# EDGAR Filing Document

**Accession Number:** 0001727074
**File Stem:** 0000940400-26-002825
**Filing Date:** 2026-1
**Character Count:** 102456
**Document Hash:** ecc6d1af04eb12f2baa1084ca0901fcf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-002825.hdr.sgml**: 20260127

**ACCESSION NUMBER**: 0000940400-26-002825

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251128

**FILED AS OF DATE**: 20260127

**DATE AS OF CHANGE**: 20260127

**PERIOD START**: 20260831

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PGIM ETF TRUST
- **CENTRAL INDEX KEY:** 0001727074

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23324
- **FILM NUMBER:** 26567155

**BUSINESS ADDRESS:**
- **STREET 1:** 655 BROAD STREET
- **STREET 2:** 6TH FLOOR
- **CITY:** NEWARK
- **STATE:** NJ
- **ZIP:** 07102
- **BUSINESS PHONE:** (973) 802-5032

**MAIL ADDRESS:**
- **STREET 1:** 655 BROAD STREET
- **STREET 2:** 6TH FLOOR
- **CITY:** NEWARK
- **STATE:** NJ
- **ZIP:** 07102

## Series and Classes Contracts Data

### PGIM Ultra Short Municipal Bond ETF (Series ID: S000085146)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000250013 | PGIM Ultra Short Municipal Bond ETF | PUSH            |

## Nport-Ex

### PGIM Ultra Short Municipal Bond ETF

### Schedule of Investments (unaudited)
as of November 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal Amount<br> (000)#** | &nbsp;&nbsp;**Value** |
| **Long-Term Investments 97.4%** | **Long-Term Investments 97.4%** | **Long-Term Investments 97.4%** | **Long-Term Investments 97.4%** | **Long-Term Investments 97.4%** |
| **Municipal Bonds** | **Municipal Bonds** | **Municipal Bonds** | **Municipal Bonds** | **Municipal Bonds** |
| **Alabama 4.3%** | **Alabama 4.3%** | **Alabama 4.3%** | **Alabama 4.3%** | **Alabama 4.3%** |
| Alabama Hsg. Fin. Auth. Rev.,<br> Forest Hills Vlg. Proj., Series A (Mandatory put date 11/01/26) | 5.000 %(cc) | &nbsp;&nbsp;11/01/27 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp; $203249 |
| Black Belt Energy Gas Dist. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proj. No. 5, Series A-1 (Mandatory put date 10/01/26) | 4.000(cc) | &nbsp;&nbsp;10/01/49 | &nbsp;&nbsp;&nbsp;680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;683169 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series B-1 (Mandatory put date 10/01/27) | 4.000(cc) | &nbsp;&nbsp;04/01/53 | &nbsp;&nbsp;&nbsp;545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551284 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series D1, Rfdg. (Mandatory put date 06/01/27) | 4.000(cc) | &nbsp;&nbsp;07/01/52 | &nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110984 |
| Lower Alabama Gas Dist. Rev.,<br> Series A | 5.000 | &nbsp;&nbsp;09/01/27 | &nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410469 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1959155 |
| **Arizona 4.2%** | **Arizona 4.2%** | **Arizona 4.2%** | **Arizona 4.2%** | **Arizona 4.2%** |
| Arizona Indl. Dev. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ironwood Ranch Apts. Proj. (Mandatory put date 09/01/26) | 5.000(cc) | &nbsp;&nbsp;02/01/58 | 1195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1208852 |
| &nbsp;&nbsp;&nbsp;&nbsp;The Ranches at Gunsmoke Proj. (Mandatory put date 11/01/26) | 5.000(cc) | &nbsp;&nbsp;03/01/58 | &nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355911 |
| Glendale Indl. Dev. Auth. Rev.,<br> Midwest Univ. Foundation, Sr. Series A, AMT | 5.000 | &nbsp;&nbsp;07/01/27 | &nbsp;&nbsp;&nbsp;340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347029 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1911792 |
| **California 10.1%** | **California 10.1%** | **California 10.1%** | **California 10.1%** | **California 10.1%** |
| California Cnty. Tobacco Securitization Agcy. Rev.,<br> Sonoma Cnty. Securitization Corp., Series A, Rfdg. | 5.000 | &nbsp;&nbsp;06/01/27 | &nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334417 |
| California Hlth. Facs. Fing. Auth. Rev.,<br> Providence St. Joseph Hlth., Series B, Rfdg. (Mandatory put date 10/01/27) | 5.000(cc) | &nbsp;&nbsp;10/01/39 | &nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134240 |
| California Infrast. & Econ. Dev. Bank Rev.,<br> Colburn Sch., Rfdg. (Mandatory put date 08/01/26) | 1.750(cc) | &nbsp;&nbsp;08/01/55 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;986493 |
| California Muni. Fin. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Draw Down Wste. Mgmt., Inc. Proj., Series A, Rmkt., AMT (Mandatory put date 12/01/25) | 3.800(cc) | &nbsp;&nbsp;10/01/45 | &nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249338 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Lien, LINXS APM Proj., Series A, P3 Proj., AMT | 5.000 | &nbsp;&nbsp;12/31/27 | &nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112706 |
| &nbsp;&nbsp;&nbsp;&nbsp;Terracina at Westpark Apts., Series A (Mandatory put date 08/01/27) | 3.200(cc) | &nbsp;&nbsp;09/01/45 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100101 |
| California St.,<br> CM Veterans Bond, GO, Rfdg., AMT | 3.150 | &nbsp;&nbsp;12/01/26 | &nbsp;&nbsp;&nbsp;775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;772929 |
| City of Los Angeles Dept. of Arpt. Rev.,<br> Series B, Rfdg., AMT | 5.000 | &nbsp;&nbsp;05/15/27 | &nbsp;&nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340828 |
| Los Angeles Dept. of Wtr. & Pwr. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;LA Dept. of Wtr. & Pwr. Sys., Series C | 4.000 | &nbsp;&nbsp;07/01/26 | &nbsp;&nbsp;&nbsp;475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478951 |
| &nbsp;&nbsp;&nbsp;&nbsp;LA Dept. of Wtr. & Pwr. Sys., Series C | 5.000 | &nbsp;&nbsp;07/01/26 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202275 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A, Rfdg. | 5.000 | &nbsp;&nbsp;07/01/27 | &nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166077 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A, Rfdg. | 5.000 | &nbsp;&nbsp;07/01/28 | &nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183052 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series D, Rfdg. | 5.000 | &nbsp;&nbsp;07/01/26 | &nbsp;&nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430893 |
| River Islands Pub. Fing. Auth.,<br> Spl. Tax, Cmnty. Facs. Dt. No. 2023-1 Impt. Area No. 3, Rfdg. | 5.000 | &nbsp;&nbsp;09/01/27 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101871 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4594171 |
| **Colorado 4.3%** | **Colorado 4.3%** | **Colorado 4.3%** | **Colorado 4.3%** | **Colorado 4.3%** |
| Colorado Hlth. Facs. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commonspirit Hlth., Series A-1, Rfdg. | 5.000 | &nbsp;&nbsp;08/01/26 | &nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263098 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commonspirit Hlth., Series A-2, Rfdg. | 5.000 | &nbsp;&nbsp;08/01/26 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202379 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commonspirit Hlth., Series B-2 (Mandatory put date 08/01/26) | 5.000(cc) | &nbsp;&nbsp;08/01/49 | &nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175582 |
| &nbsp;&nbsp;&nbsp;&nbsp;Covenant Living Communities & Svcs., Rfdg. | 5.000 | &nbsp;&nbsp;12/01/27 | &nbsp;&nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252409 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intermountain Healthcare, Series B, Rfdg. (Mandatory put date 08/17/26) | 5.000(cc) | &nbsp;&nbsp;05/15/62 | &nbsp;&nbsp;&nbsp;380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385825 |
| &nbsp;&nbsp;&nbsp;&nbsp;SCL Hlth. Sys., Series A, Rfdg. | 5.000 | &nbsp;&nbsp;01/01/26 | &nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125213 |
| Univ. of Colorado Rev.,<br> Univ. Enterprise Rev., Green Bond Proj., Series C-3B, Rfdg. (Mandatory put date 10/15/26) | 2.000(cc) | &nbsp;&nbsp;06/01/51 | &nbsp;&nbsp;&nbsp;540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533242 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1937748 |

---

------

### PGIM Ultra Short Municipal Bond ETF

### Schedule of Investments (unaudited) (continued)
as of November 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal Amount<br> (000)#** | &nbsp;&nbsp;**Value** |
| **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** |
| **Connecticut 0.3%** | **Connecticut 0.3%** | **Connecticut 0.3%** | **Connecticut 0.3%** | **Connecticut 0.3%** |
| Connecticut St. Higher Ed. Supplement Loan Auth. Rev.,<br> Chesla Loan Prog., Series B, AMT | 5.000% | &nbsp;&nbsp;11/15/26 | &nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp; $152009 |
| **District of Columbia 1.9%** | **District of Columbia 1.9%** | **District of Columbia 1.9%** | **District of Columbia 1.9%** | **District of Columbia 1.9%** |
| Dist. of Columbia Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Children's Hosp. Rfdg. | 5.000 | &nbsp;&nbsp;07/15/27 | &nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250446 |
| &nbsp;&nbsp;&nbsp;&nbsp;Children's Hosp. Rfdg. | 5.000 | &nbsp;&nbsp;07/15/35 | &nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300349 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dist. of Columbia Int'l. Sch. | 5.000 | &nbsp;&nbsp;07/01/28 | &nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182340 |
| &nbsp;&nbsp;&nbsp;&nbsp;KIPP DC Issue, Series A, Rfdg. | 5.000 | &nbsp;&nbsp;07/01/26 | &nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126302 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;859437 |
| **Florida 1.5%** | **Florida 1.5%** | **Florida 1.5%** | **Florida 1.5%** | **Florida 1.5%** |
| City of Tampa Rev.,<br> H. Lee Moffitt Cancer Ctr. Proj., Series B, Rfdg. | 5.000 | &nbsp;&nbsp;07/01/37 | &nbsp;&nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115571 |
| Miami-Dade Cnty. Indl. Dev. Auth. Rev.,<br> Wste. Mgmt., Inc., Rmkt. | 3.350 | &nbsp;&nbsp;09/01/27 | &nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297288 |
| Orange Cnty. Hlth. Facs. Auth. Rev.,<br> Adventhealth Oblig. Grp., Series C, Rfdg. (Mandatory put date 11/15/26) | 5.000(cc) | &nbsp;&nbsp;11/15/52 | &nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254324 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667183 |
| **Georgia 6.6%** | **Georgia 6.6%** | **Georgia 6.6%** | **Georgia 6.6%** | **Georgia 6.6%** |
| Columbus Medical Ctr. Hosp. Auth. Rev.,<br> Piedmont Healthcare Proj., Inc., Series A, Rfdg. (Mandatory put date 07/01/26) | 5.000(cc) | &nbsp;&nbsp;07/01/54 | &nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155197 |
| Dev. Auth. of Monroe Cnty. Rev.,<br> GA Pwr. Co., PLT Scherer Proj., 2nd Series, Rmkt. (Mandatory put date 03/06/26) | 3.875(cc) | &nbsp;&nbsp;10/01/48 | &nbsp;&nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310483 |
| Main Street Natural Gas, Inc. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A | 5.000 | &nbsp;&nbsp;12/01/27 | &nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129002 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A (Mandatory put date 09/01/27) | 4.000(cc) | &nbsp;&nbsp;07/01/52 | 1390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1405439 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series C (Mandatory put date 09/01/26) | 4.000(cc) | &nbsp;&nbsp;03/01/50 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1004284 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3004405 |
| **Illinois 12.7%** | **Illinois 12.7%** | **Illinois 12.7%** | **Illinois 12.7%** | **Illinois 12.7%** |
| Chicago Brd. of Ed., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A, GO, Rfdg., AG | 5.000 | &nbsp;&nbsp;12/01/27 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103801 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series C, GO, Rfdg. | 5.250 | &nbsp;&nbsp;12/01/27 | &nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710219 |
| Chicago O'Hare Int'l. Arpt. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gen. Sr. Lien, Series C, Rfdg. | 5.000 | &nbsp;&nbsp;01/01/35 | &nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500511 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Lien, Series D | 5.250 | &nbsp;&nbsp;01/01/35 | &nbsp;&nbsp;&nbsp;365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371525 |
| City of Chicago,<br> Series A, GO, Rfdg.(ee) | 5.000 | &nbsp;&nbsp;01/01/27 | &nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151492 |
| Illinois Fin. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Field Museum of Natural History, Rfdg., Rmkt. (Mandatory put date 09/01/28) | 3.957(cc) | &nbsp;&nbsp;11/01/34 | &nbsp;&nbsp;&nbsp;965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965095 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mercy Hlth. Sys. Oblig. Grp., Rfdg. | 5.000 | &nbsp;&nbsp;12/01/26 | &nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252126 |
| &nbsp;&nbsp;&nbsp;&nbsp;OSF Healthcare Sys., Series B-2, Rfdg. (Mandatory put date 11/15/26) | 5.000(cc) | &nbsp;&nbsp;05/15/50 | &nbsp;&nbsp;&nbsp;435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437975 |
| &nbsp;&nbsp;&nbsp;&nbsp;Westminster Vlg., Series A, Rfdg. | 4.500 | &nbsp;&nbsp;05/01/28 | &nbsp;&nbsp;&nbsp;765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760622 |
| Illinois St., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;GO | 5.000 | &nbsp;&nbsp;06/01/26 | &nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217179 |
| &nbsp;&nbsp;&nbsp;&nbsp;GO | 5.000 | &nbsp;&nbsp;11/01/33 | &nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177128 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A, GO | 5.000 | &nbsp;&nbsp;12/01/27 | &nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145667 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series D, GO, Rfdg. | 5.000 | &nbsp;&nbsp;07/01/27 | &nbsp;&nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340546 |
| Illinois St. Sales Tax Rev.,<br> Jr. Oblig., Series A | 4.000 | &nbsp;&nbsp;06/15/27 | &nbsp;&nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314840 |
| Illinois St. Toll Hwy. Auth. Rev.,<br> Sr. Series A, Rfdg. | 5.000 | &nbsp;&nbsp;12/01/31 | &nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325420 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5774146 |

---

------

### PGIM Ultra Short Municipal Bond ETF

### Schedule of Investments (unaudited) (continued)
as of November 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal Amount<br> (000)#** | &nbsp;&nbsp;**Value** |
| **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** |
| **Kansas 0.2%** | **Kansas 0.2%** | **Kansas 0.2%** | **Kansas 0.2%** | **Kansas 0.2%** |
| Kansas Dev. Fin. Auth. Rev.,<br> Terrace Pointe, Series K-2 (Mandatory put date 09/01/27) | 5.000 %(cc) | &nbsp;&nbsp;09/01/28 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp; $103213 |
| **Kentucky 2.6%** | **Kentucky 2.6%** | **Kentucky 2.6%** | **Kentucky 2.6%** | **Kentucky 2.6%** |
| Kentucky Pub. Energy Auth. Rev.,<br> Series C (Mandatory put date 02/01/28) | 4.000(cc) | &nbsp;&nbsp;02/01/50 | 1160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1172549 |
| **Maryland 0.8%** | **Maryland 0.8%** | **Maryland 0.8%** | **Maryland 0.8%** | **Maryland 0.8%** |
| Montgomery Cnty. Hsg. Opportunities Commn. Rev.,<br> Series B, AMT | 3.125 | &nbsp;&nbsp;07/01/28 | &nbsp;&nbsp;&nbsp;385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382852 |
| **Massachusetts 3.1%** | **Massachusetts 3.1%** | **Massachusetts 3.1%** | **Massachusetts 3.1%** | **Massachusetts 3.1%** |
| Massachusetts Dev. Fin. Agcy. Rev.,<br> Dexter Southfield., Rfdg. | 5.000 | &nbsp;&nbsp;05/01/30 | 1035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1035791 |
| Massachusetts Edl. Fing. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issue K, Sr. Series A, Rfdg., AMT | 5.000 | &nbsp;&nbsp;07/01/26 | &nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176734 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Series B, AMT | 5.000 | &nbsp;&nbsp;07/01/27 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204283 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1416808 |
| **Michigan 3.7%** | **Michigan 3.7%** | **Michigan 3.7%** | **Michigan 3.7%** | **Michigan 3.7%** |
| Michigan Fin. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bronson Healthcare Grp., Series C (Mandatory put date 05/15/26) | 3.750(cc) | &nbsp;&nbsp;11/15/49 | &nbsp;&nbsp;&nbsp;635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635868 |
| &nbsp;&nbsp;&nbsp;&nbsp;Henry Ford Hlth. Sys., Rfdg. | 5.000 | &nbsp;&nbsp;11/15/27 | &nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152382 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Series A, Class 1, Rfdg. | 5.000 | &nbsp;&nbsp;06/01/26 | &nbsp;&nbsp;&nbsp;380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383516 |
| Michigan Strategic Fd. Rev.,<br> Sustainable Bond, Recycled Board Machine Proj., AMT (Mandatory put date 10/01/26) | 4.000(cc) | &nbsp;&nbsp;10/01/61 | &nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500354 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1672120 |
| **Minnesota 1.1%** | **Minnesota 1.1%** | **Minnesota 1.1%** | **Minnesota 1.1%** | **Minnesota 1.1%** |
| City of Minneapolis Rev.,<br> Allina Hlth. Sys., Series A (Mandatory put date 11/15/28) | 5.000(cc) | &nbsp;&nbsp;11/15/52 | &nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225938 |
| Minnesota Rural Wtr. Fin. Auth., Inc. Rev.,<br> Rfdg., BANS | 3.300 | &nbsp;&nbsp;08/01/26 | &nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274840 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500778 |
| **Missouri 0.5%** | **Missouri 0.5%** | **Missouri 0.5%** | **Missouri 0.5%** | **Missouri 0.5%** |
| Missouri St. Hlth. & Edl. Facs. Auth. Rev.,<br> BJC Hlth. Sys., Series B, Rfdg. (Mandatory put date 05/01/26) | 4.000(cc) | &nbsp;&nbsp;05/01/51 | &nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210755 |
| **Nevada 1.1%** | **Nevada 1.1%** | **Nevada 1.1%** | **Nevada 1.1%** | **Nevada 1.1%** |
| Nevada St. Dept. of Bus. & Indl. Rev.,<br> Republic Svcs. Proj., Series 2001, 144A, AMT (Mandatory put date 12/01/25) | 3.950(cc) | &nbsp;&nbsp;12/01/26 | &nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500001 |
| **New Hampshire 0.3%** | **New Hampshire 0.3%** | **New Hampshire 0.3%** | **New Hampshire 0.3%** | **New Hampshire 0.3%** |
| New Hampshire Bus. Fin. Auth. Rev.,<br> Silverado Proj., 144A | 5.000 | &nbsp;&nbsp;12/01/28 | &nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150089 |
| **New Jersey 2.2%** | **New Jersey 2.2%** | **New Jersey 2.2%** | **New Jersey 2.2%** | **New Jersey 2.2%** |
| New Jersey Higher Ed. Student Assistance Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Series A, Rfdg., AMT | 5.000 | &nbsp;&nbsp;12/01/27 | &nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154531 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Series B, AMT | 5.000 | &nbsp;&nbsp;12/01/27 | &nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283307 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Series B, Rfdg., AMT | 5.000 | &nbsp;&nbsp;12/01/26 | &nbsp;&nbsp;&nbsp;390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396224 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Series B, Rfdg., AMT | 5.000 | &nbsp;&nbsp;12/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77244 |
| Tob. Settlement Fing. Corp. Rev.,<br> Series A, Rfdg. | 5.000 | &nbsp;&nbsp;06/01/27 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103011 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1014317 |

---

------

### PGIM Ultra Short Municipal Bond ETF

### Schedule of Investments (unaudited) (continued)
as of November 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal Amount<br> (000)#** | &nbsp;&nbsp;**Value** |
| **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** |
| **New York 2.3%** | **New York 2.3%** | **New York 2.3%** | **New York 2.3%** | **New York 2.3%** |
| Dutchess Cnty. Loc. Dev. Corp. Rev.,<br> Health Quest Sys. Proj., Inc., Series B | 5.000% | &nbsp;&nbsp;07/01/26 | 200 | &nbsp;&nbsp; $202058 |
| Metropolitan Transp. Auth. Rev.,<br> Series C-1, Rfdg. | 5.000 | &nbsp;&nbsp;11/15/27 | 170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173171 |
| New York City Hsg. Dev. Corp. Rev.,<br> Sustainable Dev. Bonds, Series F-2A (Mandatory put date 12/22/26) | 3.400(cc) | &nbsp;&nbsp;11/01/62 | 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499018 |
| New York St. Hsg. Fin. Agcy. Rev.,<br> Sustainable Bonds, Series B-2 (Mandatory put date 05/01/27) | 3.600(cc) | &nbsp;&nbsp;11/01/62 | 175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175028 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1049275 |
| **North Carolina 0.2%** | **North Carolina 0.2%** | **North Carolina 0.2%** | **North Carolina 0.2%** | **North Carolina 0.2%** |
| Charlotte-Mecklenburg Hosp. Auth. Rev.,<br> Atrium Hlth., Series D, Rmkt. (Mandatory put date 06/15/27) | 3.625(cc) | &nbsp;&nbsp;01/15/48 | 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100181 |
| **Ohio 1.5%** | **Ohio 1.5%** | **Ohio 1.5%** | **Ohio 1.5%** | **Ohio 1.5%** |
| Ohio St. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Republic Svcs., Inc. Proj., Rfdg., Rmkt. (Mandatory put date 12/01/25) | 3.200(cc) | &nbsp;&nbsp;11/01/35 | 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Univ. Hosps. Hlth. Sys., Series A, Rfdg. | 5.000 | &nbsp;&nbsp;01/15/27 | 175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175344 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675344 |
| **Oklahoma 0.2%** | **Oklahoma 0.2%** | **Oklahoma 0.2%** | **Oklahoma 0.2%** | **Oklahoma 0.2%** |
| Oklahoma Dev. Fin. Auth. Rev.,<br> OU Med. Proj., Series B | 5.000 | &nbsp;&nbsp;08/15/26 | 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101051 |
| **Oregon 0.9%** | **Oregon 0.9%** | **Oregon 0.9%** | **Oregon 0.9%** | **Oregon 0.9%** |
| Port of Portland Arpt. Rev.,<br> Series 27-A, Rfdg., AMT | 5.000 | &nbsp;&nbsp;07/01/26 | 420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424720 |
| **Pennsylvania 2.8%** | **Pennsylvania 2.8%** | **Pennsylvania 2.8%** | **Pennsylvania 2.8%** | **Pennsylvania 2.8%** |
| Dauphin Cnty. Gen. Auth. Rev.,<br> Pinnacle Hlth. Sys. Proj., Series A, Rfdg. | 5.000 | &nbsp;&nbsp;06/01/36 | 205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206075 |
| Pennsylvania Econ. Dev. Fing. Auth. Rev.,<br> Wste. Mgmt., Inc. Proj., Series A, AMT, Rmkt. (Mandatory put date 08/03/26) | 3.875(cc) | &nbsp;&nbsp;08/01/37 | 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500708 |
| Pennsylvania Higher Ed. Assistance Agcy. Rev.,<br> Series A | 5.000 | &nbsp;&nbsp;06/01/26 | 445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447929 |
| Univ. of Pittsburgh-of the Commonwealth Sys. of Higher Edl. Rev.,<br> Rfdg. | 4.000 | &nbsp;&nbsp;04/15/26 | 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100274 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1254986 |
| **Rhode Island 0.7%** | **Rhode Island 0.7%** | **Rhode Island 0.7%** | **Rhode Island 0.7%** | **Rhode Island 0.7%** |
| Rhode Island Student Loan Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Bond, Series A, AMT | 5.000 | &nbsp;&nbsp;12/01/26 | &nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76239 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Prog., Series A, AMT | 5.000 | &nbsp;&nbsp;12/01/26 | 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254109 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330348 |
| **South Carolina 1.7%** | **South Carolina 1.7%** | **South Carolina 1.7%** | **South Carolina 1.7%** | **South Carolina 1.7%** |
| SCAGO Edl. Facs. Corp. for Pickens Sch. Dist. Rev.,<br> Rfdg. | 5.000 | &nbsp;&nbsp;12/01/30 | 750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750673 |
| **Tennessee 2.7%** | **Tennessee 2.7%** | **Tennessee 2.7%** | **Tennessee 2.7%** | **Tennessee 2.7%** |
| Knox Cnty. Hlth. Edl. & Hsg. Facs. Board Rev.,<br> Westview Towers Proj. (Mandatory put date 12/01/25) | 3.950(cc) | &nbsp;&nbsp;12/01/27 | 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 |
| Metropolitan Govt. Nashville & Davidson Cnty Hlth. & Edl. Facs. Brd. Rev.,<br> Burning Tree Apts. Proj. (Mandatory put date 10/01/27) | 5.000(cc) | &nbsp;&nbsp;10/01/28 | 175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181156 |
| Metropolitan Nashville Arpt. Auth. Rev.,<br> Sub. Series B, AMT | 5.000 | &nbsp;&nbsp;07/01/27 | 175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179710 |

---

------

### PGIM Ultra Short Municipal Bond ETF

### Schedule of Investments (unaudited) (continued)
as of November 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal Amount<br> (000)#** | &nbsp;&nbsp;**Value** |
| **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** |
| **Tennessee (cont'd.)** | **Tennessee (cont'd.)** | **Tennessee (cont'd.)** | **Tennessee (cont'd.)** | **Tennessee (cont'd.)** |
| Tennessee Energy Acq. Corp. Gas Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gas Proj., Series A-1, Rfdg. (Mandatory put date 05/01/28) | 5.000 %(cc) | &nbsp;&nbsp;05/01/53 | 440 | &nbsp;&nbsp; $455238 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series C | 5.000 | &nbsp;&nbsp;02/01/27 | 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202172 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1218276 |
| **Texas 9.7%** | **Texas 9.7%** | **Texas 9.7%** | **Texas 9.7%** | **Texas 9.7%** |
| Allen Independent Sch. Dist.,<br> Sch. Bldg., GO, PSFG | 5.000 | &nbsp;&nbsp;02/15/36 | 140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140357 |
| Brazoria Cnty. Muni. Util. Dist. No. 21,<br> GO, Rfdg., AG | 3.500 | &nbsp;&nbsp;09/01/26 | 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149741 |
| Brazos Higher Ed. Auth., Inc. Rev.,<br> Sr. Series 1A, AMT | 5.000 | &nbsp;&nbsp;04/01/27 | 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508912 |
| City of Dallas Hsg. Fin. Corp. Rev.,<br> The Positano (Mandatory put date 03/01/26) | 5.000(cc) | &nbsp;&nbsp;09/01/26 | 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100088 |
| Clifton Higher Ed. Fin. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Idea Pub. Sch., Series B | 5.000 | &nbsp;&nbsp;08/15/27 | 595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601861 |
| &nbsp;&nbsp;&nbsp;&nbsp;Idea Pub. Sch., Series B | 5.000 | &nbsp;&nbsp;08/15/28 | 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252320 |
| Dallas Independent Sch. Dist.,<br> Series A-2, GO, PSFG (Mandatory put date 02/15/27) | 5.000(cc) | &nbsp;&nbsp;02/15/55 | 140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143483 |
| Fort Bend Cnty. Muni. Util. Dist. No. 122,<br> GO, Rfdg., BAM | 3.000 | &nbsp;&nbsp;09/01/27 | 335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331584 |
| Harris Cnty. Cultrl. Ed. Facs. Fin. Corp. Rev.,<br> Memorial Hermann Hlth. Sys., Series B-3 (Mandatory Put Date 12/01/26) | 5.000(cc) | &nbsp;&nbsp;07/01/49 | 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203615 |
| Houston Hsg. Fin. Corp. Rev.,<br> Alcott Vlg., Series A (Mandatory put date 04/01/26) | 3.200(cc) | &nbsp;&nbsp;04/01/28 | 800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799454 |
| Lower Colorado River Auth. Rev.,<br> LCRA Transmn. Svcs. Corp. Proj., Rfdg. | 5.000 | &nbsp;&nbsp;05/15/26 | 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151429 |
| New Hope Cultural Ed. Facs. Fin. Corp. Rev.,<br> Westminster Proj., Rfdg. | 5.000 | &nbsp;&nbsp;11/01/26 | 280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283754 |
| Tarrant Cnty. Cultural Ed. Facs. Fin. Corp. Rev.,<br> Baylor Scott & White Hlth. Proj., Series E (Mandatory put date 05/15/26) | 5.000(cc) | &nbsp;&nbsp;11/15/52 | 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251175 |
| Texarkana Independent Sch. Dist.,<br> GO, PSFG (Mandatory put date 08/15/26) | 4.000(cc) | &nbsp;&nbsp;02/15/53 | 480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483011 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4400784 |
| **Utah 1.3%** | **Utah 1.3%** | **Utah 1.3%** | **Utah 1.3%** | **Utah 1.3%** |
| City of Salt Lake City Arpt. Rev.,<br> Series A, AMT | 5.000 | &nbsp;&nbsp;07/01/27 | 360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370201 |
| Utah Cnty. Rev.,<br> IHC Hlth. Svcs., Inc., Series B (Mandatory put date 08/01/26) | 5.000(cc) | &nbsp;&nbsp;05/15/60 | 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202819 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573020 |
| **Virginia 1.8%** | **Virginia 1.8%** | **Virginia 1.8%** | **Virginia 1.8%** | **Virginia 1.8%** |
| Alexandria Redev. & Hsg. Auth. Rev.,<br> 431 S. Columbus Street Block 4 Proj. (Mandatory put date 12/01/25) | 3.400(cc) | &nbsp;&nbsp;12/01/54 | 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 |
| Virginia Small Bus. Fing. Auth. Rev.,<br> Hampton Univ., Rfdg. | 5.000 | &nbsp;&nbsp;10/01/26 | 705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;714107 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;814107 |
| **Washington 5.0%** | **Washington 5.0%** | **Washington 5.0%** | **Washington 5.0%** | **Washington 5.0%** |
| City of Redmond,<br> GO, Rfdg. | 3.000 | &nbsp;&nbsp;12/01/26 | 370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368641 |
| King Cnty. Hsg. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Rfdg. | 5.000 | &nbsp;&nbsp;01/01/27 | 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204038 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rfdg. | 5.000 | &nbsp;&nbsp;07/01/27 | 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205879 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rfdg. | 5.000 | &nbsp;&nbsp;01/01/28 | 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155790 |

---

------

### PGIM Ultra Short Municipal Bond ETF

### Schedule of Investments (unaudited) (continued)
as of November 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal Amount<br> (000)#** | &nbsp;&nbsp;**Value** |
| **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** | **Municipal Bonds (Continued)** |
| **Washington (cont'd.)** | **Washington (cont'd.)** | **Washington (cont'd.)** | **Washington (cont'd.)** | **Washington (cont'd.)** |
| Washington Healthcare Facs. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commonspirit Hlth., Series B-3, Rfdg. (Mandatory put date 08/01/26) | 5.000 %(cc) | &nbsp;&nbsp;08/01/49 | 535 | &nbsp;&nbsp; $536020 |
| &nbsp;&nbsp;&nbsp;&nbsp;Overlake Hosp. Med. Ctr., Series B, Rfdg. | 5.000 | &nbsp;&nbsp;07/01/26 | 385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389103 |
| &nbsp;&nbsp;&nbsp;&nbsp;Providence St. Joseph Hlth., Series B, Rfdg. | 5.000 | &nbsp;&nbsp;10/01/26 | 170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172270 |
| Whatcom Cnty. Pub. Util. Dist. No. 1, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A, GO, AMT, BAM | 5.000 | &nbsp;&nbsp;12/01/27 | 120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124081 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A, GO, AMT, BAM | 5.000 | &nbsp;&nbsp;12/01/28 | 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105120 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2260942 |
| **Wisconsin 5.1%** | **Wisconsin 5.1%** | **Wisconsin 5.1%** | **Wisconsin 5.1%** | **Wisconsin 5.1%** |
| Pub. Fin. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cuyahoga River Cap. Port., Class A, Series 1, 144A (Mandatory put date 07/01/28) | 4.000(cc) | &nbsp;&nbsp;01/01/55 | 750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775100 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kahala Nui Proj., Rfdg. | 5.000 | &nbsp;&nbsp;11/15/26 | 275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279076 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kahala Nui Proj., Rfdg. | 5.000 | &nbsp;&nbsp;11/15/27 | 290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298932 |
| &nbsp;&nbsp;&nbsp;&nbsp;Triad Edu. Svcs., Inc., Series A | 4.000 | &nbsp;&nbsp;06/15/26 | 370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370569 |
| Wisconsin Dept. of Transp. Rev.,<br> Series 1, Rfdg. | 5.000 | &nbsp;&nbsp;07/01/26 | 265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268695 |
| Wisconsin Hlth. & Edl. Facs. Auth. Rev.,<br> Advocate Aurora Hlth. Credit Grp., Series C-3, Rfdg., Rmkt. (Mandatory put date 06/04/26) | 5.000(cc) | &nbsp;&nbsp;08/15/54 | 295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298124 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2290496 |
| **Total Long-Term Investments<br> (cost $44,160,934)** | **Total Long-Term Investments<br> (cost $44,160,934)** | **Total Long-Term Investments<br> (cost $44,160,934)** | **Total Long-Term Investments<br> (cost $44,160,934)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44227731 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares** |  |
| **Short-Term Investment 1.0%** | **Short-Term Investment 1.0%** | **Short-Term Investment 1.0%** |
| **Affiliated Mutual Fund** |  |  |
| PGIM Core Government Money Market Fund (7-day effective yield 4.111%)<br> (cost $446,514)(wb) | &nbsp;&nbsp;446514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446514 |
| **TOTAL INVESTMENTS 98.4%<br> (cost $44,607,448)** | **TOTAL INVESTMENTS 98.4%<br> (cost $44,607,448)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44674245 |
| Other assets in excess of liabilities(z) 1.6% | Other assets in excess of liabilities(z) 1.6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;742821 |
| **Net Assets 100.0%** | **Net Assets 100.0%** | $45417066 |

---

------

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. |
| AG—Assured Guaranty Inc. |
| AMT—Alternative Minimum Tax |
| BAM—Build America Mutual |
| BANS—Bond Anticipation Notes |
| GO—General Obligation |
| PSFG—Permanent School Fund Guarantee |
| Rfdg—Refunding |

---

# Principal amount is shown in U.S. dollars unless otherwise stated.

(cc) Variable rate instrument. The rate shown is based on the latest available information as of November 30, 2025. 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.

(ee) All or partial escrowed to maturity and pre-refunded issues are secured by escrowed cash, a guaranteed investment contract and /or U.S. guaranteed obligations.

(wb) Represents an investment in a Fund affiliated with the Manager.

(z) Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:

------

### PGIM Ultra Short Municipal Bond ETF

### Schedule of Investments (unaudited) (continued)
as of November 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures contracts outstanding at November 30, 2025:** | **Futures contracts outstanding at November 30, 2025:** | **Futures contracts outstanding at November 30, 2025:** | **Futures contracts outstanding at November 30, 2025:** | **Futures contracts outstanding at November 30, 2025:** |
| **Number<br> of<br> Contracts** | **Type** | **Expiration<br> Date** | **Current<br> Notional<br> Amount** | **Value /<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| **Long Position:** | **Long Position:** | **Long Position:** | **Long Position:** | **Long Position:** |
| 34 | 2 Year U.S. Treasury Notes | Mar. 2026 | $7101219 | $5292 |

---

*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).*

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** PGIM ETF Trust

- **b. Investment Company Act file number:** 811-23324

- **c. CIK number of Registrant:** 0001727074

- **d. LEI of Registrant:** 549300OXS91LYTDQF355

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 655 Broad Street

  - **City:** Newark

  - **State:** NJ

  - **Foreign country:** US

  - **Zip / Postal Code:** 07102-4077

  - **Telephone number:** 888-247-8090

**Item A.2. Information about the Series.**

- **a. Name of Series:** PGIM Ultra Short Municipal Bond ETF

- **b. EDGAR series identifier (if any):** S000085146

- **c. LEI of Series:** 529900N2SPHIJHBHFD45

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-08-31

- **b. Date as of which information is reported:** 2025-11-28

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $45423190.74

**Total Liabilities:** $5560.64

**Net Assets:** $45417630.10

**Cash Not Reported:** $184505.11

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 608.26751000 | **1-Year:** 3075.20460000 | **5-Year:** 599.97928000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 12.17119000 | **1-Year:** 158.54283000 | **5-Year:** 37.22768000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000250013 | 0.31%                | 0.13%                | 0.30%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $20950.52                | $-7058.35                                  |
| Month 2  | $0.00                    | $-58780.34                                 |
| Month 3  | $66.98                   | $7793.90                                   |

**Designated Index Information**

- **Index Name:** PGIM Ultrashort Municipal Bond ETF_Ex Derivatives BM

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                             | Title                                                                            | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.      | US 2YR NOTE (CBT)                                                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        34 | NC      | $5291.52      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| VIRGINIA ST SMALL BUSINESS FIN                   | Virginia Small Business Financing Authority                                      | CUSIP: 928104QQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    705000 | PA      | $714107.42    | 1.57%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH SO                   | California Municipal Finance Authority                                           | CUSIP: 13048RAH0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    250000 | PA      | $249337.94    | 0.55%             | 2045-10-01      | Variable      | 3.80%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV                   | Colorado Health Facilities Authority                                             | CUSIP: 19648FJJ4<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    175000 | PA      | $175581.88    | 0.39%             | 2049-08-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH MF HS                   | Arizona Industrial Development Authority                                         | CUSIP: 04062PCD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $355911.48    | 0.78%             | 2058-03-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CNTY CA TOBACCO SEC                   | California County Tobacco Securitization Agency                                  | CUSIP: 13016NGJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $334417.12    | 0.74%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ORANGE CNTY FL HLTH FACS AUTHR                   | Orange County Health Facilities Authority                                        | CUSIP: 68450LGT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $254324.34    | 0.56%             | 2052-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                            | Chicago Board of Education                                                       | CUSIP: 167505A89<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    700000 | PA      | $710219.14    | 1.56%             | 2027-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ALABAMA ST HSG FIN AUTH MF HSG                   | Alabama Housing Finance Authority                                                | CUSIP: 01030PGY6<br>LEI: 549300VFN7EHPOFS7D76 | Long             | DBT              | MUN               | US        |    200000 | PA      | $203249.51    | 0.45%             | 2027-11-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PUBLIC ENERGY AUTH                   | Kentucky Public Energy Authority                                                 | CUSIP: 74440DCM4<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |   1160000 | PA      | $1172548.91   | 2.58%             | 2050-02-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| (PIPA070) PGIM Core Government Money Market Fund | (PIPA070) PGIM Core Government Money Market Fund                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    443034 | NS      | $443033.52    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| WISCONSIN ST HLTH & EDUCTNL FA                   | Wisconsin Health & Educational Facilities Authority                              | CUSIP: 97712JGV9<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    295000 | PA      | $298123.50    | 0.66%             | 2054-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST HOSP REVENUE                             | State of Ohio                                                                    | CUSIP: 67756CCJ5<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |    175000 | PA      | $175344.31    | 0.39%             | 2027-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                                    | State of California                                                              | CUSIP: 13063CXN5<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |    775000 | PA      | $772928.52    | 1.70%             | 2026-12-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDU REVENUE                   | Public Finance Authority                                                         | CUSIP: 74442EHH6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    370000 | PA      | $370568.81    | 0.82%             | 2026-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                      | State of Illinois                                                                | CUSIP: 452152M81<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    175000 | PA      | $177128.31    | 0.39%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RHODE ISLAND ST STUDENT LOAN A                   | Rhode Island Student Loan Authority                                              | CUSIP: 762323AZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $76238.61     | 0.17%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HGR EDU ASSISTAN                   | New Jersey Higher Education Student Assistance Authority                         | CUSIP: 646080WT4<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |    150000 | PA      | $154531.15    | 0.34%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KING CNTY WA HSG AUTH                            | King County Housing Authority                                                    | CUSIP: 494759SG9<br>LEI: 549300TZU8KSWALVD392 | Long             | DBT              | MUN               | US        |    200000 | PA      | $204038.16    | 0.45%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV                   | Colorado Health Facilities Authority                                             | CUSIP: 19648FLA0<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    125000 | PA      | $125212.86    | 0.28%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KNOX CNTY TN HLTH EDUCTNL & HS                   | Knox County Health Educational & Housing Facility Board                          | CUSIP: 499652AM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.44%             | 2027-12-01      | Variable      | 3.95%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA                   | Main Street Natural Gas Inc                                                      | CUSIP: 56035DDH2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1390000 | PA      | $1405439.61   | 3.09%             | 2052-07-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                      | State of Illinois                                                                | CUSIP: 452153GC7<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    330000 | PA      | $340546.34    | 0.75%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE                     | Michigan Finance Authority                                                       | CUSIP: 59447TWZ2<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    635000 | PA      | $635867.92    | 1.40%             | 2049-11-15      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| DALLAS TX INDEP SCH DIST                         | Dallas Independent School District                                               | CUSIP: 235308Q48<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $143483.33    | 0.32%             | 2055-02-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXARKANA TX INDEP SCH DIST                      | Texarkana Independent School District                                            | CUSIP: 881847VM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    480000 | PA      | $483010.69    | 1.06%             | 2053-02-15      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY MD HSG OPPORTU                   | Montgomery County Housing Opportunities Commission                               | CUSIP: 6133494U0<br>LEI: 549300HDL0LLRHMDL092 | Long             | DBT              | MUN               | US        |    385000 | PA      | $382851.79    | 0.84%             | 2028-07-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF WTR & P                   | Los Angeles Department of Water & Power                                          | CUSIP: 544532AA2<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |    425000 | PA      | $430892.52    | 0.95%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL INDL DEV AU                   | Miami-Dade County Industrial Development Authority                               | CUSIP: 59333GAK4<br>LEI: 549300RM19LZY32DAU30 | Long             | DBT              | MUN               | US        |    300000 | PA      | $297288.30    | 0.65%             | 2027-09-01      | Floating      | 3.35%                 | No            |                  2 | On Loan: No      |
| WHATCOM CNTY WA PUBLIC UTIL DI                   | Whatcom County Public Utility District No 1                                      | CUSIP: 962468FD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $124080.40    | 0.27%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RHODE ISLAND ST STUDENT LOAN A                   | Rhode Island Student Loan Authority                                              | CUSIP: 762315QY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $254109.10    | 0.56%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HLTH & EDUCTNL FAC                   | Health & Educational Facilities Authority of the State of Missouri               | CUSIP: 60637ATQ5<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    210000 | PA      | $210755.34    | 0.46%             | 2051-05-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY HSG DEV CORP                    | New York City Housing Development Corp                                           | CUSIP: 64972E3D9<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |    500000 | PA      | $499017.98    | 1.10%             | 2062-11-01      | Variable      | 3.40%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE                     | Michigan Finance Authority                                                       | CUSIP: 59447TJ87<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    380000 | PA      | $383516.20    | 0.84%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KANSAS ST DEV FIN AUTH MF HSG                    | Kansas Development Finance Authority                                             | CUSIP: 48542TBM1<br>LEI: 549300WTL7BL8KBDPR87 | Long             | DBT              | MUN               | US        |    100000 | PA      | $103213.23    | 0.23%             | 2028-09-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| ALEXANDRIA VA REDEV & HSG AUTH                   | Alexandria Redevelopment & Housing Authority                                     | CUSIP: 015330FB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.22%             | 2054-12-01      | Variable      | 3.40%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL ED FACS FIN                    | New Hope Cultural Education Facilities Finance Corp                              | CUSIP: 64542UGQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    280000 | PA      | $283754.57    | 0.62%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL                    | Black Belt Energy Gas District                                                   | CUSIP: 09182TBC0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    545000 | PA      | $551283.68    | 1.21%             | 2053-04-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV                   | Colorado Health Facilities Authority                                             | CUSIP: 19648FJL9<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    260000 | PA      | $263098.07    | 0.58%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                      | State of Illinois                                                                | CUSIP: 452153BR9<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    140000 | PA      | $145666.78    | 0.32%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                       | Public Finance Authority                                                         | CUSIP: 74442PH57<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    275000 | PA      | $279076.45    | 0.61%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HGR EDU ASSISTAN                   | New Jersey Higher Education Student Assistance Authority                         | CUSIP: 646080TT8<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |    390000 | PA      | $396224.16    | 0.87%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WHATCOM CNTY WA PUBLIC UTIL DI                   | Whatcom County Public Utility District No 1                                      | CUSIP: 962468FE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $105119.83    | 0.23%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA REVENUE                         | District of Columbia                                                             | CUSIP: 25483VTA2<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    125000 | PA      | $126301.90    | 0.28%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R                   | Massachusetts Development Finance Agency                                         | CUSIP: 57584XEF4<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1035000 | PA      | $1035791.38   | 2.28%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SALT LAKE CITY UT ARPT REVENUE                   | City of Salt Lake City UT Airport Revenue                                        | CUSIP: 795576JK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    360000 | PA      | $370201.03    | 0.82%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A                   | California Health Facilities Financing Authority                                 | CUSIP: 13032UUP1<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    130000 | PA      | $134240.48    | 0.30%             | 2039-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH MF HS                   | Arizona Industrial Development Authority                                         | CUSIP: 04062PCC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1195000 | PA      | $1208851.56   | 2.66%             | 2058-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TX CULTURAL EDU F                   | Tarrant County Cultural Education Facilities Finance Corp                        | CUSIP: 87638QSF7<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |    250000 | PA      | $251174.81    | 0.55%             | 2052-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| FORT BEND CNTY TX MUNI UTILITY                   | Fort Bend County Municipal Utility District No 122                               | CUSIP: 34681TKA8<br>LEI: 549300MCKCXJX0HUFG45 | Long             | DBT              | MUN               | US        |    335000 | PA      | $331583.73    | 0.73%             | 2027-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| DIRECTOR OF THE ST OF NEVADA D                   | State of Nevada Department of Business & Industry                                | CUSIP: 25459JAF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.46    | 1.10%             | 2026-12-01      | Variable      | 3.95%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HLTH CARE FACS A                   | Washington Health Care Facilities Authority                                      | CUSIP: 93978HVB8<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |    535000 | PA      | $536020.19    | 1.18%             | 2049-08-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| UTAH CNTY UT HOSP REVENUE                        | County of Utah UT                                                                | CUSIP: 917393DF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $202819.05    | 0.45%             | 2060-05-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| TAMPA FL HOSP REVENUE                            | City of Tampa FL                                                                 | CUSIP: 875161CE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $115570.76    | 0.25%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE                   | California Municipal Finance Authority                                           | CUSIP: 13048VBJ6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    110000 | PA      | $112706.46    | 0.25%             | 2027-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLIFTON TX HGR EDU FIN CORP ED                   | Clifton Higher Education Finance Corp                                            | CUSIP: 187145GE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $252319.87    | 0.56%             | 2028-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| REDMOND WA                                       | City of Redmond WA                                                               | CUSIP: 757674MZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    370000 | PA      | $368641.21    | 0.81%             | 2026-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA HGR EDU ASSISTANC                   | Pennsylvania Higher Education Assistance Agency                                  | CUSIP: 70878CAH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    445000 | PA      | $447928.83    | 0.99%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KING CNTY WA HSG AUTH                            | King County Housing Authority                                                    | CUSIP: 494759SH7<br>LEI: 549300TZU8KSWALVD392 | Long             | DBT              | MUN               | US        |    200000 | PA      | $205878.85    | 0.45%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TENNESSEE ST ENERGY ACQUISITIO                   | Tennessee Energy Acquisition Corp                                                | CUSIP: 880443EE2<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |    200000 | PA      | $202171.77    | 0.45%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                       | Public Finance Authority                                                         | CUSIP: 74442PH65<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    290000 | PA      | $298931.54    | 0.66%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HGR EDU ASSISTAN                   | New Jersey Higher Education Student Assistance Authority                         | CUSIP: 646080WK3<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |     75000 | PA      | $77244.30     | 0.17%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF PITTSBURGH PA OF THE C                   | University of Pittsburgh-of the Commonwealth System of Higher Education          | CUSIP: 91335VKW5<br>LEI: 5493002C83QSGL8ETT42 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100273.70    | 0.22%             | 2026-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH SPL REVEN                   | New Hampshire Business Finance Authority                                         | CUSIP: 63608TAF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $150089.15    | 0.33%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY TX CULTURAL EDU FA                   | Harris County Cultural Education Facilities Finance Corp                         | CUSIP: 414009MP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $203614.69    | 0.45%             | 2049-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| MONROE CNTY GA DEV AUTH POLL C                   | Development Authority of Monroe County/The                                       | CUSIP: 610530FY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    310000 | PA      | $310482.70    | 0.68%             | 2048-10-01      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF WTR & P                   | Los Angeles Department of Water & Power                                          | CUSIP: 544532PA6<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |    175000 | PA      | $183052.41    | 0.40%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HLTH CARE FACS A                   | Washington Health Care Facilities Authority                                      | CUSIP: 93978HUR4<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |    170000 | PA      | $172270.03    | 0.38%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST TOLL HIGHWAY AUTH                    | Illinois State Toll Highway Authority                                            | CUSIP: 452252LH0<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |    325000 | PA      | $325419.79    | 0.72%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA                   | Main Street Natural Gas Inc                                                      | CUSIP: 56035DCR1<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004284.13   | 2.21%             | 2050-03-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX HSG FIN CORP MF HSG                   | Houston Housing Finance Corp                                                     | CUSIP: 442396EP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $799453.74    | 1.76%             | 2028-04-01      | Variable      | 3.20%                 | No            |                  2 | On Loan: No      |
| CLIFTON TX HGR EDU FIN CORP ED                   | Clifton Higher Education Finance Corp                                            | CUSIP: 187145GD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    595000 | PA      | $601861.17    | 1.33%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE                    | Metropolitan Transportation Authority                                            | CUSIP: 59261AGY7<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    170000 | PA      | $173170.86    | 0.38%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA ST DEV FIN AUTH HLTHS                   | Oklahoma Development Finance Authority                                           | CUSIP: 67884XCA3<br>LEI: 549300PXGPHUWC32DJ91 | Long             | DBT              | MUN               | US        |    100000 | PA      | $101050.54    | 0.22%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV                   | Colorado Health Facilities Authority                                             | CUSIP: 19648FKC7<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    200000 | PA      | $202379.17    | 0.45%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING                    | Pennsylvania Economic Development Financing Authority                            | CUSIP: 708692BJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500708.27    | 1.10%             | 2037-08-01      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA                   | Main Street Natural Gas Inc                                                      | CUSIP: 56035DJP8<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    125000 | PA      | $129001.98    | 0.28%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                            | Chicago Board of Education                                                       | CUSIP: 167505UC8<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    100000 | PA      | $103801.25    | 0.23%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TENNESSEE ST ENERGY ACQUISITIO                   | Tennessee Energy Acquisition Corp                                                | CUSIP: 880443JF4<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |    440000 | PA      | $455237.89    | 1.00%             | 2053-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CHARLOTTE-MECKLENBURG NC HOSP                    | Charlotte-Mecklenburg Hospital Authority/The                                     | CUSIP: 160853VT1<br>LEI: 549300XOH4JU704GMZ32 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100180.94    | 0.22%             | 2048-01-15      | Variable      | 3.62%                 | No            |                  2 | On Loan: No      |
| BRAZOS TX HGR EDU AUTH STUDENT                   | Brazos Higher Education Authority Inc                                            | CUSIP: 10623ACT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $508911.82    | 1.12%             | 2027-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE                     | Michigan Finance Authority                                                       | CUSIP: 59447TMC4<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    150000 | PA      | $152382.20    | 0.34%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA                   | Chicago O'Hare International Airport                                             | CUSIP: 167593WM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    365000 | PA      | $371524.93    | 0.82%             | 2035-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA                   | Chicago O'Hare International Airport                                             | CUSIP: 167593VS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500511.32    | 1.10%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE                     | Illinois Finance Authority                                                       | CUSIP: 45204ER42<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    765000 | PA      | $760621.93    | 1.67%             | 2028-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN HLTH CARE SYS R                   | City of Minneapolis MN                                                           | CUSIP: 60374VEW9<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |    215000 | PA      | $225937.64    | 0.50%             | 2052-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE                     | Illinois Finance Authority                                                       | CUSIP: 45204FEH4<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    435000 | PA      | $437974.69    | 0.96%             | 2050-05-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF COLORADO CO ENTERPRISE                   | University of Colorado                                                           | CUSIP: 91417NDA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    540000 | PA      | $533241.55    | 1.17%             | 2051-06-01      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HGR EDU ASSISTAN                   | New Jersey Higher Education Student Assistance Authority                         | CUSIP: 646080XC0<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |    275000 | PA      | $283307.11    | 0.62%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RIVER ISLANDS CA PUBLIC FING A                   | River Islands Public Financing Authority                                         | CUSIP: 76827QMF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $101870.90    | 0.22%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOWER AL GAS DIST GAS PROJ REV                   | Lower Alabama Gas District/The                                                   | CUSIP: 547804AA2<br>LEI: 549300YTI1NTDG2OVU42 | Long             | DBT              | MUN               | US        |    400000 | PA      | $410468.78    | 0.90%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF WTR & P                   | Los Angeles Department of Water & Power                                          | CUSIP: 544532CQ5<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |    475000 | PA      | $478950.77    | 1.05%             | 2026-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST INFRASTRUCTURE &                   | California Infrastructure & Economic Development Bank                            | CUSIP: 13034AD23<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $986493.23    | 2.17%             | 2055-08-01      | Variable      | 1.75%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA REVENUE                         | District of Columbia                                                             | CUSIP: 25483VVL5<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    175000 | PA      | $182340.31    | 0.40%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP N                   | Tobacco Settlement Financing Corp                                                | CUSIP: 888808HC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $103010.46    | 0.23%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                      | State of Illinois                                                                | CUSIP: 452152D32<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    215000 | PA      | $217179.21    | 0.48%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOWER COLORADO RIVER TX AUTH T                   | Lower Colorado River Authority                                                   | CUSIP: 54811BXZ9<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |    150000 | PA      | $151429.28    | 0.33%             | 2026-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST HSG FIN AGY AFFORD                   | New York State Housing Finance Agency                                            | CUSIP: 64987JD99<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |    175000 | PA      | $175027.56    | 0.39%             | 2062-11-01      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| KING CNTY WA HSG AUTH                            | King County Housing Authority                                                    | CUSIP: 494759SJ3<br>LEI: 549300TZU8KSWALVD392 | Long             | DBT              | MUN               | US        |    150000 | PA      | $155789.85    | 0.34%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL                                       | City of Chicago IL                                                               | CUSIP: 167486F87<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    150000 | PA      | $151491.93    | 0.33%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLUMBUS GA MED CTR HOSP AUTH                    | Columbus Medical Center Hospital Authority                                       | CUSIP: 199124BQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $155196.82    | 0.34%             | 2054-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST ALG                   | Black Belt Energy Gas District                                                   | CUSIP: 09182RBE0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    680000 | PA      | $683168.72    | 1.50%             | 2049-10-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| DUTCHESS CNTY NY LOCAL DEV COR                   | Dutchess County Local Development Corp                                           | CUSIP: 267045GK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $202058.36    | 0.44%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DAUPHIN CNTY PA GEN AUTH HLTHS                   | Dauphin County General Authority                                                 | CUSIP: 23825EDY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    205000 | PA      | $206074.99    | 0.45%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF WTR & P                   | Los Angeles Department of Water & Power                                          | CUSIP: 544532JX3<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |    160000 | PA      | $166077.19    | 0.37%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DISTRICT OF COLUMBIA HOSP REVE                   | District of Columbia                                                             | CUSIP: 254764JR5<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250446.43    | 0.55%             | 2027-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET NASHVILLE TN ARPT AUTH ARP                   | Metropolitan Nashville Airport Authority/The                                     | CUSIP: 592190NS7<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |    175000 | PA      | $179709.92    | 0.40%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DISTRICT OF COLUMBIA HOSP REVE                   | District of Columbia                                                             | CUSIP: 254764JZ7<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    300000 | PA      | $300348.72    | 0.66%             | 2035-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET GOVT NASHVILLE & DAVIDSON                    | Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd | CUSIP: 592113CQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $181156.67    | 0.40%             | 2028-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV                   | Colorado Health Facilities Authority                                             | CUSIP: 19648FVK7<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    380000 | PA      | $385825.10    | 0.85%             | 2062-05-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| GLENDALE AZ INDL DEV AUTH                        | Glendale Industrial Development Authority                                        | CUSIP: 378286KS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    340000 | PA      | $347588.70    | 0.77%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SCAGO SC EDUCTNL FACS CORP FOR                   | SCAGO Educational Facilities Corp for Pickens School District                    | CUSIP: 80585TCG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $750672.63    | 1.65%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL                    | Black Belt Energy Gas District                                                   | CUSIP: 09182NCB4<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    110000 | PA      | $110984.26    | 0.24%             | 2052-07-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| PORT OF PORTLAND OR ARPT REVEN                   | Port of Portland OR Airport Revenue                                              | CUSIP: 735240V91<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    420000 | PA      | $424720.10    | 0.94%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HLTH CARE FACS A                   | Washington Health Care Facilities Authority                                      | CUSIP: 93978HUF0<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |    385000 | PA      | $389103.37    | 0.86%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST SOL WST REVENUE                          | State of Ohio                                                                    | CUSIP: 67759ABG3<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 1.10%             | 2035-11-01      | Variable      | 3.20%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A                   | City of Los Angeles Department of Airports                                       | CUSIP: 544445EX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    330000 | PA      | $340827.50    | 0.75%             | 2027-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV                   | Colorado Health Facilities Authority                                             | CUSIP: 19648FYY4<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    245000 | PA      | $252408.90    | 0.56%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF WTR & P                   | Los Angeles Department of Water & Power                                          | CUSIP: 544532CS1<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |    200000 | PA      | $202274.57    | 0.45%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                       | Public Finance Authority                                                         | CUSIP: 74442PR64<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    750000 | PA      | $775099.87    | 1.71%             | 2055-01-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST STRATEGIC FUND LTD                   | Michigan Strategic Fund                                                          | CUSIP: 594698SR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500354.12    | 1.10%             | 2061-10-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE                     | Illinois Finance Authority                                                       | CUSIP: 45204E2L1<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    965000 | PA      | $965095.27    | 2.12%             | 2034-11-01      | Variable      | 3.92%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST EDUCTNL FING                    | Massachusetts Educational Financing Authority                                    | CUSIP: 57563RRK7<br>LEI: 5493007K5OP7V6CL0Y88 | Long             | DBT              | MUN               | US        |    200000 | PA      | $204283.19    | 0.45%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST EDUCTNL FING                    | Massachusetts Educational Financing Authority                                    | CUSIP: 57563RPD5<br>LEI: 5493007K5OP7V6CL0Y88 | Long             | DBT              | MUN               | US        |    175000 | PA      | $176733.55    | 0.39%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DALLAS TX HSG FIN CORP                           | City of Dallas Housing Finance Corp                                              | CUSIP: 235298BT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100087.85    | 0.22%             | 2026-09-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| BRAZORIA CNTY TX MUNI UTILITY                    | Brazoria County Municipal Utility District No 21                                 | CUSIP: 106059HW1<br>LEI: 549300ULS85ORQFZGR20 | Long             | DBT              | MUN               | US        |    150000 | PA      | $149741.59    | 0.33%             | 2026-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE                     | Illinois Finance Authority                                                       | CUSIP: 45204EBL1<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    250000 | PA      | $252125.91    | 0.56%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST RURAL WTR FIN AUT                   | Minnesota Rural Water Finance Authority Inc                                      | CUSIP: 60411PBE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $274840.15    | 0.61%             | 2026-08-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| ALLEN TX INDEP SCH DIST                          | Allen Independent School District                                                | CUSIP: 018106KG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $140357.05    | 0.31%             | 2036-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH MF                   | California Municipal Finance Authority                                           | CUSIP: 130483GH7<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100101.26    | 0.22%             | 2045-09-01      | Variable      | 3.20%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HGR EDU SUPPLEM                   | Connecticut State Higher Education Supplement Loan Authority                     | CUSIP: 207743WM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $152008.79    | 0.33%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST SALES TAX REVENUE                    | State of Illinois Sales Tax Revenue                                              | CUSIP: 452227RM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    310000 | PA      | $314839.47    | 0.69%             | 2027-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST TRANSPRTN REVENUE                   | Wisconsin Department of Transportation                                           | CUSIP: 977123Q43<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    265000 | PA      | $268695.47    | 0.59%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-27

**Name of Applicant:** PGIM ETF Trust

**Signature:** Christian J. Kelly

**Name of Signer:** Christian J. Kelly

**Title:** Chief Financial Officer