgage, 144A 		3.550 05/15/27   96 91,340
NextEra Energy Capital Holdings, Inc.,
Gtd. Notes 		6.051 03/01/25   145 145,334
Northern States Power Co.,
First Mortgage 		3.400 08/15/42   34 25,776
NRG Energy, Inc.,
Sr. Sec’d. Notes, 144A 		3.750 06/15/24   17 16,975
Pacific Gas & Electric Co.,          
First Mortgage 4.500 07/01/40   40 33,174
First Mortgage 4.750 02/15/44   45 37,340
     
 
PacifiCorp,
First Mortgage 		5.350 12/01/53   40 35,820
PECO Energy Co.,          
First Mortgage 2.800 06/15/50   32 20,091
First Mortgage 4.900 06/15/33   50 48,833
PPL Electric Utilities Corp.,          
First Mortgage 3.000 10/01/49   13 8,622
First Mortgage 5.250 05/15/53   15 14,314
     
 
Public Service Co. of Colorado,
First Mortgage 		5.250 04/01/53   25 22,941
Public Service Co. of New Hampshire,
First Mortgage 		5.350 10/01/33   25 25,051
Public Service Electric & Gas Co.,          
First Mortgage, MTN 3.600 12/01/47   13 9,686
9
PGIM Active Aggregate 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.)
Public Service Electric & Gas Co., (cont’d.)          
First Mortgage, MTN 3.700 % 05/01/28   38  $36,188
Sec’d. Notes, MTN 4.650 03/15/33   75 71,929
     
 
Puget Energy, Inc.,
Sr. Sec’d. Notes 		4.100 06/15/30   75 68,325
San Diego Gas & Electric Co.,          
First Mortgage 4.150 05/15/48   15 12,024
First Mortgage 5.350 04/01/53   25 23,622
Sempra,          
Sr. Unsec’d. Notes 3.300 04/01/25   35 34,295
Sr. Unsec’d. Notes 4.000 02/01/48   15 11,412
Southern California Edison Co.,          
First Mortgage 4.900 06/01/26   90 89,263
First Ref. Mortgage 4.000 04/01/47   55 42,198
     
 
System Energy Resources, Inc.,
First Mortgage 		6.000 04/15/28   10 10,148
Tucson Electric Power Co.,
Sr. Unsec’d. Notes 		3.250 05/15/32   30 26,005
Vistra Operations Co. LLC,
Sr. Sec’d. Notes, 144A 		3.550 07/15/24   47 46,841
Xcel Energy, Inc.,
Sr. Unsec’d. Notes 		1.750 03/15/27   10 9,063
          1,439,531
Engineering & Construction 0.4%
Mexico City Airport Trust (Mexico),
Sr. Sec’d. Notes, 144A 		4.250 10/31/26   200 192,766
Entertainment 0.1%
Warnermedia Holdings, Inc.,
Gtd. Notes 		5.141 03/15/52   70 55,237
Foods 0.5%
Campbell Soup Co.,
Sr. Unsec’d. Notes 		3.300 03/19/25   51 50,054
JBS USA Holding Lux Sarl/ JBS USA Food Co./ JBS Lux Co. Sarl,
Gtd. Notes 		3.000 02/02/29   100 88,340
10
PGIM Active Aggregate 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.)
Kraft Heinz Foods Co.,
Gtd. Notes 		4.375 % 06/01/46   30  $24,614
Mars, Inc.,
Gtd. Notes, 144A 		3.600 04/01/34   10 8,797
Tyson Foods, Inc.,
Sr. Unsec’d. Notes 		5.700 03/15/34   35 34,793
          206,598
Gas 0.3%
CenterPoint Energy Resources Corp.,          
Sr. Unsec’d. Notes 4.100 09/01/47   21 16,629
Sr. Unsec’d. Notes 5.250 03/01/28   65 64,989
     
 
NiSource, Inc.,
Sr. Unsec’d. Notes 		3.490 05/15/27   13 12,365
Piedmont Natural Gas Co., Inc.,
Sr. Unsec’d. Notes 		3.500 06/01/29   21 19,330
Southern California Gas Co.,
First Mortgage 		3.750 09/15/42   30 23,269
          136,582
Healthcare-Services 1.1%
Ascension Health,
Sr. Unsec’d. Notes, Series B 		2.532 11/15/29   35 30,808
CommonSpirit Health,
Sr. Sec’d. Notes 		5.205 12/01/31   35 34,339
Elevance Health, Inc.,
Sr. Unsec’d. Notes 		4.625 05/15/42   50 44,169
Kaiser Foundation Hospitals,          
Unsec’d. Notes, Series 2021 2.810 06/01/41   70 50,352
Unsec’d. Notes, Series 2021 3.002 06/01/51   10 6,631
     
 
Memorial Sloan-Kettering Cancer Center,
Unsec’d. Notes, Series 2020 		2.955 01/01/50   15 10,008
Methodist Hospital (The),
Unsec’d. Notes, Series 20A 		2.705 12/01/50   10 6,243
New York & Presbyterian Hospital (The),
Unsec’d. Notes 		4.024 08/01/45   20 16,707
Northwestern Memorial Healthcare Obligated Group,
Unsec’d. Notes, Series 2021 		2.633 07/15/51   20 12,639
11
PGIM Active Aggregate 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 (cont’d.)
     
OhioHealth Corp.,
Sec’d. Notes 		2.297 % 11/15/31   30  $24,752
Piedmont Healthcare, Inc.,
Sec’d. Notes, Series 2042 		2.719 01/01/42   15 10,398
Sentara Healthcare,
Sr. Unsec’d. Notes, Series 2021 		2.927 11/01/51   65 42,658
Stanford Health Care,
Unsec’d. Notes 		3.027 08/15/51   35 23,477
UnitedHealth Group, Inc.,          
Sr. Unsec’d. Notes 2.300 05/15/31   45 37,593
Sr. Unsec’d. Notes 3.950 10/15/42   60 49,677
Sr. Unsec’d. Notes 4.500 04/15/33   25 23,726
Sr. Unsec’d. Notes 4.950 05/15/62   10 8,891
Sr. Unsec’d. Notes 5.050 04/15/53   22 20,318
     
 
UPMC,
Sec’d. Notes 		5.035 05/15/33   25 24,411
          477,797
Home Builders 0.5%
Toll Brothers Finance Corp.,
Gtd. Notes 		4.875 03/15/27   220 216,198
Insurance 0.5%
Corebridge Financial, Inc.,
Sr. Unsec’d. Notes 		3.900 04/05/32   45 40,184
Everest Reinsurance Holdings, Inc.,          
Sr. Unsec’d. Notes 3.500 10/15/50   8 5,350
Sr. Unsec’d. Notes 4.868 06/01/44   30 26,215
Fairfax Financial Holdings Ltd. (Canada),          
Sr. Unsec’d. Notes 5.625 08/16/32   15 14,679
Sr. Unsec’d. Notes, 144A 6.000 12/07/33   70 70,324
     
 
Liberty Mutual Group, Inc.,
Gtd. Notes, 144A 		3.951 10/15/50   38 27,658
Lincoln National Corp.,
Sr. Unsec’d. Notes 		3.050 01/15/30   8 7,066
12
PGIM Active Aggregate Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2024
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Insurance (cont’d.)
     
Principal Financial Group, Inc.,
Gtd. Notes 		4.625 % 09/15/42   32  $28,384
W.R. Berkley Corp.,
Sr. Unsec’d. Notes 		4.000 05/12/50   8 6,028
          225,888
Iron/Steel 0.1%
Nucor Corp.,
Sr. Unsec’d. Notes 		4.300 05/23/27   25 24,462
Lodging 0.1%
Marriott International, Inc.,
Sr. Unsec’d. Notes, Series R 		3.125 06/15/26   33 31,575
Machinery-Construction & Mining 0.0%
Caterpillar, Inc.,
Sr. Unsec’d. Notes 		2.600 09/19/29   13 11,600
Machinery-Diversified 0.2%
Flowserve Corp.,
Sr. Unsec’d. Notes 		2.800 01/15/32   5 4,096
Westinghouse Air Brake Technologies Corp.,          
Gtd. Notes 3.200 06/15/25   88 85,787
Gtd. Notes 5.611 03/11/34   10 10,032
          99,915
Media 0.9%
Charter Communications Operating LLC/Charter
Communications Operating Capital, 		         
Sr. Sec’d. Notes 4.800 03/01/50   24 17,679
Sr. Sec’d. Notes 4.908 07/23/25   22 21,794
Sr. Sec’d. Notes 6.384 10/23/35   120 117,061
Comcast Corp.,          
Gtd. Notes 3.999 11/01/49   42 32,531
Gtd. Notes 4.250 10/15/30   30 28,548
Gtd. Notes 5.500 05/15/64   30 28,674
     
 
13
PGIM Active Aggregate 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.)
     
Cox Communications, Inc.,
Gtd. Notes, 144A 		5.450 % 09/15/28   110  $110,091
Discovery Communications LLC,
Gtd. Notes 		5.200 09/20/47   23 18,613
          374,991
Mining 1.3%
Barrick North America Finance LLC (Canada),
Gtd. Notes 		5.750 05/01/43   55 55,148
Freeport-McMoRan, Inc.,          
Gtd. Notes 4.125 03/01/28   25 23,918
Gtd. Notes 4.375 08/01/28   50 47,954
     
 
Indonesia Asahan Aluminium PT/Mineral Industri Indonesia Persero PT (Indonesia),
Sr. Unsec’d. Notes, 144A 		6.530 11/15/28   200 206,250
Kinross Gold Corp. (Canada),
Sr. Unsec’d. Notes 		6.250 07/15/33   60 62,018
Newmont Corp.,          
Gtd. Notes 2.250 10/01/30   5 4,220
Gtd. Notes 2.600 07/15/32   50 41,320
Gtd. Notes 2.800 10/01/29   122 108,216
     
 
Newmont Corp./Newcrest Finance Pty Ltd.,
Gtd. Notes, 144A 		5.350 03/15/34   15 14,908
          563,952
Miscellaneous Manufacturing 0.2%
Carlisle Cos., Inc.,
Sr. Unsec’d. Notes 		2.200 03/01/32   30 23,903
Textron, Inc.,
Sr. Unsec’d. Notes 		3.375 03/01/28   84 78,264
          102,167
Oil & Gas 1.3%
Cenovus Energy, Inc. (Canada),          
Sr. Unsec’d. Notes 3.750 02/15/52   5 3,535
Sr. Unsec’d. Notes 5.400 06/15/47   34 31,091
     
 
14
PGIM Active Aggregate 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.)
     
Continental Resources, Inc.,
Gtd. Notes, 144A 		2.268 % 11/15/26   15  $13,875
Devon Energy Corp.,
Sr. Unsec’d. Notes 		5.600 07/15/41   31 29,146
Diamondback Energy, Inc.,
Gtd. Notes 		5.400 04/18/34   65 64,098
Ecopetrol SA (Colombia),          
Sr. Unsec’d. Notes 5.375 06/26/26   40 39,090
Sr. Unsec’d. Notes 8.625 01/19/29   35 36,446
Sr. Unsec’d. Notes 8.875 01/13/33   40 40,950
     
 
Helmerich & Payne, Inc.,
Sr. Unsec’d. Notes 		2.900 09/29/31   30 24,894
Ovintiv, Inc.,
Gtd. Notes 		5.650 05/15/25   155 154,866
Phillips 66,
Gtd. Notes 		2.150 12/15/30   84 69,434
Phillips 66 Co.,
Gtd. Notes 		3.550 10/01/26   17 16,353
Pioneer Natural Resources Co.,
Sr. Unsec’d. Notes 		1.125 01/15/26   50 46,792
          570,570
Pharmaceuticals 1.6%
AbbVie, Inc.,          
Sr. Unsec’d. Notes 3.200 11/21/29   100 91,098
Sr. Unsec’d. Notes 4.050 11/21/39   15 12,926
Sr. Unsec’d. Notes 4.550 03/15/35   60 56,496
Sr. Unsec’d. Notes 4.625 10/01/42   15 13,492
     
 
Bristol-Myers Squibb Co.,
Sr. Unsec’d. Notes 		3.400 07/26/29   5 4,630
Cigna Group (The),          
Gtd. Notes 4.375 10/15/28   30 28,988
Sr. Unsec’d. Notes 2.400 03/15/30   35 30,038
CVS Health Corp.,          
Sr. Unsec’d. Notes 5.125 02/21/30   15 14,753
Sr. Unsec’d. Notes 5.125 07/20/45   82 72,358
     
 
Eli Lilly & Co.,
Sr. Unsec’d. Notes 		4.700 02/09/34   75 72,873
15
PGIM Active Aggregate Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2024
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Pharmaceuticals (cont’d.)
     
Merck & Co., Inc.,
Sr. Unsec’d. Notes 		3.400 % 03/07/29   8  $7,504
Mylan, Inc.,
Gtd. Notes 		5.200 04/15/48   15 12,082
Shire Acquisitions Investments Ireland DAC,
Gtd. Notes 		3.200 09/23/26   144 137,235
Utah Acquisition Sub, Inc.,
Gtd. Notes 		3.950 06/15/26   50 48,237
Viatris, Inc.,
Gtd. Notes 		3.850 06/22/40   98 71,468
          674,178
Pipelines 2.3%
DCP Midstream Operating LP,
Gtd. Notes 		5.125 05/15/29   65 64,127
Energy Transfer LP,          
Sr. Unsec’d. Notes 4.900 03/15/35   5 4,661
Sr. Unsec’d. Notes 4.950 06/15/28   133 130,952
Sr. Unsec’d. Notes 6.250 04/15/49   34 33,879
Sr. Unsec’d. Notes, Series 20Y 5.800 06/15/38   50 48,612
     
 
Enterprise Products Operating LLC,
Gtd. Notes 		4.850 03/15/44   15 13,561
Kinder Morgan, Inc.,
Gtd. Notes 		3.250 08/01/50   17 10,861
MPLX LP,          
Sr. Unsec’d. Notes 2.650 08/15/30   75 64,091
Sr. Unsec’d. Notes 4.500 04/15/38   63 54,781
Sr. Unsec’d. Notes 4.875 06/01/25   55 54,557
Sr. Unsec’d. Notes 5.500 02/15/49   17 15,727
     
 
ONEOK Partners LP,
Gtd. Notes 		6.125 02/01/41   25 25,076
ONEOK, Inc.,          
Gtd. Notes 3.100 03/15/30   57 50,538
Gtd. Notes 3.400 09/01/29   15 13,675
Gtd. Notes 6.050 09/01/33   105 107,534
     
 
Plains All American Pipeline LP/PAA Finance Corp.,
Sr. Unsec’d. Notes 		4.500 12/15/26   17 16,615
Targa Resources Corp.,          
Gtd. Notes 4.200 02/01/33   30 26,933
16
PGIM Active Aggregate 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.)
Targa Resources Corp., (cont’d.)          
Gtd. Notes 5.200 % 07/01/27   55  $54,797
Gtd. Notes 6.125 03/15/33   60 61,568
Transcontinental Gas Pipe Line Co. LLC,          
Sr. Unsec’d. Notes 3.250 05/15/30   61 54,601
Sr. Unsec’d. Notes 3.950 05/15/50   31 23,429
     
 
Williams Cos., Inc. (The),
Sr. Unsec’d. Notes 		3.500 11/15/30   50 45,041
          975,616
Real Estate Investment Trusts (REITs) 1.2%
Brixmor Operating Partnership LP,
Sr. Unsec’d. Notes 		5.750 02/15/35   15 14,859
CubeSmart LP,
Gtd. Notes 		2.250 12/15/28   15 13,137
GLP Capital LP/GLP Financing II, Inc.,
Gtd. Notes 		3.250 01/15/32   5 4,153
Host Hotels & Resorts LP,          
Sr. Unsec’d. Notes 5.700 07/01/34   20 19,602
Sr. Unsec’d. Notes, Series J 2.900 12/15/31   5 4,150
Kimco Realty OP LLC,          
Gtd. Notes 1.900 03/01/28   55 48,779
Gtd. Notes 3.200 04/01/32   25 21,307
Realty Income Corp.,          
Sr. Unsec’d. Notes 2.200 06/15/28   80 70,979
Sr. Unsec’d. Notes 2.700 02/15/32   33 27,340
Sr. Unsec’d. Notes 3.100 12/15/29   29 25,929
Sr. Unsec’d. Notes 3.250 01/15/31   25 22,058
     
 
Simon Property Group LP,
Sr. Unsec’d. Notes 		1.750 02/01/28   90 79,830
Sun Communities Operating LP,
Gtd. Notes 		5.700 01/15/33   35 34,469
Ventas Realty LP,
Gtd. Notes 		4.125 01/15/26   127 124,000
VICI Properties LP,
Sr. Unsec’d. Notes 		4.750 02/15/28   20 19,439
          530,031
17
PGIM Active Aggregate 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 0.2%
Alimentation Couche-Tard, Inc. (Canada),
Gtd. Notes, 144A 		4.500 % 07/26/47   27  $22,509
AutoZone, Inc.,
Sr. Unsec’d. Notes 		3.750 04/18/29   28 26,235
Home Depot, Inc. (The),
Sr. Unsec’d. Notes 		5.875 12/16/36   8 8,420
McDonald’s Corp.,
Sr. Unsec’d. Notes, MTN 		4.700 12/09/35   18 16,971
          74,135
Semiconductors 0.5%
Broadcom Corp./Broadcom Cayman Finance Ltd.,
Gtd. Notes 		3.500 01/15/28   45 42,303
Broadcom, Inc.,          
Sr. Unsec’d. Notes, 144A 3.137 11/15/35   42 33,348
Sr. Unsec’d. Notes, 144A 3.419 04/15/33   120 102,523
Sr. Unsec’d. Notes, 144A 4.000 04/15/29   25 23,642
Intel Corp.,          
Sr. Unsec’d. Notes 5.600 02/21/54   15 14,480
Sr. Unsec’d. Notes 5.625 02/10/43   5 4,970
Sr. Unsec’d. Notes 5.900 02/10/63   15 14,918
          236,184
Software 0.2%
Oracle Corp.,          
Sr. Unsec’d. Notes 3.600 04/01/50   15 10,440
Sr. Unsec’d. Notes 3.850 04/01/60   8 5,485
Sr. Unsec’d. Notes 5.550 02/06/53   20 18,878
Sr. Unsec’d. Notes 6.900 11/09/52   30 33,522
     
 
Workday, Inc.,
Sr. Unsec’d. Notes 		3.700 04/01/29   20 18,718
          87,043
Telecommunications 1.1%
AT&T, Inc.,          
Sr. Unsec’d. Notes 2.550 12/01/33   50 39,430
Sr. Unsec’d. Notes 3.500 09/15/53   50 33,797
18
PGIM Active Aggregate 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.)
AT&T, Inc., (cont’d.)          
Sr. Unsec’d. Notes 4.500 % 05/15/35   65  $59,446
Sr. Unsec’d. Notes 5.400 02/15/34   50 49,600
     
 
Motorola Solutions, Inc.,
Sr. Unsec’d. Notes 		5.400 04/15/34   45 44,478
Rogers Communications, Inc. (Canada),
Gtd. Notes 		5.300 02/15/34   65 63,180
Sprint LLC,
Gtd. Notes 		7.625 03/01/26   110 113,061
T-Mobile USA, Inc.,          
Gtd. Notes 3.000 02/15/41   40 28,678
Gtd. Notes 3.875 04/15/30   30 27,883
Verizon Communications, Inc.,          
Sr. Unsec’d. Notes 2.355 03/15/32   26 21,103
Sr. Unsec’d. Notes 3.150 03/22/30   7 6,272
          486,928
Transportation 0.1%
CSX Corp.,
Sr. Unsec’d. Notes 		6.150 05/01/37   33 35,314
Trucking & Leasing 0.3%
Penske Truck Leasing Co. LP/PTL Finance Corp.,
Sr. Unsec’d. Notes, 144A 		5.750 05/24/26   110 110,392
     
 
Total Corporate Bonds
(cost $14,444,589) 		12,929,052
Municipal Bonds 0.2%
California 0.0%
Regents of the University of California Medical Center Pooled Revenue,
Taxable, Revenue Bonds, Series Q 		4.563 05/15/53   10 8,760
Michigan 0.1%
University of Michigan,
Taxable, Revenue Bonds, Sustainability Bond, Series B 		3.504 04/01/52   35 26,386
19
PGIM Active Aggregate Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2024
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
New Jersey 0.0%
New Jersey Turnpike Authority,
Taxable, Revenue Bonds, BABs, Series F 		7.414 % 01/01/40   10  $11,740
New York 0.0%
Port Authority of New York & New Jersey,
Consolidated, Taxable, Revenue Bonds, Series 174 		4.458 10/01/62   10 8,667
Ohio 0.0%
Ohio State University (The),
Taxable, Revenue Bonds, Series A 		4.800 06/01/2111   10 8,673
Pennsylvania 0.0%
Pennsylvania Turnpike Commission,
Revenue Bonds, BABs, Series B 		5.511 12/01/45   10 9,836
Texas 0.1%
Dallas Fort Worth International Airport,
Taxable, Revenue Bonds, Series A 		4.087 11/01/51   20 16,499
Virginia 0.0%
University of Virginia,
Taxable, Revenue Bonds, Series B 		2.584 11/01/51   25 15,539
     
 
Total Municipal Bonds
(cost $144,235) 		106,100
Residential Mortgage-Backed Securities 0.2%
FHLMC Structured Agency Credit Risk REMIC Trust,
Series 2022-DNA03, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 0.000%) 		8.224(c) 04/25/42   30 31,192
MFA Trust,
Series 2021-RPL01, Class A1, 144A 		1.131(cc) 07/25/60   53 46,288
     
 
Total Residential Mortgage-Backed Securities
(cost $82,884) 		77,480
Sovereign Bonds 0.8%
Indonesia Government International Bond (Indonesia),
Sr. Unsec’d. Notes 		3.500 01/11/28   200 187,875
20
PGIM Active Aggregate Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2024
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Sovereign Bonds (Continued)
Mexico Government International Bond (Mexico),
Sr. Unsec’d. Notes, MTN 		6.050 % 01/11/40   50  $48,400
Peruvian Government International Bond (Peru),
Sr. Unsec’d. Notes 		4.125 08/25/27   50 48,000
Romanian Government International Bond (Romania),
Sr. Unsec’d. Notes, 144A, MTN 		6.000 05/25/34   86 84,135
     
 
Total Sovereign Bonds
(cost $410,002) 		368,410
U.S. Government Agency Obligations 24.6%
Federal Home Loan Mortgage Corp. 1.500 04/01/51   405 298,782
Federal Home Loan Mortgage Corp. 2.000 02/01/51   841 653,039
Federal Home Loan Mortgage Corp. 2.000 07/01/51   455 352,606
Federal Home Loan Mortgage Corp. 2.500 04/01/51   884 718,490
Federal Home Loan Mortgage Corp. 3.500 01/01/52   220 194,349
Federal Home Loan Mortgage Corp. 4.000 11/01/39   150 140,524
Federal Home Loan Mortgage Corp. 4.000 12/01/40   100 93,605
Federal Home Loan Mortgage Corp. 6.000 11/01/52   191 192,298
Federal National Mortgage Assoc. 1.500 12/01/50   324 238,473
Federal National Mortgage Assoc. 2.000 05/01/36   338 296,168
Federal National Mortgage Assoc. 2.000 05/01/51   675 524,205
Federal National Mortgage Assoc.(k) 2.500 04/01/51   1,238 1,005,964
Federal National Mortgage Assoc. 2.500 05/01/52   428 350,466
Federal National Mortgage Assoc. 3.000 11/01/46   218 191,486
Federal National Mortgage Assoc. 3.000 02/01/52   422 355,469
Federal National Mortgage Assoc. 3.000 03/01/52   401 343,102
Federal National Mortgage Assoc. 3.000 05/01/52   383 328,664
Federal National Mortgage Assoc. 3.500 06/01/47   316 283,602
Federal National Mortgage Assoc. 3.500 02/01/52   213 187,773
Federal National Mortgage Assoc. 4.000 02/01/41   123 115,372
Federal National Mortgage Assoc. 4.000 02/01/45   109 101,850
Federal National Mortgage Assoc. 4.000 03/01/49   346 318,529
Federal National Mortgage Assoc. 4.000 05/01/52   222 201,586
Federal National Mortgage Assoc. 4.500 05/01/52   282 263,914
Federal National Mortgage Assoc. 4.500 06/01/52   214 200,081
Federal National Mortgage Assoc. 5.000 07/01/52   454 437,916
Federal National Mortgage Assoc. 5.500 10/01/52   223 219,470
Federal National Mortgage Assoc. 5.500 11/01/52   446 440,015
Government National Mortgage Assoc. 2.000 03/20/51   378 302,885
Government National Mortgage Assoc. 3.000 01/20/51   530 457,620
21
PGIM Active Aggregate Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2024
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
U.S. Government Agency Obligations (Continued)
Government National Mortgage Assoc. 4.500 % 05/20/52   904  $855,644
Tennessee Valley Authority, Sr. Unsec’d. Notes 1.500 09/15/31   15 11,984
     
 
Total U.S. Government Agency Obligations
(cost $12,094,746) 		10,675,931
U.S. Treasury Obligations 22.8%
U.S. Treasury Bonds 1.250 05/15/50   210 102,277
U.S. Treasury Bonds 2.000 11/15/41   1,045 708,314
U.S. Treasury Bonds 2.250 08/15/49   275 175,141
U.S. Treasury Bonds(k) 2.375 02/15/42   1,170 841,669
U.S. Treasury Bonds 2.375 05/15/51   365 236,623
U.S. Treasury Bonds 3.000 02/15/49   1,230 919,617
U.S. Treasury Bonds 3.375 11/15/48   960 769,800
U.S. Treasury Bonds 3.625 02/15/53   265 221,979
U.S. Treasury Bonds 4.250 02/15/54   85 79,741
U.S. Treasury Bonds 4.750 11/15/53   167 170,183
U.S. Treasury Notes 2.750 08/15/32   1,475 1,299,383
U.S. Treasury Notes 3.250 06/30/29   1,580 1,489,767
U.S. Treasury Notes 3.875 04/30/25   1,385 1,368,391
U.S. Treasury Notes 4.125 09/30/27   660 649,791
U.S. Treasury Strips Coupon 2.221(s) 02/15/42   1,395 587,698
U.S. Treasury Strips Coupon 2.527(s) 08/15/44   305 113,743
U.S. Treasury Strips Coupon 2.542(s) 02/15/46   450 156,814
U.S. Treasury Strips Coupon 2.561(s) 11/15/45   80 28,172
     
 
Total U.S. Treasury Obligations
(cost $11,173,213) 		9,919,103
 
Total Long-Term Investments
(cost $47,628,952) 		42,790,077
    
22
PGIM Active Aggregate Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2024
Description     Shares Value
Short-Term Investment 0.8%
Affiliated Mutual Fund           
PGIM Core Government Money Market Fund (7-day effective yield 5.550%)
(cost $349,450)(wb) 		    349,450  $349,450
 
TOTAL INVESTMENTS 99.3%
(cost $47,978,402) 		43,139,527
Other assets in excess of liabilities(z) 0.7% 283,280
 
Net Assets 100.0% $43,422,807
Below is a list of the abbreviation(s) used in the quarterly schedule of portfolio holdings:
    
  144A—Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, pursuant to the requirements of Rule 144A, may not be resold except to qualified institutional buyers.
  A—Annual payment frequency for swaps
  BABs—Build America Bonds
  CDX—Credit Derivative Index
  CLO—Collateralized Loan Obligation
  DAC—Designated Activity Company
  FHLMC—Federal Home Loan Mortgage Corporation
  GMTN—Global Medium Term Note
  JPM—JPMorgan Chase Bank N.A.
  LP—Limited Partnership
  MTN—Medium Term Note
  OTC—Over-the-counter
  Q—Quarterly payment frequency for swaps
  REITs—Real Estate Investment Trust
  REMIC—Real Estate Mortgage Investment Conduit
  SOFR—Secured Overnight Financing Rate
  STRIPs—Separate Trading of Registered Interest and Principal of Securities
  T—Swap payment upon termination
  TBA—To Be Announced
  UMBS—Uniform Mortgage-Backed Securities
  USOIS—United States Overnight Index Swap
    
# 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.
(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.
(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.
(s) Represents zero coupon bond or principal only security. Rate represents yield to maturity at purchase date.
(wb) Represents an investment in a Fund affiliated with the Manager.
23
PGIM Active Aggregate Bond 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:
Forward Commitment Contract:                      
U.S. Government Agency Obligation   Interest
Rate 		  Maturity
Date 		  Settlement
Date 		  Principal
Amount
(000)# 		  Value
Government National Mortgage Assoc.
(proceeds receivable $472,949) 		  4.500%   TBA   06/20/24     $(500)  $(472,723)  
    
Futures contracts outstanding at May 31, 2024:
Number
of
Contracts 		  Type   Expiration
Date 		  Current
Notional
Amount 		  Value /
Unrealized
Appreciation
(Depreciation)
Long Positions:
17   2 Year U.S. Treasury Notes   Sep. 2024    $3,462,953    $(1,812)
6   5 Year U.S. Treasury Notes   Sep. 2024   634,781   (885)
5   10 Year U.S. Treasury Notes   Sep. 2024   543,984   (2,290)
7   10 Year U.S. Ultra Treasury Notes   Sep. 2024   784,219   (4,096)
5   30 Year UMBS TBA – 5.5% Coupon   Jul. 2024   491,602   (2,565)
                (11,648)
Short Position:
9   20 Year U.S. Treasury Bonds   Sep. 2024   1,044,563   10,815
                $(833)
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.IG.42.V1 06/20/29   1.000%(Q)     2,850   0.499%   $60,721   $69,692   $8,971
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
24
PGIM Active Aggregate Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2024
  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.
(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:
  1,865   08/31/24   5.384%(T)   1 Day SOFR(2)(T)/ 5.340%    $—    $(1,409)    $(1,409)
  424   03/08/25   4.946%(A)   1 Day SOFR(2)(A)/ 5.340%   —   (1,552)   (1,552)
  424   03/09/25   5.110%(A)   1 Day SOFR(2)(A)/ 5.340%   —   (893)   (893)
  852   03/10/25   5.088%(A)   1 Day SOFR(2)(A)/ 5.340%   —   (1,908)   (1,908)
  965   08/31/25   4.805%(A)   1 Day SOFR(1)(A)/ 5.340%   —   8,098   8,098
  2,005   05/13/27   4.497%(A)   1 Day SOFR(2)(A)/ 5.340%   736   (4,185)   (4,921)
  1,250   05/13/29   4.253%(A)   1 Day SOFR(1)(A)/ 5.340%   (1,317)   2,998   4,315
  70   05/11/54   1.350%(A)   1 Day SOFR(1)(A)/ 5.340%   31,834   31,106   (728)
                    $31,253   $32,255   $1,002
    
(1) The Fund pays the fixed rate and receives the floating rate.
(2) The Fund pays the floating rate and receives the fixed rate.
    
25
PGIM Active Aggregate Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2024
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:
Total Return Benchmark Bond Index(T)   1 Day USOIS -54bps(T)/ 4.790%   JPM   09/20/24   (244)   $6,600   $—   $6,600
(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).
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