# EDGAR Filing Document

**Accession Number:** 0001727074
**File Stem:** 0001193125-26-204223
**Filing Date:** 2026-5
**Character Count:** 1885379
**Document Hash:** 0048faae57f0581a1f9416bec5e7bdf8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-204223.hdr.sgml**: 20260504

**ACCESSION NUMBER**: 0001193125-26-204223

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 74

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260504

**DATE AS OF CHANGE**: 20260504

**EFFECTIVENESS DATE**: 20260504

**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:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23324
- **FILM NUMBER:** 26938720

**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 Bond ETF (Series ID: S000061589)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000199488 | PGIM Ultra Short Bond ETF | PULS            |

### PGIM Active High Yield Bond ETF (Series ID: S000063094)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000204602 | PGIM Active High Yield Bond ETF | PHYL            |

### PGIM Active Aggregate Bond ETF (Series ID: S000071448)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000226599 | PGIM Active Aggregate Bond ETF | PAB             |

### PGIM Total Return Bond ETF (Series ID: S000074500)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000232454 | PGIM Total Return Bond ETF | PTRB            |

### PGIM Floating Rate Income ETF (Series ID: S000075490)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000234636 | PGIM Floating Rate Income ETF | PFRL            |

### PGIM Jennison Focused Value ETF (Series ID: S000079105)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000239959 | PGIM Jennison Focused Value ETF | PJFV            |

### PGIM Jennison Focused Growth ETF (Series ID: S000079106)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000239960 | PGIM Jennison Focused Growth ETF | PJFG            |

### PGIM Portfolio Ballast ETF (Series ID: S000079107)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000239961 | PGIM Portfolio Ballast ETF | PBL             |

### PGIM Short Duration Multi-Sector Bond ETF (Series ID: S000080946)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000243575 | PGIM Short Duration Multi-Sector Bond ETF | PSDM            |

### PGIM AAA CLO ETF (Series ID: S000080947)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000243576 | PGIM AAA CLO ETF | PAAA            |

### PGIM Jennison Better Future ETF (Series ID: S000083331)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000246882 | PGIM Jennison Better Future ETF | PJBF            |

### PGIM Jennison International Opportunities ETF (Series ID: S000083332)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000246883 | PGIM Jennison International Opportunities ETF | PJIO            |

### PGIM Jennison Focused Mid-Cap ETF (Series ID: S000083333)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000246884 | PGIM Jennison Focused Mid-Cap ETF | PJFM            |

### PGIM Short Duration HIgh Yield ETF (Series ID: S000083334)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000246885 | PGIM Short Duration HIgh Yield ETF | PSH             |

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

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

### PGIM Municipal Income Opportunities ETF (Series ID: S000085147)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000250014 | PGIM Municipal Income Opportunities ETF | PMIO            |

### PGIM Corporate Bond 0-5 Year ETF (Series ID: S000093924)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000262385 | PGIM Corporate Bond 0-5 Year ETF | PCS             |

### PGIM Corporate Bond 5-10 Year ETF (Series ID: S000093925)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000262386 | PGIM Corporate Bond 5-10 Year ETF | PCI             |

### PGIM Corporate Bond 10+ Year ETF (Series ID: S000093926)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000262387 | PGIM Corporate Bond 10+ Year ETF | PCL             |

?xml version='1.0' encoding='ASCII'? PGIM ETF Trust

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

#### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

---

| | |
|:---|:---|
| Investment Company Act file number: | 811-23324 |
| Exact name of registrant as specified in charter: | PGIM ETF Trust |
| Address of principal executive offices: | 655 Broad Street, 6<sup>th</sup> Floor<br>Newark, New Jersey 07102 |
| Name and address of agent for service: | Andrew R. French<br>655 Broad Street, 6<sup>th</sup> Floor<br>Newark, New Jersey 07102 |
| Registrant's telephone number, including area code: | 800-225-1852 |
| Date of fiscal year end: | 8/31/2026 |
| Date of reporting period: | 2/28/2026 |

---

------

Item 1 – Reports to Stockholders

(a) Report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1).

------

![](g118804g1tsrbanner_2026.jpg)

PGIM Jennison Better Future ETF

TICKER SYMBOL:

PJBF

Listing Exchange:

Cboe BZX Exchange, Inc.

SEMIANNUAL SHAREHOLDER REPORT – February 28, 2026

This semiannual shareholder report contains important information about the PGIM Jennison Better Future ETF (the "Fund") for the period of

September 1, 2025 to February 28, 2026.

You can find additional information about the Fund at

pgim.com/etf-fund-documents

. You can also

request this information by contacting us at (888) 247-8090 or (973) 802-2093 from outside the U.S.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Jennison Better Future ETF | $29 | 0.59% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 2/28/2026?

---

| | |
|:---|:---|
| Fund's net assets | $10088112<br>|
| Number of fund holdings | 36 |
| Portfolio turnover rate for the period | 35% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 2/28/2026?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Semiconductors & Semiconductor Equipment | 23.6% |
| Interactive Media & Services | 9.5% |
| Electrical Equipment | 9.0% |
| IT Services | 8.1% |
| Textiles, Apparel & Luxury Goods | 7.4% |
| Software | 6.2% |
| Pharmaceuticals | 5.9% |
| Broadline Retail | 5.0% |
| Health Care Equipment & Supplies | 4.2% |
| Affiliated Mutual Fund - Short-Term Investment | 4.2% |
| Specialty Retail | 3.4% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Technology Hardware, Storage & Peripherals | 3.3% |
| Electric Utilities | 2.5% |
| Banks | 2.3% |
| Personal Care Products | 2.0% |
| Capital Markets | 1.7% |
| Financial Services | 1.0% |
| Automobiles | 0.6% |
|  | 99.9% |
| Other assets in excess of liabilities | 0.1% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ETF1014E2

![](g118804g1pgimlogo_2026.jpg)

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/etf-fund-documents

or by scanning the QR code below, including the Fund's prospectus,

financial information, Fund holdings, and proxy voting information. You can also request this information by contacting us at (888) 247-8090 or

(973) 802-2093 from outside the U.S.

![](g118804g1qrcode_retetf.jpg)

To receive your fund documents online, go to

pgim.com/us/en/intermediary/resources/featured/e-delivery

and enroll.

PGIM Jennison Better Future ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

TICKER SYMBOL PJBF <br> CUSIP 69344A826

ETF1014E2

![](g118804g1pgimlogo_2026.jpg)

------

![](g118804g2tsrbanner_2026.jpg)

PGIM Jennison Focused Growth ETF

TICKER SYMBOL:

PJFG

Listing Exchange:

NYSE Arca, Inc.

SEMIANNUAL SHAREHOLDER REPORT – February 28, 2026

This semiannual shareholder report contains important information about the PGIM Jennison Focused Growth ETF (the "Fund") for the period of

September 1, 2025 to February 28, 2026.

You can find additional information about the Fund at

pgim.com/etf-fund-documents

. You can also

request this information by contacting us at (888) 247-8090 or (973) 802-2093 from outside the U.S.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Jennison Focused Growth ETF | $37 | 0.75% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 2/28/2026?

---

| | |
|:---|:---|
| Fund's net assets | $132531301<br>|
| Number of fund holdings | 35 |
| Portfolio turnover rate for the period | 16% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 2/28/2026?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Semiconductors & Semiconductor Equipment | 19.8% |
| Software | 15.2% |
| Interactive Media & Services | 12.6% |
| Broadline Retail | 8.1% |
| Technology Hardware, Storage & Peripherals | 8.1% |
| Entertainment | 5.5% |
| Aerospace & Defense | 5.5% |
| Pharmaceuticals | 4.4% |
| Automobiles | 3.6% |
| Financial Services | 3.4% |
| Consumer Staples Distribution & Retail | 3.1% |
| IT Services | 2.4% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Health Care Equipment & Supplies | 2.0% |
| Electric Utilities | 1.8% |
| Electronic Equipment, Instruments & Components | 1.5% |
| Biotechnology | 1.3% |
| Specialty Retail | 1.1% |
| Affiliated Mutual Fund - Short-Term Investment | 0.6% |
|  | 100.0% |
| Liabilities in excess of other assets | (0.0)%\* |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Less than 0.05%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ETF1010E2

![](g118804g2pgimlogo_2026.jpg)

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/etf-fund-documents

or by scanning the QR code below, including the Fund's prospectus,

financial information, Fund holdings, and proxy voting information. You can also request this information by contacting us at (888) 247-8090 or

(973) 802-2093 from outside the U.S.

![](g118804g2qrcode_retetf.jpg)

To receive your fund documents online, go to

pgim.com/us/en/intermediary/resources/featured/e-delivery

and enroll.

PGIM Jennison Focused Growth ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

TICKER SYMBOL PJFG <br> CUSIP 69344A875

ETF1010E2

![](g118804g2pgimlogo_2026.jpg)

------

![](g118804g3tsrbanner_2026.jpg)

PGIM Jennison Focused Mid-Cap ETF

TICKER SYMBOL:

PJFM

Listing Exchange:

Cboe BZX Exchange, Inc.

SEMIANNUAL SHAREHOLDER REPORT – February 28, 2026

This semiannual shareholder report contains important information about the PGIM Jennison Focused Mid-Cap ETF (the "Fund") for the period of

September 1, 2025 to February 28, 2026.

You can find additional information about the Fund at

pgim.com/etf-fund-documents

. You can also

request this information by contacting us at (888) 247-8090 or (973) 802-2093 from outside the U.S.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Jennison Focused Mid-Cap ETF | $25 | 0.49% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 2/28/2026?

---

| | |
|:---|:---|
| Fund's net assets | $16356411<br>|
| Number of fund holdings | 41 |
| Portfolio turnover rate for the period | 59% |

---

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 2/28/2026?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Insurance | 9.4% |
| Semiconductors & Semiconductor Equipment | 9.4% |
| Multi-Utilities | 8.0% |
| Metals & Mining | 6.8% |
| Machinery | 6.3% |
| Banks | 5.4% |
| Electrical Equipment | 5.2% |
| Textiles, Apparel & Luxury Goods | 5.0% |
| Affiliated Mutual Fund - Short-Term Investment | 4.4% |
| Specialized REITs | 4.0% |
| Trading Companies & Distributors | 4.0% |
| Biotechnology | 3.5% |
| Oil, Gas & Consumable Fuels | 3.3% |
| Aerospace & Defense | 3.3% |
| Capital Markets | 3.0% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Real Estate Management & Development | 2.9% |
| Specialty Retail | 2.8% |
| Hotels, Restaurants & Leisure | 2.6% |
| Marine Transportation | 2.6% |
| Pharmaceuticals | 2.5% |
| Interactive Media & Services | 1.8% |
| Consumer Staples Distribution & Retail | 1.6% |
| Health Care Providers & Services | 1.3% |
| Household Durables | 0.9% |
|  | 100.0% |
| Liabilities in excess of other assets | (0.0)%\* |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Less than 0.05%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

![](g118804g3pgimlogo_2026.jpg)

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/etf-fund-documents

or by scanning the QR code below, including the Fund's prospectus,

financial information, Fund holdings, and proxy voting information. You can also request this information by contacting us at (888) 247-8090 or

(973) 802-2093 from outside the U.S.

![](g118804g3qrcode_retetf.jpg)

To receive your fund documents online, go to

pgim.com/us/en/intermediary/resources/featured/e-delivery

and enroll.

PGIM Jennison Focused Mid-Cap ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

TICKER SYMBOL PJFM <br> CUSIP 69344A792

ETF1015E2

![](g118804g3pgimlogo_2026.jpg)

------

![](g118804g4tsrbanner_2026.jpg)

PGIM Jennison Focused Value ETF

TICKER SYMBOL:

PJFV

Listing Exchange:

NYSE Arca, Inc.

SEMIANNUAL SHAREHOLDER REPORT – February 28, 2026

This semiannual shareholder report contains important information about the PGIM Jennison Focused Value ETF (the "Fund") for the period of

September 1, 2025 to February 28, 2026.

You can find additional information about the Fund at

pgim.com/etf-fund-documents

. You can also

request this information by contacting us at (888) 247-8090 or (973) 802-2093 from outside the U.S.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Jennison Focused Value ETF | $40 | 0.75% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 2/28/2026?

---

| | |
|:---|:---|
| Fund's net assets | $44630544<br>|
| Number of fund holdings | 35 |
| Portfolio turnover rate for the period | 23% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 2/28/2026?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Banks | 11.7% |
| Semiconductors & Semiconductor Equipment | 10.5% |
| Oil, Gas & Consumable Fuels | 8.8% |
| Multi-Utilities | 7.7% |
| Pharmaceuticals | 7.0% |
| Interactive Media & Services | 6.6% |
| Aerospace & Defense | 5.9% |
| Machinery | 4.7% |
| Consumer Staples Distribution & Retail | 4.5% |
| Affiliated Mutual Fund - Short-Term Investment | 4.0% |
| Household Durables | 3.9% |
| Broadline Retail | 3.0% |
| Building Products | 2.9% |
| Insurance | 2.7% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Industrial Conglomerates | 2.7% |
| Capital Markets | 2.5% |
| Electrical Equipment | 2.5% |
| Automobiles | 2.4% |
| Ground Transportation | 2.3% |
| Biotechnology | 2.2% |
| Technology Hardware, Storage & Peripherals | 1.5% |
|  | 100.0% |
| Other assets in excess of liabilities | 0.0%\* |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Less than 0.05%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ETF1009E2

![](g118804g4pgimlogo_2026.jpg)

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/etf-fund-documents

or by scanning the QR code below, including the Fund's prospectus,

financial information, Fund holdings, and proxy voting information. You can also request this information by contacting us at (888) 247-8090 or

(973) 802-2093 from outside the U.S.

![](g118804g4qrcode_retetf.jpg)

To receive your fund documents online, go to

pgim.com/us/en/intermediary/resources/featured/e-delivery

and enroll.

PGIM Jennison Focused Value ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

TICKER SYMBOL PJFV <br> CUSIP 69344A867

ETF1009E2

![](g118804g4pgimlogo_2026.jpg)

------

![](g118804g5tsrbanner_2026.jpg)

PGIM Jennison International Opportunities ETF

TICKER SYMBOL:

PJIO

Listing Exchange:

NYSE Arca, Inc.

SEMIANNUAL SHAREHOLDER REPORT – February 28, 2026

This semiannual shareholder report contains important information about the PGIM Jennison International Opportunities ETF (the "Fund") for the

period of September 1, 2025 to February 28, 2026.

You can find additional information about the Fund at

pgim.com/etf-fund-documents

. You

can also request this information by contacting us at (888) 247-8090 or (973) 802-2093 from outside the U.S.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Jennison International Opportunities ETF | $45 | 0.90% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 2/28/2026?

---

| | |
|:---|:---|
| Fund's net assets | $31905118<br>|
| Number of fund holdings | 36 |
| Portfolio turnover rate for the period | 40% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 2/28/2026?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Semiconductors & Semiconductor Equipment | 23.9% |
| Aerospace & Defense | 16.1% |
| Textiles, Apparel & Luxury Goods | 9.3% |
| Pharmaceuticals | 5.6% |
| Electrical Equipment | 5.3% |
| Affiliated Mutual Fund - Short-Term Investment | 4.5% |
| IT Services | 4.1% |
| Technology Hardware, Storage & Peripherals | 3.7% |
| Banks | 3.7% |
| Entertainment | 3.6% |
| Specialty Retail | 3.2% |
| Hotels, Restaurants & Leisure | 3.2% |
| Biotechnology | 2.9% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Life Sciences Tools & Services | 2.6% |
| Interactive Media & Services | 2.5% |
| Personal Care Products | 2.5% |
| Broadline Retail | 1.7% |
| Health Care Equipment & Supplies | 1.6% |
| Wireless Telecommunication Services | 1.4% |
| Software | 1.0% |
| Automobiles | 0.7% |
|  | 103.1% |
| Liabilities in excess of other assets | (3.1)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ETF1016E2

![](g118804g5pgimlogo_2026.jpg)

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/etf-fund-documents

or by scanning the QR code below, including the Fund's prospectus,

financial information, Fund holdings, and proxy voting information. You can also request this information by contacting us at (888) 247-8090 or

(973) 802-2093 from outside the U.S.

![](g118804g5qrcode_retetf.jpg)

To receive your fund documents online, go to

pgim.com/us/en/intermediary/resources/featured/e-delivery

and enroll.

PGIM Jennison International Opportunities ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

TICKER SYMBOL PJIO <br> CUSIP 69344A818

ETF1016E2

![](g118804g5pgimlogo_2026.jpg)

------

![](g118804g6tsrbanner_2026.jpg)

PGIM Portfolio Ballast ETF

TICKER SYMBOL:

PBL

Listing Exchange:

Cboe BZX Exchange, Inc.

SEMIANNUAL SHAREHOLDER REPORT – February 28, 2026

This semiannual shareholder report contains important information about the PGIM Portfolio Ballast ETF (the "Fund") for the period of

September 1, 2025 to February 28, 2026.

You can find additional information about the Fund at

pgim.com/etf-fund-documents

. You can also

request this information by contacting us at (888) 247-8090 or (973) 802-2093 from outside the U.S.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Portfolio Ballast ETF | $23 | 0.45% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 2/28/2026?

---

| | |
|:---|:---|
| Fund's net assets | $75243796<br>|
| Number of fund holdings | 14 |
| Portfolio turnover rate for the period | 33% |

---

ETF1011E2

![](g118804g6pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 2/28/2026?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| U.S. Treasury Obligations | 51.2% |
| Options Purchased | 20.0% |
| Unaffiliated Exchange-Traded Funds - Fixed Income | 12.7% |
| Affiliated Mutual Fund - Short-Term Investment | 11.2% |
| Unaffiliated Exchange-Traded Funds - Equity | 4.3% |
|  | 99.4% |
| Other assets in excess of liabilities | 0.6% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/etf-fund-documents

or by scanning the QR code below, including the Fund's prospectus,

financial information, Fund holdings, and proxy voting information. You can also request this information by contacting us at (888) 247-8090 or

(973) 802-2093 from outside the U.S.

![](g118804g6qrcode_retetf.jpg)

To receive your fund documents online, go to

pgim.com/us/en/intermediary/resources/featured/e-delivery

and enroll.

PGIM Portfolio Ballast ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

TICKER SYMBOL PBL <br> CUSIP 69344A859

ETF1011E2

![](g118804g6pgimlogo_2026.jpg)

------

![](g118804g7tsrbanner_2026.jpg)

PGIM AAA CLO ETF

TICKER SYMBOL:

PAAA

Listing Exchange:

NYSE Arca, Inc.

SEMIANNUAL SHAREHOLDER REPORT – February 28, 2026

This semiannual shareholder report contains important information about the PGIM AAA CLO ETF (the "Fund") for the period of September 1,

2025 to February 28, 2026.

You can find additional information about the Fund at

pgim.com/etf-fund-documents

. You can also request this

information by contacting us at (888) 247-8090 or (973) 802-2093 from outside the U.S.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM AAA CLO ETF | $10 | 0.19% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 2/28/2026?

---

| | |
|:---|:---|
| Fund's net assets | $7481715266<br>|
| Number of fund holdings | 346 |
| Portfolio turnover rate for the period | 22% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 2/28/2026?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 2/28/2026 (%) | Credit Quality expressed as a percentage of total investments as of 2/28/2026 (%) |
| AAA | 95.5 |
| Cash/Cash Equivalents | 4.5 |
| Total | 100.0 |

---

Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody's Investors Service, Inc. (Moody's), S&P Global

Ratings (S&P), or Fitch Ratings, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, ratings are converted to the comparable

S&P/Fitch rating tier nomenclature. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change. Values may not sum to

100.0% due to rounding.

ETF1012E2

![](g118804g7pgimlogo_2026.jpg)

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/etf-fund-documents

or by scanning the QR code below, including the Fund's prospectus,

financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at (888) 247-8090 or

(973) 802-2093 from outside the U.S.

![](g118804g7qrcode_retetf.jpg)

To receive your fund documents online, go to

pgim.com/us/en/intermediary/resources/featured/e-delivery

and enroll.

PGIM AAA CLO ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

TICKER SYMBOL PAAA <br> CUSIP 69344A834

ETF1012E2

![](g118804g7pgimlogo_2026.jpg)

------

![](g118804g8tsrbanner_2026.jpg)

PGIM Active Aggregate Bond ETF

TICKER SYMBOL:

PAB

Listing Exchange:

NYSE Arca, Inc.

SEMIANNUAL SHAREHOLDER REPORT – February 28, 2026

This semiannual shareholder report contains important information about the PGIM Active Aggregate Bond ETF (the "Fund") for the period of

September 1, 2025 to February 28, 2026.

You can find additional information about the Fund at

pgim.com/etf-fund-documents

. You can also

request this information by contacting us at (888) 247-8090 or (973) 802-2093 from outside the U.S.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Active Aggregate Bond ETF | $9 | 0.18% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 2/28/2026?

---

| | |
|:---|:---|
| Fund's net assets | $101980787<br>|
| Number of fund holdings | 499 |
| Portfolio turnover rate for the period | 65% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 2/28/2026?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 2/28/2026 (%) | Credit Quality expressed as a percentage of total investments as of 2/28/2026 (%) |
| AAA | 33.0 |
| AA | 37.6 |
| A | 10.3 |
| BBB | 12.1 |
| Not Rated | 6.0 |
| Cash/Cash Equivalents | 0.9 |
| Total | 100.0 |

---

Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody's Investors Service, Inc. (Moody's), S&P Global

Ratings (S&P), or Fitch Ratings, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, ratings are converted to the comparable

S&P/Fitch rating tier nomenclature. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change. Values may not sum to

100.0% due to rounding.

ETF1006E2

![](g118804g8pgimlogo_2026.jpg)

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/etf-fund-documents

or by scanning the QR code below, including the Fund's prospectus,

financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at (888) 247-8090 or

(973) 802-2093 from outside the U.S.

![](g118804g8qrcode_retetf.jpg)

To receive your fund documents online, go to

pgim.com/us/en/intermediary/resources/featured/e-delivery

and enroll.

PGIM Active Aggregate Bond ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

TICKER SYMBOL PAB <br> CUSIP 69344A701

ETF1006E2

![](g118804g8pgimlogo_2026.jpg)

------

![](g118804g9tsrbanner_2026.jpg)

PGIM Active High Yield Bond ETF

TICKER SYMBOL:

PHYL

Listing Exchange:

NYSE Arca, Inc.

SEMIANNUAL SHAREHOLDER REPORT – February 28, 2026

This semiannual shareholder report contains important information about the PGIM Active High Yield Bond ETF (the "Fund") for the period of

September 1, 2025 to February 28, 2026.

You can find additional information about the Fund at

pgim.com/etf-fund-documents

. You can also

request this information by contacting us at (888) 247-8090 or (973) 802-2093 from outside the U.S.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Active High Yield Bond ETF | $20 | 0.39% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 2/28/2026?

---

| | |
|:---|:---|
| Fund's net assets | $1253630370<br>|
| Number of fund holdings | 776 |
| Portfolio turnover rate for the period | 62% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 2/28/2026?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 2/28/2026 (%) | Credit Quality expressed as a percentage of total investments as of 2/28/2026 (%) |
| AAA | 3.3 |
| A | 0.2 |
| BBB | 8.9 |
| BB | 52.7 |
| B | 25.4 |
| CCC | 7.8 |
| D | 0.1 |
| Not Rated | 1.8 |
| Cash/Cash Equivalents | (0.2) |
| Total | 100.0 |

---

Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody's Investors Service, Inc. (Moody's), S&P Global

Ratings (S&P), or Fitch Ratings, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, ratings are converted to the comparable

S&P/Fitch rating tier nomenclature. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change. Values may not sum to

100.0% due to rounding.

ETF1001E2

![](g118804g9pgimlogo_2026.jpg)

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/etf-fund-documents

or by scanning the QR code below, including the Fund's prospectus,

financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at (888) 247-8090 or

(973) 802-2093 from outside the U.S.

![](g118804g9qrcode_retetf.jpg)

To receive your fund documents online, go to

pgim.com/us/en/intermediary/resources/featured/e-delivery

and enroll.

PGIM Active High Yield Bond ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

TICKER SYMBOL PHYL <br> CUSIP 69344A206

ETF1001E2

![](g118804g9pgimlogo_2026.jpg)

------

![](g118804g10tsrbanner_2026.jpg)

PGIM Corporate Bond 0-5 Year ETF

TICKER SYMBOL:

PCS

Listing Exchange:

Cboe BZX Exchange, Inc.

SEMIANNUAL SHAREHOLDER REPORT – February 28, 2026

This semiannual shareholder report contains important information about the PGIM Corporate Bond 0-5 Year ETF (the "Fund") for the period of

September 1, 2025 to February 28, 2026.

You can find additional information about the Fund at

pgim.com/etf-fund-documents

. You can also

request this information by contacting us at (888) 247-8090 or (973) 802-2093 from outside the U.S.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Corporate Bond 0-5 Year ETF | $10 | 0.20% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 2/28/2026?

---

| | |
|:---|:---|
| Fund's net assets | $526552653<br>|
| Number of fund holdings | 263 |
| Portfolio turnover rate for the period | 28% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 2/28/2026?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 2/28/2026 (%) | Credit Quality expressed as a percentage of total investments as of 2/28/2026 (%) |
| AAA | 3.9 |
| AA | 17.2 |
| A | 34.2 |
| BBB | 44.5 |
| Cash/Cash Equivalents | 0.2 |
| Total | 100.0 |

---

Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody's Investors Service, Inc. (Moody's), S&P Global

Ratings (S&P), or Fitch Ratings, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, ratings are converted to the comparable

S&P/Fitch rating tier nomenclature. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change. Values may not sum to

100.0% due to rounding.

ETF1027E2

![](g118804g10pgimlogo_2026.jpg)

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/etf-fund-documents

or by scanning the QR code below, including the Fund's prospectus,

financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at (888) 247-8090 or

(973) 802-2093 from outside the U.S.

![](g118804g10qrcode_retetf.jpg)

To receive your fund documents online, go to

pgim.com/us/en/intermediary/resources/featured/e-delivery

and enroll.

PGIM Corporate Bond 0-5 Year ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

TICKER SYMBOL PCS <br> CUSIP 69344A750

ETF1027E2

![](g118804g10pgimlogo_2026.jpg)

------

![](g118804g11tsrbanner_2026.jpg)

PGIM Corporate Bond 5-10 Year ETF

TICKER SYMBOL:

PCI

Listing Exchange:

Cboe BZX Exchange, Inc.

SEMIANNUAL SHAREHOLDER REPORT – February 28, 2026

This semiannual shareholder report contains important information about the PGIM Corporate Bond 5-10 Year ETF (the "Fund") for the period of

September 1, 2025 to February 28, 2026.

You can find additional information about the Fund at

pgim.com/etf-fund-documents

. You can also

request this information by contacting us at (888) 247-8090 or (973) 802-2093 from outside the U.S.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Corporate Bond 5-10 Year ETF | $13 | 0.25% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 2/28/2026?

---

| | |
|:---|:---|
| Fund's net assets | $543762008<br>|
| Number of fund holdings | 242 |
| Portfolio turnover rate for the period | 32% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 2/28/2026?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 2/28/2026 (%) | Credit Quality expressed as a percentage of total investments as of 2/28/2026 (%) |
| AAA | 0.1 |
| AA | 17.1 |
| A | 39.8 |
| BBB | 42.9 |
| Cash/Cash Equivalents | 0.1 |
| Total | 100.0 |

---

Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody's Investors Service, Inc. (Moody's), S&P Global

Ratings (S&P), or Fitch Ratings, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, ratings are converted to the comparable

S&P/Fitch rating tier nomenclature. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change. Values may not sum to

100.0% due to rounding.

ETF1027E21

![](g118804g11pgimlogo_2026.jpg)

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/etf-fund-documents

or by scanning the QR code below, including the Fund's prospectus,

financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at (888) 247-8090 or

(973) 802-2093 from outside the U.S.

![](g118804g11qrcode_retetf.jpg)

To receive your fund documents online, go to

pgim.com/us/en/intermediary/resources/featured/e-delivery

and enroll.

PGIM Corporate Bond 5-10 Year ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

TICKER SYMBOL PCI <br> CUSIP 69344A743

ETF1027E21

![](g118804g11pgimlogo_2026.jpg)

------

![](g118804g12tsrbanner_2026.jpg)

PGIM Corporate Bond 10+ Year ETF

TICKER SYMBOL:

PCL

Listing Exchange:

Cboe BZX Exchange, Inc.

SEMIANNUAL SHAREHOLDER REPORT – February 28, 2026

This semiannual shareholder report contains important information about the PGIM Corporate Bond 10+ Year ETF (the "Fund") for the period of

September 1, 2025 to February 28, 2026.

You can find additional information about the Fund at

pgim.com/etf-fund-documents

. You can also

request this information by contacting us at (888) 247-8090 or (973) 802-2093 from outside the U.S.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Corporate Bond 10+ Year ETF | $13 | 0.25% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 2/28/2026?

---

| | |
|:---|:---|
| Fund's net assets | $77088314<br>|
| Number of fund holdings | 161 |
| Portfolio turnover rate for the period | 22% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 2/28/2026?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 2/28/2026 (%) | Credit Quality expressed as a percentage of total investments as of 2/28/2026 (%) |
| AAA | 7.9 |
| AA | 22.2 |
| A | 36.8 |
| BBB | 33.5 |
| Cash/Cash Equivalents | (0.4) |
| Total | 100.0 |

---

Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody's Investors Service, Inc. (Moody's), S&P Global

Ratings (S&P), or Fitch Ratings, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, ratings are converted to the comparable

S&P/Fitch rating tier nomenclature. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change. Values may not sum to

100.0% due to rounding.

ETF1027E22

![](g118804g12pgimlogo_2026.jpg)

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/etf-fund-documents

or by scanning the QR code below, including the Fund's prospectus,

financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at (888) 247-8090 or

(973) 802-2093 from outside the U.S.

![](g118804g12qrcode_retetf.jpg)

To receive your fund documents online, go to

pgim.com/us/en/intermediary/resources/featured/e-delivery

and enroll.

PGIM Corporate Bond 10+ Year ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

TICKER SYMBOL PCL <br> CUSIP 69344A735

ETF1027E22

![](g118804g12pgimlogo_2026.jpg)

------

![](g118804g13tsrbanner_2026.jpg)

PGIM Floating Rate Income ETF

TICKER SYMBOL:

PFRL

Listing Exchange:

NYSE Arca, Inc.

SEMIANNUAL SHAREHOLDER REPORT – February 28, 2026

This semiannual shareholder report contains important information about the PGIM Floating Rate Income ETF (the "Fund") for the period of

September 1, 2025 to February 28, 2026.

You can find additional information about the Fund at

pgim.com/etf-fund-documents

. You can also

request this information by contacting us at (888) 247-8090 or (973) 802-2093 from outside the U.S.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Floating Rate Income ETF | $36 | 0.72% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 2/28/2026?

---

| | |
|:---|:---|
| Fund's net assets | $109361550<br>|
| Number of fund holdings | 430 |
| Portfolio turnover rate for the period | 21% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 2/28/2026?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 2/28/2026 (%) | Credit Quality expressed as a percentage of total investments as of 2/28/2026 (%) |
| AAA | 1.3 |
| AA | 10.4 |
| A | 4.4 |
| BBB | 11.2 |
| BB | 24.6 |
| B | 41.2 |
| CCC | 2.3 |
| Not Rated | 3.7 |
| Cash/Cash Equivalents | 1.0 |
| Total | 100.0 |

---

Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody's Investors Service, Inc. (Moody's), S&P Global

Ratings (S&P), or Fitch Ratings, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, ratings are converted to the comparable

S&P/Fitch rating tier nomenclature. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change. Values may not sum to

100.0% due to rounding.

ETF1008E2

![](g118804g13pgimlogo_2026.jpg)

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/etf-fund-documents

or by scanning the QR code below, including the Fund's prospectus,

financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at (888) 247-8090 or

(973) 802-2093 from outside the U.S.

![](g118804g13qrcode_retetf.jpg)

To receive your fund documents online, go to

pgim.com/us/en/intermediary/resources/featured/e-delivery

and enroll.

PGIM Floating Rate Income ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

TICKER SYMBOL PFRL <br> CUSIP 69344A883

ETF1008E2

![](g118804g13pgimlogo_2026.jpg)

------

![](g118804g14tsrbanner_2026.jpg)

PGIM Municipal Income Opportunities ETF

TICKER SYMBOL:

PMIO

Listing Exchange:

NYSE Arca, Inc.

SEMIANNUAL SHAREHOLDER REPORT – February 28, 2026

This semiannual shareholder report contains important information about the PGIM Municipal Income Opportunities ETF (the "Fund") for the

period of September 1, 2025 to February 28, 2026.

You can find additional information about the Fund at

pgim.com/etf-fund-documents

. You

can also request this information by contacting us at (888) 247-8090 or (973) 802-2093 from outside the U.S.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Municipal Income Opportunities ETF | $13 | 0.25% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 2/28/2026?

---

| | |
|:---|:---|
| Fund's net assets | $42701721<br>|
| Number of fund holdings | 87 |
| Portfolio turnover rate for the period | 25% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 2/28/2026?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 2/28/2026 (%) | Credit Quality expressed as a percentage of total investments as of 2/28/2026 (%) |
| AAA | 3.4 |
| AA | 37.5 |
| A | 19.6 |
| BBB | 12.1 |
| BB | 4.2 |
| Not Rated | 21.4 |
| Cash/Cash Equivalents | 1.8 |
| Total | 100.0 |

---

Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody's Investors Service, Inc. (Moody's), S&P Global

Ratings (S&P), or Fitch Ratings, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, ratings are converted to the comparable

S&P/Fitch rating tier nomenclature. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change. Values may not sum to

100.0% due to rounding.

ETF1020E2

![](g118804g14pgimlogo_2026.jpg)

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/etf-fund-documents

or by scanning the QR code below, including the Fund's prospectus,

financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at (888) 247-8090 or

(973) 802-2093 from outside the U.S.

![](g118804g14qrcode_retetf.jpg)

To receive your fund documents online, go to

pgim.com/us/en/intermediary/resources/featured/e-delivery

and enroll.

PGIM Municipal Income Opportunities ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

TICKER SYMBOL PMIO <br> CUSIP 69344A776

ETF1020E2

![](g118804g14pgimlogo_2026.jpg)

------

![](g118804g15tsrbanner_2026.jpg)

PGIM Short Duration High Yield ETF

TICKER SYMBOL:

PSH

Listing Exchange:

Cboe BZX Exchange, Inc.

SEMIANNUAL SHAREHOLDER REPORT – February 28, 2026

This semiannual shareholder report contains important information about the PGIM Short Duration High Yield ETF (the "Fund") for the period of

September 1, 2025 to February 28, 2026.

You can find additional information about the Fund at

pgim.com/etf-fund-documents

. You can also

request this information by contacting us at (888) 247-8090 or (973) 802-2093 from outside the U.S.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Short Duration High Yield ETF | $23 | 0.45% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 2/28/2026?

---

| | |
|:---|:---|
| Fund's net assets | $134413833<br>|
| Number of fund holdings | 454 |
| Portfolio turnover rate for the period | 30% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 2/28/2026?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 2/28/2026 (%) | Credit Quality expressed as a percentage of total investments as of 2/28/2026 (%) |
| AAA | 9.3 |
| BBB | 8.5 |
| BB | 49.5 |
| B | 22.0 |
| CCC | 9.1 |
| D | 0.1 |
| Not Rated | 1.7 |
| Cash/Cash Equivalents | (0.2) |
| Total | 100.0 |

---

Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody's Investors Service, Inc. (Moody's), S&P Global

Ratings (S&P), or Fitch Ratings, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, ratings are converted to the comparable

S&P/Fitch rating tier nomenclature. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change. Values may not sum to

100.0% due to rounding.

ETF1017E2

![](g118804g15pgimlogo_2026.jpg)

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/etf-fund-documents

or by scanning the QR code below, including the Fund's prospectus,

financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at (888) 247-8090 or

(973) 802-2093 from outside the U.S.

![](g118804g15qrcode_retetf.jpg)

To receive your fund documents online, go to

pgim.com/us/en/intermediary/resources/featured/e-delivery

and enroll.

PGIM Short Duration High Yield ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

TICKER SYMBOL PSH <br> CUSIP 69344A784

ETF1017E2

![](g118804g15pgimlogo_2026.jpg)

------

![](g118804g16tsrbanner_2026.jpg)

PGIM Short Duration Multi-Sector Bond ETF

TICKER SYMBOL:

PSDM

Listing Exchange:

Cboe BZX Exchange, Inc.

SEMIANNUAL SHAREHOLDER REPORT – February 28, 2026

This semiannual shareholder report contains important information about the PGIM Short Duration Multi-Sector Bond ETF (the "Fund") for the

period of September 1, 2025 to February 28, 2026.

You can find additional information about the Fund at

pgim.com/etf-fund-documents

. You

can also request this information by contacting us at (888) 247-8090 or (973) 802-2093 from outside the U.S.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Short Duration Multi-Sector Bond ETF | $20 | 0.39% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 2/28/2026?

---

| | |
|:---|:---|
| Fund's net assets | $166678980<br>|
| Number of fund holdings | 787 |
| Portfolio turnover rate for the period | 65% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 2/28/2026?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 2/28/2026 (%) | Credit Quality expressed as a percentage of total investments as of 2/28/2026 (%) |
| AAA | 57.7 |
| AA | 20.8 |
| A | 4.7 |
| BBB | 10.5 |
| BB | 6.2 |
| B | 2.1 |
| CCC | 0.6 |
| Not Rated | 2.0 |
| Cash/Cash Equivalents | (4.4) |
| Total | 100.0 |

---

Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody's Investors Service, Inc. (Moody's), S&P Global

Ratings (S&P), or Fitch Ratings, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, ratings are converted to the comparable

S&P/Fitch rating tier nomenclature. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change. Values may not sum to

100.0% due to rounding.

ETF1013E2

![](g118804g16pgimlogo_2026.jpg)

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/etf-fund-documents

or by scanning the QR code below, including the Fund's prospectus,

financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at (888) 247-8090 or

(973) 802-2093 from outside the U.S.

![](g118804g16qrcode_retetf.jpg)

To receive your fund documents online, go to

pgim.com/us/en/intermediary/resources/featured/e-delivery

and enroll.

PGIM Short Duration Multi-Sector Bond ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

TICKER SYMBOL PSDM <br> CUSIP 69344A842

ETF1013E2

![](g118804g16pgimlogo_2026.jpg)

------

![](g118804g17tsrbanner_2026.jpg)

PGIM Total Return Bond ETF

TICKER SYMBOL:

PTRB

Listing Exchange:

NYSE Arca, Inc.

SEMIANNUAL SHAREHOLDER REPORT – February 28, 2026

This semiannual shareholder report contains important information about the PGIM Total Return Bond ETF (the "Fund") for the period of

September 1, 2025 to February 28, 2026.

You can find additional information about the Fund at

pgim.com/etf-fund-documents

. You can also

request this information by contacting us at (888) 247-8090 or (973) 802-2093 from outside the U.S.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Total Return Bond ETF | $24 | 0.48% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 2/28/2026?

---

| | |
|:---|:---|
| Fund's net assets | $869909988<br>|
| Number of fund holdings | 1358 |
| Portfolio turnover rate for the period | 55% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 2/28/2026?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 2/28/2026 (%) | Credit Quality expressed as a percentage of total investments as of 2/28/2026 (%) |
| AAA | 46.8 |
| AA | 24.5 |
| A | 6.4 |
| BBB | 13.2 |
| BB | 4.7 |
| B | 2.4 |
| CCC | 0.4 |
| Not Rated | 3.0 |
| Cash/Cash Equivalents | (1.6) |
| Total | 100.0 |

---

Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody's Investors Service, Inc. (Moody's), S&P Global

Ratings (S&P), or Fitch Ratings, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, ratings are converted to the comparable

S&P/Fitch rating tier nomenclature. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change. Values may not sum to

100.0% due to rounding.

ETF1007E2

![](g118804g17pgimlogo_2026.jpg)

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/etf-fund-documents

or by scanning the QR code below, including the Fund's prospectus,

financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at (888) 247-8090 or

(973) 802-2093 from outside the U.S.

![](g118804g17qrcode_retetf.jpg)

To receive your fund documents online, go to

pgim.com/us/en/intermediary/resources/featured/e-delivery

and enroll.

PGIM Total Return Bond ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

TICKER SYMBOL PTRB <br> CUSIP 69344A800

ETF1007E2

![](g118804g17pgimlogo_2026.jpg)

------

![](g118804g18tsrbanner_2026.jpg)

PGIM Ultra Short Bond ETF

TICKER SYMBOL:

PULS

Listing Exchange:

NYSE Arca, Inc.

SEMIANNUAL SHAREHOLDER REPORT – February 28, 2026

This semiannual shareholder report contains important information about the PGIM Ultra Short Bond ETF (the "Fund") for the period of

September 1, 2025 to February 28, 2026.

You can find additional information about the Fund at

pgim.com/etf-fund-documents

. You can also

request this information by contacting us at (888) 247-8090 or (973) 802-2093 from outside the U.S.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Ultra Short Bond ETF | $8 | 0.15% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 2/28/2026?

---

| | |
|:---|:---|
| Fund's net assets | $14204356379<br>|
| Number of fund holdings | 630 |
| Portfolio turnover rate for the period | 23% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 2/28/2026?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 2/28/2026 (%) | Credit Quality expressed as a percentage of total investments as of 2/28/2026 (%) |
| AAA | 12.2 |
| AA | 31.3 |
| A | 39.9 |
| BBB | 9.3 |
| BB | 2.6 |
| Not Rated | 5.4 |
| Cash/Cash Equivalents | (0.7) |
| Total | 100.0 |

---

Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody's Investors Service, Inc. (Moody's), S&P Global

Ratings (S&P), or Fitch Ratings, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, ratings are converted to the comparable

S&P/Fitch rating tier nomenclature. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change. Values may not sum to

100.0% due to rounding.

ETF1000E2

![](g118804g18pgimlogo_2026.jpg)

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/etf-fund-documents

or by scanning the QR code below, including the Fund's prospectus,

financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at (888) 247-8090 or

(973) 802-2093 from outside the U.S.

![](g118804g18qrcode_retetf.jpg)

To receive your fund documents online, go to

pgim.com/us/en/intermediary/resources/featured/e-delivery

and enroll.

PGIM Ultra Short Bond ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

TICKER SYMBOL PULS <br> CUSIP 69344A107

ETF1000E2

![](g118804g18pgimlogo_2026.jpg)

------

![](g118804g19tsrbanner_2026.jpg)

PGIM Ultra Short Municipal Bond ETF

TICKER SYMBOL:

PUSH

Listing Exchange:

NYSE Arca, Inc.

SEMIANNUAL SHAREHOLDER REPORT – February 28, 2026

This semiannual shareholder report contains important information about the PGIM Ultra Short Municipal Bond ETF (the "Fund") for the period of

September 1, 2025 to February 28, 2026.

You can find additional information about the Fund at

pgim.com/etf-fund-documents

. You can also

request this information by contacting us at (888) 247-8090 or (973) 802-2093 from outside the U.S.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Ultra Short Municipal Bond ETF | $8 | 0.15% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 2/28/2026?

---

| | |
|:---|:---|
| Fund's net assets | $67152742<br>|
| Number of fund holdings | 193 |
| Portfolio turnover rate for the period | 33% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 2/28/2026?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 2/28/2026 (%) | Credit Quality expressed as a percentage of total investments as of 2/28/2026 (%) |
| AAA | 11.8 |
| AA | 37.3 |
| A | 35.2 |
| BBB | 9.0 |
| Not Rated | 4.0 |
| Cash/Cash Equivalents | 1.5 |
| Total | 100.0 |

---

Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody's Investors Service, Inc. (Moody's), S&P Global

Ratings (S&P), or Fitch Ratings, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, ratings are converted to the comparable

S&P/Fitch rating tier nomenclature. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change. Values may not sum to

100.0% due to rounding.

ETF1021E2

![](g118804g19pgimlogo_2026.jpg)

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/etf-fund-documents

or by scanning the QR code below, including the Fund's prospectus,

financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at (888) 247-8090 or

(973) 802-2093 from outside the U.S.

![](g118804g19qrcode_retetf.jpg)

To receive your fund documents online, go to

pgim.com/us/en/intermediary/resources/featured/e-delivery

and enroll.

PGIM Ultra Short Municipal Bond ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

TICKER SYMBOL PUSH <br> CUSIP 69344A768

ETF1021E2

![](g118804g19pgimlogo_2026.jpg)

------

(b) Copy of each notice transmitted to stockholders in reliance on Rule 30e-3 under the Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule – Not applicable.

Item 2 – Code of Ethics – Not required, as this is not an annual filing.

Item 3 – Audit Committee Financial Expert – Not required, as this is not an annual filing.

Item 4 – Principal Accountant Fees and Services – Not required, as this is not an annual filing.

Item 5 – Audit Committee of Listed Registrants – Not applicable.

Item 6 – Investments – The registrant's Schedule of Investments is included in the financial statements filed under Item 7 of this Form.

Items 7 – 11 (Refer to Report(s) below)

------

![LOGO](g118804dsp_01a.jpg)

## PGIM ETF TRUST
PGIM Jennison Better Future ETF

PGIM Jennison Focused Growth ETF

PGIM Jennison Focused Mid-Cap ETF

PGIM Jennison Focused Value ETF

PGIM Jennison International Opportunities ETF

PGIM Portfolio Ballast ETF

#### FINANCIAL STATEMENTS AND OTHER INFORMATION

#### FEBRUARY 28, 2026
![LOGO](g118804dsp_01b.jpg)

------

<u> **Table of Contents** </u>   <u> Financial Statements and Other Information</u>   <u> February 28, 2026 </u>

**Form N-CSR Item 7** - Financial Statements and Financial Highlights for Open-End Management Investment Companies.

---

| | |
|:---|:---|
|  [Glossary](#edgar118804_1) | 1 |
|  [PGIM Jennison Better Future ETF](#edgar118804_2) | 2 |
|  [PGIM Jennison Focused Growth ETF](#edgar118804_3) | 9 |
|  [PGIM Jennison Focused Mid-Cap ETF](#edgar118804_4) | 16 |
|  [PGIM Jennison Focused Value ETF](#edgar118804_5) | 24 |
|  [PGIM Jennison International Opportunities ETF](#edgar118804_6) | 31 |
|  [PGIM Portfolio Ballast ETF](#edgar118804_7) | 38 |
|  [Notes to Financial Statements](#edgar118804_8) | 45 |

---

**[Other Information -](#edgar118804_9)**[Form N-CSR Items 8-11](#edgar118804_9)

------

Glossary

#### The following abbreviations are used in the Funds' descriptions:
USD—US Dollar

ADR—American Depositary Receipt

ETF—Exchange-Traded Fund

PRFC—Preference Shares

REITs—Real Estate Investment Trust

S&P—Standard & Poor's

SOFR—Secured Overnight Financing Rate

SPDR—Standard & Poor's Depositary Receipts

------

PGIM Jennison Better Future ETF

Schedule of Investments (unaudited)

as of February 28, 2026

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 95.7%** |  |  |
| &nbsp;&nbsp; **COMMON STOCKS** |  |  |
| &nbsp;&nbsp; **Automobiles 0.6%** |  |  |
| &nbsp;&nbsp; Ferrari NV (Italy) | 161 | $61167 |
| &nbsp;&nbsp; **Banks 2.3%** |  |  |
| &nbsp;&nbsp; NU Holdings Ltd. (Brazil) (Class A Stock)\* | 15394 | 230602 |
| &nbsp;&nbsp; **Broadline Retail 5.0%** |  |  |
| &nbsp;&nbsp; Amazon.com, Inc.\* | 1676 | 351960 |
| &nbsp;&nbsp; MercadoLibre, Inc. (Brazil)\* | 42 | 73818 |
| &nbsp;&nbsp; Sea Ltd. (Singapore), ADR\* | 701 | 76024 |
|  |  | 501802 |
| &nbsp;&nbsp; **Capital Markets 1.7%** |  |  |
| &nbsp;&nbsp; Robinhood Markets, Inc. (Class A Stock)\* | 2229 | 169070 |
| &nbsp;&nbsp; **Electric Utilities 2.5%** |  |  |
| &nbsp;&nbsp; Constellation Energy Corp. | 774 | 255327 |
| &nbsp;&nbsp; **Electrical Equipment 9.1%** |  |  |
| &nbsp;&nbsp; Bloom Energy Corp. (Class A Stock)\* | 1450 | 225721 |
| &nbsp;&nbsp; GE Vernova, Inc. | 461 | 402730 |
| &nbsp;&nbsp; Siemens Energy AG (Germany) | 1457 | 286559 |
|  |  | 915010 |
| &nbsp;&nbsp; **Financial Services 0.9%** |  |  |
| &nbsp;&nbsp; Mastercard, Inc. (Class A Stock) | 186 | 96201 |
| &nbsp;&nbsp; **Health Care Equipment & Supplies 4.2%** |  |  |
| &nbsp;&nbsp; Edwards Lifesciences Corp.\* | 2374 | 205280 |
| &nbsp;&nbsp; Intuitive Surgical, Inc.\* | 431 | 217013 |
|  |  | 422293 |
| &nbsp;&nbsp; **Interactive Media & Services 9.5%** |  |  |
| &nbsp;&nbsp; Alphabet, Inc. (Class A Stock) | 3095 | 964897 |
| &nbsp;&nbsp; **IT Services 8.0%** |  |  |
| &nbsp;&nbsp; Cloudflare, Inc. (Class A Stock)\* | 1335 | 229874 |
| &nbsp;&nbsp; Shopify, Inc. (Canada) (Class A Stock)\* | 3177 | 383559 |
| &nbsp;&nbsp; Snowflake, Inc.\* | 1182 | 199060 |
|  |  | 812493 |
| &nbsp;&nbsp; **Personal Care Products 2.0%** |  |  |
| &nbsp;&nbsp; L'Oreal SA (France) | 424 | 199097 |
| &nbsp;&nbsp; **Pharmaceuticals 5.9%** |  |  |
| &nbsp;&nbsp; Galderma Group AG (Switzerland) | 2383 | 452208 |
| &nbsp;&nbsp; UCB SA (Belgium) | 496 | 147866 |
|  |  | 600074 |
| &nbsp;&nbsp; **Semiconductors & Semiconductor Equipment 23.7%** |  |  |
| &nbsp;&nbsp; Advanced Micro Devices, Inc.\* | 1069 | 214024 |
| &nbsp;&nbsp; ASML Holding NV (Netherlands) | 240 | 349773 |
| &nbsp;&nbsp; Broadcom, Inc. | 472 | 150828 |
| &nbsp;&nbsp; Lam Research Corp. | 1408 | 329317 |

---

See Notes to Financial Statements.

------

PGIM Jennison Better Future ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Semiconductors & Semiconductor Equipment (cont'd.)** |  |  |
| &nbsp;&nbsp; NVIDIA Corp. | 4158 | $736756 |
| &nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan), ADR | 1635 | 612438 |
|  |  | 2393136 |
| &nbsp;&nbsp; **Software 6.2%** |  |  |
| &nbsp;&nbsp; Cadence Design Systems, Inc.\* | 286 | 86200 |
| &nbsp;&nbsp; Crowdstrike Holdings, Inc. (Class A Stock)\* | 497 | 184874 |
| &nbsp;&nbsp; Microsoft Corp. | 505 | 198334 |
| &nbsp;&nbsp; Oracle Corp. | 1050 | 152670 |
|  |  | 622078 |
| &nbsp;&nbsp; **Specialty Retail 3.4%** |  |  |
| &nbsp;&nbsp; Industria de Diseno Textil SA (Spain) | 5079 | 340996 |
| &nbsp;&nbsp; **Technology Hardware, Storage & Peripherals 3.3%** |  |  |
| &nbsp;&nbsp; Apple, Inc. | 1247 | 329432 |
| &nbsp;&nbsp; **Textiles, Apparel & Luxury Goods 7.4%** |  |  |
| &nbsp;&nbsp; Brunello Cucinelli SpA (Italy) | 2343 | 227958 |
| &nbsp;&nbsp; Cie Financiere Richemont SA (Switzerland) (Class A Stock) | 1118 | 228660 |
| &nbsp;&nbsp; Hermes International SCA (France) | 120 | 290532 |
|  |  | 747150 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS**<br>(cost $8,671,517) |  | 9660825 |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENT 4.2%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<br>(cost $421,765)(wb) | 421765 | 421765 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 99.9%**<br>(cost $9,093,282) |  | 10082590 |
| &nbsp;&nbsp; Other assets in excess of liabilities 0.1% |  | 5522 |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $10088112 |

---

See the Glossary for a list of the abbreviation(s) used in the semiannual report.

\* Non-income producing security.

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

#### Fair Value Measurements :
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

See Notes to Financial Statements.

PGIM Jennison Better Future ETF 3

------

PGIM Jennison Better Future ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

The following is a summary of the inputs used as of February 28, 2026 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Common Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automobiles | $61167 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banks | 230602 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadline Retail | 501802 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Markets | 169070 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electric Utilities | 255327 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electrical Equipment | 915010 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Services | 96201 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | 422293 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interactive Media & Services | 964897 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IT Services | 812493 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Personal Care Products | 199097 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals | 600074 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | 2393136 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Software | 622078 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialty Retail | 340996 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology Hardware, Storage & Peripherals | 329432 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Textiles, Apparel & Luxury Goods | 747150 |  |  |
|  **Short-Term Investment** |  |  |  |
|  Affiliated Mutual Fund | 421765 |  |  |
|  **Total** | $**10082590** | $**—** | $**—** |

---

#### Industry Classification:
The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of February 28, 2026 were as follows:

---

| | |
|:---|:---|
|  Semiconductors & Semiconductor Equipment | 23.7 |
|  Interactive Media & Services | 9.5 |
|  Electrical Equipment | 9.1 |
|  IT Services | 8.0 |
|  Textiles, Apparel & Luxury Goods | 7.4 |
|  Software | 6.2 |
|  Pharmaceuticals | 5.9 |
|  Broadline Retail | 5.0 |
|  Health Care Equipment & Supplies | 4.2 |
|  Affiliated Mutual Fund | 4.2 |
|  Specialty Retail | 3.4 |
|  Technology Hardware, Storage & Peripherals | 3.3 |

---

---

| | |
|:---|:---|
|  Electric Utilities | 2.5% |
|  Banks | 2.3 |
|  Personal Care Products | 2.0 |
|  Capital Markets | 1.7 |
|  Financial Services | 0.9 |
|  Automobiles | 0.6 |
|  | 99.9 |
|  Other assets in excess of liabilities | 0.1 |
|  | 100.0% |

---

See Notes to Financial Statements.

------

PGIM Jennison Better Future ETF

Statement of Assets & Liabilities (unaudited)

as of February 28, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $8,671,517) | $9660825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $421,765) | 421765 |
| &nbsp;&nbsp; Foreign currency, at value (cost $111) | 112 |
| &nbsp;&nbsp; Tax reclaim receivable | 8207 |
| &nbsp;&nbsp; Dividends receivable | 1915 |
| &nbsp;&nbsp; **Total Assets** | 10092824 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Management fee payable | 4605 |
| &nbsp;&nbsp; Other liabilities | 107 |
| &nbsp;&nbsp; **Total Liabilities** | 4712 |
| &nbsp;&nbsp; **Net Assets** | $10088112 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 11428150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (1340208) |
| &nbsp;&nbsp; **Net assets, February 28, 2026** | $10088112 |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($10,088,112 ÷ 170,000 shares of common stock issued and outstanding) | $59.34 |

---

See Notes to Financial Statements.

PGIM Jennison Better Future ETF 5

------

PGIM Jennison Better Future ETF

Statement of Operations (unaudited)

Six Months Ended February 28, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Income |  |
| &nbsp;&nbsp; Unaffiliated dividend income (net of $2,522 foreign withholding tax) | $17168 |
| &nbsp;&nbsp; Affiliated dividend income | 6511 |
| &nbsp;&nbsp; **Total income** | 23679 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 31046 |
| &nbsp;&nbsp; Net investment income (loss) | (7367) |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions** |  |
| &nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions | (87069) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (315) |
|  | (87384) |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (146465) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | 66 |
|  | (146399) |
| &nbsp;&nbsp; Net gain (loss) on investment and foreign currency transactions | (233783) |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $(241150) |

---

See Notes to Financial Statements.

------

PGIM Jennison Better Future ETF

Statements of Changes in Net Assets (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>February 28, 2026** | **Year Ended<br>August 31, 2025** |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $(7367) | $31100 |
| &nbsp;&nbsp; Net realized gain (loss) on investment and in-kind redemptions transactions | (87384) | 379734 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currencies | (146399) | (1233631) |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (241150) | (822797) |
| &nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp; Distributions from distributable earnings | (25883) | (26177) |
| &nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp; Shares sold in-kind (0 and 130,000 shares, respectively) |  | 8020669 |
| &nbsp;&nbsp; Shares redeemed in-kind (0 and 230,000 shares, respectively) |  | (13574474) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions |  | (5553805) |
| &nbsp;&nbsp; Total increase (decrease) | (267033) | (6402779) |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of period | 10355145 | 16757924 |
| &nbsp;&nbsp; End of period | $10088112 | $10355145 |

---

See Notes to Financial Statements.

PGIM Jennison Better Future ETF 7

------

PGIM Jennison Better Future ETF

Financial Highlights (unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Six Months<br>Ended<br>February 28, 2026** | **Year Ended<br>August 31, 2025** | **December 14, 2023<sup>(a)</sup>through**<br>**August 31, 2024** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(b)</sup>:** |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $60.91 | $62.07 | $50.00 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.04) | 0.11 | 0.11 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment and foreign currency transactions | (1.38) | (1.18) | 11.96 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (1.42) | (1.07) | 12.07 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.15) | (0.09) |  |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $59.34 | $60.91 | $62.07 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | (2.34)% | (1.71)% | 24.13% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $10088 | $10355 | $16758 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $10611 | $16971 | $12710 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.59 %<sup>(e)</sup> | 0.52% | 0.53 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.59 %<sup>(e)</sup> | 0.59% | 0.59 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.14)%<sup>(e)</sup> | 0.18% | 0.28 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(g)</sup> | 35% | 138% | 57% |

---

(a) Commencement of operations.

(b) Calculated based on average shares outstanding during the period.

(c) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(d) Does not include expenses of the underlying funds in which the Fund invests.

(e) Annualized.

(f) Annualized, with the exception of certain non-recurring expenses.

(g) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

See Notes to Financial Statements.

------

PGIM Jennison Focused Growth ETF

Schedule of Investments (unaudited)

as of February 28, 2026

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 99.4%** |  |  |
| &nbsp;&nbsp; **COMMON STOCKS** |  |  |
| &nbsp;&nbsp; **Aerospace & Defense 5.5%** |  |  |
| &nbsp;&nbsp; Boeing Co. (The)\* | 11713 | $2665059 |
| &nbsp;&nbsp; General Electric Co. | 13338 | 4565064 |
|  |  | 7230123 |
| &nbsp;&nbsp; **Automobiles 3.6%** |  |  |
| &nbsp;&nbsp; Tesla, Inc.\* | 11999 | 4829718 |
| &nbsp;&nbsp; **Biotechnology 1.3%** |  |  |
| &nbsp;&nbsp; Vertex Pharmaceuticals, Inc.\* | 3424 | 1701146 |
| &nbsp;&nbsp; **Broadline Retail 8.1%** |  |  |
| &nbsp;&nbsp; Amazon.com, Inc.\* | 48479 | 10180590 |
| &nbsp;&nbsp; MercadoLibre, Inc. (Brazil)\* | 349 | 613395 |
|  |  | 10793985 |
| &nbsp;&nbsp; **Consumer Staples Distribution & Retail 3.1%** |  |  |
| &nbsp;&nbsp; Costco Wholesale Corp. | 2364 | 2389507 |
| &nbsp;&nbsp; Walmart, Inc. | 13582 | 1737817 |
|  |  | 4127324 |
| &nbsp;&nbsp; **Electric Utilities 1.8%** |  |  |
| &nbsp;&nbsp; Constellation Energy Corp. | 7125 | 2350395 |
| &nbsp;&nbsp; **Electronic Equipment, Instruments & Components 1.5%** |  |  |
| &nbsp;&nbsp; Amphenol Corp. (Class A Stock) | 14055 | 2052873 |
| &nbsp;&nbsp; **Entertainment 5.5%** |  |  |
| &nbsp;&nbsp; Netflix, Inc.\* | 27515 | 2648043 |
| &nbsp;&nbsp; Spotify Technology SA\* | 4301 | 2214757 |
| &nbsp;&nbsp; Walt Disney Co. (The) | 22369 | 2372009 |
|  |  | 7234809 |
| &nbsp;&nbsp; **Financial Services 3.4%** |  |  |
| &nbsp;&nbsp; Mastercard, Inc. (Class A Stock) | 8726 | 4513175 |
| &nbsp;&nbsp; **Health Care Equipment & Supplies 2.0%** |  |  |
| &nbsp;&nbsp; Edwards Lifesciences Corp.\* | 9511 | 822416 |
| &nbsp;&nbsp; Intuitive Surgical, Inc.\* | 3760 | 1893198 |
|  |  | 2715614 |
| &nbsp;&nbsp; **Interactive Media & Services 12.6%** |  |  |
| &nbsp;&nbsp; Alphabet, Inc. (Class A Stock) | 35847 | 11175661 |
| &nbsp;&nbsp; Meta Platforms, Inc. (Class A Stock) | 8571 | 5555551 |
|  |  | 16731212 |
| &nbsp;&nbsp; **IT Services 2.4%** |  |  |
| &nbsp;&nbsp; Shopify, Inc. (Canada) (Class A Stock)\* | 15154 | 1829542 |
| &nbsp;&nbsp; Snowflake, Inc.\* | 7877 | 1326566 |
|  |  | 3156108 |
| &nbsp;&nbsp; **Pharmaceuticals 4.4%** |  |  |
| &nbsp;&nbsp; Eli Lilly & Co. | 5568 | 5857480 |

---

See Notes to Financial Statements.

PGIM Jennison Focused Growth ETF 9

------

PGIM Jennison Focused Growth ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Semiconductors & Semiconductor Equipment 19.8%** |  |  |
| &nbsp;&nbsp; Advanced Micro Devices, Inc.\* | 10133 | $2028728 |
| &nbsp;&nbsp; Broadcom, Inc. | 18704 | 5976863 |
| &nbsp;&nbsp; NVIDIA Corp. | 82143 | 14554918 |
| &nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan), ADR | 9675 | 3624062 |
|  |  | 26184571 |
| &nbsp;&nbsp; **Software 15.2%** |  |  |
| &nbsp;&nbsp; AppLovin Corp. (Class A Stock)\* | 3148 | 1368656 |
| &nbsp;&nbsp; Cadence Design Systems, Inc.\* | 9304 | 2804225 |
| &nbsp;&nbsp; Crowdstrike Holdings, Inc. (Class A Stock)\* | 5259 | 1956243 |
| &nbsp;&nbsp; Datadog, Inc. (Class A Stock)\* | 8884 | 994653 |
| &nbsp;&nbsp; Microsoft Corp. | 26476 | 10398184 |
| &nbsp;&nbsp; Oracle Corp. | 10258 | 1491513 |
| &nbsp;&nbsp; Palantir Technologies, Inc. (Class A Stock)\* | 8205 | 1125644 |
|  |  | 20139118 |
| &nbsp;&nbsp; **Specialty Retail 1.1%** |  |  |
| &nbsp;&nbsp; Industria de Diseno Textil SA (Spain), ADR | 85544 | 1430296 |
| &nbsp;&nbsp; **Technology Hardware, Storage & Peripherals 8.1%** |  |  |
| &nbsp;&nbsp; Apple, Inc. | 40657 | 10740766 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS**<br> (cost $101,498,147) |  | 131788713 |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENT 0.6%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<br>(cost $776,165)(wb) | 776165 | 776165 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 100.0%**<br> (cost $102,274,312) |  | 132564878 |
| &nbsp;&nbsp; Liabilities in excess of other assets (0.0)% |  | (33577) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $132531301 |

---

See the Glossary for a list of the abbreviation(s) used in the semiannual report.

\* Non-income producing security.

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

#### Fair Value Measurements:
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of February 28, 2026 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Common Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aerospace & Defense | $&nbsp;&nbsp;&nbsp;&nbsp;7230123 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automobiles | 4829718 |  |  |

---

See Notes to Financial Statements.

------

PGIM Jennison Focused Growth ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities (continued)** |  |  |  |
|  **Assets (continued)** |  |  |  |
|  **Long-Term Investments (continued)** |  |  |  |
|  Common Stocks (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Biotechnology | $1701146 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadline Retail | 10793985 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples Distribution & Retail | 4127324 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electric Utilities | 2350395 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electronic Equipment, Instruments & Components | 2052873 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entertainment | 7234809 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Services. | 4513175 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | 2715614 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interactive Media & Services | 16731212 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IT Services | 3156108 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals | 5857480 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | 26184571 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Software | 20139118 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialty Retail | 1430296 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology Hardware, Storage & Peripherals | 10740766 |  |  |
|  **Short-Term Investment** |  |  |  |
|  Affiliated Mutual Fund | 776165 |  |  |
|  **Total** | $**132564878** | **$—** | **$—** |

---

#### Industry Classification :
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of February 28, 2026 were as follows:

---

| | |
|:---|:---|
|  Semiconductors & Semiconductor Equipment | 19.8 |
|  Software | 15.2 |
|  Interactive Media & Services | 12.6 |
|  Broadline Retail | 8.1 |
|  Technology Hardware, Storage & Peripherals | 8.1 |
|  Entertainment | 5.5 |
|  Aerospace & Defense | 5.5 |
|  Pharmaceuticals | 4.4 |
|  Automobiles | 3.6 |
|  Financial Services | 3.4 |
|  Consumer Staples Distribution & Retail | 3.1 |
|  IT Services | 2.4 |
|  Health Care Equipment & Supplies | 2.0 |

---

---

| | | |
|:---|:---|:---|
|  Electric Utilities | 1.8 | % |
|  Electronic Equipment, Instruments & Components | 1.5 |  |
|  Biotechnology | 1.3 |  |
|  Specialty Retail | 1.1 |  |
|  Affiliated Mutual Fund | 0.6 |  |
|  | 100.0 |  |
|  Liabilities in excess of other assets | (0.0) |)\* |
|  | 100.0 | % |

---

\* Less than 0.05% 

See Notes to Financial Statements.

PGIM Jennison Focused Growth ETF 11

------

PGIM Jennison Focused Growth ETF

Statement of Assets & Liabilities (unaudited)

as of February 28, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $101,498,147) | $131788713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $776,165) | 776165 |
| &nbsp;&nbsp; Dividends receivable | 33967 |
| &nbsp;&nbsp; Tax reclaim receivable | 12677 |
| &nbsp;&nbsp; Other assets | 4331 |
| &nbsp;&nbsp; **Total Assets** | 132615853 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Management fee payable | 76683 |
| &nbsp;&nbsp; Payable for Fund shares purchased | 7869 |
| &nbsp;&nbsp; **Total Liabilities** | 84552 |
| &nbsp;&nbsp; **Net Assets** | $132531301 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $1280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 104803773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 27726248 |
| &nbsp;&nbsp; **Net assets, February 28, 2026** | $132531301 |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share.<br> ($132,531,301 ÷ 1,280,000 shares of common stock issued and outstanding) | $103.54 |

---

See Notes to Financial Statements.

------

PGIM Jennison Focused Growth ETF

Statement of Operations (unaudited)

Six Months Ended February 28, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Income |  |
| &nbsp;&nbsp; Unaffiliated dividend income (net of $11,006 foreign withholding tax) | $211133 |
| &nbsp;&nbsp; Affiliated dividend income | 13134 |
| &nbsp;&nbsp; **Total income** | 224267 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 498265 |
| &nbsp;&nbsp; Net investment income (loss) | (273998) |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investments** |  |
| &nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions | (1436362) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions | 3997695 |
|  | 2561333 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | (5749012) |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | (3187679) |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $(3461677) |

---

See Notes to Financial Statements.

PGIM Jennison Focused Growth ETF 13

------

PGIM Jennison Focused Growth ETF

Statements of Changes in Net Assets (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>February 28, 2026** | **Year Ended<br>August 31, 2025** |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $(273998) | $(378394) |
| &nbsp;&nbsp; Net realized gain (loss) on investment and in-kind redemptions transactions | 2561333 | 12164176 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | (5749012) | 9052287 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (3461677) | 20838069 |
| &nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp; Shares sold in-kind (190,000 and 400,000 shares, respectively) | 21008256 | 38548345 |
| &nbsp;&nbsp; Shares redeemed in-kind (60,000 and 320,000 shares, respectively) | (6763824) | (32577668) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 14244432 | 5970677 |
| &nbsp;&nbsp; Total increase (decrease) | 10782755 | 26808746 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of period | 121748546 | 94939800 |
| &nbsp;&nbsp; End of period | $132531301 | $121748546 |

---

See Notes to Financial Statements.

------

PGIM Jennison Focused Growth ETF

Financial Highlights (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months<br>Ended**<br>**February 28, 2026** | **Year Ended<br>August 31,** | **Year Ended<br>August 31,** | **December 12, 2022<sup>(a)</sup>through**<br>**August 31, 2023** |
|  | **Six Months<br>Ended**<br>**February 28, 2026** | **2025** | **2024** | **December 12, 2022<sup>(a)</sup>through**<br>**August 31, 2023** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(b)</sup>:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $105.87 | $88.73 | $65.69 | $50.00 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.22) | (0.31) | (0.15) | (0.06) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | (2.11) | 17.45 | 23.19 | 15.75 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (2.33) | 17.14 | 23.04 | 15.69 |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $103.54 | $105.87 | $88.73 | $65.69 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | (2.20)% | 19.32% | 35.07% | 31.38% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $132531 | $121749 | $94940 | $57150 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $133972 | $115284 | $75185 | $44323 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.75 %<sup>(e)</sup> | 0.74% | 0.74% | 0.75 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.75 %<sup>(e)</sup> | 0.75% | 0.75% | 0.75 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.41)%<sup>(e)</sup> | (0.33)% | (0.19)% | (0.15)%<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup> | 16% | 37% | 36% | 32% |

---

(a) Commencement of operations.

(b) Calculated based on average shares outstanding during the period.

(c) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(d) Does not include expenses of the underlying funds in which the Fund invests.

(e) Annualized.

(f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Jennison Focused Growth ETF 15

------

PGIM Jennison Focused Mid-Cap ETF

Schedule of Investments (unaudited)

as of February 28, 2026

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 95.6%** |  |  |
| &nbsp;&nbsp; **COMMON STOCKS** |  |  |
| &nbsp;&nbsp; **Aerospace & Defense 3.3%** |  |  |
| &nbsp;&nbsp; Hexcel Corp. | 5766 | $534451 |
| &nbsp;&nbsp; **Banks 5.4%** |  |  |
| &nbsp;&nbsp; East West Bancorp, Inc. | 4073 | 445790 |
| &nbsp;&nbsp; Wintrust Financial Corp. | 3063 | 441256 |
|  |  | 887046 |
| &nbsp;&nbsp; **Biotechnology 3.5%** |  |  |
| &nbsp;&nbsp; Argenx SE (Netherlands), ADR\* | 481 | 368888 |
| &nbsp;&nbsp; Insmed, Inc.\* | 1360 | 203089 |
|  |  | 571977 |
| &nbsp;&nbsp; **Capital Markets 3.0%** |  |  |
| &nbsp;&nbsp; Houlihan Lokey, Inc. | 1087 | 178018 |
| &nbsp;&nbsp; LPL Financial Holdings, Inc. | 1020 | 306388 |
|  |  | 484406 |
| &nbsp;&nbsp; **Consumer Staples Distribution & Retail 1.6%** |  |  |
| &nbsp;&nbsp; Performance Food Group Co.\* | 2777 | 269536 |
| &nbsp;&nbsp; **Electrical Equipment 5.2%** |  |  |
| &nbsp;&nbsp; Generac Holdings, Inc.\* | 880 | 198326 |
| &nbsp;&nbsp; Hubbell, Inc. | 595 | 304420 |
| &nbsp;&nbsp; Regal Rexnord Corp. | 1592 | 351800 |
|  |  | 854546 |
| &nbsp;&nbsp; **Health Care Providers & Services 1.3%** |  |  |
| &nbsp;&nbsp; Encompass Health Corp. | 1947 | 210042 |
| &nbsp;&nbsp; **Hotels, Restaurants & Leisure 2.6%** |  |  |
| &nbsp;&nbsp; Churchill Downs, Inc. | 4662 | 428578 |
| &nbsp;&nbsp; **Household Durables 0.9%** |  |  |
| &nbsp;&nbsp; Toll Brothers, Inc. | 915 | 143875 |
| &nbsp;&nbsp; **Insurance 9.5%** |  |  |
| &nbsp;&nbsp; Axis Capital Holdings Ltd. | 5215 | 551330 |
| &nbsp;&nbsp; Lincoln National Corp. | 10285 | 352775 |
| &nbsp;&nbsp; Markel Group, Inc.\* | 227 | 470451 |
| &nbsp;&nbsp; RenaissanceRe Holdings Ltd. (Bermuda) | 387 | 117052 |
| &nbsp;&nbsp; Ryan Specialty Holdings, Inc. | 1676 | 65951 |
|  |  | 1557559 |
| &nbsp;&nbsp; **Interactive Media & Services 1.8%** |  |  |
| &nbsp;&nbsp; Reddit, Inc. (Class A Stock)\* | 2013 | 293515 |
| &nbsp;&nbsp; **Machinery 6.2%** |  |  |
| &nbsp;&nbsp; Gates Industrial Corp. PLC\* | 10694 | 294834 |
| &nbsp;&nbsp; Nordson Corp. | 1333 | 391155 |
| &nbsp;&nbsp; RBC Bearings, Inc.\* | 584 | 336337 |
|  |  | 1022326 |

---

See Notes to Financial Statements.

------

PGIM Jennison Focused Mid-Cap ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Marine Transportation 2.6%** |  |  |
| &nbsp;&nbsp; Kirby Corp.\* | 3224 | $418475 |
| &nbsp;&nbsp; **Metals & Mining 6.8%** |  |  |
| &nbsp;&nbsp; Eldorado Gold Corp. (Turkey) | 23813 | 1105399 |
| &nbsp;&nbsp; **Multi-Utilities 8.0%** |  |  |
| &nbsp;&nbsp; CMS Energy Corp. | 6150 | 480131 |
| &nbsp;&nbsp; NiSource, Inc. | 17614 | 833142 |
|  |  | 1313273 |
| &nbsp;&nbsp; **Oil, Gas & Consumable Fuels 3.3%** |  |  |
| &nbsp;&nbsp; Expand Energy Corp. | 1295 | 139756 |
| &nbsp;&nbsp; Permian Resources Corp. (Class A Stock) | 10437 | 190893 |
| &nbsp;&nbsp; Targa Resources Corp. | 875 | 206325 |
|  |  | 536974 |
| &nbsp;&nbsp; **Pharmaceuticals 2.4%** |  |  |
| &nbsp;&nbsp; UCB SA (Belgium), ADR | 2692 | 401296 |
| &nbsp;&nbsp; **Real Estate Management & Development 2.9%** |  |  |
| &nbsp;&nbsp; CBRE Group, Inc. (Class A Stock)\* | 3170 | 468082 |
| &nbsp;&nbsp; **Semiconductors & Semiconductor Equipment 9.5%** |  |  |
| &nbsp;&nbsp; Lattice Semiconductor Corp.\* | 6793 | 649547 |
| &nbsp;&nbsp; Microchip Technology, Inc. | 3311 | 247133 |
| &nbsp;&nbsp; Monolithic Power Systems, Inc. | 569 | 650219 |
|  |  | 1546899 |
| &nbsp;&nbsp; **Specialized REITs 4.0%** |  |  |
| &nbsp;&nbsp; Gaming & Leisure Properties, Inc. | 13397 | 655247 |
| &nbsp;&nbsp; **Specialty Retail 2.8%** |  |  |
| &nbsp;&nbsp; Burlington Stores, Inc.\* | 643 | 197317 |
| &nbsp;&nbsp; Five Below, Inc.\* | 1187 | 265330 |
|  |  | 462647 |
| &nbsp;&nbsp; **Textiles, Apparel & Luxury Goods 5.0%** |  |  |
| &nbsp;&nbsp; Ralph Lauren Corp. | 2253 | 816938 |
| &nbsp;&nbsp; **Trading Companies & Distributors 4.0%** |  |  |
| &nbsp;&nbsp; WESCO International, Inc. | 2238 | 647901 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS**<br>(cost $12,467,864) |  | 15630988 |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENT 4.4%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<br>(cost $727,484)(wb) | 727484 | 727484 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 100.0%**<br> (cost $13,195,348) |  | 16358472 |
| &nbsp;&nbsp; Liabilities in excess of other assets (0.0)% |  | (2061) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $16356411 |

---

See Notes to Financial Statements.

PGIM Jennison Focused Mid-Cap ETF 17

------

PGIM Jennison Focused Mid-Cap ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

See the Glossary for a list of the abbreviation(s) used in the semiannual report.

\* Non-income producing security.

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

#### Fair Value Measurements :
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of February 28, 2026 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Common Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aerospace & Defense | $534451 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banks | 887046 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Biotechnolog | 571977 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Markets | 484406 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples Distribution & Retail | 269536 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electrical Equipment | 854546 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Providers & Services | 210042 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure | 428578 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Household Durables | 143875 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance | 1557559 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interactive Media & Services | 293515 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Machinery | 1022326 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marine Transportation | 418475 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metals & Mining | 1105399 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Multi-Utilities | 1313273 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | 536974 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals | 401296 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate Management & Development | 468082 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | 1546899 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialized REITs | 655247 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialty Retail | 462647 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Textiles, Apparel & Luxury Goods | 816938 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trading Companies & Distributors | 647901 |  |  |
|  **Short-Term Investment** |  |  |  |
|  Affiliated Mutual Fund | 727484 |  |  |
|  **Total** | $**16358472** | **$—** | **$—** |

---

#### Industry Classification:
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of February 28, 2026 were as follows:

---

| | |
|:---|:---|
|  Insurance | 9.5 |
|  Semiconductors & Semiconductor Equipment | 9.5 |
|  Multi-Utilities | 8.0 |
|  Metals & Mining | 6.8 |
|  Machinery | 6.2 |
|  Banks | 5.4 |
|  Electrical Equipment | 5.2 |
|  Textiles, Apparel & Luxury Goods | 5.0 |
|  Affiliated Mutual Fund | 4.4 |
|  Specialized REITs | 4.0 |
|  Trading Companies & Distributors | 4.0 |
|  Biotechnology | 3.5 |

---

---

| | |
|:---|:---|
|  Oil, Gas & Consumable Fuels | 3.3 |
|  Aerospace & Defense | 3.3 |
|  Capital Markets | 3.0 |
|  Real Estate Management & Development | 2.9 |
|  Specialty Retail | 2.8 |
|  Hotels, Restaurants & Leisure | 2.6 |
|  Marine Transportation | 2.6 |
|  Pharmaceuticals | 2.4 |
|  Interactive Media & Services | 1.8 |
|  Consumer Staples Distribution & Retail | 1.6 |
|  Health Care Providers & Services | 1.3 |

---

See Notes to Financial Statements.

------

PGIM Jennison Focused Mid-Cap ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

#### Industry Classification (continued):

---

| | | |
|:---|:---|:---|
|  Household Durables | 0.9 | % |
|  | 100.0 |  |
|  Liabilities in excess of other assets | (0.0) |)\* |
|  | 100.0 | % |

---

\* Less than 0.05% 

See Notes to Financial Statements.

PGIM Jennison Focused Mid-Cap ETF 19

------

PGIM Jennison Focused Mid-Cap ETF

Statement of Assets & Liabilities (unaudited)

as of February 28, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $12,467,864) | $15630988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $727,484) | 727484 |
| &nbsp;&nbsp; Dividends receivable | 4089 |
| &nbsp;&nbsp; **Total Assets** | 16362561 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Management fee payable | 6150 |
| &nbsp;&nbsp; **Net Assets** | $16356411 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 13949936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 2406225 |
| &nbsp;&nbsp; **Net assets, February 28, 2026** | $16356411 |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share.<br> ($16,356,411 ÷ 250,000 shares of common stock issued and outstanding) | $65.43 |

---

See Notes to Financial Statements.

------

PGIM Jennison Focused Mid-Cap ETF

Statement of Operations (unaudited)

Six Months Ended February 28, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Income |  |
| &nbsp;&nbsp; Unaffiliated dividend income (net of $268 foreign withholding tax) | $82706 |
| &nbsp;&nbsp; Affiliated dividend income | 7105 |
| &nbsp;&nbsp; **Total income** | 89811 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 37778 |
| &nbsp;&nbsp; Net investment income (loss) | 52033 |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investments** |  |
| &nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions | (371386) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions | 458085 |
|  | 86699 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 1127887 |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | 1214586 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $1266619 |

---

See Notes to Financial Statements.

PGIM Jennison Focused Mid-Cap ETF 21

------

PGIM Jennison Focused Mid-Cap ETF

Statements of Changes in Net Assets (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>February 28, 2026** | **Year Ended<br>August 31, 2025** |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $52033 | $97331 |
| &nbsp;&nbsp; Net realized gain (loss) on investment and in-kind redemptions transactions | 86699 | 449061 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 1127887 | 780021 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 1266619 | 1326413 |
| &nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp; Distributions from distributable earnings | (96398) | (110734) |
| &nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp; Shares sold in-kind (20,000 and 110,000 shares, respectively) | 1258631 | 6433012 |
| &nbsp;&nbsp; Shares redeemed in-kind (20,000 and 70,000 shares, respectively) | (1252618) | (4142403) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 6013 | 2290609 |
| &nbsp;&nbsp; Total increase (decrease) | 1176234 | 3506288 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of period | 15180177 | 11673889 |
| &nbsp;&nbsp; End of period | $16356411 | $15180177 |

---

See Notes to Financial Statements.

------

PGIM Jennison Focused Mid-Cap ETF

Financial Highlights (unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Six Months<br>Ended<br>February 28, 2026** | **Year Ended<br>August 31, 2025** | **December 14, 2023<sup>(a)</sup><br>through**<br>**August 31, 2024** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(b)</sup>:** |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $60.72 | $55.59 | $50.00 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.21 | 0.42 | 0.33 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 4.89 | 5.19 | 5.26 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 5.10 | 5.61 | 5.59 |
| &nbsp;&nbsp;&nbsp; Less Dividends and Distributions: |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.39) | (0.48) |  |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $65.43 | $60.72 | $55.59 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 8.41% | 10.14% | 11.18% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $16356 | $15180 | $11674 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $15548 | $13408 | $10960 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.49 %<sup>(e)</sup> | 0.41% | 0.42 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.49 %<sup>(e)</sup> | 0.49% | 0.49 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.67 %<sup>(e)</sup> | 0.73% | 0.88 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(g)</sup> | 59% | 102% | 101% |

---

(a) Commencement of operations.

(b) Calculated based on average shares outstanding during the period.

(c) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(d) Does not include expenses of the underlying funds in which the Fund invests.

(e) Annualized.

(f) Annualized, with the exception of certain non-recurring expenses.

(g) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Jennison Focused Mid-Cap ETF 23

------

PGIM Jennison Focused Value ETF

Schedule of Investments (unaudited)

as of February 28, 2026

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 96.0%** |  |  |
| &nbsp;&nbsp; **COMMON STOCKS** |  |  |
| &nbsp;&nbsp; **Aerospace & Defense 5.9%** |  |  |
| &nbsp;&nbsp; Airbus SE (France), ADR | 23223 | $1257990 |
| &nbsp;&nbsp; Northrop Grumman Corp. | 1879 | 1361110 |
|  |  | 2619100 |
| &nbsp;&nbsp; **Automobiles 2.4%** |  |  |
| &nbsp;&nbsp; General Motors Co. | 13607 | 1071007 |
| &nbsp;&nbsp; **Banks 11.7%** |  |  |
| &nbsp;&nbsp; Bank of America Corp. | 19771 | 985189 |
| &nbsp;&nbsp; JPMorgan Chase & Co. | 6336 | 1902701 |
| &nbsp;&nbsp; M&T Bank Corp. | 5351 | 1161060 |
| &nbsp;&nbsp; PNC Financial Services Group, Inc. (The) | 5450 | 1157307 |
|  |  | 5206257 |
| &nbsp;&nbsp; **Biotechnology 2.2%** |  |  |
| &nbsp;&nbsp; AbbVie, Inc. | 4238 | 983555 |
| &nbsp;&nbsp; **Broadline Retail 3.0%** |  |  |
| &nbsp;&nbsp; Amazon.com, Inc.\* | 6408 | 1345680 |
| &nbsp;&nbsp; **Building Products 2.9%** |  |  |
| &nbsp;&nbsp; Johnson Controls International PLC | 8974 | 1294948 |
| &nbsp;&nbsp; **Capital Markets 2.5%** |  |  |
| &nbsp;&nbsp; Goldman Sachs Group, Inc. (The) | 1306 | 1122598 |
| &nbsp;&nbsp; **Consumer Staples Distribution & Retail 4.5%** |  |  |
| &nbsp;&nbsp; Walmart, Inc. | 15802 | 2021866 |
| &nbsp;&nbsp; **Electrical Equipment 2.5%** |  |  |
| &nbsp;&nbsp; Siemens Energy AG (Germany), ADR\* | 5623 | 1095698 |
| &nbsp;&nbsp; **Ground Transportation 2.3%** |  |  |
| &nbsp;&nbsp; Union Pacific Corp. | 3858 | 1022293 |
| &nbsp;&nbsp; **Household Durables 3.9%** |  |  |
| &nbsp;&nbsp; Toll Brothers, Inc. | 10991 | 1728225 |
| &nbsp;&nbsp; **Industrial Conglomerates 2.7%** |  |  |
| &nbsp;&nbsp; 3M Co. | 7207 | 1191461 |
| &nbsp;&nbsp; **Insurance 2.7%** |  |  |
| &nbsp;&nbsp; MetLife, Inc. | 16819 | 1212145 |
| &nbsp;&nbsp; **Interactive Media & Services 6.6%** |  |  |
| &nbsp;&nbsp; Alphabet, Inc. (Class A Stock) | 6933 | 2161432 |
| &nbsp;&nbsp; Meta Platforms, Inc. (Class A Stock) | 1242 | 805040 |
|  |  | 2966472 |
| &nbsp;&nbsp; **Machinery 4.7%** |  |  |
| &nbsp;&nbsp; Caterpillar, Inc. | 941 | 699003 |
| &nbsp;&nbsp; Parker-Hannifin Corp. | 1379 | 1391659 |
|  |  | 2090662 |

---

See Notes to Financial Statements.

------

PGIM Jennison Focused Value ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Multi-Utilities 7.7%** |  |  |
| &nbsp;&nbsp; CenterPoint Energy, Inc. | 31445 | $1367857 |
| &nbsp;&nbsp; NiSource, Inc. | 43643 | 2064314 |
|  |  | 3432171 |
| &nbsp;&nbsp; **Oil, Gas & Consumable Fuels 8.8%** |  |  |
| &nbsp;&nbsp; Cheniere Energy, Inc. | 2627 | 619263 |
| &nbsp;&nbsp; Exxon Mobil Corp. | 12179 | 1857297 |
| &nbsp;&nbsp; Shell PLC, ADR | 17490 | 1460590 |
|  |  | 3937150 |
| &nbsp;&nbsp; **Pharmaceuticals 7.0%** |  |  |
| &nbsp;&nbsp; AstraZeneca PLC (United Kingdom) | 5306 | 1106036 |
| &nbsp;&nbsp; Eli Lilly & Co. | 1153 | 1212944 |
| &nbsp;&nbsp; Roche Holding AG, ADR | 13454 | 801186 |
|  |  | 3120166 |
| &nbsp;&nbsp; **Semiconductors & Semiconductor Equipment 10.5%** |  |  |
| &nbsp;&nbsp; Advanced Micro Devices, Inc.\* | 6229 | 1247108 |
| &nbsp;&nbsp; Applied Materials, Inc. | 2644 | 984361 |
| &nbsp;&nbsp; Broadcom, Inc. | 2629 | 840097 |
| &nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan), ADR | 4287 | 1605825 |
|  |  | 4677391 |
| &nbsp;&nbsp; **Technology Hardware, Storage & Peripherals 1.5%** |  |  |
| &nbsp;&nbsp; Dell Technologies, Inc. (Class C Stock) | 4597 | 680724 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS**<br>(cost $37,105,984) |  | 42819569 |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENT 4.0%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<br>(cost $1,803,387)(wb) | 1803387 | 1803387 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 100.0%**<br> (cost $38,909,371) |  | 44622956 |
| &nbsp;&nbsp; Other assets in excess of liabilities 0.0% |  | 7588 |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $44630544 |

---

See the Glossary for a list of the abbreviation(s) used in the semiannual report.

\* Non-income producing security.

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

#### Fair Value Measurements:
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

See Notes to Financial Statements.

PGIM Jennison Focused Value ETF 25

------

PGIM Jennison Focused Value ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

The following is a summary of the inputs used as of February 28, 2026 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Common Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aerospace & Defense | $2619100 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automobiles | 1071007 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banks | 5206257 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Biotechnology | 983555 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadline Retail | 1345680 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Building Products | 1294948 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Markets | 1122598 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples Distribution & Retail | 2021866 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electrical Equipment | 1095698 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ground Transportation | 1022293 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Household Durables | 1728225 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial Conglomerates | 1191461 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance | 1212145 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interactive Media & Services | 2966472 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Machinery | 2090662 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Multi-Utilities | 3432171 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | 3937150 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals | 3120166 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | 4677391 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology Hardware, Storage & Peripherals | 680724 |  |  |
|  **Short-Term Investment** |  |  |  |
|  Affiliated Mutual Fund | 1803387 |  |  |
|  **Total** | $**44622956** | **$—** | **$—** |

---

#### Industry Classification :
The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of February 28, 2026 were as follows:

---

| | |
|:---|:---|
|  Banks | 11.7 |
|  Semiconductors & Semiconductor Equipment | 10.5 |
|  Oil, Gas & Consumable Fuels | 8.8 |
|  Multi-Utilities | 7.7 |
|  Pharmaceuticals | 7.0 |
|  Interactive Media & Services | 6.6 |
|  Aerospace & Defense | 5.9 |
|  Machinery | 4.7 |
|  Consumer Staples Distribution & Retail | 4.5 |
|  Affiliated Mutual Fund | 4.0 |
|  Household Durables | 3.9 |
|  Broadline Retail | 3.0 |
|  Building Products | 2.9 |
|  Insurance | 2.7 |

---

---

| | |
|:---|:---|
|  Industrial Conglomerates | 2.7% |
|  Capital Markets | 2.5 |
|  Electrical Equipment | 2.5 |
|  Automobiles | 2.4 |
|  Ground Transportation | 2.3 |
|  Biotechnology | 2.2 |
|  Technology Hardware, Storage & Peripherals | 1.5 |
|  | 100.0 |
|  Other assets in excess of liabilities | 0.0 \* |
|  | 100.0% |

---

\* Less than 0.05% 

See Notes to Financial Statements.

------

PGIM Jennison Focused Value ETF

Statement of Assets & Liabilities (unaudited)

as of February 28, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $37,105,984) | $42819569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $1,803,387) | 1803387 |
| &nbsp;&nbsp; Dividends receivable | 72528 |
| &nbsp;&nbsp; **Total Assets** | 44695484 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Payable for Fund shares purchased | 40506 |
| &nbsp;&nbsp; Management fee payable | 24434 |
| &nbsp;&nbsp; **Total Liabilities** | 64940 |
| &nbsp;&nbsp; **Net Assets** | $44630544 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 37843632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 6786402 |
| &nbsp;&nbsp; **Net assets, February 28, 2026** | $44630544 |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($44,630,544 ÷ 510,000 shares of common stock issued and outstanding) | $87.51 |

---

See Notes to Financial Statements.

PGIM Jennison Focused Value ETF 27

------

PGIM Jennison Focused Value ETF

Statement of Operations (unaudited)

Six Months Ended February 28, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Income |  |
| &nbsp;&nbsp; Unaffiliated dividend income (net of $673 foreign withholding tax) | $210561 |
| &nbsp;&nbsp; Affiliated dividend income | 5221 |
| &nbsp;&nbsp; **Total income** | 215782 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 100786 |
| &nbsp;&nbsp; Net investment income (loss) | 114996 |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investments** |  |
| &nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions | (107679) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions | 1604187 |
|  | 1496508 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 1985951 |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | 3482459 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $3597455 |

---

See Notes to Financial Statements.

------

PGIM Jennison Focused Value ETF

Statements of Changes in Net Assets (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>February 28, 2026** | **Year Ended<br>August 31, 2025** |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $114996 | $241131 |
| &nbsp;&nbsp; Net realized gain (loss) on investment and in-kind redemptions transactions | 1496508 | 1402694 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 1985951 | 488508 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 3597455 | 2132333 |
| &nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp; Distributions from distributable earnings | (232187) | (193271) |
| &nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp; Shares sold in-kind (310,000 and 120,000 shares, respectively) | 26072650 | 8683582 |
| &nbsp;&nbsp; Shares redeemed in-kind (60,000 and 70,000 shares, respectively) | (4917940) | (5174384) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 21154710 | 3509198 |
| &nbsp;&nbsp; Total increase (decrease) | 24519978 | 5448260 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of period | 20110566 | 14662306 |
| &nbsp;&nbsp; End of period | $44630544 | $20110566 |

---

See Notes to Financial Statements.

PGIM Jennison Focused Value ETF 29

------

PGIM Jennison Focused Value ETF

Financial Highlights (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months<br>Ended**<br>**February 28, 2026** | **Year Ended August 31,** | **Year Ended August 31,** | **December 12, 2022<sup>(a)</sup>through**<br>**August 31, 2023** |
|  | **Six Months<br>Ended**<br>**February 28, 2026** | **2025** | **2024** | **December 12, 2022<sup>(a)</sup>through**<br>**August 31, 2023** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(b)</sup>:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $77.35 | $69.82 | $53.76 | $50.00 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.34 | 1.02 | 0.84 | 0.56 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 10.39 | 7.43 | 15.91 | 3.26 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 10.73 | 8.45 | 16.75 | 3.82 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.57) | (0.92) | (0.69) | (0.06) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $87.51 | $77.35 | $69.82 | $53.76 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 13.91% | 12.22% | 31.43% | 7.64% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $44631 | $20111 | $14662 | $11289 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $27099 | $16834 | $12721 | $10586 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.75 %<sup>(e)</sup> | 0.68% | 0.71% | 0.75 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.75 %<sup>(e)</sup> | 0.75% | 0.75% | 0.75 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.86 %<sup>(e)</sup> | 1.43% | 1.39% | 1.56 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup> | 23% | 56% | 36% | 38% |

---

(a) Commencement of operations.

(b) Calculated based on average shares outstanding during the period.

(c) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(d) Does not include expenses of the underlying funds in which the Fund invests.

(e) Annualized.

(f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

See Notes to Financial Statements.

------

PGIM Jennison International Opportunities ETF

Schedule of Investments (unaudited)

as of February 28, 2026

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 98.6%** |  |  |
| &nbsp;&nbsp; **COMMON STOCKS 96.0%** |  |  |
| &nbsp;&nbsp; **Belgium 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UCB SA | 2286 | $681497 |
| &nbsp;&nbsp; **Brazil 4.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MercadoLibre, Inc.\* | 163 | 286485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NU Holdings Ltd. (Class A Stock)\* | 77762 | 1164875 |
|  |  | 1451360 |
| &nbsp;&nbsp; **Canada 4.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shopify, Inc. (Class A Stock)\* | 10773 | 1300624 |
| &nbsp;&nbsp; **China 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tencent Holdings Ltd. | 11916 | 788978 |
| &nbsp;&nbsp; **Czech Republic 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSG NV\* | 14791 | 556294 |
| &nbsp;&nbsp; **France 14.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Airbus SE | 4272 | 930006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EssilorLuxottica SA | 1900 | 505583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hermes International SCA | 408 | 987808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; L'Oreal SA | 1668 | 783239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Safran SA | 3732 | 1499309 |
|  |  | 4705945 |
| &nbsp;&nbsp; **Germany 10.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rheinmetall AG | 687 | 1350361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SAP SE, ADR | 1523 | 306930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Siemens Energy AG | 8641 | 1699489 |
|  |  | 3356780 |
| &nbsp;&nbsp; **India 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eternal Ltd.\* | 106656 | 288750 |
| &nbsp;&nbsp; **Italy 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ferrari NV | 627 | 238210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Moncler SpA | 10894 | 752260 |
|  |  | 990470 |
| &nbsp;&nbsp; **Japan 7.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advantest Corp. | 7223 | 1241876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nintendo Co. Ltd. | 14164 | 815837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SoftBank Group Corp. | 17104 | 447848 |
|  |  | 2505561 |
| &nbsp;&nbsp; **Netherlands 10.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Argenx SE, ADR\* | 1186 | 909567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASM International NV | 1164 | 982298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASML Holding NV | 956 | 1386736 |
|  |  | 3278601 |
| &nbsp;&nbsp; **Singapore 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sea Ltd., ADR\* | 2394 | 259629 |

---

See Notes to Financial Statements.

PGIM Jennison International Opportunities ETF 31

------

PGIM Jennison International Opportunities ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **South Korea 7.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Samsung Electronics Co. Ltd. | 7870 | $1184466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SK hynix, Inc. | 1613 | 1189707 |
|  |  | 2374173 |
| &nbsp;&nbsp; **Spain 3.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industria de Diseno Textil SA | 15153 | 1017350 |
| &nbsp;&nbsp; **Sweden 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saab AB (Class B Stock) | 11221 | 812154 |
| &nbsp;&nbsp; **Switzerland 7.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cie Financiere Richemont SA (Class A Stock) | 4808 | 983363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Galderma Group AG | 5896 | 1118848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; On Holding AG (Class A Stock)\* | 5096 | 236862 |
|  |  | 2339073 |
| &nbsp;&nbsp; **Taiwan 9.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 7640 | 2861791 |
| &nbsp;&nbsp; **United Kingdom 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compass Group PLC | 23550 | 722973 |
| &nbsp;&nbsp; **United States 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spotify Technology SA\* | 672 | 346040 |
| &nbsp;&nbsp; **TOTAL COMMON STOCKS**<br> (cost $26,055,011) |  | 30638043 |
| &nbsp;&nbsp; **PREFERRED STOCK 2.6%** |  |  |
| &nbsp;&nbsp; **Germany** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sartorius AG (PRFC)<br>(cost $738,202) | 2937 | 833927 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS**<br> (cost $26,793,213) |  | 31471970 |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENT 4.5%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<br>(cost $1,430,639)(wb) | 1430639 | 1430639 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 103.1%**<br> (cost $28,223,852) |  | 32902609 |
| &nbsp;&nbsp; Liabilities in excess of other assets (3.1)% |  | (997491) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $31905118 |

---

See the Glossary for a list of the abbreviation(s) used in the semiannual report.

\* Non-income producing security.

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

#### Fair Value Measurements:
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

See Notes to Financial Statements.

------

PGIM Jennison International Opportunities ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of February 28, 2026 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Common Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belgium | $681497 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | 1451360 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | 1300624 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China | 788978 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Czech Republic | 556294 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France | 4705945 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany | 3356780 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India | 288750 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy | 990470 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan | 2505561 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands | 3278601 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore | 259629 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Korea | 2374173 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain | 1017350 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sweden | 812154 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland | 2339073 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 2861791 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 722973 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 346040 |  |  |
|  Preferred Stock |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany | 833927 |  |  |
|  **Short-Term Investment** |  |  |  |
|  Affiliated Mutual Fund | 1430639 |  |  |
|  **Total** | $**32902609** | $**—** | $**—** |

---

#### Industry Classification:
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of February 28, 2026 were as follows:

---

| | |
|:---|:---|
|  Semiconductors & Semiconductor Equipment | 24.0 |
|  Aerospace & Defense | 16.0 |
|  Textiles, Apparel & Luxury Goods | 9.3 |
|  Pharmaceuticals | 5.6 |
|  Electrical Equipment | 5.3 |
|  Affiliated Mutual Fund | 4.5 |
|  IT Services | 4.1 |
|  Technology Hardware, Storage & Peripherals | 3.7 |
|  Entertainment | 3.7 |
|  Banks | 3.6 |
|  Specialty Retail | 3.2 |
|  Hotels, Restaurants & Leisure | 3.2 |
|  Biotechnology | 2.9 |

---

---

| | |
|:---|:---|
|  Life Sciences Tools & Services | 2.6% |
|  Interactive Media & Services | 2.5 |
|  Personal Care Products | 2.5 |
|  Broadline Retail | 1.7 |
|  Health Care Equipment & Supplies | 1.6 |
|  Wireless Telecommunication Services | 1.4 |
|  Software | 1 |
|  Automobiles | 0.7 |
|  | 103.1 |
|  Liabilities in excess of other assets | (3.1) |
|  | 100.0% |

---

See Notes to Financial Statements.

PGIM Jennison International Opportunities ETF 33

------

PGIM Jennison International Opportunities ETF

Statement of Assets & Liabilities (unaudited)

as of February 28, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $26,793,213) | $31471970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $1,430,639) | 1430639 |
| &nbsp;&nbsp; Foreign currency, at value (cost $2,234) | 2271 |
| &nbsp;&nbsp; Receivable for investments sold | 133243 |
| &nbsp;&nbsp; Tax reclaim receivable | 15355 |
| &nbsp;&nbsp; Dividends receivable | 7158 |
| &nbsp;&nbsp; **Total Assets** | 33060636 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Payable for investments purchased | 1131178 |
| &nbsp;&nbsp; Management fee payable | 21504 |
| &nbsp;&nbsp; Other liabilities | 2836 |
| &nbsp;&nbsp; **Total Liabilities** | 1155518 |
| &nbsp;&nbsp; **Net Assets** | $31905118 |
| &nbsp;&nbsp; **Net assets were comprised of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 29106985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 2797623 |
| &nbsp;&nbsp; **Net assets, February 28, 2026** | $31905118 |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share.<br> ($31,905,118 ÷ 510,000 shares of common stock issued and outstanding) | $62.56 |

---

See Notes to Financial Statements.

------

PGIM Jennison International Opportunities ETF

Statement of Operations (unaudited)

Six Months Ended February 28, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Income |  |
| &nbsp;&nbsp; Unaffiliated dividend income (net of $9,924 foreign withholding tax) | $58532 |
| &nbsp;&nbsp; Affiliated dividend income | 13204 |
| &nbsp;&nbsp; **Total income** | 71736 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 132073 |
| &nbsp;&nbsp; Net investment income (loss) | (60337) |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions** |  |
| &nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions | (757318) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (19417) |
|  | (776735) |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 1222016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | 8072 |
|  | 1230088 |
| &nbsp;&nbsp; Net gain (loss) on investment and foreign currency transactions | 453353 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $393016 |

---

See Notes to Financial Statements.

PGIM Jennison International Opportunities ETF 35

------

PGIM Jennison International Opportunities ETF

Statements of Changes in Net Assets (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended <br> February 28, 2026**  | **Year Ended <br> August 31, 2025**  |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $(60337) | $8530 |
| &nbsp;&nbsp; Net realized gain (loss) on investment transactions and foreign currencies | (776735) | (251828) |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currencies | 1230088 | 1430947 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 393016 | 1187649 |
| &nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp; Distributions from distributable earnings | (57306) | (27250) |
| &nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp; Shares sold in-kind (70,000 and 240,000 shares, respectively) | 4341636 | 14379515 |
| &nbsp;&nbsp; Shares redeemed in-kind (0 and 30,000 shares, respectively) |  | (1661699) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 4341636 | 12717816 |
| &nbsp;&nbsp; Total increase (decrease) | 4677346 | 13878215 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of period | 27227772 | 13349557 |
| &nbsp;&nbsp; End of period | $31905118 | $27227772 |

---

See Notes to Financial Statements.

------

PGIM Jennison International Opportunities ETF

Financial Highlights (unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Six Months<br>Ended<br>February 28, 2026** | **Year Ended<br>August 31, 2025** | **December 14, 2023<sup>(a)</sup>through<br>August 31, 2024** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(b)</sup>:** |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $61.88 | $58.04 | $50.00 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.13) | 0.03 | 0.14 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.93 | 3.92 | 7.90 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.80 | 3.95 | 8.04 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.12) | (0.11) |  |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $62.56 | $61.88 | $58.04 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 1.29% | 6.85% | 16.08% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $31905 | $27228 | $13350 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $29593 | $14669 | $11545 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup> : |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.90 %<sup>(e)</sup> | 0.80% | 0.83 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.90 %<sup>(e)</sup> | 0.90% | 0.90 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.41)%<sup>(e)</sup> | 0.06% | 0.37 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup> | 40% | 89% | 36% |

---

(a) Commencement of operations.

(b) Calculated based on average shares outstanding during the period.

(c) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(d) Does not include expenses of the underlying funds in which the Fund invests.

(e) Annualized.

(f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Jennison International Opportunities ETF 37

------

PGIM Portfolio Ballast ETF

Schedule of Investments (unaudited)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 84.3%** |  |  |  |  |
| &nbsp;&nbsp; **U.S. TREASURY OBLIGATIONS 47.3%** |  |  |  |  |
| &nbsp;&nbsp; U.S. Treasury Bonds | 4.125% | 08/15/44 | 1785 | $1690640 |
| &nbsp;&nbsp; U.S. Treasury Notes | 3.625 | 09/30/31 | 9918 | 9934272 |
| &nbsp;&nbsp; U.S. Treasury Notes | 3.875 | 08/15/34 | 1984 | 1986389 |
| &nbsp;&nbsp; U.S. Treasury Notes | 4.125 | 10/31/26 | 5753 | 5770252 |
| &nbsp;&nbsp; U.S. Treasury Notes | 4.125 | 10/31/29 | 15869 | 16239588 |
| &nbsp;&nbsp; **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $34,990,474) |  |  |  | 35621141 |
|  |  |  | **&nbsp;&nbsp;&nbsp;&nbsp;Shares**  |  |
| &nbsp;&nbsp; **UNAFFILIATED EXCHANGE-TRADED FUNDS 17.0%** |  |  |  |  |
| &nbsp;&nbsp; iShares Core S&P 500 ETF |  |  | 3075 | 2119843 |
| &nbsp;&nbsp; Vanguard Extended Duration Treasury ETF |  |  | 7934 | 548557 |
| &nbsp;&nbsp; Vanguard Intermediate-Term Treasury ETF |  |  | 135090 | 8204016 |
| &nbsp;&nbsp; Vanguard Long-Term Treasury ETF |  |  | 13418 | 776097 |
| &nbsp;&nbsp; Vanguard S&P 500 ETF |  |  | 1772 | 1118203 |
| &nbsp;&nbsp; **TOTAL UNAFFILIATED EXCHANGE-TRADED FUNDS**<br> (cost $12,416,651) |  |  |  | 12766716 |
| &nbsp;&nbsp; **OPTIONS PURCHASED\*~ 20.0%**<br> (cost $15,323,776) |  |  |  | 15052246 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS 84.3%**<br> (cost $62,730,901) |  |  |  | 63440103 |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 15.1%** |  |  |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND 11.2%** |  |  |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<br>(cost $8,400,511)(wb) |  |  | 8400511 | 8400511 |
|  | **Interest<br>Rate** | **Maturity<br>Date** | **Principal Amount<br>(000)#** |  |
| &nbsp;&nbsp; **U.S. TREASURY OBLIGATION(n) 3.9%** |  |  |  |  |
| &nbsp;&nbsp; U.S. Treasury Bills<br>(cost $2,974,786) | 3.751% | 03/03/26 | 2975 | 2975102 |
| &nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $11,375,297) |  |  |  | 11375613 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 99.4%**<br> (cost $74,106,198) |  |  |  | 74815716 |
| &nbsp;&nbsp; Other assets in excess of liabilities 0.6% |  |  |  | 428080 |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  |  |  | $75243796 |

---

See the Glossary for a list of the abbreviation(s) used in the semiannual report.

\* Non-income producing security.

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

~ See tables subsequent to the Schedule of Investments for options detail.

(n) Rate shown reflects yield to maturity at purchased date.

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

See Notes to Financial Statements.

------

PGIM Portfolio Ballast ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

#### Options Purchased:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  State Street SPDR S&P 500 ETF Trust | Call | 10/25/30 | $675.00 | 635 | 64 | $10603198 |
|  State Street SPDR S&P 500 ETF Trust | Call | 01/31/31 | $700.00 | 280 | 28 | 4449048 |
|  **Total Options Purchased** (cost $15,323,776) |  |  |  |  |  | $15052246 |

---

#### Fair Value Measurements:
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of February 28, 2026 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  U.S. Treasury Obligations | $— | $35621141 | $— |
|  Unaffiliated Exchange-Traded Funds | 12766716 |  |  |
|  Options Purchased |  | 15052246 |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Fund | 8400511 |  |  |
|  U.S. Treasury Obligation |  | 2975102 |  |
|  **Total** | $**21167227** | $**53648489** | $**—** |

---

#### Industry Classification:
The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of February 28, 2026 were as follows:

---

| | |
|:---|:---|
|  U.S. Treasury Obligations | 51.2% |
|  Options Purchased | 20.0 |
|  Unaffiliated Exchange-Traded Funds | 17.0 |
|  Affiliated Mutual Fund | 11.2 |
|  | 99.4 |
|  Other assets in excess of liabilities | 0.6 |
|  | 100.0% |

---

#### Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:
The Fund invested in derivative instruments during the reporting period. The primary type of risk associated with these derivative instruments is equity risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Fund's financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of February 28, 2026 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | **Statement of<br>Assets and<br>Liabilities Location** | **Fair**<br>**Value** | **Statement of Assets<br>and<br>Liabilities Location** | **Fair<br> Value**  |
|  Equity contracts | Unaffiliated investments | $15052246 |  | $— |

---

See Notes to Financial Statements.

PGIM Portfolio Ballast ETF 39

------

PGIM Portfolio Ballast ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

The effects of derivative instruments on the Statement of Operations for the six months ended February 28, 2026 are as follows:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** |
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value**  | **Options<br>Purchased(1)** | **Futures** |
|  Equity contracts | $8651102 | $28426 |

---

(1) Included in net realized gain (loss) on investment transactions in the Statement of Operations.

---

| | |
|:---|:---|
| **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value**  | **Options<br>Purchased(2)** |
|  Equity contracts | $(6695603) |

---

(2) Included in net change in unrealized appreciation (depreciation) on investments in the Statement of Operations.

For the six months ended February 28, 2026, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Options Purchased (1) | $14309520 |
|  Futures Contracts - Long Positions (2) | 1024050 |

---

\* Average volume is based on average quarter end balances for the six months ended February 28, 2026.

(1) Cost.

(2) Notional Amount in USD.

See Notes to Financial Statements.

------

PGIM Portfolio Ballast ETF

Statement of Assets & Liabilities (unaudited)

as of February 28, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $65,705,687) | $66415205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $8,400,511) | 8400511 |
| &nbsp;&nbsp; Dividends and interest receivable | 454069 |
| &nbsp;&nbsp; **Total Assets** | 75269785 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Management fee payable | 25989 |
| &nbsp;&nbsp; **Net Assets** | $75243796 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $2420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 65361594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 9879782 |
| &nbsp;&nbsp; **Net assets, February 28, 2026** | $75243796 |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($75,243,796 ÷ 2,420,000 shares of common stock issued and outstanding) | $31.09 |

---

See Notes to Financial Statements.

PGIM Portfolio Ballast ETF 41

------

PGIM Portfolio Ballast ETF

Statement of Operations (unaudited)

Six Months Ended February 28, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Income |  |
| &nbsp;&nbsp; Interest income | $820054 |
| &nbsp;&nbsp; Affiliated dividend income | 132146 |
| &nbsp;&nbsp; Unaffiliated dividend income | 123247 |
| &nbsp;&nbsp; **Total income** | 1075447 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 167677 |
| &nbsp;&nbsp; Net investment income (loss) | 907770 |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions** |  |
| &nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions | 184676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | 28426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions | 8566977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (1405) |
|  | 8778674 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | (6197526) |
| &nbsp;&nbsp; Net gain (loss) on investment and foreign currency transactions | 2581148 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $3488918 |

---

See Notes to Financial Statements.

------

PGIM Portfolio Ballast ETF

Statements of Changes in Net Assets (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>February 28, 2026** | **Year Ended**<br> **August 31, 2025** |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $907770 | $1505259 |
| &nbsp;&nbsp; Net realized gain (loss) on investment and in-kind redemptions transactions and foreign currency | 8778674 | (209733) |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | (6197526) | 5165780 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 3488918 | 6461306 |
| &nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp; Distributions from distributable earnings | (1655256) | (3139009) |
| &nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold (2,500,000 and 760,000 shares, respectively) | 78218376 | 21204783 |
| &nbsp;&nbsp; Shares redeemed in-kind (2,300,000 and 80,000 shares, respectively) | (71898841) | (2159256) |
| &nbsp;&nbsp; Cost of shares purchased (60,000 and 0 shares, respectively) | (1897643) |  |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 4421892 | 19045527 |
| &nbsp;&nbsp; Total increase (decrease) | 6255554 | 22367824 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of period | 68988242 | 46620418 |
| &nbsp;&nbsp; End of period | $75243796 | $68988242 |

---

See Notes to Financial Statements.

PGIM Portfolio Ballast ETF 43

------

PGIM Portfolio Ballast ETF

Financial Highlights (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months<br>Ended<br>February 28, 2026** | **Year Ended<br>August 31,** | **Year Ended<br>August 31,** | **December 12, 2022<sup>(a)</sup>through**<br>**August 31, 2023** |
|  | **Six Months<br>Ended<br>February 28, 2026** | **2025** | **2024** | **December 12, 2022<sup>(a)</sup>through**<br>**August 31, 2023** |
| &nbsp;&nbsp;&nbsp;**Per Share Operating Performance<sup>(b)</sup>:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Asset Value, Beginning of Period** | $30.26 | $29.14 | $26.71 | $25.00 |
| &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.38 | 0.81 | 1.00 | 0.61 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 1.13 | 2.25 | 3.47 | 1.14 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 1.51 | 3.06 | 4.47 | 1.75 |
| &nbsp;&nbsp;&nbsp;**Less Dividends and Distributions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.68) | (0.61) | (0.90) | (0.04) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains |  | (1.33) | (1.14) |  |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.68) | (1.94) | (2.04) | (0.04) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of period | $31.09 | $30.26 | $29.14 | $26.71 |
| &nbsp;&nbsp;&nbsp;**Total Return<sup>(c)</sup>:** | 5.01% | 10.90% | 17.67% | 7.02% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000) | $75244 | $68988 | $46620 | $28316 |
| &nbsp;&nbsp;&nbsp;Average net assets (000) | $75141 | $53839 | $31298 | $26311 |
| &nbsp;&nbsp;&nbsp;Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or expense reimbursement | 0.45 %<sup>(e)</sup> | 0.43% | 0.43% | 0.45 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 0.45 %<sup>(e)</sup> | 0.45% | 0.45% | 0.45 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 2.44 %<sup>(e)</sup> | 2.80% | 3.66% | 3.36 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(f)</sup> | 33% | 20% | 127% | 0% |

---

(a) Commencement of operations.

(b) Calculated based on average shares outstanding during the period.

(c) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(d) Does not include expenses of the underlying funds in which the Fund invests.

(e) Annualized.

(f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

See Notes to Financial Statements.

------

Notes to Financial Statements (unaudited)

**1.** **Organization** 

PGIM ETF Trust (the "Registered Investment Company" or "RIC") is registered under the Investment Company Act of 1940, as amended ("1940 Act"), as an open-end management investment company. The RIC is organized as a Delaware Statutory Trust. These financial statements relate only to the following series of the RIC: PGIM Jennison Better Future ETF, PGIM Jennison Focused Growth ETF, PGIM Jennison Focused Mid-Cap ETF, PGIM Jennison Focused Value ETF, PGIM Jennison International Opportunities ETF and PGIM Portfolio Ballast ETF (each a "Fund" and collectively, the "Funds"). PGIM Jennison Focused Value ETF and PGIM Jennison Focused Mid-Cap ETF are diversified funds for purposes of the 1940 Act, and PGIM Jennison Better Future ETF, PGIM Jennison Focused Growth ETF, PGIM Jennison International Opportunities ETF and PGIM Portfolio Ballast ETF are non-diversified funds for purposes of the 1940 Act. Each Fund operates as an exchange-traded fund.

The Funds have the following investment objectives:

---

| | |
|:---|:---|
| <br> **Fund**<br>| <br> **Investment Objective**<br>|
| &nbsp;&nbsp; PGIM Jennison Better Future ETF<br> ("Jennison Better Future") | Long-term growth of capital. |
| &nbsp;&nbsp; PGIM Jennison Focused Growth ETF<br> ("Jennison Focused Growth") | Long-term growth of capital. |
| &nbsp;&nbsp; PGIM Jennison Focused Mid-Cap ETF<br> ("Jennison Focused Mid-Cap") | Long-term growth of capital. |
| &nbsp;&nbsp; PGIM Jennison Focused Value ETF<br> ("Jennison Focused Value") | Long-term growth of capital. |
| &nbsp;&nbsp; PGIM Jennison International Opportunities ETF<br> ("Jennison International Opportunities") | Long-term growth of capital. |
| &nbsp;&nbsp; PGIM Portfolio Ballast ETF<br> ("Portfolio Ballast") | Long-term capital growth with reduced volatility<br>compared to the equity market. |

---

**2.** **Accounting Policies** 

The Funds follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification ("ASC") Topic 946 Financial Services — *Investment Companies*. The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The policies conform to U.S. generally accepted accounting principles ("GAAP"). The Funds consistently follow such policies in the preparation of their financial statements.

The Funds adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 exclusively impacted financial statement disclosures only and did not affect the Funds' financial position or performance. The intent of ASU 2023-07 is, through improved segment disclosures, to enable investors to better understand an entity's overall performance. The officers of the Fund, as listed in the Fund's Statement of Additional Information, act as each Fund's chief operating decision maker ("CODM"). The CODM has determined that each Fund has a single operating segment as the CODM monitors the operating results of each Fund as a whole and the Funds' long-term strategic asset allocation is pre-determined in accordance with the terms of their respective prospectus, based on a defined investment strategy which is executed by the Funds' subadviser.

The CODM allocates resources and assesses performance based on the operating results of each Fund, which is consistent with the results presented in the Fund's Schedule of Investments, Statement of Changes in Net Assets and Financial Highlights.

*Securities Valuation:* The Funds hold securities and other assets and liabilities that are fair valued as of the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange ("NYSE") is open for trading. As described in further detail below, the Funds' investments are valued daily based on a number of factors, including the type of investment and whether market quotations are readily available. The RIC's Board of Trustees (the "Board") has approved the Funds' valuation policies and procedures for security valuation

------

Notes to Financial Statements (unaudited) (continued)

and designated PGIM Investments LLC ("PGIM Investments", the "Investment Manager" or the "Manager") as the "Valuation Designee," as defined by Rule 2a-5(b) under the 1940 Act, to perform the fair value determination relating to all Funds investments. Pursuant to the Board's oversight, the Valuation Designee has established a Valuation Committee to perform the duties and responsibilities of the Valuation Designee under Rule 2a-5. The valuation procedures permit the Funds to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. Fair value is the estimated price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date.

For the fiscal reporting period-end, securities and other assets and liabilities were fair valued at the close of the last U.S. business day. Trading in certain foreign securities may occur when the NYSE is closed (including weekends and holidays). Because such foreign securities trade in markets that are open on weekends and U.S. holidays, the values of some of the Funds' foreign investments may change on days when investors cannot purchase or redeem Fund shares.

Various inputs determine how the Funds' investments are valued, all of which are categorized according to the three broad levels (Level 1, 2, or 3) detailed in the Schedule of Investments and referred to herein as the "fair value hierarchy" in accordance with FASB ASC Topic 820 Fair Value Measurement.

Common or preferred stocks, exchange-traded funds ("ETFs") and derivative instruments, if applicable, that are traded on a national securities exchange are valued at the last sale price as of the close of trading on the applicable exchange where the security principally trades. Securities traded via Nasdaq are valued at the Nasdaq official closing price. To the extent these securities are valued at the last sale price or Nasdaq official closing price, they are classified as Level 1 in the fair value hierarchy. In the event that no sale or official closing price on a valuation date exists, these securities are generally valued at the mean between the last reported bid and ask prices, or at the last bid price in the absence of an ask price. These securities are classified as Level 2 in the fair value hierarchy.

Investments in open-end funds (other than ETFs) are valued at their net asset values as of the close of the NYSE on the date of valuation. These securities are classified as Level 1 in the fair value hierarchy since they may be purchased or sold at their net asset values on the date of valuation.

Fixed income securities traded in the over-the-counter ("OTC") market are generally classified as Level 2 in the fair value hierarchy. Such fixed income securities are typically valued using the market approach which generally involves obtaining data from an approved independent third-party vendor source. The Funds utilize the market approach as the primary method to value securities when market prices of identical or comparable instruments are available. The third-party vendors' valuation techniques used to derive the evaluated bid price are based on evaluating observable inputs, including but not limited to, yield curves, yield spreads, credit ratings, deal terms, tranche level attributes, default rates, cash flows, prepayment speeds, broker/dealer quotations and reported trades. Certain Level 3 securities are also valued using the market approach when obtaining a single broker quote or when utilizing transaction prices for identical securities that have been used in excess of five business days. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.

OTC and centrally cleared derivative instruments are generally classified as Level 2 in the fair value hierarchy. Such derivative instruments are typically valued using the market approach and/or income approach which generally involves obtaining data from an approved independent third-party vendor source. The Funds utilize the market approach when quoted prices in broker-dealer markets are available but also include consideration of alternative valuation approaches, including the income approach. In the absence of reliable market quotations, the income approach is typically utilized for purposes of valuing derivatives such as interest rate swaps based on a discounted cash flow analysis whereby the value of the instrument is equal to the present value of its future cash inflows or outflows. Such analysis includes projecting future cash flows and determining the discount rate (including the present value factors that affect the discount rate) used to discount the future cash flows. In addition, the third-party vendors' valuation techniques used to derive the evaluated derivative price is based on evaluating observable inputs, including but not limited to, underlying asset prices, indices, spreads, interest rates and exchange rates. Certain derivatives may be classified as Level 3 when valued using the market approach by obtaining a single broker quote or when utilizing unobservable inputs in the income approach. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.

Securities and other assets that cannot be priced according to the methods described above are valued based on policies and procedures approved by the Board. In the event that unobservable inputs are used when determining such valuations, the securities will be classified as Level 3 in the fair value hierarchy. Altering one or more unobservable inputs may result in a significant change to a Level 3 security's fair value measurement.

------

When determining the fair value of securities, some of the factors influencing the valuation include: the nature of any restrictions on disposition of the securities; assessment of the general liquidity of the securities; the issuer's financial condition and the markets in which it does business; the cost of the investment; the size of the holding and the capitalization of the issuer; the prices of any recent transactions or bids/offers for such securities or any comparable securities; and any available analyst media or other reports or information deemed reliable by the Valuation Designee regarding the issuer or the markets or industry in which it operates. Using fair value to price securities may result in a value that is different from a security's most recent closing price and from the price used by other unaffiliated mutual funds to calculate their net asset values.

*Options:* Certain Funds purchased and/or wrote options in order to hedge against adverse market movements or fluctuations in value caused by changes in prevailing interest rates, value of equities or foreign currency exchange rates with respect to securities or financial instruments which the Fund currently owns or intends to purchase. The Funds may also use options to gain additional market exposure. The Funds' principal reason for writing options is to realize, through receipt of premiums, a greater current return than would be realized on the underlying security alone. When the Fund purchases an option, it pays a premium and an amount equal to that premium is recorded as an asset. When the Fund writes an option, it receives a premium and an amount equal to that premium is recorded as a liability. The asset or liability is adjusted daily to reflect the current market value of the option. If an option expires unexercised, the Fund realizes a gain (loss) to the extent of the premium received or paid. If an option is exercised, the premium received or paid is recorded as an adjustment to the proceeds from the sale or the cost of the purchase in determining whether the Fund has realized a gain (loss). The difference between the premium and the amount received or paid at the closing of a purchase or sale transaction is also treated as a realized gain (loss). Gain (loss) on purchased options is included in net realized gain (loss) on investment transactions. Gain (loss) on written options is presented separately as net realized gain (loss) on options written transactions.

The Fund, as writer of an option, may have no control over whether the underlying securities or financial instruments may be sold (called) or purchased (put). As a result, the Fund bears the market risk of an unfavorable change in the price of the security or financial instrument underlying the written option. The Fund, as purchaser of an OTC option, bears the risk of the potential inability of the counterparties to meet the terms of their contracts. With exchange-traded options contracts, there is minimal counterparty credit risk to the Fund since the exchanges' clearinghouse acts as counterparty to all exchange-traded options and guarantees the options contracts against default.

When the Fund writes an option on a swap, an amount equal to any premium received by the Fund is recorded as a liability and is subsequently adjusted to the current market value of the written option on the swap. If a call option on a swap is exercised, the Fund becomes obligated to pay a fixed interest rate (noted as the strike price) and receive a variable interest rate on a notional amount. If a put option on a swap is exercised, the Fund becomes obligated to pay a variable interest rate and receive a fixed interest rate (noted as the strike price) on a notional amount. Premiums received from writing options on swaps that expire or are exercised are treated as realized gains upon the expiration or exercise of such options on swaps. The risk associated with writing put and call options on swaps is that the Fund will be obligated to be party to a swap agreement if an option on a swap is exercised.

*Financial Futures Contracts:* A financial futures contract is an agreement to purchase (long) or sell (short) an agreed amount of securities at a set price for delivery on a future date. Upon entering into a financial futures contract, the Funds are required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount. This amount is known as the "initial margin." Subsequent payments, known as "variation margin," are made or received by the Funds each day, depending on the daily fluctuations in the value of the underlying security. Such variation margin is recorded for financial statement purposes on a daily basis as unrealized gain (loss). When the contract expires or is closed, the gain (loss) is realized and is presented in the Statement of Operations as net realized gain (loss) on futures transactions.

Certain Funds invested in financial futures contracts in order to gain exposure to equities and fixed income. The use of futures transactions involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates and the underlying hedged assets. Since futures contracts are exchange-traded, there is minimal counterparty credit risk to the Funds since the exchanges' clearinghouse acts as counterparty to all exchange-traded futures and guarantees the futures contracts against default.

*Securities Transactions and Net Investment Income:* Securities transactions are recorded on the trade date. Realized gains (losses) from investment and currency transactions are calculated on the specific identification method. Dividend income is recorded on the ex-date, or for certain foreign securities, when the Funds become aware of such dividends. Expenses are recorded on an accrual basis, which may require the use of certain estimates by management that may differ from actual expense amounts.

*Taxes:* It is each Fund's policy to continue to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its taxable net investment income and capital gains, if any, to its shareholders. Therefore, no federal income tax provision is required. Withholding taxes on foreign dividends, interest and capital gains, if any, are recorded, net of reclaimable amounts, at the time the related income is earned.

------

Notes to Financial Statements (unaudited) (continued)

*Dividends and Distributions:* Dividends and distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from GAAP, are recorded on the ex-date. Permanent book/tax differences relating to income and gain (loss) are reclassified between total distributable earnings (loss) and paid-in capital in excess of par, as appropriate. The chart below sets forth the expected frequency of dividend and capital gains distributions to shareholders. Various factors may impact the frequency of dividend distributions to shareholders, including but not limited to adverse market conditions or portfolio holding-specific events.

---

| | |
|:---|:---|
| **Expected Distribution Schedule to Shareholders\*** | **Frequency** |
| &nbsp;&nbsp; Net Investment Income | Annually |
| &nbsp;&nbsp; Short-Term Capital Gains | Annually |
| &nbsp;&nbsp; Long-Term Capital Gains | Annually |

---

\* Under certain circumstances, each Fund may make more than one distribution of short-term and/or long-term capital gains during a fiscal year.

*Estimates:* The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

**3.** **Agreements** 

Pursuant to management agreements with the RIC on behalf of the Funds (the Management Agreements), PGIM Investments manages each Fund's investment operations and administers its business affairs. PGIM Investments is also responsible for supervising each Fund's subadviser. The Manager has engaged the firms referenced in the below table as subadvisers for their respective Funds. The Manager pays for the services of the subadviser.

---

| | |
|:---|:---|
| **Fund** | **Subadviser(s)** |
| &nbsp;&nbsp; Jennison Better Future | Jennison Associates LLC ("Jennison") (a<br> wholly-owned subsidiary of PGIM, Inc.) |
| &nbsp;&nbsp; Jennison Focused Growth | Jennison |
| &nbsp;&nbsp; Jennison Focused Mid-Cap | Jennison |
| &nbsp;&nbsp; Jennison Focused Value | Jennison |
| &nbsp;&nbsp; Jennison International Opportunities | Jennison |
| &nbsp;&nbsp; Portfolio Ballast | PGIM Quantitative Solutions LLC ("PGIM<br> Quantitative Solutions") (a wholly-owned subsidiary of<br> PGIM, Inc.) |

---

Pursuant to the Management Agreement relating to each Fund, there is a unitary fee structure for each fund whereby PGIM Investments is responsible for substantially all expenses of each Fund, except taxes, brokerage expenses, interest expenses, distribution fees or expenses, expenses incident to shareholder meetings and extraordinary expenses. Each Fund may also pay for any costs or expenses of investing in other funds. For more information on the unitary management fee structure please refer to each Fund Statement of Additional Information.

The unitary fee paid to the Manager is accrued daily and payable monthly, at an annual rate of each Fund's average daily net assets specified below.

---

| | |
|:---|:---|
| **Fund** | **Unitary**<br> **Fee Rate** |
| &nbsp;&nbsp; Jennison Better Future | 0.59% |
| &nbsp;&nbsp; Jennison Focused Growth | 0.75% |
| &nbsp;&nbsp; Jennison Focused Mid-Cap | 0.49% |
| &nbsp;&nbsp; Jennison Focused Value | 0.75% |
| &nbsp;&nbsp; Jennison International Opportunities | 0.90% |
| &nbsp;&nbsp; Portfolio Ballast | 0.45% |

---

Prudential Investment Management Services LLC ("PIMS" or the "Distributor"), acts as the distributor of each Fund, pursuant to the terms of a distribution agreement ("Distribution Agreement") between the RIC and the Distributor. Shares are continuously offered for sale by the Distributor only. Although the Distributor does not receive any fees under the Distribution Agreement, the Manager or its affiliates may pay the Distributor for certain distribution related services.

PGIM Investments, PIMS, Jennison, and PGIM Quantitative Solutions are indirect, wholly-owned subsidiaries of Prudential Financial, Inc. ("Prudential").

------

**4.** **Other Transactions with Affiliates** 

The Funds may invest their overnight sweep cash in the PGIM Core Government Money Market Fund (the "Core Government Fund"), a series of the Prudential Government Money Market Fund, Inc., registered under the 1940 Act and managed by PGIM Investments. PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services to the Core Government Fund. In addition to the realized and unrealized gains on investments in the Core Government Fund, earnings from such investments are disclosed on the Statement of Operations as "Affiliated dividend income".

The Funds may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act that, subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors/trustees, and/or common officers. For the reporting period ended February 28, 2026, no Rule 17a-7 transactions were entered into by the Funds.

**5.** **Portfolio Securities** 

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments, in-kind transactions and U.S. Government securities) for the reporting period ended February 28, 2026, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of<br>Purchases** | **Proceeds<br>from Sales** |
| &nbsp;&nbsp; Jennison Better Future | $3742233 | $3541450 |
| &nbsp;&nbsp; Jennison Focused Growth | 20837159 | 21320143 |
| &nbsp;&nbsp; Jennison Focused Mid-Cap | 8900131 | 9505188 |
| &nbsp;&nbsp; Jennison Focused Value | 5886346 | 6983366 |
| &nbsp;&nbsp; Jennison International Opportunities | 12261863 | 11398766 |
| &nbsp;&nbsp; Portfolio Ballast | 43603830 | 19712020 |

---

In-kind transactions resulting from in-kind creations and redemptions during the reporting period ended February 28, 2026, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Creations<br>In-Kind** | **Redemptions<br>In-Kind** |
| &nbsp;&nbsp; Jennison Better Future | $— | $— |
| &nbsp;&nbsp; Jennison Focused Growth | 20862916 | 6711882 |
| &nbsp;&nbsp; Jennison Focused Mid-Cap | 1236728 | 1242752 |
| &nbsp;&nbsp; Jennison Focused Value | 25807779 | 4837628 |
| &nbsp;&nbsp; Jennison International Opportunities | 4059483 |  |
| &nbsp;&nbsp; Portfolio Ballast |  | 22671790 |

---

The in-kind transactions shown in this table may not agree with the Funds' Share Transactions on the Statements of Changes in Net Assets. This table represents the accumulation of each Fund's daily net shareholder transactions while the Statements of Changes in Net Assets reflect gross shareholder transactions, inclusive of any cash component.

A summary of the cost of purchases and proceeds from sales of shares of affiliated investments for the reporting period ended February 28, 2026, is presented as follows:

#### Jennison Better Future

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br> Beginning <br>of Period** | **Cost of**<br> **Purchases** | **Proceeds**<br> **from Sales** | **Change in**<br> **Unrealized**<br> **Gain**<br> (Loss) | **Realized**<br> **Gain**<br> (Loss) | **Value,**<br> **End**<br> **of**<br> **Period** | **Shares,**<br> **End**<br> **of**<br> **Period** | **Income** | **Capital**<br> **Gain**<br> **Distributions** |
| **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** |  |  |
| PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> |  |  |
| $653291 | $1106404 | $1337930 | $— | $— | $421765 | 421765 | $6511 | $— |

---

------

Notes to Financial Statements (unaudited) (continued)

#### Jennison Focused Growth

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,**<br> **Beginning** <br> **of**<br> **Period** | **Cost of**<br> **Purchases** | **Proceeds**<br> **from Sales** | **Change in**<br> **Unrealized**<br> **Gain**<br> (Loss) | **Realized**<br> **Gain**<br> (Loss) | **Value,**<br> **End**<br> **of**<br> **Period** | **Shares,**<br> **End**<br> **of**<br> **Period** | **Income** | **Capital**<br> **Gain**<br> **Distributions** |
| **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** |  |  |
| PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> |  |  |
| $468286 | $3023436 | $2715557 | $— | $— | $776165 | 776165 | $13134 | $— |

---

#### Jennison Focused Mid-Cap

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,**<br> **Beginning** <br> **of**<br> **Period** | **Cost of**<br> **Purchases** | **Proceeds**<br> **from Sales** | **Change in**<br> **Unrealized**<br> **Gain**<br> (Loss) | **Realized**<br> **Gain**<br> (Loss) | **Value,**<br> **End**<br> **of**<br> **Period** | **Shares,**<br> **End**<br> **of**<br> **Period** | **Income** | **Capital**<br> **Gain<br>Distributions** |
| **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** |  |  |
| PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> |  |  |
| $157999 | $1798512 | $1229027 | $— | $— | $727484 | 727484 | $7105 | $— |

---

#### Jennison Focused Value

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,**<br> **Beginning** <br> **of**<br> **Period** | **Cost of**<br> **Purchases** | **Proceeds**<br> **from Sales** | **Change in**<br> **Unrealized**<br> **Gain**<br> (Loss) | **Realized**<br> **Gain**<br> (Loss) | **Value,**<br> **End**<br> **of**<br> **Period** | **Shares,**<br> **End**<br> **of**<br> **Period** | **Income** | **Capital**<br> **Gain<br>Distributions** |
| **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** |  |  |
| PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> |  |  |
| $618320 | $2092832 | $907765 | $— | $— | $1803387 | 1803387 | $5221 | $— |

---

#### Jennison International Opportunities

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,**<br> **Beginning** <br> **of**<br> **Period** | **Cost of**<br> **Purchases** | **Proceeds**<br> **from Sales** | **Change in**<br> **Unrealized**<br> **Gain**<br> (Loss) | **Realized**<br> **Gain**<br> (Loss) | **Value,**<br> **End**<br> **of**<br> **Period** | **Shares,**<br> **End**<br> **of**<br> **Period** | **Income** | **Capital**<br> **Gain<br>Distributions** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** |  |  |
|  PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> |  |  |
| $1138907 | $5665285 | $5373553 | $— | $1430639 | $13204 | $— |

---

#### Portfolio Ballast

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,**<br> **Beginning** <br> **of**<br> **Period** | **Cost of**<br> **Purchases** | **Proceeds**<br> **from Sales** | **Change in**<br> **Unrealized**<br> **Gain**<br> (Loss) | **Realized**<br> **Gain**<br> (Loss) | **Value,**<br> **End**<br> **of**<br> **Period** | **Shares,**<br> **End**<br> **of**<br> **Period** | **Income** | **Capital**<br> **Gain<br>Distributions** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** |  |  |
|  PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> |  |  |
| $5483429 | $66688187 | $63771105 | $— | $8400511 | $132146 | $— |

---

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

**6.** **Tax Information** 

The United States federal income tax basis of the investments and the net unrealized appreciation (depreciation) as of February 28, 2026 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Tax Basis** | **Gross Unrealized<br>Appreciation** | **Gross<br>Unrealized<br>Depreciation** | **Net**<br> **Unrealized<br>Appreciation** |
| &nbsp;&nbsp; Jennison Better Future | $9134151 | $1421743 | $(473304) | $948439 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Tax Basis** | **Gross<br>Unrealized<br>Appreciation** | **Gross<br>Unrealized<br>Depreciation** | **Net <br>Unrealized <br>Appreciation** |
| &nbsp;&nbsp; Jennison Focused Growth | $102525589 | $33160186 | $(3120897) | $30039289 |
| &nbsp;&nbsp; Jennison Focused Mid-Cap | 13255943 | 3583659 | (481130) | 3102529 |
| &nbsp;&nbsp; Jennison Focused Value | 38921972 | 5925001 | (224017) | 5700984 |
| &nbsp;&nbsp; Jennison International Opportunities | 28255332 | 5843723 | (1196446) | 4647277 |
| &nbsp;&nbsp; Portfolio Ballast | 74106198 | 1034304 | (324786) | 709518 |

---

The GAAP basis may differ from tax basis due to certain tax-related adjustments.

For federal income tax purposes, the following Funds had an approximated capital loss carryforward as of August 31, 2025 which can be carried forward for an unlimited period. No capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such losses.

---

| | | |
|:---|:---|:---|
| **Fund** | **Capital Loss<br>Carryforward** | **Capital Loss** <br> **Carryforward Utilized**  |
| &nbsp;&nbsp; Jennison Better Future | $2193000 | $— |
| &nbsp;&nbsp; Jennison Focused Growth | 4337000 |  |
| &nbsp;&nbsp; Jennison Focused Mid-Cap | 794000 |  |
| &nbsp;&nbsp; Jennison Focused Value | 481000 |  |
| &nbsp;&nbsp; Jennison International Opportunities | 957000 |  |
| &nbsp;&nbsp; Portfolio Ballast | 168000 |  |

---

The Fund indicated below elected to treat the below approximated losses as having been incurred in the following fiscal year (August 31, 2026).

---

| | | |
|:---|:---|:---|
| **Fund** | **Qualified Late-Year<br>Losses** | **Post-October<br>Capital Losses** |
| &nbsp;&nbsp; Jennison Better Future | $— | $— |
| &nbsp;&nbsp; Jennison Focused Growth | 263000 |  |
| &nbsp;&nbsp; Jennison Focused Mid-Cap |  |  |
| &nbsp;&nbsp; Jennison Focused Value |  |  |
| &nbsp;&nbsp; Jennison International Opportunities |  |  |
| &nbsp;&nbsp; Portfolio Ballast |  |  |

---

The Manager has analyzed the Funds' tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Funds' financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Funds' U.S. federal and state tax returns for each of the three fiscal years up to the most recent fiscal year ended August 31, 2025 are subject to such review.

**7.** **Capital and Ownership** 

Each Fund is an exchange-traded fund, commonly known as an "ETF". Individual shares of the Funds may only be purchased and sold in secondary market transactions through brokers or other financial intermediaries. Shares of the Funds are listed for trading on the NYSE Arca, Inc. except for the Jennison Better Future, Jennison Focused Mid-Cap and Portfolio Ballast which list their shares on the Cboe BZX Exchange, Inc. (together with NYSE Arca, Inc., the "Exchanges"), and because the shares of the Funds trade at market prices rather than NAV, shares of the Funds may trade at a price greater than NAV (a premium) or less than NAV (a discount). Each Fund will issue and redeem its shares at NAV only in aggregations of a specified number of shares called a "Creation Unit". An Authorized Participant is a member or participant of a clearing agency registered with the SEC, which has a written agreement with the Funds or one of their service providers that allows the Authorized Participant to place orders for the purchase and redemption of Creation Units.

A creation transaction, which is subject to acceptance by the Distributor and each Fund, generally takes place when an Authorized Participant deposits into each Fund a designated portfolio of securities, assets or other positions (a "creation basket"), and an amount of cash (including any cash representing the value of substituted securities, assets or other positions), if any, which together approximate the holdings of each Fund in exchange for a specified number of Creation Units. Similarly, shares can be redeemed only in Creation Units, generally for a designated portfolio of securities, assets or other propositions (the "redemption basket") held by each Fund and an amount of cash (including any portion of such securities for which cash may be substituted). The Funds may, in certain circumstances, offer Creation Units partially or solely for cash. Except when aggregated in Creation Units, shares are not redeemable by the Funds. Creation and redemption baskets may differ and the Funds may accept "custom baskets". A Creation Unit consists of 10,000 shares of each Fund except for the Portfolio Ballast, which consists of 20,000 shares.

------

Notes to Financial Statements (unaudited) (continued)

Authorized Participants may be required to pay a fixed creation transaction fee and/or a fixed redemption transaction fee, as applicable, for each transaction in a Creation Unit regardless of the number of Creation Units created or redeemed on that day. These fees, if charged, are paid to the Custodian to offset costs associated with processing creation and redemption transactions. Authorized Participants transacting in creation units for cash may pay an additional variable fee to compensate the Funds for transaction costs and market impact expenses relating to purchases or sales of portfolio securities. Such variable fees, if any, are included in "Net proceeds from shares sold" and/or "Cost of shares purchased", as applicable, in the Statements of Changes in Net Assets.

The RIC is authorized to issue an unlimited number of shares of beneficial interest, $0.001 par value per share.

As of February 28, 2026, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of each Fund as follows:

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| | | |
|:---|:---|:---|
| **Fund** | **Number of Shares** | **Percentage of<br> Outstanding Shares** |
| &nbsp;&nbsp; Jennison Better Future | 115000 | 67.7% |
| &nbsp;&nbsp; Jennison Focused Growth | 814 | 0.1 |
| &nbsp;&nbsp; Jennison Focused Mid-Cap | 200000 | 80.0 |
| &nbsp;&nbsp; Jennison Focused Value | 195000 | 38.2 |
| &nbsp;&nbsp; Jennison International Opportunities | 71000 | 13.9 |
| &nbsp;&nbsp; Portfolio Ballast | 962500 | 39.8 |

---

At the reporting period end, the number of shareholders holding greater than 5% of the Funds are as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Number of**<br> **Shareholders** | **Percentage of**<br> **Outstanding Shares**  |
| &nbsp;&nbsp; **Affiliated:** |  |  |
| &nbsp;&nbsp; Jennison Better Future | 1 | 67.6% |
| &nbsp;&nbsp; Jennison Focused Growth |  |  |
| &nbsp;&nbsp; Jennison Focused Mid-Cap | 1 | 80.0 |
| &nbsp;&nbsp; Jennison Focused Value | 1 | 38.2 |
| &nbsp;&nbsp; Jennison International Opportunities | 1 | 13.9 |
| &nbsp;&nbsp; Portfolio Ballast | 1 | 39.8 |
| &nbsp;&nbsp; **Unaffiliated:** |  |  |
| &nbsp;&nbsp; Jennison Better Future | 3 | 26.0 |
| &nbsp;&nbsp; Jennison Focused Growth | 2 | 91.0 |
| &nbsp;&nbsp; Jennison Focused Mid-Cap | 1 | 16.5 |
| &nbsp;&nbsp; Jennison Focused Value | 1 | 56.9 |
| &nbsp;&nbsp; Jennison International Opportunities | 3 | 80.8 |
| &nbsp;&nbsp; Portfolio Ballast | 2 | 53.8 |

---

The Funds may make payment for Fund shares redeemed and contributed wholly or in part by distributing portfolio securities to shareholders. For the reporting period February 28, 2026, the Funds had subscriptions in-kind and/or redemptions in-kind with total proceeds in the amounts presented on the Statements of Changes in Net Assets.

**8.** **Borrowings** 

The RIC, on behalf of the Funds, along with other affiliated registered investment companies (the "Participating Funds"), is a party to a Syndicated Credit Agreement ("SCA") with a group of banks. The purpose of the SCA is to provide an alternative source of temporary funding for capital share redemptions. The table below provides details of the current SCA in effect at the reporting period-end as well as the prior SCA.

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| | | |
|:---|:---|:---|
|  | **Current SCA\*** | **Prior SCA\*\*** |
| &nbsp;&nbsp; **Term of Commitment** | 9/26/2025 – 9/24/2026 | 9/27/2024 – 9/25/2025 |
| &nbsp;&nbsp; **Total Commitment** | $1200000000 | $1200000000 |
| &nbsp;&nbsp; **Annualized Commitment Fee on the**<br> **Unused Portion of the SCA** | 0.15% | 0.15% |

---

------

---

| | | |
|:---|:---|:---|
|  | **Current SCA\*** | **Prior SCA\*\*** |
| &nbsp;&nbsp; **Annualized Interest Rate on**<br> **Borrowings** | 1.00% plus the higher of (1)<br> the effective federal funds<br> rate, (2) the daily SOFR<br> rate plus 0.10% or (3) zero<br> percent | 1.00% plus the higher of (1)<br> the effective federal funds<br> rate, (2) the daily SOFR<br> rate plus 0.10% or (3) zero<br> percent |

---

\* The Current SCA only includes Portfolio Ballast.

\*\* The Prior SCA did not include Jennison Better Future, Jennison Focused Mid-Cap and Jennison International Opportunities.

Certain affiliated registered investment companies that are parties to the SCA include portfolios that are subject to a predetermined mathematical formula used to manage certain benefit guarantees offered under variable annuity contracts. The formula may result in large scale asset flows into and out of these portfolios. Consequently, these portfolios may be more likely to utilize the SCA for purposes of funding redemptions. It may be possible for those portfolios to fully exhaust the committed amount of the SCA, thereby requiring the Manager to allocate available funding per a Board-approved methodology designed to treat the Participating Funds in the SCA equitably.

The Funds did not utilize the SCA during the reporting period ended February 28, 2026.

**9.** **Risks of Investing in the Funds** 

Each Fund's principal risks include, but are not limited to, some or all of the risks discussed below. For further information on the risks applicable to any given Fund, please refer to the Prospectus and Statement of Additional Information of that Fund.

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Risks** | **Jennison<br>Better<br>Future** | **Jennison<br>Better<br>Future** | **Jennison<br>Focused<br>Growth** | **Jennison<br>Focused<br>Growth** | **Jennison<br>Focused<br>Mid-Cap** | **Jennison<br>Focused<br>Mid-Cap** | **Jennison<br>Focused<br>Value** | **Jennison<br>Focused<br>Value** | **Jennison<br>International<br>Opportunities** | **Jennison<br>International<br>Opportunities** | **Portfolio** <br> **Ballast**  | **Portfolio** <br> **Ballast**  |
| &nbsp;&nbsp; Authorized Participant Concentration |  | X |  | X |  | X |  | X |  | X |  | X |
| &nbsp;&nbsp; Blend Style |  |  |  |  |  | X |  |  |  |  |  |  |
| &nbsp;&nbsp; Cash Transactions |  | X |  | X |  | X |  | X |  | X |  |  |
| &nbsp;&nbsp; Country |  | X |  |  |  |  |  |  |  | X |  |  |
| &nbsp;&nbsp; Currency |  | X |  |  |  |  |  |  |  | X |  |  |
| &nbsp;&nbsp; Convertible Securities |  |  |  | X |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Debt Obligations |  |  |  |  |  |  |  |  |  |  |  | X |
| &nbsp;&nbsp; Derivatives |  |  |  |  |  |  |  |  |  |  |  | X |
| &nbsp;&nbsp; Economic and Market Events |  | X |  | X |  | X |  | X |  | X |  | X |
| &nbsp;&nbsp; Emerging Markets |  | X |  |  |  |  |  |  |  | X |  |  |
| &nbsp;&nbsp; Equity and Equity-Related Securities |  | X |  | X |  | X |  | X |  | X |  | X |
| &nbsp;&nbsp; ETF Shares Trading |  | X |  | X |  | X |  | X |  | X |  | X |
| &nbsp;&nbsp; Foreign Securities |  | X |  | X |  | X |  | X |  | X |  |  |
| &nbsp;&nbsp; Futures and Forward Contracts |  |  |  |  |  |  |  |  |  |  |  | X |
| &nbsp;&nbsp; Geographic Concentration |  | X |  |  |  |  |  |  |  | X |  |  |
| &nbsp;&nbsp; Growth Style |  | X |  | X |  |  |  |  |  | X |  |  |
| &nbsp;&nbsp; Initial Public Offerings |  |  |  | X |  | X |  |  |  |  |  |  |
| &nbsp;&nbsp; Investment in China |  |  |  |  |  |  |  |  |  | X |  |  |
| &nbsp;&nbsp; Investment Program |  |  |  |  |  |  |  |  |  |  |  | X |
| &nbsp;&nbsp; Large Capitalization Company |  |  |  | X |  |  |  | X |  |  |  |  |
| &nbsp;&nbsp; Large Shareholder and Large Scale Redemption |  | X |  | X |  | X |  | X |  | X |  | X |
| &nbsp;&nbsp; Liquidity |  |  |  |  |  |  |  |  |  | X |  |  |
| &nbsp;&nbsp; Management |  | X |  | X |  | X |  | X |  | X |  | X |
| &nbsp;&nbsp; Market Capitalization |  | X |  |  |  |  |  |  |  | X |  |  |
| &nbsp;&nbsp; Market Disruption and Geopolitical |  | X |  | X |  | X |  | X |  | X |  | X |
| &nbsp;&nbsp; Market |  | X |  | X |  | X |  | X |  | X |  | X |
| &nbsp;&nbsp; Medium Capitalization (Mid-Cap) Company |  |  |  |  |  | X |  |  |  |  |  |  |
| &nbsp;&nbsp; Methodology |  | X |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Model Design |  |  |  |  |  |  |  |  |  |  |  | X |
| &nbsp;&nbsp; Model Implementation |  |  |  |  |  |  |  |  |  |  |  | X |
| &nbsp;&nbsp; New/Small Fund |  | X |  | X |  | X |  | X |  | X |  | X |
| &nbsp;&nbsp; Non-Diversified Investment Company |  | X |  | X |  |  |  |  |  | X |  | X |
| &nbsp;&nbsp; Preferred Securities |  |  |  | X |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Real Estate Investment Trust |  | X |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Sector Exposure |  | X |  | X |  | X |  | X |  | X |  |  |
| &nbsp;&nbsp; U.S. Government and Agency Securities |  |  |  |  |  |  |  |  |  |  |  | X |
| &nbsp;&nbsp; Value Style |  |  |  |  |  |  |  | X |  |  |  |  |

---

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Notes to Financial Statements (unaudited) (continued)

*Authorized Participant Concentration Risk*: Only an Authorized Participant (as defined in "How to Buy and Sell Shares of the Fund" in the Fund's Prospectus) may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of intermediaries that act as Authorized Participants and none of these Authorized Participants is or will be obligated to engage in creation or redemption transactions. To the extent that these Authorized Participants exit the business or are unable to or choose not to proceed with creation and/or redemption orders with respect to the Fund and no other Authorized Participant creates or redeems, shares of the Fund may trade at a substantial discount or premium to net asset value ("NAV"), may trade at larger spreads, and possibly face trading halts and/or delisting.

*Blend Style Risk:* The Fund's blend investment style may subject the Fund to risks of both value and growth investing. The portion of the Fund's portfolio that makes investments pursuant to a growth strategy may be subject to above-average fluctuations as a result of seeking higher than average capital growth. The portion of the Fund's portfolio that makes investments pursuant to a value strategy may be subject to the risk that the market may not recognize a security's intrinsic value for long periods of time or at all, or that a stock judged to be undervalued may actually be appropriately priced or overvalued. Issuers of value stocks may have experienced adverse business developments or may be subject to special risks that have caused the stock to be out of favor. If the Fund's assessment of market conditions or a company's value is inaccurate, the Fund could suffer losses or produce poor performance relative to other funds. Historically, growth stocks have performed best during later stages of economic expansion and value stocks have performed best during periods of economic recovery. Therefore, both styles may over time go in and out of favor with the markets. At times when a style is out of favor, that portion of the portfolio may lag the other portion of the portfolio, which may cause the Fund to underperform the market in general, its benchmark and other mutual funds. Growth and value stocks have historically produced similar long-term results, though each category has periods when it outperforms the other.

*Cash Transactions Risk:* Unlike ETFs that engage almost exclusively in creations and redemptions in exchange for a basket of portfolio securities (an "in-kind" transaction), the Fund may effect creations and redemptions in cash or partially in cash. Therefore, it may be required to sell portfolio securities and subsequently recognize gains on such sales that the Fund might not have recognized if it were to distribute portfolio securities in-kind. Investments in shares of the Fund may be less tax-efficient than an investment in an ETF that distributes portfolio securities entirely in-kind.

*Country Risk*: Changes in the business environment may adversely affect operating profits or the value of assets in a specific country. For example, financial factors such as currency controls, devaluation or regulatory changes or stability factors such as mass riots, civil war and other potential events may contribute to companies' operational risks.

*Currency Risk:* The Fund's net asset value could decline as a result of changes in exchange rates, which could adversely affect the Fund's investments in currencies, or in securities that trade in, and receive revenues related to, currencies. Certain foreign countries may impose restrictions on the ability of issuers of foreign securities to make payment of principal and interest or dividends to investors located outside the country, due to blockage of foreign currency exchanges or otherwise.

*Convertible Securities Risk:* The market value of a convertible security performs like that of a regular debt security; that is, if market interest rates rise, the value of a convertible security usually falls. In addition, convertible securities are subject to the risk that the issuer will not be able to pay interest or dividends when due, and their market value may change based on changes in the issuer's credit rating or the market's perception of the issuer's creditworthiness. Since it derives a portion of its value from the common stock into which it may be converted, a convertible security is also subject to the same types of market and issuer risks that apply to the underlying common stock.

*Debt Obligations Risk:* Debt obligations are fixed income investments that are subject to credit risk, market risk and interest rate risk. The Fund's holdings, share price, yield and total return may also fluctuate in response to bond market movements. The value of bonds may decline for issuer-related reasons, including management performance, financial leverage and reduced demand for the issuer's goods and services. Certain types of fixed income obligations also may be subject to "call and redemption risk," which is the risk that the issuer may call a bond held by the Fund for redemption before it matures and the Fund may not be able to reinvest at the same rate of interest and therefore would earn less income.

*Derivatives Risk:* Derivatives involve special risks and costs and may result in losses to the Fund. The successful use of derivatives requires sophisticated management, and, to the extent that derivatives are used, the Fund will depend on the subadviser's ability to analyze and manage derivatives transactions. The prices of derivatives may move in unexpected ways, especially in abnormal market conditions. Some derivatives are "leveraged" or may create economic leverage for the Fund and therefore may magnify or otherwise increase investment losses to the Fund. The Fund's use of derivatives may also increase the amount of taxes payable by shareholders.

------

Other risks arise from the potential inability to terminate or sell derivatives positions. A liquid secondary market may not always exist for the Fund's derivatives positions. In fact, many over-the-counter derivative instruments will not have liquidity beyond the counterparty to the instrument. Over-the-counter derivative instruments also involve the risk that the other party will not meet its obligations to the Fund. The use of derivatives also exposes the Fund to operational issues, such as documentation and settlement issues, systems failures, inadequate control and human error.

Derivatives may also involve legal risks, such as insufficient documentation, the lack of capacity or authority of a counterparty to execute or settle a transaction, and the legality and enforceability of derivatives contracts. The U.S. Government and foreign governments have adopted (and may adopt further) regulations governing derivatives markets, including mandatory clearing of certain derivatives, margin and reporting requirements and risk exposure limitations. Regulation of derivatives may make derivatives more costly, limit their availability or utility to the Fund, or otherwise adversely affect their performance or disrupt markets.

*Economic and Market Events Risk:* Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth or the functioning of the securities markets, or otherwise reduce inflation, may at times result in unusually high market volatility, which could negatively impact performance. Governmental efforts to curb inflation often have negative effects on the level of economic activity. Relatively reduced liquidity in credit and fixed income markets could adversely affect issuers worldwide.

*Emerging Markets Risk:* The risks of foreign investments are greater for investments in or exposed to emerging markets. Emerging market countries typically have economic and political systems that are less fully developed, and can be expected to be less stable, than those of more developed countries. For example, the economies of such countries can be subject to rapid and unpredictable rates of inflation or deflation. Low trading volumes may result in a lack of liquidity and price volatility. Emerging market countries may have policies that restrict investment by non-U.S. investors, or that prevent non-U.S. investors from withdrawing their money at will.

The Fund may invest in some emerging markets that subject it to risks such as those associated with illiquidity, custody of assets, different settlement and clearance procedures and asserting legal title under a developing legal and regulatory regime to a greater degree than in developed markets or even in other emerging markets.

*Equity and Equity-Related Securities Risk:* Equity and equity-related securities may be subject to changes in value, and their values may be more volatile than those of other asset classes. In addition to an individual security losing value, the value of the equity markets or a sector in which the Fund invests could go down. Different parts of a market can react differently to adverse issuer, market, regulatory, political and economic developments.

*ETF Shares Trading Risk:* Fund shares are listed for trading on an exchange (the "Exchange") and the shares are bought and sold in the secondary market at market prices. The market prices of the shares of the Fund are expected to fluctuate in response to changes in the Fund's NAV, the intraday value of the Fund's holdings and supply and demand for shares of the Fund. During periods of stressed market conditions, the market for the shares of the Fund may become less liquid in response to deteriorating liquidity in the markets for the Fund's portfolio investments.

Disruptions to creations and redemptions, the existence of significant market volatility or potential lack of an active trading market for the shares of the Fund (including through a trading halt), as well as other factors, may result in the Fund's shares trading on the Exchange significantly above (at a premium) or below (at a discount) to NAV or to the intraday value of the Fund's holdings.

Cost of Buying or Selling Shares. When you buy or sell shares of the Fund through a broker, you will likely incur a brokerage commission or other charges imposed by brokers. In addition, the market price of shares of the Fund, like the price of any exchange-traded security, includes a "bid-ask spread" charged by the market makers or other participants that trade the particular security. The spread of the Fund's shares varies over time based on the Fund's trading volume, the spread of the Fund's underlying securities, and market liquidity and may increase if the Fund's trading volume or market liquidity decreases, or if the spread on the Fund's underlying securities increases.

No Guarantee of Active Trading Market Risk. While shares of the Fund are listed on the Exchange, there can be no assurance that active trading markets for the shares will develop or be maintained by market makers or by Authorized Participants. The distributor of the Fund's shares does not maintain a secondary market in the shares. Further, secondary markets may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods in times of market stress because market makers and Authorized Participants may step away from making a market in the shares and in executing creation and redemption orders, which could cause a material deviation in the Fund's market price from its net asset value.

------

Notes to Financial Statements (unaudited) (continued)

*Foreign Securities Risk:* Investments in securities of non-U.S. issuers (including those denominated in U.S. dollars) may involve more risk than investing in securities of U.S. issuers. Foreign political, economic and legal systems, especially those in developing and emerging market countries, may be less stable and more volatile than in the United States. Foreign legal systems generally have fewer regulatory requirements than the U.S. legal system, particularly those of emerging markets. In general, less information is publicly available with respect to non-U.S. companies than U.S. companies. Non-U.S. companies generally are not subject to the same accounting, auditing, and financial reporting standards as are U.S. companies. Additionally, the changing value of foreign currencies and changes in exchange rates could also affect the value of the assets the Fund holds and the Fund's performance. Certain foreign countries may impose restrictions on the ability of issuers of foreign securities to make payment of principal and interest or dividends to investors located outside the country, due to blockage of foreign currency exchanges or otherwise. Investments in emerging markets are subject to greater volatility and price declines.

In addition, the Fund's investments in non-U.S. securities may be subject to the risks of nationalization or expropriation of assets, imposition of currency exchange controls or restrictions on the repatriation of non-U.S. currency, confiscatory taxation and adverse diplomatic developments. Special U.S. tax considerations may apply.

*Futures and Forward Contracts Risk:* The primary risks associated with the use of futures or forward contracts are (a) the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the futures or forward contract; (b) possible lack of a liquid secondary market for a futures or forward contract and the resulting inability to close a futures or forward contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) the failure to predict correctly the direction of securities or commodities prices, interest rates, currency exchange rates and other economic factors; and (e) the possibility that the counterparty to the futures or forward contract will default in the performance of its obligations. Additionally, not all forward contracts require a counterparty to post collateral, which may expose the Fund to greater losses in the event of a default by a counterparty.

*Geographic Concentration Risk:* The Fund's performance may be closely tied to the market, economic, political, regulatory or other conditions in the countries or regions in which the Fund invests. This can result in more pronounced risks based upon conditions that impact one or more countries or regions more or less than other countries or regions.

*Growth Style Risk:* The Fund's growth style may subject the Fund to above-average fluctuations as a result of seeking higher than average capital growth. Historically, growth stocks have performed best during later stages of economic expansion and value stocks have performed best during periods of economic recovery. Since the Fund follows a growth investment style, there is the risk that the growth investment style may be out of favor for a period of time. At times when the style is out of favor, the Fund may underperform the market in general, its benchmark and other ETFs.

*Initial Public Offerings Risk:* The volume of IPOs and the levels at which the newly issued stocks trade in the secondary market are affected by the performance of the stock market overall. If IPOs are brought to the market, availability may be limited and if the Fund desires to acquire shares in such an offering, it may not be able to buy any shares at the offering price, or if it is able to buy shares, it may not be able to buy as many shares at the offering price as it would like. The prices of securities involved in IPOs are often subject to greater and more unpredictable price changes than more established stocks. Such unpredictability can have a dramatic impact on the Fund's performance (higher or lower) and any assumptions by investors based on the affected performance may be unwarranted. In addition, as Fund assets grow, the impact of IPO investments on performance will decline, which could reduce total returns.

*Investments in China Risk:* Investments in China subject the Fund to risks specific to China and may make it more volatile than other funds. Over the last few decades, the Chinese government has undertaken reform of economic and market practices and has expanded the sphere of private ownership of property in China. However, Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability. Internal social unrest or confrontations with other neighboring countries, including military conflicts in response to such events, may also disrupt economic development in China and result in a greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher rates of inflation.

China has experienced security concerns, such as terrorism and strained international relations. Incidents involving China's or the region's security may cause uncertainty in Chinese markets and may adversely affect the Chinese economy and the Fund's investments. Export growth continues to be a major driver of China's rapid economic growth. Reduction in spending on Chinese products and services, institution of additional tariffs or other trade barriers, including as a result of heightened trade tensions between China and the U.S., or a downturn in any of the economies of China's key trading partners may have an adverse impact on the Chinese economy or the

------

Fund. For example, a series of executive orders issued in recent years prohibit the Fund from investing in certain companies and/or certain sectors." The restrictions in these executive orders may force the subadviser to sell certain positions and may restrict the Fund from future investments the subadviser deems otherwise attractive.

Chinese companies, including Chinese companies that are listed on U.S. exchanges, are not subject to the same degree of regulatory requirements, accounting standards or auditor oversight as companies in more developed countries, and as a result, information about the Chinese securities in which the Fund invests may be less reliable or complete. There may be significant obstacles to obtaining information necessary for investigations into or litigation against Chinese companies and shareholders may have limited legal remedies.

*Investment Program Risk:* In pursuing its investment program, the Fund seeks to reduce volatility over a full market cycle, including by limiting Fund losses relative to the broader market. The subadviser may not be successful in limiting volatility and there is a risk that the Fund will experience losses consistent with, or greater than, the equity market during a market downturn. In addition, the Fund's strategy of using options to capture market upside will limit the returns of the Fund during periods in which the market is rising, particularly during periods of rapid appreciation, and the Fund may not experience investment gains comparable to the broader market. The Fund may not be able to enter into, or close out, options transactions at times or in quantities the subadviser believes necessary to accomplish the Fund's investment strategy. Because the Fund's strategy to limit volatility involves buying and selling options on one or more broad market indexes or financial instruments that seek to replicate or approximate the return of such an index, the Fund will incur additional costs in the form of options premiums that an investor would not incur investing directly in the securities of an index or in a fund that tracks the index directly, which costs will reduce the Fund's returns. In addition, the Fund will forgo the opportunity to benefit fully from potential increases in value if the value of the instrument underlying an option rises above its strike price. Moreover, if the strike price of a purchased option is higher than the value of the underlying instrument at expiration, the option will expire worthless and the Fund will lose the premium paid for the option without a corresponding benefit.

*Large Capitalization Company Risk:* Companies with large market capitalizations go in and out of favor based on market and economic conditions. Larger companies tend to be less volatile than companies with smaller market capitalizations. In exchange for this potentially lower risk, the Fund's value may not rise or fall as much as the value of funds that emphasize companies with smaller market capitalizations.

*Large Shareholder and Large Scale Redemption Risk:* Certain individuals, accounts, funds (including funds affiliated with the Manager) or institutions, including the Manager and its affiliates, may from time to time own or control a substantial amount of the Fund's shares. There is no requirement that these entities maintain their investment in the Fund. There is a risk that such large shareholders or that the Fund's shareholders generally may redeem all or a substantial portion of their investments in the Fund in a short period of time, which could have a significant negative impact on the Fund's NAV, liquidity, and brokerage costs. Large redemptions could also result in tax consequences to shareholders and impact the Fund's ability to implement its investment strategy. The Fund's ability to pursue its investment objective after one or more large scale redemptions may be impaired and, as a result, the Fund may invest a larger portion of its assets in cash or cash equivalents.

*Liquidity Risk:* Liquidity risk is the risk that the Fund could not meet requests to redeem shares issued by the Fund without significant dilution of remaining investors' interests in the Fund. The Fund may invest in instruments that trade in lower volumes and are more illiquid than other investments. If the Fund is forced to sell these investments to pay redemption proceeds or for other reasons, the Fund may lose money. In addition, when there is no willing buyer and investments cannot be readily sold at the desired time or price, the Fund may have to accept a lower price or may not be able to sell the instrument at all. An inability to sell a portfolio position can adversely affect the Fund's value or prevent the Fund from being able to take advantage of other investment opportunities.

*Management Risk:* Actively managed funds are subject to management risk. The subadviser will apply investment techniques and risk analyses in making investment decisions for the Fund, but the subadviser's judgments about the attractiveness, value or market trends affecting a particular security, industry or sector or about market movements may be incorrect. Additionally, the investments selected for the Fund may underperform the markets in general, the Fund's benchmark and other funds with similar investment objectives.

*Market Capitalization Risk:* The Fund may invest in companies of any market capitalization. Generally, the stock prices of small- and mid-cap companies are less stable than the prices of large-cap stocks and may present greater risks. Large capitalization companies as a group could fall out of favor with the market, causing the Fund to underperform compared to investments that focus on smaller capitalized companies.

*Market Disruption and Geopolitical Risks:* Market disruption can be caused by economic, financial or political events and factors, including but not limited to, international wars or conflicts (including Russia's military invasion of Ukraine and the Israel-Hamas war), geopolitical developments (including trading and tariff arrangements, sanctions and cybersecurity attacks), instability in regions such as

------

Notes to Financial Statements (unaudited) (continued)

the Middle East, South America, Eastern Europe, and Asia, terrorism, natural disasters and public health epidemics (including the outbreak of COVID-19 globally).

Recent policy decisions of the U.S. government and governments of foreign countries may increase geopolitical risks that could adversely affect the investment performance of the Fund. These policies have the potential to impact international relations, trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in domestic and global markets. Actions taken by the U.S. government and governments of foreign countries in respect of international trade relations could lead to trade wars, increased costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where the Fund invests.

The extent and duration of such events and resulting market disruptions cannot be predicted, but could be substantial and could magnify the impact of other risks to the Fund. These and other similar events could adversely affect the U.S. and foreign financial markets and lead to increased market volatility, reduced liquidity in the securities markets, significant negative impacts on issuers and the markets for certain securities and commodities and/or government intervention. They may also cause short- or long-term economic uncertainties in the United States and worldwide. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may be negatively impacted. Further, due to closures of certain markets and restrictions on trading certain securities, the value of certain securities held by the Fund could be significantly impacted, which could lead to such securities being valued at zero.

*Market Risk:* Securities markets may be volatile and the market prices of the Fund's securities may decline. Securities fluctuate in price based on changes in an issuer's financial condition and overall market and economic conditions. If the market prices of the securities owned by the Fund fall, the value of your investment in the Fund will decline.

*Medium Capitalization (Mid-Cap) Company Risk:* The Fund's investments in mid-cap companies carry more risk than investments in larger capitalized companies. Investments in mid-cap companies carry additional risks because earnings of these companies tend to be less predictable; they often have limited product lines, markets, distribution channels or financial resources; and the management of such companies may be dependent on one or a few key people. The market movements of these companies' securities may be more abrupt or erratic than the market movements of securities of larger, more established companies or the stock market in general. Historically, mid-cap companies have sometimes gone through extended periods when they did not perform as well as larger companies. Mid-cap companies generally are comparatively less liquid than larger companies, which may make such investments more difficult to sell at the time and price that the Fund would like. Also, the stocks of mid-cap companies may fall out of favor relative to those of small- or large-capitalization companies, causing the Fund to underperform other equity funds that focus on small- or large-capitalization companies.

*Methodology Risk:* Because the subadviser utilizes exclusionary tools in its methodology, this may result in the Fund forgoing opportunities to make certain investments when it might otherwise be advantageous to do so, or sell investments based on its methodology criteria when it might be otherwise disadvantageous for it to do so. Due to the exclusionary tools, the subadviser may be less inclined or unable to invest in issuers that provide positive financial returns. There is no guarantee that the subadviser's exclusionary tools will enhance the quality of asset allocation or portfolio construction. In evaluating an issuer, the subadviser is dependent upon information and data, including from third party data providers, that may be incomplete, inaccurate, or unavailable, or that may present conflicting information and data with respect to an issuer, which in each case could cause the subadviser to incorrectly assess an issuer's business practices. The subadviser's analysis is also based on a company's disclosures or forward-looking statements of intent that are not necessarily fact-based or objectively measurable.

*Model Design Risk:* The subadviser uses certain quantitative models to help guide its investment decisions. The design of the underlying models may be flawed or incomplete. The investment models the subadviser uses are based on historical and theoretical underpinnings that it believes are sound. There can be no guarantee, however, that these underpinnings will correlate with security price behavior in the manner assumed by the subadviser's models. Additionally, the quantitative techniques that underlie the subadviser's portfolio construction processes may fail to fully anticipate important risks.

*Model Implementation Risk:* While the subadviser strives to mitigate the likelihood of material implementation errors, it is impossible to completely eliminate the risk of error in the implementation of the computer models that guide the subadviser's quantitative investment processes. Additionally, it may be difficult to implement model recommendations in volatile and rapidly changing market conditions.

------

*New/Small Fund Risk:* The Fund recently commenced operations and has a limited operating history. As a new and relatively small fund, the Fund's performance may not represent how the Fund is expected to or may perform in the long term if and when it becomes larger and has fully implemented its investment strategies. Investment positions may have a disproportionate impact (negative or positive) on performance in new and smaller funds. New and smaller funds may also require a period of time before they are invested in securities that meet their investment objectives and policies and achieve a representative portfolio composition. Since the Fund is new, an active secondary market for the shares of the Fund may not develop or may not continue once developed. Shareholders holding large blocks of shares of the Fund, including the Manager and its affiliates, may hold their shares for long periods of time, which may lead to reduced trading volumes, wider trading spreads and impede the development or maintenance of an active secondary trading market for Fund shares. These large shareholders may also loan or sell all or a portion of their Fund shares, which may result in increasing concentration of Fund shares in a small number of holders, and the potential for large redemptions, decreases in Fund assets and increased expenses for remaining shareholders.

*Non-Diversified Investment Company Risk:* The Fund is non-diversified for purposes of the 1940 Act. This means that the Fund may invest a greater percentage of its assets in the securities of a single company or other issuer than a diversified fund. Investing in a non-diversified fund involves greater risk than investing in a diversified fund because a loss resulting from the decline in value of any one security may represent a greater portion of the total assets of a non-diversified fund.

*Preferred Securities Risk:* Preferred securities can experience sharp declines in value over short or extended periods of time, regardless of the success or failure of a company's operations. A redemption by the issuer may negatively impact the return of the stock held by the Fund. Preferred security holders' liquidation rights are subordinate to the company's debt holders and creditors. If interest rates rise, the fixed dividend on preferred securities may be less attractive and the price of preferred securities may decline. Preferred securities usually do not require the issuer to pay dividends and may permit the issuer to defer dividend payments. Deferred dividend payments could have adverse tax consequences for the Fund and may cause the preferred securities to lose substantial value. Preferred securities also may have substantially lower trading volumes and less market depth than many other securities, such as common stock or U.S. Government securities.

*Real Estate Investment Trust ("REIT") Risk:* Investing in REITs involves certain unique risks in addition to those risks associated with investing in the real estate industry in general. REITs may be affected by changes in the value of the underlying property owned by the REITs, while mortgage REITs may be affected by the quality of any credit extended. REITs are dependent upon management skills, may not be diversified geographically or by property/mortgage asset type, and are subject to heavy cash flow dependency, default by borrowers and self-liquidation. REITs may be more volatile and/or more illiquid than other types of equity securities. REITs (especially mortgage REITs) are subject to interest rate risks. REITs may incur significant amounts of leverage. The Fund will indirectly bear a portion of the expenses, including management fees, paid by each REIT in which it invests, in addition to the expenses of the Fund.

REITs must also meet certain requirements under the Internal Revenue Code of 1986, as amended (the "Code") to avoid entity level tax and be eligible to pass-through certain tax attributes of their income to shareholders. REITs are consequently subject to the risk of failing to meet these requirements for favorable tax treatment and of failing to maintain their exemptions from registration under the Investment Company Act of 1940. REITs are subject to the risks of changes in the Code affecting their tax status.

*Sector Exposure Risk:* At times, the Fund may have a significant portion of its assets invested in the same economic sector. Issuers in the same economic sector may be similarly affected by economic or market events, making the Fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly.

*Value Style Risk:* Since the Fund follows a value investment style, there is the risk that the value style may be out of favor for long periods of time, that the market will not recognize a security's intrinsic value for a long time or at all, or that a stock judged to be undervalued may actually be appropriately priced or overvalued. Issuers of value stocks may have experienced adverse business developments or may be subject to special risks that have caused the stock to be out of favor. In addition, the Fund's value investment style may go out of favor with investors, negatively affecting the Fund's performance. If the Fund's assessment of market conditions or a company's value is inaccurate, the Fund could suffer losses or produce poor performance relative to other funds.

**10.** **Recent Accounting Pronouncement and Regulatory Developments** 

During the reporting period, the Funds adopted Accounting Standards Update 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures ("ASU 2023-09"). The amendments enhance income tax disclosures by requiring greater disclosure of income taxes paid by jurisdiction. The Funds did not pay a significant amount of foreign or U.S. federal, state or local income taxes and therefore did not include any additional disclosures in these financial statements.

------

Notes to Financial Statements (unaudited) (continued)

**11.** **Subsequent Event** 

Each Fund's management evaluated subsequent events through the date of issuance of the financial statements. There have been no subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in, the financial statements as of February 28, 2026.

------

#### Other Information
**Form N-CSR Item 8 -** Changes in and Disagreements with Accountants for Open-End Management Investment Companies - None.

**Form N-CSR Item 9 -** Proxy Disclosures for Open-End Management Investment Companies - None.

**Form N-CSR Item 10 -** Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies - Because the Manager has agreed in the Management Agreements to cover all operating expenses of the Funds, subject to certain exclusions as provided for therein, the Manager pays the compensation to each Independent Trustee for services to the Funds from the management fee. The management fee is included within the Statement of Operations of the financial statements filed under Item 7 of this Form.

**Form N-CSR Item 11 -** Statement Regarding Basis for Approval of Investment Advisory Contract - None.

------

![LOGO](g890049g01n01.jpg)

## PGIM ETF TRUST
PGIM AAA CLO ETF

PGIM Active Aggregate Bond ETF

PGIM Active High Yield Bond ETF

PGIM Corporate Bond 0-5 Year ETF

PGIM Corporate Bond 5-10 Year ETF

PGIM Corporate Bond 10+ Year ETF

PGIM Floating Rate Income ETF

PGIM Municipal Income Opportunities ETF

PGIM Short Duration High Yield ETF

PGIM Short Duration Multi-Sector Bond ETF

PGIM Total Return Bond ETF

PGIM Ultra Short Bond ETF

PGIM Ultra Short Municipal Bond ETF

#### FINANCIAL STATEMENTS AND OTHER INFORMATION

#### FEBRUARY 28, 2026
![LOGO](g890049g01n01a.jpg)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Table of Contents** | Financial Statements and Other Information | February 28, 2026 |

---

**Form N-CSR Item 7** - Financial Statements and Financial Highlights for Open-End Management Investment Companies.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Glossary](#edgar890049_1) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [PGIM AAA CLO ETF](#edgar890049_2) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [PGIM Active Aggregate Bond ETF](#edgar890049_3) | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [PGIM Active High Yield Bond ETF](#edgar890049_4) | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [PGIM Corporate Bond 0-5 Year ETF](#edgar890049_5) | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [PGIM Corporate Bond 5-10 Year ETF](#edgar890049_6) | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [PGIM Corporate Bond 10+ Year ETF](#edgar890049_7) | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [PGIM Floating Rate Income ETF](#edgar890049_8) | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [PGIM Municipal Income Opportunities ETF](#edgar890049_9) | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [PGIM Short Duration High Yield ETF](#edgar890049_10) | 170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [PGIM Short Duration Multi-Sector Bond ETF](#edgar890049_11) | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [PGIM Total Return Bond ETF](#edgar890049_12) | 232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [PGIM Ultra Short Bond ETF](#edgar890049_13) | 283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [PGIM Ultra Short Municipal Bond ETF](#edgar890049_14) | 309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Notes to Financial Statements](#edgar890049_15) | 324 |

---

[**Other Information -** Form N-CSR Items 8-11](#edgar890049_16)

------

Glossary

The following abbreviations are used in the Funds' descriptions:

BRL—Brazilian Real

CAD—Canadian Dollar

CHF—Swiss Franc

CLP—Chilean Peso

CNH—Chinese Renminbi

COP—Colombian Peso

CZK—Czech Koruna

EUR—Euro

GBP—British Pound

HUF—Hungarian Forint

IDR—Indonesian Rupiah

INR—Indian Rupee

JPY—Japanese Yen

KRW—South Korean Won

MXN—Mexican Peso

NZD—New Zealand Dollar

PEN—Peruvian Nuevo Sol

PHP—Philippine Peso

PLN—Polish Zloty

SGD—Singapore Dollar

THB—Thai Baht

TRY—Turkish Lira

TWD—New Taiwanese Dollar

USD—US Dollar

ZAR—South African Rand

144A—Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, pursuant to the requirements of Rule 144A, may not be resold except to qualified institutional buyers.

A—Annual payment frequency for swaps

AG—Assured Guaranty Inc.

AMT—Alternative Minimum Tax

BABs—Build America Bonds

BAM—Build America Mutual

BANS—Bond Anticipation Notes

BARC—Barclays Bank PLC

BBR—New Zealand Bank Bill Rate

BNP—BNP Paribas S.A.

BNY—Bank of New York Mellon

BOA—Bank of America, N.A.

CABS—Capital Appreciation Bonds

CDD—Community Development District

CDX—Credit Derivative Index

CGM—Citigroup Global Markets, Inc.

CITI—Citibank, N.A.

CLO—Collateralized Loan Obligation

CME—Chicago Mercantile Exchange

CMS—Constant Maturity Swap

COP—Certificates of Participation

CORRA—Canadian Overnight Repo Rate Average

CVR—Contingent Value Rights

DAC—Designated Activity Company

------

Glossary (continued)

DB—Deutsche Bank AG

DIP—Debtor-In-Possession

EMTN—Euro Medium Term Note

ETF—Exchange-Traded Fund

EURIBOR—Euro Interbank Offered Rate

FHLMC—Federal Home Loan Mortgage Corporation

GMTN—Global Medium Term Note

GO—General Obligation

GS—Goldman Sachs & Co. LLC

GSI—Goldman Sachs International

HSBC—HSBC Bank PLC

IBEX—Spanish Stock Index

iBoxx—Bond Market Indices

IDB—Industrial Development Bond

IO—Interest Only (Principal amount represents notional)

JPM—JPMorgan Chase Bank N.A.

JPS—J.P. Morgan Securities LLC

LP—Limited Partnership

M—Monthly payment frequency for swaps

MSCI—Morgan Stanley Capital International

MSI—Morgan Stanley & Co. International PLC

MTN—Medium Term Note

N/A—Not Applicable

OTC—Over-the-counter

PCR—Pollution Control Revenue

PFC—Public Facility Corporation

PIK—Payment-in-Kind

PSFG—Permanent School Fund Guarantee

Q—Quarterly payment frequency for swaps

RANS—Revenue Anticipation Notes

RBC—Royal Bank of Canada

REITs—Real Estate Investment Trust

REMIC—Real Estate Mortgage Investment Conduit

Rfdg—Refunding

S—Semiannual payment frequency for swaps

S&P—Standard & Poor's

SARON—Swiss Average Rate Overnight

SG—Societe Generale

SOFR—Secured Overnight Financing Rate

SONIA—Sterling Overnight Index Average

SSB—State Street Bank & Trust Company

STRIPs—Separate Trading of Registered Interest and Principal of Securities

T—Swap payment upon termination

TBA—To Be Announced

TD—The Toronto-Dominion Bank

TONAR—Tokyo Overnight Average Rate

UBS—UBS Securities LLC

------

PGIM AAA CLO ETF

Schedule of Investments (unaudited)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 95.8%** |  |  |  |  |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES** |  |  |  |  |
| &nbsp;&nbsp; **Collateralized Loan Obligations** |  |  |  |  |
| &nbsp;&nbsp; 720 East CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-IA, Class A1R, 144A, 3 Month SOFR + 1.370% (Cap N/A, Floor 1.370%) | 5.042%(c) | 04/15/38 | 40000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40080500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-07A, Class A1, 144A, 3 Month SOFR + 1.060% (Cap N/A, Floor 1.060%) | 4.728(c) | 04/20/37 | 70500 | 70433941 |
| &nbsp;&nbsp; AGL CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-15A, Class A1R, 144A, 3 Month SOFR + 1.200% (Cap N/A, Floor 1.200%) | 4.871(c) | 01/20/39 | 48000 | 48037008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-19A, Class A1R, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) | 4.970(c) | 07/21/38 | 25000 | 25093552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-20A, Class A1R, 144A, 3 Month SOFR + 1.370% (Cap N/A, Floor 1.370%) | 5.038(c) | 10/20/37 | 23550 | 23597218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-21A, Class A1R, 144A, 3 Month SOFR + 1.360% (Cap N/A, Floor 1.360%) | 5.030(c) | 10/21/37 | 25000 | 25049300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-22A, Class A1R, 144A, 3 Month SOFR + 1.190% (Cap N/A, Floor 1.190%) | 4.858(c) | 01/20/37 | 15000 | 14995215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-24A, Class A1R, 144A, 3 Month SOFR + 1.470% (Cap N/A, Floor 1.470%) | 5.141(c) | 03/31/38 | 19600 | 19662695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-30RA, Class A1, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | 5.200(c) | 04/21/37 | 20000 | 20042070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-43A, Class A1, 144A, 3 Month SOFR + 1.260% (Cap N/A, Floor 1.260%) | 5.116(c) | 09/10/38 | 9250 | 9280716 |
| &nbsp;&nbsp; AGL Core CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1R, 144A, 3 Month SOFR + 1.460% (Cap N/A, Floor 1.460%) | 5.128(c) | 07/20/37 | 15000 | 15021542 |
| &nbsp;&nbsp; AIMCO CLO Ltd. (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-18A, Class A1LR, 144A, 3 Month SOFR + 1.360% (Cap N/A, Floor 1.360%) | 5.028(c) | 07/20/37 | 17065 | 17098738 |
| &nbsp;&nbsp; AIMCO CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-16A, Class AR, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.400%) | 5.068(c) | 07/17/37 | 5185 | 5191217 |
| &nbsp;&nbsp; Allegany Park CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class ARR, 144A, 3 Month SOFR + 1.100% (Cap N/A, Floor 1.100%) | 4.768(c) | 01/20/35 | 6000 | 6000000 |
| &nbsp;&nbsp; Anchorage Capital CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-07A, Class AR3, 144A, 3 Month SOFR + 1.560% (Cap N/A, Floor 1.560%) | 5.231(c) | 04/28/37 | 11095 | 11110067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-24A, Class A1R, 144A, 3 Month SOFR + 1.430% (Cap N/A, Floor 1.430%) | 5.102(c) | 07/15/37 | 25000 | 25027970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-25A, Class A1R, 144A, 3 Month SOFR + 1.210% (Cap N/A, Floor 1.210%) | 4.885(c) | 03/20/38 | 29500 | 29499852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-26A, Class A1R, 144A, 3 Month SOFR + 1.520% (Cap N/A, Floor 1.520%) | 5.188(c) | 03/19/38 | 20000 | 20044400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-30A, Class A1, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) | 4.968(c) | 01/20/37 | 10000 | 10005670 |
| &nbsp;&nbsp; Apidos CLO (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-37A, Class A, 144A, 3 Month SOFR + 1.392% (Cap N/A, Floor 1.130%) | 5.061(c) | 10/22/34 | 18400 | 18412702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-50A, Class A1, 144A, 3 Month SOFR + 1.340% (Cap N/A, Floor 1.340%) | 5.008(c) | 01/20/38 | 39527 | 39607702 |
| &nbsp;&nbsp; Apidos CLO Ltd. (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-48A, Class A1, 144A, 3 Month SOFR + 1.440% (Cap N/A, Floor 1.440%) | 5.108(c) | 07/25/37 | 22000 | 22028600 |
| &nbsp;&nbsp; Apidos CLO, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-18A, Class A1R2, 144A, 3 Month SOFR + 1.330% (Cap N/A, Floor 1.330%) | 4.999(c) | 01/22/38 | 8450 | 8466249 |
| &nbsp;&nbsp; ARES CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-44A, Class A1RR, 144A, 3 Month SOFR + 1.130% (Cap N/A, Floor 1.130%) | 4.802(c) | 04/15/34 | 48350 | 48354429 |
| &nbsp;&nbsp; ARES Loan Funding Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-ALF2A, Class A1R2, 144A, 3 Month SOFR + 1.250% (Cap N/A, Floor 1.250%) | 4.918(c) | 10/20/38 | 40000 | 40130532 |
| &nbsp;&nbsp; Ares LVI CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-56A, Class A1R2, 144A, 3 Month SOFR + 1.250% (Cap N/A, Floor 1.250%) | 4.918(c) | 01/25/38 | 10800 | 10811776 |
| &nbsp;&nbsp; Atlas Senior Loan Fund Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-14A, Class AR, 144A, 3 Month SOFR + 1.422% (Cap N/A, Floor 1.160%) | 5.089(c) | 07/20/32 | 191 | 190990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-15A, Class A1R, 144A, 3 Month SOFR + 1.220% (Cap N/A, Floor 1.220%) | 4.891(c) | 10/23/32 | 1008 | 1008067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-15A, Class A2R, 144A, 3 Month SOFR + 1.750% (Cap N/A, Floor 1.750%) | 5.421(c) | 10/23/32 | 2000 | 2003420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-17A, Class AR, 144A, 3 Month SOFR + 1.060% (Cap N/A, Floor 1.060%) | 4.728(c) | 10/20/34 | 40500 | 40473553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-24A, Class A1, 144A, 3 Month SOFR + 1.420% (Cap N/A, Floor 1.420%) | 5.088(c) | 01/20/38 | 10000 | 10021199 |
| &nbsp;&nbsp; Atlas Senior Loan Fund Ltd. (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-23A, Class A1, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | 5.198(c) | 07/20/37 | 5250 | 5259704 |
| &nbsp;&nbsp; Bain Capital Credit CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-04A, Class A1RR, 144A, 3 Month SOFR + 1.150% (Cap N/A, Floor 1.150%) | 4.818(c) | 10/20/36 | 40000 | 40020844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-06A, Class A1R, 144A, 3 Month SOFR + 1.090% (Cap N/A, Floor 1.090%) | 4.760(c) | 10/21/34 | 15500 | 15492951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class A1R, 144A, 3 Month SOFR + 1.240% (Cap N/A, Floor 1.240%) | 4.908(c) | 10/18/38 | 4000 | 4007568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-04A, Class A1R, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) | 5.051(c) | 10/16/37 | 10000 | 10019600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-05A, Class ARR, 144A, 3 Month SOFR + 1.140% (Cap N/A, Floor 1.140%) | 4.808(c) | 01/24/37 | 50000 | 50019240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class A1R, 144A, 3 Month SOFR + 1.310% (Cap N/A, Floor 1.310%) | 4.978(c) | 10/24/38 | 21775 | 21836625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A1, 144A, 3 Month SOFR + 1.480% (Cap N/A, Floor 1.480%) | 5.151(c) | 07/16/37 | 6400 | 6411131 |
| &nbsp;&nbsp; Balboa Bay Loan Funding Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A1RR, 144A, 3 Month SOFR + 1.290% (Cap N/A, Floor 1.290%) | 4.958(c) | 10/20/35 | 50340 | 50365170 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 3

------

PGIM AAA CLO ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Collateralized Loan Obligations (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Balboa Bay Loan Funding Ltd. (Cayman Islands), (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class AR, 144A, 3 Month SOFR + 1.190% (Cap N/A, Floor 1.190%) | 4.858%(c) | 04/20/37 | 75000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75027007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class ARR, 144A, 3 Month SOFR + 1.160% (Cap N/A, Floor 1.160%) | 4.828(c) | 04/20/36 | 46000 | 46003997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A1R, 144A, 3 Month SOFR + 1.150% (Cap N/A, Floor 1.150%) | 4.818(c) | 10/20/36 | 16925 | 16933950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A1, 144A, 3 Month SOFR + 1.330% (Cap N/A, Floor 1.330%) | 4.998(c) | 01/20/38 | 20000 | 20035820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A1, 144A, 3 Month SOFR + 1.250% (Cap N/A, Floor 1.250%) | 4.981(c) | 01/20/39 | 30500 | 30549556 |
| &nbsp;&nbsp; Ballyrock CLO Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-32A, Class A1A, 144A, 3 Month SOFR + 1.210% (Cap N/A, Floor 1.210%) | 4.879(c) | 01/25/39 | 61500 | 61569796 |
| &nbsp;&nbsp; Ballyrock CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-14A, Class A1AR, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) | 5.048(c) | 07/20/37 | 11210 | 11229937 |
| &nbsp;&nbsp; Barings CLO Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03A, Class A1, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) | 4.988(c) | 03/31/38 | 49500 | 49602569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-07A, Class A1, 144A, 3 Month SOFR + 1.140% (Cap N/A, Floor 1.140%) | 4.868(c) | 01/15/38 | 70000 | 70041286 |
| &nbsp;&nbsp; Barrow Hanley CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A1, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%) | 5.288(c) | 04/20/37 | 1000 | 1001712 |
| &nbsp;&nbsp; Battalion CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-11A, Class AR2, 144A, 3 Month SOFR + 1.130% (Cap N/A, Floor 1.130%) | 4.798(c) | 04/24/34 | 30082 | 30081714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-16A, Class A1R2, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.400%) | 5.068(c) | 01/20/38 | 10000 | 10019318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-18A, Class ARR, 144A, 3 Month SOFR + 1.180% (Cap N/A, Floor 1.180%) | 4.852(c) | 10/15/36 | 18750 | 18750818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-17A, Class A1R, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) | 4.968(c) | 03/09/34 | 19000 | 19021143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-21A, Class AR, 144A, 3 Month SOFR + 1.150% (Cap N/A, Floor 1.150%) | 4.822(c) | 07/15/34 | 15000 | 14998890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-23A, Class A1R, 144A, 3 Month SOFR + 1.420% (Cap N/A, Floor 1.420%) | 5.092(c) | 10/15/37 | 16500 | 16533683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-29A, Class A1, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.400%) | 5.072(c) | 03/31/38 | 25700 | 25753209 |
| &nbsp;&nbsp; Benefit Street Partners CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-16A, Class A1R2, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) | 4.988(c) | 01/17/38 | 6500 | 6510030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-20A, Class ARR, 144A, 3 Month SOFR + 1.290% (Cap N/A, Floor 1.290%) | 4.962(c) | 07/15/37 | 10000 | 10023754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-23A, Class A1R, 144A, 3 Month SOFR + 1.100% (Cap N/A, Floor 1.100%) | 4.768(c) | 04/25/34 | 30000 | 29998488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-37A, Class A, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) | 5.018(c) | 01/25/38 | 26500 | 26546693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-38A, Class A, 144A, 3 Month SOFR + 1.310% (Cap N/A, Floor 1.310%) | 4.978(c) | 01/25/38 | 3950 | 3956514 |
| &nbsp;&nbsp; Benefit Street Partners CLO Ltd. (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-27A, Class AR, 144A, 3 Month SOFR + 1.370% (Cap N/A, Floor 1.370%) | 5.038(c) | 10/20/37 | 4870 | 4878245 |
| &nbsp;&nbsp; Birch Grove CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A1R, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.400%) | 5.068(c) | 10/19/37 | 4850 | 4859270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-07A, Class A1R, 144A, 3 Month SOFR + 1.260% (Cap N/A, Floor 1.260%) | 4.928(c) | 10/20/38 | 30000 | 30058992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-08A, Class A1, 144A, 3 Month SOFR + 1.630% (Cap N/A, Floor 1.630%) | 5.298(c) | 04/20/37 | 15500 | 15519933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-10A, Class A, 144A, 3 Month SOFR + 1.390% (Cap N/A, Floor 1.390%) | 5.059(c) | 01/22/38 | 5900 | 5910856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-11A, Class A1, 144A, 3 Month SOFR + 1.360% (Cap N/A, Floor 1.360%) | 5.029(c) | 01/22/38 | 5500 | 5508744 |
| &nbsp;&nbsp; BlueMountain CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-24A, Class AR, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 1.100%) | 5.029(c) | 04/20/34 | 42175 | 42207454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-30A, Class AR2, 144A, 3 Month SOFR + 1.150% (Cap N/A, Floor 1.150%) | 4.822(c) | 04/15/35 | 25000 | 24997263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-28A, Class A1R, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.400%) | 5.072(c) | 03/31/38 | 25230 | 25283026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-32A, Class AR, 144A, 3 Month SOFR + 1.100% (Cap N/A, Floor 1.100%) | 4.772(c) | 10/15/34 | 15850 | 15836535 |
| &nbsp;&nbsp; Broad River BSL Funding CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class AR, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%) | 5.099(c) | 07/20/34 | 16865 | 16882022 |
| &nbsp;&nbsp; Brookhaven Park CLO Ltd. (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A, 3 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) | 5.168(c) | 04/19/37 | 765 | 765818 |
| &nbsp;&nbsp; Bryant Park Funding Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-21A, Class AR, 144A, 3 Month SOFR + 1.270% (Cap N/A, Floor 1.270%) | 4.938(c) | 10/18/38 | 27880 | 27936973 |
| &nbsp;&nbsp; Canyon Capital CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-01A, Class AR, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 0.000%) | 5.004(c) | 07/15/31 | 842 | 843589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class ARR, 144A, 3 Month SOFR + 1.430% (Cap N/A, Floor 1.430%) | 5.102(c) | 07/15/37 | 5000 | 5005575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class A, 144A, 3 Month SOFR + 1.330% (Cap N/A, Floor 1.330%) | 5.001(c) | 04/15/35 | 11500 | 11508292 |
| &nbsp;&nbsp; Carlyle US CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-03A, Class A1R2, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.400%) | 5.070(c) | 10/21/37 | 50790 | 50853691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03SA, Class A1, 144A, 3 Month SOFR + 1.322% (Cap N/A, Floor 1.060%) | 4.994(c) | 04/15/34 | 16800 | 16806586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-05A, Class A1R, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) | 4.988(c) | 03/31/38 | 25000 | 25050850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-06A, Class A1R, 144A, 3 Month SOFR + 1.290% (Cap N/A, Floor 1.290%) | 4.962(c) | 01/15/38 | 15000 | 15023070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class A1R, 144A, 3 Month SOFR + 1.230% (Cap N/A, Floor 1.230%) | 4.902(c) | 10/15/38 | 75000 | 75151102 |

---

See Notes to Financial Statements.

------

PGIM AAA CLO ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Collateralized Loan Obligations (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; CarVal CLO Ltd. (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class A1R, 144A, 3 Month SOFR + 1.270% (Cap N/A, Floor 1.270%) | 4.935%(c) | 03/21/38 | 46950 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47045407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class A1R, 144A, 3 Month SOFR + 1.420% (Cap N/A, Floor 1.420%) | 5.089(c) | 10/22/37 | 47500 | 47595836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A1R, 144A, 3 Month SOFR + 1.440% (Cap N/A, Floor 1.440%) | 5.108(c) | 07/20/37 | 46500 | 46569536 |
| &nbsp;&nbsp; CarVal CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A1, 144A, 3 Month SOFR + 1.390% (Cap N/A, Floor 1.390%) | 5.058(c) | 10/20/37 | 32130 | 32187310 |
| &nbsp;&nbsp; Cathedral Lake Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-08A, Class A1R, 144A, 3 Month SOFR + 1.130% (Cap N/A, Floor 1.130%) | 4.798(c) | 01/20/35 | 20000 | 19998168 |
| &nbsp;&nbsp; CBAMR Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-11RA, Class A1R, 144A, 3 Month SOFR + 1.250% (Cap N/A, Floor 1.250%) | 4.985(c) | 03/20/38 | 20000 | 20056120 |
| &nbsp;&nbsp; CIFC Funding Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A1R, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) | 4.988(c) | 01/18/38 | 20078 | 20114803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A1R, 144A, 3 Month SOFR + 1.370% (Cap N/A, Floor 1.370%) | 5.038(c) | 10/20/37 | 17250 | 17284517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-06A, Class A1R, 144A, 3 Month SOFR + 1.450% (Cap N/A, Floor 1.450%) | 5.121(c) | 07/16/37 | 11970 | 11986498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-04A, Class A1R, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) | 4.972(c) | 01/15/40 | 34750 | 34806469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-04A, Class AR, 144A, 3 Month SOFR + 1.360% (Cap N/A, Floor 1.360%) | 5.031(c) | 07/23/37 | 45000 | 45089865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-05A, Class A1R, 144A, 3 Month SOFR + 1.260% (Cap N/A, Floor 1.260%) | 4.932(c) | 01/15/38 | 9000 | 9011601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-07A, Class AR, 144A, 3 Month SOFR + 1.090% (Cap N/A, Floor 1.090%) | 4.761(c) | 01/23/35 | 30000 | 29991666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-05A, Class A1R, 144A, 3 Month SOFR + 1.520% (Cap N/A, Floor 1.520%) | 5.191(c) | 01/16/37 | 1000 | 999694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A1, 144A, 3 Month SOFR + 1.520% (Cap N/A, Floor 1.520%) | 5.189(c) | 04/22/37 | 1000 | 1001181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03A, Class A1, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) | 5.020(c) | 07/21/38 | 62150 | 62276488 |
| &nbsp;&nbsp; CIFC Funding Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-05A, Class AR, 144A, 3 Month SOFR + 1.410% (Cap N/A, Floor 1.410%) | 5.078(c) | 07/17/37 | 7000 | 7009268 |
| &nbsp;&nbsp; Columbia Cent CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-29A, Class A1RR, 144A, 3 Month SOFR + 1.180% (Cap N/A, Floor 1.180%) | 4.848(c) | 10/20/34 | 30000 | 30001506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-33A, Class A1, 144A, 3 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) | 5.268(c) | 04/20/37 | 20010 | 20057208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-33A, Class AJ, 144A, 3 Month SOFR + 1.830% (Cap N/A, Floor 1.830%) | 5.498(c) | 04/20/37 | 3000 | 3007283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-34A, Class A1, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.400%) | 5.068(c) | 01/25/38 | 10000 | 10019625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-35A, Class A1, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.400%) | 5.068(c) | 07/25/36 | 35000 | 35036610 |
| &nbsp;&nbsp; CQS US CLO Ltd. (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class A1, 144A, 3 Month SOFR + 1.890% (Cap N/A, Floor 1.890%) | 5.558(c) | 01/25/37 | 2500 | 2500991 |
| &nbsp;&nbsp; CQS US CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class AR, 144A, 3 Month SOFR + 1.200% (Cap N/A, Floor 1.200%) | 4.868(c) | 01/20/35 | 32600 | 32590034 |
| &nbsp;&nbsp; Crown City CLO (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A1AR, 144A, 3 Month SOFR + 1.340% (Cap N/A, Floor 1.340%) | 5.010(c) | 04/20/35 | 1500 | 1500432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A1A, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%) | 5.099(c) | 07/20/34 | 6000 | 6006155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-04A, Class A1R, 144A, 3 Month SOFR + 1.610% (Cap N/A, Floor 1.610%) | 5.278(c) | 04/20/37 | 1500 | 1503660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-06A, Class A1, 144A, 3 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) | 5.172(c) | 07/15/37 | 5500 | 5506573 |
| &nbsp;&nbsp; Danby Park CLO Ltd. (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class AR, 144A, 3 Month SOFR + 1.360% (Cap N/A, Floor 1.360%) | 5.030(c) | 10/21/37 | 22210 | 22253509 |
| &nbsp;&nbsp; Diameter Capital CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-07A, Class A1A, 144A, 3 Month SOFR + 1.480% (Cap N/A, Floor 1.480%) | 5.148(c) | 07/20/37 | 7000 | 7012269 |
| &nbsp;&nbsp; Elevation CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-05A, Class A1RR, 144A, 3 Month SOFR + 1.370% (Cap N/A, Floor 1.370%) | 5.038(c) | 01/25/38 | 1000 | 1001802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-11A, Class A1R, 144A, 3 Month SOFR + 1.470% (Cap N/A, Floor 1.470%) | 5.142(c) | 10/15/37 | 4000 | 4006532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-12A, Class A1R, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%) | 5.288(c) | 04/20/37 | 900 | 902228 |
| &nbsp;&nbsp; Elmwood CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A1R3, 144A, 3 Month SOFR + 1.120% (Cap N/A, Floor 1.120%) | 4.780(c) | 04/20/37 | 25000 | 25008025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1RR, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) | 5.018(c) | 10/20/37 | 45000 | 45085860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-03A, Class A1RR, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) | 5.048(c) | 07/18/37 | 27800 | 27835520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class ARR, 144A, 3 Month SOFR + 1.370% (Cap N/A, Floor 1.370%) | 5.038(c) | 10/20/37 | 24600 | 24649298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class AR, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | 5.218(c) | 04/20/37 | 11000 | 11025170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-05A, Class AR, 144A, 3 Month SOFR + 1.360% (Cap N/A, Floor 1.360%) | 5.032(c) | 10/15/37 | 10325 | 10345185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class AR, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) | 5.021(c) | 04/16/36 | 3000 | 3005772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class AR, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) | 4.988(c) | 01/17/38 | 38600 | 38669789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-04A, Class A, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) | 5.018(c) | 07/17/38 | 65000 | 65131618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05A, Class A, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) | 5.018(c) | 03/31/38 | 20000 | 20040242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-08A, Class A1, 144A, 3 Month SOFR + 1.250% (Cap N/A, Floor 1.250%) | 5.139(c) | 10/17/38 | 31500 | 31547682 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 5

------

PGIM AAA CLO ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Collateralized Loan Obligations (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Elmwood CLO Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-03A, Class ARR, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) | 5.048%(c) | 07/18/37 | 1000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001254 |
| &nbsp;&nbsp; Empower CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class A1R, 144A, 3 Month SOFR + 1.390% (Cap N/A, Floor 1.390%) | 5.058(c) | 10/20/37 | 51000 | 51094126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class AR, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) | 4.992(c) | 10/15/38 | 52500 | 52654077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A, 3 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) | 5.268(c) | 04/25/37 | 16250 | 16264625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A, 3 Month SOFR + 1.310% (Cap N/A, Floor 1.310%) | 4.978(c) | 07/20/38 | 55200 | 55352037 |
| &nbsp;&nbsp; Empower CLO Ltd. (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class AR, 144A, 3 Month SOFR + 1.240% (Cap N/A, Floor 1.240%) | 4.905(c) | 01/20/39 | 44250 | 44320008 |
| &nbsp;&nbsp; Galaxy CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-25A, Class A1RR, 144A, 3 Month SOFR + 1.110% (Cap N/A, Floor 1.110%) | 4.778(c) | 04/25/36 | 40400 | 40388151 |
| &nbsp;&nbsp; Gallatin CLO Ltd. (Bermuda), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class AR, 144A, 3 Month SOFR + 1.280% (Cap N/A, Floor 1.280%) | 6.012(c) | 10/14/36 | 25000 | 25049520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A, 3 Month SOFR + 1.480% (Cap N/A, Floor 1.480%) | 5.148(c) | 10/20/37 | 7000 | 7013050 |
| &nbsp;&nbsp; Garnet CLO Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03A, Class A1, 144A, 3 Month SOFR + 1.270% (Cap N/A, Floor 1.270%) | 5.053(c) | 10/20/38 | 65000 | 65211893 |
| &nbsp;&nbsp; Golub Capital Partners CLO, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-70A, Class A1R, 144A, 3 Month SOFR + 1.120% (Cap N/A, Floor 1.120%) | 4.788(c) | 10/25/37 | 53000 | 53013563 |
| &nbsp;&nbsp; Golub Capital Partners CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-19RA, Class A1R3, 144A, 3 Month SOFR + 1.150% (Cap N/A, Floor 1.150%) | 5.037(c) | 10/20/36 | 75000 | 75033712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-19RA, Class A2R3, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.400%) | 5.287(c) | 10/20/36 | 1000 | 1000094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-43A, Class A1R, 144A, 3 Month SOFR + 1.340% (Cap N/A, Floor 1.340%) | 5.008(c) | 10/20/37 | 12800 | 12823916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-62A, Class AR, 144A, 3 Month SOFR + 1.370% (Cap N/A, Floor 1.370%) | 5.042(c) | 10/15/37 | 34981 | 35046974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-66A, Class AR, 144A, 3 Month SOFR + 1.450% (Cap N/A, Floor 1.450%) | 5.118(c) | 07/25/38 | 1210 | 1213401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-76A, Class A1, 144A, 3 Month SOFR + 1.370% (Cap N/A, Floor 1.370%) | 5.038(c) | 10/25/37 | 11950 | 11972012 |
| &nbsp;&nbsp; Greenacre Park CLO LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class AR, 144A, 3 Month SOFR + 1.370% (Cap N/A, Floor 1.370%) | 5.038(c) | 07/20/37 | 14800 | 14828992 |
| &nbsp;&nbsp; Greywolf CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A1, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.442%) | 5.109(c) | 10/20/31 | 2 | 1964 |
| &nbsp;&nbsp; Harmony-Peace Park CLO Ltd. (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) | 5.018(c) | 10/20/37 | 15000 | 15027825 |
| &nbsp;&nbsp; Harriman Park CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class ARR, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) | 4.968(c) | 07/20/38 | 29000 | 29107051 |
| &nbsp;&nbsp; Harvest US CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03A, Class A1, 144A, 3 Month SOFR + 1.260% (Cap N/A, Floor 1.260%) | 4.933(c) | 01/15/38 | 29000 | 29093673 |
| &nbsp;&nbsp; Hayfin US Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-15A, Class A1, 144A, 3 Month SOFR + 1.640% (Cap N/A, Floor 1.640%) | 5.311(c) | 04/28/37 | 3150 | 3154287 |
| &nbsp;&nbsp; HPS Loan Management Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10A-16, Class A1R3, 144A, 3 Month SOFR + 1.120% (Cap N/A, Floor 1.120%) | 4.788(c) | 04/20/34 | 10000 | 10000392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-15A, Class A1R2, 144A, 3 Month SOFR + 1.240% (Cap N/A, Floor 1.240%) | 4.909(c) | 10/22/38 | 5000 | 5010853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-16A, Class A1R, 144A, 3 Month SOFR + 1.110% (Cap N/A, Floor 1.110%) | 4.781(c) | 01/23/35 | 48000 | 48000000 |
| &nbsp;&nbsp; HPS Loan Management Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-26A, Class A1, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) | 4.988(c) | 07/20/38 | 26500 | 26554039 |
| &nbsp;&nbsp; ICG US CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class ARR, 144A, 3 Month SOFR + 1.100% (Cap N/A, Floor 1.100%) | 4.768(c) | 01/20/35 | 30000 | 29996661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A1R, 144A, 3 Month SOFR + 1.270% (Cap N/A, Floor 1.270%) | 4.938(c) | 04/17/34 | 2624 | 2626595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R1A, Class A, 144A, 3 Month SOFR + 1.420% (Cap N/A, Floor 1.420%) | 5.088(c) | 01/25/38 | 7500 | 7516140 |
| &nbsp;&nbsp; Jamestown CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-09A, Class A1R3, 144A, 3 Month SOFR + 1.180% (Cap N/A, Floor 1.180%) | 4.848(c) | 07/25/34 | 42000 | 41984418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-14A, Class A1RR, 144A, 3 Month SOFR + 1.040% (Cap N/A, Floor 1.040%) | 4.708(c) | 10/20/34 | 15250 | 15261521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-15A, Class A1R, 144A, 3 Month SOFR + 1.370% (Cap N/A, Floor 1.370%) | 5.042(c) | 07/15/35 | 8000 | 8007339 |
| &nbsp;&nbsp; Jefferson Mill CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-01A, Class ARR, 144A, 3 Month SOFR + 1.230% (Cap N/A, Floor 0.000%) | 4.898(c) | 10/20/31 | 1151 | 1151027 |
| &nbsp;&nbsp; Juniper Valley Park CLO Ltd. (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class ARR, 144A, 3 Month SOFR + 1.080% (Cap N/A, Floor 1.080%) | 4.748(c) | 07/20/36 | 5000 | 4996525 |
| &nbsp;&nbsp; Kennedy Lewis CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 03A, Class A1R3, 144A, 3 Month SOFR + 1.190% (Cap N/A, Floor 1.190%) | 4.858(c) | 10/20/36 | 30000 | 30012495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class ARR, 144A, 3 Month SOFR + 1.430% (Cap N/A, Floor 1.430%) | 5.098(c) | 07/20/37 | 8000 | 8009091 |

---

See Notes to Financial Statements.

------

PGIM AAA CLO ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Collateralized Loan Obligations (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Kennedy Lewis CLO Ltd. (Cayman Islands), (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 07A, Class A1R, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%) | 5.289%(c) | 04/22/37 | 2685 | $2689575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 07A, Class A2R, 144A, 3 Month SOFR + 2.000% (Cap N/A, Floor 2.000%) | 5.669(c) | 04/22/37 | 1500 | 1503703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-11A, Class A1R, 144A, 3 Month SOFR + 1.410% (Cap N/A, Floor 1.410%) | 5.078(c) | 10/20/37 | 15175 | 15207547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-15A, Class A, 144A, 3 Month SOFR + 1.570% (Cap N/A, Floor 1.570%) | 5.238(c) | 07/20/37 | 3000 | 3006869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-19A, Class A, 144A, 3 Month SOFR + 1.250% (Cap N/A, Floor 1.250%) | 4.919(c) | 04/22/36 | 44650 | 44684693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-21A, Class A, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) | 5.018(c) | 07/25/38 | 5000 | 5008915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-23A, Class A, 144A, 3 Month SOFR + 1.240% (Cap N/A, Floor 1.240%) | 5.160(c) | 10/20/38 | 45500 | 45586263 |
| &nbsp;&nbsp; Kings Park CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A1R, 144A, 3 Month SOFR + 1.200% (Cap N/A, Floor 1.200%) | 4.870(c) | 01/21/39 | 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25018900 |
| &nbsp;&nbsp; KKR CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 17, Class AR, 144A, 3 Month SOFR + 1.342% (Cap N/A, Floor 1.080%) | 5.014(c) | 04/15/34 | 2700 | 2701062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-41A, Class A1, 144A, 3 Month SOFR + 1.330% (Cap N/A, Floor 1.330%) | 5.002(c) | 04/15/35 | 30000 | 30021207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-52A, Class A1R, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) | 4.991(c) | 07/16/38 | 30000 | 30084162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-47A, Class A, 144A, 3 Month SOFR + 1.370% (Cap N/A, Floor 1.370%) | 5.042(c) | 01/15/38 | 4550 | 4557244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-54A, Class A, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) | 4.992(c) | 01/15/38 | 34500 | 34558029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 40A, Class AR, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) | 4.968(c) | 10/20/34 | 50000 | 50057875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 49A, Class AR, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) | 5.048(c) | 10/20/37 | 7500 | 7514828 |
| &nbsp;&nbsp; LCM Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 31A, Class AR, 144A, 3 Month SOFR + 1.280% (Cap N/A, Floor 1.280%) | 4.948(c) | 07/20/34 | 7350 | 7358104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 32A, Class A1, 144A, 3 Month SOFR + 1.372% (Cap N/A, Floor 1.110%) | 5.039(c) | 07/20/34 | 2100 | 2101083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 34A, Class A1R, 144A, 3 Month SOFR + 1.180% (Cap N/A, Floor 1.180%) | 4.848(c) | 10/20/34 | 11000 | 11001290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 36A, Class A1R, 144A, 3 Month SOFR + 1.070% (Cap N/A, Floor 1.070%) | 4.742(c) | 01/15/34 | 5000 | 4997210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 40A, Class A1R, 144A, 3 Month SOFR + 1.370% (Cap N/A, Floor 1.370%) | 5.042(c) | 01/15/38 | 46000 | 46073094 |
| &nbsp;&nbsp; LCM Ltd. (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 39A, Class A1R, 144A, 3 Month SOFR + 1.340% (Cap N/A, Floor 1.340%) | 5.012(c) | 10/15/34 | 13200 | 13200000 |
| &nbsp;&nbsp; Madison Park Funding Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-30A, Class A1R, 144A, 3 Month SOFR + 1.360% (Cap N/A, Floor 1.360%) | 5.031(c) | 07/16/37 | 16400 | 16429832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-33A, Class AR, 144A, 3 Month SOFR + 1.290% (Cap N/A, Floor 1.290%) | 4.962(c) | 10/15/32 | 3124 | 3129397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-34A, Class A1RR, 144A, 3 Month SOFR + 1.370% (Cap N/A, Floor 1.370%) | 5.041(c) | 10/16/37 | 74641 | 74779086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-45A, Class ARR, 144A, 3 Month SOFR + 1.080% (Cap N/A, Floor 1.080%) | 4.752(c) | 07/15/34 | 11670 | 11664272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-48A, Class AR, 144A, 3 Month SOFR + 1.220% (Cap N/A, Floor 1.220%) | 4.895(c) | 01/19/39 | 50000 | 50050050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-59A, Class A1R, 144A, 3 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) | 5.168(c) | 04/18/37 | 1500 | 1501753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-57A, Class A1R, 144A, 3 Month SOFR + 1.280% (Cap N/A, Floor 1.280%) | 4.950(c) | 07/27/34 | 45850 | 45869890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-60A, Class A1R, 144A, 3 Month SOFR + 1.370% (Cap N/A, Floor 1.370%) | 5.038(c) | 10/25/37 | 55650 | 55756403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-67A, Class A1, 144A, 3 Month SOFR + 1.510% (Cap N/A, Floor 1.510%) | 5.178(c) | 04/25/37 | 9000 | 9010233 |
| &nbsp;&nbsp; Madison Park Funding Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-40RA, Class A, 144A, 3 Month SOFR + 1.290% (Cap N/A, Floor 1.290%) | 5.123(c) | 10/16/38 | 54060 | 54243912 |
| &nbsp;&nbsp; Magnetite Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-17A, Class AR2, 144A, 3 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) | 5.168(c) | 04/20/37 | 1300 | 1301344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-32A, Class AR, 144A, 3 Month SOFR + 1.150% (Cap N/A, Floor 1.150%) | 4.822(c) | 10/15/37 | 35300 | 35324717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-42A, Class A1, 144A, 3 Month SOFR + 1.310% (Cap N/A, Floor 1.310%) | 4.978(c) | 01/25/38 | 51322 | 51413148 |
| &nbsp;&nbsp; Marathon CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-15A, Class A1B, 144A, 3 Month SOFR + 1.450% (Cap N/A, Floor 1.450%) | 5.103(c) | 08/15/37 | 10000 | 10016281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-16A, Class A1AR, 144A, 3 Month SOFR + 1.110% (Cap N/A, Floor 1.110%) | 4.782(c) | 04/15/34 | 22550 | 22547377 |
| &nbsp;&nbsp; Marble Point CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A1R2, 144A, 3 Month SOFR + 1.210% (Cap N/A, Floor 1.210%) | 4.882(c) | 03/15/38 | 3500 | 3501425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03A, Class A1R, 144A, 3 Month SOFR + 1.050% (Cap N/A, Floor 1.050%) | 4.718(c) | 10/17/34 | 19500 | 19488384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class A1RR, 144A, 3 Month SOFR + 1.190% (Cap N/A, Floor 1.190%) | 4.858(c) | 10/20/36 | 15000 | 15000068 |
| &nbsp;&nbsp; Menlo CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A, 3 Month SOFR + 1.420% (Cap N/A, Floor 1.420%) | 5.088(c) | 01/20/38 | 44700 | 44811750 |
| &nbsp;&nbsp; Menlo CLO Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03A, Class A, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) | 5.194(c) | 10/16/38 | 42000 | 42111111 |
| &nbsp;&nbsp; MidOcean Credit CLO LLC (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-18A, Class A1, 144A, 3 Month SOFR + 1.170% (Cap N/A, Floor 1.170%) | 4.840(c) | 10/18/35 | 3000 | 3000126 |
| &nbsp;&nbsp; Mountain View CLO LLC (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-01A, Class AR2, 144A, 3 Month SOFR + 1.260% (Cap N/A, Floor 1.260%) | 4.927(c) | 04/14/33 | 7151 | 7164178 |
| &nbsp;&nbsp; MP CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-02A, Class ARR, 144A, 3 Month SOFR + 1.462% (Cap N/A, Floor 1.200%) | 5.133(c) | 04/28/34 | 7135 | 7144185 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 7

------

PGIM AAA CLO ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Collateralized Loan Obligations (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Neuberger Berman CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-21A, Class A1R3, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) | 4.988%(c) | 01/20/39 | 28000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28050652 |
| &nbsp;&nbsp; Neuberger Berman Loan Advisers CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-24A, Class AR2, 144A, 3 Month SOFR + 1.360% (Cap N/A, Floor 1.360%) | 5.030(c) | 10/19/38 | 26125 | 26176388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-31A, Class AR2, 144A, 3 Month SOFR + 1.230% (Cap N/A, Floor 1.230%) | 4.898(c) | 01/20/39 | 20550 | 20564385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-33A, Class AR2, 144A, 3 Month SOFR + 1.220% (Cap N/A, Floor 1.220%) | 4.891(c) | 04/16/39 | 48400 | 48431315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-36RA, Class A, 144A, 3 Month SOFR + 1.270% (Cap N/A, Floor 1.270%) | 4.938(c) | 07/20/39 | 12000 | 12041039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-48A, Class A1R, 144A, 3 Month SOFR + 1.090% (Cap N/A, Floor 1.090%) | 4.758(c) | 04/25/36 | 5000 | 4999069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-51A, Class AR, 144A, 3 Month SOFR + 1.280% (Cap N/A, Floor 1.280%) | 4.951(c) | 10/23/36 | 49790 | 49818360 |
| &nbsp;&nbsp; New Mountain CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series CLO-03A, Class A1R, 144A, 3 Month SOFR + 1.330% (Cap N/A, Floor 1.330%) | 4.998(c) | 10/20/38 | 44850 | 44987003 |
| &nbsp;&nbsp; Northwoods Capital Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-11BA, Class A1R, 144A, 3 Month SOFR + 1.450% (Cap N/A, Floor 1.450%) | 5.118(c) | 07/19/37 | 3900 | 3906086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-12BA, Class AR, 144A, 3 Month SOFR + 1.190% (Cap N/A, Floor 1.190%) | 4.913(c) | 06/15/31 | 6150 | 6152483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-14BA, Class AR, 144A, 3 Month SOFR + 1.250% (Cap N/A, Floor 1.250%) | 4.883(c) | 11/13/31 | 9975 | 9975761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-22A, Class A1R3, 144A | — (p) | 03/16/38 | 50000 | 49999750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-22A, Class A2RR, 144A, 3 Month SOFR + 2.000% (Cap N/A, Floor 2.000%) | 5.706(c) | 09/16/31 | 1500 | 1500000 |
| &nbsp;&nbsp; Oak Hill Credit Partners Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-10RA, Class AR2, 144A, 3 Month SOFR + 1.130% (Cap N/A, Floor 1.130%) | 4.798(c) | 04/20/38 | 5670 | 5664330 |
| &nbsp;&nbsp; Oaktree CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class A1R, 144A, 3 Month SOFR + 1.370% (Cap N/A, Floor 1.370%) | 5.042(c) | 07/15/38 | 19000 | 19035013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-03A, Class A1R, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) | 5.052(c) | 10/15/37 | 14000 | 14023146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A1R, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) | 5.018(c) | 07/20/38 | 21500 | 21534955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-25A, Class A, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | 5.218(c) | 04/20/37 | 1810 | 1813866 |
| &nbsp;&nbsp; Ocean Trails CLO, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-10A, Class AR2, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) | 4.972(c) | 10/15/34 | 4530 | 4534961 |
| &nbsp;&nbsp; Ocean Trails CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-16A, Class A1, 144A, 3 Month SOFR + 1.410% (Cap N/A, Floor 1.410%) | 5.078(c) | 01/20/38 | 10000 | 10020068 |
| &nbsp;&nbsp; Ocean Trails CLO Ltd. (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-12A, Class A1R, 144A, 3 Month SOFR + 1.330% (Cap N/A, Floor 1.330%) | 4.998(c) | 07/20/35 | 10760 | 10767424 |
| &nbsp;&nbsp; OCP CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-09A, Class AR3, 144A, 3 Month SOFR + 1.100% (Cap N/A, Floor 1.100%) | 4.772(c) | 01/15/37 | 28250 | 28227666 |
| &nbsp;&nbsp; Octagon Alto Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A1R, 144A, 3 Month SOFR + 1.140% (Cap N/A, Floor 1.140%) | 4.808(c) | 10/20/36 | 40000 | 40025008 |
| &nbsp;&nbsp; Octagon Investment Partners Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-01A, Class A1R2, 144A, 3 Month SOFR + 1.420% (Cap N/A, Floor 1.420%) | 5.088(c) | 07/18/37 | 11750 | 11766485 |
| &nbsp;&nbsp; Octagon Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A1R, 144A, 3 Month SOFR + 1.260% (Cap N/A, Floor 1.260%) | 4.928(c) | 03/20/38 | 26850 | 26941070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class A1R, 144A, 3 Month SOFR + 1.260% (Cap N/A, Floor 1.260%) | 4.930(c) | 07/21/35 | 45000 | 45099036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A1R, 144A, 3 Month SOFR + 1.230% (Cap N/A, Floor 1.230%) | 4.898(c) | 10/20/38 | 10000 | 10028550 |
| &nbsp;&nbsp; OFSI BSL CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-14A, Class A, 144A, 3 Month SOFR + 1.460% (Cap N/A, Floor 1.460%) | 5.128(c) | 07/20/37 | 14900 | 14922769 |
| &nbsp;&nbsp; OFSI BSL Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-12A, Class A1R, 144A, 3 Month SOFR + 1.340% (Cap N/A, Floor 1.340%) | 5.008(c) | 01/20/38 | 35000 | 35059500 |
| &nbsp;&nbsp; OHA Credit Funding Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-03A, Class AR2, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) | 4.988(c) | 01/20/38 | 50070 | 50163631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-05A, Class AR, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) | 5.018(c) | 10/18/37 | 49100 | 49190393 |
| &nbsp;&nbsp; OHA Credit Partners (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-16A, Class AR, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) | 5.018(c) | 10/18/37 | 26500 | 26549157 |
| &nbsp;&nbsp; OHA Credit Partners Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-17A, Class A, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) | 4.988(c) | 01/18/38 | 29000 | 29052490 |
| &nbsp;&nbsp; Palmer Square CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-03A, Class A1R, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) | 5.018(c) | 07/20/37 | 21775 | 21831236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A1, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.400%) | 5.068(c) | 07/20/37 | 2175 | 2177553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) | 5.018(c) | 07/20/37 | 5500 | 5513769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A1, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) | 5.018(c) | 07/20/38 | 1500 | 1503047 |
| &nbsp;&nbsp; Park Avenue Institutional Advisers CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-01A, Class A1R2, 144A, 3 Month SOFR + 1.070% (Cap N/A, Floor 1.070%) | 4.723(c) | 02/14/34 | 25000 | 25016613 |

---

See Notes to Financial Statements.

------

PGIM AAA CLO ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Collateralized Loan Obligations (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Park Avenue Institutional Advisers CLO Ltd. (Cayman Islands), (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1RR, 144A, 3 Month SOFR + 1.050% (Cap N/A, Floor 1.050%) | 4.713%(c) | 10/15/34 | 10000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10001000 |
| &nbsp;&nbsp; Park Blue CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05A, Class A1, 144A, 3 Month SOFR + 1.480% (Cap N/A, Floor 1.480%) | 5.148(c) | 07/25/37 | 32210 | 32267897 |
| &nbsp;&nbsp; Park Blue CLO Ltd. (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-04A, Class A1R, 144A, 3 Month SOFR + 1.250% (Cap N/A, Floor 1.250%) | 4.912(c) | 01/25/39 | 65000 | 65106938 |
| &nbsp;&nbsp; Peace Park CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class AR, 144A, 3 Month SOFR + 1.250% (Cap N/A, Floor 1.250%) | 4.918(c) | 10/20/38 | 2250 | 2257318 |
| &nbsp;&nbsp; Pikes Peak CLO (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class ARR, 144A, 3 Month SOFR + 1.220% (Cap N/A, Floor 1.220%) | 4.888(c) | 10/11/34 | 2400 | 2401824 |
| &nbsp;&nbsp; Pikes Peak CLO Ltd. (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-15A, Class AR, 144A, 3 Month SOFR + 1.220% (Cap N/A, Floor 1.220%) | 4.888(c) | 10/20/38 | 19300 | 19326570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-16A, Class A1, 144A, 3 Month SOFR + 1.460% (Cap N/A, Floor 1.460%) | 5.128(c) | 07/25/37 | 2725 | 2729470 |
| &nbsp;&nbsp; Polen Capital CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A1, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) | 4.988(c) | 03/06/38 | 25000 | 25043775 |
| &nbsp;&nbsp; Rad CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-09A, Class A1R, 144A, 3 Month SOFR + 1.340% (Cap N/A, Floor 1.340%) | 5.012(c) | 01/15/38 | 2000 | 2003686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-14A, Class A, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%) | 5.104(c) | 01/15/35 | 1500 | 1501606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-16A, Class A1R, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | 5.222(c) | 07/15/37 | 14540 | 14571146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-19A, Class A1R, 144A, 3 Month SOFR + 1.450% (Cap N/A, Floor 1.450%) | 5.118(c) | 03/20/38 | 30000 | 30090459 |
| &nbsp;&nbsp; Rad CLO Ltd. (Bermuda), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-25A, Class A1, 144A, 3 Month SOFR + 1.460% (Cap N/A, Floor 1.460%) | 5.128(c) | 07/20/37 | 19000 | 19031006 |
| &nbsp;&nbsp; Reese Park CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class ARR, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) | 4.992(c) | 01/15/38 | 39300 | 39371801 |
| &nbsp;&nbsp; Regatta Funding Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-01A, Class A1R3, 144A, 3 Month SOFR + 1.070% (Cap N/A, Floor 1.070%) | 4.765(c) | 06/20/34 | 27000 | 26990293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-01A, Class A1R, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | 5.218(c) | 04/17/37 | 2000 | 2004484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class ARR, 144A, 3 Month SOFR + 1.390% (Cap N/A, Floor 1.390%) | 5.062(c) | 10/15/37 | 21000 | 21024570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class A1R2, 144A, 3 Month SOFR + 1.260% (Cap N/A, Floor 1.260%) | 4.933(c) | 01/15/39 | 25000 | 25085632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A1R, 144A, 3 Month SOFR + 1.340% (Cap N/A, Floor 1.340%) | 5.012(c) | 07/15/38 | 25000 | 25056160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A1, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | 5.218(c) | 04/25/37 | 40000 | 40091468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-04A, Class A1, 144A, 3 Month SOFR + 1.340% (Cap N/A, Floor 1.340%) | 5.008(c) | 07/25/38 | 45000 | 45101947 |
| &nbsp;&nbsp; Regatta Funding Ltd. (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | 5.198(c) | 04/26/37 | 26000 | 26054213 |
| &nbsp;&nbsp; Rockford Tower CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-03A, Class A, 144A, 3 Month SOFR + 1.452% (Cap N/A, Floor 0.000%) | 5.119(c) | 10/20/30 | —(r) | 311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A, 144A, 3 Month SOFR + 1.422% (Cap N/A, Floor 1.160%) | 5.089(c) | 10/20/31 | 95 | 94719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class AR2, 144A, 3 Month SOFR + 1.100% (Cap N/A, Floor 1.100%) | 4.768(c) | 04/20/34 | 25000 | 24998463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A1RR, 144A, 3 Month SOFR + 1.090% (Cap N/A, Floor 1.090%) | 4.758(c) | 01/20/36 | 10000 | 9991831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A1, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%) | 5.099(c) | 07/20/34 | 2450 | 2452674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03A, Class A1R, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.400%) | 5.072(c) | 01/15/38 | 18000 | 18036274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-03A, Class AR, 144A, 3 Month SOFR + 1.440% (Cap N/A, Floor 1.440%) | 5.108(c) | 07/20/37 | 14750 | 14767199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A1R, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) | 4.972(c) | 03/15/38 | 25000 | 25067232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A1, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.400%) | 5.068(c) | 03/31/38 | 30000 | 30068571 |
| &nbsp;&nbsp; Rockland Park CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A1R, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) | 4.968(c) | 07/20/38 | 44100 | 44270230 |
| &nbsp;&nbsp; Romark CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A1R, 144A, 3 Month SOFR + 1.140% (Cap N/A, Floor 1.140%) | 4.808(c) | 07/25/31 | 396 | 396200 |
| &nbsp;&nbsp; Romark WM-R Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A1, 144A, 3 Month SOFR + 1.292% (Cap N/A, Floor 0.000%) | 4.959(c) | 04/20/31 | 55 | 54856 |
| &nbsp;&nbsp; RR Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-26A, Class A1R, 144A, 3 Month SOFR + 1.120% (Cap N/A, Floor 1.120%) | 4.792(c) | 04/15/38 | 69000 | 69027379 |
| &nbsp;&nbsp; RR Ltd. (Bermuda), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-27A, Class A1AR, 144A, 3 Month SOFR + 1.230% (Cap N/A, Floor 1.230%) | 4.902(c) | 10/15/40 | 60000 | 60121140 |
| &nbsp;&nbsp; Sculptor CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 28A, Class AR, 144A, 3 Month SOFR + 1.060% (Cap N/A, Floor 1.060%) | 4.728(c) | 01/20/35 | 11000 | 10992860 |
| &nbsp;&nbsp; Signal Peak CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A1R, 144A, 3 Month SOFR + 1.420% (Cap N/A, Floor 1.420%) | 5.088(c) | 10/20/37 | 5000 | 5010102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-08A, Class A1R, 144A, 3 Month SOFR + 1.390% (Cap N/A, Floor 1.390%) | 5.058(c) | 10/20/37 | 25000 | 25045717 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 9

------

PGIM AAA CLO ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Collateralized Loan Obligations (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Signal Peak CLO Ltd. (Cayman Islands), (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-09A, Class A1R, 144A, 3 Month SOFR + 1.360% (Cap N/A, Floor 1.360%) | 5.030%(c) | 01/21/38 | 10000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10013990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-14A, Class A, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) | 4.969(c) | 01/22/38 | 58000 | 58080794 |
| &nbsp;&nbsp; Signal Peak CLO Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-05A, Class A1R, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | 5.218(c) | 04/25/37 | 11947 | 11970447 |
| &nbsp;&nbsp; Silver Rock CLO (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class A1R, 144A, 3 Month SOFR + 1.250% (Cap N/A, Floor 1.250%) | 4.922(c) | 01/20/38 | 35250 | 35264452 |
| &nbsp;&nbsp; Silver Rock CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A1RR, 144A, 3 Month SOFR + 1.420% (Cap N/A, Floor 1.420%) | 5.088(c) | 10/20/37 | 6000 | 6014815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class AR, 144A, 3 Month SOFR + 1.040% (Cap N/A, Floor 1.040%) | 4.708(c) | 01/20/35 | 3500 | 3498093 |
| &nbsp;&nbsp; Sixth Street CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-08A, Class A1R2, 144A, 3 Month SOFR + 1.150% (Cap N/A, Floor 1.150%) | 4.818(c) | 10/20/34 | 16800 | 16792027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-09A, Class AR, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) | 5.050(c) | 07/21/37 | 17500 | 17530989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-12A, Class A1R2, 144A, 3 Month SOFR + 1.200% (Cap N/A, Floor 1.200%) | 4.868(c) | 01/17/39 | 3000 | 3002148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-17A, Class A2R, 144A, 3 Month SOFR + 1.450% (Cap N/A, Floor 1.450%) | 5.118(c) | 04/17/38 | 1000 | 1000958 |
| &nbsp;&nbsp; Sixth Street CLO Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-15A, Class AR, 144A, 3 Month SOFR + 1.370% (Cap N/A, Floor 1.370%) | 5.038(c) | 10/24/37 | 5790 | 5800822 |
| &nbsp;&nbsp; Sound Point CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03A, Class A1AR, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) | 4.968(c) | 10/26/31 | 2151 | 2152558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class ARR, 144A, 3 Month SOFR + 1.030% (Cap N/A, Floor 1.030%) | 4.698(c) | 01/20/32 | 3287 | 3286797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class AR, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%) | 5.104(c) | 07/15/34 | 2250 | 2252309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class AR, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.432%) | 5.099(c) | 07/20/34 | 4100 | 4104204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-03A, Class A1R, 144A, 3 Month SOFR + 1.280% (Cap N/A, Floor 1.280%) | 4.948(c) | 01/25/32 | 4181 | 4187926 |
| &nbsp;&nbsp; Symphony CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-19A, Class A, 144A, 3 Month SOFR + 1.222% (Cap N/A, Floor 0.960%) | 4.893(c) | 04/16/31 | 981 | 981326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-28A, Class AR, 144A, 3 Month SOFR + 1.150% (Cap N/A, Floor 1.150%) | 4.950(c) | 01/23/36 | 75000 | 75052477 |
| &nbsp;&nbsp; Symphony CLO Ltd. (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-37A, Class AR2, 144A, 3 Month SOFR + 1.130% (Cap N/A, Floor 1.130%) | 4.795(c) | 01/20/37 | 30000 | 30014832 |
| &nbsp;&nbsp; TCW CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-01A, Class A1R4, 144A, 3 Month SOFR + 1.280% (Cap N/A, Floor 1.280%) | 4.948(c) | 03/24/38 | 24830 | 24915793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1R2, 144A, 3 Month SOFR + 1.270% (Cap N/A, Floor 1.270%) | 4.938(c) | 01/20/38 | 17200 | 17255816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A1R1, 144A, 3 Month SOFR + 1.360% (Cap N/A, Floor 1.360%) | 5.028(c) | 01/20/38 | 10000 | 10015330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A1R, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) | 5.048(c) | 03/31/38 | 28000 | 28057123 |
| &nbsp;&nbsp; Texas Debt Capital CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A1R, 144A, 3 Month SOFR + 1.370% (Cap N/A, Floor 1.370%) | 5.040(c) | 10/21/37 | 30000 | 30062370 |
| &nbsp;&nbsp; Tikehau US CLO Ltd. (Bermuda), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class A1R, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) | 5.048(c) | 01/20/38 | 25000 | 25046595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class A1R, 144A, 3 Month SOFR + 1.870% (Cap N/A, Floor 1.870%) | 5.538(c) | 01/20/36 | 1500 | 1500421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A1R, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.400%) | 5.072(c) | 03/15/38 | 30000 | 30068286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A1, 144A, 3 Month SOFR + 1.950% (Cap N/A, Floor 1.950%) | 5.622(c) | 01/15/36 | 1750 | 1751324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A, 3 Month SOFR + 1.450% (Cap N/A, Floor 1.450%) | 5.118(c) | 07/18/37 | 3000 | 3004707 |
| &nbsp;&nbsp; Tikehau US CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A1, 144A, 3 Month SOFR + 1.482% (Cap N/A, Floor 1.220%) | 5.149(c) | 01/18/35 | 3500 | 3504406 |
| &nbsp;&nbsp; Trimaran CAVU Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A1R, 144A, 3 Month SOFR + 1.190% (Cap N/A, Floor 1.190%) | 4.858(c) | 01/20/37 | 19000 | 18990397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class AR, 144A, 3 Month SOFR + 1.420% (Cap N/A, Floor 1.420%) | 5.091(c) | 07/23/37 | 6500 | 6509861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class AR, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.400%) | 5.069(c) | 10/22/37 | 5000 | 5009391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) | 5.048(c) | 01/25/38 | 14700 | 14726069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A, 144A, 3 Month SOFR + 1.360% (Cap N/A, Floor 1.360%) | 5.030(c) | 03/18/38 | 16500 | 16527680 |
| &nbsp;&nbsp; Trinitas CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-14A, Class A1R2, 144A, 3 Month SOFR + 1.100% (Cap N/A, Floor 1.100%) | 4.768(c) | 01/25/34 | 30000 | 30033579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-16A, Class A1R, 144A, 3 Month SOFR + 1.130% (Cap N/A, Floor 1.130%) | 4.798(c) | 07/20/34 | 32500 | 32500809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-18A, Class A1R, 144A, 3 Month SOFR + 1.220% (Cap N/A, Floor 1.220%) | 4.888(c) | 01/20/35 | 10250 | 10252210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-37A, Class A1, 144A, 3 Month SOFR + 1.220% (Cap N/A, Floor 1.220%) | 4.893(c) | 01/22/39 | 26775 | 26801518 |
| &nbsp;&nbsp; Venture CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-19A, Class ARR, 144A, 3 Month SOFR + 1.522% (Cap N/A, Floor 1.260%) | 5.194(c) | 01/15/32 | 125 | 124664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-28AA, Class A1RR, 144A, 3 Month SOFR + 1.110% (Cap N/A, Floor 1.110%) | 4.778(c) | 10/20/34 | 10000 | 9998720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-37A, Class A1RR, 144A, 3 Month SOFR + 1.250% (Cap N/A, Floor 1.250%) | 4.922(c) | 07/15/32 | 1317 | 1317204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-42A, Class A1A, 144A, 3 Month SOFR + 1.392% (Cap N/A, Floor 1.130%) | 5.064(c) | 04/15/34 | 12300 | 12310473 |

---

See Notes to Financial Statements.

------

PGIM AAA CLO ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Collateralized Loan Obligations (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Voya CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-02A, Class A1R, 144A, 3 Month SOFR + 1.232% (Cap N/A, Floor 0.970%) | 4.900%(c) | 04/25/31 | 70 | $70110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A1, 144A, 3 Month SOFR + 1.262% (Cap N/A, Floor 1.000%) | 4.934(c) | 07/15/31 | 1324 | 1324263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A1RR, 144A, 3 Month SOFR + 1.370% (Cap N/A, Floor 1.370%) | 5.042(c) | 10/15/37 | 9500 | 9519399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-03A, Class AR, 144A, 3 Month SOFR + 1.342% (Cap N/A, Floor 1.080%) | 5.009(c) | 10/17/32 | 6546 | 6558298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-03A, Class A1R2, 144A, 3 Month SOFR + 1.130% (Cap N/A, Floor 1.130%) | 4.798(c) | 10/20/36 | 25000 | 25012158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A, 3 Month SOFR + 1.520% (Cap N/A, Floor 1.520%) | 5.192(c) | 04/15/37 | 2500 | 2505146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-04A, Class A1, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) | 5.018(c) | 07/20/37 | 9000 | 9023002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-07A, Class A1, 144A, 3 Month SOFR + 1.310% (Cap N/A, Floor 1.310%) | 4.978(c) | 01/20/38 | 18250 | 18282138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05A, Class A1, 144A, 3 Month SOFR + 1.200% (Cap N/A, Floor 1.200%) | 4.866(c) | 01/15/39 | 10000 | 10006830 |
| &nbsp;&nbsp; Warwick Capital CLO Ltd. (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A1, 144A, 3 Month SOFR + 1.950% (Cap N/A, Floor 1.950%) | 5.622(c) | 01/15/37 | 1500 | 1501146 |
| &nbsp;&nbsp; Wellfleet CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A1R, 144A, 3 Month SOFR + 1.180% (Cap N/A, Floor 1.180%) | 4.848(c) | 04/20/34 | 37000 | 37003767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03A, Class AR, 144A, 3 Month SOFR + 1.200% (Cap N/A, Floor 1.200%) | 4.872(c) | 01/15/35 | 10000 | 10002241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class A1RN, 144A, 3 Month SOFR + 1.420% (Cap N/A, Floor 1.420%) | 5.092(c) | 07/15/37 | 20000 | 20024620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class AR, 144A, 3 Month SOFR + 1.420% (Cap N/A, Floor 1.420%) | 5.088(c) | 10/18/37 | 10000 | 10024936 |
| &nbsp;&nbsp; Whitebox CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03A, Class A1R, 144A, 3 Month SOFR + 1.270% (Cap N/A, Floor 1.270%) | 4.942(c) | 10/15/35 | 24685 | 24691356 |
| &nbsp;&nbsp; Wind River CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A, 3 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) | 5.268(c) | 04/20/37 | 11700 | 11727435 |
| &nbsp;&nbsp; Z Capital Credit Partners BSL CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A, 3 Month SOFR + 1.950% (Cap N/A, Floor 1.950%) | 5.621(c) | 04/16/36 | 3250 | 3256181 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $7,171,081,941) |  |  |  | 7170943158 |
|  |  |  | **Shares** |  |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENT 5.3%** |  |  |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND** |  |  |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.787%) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $392,510,927)(wb) |  |  | 392510927 | 392510927 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 101.1%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $7,563,592,868) |  |  |  | 7563454085 |
| &nbsp;&nbsp; Liabilities in excess of other assets (1.1)% |  |  |  | (81738819) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7481715266 |

---

See the Glossary for a list of the abbreviation(s) used in the semiannual report.

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

(c) Variable rate instrument. The interest rate shown reflects the rate in effect at February 28, 2026.

(p) Represents a security with a delayed settlement and therefore the interest rate is not available until settlement which is after the period end.

(r) Principal or notional amount is less than $500 par.

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

#### Fair Value Measurements:
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

See Notes to Financial Statements.

PGIM Fixed Income ETFs 11

------

PGIM AAA CLO ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

The following is a summary of the inputs used as of February 28, 2026 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Asset-Backed Securities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Loan Obligations | $— | $7170943158 | $— |
|  **Short-Term Investment** |  |  |  |
|  Affiliated Mutual Fund | 392510927 |  |  |
|  **Total** | $**392510927** | $**7170943158** | **$—** |

---

#### Security Allocations :
The security allocations of investments and liabilities in excess of other assets shown as a percentage of net assets as of February 28, 2026 were as follows:

---

| | | |
|:---|:---|:---|
|  Collateralized Loan Obligations | 95.8 | % |

---

---

| | |
|:---|:---|
|  Affiliated Mutual Fund | 5.3% |
|  | 101.1 |
|  Liabilities in excess of other assets | (1.1) |
|  | 100.0% |

---

See Notes to Financial Statements.

------

PGIM AAA CLO ETF

Statement of Assets & Liabilities (unaudited)

as of February 28, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $7,171,081,941) | $7170943158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $392,510,927) | 392510927 |
| &nbsp;&nbsp; Interest receivable | 44591269 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 1286348 |
| &nbsp;&nbsp; **Total Assets** | 7609331702 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Payable for investments purchased | 81469240 |
| &nbsp;&nbsp; Payable for Fund shares purchased | 45022174 |
| &nbsp;&nbsp; Management fee payable | 1104008 |
| &nbsp;&nbsp; Other liabilities | 21014 |
| &nbsp;&nbsp; **Total Liabilities** | 127616436 |
| &nbsp;&nbsp; **Net Assets** | $7481715266 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $145425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 7456658146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 24911695 |
| &nbsp;&nbsp; **Net assets, February 28, 2026** | $7481715266 |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share. |  |
| &nbsp;&nbsp; ($7,481,715,266 ÷ 145,425,000 shares of common stock issued and outstanding) | $51.45 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 13

------

PGIM AAA CLO ETF

Statement of Operations (unaudited)

Six Months Ended February 28, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Income |  |
| &nbsp;&nbsp; Interest income | $143367859 |
| &nbsp;&nbsp; Affiliated dividend income | 3457940 |
| &nbsp;&nbsp; **Total income** | 146825799 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 5387067 |
| &nbsp;&nbsp; Net investment income (loss) | 141438732 |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investments** |  |
| &nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions | 249511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions | 172210 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | (7837609) |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | (7415888) |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $134022844 |

---

See Notes to Financial Statements.

------

PGIM AAA CLO ETF

Statements of Changes in Net Assets (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>February 28, 2026** | **Year Ended<br>August 31, 2025** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $141438732 | $132567768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions | 421721 | (1884295) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | (7837609) | 6619704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 134022844 | 137303177 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from distributable earnings | (134441726) | (115937862) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from shares sold (78,450,000 and 81,600,000 shares, respectively) | 4030635830 | 4181414744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold in-kind (6,250,000 and 9,725,000 shares, respectively) | 321104009 | 498650182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed in-kind (3,700,000 and 0 shares, respectively) | (190414048) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares purchased (17,750,000 and 17,600,000 shares, respectively) | (912483452) | (900306666) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 3248842339 | 3779758260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) | 3248423457 | 3801123575 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 4233291809 | 432168234 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $7481715266 | $4233291809 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 15

------

PGIM AAA CLO ETF

Financial Highlights (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** |  |  |  |  |
|  | **Six Months<br>Ended**<br> **February 28, 2026** | **Year Ended<br>August 31,** | **Year Ended<br>August 31,** | **July 19, 2023<sup>(a)</sup><br>through**<br> **August 31, 2023** |
|  | **Six Months<br>Ended**<br> **February 28, 2026** | **2025** | **2024** | **July 19, 2023<sup>(a)</sup><br>through**<br> **August 31, 2023** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(b)</sup>:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $51.52 | $51.14 | $50.43 | $50.00 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 1.22 | 2.82 | 3.38 | 0.39 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | - <sup>(c)</sup> | 0.24 | 0.59 | 0.04 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.22 | 3.06 | 3.97 | 0.43 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (1.29) | (2.65) | (3.25) |  |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.03) | (0.01) |  |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.29) | (2.68) | (3.26) |  |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $51.45 | $51.52 | $51.14 | $50.43 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(d)</sup>:** | 2.40% | 6.10% | 8.18% | 0.87% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $7481715 | $4233292 | $432168 | $126084 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $5717634 | $2411721 | $186594 | $99359 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(e)</sup>: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.19 %<sup>(f)</sup> | 0.19% | 0.19% | 0.19 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.19 %<sup>(f)</sup> | 0.19% | 0.19% | 0.19 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 4.99 %<sup>(f)</sup> | 5.50% | 6.66% | 6.48 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(g)</sup> | 22% | 68% | 65% | 4% |

---

(a) Commencement of operations.

(b) Calculated based on average shares outstanding during the period.

(c) Amount rounds to zero.

(d) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(e) Does not include expenses of the underlying funds in which the Fund invests.

(f) Annualized.

(g) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

See Notes to Financial Statements.

------

PGIM Active Aggregate Bond ETF

Schedule of Investments (unaudited)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 98.3%** | &nbsp;&nbsp; **LONG-TERM INVESTMENTS 98.3%** | &nbsp;&nbsp; **LONG-TERM INVESTMENTS 98.3%** | &nbsp;&nbsp; **LONG-TERM INVESTMENTS 98.3%** | &nbsp;&nbsp; **LONG-TERM INVESTMENTS 98.3%** |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES 6.3%** | &nbsp;&nbsp; **ASSET-BACKED SECURITIES 6.3%** | &nbsp;&nbsp; **ASSET-BACKED SECURITIES 6.3%** | &nbsp;&nbsp; **ASSET-BACKED SECURITIES 6.3%** | &nbsp;&nbsp; **ASSET-BACKED SECURITIES 6.3%** |
| &nbsp;&nbsp; **Automobiles 3.1%** | &nbsp;&nbsp; **Automobiles 3.1%** | &nbsp;&nbsp; **Automobiles 3.1%** | &nbsp;&nbsp; **Automobiles 3.1%** | &nbsp;&nbsp; **Automobiles 3.1%** |
| &nbsp;&nbsp; AmeriCredit Automobile Receivables Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class C | 5.800% | 12/18/28 | 100 | $101772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A2A, 144A | 4.220 | 03/19/29 | 200 | 200409 |
| &nbsp;&nbsp; ARI Fleet Lease Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-A, Class A2, 144A | 3.960 | 11/15/34 | 500 | 501176 |
| &nbsp;&nbsp; Avis Budget Rental Car Funding AESOP LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class A, 144A | 3.830 | 08/21/28 | 100 | 99804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class A, 144A | 5.440 | 02/22/28 | 100 | 101018 |
| &nbsp;&nbsp; BOF VII AL Funding Trust I, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CAR03, Class A2, 144A | 6.291 | 07/26/32 | 48 | 49301 |
| &nbsp;&nbsp; CarMax Auto Owner Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01, Class D | 2.470 | 07/17/28 | 100 | 99893 |
| &nbsp;&nbsp; Enterprise Fleet Financing LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class A2, 144A | 5.560 | 04/22/30 | 21 | 21042 |
| &nbsp;&nbsp; Ford Credit Auto Owner Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class A, 144A | 5.280 | 02/15/36 | 100 | 103552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A, 144A | 4.860(cc) | 08/15/37 | 300 | 310810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-01, Class A, 144A | 4.320(cc) | 08/15/38 | 300 | 304885 |
| &nbsp;&nbsp; Ford Credit Floorplan Master Owner Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A1, 144A | 4.920 | 05/15/28 | 100 | 100200 |
| &nbsp;&nbsp; GM Financial Revolving Receivables Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A, 144A | 4.640 | 12/11/37 | 300 | 308460 |
| &nbsp;&nbsp; GMF Floorplan Owner Revolving Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-04A, Class A1, 144A | 4.730 | 11/15/29 | 100 | 101567 |
| &nbsp;&nbsp; OneMain Direct Auto Receivables Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A | 5.410 | 11/14/29 | 200 | 201623 |
| &nbsp;&nbsp; Santander Drive Auto Receivables Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03, Class C | 5.770 | 11/15/30 | 100 | 101756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-04, Class C | 6.040 | 12/15/31 | 100 | 102803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02, Class C | 5.060 | 05/15/31 | 200 | 203673 |
| &nbsp;&nbsp; Toyota Auto Loan Extended Note Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | 4.650 | 05/25/38 | 100 | 102879 |
| &nbsp;&nbsp; Wheels Fleet Lease Funding LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A | 5.800 | 04/18/38 | 25 | 25157 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3141780 |
| &nbsp;&nbsp; **Collateralized Loan Obligations 2.0%** |  |  |  |  |
| &nbsp;&nbsp; AGL CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-19A, Class A1R, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) | 4.970(c) | 07/21/38 | 500 | 501871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-33A, Class A1, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) | 5.020(c) | 07/21/37 | 250 | 250648 |
| &nbsp;&nbsp; Atlas Senior Loan Fund Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-07A, Class A1R2, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 1.100%) | 5.034(c) | 11/27/31 | 9 | 8552 |
| &nbsp;&nbsp; Crown City CLO (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A1AR, 144A, 3 Month SOFR + 1.340% (Cap N/A, Floor 1.340%) | 5.010(c) | 04/20/35 | 250 | 250072 |
| &nbsp;&nbsp; Garnet CLO Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03A, Class A1, 144A, 3 Month SOFR + 1.270% (Cap N/A, Floor 1.270%) | 5.053(c) | 10/20/38 | 850 | 852771 |
| &nbsp;&nbsp; Silver Rock CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A1RR, 144A, 3 Month SOFR + 1.420% (Cap N/A, Floor 1.420%) | 5.088(c) | 10/20/37 | 250 | 250617 |
|  |  |  |  | 2114531 |
| &nbsp;&nbsp; **Consumer Loans 0.7%** |  |  |  |  |
| &nbsp;&nbsp; Affirm Master Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-01A, Class A, 144A | 4.370 | 02/15/34 | 200 | 200885 |
| &nbsp;&nbsp; GreenSky Home Improvement Issuer Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A2, 144A | 5.120 | 03/25/60 | 78 | 78543 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 17

------

PGIM Active Aggregate Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** | &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** | &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** | &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** | &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** |
| &nbsp;&nbsp; **Consumer Loans (cont'd.)** | &nbsp;&nbsp; **Consumer Loans (cont'd.)** | &nbsp;&nbsp; **Consumer Loans (cont'd.)** | &nbsp;&nbsp; **Consumer Loans (cont'd.)** | &nbsp;&nbsp; **Consumer Loans (cont'd.)** |
| &nbsp;&nbsp; OneMain Financial Issuance Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A | 1.750% | 09/14/35 | 131 | $128783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A1, 144A | 5.840 | 09/15/36 | 100 | 101909 |
| &nbsp;&nbsp; SoFi Consumer Loan Program Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-01, Class A, 144A | 4.060 | 12/26/35 | 200 | 200107 |
|  |  |  |  | 710227 |
| &nbsp;&nbsp; **Equipment 0.5%** |  |  |  |  |
| &nbsp;&nbsp; DLLMT LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-01A, Class A3, 144A | 4.200 | 12/20/29 | 200 | 201361 |
| &nbsp;&nbsp; Kubota Credit Owner Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A3, 144A | 4.670 | 06/15/29 | 200 | 203516 |
| &nbsp;&nbsp; PEAC Solutions Receivables LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-01A, Class A2, 144A | 4.270 | 10/20/28 | 100 | 100337 |
|  |  |  |  | 505214 |
| &nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES**<br> (cost $6,412,354) |  |  |  | 6471752 |
| &nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES 4.6%** | &nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES 4.6%** |  |  |  |
| &nbsp;&nbsp; BANK, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN38, Class A4 | 2.275 | 12/15/64 | 100 | 89608 |
| &nbsp;&nbsp; BANK5, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05YR14, Class A3 | 5.646 | 04/15/58 | 310 | 326895 |
| &nbsp;&nbsp; Barclays Commercial Mortgage Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C07, Class A4 | 1.786 | 04/15/53 | 600 | 546483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C12, Class A4 | 2.421 | 11/15/54 | 250 | 228113 |
| &nbsp;&nbsp; Benchmark Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B17, Class A4 | 2.042 | 03/15/53 | 500 | 462254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B25, Class A3 | 1.906 | 04/15/54 | 500 | 461410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-V15, Class A3 | 5.805 | 06/15/58 | 320 | 339506 |
| &nbsp;&nbsp; BMO Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C6, Class A3 | 5.316 | 09/15/57 | 230 | 238288 |
| &nbsp;&nbsp; CD Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CD08, Class A3 | 2.657 | 08/15/57 | 477 | 456760 |
| &nbsp;&nbsp; Citigroup Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B02, Class A3 | 3.744 | 03/10/51 | 483 | 479408 |
| &nbsp;&nbsp; Morgan Stanley Capital I Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-UB12, Class A3 | 3.337 | 12/15/49 | 82 | 80962 |
| &nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C52, Class A4 | 2.643 | 08/15/52 | 418 | 401627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C59, Class A3 | 1.958 | 04/15/54 | 350 | 322074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05C4, Class A3 | 5.673 | 05/15/58 | 300 | 316052 |
| &nbsp;&nbsp; **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br> (cost $4,820,246) |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4749440 |
| &nbsp;&nbsp; **CORPORATE BONDS 27.2%** |  |  |  |  |
| &nbsp;&nbsp; **Aerospace & Defense 0.6%** |  |  |  |  |
| &nbsp;&nbsp; Boeing Co. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.950 | 02/01/30 | 50 | 47909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.250 | 02/01/35 | 50 | 44528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.600 | 05/01/34 | 125 | 115288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.625 | 02/01/31 | 60 | 58271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.625 | 03/01/48 | 35 | 25613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.900 | 05/01/49 | 25 | 19085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.705 | 05/01/40 | 30 | 31220 |

---

See Notes to Financial Statements.

------

PGIM Active Aggregate Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |
| &nbsp;&nbsp; **Aerospace & Defense (cont'd.)** | &nbsp;&nbsp; **Aerospace & Defense (cont'd.)** | &nbsp;&nbsp; **Aerospace & Defense (cont'd.)** | &nbsp;&nbsp; **Aerospace & Defense (cont'd.)** | &nbsp;&nbsp; **Aerospace & Defense (cont'd.)** |
| &nbsp;&nbsp; Boeing Co. (The), (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.930% | 05/01/60 | 70 | $70270 |
| &nbsp;&nbsp; RTX Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.375 | 03/15/32 | 60 | 54091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.125 | 11/16/28 | 128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128765 |
|  |  |  |  | 595040 |
| &nbsp;&nbsp; **Agriculture 0.9%** |  |  |  |  |
| &nbsp;&nbsp; Altria Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.400 | 05/06/30 | 68 | 66165 |
| &nbsp;&nbsp; BAT Capital Corp. (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.557 | 08/15/27 | 183 | 182059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.390 | 08/15/37 | 65 | 60677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.625 | 08/15/35 | 135 | 142114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.834 | 02/20/31 | 125 | 133537 |
| &nbsp;&nbsp; Philip Morris International, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.000 | 10/29/30 | 225 | 224438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.250 | 09/07/28 | 95 | 98211 |
|  |  |  |  | 907201 |
| &nbsp;&nbsp; **Airlines 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Southwest Airlines Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.375 | 11/15/28 | 25 | 25183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.125 | 06/15/27 | 50 | 50581 |
|  |  |  |  | 75764 |
| &nbsp;&nbsp; **Auto Manufacturers 0.1%** |  |  |  |  |
| &nbsp;&nbsp; General Motors Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.200 | 04/01/45 | 25 | 22783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.600 | 04/01/36 | 17 | 18652 |
| &nbsp;&nbsp; General Motors Financial Co., Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.050 | 04/04/28 | 28 | 28542 |
|  |  |  |  | 69977 |
| &nbsp;&nbsp; **Auto Parts & Equipment 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Aptiv Swiss Holdings Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.150 | 09/13/34 | 200 | 205156 |
| &nbsp;&nbsp; **Banks 6.3%** |  |  |  |  |
| &nbsp;&nbsp; Banco Santander SA (Spain), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | 3.800 | 02/23/28 | 200 | 199077 |
| &nbsp;&nbsp; Bank of America Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.299(ff) | 07/21/32 | 60 | 54079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.687(ff) | 04/22/32 | 400 | 370491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 2.496(ff) | 02/13/31 | 375 | 352049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 2.972(ff) | 02/04/33 | 190 | 175531 |
| &nbsp;&nbsp; Barclays PLC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.279(ff) | 11/24/27 | 200 | 197273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.894(ff) | 11/24/32 | 275 | 251769 |
| &nbsp;&nbsp; Citigroup, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.666(ff) | 01/29/31 | 210 | 198210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.976(ff) | 11/05/30 | 120 | 114995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.057(ff) | 01/25/33 | 295 | 272880 |
| &nbsp;&nbsp; Deutsche Bank AG (Germany), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | 4.950(ff) | 08/04/31 | 200 | 203535 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 19

------

PGIM Active Aggregate Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |
| &nbsp;&nbsp; **Banks (cont'd.)** | &nbsp;&nbsp; **Banks (cont'd.)** | &nbsp;&nbsp; **Banks (cont'd.)** | &nbsp;&nbsp; **Banks (cont'd.)** | &nbsp;&nbsp; **Banks (cont'd.)** |
| &nbsp;&nbsp; Fifth Third Bancorp, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.339%(ff) | 07/27/29 | 20 | $21031 |
| &nbsp;&nbsp; Fifth Third Financial Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.982(ff) | 01/30/30 | 295 | 309205 |
| &nbsp;&nbsp; First Horizon Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.514(ff) | 03/07/31 | 25 | 25876 |
| &nbsp;&nbsp; Goldman Sachs Group, Inc. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.992(ff) | 01/27/32 | 370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.615(ff) | 04/22/32 | 85 | 78047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.814(ff) | 04/23/29 | 80 | 79534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.369(ff) | 10/21/31 | 100 | 100001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.016(ff) | 10/23/35 | 65 | 65736 |
| &nbsp;&nbsp; Huntington Bancshares, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.208(ff) | 08/21/29 | 15 | 15752 |
| &nbsp;&nbsp; JPMorgan Chase & Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.953(ff) | 02/04/32 | 400 | 358713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.522(ff) | 04/22/31 | 300 | 281455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.580(ff) | 04/22/32 | 167 | 153932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.739(ff) | 10/15/30 | 150 | 143399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.810(ff) | 10/22/36 | 35 | 34899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | 2.956(ff) | 05/13/31 | 21 | 19965 |
| &nbsp;&nbsp; KeyCorp, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.401(ff) | 03/06/35 | 155 | 168812 |
| &nbsp;&nbsp; Morgan Stanley, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.073(ff) | 01/30/37 | 70 | 70591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | 2.239(ff) | 07/21/32 | 170 | 152435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | 2.699(ff) | 01/22/31 | 180 | 170197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 1.794(ff) | 02/13/32 | 185 | 163777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 1.928(ff) | 04/28/32 | 200 | 177436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 5.831(ff) | 04/19/35 | 175 | 186865 |
| &nbsp;&nbsp; Truist Financial Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 5.435(ff) | 01/24/30 | 40 | 41490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 5.867(ff) | 06/08/34 | 50 | 53494 |
| &nbsp;&nbsp; Wells Fargo & Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 2.572(ff) | 02/11/31 | 282 | 265396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 3.350(ff) | 03/02/33 | 510 | 478921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 5.707(ff) | 04/22/28 | 70 | 71285 |
|  |  |  |  | 6409141 |
| &nbsp;&nbsp; **Beverages 0.5%** |  |  |  |  |
| &nbsp;&nbsp; Anheuser-Busch InBev Finance, Inc. (Belgium), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.700 | 02/01/36 | 390 | 391354 |
| &nbsp;&nbsp; Constellation Brands, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.250 | 08/01/31 | 130 | 116903 |
|  |  |  |  | 508257 |
| &nbsp;&nbsp; **Biotechnology 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Amgen, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.250 | 03/02/30 | 80 | 83476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.250 | 03/02/33 | 100 | 104657 |
|  |  |  |  | 188133 |
| &nbsp;&nbsp; **Building Materials 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Carlisle Cos., Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.200 | 03/01/32 | 75 | 66274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.250 | 09/15/35 | 40 | 41280 |

---

See Notes to Financial Statements.

------

PGIM Active Aggregate Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |
| &nbsp;&nbsp; **Building Materials (cont'd.)** | &nbsp;&nbsp; **Building Materials (cont'd.)** | &nbsp;&nbsp; **Building Materials (cont'd.)** | &nbsp;&nbsp; **Building Materials (cont'd.)** | &nbsp;&nbsp; **Building Materials (cont'd.)** |
| &nbsp;&nbsp; Martin Marietta Materials, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.150% | 12/01/34 | 45 | $46422 |
|  |  |  |  | 153976 |
| &nbsp;&nbsp; **Chemicals 0.4%** |  |  |  |  |
| &nbsp;&nbsp; DuPont de Nemours, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.319 | 11/15/38 | 13 | 13167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.725 | 11/15/28 | 82 | 83120 |
| &nbsp;&nbsp; Nutrien Ltd. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.900 | 03/27/28 | 145 | 147605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.900 | 06/01/43 | 81 | 74706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.200 | 06/21/27 | 55 | 55826 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374424 |
| &nbsp;&nbsp; **Commercial Services 0.5%** |  |  |  |  |
| &nbsp;&nbsp; California Institute of Technology, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.650 | 09/01/2119 | 20 | 13142 |
| &nbsp;&nbsp; ERAC USA Finance LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.300 | 12/01/26 | 65 | 64716 |
| &nbsp;&nbsp; Global Payments, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.500 | 11/15/28 | 165 | 165570 |
| &nbsp;&nbsp; Johns Hopkins University, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series A | 4.705 | 07/01/32 | 20 | 20711 |
| &nbsp;&nbsp; Massachusetts Institute of Technology, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series F | 2.989 | 07/01/50 | 10 | 7005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | 4.678 | 07/01/2114 | 30 | 25925 |
| &nbsp;&nbsp; President & Fellows of Harvard College, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | 2.517 | 10/15/50 | 35 | 22205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | 3.150 | 07/15/46 | 35 | 26434 |
| &nbsp;&nbsp; Quanta Services, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.750 | 08/09/27 | 20 | 20215 |
| &nbsp;&nbsp; RELX Capital, Inc. (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.250 | 03/27/35 | 15 | 15438 |
| &nbsp;&nbsp; Trustees of the University of Pennsylvania (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.610 | 02/15/2119 | 25 | 16473 |
| &nbsp;&nbsp; University of Southern California, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.976 | 10/01/53 | 17 | 16328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2017 | 3.841 | 10/01/47 | 10 | 8282 |
| &nbsp;&nbsp; Washington University (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2022 | 3.524 | 04/15/54 | 80 | 60304 |
| &nbsp;&nbsp; Yale University, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 | 2.402 | 04/15/50 | 20 | 12472 |
|  |  |  |  | 495220 |
| &nbsp;&nbsp; **Computers 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Accenture Capital, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.250 | 10/04/31 | 140 | 140467 |
| &nbsp;&nbsp; International Business Machines Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.875 | 11/29/32 | 8 | 8669 |
|  |  |  |  | 149136 |
| &nbsp;&nbsp; **Diversified Financial Services 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Jefferies Financial Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.750 | 10/15/32 | 60 | 52524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.875 | 07/21/28 | 75 | 77534 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 21

------

PGIM Active Aggregate Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |
| &nbsp;&nbsp; **Diversified Financial Services (cont'd.)** | &nbsp;&nbsp; **Diversified Financial Services (cont'd.)** | &nbsp;&nbsp; **Diversified Financial Services (cont'd.)** | &nbsp;&nbsp; **Diversified Financial Services (cont'd.)** | &nbsp;&nbsp; **Diversified Financial Services (cont'd.)** |
| &nbsp;&nbsp; Synchrony Financial, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.947%(ff) | 02/25/32 | 65 | $64572 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194630 |
| &nbsp;&nbsp; **Electric 3.8%** |  |  |  |  |
| &nbsp;&nbsp; AEP Texas, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.450 | 05/15/29 | 35 | 36449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.700 | 05/15/34 | 40 | 42326 |
| &nbsp;&nbsp; AEP Transmission Co. LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.250 | 09/15/48 | 17 | 14160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.375 | 06/15/35 | 15 | 15661 |
| &nbsp;&nbsp; Ameren Illinois Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 4.950 | 06/01/33 | 220 | 226842 |
| &nbsp;&nbsp; Arizona Public Service Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.500 | 12/01/49 | 45 | 32294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.700 | 08/15/34 | 115 | 121886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.350 | 12/15/32 | 85 | 93444 |
| &nbsp;&nbsp; Comision Federal de Electricidad (Mexico), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.688 | 05/15/29 | 300 | 299411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.045 | 01/28/34 | 200 | 202400 |
| &nbsp;&nbsp; Commonwealth Edison Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 3.000 | 03/01/50 | 100 | 66417 |
| &nbsp;&nbsp; Constellation Energy Generation LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.900 | 01/08/28 | 85 | 85024 |
| &nbsp;&nbsp; Dominion Energy South Carolina, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 4.600 | 06/15/43 | 127 | 116465 |
| &nbsp;&nbsp; DTE Electric Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage | 4.250 | 05/14/27 | 5 | 5033 |
| &nbsp;&nbsp; DTE Energy Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.950 | 07/01/27 | 115 | 116356 |
| &nbsp;&nbsp; Duke Energy Carolinas LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.100 | 06/01/37 | 36 | 39292 |
| &nbsp;&nbsp; Duke Energy Florida LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 2.400 | 12/15/31 | 95 | 86792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 5.875 | 11/15/33 | 95 | 103166 |
| &nbsp;&nbsp; Duke Energy Indiana LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series YYY | 3.250 | 10/01/49 | 90 | 63235 |
| &nbsp;&nbsp; Edison International, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.450 | 06/15/29 | 70 | 71873 |
| &nbsp;&nbsp; Evergy Metro, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 5.125 | 08/15/35 | 155 | 157486 |
| &nbsp;&nbsp; Eversource Energy, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series O | 4.250 | 04/01/29 | 41 | 41152 |
| &nbsp;&nbsp; Florida Power & Light Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 4.050 | 06/01/42 | 95 | 83002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 5.600 | 02/15/66 | 5 | 4969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 5.800 | 03/15/65 | 7 | 7197 |
| &nbsp;&nbsp; MidAmerican Energy Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 4.250 | 07/15/49 | 84 | 70391 |
| &nbsp;&nbsp; Mississippi Power Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 12-A | 4.250 | 03/15/42 | 73 | 64127 |
| &nbsp;&nbsp; Monongahela Power Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, 144A | 3.550 | 05/15/27 | 136 | 135360 |
| &nbsp;&nbsp; Northern States Power Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 3.400 | 08/15/42 | 69 | 55114 |
| &nbsp;&nbsp; Ohio Edison Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.875 | 07/15/36 | 195 | 226128 |

---

See Notes to Financial Statements.

------

PGIM Active Aggregate Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |
| &nbsp;&nbsp; **Electric (cont'd.)** | &nbsp;&nbsp; **Electric (cont'd.)** | &nbsp;&nbsp; **Electric (cont'd.)** | &nbsp;&nbsp; **Electric (cont'd.)** | &nbsp;&nbsp; **Electric (cont'd.)** |
| &nbsp;&nbsp; Ohio Power Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.150% | 04/01/48 | 70 | $57035 |
| &nbsp;&nbsp; Pacific Gas & Electric Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 4.000 | 12/01/46 | 110 | 84698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 4.500 | 07/01/40 | 90 | 80026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 4.750 | 02/15/44 | 50 | 43397 |
| &nbsp;&nbsp; PECO Energy Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 2.800 | 06/15/50 | 97 | 61919 |
| &nbsp;&nbsp; PPL Electric Utilities Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 3.000 | 10/01/49 | 58 | 39022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 5.250 | 05/15/53 | 15 | 14410 |
| &nbsp;&nbsp; Public Service Co. of Colorado, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 5.350 | 05/15/34 | 200 | 208249 |
| &nbsp;&nbsp; Public Service Co. of New Hampshire, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 5.350 | 10/01/33 | 135 | 142540 |
| &nbsp;&nbsp; Public Service Electric & Gas Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, MTN | 3.600 | 12/01/47 | 13 | 9868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, MTN | 3.700 | 05/01/28 | 38 | 37907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, MTN | 4.650 | 03/15/33 | 100 | 101159 |
| &nbsp;&nbsp; Puget Energy, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 4.100 | 06/15/30 | 75 | 74049 |
| &nbsp;&nbsp; San Diego Gas & Electric Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 4.150 | 05/15/48 | 85 | 69500 |
| &nbsp;&nbsp; Sempra, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.000 | 02/01/48 | 15 | 11629 |
| &nbsp;&nbsp; Southern California Edison Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage | 4.000 | 04/01/47 | 105 | 80898 |
| &nbsp;&nbsp; Tucson Electric Power Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.250 | 05/15/32 | 115 | 107811 |
| &nbsp;&nbsp; Virginia Electric & Power Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.050 | 08/15/34 | 10 | 10200 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3917769 |
| &nbsp;&nbsp; **Engineering & Construction 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Mexico City Airport Trust (Mexico), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.250 | 10/31/26 | 200 | 199824 |
| &nbsp;&nbsp; **Foods 0.4%** |  |  |  |  |
| &nbsp;&nbsp; JBS NV/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.000 | 02/02/29 | 155 | 150567 |
| &nbsp;&nbsp; Mars, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.600 | 04/01/34 | 240 | 224702 |
|  |  |  |  | 375269 |
| &nbsp;&nbsp; **Gas 0.2%** |  |  |  |  |
| &nbsp;&nbsp; CenterPoint Energy Resources Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.750 | 10/01/30 | 125 | 112701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.250 | 03/01/28 | 65 | 66716 |
| &nbsp;&nbsp; NiSource, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.490 | 05/15/27 | 13 | 12933 |
| &nbsp;&nbsp; Piedmont Natural Gas Co., Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.500 | 06/01/29 | 21 | 20718 |
| &nbsp;&nbsp; Southern California Gas Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 3.750 | 09/15/42 | 30 | 24317 |
|  |  |  |  | 237385 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 23

------

PGIM Active Aggregate Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |
| &nbsp;&nbsp; **Healthcare-Services 1.0%** | &nbsp;&nbsp; **Healthcare-Services 1.0%** | &nbsp;&nbsp; **Healthcare-Services 1.0%** | &nbsp;&nbsp; **Healthcare-Services 1.0%** | &nbsp;&nbsp; **Healthcare-Services 1.0%** |
| &nbsp;&nbsp; Ascension Health, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B | 2.532% | 11/15/29 | 35 | $33409 |
| &nbsp;&nbsp; Cigna Group (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.375 | 03/15/31 | 118 | 108207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.400 | 03/15/30 | 15 | 14086 |
| &nbsp;&nbsp; CommonSpirit Health, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 5.205 | 12/01/31 | 35 | 36489 |
| &nbsp;&nbsp; Elevance Health, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.625 | 05/15/42 | 70 | 63796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.950 | 11/01/31 | 100 | 102917 |
| &nbsp;&nbsp; Kaiser Foundation Hospitals, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2021 | 2.810 | 06/01/41 | 70 | 53407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2021 | 3.002 | 06/01/51 | 10 | 6763 |
| &nbsp;&nbsp; Memorial Sloan-Kettering Cancer Center, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 | 2.955 | 01/01/50 | 15 | 10239 |
| &nbsp;&nbsp; Methodist Hospital (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 20A | 2.705 | 12/01/50 | 10 | 6363 |
| &nbsp;&nbsp; New York & Presbyterian Hospital (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | 4.024 | 08/01/45 | 20 | 17057 |
| &nbsp;&nbsp; Northwestern Memorial Healthcare Obligated Group, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2021 | 2.633 | 07/15/51 | 20 | 12696 |
| &nbsp;&nbsp; OhioHealth Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | 2.297 | 11/15/31 | 30 | 27378 |
| &nbsp;&nbsp; Orlando Health Obligated Group, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.475 | 10/01/35 | 75 | 79780 |
| &nbsp;&nbsp; Piedmont Healthcare, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series 2042 | 2.719 | 01/01/42 | 15 | 11004 |
| &nbsp;&nbsp; Sentara Health, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2021 | 2.927 | 11/01/51 | 65 | 43158 |
| &nbsp;&nbsp; Stanford Health Care, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | 3.027 | 08/15/51 | 35 | 23864 |
| &nbsp;&nbsp; UnitedHealth Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.300 | 05/15/31 | 45 | 41048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.950 | 10/15/42 | 145 | 121389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.500 | 04/15/33 | 130 | 129764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.800 | 01/15/30 | 40 | 41148 |
| &nbsp;&nbsp; UPMC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | 5.035 | 05/15/33 | 25 | 25772 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1009734 |
| &nbsp;&nbsp; **Home Builders 0.3%** |  |  |  |  |
| &nbsp;&nbsp; Toll Brothers Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.875 | 03/15/27 | 310 | 311874 |
| &nbsp;&nbsp; **Insurance 0.7%** |  |  |  |  |
| &nbsp;&nbsp; Arthur J Gallagher & Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.850 | 12/15/29 | 10 | 10244 |
| &nbsp;&nbsp; Everest Reinsurance Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.500 | 10/15/50 | 8 | 5570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.868 | 06/01/44 | 90 | 80103 |
| &nbsp;&nbsp; Fairfax Financial Holdings Ltd. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.625 | 08/16/32 | 95 | 99223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.000 | 12/07/33 | 225 | 239814 |
| &nbsp;&nbsp; Liberty Mutual Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.951 | 10/15/50 | 158 | 118863 |
| &nbsp;&nbsp; Lincoln National Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.050 | 01/15/30 | 7 | 6664 |

---

See Notes to Financial Statements.

------

PGIM Active Aggregate Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |
| &nbsp;&nbsp; **Insurance (cont'd.)** | &nbsp;&nbsp; **Insurance (cont'd.)** | &nbsp;&nbsp; **Insurance (cont'd.)** | &nbsp;&nbsp; **Insurance (cont'd.)** | &nbsp;&nbsp; **Insurance (cont'd.)** |
| &nbsp;&nbsp; Principal Financial Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.625% | 09/15/42 | 117 | $105843 |
| &nbsp;&nbsp; W.R. Berkley Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.000 | 05/12/50 | 68 | 53924 |
|  |  |  |  | 720248 |
| &nbsp;&nbsp; **Internet 0.5%** |  |  |  |  |
| &nbsp;&nbsp; Alphabet, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.400 | 02/15/33 | 20 | 20172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.700 | 11/15/35 | 65 | 65800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.750 | 02/15/66 | 70 | 71276 |
| &nbsp;&nbsp; Beignet Investor LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.581 | 05/30/49 | 155 | 164604 |
| &nbsp;&nbsp; Meta Platforms, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.600 | 11/15/32 | 50 | 50835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.875 | 11/15/35 | 160 | 161479 |
|  |  |  |  | 534166 |
| &nbsp;&nbsp; **Leisure Time 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Royal Caribbean Cruises Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.250 | 03/15/32 | 60 | 62550 |
| &nbsp;&nbsp; **Lodging 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Hyatt Hotels Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.750 | 04/23/30 | 125 | 131326 |
| &nbsp;&nbsp; Marriott International, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.500 | 04/15/37 | 50 | 51643 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182969 |
| &nbsp;&nbsp; **Machinery-Construction & Mining 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Caterpillar, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.600 | 09/19/29 | 18 | 17305 |
| &nbsp;&nbsp; **Machinery-Diversified 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Flowserve Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.800 | 01/15/32 | 5 | 4548 |
| &nbsp;&nbsp; IDEX Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.950 | 09/01/29 | 70 | 71889 |
|  |  |  |  | 76437 |
| &nbsp;&nbsp; **Media 0.4%** |  |  |  |  |
| &nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating Capital, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 6.650 | 02/01/34 | 250 | 265652 |
| &nbsp;&nbsp; Comcast Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.999 | 11/01/49 | 42 | 31779 |
| &nbsp;&nbsp; Cox Communications, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.450 | 09/01/34 | 75 | 74238 |
| &nbsp;&nbsp; News Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.125 | 02/15/32 | 80 | 79519 |
|  |  |  |  | 451188 |
| &nbsp;&nbsp; **Mining 0.5%** |  |  |  |  |
| &nbsp;&nbsp; Barrick North America Finance LLC (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.750 | 05/01/43 | 95 | 98272 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 25

------

PGIM Active Aggregate Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |
| &nbsp;&nbsp; **Mining (cont'd.)** | &nbsp;&nbsp; **Mining (cont'd.)** | &nbsp;&nbsp; **Mining (cont'd.)** | &nbsp;&nbsp; **Mining (cont'd.)** | &nbsp;&nbsp; **Mining (cont'd.)** |
| &nbsp;&nbsp; BHP Billiton Finance USA Ltd. (Australia), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.125% | 02/21/32 | 50 | $52291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.250 | 09/08/33 | 95 | 99619 |
| &nbsp;&nbsp; Freeport-McMoRan, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.125 | 03/01/28 | 175 | 174867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.375 | 08/01/28 | 50 | 50064 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475113 |
| &nbsp;&nbsp; **Miscellaneous Manufacturing 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Textron, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.450 | 03/15/31 | 90 | 82487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.375 | 03/01/28 | 114 | 112807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.950 | 03/15/36 | 35 | 35196 |
|  |  |  |  | 230490 |
| &nbsp;&nbsp; **Oil & Gas 0.9%** |  |  |  |  |
| &nbsp;&nbsp; Canadian Natural Resources Ltd. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.850 | 06/01/27 | 75 | 74965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.000 | 12/15/29 | 50 | 51486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.450 | 06/30/33 | 80 | 87705 |
| &nbsp;&nbsp; Cenovus Energy, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.750 | 02/15/52 | 25 | 18164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.400 | 06/15/47 | 144 | 134859 |
| &nbsp;&nbsp; Continental Resources, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 2.268 | 11/15/26 | 180 | 177507 |
| &nbsp;&nbsp; Devon Energy Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.600 | 07/15/41 | 46 | 46089 |
| &nbsp;&nbsp; Diamondback Energy, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.400 | 04/18/34 | 98 | 101914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.550 | 04/01/35 | 95 | 99410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.250 | 03/15/33 | 10 | 10927 |
| &nbsp;&nbsp; Ecopetrol SA (Colombia), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 8.625 | 01/19/29 | 35 | 37349 |
| &nbsp;&nbsp; Occidental Petroleum Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.625 | 09/01/30 | 5 | 5414 |
| &nbsp;&nbsp; Phillips 66, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.150 | 12/15/30 | 84 | 76648 |
| &nbsp;&nbsp; Phillips 66 Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.550 | 10/01/26 | 17 | 16959 |
|  |  |  |  | 939396 |
| &nbsp;&nbsp; **Pharmaceuticals 1.5%** |  |  |  |  |
| &nbsp;&nbsp; AbbVie, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.050 | 11/21/39 | 65 | 58805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.625 | 10/01/42 | 80 | 74733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.050 | 03/15/34 | 140 | 145317 |
| &nbsp;&nbsp; Cardinal Health, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.500 | 09/15/30 | 150 | 152085 |
| &nbsp;&nbsp; Cencora, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.900 | 02/13/36 | 85 | 85582 |
| &nbsp;&nbsp; CVS Health Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.750 | 08/21/30 | 15 | 13480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.125 | 07/20/45 | 82 | 74963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.450 | 09/15/35 | 50 | 51552 |
| &nbsp;&nbsp; Eli Lilly & Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.550 | 10/15/32 | 305 | 311195 |

---

See Notes to Financial Statements.

------

PGIM Active Aggregate Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |
| &nbsp;&nbsp; **Pharmaceuticals (cont'd.)** | &nbsp;&nbsp; **Pharmaceuticals (cont'd.)** | &nbsp;&nbsp; **Pharmaceuticals (cont'd.)** | &nbsp;&nbsp; **Pharmaceuticals (cont'd.)** | &nbsp;&nbsp; **Pharmaceuticals (cont'd.)** |
| &nbsp;&nbsp; Eli Lilly & Co., (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.600% | 08/14/34 | 72 | $73101 |
| &nbsp;&nbsp; Merck & Co., Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.750 | 12/10/51 | 150 | 94177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.400 | 03/07/29 | 8 | 7924 |
| &nbsp;&nbsp; Utah Acquisition Sub, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.950 | 06/15/26 | 31 | 30948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.250 | 06/15/46 | 55 | 46355 |
| &nbsp;&nbsp; Viatris, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.850 | 06/22/40 | 128 | 100806 |
| &nbsp;&nbsp; Zoetis, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.150 | 08/17/28 | 175 | 176320 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1497343 |
| &nbsp;&nbsp; **Pipelines 1.7%** |  |  |  |  |
| &nbsp;&nbsp; DCP Midstream Operating LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.125 | 05/15/29 | 45 | 46277 |
| &nbsp;&nbsp; Energy Transfer LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.250 | 04/15/49 | 119 | 120319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 20Y | 5.800 | 06/15/38 | 50 | 51993 |
| &nbsp;&nbsp; Enterprise Products Operating LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.850 | 03/15/44 | 40 | 37257 |
| &nbsp;&nbsp; Kinder Morgan, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.250 | 08/01/50 | 22 | 14811 |
| &nbsp;&nbsp; MPLX LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.650 | 08/15/30 | 75 | 70247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.500 | 04/15/38 | 63 | 58558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.000 | 01/15/33 | 155 | 157454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.500 | 02/15/49 | 67 | 62839 |
| &nbsp;&nbsp; ONEOK Partners LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.125 | 02/01/41 | 85 | 89417 |
| &nbsp;&nbsp; ONEOK, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.050 | 09/01/33 | 105 | 112765 |
| &nbsp;&nbsp; Plains All American Pipeline LP/PAA Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.500 | 12/15/26 | 22 | 22066 |
| &nbsp;&nbsp; Targa Resources Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.200 | 02/01/33 | 230 | 223468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.350 | 01/15/29 | 90 | 90679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.350 | 04/15/31 | 10 | 9999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.200 | 07/01/27 | 115 | 116838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.125 | 03/15/33 | 65 | 70314 |
| &nbsp;&nbsp; Transcontinental Gas Pipe Line Co. LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.250 | 05/15/30 | 111 | 107410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.950 | 05/15/50 | 56 | 44119 |
| &nbsp;&nbsp; Williams Cos., Inc. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.500 | 11/15/30 | 195 | 188937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.800 | 11/15/29 | 35 | 35845 |
|  |  |  |  | 1731612 |
| &nbsp;&nbsp; **Real Estate 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Ontario Teachers' Cadillac Fairview Properties Trust (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 2.500 | 10/15/31 | 210 | 190546 |
| &nbsp;&nbsp; **Real Estate Investment Trusts (REITs) 2.0%** |  |  |  |  |
| &nbsp;&nbsp; Alexandria Real Estate Equities, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 1.875 | 02/01/33 | 390 | 324008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.250 | 03/15/36 | 32 | 31991 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 27

------

PGIM Active Aggregate Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |
| &nbsp;&nbsp; **Real Estate Investment Trusts (REITs) (cont'd.)** | &nbsp;&nbsp; **Real Estate Investment Trusts (REITs) (cont'd.)** | &nbsp;&nbsp; **Real Estate Investment Trusts (REITs) (cont'd.)** | &nbsp;&nbsp; **Real Estate Investment Trusts (REITs) (cont'd.)** | &nbsp;&nbsp; **Real Estate Investment Trusts (REITs) (cont'd.)** |
| &nbsp;&nbsp; American Tower Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.700% | 12/15/32 | 38 | $38381 |
| &nbsp;&nbsp; Brixmor Operating Partnership LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.250 | 04/01/28 | 135 | 130368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.500 | 08/16/31 | 100 | 90828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.750 | 02/15/35 | 5 | 5290 |
| &nbsp;&nbsp; Broadstone Net Lease LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.000 | 11/01/32 | 155 | 156645 |
| &nbsp;&nbsp; COPT Defense Properties LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.500 | 10/15/30 | 45 | 45199 |
| &nbsp;&nbsp; CubeSmart LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.250 | 12/15/28 | 15 | 14299 |
| &nbsp;&nbsp; GLP Capital LP/GLP Financing II, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.250 | 01/15/32 | 5 | 4565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.750 | 06/01/28 | 105 | 107649 |
| &nbsp;&nbsp; Host Hotels & Resorts LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series I | 3.500 | 09/15/30 | 150 | 143848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series J | 2.900 | 12/15/31 | 5 | 4567 |
| &nbsp;&nbsp; Kimco Realty OP LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 1.900 | 03/01/28 | 155 | 149372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.200 | 04/01/32 | 120 | 112764 |
| &nbsp;&nbsp; Realty Income Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.200 | 06/15/28 | 145 | 139736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.700 | 02/15/32 | 78 | 71387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.100 | 12/15/29 | 29 | 28129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.250 | 01/15/31 | 25 | 23984 |
| &nbsp;&nbsp; Simon Property Group LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.750 | 02/01/28 | 90 | 86660 |
| &nbsp;&nbsp; Sun Communities Operating LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.700 | 07/15/31 | 190 | 174377 |
| &nbsp;&nbsp; VICI Properties LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.750 | 04/01/28 | 15 | 15150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.950 | 02/15/30 | 35 | 35586 |
| &nbsp;&nbsp; Welltower OP LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.500 | 07/01/30 | 125 | 127190 |
|  |  |  |  | 2061973 |
| &nbsp;&nbsp; **Retail 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Alimentation Couche-Tard, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.500 | 07/26/47 | 77 | 66527 |
| &nbsp;&nbsp; AutoNation, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.800 | 11/15/27 | 70 | 69735 |
| &nbsp;&nbsp; Ferguson Enterprises, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.000 | 10/03/34 | 20 | 20310 |
|  |  |  |  | 156572 |
| &nbsp;&nbsp; **Semiconductors 0.5%** |  |  |  |  |
| &nbsp;&nbsp; Broadcom Corp./Broadcom Cayman Finance Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.500 | 01/15/28 | 45 | 44777 |
| &nbsp;&nbsp; Broadcom, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.419 | 04/15/33 | 340 | 318246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.050 | 04/15/30 | 15 | 15548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.137 | 11/15/35 | 62 | 54161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.000 | 04/15/29 | 100 | 100216 |

---

See Notes to Financial Statements.

------

PGIM Active Aggregate Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |
| &nbsp;&nbsp; **Semiconductors (cont'd.)** | &nbsp;&nbsp; **Semiconductors (cont'd.)** | &nbsp;&nbsp; **Semiconductors (cont'd.)** | &nbsp;&nbsp; **Semiconductors (cont'd.)** | &nbsp;&nbsp; **Semiconductors (cont'd.)** |
| &nbsp;&nbsp; Intel Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.050% | 08/05/62 | 20 | $16625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.700 | 02/10/53 | 15 | 14230 |
|  |  |  |  | 563803 |
| &nbsp;&nbsp; **Software 0.3%** |  |  |  |  |
| &nbsp;&nbsp; Fiserv, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.550 | 02/15/31 | 30 | 29915 |
| &nbsp;&nbsp; Oracle Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.950 | 04/01/30 | 85 | 79073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.600 | 04/01/40 | 15 | 11261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.600 | 04/01/50 | 40 | 25012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.700 | 02/04/36 | 110 | 110036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.900 | 11/09/52 | 20 | 19753 |
| &nbsp;&nbsp; Workday, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.700 | 04/01/29 | 25 | 24585 |
|  |  |  |  | 299635 |
| &nbsp;&nbsp; **Telecommunications 0.8%** |  |  |  |  |
| &nbsp;&nbsp; AT&T, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.250 | 02/01/32 | 60 | 53594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.550 | 12/01/33 | 50 | 43318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.500 | 09/15/53 | 80 | 54455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.650 | 09/15/59 | 25 | 16812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.500 | 05/15/35 | 65 | 63377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.000 | 04/30/56 | 125 | 126043 |
| &nbsp;&nbsp; Deutsche Telekom International Finance BV (Germany), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 8.750 | 06/15/30 | 75 | 87946 |
| &nbsp;&nbsp; Motorola Solutions, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.400 | 04/15/34 | 65 | 67840 |
| &nbsp;&nbsp; Rogers Communications, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.300 | 02/15/34 | 95 | 96989 |
| &nbsp;&nbsp; T-Mobile USA, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.000 | 02/15/41 | 65 | 49420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.875 | 04/15/30 | 25 | 24805 |
| &nbsp;&nbsp; Verizon Communications, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.812 | 03/15/39 | 20 | 19289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.401 | 07/02/37 | 91 | 93458 |
|  |  |  |  | 797346 |
| &nbsp;&nbsp; **Transportation 0.1%** |  |  |  |  |
| &nbsp;&nbsp; CSX Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.150 | 05/01/37 | 48 | 53296 |
| &nbsp;&nbsp; Fedex Freight Holding Co., Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.300 | 03/15/29 | 35 | 35080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.650 | 03/15/31 | 60 | 60325 |
|  |  |  |  | 148701 |
| &nbsp;&nbsp; **Trucking & Leasing 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Penske Truck Leasing Co. LP/PTL Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.750 | 05/24/26 | 190 | 190436 |
| &nbsp;&nbsp; **TOTAL CORPORATE BONDS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $28,069,322) |  |  |  | 27705739 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 29

------

PGIM Active Aggregate Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal Amount<br>(000)#** | **Value** | **Value** |
| &nbsp;&nbsp; **MUNICIPAL BONDS 0.2%** |  |  |  |  |  |
| &nbsp;&nbsp; **California 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; Regents of the University of California Medical Center Pooled Revenue, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series Q | 4.563% | 05/15/53 | 10 | $| 8806 |
| &nbsp;&nbsp; University of California, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series AQ | 4.767 | 05/15/2115 | 75 |  | 63622 |
|  |  |  |  |  | 72428 |
| &nbsp;&nbsp; **Michigan 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; Michigan State University, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | 4.165 | 08/15/2122 | 25 |  | 18828 |
| &nbsp;&nbsp; University of Michigan, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Sustainability Bond, Series B | 3.504 | 04/01/52 | 35 |  | 26841 |
|  |  |  |  |  | 45669 |
| &nbsp;&nbsp; **New Jersey 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; New Jersey Turnpike Authority, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series F | 7.414 | 01/01/40 | 10 |  | 12214 |
| &nbsp;&nbsp; **New York 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; Port Authority of New York & New Jersey, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated, Taxable, Revenue Bonds, Series 174 | 4.458 | 10/01/62 | 10 |  | 8752 |
| &nbsp;&nbsp; **Ohio 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; Ohio State University (The), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | 4.800 | 06/01/2111 | 10 |  | 8621 |
| &nbsp;&nbsp; **Pennsylvania 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; Pennsylvania Turnpike Commission, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series B | 5.511 | 12/01/45 | 10 |  | 10331 |
| &nbsp;&nbsp; **Texas 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; Dallas Fort Worth International Airport, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | 4.087 | 11/01/51 | 20 |  | 16939 |
| &nbsp;&nbsp; **Virginia 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; University of Virginia, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | 2.584 | 11/01/51 | 25 |  | 15984 |
| &nbsp;&nbsp; **TOTAL MUNICIPAL BONDS** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $223,277) |  |  |  |  | 190938 |
| &nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; FHLMC Structured Agency Credit Risk REMIC Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA03, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 0.000%) | 6.567(c) | 04/25/42 | 30 |  | 30619 |
| &nbsp;&nbsp; MFA Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-RPL01, Class A1, 144A | 1.131(cc) | 07/25/60 | 37 |  | 34623 |
| &nbsp;&nbsp; **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES** | &nbsp;&nbsp; **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES** | &nbsp;&nbsp; **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES** | &nbsp;&nbsp; **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES** | &nbsp;&nbsp; **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES** | &nbsp;&nbsp; **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $67,390) |  |  |  |  | 65242 |
| &nbsp;&nbsp; **SOVEREIGN BONDS 0.9%** | &nbsp;&nbsp; **SOVEREIGN BONDS 0.9%** | &nbsp;&nbsp; **SOVEREIGN BONDS 0.9%** | &nbsp;&nbsp; **SOVEREIGN BONDS 0.9%** | &nbsp;&nbsp; **SOVEREIGN BONDS 0.9%** | &nbsp;&nbsp; **SOVEREIGN BONDS 0.9%** |
| &nbsp;&nbsp; Hungary Government International Bond (Hungary), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.375 | 09/26/30 | 200 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206876 |
| &nbsp;&nbsp; Israel Government International Bond (Israel), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 5Y | 5.375 | 02/19/30 | 200 |  | 207000 |
| &nbsp;&nbsp; Mexico Government International Bond (Mexico), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.875 | 05/13/37 | 200 |  | 216600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 6.050 | 01/11/40 | 50 |  | 50321 |

---

See Notes to Financial Statements.

------

PGIM Active Aggregate Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **SOVEREIGN BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; Republic of Poland Government International Bond (Poland), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 10Y | 5.375% | 02/12/35 | 90 | $94243 |
| &nbsp;&nbsp; Romanian Government International Bond (Romania), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.750 | 09/16/30 | 180 | 186896 |
| &nbsp;&nbsp; **TOTAL SOVEREIGN BONDS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $926,505) |  |  |  | 961936 |
| &nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATIONS 26.2%** |  |  |  |  |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 1.500 | 04/01/51 | 362 | 288325 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.000 | 02/01/51 | 747 | 624163 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.000 | 07/01/51 | 405 | 337602 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 04/01/51 | 784 | 685578 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 04/01/52 | 1126 | 986817 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 02/01/50 | 1515 | 1442467 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 01/01/52 | 181 | 171042 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 11/01/39 | 114 | 114125 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 12/01/40 | 82 | 81667 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 12/01/52 | 813 | 800230 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 09/01/52 | 949 | 958264 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 01/01/53 | 523 | 527755 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 02/01/53 | 540 | 543312 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.500 | 02/01/55 | 1318 | 1340116 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 1.500 | 12/01/50 | 291 | 231560 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 04/01/42 | 521 | 460138 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 05/01/51 | 601 | 501174 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 02/01/52 | 1424 | 1241750 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 04/01/52 | 228 | 198767 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 05/01/52 | 368 | 324561 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 07/01/43 | 126 | 118643 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 11/01/46 | 175 | 165091 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 01/01/47 | 262 | 246693 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 11/01/48 | 203 | 190802 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 02/01/52 | 357 | 323340 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 03/01/52 | 342 | 313822 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 05/01/52 | 319 | 293898 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 12/01/46 | 469 | 454837 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 02/01/52 | 386 | 366414 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 02/01/41 | 94 | 93780 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 02/01/45 | 88 | 87428 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 05/01/52 | 187 | 181966 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 10/01/52 | 1190 | 1157325 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | TBA | 500 | 494425 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 02/01/49 | 21 | 21192 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 05/01/52 | 237 | 235177 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 06/01/52 | 179 | 177578 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 12/01/52 | 1987 | 1972656 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 07/01/53 | 502 | 498153 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 07/01/52 | 376 | 379860 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 03/01/53 | 775 | 782482 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 02/01/54 | 2205 | 2244005 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 09/01/53 | 286 | 294947 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 2.000 | 03/20/51 | 324 | 274169 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 09/20/51 | 296 | 280921 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 03/20/52 | 203 | 197388 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 08/20/52 | 434 | 421619 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 10/20/52 | 771 | 750226 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 05/20/52 | 748 | 745627 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 11/20/54 | 252 | 248919 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 5.000 | 11/20/54 | 496 | 498469 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 7.000 | 03/20/55 | 242 | 250379 |
| &nbsp;&nbsp; Tennessee Valley Authority, Sr. Unsec'd. Notes | 1.500 | 09/15/31 | 15 | 13361 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 31

------

PGIM Active Aggregate Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; Tennessee Valley Authority, Sr. Unsec'd. Notes | 5.250% | 02/01/55 | 80 | $82441 |
| &nbsp;&nbsp; **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $26,745,809) |  |  |  | 26717446 |
| &nbsp;&nbsp; **U.S. TREASURY OBLIGATIONS 27.0%** |  |  |  |  |
| &nbsp;&nbsp; U.S. Treasury Bonds | 1.625 | 11/15/50 | 2360 | 1295050 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 1.875 | 02/15/51 | 570 | 332559 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 1.875 | 11/15/51 | 1125 | 649336 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 2.000 | 11/15/41 | 2430 | 1753777 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 2.375 | 05/15/51 | 365 | 239645 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 3.000 | 02/15/49 | 1840 | 1406738 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 3.250 | 05/15/42 | 345 | 296592 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 4.125 | 08/15/44 | 1995 | 1889327 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 4.250 | 08/15/54 | 450 | 421664 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 4.750 | 11/15/53 | 1027 | 1043689 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 4.750 | 08/15/55 | 650 | 661984 |
| &nbsp;&nbsp; U.S. Treasury Notes | 1.250 | 08/15/31 | 1360 | 1203813 |
| &nbsp;&nbsp; U.S. Treasury Notes | 2.375 | 03/31/29 | 2400 | 2328375 |
| &nbsp;&nbsp; U.S. Treasury Notes | 2.750 | 08/15/32 | 2975 | 2816256 |
| &nbsp;&nbsp; U.S. Treasury Notes | 3.125 | 08/31/29 | 260 | 257380 |
| &nbsp;&nbsp; U.S. Treasury Notes | 3.250 | 06/30/29 | 3545 | 3526444 |
| &nbsp;&nbsp; U.S. Treasury Notes | 3.375 | 11/30/27 | 1065 | 1064376 |
| &nbsp;&nbsp; U.S. Treasury Notes | 3.500 | 09/30/27 | 310 | 310339 |
| &nbsp;&nbsp; U.S. Treasury Notes | 3.500 | 01/31/28 | 290 | 290566 |
| &nbsp;&nbsp; U.S. Treasury Notes | 3.500 | 01/15/29 | 504 | 505536 |
| &nbsp;&nbsp; U.S. Treasury Notes | 3.750 | 01/31/31 | 794 | 802188 |
| &nbsp;&nbsp; U.S. Treasury Notes | 3.875 | 07/31/30 | 185 | 187905 |
| &nbsp;&nbsp; U.S. Treasury Notes | 3.875 | 09/30/32 | 5 | 5053 |
| &nbsp;&nbsp; U.S. Treasury Notes | 4.000 | 01/31/33 | 40 | 40688 |
| &nbsp;&nbsp; U.S. Treasury Notes | 4.000 | 11/15/35 | 255 | 255916 |
| &nbsp;&nbsp; U.S. Treasury Notes | 4.500 | 12/31/31 | 897 | 938172 |
| &nbsp;&nbsp; U.S. Treasury Notes | 4.625 | 02/15/35 | 1035 | 1091925 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon(k) | 2.209(s) | 02/15/42 | 1395 | 663809 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 2.526(s) | 02/15/46 | 270 | 102911 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon(k) | 4.499(s) | 08/15/44 | 1890 | 779286 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 5.206(s) | 02/15/45 | 880 | 353519 |
| &nbsp;&nbsp; **TOTAL U.S. TREASURY OBLIGATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $27,690,359) |  |  |  | 27514818 |
|  |  |  | **Shares** |  |
| &nbsp;&nbsp; **AFFILIATED EXCHANGE-TRADED FUNDS 5.8%** |  |  |  |  |
| &nbsp;&nbsp; **Fixed Income** |  |  |  |  |
| &nbsp;&nbsp; PGIM AAA CLO ETF |  |  | 90641 | 4665292 |
| &nbsp;&nbsp; PGIM Corporate Bond 0-5 Year ETF |  |  | 25000 | 1265875 |
| &nbsp;&nbsp; **TOTAL AFFILIATED EXCHANGE-TRADED FUNDS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $5,905,182)(wa) |  |  |  | 5931167 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $100,860,444) |  |  |  | 100308478 |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 2.5%** |  |  |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND 2.5%** |  |  |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.787%) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $2,533,855)(wa) |  |  | 2533855 | 2533855 |

---

See Notes to Financial Statements.

------

PGIM Active Aggregate Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | |
|:---|:---|
| **Description** | **Value** |
| &nbsp;&nbsp; **OPTIONS PURCHASED\*~ 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $1,476) | $1239 |
| &nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $2,535,331) | 2535094 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN 100.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $103,395,775) | 102843572 |
| &nbsp;&nbsp; **OPTIONS WRITTEN\*~ (0.0)%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (premiums received $1,298) | (945) |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN 100.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $103,394,477) | 102842627 |
| &nbsp;&nbsp; Liabilities in excess of other assets(z) (0.8)% | (861840) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101980787 |

---

See the Glossary for a list of the abbreviation(s) used in the semiannual report.

\* Non-income producing security.

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

~ See tables subsequent to the Schedule of Investments for options detail.

(c) Variable rate instrument. The interest rate shown reflects the rate in effect at February 28, 2026.

(cc) Variable rate instrument. The rate shown is based on the latest available information as of February 28, 2026. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

(ff) Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.

(k) Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives.

(s) Represents zero coupon bond or principal only security. Rate represents yield to maturity at purchase date.

(wa) Represents investments in Funds 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:

#### Options Purchased:

#### Exchange Traded

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  3 Month SOFR<br> Call | 03/13/26 | $96.38 | 1 | 3 | $44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $114) |  |  |  |  |  |

---

#### OTC Traded

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Counterparty** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  2-Year 30 CMS Curve CAP | Call | BOA | 05/13/26 | 1.30% |  | 55 | $— |
|  2-Year 30 CMS Curve CAP | Call | CITI | 05/13/26 | 1.30% |  | 110 |  |
|  **Total OTC Traded** (cost $123) |  |  |  |  |  |  | $— |

---

#### OTC Swaptions

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Counterparty** | **Expiration<br>Date** | **Strike** | **Receive** | **Pay** | **Notional<br>Amount<br>(000)#** | **Value** |
|  1-Year Interest Rate Swap, 08/31/27 | Call | BNP | 08/27/26 | 0.65% | 0.65%(T) | 1 Day SOFR(T)/3.680% | 130 | $5 |
|  5-Year Interest Rate Swap, 08/13/31 | Call | CITI | 08/11/26 | 3.29% | 3.29%(A) | 1 Day SOFR(A)/3.680% | 35 | 392 |
|  1-Year Interest Rate Swap, 08/31/27 | Put | BNP | 08/27/26 | 3.40% | 1 Day SOFR(T)/3.680% | 3.40%(T) | 130 | 101 |
|  2-Year Interest Rate Swap, 11/06/28 | Put | BNP | 11/04/26 | 3.21% | 1 Day SOFR(A)/3.680% | 3.21%(A) | 190 | 654 |
|  2-Year Interest Rate Swap, 11/06/28 | Put | BNP | 11/04/26 | 8.19% | 1 Day SOFR(A)/3.680% | 8.19%(A) | 190 |  |
|  5-Year Interest Rate Swap, 08/13/31 | Put | CITI | 08/11/26 | 3.89% | 1 Day SOFR(A)/3.680% | 3.89%(A) | 35 | 43 |
|  **Total OTC Swaptions** (cost $1,239) |  |  |  |  |  |  |  | $1195 |
|  **Total Options Purchased** (cost $1,476) |  |  |  |  |  |  |  | $1239 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 33

------

PGIM Active Aggregate Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

#### Options Written:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount**<br>**(000)#** | **Value** |
|  3 Month SOFR | Call | 03/13/26 | $96.50 | 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | $(19) |
| &nbsp;&nbsp;&nbsp;&nbsp; (premiums received $55) |  |  |  |  |  |  |

---

#### OTC Swaptions

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description**  | **Call/<br>Put** | **Counterparty** | **Expiration<br>Date** | **Strike** | **Receive** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pay**  | **Notional<br>Amount<br>(000)#** | **Value** |
|  1-Year Interest Rate Swap, 08/31/27 | Call | BNP | 08/27/26 | 2.65% | 1 Day SOFR(T)/ 3.680% | 2.65%(T) | 130 | $(110) |
|  5-Year Interest Rate Swap, 08/13/31 | Call | CITI | 08/11/26 | 3.09% | 1 Day SOFR(A)/ 3.680% | 3.09%(A) | 35 | (248) |
|  2-Year Interest Rate Swap, 11/06/28 | Put | BNP | 11/04/26 | 3.49% | 3.49%(A) | 1 Day SOFR(A)/ 3.680% | 190 | (310) |
|  2-Year Interest Rate Swap, 11/06/28 | Put | BNP | 11/04/26 | 3.69% | 3.69%(A) | 1 Day SOFR(A)/ 3.680% | 190 | (173) |
|  5-Year Interest Rate Swap, 08/13/31 | Put | CITI | 08/11/26 | 3.69% | 3.69%(A) | 1 Day SOFR(A)/ 3.680% | 35 | (85) |
|  **Total OTC Swaptions** (premiums received $1,243) | **Total OTC Swaptions** (premiums received $1,243) | **Total OTC Swaptions** (premiums received $1,243) |  |  |  |  |  | $(926) |
|  **Total Options Written** (premiums received $1,298) | **Total Options Written** (premiums received $1,298) | **Total Options Written** (premiums received $1,298) |  |  |  |  |  | $(945) |

---

#### Futures contracts outstanding at February 28, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number<br>of<br>Contracts** | **Type** | Expiration<br>Date | Current<br>Notional<br>Amount | Value /<br>Unrealized<br>Appreciation<br>(Depreciation) |
|  **Long Positions:** | **Long Positions:** |  |  |  |
| 33 | 2 Year U.S. Treasury Notes | Jun. 2026 | $6906023 | $10860 |
| 14 | 5 Year U.S. Treasury Notes | Jun. 2026 | 1541969 | 2787 |
| 3 | 10 Year U.S. Treasury Notes | Jun. 2026 | 341438 | 43 |
| 17 | 10 Year U.S. Ultra Treasury Notes | Jun. 2026 | 1984484 | 14285 |
|  |  |  |  | 27975 |
|  **Short Positions:** | **Short Positions:** |  |  |  |
| 8 | 20 Year U.S. Treasury Bonds | Jun. 2026 | 947750 | (12215) |
| 2 | 30 Year U.S. Ultra Treasury Bonds | Jun. 2026 | 243188 | (2331) |
|  |  |  |  | (14546) |
|  |  |  |  | $13429 |

---

#### Credit default swap agreements outstanding at February 28, 2026:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed<br>Rate** | **Notional**<br>**Amount**<br>**(000)#(3)** | **Fair<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Counterparty** |
|  **OTC Credit Default Swap Agreement on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreement on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreement on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreement on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreement on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreement on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreement on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreement on corporate and/or sovereign issues - Buy Protection(1):** |
|  Republic of France | 12/20/30 | 0.250%(Q) | 75 | $(499) | $(216) | $(283) | BARC |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference<br>Entity/<br>Obligation** | **Termination<br>Date** | **Fixed<br>Rate** | **Notional**<br>**Amount**<br>**(000)#(3)** | **Implied<br>Credit<br>Spread at<br>February 28,<br>2026(4)** | **Fair<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Counterparty** |
|  **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** |  |
|  Kingdom of Saudi Arabia | 03/20/26 | 1.000%(Q) | 10 | 0.324% | $23 | $4 | $19 | CITI |

---

See Notes to Financial Statements.

------

PGIM Active Aggregate Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

#### Credit default swap agreements outstanding at February 28, 2026 (continued):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation** | **Termination<br> Date** | **Fixed<br> Rate** | **Notional**<br>**Amount**<br> **(000)#(3)** | **Implied<br>Credit<br>Spread at<br>February 28,<br>2026(4)** | **Fair<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Counterparty** |
|  **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** |
|  Kingdom of Saudi Arabia | 06/20/26 | 1.000%(Q) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | 0.314% | $40 | $23 | $17 | CITI |
|  Republic of France | 12/20/30 | 0.250%(Q) | 75 | 0.231% | 99 | (445) | 544 | BARC |
|  |  |  |  |  | $162 | $(418) | $580 |  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed<br>Rate** | **Notional**<br>**Amount**<br>**(000)#(3)** | **Implied<br>Credit<br>Spread at<br>February 28,<br>2026(4)** | **Value at<br>Trade Date** | **Value at<br>February 28,<br>2026** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** |
|  CDX.NA.IG.45.V1 | 12/20/30 | 1.000%(Q) | 5225 | 0.558% | $109757 | $111651 | $1894 |

---

The Fund entered into credit default swaps ("CDS") to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer's default or the reference entity's credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be short the credit as the value of the contract rises the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases.

(1) If the Fund is a buyer of protection, it pays the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(2) If the Fund is a seller of protection, it receives the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(3) Notional amount represents the maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(4) Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements where the Fund is the seller of protection as of the reporting date serve as an indicator of the current status of the payment/ performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include up-front payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

#### Interest rate swap agreements outstanding at February 28, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br> Amount<br> (000)#**  | **Termination<br>Date** | **Fixed**<br>**Rate** | **Floating**<br> **Rate** | **Value at<br>Trade Date** | **Value at<br>February 28,<br>2026** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** |  |  |
| 2005 | 05/13/27 | 4.497%(A) | 1 Day SOFR(2)(A)/ 3.680% | $298 | $29895 | $29597 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 35

------

PGIM Active Aggregate Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

#### Interest rate swap agreements outstanding at February 28, 2026 (continued):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Notional <br> Amount <br> (000)#** | **Termination<br>Date** | **Fixed**<br>**Rate** | **Floating**<br> **Rate** | **Value at<br>Trade Date** | **Value at<br>February 28,<br>2026** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** |
| 1250 | 05/13/29 | 4.253%(A) | 1 Day SOFR(1)(A)/ 3.680% | $(984) | $(40754) | $(39770) |
| 70 | 05/11/54 | 1.350%(A) | 1 Day SOFR(1)(A)/ 3.680% | 29968 | 32548 | 2580 |
|  |  |  |  | $29282 | $21689 | $(7593) |

---

(1) The Fund pays the fixed rate and receives the floating rate.

(2) The Fund pays the floating rate and receives the fixed rate.

#### Total return swap agreement outstanding at February 28, 2026:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Financing**<br> **Rate** | **Counterparty** | **Termination<br>Date** | **Long (Short)<br>Notional<br>Amount<br>(000)#(1)** | **Fair<br>Value** | **Upfront<br>Premiums<br>Paid**<br>**(Received)** | **Unrealized<br>Appreciation**<br>**(Depreciation)(2)** |
|  **OTC Total Return Swap Agreement:** | **OTC Total Return Swap Agreement:** |  |  |  |  |  |  |
|  Total Return Benchmark Bond Index(T) | 1 Day SOFR -54bps(T)/ 3.140% | JPM | 03/17/26 | (235) | $4089 | $— | $4089 |

---

(1) On a long total return swap, the Fund receives payments for any positive return on the reference entity (makes payments for any negative return) and pays the financing rate. On a short total return swap, the Fund makes payments for any positive return on the reference entity (receives payments for any negative return) and receives the financing rate.

(2) Upfront/recurring fees or commissions, as applicable, are included in the net unrealized appreciation (depreciation).

#### Balances Reported in the Statement of Assets and Liabilities for OTC Swap Agreements:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Premiums Paid** | **Premiums Received** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  OTC Swap Agreements | $27 | $(661) | $4669 | $(283) |

---

#### Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:
Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:

---

| | | |
|:---|:---|:---|
| **Broker** | **Cash and/or Foreign Currency** | **Securities Market Value** |
|  CGM | $— | $349749 |
|  JPS |  | 207810 |
|  **Total** | $— | $557559 |

---

#### Fair Value Measurements:
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of February 28, 2026 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Asset-Backed Securities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Automobiles | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $3141780 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Loan Obligations |  | 2114531 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Loans |  | 710227 |  |

---

See Notes to Financial Statements.

------

PGIM Active Aggregate Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities (continued)** |  |  |  |
|  **Assets (continued)** |  |  |  |
|  **Long-Term Investments (continued)** |  |  |  |
|  Asset-Backed Securities (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equipment | $— | $505214 | $— |
|  Commercial Mortgage-Backed Securities |  | 4749440 |  |
|  Corporate Bonds |  | 27705739 |  |
|  Municipal Bonds |  | 190938 |  |
|  Residential Mortgage-Backed Securities |  | 65242 |  |
|  Sovereign Bonds |  | 961936 |  |
|  U.S. Government Agency Obligations |  | 26717446 |  |
|  U.S. Treasury Obligations |  | 27514818 |  |
|  Affiliated Exchange-Traded Funds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | 5931167 |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Fund | 2533855 |  |  |
|  Options Purchased | 44 | 1195 |  |
|  **Total** | $**8465066** | $**94378506** | **$—** |
|  **Liabilities** |  |  |  |
|  Options Written | $**(19)** | $**(926)** | **$—** |
|  **Other Financial Instruments\*** |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts | $27975 | $— | $— |
|  Centrally Cleared Credit Default Swap Agreement |  | 1894 |  |
|  OTC Credit Default Swap Agreements |  | 162 |  |
|  Centrally Cleared Interest Rate Swap Agreements |  | 32177 |  |
|  OTC Total Return Swap Agreement |  | 4089 |  |
|  **Total** | $**27975** | $**38322** | **$—** |
|  **Liabilities** |  |  |  |
|  Futures Contracts | $(14546) | $— | $— |
|  OTC Credit Default Swap Agreement |  | (499) |  |
|  Centrally Cleared Interest Rate Swap Agreement |  | (39770) |  |
|  **Total** | $**(14546)** | $**(40269)** | **$—** |

---

\* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forward foreign currency exchange contracts and centrally cleared swap contracts, which are recorded at unrealized appreciation (depreciation) on the instrument, and OTC swap contracts which are recorded at fair value. 

#### Industry Classification:
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of February 28, 2026 were as follows:

---

| | |
|:---|:---|
|  U.S. Treasury Obligations | 27 |
|  U.S. Government Agency Obligations | 26.2 |
|  Banks | 6.3 |
|  Affiliated Exchange-Traded Funds | 5.8 |
|  Commercial Mortgage-Backed Securities | 4.6 |
|  Electric | 3.8 |
|  Automobiles | 3.1 |
|  Affiliated Mutual Fund | 2.5 |
|  Collateralized Loan Obligations | 2 |
|  Real Estate Investment Trusts (REITs) | 2 |
|  Pipelines | 1.7 |
|  Pharmaceuticals | 1.5 |
|  Healthcare-Services | 1 |
|  Sovereign Bonds | 0.9 |
|  Oil & Gas | 0.9 |
|  Agriculture | 0.9 |
|  Telecommunications | 0.8 |
|  Insurance | 0.7 |
|  Consumer Loans | 0.7 |

---

---

| | |
|:---|:---|
|  Aerospace & Defense | 0.6 |
|  Semiconductors | 0.5 |
|  Internet | 0.5 |
|  Beverages | 0.5 |
|  Equipment | 0.5 |
|  Commercial Services | 0.5 |
|  Mining | 0.5 |
|  Media | 0.4 |
|  Foods | 0.4 |
|  Chemicals | 0.4 |
|  Home Builders | 0.3 |
|  Software | 0.3 |
|  Gas | 0.2 |
|  Miscellaneous Manufacturing | 0.2 |
|  Auto Parts & Equipment | 0.2 |
|  Engineering & Construction | 0.2 |
|  Diversified Financial Services | 0.2 |
|  Municipal Bonds | 0.2 |
|  Real Estate | 0.2 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 37

------

PGIM Active Aggregate Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

#### Industry Classification (continued) :

---

| | |
|:---|:---|
|  Trucking & Leasing | 0.2 |
|  Biotechnology | 0.2 |
|  Lodging | 0.2 |
|  Retail | 0.2 |
|  Building Materials | 0.1 |
|  Computers | 0.1 |
|  Transportation | 0.1 |
|  Machinery-Diversified | 0.1 |
|  Airlines | 0.1 |
|  Auto Manufacturers | 0.1 |
|  Residential Mortgage-Backed Securities | 0.1 |
|  Leisure Time | 0.1 |

---

---

| | |
|:---|:---|
|  Machinery-Construction & Mining | 0.0 |
|  Options Purchased | 0.0 |
|  | 100.8 |
|  Options Written | (0.0) |
|  Liabilities in excess of other assets | (0.8) |
|  | 100.0 |

---

\* Less than 0.05%

#### Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:
The Fund invested in derivative instruments during the reporting period. The primary types of risk associated with these derivative instruments are credit risk and interest rate risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Fund's financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of February 28, 2026 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset Derivatives** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset Derivatives** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liability Derivatives** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liability Derivatives** |
| **Derivatives not accounted for<br>as hedging instruments,<br>carried at fair value**  | **Statement of<br>Assets and<br>Liabilities Location** | **Fair<br>Value** | **Statement of<br>Assets and<br>Liabilities Location** | **Fair<br>Value** |
|  Credit contracts | Due from/to broker-variation margin swaps | $1894 \* |  | $— |
|  Credit contracts | Premiums paid for OTC swap agreements | 27 | Premiums received for OTC swap agreements | 661 |
|  Credit contracts | Unrealized appreciation on OTC swap agreements | 580 | Unrealized depreciation on OTC swap agreements | 283 |
|  Interest rate contracts | Due from/to broker-variation margin futures | 27975 \* | Due from/to broker-variation margin futures | 14546 \* |
|  Interest rate contracts | Due from/to broker-variation margin swaps | 32177 \* | Due from/to broker-variation margin swaps | 39770 \* |
|  Interest rate contracts | Unaffiliated investments | 1239 | Options written outstanding, at value | 945 |
|  Interest rate contracts | Unrealized appreciation on OTC swap agreements | 4089 |  |  |
|  |  | $67981 |  | $56205 |

---

\* Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

The effects of derivative instruments on the Statement of Operations for the six months ended February 28, 2026 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** |
| **Derivatives not accounted for as hedging<br>instruments, carried at fair value** | **Options<br>Purchased(1)** | **Futures** | **Swaps** |
|  Credit contracts | $— | $— | $29538 |
|  Interest rate contracts | (69) | (40925) | (16302) |
|  **Total** | $(69) | $(40925) | $13236 |

---

(1) Included in net realized gain (loss) on investment transactions in the Statement of Operations.

See Notes to Financial Statements.

------

PGIM Active Aggregate Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **<u>carried at fair value</u>** | **Options<br>Purchased(2)** | **Options<br>Written** | **Futures** | **Swaps** |
|  Credit contracts | $— | $— | $— | $(25413) |
|  Interest rate contracts | (242) | 509 | (4187) | (89) |
|  **Total** | $(242) | $509 | $(4187) | $(25502) |

---

(2) Included in net change in unrealized appreciation (depreciation) on investments in the Statement of Operations.

For the six months ended February 28, 2026, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Options Purchased (1) | $969 |
|  Options Written (2) | 689167 |
|  Futures Contracts - Long Positions (2) | 11594010 |
|  Futures Contracts - Short Positions (2) | 3817053 |
|  Credit Default Swap Agreements - Buy Protection (2) | 88333 |
|  Credit Default Swap Agreements - Sell Protection (2) | 4500000 |
|  Interest Rate Swap Agreements (2) | 3325000 |
|  Total Return Swap Agreements (2) | 234276 |

---

\* Average volume is based on average quarter end balances for the six months ended February 28, 2026.

(1) Cost.

(2) Notional Amount in USD.

#### Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:
The Fund invested in OTC derivatives during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for OTC derivatives where the legal right to set-off exists is presented in the summary below.

#### Offsetting of OTC derivative assets and liabilities:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amounts of <br>Recognized**<br>**Assets(1)** | **Gross Amounts of <br>Recognized**<br>**Liabilities(1)** | **Net Amounts of<br>Recognized<br> Assets/(Liabilities)** | **Collateral<br> Pledged/(Received)(2)** | **Net Amount** |
|  BARC | $544 | $(944) | $(400) | $– | $(400) |
|  BNP | 760 | (593) | 167 | – | 167 |
|  CITI | 498 | (333) | 165 | – | 165 |
|  JPM | 4089 |  | 4089 | – | 4089 |
|  | $5891 | $(1870) | $4021 | $– | $4021 |

---

(1) Includes unrealized appreciation/(depreciation) on swaps and forwards, premiums paid/(received) on swap agreements and market value of purchased and written options, as represented on the Statement of Assets and Liabilities.

(2) Collateral amount disclosed by the Fund is limited to the market value of financial instruments/transactions and the Fund's OTC derivative exposure by counterparty.

See Notes to Financial Statements.

PGIM Fixed Income ETFs 39

------

PGIM Active Aggregate Bond ETF

Statement of Assets & Liabilities (unaudited)

as of February 28, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $94,956,738) | $94378550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $8,439,037) | 8465022 |
| &nbsp;&nbsp; Receivable for investments sold | 2287994 |
| &nbsp;&nbsp; Interest receivable | 595447 |
| &nbsp;&nbsp; Due from broker—variation margin futures | 13596 |
| &nbsp;&nbsp; Unrealized appreciation on OTC swap agreements | 4669 |
| &nbsp;&nbsp; Tax reclaim receivable | 535 |
| &nbsp;&nbsp; Premiums paid for OTC swap agreements | 27 |
| &nbsp;&nbsp; **Total Assets** | 105745840 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Payable for investments purchased | 3737830 |
| &nbsp;&nbsp; Management fee payable | 13742 |
| &nbsp;&nbsp; Due to broker—variation margin swaps | 7775 |
| &nbsp;&nbsp; Other liabilities | 3817 |
| &nbsp;&nbsp; Options written outstanding, at value (premiums received $1,298) | 945 |
| &nbsp;&nbsp; Premiums received for OTC swap agreements | 661 |
| &nbsp;&nbsp; Unrealized depreciation on OTC swap agreements | 283 |
| &nbsp;&nbsp; **Total Liabilities** | 3765053 |
| &nbsp;&nbsp; **Net Assets** | $101980787 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest, at par | $2350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 106885364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (4906927) |
| &nbsp;&nbsp; **Net assets, February 28, 2026** | $101980787 |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share.<br> ($101,980,787 ÷ 2,350,000 shares of common stock issued and outstanding) | $43.40 |

---

See Notes to Financial Statements.

------

PGIM Active Aggregate Bond ETF

Statement of Operations (unaudited)

Six Months Ended February 28, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Income |  |
| &nbsp;&nbsp; Interest income | $1928886 |
| &nbsp;&nbsp; Affiliated dividend income | 159439 |
| &nbsp;&nbsp; **Total income** | 2088325 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 88298 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (5292) |
| &nbsp;&nbsp; **Net expenses** | 83006 |
| &nbsp;&nbsp; Net investment income (loss) | 2005319 |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investments** |  |
| &nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions | 219757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated net capital gain distributions received | 524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | (40925) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreement transactions | 13236 |
|  | 192592 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments (including affiliated of $3,088) | 1715693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | (4187) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | 509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | (25502) |
|  | 1686513 |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | 1879105 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $3884424 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 41

------

PGIM Active Aggregate Bond ETF

Statements of Changes in Net Assets (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>February 28, 2026** | **Year Ended<br>August 31, 2025** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $2005319 | $2582371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions | 192592 | (1254121) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 1686513 | 985185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 3884424 | 2313435 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from distributable earnings | (2073462) | (2498883) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from shares sold (700,000 and 1,275,000 shares, respectively) | 30012313 | 53883457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares purchased (325,000 and 350,000 shares, respectively) | (13953301) | (14627000) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 16059012 | 39256457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) | 17869974 | 39071009 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 84110813 | 45039804 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $101980787 | $84110813 |

---

See Notes to Financial Statements.

------

PGIM Active Aggregate Bond ETF

Financial Highlights (unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Year Ended**<br> **August 31,** | **Year Ended**<br> **August 31,** | **Year Ended**<br> **August 31,** | **Year Ended**<br> **August 31,** | |
|  | **Six Months<br>Ended**<br>**February 28, 2026** | **2025** | **2024** | **2023** | **2022** | **April 12, 2021<sup>(a)</sup>through**<br>**August 31, 2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(b)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $42.59 | $42.90 | $41.33 | $43.19 | $51.07 | $50.00 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.92 | 1.75 | 1.66 | 1.44 | 0.95 | 0.25 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 0.86 | (0.32) | 1.59 | (1.83) | (7.27) | 1.05 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.78 | 1.43 | 3.25 | (0.39) | (6.32) | 1.30 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.97) | (1.74) | (1.68) | (1.47) | (1.02) | (0.23) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  |  | (0.54) |  |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.97) | (1.74) | (1.68) | (1.47) | (1.56) | (0.23) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $43.40 | $42.59 | $42.90 | $41.33 | $43.19 | $51.07 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 4.22% | 3.45% | 8.13% | (0.92)% | (12.62)% | 2.59% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $101981 | $84111 | $45040 | $43394 | $43186 | $26810 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $93716 | $62295 | $43993 | $42451 | $38280 | $27915 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.18 %<sup>(e)</sup> | 0.16% | 0.18% | 0.19% | 0.19% | 0.19 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.19 %<sup>(e)</sup> | 0.19% | 0.19% | 0.19% | 0.19% | 0.19 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 4.32 %<sup>(e)</sup> | 4.15% | 4.01% | 3.44% | 2.02% | 1.28 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)(g)</sup> | 65% | 134% | 67% | 142% | 409% | 337% |

---

(a) Commencement of operations.

(b) Calculated based on average shares outstanding during the period.

(c) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(d) Does not include expenses of the underlying funds in which the Fund invests.

(e) Annualized.

(f) The Fund accounts for mortgage dollar roll transactions, when applicable, as purchases and sales which, as a result, can increase its portfolio turnover rate.

(g) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Fixed Income ETFs 43

------

PGIM Active High Yield Bond ETF

Schedule of Investments (unaudited)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 97.6%** |  |  |  |  |
| &nbsp;&nbsp; **ASSET-BACKED SECURITY 0.1%** |  |  |  |  |
| &nbsp;&nbsp; **Collateralized Loan Obligation** | &nbsp;&nbsp; **Collateralized Loan Obligation** | &nbsp;&nbsp; **Collateralized Loan Obligation** | &nbsp;&nbsp; **Collateralized Loan Obligation** | &nbsp;&nbsp; **Collateralized Loan Obligation** |
| &nbsp;&nbsp; Madison Park Funding Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-33A, Class AR, 144A, 3 Month SOFR + 1.290% (Cap N/A, Floor 1.290%)<br>(cost $876,286) | 4.962%(c) | 10/15/32 | 876 | $877811 |
| &nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITY 0.0%** |  |  |  |  |
| &nbsp;&nbsp; BX Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-OC11, Class E, 144A<br>(cost $519,920) | 3.944(cc) | 12/09/41 | 570 | 533580 |
| &nbsp;&nbsp; **CORPORATE BONDS 91.1%** |  |  |  |  |
| &nbsp;&nbsp; **Advertising 0.5%**<br>|  |  |  |  |
| &nbsp;&nbsp; Clear Channel Outdoor Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.500 | 06/01/29 | 609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.125 | 02/15/31 | 50 | 52823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.875 | 04/01/30 | 3484 | 3671664 |
| &nbsp;&nbsp; Neptune Bidco US, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.290 | 04/15/29 | 1000 | 1003033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.500 | 02/15/33 | 685 | 671280 |
|  |  |  |  | 6012238 |
| &nbsp;&nbsp; **Aerospace & Defense 2.2%**<br>|  |  |  |  |
| &nbsp;&nbsp; ATI, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 7.250 | 08/15/30 | 429 | 449196 |
| &nbsp;&nbsp; Bombardier, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.000 | 02/15/28 | 1237 | 1235911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.750 | 06/15/33 | 708 | 746190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.000 | 06/01/32 | 644 | 677810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.250 | 07/01/31 | 375 | 398186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.450 | 05/01/34 | 400 | 448772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.500 | 02/01/29 | 1741 | 1808203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 8.750 | 11/15/30 | 3326 | 3558354 |
| &nbsp;&nbsp; TransDigm, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.625 | 01/15/29 | 1320 | 1315164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.125 | 07/31/34 | 480 | 487577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.375 | 05/31/33 | 713 | 728238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.375 | 03/01/29 | 1389 | 1428156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.625 | 03/01/32 | 1449 | 1500631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.750 | 08/15/28 | 12113 | 12327258 |
|  |  |  |  | 27109646 |
| &nbsp;&nbsp; **Airlines 1.8%**<br>|  |  |  |  |
| &nbsp;&nbsp; American Airlines, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.250 | 02/15/28 | 2708 | 2759372 |
| &nbsp;&nbsp; American Airlines, Inc./AAdvantage Loyalty IP Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.500 | 04/20/26 | 4706 | 4711991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.750 | 04/20/29 | 565 | 570752 |
| &nbsp;&nbsp; United Airlines Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.875 | 03/01/29 | 1214 | 1222692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.375 | 03/01/31 | 898 | 915191 |
| &nbsp;&nbsp; United Airlines, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.625 | 04/15/29 | 1543 | 1543544 |
| &nbsp;&nbsp; VistaJet Malta Finance PLC/Vista Management Holding, Inc. (Switzerland), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.375 | 02/01/30 | 462 | 427724 |

---

See Notes to Financial Statements.

------

PGIM Active High Yield Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Airlines (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; VistaJet Malta Finance PLC/Vista Management Holding, Inc. (Switzerland), (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.875% | 05/01/27 | 8929 | $8954001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 9.500 | 06/01/28 | 1825 | 1882542 |
|  |  |  |  | 22987809 |
| &nbsp;&nbsp; **Apparel 0.5%** |  |  |  |  |
| &nbsp;&nbsp; Kontoor Brands, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.125 | 11/15/29 | 1481 | 1411009 |
| &nbsp;&nbsp; Wolverine World Wide, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.000 | 08/15/29 | 4508 | 4254340 |
|  |  |  |  | 5665349 |
| &nbsp;&nbsp; **Auto Manufacturers 0.9%** |  |  |  |  |
| &nbsp;&nbsp; Ford Motor Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.750 | 01/15/43 | 902 | 725468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 7.400 | 11/01/46 | 1475 | 1611798 |
| &nbsp;&nbsp; Ford Motor Credit Co. LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.700 | 08/10/26 | 1000 | 992753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.800 | 03/08/29 | 1125 | 1158610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.875 | 11/07/29 | 200 | 206740 |
| &nbsp;&nbsp; JB Poindexter & Co., Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 8.750 | 12/15/31 | 870 | 902387 |
| &nbsp;&nbsp; New Flyer Holdings, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 9.250 | 07/01/30 | 863 | 932808 |
| &nbsp;&nbsp; Nissan Motor Acceptance Co. LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | 5.625 | 09/29/28 | 385 | 387487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | 6.125 | 09/30/30 | 560 | 561247 |
| &nbsp;&nbsp; Nissan Motor Co. Ltd. (Japan), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.810 | 09/17/30 | 200 | 189898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.500 | 07/17/30 | 660 | 695917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.750 | 07/17/32 | 800 | 852232 |
| &nbsp;&nbsp; PM General Purchaser LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.500 | 10/01/28 | 2376 | 2224843 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11442188 |
| &nbsp;&nbsp; **Auto Parts & Equipment 2.2%** |  |  |  |  |
| &nbsp;&nbsp; Adient Global Holdings Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.000 | 04/15/28 | 1432 | 1460454 |
| &nbsp;&nbsp; American Axle & Manufacturing, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.750 | 10/15/33 | 810 | 822960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.375 | 10/15/32 | 2900 | 2952414 |
| &nbsp;&nbsp; Clarios Global LP/Clarios US Finance Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.750 | 09/15/32 | 3542 | 3674294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.750 | 02/15/30 | 2039 | 2135771 |
| &nbsp;&nbsp; Garrett Motion Holdings, Inc./Garrett LX I Sarl, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.750 | 05/31/32 | 1351 | 1427826 |
| &nbsp;&nbsp; Phinia, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.750 | 04/15/29 | 3936 | 4072184 |
| &nbsp;&nbsp; Qnity Electronics, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.250 | 08/15/33 | 310 | 322089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.750 | 08/15/32 | 1194 | 1221672 |
| &nbsp;&nbsp; Tenneco, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.000 | 11/17/28 | 5963 | 5963036 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 45

------

PGIM Active High Yield Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Auto Parts & Equipment (cont'd.)**<br>|  |  |  |  |
| &nbsp;&nbsp; Titan International, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 7.000% | 04/30/28 | 2302 | $2305634 |
| &nbsp;&nbsp; ZF North America Capital, Inc. (Germany), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.500 | 03/24/31 | 1250 | 1283738 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27642072 |
| &nbsp;&nbsp; **Banks 1.0%**<br>|  |  |  |  |
| &nbsp;&nbsp; Bank of America Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | 6.250(ff) | 07/26/30(oo) | 1380 | 1417421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | 6.625(ff) | 05/01/30(oo) | 75 | 78430 |
| &nbsp;&nbsp; Citigroup, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | 6.625(ff) | 02/15/31(oo) | 315 | 323155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series EE | 6.750(ff) | 02/15/30(oo) | 910 | 930680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series FF | 6.950(ff) | 02/15/30(oo) | 198 | 203556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series GG | 6.875(ff) | 08/15/30(oo) | 870 | 893068 |
| &nbsp;&nbsp; Freedom Mortgage Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.625 | 01/15/27 | 5332 | 5332707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 12.250 | 10/01/30 | 2616 | 2845910 |
| &nbsp;&nbsp; Goldman Sachs Group, Inc. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | 6.850(ff) | 02/10/30(oo) | 780 | 815264 |
|  |  |  |  | 12840191 |
| &nbsp;&nbsp; **Biotechnology 0.0%**<br>|  |  |  |  |
| &nbsp;&nbsp; BioMarin Pharmaceutical, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.500 | 02/15/34 | 610 | 615321 |
| &nbsp;&nbsp; **Building Materials 1.5%** |  |  |  |  |
| &nbsp;&nbsp; Builders FirstSource, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.000 | 03/01/30 | 1469 | 1459768 |
| &nbsp;&nbsp; Camelot Return Merger Sub, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.750 | 08/01/28 | 1900 | 1433454 |
| &nbsp;&nbsp; Cornerstone Building Brands, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.125 | 01/15/29 | 1446 | 721387 |
| &nbsp;&nbsp; CP Atlas Buyer, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.750 | 07/15/30 | 375 | 375164 |
| &nbsp;&nbsp; Griffon Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.750 | 03/01/28 | 753 | 752287 |
| &nbsp;&nbsp; Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.750 | 04/01/32 | 611 | 616312 |
| &nbsp;&nbsp; MIWD Holdco II LLC/MIWD Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.500 | 02/01/30 | 737 | 689963 |
| &nbsp;&nbsp; Quikrete Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.375 | 03/01/32 | 1538 | 1598662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.750 | 03/01/33 | 3644 | 3787054 |
| &nbsp;&nbsp; Smyrna Ready Mix Concrete LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.000 | 11/01/28 | 692 | 691965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.875 | 11/15/31 | 2059 | 2186697 |
| &nbsp;&nbsp; Standard Building Solutions, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.250 | 08/01/33 | 889 | 905299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.500 | 08/15/32 | 368 | 379122 |
| &nbsp;&nbsp; Standard Industries, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.375 | 01/15/31 | 144 | 133001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.375 | 07/15/30 | 2799 | 2700860 |
|  |  |  |  | 18430995 |

---

See Notes to Financial Statements.

------

PGIM Active High Yield Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Chemicals 1.7%**<br>|  |  |  |  |
| &nbsp;&nbsp; Ashland, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.875% | 05/15/43 | 2168 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2283678 |
| &nbsp;&nbsp; Chemours Co. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.875 | 03/15/34 | 1015 | 1012625 |
| &nbsp;&nbsp; Cornerstone Chemical Co. LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, Cash coupon 10.000% or PIK 10.000%^(x) | 10.000 | 05/07/29 | 43 | 36403 |
| &nbsp;&nbsp; Methanex US Operations, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.250 | 03/15/32 | 178 | 184253 |
| &nbsp;&nbsp; Olympus Water US Holding Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.250 | 10/01/28 | 3000 | 2918419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.750 | 08/01/32 | 650 | 640598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.250 | 06/15/31 | 3177 | 3252046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.250 | 02/15/33 | 1820 | 1812686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.250 | 10/01/29 | 1825 | 1791775 |
| &nbsp;&nbsp; Perimeter Holdings LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.250 | 01/15/34 | 571 | 573149 |
| &nbsp;&nbsp; SK Invictus Intermediate II Sarl, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.000 | 10/30/29 | 3113 | 3066305 |
| &nbsp;&nbsp; SNF Group SACA (France), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.125 | 03/15/27 | 200 | 197433 |
| &nbsp;&nbsp; Solstice Advanced Materials, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.625 | 09/30/33 | 3636 | 3677502 |
|  |  |  |  | 21446872 |
| &nbsp;&nbsp; **Coal 0.1%**<br>|  |  |  |  |
| &nbsp;&nbsp; Coronado Finance Pty Ltd. (Australia), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.250 | 10/01/29 | 966 | 894758 |
| &nbsp;&nbsp; **Commercial Services 5.4%**<br>|  |  |  |  |
| &nbsp;&nbsp; Allied Universal Holdco LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.875 | 02/15/31 | 6782 | 7164761 |
| &nbsp;&nbsp; Allied Universal Holdco LLC/Allied Universal Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.875 | 06/15/30 | 5703 | 5938324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.000 | 06/01/29 | 400 | 395984 |
| &nbsp;&nbsp; Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.625 | 06/01/28 | 1600 | 1582512 |
| &nbsp;&nbsp; Alta Equipment Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 9.000 | 06/01/29 | 443 | 419922 |
| &nbsp;&nbsp; AMN Healthcare, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.000 | 04/15/29 | 1237 | 1183058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.500 | 01/15/31 | 1602 | 1608618 |
| &nbsp;&nbsp; Avis Budget Car Rental LLC/Avis Budget Finance, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.750 | 04/01/28 | 2830 | 2766905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.375 | 03/01/29 | 736 | 704829 |
| &nbsp;&nbsp; Block, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.625 | 08/15/30 | 2767 | 2803096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.000 | 08/15/33 | 1359 | 1380369 |
| &nbsp;&nbsp; Clarivate Science Holdings Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.875 | 07/01/29 | 301 | 247326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 3.875 | 07/01/28 | 1450 | 1356774 |
| &nbsp;&nbsp; CompoSecure Holdings LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.625 | 02/01/33 | 600 | 596976 |
| &nbsp;&nbsp; Covista, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.500 | 03/01/28 | 279 | 279000 |
| &nbsp;&nbsp; DCLI Bidco LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Mortgage, 144A | 7.750 | 11/15/29 | 2199 | 2254805 |
| &nbsp;&nbsp; Herc Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.750 | 03/15/31 | 581 | 589003 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 47

------

PGIM Active High Yield Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Commercial Services (cont'd.)**<br>|  |  |  |  |
| &nbsp;&nbsp; Herc Holdings, Inc., (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.000% | 03/15/34 | 383 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.625 | 06/15/29 | 6183 | 6384036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.000 | 06/15/30 | 961 | 1006794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.250 | 06/15/33 | 235 | 248034 |
| &nbsp;&nbsp; Hertz Corp. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.625 | 12/01/26 | 1805 | 1646042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 12.625 | 07/15/29 | 450 | 414416 |
| &nbsp;&nbsp; Mavis Tire Express Services Topco Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.500 | 05/15/29 | 4585 | 4583396 |
| &nbsp;&nbsp; NESCO Holdings II, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 5.500 | 04/15/29 | 3499 | 3483900 |
| &nbsp;&nbsp; Service Corp. International, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.375 | 08/15/30 | 255 | 239942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.000 | 05/15/31 | 469 | 448354 |
| &nbsp;&nbsp; Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.750 | 08/15/32 | 1959 | 1917722 |
| &nbsp;&nbsp; United Rentals North America, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.750 | 01/15/32 | 2151 | 2031340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.875 | 02/15/31 | 513 | 494281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.875 | 01/15/28 | 3813 | 3810373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.375 | 11/15/33 | 1959 | 1974437 |
| &nbsp;&nbsp; Valvoline, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.625 | 06/15/31 | 729 | 677617 |
| &nbsp;&nbsp; Veritiv Operating Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 10.500 | 11/30/30 | 2110 | 2261273 |
| &nbsp;&nbsp; VT Topco, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.500 | 08/15/30 | 1300 | 1292433 |
| &nbsp;&nbsp; WEX, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.500 | 03/15/33 | 1192 | 1196347 |
| &nbsp;&nbsp; Williams Scotsman, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.625 | 06/15/29 | 676 | 698122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.625 | 04/15/30 | 609 | 630317 |
|  |  |  |  | 67096644 |
| &nbsp;&nbsp; **Computers 1.1%**<br>|  |  |  |  |
| &nbsp;&nbsp; Fortress Intermediate 3, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.500 | 06/01/31 | 2034 | 1988924 |
| &nbsp;&nbsp; McAfee Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.375 | 02/15/30 | 7941 | 6496671 |
| &nbsp;&nbsp; NCR Atleos Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.500 | 04/01/29 | 4207 | 4513240 |
| &nbsp;&nbsp; NCR Voyix Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.000 | 10/01/28 | 688 | 676601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.125 | 04/15/29 | 269 | 263694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.250 | 10/01/30 | 7 | 6598 |
| &nbsp;&nbsp; Seagate Data Storage Technology Pte Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.875 | 07/15/30 | 439 | 451208 |
|  |  |  |  | 14396936 |
| &nbsp;&nbsp; **Cosmetics/Personal Care 0.2%** |  |  |  |  |
| &nbsp;&nbsp; P&L Development LLC/PLD Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 9.000% and PIK 3.500% or Cash coupon 12.000% | 12.000 | 05/15/29 | 2182 | 2180970 |

---

See Notes to Financial Statements.

------

PGIM Active High Yield Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Distribution/Wholesale 0.3%** |  |  |  |  |
| &nbsp;&nbsp; Velocity Vehicle Group LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 8.000% | 06/01/29 | 831 | $788120 |
| &nbsp;&nbsp; Windsor Holdings III LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.500 | 06/15/30 | 3399 | 3565484 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4353604 |
| &nbsp;&nbsp; **Diversified Financial Services 6.1%** |  |  |  |  |
| &nbsp;&nbsp; Azorra Finance Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.250 | 01/15/31 | 432 | 450900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.750 | 04/15/30 | 2145 | 2246888 |
| &nbsp;&nbsp; Bread Financial Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.750 | 05/15/31 | 432 | 440874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | 8.375(ff) | 06/15/35 | 468 | 477038 |
| &nbsp;&nbsp; Encore Capital Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.625 | 04/15/31 | 1820 | 1841672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.500 | 05/15/30 | 400 | 428095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.250 | 04/01/29 | 775 | 813862 |
| &nbsp;&nbsp; Freedom Funding Center LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, Cash coupon 12.000% or PIK 13.000% | 12.000 | 10/01/37 | 1050 | 1100898 |
| &nbsp;&nbsp; Freedom Mortgage Holdings LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.875 | 05/01/31 | 3676 | 3547060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 9.250 | 02/01/29 | 373 | 389551 |
| &nbsp;&nbsp; GGAM Finance Ltd. (Ireland), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.000 | 02/15/27 | 4657 | 4709391 |
| &nbsp;&nbsp; goeasy Ltd. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.875 | 05/15/30 | 114 | 100530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.875 | 02/15/31 | 556 | 479550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 9.250 | 12/01/28 | 2983 | 2956422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.375 | 10/01/30 | 280 | 249144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.625 | 07/01/29 | 1571 | 1472813 |
| &nbsp;&nbsp; Jefferies Finance LLC/JFIN Co-Issuer Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.625 | 10/15/31 | 2100 | 2047376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.000 | 08/15/28 | 200 | 191187 |
| &nbsp;&nbsp; Macquarie Airfinance Holdings Ltd. (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.400 | 03/26/29 | 137 | 144407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.500 | 03/26/31 | 980 | 1054791 |
| &nbsp;&nbsp; Navient Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.875 | 03/15/28 | 771 | 733280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.000 | 03/15/27 | 2508 | 2466360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.500 | 03/15/29 | 205 | 191476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.750 | 06/15/26 | 3106 | 3112931 |
| &nbsp;&nbsp; Nomura Holdings, Inc. (Japan), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | 7.000(ff) | 07/15/30(oo) | 200 | 208410 |
| &nbsp;&nbsp; OneMain Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.875 | 09/15/28 | 4378 | 4235881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.000 | 09/15/30 | 553 | 510526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.375 | 11/15/29 | 971 | 960302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.125 | 05/15/30 | 3572 | 3584649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.625 | 01/15/28 | 2202 | 2248356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.625 | 05/15/29 | 717 | 733105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.750 | 03/15/32 | 623 | 628389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.750 | 09/15/33 | 601 | 596580 |
| &nbsp;&nbsp; PennyMac Financial Services, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.250 | 02/15/29 | 4347 | 4178994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.750 | 09/15/31 | 300 | 291884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.750 | 02/15/34 | 1844 | 1822561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.875 | 05/15/32 | 3098 | 3116695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.125 | 11/15/30 | 700 | 719495 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 49

------

PGIM Active High Yield Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Diversified Financial Services (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; PennyMac Financial Services, Inc., (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.875% | 12/15/29 | 343 | $359920 |
| &nbsp;&nbsp; PRA Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.000 | 10/01/29 | 478 | 441774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.375 | 02/01/28 | 1290 | 1298902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.875 | 01/31/30 | 686 | 697984 |
| &nbsp;&nbsp; Rocket Cos., Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.125 | 08/01/30 | 6717 | 6887119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.500 | 08/01/29 | 454 | 466578 |
| &nbsp;&nbsp; Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 2.875 | 10/15/26 | 1135 | 1121510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.625 | 03/01/29 | 1578 | 1519382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.875 | 03/01/31 | 5711 | 5367170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.000 | 10/15/33 | 1055 | 968523 |
| &nbsp;&nbsp; United Wholesale Mortgage LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.750 | 06/15/27 | 75 | 74633 |
| &nbsp;&nbsp; UWM Holdings LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.250 | 03/15/31 | 617 | 595114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.625 | 02/01/30 | 1790 | 1776203 |
|  |  |  |  | 77057135 |
| &nbsp;&nbsp; **Electric 3.2%** |  |  |  |  |
| &nbsp;&nbsp; Calpine LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.125 | 03/15/28 | 698 | 698055 |
| &nbsp;&nbsp; Constellation Energy Generation LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.625 | 02/01/29 | 369 | 368938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.000 | 02/01/31 | 762 | 773606 |
| &nbsp;&nbsp; NRG Energy, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.375 | 02/15/29 | 1631 | 1571232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.625 | 02/15/31 | 713 | 673715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.875 | 02/15/32 | 105 | 98314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.250 | 06/15/29 | 1462 | 1467390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.750 | 07/15/29 | 1946 | 1950586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.000 | 02/01/33 | 992 | 1016657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | 10.250(ff) | 03/15/28(oo) | 2487 | 2743233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.750 | 01/15/34 | 3186 | 3231052 |
| &nbsp;&nbsp; PG&E Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | 7.375(ff) | 03/15/55 | 947 | 980350 |
| &nbsp;&nbsp; Vistra Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | 7.000(ff) | 12/15/26(oo) | 3962 | 4015450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | 8.000(ff) | 10/15/26(oo) | 3982 | 4052229 |
| &nbsp;&nbsp; Vistra Operations Co. LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.375 | 05/01/29 | 3549 | 3511169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.000 | 07/31/27 | 2749 | 2748982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.625 | 02/15/27 | 341 | 340815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.750 | 10/15/31 | 5525 | 5836550 |
| &nbsp;&nbsp; VoltaGrid LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 7.375 | 11/01/30 | 3618 | 3776297 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39854620 |
| &nbsp;&nbsp; **Electrical Components & Equipment 0.5%** |  |  |  |  |
| &nbsp;&nbsp; Energizer Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.375 | 03/31/29 | 412 | 400049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.000 | 09/15/33 | 1150 | 1123571 |
| &nbsp;&nbsp; WESCO Distribution, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.250 | 04/15/31 | 410 | 411305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.500 | 04/15/34 | 505 | 508836 |

---

See Notes to Financial Statements.

------

PGIM Active High Yield Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Electrical Components & Equipment (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; WESCO Distribution, Inc., (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.375% | 03/15/29 | 974 | $1001704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.375 | 03/15/33 | 331 | 345347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.250 | 06/15/28 | 2944 | 2966352 |
|  |  |  |  | 6757164 |
| &nbsp;&nbsp; **Electronics 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Coherent Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.000 | 12/15/29 | 1112 | 1113300 |
| &nbsp;&nbsp; Sensata Technologies BV, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.000 | 04/15/29 | 400 | 391044 |
| &nbsp;&nbsp; Sensata Technologies, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.750 | 02/15/31 | 559 | 527369 |
|  |  |  |  | 2031713 |
| &nbsp;&nbsp; **Engineering & Construction 0.3%** |  |  |  |  |
| &nbsp;&nbsp; AECOM, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.000 | 08/01/33 | 1360 | 1389046 |
| &nbsp;&nbsp; Brundage-Bone Concrete Pumping Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.500 | 02/01/32 | 80 | 81518 |
| &nbsp;&nbsp; TopBuild Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.625 | 03/15/29 | 170 | 164460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.125 | 02/15/32 | 705 | 670695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.625 | 01/31/34 | 841 | 849138 |
| &nbsp;&nbsp; Weekley Homes LLC/Weekley Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.750 | 01/15/34 | 980 | 987345 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4142202 |
| &nbsp;&nbsp; **Entertainment 3.6%** |  |  |  |  |
| &nbsp;&nbsp; Brightstar Lottery PLC/Brightstar Global Solutions Corp. (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.750 | 01/15/33 | 530 | 526513 |
| &nbsp;&nbsp; Caesars Entertainment, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.625 | 10/15/29 | 6893 | 6738632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.500 | 02/15/32 | 2094 | 2127363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.000 | 02/15/30 | 4635 | 4753759 |
| &nbsp;&nbsp; Churchill Downs, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.750 | 04/01/30 | 659 | 664282 |
| &nbsp;&nbsp; Discovery Global Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.141 | 03/15/52 | 4071 | 2673200 |
| &nbsp;&nbsp; Jacobs Entertainment, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.750 | 02/15/29 | 817 | 803182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.750 | 02/15/29 | 1231 | 1209336 |
| &nbsp;&nbsp; Light & Wonder International, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.250 | 10/01/33 | 1011 | 1014577 |
| &nbsp;&nbsp; Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.875 | 05/01/29 | 4146 | 4075076 |
| &nbsp;&nbsp; Penn Entertainment, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.125 | 07/01/29 | 393 | 370793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.625 | 01/15/27 | 3545 | 3546692 |
| &nbsp;&nbsp; Rivers Enterprise Borrower LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.250 | 10/15/30 | 1359 | 1388801 |
| &nbsp;&nbsp; Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.625 | 02/01/33 | 2465 | 2530441 |
| &nbsp;&nbsp; Scientific Games Holdings LP/Scientific Games US FinCo, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.625 | 03/01/30 | 1996 | 1810317 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 51

------

PGIM Active High Yield Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Entertainment (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Voyager Parent LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.250% | 07/01/32 | 5248 | $5602758 |
| &nbsp;&nbsp; Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.125 | 10/01/29 | 1915 | 1929060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.250 | 03/15/33 | 1240 | 1266521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.125 | 02/15/31 | 1646 | 1778257 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44809560 |
| &nbsp;&nbsp; **Environmental Control 1.2%** |  |  |  |  |
| &nbsp;&nbsp; Clean Harbors, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.750 | 10/15/33 | 478 | 489129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.375 | 02/01/31 | 1281 | 1314827 |
| &nbsp;&nbsp; GFL Environmental Holdings US, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.500 | 02/01/34 | 527 | 528634 |
| &nbsp;&nbsp; GFL Environmental, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.000 | 08/01/28 | 1132 | 1114465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.375 | 08/15/29 | 2553 | 2504340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.750 | 06/15/29 | 1756 | 1743497 |
| &nbsp;&nbsp; Madison IAQ LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.875 | 06/30/29 | 255 | 254449 |
| &nbsp;&nbsp; Reworld Holding Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.875 | 12/01/29 | 4506 | 4342988 |
| &nbsp;&nbsp; Waste Pro USA, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.000 | 02/01/33 | 1286 | 1339132 |
| &nbsp;&nbsp; Wrangler Holdco Corp. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.625 | 04/01/32 | 1637 | 1702398 |
|  |  |  |  | 15333859 |
| &nbsp;&nbsp; **Foods 1.3%** |  |  |  |  |
| &nbsp;&nbsp; Albertson's Cos., Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.625 | 03/31/32 | 1737 | 1743664 |
| &nbsp;&nbsp; Albertson's Cos., Inc./Safeway, Inc./New Albertson's LP/Albertson's LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.500 | 03/31/31 | 323 | 325190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.750 | 03/31/34 | 1685 | 1677002 |
| &nbsp;&nbsp; B&G Foods, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.250 | 09/15/27 | 2938 | 2851953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.000 | 09/15/28 | 2093 | 2030710 |
| &nbsp;&nbsp; Bellis Acquisition Co. PLC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 8.000 | 07/01/31 | EUR 194 | 217494 |
| &nbsp;&nbsp; Lamb Weston Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.125 | 01/31/30 | 236 | 228756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.375 | 01/31/32 | 1021 | 975243 |
| &nbsp;&nbsp; Pilgrim's Pride Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.500 | 03/01/32 | 402 | 375116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.250 | 04/15/31 | 457 | 448103 |
| &nbsp;&nbsp; Post Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.500 | 09/15/31 | 5016 | 4796486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.625 | 04/15/30 | 245 | 240073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.250 | 10/15/34 | 100 | 102152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.500 | 03/15/36 | 675 | 685790 |
|  |  |  |  | 16697732 |
| &nbsp;&nbsp; **Forest Products & Paper 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Magnera Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.250 | 11/15/31 | 2169 | 2131974 |

---

See Notes to Financial Statements.

------

PGIM Active High Yield Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Gas 0.1%** |  |  |  |  |
| &nbsp;&nbsp; AmeriGas Partners LP/AmeriGas Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.750% | 05/20/27 | 676 | $681523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 9.500 | 06/01/30 | 193 | 206676 |
|  |  |  |  | 888199 |
| &nbsp;&nbsp; **Healthcare-Services 4.2%** |  |  |  |  |
| &nbsp;&nbsp; CHS/Community Health Systems, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.750 | 02/15/31 | 100 | 91773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.250 | 05/15/30 | 3321 | 3191808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.000 | 01/15/29 | 3459 | 3452222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.750 | 01/15/34 | 362 | 381389 |
| &nbsp;&nbsp; DaVita, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.750 | 02/15/31 | 3587 | 3350767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.625 | 06/01/30 | 8401 | 8223281 |
| &nbsp;&nbsp; HCA, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 7.500 | 11/06/33 | 50 | 58089 |
| &nbsp;&nbsp; LifePoint Health, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.375 | 01/15/29 | 4178 | 4086164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.375 | 02/15/32 | 3722 | 4025222 |
| &nbsp;&nbsp; MPH Acquisition Holdings LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.750 | 12/31/30 | 5577 | 4097945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 6.500% and PIK 5.000% | 11.500 | 12/31/30 | 843 | 821247 |
| &nbsp;&nbsp; Prime Healthcare Services, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.375 | 09/01/29 | 5692 | 5949306 |
| &nbsp;&nbsp; Tenet Healthcare Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 4.250 | 06/01/29 | 5328 | 5240622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 4.375 | 01/15/30 | 7014 | 6884796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.500 | 11/15/32 | 85 | 86108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.875 | 11/15/31 | 2560 | 2795614 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52736353 |
| &nbsp;&nbsp; **Holding Companies-Diversified 0.5%** |  |  |  |  |
| &nbsp;&nbsp; Clue Opco LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.500 | 10/15/31 | 5923 | 6142568 |
| &nbsp;&nbsp; **Home Builders 3.8%** |  |  |  |  |
| &nbsp;&nbsp; Ashton Woods USA LLC/Ashton Woods Finance Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.625 | 08/01/29 | 913 | 889781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.625 | 04/01/30 | 1547 | 1477076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.875 | 08/01/33 | 2077 | 2100469 |
| &nbsp;&nbsp; Beazer Homes USA, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.875 | 10/15/27 | 5112 | 5105671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 7.250 | 10/15/29 | 1500 | 1529603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.500 | 03/15/31 | 1647 | 1693496 |
| &nbsp;&nbsp; Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.875 | 02/15/30 | 3875 | 3629248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.250 | 09/15/27 | 2292 | 2286133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.000 | 06/15/29 | 509 | 491989 |
| &nbsp;&nbsp; Dream Finders Homes, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.875 | 09/15/30 | 210 | 214729 |
| &nbsp;&nbsp; Empire Communities Corp. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 9.750 | 05/01/29 | 790 | 814135 |
| &nbsp;&nbsp; Forestar Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.000 | 03/01/28 | 2093 | 2095166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.500 | 03/15/33 | 2799 | 2870875 |
| &nbsp;&nbsp; KB Home, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.000 | 06/15/31 | 1864 | 1781909 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 53

------

PGIM Active High Yield Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Home Builders (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; KB Home, (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.800% | 11/15/29 | 1096 | $1092281 |
| &nbsp;&nbsp; M/I Homes, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.950 | 02/15/30 | 469 | 452573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.950 | 02/01/28 | 2018 | 2004178 |
| &nbsp;&nbsp; Mattamy Group Corp. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.625 | 03/01/30 | 2895 | 2821264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.000 | 12/15/33 | 3042 | 2990773 |
| &nbsp;&nbsp; New Home Co., Inc. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 8.500 | 11/01/30 | 529 | 551734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 9.250 | 10/01/29 | 297 | 313189 |
| &nbsp;&nbsp; Shea Homes LP/Shea Homes Funding Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.750 | 02/15/28 | 2503 | 2492766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.750 | 04/01/29 | 502 | 496315 |
| &nbsp;&nbsp; STL Holding Co. LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 8.750 | 02/15/29 | 1645 | 1726602 |
| &nbsp;&nbsp; Taylor Morrison Communities, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.750 | 11/15/32 | 1285 | 1327155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.125 | 08/01/30 | 2523 | 2545392 |
| &nbsp;&nbsp; Tri Pointe Homes, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.250 | 06/01/27 | 475 | 477896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.700 | 06/15/28 | 990 | 1004095 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47276493 |
| &nbsp;&nbsp; **Home Furnishings 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Whirlpool Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.125 | 06/15/30 | 1117 | 1120513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.500 | 06/15/33 | 646 | 645473 |
|  |  |  |  | 1765986 |
| &nbsp;&nbsp; **Household Products/Wares 0.5%** |  |  |  |  |
| &nbsp;&nbsp; ACCO Brands Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.250 | 03/15/29 | 4548 | 4182172 |
| &nbsp;&nbsp; Kronos Acquisition Holdings, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 10.750 | 06/30/32 | 3572 | 1562750 |
|  |  |  |  | 5744922 |
| &nbsp;&nbsp; **Housewares 0.7%** |  |  |  |  |
| &nbsp;&nbsp; Newell Brands, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.375 | 05/15/30 | 2031 | 2037551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 7.500 | 04/01/46 | 318 | 282222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 8.500 | 06/01/28 | 2412 | 2538656 |
| &nbsp;&nbsp; Scotts Miracle-Gro Co. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.000 | 04/01/31 | 3215 | 3041066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.375 | 02/01/32 | 882 | 838306 |
| &nbsp;&nbsp; SWF Holdings I Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 6.500 | 10/06/29 | 879 | 351457 |
|  |  |  |  | 9089258 |
| &nbsp;&nbsp; **Insurance 2.2%** |  |  |  |  |
| &nbsp;&nbsp; Acrisure LLC/Acrisure Finance, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.250 | 02/15/29 | 3146 | 2994966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 8.250 | 02/01/29 | 5314 | 5324863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 8.500 | 06/15/29 | 3870 | 3866916 |
| &nbsp;&nbsp; AmWINS Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.375 | 02/15/29 | 1511 | 1537276 |

---

See Notes to Financial Statements.

------

PGIM Active High Yield Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Insurance (cont'd.)**<br>|  |  |  |  |
| &nbsp;&nbsp; AmWINS Group, Inc., (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.875% | 06/30/29 | 1661 | $1611852 |
| &nbsp;&nbsp; Asurion LLC & Asurion Co-Issuer, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.000 | 12/31/32 | 5469 | 5753706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.375 | 02/01/34 | 2675 | 2659166 |
| &nbsp;&nbsp; Broadstreet Partners Group LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.875 | 04/15/29 | 2576 | 2495533 |
| &nbsp;&nbsp; HUB International Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.625 | 12/01/29 | 801 | 788712 |
| &nbsp;&nbsp; Ryan Specialty LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.875 | 08/01/32 | 525 | 529585 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27562575 |
| &nbsp;&nbsp; **Internet 0.7%**<br>|  |  |  |  |
| &nbsp;&nbsp; Gen Digital, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.250 | 04/01/33 | 702 | 699392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.750 | 09/30/27 | 3973 | 4010927 |
| &nbsp;&nbsp; Go Daddy Operating Co. LLC/GD Finance Co., Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.500 | 03/01/29 | 1459 | 1362442 |
| &nbsp;&nbsp; ION Platform Finance US, Inc./ION Platform Finance Sarl, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.625 | 05/01/28 | 610 | 565021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.000 | 05/01/28 | 840 | 779074 |
| &nbsp;&nbsp; Snap, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.875 | 03/01/33 | 1548 | 1542098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.875 | 03/15/34 | 300 | 299438 |
|  |  |  |  | 9258392 |
| &nbsp;&nbsp; **Iron/Steel 1.9%**<br>|  |  |  |  |
| &nbsp;&nbsp; Big River Steel LLC/BRS Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.625 | 01/31/29 | 5459 | 5499779 |
| &nbsp;&nbsp; Champion Iron Canada, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.875 | 07/15/32 | 880 | 934446 |
| &nbsp;&nbsp; Cleveland-Cliffs, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.750 | 04/15/30 | 395 | 400514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.875 | 11/01/29 | 4652 | 4790473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.000 | 03/15/32 | 394 | 400413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.375 | 05/01/33 | 706 | 724525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.500 | 09/15/31 | 3060 | 3193742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.625 | 01/15/34 | 532 | 546025 |
| &nbsp;&nbsp; Commercial Metals Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.750 | 11/15/33 | 1305 | 1329992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.000 | 12/15/35 | 420 | 429935 |
| &nbsp;&nbsp; Mineral Resources Ltd. (Australia), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.000 | 04/01/31 | 760 | 798722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 9.250 | 10/01/28 | 2044 | 2140456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | 8.000 | 11/01/27 | 2051 | 2092471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | 8.500 | 05/01/30 | 65 | 67252 |
|  |  |  |  | 23348745 |
| &nbsp;&nbsp; **Leisure Time 2.0%**<br>|  |  |  |  |
| &nbsp;&nbsp; Amer Sports Co. (Finland), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.750 | 02/16/31 | 1078 | 1125459 |
| &nbsp;&nbsp; Carnival Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.750 | 03/15/30 | 1712 | 1765637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.750 | 08/01/32 | 1885 | 1956196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.000 | 08/01/28 | 4046 | 4016969 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 55

------

PGIM Active High Yield Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Leisure Time (cont'd.)**<br>|  |  |  |  |
| &nbsp;&nbsp; Lindblad Expeditions LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.000% | 09/15/30 | 1463 | $1533161 |
| &nbsp;&nbsp; NCL Corp. Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.250 | 03/01/30 | 3884 | 3979818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.250 | 09/15/33 | 327 | 329786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.750 | 02/01/32 | 355 | 365118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.750 | 02/15/29 | 558 | 594979 |
| &nbsp;&nbsp; NCL Finance Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.125 | 03/15/28 | 3247 | 3331909 |
| &nbsp;&nbsp; Patrick Industries, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.750 | 05/01/29 | 788 | 785032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.375 | 11/01/32 | 1050 | 1078272 |
| &nbsp;&nbsp; Viking Cruises Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 9.125 | 07/15/31 | 2505 | 2658732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.000 | 02/15/29 | 150 | 150219 |
| &nbsp;&nbsp; Viking Ocean Cruises Ship VII Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.625 | 02/15/29 | 758 | 756848 |
| &nbsp;&nbsp; VOC Escrow Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.000 | 02/15/28 | 297 | 296222 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24724357 |
| &nbsp;&nbsp; **Lodging 1.2%**<br>|  |  |  |  |
| &nbsp;&nbsp; Boyd Gaming Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.750 | 06/15/31 | 2037 | 1993525 |
| &nbsp;&nbsp; Hilton Domestic Operating Co., Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.625 | 02/15/32 | 1006 | 937472 |
| &nbsp;&nbsp; MGM Resorts International, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.625 | 09/01/26 | 3733 | 3731532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.750 | 10/15/28 | 1314 | 1314459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.500 | 04/15/27 | 2878 | 2904229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.125 | 09/15/29 | 487 | 500426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.500 | 04/15/32 | 367 | 376634 |
| &nbsp;&nbsp; Wyndham Hotels & Resorts, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.625 | 03/01/33 | 580 | 583623 |
| &nbsp;&nbsp; Wynn Macau Ltd. (Macau), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.125 | 12/15/29 | 500 | 495000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.625 | 08/26/28 | 1600 | 1597712 |
|  |  |  |  | 14434612 |
| &nbsp;&nbsp; **Machinery-Construction & Mining 0.3%**<br>|  |  |  |  |
| &nbsp;&nbsp; Terex Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.000 | 05/15/29 | 2799 | 2797185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.250 | 10/15/32 | 1433 | 1476020 |
|  |  |  |  | 4273205 |
| &nbsp;&nbsp; **Machinery-Diversified 0.5%**<br>|  |  |  |  |
| &nbsp;&nbsp; Chart Industries, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 9.500 | 01/01/31 | 1208 | 1269752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.500 | 01/01/30 | 1070 | 1113134 |
| &nbsp;&nbsp; Columbus McKinnon Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.125 | 02/01/33 | 440 | 453572 |
| &nbsp;&nbsp; GrafTech Finance, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 4.625 | 12/23/29 | 1251 | 606825 |

---

See Notes to Financial Statements.

------

PGIM Active High Yield Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Machinery-Diversified (cont'd.)**<br>|  |  |  |  |
| &nbsp;&nbsp; LSF12 Helix Parent LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.125% | 02/01/33 | 645 | $647274 |
| &nbsp;&nbsp; Maxim Crane Works Holdings Capital LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 11.500 | 09/01/28 | 2614 | 2766342 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6856899 |
| &nbsp;&nbsp; **Media 3.3%**<br>|  |  |  |  |
| &nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.375 | 06/01/29 | 4035 | 4026439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.500 | 05/01/32 | 2537 | 2323017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.250 | 02/01/31 | 1182 | 1101427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.000 | 02/01/28 | 202 | 201516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.125 | 05/01/27 | 237 | 237247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.000 | 02/01/33 | 1757 | 1796673 |
| &nbsp;&nbsp; CSC Holdings LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.375 | 02/15/31 | 200 | 119523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.125 | 12/01/30 | 200 | 123108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.375 | 02/01/28 | 2980 | 2145946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.500 | 04/15/27 | 2585 | 2186963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.500 | 02/01/29 | 200 | 126229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.625 | 12/01/30 | 2875 | 1063923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.750 | 01/15/30 | 200 | 77372 |
| &nbsp;&nbsp; DISH DBS Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(x) | 5.125 | 06/01/29 | 1056 | 940050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(x) | 7.375 | 07/01/28 | 557 | 538639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(x) | 7.750 | 07/01/26 | 3393 | 3356489 |
| &nbsp;&nbsp; DISH Network Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(x) | 11.750 | 11/15/27 | 775 | 800481 |
| &nbsp;&nbsp; Gray Media, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.750 | 10/15/30 | 200 | 162202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.375 | 11/15/31 | 540 | 426703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 9.625 | 07/15/32 | 1289 | 1339435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.250 | 08/15/33 | 1038 | 1072160 |
| &nbsp;&nbsp; iHeartCommunications, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.750 | 08/15/30 | 2174 | 1739579 |
| &nbsp;&nbsp; Radiate Holdco LLC/Radiate Finance, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, PIK 9.250%(x) | 9.250 | 03/25/30 | 787 | 573798 |
| &nbsp;&nbsp; Sinclair Television Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.125 | 02/15/33 | 1904 | 1982336 |
| &nbsp;&nbsp; Univision Communications, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.500 | 05/01/29 | 674 | 640185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.000 | 08/15/28 | 5013 | 5156950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.375 | 08/01/32 | 2447 | 2586999 |
| &nbsp;&nbsp; Virgin Media O2 Vendor Financing Notes VI DAC (Ireland), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.500 | 03/15/33 | 1550 | 1422125 |
| &nbsp;&nbsp; Virgin Media Secured Finance PLC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.500 | 05/15/29 | 1580 | 1534780 |
| &nbsp;&nbsp; VZ Secured Financing BV (Netherlands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.000 | 01/15/32 | 1450 | 1288688 |
|  |  |  |  | 41090982 |
| &nbsp;&nbsp; **Metal Fabricate/Hardware 0.1%**<br>|  |  |  |  |
| &nbsp;&nbsp; Roller Bearing Co. of America, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.375 | 10/15/29 | 1071 | 1057159 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 57

------

PGIM Active High Yield Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Mining 2.7%** |  |  |  |  |
| &nbsp;&nbsp; Arsenal AIC Parent LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.000% | 10/01/30 | 2155 | $2276665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, 144A | 11.500 | 10/01/31 | 666 | 734284 |
| &nbsp;&nbsp; Capstone Copper Corp. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.750 | 03/31/33 | 919 | 948534 |
| &nbsp;&nbsp; Century Aluminum Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.875 | 08/01/32 | 165 | 170691 |
| &nbsp;&nbsp; Eldorado Gold Corp. (Turkey), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.250 | 09/01/29 | 5490 | 5511768 |
| &nbsp;&nbsp; First Quantum Minerals Ltd. (Zambia), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.375 | 02/15/36 | 1810 | 1815820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.250 | 02/15/34 | 3195 | 3342998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.000 | 03/01/33 | 1045 | 1113573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.625 | 06/01/31 | 1000 | 1048310 |
| &nbsp;&nbsp; Hecla Mining Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 7.250 | 02/15/28 | 2695 | 2697320 |
| &nbsp;&nbsp; Hudbay Minerals, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.500 | 04/01/26 | 5214 | 5204980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.125 | 04/01/29 | 1495 | 1503656 |
| &nbsp;&nbsp; New Gold, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.875 | 04/01/32 | 735 | 779048 |
| &nbsp;&nbsp; Novelis Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.875 | 08/15/31 | 889 | 814050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.750 | 01/30/30 | 669 | 648330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.875 | 01/30/30 | 1792 | 1849853 |
| &nbsp;&nbsp; Taseko Mines Ltd. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.250 | 05/01/30 | 2713 | 2868129 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33328009 |
| &nbsp;&nbsp; **Miscellaneous Manufacturing 0.7%** |  |  |  |  |
| &nbsp;&nbsp; Amsted Industries, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.625 | 05/15/30 | 1123 | 1112256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.375 | 03/15/33 | 887 | 922218 |
| &nbsp;&nbsp; Avient Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.250 | 11/01/31 | 1285 | 1326361 |
| &nbsp;&nbsp; Axon Enterprise, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.125 | 03/15/30 | 1712 | 1769753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.250 | 03/15/33 | 852 | 883825 |
| &nbsp;&nbsp; Entegris, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.375 | 04/15/28 | 200 | 198104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.750 | 04/15/29 | 1062 | 1063277 |
| &nbsp;&nbsp; Trinity Industries, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.750 | 07/15/28 | 1599 | 1646550 |
|  |  |  |  | 8922344 |
| &nbsp;&nbsp; **Office/Business Equipment 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Zebra Technologies Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.500 | 06/01/32 | 690 | 707462 |
| &nbsp;&nbsp; **Oil & Gas 6.6%** |  |  |  |  |
| &nbsp;&nbsp; Aethon United BR LP/Aethon United Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.500 | 10/01/29 | 698 | 734713 |
| &nbsp;&nbsp; Ascent Resources Utica Holdings LLC/ARU Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.625 | 07/15/33 | 844 | 874067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 9.000 | 11/01/27 | 2748 | 3291465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.625 | 10/15/32 | 867 | 900613 |

---

See Notes to Financial Statements.

------

PGIM Active High Yield Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Oil & Gas (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; CNX Resources Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.875% | 03/01/34 | 420 | $420645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.250 | 03/01/32 | 400 | 419212 |
| &nbsp;&nbsp; Comstock Resources, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.875 | 01/15/30 | 3195 | 3080146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.750 | 03/01/29 | 1990 | 1983844 |
| &nbsp;&nbsp; Crescent Energy Finance LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.375 | 01/15/33 | 1576 | 1566206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.625 | 04/01/32 | 1960 | 1980748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.875 | 04/15/32 | 335 | 340590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.375 | 01/15/34 | 533 | 550254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 9.250 | 02/15/28 | 2548 | 2615898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 9.750 | 10/15/30 | 525 | 564461 |
| &nbsp;&nbsp; Diamond Foreign Asset Co./Diamond Finance LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 8.500 | 10/01/30 | 714 | 758054 |
| &nbsp;&nbsp; Expand Energy Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.875 | 02/01/29 | 875 | 875294 |
| &nbsp;&nbsp; Hilcorp Energy I LP/Hilcorp Finance Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.750 | 02/01/29 | 1449 | 1452675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.000 | 04/15/30 | 801 | 789627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.000 | 02/01/31 | 2016 | 1966507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.250 | 11/01/28 | 5957 | 6008771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.250 | 04/15/32 | 647 | 629968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.875 | 05/15/34 | 568 | 555191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.250 | 02/15/35 | 971 | 962332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 8.375 | 11/01/33 | 245 | 258270 |
| &nbsp;&nbsp; Matador Resources Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.500 | 04/15/32 | 1470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1501290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.000 | 04/15/34 | 740 | 740902 |
| &nbsp;&nbsp; Nabors Industries, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.625 | 11/15/32 | 3281 | 3370803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.875 | 08/15/31 | 1088 | 1126840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 9.125 | 01/31/30 | 2652 | 2789412 |
| &nbsp;&nbsp; Noble Finance II LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.000 | 04/15/30 | 2697 | 2807929 |
| &nbsp;&nbsp; Permian Resources Operating LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.250 | 02/01/33 | 80 | 82693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.000 | 01/15/32 | 296 | 310587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.000 | 04/15/27 | 3338 | 3358556 |
| &nbsp;&nbsp; Precision Drilling Corp. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.875 | 01/15/29 | 1651 | 1664588 |
| &nbsp;&nbsp; Range Resources Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.750 | 02/15/30 | 35 | 34646 |
| &nbsp;&nbsp; SM Energy Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.000 | 10/15/26 | 5169 | 5169049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.750 | 08/01/29 | 65 | 66480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.375 | 07/01/28 | 2032 | 2100118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.625 | 11/01/30 | 380 | 402221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.750 | 07/01/31 | 135 | 141551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 9.625 | 06/15/33 | 580 | 641190 |
| &nbsp;&nbsp; Sunoco LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.625 | 03/15/31 | 431 | 434858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.250 | 07/01/33 | 2002 | 2059428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.000 | 05/01/29 | 3607 | 3742481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.500 | 10/01/29 | 1077 | 1061671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.625 | 05/01/30 | 1178 | 1151731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.625 | 08/15/32 | 135 | 139731 |
| &nbsp;&nbsp; Sunoco LP/Sunoco Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.500 | 05/15/29 | 1919 | 1889452 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 59

------

PGIM Active High Yield Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount<br>(000)#** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Oil & Gas (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Sunoco LP/Sunoco Finance Corp., (cont'd.) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.500% | 04/30/30 |  | 381 | $372959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.875 | 03/15/28 |  | 2303 | 2303190 |
| &nbsp;&nbsp; Transocean International Ltd., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.250 | 05/15/29 |  | 1871 | 1943501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.500 | 05/15/31 |  | 1708 | 1806210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.875 | 10/15/32 |  | 150 | 160691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.750 | 02/15/30 |  | 4333 | 4527985 |
| &nbsp;&nbsp; Valaris Ltd., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 8.375 | 04/30/30 |  | 1572 | 1648635 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83130929 |
| &nbsp;&nbsp; **Oil & Gas Services 0.4%** |  |  |  |  |  |
| &nbsp;&nbsp; Archrock Services LP/Archrock Partners Finance Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.000 | 02/01/34 |  | 410 | 414745 |
| &nbsp;&nbsp; Kodiak Gas Services LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.500 | 10/01/33 |  | 675 | 696196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.750 | 10/01/35 |  | 827 | 863766 |
| &nbsp;&nbsp; SESI LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.875 | 09/30/30 |  | 395 | 403308 |
| &nbsp;&nbsp; Tidewater, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 9.125 | 07/15/30 |  | 850 | 917433 |
| &nbsp;&nbsp; Weatherford International Ltd., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.750 | 10/15/33 |  | 1231 | 1284721 |
|  |  |  |  |  | 4580169 |
| &nbsp;&nbsp; **Packaging & Containers 2.3%** |  |  |  |  |  |
| &nbsp;&nbsp; ARD Finance SA (Luxembourg), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 6.500% or PIK 7.250% | 6.500 | 06/30/27(d) |  | — (r) |  |
| &nbsp;&nbsp; Ardagh Group SA, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, Cash coupon 5.500% and PIK 6.500% | 12.000 | 12/01/30 |  | 1375 | 1328594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, Cash coupon 4.500% and PIK 7.500% | 12.000 | 12/01/30 | EUR | 100 | 114089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.500 | 12/01/30 |  | 1519 | 1644043 |
| &nbsp;&nbsp; Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 3.250 | 09/01/28 |  | 200 | 192882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.250 | 01/30/31 |  | 670 | 684727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.000 | 09/01/29 |  | 750 | 716632 |
| &nbsp;&nbsp; Ball Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.875 | 08/15/30 |  | 989 | 919884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.500 | 09/15/33 |  | 2616 | 2691400 |
| &nbsp;&nbsp; Clydesdale Acquisition Holdings, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.750 | 04/15/30 |  | 2192 | 2189318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.750 | 04/15/32 |  | 363 | 365630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.875 | 01/15/30 |  | 3273 | 3325592 |
| &nbsp;&nbsp; Iris Holding, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 10.000 | 12/15/28 |  | 1286 | 1177080 |
| &nbsp;&nbsp; LABL, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.875 | 11/01/28(d) |  | 666 | 267367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.625 | 10/01/31(d) |  | 191 | 76631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.500 | 11/01/28(d) |  | 1182 | 474361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 10.500 | 07/15/27(d) |  | 954 | 55097 |
| &nbsp;&nbsp; Mauser Packaging Solutions Holding Co., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.875 | 04/15/30 |  | 3470 | 3551784 |
| &nbsp;&nbsp; OI European Group BV, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.750 | 02/15/30 |  | 27 | 25971 |
| &nbsp;&nbsp; Owens-Brockway Glass Container, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.625 | 05/13/27 |  | 119 | 119125 |

---

See Notes to Financial Statements.

------

PGIM Active High Yield Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Packaging & Containers (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo US LLC (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.500% | 05/15/30 | 1225 | $1158789 |
| &nbsp;&nbsp; Trident TPI Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 12.750 | 12/31/28 | 6451 | 6621852 |
| &nbsp;&nbsp; TriMas Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.125 | 04/15/29 | 997 | 962857 |
|  |  |  |  | 28663705 |
| &nbsp;&nbsp; **Pharmaceuticals 1.6%** |  |  |  |  |
| &nbsp;&nbsp; 1261229 BC Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 10.000 | 04/15/32 | 3611 | 3732871 |
| &nbsp;&nbsp; AdaptHealth LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.625 | 08/01/29 | 3127 | 3001983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.125 | 03/01/30 | 2969 | 2861923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.125 | 08/01/28 | 1600 | 1605180 |
| &nbsp;&nbsp; Bausch Health Cos., Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.000 | 01/30/28 | 25 | 21813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.000 | 02/15/29 | 1250 | 951637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.250 | 01/30/30 | 2829 | 1985081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.250 | 02/15/31 | 41 | 26958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.250 | 02/15/29 | 925 | 733063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.000 | 01/15/28 | 25 | 22609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.875 | 06/01/28 | 585 | 542588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 11.000 | 09/30/28 | 3299 | 3447455 |
| &nbsp;&nbsp; Organon & Co./Organon Foreign Debt Co-Issuer BV, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.125 | 04/30/31 | 875 | 776033 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19709194 |
| &nbsp;&nbsp; **Pipelines 4.3%** |  |  |  |  |
| &nbsp;&nbsp; Antero Midstream Partners LP/Antero Midstream Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.375 | 06/15/29 | 860 | 860374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.750 | 01/15/28 | 4553 | 4550504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.750 | 07/01/34 | 280 | 284150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.625 | 02/01/32 | 702 | 729042 |
| &nbsp;&nbsp; Blue Racer Midstream LLC/Blue Racer Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.000 | 07/15/29 | 492 | 512200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.250 | 07/15/32 | 406 | 429761 |
| &nbsp;&nbsp; Global Partners LP/GLP Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.875 | 01/15/29 | 1706 | 1723239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.125 | 07/01/33 | 204 | 210771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.250 | 01/15/32 | 186 | 196212 |
| &nbsp;&nbsp; Howard Midstream Energy Partners LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.625 | 01/15/34 | 1343 | 1390016 |
| &nbsp;&nbsp; NFE Financing LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, MTN | 12.000 | 11/15/29 | 815 | 294580 |
| &nbsp;&nbsp; Prairie Acquiror LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.000 | 08/01/29 | 235 | 245313 |
| &nbsp;&nbsp; Rockies Express Pipeline LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.800 | 05/15/30 | 389 | 382986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.950 | 07/15/29 | 298 | 298025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.750 | 03/15/33 | 2299 | 2420100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.875 | 04/15/40 | 123 | 126555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.500 | 07/15/38 | 242 | 263353 |
| &nbsp;&nbsp; Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.500 | 01/15/28 | 2387 | 2385244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.000 | 12/31/30 | 1474 | 1493624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.000 | 09/01/31 | 274 | 276750 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 61

------

PGIM Active High Yield Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Pipelines (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.750% | 03/15/34 | 465 | $477779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.375 | 02/15/29 | 1306 | 1353934 |
| &nbsp;&nbsp; Venture Global Calcasieu Pass LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 3.875 | 08/15/29 | 1131 | 1083612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.125 | 08/15/31 | 3524 | 3305975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.250 | 01/15/30 | 1537 | 1587263 |
| &nbsp;&nbsp; Venture Global LNG, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | 9.000(ff) | 09/30/29 (oo) | 2581 | 2256423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.000 | 01/15/30 | 1007 | 1020246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.125 | 06/01/28 | 335 | 343768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.500 | 02/01/29 | 5880 | 6306755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.875 | 02/01/32 | 2404 | 2547512 |
| &nbsp;&nbsp; Venture Global Plaquemines LNG LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.125 | 12/15/30 | 5256 | 5459037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.500 | 01/15/34 | 1239 | 1303944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.500 | 06/15/34 | 1703 | 1791457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.750 | 01/15/36 | 539 | 574731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.500 | 05/01/33 | 3156 | 3502246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.750 | 05/01/35 | 1540 | 1747615 |
|  |  |  |  | 53735096 |
| &nbsp;&nbsp; **Real Estate 0.8%** |  |  |  |  |
| &nbsp;&nbsp; Five Point Operating Co. LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.000 | 10/01/30 | 870 | 900209 |
| &nbsp;&nbsp; Greystar Real Estate Partners LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.750 | 09/01/30 | 50 | 52353 |
| &nbsp;&nbsp; Howard Hughes Corp. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.125 | 02/01/29 | 1966 | 1904045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.375 | 02/01/31 | 1327 | 1261952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.875 | 03/01/32 | 1097 | 1096447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.125 | 03/01/34 | 1218 | 1215263 |
| &nbsp;&nbsp; Hunt Cos., Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.250 | 04/15/29 | 4108 | 3913587 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10343856 |
| &nbsp;&nbsp; **Real Estate Investment Trusts (REITs) 2.8%** |  |  |  |  |
| &nbsp;&nbsp; Brandywine Operating Partnership LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.125 | 01/15/31 | 380 | 360280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 8.875 | 04/12/29 | 550 | 584525 |
| &nbsp;&nbsp; Diversified Healthcare Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.375 | 03/01/31 | 29 | 26198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.250 | 10/15/30 | 2804 | 2915399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.750 | 02/15/28 | 596 | 583090 |
| &nbsp;&nbsp; Millrose Properties, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.250 | 09/15/32 | 2110 | 2136641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.375 | 08/01/30 | 1699 | 1746233 |
| &nbsp;&nbsp; MPT Operating Partnership LP/MPT Finance Corp., | &nbsp;&nbsp; MPT Operating Partnership LP/MPT Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.500 | 03/15/31 | 1054 | 809710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.500 | 02/15/32 | 747 | 799600 |
| &nbsp;&nbsp; Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, | &nbsp;&nbsp; Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.000 | 02/01/30 | 1102 | 1141399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.875 | 05/15/29 | 300 | 294771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.875 | 10/01/28 | 353 | 353005 |
| &nbsp;&nbsp; RHP Hotel Properties LP/RHP Finance Corp., | &nbsp;&nbsp; RHP Hotel Properties LP/RHP Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.500 | 02/15/29 | 131 | 129215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.750 | 03/15/34 | 475 | 478146 |

---

See Notes to Financial Statements.

------

PGIM Active High Yield Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Real Estate Investment Trusts (REITs) (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; RHP Hotel Properties LP/RHP Finance Corp., (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.500% | 04/01/32 | 2350 | $2434495 |
| &nbsp;&nbsp; Rithm Capital Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 8.000 | 04/01/29 | 1423 | 1432256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 8.000 | 07/15/30 | 815 | 816428 |
| &nbsp;&nbsp; SBA Communications Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.125 | 02/01/29 | 10464 | 10068794 |
| &nbsp;&nbsp; Starwood Property Trust, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.250 | 10/15/28 | 425 | 426449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.625 | 07/15/26 | 1593 | 1579645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.375 | 01/15/27 | 3325 | 3301350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.000 | 04/15/30 | 25 | 25575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.500 | 07/01/30 | 100 | 104019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.500 | 10/15/30 | 1560 | 1626306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.250 | 04/01/29 | 650 | 681227 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34854756 |
| &nbsp;&nbsp; **Retail 3.1%** |  |  |  |  |
| &nbsp;&nbsp; 1011778 BC ULC/New Red Finance, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 4.000 | 10/15/30 | 891 | 855485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 4.375 | 01/15/28 | 1065 | 1058472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 3.500 | 02/15/29 | 300 | 289917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 3.875 | 01/15/28 | 421 | 415738 |
| &nbsp;&nbsp; Arko Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.125 | 11/15/29 | 2000 | 1783799 |
| &nbsp;&nbsp; Brinker International, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.250 | 07/15/30 | 769 | 809894 |
| &nbsp;&nbsp; Carvana Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.000 | 06/01/30 | 8967 | 9338730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.000 | 06/01/31 | 1578 | 1729168 |
| &nbsp;&nbsp; EG Global Finance PLC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 12.000 | 11/30/28 | 225 | 241875 |
| &nbsp;&nbsp; Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.750 | 01/15/30 | 2513 | 2370771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.625 | 01/15/29 | 1906 | 1849544 |
| &nbsp;&nbsp; Gap, Inc. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.625 | 10/01/29 | 582 | 553322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.875 | 10/01/31 | 3201 | 2978901 |
| &nbsp;&nbsp; LBM Acquisition LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.250 | 01/15/29 | 1203 | 916129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.500 | 06/15/31 | 1876 | 1750307 |
| &nbsp;&nbsp; LCM Investments Holdings II LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.875 | 05/01/29 | 3190 | 3145769 |
| &nbsp;&nbsp; Lithia Motors, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.625 | 12/15/27 | 1583 | 1580203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.500 | 10/01/30 | 445 | 447368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.875 | 06/01/29 | 256 | 247435 |
| &nbsp;&nbsp; Park River Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 8.750 | 12/31/30 | 2094 | 2012028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.000 | 03/15/31 | 1504 | 1512654 |
| &nbsp;&nbsp; QXO Building Products, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.750 | 04/30/32 | 143 | 148202 |
| &nbsp;&nbsp; Sally Holdings LLC/Sally Capital, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.750 | 03/01/32 | 1103 | 1145072 |
| &nbsp;&nbsp; Suburban Propane Partners LP/Suburban Energy Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.000 | 06/01/31 | 985 | 948504 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 63

------

PGIM Active High Yield Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Retail (cont'd.)**<br>|  |  |  |  |
| &nbsp;&nbsp; Superior Plus LP/Superior General Partner, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.500% | 03/15/29 | 296 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287324 |
| &nbsp;&nbsp; White Cap Supply Holdings LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.375 | 11/15/30 | 1065 | 1082158 |
|  |  |  |  | 39498769 |
| &nbsp;&nbsp; **Software 1.2%**<br>|  |  |  |  |
| &nbsp;&nbsp; CoreWeave, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 9.000 | 02/01/31 | 2435 | 2354809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 9.250 | 06/01/30 | 4688 | 4591095 |
| &nbsp;&nbsp; SS&C Technologies, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.500 | 09/30/27 | 5895 | 5889942 |
| &nbsp;&nbsp; X.AI LLC/X.AI Co. Issuer Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 12.500 | 06/30/30 | 2150 | 2448709 |
|  |  |  |  | 15284555 |
| &nbsp;&nbsp; **Telecommunications 6.1%**<br>|  |  |  |  |
| &nbsp;&nbsp; Altice Financing SA (Luxembourg), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.625 | 07/15/27 | 600 | 444060 |
| &nbsp;&nbsp; Altice France SA (France), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.875 | 10/15/30(d) | 796 | 773920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.875 | 07/15/32(d) | 585 | 561904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.500 | 11/01/29(d) | 813 | 825584 |
| &nbsp;&nbsp; Black Pearl Compute LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.125 | 02/15/31 | 785 | 803815 |
| &nbsp;&nbsp; Cipher Compute LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.125 | 11/15/30 | 1380 | 1439200 |
| &nbsp;&nbsp; Connect Finco Sarl/Connect US Finco LLC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.000 | 09/15/29 | 400 | 424500 |
| &nbsp;&nbsp; Connect Holding II LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 10.500 | 04/03/31 | 4574 | 4424843 |
| &nbsp;&nbsp; Digicel Group Holdings Ltd. (Jamaica), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series 1B14, 144A(x) | 0.000 | 12/31/30 | 103 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series 3B14, 144A^(x) | 0.000 | 12/31/30 | 5 |  |
| &nbsp;&nbsp; Digicel International Finance Ltd./DIFL US LLC (Jamaica), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(x) | 8.625 | 08/01/32 | 810 | 843022 |
| &nbsp;&nbsp; EchoStar Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Cash coupon 6.750% or PIK 6.750%(x) | 6.750 | 11/30/30 | 493 | 499433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes(x) | 10.750 | 11/30/29 | 4205 | 4592539 |
| &nbsp;&nbsp; Flash Compute LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.250 | 12/31/30 | 1180 | 1208698 |
| &nbsp;&nbsp; Frontier Communications Holdings LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | 5.875 | 11/01/29 | 723 | 730760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 6.000 | 01/15/30 | 637 | 643878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 6.750 | 05/01/29 | 2004 | 2012521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.000 | 05/01/28 | 5799 | 5804948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.625 | 03/15/31 | 1391 | 1453973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.750 | 05/15/30 | 575 | 592654 |
| &nbsp;&nbsp; Iliad Holding SAS (France), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.000 | 10/15/28 | 4314 | 4364431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.000 | 04/15/32 | 1125 | 1154171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.500 | 04/15/31 | 850 | 909585 |
| &nbsp;&nbsp; Level 3 Financing, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.750 | 07/15/29 | 4237 | 3942705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.500 | 01/15/36 | 7197 | 7492383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.875 | 06/30/33 | 1103 | 1142233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.000 | 03/31/34 | 2381 | 2474826 |

---

See Notes to Financial Statements.

------

PGIM Active High Yield Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Telecommunications (cont'd.)**<br>|  |  |  |  |
| &nbsp;&nbsp; Lumen Technologies, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.375% | 06/15/29 | 700 | $670512 |
| &nbsp;&nbsp; Sable International Finance Ltd. (Panama), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.125 | 10/15/32 | 700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708404 |
| &nbsp;&nbsp; SV RNO Property Owner 1 LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.875 | 03/01/31 | 2975 | 2987854 |
| &nbsp;&nbsp; Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.500 | 02/15/29 | 3655 | 3556905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.625 | 06/15/32 | 150 | 152020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.625 | 06/15/32 | 910 | 922266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.750 | 04/15/28 | 3832 | 3827103 |
| &nbsp;&nbsp; Uniti Services LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.500 | 10/15/33 | 5013 | 5215330 |
| &nbsp;&nbsp; Windstream Services LLC/Windstream Escrow Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.250 | 10/01/31 | 4934 | 5188677 |
| &nbsp;&nbsp; WULF Compute LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.750 | 10/15/30 | 1695 | 1794667 |
| &nbsp;&nbsp; Zayo Group Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 5.750% and PIK 0.500% | 9.250 | 03/09/30 | 1472 | 1430041 |
| &nbsp;&nbsp; Zegona Finance PLC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.625 | 07/15/29 | 863 | 911570 |
|  |  |  |  | 76925945 |
| &nbsp;&nbsp; **Transportation 0.3%**<br>|  |  |  |  |
| &nbsp;&nbsp; RXO, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.375 | 05/15/31 | 250 | 243417 |
| &nbsp;&nbsp; Star Leasing Co. LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 7.625 | 02/15/30 | 2468 | 2345665 |
| &nbsp;&nbsp; XPO, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.125 | 02/01/32 | 1033 | 1082323 |
|  |  |  |  | 3671405 |
| &nbsp;&nbsp; **TOTAL CORPORATE BONDS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $1,142,165,087) |  |  |  | 1141538451 |
| &nbsp;&nbsp; **FLOATING RATE AND OTHER LOANS 1.8%** |  |  |  |  |
| &nbsp;&nbsp; **Aerospace & Defense 0.0%**<br>|  |  |  |  |
| &nbsp;&nbsp; PAC DAC LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 3.250% | 6.917(c) | 10/28/30 | 325 | 321142 |
| &nbsp;&nbsp; **Airlines 0.0%**<br>|  |  |  |  |
| &nbsp;&nbsp; Vista Management Holding, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 3.750% | 7.411(c) | 04/01/31 | 214 | 214385 |
| &nbsp;&nbsp; **Auto Parts & Equipment 0.1%**<br>|  |  |  |  |
| &nbsp;&nbsp; First Brands Group LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 Second Lien Term Loan | 13.070 | 03/30/28(d) | 253 | 124 |
| &nbsp;&nbsp; Tenneco, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term A Loan, 3 Month SOFR + 4.850% | 8.511(c) | 11/17/28 | 365 | 358807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 5.100% | 8.764(c) | 11/17/28 | 320 | 315066 |
|  |  |  |  | 673997 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 65

------

PGIM Active High Yield Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **FLOATING RATE AND OTHER LOANS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Building Materials 0.0%**<br>|  |  |  |  |
| &nbsp;&nbsp; American Bath/CP Atlas Buyer, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Term B Loan, 1 Month SOFR + 5.250% | 8.923%(c) | 07/08/30 | 150 | $144403 |
| &nbsp;&nbsp; Quikrete Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tranche B-3 Term Loan, 1 Month SOFR + 2.250% | 5.923(c) | 02/10/32 | 124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123936 |
|  |  |  |  | 268339 |
| &nbsp;&nbsp; **Chemicals 0.1%**<br>|  |  |  |  |
| &nbsp;&nbsp; Iris Holdings Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 4.850% | 8.517(c) | 06/28/28 | 144 | 140252 |
| &nbsp;&nbsp; TPC Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 6 Month SOFR + 5.750% | 9.386(c) | 12/16/31 | 989 | 882902 |
| &nbsp;&nbsp; Venator Finance Sarl, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial First Out Term Loan^ | 13.894 | 07/16/26(d) | 108 | 81142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan^ | 13.905 | 10/12/28(d) | 161 | 3214 |
| &nbsp;&nbsp; Venator Materials LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Out Term B Loan^ | 14.002 | 07/16/26(d) | 109 | 82093 |
|  |  |  |  | 1189603 |
| &nbsp;&nbsp; **Commercial Services 0.1%**<br>|  |  |  |  |
| &nbsp;&nbsp; Allied Universal Holdco LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 7 Replacement US Dollar Term Loan, 1 Month SOFR + 3.250% | 6.923(c) | 08/20/32 | 293 | 293131 |
| &nbsp;&nbsp; MPH Acquisition Holdings LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Term Out Loan, 3 Month SOFR + 3.750% | 7.417(c) | 12/31/30 | 206 | 203261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Out Term Loan, 3 Month SOFR + 4.862% | 8.528(c) | 12/31/30 | 99 | 81439 |
|  |  |  |  | 577831 |
| &nbsp;&nbsp; **Computers 0.0%**<br>|  |  |  |  |
| &nbsp;&nbsp; Bingo Holdings I LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 3 Month SOFR + 4.750% | 8.422(c) | 06/30/32 | 324 | 316083 |
| &nbsp;&nbsp; McAfee Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Refinancing Tranche B-1, 1 Month SOFR + 3.000% | 6.673(c) | 03/01/29 | 54 | 47149 |
|  |  |  |  | 363232 |
| &nbsp;&nbsp; **Diversified Financial Services 0.0%**<br>|  |  |  |  |
| &nbsp;&nbsp; Focus Financial Partners LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tranche B Incremental Term Loan, 1 Month SOFR + 2.500% | 6.173(c) | 09/15/31 | 400 | 376500 |
| &nbsp;&nbsp; **Electric 0.0%**<br>|  |  |  |  |
| &nbsp;&nbsp; Heritage Power LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 3 Month SOFR + 5.500%^ | 9.172(c) | 07/20/28 | 16 | 15643 |
| &nbsp;&nbsp; **Forest Products & Paper 0.0%**<br>|  |  |  |  |
| &nbsp;&nbsp; Magnera Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Term Loan, 3 Month SOFR + 4.250% | 7.923(c) | 11/04/31 | 52 | 52459 |
| &nbsp;&nbsp; **Healthcare-Services 0.0%**<br>|  |  |  |  |
| &nbsp;&nbsp; LifePoint Health, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 3.750% | 7.422(c) | 05/16/31 | 50 | 49514 |
| &nbsp;&nbsp; **Household Products/Wares 0.0%**<br>|  |  |  |  |
| &nbsp;&nbsp; Kronos Acquisition Holdings, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Initial Loan, 3 Month SOFR + 4.000% | 7.672(c) | 07/08/31 | 49 | 33221 |

---

See Notes to Financial Statements.

------

PGIM Active High Yield Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br> Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **FLOATING RATE AND OTHER LOANS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Insurance 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Acrisure LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Repricing Term B-6 Loan, 1 Month SOFR + 3.000% | 6.673%(c) | 11/06/30 | 148 | $143204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Term B-7 Loan, 1 Month SOFR + 3.250% | 6.923(c) | 06/21/32 | 248 | 240478 |
| &nbsp;&nbsp; Asurion LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New B-04 Term Loan, 1 Month SOFR + 5.364% | 9.037(c) | 01/20/29 | 143 | 143182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New B-12 Term Loan, 1 Month SOFR + 4.250% | 7.923(c) | 09/19/30 | 172 | 171849 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;698713 |
| &nbsp;&nbsp; **Internet 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Diamond Sports Net LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Lien Exit Term Loan | 15.000 | 01/02/28 | 88 | 13244 |
| &nbsp;&nbsp; **Machinery-Diversified 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Graftech Global Enterprises, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delayed Draw Term Loan | 3.750 | 12/21/29 | 218 | 210181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 6.000% | 9.670(c) | 12/21/29 | 464 | 447375 |
|  |  |  |  | 657556 |
| &nbsp;&nbsp; **Media 1.1%** |  |  |  |  |
| &nbsp;&nbsp; Altice Financing SA (Luxembourg), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 Dollar Loan, 3 Month SOFR + 5.000% | 8.672(c) | 10/31/27 | 223 | 163687 |
| &nbsp;&nbsp; CSC Holdings LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; September 2019 Term Loan, 1 Month SOFR + 1.500% | 8.250(c) | 04/15/27 | 4388 | 3784479 |
| &nbsp;&nbsp; Radiate Holdco LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Closing Date Term Loan, 1 Month SOFR + 4.000% | 7.673(c) | 06/26/29 | 50 | 49875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delayed Draw Term Loan, 1 Month SOFR + 4.000% | 3.558 | 06/26/29 | 50 | 49875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Out Term Loan, 1 Month SOFR + 3.614% | 8.787(c) | 09/25/29 | 10985 | 9510918 |
|  |  |  |  | 13558834 |
| &nbsp;&nbsp; **Packaging & Containers 0.0%** |  |  |  |  |
| &nbsp;&nbsp; LABL, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Dollar Term Loan | 8.767 | 10/29/28 | 50 | 22924 |
| &nbsp;&nbsp; **Retail 0.0%** |  |  |  |  |
| &nbsp;&nbsp; LBM Acquisition LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Incremental Term B Loan, 1 Month SOFR + 3.750% | 7.527(c) | 06/06/31 | 175 | 144025 |
| &nbsp;&nbsp; White Cap Supply Holdings LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tranche C Term Loan, 1 Month SOFR + 3.250% | 6.922(c) | 10/19/29 | 200 | 197458 |
|  |  |  |  | 341483 |
| &nbsp;&nbsp; **Software 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Skillsoft Finance II, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 5.364% | 9.037(c) | 07/14/28 | 167 | 81655 |
| &nbsp;&nbsp; **Telecommunications 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Altice France SA (France), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New USD B-14 Term Loan, 3 Month SOFR + 6.875% | 10.547(c) | 05/31/31 | 1201 | 1201719 |
| &nbsp;&nbsp; Connect Finco Sarl (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 4 Term Loan, 1 Month SOFR + 4.500% | 8.173(c) | 09/27/29 | 138 | 138118 |
| &nbsp;&nbsp; Digicel International Finance Ltd. (Jamaica), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 5.250% | 9.023(c) | 08/31/32 | 660 | 661063 |
| &nbsp;&nbsp; Level 3 Financing, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B-4 Loan, 1 Month SOFR + 3.250% | 6.923(c) | 03/29/32 | 459 | 459688 |
| &nbsp;&nbsp; Viasat, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 4.614% | 8.292(c) | 05/30/30 | 297 | 296591 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 67

------

PGIM Active High Yield Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity<br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **FLOATING RATE AND OTHER LOANS (Continued)** | &nbsp;&nbsp; **FLOATING RATE AND OTHER LOANS (Continued)** |  |  |  |
| &nbsp;&nbsp; **Telecommunications (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Xplore, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 5.114% | 8.787%(c) | 10/24/29 | 63 | $56561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Out Term Loan, 1 Month SOFR + 1.614% | 6.000(c) | 10/24/31 | 246 | 155509 |
|  |  |  |  | 2969249 |
| &nbsp;&nbsp; **TOTAL FLOATING RATE AND OTHER LOANS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $23,030,409) |  |  |  | 22479524 |
| &nbsp;&nbsp; **U.S. TREASURY OBLIGATIONS 3.2%** |  |  |  |  |
| &nbsp;&nbsp; U.S. Treasury Notes | 3.375 | 12/31/27 | 8595 | 8590971 |
| &nbsp;&nbsp; U.S. Treasury Notes(k) | 3.500 | 09/30/26 | 125 | 124893 |
| &nbsp;&nbsp; U.S. Treasury Notes(k) | 3.500 | 10/31/27 | 3055 | 3058580 |
| &nbsp;&nbsp; U.S. Treasury Notes | 3.500 | 01/31/28 | 6225 | 6237158 |
| &nbsp;&nbsp; U.S. Treasury Notes(k) | 3.500 | 12/15/28 | 5330 | 5345823 |
| &nbsp;&nbsp; U.S. Treasury Notes(k) | 3.500 | 11/30/30 | 7690 | 7686395 |
| &nbsp;&nbsp; U.S. Treasury Notes(k) | 4.000 | 11/15/35 | 5000 | 5017969 |
| &nbsp;&nbsp; U.S. Treasury Notes(k) | 4.125 | 10/31/26 | 250 | 250772 |
| &nbsp;&nbsp; U.S. Treasury Notes(k) | 4.625 | 02/15/35 | 3550 | 3745250 |
| &nbsp;&nbsp; **TOTAL U.S. TREASURY OBLIGATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $39,691,900) |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40057811 |
|  |  |  | **Shares** |  |
| &nbsp;&nbsp; **AFFILIATED EXCHANGE-TRADED FUND 1.1%** |  |  |  |  |
| &nbsp;&nbsp; **Fixed Income** |  |  |  |  |
| &nbsp;&nbsp; PGIM AAA CLO ETF |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $14,114,456)(wa) |  |  | 275000 | 14154250 |
| &nbsp;&nbsp; **COMMON STOCKS 0.1%** |  |  |  |  |
| &nbsp;&nbsp; **Chemicals 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Cornerstone Chemical Co.\*^(x) |  |  | 1807 | 9035 |
| &nbsp;&nbsp; TPC Group, Inc.\* |  |  | 6118 | 112161 |
| &nbsp;&nbsp; Venator Materials PLC\*^(x) |  |  | 433 |  |
|  |  |  |  | 121196 |
| &nbsp;&nbsp; **Containers & Packaging 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Ardagh Holdings SA (Luxembourg)\* | &nbsp;&nbsp; Ardagh Holdings SA (Luxembourg)\* |  | 59 | 413 |
| &nbsp;&nbsp; **Gas Utilities 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Ferrellgas Partners LP (Class B Stock)\* |  |  | 2652 | 486793 |
| &nbsp;&nbsp; **Interactive Media & Services 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Diamond Sports Group LLC\*(x) | &nbsp;&nbsp; Diamond Sports Group LLC\*(x) |  | 11899 | 2237 |
| &nbsp;&nbsp; **Oil, Gas & Consumable Fuels 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Expand Energy Corp. |  |  | 1673 | 180550 |
| &nbsp;&nbsp; Heritage Power LLC, Exit Financing - Participation on Account of Backstop Shares & Exit Financing - Reserve Shares\* |  |  | 94 | 6803 |
| &nbsp;&nbsp; Heritage Power LLC, Exit Financing Participation Shares & Backstop Shares\* |  |  | 6884 | 498230 |
| &nbsp;&nbsp; Heritage Power LLC, Litigation Trust Interests\*^ |  |  | 2456 | 1228 |
|  |  |  |  | 686811 |
| &nbsp;&nbsp; **Wireless Telecommunication Services 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Altice France SA (France) | &nbsp;&nbsp; Altice France SA (France) |  | 6970 | 130672 |
| &nbsp;&nbsp; Digicel International Finance Ltd. (Jamaica)\*(x) | &nbsp;&nbsp; Digicel International Finance Ltd. (Jamaica)\*(x) |  | 23916 | 426506 |

---

See Notes to Financial Statements.

------

PGIM Active High Yield Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Wireless Telecommunication Services (cont'd.)** |  |  |
| &nbsp;&nbsp; Stonepeak Falcon Holdings, Inc. (Canada) (Class A Stock)\* | 21241 | $23358 |
| &nbsp;&nbsp; Xplore, Inc. (Canada), CVR\*^ | 1100 |  |
|  |  | 580536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS**<br> (cost $1,709,004) |  | 1877986 |
| &nbsp;&nbsp; **PREFERRED STOCKS 0.2%** |  |  |
| &nbsp;&nbsp; **Electronic Equipment, Instruments & Components 0.2%** |  |  |
| &nbsp;&nbsp; Ferrellgas Escrow LLC, 8.956%, Maturing 03/30/31^ | 2100 | 2283750 |
| &nbsp;&nbsp; **Wireless Telecommunication Services 0.0%** |  |  |
| &nbsp;&nbsp; Digicel International Finance Ltd. (Jamaica)\*^(x) | 1558 | 19736 |
| &nbsp;&nbsp; **TOTAL PREFERRED STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $2,230,024) |  | 2303486 |
|  | **Units** |  |
| &nbsp;&nbsp; **WARRANTS\* 0.0%** |  |  |
| &nbsp;&nbsp; **Interactive Media & Services** |  |  |
| &nbsp;&nbsp; Diamond Sports Group LLC, expiring 06/30/26(x) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $0) | 22258 |  |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $1,224,337,086) |  | 1223822899 |
|  | **Shares** |  |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENT 2.4%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.787%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $29,395,161)(wa) | 29395161 | 29395161 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 100.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $1,253,732,247) |  | 1253218060 |
| &nbsp;&nbsp; Other assets in excess of liabilities(z) 0.0% |  | 412310 |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1253630370 |

---

See the Glossary for a list of the abbreviation(s) used in the semiannual report.

\* Non-income producing security.

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

---

| | |
|:---|:---|
| ^ | Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $2,532,244 and 0.2% of net assets.  |

---

(c) Variable rate instrument. The interest rate shown reflects the rate in effect at February 28, 2026.

(cc) Variable rate instrument. The rate shown is based on the latest available information as of February 28, 2026. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

(d) Represents issuer in default on interest payments and/or principal repayment. Non-income producing security. Such securities may be post-maturity.

(ff) Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.

(k) Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives.

(oo) Perpetual security. Maturity date represents next call date.

(r) Principal or notional amount is less than $500 par.

(wa) Represents investments in Funds affiliated with the Manager.

(x) The following represents restricted securities that are acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer and is considered restricted as to disposition under federal securities law.

See Notes to Financial Statements.

PGIM Fixed Income ETFs 69

------

PGIM Active High Yield Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

(x) Restricted Securities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Issuer** |<br>**Acquisition**<br>**Date** |<br>**Original**<br>**Cost** |<br>**Market**<br>**Value** | **Percentage**<br>**of**<br>**Net Assets** |
|  Cornerstone Chemical Co.\*^ | 12/06/23 | $34333 | $9035 | 0.0% |
|  Cornerstone Chemical Co. LLC, Sec'd. Notes, 144A, Cash coupon 10.000% or PIK 10.000%, 10.000%, 05/07/29^ | 05/07/25-11/04/25 | 35380 | 36403 | 0 |
|  Diamond Sports Group LLC\* | 01/02/25 | 31148 | 2237 | 0 |
|  Diamond Sports Group LLC, expiring 06/30/26\* | 01/02/25 |  |  | 0 |
|  Digicel Group Holdings Ltd. (Jamaica), Sr. Sec'd. Notes, Series 1B14, 144A, 0.000%, 12/31/30 | 11/14/23 | 10 | 10 | 0 |
|  Digicel Group Holdings Ltd. (Jamaica), Sr. Sec'd. Notes, Series 3B14, 144A, 0.000%, 12/31/30^ | 11/14/23 |  |  | 0 |
|  Digicel International Finance Ltd. (Jamaica)\*^ | 01/26/24-01/29/24 | 5500 | 19736 | 0 |
|  Digicel International Finance Ltd. (Jamaica)\* | 01/29/24 | 29016 | 426506 | 0 |
|  Digicel International Finance Ltd./DIFL US LLC (Jamaica), Sr. Sec'd. Notes, 144A, 8.625%, 08/01/32 | 07/30/25 | 810000 | 843022 | 0.1 |
|  DISH DBS Corp., Gtd. Notes, 5.125%, 06/01/29 | 11/08/23-02/25/25 | 656189 | 940050 | 0.1 |
|  DISH DBS Corp., Gtd. Notes, 7.375%, 07/01/28 | 07/06/22-01/02/24 | 338795 | 538639 | 0 |
|  DISH DBS Corp., Gtd. Notes, 7.750%, 07/01/26 | 12/27/23-10/21/25 | 3316780 | 3356489 | 0.3 |
|  DISH Network Corp., Sr. Sec'd. Notes, 144A, 11.750%, 11/15/27 | 01/17/23-07/22/25 | 795440 | 800481 | 0.1 |
|  EchoStar Corp., Sr. Sec'd. Notes, Cash coupon 6.750% or PIK 6.750%, 6.750%, 11/30/30 | 01/23/25-05/30/25 | 446134 | 499433 | 0 |
|  EchoStar Corp., Sr. Sec'd. Notes, 10.750%, 11/30/29 | 01/23/25-11/05/25 | 4504188 | 4592539 | 0.4 |
|  Radiate Holdco LLC/Radiate Finance, Inc., Sr. Sec'd. Notes, 144A, PIK 9.250%, 9.250%, 03/25/30 | 06/29/25-09/11/25 | 587565 | 573798 | 0 |
|  Venator Materials PLC\*^ | 09/26/18-10/17/23 | 612979 |  | 0 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** |  | $12203457 | $12638378 | 1.0% |

---

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

#### Unfunded loan commitments outstanding at February 28, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Borrower** | **Principal**<br>**Amount**<br>**(000)#** |<br>**Current**<br>**Value** |<br>**Unrealized**<br>**Appreciation** |<br>**Unrealized**<br>**Depreciation** |
|  Graftech Global Enterprises, Inc., Delayed Draw Term Loan, 3.750%, Maturity Date 12/21/29 (cost $47,968) | 47 | $45462 | $— | $(2506) |
|  Radiate Holdco LLC, Delayed Draw Term Loan, 1.500%, Maturity Date 06/26/29 (cost $100,000) | 100 | 99750 |  | (250) |
|  |  | $145212 | $— | $(2756) |

---

#### Futures contracts outstanding at February 28, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number**<br> **of**<br> **Contracts** | **Type** | **Expiration<br>Date** | **Current<br>Notional<br>Amount** | **Value /<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Long Positions:** | **Long Positions:** |  |  |  |
| 70 | 2 Year U.S. Treasury Notes | Jun. 2026 | $14649141 | $23085 |
| 445 | 5 Year U.S. Treasury Notes | Jun. 2026 | 49012580 | 149962 |
| 584 | 10 Year U.S. Treasury Notes | Jun. 2026 | 66466500 | 448622 |
| 28 | Bloomberg HY Credit | Mar. 2026 | 3140340 | 7621 |
| 29 | IBEX 35 Index | Jun. 2026 | 5273360 | (15900) |
|  |  |  |  | 613390 |
|  **Short Position:** | **Short Position:** |  |  |  |
| 32 | 20 Year U.S. Treasury Bonds | Jun. 2026 | 3791000 | (43492) |
|  |  |  |  | $569898 |

---

#### Forward foreign currency exchange contracts outstanding at February 28, 2026:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase**<br> **Contracts**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Value at<br> Settlement** <br>**Date** | **Current** <br>**Value** | **Unrealized**<br> **Appreciation** | **Unrealized**<br> **Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |  |  |  |  |
|  Euro,<br>Expiring 03/03/26 | BNP | EUR | 268 | $316265 | $316662 | $397 | $— |

---

See Notes to Financial Statements.

------

PGIM Active High Yield Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

#### Forward foreign currency exchange contracts outstanding at February 28, 2026 (continued):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sale**<br> **Contracts**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Value at<br> Settlement** <br>**Date** | **Current** <br>**Value** | **Unrealized**<br> **Appreciation** | **Unrealized**<br> **Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |  |  |  |  |
|  Euro, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/03/26 | BOA | EUR | 268 | $318058 | $316662 | $1396 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/02/26 | BNP | EUR | 268 | 316719 | 317213 |  | (494) |
|  |  |  |  | $634777 | $633875 | 1396 | (494) |
|  |  |  |  |  |  | $1793 | $(494) |

---

#### Credit default swap agreement outstanding at February 28, 2026:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed<br>Rate** | **Notional <br>Amount**<br>**(000)#(3)** | **Implied<br>Credit**<br> **Spread at<br>February 28,<br>2026(4)** | **Value at<br>Trade Date** | **Value at<br>February 28,<br>2026** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** |  |
|  CDX.NA.HY.45.V2 | 12/20/30 | 5.000%(Q) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174686 | 3.316% | $12945320 | $13539652 |  | $594332 |

---

The Fund entered into credit default swaps ("CDS") to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer's default or the reference entity's credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be short the credit as the value of the contract rises the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases.

(1) If the Fund is a buyer of protection, it pays the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(2) If the Fund is a seller of protection, it receives the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(3) Notional amount represents the maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(4) Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements where the Fund is the seller of protection as of the reporting date serve as an indicator of the current status of the payment/ performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include up-front payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

#### Total return swap agreements outstanding at February 28, 2026:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financing** <br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Termination<br>Date** | **Long (Short)<br> Notional <br>Amount<br>(000)#(1)** | **Fair**<br>**Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation**<br>**(Depreciation)(2)** |
|  **OTC Total Return Swap Agreement:** | **OTC Total Return Swap Agreement:** | **OTC Total Return Swap Agreement:** | **OTC Total Return Swap Agreement:** | **OTC Total Return Swap Agreement:** |  |  |  |
|  iBoxx US Dollar Liquid High Yield Index(T) | 1 Day SOFR(Q)/3.680% | MSI | 03/20/26 | 25860 | $100236 | $— | $100236 |

---

(1) On a long total return swap, the Fund receives payments for any positive return on the reference entity (makes payments for any negative return) and pays the financing rate. On a short total return swap, the Fund makes payments for any positive return on the reference entity (receives payments for any negative return) and receives the financing rate.

(2) Upfront/recurring fees or commissions, as applicable, are included in the net unrealized appreciation (depreciation).

See Notes to Financial Statements.

PGIM Fixed Income ETFs 71

------

PGIM Active High Yield Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

#### Balances Reported in the Statement of Assets and Liabilities for OTC Swap Agreements:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Premiums Paid** | **Premiums Received** | **Unrealized**<br> **Appreciation** | **Unrealized**<br> **Depreciation** |
|  OTC Swap Agreements | $— | $— | $100236 | $— |

---

#### Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:
Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:

---

| | | |
|:---|:---|:---|
| **Broker**  | **Cash and/or Foreign Currency** | **Securities Market Value** |
|  CGM | $— | $11288283 |
|  JPS |  | &nbsp;&nbsp;&nbsp;&nbsp;2088850 |
|  Total | $— | $13377133 |

---

#### Fair Value Measurements:
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of February 28, 2026 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Asset-Backed Security |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Loan Obligation | $— | $877811 | $— |
|  Commercial Mortgage-Backed Security |  | 533580 |  |
|  Corporate Bonds |  | 1141502048 | 36403 |
|  Floating Rate and Other Loans |  | 22297432 | 182092 |
|  U.S. Treasury Obligations |  | 40057811 |  |
|  Affiliated Exchange-Traded Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | 14154250 |  |  |
|  Common Stocks | 180550 | 1687173 | 10263 |
|  Preferred Stocks |  |  | 2303486 |
|  Warrants |  |  |  |
|  **Short-Term Investment** |  |  |  |
|  Affiliated Mutual Fund | 29395161 |  |  |
|  **Total** | $**43729961** | $**1206955855** | $**2532244** |
|  **Other Financial Instruments\*** |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts | $629290 | $— | $— |
|  OTC Forward Foreign Currency Exchange Contracts |  | 1793 |  |
|  Centrally Cleared Credit Default Swap Agreement |  | 594332 |  |
|  OTC Total Return Swap Agreement |  | 100236 |  |
|  **Total** | $**629290** | $**696361** | $**—** |
|  **Liabilities** |  |  |  |
|  Unfunded Loan Commitments | $— | $(2756) | $— |
|  Futures Contracts | (59392) |  |  |
|  OTC Forward Foreign Currency Exchange Contract |  | (494) |  |
|  **Total** | $**(59392)** | $**(3250)** | $**—** |

---

See Notes to Financial Statements.

------

PGIM Active High Yield Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

\* Other financial instruments are derivative instruments, with the exception of unfunded loan commitments , and are not reflected in the Schedule of Investments. Futures, forward foreign currency exchange contracts, centrally cleared swap contracts and unfunded loan commitments are recorded at net unrealized appreciation (depreciation), and OTC swap contracts are recorded at fair value. 

#### Industry Classification :
The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of February 28, 2026 were as follows:

---

| | |
|:---|:---|
|  Oil & Gas | 6.6 |
|  Telecommunications | 6.3 |
|  Diversified Financial Services | 6.1 |
|  Commercial Services | 5.5 |
|  Media | 4.4 |
|  Pipelines | 4.3 |
|  Healthcare-Services | 4.2 |
|  Home Builders | 3.8 |
|  Entertainment | 3.6 |
|  U.S. Treasury Obligations | 3.2 |
|  Electric | 3.2 |
|  Retail | 3.1 |
|  Real Estate Investment Trusts (REITs) | 2.8 |
|  Mining | 2.7 |
|  Affiliated Mutual Fund | 2.4 |
|  Packaging & Containers | 2.3 |
|  Auto Parts & Equipment | 2.3 |
|  Insurance | 2.3 |
|  Aerospace & Defense | 2.2 |
|  Leisure Time | 2 |
|  Iron/Steel | 1.9 |
|  Airlines | 1.8 |
|  Chemicals | 1.8 |
|  Pharmaceuticals | 1.6 |
|  Building Materials | 1.5 |
|  Foods | 1.3 |
|  Software | 1.2 |
|  Environmental Control | 1.2 |
|  Lodging | 1.2 |
|  Computers | 1.1 |
|  Affiliated Exchange-Traded Fund | 1.1 |
|  Banks | 1 |
|  Auto Manufacturers | 0.9 |
|  Real Estate | 0.8 |
|  Internet | 0.7 |
|  Housewares | 0.7 |
|  Miscellaneous Manufacturing | 0.7 |

---

---

| | |
|:---|:---|
|  Machinery-Diversified | 0.6% |
|  Electrical Components & Equipment | 0.5 |
|  Holding Companies-Diversified | 0.5 |
|  Advertising | 0.5 |
|  Household Products/Wares | 0.5 |
|  Apparel | 0.5 |
|  Oil & Gas Services | 0.4 |
|  Distribution/Wholesale | 0.3 |
|  Machinery-Construction & Mining | 0.3 |
|  Engineering & Construction | 0.3 |
|  Transportation | 0.3 |
|  Electronic Equipment, Instruments & Components | 0.2 |
|  Forest Products & Paper | 0.2 |
|  Cosmetics/Personal Care | 0.2 |
|  Electronics | 0.2 |
|  Home Furnishings | 0.1 |
|  Metal Fabricate/Hardware | 0.1 |
|  Coal | 0.1 |
|  Gas | 0.1 |
|  Collateralized Loan Obligation | 0.1 |
|  Office/Business Equipment | 0.1 |
|  Oil, Gas & Consumable Fuels | 0.1 |
|  Biotechnology | 0.0 \* |
|  Wireless Telecommunication Services | 0.0 \* |
|  Commercial Mortgage-Backed Security | 0.0 \* |
|  Gas Utilities | 0.0 \* |
|  Interactive Media & Services | 0.0 \* |
|  Containers & Packaging | 0.0 \* |
|  | 100.0 |
|  Other assets in excess of liabilities | 0.0 \* |
|  | 100.0% |

---

\* Less than 0.05% 

#### Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure :
The Fund invested in derivative instruments during the reporting period. The primary types of risk associated with these derivative instruments are credit risk, equity risk, foreign exchange risk and interest rate risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Fund's financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of February 28, 2026 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivatives not accounted for<br>as hedging instruments,<br>carried at fair value**  | **Statement of<br>Assets and<br>Liabilities Location** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value**  | **Statement of<br>Assets and<br>Liabilities Location** | **Fair <br> Value** |
|  Credit contracts | Due from/to broker-variation margin swaps | $594,332\* |  | $— |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 73

------

PGIM Active High Yield Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivatives not accounted for<br>as hedging instruments,<br>carried at fair value**  | **Statement of<br>Assets and<br>Liabilities Location** | **Fair<br>Value** | **Statement of<br>Assets and<br>Liabilities Location** | **Fair<br>Value** |
|  Equity contracts |  | $— | Due from/to broker-variation margin futures | $15900 \* |
|  Foreign exchange contracts | Unrealized appreciation on OTC forward foreign currency exchange contracts | 1793 | Unrealized depreciation on OTC forward foreign currency exchange contracts | 494 |
|  Interest rate contracts | Due from/to broker-variation margin futures | 629290 \* | Due from/to broker-variation margin futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43492 \* |
|  Interest rate contracts | Unrealized appreciation on OTC swap agreements | 100236 |  |  |
|  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1325651 |  | $59886 |

---

\* Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

The effects of derivative instruments on the Statement of Operations for the six months ended February 28, 2026 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** |
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | **Options<br>Written** | **Futures** | **Forward<br>Currency<br>Exchange<br>Contracts** | **Swaps** |
|  Credit contracts | $20422 | $— | $— | $(349087) |
|  Equity contracts |  | 68911 |  |  |
|  Foreign exchange contracts |  |  | (3542) |  |
|  Interest rate contracts |  | 445429 |  | 220346 |
|  **Total** | $20422 | $514340 | $(3542) | $(128741) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives not accounted for**<br>**as hedging instruments,**<br>**carried at fair value** | **Futures** | **Forward<br>Currency<br>Exchange<br>Contracts** | **Swaps** |
|  Credit contracts | $— | $— | $77184 |
|  Equity contracts | (15900) |  |  |
|  Foreign exchange contracts |  | 3544 |  |
|  Interest rate contracts | 495273 |  | (145477) |
|  **Total** | $479373 | $3544 | $(68293) |

---

For the six months ended February 28, 2026, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Options Written (1) | $1010000 |
|  Futures Contracts - Long Positions (1) | 85926711 |
|  Futures Contracts - Short Positions (1) | 1541188 |
|  Forward Foreign Currency Exchange Contracts - Purchased (2) | 399034 |
|  Forward Foreign Currency Exchange Contracts - Sold (2) | 706139 |
|  Credit Default Swap Agreements - Sell Protection (1) | 83555167 |
|  Total Return Swap Agreements (1) | 26756667 |

---

\* Average volume is based on average quarter end balances for the six months ended February 28, 2026.

(1) Notional Amount in USD.

(2) Value at Settlement Date.

See Notes to Financial Statements.

------

PGIM Active High Yield Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

#### Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:
The Fund invested in OTC derivatives during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for OTC derivatives where the legal right to set-off exists is presented in the summary below.

#### Offsetting of OTC derivative assets and liabilities:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amounts of<br>Recognized<br>Assets(1)** | **Gross Amounts of<br>Recognized<br>Liabilities(1)** | **Net Amounts of<br>Recognized<br> Assets/(Liabilities)** | **Collateral<br> Pledged/(Received)(2)** | **Net Amount** |
|  BNP | $397 | $(494) | $(97) | $— | $(97) |
|  BOA | 1396 |  | 1396 |  | 1396 |
|  MSI | 100236 |  | 100236 |  | 100236 |
|  | $102029 | $(494) | $101535 | $— | $101535 |

---

(1) Includes unrealized appreciation/(depreciation) on swaps and forwards, premiums paid/(received) on swap agreements and market value of purchased and written options, as represented on the Statement of Assets and Liabilities.

(2) Collateral amount disclosed by the Fund is limited to the market value of financial instruments/transactions and the Fund's OTC derivative exposure by counterparty.

See Notes to Financial Statements.

PGIM Fixed Income ETFs 75

------

PGIM Active High Yield Bond ETF

Statement of Assets & Liabilities (unaudited)

as of February 28, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $1,210,222,630) | $1209668649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $43,509,617) | 43549411 |
| &nbsp;&nbsp; Cash | 2368 |
| &nbsp;&nbsp; Foreign currency, at value (cost $32,879) | 32781 |
| &nbsp;&nbsp; Dividends and interest receivable | 19034268 |
| &nbsp;&nbsp; Receivable for investments sold | 2870896 |
| &nbsp;&nbsp; Due from broker—variation margin futures | 349727 |
| &nbsp;&nbsp; Unrealized appreciation on OTC swap agreements | 100236 |
| &nbsp;&nbsp; Tax reclaim receivable | 2928 |
| &nbsp;&nbsp; Unrealized appreciation on OTC forward foreign currency exchange contracts | 1793 |
| &nbsp;&nbsp; **Total Assets** | 1275613057 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Payable for investments purchased | 20890643 |
| &nbsp;&nbsp; Due to broker—variation margin swaps | 710946 |
| &nbsp;&nbsp; Management fee payable | 364517 |
| &nbsp;&nbsp; Other liabilities | 13331 |
| &nbsp;&nbsp; Unrealized depreciation on unfunded loan commitments | 2756 |
| &nbsp;&nbsp; Unrealized depreciation on OTC forward foreign currency exchange contracts | 494 |
| &nbsp;&nbsp; **Total Liabilities** | 21982687 |
| &nbsp;&nbsp; **Net Assets** | $1253630370 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $35325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 1261734271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (8139226) |
| &nbsp;&nbsp; **Net assets, February 28, 2026** | $1253630370 |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share. |  |
| &nbsp;&nbsp; ($1,253,630,370 ÷ 35,325,000 shares of common stock issued and outstanding) | $35.49 |

---

See Notes to Financial Statements.

------

PGIM Active High Yield Bond ETF

Statement of Operations (unaudited)

Six Months Ended February 28, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Income |  |
| &nbsp;&nbsp; Interest income | $23771513 |
| &nbsp;&nbsp; Affiliated dividend income | 605383 |
| &nbsp;&nbsp; Unaffiliated dividend income (net of $446 foreign withholding tax) | 3307 |
| &nbsp;&nbsp; **Total income** | 24380203 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 1468603 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (12708) |
| &nbsp;&nbsp; **Net expenses** | 1455895 |
| &nbsp;&nbsp; Net investment income (loss) | 22924308 |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions**<br>|  |
| &nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions | (800303) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | 514340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency contract transactions | (3542) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written transactions | 20422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreement transactions | (128741) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 121 |
|  | (397703) |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments (including affiliated of $(13912)) | (1719096) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 479373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency contracts | 3544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | (68293) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | (73) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unfunded loan commitments | (3268) |
|  | (1307813) |
| &nbsp;&nbsp; Net gain (loss) on investment and foreign currency transactions | (1705516) |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $21218792 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 77

------

PGIM Active High Yield Bond ETF

Statements of Changes in Net Assets (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>February 28, 2026** | **Year Ended<br>August 31, 2025** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $22924308 | $18433130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment, in-kind redemptions and foreign currency transactions | (397703) | (1796817) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currencies | (1307813) | 5883614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 21218792 | 22519927 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from distributable earnings | (22654485) | (17900432) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from shares sold (800,000 and 2,750,000 shares, respectively) | 28453405 | 96239745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold in-kind (22,675,000 and 6,050,000 shares, respectively) | 804395521 | 212753807 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed in-kind (0 and 650,000 shares, respectively) |  | (21913969) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares purchased (0 and 50,000 shares, respectively) |  | (1677788) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 832848926 | 285401795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) | 831413233 | 290021290 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 422217137 | 132195847 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $1253630370 | $422217137 |

---

See Notes to Financial Statements.

------

PGIM Active High Yield Bond ETF

Financial Highlights (unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br>Ended**<br> **February 28, 2026** | **Year Ended**<br> **August 31,** | **Year Ended**<br> **August 31,** | **Year Ended**<br> **August 31,** | **Year Ended**<br> **August 31,** | **Year Ended**<br> **August 31,** |
|  | **Six Months<br>Ended**<br> **February 28, 2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $35.63 | $35.25 | $34.18 | $34.64 | $41.42 | $39.99 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.99 | 2.64 | 2.61 | 2.39 | 1.85 | 1.95 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.06 <sup>(b)</sup> | 0.46 | 1.31 | (0.32) | (6.23) | 2.30 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.05 | 3.10 | 3.92 | 2.07 | (4.38) | 4.25 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (1.19) | (2.72) | (2.85) | (2.53) | (1.92) | (2.24) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  |  | (0.48) | (0.58) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.19) | (2.72) | (2.85) | (2.53) | (2.40) | (2.82) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $35.49 | $35.63 | $35.25 | $34.18 | $34.64 | $41.42 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 2.99% | 9.18% | 12.15% | 6.32% | (11.01)% | 11.00% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $1253630 | $422217 | $132196 | $113650 | $94396 | $86976 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $759375 | $244483 | $116899 | $91165 | $85683 | $58270 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.39 %<sup>(e)</sup> | 0.37% | 0.45% | 0.53% | 0.53% | 0.53% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.39 %<sup>(e)</sup> | 0.39% | 0.46% | 0.53% | 0.53% | 0.53% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 6.09 %<sup>(e)</sup> | 7.54% | 7.62% | 7.06% | 4.87% | 4.76% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup> | 62% | 56% | 47% | 35% | 31% | 85% |

---

(a) Calculated based on average shares outstanding during the period.

(b) The per share amount of realized and unrealized gain (loss) on investments does not directly correlate to the amounts reported in the Statement of Operations due to the timing of portfolio share transactions in relation to fluctuating market values.

(c) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(d) Does not include expenses of the underlying funds in which the Fund invests.

(e) Annualized.

(f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Fixed Income ETFs 79

------

PGIM Corporate Bond 0-5 Year ETF

Schedule of Investments (unaudited)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest** <br> **Rate** | **Maturity** <br> **Date** | **Principal Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 98.8%** |  |  |  |  |
| &nbsp;&nbsp; **CORPORATE BONDS 94.9%** |  |  |  |  |
| &nbsp;&nbsp; **Advertising 0.3%** |  |  |  |  |
| &nbsp;&nbsp; Omnicom Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.200% | 03/02/29 | 1765 | $1768062 |
| &nbsp;&nbsp; **Aerospace & Defense 1.8%** |  |  |  |  |
| &nbsp;&nbsp; Boeing Co. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.250 | 02/01/28 | 2500 | 2470386 |
| &nbsp;&nbsp; L3Harris Technologies, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.850 | 12/15/26 | 1605 | 1604411 |
| &nbsp;&nbsp; Spirit AeroSystems, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.600 | 06/15/28 | 5425 | 5475091 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9549888 |
| &nbsp;&nbsp; **Agriculture 3.8%** |  |  |  |  |
| &nbsp;&nbsp; BAT Capital Corp. (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.215 | 09/06/26 | 3732 | 3720760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.557 | 08/15/27 | 1064 | 1058527 |
| &nbsp;&nbsp; Bunge Ltd. Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.200 | 09/17/29 | 4250 | 4276557 |
| &nbsp;&nbsp; Cargill, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.125 | 10/23/30 | 3552 | 3562596 |
| &nbsp;&nbsp; Imperial Brands Finance PLC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A, MTN | 5.500 | 02/01/30 | 400 | 417688 |
| &nbsp;&nbsp; Philip Morris International, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(k) | 4.375 | 11/01/27 | 6647 | 6712868 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19748996 |
| &nbsp;&nbsp; **Airlines 0.5%** |  |  |  |  |
| &nbsp;&nbsp; Delta Air Lines, Inc./SkyMiles IP Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.750 | 10/20/28 | 2258 | 2272001 |
| &nbsp;&nbsp; Southwest Airlines Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.375 | 11/15/28 | 465 | 468407 |
|  |  |  |  | 2740408 |
| &nbsp;&nbsp; **Apparel 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Gildan Activewear, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.700 | 10/07/30 | 1219 | 1226026 |
| &nbsp;&nbsp; **Auto Manufacturers 2.1%** |  |  |  |  |
| &nbsp;&nbsp; Ford Motor Credit Co. LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.700 | 08/10/26 | 1289 | 1279658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.271 | 01/09/27 | 500 | 499888 |
| &nbsp;&nbsp; General Motors Financial Co., Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.400 | 10/15/28 | 7409 | 7096389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.600 | 01/08/31 | 733 | 739740 |
| &nbsp;&nbsp; Hyundai Capital America, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.275 | 06/24/27 | 898 | 913035 |
| &nbsp;&nbsp; Volkswagen Group of America Finance LLC (Germany), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.750 | 11/13/28 | 648 | 656219 |
|  |  |  |  | 11184929 |
| &nbsp;&nbsp; **Banks 23.5%** |  |  |  |  |
| &nbsp;&nbsp; Bank of America Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | 6.250(ff) | 07/26/30 (oo) | 1624 | 1668037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.734(ff) | 07/22/27 | 1174 | 1163828 |

---

See Notes to Financial Statements.

------

PGIM Corporate Bond 0-5 Year ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest** <br> **Rate** | **Maturity** <br> **Date** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Banks (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Bank of America Corp., (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 2.087%(ff) | 06/14/29 | 12501 | $11974654 |
| &nbsp;&nbsp; Bank of New York Mellon Corp. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series F | 4.625(ff) | 09/20/26 (oo) | 2272 | 2269989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.026(ff) | 01/22/30 | 2895 | 2899287 |
| &nbsp;&nbsp; Bank of Nova Scotia (The) (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | 7.350(ff) | 04/27/85 | 950 | 993371 |
| &nbsp;&nbsp; Barclays PLC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.219(ff) | 05/24/30 | 2610 | 2610000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.476(ff) | 11/11/29 | 570 | 574229 |
| &nbsp;&nbsp; BPCE SA (France), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | 5.876(ff) | 01/14/31 | 475 | 498667 |
| &nbsp;&nbsp; Citigroup, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | 6.625(ff) | 02/15/31 (oo) | 132 | 135418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.462(ff) | 06/09/27 | 821 | 815281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.503(ff) | 09/11/31 | 2049 | 2065264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.952(ff) | 05/07/31 | 9061 | 9305943 |
| &nbsp;&nbsp; Deutsche Bank AG (Germany), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | 2.552(ff) | 01/07/28 | 1248 | 1232179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes | 4.469(ff) | 12/10/31 | 175 | 176002 |
| &nbsp;&nbsp; Fifth Third Financial Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.982(ff) | 01/30/30 | 2481 | 2600471 |
| &nbsp;&nbsp; Goldman Sachs Group, Inc. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.640(ff) | 02/24/28 | 8137 | 8028435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.369(ff) | 10/21/31 | 7864 | 7864043 |
| &nbsp;&nbsp; HSBC Holdings PLC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.619(ff) | 11/06/31 | 2087 | 2110182 |
| &nbsp;&nbsp; Huntington Bancshares, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.208(ff) | 08/21/29 | 3133 | 3290111 |
| &nbsp;&nbsp; JPMorgan Chase & Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.347(ff) | 01/22/32 | 4380 | 4400312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.995(ff) | 07/22/30 | 6102 | 6286177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.581(ff) | 04/22/30 | 7906 | 8257158 |
| &nbsp;&nbsp; KeyCorp, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 4.100 | 04/30/28 | 3834 | 3844671 |
| &nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. (Japan), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.505(ff) | 01/14/32 | 805 | 811699 |
| &nbsp;&nbsp; Morgan Stanley, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.296(ff) | 10/18/28 | 10195 | 10562918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | 2.699(ff) | 01/22/31 | 5414 | 5119158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 2.475(ff) | 01/21/28 | 3190 | 3147661 |
| &nbsp;&nbsp; Morgan Stanley Private Bank NA, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.204(ff) | 11/17/28 | 1560 | 1565409 |
| &nbsp;&nbsp; Societe Generale SA (France), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | 5.500(ff) | 04/13/29 | 885 | 907558 |
| &nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc. (Japan), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.660(ff) | 07/08/31 | 640 | 650489 |
| &nbsp;&nbsp; Toronto-Dominion Bank (The) (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | 6.350(ff) | 10/31/85 | 200 | 204110 |
| &nbsp;&nbsp; Truist Financial Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 6.047(ff) | 06/08/27 | 2864 | 2878436 |
| &nbsp;&nbsp; UBS Group AG (Switzerland), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.214(ff) | 04/10/30 | 1030 | 1031233 |
| &nbsp;&nbsp; Wells Fargo & Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.182(ff) | 01/23/30 | 2517 | 2525969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.970(ff) | 04/23/29 | 5651 | 5760509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 2.393(ff) | 06/02/28 | 3370 | 3303381 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123532239 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 81

------

PGIM Corporate Bond 0-5 Year ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest** <br> **Rate** | **Maturity** <br> **Date** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Beverages 1.0%** |  |  |  |  |
| &nbsp;&nbsp; Anheuser-Busch InBev Worldwide, Inc. (Belgium), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.750% | 01/23/29 | 4618 | $4722766 |
| &nbsp;&nbsp; Bacardi Ltd. (Bermuda), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 2.750 | 07/15/26 | 267 | 265333 |
|  |  |  |  | 4988099 |
| &nbsp;&nbsp; **Biotechnology 1.1%** |  |  |  |  |
| &nbsp;&nbsp; Amgen, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.200 | 02/21/27 | 4002 | 3936869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.150 | 03/02/28 | 1617 | 1655835 |
|  |  |  |  | 5592704 |
| &nbsp;&nbsp; **Building Materials 0.5%** |  |  |  |  |
| &nbsp;&nbsp; Amrize Finance US LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.700 | 04/07/28 | 963 | 977748 |
| &nbsp;&nbsp; Lennox International, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.500 | 09/15/28 | 759 | 785245 |
| &nbsp;&nbsp; Owens Corning, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.400 | 08/15/26 | 977 | 973584 |
|  |  |  |  | 2736577 |
| &nbsp;&nbsp; **Chemicals 1.8%** |  |  |  |  |
| &nbsp;&nbsp; Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.400 | 12/01/26 | 1547 | 1541603 |
| &nbsp;&nbsp; DuPont de Nemours, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.725 | 11/15/28 | 2322 | 2353709 |
| &nbsp;&nbsp; FMC Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.200 | 10/01/26 | 158 | 155826 |
| &nbsp;&nbsp; International Flavors & Fragrances, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.450 | 09/26/28 | 1500 | 1510941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 1.832 | 10/15/27 | 1453 | 1402191 |
| &nbsp;&nbsp; Yara International ASA (Brazil), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.750 | 06/01/28 | 2631 | 2663309 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9627579 |
| &nbsp;&nbsp; **Commercial Services 1.4%** |  |  |  |  |
| &nbsp;&nbsp; Global Payments, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.875 | 11/15/30 | 3943 | 3937844 |
| &nbsp;&nbsp; Quanta Services, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.300 | 08/09/28 | 1246 | 1255874 |
| &nbsp;&nbsp; S&P Global, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.250 | 01/15/31 | 2358 | 2366049 |
|  |  |  |  | 7559767 |
| &nbsp;&nbsp; **Computers 1.5%** |  |  |  |  |
| &nbsp;&nbsp; CGI, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.950 | 03/14/30 | 1441 | 1463402 |
| &nbsp;&nbsp; Dell International LLC/EMC Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.500 | 02/15/31 | 1299 | 1305003 |
| &nbsp;&nbsp; Genpact Luxembourg Sarl/Genpact USA, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 1.750 | 04/10/26 | 688 | 686179 |
| &nbsp;&nbsp; International Business Machines Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.000 | 02/03/29 | 1550 | 1555523 |

---

See Notes to Financial Statements.

------

PGIM Corporate Bond 0-5 Year ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Computers (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Leidos, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.100% | 03/15/29 | 730 | $731646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.375 | 05/15/30 | 2295 | 2302557 |
|  |  |  |  | 8044310 |
| &nbsp;&nbsp; **Diversified Financial Services 1.9%** |  |  |  |  |
| &nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.125 | 02/28/29 | 550 | 549791 |
| &nbsp;&nbsp; Cantor Fitzgerald LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.500 | 04/14/27 | 1577 | 1577688 |
| &nbsp;&nbsp; Capital One Financial Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.312(ff) | 06/08/29 | 1917 | 2004456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 7.149(ff) | 10/29/27 | 1617 | 1649007 |
| &nbsp;&nbsp; Citadel Finance LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.900 | 02/10/30 | 280 | 287209 |
| &nbsp;&nbsp; Nomura Holdings, Inc. (Japan), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.329 | 01/22/27 | 1414 | 1392916 |
| &nbsp;&nbsp; Western Union Co. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.350 | 03/15/26 | 964 | 962904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.750 | 06/15/29 | 1630 | 1633309 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10057280 |
| &nbsp;&nbsp; **Electric 9.2%** |  |  |  |  |
| &nbsp;&nbsp; Algonquin Power & Utilities Corp. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.365 | 06/15/26 | 1064 | 1066660 |
| &nbsp;&nbsp; Alliant Energy Finance LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 1.400 | 03/15/26 | 490 | 489024 |
| &nbsp;&nbsp; CenterPoint Energy Houston Electric LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage | 5.200 | 10/01/28 | 1192 | 1231397 |
| &nbsp;&nbsp; CenterPoint Energy, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.450 | 06/01/26 | 804 | 798778 |
| &nbsp;&nbsp; Dominion Energy, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.600 | 05/15/28 | 2199 | 2230016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.000 | 06/15/30 | 1012 | 1042808 |
| &nbsp;&nbsp; DTE Energy Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.100 | 03/01/29 | 2606 | 2681268 |
| &nbsp;&nbsp; Duke Energy Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.650 | 09/01/26 | 2682 | 2664174 |
| &nbsp;&nbsp; Duke Energy Florida LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 4.200 | 12/01/30 | 775 | 780002 |
| &nbsp;&nbsp; Enel Finance International NV (Italy), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.125 | 06/26/29 | 500 | 514824 |
| &nbsp;&nbsp; Entergy Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.950 | 09/01/26 | 1041 | 1035125 |
| &nbsp;&nbsp; FirstEnergy Pennsylvania Electric Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.200 | 04/01/28 | 1178 | 1204233 |
| &nbsp;&nbsp; FirstEnergy Transmission LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 2.866 | 09/15/28 | 644 | 626507 |
| &nbsp;&nbsp; Fortis, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.055 | 10/04/26 | 964 | 959144 |
| &nbsp;&nbsp; NextEra Energy Capital Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.685 | 09/01/27 | 879 | 889032 |
| &nbsp;&nbsp; NorthWestern Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, 144A | 5.073 | 03/21/30 | 457 | 471676 |
| &nbsp;&nbsp; NRG Energy, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.734 | 10/15/30 | 636 | 642478 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 83

------

PGIM Corporate Bond 0-5 Year ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Electric (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Oncor Electric Delivery Co. LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | 4.650% | 11/01/29 | 595 | $608495 |
| &nbsp;&nbsp; Pacific Gas & Electric Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 6.100 | 01/15/29 | 4030 | 4234655 |
| &nbsp;&nbsp; PacifiCorp, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 5.100 | 02/15/29 | 2416 | 2484711 |
| &nbsp;&nbsp; Public Service Co. of New Hampshire, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 4.400 | 07/01/28 | 1865 | 1888493 |
| &nbsp;&nbsp; Sempra, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | 4.125(ff) | 04/01/52 | 1963 | 1938476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.400 | 08/01/26 | 1442 | 1448497 |
| &nbsp;&nbsp; Southern California Edison Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 5.300 | 03/01/28 | 5951 | 6088996 |
| &nbsp;&nbsp; Southwestern Electric Power Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series K | 2.750 | 10/01/26 | 1472 | 1460821 |
| &nbsp;&nbsp; Vistra Operations Co. LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.700 | 01/31/31 | 3545 | 3565032 |
| &nbsp;&nbsp; WEC Energy Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.750 | 01/15/28 | 1635 | 1660557 |
| &nbsp;&nbsp; Xcel Energy, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.750 | 03/15/27 | 3862 | 3777313 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48483192 |
| &nbsp;&nbsp; **Electrical Components & Equipment 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Molex Electronic Technologies LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.750 | 04/30/28 | 798 | 808827 |
| &nbsp;&nbsp; **Electronics 0.6%** |  |  |  |  |
| &nbsp;&nbsp; Fortive Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.150 | 06/15/26 | 807 | 804261 |
| &nbsp;&nbsp; Honeywell International, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.100 | 03/01/27 | 1656 | 1612763 |
| &nbsp;&nbsp; TD SYNNEX Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.300 | 01/17/29 | 599 | 599156 |
|  |  |  |  | 3016180 |
| &nbsp;&nbsp; **Engineering & Construction 0.4%** |  |  |  |  |
| &nbsp;&nbsp; Jacobs Engineering Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.350 | 08/18/28 | 1244 | 1306969 |
| &nbsp;&nbsp; Jacobs Solutions, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.750 | 03/03/31 | 525 | 525693 |
|  |  |  |  | 1832662 |
| &nbsp;&nbsp; **Foods 1.2%** |  |  |  |  |
| &nbsp;&nbsp; Kroger Co. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 8.000 | 09/15/29 | 444 | 499400 |
| &nbsp;&nbsp; Mars, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.800 | 03/01/30 | 3574 | 3672860 |
| &nbsp;&nbsp; Smithfield Foods, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.250 | 02/01/27 | 1335 | 1334926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.200 | 04/01/29 | 977 | 997435 |
|  |  |  |  | 6504621 |

---

See Notes to Financial Statements.

------

PGIM Corporate Bond 0-5 Year ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Gas 0.3%** |  |  |  |  |
| &nbsp;&nbsp; ONE Gas, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.100% | 04/01/29 | 748 | $772979 |
| &nbsp;&nbsp; Piedmont Natural Gas Co., Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.500 | 06/01/29 | 807 | 796157 |
|  |  |  |  | 1569136 |
| &nbsp;&nbsp; **Healthcare-Products 2.0%** |  |  |  |  |
| &nbsp;&nbsp; Abbott Laboratories, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.700 | 03/09/29 | 1610 | 1610442 |
| &nbsp;&nbsp; Baxter International, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.915 | 02/01/27 | 1381 | 1353830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.450 | 02/15/29 | 978 | 982369 |
| &nbsp;&nbsp; GE HealthCare Technologies, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.150 | 12/15/28 | 1655 | 1662209 |
| &nbsp;&nbsp; Solventum Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.400 | 03/01/29 | 816 | 846437 |
| &nbsp;&nbsp; Stryker Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.950 | 06/15/30 | 4622 | 4241363 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10696650 |
| &nbsp;&nbsp; **Healthcare-Services 3.1%** |  |  |  |  |
| &nbsp;&nbsp; Ascension Health, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2025 | 4.294 | 11/15/30 | 772 | 780195 |
| &nbsp;&nbsp; Cigna Group (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.400 | 03/15/30 | 5075 | 4765906 |
| &nbsp;&nbsp; CommonSpirit Health, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | 4.352 | 09/01/30 | 315 | 316351 |
| &nbsp;&nbsp; Laboratory Corp. of America Holdings, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.350 | 04/01/30 | 3639 | 3669158 |
| &nbsp;&nbsp; UnitedHealth Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.250 | 01/15/29 | 2955 | 2985711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.400 | 06/15/28 | 3763 | 3807435 |
|  |  |  |  | 16324756 |
| &nbsp;&nbsp; **Home Builders 0.5%** |  |  |  |  |
| &nbsp;&nbsp; Meritage Homes Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.125 | 06/06/27 | 1366 | 1375330 |
| &nbsp;&nbsp; Toll Brothers Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.875 | 03/15/27 | 1426 | 1434622 |
|  |  |  |  | 2809952 |
| &nbsp;&nbsp; **Insurance 1.6%** |  |  |  |  |
| &nbsp;&nbsp; Brown & Brown, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.600 | 12/23/26 | 901 | 904961 |
| &nbsp;&nbsp; Corebridge Global Funding, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, MTN | 4.250 | 08/21/28 | 1009 | 1009997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, MTN | 5.200 | 01/12/29 | 1271 | 1308337 |
| &nbsp;&nbsp; Fairfax Financial Holdings Ltd. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.625 | 04/29/30 | 2827 | 2855979 |
| &nbsp;&nbsp; Lincoln Financial Global Funding, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 4.625 | 08/18/30 | 437 | 439555 |
| &nbsp;&nbsp; Principal Life Global Funding II, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 4.450 | 01/13/31 | 1140 | 1149222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, MTN | 5.500 | 06/28/28 | 748 | 769943 |
|  |  |  |  | 8437994 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 85

------

PGIM Corporate Bond 0-5 Year ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Internet 1.8%** |  |  |  |  |
| &nbsp;&nbsp; Alphabet, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.700% | 02/15/29 | 4019 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4022135 |
| &nbsp;&nbsp; Beignet Investor LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.581 | 05/30/49 | 1217 | 1292407 |
| &nbsp;&nbsp; Meta Platforms, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.200 | 11/15/30 | 4012 | 4049382 |
|  |  |  |  | 9363924 |
| &nbsp;&nbsp; **Investment Companies 0.8%** |  |  |  |  |
| &nbsp;&nbsp; Apollo Debt Solutions BDC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.700 | 01/23/31 | 783 | 776836 |
| &nbsp;&nbsp; Ares Strategic Income Fund, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.600 | 02/15/30 | 1245 | 1230727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.150 | 01/15/31 | 1103 | 1069123 |
| &nbsp;&nbsp; Goldman Sachs Private Credit Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.050 | 02/23/28 | 65 | 64573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.875 | 01/31/31 | 1200 | 1179429 |
|  |  |  |  | 4320688 |
| &nbsp;&nbsp; **Iron/Steel 0.3%** |  |  |  |  |
| &nbsp;&nbsp; Reliance, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.150 | 08/15/30 | 1518 | 1390167 |
| &nbsp;&nbsp; **Leisure Time 0.5%** |  |  |  |  |
| &nbsp;&nbsp; Harley-Davidson Financial Services, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.050 | 02/14/27 | 1279 | 1264272 |
| &nbsp;&nbsp; Royal Caribbean Cruises Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.375 | 07/15/27 | 1486 | 1497086 |
|  |  |  |  | 2761358 |
| &nbsp;&nbsp; **Lodging 0.8%** |  |  |  |  |
| &nbsp;&nbsp; Hyatt Hotels Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.750 | 04/23/30 | 2793 | 2934358 |
| &nbsp;&nbsp; Las Vegas Sands Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.500 | 08/18/26 | 1442 | 1436145 |
|  |  |  |  | 4370503 |
| &nbsp;&nbsp; **Machinery-Diversified 0.6%** |  |  |  |  |
| &nbsp;&nbsp; CNH Industrial Capital LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.500 | 01/12/29 | 1914 | 1985777 |
| &nbsp;&nbsp; Westinghouse Air Brake Technologies Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.450 | 11/15/26 | 898 | 894060 |
|  |  |  |  | 2879837 |
| &nbsp;&nbsp; **Media 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Comcast Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.168 | 01/15/37 | 600 | 604234 |
| &nbsp;&nbsp; News Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.875 | 05/15/29 | 270 | 263281 |
|  |  |  |  | 867515 |
| &nbsp;&nbsp; **Mining 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Rio Tinto Finance USA PLC (Australia), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.875 | 03/14/30 | 1212 | 1249925 |

---

See Notes to Financial Statements.

------

PGIM Corporate Bond 0-5 Year ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Miscellaneous Manufacturing 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Textron, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.375% | 03/01/28 | 872 | $862879 |
| &nbsp;&nbsp; **Office/Business Equipment 0.3%** |  |  |  |  |
| &nbsp;&nbsp; CDW LLC/CDW Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.670 | 12/01/26 | 807 | 798507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.276 | 12/01/28 | 638 | 622369 |
|  |  |  |  | 1420876 |
| &nbsp;&nbsp; **Oil & Gas 2.1%** |  |  |  |  |
| &nbsp;&nbsp; Aker BP ASA (Norway), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.600 | 06/13/28 | 798 | 821781 |
| &nbsp;&nbsp; BP Capital Markets America, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.234 | 11/06/28 | 1167 | 1178948 |
| &nbsp;&nbsp; Devon Energy Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.250 | 10/15/27 | 1041 | 1041385 |
| &nbsp;&nbsp; Diamondback Energy, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.250 | 12/01/26 | 1221 | 1215349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.150 | 01/30/30 | 2289 | 2373984 |
| &nbsp;&nbsp; EOG Resources, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.400 | 07/15/28 | 1228 | 1243967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.400 | 01/15/31 | 562 | 568650 |
| &nbsp;&nbsp; Equinor ASA (Norway), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.500 | 09/03/30 | 570 | 582451 |
| &nbsp;&nbsp; Phillips 66 Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.750 | 03/01/28 | 931 | 929131 |
| &nbsp;&nbsp; Saudi Arabian Oil Co. (Saudi Arabia), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | 4.000 | 02/02/29 | 230 | 229684 |
| &nbsp;&nbsp; Var Energi ASA (Norway), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.500 | 01/15/28 | 650 | 686468 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10871798 |
| &nbsp;&nbsp; **Oil & Gas Services 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Schlumberger Holdings Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.000 | 11/15/29 | 535 | 553531 |
| &nbsp;&nbsp; **Packaging & Containers 1.3%** |  |  |  |  |
| &nbsp;&nbsp; AptarGroup, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.750 | 03/30/31 | 2678 | 2717708 |
| &nbsp;&nbsp; Berry Global, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 5.500 | 04/15/28 | 1452 | 1497904 |
| &nbsp;&nbsp; Sealed Air Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 1.573 | 10/15/26 | 1601 | 1577834 |
| &nbsp;&nbsp; Silgan Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 1.400 | 04/01/26 | 1082 | 1079377 |
|  |  |  |  | 6872823 |
| &nbsp;&nbsp; **Pharmaceuticals 3.8%** |  |  |  |  |
| &nbsp;&nbsp; AbbVie, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.950 | 11/21/26 | 2509 | 2493127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.200 | 11/21/29 | 1799 | 1757142 |
| &nbsp;&nbsp; Cardinal Health, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.500 | 09/15/30 | 1465 | 1485363 |
| &nbsp;&nbsp; Cencora, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.950 | 02/13/29 | 1492 | 1492773 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 87

------

PGIM Corporate Bond 0-5 Year ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Pharmaceuticals (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; CVS Health Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.750% | 08/21/30 | 1021 | $917531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.000 | 08/15/26 | 3163 | 3147597 |
| &nbsp;&nbsp; McKesson Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.300 | 08/15/26 | 1273 | 1257310 |
| &nbsp;&nbsp; Merck & Co., Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.850 | 03/15/29 | 4545 | 4560555 |
| &nbsp;&nbsp; Utah Acquisition Sub, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.950 | 06/15/26 | 1917 | 1913772 |
| &nbsp;&nbsp; Viatris, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.700 | 06/22/30 | 1052 | 971595 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19996765 |
| &nbsp;&nbsp; **Pipelines 5.5%** |  |  |  |  |
| &nbsp;&nbsp; DCP Midstream Operating LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.125 | 05/15/29 | 595 | 611882 |
| &nbsp;&nbsp; DT Midstream, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.125 | 06/15/29 | 1790 | 1776904 |
| &nbsp;&nbsp; Enbridge, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.300 | 04/05/29 | 992 | 1026198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.900 | 11/15/26 | 2604 | 2637011 |
| &nbsp;&nbsp; Energy Transfer LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.400 | 12/01/30 | 2578 | 2808675 |
| &nbsp;&nbsp; Enterprise Products Operating LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.300 | 06/20/28 | 2236 | 2259262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series E | 5.250(ff) | 08/16/77 | 978 | 980455 |
| &nbsp;&nbsp; MPLX LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.750 | 03/01/26 | 1391 | 1391000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.250 | 12/01/27 | 2773 | 2785127 |
| &nbsp;&nbsp; ONEOK, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.550 | 11/01/26 | 1774 | 1789635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.650 | 11/01/28 | 1268 | 1318222 |
| &nbsp;&nbsp; Targa Resources Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.350 | 01/15/29 | 3607 | 3634196 |
| &nbsp;&nbsp; Transcontinental Gas Pipe Line Co. LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 7.250 | 12/01/26 | 453 | 462522 |
| &nbsp;&nbsp; Western Midstream Operating LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.500 | 03/01/28 | 965 | 972277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.350 | 01/15/29 | 635 | 670792 |
| &nbsp;&nbsp; Williams Cos., Inc. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.400 | 03/02/26 | 3596 | 3596000 |
|  |  |  |  | 28720158 |
| &nbsp;&nbsp; **Real Estate 0.5%** |  |  |  |  |
| &nbsp;&nbsp; Ontario Teachers' Cadillac Fairview Properties Trust (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 2.500 | 10/15/31 | 1245 | 1129663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.125 | 02/01/29 | 1348 | 1349708 |
|  |  |  |  | 2479371 |
| &nbsp;&nbsp; **Real Estate Investment Trusts (REITs) 7.8%** |  |  |  |  |
| &nbsp;&nbsp; Alexandria Real Estate Equities, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.900 | 12/15/30 | 5541 | 5657057 |
| &nbsp;&nbsp; American Tower Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.800 | 11/15/28 | 1192 | 1244637 |
| &nbsp;&nbsp; AvalonBay Communities, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.350 | 12/01/30 | 1000 | 1009856 |

---

See Notes to Financial Statements.

------

PGIM Corporate Bond 0-5 Year ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Real Estate Investment Trusts (REITs) (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; AvalonBay Communities, Inc., (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 2.900% | 10/15/26 | 1041 | $1033574 |
| &nbsp;&nbsp; Brixmor Operating Partnership LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.250 | 04/01/28 | 1035 | 999491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.900 | 03/15/27 | 2233 | 2230181 |
| &nbsp;&nbsp; COPT Defense Properties LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.500 | 10/15/30 | 2495 | 2506035 |
| &nbsp;&nbsp; Cousins Properties LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.250 | 07/15/30 | 748 | 773215 |
| &nbsp;&nbsp; Essex Portfolio LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 1.700 | 03/01/28 | 948 | 907838 |
| &nbsp;&nbsp; GLP Capital LP/GLP Financing II, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.300 | 01/15/29 | 798 | 814361 |
| &nbsp;&nbsp; Host Hotels & Resorts LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series I | 3.500 | 09/15/30 | 3246 | 3112866 |
| &nbsp;&nbsp; Invitation Homes Operating Partnership LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.450 | 08/15/30 | 514 | 535522 |
| &nbsp;&nbsp; Kimco Realty OP LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.800 | 10/01/26 | 3034 | 3013685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.800 | 04/01/27 | 1001 | 1001121 |
| &nbsp;&nbsp; Lineage OP LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.250 | 07/15/30 | 951 | 969721 |
| &nbsp;&nbsp; Prologis LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.750 | 07/01/30 | 888 | 807461 |
| &nbsp;&nbsp; Realty Income Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.200 | 06/15/28 | 4758 | 4585277 |
| &nbsp;&nbsp; Simon Property Group LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.300 | 01/15/31 | 1485 | 1493659 |
| &nbsp;&nbsp; Sun Communities Operating LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.300 | 11/01/28 | 1292 | 1234063 |
| &nbsp;&nbsp; Ventas Realty LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.250 | 10/15/26 | 1271 | 1264472 |
| &nbsp;&nbsp; VICI Properties LP/VICI Note Co., Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.500 | 09/01/26 | 535 | 535167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.750 | 02/01/27 | 798 | 805342 |
| &nbsp;&nbsp; Welltower OP LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.500 | 07/01/30 | 4635 | 4716217 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41250818 |
| &nbsp;&nbsp; **Retail 0.8%** |  |  |  |  |
| &nbsp;&nbsp; Alimentation Couche-Tard, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.550 | 07/26/27 | 1041 | 1035004 |
| &nbsp;&nbsp; AutoNation, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.800 | 11/15/27 | 474 | 472209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.400 | 08/01/31 | 1913 | 1719882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.450 | 01/15/29 | 1166 | 1174301 |
|  |  |  |  | 4401396 |
| &nbsp;&nbsp; **Semiconductors 1.3%** |  |  |  |  |
| &nbsp;&nbsp; Broadcom Corp./Broadcom Cayman Finance Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.500 | 01/15/28 | 4140 | 4119505 |
| &nbsp;&nbsp; Broadcom, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.450 | 02/15/31 | 2668 | 2465892 |
| &nbsp;&nbsp; Foundry JV Holdco LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.500 | 01/25/31 | 410 | 427835 |
|  |  |  |  | 7013232 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 89

------

PGIM Corporate Bond 0-5 Year ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Software 2.1%** |  |  |  |  |
| &nbsp;&nbsp; Fiserv, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.500% | 07/01/29 | 4615 | $4483406 |
| &nbsp;&nbsp; MSCI, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.000 | 11/15/29 | 1251 | 1227930 |
| &nbsp;&nbsp; Oracle Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.650 | 03/25/26 | 1174 | 1171997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.300 | 03/25/28 | 3457 | 3314037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.550 | 02/04/29 | 1076 | 1077621 |
|  |  |  |  | 11274991 |
| &nbsp;&nbsp; **Telecommunications 2.5%** |  |  |  |  |
| &nbsp;&nbsp; AT&T, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.700 | 03/25/26 | 1634 | 1631268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.300 | 06/01/27 | 1799 | 1764618 |
| &nbsp;&nbsp; Motorola Solutions, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.600 | 05/23/29 | 1544 | 1567371 |
| &nbsp;&nbsp; Rogers Communications, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.000 | 02/15/29 | 2143 | 2193296 |
| &nbsp;&nbsp; T-Mobile USA, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.750 | 04/15/27 | 2953 | 2949439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.850 | 01/15/29 | 3096 | 3171520 |
|  |  |  |  | 13277512 |
| &nbsp;&nbsp; **Transportation 0.8%** |  |  |  |  |
| &nbsp;&nbsp; Fedex Freight Holding Co., Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.300 | 03/15/29 | 3071 | 3078030 |
| &nbsp;&nbsp; Ryder System, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 2.900 | 12/01/26 | 977 | 969090 |
|  |  |  |  | 4047120 |
| &nbsp;&nbsp; **Trucking & Leasing 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Penske Truck Leasing Co. LP/PTL Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.200 | 04/01/27 | 679 | 680224 |
| &nbsp;&nbsp; **TOTAL CORPORATE BONDS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $498,078,467) |  |  |  | 499768245 |
| &nbsp;&nbsp; **U.S. TREASURY OBLIGATION 3.9%** |  |  |  |  |
| &nbsp;&nbsp; U.S. Treasury Notes<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $20,242,274) | 3.375 | 11/30/27 | 20280 | 20268117 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $518,320,741) |  |  |  | 520036362 |
|  |  |  | **Shares** |  |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENT 1.1%** |  |  |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND** |  |  |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.787%) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $6,037,904)(wb) |  |  | 6037904 | 6037904 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 99.9%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $524,358,645) |  |  |  | 526074266 |
| &nbsp;&nbsp; Other assets in excess of liabilities(z) 0.1% |  |  |  | 478387 |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526552653 |

---

See Notes to Financial Statements.

------

PGIM Corporate Bond 0-5 Year ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

See the Glossary for a list of the abbreviation(s) used in the semiannual report.

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

(ff) Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.

(k) Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives.

(oo) Perpetual security. Maturity date represents next call date.

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

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

#### Futures contracts outstanding at February 28, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number<br>of<br>Contracts** | **Type** | **Expiration<br>Date** | **Current<br>Notional<br>Amount** | **Value /<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Short Positions:** | **Short Positions:** |  |  |  |
| 32 | 2 Year U.S. Treasury Notes | Jun. 2026 | $6696750 | $(9968) |
| 80 | 5 Year U.S. Treasury Notes | Jun. 2026 | 8811250 | (23005) |
| 8 | 10 Year U.S. Treasury Notes | Jun. 2026 | 910500 | (4066) |
| 7 | 10 Year U.S. Ultra Treasury Notes | Jun. 2026 | 817141 | (6719) |
| 6 | 20 Year U.S. Treasury Bonds | Jun. 2026 | 710813 | (7187) |
|  |  |  |  | $(50945) |

---

#### Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:
Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:

---

| | | |
|:---|:---|:---|
| **Broker**  | **Cash and/or Foreign Currency** | **Securities Market Value** |
|  JPS | $— | $566559 |

---

#### Fair Value Measurements:
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of February 28, 2026 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Corporate Bonds | $— | $499768245 | $— |
|  U.S. Treasury Obligation |  | 20268117 |  |
|  **Short-Term Investment** |  |  |  |
|  Affiliated Mutual Fund | 6037904 |  |  |
|  **Total** | $**6037904** | $**520036362** | $**—** |
|  **Other Financial Instruments\*** |  |  |  |
|  **Liabilities** |  |  |  |
|  Futures Contracts | $**(50945)** | $**—** | $**—** |

---

\* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forward foreign currency exchange contracts and centrally cleared swap contracts, which are recorded at unrealized appreciation (depreciation) on the instrument, and OTC swap contracts which are recorded at fair value. 

#### Industry Classification:
The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of February 28, 2026 were as follows:

See Notes to Financial Statements.

PGIM Fixed Income ETFs 91

------

PGIM Corporate Bond 0-5 Year ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

#### Industry Classification (continued) :

---

| | |
|:---|:---|
|  Banks | 23.5 |
|  Electric | 9.2 |
|  Real Estate Investment Trusts (REITs) | 7.8 |
|  Pipelines | 5.5 |
|  U.S. Treasury Obligation | 3.9 |
|  Pharmaceuticals | 3.8 |
|  Agriculture | 3.8 |
|  Healthcare-Services | 3.1 |
|  Telecommunications | 2.5 |
|  Software | 2.1 |
|  Auto Manufacturers | 2.1 |
|  Oil & Gas | 2.1 |
|  Healthcare-Products | 2 |
|  Diversified Financial Services | 1.9 |
|  Chemicals | 1.8 |
|  Aerospace & Defense | 1.8 |
|  Internet | 1.8 |
|  Insurance | 1.6 |
|  Computers | 1.5 |
|  Commercial Services | 1.4 |
|  Semiconductors | 1.3 |
|  Packaging & Containers | 1.3 |
|  Foods | 1.2 |
|  Affiliated Mutual Fund | 1.1 |
|  Biotechnology | 1.1 |
|  Beverages | 1 |
|  Retail | 0.8 |
|  Lodging | 0.8 |

---

---

| | |
|:---|:---|
|  Investment Companies | 0.8% |
|  Transportation | 0.8 |
|  Electronics | 0.6 |
|  Machinery-Diversified | 0.6 |
|  Home Builders | 0.5 |
|  Leisure Time | 0.5 |
|  Airlines | 0.5 |
|  Building Materials | 0.5 |
|  Real Estate | 0.5 |
|  Engineering & Construction | 0.4 |
|  Advertising | 0.3 |
|  Gas | 0.3 |
|  Office/Business Equipment | 0.3 |
|  Iron/Steel | 0.3 |
|  Mining | 0.2 |
|  Apparel | 0.2 |
|  Media | 0.2 |
|  Miscellaneous Manufacturing | 0.2 |
|  Electrical Components & Equipment | 0.2 |
|  Trucking & Leasing | 0.1 |
|  Oil & Gas Services | 0.1 |
|  | 99.9 |
|  Other assets in excess of liabilities | 0.1 |
|  | 100.0% |

---

#### Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:
The Fund invested in derivative instruments during the reporting period. The primary type of risk associated with these derivative instruments is interest rate risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Fund's financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of February 28, 2026 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivatives not accounted for<br>as hedging instruments,**<br> **carried at fair value**  | **Statement of<br>Assets and<br>Liabilities Location** | **Fair<br>Value** | **Statement of<br>Assets and<br>Liabilities Location** | **Fair<br>Value** |
|  Interest rate contracts |  | $— | Due from/to broker-variation margin futures | $50945 \* |

---

\* Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

The effects of derivative instruments on the Statement of Operations for the six months ended February 28, 2026 are as follows:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | |
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | **Futures** | <br>**Swaps** |
|  Credit contracts | $— | $575 |
|  Interest rate contracts | (72143) |  |
|  **Total** | $(72143) | $575 |

---

See Notes to Financial Statements.

------

PGIM Corporate Bond 0-5 Year ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | |
|:---|:---|
| **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | **Futures** |
|  Interest rate contracts | $(42627) |

---

The derivative instruments outstanding as of period-end serve as indicators of the volume of derivative activities for the Fund.

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Futures Contracts - Long Positions (1) | $1948607 |
|  Futures Contracts - Short Positions (1) | 8057277 |
|  Credit Default Swap Agreements - Sell Protection (1) | &nbsp;&nbsp;&nbsp;&nbsp;66667 |

---

\* Average volume is based on average quarter end balances for the six months ended February 28, 2026.

(1) Notional Amount in USD.

See Notes to Financial Statements.

PGIM Fixed Income ETFs 93

------

PGIM Corporate Bond 0-5 Year ETF

Statement of Assets & Liabilities (unaudited)

as of February 28, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $518,320,741) | $520036362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $6,037,904) | 6037904 |
| &nbsp;&nbsp; Receivable for investments sold | 5395221 |
| &nbsp;&nbsp; Dividends and interest receivable | 5294187 |
| &nbsp;&nbsp; Tax reclaim receivable | 1466 |
| &nbsp;&nbsp; **Total Assets** | 536765140 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Payable for investments purchased | 10089557 |
| &nbsp;&nbsp; Due to broker—variation margin futures | 76435 |
| &nbsp;&nbsp; Management fee payable | 46489 |
| &nbsp;&nbsp; Other liabilities | 6 |
| &nbsp;&nbsp; **Total Liabilities** | 10212487 |
| &nbsp;&nbsp; **Net Assets** | $526552653 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $10400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 524076706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 2465547 |
| &nbsp;&nbsp; **Net assets, February 28, 2026** | $526552653 |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share. |  |
| &nbsp;&nbsp; ($526,552,653 ÷ 10,400,000 shares of common stock issued and outstanding) | $50.63 |

---

See Notes to Financial Statements.

------

PGIM Corporate Bond 0-5 Year ETF

Statement of Operations (unaudited)

Six Months Ended February 28, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Income |  |
| &nbsp;&nbsp; Interest income (net of $37 foreign withholding tax) | $3926044 |
| &nbsp;&nbsp; Affiliated dividend income | 105252 |
| &nbsp;&nbsp; **Total income** | 4031296 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 182847 |
| &nbsp;&nbsp; Net investment income (loss) | 3848449 |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investments** |  |
| &nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions | 241247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | (72143) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreement transactions | 575 |
|  | 169679 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 935515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | (42627) |
|  | 892888 |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | 1062567 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $4911016 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 95

------

PGIM Corporate Bond 0-5 Year ETF

Statements of Changes in Net Assets (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>February 28, 2026** | **July 29, 2025\*<br>through<br>August 31, 2025** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $3848449 | $523050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions | 169679 | (5702) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 892888 | 771788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 4911016 | 1289136 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from distributable earnings | (3734605) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from shares sold (4,600,000 and 875,000 shares, respectively) | 232462920 | 43772553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold in-kind (2,975,000 and 1,950,000 shares, respectively) | 150321419 | 97530214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 382784339 | 141302767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) | 383960750 | 142591903 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 142591903 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $526552653 | $142591903 |

---

\* Commencement of operations.

See Notes to Financial Statements.

------

PGIM Corporate Bond 0-5 Year ETF

Financial Highlights (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months<br>Ended<br>February 28, 2026** | **July 29, 2025<sup>(a)</sup>through<br>August 31, 2025** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(b)</sup>:** |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $50.48 | $50.00 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 1.03 | 0.20 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 0.28 | 0.28 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.31 | 0.48 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (1.14) |  |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.02) |  |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.16) |  |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $50.63 | $50.48 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 2.64% | 0.96% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $526553 | $142592 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $184362 | $131728 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.20 %<sup>(e)</sup> | 0.20 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.20 %<sup>(e)</sup> | 0.20 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 4.21 %<sup>(e)</sup> | 4.39 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup> | 28% | 14% |

---

(a) Commencement of operations.

(b) Calculated based on average shares outstanding during the period.

(c) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(d) Does not include expenses of the underlying funds in which the Fund invests.

(e) Annualized.

(f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Fixed Income ETFs 97

------

PGIM Corporate Bond 5-10 Year ETF

Schedule of Investments (unaudited)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 98.8%** |  |  |  |  |
| &nbsp;&nbsp; **CORPORATE BONDS 98.7%** |  |  |  |  |
| &nbsp;&nbsp; **Aerospace & Defense 0.6%** |  |  |  |  |
| &nbsp;&nbsp; Boeing Co. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.250% | 02/01/35 | 2308 | $2055420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.500 | 03/01/39 | 1455 | 1219109 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3274529 |
| &nbsp;&nbsp; **Agriculture 1.3%** |  |  |  |  |
| &nbsp;&nbsp; BAT Capital Corp. (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.390 | 08/15/37 | 2108 | 1967802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.350 | 08/15/32 | 250 | 262476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 7.750 | 10/19/32 | 1341 | 1579831 |
| &nbsp;&nbsp; Bunge Ltd. Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.200 | 09/17/29 | 1000 | 1006249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.650 | 09/17/34 | 578 | 574945 |
| &nbsp;&nbsp; Philip Morris International, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.250 | 10/29/32 | 1502 | 1497713 |
|  |  |  |  | 6889016 |
| &nbsp;&nbsp; **Airlines 0.4%** |  |  |  |  |
| &nbsp;&nbsp; Delta Air Lines, Inc./SkyMiles IP Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.750 | 10/20/28 | 2399 | 2414152 |
| &nbsp;&nbsp; **Apparel 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Gildan Activewear, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.700 | 10/07/30 | 805 | 809640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.400 | 10/07/35 | 61 | 61632 |
|  |  |  |  | 871272 |
| &nbsp;&nbsp; **Auto Manufacturers 2.5%** |  |  |  |  |
| &nbsp;&nbsp; Ford Motor Credit Co. LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.850 | 05/17/27 | 560 | 569127 |
| &nbsp;&nbsp; General Motors Financial Co., Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.350 | 01/08/31 | 9911 | 9017728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.450 | 01/08/36 | 1194 | 1214734 |
| &nbsp;&nbsp; Toyota Motor Credit Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 4.800 | 01/11/36 | 2000 | 2017688 |
| &nbsp;&nbsp; Volkswagen Group of America Finance LLC (Germany), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.650 | 03/25/32 | 800 | 836378 |
|  |  |  |  | 13655655 |
| &nbsp;&nbsp; **Auto Parts & Equipment 0.7%** |  |  |  |  |
| &nbsp;&nbsp; Aptiv Swiss Holdings Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.150 | 09/13/34 | 500 | 512890 |
| &nbsp;&nbsp; Magna International, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.875 | 06/01/35 | 3144 | 3368397 |
|  |  |  |  | 3881287 |
| &nbsp;&nbsp; **Banks 21.5%** |  |  |  |  |
| &nbsp;&nbsp; Banco Santander SA (Spain), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | 5.127 | 11/06/35 | 800 | 805183 |
| &nbsp;&nbsp; Bank of America Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | 6.250(ff) | 07/26/30 (oo) | 2166 | 2224734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.288(ff) | 04/25/34 | 5665 | 5881257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 2.972(ff) | 02/04/33 | 2919 | 2696711 |

---

See Notes to Financial Statements.

------

PGIM Corporate Bond 5-10 Year ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Banks (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Bank of America Corp., (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | 5.518%(ff) | 10/25/35 | 6508 | $6682807 |
| &nbsp;&nbsp; Bank of New York Mellon Corp. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series F | 4.625(ff) | 09/20/26 (oo) | 3143 | 3140218 |
| &nbsp;&nbsp; Bank of Nova Scotia (The) (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | 7.350(ff) | 04/27/85 | 705 | 737186 |
| &nbsp;&nbsp; Barclays PLC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.207(ff) | 02/24/37 | 2470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2463560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.224(ff) | 05/09/34 | 1210 | 1306715 |
| &nbsp;&nbsp; BNP Paribas SA (France), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | 4.916(ff) | 01/15/34 | 750 | 753368 |
| &nbsp;&nbsp; BPCE SA (France), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | 5.417(ff) | 01/13/37 | 465 | 467462 |
| &nbsp;&nbsp; Canadian Imperial Bank of Commerce (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | 6.950(ff) | 01/28/85 | 200 | 205000 |
| &nbsp;&nbsp; Citigroup, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | 6.625(ff) | 02/15/31 (oo) | 105 | 107718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.057(ff) | 01/25/33 | 3346 | 3095103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.174(ff) | 09/11/36 | 2322 | 2361130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | 6.020(ff) | 01/24/36 | 7056 | 7404428 |
| &nbsp;&nbsp; Credit Agricole SA (France), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | 5.261(ff) | 01/12/37 | 500 | 504974 |
| &nbsp;&nbsp; Deutsche Bank AG (Germany), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | 3.729(ff) | 01/14/32 | 280 | 266398 |
| &nbsp;&nbsp; Fifth Third Financial Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.982(ff) | 01/30/30 | 1654 | 1733647 |
| &nbsp;&nbsp; Goldman Sachs Group, Inc. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.615(ff) | 04/22/32 | 3452 | 3169633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.102(ff) | 02/24/33 | 4378 | 4059200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | 6.750 | 10/01/37 | 4931 | 5526005 |
| &nbsp;&nbsp; HSBC Holdings PLC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.133(ff) | 11/06/36 | 455 | 459260 |
| &nbsp;&nbsp; Huntington Bancshares, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.023(ff) | 05/17/33 | 3636 | 3710015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | 5.605(ff) | 01/28/41 | 2965 | 2978367 |
| &nbsp;&nbsp; JPMorgan Chase & Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.502(ff) | 01/24/36 | 10217 | 10740385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | 5.576(ff) | 07/23/36 | 7825 | 8132748 |
| &nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. (Japan), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.057(ff) | 01/14/37 | 540 | 545988 |
| &nbsp;&nbsp; Morgan Stanley, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.073(ff) | 01/30/37 | 2425 | 2445461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 2.511(ff) | 10/20/32 | 12145 | 11007941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 5.250(ff) | 04/21/34 | 5208 | 5390147 |
| &nbsp;&nbsp; Societe Generale SA (France), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | 3.337(ff) | 01/21/33 | 645 | 598749 |
| &nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc. (Japan), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.046(ff) | 01/15/37 | 1335 | 1350923 |
| &nbsp;&nbsp; Toronto-Dominion Bank (The) (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | 6.350(ff) | 10/31/85 | 200 | 204110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.928 | 10/15/35 | 2205 | 2221864 |
| &nbsp;&nbsp; UBS Group AG (Switzerland), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.199(ff) | 08/10/37 | 465 | 468698 |
| &nbsp;&nbsp; Wells Fargo & Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.389(ff) | 04/24/34 | 4140 | 4312276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 4.897(ff) | 07/25/33 | 932 | 950271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 5.557(ff) | 07/25/34 | 5634 | 5925292 |
|  |  |  |  | 117034932 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 99

------

PGIM Corporate Bond 5-10 Year ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Beverages 0.8%** |  |  |  |  |
| &nbsp;&nbsp; Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.700% | 02/01/36 | 4278 | $4292856 |
| &nbsp;&nbsp; **Biotechnology 0.8%** |  |  |  |  |
| &nbsp;&nbsp; Amgen, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.300 | 02/25/31 | 2778 | 2553095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.250 | 03/02/33 | 1704 | 1783352 |
|  |  |  |  | 4336447 |
| &nbsp;&nbsp; **Building Materials 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Carlisle Cos., Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.250 | 09/15/35 | 1211 | 1249744 |
| &nbsp;&nbsp; **Chemicals 1.7%** |  |  |  |  |
| &nbsp;&nbsp; CF Industries, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.150 | 03/15/34 | 1528 | 1554360 |
| &nbsp;&nbsp; DuPont de Nemours, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.319 | 11/15/38 | 479 | 485156 |
| &nbsp;&nbsp; EIDP, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.125 | 05/15/32 | 2437 | 2527711 |
| &nbsp;&nbsp; Nutrien Ltd. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.400 | 06/21/34 | 1682 | 1757853 |
| &nbsp;&nbsp; Yara International ASA (Brazil), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.378 | 11/14/32 | 2437 | 2787587 |
|  |  |  |  | 9112667 |
| &nbsp;&nbsp; **Commercial Services 1.4%** |  |  |  |  |
| &nbsp;&nbsp; Global Payments, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.875 | 11/15/30 | 3811 | 3806017 |
| &nbsp;&nbsp; Quanta Services, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.500 | 01/15/31 | 1810 | 1831165 |
| &nbsp;&nbsp; Verisk Analytics, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.125 | 03/15/36 | 2185 | 2180625 |
|  |  |  |  | 7817807 |
| &nbsp;&nbsp; **Computers 0.3%** |  |  |  |  |
| &nbsp;&nbsp; Leidos, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.000 | 03/15/36 | 1545 | 1541412 |
| &nbsp;&nbsp; **Diversified Financial Services 2.4%** |  |  |  |  |
| &nbsp;&nbsp; Ally Financial, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.543(ff) | 01/17/31 | 1680 | 1726923 |
| &nbsp;&nbsp; Cantor Fitzgerald LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.500 | 04/14/27 | 1622 | 1622708 |
| &nbsp;&nbsp; Capital One Financial Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.377(ff) | 06/08/34 | 5929 | 6429159 |
| &nbsp;&nbsp; Citadel Finance LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.150 | 02/14/31 | 255 | 253837 |
| &nbsp;&nbsp; Jefferies Financial Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.625 | 10/15/31 | 1406 | 1249472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.500 | 02/15/36 | 395 | 387526 |
| &nbsp;&nbsp; Western Union Co. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.750 | 06/15/29 | 1660 | 1663370 |
|  |  |  |  | 13332995 |

---

See Notes to Financial Statements.

------

PGIM Corporate Bond 5-10 Year ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Electric 8.9%**<br>|  |  |  |  |
| &nbsp;&nbsp; AEP Texas, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.700% | 05/15/34 | 1232 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1303635 |
| &nbsp;&nbsp; Arizona Public Service Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.550 | 08/01/33 | 3704 | 3890887 |
| &nbsp;&nbsp; CenterPoint Energy Houston Electric LLC, | &nbsp;&nbsp; CenterPoint Energy Houston Electric LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage | 4.850 | 04/01/36 | 1580 | 1585659 |
| &nbsp;&nbsp; Commonwealth Edison Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 4.900 | 02/01/33 | 1437 | 1478719 |
| &nbsp;&nbsp; Duke Energy Indiana LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 5.250 | 03/01/34 | 1704 | 1791575 |
| &nbsp;&nbsp; Entergy Louisiana LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 3.100 | 06/15/41 | 3808 | 2945489 |
| &nbsp;&nbsp; Evergy Metro, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 5.125 | 08/15/35 | 1533 | 1557586 |
| &nbsp;&nbsp; Florida Power & Light Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 5.100 | 04/01/33 | 3007 | 3128727 |
| &nbsp;&nbsp; Interstate Power & Light Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.700 | 10/15/33 | 1536 | 1633720 |
| &nbsp;&nbsp; NSTAR Electric Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.400 | 06/01/34 | 2337 | 2445297 |
| &nbsp;&nbsp; Ohio Power Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.650 | 06/01/34 | 1856 | 1959068 |
| &nbsp;&nbsp; Pacific Gas & Electric Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 6.150 | 01/15/33 | 2178 | 2340286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 3.250 | 06/01/31 | 5045 | 4753170 |
| &nbsp;&nbsp; PacifiCorp, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 5.250 | 06/15/35 | 1704 | 1710085 |
| &nbsp;&nbsp; Public Service Co. of Colorado, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 5.350 | 05/15/34 | 2150 | 2238682 |
| &nbsp;&nbsp; Public Service Electric & Gas Co., | &nbsp;&nbsp; Public Service Electric & Gas Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, MTN | 4.900 | 12/15/32 | 2045 | 2112726 |
| &nbsp;&nbsp; Puget Energy, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 5.725 | 03/15/35 | 1922 | 1987619 |
| &nbsp;&nbsp; Sempra, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | 4.125(ff) | 04/01/52 | 1771 | 1748875 |
| &nbsp;&nbsp; Southern California Edison Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 2.250 | 06/01/30 | 1473 | 1354539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 5.450 | 06/01/31 | 1571 | 1643176 |
| &nbsp;&nbsp; Virginia Electric & Power Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.300 | 08/15/33 | 2463 | 2576581 |
| &nbsp;&nbsp; Vistra Operations Co. LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.250 | 10/15/35 | 2140 | 2146912 |
|  |  |  |  | 48333013 |
| &nbsp;&nbsp; **Engineering & Construction 0.4%**<br>|  |  |  |  |
| &nbsp;&nbsp; Jacobs Solutions, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.375 | 03/03/36 | 2000 | 1997622 |
| &nbsp;&nbsp; **Foods 2.0%**<br>|  |  |  |  |
| &nbsp;&nbsp; JBS NV/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.750 | 04/01/33 | 1467 | 1543015 |
| &nbsp;&nbsp; Mars, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.200 | 03/01/35 | 3396 | 3517711 |
| &nbsp;&nbsp; Pilgrim's Pride Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.250 | 07/01/33 | 2157 | 2323481 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 101

------

PGIM Corporate Bond 5-10 Year ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Foods (cont'd.)**<br>|  |  |  |  |
| &nbsp;&nbsp; Smithfield Foods, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 2.625% | 09/13/31 | 2189 | $1967506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.200 | 04/01/29 | 1622 | 1655926 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11007639 |
| &nbsp;&nbsp; **Gas 1.5%**<br>|  |  |  |  |
| &nbsp;&nbsp; Piedmont Natural Gas Co., Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.400 | 06/15/33 | 1919 | 2016941 |
| &nbsp;&nbsp; Southern California Gas Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 5.050 | 09/01/34 | 6040 | 6208404 |
|  |  |  |  | 8225345 |
| &nbsp;&nbsp; **Healthcare-Products 0.8%**<br>|  |  |  |  |
| &nbsp;&nbsp; Abbott Laboratories, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.650 | 03/15/36 | 2555 | 2553580 |
| &nbsp;&nbsp; Alcon Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.375 | 12/06/32 | 330 | 346967 |
| &nbsp;&nbsp; Baxter International, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.900 | 12/15/30 | 1211 | 1218020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.650 | 12/15/35 | 17 | 17290 |
|  |  |  |  | 4135857 |
| &nbsp;&nbsp; **Healthcare-Services 3.4%**<br>|  |  |  |  |
| &nbsp;&nbsp; Cigna Group (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.800 | 08/15/38 | 3071 | 2973647 |
| &nbsp;&nbsp; CommonSpirit Health, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | 4.975 | 09/01/35 | 1788 | 1799179 |
| &nbsp;&nbsp; Elevance Health, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.950 | 12/15/34 | 1238 | 1336362 |
| &nbsp;&nbsp; Health Care Service Corp. A Mutual Legal Reserve Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.450 | 06/15/34 | 2234 | 2291277 |
| &nbsp;&nbsp; Humana, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.375 | 04/15/31 | 3086 | 3180351 |
| &nbsp;&nbsp; UnitedHealth Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.750 | 05/15/40 | 89 | 66939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.000 | 04/15/34 | 4245 | 4355002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.875 | 02/15/38 | 2322 | 2696488 |
|  |  |  |  | 18699245 |
| &nbsp;&nbsp; **Home Builders 0.1%**<br>|  |  |  |  |
| &nbsp;&nbsp; Meritage Homes Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.875 | 04/15/29 | 772 | 763685 |
| &nbsp;&nbsp; **Insurance 3.7%**<br>|  |  |  |  |
| &nbsp;&nbsp; American International Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.450 | 05/07/35 | 1432 | 1493491 |
| &nbsp;&nbsp; Arthur J Gallagher & Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.000 | 02/15/32 | 1333 | 1360299 |
| &nbsp;&nbsp; Chubb INA Holdings LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.900 | 08/15/35 | 922 | 936206 |
| &nbsp;&nbsp; Corebridge Global Funding, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.900 | 08/21/32 | 933 | 940740 |
| &nbsp;&nbsp; Fairfax Financial Holdings Ltd. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.750 | 05/20/35 | 4223 | 4399932 |
| &nbsp;&nbsp; Lincoln National Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.400 | 03/01/32 | 1452 | 1337800 |

---

See Notes to Financial Statements.

------

PGIM Corporate Bond 5-10 Year ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Insurance (cont'd.)**<br>|  |  |  |  |
| &nbsp;&nbsp; Marsh & McLennan Cos., Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.000% | 03/15/35 | 3946 | $4015381 |
| &nbsp;&nbsp; Principal Life Global Funding II, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 4.450 | 01/13/31 | 1750 | 1764156 |
| &nbsp;&nbsp; Unum Group, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.250 | 12/15/35 | 4000 | 3965190 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20213195 |
| &nbsp;&nbsp; **Internet 2.4%**<br>|  |  |  |  |
| &nbsp;&nbsp; Alphabet, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.900 | 08/15/40 | 1000 | 690412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.700 | 11/15/35 | 1988 | 2012477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.800 | 02/15/36 | 610 | 619925 |
| &nbsp;&nbsp; Amazon.com, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.650 | 11/20/35 | 3653 | 3670086 |
| &nbsp;&nbsp; Beignet Investor LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.581 | 05/30/49 | 787 | 835764 |
| &nbsp;&nbsp; Meta Platforms, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.875 | 11/15/35 | 5055 | 5101715 |
|  |  |  |  | 12930379 |
| &nbsp;&nbsp; **Investment Companies 0.7%**<br>|  |  |  |  |
| &nbsp;&nbsp; Apollo Debt Solutions BDC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.700 | 01/23/31 | 1355 | 1344333 |
| &nbsp;&nbsp; Ares Strategic Income Fund, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.150 | 01/15/31 | 2230 | 2161509 |
| &nbsp;&nbsp; Goldman Sachs Private Credit Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.875 | 01/31/31 | 375 | 368571 |
|  |  |  |  | 3874413 |
| &nbsp;&nbsp; **Leisure Time 0.8%**<br>|  |  |  |  |
| &nbsp;&nbsp; Harley-Davidson Financial Services, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.050 | 02/14/27 | 3088 | 3052441 |
| &nbsp;&nbsp; Royal Caribbean Cruises Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.250 | 03/15/32 | 1064 | 1109217 |
|  |  |  |  | 4161658 |
| &nbsp;&nbsp; **Lodging 0.6%**<br>|  |  |  |  |
| &nbsp;&nbsp; Hyatt Hotels Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.400 | 12/15/35 | 844 | 861250 |
| &nbsp;&nbsp; Marriott International, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.500 | 05/01/33 | 2175 | 2168976 |
|  |  |  |  | 3030226 |
| &nbsp;&nbsp; **Machinery-Construction & Mining 0.3%**<br>|  |  |  |  |
| &nbsp;&nbsp; Vertiv Holdings Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.850 | 03/15/36 | 1705 | 1698356 |
| &nbsp;&nbsp; **Media 2.3%**<br>|  |  |  |  |
| &nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating Capital, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 2.800 | 04/01/31 | 4260 | 3872843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 6.650 | 02/01/34 | 1800 | 1912694 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 103

------

PGIM Corporate Bond 5-10 Year ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Media (cont'd.)**<br>|  |  |  |  |
| &nbsp;&nbsp; Comcast Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(k) | 5.300% | 06/01/34 | 4804 | $5015809 |
| &nbsp;&nbsp; News Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.125 | 02/15/32 | 1520 | 1510867 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12312213 |
| &nbsp;&nbsp; **Mining 1.1%**<br>|  |  |  |  |
| &nbsp;&nbsp; BHP Billiton Finance USA Ltd. (Australia), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.250 | 09/08/33 | 2163 | 2268163 |
| &nbsp;&nbsp; Kinross Gold Corp. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.250 | 07/15/33 | 1437 | 1581623 |
| &nbsp;&nbsp; Yamana Gold, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.630 | 08/15/31 | 2482 | 2267982 |
|  |  |  |  | 6117768 |
| &nbsp;&nbsp; **Miscellaneous Manufacturing 0.3%**<br>|  |  |  |  |
| &nbsp;&nbsp; Textron, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.100 | 11/15/33 | 1522 | 1664499 |
| &nbsp;&nbsp; **Office/Business Equipment 0.3%**<br>|  |  |  |  |
| &nbsp;&nbsp; CDW LLC/CDW Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.276 | 12/01/28 | 1437 | 1401792 |
| &nbsp;&nbsp; **Oil & Gas 3.6%**<br>|  |  |  |  |
| &nbsp;&nbsp; Aker BP ASA (Norway), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.250 | 10/30/35 | 150 | 149315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.000 | 06/13/33 | 450 | 475843 |
| &nbsp;&nbsp; BP Capital Markets America, Inc., | &nbsp;&nbsp; BP Capital Markets America, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.060 | 06/17/41 | 1571 | 1225972 |
| &nbsp;&nbsp; Canadian Natural Resources Ltd. (Canada), | &nbsp;&nbsp; Canadian Natural Resources Ltd. (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.450 | 06/30/33 | 5208 | 5709597 |
| &nbsp;&nbsp; Cenovus Energy, Inc. (Canada), | &nbsp;&nbsp; Cenovus Energy, Inc. (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.650 | 01/15/32 | 1784 | 1617339 |
| &nbsp;&nbsp; ConocoPhillips Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.000 | 01/15/35 | 1454 | 1494975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.800 | 03/15/32 | 480 | 528147 |
| &nbsp;&nbsp; Diamondback Energy, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.250 | 03/15/33 | 2534 | 2768889 |
| &nbsp;&nbsp; EOG Resources, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.350 | 01/15/36 | 1571 | 1632095 |
| &nbsp;&nbsp; Santos Finance Ltd. (Australia), | &nbsp;&nbsp; Santos Finance Ltd. (Australia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.649 | 04/29/31 | 3155 | 3007720 |
| &nbsp;&nbsp; TotalEnergies Capital USA LLC (France), | &nbsp;&nbsp; TotalEnergies Capital USA LLC (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.569 | 01/13/33 | 1230 | 1246511 |
|  |  |  |  | 19856403 |
| &nbsp;&nbsp; **Packaging & Containers 1.2%**<br>|  |  |  |  |
| &nbsp;&nbsp; AptarGroup, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.750 | 03/30/31 | 1944 | 1972825 |
| &nbsp;&nbsp; Berry Global, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 5.800 | 06/15/31 | 4037 | 4300598 |
|  |  |  |  | 6273423 |

---

See Notes to Financial Statements.

------

PGIM Corporate Bond 5-10 Year ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Pharmaceuticals 3.5%**<br>|  |  |  |  |
| &nbsp;&nbsp; AbbVie, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.050% | 11/21/39 | 3571 | $3230672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.200 | 03/15/35 | 1871 | 1948935 |
| &nbsp;&nbsp; Cencora, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.600 | 02/13/33 | 400 | 402841 |
| &nbsp;&nbsp; CVS Health Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.780 | 03/25/38 | 1571 | 1499212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.250 | 01/30/31 | 1452 | 1511784 |
| &nbsp;&nbsp; Eli Lilly & Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.700 | 02/09/34 | 1355 | 1389153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.900 | 10/15/35 | 3588 | 3674525 |
| &nbsp;&nbsp; EMD Finance LLC (Germany), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.000 | 10/15/35 | 355 | 357446 |
| &nbsp;&nbsp; Merck & Co., Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.950 | 09/15/35 | 1758 | 1802320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.750 | 12/04/35 | 2205 | 2226360 |
| &nbsp;&nbsp; Viatris, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.850 | 06/22/40 | 1341 | 1056096 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19099344 |
| &nbsp;&nbsp; **Pipelines 6.1%**<br>|  |  |  |  |
| &nbsp;&nbsp; DCP Midstream Operating LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.250 | 02/15/32 | 2163 | 2014605 |
| &nbsp;&nbsp; DT Midstream, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.125 | 06/15/29 | 1815 | 1801721 |
| &nbsp;&nbsp; Enbridge, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.625 | 04/05/34 | 2345 | 2479625 |
| &nbsp;&nbsp; Energy Transfer LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.600 | 09/01/34 | 2236 | 2337260 |
| &nbsp;&nbsp; Enterprise Products Operating LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.350 | 01/31/33 | 2934 | 3099655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series E | 5.250(ff) | 08/16/77 | 1771 | 1775445 |
| &nbsp;&nbsp; MPLX LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.500 | 06/01/34 | 2874 | 2978472 |
| &nbsp;&nbsp; ONEOK, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.050 | 11/01/34 | 1571 | 1576597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.050 | 09/01/33 | 2004 | 2152202 |
| &nbsp;&nbsp; Targa Resources Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.550 | 08/15/35 | 5637 | 5842048 |
| &nbsp;&nbsp; Western Midstream Operating LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.050 | 02/01/30 | 1571 | 1551695 |
| &nbsp;&nbsp; Williams Cos., Inc. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.600 | 03/15/35 | 3682 | 3867968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.650 | 03/15/33 | 1521 | 1608859 |
|  |  |  |  | 33086152 |
| &nbsp;&nbsp; **Real Estate 0.6%**<br>|  |  |  |  |
| &nbsp;&nbsp; Ontario Teachers' Cadillac Fairview Properties Trust (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 2.500 | 10/15/31 | 2755 | 2499777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.125 | 02/01/29 | 600 | 600760 |
|  |  |  |  | 3100537 |
| &nbsp;&nbsp; **Real Estate Investment Trusts (REITs) 9.2%**<br>|  |  |  |  |
| &nbsp;&nbsp; Alexandria Real Estate Equities, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 1.875 | 02/01/33 | 4464 | 3708646 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 105

------

PGIM Corporate Bond 5-10 Year ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Real Estate Investment Trusts (REITs) (cont'd.)**<br>|  |  |  |  |
| &nbsp;&nbsp; AvalonBay Communities, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.000% | 08/01/35 | 1696 | $1732987 |
| &nbsp;&nbsp; Brixmor Operating Partnership LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.500 | 02/15/34 | 1584 | 1647765 |
| &nbsp;&nbsp; Broadstone Net Lease LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.000 | 11/01/32 | 56 | 56594 |
| &nbsp;&nbsp; COPT Defense Properties LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.500 | 10/15/30 | 78 | 78345 |
| &nbsp;&nbsp; Cousins Properties LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.875 | 03/01/33 | 415 | 411327 |
| &nbsp;&nbsp; GLP Capital LP/GLP Financing II, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.250 | 01/15/32 | 1934 | 1765660 |
| &nbsp;&nbsp; Healthpeak OP LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.250 | 12/15/32 | 4404 | 4548417 |
| &nbsp;&nbsp; Host Hotels & Resorts LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series I | 3.500 | 09/15/30 | 2194 | 2104013 |
| &nbsp;&nbsp; Invitation Homes Operating Partnership LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.500 | 08/15/33 | 1934 | 1997817 |
| &nbsp;&nbsp; Kimco Realty OP LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.400 | 03/01/34 | 1687 | 1877291 |
| &nbsp;&nbsp; Lineage OP LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.250 | 07/15/30 | 682 | 695426 |
| &nbsp;&nbsp; Prologis LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.125 | 01/15/34 | 5945 | 6157145 |
| &nbsp;&nbsp; Realty Income Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.800 | 03/15/33 | 3249 | 2737768 |
| &nbsp;&nbsp; Regency Centers LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.500 | 03/15/33 | 1930 | 1929656 |
| &nbsp;&nbsp; Simon Property Group LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.300 | 01/15/31 | 3750 | 3771867 |
| &nbsp;&nbsp; Sun Communities Operating LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.700 | 07/15/31 | 6054 | 5556191 |
| &nbsp;&nbsp; Ventas Realty LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.625 | 07/01/34 | 946 | 995556 |
| &nbsp;&nbsp; VICI Properties LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.125 | 11/15/31 | 1808 | 1839799 |
| &nbsp;&nbsp; VICI Properties LP/VICI Note Co., Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.750 | 02/01/27 | 591 | 596437 |
| &nbsp;&nbsp; Welltower OP LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.750 | 01/15/31 | 1055 | 991896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.500 | 07/01/30 | 2133 | 2170376 |
| &nbsp;&nbsp; WP Carey, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.250 | 04/01/33 | 3045 | 2595288 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49966267 |
| &nbsp;&nbsp; **Retail 0.4%**<br>|  |  |  |  |
| &nbsp;&nbsp; AutoNation, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.400 | 08/01/31 | 2534 | 2278192 |
| &nbsp;&nbsp; McDonald's Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 6.300 | 10/15/37 | 57 | 64321 |
|  |  |  |  | 2342513 |
| &nbsp;&nbsp; **Semiconductors 2.0%**<br>|  |  |  |  |
| &nbsp;&nbsp; Broadcom, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.469 | 04/15/34 | 7200 | 6652581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.600 | 01/15/33 | 2265 | 2289063 |

---

See Notes to Financial Statements.

------

PGIM Corporate Bond 5-10 Year ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Semiconductors (cont'd.)**<br>|  |  |  |  |
| &nbsp;&nbsp; Foundry JV Holdco LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.500% | 01/25/31 | 425 | $443487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.900 | 01/25/33 | 600 | 635498 |
| &nbsp;&nbsp; Intel Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.150 | 08/05/32 | 702 | 686208 |
|  |  |  |  | 10706837 |
| &nbsp;&nbsp; **Software 3.5%**<br>|  |  |  |  |
| &nbsp;&nbsp; Fiserv, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.250 | 08/11/35 | 3127 | 3127244 |
| &nbsp;&nbsp; MSCI, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.875 | 02/15/31 | 3639 | 3486194 |
| &nbsp;&nbsp; Oracle Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.850 | 07/15/36 | 932 | 794917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.700 | 02/04/36 | 4730 | 4731562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.250 | 11/09/32 | 1467 | 1549373 |
| &nbsp;&nbsp; Synopsys, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.000 | 04/01/32 | 2015 | 2077396 |
| &nbsp;&nbsp; Workday, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.800 | 04/01/32 | 3571 | 3390460 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19157146 |
| &nbsp;&nbsp; **Telecommunications 4.2%**<br>|  |  |  |  |
| &nbsp;&nbsp; AT&T, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.550 | 12/01/33 | 1058 | 916601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.400 | 02/15/34 | 4334 | 4540307 |
| &nbsp;&nbsp; Motorola Solutions, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.550 | 08/15/35 | 1696 | 1784993 |
| &nbsp;&nbsp; Rogers Communications, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.300 | 02/15/34 | 946 | 965805 |
| &nbsp;&nbsp; T-Mobile USA, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.125 | 05/15/32 | 10786 | 11194486 |
| &nbsp;&nbsp; Verizon Communications, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.355 | 03/15/32 | 3000 | 2676758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.550 | 03/21/31 | 954 | 882492 |
|  |  |  |  | 22961442 |
| &nbsp;&nbsp; **TOTAL CORPORATE BONDS**<br> (cost $532,420,081) |  |  |  | 536821740 |
| &nbsp;&nbsp; **MUNICIPAL BOND 0.1%** |  |  |  |  |
| &nbsp;&nbsp; **Texas**<br>|  |  |  |  |
| &nbsp;&nbsp; Texas Natural Gas Securitization Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1, Class A2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $460,724) | 5.169 | 04/01/41 | 450 | 468897 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS**<br> (cost $532,880,805) |  |  |  | 537290637 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 107

------

PGIM Corporate Bond 5-10 Year ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value** |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENT 0.9%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.787%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $4,854,581)(wb) | 4854581 | $4854581 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 99.7%**<br> (cost $537,735,386) |  | 542145218 |
| &nbsp;&nbsp; Other assets in excess of liabilities(z) 0.3% |  | 1616790 |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543762008 |

---

See the Glossary for a list of the abbreviation(s) used in the semiannual report.

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

(ff) Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.

(k) Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives.

(oo) Perpetual security. Maturity date represents next call date.

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

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

#### Futures contracts outstanding at February 28, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number<br>of<br>Contracts** | **Type** | **Expiration<br>Date** | **Current<br>Notional<br>Amount** | **Value /<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Long Positions:** | **Long Positions:** |  |  |  |
| 92 | 5 Year U.S. Treasury Notes | Jun. 2026 | $10132938 | $29791 |
| 448 | 10 Year U.S. Treasury Notes | Jun. 2026 | 50988000 | 277660 |
|  |  |  |  | 307451 |
|  **Short Positions:** | **Short Positions:** |  |  |  |
| 35 | 2 Year U.S. Treasury Notes | Jun. 2026 | 7324570 | (11684) |
| 149 | 10 Year U.S. Ultra Treasury Notes | Jun. 2026 | 17393423 | (118367) |
| 111 | 20 Year U.S. Treasury Bonds | Jun. 2026 | 13150031 | (150161) |
|  |  |  |  | (280212) |
|  |  |  |  | $27239 |

---

#### Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:
Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:

---

| | | |
|:---|:---|:---|
| **Broker**  | **Cash and/or Foreign Currency** | **Securities Market Value** |
|  JPS | $— | $580514 |

---

#### Fair Value Measurements:
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of February 28, 2026 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Corporate Bonds | $— | $536821740 | $— |
|  Municipal Bond |  | 468897 |  |

---

See Notes to Financial Statements.

------

PGIM Corporate Bond 5-10 Year ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities (continued)** |  |  |  |
|  **Assets (continued)** |  |  |  |
|  **Short-Term Investment** |  |  |  |
|  Affiliated Mutual Fund | $4854581 | $— | $— |
|  **Total** | $**4854581** | $**537290637** | $**—** |
|  **Other Financial Instruments\*** |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts | $**307451** | $**—** | $**—** |
|  **Liabilities** |  |  |  |
|  Futures Contracts | $**(280212)** | $**—** | $**—** |

---

\* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forward foreign currency exchange contracts and centrally cleared swap contracts, which are recorded at unrealized appreciation (depreciation) on the instrument, and OTC swap contracts which are recorded at fair value. 

#### Industry Classification :
The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of February 28, 2026 were as follows:

---

| | |
|:---|:---|
|  Banks | 21.5 |
|  Real Estate Investment Trusts (REITs) | 9.2 |
|  Electric | 8.9 |
|  Pipelines | 6.1 |
|  Telecommunications | 4.2 |
|  Insurance | 3.7 |
|  Oil & Gas | 3.6 |
|  Software | 3.5 |
|  Pharmaceuticals | 3.5 |
|  Healthcare-Services | 3.4 |
|  Auto Manufacturers | 2.5 |
|  Diversified Financial Services | 2.4 |
|  Internet | 2.4 |
|  Media | 2.3 |
|  Foods | 2.0 |
|  Semiconductors | 2.0 |
|  Chemicals | 1.7 |
|  Gas | 1.5 |
|  Commercial Services | 1.4 |
|  Agriculture | 1.3 |
|  Packaging & Containers | 1.2 |
|  Mining | 1.1 |
|  Affiliated Mutual Fund | 0.9 |
|  Biotechnology | 0.8 |
|  Beverages | 0.8 |

---

---

| | |
|:---|:---|
|  Leisure Time | 0.8% |
|  Healthcare-Products | 0.8 |
|  Auto Parts & Equipment | 0.7 |
|  Investment Companies | 0.7 |
|  Aerospace & Defense | 0.6 |
|  Real Estate | 0.6 |
|  Lodging | 0.6 |
|  Airlines | 0.4 |
|  Retail | 0.4 |
|  Engineering & Construction | 0.4 |
|  Machinery-Construction & Mining | 0.3 |
|  Miscellaneous Manufacturing | 0.3 |
|  Computers | 0.3 |
|  Office/Business Equipment | 0.3 |
|  Building Materials | 0.2 |
|  Apparel | 0.2 |
|  Home Builders | 0.1 |
|  Municipal Bond | 0.1 |
|  | 99.7 |
|  Other assets in excess of liabilities | 0.3 |
|  | 100.0% |

---

#### Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:
The Fund invested in derivative instruments during the reporting period. The primary type of risk associated with these derivative instruments is interest rate risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Fund's financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of February 28, 2026 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | **Statement of**<br> **Assets and**<br> **Liabilities Location** | **Fair**<br>**Value** | **Statement of**<br> **Assets and**<br> **Liabilities Location** | **Fair**<br>**Value** |
|  Interest rate contracts | Due from/to broker-variation margin futures | $307,451\* | Due from/to broker-variation margin futures | $280212 \* |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 109

------

PGIM Corporate Bond 5-10 Year ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

\* Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

The effects of derivative instruments on the Statement of Operations for the six months ended February 28, 2026 are as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | &nbsp;&nbsp;&nbsp;&nbsp; **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** |
| **Derivatives not accounted for as hedging<br><u>instruments, carried at fair value</u>** | **Futures** |
|  Interest rate contracts | $5737 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | &nbsp;&nbsp;&nbsp;&nbsp; **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives not accounted for<br>as hedging instruments,<br><u>carried at fair value</u>** | **Futures** |
|  Interest rate contracts | $(23402) |

---

For the six months ended February 28, 2026, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Futures Contracts - Long Positions (1) | $34470303 |
|  Futures Contracts - Short Positions (1) | 20884107 |

---

\* Average volume is based on average quarter end balances for the six months ended February 28, 2026.

(1) Notional Amount in USD.

See Notes to Financial Statements.

------

PGIM Corporate Bond 5-10 Year ETF

Statement of Assets & Liabilities (unaudited)

as of February 28, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $532,880,805) | $537290637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $4,854,581) | 4854581 |
| &nbsp;&nbsp; Receivable for investments sold | 10678136 |
| &nbsp;&nbsp; Dividends and interest receivable | 5883870 |
| &nbsp;&nbsp; Due from broker—variation margin futures | 45982 |
| &nbsp;&nbsp; Tax reclaim receivable | 494 |
| &nbsp;&nbsp; **Total Assets** | 558753700 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Payable for investments purchased | 14918237 |
| &nbsp;&nbsp; Management fee payable | 73455 |
| &nbsp;&nbsp; **Total Liabilities** | 14991692 |
| &nbsp;&nbsp; **Net Assets** | $543762008 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $10600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 537600487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 6150921 |
| &nbsp;&nbsp; **Net assets, February 28, 2026** | $543762008 |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share. |  |
| &nbsp;&nbsp; ($543,762,008 ÷ 10,600,000 shares of common stock issued and outstanding) | $51.30 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 111

------

PGIM Corporate Bond 5-10 Year ETF

Statement of Operations (unaudited)

Six Months Ended February 28, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Income |  |
| &nbsp;&nbsp; Interest income | $4527434 |
| &nbsp;&nbsp; Affiliated dividend income | 69479 |
| &nbsp;&nbsp; **Total income** | 4596913 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 232173 |
| &nbsp;&nbsp; Net investment income (loss) | 4364740 |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investments** |  |
| &nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions | 550819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | 5737 |
|  | 556556 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 3397888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | (23402) |
|  | 3374486 |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | 3931042 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $8295782 |

---

See Notes to Financial Statements.

------

PGIM Corporate Bond 5-10 Year ETF

Statements of Changes in Net Assets (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>February 28, 2026** | **July 29, 2025\*<br>through<br>August 31, 2025** |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $4364740 | $583509 |
| &nbsp;&nbsp; Net realized gain (loss) on investment transactions | 556556 | 119204 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 3374486 | 1062585 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 8295782 | 1765298 |
| &nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp; Distributions from distributable earnings | (3910159) |  |
| &nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold (1,725,000 and 750,000 shares, respectively) | 87878786 | 37506563 |
| &nbsp;&nbsp; Shares sold in-kind (5,975,000 and 2,150,000 shares, respectively) | 304821674 | 107404064 |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 392700460 | 144910627 |
| &nbsp;&nbsp; Total increase (decrease) | 397086083 | 146675925 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of period | 146675925 |  |
| &nbsp;&nbsp; End of period | $543762008 | $146675925 |

---

\* Commencement of operations.

See Notes to Financial Statements.

PGIM Fixed Income ETFs 113

------

PGIM Corporate Bond 5-10 Year ETF

Financial Highlights (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months<br>Ended<br>February 28, 2026** | **July 29, 2025<sup>(a)</sup>through<br>August 31, 2025** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(b)</sup>:** |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $50.58 | $50.00 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 1.20 | 0.22 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 0.83 | 0.36 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 2.03 | 0.58 |
| &nbsp;&nbsp;&nbsp; Less Dividends and Distributions: |  |  |
| &nbsp;&nbsp;&nbsp; **Dividends from net investment income** | (1.25) |  |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.06) |  |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.31) |  |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $51.30 | $50.58 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 4.08% | 1.17% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $543762 | $146676 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $187278 | $135451 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.25 %<sup>(e)</sup> | 0.25 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.25 %<sup>(e)</sup> | 0.25 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 4.70 %<sup>(e)</sup> | 4.76 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup> | 32% | 10% |

---

(a) Commencement of operations.

(b) Calculated based on average shares outstanding during the period.

(c) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(d) Does not include expenses of the underlying funds in which the Fund invests.

(e) Annualized.

(f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

See Notes to Financial Statements.

------

PGIM Corporate Bond 10+ Year ETF

Schedule of Investments (unaudited)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 99.0%** |  |  |  |  |
| &nbsp;&nbsp; **CORPORATE BONDS 93.7%** |  |  |  |  |
| &nbsp;&nbsp; **Aerospace & Defense 2.9%** |  |  |  |  |
| &nbsp;&nbsp; Boeing Co. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.930% | 05/01/60 | 1635 | $1641314 |
| &nbsp;&nbsp; RTX Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.500 | 06/01/42 | 615 | 565405 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2206719 |
| &nbsp;&nbsp; **Auto Parts & Equipment 0.4%** |  |  |  |  |
| &nbsp;&nbsp; Aptiv Swiss Holdings Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.100 | 12/01/51 | 445 | 290592 |
| &nbsp;&nbsp; **Banks 16.8%** |  |  |  |  |
| &nbsp;&nbsp; Bank of America Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 4.083(ff) | 03/20/51 | 1995 | 1617242 |
| &nbsp;&nbsp; Barclays PLC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.785(ff) | 02/25/36 | 400 | 418917 |
| &nbsp;&nbsp; BNP Paribas SA (France), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | 3.132(ff) | 01/20/33 | 400 | 368520 |
| &nbsp;&nbsp; Citigroup, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | 5.827(ff) | 02/13/35 | 1125 | 1171458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | 6.020(ff) | 01/24/36 | 570 | 598147 |
| &nbsp;&nbsp; Goldman Sachs Group, Inc. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.734(ff) | 01/28/56 | 1125 | 1140843 |
| &nbsp;&nbsp; Intesa Sanpaolo SpA (Italy), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | 7.800 | 11/28/53 | 200 | 249256 |
| &nbsp;&nbsp; JPMorgan Chase & Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.545(ff) | 11/08/32 | 615 | 560014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.400 | 01/06/42 | 2355 | 2411818 |
| &nbsp;&nbsp; Morgan Stanley, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.217(ff) | 04/22/42 | 1060 | 835536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 2.802(ff) | 01/25/52 | 2355 | 1509346 |
| &nbsp;&nbsp; Wells Fargo & Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.068(ff) | 04/30/41 | 2630 | 2051416 |
|  |  |  |  | 12932513 |
| &nbsp;&nbsp; **Beverages 1.8%** |  |  |  |  |
| &nbsp;&nbsp; Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.900 | 02/01/46 | 1465 | 1376015 |
| &nbsp;&nbsp; **Biotechnology 1.7%** |  |  |  |  |
| &nbsp;&nbsp; Amgen, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.650 | 03/02/53 | 1295 | 1292430 |
| &nbsp;&nbsp; **Building Materials 0.4%** |  |  |  |  |
| &nbsp;&nbsp; Owens Corning, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 7.000 | 12/01/36 | 275 | 316092 |
| &nbsp;&nbsp; **Chemicals 1.0%** |  |  |  |  |
| &nbsp;&nbsp; CF Industries, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.375 | 03/15/44 | 240 | 229372 |
| &nbsp;&nbsp; Nutrien Ltd. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.900 | 06/01/43 | 381 | 351397 |
| &nbsp;&nbsp; Sherwin-Williams Co. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.000 | 12/15/42 | 275 | 230793 |
|  |  |  |  | 811562 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 115

------

PGIM Corporate Bond 10+ Year ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Commercial Services 1.8%** |  |  |  |  |
| &nbsp;&nbsp; Duke University, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 | 2.832% | 10/01/55 | 215 | $140917 |
| &nbsp;&nbsp; Massachusetts Institute of Technology, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.618 | 06/01/55 | 450 | 480155 |
| &nbsp;&nbsp; President & Fellows of Harvard College, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | 2.517 | 10/15/50 | 730 | 463129 |
| &nbsp;&nbsp; Trustees of Princeton University (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | 4.201 | 03/01/52 | 155 | 132814 |
| &nbsp;&nbsp; Washington University (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.349 | 04/15/2122 | 175 | 137618 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1354633 |
| &nbsp;&nbsp; **Computers 0.8%** |  |  |  |  |
| &nbsp;&nbsp; Apple, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.850 | 05/04/43 | 645 | 552963 |
| &nbsp;&nbsp; International Business Machines Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.800 | 02/03/56 | 100 | 100117 |
|  |  |  |  | 653080 |
| &nbsp;&nbsp; **Electric 14.4%** |  |  |  |  |
| &nbsp;&nbsp; AEP Texas, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series H | 3.450 | 01/15/50 | 510 | 356763 |
| &nbsp;&nbsp; AEP Transmission Co. LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.800 | 06/15/49 | 510 | 392563 |
| &nbsp;&nbsp; Ameren Illinois Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 5.625 | 03/01/55 | 610 | 617021 |
| &nbsp;&nbsp; Commonwealth Edison Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 4.000 | 03/01/49 | 910 | 731015 |
| &nbsp;&nbsp; Dominion Energy South Carolina, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 6.250 | 10/15/53 | 500 | 544375 |
| &nbsp;&nbsp; DTE Electric Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage | 3.750 | 08/15/47 | 615 | 484472 |
| &nbsp;&nbsp; Duke Energy Indiana LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 5.400 | 04/01/53 | 615 | 595275 |
| &nbsp;&nbsp; Duke Energy Ohio, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 5.550 | 03/15/54 | 1060 | 1052639 |
| &nbsp;&nbsp; Entergy Louisiana LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 3.100 | 06/15/41 | 680 | 525980 |
| &nbsp;&nbsp; FirstEnergy Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series C | 4.850 | 07/15/47 | 445 | 396369 |
| &nbsp;&nbsp; Florida Power & Light Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 4.125 | 02/01/42 | 1465 | 1294415 |
| &nbsp;&nbsp; Kentucky Utilities Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 5.850 | 08/15/55 | 35 | 36040 |
| &nbsp;&nbsp; Louisville Gas & Electric Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 5.850 | 08/15/55 | 40 | 41026 |
| &nbsp;&nbsp; Nevada Power Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage | 6.000 | 03/15/54 | 615 | 636170 |
| &nbsp;&nbsp; Northern States Power Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 5.650 | 06/15/54 | 955 | 971910 |
| &nbsp;&nbsp; NSTAR Electric Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.950 | 09/15/52 | 340 | 310845 |
| &nbsp;&nbsp; Pacific Gas & Electric Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 3.950 | 12/01/47 | 400 | 304379 |
| &nbsp;&nbsp; Public Service Co. of Colorado, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 5.850 | 05/15/55 | 270 | 275899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series 39 | 4.500 | 06/01/52 | 85 | 72025 |

---

See Notes to Financial Statements.

------

PGIM Corporate Bond 10+ Year ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Electric (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; San Diego Gas & Electric Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 5.350% | 04/01/53 | 292 | $278821 |
| &nbsp;&nbsp; SCE Recovery Funding LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 5.341 | 03/15/47 | 74 | 75539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 5.541 | 09/15/52 | 40 | 40995 |
| &nbsp;&nbsp; Southern California Edison Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series 20A | 2.950 | 02/01/51 | 1265 | 791872 |
| &nbsp;&nbsp; Vistra Operations Co. LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.250 | 10/15/35 | 245 | 245791 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11072199 |
| &nbsp;&nbsp; **Electronics 0.3%** |  |  |  |  |
| &nbsp;&nbsp; Honeywell International, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.350 | 03/01/64 | 275 | 265934 |
| &nbsp;&nbsp; **Foods 1.2%** |  |  |  |  |
| &nbsp;&nbsp; JBS NV/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.500 | 12/01/52 | 275 | 289485 |
| &nbsp;&nbsp; Mars, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.700 | 05/01/55 | 615 | 623599 |
|  |  |  |  | 913084 |
| &nbsp;&nbsp; **Healthcare-Products 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Abbott Laboratories, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.500 | 03/15/56 | 100 | 100381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.600 | 03/15/66 | 95 | 95091 |
|  |  |  |  | 195472 |
| &nbsp;&nbsp; **Healthcare-Services 7.2%** |  |  |  |  |
| &nbsp;&nbsp; Children's Hospital of Philadelphia (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series 2020 | 2.704 | 07/01/50 | 155 | 100155 |
| &nbsp;&nbsp; Cigna Group (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.400 | 03/15/50 | 785 | 556259 |
| &nbsp;&nbsp; Elevance Health, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.100 | 01/15/44 | 785 | 745123 |
| &nbsp;&nbsp; Humana, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.950 | 10/01/44 | 445 | 387647 |
| &nbsp;&nbsp; Inova Health System Foundation, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | 4.068 | 05/15/52 | 250 | 203622 |
| &nbsp;&nbsp; Kaiser Foundation Hospitals, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2021 | 3.002 | 06/01/51 | 560 | 378746 |
| &nbsp;&nbsp; Mayo Clinic, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2021 | 3.196 | 11/15/61 | 250 | 165912 |
| &nbsp;&nbsp; OhioHealth Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 | 3.042 | 11/15/50 | 235 | 165524 |
| &nbsp;&nbsp; Orlando Health Obligated Group, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.475 | 10/01/35 | 90 | 95736 |
| &nbsp;&nbsp; Roche Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 2.607 | 12/13/51 | 200 | 125192 |
| &nbsp;&nbsp; Sentara Health, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2021 | 2.927 | 11/01/51 | 216 | 143417 |
| &nbsp;&nbsp; Stanford Health Care, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | 3.027 | 08/15/51 | 500 | 340919 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 117

------

PGIM Corporate Bond 10+ Year ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Healthcare-Services (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Sutter Health, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | 5.547% | 08/15/53 | 95 | $97554 |
| &nbsp;&nbsp; UnitedHealth Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.750 | 05/15/52 | 2355 | 2048045 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5553851 |
| &nbsp;&nbsp; **Insurance 5.3%** |  |  |  |  |
| &nbsp;&nbsp; Arch Capital Group Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.635 | 06/30/50 | 445 | 330955 |
| &nbsp;&nbsp; Chubb INA Holdings LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.050 | 12/15/61 | 275 | 172586 |
| &nbsp;&nbsp; Corebridge Financial, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.350 | 04/05/42 | 373 | 320168 |
| &nbsp;&nbsp; Everest Reinsurance Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.125 | 10/15/52 | 445 | 282065 |
| &nbsp;&nbsp; Fairfax Financial Holdings Ltd. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.750 | 05/20/35 | 1450 | 1510751 |
| &nbsp;&nbsp; Liberty Mutual Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.500 | 06/15/52 | 340 | 322052 |
| &nbsp;&nbsp; Markel Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.450 | 05/07/52 | 381 | 263226 |
| &nbsp;&nbsp; Unum Group, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.000 | 06/15/54 | 615 | 600089 |
| &nbsp;&nbsp; W.R. Berkley Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.550 | 03/30/52 | 381 | 274200 |
|  |  |  |  | 4076092 |
| &nbsp;&nbsp; **Internet 3.0%** |  |  |  |  |
| &nbsp;&nbsp; Alphabet, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.300 | 05/15/65 | 890 | 843133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.500 | 02/15/46 | 40 | 40777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.650 | 02/15/56 | 65 | 66471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.750 | 02/15/66 | 40 | 40729 |
| &nbsp;&nbsp; Beignet Investor LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.581 | 05/30/49 | 441 | 468325 |
| &nbsp;&nbsp; Meta Platforms, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.750 | 11/15/65 | 870 | 846938 |
|  |  |  |  | 2306373 |
| &nbsp;&nbsp; **Machinery-Construction & Mining 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Vertiv Holdings Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.650 | 03/15/46 | 50 | 49644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.800 | 03/15/56 | 20 | 20022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.950 | 03/15/66 | 120 | 119503 |
|  |  |  |  | 189169 |
| &nbsp;&nbsp; **Media 3.5%** |  |  |  |  |
| &nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating Capital, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 4.400 | 12/01/61 | 2235 | 1497606 |
| &nbsp;&nbsp; Comcast Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.937 | 11/01/56 | 2115 | 1232340 |
|  |  |  |  | 2729946 |

---

See Notes to Financial Statements.

------

PGIM Corporate Bond 10+ Year ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Mining 0.5%** |  |  |  |  |
| &nbsp;&nbsp; Barrick North America Finance LLC (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.750% | 05/01/43 | 340 | $351711 |
| &nbsp;&nbsp; **Oil & Gas 6.6%** |  |  |  |  |
| &nbsp;&nbsp; Aker BP ASA (Norway), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.800 | 10/01/54 | 500 | 470107 |
| &nbsp;&nbsp; Canadian Natural Resources Ltd. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.850 | 02/01/35 | 1465 | 1565563 |
| &nbsp;&nbsp; Cenovus Energy, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.750 | 02/15/52 | 445 | 323324 |
| &nbsp;&nbsp; ConocoPhillips Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.025 | 03/15/62 | 680 | 505015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.650 | 01/15/65 | 100 | 98090 |
| &nbsp;&nbsp; Diamondback Energy, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.750 | 04/18/54 | 340 | 331682 |
| &nbsp;&nbsp; Marathon Petroleum Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.500 | 03/01/41 | 340 | 371612 |
| &nbsp;&nbsp; Occidental Petroleum Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.400 | 04/15/46 | 400 | 327410 |
| &nbsp;&nbsp; Ovintiv, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 7.100 | 07/15/53 | 340 | 379365 |
| &nbsp;&nbsp; Phillips 66 Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.900 | 10/01/46 | 290 | 258581 |
| &nbsp;&nbsp; Var Energi ASA (Norway), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.500 | 05/22/35 | 400 | 431345 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5062094 |
| &nbsp;&nbsp; **Pharmaceuticals 3.1%** |  |  |  |  |
| &nbsp;&nbsp; AbbVie, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.600 | 03/15/55 | 955 | 965419 |
| &nbsp;&nbsp; CVS Health Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.625 | 02/21/53 | 510 | 485343 |
| &nbsp;&nbsp; Eli Lilly & Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.950 | 02/27/63 | 275 | 249784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.550 | 10/15/55 | 25 | 25398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.650 | 10/15/65 | 25 | 25295 |
| &nbsp;&nbsp; Merck & Co., Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.700 | 12/04/65 | 75 | 75313 |
| &nbsp;&nbsp; Mylan, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.200 | 04/15/48 | 445 | 367894 |
| &nbsp;&nbsp; Takeda US Financing, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.200 | 07/07/35 | 200 | 205647 |
|  |  |  |  | 2400093 |
| &nbsp;&nbsp; **Pipelines 7.9%** |  |  |  |  |
| &nbsp;&nbsp; Columbia Pipelines Operating Co. LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.695 | 10/01/54 | 275 | 271246 |
| &nbsp;&nbsp; DCP Midstream Operating LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.600 | 04/01/44 | 340 | 336780 |
| &nbsp;&nbsp; Energy Transfer LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.950 | 01/15/43 | 1200 | 1091026 |
| &nbsp;&nbsp; Enterprise Products Operating LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(k) | 4.850 | 08/15/42 | 1295 | 1221875 |
| &nbsp;&nbsp; MPLX LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.700 | 04/15/48 | 890 | 751679 |
| &nbsp;&nbsp; ONEOK, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.625 | 09/01/53 | 790 | 837547 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 119

------

PGIM Corporate Bond 10+ Year ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest** <br> **Rate** | **Maturity** <br> **Date** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Pipelines (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Targa Resources Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.050% | 05/15/56 | 135 | $134676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.125 | 05/15/55 | 205 | 207296 |
| &nbsp;&nbsp; Williams Cos., Inc. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.800 | 11/15/54 | 1235 | 1229900 |
|  |  |  |  | 6082025 |
| &nbsp;&nbsp; **Real Estate Investment Trusts (REITs) 1.3%** |  |  |  |  |
| &nbsp;&nbsp; Alexandria Real Estate Equities, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.250 | 03/15/36 | 680 | 679810 |
| &nbsp;&nbsp; Prologis LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.125 | 10/15/50 | 590 | 324094 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1003904 |
| &nbsp;&nbsp; **Retail 1.4%** |  |  |  |  |
| &nbsp;&nbsp; Home Depot, Inc. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.625 | 04/15/52 | 530 | 393239 |
| &nbsp;&nbsp; Lowe's Cos., Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.450 | 04/01/62 | 30 | 23772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.850 | 04/01/63 | 275 | 274105 |
| &nbsp;&nbsp; McDonald's Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 4.450 | 03/01/47 | 445 | 388327 |
|  |  |  |  | 1079443 |
| &nbsp;&nbsp; **Semiconductors 2.4%** |  |  |  |  |
| &nbsp;&nbsp; Broadcom, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.500 | 02/15/41 | 890 | 737703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.900 | 02/15/38 | 390 | 387962 |
| &nbsp;&nbsp; Foundry JV Holdco LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.300 | 01/25/39 | 200 | 215496 |
| &nbsp;&nbsp; Intel Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.734 | 12/08/47 | 675 | 487845 |
|  |  |  |  | 1829006 |
| &nbsp;&nbsp; **Software 3.3%** |  |  |  |  |
| &nbsp;&nbsp; Microsoft Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.041 | 03/17/62 | 1405 | 881736 |
| &nbsp;&nbsp; Oracle Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.600 | 04/01/50 | 875 | 547137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.650 | 03/25/41 | 825 | 612755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.375 | 09/27/54 | 90 | 72586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.550 | 02/04/46 | 50 | 48785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.700 | 02/04/56 | 110 | 106604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.850 | 02/04/66 | 250 | 239744 |
|  |  |  |  | 2509347 |
| &nbsp;&nbsp; **Telecommunications 3.5%** |  |  |  |  |
| &nbsp;&nbsp; AT&T, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.550 | 09/15/55 | 2525 | 1707524 |
| &nbsp;&nbsp; T-Mobile USA, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.300 | 02/15/51 | 680 | 462162 |
| &nbsp;&nbsp; Verizon Communications, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.000 | 11/20/60 | 890 | 530570 |
|  |  |  |  | 2700256 |

---

See Notes to Financial Statements.

------

PGIM Corporate Bond 10+ Year ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest** <br> **Rate** | **Maturity** <br> **Date** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Transportation 0.4%** |  |  |  |  |
| &nbsp;&nbsp; Norfolk Southern Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.700% | 03/15/53 | 445 | $328408 |
| &nbsp;&nbsp; **Water 0.4%** |  |  |  |  |
| &nbsp;&nbsp; American Water Capital Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.200 | 09/01/48 | 420 | 347738 |
| &nbsp;&nbsp; **TOTAL CORPORATE BONDS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $70,569,098) |  |  |  | 72229781 |
| &nbsp;&nbsp; **MUNICIPAL BONDS 1.3%** |  |  |  |  |
| &nbsp;&nbsp; **California 0.3%** |  |  |  |  |
| &nbsp;&nbsp; Regents of the University of California Medical Center Pooled Revenue, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series N | 3.256 | 05/15/60 | 150 | 100558 |
| &nbsp;&nbsp; University of California, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series AQ | 4.767 | 05/15/2115 | 155 | 131486 |
|  |  |  |  | 232044 |
| &nbsp;&nbsp; **District of Columbia 0.2%** |  |  |  |  |
| &nbsp;&nbsp; District of Columbia Water & Sewer Authority, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | 4.814 | 10/01/2114 | 195 | 171878 |
| &nbsp;&nbsp; **Maryland 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Maryland Economic Development Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds | 5.433 | 05/31/56 | 125 | 125335 |
| &nbsp;&nbsp; **Michigan 0.2%** |  |  |  |  |
| &nbsp;&nbsp; University of Michigan, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | 4.454 | 04/01/2122 | 160 | 130064 |
| &nbsp;&nbsp; **Minnesota 0.2%** |  |  |  |  |
| &nbsp;&nbsp; University of Minnesota, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds | 4.048 | 04/01/52 | 161 | 134770 |
| &nbsp;&nbsp; **New York 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Port Authority of New York & New Jersey, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated, Taxable, Revenue Bonds, Series 174 | 4.458 | 10/01/62 | 155 | 135654 |
| &nbsp;&nbsp; **Pennsylvania 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Pennsylvania State University (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series D | 2.840 | 09/01/50 | 120 | 84007 |
| &nbsp;&nbsp; **TOTAL MUNICIPAL BONDS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $964,839) |  |  |  | 1013752 |
| &nbsp;&nbsp; **U.S. TREASURY OBLIGATIONS 4.0%** |  |  |  |  |
| &nbsp;&nbsp; U.S. Treasury Bonds | 4.625 | 05/15/44 | 535 | 541186 |
| &nbsp;&nbsp; U.S. Treasury Bonds(k) | 4.750 | 02/15/45 | 1740 | 1783772 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 4.750 | 08/15/55 | 145 | 147674 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 5.000 | 05/15/45 | 555 | 586739 |
| &nbsp;&nbsp; **TOTAL U.S. TREASURY OBLIGATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $2,955,791) |  |  |  | 3059371 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $74,489,728) |  |  |  | 76302904 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 121

------

PGIM Corporate Bond 10+ Year ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENT 0.4%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.787%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $316,756)(wb) | 316756 | $316756 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 99.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $74,806,484) |  | 76619660 |
| &nbsp;&nbsp; Other assets in excess of liabilities(z) 0.6% |  | 468654 |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77088314 |

---

See the Glossary for a list of the abbreviation(s) used in the semiannual report.

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

(ff) Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.

(k) Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives.

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

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

#### Futures contracts outstanding at February 28, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number<br>of<br>Contracts** | **Type** | **Expiration**<br> **Date** | **Current<br>Notional<br>Amount** | **Value /<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Long Positions:** | **Long Positions:** |  |  |  |
| 24 | 10 Year U.S. Ultra Treasury Notes | Jun. 2026 | $2801625 | $19753 |
| 64 | 20 Year U.S. Treasury Bonds | Jun. 2026 | 7582000 | 69447 |
|  |  |  |  | 89200 |
|  **Short Positions:** | **Short Positions:** |  |  |  |
| 1 | 2 Year U.S. Treasury Notes | Jun. 2026 | 209273 | (359) |
| 6 | 5 Year U.S. Treasury Notes | Jun. 2026 | 660844 | (2257) |
| 28 | 10 Year U.S. Treasury Notes | Jun. 2026 | 3186750 | (13820) |
| 55 | 30 Year U.S. Ultra Treasury Bonds | Jun. 2026 | 6687656 | (82260) |
|  |  |  |  | (98696) |
|  |  |  |  | $(9496) |

---

#### Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:
Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:

---

| | | |
|:---|:---|:---|
| **Broker** | **Cash and/or Foreign Currency** | **Securities Market Value** |
|  JPS | $— | $536303 |

---

#### Fair Value Measurements:
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of February 28, 2026 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Corporate Bonds | $— | $72229781 | $— |
|  Municipal Bonds |  | 1013752 |  |

---

See Notes to Financial Statements.

------

PGIM Corporate Bond 10+ Year ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities (continued)** |  |  |  |
|  **Assets (continued)** |  |  |  |
|  **Long-Term Investments (continued)** |  |  |  |
|  U.S. Treasury Obligations | $— | $3059371 | $— |
|  **Short-Term Investment** |  |  |  |
|  Affiliated Mutual Fund | 316756 |  |  |
|  **Total** | $**316756** | $**76302904** | $**—** |
|  **Other Financial Instruments\*** |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts | $**89200** | $**—** | $**—** |
|  **Liabilities** |  |  |  |
|  Futures Contracts | $**(98696)** | $**—** | $**—** |

---

\* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forward foreign currency exchange contracts and centrally cleared swap contracts, which are recorded at the unrealized appreciation (depreciation) on the instrument, and OTC swap contracts which are recorded at fair value. 

#### Industry Classification :
The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of February 28, 2026 were as follows:

---

| | |
|:---|:---|
|  Banks | 16.8 |
|  Electric | 14.4 |
|  Pipelines | 7.9 |
|  Healthcare-Services | 7.2 |
|  Oil & Gas | 6.6 |
|  Insurance | 5.3 |
|  U.S. Treasury Obligations | 4.0 |
|  Media | 3.5 |
|  Telecommunications | 3.5 |
|  Software | 3.3 |
|  Pharmaceuticals | 3.1 |
|  Internet | 3.0 |
|  Aerospace & Defense | 2.9 |
|  Semiconductors | 2.4 |
|  Beverages | 1.8 |
|  Commercial Services | 1.8 |
|  Biotechnology | 1.7 |
|  Retail | 1.4 |
|  Municipal Bonds | 1.3 |

---

---

| | |
|:---|:---|
|  Real Estate Investment Trusts (REITs) | 1.3% |
|  Foods | 1.2 |
|  Chemicals | 1 |
|  Computers | 0.8 |
|  Mining | 0.5 |
|  Water | 0.4 |
|  Transportation | 0.4 |
|  Affiliated Mutual Fund | 0.4 |
|  Building Materials | 0.4 |
|  Auto Parts & Equipment | 0.4 |
|  Electronics | 0.3 |
|  Healthcare-Products | 0.2 |
|  Machinery-Construction & Mining | 0.2 |
|  | 99.4 |
|  Other assets in excess of liabilities | 0.6 |
|  | 100.0% |

---

#### Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:
The Fund invested in derivative instruments during the reporting period. The primary type of risk associated with these derivative instruments is interest rate risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Fund's financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of February 28, 2026 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset Derivatives** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset Derivatives** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liability Derivatives** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liability Derivatives** |
| <br>**Derivatives not accounted for<br>as hedging instruments,**<br>**carried at fair value**  | **Statement of<br>Assets and<br>Liabilities Location** | **Fair** <br> **Value** | **Statement of<br>Assets and<br>Liabilities Location** | **Fair** <br> **Value** |
|  Interest rate contracts | Due from/to broker-variation margin futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$89,200\* | Due from/to broker-variation margin futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$98,696\* |

---

\* Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

See Notes to Financial Statements.

PGIM Fixed Income ETFs 123

------

PGIM Corporate Bond 10+ Year ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

The effects of derivative instruments on the Statement of Operations for the six months ended February 28, 2026 are as follows:

---

| | |
|:---|:---|
| **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** |
| **Derivatives not accounted for as hedging<br>instruments, carried at fair value** | **Futures** |
|  Interest rate contracts | $(2814) |
| **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives not accounted for<br>as hedging instruments,<br>carried at fair value** | **Futures** |
|  Interest rate contracts | $(58745) |

---

The derivative instruments outstanding as of period-end serve as indicators of the volume of derivative activities for the Fund.

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Futures Contracts - Long Positions (1) | $12208901 |
|  Futures Contracts - Short Positions (1) | 11898784 |

---

\* Average volume is based on average quarter end balances for the six months ended February 28, 2026.

(1) Notional Amount in USD.

See Notes to Financial Statements.

------

PGIM Corporate Bond 10+ Year ETF

Statement of Assets & Liabilities (unaudited)

as of February 28, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $74,489,728) | $76302904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $316,756) | 316756 |
| &nbsp;&nbsp; Interest receivable | 1067247 |
| &nbsp;&nbsp; **Total Assets** | 77686907 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Payable for investments purchased | 578372 |
| &nbsp;&nbsp; Management fee payable | 14670 |
| &nbsp;&nbsp; Due to broker—variation margin futures | 5551 |
| &nbsp;&nbsp; **Total Liabilities** | 598593 |
| &nbsp;&nbsp; **Net Assets** | $77088314 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $1500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 74960203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 2126611 |
| &nbsp;&nbsp; **Net assets, February 28, 2026** | $77088314 |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share. |  |
| &nbsp;&nbsp; ($77,088,314 ÷ 1,500,000 shares of common stock issued and outstanding) | $51.39 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 125

------

PGIM Corporate Bond 10+ Year ETF

Statement of Operations (unaudited)

Six Months Ended February 28, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Income |  |
| &nbsp;&nbsp; Interest income | $2128140 |
| &nbsp;&nbsp; Affiliated dividend income | 11425 |
| &nbsp;&nbsp; **Total income** | 2139565 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 95181 |
| &nbsp;&nbsp; Net investment income (loss) | 2044384 |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investments** |  |
| &nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions | 140745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | (2814) |
|  | 137931 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 1908562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | (58745) |
|  | 1849817 |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | 1987748 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $4032132 |

---

See Notes to Financial Statements.

------

PGIM Corporate Bond 10+ Year ETF

Statements of Changes in Net Assets (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>February 28, 2026** | **July 29, 2025\*<br>through<br>August 31, 2025** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $2044384 | $354696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions | 137931 | 47665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 1849817 | (46137) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 4032132 | 356224 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from distributable earnings | (2261745) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from shares sold (0 and 500,000 shares, respectively) |  | 25050000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold in-kind (0 and 1,000,000 shares, respectively) |  | 49911703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions |  | 74961703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) | 1770387 | 75317927 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 75317927 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $77088314 | $75317927 |

---

\* Commencement of operations.

See Notes to Financial Statements.

PGIM Fixed Income ETFs 127

------

PGIM Corporate Bond 10+ Year ETF

Financial Highlights (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months<br>Ended<br>February 28, 2026** | **July 29, 2025<sup>(a)</sup>through<br>August 31, 2025** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(b)</sup>:** |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $50.21 | $50.00 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 1.37 | 0.25 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | 1.32 | (0.04) |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 2.69 | 0.21 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (1.41) |  |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.10) |  |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.51) |  |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $51.39 | $50.21 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 5.43% | 0.44% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $77088 | $75318 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $76776 | $72423 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.25 %(e) | 0.25 %(e) |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.25 %(e) | 0.25 %(e) |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 5.37 %(e) | 5.42 %(e) |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup> | 22% | 17% |

---

(a) Commencement of operations.

(b) Calculated based on average shares outstanding during the period.

(c) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(d) Does not include expenses of the underlying funds in which the Fund invests.

(e) Annualized.

(f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

See Notes to Financial Statements.

------

PGIM Floating Rate Income ETF

Schedule of Investments (unaudited)

as of February 28, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount** <br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount** <br> **(000)#** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 98.2%** |  |  |  |  |  |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES 11.4%** |  |  |  |  |  |
| &nbsp;&nbsp; **Collateralized Loan Obligations**<br>|  |  |  |  |  |
| &nbsp;&nbsp; AGL CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-15A, Class BR, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | 5.201%(c) | 01/20/39 |  | 1000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1002010 |
| &nbsp;&nbsp; Atlas Static Senior Loan Fund Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class BR, 144A, 3 Month SOFR + 2.650% (Cap N/A, Floor 2.650%) | 6.322(c) | 07/15/30 |  | 149 | 149407 |
| &nbsp;&nbsp; Avoca Capital CLO Ltd. (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10A, Class B1RR, 144A, 3 Month EURIBOR + 1.350% (Cap N/A, Floor 1.350%) | 3.366(c) | 04/15/35 | EUR | 250 | 293850 |
| &nbsp;&nbsp; Bain Capital Credit CLO Ltd. (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class BR, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) | 5.368(c) | 10/24/38 |  | 500 | 501325 |
| &nbsp;&nbsp; Barrow Hanley CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class BR, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) | 5.368(c) | 03/31/38 |  | 500 | 501305 |
| &nbsp;&nbsp; Battalion CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-11A, Class BR2, 144A, 3 Month SOFR + 1.750% (Cap N/A, Floor 1.750%) | 5.418(c) | 04/24/34 |  | 750 | 751440 |
| &nbsp;&nbsp; Brant Point CLO Ltd. (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class BR, 144A, 3 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) | 5.271(c) | 01/29/39 |  | 1000 | 998970 |
| &nbsp;&nbsp; CarVal CLO Ltd. (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class BR, 144A, 3 Month SOFR + 1.650% (Cap N/A, Floor 1.650%) | 5.315(c) | 03/21/38 |  | 1000 | 1001791 |
| &nbsp;&nbsp; CBAM Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-05A, Class BR, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) | 5.812(c) | 10/17/38 |  | 350 | 351085 |
| &nbsp;&nbsp; CQS US CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class BR, 144A, 3 Month SOFR + 1.750% (Cap N/A, Floor 1.750%) | 5.418(c) | 01/20/35 |  | 400 | 400608 |
| &nbsp;&nbsp; Davis Park CLO Ltd., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class BR, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) | 5.368(c) | 07/20/38 |  | 500 | 502285 |
| &nbsp;&nbsp; Dewolf Park CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-01A, Class BR2, 144A, 3 Month SOFR + 1.580% (Cap N/A, Floor 1.580%) | 5.245(c) | 01/22/39 |  | 1000 | 1000594 |
| &nbsp;&nbsp; Elevation CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-11A, Class BR, 144A, 3 Month SOFR + 2.000% (Cap N/A, Floor 2.000%) | 5.672(c) | 10/15/37 |  | 400 | 401724 |
| &nbsp;&nbsp; Hayfin US Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-15A, Class B, 144A, 3 Month SOFR + 2.200% (Cap N/A, Floor 2.200%) | 5.871(c) | 04/28/37 |  | 500 | 499885 |
| &nbsp;&nbsp; Marble Point CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03A, Class BR, 144A, 3 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) | 5.168(c) | 10/17/34 |  | 1000 | 997720 |
| &nbsp;&nbsp; NGC Ltd. (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class B, 144A, 3 Month SOFR + 2.100% (Cap N/A, Floor 2.100%) | 5.768(c) | 07/20/37 |  | 350 | 349153 |
| &nbsp;&nbsp; Park Avenue Institutional Advisers CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A2RR, 144A, 3 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) | 5.163(c) | 10/15/34 |  | 1000 | 1001550 |
| &nbsp;&nbsp; PPM CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-04A, Class BR2, 144A, 3 Month SOFR + 1.750% (Cap N/A, Floor 1.750%) | 5.418(c) | 03/18/38 |  | 750 | 752723 |
| &nbsp;&nbsp; Sound Point CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class DR, 144A, 3 Month SOFR + 3.612% (Cap N/A, Floor 3.350%) | 7.280(c) | 10/25/34 |  | 250 | 242798 |
| &nbsp;&nbsp; Tikehau US CLO Ltd. (Bermuda), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A1, 144A, 3 Month SOFR + 1.950% (Cap N/A, Floor 1.950%) | 5.622(c) | 01/15/36 |  | 500 | 500378 |
| &nbsp;&nbsp; Trimaran CAVU Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class BR, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) | 5.368(c) | 03/18/38 |  | 250 | 250228 |
| &nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $12,383,264) |  |  |  |  | 12450829 |
| &nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES 1.1%** |  |  |  |  |  |
| &nbsp;&nbsp; BX Commercial Mortgage Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-CIP, Class E, 144A, 1 Month SOFR + 2.934% (Cap N/A, Floor 2.820%) | 6.594(c) | 12/15/38 |  | 438 | 437866 |
| &nbsp;&nbsp; BX Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DIME, Class E, 144A, 1 Month SOFR + 3.000% (Cap N/A, Floor 3.000%) | 6.660(c) | 02/15/35 |  | 250 | 249687 |
| &nbsp;&nbsp; NYC Commercial Mortgage Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03BP, Class D, 144A, 1 Month SOFR + 2.441% (Cap N/A, Floor 2.441%) | 6.101(c) | 02/15/42 |  | 150 | 150375 |
| &nbsp;&nbsp; ROCK Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR, Class E, 144A | 8.819 | 11/13/41 |  | 370 | 395965 |
| &nbsp;&nbsp; **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $1,215,415) |  |  |  |  | 1233893 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 129

------

PGIM Floating Rate Income ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS 11.9%** |  |  |  |  |
| &nbsp;&nbsp; **Airlines 0.1%**<br>|  |  |  |  |
| &nbsp;&nbsp; VistaJet Malta Finance PLC/Vista Management Holding, Inc. (Switzerland), | &nbsp;&nbsp; VistaJet Malta Finance PLC/Vista Management Holding, Inc. (Switzerland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.875% | 05/01/27 | 75 | $75210 |
| &nbsp;&nbsp; **Auto Manufacturers 0.1%**<br>|  |  |  |  |
| &nbsp;&nbsp; General Motors Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.600 | 10/15/32 | 105 | 110633 |
| &nbsp;&nbsp; **Banks 9.9%**<br>|  |  |  |  |
| &nbsp;&nbsp; Bank of America Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | 6.250(ff) | 07/26/30 (oo) | 1455 | 1494455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | 6.625(ff) | 05/01/30 (oo) | 890 | 930707 |
| &nbsp;&nbsp; Bank of Nova Scotia (The) (Canada), | &nbsp;&nbsp; Bank of Nova Scotia (The) (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | 7.350(ff) | 04/27/85 | 1350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1411633 |
| &nbsp;&nbsp; Citigroup, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | 6.625(ff) | 02/15/31 (oo) | 300 | 307767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series EE | 6.750(ff) | 02/15/30 (oo) | 510 | 521590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series FF | 6.950(ff) | 02/15/30 (oo) | 855 | 878991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series GG | 6.875(ff) | 08/15/30 (oo) | 315 | 323352 |
| &nbsp;&nbsp; Goldman Sachs Group, Inc. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series V | 4.125(ff) | 11/10/26 (oo) | 400 | 398363 |
| &nbsp;&nbsp; Royal Bank of Canada (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | 6.350(ff) | 11/24/84 | 1750 | 1725937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | 6.500(ff) | 11/24/85 | 600 | 597750 |
| &nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc. (Japan), | &nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc. (Japan), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | 6.600(ff) | 06/05/34 (oo) | 100 | 103764 |
| &nbsp;&nbsp; Toronto-Dominion Bank (The) (Canada), | &nbsp;&nbsp; Toronto-Dominion Bank (The) (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | 6.350(ff) | 10/31/85 | 835 | 852160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | 7.250(ff) | 07/31/84 | 720 | 752400 |
| &nbsp;&nbsp; U.S. Bancorp, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | 3.700(ff) | 01/15/27 (oo) | 500 | 494790 |
|  |  |  |  | 10793659 |
| &nbsp;&nbsp; **Commercial Services 0.1%**<br>|  |  |  |  |
| &nbsp;&nbsp; VT Topco, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.500 | 08/15/30 | 150 | 149127 |
| &nbsp;&nbsp; **Diversified Financial Services 0.2%**<br>|  |  |  |  |
| &nbsp;&nbsp; Nomura Holdings, Inc. (Japan), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | 7.000(ff) | 07/15/30 (oo) | 205 | 213620 |
| &nbsp;&nbsp; **Electric 0.4%** |  |  |  |  |
| &nbsp;&nbsp; Constellation Energy Generation LLC, | &nbsp;&nbsp; Constellation Energy Generation LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.000 | 02/01/31 | 75 | 76142 |
| &nbsp;&nbsp; Vistra Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | 8.000(ff) | 10/15/26 (oo) | 100 | 101764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series C, 144A | 8.875(ff) | 01/15/29 (oo) | 250 | 275567 |
|  |  |  |  | 453473 |
| &nbsp;&nbsp; **Environmental Control 0.0%**<br>|  |  |  |  |
| &nbsp;&nbsp; GFL Environmental, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.750 | 01/15/31 | 20 | 20946 |
| &nbsp;&nbsp; **Housewares 0.0%**<br>|  |  |  |  |
| &nbsp;&nbsp; SWF Holdings I Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 6.500 | 10/06/29 | 63 | 25152 |

---

See Notes to Financial Statements.

------

PGIM Floating Rate Income ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Investment Companies 0.5%**<br>|  |  |  |  |
| &nbsp;&nbsp; Apollo Debt Solutions BDC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.700% | 01/23/31 | 300 | $297638 |
| &nbsp;&nbsp; Ares Strategic Income Fund, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.550 | 04/15/31 | 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294957 |
|  |  |  |  | 592595 |
| &nbsp;&nbsp; **Machinery-Diversified 0.0%**<br>|  |  |  |  |
| &nbsp;&nbsp; Chart Industries, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.500 | 01/01/30 | 5 | 5202 |
| &nbsp;&nbsp; **Media 0.1%**<br>|  |  |  |  |
| &nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating Capital, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 4.400 | 04/01/33 | 75 | 71385 |
| &nbsp;&nbsp; Radiate Holdco LLC/Radiate Finance, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, PIK 9.250%(x) | 9.250 | 03/25/30 | 21 | 15240 |
|  |  |  |  | 86625 |
| &nbsp;&nbsp; **Oil & Gas 0.1%**<br>|  |  |  |  |
| &nbsp;&nbsp; Hilcorp Energy I LP/Hilcorp Finance Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.250 | 04/15/32 | 100 | 97367 |
| &nbsp;&nbsp; **Oil & Gas Services 0.0%**<br>|  |  |  |  |
| &nbsp;&nbsp; SESI LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.875 | 09/30/30 | 45 | 45946 |
| &nbsp;&nbsp; **Pipelines 0.2%**<br>|  |  |  |  |
| &nbsp;&nbsp; Targa Resources Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.200 | 02/01/33 | 75 | 72870 |
| &nbsp;&nbsp; Venture Global LNG, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | 9.000(ff) | 09/30/29 (oo) | 215 | 187962 |
|  |  |  |  | 260832 |
| &nbsp;&nbsp; **Real Estate Investment Trusts (REITs) 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Diversified Healthcare Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.375 | 03/01/31 | 60 | 54203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.750 | 02/15/28 | 5 | 4892 |
|  |  |  |  | 59095 |
| &nbsp;&nbsp; **Retail 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Gap, Inc. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.875 | 10/01/31 | 75 | 69796 |
| &nbsp;&nbsp; **Telecommunications 0.0%**<br>|  |  |  |  |
| &nbsp;&nbsp; Digicel Group Holdings Ltd. (Jamaica), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series 1B14, 144A(x) | 0.000 | 12/31/30 | 5 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series 3B14, 144A^(x) | 0.000 | 12/31/30 | 5 |  |
|  |  |  |  | 1 |
|  **TOTAL CORPORATE BONDS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $12,751,770) |  |  |  | 13059279 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 131

------

PGIM Floating Rate Income ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **FLOATING RATE AND OTHER LOANS 69.7%** |  |  |  |  |
| &nbsp;&nbsp; **Advertising 0.2%**<br>|  |  |  |  |
| &nbsp;&nbsp; Summer BC Holdco B Sarl (Luxembourg), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Extended Facility B, 3 Month SOFR + 5.260% | 8.932%(c) | 02/15/29 | 223 | $196699 |
| &nbsp;&nbsp; **Aerospace & Defense 0.6%**<br>|  |  |  |  |
| &nbsp;&nbsp; PAC DAC LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 3.250% | 6.917(c) | 10/28/30 | 250 | 247033 |
| &nbsp;&nbsp; Propulsion BC Finco Sarl (Spain), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 3 Month SOFR + 2.500% | 6.172(c) | 12/01/32 | 200 | 199958 |
| &nbsp;&nbsp; Transdigm, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Tranche K Term Loan, 1 Month SOFR + 2.250% | 5.923(c) | 03/22/30 | 99 | 98388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tranche M Term Loan, 1 Month SOFR + 2.500% | 6.173(c) | 08/19/32 | 125 | 124615 |
|  |  |  |  | 669994 |
| &nbsp;&nbsp; **Agriculture 0.4%**<br>|  |  |  |  |
| &nbsp;&nbsp; Alltech, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B-2 Loan, 1 Month SOFR + 4.364% | 8.037(c) | 08/13/30 | 449 | 449152 |
| &nbsp;&nbsp; **Airlines 1.0%**<br>|  |  |  |  |
| &nbsp;&nbsp; American Airlines, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repriced Term Loan, 3 Month SOFR + 2.250% | 5.918(c) | 04/20/28 | 588 | 586883 |
| &nbsp;&nbsp; Onesky Flight LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 1 Month SOFR + 2.750%^ | 6.410(c) | 02/17/33 | 175 | 174344 |
| &nbsp;&nbsp; Vista Management Holding, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 3.750% | 7.411(c) | 04/01/31 | 287 | 287281 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1048508 |
| &nbsp;&nbsp; **Auto Parts & Equipment 1.5%**<br>|  |  |  |  |
| &nbsp;&nbsp; American Axle & Manufacturing, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tranche C Term Loan, 1 Month SOFR + 3.250% | 6.910(c) | 02/03/33 | 125 | 124298 |
| &nbsp;&nbsp; Clarios Global LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term B Loan, 1 Month SOFR + 2.500% | 6.173(c) | 05/06/30 | 199 | 198748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 6 Dollar Term Loan, 1 Month SOFR + 2.750% | 6.423(c) | 01/28/32 | 424 | 422526 |
| &nbsp;&nbsp; First Brands Group LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 Second Lien Term Loan | 13.070 | 03/30/28 (d) | 511 | 250 |
| &nbsp;&nbsp; Tenneco, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term A Loan, 3 Month SOFR + 4.850% | 8.511(c) | 11/17/28 | 472 | 464247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 5.100% | 8.766(c) | 11/17/28 | 450 | 443061 |
|  |  |  |  | 1653130 |
| &nbsp;&nbsp; **Beverages 0.3%**<br>|  |  |  |  |
| &nbsp;&nbsp; Brewco Borrower LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 3 Month SOFR + 7.000%^ | &nbsp;&nbsp;&nbsp;&nbsp;— (p) | 09/30/30 | 36 | 14564 |
| &nbsp;&nbsp; Pegasus Bidco BV (Netherlands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025-1 Dollar Term Loan, 3 Month SOFR + 2.750% | 6.403(c) | 07/12/29 | 349 | 348292 |
|  |  |  |  | 362856 |
| &nbsp;&nbsp; **Building Materials 1.9%**<br>|  |  |  |  |
| &nbsp;&nbsp; American Bath/CP Atlas Buyer, Inc.,<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Term B Loan, 1 Month SOFR + 5.250% | 8.923(c) | 07/08/30 | 224 | 216676 |
| &nbsp;&nbsp; Cornerstone Building Brands, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 1 Month SOFR + 5.625% | 9.285(c) | 08/01/28 | 147 | 106104 |
| &nbsp;&nbsp; Covia Holdings LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Refinancing Term Loan, 3 Month SOFR + 2.750% | 6.402(c) | 02/26/32 | 374 | 373282 |
| &nbsp;&nbsp; EMRLD Borrower LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term B Loan, 3 Month SOFR + 2.250% | 5.923(c) | 05/31/30 | 358 | 356679 |

---

See Notes to Financial Statements.

------

PGIM Floating Rate Income ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **FLOATING RATE AND OTHER LOANS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Building Materials (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; EMRLD Borrower LP, (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Amendment Incremental Term Loan, 6 Month SOFR + 2.250% | 6.122%(c) | 08/04/31 | 148 | $147433 |
| &nbsp;&nbsp; HP PHRG Borrower LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Closing Date Term Loan, 3 Month SOFR + 4.000% | 7.672(c) | 02/20/32 | 199 | 196678 |
| &nbsp;&nbsp; Quikrete Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2029 Term B Loan, 1 Month SOFR + 2.250% | 5.923(c) | 03/19/29 | 199 | 198884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Tranche B-1 Term Loan, 1 Month SOFR + 2.250% | 5.923(c) | 04/14/31 | 249 | 249091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tranche B-3 Term Loan, 1 Month SOFR + 2.250% | 5.923(c) | 02/10/32 | 199 | 198795 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2043622 |
| &nbsp;&nbsp; **Chemicals 3.3%** |  |  |  |  |
| &nbsp;&nbsp; A-AP Buyer, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 2.750%^ | 6.417(c) | 09/09/31 | 298 | 297249 |
| &nbsp;&nbsp; Archroma Finance Sarl (Luxembourg), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Facility B2A Loan, 6 Month SOFR + 5.500% | 9.199(c) | 06/30/27 | 125 | 108437 |
| &nbsp;&nbsp; Element Solutions Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2026 Incremental Tranche B-3 Term Loan, 1 Month SOFR + 1.750% | 5.423(c) | 12/18/30 | 75 | 75047 |
| &nbsp;&nbsp; Geon Performance Solutions LLC,<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Refinancing Term Loan, 3 Month SOFR + 4.512% | 8.184(c) | 08/18/28 | 317 | 274761 |
| &nbsp;&nbsp; Ineos US Finance LLC (Luxembourg), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2030 Dollar Term Loan, 1 Month SOFR + 3.250% | 6.923(c) | 02/19/30 | 110 | 92313 |
| &nbsp;&nbsp; Ineos US Petrochem LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2030 Tranche B Dollar Term Loan, 1 Month SOFR + 3.850% | 7.523(c) | 03/14/30 | 73 | 56855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Term B Loan, 1 Month SOFR + 4.350% | 8.023(c) | 04/02/29 | 160 | 129464 |
| &nbsp;&nbsp; Iris Holdings Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 4.850% | 8.517(c) | 06/28/28 | 225 | 218922 |
| &nbsp;&nbsp; Nouryon Finance BV (Netherlands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 2024 B-1 Dollar Term Loan, 6 Month SOFR + 3.250% | 7.036(c) | 04/03/28 | 239 | 238461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 2024 B-2 Dollar Term Loan, 3 Month SOFR + 3.250% | 6.917(c) | 04/03/28 | 98 | 97277 |
| &nbsp;&nbsp; Olympus Water US Holding Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Incremental Term Loan, 3 Month SOFR + 3.250% | 6.922(c) | 11/03/32 | 225 | 220968 |
| &nbsp;&nbsp; Paint Intermediate III LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paint Intermediate/Wesco Group Cov-Lite Term B Loan, 3 Month SOFR + 3.000% | 6.666(c) | 10/09/31 | 448 | 446816 |
| &nbsp;&nbsp; Qnity Electronics, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 6 Month SOFR + 2.000% | 5.698(c) | 11/01/32 | 475 | 476335 |
| &nbsp;&nbsp; SCIH Salt Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B-1 Loan, 1 Month SOFR + 2.750% | 6.522(c) | 01/31/29 | 349 | 348517 |
| &nbsp;&nbsp; TPC Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 6 Month SOFR + 5.750% | 9.386(c) | 12/16/31 | 457 | 407663 |
| &nbsp;&nbsp; Tronox Finance LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024-B Term Loan, 1 Month SOFR + 2.500% | 6.172(c) | 09/30/31 | 124 | 96506 |
|  |  |  |  | 3585591 |
| &nbsp;&nbsp; **Commercial Services 7.7%** |  |  |  |  |
| &nbsp;&nbsp; Adtalem Global Education, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Second Repricing Term Loan, 1 Month SOFR + 2.750% | 6.423(c) | 08/12/28 | 500 | 499585 |
| &nbsp;&nbsp; Albion Financing 3 Sarl (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025-A Refinancing USD Term Loan, 3 Month SOFR + 3.000% | 6.664(c) | 05/21/31 | 322 | 322134 |
| &nbsp;&nbsp; Allied Universal Holdco LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 7 Replacement US Dollar Term Loan, 1 Month SOFR + 3.250% | 6.923(c) | 08/20/32 | 489 | 488697 |
| &nbsp;&nbsp; Belfor Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tranche B-5 Term Loan, 1 Month SOFR + 2.750% | 6.423(c) | 11/01/30 | 264 | 264002 |
| &nbsp;&nbsp; Belron Finance 2019 LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 6 Month SOFR + 2.000% | 5.660(c) | 10/16/31 | 221 | 220489 |
| &nbsp;&nbsp; Catawba Nation Gaming Authority, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term B Loan, 3 Month SOFR + 4.750% | 8.417(c) | 03/29/32 | 200 | 203500 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 133

------

PGIM Floating Rate Income ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **FLOATING RATE AND OTHER LOANS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Commercial Services (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; CCRR Parent, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 Incremental Term Loan, 1 Month SOFR + 4.250% | 8.023%(c) | 03/06/28 | 98 | $23107 |
| &nbsp;&nbsp; Composecure Holdings LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 2.250% | 5.910(c) | 01/14/33 | 125 | 124219 |
| &nbsp;&nbsp; CoreLogic, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Lien Initial Term Loan, 1 Month SOFR + 3.614% | 7.287(c) | 06/02/28 | 59 | 55522 |
| &nbsp;&nbsp; Cotiviti, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2026 Term Loan^ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— (p) | 03/02/33 | 350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349125 |
| &nbsp;&nbsp; Crisis Prevention Institute, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan, 3 Month SOFR + 4.000% | 7.672(c) | 04/09/31 | 346 | 343006 |
| &nbsp;&nbsp; DS Parent, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 5.500% | 9.172(c) | 01/31/31 | 99 | 87911 |
| &nbsp;&nbsp; EAB Global, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 1 Month SOFR + 3.000% | 6.673(c) | 08/16/30 | 121 | 109023 |
| &nbsp;&nbsp; Ensemble RCM LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 3.000% | 6.660(c) | 02/09/33 | 125 | 120104 |
| &nbsp;&nbsp; First Advantage Holdings LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 1 Month SOFR + 2.750% | 6.423(c) | 10/31/31 | 160 | 152880 |
| &nbsp;&nbsp; Garda World Security Corp. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fifteenth Additional Term Loan, 3 Month SOFR + 2.750% | 6.422(c) | 02/01/29 | 274 | 273451 |
| &nbsp;&nbsp; Grant Thornton Advisors LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Incremental Term Loan, 1 Month SOFR + 2.750% | 6.423(c) | 06/02/31 | 213 | 196731 |
| &nbsp;&nbsp; Ingenovis Health, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Lien Initial Term Loan, 3 Month SOFR + 4.250% | 8.184(c) | 03/06/28 | 666 | 182717 |
| &nbsp;&nbsp; Jupiter Buyer, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 4.250% | 7.922(c) | 11/01/31 | 178 | 178115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— (p) | 11/01/31 | 175 | 175145 |
| &nbsp;&nbsp; Kuehg Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 3 Month SOFR + 2.750% | 6.422(c) | 06/12/30 | 197 | 188295 |
| &nbsp;&nbsp; Latham Pool Products, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 3.900% | 7.573(c) | 02/23/29 | 183 | 181974 |
| &nbsp;&nbsp; Mavis Tire Express Services Topco Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 First Lien Incremental Term Loan, 1 Month SOFR + 3.000% | 6.673(c) | 05/04/28 | 446 | 444436 |
| &nbsp;&nbsp; MPH Acquisition Holdings LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Term Out Loan, 3 Month SOFR + 3.750% | 7.417(c) | 12/31/30 | 190 | 186989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Out Term Loan, 3 Month SOFR + 4.862% | 8.528(c) | 12/31/30 | 299 | 244475 |
| &nbsp;&nbsp; Neon Maple Purchaser, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First amend Tranche B-1 Term Loan, 1 Month SOFR + 2.500% | 6.173(c) | 11/17/31 | 396 | 384878 |
| &nbsp;&nbsp; NorthAB LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Refinancing Term Loan, 3 Month SOFR + 2.500% | 6.172(c) | 11/24/28 | 342 | 315560 |
| &nbsp;&nbsp; Omnia Partners LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 3 Term Loan, 3 Month SOFR + 2.750% | 6.455(c) | 12/31/32 | 197 | 196300 |
| &nbsp;&nbsp; Parexel International, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 1 Month SOFR + 2.750% | 6.423(c) | 12/12/31 | 200 | 197500 |
| &nbsp;&nbsp; PG Polaris Bidco sarl (URSA Minor) (Luxembourg), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Amendment Refinancing Term Loan, 3 Month SOFR + 2.250% | 5.922(c) | 03/26/31 | 198 | 197447 |
| &nbsp;&nbsp; Pye Barker Fire & Safety LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Closing Date Term Loan, 3 Month SOFR + 2.500% | 6.206(c) | 12/16/32 | 152 | 152305 |
| &nbsp;&nbsp; Ryan LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Refinancing Term Loan, 1 Month SOFR + 3.500% | 7.173(c) | 11/05/32 | 412 | 396894 |
| &nbsp;&nbsp; Trans Union LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B-5 Loan, 1 Month SOFR + 1.886% | 5.523(c) | 11/16/26 | 190 | 189505 |
| &nbsp;&nbsp; TruGreen LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Refinancing Term Loan (First Lien), 3 Month SOFR + 4.100% | 7.767(c) | 11/02/27 | 221 | 216997 |

---

See Notes to Financial Statements.

------

PGIM Floating Rate Income ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **FLOATING RATE AND OTHER LOANS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Commercial Services (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Verde Purchaser LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 4.000% | 7.672%(c) | 11/29/30 |  | 298 | $295411 |
| &nbsp;&nbsp; VT Topco, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Amendment Term Loan, 3 Month SOFR + 3.000% | 6.661(c) | 08/09/30 |  | 322 | 302363 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8460792 |
| &nbsp;&nbsp; **Computers 2.2%** |  |  |  |  |  |
| &nbsp;&nbsp; Amentum Holdings, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 2.000% | 5.673(c) | 09/29/31 |  | 249 | 248284 |
| &nbsp;&nbsp; Bingo Holdings I LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 3 Month SOFR + 4.750% | 8.422(c) | 06/30/32 |  | 474 | 461967 |
| &nbsp;&nbsp; Indy US Bidco LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan, 1 Month SOFR + 2.250%^ | 5.923(c) | 10/31/30 |  | 299 | 288780 |
| &nbsp;&nbsp; McAfee Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Refinancing Tranche B-1, 1 Month SOFR + 3.000% | 6.673(c) | 03/01/29 |  | 415 | 359971 |
| &nbsp;&nbsp; NCR Atleos Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 3.000% | 6.701(c) | 04/16/29 |  | 121 | 120698 |
| &nbsp;&nbsp; Ping Identity Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 2.750% | 6.410(c) | 11/15/32 |  | 250 | 244062 |
| &nbsp;&nbsp; Sandisk Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 3.000% | 6.669(c) | 02/20/32 |  | 14 | 13750 |
| &nbsp;&nbsp; Synechron, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 3.750%^ | 7.423(c) | 10/03/31 |  | 198 | 182619 |
| &nbsp;&nbsp; Tempo Acquisition LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 1 Month SOFR + 1.750% | 5.423(c) | 08/31/28 |  | 148 | 101244 |
| &nbsp;&nbsp; VeriFone Systems, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025-1 Refinancing Term Loan, 3 Month SOFR + 5.512% | 9.178(c) | 08/18/28 |  | 465 | 426281 |
|  |  |  |  |  | 2447656 |
| &nbsp;&nbsp; **Consumer Services 0.2%** |  |  |  |  |  |
| &nbsp;&nbsp; University Support Services LLC (Grenada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 2.750% | 6.423(c) | 02/10/29 |  | 242 | 230024 |
| &nbsp;&nbsp; **Cosmetics/Personal Care 0.5%** |  |  |  |  |  |
| &nbsp;&nbsp; Rainbow UK Bidco Ltd. (Luxembourg), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Facility B3 Loan, SONIA + 4.750% | 8.478(c) | 02/23/29 | GBP | 375 | 505874 |
| &nbsp;&nbsp; **Distribution/Wholesale 1.5%** |  |  |  |  |  |
| &nbsp;&nbsp; AIP RD Buyer Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan (First Lien), 1 Month SOFR + 3.500% | 7.173(c) | 12/23/30 |  | 147 | 146728 |
| &nbsp;&nbsp; Gloves Buyer, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 4.000% | 7.673(c) | 05/21/32 |  | 274 | 272941 |
| &nbsp;&nbsp; Olympus Water US Holding Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B-6 Dollar Loan, 3 Month SOFR + 3.000% | 6.672(c) | 06/20/31 |  | 198 | 193546 |
| &nbsp;&nbsp; Pearls Netherlands Bidco BV (Netherlands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan B (USD), 3 Month SOFR + 3.250% | 6.917(c) | 02/26/29 |  | 124 | 103076 |
| &nbsp;&nbsp; Quimper AB (Sweden), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2026 Term B Loan, 3 Month EURIBOR + 3.000% | 4.987(c) | 03/31/30 | EUR | 450 | 530593 |
| &nbsp;&nbsp; Windsor Holdings III LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Refinancing Term B Loan, 1 Month SOFR + 2.750% | 6.423(c) | 08/01/30 |  | 398 | 397121 |
|  |  |  |  |  | 1644005 |
| &nbsp;&nbsp; **Diversified Financial Services 2.8%** |  |  |  |  |  |
| &nbsp;&nbsp; Azorra Soar TLB Finance Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 2.500% | 6.139(c) | 10/18/29 |  | 304 | 304152 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 135

------

PGIM Floating Rate Income ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **FLOATING RATE AND OTHER LOANS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Diversified Financial Services (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; EP Wealth Advisors LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Closing Date Term Loan, 3 Month SOFR + 3.000% | 6.672%(c) | 10/18/32 | 75 | $74344 |
| &nbsp;&nbsp; Focus Financial Partners LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tranche B Incremental Term Loan, 1 Month SOFR + 2.500% | 6.173(c) | 09/15/31 | 570 | 536514 |
| &nbsp;&nbsp; Gategroup Finance SA (Luxembourg), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Facility B2 (USD), 3 Month SOFR + 3.500% | 7.190(c) | 06/10/32 | 314 | 313807 |
| &nbsp;&nbsp; Hudson River Trading LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B-2 Loan, 1 Month SOFR + 2.500% | 6.167(c) | 03/18/30 | 735 | 725939 |
| &nbsp;&nbsp; Jefferies Finance LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Initial Term Loan, 1 Month SOFR + 2.750% | 6.410(c) | 10/21/31 | 346 | 336120 |
| &nbsp;&nbsp; VFH Parent LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B-2 Loan, 1 Month SOFR + 2.500% | 6.173(c) | 06/21/31 | 464 | 462065 |
| &nbsp;&nbsp; Virtus Investment Partners, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 2.250%^ | 5.923(c) | 09/27/32 | 274 | 270198 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3023139 |
| &nbsp;&nbsp; **Electric 1.1%** |  |  |  |  |
| &nbsp;&nbsp; Alpha Generation LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term B Loan, 1 Month SOFR + 1.750% | 5.423(c) | 09/30/31 | 450 | 448173 |
| &nbsp;&nbsp; Discovery Energy Holding Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 1 Month SOFR + 3.000% | 6.661(c) | 05/01/31 | 248 | 247909 |
| &nbsp;&nbsp; Heritage Power LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 1 Month SOFR + 5.500%^ | 9.172(c) | 07/20/28 | 500 | 492500 |
|  |  |  |  | 1188582 |
| &nbsp;&nbsp; **Electrical Components & Equipment 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Energizer Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Term B Loan, 1 Month SOFR + 2.000% | 5.677(c) | 03/19/32 | 89 | 88868 |
| &nbsp;&nbsp; **Electronics 0.7%** |  |  |  |  |
| &nbsp;&nbsp; LSF12 Crown US Commercial Bidco LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2026 Refinancing Term Loan, 1 Month SOFR + 3.000% | 6.671(c) | 12/02/31 | 199 | 198378 |
| &nbsp;&nbsp; Minimax Viking GmbH - MX Holdings US, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Facility B (USD) Loan, 1 Month SOFR + 2.000% | 5.673(c) | 03/17/32 | 299 | 298502 |
| &nbsp;&nbsp; Pinnacle Buyer LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 3 Month SOFR + 2.500% | 6.161(c) | 10/01/32 | 146 | 146469 |
| &nbsp;&nbsp; Resilience Parent LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— (p) | 01/21/33 | 125 | 124687 |
|  |  |  |  | 768036 |
| &nbsp;&nbsp; **Energy-Alternate Sources 0.1%** |  |  |  |  |
| &nbsp;&nbsp; WIN Waste Innovations Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 2.864% | 6.537(c) | 03/24/28 | 104 | 104458 |
| &nbsp;&nbsp; **Engineering & Construction 1.6%** |  |  |  |  |
| &nbsp;&nbsp; Aegion Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delayed Draw Term Loan | 0.000(c) | 02/28/33 | 56 | 55079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— (p) | 02/28/33 | 419 | 413095 |
| &nbsp;&nbsp; Azuria Water Solutions, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Replacement Term Loan, 1 Month SOFR + 3.000% | 6.673(c) | 05/17/28 | 469 | 464594 |
| &nbsp;&nbsp; Brown Group Holding LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Incremental Term B-2 Facility, 3 Month SOFR + 2.500% | 6.171(c) | 07/01/31 | 99 | 99389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 2.500% | 6.173(c) | 07/01/31 | 147 | 147470 |
| &nbsp;&nbsp; Legence Holdings LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 1 Month SOFR + 2.250% | 5.923(c) | 12/16/31 | 113 | 112563 |

---

See Notes to Financial Statements.

------

PGIM Floating Rate Income ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **FLOATING RATE AND OTHER LOANS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Engineering & Construction (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Michael Baker International LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Lien Term B Loan, 3 Month SOFR + 4.000% | 7.667%(c) | 12/01/28 | 346 | $345223 |
| &nbsp;&nbsp; Salas O'Brien, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 2.750%^ | 6.423(c) | 01/31/33 | 89 | 88239 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1725652 |
| &nbsp;&nbsp; **Entertainment 3.9%** |  |  |  |  |
| &nbsp;&nbsp; Allen Media LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 5.650% | 9.322(c) | 02/10/27 | 162 | 95496 |
| &nbsp;&nbsp; Allwyn Entertainment Financing (US) LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 2.500% | 6.165(c) | 11/24/32 | 375 | 367969 |
| &nbsp;&nbsp; Betclic Everest Group, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— (p) | 12/31/31 | 150 | 150063 |
| &nbsp;&nbsp; Caesars Entertainment, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Incremental Term B-1 Loan, 1 Month SOFR + 2.250% | 5.923(c) | 02/06/31 | 424 | 419158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 1 Month SOFR + 2.250% | 5.923(c) | 02/06/30 | 162 | 160776 |
| &nbsp;&nbsp; Cinemark USA, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 3 Month SOFR + 2.250% | 5.923(c) | 05/24/30 | 368 | 368506 |
| &nbsp;&nbsp; Crown Finance US, Inc. (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 1 Month SOFR + 4.500% | 8.171(c) | 12/02/31 | 623 | 604300 |
| &nbsp;&nbsp; ECL Entertainment LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Refinancing Term B Loan, 1 Month SOFR + 3.000% | 6.673(c) | 08/30/30 | 249 | 247505 |
| &nbsp;&nbsp; Flutter Entertainment PLC (Ireland), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Third Incremental Term B Loan, 3 Month SOFR + 2.000% | 5.672(c) | 06/04/32 | 623 | 613652 |
| &nbsp;&nbsp; Herschend Entertainment Co. LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2026 Term Loan, 1 Month SOFR + 2.500% | 6.173(c) | 05/27/32 | 204 | 204886 |
| &nbsp;&nbsp; Motion Finco LLC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Facility B3, 3 Month SOFR + 3.500% | 7.172(c) | 11/12/29 | 100 | 83890 |
| &nbsp;&nbsp; RunItOneTime LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Out Term Loan, PRIME + 8.500%^ | 15.750(c) | 06/03/28(d) | 26 | 23420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Roll-Up DIP Loan, 1 Month SOFR + 12.500%^ | 16.173(c) | 06/23/26 | 9 | 7970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Money DIP Loan, 1 Month SOFR + 12.500%^ | 16.173(c) | 04/16/26 | 4 | 3797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Out Term Loan, PRIME + 8.500%^ | 15.250(c) | 06/05/28(d) | 62 | 0 |
| &nbsp;&nbsp; Six Flags Entertainment Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term B Loan, 1 Month SOFR + 2.000% | 5.673(c) | 05/01/31 | 298 | 293946 |
| &nbsp;&nbsp; Voyager Parent LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2026 Refinancing Term B Loan, 3 Month SOFR + 4.250% | 7.911(c) | 07/01/32 | 648 | 645438 |
|  |  |  |  | 4290772 |
| &nbsp;&nbsp; **Environmental Control 2.4%** |  |  |  |  |
| &nbsp;&nbsp; Action Environmental Group, Inc. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Term B Loan, 3 Month SOFR + 3.000% | 6.672(c) | 10/24/30 | 267 | 266950 |
| &nbsp;&nbsp; GFL Environmental, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 2.500% | 6.273(c) | 03/03/32 | 349 | 349272 |
| &nbsp;&nbsp; JFL-Tiger Acquisition Co., Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 3.750% | 7.426(c) | 10/17/30 | 345 | 344316 |
| &nbsp;&nbsp; Madison Iaq LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Repriced Incremental Term Loan, 6 Month SOFR + 2.750% | 6.378(c) | 11/08/32 | 457 | 457637 |
| &nbsp;&nbsp; MIP V Waste Holdings LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tranche B-2 Term Loan, 3 Month SOFR + 2.750%^ | 6.417(c) | 08/20/32 | 296 | 295469 |
| &nbsp;&nbsp; Reworld Holding Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Refinancing Term B-1 Loan, 1 Month SOFR + 2.250% | 5.927(c) | 11/30/28 | 148 | 147742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Twelfth Amendment Term B Loan, 1 Month SOFR + 2.250% | 5.917(c) | 01/15/31 | 366 | 364875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Twelfth Amendment Term C Loan, 1 Month SOFR + 2.250% | 5.917(c) | 01/15/31 | 59 | 59292 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 137

------

PGIM Floating Rate Income ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **FLOATING RATE AND OTHER LOANS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Environmental Control (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Tidal Waste & Recycling Holdings LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 2.750% | 6.422%(c) | 10/24/31 | 149 | $148921 |
| &nbsp;&nbsp; WIN Waste Innovations Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Term B-2, 1 Month SOFR + 3.364% | 7.037(c) | 03/24/28 | 164 | 164432 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2598906 |
| &nbsp;&nbsp; **Foods 0.7%** |  |  |  |  |
| &nbsp;&nbsp; Froneri International Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Facility B4, 6 Month SOFR + 2.250% | 5.877(c) | 09/30/31 | 273 | 266689 |
| &nbsp;&nbsp; Nourish Buyer I, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2026-1 Term Loan, 3 Month SOFR + 4.000% | 7.669(c) | 07/09/32 | 324 | 325934 |
| &nbsp;&nbsp; Sycamore Buyer LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025-2 Refinancing Term B Loan, 1 Month SOFR + 2.000% | 5.667(c) | 05/21/32 | 224 | 223846 |
|  |  |  |  | 816469 |
| &nbsp;&nbsp; **Forest Products & Paper 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Magnera Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Term Loan, 3 Month SOFR + 4.250% | 7.923(c) | 11/04/31 | 271 | 270629 |
| &nbsp;&nbsp; **Hand/Machine Tools 0.4%** |  |  |  |  |
| &nbsp;&nbsp; Alliance Laundry Systems, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term B Loan, 3 Month SOFR + 2.250% | 5.920(c) | 08/19/31 | 244 | 243695 |
| &nbsp;&nbsp; Madison Safety & Flow LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025-B Incremental Term B Loan, 1 Month SOFR + 2.500% | 6.173(c) | 09/26/31 | 248 | 248112 |
|  |  |  |  | 491807 |
| &nbsp;&nbsp; **Healthcare 0.4%** |  |  |  |  |
| &nbsp;&nbsp; Envision Healthcare Operating, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2026 Replacement Term Loan, 1 Month SOFR + 5.000% | 8.660(c) | 06/25/30 | 393 | 394761 |
| &nbsp;&nbsp; **Healthcare & Pharmaceuticals 0.4%** |  |  |  |  |
| &nbsp;&nbsp; Loire Finco Luxembourg Sarl (Luxembourg), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional Facility USD, 1 Month SOFR + 4.000% | 7.673(c) | 01/21/30 | 398 | 397308 |
| &nbsp;&nbsp; **Healthcare-Products 0.7%** |  |  |  |  |
| &nbsp;&nbsp; Bausch & Lomb Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025-2 Refinancing Term Loan, 1 Month SOFR + 3.750% | 7.423(c) | 01/15/31 | 324 | 324088 |
| &nbsp;&nbsp; Hologic, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— (p) | 01/31/33 | 225 | 222188 |
| &nbsp;&nbsp; Medline Borrower LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2028 Refinancing Term Loan, 1 Month SOFR + 1.750% | 5.423(c) | 10/23/28 | 48 | 47586 |
| &nbsp;&nbsp; QuidelOrtho Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 1 Month SOFR + 4.000% | 7.673(c) | 08/20/32 | 150 | 149438 |
|  |  |  |  | 743300 |
| &nbsp;&nbsp; **Healthcare-Services 3.0%** |  |  |  |  |
| &nbsp;&nbsp; Accelerated Health Systems LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term B Loan, 3 Month SOFR + 4.400% | 8.067(c) | 02/15/29 | 246 | 126894 |
| &nbsp;&nbsp; Charlotte Buyer, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Refinancing Term Loan, 1 Month SOFR + 4.250% | 7.910(c) | 02/11/28 | 286 | 273080 |
| &nbsp;&nbsp; Confluent Health LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 4.000%^ | 7.787(c) | 11/30/28 | 175 | 149625 |
| &nbsp;&nbsp; Electron Bidco, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2026 Term Loan, 1 Month SOFR + 2.500% | 6.173(c) | 02/06/33 | 248 | 247609 |

---

See Notes to Financial Statements.

------

PGIM Floating Rate Income ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **FLOATING RATE AND OTHER LOANS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Healthcare-Services (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; LifePoint Health, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 3.750% | 7.422%(c) | 05/16/31 | 234 | $233901 |
| &nbsp;&nbsp; Mamba Purchaser, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sixth Amendment Term Loan, 1 Month SOFR + 2.750% | 6.427(c) | 10/14/31 | 147 | 146659 |
| &nbsp;&nbsp; Midwest Physician Administrative Services LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Lien Term Loan, 3 Month SOFR + 3.262% | 6.934(c) | 03/13/28 | 75 | 64313 |
| &nbsp;&nbsp; Pacific Dental Services LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(USD) Term B Loan, 1 Month SOFR + 2.500% | 6.167(c) | 03/15/31 | 250 | 249652 |
| &nbsp;&nbsp; Phoenix Guarantor, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tranche B-5 Term Loan, 1 Month SOFR + 2.500% | 6.173(c) | 02/21/31 | 269 | 268224 |
| &nbsp;&nbsp; Sound Inpatient Physicians Holdings LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tranche B Term Loan, 3 Month SOFR + 5.262% | 8.934(c) | 06/28/28 | 534 | 517720 |
| &nbsp;&nbsp; Sound Inpatient Physicians, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tranche A Term Loan, 3 Month SOFR + 6.762% | 10.434(c) | 06/28/28 | 50 | 50757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tranche C Term Loan, 1 Month + 6.750% | 10.684(c) | 06/28/29 | 263 | 247147 |
| &nbsp;&nbsp; Upstream Newco, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 2025 Extended Modified Term Loan, 3 Month SOFR + 4.512% | 8.179(c) | 11/20/29 | 803 | 740136 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3315717 |
| &nbsp;&nbsp; **Holding Companies-Diversified 0.5%** |  |  |  |  |
| &nbsp;&nbsp; Clue OpCo LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 4.500% | 8.167(c) | 12/19/30 | 508 | 504493 |
| &nbsp;&nbsp; **Home Furnishings 0.5%** |  |  |  |  |
| &nbsp;&nbsp; TGP Holdings III LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Lien Closing Date Term Loan, 1 Month SOFR + 3.350% | 7.023(c) | 06/29/28 | 550 | 509272 |
| &nbsp;&nbsp; **Housewares 0.3%** |  |  |  |  |
| &nbsp;&nbsp; Hunter Douglas Holding BV (Netherlands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tranche B-1 Term Loan, 3 Month SOFR + 3.000% | 6.672(c) | 01/17/32 | 248 | 247243 |
| &nbsp;&nbsp; Lifetime Brands, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Extended Term Loan, 1 Month SOFR + 5.614%^ | 9.281(c) | 08/26/27 | 44 | 38364 |
|  |  |  |  | 285607 |
| &nbsp;&nbsp; **Insurance 3.5%** |  |  |  |  |
| &nbsp;&nbsp; Acrisure LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Repricing Term B-6 Loan, 1 Month SOFR + 3.000% | 6.673(c) | 11/06/30 | 618 | 597833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Term B-7 Loan, 1 Month SOFR + 3.250% | 6.923(c) | 06/21/32 | 299 | 289297 |
| &nbsp;&nbsp; AmWINS Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2026 Refinancing Term Loan, 1 Month SOFR + 2.000% | 5.673(c) | 01/30/32 | 298 | 295033 |
| &nbsp;&nbsp; Asurion LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New B-04 Term Loan, 1 Month SOFR + 5.364% | 9.037(c) | 01/20/29 | 79 | 78456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New B-10 Term Loan, 1 Month SOFR + 4.100% | 7.773(c) | 08/19/28 | 509 | 508517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New B-12 Term Loan, 1 Month SOFR + 4.250% | 7.923(c) | 09/19/30 | 99 | 99198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 1 Month SOFR + 3.750% | 7.427(c) | 02/23/33 | 425 | 417210 |
| &nbsp;&nbsp; Broadstreet Partners, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term B Loan, 1 Month SOFR + 2.500% | 6.173(c) | 06/13/31 | 446 | 426034 |
| &nbsp;&nbsp; HIG Finance 2 Ltd. (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025-3 Dollar Refinancing Term Loan, 1 Month SOFR + 2.750% | 6.423(c) | 04/18/30 | 50 | 47375 |
| &nbsp;&nbsp; Sedgwick Claims Management Services, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan, 1 Month SOFR + 2.500% | 6.173(c) | 07/31/31 | 646 | 624720 |
| &nbsp;&nbsp; USI, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan, 3 Month SOFR + 2.250% | 5.922(c) | 09/27/30 | 417 | 414692 |
|  |  |  |  | 3798365 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 139

------

PGIM Floating Rate Income ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **FLOATING RATE AND OTHER LOANS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Internet 0.9%** |  |  |  |  |
| &nbsp;&nbsp; Cablevision Lightpath LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Refinancing Term Loan, 1 Month SOFR + 3.000% | 6.660 %(c) | 11/30/27 | 130 | $129411 |
| &nbsp;&nbsp; Diamond Sports Net LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Lien Exit Term Loan | 15.000 | 01/02/28 | 15 | 2222 |
| &nbsp;&nbsp; Galileo Parent, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan | — (p) | 03/30/33 | 375 | 369375 |
| &nbsp;&nbsp; MH Sub I LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 May New Term Loan, 1 Month SOFR + 4.250% | 7.923 (c) | 05/03/28 | 412 | 333626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 December New Term Loan, 1 Month SOFR + 4.250% | 7.923 (c) | 12/31/31 | 201 | 136507 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;971141 |
| &nbsp;&nbsp; **Investment Companies 0.5%** |  |  |  |  |
| &nbsp;&nbsp; Acuren Delaware Holdco, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 1 Term Loan, 1 Month SOFR + 2.750% | 6.423 (c) | 07/30/31 | 199 | 198640 |
| &nbsp;&nbsp; BCP VI Summit Holdings LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 3.000% | 6.671 (c) | 01/30/32 | 90 | 89975 |
| &nbsp;&nbsp; Deep Blue Operating I LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 2.750% | 6.421 (c) | 10/01/32 | 295 | 295923 |
|  |  |  |  | 584538 |
| &nbsp;&nbsp; **Leisure Time 1.6%** |  |  |  |  |
| &nbsp;&nbsp; Alterra Mountain Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B-8 Loan, 1 Month SOFR + 2.500%^ | 6.173 (c) | 05/31/30 | 123 | 122826 |
| &nbsp;&nbsp; Arcis Golf LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 3 Term Loan, 1 Month SOFR + 2.750% | 6.423 (c) | 11/24/28 | 99 | 99578 |
| &nbsp;&nbsp; Bombardier Recreational Products, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 Replacement Term Loan, 1 Month SOFR + 2.250% | 5.923 (c) | 12/13/29 | 165 | 165857 |
| &nbsp;&nbsp; Bulldog Purchaser, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 3 Month SOFR + 3.250% | 6.913 (c) | 02/04/33 | 250 | 249220 |
| &nbsp;&nbsp; Fender Musical Instruments Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 4.100% | 7.773 (c) | 12/01/28 | 304 | 274963 |
| &nbsp;&nbsp; LC Ahab US Bidco LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 2.500% | 6.173 (c) | 05/01/31 | 273 | 272245 |
| &nbsp;&nbsp; Life Time, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Repriced First Lien Term B Loan, 1 Month SOFR + 2.000% | 5.671 (c) | 11/05/31 | 98 | 98440 |
| &nbsp;&nbsp; Recess Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 5 Term Loan, 3 Month SOFR + 3.750% | 7.418 (c) | 02/20/30 | 246 | 246550 |
| &nbsp;&nbsp; SGH2 LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Dollar Term Loan, 3 Month SOFR + 4.500% | 8.172 (c) | 08/18/32 | 200 | 199500 |
|  |  |  |  | 1729179 |
| &nbsp;&nbsp; **Lodging 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Fertitta Entertainment LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial B Term Loan, 1 Month SOFR + 3.250% | 6.923 (c) | 01/27/29 | 198 | 196715 |
| &nbsp;&nbsp; **Machinery-Construction & Mining 0.2%** |  |  |  |  |
| &nbsp;&nbsp; WEC US Holdings Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 2.000% | 5.671 (c) | 01/27/31 | 249 | 248544 |
| &nbsp;&nbsp; **Machinery-Diversified 2.9%** |  |  |  |  |
| &nbsp;&nbsp; Chart Industries, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term B Loan, 3 Month SOFR + 2.500% | 6.161 (c) | 03/15/30 | 137 | 137271 |
| &nbsp;&nbsp; Columbus McKinnon Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 3.500% | 7.160 (c) | 02/03/33 | 375 | 373594 |
| &nbsp;&nbsp; DXP Enterprises, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Incremental Term Loan, 1 Month SOFR + 3.250% | 6.923 (c) | 10/11/30 | 148 | 149046 |

---

See Notes to Financial Statements.

------

PGIM Floating Rate Income ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **FLOATING RATE AND OTHER LOANS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Machinery-Diversified (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Engineered Machinery Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 USD Refinancing Term Loan, 3 Month SOFR + 3.250% | 6.922%(c) | 11/26/32 | 297 | $297764 |
| &nbsp;&nbsp; Graftech Global Enterprises, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 6.000% | 9.670(c) | 12/21/29 | 318 | 306514 |
| &nbsp;&nbsp; Hillenbrand, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 1 Month SOFR + 3.500% | 7.173(c) | 02/10/33 | 319 | 318975 |
| &nbsp;&nbsp; Indicor LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tranche E Dollar Term Loan, 1 Month SOFR + 2.500% | 6.173(c) | 11/22/29 | 296 | 295686 |
| &nbsp;&nbsp; Pro Mach, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 6 Term Loan, 1 Month SOFR + 2.750% | 6.423(c) | 10/16/32 | 425 | 424575 |
| &nbsp;&nbsp; TK Elevator Midco GmbH (Germany), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(USD) Term B Loan, 6 Month SOFR + 2.750% | 6.377(c) | 04/30/30 | 566 | 565936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan | — (p) | 04/30/30 | 200 | 199000 |
| &nbsp;&nbsp; Victory Buyer LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan^ | — (p) | 02/13/33 | 125 | 125312 |
|  |  |  |  | 3193673 |
| &nbsp;&nbsp; **Media 0.9%** |  |  |  |  |
| &nbsp;&nbsp; Nexstar Media, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B-5 Loan, 1 Month SOFR + 2.500% | 6.173(c) | 06/28/32 | 149 | 149063 |
| &nbsp;&nbsp; Radiate Holdco LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Closing Date Term Loan, 1 Month SOFR + 4.000% | 7.673(c) | 06/26/29 | 25 | 24938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delayed Draw Term Loan, 1 Month SOFR + 4.000% | 4.587(c) | 06/26/29 | 25 | 24938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Out Term Loan, 1 Month SOFR + 3.614% | — (p) | 09/25/29 | 492 | 425657 |
| &nbsp;&nbsp; Sunrise HoldCo III BV, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Facility AAA, 6 Month SOFR + 2.500% | 6.129(c) | 02/15/32 | 125 | 123646 |
| &nbsp;&nbsp; Virgin Media Bristol LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Facility Y, 6 Month SOFR + 3.275% | 7.052(c) | 03/31/31 | 300 | 279501 |
|  |  |  |  | 1027743 |
| &nbsp;&nbsp; **Metal Fabricate/Hardware 0.7%** |  |  |  |  |
| &nbsp;&nbsp; Doncasters US Finance LLC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 6.500%^ | 10.172 | 04/23/30 | 221 | 222351 |
| &nbsp;&nbsp; Grinding Media, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term B Loan, 3 Month SOFR + 3.500%^ | 7.173(c) | 10/12/28 | 249 | 248741 |
| &nbsp;&nbsp; Tiger Acquisition LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Refinancing Initial Term Loan, 1 Month SOFR + 2.500% | 6.176(c) | 08/23/32 | 124 | 124167 |
| &nbsp;&nbsp; Trulite Glass & Aluminum Solutions LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 6.000%^ | 9.661(c) | 03/01/30 | 167 | 162324 |
|  |  |  |  | 757583 |
| &nbsp;&nbsp; **Mining 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Arsenal AIC Parent LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Term B Loan, 1 Month SOFR + 2.750% | 6.423(c) | 08/18/30 | 144 | 143902 |
| &nbsp;&nbsp; **Miscellaneous Manufacturing 0.5%** |  |  |  |  |
| &nbsp;&nbsp; AMG Advanced Metallurgical Group NV (Netherlands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 Term Loan, 1 Month SOFR + 3.614% | 7.287(c) | 11/30/28 | 270 | 268840 |
| &nbsp;&nbsp; Plastipak Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tranche Term B Loan, 1 Month SOFR + 2.500% | 6.173(c) | 09/24/32 | 249 | 248869 |
|  |  |  |  | 517709 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 141

------

PGIM Floating Rate Income ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **FLOATING RATE AND OTHER LOANS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Oil & Gas 0.4%** |  |  |  |  |
| &nbsp;&nbsp; Apro LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 3.750% | 7.410%(c) | 07/09/31 | 321 | $321820 |
| &nbsp;&nbsp; Northriver Midstream Finance LP (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 1 Month SOFR + 2.250% | 5.911(c) | 08/16/30 | 100 | 99986 |
|  |  |  |  | 421806 |
| &nbsp;&nbsp; **Packaging & Containers 2.7%** |  |  |  |  |
| &nbsp;&nbsp; Closure Systems International Group, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 5 Term Loan, 1 Month SOFR + 3.000% | 6.673(c) | 03/22/29 | 198 | 198122 |
| &nbsp;&nbsp; Clydesdale Acquisition Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Incremental Closing Date Term B Loan, 1 Month SOFR + 3.250% | 6.923(c) | 04/01/32 | 496 | 490602 |
| &nbsp;&nbsp; Graham Packaging Co., Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 2.250% | 5.923(c) | 01/26/33 | 325 | 324204 |
| &nbsp;&nbsp; Owens-Brockway Glass Container, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tranche B-1 Term Loan, 1 Month SOFR + 3.000% | 6.673(c) | 09/30/32 | 150 | 150000 |
| &nbsp;&nbsp; Plaze, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 3.614% | 7.287(c) | 08/03/26 | 316 | 284166 |
| &nbsp;&nbsp; Pregis Topco LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 10 Refinancing Term Loan, 1 Month SOFR + 4.000% | 7.673(c) | 02/01/29 | 133 | 133592 |
| &nbsp;&nbsp; ProAmpac PG Borrower LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan^ | — (p) | 02/18/33 | 400 | 394500 |
| &nbsp;&nbsp; Ring Container Technologies Group LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Refinancing Term Loan, 1 Month SOFR + 2.500% | 6.173(c) | 09/15/32 | 125 | 124661 |
| &nbsp;&nbsp; Secure Acquisition, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Closing Date Term Loan, 3 Month SOFR + 3.750% | 7.422(c) | 12/15/28 | 395 | 395506 |
| &nbsp;&nbsp; Supplyone, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 1 Month SOFR + 3.500% | 7.173(c) | 04/19/31 | 200 | 200436 |
| &nbsp;&nbsp; Trident TPI Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tranche B-7 Term Loan, 3 Month SOFR + 3.750% | 7.422(c) | 09/15/28 | 274 | 264119 |
|  |  |  |  | 2959908 |
| &nbsp;&nbsp; **Pharmaceuticals 1.4%** |  |  |  |  |
| &nbsp;&nbsp; Amneal Pharmaceuticals LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 2 Term Loan, 1 Month SOFR + 3.000% | 6.673(c) | 08/02/32 | 324 | 324051 |
| &nbsp;&nbsp; Dechra Pharmaceuticals Holdings Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Facility B3 | — (p) | 01/27/32 | 199 | 198294 |
| &nbsp;&nbsp; Gainwell Acquisition Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 4.100% | 7.772(c) | 10/01/27 | 518 | 490325 |
| &nbsp;&nbsp; Sharp Services LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tranche E Term Loan, 3 Month SOFR + 3.000% | 6.672(c) | 09/29/32 | 323 | 323535 |
| &nbsp;&nbsp; VetStrategy Canada Holdings, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Incremental Term B-12 Loan, 3 Month SOFR + 3.750% | 7.422(c) | 12/12/28 | 247 | 245989 |
|  |  |  |  | 1582194 |
| &nbsp;&nbsp; **Pipelines 1.0%** |  |  |  |  |
| &nbsp;&nbsp; AL GCX Holdings LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 2.250% | 5.923(c) | 12/17/32 | 150 | 149907 |
| &nbsp;&nbsp; Colossus Acquireco LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 1 Month SOFR + 1.750% | 5.429(c) | 07/30/32 | 224 | 223677 |
| &nbsp;&nbsp; CPPIB OVM Member US LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 2.250% | 5.922(c) | 08/20/31 | 247 | 246317 |
| &nbsp;&nbsp; FR BR Holdings LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 4.250%^ | 7.922(c) | 10/31/30 | 125 | 124999 |
| &nbsp;&nbsp; Prairie ECI Acquiror LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B-5 Loan, 1 Month SOFR + 3.250% | 6.923(c) | 08/01/29 | 324 | 323776 |
|  |  |  |  | 1068676 |

---

See Notes to Financial Statements.

------

PGIM Floating Rate Income ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **FLOATING RATE AND OTHER LOANS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Private Equity 0.2%** |  |  |  |  |
| &nbsp;&nbsp; HarbourVest Partners LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2026 Term B Loan, 3 Month SOFR + 2.000%^ | 5.650%(c) | 04/22/30 | 235 | $234646 |
| &nbsp;&nbsp; **Real Estate 0.3%** |  |  |  |  |
| &nbsp;&nbsp; Greystar Real Estate Partners LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B-3 Loan, 3 Month SOFR + 2.500%^ | 6.173(c) | 08/21/30 | 314 | 314232 |
| &nbsp;&nbsp; **Real Estate Investment Trusts (REITs) 2.0%** |  |  |  |  |
| &nbsp;&nbsp; Apollo Commercial Real Estate Finance, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 3.250% | 6.917(c) | 06/13/30 | 100 | 99406 |
| &nbsp;&nbsp; Blackstone Mortgage Trust, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B-4 Loan, 1 Month SOFR + 2.500% | 6.173(c) | 05/09/29 | 148 | 147445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B-8 Loan, 1 Month SOFR + 2.500% | 6.173(c) | 12/19/32 | 275 | 274313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B-9 Loan, 1 Month SOFR + 2.500% | 6.173(c) | 12/10/30 | 149 | 149123 |
| &nbsp;&nbsp; GGP Retail LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Replacement Term Loan, 1 Month SOFR + 3.500% | 7.173(c) | 05/28/30 | 1157 | 1158415 |
| &nbsp;&nbsp; Starwood Property Mortgage LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Incremental Term B-2 Loan, 1 Month SOFR + 2.250% | 5.923(c) | 09/24/32 | 349 | 349851 |
|  |  |  |  | 2178553 |
| &nbsp;&nbsp; **Retail 2.2%** |  |  |  |  |
| &nbsp;&nbsp; Dave & Buster's, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Incremental Term B Loan, 3 Month SOFR + 3.250% | 6.938(c) | 11/01/31 | 123 | 110168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Refinancing Term B Loan, 3 Month SOFR + 3.250% | 6.938(c) | 06/29/29 | 174 | 160918 |
| &nbsp;&nbsp; Great Outdoors Group LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B-3 Loan, 1 Month SOFR + 3.250% | 6.923(c) | 01/23/32 | 524 | 522614 |
| &nbsp;&nbsp; Johnstone Supply LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amended Term Loan, 1 Month SOFR + 2.250% | 5.921(c) | 06/09/31 | 197 | 196115 |
| &nbsp;&nbsp; LBM Acquisition LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 4 Incremental Term loan, 1 Month SOFR + 5.000% | 8.677(c) | 06/06/31 | 100 | 86076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Incremental Term B Loan, 1 Month SOFR + 3.850% | 7.527(c) | 06/06/31 | 124 | 102098 |
| &nbsp;&nbsp; Peer Holding III BV (Netherlands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B-4B Loan, 3 Month SOFR + 2.500% | 6.172(c) | 10/26/30 | 74 | 74114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B-5B Loan, 3 Month SOFR + 2.500% | 6.172(c) | 07/01/31 | 223 | 222360 |
| &nbsp;&nbsp; PrimeSource/Park River Holdings, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 First Lien Term B Loan, 3 Month SOFR + 4.500% | 8.161(c) | 03/15/31 | 277 | 275824 |
| &nbsp;&nbsp; Raising Canes Restaurants LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Amendment New Term Loan, 1 Month SOFR + 2.000% | 5.671(c) | 11/03/32 | 300 | 299499 |
| &nbsp;&nbsp; Rough Country LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Lien Initial Term Loan, 1 Month SOFR + 3.614% | 7.287(c) | 07/28/28 | 148 | 146894 |
| &nbsp;&nbsp; White Cap Supply Holdings LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tranche C Term Loan, 1 Month SOFR + 3.250% | 6.923(c) | 10/19/29 | 197 | 194133 |
|  |  |  |  | 2390813 |
| &nbsp;&nbsp; **Semiconductors 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Altar Bidco, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 12 Month SOFR + 3.100% | 6.608(c) | 02/01/29 | 149 | 148019 |
| &nbsp;&nbsp; **Shipbuilding 0.1%** |  |  |  |  |
| &nbsp;&nbsp; LSF11 Trinity Bidco, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Term B Loan, 1 Month SOFR + 2.500% | 6.176(c) | 06/14/30 | 144 | 144074 |
| &nbsp;&nbsp; **Software 3.5%** |  |  |  |  |
| &nbsp;&nbsp; AthenaHealth Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 2.750% | 6.423(c) | 02/15/29 | 398 | 387050 |
| &nbsp;&nbsp; BMC Software, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2031 Replacement Dollar Term Loan, 3 Month SOFR + 3.000% | 6.673(c) | 07/30/31 | 296 | 271339 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 143

------

PGIM Floating Rate Income ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **FLOATING RATE AND OTHER LOANS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Software (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Camelot US Acquisition LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B-1 Loan, 1 Month SOFR + 2.750% | 6.423%(c) | 01/31/31 | 163 | $136965 |
| &nbsp;&nbsp; CCC Intelligent Solutions, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 1 Month SOFR + 2.000% | 5.673(c) | 01/23/32 | 25 | 24570 |
| &nbsp;&nbsp; Clearwater Analytics LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 2.000% | 5.677(c) | 04/21/32 | 125 | 124479 |
| &nbsp;&nbsp; Cloudera, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 1 Month SOFR + 3.850% | 7.523(c) | 10/08/28 | 207 | 181595 |
| &nbsp;&nbsp; Cotiviti, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Floating Rate Term Loan, 1 Month SOFR + 2.750% | 6.421(c) | 05/01/31 | 214 | 189571 |
| &nbsp;&nbsp; Evertec Group LLC (Puerto Rico), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 1 Month SOFR + 2.250% | 5.923(c) | 10/30/30 | 235 | 234805 |
| &nbsp;&nbsp; Genesys Cloud Services Holdings II LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Dollar Term Loan, 1 Month SOFR + 2.500% | 6.173(c) | 01/30/32 | 422 | 387520 |
| &nbsp;&nbsp; HireRight Holdings Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Replacement Term Loan, 1 Month SOFR + 3.250% | 6.923(c) | 09/27/30 | 71 | 59232 |
| &nbsp;&nbsp; Inmar, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 First Lien Term Loan, 1 Month SOFR + 4.500% | 8.170(c) | 10/30/31 | 402 | 390702 |
| &nbsp;&nbsp; N-Able International Holdings II LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan, 3 Month SOFR + 2.750%^ | 6.423(c) | 11/26/32 | 200 | 192000 |
| &nbsp;&nbsp; Relativity Intermediate Holdco LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 1 Month SOFR + 2.750% | 6.423(c) | 01/30/33 | 100 | 97000 |
| &nbsp;&nbsp; Skillsoft Finance II, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 5.364% | 9.037(c) | 07/14/28 | 102 | 49873 |
| &nbsp;&nbsp; UKG, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 2.500% | — (p) | 02/10/31 | 381 | 359855 |
| &nbsp;&nbsp; Veeam Software/VS Buyer, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Repriced First Lien Term B Loan, 3 Month SOFR + 2.250% | 5.917(c) | 04/12/31 | 273 | 264038 |
| &nbsp;&nbsp; Weld North Education LLC, 2024 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 1 Month SOFR + 3.500% | 7.173(c) | 12/21/29 | 242 | 220420 |
| &nbsp;&nbsp; Zelis Cost Management Buyer, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B-2 Loan, 1 Month SOFR + 2.750% | 6.423(c) | 09/28/29 | 305 | 287165 |
|  |  |  |  | 3858179 |
| &nbsp;&nbsp; **Storage/Warehousing 0.3%** |  |  |  |  |
| &nbsp;&nbsp; Rockpoint Gas Storage Partners LP (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 2 Refinancing Term Loan, 3 Month SOFR + 2.500% | 6.172(c) | 09/18/31 | 309 | 309026 |
| &nbsp;&nbsp; **Telecommunications 1.3%** |  |  |  |  |
| &nbsp;&nbsp; Aventiv Technologies, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bridge Loan | 13.956 | 03/25/26(d) | 7 | 6862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Out Term Loan, 3 Month SOFR + 7.500%^ | 11.433(c) | 03/25/26(d) | 5 | 5331 |
| &nbsp;&nbsp; Crown Subsea Communications Holding, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2026 Term Loan, 1 Month SOFR + 3.000% | 6.673(c) | 04/27/28 | 298 | 298308 |
| &nbsp;&nbsp; Iridium Satellite LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B-4 Loan, 1 Month SOFR + 2.250% | 5.923(c) | 09/20/30 | 100 | 96109 |
| &nbsp;&nbsp; Level 3 Financing, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B-4 Loan, 1 Month SOFR + 3.250% | 6.923(c) | 03/29/32 | 350 | 350525 |
| &nbsp;&nbsp; Patagonia Holdco LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 5.750% | 9.410(c) | 08/01/29 | 77 | 53717 |
| &nbsp;&nbsp; Qualitytech LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 1 Month SOFR + 3.500% | 7.173(c) | 10/30/31 | 447 | 443459 |
| &nbsp;&nbsp; Xplore, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 5.114% | 8.787(c) | 10/24/29 | 30 | 27051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Out Term Loan, 1 Month SOFR + 1.614% | 6.000(c) | 10/24/31 | 101 | 63939 |

---

See Notes to Financial Statements.

------

PGIM Floating Rate Income ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal Amount <br>(000)#** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **FLOATING RATE AND OTHER LOANS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Telecommunications (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Zayo Group Holdings, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dollar Term Loan, 1 Month SOFR + 3.614% | 7.287%(c) | 03/11/30 | 83 $|  | 80124 |
|  |  |  |  |  | 1425425 |
| &nbsp;&nbsp; **Toys/Games/Hobbies 0.3%** |  |  |  |  |  |
| &nbsp;&nbsp; Entain PLC (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Facility B5, 3 Month SOFR + 2.250% | 5.922(c) | 07/30/32 |  | 299 | 297802 |
| &nbsp;&nbsp; **Transportation 0.8%** |  |  |  |  |  |
| &nbsp;&nbsp; Beacon Mobility Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2026 Refinancing Term Loan, 1 Month SOFR + 2.750% | 6.410(c) | 08/06/30 |  | 95 | 95480 |
| &nbsp;&nbsp; First Student Bidco, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term C Loan, 1 Month SOFR + 2.250% | 5.903(c) | 08/15/30 |  | 46 | 46315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 1 Month SOFR + 2.250% | 5.903(c) | 08/15/30 |  | 254 | 253124 |
| &nbsp;&nbsp; Kenan Advantage Group, Inc. (The), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B-4 Loan, 1 Month SOFR + 3.250% | 6.923(c) | 01/25/29 |  | 104 | 102670 |
| &nbsp;&nbsp; Pods LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 1 Month SOFR + 3.114% | 6.787(c) | 03/31/28 |  | 121 | 119976 |
| &nbsp;&nbsp; Savage Enterprises LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 1 Month SOFR + 2.500% | 6.168(c) | 08/05/32 |  | 274 | 272985 |
|  |  |  |  |  | 890550 |
| &nbsp;&nbsp; **TOTAL FLOATING RATE AND OTHER LOANS** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $78,164,819) |  |  |  |  | 76208674 |
| &nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES 0.6%** |  |  |  |  |  |
| &nbsp;&nbsp; PMT Credit Risk Transfer Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01R, Class A, 144A, 30 Day Average SOFR + 3.500% (Cap N/A, Floor 0.000%) | 7.167(c) | 05/25/33 |  | 105 | 106010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02R, Class A, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 0.000%) | 7.018(c) | 03/29/27 |  | 232 | 234335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03R, Class A, 144A, 30 Day Average SOFR + 3.100% (Cap N/A, Floor 0.000%) | 6.768(c) | 09/27/28 |  | 255 | 257767 |
| &nbsp;&nbsp; **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $592,443) |  |  |  |  | 598112 |
| &nbsp;&nbsp; **U.S. TREASURY OBLIGATION(k) 0.5%** |  |  |  |  |  |
| &nbsp;&nbsp; U.S. Treasury Bonds |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $529,136) | 4.125 | 08/15/44 |  | 525 | 497191 |
|  |  |  | **Shares** | **Shares** |  |
| &nbsp;&nbsp; **AFFILIATED EXCHANGE-TRADED FUND 1.6%** |  |  |  |  |  |
| &nbsp;&nbsp; **Fixed Income** |  |  |  |  |  |
| &nbsp;&nbsp; PGIM Active High Yield Bond ETF |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $1,777,703)(wa) |  |  |  | 50000 | 1780000 |
| &nbsp;&nbsp; **COMMON STOCKS 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; **Food Products 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; TopCo Units Equity\*^ |  |  |  | 376 | 0 |
| &nbsp;&nbsp; **Health Care Providers & Services 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; Sound Physicians Holdings LLC (Class A Stock)\*^ |  |  |  | 7940 | 2565 |
| &nbsp;&nbsp; Sound Physicians Holdings LLC (Class A2 Stock)\*^ |  |  |  | 355 | 355 |
|  |  |  |  |  | 2920 |
| &nbsp;&nbsp; **Interactive Media & Services 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; Diamond Sports Group LLC\*(x) |  |  |  | 1996 | 375 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 145

------

PGIM Floating Rate Income ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **IT Services 0.0%** |  |  |
| &nbsp;&nbsp; ConvergeOne Holdings, Inc.\* | 3151 | $841 |
| &nbsp;&nbsp; **Software 0.0%** |  |  |
| &nbsp;&nbsp; Mitel Networks International Ltd. (Canada)\*^ | 265 | 133 |
| &nbsp;&nbsp; **Wireless Telecommunication Services 0.0%** |  |  |
| &nbsp;&nbsp; Stonepeak Falcon Holdings, Inc. (Canada) (Class A Stock)\* | 5763 | 6337 |
| &nbsp;&nbsp; Xplore, Inc. (Canada), CVR\*^ | 432 |  |
|  |  | 6337 |
| &nbsp;&nbsp; **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $55,046) |  | 10606 |
| &nbsp;&nbsp; **PREFERRED STOCKS 1.4%** |  |  |
| &nbsp;&nbsp; **Banks 0.7%** |  |  |
| &nbsp;&nbsp; Bank of America Corp., 4.125%, Maturing 03/29/26 | 7615 | 132806 |
| &nbsp;&nbsp; Bank of America Corp., 4.250%, Maturing 11/17/26 | 11977 | 212711 |
| &nbsp;&nbsp; Bank of America Corp., 4.375%, Maturing 03/29/26 | 4336 | 79782 |
| &nbsp;&nbsp; Citigroup, Inc., Series II, 6.250%, Maturing 02/15/31 | 5772 | 146609 |
| &nbsp;&nbsp; JPMorgan Chase & Co., 4.200%, Maturing 09/01/26 | 258 | 4794 |
| &nbsp;&nbsp; JPMorgan Chase & Co., 4.625%, Maturing 06/01/26 | 11035 | 219927 |
|  |  | 796629 |
| &nbsp;&nbsp; **Capital Markets 0.7%** |  |  |
| &nbsp;&nbsp; Eagle Point Credit Co., Inc., 7.750%, Maturing 06/30/30 | 4712 | 118436 |
| &nbsp;&nbsp; OFS Capital Corp., 7.500%, Maturing 07/31/28 | 4000 | 102300 |
| &nbsp;&nbsp; OFS Credit Co., Inc., 7.875%, Maturing 10/31/29 | 970 | 24367 |
| &nbsp;&nbsp; Oxford Lane Capital Corp., 7.950%, Maturing 02/29/32 | 4920 | 123197 |
| &nbsp;&nbsp; Saratoga Investment Corp., 7.500%, Maturing 02/06/31 | 10000 | 254300 |
| &nbsp;&nbsp; Sound Point Meridian Capital, Inc., 8.000%, Maturing 11/30/29 | 3033 | 75916 |
|  |  | 698516 |
| &nbsp;&nbsp; **Wireless Telecommunication Services 0.0%** |  |  |
| &nbsp;&nbsp; Digicel International Finance Ltd. (Jamaica)\*^(x) | 602 | 7626 |
| &nbsp;&nbsp; **TOTAL PREFERRED STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $1,484,109) |  | 1502771 |
|  | **Units** |  |
| &nbsp;&nbsp; **WARRANTS\* 0.0%** |  |  |
| &nbsp;&nbsp; **Interactive Media & Services** |  |  |
| &nbsp;&nbsp; Diamond Sports Group LLC, expiring 06/30/26(x) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $0) | 3733 |  |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $108,953,705) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107341355 |

---

See Notes to Financial Statements.

------

PGIM Floating Rate Income ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENT 4.4%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.787%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $4,859,155)(wa) | 4859155 | $4859155 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 102.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $113,812,860) |  | 112200510 |
| &nbsp;&nbsp; Liabilities in excess of other assets(z) (2.6)% |  | (2838960) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109361550 |

---

See the Glossary for a list of the abbreviation(s) used in the semiannual report.

\* Non-income producing security.

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

---

| | |
|:---|:---|
| ^ | Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $4,834,189 and 4.4% of net assets.  |

---

(c) Variable rate instrument. The interest rate shown reflects the rate in effect at February 28, 2026.

(d) Represents issuer in default on interest payments and/or principal repayment. Non-income producing security. Such securities may be post-maturity.

(ff) Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.

(k) Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives.

(oo) Perpetual security. Maturity date represents next call date.

(p) Represents a security with a delayed settlement and therefore the interest rate is not available until settlement which is after the period end.

(wa) Represents investments in Funds affiliated with the Manager.

(x) The following represents restricted securities that are acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer and is considered restricted as to disposition under federal securities law.

(x) Restricted Securities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issuer** | **Acquisition**<br>**Date** | **Original<br>Cost** | **Market<br>Value** | **Percentage<br>of<br>Net Assets** |
|  Diamond Sports Group LLC\* | 01/02/25 | $5227 | $375 | 0.0% |
|  Diamond Sports Group LLC, expiring 06/30/26\* | 01/02/25 |  |  | 0.0 |
|  Digicel Group Holdings Ltd. (Jamaica), Sr. Sec'd. Notes, Series 1B14, 144A, 0.000%, 12/31/30 | 11/14/23 | 1 | 1 | 0.0 |
|  Digicel Group Holdings Ltd. (Jamaica), Sr. Sec'd. Notes, Series 3B14, 144A, 0.000%, 12/31/30^ | 11/14/23 |  |  | 0.0 |
|  Digicel International Finance Ltd. (Jamaica)\*^ | 01/26/24-01/29/24 | 2130 | 7626 | 0.0 |
|  Radiate Holdco LLC/Radiate Finance, Inc., Sr. Sec'd. Notes, 144A, PIK 9.250%, 9.250%, 03/25/30 | 06/29/25-09/15/25 | 17425 | 15240 | 0.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** |  | $24783 | $23242 | 0.0% |

---

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

#### Unfunded loan commitments outstanding at February 28, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Borrower** | **Principal**<br>**Amount**<br>**(000)#** |<br>**Current**<br>**Value** |<br>**Unrealized**<br>**Appreciation** |<br>**Unrealized**<br>**Depreciation** |
|  Beacon Mobility Corp., Delayed Draw Term Loan, 1.375%, Maturity Date 08/06/30 (cost $4,699) | &nbsp;&nbsp;&nbsp;&nbsp;5 | $4708 | $9 | $— |
|  Graftech Global Enterprises, Inc., Delayed Draw Term Loan, 3.750%, Maturity Date 12/21/29 (cost $181,818) | 182 | 175151 |  | (6667) |
|  Jupiter Buyer, Inc., Initial Delayed Draw Term Loan, 4.750%, Maturity Date 11/01/31 (cost $20,595) | 21 | 20707 | 112 |  |
|  Pinnacle Buyer LLC, Delayed Draw Term Loan, 1.250%, Maturity Date 09/30/32 (cost $28,226) | 28 | 28238 | 12 |  |
|  Pye Barker Fire & Safety LLC, Initial Delayed Draw Term Loan, 1.000%, Maturity Date 12/16/32 (cost $22,750) | 23 | 22758 | 8 |  |
|  Radiate Holdco LLC, Delayed Draw Term Loan, 1.500%, Maturity Date 06/26/29 (cost $50,000) | 50 | 49875 |  | (125) |
|  Salas O'Brien, Inc., Delayed Draw Term Loan, —%, Maturity Date 01/31/33 (cost $11,400)^ | 11 | 11385 |  | (15) |
|  |  | $312822 | $141 | $(6807) |

---

#### Unfunded preferred stock commitment outstanding at February 28, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Issuer** | <br>**Shares** | **Current**<br>**Value** | **Unrealized**<br>**Appreciation** | **Unrealized**<br>**Depreciation** |
|  QXO, Inc., 4.750%, Maturity Date 12/31/79 (cost $400,000)^ | 40 | $400000 | $— | $— |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 147

------

PGIM Floating Rate Income ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

#### Futures contracts outstanding at February 28, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number<br>of<br>Contracts** | **Type** | **Expiration<br>Date** | **Current<br>Notional<br>Amount** | **Value /**<br>**Unrealized<br>Appreciation**<br>**(Depreciation)** |
|  **Short Positions:** | **Short Positions:** |  |  |  |
| 8 | 2 Year U.S. Treasury Notes | Jun. 2026 | $1674188 | $(2793) |
| 74 | 5 Year U.S. Treasury Notes | Jun. 2026 | 8150407 | (36090) |
| 29 | 10 Year U.S. Treasury Notes | Jun. 2026 | 3300563 | (14313) |
| 4 | 20 Year U.S. Treasury Bonds | Jun. 2026 | 473875 | (5139) |
|  |  |  |  | $(58335) |

---

#### Forward foreign currency exchange contracts outstanding at February 28, 2026:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase**<br> **Contracts** | **Counterparty** | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Value at<br>Settlement<br>Date** | **Current<br>Value** | **Unrealized<br>Appreciation** | **Unrealized**<br>**Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |  |  |  |  |  |  |
|  British Pound, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/03/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSI | GBP | 378 | $510762 | $509161 | $— | $(1601) |
|  Euro, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/03/26 | SSB | EUR | 645 | 761553 | 762668 | 1115 |  |
|  |  |  |  | $1272315 | $1271829 | 1115 | (1601) |
| **Sale**<br> **Contracts** | **Counterparty** | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Value at<br>Settlement<br>Date** | **Current<br>Value** | **Unrealized<br>Appreciation** | **Unrealized**<br>**Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |  |  |  |  |  |  |
|  British Pound, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/03/26 | MSI | GBP | 378 | $515613 | $509160 | $6453 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/02/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSI | GBP | 378 | 510789 | 509219 | 1570 |  |
|  Euro, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/03/26 | BOA | EUR | 645 | 766029 | 762668 | 3361 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/02/26 | SSB | EUR | 645 | 762644 | 763996 |  | (1352) |
|  |  |  |  | $2555075 | $2545043 | 11384 | (1352) |
|  |  |  |  |  |  | $12499 | $(2953) |

---

#### Credit default swap agreements outstanding at February 28, 2026:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed<br>Rate** | **Notional<br>Amount<br>(000)#(3)** | **Implied<br>Credit<br>Spread at**<br>**February 28,<br>2026(4)** | **Value at<br>Trade Date** | **Value at<br>February 28,<br>2026** | **Unrealized**<br>**Appreciation<br>(Depreciation)** |
|  **Centrally Cleared Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreements on credit indices - Sell Protection(2):** |  |  |  |
|  CDX.NA.HY.45.V2 | 12/20/30 | 5.000%(Q) | 812 | 3.316% | $59877 | $62909 | $3032 |
|  CDX.NA.IG.45.V1 | 12/20/30 | 1.000%(Q) | 19270 | 0.558% | 408930 | 411774 | 2844 |
|  |  |  |  |  | $468807 | $474683 | $5876 |

---

The Fund entered into credit default swaps ("CDS") to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer's default or the reference entity's credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be short the credit as the value of the contract rises the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases.

(1) If the Fund is a buyer of protection, it pays the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

See Notes to Financial Statements.

------

PGIM Floating Rate Income ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

(2) If the Fund is a seller of protection, it receives the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(3) Notional amount represents the maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(4) Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements where the Fund is the seller of protection as of the reporting date serve as an indicator of the current status of the payment/ performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include up-front payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

#### Total return swap agreements outstanding at February 28, 2026:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity**  | **Financing**<br> **Rate** | **Counterparty** | **Termination<br>Date** | **Long (Short)<br>Notional<br>Amount<br>(000)#(1)** | **Fair<br>Value** | **Upfront<br>Premiums**<br>**Paid**<br>**(Received)** | **Unrealized<br>Appreciation**<br>**(Depreciation)(2)** |
|  **OTC Total Return Swap Agreements:** | **OTC Total Return Swap Agreements:** | **OTC Total Return Swap Agreements:** |  |  |  |  |  |
|  iBoxx US Dollar Liquid Leveraged Loan Index(T) | 1 Day SOFR(Q)/ 3.680% | MSI | 03/20/26 | 340 | $(2061) | $— | $(2061) |
|  iBoxx US Dollar Liquid Leveraged Loan Index(T) | 1 Day SOFR(Q)/3.680% | MSI | 03/20/26 | 500 | (6256) |  | (6256) |
|  iBoxx US Dollar Liquid Leveraged Loan Index(T) | 1 Day SOFR(Q)/ 3.680% | MSI | 03/20/26 | 750 | (9057) |  | (9057) |
|  iBoxx US Dollar Liquid Leveraged Loan Index(T) | 1 Day SOFR(Q)/ 3.680% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BARC | 03/20/26 | 1700 | (14424) |  | (14424) |
|  iBoxx US Dollar Liquid Leveraged Loan Index(T) | 1 Day SOFR(Q)/ 3.680% | BARC | 03/20/26 | 5100 | (104174) |  | (104174) |
|  iBoxx US Dollar Liquid Leveraged Loan Index(T) | 1 Day SOFR(Q)/ 3.680% | BNP | 03/20/26 | 5700 | (106631) |  | (106631) |
|  iBoxx US Dollar Liquid Leveraged Loan Index(T) | 1 Day SOFR(Q)/ 3.680% | MSI | 03/20/26 | 6220 | (116359) |  | (116359) |
|  iBoxx US Dollar Liquid Leveraged Loan Index(T) | 1 Day SOFR(Q)/ 3.680% | BNP | 06/22/26 | 205 | (1604) |  | (1604) |
|  |  |  |  |  | $(360566) | $— | $(360566) |

---

(1) On a long total return swap, the Fund receives payments for any positive return on the reference entity (makes payments for any negative return) and pays the financing rate. On a short total return swap, the Fund makes payments for any positive return on the reference entity (receives payments for any negative return) and receives the financing rate.

(2) Upfront/recurring fees or commissions, as applicable, are included in the net unrealized appreciation (depreciation).

#### Balances Reported in the Statement of Assets and Liabilities for OTC Swap Agreements:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Premiums Paid** | **Premiums Received** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  OTC Swap Agreements | $— | $— | $— | $(360566) |

---

#### Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:
Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:

---

| | | |
|:---|:---|:---|
| **Broker**  | **Cash and/or Foreign Currency** | **Securities Market Value** |
|  CGM | $548036 | $69133 |
|  JPS |  | 326726 |
|  **Total** | $548036 | $395859 |

---

#### Fair Value Measurements:
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1—unadjusted quoted prices generally in active markets for identical securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

See Notes to Financial Statements.

PGIM Fixed Income ETFs 149

------

PGIM Floating Rate Income ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

The following is a summary of the inputs used as of February 28, 2026 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Asset-Backed Securities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Loan Obligations | $— | $12450829 | $— |
|  Commercial Mortgage-Backed Securities |  | 1233893 |  |
|  Corporate Bonds |  | 13059279 |  |
|  Floating Rate and Other Loans |  | 71385149 | 4823525 |
|  Residential Mortgage-Backed Securities |  | 598112 |  |
|  U.S. Treasury Obligation |  | 497191 |  |
|  Affiliated Exchange-Traded Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | 1780000 |  |  |
|  Common Stocks |  | 7553 | 3053 |
|  Preferred Stocks | 1392845 | 102300 | 7626 |
|  Warrants |  |  |  |
|  **Short-Term Investment** |  |  |  |
|  Affiliated Mutual Fund | 4859155 |  |  |
|  **Total** | $**8032000** | $**99334306** | $**4834204** |
|  **Other Financial Instruments\*** |  |  |  |
|  **Assets** |  |  |  |
|  Unfunded Loan Commitments | $— | $141 | $— |
|  Unfunded Preferred Stock Commitment |  |  |  |
|  OTC Forward Foreign Currency Exchange Contracts |  | 12499 |  |
|  Centrally Cleared Credit Default Swap Agreements |  | 5876 |  |
|  **Total** | $**—** | $**18516** | $**—** |
|  **Liabilities** |  |  |  |
|  Unfunded Loan Commitments | $— | $(6792) | $(15) |
|  Futures Contracts | (58335) |  |  |
|  OTC Forward Foreign Currency Exchange Contracts |  | (2953) |  |
|  OTC Total Return Swap Agreements |  | (360566) |  |
|  **Total** | $**(58335)** | $**(370311)** | $**(15** |

---

\* Other financial instruments are derivative instruments, with the exception of unfunded loan commitments and unfunded preferred stock commitment, and are not reflected in the Schedule of Investments. Futures, forward foreign currency exchange contracts, centrally cleared swap contracts, unfunded loan commitments and unfunded preferred stock commitment are recorded at net unrealized appreciation (depreciation), and OTC swap contracts are recorded at fair value. 

\*\* Includes Level 3 investments with an aggregate value of $0. 

The following is a reconciliation of assets in which unobservable inputs (Level 3) were used in determining fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Corporate**<br>**Bonds** | **Floating Rate<br>and<br>other Loans** | **Common**<br>**Stocks** | **Preferred**<br>**Stocks** |
|  **Balance as of 08/31/25** | $— | $5088519 | $355 | $7215 |
|  Realized gain (loss) |  | 6004 |  |  |
|  Change in unrealized appreciation (depreciation) |  | (105578) | 2698 | 411 |
|  Purchase/Exchange/Issuances |  | 3145797 |  |  |
|  Sales/Paydowns |  | (2068519) |  |  |
|  Accrued discount/premium |  | 3856 |  |  |
|  Transfer into Level 3\* |  | 1011963 |  |  |
|  Transfer out of Level 3\* |  | (2258517) |  |  |
|  **Balance as of 02/28/26** | $— | $4823525 | $3053 | $7626 |
|  Change in unrealized appreciation (depreciation) relating to securities still held at reporting period end | $— | $(921) | $2698 | $411 |

---

See Notes to Financial Statements.

------

PGIM Floating Rate Income ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **Warrants** | **Unfunded<br>Loan<br>Commitments** | **Unfunded<br>Preferred<br>Stock<br>Commitments** |
|  **Balance as of 08/31/25** | $– | $— | $— |
|  Realized gain (loss) | – |  |  |
|  Change in unrealized appreciation (depreciation) | – | (15) |  |
|  Purchase/Exchange/Issuances | – |  |  |
|  Sales/Paydowns | – |  |  |
|  Accrued discount/premium | – |  |  |
|  Transfer into Level 3\* | – |  |  |
|  Transfer out of Level 3\* | – |  |  |
|  **Balance as of 02/28/26** | $– | $(15) | $— |
|  Change in unrealized appreciation (depreciation) relating to securities still held at reporting period end | $– | $(15) | $— |

---

\* It is the Fund's policy to recognize transfers in and transfers out at the securities' fair values as of the beginning of period. Securities transferred between Level 2 and Level 3 are due to changes in the method utilized in valuing the investments. Transfers from Level 2 to Level 3 are typically a result of a change from the use of methods used by independent pricing services (Level 2) to the use of a single broker quote or valuation technique which utilizes significant unobservable inputs due to an absence of current or reliable market quotations (Level 3). Transfers from Level 3 to Level 2 are a result of the availability of current and reliable market data provided by independent pricing services or other valuation techniques which utilize observable inputs. In accordance with the requirements of ASC 820, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to the Schedule of Investments of the Fund. 

Level 3 securities as presented in the table above are being fair valued using pricing methodologies approved by the Board, which contain unobservable inputs as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Level 3**<br> **Securities\*\*** | **Fair Value**<br>**as of<br>February 28, 2026** | **Valuation**<br> **Methodology** | **Unobservable**<br> **Inputs** | **Inputs<br>(Range)** | **Directional<br>Impact on<br>Fair Value<br>from Input<br>Increase** |
|  Corporate Bonds | $— | Market/Recovery Value | Recovery Rate | 0.00% | Increase |
|  Floating Rate and Other Loans |  | Market/Recovery Value | Recovery Rate | 0.00% | Increase |
|  Floating Rate and Other Loans | 11767 | Market/Transaction Based | Discount/Premium Factor | 0.00% | NA |
|  Common Stocks | 2920 | Market/Enterprise Value | EBITDA Multiple | 7.30x | Increase |
|  Common Stocks |  | Market/Recovery Value | Recovery Rate | 0.00% | Increase |
|  Preferred Stocks | 7626 | Market/Recovery Value | Recovery Rate | 12.67% | Increase |
|  Unfunded Preferred Stock Commitment |  | Market/Transaction Based | Discount/Premium Factor | 0.00% | NA |
|  | $22313 |  |  |  |  |

---

\*\* The table does not include Level 3 securities and/or derivatives that are valued by independent pricing vendors or brokers. As of February 28, 2026, the aggregate value of these securities and/or derivatives was $4,811,876. The unobservable inputs for these investments were not developed by the Fund and are not readily available (e.g. single broker quotes). 

#### Industry Classification :
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of February 28, 2026 were as follows:

---

| | |
|:---|:---|
|  Collateralized Loan Obligations | 11.4 |
|  Banks | 10.6 |
|  Commercial Services | 7.8 |
|  Affiliated Mutual Fund | 4.4 |
|  Entertainment | 3.9 |
|  Software | 3.5 |
|  Insurance | 3.5 |
|  Chemicals | 3.3 |
|  Healthcare-Services | 3.0 |
|  Diversified Financial Services | 3.0 |
|  Machinery-Diversified | 2.9 |
|  Packaging & Containers | 2.7 |
|  Environmental Control | 2.4 |

---

---

| | |
|:---|:---|
|  Retail | 2.3 |
|  Computers | 2.2 |
|  Real Estate Investment Trusts (REITs) | 2.1 |
|  Building Materials | 1.9 |
|  Affiliated Exchange-Traded Fund | 1.6 |
|  Leisure Time | 1.6 |
|  Engineering & Construction | 1.6 |
|  Auto Parts & Equipment | 1.5 |
|  Distribution/Wholesale | 1.5 |
|  Electric | 1.5 |
|  Pharmaceuticals | 1.4 |
|  Telecommunications | 1.3 |
|  Pipelines | 1.2 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 151

------

PGIM Floating Rate Income ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | |
|:---|:---|
|  **<u>Industry Classification (continued)</u>:** |  |
|  Commercial Mortgage-Backed Securities | 1.1% |
|  Airlines | 1.1 |
|  Investment Companies | 1 |
|  Media | 1 |
|  Internet | 0.9 |
|  Transportation | 0.8 |
|  Foods | 0.7 |
|  Electronics | 0.7 |
|  Metal Fabricate/Hardware | 0.7 |
|  Healthcare-Products | 0.7 |
|  Capital Markets | 0.7 |
|  Aerospace & Defense | 0.6 |
|  Residential Mortgage-Backed Securities | 0.6 |
|  Oil & Gas | 0.5 |
|  Miscellaneous Manufacturing | 0.5 |
|  Home Furnishings | 0.5 |
|  Cosmetics/Personal Care | 0.5 |
|  Holding Companies-Diversified | 0.5 |
|  U.S. Treasury Obligation | 0.5 |
|  Hand/Machine Tools | 0.4 |
|  Agriculture | 0.4 |
|  Healthcare & Pharmaceuticals | 0.4 |
|  Healthcare | 0.4 |
|  Beverages | 0.3 |
|  Real Estate | 0.3 |
|  Housewares | 0.3 |
|  Storage/Warehousing | 0.3 |
|  Toys/Games/Hobbies | 0.3 |
|  Forest Products & Paper | 0.2 |
|  Machinery-Construction & Mining | 0.2 |
|  Private Equity | 0.2 |
|  Consumer Services | 0.2 |
|  Lodging | 0.2 |
|  Advertising | 0.2 |
|  Semiconductors | 0.1 |
|  Shipbuilding | 0.1 |
|  Mining | 0.1 |
|  Auto Manufacturers | 0.1 |
|  Energy-Alternate Sources | 0.1 |
|  Electrical Components & Equipment | 0.1 |
|  Oil & Gas Services | 0.0 \* |
|  Wireless Telecommunication Services | 0.0 \* |
|  Health Care Providers & Services | 0.0 \* |
|  IT Services | 0.0 \* |
|  Interactive Media & Services | 0.0 \* |
|  Food Products | 0.0 \* |
|  | 102.6 |
|  Liabilities in excess of other assets | (2.6) |
|  | 100.0% |

---

\* Less than 0.05% 

See Notes to Financial Statements.

------

PGIM Floating Rate Income ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

#### Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:
The Fund invested in derivative instruments during the reporting period. The primary types of risk associated with these derivative instruments are credit risk, foreign exchange risk and interest rate risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Fund's financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of February 28, 2026 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | **Statement of**<br> **Assets and**<br> **Liabilities Location** | **Fair<br>Value** | **Statement of**<br> **Assets and**<br> **Liabilities Location** | **Fair<br>Value** |
|  Credit contracts | Due from/to broker-variation<br> margin swaps | $5876 \* |  | $— |
|  Foreign exchange contracts | Unrealized appreciation on<br> OTC forward foreign currency<br> exchange contracts | 12499 | Unrealized depreciation on<br> OTC forward foreign currency<br> exchange contracts | 2953 |
|  Interest rate contracts |  |  | Due from/to broker-variation<br> margin futures | 58335 \* |
|  Interest rate contracts |  |  | Unrealized depreciation on<br> OTC swap agreements | 360566 |
|  |  | $18375 |  | $421854 |

---

\* Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

The effects of derivative instruments on the Statement of Operations for the six months ended February 28, 2026 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | &nbsp;&nbsp;&nbsp;&nbsp; **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | &nbsp;&nbsp;&nbsp;&nbsp; **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | &nbsp;&nbsp;&nbsp;&nbsp; **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** |
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | **Futures** | **Forward<br>Currency<br>Exchange<br>Contracts** | **Swaps** |
|  Credit contracts | $— | $— | $360291 |
|  Foreign exchange contracts |  | (2036) |  |
|  Interest rate contracts | (69930) |  | 82655 |
|  **Total** | $(69930) | $(2036) | $442946 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | &nbsp;&nbsp;&nbsp;&nbsp; **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | &nbsp;&nbsp;&nbsp;&nbsp; **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | &nbsp;&nbsp;&nbsp;&nbsp; **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | **Futures** | **Forward<br>Currency<br>Exchange<br>Contracts** | **Swaps** |
|  Credit contracts | $— | $— | $(234727) |
|  Foreign exchange contracts |  | 8225 |  |
|  Interest rate contracts | (33302) |  | (423344) |
|  **Total** | $(33302) | $8225 | $(658071) |

---

For the six months ended February 28, 2026, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Futures Contracts - Short Positions (1) | $11036623 |
|  Forward Foreign Currency Exchange Contracts - Purchased (2) | 1419301 |
|  Forward Foreign Currency Exchange Contracts - Sold (2) | 2771116 |
|  Credit Default Swap Agreements - Sell Protection (1) | 22505600 |
|  Total Return Swap Agreements (1) | 14166667 |

---

\* Average volume is based on average quarter end balances for the six months ended February 28, 2026.

(1) Notional Amount in USD.

(2) Value at Settlement Date.

See Notes to Financial Statements.

PGIM Fixed Income ETFs 153

------

PGIM Floating Rate Income ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

#### Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:
The Fund invested in OTC derivatives during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for OTC derivatives where the legal right to set-off exists is presented in the summary below.

#### Offsetting of OTC derivative assets and liabilities:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amounts of<br>Recognized<br>Assets(1)** | **Gross Amounts of<br>Recognized<br>Liabilities(1)** | **Net Amounts of<br>Recognized<br>Assets/(Liabilities)** | **Collateral<br>Pledged/(Received)(2)** | **Net Amount** |
|  BARC | $— | $(118598) | $(118598) | $– | $(118598) |
|  BNP |  | (108235) | (108235) | – | (108235) |
|  BOA | 3361 |  | 3361 | – | 3361 |
|  MSI | 8023 | (135334) | (127311) | – | (127311) |
|  SSB | 1115 | (1352) | (237) | – | (237) |
|  | $12499 | $(363519) | $(351020) | $– | $(351020) |

---

(1) Includes unrealized appreciation/(depreciation) on swaps and forwards, premiums paid/(received) on swap agreements and market value of purchased and written options, as represented on the Statement of Assets and Liabilities.

(2) Collateral amount disclosed by the Fund is limited to the market value of financial instruments/transactions and the Fund's OTC derivative exposure by counterparty.

See Notes to Financial Statements.

------

PGIM Floating Rate Income ETF

Statement of Assets & Liabilities (unaudited)

as of February 28, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $107,176,002) | $105561355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $6,636,858) | 6639155 |
| &nbsp;&nbsp; Cash | 25751 |
| &nbsp;&nbsp; Foreign currency, at value (cost $35,200) | 35131 |
| &nbsp;&nbsp; Receivable for investments sold | 2022950 |
| &nbsp;&nbsp; Deposit with broker for centrally cleared/exchange-traded derivatives | 548036 |
| &nbsp;&nbsp; Dividends and interest receivable | 503946 |
| &nbsp;&nbsp; Unrealized appreciation on OTC forward foreign currency exchange contracts | 12499 |
| &nbsp;&nbsp; Unrealized appreciation on unfunded loan commitments | 141 |
| &nbsp;&nbsp; **Total Assets** | 115348964 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Payable for investments purchased | 5473665 |
| &nbsp;&nbsp; Unrealized depreciation on OTC swap agreements | 360566 |
| &nbsp;&nbsp; Management fee payable | 60218 |
| &nbsp;&nbsp; Due to broker—variation margin futures | 41469 |
| &nbsp;&nbsp; Due to broker—variation margin swaps | 21253 |
| &nbsp;&nbsp; Other liabilities | 20483 |
| &nbsp;&nbsp; Unrealized depreciation on unfunded loan commitments | 6807 |
| &nbsp;&nbsp; Unrealized depreciation on OTC forward foreign currency exchange contracts | 2953 |
| &nbsp;&nbsp; **Total Liabilities** | 5987414 |
| &nbsp;&nbsp; **Net Assets** | $109361550 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $2225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 112316327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (2957002) |
| &nbsp;&nbsp; **Net assets, February 28, 2026** | $109361550 |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share. |  |
| &nbsp;&nbsp; ($109,361,550 ÷ 2,225,000 shares of common stock issued and outstanding) | $49.15 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 155

------

PGIM Floating Rate Income ETF

Statement of Operations (unaudited)

Six Months Ended February 28, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Income |  |
| &nbsp;&nbsp; Interest income | $3422525 |
| &nbsp;&nbsp; Affiliated dividend income | 169840 |
| &nbsp;&nbsp; Unaffiliated dividend income | 26448 |
| &nbsp;&nbsp; **Total income** | 3618813 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 350074 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (2305) |
| &nbsp;&nbsp; **Net expenses** | 347769 |
| &nbsp;&nbsp; Net investment income (loss) | 3271044 |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions** |  |
| &nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions | (318132) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | (69930) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency contract transactions | (2036) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreement transactions | 442946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 75323 |
|  | 128171 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments (including affiliated of $2,297) | (1607657) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | (33302) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency contracts | 8225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | (658071) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | (623) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unfunded loan commitments | (9225) |
|  | (2300653) |
| &nbsp;&nbsp; Net gain (loss) on investment and foreign currency transactions | (2172482) |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $1098562 |

---

See Notes to Financial Statements.

------

PGIM Floating Rate Income ETF

Statements of Changes in Net Assets (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>February 28, 2026** | **Year Ended<br>August 31, 2025** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $3271044 | $6545734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment and foreign currency transactions | 128171 | (1111509) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currencies | (2300653) | 234529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 1098562 | 5668754 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from distributable earnings | (3418721) | (7073406) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from shares sold (650,000 and 750,000 shares, respectively) | 32359871 | 37962974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares purchased (0 and 650,000 shares, respectively) |  | (31939014) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 32359871 | 6023960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) | 30039712 | 4619308 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 79321838 | 74702530 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $109361550 | $79321838 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 157

------

PGIM Floating Rate Income ETF

Financial Highlights (unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br>Ended**<br> **February 28, 2026** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **May 17, 2022(a)<br>through**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;August 31, 2022** |
|  | **Six Months<br>Ended**<br> **February 28, 2026** | **2025** | **2024** | **2023** | **May 17, 2022(a)<br>through**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;August 31, 2022** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(b)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $50.36 | $50.65 | $50.61 | $50.11 | $50.00 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 1.61 | 3.72 | 4.61 | 4.27 | 0.62 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment and foreign currency transactions | (1.03) | (-)<sup>(c)(d)</sup> | 0.46 | 0.16 | (0.18) |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.58 | 3.72 | 5.07 | 4.43 | 0.44 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (1.79) | (3.96) | (5.01) | (3.88) | (0.33) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (0.05) | (0.02) | (0.05) |  |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.79) | (4.01) | (5.03) | (3.93) | (0.33) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $49.15 | $50.36 | $50.65 | $50.61 | $50.11 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(e)</sup>:** | 1.15% | 7.68% | 10.62% | 9.32% | 0.89% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $109362 | $79322 | $74703 | $68318 | $33828 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $98049 | $88265 | $58719 | $52571 | $26460 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(f)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.72 %<sup>(g)</sup> | 0.81 %<sup>(h)</sup> | 0.70% | 0.72% | 0.72 %<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.72 %<sup>(g)</sup> | 0.83 %<sup>(h)</sup> | 0.72% | 0.72% | 0.72 %<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 6.73 %<sup>(g)</sup> | 7.42% | 9.14% | 8.61% | 4.32 %<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(i)</sup> | 21% | 112% | 131% | 59 %<sup>(j)</sup> | 9% |

---

(a) Commencement of operations.

(b) Calculated based on average shares outstanding during the period.

(c) Amount rounds to zero.

(d) The per share amount of realized and unrealized gain (loss) on investments does not directly correlate to the amounts reported in the Statement of Operations due to the timing of portfolio share transactions in relation to fluctuating market values.

(e) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(f) Does not include expenses of the underlying funds in which the Fund invests.

(g) Annualized.

(h) Includes interest expense on reverse repurchase agreements of 0.11% which are being excluded from the Fund's contractual waiver, if applicable, for the year ended August 31, 2025.

(i) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

(j) The portfolio turnover rate has been revised to correct for an immaterial adjustment to the previously issued financial statements. The portfolio turnover rate previously reported was 182%.

See Notes to Financial Statements.

------

PGIM Municipal Income Opportunities ETF

Schedule of Investments (unaudited)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal**<br> **Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 97.5%** |  |  |  |  |
| &nbsp;&nbsp; **MUNICIPAL BONDS 95.0%** |  |  |  |  |
| &nbsp;&nbsp; **Alabama 5.3%** | &nbsp;&nbsp; **Alabama 5.3%** | &nbsp;&nbsp; **Alabama 5.3%** | &nbsp;&nbsp; **Alabama 5.3%** | &nbsp;&nbsp; **Alabama 5.3%** |
| &nbsp;&nbsp; Baldwin Cnty. Indl. Dev. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Novelis Corp. Proj., Series A, AMT (Mandatory put date 06/01/32), 144A | 5.000%(cc) | 06/01/55 | 250 | $257716 |
| &nbsp;&nbsp; Black Belt Energy Gas Dist. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gas Proj., Series D-1, Rfdg. (Mandatory put date 02/01/29) | 5.500(cc) | 06/01/49 | 1000 | 1070047 |
| &nbsp;&nbsp; Southeast Energy Auth. Cooperative Dist. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proj. No. 5, Series A (Mandatory put date 07/01/29) | 5.250(cc) | 01/01/54 | 315 | 335817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D | 5.000 | 09/01/35 | 550 | 618201 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2281781 |
| &nbsp;&nbsp; **Arizona 0.7%** | &nbsp;&nbsp; **Arizona 0.7%** | &nbsp;&nbsp; **Arizona 0.7%** | &nbsp;&nbsp; **Arizona 0.7%** | &nbsp;&nbsp; **Arizona 0.7%** |
| &nbsp;&nbsp; Pinal Cnty. Indl. Dev. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WOF SW GGP 1 LLC Proj., Conv. CABS, Sustainable Bond., Series A, 144A | 5.500(cc) | 10/01/33 | 300 | 318765 |
| &nbsp;&nbsp; **Arkansas 1.3%** | &nbsp;&nbsp; **Arkansas 1.3%** | &nbsp;&nbsp; **Arkansas 1.3%** | &nbsp;&nbsp; **Arkansas 1.3%** | &nbsp;&nbsp; **Arkansas 1.3%** |
| &nbsp;&nbsp; Arkansas Dev. Fin. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weyerhaeuser Co. Proj., AMT (Mandatory put date 10/15/32) | 3.875(cc) | 10/15/65 | 550 | 559098 |
| &nbsp;&nbsp; **California 3.4%** | &nbsp;&nbsp; **California 3.4%** | &nbsp;&nbsp; **California 3.4%** | &nbsp;&nbsp; **California 3.4%** | &nbsp;&nbsp; **California 3.4%** |
| &nbsp;&nbsp; California Cmnty. Choice Fing. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sustainable Bonds, Clean Energy Proj. Series B | 5.000 | 03/01/36 | 500 | 543764 |
| &nbsp;&nbsp; California Infrast. & Econ. Dev. Bank Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brightline West Passanger Rail Proj., Series C, AMT (Mandatory put date 11/02/26), 144A | 3.500(cc) | 01/01/65 | 300 | 300110 |
| &nbsp;&nbsp; Freddie Mac Multifamily Cert. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sustainable Bonds, Series ML-33, Class A-USM(hh) | 4.641(cc) | 10/25/40 | 555 | 587835 |
|  |  |  |  | 1431709 |
| &nbsp;&nbsp; **Colorado 1.5%** | &nbsp;&nbsp; **Colorado 1.5%** | &nbsp;&nbsp; **Colorado 1.5%** | &nbsp;&nbsp; **Colorado 1.5%** | &nbsp;&nbsp; **Colorado 1.5%** |
| &nbsp;&nbsp; Baseline Metropolitan Dist. No. 1, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, Rfdg., AG | 4.250 | 12/01/54 | 345 | 338452 |
| &nbsp;&nbsp; Sterling Ranch Cmnty. Auth. Brd. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spl. Assmt., Improvement Dist. No. 1 | 5.625 | 12/01/43 | 300 | 308296 |
|  |  |  |  | 646748 |
| &nbsp;&nbsp; **Connecticut 1.6%** | &nbsp;&nbsp; **Connecticut 1.6%** | &nbsp;&nbsp; **Connecticut 1.6%** | &nbsp;&nbsp; **Connecticut 1.6%** | &nbsp;&nbsp; **Connecticut 1.6%** |
| &nbsp;&nbsp; Connecticut St. Higher Ed. Supplement Loan Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chesla Loan Prog., Series B, AMT | 5.000 | 11/15/31 | 100 | 108899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chesla Loan Prog., Series B, AMT | 5.000 | 11/15/33 | 255 | 282399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chesla Loan Prog., Series B-1, AMT | 5.250 | 11/15/35 | 250 | 284297 |
|  |  |  |  | 675595 |
| &nbsp;&nbsp; **District of Columbia 3.5%** | &nbsp;&nbsp; **District of Columbia 3.5%** | &nbsp;&nbsp; **District of Columbia 3.5%** | &nbsp;&nbsp; **District of Columbia 3.5%** | &nbsp;&nbsp; **District of Columbia 3.5%** |
| &nbsp;&nbsp; Dist. of Columbia, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, GO | 5.000 | 06/01/41 | 965 | 978288 |
| &nbsp;&nbsp; Dist. of Columbia Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KIPP DC Issue, Series A, Rfdg. | 5.000 | 07/01/26 | 100 | 100726 |
| &nbsp;&nbsp; Metropolitan Washington D.C. Arpt. Auth. Sys. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rfdg., AMT | 5.000 | 10/01/34 | 360 | 414015 |
|  |  |  |  | 1493029 |
| &nbsp;&nbsp; **Florida 7.2%** | &nbsp;&nbsp; **Florida 7.2%** | &nbsp;&nbsp; **Florida 7.2%** | &nbsp;&nbsp; **Florida 7.2%** | &nbsp;&nbsp; **Florida 7.2%** |
| &nbsp;&nbsp; Capital Tr. Agcy. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chrt. Sch. Port. Proj., Sub. Series B, CABS, 144A | 7.020(t) | 07/01/61 | 6500 | 567255 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 159

------

PGIM Municipal Income Opportunities ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal**<br> **Amount**<br> **(000)#** | **Value** | **Value** |
| &nbsp;&nbsp; **MUNICIPAL BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Florida (cont'd.)** | &nbsp;&nbsp; **Florida (cont'd.)** | &nbsp;&nbsp; **Florida (cont'd.)** | &nbsp;&nbsp; **Florida (cont'd.)** | &nbsp;&nbsp; **Florida (cont'd.)** | &nbsp;&nbsp; **Florida (cont'd.)** |
| &nbsp;&nbsp; Florida Dev. Fin. Corp. Rev., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GFL Solid Wst. Southeast LLC Proj., Series A, AMT (Mandatory put date 10/01/31), 144A | 4.375%(cc) | 10/01/54 | 500 | $| 511585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mater Academy Proj., Series A | 5.000 | 06/15/29 | 120 |  | 122683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; River City Science Academy Proj., Series B, Rfdg. | 5.000 | 07/01/31 | 290 |  | 305087 |
| &nbsp;&nbsp; Lee Cnty. Arpt. Rev., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-2, AMT (Mandatory put date 10/01/31)(hh) | 5.000(cc) | 10/01/56 | 600 |  | 659203 |
| &nbsp;&nbsp; Vlg. CDD No. 13, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 Spl. Assmt., Phase III | 3.250 | 05/01/52 | 1200 |  | 897511 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3063324 |
| &nbsp;&nbsp; **Georgia 5.1%** | &nbsp;&nbsp; **Georgia 5.1%** | &nbsp;&nbsp; **Georgia 5.1%** | &nbsp;&nbsp; **Georgia 5.1%** | &nbsp;&nbsp; **Georgia 5.1%** | &nbsp;&nbsp; **Georgia 5.1%** |
| &nbsp;&nbsp; Burke Cnty. Dev. Auth. Rev., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue, Oglethorpe Power Corp., Series V, Rfdg., (Mandatory Put Date 02/01/30) | 3.600(cc) | 11/01/45 | 100 |  | 102668 |
| &nbsp;&nbsp; Main Street Energy, Inc. Rev., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy Proj., Series D | 5.000 | 12/01/33 | 250 |  | 273141 |
| &nbsp;&nbsp; Main Street Natural Gas, Inc. Rev., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gas Supply, Series C (Mandatory put date 11/01/27), 144A | 4.000(cc) | 08/01/52 | 500 |  | 506683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C (Mandatory put date 09/01/30) | 5.000(cc) | 09/01/53 | 330 |  | 354942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E (Mandatory put date 12/01/32) | 5.000(cc) | 05/01/55 | 605 |  | 656963 |
| &nbsp;&nbsp; Rockdale Cnty. Dev. Auth. Rev., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pratt Paper LLC Proj., Rfdg., AMT, 144A | 4.000 | 01/01/38 | 300 |  | 298868 |
|  |  |  |  |  | 2193265 |
| &nbsp;&nbsp; **Guam 0.4%** | &nbsp;&nbsp; **Guam 0.4%** | &nbsp;&nbsp; **Guam 0.4%** | &nbsp;&nbsp; **Guam 0.4%** | &nbsp;&nbsp; **Guam 0.4%** | &nbsp;&nbsp; **Guam 0.4%** |
| &nbsp;&nbsp; Guam Govt. Privilege Tax Bus. Rev., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rfdg. | 5.000 | 01/01/35 | 150 |  | 170939 |
| &nbsp;&nbsp; **Illinois 7.5%** | &nbsp;&nbsp; **Illinois 7.5%** | &nbsp;&nbsp; **Illinois 7.5%** | &nbsp;&nbsp; **Illinois 7.5%** | &nbsp;&nbsp; **Illinois 7.5%** | &nbsp;&nbsp; **Illinois 7.5%** |
| &nbsp;&nbsp; Chicago Board of Ed., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, Rfdg. | 5.250 | 12/01/27 | 325 |  | 332199 |
| &nbsp;&nbsp; Chicago Brd. of Ed. Dedicated Capital Impvt. Tax Rev., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sch. Imps. | 5.000 | 04/01/35 | 610 |  | 627484 |
| &nbsp;&nbsp; Chicago O'Hare Int'l. Arpt. Rev., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rfdg., AMT | 5.250 | 01/01/41 | 500 |  | 557426 |
| &nbsp;&nbsp; Illinois Fin. Auth. Rev., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Midwestern Unvi. Foundation, Sr. Series A | 5.000 | 07/01/29 | 175 |  | 187993 |
| &nbsp;&nbsp; Illinois St. Toll Hwy. Auth. Rev., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toll Hwy., Sr. Rev., Series B | 5.000 | 01/01/45 | 1115 |  | 1169585 |
| &nbsp;&nbsp; St. Illinois Sales Tax. Rev., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Series B | 5.000 | 06/15/40 | 300 |  | 332302 |
|  |  |  |  |  | 3206989 |
| &nbsp;&nbsp; **Indiana 0.3%** | &nbsp;&nbsp; **Indiana 0.3%** | &nbsp;&nbsp; **Indiana 0.3%** | &nbsp;&nbsp; **Indiana 0.3%** | &nbsp;&nbsp; **Indiana 0.3%** | &nbsp;&nbsp; **Indiana 0.3%** |
| &nbsp;&nbsp; Indiana Hsg. & Cmnty. Dev. Auth. Rev., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sustainable Bonds, Series C-1, Rfdg. | 3.000 | 01/01/52 | 150 |  | 149370 |
| &nbsp;&nbsp; **Iowa 0.5%** | &nbsp;&nbsp; **Iowa 0.5%** | &nbsp;&nbsp; **Iowa 0.5%** | &nbsp;&nbsp; **Iowa 0.5%** | &nbsp;&nbsp; **Iowa 0.5%** | &nbsp;&nbsp; **Iowa 0.5%** |
| &nbsp;&nbsp; Lowa Student Loan Liquidity Corp. Rev., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Series B, AMT | 5.000 | 12/01/35 | 180 |  | 200188 |
| &nbsp;&nbsp; **Kentucky 5.7%** | &nbsp;&nbsp; **Kentucky 5.7%** | &nbsp;&nbsp; **Kentucky 5.7%** | &nbsp;&nbsp; **Kentucky 5.7%** | &nbsp;&nbsp; **Kentucky 5.7%** | &nbsp;&nbsp; **Kentucky 5.7%** |
| &nbsp;&nbsp; Kentucky Pub. Energy Auth. Rev., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Rfdg. (Mandatory put date 02/01/32) | 5.250(cc) | 04/01/54 | 1000 |  | 1097926 |

---

See Notes to Financial Statements.

------

PGIM Municipal Income Opportunities ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal<br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **MUNICIPAL BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Kentucky (cont'd.)** | &nbsp;&nbsp; **Kentucky (cont'd.)** | &nbsp;&nbsp; **Kentucky (cont'd.)** | &nbsp;&nbsp; **Kentucky (cont'd.)** | &nbsp;&nbsp; **Kentucky (cont'd.)** |
| &nbsp;&nbsp; Kentucky Pub. Energy Auth. Rev., (cont'd.) | &nbsp;&nbsp; Kentucky Pub. Energy Auth. Rev., (cont'd.) | &nbsp;&nbsp; Kentucky Pub. Energy Auth. Rev., (cont'd.) | &nbsp;&nbsp; Kentucky Pub. Energy Auth. Rev., (cont'd.) | &nbsp;&nbsp; Kentucky Pub. Energy Auth. Rev., (cont'd.) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | 5.000% | 12/01/33 | 500 | 532402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rfdg. | 5.000 | 05/01/36 | 750 | 824782 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2455110 |
| &nbsp;&nbsp; **Louisiana 1.2%** | &nbsp;&nbsp; **Louisiana 1.2%** | &nbsp;&nbsp; **Louisiana 1.2%** | &nbsp;&nbsp; **Louisiana 1.2%** | &nbsp;&nbsp; **Louisiana 1.2%** |
| &nbsp;&nbsp; Parish of St. James Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nustar Logistics L.P Proj., Rmkt. (Mandatory put date 06/01/30) | 3.700(cc) | 08/01/41 | 500 | 506851 |
| &nbsp;&nbsp; **Michigan 2.3%** | &nbsp;&nbsp; **Michigan 2.3%** | &nbsp;&nbsp; **Michigan 2.3%** | &nbsp;&nbsp; **Michigan 2.3%** | &nbsp;&nbsp; **Michigan 2.3%** |
| &nbsp;&nbsp; Michigan Fin. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bronson Healthcare Grp., Series B, Rmkt. (Mandatory put date 11/16/26) | 5.000(cc) | 11/15/44 | 230 | 231051 |
| &nbsp;&nbsp; Michigan St. Hosp. Fin. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corewell Hlth., Series B-2, Rfdg. (Mandatory put date 06/01/35) | 5.000(cc) | 08/15/55 | 335 | 388393 |
| &nbsp;&nbsp; Wayne County Arpt Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Detroit Metropolitan Wayne, Series B, AMT | 5.000 | 12/01/34 | 300 | 343754 |
|  |  |  |  | 963198 |
| &nbsp;&nbsp; **New Hampshire 8.4%** | &nbsp;&nbsp; **New Hampshire 8.4%** | &nbsp;&nbsp; **New Hampshire 8.4%** | &nbsp;&nbsp; **New Hampshire 8.4%** | &nbsp;&nbsp; **New Hampshire 8.4%** |
| &nbsp;&nbsp; National Fin. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sustainable Cert., Series 1-A, NFA Muni. Cert., ARC70 (Mandatory put date 10/01/34) | 4.150 | 10/20/40 | 906 | 925015 |
| &nbsp;&nbsp; New Hampshire Bus. Fin. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caldwell Ranch Proj., 144A | 4.875 | 12/01/33 | 400 | 400041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Muni. CTFS, Sustainable CTFS, Series 2025-2, Class A-1 | 4.219(cc) | 11/20/42 | 995 | 999479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Silverado Proj., 144A | 5.000 | 12/01/28 | 250 | 250217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sustainable Bonds, Muni. CTFS, Series 2025-1, Class A-1 | 4.167(cc) | 01/20/41 | 992 | 1002220 |
|  |  |  |  | 3576972 |
| &nbsp;&nbsp; **New Jersey 2.0%** | &nbsp;&nbsp; **New Jersey 2.0%** | &nbsp;&nbsp; **New Jersey 2.0%** | &nbsp;&nbsp; **New Jersey 2.0%** | &nbsp;&nbsp; **New Jersey 2.0%** |
| &nbsp;&nbsp; New Jersey Higher Ed. Student Assistance Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Series 1A, Rfdg., AMT | 5.000 | 12/01/32 | 300 | 332529 |
| &nbsp;&nbsp; Tob. Settlement Fing. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rfdg. | 5.000 | 06/01/29 | 480 | 505762 |
|  |  |  |  | 838291 |
| &nbsp;&nbsp; **New York 4.6%** | &nbsp;&nbsp; **New York 4.6%** | &nbsp;&nbsp; **New York 4.6%** | &nbsp;&nbsp; **New York 4.6%** | &nbsp;&nbsp; **New York 4.6%** |
| &nbsp;&nbsp; New York City Hsg. Dev. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 Spruce Street Proj., Class E, Rfdg. | 4.375 | 12/15/43 | 250 | 258916 |
| &nbsp;&nbsp; New York Liberty Dev. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of America Tower at One Bryant Park Proj., Class 2, Rfdg. | 2.625 | 09/15/69 | 105 | 99025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of America Tower at One Bryant Park Proj., Rfdg. | 2.450 | 09/15/69 | 1050 | 992524 |
| &nbsp;&nbsp; New York Transp. Dev. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines, Inc., Lagurdia Arpt. Terminals C&D Redev. Proj., AMT | 5.000 | 01/01/29 | 340 | 352961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines, Inc., Lagurdia Arpt. Terminals C&D Redev. Proj., AMT | 5.000 | 01/01/30 | 245 | 254002 |
|  |  |  |  | 1957428 |
| &nbsp;&nbsp; **Ohio 1.6%** | &nbsp;&nbsp; **Ohio 1.6%** | &nbsp;&nbsp; **Ohio 1.6%** | &nbsp;&nbsp; **Ohio 1.6%** | &nbsp;&nbsp; **Ohio 1.6%** |
| &nbsp;&nbsp; Ohio Air Quality Dev. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ohio Vlly. Elec. Corp. Proj., Series A | 3.875 | 01/01/36 | 665 | 683137 |
| &nbsp;&nbsp; **Oregon 1.5%** | &nbsp;&nbsp; **Oregon 1.5%** | &nbsp;&nbsp; **Oregon 1.5%** | &nbsp;&nbsp; **Oregon 1.5%** | &nbsp;&nbsp; **Oregon 1.5%** |
| &nbsp;&nbsp; Port of Portland Arpt. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 24B, AMT | 5.000 | 07/01/37 | 650 | 658212 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 161

------

PGIM Municipal Income Opportunities ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | **Value** |
| &nbsp;&nbsp; **MUNICIPAL BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Pennsylvania 2.9%** | &nbsp;&nbsp; **Pennsylvania 2.9%** | &nbsp;&nbsp; **Pennsylvania 2.9%** | &nbsp;&nbsp; **Pennsylvania 2.9%** | &nbsp;&nbsp; **Pennsylvania 2.9%** |
| &nbsp;&nbsp; Pennsylvania Econ. Dev. Fing. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wste. Mgmt., Inc. Proj., Series A, AMT, Rmkt. (Mandatory put date 08/03/26) | 3.875%(cc) | 08/01/37 | 500 | $501391 |
| &nbsp;&nbsp; Pennsylvania Higher Ed. Assistance Agcy. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Series 1A, AMT | 5.000 | 06/01/32 | 295 | 324404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Series 1-A, AMT | 5.000 | 06/01/34 | 375 | 418568 |
|  |  |  |  | 1244363 |
| &nbsp;&nbsp; **Puerto Rico 0.9%** | &nbsp;&nbsp; **Puerto Rico 0.9%** | &nbsp;&nbsp; **Puerto Rico 0.9%** | &nbsp;&nbsp; **Puerto Rico 0.9%** | &nbsp;&nbsp; **Puerto Rico 0.9%** |
| &nbsp;&nbsp; Puerto Rico Ind. Tourist Edl. Med. & Envirml. Ctl. Facs. Fing. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hosp. Auxilio Mutuo Oblig. Grp. Proj., Rfdg. | 4.000 | 07/01/40 | 400 | 386128 |
| &nbsp;&nbsp; **Texas 5.0%** | &nbsp;&nbsp; **Texas 5.0%** | &nbsp;&nbsp; **Texas 5.0%** | &nbsp;&nbsp; **Texas 5.0%** | &nbsp;&nbsp; **Texas 5.0%** |
| &nbsp;&nbsp; Brooks Dev. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Lien, Series C, Rfdg. (Mandatory put date 08/15/28), 144A | 5.000(cc) | 08/15/42 | 190 | 195452 |
| &nbsp;&nbsp; EP Forty PFC Residential Dev. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forty Hsg. Proj. | 4.000 | 01/01/37 | 500 | 501735 |
| &nbsp;&nbsp; Houston Arpt. Sys. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Airlines, Inc. Term. Impvt. Proj., Series B, Rfdg., AMT | 5.250 | 07/15/28 | 310 | 322817 |
| &nbsp;&nbsp; New Hope Cultrl. Ed. Facs. Fin. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cardinal Bay Inc., Vlg. on the Park Carriage Inn Proj., Series A-1 | 4.000 | 07/01/26 | 180 | 176130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Txbl. Sr. Sanctuary LTC Proj., Series A-2 | 6.500 | 01/01/31 | 355 | 353862 |
| &nbsp;&nbsp; Tarrant Cnty. Cultrl. Ed. Facs. Fin. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ascension Sr. Credit Grp., Series C-2, Rfdg. (Mandatory put date 11/15/35) | 5.000(cc) | 11/15/51 | 300 | 348920 |
| &nbsp;&nbsp; Texas Municipal Gas Acquisition & Supply Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nat. Gas Util. Imps. | 5.000 | 01/01/36 | 210 | 231483 |
|  |  |  |  | 2130399 |
| &nbsp;&nbsp; **Utah 2.5%** | &nbsp;&nbsp; **Utah 2.5%** | &nbsp;&nbsp; **Utah 2.5%** | &nbsp;&nbsp; **Utah 2.5%** | &nbsp;&nbsp; **Utah 2.5%** |
| &nbsp;&nbsp; Utah Cnty. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IHC Hlth. Svcs., Inc., Series A | 5.000 | 05/15/43 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1058822 |
| &nbsp;&nbsp; **Virgin Islands 0.8%** | &nbsp;&nbsp; **Virgin Islands 0.8%** | &nbsp;&nbsp; **Virgin Islands 0.8%** | &nbsp;&nbsp; **Virgin Islands 0.8%** | &nbsp;&nbsp; **Virgin Islands 0.8%** |
| &nbsp;&nbsp; Virgin Islands Hotel Dev. Fing. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Txbl, Sr. Lien, frenchmans Reef, Hotel, Series A-1 | 8.875 | 02/01/34 | 350 | 337267 |
| &nbsp;&nbsp; **Washington 0.4%** | &nbsp;&nbsp; **Washington 0.4%** | &nbsp;&nbsp; **Washington 0.4%** | &nbsp;&nbsp; **Washington 0.4%** | &nbsp;&nbsp; **Washington 0.4%** |
| &nbsp;&nbsp; Washington St. Hsg. Fin. Commn. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Horizon Hse. Proj. Mand. Paydown Temps-50, Series B-3, Rfdg. | 4.375 | 01/01/33 | 165 | 165013 |
| &nbsp;&nbsp; **Wisconsin 16.9%** | &nbsp;&nbsp; **Wisconsin 16.9%** | &nbsp;&nbsp; **Wisconsin 16.9%** | &nbsp;&nbsp; **Wisconsin 16.9%** | &nbsp;&nbsp; **Wisconsin 16.9%** |
| &nbsp;&nbsp; Pub. Fin. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aurora Integrated Oncology Fndtn., Series A, 144A | 10.000 | 11/01/38 | 1000 | 1122505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cuyahoga River Cap. Port., Class A, Series 1 (Mandatory put date 07/01/28), 144A | 4.000(cc) | 01/01/55 | 800 | 805040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kawa Fund Ltd., Class A, Series 1 (Mandatory put date 06/15/31) | 3.625(cc) | 06/15/63 | 500 | 499887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ku Campus Dev. Corp. Proj. | 5.000 | 03/01/46 | 1000 | 1000330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Million Air Three LLC Gen. Avtn. Facs. Proj., Series A, Rfdg. AMT, 144A | 5.500 | 09/01/30 | 300 | 312681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rans Elevon Proj., 144A | 5.000 | 07/15/30 | 470 | 472823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class A, Cert. (Mandatory put date 08/01/27), 144A | 4.750(cc) | 08/01/59 | 500 | 499863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Signorelli Proj., 144A | 5.375 | 12/15/32 | 674 | 673842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sustainable Cert., Series A-1 | 4.126(cc) | 01/20/41 | 375 | 372608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Meadows Proj., 144A | 5.750 | 12/15/33 | 900 | 901546 |

---

See Notes to Financial Statements.

------

PGIM Municipal Income Opportunities ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | **Value** |
| &nbsp;&nbsp; **MUNICIPAL BONDS (Continued)** | &nbsp;&nbsp; **MUNICIPAL BONDS (Continued)** | &nbsp;&nbsp; **MUNICIPAL BONDS (Continued)** | &nbsp;&nbsp; **MUNICIPAL BONDS (Continued)** | &nbsp;&nbsp; **MUNICIPAL BONDS (Continued)** |
| &nbsp;&nbsp; **Wisconsin (cont'd.)** | &nbsp;&nbsp; **Wisconsin (cont'd.)** | &nbsp;&nbsp; **Wisconsin (cont'd.)** | &nbsp;&nbsp; **Wisconsin (cont'd.)** | &nbsp;&nbsp; **Wisconsin (cont'd.)** |
| &nbsp;&nbsp; Wisconsin St., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series, GO, Rfdg.(hh) | 5.000% | 05/01/35 | 500 | $574448 |
|  |  |  |  | 7235573 |
| &nbsp;&nbsp; **TOTAL MUNICIPAL BONDS**<br> (cost $39,885,141) |  |  |  | 40587564 |
|  |  |  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares**  |  |
| &nbsp;&nbsp; **UNAFFILIATED EXCHANGE-TRADED FUND 2.5%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; iShares National Muni Bond ETF |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $1,015,291) |  |  | 9670 | 1053256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS**<br> (cost $40,900,432) |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41640820 |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENT 5.4%** |  |  |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<br> (cost $2,316,575)(wb) |  |  | 2316575 | 2316575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS 102.9%**<br> (cost $43,217,007) |  |  |  | 43957395 |
| &nbsp;&nbsp; Liabilities in excess of other assets(z) (2.9)% |  |  |  | (1255674) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  |  |  | $42701721 |

---

See the Glossary for a list of the abbreviation(s) used in the semiannual report.

# 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 February 28, 2026. 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.

(hh) When-issued security.

(t) Represents zero coupon. Rate quoted represents effective yield at February 28, 2026.

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

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

#### Futures contracts outstanding at February 28, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number<br>of<br>Contracts** | **Type** | **Expiration<br>Date** | **Current<br>Notional<br>Amount** | **Value /<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Short Position:** | **Short Position:** |  |  |  |
| 7 | 30 Year U.S. Ultra Treasury Bonds | Jun. 2026 | $851156 | $(7925) |

---

#### Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:
Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:

---

| | | |
|:---|:---|:---|
| **Broker** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and/or Foreign Currency**  | **Securities Market Value** |
|  JPS | $166000 | $— |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 163

------

PGIM Municipal Income Opportunities ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

#### Fair Value Measurements:
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of February 28, 2026 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Municipal Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alabama | $— | $2281781 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Arizona |  | 318765 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Arkansas |  | 559098 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; California |  | 1431709 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Colorado |  | 646748 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut |  | 675595 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; District of Columbia |  | 1493029 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Florida |  | 3063324 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Georgia |  | 2193265 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Guam |  | 170939 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois |  | 3206989 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana |  | 149370 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Iowa |  | 200188 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Kentucky |  | 2455110 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Louisiana |  | 506851 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan |  | 963198 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; New Hampshire |  | 3576972 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey |  | 838291 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; New York |  | 1957428 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio |  | 683137 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oregon |  | 658212 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania |  | 1244363 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Puerto Rico |  | 386128 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas |  | 2130399 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Utah |  | 1058822 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Virgin Islands |  | 337267 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington |  | 165013 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wisconsin |  | 7235573 |  |
|  Unaffiliated Exchange-Traded Fund | 1053256 |  |  |
|  **Short-Term Investment** |  |  |  |
|  Affiliated Mutual Fund | 2316575 |  |  |
|  **Total** | $**3369831** | $**40587564** | **$—** |
|  **Other Financial Instruments\*** |  |  |  |
|  **Liabilities** |  |  |  |
|  Futures Contracts | $**(7925)** | $**—** | **$—** |

---

\* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forward foreign currency exchange contracts and centrally cleared swap contracts, which are recorded at unrealized appreciation (depreciation) on the instrument, and OTC swap contracts which are recorded at fair value. 

#### Sector Allocation :
The sector allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of February 28, 2026 were as follows:

---

| | |
|:---|:---|
|  Development | 18.8 |
|  Pre-pay Gas | 16.5 |
|  Special Tax/Assessment District | 12.3 |
|  Corporate Backed IDB & PCR | 12.1 |
|  Education | 9.9 |

---

---

| | |
|:---|:---|
|  Healthcare | 9.9 |
|  Transportation | 8.9 |
|  Affiliated Mutual Fund | 5.4 |
|  General Obligation | 5.2 |
|  Unaffiliated Exchange-Traded Fund | 2.5 |

---

See Notes to Financial Statements.

------

PGIM Municipal Income Opportunities ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

#### Sector Allocation (continued) :

---

| | |
|:---|:---|
|  Tobacco Appropriated | 1.2% |
|  Power | 0.2 |
|  | 102.9 |
|  Liabilities in excess of other assets | (2.9) |
|  | 100.0% |

---

#### Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:
The Fund invested in derivative instruments during the reporting period. The primary type of risk associated with these derivative instruments is interest rate risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Fund's financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivatives not accounted for<br>as hedging instruments,**<br> **carried at fair value**  | **Statement of<br>Assets and<br>Liabilities Location** | **Fair<br> Value** | **Statement of<br>Assets and<br>Liabilities Location** | **Fair<br> Value** |
|  Interest rate contracts |  | $— | Due from/to broker-variation margin futures | $7,925\* |

---

\* Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

The effects of derivative instruments on the Statement of Operations for the six months ended February 28, 2026 are as follows:

---

| | |
|:---|:---|
| **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | |
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | **Futures** |
|  Interest rate contracts | $(15881) |
| **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | **Futures** |
|  Interest rate contracts | $(8205) |

---

For the six months ended February 28, 2026, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Futures Contracts - Long Positions (1) | $38854 |
|  Futures Contracts - Short Positions (1) | 322865 |

---

\* Average volume is based on average quarter end balances for the six months ended February 28, 2026.

(1) Notional Amount in USD.

See Notes to Financial Statements.

PGIM Fixed Income ETFs 165

------

PGIM Municipal Income Opportunities ETF

Statement of Assets & Liabilities (unaudited)

as of February 28, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $40,900,432) | $41640820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $2,316,575) | 2316575 |
| &nbsp;&nbsp; Dividends and interest receivable | 417678 |
| &nbsp;&nbsp; Deposit with broker for centrally cleared/exchange-traded derivatives | 166000 |
| &nbsp;&nbsp; **Total Assets** | 44541073 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Payable for investments purchased | 1814840 |
| &nbsp;&nbsp; Other liabilities | 11722 |
| &nbsp;&nbsp; Management fee payable | 7759 |
| &nbsp;&nbsp; Due to broker—variation margin futures | 5031 |
| &nbsp;&nbsp; **Total Liabilities** | 1839352 |
| &nbsp;&nbsp; **Net Assets** | $42701721 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 41675579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 1025317 |
| &nbsp;&nbsp; **Net assets, February 28, 2026** | $42701721 |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share. |  |
| &nbsp;&nbsp; ($42,701,721 ÷ 825,000 shares of common stock issued and outstanding) | $51.76 |

---

See Notes to Financial Statements.

------

PGIM Municipal Income Opportunities ETF

Statement of Operations (unaudited)

Six Months Ended February 28, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Income |  |
| &nbsp;&nbsp; Interest income | $675874 |
| &nbsp;&nbsp; Affiliated dividend income | 25512 |
| &nbsp;&nbsp; Unaffiliated dividend income | 16396 |
| &nbsp;&nbsp; **Total income** | 717782 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 40706 |
| &nbsp;&nbsp; Net investment income (loss) | 677076 |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investments** |  |
| &nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions | 32012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | (15881) |
|  | 16131 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 995924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | (8205) |
|  | 987719 |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | 1003850 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $1680926 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 167

------

PGIM Municipal Income Opportunities ETF

Statements of Changes in Net Assets (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br><u>February 28, 2026</u>** | **Year Ended<br><u>August 31, 2025</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $677076 | $1172087 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions | 16131 | 2772 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 987719 | (666764) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 1680926 | 508095 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from distributable earnings | (614815) | (1050126) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from shares sold (300,000 and 50,000 shares, respectively) | 15349814 | 2495348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares purchased (0 and 25,000 shares, respectively) |  | (1243758) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 15349814 | 1251590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) | 16415925 | 709559 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 26285796 | 25576237 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $42701721 | $26285796 |

---

See Notes to Financial Statements.

------

PGIM Municipal Income Opportunities ETF

Financial Highlights (unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Six Months**<br>**Ended<br>February 28, 2026** | **Year Ended<br>August 31, 2025** | **June 14, 2024<sup>(a)</sup>through<br>August 31, 2024** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(b)</sup>:** |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $50.07 | $51.15 | $50.00 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 1.03 | 2.30 | 0.49 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 1.66 | (1.31) | 0.88 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 2.69 | 0.99 | 1.37 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (1.00) | (2.07) | (0.22) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $51.76 | $50.07 | $51.15 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 5.42% | 1.96% | 2.77% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $42702 | $26286 | $25576 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $32835 | $25601 | $25311 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.25 %<sup>(e)</sup> | 0.21% | 0.25 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.25 %<sup>(e)</sup> | 0.25% | 0.25 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 4.16 %<sup>(e)</sup> | 4.58% | 4.56 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup> | 25% | 49% | 28% |

---

(a) Commencement of operations.

(b) Calculated based on average shares outstanding during the period.

(c) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(d) Does not include expenses of the underlying funds in which the Fund invests.

(e) Annualized.

(f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Fixed Income ETFs 169

------

PGIM Short Duration High Yield ETF

Schedule of Investments (unaudited)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 98.9%** | &nbsp;&nbsp; **LONG-TERM INVESTMENTS 98.9%** | &nbsp;&nbsp; **LONG-TERM INVESTMENTS 98.9%** | &nbsp;&nbsp; **LONG-TERM INVESTMENTS 98.9%** | &nbsp;&nbsp; **LONG-TERM INVESTMENTS 98.9%** |
| &nbsp;&nbsp; **ASSET-BACKED SECURITY 0.0%** | &nbsp;&nbsp; **ASSET-BACKED SECURITY 0.0%** | &nbsp;&nbsp; **ASSET-BACKED SECURITY 0.0%** | &nbsp;&nbsp; **ASSET-BACKED SECURITY 0.0%** | &nbsp;&nbsp; **ASSET-BACKED SECURITY 0.0%** |
| &nbsp;&nbsp; **Collateralized Loan Obligation** | &nbsp;&nbsp; **Collateralized Loan Obligation** | &nbsp;&nbsp; **Collateralized Loan Obligation** | &nbsp;&nbsp; **Collateralized Loan Obligation** | &nbsp;&nbsp; **Collateralized Loan Obligation** |
| &nbsp;&nbsp; Sound Point CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03A, Class A1AR, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%)<br>(cost $74,175) | 4.968%(c) | 10/26/31 | 74 | $74226 |
| &nbsp;&nbsp; **CORPORATE BONDS 85.5%** |  |  |  |  |
| &nbsp;&nbsp; **Advertising 0.4%** | &nbsp;&nbsp; **Advertising 0.4%** | &nbsp;&nbsp; **Advertising 0.4%** | &nbsp;&nbsp; **Advertising 0.4%** | &nbsp;&nbsp; **Advertising 0.4%** |
| &nbsp;&nbsp; Clear Channel Outdoor Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.750 | 04/15/28 | 200 | 201656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.875 | 04/01/30 | 75 | 79040 |
| &nbsp;&nbsp; Neptune Bidco US, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.290 | 04/15/29 | 200 | 200606 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;481302 |
| &nbsp;&nbsp; **Aerospace & Defense 0.8%** |  |  |  |  |
| &nbsp;&nbsp; Bombardier, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.000 | 02/15/28 | 204 | 203821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.500 | 02/01/29 | 135 | 140211 |
| &nbsp;&nbsp; TransDigm, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.625 | 01/15/29 | 450 | 448351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.750 | 08/15/28 | 325 | 330749 |
|  |  |  |  | 1123132 |
| &nbsp;&nbsp; **Airlines 2.3%** |  |  |  |  |
| &nbsp;&nbsp; American Airlines, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.250 | 02/15/28 | 175 | 178320 |
| &nbsp;&nbsp; American Airlines, Inc./AAdvantage Loyalty IP Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.500 | 04/20/26 | 33 | 33376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.750 | 04/20/29 | 275 | 277800 |
| &nbsp;&nbsp; United Airlines Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.875 | 03/01/29 | 1175 | 1183412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.375 | 03/01/31 | 95 | 96819 |
| &nbsp;&nbsp; United Airlines, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.625 | 04/15/29 | 265 | 265093 |
| &nbsp;&nbsp; VistaJet Malta Finance PLC/Vista Management Holding, Inc. (Switzerland), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.375 | 02/01/30 | 100 | 92581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.875 | 05/01/27 | 300 | 300840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 9.500 | 06/01/28 | 595 | 613760 |
|  |  |  |  | 3042001 |
| &nbsp;&nbsp; **Apparel 0.6%** |  |  |  |  |
| &nbsp;&nbsp; Kontoor Brands, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.125 | 11/15/29 | 375 | 357278 |
| &nbsp;&nbsp; Wolverine World Wide, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.000 | 08/15/29 | 525 | 495459 |
|  |  |  |  | 852737 |
| &nbsp;&nbsp; **Auto Manufacturers 1.1%** |  |  |  |  |
| &nbsp;&nbsp; Ford Motor Credit Co. LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.700 | 08/10/26 | 200 | 198550 |
| &nbsp;&nbsp; New Flyer Holdings, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 9.250 | 07/01/30 | 30 | 32427 |
| &nbsp;&nbsp; Nissan Motor Acceptance Co. LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | 5.625 | 09/29/28 | 100 | 100646 |

---

See Notes to Financial Statements.

------

PGIM Short Duration High Yield ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Auto Manufacturers (cont'd.)** | &nbsp;&nbsp; **Auto Manufacturers (cont'd.)** | &nbsp;&nbsp; **Auto Manufacturers (cont'd.)** | &nbsp;&nbsp; **Auto Manufacturers (cont'd.)** | &nbsp;&nbsp; **Auto Manufacturers (cont'd.)** | &nbsp;&nbsp; **Auto Manufacturers (cont'd.)** |
| &nbsp;&nbsp; Nissan Motor Co. Ltd. (Japan), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.345% | 09/17/27 | 400 | $| 397000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.500 | 07/17/30 | 205 |  | 216156 |
| &nbsp;&nbsp; PM General Purchaser LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.500 | 10/01/28 | 495 |  | 463509 |
|  |  |  |  |  | 1408288 |
| &nbsp;&nbsp; **Auto Parts & Equipment 1.5%** |  |  |  |  |  |
| &nbsp;&nbsp; Adient Global Holdings Ltd., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.000 | 04/15/28 | 200 |  | 203974 |
| &nbsp;&nbsp; Clarios Global LP/Clarios US Finance Co., | &nbsp;&nbsp; Clarios Global LP/Clarios US Finance Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.750 | 05/15/28 | 600 |  | 612996 |
| &nbsp;&nbsp; Phinia, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.750 | 04/15/29 | 60 |  | 62076 |
| &nbsp;&nbsp; Tenneco, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.000 | 11/17/28 | 775 |  | 775005 |
| &nbsp;&nbsp; Titan International, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 7.000 | 04/30/28 | 326 |  | 326514 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1980565 |
| &nbsp;&nbsp; **Banks 0.5%** | &nbsp;&nbsp; **Banks 0.5%** | &nbsp;&nbsp; **Banks 0.5%** | &nbsp;&nbsp; **Banks 0.5%** | &nbsp;&nbsp; **Banks 0.5%** | &nbsp;&nbsp; **Banks 0.5%** |
| &nbsp;&nbsp; Citigroup, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | 6.625(ff) | 02/15/31 (oo) | 115 |  | 117977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series EE | 6.750(ff) | 02/15/30 (oo) | 34 |  | 34773 |
| &nbsp;&nbsp; Freedom Mortgage Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.625 | 01/15/27 | 275 |  | 275036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 12.250 | 10/01/30 | 100 |  | 108789 |
| &nbsp;&nbsp; Popular, Inc. (Puerto Rico), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 7.250 | 03/13/28 | 175 |  | 181771 |
|  |  |  |  |  | 718346 |
| &nbsp;&nbsp; **Building Materials 1.5%** | &nbsp;&nbsp; **Building Materials 1.5%** | &nbsp;&nbsp; **Building Materials 1.5%** | &nbsp;&nbsp; **Building Materials 1.5%** | &nbsp;&nbsp; **Building Materials 1.5%** | &nbsp;&nbsp; **Building Materials 1.5%** |
| &nbsp;&nbsp; Builders FirstSource, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.000 | 03/01/30 | 10 |  | 9937 |
| &nbsp;&nbsp; Camelot Return Merger Sub, Inc., | &nbsp;&nbsp; Camelot Return Merger Sub, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.750 | 08/01/28 | 275 |  | 207474 |
| &nbsp;&nbsp; Cornerstone Building Brands, Inc., | &nbsp;&nbsp; Cornerstone Building Brands, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.125 | 01/15/29 | 175 |  | 87305 |
| &nbsp;&nbsp; CP Atlas Buyer, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.750 | 07/15/30 | 125 |  | 125055 |
| &nbsp;&nbsp; Griffon Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.750 | 03/01/28 | 350 |  | 349668 |
| &nbsp;&nbsp; JELD-WEN, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.875 | 12/15/27 | 263 |  | 213612 |
| &nbsp;&nbsp; Smyrna Ready Mix Concrete LLC, | &nbsp;&nbsp; Smyrna Ready Mix Concrete LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.000 | 11/01/28 | 300 |  | 299985 |
| &nbsp;&nbsp; Standard Industries, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.750 | 01/15/28 | 775 |  | 773076 |
|  |  |  |  |  | 2066112 |
| &nbsp;&nbsp; **Chemicals 1.9%** | &nbsp;&nbsp; **Chemicals 1.9%** | &nbsp;&nbsp; **Chemicals 1.9%** | &nbsp;&nbsp; **Chemicals 1.9%** | &nbsp;&nbsp; **Chemicals 1.9%** | &nbsp;&nbsp; **Chemicals 1.9%** |
| &nbsp;&nbsp; Celanese US Holdings LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 1.400 | 08/05/26 | 250 |  | 245740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.850(c) | 11/15/28 | 32 |  | 33662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 7.000 | 02/15/31 | 50 |  | 51535 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 171

------

PGIM Short Duration High Yield ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Chemicals (cont'd.)** | &nbsp;&nbsp; **Chemicals (cont'd.)** | &nbsp;&nbsp; **Chemicals (cont'd.)** | &nbsp;&nbsp; **Chemicals (cont'd.)** | &nbsp;&nbsp; **Chemicals (cont'd.)** | &nbsp;&nbsp; **Chemicals (cont'd.)** |
| &nbsp;&nbsp; Hercules LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | 6.500% | 06/30/29 | 75 | $| 75726 |
| &nbsp;&nbsp; NOVA Chemicals Corp. (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.000 | 12/01/31 | 390 |  | 415662 |
| &nbsp;&nbsp; Olympus Water US Holding Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.250 | 10/01/28 | 900 |  | 875526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.250 | 10/01/29 | 400 |  | 392718 |
| &nbsp;&nbsp; SK Invictus Intermediate II Sarl, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.000 | 10/30/29 | 245 |  | 241325 |
| &nbsp;&nbsp; SNF Group SACA (France), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.125 | 03/15/27 | 200 |  | 197432 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2529326 |
| &nbsp;&nbsp; **Coal 0.2%** | &nbsp;&nbsp; **Coal 0.2%** | &nbsp;&nbsp; **Coal 0.2%** | &nbsp;&nbsp; **Coal 0.2%** | &nbsp;&nbsp; **Coal 0.2%** | &nbsp;&nbsp; **Coal 0.2%** |
| &nbsp;&nbsp; Coronado Finance Pty Ltd. (Australia), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.250 | 10/01/29 | 245 |  | 226931 |
| &nbsp;&nbsp; **Commercial Services 5.0%** | &nbsp;&nbsp; **Commercial Services 5.0%** | &nbsp;&nbsp; **Commercial Services 5.0%** | &nbsp;&nbsp; **Commercial Services 5.0%** | &nbsp;&nbsp; **Commercial Services 5.0%** | &nbsp;&nbsp; **Commercial Services 5.0%** |
| &nbsp;&nbsp; Allied Universal Holdco LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.875 | 02/15/31 | 340 |  | 359189 |
| &nbsp;&nbsp; Allied Universal Holdco LLC/Allied Universal Finance Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.875 | 06/15/30 | 100 |  | 104126 |
| &nbsp;&nbsp; Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.625 | 06/01/28 | 950 |  | 937641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.625 | 06/01/28 | 600 |  | 593442 |
| &nbsp;&nbsp; Alta Equipment Group, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 9.000 | 06/01/29 | 20 |  | 18958 |
| &nbsp;&nbsp; AMN Healthcare, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.000 | 04/15/29 | 600 |  | 573836 |
| &nbsp;&nbsp; Avis Budget Car Rental LLC/Avis Budget Finance, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.750 | 04/01/28 | 300 |  | 293311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.750 | 07/15/27 | 224 |  | 223606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.750 | 07/15/27 | 50 |  | 49950 |
| &nbsp;&nbsp; Block, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.625 | 08/15/30 | 90 |  | 91174 |
| &nbsp;&nbsp; Clarivate Science Holdings Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 3.875 | 07/01/28 | 500 |  | 467853 |
| &nbsp;&nbsp; Covista, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.500 | 03/01/28 | 174 |  | 174000 |
| &nbsp;&nbsp; DCLI Bidco LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Mortgage, 144A | 7.750 | 11/15/29 | 135 |  | 138426 |
| &nbsp;&nbsp; Herc Holdings, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.750 | 03/15/31 | 85 |  | 86171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.625 | 06/15/29 | 435 |  | 449144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.000 | 06/15/30 | 130 |  | 136195 |
| &nbsp;&nbsp; Hertz Corp. (The), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.625 | 12/01/26 | 8 |  | 7295 |
| &nbsp;&nbsp; Mavis Tire Express Services Topco Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.500 | 05/15/29 | 425 |  | 424851 |
| &nbsp;&nbsp; NESCO Holdings II, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 5.500 | 04/15/29 | 200 |  | 199137 |
| &nbsp;&nbsp; Service Corp. International, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.625 | 12/15/27 | 25 |  | 24950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 7.500 | 04/01/27 | 37 |  | 38123 |
| &nbsp;&nbsp; United Rentals North America, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.875 | 02/15/31 | 200 |  | 192702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.000 | 07/15/30 | 200 |  | 194626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.875 | 01/15/28 | 467 |  | 466678 |

---

See Notes to Financial Statements.

------

PGIM Short Duration High Yield ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Commercial Services (cont'd.)** | &nbsp;&nbsp; **Commercial Services (cont'd.)** | &nbsp;&nbsp; **Commercial Services (cont'd.)** | &nbsp;&nbsp; **Commercial Services (cont'd.)** | &nbsp;&nbsp; **Commercial Services (cont'd.)** | &nbsp;&nbsp; **Commercial Services (cont'd.)** |
| &nbsp;&nbsp; United Rentals North America, Inc., (cont'd.) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | 3.875% | 11/15/27 | 200 | $| 198558 |
| &nbsp;&nbsp; Veritiv Operating Co., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 10.500 | 11/30/30 | 170 |  | 182188 |
| &nbsp;&nbsp; VT Topco, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.500 | 08/15/30 | 155 |  | 154098 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6780228 |
| &nbsp;&nbsp; **Computers 1.2%** | &nbsp;&nbsp; **Computers 1.2%** | &nbsp;&nbsp; **Computers 1.2%** | &nbsp;&nbsp; **Computers 1.2%** | &nbsp;&nbsp; **Computers 1.2%** | &nbsp;&nbsp; **Computers 1.2%** |
| &nbsp;&nbsp; Fortress Intermediate 3, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.500 | 06/01/31 | 250 |  | 244460 |
| &nbsp;&nbsp; McAfee Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.375 | 02/15/30 | 675 |  | 552229 |
| &nbsp;&nbsp; NCR Atleos Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.500 | 04/01/29 | 175 |  | 187739 |
| &nbsp;&nbsp; NCR Voyix Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.000 | 10/01/28 | 625 |  | 614644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.125 | 04/15/29 | 8 |  | 7842 |
|  |  |  |  |  | 1606914 |
| &nbsp;&nbsp; **Cosmetics/Personal Care 0.0%** | &nbsp;&nbsp; **Cosmetics/Personal Care 0.0%** | &nbsp;&nbsp; **Cosmetics/Personal Care 0.0%** | &nbsp;&nbsp; **Cosmetics/Personal Care 0.0%** | &nbsp;&nbsp; **Cosmetics/Personal Care 0.0%** | &nbsp;&nbsp; **Cosmetics/Personal Care 0.0%** |
| &nbsp;&nbsp; P&L Development LLC/PLD Finance Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 9.000% and PIK 3.500% or Cash coupon 12.000% | 12.000 | 05/15/29 | 44 |  | 43523 |
| &nbsp;&nbsp; **Diversified Financial Services 6.1%** | &nbsp;&nbsp; **Diversified Financial Services 6.1%** | &nbsp;&nbsp; **Diversified Financial Services 6.1%** | &nbsp;&nbsp; **Diversified Financial Services 6.1%** | &nbsp;&nbsp; **Diversified Financial Services 6.1%** | &nbsp;&nbsp; **Diversified Financial Services 6.1%** |
| &nbsp;&nbsp; Azorra Finance Ltd., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.750 | 04/15/30 | 50 |  | 52375 |
| &nbsp;&nbsp; Encore Capital Group, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.250 | 04/01/29 | 200 |  | 210029 |
| &nbsp;&nbsp; Freedom Mortgage Holdings LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 9.250 | 02/01/29 | 440 |  | 459524 |
| &nbsp;&nbsp; GGAM Finance Ltd. (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.000 | 02/15/27 | 775 |  | 783719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.875 | 03/15/30 | 10 |  | 10181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 8.000 | 06/15/28 | 475 |  | 498569 |
| &nbsp;&nbsp; goeasy Ltd. (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.875 | 02/15/31 | 25 |  | 21563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 9.250 | 12/01/28 | 375 |  | 371659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.375 | 10/01/30 | 20 |  | 17796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.625 | 07/01/29 | 300 |  | 281250 |
| &nbsp;&nbsp; Jefferies Finance LLC/JFIN Co-Issuer Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.000 | 08/15/28 | 250 |  | 238984 |
| &nbsp;&nbsp; LD Holdings Group LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.125 | 04/01/28 | 200 |  | 177998 |
| &nbsp;&nbsp; Macquarie Airfinance Holdings Ltd. (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.400 | 03/26/29 | 130 |  | 137028 |
| &nbsp;&nbsp; Navient Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.875 | 03/15/28 | 225 |  | 213992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.000 | 03/15/27 | 415 |  | 408110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.750 | 06/15/26 | 594 |  | 595326 |
| &nbsp;&nbsp; OneMain Finance Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.500 | 01/15/27 | 200 |  | 197593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.875 | 09/15/28 | 575 |  | 556334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.375 | 11/15/29 | 450 |  | 445042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.125 | 05/15/30 | 25 |  | 25089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.625 | 01/15/28 | 50 |  | 51053 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 173

------

PGIM Short Duration High Yield ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Diversified Financial Services (cont'd.)** | &nbsp;&nbsp; **Diversified Financial Services (cont'd.)** | &nbsp;&nbsp; **Diversified Financial Services (cont'd.)** | &nbsp;&nbsp; **Diversified Financial Services (cont'd.)** | &nbsp;&nbsp; **Diversified Financial Services (cont'd.)** | &nbsp;&nbsp; **Diversified Financial Services (cont'd.)** |
| &nbsp;&nbsp; PennyMac Financial Services, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.250% | 02/15/29 | 475 | $| 456642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.875 | 12/15/29 | 50 |  | 52466 |
| &nbsp;&nbsp; PHH Escrow Issuer LLC/PHH Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 9.875 | 11/01/29 | 35 |  | 35175 |
| &nbsp;&nbsp; PRA Group, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.375 | 02/01/28 | 250 |  | 251725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.875 | 01/31/30 | 15 |  | 15262 |
| &nbsp;&nbsp; Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., | &nbsp;&nbsp; Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 2.875 | 10/15/26 | 750 |  | 741086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.625 | 03/01/29 | 550 |  | 529569 |
| &nbsp;&nbsp; United Wholesale Mortgage LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.500 | 04/15/29 | 200 |  | 195977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.750 | 06/15/27 | 115 |  | 114437 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8145553 |
| &nbsp;&nbsp; **Electric 3.6%** | &nbsp;&nbsp; **Electric 3.6%** | &nbsp;&nbsp; **Electric 3.6%** | &nbsp;&nbsp; **Electric 3.6%** | &nbsp;&nbsp; **Electric 3.6%** | &nbsp;&nbsp; **Electric 3.6%** |
| &nbsp;&nbsp; Calpine LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.125 | 03/15/28 | 200 |  | 200016 |
| &nbsp;&nbsp; NRG Energy, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.750 | 01/15/28 | 150 |  | 150043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.375 | 02/15/29 | 965 |  | 929637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.250 | 06/15/29 | 225 |  | 225830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.750 | 07/15/29 | 400 |  | 400943 |
| &nbsp;&nbsp; PG&E Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 5.000 | 07/01/28 | 350 |  | 349139 |
| &nbsp;&nbsp; Vistra Operations Co. LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.375 | 05/01/29 | 1625 |  | 1607678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.000 | 07/31/27 | 578 |  | 577996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.625 | 02/15/27 | 275 |  | 274851 |
| &nbsp;&nbsp; VoltaGrid LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 7.375 | 11/01/30 | 140 |  | 146125 |
|  |  |  |  |  | 4862258 |
| &nbsp;&nbsp; **Electrical Components & Equipment 0.7%** |  |  |  |  |  |
| &nbsp;&nbsp; Energizer Holdings, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.375 | 03/31/29 | 225 |  | 218474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.750 | 06/15/28 | 375 |  | 371916 |
| &nbsp;&nbsp; WESCO Distribution, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.250 | 04/15/31 | 70 |  | 70223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.375 | 03/15/29 | 265 |  | 272537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.250 | 06/15/28 | 52 |  | 52395 |
|  |  |  |  |  | 985545 |
| &nbsp;&nbsp; **Electronics 0.1%** | &nbsp;&nbsp; **Electronics 0.1%** | &nbsp;&nbsp; **Electronics 0.1%** | &nbsp;&nbsp; **Electronics 0.1%** | &nbsp;&nbsp; **Electronics 0.1%** | &nbsp;&nbsp; **Electronics 0.1%** |
| &nbsp;&nbsp; Sensata Technologies BV, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.000 | 04/15/29 | 200 |  | 195522 |
| &nbsp;&nbsp; **Entertainment 3.0%** | &nbsp;&nbsp; **Entertainment 3.0%** | &nbsp;&nbsp; **Entertainment 3.0%** | &nbsp;&nbsp; **Entertainment 3.0%** | &nbsp;&nbsp; **Entertainment 3.0%** | &nbsp;&nbsp; **Entertainment 3.0%** |
| &nbsp;&nbsp; Brightstar Lottery PLC/Brightstar Global Solutions Corp. (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.750 | 01/15/33 | 200 |  | 198684 |
| &nbsp;&nbsp; Caesars Entertainment, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.625 | 10/15/29 | 575 |  | 562123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.000 | 02/15/30 | 400 |  | 410249 |
| &nbsp;&nbsp; Churchill Downs, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.750 | 01/15/28 | 400 |  | 398705 |

---

See Notes to Financial Statements.

------

PGIM Short Duration High Yield ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Entertainment (cont'd.)**<br>|  |  |  |  |
| &nbsp;&nbsp; Churchill Downs, Inc., (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.750% | 04/01/30 | 125 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126002 |
| &nbsp;&nbsp; Jacobs Entertainment, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.750 | 02/15/29 | 200 | 196617 |
| &nbsp;&nbsp; Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.875 | 05/01/29 | 475 | 466874 |
| &nbsp;&nbsp; Penn Entertainment, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.125 | 07/01/29 | 425 | 400984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.625 | 01/15/27 | 505 | 505241 |
| &nbsp;&nbsp; Rivers Enterprise Borrower LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.250 | 10/15/30 | 45 | 45987 |
| &nbsp;&nbsp; Scientific Games Holdings LP/Scientific Games US FinCo, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.625 | 03/01/30 | 100 | 90697 |
| &nbsp;&nbsp; Voyager Parent LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.250 | 07/01/32 | 275 | 293590 |
| &nbsp;&nbsp; Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.125 | 10/01/29 | 300 | 302203 |
|  |  |  |  | 3997956 |
| &nbsp;&nbsp; **Environmental Control 1.0%**<br>|  |  |  |  |
| &nbsp;&nbsp; Clean Harbors, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.375 | 02/01/31 | 200 | 205281 |
| &nbsp;&nbsp; GFL Environmental, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.000 | 08/01/28 | 320 | 315043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.375 | 08/15/29 | 125 | 122618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.750 | 06/15/29 | 25 | 24822 |
| &nbsp;&nbsp; Madison IAQ LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.125 | 06/30/28 | 40 | 39498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.875 | 06/30/29 | 330 | 329287 |
| &nbsp;&nbsp; Reworld Holding Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.875 | 12/01/29 | 255 | 245775 |
|  |  |  |  | 1282324 |
| &nbsp;&nbsp; **Foods 1.1%** |  |  |  |  |
| &nbsp;&nbsp; Albertson's Cos., Inc./Safeway, Inc./New Albertson's LP/Albertson's LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.500 | 03/15/29 | 500 | 482386 |
| &nbsp;&nbsp; B&G Foods, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.250 | 09/15/27 | 200 | 194143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.000 | 09/15/28 | 440 | 426905 |
| &nbsp;&nbsp; Lamb Weston Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.125 | 01/31/30 | 300 | 290791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.875 | 05/15/28 | 125 | 125120 |
|  |  |  |  | 1519345 |
| &nbsp;&nbsp; **Gas 0.5%** |  |  |  |  |
| &nbsp;&nbsp; AmeriGas Partners LP/AmeriGas Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.750 | 05/20/27 | 575 | 579698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 9.500 | 06/01/30 | 125 | 133858 |
|  |  |  |  | 713556 |
| &nbsp;&nbsp; **Healthcare-Services 3.4%** |  |  |  |  |
| &nbsp;&nbsp; CHS/Community Health Systems, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.000 | 01/15/29 | 150 | 149706 |
| &nbsp;&nbsp; DaVita, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.625 | 06/01/30 | 1175 | 1150143 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 175

------

PGIM Short Duration High Yield ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Healthcare-Services (cont'd.)**<br>|  |  |  |  |
| &nbsp;&nbsp; LifePoint Health, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.375% | 01/15/29 | 525 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.875 | 08/15/30 | 75 | 80214 |
| &nbsp;&nbsp; MPH Acquisition Holdings LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.750 | 12/31/30 | 265 | 195032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 6.500% and PIK 5.000% | 11.500 | 12/31/30 | 73 | 71571 |
| &nbsp;&nbsp; Prime Healthcare Services, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.375 | 09/01/29 | 220 | 229945 |
| &nbsp;&nbsp; Tenet Healthcare Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.125 | 10/01/28 | 400 | 401054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 4.250 | 06/01/29 | 675 | 663930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 4.375 | 01/15/30 | 400 | 392632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 4.625 | 06/15/28 | 659 | 658040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.500 | 11/15/32 | 65 | 65848 |
|  |  |  |  | 4571575 |
| &nbsp;&nbsp; **Home Builders 4.7%**<br>|  |  |  |  |
| &nbsp;&nbsp; Ashton Woods USA LLC/Ashton Woods Finance Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.625 | 08/01/29 | 601 | 585716 |
| &nbsp;&nbsp; Beazer Homes USA, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.875 | 10/15/27 | 520 | 519356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 7.250 | 10/15/29 | 250 | 254934 |
| &nbsp;&nbsp; Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.875 | 02/15/30 | 225 | 210731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.250 | 09/15/27 | 475 | 473784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.000 | 06/15/29 | 50 | 48329 |
| &nbsp;&nbsp; Dream Finders Homes, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.875 | 09/15/30 | 130 | 132927 |
| &nbsp;&nbsp; Empire Communities Corp. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 9.750 | 05/01/29 | 175 | 180346 |
| &nbsp;&nbsp; Forestar Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.000 | 03/01/28 | 431 | 431446 |
| &nbsp;&nbsp; KB Home, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.800 | 11/15/29 | 215 | 214271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.875 | 06/15/27 | 287 | 292244 |
| &nbsp;&nbsp; M/I Homes, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.950 | 02/01/28 | 407 | 404212 |
| &nbsp;&nbsp; Mattamy Group Corp. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.625 | 03/01/30 | 125 | 121816 |
| &nbsp;&nbsp; Shea Homes LP/Shea Homes Funding Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.750 | 02/15/28 | 586 | 583604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.750 | 04/01/29 | 575 | 568488 |
| &nbsp;&nbsp; STL Holding Co. LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 8.750 | 02/15/29 | 200 | 209921 |
| &nbsp;&nbsp; Taylor Morrison Communities, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.750 | 01/15/28 | 300 | 306122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.125 | 08/01/30 | 125 | 126109 |
| &nbsp;&nbsp; Tri Pointe Homes, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.250 | 06/01/27 | 375 | 377287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.700 | 06/15/28 | 250 | 253560 |
|  |  |  |  | 6295203 |

---

See Notes to Financial Statements.

------

PGIM Short Duration High Yield ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Home Furnishings 0.2%**<br>|  |  |  |  |
| &nbsp;&nbsp; Whirlpool Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.125% | 06/15/30 | 160 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.500 | 06/15/33 | 75 | 74939 |
|  |  |  |  | 235442 |
| &nbsp;&nbsp; **Household Products/Wares 0.5%**<br>|  |  |  |  |
| &nbsp;&nbsp; ACCO Brands Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.250 | 03/15/29 | 700 | 643694 |
| &nbsp;&nbsp; **Housewares 0.6%**<br>|  |  |  |  |
| &nbsp;&nbsp; Newell Brands, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.375 | 09/15/27 | 100 | 101433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 8.500 | 06/01/28 | 635 | 668344 |
|  |  |  |  | 769777 |
| &nbsp;&nbsp; **Insurance 1.7%**<br>|  |  |  |  |
| &nbsp;&nbsp; Acrisure LLC/Acrisure Finance, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 8.250 | 02/01/29 | 1175 | 1177402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 8.500 | 06/15/29 | 225 | 224821 |
| &nbsp;&nbsp; AmWINS Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.375 | 02/15/29 | 195 | 198391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.875 | 06/30/29 | 257 | 249395 |
| &nbsp;&nbsp; Asurion LLC & Asurion Co-Issuer, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.000 | 12/31/32 | 135 | 142028 |
| &nbsp;&nbsp; Broadstreet Partners Group LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.875 | 04/15/29 | 350 | 339067 |
|  |  |  |  | 2331104 |
| &nbsp;&nbsp; **Internet 1.5%**<br>|  |  |  |  |
| &nbsp;&nbsp; Cablevision Lightpath LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.625 | 09/15/28 | 525 | 525000 |
| &nbsp;&nbsp; Gen Digital, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.750 | 09/30/27 | 500 | 504773 |
| &nbsp;&nbsp; Go Daddy Operating Co. LLC/GD Finance Co., Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.500 | 03/01/29 | 600 | 560292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.250 | 12/01/27 | 250 | 248884 |
| &nbsp;&nbsp; ION Platform Finance US, Inc./ION Platform Finance Sarl, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.625 | 05/01/28 | 60 | 55576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.000 | 05/01/28 | 80 | 74197 |
|  |  |  |  | 1968722 |
| &nbsp;&nbsp; **Iron/Steel 1.5%**<br>|  |  |  |  |
| &nbsp;&nbsp; Big River Steel LLC/BRS Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.625 | 01/31/29 | 100 | 100747 |
| &nbsp;&nbsp; Champion Iron Canada, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.875 | 07/15/32 | 35 | 37165 |
| &nbsp;&nbsp; Cleveland-Cliffs, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.750 | 04/15/30 | 175 | 177443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.875 | 11/01/29 | 295 | 303781 |
| &nbsp;&nbsp; Mineral Resources Ltd. (Australia), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.000 | 04/01/31 | 375 | 394106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 9.250 | 10/01/28 | 825 | 863932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | 8.000 | 11/01/27 | 175 | 178539 |
|  |  |  |  | 2055713 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 177

------

PGIM Short Duration High Yield ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Leisure Time 1.4%**<br>|  |  |  |  |
| &nbsp;&nbsp; Carnival Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.125% | 05/01/29 | 565 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572680 |
| &nbsp;&nbsp; Lindblad Expeditions LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.000 | 09/15/30 | 215 | 225311 |
| &nbsp;&nbsp; NCL Corp. Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.250 | 03/01/30 | 15 | 15370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.750 | 02/15/29 | 450 | 479821 |
| &nbsp;&nbsp; NCL Finance Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.125 | 03/15/28 | 75 | 76961 |
| &nbsp;&nbsp; Patrick Industries, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.750 | 05/01/29 | 193 | 192273 |
| &nbsp;&nbsp; Viking Cruises Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.000 | 02/15/29 | 25 | 25037 |
| &nbsp;&nbsp; Viking Ocean Cruises Ship VII Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.625 | 02/15/29 | 75 | 74886 |
| &nbsp;&nbsp; VOC Escrow Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.000 | 02/15/28 | 175 | 174542 |
|  |  |  |  | 1836881 |
| &nbsp;&nbsp; **Lodging 3.0%**<br>|  |  |  |  |
| &nbsp;&nbsp; Boyd Gaming Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.750 | 12/01/27 | 340 | 339520 |
| &nbsp;&nbsp; MGM Resorts International, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.625 | 09/01/26 | 125 | 124951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.750 | 10/15/28 | 425 | 425149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.500 | 04/15/27 | 700 | 706379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.125 | 09/15/29 | 515 | 529197 |
| &nbsp;&nbsp; Station Casinos LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.500 | 02/15/28 | 400 | 398982 |
| &nbsp;&nbsp; Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., | &nbsp;&nbsp; Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.250 | 05/15/27 | 450 | 451957 |
| &nbsp;&nbsp; Wynn Macau Ltd. (Macau), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.625 | 08/26/28 | 1100 | 1098427 |
|  |  |  |  | 4074562 |
| &nbsp;&nbsp; **Machinery-Construction & Mining 0.4%**<br>|  |  |  |  |
| &nbsp;&nbsp; Terex Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.000 | 05/15/29 | 275 | 274821 |
| &nbsp;&nbsp; Vertiv Group Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.125 | 11/15/28 | 245 | 244184 |
|  |  |  |  | 519005 |
| &nbsp;&nbsp; **Machinery-Diversified 0.4%**<br>|  |  |  |  |
| &nbsp;&nbsp; Maxim Crane Works Holdings Capital LLC, | &nbsp;&nbsp; Maxim Crane Works Holdings Capital LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 11.500 | 09/01/28 | 300 | 317484 |
| &nbsp;&nbsp; TK Elevator US Newco, Inc. (Germany), | &nbsp;&nbsp; TK Elevator US Newco, Inc. (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.250 | 07/15/27 | 225 | 224704 |
|  |  |  |  | 542188 |
| &nbsp;&nbsp; **Media 3.7%**<br>|  |  |  |  |
| &nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp., | &nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.375 | 06/01/29 | 50 | 49894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.000 | 02/01/28 | 625 | 623503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.125 | 05/01/27 | 207 | 207216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.375 | 09/01/29 | 200 | 202608 |

---

See Notes to Financial Statements.

------

PGIM Short Duration High Yield ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Media (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; CSC Holdings LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.375% | 02/01/28 | 1225 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;882142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.500 | 04/15/27 | 425 | 359559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.500 | 04/01/28 | 200 | 112439 |
| &nbsp;&nbsp; DISH DBS Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(x) | 5.125 | 06/01/29 | 25 | 22255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(x) | 7.375 | 07/01/28 | 25 | 24176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(x) | 7.750 | 07/01/26 | 600 | 593544 |
| &nbsp;&nbsp; DISH Network Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(x) | 11.750 | 11/15/27 | 825 | 852125 |
| &nbsp;&nbsp; Gray Media, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 9.625 | 07/15/32 | 40 | 41565 |
| &nbsp;&nbsp; iHeartCommunications, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.750 | 08/15/30 | 50 | 40009 |
| &nbsp;&nbsp; Radiate Holdco LLC/Radiate Finance, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, PIK 9.250%(x) | 9.250 | 03/25/30 | 21 | 15240 |
| &nbsp;&nbsp; Sinclair Television Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.125 | 02/15/33 | 50 | 52057 |
| &nbsp;&nbsp; Univision Communications, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.000 | 08/15/28 | 450 | 462922 |
| &nbsp;&nbsp; Virgin Media Secured Finance PLC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.500 | 05/15/29 | 400 | 388552 |
|  |  |  |  | 4929806 |
| &nbsp;&nbsp; **Mining 2.0%** |  |  |  |  |
| &nbsp;&nbsp; Arsenal AIC Parent LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, 144A | 11.500 | 10/01/31 | 80 | 88202 |
| &nbsp;&nbsp; Coeur Mining, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.125 | 02/15/29 | 145 | 144394 |
| &nbsp;&nbsp; First Quantum Minerals Ltd. (Zambia), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.625 | 06/01/31 | 350 | 366909 |
| &nbsp;&nbsp; Hecla Mining Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 7.250 | 02/15/28 | 83 | 83071 |
| &nbsp;&nbsp; Hudbay Minerals, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.500 | 04/01/26 | 1360 | 1357647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.125 | 04/01/29 | 275 | 276592 |
| &nbsp;&nbsp; Novelis Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.750 | 01/30/30 | 125 | 121138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.875 | 01/30/30 | 25 | 25807 |
| &nbsp;&nbsp; Taseko Mines Ltd. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.250 | 05/01/30 | 250 | 264295 |
|  |  |  |  | 2728055 |
| &nbsp;&nbsp; **Miscellaneous Manufacturing 0.4%** |  |  |  |  |
| &nbsp;&nbsp; Axon Enterprise, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.125 | 03/15/30 | 35 | 36181 |
| &nbsp;&nbsp; Entegris, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.375 | 04/15/28 | 200 | 198104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.750 | 04/15/29 | 50 | 50060 |
| &nbsp;&nbsp; Trinity Industries, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.750 | 07/15/28 | 240 | 247137 |
|  |  |  |  | 531482 |
| &nbsp;&nbsp; **Oil & Gas 5.4%** |  |  |  |  |
| &nbsp;&nbsp; Aethon United BR LP/Aethon United Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.500 | 10/01/29 | 85 | 89471 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 179

------

PGIM Short Duration High Yield ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Oil & Gas (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Ascent Resources Utica Holdings LLC/ARU Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 9.000% | 11/01/27 | 175 | $209609 |
| &nbsp;&nbsp; Comstock Resources, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.875 | 01/15/30 | 275 | 265114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.750 | 03/01/29 | 175 | 174459 |
| &nbsp;&nbsp; Crescent Energy Finance LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.750 | 07/31/29 | 25 | 25191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 9.250 | 02/15/28 | 161 | 165290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 9.750 | 10/15/30 | 200 | 215033 |
| &nbsp;&nbsp; Diamond Foreign Asset Co./Diamond Finance LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 8.500 | 10/01/30 | 80 | 84936 |
| &nbsp;&nbsp; Expand Energy Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.375 | 03/15/30 | 50 | 50784 |
| &nbsp;&nbsp; Hilcorp Energy I LP/Hilcorp Finance Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.750 | 02/01/29 | 650 | 651649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.000 | 02/01/31 | 40 | 39018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.250 | 11/01/28 | 250 | 252173 |
| &nbsp;&nbsp; Nabors Industries, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 9.125 | 01/31/30 | 325 | 341840 |
| &nbsp;&nbsp; Permian Resources Operating LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.000 | 04/15/27 | 105 | 105647 |
| &nbsp;&nbsp; Precision Drilling Corp. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.875 | 01/15/29 | 386 | 389177 |
| &nbsp;&nbsp; SM Energy Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.000 | 10/15/26 | 230 | 230002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.750 | 08/01/29 | 115 | 117619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.375 | 07/01/28 | 750 | 775142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.625 | 11/01/30 | 25 | 26462 |
| &nbsp;&nbsp; Sunoco LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.000 | 05/01/29 | 40 | 41502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.500 | 10/01/29 | 25 | 24644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.875 | 07/15/27 | 250 | 250060 |
| &nbsp;&nbsp; Sunoco LP/Sunoco Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.500 | 05/15/29 | 625 | 615377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.000 | 09/15/28 | 485 | 498189 |
| &nbsp;&nbsp; Transocean Aquila Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.000 | 09/30/28 | 90 | 92404 |
| &nbsp;&nbsp; Transocean International Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.250 | 05/15/29 | 825 | 856969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.500 | 05/15/31 | 120 | 126900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.750 | 02/15/30 | 200 | 208477 |
| &nbsp;&nbsp; Transocean Titan Financing Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.375 | 02/01/28 | 116 | 117824 |
| &nbsp;&nbsp; Valaris Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 8.375 | 04/30/30 | 150 | 157312 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7198274 |
| &nbsp;&nbsp; **Oil & Gas Services 0.1%** |  |  |  |  |
| &nbsp;&nbsp; SESI LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.875 | 09/30/30 | 45 | 45947 |
| &nbsp;&nbsp; Tidewater, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 9.125 | 07/15/30 | 115 | 124123 |
|  |  |  |  | 170070 |
| &nbsp;&nbsp; **Packaging & Containers 3.1%** |  |  |  |  |
| &nbsp;&nbsp; Ardagh Group SA, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, Cash coupon 5.500% and PIK 6.500% | 12.000 | 12/01/30 | 200 | 193250 |

---

See Notes to Financial Statements.

------

PGIM Short Duration High Yield ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Packaging & Containers (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 3.250% | 09/01/28 | 200 | $192882 |
| &nbsp;&nbsp; Ball Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.000 | 06/15/29 | 70 | 72157 |
| &nbsp;&nbsp; Clydesdale Acquisition Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.750 | 04/15/30 | 210 | 209743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.875 | 01/15/30 | 25 | 25402 |
| &nbsp;&nbsp; Graphic Packaging International LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.500 | 03/15/28 | 100 | 97214 |
| &nbsp;&nbsp; Iris Holding, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 10.000 | 12/15/28 | 325 | 297474 |
| &nbsp;&nbsp; LABL, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.875 | 11/01/28(d) | 180 | 72261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.625 | 10/01/31(d) | 25 | 10030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.500 | 11/01/28(d) | 45 | 18059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 10.500 | 07/15/27(d) | 285 | 16460 |
| &nbsp;&nbsp; Mauser Packaging Solutions Holding Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.875 | 04/15/30 | 985 | 1008215 |
| &nbsp;&nbsp; Owens-Brockway Glass Container, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.625 | 05/13/27 | 100 | 100105 |
| &nbsp;&nbsp; Sealed Air Corp./Sealed Air Corp. US, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.125 | 02/01/28 | 75 | 76061 |
| &nbsp;&nbsp; Trident TPI Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 12.750 | 12/31/28 | 1350 | 1385754 |
| &nbsp;&nbsp; TriMas Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.125 | 04/15/29 | 450 | 434590 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4209657 |
| &nbsp;&nbsp; **Pharmaceuticals 1.8%** |  |  |  |  |
| &nbsp;&nbsp; 1261229 BC Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 10.000 | 04/15/32 | 826 | 853877 |
| &nbsp;&nbsp; AdaptHealth LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.625 | 08/01/29 | 389 | 373448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.125 | 03/01/30 | 100 | 96394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.125 | 08/01/28 | 600 | 601942 |
| &nbsp;&nbsp; Bausch Health Cos., Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.875 | 06/01/28 | 296 | 274540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 11.000 | 09/30/28 | 143 | 149435 |
|  |  |  |  | 2349636 |
| &nbsp;&nbsp; **Pipelines 2.0%** |  |  |  |  |
| &nbsp;&nbsp; Antero Midstream Partners LP/Antero Midstream Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.375 | 06/15/29 | 500 | 500218 |
| &nbsp;&nbsp; Blue Racer Midstream LLC/Blue Racer Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.000 | 07/15/29 | 80 | 83285 |
| &nbsp;&nbsp; Buckeye Partners LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.950 | 12/01/26 | 50 | 49620 |
| &nbsp;&nbsp; Global Partners LP/GLP Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.875 | 01/15/29 | 50 | 50505 |
| &nbsp;&nbsp; NFE Financing LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, MTN | 12.000 | 11/15/29 | 70 | 25301 |
| &nbsp;&nbsp; Prairie Acquiror LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.000 | 08/01/29 | 85 | 88730 |
| &nbsp;&nbsp; Rockies Express Pipeline LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.800 | 05/15/30 | 125 | 123067 |
| &nbsp;&nbsp; Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.500 | 01/15/28 | 225 | 224834 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 181

------

PGIM Short Duration High Yield ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Pipelines (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.000% | 09/01/31 | 100 | $101004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.375 | 02/15/29 | 140 | 145138 |
| &nbsp;&nbsp; Venture Global LNG, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.000 | 01/15/30 | 25 | 25329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.125 | 06/01/28 | 400 | 410469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.500 | 02/01/29 | 480 | 514837 |
| &nbsp;&nbsp; Venture Global Plaquemines LNG LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.125 | 12/15/30 | 360 | 373907 |
|  |  |  |  | 2716244 |
| &nbsp;&nbsp; **Real Estate 0.5%** |  |  |  |  |
| &nbsp;&nbsp; Five Point Operating Co. LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.000 | 10/01/30 | 100 | 103473 |
| &nbsp;&nbsp; Greystar Real Estate Partners LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.750 | 09/01/30 | 100 | 104707 |
| &nbsp;&nbsp; Howard Hughes Corp. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.125 | 02/01/29 | 200 | 193697 |
| &nbsp;&nbsp; Hunt Cos., Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.250 | 04/15/29 | 325 | 309619 |
|  |  |  |  | 711496 |
| &nbsp;&nbsp; **Real Estate Investment Trusts (REITs) 4.3%** |  |  |  |  |
| &nbsp;&nbsp; Brandywine Operating Partnership LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.950 | 11/15/27 | 150 | 147272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.550 | 10/01/29 | 200 | 188172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 8.875 | 04/12/29 | 275 | 292263 |
| &nbsp;&nbsp; Diversified Healthcare Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.250 | 10/15/30 | 25 | 25993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.750 | 02/15/28 | 275 | 269043 |
| &nbsp;&nbsp; Millrose Properties, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.375 | 08/01/30 | 65 | 66807 |
| &nbsp;&nbsp; MPT Operating Partnership LP/MPT Finance Corp., | &nbsp;&nbsp; MPT Operating Partnership LP/MPT Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.500 | 03/15/31 | 125 | 96028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.000 | 10/15/27 | 725 | 712002 |
| &nbsp;&nbsp; Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, | &nbsp;&nbsp; Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.000 | 02/01/30 | 10 | 10358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.875 | 05/15/29 | 475 | 466721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.875 | 10/01/28 | 100 | 100001 |
| &nbsp;&nbsp; RHP Hotel Properties LP/RHP Finance Corp., | &nbsp;&nbsp; RHP Hotel Properties LP/RHP Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.750 | 10/15/27 | 475 | 474970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.500 | 02/15/29 | 300 | 295912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.500 | 04/01/32 | 20 | 20719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.250 | 07/15/28 | 225 | 231151 |
| &nbsp;&nbsp; Rithm Capital Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 8.000 | 04/01/29 | 225 | 226464 |
| &nbsp;&nbsp; SBA Communications Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.125 | 02/01/29 | 350 | 336781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.875 | 02/15/27 | 784 | 779093 |
| &nbsp;&nbsp; Starwood Property Trust, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.250 | 10/15/28 | 20 | 20068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.625 | 07/15/26 | 325 | 322275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.375 | 01/15/27 | 510 | 506373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.500 | 10/15/30 | 30 | 31275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.250 | 04/01/29 | 175 | 183407 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5803148 |

---

See Notes to Financial Statements.

------

PGIM Short Duration High Yield ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Retail 3.3%** |  |  |  |  |
| &nbsp;&nbsp; 1011778 BC ULC/New Red Finance, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 4.000% | 10/15/30 | 25 | $24004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 4.375 | 01/15/28 | 175 | 173927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 3.500 | 02/15/29 | 300 | 289917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 3.875 | 01/15/28 | 550 | 543125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.625 | 09/15/29 | 100 | 101720 |
| &nbsp;&nbsp; Arko Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.125 | 11/15/29 | 425 | 379057 |
| &nbsp;&nbsp; Carvana Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.000 | 06/01/30 | 650 | 676926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.000 | 06/01/31 | 250 | 274030 |
| &nbsp;&nbsp; EG Global Finance PLC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 12.000 | 11/30/28 | 300 | 322500 |
| &nbsp;&nbsp; Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.625 | 01/15/29 | 200 | 194076 |
| &nbsp;&nbsp; Gap, Inc. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.625 | 10/01/29 | 425 | 404058 |
| &nbsp;&nbsp; LBM Acquisition LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.250 | 01/15/29 | 530 | 403615 |
| &nbsp;&nbsp; LCM Investments Holdings II LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.875 | 05/01/29 | 150 | 147920 |
| &nbsp;&nbsp; Lithia Motors, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.625 | 12/15/27 | 75 | 74867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.500 | 10/01/30 | 40 | 40213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.875 | 06/01/29 | 50 | 48327 |
| &nbsp;&nbsp; Sally Holdings LLC/Sally Capital, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.750 | 03/01/32 | 25 | 25954 |
| &nbsp;&nbsp; Superior Plus LP/Superior General Partner, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.500 | 03/15/29 | 100 | 97069 |
| &nbsp;&nbsp; White Cap Supply Holdings LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.375 | 11/15/30 | 185 | 187981 |
|  |  |  |  | 4409286 |
| &nbsp;&nbsp; **Software 1.7%** |  |  |  |  |
| &nbsp;&nbsp; CoreWeave, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 9.250 | 06/01/30 | 210 | 205659 |
| &nbsp;&nbsp; Fair Isaac Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.000 | 06/15/28 | 825 | 807720 |
| &nbsp;&nbsp; SS&C Technologies, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.500 | 09/30/27 | 1000 | 999142 |
| &nbsp;&nbsp; X.AI LLC/X.AI Co. Issuer Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 12.500 | 06/30/30 | 225 | 256261 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2268782 |
| &nbsp;&nbsp; **Telecommunications 4.4%** |  |  |  |  |
| &nbsp;&nbsp; Altice Financing SA (Luxembourg), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.625 | 07/15/27 | 500 | 370050 |
| &nbsp;&nbsp; Altice France SA (France), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.500 | 11/01/29(d) | 152 | 154726 |
| &nbsp;&nbsp; Black Pearl Compute LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.125 | 02/15/31 | 105 | 107517 |
| &nbsp;&nbsp; Cipher Compute LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.125 | 11/15/30 | 35 | 36501 |
| &nbsp;&nbsp; Connect Holding II LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 10.500 | 04/03/31 | 225 | 217663 |
| &nbsp;&nbsp; EchoStar Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes(x) | 10.750 | 11/30/29 | 75 | 81912 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 183

------

PGIM Short Duration High Yield ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Telecommunications (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Flash Compute LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.250% | 12/31/30 | 60 | $61459 |
| &nbsp;&nbsp; Frontier Communications Holdings LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 6.000 | 01/15/30 | 50 | 50540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 6.750 | 05/01/29 | 100 | 100425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.000 | 05/01/28 | 1200 | 1201231 |
| &nbsp;&nbsp; Iliad Holding SAS (France), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.000 | 10/15/28 | 1175 | 1188736 |
| &nbsp;&nbsp; Level 3 Financing, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.625 | 01/15/29 | 350 | 328888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.750 | 07/15/29 | 75 | 69791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.250 | 07/01/28 | 175 | 169312 |
| &nbsp;&nbsp; SV RNO Property Owner 1 LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.875 | 03/01/31 | 285 | 286231 |
| &nbsp;&nbsp; Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.750 | 04/15/28 | 1025 | 1023690 |
| &nbsp;&nbsp; Windstream Services LLC/Windstream Escrow Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.250 | 10/01/31 | 100 | 105162 |
| &nbsp;&nbsp; WULF Compute LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.750 | 10/15/30 | 250 | 264700 |
| &nbsp;&nbsp; Zayo Group Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 5.750% and PIK 0.500% | 9.250 | 03/09/30 | 60 | 58290 |
|  |  |  |  | 5876824 |
| &nbsp;&nbsp; **Transportation 0.4%** |  |  |  |  |
| &nbsp;&nbsp; RXO, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.375 | 05/15/31 | 75 | 73025 |
| &nbsp;&nbsp; Star Leasing Co. LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 7.625 | 02/15/30 | 195 | 185334 |
| &nbsp;&nbsp; XPO, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.250 | 06/01/28 | 300 | 305548 |
|  |  |  |  | 563907 |
| &nbsp;&nbsp; **TOTAL CORPORATE BONDS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $115,477,180) |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114871997 |
| &nbsp;&nbsp; **FLOATING RATE AND OTHER LOANS 2.8%** |  |  |  |  |
| &nbsp;&nbsp; **Aerospace & Defense 0.0%** |  |  |  |  |
| &nbsp;&nbsp; PAC DAC LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 1 Month SOFR + 3.250% | 6.917(c) | 10/28/30 | 25 | 24703 |
| &nbsp;&nbsp; **Airlines 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Vista Management Holding, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 3.750% | 7.411(c) | 04/01/31 | 55 | 54785 |
| &nbsp;&nbsp; **Auto Parts & Equipment 0.5%** |  |  |  |  |
| &nbsp;&nbsp; Clarios Global LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term B Loan, 1 Month SOFR + 2.500% | 6.173(c) | 05/06/30 | 124 | 123595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 6 Dollar Term Loan, 1 Month SOFR + 2.750% | 6.423(c) | 01/28/32 | 75 | 74563 |
| &nbsp;&nbsp; Tenneco, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term A Loan, 3 Month SOFR + 4.850% | 8.511(c) | 11/17/28 | 149 | 146276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 5.100% | 8.764(c) | 11/17/28 | 350 | 344603 |
|  |  |  |  | 689037 |

---

See Notes to Financial Statements.

------

PGIM Short Duration High Yield ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **FLOATING RATE AND OTHER LOANS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Building Materials 0.0%** |  |  |  |  |
| &nbsp;&nbsp; American Bath/CP Atlas Buyer, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Term B Loan, 1 Month SOFR + 5.250% | 8.923%(c) | 07/08/30 | 25 | $24075 |
| &nbsp;&nbsp; **Chemicals 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Iris Holdings Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 4.850% | 8.517(c) | 06/28/28 | 49 | 47739 |
| &nbsp;&nbsp; TPC Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 6 Month SOFR + 5.750% | 9.386(c) | 12/16/31 | 273 | 243934 |
|  |  |  |  | 291673 |
| &nbsp;&nbsp; **Commercial Services 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Allied Universal Holdco LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 7 Replacement US Dollar Term Loan, 1 Month SOFR + 3.250% | 6.923(c) | 08/20/32 | 27 | 26921 |
| &nbsp;&nbsp; MPH Acquisition Holdings LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Term Out Loan, 3 Month SOFR + 3.750% | 7.417(c) | 12/31/30 | 66 | 64680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Out Term Loan, 3 Month SOFR + 4.862% | 8.528(c) | 12/31/30 | 99 | 81439 |
|  |  |  |  | 173040 |
| &nbsp;&nbsp; **Computers 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Bingo Holdings I LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 3 Month SOFR + 4.750% | 8.422(c) | 06/30/32 | 50 | 48628 |
| &nbsp;&nbsp; McAfee Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Refinancing Tranche B-1, 1 Month SOFR + 3.000% | 6.673(c) | 03/01/29 | 64 | 55480 |
|  |  |  |  | 104108 |
| &nbsp;&nbsp; **Forest Products & Paper 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Magnera Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Term Loan, 3 Month SOFR + 4.250% | 7.923(c) | 11/04/31 | 22 | 22486 |
| &nbsp;&nbsp; **Holding Companies-Diversified 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Clue OpCo LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 4.500% | 8.167(c) | 12/19/30 | 122 | 121131 |
| &nbsp;&nbsp; **Insurance 0.3%** |  |  |  |  |
| &nbsp;&nbsp; Acrisure LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Repricing Term B-6 Loan, 1 Month SOFR + 3.000% | 6.673(c) | 11/06/30 | 123 | 119336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Term B-7 Loan, 1 Month SOFR + 3.250% | 6.923(c) | 06/21/32 | 149 | 144227 |
| &nbsp;&nbsp; Asurion LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New B-12 Term Loan, 1 Month SOFR + 4.250% | 7.923(c) | 09/19/30 | 123 | 122749 |
|  |  |  |  | 386312 |
| &nbsp;&nbsp; **Media 0.9%** |  |  |  |  |
| &nbsp;&nbsp; CSC Holdings LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; September 2019 Term Loan, 1 Month SOFR + 1.500% | 8.250(c) | 04/15/27 | 399 | 344085 |
| &nbsp;&nbsp; Radiate Holdco LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Out Term Loan, 1 Month SOFR + 3.614% | 8.787(c) | 09/25/29 | 892 | 771996 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1116081 |
| &nbsp;&nbsp; **Oil & Gas 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Hilcorp Energy I LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repriced Term Loan, 1 Month SOFR + 1.750% | 5.417(c) | 02/11/30 | 25 | 24781 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 185

------

PGIM Short Duration High Yield ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **FLOATING RATE AND OTHER LOANS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Packaging & Containers 0.1%**<br>|  |  |  |  |
| &nbsp;&nbsp; LABL, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Dollar Term Loan | 8.767% | 10/29/28 | 25 | $11462 |
| &nbsp;&nbsp; Trident TPI Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tranche B-7 Term Loan, 3 Month SOFR + 3.750% | 7.422(c) | 09/15/28 | 149 | 143148 |
|  |  |  |  | 154610 |
| &nbsp;&nbsp; **Retail 0.0%**<br>|  |  |  |  |
| &nbsp;&nbsp; LBM Acquisition LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Incremental Term B Loan, 1 Month SOFR + 3.750% | 7.527(c) | 06/06/31 | 18 | 14402 |
| &nbsp;&nbsp; White Cap Supply Holdings LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tranche C Term Loan, 1 Month SOFR + 3.250% | 6.922(c) | 10/19/29 | 20 | 19746 |
|  |  |  |  | 34148 |
| &nbsp;&nbsp; **Telecommunications 0.4%**<br>|  |  |  |  |
| &nbsp;&nbsp; Altice France SA (France), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New USD B-14 Term Loan, 1 Month SOFR + 6.875% | 10.547(c) | 05/31/31 | 197 | 197487 |
| &nbsp;&nbsp; Digicel International Finance Ltd. (Jamaica), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 5.250% | 9.023(c) | 08/31/32 | 190 | 190306 |
| &nbsp;&nbsp; Level 3 Financing, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B-4 Loan, 1 Month SOFR + 3.250% | 6.923(c) | 03/29/32 | 164 | 164246 |
|  |  |  |  | 552039 |
| &nbsp;&nbsp; **TOTAL FLOATING RATE AND OTHER LOANS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $3,826,572) |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3773009 |
| &nbsp;&nbsp; **U.S. TREASURY OBLIGATIONS 9.1%** |  |  |  |  |
| &nbsp;&nbsp; U.S. Treasury Notes(k) | 3.375 | 11/30/27 | 1265 | 1264259 |
| &nbsp;&nbsp; U.S. Treasury Notes | 3.375 | 12/31/27 | 3165 | 3163516 |
| &nbsp;&nbsp; U.S. Treasury Notes | 3.500 | 09/30/27 | 1620 | 1621772 |
| &nbsp;&nbsp; U.S. Treasury Notes | 3.500 | 10/31/27 | 460 | 460539 |
| &nbsp;&nbsp; U.S. Treasury Notes | 3.500 | 01/31/28 | 3360 | 3366562 |
| &nbsp;&nbsp; U.S. Treasury Notes | 3.625 | 08/31/27 | 85 | 85226 |
| &nbsp;&nbsp; U.S. Treasury Notes | 3.875 | 07/31/27 | 1730 | 1740137 |
| &nbsp;&nbsp; U.S. Treasury Notes(k) | 4.375 | 07/31/26 | 85 | 85246 |
| &nbsp;&nbsp; U.S. Treasury Notes(k) | 4.875 | 05/31/26 | 525 | 526435 |
| &nbsp;&nbsp; **TOTAL U.S. TREASURY OBLIGATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $12,287,194) |  |  |  | 12313692 |
|  |  |  | **Shares** |  |
| &nbsp;&nbsp; **AFFILIATED EXCHANGE-TRADED FUND 1.2%** |  |  |  |  |
| &nbsp;&nbsp; **Fixed Income** |  |  |  |  |
| &nbsp;&nbsp; PGIM AAA CLO ETF |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $1,648,848)(wa) |  |  | 32128 | 1653628 |
| &nbsp;&nbsp; **COMMON STOCKS 0.1%** |  |  |  |  |
| &nbsp;&nbsp; **Gas Utilities 0.1%**<br>|  |  |  |  |
| &nbsp;&nbsp; Ferrellgas Partners LP (Class B Stock)\* |  |  | 546 | 100222 |
| &nbsp;&nbsp; **Wireless Telecommunication Services 0.0%**<br>|  |  |  |  |
| &nbsp;&nbsp; Altice France SA (France) |  |  | 905 | 16967 |
| &nbsp;&nbsp; **TOTAL COMMON STOCKS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $128,995) |  |  |  | 117189 |

---

See Notes to Financial Statements.

------

PGIM Short Duration High Yield ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **PREFERRED STOCK 0.2%** |  |  |
| &nbsp;&nbsp; **Electronic Equipment, Instruments & Components**<br>|  |  |
| &nbsp;&nbsp; Ferrellgas Escrow LLC, 8.956%, Maturing 03/30/31^ |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $223,553) | 206 | $224025 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $133,666,517) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133027766 |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENT 1.4%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.787%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $1,847,081)(wa) | 1847081 | 1847081 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 100.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $135,513,598) |  | 134874847 |
| &nbsp;&nbsp; Liabilities in excess of other assets(z) (0.3)% |  | (461014) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $134413833 |

---

See the Glossary for a list of the abbreviation(s) used in the semiannual report.

\* Non-income producing security.

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

---

| | |
|:---|:---|
| ^ | Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $224,025 and 0.2% of net assets.  |

---

(c) Variable rate instrument. The interest rate shown reflects the rate in effect at February 28, 2026.

(d) Represents issuer in default on interest payments and/or principal repayment. Non-income producing security. Such securities may be post-maturity.

(ff) Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.

(k) Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives.

(oo) Perpetual security. Maturity date represents next call date.

(wa) Represents investments in Funds affiliated with the Manager.

(x) The following represents restricted securities that are acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer and is considered restricted as to disposition under federal securities law.

**(x) Restricted Securities:**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issuer** | **Acquisition**<br>**Date** | **Original<br>Cost** | **Market<br>Value** | **Percentage<br>of**<br>**Net Assets** |
|  DISH DBS Corp., Gtd. Notes, 5.125%, 06/01/29 | 04/23/24 | $9750 | $22255 | 0.0% |
|  DISH DBS Corp., Gtd. Notes, 7.375%, 07/01/28 | 04/19/24 | 10875 | 24176 | 0.0 |
|  DISH DBS Corp., Gtd. Notes, 7.750%, 07/01/26 | 04/19/24-09/26/25 | 585469 | 593544 | 0.5 |
|  DISH Network Corp., Sr. Sec'd. Notes, 144A, 11.750%, 11/15/27 | 12/14/23-08/12/25 | 863618 | 852125 | 0.6 |
|  EchoStar Corp., Sr. Sec'd. Notes, 10.750%, 11/30/29 | 01/28/25-02/06/25 | 80844 | 81912 | 0.1 |
|  Radiate Holdco LLC/Radiate Finance, Inc., Sr. Sec'd. Notes, 144A, PIK 9.250%, 9.250%, 03/25/30 | 06/29/25-09/15/25 | 17425 | 15240 | 0.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** |  | $1567981 | $1589252 | 1.2% |

---

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

#### Futures contracts outstanding at February 28, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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:** |  |  |  |
| 40 | 2 Year U.S. Treasury Notes | Jun. 2026 | $8370938 | $13292 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 187

------

PGIM Short Duration High Yield ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

#### Futures contracts outstanding at February 28, 2026 (continued):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number<br>of<br>Contracts** | **Type** | Expiration<br>Date | Current<br>Notional<br>Amount | Value /<br>Unrealized<br>Appreciation<br>(Depreciation) |
|  **Short Positions:** | **Short Positions:** |  |  |  |
| 122 | 5 Year U.S. Treasury Notes | Jun. 2026 | $13437157 | $(58980) |
| 5 | 10 Year U.S. Treasury Notes | Jun. 2026 | 569063 | (2468) |
|  |  |  |  | (61448) |
|  |  |  |  | $(48156) |

---

#### Credit default swap agreement outstanding at February 28, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation** | **Termination**<br>**Date** | **Fixed<br>Rate** | **Notional**<br>**Amount<br> (000)#(3)** | **Value at<br>Trade Date** | **Value at<br>February 28,<br>2026** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):** |
|  CDX.NA.HY.45.V1 | 12/20/30 | 5.000 %(Q) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2228 | $(169561) | $(171857) | $(2296) |

---

The Fund entered into credit default swaps ("CDS") to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer's default or the reference entity's credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be short the credit as the value of the contract rises the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases.

(1) If the Fund is a buyer of protection, it pays the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(2) If the Fund is a seller of protection, it receives the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(3) Notional amount represents the maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(4) Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements where the Fund is thesellerofprotectionasofthe reporting date serve as an indicator of the current status of the payment/ performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include up-front payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

#### Interest rate swap agreement outstanding at February 28, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Notional <br> Amount <br> (000)#** | **Termination<br>Date** | **Fixed**<br>**Rate** | **Floating**<br> **Rate** | **Value at<br>Trade Date** | **Value at<br>February 28,<br>2026** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Centrally Cleared Interest Rate Swap Agreement:** | **Centrally Cleared Interest Rate Swap Agreement:** | **Centrally Cleared Interest Rate Swap Agreement:** |  |  |  |  |
| 1330 | 02/06/27 | 3.977%(A) | 1 Day SOFR(1)(A)/ 3.680% | $— | $(6827) | $(6827) |

---

(1) The Fund pays the fixed rate and receives the floating rate.

(2) The Fund pays the floating rate and receives the fixed rate.

See Notes to Financial Statements.

------

PGIM Short Duration High Yield ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

#### Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:
Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:

---

| | | |
|:---|:---|:---|
| **Broker** | **Cash and/or Foreign Currency** | **Securities Market Value** |
|  CITI | $— | $416148 |
|  JPS |  | 341428 |
|  **Total** | $— | $757576 |

---

#### Fair Value Measurements:
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of February 28, 2026 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Asset-Backed Security |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Loan Obligation | $— | $74226 | $— |
|  Corporate Bonds |  | 114871997 |  |
|  Floating Rate and Other Loans |  | 3773009 |  |
|  U.S. Treasury Obligations |  | 12313692 |  |
|  Affiliated Exchange-Traded Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | 1653628 |  |  |
|  Common Stocks |  | 117189 |  |
|  Preferred Stock |  |  | 224025 |
|  **Short-Term Investment** |  |  |  |
|  Affiliated Mutual Fund | 1847081 |  |  |
|  **Total** | $**3500709** | $**131150113** | $**224025** |
|  **Other Financial Instruments\*** |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts | $**13292** | $**—** | $**—** |
|  **Liabilities** |  |  |  |
|  Futures Contracts | $(61448) | $— | $— |
|  Centrally Cleared Credit Default Swap Agreement |  | (2296) |  |
|  Centrally Cleared Interest Rate Swap Agreement |  | (6827) |  |
|  **Total** | $**(61448)** | $**(9123)** | $**—** |

---

\* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forward foreign currency exchange contracts and centrally cleared swap contracts, which are recorded at unrealized appreciation (depreciation) on the instrument, and OTC swap contracts which are recorded at fair value. 

#### Industry Classification :
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of February 28, 2026 were as follows:

---

| | |
|:---|:---|
|  U.S. Treasury Obligations | 9.1 |
|  Diversified Financial Services | 6.1 |
|  Oil & Gas | 5.4 |
|  Commercial Services | 5.1 |
|  Telecommunications | 4.8 |
|  Home Builders | 4.7 |
|  Media | 4.6 |
|  Real Estate Investment Trusts (REITs) | 4.3 |

---

---

| | |
|:---|:---|
|  Electric | 3.6 |
|  Healthcare-Services | 3.4 |
|  Retail | 3.3 |
|  Packaging & Containers | 3.2 |
|  Lodging | 3.0 |
|  Entertainment | 3.0 |
|  Airlines | 2.4 |
|  Chemicals | 2.1 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 189

------

PGIM Short Duration High Yield ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

#### Industry Classification (continued) :

---

| | |
|:---|:---|
|  Mining | 2 |
|  Insurance | 2 |
|  Pipelines | 2 |
|  Auto Parts & Equipment | 2 |
|  Pharmaceuticals | 1.8 |
|  Software | 1.7 |
|  Building Materials | 1.5 |
|  Iron/Steel | 1.5 |
|  Internet | 1.5 |
|  Affiliated Mutual Fund | 1.4 |
|  Leisure Time | 1.4 |
|  Computers | 1.3 |
|  Affiliated Exchange-Traded Fund | 1.2 |
|  Foods | 1.1 |
|  Auto Manufacturers | 1.1 |
|  Environmental Control | 1 |
|  Aerospace & Defense | 0.8 |
|  Electrical Components & Equipment | 0.7 |
|  Apparel | 0.6 |
|  Housewares | 0.6 |
|  Banks | 0.5 |
|  Gas | 0.5 |
|  Real Estate | 0.5 |
|  Household Products/Wares | 0.5 |

---

---

| | |
|:---|:---|
|  Transportation | 0.4% |
|  Machinery-Diversified | 0.4 |
|  Miscellaneous Manufacturing | 0.4 |
|  Machinery-Construction & Mining | 0.4 |
|  Advertising | 0.4 |
|  Home Furnishings | 0.2 |
|  Coal | 0.2 |
|  Electronic Equipment, Instruments & Components | 0.2 |
|  Electronics | 0.1 |
|  Oil & Gas Services | 0.1 |
|  Holding Companies-Diversified | 0.1 |
|  Gas Utilities | 0.1 |
|  Collateralized Loan Obligation | 0.0 \* |
|  Cosmetics/Personal Care | 0.0 \* |
|  Forest Products & Paper | 0.0 \* |
|  Wireless Telecommunication Services | 0.0 \* |
|  | 100.3 |
|  Liabilities in excess of other assets | (0.3) |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Less than 0.05% 

#### Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:
The Fund invested in derivative instruments during the reporting period. The primary types of risk associated with these derivative instruments are credit risk and interest rate risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Fund's financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of February 28, 2026 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value**  | **Statement of**<br> **Assets and**<br> **Liabilities Location** | **Fair**<br>**Value** | **Statement of**<br> **Assets and**<br> **Liabilities Location** | **Fair**<br>**Value** |
|  Credit contracts |  | $&nbsp;&nbsp;&nbsp;&nbsp;— | Due from/to broker-variation margin swaps | $2296 \* |
|  Interest rate contracts | Due from/to broker-variation margin futures | 13292 \* | Due from/to broker-variation margin futures | 61448 \* |
|  Interest rate contracts |  | &nbsp;&nbsp;&nbsp;&nbsp;— | Due from/to broker-variation margin swaps | 6827 \* |
|  |  | $13292 |  | $70571 |

---

\* Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

The effects of derivative instruments on the Statement of Operations for the six months ended February 28, 2026 are as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | &nbsp;&nbsp;&nbsp;&nbsp; **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | &nbsp;&nbsp;&nbsp;&nbsp; **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** |
| **Derivatives not accounted for as hedging**<br> **<u>instruments, carried at fair value</u>** | **Futures** | **Swaps** |
|  Credit contracts | $— | $69006 |
|  Interest rate contracts | (47077) | 4436 |
|  **Total** | $(47077) | $73442 |

---

See Notes to Financial Statements.

------

PGIM Short Duration High Yield ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | &nbsp;&nbsp;&nbsp;&nbsp; **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | &nbsp;&nbsp;&nbsp;&nbsp; **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | **Futures** | **Swaps** |
|  Credit contracts | $— | $(20451) |
|  Interest rate contracts | (50366) | (1878) |
|  **Total** | $(50366) | $(22329) |

---

For the six months ended February 28, 2026, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Futures Contracts - Long Positions (1) | $6895638 |
|  Futures Contracts - Short Positions (1) | 7598032 |
|  Credit Default Swap Agreements - Buy Protection (1) | 1959167 |
|  Credit Default Swap Agreements - Sell Protection (1) | 496667 |
|  Interest Rate Swap Agreements (1) | 2640000 |

---

\* Average volume is based on average quarter end balances for the six months ended February 28, 2026.

(1) Notional Amount in USD.

See Notes to Financial Statements.

PGIM Fixed Income ETFs 191

------

PGIM Short Duration High Yield ETF

Statement of Assets & Liabilities (unaudited)

as of February 28, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $132,017,669) | $131374138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $3,495,929) | 3500709 |
| &nbsp;&nbsp; Cash | 5082 |
| &nbsp;&nbsp; Foreign currency, at value (cost $3,970) | 3995 |
| &nbsp;&nbsp; Dividends and interest receivable | 1833814 |
| &nbsp;&nbsp; Receivable for investments sold | 142013 |
| &nbsp;&nbsp; Due from broker—variation margin swaps | 29874 |
| &nbsp;&nbsp; Other assets | 3618 |
| &nbsp;&nbsp; **Total Assets** | 136893243 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Payable for investments purchased | 2398729 |
| &nbsp;&nbsp; Management fee payable | 44490 |
| &nbsp;&nbsp; Due to broker—variation margin futures | 36191 |
| &nbsp;&nbsp; **Total Liabilities** | 2479410 |
| &nbsp;&nbsp; **Net Assets** | $134413833 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $2675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 135109129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (697971) |
| &nbsp;&nbsp; **Net assets, February 28, 2026** | $134413833 |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share. |  |
| &nbsp;&nbsp; ($134,413,833 ÷ 2,675,000 shares of common stock issued and outstanding) | $50.25 |

---

See Notes to Financial Statements.

------

PGIM Short Duration High Yield ETF

Statement of Operations (unaudited)

Six Months Ended February 28, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Income |  |
| &nbsp;&nbsp; Interest income | $2957960 |
| &nbsp;&nbsp; Affiliated dividend income | 95788 |
| &nbsp;&nbsp; **Total income** | 3053748 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 227043 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (1555) |
| &nbsp;&nbsp; **Net expenses** | 225488 |
| &nbsp;&nbsp; Net investment income (loss) | 2828260 |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions** |  |
| &nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions | (114788) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | (47077) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreement transactions | 73442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (447) |
|  | (88870) |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments (including affiliated of $(1767)) | (758486) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | (50366) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | (22329) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | (437) |
|  | (831618) |
| &nbsp;&nbsp; Net gain (loss) on investment and foreign currency transactions | (920488) |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $1907772 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 193

------

PGIM Short Duration High Yield ETF

Statements of Changes in Net Assets (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>February 28, 2026** | **Year Ended<br>August 31, 2025** |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $2828260 | $3223385 |
| &nbsp;&nbsp; Net realized gain (loss) on investment and foreign currency transactions | (88870) | (44864) |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currencies | (831618) | 118991 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 1907772 | 3297512 |
| &nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp; Distributions from distributable earnings | (2821239) | (3299134) |
| &nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold (1,525,000 and 650,000 shares, respectively) | 76977075 | 32825740 |
| &nbsp;&nbsp; Shares sold in-kind(0 and 100,000 shares, respectively) |  | 5061728 |
| &nbsp;&nbsp; Cost of shares purchased (0 and 125,000 shares, respectively) |  | (6122246) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 76977075 | 31765222 |
| &nbsp;&nbsp; Total increase (decrease) | 76063608 | 31763600 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of period | 58350225 | 26586625 |
| &nbsp;&nbsp; End of period | $134413833 | $58350225 |

---

See Notes to Financial Statements.

------

PGIM Short Duration High Yield ETF

Financial Highlights (unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Six Months<br>Ended<br><u>February 28, 2026</u>** | **Year Ended<br><u>August 31, 2025</u>** | **December 14, 2023<sup>(a)</sup>through**<br> **<u>August 31, 2024</u>** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(b)</sup>:** |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $50.74 | $50.64 | $50.00 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 1.32 | 3.47 | 3.04 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | (0.29) | 0.31 | 0.16 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.03 | 3.78 | 3.20 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (1.52) | (3.68) | (2.56) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $50.25 | $50.74 | $50.64 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(d)</sup>:** | 2.06% | 7.78% | 6.61% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $134414 | $58350 | $26587 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $101744 | $46710 | $25353 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(e)</sup>: |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.45 %<sup>(</sup><sup>f)</sup> | 0.42% | 0.44 %<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.45 %<sup>(f)</sup> | 0.45% | 0.47 %<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 5.61 %<sup>(f)</sup> | 6.90% | 8.47 %<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(h)</sup> | 30% | 100% | 52% |

---

(a) Commencement of operations.

(b) Calculated based on average shares outstanding during the period.

(c) The per share amount of realized and unrealized gain (loss) on investments does not directly correlate to the amounts reported in the Statement of Operations due to the timing of portfolio share transactions in relation to fluctuating market values.

(d) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(e) Does not include expenses of the underlying funds in which the Fund invests.

(f) Annualized.

(g) Annualized, with the exception of certain non-recurring expenses.

(h) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Fixed Income ETFs 195

------

PGIM Short Duration Multi-Sector Bond ETF

Schedule of Investments (unaudited)

as of February 28, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 103.2%** |  |  |  |  |  |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES 14.4%** |  |  |  |  |  |
| &nbsp;&nbsp; **Automobiles 0.6%** |  |  |  |  |  |
| &nbsp;&nbsp; Avis Budget Rental Car Funding AESOP LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A | 5.360% | 06/20/30 |  | 200 | $207863 |
| &nbsp;&nbsp; Ford Credit Auto Owner Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A, 144A | 4.860(cc) | 08/15/37 |  | 300 | 310810 |
| &nbsp;&nbsp; OneMain Direct Auto Receivables Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class B, 144A | 5.560 | 10/15/35 |  | 200 | 210060 |
| &nbsp;&nbsp; Santander Drive Auto Receivables Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02, Class D | 5.470 | 05/15/31 |  | 200 | 205196 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;933929 |
| &nbsp;&nbsp; **Collateralized Loan Obligations 9.5%** |  |  |  |  |  |
| &nbsp;&nbsp; Avoca CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 29A, Class BR, 144A, 3 Month EURIBOR + 1.850% (Cap N/A, Floor 1.850%) | 3.866(c) | 10/15/38 | EUR | 600 | 712071 |
| &nbsp;&nbsp; Barrow Hanley CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class BR, 144A, 3 Month SOFR + 1.740% (Cap N/A, Floor 1.740%) | 5.408(c) | 01/20/38 |  | 350 | 350627 |
| &nbsp;&nbsp; Benefit Street Partners CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-21A, Class A1R2, 144A, 3 Month SOFR + 1.240% (Cap N/A, Floor 1.240%) | 4.912(c) | 01/15/39 |  | 1000 | 1001287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-37A, Class A, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) | 5.018(c) | 01/25/38 |  | 500 | 500881 |
| &nbsp;&nbsp; Broad River BSL Funding CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class AR, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%) | 5.099(c) | 07/20/34 |  | 250 | 250252 |
| &nbsp;&nbsp; CIFC Funding Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A1R, 144A, 3 Month SOFR + 1.370% (Cap N/A, Floor 1.370%) | 5.038(c) | 10/20/37 |  | 250 | 250500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A1R, 144A, 3 Month SOFR + 1.240% (Cap N/A, Floor 1.240%) | 4.912(c) | 10/15/38 |  | 750 | 751635 |
| &nbsp;&nbsp; Crown City CLO (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-04A, Class A1R, 144A, 3 Month SOFR + 1.610% (Cap N/A, Floor 1.610%) | 5.278(c) | 04/20/37 |  | 250 | 250610 |
| &nbsp;&nbsp; Elevation CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-18A, Class A1, 144A, 3 Month SOFR + 1.240% (Cap N/A, Floor 1.240%) | 4.908(c) | 03/28/38 |  | 630 | 630307 |
| &nbsp;&nbsp; Elmwood CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1RR, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) | 5.018(c) | 10/20/37 |  | 250 | 250477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05A, Class AR1, 144A, 3 Month SOFR + 1.520% (Cap N/A, Floor 1.520%) | 5.188(c) | 04/20/37 |  | 250 | 250297 |
| &nbsp;&nbsp; Empower CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A, 3 Month SOFR + 1.310% (Cap N/A, Floor 1.310%) | 4.978(c) | 07/20/38 |  | 750 | 752066 |
| &nbsp;&nbsp; Gallatin CLO Ltd. (Bermuda), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class B, 144A, 3 Month SOFR + 1.950% (Cap N/A, Floor 1.950%) | 5.618(c) | 10/20/37 |  | 250 | 250787 |
| &nbsp;&nbsp; Greywolf CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A1, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.442%) | 5.109(c) | 10/20/31 |  | —(r) | 491 |
| &nbsp;&nbsp; Henley CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 11A, Class A, 144A, 3 Month EURIBOR + 1.200% (Cap N/A, Floor 1.200%) | 3.230(c) | 04/25/39 | EUR | 500 | 590859 |
| &nbsp;&nbsp; HPS Loan Management Ltd., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-26A, Class A1, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) | 4.988(c) | 07/20/38 |  | 250 | 250510 |
| &nbsp;&nbsp; ICG Euro CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class AR, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | 3.276(c) | 10/19/38 | EUR | 500 | 591699 |
| &nbsp;&nbsp; Kennedy Lewis CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 03A, Class A1R3, 144A, 3 Month SOFR + 1.190% (Cap N/A, Floor 1.190%) | 4.858(c) | 10/20/36 |  | 1000 | 1000417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 08A, Class BR2, 144A, 3 Month SOFR + 1.750% (Cap N/A, Floor 1.750%) | 5.418(c) | 01/20/38 |  | 250 | 251125 |
| &nbsp;&nbsp; Madison Park Funding Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-28A, Class BR, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) | 5.372(c) | 01/15/38 |  | 250 | 251073 |
| &nbsp;&nbsp; Menlo CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A, 3 Month SOFR + 1.420% (Cap N/A, Floor 1.420%) | 5.088(c) | 01/20/38 |  | 500 | 501250 |
| &nbsp;&nbsp; Monument CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A, 144A, 3 Month EURIBOR + 1.590% (Cap N/A, Floor 1.590%) | 3.574(c) | 05/15/37 | EUR | 250 | 296730 |
| &nbsp;&nbsp; Northwoods Capital Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-22A, Class A1RR, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) | 5.406(c) | 09/16/31 |  | 250 | 250000 |
| &nbsp;&nbsp; Octagon Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A1R, 144A, 3 Month SOFR + 1.260% (Cap N/A, Floor 1.260%) | 4.928(c) | 03/20/38 |  | 750 | 752544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A1R, 144A, 3 Month SOFR + 1.230% (Cap N/A, Floor 1.230%) | 4.898(c) | 10/20/38 |  | 1000 | 1002855 |

---

See Notes to Financial Statements.

------

PGIM Short Duration Multi-Sector Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Collateralized Loan Obligations (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; OFSI BSL Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-10A, Class AR, 144A, 3 Month SOFR + 1.270% (Cap N/A, Floor 1.270%) | 4.938%(c) | 04/20/34 |  | 500 | $500500 |
| &nbsp;&nbsp; Palmer Square European CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | 3.266(c) | 10/15/39 | EUR | 500 | 591087 |
| &nbsp;&nbsp; Regatta Funding Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-01A, Class A1R, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | 5.218(c) | 04/17/37 |  | 250 | 250561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class ARR, 144A, 3 Month SOFR + 1.390% (Cap N/A, Floor 1.390%) | 5.062(c) | 10/15/37 |  | 250 | 250293 |
| &nbsp;&nbsp; Rockford Tower CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A1R, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) | 4.972(c) | 03/15/38 |  | 1000 | 1002689 |
| &nbsp;&nbsp; Romark WM-R Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A1, 144A, 3 Month SOFR + 1.292% (Cap N/A, Floor 0.000%) | 4.959(c) | 04/20/31 |  | 5 | 4571 |
| &nbsp;&nbsp; Tikehau CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 13A, Class A, 144A, 3 Month EURIBOR + 1.190% (Cap N/A, Floor 1.190%) | 3.206(c) | 10/15/38 | EUR | 500 | 590669 |
| &nbsp;&nbsp; Trimaran CAVU Ltd., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A1R, 144A, 3 Month SOFR + 1.190% (Cap N/A, Floor 1.190%) | 4.858(c) | 01/20/37 |  | 500 | 499747 |
| &nbsp;&nbsp; Wellfleet CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class A1RN, 144A, 3 Month SOFR + 1.420% (Cap N/A, Floor 1.420%) | 5.092(c) | 07/15/37 |  | 250 | 250308 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15881775 |
| &nbsp;&nbsp; **Consumer Loans 0.8%** |  |  |  |  |  |
| &nbsp;&nbsp; Affirm Master Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class C, 144A | 5.280 | 02/15/33 |  | 100 | 100841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class C, 144A | 5.260 | 07/15/33 |  | 300 | 302443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03A, Class A, 144A | 4.450 | 10/16/34 |  | 100 | 100728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03A, Class B, 144A | 4.750 | 10/16/34 |  | 100 | 100852 |
| &nbsp;&nbsp; GreenSky Home Improvement Issuer Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A4, 144A | 5.220 | 03/25/60 |  | 104 | 105884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03A, Class A3, 144A | 4.520 | 12/27/60 |  | 184 | 185176 |
| &nbsp;&nbsp; Mariner Finance Issuance Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-BA, Class A, 144A | 4.590 | 11/22/38 |  | 200 | 201877 |
| &nbsp;&nbsp; Onemain Financial Issuance Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class C, 144A | 5.200 | 07/14/38 |  | 100 | 101959 |
| &nbsp;&nbsp; Sotheby's Artfi Master Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-01A, Class A1, 144A | 4.800 | 06/20/33 |  | 200 | 201183 |
|  |  |  |  |  | 1400943 |
| &nbsp;&nbsp; **Equipment 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; MetroNet Infrastructure Issuer LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A2, 144A | 5.400 | 08/20/55 |  | 100 | 102086 |
| &nbsp;&nbsp; **Home Equity Loans 2.9%** |  |  |  |  |  |
| &nbsp;&nbsp; BRAVO Residential Funding Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1A, 144A | 5.703(cc) | 02/25/55 |  | 211 | 213610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES02, Class A1, 144A | 4.960(cc) | 07/26/55 |  | 272 | 272962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES03, Class A1A, 144A | 5.036(cc) | 12/25/55 |  | 384 | 387492 |
| &nbsp;&nbsp; COOPR Residential Mortgage Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES04, Class A1A, 144A | 5.040(cc) | 11/25/60 |  | 291 | 292612 |
| &nbsp;&nbsp; EFMT, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES04, Class A1, 144A | 5.431(cc) | 06/25/60 |  | 254 | 256474 |
| &nbsp;&nbsp; GS Mortgage Backed Securities Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1A, 144A | 5.568(cc) | 05/25/55 |  | 142 | 143699 |
| &nbsp;&nbsp; GS Mortgage-Backed Securities Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-CES01, Class A1, 144A | 4.899(cc) | 05/25/56 |  | 293 | 294616 |
| &nbsp;&nbsp; JPMorgan Mortgage Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-HE02, Class A1, 144A, 30 Day Average SOFR + 1.700% (Cap N/A, Floor 0.000%) | 5.362(c) | 03/20/54 |  | 35 | 35224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-HE03, Class M1, 144A, 30 Day Average SOFR + 2.100% (Cap N/A, Floor 0.000%) | 5.762(c) | 05/20/54 |  | 55 | 55388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES02, Class A1, 144A | 5.592(cc) | 06/25/55 |  | 140 | 141788 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 197

------

PGIM Short Duration Multi-Sector Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** | **Value** |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Home Equity Loans (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; JPMorgan Mortgage Trust, (cont'd.) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-HE01, Class A1, 144A, 30 Day Average SOFR + 1.150% (Cap N/A, Floor 0.000%) | 4.812%(c) | 07/20/55 | 192 | $| 192480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-CES01, Class A1A, 144A | 4.909(cc) | 06/25/56 | 296 |  | 297231 |
| &nbsp;&nbsp; OBX Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-HE01, Class A1, 144A, 30 Day Average SOFR + 1.600% (Cap N/A, Floor 0.000%) | 5.267(c) | 02/25/55 | 160 |  | 160514 |
| &nbsp;&nbsp; RCKT Mortgage Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES09, Class A1A, 144A | 5.582(cc) | 12/25/44 | 74 |  | 74779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES02, Class A1A, 144A | 5.503(cc) | 02/25/55 | 149 |  | 150871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES03, Class A1A, 144A | 5.553(cc) | 03/25/55 | 231 |  | 234108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES07, Class A1A, 144A | 5.377(cc) | 07/25/55 | 170 |  | 171563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES12, Class A1A, 144A | 5.027(cc) | 11/25/55 | 385 |  | 387349 |
| &nbsp;&nbsp; Santander Mortgage Asset Receivable Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1A, 144A | 5.036(cc) | 09/25/55 | 287 |  | 289000 |
| &nbsp;&nbsp; Towd Point Mortgage Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CES02, Class A1A, 144A | 7.294(cc) | 10/25/63 | 227 |  | 229382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1, 144A | 5.705(cc) | 02/25/55 | 158 |  | 159461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES02, Class A1, 144A | 5.348(cc) | 07/25/65 | 170 |  | 171127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-HE02, Class A1A, 144A, 30 Day Average SOFR + 1.350% (Cap N/A, Floor 1.350%) | 5.017(c) | 09/25/65 | 268 |  | 268935 |
|  |  |  |  |  | 4880665 |
| &nbsp;&nbsp; **Other 0.4%** |  |  |  |  |  |
| &nbsp;&nbsp; GoodLeap Home Improvement Solutions Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | 5.380 | 02/20/49 | 137 |  | 139313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A, 144A | 5.320 | 06/20/49 | 149 |  | 152010 |
| &nbsp;&nbsp; PK Alift Loan Funding 8 LP, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-01, Class A, 144A | 4.614 | 09/15/43 | 300 |  | 302131 |
|  |  |  |  |  | 593454 |
| &nbsp;&nbsp; **Residential Mortgage-Backed Securities 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; PRET LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NPL02, Class A1, 144A | 5.835(cc) | 03/25/55 | 179 |  | 179424 |
| &nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $23,538,116) |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23972276 |
| &nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES 6.1%** | &nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES 6.1%** | &nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES 6.1%** | &nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES 6.1%** | &nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES 6.1%** | &nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES 6.1%** |
| &nbsp;&nbsp; ARES Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-IND03, Class A, 144A, 1 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) | 5.160(c) | 04/15/42 | 70 |  | 70044 |
| &nbsp;&nbsp; BANK, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-BNK46, Class A21 | 6.725(cc) | 08/15/56 | 200 |  | 208660 |
| &nbsp;&nbsp; BANK5, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05YR17, Class A3 | 5.225 | 11/15/58 | 410 |  | 426820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5YR19, Class A3 | 5.270 | 12/15/58 | 500 |  | 523290 |
| &nbsp;&nbsp; BANK5 Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05YR13, Class A3 | 5.753 | 01/15/58 | 170 |  | 179508 |
| &nbsp;&nbsp; Barclays Commercial Mortgage Securities Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-05C23, Class A3 | 6.675(cc) | 12/15/56 | 200 |  | 212088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C29, Class XA, IO | 1.597(cc) | 09/15/57 | 991 |  | 48876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C38, Class A3 | 5.146 | 11/15/58 | 500 |  | 519592 |
| &nbsp;&nbsp; Benchmark Mortgage Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B15, Class A4 | 2.673 | 12/15/72 | 300 |  | 282672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B33, Class A1 | 2.306 | 03/15/55 | 103 |  | 101930 |
| &nbsp;&nbsp; BLP Commercial Mortgage Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-IND, Class A, 144A, 1 Month SOFR + 1.200% (Cap N/A, Floor 1.200%) | 4.860(c) | 03/15/42 | 110 |  | 109541 |
| &nbsp;&nbsp; BMO Mortgage Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C06, Class A2 | 6.646(cc) | 09/15/56 | 195 |  | 204787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C4, Class A3 | 6.526(cc) | 05/15/57 | 180 |  | 191812 |

---

See Notes to Financial Statements.

------

PGIM Short Duration Multi-Sector Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)** |  |  |  |  |
| &nbsp;&nbsp; BMO Mortgage Trust, (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C7, Class A3 | 5.566%(cc) | 11/15/57 | 1000 | $1044375 |
| &nbsp;&nbsp; BX Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-CIP, Class A, 144A, 1 Month SOFR + 1.035% (Cap N/A, Floor 0.921%) | 4.695(c) | 12/15/38 | 499 | 499167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-COPT, Class B, 144A, 1 Month SOFR + 2.200% (Cap N/A, Floor 2.200%) | 5.860(c) | 08/15/42 | 275 | 275343 |
| &nbsp;&nbsp; BX Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-LGCY, Class B, 144A, 1 Month SOFR + 0.969% (Cap N/A, Floor 0.855%) | 4.629(c) | 10/15/36 | 500 | 499687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ARIA, Class A, 144A | 5.031(cc) | 12/13/42 | 250 | 256634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DIME, Class C, 144A, 1 Month SOFR + 1.750% (Cap N/A, Floor 1.750%) | 5.410(c) | 02/15/35 | 110 | 109863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ROIC, Class A, 144A, 1 Month SOFR + 1.144% (Cap N/A, Floor 1.144%) | 4.803(c) | 03/15/30 | 215 | 214455 |
| &nbsp;&nbsp; BXMT Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL05, Class A, 144A, 1 Month SOFR + 1.639% (Cap N/A, Floor 1.639%) | 5.303(c) | 10/18/42 | 100 | 100195 |
| &nbsp;&nbsp; CGMS Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-B01, Class A3 | 3.197 | 08/15/50 | 238 | 235324 |
| &nbsp;&nbsp; CIP Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SBAY, Class A, 144A, 1 Month SOFR + 1.400% (Cap N/A, Floor 1.400%) | 5.060(c) | 10/15/37 | 300 | 300949 |
| &nbsp;&nbsp; Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-COR01, Class A4 | 3.091 | 10/10/49 | 250 | 247967 |
| &nbsp;&nbsp; ELP Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ELP, Class A, 144A | 4.757(cc) | 11/13/42 | 250 | 251916 |
| &nbsp;&nbsp; GS Mortgage Securities Corp. Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RVR, Class A, 144A | 5.372(cc) | 08/10/41 | 100 | 101923 |
| &nbsp;&nbsp; INT Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-PLAZA, Class A, 144A | 5.041(cc) | 11/05/37 | 300 | 306146 |
| &nbsp;&nbsp; JPMCC Commercial Mortgage Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-COR04, Class A5 | 4.029 | 03/10/52 | 250 | 242403 |
| &nbsp;&nbsp; New York City Housing Development Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-08SPR, Class A | 5.458 | 12/15/43 | 280 | 289661 |
| &nbsp;&nbsp; NRTH Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-PARK, Class A, 144A, 1 Month SOFR + 1.393% (Cap N/A, Floor 1.393%) | 5.053(c) | 10/15/40 | 250 | 250469 |
| &nbsp;&nbsp; NYC Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03BP, Class C, 144A, 1 Month SOFR + 1.892% (Cap N/A, Floor 1.892%) | 5.552(c) | 02/15/42 | 110 | 110138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-01PARK, Class C, 144A, 1 Month SOFR + 1.850% (Cap N/A, Floor 1.850%) | 5.550(c) | 02/15/43 | 100 | 99844 |
| &nbsp;&nbsp; RFR Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SGRM, Class A, 144A | 5.379(cc) | 03/11/41 | 170 | 174190 |
| &nbsp;&nbsp; ROCK Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR, Class A, 144A | 5.388 | 11/13/41 | 100 | 103496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR, Class C, 144A | 6.471 | 11/13/41 | 100 | 104855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR, Class D, 144A | 7.109 | 11/13/41 | 100 | 105591 |
| &nbsp;&nbsp; SCG Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SNIP, Class A, 144A, 1 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) | 5.160(c) | 09/15/42 | 250 | 250625 |
| &nbsp;&nbsp; TCO Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-DPM, Class A, 144A, 1 Month SOFR + 1.243% (Cap N/A, Floor 1.243%) | 4.903(c) | 12/15/39 | 100 | 100125 |
| &nbsp;&nbsp; UBS Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C04, Class A3 | 3.301 | 10/15/50 | 378 | 374042 |
| &nbsp;&nbsp; VNDO Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-350P, Class A, 144A | 3.805 | 01/10/35 | 172 | 171134 |
| &nbsp;&nbsp; WCORE Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CORE, Class A, 144A, 1 Month SOFR + 1.492% (Cap N/A, Floor 1.492%) | 5.152(c) | 11/15/41 | 130 | 130036 |
| &nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-GRP, Class C, 144A, 1 Month SOFR + 2.940% (Cap N/A, Floor 2.940%) | 6.599(c) | 10/15/41 | 100 | 99793 |
| &nbsp;&nbsp; WEST Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ROSE, Class A, 144A | 5.275(cc) | 04/10/35 | 95 | 97293 |
| &nbsp;&nbsp; **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $10,013,223) |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10227259 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 199

------

PGIM Short Duration Multi-Sector Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS 23.9%** |  |  |  |  |
| &nbsp;&nbsp; **Aerospace & Defense 0.4%** |  |  |  |  |
| &nbsp;&nbsp; Boeing Co. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.250% | 02/01/28 | 30 | $29645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.298 | 05/01/29 | 20 | 21312 |
| &nbsp;&nbsp; Bombardier, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.000 | 02/15/28 | 16 | 15986 |
| &nbsp;&nbsp; Spirit AeroSystems, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.600 | 06/15/28 | 550 | 555078 |
|  |  |  |  | 622021 |
| &nbsp;&nbsp; **Agriculture 0.9%** |  |  |  |  |
| &nbsp;&nbsp; Altria Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.875 | 02/04/28 | 50 | 50908 |
| &nbsp;&nbsp; BAT Capital Corp. (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.259 | 03/25/28 | 355 | 343128 |
| &nbsp;&nbsp; Cargill, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.625 | 02/11/28 | 240 | 243972 |
| &nbsp;&nbsp; Imperial Brands Finance PLC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.500 | 06/30/28 | 650 | 656132 |
| &nbsp;&nbsp; Philip Morris International, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.125 | 03/02/28 | 150 | 147948 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1442088 |
| &nbsp;&nbsp; **Airlines 0.7%** |  |  |  |  |
| &nbsp;&nbsp; American Airlines, Inc./AAdvantage Loyalty IP Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.750 | 04/20/29 | 150 | 151527 |
| &nbsp;&nbsp; Delta Air Lines, Inc./SkyMiles IP Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.750 | 10/20/28 | 472 | 475076 |
| &nbsp;&nbsp; Southwest Airlines Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.375 | 11/15/28 | 410 | 413004 |
| &nbsp;&nbsp; United Airlines Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.875 | 03/01/29 | 65 | 65465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.375 | 03/01/31 | 100 | 101915 |
|  |  |  |  | 1206987 |
| &nbsp;&nbsp; **Apparel 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Gildan Activewear, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.700 | 10/07/30 | 45 | 45259 |
| &nbsp;&nbsp; Kontoor Brands, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.125 | 11/15/29 | 225 | 214367 |
|  |  |  |  | 259626 |
| &nbsp;&nbsp; **Auto Manufacturers 0.6%** |  |  |  |  |
| &nbsp;&nbsp; Ford Motor Credit Co. LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.700 | 08/10/26 | 200 | 198551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.113 | 05/03/29 | 200 | 201910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.800 | 05/12/28 | 200 | 209176 |
| &nbsp;&nbsp; General Motors Financial Co., Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.050 | 04/04/28 | 178 | 181446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.400 | 05/08/27 | 15 | 15235 |
| &nbsp;&nbsp; Hyundai Capital America, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 2.100 | 09/15/28 | 90 | 85715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.950 | 09/21/26 | 80 | 80762 |
|  |  |  |  | 972795 |

---

See Notes to Financial Statements.

------

PGIM Short Duration Multi-Sector Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Auto Parts & Equipment 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Qnity Electronics, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.750% | 08/15/32 | 15 | $15348 |
| &nbsp;&nbsp; Tenneco, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.000 | 11/17/28 | 250 | 250001 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265349 |
| &nbsp;&nbsp; **Banks 4.8%** |  |  |  |  |
| &nbsp;&nbsp; Bank Negara Indonesia Persero Tbk PT (Indonesia), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | 3.750 | 03/30/26 | 200 | 199434 |
| &nbsp;&nbsp; Bank of America Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 2.087(ff) | 06/14/29 | 325 | 311316 |
| &nbsp;&nbsp; Barclays PLC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.279(ff) | 11/24/27 | 200 | 197273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.476(ff) | 11/11/29 | 200 | 201484 |
| &nbsp;&nbsp; BNP Paribas SA (France), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | 5.176(ff) | 01/09/30 | 200 | 205879 |
| &nbsp;&nbsp; Citigroup, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | 6.625(ff) | 02/15/31(oo) | 120 | 123107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series GG | 6.875(ff) | 08/15/30(oo) | 222 | 227886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | 4.450 | 09/29/27 | 195 | 196149 |
| &nbsp;&nbsp; Credit Agricole SA (France), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | 4.656(ff) | 01/12/32 | 520 | 522689 |
| &nbsp;&nbsp; Deutsche Bank AG (Germany), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | 2.552(ff) | 01/07/28 | 150 | 148099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | 4.950(ff) | 08/04/31 | 270 | 274773 |
| &nbsp;&nbsp; Fifth Third Bancorp, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.339(ff) | 07/27/29 | 20 | 21031 |
| &nbsp;&nbsp; Fifth Third Financial Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.982(ff) | 01/30/30 | 80 | 83852 |
| &nbsp;&nbsp; Goldman Sachs Group, Inc. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.542(ff) | 09/10/27 | 140 | 138179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.692(ff) | 10/23/30 | 50 | 50776 |
| &nbsp;&nbsp; Huntington Bancshares, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.208(ff) | 08/21/29 | 10 | 10501 |
| &nbsp;&nbsp; ING Groep NV (Netherlands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.066(ff) | 03/25/31 | 200 | 206049 |
| &nbsp;&nbsp; JPMorgan Chase & Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.255(ff) | 10/22/31 | 560 | 561418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.347(ff) | 01/22/32 | 630 | 632922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.040(ff) | 01/23/28 | 70 | 70590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.299(ff) | 07/24/29 | 500 | 514563 |
| &nbsp;&nbsp; KeyCorp, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 2.550 | 10/01/29 | 20 | 18989 |
| &nbsp;&nbsp; Morgan Stanley, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.493(ff) | 01/16/32 | 250 | 251284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.449(ff) | 07/20/29 | 300 | 309344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN, Series I | 4.356(ff) | 10/22/31 | 700 | 700869 |
| &nbsp;&nbsp; Morgan Stanley Private Bank NA, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.213(ff) | 02/08/30 | 250 | 251192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.734(ff) | 07/18/31 | 250 | 254488 |
| &nbsp;&nbsp; PNC Financial Services Group, Inc. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.615(ff) | 10/20/27 | 20 | 20331 |
| &nbsp;&nbsp; Societe Generale SA (France), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | 4.450(ff) | 04/12/30 | 330 | 331703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | 5.250 | 02/19/27 | 200 | 202135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | 5.500(ff) | 04/13/29 | 200 | 205098 |
| &nbsp;&nbsp; Truist Financial Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 6.047(ff) | 06/08/27 | 125 | 125630 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 201

------

PGIM Short Duration Multi-Sector Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity**<br> **Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount** <br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |
| &nbsp;&nbsp; **Banks (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; U.S. Bancorp, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.384%(ff) | 01/23/30 | 30 | $31113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.678(ff) | 01/23/35 | 40 | 42501 |
| &nbsp;&nbsp; Wells Fargo & Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.182(ff) | 01/23/30 | 90 | 90321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 5.574(ff) | 07/25/29 | 250 | 258715 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7991683 |
| &nbsp;&nbsp; **Beverages 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Diageo Investment Corp. (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.125 | 08/15/30 | 230 | 238535 |
| &nbsp;&nbsp; **Building Materials 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Amrize Finance US LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.950 | 04/07/30 | 65 | 66835 |
| &nbsp;&nbsp; Camelot Return Merger Sub, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.750 | 08/01/28 | 25 | 18861 |
| &nbsp;&nbsp; JELD-WEN, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.875 | 12/15/27 | 25 | 20305 |
| &nbsp;&nbsp; Quikrete Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.375 | 03/01/32 | 20 | 20789 |
| &nbsp;&nbsp; Standard Industries, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.375 | 07/15/30 | 150 | 144741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.750 | 01/15/28 | 25 | 24938 |
|  |  |  |  | 296469 |
| &nbsp;&nbsp; **Chemicals 0.5%** |  |  |  |  |
| &nbsp;&nbsp; Braskem Netherlands Finance BV (Brazil), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.500 | 01/10/28 | 200 | 91000 |
| &nbsp;&nbsp; Celanese US Holdings LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.850 | 11/15/28 | 16 | 16831 |
| &nbsp;&nbsp; DuPont de Nemours, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.725 | 11/15/28 | 20 | 20273 |
| &nbsp;&nbsp; International Flavors & Fragrances, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 1.832 | 10/15/27 | 300 | 289510 |
| &nbsp;&nbsp; Olympus Water US Holding Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.250 | 06/15/31 | 200 | 204724 |
| &nbsp;&nbsp; SNF Group SACA (France), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.375 | 03/15/30 | 200 | 188481 |
|  |  |  |  | 810819 |
| &nbsp;&nbsp; **Coal 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Coronado Finance Pty Ltd. (Australia), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.250 | 10/01/29 | 25 | 23156 |
| &nbsp;&nbsp; **Commercial Services 0.4%** |  |  |  |  |
| &nbsp;&nbsp; AMN Healthcare, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.000 | 04/15/29 | 25 | 23910 |
| &nbsp;&nbsp; Brink's Co. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.625 | 10/15/27 | 25 | 24982 |
| &nbsp;&nbsp; DCLI Bidco LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Mortgage, 144A | 7.750 | 11/15/29 | 165 | 169187 |
| &nbsp;&nbsp; ERAC USA Finance LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.000 | 02/15/29 | 40 | 41164 |
| &nbsp;&nbsp; Global Payments, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.500 | 11/15/28 | 165 | 165570 |

---

See Notes to Financial Statements.

------

PGIM Short Duration Multi-Sector Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity**<br> **Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount** <br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |
| &nbsp;&nbsp; **Commercial Services (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Herc Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.750% | 03/15/31 | 170 | $172342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.000 | 06/15/30 | 15 | 15715 |
|  |  |  |  | 612870 |
| &nbsp;&nbsp; **Computers 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Genpact Luxembourg Sarl/Genpact USA, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.000 | 06/04/29 | 140 | 145368 |
| &nbsp;&nbsp; Hewlett Packard Enterprise Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.450 | 09/25/26 | 65 | 65158 |
|  |  |  |  | 210526 |
| &nbsp;&nbsp; **Diversified Financial Services 0.8%** |  |  |  |  |
| &nbsp;&nbsp; Ally Financial, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.543(ff) | 01/17/31 | 25 | 25698 |
| &nbsp;&nbsp; Cantor Fitzgerald LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.200 | 12/12/28 | 25 | 26548 |
| &nbsp;&nbsp; Capital One Financial Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 7.149(ff) | 10/29/27 | 40 | 40792 |
| &nbsp;&nbsp; Encore Capital Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.625 | 04/15/31 | 75 | 75893 |
| &nbsp;&nbsp; GGAM Finance Ltd. (Ireland), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.000 | 02/15/27 | 150 | 151687 |
| &nbsp;&nbsp; goeasy Ltd. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.625 | 07/01/29 | 25 | 23438 |
| &nbsp;&nbsp; Navient Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.750 | 06/15/26 | 100 | 100223 |
| &nbsp;&nbsp; OneMain Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.500 | 01/15/27 | 150 | 148195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.875 | 09/15/28 | 25 | 24188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.625 | 05/15/29 | 50 | 51123 |
| &nbsp;&nbsp; PennyMac Financial Services, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.250 | 02/15/29 | 75 | 72101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.875 | 12/15/29 | 250 | 262332 |
| &nbsp;&nbsp; Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 2.875 | 10/15/26 | 175 | 172920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.875 | 03/01/31 | 75 | 70485 |
| &nbsp;&nbsp; Synchrony Financial, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.019(ff) | 07/29/29 | 35 | 35421 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1281044 |
| &nbsp;&nbsp; **Electric 1.2%** |  |  |  |  |
| &nbsp;&nbsp; Algonquin Power & Utilities Corp. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.365 | 06/15/26 | 30 | 30075 |
| &nbsp;&nbsp; Calpine LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.125 | 03/15/28 | 100 | 100008 |
| &nbsp;&nbsp; Constellation Energy Generation LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.625 | 02/01/29 | 50 | 49992 |
| &nbsp;&nbsp; FirstEnergy Pennsylvania Electric Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.150 | 03/30/26 | 60 | 60020 |
| &nbsp;&nbsp; MVM Energetika Zrt (Hungary), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 7.500 | 06/09/28 | 200 | 211840 |
| &nbsp;&nbsp; NextEra Energy Capital Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.685 | 09/01/27 | 75 | 75856 |
| &nbsp;&nbsp; NRG Energy, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.750 | 01/15/28 | 50 | 50014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.375 | 02/15/29 | 175 | 168587 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 203

------

PGIM Short Duration Multi-Sector Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity**<br> **Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount** <br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount** <br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |
| &nbsp;&nbsp; **Electric (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; NRG Energy, Inc., (cont'd.) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.750% | 07/15/29 |  | 75 | $75177 |
| &nbsp;&nbsp; Southern California Edison Co., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 4.875 | 02/01/27 |  | 100 | 100684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 4.900 | 06/01/26 |  | 125 | 125078 |
| &nbsp;&nbsp; Vistra Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | 8.000(ff) | 10/15/26(oo) |  | 270 | 274762 |
| &nbsp;&nbsp; Vistra Operations Co. LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.375 | 05/01/29 |  | 25 | 24734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.000 | 07/31/27 |  | 125 | 124999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.625 | 02/15/27 |  | 75 | 74959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.875 | 04/15/32 |  | 10 | 10513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.750 | 10/15/31 |  | 125 | 132049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.600 | 10/15/30 |  | 55 | 55327 |
| &nbsp;&nbsp; VoltaGrid LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 7.375 | 11/01/30 |  | 190 | 198313 |
|  |  |  |  |  | 1942987 |
| &nbsp;&nbsp; **Electrical Components & Equipment 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; WESCO Distribution, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.250 | 04/15/31 |  | 25 | 25080 |
| &nbsp;&nbsp; **Engineering & Construction 0.2%** |  |  |  |  |  |
| &nbsp;&nbsp; Jacobs Engineering Group, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.350 | 08/18/28 |  | 65 | 68290 |
| &nbsp;&nbsp; MasTec, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.900 | 06/15/29 |  | 5 | 5248 |
| &nbsp;&nbsp; Mexico City Airport Trust (Mexico), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.250 | 10/31/26 |  | 200 | 199824 |
|  |  |  |  |  | 273362 |
| &nbsp;&nbsp; **Entertainment 0.3%** |  |  |  |  |  |
| &nbsp;&nbsp; Caesars Entertainment, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.625 | 10/15/29 |  | 200 | 195521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.000 | 02/15/30 |  | 100 | 102562 |
| &nbsp;&nbsp; Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.875 | 05/01/29 |  | 75 | 73717 |
| &nbsp;&nbsp; Penn Entertainment, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.125 | 07/01/29 |  | 75 | 70762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.625 | 01/15/27 |  | 25 | 25012 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467574 |
| &nbsp;&nbsp; **Foods 0.8%** |  |  |  |  |  |
| &nbsp;&nbsp; Albertson's Cos., Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.625 | 03/31/32 |  | 75 | 75288 |
| &nbsp;&nbsp; Albertson's Cos., Inc./Safeway, Inc./New Albertson's LP/Albertson's LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.500 | 03/15/29 |  | 75 | 72358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.500 | 03/31/31 |  | 40 | 40271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.500 | 02/15/28 |  | 25 | 25440 |
| &nbsp;&nbsp; B&G Foods, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.250 | 09/15/27 |  | 50 | 48536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.000 | 09/15/28 |  | 50 | 48512 |
| &nbsp;&nbsp; Bellis Acquisition Co. PLC (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.000 | 07/01/31 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125 | 140579 |
| &nbsp;&nbsp; JBS NV/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.750 | 04/01/33 |  | 105 | 110441 |

---

See Notes to Financial Statements.

------

PGIM Short Duration Multi-Sector Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity**<br> **Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount** <br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |
| &nbsp;&nbsp; **Foods (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Lamb Weston Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.125% | 01/31/30 | 176 | $170597 |
| &nbsp;&nbsp; Mars, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.800 | 03/01/30 | 275 | 282607 |
| &nbsp;&nbsp; Smithfield Foods, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.000 | 10/15/30 | 210 | 195795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.250 | 02/01/27 | 150 | 149992 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1360416 |
| &nbsp;&nbsp; **Gas 0.0%** |  |  |  |  |
| &nbsp;&nbsp; NiSource, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.200 | 07/01/29 | 40 | 41397 |
| &nbsp;&nbsp; **Healthcare-Products 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Solventum Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.400 | 03/01/29 | 32 | 33194 |
| &nbsp;&nbsp; **Healthcare-Services 0.4%** |  |  |  |  |
| &nbsp;&nbsp; CommonSpirit Health, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | 4.352 | 09/01/30 | 80 | 80343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 5.205 | 12/01/31 | 100 | 104255 |
| &nbsp;&nbsp; DaVita, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.625 | 06/01/30 | 150 | 146827 |
| &nbsp;&nbsp; LifePoint Health, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.875 | 08/15/30 | 75 | 80214 |
| &nbsp;&nbsp; MPH Acquisition Holdings LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.750 | 12/31/30 | 100 | 73474 |
| &nbsp;&nbsp; Tenet Healthcare Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 4.375 | 01/15/30 | 175 | 171777 |
|  |  |  |  | 656890 |
| &nbsp;&nbsp; **Holding Companies-Diversified 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Clue Opco LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.500 | 10/15/31 | 351 | 364012 |
| &nbsp;&nbsp; **Home Builders 0.4%** |  |  |  |  |
| &nbsp;&nbsp; Ashton Woods USA LLC/Ashton Woods Finance Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.625 | 08/01/29 | 100 | 97457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.625 | 04/01/30 | 100 | 95480 |
| &nbsp;&nbsp; Beazer Homes USA, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 7.250 | 10/15/29 | 25 | 25493 |
| &nbsp;&nbsp; Empire Communities Corp. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 9.750 | 05/01/29 | 75 | 77291 |
| &nbsp;&nbsp; M/I Homes, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.950 | 02/01/28 | 25 | 24829 |
| &nbsp;&nbsp; Meritage Homes Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.875 | 04/15/29 | 195 | 192900 |
| &nbsp;&nbsp; Shea Homes LP/Shea Homes Funding Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.750 | 02/15/28 | 75 | 74693 |
| &nbsp;&nbsp; Tri Pointe Homes, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.250 | 06/01/27 | 125 | 125762 |
|  |  |  |  | 713905 |
| &nbsp;&nbsp; **Home Furnishings 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Whirlpool Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.125 | 06/15/30 | 60 | 60189 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 205

------

PGIM Short Duration Multi-Sector Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity**<br> **Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount** <br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |
| &nbsp;&nbsp; **Household Products/Wares 0.0%** |  |  |  |  |
| &nbsp;&nbsp; ACCO Brands Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.250% | 03/15/29 | 50 | $45978 |
| &nbsp;&nbsp; **Housewares 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Newell Brands, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 8.500 | 06/01/28 | 10 | 10525 |
| &nbsp;&nbsp; **Insurance 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Acrisure LLC/Acrisure Finance, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.500 | 11/06/30 | 75 | 76336 |
| &nbsp;&nbsp; Arthur J Gallagher & Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.850 | 12/15/29 | 30 | 30732 |
| &nbsp;&nbsp; Asurion LLC & Asurion Co-Issuer, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.000 | 12/31/32 | 35 | 36822 |
|  |  |  |  | 143890 |
| &nbsp;&nbsp; **Internet 0.3%** |  |  |  |  |
| &nbsp;&nbsp; Beignet Investor LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.581 | 05/30/49 | 455 | 483193 |
| &nbsp;&nbsp; Go Daddy Operating Co. LLC/GD Finance Co., Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.500 | 03/01/29 | 50 | 46691 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529884 |
| &nbsp;&nbsp; **Investment Companies 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Apollo Debt Solutions BDC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.700 | 01/23/31 | 70 | 69449 |
| &nbsp;&nbsp; **Iron/Steel 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Mineral Resources Ltd. (Australia), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.000 | 04/01/31 | 10 | 10510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 9.250 | 10/01/28 | 75 | 78539 |
|  |  |  |  | 89049 |
| &nbsp;&nbsp; **Leisure Time 0.3%** |  |  |  |  |
| &nbsp;&nbsp; Carnival Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.125 | 05/01/29 | 25 | 25340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.750 | 08/01/32 | 95 | 98588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.000 | 08/01/28 | 75 | 74462 |
| &nbsp;&nbsp; Lindblad Expeditions LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.000 | 09/15/30 | 50 | 52398 |
| &nbsp;&nbsp; Royal Caribbean Cruises Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.500 | 04/01/28 | 290 | 296267 |
|  |  |  |  | 547055 |
| &nbsp;&nbsp; **Lodging 0.4%** |  |  |  |  |
| &nbsp;&nbsp; Hyatt Hotels Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.750 | 01/30/27 | 75 | 76040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.750 | 04/23/30 | 300 | 315184 |
| &nbsp;&nbsp; Las Vegas Sands Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.625 | 06/15/28 | 160 | 163878 |
| &nbsp;&nbsp; Marriott International, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.450 | 09/15/26 | 30 | 30182 |
|  |  |  |  | 585284 |

---

See Notes to Financial Statements.

------

PGIM Short Duration Multi-Sector Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity**<br> **Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount** <br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |
| &nbsp;&nbsp; **Machinery-Diversified 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Nordson Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.600% | 09/15/28 | 10 | $10347 |
| &nbsp;&nbsp; Otis Worldwide Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.250 | 08/16/28 | 35 | 36098 |
|  |  |  |  | 46445 |
| &nbsp;&nbsp; **Media 0.5%** |  |  |  |  |
| &nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.125 | 05/01/27 | 53 | 53055 |
| &nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating Capital, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 2.250 | 01/15/29 | 90 | 84951 |
| &nbsp;&nbsp; Cox Communications, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.450 | 09/01/34 | 25 | 24746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.350 | 09/15/26 | 80 | 79674 |
| &nbsp;&nbsp; CSC Holdings LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.500 | 04/15/27 | 200 | 169204 |
| &nbsp;&nbsp; DISH DBS Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(x) | 5.125 | 06/01/29 | 25 | 22255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(x) | 7.375 | 07/01/28 | 25 | 24176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(x) | 7.750 | 07/01/26 | 325 | 321503 |
| &nbsp;&nbsp; DISH Network Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(x) | 11.750 | 11/15/27 | 25 | 25822 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805386 |
| &nbsp;&nbsp; **Metal Fabricate/Hardware 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Advanced Drainage Systems, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.375 | 03/01/34 | 45 | 45350 |
| &nbsp;&nbsp; **Mining 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Arsenal AIC Parent LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, 144A | 11.500 | 10/01/31 | 50 | 55126 |
| &nbsp;&nbsp; BHP Billiton Finance USA Ltd. (Australia), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.000 | 02/21/30 | 80 | 82913 |
| &nbsp;&nbsp; Hudbay Minerals, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.500 | 04/01/26 | 75 | 74870 |
| &nbsp;&nbsp; Novelis Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.750 | 01/30/30 | 60 | 58146 |
|  |  |  |  | 271055 |
| &nbsp;&nbsp; **Multi-National 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Corp. Andina de Fomento (Supranational Bank), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.000 | 04/26/27 | 100 | 102226 |
| &nbsp;&nbsp; **Oil & Gas 1.8%** |  |  |  |  |
| &nbsp;&nbsp; Aker BP ASA (Norway), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.750 | 01/15/30 | 380 | 370016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.600 | 06/13/28 | 150 | 154470 |
| &nbsp;&nbsp; Antero Resources Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.375 | 03/01/30 | 50 | 50775 |
| &nbsp;&nbsp; Canadian Natural Resources Ltd. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.000 | 12/15/29 | 75 | 77230 |
| &nbsp;&nbsp; Comstock Resources, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.750 | 03/01/29 | 50 | 49845 |
| &nbsp;&nbsp; Crescent Energy Finance LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.625 | 04/01/32 | 50 | 50529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 9.250 | 02/15/28 | 55 | 56466 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 207

------

PGIM Short Duration Multi-Sector Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity**<br> **Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount** <br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |
| &nbsp;&nbsp; **Oil & Gas (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Crescent Energy Finance LLC, (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 9.750% | 10/15/30 | 125 | $134396 |
| &nbsp;&nbsp; Hilcorp Energy I LP/Hilcorp Finance Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.000 | 02/01/31 | 100 | 97545 |
| &nbsp;&nbsp; Ovintiv, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.650 | 05/15/28 | 90 | 93232 |
| &nbsp;&nbsp; Permian Resources Operating LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.000 | 04/15/27 | 75 | 75462 |
| &nbsp;&nbsp; Petroleos Mexicanos (Mexico), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.700 | 02/16/32 | 46 | 46133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.840 | 01/23/30 | 140 | 143500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 9.500 | 09/15/27 | 62 | 65134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 10.000 | 02/07/33 | 160 | 187433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN | 8.750 | 06/02/29 | 205 | 220555 |
| &nbsp;&nbsp; SM Energy Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.000 | 10/15/26 | 225 | 225002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.750 | 08/01/29 | 125 | 127846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.750 | 07/01/31 | 15 | 15728 |
| &nbsp;&nbsp; Sunoco LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.875 | 07/15/27 | 50 | 50012 |
| &nbsp;&nbsp; Sunoco LP/Sunoco Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.500 | 05/15/29 | 50 | 49230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.000 | 09/15/28 | 25 | 25680 |
| &nbsp;&nbsp; Transocean International Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.250 | 05/15/29 | 10 | 10388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.500 | 05/15/31 | 45 | 47588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.750 | 02/15/30 | 140 | 146300 |
| &nbsp;&nbsp; Var Energi ASA (Norway), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.875 | 05/22/30 | 200 | 209756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.500 | 01/15/28 | 200 | 211221 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2991472 |
| &nbsp;&nbsp; **Packaging & Containers 0.5%** |  |  |  |  |
| &nbsp;&nbsp; AptarGroup, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.750 | 03/30/31 | 170 | 172521 |
| &nbsp;&nbsp; Ball Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.000 | 06/15/29 | 75 | 77311 |
| &nbsp;&nbsp; Berry Global, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 1.650 | 01/15/27 | 230 | 225633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 5.800 | 06/15/31 | 50 | 53265 |
| &nbsp;&nbsp; Clydesdale Acquisition Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.750 | 04/15/30 | 50 | 49939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.750 | 04/15/32 | 25 | 25181 |
| &nbsp;&nbsp; Graphic Packaging International LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.500 | 03/01/29 | 175 | 167047 |
| &nbsp;&nbsp; Sealed Air Corp./Sealed Air Corp. US, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.125 | 02/01/28 | 25 | 25354 |
|  |  |  |  | 796251 |
| &nbsp;&nbsp; **Pharmaceuticals 0.1%** |  |  |  |  |
| &nbsp;&nbsp; AdaptHealth LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.625 | 08/01/29 | 100 | 96002 |
| &nbsp;&nbsp; Bausch Health Cos., Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.875 | 06/01/28 | 100 | 92750 |
| &nbsp;&nbsp; CVS Health Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | 7.000(ff) | 03/10/55 | 40 | 42075 |
|  |  |  |  | 230827 |

---

See Notes to Financial Statements.

------

PGIM Short Duration Multi-Sector Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest** <br> **Rate** | **Maturity** <br> **Date** | **Principal Amount** <br> **(000)#**  | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Pipelines 1.8%** |  |  |  |  |
| &nbsp;&nbsp; Antero Midstream Partners LP/Antero Midstream Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.750% | 01/15/28 | 25 | $24986 |
| &nbsp;&nbsp; Buckeye Partners LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.950 | 12/01/26 | 50 | 49620 |
| &nbsp;&nbsp; Columbia Pipelines Operating Co. LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.927 | 08/15/30 | 15 | 16011 |
| &nbsp;&nbsp; Energy Transfer LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series G | 7.125(ff) | 05/15/30 (oo) | 70 | 72536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series H | 6.500(ff) | 11/15/26 (oo) | 220 | 220947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.200 | 04/01/30 | 35 | 36380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.100 | 12/01/28 | 40 | 42100 |
| &nbsp;&nbsp; Enterprise Products Operating LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series D, 3 Month SOFR + 3.248% | 6.900(c) | 08/16/77 | 230 | 230345 |
| &nbsp;&nbsp; MPLX LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.750 | 03/01/26 | 160 | 160000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.800 | 02/15/31 | 40 | 40835 |
| &nbsp;&nbsp; Northwest Pipeline LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.000 | 04/01/27 | 95 | 95023 |
| &nbsp;&nbsp; ONEOK, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.100 | 03/15/30 | 210 | 201147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.550 | 07/15/28 | 100 | 101097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.650 | 11/01/28 | 35 | 36386 |
| &nbsp;&nbsp; Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.375 | 02/15/29 | 300 | 311011 |
| &nbsp;&nbsp; Targa Resources Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.200 | 07/01/27 | 125 | 126997 |
| &nbsp;&nbsp; Tennessee Gas Pipeline Co. LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 2.900 | 03/01/30 | 300 | 286572 |
| &nbsp;&nbsp; Transcontinental Gas Pipe Line Co. LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.250 | 05/15/30 | 90 | 87089 |
| &nbsp;&nbsp; Venture Global Calcasieu Pass LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.250 | 01/15/30 | 175 | 180723 |
| &nbsp;&nbsp; Venture Global Plaquemines LNG LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.125 | 12/15/30 | 101 | 104902 |
| &nbsp;&nbsp; Western Midstream Operating LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.650 | 07/01/26 | 130 | 129978 |
| &nbsp;&nbsp; Williams Cos., Inc. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.500 | 11/15/30 | 220 | 213159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.625 | 06/30/30 | 100 | 101752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.400 | 03/02/26 | 70 | 70000 |
|  |  |  |  | 2939596 |
| &nbsp;&nbsp; **Real Estate 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Five Point Operating Co. LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.000 | 10/01/30 | 80 | 82778 |
| &nbsp;&nbsp; Hunt Cos., Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.250 | 04/15/29 | 100 | 95267 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178045 |
| &nbsp;&nbsp; **Real Estate Investment Trusts (REITs) 1.3%** |  |  |  |  |
| &nbsp;&nbsp; American Tower Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.600 | 01/15/28 | 70 | 69495 |
| &nbsp;&nbsp; Brixmor Operating Partnership LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.900 | 03/15/27 | 95 | 94880 |
| &nbsp;&nbsp; Crown Castle, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.800 | 09/01/28 | 90 | 91500 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 209

------

PGIM Short Duration Multi-Sector Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest** <br> **Rate** | **Maturity** <br> **Date** | **Principal Amount** <br> **(000)#**  | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Real Estate Investment Trusts (REITs) (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Lineage OP LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.250% | 07/15/30 | 445 | $453760 |
| &nbsp;&nbsp; Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.875 | 05/15/29 | 50 | 49129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.875 | 10/01/28 | 75 | 75001 |
| &nbsp;&nbsp; Realty Income Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.700 | 12/15/28 | 75 | 76500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.750 | 02/15/29 | 160 | 163626 |
| &nbsp;&nbsp; SBA Communications Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.875 | 02/15/27 | 200 | 198748 |
| &nbsp;&nbsp; Starwood Property Trust, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.250 | 10/15/28 | 15 | 15051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.625 | 07/15/26 | 25 | 24790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.375 | 01/15/27 | 100 | 99289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.500 | 10/15/30 | 50 | 52125 |
| &nbsp;&nbsp; Sun Communities Operating LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.300 | 11/01/28 | 75 | 71637 |
| &nbsp;&nbsp; VICI Properties LP/VICI Note Co., Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.750 | 02/01/27 | 700 | 706440 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2241971 |
| &nbsp;&nbsp; **Retail 0.7%** |  |  |  |  |
| &nbsp;&nbsp; 1011778 BC ULC/New Red Finance, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 3.875 | 01/15/28 | 25 | 24687 |
| &nbsp;&nbsp; AutoNation, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.800 | 11/15/27 | 525 | 523015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.950 | 08/01/28 | 200 | 190407 |
| &nbsp;&nbsp; Carvana Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.000 | 06/01/30 | 75 | 78107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.000 | 06/01/31 | 204 | 223061 |
| &nbsp;&nbsp; EG Global Finance PLC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 11.000 | 11/30/28 | EUR 100 | 126917 |
| &nbsp;&nbsp; Park River Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 8.750 | 12/31/30 | 42 | 40514 |
|  |  |  |  | 1206708 |
| &nbsp;&nbsp; **Semiconductors 0.3%** |  |  |  |  |
| &nbsp;&nbsp; Broadcom, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.600 | 07/15/30 | 360 | 367801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.050 | 07/12/29 | 89 | 92026 |
|  |  |  |  | 459827 |
| &nbsp;&nbsp; **Shipbuilding 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Huntington Ingalls Industries, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.200 | 05/01/30 | 140 | 139792 |
| &nbsp;&nbsp; **Software 0.5%** |  |  |  |  |
| &nbsp;&nbsp; CoreWeave, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 9.000 | 02/01/31 | 40 | 38683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 9.250 | 06/01/30 | 75 | 73450 |
| &nbsp;&nbsp; Fiserv, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.375 | 08/21/28 | 60 | 61497 |
| &nbsp;&nbsp; Oracle Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.950 | 02/04/31 | 360 | 359245 |

---

See Notes to Financial Statements.

------

PGIM Short Duration Multi-Sector Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest** <br> **Rate** | **Maturity** <br> **Date** | **Principal Amount** <br> **(000)#**  | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Software (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; SS&C Technologies, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.500% | 09/30/27 | 50 | $49957 |
| &nbsp;&nbsp; X.AI LLC/X.AI Co. Issuer Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 12.500 | 06/30/30 | 150 | 170840 |
|  |  |  |  | 753672 |
| &nbsp;&nbsp; **Telecommunications 1.1%** |  |  |  |  |
| &nbsp;&nbsp; Black Pearl Compute LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.125 | 02/15/31 | 100 | 102397 |
| &nbsp;&nbsp; Connect Holding II LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 10.500 | 04/03/31 | 325 | 314402 |
| &nbsp;&nbsp; EchoStar Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes(x) | 10.750 | 11/30/29 | 150 | 163824 |
| &nbsp;&nbsp; Frontier Communications Holdings LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 6.750 | 05/01/29 | 400 | 401701 |
| &nbsp;&nbsp; Level 3 Financing, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.000 | 03/31/34 | 60 | 62364 |
| &nbsp;&nbsp; Lumen Technologies, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.375 | 06/15/29 | 50 | 47894 |
| &nbsp;&nbsp; NTT Finance Corp. (Japan), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.567 | 07/16/27 | 200 | 201805 |
| &nbsp;&nbsp; Rogers Communications, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.000 | 02/15/29 | 130 | 133051 |
| &nbsp;&nbsp; SV RNO Property Owner 1 LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.875 | 03/01/31 | 200 | 200864 |
| &nbsp;&nbsp; T-Mobile USA, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.750 | 04/15/27 | 115 | 114861 |
| &nbsp;&nbsp; Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, | &nbsp;&nbsp; Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.625 | 06/15/32 | 25 | 25337 |
| &nbsp;&nbsp; Vmed O2 UK Financing I PLC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 4.000 | 01/31/29 | GBP 100 | 129913 |
|  |  |  |  | 1898413 |
| &nbsp;&nbsp; **Transportation 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Fedex Freight Holding Co., Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.300 | 03/15/29 | 140 | 140320 |
| &nbsp;&nbsp; RXO, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.375 | 05/15/31 | 75 | 73025 |
| &nbsp;&nbsp; Star Leasing Co. LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 7.625 | 02/15/30 | 155 | 147317 |
|  |  |  |  | 360662 |
| &nbsp;&nbsp; **Trucking & Leasing 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Penske Truck Leasing Co. LP/PTL Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.750 | 05/24/26 | 75 | 75172 |
| &nbsp;&nbsp; **TOTAL CORPORATE BONDS**<br>(cost $39,342,353) |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39736958 |
| &nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES 6.8%** |  |  |  |  |
| &nbsp;&nbsp; Angel Oak Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-11, Class A1, 144A | 4.975(cc) | 10/25/70 | 286 | 286851 |
| &nbsp;&nbsp; Barclays Mortgage Loan Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-NQM01, Class A1, 144A | 4.836(cc) | 12/25/65 | 248 | 248701 |
| &nbsp;&nbsp; BRAVO Residential Funding Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM02, Class A1, 144A | 5.678(cc) | 11/25/64 | 159 | 160862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM09, Class A1, 144A | 5.043(cc) | 09/25/65 | 279 | 279923 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 211

------

PGIM Short Duration Multi-Sector Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest** <br> **Rate** | **Maturity** <br> **Date** | **Principal Amount** <br> **(000)#**  | **Value** |
| &nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)** |  |  |  |  |
| &nbsp;&nbsp; BRAVO Residential Funding Trust, (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-NQM01, Class A1, 144A | 4.830%(cc) | 12/25/65 | 296 | $296826 |
| &nbsp;&nbsp; COLT Mortgage Loan Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV02, Class A1, 144A | 5.601(cc) | 02/25/70 | 84 | 85549 |
| &nbsp;&nbsp; Connecticut Avenue Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R04, Class 1M2, 144A, 30 Day Average SOFR + 3.100% (Cap N/A, Floor 0.000%) | 6.767(c) | 03/25/42 | 100 | 102155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R07, Class 1B1, 144A, 30 Day Average SOFR + 6.800% (Cap N/A, Floor 0.000%) | 10.467(c) | 06/25/42 | 100 | 106938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R01, Class 1M1, 144A, 30 Day Average SOFR + 2.400% (Cap N/A, Floor 0.000%) | 6.067(c) | 12/25/42 | 56 | 57087 |
| &nbsp;&nbsp; Cross Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-H07, Class A1, 144A | 4.934(cc) | 09/25/70 | 663 | 663851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-H08, Class A1, 144A | 5.003(cc) | 11/25/70 | 285 | 286627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-H09, Class A1, 144A | 5.036(cc) | 11/25/70 | 296 | 297265 |
| &nbsp;&nbsp; EFMT, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV03, Class A1, 144A | 5.444(cc) | 07/25/70 | 285 | 288327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM02, Class A1, 144A | 0.000(cc) | 06/25/70 | 168 | 169597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM05, Class A1, 144A | 5.033(cc) | 11/25/70 | 287 | 288030 |
| &nbsp;&nbsp; GS Mortgage-Backed Securities Corp. Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM06, Class A1, 144A | 5.021(cc) | 02/25/66 | 274 | 275508 |
| &nbsp;&nbsp; GS Mortgage-Backed Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DSC02, Class A1, 144A | 5.038(cc) | 01/25/66 | 387 | 389515 |
| &nbsp;&nbsp; HOMES Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-AFC04, Class A1A, 144A | 5.149(cc) | 11/25/60 | 192 | 193162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM05, Class A1, 144A | 5.027(cc) | 09/25/70 | 376 | 377395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-AFC01, Class A1, 144A | 4.846(cc) | 02/25/61 | 400 | 399980 |
| &nbsp;&nbsp; JPMorgan Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-VIS01, Class A1, 144A | 4.787(cc) | 06/25/66 | 400 | 400026 |
| &nbsp;&nbsp; Legacy Mortgage Asset Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-PR01, Class A1, 144A | 6.000(cc) | 01/25/61 | 273 | 274444 |
| &nbsp;&nbsp; Lugo Funding DAC (Spain), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class B, 144A, 3 Month EURIBOR + 1.500% (Cap N/A, Floor 0.000%) | 3.541(c) | 05/26/66 | EUR 100 | 117514 |
| &nbsp;&nbsp; MFA Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM04, Class A1, 144A | 5.229(cc) | 08/25/70 | 377 | 379986 |
| &nbsp;&nbsp; Morgan Stanley Residential Mortgage Loan Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM02, Class A1, 144A | 5.627(cc) | 01/25/70 | 175 | 176340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM10, Class A1, 144A | 5.119(cc) | 11/25/70 | 384 | 386567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-NQM01, Class A1, 144A | 4.809(cc) | 12/25/70 | 198 | 198345 |
| &nbsp;&nbsp; NYMT Loan Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV02, Class A1, 144A | 5.000(cc) | 10/25/60 | 394 | 396341 |
| &nbsp;&nbsp; OBX Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM10, Class A1, 144A | 5.453(cc) | 05/25/65 | 81 | 82217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM11, Class A1, 144A | 5.418(cc) | 05/25/65 | 169 | 170308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM13, Class A1, 144A | 5.441(cc) | 05/25/65 | 242 | 244671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM20, Class A1, 144A | 5.021(cc) | 10/25/65 | 187 | 188495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM21, Class A1, 144A | 4.989(cc) | 10/25/65 | 389 | 391288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-NQM02, Class A1, 144A | 4.818(cc) | 12/01/65 | 198 | 198838 |
| &nbsp;&nbsp; PMT Credit Risk Transfer Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01R, Class A, 144A, 30 Day Average SOFR + 3.500% (Cap N/A, Floor 0.000%) | 7.167(c) | 05/25/33 | 336 | 339231 |
| &nbsp;&nbsp; PRKCM Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-AFC01, Class A1, 144A | 4.677(cc) | 02/25/61 | 300 | 299553 |
| &nbsp;&nbsp; PRPM LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RCF02, Class A1, 144A | 4.000(cc) | 10/25/64 | 159 | 157928 |
| &nbsp;&nbsp; Roc Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RTL01, Class A1, 144A | 5.625(cc) | 02/25/40 | 200 | 201056 |
| &nbsp;&nbsp; Santander Mortgage Asset Receivable Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM05, Class A1, 144A | 5.067(cc) | 08/25/65 | 276 | 276894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-NQM02, Class A1, 144A | 4.704(cc) | 01/25/66 | 299 | 299349 |
| &nbsp;&nbsp; SG Residential Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-01, Class A1, 144A | 4.782(cc) | 01/25/66 | 400 | 400311 |
| &nbsp;&nbsp; Verus Securitization Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-11, Class A1, 144A | 4.914(cc) | 11/25/70 | 293 | 294155 |

---

See Notes to Financial Statements.

------

PGIM Short Duration Multi-Sector Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest** <br> **Rate** | **Maturity** <br> **Date** | **Principal Amount** <br> **(000)#**  | **Value** |
| &nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)** | &nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)** |  |  |  |
| &nbsp;&nbsp; Verus Securitization Trust, (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-R01, Class A1, 144A | 4.832%(cc) | 10/25/67 | 198 | $199561 |
| &nbsp;&nbsp; **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $11,260,228) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $11,260,228) |  |  | 11327567 |
| &nbsp;&nbsp; **SOVEREIGN BONDS 1.8%** |  |  |  |  |
| &nbsp;&nbsp; Argentine Republic Government International Bond (Argentina), | &nbsp;&nbsp; Argentine Republic Government International Bond (Argentina), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 0.125 | 07/09/30 | EUR 45 | 45140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 0.750(cc) | 07/09/30 | 182 | 154215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.000 | 07/09/29 | 322 | 283653 |
| &nbsp;&nbsp; Brazilian Government International Bond (Brazil), | &nbsp;&nbsp; Brazilian Government International Bond (Brazil), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.250 | 05/22/36 | 240 | 242280 |
| &nbsp;&nbsp; Colombia Government International Bond (Colombia), | &nbsp;&nbsp; Colombia Government International Bond (Colombia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.750 | 09/19/28 | EUR 200 | 234437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.500 | 03/15/29 | 200 | 194700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.375 | 01/21/29 | 200 | 199600 |
| &nbsp;&nbsp; Dominican Republic International Bond (Dominican Republic), | &nbsp;&nbsp; Dominican Republic International Bond (Dominican Republic), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.950 | 01/25/27 | 200 | 202055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.500 | 02/22/29 | 200 | 203350 |
| &nbsp;&nbsp; Ecuador Government International Bond (Ecuador), | &nbsp;&nbsp; Ecuador Government International Bond (Ecuador), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 8.750 | 01/29/34 | 200 | 201800 |
| &nbsp;&nbsp; Egypt Government International Bond (Egypt), | &nbsp;&nbsp; Egypt Government International Bond (Egypt), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | 4.750 | 04/16/26 | EUR 200 | 236320 |
| &nbsp;&nbsp; Ivory Coast Government International Bond (Ivory Coast), | &nbsp;&nbsp; Ivory Coast Government International Bond (Ivory Coast), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.875 | 01/30/32 | EUR 150 | 173039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.250 | 03/22/30 | EUR 100 | 119711 |
| &nbsp;&nbsp; Oman Government International Bond (Oman), | &nbsp;&nbsp; Oman Government International Bond (Oman), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.750 | 06/15/26 | 200 | 200000 |
| &nbsp;&nbsp; Romanian Government International Bond (Romania), | &nbsp;&nbsp; Romanian Government International Bond (Romania), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.625 | 03/04/33 | EUR 140 | 165086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.750 | 09/16/30 | 90 | 93448 |
| &nbsp;&nbsp; **TOTAL SOVEREIGN BONDS**<br>(cost $2,876,305) |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2948834 |
| &nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATIONS 8.2%** |  |  |  |  |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 04/01/51 | 37 | 32306 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 07/01/46 | 67 | 63566 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 02/01/52 | 90 | 81678 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 10/01/45 | 176 | 169920 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.500 | 08/01/52 | 65 | 66384 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.500 | 10/01/52 | 291 | 297137 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.500 | 11/01/52 | 371 | 379077 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 09/01/50 | 157 | 137228 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 06/01/51 | 171 | 149805 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 10/01/51 | 224 | 195572 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 06/01/51 | 445 | 403449 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 01/01/52 | 352 | 318488 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 02/01/52 | 386 | 366730 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | TBA | 2000 | 2008971 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | TBA | 3000 | 3010527 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 08/01/52 | 445 | 449661 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 01/01/55 | 284 | 285456 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | TBA | 1500 | 1524049 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 10/01/52 | 565 | 576741 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | TBA | 1500 | 1538532 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 2.000 | 09/20/50 | 280 | 237638 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 03/20/52 | 158 | 150504 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 01/20/50 | 209 | 203110 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 08/20/52 | 583 | 580537 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 213

------

PGIM Short Duration Multi-Sector Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 5.500% | TBA | 500 | $506381 |
| &nbsp;&nbsp; **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $13,565,628) |  |  |  | 13733447 |
| &nbsp;&nbsp; **U.S. TREASURY OBLIGATIONS 41.1%** |  |  |  |  |
| &nbsp;&nbsp; U.S. Treasury Bonds(k) | 4.750 | 02/15/45 | 350 | 358805 |
| &nbsp;&nbsp; U.S. Treasury Notes(k) | 0.500 | 04/30/27 | 3175 | 3068216 |
| &nbsp;&nbsp; U.S. Treasury Notes(k) | 0.750 | 05/31/26 | 375 | 372275 |
| &nbsp;&nbsp; U.S. Treasury Notes | 1.250 | 11/30/26 | 5200 | 5110828 |
| &nbsp;&nbsp; U.S. Treasury Notes(k) | 1.250 | 12/31/26 | 7810 | 7663563 |
| &nbsp;&nbsp; U.S. Treasury Notes | 2.375 | 03/31/29 | 4410 | 4278389 |
| &nbsp;&nbsp; U.S. Treasury Notes | 3.125 | 08/31/27 | 7050 | 7017779 |
| &nbsp;&nbsp; U.S. Treasury Notes | 3.375 | 11/30/27 | 6325 | 6321294 |
| &nbsp;&nbsp; U.S. Treasury Notes | 3.375 | 12/31/27 | 11070 | 11064811 |
| &nbsp;&nbsp; U.S. Treasury Notes | 3.500 | 09/30/27 | 5445 | 5450956 |
| &nbsp;&nbsp; U.S. Treasury Notes | 3.625 | 08/31/27 | 8825 | 8848441 |
| &nbsp;&nbsp; U.S. Treasury Notes(k) | 4.125 | 02/28/27 | 8960 | 9011800 |
| &nbsp;&nbsp; **TOTAL U.S. TREASURY OBLIGATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $68,390,747) |  |  |  | 68567157 |
|  |  |  | **Shares** |  |
| &nbsp;&nbsp; **AFFILIATED EXCHANGE-TRADED FUNDS 0.9%** |  |  |  |  |
| &nbsp;&nbsp; **Fixed Income** |  |  |  |  |
| &nbsp;&nbsp; PGIM Active High Yield Bond ETF |  |  | 4418 | 157281 |
| &nbsp;&nbsp; PGIM Corporate Bond 0-5 Year ETF |  |  | 25000 | 1265875 |
| &nbsp;&nbsp; **TOTAL AFFILIATED EXCHANGE-TRADED FUNDS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $1,416,130)(wa) |  |  |  | 1423156 |
| &nbsp;&nbsp; **OPTION PURCHASED\*~ 0.0%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $1,290) |  |  |  | 3126 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS, BEFORE LONG-TERM OPTIONS WRITTEN 103.2%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $170,404,020) |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171939780 |
| &nbsp;&nbsp; **OPTIONS WRITTEN\*~ (0.0)%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (premiums received $0) |  |  |  | (1241) |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS, NET OF LONG-TERM OPTIONS WRITTEN 103.2%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $170,404,020) |  |  |  | 171938539 |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 1.7%** |  |  |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND 1.7%** |  |  |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.787%) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $2,830,905)(wa) |  |  | 2830905 | 2830905 |
| &nbsp;&nbsp; **OPTIONS PURCHASED\*~ 0.0%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $41,688) |  |  |  | 37811 |
| &nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $2,872,593) |  |  |  | 2868716 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, BEFORE SHORT-TERM OPTIONS WRITTEN 104.9%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $173,276,613) |  |  |  | 174807255 |

---

See Notes to Financial Statements.

------

PGIM Short Duration Multi-Sector Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | |
|:---|:---|
| **Description** | **Value** |
| &nbsp;&nbsp; **OPTIONS WRITTEN\*~ (0.0)%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (premiums received $44,516) | $(33000) |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, NET OF SHORT-TERM OPTIONS WRITTEN 104.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $173,232,097) | 174774255 |
| &nbsp;&nbsp; Liabilities in excess of other assets(z) (4.9)% | (8095275) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166678980 |

---

See the Glossary for a list of the abbreviation(s) used in the semiannual report.

\* Non-income producing security.

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

~ See tables subsequent to the Schedule of Investments for options detail.

^ Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $1,012 and 0.0% of net assets.

(c) Variable rate instrument. The interest rate shown reflects the rate in effect at February 28, 2026.

(cc) Variable rate instrument. The rate shown is based on the latest available information as of February 28, 2026. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

(ff) Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.

(k) Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives.

(oo) Perpetual security. Maturity date represents next call date.

(r) Principal or notional amount is less than $500 par.

(wa) Represents investments in Funds affiliated with the Manager.

(x) The following represents restricted securities that are acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer and is considered restricted as to disposition under federal securities law.

(x) Restricted Securities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issuer** | **Acquisition**<br>**Date** | **Original<br>Cost** | **Market<br>Value** | **Percentage<br>of**<br>**Net Assets** |
|  DISH DBS Corp., Gtd. Notes, 5.125%, 06/01/29 | 04/23/24 | $9750 | $22255 | 0.0% |
|  DISH DBS Corp., Gtd. Notes, 7.375%, 07/01/28 | 04/19/24 | 10875 | 24176 | 0.0 |
|  DISH DBS Corp., Gtd. Notes, 7.750%, 07/01/26 | 07/19/23-09/09/25 | 310703 | 321503 | 0.2 |
|  DISH Network Corp., Sr. Sec'd. Notes, 144A, 11.750%, 11/15/27 | 07/19/23 | 24676 | 25822 | 0.0 |
|  EchoStar Corp., Sr. Sec'd. Notes, 10.750%, 11/30/29 | 05/14/25-05/22/25 | 151656 | 163824 | 0.1 |
|  **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total** |  | $507660 | $557580 | 0.3% |

---

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

#### Options Purchased:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  3 Month SOFR | Call | 03/13/26 | $96.38 | 10 | 25 | $438 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cost $1,141) |  |  |  |  |  |  |

---

#### OTC Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Counterparty** | **Expiration**<br>**Date** | **Strike** | **Notional<br>Amount<br>(000)#** | **Value** |
|  2-Year 30 CMS Curve CAP | Call | BOA | 05/13/26 | 1.30% – | 323 | $— |
|  2-Year 30 CMS Curve CAP | Call | CITI | 05/13/26 | 1.30% – | 645 |  |
|  Currency Option EUR vs CZK | Call | CITI | 03/04/26 | 27.00 – | EUR 81 |  |
|  Currency Option EUR vs HUF | Call | MSI | 03/03/26 | 430.00 – | EUR 81 |  |
|  Currency Option EUR vs HUF | Call | CITI | 03/13/26 | 450.00 – | EUR 82 |  |
|  Currency Option EUR vs TRY | Call | BOA | 03/03/26 | 99.00 – | EUR 325 |  |
|  Currency Option EUR vs TRY | Call | BOA | 03/24/26 | 99.00 – | EUR 337 | 231 |
|  Currency Option USD vs BRL | Call | MSI | 03/11/26 | 6.00 – | 97 | 1 |
|  Currency Option USD vs CLP | Call | CITI | 03/27/26 | 1000.00 – | 100 | 6 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 215

------

PGIM Short Duration Multi-Sector Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

**Options Purchased (continued):**

**OTC Traded**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Counterparty** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Notional<br>Amount<br>(000)#** | **Value** |
|  Currency Option USD vs COP | Call | CITI | 03/03/26 | 4800.00 |  |  | 96 | $— |
|  Currency Option USD vs COP | Call | CITI | 03/13/26 | 4800.00 |  |  | 97 |  |
|  Currency Option USD vs COP | Call | MSI | 03/24/26 | 4500.00 |  |  | 60 | 5 |
|  Currency Option USD vs KRW | Call | DB | 03/11/26 | 1600.00 |  |  | 194 |  |
|  Currency Option USD vs KRW | Call | CITI | 04/21/26 | 1750.00 |  |  | 315 |  |
|  Currency Option USD vs TRY | Call | JPM | 03/04/26 | 99.00 |  |  | 144 |  |
|  Currency Option USD vs TRY | Call | BOA | 03/12/26 | 99.00 |  |  | 339 | 65 |
|  Currency Option USD vs TRY | Call | JPM | 03/25/26 | 99.00 |  |  | 100 | 79 |
|  Currency Option USD vs ZAR | Call | CITI | 03/03/26 | 16.10 |  |  | 144 | 226 |
|  Currency Option USD vs ZAR | Call | HSBC | 03/03/26 | 19.00 |  |  | 144 |  |
|  Currency Option USD vs ZAR | Call | DB | 03/13/26 | 19.00 |  |  | 97 | 3 |
|  Currency Option EUR vs HUF | Put | MSI | 08/31/26 | 360.00 |  | EUR | 513 | 2857 |
|  Currency Option USD vs BRL | Put | MSI | 03/18/26 | 4.80 |  |  | 98 | 2 |
|  Currency Option USD vs COP | Put | CITI | 03/04/26 | 3000.00 |  |  | 96 |  |
|  Currency Option USD vs COP | Put | MSI | 03/24/26 | 3300.00 |  |  | 99 | 2 |
|  Currency Option USD vs COP | Put | CITI | 03/31/26 | 3300.00 |  |  | 101 | 2 |
|  Currency Option USD vs COP | Put | CITI | 03/31/26 | 3300.00 |  |  | 101 | 3 |
|  Currency Option USD vs INR | Put | CITI | 03/04/26 | 81.00 |  |  | 96 |  |
|  Currency Option USD vs INR | Put | CITI | 03/05/26 | 81.00 |  |  | 96 |  |
|  Currency Option USD vs INR | Put | MSI | 03/18/26 | 85.00 |  |  | 98 |  |
|  Currency Option USD vs KRW | Put | CITI | 04/21/26 | 1455.00 |  |  | 315 | 6248 |
|  Currency Option USD vs THB | Put | CITI | 03/17/26 | 28.00 |  |  | 98 |  |
|  Currency Option USD vs TRY | Put | BOA | 10/22/26 | 53.50 |  |  | 142 | 9287 |
|  Currency Option USD vs TRY | Put | CITI | 10/22/26 | 53.50 |  |  | 142 | 9287 |
|  Currency Option USD vs ZAR | Put | MSI | 03/05/26 | 14.00 |  |  | 96 |  |
|  **Total OTC Traded** (cost $31,632) |  |  |  |  |  |  |  | $28304 |

---

#### OTC Swaptions

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Counterparty** | **Expiration<br>Date** | **Strike** | **Receive** | **Pay** | **Notional<br>Amount<br>(000)#** | **Notional<br>Amount<br>(000)#** | **Value** |
|  1-Year Interest Rate Swap,<br>08/31/27 | Call | BNP | 08/27/26 | 0.65% | 0.65%(T) | 1 Day SOFR(T)/ 3.680% |  | 1100 | $45 |
|  1-Year Interest Rate Swap,<br>02/07/29 | Call | JPM | 02/03/28 | 2.24% | 2.24%(A) | 3 Month EURIBOR(Q)/ 2.013% | EUR | 975 | 3126 |
|  5-Year Interest Rate Swap,<br>08/13/31 | Call | CITI | 08/11/26 | 3.29% | 3.29%(A) | 1 Day SOFR(A)/ 3.680% |  | 286 | 3200 |
|  1-Year Interest Rate Swap,<br>08/31/27 | Put | BNP | 08/27/26 | 3.40% | 1 Day SOFR(T)/ 3.680% | 3.40%(T) |  | 1100 | 857 |
|  2-Year Interest Rate Swap,<br>11/06/28 | Put | BNP | 11/04/26 | 3.21% | 1 Day SOFR(A)/ 3.680% | 3.21%(A) |  | 1340 | 4612 |
|  2-Year Interest Rate Swap,<br>11/06/28 | Put | BNP | 11/04/26 | 8.19% | 1 Day SOFR(A)/ 3.680% | 8.19%(A) |  | 1340 |  |
|  5-Year Interest Rate Swap,<br>08/13/31 | Put | CITI | 08/11/26 | 3.89% | 1 Day SOFR(A)/ 3.680% | 3.89%(A) |  | 286 | 355 |
|  **Total OTC Swaptions** (cost $10,205) |  |  |  |  |  |  |  |  | $12195 |
|  **Total Options Purchased** (cost $42,978) |  |  |  |  |  |  |  |  | $40937 |

---

#### Options Written:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  3 Month SOFR | Call | 03/13/26 | $96.50 | 10 | 25 | $(187) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(premiums received $540) |  |  |  |  |  |  |

---

See Notes to Financial Statements.

------

PGIM Short Duration Multi-Sector Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

**Options Written (continued):**

**OTC Traded**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Counterparty** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount**<br>**(000)#** | **Notional<br>Amount**<br>**(000)#** | **Value** |
|  Currency Option EUR vs CZK | Call | CITI | 03/04/26 | 24.35 |  | EUR | 81 | $(4) |
|  Currency Option EUR vs HUF | Call | CITI | 03/13/26 | 382.00 |  | EUR | 82 | (172) |
|  Currency Option EUR vs TRY | Call | BOA | 03/24/26 | 53.75 |  | EUR | 337 | (3430) |
|  Currency Option USD vs BRL | Call | MSI | 03/11/26 | 5.23 |  |  | 97 | (327) |
|  Currency Option USD vs CLP | Call | CITI | 03/27/26 | 870.00 |  |  | 100 | (1362) |
|  Currency Option USD vs COP | Call | CITI | 03/03/26 | 3700.00 |  |  | 96 | (1491) |
|  Currency Option USD vs COP | Call | CITI | 03/13/26 | 3800.00 |  |  | 97 | (851) |
|  Currency Option USD vs COP | Call | MSI | 03/24/26 | 3750.00 |  |  | 60 | (1107) |
|  Currency Option USD vs KRW | Call | DB | 03/11/26 | 1470.00 |  |  | 194 | (188) |
|  Currency Option USD vs KRW | Call | CITI | 04/21/26 | 1470.00 |  |  | 315 | (1769) |
|  Currency Option USD vs TRY | Call | JPM | 03/04/26 | 44.50 |  |  | 144 | (193) |
|  Currency Option USD vs TRY | Call | BOA | 03/12/26 | 44.50 |  |  | 339 | (1529) |
|  Currency Option USD vs TRY | Call | JPM | 03/25/26 | 44.80 |  |  | 100 | (876) |
|  Currency Option USD vs ZAR | Call | HSBC | 03/03/26 | 16.10 |  |  | 144 | (226) |
|  Currency Option USD vs ZAR | Call | DB | 03/13/26 | 16.00 |  |  | 97 | (689) |
|  Currency Option EUR vs HUF | Put | MSI | 08/31/26 | 350.00 |  | EUR | 513 | (1225) |
|  Currency Option USD vs BRL | Put | MSI | 03/18/26 | 5.20 |  |  | 98 | (1549) |
|  Currency Option USD vs COP | Put | CITI | 03/04/26 | 3800.00 |  |  | 96 | (1419) |
|  Currency Option USD vs COP | Put | MSI | 03/24/26 | 3800.00 |  |  | 99 | (1954) |
|  Currency Option USD vs COP | Put | CITI | 03/31/26 | 3675.00 |  |  | 101 | (592) |
|  Currency Option USD vs COP | Put | CITI | 03/31/26 | 3750.00 |  |  | 101 | (1306) |
|  Currency Option USD vs INR | Put | CITI | 03/04/26 | 90.00 |  |  | 96 | (4) |
|  Currency Option USD vs INR | Put | CITI | 03/05/26 | 90.00 |  |  | 96 | (7) |
|  Currency Option USD vs INR | Put | MSI | 03/18/26 | 90.60 |  |  | 98 | (152) |
|  Currency Option USD vs THB | Put | CITI | 03/17/26 | 31.00 |  |  | 98 | (622) |
|  Currency Option USD vs TRY | Put | BOA | 10/22/26 | 48.00 |  |  | 142 | (904) |
|  Currency Option USD vs TRY | Put | CITI | 10/22/26 | 48.00 |  |  | 142 | (904) |
|  Currency Option USD vs ZAR | Put | MSI | 03/05/26 | 16.00 |  |  | 96 | (900) |
|  **Total OTC Traded** (premiums received $35,028) |  |  |  |  |  |  |  | $(25752) |

---

#### OTC Swaptions

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Counterparty** | **Expiration<br>Date** | **Strike** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receive**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pay**  | **Notional**<br>**Amount**<br>**(000)#** | **Notional**<br>**Amount**<br>**(000)#** | **Value**  |
|  1-Year Interest Rate Swap,<br>08/31/27 | Call | BNP | 08/27/26 | 2.65% | 1 Day SOFR(T)/ 3.680% | 2.65%(T) |  | 1100 | $(933) |
|  1-Year Interest Rate Swap,<br>02/07/29 | Call | JPM | 02/03/28 | 1.74% | 3 Month EURIBOR(Q)/ 2.013% | 1.74%(A) | EUR | 975 | (1241) |
|  5-Year Interest Rate Swap,<br>08/13/31 | Call | CITI | 08/11/26 | 3.09% | 1 Day SOFR(A)/ 3.680% | 3.09%(A) |  | 286 | (2028) |
|  2-Year Interest Rate Swap,<br>11/06/28 | Put | BNP | 11/04/26 | 3.49% | 3.49%(A) | 1 Day SOFR(A)/ 3.680% |  | 1340 | (2184) |
|  2-Year Interest Rate Swap,<br>11/06/28 | Put | BNP | 11/04/26 | 3.69% | 3.69%(A) | 1 Day SOFR(A)/ 3.680% |  | 1340 | (1220) |
|  5-Year Interest Rate Swap,<br>08/13/31 | Put | CITI | 08/11/26 | 3.69% | 3.69%(A) | 1 Day SOFR(A)/ 3.680% |  | 286 | (696) |
|  **Total OTC Swaptions** (premiums received $8,948) | **Total OTC Swaptions** (premiums received $8,948) | **Total OTC Swaptions** (premiums received $8,948) |  |  |  |  |  |  | $(8302) |
|  **Total Options Written** (premiums received $44,516) | **Total Options Written** (premiums received $44,516) | **Total Options Written** (premiums received $44,516) |  |  |  |  |  |  | $(34241) |

---

**Futures contracts outstanding at February 28, 2026:**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number<br>of<br>Contracts** | **Type** | **Expiration<br>Date** | **Current<br>Notional<br>Amount** | **Value /<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Long Positions:** | **Long Positions:** |  |  |  |
| 31 | 3 Month CME SOFR | Mar. 2026 | $7464219 | $3043 |
| 179 | 2 Year U.S. Treasury Notes | Jun. 2026 | 37459945 | 61487 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 217

------

PGIM Short Duration Multi-Sector Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

#### Futures contracts outstanding at February 28, 2026 (continued):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number<br>of<br>Contracts** | **Type** | **Expiration<br>Date** | **Current<br>Notional<br>Amount** | **Value /<br>Unrealized<br>Appreciation<br>(Depreciation)** |
| **Long Positions (cont'd):** | **Long Positions (cont'd):** |  |  |  |
| 5 | 10 Year Australian Treasury Bonds | Mar. 2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393444 | $2294 |
| 4 | 10 Year Euro-Bund | Jun. 2026 | 610651 | 1462 |
| 25 | 20 Year U.S. Treasury Bonds | Jun. 2026 | 2961719 | 26380 |
|  |  |  |  | 94666 |
| **Short Positions:** | **Short Positions:** |  |  |  |
| 2 | 5 Year Euro-Bobl | Jun. 2026 | 279094 | (427) |
| 65 | 5 Year U.S. Treasury Notes | Jun. 2026 | 7159141 | (25309) |
| 7 | 10 Year U.S. Treasury Notes | Jun. 2026 | 796688 | (3455) |
| 4 | 10 Year U.S. Ultra Treasury Notes | Jun. 2026 | 466938 | (4724) |
| 15 | 30 Year U.S. Ultra Treasury Bonds | Jun. 2026 | 1823906 | (17641) |
| 1 | Euro Schatz Index | Jun. 2026 | 126419 | (60) |
|  |  |  |  | (51616) |
|  |  |  |  | $43050 |

---

#### Forward foreign currency exchange contracts outstanding at February 28, 2026:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase<br>Contracts** | **Counterparty** | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Value at<br>Settlement<br>Date** | **Current<br>Value** | **Unrealized<br>Appreciation** | **Unrealized**<br>**Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |
|  Brazilian Real, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/03/26 | CITI | BRL | 819 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156251 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159546 | $3295 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/03/26 | CITI | BRL | 302 | 57000 | 58891 | 1891 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/03/26 | DB | BRL | 502 | 94000 | 97733 | 3733 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/03/26 | GSI | BRL | 495 | 95000 | 96516 | 1516 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/02/26 | GSI | BRL | 2118 | 407824 | 409277 | 1453 |  |
|  Chilean Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | BOA | CLP | 45565 | 50000 | 52206 | 2206 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | CLP | 67076 | 74768 | 76853 | 2085 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | CLP | 39672 | 44232 | 45455 | 1223 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | DB | CLP | 64715 | 73000 | 74148 | 1148 |  |
|  Chinese Renminbi, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | HSBC | CNH | 1522 | 216582 | 222157 | 5575 |  |
|  Colombian Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | COP | 1013198 | 259031 | 268553 | 9522 |  |
|  Czech Koruna, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/22/26 | BNP | CZK | 2179 | 106000 | 106322 | 322 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/22/26 | BOA | CZK | 1566 | 75000 | 76423 | 1423 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/22/26 | GSI | CZK | 1501 | 73000 | 73249 | 249 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/22/26 | JPM | CZK | 2217 | 108000 | 108173 | 173 |  |
|  Euro, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/22/26 | MSI | EUR | 275 | 330628 | 325484 |  | (5144) |
|  Indian Rupee, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | BOA | INR | 23924 | 264000 | 262396 |  | (1604) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | BOA | INR | 14412 | 159000 | 158065 |  | (935) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | INR | 36076 | 398163 | 395668 |  | (2495) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | INR | 11004 | 121000 | 120693 |  | (307) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | JPM | INR | 36076 | 396762 | 395668 |  | (1094) |
|  Indonesian Rupiah, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/13/26 | BOA | IDR | 1976680 | 117000 | 117700 | 700 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/13/26 | CITI | IDR | 1823586 | 108942 | 108584 |  | (358) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/13/26 | MSI | IDR | 2145792 | 128000 | 127770 |  | (230) |
|  Mexican Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | BOA | MXN | 6378 | 355000 | 369637 | 14637 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | MXN | 2730 | 156000 | 158207 | 2207 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | DB | MXN | 1936 | 107000 | 112196 | 5196 |  |
|  New Taiwanese Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | TWD | 1899 | 60000 | 60614 | 614 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | JPM | TWD | 2973 | 95000 | 94875 |  | (125) |

---

See Notes to Financial Statements.

------

PGIM Short Duration Multi-Sector Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

#### Forward foreign currency exchange contracts outstanding at February 28, 2026 (continued):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase<br>Contracts** | **Counterparty** | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Value at<br>Settlement<br>Date** | **Current<br>Value** | **Unrealized<br>Appreciation** | **Unrealized**<br>**Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |  |  |
|  New Taiwanese Dollar (cont'd.), |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | JPM | TWD | 2686 | $86000 | $85714 | $— | $(286) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | TWD | 3002 | 95000 | 95821 | 821 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | TWD | 2737 | 88000 | 87348 |  | (652) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | TWD | 2497 | 80150 | 79677 |  | (473) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | TWD | 2461 | 79000 | 78547 |  | (453) |
|  Peruvian Nuevo Sol, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | PEN | 572 | 170000 | 170443 | 443 |  |
|  Philippine Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | BOA | PHP | 4879 | 82000 | 84527 | 2527 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | PHP | 4407 | 75000 | 76349 | 1349 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | JPM | PHP | 5378 | 91000 | 93171 | 2171 |  |
|  Polish Zloty, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/22/26 | BARC | PLN | 455 | 128100 | 127248 |  | (852) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/22/26 | TD | PLN | 196 | 54900 | 54775 |  | (125) |
|  Singapore Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | BOA | SGD | 227 | 178000 | 179793 | 1793 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | SGD | 234 | 183000 | 185494 | 2494 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | DB | SGD | 102 | 80000 | 81073 | 1073 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | GSI | SGD | 159 | 125200 | 125934 | 734 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | HSBC | SGD | 67 | 52000 | 52808 | 808 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | JPM | SGD | 239 | 188000 | 189590 | 1590 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | JPM | SGD | 238 | 187800 | 188186 | 386 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | SGD | 171 | 134000 | 135649 | 1649 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | SGD | 156 | 122000 | 123747 | 1747 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | SGD | 68 | 53000 | 53827 | 827 |  |
|  South African Rand, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | BNY | ZAR | 488 | 29544 | 30565 | 1021 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | DB | ZAR | 929 | 58000 | 58217 | 217 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | DB | ZAR | 790 | 46000 | 49555 | 3555 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | JPM | ZAR | 971 | 59000 | 60879 | 1879 |  |
|  South Korean Won, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | BOA | KRW | 139347 | 97000 | 96808 |  | (192) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | KRW | 83717 | 58000 | 58161 | 161 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | JPM | KRW | 285656 | 195000 | 198453 | 3453 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | KRW | 123997 | 86000 | 86144 | 144 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | KRW | 98177 | 68000 | 68206 | 206 |  |
|  Turkish Lira, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/12/26 | BOA | TRY | 7043 | 157978 | 158515 | 537 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/12/26 | MSI | TRY | 7043 | 158008 | 158516 | 508 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/23/26 | BARC | TRY | 6092 | 135907 | 135713 |  | (194) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/30/26 | HSBC | TRY | 3046 | 67685 | 67440 |  | (245) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/30/26 | HSBC | TRY | 3046 | 67701 | 67440 |  | (261) |
|  |  |  |  | $8302156 | $8377392 | 91261 | (16025) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sale**<br> **Contracts** | **Counterparty** | **Notional**<br>**Amount**<br>**(000)** | **Notional**<br>**Amount**<br>**(000)** | **Value at<br>Settlement<br> Date** | **Current<br> Value** | **Unrealized<br> Appreciation**  | **Unrealized**<br>**Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |  |  |
|  Brazilian Real, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/03/26 | GSI | BRL | 2118 | $411099 | $412686 | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1587) |
|  British Pound, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/22/26 | BNY | GBP | 104 | 140075 | 140335 | &nbsp;&nbsp;&nbsp;&nbsp;— | (260) |
|  Chilean Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | CLP | 296371 | 322171 | 339570 | &nbsp;&nbsp;&nbsp;&nbsp;— | (17399) |
|  Chinese Renminbi, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | BNP | CNH | 1926 | 277800 | 281138 | &nbsp;&nbsp;&nbsp;&nbsp;— | (3338) |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 219

------

PGIM Short Duration Multi-Sector Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sale**<br> **Contracts** | **Counterparty** | **Notional**<br>**Amount**<br>**(000)** | **Notional**<br>**Amount**<br>**(000)** | **Value at<br>Settlement<br> Date** | **Current<br> Value** | **Unrealized<br>Appreciation** | **Unrealized**<br>**Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |  |  |
|  Chinese Renminbi (cont'd.), |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | HSBC | CNH | 1093 | $157000 | $159564 | $— | $(2564) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | HSBC | CNH | 1072 | 154000 | 156504 |  | (2504) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | JPM | CNH | 1285 | 185200 | 187514 |  | (2314) |
|  Colombian Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | COP | 223907 | 57000 | 59348 |  | (2348) |
|  Czech Koruna, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/22/26 | CITI | CZK | 1084 | 53000 | 52874 | 126 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/22/26 | TD | CZK | 6956 | 334906 | 339381 |  | (4475) |
|  Euro, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/22/26 | BARC | EUR | 1267 | 1478343 | 1501229 |  | (22886) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/22/26 | CITI | EUR | 385 | 457000 | 456302 | 698 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/22/26 | DB | EUR | 1086 | 1271673 | 1286769 |  | (15096) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/22/26 | JPM | EUR | 1267 | 1479093 | 1501230 |  | (22137) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/22/26 | MSI | EUR | 41 | 48000 | 48029 |  | (29) |
|  Hungarian Forint, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/22/26 | MSI | HUF | 18410 | 55190 | 57535 |  | (2345) |
|  Indian Rupee, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | BOA | INR | 16454 | 182000 | 180462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1538 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | BOA | INR | 14708 | 162000 | 161312 | 688 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | INR | 9051 | 100000 | 99269 | 731 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | INR | 7180 | 79000 | 78747 | 253 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | DB | INR | 11330 | 122880 | 124259 |  | (1379) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | HSBC | INR | 22229 | 245000 | 243798 | 1202 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | JPM | INR | 24007 | 261120 | 263307 |  | (2187) |
|  Indonesian Rupiah, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/13/26 | HSBC | IDR | 3174301 | 186576 | 189012 |  | (2436) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/13/26 | HSBC | IDR | 1096859 | 65000 | 65312 |  | (312) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/13/26 | HSBC | IDR | 892129 | 52624 | 53121 |  | (497) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/13/26 | HSBC | IDR | 792113 | 46800 | 47166 |  | (366) |
|  Mexican Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | MXN | 6534 | 360942 | 378630 |  | (17688) |
|  New Taiwanese Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | HSBC | TWD | 2638 | 84000 | 84190 |  | (190) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | HSBC | TWD | 2290 | 73000 | 73078 |  | (78) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | TWD | 5084 | 161000 | 162263 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1263) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | TWD | 3479 | 110000 | 111040 |  | (1040) |
|  Peruvian Nuevo Sol, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | PEN | 186 | 55000 | 55422 |  | (422) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | PEN | 175 | 51870 | 52153 |  | (283) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | PEN | 125 | 37000 | 37294 |  | (294) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | PEN | 108 | 32001 | 32089 |  | (88) |
|  Philippine Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | PHP | 6055 | 102000 | 104896 |  | (2896) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | HSBC | PHP | 3452 | 58000 | 59796 |  | (1796) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | HSBC | PHP | 2490 | 42081 | 43143 |  | (1062) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | PHP | 6923 | 116949 | 119942 |  | (2993) |
|  Polish Zloty, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/22/26 | BARC | PLN | 653 | 180727 | 182752 |  | (2025) |
|  Singapore Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | BOA | SGD | 68 | 53000 | 53638 |  | (638) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | SGD | 63 | 49000 | 49770 |  | (770) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | HSBC | SGD | 140 | 109000 | 110633 |  | (1633) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | SGD | 1208 | 938767 | 956432 |  | (17665) |
|  South African Rand, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | ZAR | 3045 | 183407 | 190899 |  | (7492) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | ZAR | 1855 | 112000 | 116278 |  | (4278) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | ZAR | 1466 | 87258 | 91929 |  | (4671) |

---

See Notes to Financial Statements.

------

PGIM Short Duration Multi-Sector Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sale**<br> **Contracts** | **Counterparty** | **Notional**<br>**Amount**<br>**(000)** | **Notional**<br>**Amount**<br>**(000)** | **Value at<br>Settlement<br> Date** | **Current**<br> **Value** | **Unrealized<br>Appreciation** | **Unrealized**<br>**Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |  |  |  |
|  South Korean Won, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | KRW | 516191 | $352479 | $358612 | $— | $(6133) |
|  Thai Baht, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | THB | 3564 | 114000 | 114872 |  | (872) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | GSI | THB | 1505 | 47453 | 48493 |  | (1040) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | HSBC | THB | 2103 | 67000 | 67784 |  | (784) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | HSBC | THB | 1540 | 48547 | 49627 |  | (1080) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | JPM | THB | 2293 | 73000 | 73892 |  | (892) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | THB | 1723 | 55000 | 55541 |  | (541) |
|  |  |  |  | $12139031 | $12320861 | 5236 | (187066) |
|  |  |  |  |  |  | $96497 | $(203091) |

---

#### Credit default swap agreements outstanding at February 28, 2026:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **<u>Obligation</u>**  | **Termination<br> Date** | **Fixed<br> Rate** | **Notional**<br>**Amount<br> (000)#(3)** | **Fair<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Counterparty** |
|  **OTC Credit Default Swap Agreement on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreement on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreement on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreement on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreement on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreement on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreement on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreement on corporate and/or sovereign issues - Buy Protection(1):** |
|  Republic of France | 12/20/30 | 0.250%(Q) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | $(598) | $(259) | $(339) | BARC |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation** | **Termination<br> Date** | **Fixed<br> Rate** | **Notional<br>Amount<br> (000)#(3)** | **Notional<br>Amount<br> (000)#(3)** | **Implied<br>Credit<br>Spread at<br>February 28,<br>2026(4)** | **Fair<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Counterparty** |
|  **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** |  |
|  Alphabet, Inc. | 06/20/30 | 1.000%(Q) |  | 100 | 0.417% | $2537 | $2377 | $160 | GSI |
|  Bank of Nova<br>Scotia | 12/20/26 | 1.000%(Q) |  | 101 | 0.177% | 864 | 592 | 272 | CITI |
|  Barclays Bank<br>PLC | 12/20/26 | 1.000%(Q) |  | 284 | 0.326% | 2086 | 1550 | 536 | GSI |
|  Barclays Bank<br>PLC | 12/20/26 | 1.000%(Q) | EUR | 134 | 0.317% | 1181 | 999 | 182 | JPM |
|  Citigroup, Inc. | 12/20/26 | 1.000%(Q) |  | 360 | 0.302% | 2714 | 2022 | 692 | GSI |
|  Deutsche<br>Telekom AG | 06/20/26 | 1.000%(Q) | EUR | 47 | 0.107% | 261 | 163 | 98 | JPM |
|  European<br>Investment<br>Bank | 12/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;—%(Q) |  | 342 | 0.037% | (101) | (137) | 36 | BARC |
|  Federative<br>Republic of<br>Brazil | 06/20/26 | 1.000%(Q) |  | 50 | 0.467% | 178 | 93 | 85 | BARC |
|  Hellenic Republic | 12/20/26 | 1.000%(Q) |  | 110 | 0.056% | 1048 | 811 | 237 | BARC |
|  Hellenic Republic | 06/20/27 | 1.000%(Q) |  | 15 | 0.087% | 205 | 136 | 69 | BARC |
|  Hellenic Republic | 12/20/27 | 1.000%(Q) |  | 10 | 0.101% | 178 | 114 | 64 | BARC |
|  HSBC Bank PLC | 12/20/26 | 1.000%(Q) |  | 132 | 0.172% | 1134 | 900 | 234 | MSI |
|  Kingdom of<br>Norway | 12/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;—%(Q) |  | 140 | 0.030% | (34) | (57) | 23 | BARC |
|  Kingdom of Saudi<br>Arabia | 03/20/26 | 1.000%(Q) |  | 15 | 0.324% | 34 | 6 | 28 | CITI |
|  Kingdom of Saudi<br>Arabia | 06/20/26 | 1.000%(Q) |  | 15 | 0.314% | 60 | 34 | 26 | CITI |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 221

------

PGIM Short Duration Multi-Sector Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

#### Credit default swap agreements outstanding at February 28, 2026 (continued):

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation** | **Termination<br> Date** | **Fixed<br> Rate** | **Notional**<br>**Amount<br> (000)#(3)** | **Notional**<br>**Amount<br> (000)#(3)** | **Implied<br>Credit<br>Spread at<br>February 28,<br>2026(4)** | **Fair**<br>**Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Counterparty** |
|  **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** |  |
|  Kingdom of Spain | 06/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—%(Q) | EUR | 100 | 0.036% | $(13) | $(7) | $(6) | BARC |
|  Kingdom of Spain | 06/20/26 | 1.000%(Q) | EUR | 97 | 0.022% | 569 | 339 | 230 | BARC |
|  Nomura<br>Holdings, Inc. | 06/20/26 | 1.000%(Q) |  | 276 | 0.229% | 1189 | 644 | 545 | BARC |
|  Petroleos<br>Mexicanos^ | 03/23/26 | 4.100%(M) |  | 20 | \* | 20 |  | 20 | GSI |
|  Petroleos<br>Mexicanos^ | 05/07/26 | 4.750%(M) |  | 118 | \* | 992 | (7) | 999 | GSI |
|  Republic of<br>Argentina | 12/20/26 | 5.000%(Q) |  | 100 | 2.481% | 2967 | (825) | 3792 | MSI |
|  Republic of<br>Columbia | 12/20/26 | 1.000%(Q) |  | 38 | 0.969% | 83 | 60 | 23 | BARC |
|  Republic of<br>Ecuador | 06/20/27 | 5.000%(Q) |  | 200 | 2.611% | 7991 | (757) | 8748 | GSI |
|  Republic of<br>France | 12/20/30 | 0.250%(Q) |  | 90 | 0.231% | 118 | (534) | 652 | BARC |
|  Republic of Italy | 09/20/26 | 1.000%(Q) |  | 291 | 0.043% | 2120 | 1555 | 565 | BARC |
|  Republic of Ivory<br>Coast | 06/20/27 | 1.000%(Q) |  | 50 | 1.430% | (179) | (996) | 817 | MSI |
|  Republic of<br>Panama | 06/20/26 | 1.000%(Q) |  | 37 | 0.410% | 139 | 58 | 81 | CITI |
|  Republic of<br>Panama | 06/20/27 | 1.000%(Q) |  | 95 | 0.490% | 800 | 699 | 101 | BARC |
|  Republic of<br>Romania | 12/20/26 | 1.000%(Q) |  | 12 | 0.298% | 91 | 48 | 43 | BOA |
|  Siemens AG | 06/20/26 | 1.000%(Q) | EUR | 62 | 0.084% | 350 | 222 | 128 | JPM |
|  Skandinaviska<br>Enskilda<br>Banken AB | 12/20/26 | 1.000%(Q) |  | 93 | 0.123% | 836 | 664 | 172 | MSI |
|  SoftBank Group<br>Corp. | 06/20/26 | 1.000%(Q) |  | 65 | 1.825% | (41) | (136) | 95 | GSI |
|  Standard<br>Chartered PLC | 12/20/26 | 1.000%(Q) |  | 60 | 0.191% | 506 | 399 | 107 | MSI |
|  TotalEnergies<br>Capital SA | 03/20/26 | 1.000%(T) | EUR | 147 | 0.081% | 426 | 96 | 330 | JPM |
|  U.S. Treasury<br>Notes | 06/20/26 | 0.250%(Q) | EUR | 285 | 0.103% | 316 | 137 | 179 | BARC |
|  UnitedHealth<br>Group, Inc. | 06/20/26 | 1.000%(Q) |  | 40 | 0.163% | 180 | 88 | 92 | GSI |
|  Wells Fargo & Co. | 06/20/26 | 1.000%(Q) |  | 244 | 0.213% | 1064 | 641 | 423 | JPM |
|  Wells Fargo & Co. | 06/20/26 | 1.000%(Q) |  | 218 | 0.213% | 950 | 572 | 378 | JPM |
|  |  |  |  |  |  | $33819 | $12563 | $21256 |  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation** | **Termination**<br>**Date** | **Fixed**<br>**Rate** | **Notional**<br>**Amount**<br>**(000)#(3)** | **Implied<br>Credit<br>Spread at<br>February 28,<br>2026(4)** | **Value at<br>Trade Date** | **Value at<br>February 28,<br>2026** | **Unrealized**<br>**Appreciation<br>(Depreciation)** |
|  **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** |  |
|  CDX.NA.IG.45.V1 | 12/20/30 | 1.000%(Q) | 35035 | 0.558% | $730604 | $748650 | $18046 |

---

The Fund entered into credit default swaps ("CDS") to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer's default or the reference entity's credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be short the credit as the value of the contract rises the more the credit deteriorates. The value of the CDS contract increases for the

See Notes to Financial Statements.

------

PGIM Short Duration Multi-Sector Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

protection buyer if the spread increases.

(1) If the Fund is a buyer of protection, it pays the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(2) If the Fund is a seller of protection, it receives the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(3) Notional amount represents the maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(4) Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements where the Fund is the seller of protection as of the reporting date serve as an indicator of the current status of the payment/ performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include up-front payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

\* When an implied credit spread is not available, reference the fair value of credit default swap agreements on credit indices and asset-backed securities. Where the Fund is the seller of protection, it serves as an indicator of the current status of the payment/performance risk and represents the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the reporting date. Increasing fair value in absolute terms, when compared to the notional amount of the swap, represents a deterioration of the referenced entity's credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. 

#### Interest rate swap agreements outstanding at February 28, 2026:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional**<br>**Amount**<br>**(000)#** | **Notional**<br>**Amount**<br>**(000)#** | **Termination<br> Date** | **Fixed**<br> **Rate** | **Floating**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rate**  | **Value at<br>Trade Date** | **Value at<br>February 28,<br>2026** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** |  |  |
| CAD | 510 | 05/20/36 | 3.010%(S) | 1 Day CORRA(2)(S)/ 2.290% | $— | $2891 | $2891 |
| CHF | 100 | 02/23/36 | 0.480%(A) | 3 Month SARON(2)(A)/ (0.080)% |  | 846 | 846 |
| GBP | 170 | 02/19/46 | 4.423%(A) | 1 Day SONIA(2)(A)/ 3.727% | (4) | 3361 | 3365 |
| JPY | 40000 | 02/24/46 | 2.530%(A) | 1 Day TONAR(2)(A)/ 0.727% |  | 350 | 350 |
| JPY | 30000 | 03/02/46 | 2.569%(A) | 1 Day TONAR(2)(A)/ 0.727% |  | 1370 | 1370 |
| NZD | 630 | 02/23/36 | 4.014%(S) | 3 Month BBR(2)(Q)/ 2.485% |  | 2626 | 2626 |
|  | 2220 | 05/17/26 | 4.669%(A) | 1 Day SOFR(1)(A)/ 3.680% |  | (10889) | (10889) |
|  | 180 | 09/25/26 | 4.699%(A) | 1 Day SOFR(1)(A)/ 3.680% | 12 | (1578) | (1590) |
|  | 2890 | 05/13/27 | 4.497%(A) | 1 Day SOFR(2)(A)/ 3.680% | 430 | 43091 | 42661 |
|  | 1800 | 05/13/29 | 4.253%(A) | 1 Day SOFR(1)(A)/ 3.680% | (1417) | (58685) | (57268) |
|  | 524 | 05/26/36 | 3.672%(A) | 1 Day SOFR(1)(A)/ 3.680% |  | (5771) | (5771) |
|  | 470 | 12/20/44 | 3.995%(A) | 1 Day SOFR(2)(A)/ 3.680% |  | 8441 | 8441 |
|  | 115 | 12/16/49 | 3.805%(A) | 1 Day SOFR(2)(A)/ 3.680% | (791) | (1920) | (1129) |
|  | 233 | 11/15/52 | 3.927%(A) | 1 Day SOFR(1)(A)/ 3.680% |  | (583) | (583) |
|  | 60 | 05/11/54 | 1.350%(A) | 1 Day SOFR(1)(A)/ 3.680% | 26146 | 27898 | 1752 |
|  | 3410 | 12/14/54 | 3.136%(A) | 1 Day SOFR(1)(A)/ 3.680% | 109594 | 119793 | 10199 |
|  | 105 | 12/16/54 | 3.719%(A) | 1 Day SOFR(1)(A)/ 3.680% | 795 | 3404 | 2609 |
|  | 360 | 12/20/54 | 3.825%(A) | 1 Day SOFR(1)(A)/ 3.680% |  | 4938 | 4938 |
|  | 955 | 01/15/55 | 4.130%(A) | 1 Day SOFR(1)(A)/ 3.680% | (17198) | (38047) | (20849) |
|  |  |  |  |  | $117567 | $101536 | $(16031) |

---

(1) The Fund pays the fixed rate and receives the floating rate.

(2) The Fund pays the floating rate and receives the fixed rate.

See Notes to Financial Statements.

PGIM Fixed Income ETFs 223

------

PGIM Short Duration Multi-Sector Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

#### Balances Reported in the Statement of Assets and Liabilities for OTC Swap Agreements:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Premiums Paid** | **Premiums Received** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  OTC Swap Agreements | $16019 | $(3715) | $21262 | $(345) |

---

#### Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:
Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:

---

| | | |
|:---|:---|:---|
| **Broker** | **Cash and/or Foreign Currency** | **Securities Market Value** |
|  CGM | $– | $1148979 |
|  JPS | – | 387594 |
|  **Total** | $– | $1536573 |

---

#### Fair Value Measurements:
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of February 28, 2026 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Asset-Backed Securities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Automobiles | $— | $933929 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Loan Obligations |  | 15881775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Loans |  | 1400943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Equipment |  | 102086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Equity Loans |  | 4880665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Other |  | 593454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Residential Mortgage-Backed Securities |  | 179424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  Commercial Mortgage-Backed Securities |  | 10227259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  Corporate Bonds |  | 39736958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  Residential Mortgage-Backed Securities |  | 11327567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  Sovereign Bonds |  | 2948834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  U.S. Government Agency Obligations |  | 13733447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  U.S. Treasury Obligations |  | 68567157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  Affiliated Exchange-Traded Funds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | 1423156 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  Option Purchased |  | 3126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Fund | 2830905 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  Options Purchased | 438 | 37373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  **Total** | **$4254499** | **$170553997** | **$—** |
|  **Liabilities** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Options Written | $— | $(1241) | $— |
|  **Short-Term Investments** |  |  |  |
|  Options Written | $(187) | $(32813) | $— |
|  **Total** | **$(187)** | **$(34054)** | **$—** |

---

See Notes to Financial Statements.

------

PGIM Short Duration Multi-Sector Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Other Financial Instruments\*** |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts | $94666 | $— | $— |
|  OTC Forward Foreign Currency Exchange Contracts |  | 96497 |  |
|  Centrally Cleared Credit Default Swap Agreement |  | 18046 |  |
|  OTC Credit Default Swap Agreements |  | 33175 | 1012 |
|  Centrally Cleared Interest Rate Swap Agreements |  | 82048 |  |
|  **Total** | $**94666** | $**229766** | $**1012** |
|  **Liabilities** |  |  |  |
|  Futures Contracts | $(51616) | $— | $— |
|  OTC Forward Foreign Currency Exchange Contracts |  | (203091) |  |
|  OTC Credit Default Swap Agreements |  | (966) |  |
|  Centrally Cleared Interest Rate Swap Agreements |  | (98079) |  |
|  **Total** | $**(51616)** | $**(302136)** | $**—** |

---

\* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forward foreign currency exchange contracts and centrally cleared swap contracts, which are recorded at unrealized appreciation (depreciation) on the instrument, and OTC swap contracts which are recorded at fair value. 

#### Industry Classification :
The industry classification of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of February 28, 2026 were as follows:

---

| | |
|:---|:---|
|  U.S. Treasury Obligations | 41.1 |
|  Collateralized Loan Obligations | 9.5 |
|  U.S. Government Agency Obligations | 8.2 |
|  Residential Mortgage-Backed Securities | 6.9 |
|  Commercial Mortgage-Backed Securities | 6.1 |
|  Banks | 4.8 |
|  Home Equity Loans | 2.9 |
|  Oil & Gas | 1.8 |
|  Sovereign Bonds | 1.8 |
|  Pipelines | 1.8 |
|  Affiliated Mutual Fund | 1.7 |
|  Real Estate Investment Trusts (REITs) | 1.3 |
|  Electric | 1.2 |
|  Telecommunications | 1.1 |
|  Agriculture | 0.9 |
|  Affiliated Exchange-Traded Funds | 0.9 |
|  Consumer Loans | 0.8 |
|  Foods | 0.8 |
|  Diversified Financial Services | 0.8 |
|  Airlines | 0.7 |
|  Retail | 0.7 |
|  Auto Manufacturers | 0.6 |
|  Automobiles | 0.6 |
|  Chemicals | 0.5 |
|  Media | 0.5 |
|  Packaging & Containers | 0.5 |
|  Software | 0.5 |
|  Home Builders | 0.4 |
|  Healthcare-Services | 0.4 |
|  Aerospace & Defense | 0.4 |
|  Commercial Services | 0.4 |
|  Other | 0.4 |
|  Lodging | 0.4 |
|  Leisure Time | 0.3 |
|  Internet | 0.3 |
|  Entertainment | 0.3 |
|  Semiconductors | 0.3 |

---

---

| | |
|:---|:---|
|  Holding Companies-Diversified | 0.2 |
|  Transportation | 0.2 |
|  Building Materials | 0.2 |
|  Engineering & Construction | 0.2 |
|  Mining | 0.2 |
|  Auto Parts & Equipment | 0.2 |
|  Apparel | 0.2 |
|  Beverages | 0.1 |
|  Pharmaceuticals | 0.1 |
|  Computers | 0.1 |
|  Real Estate | 0.1 |
|  Insurance | 0.1 |
|  Shipbuilding | 0.1 |
|  Multi-National | 0.1 |
|  Equipment | 0.1 |
|  Iron/Steel | 0.1 |
|  Trucking & Leasing | 0.0 |
|  Investment Companies | 0.0 |
|  Home Furnishings | 0.0 |
|  Machinery-Diversified | 0.0 |
|  Household Products/Wares | 0.0 |
|  Metal Fabricate/Hardware | 0.0 |
|  Gas | 0.0 |
|  Options Purchased | 0.0 |
|  Healthcare-Products | 0.0 |
|  Electrical Components & Equipment | 0.0 |
|  Coal | 0.0 |
|  Housewares | 0.0 |
|  | 104.9 |
|  Options Written | (0.0) |
|  Liabilities in excess of other assets | (4.9) |
|  | 100.0 |

---

\* Less than 0.05% 

See Notes to Financial Statements.

PGIM Fixed Income ETFs 225

------

PGIM Short Duration Multi-Sector Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

#### Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:
The Fund invested in derivative instruments during the reporting period. The primary types of risk associated with these derivative instruments are credit risk, foreign exchange risk and interest rate risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Fund's financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of February 28, 2026 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivatives not accounted for<br>as hedging instruments,<br>carried at fair value** | **Statement of**<br> **Assets and**<br> **Liabilities Location** | **Fair**<br>**Value** | **Statement of**<br> **Assets and**<br> **Liabilities Location** | **Fair**<br>**Value** |
|  Credit contracts | Due from/to broker-variation margin swaps | $18,046\* |  | $— |
|  Credit contracts | Premiums paid for OTC swap agreements | 16019 | Premiums received for OTC swap agreements | 3715 |
|  Credit contracts | Unrealized appreciation on OTC swap agreements | 21262 | Unrealized depreciation on OTC swap agreements | 345 |
|  Foreign exchange contracts | Unaffiliated investments | 28304 | Options written outstanding, at value | 25752 |
|  Foreign exchange contracts | Unrealized appreciation on OTC forward foreign currency exchange contracts | 96497 | Unrealized depreciation on OTC forward foreign currency exchange contracts | 203091 |
|  Interest rate contracts | Due from/to broker-variation margin futures | 94666 \* | Due from/to broker-variation margin futures | 51616 \* |
|  Interest rate contracts | Due from/to broker-variation margin swaps | 82048 \* | Due from/to broker-variation margin swaps | 98079 \* |
|  Interest rate contracts | Unaffiliated investments | 12633 | Options written outstanding, at value | 8489 |
|  |  | $369475 |  | $391087 |

---

\* Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

The effects of derivative instruments on the Statement of Operations for the six months ended February 28, 2026 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | &nbsp;&nbsp;&nbsp;&nbsp; **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | &nbsp;&nbsp;&nbsp;&nbsp; **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | &nbsp;&nbsp;&nbsp;&nbsp; **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | &nbsp;&nbsp;&nbsp;&nbsp; **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | &nbsp;&nbsp;&nbsp;&nbsp; **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** |
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | **Options<br>Purchased(1)** | **Options**<br>**Written** | **Futures** | **Forward<br>Currency<br>Exchange**<br>**Contracts** | **Swaps** |
|  Credit contracts | $— | $— | $— | $— | $33374 |
|  Foreign exchange contracts | (17189) | 77373 |  | 93122 |  |
|  Interest rate contracts | (540) | 52 | (129354) |  | 10699 |
|  **Total** | $(17729) | $77425 | $(129354) | $93122 | $44073 |

---

(1) Included in net realized gain (loss) on investment transactions in the Statement of Operations.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | &nbsp;&nbsp;&nbsp;&nbsp; **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | &nbsp;&nbsp;&nbsp;&nbsp; **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | &nbsp;&nbsp;&nbsp;&nbsp; **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | &nbsp;&nbsp;&nbsp;&nbsp; **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | &nbsp;&nbsp;&nbsp;&nbsp; **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | **Options<br>Purchased(2)** | **Options**<br>**Written** | **Futures** | **Forward**<br>**Currency<br>Exchange**<br>**Contracts** | **Swaps** |
|  Credit contracts | $— | $— | $— | $— | $(8740) |
|  Foreign exchange contracts | (719) | 4547 |  | (103409) |  |
|  Interest rate contracts | 593 | 1914 | 4693 |  | (38387) |
|  **Total** | $(126) | $6461 | $4693 | $(103409) | $(47127) |

---

(2) Included in net change in unrealized appreciation (depreciation) on investments in the Statement of Operations.

See Notes to Financial Statements.

------

PGIM Short Duration Multi-Sector Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

For the six months ended February 28, 2026, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Options Purchased (1) | $18613 |
|  Options Written (2) | 7952346 |
|  Futures Contracts - Long Positions (2) | 42664563 |
|  Futures Contracts - Short Positions (2) | 8619058 |
|  Forward Foreign Currency Exchange Contracts - Purchased (3) | 7228297 |
|  Forward Foreign Currency Exchange Contracts - Sold (3) | 11586471 |
|  Credit Default Swap Agreements - Buy Protection (2) | 105000 |
|  Credit Default Swap Agreements - Sell Protection (2) | 24404389 |
|  Interest Rate Swap Agreements (2) | 11655734 |

---

\* Average volume is based on average quarter end balances for the six months ended February 28, 2026.

(1) Cost.

(2) Notional Amount in USD.

(3) Value at Settlement Date.

#### Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:
The Fund invested in OTC derivatives during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for OTC derivatives where the legal right to set-off exists is presented in the summary below.

#### Offsetting of OTC derivative assets and liabilities:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amounts of <br>Recognized**<br>**Assets(1)** | **Gross Amounts of <br>Recognized**<br>**Liabilities(1)** | **Net Amounts of<br>Recognized**<br> **Assets/(Liabilities)** | **Collateral**<br> **Pledged/(Received)(2)** | **Net Amount** |
|  BARC | $7397 | $(27296) | $(19899) | $– | $(19899) |
|  BNP | 5836 | (7675) | (1839) | – | (1839) |
|  BNY | 1021 | (260) | 761 | – | 761 |
|  BOA | 35723 | (9232) | 26491 | – | 26491 |
|  CITI | 47516 | (45544) | 1972 | – | 1972 |
|  DB | 14925 | (17352) | (2427) | – | (2427) |
|  GSI | 21331 | (3527) | 17804 | – | 17804 |
|  HSBC | 7585 | (16034) | (8449) | – | (8449) |
|  JPM | 17089 | (31345) | (14256) | – | (14256) |
|  MSI | 15854 | (78340) | (62486) | – | (62486) |
|  TD |  | (4600) | (4600) | – | (4600) |
|  | $174277 | $(241205) | $(66928) | $– | $(66928) |

---

(1) Includes unrealized appreciation/(depreciation) on swaps and forwards, premiums paid/(received) on swap agreements and market value of purchased and written options, as represented on the Statement of Assets and Liabilities.

(2) Collateral amount disclosed by the Fund is limited to the market value of financial instruments/transactions and the Fund's OTC derivative exposure by counterparty.

See Notes to Financial Statements.

PGIM Fixed Income ETFs 227

------

PGIM Short Duration Multi-Sector Bond ETF

Statement of Assets & Liabilities (unaudited)

as of February 28, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $169,029,578) | $170554435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $4,247,035) | 4254061 |
| &nbsp;&nbsp; Foreign currency, at value (cost $15,918) | 16191 |
| &nbsp;&nbsp; Receivable for investments sold | 1642723 |
| &nbsp;&nbsp; Dividends and interest receivable | 1452768 |
| &nbsp;&nbsp; Unrealized appreciation on OTC forward foreign currency exchange contracts | 96497 |
| &nbsp;&nbsp; Due from broker—variation margin futures | 23962 |
| &nbsp;&nbsp; Unrealized appreciation on OTC swap agreements | 21262 |
| &nbsp;&nbsp; Premiums paid for OTC swap agreements | 16019 |
| &nbsp;&nbsp; **Total Assets** | 178077918 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Payable for investments purchased | 11050871 |
| &nbsp;&nbsp; Unrealized depreciation on OTC forward foreign currency exchange contracts | 203091 |
| &nbsp;&nbsp; Management fee payable | 48260 |
| &nbsp;&nbsp; Due to broker—variation margin swaps | 44339 |
| &nbsp;&nbsp; Options written outstanding, at value (premiums received $44,516) | 34241 |
| &nbsp;&nbsp; Other liabilities | 14076 |
| &nbsp;&nbsp; Premiums received for OTC swap agreements | 3715 |
| &nbsp;&nbsp; Unrealized depreciation on OTC swap agreements | 345 |
| &nbsp;&nbsp; **Total Liabilities** | 11398938 |
| &nbsp;&nbsp; **Net Assets** | $166678980 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $3225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 164677843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 1997912 |
| &nbsp;&nbsp; **Net assets, February 28, 2026** | $166678980 |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share. |  |
| &nbsp;&nbsp; ($166,678,980 ÷ 3,225,000 shares of common stock issued and outstanding) | $51.68 |

---

See Notes to Financial Statements.

------

PGIM Short Duration Multi-Sector Bond ETF

Statement of Operations (unaudited)

Six Months Ended February 28, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Income |  |
| &nbsp;&nbsp; Interest income | $2977277 |
| &nbsp;&nbsp; Affiliated dividend income | 233770 |
| &nbsp;&nbsp; **Total income** | 3211047 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 269276 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (7121) |
| &nbsp;&nbsp; **Net expenses** | 262155 |
| &nbsp;&nbsp; Net investment income (loss) | 2948892 |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions** |  |
| &nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions (including affiliated of $25,907) | 310977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated net capital gain distributions received | 524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | (129354) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency contract transactions | 93122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written transactions | 77425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreement transactions | 44073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 70850 |
|  | 467617 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments (including affiliated of $(14663)) | 169143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 4693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency contracts | (103409) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | 6461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | (47127) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | (530) |
|  | 29231 |
| &nbsp;&nbsp; Net gain (loss) on investment and foreign currency transactions | 496848 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $3445740 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 229

------

PGIM Short Duration Multi-Sector Bond ETF

Statements of Changes in Net Assets (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>February 28, 2026** | **Year Ended<br>August 31, 2025** |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $2948892 | $3156234 |
| &nbsp;&nbsp; Net realized gain (loss) on investment and foreign currency transactions | 467617 | (231812) |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currencies | 29231 | 894950 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 3445740 | 3819372 |
| &nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp; Distributions from distributable earnings | (2866210) | (3026117) |
| &nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold (1,600,000 and 1,025,000 shares, respectively) | 82386982 | 52219124 |
| &nbsp;&nbsp; Cost of shares purchased (75,000 and 0 shares, respectively) | (3858686) |  |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 78528296 | 52219124 |
| &nbsp;&nbsp; Total increase (decrease) | 79107826 | 53012379 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of period | 87571154 | 34558775 |
| &nbsp;&nbsp; End of period | $166678980 | $87571154 |

---

See Notes to Financial Statements.

------

PGIM Short Duration Multi-Sector Bond ETF

Financial Highlights (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** |  |  |  |  |
|  | **Six Months**<br> **Ended**<br> **February 28, 2026** | **Year Ended**<br> **August 31,** | **Year Ended**<br> **August 31,** | **July 19, 2023<sup>(a)</sup>**<br> **through**<br> **August 31, 2023** |
|  | **Six Months**<br> **Ended**<br> **February 28, 2026** | **2025** | **2024** | **July 19, 2023<sup>(a)</sup>**<br> **through**<br> **August 31, 2023** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(b)</sup>:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $51.51 | $51.20 | $50.40 | $50.00 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 1.05 | 2.45 | 2.76 | 0.32 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.26 | 0.31 | 1.10 | 0.08 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.31 | 2.76 | 3.86 | 0.40 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (1.10) | (2.39) | (2.99) |  |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.04) | (0.06) | (0.07) |  |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.14) | (2.45) | (3.06) |  |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $51.68 | $51.51 | $51.20 | $50.40 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(d)</sup>:** | 2.57% | 5.54% | 7.97% | 0.79% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $166679 | $87571 | $34559 | $25198 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $135754 | $65701 | $31387 | $25087 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(e)</sup>: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.39 %<sup>(f)</sup> | 0.37% | 0.38% | 0.40 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.40 %<sup>(f)</sup> | 0.40% | 0.40% | 0.40 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 4.38 %<sup>(f)</sup> | 4.80% | 5.47% | 5.49 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(g)</sup> | 65% | 108% | 71% | 78% |

---

(a) Commencement of operations.

(b) Calculated based on average shares outstanding during the period.

(c) The per share amount of realized and unrealized gain (loss) on investments does not directly correlate to the amounts reported in the Statement of Operations due to the timing of portfolio share transactions in relation to fluctuating market values.

(d) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(e) Does not include expenses of the underlying funds in which the Fund invests.

(f) Annualized.

(g) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Fixed Income ETFs 231

------

PGIM Total Return Bond ETF

Schedule of Investments (unaudited)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest**<br> **Rate**  | **Maturity <br>Date** | **Principal Amount**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 100.6%** |  |  |  |  |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES 13.0%** |  |  |  |  |
| &nbsp;&nbsp; **Automobiles 0.6%** |  |  |  |  |
| &nbsp;&nbsp; Avis Budget Rental Car Funding AESOP LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-04A, Class A, 144A | 5.490% | 06/20/29 | 1000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1029381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A | 5.360 | 06/20/30 | 850 | 883419 |
| &nbsp;&nbsp; Ford Credit Auto Owner Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class C, 144A | 5.580 | 08/15/35 | 100 | 102574 |
| &nbsp;&nbsp; OneMain Direct Auto Receivables Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class B, 144A | 5.810 | 02/14/31 | 200 | 205228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class C, 144A | 6.140 | 02/14/31 | 100 | 102794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | 5.360 | 04/16/35 | 600 | 626867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class B, 144A | 5.560 | 10/15/35 | 800 | 840241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class C, 144A | 5.760 | 10/15/35 | 400 | 419246 |
| &nbsp;&nbsp; Santander Drive Auto Receivables Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03, Class D | 5.110 | 09/15/31 | 1100 | 1119912 |
|  |  |  |  | 5329662 |
| &nbsp;&nbsp; **Collateralized Loan Obligations 8.3%** |  |  |  |  |
| &nbsp;&nbsp; AGL CLO Ltd. (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-20A, Class A1R, 144A, 3 Month SOFR + 1.370% (Cap N/A, Floor 1.370%) | 5.038(c) | 10/20/37 | 1500 | 1503008 |
| &nbsp;&nbsp; Anchorage Capital CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-24A, Class A1R, 144A, 3 Month SOFR + 1.430% (Cap N/A, Floor 1.430%) | 5.102(c) | 07/15/37 | 1250 | 1251399 |
| &nbsp;&nbsp; Atlas Senior Loan Fund Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-14A, Class AR, 144A, 3 Month SOFR + 1.422% (Cap N/A, Floor 1.160%) | 5.089(c) | 07/20/32 | 191 | 190990 |
| &nbsp;&nbsp; Atlas Senior Loan Fund Ltd. (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-23A, Class B, 144A, 3 Month SOFR + 2.000% (Cap N/A, Floor 2.000%) | 5.668(c) | 07/20/37 | 1500 | 1506540 |
| &nbsp;&nbsp; Avoca Capital CLO Ltd. (Ireland), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10A, Class B1RR, 144A, 3 Month EURIBOR + 1.350% (Cap N/A, Floor 1.350%) | 3.366(c) | 04/15/35 | EUR 250 | 293850 |
| &nbsp;&nbsp; Avoca CLO DAC (Ireland), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 29A, Class BR, 144A, 3 Month EURIBOR + 1.850% (Cap N/A, Floor 1.850%) | 3.866(c) | 10/15/38 | EUR 3,650 | 4331764 |
| &nbsp;&nbsp; Barrow Hanley CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A1, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%) | 5.288(c) | 04/20/37 | 2000 | 2003424 |
| &nbsp;&nbsp; Canyon Capital CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class A, 144A, 3 Month SOFR + 1.330% (Cap N/A, Floor 1.330%) | 5.001(c) | 04/15/35 | 292 | 292211 |
| &nbsp;&nbsp; Carlyle US CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-06A, Class BR, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) | 5.372(c) | 01/15/38 | 1750 | 1756230 |
| &nbsp;&nbsp; CIFC Funding Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A1R, 144A, 3 Month SOFR + 1.370% (Cap N/A, Floor 1.370%) | 5.038(c) | 10/20/37 | 3000 | 3006003 |
| &nbsp;&nbsp; Clover CLO LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A1RR, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | 5.198(c) | 04/20/37 | 1000 | 1001935 |
| &nbsp;&nbsp; Crown City CLO (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A1AR, 144A, 3 Month SOFR + 1.340% (Cap N/A, Floor 1.340%) | 5.010(c) | 04/20/35 | 250 | 250072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-04A, Class A1R, 144A, 3 Month SOFR + 1.610% (Cap N/A, Floor 1.610%) | 5.278(c) | 04/20/37 | 1000 | 1002440 |
| &nbsp;&nbsp; CVC Cordatus Loan Fund DAC (Ireland), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 14A, Class A1R, 144A, 3 Month EURIBOR + 0.850% (Cap N/A, Floor 0.850%) | 2.874(c) | 05/22/32 | EUR 537 | 635324 |
| &nbsp;&nbsp; Elevation CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-12A, Class A1R, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%) | 5.288(c) | 04/20/37 | 1500 | 1503712 |
| &nbsp;&nbsp; Elmwood CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1RR, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) | 5.018(c) | 10/20/37 | 2500 | 2504770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05A, Class AR1, 144A, 3 Month SOFR + 1.520% (Cap N/A, Floor 1.520%) | 5.188(c) | 04/20/37 | 1000 | 1001188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03A, Class A, 144A, 3 Month SOFR + 1.240% (Cap N/A, Floor 1.240%) | 4.908(c) | 03/22/38 | 2250 | 2252110 |
| &nbsp;&nbsp; Gallatin CLO Ltd. (Bermuda), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class B, 144A, 3 Month SOFR + 1.950% (Cap N/A, Floor 1.950%) | 5.618(c) | 10/20/37 | 2000 | 2006299 |
| &nbsp;&nbsp; Grosvenor Place CLO DAC (Ireland), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class AR, 144A, 3 Month EURIBOR + 1.600% (Cap N/A, Floor 1.600%) | 3.624(c) | 05/24/38 | EUR 1,250 | 1481379 |
| &nbsp;&nbsp; Jefferson Mill CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-01A, Class ARR, 144A, 3 Month SOFR + 1.230% (Cap N/A, Floor 0.000%) | 4.898(c) | 10/20/31 | 177 | 177081 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount<br> (000)#** | **Value** |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Collateralized Loan Obligations (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Kennedy Lewis CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class AR2, 144A, 3 Month SOFR + 1.410% (Cap N/A, Floor 1.410%) | 5.081%(c) | 10/22/37 | 1750 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1753689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 03A, Class A1R3, 144A, 3 Month SOFR + 1.190% (Cap N/A, Floor 1.190%) | 4.858(c) | 10/20/36 | 4000 | 4001666 |
| &nbsp;&nbsp; KKR CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 11, Class AR, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.442%) | 5.114(c) | 01/15/31 | 18 | 17647 |
| &nbsp;&nbsp; Monument CLO DAC (Ireland), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A, 144A, 3 Month EURIBOR + 1.590% (Cap N/A, Floor 1.590%) | 3.574(c) | 05/15/37 | EUR 1,500 | 1780381 |
| &nbsp;&nbsp; Ocean Trails CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-16A, Class B, 144A, 3 Month SOFR + 1.800% (Cap N/A, Floor 1.800%) | 5.468(c) | 01/20/38 | 1850 | 1858936 |
| &nbsp;&nbsp; Octagon Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A1R, 144A, 3 Month SOFR + 1.260% (Cap N/A, Floor 1.260%) | 4.928(c) | 03/20/38 | 4000 | 4013567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A1R, 144A, 3 Month SOFR + 1.230% (Cap N/A, Floor 1.230%) | 4.898(c) | 10/20/38 | 3000 | 3008565 |
| &nbsp;&nbsp; OFSI BSL CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-13A, Class A1, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%) | 5.288(c) | 04/20/37 | 2000 | 2004967 |
| &nbsp;&nbsp; Regatta Funding Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-01A, Class A1R, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | 5.218(c) | 04/17/37 | 1500 | 1503363 |
| &nbsp;&nbsp; Rockford Tower CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A1R, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) | 4.972(c) | 03/15/38 | 5800 | 5815598 |
| &nbsp;&nbsp; Shackleton CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-05RA, Class B, 144A, 3 Month SOFR + 1.962% (Cap N/A, Floor 0.262%) | 5.622(c) | 05/07/31 | 542 | 543042 |
| &nbsp;&nbsp; St. Paul's CLO DAC (Ireland), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10A, Class AR, 144A, 3 Month EURIBOR + 0.800% (Cap N/A, Floor 0.800%) | 2.827(c) | 04/22/35 | EUR 702 | 827380 |
| &nbsp;&nbsp; TICP CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-11A, Class AR, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | 5.198(c) | 04/25/37 | 1000 | 1002135 |
| &nbsp;&nbsp; Tikehau CLO DAC (Ireland), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class AR, 144A, 3 Month EURIBOR + 1.330% (Cap N/A, Floor 1.330%) | 3.377(c) | 10/15/39 | EUR 2,750 | 3257523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 13A, Class A, 144A, 3 Month EURIBOR + 1.190% (Cap N/A, Floor 1.190%) | 3.206(c) | 10/15/38 | EUR 2,250 | 2658012 |
| &nbsp;&nbsp; Voya Euro CLO DAC (Ireland), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 03A, Class AR, 144A | — (p) | 03/16/38 | EUR 4,250 | 5021800 |
| &nbsp;&nbsp; Warwick Capital CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-04A, Class A1, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.400%) | 5.068(c) | 07/20/37 | 1550 | 1551669 |
| &nbsp;&nbsp; Wellfleet CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class A1RN, 144A, 3 Month SOFR + 1.420% (Cap N/A, Floor 1.420%) | 5.092(c) | 07/15/37 | 2000 | 2002462 |
|  |  |  |  | 72574131 |
| &nbsp;&nbsp; **Consumer Loans 1.2%** |  |  |  |  |
| &nbsp;&nbsp; Affirm Asset Securitization Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B, Class B, 144A | 4.880 | 09/15/29 | 300 | 300617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-X02, Class B, 144A | 5.330 | 12/17/29 | 336 | 336455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-X02, Class C, 144A | 5.620 | 12/17/29 | 600 | 601045 |
| &nbsp;&nbsp; Affirm Master Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | 4.990 | 02/15/33 | 1000 | 1009390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class C, 144A | 5.260 | 07/15/33 | 1500 | 1512212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03A, Class A, 144A | 4.450 | 10/16/34 | 800 | 805827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03A, Class B, 144A | 4.750 | 10/16/34 | 900 | 907669 |
| &nbsp;&nbsp; GreenSky Home Improvement Issuer Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02, Class A3, 144A | 5.150 | 10/27/59 | 500 | 510119 |
| &nbsp;&nbsp; GreenSky Home Improvement Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A4, 144A | 5.670 | 06/25/59 | 38 | 38535 |
| &nbsp;&nbsp; Mariner Finance Issuance Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-BA, Class A, 144A | 4.590 | 11/22/38 | 1100 | 1110321 |
| &nbsp;&nbsp; Onemain Financial Issuance Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class C, 144A | 5.200 | 07/14/38 | 500 | 509797 |
| &nbsp;&nbsp; OneMain Financial Issuance Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A | 5.500 | 06/14/38 | 400 | 414333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class C, 144A | 6.740 | 09/15/36 | 100 | 103842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class D, 144A | 7.520 | 09/15/36 | 100 | 104406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A | 5.790 | 05/14/41 | 300 | 319219 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 233

------

PGIM Total Return Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Consumer Loans (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Regional Management Issuance Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01, Class A, 144A | 3.070% | 03/15/32 | —(r) | $164 |
| &nbsp;&nbsp; Sotheby's Artfi Master Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-01A, Class A1, 144A | 4.800 | 06/20/33 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1005916 |
| &nbsp;&nbsp; Stream Innovations Issuer Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A, 144A | 5.210 | 02/15/45 | 341 | 347542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | 5.050 | 09/15/45 | 372 | 378057 |
|  |  |  |  | 10315466 |
| &nbsp;&nbsp; **Credit Cards 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Genesis Sales Finance Master Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B, Class A, 144A | 5.870 | 12/20/32 | 1000 | 1013770 |
| &nbsp;&nbsp; **Home Equity Loans 2.2%** |  |  |  |  |
| &nbsp;&nbsp; BRAVO Residential Funding Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | 6.377(cc) | 04/25/54 | 302 | 306001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES02, Class A1, 144A | 4.960(cc) | 07/26/55 | 543 | 545925 |
| &nbsp;&nbsp; COOPR Residential Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES02, Class A1A, 144A | 5.502(cc) | 06/25/60 | 819 | 828877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES03, Class A1A, 144A | 4.840(cc) | 09/25/60 | 949 | 950989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES04, Class A1A, 144A | 5.040(cc) | 11/25/60 | 678 | 682762 |
| &nbsp;&nbsp; EFMT, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1, 144A | 5.522(cc) | 01/26/60 | 473 | 477263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1A, 144A | 5.726(cc) | 01/25/60 | 333 | 337662 |
| &nbsp;&nbsp; FIGRE Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-HE01, Class A, 144A | 4.982(cc) | 01/25/56 | 488 | 491658 |
| &nbsp;&nbsp; GS Mortgage-Backed Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HE02, Class A1, 144A, 30 Day Average SOFR + 1.500% (Cap N/A, Floor 1.500%) | 5.167(c) | 01/25/55 | 265 | 266093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-CES01, Class A1, 144A | 4.899(cc) | 05/25/56 | 1075 | 1080258 |
| &nbsp;&nbsp; JPMorgan Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-HE02, Class A1, 144A, 30 Day Average SOFR + 1.700% (Cap N/A, Floor 0.000%) | 5.362(c) | 03/20/54 | 44 | 44030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1, 144A | 5.666(cc) | 05/25/55 | 279 | 281786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES02, Class A1, 144A | 5.592(cc) | 06/25/55 | 702 | 708942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-CES01, Class A1A, 144A | 4.909(cc) | 06/25/56 | 1184 | 1188924 |
| &nbsp;&nbsp; OBX Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-HE01, Class A1, 144A, 30 Day Average SOFR + 1.600% (Cap N/A, Floor 0.000%) | 5.267(c) | 02/25/55 | 639 | 642054 |
| &nbsp;&nbsp; RCKT Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES05, Class A1A, 144A | 5.846(cc) | 08/25/44 | 154 | 155993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES07, Class A1A, 144A | 5.158(cc) | 10/25/44 | 254 | 255319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES09, Class A1A, 144A | 5.582(cc) | 12/25/44 | 296 | 299118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1A, 144A | 5.653(cc) | 01/25/45 | 291 | 294516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES02, Class A1A, 144A | 5.503(cc) | 02/25/55 | 447 | 452612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES03, Class A1A, 144A | 5.553(cc) | 03/25/55 | 771 | 780358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES06, Class A1A, 144A | 5.472(cc) | 06/25/55 | 892 | 903062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES07, Class A1A, 144A | 5.377(cc) | 07/25/55 | 594 | 600470 |
| &nbsp;&nbsp; Towd Point Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CES02, Class A1A, 144A | 7.294(cc) | 10/25/63 | 953 | 963404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | 5.848(cc) | 01/25/64 | 53 | 53691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES02, Class A1A, 144A | 6.125(cc) | 02/25/64 | 51 | 51089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES05, Class A1, 144A | 5.167(cc) | 09/25/64 | 333 | 334162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES05, Class A2, 144A | 5.202(cc) | 09/25/64 | 400 | 401424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES06, Class A1, 144A | 5.725(cc) | 11/25/64 | 289 | 292523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1, 144A | 5.705(cc) | 02/25/55 | 395 | 398652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES02, Class A1, 144A | 5.348(cc) | 07/25/65 | 509 | 513381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES03, Class A1A, 144A | 5.278(cc) | 08/25/65 | 715 | 721464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CRM01, Class A1, 144A | 5.799(cc) | 01/25/65 | 384 | 387902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FIX01, Class A1, 144A | 4.968(cc) | 09/25/65 | 733 | 736111 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Home Equity Loans (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Towd Point Mortgage Trust, (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FIX02, Class A1, 144A | 5.249%(cc) | 10/25/65 | 646 | $653221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-HE02, Class A1A, 144A, 30 Day Average SOFR + 1.350% (Cap N/A, Floor 1.350%) | 5.017(c) | 09/25/65 | 715 | 717161 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18798857 |
| &nbsp;&nbsp; **Other 0.6%** |  |  |  |  |
| &nbsp;&nbsp; Capital Street Master Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A, 144A, 30 Day Average SOFR + 1.350% (Cap N/A, Floor 1.350%) | 5.008(c) | 10/16/28 | 300 | 300194 |
| &nbsp;&nbsp; GoodLeap Home Improvement Solutions Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A, 144A | 5.320 | 06/20/49 | 821 | 836056 |
| &nbsp;&nbsp; GoodLeap Sustainable Home Solutions Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-04C, Class A, 144A | 6.480 | 03/20/57 | 159 | 159028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01GS, Class A, 144A | 6.250 | 06/20/57 | 257 | 253030 |
| &nbsp;&nbsp; Invitation Homes Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SFR01, Class C, 144A | 4.250 | 09/17/41 | 500 | 492379 |
| &nbsp;&nbsp; PK Alift Loan Funding 7 LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02, Class A, 144A | 4.750 | 03/15/43 | 475 | 478444 |
| &nbsp;&nbsp; PK Alift Loan Funding 8 LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-01, Class A, 144A | 4.614 | 09/15/43 | 1000 | 1007102 |
| &nbsp;&nbsp; Tesla Sustainable Energy Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A2, 144A | 5.080 | 06/21/50 | 372 | 373712 |
| &nbsp;&nbsp; Tricon Residential Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR01, Class A, 144A, 1 Month SOFR + 1.100% (Cap N/A, Floor 1.100%) | 4.760(c) | 03/17/42 | 692 | 692733 |
| &nbsp;&nbsp; VB-S1 Issuer LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-01A, Class C2, 144A | 4.693 | 03/15/56 | 500 | 502800 |
|  |  |  |  | 5095478 |
| &nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES**<br> (cost $111,569,886) |  |  |  | 113127364 |
| &nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES 6.5%** |  |  |  |  |
| &nbsp;&nbsp; Arbor Multifamily Mortgage Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MF03, Class A1, 144A | 1.075 | 10/15/54 | 80 | 79620 |
| &nbsp;&nbsp; ARES Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-IND03, Class A, 144A, 1 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) | 5.160(c) | 04/15/42 | 410 | 410256 |
| &nbsp;&nbsp; BANK, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN30, Class A3 | 1.650 | 12/15/53 | 1950 | 1772636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN38, Class A4 | 2.275 | 12/15/64 | 250 | 224019 |
| &nbsp;&nbsp; Bank of America Merrill Lynch Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK03, Class XB, IO | 0.588(cc) | 02/15/50 | 8410 | 34569 |
| &nbsp;&nbsp; BANK5, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-05YR04, Class A3 | 6.500 | 12/15/56 | 1039 | 1093879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR09, Class A3 | 5.614 | 08/15/57 | 1300 | 1360620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR10, Class A3 | 5.302 | 10/15/57 | 1400 | 1453453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05YR17, Class A3 | 5.225 | 11/15/58 | 1440 | 1499075 |
| &nbsp;&nbsp; Barclays Commercial Mortgage Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C07, Class XB, IO | 0.969(cc) | 04/15/53 | 1019 | 37856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-05C23, Class A3 | 6.675(cc) | 12/15/56 | 1100 | 1166481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05C33, Class A4 | 5.839 | 03/15/58 | 1000 | 1058574 |
| &nbsp;&nbsp; Benchmark Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B07, Class A3 | 4.241 | 05/15/53 | 590 | 590675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B17, Class A4 | 2.042 | 03/15/53 | 3000 | 2773525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B26, Class XB, IO, 144A | 0.639(cc) | 06/15/54 | 18164 | 512664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B40, Class A2 | 6.930 | 12/15/56 | 382 | 403126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-V02, Class A3 | 5.812(cc) | 05/15/55 | 626 | 646928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V08, Class A3 | 6.189(cc) | 07/15/57 | 900 | 954352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V10, Class A3 | 5.277 | 09/15/57 | 1050 | 1088698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-V18, Class A3 | 5.184 | 10/15/58 | 2000 | 2085954 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 235

------

PGIM Total Return Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)** | &nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)** | &nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)** |  |  |
| &nbsp;&nbsp; BFLD Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-WRHS, Class A, 144A, 1 Month SOFR + 1.492% (Cap N/A, Floor 1.492%) | 5.152%(c) | 07/15/39 | 278 | $278186 |
| &nbsp;&nbsp; BFLD Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-EWEST, Class A, 144A, 1 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | 5.210(c) | 06/15/42 | 349 | 349515 |
| &nbsp;&nbsp; BLP Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-IND, Class A, 144A, 1 Month SOFR + 1.200% (Cap N/A, Floor 1.200%) | 4.860(c) | 03/15/42 | 634 | 633433 |
| &nbsp;&nbsp; BMO Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C6, Class A3 | 5.316 | 09/15/57 | 2750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2849099 |
| &nbsp;&nbsp; BRES Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ATCAP, Class A, 144A, 1 Month SOFR + 1.494% (Cap N/A, Floor 1.494%) | 5.153(c) | 11/15/42 | 2600 | 2608206 |
| &nbsp;&nbsp; BX Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-CIP, Class E, 144A, 1 Month SOFR + 2.934% (Cap N/A, Floor 2.820%) | 6.594(c) | 12/15/38 | 131 | 131360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-AIR02, Class A, 144A, 1 Month SOFR + 1.492% (Cap N/A, Floor 1.492%) | 5.152(c) | 10/15/41 | 480 | 479740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-AIRC, Class A, 144A, 1 Month SOFR + 1.691% (Cap N/A, Floor 1.691%) | 5.351(c) | 08/15/41 | 434 | 434760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-BCAT, Class A, 144A, 1 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) | 5.040(c) | 08/15/42 | 910 | 910655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SPOT, Class B, 144A, 1 Month SOFR + 1.743% (Cap N/A, Floor 1.743%) | 5.403(c) | 04/15/40 | 267 | 267877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SPOT, Class C, 144A, 1 Month SOFR + 2.043% (Cap N/A, Floor 2.043%) | 5.702(c) | 04/15/40 | 349 | 349821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-CSMO, Class A, 144A, 1 Month SOFR + 1.400% (Cap N/A, Floor 1.400%) | 5.067(c) | 02/15/42 | 1600 | 1600000 |
| &nbsp;&nbsp; BX Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ARIA, Class A, 144A | 5.031(cc) | 12/13/42 | 1250 | 1283169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ROIC, Class A, 144A, 1 Month SOFR + 1.144% (Cap N/A, Floor 1.144%) | 4.803(c) | 03/15/30 | 1132 | 1130763 |
| &nbsp;&nbsp; BXMT Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL05, Class A, 144A, 1 Month SOFR + 1.639% (Cap N/A, Floor 1.639%) | 5.303(c) | 10/18/42 | 430 | 430839 |
| &nbsp;&nbsp; BXP Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-601L, Class A, 144A | 2.618 | 01/15/44 | 150 | 134097 |
| &nbsp;&nbsp; Cantor Commercial Real Estate Lending, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CF02, Class A4 | 2.624 | 11/15/52 | 125 | 119151 |
| &nbsp;&nbsp; CCUBS Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C01, Class A3 | 3.283(cc) | 11/15/50 | 853 | 839806 |
| &nbsp;&nbsp; Citigroup Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC43, Class A3 | 2.782 | 11/10/52 | 487 | 461768 |
| &nbsp;&nbsp; Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-COR02, Class A3 | 3.510 | 09/10/50 | 373 | 368393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-277P, Class A, 144A | 6.338 | 08/10/44 | 200 | 211259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-277P, Class X, IO, 144A | 0.661(cc) | 08/10/44 | 1000 | 23013 |
| &nbsp;&nbsp; Credit Suisse Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-USA, Class A2, 144A | 3.953 | 09/15/37 | 250 | 235281 |
| &nbsp;&nbsp; CSAIL Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CX11, Class A4 | 3.766 | 04/15/51 | 162 | 161285 |
| &nbsp;&nbsp; Durst Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-151, Class A, 144A | 5.317(cc) | 08/10/42 | 1500 | 1543529 |
| &nbsp;&nbsp; GS Mortgage Securities Corp. Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RVR, Class A, 144A | 5.372(cc) | 08/10/41 | 800 | 815387 |
| &nbsp;&nbsp; GS Mortgage Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-GS08, Class A3 | 3.205 | 11/10/50 | 570 | 563142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-GS10, Class A4 | 3.890 | 07/10/51 | 125 | 124403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-GSA03, Class XB, IO | 0.614(cc) | 12/15/54 | 2000 | 65691 |
| &nbsp;&nbsp; JPMDB Commercial Mortgage Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-COR07, Class ASB | 2.051 | 05/13/53 | 889 | 847748 |
| &nbsp;&nbsp; JPMorgan Chase Commercial Mortgage Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP04, Class A3 | 3.393 | 12/15/49 | 198 | 197117 |
| &nbsp;&nbsp; KRE Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-AIP04, Class B, 144A, 1 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) | 5.260(c) | 03/15/42 | 934 | 932042 |
| &nbsp;&nbsp; MHC Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MHC, Class F, 144A, 1 Month SOFR + 2.715% (Cap N/A, Floor 2.601%) | 6.375(c) | 04/15/38 | 295 | 295134 |
| &nbsp;&nbsp; Morgan Stanley Capital I Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-BNK02, Class A3 | 2.791 | 11/15/49 | 870 | 862048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-L02, Class A3 | 3.806 | 03/15/52 | 1348 | 1336681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-HR08, Class A3 | 1.790 | 07/15/53 | 244 | 223943 |
| &nbsp;&nbsp; MSWF Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A2 | 6.451 | 05/15/56 | 500 | 521112 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** | **Value** |
| &nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)** | &nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)** | &nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)** |  |  |  |
| &nbsp;&nbsp; New York City Housing Development Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-08SPR, Class A | 5.458% | 12/15/43 | 1700 | $| 1758655 |
| &nbsp;&nbsp; NRTH Commercial Mortgage Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-PARK, Class A, 144A, 1 Month SOFR + 1.393% (Cap N/A, Floor 1.393%) | 5.053(c) | 10/15/40 | 1100 |  | 1102062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-PARK, Class B, 144A, 1 Month SOFR + 1.643% (Cap N/A, Floor 1.643%) | 5.303(c) | 10/15/40 | 900 |  | 902810 |
| &nbsp;&nbsp; NYC Commercial Mortgage Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03BP, Class C, 144A, 1 Month SOFR + 1.892% (Cap N/A, Floor 1.892%) | 5.552(c) | 02/15/42 | 280 |  | 280350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03BP, Class D, 144A, 1 Month SOFR + 2.441% (Cap N/A, Floor 2.441%) | 6.101(c) | 02/15/42 | 260 |  | 260650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-01PARK, Class C, 144A, 1 Month SOFR + 1.850% (Cap N/A, Floor 1.850%) | 5.550(c) | 02/15/43 | 450 |  | 449297 |
| &nbsp;&nbsp; One New York Plaza Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01NYP, Class A, 144A, 1 Month SOFR + 1.064% (Cap N/A, Floor 0.950%) | 4.724(c) | 01/15/36 | 208 |  | 202599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01NYP, Class AJ, 144A, 1 Month SOFR + 1.364% (Cap N/A, Floor 1.250%) | 5.024(c) | 01/15/36 | 200 |  | 194626 |
| &nbsp;&nbsp; RFR Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SGRM, Class A, 144A | 5.379(cc) | 03/11/41 | 1110 |  | 1137355 |
| &nbsp;&nbsp; ROCK Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR, Class A, 144A | 5.388 | 11/13/41 | 700 |  | 724470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR, Class C, 144A | 6.471 | 11/13/41 | 215 |  | 225439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR, Class D, 144A | 7.109 | 11/13/41 | 480 |  | 506839 |
| &nbsp;&nbsp; TCO Commercial Mortgage Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-DPM, Class A, 144A, 1 Month SOFR + 1.243% (Cap N/A, Floor 1.243%) | 4.903(c) | 12/15/39 | 500 |  | 500625 |
| &nbsp;&nbsp; UBS Commercial Mortgage Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C08, Class A3 | 3.720 | 02/15/51 | 487 |  | 482343 |
| &nbsp;&nbsp; VNDO Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-350P, Class A, 144A | 3.805 | 01/10/35 | 985 |  | 980040 |
| &nbsp;&nbsp; WCORE Commercial Mortgage Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CORE, Class A, 144A, 1 Month SOFR + 1.492% (Cap N/A, Floor 1.492%) | 5.152(c) | 11/15/41 | 1020 |  | 1020283 |
| &nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C35, Class A3 | 2.674 | 07/15/48 | 155 |  | 155041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C40, Class A3 | 3.317 | 10/15/50 | 105 |  | 103755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C58, Class A3 | 1.810 | 07/15/53 | 115 |  | 105380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-GRP, Class B, 144A, 1 Month SOFR + 2.291% (Cap N/A, Floor 2.291%) | 5.950(c) | 10/15/41 | 200 |  | 200070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-GRP, Class C, 144A, 1 Month SOFR + 2.940% (Cap N/A, Floor 2.940%) | 6.599(c) | 10/15/41 | 275 |  | 274431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B33RP, Class A, 144A, 1 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) | 5.010(c) | 08/15/42 | 750 |  | 750234 |
| &nbsp;&nbsp; **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br> (cost $55,112,580) |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56183767 |
| &nbsp;&nbsp; **CORPORATE BONDS 27.8%** |  |  |  |  |  |
| &nbsp;&nbsp; **Aerospace & Defense 0.4%** | &nbsp;&nbsp; **Aerospace & Defense 0.4%** | &nbsp;&nbsp; **Aerospace & Defense 0.4%** | &nbsp;&nbsp; **Aerospace & Defense 0.4%** | &nbsp;&nbsp; **Aerospace & Defense 0.4%** | &nbsp;&nbsp; **Aerospace & Defense 0.4%** |
| &nbsp;&nbsp; BAE Systems PLC (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.125 | 03/26/29 | 295 |  | 305380 |
| &nbsp;&nbsp; Boeing Co. (The), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.300 | 03/01/35 | 190 |  | 167739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.375 | 06/15/46 | 1010 |  | 731125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.500 | 03/01/39 | 230 |  | 192712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.625 | 03/01/48 | 700 |  | 512263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.900 | 05/01/49 | 665 |  | 507656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.930 | 05/01/60 | 840 |  | 843244 |
| &nbsp;&nbsp; Bombardier, Inc. (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.000 | 02/15/28 | 84 |  | 83926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.750 | 06/15/33 | 110 |  | 115933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.450 | 05/01/34 | 300 |  | 336579 |
|  |  |  |  |  | 3796557 |
| &nbsp;&nbsp; **Agriculture 0.8%** | &nbsp;&nbsp; **Agriculture 0.8%** | &nbsp;&nbsp; **Agriculture 0.8%** | &nbsp;&nbsp; **Agriculture 0.8%** | &nbsp;&nbsp; **Agriculture 0.8%** | &nbsp;&nbsp; **Agriculture 0.8%** |
| &nbsp;&nbsp; BAT Capital Corp. (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.390 | 08/15/37 | 400 |  | 373397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.834 | 02/20/31 | 630 |  | 673029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.343 | 08/02/30 | 75 |  | 81572 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 237

------

PGIM Total Return Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Agriculture (cont'd.)** | &nbsp;&nbsp; **Agriculture (cont'd.)** | &nbsp;&nbsp; **Agriculture (cont'd.)** | &nbsp;&nbsp; **Agriculture (cont'd.)** | &nbsp;&nbsp; **Agriculture (cont'd.)** | &nbsp;&nbsp; **Agriculture (cont'd.)** |
| &nbsp;&nbsp; BAT International Finance PLC (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.448% | 03/16/28 | 120 | $| 121104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.931 | 02/02/29 | 25 |  | 26298 |
| &nbsp;&nbsp; Bunge Ltd. Finance Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.750 | 05/14/31 | 600 |  | 558284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.150 | 08/04/35 | 1230 |  | 1260924 |
| &nbsp;&nbsp; Imperial Brands Finance PLC (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A, MTN | 5.875 | 07/01/34 | 520 |  | 549933 |
| &nbsp;&nbsp; Philip Morris International, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.250 | 10/29/32 | 1290 |  | 1286318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.375 | 04/30/30 | 1210 |  | 1224982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.125 | 02/15/30 | 450 |  | 467352 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6623193 |
| &nbsp;&nbsp; **Airlines 0.3%** | &nbsp;&nbsp; **Airlines 0.3%** | &nbsp;&nbsp; **Airlines 0.3%** | &nbsp;&nbsp; **Airlines 0.3%** | &nbsp;&nbsp; **Airlines 0.3%** | &nbsp;&nbsp; **Airlines 0.3%** |
| &nbsp;&nbsp; American Airlines, Inc./AAdvantage Loyalty IP Ltd., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.750 | 04/20/29 | 775 |  | 782890 |
| &nbsp;&nbsp; Delta Air Lines, Inc./SkyMiles IP Ltd., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.750 | 10/20/28 | 917 |  | 922478 |
| &nbsp;&nbsp; Southwest Airlines Co., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.125 | 06/15/27 | 140 |  | 141626 |
| &nbsp;&nbsp; United Airlines Holdings, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.875 | 03/01/29 | 290 |  | 292076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.375 | 03/01/31 | 390 |  | 397466 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2536536 |
| &nbsp;&nbsp; **Apparel 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; Kontoor Brands, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.125 | 11/15/29 | 50 |  | 47637 |
| &nbsp;&nbsp; PVH Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.500 | 06/13/30 | 135 |  | 138574 |
| &nbsp;&nbsp; Wolverine World Wide, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.000 | 08/15/29 | 50 |  | 47186 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233397 |
| &nbsp;&nbsp; **Auto Manufacturers 1.0%** |  |  |  |  |  |
| &nbsp;&nbsp; American Honda Finance Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | 5.050 | 07/10/31 | 465 |  | 481796 |
| &nbsp;&nbsp; Ford Motor Credit Co. LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.700 | 08/10/26 | 700 |  | 694927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.125 | 08/17/27 | 200 |  | 199265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.271 | 01/09/27 | 930 |  | 929791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 7.200 | 06/10/30 | 255 |  | 275068 |
| &nbsp;&nbsp; General Motors Co., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.600 | 04/01/36 | 785 |  | 861278 |
| &nbsp;&nbsp; General Motors Financial Co., Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.000 | 04/09/27 | 180 |  | 181851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.050 | 04/04/28 | 225 |  | 229355 |
| &nbsp;&nbsp; Hyundai Capital America, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.850 | 03/25/27 | 535 |  | 539854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.250 | 01/08/27 | 355 |  | 358830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.300 | 03/19/27 | 290 |  | 293963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.400 | 06/23/32 | 300 |  | 314367 |
| &nbsp;&nbsp; Toyota Motor Credit Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 4.800 | 01/05/34 | 245 |  | 250942 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity<br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |
| &nbsp;&nbsp; **Auto Manufacturers (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Volkswagen Group of America Finance LLC (Germany), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.850% | 09/11/30 | 685 | $695752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.250 | 03/22/29 | 1920 | 1970129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.650 | 03/25/32 | 300 | 313642 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8590810 |
| &nbsp;&nbsp; **Auto Parts & Equipment 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Clarios Global LP/Clarios US Finance Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.750 | 02/15/30 | 25 | 26187 |
| &nbsp;&nbsp; Phinia, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.750 | 04/15/29 | 40 | 41384 |
| &nbsp;&nbsp; Qnity Electronics, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.250 | 08/15/33 | 30 | 31170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.750 | 08/15/32 | 55 | 56275 |
| &nbsp;&nbsp; Tenneco, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.000 | 11/17/28 | 400 | 400002 |
|  |  |  |  | 555018 |
| &nbsp;&nbsp; **Banks 5.7%** |  |  |  |  |
| &nbsp;&nbsp; Banco Santander SA (Spain), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | 5.538(ff) | 03/14/30 | 200 | 207515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | 5.552(ff) | 03/14/28 | 400 | 405721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes | 5.439 | 07/15/31 | 400 | 422853 |
| &nbsp;&nbsp; Bank of America Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | 6.250(ff) | 07/26/30(oo) | 455 | 467338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.299(ff) | 07/21/32 | 705 | 635424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.288(ff) | 04/25/34 | 3000 | 3114523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 1.922(ff) | 10/24/31 | 1270 | 1144711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series N | 2.651(ff) | 03/11/32 | 1120 | 1039054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | 5.744(ff) | 02/12/36 | 645 | 673985 |
| &nbsp;&nbsp; Bank of Nova Scotia (The) (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | 7.350(ff) | 04/27/85 | 530 | 554197 |
| &nbsp;&nbsp; Barclays PLC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.942(ff) | 09/10/30 | 395 | 403267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.860(ff) | 08/11/46 | 255 | 262246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.692(ff) | 09/13/34 | 310 | 344827 |
| &nbsp;&nbsp; BPCE SA (France), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | 2.045(ff) | 10/19/27 | 340 | 335905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | 2.277(ff) | 01/20/32 | 250 | 224616 |
| &nbsp;&nbsp; Cassa Depositi e Prestiti SpA (Italy), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.375 | 10/01/30 | 200 | 201879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.875 | 04/30/29 | 200 | 211232 |
| &nbsp;&nbsp; Citigroup, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | 6.625(ff) | 02/15/31(oo) | 295 | 302638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series GG | 6.875(ff) | 08/15/30(oo) | 1275 | 1308806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.666(ff) | 01/29/31 | 990 | 934417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.057(ff) | 01/25/33 | 1620 | 1498526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | 5.827(ff) | 02/13/35 | 510 | 531061 |
| &nbsp;&nbsp; Danske Bank A/S (Denmark), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | 5.019(ff) | 03/04/31 | 760 | 779431 |
| &nbsp;&nbsp; Deutsche Bank AG (Germany), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | 2.552(ff) | 01/07/28 | 310 | 306070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | 5.297(ff) | 05/09/31 | 930 | 958945 |
| &nbsp;&nbsp; Fifth Third Bancorp, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.337(ff) | 04/25/33 | 201 | 198643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.339(ff) | 07/27/29 | 270 | 283916 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 239

------

PGIM Total Return Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Banks (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Fifth Third Financial Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.982%(ff) | 01/30/30 | 716 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750478 |
| &nbsp;&nbsp; Goldman Sachs Group, Inc. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series V | 4.125(ff) | 11/10/26 (oo) | 55 | 54775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.223(ff) | 05/01/29 | 735 | 736832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.207(ff) | 01/28/31 | 1500 | 1553330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.330(ff) | 07/23/35 | 170 | 175076 |
| &nbsp;&nbsp; Huntington Bancshares, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.709(ff) | 02/02/35 | 155 | 163025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.208(ff) | 08/21/29 | 40 | 42006 |
| &nbsp;&nbsp; ING Groep NV (Netherlands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.858(ff) | 03/25/29 | 495 | 503271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.114(ff) | 09/11/34 | 270 | 293069 |
| &nbsp;&nbsp; JPMorgan Chase & Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.953(ff) | 02/04/32 | 500 | 448392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.739(ff) | 10/15/30 | 2762 | 2640450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.140(ff) | 01/24/31 | 960 | 996071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.294(ff) | 07/22/35 | 335 | 347555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.581(ff) | 04/22/30 | 755 | 788535 |
| &nbsp;&nbsp; KBC Group NV (Belgium), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.932(ff) | 10/16/30 | 300 | 307018 |
| &nbsp;&nbsp; KeyCorp, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 2.550 | 10/01/29 | 450 | 427256 |
| &nbsp;&nbsp; Morgan Stanley, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.449(ff) | 07/20/29 | 95 | 97959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | 2.699(ff) | 01/22/31 | 1475 | 1394673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 1.794(ff) | 02/13/32 | 5760 | 5099222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 1.928(ff) | 04/28/32 | 515 | 456899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 2.943(ff) | 01/21/33 | 970 | 893138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, GMTN | 4.350 | 09/08/26 | 195 | 195210 |
| &nbsp;&nbsp; Morgan Stanley Private Bank NA, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.213(ff) | 02/08/30 | 515 | 517455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.734(ff) | 07/18/31 | 1160 | 1180826 |
| &nbsp;&nbsp; Royal Bank of Canada (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 4.696(ff) | 08/06/31 | 1140 | 1164583 |
| &nbsp;&nbsp; Societe Generale SA (France), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 2.797(ff) | 01/19/28 | 195 | 192811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A, MTN | 5.439(ff) | 10/03/36 | 1370 | 1386783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | 2.889(ff) | 06/09/32 | 500 | 458871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | 3.337(ff) | 01/21/33 | 400 | 371317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | 4.450(ff) | 04/12/30 | 1425 | 1432355 |
| &nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc. (Japan), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.494(ff) | 01/15/32 | 275 | 277201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.046(ff) | 01/15/37 | 870 | 880377 |
| &nbsp;&nbsp; Truist Financial Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 7.161(ff) | 10/30/29 | 85 | 91440 |
| &nbsp;&nbsp; U.S. Bancorp, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.384(ff) | 01/23/30 | 95 | 98524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.678(ff) | 01/23/35 | 125 | 132815 |
| &nbsp;&nbsp; UBS Group AG (Switzerland), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | 4.844(ff) | 11/06/33 | 1760 | 1774986 |
| &nbsp;&nbsp; Wells Fargo & Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.211(ff) | 12/03/35 | 1270 | 1302769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.389(ff) | 04/24/34 | 125 | 130202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.303(ff) | 10/23/29 | 685 | 722569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 2.572(ff) | 02/11/31 | 245 | 230575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 4.808(ff) | 07/25/28 | 295 | 298120 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Banks (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Wells Fargo & Co., (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 5.574%(ff) | 07/25/29 | 160 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 5.707(ff) | 04/22/28 | 740 | 753588 |
|  |  |  |  | 49679731 |
| &nbsp;&nbsp; **Beverages 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.900 | 02/01/46 | 38 | 35692 |
| &nbsp;&nbsp; **Biotechnology 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Amgen, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.600 | 03/02/43 | 205 | 209627 |
| &nbsp;&nbsp; **Building Materials 0.3%** |  |  |  |  |
| &nbsp;&nbsp; Camelot Return Merger Sub, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.750 | 08/01/28 | 175 | 132029 |
| &nbsp;&nbsp; CRH SMW Finance DAC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.200 | 05/21/29 | 630 | 652213 |
| &nbsp;&nbsp; Fortune Brands Innovations, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.250 | 09/15/29 | 175 | 169522 |
| &nbsp;&nbsp; Griffon Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.750 | 03/01/28 | 23 | 22978 |
| &nbsp;&nbsp; JELD-WEN, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.875 | 12/15/27 | 180 | 146199 |
| &nbsp;&nbsp; Masco Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.500 | 11/15/27 | 230 | 228535 |
| &nbsp;&nbsp; Quikrete Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.375 | 03/01/32 | 140 | 145522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.750 | 03/01/33 | 30 | 31178 |
| &nbsp;&nbsp; Smyrna Ready Mix Concrete LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.000 | 11/01/28 | 60 | 59997 |
| &nbsp;&nbsp; Standard Industries, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.375 | 07/15/30 | 650 | 627209 |
|  |  |  |  | 2215382 |
| &nbsp;&nbsp; **Chemicals 0.3%** |  |  |  |  |
| &nbsp;&nbsp; Ashland, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.375 | 09/01/31 | 75 | 68877 |
| &nbsp;&nbsp; Braskem Netherlands Finance BV (Brazil), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.500 | 01/12/31 | 820 | 348008 |
| &nbsp;&nbsp; Celanese US Holdings LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.850(cc) | 11/15/28 | 78 | 82052 |
| &nbsp;&nbsp; CF Industries, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.150 | 03/15/34 | 130 | 132242 |
| &nbsp;&nbsp; Nutrien Ltd. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.900 | 03/27/28 | 55 | 55988 |
| &nbsp;&nbsp; OCP SA (Morocco), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.750 | 05/02/34 | 320 | 347318 |
| &nbsp;&nbsp; Olympus Water US Holding Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.250 | 06/15/31 | 775 | 793307 |
| &nbsp;&nbsp; RPM International, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.950 | 01/15/32 | 20 | 18392 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 241

------

PGIM Total Return Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Chemicals (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; SNF Group SACA (France), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.375% | 03/15/30 | 875 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;824605 |
| &nbsp;&nbsp; Solstice Advanced Materials, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.625 | 09/30/33 | 120 | 121370 |
|  |  |  |  | 2792159 |
| &nbsp;&nbsp; **Coal 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Coronado Finance Pty Ltd. (Australia), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.250 | 10/01/29 | 150 | 138938 |
| &nbsp;&nbsp; **Commercial Services 0.4%** |  |  |  |  |
| &nbsp;&nbsp; Allied Universal Holdco LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.875 | 02/15/31 | 200 | 211288 |
| &nbsp;&nbsp; Allied Universal Holdco LLC/Allied Universal Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.875 | 06/15/30 | 325 | 338411 |
| &nbsp;&nbsp; Alta Equipment Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 9.000 | 06/01/29 | 95 | 90051 |
| &nbsp;&nbsp; AMN Healthcare, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.000 | 04/15/29 | 125 | 119549 |
| &nbsp;&nbsp; DCLI Bidco LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Mortgage, 144A | 7.750 | 11/15/29 | 505 | 517816 |
| &nbsp;&nbsp; ERAC USA Finance LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.300 | 12/01/26 | 160 | 159301 |
| &nbsp;&nbsp; Global Payments, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.500 | 11/15/28 | 810 | 812798 |
| &nbsp;&nbsp; Herc Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.750 | 03/15/31 | 645 | 653885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.000 | 03/15/34 | 40 | 40230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.000 | 06/15/30 | 90 | 94289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.250 | 06/15/33 | 50 | 52773 |
| &nbsp;&nbsp; Mavis Tire Express Services Topco Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.500 | 05/15/29 | 75 | 74974 |
| &nbsp;&nbsp; RELX Capital, Inc. (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.750 | 05/20/32 | 30 | 30566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.250 | 03/27/35 | 100 | 102916 |
| &nbsp;&nbsp; Service Corp. International, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.750 | 10/15/32 | 45 | 45884 |
| &nbsp;&nbsp; United Rentals North America, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.750 | 01/15/32 | 50 | 47218 |
| &nbsp;&nbsp; University of Southern California, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.976 | 10/01/53 | 212 | 203622 |
| &nbsp;&nbsp; Washington University (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.349 | 04/15/2122 | 80 | 62911 |
|  |  |  |  | 3658482 |
| &nbsp;&nbsp; **Computers 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Booz Allen Hamilton, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.950 | 08/04/33 | 200 | 205220 |
| &nbsp;&nbsp; Leidos, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.375 | 05/15/30 | 500 | 501646 |
| &nbsp;&nbsp; McAfee Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.375 | 02/15/30 | 150 | 122718 |
| &nbsp;&nbsp; NCR Atleos Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.500 | 04/01/29 | 79 | 84751 |
|  |  |  |  | 914335 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Diversified Financial Services 0.3%** |  |  |  |  |
| &nbsp;&nbsp; Cantor Fitzgerald LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.200% | 12/12/28 | 50 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53096 |
| &nbsp;&nbsp; Capital One Financial Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 7.624(ff) | 10/30/31 | 100 | 112972 |
| &nbsp;&nbsp; Freedom Mortgage Holdings LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.875 | 05/01/31 | 80 | 77194 |
| &nbsp;&nbsp; Jefferies Financial Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.625 | 10/15/31 | 120 | 106641 |
| &nbsp;&nbsp; LPL Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.700 | 05/20/27 | 175 | 177723 |
| &nbsp;&nbsp; LSEG US Fin Corp. (United Kingdom), | &nbsp;&nbsp; LSEG US Fin Corp. (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.297 | 03/28/34 | 300 | 308291 |
| &nbsp;&nbsp; Nuveen LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.850 | 04/15/34 | 145 | 153800 |
| &nbsp;&nbsp; OneMain Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.625 | 05/15/29 | 200 | 204492 |
| &nbsp;&nbsp; PennyMac Financial Services, Inc., | &nbsp;&nbsp; PennyMac Financial Services, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.250 | 02/15/29 | 375 | 360507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.750 | 09/15/31 | 425 | 413502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.875 | 12/15/29 | 50 | 52466 |
| &nbsp;&nbsp; Power Finance Corp. Ltd. (India), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | 6.150 | 12/06/28 | 200 | 209014 |
| &nbsp;&nbsp; Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., | &nbsp;&nbsp; Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.875 | 03/01/31 | 525 | 493393 |
|  |  |  |  | 2723091 |
| &nbsp;&nbsp; **Electric 1.7%** |  |  |  |  |
| &nbsp;&nbsp; AEP Texas, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.400 | 06/01/33 | 225 | 234041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.450 | 05/15/29 | 150 | 156210 |
| &nbsp;&nbsp; Algonquin Power & Utilities Corp. (Canada), | &nbsp;&nbsp; Algonquin Power & Utilities Corp. (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.365 | 06/15/26 | 175 | 175437 |
| &nbsp;&nbsp; Calpine LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.125 | 03/15/28 | 575 | 575046 |
| &nbsp;&nbsp; Comision Federal de Electricidad (Mexico), | &nbsp;&nbsp; Comision Federal de Electricidad (Mexico), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.688 | 05/15/29 | 200 | 199607 |
| &nbsp;&nbsp; Constellation Energy Generation LLC, | &nbsp;&nbsp; Constellation Energy Generation LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.750 | 03/01/31 | 150 | 145843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.000 | 02/01/31 | 175 | 177665 |
| &nbsp;&nbsp; Edison International, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.250 | 11/15/28 | 130 | 132453 |
| &nbsp;&nbsp; Enel Finance International NV (Italy), | &nbsp;&nbsp; Enel Finance International NV (Italy), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.125 | 06/26/29 | 710 | 731050 |
| &nbsp;&nbsp; Eskom Holdings (South Africa), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A, MTN | 6.350 | 08/10/28 | 200 | 206376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 8.450 | 08/10/28 | 600 | 643314 |
| &nbsp;&nbsp; Israel Electric Corp. Ltd. (Israel), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, GMTN | 4.250 | 08/14/28 | 200 | 198330 |
| &nbsp;&nbsp; NRG Energy, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.375 | 02/15/29 | 50 | 48168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.875 | 02/15/32 | 50 | 46816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.750 | 07/15/29 | 400 | 400943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | 10.250(ff) | 03/15/28 (oo) | 700 | 772120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.750 | 01/15/34 | 305 | 309313 |
| &nbsp;&nbsp; Pacific Gas & Electric Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 3.950 | 12/01/47 | 2345 | 1784423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 4.500 | 07/01/40 | 110 | 97810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 4.950 | 07/01/50 | 665 | 573971 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 243

------

PGIM Total Return Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Electric (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; PG&E Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | 7.375%(ff) | 03/15/55 | 50 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51761 |
| &nbsp;&nbsp; PPL Electric Utilities Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 4.850 | 02/15/34 | 185 | 189225 |
| &nbsp;&nbsp; Puget Energy, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 4.224 | 03/15/32 | 1949 | 1896187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 5.725 | 03/15/35 | 510 | 527412 |
| &nbsp;&nbsp; SCE Recovery Funding LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 5.541 | 09/15/52 | 551 | 564704 |
| &nbsp;&nbsp; Sempra, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | 4.125(ff) | 04/01/52 | 120 | 118501 |
| &nbsp;&nbsp; Southern California Edison Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 3.450 | 02/01/52 | 780 | 530201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 5.300 | 03/01/28 | 110 | 112551 |
| &nbsp;&nbsp; Vistra Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | 7.000(ff) | 12/15/26 (oo) | 175 | 177361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | 8.000(ff) | 10/15/26 (oo) | 385 | 391790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series C, 144A | 8.875(ff) | 01/15/29 (oo) | 975 | 1074712 |
| &nbsp;&nbsp; Vistra Operations Co. LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.375 | 05/01/29 | 50 | 49467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.000 | 07/31/27 | 425 | 424997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.625 | 02/15/27 | 450 | 449756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.875 | 04/15/32 | 70 | 73588 |
| &nbsp;&nbsp; VoltaGrid LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 7.375 | 11/01/30 | 220 | 229626 |
|  |  |  |  | 14470775 |
| &nbsp;&nbsp; **Electrical Components & Equipment 0.0%** |  |  |  |  |
| &nbsp;&nbsp; WESCO Distribution, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.250 | 04/15/31 | 70 | 70223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.500 | 04/15/34 | 80 | 80608 |
|  |  |  |  | 150831 |
| &nbsp;&nbsp; **Engineering & Construction 0.4%** |  |  |  |  |
| &nbsp;&nbsp; AECOM, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.000 | 08/01/33 | 25 | 25534 |
| &nbsp;&nbsp; Jacobs Engineering Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.350 | 08/18/28 | 265 | 278414 |
| &nbsp;&nbsp; Jacobs Solutions, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.750 | 03/03/31 | 2090 | 2092759 |
| &nbsp;&nbsp; MasTec, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.900 | 06/15/29 | 110 | 115457 |
| &nbsp;&nbsp; Mexico City Airport Trust (Mexico), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 5.500 | 07/31/47 | 200 | 174979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 3.875 | 04/30/28 | 440 | 434449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.250 | 10/31/26 | 200 | 199824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.500 | 07/31/47 | 600 | 524938 |
|  |  |  |  | 3846354 |
| &nbsp;&nbsp; **Entertainment 0.3%** |  |  |  |  |
| &nbsp;&nbsp; Caesars Entertainment, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.625 | 10/15/29 | 1300 | 1270887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.000 | 02/15/30 | 75 | 76922 |
| &nbsp;&nbsp; Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., | &nbsp;&nbsp; Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.875 | 05/01/29 | 525 | 516019 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest** <br> **Rate** | **Maturity** <br> **Date** | **Principal Amount** <br> **(000)#**  | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Entertainment (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Penn Entertainment, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.125% | 07/01/29 | 250 | $235873 |
| &nbsp;&nbsp; Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.625 | 02/01/33 | 400 | 410619 |
| &nbsp;&nbsp; Voyager Parent LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.250 | 07/01/32 | 170 | 181492 |
| &nbsp;&nbsp; Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.250 | 03/15/33 | 35 | 35748 |
|  |  |  |  | 2727560 |
| &nbsp;&nbsp; **Environmental Control 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Clean Harbors, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.750 | 10/15/33 | 85 | 86979 |
| &nbsp;&nbsp; GFL Environmental Holdings US, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.500 | 02/01/34 | 340 | 341054 |
| &nbsp;&nbsp; GFL Environmental, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.750 | 01/15/31 | 25 | 26183 |
|  |  |  |  | 454216 |
| &nbsp;&nbsp; **Foods 0.9%** |  |  |  |  |
| &nbsp;&nbsp; Albertson's Cos., Inc./Safeway, Inc./New Albertson's LP/Albertson's LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.500 | 03/15/29 | 825 | 795936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.500 | 03/31/31 | 100 | 100678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.750 | 03/31/34 | 140 | 139335 |
| &nbsp;&nbsp; B&G Foods, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.250 | 09/15/27 | 200 | 194142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.000 | 09/15/28 | 275 | 266816 |
| &nbsp;&nbsp; Bellis Acquisition Co. PLC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 8.000 | 07/01/31 | EUR 325 | 364358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.000 | 07/01/31 | EUR 450 | 506085 |
| &nbsp;&nbsp; Bimbo Bakeries USA, Inc. (Mexico), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.050 | 01/15/29 | 205 | 215051 |
| &nbsp;&nbsp; JBS NV/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.375 | 02/02/52 | 300 | 236921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.250 | 03/01/56 | 98 | 100168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.500 | 12/01/52 | 100 | 105267 |
| &nbsp;&nbsp; Lamb Weston Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.125 | 01/31/30 | 800 | 775444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.375 | 01/31/32 | 75 | 71639 |
| &nbsp;&nbsp; Mars, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 2.375 | 07/16/40 | 1160 | 849033 |
| &nbsp;&nbsp; Pilgrim's Pride Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.500 | 03/01/32 | 50 | 46656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.250 | 07/01/33 | 1000 | 1077182 |
| &nbsp;&nbsp; Post Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.500 | 09/15/31 | 75 | 71718 |
| &nbsp;&nbsp; Smithfield Foods, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.000 | 10/15/30 | 830 | 773859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.250 | 02/01/27 | 1180 | 1179935 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7870223 |
| &nbsp;&nbsp; **Gas 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Piedmont Natural Gas Co., Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.050 | 05/15/52 | 75 | 68433 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 245

------

PGIM Total Return Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest** <br> **Rate** | **Maturity** <br> **Date** | **Principal Amount** <br> **(000)#**  | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Healthcare-Products 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Baxter International, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.650% | 12/15/35 | 175 | $177985 |
| &nbsp;&nbsp; Medline Borrower LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 3.875 | 04/01/29 | 675 | 663866 |
| &nbsp;&nbsp; Solventum Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.400 | 03/01/29 | 504 | 522799 |
|  |  |  |  | 1364650 |
| &nbsp;&nbsp; **Healthcare-Services 0.9%** |  |  |  |  |
| &nbsp;&nbsp; Cigna Group (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.200 | 03/15/40 | 235 | 187425 |
| &nbsp;&nbsp; CommonSpirit Health, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | 4.352 | 09/01/30 | 400 | 401715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 5.205 | 12/01/31 | 545 | 568191 |
| &nbsp;&nbsp; DaVita, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.625 | 06/01/30 | 750 | 734134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.875 | 09/01/32 | 75 | 77916 |
| &nbsp;&nbsp; Elevance Health, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.875 | 09/15/29 | 745 | 715848 |
| &nbsp;&nbsp; HCA, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.625 | 03/15/52 | 645 | 534957 |
| &nbsp;&nbsp; Laboratory Corp. of America Holdings, | &nbsp;&nbsp; Laboratory Corp. of America Holdings, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.800 | 10/01/34 | 780 | 780633 |
| &nbsp;&nbsp; LifePoint Health, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.375 | 01/15/29 | 200 | 195604 |
| &nbsp;&nbsp; MPH Acquisition Holdings LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.750 | 12/31/30 | 475 | 349003 |
| &nbsp;&nbsp; Queen's Health Systems (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | 4.810 | 07/01/52 | 90 | 82560 |
| &nbsp;&nbsp; Tenet Healthcare Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 4.375 | 01/15/30 | 550 | 539869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.500 | 11/15/32 | 215 | 217804 |
| &nbsp;&nbsp; UnitedHealth Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.750 | 05/15/40 | 10 | 7521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.700 | 08/15/49 | 480 | 359712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.500 | 04/15/33 | 65 | 64882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.500 | 07/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1515 | 1508326 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7326100 |
| &nbsp;&nbsp; **Holding Companies-Diversified 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Clue Opco LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.500 | 10/15/31 | 1628 | 1688351 |
| &nbsp;&nbsp; **Home Builders 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Ashton Woods USA LLC/Ashton Woods Finance Co., | &nbsp;&nbsp; Ashton Woods USA LLC/Ashton Woods Finance Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.625 | 08/01/29 | 50 | 48728 |
| &nbsp;&nbsp; Beazer Homes USA, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 7.250 | 10/15/29 | 325 | 331414 |
| &nbsp;&nbsp; Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada), | &nbsp;&nbsp; Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.875 | 02/15/30 | 75 | 70243 |
| &nbsp;&nbsp; M/I Homes, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.950 | 02/01/28 | 150 | 148973 |
| &nbsp;&nbsp; Shea Homes LP/Shea Homes Funding Corp., | &nbsp;&nbsp; Shea Homes LP/Shea Homes Funding Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.750 | 04/01/29 | 50 | 49434 |
| &nbsp;&nbsp; Taylor Morrison Communities, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.750 | 11/15/32 | 40 | 41312 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest** <br> **Rate** | **Maturity** <br> **Date** | **Principal Amount** <br> **(000)#**  | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |
| &nbsp;&nbsp; **Home Builders (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Tri Pointe Homes, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.250% | 06/01/27 | 100 | $100610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.700 | 06/15/28 | 125 | 126780 |
|  |  |  |  | 917494 |
| &nbsp;&nbsp; **Home Furnishings 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Whirlpool Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.125 | 06/15/30 | 235 | 235739 |
| &nbsp;&nbsp; **Household Products/Wares 0.0%** |  |  |  |  |
| &nbsp;&nbsp; ACCO Brands Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.250 | 03/15/29 | 325 | 298858 |
| &nbsp;&nbsp; Kronos Acquisition Holdings, Inc. (Canada), | &nbsp;&nbsp; Kronos Acquisition Holdings, Inc. (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 10.750 | 06/30/32 | 150 | 65625 |
|  |  |  |  | 364483 |
| &nbsp;&nbsp; **Housewares 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Newell Brands, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.375 | 05/15/30 | 50 | 50161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.625 | 05/15/32 | 20 | 20001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 8.500 | 06/01/28 | 70 | 73676 |
| &nbsp;&nbsp; Scotts Miracle-Gro Co. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.000 | 04/01/31 | 50 | 47295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.375 | 02/01/32 | 75 | 71285 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262418 |
| &nbsp;&nbsp; **Insurance 0.3%** |  |  |  |  |
| &nbsp;&nbsp; Acrisure LLC/Acrisure Finance, Inc., | &nbsp;&nbsp; Acrisure LLC/Acrisure Finance, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 8.250 | 02/01/29 | 250 | 250511 |
| &nbsp;&nbsp; Asurion LLC & Asurion Co-Issuer, Inc., | &nbsp;&nbsp; Asurion LLC & Asurion Co-Issuer, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.000 | 12/31/32 | 165 | 173590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.375 | 02/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290 | 288283 |
| &nbsp;&nbsp; Fairfax Financial Holdings Ltd. (Canada), | &nbsp;&nbsp; Fairfax Financial Holdings Ltd. (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.375 | 03/03/31 | 115 | 109574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.625 | 08/16/32 | 135 | 141001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.000 | 12/07/33 | 405 | 431665 |
| &nbsp;&nbsp; Liberty Mutual Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.569 | 02/01/29 | 165 | 166277 |
| &nbsp;&nbsp; Lincoln National Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.852 | 03/15/34 | 320 | 331139 |
| &nbsp;&nbsp; Unum Group, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.250 | 12/15/35 | 605 | 599735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.000 | 06/15/54 | 85 | 82939 |
|  |  |  |  | 2574714 |
| &nbsp;&nbsp; **Internet 0.7%** |  |  |  |  |
| &nbsp;&nbsp; Alphabet, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.700 | 11/15/35 | 355 | 359371 |
| &nbsp;&nbsp; Beignet Investor LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.581 | 05/30/49 | 4256 | 4519709 |
| &nbsp;&nbsp; Gen Digital, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.250 | 04/01/33 | 50 | 49814 |
| &nbsp;&nbsp; Go Daddy Operating Co. LLC/GD Finance Co., Inc., | &nbsp;&nbsp; Go Daddy Operating Co. LLC/GD Finance Co., Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.500 | 03/01/29 | 250 | 233455 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 247

------

PGIM Total Return Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest** <br> **Rate** | **Maturity** <br> **Date** | **Principal Amount** <br> **(000)#**  | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Internet (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Meta Platforms, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.600% | 11/15/32 | 125 | $127088 |
| &nbsp;&nbsp; Uber Technologies, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.300 | 01/15/30 | 760 | 764612 |
|  |  |  |  | 6054049 |
| &nbsp;&nbsp; **Investment Companies 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Apollo Debt Solutions BDC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.700 | 01/23/31 | 365 | 362127 |
| &nbsp;&nbsp; Goldman Sachs Private Credit Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.875 | 01/31/31 | 855 | 840343 |
|  |  |  |  | 1202470 |
| &nbsp;&nbsp; **Iron/Steel 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Champion Iron Canada, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.875 | 07/15/32 | 265 | 281396 |
| &nbsp;&nbsp; Cleveland-Cliffs, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.875 | 11/01/29 | 75 | 77232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.375 | 05/01/33 | 35 | 35918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.500 | 09/15/31 | 250 | 260927 |
| &nbsp;&nbsp; Commercial Metals Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.750 | 11/15/33 | 60 | 61149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.000 | 12/15/35 | 65 | 66538 |
| &nbsp;&nbsp; Mineral Resources Ltd. (Australia), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.000 | 04/01/31 | 75 | 78821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 9.250 | 10/01/28 | 500 | 523595 |
| &nbsp;&nbsp; Steel Dynamics, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.450 | 04/15/30 | 120 | 116711 |
|  |  |  |  | 1502287 |
| &nbsp;&nbsp; **Leisure Time 0.4%** |  |  |  |  |
| &nbsp;&nbsp; Carnival Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.125 | 05/01/29 | 260 | 263534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.750 | 03/15/30 | 125 | 128916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.750 | 08/01/32 | 215 | 223121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.000 | 08/01/28 | 100 | 99283 |
| &nbsp;&nbsp; NCL Corp. Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.250 | 03/01/30 | 320 | 327895 |
| &nbsp;&nbsp; Royal Caribbean Cruises Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.500 | 04/01/28 | 100 | 102161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.250 | 03/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1795 | 1871283 |
| &nbsp;&nbsp; Viking Ocean Cruises Ship VII Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.625 | 02/15/29 | 50 | 49924 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3066117 |
| &nbsp;&nbsp; **Lodging 0.3%** |  |  |  |  |
| &nbsp;&nbsp; Boyd Gaming Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.750 | 06/15/31 | 170 | 166372 |
| &nbsp;&nbsp; Las Vegas Sands Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.625 | 06/15/28 | 920 | 942296 |
| &nbsp;&nbsp; Marriott International, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.900 | 04/15/29 | 30 | 30733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.500 | 04/15/37 | 375 | 387319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series GG | 3.500 | 10/15/32 | 540 | 509392 |
| &nbsp;&nbsp; MGM Resorts International, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.750 | 10/15/28 | 225 | 225079 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest** <br> **Rate** | **Maturity** <br> **Date** | **Principal Amount** <br> **(000)#**  | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Lodging (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; MGM Resorts International, (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.500% | 04/15/32 | 135 | $138544 |
| &nbsp;&nbsp; Wynn Macau Ltd. (Macau), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.500 | 10/01/27 | 200 | 199931 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2599666 |
| &nbsp;&nbsp; **Machinery-Construction & Mining 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Vertiv Holdings Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.800 | 03/15/56 | 160 | 160179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.950 | 03/15/66 | 1050 | 1045650 |
|  |  |  |  | 1205829 |
| &nbsp;&nbsp; **Machinery-Diversified 0.2%** |  |  |  |  |
| &nbsp;&nbsp; AGCO Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.450 | 03/21/27 | 120 | 121423 |
| &nbsp;&nbsp; Chart Industries, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.500 | 01/01/30 | 50 | 52016 |
| &nbsp;&nbsp; CNH Industrial Capital LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.500 | 10/08/27 | 625 | 629257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.500 | 01/12/29 | 390 | 404625 |
| &nbsp;&nbsp; Maxim Crane Works Holdings Capital LLC, | &nbsp;&nbsp; Maxim Crane Works Holdings Capital LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 11.500 | 09/01/28 | 175 | 185199 |
| &nbsp;&nbsp; Westinghouse Air Brake Technologies Corp., | &nbsp;&nbsp; Westinghouse Air Brake Technologies Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.700 | 09/15/28 | 140 | 142180 |
|  |  |  |  | 1534700 |
| &nbsp;&nbsp; **Media 0.8%** |  |  |  |  |
| &nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp., | &nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.500 | 05/01/32 | 50 | 45783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.125 | 05/01/27 | 154 | 154161 |
| &nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating Capital, | &nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating Capital, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 2.800 | 04/01/31 | 240 | 218188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 3.500 | 06/01/41 | 470 | 338748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 6.650 | 02/01/34 | 1290 | 1370764 |
| &nbsp;&nbsp; Cox Communications, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 1.800 | 10/01/30 | 265 | 234566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 2.600 | 06/15/31 | 535 | 482635 |
| &nbsp;&nbsp; CSC Holdings LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.500 | 04/15/27 | 200 | 169204 |
| &nbsp;&nbsp; DISH DBS Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(x) | 5.125 | 06/01/29 | 50 | 44510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(x) | 7.375 | 07/01/28 | 25 | 24176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(x) | 7.750 | 07/01/26 | 1675 | 1656976 |
| &nbsp;&nbsp; DISH Network Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(x) | 11.750 | 11/15/27 | 250 | 258220 |
| &nbsp;&nbsp; FactSet Research Systems, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.450 | 03/01/32 | 790 | 723748 |
| &nbsp;&nbsp; Time Warner Cable LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 5.500 | 09/01/41 | 995 | 891285 |
| &nbsp;&nbsp; Univision Communications, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.000 | 08/15/28 | 80 | 82297 |
| &nbsp;&nbsp; Virgin Media Secured Finance PLC (United Kingdom), | &nbsp;&nbsp; Virgin Media Secured Finance PLC (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 4.250 | 01/15/30 | GBP 306 | 378504 |
|  |  |  |  | 7073765 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 249

------

PGIM Total Return Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Mining 0.3%** |  |  |  |  |
| &nbsp;&nbsp; Arsenal AIC Parent LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, 144A | 11.500% | 10/01/31 | 275 | $303195 |
| &nbsp;&nbsp; Capstone Copper Corp. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.750 | 03/31/33 | 75 | 77410 |
| &nbsp;&nbsp; First Quantum Minerals Ltd. (Zambia), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.375 | 02/15/36 | 200 | 200643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.250 | 02/15/34 | 725 | 758583 |
| &nbsp;&nbsp; Hecla Mining Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 7.250 | 02/15/28 | 14 | 14012 |
| &nbsp;&nbsp; Kinross Gold Corp. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.250 | 07/15/33 | 320 | 352206 |
| &nbsp;&nbsp; New Gold, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.875 | 04/01/32 | 365 | 386875 |
| &nbsp;&nbsp; Newmont Corp./Newcrest Finance Pty Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.350 | 03/15/34 | 350 | 369937 |
| &nbsp;&nbsp; Novelis Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.750 | 01/30/30 | 75 | 72683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.375 | 08/15/33 | 295 | 298029 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2833573 |
| &nbsp;&nbsp; **Office/Business Equipment 0.1%** |  |  |  |  |
| &nbsp;&nbsp; CDW LLC/CDW Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.670 | 12/01/26 | 140 | 138527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.250 | 02/15/29 | 600 | 579493 |
|  |  |  |  | 718020 |
| &nbsp;&nbsp; **Oil & Gas 1.9%** |  |  |  |  |
| &nbsp;&nbsp; Aker BP ASA (Norway), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.100 | 07/15/31 | 1960 | 1822606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.000 | 01/15/31 | 645 | 629991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.250 | 10/30/35 | 495 | 492740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.000 | 06/13/33 | 250 | 264357 |
| &nbsp;&nbsp; Antero Resources Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.375 | 03/01/30 | 225 | 228488 |
| &nbsp;&nbsp; Ascent Resources Utica Holdings LLC/ARU Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 9.000 | 11/01/27 | 275 | 329386 |
| &nbsp;&nbsp; Canadian Natural Resources Ltd. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.850 | 02/01/35 | 250 | 267161 |
| &nbsp;&nbsp; Cenovus Energy, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.750 | 02/15/52 | 100 | 72657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.400 | 06/15/47 | 760 | 711755 |
| &nbsp;&nbsp; Crescent Energy Finance LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.625 | 04/01/32 | 120 | 121270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.375 | 01/15/34 | 375 | 387139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 9.250 | 02/15/28 | 28 | 28746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 9.750 | 10/15/30 | 375 | 403187 |
| &nbsp;&nbsp; Diamondback Energy, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.400 | 04/18/34 | 230 | 239187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.250 | 03/15/33 | 400 | 437078 |
| &nbsp;&nbsp; Ecopetrol SA (Colombia), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.875 | 04/29/30 | 30 | 30150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 8.625 | 01/19/29 | 220 | 234763 |
| &nbsp;&nbsp; EOG Resources, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.350 | 01/15/36 | 1200 | 1246667 |
| &nbsp;&nbsp; EQT Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 7.500 | 06/01/30 | 25 | 27746 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Oil & Gas (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Expand Energy Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.750% | 02/01/32 |  | 275 | $274587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.375 | 02/01/29 |  | 50 | 49927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.875 | 02/01/29 |  | 125 | 125042 |
| &nbsp;&nbsp; Hilcorp Energy I LP/Hilcorp Finance Co., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.000 | 04/15/30 |  | 60 | 59148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.000 | 02/01/31 |  | 400 | 390180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.250 | 04/15/32 |  | 75 | 73026 |
| &nbsp;&nbsp; Permian Resources Operating LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.000 | 04/15/27 |  | 75 | 75462 |
| &nbsp;&nbsp; Petrobras Global Finance BV (Brazil), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.375 | 10/01/29 | GBP | 160 | 216325 |
| &nbsp;&nbsp; Petroleos Mexicanos (Mexico), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.500 | 01/23/29 |  | 100 | 102200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.625 | 06/15/38 |  | 42 | 39341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.700 | 02/16/32 |  | 958 | 960778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.840 | 01/23/30 |  | 260 | 266500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 9.500 | 09/15/27 |  | 383 | 407876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 10.000 | 02/07/33 |  | 760 | 890306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN | 8.750 | 06/02/29 |  | 740 | 796151 |
| &nbsp;&nbsp; Pioneer Natural Resources Co., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.150 | 01/15/31 |  | 125 | 114973 |
| &nbsp;&nbsp; SM Energy Co., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.000 | 10/15/26 |  | 100 | 100001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.375 | 07/01/28 |  | 475 | 490923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.625 | 11/01/30 |  | 50 | 52924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.750 | 07/01/31 |  | 70 | 73397 |
| &nbsp;&nbsp; Sunoco LP, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.625 | 08/15/32 |  | 65 | 67278 |
| &nbsp;&nbsp; Sunoco LP/Sunoco Finance Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.000 | 09/15/28 |  | 225 | 231119 |
| &nbsp;&nbsp; Transocean International Ltd., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.250 | 05/15/29 |  | 35 | 36356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.750 | 02/15/30 |  | 700 | 731500 |
| &nbsp;&nbsp; Var Energi ASA (Norway), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.000 | 05/18/27 |  | 200 | 201816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.500 | 05/22/35 |  | 1170 | 1261686 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16063896 |
| &nbsp;&nbsp; **Packaging & Containers 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; AptarGroup, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.600 | 03/15/32 |  | 140 | 133569 |
| &nbsp;&nbsp; Ball Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.875 | 08/15/30 |  | 300 | 279034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.500 | 09/15/33 |  | 160 | 164612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.000 | 06/15/29 |  | 50 | 51541 |
| &nbsp;&nbsp; Berry Global, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 5.800 | 06/15/31 |  | 200 | 213059 |
| &nbsp;&nbsp; Clydesdale Acquisition Holdings, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.750 | 04/15/30 |  | 265 | 264676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.750 | 04/15/32 |  | 100 | 100725 |
|  |  |  |  |  | 1207216 |
| &nbsp;&nbsp; **Pharmaceuticals 0.6%** |  |  |  |  |  |
| &nbsp;&nbsp; 1261229 BC Ltd., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 10.000 | 04/15/32 |  | 307 | 317361 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 251

------

PGIM Total Return Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Pharmaceuticals (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; AbbVie, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.050% | 11/21/39 | 265 | $239745 |
| &nbsp;&nbsp; AdaptHealth LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.625 | 08/01/29 | 275 | 264006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.125 | 08/01/28 | 125 | 125405 |
| &nbsp;&nbsp; Bausch Health Cos., Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.000 | 01/30/28 | 25 | 21812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.000 | 02/15/29 | 25 | 19033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.250 | 01/30/30 | 25 | 17542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.250 | 02/15/31 | 25 | 16438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.250 | 02/15/29 | 25 | 19812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.000 | 01/15/28 | 25 | 22609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.875 | 06/01/28 | 148 | 137270 |
| &nbsp;&nbsp; CVS Health Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.750 | 08/21/30 | 225 | 202198 |
| &nbsp;&nbsp; Eli Lilly & Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.200 | 08/14/64 | 125 | 117794 |
| &nbsp;&nbsp; Merck & Co., Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.900 | 12/10/61 | 55 | 32575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.750 | 12/04/35 | 2055 | 2074907 |
| &nbsp;&nbsp; Organon & Co./Organon Foreign Debt Co-Issuer BV, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.125 | 04/30/31 | 200 | 177379 |
| &nbsp;&nbsp; Shire Acquisitions Investments Ireland DAC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.200 | 09/23/26 | 6 | 5977 |
| &nbsp;&nbsp; Utah Acquisition Sub, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.950 | 06/15/26 | 278 | 277532 |
| &nbsp;&nbsp; Viatris, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.850 | 06/22/40 | 125 | 98443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.000 | 06/22/50 | 1457 | 997068 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5184906 |
| &nbsp;&nbsp; **Pipelines 2.2%** |  |  |  |  |
| &nbsp;&nbsp; Antero Midstream Partners LP/Antero Midstream Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.375 | 06/15/29 | 200 | 200087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.750 | 07/01/34 | 160 | 162372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.625 | 02/01/32 | 60 | 62311 |
| &nbsp;&nbsp; Columbia Pipelines Operating Co. LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.036 | 11/15/33 | 670 | 725754 |
| &nbsp;&nbsp; DCP Midstream Operating LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.625 | 07/15/27 | 540 | 549991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.750 | 09/15/37 | 310 | 344412 |
| &nbsp;&nbsp; Energy Transfer LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series G | 7.125(ff) | 05/15/30 (oo) | 315 | 326413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series H | 6.500(ff) | 11/15/26 (oo) | 840 | 843614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.000 | 05/15/50 | 220 | 188033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.400 | 10/01/47 | 1075 | 990604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.400 | 12/01/30 | 10 | 10895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.550 | 12/01/33 | 590 | 653471 |
| &nbsp;&nbsp; Enterprise Products Operating LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.550 | 02/16/55 | 267 | 264022 |
| &nbsp;&nbsp; MPLX LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.750 | 03/01/26 | 360 | 360000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.950 | 03/14/52 | 750 | 645956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.200 | 03/01/47 | 105 | 95847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.400 | 09/15/35 | 2590 | 2644091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.500 | 06/01/34 | 460 | 476721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.500 | 02/15/49 | 55 | 51584 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Pipelines (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; ONEOK Partners LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.850% | 10/15/37 | 400 | $449742 |
| &nbsp;&nbsp; ONEOK, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.200 | 07/15/48 | 65 | 59106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.800 | 11/01/30 | 1675 | 1775335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.050 | 09/01/33 | 130 | 139614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.250 | 10/15/55 | 405 | 409568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.500 | 09/01/30 | 350 | 378005 |
| &nbsp;&nbsp; Rockies Express Pipeline LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.750 | 03/15/33 | 80 | 84214 |
| &nbsp;&nbsp; Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.500 | 01/15/28 | 75 | 74945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.750 | 03/15/34 | 250 | 256871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.375 | 02/15/29 | 475 | 492434 |
| &nbsp;&nbsp; Targa Resources Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.200 | 02/01/33 | 40 | 38864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.900 | 09/15/30 | 25 | 25655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.500 | 02/15/35 | 222 | 229683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.500 | 03/30/34 | 565 | 625555 |
| &nbsp;&nbsp; Transcontinental Gas Pipe Line Co. LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.600 | 03/15/48 | 430 | 376574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.100 | 03/15/36 | 225 | 229075 |
| &nbsp;&nbsp; Venture Global LNG, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | 9.000(ff) | 09/30/29 (oo) | 400 | 349697 |
| &nbsp;&nbsp; Venture Global Plaquemines LNG LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.125 | 12/15/30 | 127 | 131906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.500 | 01/15/34 | 60 | 63145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.500 | 06/15/34 | 53 | 55753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.750 | 01/15/36 | 235 | 250578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.500 | 05/01/33 | 56 | 62144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.750 | 05/01/35 | 157 | 178166 |
| &nbsp;&nbsp; Western Midstream Operating LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.500 | 03/01/28 | 248 | 249870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.650 | 07/01/26 | 150 | 149974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.350 | 01/15/29 | 135 | 142609 |
| &nbsp;&nbsp; Williams Cos., Inc. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.600 | 03/15/31 | 920 | 850788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.500 | 11/15/30 | 1200 | 1162687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.150 | 03/15/34 | 255 | 261326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.400 | 03/02/26 | 95 | 95000 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19245061 |
| &nbsp;&nbsp; **Real Estate 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Five Point Operating Co. LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.000 | 10/01/30 | 65 | 67257 |
| &nbsp;&nbsp; Howard Hughes Corp. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.375 | 02/01/31 | 50 | 47549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.875 | 03/01/32 | 105 | 104947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.125 | 03/01/34 | 105 | 104764 |
| &nbsp;&nbsp; Hunt Cos., Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.250 | 04/15/29 | 500 | 476337 |
|  |  |  |  | 800854 |
| &nbsp;&nbsp; **Real Estate Investment Trusts (REITs) 1.7%** |  |  |  |  |
| &nbsp;&nbsp; Alexandria Real Estate Equities, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 1.875 | 02/01/33 | 2935 | 2438368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.750 | 04/15/35 | 30 | 29224 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 253

------

PGIM Total Return Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Real Estate Investment Trusts (REITs) (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Alexandria Real Estate Equities, Inc., (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.500% | 10/01/35 | 460 | $472358 |
| &nbsp;&nbsp; American Tower Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.950 | 03/15/29 | 660 | 657683 |
| &nbsp;&nbsp; Brixmor Operating Partnership LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.900 | 03/15/27 | 700 | 699116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.050 | 07/01/30 | 145 | 143702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.500 | 02/15/34 | 185 | 192447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.750 | 02/15/35 | 75 | 79349 |
| &nbsp;&nbsp; CFE Fibra E (Mexico), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.875 | 09/23/40 | 655 | 652050 |
| &nbsp;&nbsp; COPT Defense Properties LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.750 | 04/15/31 | 115 | 106195 |
| &nbsp;&nbsp; Crown Castle, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.800 | 09/01/28 | 255 | 259250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.600 | 06/01/29 | 140 | 145844 |
| &nbsp;&nbsp; Diversified Healthcare Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.375 | 03/01/31 | 75 | 67754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.750 | 02/15/28 | 25 | 24459 |
| &nbsp;&nbsp; Extra Space Storage LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.900 | 04/01/29 | 135 | 134246 |
| &nbsp;&nbsp; GLP Capital LP/GLP Financing II, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.250 | 01/15/32 | 55 | 50213 |
| &nbsp;&nbsp; Host Hotels & Resorts LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series H | 3.375 | 12/15/29 | 800 | 774966 |
| &nbsp;&nbsp; Invitation Homes Operating Partnership LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.000 | 08/15/31 | 270 | 237916 |
| &nbsp;&nbsp; Kimco Realty OP LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.600 | 02/01/33 | 335 | 338044 |
| &nbsp;&nbsp; MPT Operating Partnership LP/MPT Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.500 | 03/15/31 | 75 | 57617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.000 | 10/15/27 | 75 | 73655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.500 | 02/15/32 | 25 | 26760 |
| &nbsp;&nbsp; Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.875 | 05/15/29 | 200 | 196514 |
| &nbsp;&nbsp; Realty Income Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.700 | 02/15/32 | 135 | 123554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.700 | 12/15/28 | 270 | 275400 |
| &nbsp;&nbsp; RHP Hotel Properties LP/RHP Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.750 | 03/15/34 | 270 | 271788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.500 | 04/01/32 | 95 | 98416 |
| &nbsp;&nbsp; SBA Communications Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.125 | 02/01/29 | 150 | 144335 |
| &nbsp;&nbsp; Starwood Property Trust, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.250 | 10/15/28 | 365 | 366245 |
| &nbsp;&nbsp; Sun Communities Operating LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.300 | 11/01/28 | 155 | 148049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.200 | 04/15/32 | 3080 | 3020311 |
| &nbsp;&nbsp; VICI Properties LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.750 | 02/15/28 | 60 | 60565 |
| &nbsp;&nbsp; VICI Properties LP/VICI Note Co., Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.500 | 01/15/28 | 1500 | 1504833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.750 | 02/01/27 | 1000 | 1009200 |
| &nbsp;&nbsp; Welltower OP LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.250 | 04/15/28 | 175 | 176363 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15056789 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount**<br> **(000)#** | **Principal Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Retail 0.7%**<br>|  |  |  |  |  |
| &nbsp;&nbsp; 1011778 BC ULC/New Red Finance, Inc. (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 3.500% | 02/15/29 |  | 25 | $24160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.625 | 09/15/29 |  | 135 | 137322 |
| &nbsp;&nbsp; AutoNation, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.400 | 08/01/31 |  | 3115 | 2800540 |
| &nbsp;&nbsp; Boots Group Finco LP (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.375 | 08/31/32 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | 122721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.375 | 08/31/32 | GBP | 100 | 139841 |
| &nbsp;&nbsp; Brinker International, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.250 | 07/15/30 |  | 75 | 78988 |
| &nbsp;&nbsp; Carvana Co., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.000 | 06/01/30 |  | 325 | 338463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.000 | 06/01/31 |  | 1050 | 1150379 |
| &nbsp;&nbsp; EG Global Finance PLC (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 11.000 | 11/30/28 | EUR | 100 | 126917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 12.000 | 11/30/28 |  | 200 | 215000 |
| &nbsp;&nbsp; Ferguson Enterprises, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.000 | 10/03/34 |  | 260 | 264026 |
| &nbsp;&nbsp; Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.625 | 01/15/29 |  | 50 | 48519 |
| &nbsp;&nbsp; Gap, Inc. (The), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.875 | 10/01/31 |  | 50 | 46531 |
| &nbsp;&nbsp; Lithia Motors, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.875 | 06/01/29 |  | 150 | 144982 |
| &nbsp;&nbsp; Sally Holdings LLC/Sally Capital, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.750 | 03/01/32 |  | 40 | 41526 |
| &nbsp;&nbsp; Suburban Propane Partners LP/Suburban Energy Finance Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.000 | 06/01/31 |  | 50 | 48147 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5728062 |
| &nbsp;&nbsp; **Semiconductors 0.4%**<br>|  |  |  |  |  |
| &nbsp;&nbsp; Broadcom, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.419 | 04/15/33 |  | 490 | 458648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.469 | 04/15/34 |  | 1260 | 1164202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.350 | 02/15/30 |  | 150 | 151848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.900 | 07/15/32 |  | 985 | 1014177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.050 | 07/12/29 |  | 570 | 589382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.137 | 11/15/35 |  | 205 | 179081 |
|  |  |  |  |  | 3557338 |
| &nbsp;&nbsp; **Shipbuilding 0.1%**<br>|  |  |  |  |  |
| &nbsp;&nbsp; Huntington Ingalls Industries, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.043 | 08/16/28 |  | 1000 | 954155 |
| &nbsp;&nbsp; **Software 0.3%**<br>|  |  |  |  |  |
| &nbsp;&nbsp; CoreWeave, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 9.000 | 02/01/31 |  | 250 | 241767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 9.250 | 06/01/30 |  | 135 | 132209 |
| &nbsp;&nbsp; Fiserv, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.375 | 08/21/28 |  | 130 | 133244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.450 | 03/02/28 |  | 140 | 143226 |
| &nbsp;&nbsp; Oracle Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.250 | 02/03/32 |  | 525 | 526917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.550 | 02/04/46 |  | 215 | 209774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.700 | 02/04/56 |  | 620 | 600862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.850 | 02/04/66 |  | 265 | 254129 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 255

------

PGIM Total Return Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount<br>(000)#** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Software (cont'd.)**<br>|  |  |  |  |  |
| &nbsp;&nbsp; X.AI LLC/X.AI Co. Issuer Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 12.500% | 06/30/30 |  | 625 | $711834 |
|  |  |  |  |  | 2953962 |
| &nbsp;&nbsp; **Telecommunications 1.4%**<br>|  |  |  |  |  |
| &nbsp;&nbsp; AT&T, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.250 | 02/01/32 |  | 1000 | 893228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.550 | 09/15/55 |  | 275 | 185968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.850 | 04/30/46 |  | 2270 | 2289917 |
| &nbsp;&nbsp; Black Pearl Compute LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.125 | 02/15/31 |  | 215 | 220153 |
| &nbsp;&nbsp; Connect Holding II LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 10.500 | 04/03/31 |  | 1650 | 1596194 |
| &nbsp;&nbsp; Digicel International Finance Ltd./DIFL US LLC (Jamaica), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(x) | 8.625 | 08/01/32 |  | 635 | 660887 |
| &nbsp;&nbsp; EchoStar Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes(x) | 10.750 | 11/30/29 |  | 850 | 928334 |
| &nbsp;&nbsp; Frontier Communications Holdings LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | 5.875 | 11/01/29 |  | 150 | 151610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 6.750 | 05/01/29 |  | 1200 | 1205103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.000 | 05/01/28 |  | 150 | 150154 |
| &nbsp;&nbsp; Level 3 Financing, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.500 | 01/15/36 |  | 260 | 270671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.875 | 06/30/33 |  | 160 | 165691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.000 | 03/31/34 |  | 340 | 353398 |
| &nbsp;&nbsp; Lumen Technologies, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.375 | 06/15/29 |  | 300 | 287362 |
| &nbsp;&nbsp; Motorola Solutions, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.750 | 05/24/31 |  | 1060 | 983364 |
| &nbsp;&nbsp; SV RNO Property Owner 1 LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.875 | 03/01/31 |  | 740 | 743197 |
| &nbsp;&nbsp; TalkTalk Telecom Group Ltd. (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, Cash coupon 11.750% or PIK 11.750%^ | 11.750 | 03/01/28(d) | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84 |  |
| &nbsp;&nbsp; T-Mobile USA, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.550 | 02/15/31 |  | 450 | 416436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.750 | 04/15/27 |  | 45 | 44946 |
| &nbsp;&nbsp; Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.625 | 06/15/32 |  | 115 | 116550 |
| &nbsp;&nbsp; Verizon Communications, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.401 | 07/02/37 |  | 223 | 229023 |
| &nbsp;&nbsp; Windstream Services LLC/Windstream Escrow Finance Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.250 | 10/01/31 |  | 45 | 47323 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11939509 |
| &nbsp;&nbsp; **Transportation 0.2%**<br>|  |  |  |  |  |
| &nbsp;&nbsp; Fedex Freight Holding Co., Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.650 | 03/15/31 |  | 1025 | 1030549 |
| &nbsp;&nbsp; Star Leasing Co. LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 7.625 | 02/15/30 |  | 640 | 608276 |
| &nbsp;&nbsp; XPO, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.250 | 06/01/28 |  | 100 | 101849 |
|  |  |  |  |  | 1740674 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Trucking & Leasing 0.1%**<br>|  |  |  |  |  |
| &nbsp;&nbsp; Penske Truck Leasing Co. LP/PTL Finance Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.250% | 07/01/29 |  | 400 | $412938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.750 | 05/24/26 |  | 300 | 300688 |
|  |  |  |  |  | 713626 |
| &nbsp;&nbsp; **TOTAL CORPORATE BONDS**<br> (cost $238,543,195) |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241961813 |
| &nbsp;&nbsp; **FLOATING RATE AND OTHER LOANS 0.2%** |  |  |  |  |  |
| &nbsp;&nbsp; **Auto Parts & Equipment 0.2%** |  |  |  |  |  |
| &nbsp;&nbsp; Clarios Global LP, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 6 Dollar Term Loan, 1 Month SOFR + 2.750% | 6.423(c) | 01/28/32 |  | 100 | 99418 |
| &nbsp;&nbsp; Tenneco, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term A Loan, 3 Month SOFR + 4.850% | 8.511(c) | 11/17/28 |  | 242 | 237325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 5.100% | 8.764(c) | 11/17/28 |  | 830 | 817201 |
|  |  |  |  |  | 1153944 |
| &nbsp;&nbsp; **Holding Companies-Diversified 0.0%**<br>|  |  |  |  |  |
| &nbsp;&nbsp; Clue OpCo LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 4.500% | 8.167(c) | 12/19/30 |  | 192 | 190633 |
| &nbsp;&nbsp; **Insurance 0.0%**<br>|  |  |  |  |  |
| &nbsp;&nbsp; Verisure Holding AB (PUBL) (Sweden), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 3 Month EURIBOR + 2.250% | 4.281(c) | 11/03/32 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175 | 207117 |
| &nbsp;&nbsp; **Internet 0.0%**<br>|  |  |  |  |  |
| &nbsp;&nbsp; Diamond Sports Net LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Lien Exit Term Loan | 15.000 | 01/02/28 |  | 8 | 1131 |
| &nbsp;&nbsp; **TOTAL FLOATING RATE AND OTHER LOANS** |  |  |  |  | 1552825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $1,549,722) |  |  |  |  |  |
| &nbsp;&nbsp; **MUNICIPAL BONDS 0.1%**<br>|  |  |  |  |  |
| &nbsp;&nbsp; **California 0.1%**<br>|  |  |  |  |  |
| &nbsp;&nbsp; Regents of the University of California Medical Center Pooled Revenue, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series Q | 4.563 | 05/15/53 |  | 520 | 457882 |
| &nbsp;&nbsp; **Maryland 0.0%**<br>|  |  |  |  |  |
| &nbsp;&nbsp; Maryland Economic Development Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds | 5.433 | 05/31/56 |  | 305 | 305818 |
| &nbsp;&nbsp; **Michigan 0.0%**<br>|  |  |  |  |  |
| &nbsp;&nbsp; Michigan State University, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | 4.165 | 08/15/2122 |  | 45 | 33891 |
| &nbsp;&nbsp; University of Michigan, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | 4.454 | 04/01/2122 |  | 100 | 81290 |
|  |  |  |  |  | 115181 |
| &nbsp;&nbsp; **Minnesota 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; University of Minnesota, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds | 4.048 | 04/01/52 |  | 95 | 79522 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 257

------

PGIM Total Return Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **MUNICIPAL BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **New York 0.0%**<br>|  |  |  |  |
| &nbsp;&nbsp; City of New York, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, General Obligation Unlimited, Series D-1 | 5.094% | 10/01/49 | 130 | $127259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, General Obligation Unlimited, Series D-1 | 5.114 | 10/01/54 | 195 | 188978 |
|  |  |  |  | 316237 |
| &nbsp;&nbsp; **TOTAL MUNICIPAL BONDS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $1,334,534) |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1274640 |
| &nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES 5.6%** |  |  |  |  |
| &nbsp;&nbsp; Angel Oak Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-07, Class A1, 144A | 5.509(cc) | 06/25/70 | 912 | 921542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-13, Class A1, 144A | 4.929(cc) | 10/25/70 | 782 | 783942 |
| &nbsp;&nbsp; ATLX Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02, Class A1, 144A | 3.850(cc) | 04/25/63 | 714 | 701307 |
| &nbsp;&nbsp; Barclays Mortgage Loan Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-NQM01, Class A1, 144A | 4.836(cc) | 12/25/65 | 992 | 994804 |
| &nbsp;&nbsp; BRAVO Residential Funding Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-NQM01, Class A1, 144A | 4.830(cc) | 12/25/65 | 1284 | 1286245 |
| &nbsp;&nbsp; CIM Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-I01, Class A1, 144A | 5.655(cc) | 10/25/69 | 355 | 358649 |
| &nbsp;&nbsp; COLT Mortgage Loan Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03, Class A1, 144A | 5.352(cc) | 03/25/70 | 436 | 439786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-07, Class A1, 144A | 5.470(cc) | 06/25/70 | 626 | 632698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-10, Class A1, 144A | 5.088(cc) | 10/25/70 | 861 | 866090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV02, Class A1, 144A | 5.601(cc) | 02/25/70 | 422 | 427743 |
| &nbsp;&nbsp; Connecticut Avenue Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R03, Class 1B1, 144A, 30 Day Average SOFR + 6.250% (Cap N/A, Floor 0.000%) | 9.917(c) | 03/25/42 | 15 | 15817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R04, Class 1B1, 144A, 30 Day Average SOFR + 5.250% (Cap N/A, Floor 0.000%) | 8.917(c) | 03/25/42 | 20 | 20851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R05, Class 1M2, 144A, 30 Day Average SOFR + 3.100% (Cap N/A, Floor 0.000%) | 6.767(c) | 06/25/43 | 100 | 103851 |
| &nbsp;&nbsp; Credit Suisse Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-RPL04, Class A1, 144A | 3.904(cc) | 04/25/62 | 70 | 68304 |
| &nbsp;&nbsp; Cross Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-H02, Class A1, 144A | 5.356(cc) | 03/25/70 | 462 | 465649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-H05, Class A1, 144A | 5.509(cc) | 07/25/70 | 622 | 628099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-H07, Class A1, 144A | 4.934(cc) | 09/25/70 | 663 | 663851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-H08, Class A1, 144A | 5.003(cc) | 11/25/70 | 761 | 764340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-H09, Class A1, 144A | 5.036(cc) | 11/25/70 | 789 | 792707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-NQM01, Class A1, 144A | 4.699(cc) | 02/25/61 | 1095 | 1094118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-NQM02, Class A1, 144A | 4.833(cc) | 03/25/61 | 1300 | 1301037 |
| &nbsp;&nbsp; EFMT, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV03, Class A1, 144A | 5.444(cc) | 07/25/70 | 570 | 576653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM05, Class A1, 144A | 5.033(cc) | 11/25/70 | 860 | 864091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-INV02, Class A1, 144A | 4.682(cc) | 02/25/71 | 900 | 900811 |
| &nbsp;&nbsp; FHLMC Structured Agency Credit Risk REMIC Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA06, Class M2, 144A, 30 Day Average SOFR + 1.500% (Cap N/A, Floor 0.000%) | 5.167(c) | 10/25/41 | 153 | 153585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA03, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 0.000%) | 6.567(c) | 04/25/42 | 310 | 316395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA06, Class M1B, 144A, 30 Day Average SOFR + 3.700% (Cap N/A, Floor 0.000%) | 7.367(c) | 09/25/42 | 600 | 623366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DNA01, Class M2, 144A, 30 Day Average SOFR + 1.350% (Cap N/A, Floor 0.000%) | 5.017(c) | 01/25/45 | 600 | 600369 |
| &nbsp;&nbsp; GCAT Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-NQM01, Class A1, 144A | 4.789(cc) | 12/25/70 | 1000 | 1000769 |
| &nbsp;&nbsp; GS Mortgage-Backed Securities Corp. Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM06, Class A1, 144A | 5.021(cc) | 02/25/66 | 640 | 642851 |
| &nbsp;&nbsp; GS Mortgage-Backed Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DSC02, Class A1, 144A | 5.038(cc) | 01/25/66 | 968 | 973788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM02, Class A1, 144A | 5.648(cc) | 06/25/65 | 482 | 487615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM03, Class A1, 144A | 5.137(cc) | 11/25/65 | 486 | 489117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-DSC01, Class A1, 144A | 4.725(cc) | 05/25/66 | 800 | 799826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-NQM01, Class A1, 144A | 4.869(cc) | 03/25/66 | 879 | 881793 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)** | &nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)** | &nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)** | &nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)** | &nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)** | &nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)** |
| &nbsp;&nbsp; HOMES Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-AFC01, Class A1, 144A | 4.846%(cc) | 02/25/61 |  | 1000 | $999949 |
| &nbsp;&nbsp; JPMorgan Mortgage Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-VIS03, Class A1, 144A | 5.062(cc) | 02/25/66 |  | 779 | 782725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-VIS01, Class A1, 144A | 4.787(cc) | 06/25/66 |  | 1000 | 1000066 |
| &nbsp;&nbsp; Kinbane DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02A, Class A, 144A, 1 Month EURIBOR + 1.100% (Cap N/A, Floor 0.000%) | 3.042(c) | 01/24/63 | EUR | 160 | 189529 |
| &nbsp;&nbsp; Legacy Mortgage Asset Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-PR01, Class A1, 144A | 6.000(cc) | 01/25/61 |  | 1093 | 1097778 |
| &nbsp;&nbsp; LHOME Mortgage Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL04, Class A1, 144A | 5.921(cc) | 07/25/39 |  | 250 | 251051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RTL01, Class A1, 144A | 5.652(cc) | 01/25/40 |  | 500 | 504050 |
| &nbsp;&nbsp; Lincoln Senior Participation Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A1X, 144A, 1 Month SOFR + 2.200%^ | 5.873(c) | 06/27/27 |  | 1000 | 1000000 |
| &nbsp;&nbsp; Lugo Funding DAC (Spain), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A, 3 Month EURIBOR + 1.000% (Cap N/A, Floor 0.000%) | 3.041(c) | 05/26/66 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325 | 384134 |
| &nbsp;&nbsp; MFA Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM04, Class A1, 144A | 5.229(cc) | 08/25/70 |  | 754 | 759973 |
| &nbsp;&nbsp; Morgan Stanley Residential Mortgage Loan Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DSC02, Class A1, 144A | 5.443(cc) | 07/25/70 |  | 667 | 675251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DSC03, Class A1, 144A | 4.912(cc) | 09/25/70 |  | 1352 | 1360618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM02, Class A1, 144A | 5.627(cc) | 01/25/70 |  | 873 | 881702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM05, Class A1, 144A | 5.439(cc) | 07/25/70 |  | 530 | 535088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM10, Class A1, 144A | 5.119(cc) | 11/25/70 |  | 769 | 773134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-NQM01, Class A1, 144A | 4.809(cc) | 12/25/70 |  | 495 | 495861 |
| &nbsp;&nbsp; NYMT Loan Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CP01, Class A1, 144A | 3.750(cc) | 11/25/69 |  | 741 | 724477 |
| &nbsp;&nbsp; OBX Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM10, Class A1, 144A | 5.453(cc) | 05/25/65 |  | 326 | 328867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM13, Class A1, 144A | 5.441(cc) | 05/25/65 |  | 1130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1141799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM18, Class A1, 144A | 5.057(cc) | 09/25/65 |  | 807 | 812812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM20, Class A1, 144A | 5.021(cc) | 10/25/65 |  | 562 | 565486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-NQM01, Class A1, 144A | 4.846(cc) | 11/25/65 |  | 688 | 690071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-NQM02, Class A1, 144A | 4.818(cc) | 12/01/65 |  | 694 | 695934 |
| &nbsp;&nbsp; PMT Credit Risk Transfer Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01R, Class A, 144A, 30 Day Average SOFR + 3.500% (Cap N/A, Floor 0.000%) | 7.167(c) | 05/25/33 |  | 672 | 678462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02R, Class A, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 0.000%) | 7.018(c) | 03/29/27 |  | 338 | 340851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03R, Class A, 144A, 30 Day Average SOFR + 3.100% (Cap N/A, Floor 0.000%) | 6.768(c) | 09/27/28 |  | 425 | 429611 |
| &nbsp;&nbsp; PRET Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02, Class A1, 144A | 4.075(cc) | 06/25/64 |  | 258 | 249742 |
| &nbsp;&nbsp; PRKCM Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-AFC01, Class A1, 144A | 4.677(cc) | 02/25/61 |  | 998 | 998511 |
| &nbsp;&nbsp; PRPM LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RCF06, Class A1, 144A | 4.000(cc) | 10/25/64 |  | 475 | 471453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RCF02, Class A1, 144A | 4.000(cc) | 10/25/64 |  | 637 | 631712 |
| &nbsp;&nbsp; Radnor Re Ltd., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class M1A, 144A, 30 Day Average SOFR + 2.700% (Cap N/A, Floor 2.700%) | 6.367(c) | 07/25/33 |  | 28 | 28377 |
| &nbsp;&nbsp; Santander Mortgage Asset Receivable Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM03, Class A1, 144A | 5.599(cc) | 05/25/65 |  | 704 | 711521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM05, Class A1, 144A | 5.067(cc) | 08/25/65 |  | 1011 | 1015277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-NQM01, Class A1, 144A | 4.947(cc) | 11/25/65 |  | 691 | 692290 |
| &nbsp;&nbsp; SG Residential Mortgage Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A1, 144A | 5.098(cc) | 12/25/65 |  | 895 | 902159 |
| &nbsp;&nbsp; Verus Securitization Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05, Class A1, 144A | 5.427(cc) | 06/25/70 |  | 598 | 603427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-08, Class A1, 144A | 4.869(cc) | 09/25/70 |  | 372 | 373278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-01, Class A1, 144A | 4.863(cc) | 01/25/71 |  | 695 | 698511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-R01, Class A1, 144A | 4.832(cc) | 10/25/67 |  | 695 | 698463 |
| &nbsp;&nbsp; **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES** | &nbsp;&nbsp; **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES** | &nbsp;&nbsp; **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES** | &nbsp;&nbsp; **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES** | &nbsp;&nbsp; **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES** | &nbsp;&nbsp; **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $48,425,915) |  |  |  |  | 48816459 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 259

------

PGIM Total Return Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **SOVEREIGN BONDS 1.6%** | &nbsp;&nbsp; **SOVEREIGN BONDS 1.6%** | &nbsp;&nbsp; **SOVEREIGN BONDS 1.6%** | &nbsp;&nbsp; **SOVEREIGN BONDS 1.6%** | &nbsp;&nbsp; **SOVEREIGN BONDS 1.6%** |
| &nbsp;&nbsp; Argentine Republic Government International Bond (Argentina), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 0.125% | 07/09/30 | EUR 480 | $476080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 0.750(cc) | 07/09/30 | 897 | 759287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.000 | 07/09/29 | 1605 | 1416208 |
| &nbsp;&nbsp; Brazil Minas SPE via State of Minas Gerais (Brazil), | &nbsp;&nbsp; Brazil Minas SPE via State of Minas Gerais (Brazil), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | 5.333 | 02/15/28 | 40 | 40208 |
| &nbsp;&nbsp; Brazilian Government International Bond (Brazil), | &nbsp;&nbsp; Brazilian Government International Bond (Brazil), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.250 | 05/22/36 | 1250 | 1261875 |
| &nbsp;&nbsp; Colombia Government International Bond (Colombia), | &nbsp;&nbsp; Colombia Government International Bond (Colombia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.750 | 09/19/28 | EUR 890 | 1043243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.500 | 03/15/29 | 880 | 856680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.375 | 01/21/29 | 460 | 459080 |
| &nbsp;&nbsp; Dominican Republic International Bond (Dominican Republic), | &nbsp;&nbsp; Dominican Republic International Bond (Dominican Republic), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.500 | 02/22/29 | 470 | 477872 |
| &nbsp;&nbsp; Ecuador Government International Bond (Ecuador), | &nbsp;&nbsp; Ecuador Government International Bond (Ecuador), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.900 | 07/31/30 | 185 | 182181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 8.750 | 01/29/34 | 1413 | 1425717 |
| &nbsp;&nbsp; Egypt Government International Bond (Egypt), | &nbsp;&nbsp; Egypt Government International Bond (Egypt), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | 4.750 | 04/16/26 | EUR 300 | 354480 |
| &nbsp;&nbsp; Ivory Coast Government International Bond (Ivory Coast), | &nbsp;&nbsp; Ivory Coast Government International Bond (Ivory Coast), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.875 | 01/30/32 | EUR 276 | 318393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.250 | 03/22/30 | EUR 412 | 493209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.875 | 10/17/31 | EUR 966 | 1164254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.750 | 02/25/41 | 635 | 605790 |
| &nbsp;&nbsp; Romanian Government International Bond (Romania), | &nbsp;&nbsp; Romanian Government International Bond (Romania), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.625 | 03/04/33 | EUR 780 | 919767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.750 | 09/16/30 | 530 | 550304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | 1.750 | 07/13/30 | EUR 160 | 173678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | 5.500 | 09/18/28 | EUR 170 | 213678 |
| &nbsp;&nbsp; Serbia International Bond (Serbia), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.500 | 06/26/29 | EUR 386 | 427728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 1.500 | 06/26/29 | EUR 140 | 155135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.250 | 05/26/28 | 200 | 208250 |
| &nbsp;&nbsp; **TOTAL SOVEREIGN BONDS** | &nbsp;&nbsp; **TOTAL SOVEREIGN BONDS** | &nbsp;&nbsp; **TOTAL SOVEREIGN BONDS** | &nbsp;&nbsp; **TOTAL SOVEREIGN BONDS** | &nbsp;&nbsp; **TOTAL SOVEREIGN BONDS** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $13,554,705) |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13983097 |
| &nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATIONS 16.9%** |  |  |  |  |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 1.500 | 11/01/50 | 330 | 262816 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.000 | 11/01/50 | 1433 | 1198165 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.000 | 03/01/51 | 447 | 373099 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.000 | 04/01/51 | 795 | 663726 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.000 | 05/01/51 | 2438 | 2034106 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.000 | 11/01/51 | 489 | 406882 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 08/01/50 | 443 | 387227 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 01/01/51 | 1311 | 1145959 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 03/01/51 | 477 | 417194 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 04/01/51 | 404 | 353791 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 07/01/51 | 1323 | 1156433 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 08/01/51 | 2538 | 2244777 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 12/01/51 | 3404 | 2970916 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 01/01/52 | 428 | 379437 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 01/01/52 | 3002 | 2619377 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 09/01/50 | 203 | 184138 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 04/01/51 | 629 | 574071 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 06/01/51 | 4406 | 4007671 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 11/01/51 | 654 | 594585 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 01/01/52 | 997 | 916641 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 01/01/52 | 1318 | 1195900 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 02/01/52 | 365 | 330743 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 03/01/52 | 168 | 153892 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000% | 03/01/52 | 479 | $440480 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 06/01/52 | 466 | 427129 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 06/01/52 | 839 | 771129 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 11/01/51 | 2880 | 2729564 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 02/01/52 | 510 | 483449 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.500 | 06/01/52 | 438 | 434581 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 06/01/52 | 2972 | 3000613 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 07/01/52 | 126 | 126931 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 08/01/52 | 545 | 549894 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 11/01/54 | 481 | 484054 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.500 | 08/01/52 | 260 | 264847 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.500 | 10/01/52 | 2342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2390179 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.500 | 11/01/52 | 2034 | 2078191 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.500 | 12/01/54 | 494 | 502684 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.500 | 01/01/55 | 1245 | 1265350 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 6.000 | 08/01/52 | 80 | 82265 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 6.000 | 11/01/52 | 379 | 391653 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 6.000 | 12/01/52 | 342 | 353679 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 6.000 | 04/01/53 | 349 | 360474 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 1.500 | 11/01/50 | 172 | 136804 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 1.500 | 11/01/50 | 316 | 251485 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 1.500 | 12/01/50 | 1268 | 1010183 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 1.500 | 01/01/51 | 758 | 603180 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 1.500 | 02/01/51 | 654 | 520915 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 1.500 | 03/01/51 | 1225 | 975373 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 08/01/50 | 1096 | 917928 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 09/01/50 | 6924 | 5799581 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 10/01/50 | 1015 | 849240 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 11/01/50 | 779 | 650943 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 12/01/50 | 1677 | 1402777 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 01/01/51 | 3438 | 2874708 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 10/01/51 | 835 | 694774 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 11/01/51 | 493 | 410244 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 12/01/51 | 543 | 451889 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 12/01/49 | 300 | 262747 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 02/01/50 | 125 | 109304 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 01/01/51 | 419 | 365636 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 03/01/51 | 7186 | 6290528 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 04/01/51 | 1017 | 889493 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 06/01/51 | 562 | 491354 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 06/01/51 | 3010 | 2631167 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 07/01/51 | 1304 | 1139432 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 10/01/51 | 2196 | 1918129 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 11/01/51 | 2013 | 1757513 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 01/01/52 | 1425 | 1243995 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 06/01/52 | 1023 | 891806 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 12/01/51 | 347 | 315733 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 01/01/52 | 736 | 672326 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 01/01/52 | 978 | 886079 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 02/01/52 | 1161 | 1059442 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 02/01/52 | 2916 | 2643598 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 03/01/52 | 1739 | 1576101 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 07/01/50 | 610 | 580594 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 02/01/51 | 370 | 351671 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 07/01/51 | 437 | 414503 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 02/01/52 | 2880 | 2734256 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 03/01/52 | 681 | 643778 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 04/01/52 | 1073 | 1045942 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | TBA | 2500 | 2511214 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | TBA | 7250 | 7275439 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 06/01/52 | 298 | 300513 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 261

------

PGIM Total Return Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br> Date** | **Principal Amount <br>(000)#** | **Value** | **Value** |
| &nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)** | &nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)** | &nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)** | &nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)** | &nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)** | &nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)** |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000% | 07/01/52 | 1973 | $| 1992580 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 08/01/52 | 849 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;857012 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 12/01/54 | 766 |  | 770598 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 01/01/55 | 852 |  | 856367 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | TBA | 8500 |  | 8636279 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 10/01/52 | 1026 |  | 1047296 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 11/01/52 | 2590 |  | 2649068 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 12/01/54 | 455 |  | 462170 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | TBA | 500 |  | 512805 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | TBA | 2500 |  | 2564221 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 11/01/52 | 551 |  | 569201 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 12/01/52 | 2365 |  | 2447577 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 08/01/53 | 454 |  | 467647 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 2.000 | 10/20/50 | 1107 |  | 939081 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 2.000 | 01/20/51 | 426 |  | 360947 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 2.500 | 01/20/51 | 559 |  | 493854 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 04/20/47 | 711 |  | 683656 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 08/20/50 | 144 |  | 136880 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 10/20/51 | 560 |  | 530695 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 12/20/51 | 1416 |  | 1342500 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 03/20/52 | 1247 |  | 1186034 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 04/20/52 | 599 |  | 567932 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 04/20/49 | 800 |  | 780814 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 01/20/50 | 417 |  | 406219 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 03/20/52 | 103 |  | 100010 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 07/20/52 | 269 |  | 267602 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 08/20/52 | 3494 |  | 3481151 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 5.000 | TBA | 500 |  | 501013 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 5.000 | 09/20/52 | 377 |  | 379970 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 5.000 | 11/20/54 | 4273 |  | 4294284 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 5.500 | TBA | 3500 |  | 3544665 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 5.500 | 09/20/52 | 155 |  | 158124 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 5.500 | 05/20/53 | 1337 |  | 1367170 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 5.500 | 04/20/55 | 345 |  | 350077 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 6.000 | 09/20/52 | 332 |  | 341776 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 6.000 | 02/20/53 | 303 |  | 311594 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 6.500 | 03/20/54 | 137 |  | 142839 |
| &nbsp;&nbsp; **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS** | &nbsp;&nbsp; **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS** | &nbsp;&nbsp; **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS** | &nbsp;&nbsp; **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS** | &nbsp;&nbsp; **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS** | &nbsp;&nbsp; **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $143,921,318) |  |  |  |  | 146762717 |
| &nbsp;&nbsp; **U.S. TREASURY OBLIGATIONS 26.9%** | &nbsp;&nbsp; **U.S. TREASURY OBLIGATIONS 26.9%** | &nbsp;&nbsp; **U.S. TREASURY OBLIGATIONS 26.9%** | &nbsp;&nbsp; **U.S. TREASURY OBLIGATIONS 26.9%** | &nbsp;&nbsp; **U.S. TREASURY OBLIGATIONS 26.9%** | &nbsp;&nbsp; **U.S. TREASURY OBLIGATIONS 26.9%** |
| &nbsp;&nbsp; U.S. Treasury Bonds | 1.625 | 11/15/50 | 7965 |  | 4370794 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 1.875 | 11/15/51 | 7425 |  | 4285617 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 2.375 | 11/15/49 | 6740 |  | 4505269 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 2.375 | 05/15/51 | 6110 |  | 4011597 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 3.000 | 11/15/44 | 5330 |  | 4267331 |
| &nbsp;&nbsp; U.S. Treasury Bonds(k) | 3.000 | 02/15/49 | 12145 |  | 9285232 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 3.250 | 05/15/42 | 2885 |  | 2480198 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 3.875 | 05/15/43 | 700 |  | 647062 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 4.000 | 11/15/42 | 11765 |  | 11099542 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 4.000 | 11/15/52 | 5385 |  | 4838927 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 4.125 | 08/15/44 | 16180 |  | 15322966 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 4.125 | 08/15/53 | 675 |  | 619312 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 4.500 | 02/15/44 | 2105 |  | 2098751 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 4.625 | 05/15/44 | 3795 |  | 3838880 |
| &nbsp;&nbsp; U.S. Treasury Bonds(h) | 4.625 | 11/15/44 | 24320 |  | 24551800 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 4.625 | 11/15/45 | 4415 |  | 4444663 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 4.750 | 11/15/43 | 1545 |  | 1590626 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 4.750 | 11/15/53 | 1350 |  | 1371937 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 4.750 | 05/15/55 | 1295 |  | 1318067 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 5.000 | 05/15/45 | 8110 |  | 8573791 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br> Date** | **Principal Amount <br>(000)#** | **Value** | **Value** |
| &nbsp;&nbsp; **U.S. TREASURY OBLIGATIONS (Continued)** | &nbsp;&nbsp; **U.S. TREASURY OBLIGATIONS (Continued)** | &nbsp;&nbsp; **U.S. TREASURY OBLIGATIONS (Continued)** | &nbsp;&nbsp; **U.S. TREASURY OBLIGATIONS (Continued)** | &nbsp;&nbsp; **U.S. TREASURY OBLIGATIONS (Continued)** | &nbsp;&nbsp; **U.S. TREASURY OBLIGATIONS (Continued)** |
| &nbsp;&nbsp; U.S. Treasury Notes | 1.875% | 02/15/32 | 4355 | $| 3946038 |
| &nbsp;&nbsp; U.S. Treasury Notes | 2.750 | 07/31/27 | 15260 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15113361 |
| &nbsp;&nbsp; U.S. Treasury Notes | 3.500 | 12/15/28 | 15300 |  | 15345422 |
| &nbsp;&nbsp; U.S. Treasury Notes | 3.625 | 12/31/30 | 22845 |  | 22953871 |
| &nbsp;&nbsp; U.S. Treasury Notes | 3.750 | 11/30/32 | 31765 |  | 31849376 |
| &nbsp;&nbsp; U.S. Treasury Notes | 3.875 | 08/15/33 | 11290 |  | 11371147 |
| &nbsp;&nbsp; U.S. Treasury Notes | 4.000 | 11/15/35 | 2730 |  | 2739811 |
| &nbsp;&nbsp; U.S. Treasury Notes | 4.125 | 02/15/36 | 3160 |  | 3201969 |
| &nbsp;&nbsp; U.S. Treasury Notes | 4.250 | 11/15/34 | 900 |  | 924750 |
| &nbsp;&nbsp; U.S. Treasury Notes | 4.500 | 12/31/31 | 2275 |  | 2380219 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon(k) | 3.001(s) | 11/15/41 | 2305 |  | 1113220 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 4.350(s) | 02/15/43 | 60 |  | 26946 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 4.594(s) | 02/15/42 | 745 |  | 354507 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 4.641(s) | 02/15/41 | 705 |  | 355160 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 4.848(s) | 05/15/42 | 1210 |  | 568086 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 4.869(s) | 05/15/43 | 4465 |  | 1976982 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon(k) | 4.930(s) | 11/15/43 | 7480 |  | 3219785 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 5.020(s) | 05/15/44 | 315 |  | 131893 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 5.052(s) | 08/15/43 | 965 |  | 421344 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon(k) | 5.110(s) | 02/15/44 | 2890 |  | 1225477 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 5.119(s) | 11/15/45 | 755 |  | 291751 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 5.149(s) | 05/15/45 | 1175 |  | 466000 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 5.236(s) | 02/15/45 | 825 |  | 331424 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 5.245(s) | 08/15/45 | 305 |  | 119331 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon(k) | 5.413(s) | 05/15/40 | 155 |  | 81641 |
| &nbsp;&nbsp; **TOTAL U.S. TREASURY OBLIGATIONS** | &nbsp;&nbsp; **TOTAL U.S. TREASURY OBLIGATIONS** | &nbsp;&nbsp; **TOTAL U.S. TREASURY OBLIGATIONS** | &nbsp;&nbsp; **TOTAL U.S. TREASURY OBLIGATIONS** | &nbsp;&nbsp; **TOTAL U.S. TREASURY OBLIGATIONS** | &nbsp;&nbsp; **TOTAL U.S. TREASURY OBLIGATIONS** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $232,405,863) |  |  |  |  | 234031873 |
|  |  |  | **Shares** |  |  |
| &nbsp;&nbsp; **AFFILIATED EXCHANGE-TRADED FUNDS 2.0%** | &nbsp;&nbsp; **AFFILIATED EXCHANGE-TRADED FUNDS 2.0%** | &nbsp;&nbsp; **AFFILIATED EXCHANGE-TRADED FUNDS 2.0%** | &nbsp;&nbsp; **AFFILIATED EXCHANGE-TRADED FUNDS 2.0%** | &nbsp;&nbsp; **AFFILIATED EXCHANGE-TRADED FUNDS 2.0%** | &nbsp;&nbsp; **AFFILIATED EXCHANGE-TRADED FUNDS 2.0%** |
| &nbsp;&nbsp; **Fixed Income** |  |  |  |  |  |
| &nbsp;&nbsp; PGIM Active High Yield Bond ETF |  |  | 128969 |  | 4591296 |
| &nbsp;&nbsp; PGIM Corporate Bond 0-5 Year ETF |  |  | 150000 |  | 7595250 |
| &nbsp;&nbsp; PGIM Corporate Bond 5-10 Year ETF |  |  | 100000 |  | 5132910 |
| &nbsp;&nbsp; **TOTAL AFFILIATED EXCHANGE-TRADED FUNDS** | &nbsp;&nbsp; **TOTAL AFFILIATED EXCHANGE-TRADED FUNDS** | &nbsp;&nbsp; **TOTAL AFFILIATED EXCHANGE-TRADED FUNDS** | &nbsp;&nbsp; **TOTAL AFFILIATED EXCHANGE-TRADED FUNDS** | &nbsp;&nbsp; **TOTAL AFFILIATED EXCHANGE-TRADED FUNDS** | &nbsp;&nbsp; **TOTAL AFFILIATED EXCHANGE-TRADED FUNDS** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $17,229,874)(wa) |  |  |  |  | 17319456 |
| &nbsp;&nbsp; **COMMON STOCK 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; **Interactive Media & Services** |  |  |  |  |  |
| &nbsp;&nbsp; Diamond Sports Group LLC\*(x)<br>(cost $2,663) |  |  | 1016 |  | 191 |
| &nbsp;&nbsp; **OPTION PURCHASED\*~ 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $6,635) |  |  |  |  | 16076 |
|  |  |  | **Units** |  |  |
| &nbsp;&nbsp; **WARRANTS\* 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; **Interactive Media & Services** |  |  |  |  |  |
| &nbsp;&nbsp; Diamond Sports Group LLC, expiring 06/30/26(x)<br>(cost $0) |  |  | 1899 |  |  |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS, BEFORE LONG-TERM OPTIONS WRITTEN 100.6%**<br>(cost $863,656,890) | &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS, BEFORE LONG-TERM OPTIONS WRITTEN 100.6%**<br>(cost $863,656,890) |  |  |  | 875030278 |
| &nbsp;&nbsp; **OPTIONS WRITTEN\*~ (0.0)%**<br>(premiums received $0) |  |  |  |  | (6387) |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS, NET OF LONG-TERM OPTIONS WRITTEN 100.6%**<br>(cost $863,656,890) | &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS, NET OF LONG-TERM OPTIONS WRITTEN 100.6%**<br>(cost $863,656,890) |  |  |  | 875023891 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 263

------

PGIM Total Return Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 2.1%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND 2.1%** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.787%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $18,120,992)(wa) | 18120992 | $18120992 |
| &nbsp;&nbsp; **OPTIONS PURCHASED\*~ 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $214,708) |  | 195224 |
| &nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $18,335,700) |  | 18316216 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, BEFORE SHORT-TERM OPTIONS WRITTEN 102.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $881,992,590) |  | 893340107 |
| &nbsp;&nbsp; **OPTIONS WRITTEN\*~ (0.0)%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (premiums received $327,064) |  | (269750) |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, NET OF SHORT-TERM OPTIONS WRITTEN 102.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $881,665,526) |  | 893070357 |
| &nbsp;&nbsp; Liabilities in excess of other assets(z) (2.7)% |  | (23160369) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;869909988 |

---

See the Glossary for a list of the abbreviation(s) used in the semiannual report.

\* Non-income producing security.

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

~ See tables subsequent to the Schedule of Investments for options detail.

^ Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $1,004,327 and 0.1% of net assets.

(c) Variable rate instrument. The interest rate shown reflects the rate in effect at February 28, 2026.

(cc) Variable rate instrument. The rate shown is based on the latest available information as of February 28, 2026. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

(d) Represents issuer in default on interest payments and/or principal repayment. Non-income producing security. Such securities may be post-maturity.

(ff) Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.

(h) Represents security, or a portion thereof, segregated as collateral for OTC derivatives.

(k) Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives.

(oo) Perpetual security. Maturity date represents next call date.

(p) Represents a security with a delayed settlement and therefore the interest rate is not available until settlement which is after the period end.

(r) Principal or notional amount is less than $500 par.

(s) Represents zero coupon bond or principal only security. Rate represents yield to maturity at purchase date.

(wa) Represents investments in Funds affiliated with the Manager.

(x) The following represents restricted securities that are acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer and is considered restricted as to disposition under federal securities law.

(x) Restricted Securities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Issuer** |<br>**Acquisition**<br>**Date** |<br>**Original**<br>**Cost** |<br>**Market**<br>**Value** | **Percentage**<br>**of**<br>**Net Assets** |
|  Diamond Sports Group LLC\* | 01/02/25 | $2663 | $191 | 0.0% |
|  Diamond Sports Group LLC, expiring 06/30/26\* | 01/02/25 |  |  | 0.0 |
|  Digicel International Finance Ltd./DIFL US LLC (Jamaica), Sr. Sec'd. Notes, 144A, 8.625%, 08/01/32 | 07/30/25-09/09/25 | 639750 | 660887 | 0.1 |
|  DISH DBS Corp., Gtd. Notes, 5.125%, 06/01/29 | 12/13/21 | 44995 | 44510 | 0.0 |
|  DISH DBS Corp., Gtd. Notes, 7.375%, 07/01/28 | 04/19/24 | 10875 | 24176 | 0.0 |
|  DISH DBS Corp., Gtd. Notes, 7.750%, 07/01/26 | 04/19/24-09/09/25 | 1633656 | 1656976 | 0.2 |
|  DISH Network Corp., Sr. Sec'd. Notes, 144A, 11.750%, 11/15/27 | 01/17/23-02/14/24 | 257125 | 258220 | 0.0 |
|  EchoStar Corp., Sr. Sec'd. Notes, 10.750%, 11/30/29 | 05/14/25-05/29/25 | 861219 | 928334 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** |  | $3450283 | $3573294 | 0.4% |

---

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

See Notes to Financial Statements.

------

PGIM Total Return Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

#### Forward Commitment Contract:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **U.S. Government Agency Obligation** | **Interest<br>Rate** | **Maturity<br>Date** | **Settlement<br>Date** | **Principal<br>Amount<br>(000)#** | **Value** |
|  Federal National Mortgage Assoc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (proceeds receivable $672,822) | 3.000% | TBA | 04/13/26 | $(750) | $(677877) |

---

#### Options Purchased:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Expiration**<br>**Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  3 Month SOFR | Call | 03/13/26 | $96.38 | 51 | 128 | $2231 |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $5,785) |  |  |  |  |  |  |

---

#### OTC Traded

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Counterparty** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Notional<br>Amount<br>(000)#** | **Value** |
|  2-Year 30 CMS Curve CAP | Call | BOA | 05/13/26 | 1.30% |  |  | 1955 | $— |
|  2-Year 30 CMS Curve CAP | Call | CITI | 05/13/26 | 1.30% |  |  | 3910 |  |
|  Currency Option EUR vs CZK | Call | CITI | 03/04/26 | 27.00 |  | EUR | 420 |  |
|  Currency Option EUR vs HUF | Call | MSI | 03/03/26 | 430.00 |  | EUR | 418 |  |
|  Currency Option EUR vs HUF | Call | CITI | 03/13/26 | 450.00 |  | EUR | 432 |  |
|  Currency Option EUR vs TRY | Call | BOA | 03/03/26 | 99.00 |  | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1673 |  |
|  Currency Option EUR vs TRY | Call | BOA | 03/24/26 | 99.00 |  | EUR | 1780 | 1218 |
|  Currency Option USD vs BRL | Call | MSI | 03/11/26 | 6.00 |  |  | 509 | 7 |
|  Currency Option USD vs CLP | Call | CITI | 03/27/26 | 1000.00 |  |  | 525 | 32 |
|  Currency Option USD vs COP | Call | CITI | 03/03/26 | 4800.00 |  |  | 494 |  |
|  Currency Option USD vs COP | Call | CITI | 03/13/26 | 4800.00 |  |  | 510 | 1 |
|  Currency Option USD vs COP | Call | MSI | 03/24/26 | 4500.00 |  |  | 315 | 27 |
|  Currency Option USD vs KRW | Call | DB | 03/11/26 | 1600.00 |  |  | 1018 |  |
|  Currency Option USD vs KRW | Call | CITI | 04/21/26 | 1750.00 |  |  | 1617 | 2 |
|  Currency Option USD vs TRY | Call | JPM | 03/04/26 | 99.00 |  |  | 744 | 2 |
|  Currency Option USD vs TRY | Call | BOA | 03/12/26 | 99.00 |  |  | 1784 | 340 |
|  Currency Option USD vs TRY | Call | JPM | 03/25/26 | 99.00 |  |  | 525 | 420 |
|  Currency Option USD vs ZAR | Call | CITI | 03/03/26 | 16.10 |  |  | 740 | 1164 |
|  Currency Option USD vs ZAR | Call | HSBC | 03/03/26 | 19.00 |  |  | 740 |  |
|  Currency Option USD vs ZAR | Call | DB | 03/13/26 | 19.00 |  |  | 510 | 13 |
|  Currency Option EUR vs HUF | Put | MSI | 08/31/26 | 360.00 |  | EUR | 2674 | 14892 |
|  Currency Option USD vs BRL | Put | MSI | 03/18/26 | 4.80 |  |  | 519 | 11 |
|  Currency Option USD vs COP | Put | CITI | 03/04/26 | 3000.00 |  |  | 496 |  |
|  Currency Option USD vs COP | Put | MSI | 03/24/26 | 3300.00 |  |  | 525 | 9 |
|  Currency Option USD vs COP | Put | CITI | 03/31/26 | 3300.00 |  |  | 526 | 15 |
|  Currency Option USD vs COP | Put | CITI | 03/31/26 | 3300.00 |  |  | 526 | 15 |
|  Currency Option USD vs INR | Put | CITI | 03/04/26 | 81.00 |  |  | 494 |  |
|  Currency Option USD vs INR | Put | CITI | 03/05/26 | 81.00 |  |  | 502 |  |
|  Currency Option USD vs INR | Put | MSI | 03/18/26 | 85.00 |  |  | 519 | 1 |
|  Currency Option USD vs KRW | Put | CITI | 04/21/26 | 1455.00 |  |  | 1617 | 32073 |
|  Currency Option USD vs THB | Put | CITI | 03/17/26 | 28.00 |  |  | 516 |  |
|  Currency Option USD vs TRY | Put | BOA | 10/22/26 | 53.50 |  |  | 728 | 47611 |
|  Currency Option USD vs TRY | Put | CITI | 10/22/26 | 53.50 |  |  | 728 | 47611 |
|  Currency Option USD vs ZAR | Put | MSI | 03/05/26 | 14.00 |  |  | 502 |  |
|  **Total OTC Traded** (cost $163,183) |  |  |  |  |  |  |  | $145464 |

---

#### OTC Swaptions

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Counterparty** | **Expiration<br>Date** | **Strike** | **Receive** | **Pay** | **Notional<br>Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Year Interest Rate Swap,<br> 08/31/27 | Call | BNP | 08/27/26 | 0.65% | 0.65%(T) | 1 Day SOFR(T)/ 3.680% | 5740 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 265

------

PGIM Total Return Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

**Options Purchased (continued):**

**OTC Swaptions**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Counterparty** | **Expiration<br>Date** | **Strike** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receive**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pay**  | **Notional<br>Amount<br>(000)#** | **Notional<br>Amount<br>(000)#** | **Value** |
|  1-Year Interest Rate Swap, 02/07/29 | Call | JPM | 02/03/28 | 2.24% | 2.24%(A) | 3 Month EURIBOR(Q)/2.013% | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5015 | $16076 |
|  5-Year Interest Rate Swap, 08/13/31 | Call | CITI | 08/11/26 | 3.29% | 3.29%(A) | 1 Day SOFR(A)/3.680% |  | 1512 | 16915 |
|  1-Year Interest Rate Swap, 08/31/27 | Put | BNP | 08/27/26 | 3.40% | 1 Day SOFR(T)/3.680% | 3.40%(T) |  | 5740 | 4474 |
|  2-Year Interest Rate Swap, 11/06/28 | Put | BNP | 11/04/26 | 3.21% | 1 Day SOFR(A)/3.680% | 3.21%(A) |  | 6645 | 22869 |
|  2-Year Interest Rate Swap, 11/06/28 | Put | BNP | 11/04/26 | 8.19% | 1 Day SOFR(A)/3.680% | 8.19%(A) |  | 6645 |  |
|  5-Year Interest Rate Swap, 08/13/31 | Put | CITI | 08/11/26 | 3.89% | 1 Day SOFR(A)/3.680% | 3.89%(A) |  | 1512 | 1878 |
|  CDX.NA.IG.45.V1, 12/20/30 | Put | GSI | 03/18/26 | 0.85% | CDX.NA.IG.45.V1(Q) | 1.00%(Q) |  | 8405 | 1160 |
|  **Total OTC Swaptions** (cost $52,375) | **Total OTC Swaptions** (cost $52,375) | **Total OTC Swaptions** (cost $52,375) |  |  |  |  |  |  | $63605 |
|  **Total Options Purchased** (cost $221,343) | **Total Options Purchased** (cost $221,343) | **Total Options Purchased** (cost $221,343) |  |  |  |  |  |  | $211300 |

---

#### Options Written:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  3 Month SOFR | Call | 03/13/26 | $96.50 | 51 | 128 | $(956) |
| &nbsp;&nbsp;&nbsp;&nbsp; (premiums received $2,746) |  |  |  |  |  |  |

---

#### OTC Traded

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Counterparty** | **Expiration<br>Date** | **Strike** | **Notional<br>Amount<br>(000)#** | **Notional<br>Amount<br>(000)#** | **Value** |
|  Currency Option EUR vs CZK | Call | CITI | 03/04/26 | 24.35 – | EUR | 420 | $(22) |
|  Currency Option EUR vs HUF | Call | CITI | 03/13/26 | 382.00 – | EUR | 432 | (904) |
|  Currency Option EUR vs TRY | Call | BOA | 03/24/26 | 53.75 – | EUR | 1780 | (18116) |
|  Currency Option USD vs BRL | Call | MSI | 03/11/26 | 5.23 – |  | 509 | (1715) |
|  Currency Option USD vs CLP | Call | CITI | 03/27/26 | 870.00 – |  | 525 | (7149) |
|  Currency Option USD vs COP | Call | CITI | 03/03/26 | 3700.00 – |  | 494 | (7672) |
|  Currency Option USD vs COP | Call | CITI | 03/13/26 | 3800.00 – |  | 510 | (4474) |
|  Currency Option USD vs COP | Call | MSI | 03/24/26 | 3750.00 – |  | 315 | (5811) |
|  Currency Option USD vs KRW | Call | DB | 03/11/26 | 1470.00 – |  | 1018 | (985) |
|  Currency Option USD vs KRW | Call | CITI | 04/21/26 | 1470.00 – |  | 1617 | (9082) |
|  Currency Option USD vs TRY | Call | JPM | 03/04/26 | 44.50 – |  | 744 | (998) |
|  Currency Option USD vs TRY | Call | BOA | 03/12/26 | 44.50 – |  | 1784 | (8044) |
|  Currency Option USD vs TRY | Call | JPM | 03/25/26 | 44.80 – |  | 525 | (4600) |
|  Currency Option USD vs ZAR | Call | HSBC | 03/03/26 | 16.10 – |  | 740 | (1164) |
|  Currency Option USD vs ZAR | Call | DB | 03/13/26 | 16.00 – |  | 510 | (3623) |
|  Currency Option EUR vs HUF | Put | MSI | 08/31/26 | 350.00 – | EUR | 2674 | (6384) |
|  Currency Option USD vs BRL | Put | MSI | 03/18/26 | 5.20 – |  | 519 | (8202) |
|  Currency Option USD vs COP | Put | CITI | 03/04/26 | 3800.00 – |  | 496 | (7332) |
|  Currency Option USD vs COP | Put | MSI | 03/24/26 | 3800.00 – |  | 525 | (10360) |
|  Currency Option USD vs COP | Put | CITI | 03/31/26 | 3675.00 – |  | 526 | (3086) |
|  Currency Option USD vs COP | Put | CITI | 03/31/26 | 3750.00 – |  | 526 | (6801) |
|  Currency Option USD vs INR | Put | CITI | 03/04/26 | 90.00 – |  | 494 | (22) |
|  Currency Option USD vs INR | Put | CITI | 03/05/26 | 90.00 – |  | 502 | (38) |
|  Currency Option USD vs INR | Put | MSI | 03/18/26 | 90.60 – |  | 519 | (804) |
|  Currency Option USD vs THB | Put | CITI | 03/17/26 | 31.00 – |  | 516 | (3275) |
|  Currency Option USD vs TRY | Put | BOA | 10/22/26 | 48.00 – |  | 728 | (4632) |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

#### Options Written (continued):

#### OTC Traded

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Counterparty** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  Currency Option USD vs TRY | Put | CITI | 10/22/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48.00 |  | 728 | $(4632) |
|  Currency Option USD vs ZAR | Put | MSI | 03/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.00 |  | 502 | (4704) |
|  **Total OTC Traded** (premiums received $182,570) | **Total OTC Traded** (premiums received $182,570) | **Total OTC Traded** (premiums received $182,570) |  |  |  |  | $(134631) |

---

#### OTC Swaptions

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Counterparty** | **Expiration<br>Date** | **Strike** | **Receive** | **Pay** | **Notional<br>Amount<br>(000)#** | **Notional<br>Amount<br>(000)#** | **Value** |
|  1-Year Interest Rate Swap, 08/31/27 | Call | BNP | 08/27/26 | 2.65% | 1 Day SOFR(T)/ 3.680% | 2.65%(T) |  | 5740 | $(4868) |
|  1-Year Interest Rate Swap, 02/07/29 | Call | JPM | 02/03/28 | 1.74% | 3 Month EURIBOR(Q)/ 2.013% | 1.74%(A) | EUR | 5015 | (6387) |
|  5-Year Interest Rate Swap, 08/13/31 | Call | CITI | 08/11/26 | 3.09% | 1 Day SOFR(A)/ 3.680% | 3.09%(A) |  | 1512 | (10723) |
|  2-Year Interest Rate Swap, 11/06/28 | Put | BNP | 11/04/26 | 3.49% | 3.49%(A) | 1 Day SOFR(A)/ 3.680% |  | 6645 | (10831) |
|  2-Year Interest Rate Swap, 11/06/28 | Put | BNP | 11/04/26 | 3.69% | 3.69%(A) | 1 Day SOFR(A)/ 3.680% |  | 6645 | (6053) |
|  5-Year Interest Rate Swap, 08/13/31 | Put | CITI | 08/11/26 | 3.69% | 3.69%(A) | 1 Day SOFR(A)/ 3.680% |  | 1512 | (3680) |
|  CDX.NA.HY.45.V1, 12/20/30 | Put | BARC | 03/18/26 | $102.76 | 5.00%(Q) | CDX.NA.HY.45.V1(Q) |  | 810 | (1011) |
|  CDX.NA.HY.45.V1, 12/20/30 | Put | RBC | 03/18/26 | $102.76 | 5.00%(Q) | CDX.NA.HY.45.V1(Q) |  | 1120 | (1398) |
|  CDX.NA.HY.45.V1, 12/20/30 | Put | BARC | 03/18/26 | $104.28 | 5.00%(Q) | CDX.NA.HY.45.V1(Q) |  | 830 | (1812) |
|  CDX.NA.HY.45.V1, 12/20/30 | Put | RBC | 03/18/26 | $104.28 | 5.00%(Q) | CDX.NA.HY.45.V1(Q) |  | 1350 | (2947) |
|  CDX.NA.IG.45.V1, 12/20/30 | Put | RBC | 04/15/26 | 0.70% | 1.00%(Q) | CDX.NA.IG.45.V1(Q) |  | 6550 | (5530) |
|  CDX.NA.IG.45.V1, 12/20/30 | Put | BARC | 04/15/26 | 0.75% | 1.00%(Q) | CDX.NA.IG.45.V1(Q) |  | 18860 | (12543) |
|  CDX.NA.IG.45.V1, 12/20/30 | Put | GSI | 05/20/26 | 0.70% | 1.00%(Q) | CDX.NA.IG.45.V1(Q) |  | 16810 | (23840) |
|  CDX.NA.IG.45.V1, 12/20/30 | Put | GSI | 05/20/26 | 0.70% | 1.00%(Q) | CDX.NA.IG.45.V1(Q) |  | 34500 | (48927) |
|  **Total OTC Swaptions** (premiums received $141,748) | **Total OTC Swaptions** (premiums received $141,748) | **Total OTC Swaptions** (premiums received $141,748) | **Total OTC Swaptions** (premiums received $141,748) |  |  |  |  |  | $(140550) |
|  **Total Options Written** (premiums received $327,064) | **Total Options Written** (premiums received $327,064) | **Total Options Written** (premiums received $327,064) |  |  |  |  |  |  | $(276137) |

---

#### Futures contracts outstanding at February 28, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number<br>of<br>Contracts** | **Type** | **Expiration<br>Date** | **Current<br>Notional<br>Amount** | **Value /<br>Unrealized<br>Appreciation<br>(Depreciation)** |
| **Long Positions:** | **Long Positions:** |  |  |  |
| 36 | 2 Year U.S. Treasury Notes | Jun. 2026 | $7533844 | $11582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361 | 5 Year U.S. Treasury Notes | Jun. 2026 | 39760767 | 192573 |
| 28 | 10 Year Australian Treasury Bonds | Mar. 2026 | 2203286 | 12927 |
| 26 | 10 Year Euro-Bund | Jun. 2026 | 3969231 | 9501 |
| 153 | 10 Year U.S. Treasury Notes | Jun. 2026 | 17413313 | 10436 |
| 308 | 10 Year U.S. Ultra Treasury Notes | Jun. 2026 | 35954189 | 254035 |
|  |  |  |  | 491054 |
| **Short Positions:** | **Short Positions:** |  |  |  |
| 25 | 5 Year Euro-Bobl | Jun. 2026 | 3488674 | (5590) |
| 10 | 20 Year U.S. Treasury Bonds | Jun. 2026 | 1184688 | (10640) |
| 13 | 30 Year U.S. Ultra Treasury Bonds | Jun. 2026 | 1580719 | (13832) |
|  |  |  |  | (30062) |
|  |  |  |  | $460992 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 267

------

PGIM Total Return Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

#### Bond forward contracts outstanding at February 28, 2026:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase Bond**<br> **Forwards** | **Counterparty** | **Settlement<br>Date** | **Notional**<br> **Amount**<br> **(000)#** | **Strike<br>Price** | **Value at<br>Settlement<br>Date** | **Current<br>Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  **OTC Bond Forward Contracts:** |  |  |  |  |  |  |  |  |
|  U.S. Treasury Bond |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 05/15/49 | JPM | 08/13/26 | 2270 | $72.89 | $1654614 | $1689999 | $35385 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 08/15/42 | MSI | 08/11/26 | 1610 | $85.40 | 1374902 | 1402152 | 27250 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 11/15/43 | BNP | 07/29/26 | 3465 | $99.35 | 3442580 | 3553614 | 111034 |  |
|  |  |  |  |  | $6472096 | $6645765 | $173669 | $— |

---

#### Forward foreign currency exchange contracts outstanding at February 28, 2026:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase**<br> **Contracts**  | **Counterparty** | **Notional**<br> **Amount**<br> (000) | **Notional**<br> **Amount**<br> (000) | **Value at<br>Settlement<br>Date** | **Current<br>Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |
|  Brazilian Real, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/03/26 | CITI | BRL | 5490 | $1047704 | $1069795 | $22091 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/03/26 | CITI | BRL | 1548 | 292000 | 301688 | 9688 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/03/26 | DB | BRL | 2588 | 485000 | 504261 | 19261 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/03/26 | GSI | BRL | 2560 | 491000 | 498837 | 7837 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/02/26 | GSI | BRL | 12187 | 2346606 | 2354968 | 8362 |  |
|  Chilean Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | BOA | CLP | 206865 | 227000 | 237017 | 10017 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | CLP | 297051 | 331114 | 340348 | 9234 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | CLP | 175693 | 195886 | 201302 | 5416 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | DB | CLP | 335100 | 378000 | 383943 | 5943 |  |
|  Chinese Renminbi, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | HSBC | CNH | 5494 | 781889 | 802016 | 20127 |  |
|  Colombian Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | COP | 3781434 | 966748 | 1002287 | 35539 |  |
|  Czech Koruna, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/22/26 | BNP | CZK | 11657 | 567000 | 568720 | 1720 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/22/26 | BOA | CZK | 7915 | 379000 | 386193 | 7193 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/22/26 | GSI | CZK | 7877 | 383000 | 384304 | 1304 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/22/26 | JPM | CZK | 11496 | 560000 | 560895 | 895 |  |
|  Euro, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/22/26 | MSI | EUR | 1267 | 1524888 | 1501165 |  | (23723) |
|  Indian Rupee, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | BOA | INR | 104216 | 1150000 | 1143013 |  | (6987) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | BOA | INR | 61726 | 681000 | 676997 |  | (4003) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | INR | 203450 | 2245465 | 2231392 |  | (14073) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | INR | 48474 | 533000 | 531647 |  | (1353) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | GSI | INR | 57253 | 630760 | 627941 |  | (2819) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | JPM | INR | 203450 | 2237562 | 2231392 |  | (6170) |
|  Indonesian Rupiah, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/13/26 | BOA | IDR | 10153715 | 601000 | 604598 | 3598 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/13/26 | CITI | IDR | 14420298 | 861479 | 858649 |  | (2830) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/13/26 | MSI | IDR | 9572244 | 571000 | 569974 |  | (1026) |
|  Mexican Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | BOA | MXN | 33239 | 1850000 | 1926278 | 76278 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | MXN | 13947 | 797000 | 808273 | 11273 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | DB | MXN | 8377 | 463000 | 485485 | 22485 |  |
|  New Taiwanese Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | TWD | 8389 | 265000 | 267714 | 2714 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | JPM | TWD | 12799 | 409000 | 408463 |  | (537) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | JPM | TWD | 11680 | 374000 | 372757 |  | (1243) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | TWD | 15149 | 486328 | 483456 |  | (2872) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | TWD | 13179 | 417000 | 420605 | 3605 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | TWD | 12223 | 393000 | 390088 |  | (2912) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | TWD | 12119 | 389000 | 386770 |  | (2230) |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

#### Forward foreign currency exchange contracts outstanding at February 28, 2026 (continued):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase**<br> **Contracts**  | **Counterparty** | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Value at<br>Settlement**<br>**Date** | **Current**<br>**Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |
|  Peruvian Nuevo Sol, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | PEN | 1837 | $546000 | $547422 | $1422 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | PEN | 675 | 200059 | 201099 | 1040 |  |
|  Philippine Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | BOA | PHP | 25050 | 421000 | 433976 | 12976 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | PHP | 19567 | 333000 | 338989 | 5989 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | JPM | PHP | 23758 | 402000 | 411591 | 9591 |  |
|  Polish Zloty, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/22/26 | BARC | PLN | 2333 | 657300 | 652926 |  | (4374) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/22/26 | TD | PLN | 1004 | 281700 | 281058 |  | (642) |
|  Singapore Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | BOA | SGD | 985 | 772000 | 779775 | 7775 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | SGD | 278 | 217000 | 220348 | 3348 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | DB | SGD | 462 | 361000 | 365841 | 4841 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | GSI | SGD | 813 | 640400 | 644154 | 3754 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | JPM | SGD | 1216 | 960600 | 962572 | 1972 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | JPM | SGD | 1057 | 830000 | 837018 | 7018 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | SGD | 749 | 586000 | 593211 | 7211 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | SGD | 324 | 253000 | 256946 | 3946 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | SSB | SGD | 1027 | 802000 | 813427 | 11427 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | SSB | SGD | 680 | 531000 | 538581 | 7581 |  |
|  South African Rand, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | BNY | ZAR | 1206 | 73087 | 75613 | 2526 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | DB | ZAR | 4867 | 304000 | 305140 | 1140 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | DB | ZAR | 3471 | 202000 | 217613 | 15613 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | JPM | ZAR | 4954 | 301000 | 310589 | 9589 |  |
|  South Korean Won, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | BOA | KRW | 728341 | 507000 | 505998 |  | (1002) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | KRW | 424360 | 294000 | 294814 | 814 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | JPM | KRW | 1429742 | 976000 | 993281 | 17281 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | KRW | 557984 | 387000 | 387647 | 647 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | KRW | 425916 | 295000 | 295895 | 895 |  |
|  Turkish Lira, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/12/26 | BOA | TRY | 32529 | 729658 | 732139 | 2481 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/12/26 | MSI | TRY | 32529 | 729793 | 732139 | 2346 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/23/26 | BARC | TRY | 28410 | 633786 | 632883 |  | (903) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/30/26 | HSBC | TRY | 14205 | 315640 | 314499 |  | (1141) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/30/26 | HSBC | TRY | 14205 | 315717 | 314499 |  | (1218) |
|  |  |  |  | $41169169 | $41514914 | 427803 | (82058) |
| **Sale**<br> **Contracts**  | **Counterparty** | **Notional**<br> **Amount**<br> (000) | **Notional**<br> **Amount**<br> (000) | **Value at<br>Settlement<br>Date** | **Current<br>Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |
|  Brazilian Real, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/03/26 | GSI | BRL | 12187 | $2365449 | $2374582 | $— | $(9133) |
|  British Pound, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/22/26 | BNY | GBP | 606 | 815380 | 816895 | &nbsp;&nbsp;&nbsp;&nbsp;— | (1515) |
|  Chilean Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | CLP | 1354114 | 1471991 | 1551485 | &nbsp;&nbsp;&nbsp;&nbsp;— | (79494) |
|  Chinese Renminbi, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | BNP | CNH | 9859 | 1422000 | 1439084 | &nbsp;&nbsp;&nbsp;&nbsp;— | (17084) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | CNH | 4695 | 674000 | 685302 | &nbsp;&nbsp;&nbsp;&nbsp;— | (11302) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | JPM | CNH | 6576 | 948000 | 959847 | &nbsp;&nbsp;&nbsp;&nbsp;— | (11847) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | JPM | CNH | 4782 | 687000 | 698074 | &nbsp;&nbsp;&nbsp;&nbsp;— | (11074) |
|  Colombian Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | COP | 982049 | 250000 | 260297 | &nbsp;&nbsp;&nbsp;&nbsp;— | (10297) |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 269

------

PGIM Total Return Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sale**<br> **Contracts** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br> **Amount**<br> (000) | **Notional**<br> **Amount**<br> (000) | **Value at**<br>**Settlement**<br> **Date** | **Current**<br> **Value** | **Unrealized**<br>**Appreciation** | **Unrealized**<br>**Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |  |  |
|  Czech Koruna, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/22/26 | CITI | CZK | 5643 | $276000 | $275344 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/22/26 | TD | CZK | 42355 | 2039240 | 2066488 |  | (27248) |
|  Euro, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/22/26 | BARC | EUR | 5948 | 6939799 | 7047231 |  | (107432) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/22/26 | CITI | EUR | 2751 | 3265000 | 3260011 | 4989 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/22/26 | DB | EUR | 5098 | 5969620 | 6040484 |  | (70864) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/22/26 | MSI | EUR | 216 | 256000 | 256157 |  | (157) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/22/26 | SSB | EUR | 5948 | 6943994 | 7047233 |  | (103239) |
|  Indian Rupee, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | BOA | INR | 71421 | 790000 | 783325 | 6675 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | BOA | INR | 64097 | 706000 | 703000 | 3000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | INR | 98137 | 1082000 | 1076346 | 5654 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | INR | 36990 | 407000 | 405699 | 1301 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | DB | INR | 57415 | 622720 | 629711 |  | (6991) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | JPM | INR | 121662 | 1323280 | 1334362 |  | (11082) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | SSB | INR | 40094 | 443000 | 439745 | 3255 |  |
|  Indonesian Rupiah, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/13/26 | CITI | IDR | 4862304 | 288000 | 289523 |  | (1523) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/13/26 | HSBC | IDR | 18817556 | 1106040 | 1120482 |  | (14442) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/13/26 | HSBC | IDR | 5288627 | 311960 | 314909 |  | (2949) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/13/26 | HSBC | IDR | 4874544 | 288000 | 290252 |  | (2252) |
|  Mexican Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | BNY | MXN | 4520 | 246235 | 261916 |  | (15681) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | MXN | 29273 | 1617181 | 1696433 |  | (79252) |
|  New Taiwanese Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | HSBC | TWD | 14007 | 446000 | 447009 |  | (1009) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | HSBC | TWD | 12076 | 385000 | 385410 |  | (410) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | TWD | 22264 | 705000 | 710532 |  | (5532) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | TWD | 18377 | 581000 | 586486 |  | (5486) |
|  Peruvian Nuevo Sol, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | PEN | 825 | 244000 | 245872 |  | (1872) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | PEN | 761 | 225498 | 226730 |  | (1232) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | PEN | 541 | 160000 | 161269 |  | (1269) |
|  Philippine Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | PHP | 26535 | 447000 | 459693 |  | (12693) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | PHP | 15413 | 259000 | 267019 |  | (8019) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | HSBC | PHP | 12633 | 213463 | 218852 |  | (5389) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | PHP | 25398 | 429021 | 440000 |  | (10979) |
|  Polish Zloty, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/22/26 | SSB | PLN | 2890 | 799632 | 808899 |  | (9267) |
|  Singapore Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | BNP | SGD | 716 | 558000 | 566601 |  | (8601) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | BOA | SGD | 344 | 269000 | 272240 |  | (3240) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | SGD | 332 | 259000 | 263071 |  | (4071) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | SGD | 7718 | 5998402 | 6111275 |  | (112873) |
|  South African Rand, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | ZAR | 13642 | 821744 | 855312 |  | (33568) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | ZAR | 8081 | 488000 | 506641 |  | (18641) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | ZAR | 6779 | 403440 | 425038 |  | (21598) |
|  South Korean Won, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | KRW | 1502258 | 1025810 | 1043659 |  | (17849) |
|  Thai Baht, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | THB | 15665 | 501000 | 504831 |  | (3831) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | THB | 13723 | 435300 | 442248 |  | (6948) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | GSI | THB | 7743 | 244184 | 249537 |  | (5353) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | HSBC | THB | 10988 | 350000 | 354098 |  | (4098) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | HSBC | THB | 7924 | 249816 | 255373 |  | (5557) |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond ETF

Schedule of Investments(unaudited) (continued)

as of February 28, 2026

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sale**<br> **Contracts**  | **Counterparty** | **Notional**<br>**Amount**<br>**(000)** | **Notional**<br>**Amount**<br>**(000)** | **Value at**<br>**Settlement**<br>**Date** | **Current**<br>**Value** | **Unrealized**<br>**Appreciation** | **Unrealized**<br>**Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |  |  |
|  Thai Baht (cont'd.), |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPM | THB | 10114 | $322000 | $325935 | $— | $(3935) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | THB | 7834 | 250000 | 252460 |  | (2460) |
|  |  |  |  | $60625199 | $61510307 | 25530 | (910638) |
|  |  |  |  |  |  | $453333 | $(992696) |

---

#### Cross currency exchange contract outstanding at February 28, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Settlement**  | **Type** | **Notional**<br> **Amount**<br> (000) | **In Exchange <br>For (000)** | **Unrealized** <br>**Appreciation** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized** <br> **Depreciation** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  |
|  **OTC Cross Currency Exchange Contracts:** | **OTC Cross Currency Exchange Contracts:** | **OTC Cross Currency Exchange Contracts:** | **OTC Cross Currency Exchange Contracts:** | **OTC Cross Currency Exchange Contracts:** | **OTC Cross Currency Exchange Contracts:** | **OTC Cross Currency Exchange Contracts:** |
|  04/22/26 | Buy | CZK 3,319 EUR | 136 | $795 | $— | BOA |

---

#### Credit default swap agreements outstanding at February 28, 2026:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed<br>Rate** | **Notional <br>Amount**<br>**(000)#(3)** | **Fair<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Counterparty** |
|  **OTC Credit Default Swap Agreement on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreement on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreement on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreement on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreement on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreement on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreement on corporate and/or sovereign issues - Buy Protection(1):** |  |
|  Republic of France | 12/20/30 | 0.250%(Q) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505 | $(3356) | $(1454) | $(1902) | BARC |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/<br>Obligation** | **Termination<br>Date** | **Fixed<br>Rate** | **Notional**<br>**Amount**<br>**(000)#(3)** | **Implied<br>Credit<br>Spread<br>at<br>February 28,<br>2026(4)** | **Fair<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Counterparty** |
|  **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** |
|  Alphabet, Inc. | 06/20/30 | 1.000%(Q) | 655 | 0.417% | $16615 | $15569 | $1046 | GSI |
|  Bank of Nova Scotia | 12/20/26 | 1.000%(Q) | 268 | 0.177% | 2291 | 1570 | 721 | CITI |
|  Barclays Bank PLC | 06/20/26 | 1.000%(Q) | EUR 445 | 0.264% | 2215 | 1102 | 1113 | GSI |
|  Barclays Bank PLC | 12/20/26 | 1.000%(Q) | 1012 | 0.326% | 7431 | 5522 | 1909 | GSI |
|  Barclays Bank PLC | 12/20/26 | 1.000%(Q) | EUR 627 | 0.317% | 5528 | 4674 | 854 | JPM |
|  Barclays Bank PLC | 12/20/26 | 1.000%(Q) | EUR 348 | 0.317% | 3068 | 2362 | 706 | GSI |
|  Citigroup, Inc. Deutsche | 12/20/26 | 1.000%(Q) | 1420 | 0.302% | 10705 | 7977 | 2728 | GSI |
|  Telekom AG European | 06/20/26 | 1.000%(Q) | EUR 256 | 0.107% | 1422 | 887 | 535 | JPM |
|  Investment Bank | 12/20/26 | —%(Q) | 1475 | 0.037% | (437) | (593) | 156 | BARC |
|  Federative<br>Republic of<br>Brazil | 06/20/26 | 1.000%(Q) | 270 | 0.467% | 964 | 504 | 460 | BARC |
|  Federative<br>Republic of Brazil | 06/20/27 | 1.000%(Q) | 243 | 0.560% | 1829 | 1441 | 388 | BARC |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 271

------

PGIM Total Return Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

#### Credit default swap agreements outstanding at February 28, 2026 (continued):

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation**  | **Termination<br>Date** | **Fixed**<br>**Rate** | **Notional Amount<br>(000)#(3)** | **Notional Amount<br>(000)#(3)** | **Implied Credit<br>Spread at<br>February 28,<br>2026(4)** | **Fair Value** | **Upfront<br>Premiums<br>Paid**<br> **(Received)** | **Unrealized<br>Appreciation**<br> **(Depreciation)** | **Counterparty** |
|  **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** |
|  Hellenic Republic | 12/20/26 | 1.000%(Q) |  | 584 | 0.056% | $5565 | $4305 | $1260 | BARC |
|  Hellenic Republic | 06/20/27 | 1.000%(Q) |  | 95 | 0.087% | 1302 | 863 | 439 | BARC |
|  Hellenic Republic | 12/20/27 | 1.000%(Q) |  | 70 | 0.101% | 1249 | 798 | 451 | BARC |
|  HSBC Bank PLC | 12/20/26 | 1.000%(Q) |  | 378 | 0.172% | 3245 | 2576 | 669 | MSI |
|  Kingdom of Norway | 12/20/26 | —%(Q) |  | 860 | 0.030% | (209) | (348) | 139 | BARC |
|  Kingdom of Saudi Arabia | 03/20/26 | 1.000%(Q) |  | 75 | 0.324% | 173 | 31 | 142 | CITI |
|  Kingdom of Saudi Arabia | 06/20/26 | 1.000%(Q) |  | 75 | 0.314% | 303 | 172 | 131 | CITI |
|  Kingdom of Spain | 06/20/26 | 1.000%(Q) | EUR | 449 | 0.022% | 2636 | 1570 | 1066 | BARC |
|  Kingdom of Spain | 06/20/26 | —%(Q) | EUR | 400 | 0.036% | (53) | (29) | (24) | BARC |
|  Nomura Holdings, Inc. | 06/20/26 | 1.000%(Q) |  | 1110 | 0.229% | 4782 | 2589 | 2193 | BARC |
|  Petroleos Mexicanos^ | 03/23/26 | 4.100%(M) |  | 160 | \* | 161 |  | 161 | GSI |
|  Petroleos Mexicanos^ | 05/07/26 | 4.750%(M) |  | 494 | \* | 4166 | (28) | 4194 | GSI |
|  Republic of Argentina | 12/20/26 | 5.000%(Q) |  | 500 | 2.481% | 14832 | (4127) | 18959 | MSI |
|  Republic of Columbia | 12/20/26 | 1.000%(Q) |  | 388 | 0.969% | 840 | 608 | 232 | BARC |
|  Republic of France | 06/20/26 | 5.000%(Q) | EUR | 115 | 1.379% | 2832 | 1052 | 1780 | GSI |
|  Republic of France | 06/20/27 | 0.250%(Q) |  | 260 | 0.083% | 686 | 418 | 268 | BARC |
|  Republic of France | 12/20/30 | 0.250%(Q) |  | 505 | 0.231% | 666 | (2994) | 3660 | BARC |
|  Republic of Italy | 09/20/26 | 1.000%(Q) |  | 1645 | 0.043% | 11984 | 8789 | 3195 | BARC |
|  Republic of Panama | 03/20/26 | 1.000%(T) |  | 282 | 0.412% | 636 | 84 | 552 | CITI |
|  Republic of Panama | 06/20/26 | 1.000%(Q) |  | 219 | 0.410% | 820 | 343 | 477 | CITI |
|  Republic of Panama | 06/20/27 | 1.000%(Q) |  | 547 | 0.490% | 4608 | 4024 | 584 | BARC |
|  Republic of Romania | 12/20/26 | 1.000%(Q) |  | 56 | 0.298% | 424 | 224 | 200 | BOA |
|  Republic of Slovakia | 12/20/27 | 1.000%(Q) |  | 210 | 0.158% | 3534 | 3079 | 455 | BARC |
|  Serbia International Bond | 12/20/30 | 1.000%(Q) |  | 130 | 1.311% | (1520) | (1413) | (107) | BARC |
|  Siemens AG | 06/20/26 | 1.000%(Q) | EUR | 319 | 0.084% | 1800 | 1142 | 658 | JPM |
|  Siemens AG | 06/20/26 | 1.000%(Q) | EUR | 206 | 0.084% | 1162 | 671 | 491 | GSI |
|  Skandinaviska Enskilda Banken AB | 12/20/26 | 1.000%(Q) |  | 463 | 0.123% | 4161 | 3306 | 855 | MSI |
|  SoftBank Group Corp. | 06/20/26 | 1.000%(Q) |  | 375 | 1.825% | (238) | (786) | 548 | GSI |
|  Standard Chartered PLC | 12/20/26 | 1.000%(Q) |  | 291 | 0.191% | 2454 | 1936 | 518 | MSI |
|  State of Qatar | 12/20/26 | 1.000%(Q) |  | 300 | 0.108% | 2731 | 2129 | 602 | BARC |
|  Stellantis NV | 06/20/26 | 1.000%(Q) | EUR | 323 | 0.239% | 1637 | 922 | 715 | BARC |
|  TotalEnergies Capital SA | 03/20/26 | 1.000%(T) | EUR | 845 | 0.081% | 2446 | 551 | 1895 | JPM |
|  U.S. Treasury Notes | 06/20/26 | 0.250%(Q) | EUR | 1360 | 0.103% | 1506 | 652 | 854 | BARC |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed<br>Rate** | **Notional**<br>**Amount<br>(000)#(3)** | **Implied<br>Credit<br>Spread at<br>February 28,<br>2026(4)** | **Fair<br>Value** | **Upfront<br>Premiums<br>Paid**<br>**(Received)** | **Unrealized<br>Appreciation**<br>**(Depreciation)** | **Counterparty** |
|  **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** |
|  UnitedHealth Group, Inc. | 06/20/26 | 1.000%(Q) | 230 | 0.163% | $1038 | $507 | $531 | GSI |
|  Wells Fargo & Co. | 06/20/26 | 1.000%(Q) | 544 | 0.213% | 2371 | 1428 | 943 | JPM |
|  Wells Fargo & Co. | 06/20/26 | 1.000%(Q) | 494 | 0.213% | 2153 | 1297 | 856 | JPM |
|  |  |  |  |  | $138514 | $77356 | $61158 |  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation**  | **Termination<br> Date** | **Fixed<br> Rate** | **Notional**<br>**Amount<br> (000)#(3)** | **Implied<br>Credit<br>Spread at<br>February 28,<br>2026(4)** | **Value at<br>Trade Date** | **Value at<br>February 28,<br>2026** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** |  |
|  CDX.NA.IG.45.V1 | 12/20/30 | 1.000%(Q) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106207 | 0.558% | $2258999 | $2269498 | $10499 |

---

The Fund entered into credit default swaps ("CDS") to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer's default or the reference entity's credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be short the credit as the value of the contract rises the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases.

(1) If the Fund is a buyer of protection, it pays the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(2) If the Fund is a seller of protection, it receives the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(3) Notional amount represents the maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(4) Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements where the Fund is the seller of protection as of the reporting date serve as an indicator of the current status of the payment/ performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include up-front payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

\* When an implied credit spread is not available, reference the fair value of credit default swap agreements on credit indices and asset-backed securities. Where the Fund is the seller of protection, it serves as an indicator of the current status of the payment/performance risk and represents the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the reporting date. Increasing fair value in absolute terms, when compared to the notional amount of the swap, represents a deterioration of the referenced entity's credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. 

See Notes to Financial Statements.

PGIM Fixed Income ETFs 273

------

PGIM Total Return Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

#### Interest rate swap agreements outstanding at February 28, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Notional**<br> **Amount**<br> **(000)#**  | **Termination<br>Date** | **Fixed**<br> **Rate** | **Floating**<br> **Rate** | **Value at<br>Trade Date** | **Value at<br>February 28,<br>2026** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** |  |  |
| CAD 2,710 | 05/20/36 | 3.010%(S) | 1 Day CORRA(2)(S)/ 2.290% | $— | $15362 | $15362 |
| CHF 700 | 02/23/36 | 0.480%(A) | 3 Month SARON(2)(A)/ (0.080)% |  | 5924 | 5924 |
| GBP 140 | 05/08/27 | 1.050%(A) | 1 Day SONIA(1)(A)/ 3.727% | (563) | 9845 | 10408 |
| GBP 120 | 05/08/32 | 1.150%(A) | 1 Day SONIA(1)(A)/ 3.727% | 5330 | 25764 | 20434 |
| GBP 905 | 02/19/46 | 4.423%(A) | 1 Day SONIA(2)(A)/ 3.727% | (23) | 17890 | 17913 |
| JPY 210,000 | 02/24/46 | 2.530%(A) | 1 Day TONAR(2)(A)/ 0.727% |  | 1838 | 1838 |
| JPY 165,000 | 03/02/46 | 2.569%(A) | 1 Day TONAR(2)(A)/ 0.727% |  | 7537 | 7537 |
| NZD 3,350 | 02/23/36 | 4.014%(S) | 3 Month BBR(2)(Q)/ 2.485% |  | 13964 | 13964 |
| 5700 | 05/11/26 | 4.750%(A) | 1 Day SOFR(2)(A)/ 3.680% | 5286 | 31816 | 26530 |
| 12230 | 05/17/26 | 4.669%(A) | 1 Day SOFR(1)(A)/ 3.680% |  | (59988) | (59988) |
| 10735 | 08/27/26 | 3.809%(T) | 1 Day SOFR(2)(T)/ 3.680% |  | (13684) | (13684) |
| 730 | 09/25/26 | 4.699%(A) | 1 Day SOFR(1)(A)/ 3.680% | 48 | (6400) | (6448) |
| 6640 | 05/13/27 | 4.497%(A) | 1 Day SOFR(2)(A)/ 3.680% | 987 | 99004 | 98017 |
| 4135 | 05/13/29 | 4.253%(A) | 1 Day SOFR(1)(A)/ 3.680% | (3255) | (134813) | (131558) |
| 2786 | 05/26/36 | 3.672%(A) | 1 Day SOFR(1)(A)/ 3.680% |  | (30681) | (30681) |
| 2710 | 12/20/44 | 3.995%(A) | 1 Day SOFR(2)(A)/ 3.680% |  | 48672 | 48672 |
| 670 | 12/16/49 | 3.805%(A) | 1 Day SOFR(2)(A)/ 3.680% | (4595) | (11185) | (6590) |
| 370 | 05/11/54 | 1.350%(A) | 1 Day SOFR(1)(A)/ 3.680% | 161235 | 172040 | 10805 |
| 3540 | 12/14/54 | 3.136%(A) | 1 Day SOFR(1)(A)/ 3.680% | 50854 | 124360 | 73506 |
| 590 | 12/16/54 | 3.719%(A) | 1 Day SOFR(1)(A)/ 3.680% | 4480 | 19125 | 14645 |
| 2065 | 12/20/54 | 3.825%(A) | 1 Day SOFR(1)(A)/ 3.680% |  | 28327 | 28327 |
| 1060 | 01/15/55 | 4.130%(A) | 1 Day SOFR(1)(A)/ 3.680% | (19089) | (42231) | (23142) |
|  |  |  |  | $200695 | $322486 | $121791 |

---

(1) The Fund pays the fixed rate and receives the floating rate.

(2) The Fund pays the floating rate and receives the fixed rate.

#### Total return swap agreement outstanding at February 28, 2026:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Financing**<br> **Rate** | **Counterparty** | **Termination<br>Date** | **Long (Short)<br>Notional<br>Amount<br>(000)#(1)** | **Fair<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)(2)** |
|  **OTC Total Return Swap Agreement:** | **OTC Total Return Swap Agreement:** |  |  |  |  |  |  |
|  Total Return Benchmark Bond Index(T) | 1 Day SOFR -54bps(T)/<br> 3.140% | JPM | 03/17/26 | (1670) | $29068 | $— | $29068 |

---

(1) On a long total return swap, the Fund receives payments for any positive return on the reference entity (makes payments for any negative return) and pays the financing rate. On a short total return swap, the Fund makes payments for any positive return on the reference entity (receives payments for any negative return) and receives the financing rate.

(2) Upfront/recurring fees or commissions, as applicable, are included in the net unrealized appreciation (depreciation).

#### Balances Reported in the Statement of Assets and Liabilities for OTC Swap Agreements:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Premiums Paid** | **Premiums Received** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  OTC Swap Agreements | $87674 | $(11772) | $90357 | $(2033) |

---

#### Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:
Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:

---

| | | |
|:---|:---|:---|
| **Broker**  | **Cash and/or Foreign Currency** | **Securities Market Value** |
|  CGM | $— | $2978616 |
|  JPS |  | 1786537 |
|  **Total** | $— | $4765153 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

#### Fair Value Measurements:
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of February 28, 2026 in valuing such portfolio securities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |  |
|  **Investments in Securities** |  |  |  |  |
|  **Assets** |  |  |  |  |
|  **Long-Term Investments** |  |  |  |  |
|  Asset-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Automobiles | $— | $5329662 | $— |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Loan Obligations |  | 72574131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Loans |  | 10315466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Cards |  | 1013770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Equity Loans |  | 18798857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other. |  | 5095478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
|  Commercial Mortgage-Backed Securities. |  | 56183767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
|  Corporate Bonds |  | 241961813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | \*\* |
|  Floating Rate and Other Loans |  | 1552825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
|  Municipal Bonds |  | 1274640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
|  Residential Mortgage-Backed Securities |  | 47816459 | 1000000 |  |
|  Sovereign Bonds |  | 13983097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
|  U.S. Government Agency Obligations |  | 146762717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
|  U.S. Treasury Obligations |  | 234031873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
|  Affiliated Exchange-Traded Funds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | 17319456 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
|  Common Stock. |  | 191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
|  Option Purchased |  | 16076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
|  Warrants |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
|  **Short-Term Investments** |  |  |  |  |
|  Affiliated Mutual Fund. | 18120992 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
|  Options Purchased | 2231 | 192993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
|  **Total** | $**35442679** | $**856903815** | **$1000000** |  |
|  **Liabilities** |  |  |  |  |
|  **Long-Term Investments** |  |  |  |  |
|  Options Written | $— | $(6387) | $— |  |
|  **Short-Term Investments** |  |  |  |  |
|  Options Written | $**(956)** | $**(268794)** | **$—** |  |
|  **Total** | $**(956)** | $**(275181)** | **$—** |  |
|  **Other Financial Instruments\*** |  |  |  |  |
|  **Assets** |  |  |  |  |
|  Futures Contracts | $491054 | $— | $— |  |
|  OTC Bond Forward Contracts |  | 173669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
|  OTC Forward Foreign Currency Exchange Contracts |  | 453333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
|  OTC Cross Currency Exchange Contracts |  | 795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
|  Centrally Cleared Credit Default Swap Agreement |  | 10499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
|  OTC Credit Default Swap Agreements |  | 136644 | 4327 |  |
|  Centrally Cleared Interest Rate Swap Agreements |  | 393882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
|  OTC Total Return Swap Agreement |  | 29068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
|  **Total** | $**491054** | $**1197890** | **$4327** |  |
|  **Liabilities** |  |  |  |  |
|  Forward Commitment Contract | $— | $(677877) | $— |  |
|  Futures Contracts | (30062) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
|  OTC Forward Foreign Currency Exchange Contracts |  | (992696) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 275

------

PGIM Total Return Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Other Financial Instruments\* (continued)** |  |  |  |
|  **Liabilities (continued)** |  |  |  |
|  OTC Credit Default Swap Agreements | $— | $(5813) | $— |
|  Centrally Cleared Interest Rate Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(272091) |  |
|  **Total** | $**(30062)** | $**(1948477)** | $**—** |

---

\* Other financial instruments are derivative instruments, with the exception of forward commitment contracts, and are not reflected in the Schedule of Investments. Futures, bond forward contracts, forward foreign currency exchange contracts and centrally cleared swap contracts are recorded at unrealized appreciation (depreciation), and OTC swap contracts are recorded at fair value. Forward commitment contracts are recorded at market value. 

\*\* Includes Level 3 investments with an aggregate value of $0. 

#### Industry Classification:
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of February 28, 2026 were as follows:

---

| | |
|:---|:---|
|  U.S. Treasury Obligations | 26.9 |
|  U.S. Government Agency Obligations | 16.9 |
|  Collateralized Loan Obligations | 8.3 |
|  Commercial Mortgage-Backed Securities | 6.5 |
|  Banks | 5.7 |
|  Residential Mortgage-Backed Securities | 5.6 |
|  Pipelines | 2.2 |
|  Home Equity Loans | 2.2 |
|  Affiliated Mutual Fund | 2.1 |
|  Affiliated Exchange-Traded Funds | 2 |
|  Oil & Gas | 1.9 |
|  Real Estate Investment Trusts (REITs) | 1.7 |
|  Electric | 1.7 |
|  Sovereign Bonds | 1.6 |
|  Telecommunications | 1.4 |
|  Consumer Loans | 1.2 |
|  Auto Manufacturers | 1 |
|  Foods | 0.9 |
|  Healthcare-Services | 0.9 |
|  Media | 0.8 |
|  Agriculture | 0.8 |
|  Internet | 0.7 |
|  Retail | 0.7 |
|  Automobiles | 0.6 |
|  Pharmaceuticals | 0.6 |
|  Other | 0.6 |
|  Engineering & Construction | 0.4 |
|  Aerospace & Defense | 0.4 |
|  Commercial Services | 0.4 |
|  Semiconductors | 0.4 |
|  Leisure Time | 0.4 |
|  Software | 0.3 |
|  Mining | 0.3 |
|  Chemicals | 0.3 |
|  Insurance | 0.3 |
|  Entertainment | 0.3 |
|  Diversified Financial Services | 0.3 |
|  Lodging | 0.3 |
|  Airlines | 0.3 |

---

---

| | |
|:---|:---|
|  Building Materials | 0.3 |
|  Auto Parts & Equipment | 0.3 |
|  Holding Companies-Diversified | 0.2 |
|  Transportation | 0.2 |
|  Machinery-Diversified | 0.2 |
|  Iron/Steel | 0.2 |
|  Healthcare-Products | 0.2 |
|  Municipal Bonds | 0.1 |
|  Packaging & Containers | 0.1 |
|  Machinery-Construction & Mining | 0.1 |
|  Investment Companies | 0.1 |
|  Credit Cards | 0.1 |
|  Shipbuilding | 0.1 |
|  Home Builders | 0.1 |
|  Computers | 0.1 |
|  Real Estate | 0.1 |
|  Office/Business Equipment | 0.1 |
|  Trucking & Leasing | 0.1 |
|  Environmental Control | 0.1 |
|  Household Products/Wares | 0.0 |
|  Housewares | 0.0 |
|  Home Furnishings | 0.0 |
|  Apparel | 0.0 |
|  Options Purchased | 0.0 |
|  Biotechnology | 0.0 |
|  Electrical Components & Equipment | 0.0 |
|  Coal | 0.0 |
|  Gas | 0.0 |
|  Beverages | 0.0 |
|  Interactive Media & Services | 0.0 |
|  | 102.7 |
|  Options Written | (0.0) |
|  Liabilities in excess of other assets | (2.7) |
|  | 100.0 |

---

\* Less than 0.05% 

#### Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:
The Fund invested in derivative instruments during the reporting period. The primary types of risk associated with these derivative instruments are credit risk, foreign exchange risk and interest rate risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Fund's financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

See Notes to Financial Statements.

------

PGIM Total Return Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

Fair values of derivative instruments as of February 28, 2026 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Derivatives not accounted<br>for as hedging instruments,**<br> **carried at fair value** | **Statement of**<br> **Assets and**<br> **Liabilities Location** | **Fair**<br>**Value** | **Statement of**<br> **Assets and**<br> **Liabilities Location** | **Fair**<br>**Value** |
|  Credit contracts | Due from/to broker-variation margin swaps | $10499 \* |  | $— |
|  Credit contracts | Premiums paid for OTC swap agreements | 87674 | Premiums received for OTC swap agreements | 11772 |
|  Credit contracts | Unaffiliated investments | 1160 | Options written outstanding, at value | 98008 |
|  Credit contracts | Unrealized appreciation on OTC swap agreements | 61289 | Unrealized depreciation on OTC swap agreements | 2033 |
|  Foreign exchange contracts | Unaffiliated investments | 145464 | Options written outstanding, at value | 134631 |
|  Foreign exchange contracts | Unrealized appreciation on OTC cross currency exchange contracts | 795 |  |  |
|  Foreign exchange contracts | Unrealized appreciation on OTC forward foreign currency exchange contracts | 453333 | Unrealized depreciation on OTC forward foreign currency exchange contracts | 992696 |
|  Interest rate contracts | Due from/to broker-variation margin futures | 491054 \* | Due from/to broker-variation margin futures | 30062 \* |
|  Interest rate contracts | Due from/to broker-variation margin swaps | 393882 \* | Due from/to broker-variation margin swaps | 272091 \* |
|  Interest rate contracts | Unaffiliated investments | 64676 | Options written outstanding, at value | 43498 |
|  Interest rate contracts | Unrealized appreciation on OTC bond forward contracts | 173669 |  |  |
|  Interest rate contracts | Unrealized appreciation on OTC swap agreements | 29068 |  |  |
|  |  | $1912563 |  | $1584791 |

---

\* Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

The effects of derivative instruments on the Statement of Operations for the six months ended February 28, 2026 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | &nbsp;&nbsp;&nbsp;&nbsp; **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | &nbsp;&nbsp;&nbsp;&nbsp; **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | &nbsp;&nbsp;&nbsp;&nbsp; **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | &nbsp;&nbsp;&nbsp;&nbsp; **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | &nbsp;&nbsp;&nbsp;&nbsp; **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** |
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | **Options<br>Purchased(1)** | **Options<br>Written** | **Futures** | **Forward<br>& Cross<br>Currency<br>Exchange<br>Contracts** | **Swaps** |
|  Credit contracts | $(37552) | $99497 | $— | $— | $(30707) |
|  Foreign exchange contracts | (82232) | 397189 |  | 450894 |  |
|  Interest rate contracts | (2422) | 291 | 1378202 |  | (67121) |
|  **Total** | $(122206) | $496977 | $1378202 | $450894 | $(97828) |

---

(1) Included in net realized gain (loss) on investment transactions in the Statement of Operations.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | &nbsp;&nbsp;&nbsp;&nbsp; **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | &nbsp;&nbsp;&nbsp;&nbsp; **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | &nbsp;&nbsp;&nbsp;&nbsp; **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | &nbsp;&nbsp;&nbsp;&nbsp; **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | &nbsp;&nbsp;&nbsp;&nbsp; **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | &nbsp;&nbsp;&nbsp;&nbsp; **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | **Options<br>Purchased(2)** | **Options<br>Written** | **Futures** | **Bond<br>Forward<br>Contracts** | **Forward<br>& Cross<br>Currency<br>Exchange<br>Contracts** | **Swaps** |
|  Credit contracts | $19157 | $(9649) | $— | $— | $— | $(27562) |
|  Foreign exchange contracts | (2249) | 19723 |  |  | (556639) |  |
|  Interest rate contracts | 2655 | 9564 | (113448) | 173669 |  | 27968 |
|  **Total** | $19563 | $19638 | $(113448) | $173669 | $(556639) | $406 |

---

(2) Included in net change in unrealized appreciation (depreciation) on investments in the Statement of Operations.

See Notes to Financial Statements.

PGIM Fixed Income ETFs 277

------

PGIM Total Return Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

For the six months ended February 28, 2026, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Options Purchased (1) | $107234 |
|  Options Written (2) | 103335694 |
|  Futures Contracts - Long Positions (2) | 135841482 |
|  Futures Contracts - Short Positions (2) | 8212675 |
|  Bond Forward Contracts - Purchased (2) | 2157365 |
|  Forward Foreign Currency Exchange Contracts - Purchased (3) | 36984388 |
|  Forward Foreign Currency Exchange Contracts - Sold (3) | 58109444 |
|  Cross Currency Exchange Contracts (4) | 53219 |
|  Credit Default Swap Agreements - Buy Protection (2) | 3722667 |
|  Credit Default Swap Agreements - Sell Protection (2) | 59949411 |
|  Interest Rate Swap Agreements (2) | 55294858 |
|  Total Return Swap Agreements (2) | 3178584 |

---

\* Average volume is based on average quarter end balances for the six months ended February 28, 2026.

(1) Cost.

(2) Notional Amount in USD.

(3) Value at Settlement Date.

(4) Value at Trade Date.

#### Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:
The Fund invested in OTC derivatives during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for OTC derivatives where the legal right to set-off exists is presented in the summary below.

#### Offsetting of OTC derivative assets and liabilities:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amounts of <br>Recognized<br>Assets(1)** | **Gross Amounts of <br>Recognized<br>Liabilities(1)** | **Net Amounts of<br>Recognized<br> Assets/(Liabilities)** | **Collateral<br> Pledged/(Received)(2)** | **Net Amount** |
|  BARC | $49808 | $(136939) | $(87131) | $— | $(87131) |
|  BNP | 140330 | (47437) | 92893 |  | 92893 |
|  BNY | 2526 | (17196) | (14670) |  | (14670) |
|  BOA | 180381 | (46024) | 134357 |  | 134357 |
|  CITI | 225097 | (237251) | (12154) |  | (12154) |
|  DB | 69296 | (82463) | (13167) |  | (13167) |
|  GSI | 72386 | (90886) | (18500) |  | (18500) |
|  HSBC | 20127 | (39629) | (19502) |  | (19502) |
|  JPM | 143017 | (57873) | 85144 |  | 85144 |
|  MSI | 89666 | (375713) | (286047) | 286047 |  |
|  RBC |  | (9875) | (9875) |  | (9875) |
|  SSB | 22263 | (112506) | (90243) |  | (90243) |
|  TD |  | (27890) | (27890) |  | (27890) |
|  | $1014897 | $(1281682) | $(266785) | $286047 | $19262 |

---

(1) Includes unrealized appreciation/(depreciation) on swaps and forwards, premiums paid/(received) on swap agreements and market value of purchased and written options, as represented on the Statement of Assets and Liabilities.

(2) Collateral amount disclosed by the Fund is limited to the market value of financial instruments/transactions and the Fund's OTC derivative exposure by counterparty.

See Notes to Financial Statements.

------

PGIM Total Return Bond ETF

Statement of Assets & Liabilities (unaudited)

as of February 28, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $846,641,724) | $857906046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $35,350,866) | 35440448 |
| &nbsp;&nbsp; Foreign currency, at value (cost $288,730) | 289316 |
| &nbsp;&nbsp; Receivable for investments sold | 16846981 |
| &nbsp;&nbsp; Dividends and interest receivable | 6328023 |
| &nbsp;&nbsp; Unrealized appreciation on OTC forward foreign currency exchange contracts | 453333 |
| &nbsp;&nbsp; Due from broker—variation margin futures | 297064 |
| &nbsp;&nbsp; Unrealized appreciation on OTC bond forward contracts | 173669 |
| &nbsp;&nbsp; Unrealized appreciation on OTC swap agreements | 90357 |
| &nbsp;&nbsp; Premiums paid for OTC swap agreements | 87674 |
| &nbsp;&nbsp; Tax reclaim receivable | 11369 |
| &nbsp;&nbsp; Unrealized appreciation on OTC cross currency exchange contracts | 795 |
| &nbsp;&nbsp; **Total Assets** | 917925075 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Payable for investments purchased | 43462420 |
| &nbsp;&nbsp; Payable for Fund shares purchased | 2135059 |
| &nbsp;&nbsp; Unrealized depreciation on OTC forward foreign currency exchange contracts | 992696 |
| &nbsp;&nbsp; Forward commitment contracts, at value (proceeds receivable $672,822) | 677877 |
| &nbsp;&nbsp; Management fee payable | 309639 |
| &nbsp;&nbsp; Options written outstanding, at value (premiums received $327,064) | 276137 |
| &nbsp;&nbsp; Due to broker—variation margin swaps | 103464 |
| &nbsp;&nbsp; Other liabilities | 43990 |
| &nbsp;&nbsp; Premiums received for OTC swap agreements | 11772 |
| &nbsp;&nbsp; Unrealized depreciation on OTC swap agreements | 2033 |
| &nbsp;&nbsp; **Total Liabilities** | 48015087 |
| &nbsp;&nbsp; **Net Assets** | $869909988 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $20375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 863486815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 6402798 |
| &nbsp;&nbsp; **Net assets, February 28, 2026** | $869909988 |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share. |  |
| &nbsp;&nbsp; ($869,909,988 ÷ 20,375,000 shares of common stock issued and outstanding) | $42.69 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 279

------

PGIM Total Return Bond ETF

Statement of Operations (unaudited)

Six Months Ended February 28, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Income |  |
| &nbsp;&nbsp; Interest income (net of $7,489 foreign withholding tax) | $15964610 |
| &nbsp;&nbsp; Affiliated dividend income | 1405839 |
| &nbsp;&nbsp; **Total income** | 17370449 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 1642466 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (47476) |
| &nbsp;&nbsp; **Net expenses** | 1594990 |
| &nbsp;&nbsp; Net investment income (loss) | 15775459 |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions** |  |
| &nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions (including affiliated of $101,935) | 2199011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated net capital gain distributions received | 8719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | 1378202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward and cross currency contract transactions | 450894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written transactions | 496977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreement transactions | (97828) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 299355 |
|  | 4735330 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments (including affiliated of $(58074)) | 8667577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | (113448) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bond forward contracts | 173669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward and cross currency contracts | (556639) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | 19638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | 406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | (1264) |
|  | 8189939 |
| &nbsp;&nbsp; Net gain (loss) on investment and foreign currency transactions | 12925269 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $28700728 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond ETF

Statements of Changes in Net Assets (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>February 28, 2026** | **Year Ended<br>August 31, 2025** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $15775459 | $19705461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment and foreign currency transactions | 4735330 | (3023830) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currencies | 8189939 | 1749951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 28700728 | 18431582 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from distributable earnings | (15322738) | (18918570) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from shares sold (7,925,000 and 6,325,000 shares, respectively) | 334523539 | 262572169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares purchased (175,000 and 300,000 shares, respectively) | (7409389) | (12425696) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 327114150 | 250146473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) | 340492140 | 249659485 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 529417848 | 279758363 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $869909988 | $529417848 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 281

------

PGIM Total Return Bond ETF

Financial Highlights (unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Six Months**<br> **Ended** | **Year Ended**<br> **August 31,** | **Year Ended**<br> **August 31,** | **Year Ended**<br> **August 31,** | |
|  | **February 28, 2026** | **2025** | **2024** | **2023** | **December 02, 2021<sup>(a)</sup><br>through**<br>**August 31, 2022** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(b)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $41.93 | $42.39 | $40.91 | $42.94 | $50.00 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.95 | 2.04 | 2.09 | 1.81 | 0.86 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.81 | (0.47) | 1.44 | (1.72)<sup>(c)</sup> | (7.23) |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.76 | 1.57 | 3.53 | 0.09 | (6.37) |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (1.00) | (2.03) | (2.05) | (2.12) | (0.69) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $42.69 | $41.93 | $42.39 | $40.91 | $42.94 |
| &nbsp;&nbsp;&nbsp; Total Return<sup>(d)</sup>: | 4.26% | 3.85% | 8.97% | 0.27% | (12.81)% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $869910 | $529418 | $279758 | $103295 | $95539 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $675959 | $399833 | $177863 | $87917 | $67327 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(e)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.48 %<sup>(f)</sup> | 0.48% | 0.48% | 0.49% | 0.49 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.49 %<sup>(f)</sup> | 0.49% | 0.49% | 0.49% | 0.49 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 4.71 %<sup>(f)</sup> | 4.93% | 5.09% | 4.38% | 2.54 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(g)</sup><sup>(h)</sup> | 55% | 109% | 114% | 194% | 150% |

---

(a) Commencement of operations.

(b) Calculated based on average shares outstanding during the period.

(c) The per share amount of realized and unrealized gain (loss) on investments does not directly correlate to the amounts reported in the Statement of Operations due to the timing of portfolio share transactions in relation to fluctuating market values.

(d) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(e) Does not include expenses of the underlying funds in which the Fund invests.

(f) Annualized.

(g) The Fund accounts for mortgage dollar roll transactions, when applicable, as purchases and sales which, as a result, can increase its portfolio turnover rate.

(h) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

See Notes to Financial Statements.

------

PGIM Ultra Short Bond ETF

Schedule of Investments (unaudited)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 75.2%** |  |  |  |  |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES 18.7%** |  |  |  |  |
| &nbsp;&nbsp; **Automobiles 1.2%** |  |  |  |  |
| &nbsp;&nbsp; ARI Fleet Lease Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A2, 144A | 5.300% | 11/15/32 | 2414 | $2426337 |
| &nbsp;&nbsp; Avis Budget Rental Car Funding AESOP LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class A, 144A | 3.830 | 08/21/28 | 35000 | 34931386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class A, 144A | 5.440 | 02/22/28 | 20000 | 20203542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-07A, Class A, 144A | 5.900 | 08/21/28 | 6650 | 6808405 |
| &nbsp;&nbsp; Enterprise Fleet Financing LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-03, Class A2, 144A | 4.380 | 07/20/29 | 2 | 1573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A2, 144A | 5.510 | 01/22/29 | 52 | 52341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class A2, 144A | 5.560 | 04/22/30 | 1655 | 1662342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03, Class A2, 144A | 6.400 | 03/20/30 | 5055 | 5113356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A2, 144A | 5.230 | 03/20/30 | 2766 | 2786052 |
| &nbsp;&nbsp; Ford Credit Auto Owner Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class A, 144A | 1.530 | 05/15/34 | 35000 | 34431040 |
| &nbsp;&nbsp; Ford Credit Floorplan Master Owner Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A1, 144A | 4.920 | 05/15/28 | 17100 | 17134226 |
| &nbsp;&nbsp; GMF Floorplan Owner Revolving Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A1, 144A | 4.680 | 11/15/28 | 25000 | 25147138 |
| &nbsp;&nbsp; OneMain Direct Auto Receivables Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A | 5.410 | 11/14/29 | 17100 | 17238797 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167936535 |
| &nbsp;&nbsp; **Collateralized Loan Obligations 16.4%** |  |  |  |  |
| &nbsp;&nbsp; 720 East CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-07A, Class A1, 144A, 3 Month SOFR + 1.060% (Cap N/A, Floor 1.060%) | 4.728(c) | 04/20/37 | 50000 | 49953150 |
| &nbsp;&nbsp; AGL CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-13A, Class A1R, 144A, 3 Month SOFR + 1.100% (Cap N/A, Floor 1.100%) | 4.768(c) | 10/20/34 | 50000 | 50000150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-22A, Class A1R, 144A, 3 Month SOFR + 1.190% (Cap N/A, Floor 1.190%) | 4.858(c) | 01/20/37 | 50000 | 49984050 |
| &nbsp;&nbsp; Allegany Park CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class ARR, 144A, 3 Month SOFR + 1.100% (Cap N/A, Floor 1.100%) | 4.768(c) | 01/20/35 | 20000 | 20000000 |
| &nbsp;&nbsp; ARES CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-44A, Class A1RR, 144A, 3 Month SOFR + 1.130% (Cap N/A, Floor 1.130%) | 4.802(c) | 04/15/34 | 50000 | 50004580 |
| &nbsp;&nbsp; Atlas Senior Loan Fund Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-17A, Class AR, 144A, 3 Month SOFR + 1.060% (Cap N/A, Floor 1.060%) | 4.728(c) | 10/20/34 | 42500 | 42472247 |
| &nbsp;&nbsp; Balboa Bay Loan Funding Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A1R, 144A, 3 Month SOFR + 1.130% (Cap N/A, Floor 1.130%) | 4.798(c) | 01/20/35 | 24070 | 24070315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class ARR, 144A, 3 Month SOFR + 1.160% (Cap N/A, Floor 1.160%) | 4.828(c) | 04/20/36 | 40000 | 40003476 |
| &nbsp;&nbsp; Battalion CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-11A, Class AR2, 144A, 3 Month SOFR + 1.130% (Cap N/A, Floor 1.130%) | 4.798(c) | 04/24/34 | 49723 | 49721841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-12A, Class ARR, 144A, 3 Month SOFR + 0.930% (Cap N/A, Floor 0.930%) | 4.583(c) | 05/17/31 | 3999 | 3997674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-18A, Class ARR, 144A, 3 Month SOFR + 1.180% (Cap N/A, Floor 1.180%) | 4.852(c) | 10/15/36 | 50000 | 50002180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-21A, Class AR, 144A, 3 Month SOFR + 1.150% (Cap N/A, Floor 1.150%) | 4.822(c) | 07/15/34 | 38000 | 37997188 |
| &nbsp;&nbsp; Benefit Street Partners CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-23A, Class A1R, 144A, 3 Month SOFR + 1.100% (Cap N/A, Floor 1.100%) | 4.768(c) | 04/25/34 | 70000 | 69996472 |
| &nbsp;&nbsp; BlueMountain CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-22A, Class A1, 144A, 3 Month SOFR + 1.342% (Cap N/A, Floor 1.080%) | 5.014(c) | 07/15/31 | 2119 | 2121772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-32A, Class AR, 144A, 3 Month SOFR + 1.100% (Cap N/A, Floor 1.100%) | 4.772(c) | 10/15/34 | 15000 | 14987258 |
| &nbsp;&nbsp; Canyon Capital CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-01A, Class AR, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 0.000%) | 5.004(c) | 07/15/31 | 4814 | 4820510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-01A, Class AR, 144A, 3 Month SOFR + 1.262% (Cap N/A, Floor 1.000%) | 4.934(c) | 07/15/30 | 4356 | 4356859 |
| &nbsp;&nbsp; Canyon CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class AR2, 144A, 3 Month SOFR + 1.030% (Cap N/A, Floor 1.030%) | 4.702(c) | 10/15/34 | 20000 | 19991620 |
| &nbsp;&nbsp; CarVal CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class AR2, 144A, 3 Month SOFR + 1.020% (Cap N/A, Floor 1.020%) | 4.688(c) | 04/20/32 | 38525 | 38530124 |
| &nbsp;&nbsp; CBAM Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-07A, Class A, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 1.100%) | 5.029(c) | 07/20/31 | 1861 | 1861823 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 283

------

PGIM Ultra Short Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Collateralized Loan Obligations (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; CIFC Funding Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-04A, Class A1R, 144A, 3 Month SOFR + 1.212% (Cap N/A, Floor 0.950%) | 4.880%(c) | 10/24/30 | 338 | $338284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-07A, Class AR, 144A, 3 Month SOFR + 1.090% (Cap N/A, Floor 1.090%) | 4.761(c) | 01/23/35 | 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49986110 |
| &nbsp;&nbsp; Clover CLO LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03A, Class AR, 144A, 3 Month SOFR + 1.070% (Cap N/A, Floor 1.070%) | 4.738(c) | 01/25/35 | 16000 | 15991368 |
| &nbsp;&nbsp; Columbia Cent CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-29A, Class A1RR, 144A, 3 Month SOFR + 1.180% (Cap N/A, Floor 1.180%) | 4.848(c) | 10/20/34 | 50000 | 50002510 |
| &nbsp;&nbsp; CQS US CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class AR, 144A, 3 Month SOFR + 1.200% (Cap N/A, Floor 1.200%) | 4.868(c) | 01/20/35 | 11225 | 11221569 |
| &nbsp;&nbsp; Elevation CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-13A, Class A1R, 144A, 3 Month SOFR + 1.060% (Cap N/A, Floor 1.060%) | 4.732(c) | 07/15/34 | 62500 | 62459925 |
| &nbsp;&nbsp; Galaxy CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-25A, Class A1RR, 144A, 3 Month SOFR + 1.110% (Cap N/A, Floor 1.110%) | 4.778(c) | 04/25/36 | 54000 | 53984162 |
| &nbsp;&nbsp; Greywolf CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A1, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.442%) | 5.109(c) | 10/20/31 | 20 | 19638 |
| &nbsp;&nbsp; HPS Loan Management Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10A-16, Class A1R3, 144A, 3 Month SOFR + 1.120% (Cap N/A, Floor 1.120%) | 4.788(c) | 04/20/34 | 50000 | 50001960 |
| &nbsp;&nbsp; ICG US CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class ARR, 144A, 3 Month SOFR + 1.100% (Cap N/A, Floor 1.100%) | 4.768(c) | 01/20/35 | 50000 | 49994435 |
| &nbsp;&nbsp; Jamestown CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-09A, Class A1R3, 144A, 3 Month SOFR + 1.180% (Cap N/A, Floor 1.180%) | 4.848(c) | 07/25/34 | 50000 | 49981450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-14A, Class A1RR, 144A, 3 Month SOFR + 1.040% (Cap N/A, Floor 1.040%) | 4.708(c) | 10/20/34 | 40000 | 40030220 |
| &nbsp;&nbsp; Jefferson Mill CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-01A, Class ARR, 144A, 3 Month SOFR + 1.230% (Cap N/A, Floor 0.000%) | 4.898(c) | 10/20/31 | 4427 | 4427028 |
| &nbsp;&nbsp; Kennedy Lewis CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 03A, Class A1R3, 144A, 3 Month SOFR + 1.190% (Cap N/A, Floor 1.190%) | 4.858(c) | 10/20/36 | 25000 | 25010412 |
| &nbsp;&nbsp; KKR CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 11, Class AR, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.442%) | 5.114(c) | 01/15/31 | 71 | 70587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-41A, Class A1, 144A, 3 Month SOFR + 1.330% (Cap N/A, Floor 1.330%) | 5.002(c) | 04/15/35 | 50000 | 50035345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 40A, Class AR, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) | 4.968(c) | 10/20/34 | 15000 | 15017362 |
| &nbsp;&nbsp; LCM Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 31A, Class AR, 144A, 3 Month SOFR + 1.280% (Cap N/A, Floor 1.280%) | 4.948(c) | 07/20/34 | 10000 | 10011026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 34A, Class A1R, 144A, 3 Month SOFR + 1.180% (Cap N/A, Floor 1.180%) | 4.848(c) | 10/20/34 | 40000 | 40004692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 39A, Class A1R, 144A, 3 Month SOFR + 1.340% (Cap N/A, Floor 1.340%) | 5.012(c) | 10/15/34 | 50000 | 50000000 |
| &nbsp;&nbsp; Madison Park Funding Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-45A, Class ARR, 144A, 3 Month SOFR + 1.080% (Cap N/A, Floor 1.080%) | 4.752(c) | 07/15/34 | 17000 | 16991656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-52A, Class AR, 144A, 3 Month SOFR + 1.100% (Cap N/A, Floor 1.100%) | 4.769(c) | 01/22/35 | 25000 | 24998190 |
| &nbsp;&nbsp; Marathon CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-16A, Class A1AR, 144A, 3 Month SOFR + 1.110% (Cap N/A, Floor 1.110%) | 4.782(c) | 04/15/34 | 50000 | 49994185 |
| &nbsp;&nbsp; Marble Point CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03A, Class A1R, 144A, 3 Month SOFR + 1.050% (Cap N/A, Floor 1.050%) | 4.718(c) | 10/17/34 | 50000 | 49970215 |
| &nbsp;&nbsp; Mountain View CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class ARR, 144A, 3 Month SOFR + 1.262% (Cap N/A, Floor 1.000%) | 4.911(c) | 10/12/30 | 1300 | 1301185 |
| &nbsp;&nbsp; Northwoods Capital Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-12BA, Class AR, 144A, 3 Month SOFR + 1.190% (Cap N/A, Floor 1.190%) | 4.913(c) | 06/15/31 | 6784 | 6785827 |
| &nbsp;&nbsp; OCP CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-09A, Class AR3, 144A, 3 Month SOFR + 1.100% (Cap N/A, Floor 1.100%) | 4.772(c) | 01/15/37 | 25000 | 24980235 |
| &nbsp;&nbsp; Octagon Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class A1R, 144A, 3 Month SOFR + 1.260% (Cap N/A, Floor 1.260%) | 4.930(c) | 07/21/35 | 50000 | 50110040 |
| &nbsp;&nbsp; Palmer Square Loan Funding Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A1N, 144A, 3 Month SOFR + 1.000% (Cap N/A, Floor 1.000%) | 4.672(c) | 01/15/33 | 17502 | 17494165 |
| &nbsp;&nbsp; Park Avenue Institutional Advisers CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-01A, Class A1R2, 144A, 3 Month SOFR + 1.070% (Cap N/A, Floor 1.070%) | 4.723(c) | 02/14/34 | 50000 | 50033225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1RR, 144A, 3 Month SOFR + 1.050% (Cap N/A, Floor 1.050%) | 4.713(c) | 10/15/34 | 50000 | 50005000 |
| &nbsp;&nbsp; Regatta Funding Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-01A, Class A1R3, 144A, 3 Month SOFR + 1.070% (Cap N/A, Floor 1.070%) | 4.765(c) | 06/20/34 | 50000 | 49982025 |
| &nbsp;&nbsp; Rockford Tower CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-03A, Class A, 144A, 3 Month SOFR + 1.452% (Cap N/A, Floor 0.000%) | 5.119(c) | 10/20/30 | 2 | 1719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class AR2, 144A, 3 Month SOFR + 1.100% (Cap N/A, Floor 1.100%) | 4.768(c) | 04/20/34 | 50000 | 49996925 |

---

See Notes to Financial Statements.

------

PGIM Ultra Short Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Collateralized Loan Obligations (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Rockford Tower CLO Ltd. (Cayman Islands), (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A1RR, 144A, 3 Month SOFR + 1.090% (Cap N/A, Floor 1.090%) | 4.758%(c) | 01/20/36 | 60500 | $60450578 |
| &nbsp;&nbsp; Romark CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A1R, 144A, 3 Month SOFR + 1.140% (Cap N/A, Floor 1.140%) | 4.808(c) | 07/25/31 | 6484 | 6483273 |
| &nbsp;&nbsp; Romark WM-R Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A1, 144A, 3 Month SOFR + 1.292% (Cap N/A, Floor 0.000%) | 4.959(c) | 04/20/31 | 251 | 251424 |
| &nbsp;&nbsp; RR Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-17A, Class A1AR, 144A, 3 Month SOFR + 1.070% (Cap N/A, Floor 1.070%) | 4.742(c) | 07/15/34 | 40000 | 39986252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-26A, Class A1R, 144A, 3 Month SOFR + 1.120% (Cap N/A, Floor 1.120%) | 4.792(c) | 04/15/38 | 24000 | 24009523 |
| &nbsp;&nbsp; Saratoga Investment Corp. CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class A1R4, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) | 4.968(c) | 04/20/33 | 8774 | 8777128 |
| &nbsp;&nbsp; Sculptor CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 28A, Class AR, 144A, 3 Month SOFR + 1.060% (Cap N/A, Floor 1.060%) | 4.728(c) | 01/20/35 | 40000 | 39974036 |
| &nbsp;&nbsp; Shackleton CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-07RA, Class ARR, 144A, 3 Month SOFR + 1.100% (Cap N/A, Floor 1.100%) | 4.772(c) | 07/15/31 | 5675 | 5674561 |
| &nbsp;&nbsp; Silver Rock CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class AR, 144A, 3 Month SOFR + 1.040% (Cap N/A, Floor 1.040%) | 4.708(c) | 01/20/35 | 41750 | 41727246 |
| &nbsp;&nbsp; Sixth Street CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-08A, Class A1R2, 144A, 3 Month SOFR + 1.150% (Cap N/A, Floor 1.150%) | 4.818(c) | 10/20/34 | 46500 | 46477931 |
| &nbsp;&nbsp; Sound Point CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-03RA, Class A1R, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.070%) | 5.003(c) | 10/23/31 | 1869 | 1869416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03A, Class A1AR, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) | 4.968(c) | 10/26/31 | 7418 | 7422615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class ARR, 144A, 3 Month SOFR + 1.030% (Cap N/A, Floor 1.030%) | 4.698(c) | 01/20/32 | 16435 | 16433986 |
| &nbsp;&nbsp; Strata CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class AR2, 144A, 3 Month SOFR + 1.050% (Cap N/A, Floor 1.050%) | 4.718(c) | 10/20/33 | 19073 | 19092256 |
| &nbsp;&nbsp; TCW CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A1R3, 144A, 3 Month SOFR + 1.050% (Cap N/A, Floor 0.000%) | 4.718(c) | 04/20/34 | 25000 | 24985092 |
| &nbsp;&nbsp; Trinitas CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-06A, Class AR4, 144A, 3 Month SOFR + 1.110% (Cap N/A, Floor 1.110%) | 4.778(c) | 01/25/34 | 51000 | 51028851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-11A, Class A1RR, 144A, 3 Month SOFR + 1.190% (Cap N/A, Floor 1.190%) | 4.862(c) | 07/15/34 | 50000 | 50066175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-14A, Class A1R2, 144A, 3 Month SOFR + 1.100% (Cap N/A, Floor 1.100%) | 4.768(c) | 01/25/34 | 14550 | 14566286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-16A, Class A1R, 144A, 3 Month SOFR + 1.130% (Cap N/A, Floor 1.130%) | 4.798(c) | 07/20/34 | 33500 | 33500834 |
| &nbsp;&nbsp; Venture CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-28AA, Class A1RR, 144A, 3 Month SOFR + 1.110% (Cap N/A, Floor 1.110%) | 4.778(c) | 10/20/34 | 30000 | 29996160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-34A, Class AR, 144A, 3 Month SOFR + 1.280% (Cap N/A, Floor 1.280%) | 4.952(c) | 10/15/31 | 6645 | 6651236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-37A, Class A1RR, 144A, 3 Month SOFR + 1.250% (Cap N/A, Floor 1.250%) | 4.922(c) | 07/15/32 | 18440 | 18440850 |
| &nbsp;&nbsp; Voya CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-02A, Class A1R, 144A, 3 Month SOFR + 1.232% (Cap N/A, Floor 0.970%) | 4.900(c) | 04/25/31 | 49 | 48772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-03A, Class A1RR, 144A, 3 Month SOFR + 1.411% (Cap N/A, Floor 1.150%) | 5.081(c) | 10/18/31 | 3194 | 3195934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-01A, Class A1R, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.070%) | 4.999(c) | 01/20/31 | 135 | 134836 |
| &nbsp;&nbsp; Wellfleet CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A1R, 144A, 3 Month SOFR + 1.180% (Cap N/A, Floor 1.180%) | 4.848(c) | 04/20/34 | 25000 | 25002545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03A, Class AR, 144A, 3 Month SOFR + 1.200% (Cap N/A, Floor 1.200%) | 4.872(c) | 01/15/35 | 40000 | 40008964 |
| &nbsp;&nbsp; Whitebox CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03A, Class A1R, 144A, 3 Month SOFR + 1.270% (Cap N/A, Floor 1.270%) | 4.942(c) | 10/15/35 | 16100 | 16104146 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2328466870 |
| &nbsp;&nbsp; **Consumer Loans 0.2%** |  |  |  |  |
| &nbsp;&nbsp; OneMain Financial Issuance Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A1, 144A | 5.840 | 09/15/36 | 34900 | 35566203 |
| &nbsp;&nbsp; **Equipment 0.1%** |  |  |  |  |
| &nbsp;&nbsp; NMEF Funding LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-A, Class A2, 144A | 4.090 | 02/15/34 | 14000 | 14007004 |
| &nbsp;&nbsp; **Home Equity Loans 0.8%** |  |  |  |  |
| &nbsp;&nbsp; BRAVO Residential Funding Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES03, Class A1A, 144A | 5.036(cc) | 12/25/55 | 10858 | 10946645 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 285

------

PGIM Ultra Short Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest** <br> **Rate** | **Maturity <br>Date** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Home Equity Loans (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; COOPR Residential Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES02, Class A1A, 144A | 5.502%(cc) | 06/25/60 | 14179 | $14344183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES04, Class A1A, 144A | 5.040(cc) | 11/25/60 | 9879 | 9948811 |
| &nbsp;&nbsp; JPMorgan Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HE01, Class A1, 144A, 30 Day Average SOFR + 1.500% (Cap N/A, Floor 0.000%) | 5.162(c) | 08/25/54 | 4073 | 4084369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HE02, Class A1, 144A, 30 Day Average SOFR + 1.200% (Cap N/A, Floor 0.000%) | 4.862(c) | 10/20/54 | 4579 | 4584791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-HE03, Class A1, 144A, 30 Day Average SOFR + 1.350% (Cap N/A, Floor 0.000%) | 5.012(c) | 03/20/56 | 15748 | 15798195 |
| &nbsp;&nbsp; RCKT Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1A, 144A | 6.591(cc) | 05/25/44 | 5702 | 5784959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES03, Class A1A, 144A | 5.553(cc) | 03/25/55 | 8098 | 8193763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES11, Class A1A, 144A | 4.966(cc) | 11/25/55 | 11459 | 11547599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES12, Class A1A, 144A | 5.027(cc) | 11/25/55 | 13671 | 13750876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-CES01, Class A1A, 144A | 4.827(cc) | 01/25/56 | 9485 | 9530617 |
|  |  |  |  | 108514808 |
| &nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES**<br> (cost $2,650,743,169) |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2654491420 |
| &nbsp;&nbsp; **CERTIFICATES OF DEPOSIT 2.7%** |  |  |  |  |
| &nbsp;&nbsp; Bank of America NA, SOFR + 0.340% | 4.010(c) | 04/27/26 | 25000 | 25008660 |
| &nbsp;&nbsp; Bank of Montreal, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.390% | 4.060(c) | 08/20/26 | 17000 | 17015395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.400% | 4.070(c) | 08/28/26 | 15000 | 15012752 |
| &nbsp;&nbsp; Canadian Imperial Bank of Commerce, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.340% | 4.010(c) | 10/19/26 | 58000 | 58053946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.400% (Cap N/A, Floor 0.000%) | 4.070(c) | 08/03/26 | 35000 | 35040736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.430% | 4.100(c) | 05/08/26 | 17500 | 17512243 |
| &nbsp;&nbsp; Credit Agricole Corporate & Investment Bank, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.370% | 4.040(c) | 10/26/26 | 50000 | 50057665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.810% | 4.480(c) | 06/07/27 | 10000 | 10053314 |
| &nbsp;&nbsp; Natixis SA, SOFR + 0.620% | 4.290(c) | 10/29/26 | 10000 | 10025616 |
| &nbsp;&nbsp; Nordea Bank Abp, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.320% | 3.990(c) | 06/29/26 | 30000 | 30022179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.320% | 3.990(c) | 07/23/26 | 30000 | 30024414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.400% | 4.070(c) | 02/19/27 | 40000 | 40056118 |
| &nbsp;&nbsp; Royal Bank of Canada, SOFR + 0.350% (Cap N/A, Floor 0.000%) | 4.020(c) | 12/07/26 | 25000 | 25017335 |
| &nbsp;&nbsp; Toronto-Dominion Bank (The), SOFR + 0.350% | 4.020(c) | 07/06/26 | 25000 | 25016917 |
| &nbsp;&nbsp; **TOTAL CERTIFICATES OF DEPOSIT**<br> (cost $387,491,265) |  |  |  | 387917290 |
| &nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES 9.4%** |  |  |  |  |
| &nbsp;&nbsp; 3650R Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-PF01, Class A1 | 1.122 | 11/15/54 | 1251 | 1237134 |
| &nbsp;&nbsp; BANK, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK04, Class A3 | 3.362 | 05/15/50 | 35456 | 35180221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK05, Class A4 | 3.131 | 06/15/60 | 19670 | 19473229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK08, Class A3 | 3.229 | 11/15/50 | 17699 | 17437385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK09, Class A4 | 3.538 | 11/15/54 | 19848 | 19629241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BN10, Class A5 | 3.688 | 02/15/61 | 28130 | 27949135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BN13, Class A4 | 3.953 | 08/15/61 | 12284 | 12229808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN17, Class A3 | 3.456 | 04/15/52 | 3666 | 3615699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN18, Class A3 | 3.325 | 05/15/62 | 10700 | 10443835 |
| &nbsp;&nbsp; Bank of America Merrill Lynch Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-UB10, Class A4 | 3.170 | 07/15/49 | 10888 | 10865845 |
| &nbsp;&nbsp; BANK5, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-05YR1, Class A2 | 5.779 | 04/15/56 | 1516 | 1546780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-05YR1, Class A3 | 6.260(cc) | 04/15/56 | 3193 | 3311277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR7, Class A3 | 5.769 | 06/15/57 | 39500 | 41373568 |

---

See Notes to Financial Statements.

------

PGIM Ultra Short Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)** |  |  |  |  |
| &nbsp;&nbsp; Barclays Commercial Mortgage Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-05C23, Class A3 | 6.675%(cc) | 12/15/56 | 34875 | $36982765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C29, Class A3 | 5.208 | 09/15/57 | 12000 | 12404150 |
| &nbsp;&nbsp; Barings Issuer LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-SBP, Class A, 144A | 4.820 | 02/25/59 | 14000 | 14016682 |
| &nbsp;&nbsp; Benchmark Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B05, Class A2 | 4.077 | 07/15/51 | 522 | 519687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B05, Class A3 | 3.944 | 07/15/51 | 7100 | 7075479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-V02, Class A3 | 5.812(cc) | 05/15/55 | 16857 | 17420556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-V03, Class A3 | 6.363(cc) | 07/15/56 | 16734 | 17519292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V08, Class A3 | 6.189(cc) | 07/15/57 | 16100 | 17072290 |
| &nbsp;&nbsp; BMO Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-05C2, Class A3 | 7.055(cc) | 11/15/56 | 21175 | 22657278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C5, Class A3 | 5.857 | 02/15/57 | 31000 | 32565209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C6, Class A3 | 5.316 | 09/15/57 | 11330 | 11738287 |
| &nbsp;&nbsp; BX Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ACNT, Class A, 144A, 1 Month SOFR + 0.964% (Cap N/A, Floor 0.850%) | 4.624(c) | 11/15/38 | 70693 | 70670805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-CIP, Class A, 144A, 1 Month SOFR + 1.035% (Cap N/A, Floor 0.921%) | 4.695(c) | 12/15/38 | 69633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69611003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-XL02, Class A, 144A, 1 Month SOFR + 0.803% (Cap N/A, Floor 0.689%)(x) | 4.463(c) | 10/15/38 | 3477 | 3476324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-LP02, Class A, 144A, 1 Month SOFR + 1.013% (Cap N/A, Floor 1.013%) | 4.673(c) | 02/15/39 | 1976 | 1975831 |
| &nbsp;&nbsp; BX Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-LBA, Class AJV, 144A, 1 Month SOFR + 1.164% (Cap N/A, Floor 0.800%) | 4.824(c) | 02/15/36 | 9982 | 9976077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-LGCY, Class A, 144A, 1 Month SOFR + 0.620% (Cap N/A, Floor 0.506%) | 4.280(c) | 10/15/36 | 12690 | 12682069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-RISE, Class A, 144A, 1 Month SOFR + 0.862% (Cap N/A, Floor 0.748%) | 4.522(c) | 11/15/36 | 32207 | 32201634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-LBA06, Class A, 144A, 1 Month SOFR + 1.000% (Cap N/A, Floor 1.000%) | 4.660(c) | 01/15/39 | 83514 | 83559615 |
| &nbsp;&nbsp; CD Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-CD02, Class A3 | 3.248 | 11/10/49 | 1952 | 1941035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD03, Class A3 | 3.356 | 02/10/50 | 5090 | 5060619 |
| &nbsp;&nbsp; CFCRE Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C04, Class A4 | 3.283 | 05/10/58 | 601 | 599405 |
| &nbsp;&nbsp; CGMS Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-B01, Class A3 | 3.197 | 08/15/50 | 1437 | 1421356 |
| &nbsp;&nbsp; Citigroup Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GC31, Class A4 | 3.762 | 06/10/48 | 1598 | 1567796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C01, Class A3 | 2.944 | 05/10/49 | 85 | 84491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C02, Class A3 | 2.575 | 08/10/49 | 6320 | 6290725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C03, Class A4 | 3.154 | 11/15/49 | 15933 | 15793685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-P04, Class A2 | 2.450 | 07/10/49 | 316 | 315763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-P04, Class A3 | 2.646 | 07/10/49 | 10000 | 9965086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-P05, Class A3 | 2.684 | 10/10/49 | 3129 | 3107708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-P06, Class A4 | 3.458 | 12/10/49 | 10464 | 10416420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C04, Class A3 | 3.209 | 10/12/50 | 6400 | 6336489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-P07, Class A3 | 3.442 | 04/14/50 | 7559 | 7510185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-P08, Class A3 | 3.203 | 09/15/50 | 21272 | 21056264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GC46, Class AAB | 2.614 | 02/15/53 | 11293 | 11016932 |
| &nbsp;&nbsp; Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-CR04, Class A3 | 2.853 | 10/15/45 | 90 | 89364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-COR01, Class A4 | 3.091 | 10/10/49 | 11000 | 10910560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-COR03, Class A2 | 3.961 | 05/10/51 | 1590 | 1579114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC44, Class A2 | 2.827 | 08/15/57 | 12896 | 12567415 |
| &nbsp;&nbsp; CSAIL Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C06, Class A5 | 3.090 | 01/15/49 | 4883 | 4868678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C07, Class A4 | 3.210 | 11/15/49 | 2376 | 2368381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C08, Class A3 | 3.127 | 06/15/50 | 11367 | 11217708 |
| &nbsp;&nbsp; Deutsche Bank Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C01, Class A4 | 3.276 | 05/10/49 | 331 | 330049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C03, Class A4 | 2.632 | 08/10/49 | 5921 | 5902749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C03, Class A5 | 2.890 | 08/10/49 | 8353 | 8308418 |
| &nbsp;&nbsp; GS Mortgage Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GS02, Class A4 | 3.050 | 05/10/49 | 9874 | 9859174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GS03, Class A3 | 2.592 | 10/10/49 | 16975 | 16901323 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 287

------

PGIM Ultra Short Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)** |  |  |  |  |
| &nbsp;&nbsp; GS Mortgage Securities Trust, (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GS03, Class A4 | 2.850% | 10/10/49 | 11040 | $10945375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GS04, Class A3 | 3.178 | 11/10/49 | 4600 | 4577009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GS04, Class A4 | 3.442(cc) | 11/10/49 | 21278 | 21170402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-GS06, Class A2 | 3.164 | 05/10/50 | 14449 | 14284458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-GS07, Class A3 | 3.167 | 08/10/50 | 32020 | 31716995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-GS09, Class A4 | 3.992(cc) | 03/10/51 | 12005 | 11997639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC38, Class AAB | 3.835 | 02/10/52 | 1129 | 1126035 |
| &nbsp;&nbsp; JPMBB Commercial Mortgage Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C24, Class A5 | 3.639 | 11/15/47 | 717 | 706192 |
| &nbsp;&nbsp; JPMDB Commercial Mortgage Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C04, Class A2 | 2.882 | 12/15/49 | 2997 | 2979843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C07, Class A4 | 3.147 | 10/15/50 | 27730 | 27349944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C08, Class A3 | 3.944 | 06/15/51 | 4277 | 4253228 |
| &nbsp;&nbsp; JPMorgan Chase Commercial Mortgage Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-JP01, Class A5 | 3.914 | 01/15/49 | 887 | 883391 |
| &nbsp;&nbsp; Ladder Capital Commercial Mortgage Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-LC26, Class A4, 144A | 3.551 | 07/12/50 | 2960 | 2926335 |
| &nbsp;&nbsp; Morgan Stanley Bank of America Merrill Lynch Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C29, Class A4 | 3.325 | 05/15/49 | 3528 | 3508599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C30, Class A5 | 2.860 | 09/15/49 | 21635 | 21392468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C31, Class A4 | 2.840 | 11/15/49 | 6429 | 6396069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C33, Class A4 | 3.337 | 05/15/50 | 17000 | 16856903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C33, Class A5 | 3.599 | 05/15/50 | 17840 | 17723318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C34, Class A3 | 3.276 | 11/15/52 | 17500 | 17299100 |
| &nbsp;&nbsp; Morgan Stanley Capital I, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-HR02, Class A4 | 3.587 | 12/15/50 | 5395 | 5342122 |
| &nbsp;&nbsp; Morgan Stanley Capital I Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-BNK02, Class A3 | 2.791 | 11/15/49 | 13246 | 13128993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-L01, Class ASB | 4.238(cc) | 10/15/51 | 1917 | 1922131 |
| &nbsp;&nbsp; MTN Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-LPFL, Class A, 144A, 1 Month SOFR + 1.397% (Cap N/A, Floor 1.397%) | 5.057(c) | 03/15/39 | 2230 | 2230000 |
| &nbsp;&nbsp; NJ Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-GSP, Class A, 144A | 6.481(cc) | 01/06/29 | 5630 | 5934298 |
| &nbsp;&nbsp; One New York Plaza Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01NYP, Class A, 144A, 1 Month SOFR + 1.064% (Cap N/A, Floor 0.950%) | 4.724(c) | 01/15/36 | 16433 | 16032963 |
| &nbsp;&nbsp; Santander Commercial Mortgage Securities LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-BNC01, Class A2, 144A | 4.502 | 12/15/57 | 27659 | 27763136 |
| &nbsp;&nbsp; SREIT Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MFP02, Class A, 144A, 1 Month SOFR + 0.936% (Cap N/A, Floor 0.822%) | 4.596(c) | 11/15/36 | 25130 | 25122147 |
| &nbsp;&nbsp; UBS Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C04, Class A3 | 3.301 | 10/15/50 | 11831 | 11716988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C05, Class A4 | 3.212 | 11/15/50 | 5569 | 5495747 |
| &nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-BNK01, Class A2 | 2.399 | 08/15/49 | 6218 | 6184903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C35, Class A3 | 2.674 | 07/15/48 | 1241 | 1237829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C36, Class A3 | 2.807 | 11/15/59 | 11526 | 11451252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-NXS06, Class A4 | 2.918 | 11/15/49 | 2390 | 2374760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C38, Class A4 | 3.190 | 07/15/50 | 14714 | 14558968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C40, Class A3 | 3.317 | 10/15/50 | 10800 | 10671913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C41, Class A3 | 3.210 | 11/15/50 | 815 | 803871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C45, Class A3 | 3.920 | 06/15/51 | 23046 | 22972374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C1, Class A3 | 5.928 | 07/15/57 | 58870 | 62016278 |
| &nbsp;&nbsp; **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $1,317,633,455) |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1330859058 |

---

See Notes to Financial Statements.

------

PGIM Ultra Short Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS 39.6%** |  |  |  |  |
| &nbsp;&nbsp; **Aerospace & Defense 0.6%** |  |  |  |  |
| &nbsp;&nbsp; BAE Systems PLC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.000% | 03/26/27 | 10290 | $10412598 |
| &nbsp;&nbsp; General Dynamics Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.625 | 11/15/27 | 5120 | 5039356 |
| &nbsp;&nbsp; Howmet Aerospace, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.750 | 03/03/28 | 14400 | 14383989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.900 | 04/15/29 | 6200 | 6206668 |
| &nbsp;&nbsp; RTX Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.500 | 03/15/27 | 12000 | 11964722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.750 | 11/08/26 | 40000 | 40392741 |
|  |  |  |  | 88400074 |
| &nbsp;&nbsp; **Agriculture 0.9%** |  |  |  |  |
| &nbsp;&nbsp; Bunge Ltd. Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.100 | 01/07/28 | 6000 | 6029157 |
| &nbsp;&nbsp; Cargill, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.625 | 02/11/28 | 45700 | 46456344 |
| &nbsp;&nbsp; Philip Morris International, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.875 | 10/27/28 | 35000 | 35051174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.125 | 04/28/28 | 30000 | 30199929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.750 | 02/12/27 | 10000 | 10090294 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127826898 |
| &nbsp;&nbsp; **Auto Manufacturers 5.2%** |  |  |  |  |
| &nbsp;&nbsp; American Honda Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN, SOFR + 0.550% (Cap N/A, Floor 0.000%) | 4.235(c) | 05/11/26 | 44000 | 44006326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN, SOFR + 0.620% (Cap N/A, Floor 0.000%) | 4.319(c) | 12/11/26 | 35000 | 35046414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN, SOFR + 0.730% (Cap N/A, Floor 0.000%) | 4.442(c) | 03/08/27 | 35000 | 35109984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN, SOFR + 0.820% | 4.544(c) | 03/03/28 | 5000 | 5012825 |
| &nbsp;&nbsp; BMW US Capital LLC (Germany), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.150 | 08/11/27 | 16000 | 16070250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A, SOFR Index + 0.550% | 4.237(c) | 04/02/26 | 20000 | 20004039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.650 | 03/19/27 | 18900 | 19054353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.750 | 03/21/28 | 29800 | 30262076 |
| &nbsp;&nbsp; Daimler Truck Finance North America LLC (Germany), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.300 | 08/12/27 | 11200 | 11264457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A, SOFR + 0.840% | 4.519(c) | 01/13/28 | 16600 | 16626960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A, SOFR + 0.960% | 4.650(c) | 09/25/27 | 24000 | 24094325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.000 | 01/15/27 | 9070 | 9155994 |
| &nbsp;&nbsp; General Motors Financial Co., Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.200 | 10/27/28 | 20000 | 20074943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, SOFR Index + 1.050% | 4.731(c) | 07/15/27 | 30000 | 30065732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, SOFR Index + 1.170% | 4.857(c) | 04/04/28 | 17500 | 17585434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.000 | 07/15/27 | 4660 | 4720299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.050 | 04/04/28 | 17500 | 17838754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.400 | 04/06/26 | 8500 | 8509247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.400 | 05/08/27 | 9375 | 9522099 |
| &nbsp;&nbsp; Hyundai Capital America, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, SOFR + 1.030% | 4.720(c) | 09/24/27 | 9170 | 9207816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, SOFR + 1.040% | 4.730(c) | 03/19/27 | 16670 | 16743344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, SOFR + 1.040% | 4.730(c) | 06/24/27 | 40000 | 40236663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.850 | 03/25/27 | 14400 | 14530640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.875 | 11/01/27 | 5000 | 5067122 |
| &nbsp;&nbsp; Mercedes-Benz Finance North America LLC (Germany), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A, SOFR + 0.630% | 4.313(c) | 07/31/26 | 13000 | 13020822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A, SOFR + 0.780% (Cap N/A, Floor 0.000%) | 4.467(c) | 04/01/27 | 15000 | 15062356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A, SOFR + 0.850% | 4.536(c) | 11/15/27 | 15000 | 15049607 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 289

------

PGIM Ultra Short Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Auto Manufacturers (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; PACCAR Financial Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.550% | 03/03/28 | 50000 | $50922657 |
| &nbsp;&nbsp; Toyota Motor Credit Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.450 | 05/18/26 | 15000 | 15017935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, SOFR + 0.770% | 4.454(c) | 08/07/26 | 6000 | 6015713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 3.750 | 01/12/28 | 42000 | 42071585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN, SOFR Index + 0.450% | 4.129(c) | 04/10/26 | 10000 | 10002814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN, SOFR + 0.450% | 4.129(c) | 01/12/28 | 20000 | 20002996 |
| &nbsp;&nbsp; Volkswagen Group of America Finance LLC (Germany), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.450 | 09/11/27 | 12500 | 12555644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.950 | 03/25/27 | 8300 | 8360005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.050 | 03/27/28 | 16700 | 16968052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.000 | 11/16/26 | 50000 | 50631215 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735491497 |
| &nbsp;&nbsp; **Banks 7.4%** |  |  |  |  |
| &nbsp;&nbsp; ABN AMRO Bank NV (Netherlands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | 4.718 | 01/22/27 | 93000 | 93764162 |
| &nbsp;&nbsp; Australia & New Zealand Banking Group Ltd. (Australia), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, SOFR + 0.560% | 4.251(c) | 03/18/26 | 13500 | 13502430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, SOFR + 0.810% | 4.492(c) | 01/18/27 | 33600 | 33770658 |
| &nbsp;&nbsp; Bank of Montreal (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 2.650 | 03/08/27 | 15766 | 15598371 |
| &nbsp;&nbsp; Bank of Nova Scotia (The) (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN, SOFR Index + 0.780% | 4.499(c) | 06/04/27 | 30000 | 30136584 |
| &nbsp;&nbsp; Banque Federative du Credit Mutuel SA (France), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A, SOFR + 1.130% | 4.813(c) | 01/23/27 | 10890 | 10962711 |
| &nbsp;&nbsp; Citibank NA, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.576 | 05/29/27 | 10000 | 10088807 |
| &nbsp;&nbsp; Commonwealth Bank of Australia (Australia), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.423 | 03/14/28 | 17400 | 17652549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN, SOFR + 0.640% | 4.332(c) | 03/14/28 | 20700 | 20790076 |
| &nbsp;&nbsp; Cooperatieve Rabobank UA (Netherlands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes | 3.957 | 10/17/28 | 22500 | 22623037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, SOFR + 0.590% | 4.271(c) | 10/17/28 | 22500 | 22550387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, SOFR Index + 0.620% | 4.306(c) | 08/28/26 | 12920 | 12943197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, SOFR Index + 0.710% | 4.425(c) | 03/05/27 | 15000 | 15054038 |
| &nbsp;&nbsp; Federation des Caisses Desjardins du Quebec (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN, SOFR + 0.630% | 4.313(c) | 01/27/27 | 83000 | 83207757 |
| &nbsp;&nbsp; JPMorgan Chase & Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.040(ff) | 01/23/28 | 36355 | 36661345 |
| &nbsp;&nbsp; Morgan Stanley Bank NA, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, SOFR + 0.685% | 4.366(c) | 10/15/27 | 30420 | 30495349 |
| &nbsp;&nbsp; National Australia Bank Ltd. (Australia), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, SOFR + 0.600% | 4.283(c) | 10/26/27 | 20000 | 20057730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN, SOFR + 0.500% | 4.212(c) | 03/06/28 | 25000 | 25009698 |
| &nbsp;&nbsp; National Bank of Canada (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN, SOFR + 0.670% (Cap N/A, Floor 0.000%) | 4.353(c) | 10/06/27 | 45000 | 44904685 |
| &nbsp;&nbsp; National Securities Clearing Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, SOFR + 0.570% | 4.257(c) | 05/20/27 | 9450 | 9471991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.350 | 05/20/27 | 29250 | 29458160 |
| &nbsp;&nbsp; NatWest Group PLC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.642(ff) | 06/14/27 | 52711 | 52351237 |
| &nbsp;&nbsp; NatWest Markets PLC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.174 | 11/06/28 | 63300 | 63630008 |
| &nbsp;&nbsp; Nordea Bank Abp (Finland), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A, SOFR + 0.740% | 4.430(c) | 03/19/27 | 5556 | 5573057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A, MTN | 4.375 | 03/17/28 | 24750 | 25024228 |

---

See Notes to Financial Statements.

------

PGIM Ultra Short Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Banks (cont'd.)**<br>|  |  |  |  |
| &nbsp;&nbsp; Nordea Bank Abp (Finland), (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A, MTN, SOFR + 0.700% | 4.391%(c) | 03/17/28 | 20000 | $20082522 |
| &nbsp;&nbsp; Royal Bank of Canada (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN, SOFR Index + 0.570% | 4.254(c) | 04/27/26 | 7027 | 7030526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN, SOFR Index + 0.950% | 4.632(c) | 01/19/27 | 20000 | 20116542 |
| &nbsp;&nbsp; Skandinaviska Enskilda Banken AB (Sweden), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | 4.375 | 06/02/28 | 35000 | 35409447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A, SOFR + 0.750% | 4.437(c) | 06/02/28 | 13500 | 13534560 |
| &nbsp;&nbsp; State Street Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.536 | 02/28/28 | 43400 | 44086855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.993 | 03/18/27 | 22500 | 22772217 |
| &nbsp;&nbsp; Svenska Handelsbanken AB (Sweden), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | 4.375 | 05/23/28 | 14000 | 14167996 |
| &nbsp;&nbsp; Toronto-Dominion Bank (The) (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.109 | 10/13/28 | 17500 | 17581137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, SOFR + 0.750% | 4.429(c) | 10/13/28 | 17500 | 17521002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 2.800 | 03/10/27 | 25000 | 24724555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 4.574 | 06/02/28 | 22500 | 22810298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN, SOFR + 0.910% | 4.597(c) | 06/02/28 | 7500 | 7543560 |
| &nbsp;&nbsp; UBS Group AG (Switzerland), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.550 | 04/17/26 | 10000 | 10007697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.125 | 04/15/26 | 10000 | 10001635 |
| &nbsp;&nbsp; Westpac Banking Corp. (Australia), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, SOFR + 0.500% | 4.212(c) | 03/06/28 | 25000 | 25019447 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1057692248 |
| &nbsp;&nbsp; **Beverages 0.7%** |  |  |  |  |
| &nbsp;&nbsp; Diageo Capital PLC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.300 | 10/24/27 | 15619 | 15978262 |
| &nbsp;&nbsp; Keurig Dr. Pepper, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.350 | 05/15/28 | 20000 | 20109760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, SOFR Index + 0.880% | 4.572(c) | 03/15/27 | 26000 | 26025525 |
| &nbsp;&nbsp; Molson Coors Beverage Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.000 | 07/15/26 | 7000 | 6973079 |
| &nbsp;&nbsp; PepsiCo, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.125 | 11/10/26 | 26000 | 26199454 |
|  |  |  |  | 95286080 |
| &nbsp;&nbsp; **Biotechnology 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Gilead Sciences, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.650 | 03/01/26 | 10000 | 10000000 |
| &nbsp;&nbsp; **Building Materials 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Owens Corning, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.500 | 06/15/27 | 7976 | 8122417 |
| &nbsp;&nbsp; **Chemicals 0.8%** |  |  |  |  |
| &nbsp;&nbsp; Air Products & Chemicals, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.300 | 06/11/28 | 37760 | 38220239 |
| &nbsp;&nbsp; Nutrien Ltd. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.500 | 03/12/27 | 50000 | 50286300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.200 | 06/21/27 | 20000 | 20300318 |
|  |  |  |  | 108806857 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 291

------

PGIM Ultra Short Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |
| &nbsp;&nbsp; **Commercial Services 0.0%** | &nbsp;&nbsp; **Commercial Services 0.0%** | &nbsp;&nbsp; **Commercial Services 0.0%** | &nbsp;&nbsp; **Commercial Services 0.0%** | &nbsp;&nbsp; **Commercial Services 0.0%** |
| &nbsp;&nbsp; Equifax, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.250% | 06/01/26 | 7600 | $7579413 |
| &nbsp;&nbsp; **Computers 0.6%** | &nbsp;&nbsp; **Computers 0.6%** | &nbsp;&nbsp; **Computers 0.6%** | &nbsp;&nbsp; **Computers 0.6%** | &nbsp;&nbsp; **Computers 0.6%** |
| &nbsp;&nbsp; Accenture Capital, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.900 | 10/04/27 | 22940 | 23034241 |
| &nbsp;&nbsp; International Business Machines Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.300 | 05/15/26 | 26510 | 26463490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.000 | 02/03/29 | 30000 | 30106895 |
|  |  |  |  | 79604626 |
| &nbsp;&nbsp; **Cosmetics/Personal Care 0.1%** | &nbsp;&nbsp; **Cosmetics/Personal Care 0.1%** | &nbsp;&nbsp; **Cosmetics/Personal Care 0.1%** | &nbsp;&nbsp; **Cosmetics/Personal Care 0.1%** | &nbsp;&nbsp; **Cosmetics/Personal Care 0.1%** |
| &nbsp;&nbsp; Unilever Capital Corp. (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.250 | 08/12/27 | 13650 | 13760588 |
| &nbsp;&nbsp; **Diversified Financial Services 1.7%** | &nbsp;&nbsp; **Diversified Financial Services 1.7%** | &nbsp;&nbsp; **Diversified Financial Services 1.7%** | &nbsp;&nbsp; **Diversified Financial Services 1.7%** | &nbsp;&nbsp; **Diversified Financial Services 1.7%** |
| &nbsp;&nbsp; American Express Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, SOFR + 0.590% | 4.275(c) | 02/09/29 | 24500 | 24508183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.389(ff) | 07/28/27 | 41656 | 41882717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.645(ff) | 04/23/27 | 34206 | 34281587 |
| &nbsp;&nbsp; Citigroup Global Markets Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN, SOFR + 0.700% (Cap N/A, Floor 0.000%) | 4.383(c) | 05/26/26 | 40000 | 40028747 |
| &nbsp;&nbsp; Intercontinental Exchange, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.950 | 12/01/28 | 12900 | 12929385 |
| &nbsp;&nbsp; Jefferies Financial Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 4.300 | 02/11/27 | 30000 | 30029358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 4.500 | 09/15/26 | 46000 | 45937476 |
| &nbsp;&nbsp; LSEG US Fin Corp. (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.875 | 03/28/27 | 7140 | 7204226 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236801679 |
| &nbsp;&nbsp; **Electric 2.0%** | &nbsp;&nbsp; **Electric 2.0%** | &nbsp;&nbsp; **Electric 2.0%** | &nbsp;&nbsp; **Electric 2.0%** | &nbsp;&nbsp; **Electric 2.0%** |
| &nbsp;&nbsp; Alliant Energy Finance LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.400 | 06/06/27 | 10710 | 10854712 |
| &nbsp;&nbsp; Constellation Energy Generation LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.900 | 01/08/28 | 21500 | 21506055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, SOFR + 0.600% | 4.279(c) | 01/08/28 | 8600 | 8613934 |
| &nbsp;&nbsp; DTE Electric Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage | 4.850 | 12/01/26 | 42750 | 43089684 |
| &nbsp;&nbsp; DTE Energy Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.950 | 07/01/27 | 14625 | 14797405 |
| &nbsp;&nbsp; Duke Energy Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.850 | 01/05/27 | 9333 | 9404340 |
| &nbsp;&nbsp; Duke Energy Progress LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 4.350 | 03/06/27 | 30000 | 30193376 |
| &nbsp;&nbsp; Florida Power & Light Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.450 | 05/15/26 | 16500 | 16512122 |
| &nbsp;&nbsp; Georgia Power Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.000 | 10/01/28 | 21000 | 21112258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.004 | 02/23/27 | 10680 | 10798473 |
| &nbsp;&nbsp; NextEra Energy Capital Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, SOFR Index + 0.800% | 4.484(c) | 02/04/28 | 11000 | 11063182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.685 | 09/01/27 | 20000 | 20228270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.850 | 02/04/28 | 11000 | 11201050 |
| &nbsp;&nbsp; Southern California Edison Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 4.400 | 09/06/26 | 18000 | 18022917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 5.350 | 03/01/26 | 12000 | 12000000 |

---

See Notes to Financial Statements.

------

PGIM Ultra Short Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |
| &nbsp;&nbsp; **Electric (cont'd.)** | &nbsp;&nbsp; **Electric (cont'd.)** | &nbsp;&nbsp; **Electric (cont'd.)** | &nbsp;&nbsp; **Electric (cont'd.)** | &nbsp;&nbsp; **Electric (cont'd.)** | &nbsp;&nbsp; **Electric (cont'd.)** |
| &nbsp;&nbsp; Virginia Electric & Power Co., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B | 2.950% | 11/15/26 | 19306 | $| 19186797 |
|  |  |  |  |  | 278584575 |
| &nbsp;&nbsp; **Electronics 1.2%** | &nbsp;&nbsp; **Electronics 1.2%** | &nbsp;&nbsp; **Electronics 1.2%** | &nbsp;&nbsp; **Electronics 1.2%** | &nbsp;&nbsp; **Electronics 1.2%** | &nbsp;&nbsp; **Electronics 1.2%** |
| &nbsp;&nbsp; Amphenol Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.800 | 11/15/27 | 25600 |  | 25624412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.900 | 11/15/28 | 12800 |  | 12831352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.375 | 06/12/28 | 36000 |  | 36457303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.050 | 04/05/27 | 29290 |  | 29664744 |
| &nbsp;&nbsp; Fortive Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.150 | 06/15/26 | 25000 |  | 24915154 |
| &nbsp;&nbsp; Honeywell International, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.650 | 07/30/27 | 34000 |  | 34409553 |
|  |  |  |  |  | 163902518 |
| &nbsp;&nbsp; **Foods 1.3%** | &nbsp;&nbsp; **Foods 1.3%** | &nbsp;&nbsp; **Foods 1.3%** | &nbsp;&nbsp; **Foods 1.3%** | &nbsp;&nbsp; **Foods 1.3%** | &nbsp;&nbsp; **Foods 1.3%** |
| &nbsp;&nbsp; Hershey Co. (The), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.550 | 02/24/28 | 12000 |  | 12202408 |
| &nbsp;&nbsp; Mars, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.450 | 03/01/27 | 30000 |  | 30249365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.600 | 03/01/28 | 40000 |  | 40602821 |
| &nbsp;&nbsp; McCormick & Co., Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.150 | 02/15/29 | 10300 |  | 10370858 |
| &nbsp;&nbsp; Mondelez International, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.625 | 03/17/27 | 13909 |  | 13736103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.250 | 05/06/28 | 47700 |  | 48029981 |
| &nbsp;&nbsp; Nestle Holdings, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.250 | 03/13/26 | 20000 |  | 20008093 |
| &nbsp;&nbsp; Sysco Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.300 | 07/15/26 | 14000 |  | 13959228 |
|  |  |  |  |  | 189158857 |
| &nbsp;&nbsp; **Forest Products & Paper 0.0%** | &nbsp;&nbsp; **Forest Products & Paper 0.0%** | &nbsp;&nbsp; **Forest Products & Paper 0.0%** | &nbsp;&nbsp; **Forest Products & Paper 0.0%** | &nbsp;&nbsp; **Forest Products & Paper 0.0%** | &nbsp;&nbsp; **Forest Products & Paper 0.0%** |
| &nbsp;&nbsp; Georgia-Pacific LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.400 | 06/30/28 | 6000 |  | 6071039 |
| &nbsp;&nbsp; **Healthcare-Products 0.6%** | &nbsp;&nbsp; **Healthcare-Products 0.6%** | &nbsp;&nbsp; **Healthcare-Products 0.6%** | &nbsp;&nbsp; **Healthcare-Products 0.6%** | &nbsp;&nbsp; **Healthcare-Products 0.6%** | &nbsp;&nbsp; **Healthcare-Products 0.6%** |
| &nbsp;&nbsp; Agilent Technologies, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.200 | 09/09/27 | 20800 |  | 20889879 |
| &nbsp;&nbsp; Smith & Nephew PLC (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.150 | 03/20/27 | 6133 |  | 6203111 |
| &nbsp;&nbsp; Stryker Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.550 | 02/10/27 | 30000 |  | 30223885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.700 | 02/10/28 | 22500 |  | 22832227 |
|  |  |  |  |  | 80149102 |
| &nbsp;&nbsp; **Healthcare-Services 0.5%** | &nbsp;&nbsp; **Healthcare-Services 0.5%** | &nbsp;&nbsp; **Healthcare-Services 0.5%** | &nbsp;&nbsp; **Healthcare-Services 0.5%** | &nbsp;&nbsp; **Healthcare-Services 0.5%** | &nbsp;&nbsp; **Healthcare-Services 0.5%** |
| &nbsp;&nbsp; Quest Diagnostics, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.600 | 12/15/27 | 7400 |  | 7492472 |
| &nbsp;&nbsp; Roche Holdings, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.265 | 11/13/26 | 60000 |  | 60478232 |
| &nbsp;&nbsp; UnitedHealth Group, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.400 | 06/15/28 | 10000 |  | 10118084 |
|  |  |  |  |  | 78088788 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 293

------

PGIM Ultra Short Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Insurance 3.3%** |  |  |  |  |
| &nbsp;&nbsp; Arthur J Gallagher & Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.600% | 12/15/27 | 23606 | $23822050 |
| &nbsp;&nbsp; Corebridge Global Funding, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 4.650 | 08/20/27 | 25000 | 25207276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, SOFR + 1.300% (Cap N/A, Floor 0.000%) | 4.991(c) | 09/25/26 | 30000 | 30146451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, MTN | 4.250 | 08/21/28 | 18200 | 18217980 |
| &nbsp;&nbsp; Marsh & McLennan Cos., Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, SOFR Index + 0.700% | 4.384(c) | 11/08/27 | 9110 | 9137588 |
| &nbsp;&nbsp; Metropolitan Life Global Funding I, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 4.150 | 08/25/28 | 15000 | 15106067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, MTN, SOFR Index + 0.700% | 4.397(c) | 06/11/27 | 19000 | 19069473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, SOFR Index + 0.570% | 4.249(c) | 04/09/26 | 14000 | 14004599 |
| &nbsp;&nbsp; New York Life Global Funding, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, SOFR + 0.550% | 4.247(c) | 06/11/27 | 40000 | 40086322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, MTN, SOFR + 0.670% | 4.357(c) | 04/02/27 | 55000 | 55233317 |
| &nbsp;&nbsp; Pacific Life Global Funding II, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, SOFR + 0.480% | 4.164(c) | 02/04/27 | 30000 | 30046227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, SOFR + 0.600% (Cap N/A, Floor 0.000%) | 4.291(c) | 03/27/26 | 23000 | 23005372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, SOFR + 0.750% (Cap N/A, Floor 0.000%) | 4.429(c) | 07/10/28 | 35000 | 35110485 |
| &nbsp;&nbsp; Principal Life Global Funding II, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 4.600 | 08/19/27 | 25000 | 25236907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.000 | 01/16/27 | 7714 | 7784859 |
| &nbsp;&nbsp; Protective Life Global Funding, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 4.335 | 09/13/27 | 20000 | 20150590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, SOFR + 0.850% (Cap N/A, Floor 0.000%) | 4.547(c) | 09/11/28 | 50000 | 50087304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 4.992 | 01/12/27 | 19000 | 19186371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, MTN, SOFR + 0.700% (Cap N/A, Floor 0.000%) | 4.379(c) | 04/10/26 | 10000 | 10002669 |
|  |  |  |  | 470641907 |
| &nbsp;&nbsp; **Internet 0.9%** |  |  |  |  |
| &nbsp;&nbsp; Alphabet, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.700 | 02/15/29 | 31300 | 31324412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.875 | 11/15/28 | 17300 | 17422770 |
| &nbsp;&nbsp; Amazon.com, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.900 | 11/20/28 | 30000 | 30166365 |
| &nbsp;&nbsp; Netflix, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.875 | 04/15/28 | 50150 | 51264263 |
|  |  |  |  | 130177810 |
| &nbsp;&nbsp; **Machinery-Construction & Mining 0.4%** |  |  |  |  |
| &nbsp;&nbsp; Caterpillar Financial Services Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 4.350 | 05/15/26 | 52000 | 52061189 |
| &nbsp;&nbsp; **Machinery-Diversified 0.4%** |  |  |  |  |
| &nbsp;&nbsp; CNH Industrial Capital LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.500 | 10/08/27 | 10500 | 10571526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.750 | 03/21/28 | 15750 | 15961251 |
| &nbsp;&nbsp; John Deere Capital Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN, SOFR + 0.440% | 4.164(c) | 03/06/26 | 21000 | 21000473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN, SOFR + 0.600% | 4.312(c) | 06/11/27 | 11635 | 11678235 |
|  |  |  |  | 59211485 |
| &nbsp;&nbsp; **Media 0.4%** |  |  |  |  |
| &nbsp;&nbsp; Comcast Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.350 | 01/15/27 | 55609 | 54910366 |

---

See Notes to Financial Statements.

------

PGIM Ultra Short Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest** <br> **Rate** | **Maturity** <br> **Date** | **Principal Amount** <br> **(000)#**  | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Mining 0.4%** |  |  |  |  |
| &nbsp;&nbsp; Glencore Funding LLC (Australia), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A, SOFR Index + 0.750% | 4.437%(c) | 10/01/26 | 20000 | $20032168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.907 | 04/01/28 | 12000 | 12208835 |
| &nbsp;&nbsp; Rio Tinto Finance USA PLC (Australia), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.375 | 03/12/27 | 10000 | 10073893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.500 | 03/14/28 | 12000 | 12158153 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54473049 |
| &nbsp;&nbsp; **Miscellaneous Manufacturing 0.3%** |  |  |  |  |
| &nbsp;&nbsp; Siemens Funding BV (Germany), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A, SOFR + 0.640% | 4.326(c) | 05/26/28 | 18000 | 18075240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.350 | 05/26/28 | 29900 | 30282630 |
|  |  |  |  | 48357870 |
| &nbsp;&nbsp; **Oil & Gas 0.7%** |  |  |  |  |
| &nbsp;&nbsp; Chevron USA, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.405 | 02/26/27 | 33900 | 34149562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.475 | 02/26/28 | 33900 | 34443650 |
| &nbsp;&nbsp; EOG Resources, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.400 | 07/15/28 | 20000 | 20260055 |
| &nbsp;&nbsp; Phillips 66 Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.550 | 10/01/26 | 6000 | 5985416 |
|  |  |  |  | 94838683 |
| &nbsp;&nbsp; **Oil & Gas Services 0.3%** |  |  |  |  |
| &nbsp;&nbsp; Schlumberger Holdings Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.900 | 05/17/28 | 22500 | 22511303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.000 | 05/29/27 | 23750 | 24072243 |
|  |  |  |  | 46583546 |
| &nbsp;&nbsp; **Pharmaceuticals 2.2%** |  |  |  |  |
| &nbsp;&nbsp; AbbVie, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.775 | 03/03/28 | 32000 | 32044076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, SOFR Index + 0.480% | 4.167(c) | 03/03/28 | 17100 | 17133503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.650 | 03/15/28 | 49500 | 50347820 |
| &nbsp;&nbsp; Astrazeneca Finance LLC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.800 | 02/26/27 | 25000 | 25231251 |
| &nbsp;&nbsp; Eli Lilly & Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, SOFR + 0.530% | 4.211(c) | 10/15/28 | 22000 | 22123008 |
| &nbsp;&nbsp; GlaxoSmithKline Capital PLC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.315 | 03/12/27 | 35000 | 35241136 |
| &nbsp;&nbsp; GlaxoSmithKline Capital, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.875 | 05/15/28 | 12000 | 12053396 |
| &nbsp;&nbsp; Johnson & Johnson, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.550 | 03/01/28 | 19800 | 20164541 |
| &nbsp;&nbsp; Merck & Co., Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.850 | 03/15/29 | 17100 | 17158523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, SOFR + 0.570% | 4.287(c) | 03/15/29 | 12800 | 12815146 |
| &nbsp;&nbsp; Novartis Capital Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.900 | 11/05/28 | 36800 | 36961819 |
| &nbsp;&nbsp; Pfizer Investment Enterprises Pte Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.450 | 05/19/28 | 3000 | 3042852 |
| &nbsp;&nbsp; Zoetis, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.150 | 08/17/28 | 34000 | 34256507 |
|  |  |  |  | 318573578 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 295

------

PGIM Ultra Short Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest** <br> **Rate** | **Maturity** <br> **Date** | **Principal Amount** <br> **(000)#**  | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Pipelines 2.0%** |  |  |  |  |
| &nbsp;&nbsp; Boardwalk Pipelines LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.950% | 06/01/26 | 62174 | $62174000 |
| &nbsp;&nbsp; Enbridge, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.600 | 06/20/28 | 15000 | 15219810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.250 | 04/05/27 | 19000 | 19250201 |
| &nbsp;&nbsp; Enterprise Products Operating LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.300 | 06/20/28 | 25500 | 25765294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.600 | 01/11/27 | 20000 | 20127485 |
| &nbsp;&nbsp; MPLX LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.750 | 03/01/26 | 19379 | 19379000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.125 | 03/01/27 | 7530 | 7537858 |
| &nbsp;&nbsp; ONEOK, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.000 | 07/13/27 | 6210 | 6214766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.250 | 09/24/27 | 52942 | 53187018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.550 | 11/01/26 | 20565 | 20746255 |
| &nbsp;&nbsp; Williams Cos., Inc. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.400 | 03/02/26 | 40000 | 40000000 |
|  |  |  |  | 289601687 |
| &nbsp;&nbsp; **Real Estate Investment Trusts (REITs) 0.6%** |  |  |  |  |
| &nbsp;&nbsp; Alexandria Real Estate Equities, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.800 | 04/15/26 | 3370 | 3368336 |
| &nbsp;&nbsp; Public Storage Operating Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, SOFR Index + 0.700% | 4.381(c) | 04/16/27 | 19773 | 19836833 |
| &nbsp;&nbsp; Realty Income Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.950 | 02/01/29 | 17300 | 17333777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.125 | 10/15/26 | 12500 | 12505910 |
| &nbsp;&nbsp; Ventas Realty LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.000 | 03/01/28 | 19755 | 19752109 |
| &nbsp;&nbsp; Weyerhaeuser Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.750 | 05/15/26 | 13336 | 13352904 |
|  |  |  |  | 86149869 |
| &nbsp;&nbsp; **Retail 1.8%** |  |  |  |  |
| &nbsp;&nbsp; Alimentation Couche-Tard, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.148 | 09/29/28 | 31500 | 31641866 |
| &nbsp;&nbsp; Home Depot, Inc. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.750 | 09/15/28 | 12000 | 12059995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.875 | 06/25/27 | 21700 | 22025116 |
| &nbsp;&nbsp; Lowe's Cos., Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.500 | 04/15/26 | 24000 | 23955855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.950 | 10/15/27 | 25000 | 25079353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.000 | 10/15/28 | 37450 | 37548832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.800 | 04/01/26 | 13500 | 13499122 |
| &nbsp;&nbsp; O'Reilly Automotive, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.750 | 11/20/26 | 10000 | 10105723 |
| &nbsp;&nbsp; Starbucks Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.500 | 05/15/28 | 30000 | 30345914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.850 | 02/08/27 | 34375 | 34656316 |
| &nbsp;&nbsp; Target Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.350 | 06/15/28 | 14000 | 14193481 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255111573 |
| &nbsp;&nbsp; **Semiconductors 0.7%** |  |  |  |  |
| &nbsp;&nbsp; Broadcom, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.800 | 04/15/28 | 68800 | 70185745 |

---

See Notes to Financial Statements.

------

PGIM Ultra Short Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest** <br> **Rate** | **Maturity** <br> **Date** | **Principal Amount** <br> **(000)#**  | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Semiconductors (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Intel Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.600% | 05/19/26 | 10181 | $10151262 |
| &nbsp;&nbsp; Microchip Technology, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.900 | 03/15/28 | 16000 | 16264562 |
|  |  |  |  | 96601569 |
| &nbsp;&nbsp; **Software 0.6%** |  |  |  |  |
| &nbsp;&nbsp; Cadence Design Systems, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.200 | 09/10/27 | 6300 | 6330442 |
| &nbsp;&nbsp; Fidelity National Information Services, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.150 | 03/01/26 | 5000 | 5000000 |
| &nbsp;&nbsp; Fiserv, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.150 | 03/15/27 | 17187 | 17352535 |
| &nbsp;&nbsp; Intuit, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.250 | 09/15/26 | 50000 | 50280140 |
| &nbsp;&nbsp; Roper Technologies, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.250 | 09/15/28 | 10000 | 10039067 |
|  |  |  |  | 89002184 |
| &nbsp;&nbsp; **Telecommunications 0.6%** |  |  |  |  |
| &nbsp;&nbsp; Cisco Systems, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.550 | 02/24/28 | 27500 | 27955623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.800 | 02/26/27 | 24828 | 25064208 |
| &nbsp;&nbsp; NTT Finance Corp. (Japan), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.567 | 07/16/27 | 35000 | 35315900 |
|  |  |  |  | 88335731 |
| &nbsp;&nbsp; **Transportation 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Ryder System, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 5.300 | 03/15/27 | 9483 | 9607190 |
| &nbsp;&nbsp; **Trucking & Leasing 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Penske Truck Leasing Co. LP/PTL Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.750 | 05/24/26 | 17500 | 17540157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS**<br> (cost $5,590,582,253) |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5627106699 |
| &nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES 2.9%** |  |  |  |  |
| &nbsp;&nbsp; Angel Oak Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-12, Class A1, 144A | 5.039(cc) | 12/25/70 | 19281 | 19379085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-13, Class A1, 144A | 4.929(cc) | 10/25/70 | 8989 | 9015332 |
| &nbsp;&nbsp; BRAVO Residential Funding Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM02, Class A1, 144A | 5.678(cc) | 11/25/64 | 22602 | 22853818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM06, Class A1, 144A | 5.333(cc) | 06/25/65 | 15962 | 16087773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM07, Class A1, 144A | 5.459(cc) | 07/25/65 | 6205 | 6269025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-NQM01, Class A1, 144A | 4.830(cc) | 12/25/65 | 18569 | 18601088 |
| &nbsp;&nbsp; COLT Mortgage Loan Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-12, Class A1, 144A | 4.983(cc) | 01/26/71 | 8633 | 8669839 |
| &nbsp;&nbsp; Credit Suisse Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-RPL01, Class A1A, 144A | 3.650(cc) | 07/25/58 | 2778 | 2743047 |
| &nbsp;&nbsp; Cross Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-H08, Class A1, 144A | 5.003(cc) | 11/25/70 | 11414 | 11465092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-H09, Class A1, 144A | 5.036(cc) | 11/25/70 | 23774 | 23880288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-H10, Class A1, 144A | 4.968(cc) | 01/25/71 | 10635 | 10670205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-NQM01, Class A1, 144A | 4.699(cc) | 02/25/61 | 10955 | 10941184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-NQM02, Class A1, 144A | 4.833(cc) | 03/25/61 | 10000 | 10007976 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 297

------

PGIM Ultra Short Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest** <br> **Rate** | **Maturity** <br> **Date** | **Principal Amount** <br> **(000)#**  | **Value** |
| &nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)** |  |  |  |  |
| &nbsp;&nbsp; GCAT Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM07, Class A1, 144A | 5.036%(cc) | 11/25/70 | 19026 | $19111916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-NQM01, Class A1, 144A | 4.789(cc) | 12/25/70 | 8000 | 8006154 |
| &nbsp;&nbsp; HOMES Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM05, Class A1, 144A | 5.027(cc) | 09/25/70 | 9390 | 9434882 |
| &nbsp;&nbsp; Morgan Stanley Residential Mortgage Loan Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-NQM01, Class A1, 144A | 4.809(cc) | 12/25/70 | 7132 | 7140404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-NQM02, Class A1, 144A | 4.734(cc) | 01/26/71 | 12000 | 12007380 |
| &nbsp;&nbsp; New Residential Mortgage Loan Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-NQM03, Class A1, 144A | 4.833(cc) | 02/25/66 | 8000 | 8006246 |
| &nbsp;&nbsp; OBX Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM04, Class A1, 144A | 5.400(cc) | 02/25/55 | 13762 | 13885161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM20, Class A1, 144A | 5.021(cc) | 10/25/65 | 8055 | 8105291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM21, Class A1, 144A | 4.989(cc) | 10/25/65 | 5835 | 5869319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM21, Class A1FC, 144A | 4.917(cc) | 10/25/65 | 24083 | 24164730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM23, Class A1, 144A | 4.872(cc) | 10/25/65 | 10608 | 10655013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-NQM01, Class A1, 144A | 4.846(cc) | 11/25/65 | 13367 | 13407086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-NQM02, Class A1, 144A | 4.818(cc) | 12/01/65 | 5850 | 5865731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-NQM03, Class A1, 144A | 4.652(cc) | 01/25/66 | 10400 | 10395727 |
| &nbsp;&nbsp; Towd Point Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02, Class A1, 144A | 3.250(cc) | 03/25/58 | 1460 | 1448784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-05, Class A1A, 144A | 3.250(cc) | 07/25/58 | 1578 | 1566097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SJ01, Class A1, 144A | 2.250(cc) | 07/25/68 | 3532 | 3440389 |
| &nbsp;&nbsp; Verus Securitization Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-10, Class A1FC, 144A | 5.017(cc) | 06/25/70 | 56529 | 56787217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-01, Class A1, 144A | 4.863(cc) | 01/25/71 | 13901 | 13970213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-R01, Class A1, 144A | 4.832(cc) | 10/25/67 | 8138 | 8181995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br> (cost $410,712,321) |  |  |  | 412033487 |
| &nbsp;&nbsp; **U.S. TREASURY OBLIGATIONS(k) 0.3%** |  |  |  |  |
| &nbsp;&nbsp; U.S. Treasury Notes | 4.125 | 11/15/27 | 31000 | 31359648 |
| &nbsp;&nbsp; U.S. Treasury Notes | 4.250 | 01/15/28 | 2000 | 2030391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $32,925,285) |  |  |  | 33390039 |
|  |  |  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares**  |  |
| &nbsp;&nbsp; **AFFILIATED EXCHANGE-TRADED FUND 1.6%** |  |  |  |  |
| &nbsp;&nbsp; **Fixed Income** |  |  |  |  |
| &nbsp;&nbsp; PGIM AAA CLO ETF |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $230,902,454)(wa) |  |  | 4500000 | 231615000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS**<br> (cost $10,620,990,202) |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10677412993 |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 24.2%** |  |  |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND 0.8%** |  |  |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.787%) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $112,542,444)(wa) |  |  | 112542444 | 112542444 |
|  | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount<br>(000)#** |  |
| &nbsp;&nbsp; **CERTIFICATES OF DEPOSIT 2.8%** |  |  |  |  |
| &nbsp;&nbsp; Bank of Nova Scotia, SOFR + 0.350% (Cap N/A, Floor 0.000%) | 4.020%(c) | 12/04/26 | 50000 | 50028850 |
| &nbsp;&nbsp; BNP Paribas SA, SOFR + 0.360% | 4.030(c) | 11/05/26 | 50000 | 50037470 |
| &nbsp;&nbsp; Intesa Sanpaolo SpA | 4.270 | 06/30/26 | 102500 | 102601782 |
| &nbsp;&nbsp; Natixis SA, SOFR + 0.360% | 4.030(c) | 10/09/26 | 65000 | 65053846 |

---

See Notes to Financial Statements.

------

PGIM Ultra Short Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount**<br> **(000)#**  | **Value** |
| &nbsp;&nbsp; **CERTIFICATES OF DEPOSIT (Continued)** |  |  |  |  |
| &nbsp;&nbsp; Svenska Handelsbanken, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.310% (Cap N/A, Floor 0.000%) | 3.980%(c) | 09/16/26 | 25000 | $25015418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.310% (Cap N/A, Floor 0.000%) | 3.980(c) | 09/24/26 | 25000 | 25015685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.400% | 4.070(c) | 04/15/26 | 24500 | 24509391 |
| &nbsp;&nbsp; Swedbank AB, SOFR + 0.310% | 3.980(c) | 09/16/26 | 9000 | 9006833 |
| &nbsp;&nbsp; Toronto-Dominion Bank (The), SOFR + 0.450% | 4.120(c) | 04/23/26 | 27000 | 27015112 |
| &nbsp;&nbsp; Westpac Banking Corp., SOFR + 0.320% | 3.990(c) | 07/02/26 | 25000 | 25013455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL CERTIFICATES OF DEPOSIT**<br> (cost $403,000,000) |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403297842 |
| &nbsp;&nbsp; **COMMERCIAL PAPER 20.6%** |  |  |  |  |
| &nbsp;&nbsp; Agree LP, 144A | 3.849(n) | 03/19/26 | 30000 | 29931369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.868(n) | 03/11/26 | 12000 | 11983696 |
| &nbsp;&nbsp; Alexandria Real Estate Equities, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.989(n) | 03/13/26 | 106480 | 106318342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.998(n) | 03/06/26 | 103000 | 102921947 |
| &nbsp;&nbsp; Alimentation Couche-Tard, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.858(n) | 03/04/26 | 21000 | 20988717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.861(n) | 03/16/26 | 5000 | 4990798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.862(n) | 03/05/26 | 25000 | 24983858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.916(n) | 04/07/26 | 30000 | 29873154 |
| &nbsp;&nbsp; American Honda Finance Corp. | 3.907(n) | 04/10/26 | 17000 | 16923721 |
| &nbsp;&nbsp; Amrize Finance US LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.892(n) | 03/17/26 | 8500 | 8483752 |
| &nbsp;&nbsp; Bank of America Securities, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.320% | 4.000(c) | 05/28/26 | 35000 | 35013363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.330% | 4.000(c) | 08/05/26 | 25000 | 25014208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.350% | 4.030(c) | 10/28/26 | 14500 | 14508629 |
| &nbsp;&nbsp; Bank of Montreal, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A, SOFR + 0.210% | 3.880(c) | 09/01/26 | 17500 | 17499984 |
| &nbsp;&nbsp; Bayer Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A | 4.638(n) | 08/05/26 | 30000 | 29495175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A | 4.746(n) | 07/20/26 | 31000 | 30529978 |
| &nbsp;&nbsp; CABOT Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.859(n) | 03/12/26 | 17000 | 16976547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.873(n) | 03/31/26 | 32500 | 32389377 |
| &nbsp;&nbsp; Carrier Global Corp. | 3.863(n) | 03/27/26 | 40000 | 39880816 |
| &nbsp;&nbsp; Carrier Global Corp. | 3.867(n) | 03/30/26 | 29000 | 28904364 |
| &nbsp;&nbsp; CBRE Services, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.872(n) | 03/25/26 | 70000 | 69806268 |
| &nbsp;&nbsp; Consolidated Edison, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.939(n) | 03/18/26 | 80000 | 79839688 |
| &nbsp;&nbsp; E.ON SE, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.800(n) | 04/02/26 | 20000 | 19927630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.842(n) | 05/07/26 | 19000 | 18860525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.843(n) | 03/09/26 | 9000 | 8990520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.857(n) | 05/26/26 | 30000 | 29719134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.888(n) | 05/12/26 | 14000 | 13889781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.896(n) | 05/19/26 | 50000 | 49569125 |
| &nbsp;&nbsp; ERP Operating LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.563(n) | 03/23/26 | 30000 | 29923335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.858(n) | 03/16/26 | 35000 | 34936877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.859(n) | 03/11/26 | 11000 | 10986069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.860(n) | 03/24/26 | 25000 | 24933460 |
| &nbsp;&nbsp; Essential Utilities, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.634(n) | 03/05/26 | 101500 | 101435984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.801(n) | 03/02/26 | 15000 | 14995250 |
| &nbsp;&nbsp; Glencore Funding LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.801(n) | 03/12/26 | 5650 | 5642057 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 299

------

PGIM Ultra Short Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount**<br> **(000)#**  | **Value** |
| &nbsp;&nbsp; **COMMERCIAL PAPER (Continued)** |  |  |  |  |
| &nbsp;&nbsp; Glencore Funding LLC, (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.890%(n) | 03/18/26 | 52000 | $51892812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A | 4.070(n) | 03/24/26 | 50000 | 49864065 |
| &nbsp;&nbsp; Healthpeak OP LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.861(n) | 03/18/26 | 60000 | 59877864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.910(n) | 03/25/26 | 65000 | 64818695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.955(n) | 04/01/26 | 10000 | 9964608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.985(n) | 04/02/26 | 36500 | 36366892 |
| &nbsp;&nbsp; Holcim Finance US LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.595(n) | 03/16/26 | 60000 | 59891790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.613(n) | 03/18/26 | 40000 | 39919208 |
| &nbsp;&nbsp; Howmet Aerospace, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.892(n) | 03/03/26 | 11500 | 11495077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.892(n) | 03/10/26 | 20000 | 19976308 |
| &nbsp;&nbsp; Hyundai Capital America, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.898(n) | 04/10/26 | 5000 | 4977635 |
| &nbsp;&nbsp; Imperial Brands Finance PLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.565(n) | 03/13/26 | 35500 | 35446679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.856(n) | 03/11/26 | 25000 | 24967845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.873(n) | 03/04/26 | 30000 | 29984007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.889(n) | 03/12/26 | 40000 | 39944240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.940(n) | 04/24/26 | 30000 | 29820147 |
| &nbsp;&nbsp; ING (U.S.) Funding LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A, SOFR + 0.340% | 4.010(c) | 07/06/26 | 45000 | 45021487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A, SOFR + 0.340% | 4.010(c) | 08/18/26 | 10000 | 10004168 |
| &nbsp;&nbsp; Intuit, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.858(n) | 03/03/26 | 75000 | 74968395 |
| &nbsp;&nbsp; NextEra Energy Capital Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.845(n) | 03/25/26 | 10550 | 10520802 |
| &nbsp;&nbsp; NTT Finance Corp. | 3.879(n) | 03/19/26 | 30000 | 29936124 |
| &nbsp;&nbsp; NTT Finance Corp. | 3.889(n) | 03/18/26 | 60000 | 59878692 |
| &nbsp;&nbsp; Nutrien Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.834(n) | 03/03/26 | 10000 | 9995741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.834(n) | 03/04/26 | 42000 | 41977610 |
| &nbsp;&nbsp; ONE Gas, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.836(n) | 03/11/26 | 7000 | 6991018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.849(n) | 03/06/26 | 6500 | 6495159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.856(n) | 03/12/26 | 16700 | 16676762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.868(n) | 03/17/26 | 16000 | 15969016 |
| &nbsp;&nbsp; Phillips 66, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.872(n) | 03/19/26 | 35000 | 34924893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.872(n) | 03/20/26 | 30000 | 29932374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.873(n) | 03/23/26 | 35000 | 34909864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.902(n) | 03/26/26 | 10000 | 9971039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.903(n) | 03/27/26 | 17500 | 17447448 |
| &nbsp;&nbsp; PPG Industries, Inc. | 3.653(n) | 03/27/26 | 20000 | 19940408 |
| &nbsp;&nbsp; Republic Services, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.837(n) | 03/16/26 | 50000 | 49909630 |
| &nbsp;&nbsp; Royal Bank of Canada, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A, SOFR + 0.340% | 4.010(c) | 10/30/26 | 58000 | 58040095 |
| &nbsp;&nbsp; Sempra, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.859(n) | 03/16/26 | 2500 | 2495480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.859(n) | 03/18/26 | 10500 | 10478736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.862(n) | 03/24/26 | 35000 | 34906603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.863(n) | 03/13/26 | 22000 | 21967350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.865(n) | 03/25/26 | 33000 | 32908428 |
| &nbsp;&nbsp; Skandinaviska Enskilda Banken AB, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A, SOFR + 0.310% | 3.980(c) | 09/08/26 | 30000 | 30018147 |
| &nbsp;&nbsp; Suncor Energy, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.703(n) | 03/19/26 | 106200 | 105973975 |

---

See Notes to Financial Statements.

------

PGIM Ultra Short Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | **Value** |
| &nbsp;&nbsp; **COMMERCIAL PAPER (Continued)** |  |  |  |  |
| &nbsp;&nbsp; Svenska Handelsbanken, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A, SOFR + 0.300% | 3.970%(c) | 10/19/26 | 45000 | $45024043 |
| &nbsp;&nbsp; Swedbank AB, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A, SOFR + 0.310% | 3.980(c) | 09/09/26 | 33500 | 33525470 |
| &nbsp;&nbsp; TransCanada PipeLines Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.901(n) | 03/30/26 | 55500 | 55316944 |
| &nbsp;&nbsp; UDR, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.852(n) | 03/03/26 | 15000 | 14993715 |
| &nbsp;&nbsp; Virginia Electric & Power Co. | 3.748(n) | 03/03/26 | 36100 | 36084856 |
| &nbsp;&nbsp; Virginia Electric & Power Co. | 3.835(n) | 03/10/26 | 38000 | 37956030 |
| &nbsp;&nbsp; Virginia Electric & Power Co. | 3.863(n) | 03/16/26 | 30000 | 29946204 |
| &nbsp;&nbsp; VW Credit, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A | 4.218(n) | 03/12/26 | 7500 | 7489509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A | 4.224(n) | 03/24/26 | 4500 | 4488023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A | 4.231(n) | 04/07/26 | 3600 | 3585051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A | 4.402(n) | 03/19/26 | 30000 | 29935959 |
| &nbsp;&nbsp; WEA Finance LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.632(n) | 03/20/26 | 18000 | 17958895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.676(n) | 03/13/26 | 25000 | 24962205 |
| &nbsp;&nbsp; Westpac Banking Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A, SOFR + 0.300% | 3.970(c) | 10/08/26 | 45000 | 45024309 |
| &nbsp;&nbsp; **TOTAL COMMERCIAL PAPER**<br> (cost $2,918,973,300) |  |  |  | 2918826027 |
| &nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $3,434,515,744) |  |  |  | 3434666313 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 99.4%**<br> (cost $14,055,505,946) |  |  |  | 14112079306 |
| &nbsp;&nbsp; Other assets in excess of liabilities(z) 0.6% |  |  |  | 92277073 |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14204356379 |

---

See the Glossary for a list of the abbreviation(s) used in the semiannual report.

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

(c) Variable rate instrument. The interest rate shown reflects the rate in effect at February 28, 2026.

(cc) Variable rate instrument. The rate shown is based on the latest available information as of February 28, 2026. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

(ff) Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.

(k) Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives.

(n) Rate shown reflects yield to maturity at purchased date.

(wa) Represents investments in Funds affiliated with the Manager.

(x) The following represents restricted securities that are acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer and is considered restricted as to disposition under federal securities law.

(x) Restricted Securities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Issuer** |<br>**Acquisition**<br>**Date** |<br>**Original**<br>**Cost** |<br>**Market**<br>**Value** | **Percentage**<br>**of**<br>**Net Assets** |
|  BX Commercial Mortgage Trust,<br>Series 2021-XL02, Class A, 144A, 1 Month SOFR + 0.803% (Cap N/A, Floor 0.689%), 4.463%(c), 10/15/38 | 07/29/25-08/14/25 | $3477411 | $3476324 | 0.0% |

---

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

See Notes to Financial Statements.

PGIM Fixed Income ETFs 301

------

PGIM Ultra Short Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

#### Interest rate swap agreements outstanding at February 28, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Notional** <br> **Amount** <br> **(000)#**  | **Termination**<br>**Date** | **Fixed**<br>**Rate** | **Floating**<br> **Rate** | **Value at**<br>**Trade Date** | **Value at**<br>**February 28,**<br>**2026** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
| **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** |
| 4700 | 03/02/26 | 4.030%(A) | 1 Day SOFR(1)(A)/ 3.680% | $(489) | $8906 | $9395 |
| 75000 | 05/17/26 | 3.535%(A) | 1 Day SOFR(1)(A)/ 3.680% |  | 402308 | 402308 |
| 73000 | 05/22/26 | 4.171%(A) | 1 Day SOFR(1)(A)/ 3.680% |  | (81691) | (81691) |
| 60000 | 08/18/26 | 4.442%(A) | 1 Day SOFR(1)(A)/ 3.680% | 60407 | (351911) | (412318) |
| 8700 | 08/21/26 | 3.781%(A) | 1 Day SOFR(1)(A)/ 3.680% | 409 | 5879 | 5470 |
| 18000 | 09/05/26 | 3.680%(A) | 1 Day SOFR(1)(A)/ 3.680% |  | 40242 | 40242 |
| 242500 | 09/14/26 | 4.550%(A) | 1 Day SOFR(1)(A)/ 3.680% | (73249) | (1673608) | (1600359) |
| 25000 | 11/20/26 | 4.077%(A) | 1 Day SOFR(1)(A)/ 3.680% |  | (109242) | (109242) |
| 299000 | 01/04/27 | 3.834%(A) | 1 Day SOFR(1)(A)/ 3.680% | 1159001 | (934377) | (2093378) |
| 86000 | 02/13/27 | 4.527%(A) | 1 Day SOFR(1)(A)/ 3.680% | (324305) | (919757) | (595452) |
| 217200 | 03/05/27 | 3.859%(A) | 1 Day SOFR(1)(A)/ 3.680% | (157366) | (169961) | (12595) |
| 92190 | 03/18/27 | 4.304%(A) | 1 Day SOFR(1)(A)/ 3.680% | (235135) | (936832) | (701697) |
| 35000 | 05/21/27 | 4.050%(A) | 1 Day SOFR(1)(A)/ 3.680% |  | (263003) | (263003) |
| 195450 | 05/23/27 | 4.463%(A) | 1 Day SOFR(1)(A)/ 3.680% | (624133) | (3091064) | (2466931) |
| 137230 | 08/09/27 | 3.600%(A) | 1 Day SOFR(1)(A)/ 3.680% | (261304) | (241551) | 19753 |
| 104740 | 09/12/27 | 3.212%(A) | 1 Day SOFR(1)(A)/ 3.680% | 107733 | 567521 | 459788 |
| 37300 | 11/15/27 | 3.630%(A) | 1 Day SOFR(1)(A)/ 3.680% | 122572 | (209182) | (331754) |
| 113970 | 11/25/27 | 4.000%(A) | 1 Day SOFR(1)(A)/ 3.680% | (902847) | (1492275) | (589428) |
| 36300 | 11/26/27 | 3.296%(A) | 1 Day SOFR(1)(A)/ 3.680% | (1637) | 22185 | 23822 |
| 70000 | 01/07/28 | 4.110%(A) | 1 Day SOFR(1)(A)/ 3.680% | 12334 | (1157035) | (1169369) |
| 299600 | 01/16/28 | 4.249%(A) | 1 Day SOFR(1)(A)/ 3.680% | (1147835) | (5818632) | (4670797) |
| 153115 | 02/27/28 | 3.860%(A) | 1 Day SOFR(1)(A)/ 3.680% | (1386839) | (1934463) | (547624) |
| 261800 | 06/30/28 | 3.445%(A) | 1 Day SOFR(1)(A)/ 3.680% | (432866) | (357408) | 75458 |
| 28300 | 01/29/29 | 3.370%(A) | 1 Day SOFR(1)(A)/ 3.680% | 3870 | (153497) | (157367) |
| 31300 | 02/12/29 | 3.338%(A) | 1 Day SOFR(1)(A)/ 3.680% |  | (147727) | (147727) |
| 118500 | 08/01/29 | 3.541%(A) | 1 Day SOFR(1)(A)/ 3.680% | (669997) | (1056506) | (386509) |
|  |  |  |  | $(4751676) | $(20052681) | $(15301005) |

---

(1) The Fund pays the fixed rate and receives the floating rate.

(2) The Fund pays the floating rate and receives the fixed rate.

#### Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:
Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:

---

| | | |
|:---|:---|:---|
| **Broker**  | **Cash and/or Foreign Currency** | **Securities Market Value** |
|  CGM | $6423000 | $22898719 |

---

#### Fair Value Measurements:
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of February 28, 2026 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Asset-Backed Securities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Automobiles | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $167936535 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Loan Obligations |  | 2328466870 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Loans |  | 35566203 |  |

---

See Notes to Financial Statements.

------

PGIM Ultra Short Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities (continued)** |  |  |  |
|  **Assets (continued)** |  |  |  |
|  **Long-Term Investments (continued)** |  |  |  |
|  Asset-Backed Securities (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equipment | $— | $14007004 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Equity Loans |  | 108514808 |  |
|  Certificates of Deposit |  | 387917290 |  |
|  Commercial Mortgage-Backed Securities |  | 1330859058 |  |
|  Corporate Bonds |  | 5627106699 |  |
|  Residential Mortgage-Backed Securities |  | 412033487 |  |
|  U.S. Treasury Obligations |  | 33390039 |  |
|  Affiliated Exchange-Traded Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | 231615000 |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Fund | 112542444 |  |  |
|  Certificates of Deposit |  | 403297842 |  |
|  Commercial Paper |  | 2918826027 |  |
|  **Total** | $**344157444** | $**13767921862** | $**—** |
|  **Other Financial Instruments\*** |  |  |  |
|  **Assets** |  |  |  |
|  Centrally Cleared Interest Rate Swap Agreements | $**—** | $**1036236** | $**—** |
|  **Liabilities** |  |  |  |
|  Centrally Cleared Interest Rate Swap Agreements | $**—** | $**(16337241)** | $**—** |

---

\* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forward foreign currency exchange contracts and centrally cleared swap contracts, which are recorded at unrealized appreciation (depreciation) on the instrument, and OTC swap contracts which are recorded at fair value. 

#### Industry Classification :
The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of February 28, 2026 were as follows:

---

| | |
|:---|:---|
|  Commercial Paper | 20.6 |
|  Collateralized Loan Obligations | 16.4 |
|  Commercial Mortgage-Backed Securities | 9.4 |
|  Banks | 7.4 |
|  Certificates of Deposit | 5.5 |
|  Auto Manufacturers | 5.2 |
|  Insurance | 3.3 |
|  Residential Mortgage-Backed Securities | 2.9 |
|  Pharmaceuticals | 2.2 |
|  Pipelines | 2.0 |
|  Electric | 2.0 |
|  Retail | 1.8 |
|  Diversified Financial Services | 1.7 |
|  Affiliated Exchange-Traded Fund | 1.6 |
|  Foods | 1.3 |
|  Automobiles | 1.2 |
|  Electronics | 1.2 |
|  Internet | 0.9 |
|  Agriculture | 0.9 |
|  Affiliated Mutual Fund | 0.8 |
|  Chemicals | 0.8 |
|  Home Equity Loans | 0.8 |
|  Semiconductors | 0.7 |
|  Beverages | 0.7 |
|  Oil & Gas | 0.7 |
|  Software | 0.6 |
|  Aerospace & Defense | 0.6 |
|  Telecommunications | 0.6 |

---

---

| | |
|:---|:---|
|  Real Estate Investment Trusts (REITs) | 0.6% |
|  Healthcare-Products | 0.6 |
|  Computers | 0.6 |
|  Healthcare-Services | 0.5 |
|  Machinery-Diversified | 0.4 |
|  Media | 0.4 |
|  Mining | 0.4 |
|  Machinery-Construction & Mining | 0.4 |
|  Miscellaneous Manufacturing | 0.3 |
|  Oil & Gas Services | 0.3 |
|  U.S. Treasury Obligations | 0.3 |
|  Consumer Loans | 0.2 |
|  Trucking & Leasing | 0.1 |
|  Equipment | 0.1 |
|  Cosmetics/Personal Care | 0.1 |
|  Biotechnology | 0.1 |
|  Transportation | 0.1 |
|  Building Materials | 0.1 |
|  Commercial Services | 0.0 \* |
|  Forest Products & Paper | 0.0 \* |
|  | 99.4 |
|  Other assets in excess of liabilities | 0.6 |
|  | 100.0% |

---

\* Less than 0.05%

See Notes to Financial Statements.

PGIM Fixed Income ETFs 303

------

PGIM Ultra Short Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

#### Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:
The Fund invested in derivative instruments during the reporting period. The primary type of risk associated with these derivative instruments is interest rate risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Fund's financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of February 28, 2026 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivatives not accounted for<br>as hedging instruments,**<br> **carried at fair value**  | **Statement of**<br> **Assets and**<br> **Liabilities Location** | **Fair<br> Value** | **Statement of**<br> **Assets and**<br> **Liabilities Location** | **Fair**<br> **Value** |
|  Interest rate contracts | Due from/to broker-variation<br>margin swaps | $1,036,236\* | Due from/to broker-variation margin swaps | $16,337,241\* |

---

\* Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

The effects of derivative instruments on the Statement of Operations for the six months ended February 28, 2026 are as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | &nbsp;&nbsp;&nbsp;&nbsp; **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | &nbsp;&nbsp;&nbsp;&nbsp; **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** |
| **Derivatives not accounted for as hedging<br><u>instruments, carried at fair value</u>** | **Futures** | **Swaps** |
|  Interest rate contracts | $68 | $6922108 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | &nbsp;&nbsp;&nbsp;&nbsp; **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | &nbsp;&nbsp;&nbsp;&nbsp; **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives not accounted for<br>as hedging instruments,<br><u>carried at fair value</u>** | **Futures** | **Swaps** |
|  Interest rate contracts | $3 | $(4651618) |

---

For the six months ended February 28, 2026, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Futures Contracts - Short Positions (1) | $3832500 |
|  Interest Rate Swap Agreements (1) | 3136745000 |

---

\* Average volume is based on average quarter end balances for the six months ended February 28, 2026.

(1) Notional Amount in USD.

See Notes to Financial Statements.

------

PGIM Ultra Short Bond ETF

Statement of Assets & Liabilities (unaudited)

as of February 28, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $13,712,061,048) | $13767921862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $343,444,898) | 344157444 |
| &nbsp;&nbsp; Dividends and interest receivable | 86208050 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 53501343 |
| &nbsp;&nbsp; Receivable for investments sold | 19573000 |
| &nbsp;&nbsp; Deposit with broker for centrally cleared/exchange-traded derivatives | 6423000 |
| &nbsp;&nbsp; Tax reclaim receivable | 113376 |
| &nbsp;&nbsp; Other assets | 58342 |
| &nbsp;&nbsp; **Total Assets** | 14277956417 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Payable for investments purchased | 69674938 |
| &nbsp;&nbsp; Due to broker—variation margin swaps | 2352703 |
| &nbsp;&nbsp; Management fee payable | 1572397 |
| &nbsp;&nbsp; **Total Liabilities** | 73600038 |
| &nbsp;&nbsp; **Net Assets** | $14204356379 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $285400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 14154567629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 49503350 |
| &nbsp;&nbsp; **Net assets, February 28, 2026** | $14204356379 |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share, |  |
| &nbsp;&nbsp; ($14,204,356,379 ÷ 285,400,000 shares of common stock issued and outstanding) | $49.77 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 305

------

PGIM Ultra Short Bond ETF

Statement of Operations (unaudited)

Six Months Ended February 28, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Income |  |
| &nbsp;&nbsp; Interest income | $296242168 |
| &nbsp;&nbsp; Affiliated dividend income | 8646053 |
| &nbsp;&nbsp; **Total income** | 304888221 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 9828868 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (157284) |
| &nbsp;&nbsp; **Net expenses** | 9671584 |
| &nbsp;&nbsp; Net investment income (loss) | 295216637 |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions** |  |
| &nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions | 1777037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreement transactions | 6922108 |
|  | 8699213 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments (including affiliated of $78,240) | 2914817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | (4651618) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | (1) |
|  | (1736799) |
| &nbsp;&nbsp; Net gain (loss) on investment and foreign currency transactions | 6962414 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $302179051 |

---

See Notes to Financial Statements.

------

PGIM Ultra Short Bond ETF

Statements of Changes in Net Assets (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended**<br> **February 28, 2026** | **Year Ended<br>August 31, 2025** |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $295216637 | $496538915 |
| &nbsp;&nbsp; Net realized gain (loss) on investment and foreign currency transactions | 8699213 | 30476927 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currencies | (1736799) | (5738261) |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 302179051 | 521277581 |
| &nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp; Distributions from distributable earnings | (312031545) | (494923993) |
| &nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold (53,925,000 and 144,725,000 shares, respectively) | 2680750790 | 7184545170 |
| &nbsp;&nbsp; Cost of shares purchased (17,550,000 and 46,575,000 shares, respectively) | (873119764) | (2311412771) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 1807631026 | 4873132399 |
| &nbsp;&nbsp; Total increase (decrease) | 1797778532 | 4899485987 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of period | 12406577847 | 7507091860 |
| &nbsp;&nbsp; End of period | $14204356379 | $12406577847 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 307

------

PGIM Ultra Short Bond ETF

Financial Highlights (unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br>Ended**<br>**February 28, 2026** | **Year Ended**<br> **August 31,** | **Year Ended**<br> **August 31,** | **Year Ended**<br> **August 31,** | **Year Ended**<br> **August 31,** | **Year Ended**<br> **August 31,** |
|  | **Six Months<br>Ended**<br>**February 28, 2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $49.82 | $49.76 | $49.49 | $49.17 | $49.71 | $49.93 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 1.11 | 2.43 | 2.61 | 2.09 | 0.62 | 0.64 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.03 | 0.13 | 0.50 | 0.46 | (0.52) | (0.15) |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.14 | 2.56 | 3.11 | 2.55 | 0.10 | 0.49 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (1.19) | (2.50) | (2.84) | (2.23) | (0.64) | (0.71) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $49.77 | $49.82 | $49.76 | $49.49 | $49.17 | $49.71 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 2.32% | 5.28% | 6.51% | 5.31% | 0.21% | 0.98% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $14204356 | $12406578 | $7507092 | $5283802 | $2442325 | $1876539 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $13213695 | $10146461 | $6218491 | $3951487 | $2267793 | $1320282 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.15 %<sup>(d)</sup> | 0.15% | 0.15% | 0.15% | 0.15% | 0.15% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.15 %<sup>(d)</sup> | 0.15% | 0.15% | 0.15% | 0.15% | 0.15% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 4.51 %<sup>(d)</sup> | 4.89% | 5.27% | 4.24% | 1.25% | 1.27% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 23% | 39% | 40% | 25% | 9% | 10% |

---

(a) Calculated based on average shares outstanding during the period.

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(c) Does not include expenses of the underlying funds in which the Fund invests.

(d) Annualized.

(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

See Notes to Financial Statements.

------

PGIM Ultra Short Municipal Bond ETF

Schedule of Investments (unaudited)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal <br>Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 97.4%** |  |  |  |  |
| &nbsp;&nbsp; **MUNICIPAL BONDS** |  |  |  |  |
| &nbsp;&nbsp; **Alabama 4.1%** |  |  |  |  |
| &nbsp;&nbsp; Alabama Hsg. Fin. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forest Hills Vlg. Proj., Series A (Mandatory put date 11/01/26) | 5.000%(cc) | 11/01/27 | 200 | $202925 |
| &nbsp;&nbsp; Black Belt Energy Gas Dist. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gas Proj., Series F | 5.000 | 12/01/28 | 400 | 420593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proj. No. 5, Series A-1 (Mandatory put date 10/01/26) | 4.000(cc) | 10/01/49 | 680 | 683713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B-1 (Mandatory put date 10/01/27) | 4.000(cc) | 04/01/53 | 545 | 552935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C-1 (Mandatory put date 06/01/29) | 5.250(cc) | 02/01/53 | 125 | 133511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D1, Rfdg. (Mandatory put date 06/01/27) | 4.000(cc) | 07/01/52 | 160 | 162224 |
| &nbsp;&nbsp; Lower Alabama Gas Dist. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 5.000 | 09/01/27 | 400 | 412770 |
| &nbsp;&nbsp; Southeast Energy Auth. Cooperative Dist. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proj. No. 5, Series A (Mandatory put date 07/01/29) | 5.250(cc) | 01/01/54 | 150 | 159913 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2728584 |
| &nbsp;&nbsp; **Arizona 3.4%** |  |  |  |  |
| &nbsp;&nbsp; Arizona Indl. Dev. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ironwood Ranch Apts. Proj. (Mandatory put date 09/01/26) | 5.000(cc) | 02/01/58 | 1280 | 1295887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Ranches at Gunsmoke Proj. (Mandatory put date 11/01/26) | 5.000(cc) | 03/01/58 | 350 | 355919 |
| &nbsp;&nbsp; Chandler Indl. Dev. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intel Corp. Proj., AMT, Rmkt. (Mandatory put date 06/01/29) | 4.000(cc) | 06/01/49 | 160 | 162815 |
| &nbsp;&nbsp; Glendale Indl. Dev. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Midwest Univ. Foundation, Sr. Series A, AMT | 5.000 | 07/01/27 | 340 | 347778 |
| &nbsp;&nbsp; La Paz Cnty. Indl. Dev. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chrt. Sch. Solutions Harmony Pub. Sch. Proj. | 5.000 | 02/15/28 | 145 | 149043 |
|  |  |  |  | 2311442 |
| &nbsp;&nbsp; **California 9.9%** |  |  |  |  |
| &nbsp;&nbsp; California Cmnty. Choice Fing. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sustainable Bonds, Series D (Mandatory put date 11/01/28) | 5.500(cc) | 05/01/54 | 220 | 234295 |
| &nbsp;&nbsp; California Cnty. Tob. Securitization Agcy. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sonoma Cnty. Securitization Corp., Series A, Rfdg. | 5.000 | 06/01/27 | 325 | 335676 |
| &nbsp;&nbsp; California Hlth. Facs. Fing. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Providence St. Joseph Hlth., Series B, Rfdg. (Mandatory put date 10/01/27) | 5.000(cc) | 10/01/39 | 630 | 652025 |
| &nbsp;&nbsp; California Infrast. & Econ. Dev. Bank Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brightline West Passanger Rail Proj., Series C, 144A, AMT (Mandatory put date 11/02/26) | 3.500(cc) | 01/01/65 | 250 | 250092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colburn Sch., Rfdg. (Mandatory put date 08/01/26) | 1.750(cc) | 08/01/55 | 1000 | 991851 |
| &nbsp;&nbsp; California Muni. Fin. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Lien, LINXS APM Proj., Series A, P3 Proj., AMT | 5.000 | 12/31/27 | 190 | 195096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terracina at Westpark Apts., Series A (Mandatory put date 08/01/27) | 3.200(cc) | 09/01/45 | 100 | 100553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wste. Mgmt., Inc., Rmkt., Series A, AMT (Mandatory put date 12/01/26) | 3.450(cc) | 12/01/44 | 200 | 200744 |
| &nbsp;&nbsp; California St., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CM Veterans Bond, GO, Rfdg., AMT | 3.150 | 12/01/26 | 775 | 775214 |
| &nbsp;&nbsp; Central Vlly. Energy Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nat. Gas Util. Imps. | 5.000 | 08/01/29 | 270 | 287471 |
| &nbsp;&nbsp; City of Los Angeles Dept. of Arpt. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rfdg., AMT | 5.000 | 05/15/27 | 330 | 341047 |
| &nbsp;&nbsp; Los Angeles Dept. of Arpts. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Series C, AMT | 5.000 | 05/15/32 | 285 | 297011 |
| &nbsp;&nbsp; Los Angeles Dept. of Wtr. & Pwr. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LA Dept. of Wtr. & Pwr. Sys., Series C | 5.000 | 07/01/26 | 200 | 201283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rfdg. | 5.000 | 07/01/27 | 160 | 165910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rfdg. | 5.000 | 07/01/28 | 175 | 183493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C | 4.000 | 07/01/26 | 475 | 477038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rfdg. | 5.000 | 07/01/26 | 425 | 428770 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 309

------

PGIM Ultra Short Municipal Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal <br>Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **MUNICIPAL BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **California (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; River Islands Pub. Fing. Auth., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spl. Tax, Cmnty. Facs. Dt. No. 2023-1 Impt. Area No. 3, Rfdg. | 5.000% | 09/01/27 | 100 | $102762 |
| &nbsp;&nbsp; Sacramento Cnty. Arpt. Sys. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rfdg., AMT | 5.000 | 07/01/31 | 395 | 415073 |
|  |  |  |  | 6635404 |
| &nbsp;&nbsp; **Colorado 2.7%** |  |  |  |  |
| &nbsp;&nbsp; Colorado Hlth. Facs. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commonspirit Hlth., Series A-1, Rfdg. | 5.000 | 08/01/26 | 260 | 262685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commonspirit Hlth., Series A-2, Rfdg. | 5.000 | 08/01/26 | 200 | 201902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commonspirit Hlth., Series B-2 (Mandatory put date 08/01/26) | 5.000(cc) | 08/01/49 | 175 | 175219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Covenant Living Communities & Svcs., Rfdg. | 5.000 | 12/01/27 | 245 | 253482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intermountain Healthcare, Series B, Rfdg. (Mandatory put date 08/17/26) | 5.000(cc) | 05/15/62 | 380 | 384500 |
| &nbsp;&nbsp; Univ. of Colorado Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Univ. Enterprise Rev., Green Bond Proj., Series C-3B, Rfdg. (Mandatory put date 10/15/26) | 2.000(cc) | 06/01/51 | 540 | 537563 |
|  |  |  |  | 1815351 |
| &nbsp;&nbsp; **Connecticut 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Connecticut St. Higher Ed. Supplement Loan Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chesla Loan Prog., Series B, AMT | 5.000 | 11/15/26 | 150 | 152041 |
| &nbsp;&nbsp; **District of Columbia 1.4%** |  |  |  |  |
| &nbsp;&nbsp; Dist. of Columbia Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Children's Hosp. Rfdg. | 5.000 | 07/15/27 | 250 | 250256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Children's Hosp. Rfdg. | 5.000 | 07/15/35 | 300 | 300219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dist. of Columbia Int'l. Sch. | 5.000 | 07/01/28 | 175 | 182441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KIPP DC Issue, Series A, Rfdg. | 5.000 | 07/01/26 | 125 | 125908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KIPP DC Proj. | 5.000 | 07/01/26 | 100 | 100726 |
|  |  |  |  | 959550 |
| &nbsp;&nbsp; **Florida 3.2%** |  |  |  |  |
| &nbsp;&nbsp; City of Tampa Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. Lee Moffitt Cancer Ctr. Proj., Series B, Rfdg. | 5.000 | 07/01/37 | 165 | 165965 |
| &nbsp;&nbsp; Florida St., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cap. Outlay, Series E, GO, Rfdg. | 3.000 | 06/01/29 | 100 | 100044 |
| &nbsp;&nbsp; Miami-Dade Cnty. Indl. Dev. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wste. Mgmt., Inc., Rmkt. | 3.350 | 09/01/27 | 400 | 402260 |
| &nbsp;&nbsp; Orange Cnty. Hlth. Facs. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adventhealth Oblig. Grp., Series C, Rfdg. (Mandatory put date 11/15/26) | 5.000(cc) | 11/15/52 | 250 | 254690 |
| &nbsp;&nbsp; Orange Cnty. Hsg. Fin. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Wtr. Apts., Series E (Mandatory put date 07/01/28) | 3.350(cc) | 01/01/43 | 250 | 252144 |
| &nbsp;&nbsp; Palm Beach Cnty. Hsg. Fin. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Calusa Pointe II, Series B (Mandatory put date 02/01/29) | 2.900(cc) | 02/01/30 | 1000 | 1001137 |
|  |  |  |  | 2176240 |
| &nbsp;&nbsp; **Georgia 5.8%** |  |  |  |  |
| &nbsp;&nbsp; Columbus Medical Ctr. Hosp. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Piedmont Healthcare Proj., Inc., Series A, Rfdg. (Mandatory put date 07/01/26) | 5.000(cc) | 07/01/54 | 155 | 155303 |
| &nbsp;&nbsp; Dev. Auth. of Monroe Cnty. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GA Pwr. Co., PLT Scherer Proj., 2nd Series, Rmkt. (Mandatory put date 03/06/26) | 3.875(cc) | 10/01/48 | 310 | 310037 |
| &nbsp;&nbsp; Main Street Natural Gas, Inc. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gas Supply, Series C, 144A (Mandatory put date 11/01/27) | 4.000(cc) | 08/01/52 | 500 | 506683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 5.000 | 12/01/27 | 125 | 129626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A (Mandatory put date 09/01/27) | 4.000(cc) | 07/01/52 | 1390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1413024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A (Mandatory put date 12/01/29) | 4.000(cc) | 09/01/52 | 160 | 165664 |

---

See Notes to Financial Statements.

------

PGIM Ultra Short Municipal Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal <br>Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **MUNICIPAL BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Georgia (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Main Street Natural Gas, Inc. Rev., (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B (Mandatory put date 06/01/29) | 5.000%(cc) | 12/01/52 | 225 | $238674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C (Mandatory put date 09/01/26) | 4.000(cc) | 03/01/50 | 1000 | 1006318 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3925329 |
| &nbsp;&nbsp; **Illinois 11.5%** |  |  |  |  |
| &nbsp;&nbsp; Chicago Brd. of Ed., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, Rfdg., AG | 5.000 | 12/01/27 | 100 | 103820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, GO, Rfdg. | 5.250 | 12/01/27 | 700 | 715505 |
| &nbsp;&nbsp; Chicago Brd. of Ed. Dedicated Cap. Impt. Tax Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sch. Imps. | 5.000 | 04/01/33 | 740 | 764711 |
| &nbsp;&nbsp; Chicago O'Hare Int'l. Arpt. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, Rfdg., AMT | 5.000 | 01/01/27 | 540 | 550104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Lien, Series G, AMT | 5.000 | 01/01/37 | 250 | 253132 |
| &nbsp;&nbsp; City of Chicago, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, Rfdg.(ee) | 5.000 | 01/01/27 | 225 | 227749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Exchange, GO, Rfdg. | 4.000 | 01/01/29 | 250 | 253364 |
| &nbsp;&nbsp; Illinois Fin. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Field Museum of Natural History, Rfdg., Rmkt. (Mandatory put date 09/01/28) | 3.719(cc) | 11/01/34 | 965 | 965365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mercy Hlth. Sys. Oblig. Grp., Rfdg. | 5.000 | 12/01/26 | 250 | 251433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Midwestern Univ. Foundation, AMT | 5.000 | 07/01/28 | 285 | 296871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OSF Healthcare Sys., Series B-2, Rfdg. (Mandatory put date 11/15/26) | 5.000(cc) | 05/15/50 | 435 | 436883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Univ. of Illinois Hlth. Svcs. | 5.000 | 10/01/28 | 125 | 131776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westminster Vlg., Series A, Rfdg. | 4.500 | 05/01/28 | 765 | 765348 |
| &nbsp;&nbsp; Illinois Hsg. Dev. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leyden Sr. Apts. (Mandatory put date 01/01/28) | 3.380(cc) | 07/01/45 | 250 | 251588 |
| &nbsp;&nbsp; Illinois St., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO | 5.000 | 06/01/26 | 215 | 216295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO | 5.000 | 11/01/33 | 175 | 177458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, Rfdg. | 3.500 | 06/01/29 | 100 | 100224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO | 5.000 | 12/01/27 | 140 | 146289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, GO, Rfdg. | 5.000 | 07/01/27 | 330 | 341172 |
| &nbsp;&nbsp; Illinois St. Sales Tax Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Oblig., Series A | 4.000 | 06/15/27 | 310 | 316902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Series C, Rfdg. | 4.000 | 06/15/29 | 110 | 110367 |
| &nbsp;&nbsp; Illinois St. Toll Hwy. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Series A, Rfdg. | 5.000 | 12/01/31 | 325 | 325535 |
|  |  |  |  | 7701891 |
| &nbsp;&nbsp; **Indiana 1.5%** |  |  |  |  |
| &nbsp;&nbsp; Indiana Fin. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Republic Svcs., Inc., Rfdg., AMT (Mandatory put date 03/02/26) | 3.450(cc) | 05/01/28 | 500 | 500000 |
| &nbsp;&nbsp; Indiana Hsg. & Cmnty. Dev. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sustainable Bonds, Series C-1, Rfdg. | 3.000 | 01/01/52 | 150 | 149370 |
| &nbsp;&nbsp; Indianapolis Local Pub. Impt. Bond Bank Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indianapolis Arpt. Auth., Rfdg., AMT | 5.000 | 01/01/28 | 380 | 382880 |
|  |  |  |  | 1032250 |
| &nbsp;&nbsp; **Kansas 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Kansas Dev. Fin. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terrace Pointe, Series K-2 (Mandatory put date 09/01/27) | 5.000(cc) | 09/01/28 | 100 | 103692 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 311

------

PGIM Ultra Short Municipal Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal <br> Amount <br> (000)#** | **Value** |
| &nbsp;&nbsp; **MUNICIPAL BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Kentucky 2.3%** |  |  |  |  |
| &nbsp;&nbsp; Boone Cnty. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Kentucky, Inc. Proj., Rfdg. | 3.700% | 08/01/27 | 275 | $277162 |
| &nbsp;&nbsp; Kentucky Pub. Energy Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C (Mandatory put date 02/01/28) | 4.000(cc) | 02/01/50 | 1260 | 1287101 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1564263 |
| &nbsp;&nbsp; **Louisiana 0.4%** |  |  |  |  |
| &nbsp;&nbsp; Ernest N Morial New Orleans Exhib. Hall Auth., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spl. Tax, Rfdg. | 5.000 | 07/15/26 | 285 | 288003 |
| &nbsp;&nbsp; **Maryland 0.6%** |  |  |  |  |
| &nbsp;&nbsp; Montgomery Cnty. Hsg. Opportunities Commn. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, AMT | 3.125 | 07/01/28 | 385 | 384998 |
| &nbsp;&nbsp; **Massachusetts 2.6%** |  |  |  |  |
| &nbsp;&nbsp; Massachusetts Dev. Fin. Agcy. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dexter Southfield., Rfdg. | 5.000 | 05/01/30 | 1035 | 1035840 |
| &nbsp;&nbsp; Massachusetts Edl. Fing. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Edl. Loan Rev. Bonds Issue, AMT | 5.000 | 07/01/29 | 175 | 185759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issue K, Sr. Series A, Rfdg., AMT | 5.000 | 07/01/26 | 225 | 226451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Series B, AMT | 5.000 | 07/01/27 | 300 | 308221 |
|  |  |  |  | 1756271 |
| &nbsp;&nbsp; **Michigan 4.0%** |  |  |  |  |
| &nbsp;&nbsp; Michigan Fin. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bronson Healthcare Grp., Series C (Mandatory put date 05/15/26) | 3.750(cc) | 11/15/49 | 635 | 636406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Henry Ford Hlth. Sys., Rfdg. | 5.000 | 11/15/27 | 150 | 152796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hosp. Trinity Hlth. Credit Group, Rfdg. | 5.000 | 12/01/37 | 875 | 903832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Series A, Class 1, Rfdg. | 5.000 | 06/01/26 | 380 | 382116 |
| &nbsp;&nbsp; Michigan Strategic Fd. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sustainable Bond, Recycled Board Machine Proj., AMT (Mandatory put date 10/01/26) | 4.000(cc) | 10/01/61 | 500 | 500713 |
| &nbsp;&nbsp; Oakland Cnty. Bldg. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pub. Imps. | 3.000 | 11/01/27 | 100 | 100041 |
|  |  |  |  | 2675904 |
| &nbsp;&nbsp; **Minnesota 2.0%** |  |  |  |  |
| &nbsp;&nbsp; City of Minneapolis Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allina Hlth. Sys., Series A (Mandatory put date 11/15/28) | 5.000(cc) | 11/15/52 | 215 | 228891 |
| &nbsp;&nbsp; City of Mounds View Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sibley Court Proj. (Mandatory put date 03/01/28) | 3.375(cc) | 03/01/46 | 250 | 252761 |
| &nbsp;&nbsp; Minnesota Rural Wtr. Fin. Auth., Inc. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rfdg., BANS | 3.300 | 08/01/26 | 375 | 375152 |
| &nbsp;&nbsp; Washington Cnty. Cmnty. Dev. Agcy. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Red Rock Manor Proj. (Mandatory put date 08/01/28) | 3.150(cc) | 02/01/46 | 500 | 502437 |
|  |  |  |  | 1359241 |
| &nbsp;&nbsp; **Missouri 0.5%** |  |  |  |  |
| &nbsp;&nbsp; Missouri Dev. Fin. Brd. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fulton St. Hosp. Proj. | 3.000 | 10/01/28 | 100 | 100042 |
| &nbsp;&nbsp; Missouri St. Hlth. & Edl. Facs. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BJC Hlth. Sys., Series B, Rfdg. (Mandatory put date 05/01/26) | 4.000(cc) | 05/01/51 | 210 | 210540 |
|  |  |  |  | 310582 |

---

See Notes to Financial Statements.

------

PGIM Ultra Short Municipal Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br> Amount** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | **Value** |
| &nbsp;&nbsp; **MUNICIPAL BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Nebraska 0.4%** |  |  |  |  |
| &nbsp;&nbsp; Nebraska Invt. Fin. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mural, Series A (Mandatory put date 04/01/27) | 3.000%(cc) | 04/01/42 | 250 | $250083 |
| &nbsp;&nbsp; **New Hampshire 0.2%** |  |  |  |  |
| &nbsp;&nbsp; New Hampshire Bus. Fin. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Silverado Proj., 144A | 5.000 | 12/01/28 | 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150130 |
| &nbsp;&nbsp; **New Jersey 4.0%** |  |  |  |  |
| &nbsp;&nbsp; New Jersey Higher Ed. Student Assistance Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Series A, Rfdg., AMT | 5.000 | 12/01/27 | 150 | 155884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Series B, AMT | 5.000 | 12/01/27 | 275 | 285788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Series B, AMT | 5.000 | 12/01/28 | 500 | 533521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Series B, Rfdg., AMT | 5.000 | 12/01/26 | 390 | 396847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Series B, Rfdg., AMT | 5.000 | 12/01/27 | 75 | 77955 |
| &nbsp;&nbsp; New Jersey Transp. Tr. Fd. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trans. Sys., Series A, Rfdg. | 5.000 | 12/15/36 | 100 | 105864 |
| &nbsp;&nbsp; Tob. Settlement Fing. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rfdg. | 5.000 | 06/01/27 | 100 | 103085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rfdg. | 5.000 | 06/01/33 | 215 | 224935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rfdg. | 5.000 | 06/01/35 | 770 | 801383 |
|  |  |  |  | 2685262 |
| &nbsp;&nbsp; **New Mexico 0.4%** |  |  |  |  |
| &nbsp;&nbsp; Santa Fe Cnty. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cresta Ranch Apts. (Mandatory put date 06/01/28) | 3.290(cc) | 12/10/49 | 250 | 252660 |
| &nbsp;&nbsp; **New York 3.9%** |  |  |  |  |
| &nbsp;&nbsp; Dutchess Cnty. Loc. Dev. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Quest Sys. Proj., Inc., Series B | 5.000 | 07/01/26 | 200 | 201430 |
| &nbsp;&nbsp; Metropolitan Transp. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C-1, Rfdg. | 5.000 | 11/15/27 | 170 | 173281 |
| &nbsp;&nbsp; Monroe Cnty. Indl. Dev. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Rochester Gen. Hosp. | 5.000 | 12/01/28 | 250 | 253665 |
| &nbsp;&nbsp; New York City Hsg. Dev. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sustainable Dev. Bonds, Series F-2A (Mandatory put date 12/22/26) | 3.400(cc) | 11/01/62 | 885 | 884953 |
| &nbsp;&nbsp; New York St. Hsg. Fin. Agcy. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sustainable Bonds, Series B-2 (Mandatory put date 05/01/27) | 3.600(cc) | 11/01/62 | 175 | 175085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sustainable Bonds, Series E-2 (Mandatory put date 05/01/28) | 3.875(cc) | 11/01/63 | 240 | 240183 |
| &nbsp;&nbsp; New York Trans. Dev. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines, Inc., Lagurdia Arpt. Terminals C&D Redev. Proj. | 4.000 | 10/01/30 | 315 | 324165 |
| &nbsp;&nbsp; New York Transp. Dev. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines, Inc., Lagurdia Arpt. Terminals C&D Redev. Proj., AMT | 5.000 | 01/01/29 | 385 | 399677 |
|  |  |  |  | 2652439 |
| &nbsp;&nbsp; **North Carolina 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Charlotte-Mecklenburg Hosp. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atrium Hlth., Series D, Rmkt. (Mandatory put date 06/15/27) | 3.625(cc) | 01/15/48 | 100 | 101304 |
| &nbsp;&nbsp; **Ohio 0.4%** |  |  |  |  |
| &nbsp;&nbsp; Ohio Air Quality Dev. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Corp. Proj., Series A, AMT, Rfdg. (Mandatory put date 06/01/27) | 4.250(cc) | 11/01/39 | 250 | 254071 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 313

------

PGIM Ultra Short Municipal Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal <br>Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **MUNICIPAL BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Oklahoma 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Oklahoma Dev. Fin. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OU Med. Proj., Series B | 5.000% | 08/15/26 | 100 | $100913 |
| &nbsp;&nbsp; **Oregon 0.6%** |  |  |  |  |
| &nbsp;&nbsp; Port of Portland Arpt. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 27-A, Rfdg., AMT | 5.000 | 07/01/26 | 420 | 423334 |
| &nbsp;&nbsp; **Pennsylvania 3.3%** |  |  |  |  |
| &nbsp;&nbsp; Dauphin Cnty. Gen. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pinnacle Hlth. Sys. Proj., Series A, Rfdg. | 5.000 | 06/01/36 | 205 | 205868 |
| &nbsp;&nbsp; Lehigh Cnty. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lehigh Vlly. Hlth., Series A, Rfdg. | 4.000 | 07/01/28 | 615 | 617590 |
| &nbsp;&nbsp; Pennsylvania Econ. Dev. Fing. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wste. Mgmt., Inc. Proj., Series A, AMT, Rmkt. (Mandatory put date 08/03/26) | 3.875(cc) | 08/01/37 | 500 | 501391 |
| &nbsp;&nbsp; Pennsylvania Higher Ed. Assistance Agcy. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 5.000 | 06/01/26 | 445 | 447095 |
| &nbsp;&nbsp; Philadelphia Sch. Dist., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO | 5.000 | 09/01/36 | 400 | 419381 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2191325 |
| &nbsp;&nbsp; **Puerto Rico 0.6%** |  |  |  |  |
| &nbsp;&nbsp; Puerto Rico Comnwlth., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A1, GO | 5.625 | 07/01/27 | 369 | 377624 |
| &nbsp;&nbsp; **Rhode Island 2.1%** |  |  |  |  |
| &nbsp;&nbsp; Rhode Island Student Loan Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Bonds, Series A, AMT | 5.000 | 12/01/26 | 275 | 279698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Bonds, Series A, AMT | 5.000 | 12/01/27 | 600 | 623355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Bonds, Series A, AMT | 5.000 | 12/01/28 | 265 | 280299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Prog., Series A, AMT | 5.000 | 12/01/26 | 250 | 254261 |
|  |  |  |  | 1437613 |
| &nbsp;&nbsp; **Tennessee 2.9%** |  |  |  |  |
| &nbsp;&nbsp; Chattanooga Hlth. Edl. & Hsg. Facs. Brd. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Espero Chatanooga Proj. (Mandatory put date 11/01/27) | 3.000(cc) | 12/01/43 | 125 | 125204 |
| &nbsp;&nbsp; Dickson Hlth. & Edl. Facs. Brd. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BTT Dev. IV & Hsg. Assoc. (Mandatory put date 04/01/27) | 3.000(cc) | 04/01/28 | 140 | 139936 |
| &nbsp;&nbsp; Metropolitan Govt. Nashville & Davidson Cnty Hlth. & Edl. Facs. Brd. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Burning Tree Apts. Proj. (Mandatory put date 10/01/27) | 5.000(cc) | 10/01/28 | 175 | 181982 |
| &nbsp;&nbsp; Metropolitan Nashville Arpt. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Series B, AMT | 5.000 | 07/01/27 | 255 | 262647 |
| &nbsp;&nbsp; Tennessee Energy Acq. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gas Proj., Series A-1, Rfdg. (Mandatory put date 05/01/28) | 5.000(cc) | 05/01/53 | 870 | 905446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C | 5.000 | 02/01/27 | 300 | 304451 |
|  |  |  |  | 1919666 |
| &nbsp;&nbsp; **Texas 11.1%** |  |  |  |  |
| &nbsp;&nbsp; Allen Independent Sch. Dist., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sch. Bldg., GO, PSFG | 5.000 | 02/15/36 | 15 | 15021 |
| &nbsp;&nbsp; Brazoria Cnty. Muni. Util. Dist. No. 21, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, Rfdg., AG | 3.500 | 09/01/26 | 150 | 150059 |
| &nbsp;&nbsp; Brazos Higher Ed. Auth., Inc. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Series 1A, AMT | 5.000 | 04/01/27 | 500 | 511455 |
| &nbsp;&nbsp; Brooks Dev. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Lien, Series C, Rfdg., 144A (Mandatory put date 08/15/28) | 5.000(cc) | 08/15/42 | 285 | 293178 |

---

See Notes to Financial Statements.

------

PGIM Ultra Short Municipal Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal <br>Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **MUNICIPAL BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Texas (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; City of Carthage, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cert. Oblig., GO | 3.000% | 05/15/28 | 245 | $244291 |
| &nbsp;&nbsp; City of Dallas Hsg. Fin. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Positano (Mandatory put date 03/01/26) | 5.000(cc) | 09/01/26 | 100 | 100000 |
| &nbsp;&nbsp; City of San Antonio Elec. & Gas Sys. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Lien, Rfdg. (Mandatory put date 12/01/26) | 3.650(cc) | 02/01/53 | 225 | 225974 |
| &nbsp;&nbsp; Clifton Higher Ed. Fin. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Idea Pub. Sch., Series B | 5.000 | 08/15/27 | 595 | 600554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Idea Pub. Sch., Series B | 5.000 | 08/15/28 | 250 | 252270 |
| &nbsp;&nbsp; Dallas Independent Sch. Dist., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-2, GO, PSFG (Mandatory put date 02/15/27) | 5.000(cc) | 02/15/55 | 140 | 143448 |
| &nbsp;&nbsp; Eagle Mountain & Saginaw Indep. Sch. Dist., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sch. Bldg., GO, Rfdg. Rmkt., PSFG (Mandatory put date 08/01/27) | 4.000(cc) | 08/01/50 | 115 | 117905 |
| &nbsp;&nbsp; Fort Bend Cnty. Muni. Util. Dist. No. 122, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, Rfdg., BAM | 3.000 | 09/01/27 | 335 | 334997 |
| &nbsp;&nbsp; Harris Cnty. Cultrl. Ed. Facs. Fin. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Memorial Hermann Hlth. Sys., Series B-3 (Mandatory Put Date 12/01/26) | 5.000(cc) | 07/01/49 | 350 | 356263 |
| &nbsp;&nbsp; Harris Cnty. Muni. Util. Dist. No. 157, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, BAM | 3.000 | 03/01/29 | 325 | 324785 |
| &nbsp;&nbsp; Housing Options, Inc. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Royal Crest Apts. (Mandatory put date 02/01/28) | 3.050(cc) | 02/01/45 | 105 | 105808 |
| &nbsp;&nbsp; Houston Higher Ed. Fin. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KIPP, Inc., Series A, Rfdg., PSFG | 3.375 | 02/15/29 | 300 | 300134 |
| &nbsp;&nbsp; Houston Hsg. Fin. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alcott Vlg., Series A (Mandatory put date 04/01/26) | 3.200(cc) | 04/01/28 | 800 | 799844 |
| &nbsp;&nbsp; Las Varas Pub. Facs. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central at Commerce, Series A (Mandatory put date 11/01/29) | 3.350(cc) | 11/01/44 | 350 | 347208 |
| &nbsp;&nbsp; Lower Colorado River Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LCRA Transmn. Svcs. Corp. Proj., Rfdg. | 5.000 | 05/15/26 | 150 | 150797 |
| &nbsp;&nbsp; New Hope Cultural Ed. Facs. Fin. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westminster Proj., Rfdg. | 5.000 | 11/01/26 | 280 | 283476 |
| &nbsp;&nbsp; San Antonio Hsg. Tr. Pub. Facs. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Palladium San Antonio (Mandatory put date 07/01/27) | 3.450(cc) | 07/01/29 | 210 | 212160 |
| &nbsp;&nbsp; Strategic Hsg. Fin. Corp. of Travis Cnty. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blue Ridge Apts. (Mandatory put date 03/01/28) | 3.350(cc) | 03/01/46 | 175 | 175654 |
| &nbsp;&nbsp; Tarrant Cnty. Cultrl. Ed. Facs. Fin. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Baylor Scott & White Hlth. Proj., Series E (Mandatory put date 05/15/26) | 5.000(cc) | 11/15/52 | 390 | 391123 |
| &nbsp;&nbsp; Texarkana Independent Sch. Dist., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSFG (Mandatory put date 08/15/26) | 4.000(cc) | 02/15/53 | 480 | 483090 |
| &nbsp;&nbsp; Texas Muni. Gas Acq. & Supply Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nat. Gas Util. Imps. | 5.000 | 01/01/28 | 375 | 388240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A (Mandatory put date 01/01/30) | 5.500(cc) | 01/01/54 | 120 | 128964 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7436698 |
| &nbsp;&nbsp; **Utah 0.9%** |  |  |  |  |
| &nbsp;&nbsp; City of Salt Lake City Arpt. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT | 5.000 | 07/01/27 | 360 | 371910 |
| &nbsp;&nbsp; Utah Cnty. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IHC Hlth. Svcs., Inc., Series B (Mandatory put date 08/01/26) | 5.000(cc) | 05/15/60 | 200 | 202009 |
|  |  |  |  | 573919 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 315

------

PGIM Ultra Short Municipal Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | **Value** |
| &nbsp;&nbsp; **MUNICIPAL BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Virginia 1.2%** |  |  |  |  |
| &nbsp;&nbsp; Richmond Redev. & Hsg. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Joyfield at German Sch. Road (Mandatory put date 12/01/26) | 3.100%(cc) | 12/01/55 | 100 | $100006 |
| &nbsp;&nbsp; Virginia Small Bus. Fing. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hampton Univ., Rfdg. | 5.000 | 10/01/26 | 705 | 714839 |
|  |  |  |  | 814845 |
| &nbsp;&nbsp; **Washington 5.3%** |  |  |  |  |
| &nbsp;&nbsp; City of Bremerton, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ltd. Tax, Series A, GO, Rfdg. | 3.750 | 12/01/26 | 120 | 119827 |
| &nbsp;&nbsp; City of Redmond, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, Rfdg. | 3.000 | 12/01/26 | 370 | 369778 |
| &nbsp;&nbsp; King Cnty. Hsg. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rfdg. | 5.000 | 01/01/27 | 200 | 204084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rfdg. | 5.000 | 07/01/27 | 200 | 206491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rfdg. | 5.000 | 01/01/28 | 150 | 156629 |
| &nbsp;&nbsp; Vancouver Hsg. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Battle Ground Portfolio, Series A | 5.000 | 08/01/29 | 800 | 844841 |
| &nbsp;&nbsp; Washington Healthcare Facs. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commonspirit Hlth., Series B-3, Rfdg. (Mandatory put date 08/01/26) | 5.000(cc) | 08/01/49 | 790 | 790900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Overlake Hosp. Med. Ctr., Series B, Rfdg. | 5.000 | 07/01/26 | 440 | 442812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Providence St. Joseph Hlth., Series B, Rfdg. | 5.000 | 10/01/26 | 170 | 172159 |
| &nbsp;&nbsp; Whatcom Cnty. Pub. Util. Dist. No. 1, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, AMT, BAM | 5.000 | 12/01/27 | 120 | 124578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, AMT, BAM | 5.000 | 12/01/28 | 100 | 105837 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3537936 |
| &nbsp;&nbsp; **Wisconsin 3.6%** |  |  |  |  |
| &nbsp;&nbsp; Pub. Fin. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cuyahoga River Cap. Port., Class A, Series 1, 144A (Mandatory put date 07/01/28) | 4.000(cc) | 01/01/55 | 648 | 652391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kahala Nui Proj., Rfdg. | 5.000 | 11/15/26 | 275 | 278589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kahala Nui Proj., Rfdg. | 5.000 | 11/15/27 | 290 | 299126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class A, Cert., 144A (Mandatory put date 08/01/27) | 4.750(cc) | 08/01/59 | 500 | 499863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Triad Edu. Svcs., Inc., Series A | 4.000 | 06/15/26 | 370 | 370322 |
| &nbsp;&nbsp; Wisconsin Hlth. & Edl. Facs. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advocate Aurora Hlth. Credit Grp., Series C-3, Rfdg., Rmkt. (Mandatory put date 06/04/26) | 5.000(cc) | 08/15/54 | 295 | 297135 |
|  |  |  |  | 2397426 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $65,150,206) |  |  |  | 65438284 |
|  |  |  | **Shares** |  |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENT 1.3%** |  |  |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.787%) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cost $839,060)(wb) |  |  | 839060 | 839060 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 98.7%**<br> (cost $65,989,266) |  |  |  | 66277344 |
| &nbsp;&nbsp; Other assets in excess of liabilities(z) 1.3% |  |  |  | 875398 |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  |  |  | $67152742 |

---

See the Glossary for a list of the abbreviation(s) used in the semiannual report.

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

See Notes to Financial Statements.

------

PGIM Ultra Short Municipal Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

(cc) Variable rate instrument. The rate shown is based on the latest available information as of February 28, 2026. 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:

#### Futures contracts outstanding at February 28, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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:** |  |  |  |
| 14 | 2 Year U.S. Treasury Notes | Jun. 2026 | $2929828 | $4792 |

---

#### Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:
Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:

---

| | | |
|:---|:---|:---|
| **Broker**  | **Cash and/or Foreign Currency** | **Securities Market Value** |
|  JPS | $184000 | $— |

---

#### Fair Value Measurements:
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of February 28, 2026 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Municipal Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alabama | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $2728584 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Arizona |  | 2311442 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; California |  | 6635404 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Colorado |  | 1815351 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut |  | 152041 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; District of Columbia |  | 959550 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Florida |  | 2176240 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Georgia |  | 3925329 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois |  | 7701891 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana |  | 1032250 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Kansas |  | 103692 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Kentucky |  | 1564263 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Louisiana |  | 288003 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Maryland |  | 384998 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts |  | 1756271 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan |  | 2675904 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Minnesota |  | 1359241 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Missouri |  | 310582 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nebraska |  | 250083 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; New Hampshire |  | 150130 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey |  | 2685262 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; New Mexico |  | 252660 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; New York |  | 2652439 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North Carolina |  | 101304 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio |  | 254071 |  |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 317

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PGIM Ultra Short Municipal Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities (continued)** |  |  |  |
|  **Assets (continued)** |  |  |  |
|  **Long-Term Investments (continued)** |  |  |  |
|  Municipal Bonds (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oklahoma | $— | $100913 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Oregon |  | 423334 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania |  | 2191325 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Puerto Rico |  | 377624 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Rhode Island |  | 1437613 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tennessee |  | 1919666 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas |  | 7436698 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Utah |  | 573919 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Virginia |  | 814845 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington |  | 3537936 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wisconsin |  | 2397426 |  |
|  **Short-Term Investment** |  |  |  |
|  Affiliated Mutual Fund | 839060 |  |  |
|  **Total** | $**839060** | $**65438284** | **$—** |
|  **Other Financial Instruments\*** |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts | $**4792** | $**—** | **$—** |

---

\* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forward foreign currency exchange contracts and centrally cleared swap contracts, which are recorded at unrealized appreciation (depreciation) on the instrument, and OTC swap contracts which are recorded at fair value. 

#### Sector Allocation :
The sector allocation of portfolio holdings and other assets in excess of liabilities shown as a percentage of net assets as of February 28, 2026 were as follows:

---

| | |
|:---|:---|
|  Development | 19.1 |
|  Healthcare | 17.5 |
|  Education | 16.0 |
|  Pre-pay Gas | 14.2 |
|  General Obligation | 9.7 |
|  Corporate Backed IDB & PCR | 6.1 |
|  Transportation | 5.4 |
|  Special Tax/Assessment District | 3.0 |
|  Tobacco Appropriated | 2.7 |
|  Power | 1.8 |

---

---

| | |
|:---|:---|
|  Water & Sewer | 1.4% |
|  Affiliated Mutual Fund | 1.3 |
|  Lease Backed Certificate of Participation | 0.5 |
|  | 98.7 |
|  Other assets in excess of liabilities | 1.3 |
|  | 100.0% |

---

#### Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:
The Fund invested in derivative instruments during the reporting period. The primary type of risk associated with these derivative instruments is interest rate risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Fund's financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of February 28, 2026 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Derivatives not accounted for<br>as hedging instruments,<br>carried at fair value** | **Statement of**<br> **Assets and<br>Liabilities Location** | **Fair <br> Value** | **Statement of<br>Assets and<br>Liabilities Location** | **Fair<br>Value** |
|  Interest rate contracts | Due from/to broker-variation margin futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4,792\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |

---

\* Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

See Notes to Financial Statements.

------

PGIM Ultra Short Municipal Bond ETF

Schedule of Investments (unaudited) (continued)

as of February 28, 2026

The effects of derivative instruments on the Statement of Operations for the six months ended February 28, 2026 are as follows:

---

| | |
|:---|:---|
| **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | |
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | **Futures** |
|  Interest rate contracts | $(6209) |
| **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** |  |
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | **Futures** |
|  Interest rate contracts | $(1538) |

---

For the six months ended February 28, 2026, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Futures Contracts - Long Positions (1) | $5498586 |

---

\* Average volume is based on average quarter end balances for the six months ended February 28, 2026.

(1) Notional Amount in USD.

See Notes to Financial Statements.

PGIM Fixed Income ETFs 319

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PGIM Ultra Short Municipal Bond ETF

Statement of Assets & Liabilities (unaudited)

as of February 28, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $65,150,206) | $65438284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $839,060) | 839060 |
| &nbsp;&nbsp; Dividends and interest receivable | 694778 |
| &nbsp;&nbsp; Deposit with broker for centrally cleared/exchange-traded derivatives | 184000 |
| &nbsp;&nbsp; Due from broker—variation margin futures | 3938 |
| &nbsp;&nbsp; **Total Assets** | 67160060 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Management fee payable | 7318 |
| &nbsp;&nbsp; **Net Assets** | $67152742 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $1325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 66628226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 523191 |
| &nbsp;&nbsp; **Net assets, February 28, 2026** | $67152742 |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share. |  |
| &nbsp;&nbsp; ($67,152,742 ÷ 1,325,000 shares of common stock issued and outstanding) | $50.68 |

---

See Notes to Financial Statements.

------

PGIM Ultra Short Municipal Bond ETF

Statement of Operations (unaudited)

Six Months Ended February 28, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Income |  |
| &nbsp;&nbsp; Interest income | $818292 |
| &nbsp;&nbsp; Affiliated dividend income | 17624 |
| &nbsp;&nbsp; **Total income** | 835916 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 35681 |
| &nbsp;&nbsp; Net investment income (loss) | 800235 |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investments** |  |
| &nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions | 20721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | (6209) |
|  | 14512 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 163185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | (1538) |
|  | 161647 |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | 176159 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $976394 |

---

See Notes to Financial Statements.

PGIM Fixed Income ETFs 321

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PGIM Ultra Short Municipal Bond ETF

Statements of Changes in Net Assets (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended**<br> **February 28, 2026** | **Year Ended**<br> **August 31, 2025** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $800235 | $1096646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions | 14512 | (61993) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 161647 | 57526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 976394 | 1092179 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from distributable earnings | (724202) | (996007) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from shares sold (625,000 and 225,000 shares, respectively) | 31554838 | 11312811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares purchased (25,000 and 0 shares, respectively) | (1263098) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 30291740 | 11312811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) | 30543932 | 11408983 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 36608810 | 25199827 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $67152742 | $36608810 |

---

See Notes to Financial Statements.

------

PGIM Ultra Short Municipal Bond ETF

Financial Highlights (unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Six Months<br>Ended<br>February 28, 2026** | **Year Ended<br>August 31, 2025** | **June 24, 2024<sup>(a)</sup><br>through<br>August 31, 2024** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(b)</sup>:** |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $50.49 | $50.40 | $50.00 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.82 | 1.94 | 0.40 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 0.17 | (0.05) | 0.20 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.99 | 1.89 | 0.60 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.80) | (1.80) | (0.20) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $50.68 | $50.49 | $50.40 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 1.98% | 3.82% | 1.22% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $67153 | $36609 | $25200 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $47969 | $28415 | $25113 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.15 %<sup>(e)</sup> | 0.12% | 0.15 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.15 %<sup>(e)</sup> | 0.15% | 0.15 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 3.36 %<sup>(e)</sup> | 3.86% | 4.28 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup> | 33% | 87% | 24% |

---

(a) Commencement of operations.

(b) Calculated based on average shares outstanding during the period.

(c) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(d) Does not include expenses of the underlying funds in which the Fund invests.

(e) Annualized.

(f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM Fixed Income ETFs 323

------

Notes to Financial Statements (unaudited)

1. Organization

PGIM ETF Trust (the "Registered Investment Company" or "RIC") is registered under the Investment Company Act of 1940, as amended ("1940 Act"), as an open-end management investment company. The RIC is organized as a Delaware Statutory Trust. These financial statements relate only to the following series of the RIC: PGIM AAA CLO ETF, PGIM Active Aggregate Bond ETF, PGIM Active High Yield Bond ETF, PGIM Corporate Bond 0-5 Year ETF, PGIM Corporate Bond 5-10 Year ETF, PGIM Corporate Bond 10+ Year ETF, PGIM Floating Rate Income ETF, PGIM Municipal Income Opportunities ETF, PGIM Short Duration High Yield ETF, PGIM Short Duration Multi-Sector Bond ETF, PGIM Total Return Bond ETF, PGIM Ultra Short Bond ETF and PGIM Ultra Short Municipal Bond ETF (each a "Fund" and collectively, the "Funds"). All the Funds are classified as diversified funds with the exception of PGIM AAA CLO ETF which is classified as non-diversified for purposes of the 1940 Act. Each Fund operates as an exchange-traded fund.

The Funds have the following investment objectives:

---

| | |
|:---|:---|
| **Fund** | **Investment Objective** |
|  PGIM AAA CLO ETF<br> ("AAA CLO") | Seeks to maximize total return through a combination of current income and capital appreciation.<br>|
|  PGIM Active Aggregate Bond ETF<br> ("Active Aggregate Bond") | Seeks total return through a combination of current income and capital appreciation.<br>|
|  PGIM Active High Yield Bond ETF<br> ("Active High Yield Bond") | Seeks total return through a combination of current income and capital appreciation.<br>|
|  PGIM Corporate Bond 0-5 Year ETF<br> ("Corporate Bond 0-5 Year") | Provide total return through a combination of current income and capital appreciation.<br>|
|  PGIM Corporate Bond 5-10 Year ETF<br> ("Corporate Bond 5-10 Year") | Provide total return through a combination of current income and capital appreciation.<br>|
|  PGIM Corporate Bond 10+ Year ETF<br> ("Corporate Bond 10+ Year") | Provide total return through a combination of current income and capital appreciation.<br>|
|  PGIM Floating Rate Income ETF<br> ("Floating Rate Income") | Primary investment objective is to maximize current income. Secondary objective is to seeks capital appreciation when consistent with primary objective.<br>|
|  PGIM Municipal Income Opportunities ETF<br> ("Municipal Income Opportunities") | Seeks total return through a combination of current income that is exempt from federal income taxes and capital appreciation.<br>|
|  PGIM Short Duration High Yield ETF<br> ("Short Duration High Yield") | Seeks total return through a combination of current income and capital appreciation.<br>|
|  PGIM Short Duration Multi-Sector Bond ETF<br> ("Short Duration Multi-Sector Bond") | Provide total return.<br>|
|  PGIM Total Return Bond ETF<br> ("Total Return Bond") | Seeks total return.<br>|
|  PGIM Ultra Short Bond ETF<br> ("Ultra Short Bond") | Seeks total return through a combination of current income and capital appreciation, consistent with preservation of capital.<br>|

---

------

---

| | |
|:---|:---|
| **Fund** | **Investment Objective** |
|  PGIM Ultra Short Municipal Bond ETF<br> ("Ultra Short Municipal Bond") | Seeks total return through a combination of current income that is exempt from federal income taxes and capital appreciation.<br>|

---

**2.** **Accounting Policies** 

The Funds follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification ("ASC") Topic 946 Financial Services — *Investment Companies*. The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The policies conform to U.S. generally accepted accounting principles ("GAAP"). The Funds consistently follow such policies in the preparation of their financial statements.

The Funds adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 exclusively impacted financial statement disclosures only and did not affect the Funds' financial position or performance. The intent of ASU 2023-07 is, through improved segment disclosures, to enable investors to better understand an entity's overall performance. The officers of the Fund, as listed in the Fund's Statement of Additional Information, act as each Fund's chief operating decision maker ("CODM"). The CODM has determined that each Fund has a single operating segment as the CODM monitors the operating results of each Fund as a whole and the Funds' long-term strategic asset allocation is pre-determined in accordance with the terms of their respective prospectus, based on a defined investment strategy which is executed by the Funds' subadviser.

The CODM allocates resources and assesses performance based on the operating results of each Fund, which is consistent with the results presented in the Fund's Schedule of Investments, Statement of Changes in Net Assets and Financial Highlights.

*Securities Valuation:* The Funds hold securities and other assets and liabilities that are fair valued as of the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange ("NYSE") is open for trading. As described in further detail below, the Funds' investments are valued daily based on a number of factors, including the type of investment and whether market quotations are readily available. The RIC's Board of Trustees (the "Board") has approved the Funds' valuation policies and procedures for security valuation and designated PGIM Investments LLC ("PGIM Investments", the "Investment Manager" or the "Manager") as the "Valuation Designee," as defined by Rule 2a-5(b) under the 1940 Act, to perform the fair value determination relating to all Funds investments. Pursuant to the Board's oversight, the Valuation Designee has established a Valuation Committee to perform the duties and responsibilities of the Valuation Designee under Rule 2a-5. The valuation procedures permit the Funds to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. Fair value is the estimated price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date.

For the fiscal reporting period-end, securities and other assets and liabilities were fair valued at the close of the last U.S. business day. Trading in certain foreign securities may occur when the NYSE is closed (including weekends and holidays). Because such foreign securities trade in markets that are open on weekends and U.S. holidays, the values of some of the Funds' foreign investments may change on days when investors cannot purchase or redeem Fund shares.

Various inputs determine how the Funds' investments are valued, all of which are categorized according to the three broad levels (Level 1, 2, or 3) detailed in the Schedule of Investments and referred to herein as the "fair value hierarchy" in accordance with FASB ASC Topic 820 Fair Value Measurement.

Common or preferred stocks, exchange-traded funds ("ETFs") and derivative instruments, if applicable, that are traded on a national securities exchange are valued at the last sale price as of the close of trading on the applicable exchange where the security principally trades. Securities traded via Nasdaq are valued at the Nasdaq official closing price. To the extent these securities are valued at the last sale price or Nasdaq official closing price, they are classified as Level 1 in the fair value hierarchy. In the event that no sale or official closing price on a valuation date exists, these securities are generally valued at the mean between the last reported bid and ask prices, or at the last bid price in the absence of an ask price. These securities are classified as Level 2 in the fair value hierarchy.

Investments in open-end funds (other than ETFs) are valued at their net asset values as of the close of the NYSE on the date of valuation. These securities are classified as Level 1 in the fair value hierarchy since they may be purchased or sold at their net asset values on the date of valuation.

PGIM Fixed Income ETFs 325

------

Notes to Financial Statements (unaudited) (continued)

Fixed income securities traded in the over-the-counter ("OTC") market are generally classified as Level 2 in the fair value hierarchy. Such fixed income securities are typically valued using the market approach which generally involves obtaining data from an approved independent third-party vendor source. The Funds utilize the market approach as the primary method to value securities when market prices of identical or comparable instruments are available. The third-party vendors' valuation techniques used to derive the evaluated bid price are based on evaluating observable inputs, including but not limited to, yield curves, yield spreads, credit ratings, deal terms, tranche level attributes, default rates, cash flows, prepayment speeds, broker/dealer quotations and reported trades. Certain Level 3 securities are also valued using the market approach when obtaining a single broker quote or when utilizing transaction prices for identical securities that have been used in excess of five business days. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.

Floating rate and other loans are generally valued at prices provided by approved independent pricing vendors. The pricing vendors utilize broker/dealer quotations and provide prices based on the average of such quotations. Floating rate and other loans valued using such vendor prices are generally classified as Level 2 in the fair value hierarchy. Floating rate and other loans valued based on a single broker quote or at the original transaction price in excess of five business days are classified as Level 3 in the fair value hierarchy.

OTC and centrally cleared derivative instruments are generally classified as Level 2 in the fair value hierarchy. Such derivative instruments are typically valued using the market approach and/or income approach which generally involves obtaining data from an approved independent third-party vendor source. The Funds utilize the market approach when quoted prices in broker-dealer markets are available but also include consideration of alternative valuation approaches, including the income approach. In the absence of reliable market quotations, the income approach is typically utilized for purposes of valuing derivatives such as interest rate swaps based on a discounted cash flow analysis whereby the value of the instrument is equal to the present value of its future cash inflows or outflows. Such analysis includes projecting future cash flows and determining the discount rate (including the present value factors that affect the discount rate) used to discount the future cash flows. In addition, the third-party vendors' valuation techniques used to derive the evaluated derivative price is based on evaluating observable inputs, including but not limited to, underlying asset prices, indices, spreads, interest rates and exchange rates. Certain derivatives may be classified as Level 3 when valued using the market approach by obtaining a single broker quote or when utilizing unobservable inputs in the income approach. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.

Securities and other assets that cannot be priced according to the methods described above are valued based on policies and procedures approved by the Board. In the event that unobservable inputs are used when determining such valuations, the securities will be classified as Level 3 in the fair value hierarchy. Altering one or more unobservable inputs may result in a significant change to a Level 3 security's fair value measurement.

When determining the fair value of securities, some of the factors influencing the valuation include: the nature of any restrictions on disposition of the securities; assessment of the general liquidity of the securities; the issuer's financial condition and the markets in which it does business; the cost of the investment; the size of the holding and the capitalization of the issuer; the prices of any recent transactions or bids/offers for such securities or any comparable securities; and any available analyst media or other reports or information deemed reliable by the Valuation Designee regarding the issuer or the markets or industry in which it operates. Using fair value to price securities may result in a value that is different from a security's most recent closing price and from the price used by other unaffiliated mutual funds to calculate their net asset values.

*Foreign Currency Translation:* The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars on the following basis:

(i) market value of investment securities, other assets and liabilities — at the exchange rate as of the valuation date;

(ii) purchases and sales of investment securities, income and expenses — at the rates of exchange prevailing on the respective dates of such transactions.

Although the net assets of the Funds are presented at the foreign exchange rates and market values at the close of the period, the Funds do not generally isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities held at the end of the period. Similarly, the Funds do not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities sold during the period. Accordingly, holding period unrealized and realized foreign currency gains (losses)

------

are included in the reported net change in unrealized appreciation (depreciation) on investments and net realized gains (losses) on investment transactions on the Statements of Operations.

Additionally, net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from the disposition of holdings of foreign currencies, currency gains (losses) realized between the trade and settlement dates on investment transactions, and the difference between the amounts of interest, dividends and foreign withholding taxes recorded on the Funds' books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains (losses) arise from valuing foreign currency denominated assets and liabilities (other than investments) at period end exchange rates.

*Forward and Cross Currency Contracts:* A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. Certain Funds enter into forward currency contracts, as defined in the prospectus, in order to hedge their exposure to changes in foreign currency exchange rates on their foreign portfolio holdings or on specific receivables and payables denominated in a foreign currency and to gain exposure to certain currencies. The contracts are valued daily at current forward exchange rates and any unrealized gain (loss) is included in net unrealized appreciation or depreciation on forward and cross currency contracts. Gain (loss) is realized on the settlement date of the contract equal to the difference between the settlement value of the original and negotiated forward contracts. This gain (loss), if any, is included in net realized gain (loss) on forward and cross currency contract transactions. Risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts. Forward currency contracts involve risks from currency exchange rate and credit risk in excess of the amounts reflected on the Statement of Assets and Liabilities. The Funds' maximum risk of loss from counterparty credit risk is the net value of the cash flows to be received from the counterparty at the end of the contract's life. A cross currency contract is a forward contract where a specified amount of one foreign currency will be exchanged for a specified amount of another foreign currency.

*Options:* Certain Funds purchased and/or wrote options in order to hedge against adverse market movements or fluctuations in value caused by changes in prevailing interest rates, value of equities or foreign currency exchange rates with respect to securities or financial instruments which the Fund currently owns or intends to purchase. The Funds may also use options to gain additional market exposure. The Funds' principal reason for writing options is to realize, through receipt of premiums, a greater current return than would be realized on the underlying security alone. When the Fund purchases an option, it pays a premium and an amount equal to that premium is recorded as an asset. When the Fund writes an option, it receives a premium and an amount equal to that premium is recorded as a liability. The asset or liability is adjusted daily to reflect the current market value of the option. If an option expires unexercised, the Fund realizes a gain (loss) to the extent of the premium received or paid. If an option is exercised, the premium received or paid is recorded as an adjustment to the proceeds from the sale or the cost of the purchase in determining whether the Fund has realized a gain (loss). The difference between the premium and the amount received or paid at the closing of a purchase or sale transaction is also treated as a realized gain (loss). Gain (loss) on purchased options is included in net realized gain (loss) on investment transactions. Gain (loss) on written options is presented separately as net realized gain (loss) on options written transactions.

The Fund, as writer of an option, may have no control over whether the underlying securities or financial instruments may be sold (called) or purchased (put). As a result, the Fund bears the market risk of an unfavorable change in the price of the security or financial instrument underlying the written option. The Fund, as purchaser of an OTC option, bears the risk of the potential inability of the counterparties to meet the terms of their contracts. With exchange-traded options contracts, there is minimal counterparty credit risk to the Fund since the exchanges' clearinghouse acts as counterparty to all exchange-traded options and guarantees the options contracts against default.

When the Fund writes an option on a swap, an amount equal to any premium received by the Fund is recorded as a liability and is subsequently adjusted to the current market value of the written option on the swap. If a call option on a swap is exercised, the Fund becomes obligated to pay a fixed interest rate (noted as the strike price) and receive a variable interest rate on a notional amount. If a put option on a swap is exercised, the Fund becomes obligated to pay a variable interest rate and receive a fixed interest rate (noted as the strike price) on a notional amount. Premiums received from writing options on swaps that expire or are exercised are treated as realized gains upon the expiration or exercise of such options on swaps. The risk associated with writing put and call options on swaps is that the Fund will be obligated to be party to a swap agreement if an option on a swap is exercised.

*Financial Futures Contracts:* A financial futures contract is an agreement to purchase (long) or sell (short) an agreed amount of securities at a set price for delivery on a future date. Upon entering into a financial futures contract, the Funds are required to deposit collateral with a futures commission merchant an amount of cash and/or other assets equal to a certain percentage of the contract amount. This amount is known as the "initial margin." Subsequent payments, known as "variation margin," are made or received by the Funds each day, equal to the change in the mark-to-market value of the futures contract. Such variation margin is recorded for financial statement purposes on a daily basis as unrealized gain (loss). When the contract expires or is closed, the gain (loss) is realized and is presented in the Statement of Operations as net realized gain (loss) on futures transactions.

PGIM Fixed Income ETFs 327

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Notes to Financial Statements (unaudited) (continued)

The Funds invested in financial futures contracts in order to hedge their existing portfolio securities, or securities the Funds intend to purchase, against fluctuations in value caused by changes in prevailing interest rates. Should interest rates move unexpectedly, the Funds may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. The use of futures transactions involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates and the underlying hedged assets. Since futures contracts are exchange-traded, there is minimal counterparty credit risk to the Funds since the exchanges' clearinghouse acts as counterparty to all exchange-traded futures and guarantees the futures contracts against default.

*Swap Agreements:* Certain Funds entered into certain types of swap agreements detailed in the disclosures below. A swap agreement is an agreement to exchange the return generated by one instrument for the return generated by another instrument. Swap agreements are negotiated in the OTC market and may be executed either directly with a counterparty ("OTC-traded") or through a central clearing facility, such as a registered exchange. Swap agreements are valued daily at current market value and any change in value is included in the net unrealized appreciation or depreciation on swap agreements. Centrally cleared swaps pay or receive an amount known as "variation margin", based on daily changes in the valuation of the swap contract. For OTC-traded, upfront premiums paid and received are shown as swap premiums paid and swap premiums received in the Statement of Assets and Liabilities. Risk of loss may exceed amounts recognized on the Statement of Assets and Liabilities. Swap agreements outstanding at period end, if any, are listed on the Schedule of Investments.

*Interest Rate Swaps:* Interest rate swaps represent an agreement between counterparties to exchange cash flows based on the difference between two interest rates, applied to a notional principal amount for a specified period. Certain Funds are subject to interest rate risk exposure in the normal course of pursuing their investment objective. Certain Funds used interest rate swaps to maintain their ability to generate steady cash flow by receiving a stream of fixed rate payments or to increase exposure to prevailing market rates by receiving floating rate payments. The Funds' maximum risk of loss from counterparty credit risk is the discounted net present value of the cash flows to be received from the counterparty over the contract's remaining life.

*Credit Default Swaps ("CDS"):* CDS involve one party (the protection buyer) making a stream of payments to another party (the protection seller) in exchange for the right to receive a specified payment in the event of a default or as a result of a default (collectively, a "credit event") for the referenced entity (typically corporate issues or sovereign issues of an emerging country) on its obligation; or in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising a credit index.

The Funds are subject to credit risk in the normal course of pursuing their investment objectives, and as such, have entered into CDS contracts to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer's default or the reference entity's credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be "short the credit" because the higher the contract value rises, the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases. The Funds' maximum risk of loss from counterparty credit risk for purchased CDS is the inability of the counterparty to honor the contract up to the notional value due to a credit event.

As a seller of protection on credit default swap agreements, the Fund generally receives an agreed upon payment from the buyer of protection throughout the term of the swap, provided no credit event occurs. As the seller, the Fund effectively increases its investment risk because, in addition to its total net assets, the Fund may be subject to investment exposure on the notional amount of the swap.

The maximum amount of the payment that the Fund, as a seller of protection, could be required to make under a credit default swap agreement would be equal to the notional amount of the underlying security or index contract as a result of a credit event. This potential amount will be partially offset by any recovery values of the respective referenced obligations or net amounts received from the settlement of buy protection credit default swap agreements which the Fund entered into for the same referenced entity or index. As a buyer of protection, the Fund generally receives an amount up to the notional value of the swap if a credit event occurs.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements where the Fund is the seller of protection as of period end are disclosed in the footnotes to the Schedule of Investments, if applicable. These spreads serve as indicators of the current status of the payment/performance risk and represent the likelihood of default risk for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to enter into the agreement. Wider credit spreads and increased market value in absolute terms, when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

------

*Total Return Swaps:* In a total return swap, one party receives payments based on the market value of the security or the commodity involved, or total return of a specific referenced asset, such as an equity, index or bond, and in return pays a defined amount. Certain Funds are subject to risk exposures associated with the referenced asset in the normal course of pursuing their investment objectives. Certain Funds entered into total return swaps to manage their exposure to a security or an index. The Funds' maximum risk of loss from counterparty credit risk is the change in the value of the security, in the Funds' favor, from the point of entering into the contract.

*Floating Rate and Other Loans:* Certain Funds invested in floating rate and other loans. Floating rate and other loans include loans that are privately negotiated between a corporate borrower and one or more financial institutions, including, but not limited to, term loans, revolvers, and other instruments issued in the floating rate and other loans market. The Funds acquire interests in loans directly (by way of assignment from the selling institution) and/or indirectly (by way of the purchase of a participation interest from the selling institution). Under a floating rate and other loans assignment, the Funds generally will succeed to all the rights and obligations of an assigning lending institution and become a lender under the loan agreement with the relevant borrower in connection with that loan. Under a floating rate and other loans participation, the Funds generally will have a contractual relationship only with the lender, not with the relevant borrower. As a result, the Funds generally will have the right to receive payments of principal, interest, and any fees to which they are entitled only from the lender selling the participation and only upon receipt by the lender of the payments from the relevant borrower. The Funds may not directly benefit from the collateral supporting the debt obligation in which they have purchased the participation. As a result, the Funds will assume the credit risk of both the borrower and the institution selling the participation to the Funds.

*Reverse Repurchase Agreements:* The Floating Rate Income ETF enters reverse repurchase agreements with qualified third-party broker-dealers in which the Fund sells securities to a bank or broker-dealer and agrees to repurchase the same securities at a mutually agreed upon date and price. The Fund receives securities and/or cash as collateral with a market value in-excess of the repurchase price to be paid by the Fund upon the maturity of the transaction. During the term of the agreement, the Fund continues to receive the principal and interest payments on the securities sold. Certain agreements have no stated maturity and can be terminated by either party at any time. Due to the short-term nature of reverse repurchase agreements, face value approximates fair value. Cash received in exchange for securities delivered plus accrued interest due to the counterparty is recorded as a liability in the Statement of Assets and Liabilities. Interest payments made by the Fund to the counterparties are recorded as a component of interest expense in the Statement of Operations.

*Mortgage-Backed and Asset-Backed Securities:* Mortgage-backed securities are pass-through securities, meaning that principal and interest payments made by the borrower on the underlying mortgages are passed through to the Fund. Asset-backed securities directly or indirectly represent a participation interest in, or are secured by and payable from, a stream of payments generated by particular assets such as motor vehicle or credit card receivables. Asset-backed securities may be classified as pass-through certificates or collateralized obligations, such as collateralized bond obligations, collateralized loan obligations and other similarly structured securities. The value of mortgage-backed and asset-backed securities varies with changes in interest rates and may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities.

Stripped mortgage-backed securities are usually structured with two classes that receive different proportions of the interest ("IO") and principal ("PO") distributions on a pool of mortgage assets. Payments received for IOs are included in interest income on the Statements of Operations. Because no principal will be received at the maturity of an IO, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income on the Statements of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

*Master Netting Arrangements:* The RIC, on behalf of the Funds, is subject to various Master Agreements, or netting arrangements, with select counterparties. These are agreements which a subadviser may have negotiated and entered into on behalf of all or a portion of each Fund. A master netting arrangement between each Fund and the counterparty permits each Fund to offset amounts payable by each Fund to the same counterparty against amounts to be received and by the receipt of collateral from the counterparty by each Fund to cover each Fund's exposure to the counterparty. However, there is no assurance that such mitigating factors are easily enforceable. In addition to master netting arrangements, the right to set-off exists when all the conditions are met such that each of the parties owes the other determinable amounts, the reporting party has the right to set-off the amount owed with the amount owed by the other party, the reporting party intends to set-off and the right of set-off is enforceable by law.

The RIC, on behalf of the Funds, is a party to International Swaps and Derivatives Association, Inc. ("ISDA") Master Agreements with certain counterparties that govern OTC derivative and foreign exchange contracts entered into from time to time. The Master Agreements may contain provisions regarding, among other things, the parties' general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the Master Agreements, collateral posted to the Fund is held in a segregated account by the Fund's custodian and with respect to those amounts which can be sold or re-pledged, is presented in the Schedule of Investments. Collateral pledged by the Fund is segregated by

PGIM Fixed Income ETFs 329

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Notes to Financial Statements (unaudited) (continued)

the Fund's custodian and identified in the Schedule of Investments. Collateral can be in the form of cash or debt securities issued by the U.S. Government or related agencies or other securities as agreed to by the Fund and the applicable counterparty. Collateral requirements are determined based on the Fund's net position with each counterparty. Termination events applicable to the Fund may occur upon a decline in the Fund's net assets below a specified threshold over a certain period of time. Termination events applicable to counterparties may occur upon a decline in the counterparty's long-term and short-term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the Fund's counterparties to elect early termination could impact the Fund's future derivative activity.

In addition to each instrument's primary underlying risk exposure (e.g. interest rate, credit, equity or foreign exchange, etc.), swap agreements involve, to varying degrees, elements of credit, market and documentation risk. Such risks involve the possibility that no liquid market for these agreements will exist, the counterparty to the agreement may default on its obligation to perform or disagree on the contractual terms of the agreement, and changes in net interest rates will be unfavorable. In connection with these agreements, securities in the portfolio may be identified or received as collateral from the counterparty in accordance with the terms of the respective swap agreements to provide or receive assets of value and to serve as recourse in the event of default or bankruptcy/insolvency of either party. Such OTC derivative agreements include conditions which, when materialized, give the counterparty the right to cause an early termination of the transactions under those agreements. Any election by the counterparty for early termination of the contract(s) may impact the amounts reported on financial statements.

Short sales and OTC contracts, including forward foreign currency exchange contracts, swaps, forward rate agreements and written options involve elements of both market and credit risk in excess of the amounts reflected on the Statement of Assets and Liabilities, if applicable. Such risks may be mitigated by engaging in master netting arrangements.

*Warrants and Rights:* Certain Funds held warrants and rights acquired either through a direct purchase or pursuant to corporate actions. Warrants and rights entitle the holder to buy a proportionate amount of common stock, or such other security that the issuer may specify, at a specific price and time through the expiration dates. Such warrants and rights are held as long positions by the Funds until exercised, sold or expired. Warrants and rights are valued at fair value in accordance with the Board approved fair valuation procedures.

*Payment-In-Kind:*Certain Funds invested in the open market or received pursuant to debt restructuring securities that pay-in-kind ("PIK") the interest due on such debt instruments. The PIK interest, computed at the contractual rate specified, is added to the existing principal balance of the debt when issued bonds have the same terms as the bond or recorded as a separate bond when terms are different from the existing debt, and is recorded as interest income.

*Delayed-Delivery Transactions:* Certain Funds purchased or sold securities on a when-issued or delayed-delivery and forward commitment basis, including TBA securities. These transactions involve a commitment by the Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery purchases are outstanding, the Fund will set aside and maintain an amount of liquid assets sufficient to meet the purchase price in a segregated account until the settlement date. When purchasing a security on a delayed-delivery basis, the Fund assume the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its net asset value ("NAV"). The Fund may dispose of or renegotiate a delayed-delivery transaction subsequent to establishment, and may sell when-issued securities before they are delivered, which may result in a realized gain (loss). When selling a security on a delayed-delivery basis, the Fund forfeit their eligibility to realize future gains (losses) with respect to the security.

*Equity and Mortgage Real Estate Investment Trusts (collectively "REITs"):* Certain Funds invested in REITs, which report information on the source of their distributions annually. Based on current and historical information, a portion of distributions received from REITs during the period is estimated to be dividend income, capital gain or return of capital and recorded accordingly. When material, these estimates are adjusted periodically when the actual source of distributions is disclosed by the REITs.

*Securities Transactions and Net Investment Income:* Securities transactions are recorded on the trade date. Realized gains (losses) from investment and currency transactions are calculated on the specific identification method. Dividend income is recorded on the ex-date, or for certain foreign securities, when the Funds become aware of such dividends. Interest income, including amortization of premium and accretion of discount on debt securities, as required, is recorded on the accrual basis. Expenses are recorded on an accrual basis, which may require the use of certain estimates by management that may differ from actual expense amounts.

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*Taxes:* It is each Fund's policy to continue to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its taxable net investment income and capital gains, if any, to its shareholders. Therefore, no federal income tax provision is required. Withholding taxes on foreign dividends, interest and capital gains, if any, are recorded, net of reclaimable amounts, at the time the related income is earned.

*Dividends and Distributions:* Dividends and distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from GAAP, are recorded on the ex-date. Permanent book/tax differences relating to income and gain (loss) are reclassified between total distributable earnings (loss) and paid-in capital in excess of par, as appropriate. The chart below sets forth the expected frequency of dividend and capital gains distributions to shareholders. Various factors may impact the frequency of dividend distributions to shareholders, including but not limited to adverse market conditions or portfolio holding-specific events.

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| | | |
|:---|:---|:---|
| **Expected Distribution Schedule to Shareholders\*** | **Frequency** | **Frequency** |
| &nbsp;&nbsp; Net Investment Income |  | Monthly |
| &nbsp;&nbsp; Short-Term Capital Gains |  | Annually |
| &nbsp;&nbsp; Long-Term Capital Gains |  | Annually |

---

\* Under certain circumstances, each Fund may make more than one distribution of short-term and/or long-term capital gains during a fiscal year.

*Estimates:* The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

**3.** **Agreements** 

Pursuant to management agreements with the RIC on behalf of the Funds (the Management Agreements), PGIM Investments manages each Fund's investment operations and administers its business affairs. PGIM Investments is also responsible for supervising each Fund's subadviser. The Manager has entered into subadvisory agreements (Subadvisory Agreements) with PGIM, Inc., which provides subadvisory services to the Funds through its investment group PGIM Fixed Income (and, for the AAA CLO, Floating Rate Income, Short Duration High Yield, Short Duration Multi-Sector Bond, Total Return Bond, and Ultra Short Bond, PGIM Limited) (the "subadviser"). Effective April 8, 2026, PGIM Fixed Income was renamed PGIM Credit. PGIM Credit continues to be an investment group of PGIM, Inc. The Manager pays for the services of the subadviser.

Pursuant to the Management Agreement relating to each Fund, there is a unitary fee structure for each Funds whereby PGIM Investments is responsible for substantially all expenses of each Fund, except taxes, brokerage expenses, interest expenses, distribution fees or expenses, expenses incident to shareholder meetings and extraordinary expenses. Each Fund may also pay for any costs or expenses of investing in other funds. For more information on the unitary management fee structure please refer to the Funds' Statement of Additional Information.

The unitary fee paid to the Manager is accrued daily and payable monthly, at an annual rate of each Fund's average daily net assets specified below.

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| | |
|:---|:---|
| **Fund** | **Unitary<br> Fee Rate** |
| &nbsp;&nbsp; AAA CLO | 0.19% |
| &nbsp;&nbsp; Active Aggregate Bond | 0.19% |
| &nbsp;&nbsp; Active High Yield Bond | 0.39% |
| &nbsp;&nbsp; Corporate Bond 0-5 Year | 0.20% |
| &nbsp;&nbsp; Corporate Bond 5-10 Year | 0.25% |
| &nbsp;&nbsp; Corporate Bond 10+ Year | 0.25% |
| &nbsp;&nbsp; Floating Rate Income | 0.72% |
| &nbsp;&nbsp; Municipal Income Opportunities | 0.25% |
| &nbsp;&nbsp; Short Duration High Yield | 0.45% |
| &nbsp;&nbsp; Short Duration Multi-Sector Bond | 0.40% |
| &nbsp;&nbsp; Total Return Bond | 0.49% |
| &nbsp;&nbsp; Ultra Short Bond | 0.15% |
| &nbsp;&nbsp; Ultra Short Municipal Bond | 0.15% |

---

The Manager has contractually agreed that to the extent the Fund invests in an ETF advised by PGIM Investments ("PGIM ETF"), the Manager will waive any management fees it receives from the Fund in an amount equal to the unitary management fee received by PGIM Investments from the PGIM ETF attributable to the Fund's investment in such PGIM ETF. This waiver will be effective at any time the Fund is invested in the PGIM ETF and will remain in effect for so long as the Fund is invested in the PGIM ETF, unless earlier terminated by agreement of the Board of the Fund.

PGIM Fixed Income ETFs 331

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Notes to Financial Statements (unaudited) (continued)

Prudential Investment Management Services LLC ("PIMS" or the "Distributor"), acts as the distributor of each Fund, pursuant to the terms of a distribution agreement ("Distribution Agreement") between the RIC and the Distributor. Shares are continuously offered for sale by the Distributor only. Although the Distributor does not receive any fees under the Distribution Agreement, the Manager or its affiliates may pay the Distributor for certain distribution related services.

PGIM Investments, PGIM, Inc., PGIM Limited and PIMS are indirect, wholly-owned subsidiaries of Prudential Financial, Inc. ("Prudential").

**4.** **Other Transactions with Affiliates** 

The Funds may invest their overnight sweep cash in the PGIM Core Government Money Market Fund (the "Core Government Fund"), a series of the Prudential Government Money Market Fund, Inc., registered under the 1940 Act and managed by PGIM Investments. PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services to the Core Government Fund. In addition to the realized and unrealized gains on investments in the Core Government Fund, earnings from such investments are disclosed on the Statement of Operations as "Affiliated dividend income".

The Funds may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act that, subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors/trustees, and/or common officers. For the reporting period ended February 28, 2026, no Rule 17a-7 transactions were entered into by the Funds.

**5.** **Portfolio Securities** 

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments, in-kind transactions and U.S. Government securities) for the reporting period ended February 28, 2026, were as follows:

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| | | |
|:---|:---|:---|
| **Fund** | **Cost of<br>Purchases** | **Proceeds<br>from Sales** |
| &nbsp;&nbsp; AAA CLO | $4154075925 | $1216101506 |
| &nbsp;&nbsp; Active Aggregate Bond | 55767825 | 43090122 |
| &nbsp;&nbsp; Active High Yield Bond | 394366208 | 326505162 |
| &nbsp;&nbsp; Corporate Bond 0-5 Year | 244721606 | 41993324 |
| &nbsp;&nbsp; Corporate Bond 5-10 Year | 123803644 | 32972153 |
| &nbsp;&nbsp; Corporate Bond 10+ Year | 13419139 | 12961598 |
| &nbsp;&nbsp; Floating Rate Income | 52214473 | 20263560 |
| &nbsp;&nbsp; Municipal Income Opportunities | 23063418 | 7964997 |
| &nbsp;&nbsp; Short Duration High Yield | 88034028 | 20321562 |
| &nbsp;&nbsp; Short Duration Multi-Sector Bond | 119931883 | 83522944 |
| &nbsp;&nbsp; Total Return Bond | 506954781 | 347921393 |
| &nbsp;&nbsp; Ultra Short Bond | 3421197861 | 2418443247 |
| &nbsp;&nbsp; Ultra Short Municipal Bond | 42811205 | 15321305 |

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In-kind transactions resulting from in-kind creations and redemptions during the reporting period ended February 28, 2026, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Creations<br>In-Kind** | **Redemptions<br>In-Kind** |
| &nbsp;&nbsp; AAA CLO | $279738467 | $189693967 |
| &nbsp;&nbsp; Active Aggregate Bond |  |  |
| &nbsp;&nbsp; Active High Yield Bond | 750362471 |  |
| &nbsp;&nbsp; Corporate Bond 0-5 Year | 142846148 |  |
| &nbsp;&nbsp; Corporate Bond 5-10 Year | 305597527 |  |
| &nbsp;&nbsp; Corporate Bond 10+ Year |  |  |
| &nbsp;&nbsp; Floating Rate Income |  |  |
| &nbsp;&nbsp; Municipal Income Opportunities |  |  |
| &nbsp;&nbsp; Short Duration High Yield |  |  |
| &nbsp;&nbsp; Short Duration Multi-Sector Bond |  |  |
| &nbsp;&nbsp; Total Return Bond |  |  |

---

------

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| | | |
|:---|:---|:---|
| **Fund** | **Creations**<br> **In-Kind** | **Redemptions**<br> **In-Kind** |
| &nbsp;&nbsp; Ultra Short Bond | $| $|
| &nbsp;&nbsp; Ultra Short Municipal Bond |  |  |

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The in-kind transactions shown in this table may not agree with the Funds' Share Transactions on the Statements of Changes in Net Assets. This table represents the accumulation of each Fund's daily net shareholder transactions while the Statements of Changes in Net Assets reflect gross shareholder transactions, inclusive of any cash component.

A summary of the cost of purchases and proceeds from sales of shares of affiliated investments for the reporting period ended February 28, 2026, is presented as follows:

#### AAA CLO

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,**<br> **Beginning**<br> **of**<br> **Period** | **Cost of**<br> **Purchases** | **Proceeds**<br> **from Sales** | **Change in**<br> **Unrealized**<br> **Gain**<br> (Loss) | **Realized**<br> **Gain**<br> (Loss) | **Value,**<br> **End**<br> **of**<br> **Period** | **Shares,**<br> **End**<br> **of**<br> **Period** | **Income** | **Capital**<br> **Gain**<br> **Distributions** |
|  **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** |  |
|  PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> |  |
| $94088321 | $2375853242 | $2077430636 | $— | $— | $392510927 | 392510927 | $3457940 | $— |

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#### Active Aggregate Bond

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,**<br> **Beginning**<br> **of**<br> **Period** | **Cost of**<br> **Purchases** | **Proceeds**<br> **from Sales** | **Change in**<br> **Unrealized**<br> **Gain**<br> (Loss) | **Realized**<br> **Gain**<br> (Loss) | **Value,**<br> **End**<br> **of**<br> **Period** | **Shares,**<br> **End**<br> **of**<br> **Period** | **Income** | **Capital**<br> **Gain**<br> **Distributions** |
|  **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** |  |
|  PGIM AAA CLO ETF | PGIM AAA CLO ETF | PGIM AAA CLO ETF | PGIM AAA CLO ETF | PGIM AAA CLO ETF | PGIM AAA CLO ETF | PGIM AAA CLO ETF | PGIM AAA CLO ETF |  |
| $4180790 | $487938 | $— | $(3436) | $— | $4665292 | &nbsp;&nbsp;&nbsp;&nbsp;90641 | $113524 | $— |
|  PGIM Corporate Bond 0-5 Year ETF | PGIM Corporate Bond 0-5 Year ETF | PGIM Corporate Bond 0-5 Year ETF | PGIM Corporate Bond 0-5 Year ETF | PGIM Corporate Bond 0-5 Year ETF | PGIM Corporate Bond 0-5 Year ETF | PGIM Corporate Bond 0-5 Year ETF | PGIM Corporate Bond 0-5 Year ETF |  |
|  | 1259351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 6524 |  | 1265875 | 25000 | 18837 | 524 |
| $4180790 | $1747289 | $— | $3088 | $— | $5931167 |  | $132361 | $524 |
|  **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** |
|  PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wa)</sup> |
| $2032357 | $26941485 | $26439987 | $— | $— | $2533855 | 2533855 | $27078 | $— |
| $6213147 | $28688774 | $26439987 | $3088 | $— | $8465022 |  | $159439 | $524 |

---

#### Active High Yield Bond

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,**<br> **Beginning**<br> **of**<br> **Period** | **Cost of**<br> **Purchases** | **Proceeds**<br> **from Sales** | **Change in**<br> **Unrealized**<br> **Gain**<br> (Loss) | **Realized**<br> **Gain**<br> (Loss) | **Value,**<br> **End**<br> **of**<br> **Period** | **Shares,**<br> **End**<br> **of**<br> **Period** | **Income** | **Capital**<br> **Gain**<br> **Distributions** |
|  **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** |  |
|  PGIM AAA CLO ETF | PGIM AAA CLO ETF | PGIM AAA CLO ETF | PGIM AAA CLO ETF | PGIM AAA CLO ETF | PGIM AAA CLO ETF | PGIM AAA CLO ETF | PGIM AAA CLO ETF |  |
| $13423602 | $744560 | $— | $(13912) | $— | $14154250 | 275000 | $336117 | $— |
|  **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** |
|  PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wa)</sup> |
| $6282408 | $163279424 | $140166671 | $— | $— | $29395161 | 29395161 | $269266 | $— |
| $19706010 | $164023984 | $140166671 | $(13912) | $— | $43549411 |  | $605383 | $— |

---

PGIM Fixed Income ETFs 333

------

Notes to Financial Statements (unaudited) (continued)

#### Corporate Bond 0-5 Year

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value,<br> Beginning<br> of**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Period** | **Cost of<br>Purchases** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Gain<br>(Loss)** | **Realized<br>Gain<br>(Loss)** | **Value,<br>End**<br> **of**<br> **Period** | **Shares,<br>End**<br> **of**<br> **Period** | **Income** | **Capital**<br> **Gain<br>Distributions** |
|  **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** |  |
|  PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> |  |
| $2869875 | $70861998 | $67693969 | $— | $— | $6037904 | 6037904 | $105252 | $— |

---

#### Corporate Bond 5-10 Year

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value,<br> Beginning<br> of**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Period** | **Cost of<br>Purchases** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Gain<br>(Loss)** | **Realized<br>Gain<br>(Loss)** | **Value,<br>End**<br> **of**<br> **Period** | **Shares,<br>End**<br> **of**<br> **Period** | **Income** | **Capital**<br> **Gain<br>Distributions** |
|  **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** |  |
|  PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> |  |
| $3243183 | $48570204 | $46958806 | $— | $— | $4854581 | 4854581 | $69479 | $— |

---

#### Corporate Bond 10+ Year

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value,<br> Beginning<br> of**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Period** | **Cost of<br>Purchases** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Gain<br>(Loss)** | **Realized<br>Gain<br>(Loss)** | **Value,<br>End**<br> **of<br>Period** | **Shares,<br>End**<br> **of<br>Period** | **Income** | **Capital**<br> **Gain<br>Distributions** |
|  **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** |  |
|  PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> |  |
| $715902 | $8782612 | $9181758 | $— | $— | $316756 | 316756 | $11425 | $— |

---

#### Floating Rate Income

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value,<br> Beginning<br> of**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Period** | **Cost of<br>Purchases** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Gain<br>(Loss)** | **Realized<br>Gain<br>(Loss)** | **Value,<br>End**<br> **of**<br> **Period** | **Shares,<br>End**<br> **of**<br> **Period** | **Income** | **Capital**<br> **Gain<br>Distributions** |
|  **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** |  |
|  PGIM Active High Yield Bond ETF | PGIM Active High Yield Bond ETF | PGIM Active High Yield Bond ETF | PGIM Active High Yield Bond ETF | PGIM Active High Yield Bond ETF | PGIM Active High Yield Bond ETF | PGIM Active High Yield Bond ETF | PGIM Active High Yield Bond ETF |  |
| $— | $1777703 | $— | $2297 | $— | $1780000 | 50000 | $37123 | $— |
|  **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** |  |
|  PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wa)</sup> |  |
| $2512473 | $37417722 | $35071040 | $— | $— | $4859155 | 4859155 | $132717 | $— |
| $2512473 | $39195425 | $35071040 | $2297 | $— | $6639155 |  | $169840 | $— |

---

#### Municipal Income Opportunities

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value,<br> Beginning<br> of**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Period** | **Cost of<br>Purchases** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Gain<br>(Loss)** | **Realized<br>Gain<br>(Loss)** | **Value,<br>End**<br> **of**<br> **Period** | **Shares,<br>End**<br> **of**<br> **Period** | **Income** | **Capital**<br> **Gain<br>Distributions** |
|  **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** |  |
|  PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> |  |
| $352069 | $17785963 | $15821457 | $— | $— | $2316575 | 2316575 | $25512 | $— |

---

------

#### Short Duration High Yield

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br>Beginning<br>of**<br> **Period** | **Cost of<br>Purchases** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Gain<br>(Loss)** | **Realized<br>Gain<br>(Loss)** | **Value,<br>End**<br> **of**<br> **Period** | **Shares,<br>End**<br> **of**<br> **Period** | **Income** | **Capital**<br> **Gain<br>Distributions** |
| &nbsp;&nbsp; **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** | &nbsp;&nbsp; **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** | &nbsp;&nbsp; **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** | &nbsp;&nbsp; **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** | &nbsp;&nbsp; **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** | &nbsp;&nbsp; **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** | &nbsp;&nbsp; **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** | &nbsp;&nbsp; **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** |  |
| &nbsp;&nbsp; PGIM AAA CLO ETF | &nbsp;&nbsp; PGIM AAA CLO ETF | &nbsp;&nbsp; PGIM AAA CLO ETF | &nbsp;&nbsp; PGIM AAA CLO ETF | &nbsp;&nbsp; PGIM AAA CLO ETF | &nbsp;&nbsp; PGIM AAA CLO ETF | &nbsp;&nbsp; PGIM AAA CLO ETF | &nbsp;&nbsp; PGIM AAA CLO ETF | &nbsp;&nbsp; PGIM AAA CLO ETF |
| &nbsp;&nbsp; $1655395 | $— | $— | $(1767) | $— | $1653628 | 32128 | $41328 | $— |
| &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Fund:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Fund:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Fund:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Fund:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Fund:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Fund:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Fund:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Fund:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Fund:** |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.787%)(wa) | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.787%)(wa) | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.787%)(wa) | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.787%)(wa) | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.787%)(wa) | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.787%)(wa) | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.787%)(wa) | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.787%)(wa) | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.787%)(wa) |
| &nbsp;&nbsp; $473645 | $58959582 | $57586146 | $— | $— | $1847081 | 1847081 | $54460 | $— |
| &nbsp;&nbsp; $2129040 | $58959582 | $57586146 | $(1767) | $— | $3500709 |  | $95788 | $— |

---

#### Short Duration Multi-Sector Bond

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br>Beginning**<br> **of**<br> **Period** | **Cost of<br>Purchases** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Gain<br>(Loss)** | **Realized<br>Gain<br>(Loss)** | **Value,<br>End**<br> **of**<br> **Period** | **Shares,<br>End**<br> **of**<br> **Period** | **Shares,<br>End**<br> **of**<br> **Period** | **Income** | **Capital**<br> **Gain<br>Distributions** |
| &nbsp;&nbsp; **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | &nbsp;&nbsp; **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | &nbsp;&nbsp; **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | &nbsp;&nbsp; **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | &nbsp;&nbsp; **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | &nbsp;&nbsp; **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | &nbsp;&nbsp; **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | &nbsp;&nbsp; **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** |  |  |
| &nbsp;&nbsp; PGIM AAA CLO ETF | &nbsp;&nbsp; PGIM AAA CLO ETF | &nbsp;&nbsp; PGIM AAA CLO ETF | &nbsp;&nbsp; PGIM AAA CLO ETF | &nbsp;&nbsp; PGIM AAA CLO ETF | &nbsp;&nbsp; PGIM AAA CLO ETF | &nbsp;&nbsp; PGIM AAA CLO ETF |  |  |  |
| &nbsp;&nbsp; $4306820 | $3423064 | $7734161 | $(21689) | $25966 | $— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $150518 | $— |
| &nbsp;&nbsp; PGIM Active High Yield Bond ETF | &nbsp;&nbsp; PGIM Active High Yield Bond ETF | &nbsp;&nbsp; PGIM Active High Yield Bond ETF | &nbsp;&nbsp; PGIM Active High Yield Bond ETF | &nbsp;&nbsp; PGIM Active High Yield Bond ETF | &nbsp;&nbsp; PGIM Active High Yield Bond ETF | &nbsp;&nbsp; PGIM Active High Yield Bond ETF | &nbsp;&nbsp; PGIM Active High Yield Bond ETF |  |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 202933 | 46095 | 502 | (59) | 157281 |  | 4418 | 4245 |  |
| &nbsp;&nbsp; PGIM Corporate Bond 0-5 Year ETF | &nbsp;&nbsp; PGIM Corporate Bond 0-5 Year ETF | &nbsp;&nbsp; PGIM Corporate Bond 0-5 Year ETF | &nbsp;&nbsp; PGIM Corporate Bond 0-5 Year ETF | &nbsp;&nbsp; PGIM Corporate Bond 0-5 Year ETF | &nbsp;&nbsp; PGIM Corporate Bond 0-5 Year ETF | &nbsp;&nbsp; PGIM Corporate Bond 0-5 Year ETF | &nbsp;&nbsp; PGIM Corporate Bond 0-5 Year ETF |  |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 1259351 |  | 6524 |  | 1265875 |  | 25000 | 18837 | 524 |
| &nbsp;&nbsp; $4306820 | $4885348 | $7780256 | $(14663) | $25907 | $1423156 |  |  | $173600 | $524 |
| &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Fund:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Fund:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Fund:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Fund:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Fund:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Fund:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Fund:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Fund:** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.787%)(wa) | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.787%)(wa) | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.787%)(wa) | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.787%)(wa) | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.787%)(wa) | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.787%)(wa) | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.787%)(wa) | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.787%)(wa) |  |  |
| &nbsp;&nbsp; $1427206 | $61479745 | $60076046 | $— | $— | $2830905 |  | 2830905 | $60170 | $— |
| &nbsp;&nbsp; $5734026 | $66365093 | $67856302 | $(14663) | $25907 | $4254061 |  |  | $233770 | $524 |

---

#### Total Return Bond

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br>Beginning**<br> **of**<br> **Period** | **Cost of<br>Purchases** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Gain (Loss)** | **Realized<br>Gain<br>(Loss)** | **Value, End<br>of**<br> **Period** | **Shares,<br>End**<br> **of**<br> **Period** | **Shares,<br>End**<br> **of**<br> **Period** | **Income** | **Capital**<br> **Gain<br>Distributions** |
| &nbsp;&nbsp; **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | &nbsp;&nbsp; **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | &nbsp;&nbsp; **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | &nbsp;&nbsp; **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | &nbsp;&nbsp; **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | &nbsp;&nbsp; **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | &nbsp;&nbsp; **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | &nbsp;&nbsp; **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** |  |  |
| &nbsp;&nbsp; PGIM AAA CLO ETF | &nbsp;&nbsp; PGIM AAA CLO ETF | &nbsp;&nbsp; PGIM AAA CLO ETF | &nbsp;&nbsp; PGIM AAA CLO ETF | &nbsp;&nbsp; PGIM AAA CLO ETF | &nbsp;&nbsp; PGIM AAA CLO ETF | &nbsp;&nbsp; PGIM AAA CLO ETF |  |  |  |
| &nbsp;&nbsp; $26252812 | $13642043 | $39880069 | &nbsp;&nbsp;&nbsp;&nbsp;$(116833) | $102047 | $— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $779321 | $— |
| &nbsp;&nbsp; PGIM Active High Yield Bond ETF | &nbsp;&nbsp; PGIM Active High Yield Bond ETF | &nbsp;&nbsp; PGIM Active High Yield Bond ETF | &nbsp;&nbsp; PGIM Active High Yield Bond ETF | &nbsp;&nbsp; PGIM Active High Yield Bond ETF | &nbsp;&nbsp; PGIM Active High Yield Bond ETF | &nbsp;&nbsp; PGIM Active High Yield Bond ETF | &nbsp;&nbsp; PGIM Active High Yield Bond ETF |  |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; 3570000 | &nbsp;&nbsp;&nbsp;&nbsp;1070980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8157) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(112) | &nbsp;&nbsp;&nbsp;&nbsp;4591296 |  | 128969 | &nbsp;&nbsp;&nbsp;&nbsp;140911 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp; PGIM Corporate Bond 0-5 Year ETF | &nbsp;&nbsp; PGIM Corporate Bond 0-5 Year ETF | &nbsp;&nbsp; PGIM Corporate Bond 0-5 Year ETF | &nbsp;&nbsp; PGIM Corporate Bond 0-5 Year ETF | &nbsp;&nbsp; PGIM Corporate Bond 0-5 Year ETF | &nbsp;&nbsp; PGIM Corporate Bond 0-5 Year ETF | &nbsp;&nbsp; PGIM Corporate Bond 0-5 Year ETF | &nbsp;&nbsp; PGIM Corporate Bond 0-5 Year ETF |  |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7560506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;7595250 |  | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;94186 | 2619 |
| &nbsp;&nbsp; PGIM Corporate Bond 5-10 Year ETF | &nbsp;&nbsp; PGIM Corporate Bond 5-10 Year ETF | &nbsp;&nbsp; PGIM Corporate Bond 5-10 Year ETF | &nbsp;&nbsp; PGIM Corporate Bond 5-10 Year ETF | &nbsp;&nbsp; PGIM Corporate Bond 5-10 Year ETF | &nbsp;&nbsp; PGIM Corporate Bond 5-10 Year ETF | &nbsp;&nbsp; PGIM Corporate Bond 5-10 Year ETF | &nbsp;&nbsp; PGIM Corporate Bond 5-10 Year ETF |  |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5100738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5132910 |  | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;94560 | 6100 |
| &nbsp;&nbsp; $29822812 | $27374267 | $39921484 | $(58074) | $101935 | $17319456 |  |  | $1108978 | $8719 |
| &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Fund:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Fund:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Fund:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Fund:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Fund:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Fund:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Fund:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Fund:** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wa)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wa)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wa)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wa)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wa)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wa)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wa)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wa)</sup> |  |  |
| &nbsp;&nbsp; $26601600 | $206110490 | $214591098 | $— | $— | $18120992 |  | 18120992 | $296861 | $— |
| &nbsp;&nbsp; $56424412 | $233484757 | $254512582 | $(58074) | $101935 | $35440448 |  |  | $1405839 | $8719 |

---

PGIM Fixed Income ETFs 335

------

Notes to Financial Statements (unaudited) (continued)

**Ultra Short Bond**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br>Beginning**<br> **of**<br> **Period** | **Cost of<br>Purchases** | **Proceeds**<br> **from Sales** | **Change**<br> **in**<br> **Unrealized<br>Gain**<br> (Loss) | **Realized<br>Gain**<br> (Loss) | **Value,**<br> **End**<br> **of**<br> **Period** | **Shares,**<br> **End**<br> **of**<br> **Period** | **Income** | **Capital**<br> **Gain<br>Distributions** |
| **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** |  |  |
| PGIM AAA CLO ETF | PGIM AAA CLO ETF | PGIM AAA CLO ETF | PGIM AAA CLO ETF | PGIM AAA CLO ETF | PGIM AAA CLO ETF | PGIM AAA CLO ETF |  |  |
| $126880313 | $104656447 | $— | $78240 | $— | $231615000 | 4500000 | $3901644 | $— |
| **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** |  |  |
| PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wa)</sup> |  |  |
| $193458111 | $2964530655 | $3045446322 | $— | $— | $112542444 | 112542444 | $4744409 | $— |
| $320338424 | $3069187102 | $3045446322 | $78240 | $— | $344157444 |  | $8646053 | $— |
|  <br> **Ultra Short Municipal Bond** | <br> **Ultra Short Municipal Bond** | <br> **Ultra Short Municipal Bond** | <br> **Ultra Short Municipal Bond** | <br> **Ultra Short Municipal Bond** | <br> **Ultra Short Municipal Bond** | <br> **Ultra Short Municipal Bond** |  |  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br>Beginning**<br> **of**<br> **Period** | **Cost of**<br> **Purchases** | **Proceeds**<br> **from Sales** | **Change in<br>Unrealized<br>Gain<br>(Loss)** | **Realized<br>Gain<br>(Loss)** | **Value,<br>End**<br> **of**<br> **Period** | **Shares,<br>End**<br> **of**<br> **Period** | **Income** | **Capital**<br> **Gain<br>Distributions** |
|  **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** |
|  PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> |
| $47278 | $24493932 | $23702150 | $— | $— | $839060 | 839060 | $17624 | $— |

---

(wa) Represents investments in Funds affiliated with the Manager.

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

**6.** **Tax Information** 

The United States federal income tax basis of the Funds' investments and the net unrealized appreciation (depreciation) as of February 28, 2026 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund**<br>| **Tax Basis** | **Gross<br>Unrealized<br>Appreciation** | **Gross<br>Unrealized<br>Depreciation** | **Net<br>Unrealized<br>Appreciation<br>(Depreciation)** |
| &nbsp;&nbsp; AAA CLO | $7563617372 | $4464904 | $(4628191) | $(163287) |
| &nbsp;&nbsp; Active Aggregate Bond | 103552586 | 1552085 | (2250562) | (698477) |
| &nbsp;&nbsp; Active High Yield Bond | 1253987807 | 12864191 | (12370929) | 493262 |
| &nbsp;&nbsp; Corporate Bond 0-5 Year | 524358645 | 1766006 | (101330) | 1664676 |
| &nbsp;&nbsp; Corporate Bond 5-10 Year | 537735386 | 4862284 | (425213) | 4437071 |
| &nbsp;&nbsp; Corporate Bond 10+ Year | 74806484 | 2026922 | (223242) | 1803680 |
| &nbsp;&nbsp; Floating Rate Income | 113892784 | 794935 | (2897354) | (2102419) |
| &nbsp;&nbsp; Municipal Income Opportunities | 43217007 | 837317 | (104854) | 732463 |
| &nbsp;&nbsp; Short Duration High Yield | 135541532 | 808223 | (1532187) | (723964) |
| &nbsp;&nbsp; Short Duration Multi-Sector Bond | 173245104 | 2044695 | (543852) | 1500843 |
| &nbsp;&nbsp; Total Return Bond | 881190502 | 16127748 | (4533161) | 11594587 |
| &nbsp;&nbsp; Ultra Short Bond | 14055505983 | 59406461 | (18134143) | 41272318 |
| &nbsp;&nbsp; Ultra Short Municipal Bond | 65989266 | 300312 | (7442) | 292870 |

---

The GAAP basis may differ from tax basis due to certain tax-related adjustments.

For federal income tax purposes, the following Funds had an approximated capital loss carryforward as of August 31, 2025 which can be carried forward for an unlimited period. No capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such losses.

---

| | | |
|:---|:---|:---|
| **Fund** | **Capital Loss<br>Carryforward** | **Capital Loss** <br> **Carryforward Utilized**  |
| &nbsp;&nbsp; AAA CLO | $1958000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

------

---

| | | |
|:---|:---|:---|
| **Fund** | **Capital Loss<br>Carryforward** | **Capital Loss <br>Carryforward Utilized** |
| &nbsp;&nbsp; Active Aggregate Bond | $4471000 | $— |
| &nbsp;&nbsp; Active High Yield Bond | 10630000 |  |
| &nbsp;&nbsp; Corporate Bond 0-5 Year | 16000 |  |
| &nbsp;&nbsp; Corporate Bond 5-10 Year |  |  |
| &nbsp;&nbsp; Corporate Bond 10+ Year |  |  |
| &nbsp;&nbsp; Floating Rate Income | 1394000 |  |
| &nbsp;&nbsp; Municipal Income Opportunities | 32000 |  |
| &nbsp;&nbsp; Short Duration High Yield | 123000 |  |
| &nbsp;&nbsp; Short Duration Multi-Sector Bond |  | 19000 |
| &nbsp;&nbsp; Total Return Bond | 10866000 |  |
| &nbsp;&nbsp; Ultra Short Bond | 35810000 |  |
| &nbsp;&nbsp; Ultra Short Municipal Bond | 25000 |  |

---

The Manager has analyzed the Funds' tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Funds' financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Funds' U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended August 31, 2025 are subject to such review.

**7.** **Capital and Ownership** 

Each Fund is an exchange-traded fund, commonly known as an "ETF". Individual shares of the Funds may only be purchased and sold in secondary market transactions through brokers or other financial intermediaries. Shares of the Funds are listed for trading on the NYSE Arca, Inc. except for Corporate Bond 0-5 Year, Corporate Bond 5-10 Year, Corporate Bond 10+ Year, Short Duration Multi-Sector Bond and Short Duration High Yield, which list their shares on the Cboe BZX Exchange, Inc. (together with NYSE Arca, Inc., the "Exchanges"), and since the shares of the Funds trade at market prices rather than NAV, shares of the Funds may trade at a price greater than NAV (a premium) or less than NAV (a discount). Each Fund will issue and redeem its shares at NAV only in aggregations of a specified number of shares called a "Creation Unit". An Authorized Participant is a member or participant of a clearing agency registered with the SEC, which has a written agreement with the Funds or one of their service providers that allows the Authorized Participant to place orders for the purchase and redemption of Creation Units.

A creation transaction, which is subject to acceptance by the Distributor and each Fund, generally takes place when an Authorized Participant deposits into each Fund a designated portfolio of securities, assets or other positions (a "creation basket"), and an amount of cash (including any cash representing the value of substituted securities, assets or other positions), if any, which together approximate the holdings of each Fund in exchange for a specified number of Creation Units. Similarly, shares can be redeemed only in Creation Units, generally for a designated portfolio of securities, assets or other propositions (the "redemption basket") held by each Fund and an amount of cash (including any portion of such securities for which cash may be substituted). The Funds may, in certain circumstances, offer Creation Units partially or solely for cash. Except when aggregated in Creation Units, shares are not redeemable by the Funds. Creation and redemption baskets may differ and the Funds may accept "custom baskets". A Creation Unit consists of 25,000 shares of each Fund.

Authorized Participants may be required to pay a fixed creation transaction fee and/or a fixed redemption transaction fee, as applicable, for each transaction in a Creation Unit regardless of the number of Creation Units created or redeemed on that day. These fees, if charged, are paid to the Custodian to offset costs associated with processing creation and redemption transactions. Authorized Participants transacting in creation units for cash may pay an additional variable fee to compensate the Funds for transaction costs and market impact expenses relating to purchases or sales of portfolio securities. Such variable fees, if any, are included in "Net proceeds from shares sold" and/or "Cost of shares purchased", as applicable, in the Statements of Changes in Net Assets.

The RIC is authorized to issue an unlimited number of shares of beneficial interest, $0.001 par value per share.

As of February 28, 2026, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Fund as follows:

---

| | | |
|:---|:---|:---|
| **Fund**<br>| **Number of Shares** | **Percentage of<br>Outstanding Shares**  |
| &nbsp;&nbsp; AAA CLO | 47007277 | 32.3% |
| &nbsp;&nbsp; Active Aggregate Bond | 714908 | 30.4 |
| &nbsp;&nbsp; Active High Yield Bond | 17133629 | 48.5 |
| &nbsp;&nbsp; Corporate Bond 0-5 Year | 10387000 | 99.9 |

---

PGIM Fixed Income ETFs 337

------

Notes to Financial Statements (unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **Fund**<br>| **Number of Shares** | **Percentage of<br>Outstanding Shares**  |
| &nbsp;&nbsp; Corporate Bond 5-10 Year | 10565000 | 99.7% |
| &nbsp;&nbsp; Corporate Bond 10+ Year | 500000 | 33.3 |
| &nbsp;&nbsp; Floating Rate Income | 560581 | 25.2 |
| &nbsp;&nbsp; Municipal Income Opportunities | 469000 | 56.8 |
| &nbsp;&nbsp; Short Duration High Yield |  |  |
| &nbsp;&nbsp; Short Duration Multi-Sector Bond |  |  |
| &nbsp;&nbsp; Total Return Bond | 2703150 | 13.3 |
| &nbsp;&nbsp; Ultra Short Bond | 20390121 | 7.1 |
| &nbsp;&nbsp; Ultra Short Municipal Bond | 458000 | 34.6 |

---

At the reporting period end, the number of shareholders holding greater than 5% of the Funds are as follows:

---

| | | |
|:---|:---|:---|
| **Fund**<br>| **Number of<br>Shareholders** | **Percentage of**<br> **Outstanding Shares**  |
| &nbsp;&nbsp; **Affiliated:** |  |  |
| &nbsp;&nbsp; AAA CLO | 1 | 32.3% |
| &nbsp;&nbsp; Active Aggregate Bond | 1 | 30.4 |
| &nbsp;&nbsp; Active High Yield Bond | 1 | 48.5 |
| &nbsp;&nbsp; Corporate Bond 0-5 Year | 1 | 99.9 |
| &nbsp;&nbsp; Corporate Bond 5-10 Year | 1 | 99.7 |
| &nbsp;&nbsp; Corporate Bond 10+ Year | 1 | 33.3 |
| &nbsp;&nbsp; Floating Rate Income | 1 | 25.2 |
| &nbsp;&nbsp; Municipal Income Opportunities | 1 | 56.8 |
| &nbsp;&nbsp; Short Duration High Yield |  |  |
| &nbsp;&nbsp; Short Duration Multi-Sector Bond |  |  |
| &nbsp;&nbsp; Total Return Bond | 1 | 13.3 |
| &nbsp;&nbsp; Ultra Short Bond | 1 | 7.1 |
| &nbsp;&nbsp; Ultra Short Municipal Bond | 1 | 34.6 |
| &nbsp;&nbsp; **Unaffiliated:** |  |  |
| &nbsp;&nbsp; AAA CLO | 4 | 29.1 |
| &nbsp;&nbsp; Active Aggregate Bond | 3 | 60.5 |
| &nbsp;&nbsp; Active High Yield Bond | 3 | 30.2 |
| &nbsp;&nbsp; Corporate Bond 0-5 Year |  |  |
| &nbsp;&nbsp; Corporate Bond 5-10 Year |  |  |
| &nbsp;&nbsp; Corporate Bond 10+ Year | 4 | 66.6 |
| &nbsp;&nbsp; Floating Rate Income | 4 | 59.4 |
| &nbsp;&nbsp; Municipal Income Opportunities | 2 | 32.5 |
| &nbsp;&nbsp; Short Duration High Yield | 3 | 83.9 |
| &nbsp;&nbsp; Short Duration Multi-Sector Bond | 3 | 85.1 |
| &nbsp;&nbsp; Total Return Bond | 4 | 77.5 |
| &nbsp;&nbsp; Ultra Short Bond | 7 | 66.8 |
| &nbsp;&nbsp; Ultra Short Municipal Bond | 3 | 52.1 |

---

The Funds may make payment for Fund shares redeemed and contributed wholly or in part by distributing portfolio securities to shareholders. For the reporting period February 28, 2026, certain Funds had subscriptions in-kind and redemptions in-kind with total proceeds in the amounts presented on the Statements of Changes in Net Assets.

**8.** **Borrowings** 

The RIC, on behalf of the Funds, along with other affiliated registered investment companies (the "Participating Funds"), is a party to a Syndicated Credit Agreement ("SCA") with a group of banks. The purpose of the SCA is to provide an alternative source of temporary funding for capital share redemptions. The table below provides details of the current SCA in effect at the reporting period-end as well as the prior SCA.

---

| | | |
|:---|:---|:---|
|  | **Current SCA\*\*** | **Prior SCA\*** |
| &nbsp;&nbsp; **Term of Commitment** | 9/26/2025 – 9/24/2026 | 9/27/2024 – 9/25/2025 |

---

------

---

| | | |
|:---|:---|:---|
|  | **Current SCA\*\***<br>| **Prior SCA\***<br>|
| &nbsp;&nbsp; **Total Commitment** | Tranche A: $1,200,000,000<br> Tranche B: $75,000,000\*\*\* | Tranche A: $1,200,000,000<br>Tranche B: $125,000,000\*\*\* |
| &nbsp;&nbsp; **Annualized Commitment Fee on the**<br> **Unused Portion of the SCA** | 0.15% | 0.15% |
| &nbsp;&nbsp; **Annualized Interest Rate on**<br> **Borrowings** | 1.00% plus the higher of (1)<br>the effective federal funds<br>rate, (2) the daily SOFR<br>rate plus 0.10% or (3) zero<br>percent | 1.00% plus the higher of (1)<br>the effective federal funds<br>rate, (2) the daily SOFR<br>rate plus 0.10% or (3) zero<br>percent |

---

\* The Prior SCA did not include Municipal Income Opportunities, Short Duration High Yield, and Ultra Short Municipal Bond.

\*\* The Current SCA did not include Corporate Bond 0-5 Year, Corporate Bond 5-10 Year and Corporate Bond 10+ Year.

\*\*\* Only Floating Rate Income and one other fund are party to, and are allocated commitment fees related to, Tranche B of the SCA, in addition to Tranche A. The other Participating Funds are only party to Tranche A of the SCA.

Certain affiliated registered investment companies that are parties to the SCA include portfolios that are subject to a predetermined mathematical formula used to manage certain benefit guarantees offered under variable annuity contracts. The formula may result in large scale asset flows into and out of these portfolios. Consequently, these portfolios may be more likely to utilize the SCA for purposes of funding redemptions. It may be possible for those portfolios to fully exhaust the committed amount of the SCA, thereby requiring the Manager to allocate available funding per a Board-approved methodology designed to treat the Participating Funds in the SCA equitably.

The Funds did not utilize the SCA during the reporting period ended February 28, 2026.

**9.** **Risks of Investing in the Funds** 

Each Fund's principal risks include, but are not limited to, some or all of the risks discussed below. For further information on the risks applicable to any given Fund, please refer to the Prospectus and Statement of Additional Information of that Fund.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Risks** | **AAA CLO** | **Active<br>Aggregate<br>Bond** | **Active**<br> **High Yield**<br> **Bond** | **Corporate<br>Bond**<br> **0 - 5 Year** | **Corporate**<br> **Bond**<br> **5 - 10 Year** |
| &nbsp;&nbsp; Adjustable and Floating Rate Securities |  |  |  |  |  |
| &nbsp;&nbsp; Alternative Minimum Tax |  |  |  |  |  |
| &nbsp;&nbsp; Authorized Participant Concentration | X | X | X | X | X |
| &nbsp;&nbsp; Cash Transactions | X | X | X | X | X |
| &nbsp;&nbsp; CLO Manager | X |  |  |  |  |
| &nbsp;&nbsp; Collateralized Loan Obligations | X |  |  |  |  |
| &nbsp;&nbsp; Covenant-Lite | X |  | X |  |  |
| &nbsp;&nbsp; Credit |  | X | X |  |  |
| &nbsp;&nbsp; Credit/Counterparty | X |  |  | X | X |
| &nbsp;&nbsp; Currency |  |  |  |  |  |
| &nbsp;&nbsp; Debt Obligations | X | X | X | X | X |
| &nbsp;&nbsp; Derivatives | X | X | X | X | X |
| &nbsp;&nbsp; Distressed and Defaulted Securities |  |  | X |  |  |
| &nbsp;&nbsp; Economic and Market Events | X | X | X | X | X |
| &nbsp;&nbsp; Emerging Markets |  | X | X |  |  |
| &nbsp;&nbsp; ETF Shares Trading | X | X | X | X | X |
| &nbsp;&nbsp; Floating Rate and Other Loans |  |  | X |  |  |
| &nbsp;&nbsp; Foreign Securities | X | X | X | X | X |
| &nbsp;&nbsp; Insured Municipal Bonds |  |  |  |  |  |
| &nbsp;&nbsp; Interest Rate | X | X | X | X | X |
| &nbsp;&nbsp; Junk Bonds |  |  | X |  |  |
| &nbsp;&nbsp; Large Shareholder and Large Scale Redemption | X | X | X | X | X |
| &nbsp;&nbsp; Liquidity | X | X | X | X | X |
| &nbsp;&nbsp; Loan Liquidity and Settlement |  |  |  |  |  |
| &nbsp;&nbsp; Management | X | X | X | X | X |
| &nbsp;&nbsp; Market Disruption and Geopolitical | X | X | X | X | X |
| &nbsp;&nbsp; Market | X | X | X | X | X |
| &nbsp;&nbsp; Money Market Instruments |  |  |  |  |  |
| &nbsp;&nbsp; Mortgage-Backed and Asset-Backed Securities |  | X | X |  |  |
| &nbsp;&nbsp; Municipal Bonds and Notes |  |  |  |  |  |
| &nbsp;&nbsp; Municipal Lease Obligations |  |  |  |  |  |
| &nbsp;&nbsp; New/Small Fund | X |  |  | X | X |

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PGIM Fixed Income ETFs 339

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Notes to Financial Statements (unaudited) (continued)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Risks**<br>| **AAA CLO**<br>| **Active<br>Aggregate<br>Bond**<br>| **Active**<br> **High Yield<br>Bond**<br>| **Corporate<br>Bond<br>0 - 5 Year**<br>| **Corporate<br>Bond**<br> **5 - 10 Year**<br>|
| &nbsp;&nbsp; Non-Diversified Investment Company | X |  |  |  |  |
| &nbsp;&nbsp; Non-Money Market Fund |  |  |  |  |  |
| &nbsp;&nbsp; Structured Products |  | X |  |  |  |
| &nbsp;&nbsp; U.S. Government and Agency Securities |  | X |  |  |  |
| &nbsp;&nbsp; Variable and Floating Rate Bonds |  |  |  |  |  |
| &nbsp;&nbsp; Zero Coupon Bond |  |  |  |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Risks**<br>| **Corporate<br>Bond**<br> **10+ Year** | **Floating<br>Rate**<br> **Income** | **Municipal<br>Income**<br> **Opportunities** | **Short Duration<br>High Yield<br>Bond** | **Short Duration**<br> **Multi-Sector<br>Bond** |
| &nbsp;&nbsp; Adjustable and Floating Rate Securities |  | X |  |  |  |
| &nbsp;&nbsp; Alternative Minimum Tax |  |  | X |  |  |
| &nbsp;&nbsp; Authorized Participant Concentration | X | X | X | X | X |
| &nbsp;&nbsp; Cash Transactions | X | X | X | X | X |
| &nbsp;&nbsp; CLO Manager |  |  |  |  |  |
| &nbsp;&nbsp; Collateralized Loan Obligations |  |  |  |  |  |
| &nbsp;&nbsp; Covenant-Lite |  | X |  | X | X |
| &nbsp;&nbsp; Credit |  | X |  | X | X |
| &nbsp;&nbsp; Credit/Counterparty | X |  |  |  |  |
| &nbsp;&nbsp; Currency |  |  |  |  | X |
| &nbsp;&nbsp; Debt Obligations | X | X | X | X | X |
| &nbsp;&nbsp; Derivatives | X | X | X | X | X |
| &nbsp;&nbsp; Distressed and Defaulted Securities |  |  |  | X |  |
| &nbsp;&nbsp; Economic and Market Events | X | X | X | X | X |
| &nbsp;&nbsp; Emerging Markets |  | X |  | X |  |
| &nbsp;&nbsp; ETF Shares Trading | X | X | X | X | X |
| &nbsp;&nbsp; Floating Rate and Other Loans |  | X |  | X | X |
| &nbsp;&nbsp; Foreign Securities | X | X |  | X | X |
| &nbsp;&nbsp; Insured Municipal Bonds |  |  | X |  |  |
| &nbsp;&nbsp; Interest Rate | X | X | X | X | X |
| &nbsp;&nbsp; Junk Bonds |  | X | X | X | X |
| &nbsp;&nbsp; Large Shareholder and Large Scale Redemption | X | X | X | X | X |
| &nbsp;&nbsp; Liquidity | X | X | X | X | X |
| &nbsp;&nbsp; Loan Liquidity and Settlement |  | X |  |  |  |
| &nbsp;&nbsp; Management | X | X | X | X | X |
| &nbsp;&nbsp; Market Disruption and Geopolitical | X | X | X | X | X |
| &nbsp;&nbsp; Market | X | X | X | X | X |
| &nbsp;&nbsp; Money Market Instruments |  |  |  |  |  |
| &nbsp;&nbsp; Mortgage-Backed and Asset-Backed Securities |  |  |  |  | X |
| &nbsp;&nbsp; Municipal Bonds and Notes |  |  | X |  |  |
| &nbsp;&nbsp; Municipal Lease Obligations |  |  | X |  |  |
| &nbsp;&nbsp; New/Small Fund | X | X | X | X | X |
| &nbsp;&nbsp; Non-Diversified Investment Company |  |  |  |  |  |
| &nbsp;&nbsp; Non-Money Market Fund |  |  |  |  |  |
| &nbsp;&nbsp; Structured Products |  |  |  |  |  |
| &nbsp;&nbsp; U.S. Government and Agency Securities |  |  |  |  | X |
| &nbsp;&nbsp; Variable and Floating Rate Bonds |  |  | X |  |  |
| &nbsp;&nbsp; Zero Coupon Bond |  |  | X |  |  |
| **Risks** |  |  | **Total Return<br>Bond** | **Ultra Short<br>Bond** | **Ultra Short<br>Municipal<br>Bond** |
| &nbsp;&nbsp; Adjustable and Floating Rate Securities |  |  |  |  |  |
| &nbsp;&nbsp; Alternative Minimum Tax |  |  |  |  | X |
| &nbsp;&nbsp; Authorized Participant Concentration |  |  | X | X | X |
| &nbsp;&nbsp; Cash Transactions |  |  | X | X | X |
| &nbsp;&nbsp; CLO Manager |  |  |  |  |  |

---

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| | | | |
|:---|:---|:---|:---|
| **Risks**<br>| **Total Return<br>Bond** | **Ultra Short<br>Bond** | **Ultra Short<br>Municipal<br>Bond** |
| &nbsp;&nbsp; Collateralized Loan Obligations | X | X |  |
| &nbsp;&nbsp; Covenant-Lite | X |  |  |
| &nbsp;&nbsp; Credit | X | X |  |
| &nbsp;&nbsp; Currency | X |  |  |
| &nbsp;&nbsp; Debt Obligations | X | X | X |
| &nbsp;&nbsp; Derivatives | X | X | X |
| &nbsp;&nbsp; Distressed and Defaulted Securities |  |  |  |
| &nbsp;&nbsp; Economic and Market Events | X | X | X |
| &nbsp;&nbsp; Emerging Markets | X |  |  |
| &nbsp;&nbsp; ETF Shares Trading | X | X | X |
| &nbsp;&nbsp; Floating Rate and Other Loans | X |  |  |
| &nbsp;&nbsp; Foreign Securities | X | X |  |
| &nbsp;&nbsp; Insured Municipal Bonds |  |  | X |
| &nbsp;&nbsp; Interest Rate | X | X | X |
| &nbsp;&nbsp; Junk Bonds | X |  | X |
| &nbsp;&nbsp; Large Shareholder and Large Scale Redemption | X | X | X |
| &nbsp;&nbsp; Liquidity | X |  | X |
| &nbsp;&nbsp; Loan Liquidity and Settlement |  |  |  |
| &nbsp;&nbsp; Management | X | X | X |
| &nbsp;&nbsp; Market Disruption and Geopolitical | X | X | X |
| &nbsp;&nbsp; Market | X | X | X |
| &nbsp;&nbsp; Money Market Instruments |  | X |  |
| &nbsp;&nbsp; Mortgage-Backed and Asset-Backed Securities | X | X |  |
| &nbsp;&nbsp; Municipal Bonds and Notes |  |  | X |
| &nbsp;&nbsp; Municipal Lease Obligations |  |  | X |
| &nbsp;&nbsp; New/Small Fund |  |  | X |
| &nbsp;&nbsp; Non-Diversified Investment Company |  |  |  |
| &nbsp;&nbsp; Non-Money Market Fund |  | X |  |
| &nbsp;&nbsp; Structured Products |  |  |  |
| &nbsp;&nbsp; U.S. Government and Agency Securities | X | X |  |
| &nbsp;&nbsp; Variable and Floating Rate Bonds |  | X | X |
| &nbsp;&nbsp; Zero Coupon Bond |  |  | X |

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*Adjustable and Floating Rate Securities Risk:* The value of adjustable and floating rate securities may lag behind the value of fixed rate securities when interest rates change. Such securities may be subject to extended settlement periods (longer than seven days) and in unusual market conditions, with a high volume of shareholder redemptions, may present a risk of loss to the Fund or may impair the Fund's ability to satisfy shareholder redemption requests.

*Alternative Minimum Tax Risk*: Although the interest received from municipal securities is generally exempt from federal income tax, the Fund may invest in municipal securities subject to the federal alternative minimum tax on individuals. Therefore, all or a portion of the Fund's otherwise exempt-interest dividends may be taken into account in determining the federal alternative minimum tax on individuals and may have other tax consequences.

*Authorized Participant Concentration Risk:* Only an Authorized Participant (as defined in "How to Buy and Sell Shares of the Fund" in the Fund's Prospectus) may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of intermediaries that act as Authorized Participants and none of these Authorized Participants is or will be obligated to engage in creation or redemption transactions. To the extent that these Authorized Participants exit the business or are unable to or choose not to proceed with creation and/or redemption orders with respect to the Fund and no other Authorized Participant creates or redeems, shares of the Fund may trade at a substantial discount or premium to net asset value ("NAV"), may trade at larger spreads, and possibly face trading halts and/or delisting.

*Cash Transactions Risk:* Unlike ETFs that engage almost exclusively in creations and redemptions in exchange for a basket of portfolio securities (an "in-kind" transaction), the Fund may effect creations and redemptions in cash or partially in cash. Therefore, it may be required to sell portfolio securities and subsequently recognize gains on such sales that the Fund might not have recognized if it were to distribute portfolio securities in-kind. Investments in shares of the Fund may be less tax-efficient than an investment in an ETF that distributes portfolio securities entirely in-kind.

PGIM Fixed Income ETFs 341

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Notes to Financial Statements (unaudited) (continued)

*CLO Manager Risk:* CLO managers may have limited operating histories and may be subject to conflicts of interest, including managing the assets of other clients and other investment vehicles or otherwise receiving fees that may incentivize maximizing the yield, and indirectly the risk, of a CLO. Adverse developments with respect to a CLO manager, such as personnel and resource constraints, regulatory issues or other developments that may impact the ability and/or performance of the CLO manager, may adversely impact the performance of the CLOs in which the Fund invests.

*Collateralized Loan Obligations ("CLOs") Risk:* CLOs are subject to credit, interest rate, valuation, and prepayment and extension risks. These securities also are subject to risk of default on the underlying asset, particularly during periods of economic downturn. The market value of CLOs may be affected by, among other things, changes in the market value of the underlying assets held by the CLO, changes in the distributions on the underlying assets, defaults and recoveries on the underlying assets, capital gains and losses on the underlying assets, prepayments on underlying assets and the availability, prices and interest rate of underlying assets.

*"Covenant-Lite" Risk:* Some of the loans or debt obligations in which the Fund may invest or get exposure to may be "covenant-lite", which means the loans or obligations contain fewer financial maintenance covenants than other loans or obligations (in some cases, none) and do not include terms which allow the lender to monitor the borrower's performance and declare a default if certain criteria are breached. An investment by the Fund in a covenant-lite loan may potentially hinder the ability to reprice credit risk associated with the issuer and reduce the ability to restructure a problematic loan and mitigate potential loss. The Fund may also experience difficulty, expenses or delays in enforcing its rights on its holdings of covenant-lite loans or obligations. As a result of these risks, the Fund's exposure to losses may be increased, which could result in an adverse impact on the Fund's net income and NAV.

*Credit Risk:* This is the risk that the issuer, the guarantor or the insurer of a fixed income security, or the counterparty to a contract, may be unable or unwilling to make timely principal and interest payments, or to otherwise honor its obligations. Additionally, fixed income securities could lose value due to a loss of confidence in the ability of the issuer, guarantor, insurer or counterparty to pay back debt. The lower the credit quality of a bond, the more sensitive it is to credit risk.

*Currency Risk:* The Fund's net asset value could decline as a result of changes in exchange rates, which could adversely affect the Fund's investments in currencies, or in securities that trade in, and receive revenues related to, currencies, or in derivatives that provide exposure to currencies. Certain foreign countries may impose restrictions on the ability of issuers of foreign securities to make payment of principal and interest or dividends to investors located outside the country, due to blockage of foreign currency exchanges or otherwise.

*Debt Obligations Risk:* Debt obligations are fixed income investments that are subject to credit risk, market risk and interest rate risk. The Fund's holdings, share price, yield and total return may also fluctuate in response to bond market movements. The value of bonds may decline for issuer-related reasons, including management performance, financial leverage and reduced demand for the issuer's goods and services. Certain types of fixed income obligations also may be subject to "call and redemption risk," which is the risk that the issuer may call a bond held by the Fund for redemption before it matures and the Fund may not be able to reinvest at the same rate of interest and therefore would earn less income.

*Derivatives Risk:* Derivatives involve special risks and costs and may result in losses to the Fund. The successful use of derivatives requires sophisticated management, and, to the extent that derivatives are used, the Fund will depend on the subadviser's ability to analyze and manage derivatives transactions. The prices of derivatives may move in unexpected ways, especially in abnormal market conditions. Some derivatives are "leveraged" or may create economic leverage for the Fund and therefore may magnify or otherwise increase investment losses to the Fund. The Fund's use of derivatives may also increase the amount of taxes payable by shareholders.

Other risks arise from the potential inability to terminate or sell derivatives positions. A liquid secondary market may not always exist for the Fund's derivatives positions. In fact, many over-the-counter derivative instruments will not have liquidity beyond the counterparty to the instrument. Over-the-counter derivative instruments also involve the risk that the other party will not meet its obligations to the Fund. The use of derivatives also exposes the Fund to operational issues, such as documentation and settlement issues, systems failures, inadequate control and human error.

Derivatives may also involve legal risks, such as insufficient documentation, the lack of capacity or authority of a counterparty to execute or settle a transaction, and the legality and enforceability of derivatives contracts. The U.S. Government and foreign governments have adopted (and may adopt further) regulations governing derivatives markets, including mandatory clearing of certain derivatives, margin and reporting requirements and risk exposure limitations. Regulation of derivatives may make derivatives more costly, limit their availability or utility to the Fund, or otherwise adversely affect their performance or disrupt markets.

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*Distressed and Defaulted Securities Risk:* Distressed and defaulted securities are subject to particularly high credit risk, market risk and illiquidity risk. These securities are at a high risk for default, especially during economic downturns, and they are subject to greater volatility than securities of more stable issuers. To the extent that the Fund invests in bankrupt issuers, the Fund may be subject to litigation risks and costs.

*Economic and Market Events Risk:* Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth or the functioning of the securities markets, or otherwise reduce inflation, may at times result in unusually high market volatility, which could negatively impact performance. Governmental efforts to curb inflation often have negative effects on the level of economic activity. Relatively reduced liquidity in credit and fixed income markets could adversely affect issuers worldwide.

*Emerging Markets Risk:* The risks of foreign investments are greater for investments in or exposed to emerging markets. Emerging market countries typically have economic and political systems that are less fully developed, and can be expected to be less stable, than those of more developed countries. For example, the economies of such countries can be subject to rapid and unpredictable rates of inflation or deflation. Low trading volumes may result in a lack of liquidity and price volatility. Emerging market countries may have policies that restrict investment by non-U.S. investors, or that prevent non-U.S. investors from withdrawing their money at will.

The Fund may invest in some emerging markets that subject it to risks such as those associated with illiquidity, custody of assets, different settlement and clearance procedures and asserting legal title under a developing legal and regulatory regime to a greater degree than in developed markets or even in other emerging markets.

*ETF Shares Trading Risk:* Fund shares are listed for trading on an exchange (the "Exchange") and the shares are bought and sold in the secondary market at market prices. The market prices of the shares of the Fund are expected to fluctuate in response to changes in the Fund's NAV, the intraday value of the Fund's holdings and supply and demand for shares of the Fund. During periods of stressed market conditions, the market for the shares of the Fund may become less liquid in response to deteriorating liquidity in the markets for the Fund's portfolio investments.

Disruptions to creations and redemptions, the existence of significant market volatility or potential lack of an active trading market for the shares of the Fund (including through a trading halt), as well as other factors, may result in the Fund's shares trading on the Exchange significantly above (at a premium) or below (at a discount) to NAV or to the intraday value of the Fund's holdings..

*Cost of Buying or Selling Shares:* When you buy or sell shares of the Fund through a broker, you will likely incur a brokerage commission or other charges imposed by brokers. In addition, the market price of shares of the Fund, like the price of any exchange-traded security, includes a "bid-ask spread" charged by the market makers or other participants that trade the particular security. The spread of the Fund's shares varies over time based on the Fund's trading volume, the spread of the Fund's underlying securities, and market liquidity and may increase if the Fund's trading volume or market liquidity decreases, or if the spread on the Fund's underlying securities increases.

*No Guarantee of Active Trading Market Risk:* While shares of the Fund are listed on the Exchange, there can be no assurance that active trading markets for the shares will develop or be maintained by market makers or by Authorized Participants. The distributor of the Fund's shares does not maintain a secondary market in the shares. Further, secondary markets may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods in times of market stress because market makers and Authorized Participants may step away from making a market in the shares and in executing creation and redemption orders, which could cause a material deviation in the Fund's market price from its net asset value.

*Floating Rate and Other Loans Risk:* The Fund's ability to receive payments of principal and interest and other amounts in connection with loans (whether through participations, assignments or otherwise) will depend primarily on the financial condition of the borrower. The failure by the Fund to receive scheduled interest or principal payments on a loan because of a default, bankruptcy or any other reason would adversely affect the income of the Fund and would likely reduce the value of its assets. Even with loans secured by collateral, there is the risk that the value of the collateral may decline, may be insufficient to meet the obligations of the borrower, or be difficult to liquidate. In the event of a default, the Fund may have difficulty collecting on any collateral and would not have the ability to collect on any collateral for an uncollateralized loan. Further, the Fund's access to collateral, if any, may be limited by bankruptcy laws. Due to the nature of the private syndication of senior loans, including, for example, lack of publicly-available information, some senior loans are not as easily purchased or sold as publicly-traded securities. In addition, loan participations generally are subject to restrictions on transfer, and only limited opportunities may exist to sell loan participations in secondary markets. As a result, it may be difficult for the Fund to value loans or sell loans at an acceptable price when it wants to sell them. Loans trade in an OTC market, and confirmation and settlement, which are effected through standardized procedures and documentation, may take significantly longer than seven days to complete. Extended trade settlement periods may, in unusual market conditions with a high volume of shareholder

PGIM Fixed Income ETFs 343

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Notes to Financial Statements (unaudited) (continued)

redemptions, present a risk to shareholders regarding the Fund's ability to pay redemption proceeds in a timely manner. In some instances, loans and loan participations are not rated by independent credit rating agencies; in such instances, a decision by the Fund to invest in a particular loan or loan participation could depend exclusively on the subadviser's credit analysis of the borrower, or in the case of a loan participation, of the intermediary holding the portion of the loan that the Fund has purchased. To the extent the Fund invests in loans of non-U.S. issuers, the risks of investing in non-U.S. issuers are applicable. Loans may not be considered to be "securities" and as a result may not benefit from the protections of the federal securities laws, including anti-fraud protections and those with respect to the use of material non-public information, so that purchasers, such as the Fund, may not have the benefit of these protections. If the Fund is in possession of material non-public information about a borrower as a result of its investment in such borrower's loan, the Fund may not be able to enter into a transaction with respect to a publicly-traded security of the borrower when it would otherwise be advantageous to do so.

*Foreign Securities Risk:* Investments in securities of non-U.S. issuers (including those denominated in U.S. dollars) may involve more risk than investing in securities of U.S. issuers. Foreign political, economic and legal systems, especially those in developing and emerging market countries, may be less stable and more volatile than in the United States. Foreign legal systems generally have fewer regulatory requirements than the U.S. legal system, particularly those of emerging markets. In general, less information is publicly available with respect to non-U.S. companies than U.S. companies. Non-U.S. companies generally are not subject to the same accounting, auditing, and financial reporting standards as are U.S. companies. Additionally, the changing value of foreign currencies and changes in exchange rates could also affect the value of the assets the Fund holds and the Fund's performance. Certain foreign countries may impose restrictions on the ability of issuers of foreign securities to make payment of principal and interest or dividends to investors located outside the country, due to blockage of foreign currency exchanges or otherwise. Investments in emerging markets are subject to greater volatility and price declines.

In addition, the Fund's investments in non-U.S. securities may be subject to the risks of nationalization or expropriation of assets, imposition of currency exchange controls or restrictions on the repatriation of non-U.S. currency, confiscatory taxation and adverse diplomatic developments. Special U.S. tax considerations may apply.

*Insured Municipal Bonds Risk*: The Fund may purchase municipal bonds that are insured to attempt to reduce credit risk. Although insurance coverage reduces credit risk by providing that the insurer will make timely payment of interest and/or principal, it does not provide protection against market fluctuations of insured bonds or fluctuations in the price of the shares of the Fund. An insured municipal bond fluctuates in value largely based on factors relating to the insurer's creditworthiness or ability to satisfy its obligations. The Fund cannot be certain that any insurance company will make the payments it guarantees.

*Interest Rate Risk:* The value of your investment may go down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration debt securities. Similarly, a rise in interest rates may also have a greater negative impact on the value of equity securities whose issuers expect earnings further out in the future. For example, a fixed income security with a duration of three years is expected to decrease in value by approximately 3% if interest rates increase by 1%. This is referred to as "duration risk." When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and the Fund may be required to reinvest the proceeds at a lower interest rate. This is referred to as "prepayment risk." In addition, if the Fund purchases a fixed income security at a premium (at a price that exceeds its stated par or principal value), the Fund may lose the amount of the premium paid in the event of prepayment. When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of the Fund's holdings may fall sharply. This is referred to as "extension risk." The Fund may lose money if short-term or long-term interest rates rise sharply or in a manner not anticipated by the subadviser.

*Junk Bonds Risk:* High-yield, high-risk bonds have predominantly speculative characteristics, including particularly high credit risk. Junk bonds tend to have lower market liquidity than higher-rated securities. The liquidity of particular issuers or industries within a particular investment category may shrink or disappear suddenly and without warning. The non-investment grade bond market can experience sudden and sharp price swings and become illiquid due to a variety of factors, including changes in economic forecasts, stock market activity, large sustained sales by major investors, a high profile default or a change in the market's psychology.

*Large Shareholder and Large Scale Redemption Risk:* Certain individuals, accounts, funds (including funds affiliated with the Manager) or institutions, including the Manager and its affiliates, may from time to time own or control a substantial amount of the Fund's shares. There is no requirement that these entities maintain their investment in the Fund. There is a risk that such large shareholders or that the Fund's shareholders generally may redeem all or a substantial portion of their investments in the Fund in a short period of time, which could have a significant negative impact on the Fund's NAV, liquidity, and brokerage costs. Large redemptions could also result in tax consequences to shareholders and impact the Fund's ability to implement its investment strategy. The Fund's ability to pursue its

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investment objective after one or more large scale redemptions may be impaired and, as a result, the Fund may invest a larger portion of its assets in cash or cash equivalents.

*Liquidity Risk:* Liquidity risk is the risk that the Fund could not meet requests to redeem shares issued by the Fund without significant dilution of remaining investors' interests in the Fund. The Fund may invest in instruments that trade in lower volumes and are more illiquid than other investments. If the Fund is forced to sell these investments to pay redemption proceeds or for other reasons, the Fund may lose money. In addition, when there is no willing buyer and investments cannot be readily sold at the desired time or price, the Fund may have to accept a lower price or may not be able to sell the instrument at all. An inability to sell a portfolio position can adversely affect the Fund's value or prevent the Fund from being able to take advantage of other investment opportunities.

*Loan Liquidity and Settlement Risk:* The Fund's investments in loans may subject it to additional illiquidity risks. Loans generally are subject to legal or contractual restrictions on resale. The liquidity of loans, including the volume and frequency of secondary market trading in such loans, varies significantly over time and among individual loans. For example, if the credit quality of a loan unexpectedly declines significantly, secondary market trading in that loan can also decline for a period of time. During periods of infrequent trading, valuing a loan can be more difficult and buying and selling a loan at an acceptable price can be more difficult and delayed. Difficulty in selling a loan can result in a loss. Certain of the Fund's assets may be invested in assets that are considerably less liquid than debt instruments traded on national exchanges. Market quotations for such assets may be volatile and/or subject to large spreads between bid and ask prices. Loans trade in an over-the-counter market, and confirmation and settlement may take significantly longer than seven days to complete. Extended trade settlement periods may, in unusual market conditions with a high volume of shareholder redemptions, present a risk to shareholders regarding the Fund's ability to pay redemption proceeds within the allowable time periods stated in the Fund's prospectus. To the extent the extended loan settlement process gives rise to short-term liquidity needs, such as the need to satisfy redemption requests, the Fund may hold cash, sell investments or borrow from banks.

The Fund may borrow to meet redemptions and may choose to keep such borrowings outstanding until loans or other portfolio transactions settle or for other extended periods. During the period when borrowings are outstanding, the Fund will incur interest expense. The Fund's portfolio may also be subject to greater volatility during periods of borrowing, which can have an adverse impact on the Fund's net asset value. The Fund will be required to maintain specified asset coverage by applicable federal securities laws and the terms of its credit facility with the lender with respect to its borrowings. The Fund may be required to dispose of portfolio investments on unfavorable terms if market fluctuations or other factors cause the Fund to fail to meet its asset coverage requirements.

*Management Risk:* Actively managed funds are subject to management risk. The subadviser will apply investment techniques and risk analyses in making investment decisions for the Fund, but the subadviser's judgments about the attractiveness, value or market trends affecting a particular security, industry or sector or about market movements may be incorrect. Additionally, the investments selected for the Fund may underperform the markets in general, the Fund's benchmark and other funds with similar investment objectives.

*Market Disruption and Geopolitical Risks:* Market disruption can be caused by economic, financial or political events and factors, including but not limited to, international wars or conflicts (including Russia's military invasion of Ukraine and the Israel-Hamas war), geopolitical developments (including trading and tariff arrangements, sanctions and cybersecurity attacks), instability in regions such as the Middle East, South America, Eastern Europe, and Asia, terrorism, natural disasters and public health epidemics (including the outbreak of COVID-19 globally).

Recent policy decisions of the U.S. government and governments of foreign countries may increase geopolitical risks that could adversely affect the investment performance of the Fund. These policies have the potential to impact international relations, trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in domestic and global markets. Actions taken by the U.S. government and governments of foreign countries in respect of international trade relations could lead to trade wars, increased costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where the Fund invests.

The extent and duration of such events and resulting market disruptions cannot be predicted, but could be substantial and could magnify the impact of other risks to the Fund. These and other similar events could adversely affect the U.S. and foreign financial markets and lead to increased market volatility, reduced liquidity in the securities markets, significant negative impacts on issuers and the markets for certain securities and commodities and/or government intervention. They may also cause short- or long-term economic uncertainties in the United States and worldwide. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may be negatively impacted. Further, due to closures of certain markets and restrictions on trading certain securities, the value of certain securities held by the Fund could be significantly impacted, which could lead to such securities being valued at zero.

PGIM Fixed Income ETFs 345

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Notes to Financial Statements (unaudited) (continued)

*Market Risk:* Securities markets may be volatile and the market prices of the Fund's securities may decline. Securities fluctuate in price based on changes in an issuer's financial condition and overall market and economic conditions. If the market prices of the securities owned by the Fund fall, the value of your investment in the Fund will decline.

*Money Market Instruments Risk:* The value of money market instruments may be affected by changing interest rates and by changes in the credit ratings of those instruments. If a significant amount of the Fund's assets are invested in money market instruments, it will be more difficult for the Fund to achieve its investment objective.

*Mortgage-Backed and Asset-Backed Securities Risk:* Mortgage-backed and asset-backed securities tend to increase in value less than other debt securities when interest rates decline, but are subject to similar risk of decline in market value during periods of rising interest rates. The values of mortgage-backed and asset-backed securities become more volatile as interest rates rise. In a period of declining interest rates, the Fund may be required to reinvest more frequent prepayments on mortgage-backed and asset-backed securities in lower-yielding investments.

*Municipal Bonds and Notes Risk*: Municipal bonds are subject to credit risk, market risk and interest rate risk. The Fund's holdings, share price, yield and total return may also fluctuate in response to municipal bond market movements. Municipal bonds are also subject to the risk that potential future legislative changes relating to tax or the rights of municipal bond holders, for example in connection with an insolvency, could affect the market for and value of municipal bonds, which may adversely affect the Fund's yield or the value of the Fund's investments in municipal bonds. Certain municipal bonds with principal and interest payments that are made from the revenues of a specific project or facility, and not general tax revenues, may have increased risks. Factors affecting the project or facility, such as local business or economic conditions, could have a significant effect on the project's ability to make payments of principal and interest on these securities. If the Fund invests a substantial amount of its assets in issuers located in a single region, state or city, there is an increased risk that environmental, economic, political and social conditions in those regions will have a significant impact on the Fund's investment performance. For example, municipal securities of a particular state are vulnerable to events adversely affecting that state, including economic, political and regulatory occurrences, court decisions, terrorism, public health epidemics, social unrest and catastrophic natural disasters, such as hurricanes or earthquakes. Many municipal bonds are also subject to prepayment risk, which is the risk that when interest rates fall, issuers may redeem a security by repaying it early, which may reduce the Fund's income if the proceeds are reinvested at a lower interest rate. In addition, income from municipal bonds could be declared taxable because of non-compliant conduct of a bond issuer. Municipal notes are shorter term municipal dept obligations. They may provide interim financing in anticipation of, and are secured by, tax collection, bond sales or revenue receipts. If there is a shortfall in the anticipated proceeds, the notes may not be fully repaid and the Fund may lose money.

*Municipal Lease Obligations Risk*: Municipal lease obligations are typically not subject to the statutory and constitutional requirements of other municipal securities, including voter approval and debt limits. Because municipal lease obligations generally are backed by revenues from a particular source or depend on future appropriations by municipalities and are not obligations of their issuers, they are typically less secure than most municipal obligations. Many municipal leases contain non-appropriation clauses under which the municipality may elect annually not to appropriate funds for future lease payments. Non-appropriation lease obligations are secured only by the leased property, and disposition of the property in the event of foreclosure could prove difficult. Municipal lease obligations may not have an active trading market, which may make it difficult for the Fund to sell them quickly or at an attractive price.

*New/Small Fund Risk:* The Fund recently commenced operations and has a limited operating history. As a new and relatively small fund, the Fund's performance may not represent how the Fund is expected to or may perform in the long term if and when it becomes larger and has fully implemented its investment strategies. Investment positions may have a disproportionate impact (negative or positive) on performance in new and smaller funds. New and smaller funds may also require a period of time before they are invested in securities that meet their investment objectives and policies and achieve a representative portfolio composition. Since the Fund is new, an active secondary market for the shares of the Fund may not develop or may not continue once developed. Shareholders holding large blocks of shares of the Fund, including the Manager and its affiliates, may hold their shares for long periods of time, which may lead to reduced trading volumes, wider trading spreads and impede the development or maintenance of an active secondary trading market for Fund shares. These large shareholders may also loan or sell all or a portion of their Fund shares, which may result in increasing concentration of Fund shares in a small number of holders, and the potential for large redemptions, decreases in Fund assets and increased expenses for remaining shareholders.

*Non-Diversified Investment Company Risk:* The Fund is non-diversified for purposes of the 1940 Act. This means that the Fund may invest a greater percentage of its assets in the securities of a single company or other issuer than a diversified fund. Investing in a

------

non-diversified fund involves greater risk than investing in a diversified fund because a loss resulting from the decline in value of any one security may represent a greater portion of the total assets of a non-diversified fund.

*Non-Money Market Fund Risk:* The Fund is not a money market fund. The Fund does not seek to maintain a stable net asset value (NAV) of $1.00 per share. The Fund's NAV and market value will fluctuate every day and these fluctuations may be significant on certain days. Also, the Fund is not subject to the liquidity requirements and investment and credit quality restrictions applicable to money market funds. There can be no guarantee that the Fund will generate higher returns than money market funds.

*Small Fund Risk:* When the Fund's size is small, the Fund may experience low trading volume and wide bid/ask spreads. The Fund may face the risk of being delisted if it does not meet certain conditions of the listing exchange due to small size. Any resulting liquidation of the Fund could cause the Fund to incur elevated transaction costs for the Fund and negative tax consequences for its shareholders.

*Structured Products Risk:* Holders of structured product securities bear risks of the underlying investments, index or reference obligation. Certain structured products may be thinly traded or have a limited trading market, and as a result may be characterized as illiquid. The possible lack of a liquid secondary market for structured securities and the resulting inability of the Fund to sell a structured security could expose the Fund to losses and could make structured securities more difficult for the Fund to value accurately, which may also result in additional costs. Structured products are also subject to credit risk; the assets backing the structured product may be insufficient to pay interest or principal. In addition to the general risks associated with investments in fixed income, structured products carry additional risks, including, but not limited to: the possibility that distributions from collateral securities will not be adequate to make interest or other payments; the quality of the collateral may decline in value or default; and the possibility that the structured products are subordinate to other classes. Structured securities are generally privately negotiated debt obligations where the principal and/or interest or value of the structured security is determined by reference to the performance of a specific asset, benchmark asset, market or interest rate ("reference instrument"), and changes in the reference instrument or security may cause significant price fluctuations, or could cause the interest rate on the structured security to be reduced to zero. Holders of structured products indirectly bear risks associated with the reference instrument, are subject to counterparty risk and typically do not have direct rights against the reference instrument. Structured products may also entail structural complexity and documentation risk and there is no guarantee that the courts or administrators will interpret the priority of principal and interest payments as expected.

*U.S. Government and Agency Securities Risk:* U.S. Treasury obligations are backed by the "full faith and credit" of the U.S. Government. Securities issued or guaranteed by federal agencies or authorities and U.S. Government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. Government. For example, securities issued by the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association and the Federal Home Loan Banks are neither insured nor guaranteed by the U.S. Government. These securities may be supported by the ability to borrow from the U.S. Treasury or only by the credit of the issuing agency, authority, instrumentality or enterprise and, as a result, are subject to greater credit risk than securities issued or guaranteed by the U.S. Treasury. Further, the U.S. Government and its agencies, authorities, instrumentalities and enterprises do not guarantee the market value of their securities; consequently, the value of such securities will fluctuate. This may be the case especially when there is any controversy or ongoing uncertainty regarding the status of negotiations in the U.S. Congress to increase the statutory debt ceiling. Such controversy or uncertainty could, among other things, result in the credit quality rating of the U.S. Government being downgraded and reduced prices of U.S. Treasury securities. If the U.S. Congress is unable to negotiate an adjustment to the statutory debt ceiling, there is also the risk that the U.S. Government may default on payments on certain U.S. Government securities, including those held by the Fund, which could have a negative impact on the Fund. An increase in demand for U.S. Government securities resulting from an increase in demand for government money market funds may lead to lower yields on such securities.

*Variable and Floating Rate Bonds Risk:* Variable and floating rate bonds are subject to credit risk, market risk and interest rate risk. In addition, the absence of an active market for these securities could make it difficult for the Fund to dispose of them if the issuer defaults. The settlement period for such bonds can be longer than seven days.

*Zero Coupon Bond Risk*: Zero coupon bonds may experience greater volatility in market value due to changes in interest rates. The Fund accrues income on the discount amortization of these investments, which it is required to distribute each year. The Fund may be required to sell investments to obtain cash needed for income distributions.

**10. Recent Accounting Pronouncement and Regulatory Developments**

During the reporting period, the Funds adopted Accounting Standards Update 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures ("ASU 2023-09"). The amendments enhance income tax disclosures by requiring greater disclosure of income taxes paid by jurisdiction. The Funds did not pay a significant amount of foreign or U.S. federal, state or local income taxes and therefore did not include any additional disclosures in these financial statements.

PGIM Fixed Income ETFs 347

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Notes to Financial Statements (unaudited) (continued)

**11. Subsequent Event**

Each Fund's management evaluated subsequent events through the date of issuance of the financial statements. There have been no subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in, the financial statements as of February 28, 2026.

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#### Other Information
**Form N-CSR Item 8 -** Changes in and Disagreements with Accountants for Open-End Management Investment Companies - None.

**Form N-CSR Item 9 -** Proxy Disclosures for Open-End Management Investment Companies - None.

**Form N-CSR Item 10 -** Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies - Because the Manager has agreed in the Management Agreements to cover all operating expenses of the Funds, subject to certain exclusions as provided for therein, the Manager pays the compensation to each Independent Trustee for services to the Funds from the management fee. The management fee is included within the Statement of Operations of the financial statements filed under Item 7 of this Form.

**Form N-CSR Item 11 -** Statement Regarding Basis for Approval of Investment Advisory Contract - None.

------

Item 12 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not applicable.

Item 13 – Portfolio Managers of Closed-End Management Investment Companies – Not applicable.

Item 14 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not applicable.

Item 15 – Submission of Matters to a Vote of Security Holders – There have been no material changes to the procedures by which

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shareholders may recommend nominees to the registrant's board of directors.

Item 16 – Controls and Procedures

(a) It is the conclusion of the registrant's principal executive officer and principal financial officer that the effectiveness of the registrant's current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission's rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant's principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b) There has been no significant change in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 17 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not applicable.

Item 18 – Recovery of Erroneously Awarded Compensation – Not applicable.

Item 19 – Exhibits

(a)(1) Code of Ethics – Not required, as this is not an annual filing.

(a)(2) Policy required by the listing standards adopted pursuant to Rule 10D-1 under the Securities Exchange Act of 1934 – Not applicable.

(a)(3) [Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 – Attached hereto as Exhibit EX-99.CERT.](d118804dex99cert.htm)

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 under the Investment Company Act of 1940- Not applicable.

(a)(5) Change in the registrant's independent public accountant – Not applicable.

(b) [Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 – Attached hereto as Exhibit EX-99.906CERT.](d118804dex99906cert.htm)

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| Registrant: | <u>PGIM ETF Trust</u> |
| By: | <u>/s/ Andrew R. French</u> |
|  | Andrew R. French |
|  | Secretary |
| Date: | April 17, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | <u>/s/ Stuart S. Parker</u> |
|  | Stuart S. Parker |
|  | President and Principal Executive Officer |
| Date: | April 17, 2026 |
| By: | <u>/s/ Christian J. Kelly</u> |
|  | Christian J. Kelly |
|  | Chief Financial Officer<br> (Principal Financial Officer) |
| Date: | April 17, 2026 |

---

## Ex-99.Cert

Item 19

**PGIM ETF Trust** 

Semi-Annual period ending 2/28/26

File No. 811-23324

**<u>CERTIFICATIONS</u>**

I, Stuart S. Parker, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the above-named Fund(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal controls which are
reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; April 17, 2026 |  |
|  | <u>/s/ Stuart S. Parker</u> |
|  | Stuart S. Parker |
|  | President and Principal Executive Officer |

---

------

Item 19

**PGIM ETF Trust** 

Semi-Annual period ending 2/28/26

File No. 811-23324

**<u>CERTIFICATIONS</u>**

I, Christian J. Kelly, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the above-named Fund(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal controls which are
reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;April 17, 2026 |  |
|  | <u>/s/ Christian J. Kelly</u> |
|  | Christian J. Kelly |
|  | Chief Financial Officer |
|  | (Principal Financial Officer) |

---

## Exhibit 99.906

Certification Pursuant to 18 U.S.C. Section 1350

As Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

Name of Issuer: <u>PGIM ETF Trust</u>

In connection with the Report on Form N-CSR of the above-named issuer that is accompanied by this certification, the undersigned hereby certifies, to his or her knowledge, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act
of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Issuer.

---

| | |
|:---|:---|
|  April 17, 2026 | <u>/s/ Stuart S. Parker</u> |
|  | Stuart S. Parker |
|  | President and Principal Executive Officer |
|  April 17, 2026 | <u>/s/ Christian J. Kelly</u> |
|  | Christian J. Kelly |
|  | Chief Financial Officer<br> (Principal Financial Officer) |

---

*This certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report or as a separate disclosure document.*